Indianapolis Times, Volume 47, Number 213, Indianapolis, Marion County, 14 November 1935 — Page 17

Trends Electricity Goes to America n Farms. BV JOHN T. FLYNN

NEW YORK. Nov. 14—A littlenoticed administrative unit of the Npw Deal—the Rural Electrification Administration headed hv Morris L. Cooke—has ;iust made its first important step toward bringing light, electric light, to the lamps of America's farms. I is not organized to build government owned and operated

plants, but, to in- , dure private com-’ panics and pub- I lirlv owned companies to extend their wires into the rural areas, to encourage rural communities to move for power and to aid these efforts by lending the necessary funds where that is necessary.

John Flynn

The importance of it lies in the fact that electricity on the farm will bring into being a whole army of purchasers for the things which the rising and expanding electric Industry has to sell. a tt u OF course people will laugh at the idea of busted farmers buying electric refrigerators, electric irons, vacuum cleaners, etc. Os course busted farmers will not buy thpm. What so many overlook is that all farmers are not busted. There are countless prosperous farmers better able to buy American products than their countrymen in town. But they do not buy electrical equipment for the good reason that there is no juice with which to operate it. Ten years ago there was plenty of talk about, the busted farmer. Thrn there were only 160.000 out of 6.000,000 farms with electricity. A group in the University of Minnesota formed a committee with a local utility company to do a little pioneering. HUB cpHBY extended the company’s I lines to an area called Red Wing. The line was six miles long and there was only 10 customers at first. The investment in these 10 farms was from $16,000 to $84,000 each. But they had no electric power. Os course the farm woman hailed the arrival of this magic force of electricity. But she was not the only beneficiary. The first thing these farmers did was to buy electric equipment. They spent an "'verage of $314 each right away —a pretty good bill for installing wires. Then they spent $21,000 on equipment. This money was spent in 79 manufacturing establishments all over the country. One farmer bought 23 differeYit pieces of equipment. And they were not all electrical, Almost every one bought modern bathroom equipment,. Why? Because without, the electric pump on the farm the modern bathroom is almost impossible.

notion that money spent 1 to bring electricity to farmers if- just, another form of farm coddling is not true. The farmers will get the electricity. But every dollar spent, will be sent off the farm among the industries which make the things the farmer wants. This Red Wing experiment was just a model operation. It turned attention to farm electricity. Now 734.000 farms get electric current compared with IfiO.OOO when Red Wing opened for business. Suppose the R. E. A. can induce another two nr three hundred thousand farmers to ttfv electricity? What will that mean to the shops in town? (Copyright, t 935. NEA Service. Tnc.) On Commission How Quotations below subject to change are average wholesale prices being offeree' to buyers by local commission dealers Fruit—Cranberries, early blacks, 25-lb. *4 Pears- Michigan Bartltu.v bushel, $2 25; Avocados, Florida, box. $2 50 Cantaloupe California Honey Dews. *2.25; Casabas. $2.25; Persians, $2.25. Bananas - * hands, a pound, s®c. Persimmons —Indiana 12-qt. case. sl. Apples—lndiana Jonathans. $1.25® 135 Summer Rambos, *1: Delicious. $1 50; Wealthys. $1; Grimes Golden, $1.35 Lemons—Sunkist. 3605. SB. Grapefruit- Tfxas. 64s to 70s. $3.75: Fio-ida seedless. $3 75 Limes—Mexican a car on 12s, 20c. Persian seedless a hundred, $3 Vegetables Beans, green, round strtngtess ou . $2 25 Beets—Home grown doz., 70r Cabbage— Northern Danish. 50-lb. bat. 65c Cat rots—Home grown, 35c; new bulx, half bti 60c. Cauliflower—Michigan, c-a-e. *1 so- Long Island, large erate. $1.50. Ceiery-Michigan, washed and trimmed, extra large 45c; Jumbo, doz.. 45c. Cucumbers- Hothouse, 2 doz. box, $2.35. Kvie—iHome grown, bu.. 60c. Lettuce—lceberg California, best. $5; home grown leaf. 15-lb. basket. sl.lO Endive —Ohio basket. 45c Mangoes—California grown, crate, *5 small basket. 40c. Mint—Doz . 60 c Mustard—Home grown. bu„ 60c. Onions—lndiana yellow. 50-lh bag. 90c; Indiana yellow. 10-lb bag. 20c; western Spanish. 50-lb bag. $1.40 Parsley—Home grown, doz . 35c Peas—Telephone, hamper' $3 Potatoes—Round Cobblers 100tb bag $1 65 Michigan Round White. 100lb. bag. $1.50 Early Ohms. bu.. $165: Idaho Russets, $2.40 Sweet potatoes—lndiana Jerseys, bu.. $1.50. Radishes—Ohio, buttons, dor baskets. 45c. Sage—Dor . 45c Spinach • Rroad leaf, bu 65c Squash —Bu "sc. Turnips—New California, repacked. 10-lb. carton. $1.25. FR 1 ITS A\B A FGFTARLFR 'Be United Pressi Nov 14—Apples- Michigan Mclntosh, bushel $14(1.35. Carrots—lllinois. bushel. 25ft 35r Sweet Potatoes— Tennessee, bushel. 85@90c. Beans— Florida bushel. $14(1.50. Cabbage 60-70-!b crates. 5047 65c. Peas—California, bushel hampers. $2,504) 3 75, Tomatoes-Cali-fornia lugs. sl4) 2 25. Spinach—lllinois, bushel. 35fofi0c Lettuce Western, crates 5 doz. $34) 3 75 Cucumbers—Florida, bushel. 0 504)3 Celery—Michigan, crates. $14)17*. Cauliflower—Michigan. crates. 65c4/ sl. Onion Market < 50-lb. sacks i Minnesota yellows. si; Western Valencias. *125. Illinois yellows 90c: Michigan yellows. 90c: Indiana yellows, 654i75c. Western whites $1 10. 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; Heavy breed hens, 17c; Leghorn breed hens. 12c; springers, over 4® lbs. 17c: under 4® lbs. 16c; old cocks. 9e: Leghorn broilers 1® lbs and np, 12c: Legnorn springers. 12c: ducks, white. 4 lbs and up. 8c; geese, full leathered and fat. 4c; old guineas. Isc; voung guineas, 1® lbs. up 35c: No. 1 strictly fresh eggs, loss of 25c: pullet eggs. 18c. Each full case must weigh 55 lbs. gross * deduction of 10c a pound under 5d lbs will be made Butter. No. 1. 52' 2 9 33’ 2 e: xo 2, 30®231®c; butterfat, 28c Quoted Bv United Press i CHICAGO Not 14 Eggs Market easy: receipts 1750 rases: fre'h graded firs’s. 29c extra firsts. 30e current receipts. 25 27c dtrues. 20® 23c; checks 19 -i 21c Pu rer —Market, firm, receipts. 6436 tubs, ex-ra firsts 190-91 1 2 scor* : $2 32®c: extra 92 score*. 33c; firsts (88-89® score, 514)31' 2 c: seconds >B6-87® score' 30c: 33>iti34c: standards 33c Poultry Market, firm receipts 42 trucks: ducks, aet-se 15®c: spring chickens lR • 119 2 c hens. 17® 20c turkey*. 18 • 24c. Leghorn hens, 11*114c; old roosters 15c Cheese Twins 16®'./16c: Daisie' 16®*/ l.c Longhorns. l7fM7',c Potatoes c-P.Py moderav. demand slow, market M3ot!v weaker on Idaho Russet Burbanks s’csov on other stock. Idaho Russet B:r----bankc il.BOti 2 commercials $1,554) 1.57'.,; .. . ,? 2 *' Wisconsin round whites $, .5: Michigan round whites. $1.20: Minnesota and North Dakota Cobblers, $1.30: Ren R-ver Ohio* *1 304) 1 35: Colorado Mcfi'ieT'*' P 7°*? 1 ’ ?2 '3 : Nebraska Triumphs. Arrivals, 117; on irack, 364. shipments, 594.

DROP IN TAXES BRINGS FEDERAL REVENUE LOWER Failure of Treasury to Collect $150,000,000 Threatens Budget. By t nitril Prr** WASHINGTON. Nov. 14.—Failure of ihe Treasury to collect more than $150,000,000 in processing taxes since the start of the current fiscal j year on July 1 today raised a serious threat to the Federal government's budgetary plans. Because of the loss in revenue the Treasury reported today that total government revenues in the first 132 days of the current fiscal year to Nov. 9 were slightly under the corresponding period of last year, although the budget calls for a $670,000.000 gain for the full fiscal year. Total Federal revenues up to Nov. 9 comprising more than a third of : the fiscal year, amounted to sl.241.005.430, compared with $1,341.688.823 in the corresponding period I last year. Budget falls for Higher Income • The budget called for total income of $4,470,349,140 for the full fiscal year, compared with $3,800.467.202 in the preceding fiscal year. It was conceded that full processing tax collections would have to be obtained if the government was : to realize the revenues provided for I in the budget. Collection of the processing taxes, I however, rests in a test suit over the constitutionality of the AAA proj gram now before the Supreme Court. It was believed more than a month would elapse before this question i could be decided. Other Tax Collections Up The Treasury reported total proI cessing tax collections from July 1 1 to Nov. 9 at only $55,201,201 compared with $210,216,200 last year, a decrease of $155,014,528. ; This was the only important i source of Federal revenue to show? a decline. Income tax and miscellaneous tax collections as well as customs are showing wide gains over Ia year ago. The loss in processing taxes, howcrer, has thrown the burden of the crop reduction program onto other i tax payers. Processing tax collections are far under the $195,958,656 cost of the AAA pogram since July 1.

Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the arfiiracr of these figures gathered from local brokers.) STOCKS Bid Ask. Belt RR A) Stk Yds com . . . 50 5212 Belt RR & Stk Yds 6® pfd 51 Central Ind Pow 7® pfd 16 19 Home Tel&Tel Ft. Wn 7® pfd 50® 52 Hook Drug Inc com 13® 15® Ind & Mich Elec 7® pfd .. 99 102 Ind General Service 87 91 Ind Hydro Electric 48 51 Intipis Chain Sto Term pfd 60 65 Indpls Gas Cos com . 37 Indpls Pow &Lt 6® pfd . 81 84 Indpls Pow & Lt 61 2 ® pfd 86 89 Indpls Water 5® pfd 102® North Ind Pub Svc s®® pfd . 63® 6612 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 Gas&Elec 6% pfd 90® 93® Terre Haute Elec 6® pfd 78 81 Union Title com 18 20 BONOS Atlanta Distr Term 6® '4l . . 62>2 70 Buffalo Distr Term 6',. '4! . 70 80 Brooklyn Postal Sta s®® '4B . 37*2 42 Home Tel&Tel FtW s®® '35 .103 105 Home Tel&Tel FtW 6% 43 .103 106 Indpls Railways Inc 5® '67 . . 49 53 Indpls Wa‘er 4®® '4O 105 107 Indpls Water 5® ’SO & '6O 105 107 Indpls Water s®® '53&'54 103' 2 105 Interstate T&T s®®' 53 90 1 2 92 1 i 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 HL&P 6' 2 '47 95 97 Ohio Tel Service 6® '47 94 Richmond Water Works 5®'57 104' 2 106 St. Louis Post Office s' 2 ® '3B IS 25 Seymour Wtr Ist mte 5% ’59 101 104 Terre Haute Water Wkss® '56 101® 103* j Terre Haute Wat Wks 6® '49 103 105 Traction Terminal 5% '57 . . 70 74 Unlisted Stocks ißy Blyt.h & Co.i NEW YORK BANK STOCKS Bid. Ask. Bankers ... 63® 64® Central Hanover B & T . 123' 2 125* 2 Chase 34 7 * 36® Chemical National .. . .. . ?2 3 . 54’, Guaranty 296® 300 Irving 15 *a 17 Manufacturers 37® 39® National City 31® 33® Corn 111 (Chicago Rl' 2 83® First, Natl of Boston 43® 45' 2 EIRE INSURANCE Aetna Fire 56 57)., City of New York tnewi . .. 26 * 28® Federal Ins 79® Great American Ins 26 1 2 28® Hanover Fire Ins 36® 38' > Hartford Fire Ins 78’ 2 80® Home Insurance 34® 36’* Ins Cos of N A 69'* 71*2 National Fire 71 73 North River Insurance 25 3 4 27 s * Phoerix Insurance 89® 91® U S Fire 52* 2 54>4 Manchester Fire 35 36® Dividends Declared Dividend rates are given in dollars and cents unless stated otherwise. Company— Rate Per'd Pavable Close Automatic Voting Mach .25 ex Dec. 1 Nov. 20 a Consol Paper .25 Q Dec 1 Nov 20 Container Crp p 1.75 Q Dec. 31 Dec 11 hContainr Cp p 17.50 Dec. 31 Dec 11 cContl Diamond „ Fibre .50 .. Dec. 30 Dec. 16 Comwlth & So *6 p .75 . Eastman Kodak 1.25 Q Jan 2 Dec * Eastman Kodak .25 ex Jan. 2 Dec. 5 Equity Corp $3 „cv p -37* 2 Dec. 2 Nov. 15 Fifth Ave. Bus .16 Q Dec. 30 Dec. 13 Or Nor Paper 25 Q Dec. 2 Nov. 20 Great Western Elec-Chem . .80 . Dec. 15 Dec. 5 Great Western Elec-Chem n 30 Q Jan. 2 Dec. 20 Indiana Hvd-El 7® cum p .87' - .. Dec. 16 Nov. 30 Int Mining .. 15 Dc. 20 Nov. 29 Inti Mining .05 ex Dee. 20 Nov. 29 Kaufman Dept. Stores p 175 Q Jan 2 Dec. 10 Kaufman Dept Stores p .20 ex Dec. 16 Dec. 2 Mueller Brass .20 int Dec. 2 Nov 20 N V Transp; 50 Q Dec 38 Dec. 13 Omnibus Corn p 200 Q Jan. 2 Dec. 13 Pac indemnity .15 Q Jan. 1 Dec. 14 Petroleum & Trading A 25 .. Dec 20 Dec. 10 South Porto Rico Sugar .50 Q Jan. 2 Dec, 12 \ eeder-Rom t>o Q Nov. 30 Dec 16 Veerier-Root 200 ex Nov. 30 Nov 16 Niagara Sharp Maryland B .02 .. Dec. 16 Nov. 18 cNorthwestern PS7% p .1.31® .. Dec. 2 Nov. 20 cNorthwestern P S 6® p 1 12 1 a Dec. 2 Nov. 20 a P.acmg stock on *1 annual basis. b Clears up all arrearage c Increase Chicago Grain Futures tßv James E Bennett & Cos I 11.30 Prev. AVheat— High Low a. M close Dec 95 s . 9* ® 95® 33;, Mev 96 1 2 Q s’.- 96® 941July 90® 89® .90s, Rg :‘ Corn— Dec 60 s * 59 S 60 59 Vav 59 7 , 59', 59 3 , 58 7 , July ... .RO 7 . .60'j .so 3 , .60', Oats— Dec. ... .27 ?6 3 4 26 7 , 26 s , Mav 28 4 28 ’■ j 28 s, .28'-, R reDec 50 4 49' 2 .50‘4 49', -Mav 52 s , 51 3 , 52 s , .51 s , July 53’, 52 s , 53 .51** LOCAL CASH MARKET City grain e’e'ators are paving 85 cents for No. 2 soft wheat Other grades on their merits. Cash corn new No 4 yellow 49 cents and oats 19 cents.

Abreast of The Times on Finance

INDIANAPOLIS, THURSDAY, NOVEMBER 14, 1935

New York Stocks

'Bv Thomson A’ McKinnon l 11:15 A M Prv Oil,— High. Low. N. Y. Close. Amerada 75'* 75% 75% 75 AM Rig . 24’, ?.4'j 24’, 24*, Barnsdal! .. 11’, 11% 11% 11% Consol Oil ... S’, 9 ! , 9% 9’, Corn, of Del . . 25', 25’, 25’, 25% Houston (new) . 4', 4 4 4 ! Mid Cont Pet .. 16 s , 15', 16', 16', Ohio Oil 11% 11'* 11% 11', Pet Corp . 11', 11 11', 12", Phillips Per. . 36', 36 36 35', Plymouth Oil . . 12 ll 5 , 12 12 Pure Oil 11’, Royal Du’ch .. 47', 47', 47', 47 Seaboard Oil . 31’, 31’,333,1 3 , 31% Shell Un 13'2 13 3 , 13’, 13 Soc Vac 12', 12', 12', 11’, S O of Cal 37'2 37' 2 37'2 37% SO of Ind 28', 28', 28', 28', S O Os N .7 49’, 49', 49', 49% Texas Corp 23 ! 2 23'. 23% 22’, Tidewater Assn ll 3 , 11'* 11', ll 5 , Un Oil of Cal . 20', 20', 20', 22% Steels— Acme . 73 72’, 73 71’, Am Roll Mills . 31', 31 31 30’, Belli Steel . . 47’, 46 3 * 46 3 , 45’, H-ers A M 19 18’, 19 IS 3 , Col Fuel Sc Ire- 3’, 3 5 /* 3’, 3'2 Cruc Steel 28 3 , 23 3 , 28 s , 27’, Inland Steel .. 102', 102 102', 101’, Ludlum Steel 25’, 2.5’, 25’, 25', McKeesport Tin 126 126 126 125 Mid Steel . 23', 22’, 23’, 21 s , Na*l Steel . 83', 82’, 82’, 81', Otis Steel . 16’, 16% 16 5 , 16’, Rep Ir Sc St, 19’, 19’, 19’, 19 Rep I <V St. pfd 96'2 96'* 96'2 96', U S Pipe & Fdy 20'/* 20 20’* 19’, IT S Steel 49 5 , 49 49', 48', U R Steel pfd 112 111'* 112 111 Youngstown SScT 34’-, 34', 34', 33’, Motors— Chrysler TtO'i 85’, 85’, 85'2 Gen Motors 58’, 58’, 58', 577, Graham Mo' . 3% 3'* 3'2 3' 2 Hudson 1515'4 15% 15', Hupp - . 2'* 2'* 2 1 2 2% Mack Truck . , 21’, 21 s , 21 s ', 21 5 , Nash 17 s , 17% 17?, 17’, Packard ’•* 6 s * 6% fit, Reo .4 4 4 4 Studehaker ... 7', 7', 7', 7'.-# Yellow' Truck . 7V 7 7% 6 7 , Motor Arees*— Bendix 22% 22'. 22% 22 Bohn Alum 50 49V* 50 48% Borg Warner ... 61% 61 61% 60 Briggs 52 V* 52% 52% 52% Blidd Mfg ... 8 7% 7% 7% Budd Wheel 11% 11% 11% 11% Eaton Mfg . 28% 27% 28% 27% Elec Auto Lite . 36% 35% 36% 35 Elec Stor Bat 56% 56 56 55% Houdaille "B" . 27% 27 27 27 Murray Body . 18*., 18?, 18% 18% Stew Warner . . . 17% 17V, 17% 17 Timken Roll 67% 67% 67% 67 Timken Det Axle 9’, 9% 9% 9% Mining— Alaska Jun .... 14’, 14*, 14’, 14% Am Metals - -. 27% 27 27 27 Am Smelt 59% 59% 59% 58% Anaconda 22 21% 21% 21% Cal & Hecla .. 5% 5% 5% 5 Cerro De Pasco 59% 59 59 58% Dome Mines 39% 39% 39% 38% Granbv 13'* 13% 13% 13% Gt Nor Ore . 14% 14% 14% 14% Homestake Minn 402 402 402 402 Howe Sound ... 53*, 53% 53% 53 Ins Copper . . 6% 6% 6% 614 Int Nickel . . 37% 36?, 37% 36% Isl Creek Coal . 25% 25% 27% . Kennecot.t Cop 27% 27 s , 27% 27% Mclntyre Mine . 35’, 35'/* 35% 35% Park Utah 4% 4% 4% 4'„ Phelhs Dodge 25 24 s , 25 24% St Joe Lead ... 21% 21% 21% 21% U S Smelters . 96% 96 5 , 96 s , 96% Vanadium ... 20 19% 19% 19% Amusements— Croslev Radio . . 17 s , 17 % 17% 17% Fox Theat 19% 19% 19% 19% Loews Inc 49’, 49'2 49’, 49’% Radio Corp ... 9*4 9?-, 9% 9% Paramount .. ... 9% 9 9% 9% RKO ... 5 5 5 5 Warner Bros .... 8% 8% 8% 8% Tobaccos— Am Sum Tob ... 27% 27% 27% 27% Am Tob (A > ... 101 101 101 101 Am Tob 18)....104% 104 104 103% Gen Clears . 51’, 51% 51% 52 Lie At Mvers 181 116%. 116% 116% 116% Lorillard ... 26% 26% 26% 26 Phillip Morris 62’, 61?, 61% 61% Reynolds T 181 57% 57*4 57V, 57% Rails— Atchison .. 52% 51% 52% 51% Atl Coast Lines 28% 27?, 27% 27% B & O 15 14% 15 14% Can Pacific 10% 10% 10% 10% Ch & Ohio 52 50V* 51% 49% C M & St P pfd 1% 1% 1% 1% Chi N W . 2% 2 2 2% Dcla & Hud .36'/* 35% 36'/* 34?, Del Lac & W .16 15?/* 16 15% Erie 10% 10% 10% 10% Erie pfd 14% 14V, 14% 13% Grt North pfd. 29% 28?, 29V* 28% 111 Central . . . 16% 15% 16% 15% K C Sou . ... 6V, 6% 6% 5% Lehigh Valley . 8% 8?, 8% 8% Lou A: Nash .. 51% 50% 51% 49’, M K & T . .5 5 5 4% M K & T pfd . 10% 10% 10’, 10 N Y Cent . 24?, 24% 21% 23% N Y Ont & West 4% 4% 4% 4 Norfolk & West 196% 196% 196% 195 Nor Pacific . 20’, 20% 20% 20% Penn R R . 23% 28% 28% 28% Reading 34?, 34% 34?, 34 Sou Par 20% 19*, 20% 10V* Sou R R. 10% 9% 10% 9% Union Par, . . 102 100% 102 100'* West Mary. BV, 8% B'i 8 Equipment,— Am Brake Shoe 39 38?, 39 39% Am Car &- Fdy 25 s , 25V, 25% 24% Am Steel Fdy . 25% 24% 24 s , 24% Bald Loco 2% 2?, 2% 2% Gen Am Tk Car 43% 42% 43% 43% Gen Elec . 39% 39% 39% 39?, Gen R R Sig ... 36?, 36% 36?, 35?, Pullman Inc . 34?, 34% 34?, 33% West A.” Br . 31?* 31 % 31?* 30% Westingh Elec . 95% 94% 95% 94?, Utilities— Am * For Pwr. 6% 6% 6% 6% Am Pwr & Lit 8% 8% 8% 8% A T At T . .149 148’, 148?, 147 V, Am Wat Wks. 20% 20% 20% 20 Col Gas & Elec 15 14 s , 15 14 s , Comm & Sou . 2% 2 3 , 2% 2% Consol Gas 32% 31’, 31 % 32', Elec Pwr & Lit. 6% 6% 6% 5% Int Hydro Elec 3?* 3% 3% 3% Interboro R T 17’, 17% 17’, 17% Int T & T ... 11% 10% 11 11 Nat Pwr & Lit .. 10% 10% 10% 10% North Amer . . 27 26 s , 26 s , 26% Pac GAt E .... 30 29% 29’, 29% Peoples Gas . 36% 36% 36% 36 Pub Serv N.l .. 44% 44% 44% 44 So Cal Edison .. 26 25’, 25’, 26 Std Gas 5% 5?, 5% 5% Stone & Webster 13 s , 1.3% 13% 12% United Corp 6% 6% 6?* 6?* Un Gas Imp 18 17% 17% 17% ut Pwr Sc Lt •A" 3% 33 3% Western Union .. 74% 74 74% 73V,

Rubber,— Firestone. 16 3 t 16 s * 16 s , 16' 2 Goodrich 12 3 4 12* 2 12® 12 s , Gondvear . 2?’ 2 22 22’, 21 7 , U S Rubber . 15 14 l 2 15 14 3 U S Rubber pfd .41 > 2 40 7 , 41 ’ 2 40’ 2 Miscellaneous— Allis Chalmers 36 35 7 * 36 35 s * Am Can 144 142® 144 143 Am Mach & Fdv. 30'a 30 s * 30 s * 30 s * Anchor Cap . 16 15* 2 15 s , 15® Brklyn Man Tr 30'?333,0 3 ,30 3 * 30 3 * Anchor Cap . 16 15* 2 15® 15® Brklyn Man Tr 42 41 > 2 42 41® Burroughs Add 26 7 , 26 s * 26 s * 26 3 b J I Case . 104 103' 2 103® 102®. Conti Can 95® 95® 95® 95 Caterpillar Tract 58® 58 58® 58 Crown Cork . 47® 46® 47 46’* Curtis Pub . 19 s * 19® 19® 18® Deere & Cos 56® 56® 56® 55® Eastman Kodak 167 166® 166® 166® Foster Wheeler 22® 21 s , 22® 21® Gillette . .17® 17® 17® 16® Gltdden 40® 40® 40® 40', Int Bus Mach 180® ISO 7 * 180® 180 Inter Harv ■ 59® 59 59® 58® Natl Cash Reg . 21® 20® 20 s , 20® Owens Bottle . . 126® 126® 126® 126® Rem Rand . 14® 14® 14® 14® Underwood E . 81® 81® 81® 80® Worthing! n Pmp 23® 22® 23 22 Food*— Am Sug 57 57 57 56® Armour . . 4 s * 4® 4 s , 4® Beatrice Cream. 17® 17® 17® 17® Borden Prod . 27 s * 27® 27 s * 27® Canada D G Ale 13 s * 13® 33® 13® Cent Bak "A" .. 8® 8® 8® 8® Corn Prod. 72 71® 72 71® Cuban Am Sugar 6® 6® 6®® 6® Gen Baking . . 11® 11® 11® 11 s , Gen Foods. 33’, 33 33®335,2 5 , Gold Dust . .... 17® 17 17 17 G W Sugar ... 30® 30® 30® 20® Natl Biscuit. . 35® 34® 35® 35® Natl D Prod 18® 18 s * 18 s * 18® Purity Bak . 15® 15®. 15® 15® S Porto Rico Sug 27 s * 26® 26® 26® Srd Brands . 15 14® 14® 14® Un Biscuit . 23® 23 7 23® 23® United Fruit . 68’* 68 s , 68® 69® Retail Stores— Assd Dry Goods. 16 15® 16 15® First Natl Stores 46 46 46 46 Gimbel Bros . 7 6® 6® 6® Allied Dept Sts . 7 s , 7 s * 7® 7® Kresge S S . 27® 27® 27 s , 27® Kroger Groc . . . 26® 26 s , 26 s * 26® Macv R H . 53® 53 s , 53® 52® McCrorv St .... 12® 11 s * 12 11 s , McLellan S' . 13® 13'. 13® 13 s , Marshall Field . . 14 13® 13 s , 13® Mav Dent F.t . . 53® S3® 53® 53 5 , Mont Ward . . 37® 36® 37 5 , 36® Natl Tea 9® 9 9® 9® Penney J C 80 s , 80 s ; so® 80 Safewav St . 34 s , 34 34 34 Sears Roebuck . 64® 63® 64® 62® Wool worth .. 57 5 , 56-® 57 5 . 56 s , Aviation— Aviation Corp .4® 4 4 4 Boeing Aircft 14® 14 s . 14® 14 Curtiss Wright . ? 2® 2® 3 Curtiss Wri iA . 8 s ; Bs*8 s * 8® 3® Douglas Air 34 s . 33® 34® 33 s , Nor Am Ac 6 s , 6 6® 6 Pperrv Coro 12 12 12 ll 7 , Utd Aircnft new 20 s * 20 s * 20® 20® Chemical,— Air Reduction 169® 169® 169® 169 Allied Chem 162 161® 162 161 s , Am Com Alcohol 32® 32® 32® 32 Col Carbon 98® 98 98® 97® Com Solvents 21 20® 20® 20® Du Pont 141 140® 140 s * 140 Freeport Tex 28 27 s * 27 s , 27 Liquid Carb . 33 s , 33 s , 33® 33® Math Alkali 31 s , 31® 31® 31® Monsanto Chem 94® 94 s . 94 s . 94 Natl Dis mew i 32 s , 32® 32® 32® Schenley Dist . 52a. 52 52 52® Tex Gulf Sulph.v, 30® 30W 30® 30®

Union Carbide 71% 70% 70% 70% U S Indu Alcohol 47 46’, 46’, 46 Drugs— Cos tv Inc ... . S*, 5% 5% 5% Lambert 22’, 27% 22% 22% Sterling Prod 66% 66% 66% 67% Un Drug inewi 10% 10% 10% ]O% Zonite Prod ... 6% 5% 6% o’* Financial— Adams Exp . . 9% 9% . 9% .. 9 Allegheny Corp . 2% 2% 2% 2% Am In* Corp . 10'* 10% in’, io% Chesa Corp ... 57% 56% 57% 56% Lehman Corp .. 93% 93 93% 93 Transamerica .. 11% 11% 11’.* n% Tr Conti Corp .. 7% 7% 7% 7% Ruilding— Am Radiator ... 20% 20 20% 19’, Gen Asphalt . 20% 20% 20% 19% Holland Furnace 24 23% 24 23% Int Cement . 33% 33 33% 33 Johns Manville 98 96?,, 98 97 Libby Owens Gls 47’, 47’, 47’* 47% Otis Elev J 7% 20% 20% 20 U S Gypsum . 84 82 83% 75% Ulen Cons 3’, 3% 3% 3% Household— Col Pal Peet ... 17% 17% 17% 17% Congoleum .... 41 40?, 41 40 Kelvinator . 14?, 14 s * 14?, 14% | Mohawk Carpet 22% 22 22% 21% Proc & Gamble.. 48% 48?* 48% 48% I Ssrvel Inc . . 12% 12% 12% 12% i Simmons Bed ... 18% 18% 18% 18?* Textiles— I Amer Woolen ... 10 9?* 9% 9% ; Belciing Hem .... 13 s , 13 s * 13 s * 13% Celanese Corp . . 28? 28% 28% 28?* i Collins Aikman . 39% 38% 38’* 39?* j Gotham Hose ... 9% 3% 9% 8% i Indus Rayon .. 32% 32 32% 32 I Real Silk 10 10 10 s’*

N. Y. Bonds 'Reprinted From Late Times Yesterday) DAILY ROND INDEX 20 20 20 60 _ , Inds. Rails. Utils. Bonds. Today 90.4 78.0 102.4 90.3 Yesterday 90.5 78.1 102.5 90.4 Week ago .... 90.6 79.4 102.4 90 8 Month ago ... 90.0 77.9 100.9 89 6 1935 High 90.7 86.4 102 7 90.9 1935 Low . 33.6 71.0 89 3 83.0 iCopvri'ght. 1935. bv Standard Statistics) U. S. GOVERNMENT BONDS (Bv Abbott. Proctor <fc Paine) Treasury* Prev. Close, close. 4%s 1947-52 115.7 115.6 4s 1944-54 110.23 110.24 3%s 1946-56 109.5 109.5 3%s 1943-47 106.3 106.8 3%s 1941-43 107.5 107.11 3%s 1943-45 105 1 105.6 3 Vis 1941 107.17 107.20 3Vis 1944-46 104.28 104.27 3%S 1946-49 103.14 103.21 3**s 1949-52 103.10 103.13 3s 1951-55 102.18 102.20 3s 1946-48 102.16 102 21 2%s 1955-60 99.30 100.1 2?/,s 1945-47 100.25 100,27 Home Owners Loan Corp. 2?,s 1949 99.18 99.20 3s 1952 100.24 100.26 Federal Farm Mortgage Corp. 3%S 1964 102.6 3s 1942-47 101.9 101.12 2%s 1947 100.3 100.4 DOMESTIC. Prev. ~, , Close, close. Alleg Corp as '44 85% 84% Alleg Corp 5s ’49 76% 74% Alleg Coip 5s ’SO 36 34' Am Frgn Pow 5s 2030 66% 65 % Am Tef Sc Te! 5%s 43 113?, 113 V, Am Tel & Te. 5s 65 113% 113% Arm &Cos 1 Del) 5%s ’43. 95% gjs, Atl Coast Line 4s ’52 94% 93?,* Atl Coast Line 4%s ’64 78% 78V* Atch Top & S Fe 4%s ’4B .107'/* 108 Am Wat Wks 5s '44 ... 110% 109% Am Rolling Mills 5s '3B .. 122% 120 Balt & Ohio 5s ’95 71V* 72 Balt Sc Ohio 6s '95 81 81 ?i Balt Sc Ohio 4Vis ’6O 55?i 56% Buff Roch Sc Piit 4%s ’57 .... 62% 62% Chi Milw &StP 5s '75 ... 10% 10’. Chi Milw & St P 5s 2000 . 4 3% Cleve Un Term 5s ’73 99% 991, Cleve Un Term 4'*s ’77 91 90?% Col Gas 5s May 52 99% 991., Cos! Gas 5s April ’52 ........ 99% 99% Col Gas 5s '6l 97?, 97% Can Pac Perp 4s 84 * 84% Cent Pac 5s ’6O ........... 83 84% Big Four 4Vis '77 72% 72 Big Four 5s ’63 . 79 80 Colorado Sc So 4%s ’BO 51% 51% Chi Sc W Ind 4s ’52 . 98 073, 5 s West Ind 5%s '62 155% 106' Chi & Nor West 4?4s ’49 7% 73^ Chesa Corp 5s ’47 1131,: uni* Del & Huds 4s ’43 . 73 74" 4 EriT ?.° C >7* 5s 38 53'i 53% arie 5s irt 6354 fiTi Erie 5s 67 $4 eki’ Gen Cable s*2s 47 qqi* qqia Grt Northern 7s ’36 101% 102 Grt Northern 4%s '76 , . 91% 92% Grt Northern 4Vis ’77 92 02 a Gen St] Cast WW 5%s ’49 ... 83% 84 Hud & Manhat Ref 5s ’57 81?, 82’, 111 Cent 4?,s 66 52 503,. JJJ Cent .It, 4'*s ’63 .......... 54% 57% 111 Cent 5s ’63 SB s, 501% Interlake C & I 5s ’sl 83 82 Tnternatl Hy Elec 6s "44 ... 46 45%, Interntl Tel & Tel 4%s ’39 80 80% Interntl Tel & Tel 5s ’55 72 73% Interntl Tel & Tel 4%s ’52 67% 68% P Lorillard 7s 44 130'* 130'* McKess Sc Rob 5%s 'SO 102-% 102 s , Natl Dairy 4',s ’4B 104 104% i St |f l , ss *’, s6 196% 106'* Nickel Plate 4%s 78 60'* 59% Nickel Plate s%>s '74 70% 70% Nickel Plate 6s ’35 72 71 N Y Cent 5s 2013 74 73% N Y Cent 4%s 2013 'old) ... . 68% 68'., Nor Amer Cos 5s ’6l 104 104% Nor Pac 3s 2047 68% 70 Nor Pac 4'is 2047 87 88'* Nor Pac 6s 2047 99?, 99?, Nor States Pow 5s ’4l 106% 106'* Otis Steel 6s ’4l 100% 100% Penn Ry 4'is 'B4 105 104% Penn Rv 4%s ’Bl .104’* 104% Penn Ry 4%s '7O 97 97 Pac G & E 5s '42 106 106'* Portland Gen El 4%s ’6O 73% 73% Para Publix s'is ’SO 92% 92% Penn P & L 4'is ’Bl 105% 105% Postal Tel Sc Cab 5s ’53 33 331/2 Rem Rand W W 5%s '47... 104% 104?* Shell Union Oil 5s '47 ~..104 104 Sou Pac 4Vis ’6B 73'% 73% Sou Pac 4'/is 'Bl 73 73 Sou Pac 4’is '69 73% 73'* Sou Pac 4s '49 77% 753, Sou Rail 4s ’56 42% 42% Sou Rail 6s ’56 53% 52V* Sou Rail 6' % ’56 56 56% Sharon Stl Hooo 5%s '4B 102% 102 Texas Pac 5s ’BO 89?4 89?; Texas Pac 5s .’79 89% 89?; Union Pac 4s ’47 . . in?. 111?/, United Drug 5s ’53 93% 93% U S Rubber 5s '47 100?i 100?, N Y N H & H Hart 6s ’4B . 26 26% N Y N H Sc Hart 4%s '67 . 24% 25% Warner Bros 6s ’39 86% 85% Western Marv 5%s ’77 loasj, in 4% Western Marv 4s ’52 .... 95% 95% Youngstown S & T 5s '7O ...100% 100?, Youngstown S & T 5s '7B ...100'* 100'* FOREIGN Argentina A 6s ’57 98 98% Argentine B 6s 'SB 97% 98% Brazil 8s ’4l 27 27 Canadian Govt 4s '6O 105?, 105% Denmark 5%s '55 100 100 German s>*s ’65 31% 31% German 7s '49 39 39% Italy 7s ’sl 61% 63 Japan 6%s '54 98% 98’% Poland 7s ’47 ini’* 104?* Rome 6''*s ’52 53 54 Yokohama 6s ’6l 85% 85'*

Chicago Stocks )Bv Abbott, Proctor & Paine) 11:30 Prev. A M. Close. Berghoff 5 5 EM tier B ‘a 8 Chicago Corp 4 ! 2 Chicago Coro pfd 45 ! 2 43*2 Cities Service 2 3 .' 2 3 4 Com & Edison 95ts 95 s * Cord Corp 4 3 7 8 Crane Cos 21 : 2 21' Elec House 18’ 2 18 3 * Gen House 4U 4'* Grt Lakes 27 26 ,, 8 Noblitt Sparks 33 3 * 32 3 < Swift 19' 4 19’ 4 Conti Steel 37 Vi 35' 4 Swift Int 30 29 s New York Curb IBv Abbott. Proctor & Paine) 12 1 Noon 1 Prev. N. Y. Close. Alumn Cos of Am 89 ! 2 87 Am Cyanide "B" 28 7 28 3 4 Am Superpower 2U 2 3 * Atlas Com 13’ 2 Axton Fisher Tob 55 Carrier Corp 10 10 El Bond & Share 17 17 Fisk Rubber 6 T 6 1 . Ford of Can "A” 26' 4 26 3 4 Ford of Europe 8’ 4 Hiram Walker 31 U 31 ’2 Imperial Oil Ltd 21U 21 ! s Lake Shore Min . 50’* 50 Nia Hud Pwr 9 9 Pan Am Airways 40 39 Penn Road 3 3 4 3 3 g APPROVE~TRADE RULES Fire Extinguisher Makers Second to Reach Agreement. Bv Cnitea Prcf WASHINGTON. Nov. 14.—Makers of fire extinguishers today became the second industry in the United States to secure Federal Trade Commission approval of a set of trade practice rules. The rules were proposed last month by the Chemical Fire Extinguisher Association. Inc., which claimed to represent 75 per cent of the $7,500,000 industry. The rules are designed wholly to do away with unfair and 'chiseling’’ trade practices and contained no provisions relating to

AGREEMENT TO BE SIGNED THIS WEEMS BELIEF United States and Canada Trade Treaty Details Still Remain Secret. Bn T'nitcd Pre** WASHINGTON. Nov. 14—The long-awaited reciprocal trade agreement between the United States and Canada—considered the most impotrant yet concluded under President Roosevelt's ’’Yankee Trading” policy—probably will be signed before the end of the week. State Department officials indicated recently. Fireside negotiations were completed between Mr. Roosevelt and Prime Minister W. L. Mackenzie King of Canada during the latter's visit to the White House last week. The agreement was announced by both executives as a part of their governments’ Armistice Day celebration, but actual details still remained a guarded secret. In revealing that his government already had ratified the treaty, Mackenzie King said he would return to Washington for the signing ceremoney. .Terms of the pact will be made public simultaneously in Ottawa and Washington. Hails Agreement Both Mr. Roosevelt and Mackenzie King hailed the agreement as another act cementing the friendship between the two nations. Speaking on an Armistice Day program at Aldington National Cemetery, Mr. Roosevelt said the pact would “eliminate disagreements and unreasonable restrictions, sfnd thus work to the advantage of both Canada and the United States.” Although State Department officials declined to discuss details or commodities involved in the arrangement, it was understood Canadian marine products and possibly lumber and agricultural products would be given freer access to the United States. Canada, it is believed, may revise its system of valuating American imports and transfer a long list of American products from its high tariff to its intermediate tariff list. Lumber Duties May Be Reduced It was considered likely that if the United States agreed to earlier suggestions for a 50 per cent reduction in duties on specific Canadian lumber and agricultural products, Canada would be forced to make similar concessions on U. S. automobiles and manufactured products. Observers here believed Mr. Roosevelt and Secretary of State Cordell Hull looked to the Canadian agreement to provide new impetus to similar negotiations with other powers. This government regards the reciprocal trade policy as an effective method of maintaining friendly relations abroad.

COMMISSION CHECKS FARM INCOME RETURN Probe of Corporation Earnings Ordered in Washington. By United Pres* WASHINGTON, Nov. 14.—The Federal trade commission today sped its inquiry to determine whether farmers are getting a fair return on their products. The investigation is being carried out under the Wheeler resolution approved by the Senate at the last session. It ordered the commission 'to investigate and report on the income of corporations Handling farm products, showing whether such income increased or decreased in comparison with farm income. Thousands of questionnaires were sent to wheat purchasers today, seeking financial set-ups and balance sheets of the companies, and records of purchases and prices paid for wheat. Money and Exchange INDIANAPOLIS STATEMENT Clearings $3,457,000 Debits 8.344.000 TREASURY STATEMENT ißy United Press) WASHINGTON. Nov. 14.—Government expenses and receipts for the current, fiscal vear to Nov. 12 as compared with a year ago: This Year. Last Year. Expenses $2,887,337,436 44 $2,567,949,357.12 Receipts . 1.355.774.363.14 1.360.495.303.18 Deficit . . 1.531.563.073.30 1.207.545.035.94 Cash bal 1.425.374.596.60 1.707.784.730.85 Other Livestock (Times Special) LOUISVILLE. Nov. 14.—Cattle—Receipts. 400: salable supply slaughter cattle very light; demand dependable and market generally steady on all classes; bulk common to medium grade light steers and heifers. $5.25(?<,7 50: better finished offerings quotable upwards of $9; bulk beef cows. $4.25®5.25; practical ton. $5.25; low cutters and cutters mostly $3.25@4: bulk sausage bulls. $4.75® 5.50. Calves, 4.50 including 275 stock calves; market uneven: best kinds steady; medium and lower grades, sso® 1 lower; bulk good to choice vealers. $9.50®10.50: medium and lower grades. $8.50 down to around $4 50. Hogs— ReceiDt.s. 500; market. 10c higher: better 180-240 lbs.. $9.50: 245-295 lbs.. $9: 300 lbs., up. $8.60; 160-175 lbs.. $9: 140-155 lbs.. $8 15; 120-135 lbs.. $7.20; sows. $7.15. Sheep —Receipts. 100; slaughter classes in very light, supply; market generally steady; most medium to good lambs. $8.50® 9. choice kinds Quotable higher: plainer grades, including bucks. s6® 8 bulk ewes. $3.50 down.

Busigraphs

r ~ EXCESS RESERVES REPORTING MEMBER BANKS 3 FEDERAL RESERVE BOARD a” i * hi 0, UICAt 7 °, N 0 JFMAMJjASO 'w —I i m 1 E paokto CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

The reserves of the Federal Reserve System, over legal requirements. recently passed the threebillion dollar mark. The danger of such a large excess reserve is that it forms a basis for tremendous credit inflation. For two and a half years excess reserves have been increasing until they are now five times the amount that supported the great credit inflation in 1929,

PAGE 17

New Deal Wins Three Important Victories in Supreme Court Hearings Ruling Refuses Plea of Coal Operator to Intervene in District of Columbia Proceedings Where Guffey Control Act Is Challenged. BY JOHN A. REICHMANN United Press Staff Correspondent WASHINGTON. Nov. 14. —The New Deal had three technical but important victories to its credit in Supreme Court this week. While individually minor, these cases furnished a breathing spell in the unprecedented legal fight which the Administration faces in the high tribunal where many of its major reform and recovery laws are on trial. Here's what the court did:

1. Refused the plea of James Walter Carter, coal company operator, to intervene in the District of Columbia Supreme Court proceedings where he is challenging validity of the Guffey Coal Control Act. 2. Refused to hasten consideration of the legality of processing taxes under the AAA amendments. Action in Guffey Case Significant 3. Insisted that the government be given a free hand in arguing the test of the Bankhead Cotton Control Act brought by Lee Moor. Texas planter, in a suit against the Texas & Pacific Railroad. Action in the Guffey case was more significant than it appeared. Just before the court met, a group of eight. Louisiana rice, millers appealed to the jurists to stay the collection of AAA processing taxes pending an appeal in their suits contesting the levies. In coming to the court, the millers adopted the strategy of Carter's attorneys who. a week ago, asked Chief Justice Charles Evans Hughes to prohibit assessment of the taxes imposed under the Guffey Act. Tries to Skip Lower Court Like the Carter lawyers, the millers’ attorneys asked Justice Benjamin Nathan Cardozo to permit them to skip the Circuit Court of Appeals after an adverse ruling by a lower trial court. The Supreme Court’s refusal to intervene in the Carter case was accepted as an indication that it is not inclined to rush the government to test eases. If it were to accept jurisdiction before a final decree in the lower courts, the tribunal would be departing from a usual precedent. Os greatest importance was the court's refusal to consider processing taxes under the AAA amendments at the same time it. hears argument on the validity of taxes under the original act. Refuses to Consider AAA Taxes Washburn-Crosby Cos., millers, haa sought to have this step taken although a ruling has not been received from the Circuit Court of Appeals in St. Louis, where the case is pending. Unless the Louisiana rice millers are most successful, it is unlikely that the court will rule on the amended law for several months. The government filed a plea for permission to argue the Moor case in open court. Moor's attorneys said they had no objection to that procedure but wanted the argument, limited to constitutionality of the law. Solicitor General Stanley Reed insisted that he be allowed to argue the right of Moor to bring the suit. A decision on this latter ground would evade a direct ruling on the legality of the Bankhead law.

DIVIDEND IS DECLARED City Ice and Fuel to Pay 51.62!i on Preferred Stock. rime* Special CLEVELAND, Nov. 14.—Directors of the City Ice and Fuel Cos. have declared a regular dividend of $1.62’ 2 on the company’s per cent preferred stock, payable Dec. 1, 1935, of record Nov. 18, it was announced today. The directors also declared the regular customary dividend of 50 cents a share on the common stock, payable Dec. 31, 1935, to holders of record Dec. 14. Local Livestock HOGS Nov. Bulk. Top. Receipts. 8. $9.40(3 9.50 $9 55 3000 9 9.55(3 9 60 9.65 1000 11 9.65® 9 70 9 75 4090 12. 9 65® 9.75 9 75 6000 13 9 40® 9.50 9.50 6000 14 9 40® 9.55 9.55 4000 Light Lights. (140-160i Good and choice $9.10® 9.00 Medium 8 60® 9.25 Lightweights. 'l6O-180) Good and choice .. 9 40® 9 55 Medium 9.00® 9.40 < 180-2001 Good and choice -. 9.40® 9.55 Medium 8,90® 9.45 Medium Weights. (200-2201 Good and choice 9 40® 9.50 (220-2501 Good and choice 9.30® 9 45 Heavyweights. (250-290) Good and choice 9 25® 9.35 (290-350i Good and choice .. 8 95® 9.30 Packing Sows. (275-3501 Good 8 25® 8.50 1350-4251 Good . 8 00® 8.40 (425-4501 Good 7.85® 8 25 (275-4501 Medium ... 7.55® 8.25 Slaughter Pigs. (100-1401 Good and choice 8 85®) 9 10 Medium B.lo® 9.00 TATTLE —Receipts, 900— (500-9001 Choice $lO 00 311 25 Good 8 50® 10.50 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 (1100-1300) Choice 11.25® 12.50 Good 9 00® 11.25 Medium 7 00® 9.00 (1300-15001 Choice 11 50®12.50 Good 9.00®1150 Heifers (500-750) Choice $9 00® 10 25 Good 7.50® 9.00 Common and medium 4 25® 7.50 (750-9001 Good and choice . ... 8 00® 10 50 Common and medium 4.25® 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 . 5.50® 600 Cutter, com. and med. bulls .. 4.00® 550 VEALERS —Receipts. 500— Good and choice $lO 5031100 Medium 8.50® 10,50 Cull and common 5 50® 8 50 Calve, '250-500! Good and choice ... 7 00® 950 Common and medium 4.00® 7 00 —Feeder and Stoeker Cattle—-(soo-8001 Good and choice 6 50® 8 25 Common and medium 4 25® 6 50 ■BOO-1050' Good and choice 6 50® 850 Common and medium . 4 25® 6.50 Cow, Good 5.00® 6 50 Common and medium 4 00® 5 00 SHFF.P AND LAMBS —Receipt*. 2000 Lamb, 90 lbs down, good and choice $lO 00® 10.75 Medium 8 25® 10 00 Kwes. (90-125) Good and choice .. 4 009 5.00 All weights, common and medium 3.50® 4.50 U2O-XSO) Good anti choice 3.00® 4 00

.4. T. & T. Income I 'p American Telephone and Tclegrn ph Cos. reports a net operating income for Scpfemher of 51..i5f1.009. compared in s9ll gpO for the same movth in 195!,.

INSURANCE HEAD

ill -TCv:

J. J. Fitzgerald

At an election of officers recently J. J. Fitzgerald was elected president of the Grain Dealers National Mutual Fire Insurance Cos.

HOG PRICES UP 5 TOIO CENTS Cattle, Veals Unchanged; Lamb Values Again Move Higher. The pork market, supported by a sharp decrease in receipts, recovered slightly in early trading at tne Indianapolis Union Stockyards today. The market was generally 5 cents higher, with underweights up 10 cents. Few classes, however, remained steady. Receipts were estimated at 4000, compared with 6000 yesterday. Holdovers continued heavy at 199, indicating a slightly weak demand prevailing for the various classes. Trading developed slow at the opening and buyers were hesitant in making early purchases. Several awaited a definite trend. The bulk of 160 to 225 pounds sold at. $9.40 to $9.55, while heavy butcher classes cashed in at $9.25 to $9.40. Extreme heavies scaling 300 pounds and upward, brought $8.85 to $9 30 Light slaughter pigs, weighing 100 to 160 pounds, were salable at 58.85 to $9.35. Good packing sows sold at $7.75 to $8.50. The cattle market maintained a steady trading range. Most classes of steers were valued to sell from $8.75 to $10.50. Some were slightly higher. Heifers ranged from 55.25 to SB. with few equivalent to $lO for strictly choice kinds. Beef cows brought $4.25 to $6. Bulls sold at $4.25 to $6. Receipts were 900. Vealers also continued stationary, with only a little activity eviden;. The bulk of good and choice kinds sold at $10.50 to sll. Receipts were 900. Lamb prices again showed sharp improvement, marking the third consecutive advance. Native grades were steady to largely 25 cents higher. The bulk of good and choice ewe and wether lambs was salable at $9.75 to $10.75. Fed western kinds were around 10 cents higher, with the bulk holding at $10.60. Slaughter sheep sold at $3 to $5. Receipts numbered 2000. Other Livestock ,By United *ress> CHICAGO. Nov. ' • —Hooe —Receipts 17.000. including 5000 directs; strong to shede higher; underw ght.s 5 to 10 cents higher in instances; p, $9.45: bulk 180280 lbs.. $9.25® 9.40; w 290-350 lbs.. s9® 9.30; better grade 1-170 lbs.. s9® 9.35: most sows $8.25® 8. . Cattle—Receipts, 6000: calves, 1500: st ctlv good and choicp steers and yearlings steady with week ? advance on kinds selling at sl2 upward; early top. $13.25; hardly as active, however. even on highly finished cattle. Best yearlings. $12.50. All other steers very slow. About steady, bulk of qualitv and condition to sell at $lO down to $7 50: Stockers slow; only relaible outlet in sh* stock surrounds common heifers selling st $5.50 downward. All others dull; vealers strong to 25 cents higher. Bulls weak Sheep—Receipts. 7000; fat lambs onening moderately active: few sales and indications around steady. Early bids mostlv slo® 10.25 on native and fed comeback lambs, now held $10.50® 10.75 and above. SheeD firm: feeding lambs in broad demand; supply limited FORT WAYNE Nov. 14.—Hogs, steadv: . 160-180 lbs.. $9.25; 180-200 lbs.. $9.15: 200220 lbs.. S9XS: 220-240 lbs.. $9.00; 240-280 lbs.. $8.95: 280-300 lbs. $8 90: 300-350 lbs $8.50: 140-160 lbs.. $9.10: 120-140 lbs . $8 85 100-120 lbs.. $8.60 Roughs, $7.75. stags. $6 calves, $11; lambs, $9.75. LAFAYETTE. Nov. 14.—Hog market steady to 25c higher 160-200 lbs. $9 30® 9.40: 200.250 lbs.. $9.10®9.20: 250-325 lbs . $8.90® 9 05: 100-160 lbs.. $8.75® 9.25; roughs $8.25 down Calves, steady. $lO down. : lambs. $9.50.

—WE BUY. SELL. coo gladly furnish quotationu on: Bo nds of the United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 12 9 CAST MARKET STREET

RECOVERY GAINS CITED BY A, B. A, AT CONVENTION Orval W. Adams Elected Second Vice President: Harmony Reigns. Rv I mitt-4 r<t,, NEW ORLEANS. Nov 14 Recovery is advancing rapidlv. but unemployment still is widespread and the volume of industrial production fails to gain, the Economic Policy Commission of the American Bankers’ Association reported to the association's convention today. The bankers resumed their annual meeting in an atmosphere of harmony in contrast to yesterday's battle over the election of a vice president, which indirectly involved New Deal banking policies. Orval W. Adams, vice president of the Utah State National Bank of Salt Lake City, and outspoken enemy of the New Deal, will be installed today as second vice president. He automatically becomes president in 1937. His opponent for the office. E. G. Bennett, president of ihe First Security Bank of Ogden. Utah, and a friend of the New Deal, withdrew his candidacy 'in the interest of harmony."

Individuals Buying The economic policy commission found, in a broad sense, that individuals were buying but corporations were not. High wages, increased farm income, and large governmental expenditures have greatly increased consumer purchasing power. While noting strong improvements in the automobile industry, in gasoline. tobacco, rayon and iceless rej frigeration industries, the commis- | sion found that construction and the durable goods industries lagged. This lag, it said, was the cause of continued widespread unemployment. “This part of our national economy is still gripped deeply by the depression.” the report said. New capital issues of private en- | terprise for the first six months of 1935 were 97 per cent below the | average for the. four years preceding the depression. Reports Condition Improved “The reason wh\ we have prevailing business optimism is that | conditions are genuinely improved I for the great majority of business men.” the report said, i “The fact, remains that about 20 ! per cent of our workers are idle and : their numbers have not changed much in the past two years, j "We have so far regained only ! about half the depression losses. | Part of the losses are due to shrinkage of export trade, but mast of them are in the lines of construction and heavy industries. The firms engaged in these industries are mostly large units and so they are relatively few in number. They are of the first importance as direct and indirect employers of labor, but they have little influence in shaping pub- ! lie opinion. Predicts Inflation “The key to the problem lies in floating new long-term capital isj sues by manufacturing industries j and the utilities." The commission felt that the country must resign itself to supporting permanently with public funds a vast army of unemployed because “the accumulated shortage of the depression constitutes a great I industrial opportunity.” It predicted inflation would de- ‘ velop in 1936 because inflation rirJ velops when the demand for goods jis so active that buyers bid up prices and sellers are reluctant to ! sell. Leonard P. Ayres, vice president of the Cleveland Bank and Trust Cos., is chairman of the commission. REPORTS TRANSACTION Sale of Five Properties Announced by Local Realtor. Lawrence J. Sexton, real estate dealer, today announced the sale of five properties within the last 30 | days. He observed that the real ; estate market appears to be near normal again. The properties are situated at 19 N. Euclid-av; 3726 E. Michigan-st: 721 N. Wallace-st; 18th and Troyi avs. Beech Grove, and 138 Detroitst. ■■■■* General Banking Courteous etonc/abf( ttrrict Bankers Trust Cos. i INVEST with _ Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares