Indianapolis Times, Volume 47, Number 218, Indianapolis, Marion County, 20 November 1935 — Page 13

Trends 1936 Presidential Campaign Has Begun. BY JOHN T. FLYNN

N r EW YORK. Nov. 20. Two events last week remind us that the prr idential campaign of 1936 has begun. One was the election of four delegates at large from Alabama to the Democratic National Convention next June. The other was Mr. Hoover s speech to the Ohio Society of New York, which may be

taken as the opening gun of thp campaign. From now on we may look for a perennial phenomenon. Politicians will now attack our serious economic problems to clear them up—and will envelope them in a luminous fog. With the po-

John Flynn

litical conclusions and implications of Mr. Hoover's speech we are not concerned, but merely with the essential facts. .These ought to be kept, straight. Not long ago Mr. Roosevelt explained this year's budget to show how rosy things were. He looked at. it with the political leaders buoyant gaiety and optimism. Now Mr. Hoover attacks Mr. Roosevelt's "unbalanced budget.” a a a MR. HOOVFR says that, as he has increased in years and opopportunity to study the affairs of governments, he has made a few simple observations. One of them is that a government should have ihe same financial standards as an honorable man. From this he concludes that money must be earned before it, is spent. He then points out how the Administration has steadfastly pursued its policy of spending without ever a thought to even the ghost of the balanced budget. T think it Is a fair assumption from this that Mr. Hoover seeks to ronvey the impression that in unbalancing the budget the Administration has committeed a fiscal crime and that this is a form of wickedness which he would not be guilty of if he were in power and which he would promptly bring to an end. a a a BUT Mr. Hoover was president for four years. In that time he made up four budgets. And only one of the four was in balance. Here is his record: His first budget showed a surplus of $957,991,363. Thereafter every budget was not only unbalanced but shows an enormous deficit. Here they arc: 1930-31 deficit, $992,716,845. 1931-32 deficit, $2,985,312,299. 1932-33 deficit. $1,791,328,705. It was these unbalanced budgets which caused Mr. Roosevelt as a candidate to denounce Mr. Hoover's extravagance as Mr. Hoover condemns Mr. Roosevelt's spending. aan DESPITE his philosophy Os economy, Mr. Cooliage had been one of our greatest spenders. Under him the cost of the various departments of the government—-peace-time expenditures had grown more than 100 per cent. This is a little known fact. When Mr. Hoover came in his expenditures showed a steady ri5e—53,994,000,000 ill 1930: $4,219,999,999 in 1931; $5.006,000.000 in 1932 and then back to $4,029,000,000 in 1933. This does not imply criticism of Mr. Hoover or of Mr. Coolidge. The expenditures may have been perfectly defensible. But is makes us a little wary of Mr. Hoover’s criticism of his foes, just as we may be a little suspicious of the Simon-pure soundness of the foe's criticism of him, (Copyright, 19.15, NEA Service. Inc.) On Commission How Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers: Fruit—Cranberries, early blacks. 25-lb. box. $4. Pears—Michigan Bartletts, bushel. $2: Avocados. Florida, box. $2 50. Cantaloupe—California Honey Dews. $2; Casabas. $2.25: Persians. $2 25 Bananas • 7 hands, a pound, 5%c. Persimmons—lndiana, 12-qt case si. Apples—lndiana Jonathans, SI 25<•< 135 Summer Rambos, *1; Delicious, sl.2s'u 1.50: Wealthys. SI; Grimes Golden. $1.35 Lemons—Sunkist. 3 80s, 50.50 Grapefruit—Texas, 64s to 70c. S3 75; Florida seedless. 53.25. Limes— Mexican a carton 12s. 20c; Persian seedless a hundred. $3 Vegetables Beans, green, round stringless bu , $2.25. Beets Home grown, doz., 25e. Cabbage—Northern Danish. 50-lb. bag, 75c Carrots Home grown. 35c; new bulk, half bu.. 60c. Cauliflower—Michigan, cr~'t. Si 50: Long Island, large crate. $1.50. Ce”rv Michigan, washed and trimmed, extra large, 45c: jumbo, doz., 75c. Cucumbers Southern bu.. S4: doz.. 85c. Kale—Home grown, bu.. 60c. Lettuce—lceberg. California, best, $4 75: home grown leaf, 15-lb basket. SI. Endive —Ohio basket, 60c Mangoes—California crate, $3 50; small basket. 40c Mint—Bunch. 15c. Mustard—Home grown, bu., 60c. Onions yellow. 10-ib. bag. 22c; western Spanish, 50-lb. bag. $1.65 Patflev—Home grown. <ioz 35c Peas—Telenlione. hampers, $3. Potatoes—Round Cobblers. 100-lb bag. SI 65; Michigan Round White. 100-lb. bag. SI 50 Early Ohlos. bu.. $1 65: Idaho Russets, S2 30 Sweet potatoes —lndiana. Jerseys, bu $1.65. Radishes—Ohio, button doz baskets. 45c. Sage—Doz., 45c. Spinach Broad leaf. bu.. 75c. Squash— Bu $1 50 Tomatoes—California, repacked. 10-lb. carton. $125. Produce Markets The prices quoted below are paid for stock gathered in ihe countrv, while delivered in Indianapolis the price will be a rent higher. Heavy breed hens. 17c: Leghorn breed hens 12c; springers, over 4% lbs 17c; under 4% lbs . 16c; old cocks. 9c: Leghorn springers. 1 1 .■ lbs. and up. 12c. Turkevs—Young 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. voting guineas. 1% lbs. and up, 25c No 1 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 marie No. 1 butter. 35% ® 36 1 -c: No 2. 33' ~® 34%c; butterfat. 31c. Quoted bv the Wadley Cos. (Bv United Pressi CHICAGO. No\ 20. Eggs—Market, firm; teceipts. 1427 cases fresh graded firsts. 29c extra firsts. 30c, current receipts 26. i 27c dirties. 20'.i21c checks 19',: 20c. Butter Market, firmer receipts. 3819 tubs; extra firsts )90-91% score' 31% :.32%c extras ,92 scorei. 32 %c. firsts 88-89% score, 30'.-',/37c. seconds 86-87% score 29%c; specials. 33 * 4 <t.a 33* c: stanadrds. 32 l 4 c. Poultry—Market steadv. firm: receipts. 35 trucks, l car due ducks 15% u 18c: geese. 15’ -c; spring chickens. 194/ 20’ : r. hens. 14® 19c. turkevs. 214/26c; Leghorn hens l!.- 14c old roosiers. 15c. Cheese—Twins. 16’ 4 ® 16’,-c: Daisies 16 1 4 fix 17c; Longhorns. 17;17%c Potatoes—fupptv rather heaw demand light, market firm with slightly stronger undertone: Idaho Russet Burbanks. $1.85 ,i 190. U. S No. 2. $1 40',i 1 45. Nebraska Bliss Triumphs. sl3sf<i 150: Wyoming Bliss Triumphs, $150; Minnesota and North Dakota Red River Ohios. $1 30,, 135 Minnesota Cobblers, $1 25 Arrivals. 87. on track. 445. shipments. 326 net profit increases Timm Special NEW YORK. Nov. 20 The Liquid Carbonic Corp., for the first fiscal year ended Sept. 30. reported a no* profit of $903,273. equivalent to $2 50 a share on 350.000 shares of capital stock outstanding, in the preceding year the company earned 11-32 a share.

COMMISSION TO HAVE FEDERAL AID WITH CODE Treasury Starts Efforts to Enforce Guffey Soft Coal Act. BY FRED BAILEY I nited Press Staff Correspondent WASHINGTON. Nov. 20.—Full strength of the Federal government was thrown today behind efforts of the Bituminous Coal Commission to force compliance with the Guffey Soft Coal Code. The Treasury Department began preparations to carry oat the commissions order that only coal mined under the code can be used in government projects. The order was interpreted as meaning that only coal produced under the code can be used in the operation of machines manufacturing materials to be used in the performance of government contracts. Includes Steel and Textiles This would include steel, textiles and other materials used on public works projects as well as on railroads and ships carrying mail or passengers at the government's expense. The order specifically included mail contracts. Coal operators’ representatives here were “astounded and bewildered" by the action. They indicated operators probably would take no action until the order has been given careful study. They regarded it as “tremendously significant.” The National Coal Association asked its attorneys to study the order. John Battle, president, said he was “too bewildered” to comment. He said railroads probably will take the initiative if the action is to be questioned. Railroads Largest Users The railroads are the largest users of soft coal, taking approximately 25 per cent of production. The order virtually would force every road to purchase only coal mined by operators complying with the code. The railroads also have referred the commission's ruling to their attorneys for study. J. J. Pelley, president of the American Railway Association, conferred with the commission just before the order was issued. He was reported “disturbed.” Section 14 of the Guffey Act as interpreted by the Commission, requires that “every contract —for any public work or service—entered into by or on behalf of the government” must specify that all supplies of coal used in performance of the contract should come from mines operated by producers complying with the law. Went Into Effect Nov. 1 The commission believed its order would hasten the signing of the code by additional operators. Producers of 231.000,000 tons annually—about two-thirds of the total production—have accepted the code. A 15 per cent penalty at the mine price of coal on companies failing to comply went into effect Nov. 1. Two companies have filed suits testing constitutionality of the Act. A three-weeks’ hearing on a suit by the Carter Coal Cos. is nearing completion in District of Columbia Supreme Court. The Alabama Fuel and Iron Cos. filed suit yesterday against enforcement of the act in United States Circuit Court in Birmingham. Ala.

BUSINESS FAILURES IN U. S. AGAIN DECLINE Defaults Reported at 210, Against 212 in Previous Weak. Times £/iccial NEW YORK. Nov. 20.—Business failures in the United States during the week ended Nov. 14 showed a slight reduction, compared with the preceding week. Dun & Bradstreet. Inc., announced today. The total was 210, against 212 in the previous week, and 208 a year ago. The only increase reported during the week was in the East. In the South. West and the Pacific sections the totals were lower Insolvencies with liabilities of SSOOO and over, in each instance, numbered 119. against 120 a week ago Total failures reported in the Dominion of Canada for the week were 26. compared with 20 in the preceding period, and 25 in the corresponding week a year ago. ANNOUNCE DIVIDEND Continental Steel Pays Sll on Preferred Stock. IS;/ United Press KOKOMO. Nov. 20.—An sll dividend on preferred stock, to be applied on accumulated dividend in arrears, was announced today by directors of Continental Steel Corp. The payment will be made Dec. 20 to stockholders of record Dec. 10. The regular $1.75 per share payment Jan. 1 on stockholders of record Dec. 16 will be made this year and the $lO balance of dividends in arrears will be paid next year, the directors announced. STOCK VALUES INCREASE Times Special CHICAGO. Nov. 20.—The m? ket value of 25 representative listed on the Chicago Stock Exchange at the close of business for the week ended Nov. 16 amounted to $315,931,125, an increase of $2,873.125, or 0.35 per cent, compared with the total value at the end of the previous week, it was announced today. Chicago Grain Futures By James E. Bennett &- Cos.) Wheat— 11.30 prev. Hich Lon. A M Close. Dec 97 s , .96’, 97', .97' 9 May 97 s * ,96 s * 96’* .97 July 90’* 90 ,90 s * .90', Corn— Dec 62 81', 61.1, May 61 60', 60'; 60’, July 61' 6- s * ,61'i ,61 5 Oats— Dec 37', .26’, 26", 17', May 28 s , ,28' 2 28 ! 2 28' 2 Rye— May 51’ 51 s , 51 s , .51 s , LOCAL CASH MARKET City grain elevators are paying 89 cents for No 2 soft wheat. Otner grades on their merits. Cash corn new No. 4 yellow 51 cents and oats 19 cent'.

Abreast of The Times on Finance

INDIANAPOLIS, WEDNESDAY, NOVEMBER 20, 1935

New York Stock Exchange Pi ices

'By Thornton <5: McKinnon 11 15 A. M Prev. Oil*— High Low N. Y. Close. Amerada 74' 74' 4 74% 74’ 2 Atl Rig 25% 25’, 25 1 2a 3 * Barnsdall 12’ 2 12', 12’, 12' 4 Consol OU 9 , 9 1 2 9’ 2 9% Cent of Del . 27% 27', 27% 28 Houston inew-t 4% 4% 4% 4' 4 Mid Corn Pet .. 17 16', 17 lew Ohio Oil 11% HW 11% 11W Pet Corp 11‘, 11% 11' 4 11', Phillips Pet .... 36 1 b 36’, 36’, 35% 'Pure Oil . .. 12% 12% 12 s * 12% 1 Seaboard Oil ... 32% 32> 2 32% 32 5 , Shell Un .. . 14', 14’ 4 14% 13% ! Skeliev Oil 16’* 16', 16% 16' 4 Soc Vac 12% 12% 12 s * 12’ 2 S O of Cal ... . 33 37% 37% 37% S O of Ind 23' 4 28' 4 28' 4 28% SOofN J. . 50 49% 50 43’ 2 Texas Corp 25 24% 25 24% Tidewater Assn !2’ 4 12', 12' 4 12% Un Oil of Cal .. 20 7 e 20% 20% 20 s , Steels— Am Roll Mills . 32'4 31% 31 3 4 31 7 s Beth Steel . 5L>, 50'.- 50’ 2 51 ’ 4 Byers A M ... 18% 13' 2 18% 18% Inland Steel 107% 107 107 107' 2 McKeesport Tin 130 130 130 130 Mid Steel 24 7 8 24*8 24 7 g 23% Natl Steel . . . .83’ ~ 82 7 B 83' * Otis Steel 17', 17 17', 17 Rep Iron & Steel 20% 20 s , 20 s , 20% U S Pipe A- Fdy 21’, 21'8 21% 21’ U S Steel .... 50’ a • 50 50 50', |U S Steel pfd ... 119', 119 119', 118% I Warren Bros. 4' 2 4' 2 4’ 2 4', : Youngst’n S <fc T 35‘, 2 35's 35' 2 35% Motors — Auburn .. 36' 2 36- 36’ 2 36'a Chrysler . . . 88’., 87', 87 s , 87 7 , Gen Motors . 56 7 , 56% 56’s 56’, Graham Mot ... 3’, 3 3’, 3’, Hudson .. . .. 15’, 15’, 15' s 15' 2 Hupp 2’a 2", 2% 2 7 a Mark Truck . .. 26 s , 26' z 26'2 26 ; Nash 17’* 17’, 17' 4 17' 4 Packard . 6% 6% 6% 6% Reo 4' a 4 4 4', ; Studebaker B', B', B' 4 B‘, : Yellow Truck 8% 8% 8% 8% Motor Access— B-ndix 21' 2 21L 21' 2 21% Bohn Alum ... . 52% 51' 4 52-’s 51’ 4 Borg Warner . . 62 7 , 62% 62% 62' 2 Briggs 54'., 54 54'., 54 Budd Mfg 9 R 7,8% 8% Budd Wheel . . 12% 12’, 12’4 12% Eaton Mfg . . 28 7 a 28' 2 28’ 2 28'2 Elec Auto Lite . 37' 2 37 3 s 37 1 3 38% Houdaille "B" .. 27' 4 27 27 26 7 s Mullins Mfg 15 15 15 15 Murray Body .... 18% 18% 18 7 , 18% Timken Roll .72 71% 71' 2 71 3 4 : Timken Dei Axle, 10 3 4 10’a 10' 2 10’ 8 Mining— Alaska Jun 14 7 , 14 3 4 14 7 14’ 4 Am Metals ... . 31 ’e 30’ 8 30%337,0 7 , Am Smelt 62 61% 61% 61 > 2 Anaconda 25 24% 25 24'3 Cal & Hecla 5'2 5' 2 5% 5' 2 Cerro De Pasco 59 7 , 59’ 4 59% 59' 2 1 Dome Mines . . 40' 2 40% 40'a 40% C>t Nor Ore 14’ 4 14 s , 14% 14' 2 Homestake Min 412 407 412 405 Howe Sound . . 56% 56 3 ., 56% 56'r Ins Copper 7% 7'a 7% 7'a Int Nickel .. 38’a 37% 38% 37% Kennecott Cop .. 28% 28-% 28% 28% Mclntyre Mine. 36 35% 36 35% Phelps Dodge... 26% 26 26% 25% St Joe Lead .... 24 23% 24 23% T 7 S Smelters . . 96 96 96 95 Vanadium 20% 19% 20% 19% Amusements— Crosley Radio . 17% 17% Is% 17% Loews Inc ... 54 53% 53% 53% Radio Corp . . 12% 11% 12% 11', Paramount 9% 9% 9% 9% RKO .... 5% 5% 5% 5 3 a Warner Bros ... 9% 9 9% 9 Tobaccos— Am Sum Tob .. 26% 26% 26% 26% Am Tob A 104 103 103 103% Ligg & Myers B 116 116 116 116% Lorillard 26% 25% 25% 25% Phlllin Morris 61 60% 61 61 Reynolds Tob B 57% 57% 57% 57% Rails— Atchison 53% 53 53% 53% Atl Coast Lines . 28% 28% 28% 28% ...... 15% 15% 15% 15% Can Pacific . . . . 12% 11% 11% 12 Ch & Ohio .... 51% 51% 51% 52% Chi & Gt W 1% 1% 1% 1% C M & St P pfd 2 2 2 1 % Chi N W 2% 2% 2', 2% Dela & Hud ... 36%. 36'., 76', 36% Del Lac & W ... 15%, 15% ,5% 15% Erie 11% 11 11% 10% Erie pfd 15% 15% 15% 15 Grt Northern pfd 33% 32% 32% 33 111 Central 16% 1614 16% 16% Lehigh Valiev ..9 9 9 8% Lou & Nash 55% 55% 55% 53% M K & T .... 5% 5 5 5% MK & T pfd ... 11% 11% 11% n Mo Pac 1 3 4 1 % 1 % i-% Mo Pac pfd 3% 3% 3% 3% N Y Cent . 26 25% 25% 25% N Y New Haven. 33 33 N Y Ont, West 5 5 5 4% Nor Pacific 21% 21% 21% 21% Penn R R 29% 29% 29% 29% Sou Pac 20’, 20% 20% 20% Sou RR. ... 10% 10% 10% 10 5 s West Maryland . 8% 8% 8% 8% Equipments— Am Brake Shoe . 41% 41 41% 41 Am Car & Fdy . 32*8 32 32% 32 Am Loco . . 27% 27% 27V, 27% Am Steel Fdy.. 24% 24% 24% 24% Bald Loco 5 4% 4% 41., Gen Am Tk Car 45% 44% 45% 44% Gen Elec. ... 40% 40% 40% 40% Gen R R Sig... 39% 39% 39% 89% Pullman Inc .... 38% 38V* 38% 38 West Air Br .. . 34 33% 33% 34% Wcstingh Elec 98% 97% 97’ 8 98 % Utilities— Am & For Pwr 8 7% 7% 7% Am Power & Lit 9 8% 6% 9 AT&T ... 151 150% 150% 150-% Am Wat Wks ... 21% 21% 21% 21% Col Gas & Elec.. 15% 14% 14% 14% Com & Sou 2% 2% 2% 2% Consol Gas . .34% 33% 33% 34% Elec Pwr & Lit . 6% 6% 6 1 /* 6 Int Hydro Elec . 3% 3% 3% 3s s Interboro R T . 19% 19% 19% 18% Int TANARUS& T . 13% 13% 13% 12% Lou G& E "A". 21% 21% 21% 21% Nat Pwr & Lit.. 10% 10% 10% 10% North Amer 28 27% 27% 27% Pac G& E 29% 29% 29% 29% Peoples Gas 41% 40% 41% 40% Pub Serv NJ .. 46% 46% 46% 46% So Cal Edison... 26 26 26 26 Std Gas 5% 5-% 5% 5% Stone & Webster 13% 13% 13% 12% United Corp .... 7% 7 7% 7 Un Gas Inm 18 17% 18 17% Ut. Pwr & Lt ‘A’ 3-’ r 3% 3% 3% Western Union . 77% 76% 76% 76'., Rubbers— Firestone 16% 16% 16% 16% Goodrich 12% 12 12 12% Goodyear 22 22 22 21 % U S Rubber . 14% 14% 14% 14% U S Rubber pfd 41% 40% 40% 40% Miscellaneous— Allis Chalmers 36% 36 36% 36% Am Can . 148 147 147 147% Am Mach & Fdv 32'., 32 32 32'■> Anchor Cap . 15% 15% 15% 15% Brklvn Man Tr 42 41% 41% 42% Burroughs Add 27% 27% 27% 27% J I Case 111% 110 110 110 Conti Can . . 99% 98 98 98 Caterpillar Tract 59% 59% 59% 59% Crown Cork .... 47% 47% 47% 48 Curtis Pub . . . 20% 20% 20% 20% Curtis Pub pfd 102% 102% 102% 103 Deere & Cos .58 58 58 58 Eastman Kodak 171 171 171 172 Foster Wheeler . 23% 23% 23% 22% Gillette 18 17% 17% 17-% Glidden . ... 4.5% 44% 44% 44% Int Bus Mach ..182 182 182 181% Inter Harv ... 65% 65'- 65% 66 Natl Cash Reg.. 21% 21% 21% 21% Rem Rand . 17 16% 17 16% Worthingt'n Pmp 24% 24% 24% 24% Foods— Am Sugar .... 58% 57% 57% 57% Armo T 6% pfd. 6.5 65 65 65 Beatrice Cream . 19 18% 18% 13% Borden Prod . . 26% 26% 26% 20% Cal Packing 37% 37 37% 37 Canada D G Ale 13 13 13 13% Corn Bak 'A'.... 9 8% 8% 9 Corn Prod. .... 71% 70% 71% 70% Crnt of Wheat.. 37', 37’, 37% 37% Cuban Am Sug.. 6% 6% 6% 6% Gen Baking ... 12 ll 7 , 11% 11% Gen Foods 34 33% 33% 33% Gold Dust 19% 18% 19 18% G W Sugar ... 34% 34% 34% 34%

Local Securities (Because quotations on local securities are unlisted on an Exchange. The Times can not assume resnonsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. Belt RR Jr Stk Yds com ... 50 52' 2 Belt RR A: Stk Yds 6% pfd . . 52 Central Ind Pow 7*7- pfd 17 20 Home Tel&Tel Ft. Wn 77e pfd so'/ a 52 Hook Drug Inc com 14 15' 2 Ind & M:ch Elec 77. pfd 99 102 Ind General Service 87 91 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd... 52 1 2 62’ 2 Indpls Gas Cos com . ... 38 Indpls Pow &Lt 6 pfd 82 85 Indpls Pow & Lt 6’ 2 c r pfd ... 87 90 Indpls Water ST* Dfd 102 1 ., North Ind Pub Svc 5' 2 r s pfd-. 67 70 North Ind Pub Svc 6'T- pfd ... 76 80 Progress Laundrv com 6 ! 2 . Pub Svc of Ind 6% pfd 12 15 Uub Svc of Ind 6*l pfd ... 13 16 So Ind Gas At E lec 6'T. pfd ..91 94 Terre Haute Elec 6'T, pfd .... 79 83 Union Title com 18 20 BONDS Atlanta Distr Term C*, '4l ... 62 1 3 70 Buffalo D'.str Term Brooklvn Postal Sta 5' 2 r o '4B 37 1 3 42 Home Tel&Tel FtW 5' 2 *„ '35 103 105 Home Tel&'Tel FtW 6% '43 103 106 Indpls Railways Inc S'"* '67 . . 49 53 Indpls Water 4' 2 <7- '4O ..105 107 Indpls Water sr'5 r '- ’SO & '6O 105 107 Indpls Water \53&-'54 103' 2 105 Interstate T &• T S'; 1 -, '53 ... 91 93 Kokomo Water Works 'SB .104 105' 2 Lafavette Telephone S'”- ’57 102 Morris 5 &- 10 Stores 5% ’SO 99 102 Muncie Water Works 5% ’6O 102‘a NoblesvUle HL&-P 6'- ’47 95 97 Ohio Tel Service 6(7, ’47 94 Richmond Water Works 57.’57 104 'j 106 St. Louis Post Office SVaTi ’3B 18 25 Seymour Wtr Ist mtg 57. '59 101 104 Terre Haute Water Wkss'7, '56 ICl' 2 103' j Terre Haute Wat Wks 6~. '49 103 105 Traction Terminal 57. '57 70 74

■Loose Wiles ... . 40 s * 40% 40 2 40% Natl Biscuit 35% 35% 35% 35’, Natl D Prod. IS 7 , 18% 18% 18% Purity Bak 15 14% 14% 15 S Por’o Rico Sug 27% 27 27 26% S’d Brands. 15 14% 14', 14% Un Biscuit . 23 % 23% 23*8 23% United Fruit 71 71 71 71% Wrigiey . 77% 77% 77% 77 Retail Stores— Assd Dry Goods 18% 18 18, 18 Best & Cos. 57% 57% 57% 57% First Natl Stores 45 44% 45 45% Gimbel Bros. 7% 7% 7% 7% Gr Un Tea .3% 3% 3% 3% Hahn Dept Sts. 9 8% 8% 8% Kresge S S 27% 27% 27% 27% Kroger Groc .. 26% 26% 26% 26 2 Macv R H . . 57 56 55 56% McCrorv St . . 12 12 12 12 McLellan St . 14% 14 14 14 Marshall Field .. 14 13% 13% 14 Mav Dept St . 57% 56% 57 56% Mont Ward . 40 38% 39% 39% Natl Tea 10 9% 5% 9% Fenney J C’ 83% 83 83 83% Safewav St ... 34% 34 34% 34% Sears Roebuck . 69% 68% 68% 68% Woolworth ... 59% 59% 59% 59 Aviation— Aviation Corp ... 3% 3% 3% 3% Boeing Aircrft .. 13% 13% 13% 13% Curtiss Wright .. 2% 2% 2% 2% Curtiss Wri IAI.. 8% 8% 8% 8% Douglas Air . . 34 33% 33% 33% Nor Am Av 5% 5 s * 5% 5% I Sperry Corp . 12% 12% 12% 12% j Utd Aircraft new 21% 21% 21% 21 Chemicals— Allied Chem 168 167 167 167% Am Com Alcohol 33 32% 33 32 Col Carbon .. . 100 99% 100 99% Com Solvents .. 21% 20% 21 21 Du Pont 145% 145", 145% 145% ! Freeport Tex .... 30% 29% 30% 29% Liquid Carb .... 36% 36 36 36% Math Alkali 33% 33 33% 33% Natl Dis 1 ne- > 31% 31% 31% 31% ! Schenlev Dist . 53% 63% 53% 53 Tex Gulf Sulph . 32-% 32 32% 31% Union Carbide 75% 75 75 71% U S Indu Alcohol 50% 49% 49% 49% Drugs— Bristol Myers .. 41% 41% 41% 41% 1 Coty Inc 6% 6 6% 6 Lambert .... 24% 24% 24% 24% i Lehn & Fink ... 12% 12 s , 12% 12% Sterling Prod . . 66% 66% 66% 66 Un Drug inewt 11% 11% 11% 11% Vick Chem 43 42% 42% 42% ZoniO? Prod 6 5% 6 6 1 Financial—- ; Adams Exp 9 s * 9% 9% 9% Allegheny Corp . 2% 2’, 2% 2% Am Int Corp ... 10% 10% 10% 10% Chesa Corp .... 54% 53 53 55% Lehman Corp ... 95% 95% 95% 94% Transamerica ... 13% 13% 13% 13% Building— Am Radiator ... 22% 22 22% 21% Gen Asphalt . . 22% 22 22% 21% Holland Furnace 24% 23% 24 24', Int Cement . . 35% 35% 35% 35% Johns Manville. 99% 98% 99’ 4 98 Libby Owens Gls. 48'., 47% 47% 47’, Otis Elev ... . 23% 23 23% 22%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 lnds. Rails. Utils. Bonds. Today 91.4* 79.8 102.9 91.4* Yesterday 91.2 79.5 102.8 91.2 Week aso 90.5 78.1 102.5 90 4 Month ago 89.8 77.6 101.0 89.5 1935 high 91.2 86.4 102.9 91 2 1935 low 83.6 71.0 89.3 83.0 *New high for 1935. (Copyright, 1935. by Standard Statistics! U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasury's Prev. Close. close. 4 1 .S 1947-52 115.5 115.9 4s 1941-54 110.21 110.20 3 3 ,s 1946-56 109.4 109.6 3 3 /,s 1940-43 107.6 107.8 3 3 ,s 1943-47 106.6 106.6 3 3 ,s 1941-43 107.8 107.7 3',s 1943-45 105.10 105.6 3V,S 1941 107.20 107.19 3Us 1941 107.20 101.17 3'.is 1944-46 104.31 104.28 3Us 1946-49 103.19 103.18 3Us 1949-52 103.17 103.15 3s 1951-55 102.19 102.17 3s 1946-48 102.21 102.19 2%S 1955-60 100 100 2Us 1945-47 100.29 100.28 Home Owners Loan Corp. 2Us 1948 99.19 99.18 3s 1952 100.24 100.28 Federal Farm Mortgage Corp. 3s 1949 100.29 100.30 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 86 86 Alleg Corp 5s '49 79 78' 2 Alleg Corp 5s 'SO 44' /2 44 Am Frgn Pow 5s 2030 69 68 Am Tel & Tel SUS '43 113’, 113 U Am Tel & Tel 5s '65 113', 113 Arm & Cos (Del) 5U '43 95 954 Atl Coast Line 4s ’52 954 95', Atl Coast Line 44s '64 80U 804 Atc.h Top &S Fa 44s '4B 1084 108 Am Wat Wks 5s '44 113 1114 Am Rolling Mills 5s '3B 128 U 126 Balt & Ohio 5s '95 714 71U Balt & Ohio 6s '95 814 814 Balt & Ohio 44s ’6O 564 564 Buff Roch & Pitt 44s ’57 64 644 Chi Milw & St P 5s '75 124 114 Chi Milw & St P 5s 2000 4 4 4 4 C'leve Un Term 5s '73 994 991, Cleve Un Term 44s '77 91 4 91 4 Col Gas 5s Mav '52 98 s , 984 Col Gas 5s Ar>ril '52 98 s , 99 Col Gas 5s ”1 97 5 , 97:4 Can Pac Pc p4s 84 4 84 4 Cent Pac 5s 60 844 84 4 Big Four 44s '77 744 744 Big Four 5s '63 82 4 82 Colorado &So 44s 'BO. 52 4 51 Chi & West Ind 4s '52 98 98 s , C'hi & West Ind 54s '62 1054 1054 Chi & Nor West 44s '49 94 91 2 Con Gas 5s '57 1054 105 4 Chesa Corp 5s '47 1174 1164 Del, & Huds 4s '43 75 744 N Y Dock 4s 'sl 66 4 66 4 N Y Dock 5s ’3B 534 534 Erie 5s ’75 67 664 Erie 5s '67 674 66 s , Gen Cable 54s '47 994 100 Grt Northern 7s '36 1024 102 Grt Northern 44s '76 94 934 Grt Northern 44s ’77 934 93 Gen St! Cast WW 54s '49 ... 85 84 Hud & Manhat Ref 5s '57 .... 804 80 111 Cent 44s ’66 53 524 111 Cent Jt 44s ’63 564 56 111 Cent 5s '63 . 604 604 Interlake C&I 5s 'sl 854 85 Interntl Hy Elec 6s 44 474 464 Interntl Tel & Tel 44s '39 82 s , 81U Interntl Tel A* Tel 5s '55 75', 734 Interntl Tel & Tel 44s '52 71 684 McKess & Rob 54s "50 102 s , -024 Natl Dairy 5Us '4B 104 103 s , Natl Steel 5s ’56 105 4 1054 Nickel Plate 44s ’7B 644 634 Nickel Pla‘e 54s '74 75 744 Nickel Pla e 6s ’35 82 824 N Y Cent 5s 2013 754 754 N Y Cent 44s 2013 (old) 70 4 70 4 Nor Amer Cos 5s '6l 103 4 104 Nor Pac 3s 2047 72 72 Nor Pac 44s 2047 88 89 Nor Pac 6s 2047 1024 102 Nor States Pow 5s '4l 1064 107 Otis Steel 6s '4l 101 100 s , Penn Ry 44s 'B4 1044 104 Penn Ry 44s 'Bl 104 s , 104 Penn Rv 44s ‘7O 97 s , 974 Pac G & E 5s '42 106 106 Portland Gen El 44s '6O 74 5 , 74 s , Para Publix 54s 'SO 924 93 Penn P & L 44s 'Bl 105 s , 1054 Postal Tel &Clb 5s ’53 364 35 s , Rem Rand W W 54s '47 104 s , 104 s , Shell Union Oil 5s '47 104 1034 Sou Pac 44s '6B 744 74 Sou Pac 44s 'Bl 741, 74 Sou Pac 44s '69 744 744 Sou Pac 4s 49 7g 1 2 78s, Sou Rail 4s '56 47 46 s , Sou Rail 6s '56 60 59 Sou Rail 64s ’56 6 s , 624 Sharon Stl Hoop 54s ’4B- 1024 1024 Texas Pac 5s ’BO 914 91 Texas Pac 5s ’79 914 91 Texas Pac 5s '77. 914 91 r 2 Union Pac 4s ’47 1114 1114 United Drug 5s '53 95 93 4 U S Rubber 5s '47 ini 100 s , NY NH & Hart 6s '4B 25 s , 264 NYNH & Kart 44s '67 254 254 Warner Bros 6s '39 88 884 Western Marv 54s '77 10 s ", 105 Western Marv 4s '52 .... 95', 95 Youngstown S & T 5s '7O ... 1014 1014 Youngstown S & T 5s '7B 101 101 FOREIGN Argentine IB> 6s 'SB 98 98 Brazil 8s '4l 27 5 , 27 Canadian Govt 4s '6O. 1064 1064 Denmark 54s '55 1094 1004 German 54s 65 314 30 s , German 7s '49 38 38 Italy 7s 'sl 59 595, Japan 64s '54 984 95 s , Poland 7s '47 1034 103 Rome 64s '52 504 514 Tokto City 54s '6l 804 814 Y'okohama 6s '6l 8i 2 854 Unlisted Stocks (By Blvth & Co.I NEW YORK BANK STOCKS „ , Bid. Ask. Bankers 674 584 Central Hanover B &- T 128 130 Chase 36 s , 384 Chemical National 574 59 Guaranty . 304 307 Irving 16 174 Manufacturers 38 s , 404 National Citv 324 344 Cont 111 Chicago' 964 984 First Natl of Boston 44 45 s , Natl Shawmut 24 s , 26 FIRE INSURANCE Aetna Fire 55% 57 4 Citv of New York 'newt 274 294 Federal Ins 81 s , Great American Ins 27 28 s , Hanover Fire Ins 364 38 , Hartford Fire Ins 784 804 Home Insurance 35 35 s , Ins Cos of N A 704 724 National Fire 71 73 North River Insurance 26 5 , 284 Phoenix Insurance 89 4 91 4 U S Fire . 53 4 55 4 Manchester Fire 35 4 364

U S Gypsum ... 85% 85% 85% 84% Household— Col Pal Pcet . 17% 17*8 17% 17% Congoleum . ... 45’, 44% 45% 44 s , Kelvinator . 15 % 15 15 15% Mohawk Carpet 21% 21% 21% 21%, Proc & Gambia 48 47% 47’, 47% Serve! Inc . . 13% 13 13 13% Simmons Bed . 18% 18% 18% 18% Textiles— Amer Woolen . .. 10% 10% -0% 10% Belding Hem ... 14% 14% 14% 14-% Celanese Corp . 30% 30 30 29% Collins Aikman . 41% 40 41 % 39% ,Gotham Hose . . 9% 9% 9% 9 Indus Ravon 32% 32% 32% Kayser Julius . 27% 27% 27% 26% Chicago Stocks <By Abbott, Proctor & Painei 11:30 Prev. A. M Close. Berghoff 6% 6% Butler 8% 8% Chicago Corp 4% 4% Chicago Corp pfd 45% 45% Conti Steei 41% 39 Cities Service 2% 2% Com & Edison 98 97% Cord 4% 4% Crane 21% 21% Elec House 18% 18% Gen House 2% 3 Grt Lakes 27% 27% Noblitt Sparks 32 31% Perfect Circle 38% 38 Pub Servos 111 51% 52 Swift 19% 19 s , Swift Int 30% 30% Zenith 14 14% New York Curb ißv Abbott, Proctor & Painei 12:00 Noon Prev. N. Y. Close. Alumn Cos of Am 94 94 Am Cyanide "EL 28% 29% Am Superpower 2% 2% ■ Atlas Corp 13*8 13% Carrier Corp 10 10 El Bond & Share, 17% 17% Ford of Can "A" 27% 27% Ford of Europe 8% 8% Hiram Walker 23% 33% ; Humble Oil 60% : Imperial Oil Ltd 21% 21% Lake Shore Min 50% 50-’, ; Nia Hud Pwr 9% 9’, Pan Am Airways 42% 42% Penn Road S 4 4 Wright Hargraves Min 7% 7% Dividends Declared Dividend rates are given in dollars and cents unless stated otherwise. Company— Rate Per'd Pavable close aAm Inv B $ .20 Q Dec. 2 Nov. 20 bAm Surety .. 1.00 .. Jan. 2 Dec. 16 Cin N Orl & Tex Pac Ry 4.00 Sa Dec. 26 Dec. 4 Do ext 3.00 . Dec. 26 Dec. 4 Consol Gas El Lt of Balt .90 Q Jan. 2 Dec. 14 Elec Controller. .50 Q Jan. 2 Dec. 20 Godman Shoe 6% Ist p 1.50 Dec. 1 Nov. 25 Humble Oil&Ref .25 Q Dec 26 Nov. 26 cJaeger Machine .15 Dec. 2 Nov. 25 Katz Drug .75 Q Dec. 14 Nov. 30 Kennecott Cop .20 . Dec. 26 No* 29 Lord & Taylor 2.50 Q Jan. 2 Dec 17 Do extra 5.00 Jan. 2 Dec. 17 Natl Sug Ref.. .50 Q Jan. 2 Dec. 2 New Eng Tel 1.50 Q Dec. 30 Dec. 10 eNorCen Tex Oil .10 spe Dec. 16 Dec. 2 Pet Milk Cos 25 Q Jan. 1 Dec. 11 Do pfd . 1.75 Q Jan. 1 Dec. 11 Powdrell & Alex .25 .. Dec. 16 Dec. 2 Pub Serv El & G 7% n 1.75 Q Dec. 31 Dec. 2 Do S5 pfd 1.25 Q Dec. 31 Dec. 2 Rike-Kumler ... .25 Q Dec. 11 Nov. 27 Std Oil of Ky .25 Q Dec. 14 Nov. 30 dTubize-Chatillor 7% Dyewood p. 1.75 Q Jan. 2 Dec. 13 Waldof Sys. 12% Dec. 20 Dec. 10 Conti Steel p 1.75 Q Jan. 1 Dec. 16 fDo pfd ... 11.00 Dec. J2O Dec. 10 Calif Print Ink .50 Q Jan. t 2 Dec. 21 Do extra .50 Jan. 2 Dec. 21 Chesapeake Corp .75 Q Jan. 1 Dec. 6 Chesa & Ohio . .70 Q Jan. 1 Dec. 6 Columbia Piet .25 Q Jan. 2 Dec 18 Columbia Piet. 2%% g a p e t,. 3 Jan 23 Columbia Piet ..2%% Sa Aug. 3 July 23 First, Nat Strs .62% Q Jan. 2 , Dec. 9 Kimberly Clk .12% .. Jan. 2 Dec. 12 gMay Hos Mills $6 cum p .1.50 Dec. 1 Nov. 26 P"b Serv N J .60 Q Dec. 31 Dec. 2 Rem Rand $6 p. 3.00 Int Apr. 1 Mar 10 Do 5% pr p .31% Int Jan. 1 Dec. 10 Do 5% pr p .31% .. Apr. 1 Mar. 10 Okla Gas & El 6% cum p 1.50 Q Dec. 16 Nov. 30 Do 7% cum p. 1.75 Q Dec. 16 Nov. 30 aln previous quarter .12% was paid, blncrease. cLast previous payment was on December 1. 1934. when 10 cents was paid. dPreviouslv paid $1.75 on January 1 1933. * eFirst since September 2. 1930, when 15 cents was paid. fOn account of accumulations. gSI was paid in preceding quarter. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,353,000 Debits 6.150,000 TREASURY STATEMENT (By United Press) WASHINGTON. Nov. 20.—Government expenses and receipts for the current fiscal year to Nov. 18 as compared with a year ago; This Year. Last Year. Expenses. $2,980,587,983.08 $2,643,498,058.72 Receipts . 1,397.585.336.23 1.390.031.141.17 Deficit. . 1.583.002,646.85 1.253,466.917.55 Cash bal.. 1.423.593,433.45 1,670,298,621.48 MARKET VALUE OF 50 STOCKS UP SHARPLY Increase of 2.19 Per Cent Shown for Week Ended Nov. 16. Times Special NEW YORK, Nov. 20.—The market value of 50 representative stocks listed on the New Y'ork Stock Exchange at the close of business for the week ended Nov. 16 totaled $17,239,451,000. an increase of $368,873.875. or 2.19 per cent from the preceding week. Paul H. Davis and Cos. announced today. The total for the previous week amounted to $16,870,577,125. At the close of the week ended Nov. 16, 1934, the same £0 stocks had a market value of $11,573,499,375, indicating an increase during the year of $5,655,951,625. or 48.96 per cent. BRITISH CONSIDER LOAN May Settle Old C'zarist Debts of 250,000,000 Pounds. By Uni tea Press LONDON. Nov. 20.—A British long-term loan to the Soviet Union, coupled with possible settlement of the debts of the old czarist regime is under official consideration, it was revealed authoritatively today. The plan is still in the stage at which the British foreign office, treasury and board of trade are considering various suggestions, but there have been preliminary dis-1 cussions with the Soviet goevrn- j ment. Formal Anglo-Soviet negotia- j tions, however, will await further j clarification of the British attitude, j The Russian pre-revolutionary : debts to Britain, according to British estimates, totaled 259.000,000 pounds (nearly $1,250,000,000).

Bnsigraphs

BANK DEBITS OUTSIDE NEW YORK CITY .. fCEDERAL RESERVE BOARD) —’ -j '> y. .DOTTED LINE IS THE PAST' y y - v y y '/, > TEN YEARS AVERAGE OFy // ArnmmM. ONDJ FMAMJJASO THE PARK£P CORP GENEPAL OSTRIBUTO°S INCORPORATED INVESTORS

Money is becoming busier. Outside New York City, bank debits in October gained 12 1 - per cent over September debits, a gain greater than the seasonal amount. Compared wtih October a year ago debits increased 17 per cent.

PAGE 13

NEW INVENTION TURNS SKIMMED MILKJThWOOL’ Italians Perfect Chemical Process for Synthetic Casein Product. By Srripps-Hoteard Xetcspaper Alliance WASHINGTON. Nov. 20.—Italian industrialists are making “synthetic wool” from skimmed milk, according to a report to the Commerce Department's chemical division from Rome. Casein, which is extracted from skimmed milk, is subjected to a bath of chemicals in which it is soluble. The resulting viscous solution is forced through small holes which form the “woolen” threads, as in the production of rayon or synthetic silk. Except for the chemical treatment, for which special apparatus is required, the wool is produced with the same equipment used in the production of rayon. It is asserted by the inventor that, owing to a smaller percentage of sulphur, the synthetic product possesses greater heat - conserving qualities than natural wool. For the same reason the new fiber is said to take dye more evenly. The daily output is expected to exceed 2000 pounds by Dec. 1, and 50,000 pounds by next June.

JOBS AT PEAK FOR RECOVERY MOVEMENT Employment Shows Increase of 361,000 for September. Times Special NEW YORK. Nov. 20.—The number of persons employed in the United States in September rose to anew high for the recovery movement, according to the Alexander Hamilton Institute. There were 38.101,000 persons employed in September, compared with 37.740,000 in August, an increase of 361,000. The number of persons unemployed declined from 13,858.000 in August to 12.521.000 in September. Unemployment, however, did not drop to anew low for the recovery movement, despite the peak reached by employment. This was due to the increase in the supply of workers as the result of the gain in population. Compared with the loAt reached in May, 1934, when 13,398,000 persons were unemployed, unemployment in September, 1935, was higher by 123,000 persons. Preliminary figures indicate, however, that unemployment was further reduced in October, and it is possible that unemployment last month may have made anew low for the recovery movement. Since the low for the depression in March, 1933, the number of persons employed has shown an increase of 5,039,000.

ADVOCATES GREATER PURCHASING POWER Secretary Perkins Gives Plan at Convention. B<j United Press WASHINGTON. Nov. 19.—Secretary of Labor Frances Perkins today advocated expansion of the purchasing power of the farmer and lowwage earner as a means of balancing “the mass production of the present machine civilization.” She told the Land Grant College convention that farm income during the first eight months of 1935 rose $266,009,000 over the same period a year ago. The increase, she said, has been a “substantial factor in speeding up production in industrial centers with a consequent rise in factory employment and pay rolls.” “Our industrial organization can be made to function properly by continuing to build up the purchasing power of our farmers and wage earners.” She said the employer, employe and investor would benefit by the increase. CONSTRUCT MUNICIPAL NATURAL GAS PLANT Run Main to Pipeline Using WPA Crew of 16 Members. Times Special LAPEL, Ind.. Nov. 20.—Construction of a municipal plant to supply Lapel natural gas from the TexasDetroit pipeline, four miles east of here, was under way today. The project has been started with a crew of 16 workers laying a main from the business district to the source of supply. Material for this work and the plant itself will be furnished by the town while labor Is provided by the Works Progress Administration. Individual users are to pay the cost of service line installation, and many are preparing to have their homes and business establishments piped immediately. Other Livestock <Bv United Press) FORT WAYNE. Nov. 20— Hogs—Steadv: 160-180 lbs 59.50: 180-200 lbs.. $9 45: 200229 lbs.. $9.40: 220-240 lbs., $9.30: 240-280 lbs., *9.20: 280-300 lbs.. $9,15 300-350 lbs., $9: 140-160 lbs.. $9.25: 120-140 lbs., S9: 100-120 lbs.. $8.75; roughs. $8; stags. $6.25. Calves. sll. Lambs, $lO. LAFAYETTE, Nov. 20 —Hogs—Market, steadv to 10c lower. 160-200 lbs. 59 504; 9.55: 200-250 lbs. $9 304/9.40: 250-300 lbs.. $9.10419.20: 300-325 lbs., $9: 100-120 lbs, $8,754/9.25: roughs. 88.75 down. Calves. $9 50 down. fßy Times Special) LOUISVILLE. Nov. 20—-Cattle —Receipts. 400: salable supply slaughter cattle verv light: killing quality plain; demand dependable; market generally steadv: bulk common to medium light steers and heifers. $5.50417 50: very little on hand of duality to sell above *8; good kinds ouo’able upwards of *9: beef cows mestlv $4.25® 5.25: practical top $5.25 good smooth heifer types eligible to $5.75: bulk sausage bulls salable. $5415.50: best hea-. :es considered salable higher: most light beef tvpe stockers and stock calves salable. 55 7541 7.75. Calves—Receipts. 250 market, steady: bulk better grades. $94/ 9,50; strictly choice. $10: medium and lower grades $8 down *o around $4 Hogs—Receipts. 700: market steadv to 5c higher: top and bulk 180-240 lbs, $9.60: 245-295 lbs. $9 10: 300 lbs up. $8 70: 160-175 lbs. $9 20 140155 lbs.. SB-50; 120-135 lbs.. $7.55: sows. $7.25. Sheep—Receipts. 100; supply very light market considered generally steady medium to good lambs salable mostlv. $9 ft 9 50; choice ouotable higher: plainergrade lambs including bucks, *6.54)4/8.50; bulk fat ewes, *3.50 jovn.

To Vote on Authorization of New Stock Stockholders of the Schndey Distillers Corp. will rote af a meeting Xor. 27. on the authorization of 200.000 shares of T 1 j per cent cumulative preferred stock of SIOO par mine.

BANKERS’ HEAD

" ' ' v ' ■ '

Robert V. Fleming

In one of the most bitterly contested elections on record. Robert V. Fleming. 45-vear-old president of the Riggs National Bank of Washington. D. C., became the new president of the American Bankers’ Association at the convention in New Orleans.

PORKERS SHOW UNEVENTREND Few Classes Off 10 Cents: Cattle. Lambs Hold Stationary. Porker prices fluctuated in a narrow range today at the local stockyards. The market was generally steady to 10 cents lower than yesterday's best average, despite a further decrease in the number of receipts. Supplies were estimated at 5000, compared with 6000 yesterday, and at the lowest point for the week. Initial trading was dull in some classes and demand showed signs of weakness. Liberal supplies were reported at surrounding livestock markets, offsetting the local demand. Approximately 144 hogs were held over for tomorrow's market. The bulk of 160 to 225 pounds, was selling at $9.60 to $9.75. Medium heavy grades, weighing from 225 to 300 pounds, brought $9.40 to $9.60. Extreme heavies brought $9.10 to $9.30. In the lightweight division. slaughter pigs, scaling 100 to IGO pounds, sold at $9 to $9.50. Packing sows held at $8 to $8.75, while few light grades brought $9. Trading was mostly unchanged in the cattle market, especially in steers and heifers. Cows were steady to slightly higher. Few loads of beef steers ranged from $10.60 to Sl2, while bulk held at $9 down. Choice heifers were salable at $lO or more, with the supply of most kinds valued to sell under $3. Bulls brought $4.25 to $6. Receipts were 11C0. With a liberal supply available, vealers were sharply 50 cents lower. The bulk of good and choice grades sold from $lO to $10.50. Receipts numbered 700. Lamb values continued stationary. Bulk of good and choice ewe and wether grades sold at $9.75 to $*0.50. Fed western kinds were r earc . Slaughter sheep brought $3 to $5 Receipts were 500. OGS Nov. Bulk. Top. Receipts. 14. $9.40® 9.5.% $9.55 4000 15. 9.50® 9.60 9.70 4000 16. 9.60® 9.80 9.65 1500 18. 9,45® 9.65 9.65 7000 19. 9.60® 9.75 9.75 6000 20. 9 60® 9.75 9.75 5000 Light Lights. 1140-160> Good and choice $9.35® 960 Medium 8.85® 9.35 Lightweights. ( 160-180) Good and choice... 9 60® 9 75 Medium . 9.10® 9.60 180-200) Good and choice. 9 60® 970 Medium 9.10® 9.60 Medimum Weights. )200-220i Good and choice... 9.55® 9.65 (220-2501 Good and choice. . 9.50®, 9.60 Heavyweights (250-290! Good and choice .. 9 40® 9 55 1290-350) Good and choice .. 9 104/; 940 Packing Sows. (275-350) Good 8.50® 9 00 (350-425) Good 8 25®) 8.75 1425-450) Good B.oo® 8 50 (275-450) Medium 7 85®. 8 35 Slaughter Pies. ‘IOO-140) Good and choice... 9.00® 9 35 Medium 8.25® 9 25 CATTLE —Receipts, 1100— (500-900) Choice $lO no® 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 75® 11.25 Medium 6.75® 8 75 Common 5.00® 6.75 i (1100-1300) Choice 11.25® 12.50 Good 9 00® 11.25 Medium 7 00® 900 (1300-1500) Choice 11 50® 12.50 Good 9.00% 11.50 | Heifers (500-750) Choice $9 00®10 35 Good . 7 50® 9 00 Common and medium 4 254/' 7.50 C 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 I Bulls, good 5.50® 6.00 I Cutter, com. and med. bulls .. 4 004f 5.50 VEALERS —Receipts, 700— Good and choice $lO no® in 50 Medium 8 00® 10 00 Full and common 4.004 1, 800 Calves (250-500) Good and choice ... 7 00® 950 Common and medium 4.00% 7 00 Feeder and Stocker Catti? (500-800) Good and choice ... 6 50® 825 Common and medium 4 25® 6.50 (800-1050) Good and choiae .. 6 50® 8.50 Common and medium 4.25® 6.50 Cows Good 5 00 ® 6 50 Common and medium .. 4.00® 5.00 SHEEP AND LAMBS —Receipts. 500— Lambs. 90 lbs. down, good and choice $9 75® 10 50 Medium 8 00% 9.75 Ewes. '9O-125) Good and choice ... 4 00% 5.00 All weights, common and medium J 50® 4 50 (120-150' Good and choice . 3 00® 400

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

STEEL OUTPUT PACE INCREASES IN GARYPLANTS Adding of Furnaces Brings District Estimate to 60 Percent of Capacity. Time* Syceia l GARY'. Nov. 20.—Adding four epen-hearth furnaces this week o the production units at the Gary Works of the Carnegie-Ulinois Steel Corp. will place the Calumet steel district at an estimated output of 60 per cent of capacity. Last week the output average was placed at 57.5 of capacity compared to the national average of 53.7. The national average of 53.7 shows an increase of 1.1 from the previous week, estimated by the American Iron and Steel Institute. This rate is anew high for the year and is the best rate since June 18. 1934. Last year for ihe same period the rate was 27.6 per cent of capacity. Totals Thirty Furnaces The additions to the Gary Works brings the total number of active furnaces to 30 compared to 26 a veck ago and 24 in the preceding week. At the South Chicago Works of Carnegie-Illinois two furnaces were added, bringing the total active units to 20. The Indiana Harbor plant of the Youngstown Sheet and Tube Cos. ; added one open hearth and its Bessemer to the active list. New rail orders, the busy automobile industry and larger demands from the farm implement industry are the main contributing factors for the gains in steel output. Structural releases have also shown sharp increases. Total sales and specifications show the tonnage involved to be the largest in five weeks.

INSTALLMENT CREDIT CONSIDERED SOUND Amortization Prevents Losses in Loans. Report Says. BOSTON, Nov. 20.—The danger line in a credit expansion is not determined bv the percentage c< gold reserves to credit volume, but is dependent upon the character and type of credit, says the United Business Service in its current report. The healthy type of credit is that which is constantly in process of liquidation. Installment credit, therefore, is considered particularly sound, because from the very beginning it is being progressively liquidated. Dangerous credit expansion—inflation—comes when debts are increased faster than paying power. To the extent that a general expansion of credit is governed by the amortization principle, it can not proceed to dangerous and inflationary proportions. In this connection, the report points out that the mortgages and other loans extended through the Federal Housing Administration require regular annual payments on the principal. Without this provision, the losses would undoubtedly be very heavy; with it, most of these loans will probably prove sound. TO DISTRIBUTE FUNDS 3 Per Cent Liquidation Payment to Be Made by Credit Corp. Times Special WASHINGTON, Nov. 20.—The Railroad Credit Corp. will make a liquidating distribution on Nov. 30 of $2,207,655 or 3 per cent to participating carriers. Os this amount, $1,161,344 will be paid in cash and $1,046,321 credited on obligations due to the corporation, according to E. G. Buckland. president. This will be the twenty-second distribution that has been made to participating carriers since liquidation began on June 1, 1933 and will bring the aggregate returns to 39 per cent of the fund developed through the pooling of the emergency charges allowed under Ex Parte 103. The total of $28,699,513 distributed will then have been divided $13,206,546 cash and $15,492,967 credits. START NEW CAMPAIGN Bargains Offered to Eliminate Afternoon Shopping Jam. Times Special RUSHVILLE. Ind., Nov. 20. Merchants here are organizing a “Shop in the Morning” association. By offering bargain prices on merchandise purchased before the noon hour, they hope to eliminate a part of the heavy shopping in late afternoon. The campaign also is expected to distribute the load of an anticipated Christmas rush. BOND OFFERING MADE Times Special NEW YORK. Nov. 20 —A public offering of $2,450,000 first mortgage 20-year 5 per cent bonds. Series A, of Canadian Utilities, Ltd., was made yesterday through an underwriting group composed of E. H. Rollins & Sons. Inc., and Chandler & Cos., Inc. The bonds are offered at 93 per cent plus acquired interest. BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.