Indianapolis Times, Volume 47, Number 211, Indianapolis, Marion County, 12 November 1935 — Page 20

Trends Investment Trust Reforms Can Be Pressed. BY JOHN T. FLYNN

\TEW YORK Nov. 12—A pro ip In of vrr. important reforms in tho investment trust can bo pressed at once in t,he interest of the harassed investor. The investment trust is supposed to be a haven of shelter for the money of the small investor who does not know what to do with it. He doesn't know what stock to buy, nor when to sell

it. He is a helpless victim of all sorts of adventurers and tipsters The investment trust is supposed to be an inst itu 1 1 o n to which he ran po and pet the benefit. of expert advice in the selection of stocks, expert management of the portfolio and diversifica-

John Flynn

tion of investment. It is quite an important thing to the present system. The capitalist apologist says that the industrious, thrifty man can e: rn enough to take care of him in his old ape. This thrifty person is urged to put money aside lor the rainy day. The best price to put it. he is told, is in the industries of this country. But what industries? Every one knows that the small investor has not and ran not get the answer to this question. a a a IT would be an excellent thing if . there were in existence an institution to which he could po for it. The investment trust, honestly administered, is such an institution. Can the capitalist society afford to have this small investor, who is its bulwark, robbed of his savings? Yet this is what happened. Therefore, it is plain that no concern should be permitted to call itself an investment trust unless it conforms to certain standards of management, personnel and practice. The intricate capital structures which many of the investment trusts have affected are never there for a pood reason. They always are formed to enable insiders to pet control of the funds or to pet an unjust share of the earnings of the trust. There should be no Class A and Class B stock, founders shares, various classes of bonds and preferred stock. a a a IT is also important that the trusts be protected from the outrageous management contracts by which they have been milked. This is done by outright charges on an extortionate bassi or by means of subtle devices such as option warrants, etc. The SEC has an opportunity to make a comparison of the rates of charge for management. in America and England and particularly the concealed charges in America. ft. is important too. that no investment banker or any one connected directly or indirectly with the issuance of stocks be permitted to have any hand in the management of investment trusts. This would exclude not only investment bankers, but brokeis as well. The present "Truth-in-Securi-ties" Act accomplishes something in that it compels investment trusts issuing shares to file revelatory data with the SEC. There must be already a good deal of information thus available about the capital structures of these investment trusts. C omplete and pitiless publicity of portfolios should be an indispensibie requisite to existence for them. (Copyright, 1935. NEA Service, Inc.) On Commission How Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit Cranberries, early blacks. 25-lb. box $4 Pears Michigan Rartletfs, hushel. 52 25: Avocados. Florida, box, $2.50. Cantaloupe California Honey Dews. $2.25, Casabas. $2 25. Persians, $2.25 Bananas - 7 hands, a pound. s’ac. Persimmons Indiana. 12-qt. case sl. Apples—lndiana Jonathans. $1.25 -it 35 Summer Rambos. $1; Delicious, $l5O, Wealthy*. sl. Grimes Golden. $1.35 Lemons—Sunkist. 3605. SB. Grapefruit Texas. 64s lo 70s. $3.75: Florida seedless. $3.75 Limes Mexican a carton 12s, 20c; Persian seedless a hundred, $3 Vegetables Beans, green, round stringless bu . $2 25 Beets Home grown, doe.. 20c Cabbage Northern Dani'h. 50-lb bag. RSc Carrots—Home grown. 35c; new bulk, half bu 60c Cauliflower- Michigan, crate $1 50: Long Island, large crate. $1 50 Crlorv Michigan, washed and trimmed. rxM'.v large. 45r: Jumbo, do?. 45c. Cucumbers Hothouse, 2 do?,. box, $2.35. Kale Home grown, bu 60c. Lettuce- Iceberg. California, best, $5. home grown leaf. 15-lb basket. sllO Endive—Ohio basket. 45c Mangoes California grown ci.ue $3 50.73 75 small baske: 40c Mint—Do? 60c Mustard—Home grown, bu.. 60c Onions Indiana yellow. 50-lb hag 90c: Indiana \ellnw. 10-lb hag. 20c western Spanish 50-lb bag $1.40 Parsley—Home grown do? . 35c Peas—Telephone, hampers. $3 Potatoes Round Cobblers 100lb bag $1 65 Michigan Round White 100lb bag $1 50 Earlv Ohms, bu . $1 65 Idrh.. Russets, $2 40 Sweet potatoes Indiana Jerseys, bu $1 50. Radishes—Ohio, buttons. rio7 baskets. 45-. Sage-Do?.. 45r Spinach Broad leaf bu 65c Squash Bu 75c Turnips New California, repacked 10-lb. carton. $1 25. FKLITS A XT* VEGETABLES iRv United Press’ CHICAGO Not 12 —Apples Michigan bushel. Mclntosh, $14(1.25, Carrots—lllinois bushel. 25 u 50c Sweet potatoes— Tennessee bushel 90c. Beans Louisiana bushel, 75c'.i $1.25 Cabbage--60-70-lb crate- 50 60c Teis—California bushel hampers $2,754/ 3 65 Tomatoes —California lugs $125 .2 Spinach—lllinois bushel. 25 .50c Lettuce Western crates. 5 do* . $3 25 ; 4 Cucumbers Florida bushel. $2 50 *125 CcIPCv’ NfldVilgfch square crates 25 160 c Cauliflower Michigan crates. 65c4/ $1 Onion market ■ 50-lb sacks’- Minnesota yellows 65c western Valencias $175 Michigan •ye flows,- -90c* Indiana yellow s, 70/T 85c. Produce Markets The prices quoted 6’!™ are paid for stock gathered In the country, while deluded in ifldUrmpolls the jrrft£ -win'be 1 cent higher; Heavy breed hens. 17c: Leghorn Dreed hens. 12c; springers, over 4 5 lb* . 17c. tinder 4'j lbs . 16c: old cocks. 9c: Leg Wont hrc.lcrs 1 1 $ lbs -nv.d up. 12c: Legnorn springers. 12c ducks, wh'.te. 4 lbs and up. 8c; geese, full feathered and fat. 4c; old guineas. 15c; voung guineas. lbs. up 25c: No. 1 strictlv fresh eggs, loss of 25c: pullet eggs. lRc. Each full case must weigh 55 lbs. gross. a deduction of 10c a pound under 55 lbs will be made Butter, No. 1. 32 1 2 33' ,-c No. 2. 30 l it31 1 2C butte:fat. 28c. Quoted iRv United Press I CHICAGO No' 12 Eggs _ Marke’ steads receipts. 2551 cases; fresh graded first.' 30 ■, 20' c ext: a firsts 31 ' .c; current receipts. 2$ •: 26'.-r • dirties. 20Y/23C; cheeks, 1? •• 2lr Market, firm receipts 3515 tubs, extra firsts < 90-91'.- score; 2$ V.j 30c: extras 92 score’ 30'.c, firsts 188-89’.- score 29 4/ 29'.-c seconds soft’. score 1 28’.c specials SIQSHic: standards 30' 2 c. Poultry Market, firm: Trreipt' 29 Trucks ducks 15 4, IBe geese lS'jc spring chickens. 1R•/ 19c hens. 15u 20r; turkevs. 184i22'ac: Leghorn hens. 114/ 14c old roosters. 15c Cheese—Twins. 16'.c.iieNc; Daisies 174iT7*c; Longhorns. 17 45 17 1 -c Potatoes—Supply moderate, demand for Idaho russets good market strong- northern stock demand light market firm: Idaho Russet Burbanks $i 9.54/ I 15: commercials $1.65; Nebraska Bliss Triumphs, $l5O W: ronsm round whites $1 154/1 2o; Michigan Russet Rural- $1 20 ./ 1 25. Minnesota and North Dakota Cobblers $l3O commercials. slls Red liner Ohio $1304/135; Bliss Triumphs $135 Minnesota Farly Ohtos. sl22’?; Colorado MrClures. $1 654/ 180 Armais. 59 on track. 294; shipments. 542.

PAGE 20

GOVERNMENT’S ACTIVITIES IN BUSINESS HIT ABA Head Says President Assured Last Conclave of Curtailment. 7 imr* Special NEW ORLEANS Nov. 12.—Immediate steps to take the Federal government out of the many fields of business activity in which it has become engaged were urged by Rudolph S. Hecht. Chairman of the Board. Hibernia National Bank. New Orleans, in. his address as President of the American Bankers Association at the opening general session of the association’s sixty-first annual convention here today. Mr. Hecht declared that the emergency which brought about the government's business activities is passing and referred to assurances given by President Roosevelt at the last bankers’ association convention that he favored the curtailment of activity by the government's financial agencies as fast as the banking institutions of the country could demonstrate their willingness and ability to resume their normal functions. I fear he said, “that there are m the President's entourage in Washington many who do not share these views he has so recently reiterated, and who not only believe that the operations of these government agencies should be made permanent, but that they should in fact be considerably expanded. On the other hand. I believe that, regardless of political affiliations, bankers throughout the country are opposed to any socialization of our economic life. They share the conviction that we must put up a strong fight against this tendency toward increased government control of banking and credit, and they think we are justified in taking the President at his word and in aiding and encouraging him in every way to withdraw government from business as rapidly as the improving times will permit.” Federal Employes Increase Calling attention to the fact that the number of Federal executive department employes rose from 555.000 • n Julv, 1933. to 812.000 in May, 1935, that there are in all Federal services 1.438,000 persons and that some 2.409,000 persons are on the various Federal relief roles, Mr. Hecht declared it becomes a Herculean task for the Administration to reverse its policies and reduce the numbers now carried on the Federal pay rolls. “Clearly,” he said. “it. will take a well-informed and widespread public opinion to remedy this station. It. will require the removal of all barriers to the restoration of business to full normal health to again absorb these and millions of others now’ employed. Cite Public Debt “I do not for a moment condemn or criticize the stated objectives of those governmental activities, but after all these activities are palliatives and not real remedies which could effect a cure. Accordingly they should not be used on a permanent basis lest they become a drug, but. should be done away with gradually now that the patient is definitely on the road to recovery." Mr. Hecht declared it is a mistake to permit the public to believe we can go on spending from the Federal Treasury indefinitely. Citing the amount of the present debt of 29 billions, with contingent liabilities of 6 more billions, he asserted the time had come to realize that government expenditures must be met by means other than further increases in the national debt. In a few more years he said, “even this rich nation can reach the point where the size of its government debt may become a serious problem.” He expressed the belief that the public generally has returned to a spirit of confidence in the banking system and has a better understanding of the problems of banks. Unlisted Stock (By Bl.vth & Cos t NEW YORK BANK STOCKS Bid. Ask Rankers . . . 6i fig/ . Central Hanover BA- T .... 120 3 4 123 Chase 35?, 37 Chenneal National 52'4 54 Guaranty 296’4 301 Irvins 15 3 „ is". Manufacturers 38' a 39 3 4 National City 32 1 a 33 *4 Cont 111 'Chicago/ 83', 85' - First Natl of Boston 44 45 3 , FIRE INSURANCE Aetna Fire .. . 56 '4 58 City of New York (new/ .. 26’, 28': Federal Ins 79 3 4 Great American Ins 26'., 27 T ANARUS Hanover Fire 1n53376 7 3338 3 Hartford Fire Ins . 78 3 , 80 3 ., Home Insurance 34'? 36’ Ins Cos of N A 69'.’ 71' ; National Fire 71'; 73'; North River Insurance .. . 25 s 27', Phoenix Insurance 39% 92 U S Fire * ... 52 3 4 55 Manches-er Fire 35 36 3 4

VALUE OF 50 STOCKS TOTALS 516.870.577.125 Prices Increase 4.37 Per Cent in Week Ended Nov. 9. 7'i Special NEW YORK Nov. 12.—The market value of 50 representative stooks listed on the New York Stock Exchange at the close of business for the tveek ended Nov. 9 amounted to $16,870,577,125. an increase of 5706,623.500. or 4.37 per cent compared with the ‘ total in the preceding week. Paul H. Davis & Cos. reported today. At the closeh of the corresponding week a year ago. the same 50 issues had a market value of $12,102,965,375. indicating an increase of 54,676.611.750, or 39.39 per cent for the year. CADILLAC SALES CLIMB Time* Special DETROIT. Nov. 12— of Cadillac and La Salle cars during October were the largest for any similar period since 1929 and displayed an increase of 259 per cent from the same month last year, the General Motors Corp. announced today. ASKS LOAN EXTENSION />y / nitnt Prcun WASHINGTON. Nov. 12 —The lllinoLs Central Railroad has asked th? Interstate Commerce Commission for permission to extend a loan of $7,778,000 fr- m the Reconstruction Finance Corp. for five years from Dec. 7, 1935.

Abreast of The Times on Finance

New York Stocks

/;■/ r n it r ti Vr, < NEW YORK, Nov. 12—Profittaking reduced prices in most groups on the Stock Exchange this morning. A few issues moved against the trend, but the mam iist showed losses ranging to nearly 2 points. Alleghany corp. issues were exceptions. The common stock hit up 1 s; preferred 17 V up 3 1 ?; preferred with S3O warrants BH, up 1 a and anew high for the year, \ and the ex-warrants equaled its high at 7. up 1';. Other rail issues ; were irregular with New York Central and Pennsylvania down fractions and Union Pacific up lU at 58 V Radio Corp. was heavily traded, and equaled its 1935 high. Westinghouse Electric and General Electric I made new tops as did Western i Union, International Nickel, Ameri- ’ can Bank Note and North American Aviation. Hazel Atlas jumped 2 ! ; points to 114 V ißy Thomson & McKinnon! Prev High. Low. 11:15 dose. Oils— A' 1 Rfg 24 24% 24 23% Barnsdall 11% 11% 11 8 11% Consol Oil ... 9 • 9 T 9% 9•, Cont nf Del 25'; 25'4 25' 25'4 Houston 1 new ; 4% 4 4 4 Mid Cont Pet ... lfi'4 16 16 15 Ohio Oil 11'; 11'4 11', 11'2 Pet Corp 11 10% 10", 11 Phillips Per 36% 36’, 36'4. 35 * Plymouth Oil . . 12', 12 12 lIP Pure Oil 12% 11% 11% 12 Seaboard Oil . 32 32 32 31' Shell Un 12% 12% 12 "4 11% Soc Vac 12'4 12 12 12% SO of Cal . . 37*2 37% 37% 37 1^ SO of Ind 28 1 1 28' a 28% 28% SOof N J . 49% 49'r 49'a 49 3 4 Texas Corp .. 23'4 23' 4 23' 23 Tidewater Assn . 11% l] '4 in, n 3 „ Un Oil of Cal .. 20% 20'2 20'2 20'2 Steels— Am Roll Mills . 30 3 r 30 30 .30 Beth Steel 43 3 4 42% 42% 43'., Byers AM... 18% 18's IB’ a 18'r Col Fuel A- Iron . 3' 4 3'4 3' 4 3', Inland Steel ... 10l 100% 100% 100 1 2 Ludlum Steel . . 25 25 25 25 McKeesport Tin 126 126 126 Mid Steel 22 22 22 22' K Natl Steel .... 79 79 79 78 Otis Steel . . . 15% 15% 15% 15 3 4 Rep Iron & Stl . 18% 18', 18', 18'; U S Pipe A Fdv ■ 19 4 ID 3 , 79% 20 U S Steel ... 47% 46% 46 7 a 47 U S Steel pfd ..110 109% 110 110',; Warren Bros. 33 32' 2 33 33 Youngst'n S&T. 33 32'; 33 33 Motors— Auburn 37% 37% 37 1 a 37 Chrysler 85% 84% 84% 86 Gen Motors ... 58% 58'; 58' 2 58% Graham. Mot 3', 4 3'., 3'., 3', Hudson 15 3 s 15 1 1 15 3 r 15% Hupr 2 3 ., 2 3 , 2% 2", Mack Truck 22 21% 21 3 4 21% Nash 17'; 17 17 17', Packard 6*B 6% 6* 6* Reo ....... 4 4* 4 4 S udebaker 7 3 , 7’, 7', 734 Yellow Truck . . 6% 6% 6 7 s 6% Motor Access— Beildix 22'a 22 22' s 22% Bohrn Alum . . 49% 49% 49% 49 7 a Briggs 544 54'; 54'; 54% Budd Mfg 8 7 3 , 73, -3 a Budd Wheel .... 12'j, 11% n-% 12% Eaton Mfg ... 27 7 a 27% 27% 28 Eec Auto Lite 35*4 35', 35'., 35P Elec Stor Bat .. 58 57% 58 56 Houdaille 27 26 3 R 26 3 4 27 Murray Bodv ... 19' a I8 7 a jsk 1s 3 . Stew Warner ... 17 17 17 n Timken Roll . . 67'; 66'; 66' 2 67 Timken Det Axle 9 3 ., 9 3 a 95, 93^ Minins; — Alaska Jun .... 15':, 1514 1514 jsi/. Am Metals .... 26 5 n 26', 264 26 s a Am Smelt 58' 2 56 s a 56 3 a 573. Anaconda 2120 7 a 20 7 a 20 3 , Cal & Hecla ... 5 5 5 5 Cerro D’> Pasco . 58’„ 58 58 58 3 a Dome Mines 38 38 38 38'Granby 13'b I3 3 a 13'b 13 Gt Nor Ore .... 13 7 „ 13 7 a 13 7 a 4 Howp Sound .. . 53*4 53 3 , 531, 5034 Ins Copper 6 534 53, c 4 Int Nickel .. 3514 343, 34s 741, Kennecott. Cop . 27'., 2S> 2 26' 2 274 Mclntyre Mine.. 35' a 35' a 354 ass" Park Utah .... 44 44 ay" 30 " Phelps Dodge*.... 244 244 044 041 Sj Joe Lead . . 204 204 204 204 U S Smelters ... 94’4 934 931, 931’ Vanadium 19 19 19 jg-/ 4 Amusrmpnls — Croslev Radio .. 17'I 164 164 Ir' , Fox Theat, 19 iq 19 jg.i" Loews Inc 494 49 4 49 4 494 Radio Corp 84 B', 84 84 Paramount 94 94 01, RKO • ... s'* 54 54 s,: Warner Bros .... 84 84 84 84 Tobaccos— Amer SnufT ... 7P4 71 n. 713. 71 i$ Am Sum Tob . 27 26 s * 27 26 s a Am Tob 181 1044 1044 104 4 3044 Gen Clears . 53', 53 4 53 4 52 4 Lis& Myers iB) H 7 34 474 1173 jn Lorillard ... 26 25 4 25 4 254 Phillip Morris . 614 614 614 614 Revnolds T iBI.. 57 56 4 56 4 57 Rails— Atchison ... 504 494 494 404 AU Coast Lines . . 264 26 26 264 “* G 154 144 144 144 Pactflc .. . 104 10 in 10 “ * - 43 48-4 48 4 48 4 C M St P 1 1 1 it C M <fe St P pfd 14 1 3 4 13, 15. Ch: NWptd ... s' a 5 5 54 Dela A Hud . . 354 34'- 354 344 Del Lac A W ... 154 154 154 154 fie 104 104 104 104 Erie pfd 134 134 134 133. Grt Northern pfd 28 4 27 4 27 4 27 4 111 Central .. 154 154 154 15 .* g K C Sou .. o'r o' a 54 5 7 a Lou A Nash ... 504 494 494 484 M K A T 5 5 ■ 5 47 J K „ & T pfd 10-4 104 104 Mo Pac pfd .... 24 2'b 24 91 Y Cem 23 3 , 23 ' 26 23’j N Y New **aven 2 7 a 2 7 a 2 7 a 24 N Y Ont A West 4 4 4 " 8 Norfolk A West 196 196 196 1954 Nor Pacific 204 184 19 4 20 4 Penn R R. 28 4 273, 273, 07 7 Reading 34 34 34 343 " Sou Pac . ... 194 184 18 7 a is 7 Sou R R 9 3 4 9-4 93" q-.' Union Pac .. 99’ 3 4 97 qot, Q - s West Maryland . 84 8 84 g Equipments— Am Brake Shoe 384 38 384 36'Am Car A Fdv 25 244 0)i- 047’ Am Loco ... 20’’ a 20 204 20', Am Steel Fdv .. 22 4 22 4 22 3 93 Bald Loco ...... 24 23* 2 S 3 Gen Elec. . 38.* - 301. **oi ** Gen R. R Sie ... 35 4 35 4 35 4 ° ’ PuLman Ine .. 334 33 371 West Air Br 28 4 28 4 28 4 28 4 Westingh Elec .95 944 95 933^ Utilities— Am A For Pwr 7 64 7 6 7 Am Power A Lit 9 B’, g ■ RS " AT A T . 1494 148'- 148'- 148 Am Wat Wks 20 4 20 4 20 4 20 4 Col Gas A Elec . 15 14’, 144 147" Comm A Sou . . 3 24 24 93 Consol Gas . 324 3i? a 7,7" ~ Elec Pwr A Lit . 64 5-4 54 64 Int Hydro Elec . 34 34 31, 7** I nt Y* X 11!r ins * f6 T s 114 Lou Cr A E A 21 3 a 214 213 a s Nat Pwr A Lit . 114 10 3 , 10 3 - 114 North Amcr . . 27’* 2526 s r 27 Pac G it E .. 'lO 1 * 29 7 r iqt oo Peoples Gas . .35 4 35'- 35 4 36 Pub Serv N J .. 45 44 44 ' 443. So Cal Edison . 26 4 25 4 254 isi I’d Gas s', s', 54 53; Stone A Webster 124 124 124 in 1 United Corp . 64 64 64 6'Un Gas Imp is 174 174 177! L’t Pwr A; Lt A’ 3', 3', 3', 34 vvestern Union . 73 ! 4 72’r 7270 Rubbers—- ! Firestone 17 164 164 17 i Goodrich .... 12 7 4 ip 4 jp Goodyear . 22'r 21 ! 22’r 2 **4 IS I , ■ 15>-8 14 4 14 1 4 1 4 t r L S Rubber pfd 40 t r 40 ! 4 40 ! 4 40 5 r

NEW BUSINESS BOOKS AVAILABLE AT LIBRARY The following new business books are now available at the Business Brandi of the Indianapolis Public Library: THE PERSONAL SECRETARY: DIFFERENTIATING DUTIES AND ESSENTIAL PERSON AL TRAITS ,bv F. O. Nicholsi— A recent comprehensive study of secretarial duties turned up 871 duties which secretaries perform, substantially every dutv that is per-1 formed by any office worker.” SENSIBLE PROGRAMMING shy 1.. A. Timmermani —The Rough Notes Cos. of Indianapolis issues this book for the insurance salesman attracted to the field of planned esta’e* "scarcely touched today and filled with tremendous sales possibilities." NEW FEDERAL ORGANIZATION? AN OUTLINE OF THFIR STRUc! TIRE tby L. F Schmeckebier l The volume is purely dx’scnptjye and does not attempt to pass judgment on the policies invofved or the method of organization FACTORY ORGANIZATION AND ADMINISTRATION tbv Hugo Diemer Fifth Edition)— Since the first edition of this text appeared there has been a remarkable evolution of production practice, factory organization and management science THE ANALYSIS OU FINANCIAL STATEMENTS ibv H. G. Guthmann—Revised Edition.

INDIANAPOLIS, TUESDAY, NOVEMBER 12, 1935

Miscellaneous — Allis Chalmers 354 .35 4 35 4 35' 2 Am Car. 1454 144 14! . 144 ; Am Mach A Fdv 29 4 29 4 29 s , 29’, Anchor Cap 16 15'; 154 154 Lvkl’.n Man Tr 424 42 42 42', Burroughs Add 27 26', 26', 27 J I Case . 103 102', 1024 104 Conti Can 954 95 95 944 Caterpillar Tract 60 59 4 59 4 59 4 Crown Cork .... 43 4 43 4 43 4 43', Curtis Pub . . 194 19 19 194 Curtis Pub pfd 100', 1014 1014 100 Deere A Cos . 55 544 544 554 Eastman Kodak 166 4 1654 166 4 166 Foster Wheeler . 214 21 21 214 Gillette 174 17 17 154 Giidden 39 4 38-4 39 4 38’, Ingersoll Rand 115 115 115 115 Int Bus Mach .181 181 181 181’, Inter Harv 594 584 584 584 Natl Cash Reg . 22 214 214 214 Owens Bottle . 127'.. 1274 1274 127-4 Rem Rand . 144 144 144 144 Underwood E 80 4 80 4 80 4 81 Worthingt'n Pmp 21 3 , 214 21’, 224 Foods— Am Sugar ...... 55 4 55 4 55 4 55 4 Armour 44 44 44 44 Armour 64 pfd 65 4 65 4 65 4 65 4 Beatrice Cream . 164 164 164 164 Borden Prod. . 274 27 27 274 Cal Packing 364 36 36‘, 36 Canada D G Ale 14 134 134 134 Coca Cola . . 292 291 291 293 Cont Bak A 4 ' . 8 8 8 8 Corn Prod .... 724 714 74 724 Crm of Wheat . 374 374 374 374 Cuban Am Sugar 54 54 54 6 Gen Baking ... ll 3 , ll 3 , ll 3 , 114 Gen Foods 33', 324 33 324 Goid Dust 17 17 17 174 Natl Biscuit ... 354 344 344 354 Natl D Prod ... 19 184 184 184 Purity Bak . .. 154 154 154 154 S Por Rico Sug 254 25 4 25', 25 4 Std Brands .... 154 15 15 15 United Fruit ... 69 4 68 4 68 4 68 4 Retail Stores— Assd Dry Goods 164 164 164 164 Best A Cos. 564 564 564 564 First Natl Stores 47 464 464 47 Gimbel Bros . . 64 64 64 64 Allied Dept Sts . 74 74 74 74 Krrsge S S .. 27 26 4 26 4 27 Kroger Groc .... 274 264 264 274 Macy R H 52 4 52 4 52 4 52 4 McCror.v St .... 12 12 12 124 McLellan St .... 134 134 134 134 May Dept St 53 4 53 4 53 4 54 Mont Ward .... 364 35 7 a 35 4 36 Natl Tea 10 94 10 94 Penney J C 814 81 81 804 Safeway St ... 324 324 324 32', Sears Roebuck .. 634 62', 62-4 62 4 Woolworth .... 57-4 574 574 574 Aviation— Aviation Corp ... 34 34 34 3', Boeing Aircrft . 14 4 14 4 144 14 4 Curtiss Wright . 3 24 3 24 Curtiss Wri IAI 8 4 84 8 4 8 4 Douglas Air... 34', 334 334 34 Nor Am Av 5 4 4 4 54 44 Sperry Corp ... 124 12 124 124 Utd Aircraft new 214 20 4 204 21 Chemicals— Air Reduction ~169 4 169 4 169’, 1694 Allied Chem 32 4 314 314 . . Col Carbon .... 99 99 99 100 Com Solvents ... 21 4 20 4 20 4 21 Du Pont 1404 140', 1404 139', Freeport Tex .. . 274 27', 274 274 Liquid Carb 34 334 334 34 Math Alkali .... 32 314 31 4 314 Monsanto Chem. .92 4 92 4 92 4 92' . Natl Dis .new).. 33 4 314 32 32 4 Scheniev Dist .. 53 4 50 4 51 4 53 4 Tex Gulf Sulph.. 31 30 4 304 31 Union Carbide . 72', 71 714 72 17 S Indus Alco.. 474 47 47 474 Drugs— Bristol Myers 41 41 41 404 Coty Inc 54 54 54 54 Lambert 224 22 4 224 22 4 Lehn A Fink ... 124 124 124 124 Sterling Prod .. 68 674 67', 674 Un Drug inew’). 10', 104 104 10 Vick Chem 414 41 414 41 Zonite Prod .... s*a 54 54 54 Financial— Adams Exp .... 9 84 9 9 Allegheny Corp. 14 13,l 3 , 14 14 Am Int Corp ... 104 104 104 104 Chesa Corp .... 52 51 4 51 4 51 4 Lehman Corp ... 93 92 4 92 4 93 Transamerica .. 114 114 114 11 Tr Conti Corp.. 7', 7 7 7 Building— Ain Radiator ... 20 194 194 194 Gen Asphalt ... 194 19', 19', 194 Holland Furnace 23', 23 23 4 234 Int Cement ...33 4 334 33 4 33 Johns Manville 93 4 92 4 92 4 93 4 Libby Owens Gls 47-4 47 47 474 Otis Elev 20 7 20 4 204 204 U S Gypsum ... 844 83 4 83 4 854 Ulen Cons 34 34 34 4 Household— Col Pal Peet ... 174 174 174 174 Congoleum 40', 40', 40 4 40 Kelvinator 144 14', 14', 144 Mohawk Carpet. 22 214 214 224 Proc A Gamble . 484 484 484 49 Servel Inc ... 12 114 114 12 Simmons Bed .. 184 184 184 184 Textiles— Amer Woolen .. 94 94 04 94 Belding Hem ... 134 134 134 13-4 Celanese Corp ..28', 28 28 28', Collins Aikman.. 394 39 39 39 Gotham Hose . . 84 8-4 84 84 Indus Rayon ... 314 31 314 314 Kayser Julius .. 264 264 264 264

STEEL OUTPUT DIPS SLIGHTLY IN WEEK Operations Drop to 53 P. C. of Capacity. By Tail eel Pres* CLEVELAND, Nov, 12.—Although price advances of $2 a ton on semifinish steels were posted last week, steel works operations declined lh points to 53 per cent of capacity as consumers continued to buy on actual needs instead of for speculative purposes, the magazine Steel said today. ‘The explanation is that consumers have been given an opportunity to cover for the rest of the quarter, and the really effective da„e for higher prices will not come before Jan. 1,” the survey declared. “Therefore steelmakers do not expect a rush in shipments to accelerate operations until late this month or December. This was the industry's experience when prices were raised in the second quarter of 1934.” It noted that a year-end bulge in demand is unusual, but not without precedent, and that this year it will be spurred by automobile requirements, railroad buying expected early in 1936. and structural awards for Federal projects. The publication credited the introduction of new automobile models with the steady rate of operations within a 3‘--point range within the past 13 weeks. It placed automobile assemblies last week at 90,000 units, a gain of 14,000 from the preceding week. The iron and steel price composite rose IS cents to $33.16; the scrap index gained 16 cents to 512.83, and the finished steel composite remained at $53.70. OCTOBER FINANCING OFF State and Municipal Total for Month at 565,599,933. Time* Special NEW YORK, Nov. 12.—State and municipal financing during October amounted to $65,599,933. compared with the revised total of $115,207,812 for September this year, and $69,748,006 in October. ‘ 1934, The Daily Bond Buyer announced today. The total for the first 10 months this year amounted to $930,133,183. including all PWA and RFC financing, compared with $971,271,272 for the same period of 1934. PWA and RFC financing for October totaled 5559.500, against $4,677,824 in the same month last year. Money and Exchange TREASURY STATEMENT 'By United Pres?' WASHINGTON Nov 12—Government expenses and receipts for the current fiscal year to Nov. 9 as compared with a year ago: '."his Year. Last Year. Expenses. $2,835,714,009.13 S2 526,104.523.16 Receipts.. 1.34X005 429 65 1 341.688.823.01 Deficit . 1.494.708.579 48 1.184.415 700 15 Cash baL. 1,463,407,217.94 1,714,793,062.28

FARM INCOME OFF $7,000,000 IN SEPTEMBER Analysis Shows Increase for First Nine Months Against Last Year. Times S/ierinl NEW YORK. Nov. 12.—Total farm income for the month of September was $692,000,000 as against $699,000.000 last year or a drop of 1 per cent. While marketings were higher the income was smaller due to the fact that government benefit payments for the month were smaller than a year ago, having dropped from $76.000,000 to $56 000,000, according to an analysis by the Alexander Hamilton Institute. Despite this decrease in total income, the cumulative total for the first nine months was larger than a year ago, amounting to $4,710,000,000 this year as against $4,454,000,000 last year, an increase of 5.7 per cent. This was due not only to a gain in income from marketings, but also to an increase in benefit payments which, for the first nine months, amounted to $406,000,000 this year as against $327,000,000 last year. Purchasing Power Up 2 Per Cent Farm purchasing power for this period was also higher than a year ago although the increase, amounting to 2 per cent, was smaller than the gain in income due to the higher price level for goods bought by the farmers. The department of Agriculture now estimates that the gain of 5.7 per cent in farm income over a year ago for the first nine months will be increased to a gain of 6.5 per cent for the full year. Gain Depends on Two Factors Such a gain will depend not only upon the maintenance of present prices, but upon a continuation of the sale of livestock from the supply which makes up farm capital. Since there is a good possibility that neither of these factors will provide farm income with the expected support during the remainder of the year, it seems reasonable to continue to assume that this year’s annual farm income will be approximately the same as the amount received last year.

EXPECTS SHARP GAIN IN INDUSTRIAL ACTIVITY Standard Statistics Cos. Forecasts New High for November. Times Special NEW YORK, Nov. 12.—Current indications are that aggregate industrial activity will attain higher levels in November than for any month this year, the Standard Statistics Cos. announced today. The index of production for the month is forecast at 74.6. This figure compares with the estimate for October of 70.7. With the exception of July, 1933, when the inflation boom carried the index to 77.4, productive activity in November will be the highest since May, 1931, the report stated. The expectations of a sharp advance in the index this month are based upon: 1. A prospective substantial increase in automobile assemblies. 2. Generally improved operations in many of the consumers’ good industries. 3. Relative stability in the capital goods industries. 4. The fact that production normally declines during the month. FACTORY PRODUCTION INDEX MOVES UPWARD Increase Attributed to a Slightly Higher Price Level. Bi/ Times Special NEW YORK, Nov. 12.—The index of the value of factory output rose from 72.3 in August to 74.1 in September, due not only to the gain in the quantity produced, but also to a slightly higher price level, according to the Alexander Hamilton Institute. The value index in September was 30.5 per cent higher than in the same month last year. As in previous months, the value of factory output in September was v :11 in excess of this year's normal demand. This is indicated by the fact that the estimated 1935 farm income index is 64.6 per cent and farm income is a measuring rod for the normal demand for factory goods. While over-expansion during the first nine months foreshadows some curtailment during the last quarter, the outlook is that such curtailment will not be sufficient to correct much of the excess, especially since there is no evidence yet that a recession has started. STOCKMEN TO CONVENE Indiana Cattle Feeders’ Convention lo be Held Nov. 22. The annual fall convention of the Indiana Cattle Feeders’ Association is to be held at Lefayette Nov. 22, Oscar Patrick, president of the association, announced today. The principal address of the day will be given by Brother Leo, manager of the Notre Dame farm at South Bend. Cattle at the experimental station at Purdue will be started on feed at the time of the meeting so that visiting stockmen will be able to inspect the cattle and follow the experimental work more accurately, it was stated. GAS PLAN CONFIRMED Times Special NEW YORK. Nov. 12.—Th® Reorganization Committee recently announced that the plan for reorganization of Southern Natural Gas Corp. which was drawn up last April has been confirmed by the United States District Court, and declared operative. CAR FINANCING GAINS Times Special OTTOWA. Nov. 12.—Financing of automobiles in Canada during September amounted to 7.313, an increase of 22.4 per cent over the corresponding period of 1934, the Dominion Bureau of Statistics reported today.

Pioneer Spirit Prevails in Memphis as People Move for Home Projects $6,200,000 Being Spent to Stamp Out Unsightly Old Buildings and Unhealthful Tenements; New Quarters for Low-Wage Earners Go Up. BY CLARK rORTEOUS Times Special Writer MEMPHIS. Nov. 12.—How do people react when told by the government they must leave their homes to make way for better housing? In Memphis they show the spirit of early pioneers. They seem to realize they are participating in something new in American history. They are helping to hew anew frontier within city bruts, a fronter of

modern nomes for low-wage workers. More than 3000 people are leaving their homes here on the sites of two Federal housing projects. The great majority of them realize they are moving to make way for progress and they are pleased with the idea. Musty Landmarks Doomed They know the government is spending $6,200,000 to stamp out unhealthful tenements and unsightly old buildings. Some seem to feel a pang at the doom of musty landmarks and cobwebbed mementoes of the nineteenth century. But they have been told of modern apartments to be erected where ramshackle buildings now stand. Present tenants or others will be able to return to comfortable and convenient quarters soon. Here are typical reactions of people moving from the Lauderdale section, a 25-acre tract being cleared to make way for homes for 694 lowincome white families: Tenants Move Cheerfully Mrs. Sue Hampton, who has lived in the 100-year-old Titus Building for 10 years: “I am glad to bow to progress by moving. When old buildings like this are eliminated, the government will have performed a wonderful service.” Mrs. N. L. Hilbert, 72: “I am a little old to begin moving, but I don't mind if it means a more comfortable home later.” In the Poplar section, a 39-acre tract being cleared for Negro homes. Max Lazar, white operator of a dry goods store, said: “I hate to leave here where I have a good business, but it will be better. The people will get along better and they will trade with me at my new location.”

CHRYSLER LOSES IN ENGLISH LAW CASE $194,587 Awarded Arnold de la Poer and Suffolk Cos. By I'niicA Press LONDON. Nov. 12.—Damages totaling £39.500 ($194,587) were awarded against the Chrysler Motor interests today in what was called the De La Poer damage suit, one of the costliest on record and the longest one for years. Mr. Justice Atkinson, in the King’s bench division of the high courts, awarded the damages to Arnold De La Poer, former managing director of the British Chrysler Cos., and the Suffolk Investment Cos. The plaintiffs complained that in 1928 Walter Chrysler and his associates forced them by threats and misrepresentation to sell their Chrysler shares at less than their value to the Chrysler Export Cos. De La Poer claimed damages for loss of salary as managing director Justice Atkinson awarded De La Poer £3 500 ($17,242). To the Suffolk Investment Cos. he awarded £36.000 ($177,345). In each case interest is to be paid at 5 per cent a year from March 1. 1928. C. M. Lomax, one of the defendants, was dismissed from the case. Local Livestock HOGS Nov. Bulk. Top, Receipts 6. $9.3041 9.40 $9.45 4000 7. 9.35* 9 45 9,50 3000 8. 9.404? 9.50 9.55 3000 9. 9.554/ 9.60 9.65 1000 11. 9.65® 9.70 9.75 4000 12. 9.65® 9.75 9.75 6000 Light Lights. (140-160) Good and choice.. $9,254? 9.65 Medium 8 754/ 9.25 Lightweights. (160-180) Good and choice... 9 65® 9.75 Medium .... 9.154/, 9.65 (180-2001 Good and choice .. 9 65'/ 975 Medium 8.154/, 9.75 Medium Weights. (200-220! Good and choice .. 9.654/ 9.70 (220-2501 Good and choice... 9.554? 9,65 Heavyweights. (250-2901 Good and choice... 9.504? 9.60 (290-350) Good and choice... 9.204/. 9.50 Packing Sows. 1275-3501 Good 8.604? 8 85 ‘ (350-425) Good 8.504/ 8.75 (425-450) Good 8 254/: 8.60 ■ 275-4501 Medium B.oo® 835 Slaughter Pies. (100-1401 Good and choice .. 9 004? 9.25 Medium 8.254? 9.10 ' CATTLE —Receipts, 2000— (500-900) Choice 510.004/ 11 25 Good 8.504/ 10 50 Medium 6.504? 8 50 Common . 4.504/ 6 50 (900-11001 Choice 11 004/ 12 00 Good 8 754, 11.25 Medium 6.754? 8 75 Common 5.004/ 6.75 (1100-13001 Choice 11.254, 12 50 Good 9 004,11.25 Medium 7 00® 9.00 (1300-1500) Choice 11.504, 12.50 Good 9.004? 11.50 Heifers (500-750) Choice $9,004/ 10.25 Good 7 504/ 9,00 Common and medium .... 4 254: 7 50 <750-900> Good and choice .... 8 004/ 10 50 Common and medium 4 254? 8.00 : Cows Good 5.00® 6.00 Common and medium 4.004? 5.00 Low cutter and cutter 3.00® 400 Bulls, good 5 50® 6.00 Cutter, com. and med. bulls .. 4.00® 5.50 VEAI.ERS —Receipts. 600— Good and choice .... $lO 504/ 11 00 Medium 8.504? 10.50 ' Cull and common 5.504? 8.50 Calves <250-500i Good and choice ... 7 004? 950 Common and medium 4.004? 7.00 —Feeder and Stocker Cattle—-(soo-800' Good and choice ... 6 504? 825 Common and medium . 4 254; 650 'BOO-10501 Good and choice .. 6 504; 850 Common and medium 4 25® 6.50 Cows Good 5 004? 6 50 Common and medium 4.004? 5 00 SHEEP AND LAMBS —Receipts. 1200— Lambs. 90 lbs. down, good and choice $9 504? 10 25 Medium ♦ 7.75® 9.50 Ewes 90-125 Good and choice . . 3.75® 475 All weights, common and medium .3 25® 4 25 'l2O-1501 Good and choice .. 2 754? 3 75 WM

Oil Production at 2.801,900 Barrels Daily Oil production for the last week for ten states averaged 2, SOI, 900 barrels daily end pvt. This compares to 2,971.685 barrels daily output for the previous 'week.

Busigraphs

r BROKERS LOANS Z (NEW YORK STOCK EXCHANGE) O 5 3 4. C \ o 2 2 DOTTED I.'NE 15 THF. PAS'* tr NINE YEARS AVERAGE OF * THE SAME MONTHS § .mmmmm - ONDJFMAMJJASO m 1934 I 1935 THE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

In September, 1929, brokers’ loans reached the record of 84 billion dollars. Today they are less than one-tenth that amount. This means that most stock purchases today are for cash, and not with borrowed money. PORKERS SHOW UNEVEN TREND Lights. Underweights Are Around 5 to 10 Cents Higher; Others Lower. Despite a sharp increase in leceipts, a two-way trading range developed in the hog market at the Indianapolis Union Stockyards today. Light grades and underweights moved around 5 to 10 cents higher, while all other classes were mostly 5 cents lower. The sharp gain in receipts, however, was offset somewhat by light supplies reported at the 11 surrounding livestock markets in this district. Demand continued fairly | strong in face of the heavy supply which was estimated at 6000, compared with only 4000 yesterday. This resulted in the moderate increase in the lightweight division. Holdovers numbered 106. The general bulk of 160 to 225 pounds, sold at $9.65 to $9.75, while medium heavy butcher classes, ranging from 225 to 300 pounds, brought $9.50 to $9.60. Heaviest grades, weighing from 300 pounds and upward, cashed in at $9.20 to $9.40. Lightweights, from 100 to 160 pounds, sold at $9 to 59.50. Packing sows brought $8 to $8.75. With hardly enough trading done in the cattle market to set a definite trend, undertone was slightly lower and all bids were around 25 cents off. A liberal supply of beef steers was on hand. Receipts numbered 200. Veals remained unchanged. The bulk of good and choice grades sold at $1.0.50 to sll. Receipts were 600. Lambs were generally 25 cents higher than yesterday’s best average, due mostly to limited supplies. The bulk of better grade ewe and wether classes sold at $9.50 to 310.25. Bucks were discounted from 50 cents to sl. Slaughter sheep, after yesterday's sharp advance, sold at $2 75 to $4.57. Receipts were 1200.

Other Livestock Bv United Press) CHICAGO Nov. 12.—Hobs—Receipts, 17.000. including 4000 directs: mostly 5 to 10 cents lower than Monday's average: underweights and sows steady": top $9 55 bulk. 180-280 lbs. $9.354/3.50: 290-370 lbs $94/9.45: most 140-170 lbs.. $94/9 50- few $9.55: bulk sows, $8,254/8.50. Cattle— Receipts. 6000: calves. 1.500; strictly good and choice fed steers and yearlings comparatively scarce: strong, highly finished weighty steers gening best action on shipper accounts; top. $13.25 paid for 1290lb a ’-erases: several loads $11.50 up to $12.35: with best iigh* steers. sl2 85 predominant supply common and medium grade grassy and short fed steers unsold; tweak at Monday's 25 to 50-rent downturn: bulk of such cattle of value to sell at $9.50 down to $6.50: stockers and feeders weak othrr killing classes about steady. Sheep—Receipts. 8000; lambs opening slow: early sales and indications mostly steady: quality considered: sheep firm: feeding lambs strong to shade higher: bulk native and comeback lambs bid $lO down; asking $10,254/ 10.35 and better, choice yearlings. $8 85: slaughter ewes $3.504’4 85: feeding iambs upward to $9.35 and $9 40. FT WAYNE Nov. 12 Hogs—Steadv to 5c higher 16-180 lbs.. $9 60' 180-200 ib $9.50; 200-220 lbs., $9 45 220-240 lbs *9.40: 240-280 lbs $9 35: 290-300 lbs $9.30. 300-350 lbs . $9.15: 140-160 ib' $9 35: 120-140 lbs $9 10 100-120 lbs $8 85 roughs. $8 stags. $6: calves $11; iamb' 59.50. 'Bv Times Special/ LOUISVILLE. Nov 12.—Cattle—Receip/s 900; including about 600 show cattle salal bie supply slaughter cattle light: run most” lower grade killing classes market moderately active, fully steady: bulk common to medium grade light grass steers and heifers $5,254/7.50: odd head common dair’ored and off colored selections down to So and less: be* ,p r finished offerings Quotable upward of $9 bulk beef cows $4 4/5. p actica! top $5 25 most low cutters $4/04/3.25; best heavy offerings. $5 50, most light beef type stockers and stock calves. $64/3 Calves—Receipts, 150: market steady; bulk good to choice grades $9,504/ 10 50: medium and lower grades. $9 down to 55.50 or less. Hogs—Receip;s. 500' w® ri jet s*eadv: np and bulk better, 180240 lbs . $9.55; 245-295 lbs.. $9.05 300 'bs “P- * 8 ,65 ; 180-175 lbs.. $9 05; 140-155 lb:. sß_2o: 120-135 lbs . $7.25: sows. $7 20. Sheep • -Receipts 100: lambs steadv: most better Kinds, $8 504/9: choice auotable higher plainer grad" including buck- SB4/8: bu.k lat ewe?. S3 50 down.

INCORPORATED INVESTORS —An Investment in Common Stocks— Founded 1925 in Boston, Mass. Prospectus, latest quarterly report and other information available at our office Indianapolis Bond and Share Corporation 129 E. Market St. Indianapolis Riley 4551

SURVEY SHOWS NATION INCOME HIGHER IN 1934 American Public's Earnings Total $48,561,000,000 for Year. Sy l nVrti rr. ~ WASHINGTON. Nov. 2—The American public's income rose to $48,561,000,000 in 1934 from $39,545.000.000 in the bottom depression year of 1932. the Department of Commerce said today in us November survey of business. The -'*rvey showed the public earned a record income of 551.034.000.000 in 1929. In 1930 it fell uo 567.917.000.000; in 1931 to $53.58?W 000.000 and in 1932 to 000: it recovered to $41,889,000 in 933 and $48,561,000,000 in 1934. “The declines in incomes produced in private industries from 1929 to ’he low for the depression.” the survey said, "varied from 30 per cent in the electric light and power and manufactured gas indutsry to 82 per cent in the construction industry. The gains from the depression lows to 1934 were also highly variable. Agriculture Shows Gain “From 1932 to 1934 agriculture showed a gain in income produced of 91 per cent, mining registered an increase of 78 per cent and manufacturing showed a rise of 74 per cent. Income produced in the agricultural industry increased from 33 per cent of the 1329 level in 1932 to 62 per cent in 1934. Tliis $9,000,000,000 rise in national income resulted in a lessening draft on business resources to maintain wage, salary, dividend and other expenses. From a combined loss of 58.817.000.000 in 1932. business was able to reduce its deficit to 51.628.000.000 by 1934. Among the reasons cited for increased national income in 1934 were increased business activity, higher commodity prices and heavy government expenditures for relief and public works. Construction Off The government in 1929 paid out 56.805.000.000, which was increased to $8,381,000,000 by 1934. The workrelief program accounted for $1,389.000.000 in 1934, against nothing in I 1929. > "The construction industry ! the major exception to the tendencies for those industries which had shown the largest declines to record the largest subsequent gains. Income produced by the construction industry in 1934, although higher than in 1933. was less than onefourth as large as in 1929. “For all government agencies, including those providing work-relief, the levels of income payments to individuals increased in each year | subsequent to 1929," the report said. “From 1929 to 1934 the gain was 23 per cent, with work-relief programs included, and 3 per cent when they are excluded.” ‘LUXURY BUYING’ GAINS Scalp Trcatmrnt Chain Reports Volume Above 1929 Figures. Sharp increase in his business, classified as "luxury buying” was reported today by Paul A. Thomas, president of The Thomas’, scalp specialists, who have offices in Indianapolis. The spurt has carried their volume above 1920 in 35 cities where the company operates, Mr. Thomas said. iii? PRESINTATIOH OFFICE SPACE The facilities and wide selection of space offered by this organization enabfe you to come to a quick decision based on pertinent facts reguarding any business location. KLEIHe / KUHN,,,. PROPERTY MANAGEMENT Lincoln 3545 INDIANAPOLIS