Indianapolis Times, Volume 47, Number 214, Indianapolis, Marion County, 15 November 1935 — Page 26

Trends Evidence on Taxes Can Not be Found. BY JOHN T. FLYNN

■VJEW YORK, Nov. 15.—Mr. Hoo- •*- vrr and a number of others have indicated that their major drive against the Administration next year will be on the subject of taxation. America, Mr. Hoover says, is the most heavily taxed country in the

world. I have tried to find the evidence of this. I can not find it. I'he Englishman is, perhaps, the most heavily taxed being in the world. In 1934 the per capita tax in England was $92 53. In America it, was $75.14. That

John Flynn

puts the Englishman ahead of us in 1934, in the mere matter of dollars, to the extent of 14 per cent. Taxation in 1935 was not greatly different in actual per capita ]°vie.s. What it will be next year we can only guess. a a a THE year before— 1933 the Englishman paid 25 per cent of his income in taxation—all taxation, national and local. We paid 18.5 per cent of our income. This year Englishmen will probably pay 23 per cent of their income in all sorts of taxation; Americans will pay not over 19 per cent. Germans, taking the last figures available <1932*, pay about 2i per cent. It is very difficult to make comparisons. One can merely take the British tax and translate it into dollars at current rates of exchange. But this does not mean much. The actual purchasing power of the pound in England is a good deal larger than the purchasing power of $5 is in America. a a a IT is the income tax payer in this country who escapes most. Here a very much smaller percentage of our taxes are collected from incomes and a larger per cent from excise and rent charges. The excise tax —taxes on cigaretes, liquor, merchandise, including the processing tax on bread, fall upon the mass of the people. Income taxes, properly graded, fall upon those better able to pay. But in this country only 31 per cent of all Federal taxes are raised hy income taxes, while in England 41 per cent are thus raised. We get 4.3 per cent of national taxes from estate and gift taxes and England gets 12.5 per cent. We take, however, 50 per cent of all our national taxes from excise levies, sales taxes of various sorts, while England taxes only 16.5 per cent. One of the greatest illusions is to compare English and American income taxes. In the. mere matter of rates England outweights us heavily. But this hardly tells the story. a a a IN the lower brackets exemptions wipe out the income taxes of millions here. Here a wife brings a deduction of $2500. In England she is good for a cut of only $625. This is one of many differences. In the upper brackets the rates of Americans and English come closer together, particularly if we include state income taxes in certain commonwealths. But England permits aio capital loss deduction, no deductions for charity, no deductions for taxes and interest. Moreover she does not permit the corporate racket ring through which countless millions of taxes arc lost to the government in this country. I refer to the personal holding company, the intricacies of corporate bookkeeping, etc. (Copyright. 1935, NBA Service. Inc.)

On Commission Row Quotations below subject to chans? are • veraso wholesale prices beins offered to buyers by local commission dealers. Fruit—Cranberries, early blacks, 25-lb. box, S4 Pears—Michisan Bartletts. bushel. $2,25; Avocados. Florida, box, 52.50. Cantaloupe—California Honey Dew'. $2 2,6Casabas, $2.25: Persians, $2.25. Bananas —7 hands, a pound, 5%c. Persimmons -Indiana 12-qt case. sl. Apples—lndiana Jonathans, $1.25® 1.35 Summer Rainhos, *1; Delicious. $1.50: Wealthys, $1: Grimes Golden, $1.35. Lemons—Suhkist, 3605. $8 Grapefruit Texas. 64s to 70s, $3 75 Florida seedless, $3.75 Limes—Mexican a carton 12s, 20c; Persian seedless a hundred, S3 Vegetables—Beans, green, round strlnclesj du., $2.25. Beets—Home grown, dor . 20c. Cabbage—Northern Danish. 50-lb. bay 85c. Carrots—Home half bu„ 60c. Cauhflower—Michigan, crate. $1 50: Long Island, large crate, $1.50. Celerj"—Michigan, washed and trimmed, extra large 45c; Jumbo, doz.. 45c. Cucumbers—Hothouse, 2 doz. box. $2.35. Kale—Home grown, bu . 60c Lettuce—lceberg, California, best, $5: home grown leaf, 15-Id. basket. sl.lO. Endive—Ohio basket. 45c Mangoes—California grown, crate. $3 50®5.75; small basket. 40c Mint—Dor., 60c Mustard—Home grown, bu., 60c. Onions—lndiana yellow, 50-lb bag, 90c; Indiana yellow, 10-lb bag, 20c: western Spanish. 50-lb bag $1.40 Parsley—Home grown, doz.. 35c. Peas—Telephone, hamfiers, $3. Potatoes—Round Cobblers 100b. bag. $1 65. Michigan Round White. 100lb. bag $1 50 Early Ohios, bu.. $1 65. Idaho Russets. $2 40 Sweet potatoes- Indiana. Jerseys, bu. $1.50. Radishes—Ohio, buttons, do*, baskets. 45c Sage—Do, 45c Spinach—Broad leaf, bu . 65c. Squash —*Bu , 75c Turnips—New California, repacked, 10-lb. carton, $1 25 Produce Markets Ths prices quoted below ars paid for atock 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"j lbs., 17c; under 4'< lbs., 16c: old cocks. 9c; Leghorn broilers 1% lbs and up. 12c; Leg Porn springers. 12c; ducks, white. 4 lbs. and up. Bc. geese, full feathered id fat, 4c; old guineas. Isc; young guineas. 1% lbs. up 75c: 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';®33%c No. 2, 30 1 i®31 !;c. butterfat. 28c Quoted (Bv United Press) CHICAGO Nov. 15. Eggs- Market, unsettled: receipts. 1556 cases: fresh graded A*: ■ 27'jr: extra firsts. 29c; current rere rD 25%-c: dirties 20 ;21c: checks. 19 ■: 20c. Butter—Market, firm: receipts. 6531 tubs: extra firsts -90-91' scores 32 n 33'jc: extras (92 score’. 33c: firsts • 8889'jci, 3l®3l'_c: seconds 'B6-87 1 ; score 1 . 30c specials. 33%'u34c; standards, 33c. Poultry—Market steady; receipts. 1 car 38 trucks, ducks, 15V<* 18(;c. geese. 15%c spring chickens. I8®20c: hens. 14®19';r turkevs. 183?24c: Leghorn hens. llSll'jc old roosters. 15c Cheese Twins. 16Vc I*' jc; Daisies. 16",® 17c: Longhorns 17® 17%c Potatoes—Supple moderate demand slow; market dull; Idaho Russet Burbank*l.Bs® 1.95; commercials $1.65: U. S No 2, *1 35® 1 <0; Wisconsin round whites. *UOu 1 15: commercials. $1.05; Michigan round whites $1.20: Minnesota and North Dakota Red River Ohios, $1.30 ; 1.35 Colorado McClures *l6s® 1.70; Nebraska Bliss Triumphs. ti.Mfil.ss. Wyoming Bliss Triumphs. tl 55 Arrivals, 98: on track 363 shipments. 629 NET INC OME DEC REASES NEW YORK. Nov. 15.—Net earnings of the Eastern Utilities Associates and subsidiaries for the year ended Sept. 30 amounted to $1,564,689. p gainst $1,635,946 a year ago, it was revealed today.

PAGE 26

INVESTIGATION OF NEW HAVEN ROAD ORDERED I. C. C. Starts Inquiry of Bankrupt Carrier; Loan Refused. Hy t. nittd Press WASHINGTON, Nov. 15.—The Interstate Commerce Commission has ordered investigation into management of the New York, New Haven & Hartford Railroad Cos., which has borrowed $14,470,000 from government agencies. Application of the railroad, now’ in bankrutpey, for another $5,000,000 RFC loan, w’as denied by the commission on Oct. 22. The railroad has borrowed $7,700.000 from the RFC; $6,770.000 on a $7,100,000 approved loan from the Federal Emergency Relief Administration for public works and $3,428,225 from the Railroad Credit Corp. Needs Money for Taxes The New York, New Haven & Hartford listed on Aug. 31 loans and bills payable of $25,703,226, of which $16,275,000 was outstanding bank loans. In applying for the $5,000,000 loan, the road said it was unable to obtain the desired funds from any source other than the Finance Corporation.” The money was needed, the application said, for payment of $5,009.100 in taxes between Oct. 10 and Jan. 1. If listed “total investments” of the road as $565,564,972. The commission initiated on its own motion the inquiry “into and concerning the history, management, financial and other operations accounts, expenditures of carrier funds and other than its common carrier operations and practices ... to determine the manner and method in which the business of said company has been conducted with a view of making a report.” The commission did not disclose the reason for the investigation. A Senate committee, however, has begun investigation into methods of railroad financing and management. No date was set for the hearing.

Local Securities (Because qnntatinns on local securities are unlisted on an Fxchange, The Times ran not assume responsibility for Ihe accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. Belt RR * Slk Yds com .50 52Vi Bell. RR A: Stk Yds 6’, pfd . 52 Cemral Ind Pow t'r pfd 17 20 Home Tel&Tel Ft. Wn 7 <;<, pfd 50' 2 52 Hook Drug Inc com 14 15(' 2 Ind Mich Elcc 7% pfd 90 102 Ind General Service 87 91 Ind Hydro Electric 50 54 Indpls Chain Sto Term pfd .60 65 Indpls Gas Cos com .37 Indpls Pow &Lt 6% pfd 811* 84% Indpls Pow &Lt 6' 2 r , pfd . 86 89', 2 Indpls Water s’„ pfd 102% North Ind Pub SVC 5%. v pfd . 64 67' 2 North Ind Pub Svc 6% pfd .72 77 Progress Laundrv com 6% Pub Svc of rnd 6% pfd 12 15 Pub Svc of Ind pfd 33 36 So Ind Gas & E let 6% pfd 91 94 Terre Haute Elec 6% pfd .78 82 Union Title com 18 20 BONDS Atlanta Distr Term 6Ci '4l ... 62'j 70 Buffalo Distr Term 6%, '4l .70 80 Brooklyn Postal Sta 5 1 2 ’4B 37(3 42 Home Tel&Tel FtW 5',2% '35 103 105 Home Tel&Tel FtW 6'% ’43 ..103 106 Indpls Railways Inc 5a ’67 . . 49 53 Indpls Water 4% '4O 105 107 Indpls Water 5a ’SO & ’6O .. 105 107 Indpls Water s':>a ’53& 54 103% 105 Interstate T & T s%>a *53 91 93 Kokomo Water Works ’SB . 104 105% Lafayette Telephone 5 a ’57 102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5a ’65 102'* Noblesville HL&P 6% '47 95 97 Ohio Tel Service 6a ’47 91 Richmond Water Works 5a'57 104% 106 St. LAuis Post Office 5%70 '3B 18 25 Seymour Wtr Ist mtc 5a '59 101 104 Terre Haute Water WksSa '56 101% 103'.* Terre Haute Wat Wks 6a '49 103 105 Traction Terminal 5a '57 ... 70 74 Unlisted Stocks (By Blyth * Cos.) NEW YORK BANK STOCKS Bid. A-'k. Rankers 64 65", Central Hanover B & T 127% 129% Chase 35% 37 Chemical National 54% 56 Guaranty ..299% 303 Irving 15*, 17't Manufacturers 38% 40% Nttional City . 32% 34 Cent. 11l (Chicago) 84", 86% First Natt of Boston ... 43% 45% FIRE INSURANCE Aetna Fire 56 58 City of New York (new) ... 27% 29% Federal Ins ... 79% Great American Ins 26% 28% Hanover Fire Ins 36% 38% Hartford Fire Ins 78% 80% Home Insurtnce 34% 36' > Ins Cos Os N A 69% 71% National Fire . .. 71 73 North River Insurance 25*1 27% Phoenix Insurance 89", 91% U S Fire 53% 55% Manchester Fire 35 36% Dividends Declared Dividend rates are given in dollars and cents unless stated otherwise Company— Rate Per'd Payable close Bank of Nova Scotia 3.00 Q Jan. 2 Dec. 16 Am Steel Fdries .50 Dec. 31 Dec. 16 Canadian GenEl .75 Q Jan 1 Dec. 14 Hiram Walker Good&Wrts p. .25 Q Dec. 16 Nov. 22 Hawaiian Agric. .25 M Nov. 30 Nov 25 hf.:iian Agric 120 ex Nov. 30 Nov. 25 Kekaba Sugar 2.60 Dec. 2 Nov 25 Siscoe Gold Mins .65 Q Dec. 16 Nov! 20 United Elastic .10 Q Dec. 24 Dec. 5 Walluku Sugar .20 M Nov. 20 Nov 15 Wailuki! Sugar .70 ex Nov. 20 Nov 15 Koloa Sugar .50 Q Nov. 30 Nov. 25 Koloa Sugar . .50 Q Dec 31 Dec. 24 New York Curb ißy Abbott. Proctor & Paine) 12:00 Noon Prev. N Y. Close. Am Cyanide ‘B’ 28% 28" Atlas Corp 13*8 13*8 Axton Fisher Tob 55 55% Carrier Corp 10% 10 El Bond & Share 16", 16% Fisk Rubber 7 7 Ford of Can “A” 26% 28' - Hiram Walker 31% 31% Imperial Oil Ltd 21'* 21% Newmont Min 66 65% Mia Hud Pwr . .. 9% 91, Pan Am Airways 39% 40 Penn Road 3*, 3^ 4 Wright Hargraves Mm . ... 7% 7% Chicago Grain Futures (Bv James E. Bennett & Cos) . 11:30 Prev. Wheat— Close. Low. A M. Close. Dec ,9.5*8 .94%- .95% .95% Mev .96% 95%, .9s** 95’* July • -90% *9*B 89% 89*8 Corn— Dec .. fiO', .59% .60% 59", May .59*, .59** .59% .59% July 60% ,60'b .60's 60% Oats— Dec 27 .26% 26% .26% May 28% 28% 28% .28% Rye Dec 50 .49% 49% .50 May 52% 51% .52% .52% LOCAL CASH MARKET Citv grain e’evators are paving 87 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No 4 vellow 49 cents and oats 19 cents. STEEL OUTPUT CLIMBS Tim*-, Special CHICAGO. Nov. 15.—Buoyed by expanding demand, steel production is around 54 per cent of capacity, an increase of 1.5 points from the middle of last week, and at the highest level since the first week in February, the Iron Age reported today.

Abreast of The Times on Finance

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SWINE VALUES AGAIN ADVANCE Prices Move 5 to 20 Cents Higher; Cattle, Veals Hold Steady. Although no change -was shown in the number of receipts, porker prices continued to strengthen at the local stockyards today, moving 5 to 20 cents. The major part of the increase was limited to the lightweight division. Trading was more active than in recent sessions, and a fairly strong demand prevailed in the various classes. Receipts were estimated at 4000, the same as yesterday’s figure. Holdovers numbered 161. The top i price for good and choice grades 1 moved up to $9.70. The bulk of 160 to 250 pounds, Isold at $9.25 to $9.45. In the lighti weight division, slaughter pigs from 100 to 160 pounds, brought $9 to $9.50. Good classes of packing sows were salable at $7.75 to $8.50. With the total supply consisting largely of cows, low grade steers and heifers, the cattle market was dull and unchanged in early trading. Steers and heifers, mostly in small : lots, held under $8.50, while beef j cows sold from $4.25 to $6. Bulls brought $4.25 to $6. Receipts numbered 300. | Vealers again held stationary, i selling at $10.50 to sll. Receipts j were 300. Lambs also were steady at yesterday’s best prices. The bulk of good and choice ewe and wether lambs held at $lO to $10.75. Fed western grades sold downward from $10.60, while slaughter sheep cashed in at $3 to $5. Receipts were 1500. HOGS | Nov. Bulk. Top. Receipts. 9. $9.55® 9 69 $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 14. 9.40® 9.55 9.55 4000 15. 9.50® 9.60 9.70 4000 Light Lights. 1140-1601 Good and choice $9.25® 9.60 Medium 8.75® 8.40 Lightweights. 1160-I8O) Good and choice . . 9.60® 9.70 Medium ... 9.10® 9.60 1180-200) Good and choice ■■ 9.60® 9.70 Medium 9.10® 9.60 Medium Weights. )200-220i Good and choire . 9.60® 9.65 i220-250i Good and choice . 9.50®; 9.60 Heavyweights. (250-290) Good and choice . . 9.35® 9 50 1290-350) Good and choice .. Packing Sows. (275-350' Good 8 25® 8.50 1350-4251 Good B.oo® 8.40 (425-4501 Good 7.85® 8.25 (275-450) Medium 7.55® 8.25 Slaughter Pigs. (100-140) Good and choice .. 9.00®" 9.25 Medium 8.25® 9.15 CATTLE —Receipts, 300— (500-900) Choice slo.oo® 11.25 Good 8.50® 10.50 Medium 6.50® 8.50 Common 4.50® 6.50 (900-1100) Choice 11.00® 12.00 I Good 8.75® 11.25 i Medium 6.75® 8.75 Common 5.00® 6.75 (1100-13001 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® 11.50 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®T0.50 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® 6.00 j Cutter, com. and med. bulls... 4.00® 5.50 VEALERS o— Good and choice $1C.50®11.00 j Medium 8.50®10.50 | Cull and common 5.50® 8.50 Calves (250-500) Good and choice 7.00® 9.50 j Common and medium ... 4.00® 7.00 —Feeder and Stocker Cattle—-(soo-800) Good and choice ... 6.50® 8.25 Common and medium ... 4.25® 6.50 (800-1050) Good and choice . . 6.50® 850 Common and medium 4.25® 6.50 Cows Good 5.00® 6.50 Common and medium 4.00® 5.00 SHEEP AND LAMBS —Receipts, 1500— Lambs. 90 lbs. down, good and choice slo.oo®lo 75 Medium 8.25® 10.00 Ewes. (90-125) Good and choice 4.00® 5.00 Ml weights, common and medium 3.50® 4.50 G2O-150) Good and choice 3.00® 4.00 SEEK STEEL AGREEMENT Representatives of Six Countries Meet for Production Control. By United Prats VIENNA. Nov. 15.—Representatives of French, German, Belgian, Polish. Czechoslovakian and Austrian steel industries have assembled here to discuss formation of a tube steel cartel, it was announced today. It was reported that the cartel | would seek a basis of harmonizing continental steel production with that of Great Britain and the United States. GLIDDEN SALES GAIN By Times Special CLEVELAND. Nov. 15.—Sales of the Glidden Cos. during October totaled $4,395,781. against $3,087,315 in the same month a year ago, an increase of 42.3 per cent, according to Adrian D. Joyce, president. Total sales for the month were 14.5 per cent above September,

INDIANAPOLIS, FRIDAY, NOVEMBER 15, 1935

DANGER—INFLAMMABLE!

SIOOO OFFERED FOR •BABY BOND’ POSTER Treasury Starts Contest to Boost Sale of U. S. Issues. By United Press WASHINGTON, Nov. 15. The Federal Treasury offered SIOOO in cash prizes recently in a nationwide “baby bond” poster advertising contest. Contestants submitting the best poster prompting purchase of the bonds will receive SS(O. The remainder of the cash will be distributed according to recommendations of a body of Treasury officials. “The Treasury Department,” the contest rules say, “desires first and last an imaginative, lucid, telling design calculated to increase the sale of bonds and the saving of money. “Subject matter in general may be regarded as any pictoral ideacalculated to stimulate the purchase of United States Saving Bonds.” The poster contest is the latest of a series of government efforts to stimulate sale of its ‘baby bonds.” An advertising campaign has been started to promote the sale of the bonds for use as Christmas gifts. Previously the Treasury flooded the country with posters, order blanks, booklets and prospectuses to spur the sale of the securities.

BUDGET REDUCTION ESTIMATES STUDIED Morgenthau, Bell Confer With Roosevelt. By United Press WASHINGTON, Nov. 15—Study of plans for reduction in the 1937 budget estimates continued today as a result of further conferences at the White House. Secretary of Treasury Henry Morgenthau Jr. and Acting Budget Director Daniel Bell conferred with the President again yesterday in line with Mr. Roosevelt’s indications that there would be strong emphasis on economy. Both the White House and the Treasury, however, emphasized that there was nothing definite to report as yet and deprecated reports of decision of huge slashes. White House Secretary Stephen T. Early explained that Mr. Roosevelt himself from time to time has pointed out that nothing definite on the budget will be known until he gets ready to send it to Congress early in January and that present reports are merely guesses. As an indication of the secrecy surrounding the compilation of budget figures it was recalled that at the conclusion of each White House discussion of the matter Secretary Morgenthau and Bell had studiously avoided any comment except to say that progress was being made. INTEREST TO BE PAID Depositors of Closed Bank to Receive 6 Per Cent. By United Press MARION, Ind.. Nov. 15. —Depositors of the old First National Bank here, whose funds were tied up by the banking moratorium in 1933, will receive 6 per cent interest on their claims, it was announced today. A 60 per cent assessment has been levied by the controller of the currency against the bank’s shareholders to raise an estimated $165,000 needed to meet the interest charges. Depositors already have received 87 per cent of their deposits.

TREND OF wholesale commodity PRICES t Hiiiliii fi // // 'A y DOTTED LINE IS THE PAST, /y < y' '// y V/ ’ TEN YEARS AVERAGE OF/ y. -* // //, />/ THE SAME MONTHS *// /> ojo - —w X; v- 4~T i \ gill 3 I (93a I '93i THt WVOKEP COGC. GENERAL DISTRIBUTORS INCORPORATED INVESTOR?

The rise in wholesale commodities halted in October. The Department of Labor index dropped slightly during the month. The largest price declines were in farm products and foods, with a slight decline in building materials. Hii*s and leather products, textiles and chemicals and drugs increased in price. Wholesale prices are now 5 per cent higher than a year ago, but about 20 per cent below the 1926 average.

Busigraphs

ECONOMY GROUP SUGGESTED BY HENRYWALLACE Idea for Council to Be Nonpartisan Placed Before Academy. By United Press NEW YORK. Nov. 15.—Creation of a nonpartisan council to “help us discover, formulate and adhere to intelligent national economic policies” was suggested yesterday by Secretary of Agriculture Henry A. Wallace as a means of guarding the nation’s general welfare. He placed the idea before the Academy of Political Science at Columbia University with the hope that it "may be seriously and critically discussed, but with the knowledge that analysis may reveal grave disadvantages.” ♦ The United States Supreme Court, he said, has “again and again declared” that it is not its function to inform the government of the advantages or disadvantages of its economic policies. That task, he added, could be handled by the proposed council of four or five of the country’s “most eminent economic statesmen” serving terms ranging from five to 11 years. Consider General Welfare Wallace declared that the council could con.-ider Federal legislation in the light of the general welfare and inform the government and the nation if it felt that "national economic objectives were being endangered or violated.” Should the government refuse to alter its course, the council could submit the issues to a national referendum after acquainting the public with all the questions involved. The council, he said, “could not function if it were composed of dogmatic, doctrinaire economists of whatever school.. It should not function unless it were as revered and trusted as the Supreme Court.”

PRODUCE PRICES SHOW INCREASE Current Carlot Shipments 10 Per Cent Lower Than Year Ago. Times Special WASHINGTON, Nov. 15.—With demand active and cooler weather nearing, produce prices in the Midwestern district moved slightly higher this week, according to a report released today by the Department of Agriculture. Potatoes and onions led the advance, which extended to practically all divisions. Shipments decreased slowly due to seasonal falling off in movement of Northern fruit. The output of potatoes and onions was stimulated by rising prices and showed gains compared with the early part of the month and a year ago. Current carlot shipments are running approximately 10 per cent under those of a year ago, and the season's produce movement to date is lagging to about the same extent owing to previous low prices of some leading products. Potatoes Advance Prices of potatoes have continued to advance, supported recently by a decrease of over 11,500,000 bushels in the November estimate of production for 30 late shipping states. Some further loss is expected this month from decay in storage and almost total losses of undug potatoes in some sections. Cabbage shipments showed a decreasing tendency early this week, and continue much lighter than last season. Movements average around 100 cars daily. Acreage of fall cabbage in South Carolina and Virginia has increased 14 per cent above last year, and 58 per cent above the five-year average. Celery prices are holding well in the East, but continue draggy in the Middle West. With shipments steadily decreasing and current movement around 300 cars daily, no definite change has developed in the apple market. Slow and steady markets are reported in Eastern and Southern producing sections. Cranberries continue to show improvement due to light production.

SWOPE RESIGNS FROM SUPPLY CORPORATION J. L. Buchanan. Former President, Becomes New Chairman. By United Pres SCHENECTADY, N. Y„ Nov. 5. Gerald Swope has resigned as chairman of the board of directors of the General Electric Supply Corp., it has been announced. J. L. Buchanan, of Bridgeport, Conn., formerly president, has been elected chairman. J. L. Busey has been named president of the General Electric Supply Corp. Busey formerly was manager of sales of the appliance sales division of the merchandise department of General Electric at Bridgeport. PROTEST LOWER TARIFF Live Stock Association Lodges Complaint With Roosevelt. By United Presg KANSAS CITY, Nov. 15.—Livestock producers today sought the help of President Roosevelt to prevent lowering of tariffs on livestock importations under the recent Canadian tariff agreement. In a telegram to Mr. Roosevelt, D. M. Hildebrand, president, and Glenn T. Stebbins. secretary', of the United States Live Stock Ass'ociation, which has membership in 42 states, predicted the present economic status of livestock producers would be jeopardized if the tariff were lowered on Canadian livestock importations

New York Stocks

(By Thomson & McKinnon' 11:15 a m. Prev. Oil.— High. Low. N. Y. close. Atl Rfg 25', 24’, 24% 25 Barnsdall 11% IP, IP, ip, Consol Oil 9% 9' 2 9' 3 9% Cont of Del 26% 26'. 269, 26'2 Houston (new).. 4 1 * 4', 4', 4'. Mid Cont Pet 16% 16% 16% 16’. Ohio Oil IP, IP, lIS IP2 Pet Corp IP, IP, pi, ip, Phillips Pet 36% 36 36 35’, Plymouth 0i1.... 12 12 U 12 Pure Oil 12 12 12 12 Seaboard Oil .... 32’, 32', 32',333,1 3 , Shell Un 14% 13', 13% 13’, Skelley Oil 16*, 16 16 16>, Soc Vac 12*, 12 V 12*s 12', SO of Cal 373, 37'; 37V; 37 1 2 SO of Ind 28 V 28', 28V 28 SOOf N J 49*, 49 1 2 49*, 49>, Texas C’orp 24', 24V 24', 23V Tidewater Assn.. IP, IP, IP, P Un Oil of Cal ... 20', 205, 20 s , 20', Acme 74'2 74% 74% 73 1 2 Steels— Am Roll Mills . 31*, 31V 31V 31% Beth Steel . ... 48V 47*, 48V 48 Col Fuel & Iron 3** 3-V 3*, 3V Cruc Steel 28V 28V 28V 28 Inland Steel 104*, 104*, 104 V 104 V Ludlum Steel ... 25 25 25 25V McKeesport Tin.. 128 125 125 125 Mid Steel . 4 . 22V 22V 22V 22*, Natl Steel 83', 83 83 83', Otis Steel 16V 16*, 16*, 16V Rep Iron & Steel 19*, 19V 19', 19V R Iron & Stl pfd 95 95 95 96V U S Pipe & Fdy.. 20V 20V 20V 20*, U S Steel . . 49V 49V 49V 49*, U S Steel pfd 112 112 112 111*. Youngst’n S& T 35V 34*4 34'* 34V Motors— Auburn 37V 37*, 37*, 37 Chrysler 86V 86V 86*-, 87V Gen Motors .... 58V 58V 58V 58V Graham. Mot .. 3V 3V 3* 3V Hudson 15V 15*, 15*, 15V Hupp 2*, 2*, 2*, 2V Mack Truck 22 21V 21V 21V Nash 17V 16*4 16 V 17V Packard 6V 6V 6V 6*, Reo 4 3 V 3V 3 V Studebaker .... 7 V 7', 7 V 7% Yellow Truck .7',, 7 7 7 Motor Access— Bendix 22V 22V 22V 22V Bohn Alum 51 50 V 51 50% Borg Warner ... 60V 60*, 60V 61% Briggs 52’, 52V 52*, 53V Budd Mfg 7*4 7V 7 V 7** Budd Wheel IP, 11V IP, 11V Eaton Mfg 28V 23 28 28 Elec Auto Lite . 36V 35*4 35*, 35V Elec Stor Bat ... 56V 56V, 56V 56V Houdaille ’B’’ .. 27 26V 26V 27 Murray Body .. 18V 18*4 18V 17*4 Stew Warner ... 17V 17 17 17 Timken Roll 69V 68*/4 69V 63V Timken Det Axle 10', 10 10 9V Mining— Alaska Jun 14V 14 14’, 14', Am Metals 27*, 27V 27V 27V Am Smelt 59V 59V 59*, 49V Anaconda 22*4 22V 22*, 22V Cal & Hecla .... 5V 5V 5*4 5 Cerro De Pasco . 59V 58V 58V 58V Dome Mines .... 39V 39*, 39", 39% Gt Nor Ore 402 402 402 402 Howe Sound .... 54*, 54*4 54V 54V Int Nickel 38', 37*4 37V 38 Isl Creok Coal .. 26 V 25 V 25 V 26 Kennecott Cop .. 28', 27*, 27V 28V Mclntyre Mine . 36 36 36 36 Park Utah 4V 4', 4', 4% Phelps Dodge .. 25*, 25 25 25>* St Joe Lead .. 23 22*, 23 22V U S Smelters .. .96 95 V 95*4 95V Vanadium 20 19% 20 19*., Amusements— Croslev Radio . . 17V 17V 17', 17V Fox Theat 21V 21 21 21*, Loews Inc 52*4 51*4 52*4 51V Radio Corp 10 9*4 9*4 10 Paramount 9% 9% 9*4 914 RKO • D 5V 5*4 5V s*B Warner Bros ... 9V 9V 9V 9 Tobaccos— Am Sum Tob 27*, 27 s , 27 s , 27V Am Tobacco ‘AN 102 102 102 102 " Am Tobacco ‘B’ 105 104 105 104 V Gen Cigars . 49 49 49 50 V Ligg & Myers B 115 V 115 V 115 V 116 V Lorillard 26*, 26', 26V 26V Phillip Morris ... 61*, 61V 61', 61V Reynolds Tob B 58V4 51% ... 58 Rails— Atchison 52V 52 52V spi Atl Coast Lines 28 27V 28 " 27', 5 * 0 15V 15 15V 15V Can Pacific 10*, 10V 10’, 10V Ch & Ohio .... 52 51 s , 51% 51V C M & St P . . I'/, I', IV 1 C M&St P pfd. 2 2 2 I*4 Chj N W 2'4 2 2V 2 De a & Hud ... 36 35*4 36 35V Del Lac & W .. 15*4 15% 15V 15V gne 11% 11 11V 10*, Erie pfd 15 14*, 15 14>4 Grt Northern pfd 30’, 29*, 30', 29*, IH Central . .. 16V 16 16V 16V Lehigh Valley ..9 9 9 8V Lou & Nash 51% 51*4 51*4 50 V MK & T .... 5 5 5 47 MK & T pfd.... 10', 10's 10’, 11 Mo Pac pfd 2*4 2*4 2', 2*4 N Y Cent.. • 24*, 24V 24*, 24V N Y New Haven 33 3 2*, N Y Ont West 4*4 4*, 4*4 41., Nor Pacific 20*, 20V 20*, 20V Penn R R 29 V 29' , 29 V 29 V Reading 37V, 37V, 37V4 36 |°u Pac 20 19% 20 V 09*4 Sou R R 10", 10 10% 10V Union Pac 101 100*4 101 99*4 West Maryland . 8V 8V BV4 8V Equipments— Am Brake Shoe.. 40V 40'4 ,40V 40 Am Car & Fdy.. 27 26 27 26 Am Loco ... 22% 21*4 22(4 20V Am Steel Fdy 23', 23V 23*, 24V, Bald Loco 3 2 7 2 7 * ‘> 7 Gen Am Tk Car 43' 4 42** 42 £ en £ le £ „ '■• 40 39’, 4040 Gen R R Sig ... 36V 36V 36V 36*,4 Pullman Inr ... 36', 35*4 36’, 35", West Air Br ... 32 31V 32 32% Westingh Elec ... 95 94', 94 V 95V Utilities— Am & For Pwr.. 7V 7V 7'4 71: Am Power <fc L B*4 8% B*, 8V AT&T ...149', 149 149 V 149 Am Wat Wits ... 20V 20% 20V 20(4 Col Gas & Elec.. 14*, 14V 14V 14*4 Com & Sou . ... 2 V 2*B 2*, 2% Consol Gas . 32(4 31*, 32V 32V Elec Pwr & Lit . 6 5V 6 fi Int Hydro Elec . 3*4 3', 3'/, 3'. Int TANARUS& T .12 11*4 12 12 Lou G& E "A". 20*4 20*, 20*4 20*, Nat Pwr & Lit . 10*, 10’, 10", 10*4 North Amer 26*, 26V 26", 26*, Pac G& E 30'4 30'/, 30', 30 Peoples Gas ... 37', 36V 36V 36’, Pub Serv NJ .. 45 44 ( 2 44*, 45 So Cal Edison... 26V 261, 26', 26V Std Gas . 5*4 5", s*, 5, Stone & Webster 13V 12", 12* 13 United Corp ... 6V 6V 6V 6V Un Gas Imp 18 17V 17** 17*, Ut Pwr & Lt ‘A’ 3'4 3', 3', 3' 4 Western Union. 74’, 74 74’, 73", Rubbers— Firestone 16*4 16V 16*4 16", Goodrich 12V 12V 12 V 12", Goodyear 22V 22V 22V 221, U S Rubber . .15 14*, 15 14*, U S Rubber pfd 41 40V 41 40V Miscellaneous— Allis Chalmers. 36V 35V 36', 36", Am Can 146 V 145', 145 V 144 Am Mach & Fdy 32V 32V 32', 32", Brklyn Man Tr 42', 41', 41V 41V Burroughs Add 26", 26 V 26 V 26*, J I Case 110 V 106', 109", 105 V Conti Can . .. 97V 96", 97V 96V Caterpillar Tract 58V 57 58', 57( 2 Crown Cork 47 V 46V *6' 2 47 Curtis Pub . 19V 13 19V 19 Curtis Pub pfd . 100 V 100*4 100*, 101 Deere &Cos . ... 58", 57*, 58V 57 V Eastman Kodak 167 V 167 V 167 V 166*, Foster Wheeler . 22'4 22', 22', 22 Gillette 17'/, 17V, 17V 17 Glidden 41*, 41(4 41V 41(4 Ingersoll Rand 117 V 117'/2 117 V 117 V Int Bus Mach .181 181 181 180 Inter Harv . . 65V 63 65 62V Natl Cash Reg . 20 5 , 20*4 20V 20(4 Rem Rand .. 15 14*4 15 14*, Underwood E 81V 81(2 81(4 81 Foods— Am Sugar 56', 56 56', 56V Armour **, 4 V 4V 4 V Amour 6% pfd . 65',2 65% 65V 65 Beatrice Cream. 18V 18V 18V 18 Borden Prod ... 27", 27', 27(4 27(4 Cal Packing ... 36V, 36 36V 36V Can Dry G Ale. 13*4 13V 13V 13V Cont Bak "A’’.. 3V B', B', 8", Corn Prod 73*, 73 73 73V Cm of Wheat .. 37V 37*4 37*4 37*, Gen Daking 11*4 11(4 IK, 11V Gen Foods 33 32V 33 33 Gold Dust 17(4 17V 17(4 17 G W Sugar 31(4 30V 30", 30(4 Hershey 75 75 75 75 Int Salt 27 27 27 27V Loose Wiles .... 39*4 39*4 39*4 40*, Natl Biscuit 36V 35V 36V 35*, Natl D Prod ... 18*, 18V 18V 18*, Purity Bak ■ 15V 15V 15V 15V S Porto Rico Sug 27 26*, 27 26", Std Brand .. 14*, 14*, 14V 14*, Un Biscuit ... 23', 23V 23V 23V United Fruit ... 71", 70V 70*, 70V Retail Stores — Assd Drv Good£ 16*, 16*, 16V 16% Best & Cos 56V 56V 56V 56*, First Natl Stores 45*, 45V 45V 46 Gimbel Bros . . 6', 6*, 6V 6*4 Gr Un Tea . 3', 3V 3V 3% Hahn Dept Sts . 8 7*, 8 7 s , Jewel Tea 55 V 55 55 55 V Kresge S S . .. 27% 27‘, 27% 27% Kroger Groc .... 26*, 26*, 26% 26 s , Macv R H 53% 53 53% 53 McCrory St 12% 12(4 12V 12 McLellan St ... 13V 13*, 13V 13% Marshall Field 14V 13*, 13*, 13V Mav Dept St .... 53*, 53V 53*, 53V Mont Ward 38 37 s , 38 37*, Natl Tea 9% 9 9(4 B’, Penney J C 82 81 82 81 Safeway St ... 33", 33*4 33", 33% Sears Roebuck . 65*, 65*, 65*, 65V Woolworth 57% 56*, 57(4 57 ATiation— Aviation Corp .. 4(4 4 4 4(4 Boeing Aircft .. 14 13V 13V 14 Curtiss Wright .33 33 Curtiss Wri iA( . 8V 8V 8V B s , Douglas Air ... 34 33V 33V 34* Nor Am Av 6 s*, s*, 6 Sperry Corp 12 V 12V 12V 12 s * Ucd Aircraft new 21 20 s , 20 s , 21V Chemicals— Air Reduction .170 V 169*, 169*, 169 V Allied Chem 163*, 163 V 163’, 163 V Am Com Alcohol 33 32 V 33 31V Col Carbon .... 97V 97% 97% 97’, Com Solvents .. 22 21V 21*, 21% Du Pont . 143*, 142 143*, 141*. Freeport Tex 28’, 28 28 28 V Math Alkali 31*, JIV 31*, 31V Monsanto Chem-. 94 93V 93V 94 Natl Dis inew).. 32*, 31V 32 V 32 Scbenley Diet .. 53% MVa 53(4 51st-

Employes of Government Increase Civil employes of the Federal fjovernment show an increase in the month of September of it is reported by the Civil Service Commission. Civil employes vote total 79^,467.

Tex Gulf Sulph . 31 30 s . 30 s . 3(1% Union Carbide 73 V 73 73 V 73% U S Indus Alco.. 47 46', 47 47 % Drugs— Bristol Myers .. 41 41 41 40% Cotv Inc 5% $% s*. 5% Lambert . .... 23 V 23% 23 V 22% Sterling Prod . sis% 66V 66v 65V Un Drug (new. 10V 19V 10V 10V Zonite Prod .... 6 6 $ 6 Financial— Adams Exp 9V 9’, 9% 9V Allegheny Corp . 2V 3% 2V 2V Am Int Corp ... 10V 10 s , 10 s . 10V Chesa Corp 56 55 V 56 55 Lehman Corp .. 95 94V 94V 34 Transamerica .. 11", 11VII s , 11V Tr Conti Corp... 7V 7V 7V IV Building— Am Radiator ... 20V 20'- 20V 20V Gen Asphalt . 20", 20 20 19'. Holland Furnace 24V 24 24 24V Int Cement .34 V 34 34V 34 Johns Manville 97", 97 97 V 98 V Libby Owens Gls 47V 47 47V 47*, Otis Elev 2: 20*. 20V 21 U S Gypsum ... 84*, 83", 83V 82% Household— Col Pal Peet ... 17*, 17", 17% 17V Congoleum .. .. 41V 41 41 40% Kelfinstor .. . 15% 15 V 15", 15", Mohawk Carpet 21’, 21*, 21’, 22V Proc & Gamble 48", 48 48V 48 V Servel Inc ... 12V 12% 12 V 12V Simmons Bed .. 19V 19 19 18", Textiles— Amer Woolen .. 9", 9V 9V 9V Belding Hem ... 14 s , 13*, 14', 13*, Celanese Corp .. 28V 28V 28V 28'-. Collins Aikn-.an . 38V 38V 38V 38% Gotham Hose ..9', 9 9V 9 Indus Rayon ... 31*, 31’, 31V 32 N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY’ BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 90.5 78.8 102.7 90.7 Yesterday 90.4 78.0 102.4 90.3 Week aeo. 90.7 79 3 102 6 90.8 Month aeo 90.0 77.1 100 7 89.3 1935 High 90 7 86 4 102 6 90 9 1935 Low 83.6 71 0 89 3 83.0 (Copyright. 1935. by Standard Statistics! 11, S. GOVERNMENT BONDS (By Abbott. Proctor & Painei Treasurvs Prey. Close, close 4Vs. 1947-52 115.5 115.7 4s. 1944-54 110 24 110.23 3*,S. 1940-43 107.8 107.10 3*,s. 1943-47 106.3 106.3 3 Vs. 1941-43 107.5 107.* 3%5. 1943-45 J 05.6 105.1 3%S 1941 101.1 ( 10 (.17 3%s' jo $4-46 104.24 104.28 3 'Vs. 1946-49 103 19 103.14 3%s 1949-52 103.13 103.10 3s 1951-55 . 102.19 102 18 2Vs 1955-60 90-31 00.30 2%5: 1945-47 100.27 100.25 Home Owner* Lean Corn. °"ls 1940 99 19 98.18 3s 1952 ! 100.24 100.24 Federal Farm Mortgage Corp. 3%s 1964 102.15 102.6 7s 1949 100 27 100.30 3s 1942-47 101 9 101.9 2Vs. 1949 100.1 100.3 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 85V 85", Alleg Corp 5s ;49 -8V 76V Alleg Corp 5s V 0 38 36 Am Frgn Pow 5s 2030 *9 Am Tel & Tel 5Vs '43 114 113 , Am Tel & Tel 5s '65 113 113% Arm & Cos (Del) 5V ’43 9aV 90% Atl Coast Line 4s '52 80 78 j Atch Top & S Fe 4Vs '4B ..107V 107 V Am Wat Wks 5s '44 Ill 1 ,110 V Am Rolling Mills 5s '3B 126 V 122 V Balt & Ohio 5s ’95 71V 71V Balt & Ohio 6s ’95 82 81 Balt & Ohio 4Vs ’6O 56’, 55V Buff Roch & Pitt 4Vs '57 62V 62V Chi Milw & St P 5s ’75 10 V 10% Chi Milw & St P 5s 2000 4% 4 Cleve Un Term 5s ’73 99V 99V Cleveland Un Terms 4Vs ’77 .. 90V 91 Col Gas 5s Mav ’52 ... 99 89% Col Gas 5s Rpril ’52 99', 99", Col Gas 5s '6l 97V 97V Can Pac Perp 4s 84 84 Cent Pac 5s '6O 84V 83 Big Four 4(is '77 72V 72V Big Four 5s 63 80 79 Colorado & So 4Vs 'BO .... 51V 51V Chi & West Ind 4s '52 98% 98 Chi & West Ind 5Vs ’62 105", 105 5 Chi & Nor West 4Vs ’49 8 7V Chesa Corp 5s ’47 115 s , 113 V Del & Hutfs 4s ’43 75', 73 N Y Dock 4s ’sl .67% 67% N Y Dock 5s '3B 53% 53 V Erie 5s ’75 65V 63V Erie 5s ’67 65",4 64 Gen Cable 5Vs ’47 99 99% Grt Northern 7s ’36 101 V 101*, Grt Northern 4Vs 76 92", 91V Grt Northern 4(is ’77 92(4 92 Gen Stl Cast W W 5Vs ’49 84 83*, Hud & Manhat Ref 5s ’57...... 81 (a 81",4 111 Cent 4Vs '66 53 52 111 Cent Jt 4Vs ’63 55V 54V 111 Cent 5s ’63 59V 58", Interlake C & I 5s *sl 84 V 83 Interntl H Elec 6s ’44 46", 46 Interntl Tel & Tel 4Vs ’39 81V 80 Interntl Tel & Tel 5s ’55 73V 72 Interntl Tel & Tel 4Vs 52 69V 67V McKess & Rob 5Vs ’SO ... 102 V 102', Natl Nairy 5%s 48 104 104 Natl Steel 5s ’56 106% 106% Nickel Plate 4Vs ’7B 62V 60V Nickel Plate SVs ’74 73 70V Nickel Plate 6s ’35 77V 72 N Y Cent 5s 2013 75 V 74 N Y Cent 4Vs 2013 (old) 69", 63V Nor Amer Cos 5s '6l 104 101 Nor Pac 3s 2047 70', 68V Nor Pac 4Vs 2047 88 87 Nor Pac 6s 2047 102 99", Nor States Pow 5s ’4l 106 V 106 V Otis Steel 6s ’4l 100% 100 V Penn Rv 4Vs 84 104', 105 Penn Ry 4%s ’Bl 104% 104 V Penn Rv 4Vs ’7O 97% 97 Pac G & E 5s '42 105*, 106 Portland Gen El 4Vs '6O 74 V 73 V Para Publix 5Vs 50 93 92V Penn P & L 4Vs ’Bl 106 105", Postal Tel and Cab 5s '53 33% 33 Rem Rand WW 5Vs ’47 104 V 104 V Sou Pac 4Vs '6B 73 V 73% Sou Pac 4Vs 'Bl 73% 73 Sou Pac 4Vs ’Bl 73% 73 Sou Pac 4'is '69 74 73", Sou Pac 4s '49 77 77*, Sou Rail 4s 56 43V 42", Sou Rail 6s '56 54 531, Sou Rail 6Vs '56 57V 56 Sharon Stl Hoop 5Vs '4B . . 103 102 V Texas Pac ss' 79 89*’, 89", Texas Pac 5s '77 89V 90 Union Pac 4s '47 Ill", ill". United Drug 5s '53 93 % 93% U S Rubber 5s '47 100", 100", NY NH & Hart 6s '4B 25V 26 NY NH & Harr 4Vs '67 26 24", Warner Bros 6s '39 87V 86% Western Mary 5Vs '77 . .. 105 104 s , Western Marv 4s ’52 ... 85', 85 s , Youngstown S & T 5s ’7O 10! 100 V Youngstowns S & T 5s ’7B ...100% 100 V FOREIGN Argentina A 6s '57 97*, 93 Argentine B 6s ’SB 97 5 , 97% Brazil 8s '4l 27 V 27 Canadian Govt 4s '6O 105' . 105 V French 7s '49 178 V 180', German 5Vs '65 31 31 i a German 7s ’49 39% 39 Italy 7s ’sl 62% 61V Japan 6%s ’54 . . 93 93V Rome yVs ’52 53 53 Tokio City 5Vs ’6l gp; Boi. Yokohama 6s ’6l 35' 2 35., Chicago Stocks (By Abbott, Proctor & Paine) 11:30 Prev. i Asbestos Manuf Chicago Corp, . 5, Chicago Corp. P F D 45' 46V Conti Steel 3 9>1 38 2 Cities Service 2", 3% Com. & Edison 9s 941* Cord 4:, Crane 2’ 21V Elec. House 131 , jgV Gen. House ... 21 4V Grt- Lakes 26V 26% Libby jv 8% Noblitt Sparks 33% 331. Quaker Oats 138 138 !*'(£ 19% 19% Swift Int 30 29% GROSS EARNING. 4 RISE CHICAGO, Nov. 15.—Gross operating income of the Detroit Edison Cos. and subsidiaries for the year ended Oct. 31, 1935, amounted to $48,116,163, compared with $44,544.012 In the preceding year, it was announced today.

Thomson & McKinnon MEMBERS NEW YORK CHICAGO Few York Stock Exchange TGPnv r rrk New York Curb Exchan *® lUKUA iU y,- ew York Cotton Exchange BOSTON || New York Coffee and Sigar Exchange j SOUTH BEND 0 | New Orleans Cotton Exchange FT. WAYNE Chicago stock Exchange rVAVSVIT T f Chicago Board or Trade Cj V Aixo V ILiLitj Winnipeg Grain Exchange Indianapolis'Office And other leading Exchangee 200-214 Circle Tower LI. 5501

GERMAN STEEL ORDER STARTS 3-WAY BATTLE New Deal, Industry and Labor Lock Horns on $19,000 Purchase. BY RICHARD I- HARKNESS United Fres Staff Correspondent WASHINGTON. Nov. 15 —A $19,000 order for German steel for a New York bridge financed by government money has provoked a three-way fight involving the New Deal, American industry and organized labor. There were a strong possibility of a Federal investigation into charges that Nazis were ’dumping” construction materials into this country, and that the Administration had not sought to stop the move. This was the situation: A sub-contractor on the TriBorough bi ldge project for which Public Works Administrator Harold L. Ickes made a $44,200,000 loan and grant, ordered $19,000 tvorth of German steel for his work. Green Protested The American Steel industry and William Green, president of the American Federation of Labor, immediately protested to project authority members. Directors of the development explained that, under Ickes' regulations, they were unable to stop the transaction. Secretary of Commerce Daniel C. Roper, after making inquiries at Ickes’ office, said he believed American materials should be used on such contracts. Ickes accused the bridge board of “passing the buck to Washington.” He said the Tri-Borough Authority could have prevented th purchase of foreign materials "if it had only taken the trouble.” Industry protested. It asked whether Ickes would seek to prevent more orders going to Germany from this $330,000,000 construction program under the $4,000,000,000 work-relief program. Amounts to One-Twentieth of Cost Steel men pointed out that Nazi materials were purchased for the $1,555,000 Morchead City (N. C.) ocean terminal. They said PWA should increase the allowed differential, now 15 per cent on orders amounting to more than SIO,OOO, between domestic and foreign metal. Although the Tri-Borough purchase amounted to only one-twen- . ticth of the bridge’s total cast, I Green spoke labor's opposition to the government's position. “Organized labor," he said, “will not stand for spending emergency relief funds for foreign steel while American workmen in American plants remain in forced idleness.” These devolpments were likely: May Increase Differential The government may make an investigation into German selling in this country. Ickes indicated such a move “would be appropriate” when asked what he would do if German orders continue. PWA may increase the 15 per cent differential, and seek to equalize the difference in domestic and foreign selling casts that made German steel 47 per cent cheaper on TriBorough. Congress may review the situation when it convenes next January and take steps to bar foreign materials from government-financed developments. Senator Thomas D. Schall <R„ Monn.) said that ‘this proposed investment of PWA and WPA funds in German steel, because of Hitler's 50 per cent bounty on exports, can be blocked at New York harbor by simply enforcing of the ‘Anti-Dump-ing Act’ of the United States Tariff Act.” NET EARNINGS SPURT Life Savers Corp. Reports Best Income Since 1932. Times Speeinl NEW YORK, Nov. 15—The Life Savers Corp., makers of candy mints and gum. today reported the best earnings during the third quarter this year for any period since 1932. The company earned $270,719 after all charges and taxes, equivalent to 77 cents a share. This compares with $253,731, or 72 cents, in the preceding quarter, and $218534. or 62 cents a share, in the September quarter last year, an increase of 24 per cent. Earnings for the first nine months'this year were, >quivalent to $1.95 a share, compared with $1.75 a year ago.

Jt. Commercial Banking Savings • Trusts American National Bank AT INDIANAPOLIS

Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.

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