Indianapolis Times, Volume 47, Number 212, Indianapolis, Marion County, 13 November 1935 — Page 15

Trends Germany and Italy Face Economic Breakdown. BY JOHN T. FLYNN

YORK, Nov. 13—When Fascism began Its turbulent career, there was one thing at least which hard-boiled American pragmatic observers declared had to be said for it It was an attempt to deal realistically with the nations economy. It was planning, of course, but it was planning to give business a

chance. Business men approved what was done. And in America in 1927 when it was apparent that, Mr. Mussolini was doing an excellent job of mere administration, when he was being hailed because he got the streets cleaned and made the trains

John Flynn

runs on time, many American business men were saying that a dictator perhaps wouldn’t do this country' much harm. They weren't saying it openly, but in private conversation. Now, in a very much troubled world, there are two outstanding Fascist countries—ltaly and Germany. Both of them have had the benefit of dictators who have had an absolutely free hand to do as they pleased. One of these countries was a defeated nation in the war and last its colonies. The other w'as a victorious nation and greatly extended its colonial possessions. * a a YET it is interesting to note that in a world ground dowm in economic disorder, these two Fascist countries seem to have fared worst of all and are nearest to the complete breakdown of their economy. All about are nations under various types of democratic capitalism and autocratic communism. Yet Italy and Germany are the two most conspicuous failures in the world today as economic .societies. How badly off these two countries are, no one can say. Mussolini has said that statistics are an instrument of national policy. Figures are doctored. But even such facts as are permitted to escape these tw'o peoples, indicate that both are near to economic breakdown. Italy’s position has driven her to war. The w'ar, won or lost, will piobably end her present regime. She has been living on borrowed funds for four years. Her credit is now at its end. ana C GERMANY similarly has been J living on borrowed funds. Loans of all sorts have been forced upon banks, insurance companies, etc. Prices have risen. The people are grumbling, despite the serious repression. It is worth a man’s life to speak of hard times in Germany and in Italy speculators w'ho sold, both short and long, thus seeming to express lack of confidence in the nation’s credit, were throwm into jail. Both countries enjoyed for a part of the last 12 months an apparent revival of industry. In both it was the old story of war industries functioning with government funds—war inflation—a nation at peace building a business revival of war work, the most dangerous of expedients. But in Germany, despite this, unemployment resumes its march. There are about 500,000 more out of work now than a year ago. A strange statement is made about the government spending only its revenues. One wonders if the government has actually taken to some new' form of the printing press. But here, at least, are two black eyes for Fascism.

DEPARTMENT STORES REPORT SALES GAIN Volume in October I p 6 Ter Sent Over 1934 Total. Bu United Press WASHINGTON, Nov. 13.—Department store sales In the United States in October were 6 per cent ahead of a year ago. but failed to show the usual seasonal increase over September, the Federal Reserve Board reported today. Stores on the Eastern seaboard reported lagging sales, while substantial gains were shown in all other sections of the country. For the first 10 months of this year the sales were 4 per cent ahead of last year, Stores In the Federal reserve districts of Chicago, San Francisco and Minneapolis reported October sales 12 r*'r cent ahead of last year. The Kansas City and Atlanta districts showed gains of 11 per cent each. Cleveland district sales rose 10 per cent. RECOVERY TRENDS VARY /.’/ United Press BOSTON. Nov. 13.—The new index of pay rolls, computed by the United Business Service, shows that the recovery trends vary greatly in the six New England states, it was announced today. Pay rolls in Maine are 57 per cent above depression low. On Commission Row Quotations below subject to change are a'erage wholesale pncs being offered to buyers by local commission dealers: Fruit —Cranberries, early blacks. 25-lb. box $4 Fears- Michigan Eartletts, bushel. S3 25; Avocados. Florida, box, $2.50. Cantaloupe—California Honev Dews. $2.25; Casabas. $2 25. Persians, $2 25 Bananas —7 hands, a pound. 5%c. Persimmons—lndiana 12-qt case Si. Apples—lndiana Jonathans. sl2s{fl 35 Summer Rambos, $1: Delicious $150; Wealthy*. $1; Grimes Golden, $1 35. Lemons—Sunklst. 3605. SB. Grapefruit—Texas 64s to 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, doz.. 20c. Cabbage—Northern Danish. 50-lb bag. 85c Carrots—Home grown. 35c, new bulk, half bu 60c. Cauliflower—Michigan, cra*e $1 50: Long Island, la ge crate 50 Celery- Michigan, washed and trimmed, ex’ra large 45c jumbo, doz.. 4jt Cucumbers—Hothouse. 2 doz. box- $2 35. Kale—Home grown, bu , 60c. Lettuce—lce"f r g California best, $5: home grown leaf, 15-lb. basket. $1 10. Endive—Ohio basket. 45c Mangoes California grown, crate, $3 ->033 "5. small basket. 40c Mint—Doz . 60c Mustard—Home grown, bu. 60c Onions—lndiana vellow. 50-lb bag. 90c. Indiana yellow, 10-lb. bag. 20c; western Spanish, 50-lb bag, $1.40. Parsley—Home grown doz 35c Peas—Telephone, hamPf r * ** Potatoes—Round Cobblers, 100lb |< as Michigan Round White 100MSO Early Ohtos. bu . $1.65, Idaho Russets. $; 40 Sweet pota'oes—lnd.ane Jerseys, bu $1 50 Radishes—Ohio, buttons doz baskets, 45c Sage—Doz . Spinach Broad leaf bu.. 65c Squash ,5 . c . Turnips- New California, rePcked, 10-lb. carton, $1.25,

FOREIGN TRADE POWER HELD TO BE ABSOLUTE President Can Withhold Protection in Wartime, Say Authorities. BY ROBERT W. HORTON Timrs Special Writer WASHINGTON, Nov. 13.—The President’s authority to withhold protection from American foreign trade and American citizens abroad in time of war is absolute, according to State Department authorities. The question has been raised informally by the recent announcement of the Standard Oil Cos. of New' Jersey that it would continue to sell its products in Italy despite the President's warning against trading with belligerent nations. The Neutrality Act does not provide for any such warning. In declaring that such trading would be at the trader’s risk, the President went beyond the resolution. Protection Merely Traditional Protection of our merchantmen and cargoes and citizens is merely a tradition, authorities say, and whether that protection is to be granted is entirely within the President’s discretion. Though he can not -prevent American citizens from trading with belligerent nations unless Congress so authorizes him, he can make it extremely difficult for such trade to continue with any assurance of security. Presuming that an American merchant ship were torpedoed and lost after he had warned, as he has, of such a possibility, the owner of the vessel would probably be unable to collect damages from the country responsible. Ship Owners Could Not Collect Ordinarily the State Department would assist in negotiations looking to compensation for loss of ship and cargo. But the President has authority to withdraw State Department intervention, and in so doing he would make it virtually impossible for the ship owner to collect. Os course, in the case of merchant ship*, the government would probably be the loser because of its own enormous loans to the merchant marine. The protection of citizens abroad is traditionally considered on the basis of the individual case. Most governments rely primarily on the laws and police of the countries in which their citizens travel to protect them. In war time, generally speaking, most governments are inclined to place their citizens upon their own responsibility if they go into war zones.

U, S, BORE 71,2% OF RELIEF COSTS $2,524,246,738 in Federal Funds Spent Since ’33. By United Press WASHINGTON. Nov. 13.—Figures made public today by the Federal Emergency Relief Administration revealed the government bore 71.2 per cent of direct relief costs since Jan. 1, 1933, with states and local sources supplying the balance. Os the $3,542,949,785 expenditures, the government put up $2,524,246,738. States supplied $434,519,964, or 12.3 per cent. Local funds amounted to $584,183,083. or 16.5 per cent. A resume of state relief activities showed six states failed to appropriate any funds for relief. They were Florida. Georgia, North Carolina, North Dakota, South Carolina and Nebraska. The statistics showed Kansas contributed $300,630. Administrator Harry L. Hopkins charged recently that Gov. Alf Landon, possible Republican presidential nominee, “had balanced his state budget because the state never had put up a thin dime for relief.”

NATION'S FARM DEBT LOWER THAN IN 1932 90 For Cent of Loans Used to Pay Off Old Debts, Report Says. By United Press WASHINGTON. Nov. 13.—The Firm Credit Administration today icported the nation's total farm debt “is substantially lower than it was three years ago." Individual farm mortgage debts may be higher, it said, but it is incorrect to claim that farmers have gone deeper into debt in the last three years. The Administration saW 90 per cent of the $1,900,000 loaned under its provision was used to pay off old debts and resulted in a saving which offset new obligations. Federal land banks were found to be the largest holders of farm mortgages, replacing insurance companies and commercial banks which were formerly the greatest institutional lenders. Outstanding loans by the land banks and land bank commissoner amount to more than $2,533,000,000, or about one-third of the total farm mortgage debt, the Administration said. In 1928 the land banks held about 12 per cent of the total. Dividends Declared Dividend rates are given in dollars and cents unless stated o'herwise Books Companv— Rate Per and Payable close Arnal Leath p $ .50 . . Jan. 1 Dec, 19 Ama! Leath p $ 50 . . Jan. 1 Dec. 19 Am Capital $5 50 pr P 137% Q Dec. 2 Nov 15 Cont GAE pr p 175 Q Jan. 2 Dec. 12 ComwASo $6 p .75 Jan. 2 Dec. 6 Murphv G C .40 Q Dec. 2 Nov. 21 Newberry .1 J 40 Q Jan 1 Dec. 16 Newmon Mining .50 Dec. 16 Nov. 29 Nac Indemnity 15 Q Jan 1 Dec 14 Penn OasAE A .37%- Q Dec. 2 Nov. 20 Do $7 pfd . 175 Q Jan. 2 Dec 20 Do 7%- pfd .1 75 Q Jan. 2 Dec. 20 Proctor A Gam 5% p 1.25 Q Dec 14 Nov. 25 Snencer A Kell .40 Q Dec. 30 Dec. 15 WestAutoSup A. .75 Q Dec 1 Nov 19 Intertype Corp .20 Dec. 16 Dec. 2 Penick A Ford 75 Q Dec 16 Dec. 2 Money and Exchange TREASURY STATEMENT .Bv United Press) WASHINGTON. Nov. 13.—Government expenses and receip’s for the current fiscal year to Nov 11 was compared with a year ago. This Y-ar Last Year Expenses . $2 864 017.995 43 $2 438 564 442 89 Receipts .. 1 354.881.197.53 1 348.833.087 89 Deficit . 1.509.186 737 90 1 189 731.355 00 Cash bal .. i,447,120,762.87 1.707,784.730.85

Abreast of The Times on Finance

INDIANAPOLIS, WEDNESDAY, NOVEMBER 13, 1935

Percent PURCHASING POWER 6’ COMPONENtF®®®®®*®®®® 120 pi , 1 |— r-H r—j 71 ! 1 7—7 r—i~~t' ; , , , *; , <o ° 1 JC'OMPOs,r £ Bkmvmd — 1 igtzgjwzagJ 1 so i~ . . - * “ | \ PuncHAsrhrr, thtwer i I , gross 40 1 | 19gS-lQg5 = 100 l— 100 R.R. Gross Income “ 100 -|— " j 1021-1025= loot— —— . . 40 8o ——SJ.. 1— J i Jyg-RNT - 40 I N " SSS ' >rr ' , ' r "^^

The farm income advance in September was slightly less than seasonal. Despite this fact the gains in factory pay rolls and railroad gross income were sufficient to cause purchasing power to rise to the highest level since May, 1931. The present level and trend of this Index augurs well for a continued rise in the demand for goods and services.

New York Stock Exchange Prices

By L'nited Press NEW YORK. Nov. 13.—Stocks rallied today after early irregularity although volume continued light as compared with recent sessions. Motor shares met a fair amount of profit-taking, absorbed it, and recovered most of early losses. Motor equipments were about the same although Briggs Manufacturing lost more than a point and regained only a minor portion of it. Steels came back to small gains with U. S. Steel touching 47. up %, after hitting 46% in the early part of the session. Rails w'ere better, wuth Union Pacific up more than a point. International Nickel made anew high for the year at 35%, up 1%, to head a raly in the nonferrous metal division. Utilities were depressed for a time but they recovered to around the previous close later. Oils were slightly higher. Farm shares picked up with Case rising to 101, up 1 2, after touching 99%. Low-priced aviation shares were fairly active and firm.

(By Thomson A. McKinnon) 11:15 A M. rrv Oils— High. Low. N.Y. close. Amerada 74T4 74% 74 T /a 75 1 /* Atl Rfg 24 23% 24 23% Barnsdall 11% 11% 11% 11% Consol Oil 9 9 9 9 Cont, of EX?I 25'4 25 25‘a 25% Houston (new) ..4 4 4 4 Mid Cont Pet ... 15% 15% 15% 15% Ohio Oil . ... 11% 11% 11% 11% Phillips Pet . . 35% 34% 24% 25% Plymouth Oil ... 11% ll 7 s IPs 11% Pure Oil 11% 11% 11% 11% Seaboard Oil . . 32 32 32 31% Shell Un 12% 12% 12% 12% Soc Vac 12 11% 11% 12 S O of Cal .... 37% 37% 37% 37% S O of Ind . . 28% 28 28% 28% S O Os N J . . 49% 48% 48% 48% Texas Corp ... 22% 22% 22% 22% Tidewater Assn . 11% 11% 11% IPs Un Oil of Cal .. . 20% 20% 20% 20% Acme 71% 71% 71 % 71 Steels— Am Roll Mills .. . 30 29% 30 29% Beth Steel 44% 42% 44% 42% Byers AM . .. 18% 18% 18% 17% Col Fuel A Iron 3% 3% 3% 3% Cruc Steel ... 26% 26% 26% 26 Ludlum Steel . 24% 24% 24% 24% Natl Steel 79', 78% 79% 79% Otis Steel .... 15% 15% 15% 15% Rep I & Stl . 18% 18 18% 18 Rep I A Stl pfd 94 94 94 94 % U S Pipe & Fdy 19% 19% 19% 19% U S Steel 48% 46% 46% 46% U S Steel pfd 109% 108% 109% 108% Youngstwn S& T 32% 31% 32% 32 Motors Chrysler 84% 83% 84 83% Gen Motors 57 56% 56% 58 Graham Mot ... 3% 3% 3% 3% Hudson 14% 14% 14% 15 Hupp 2% 2% 2% 2% Mack Truck 21% 21 % 21% 21% Nash 17% 17 17% 17 Packard 6% 6% 6% 6% Reo 4 3% 3% 4 Studebaker ... 7% 6% 6% 7 Yellow' Truck . . 6% 6% 6% 6% Motor Access— Bendix 21% 21% 21% 21% Bohn Alum 48 48 48 48% Borg Warner 58% 58 58 58% Briggs 52*-2 51% 51% 52% Budd Mfg 7% 7% 7% 7% Budd Wheel 11% 11% 11% 11% Eaton Mfg .... 27% 27% 27% 27% Elec Auto Lite . 34% 33% 34% 34 Elec Stor Bat 57 56% 57 55% Houdaille (Bi .. 26% 25% 26% 26% Murray Body ... 18% 17% 18% 18% Stew Warner 16% 16% . 17 Timken Roll .... 66% 66 66% 66% Mining— Alaska Jun 14% 14% 14% 14% Am Metals 26% 26 26 26% Am Smelt 57% 56% 56% 56% Anaconda 20% 20% 20% 20% Cal & Hecla 4%, 4% 4% 4% Cerro de Pasco.. 57% 57% 57% 57% Dome Mines .... 38% 38% 38% _ 38% Granbv 13% 13% 13% 13% Gt Nor Ore ... 13% 13% 13% 13% Howe Sound 53 52% 52% 53 Int Nickel .... 35% 34% 34% 34% Kennecott Cop . 26% 26% 26% 26% Mclntvre Mine . 34% 35 35% 35 Park Utah ... 4% 4 4% 4 Phelps Dodee .. 24% 24% 24% 24 U S Smelters . 95% 95 95% 95% Vanadium 19% 18% 19% 18% Amusements— Croslev Radio .. 17% 16% 17% 16% Fox Theat 19% 18% 19 18% Loews Inc 49 48% 49 47% Radio Corp 8% 8% 8% 8% Paramount 9 9 9 9% RKO 5 4% 5 4% Warner Bros .... 8% 8% 8% 8% Tobaccos— Am Snuff .... 71 71 71 71% Am Tobacco A .100% 110% 110% 102 Am Tobacco 8..103% 103% 102% 204 Gen Cigars 52 52 52 52 Ligg & Myers 8.116 115% 116 116% Lorillard 25% 25% 25% 25% Reynolds Tob B 56% 56% 56% 56% Rails— Atchison . 49% 49% 49% 49% Atl Coast Lines . 26% 26 26% 26 B A O .... 14% 14% 14% 14% Can Pacinc 10% 10 10% 10 Ch A- Ohio . 28% 28 28% 28% Chi AGt W pfd. 2 2 2 2% CM&StP 1 1 1 1 C M & St P pfd 1% 1% 1% 1% Chi N W pfd ... 5 4 7 s 4% 5 Del Lac A W ... 14% 14% 14% 14% Erie . 10% 10% 10% 10 Grt North pfd.. 27% 27% 27% 23 111 Central ... 15 14% 15 14% Lehigh Valley 8% 8% 8% 8% Lou * Nash . . 49% 48% 49% 48% M K A T . 4% 4% 4% 4% MK A T pfd ... 10% 10% 10% 10 Mo Pac 1% 1% 1% 1% N Y Cent 22% 22-% 22% 22% Nor Pacific ... . 19% 19 19% 19% Penn R R ... . 27% 27% 27% 27% Sou Pac 18% 18% 18% 18% Sou R R . . . 9% 9% 9% 9% Union Pac .... 97 96% 97 96% West Mary 7% 7% 7% 7% Equipments— Am Brake Shoe 39% 38% 38% 38% Am Car & Fdy 24 23% 24 23% Am Steel Fdv 23% 23% 23% 22% Bald Loco 2% 2% 2% 2% Gvn Am Tk Car. 43% 42% 42% 42% Gen Elec . 39 38% 39 38% Gen R R Sig . 36% 36 36% 36 Pullman Inc . 33 32% 33 32% West Air Br . 28% 28% 23% 28% Westingh Elec . 93% 92% 93 93 Utilities Am A For Pwr . 6% 6% 6% 6% Am Pwr A Lit. 8% 8% 8% 8% A T A T . . 147% 147 147 147% Am Wat Wks . 19% 19% 19% 19% Col Gas A Elec 14% 14 14% 14% Comm A Sou ... 2% 2% 2% 2% Consol Gas 31’. 31% 31% 31% Elec Pwr A Lit 5% 5% 5% 5% Int Hydro Elec . 3% 3% 3% 3% Interboro R T . . 18% 18 18 18 Int TA T .. 10% 10% 10% 10% Lou G & E iAi . 21 21 21 21 Nat Pwr A Lit . 10% 10% 10% 10% North Amer ... 26 25% 25% 26% Pac G A E .29% 29 29% 29% Pub Scrv N J... 4.3% 43% 43% 44 So Cal Edison . 25% 25% 25% 25% Sid Gas 5% 5% 5% s'Stone A Webster 11% 11% 11% 11% Ltnited Corp 6% 6% 6% 6% t 7 n Gas Imp 17% ’.7% 17% 17% Ut Pwr A Lt (A) 33 33% Western Union . 71% 70% 71% 71-% Rubbers— Firestone 16% 15% 16% 16% Goodrich 11% 11% 11% 11% Goodvear 21% 21 21% 21% U S Rubber 14% 14% 14% 14% U S Rubber pfd 40 39% 40 39% Miscellaneous— Allis Chalmers . 35% 35% 35% 35% Amer Can 143 s , 143% 143% 142% Am Mach A Fdv 30 s , 29% 30 s , 29% Brklvn Man Tr . 41% 41% 41% 41% Burroughs Add ■ 26% 26% 26% 26% J I Case 10' 99 s , 101 100% ConU Can 93% 93% 33% 94

Caterpillar Tract 58% 56% 57 58% Crown Cork .... 45 43% 45 43 5 s Curtis Pub 18% . • 18 7 s Deere & Cos .... 55% 55 55 54% Gillette 17 17 17 17 Glidden 39% 39% 39% 39% Ingersoll Rand ..117 117 117 115 Int Bus Mach ...180 130 180 181 Natl Cash Reg. . 21% 21 21 20% Owens Bottle .127% 127% 127% 128 Rem Rand .... 14% 14 14Ve 14% Underwood E .. 80 80 80 80 Foods— Am Sugar 54% 54% 54% 55% Armour 4% 4% 4% 4% Borden Prod ... 27% 26% 27% 26% Canada D G Ale 13% 13% 13% 13% Coca Cola ... 286% 285 285 288*/2 Cont Bak "A" .. 7% 7% 7% 8 Corn Prod 71% 70% 71% 71% Crm of Wheat . . 37% 37% 37% 37% Cuban Am Sugar 5% 5% 5% 5% Gen Baking ... 11% 11% 11% 11% Gen Foods 32% 32% 32% 32% Gold Dust 17 16% 17 16% Natl Biscuit . . 34% 34% 34% 34% Natl D Prod . 18% 18 18% 18% S Porto Rico Sug 25 g 25 25 25% Std Brands .... 14% 14% 14% 14% United Fruit .... 68% 68% 68% 69 Wrigtey 78% 78% 78% 78% Retail Stores— Assd Dry Goods. 15% 15% 15% 15% Best & Cos. . . 55% 55% 55% 56% First Natl Stores 46% 45% 45% 46 Gr Un Tea ... 33 33% Hahn Dept Sts.. 7% 7% 7% 7% Jewel Tea 54% 54% 54% 54% Kresge S S 27% 27 27 27 Kroger Groc ... 26% 26% 26% 26% McCrorv St. .. 11% 11% 11% 12 Marshal Field ... 13% 13% 13% 13V 4 Mont Ward 35% 35% 35% 35% Natl Tea 9% 9% 9% 9% Penney J C ... 80% 79% 79% 80% Safe wav St 33% 32% 33% 32% Sears Roebuck . 62% 61% 61% 62 Woolworth 57% 56% s'iVs 57% Aviation— Aviation Corp ... 3% 3% 3% 3% 80-eing Aircft ... 13% 13% 13% 13% Curtiss Wright . 32% 2% 3 Douglas Air 33% 33 33% 33% Nor Am Av .. 11% 11% 11% 11% Sperry Corn . . . 11% 11% 11% 11% United Air new. 20% 19% 20% 20% Chemicals— Air Reduction ..168 167% 168 169 Allied Chem . ..161 161 161 161 Am Com Alco . 31% 31% 31% 31% Com Solvents .. 21 20% 21 20% Du Pont 138 137% 137% 138% Freeport Tex . ■ 27% 27% 27% 27% Liquid Carb ... 33 32% 33 33% Math Alkali .... 31% 31% 31% 31%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 50 20 20 60 Inds. Rails. Utils. Bonds. Today 90.5 78.1 102.5 90.4 Monday 90.6 78.3 102.7 90.5 Week aeo 90.3 79.1 102,3 90.5 Month ago 90.0 77.9 100.9 89.6 1935 High 90.7 86.4 102.7 90.9 1935 Low' 83.6 71.0 89.3 83.0 icopyright. 1935. bv Standard Statistics) IT. S. GOVERNMENT BONDS (Bv Abbott, Proctor & Paine) Prev. Close, close. Treasury* 4%s 1947-52 115.6 115.9 4s 1944-54 110.24 110.26 3%s 1946-56 109.5 109.7 3%S 1940-43 107.10 107.10 3%s 1943-47 106.8 106.13 3%s 1941-43 107.11 107.14 3%s 1943-45 105.6 105.10 3%s 1941 107.20 107.22 3%s 1941-46 104.27 104.31 3%s 1945-49 103.21 103.23 3%s 1949-52 103.13 103.18 3s 1951-55 102.20 102.22 3s 1946-48 102.21 102.22 2%s 1955-60 100.1 100.4 2%s 1955-60 . 100.27 100.30 Home Owners’ Loan Corp. 2%s 1949 99.20 99.22 3s 1952 100.26 100.30 Federal Farm Mortgage Corp. 3s 1949 102.18 101.01 3%s 1947 101.12 101.13 2%s 1949 100.4 100.11

DOMESTIC Prev. Close, close. Alleg Corp 5s '44 84% 84% Alleg Corp 5s '49 74% 72 Alleg Corp 5s ’SO . 34 27% Am Frgn Pow- 5s 2030 65% 66% Am Tel A Tel 5%s '43 113% 113% Am Tel A Tel 5s ’65 113% 113% Arm ACo (Del) 5%s ’43 95% 95% Atl Coast Line 4s '52 93% 94 Atl Coast Line 4%s '64 78% 77% Atch Top A S Fe 4%s '4B 108 107% Am Wat Wks 5s ’44 109% 110% Am Rolling Mills 5s ’3B 120 121 Balt A Ohio 5s ’95 72 72 Balt A Ohio 6s ’95 81% 81% Balt A Ohio 4%s '6O 56% 55% Buff Roch A Pitt 4%s '57 62% 61% Chi Milw A St, P 5s '75 10% 10 Chi Milw A St P 5s 2000 3% 4 Cleve Un Term 5s ’73 99% 99% Cleve Un Term 4%s ’77 90% 90 s , Col Gas 5s May '52 99% 98% Col Gas 5s '6l 97% 98 Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 84% 85 Big Four 4%s ’77 72 71% Colorado ASo 4%s 80 51% 51 Chi A West Ind 4s '52 97% 98% Chi A West Ind 5%s '62 106 155% Chi A Nor West 4%s '49 7% 8 Con Gas 5s '57 105% 105% Chesa Corp 5s '47 110% 110% Del A Hunds 4s '43 74 75% N Y Dock 4s ’sl 67% 65% N Y Dock 5s ’33 53% 53% Erie 5s ’75 63% 63% Erie 5s ’67 64% 64% Gen Cable 5%s '47 99% 98% Grt Northern 7s '36 102 102 Grt Northern 4%s '76 92% 92% Grt Northern 4%s '77 ........ 92 92 s , Gen Stl Cast WW 5%s '49 ... 84 83% Hud A Manhat Ref 5s '57 .... 82% 82% 111 Cent 4%s '66 52% 52% 111 Cent 5s '63 59% 59% Interlake C A I 5s 'sl 82 82% Interntl Hy Elec 6s '44 45% 45% Interntl Tel A Tel 4%s '39 ... 80% 81 Interntl Tel A Tel 5s '55 .... 73% 73 Interntl Tel A Tel 4%s '52.... 68% 69 P Lorillard 7s '44 130% 130 McKess A Rob 5%s 'SO 102 s , 102% Natl Dairy 5%s '4B 104% 104% Natl Steel 5s '56 106% 106% Nickel Plate 4%s '7B 59 s , 60% Nckel Plate 5%s '74 70% 71 Nickel Plate 6s '35 71 68 N Y Cent 5s 2013 73% 73% N Y Cent 4%s 2013 (old) 68% 68 s , Nor Amer Cos 5s '6l 104% 104 Nor Pac 3s 2047 70 70 Nor Pac 4%s 2047 86% 86% Nor States Pow 5s '4l 106% 106% Nor Pac 6s 2947 99% 99% New Orleans Term 4s '53 .... 80% 81 Otis Steel 6s '4l 100% 100% Penn Rv 4%s 'B4 104% 104% Penn Rv 4%s 'Bl 104% 104% Penn Rv 4%s '7O 97 97 Pac G A E 5s '42 106% 105 s , Portland Gen El 4%s '6O .... 73% 74 Para Publix 5%s 'SO 92% 92% Penn PAL 4%s 'Bl 105% 106 Postal Tel A Cab 5s '53 33% 33% Rem Rand WW 5%s ’47 104% 104% Shell Union Oil 5s '47 104 104 Sou Pac 4%s '6B 73% 73 Sou Pac 4%s 'Bl 73 72% Sou Pac 4%s '69 73% 73 s , Sou Pac 4s '49 75% 76% Sou Rail 4s '56 42% 43 Sou Rail 6s '56 52% 54 Sou Rail 6%s ’56 . 56% 57% Sharon Stl Hoop 3%s '4B .... 102 102 s , Texas Pac 5s 'BO 89% 89% Union Pac 4s '47 111% 111% United Drug 5s '53 93% 93% V S Rubber 5s 47 100 s , 300% NY NH A Hart 6s '4B 26% 27 NY NH A Hart 4%s '67 25% 26% Warner Bros 6s '39 85% 85% Western Mary 5%? '77 104% 104-% Western Marv 4s '52 95% 95% Youngstown S A Tss '7O ... inns, loi Youngstown S A T 5s '7B ...100% 100 s , FOREIGN Argentina (A) 6s '57 98% 98% Argentine Bi 6s 1 58 98% 98% Brazil 8s '4l . 27 26% : Canadian Govt 4s '6O 105% 105% German 5%s '65 31 s , 32% : German 7s 49 39% 39% Italy 7s 'sl 63 63% ; Japan 6%s 54 98% 98% Poland 7s '47 104% s O3 ! Rome 6%s '52 . 54 54% 1 Tokio City 5%s '6l 82 s , 82% Yokohama 6s 61 65% 86%

Monsanto Chem. 92 92 92 92 Natl Dis (new).. 32% 31% 32 31% Schenlev Dist ■ 51% 50% 51% 51% Tex Gulf Sulph 30% 30% 30% 30% Union Carbide .70% 69% 70% 70% Drugs— Bristol Myers ..4) 40% 40% 41 Coty Inc 5% 5% 5% 5% Lambert 22% 22% 22% 22% Lehn & Fink ... 12% 12% 12% 12% Sterling Prod .. 67% 67% 67% 67% Un Drug (new).. 10% 10% 10% 10% Zonite Prod .... 5% 5% 5% * 5% Financial— Adams Exp 8% 8% 8% 8% Allegheny Corp.. 2% 2 2% 2 Am Int Corp 10% 10% 10% 10% Chesa Corp 51% 51% 51% 51% Lehman C’orp .. 92% 92% 92% 92% Transamerica ... 11 % 11 11% 11 Tr Conti Corp.. 7 7 7 7% Building— Am Radiator 19% 19% 19% 19% Gen Asphalt.... 19 19 19 19 Int Cement 33% 32% 33 32% Johns Manville . 93 92% 93 93 Libby Owens Gls 47 47 47 47% Otis' Elev 20% 20% 20% 20% U S Gypsum.... 81 80 80 79% Household— Col Pal Peet 17% 17% 17% 17% Congoleum 4040 4040 Kelvinator 14% 14% 14% 14% Mohawk Carpet.. 21 20% 20% 21% Proc & Gamble.. 48% 48 48% 48% Servel Inc ... 12 11% 12 11% Simmons Bed .. 18% 17% 18% 18 Textiles— Betting Hem 13% 13% 13% 13% Celanese Ccrp ... 28% 27% 28% 27% Collins Aiknan.. 38% 38% 38% 38% Gotham Hoie.... 8% 8% 8% 8% Indus Rayon 31 30% 31 31 Real Silk 10 10 10 10

Chicago Stocks (By Abbott, Proctor A Paine) 11:30 Prev. A. M. close. Berghoff 5 5 Chicago Corp 4% 4% Conti. Steel 33 31% Cities Service 2% 2% Cord 3% 3% Crane 21% 20 Elec House 18% 18% Gen House 4 4 Grt Lakes Dredge 26% 26% Iron Firemen 25% 25% Libby . 8% 8% Noblitt Sparks 32% 32% Perfect Circle 39% 39% Pb Servos 111 38 39 Swift 19% 19 Zenith 11% 11 I\ew York Curb (By Abbott, Proctor A Paine) 12 (Noon) Prev. N. Y close. Alumn Cos of Am 86 1 2 88% Am Cyanid B 28% 28 % Am Superpower 2% 2% Atlas Corp 13% 13% El Bond A Share 16% 15% Fisk Rubber 6% 6% Ford of Can "A" 26% 27% Ford of Europe 8% 8% Hiram Walker 31 30% Imperial Oil Ltd 20% 21 s , Lake Shore Min 49% 49% Nia Hud Pwr 9 Bs,8 s , Penn Road 2% 2% Sonotone 2 s , 2% Wright Hargraves Min 7% 7% Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local brokers. STOCKS Bid. Ask. Belt RR A Stk Yds com 50 52% Belt RR A Stk Yds 6% pfd. 51 . . Central Ind Pow 7% pfd 16 19 Home TelATel Ft. Wn 7% pfd 50% 52 Hook Drug Inc com 13 s , 15% Ind A Mich Elec 7% pfd 99 102 Ind General Service 87 91 Ind Hydro Electric 48 51 Indpls Chain Sto Term pfd .. 60 65 Indpls Gas Cos com 37 . . Indpls Pow A Lt 6% pfd 81 84 Indpls Pow A Lt 6%% pfd ... 86 89 Indpls Water 5% pfd ..102% North Ind Pub Svc 5%% pfd . 63% 66% North Ind Pub Svc 6% pfd .. 71 74 Progress Laundry com 6% .. . Pub Svc of Ind 6% pfd .... 11 14 Pub Svc of Ind 7% pfd 31 34 So Ind GasAElec 6% pfd 90% 93% Terre Haute Elec 6% pfd 78 81 Union Title com 18 20 BONDS Atlanta Distr Term 6% '4l ... 62% 70 Buffalo Distr Term 6% '4l . .. 70 80 Brooklyn Postal Sta 5%% '4B . 37% 42 Home TelATel FtW 5%% '35.. 103 105 Home TelATel FtW 6% '43 ..103 106 Indpls Railways Inc 5% '67 .. 49 53 Indpls Water 4%% '4O ....105 107 Indpls Water 5% 'SO A '6O . . 105 107 Indpls Water 5%% '53A'54.103% 105 Interstate TAT 5%%’ 53 90% 92% Kokomo Water Works 'SB ..104 105% Lafayette Telephone 5% '57 .102 Morris 5 A 10 Stores 5% 'SO 99 102 Muncie Water Works 5% '65 .102% . Noblesville HLAP 6% '47 95 97 Ohio Tel Service 6% '47 . 94 Richmond Water Works s^-'57 104% 106 St. Louis Post Office 5%% '3B 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water Wkss% '56 101% 103% Terre Haute Wat Wks 6% '49 103 105 Traction Terminal 571, '57 70 74 Unlisted Stocks (Bv Blyth A Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers 62 s , 64% Central Hanover B A T 120 s , 122 s , Chase33 s , 36% Chemical National 52% 53% Guaranty 295 s , 299 Irving 15% 16% Manufacturers 37% 38% National City 31% 33% Cont 111 (Chicago) 81 s , 84 First Natl of Boston 43% 45% FIRE INSURANCE Aetna Fire 55 s , 57% City of New York mew) 26% 28% Federal Ins 79 s , . Great American Ins 26% 27% Hanover Fire Ins 36% 38% Hartford Fire Ins 78% 80 Home Insurance 34 s , 36 Ins Cos of N A 69 71% National Fire 70 s , 72% North River Insurance 25 s , 27% Phoenix Insurance 89% 91% U S Fire 52% 54 s , Manchester Fire 34 s , 36% Chicago Grain Futures (By James E. B=r.nett A Cos.) 11:30 Prev. Wheat— High. Low. A M. close. Dec. .94 .93% .93% .94% Mav 94% .94% .94% .95% July 88% .88 .88% .88 s , Corn— Dec 59% 53% .59% .59 s , Mav 59% .58 s , .59 .59% July 60% .59 s , .60% .60% Oafs— Dec 26% .25% ,26 5 , .26% Mav 28% .28 s , .28% .23% Julv 28 s , .28% .28 s , .28% Rre— Dec ... 48% .48% .48% .48 s , May 51 50% .51 .51 LOCAL CASH MARKET Ci*y grain elevators are paving 87 cents for No. 2 soft wheat. O'her grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 19 cents. L. L. SHEPPARD APPOINTED The International Business Machine Corp. has appointed Luther L. Sheppard manager of the Indianapolis branch office, it was announced today. Mr. Sheppard formerly was a salesman in the Cleveland district.

PAGE 15

ABA ATTITUDE ON 'NEW DEAL' TO BESETTLED Feelings Toward Roosevelt Regime Are of Political Interest. BY THOMAS L. STOKES Times Special Writer WASHINGTON, Nov. 13.—What is the current attitude of bankers toward the New Deal? The answer to this question should be forthcoming this week from New Orleans, where between 3000 and 4000 of the financial fraternity have gathered for the sixtyfirst annual convention of the American Bankers Association. Banker feeling about the Roosevelt regime has a political interest just now because of the presidential election a year hence. Big bankers have furnished the cash in previous presidential elections. Little bankers are important and influential in their communities despite all the brickbats thrown their way in the last few years. To plead the Administration's cause and explain its course, a carload of New Deal financial figures were dispatched to New Orleans—upon invitation, of course, of the bankers—including Governor Marriner S. Eceles of the Federal Reserve Board; Jesse Jones RFC chairman; J. F. T. O'Connor, Controller of the Currency; Leo T. Crowley, head of the Federal Deposit Insurance Corp. Banking Act Contested The bankers and the Administration understand each other better now than two years ago when Jesse Jones rolled up his sleeves at the Chicago convention, talked rough in the straightforward Texas manner, and told the assembled financiers that they had better “be smart for once” and co-operate with the Administration or the government would take over the banks. Last year, at the convention hare, everybody talked more softly, that being the occasion of what came to be known as "the truce,” with President Roosevelt and the bankers exchanging kind thoughts. But a lot of things have happened since, one being the Banking Act of 1935 framed by Governor Eccles which enlarges the government’s swap over private bankers and which was stubbornly contested during its progress through Congress. Advocate Withdrawal Another is the Utility Holding Company Act. Many big banks are closely tied up with the power industry. and the cause of the utility magnates, now being championed before the courts, is also partly their cause. Perhaps major emphasis at New Orleans will be upon advocacy of the government’s withdrawal from the various fields of private banking which it was forced to enter because of the emergency. At last year's convention President Roosevelt pledged such a withdrawal as soon as practical. This pledge was recalled to Mr Roosevelt the other day by Rudolf Hecht of New Orleans, retiring president of the Bankers Association, w'ho again stressed the bankers' desire for a lessening of government competition wuth banking and assured Mr. Roosevelt that private banks are ready and equipped to make all necessary loans. The bankers also will talk about the prospects of inflation, which seems their greatest fear just now. Governor Eccles has no such fear and undoubtedly will seek to assure the financiers. PWA FUNDS ALLOTTED By United Press WASHINGTON, Nov. 13.—Public Works Administrator Harold L. Ickej yesterday allotted $3,665,000 for a new' Federal Trade Commission Building in Washington. He also allotted $101,820 to the Federal Co-ordinator of Transportation to finance continued investigations of railroad labor conditions and relations.

Local Livestock HOGS Nov. Bulk. Top. Receipts. 7. $9.35® 9.45 $9.50 3000 3. 9.40® 9.50 9.55 3000 9. 9.55® 9.60 9.65 1000 11. 9.65® 9.70 9.75 4000 12. 9.65® 9.75 9.75 6000 13. 9.40® 9.50 9.50 6000 Lieht Lights. 1140-160i Good and choice . $9,00® 9.40 Medium 8.50® 9.00 Lightweights. i 160-1801 Good and choice .. 9*4o® 9.50 Medium ■ 8.90® 9.40 1180-2001 Good and choice .. 9.40® 9 50 Medium 8.90® 9,40 Medium Weigh f s. <2OO-220' Good and choice .. 9 40® 9.50 (220-250i Good and choice .. 9.30® 9.40 Heavyweights. (250-290' Good and choice .. 9 25® 9 35 '290-3501 Good and choice .. 8 95® 9.25 Packing Sows. '275-3501 Good 8 25® 8.50 (350-425i Good 8 00® 8.40 (425-450' Good 7 85® 8 25 (275-450' Medium 7.55® 3.25 Slaughter Pigs. (100-1401 Good and choice . 8 75® 9.09 Medium B.oo® 8.85 CATTLE —Receipts, 1200— (500-900) Choice slo.oo® 11.25 Good 8.50510.50 Medium 6 50® 8 50 Common 4 50® 6.50 (900-1100) Choice .. 11 00®12 00 Good 8 75® 11 25 Medium 6.75® 8.75 Common 5.00® 6.75 ■llOO-1300) Choice 11 25®12.50 Good 9.00® 11.25 Medium 7.00® 9.00 (1300-1500) Choice 11.50® 12 50 Good 9 00(311.50 Heifers (500-750) Choice $9 00® 10 25 Good 7.50® 9.00 Common and medium 4 25®. 7.50 (750-900) Good and choice 8.00®10.50 Common and medium 4 25 3 8.00 Cows Good 5 00® 6.00 Common and medium 4 00® 5 00 Low cutter and cutter ........ 3.00® 4.00 Bulls, good 5.503 6.00 Cutter, com. and med. bulls .. 4.003 5.50 VEALEES —Receipts, 700— Good and choice $10.50®11.00 Medium 8.50® 10 50 Cull and common 5.50® 8 50 Calves (250-500) Good and choice ... 7.00® 950 Common and medium 4.00® 7.00 —Feeder and Stocker Cattle — (500-8001 Good and choice .. . 6 50® 825 Common and medium 4 25® 650 'BOO-1050' Good and choice 6.50® 850 Common and medium 4.253 6.50 Cows Good 5 00 ® 6 50 Common and medium . ... 4.003 5.00 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 lbs. down, good and choice $9.75® 10.50 Medium 8 002 9 75 Ewes. <9O-125) Good and choice .. 4.00® 5.09 All weights, common and medium . ... 3.50® 4 50 (120-150) Good awl choice .. 3.003 4.00

Rayon Production Sets New High Over one billion pounds of rayon will he produced this year, anew high, according to a world production estimate by the Textile Economic Bureau. Last year's output was 885.000,000 pounds.

DECLINES INVITATION

. lilp

Edsel Ford

When he was invited to attend the stabilization conference to be held soon in Washington, Edsel Ford declined. Instead he offered the “experience and counsel” of his company.

SWINEVALUES DROP SHARPLY Prices Generally 25 Cents Lower: Receipts Again Number 6000. With a continued heavy supply of hogs on hand at the local stockyards, porker prices in early trading today were sharply 25 cents lower than yesterday's uneven averages. Receipts again were estimated at 6000. A weak demand prevailed in practically all classes, and the top price paid for good and choice grades was forced down to $9.50. An increase in receipts was reported at surrounding livestock markets, reducing demand at the Indianapolis exchange. Approximately 251 hogs w'ere held over for tomorrou T 's market. The general bulk of 160 to 225 pounds, brought $9.40 to $9.50. Medium heavyweights, scaling 225 to 300 pounds, sold at $9.25 to $9.35. Extremely heavy butcher classes were reported salable at $8.95 to $9.15. Light slaughter pigs, ranging from 100 to 160 pounds, sold at $8.75 to $9.25. Packing sows t ought $7.75 to $8.50. An uneven trading developed in the cattle market. Better grade steers were steady, while others were weak to slightly lower than yesterday's close. Early sales were reported at $9.25 to sll. Cows and heifers were steady, with the latter to sell under SB. Few choise lots w'ere eligible around $lO. Beef cows brought $4.25 to $5.50. Bulls sold at $4.25 to $6. Receipts were 1200. Trading was unchanged in the veal market, with the bulk of good and choice grades selling at $10.50 to sll. Receipts numbered 700. Lambs again w'ere steady to largely 25 cents higher. Bulk of better grade ewe and wether kinds sold at $9.75 to $10,50. Few fpd western classes brought $10.40 to $10.50. Slaughter sheep w'ere 25 cents higher at $3 to $5. Receipts were 1500. Other Livestock (By United Press) CHICAGO. Nov 13 Hogs Receipts, 18.000, including 7500 directs: unevenly steady to 15c lower t’.ico Tuesday's average: top $9.45; bulk 170-280 lbs $9.25® 9.40; few 290-350 lbs. $945 9.30. better grade 140-160 lbs, s9® 9.35, bulk sows. 58.25®8.50. Cattle—e'Seceipts, 7000; calves, receipts. 1500; strictly good and choice steers 154525 c higher: more active market on all grades; largely a cleanup affair on kinds selling at $lO 50 down to C 5 strong to 25c hgher; rough weighty inberween bullocks still hard to sell at $7.50®9; extreme top $13.45; shippers active on kinds selling at. sl2 upward: best light steers $13.15: long yearlings, sl2 50: all she stock steady to strong: stockers and feeders more active at s6®B; mostly $7,25 dowm to $5.75. Sheep—Receipts. 10.000; fat lambs moderately active: early sales and indications around steady, sheep firm: feeding lambs relatively scarce: bids and sales good to choice, native and comeback lambs. slo® 10.25; best held £10.50 and above: merely good 82-lb. yearlings. $8.25; native ewes, $3.50® 4.85. (By Times Special) LOUISVILLE. Nov. 12—Cattle—Receipts 1300, including about 900 show' cattle; run mostly medium and lower grade slaughter cattle, with cows predominating market fairly active and heifers. $5.2557.50; fewcommon dairybrpd and off colored selections down to $5 and below: better finished offerings quotable to $9 and above bulk beef cows. $4.2555.25; onlv good smooth heifer tvpes quotable above, mos* low cutters and cutters. $3.25® 4: bulk sausage bulls. $4.75® 5.50: mos* light beef type stockers and stock calves, s6® 8 Calves —Receipts 175; market, fully stead" bulk good to choice grades. $9,50® 10.50 medium and lower grades. $8 down to $5.50 or less. Hogs—Receipts. 600. market. 15c lower: top and bulk better: 180240 lbs . $9 40: 245-295 lbs . SB.OO 100 lbs ud $8.50: 160-175 lbs $8 90: 140-155 lbs $8.05. 120-135 lbs, $7 10; sows. $7.05. Sheen —Receipts. 100; lamb market generally .'tfadv. most medium to good lambs. $8,50 ®9: choice quotable higher; plainer grades including bucks mainlv. s6® 8 and fat ewes, $3 50 down Produce Markets The prices quoted below are paid for stock gathered in the country, while delivered in Indianapolis the price will be 1 cent higher: Heaw breed hens. 17c Leghorn breed hens. 12c; springers, over 4% lbs, 17c; under 4% lbs, 16c: old cocks. 9c; Leghorn broilers 1% lbs and up. 12c: Legnorn springers, 12c; ducks, white, 4 lbs. and up 8c; geese, full feathered and fat. 4c; old guineas. 15c; vour.g guineas. 1% lbs. up 25c: No. 1 strictly fresh eggs, loss of 25c; pullet eggs. 18c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs will be made Butter. No. 1, 32%533%c. No. 2 30%’531%c; butterfat. 28c Quoted

REAL ESTATE MORTGAGE LOANS On Indianapolis J Improved Real Estate THE UNION TRUST CO. 118 EAST MARKET STREET

Thomson & McKinnon MEMBERS NEW YORK Chicago Kr T or * “ IPh " n * 9 TflßnVTfl * Vew iorte Curb Exchan ** IvKU.MU New York Cotton Exchange BOSTON 11 New York Coffee and Si gar Exchange SOUTH BEND New Orleans Cotton Exchange FT WAYNE i Chicago Stock Exchange PV AVCVIT T 17 Chicago Board of Trade ’ AiißY ILLu Winnipeg Grain Exchange /TldiunapoliS Office And other leading Exchangee 200-214 Circle Tower LI. 5501

U. S. SPENDING HAMPERS TRADE, SPEAKER SAYS Federal Expenditures Big Problem. Brown Tells ABA Convention. By United Press NEW ORLEANS. Nov. 13. Strangulation of private enterprise by government spending constitutes the country's greatest present problem. Lewis H Brown, president of : the Johns-Manville Corp, New York, today told the American Bankers Association. Mr. Brown told the second gen- : era! session of the sixty-first annual I convention that in this government | competition there is no equality, "for ! whereas business must appeal to the ! citizen for its share of his dollar, j and the citizen is at liberty to be- ! stow it freely or to withhold it. in the case of the government, taxes must be paid first and arc a compulsory levy upon every pay envel- | ope or upon every purchase.'

Cost of Government Is Problem "It seems to me.” said Mr. Brown, "that the greatest problem this country faces today is the problem of whether the total cost of government is going to continue to increase until it absorbs all of our national income so that there is no field whatever left for private enterprise.” Brown said that in the banking field, Federal agencies are lending $5 for every $8 lent by private commercial banks. The total cost of government—local, state and national—is now' equal to approximately one-third of the national income. taxes alone being over 20 per cent, he added. These taxes increase the cost of selling prices of all products. Brown said, "hence taxes tend to limit the markets, decrease the output and restrict employment of industry.” Cost Soars to 15' 2 Billions While the population from 1915 to 1934 increased only 27 per cent, total cost of government soared from three and one-half billion dollars to 15% billions, he said. He cited statements of President Roosevelt, made before and after his election, as evidence of sincere intention on the part of the Administration to reduce expenditures. “The intention must certainly have been to carry out these principles so clearly stated,” said Brown, “And yet the results have been exactly the opposite. “And the point I wish to make is that in a great majority of the cases in the last 20 years, candidates for offices, w-nether it be in towns, or the counties or the states or the nation, have accepted office with similar intentions of serving the people by reducing costs of government. Yet the cost of government has mounted until it threatens the very existence of tne future of our country.” APPROVES 34 PROJECTS Department of Commerce Lists 33 Airports for WPA Funds. Times Spa ini WASHINGTON. Nov. 13.—The Department of Comeerce's Bureau of Air Commerce announced ipproval of 34 new’ airport projects, propased for development with Works-Progress Administration funds at 33 airports. In making the announcement, the department said that approval means “the projects are satisfactory from the technical viewpoint and sound economically insofar as aeronautics is concerned.” The department pointed out that WPA requires this approval before listing an airport as eligible for a Federal allotment. KROGER SALES CLIMB By United Press CINCINNATI. Nov. 13.—Sales of the Kroger Grocery and Baking Cos. for the four weeks ended Nov. 2 amounted to $17,511,633, against $17,100,426 in the same period last year, an increase of 2 per cent, the company reported today. LOAN INDEX DECREASES Times Sprrinl NEW YORK. Nov. 13.—The index of brokers’ loans now.' stands at only 184 per cent of the market value of listed stocks, compared with 2,57 per cent a year ago. the Financial World reported today. BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn. LOANS For Modernization. For a New Homo THE RAILROADMEN S BLDG. & LOAN ASSN.