Indianapolis Times, Volume 47, Number 216, Indianapolis, Marion County, 18 November 1935 — Page 14

Trends England Held as Criterion on Budget. BY JOHN T. FLYNN

TWJEW YORK, Nov. 18—Those ’ who are criticising government spending and demanding a balanced budget, use as one of their arguments that England has adopted a policy of thrift in gov-

ernment which accounts for her balanced budget. It may be that England's budget is balanced, but to say that this has been accomplished by curt ailing spending is not true. On the contrary, England has a definite policy of

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John Flynn

making huge grants for good housing for workers. This is not merely a depression measure, but is considered a more or less definite thing, although the amount spent lor this purpose has been greatly increased during the depression. a a a HOWEVER, what these critics overlook is the fact that England has, along with this policy, another one ot extremely heavy taxes on incomes and inheritances. Her budget has been balanced, not by curtailing expenditures, but by meeting those expenditures out of current revenues. How real England’s much advertised recovery is, it is difficult to say. She is weighed down under a burden of huge internal debt. Her foreign trade—upon which she is so dependent—has not shown a rise sufficient to warrant real recovery. But this much is true. Whatever recovery she has had can doubtless be traced directly to this program of huge government spending for housing. Observers point out that it is difficult to go anywhere in England, even in the so-called “depressed” sections, without seeing great construction activity by the government. And this has had the very natural cfTect of stimulating to a great degree England's private building industry. a a tt A LARGE, government-financed . housing program is the policy which has been urged by many for this country ever since the depression began. It has been conservatively estimated that there will be a demand for 10,000.000 new homes in the next 10 years in the L T nited States. But the demand for many of these homes will come from people for whom the private building industry can not build homes —can not make a profit on the small rents these people can pay. This is the logical place for the Federal government. And of course such a program would have the logeial effect, as it did in England, of stimulating the private construction industry. This private construction industry continues to be the one important spot on the business horizon which persistently refuses to grow larger. And until it does we must continue to have government spending, upon which our present lift is entirely based. This suggests the advisability of intelligent government spending on an industry which is essential to the system, and the same time answering an urgent need for a great portion of the population. (Copyright, 1935. NEA Service, Inc.) FOOD INDEX DECLINES Wholesale Average at $2.73 for Week Ended Nov. 12. Timm Special NEW YORK, Nov. 18. The wholesale food index for the week ended Nov. 12 declined 1 cent, according to Dun & Bradstreet, Inc. The index was placed at $2.73 for the week. This was a drop of 4 cents from the recent peak. Advances and declines were even at. nine each. The slight dip in the index was attributed to a sharp decrease in eggs. Tiie advances included corn, rye, barley, butter, cottonseed oil, potatoes, hogs, sheep and lambs. On Commission Row Quotations below subject to change are average wholesale prices being ofTered to buverv by local commission dealers Fruit Cranberries, enrlv blacks 25-lb box $4 Pears Michigan Bartletts, bushel. $2: Avocados. Florida, box, $2 50 Cantaloupe California Honev Dews. $2. Cnsahns, $2 25; Persians. $2.25. Bananas - 7 hands, a pound, 5%c, Persimmons Indiana. 12-qt case. .sl. Apples Indiana Jonathans. $1,254/135. Summer Rambos *1 Delicious. $1 25./ 1.50; VVealthys. $1; Crimes Golden $1.35 Lemons—Sunkist. 360s so 50 Grapefruit- Texas 64s io 70c. $3.75; Florida seedless. $3.25. Limes - Mexican a carton 12s. 20c; Persian seedless a hundred $3 Vegetables Beans, green, round stringless hu . $2.25, Beets Home grown, doz 25c. Cabbage Northern Danish. 50-lb. bag 7Sr Carrots Home grown. 35c; new bulk half bu.. 60c. Cauliflower—Michigan' crate. $1 50: Long Island, large orate. $t 50. Celery Michigan, washed and Dimmed, extra large. 45c; Jumbo, doz.. 75c. Cucumbers Southern bu.. $4. doz 85c. Kale Home grown, hu . 60c Lettuce —Iceberg. California, best. $4 75 home grown leaf, 15-ib basket. $1 Endive Ohio basket. 60c Mangoes California crate $3 50 small basket, 40c Mint—Bunch. 15c. Mustard -Home grown, bu.. 60c. Onions -Indiana yellow 50-llj. bag. sl. Indiana yellow, 10-lb. bag, 22c; western Spanish. 50-lb. bag. $1 65 Pa-sley—Home grown, doz 35c. Peas—Telcpnone. hampers. $3. Potatoes Round Cobblers, 100-lb. bag. $1.65; Michigan Round White. 100-lb. bag $1.50. Early Ohms, bu $165; Idaho Russets, $2 30 Sweet potatoes Indiana. Jerseys, bu . $1.65. Radishes—Ohio, button. doz. baskets, 45c. Sage—Doz . 45c. Spinach Broad leaf, bu . 750 SquSsh— Bu $1 50 Tomatoes California, repacked. 10-lb. carton, $1 25 Produce Markets The prices quoted below- are paid for stock gathered In the country while delivered in Indianapo s the price will be a cent higher. Hen creed hens. 17c: Leghorn breed hens 2c; springers, over 4 1 lbs . 17c; under * lbs 16c; old cocks. 9e : Leghorn spring ... I'.- lbs and up. 12c Turkeys—Your;, hens. 8 lbs and up. 20c toms. 13 to 18 lbs. 20c; over 18 lbs 19c old toms, 15c Ducks—White. 4'.. lbs. and up. 11c; geese 10 lbs . full feathered and fat. 10c; old guineas. 15c; young guineas. 1% lbs and up. 25c. No strictly fresh eggs loss off 28c: pullet eggs. 18c. Each full case must weigh 55 lbs gross, a deduction of 10c a pound under 55 lbs will be made No t butter 35 . - 36%c No 2 33'.- /34’_c; butterfat. 31c. Quoted bv the Wadlcy Cos. (By United Press) CHICAGO. Nov 18 -Eggs Market steadv receipts. 1147 cases: fresh graded firsts. 28%r. extra firsts. 29%c; current receipts, 26'.-c; dinties, 20 .-21 c checks 19'/ 20c. Butter- Market firmer: receipts! 3011 tubs; extras i92 score/. 32%c firsts /88-89 1 .. score 20%<//31r seconds 18687 1 1 score 29'.-c: specials. 32%,i33%c standards. 3l‘c Poultrv Market steady receipts 16 trucks ducks. 15' j 18 1 c fieese, lS%c: spring chickens. 18 ./ 20c. hens, 14 / 19c: turkeys 18 ./ 24c Leghorn hens. 11 al4c: old roosters 15c. Cheese— Tw ins. 16' '■/ 16' ,c Daisies 16%',/17c: Longhorns, 17 ./ 17' 4 c. Potatoes -Supplv heavy demand slow market, dull with slightly weaker tendency. Idaho Russet Burbanks. $170'./2; U S. No 2 $135 South Dakota Early Ohio-s, 85 a 95c; Cobblers. $1; Wisconsin Round Whites SI 20 Wyoming Bliss Triumphs, $1 40 Nebraska Bliss Triumphs. $1.40 Minnesota and ‘.North Dakota Red River Ohios. $l 25 com'mercials, $1.10; Bliss Triumphs. *1 35 Arrivals 237; on track 479, shipments 681,

PAGE 14

STATE PLANNING GROUP HAS PROGRAM OF LAND USE TO REGULATE U. S. RESOURCES Co-ordination With Federal Grants Will Eliminate Red-Tape and Assure Efficient Use of Funds. i i mm Special WASHINGTON, Nov. 18.—Planning should not be too greatly centralized in Washington, but should have its beginning in the work of the states in the opinion of the National Resources Committee expressed in a 300-page report on State Planning submitted to President Roosevelt by Chairman Harold L. Ickts and made public today.

The State Planning Boards, reporting to the National Re- ; sources Committee, covered the problems of land use generally agriculture, recreation, forestry, etc., of water use, of electric power, of special and economic development, of state relationships to political units with- ] in the states, to other states and !to the Federal government; of j transportation, and of mineral rei sources conservation. The National Resources Commiti tee, after surveying the work of the | 46 state boards, declares that the state planning units “represent a ; new approach to the problem of providing democracy with the best technical tools,” and recommends continued Federal support of state planning activities which are described as “an indispensible factor in any effective program for better utilization of the natural and human resources of the country.” Planning Is a State Function Emphasizing the belief that planning is basically a state function, the committee, in its finding and recommendations, which preface the report made public today, says, “Too great centralization in Washington is not desirable even if possible, since planning is an attitude and a practice which must command the confidence and invite the co-opera-tion of wide groups of people; it must come from the bottom up as ! well as from the top down.” In return for continued Federal assistance the 46 state planning boards can be expected, according to the committee, to play a major role in the creation of a sound national program of conservation and public works to be extended over a period of years. Pointing out that no matter how small or large the normal expenditure for the public works may be, the committee says it is of prime importance that there be such co-ordination among the state and Federal governments that maximum returns may be assured to the people of the states. The committee both in its foreward to the report and in its findings emphasized the non-partisan character of the state planning movement and the importance of keeping the boards detached from immediate political power. The committee cites numerous indorsements of state planning boards by governors no matter whst tiieir political affiliation may be, snd, describing the place cf the board in the state government picture, says. Board Is General Staff “The State Planning Board may be looked upon as a ‘general staff’ for the executive of the state, gathering and analyzing facts, observing the interrelation of different state policies, proposing from time to time alternative lines of state procedure, constantly preparing and presenting to the authorities its findings, i conclusions and recommendations in i the field of long-time programming. “It can not be too strongly emphasized that the function of these boards is not that of making final decisions upon broad questions of policy—a responsibility which rests firmly upon the elected representatives of the people. “Such a board will be useful in proportion as it is detached from immediate political power, serving as the technical tool of the democracy. in this field the intelligence and vision of a board, the respect and confidence it enjoys among groups whose co-operation is indispensible, are far more important than large statutory powers or bristling governmental sanctions.” The National Resources Committee is headed by Harold L. Ickes, chairman, and consists of Frederic A. Delano, vice chairman; Secretary of Commerce Daniel C. Roper, Secretary of War George H. Dern. Secretary of Agriculture Henry A. Wallace, Secretary of Labor Frances Perkins, Federal Emergency Relief Administrator Harry L. Hopkins, Charles E. Merriam and Wesley C. Mitchell. Charles w. Elliot II is executive officer of the committee. HAWAII AWARDS BONDS The Territory of Hawaii has awarded 51.750.000 public improvement bonds, due 1940-1964, to the B. J. Van Ingen &z Cos. syndicate on a bid of $102,315 for 3s. and interest cost basis of 2.86 per cent. Unlisted Stocks (By Bl.vth & Cos.) NEW YORK BANK STOCKS _ , Bid. Ask. Bankers 64 * 66 >- • Central Hanover BA- T .. .. 128% 130 1 . Chase 36" 371*, Chemical National 543, 561 Guaranty 299% 303 * Irvine is* 17', Manufacturers 3g% 40 Cont 111 /Chicago) 87 89 National City 32’, 34 First Natl ot Boston ........ 87 89 FIRE INSURANCE Aetna Fire .. . .. 56 57% City of New York /new/ ... 27% 29', Federal Ins 79% Great American Ins ... ... 26% 28 1 ■ Hanover Fire Ins .. 36'j 3 1 ",, Hartford Fire Ins 78'j S, Home Insurance 34Y1 365, Ins Cos of N A 70 1 , 72'> National Firp 71 73 North River Insurance 26 27% Phoenix Insurance 89 3 4 9t C S F:re 53% 55% Manchester Fire 341, 355, Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,567,000 Debits 6.263.000 TREASURY STATEMENT Bv United Presst WASHINGTON. Nov. 18. —Government expenses and receipts for the current fiscal year to Ncv. 15 as compared with a vear fißo: This Year Last Year. Expenses $2,939 399.644 22 $2,603,977 470.89 Receipts ~ 1.376.408.187.21 1.371.485.225 52 Deficit ,1.562.991.457.01 1.232.492.245,37 Cash. bai. 1,476,778,297.58 1,687.826.888 83

Abreast of The Times on Finance

PORKER PRICES DROP 15 CENTS Cattle Market Unchanged; Veals, Lambs Show Weakness. With receipts numbering 7000, the largest number on hand in several weeks, porker prices were generally 15 cents lower in early trading today at the Indianapolis Union Stockyards. The majority of underweights, however, were only 10 cents off. Sharp increase in receipts also was reported at the 11 surrounding livestock markets in this district, offsetting the recent strong demand created by light supplies at these points. Demand, however, was fairly active at the local exchange with only 106 hogs held over for tomorrow’s market. The general bulk of 160 to 250 pounds, cashed in at $9.45 to $9.65. Medium butcher grades, scaling 250 to 300 pounds, sold at $9.30 to $9.40. Heaviest kinds, weighing 300 pounds and upward, brought $9 to $9.20. In the lightweight division, slaughter pigs from 100 to 160 pounds, sold at $9 to $9.50. Good packing sows ranged from $7.75 to $8.50. Cattle Prices Even Steers were scarce and unchanged in the cattle market, with the early supply consisting largely of she stock and feeder grades. Quality was plain. Few small lots were eligible around $lO, while others held at $9 down. She stock held steady, while most heifers brought $5 to $7.50. Few held above SB. Bulls sold at $4.25 to $6. Receipts numbered 900. Although receipts were light, vealers moved sharply 50 cents lower than last week’s close. The bulk of good and choice kinds sold at $lO to $10.50. Receipts were 400. Lambs also displayed a weak undertone, with the majority of native classes around 25 cents lower. Bulk of good and choice grade ewe and wether lambs sold at $9.70 to 510.50. Supply consisted mostly of fed western grades at $10.50. Few yearlings brought $8.35 to $8.65. Slaughter sheep held at $3 to $5 Receipts numbered 3000. HOGS Nov. Bulk. Top. Receipts. 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. 9.501® 9.60 9.70 4000 16. 9.60® 9.80 9.65 1500 18. 9.45® 9.65 9.65 7000 Light Lights. G4O-160) Good and choice ..$9,25® 9 50 Medium 8.75® 9.25 Lightweights. { 160-1801 Good and choice .. 9.50® 9.65 Medium . 9.00® 9.50 ,180-200) Good and choice .. 9.55® 9.65 Medium 9.00@ 9.55 Medimum Weights. 1200-220) Good and choice .. 9.50® 9.65 1 220-250 1 Good and choice .. 9.40® 9.55 Heavyweights. 1250-2901 Good and choice .. 9 30® 9.45 1290-350) Good and choice .. 9.00® 9.30 Packing Sows. (275-350) Good 8.25® 8.50 (350-4251 Good B.oo® 8.40 (425-450) Good 7.85® 8.25 ,275-450/ Medium 7.50® 8.25 Slaughter Pigs. (100-140) Good and choice .. 9.00® 9.25 Medium 8.25® 9.15 CATTLE —Receipts. 900— /500-900) Choice $10.00®11.25 Good 8.50® 10.50 Medium 6.50® 8.50 Common 4.50® 6.50 /900-1100) Choice 11.00® 12.00 Good 8.754/ 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 (1300-1500) Choice 11.50®12.50 Good 9.00®11.50 Heifers /500-750) Choice $9.00®10.25 Go,m 7.50'• 9.00 Common and medium 4.25/ 7.50 (750-900) Good and choice ... 8 00"/10.50 Common and medium 4.25® 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 Cutter, com. and med. bulls... 4.00® 5.50 YEALERS —Receipts. 400— Good and choice slo.oo®lo 50 Medium ..... B.oo® 10.00 Full and common 5.00@ 8.00 Calves ■ 250-500) Good and choice ... 7 00® 9.50 Common and medium 4.00® 7.00 Feeder and Stocker Cattle ,500-800) 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 SHEEr AND LAMBS —Receipts, 3000— Lambs. 90 lbs. down, good and choice $9.75® 10 50 Medium ... B.oo® 9.75 Ewes. / 90-125) Good and choice . 4.00® 5.00 All weights, common and medium 3.50® 4.50 (120-150) Good and choice 3.00® 4 00 Chicago Grain Futures (By James E. Bennett & Cos.) 1130 Prev. Wheat— High. Low. A. M. Close. Dec 96' .95% .96' < ,96>4 May 96% .95% .96% 96% July 90 1 a .89*8 .90'8 i9O Corn— Dec 59“ b .59*8 59% 60'r May 59% .59'„ ,59 5 s .59’ a July 60 3 4 .60 3 .60% .60% Oats— Dec 27' 4 .26“ .27 ,27'a May 28% .28% -28 s s .28 3 4 July 29'4 .29 .29 .29% RyeDec 49 ,48 7 e .49 .49 May 51 3 a ,51'a .51' .51 1 FILES CHARTER AMENDMENTS CHICAGO. Nov. 18.—The Long Bell Lumber Cos. has filed at Jefferson City, Mo., the necessary amendments to its charter in completing plans for the reorganization of the company which have been underway for tfie last four years, according to C. T. Mac Neille, reorganization manager.

INDIANAPOLIS, MONDAY, NOVEMBER 18, 1935

WEEKLY, BUSINESS!INDICATORS legend WEEKLv AVERAGE (923 025 INCLUSIVE : 100 935 3J4 ... contracts C■ | (00 1 j oo | — 1 —- ~, — ■ l6o , . LUMBER PPQDuCTiQN 1 00 | j 100 1 r oc UU_ H U_ caP ICaQ/ngs :QTTQn PECCiPTS LIECTP.c pqwEP PRQDuCT/Qn 80 | —1 [i oo [ !t0 f— -- j joo [ • • N OC 4 °:~v . j > 9O - | HS’-'ET 7 wholesale PRiCf iNDEX* BOND PRICES* S t OCm PRiCE't' '°° j ! f*o[ : ] Tso r 1 8 0 * itT> m <>! <, *****^**uk^J i j** ** I 60 ~ “ 1 80 I C,Q 4: ; 601... ' n! i. • :, ■ , , 1 COMMERCIAL FAILURES* bank DEB'TS OUTSIDE NEW YORK C'Tv* BROKERS LOANS new vOOx C' t y no I !' ;*O, 1 * 00 1 f| jF° r —— 1 i! lo . federa l reserve member bank'lqans -''time: money rates* money IN'Circulation * 0 ’ '°°! : -) no- t ) U- 5 /U ~ 40— s'FwiN 5 'F w iN ,o ° —— 7 U V ‘ !H "**' ,DB Uv louse' L.. I 800 I 'E-Ur | NOV I > V Efete I i b\i‘ [ P 0 fa' > I ’di ' } i v.OMPUTEDj'JORMALiJOO ESTIMATE Jyon u 5 “*no CANADA!. *J926= JOO NUMBER ’ 1 DAiIy^AVERAGE’ *. 1928 1J930 * <OO

liij United Press NEW YORK, Nov. 18.—The stock market overcame profit-taking today and by noon showed advances ranging to almost 2 points. Trading was fairly active. The market opened Arm and then industrial shares ran into realizing sales which brought losses of as much as a point. The trend turned in the second hour and several issues went into new 1935 highs. Mail order shares were strong, Montgomery Ward advancing to a new 1935 high, above 40, for almost a point gain, while Sears Roebuck at 6774 W’as IVi higher. U. S. Steel, after making anew high of 50%, dropped back to around 50, for a fractional loss, as did Bethlehem Steel. Railroad shares also were strong at the opening and maintained fractional advances. Liquor shares broke more than 2 points in early trading, reflecting the CanadianAmerican trade treaty, which will cut tariff on Canadian liquor, but came up from their lows. (By Thomson & McKinnon) 11:15 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 7474% 74'a 74 1 a Atl Rfg 25 25 25 25% Barnsdall 12% 12% 12% 12% Consol Oil 9% 9% 9% 9% Cont of Del 28% 27% 27% 28% Houston (new). 4% 414 4% 4% Mid Cont Pet... 16% 16% 16% 16% Ohio Oil 11-% 11% 11% 11% Pet Corp 11% 11 Vi 11% 11% Phillips Pet .... 36% 36% 36% 36% Plymouth Oil ... 12 12 12 12% Pure Oil 12% 12% 12% 12 Royal Dutch ... 47 47 47 47% Seaboard Oil ... 32 32 32 32% Shell Un 14 13% 13% 13% Shelley Oil ' 16% 16 16% 16% Soc Vac 12% 12% 12% 12% S O of cal . . . 38% 38% 38% 37% SO of Ind 28% 28% 28% 28% SOOf N J 50 49% 50 49% Texas Corp 25% 25 25 24% Tidewater Assn 12 11% 12 12 Un Oil of Cal-. 21 20% 20% 20% Acme 74% 74 74 74% Steels— Am Roll Mills... 32% 32 32 32% Beth Steel 50% 49% 49% 50% Byers A M 19% 19% 19% 19 Col Fuel & Iron 4% 4% 4% 4 Cruc Steel 29% 29 29 27% Inland Steel .. 107 107 107 106 Ludlum Steel ... 25% 25% 25% 25% Mid Steel 22% 22% 22% 23 Natl Steel ... 83% 82% 82% 83% Rep Iron & Stl 20% 20% 20% 20% Otis Steel 17% 17% 17% 17% Rep Ir & Stl Dfd 94% 94% 94% 92% U S Pipe & Fdy 21% 21% 21% 21 U S Steel ... 50% 49% 50 50% U S Steel pfd .. .116 116 116 117% Warren Bros . 3% 3% 3% 3% Youngstn S& T. 36% 35% 35% 36 Motors— Auburn 37 37 37 37 Chrysler 88% 87% 87% 87% Gen Motors 59% 58% 58% 58% Graham Mot ... 3% 3% 3% 3% Hudson 15% 15% 15% 15% Hupp 2% 2% 2% 2% Mack Truck 25% 24% 24% 24% Nash 17% 17% 17% 17% Packard 6% 6% 6% 6% Reo . . 4% 4 4% 4 Studebaker . ... 8% 8 8 8% Yellow Truck .. 8% 8% 8% 8% Motor Access— Bendix 22 21% 21% 21% Bohn Alum 52% 51% 51% 52% Borg Warner ... 62%. 62 62 62 Briggs 51% 50% 50% 51% Budd Mfg 8 7% 7% 8 Budd Wheel .... 12% 12% 12% 12% Eaton Mfg 27% 27% 27% 27% Elec Auto Lite .. 34% 34 34% 35% Elec Stor Bat .. 56 55 56 54% Houdaiile "B'\. 26% 26% 26% 26% Mullins Mfg ... 14% 14% 14% 14% Murray Body .. 18% 18% 18% 18% Stew Warner ... 17% 16% 17% 16% Timken Roll ... 72 71% 72 70 Timken Det Axle 10 9% 9% 9% Mining— Alaska Jun .... 15% 15% 15% 15% Am Metals 30 29% 30 29% Am Smelt 59% 59% 59% 59% Anaconda 22% 22% 22% 22% Cal & Hecla . . 5% 5% 5% 5% Cerro De Pasco . 59 58', 58% 58% Dome Mines .... 40% 40% 40% 40% Granby 13% 13% 13% 13% Grt Nor Ore ... 15 15 15 14% Howe Sound .... 55% 53% 55% 55 Ins Copper 6% 5% 6% 6% lilt Nickel ... 38 37% 37% 37% Kennecott Cop . 28% 28% 28% 28 Park Utah ... 4% 4% 4% 4 Phelps Dodge .. 25 24% 24% 24% St Joe Lead 24 23% 24 23 U S Smelters .. 95 94 95 94 Vanadium 20% 19% 19% 20% Amusements— Fox Theat 21 21 21 21 Loews Inc 53% 52% 53 52% Radio Corp .... 10% 10 10% 10 Paramount 9% 9% 9% 9% RKO 5% 5% 5% 5% Warner Bros ... 9% 9 9 9 Tobaccos— Am Sum Tob ... 27% 27% 27% 27% Am Tobacco 'A' 102% 102% 102% 102 Am Tobacco ‘B 106% 106 106% 105% Gen Cigars 47% 47% 47% 46% Lig & Myers B' 115% 115 115% 115 Lorillard . 26% 26% 25% 26% Phillip Morris 62 62 62 61% Reynolds Tob B' 57% 57% 57% 57% Rails— Atchison 54 53% 54 53% Atl Coast Lines . 23% 28 28% 27% B & O 15% 15% 15% 15% Can Pac 12% 12 12% 11% Chi & Gt W . 1% 1% 1% 1% Ch & Ohio 52% 52 52% 52% Chi ii Gt W pfd 3% 3% 3% 3% C M & St P 1% 1% 1% 1% CM& St P pfd 2 2 2 2 Chi N W .... 2% 2% 2% 2% Chi N W pfd ... 5% 5% 5% 5% Dela & Hud 36% 36 36% 36% Del Lac & W ... 15% 15% 15% 15% Erie 11% 11% 11% 11% Erie ofd 15% 14% 14% 15% Grt Northern pfd 31 s . 31% 31% 30% HI Central 16'% 16>a 16% 16% Lehigh Valley ... 9% 8 9 9%

New York Stock Exchange Prices

Lou & Nash .... 53 7 a 53 '/ 4 53*4 53'/ 4 M K & T 5Va 5Vs 5Vi 5Vi MK & T pfd . 11% 11% 11% 11 2 Mo Pac 1% l'/ 2 1 1 2 lVa Mo Pac pfd .... 2% 2% 2% 2% N Y Cent 25 25% 25% 25 7 a N Y New Haven. 3 2 7 2% 2% N Y Ont & West. 4 4 4 4 7 a Nor Pacific 20 7 a 20',i 20'a 20'■* Penn R R 29% 29'/ 2 29% 29% Sou Pac 20% 20% 20-% 20% Sou R R 10% 10V 2 10% 10% Union Pac 101% 101% 101% 101% Wabash 1% 1% 1% 1% West Marj’land.. 8% 8% 8% 8 Equipments— Am Brake Shoe. 40% 40% 40' 2 39% Am Car & Fdy.. 30 28% 30 28% Am LOCO 26 25Vi 25% 24 Am Steel Fdy... 23% 23 23 23% Bald Loco 3Vi 33 3 Gen Am Tk Car 43% 43% 43% 43%

Busigraphs

TREND OF' FACTORY PAYROLLS t % (U. S. DEPT. OF LABOR) 9 3 1 *— '// x //'/ v/ / y Zy ten yi:ars average OF,// n V/// V//, V. i/> THE SAME MO MHS / % S IBI SONDJ FMAMJJAS 1934 1935 THE PARKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Factory pay rolls are increasing, according to the United States Department of Labor index. Last September factory pay rolls were 24 per cent greater than a year ago, but 13 per cent below the September 10-year average. While factory employment increased 10 per cent during the past year, factory pay rolls increased 24 per cent. Other Livestock (Ify United Press) CHICAGO. Nov. 18. —Hogs Receipts, 20,000, including 8000 directs; fairly active; mostly steady with Friday’s average; top. $9.65 paid freely; bulk, 170-280 lbs., $9.50 (1/9.60; 290-350 lbs.. $9,254/9.55; most 140160 lbs., $94/9.55; bulk sows, $8.40®8.75; good light weights, $8,854/9. Cattle—Receipts, 16,000; calves, receipts, 3000; moderate supply strictly good and choice fed steers and yearlings fully steady on shipper accounts; such kinds selling at sl2 upward: early top $13.50: several loads $12,754/ 13.25; best light steers. $13.25: all lower grades dull, weak; stockers and feeders. weak to 25c iower: all she stock slow; steady except common killing heifers selling at $6.50 down: these firm; bulls 10 4/15c higher: up to $5.85: vealers 25c lower at $10.50 down. Sheep—Receipts, 7000: fat lambs, moderately active, undertone strong to 25c higher; Sheep firm: early bids and sales, good to choice natives and fed comeback lambs upward to $10.40 freely; best held $10,504/10.65 and above: native ewes, $44/5; feeding lambs, firm; good 64-lb. averages, $9.50. FORT WAYNE. Nov. 18.—Hogs—Market. 10c lower: 160-180 lbs., $9.50: 180-200 lbs.. $9.45; 200-220 lbs,. $9.40: 220-240 lbs.. $9.30; 240-230 lbs.. $9.20; 280-300 lbs.. $9.15: 300350 lbs.. $9: 140-160 lbs., $9.25: 120-140 lbs.. $9: 100-120 lbs.. $8.75: roughs. $8; stags, $6.25. Calves—sll. Lambs—slo. LAFAYETTE. Nov. 18 —Hogs—Market. 15 4125 c lower: 160-200 lbs.. $9 454/9.55: 200235 lbs.. $9,254/9.35: 235-260 lbs.. $9.15® 9.20; 260-300 lbs.. $94/ 9.10: 300-325 lbs. $8.90: 100-160 lbs.. $8.75479.25; roughs, $8.50 down. Calves—s 950 down: Lambs—s9.so down. (By Times Special) LOUISVILLE. Nov. 18.—Cattle—Receipts. 1300; supply slaughter cattle’ light; part of run stockers and feeders: killing quality plain; lower grade steers and heifers and sausage bulls strong to 25 cents higher; other killing classes fully steady: stockers and feeders slow unchanged; bulk common to medium grade light steers and heifers. $5,504/ 7.50: very little in the run of value to sell above $8.50; bulk beef cows, $4.25® 5.25; smooth heifer type cows to $5.75; bulk low cutters and cutters. $3,254/ 4; most sausage bulls of weight and qulaity to sell at 55.50 down; holding best heavies at $5.75; most light beef type stockers and stock calves. $64/7.75: choice steer calves Quotable higher: inferior to common light Southern dairvbred stockers. $44/5. Calves —Receipts. 1100, including 800 stock calves vealer: market steady under strict sort; bulk good to choice vealers. $94/10: medium and lower grades. $8 down to around $4. Hogs—R°ceipts. 700: market. 10 cents lower than Saturday or steady with Friday: better 180-240 lbs.. $9.50: 245-295 lbs. $9: 300 lbs. up. $8.60: 160-175 lbs., $9.10' 140-155 lbs., $8.40; 120-135 lbs.. $7.45; sows. $7.15. Sheep—Receipts. 200: lamb market generalv steady with close 'ast week; supply light and quality plain: bulk medium to good lambs. $8,504/9: choice considered salable upwards of $9.50; plainer grades, including bucks, $645 8; fat ewes mostly $3.50 down. EARNINGS SHOW GAIN 327 Firms Report Increase of 28.3 Per Cent in Income. Times Special NEW YORK, Nov. 18.—Earnings of 327 firms representing 27 various industries increased approximately 28.3 per cent during the first nine months this year, compared with the corresponding period last year, according tr* a survey released today by Week,

Gen Elec 40% 39% 40% 39% Gen R R Sig ... 38% 38% 38% 38% Pullman Inc 37% 36% 36% 36% West Air Br ... 33% 32% 33% 32% Westingh Elec.. 96V* 95% 95% 96% Utilities— Am & For Pwr . 7% 7% 7% 7% Am Power & Lit 9 8% 9 8% Am Wat 21% 20% 21% 20% A T & T 150 149% 149% 149% Col Gas & Elec. 15 14% 14% 14% Comm & Sou .. 2% 2% 2 % 2% Consol Gas 34'% 33% 34% 33% Elec Pwr & Lit. 6% 6 6 5% Int Hydro Elec. 3% 3% 3% 3% Interboro R T . 17% 17% 17% 18% Int TANARUS& T 11% 11% 11% 11% Nat Pwr & Lit. 10% 10% 10% 10% North Amer ... 27% 27% 27% 26% Pac G <fc E 30% 29% 29% 30 Peoples Gas 37% 37% 37% 36 Pub Serv N J .. 46 45% 45% 45 So Cal Edison.. 26% 26 26% 25% Std Gas 5% 5% 5% 5% Stone & Webster 13% 13 13% 13 United Corp ... 6% 6% 6% 6% Un Gas Imp . . 17% 17% 17% 17% Ut Pwr & Lt‘A\ 3% 3% 3% 3% Westrn Union.. 76% 75% 75% 76% Rubbers— Firestone 16% 16% 16% 16% Goodrich 12% 11% 11% 12% Goodyear 22 21% 21% 22% U S Rubber ... 14% 14% 14% 14% U S Rubber pfd 41 40% 40% 40% Miscellaneous — Allis Chalmers.. 36% 35% 35% 36% Am Can 144% 143% 144% 143% Am Mach & Fdy 33% 33 33 32% Anchor Cap . 15% 15% 15% 16 Brklyn Man Tr. 42 41% 42 41% J I Case 110% 109 109% 110% Conti Can 97-% 97'% 97-% 97% Caterpillar Tract 59%' 58% 59% 58% Crown Cork 48 48 48 48 Curtis Pub 20*s 19% 20% 18% Curtis Pub pfd.. 102 102 102 10)% Deere & Cos . 58% 58% 58% 58% Eastman Kodak. 171 170% 171 171 Gillette 17% 17'% 17% 17% Glidden 41% 41% 41% 40% Inter Harv 64% 64% 64% 64% Natl Cash Reg.. 20% 20% 20% 20% Rem Rand . )5% 15 15 15 Worthington Pm 23% 23% 23% 23% Foods— Am Sugar 57% 57% 57% 57 Armour 4% 4% 4% 4% Armour 6% pfd. 66% 66 66'% 66 Beatrice Cream. 19'% 19'% 19'% 19% L'orden Prod ... 27% 26% 26% 27% Cal Packing .... 38'% 38 38 38% Can Dry G Ale 14 13'% 13'% 14 Coca-Cola 295 295 295 290 Cont Bak “A”.. 9% 9 9 9% Corn Prod ... 73% 71% 71% 73 Crm of Wheat .. 37% 37% 37'% 37'% Cuban Am Sugar 6% 6'% 6% 6% Gen Baking 12 12 12 12% Gen Foods 33% 33% 33% 33% Gold Dust 18% 18% 18% 18) 2 G W Sugar 33% 33'% 33% 33 Hershey 79% 79 79% 77 Int Salt 27% 27% 27% 27% Natl Biscuit ... 35% 35% 35% 35% Natl D Prod.... 18% 18'% 18% 18% Purity Bak ... 15% 15% 15% 15% S Porto Rico Sug 27% 27% 27% 27% Std Brands .... 15% 15 15 15% Un Biscuit 24 23% 24 23% United Fruit .. 73’% 73 73% 73 Ward Bak B’.. 2 1% 1% 13% Retail Stores— Assd Dry Goods. 17% 17% 17% 17% Best &Cos . .... 57% 57% 57% 57% First Natl Stores 45% 45 45% 45 Gimbel Bros 7% 7% 7% 7'% Allied Dept Sts. 8% 8% 8% 8% Jewel Tea 55% 55% 55% 55% Kresge S S 27% 27% 27% 27% Kroger Groc ... 27 26% 26% 26% Macy R H 56% 56 56% 55% McCrory St .... 12% 12% 12% 12% McLellan St . .. 14% 13% 14% 13% Marshall Field . 13% 13% 13% 13% Mav Dept St .. 57 56 57 56 Mont Ward 39% 39% 39% 39% Natl Tea 9% 9% 9% 9% Penney J C .... 84% 84 84 83% Safeway St 34% 34% 34% 34% Sears Roebuck .. 67% 66 67% 66% Woolworth 58% 58% 58% 57% Aviation— Aviation Corp .. 4 4 4 3% E'oeing Aircft .. 13% 13% 13% 13% Curtiss Wright .33 3 Curtiss Wr “A”. 8% 8% 8% 84% Douglas Air .... 34 33% 34 34% Nor Am Av 5% 5% 5% 5% Sperry Corp ... 12% 12% 12% 12% Un Aircft New.. 21 20% 20% 20% Chemicals— Air Reduction. .171171 171% 170% Allied Chem 166% 166 1 66% 164% Am Com Alcohol 31 29% 30% 31% Col Carbon .... 99 97% 99 96% Com Solvents .. 21% 20% 207? 21% Du Pont ...146% 145 145 144% Freeport Tex ... 29% 29 29% 29% Liquid Carb 34% 34% 34' 34% Math Alkali .... 32% 31% 32% 32% Natl Bis mew).. 30% 28% 29% 31% Schenlev Dist . 49% 46% 49% 50% Tex Gulf Sulph 31% 31% 31% 31% Union Carbide . 75 74% 71% 73% U 3 Ind Alcohol 47% 46% 46% 47 Cotv Inc • 6 5% 5% 5% Lambert ••• 23% 23% 23% 23% Lehn & Fink . 12% 12% 12% 12 2 Sterling Prod 66% 66% 68% 66% Un Drug (new) 10’. 10% 10% 10% Vick Chem .... 42% 42% 42% 41% Zonite Prod .... 5% 5% 5% 5% Financial — Adams Exp •• 9% 9% 9% 9% Allegheny Corp . 2% 2% 2% 2% Am Int Corp . 10% 10% 10% 10% Chesa Corp .... 56% 55% 56% 55 Lehman Corp .. 95'2 95% 95% 95%> Transamerica .. 12% 12% 12% 12% Tr Conti Corp .. 7% 7% /% /% Building— Am Radiator ... 21 20% 21 20% Gen Asphalt 21% 21% 21% 20% Holland Furnace 25 24% 24% 25 Int Cement •• 35% 35% 35% 36 Libby Owens Gls 46 44% 44% 46 Otis Elev 21% 21 21% 21 U S Gypsum ... 86% 86 86% 86 Household— Col Pal Peet ... 18 17% 18 18 Congoleum 43 42% 42% 42% Kelvinator • • 15% 15 15 15% Mohawk Carpet 22% 21% 21% 21% Proc & Gomble 47% 47 47 47', Serve! Inc • 13% 12% 13 12% Simmons Bed • 18% 18 18 18% Textiles— Amer Woolen .. 10% 9% 10% 9% Belding Hem ... 14% 14% 14% 14% Ceianese Corp .. 29% 29% 29 5 . 29% Collins Aikman . 38% 38 s . 38% 38% Gotham Hose .. Bs.8 s . 3% 8% 9 LOCAL CASH MARKET Citv grain elevators are paying 88 cent* for No. 2 soft wheat, other grades on their merits. Cash corn new No. 4 yellow 'l9 cents and oats 19 cents.

Excess Reserves Reach All-Time High Excess reserves of $80,000.000 of aV Federal RrserrVmember bonks for the week ended Nov. 13 set another all-time high. Total reserves now total $1,050,OOOTOO, a record level.

Local Securities (Because quotations on local securities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid Ask Belt RR & Stk Yds com ... 50 52% Belt RR & Stk Yds 6% pfd... 52 Centra! Ind Pow 7% pfd 17 20 Home Tel&Tel Ft. Wn 7% pfd 50 Vi 52 Hook Drug Inc com 14 15% Ind & Mich Elec 7% 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 6% pfd 81% 84% Indpls Pow & Lt 6%% pfd.... 86 89% Indpls Water 5% pfd 102% North Ind Pub Svc 5%% pfd-. 64 67% North Ind Pub Svc 6% pfd ... 72 77 Progress Laundrv com 6% . Pub Svc of Ind 6% pfd 12 15 Pub Svc of Ind 7% pfd 33 36 So Ind Gas & E lec 6% pfd ..91 94 Terre Haute Elec 6% pfd .... 78 82 Union Title com 18 20 BONDS Atlanta Dlstr Term 6 % '4l ... 62Vi 70 Buffalo Distr Term 6% '4l .. 70 80 Brooklyn Postal Sta 5%% ’4B . 37 Vi 42 Home Tel&Tel FtW 5%'/o ’35 .103 105 Home Tel&Tel FtW 6% ’43 ..103 106 Indpls Railways Inc 5 r - '67 . 49 53 Indpls Water 4%% ’4O 105 107 Indpls Water 5% 'SO & ’6O . 105 107 Indpls Water 5%% ’53&'54 103% 105 Interstate T & T 5%"„ ’53 ... 91 93 Kokomo Water Works ’SB .104 105 Vi Lafayette Telephone 5% '57 102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5% '65 .102 Va . Noblesville HL&P 6% '47 95 97 Ohio Tel Service 6% '47 94 Richmond Water Works 5%’57 104% 106 St. Louis Post Office 5%% ’3B 18 25 Seymour Wtr Ist mte 5% ’59 101 104 Terre Haute Water WksSgt, ’56 101 Vi 103 Vi Terre Haute Wat Wks 6% ’49 103 105 Traction Terminal 5% ’57 70 74 Dividends Declared Dividend rates are given in dollars and cents unless stated otherwise. Company— Rate Per'd Payable close Aluminum Cos. of Amer p 31% .. Jan. 1 Dec. 14 •Aluminum Cos. of Amer p 50 .. Jan. 1 Dec. 14 bHamilton Watch t> ... 2.00 Dec. .4 Nov. 30 Kress S H. 1.00 ex Dec. 10 Nov. 30 Maryland Fund. 10 Q Dec. 15 Nov 30 Maryland Fund 3% stk Dec. 15 Nov. 30 National Oats . 25 Q Dec. 1 Nov. 20 Roan Antelope Copper 96 int Nov. 30 Nov. 22 Schiff Cos .50 Q Dec. 15 Nov. 30 Schiff Cos. p .1.75 Q Dec. 15 Nov. 30 aOn account of accumulations. bFirst payment since Dec. 1, 1931. when $1.50 was disbursed. Chicago Stocks (By Abbott, Proctor & Paine) 11:30 Prev. AM Close. Berghoff 6% 6% Butler 8% B'A M Castle 41 41 Chicago Corp 4% 4% Conti Steel 4040 Cities Service 33 Com & Edison 95% 95% Cord 4% 4/ , Crane 21% 21% Elec House 18% 18% Gen House 2% 3% Grt Lakes 27% 27% Iron Fireman 25% 25% Libby . 10 10 Lynch Glass 37 37 Noblitt Sparks 32% 33 Swift 19Vi 19% Swift Int 30 30 New York Curb (By Abbott, Proctor & Paine) Prev. 12 /Noon) close. Alumn Cos of Am 92% 90% Am Cyanide <B/ 2 P % 28% Amer Superpower 2H 2% Atlas Corp .. 13% 13% Axton Fisher Tob 55 55 Elec Bond and Shar 17% 17', Fisk Rubber 6% 6% Ford of Can (A) 27% 27% Ford of Europe 8% 8% Hiram Walker 34 33 Imperial Oil Ltd 21% 20% Lake Shore Min 50% 49% Nia Hud Pwr 9% 9% Pan-Am Airways 42 40 Penn Road . . 4% 4% Wright Hargraves Min 7% 7% APPOINTS ENGINEER By United Prrgg WASHINGTON, Nov. 18. Appointment of Charles E. Crownover, Yakima, Wash., as construction engineer of the Roza division of the $4,000,000 Yakima Federal Reclamation Project, was announced today by Secretary of Interior Harold L. Ickes.

Thomson & McKinnon MEMBERS NEW YORK CHICAGO lOT\l OT \ * toe '‘ TnDnVTD * sew 30rlt Curb Exehang® IUKUMU New York Cotton Exchange BOSTON ’I New York Coffee and Sugar Exchange SOUTH BEND •|| New Orleans Cotton Exchange FT WAYNE Chicago Stock Exchange PV i NCVII ; n Chicago Board of Trade Hi V AiNJiV ILiLibi Winnipeg Grain Exchange Indianapolis Office And other leading Exchanges 200-214 Circle Tower LI. 5501

BUSINESS PACE SETS NEW HIGH FOR TWO YEARS Index Shows 68 Per Cent of Normal in Recent Activity Spurt. NEW YORK, Nov. 18.—Reaching 68.8 per cent of normal the index of business activity has crossed the level of the last weeks of 1931 and has established the highest peak in over two years according to figures compiled by the magazine Business Week. Business is again on the heights of July, 1933. when inflation threats and the codification of industry created a premature boom that soon exhausted itself. Current volume stands upon a foundation that is unlikely to be shaken even by unfavorable Supreme Court decisions. * A decision along the lines of last week's Baltimore victory might encourage the utility industry to reexamine its production facilities with | a view to filling in gaps. New highs | of power demand, being set nearly i every week, will also lend an impetus j in this direction, the report says. New Factories Being Built Last week's exceptional bulge in I business drew its strength from the ! gains in check transactions, electric ; power, and construction. Business ' covered by checks in 140 cities out- ! side of New York passed the four billion dollar mark for the fourth time this year. A heavy volume of public works, long overdue, is now coming forth. Industrial building is spurting ahead. New factories are being constructed to accommodate next year's business. Power production continues its extraordinary upward swing into new high ground without a sign of rebuff. That the index should set another recovery mark and cross the 70 per j cent-of-normal line before the end i of the year seems a foregone conclusion. Steel Production Hits New High y New products and lower production costs are reflected in factory construction and modernization in the first 10 months, compared with last. Gains in value of contracts awarded are, public utility and power plants, 283 per cent; metal refining and rolling plants, 220 per cent; automotive factories, 106 per cent; foundries, 454 per cent; machinery plants, 259 per cent; textile plants, 98 per cent, and general factories, 105 per cent. All industrial construction shows a gain of 94 per cent for the period. Steel production last month reached anew top for the year, and the best October tonnage since 1929. For the first ten months output is 23 per cent ahead of the same months of 1934. FORMS NEW COMPANY * Hall-Hottel Announces Formation of Meridian Mortgage Cos. The formation of the Meridian Mortgage Cos., anew Indiana corporation for handling the demand*, for mortgage money in Indiana poj lis and vicinity, was announced here today by the Hall-Hottel Cos. The i new firm is to become the authorj ized mortgage loan solicitor for the j Prudential Insurance Cos. of Ameri ica. Officers of the new firm will in- | elude L. M. Hall, president, and Henley T. Hottel, secretary and treasurer. Arthur M. Seitz, formerly supervisor of the mortgage loan department of the Prudential Insurance Cos., and one of the incorporators, is to be vice president. Mr. Hall also is vice president of the Indianapolis Real Estate Board. BOSTON AWARDS NOTES A banking syndicate headed by Edward B. Smith & Cos. was awarded the $6,000,000 City of Boston notes at 0.87 per cent, plus a $37 premium. The notes are dated Nov. 18 and are payable Nov. 2, 1936.

LOANS ™ s AND NEW HOME BUILDING See Your Local Building and Loan Assns.

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