Indianapolis Times, Volume 47, Number 215, Indianapolis, Marion County, 16 November 1935 — Page 14

Trends Objectives of REA Misunderstood by Many. BY JOHN T. FLYNN

YORK. Nov. 16 Commerits lately on the plans of the REA—Rural Electrification Administration—indicate that its objectives are pretty well misunderstood. Because of the government's attack on holding company s in the utility field, there is a notion that

the REA is some sort, of reinforcement for the government’s d< - signs against the utilities—a kind of third member of a trinity consisting of TV A, BEG and the REA. This is m no sense 'rue. It is the one arm of the government, which aims to act in friendly co-

John Flynn

operation with the utility interests. Its plan is to extend electric power to as many American farms as possible. This it proposes to do by a:king utility companies to utilize its resources. tt a a URAL communities car. hardly generate their own power. Close to them are the great power plants of the cities. This power is available to the farms if the lines can be extended into the farm areas. The only thing that is necessary is the action of the city plant and the nearby farmers who wish to buy the power. One thing more Is needed—funds. It is not ease for utility companies to get funds now. If they are willing to run their lines into their rural neighborhoods the REA will assist them by making the funds available as a loan at the most favorable terms. Where the utility company is not willing, not disposed to taite the risk, then the REA encourages farmers to form themselves into co-operative groups to buy power wholesale from the utility. This is even more favorable. The utility may feel in doubt as to the profitableness of a rural development. a tt a TP the farmers organize into a cooperative unit, the Government will finance them, without the utility taking any risk whatever. Then the co-operative group will buy the power directly from the privately owned utility company and distribute it themselves. This enables the farmers to get power, the utility company to get customers, the electrical construction industry to get a contract, the electrical supply industry to sell equipment. The plan looks, to an unbiased observer, like one of the most intelligent and useful of all the New Deal schemes, certatinly the one me t designed to aid recovery, provided the farmers and utilities will see their chance and provided the Administration does not get cold fee: and cut down the funds to the vanishing point. a a IJfOWEVER, it is certain that it some super-sensitive patriot will arise to denounce this attempt to make customers for private utility corporations as a plan to Soviet ize America. There are a million possible farm customers. Maybe the REA can’t get them all. But it can get a large part of them if the utilities will help. BOND ISSUE OFFERED Central Mine Power Cos. Offering Totals Sl!>,600.000. Times t Special LEW YORK. Nov. 16.—The Central Mine Power Cos. is offering a new issue of $15,600,000 of first, and general mortgage bonds, series G 4 per cent, due 1960, for the purpose of refunding three outstanding bond issues and paying off small maturing obligations, it was announced today. The bonds are being offered through an underwriting group headed by the First Boston Corp. and Coffin & Burr, Inc. They are priced at 99 per rent. Proceeds will be applied to the redemption of three higher coupon issues, aggregating $15,061,500. STORE SALES INCREASE Xu;" * Special V. ASHTNGTON. Nov. 16.—Departme it store sales in the United Str es during October were approximately 6 per cent ahead of a year ago. but failed to show the usual sea onal increase over September, the Federal Reserve Board announced today. On Commission Ilow (R**nrmted I rom I,ate Times Yesterday) Q iotations below subject to change are ave age wholesale prices being offered to buyers by local commission dealer;: Fruit—Cranberries, early blacks. 25-lb. box $4 Pears—Michigan Bartletts, bushel, $2 25: Avocados, Florida, box $2 50 Cantaloupe California Honey Dews $2.25: Casabas. $2 25; Persians, $2 25 Bananas —7 hands, a pound. 5%c. Persimmons—lnd;ana. 12-qt. case. sl. Apples—lndiana Jonathans, 51.25u1.35 Summer Ftanybos, SI: Delicious. SI 50; Wealthvs. sl-; Grimes Golem 51.35 Lemons—Sunkist. 360s ss Grapefruit—Texas. 64s to 70s. $3 75Florida seedless, 53.75 Limes—Mexican a car' >n 12s. 20c: Persian seedless a hundred. S3 Vegetables Beans, green, round stringless bu 32 25 Brels Home grown, doz... 20c Cabbage - Northern Danish. 50-lb bag. 85c. Carrots—Home grown, 35c; new bulk, half bu 60c. Cauliflower—Michigan, Crate. SI 50 Long Island, large crate. $1.50. Celery Michigan, washed and trimmed, ex'-a large. 45c: Jumbo, doz . 45c. Cucumbers Hothouse. 2 doz. box. $2 35. Kale—Home grown bu 60c. Lettuce—lceberg. California, best, $5; hemp grown leaf. 15-lb. basket. $1 10 Endive—Ohio basket. 45c Mangoes California grown, crate, *3 50413 75: small basket, 40c Mint—Doz , 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, hampers, $3. Potatoes—Round Cobblers 100ib. bag $1 65 Michigan Round White. 100lb Sag_ $1 50. Early Ohios, bu., $1 65; Idaho Russets, $2 40 Sweet potatoes- Indiana. Jerseys, bu. $1.50. Radishes—Ohio, buttons, doz. baskets. 45c. Sage—Doz . 45c Spinach Broad leaf, bu., 65c Squash —Bu . 75c. Turnips—New California, repacked. 10-lb carton. $125 Produce Markets (Reprinted From I.ate Times Yesterday) Ine prices quoted below are paid tor stork gathered in the country while delitered m Indianapolis the price will be 1 rent higher: Heavy breed hens, 17c; Leghorn breed hens. 12c: springers, over 4'. lbs, 17c: under 4% lbs., i6c: old cocks. 9c; Leghorn broilers 1% lbs and up. 12c: Legnorn springers. 12c; ducks, white. 4 lbs. and up. 8c; geese, full feathered end fat. 4c; old guineas, 15c; young guineas, 1% lbs. up 35c: No. T 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 w : be made Butter, No 1. 32%f33%c; 2. 30'aiit31 ‘tac; butterfat. 26c.

PAGE 14

VAN SWERINGEN LIABLE. OPINION ON FILE SAYS Missouri Pacific Losses in Security Purchases Form Basis. lly I 'nil til Pr< as ST. LOUIS, Nov. 16.—An opinion was on file in Federal Court today declaring that A. P. Van Sweringen Cleveland rail magnate and chairman of the board of the Missouri j Pacific Railroad Cos., is liaole for any losses suffered by the company through his purchase of $3,438,016 in its stocks and bonds. Fred L. Williams, special counsel in the Missouri Pacific reorganization proceedings, filed the opinion with the court, charging that the purchases were made without authority of the board of driectors. Judge Charles B. Paris authorized further inquiry on the basis of Williams’ opinion. Between Oct. 14 and Dec. 5, 1930, the report, states, 11.300 shares of Missouri Pacific common stocks and 23,500 shares of its preferred stock were purchased for $2,817,805, on i order of Van Sweringen as chairman of the board of the Missouri Pacific Transportation Cos., subsidiary of the railroad. Inquiry Begins Wednesday Van Sweringen, the report continued. explained that the purchases were made when the common was selling at S4O and the preferred at SIOO to reduce the capital liability on the common and the dividend liability on the preferred. Van Sweringen later purchased j two blocks of International Great j Northern Railway bonds, one fori $620,211 and another for $722,337. Further inquiry into the pur- j chases will be made at a special j hearings to begin next Wednesday in i Cleveland. The hearing will be held before Special Master Marion C. Early, with Fred L. English assist- ; ing Wiliams as special counsel. Van i Sweringen, Leonard P. Ayres, Alva Bradley, John Sherwin Jr., G. A. j Tomlinson. William W.ver and perhaps other officers of the road are among those to be examined. Local Securities (Reprinted From I.ate Times Yesterday) (Beeause quotations on local securities are unlisted on an Exchange, The Times can not assume rcsnonsibility for the ac-. curacy of these figures gathered from local brokers.) STOCKS Bid Ask Belt RR & Stk Yds com 50 ' 52',i Belt RR & Stk Yds 6% pfd... 52 Central Ind Pow 7y pfd 17 20 Home Tel&Tel Ft. Wn 770 pfd 50"a 52 Hook Drug Inc com 14 15% Ind & Mich Elec 77, pfd 99 102 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 67. pfd .... 81% 84% Indpls Pow & Lt 6%G pfd . 86 89'a Indpls Water 57, nfd . 102'/* North Ind Pub Svc 5%% pfd . 64 67 ! 2 North Ind Pub Svc pfd ... 72 77 Progress Laundrv com 6 '/a , Pub Svc of Ind 6% pfd 12 15 Pub Svc of Ind 7% pfd .33 36 So Ind Gas A- E lec 67 pfd . . 91 94 Terre Haute Elec 6% pfd .... 78 82 Union Title com 18 20 BONDS Atlanta Distr Term 67, '4l ••• 62 1 3 70 Buffalo Distr Term 67, ’4l ... 70 80 Brooklyn Postal Sta s*/a% ’4B . 37% 42 Home Tel&Tel FtW 5%% ’35..103 105 Home Tel&Tel FtW 6% ’43 ..103 106 Indpls Railways Inc 57. '67 ... 49 53 Indpls Water 4%% ’4O ... 105 107 Indpls Water 5% 'SO & ’6O . . 105 107 Indpls Water 5”2 7, ’53&’54 103’ 2 105 Interstate T & T 5%% ’53 ... 91 93 Kokomo Water Works ’SB .104 105',2 Lafayette Telephone 5% '57 102 Morris 5 & 10 Stores 57, ’SO 99 102 Muncie Water Works 57, '65 .102'/a Noblesville HL&P 6’2 '47 95 97 Ohio Tel Service 67, ’47 94 Richmond Water Works 57>’57 104% 106 St. Louis Post Office 5'.2% ’3B 18 25 Seymour Wtr Ist mtg 57, '59 101 104 Terre Haute Water Wkss7> ’55 101 1 2 103 Va Terre Haute Wat Wks 6% ’49 103 105 Traction Terminal 57, '57 -.. . 70 74 Unlisted Stocks (By Blyth & Co.I NEW YORK BANK STOCKS Bid, Ask. Bankers . 64 65% Central Hanover B & T 127'2 12912 Chase 35 1 2 37 Chemical National 54 V 56 I Guaranty 299% 303 I Irving 15*4 17'r : Manufacturers 38% 40',4 ! National City 32% 34 Cont 111 (Chicago* 84% 86% First Natt of Boston 43' 2 45% FIRE INSURANCE Aetna Fire 56 58 Cnv of New York tnew) 27'4 29', 4 Federal Ins 79'4 Great American Ins 2b’R 28'2 Hanover Fire Ins 36% 38% Hartford Fire Ins 78'j 80'2 Home Insurance 34% 36>2 Ins Cos of N A 69% 71',2 National Fire 71 73 North River Insurance 25% 27% Phoenix Insurance 89% 91% U S Fire 53' 4 55% Manchester Fire 35 36% Dividends Declared Dividend rates are given in dollars and cents unless stated otnerwise. Company - Rate Per a Payable Close. Am Sumatr Tob. 25 Q Dec. 16 Dec. 2 1 Atlas Corp p .75 t3 Dec. 2 Nov. 20 ; aßudd Wheel p 7.00 . . Dec. 31 Dec. 18 Coast Counties G&E 6 „ Ist cum p .150 Q Dec. 16 Nov. 25 Compo Shoe Mach 12'2 Q Dec. 2 Nov. 23 Dominion Bank of Canada 2.50 Q Jan. 2 Dec. 20 bDresser Mfg A part r. , 1.50 .. Dec. 1 Nov. 20 Electrogruohic Corp .. .25 . . Dec. 2 Nov. 20 Florsnt-im Sh A . .25 Q Jan. 2 Dec. 14 FTorsheim Sh A. .25 spe Jan. 2 Dec. 14 Florsheim Sh B .12 1 2 Q Jan. 2 Dec 14 Florsheim Sh B .12 1 Jan. 2 Dec. 11 cGen Refrctones .50 Dec. 30 Dec. 2 ! Gt All & Pac .. 150 Q Dec. 1 Nov. 22 Gt At 1 & Pac .. .25 ex Dec. 1 Nov. 22 Gt At 1 & Pac p 175 Q Dec. 1 Nov. 22 Hoyden Chem .. .25 Q Dec. 2 Nov. 26 Heyden Chem . . 25 ex Dec. 2 Nov. 26 Long Isid Ltg 7 , A p .. 1.75 Q Jan. 1 Dec. 16 Long Isld Ltg 6’r B p .. .1.50 Q Jan, I Dec. 16 : Kings Ct Ltp--7 B 1.75 Q Jan. 1 Dec. 16 Kings Cc Ltg 6' C j, .. 1.50 Q Jan. 1 Dec. 16 Kings Cos Ltg 5 U p 125 Q Jan 1 Dec. 16 Nassau & Suffolk Ltg 77 p .75 Jan. 1 Dec. 16 Omnibus Corp 200 Q Jan. 2 Dec 13 Pac Am Fisheries .25 Dec 16 Dec 2 Patterson Sargnt .25 Q Dec. 1 Nov. 23 : tiPenn Wat&Pw 1.00 Q Jan. 2 Dec. 16 Peoples Drg Sirs .25 Q Peoples Drg Sirs .50 ex Pioneer Old Mns .20 Q Jan. 2 Dec. 2 Queensborough G&EI 6 r r p .150 Q Jan. 1 Dec. 16 eSwan-Finch Oil p ... .43 3 4 .. Dec 16 Dec. 2 fSwan-Fmch Oil p ...... .43% .. Dec. 18 Dec. 2 Tech Hughes Gold Mines .10 .. Jan. 2 Dec. 10 Tri-State Tel&T ’ P „ 15 Q Dec. I Nov. 15 gUntted Wall Paper pr P .. 600 .. Dec. 2 Nov. 20 Quaker Oats .. 1.00 Q Jan. 15 Dec. 31 Quaker Oats p 150 Q Feb. 29 Feb. 1 aClears up ail accumulations. bFirst payment since December ’.. 1934 ! cPreviously paid 25 cents on November : 25. 1931. din preceding quarter company paid 75 cents. eOn account of accumulations. fFor quarter ended Sep. 1, 1931. gCuts arrearage to 36 00 a share. LOCAL CASH MARKET City grain elevators are paying 88 cents for No 2 soft wheat. Other grades on their merits. Cash corn new No 4 yellow 49 cents and oats 19 cents. CHICAGO PRIMARY RFCEIPTS Today Last Week Wheat 487 000 731 000 Corn / 593.000 420.000 Oats .J. 217,000 287.000

Abreast of The Times on Finance

TREND OF COMMODITY PRICES AND TRADE CHARTED 90 1 ~t|Bo MOODY’S DAILY ff \ q BO- p A ——j |I60 X § " j 1 WEEKLY v**’’* j r | co 1Q : : BUSINESS TREND I ' MO g I .••*** 60J [___] MOODY’S INVESTORS SERVICE | NOV. OEC. JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEP OCT. NOV 1934 1935

New York Stock Exchange Prices

(By Thomson & McKinnoni Prev. Oils— High. Low. Close. Close. Amerada 76% 74% 75% 76 Atl Rfg 25''2 24% 25' 8 25 Barnsdall 12 11% )l 7 8 11% Consol Oil 9 3 ,4 9'2 BV2 9% Cont of Del 27 26 1 4 27 264 Houston (new).. 44 4‘ 8 44 4' 4 Mid Cont Pet... 16 5 a 164 164 164 Ohio Oil 12 11% 11% 114 Pet Corp 114 11 ', B 114 114 Phillips Pet 36 4 3 6 36 4 354 Plymouth Oil .. 124 114 124 12 Pure Oil 124 114 12 114 Seaboard Oil ... 33 4 324 33 314 Shell Un 144 134 14 134 Skelley Oil 164 16 164 164 Soc Vac 124 124 124 124 S O of Cal 384 374 374 374 S O of Ind 28 4 28 4 28 4 23 S O Os N J 504 49 4 494 49 4 Texas C'orp .. 25 24 25 234 Tidewater Assn . 12 114 114 11 Un Oil of Cal ... 21 204 21 20 4 Acme 74% 74 Vi 74% 73 4 Steels— Am Roll Mills ... 314 314 314 314 Beth Steel 48 4 474 47 4 48 Byers AM. .. 164 164 164 184 Col Fuel & Iron 34 34 34 34 Cruc Steel 284 2314 28 4 28 Inland Steel 104 4 104 104 4 1044 Ludlum Steel ... 25 244 244 254 McKeesport Tin. .126 1244 126 125 Mid Steel 22 4 22 4 22 4 224 Natl Steel 83 4 82 4 83 83 4 Otis Steel 17'4 164 164 164 Rep Iron & Steel 194 194 194 194 Rep Iron & St' p 95 95 95 964 U S Pipe & Fdy 204 20 20 20 4 U S Steel .. 50' a 497, 49 4 494 U S Steel pfd ..116 112 116 1114 Warren Bros 34 34 34 34 Youngstown S&T 35U 34% 344 344 Motors— Auburn 37 4 37 37 4 37 Chrysler 89 4 86 4 89 87 4 Gen Motors ... 59 4 58 4 58 4 584 Graham Mot .. 3 4 33 34 Hudson 16 154 154 154 Hupp 24 24 2-4 24 Mack Truck ... 22 4 214 22 4 214 Nash 18 174 174 174 Packard 64 64 64 64 Reo ... 4 34 4 4 3 4 Studebaker 74 74 74 74 Yellow Truck ..84 7 8 7 Motor Access— Bendix 21 Vi 214 214 224 Bohn Alum .... 52 504 52 504 Borg Warner ... 62 4 60 4 62 4 63 4 Briggs 53 524 524 534 Budd Mfg 8 74 74 74 Budd Wheel ... 114 114 114 11 1 2 Eaton Mfg ... 284 28 4 2 8 28 Elec Auto Lite ■■ 364 354 354 354 Elec Stor Bat ... 564 564 564 564 Houdaille ''B” .. 27 4 264 26 4 27 Mullins Mfg .....15 15 15 15 Murrav Body . . . 184 184 184 13*8 Stew Warner ... 17% 17 17 17 Timken Roll 70 4 68 4 70 68 4 T.nrkcn Det Axle 10Vr 9 4 10 94 Mining— Alaska Jun 144 144 144 144 Am Metals 284 27 4 28 4 2(4 Am Smelt 594 59, 594 a94 Anaconda 224 224 224 22 * Cal & Hecla ... 54 54 54 5 Cerro De Pasco . 594 58 58 58 v Dome Mines .... 394 39% 39 4 39,2 Granbv 13% 134 }34 134 Gt Nor Ore • ..14 7 / 144 14% 14-,4 Homest.ake Min. 402 402 402 4(4 Howe Sound .... 55 544 544 544 Ins Conner fi 2 6*2 6 2 h 8 Int Nickel 38 4 374 374 38 Isl Creek Coal . 264 20% 254 26 Kenne Cop ■ 284 27 s 27 a 28 a Mclntvre Mine . 364 36 364 3b Park Utah 44 4 4 44 Phelps Dodge . 25 a 24 a 24 s 25 St Joe Lead ... e,i 22 4 22 4 22 2 U S Smelters .. 96 94 4 94 4 9a_4 Vanadium 20 19- 8 19 s 19'4 Amusements — Crosley Radio .. 174 z 174 174 174 Fox Theater ... 214 21 21 21 a Loews Inc 53 1 b 51 j o3 b 51 \ Radio Corp .... 10 94 94 10 Paramount 9-b RKO 5 3 4 5*2 5*2 /8 Warner Bros ... 94 9’/a 94 9 Tobaccos — Am Sum Tob •27 4 26 4 27 4 27 4 Am Tobacco A’ 102 1014 1014 102 Am Tobacco ’B’ -1054 104 105 104 4 Gen Cigars 49 4 4 8 48 50 2 Lig & Myers ’IT. 1164 1154 1154 1164 Lor ilia rd ■■■ 264 26 4 264 26 4 Phillip Morris 614 614 61 a 61 4 Reynolds Tob ‘B’ 584 57 2 57/8 ao Rails— Atchison 53 4 52 52 4 51 4 Ail Coast Lines. 28 4 274 27-4 28 a B& O 154 5 54 154 Can Pacific .... 11% 104 11 4 'J. 8 Ch & Ohio 52 4 514 52 51,2 Chi &Gt W 14 1 J 1 Chi & Gt W pfd 24 24 2 a 2 4 C M & St P .14 1 1 1 . CM& St P pfd. 2 I’ B 1" i 8 Chi N W ... 24 2 24 2 Chi N W pfd.... 54 54 54 5 De’.a & Hud ... 364 35 a 36 2 35 2 Del Lac & W ... 6 154 154 Fr i p 114 11 11 104 Erie pfd 154 144 154 ill 4 art North’n pfd 304 294 304 294 111 Central 164 16 16-a 16 a K C Sou 64 64 64 64 Lehigh Valley 94 9 9 8 a Lou & Nash .... 53 4 51 4. 53 50 4 M K & T ■ . 54 44 5 4 s MK & T pfd .. 11 Vi 114 11V* 1 Mo Pac l’s 1% 1% 1 5 Mo Pac pfd ••• 2\ 2-8 24 2 ■ N Y Cent .25 4 244 254 24 4 N Y New Haven 3 24 24 2 a N Y Ont & West 44 44 4:s 44 Norfolk & West 200 200 200 1994 Nor Pacific 21 4 20 4 204 20 2 Penn R R 29 4 29 4 294 29 4 Rpading 374 37 4 37 4 36 Sou Pac 204 19’s 204 J 94 Sou R R 104 10 104 104 Union Pac ■ .1014 iCO 1 .014 99-4 West Maryland . 84 S4 84 o 4 Equipments— Am Brake Shoe .40 4 4040 40 Am Car & Fdv.. 284 26 28 26 Am Loco ... 224 21% 224 204 Am Steel Fdv ..24 23 23 4 244 Bald Loco 3 2'a 2% 24 Gen Am Tnk Car 44 42 4 43 4 42 Gen Elec 40 394 4040 Gen R R Sig ... 37 4 364 374 364 Pullman Inc 364 35*8 3a-a 35 t West Air Br 324 314 324 31 8 Westingh Elec .85 4 94 4 955 4 95-s Utilities— Am & For Pwr . 7% T 7 74 Am Power & Lit B*4 84 82 ~§' 4 AT&T ..149% 1484 1494 149 Am Wat Wks •20 4 20 4 20 4 20 4 Col Gas & Elec . 144 144 H'r 14 4 Comm & Sou ... 24 24 24 -s Consol Gas ■■ 324 31;a 3j 3- a Elec Pwr & Lit 6 54 6 Int Hy Elec .. 3- 2 34 3 * 3 * Interboro R T • ■ 18% 18 18 4 1 4 Int T , 8 20 - 8 Nat' Pwr & Lit 104 104 104 104 North Amer 26 4 26 4 -6 a 26 4 Pac G& E 304 30 30 30 Peoples Gas ••• 37 36 36_ 36 a Pub Serv NJ•• 45 44 4 44 s 45 So Cal Edison .. 264 25 8 2b a *6^a QtH .... 5*4 5*2 5*2 4 Stone Web ... 13’ 2 12** United Corp .... 64 64 64 t Un Gas Imp v lB 17-4 17.8 17. U Pwr &Lt ‘A 34 33 3 t West Union .... i4's i3-s ‘4 2 (3 4 Rubbers— Firestone ... 164 164 16% 16% Goodrich 15 s 12 2 12 a 12 a Goodyear 22% 21 2 21 a -2 4 U S Rubber 15 144 144 14 a U S Rubber pfd 41 404 404 404 Miscellaneous — Allis Chalmers 37 35% 36 36% Am Can 14 5! 2 I** 2 Am Mach & Fdy 33 4 32 4 32 4 32_a Anchor Cap 154 154 154 lb a Brklyn Man Tr 424 414 414 414 Burroughs Add . 26’* 264 26-. 26 •* J I Case 1104 1064 109 3 . 1054Conti Can 974 964 97 964 Caterpillar Tract 59 4 57 59 4 57 4 Crown Cork 43 464 48 47 Curtis Pub 194 19 194 19 Curtis Pub pfd 1014 1014 1014 101 Deere & Cos 584 57 3 1 58 57 4 Eastman Kodak 172 1674 171 1864 Foster Wheeler 224 214 21 7 a 22 Gillette 174 17 17 17 Glidden .. - 41 4 40 4 41 41 4 IngersoU Rand 1174 1174 1174 1174 Int Bus Mach ..181 1804 1804 180 Inter Harv . 65H 63 644 624 Natl Cash Reg .. 30% 30% 20% 204

INDIANAPOLIS, SATURDAY, NOVEMBER 16, 1935

Owens Bottle . .128 128 128 128 Rem Rand 15 14% 14% 14% Underwood E 814 80 80 81 Worthingtn Pmp 22 4 22 4 22 4 22 4 Foods— Am Sugar 56 4 55 4 55 4 564 Armour 44 44 44 44 Armour 6s pfd . 654 65% 65 4 65 4 Beatrice Cream 20 184 20 18 Borden Prod . 274 274 274 274 Cal Packing 374 36 37% 36% Canada Dry G A 134 134 134 134 Cont Bak “A”.. 84 8% 84 8% Corn .Prod . ... 73 4 72 4 724 73 4 Crm of Wheat... 374 374 374 37% Gen Baking 114 11% 114 11% Gen Foods 334 324 33% . 33 Gold Dust 18't 174 18 17 G W Sugar 314 304 314 304 Hershev 754 75 75Vi 75 Int Salt 274 27 274 274 Loose Wiles 394 394 39 4 40% Natl Biscuit .... 354 354 354 35% Natl D Prod .... 184 784 184 184 Purity Bak 154 15% 15% 154 S Porto RiCo Sug 27 264 264 264 Std Brands 154 144 154 154 Un Biscuit 24 23 % 24 234 United Fruit. .... 71% 70% 714 70** Wriglev 77% 77 4 77 % 77',4 Retail Stores— Assd Drv Goods 16% 16 16 16% Best & Cos . 57 56 Vi 57 56% First Natl Stores 454 45 45'i 46 Gimbel Bros .... 6% 6% 6% 64 Gr Un Tea .. 3% 34 3% 3 4 Allied Dent Sts . 8 74 74 74 Jewel Tea 55 4 55 55 4 55 4 Kresge S S 27 4 27 4 274 274 Kroger Groc 27 264 264 264 Macv R H 53 4 52 % 53 4 53 McCrorv St 124 114 124 12 McLellan St .. 134 134 134 134 Marshall Field . 144 134 134 134 May Dept St .. 534 534 534 534 Mont Ward 38 37% 374 374 Nat Tea 94 9 94 8% Penncv J C 824 81 82 81 Safew 7 ay St 35 4 33 4 34 % 334 Sears Roebuck . 66 65 4 654 654 Woolworth 57 4 569. 57% 57 Aviation— Aviation Corp .. 44 4 44 4V's Boeing Aircft .. 14 13% 134 14 Curtiss Wright 3 24 33 Curt Wright "A” 84 84 84 84 Douglas Air .... 34 334 34 344 Nor Am Av .... 6 54 54 6 Sperry Corp .... 154 124 124 124 United Air (new) 21 204 20 4 21%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. R.iils. Util. Bonds. Today 90.7 79.2 *102.8 90.7 Yesterday 90.5 78.8 102.7 90.7 Week ago • 90.6 78.6 102.7 90.6 Month ago 90.0 77.4 101.0 89.5 1935 high 90.7 86.4 102.7 90.9 1535 low 83.6 71.0 89.3 83.0 •New 1935 high. (Copyright, 1935. by Standard Statistics) V. S. GOVERNMENT BONDS tßv Abbott. Proctor & Painei Prev. Cloia close Treasury’s 4s 1944-54 110.21 110.24 3%s 1946-56 109.3 109.5 3' 7 gS 1943-47 .' 106.5 106.3 3%S 1941-43 107.7 107.5 3%s 1943-45 105.7 105 6 3%s 1941 107.17 107(17 3% s 1944-46 104.28 104.24 3%s 1946-49 103.17 103.19 3%s 1949-52 103.13 103.3 3s 1951-55 102.16 102.19 3s 1946-48 102.19 102.16 2%s 1955-60 99.30 99.31 2%S 1945-47 100.25 100.27 Home Owners Loan Corp. 2% s 1949 99.17 99.19 3s 1952 100.23 100 24 Federal Farm Mortgage Corp. 3%S 1964 102.14 102.15 3s 1949 100.25 100.27 3s 1942-47 101.11 101.9 2%s 1949 100.5 100.1 DOMESTIC Prev. .Close, close. Alleg Corp 5s ’44 85% 85% Alleg Corn 5s '49 78% 78% Alleg Corn 5s ’SO 39% 38 Am Frgn Pow 5s 2030 67% 69 Am Tel & Tel 5%s '43 114 114 Am Tel & Tel 5s ’65 113 113 Arm & Cos .Dell 5%s ’43 95% 95% Atl Coast Line 4s ’52 95 94% Atl Coast Line 4%s ’64 80 80 Atch Top & SFe 4%S ’4B 108% 107% Am Wat Wks 5s '44 Ito% 111% Am Rollin Mills 5s ’3B 126 126% Balt & Ohio 5s ’95 71% 71% Balt & Ohio 6s '95 81% 82 Bait & Ohio 4%s '6O 56% 56% Buff Roch & Pitt 4%s '57 61% 63% Chi Milw & St P 5s ’75 11% 10% ChTMilw & St P 5s 2000 4% 4% Clevc Un Term 5s ’73 99% 99% Cl p Un Term 4%s ’77 91% 90% Col Gas 5s Mav ’52 99% 99 Col Gas 5s April '52 99% 99% Col Gas os ’6l 97% 97% Can Pac Pern 4s 84% 84 Cent Pac 5s '6O 84% 84% Bie Four 4%s '77 73% 72% Big Four 5s ’63 §O% 80 Colorado &So 4%s 'BO 51% 51% Chi & West Ind 4s 52 98% 98% Chi & West Ind 5%s ’62 106 105% Chi & Nor West 4%s ’49 8% 8 Con Gas 5s ’57 105% 105% Chesa Coro 5s '47 lip 1 2 11“’ G Del & Huds 4s '43 (5 '% N Y Dock 5s 38 53% 53% Erie 5s '67 B£% ®5% Gen Cable 5%s ' J 7 ■ 99% 99 Grt Northern c ?* *2i 8 dot ß Grt Northern 4 1 2S ’7b 93 Grt Northern 4 1 2S *77 92 * 92 >4 Gen St 1 Cast W W 5*25 ’49 83 s 84 Hud & Manhat Ref 5s ’57.... (9% 81 2 111 Cent 4%s '66 52% 53 111 Cent J. 4%- ’• 54% 55 _a 111 C°nt 5s '63 80 59- 8 I-terlake C&I 5S 'sl 84% 84 2 In'.ernt’. H> Elec 6s '44 j- 46 ■ Tnterntl Tel & Tel 4%s ’39 81% 81% In.er’itl Tel & Tel 5s 55 (3's .3 2 Tnterntl Tel & Tel 4%s ’52.... 69% 69% McKess & Rob 5%s 'SO 102% 102% Natl Dairy 5%s ‘4B 4 Natl Steel 5s '56 106 106 4 Nickel Plate 4%s ’7B 63% 62% Nickel Plate 5%s ’74 (4% 73 Nickel Plate 6s '35 83 7(,2 N Y Cent 5s 2013 74% (3% N Y Cent 4%s 2013 (oldl 74% 69% Nor Amer Cos 5s ’6l 1 2^ 4 Nor Pac 3s 2047 70% (0% Nor Pac 4%s $047 89 88 Nor Pac 6s 2047_ 102 102 Nor States Pow as 41. 106% 106 2 Otis Steel 6s 4i 100% 100 , Penn Rv 4%s 84 104% 104 8 Penn Rv 4%s 81 104% 104% Penn Rv 4%s ’7O ' 4 .^L 4 Pac G & E 5s 42 105% 105 a Portland Gen El 4%s '6O 74% 98 Para Publix 5%s o 0 93 93 Penn P & L 4%s 81 106 106 Postal Tel & Cab 5s 53 33% 103% Rem Rand WW 5%s '47 104% 101% Sou Pac 4%s '6B if, 4 Ao, 2 Sou Pac 4%S 'Bl < ? ±3 4 Sou Pac 4%s '69 ;4% 4A Sou Pac 4s ’49 (6% .7 Sou Rail 4s ’56 44% 43% Sou Rail 6s ’56 54 Sou RAil 6%s 56 .55A 2 * Sharon Stl 5%s 48 102 , 103 Texas Pac 5s ’BO 90 89% Texas Pac 5s '79 90% 89% Texas Pac 5s ’77 91 89% Union Pac 4s 4i 111% Hl% United Drue 5s ’53 94 93% U S Rubber os ’4( .......100% 100% AJY NH & Hart 6s ’4B NY NH & Hart 4%s '67 25% 26 Warner Bros 6s 39 89 2 89% Western Mary 5%s 77 105 10d Western Mary 4s '52 95% 9,v% Youngst'n S& T 5_ 4 78 101 JOO% Youngst'n S&T 5s ,3 101 103 *2 FOREIGN Argentina A 6s 57 98 93% Argentine B 6s ’SB 98 97% Brazil 8s '4l *7 27% Canadian Govt 4s '6O 10a% 105% Denmark 4%s 55 99% 100 German 5%s '65 31% 31 German 7s 49 39% 39% Italy 7s 'sl 62 62% Japan 6%s 54 98% 98 Poland 7s '47 103% 101% Rome 6%s ’52 53 53 Tokie City 5%s '6l 82% 81% Yokohama 6s '6l 86 85%

Chemicals— Air Reduction .1704 1694 1694 1694 Allied Chem 164% 163 4 163 4 163 4 Am Com Alcohol 33 32 32 314 Col Carbon .... 974 96 96 97% Com Solvent ... 224 21% 214 21% Du Pont 1434 142 142% 1414 Freeport Tex ... 284 28 28% 284 Liauid Carb . .. 35% 34% 35 34% Math Alkali . . 314 31% 31% 314 Monsanto Chem 94 93% 94 94 Natl Dis inew'l 324 314 314 32 Schenlev Dist . . 53 4 51% 52% 514 Tex Gulf Sulnh 314 304 314 304 Union Carbide .. 73% 72% 73Vi 73% U S Indus Ale... 74% 464 47 474 Drugs— Bristol Mvers ... 41% 41 41 40% City Inc 6 5% 5% 5% Lambert 23% 23 23 22% Lehn & Fink ... 124 124 124 124 Sterling Prod . . 66 4 664 664 65% Un Drug (new).. 10% 10% 104 10% Vick Chem .... 42V's 41% 414 41 Zonite Prod .... 6 54 6 6 Financial— Adams Exp 94 9% 9% 9% Allegheny Corp . 24 2% 2% 24 Am Int Corp . . 104 104 104 10% Chesa Corp ... 56% 55 55% 56 Lehman Corp .. 95 94% 99 94 Transamerica .. 12 11% 12 11% Tr Conti Corp .. 7% 7% 7% 74 Building— Am Radiator ... 204 204 20% 20% Gen Asphalt .. 204 19% 20 194 Holland Furnace 24% 24 24% 244 Int Cement ... 36% 34 364 34 Johns Manville . 98 96% 96% 98% Libbv Owens Gls 47% 464 46 4 47% Otis Elev 21 20 4 20 4 21 U S Gypsum ... 844 834 8% 82Vi Ulen Cons 34 3% 3% 4 Household— Col Pal Peet 174 17% 17% 17% Congoleum 414 41 414 40% Kelvinator 15% 15Vi 15% '15% Mohawk Carpet.. 22 214 214 22% Proc & Gamble . 48 4 464 47 4 48 4 Servel Inc ... 12% 124 12% 12% Simmons Bed .. 19V* 18Vi 184 18-4 Textiles— Amer W001en.... 94 9% 94 9% Belding Hem .... 144 134 144 134 Celanese C'orp ... 28% 28 28% 284 Collins Aikman.. 39% 38% 38% 384 Gotham Hose .. 94 84 84 9 Indus Rayon 31% 31% 314 32 Kavser Julius .. 26 26 26 26 Real Silk 10 94 10 10 PURCHASES American Thread Cos. Takes Over Plant in Tennessee. Bp United Press WILLIMANTIC, Conn., Nov. 16. The American Thread Cos. has purchased the plant of the former Mutual Thread Cos. at Bristol, Tenn., which will commence operations only on finishing processes within the next two weeks. Company Agent David Moxon said he was unprepared to say what effect the Bristol operations would have on the finishing work now done here. The company owns another southern plant at Dalton, Ga. Local Livestock (Reprinted From Late Times Yesterday) HOGS Nov. Bulk. Top. Receipts. 9. $9.55® 9.60 $9.65 1000 11. 9.650 9.70 9.75 4000 12. 9.650 9.75 9.75 6000 13. 9.400 9.50 9.50 6000 14. 9.40® 9.55 9.55 4000 15. 9.50® 9 60 9.70 4000 Light Lights. (140-160) Good and choice . $9.25® 9.60 Medium 8.75® 8.40 Lightweights. 1160-1801 Good and choice .. 9.60® 9.70 Medium . 9.10® 9.60 (180-200) Good and choice .. 9.60® 9.70 Medium 9.10® 9.60. Medium Weights. (200-2201 Good and choice... 9.60® 9.65 (220-2501 Good and choice .. 9.50@ 9.60 Heavyweights. (250-2901 Good and choice .. 9.35® 950 (290-3501 Good and choice... 9.05® 9.35 Packing Sows. (275-3501 Good 8.25® 8.50 (350-4251 Good 8.000 8.40 (425-4501 Good 7.85® 8.25 (275-4501 Medium 7.55® 8.25 Slaughter Pigs. (100-1401 Good a%(l choice .. 9.00® 9.25 Medium 8.25® 9.15 CATTLE —Receipts, 300— (500-900) Choice $10.00011.25 Good 8.50010.50 Medium 6.50® 8.50 Common 4.50® 6.50 (900-1100) Choice 11.00012.00 Good 8.75® 11.25 Medium 6.75® 8.75 Common 5.00 0 6.75 (1100-1300) Choice 11.25012.50 Good 9.00011.25 Medium 7.00® 9 00 (1300-1500) Choice 11.50012.50 Good 9.00011 50 Heifers (500-750) Choice $9.00010 25 Good 7.50® 9.00 Common and medium 4.25® 7.50 (750-900) Good and choice 8 00010 50 Common and medium 4.25® 8.00 Cows Good 5.00® 6.00 Common and medium 4.000 5.00 Low cutter and cutter 3.00® 4 00 Bulls, good 5.50® 6.00 Cutter, coni, and med. bulls .. 4.00® 5.50 VEALERS —Receipts, 300— Good and choice $10.50011 00 Medium 8.50010.50 Cull and common 5.50® 8.50 Calves (250-500) Good and choice ... 7.00 0 9.50 Common and medium 4.00 0 7.00 —Feeder and Stocker Cattle—-(soo-800) Good and choice . . 6.50® 8.25 Common and medium -. 4 25® 6.50 (800-10501 Good and choice . . 6 50® 8.50 Common and medium 4.25® 6.50 Cows Good 5.00 0 6 50 Common and medium 4.00® 5.00 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 lbs. down, good and choice SIO.OOOIO. (b Medium 8.25® 10.00 Ewes. (90-1251 Good and choice . 4.00® 5.00 All weights, common and me- __ dium 3.50® 4.50 (120-1501 Good and choice 3.00® 4.00 Chicago Grain Futures (Reprinted From Late Times Yesterday) Prev. Wheat— Open. High. Low’. Close, close. Lec. ... .94% .96% .94% .96% .95% May .. .95% -97% .95% .97 .95% July ... .90% .90% .89% .89Vi .89% Corn— Dec. .. .60 .60% .59% .60% .59% Mav .. .59% .59’a .59% .59*4 .59% July . .60% .60% .60% .60% .60% Oats— Dec .. 27 .27% .26% .27% .26% Mav . 28% 28% 28% .28%b .28% JUly .29 29% .29 .29% .23", RyeDec. . . .49% .50% 49% ,50%a .50 May . . .52 .52% .52 .52% .52% July 52 wa .52% Barley— Dec. .. .41%b .42 I.ard— Dec 12.42 12.60 12 42 12,60a 12.32 Jan. ... 12.52 12.52 12.40 12.47a 12.27 Mav 12 32 12.40 12.32 12.40 b 12.22 tiuAsk. ti Bid.

BANKERS BREAK WITH NEW DEAL, IT IS APPARENT Prepare to Open National Educational Program on Bank Services. Bp United Press NEW ORLEANS. Nov. 16.Bankers and representatives of big I business have made a clean break with the New Deal, it was apparent following the close of the 61st annual convention of the American Bankers’ Association. Despite assurances of Robert V. Vleming. Washington, newly-in-stalled president of the association, that the ABA was "not a political organization and would not be mixed up in politics so long as he was president,” it was evident that the organization had bolted "mid-dle-of-the-road” leadership and was ready to fight the New Deal openly. Coincident with the break with (he Administration and the New Deal, it was announced that the association was prepared to open a nationwide campaign to educate the public in the services the banks can render. Break Appears Wider It was denied that this mapaign was in any sense designed to counteract public opinion which has been increasingly critical of bankers. The break appeared wider than ever after the installation of Orval Adams, "unit” banker of Salt Lake City, as second vice president. Under the rotation system of office tenure, Adams will become president of the association in two years. Adams is a severe critic of the New Deal and advocated an embargo on government bonds to stop government spending. Marriner Eccles, governor of the Board of the Federal Reserve System, gave the final speech for the New Deal. Rplying to Adams’ suggestion of an embargo, he said: "Those who talk of boycottin government bonds suggest a drowning man to whom a little line is thrown, but who objects to it as an interference with his individual right and liberty to drown.” Sibley Final Spokesman Eccles also told the bankers that the way to get the government out of the banking business was to get out and lend money themselves, at low interest rates. The final spokesman \ for the bankers was Harper Sibley, President of the United States Chamber of Commerce, who attacked the government for its staggering deficits and increasing taxation. He also took issue with Rexford Guy Tugwell, Undersecretary of Agriculture, for saying that America was witnessing the death of plutocracy and the birth of democratic discipline. "That,” Sibley said, "is the same thing as saying, *on to Moscow,’ ” The delegates elevated Tom K. Smith, St. Louis, to first vice president and the new Executive Counil named Arthur B. Taylor, President of the Lorain County Savings and Trust Cos., Elyria, Ohio, treasurer. F. N. Shepherd, New York City, was re-elected executive secretary. San Francisco was chosen for the 1936 convention on motion of A. P. Giannini, west coast banking empire leader. ASPHALT SHINGLE AND ROOFING FILES PACT Approval of Fair Trade Practice Agreement Sought. By United Press WASHINGTON, Nov. 16.—The $85,000,000 asphalt shingle and roofing industry today joined the list of American industries seeking approval from the Federal Trade Commission of a voluntary trade practice agreement. The industry's agreement would also seek to regulate labor relations, including wages and hours, and these provisions of the proposed agreement are now before the National Recovery Administration for study. The Trade Commission is investigating provisions of the proposal which seek to bring about cessation of ‘chiseling” and unfair trade practices in the industry, such as price cutting, misleading advertising. secret rebates and imitation of branding. CITIZENS HOLD LARGE AMOUNT OF OLD BILLS Treasury Reports §250,000,000 in Money Outstanding. Bp United Press WASHINGTON, Nov. 16.—Americans are still holding a quarter billion dollars of the old large style money that was abandoned by the Treasury seven years ago. In 1928 the Treasury began replacement of the old large style money as a step to reduce the cost of printing and to make it more convenient to handle. Up to Sept. 30, 1935, the Treasury said. 85 SIO,OOO bills had not come in for replacement. All ether denominations of money are represented in the outstanding large bills with the number of $1 bills amounting to 29.536.316. A total of 7.826.905 of $5 bills has not yet been replaced and 5.456.133 in old $lO bills is outstanding. NEW WIRE SYSTEM Western Union Starts Facsimile Method of Transmission. Bp United Press NEW YORK. Nov. 16—Western Union Telegraph Cos. has inaugurated regular commercial transmission of messages between Buffalo and New York by facsimile telegraphy, the first development of the sort in the country. The process transmits messages exactly as the sender prepares them, whether by longhand or typewritten, much in the manner made familiar by telegraphed and cabled news pic--1 tures.

Receive W age Increase Employes of the United Z>nr Smeltin' i Corp. will receive wage increases of J-7 cents a day starting Sov. 16. it was announced by President M. TV. Lohman. High cos tot living is cited as the reason.

Busigraphs trend or FACTORY EMPLOYMENT (u. s. DEPT, or LABOR) 120- m-rren uve k the p* 4 t TEN TEAKS AVERAGE of THF SAME MONTHS £so — 1 ■ rs" D ’ 7 " • v> v u! * U 40-: O ’/ ■ // - / / ■// A z ;% A // 7/ y\ Y/ y A y y. y A c X.Y/X/r ,I rl Vie (LT .1. 1. ■ SONDjrMAMJJAS '934 I LLLi THE EARKER corp. GENEPAi- DISTRIBUTORS INCORPORATED INVESTORS The United States Department of labor index of factory employment in September was 10 per cent ahead of a year ago, and only 1'- per cent below the September ten-year average. The index stood the highest for any month since November, 1930, and was 42 per cent above the low point in March, 1933.

FUNDS FOR POTATO ACT GET APPROVAI $1,300,000 Is Released to Start Administration. Bp s nited Press WASHINGTON. Nov. 16.—Controller General J. R. McCarl has approved an application by Secretary of Agiiculture Henry A. Wallace for funds to begin administration of the Compulsory Potato Control Act, it was learned late yesterday. Wallace asked for approximately $1,300,000 to carry out provisions of the Act until Feb. 1. by which time an appropriation bill could be passed. Money for the Act was included in the third deficiency bill which failed of passage last session. Under the Act, Wallace is required to issue national and state allotments for potato production. On all potatoes sold above the quota a tax of 3h cents a pound must be paid. The national allotment was fixed at 226.600,000 bushels for this year. Wallace has expressed disapproval of the Act as drafted, especially in its compulsory features and recently stated that he had been assured it would be changed at the next session of Congress. The tax exempt sales allotment of 226.600.000 bushels would accompany a total production of from 350.000.000 to 355.000.000 bushels, according to Wallace's figures. The allotment equals the average annual sales of potatoes from 1929 to 1933 and. according to Wallace, would tend to raise prices to parity GOLD. SILVER IMPORTS SHOW SHARP DECLINE Department of Commerce Reports Slump for Week of Nov. 8. ltp United Press WASHINGTON, Nov. 16.—Gold and silver imports into the United States showed a sharp slump in the week ended Nov. 8, compared with the previous weeks, the Department of Commerce reported today. Silver imports in the week ended Nov. 8, fell to $1,900,950 from $17,423,461 in the preceding week. Gold imports fell to $19,822,465 from 558.871.228 in the preceding week. Included in the latest week's silver imports were $794,454 from Mexico; 5559,786 from Canada, and $187,241 from Peru. CAR LOADINGS DECLINE Total for Week Ending Nov. 8 Reported at 653,525. Bp United Press WASHINGTON. Nov. 16.—The American Association of Railroads announced carloadings for the week ended Nov. 8 totaled 653,525 cars, a deacrease of 27.137 below the preceding week, but an increase of 58,735 over the same week of last year. Miscellaneous freight loadings totaled 264,745 cars, a 14,039 decrease below the preceding week, but an increase of 40,395 above the corresponding week in 1934. Merchandise totaled 164.511 cars, a decrease of 1065 below the preceding week, but 4497 above the corresponding week of 1934. WHEAT ESTIMATE OFF Times Special OTTAWA. Nov. 16.—The Dominion bureau of statistics today estimated the Canadian wheat crop this year at 273.971.000 bushels, compared with the preceding estimate in September of 290.541.000 bushels. Last vear the harvest amounted to 275,849.000 bushels. HUDSON BOOSTS OUTPUT 1 imrs Sprr-ial CHICAGO, Nov. 16.—Production of Hudson and Terraplane cars, which was tentatively set at 25,000 up to Jan. 1, has ~een increased to 33.500 as a result of a growing demand during October, Roy D. Chapin, president, announced today.

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PROSPERITY ON WAY, CHAIRMAN OF BOARD SAYS Makes Prediction in Front of U. S. Building and Loan Convention. Bp United Press CINCINNATI. O Nov. 16. A prediction that the United States is on its way "to greater prosperity than it has ever known." was made by John H. Fahey, chairman of the Federal Home Loan Bank Board, in addressing delegates to the United States Building and Loan League convention here. Observing that the government has extended unprecedented as-' sistance to farm and home owners, Fahey said governmental leaders now expect private agencies to assume their responsibilities and meeting housing needs. "Recovery is well under way.’’ Fahey said. "Even the most confirmed pessimists are unable to close their eyes to the undeniable facts. Every business and financial index shows it. Rising property values, increased employment, and the earning statements of tens of thousands of enterprises prove it.” Large Mortgage Holder The Home Owners’ Loan Corp. has become the largest single holder of urban home mortgages in the world, he said. "The HOLC has saved a million families from the lass of (heir homes through foreclosures,” he said. “When all HOLC applications have been cleared, we estimate the corporation will have something less than 1.100.000 mortgages amounting to about $3,250,000,000. j Our figures indicate that in excess | of a billion dollars of thjs will have ; been disbursed to institutions of I the building and loan type.” Referring to the Federal Home : Loan Banks, Fahey said loans to members total more than $90,000,000. OIL MEN APPROACH END OF 16TH CONVENTION Leaders Renew Attempt to Set Up Code of Fair Practice. j Bp United Press i LOS ANGELES. Nov. 16—Th/ American Petroleum Institute, which attacked Federal oil control, defended state conservation rights, and advocated an orderly marketing agreement, reached the final stage of its sixteenth annual convention today. Technical rather than economical problems drew the attention of the 3000 delegates to a series of di- ■ visional meetings. Leaders were girding for a rel newed attempt to set up a code o? fair practice designed to forestall ; price-cutting wars and other “unfair i practices.” The proposed code, already approved by the API Board jof Directors, was submitted to the | marketing division yesterday. Although the oil barons expressed j themselves against any form of Federal control, they praised the cooperative features of the NRA code. OPERATORS START WAR Pool Resources to End Theft of Coal by Bootleggers. | Bp United Prr ss POTTSVILLE, Pa.. Nov. 16. ! Pennsylvania anthracite operators announced today that they haK. pooled their resources to end of coal from their properties. Coal "bootlegging” has cut sufficiently deep into business of legitimate companies to force the decision of war, they said. The industry first will take legal steps against poachers on their coal lands, said to total 14.000 men who annually produce 4,000.000 tons worth $32,000,000 in the market. AGENT IS PROMOTED John Krenzer, agent for the Prudential Insurance Cos. at Newcastle i for the last seven years.has been promoted to assistant manager of ; Division 3 in Indianapolis, it was announced today.

181

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