Indianapolis Times, Volume 47, Number 226, Indianapolis, Marion County, 29 November 1935 — Page 28

Trends Piling Up of Excess Reserves Viewed Dangerous. BV JOHN T. FLYNN

VTEW' YORK. Nov. 29.—There are several points within the jurisdiction of the Federal Reserve Board which its well-wishers can hardlv help looking upon with apprehension. First, the lime seems to be far overdue for increasing thp reserve requirements of the banks. The

enormous piling up of excess reserves at ihs banks is one nf the grc al e s 1 threats for credit inflation and a runaway stock markPt, that has ever existpd in this country. It is infinitely worse tlian the condition which prevailed in 1923 when we began to move up on that last disastrous orgy

Fl.vnn

of speculation. Whether the Reserve Board can stop n by increasing its excess reserve requirements I do not know, but an attempt to do this would at least clear the board’s skirts and would serve notice on Wall Street as to where the boa id stands.

SECOND, the small amount of brokers’ loans is difficult to understand in view of the heavy market volume. Tt. has not passed *797.000,n0n, which is not heavy. The explanation offered is. first, that margins are larger and hence less hank money is going into the market; second, that stock prices are lower and hence a smaller sum is required to finance speculation; third, that a large part of the trading is professional, consisting of hourly turnovers which require no borrowing. But there may bp another explanation. It is that banks are lending directly to customers rather than through brokers. I do not charge that this is so or that it is being done by all banks. It is rumored in Wall St reel that it is heing done; and the Federal Reserve Board, under the Exchange Act, ran make it impossible. This technique might be used to avoid the restrictions on margins in the act. tt a a THIRD, the greatest harm has, I believe, resulted from the statement of the chairman of the Reserve Board about stock prices. Some time ago I recalled the record of Mr. Coolidge and Secretary Mellon in the market. Whenever it needed a boost, they could always be relied on to make a boosting statement. It conceivably would be a sad tiling it the present Reserve Board head followed this had course. Unfortunately, the whole episode illustrates what is now quite obvious. that the Administration and most of the business world want the slock market to go up. The warnings of others will be put down as croak mgs as they were in 1928 and 1927. when the foundations were being laid for the vast ruin of 1929. This Administration is committed to the theory that thp way to produce prosperity is to raise prices. Os course, that can produce prosperity for some and for a brief moment. But it has been demonstrated that it is the way to disaster in the end. • On Commission How Quotations below subject to change are average wholesale prices being ottered to buyers bv local commission dealers: Fruit —Cranberries, early blacks. 25-lb. hoy, Pears Washington 1) Aujo. si:• i Cantaloupe Calitorniu lionet Dews, *2. Casabas, $2 25; Persians. $2.25 Bananas - 7 hands, a pound .i 1 c. Ptrsimmons Indiana. 12-qt case. sl. Apples Indiana Jonathans, *1.60 Summer Kambos. St; Delicious. s|.6o'(i 1.75. Weallhvs $1; Crimes Golden si.lain 25 lemons Sunki't, 300s, *0 50 Grape min Texas Ots in 70s. $3.50. Florida seedless, S3 l,imes Mexican a carton 12s. 20c, Persian seedless a hundred. S3 Vegetables- Beans green, round stringless hu . S3 75 Beets Home grown do . ?5e Cabbage Northern Danish. 50-lb. hag. 75c Carrots - Home srown. 40c. new bulk, half bn . 60c. Cauliflower Michigan, crate Sl ab, Long Island, larga craie. .$! 50. Celerv Michigan, washed and trimmed, extra large. 55r. Jumho. do. 600 Cu-cumbers--Southern hu.. $3 50. do/.. 85c. Kalf Home grown hn,, 6rte lettuce Iceberg, California best. $5.25 home grown leaf. 15-lb basket. $1 Knriive Ohio basket Rsr Mangoe. California craie. $4 75; small basket. $1.25. Mint Bunch. 15c. Muslard Home grown, bn.. 60c. Onions Indiana yellow, 50-lb. bag. $1; Indiana 5 ellow. 10-lb hag, 23r western Spanish. •se-ih bag, $l5O Parsley—Home grown, do 3sc Peas—Telephone, hainner; $4 Potatoes Round Cobblers, 100-lb. bag 51 65, Michigan Round White 100-lb bag *1 '0 Early Ohms. hu. $1 65; Idaho Russets, $2 40 Sweet potatoes Indiana. Jerset s. bu $1 65. Radishes—Ohio, button. do/ h.-skets 45c Sage-Do 45c Fninach Rtoad leaf Lu.. 75c Squash B" $1 0 Tomatoes California. reparked. 10-lb. carton $1 25 FRUITS AXI \ M.KTAHI.ES 'Bv Untied Pressi CHICAGO. Not. 2o Aoples Michigan Mclntosh, bushel. *1.25m 1.50. Cano.; Illinois bushel 30c Sweet Potatoes Tennessee, bushel Sa u DO/ Reap- Florida bushel $2412 50. Cabbage 60-JO lb crate. 75'u90c Peas California bushel hamper 3.255t,f3 75 Toma toe Florida lugs (repacks.. $4 ad Spinach Illinois, bushel. 65c'<t $1 Letuice Western craie. 5 do/., 2* 75m 4.25. Cucumbers Florida hushei. $150413. Celer\ Michigan souaie rrste, 50 .i 9(U Cauliflower—New York erne t1.504r3.1fl Onion market (50 lb sacks. Minnesota vellow- *1 Western Valencias, *t 12 1 .-m 1 15 Illinois \ ellow 65c i<l Michigan yellows. 90c. Unclassified, 75c. Produce Markets The prices ouoled b'low ate pa.d for stock gathered in the country, while del't -ed in Irdlanapolis the price will b* a cent h.gher. Heavy breed hens. 16c; leghorn breed hen< l?r springers, oter 4'/ lb 17r. under 4'/ lbs.. 16r. old cock 9 lrgho-n springers 1' . Ihs and , m i,v Turku* Young hens g lh* and up. 19r. trims. $3 to 18 Ihs . 19r oter 18 lbs is,-, clr. 'em* Me Duck*—White 4' lb* end tip 10c; geese, 10 lb- . full feathered and fa’ 9c: old guineas. 15c. yours guineas. 3’. It’ and up 25c No. 1 strictly fresh egg', loss off 25c millet eggs. 18r Each full case must weigh 55 lb- gross a d'duc’ion of ldc a pound under 55 lbs will be made No. 1 butter. 36'.”37'r No 2. 34‘ ••*.s' ;c. buttcrtai. 31c. Quoted bv the Wed ley Cos. 'Bv United P: esst CHICAGO Not. 29 Eggs Marke steady'* receipts. 2194 cases: ire.sh graded firsts 29c; extra firsts. 30c- current t - cetDts 27 2Bc dirties. 20#21c; checks. 19$; 20c Builer Market, s-cadt receip**.. 3977 tubs: extra firsts .90-91'.. score., 3! ’4/ 33Vc; ex'ras .92 score' 32 ,c Arsis • SB-89’a score-. SOU </30ftc; second i*6-87 : .. score' 29' specials. 33*. •> 33 ,c standards 32c. Poultr\ -Market eteadv-flrm p'cetpt - 1* irucx-; ducks. 15'ia 18c: geese. 15*116 spring chickens 18' r 20e hens Hu 20c turkevs 2'.t24c I egliorn hens ll'./lSc: old too ier< 14c chickens. 15> c Chees. Twins. 17i./17 c. daisies 17'.®18c: Longhorns 18ui8',c Potatoes- Supply heavy demand alow • market about steady. Idaho Ruasvt Burhanks. *1,75; commercial- $1.55: 0 S No M 7fi4i 147 r Wlacontin round whites 81.1801.20; commercials. *lo7' unclassi. fled 70c; rinne' n t and North Dakota 17 '7O Blias Friumphs $1.259181; comtnercia'*. *1.22' Colo-adn vfeClure, $1504/140 Nebraska B'iss Triumphs *159 South Dakota Cobblers. 8107'/; Minnesota Cobbler*. *1.05 Arrival* 117 on Tack *2* dupmrnls. 352 i Wednesday/, 157 (Thursday),

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 28

COTTON CULTURE DOOMED, WARNS REPORT BASED ON RESEARCH BY UNIVERSITIES Millions of Sharecroppers Facing: Disaster Unless Present Land-Owning 1 System Is Changed, Survey Predicts. BY DANIEL M. KIDNEY Time* S1 afT Writer WASHINGTON, Nov. 29—The ancient order of cotton culture in the Old South is doomed and and a half mil- - tenants and sharecroppers face disaster, according- to a survey published by the University of North Carolina Press. The book, called “The Collapse of Cotton Tenancy,” is

SWINE VALUES RISE 35 CENTS Prices Reach $lO Mark for Fi:st Time Since Late October. Porker prices, today at Ihe Indianapolis Union Stockyards were irong lo sharply 95 cents higher ihan Wedne: day’s best average, sending the top price for good and , choice weights up to $10.15, the ! highest level reached since Ocf . 29. The sharp increase in prices was registered despite an estimated supply of 0000 hogs on hand. This, however, was offset by light supplies reported at surrounding livestock markets in this district. A strong demand prevailed from the nearby centers, and only 91 Yogs were held over at the local exchange. The general bulk of 160 to 300 pounds, was salable at $10.05 to' $10.15. while extremely heavy butcher classes, ranging from 300 pounds and upward, brought $9.50 ito $9.95. In the lightweight ! division, slaughter pigs weighing from 100 to 160 pounds, cashed in at i $9.50 to $lO. Good packing sows : sold at $3.25 to $9.35. A strong undertone developed in i tlie cattle market, especially in ' slaughter steers where prices were -strong to around 25 cents higher in ! spots. Seven loads of choice steers weighing around 1235 pounds sold at I $13.25 a hundredweight. Other grades were valued to sell mostly under $9. Heifers were scarce, selling under SB. A single load of heifers brought. $9.69. Bulls sold at $4.25 to : $6. Receipts were 9000. With a strong demand prevailing in the veal market, prices were gen- : erally 50 cents higher than Wednesday’s best average. The bulk of good and choice grades ranged from sll to $11.50. Receipts numbered ~00. Lamb prices also were strong, with native grades around 25 to 50 cents higher. The bulk of better | grade e ve and wether kinds brought M 0.50 to $11.50. Fed Western classes! | were mostly 25 cents higher, selling at $11.25. A single load of early spring clipped fed Western lambs I sold at $10.25. Slaughter sheep also j were 25 cents higher, selling at $3.25 jto $5.25. Receipts were 3000. HOGS Nov. Bulk. Top Receipts. 22. *9.504/ 9.75 59.80 6000 23. 9 604/ 9.75 ' 975 2500 25. 9.60*6 9.75 9.75 6030 26. 9.604 c 9 75 9.75 60:19 ; 27. 9.704/ 9.80 9.80 3000 I 29. 10.054/ 10.15 10.15 6000 Light I talus .140-1601 Good and choifj $9,754/ 10.05 Medium ... 9.254/ 9.85 ! Liglu weights ; .160-1801 .Good and choice 10.054/ 10.15 j Medium .. .. 9.554/ 10.05 .130-2001 Good and choice .10.054/10.15 ! Medium 9.55® 10.05 Medium Weights .200-2301 Goon and choice 10 00tzl0.lv 1220-250' Good and chon*/ [email protected] Hem’ weights 1250-2901 Good and choice 10.004/ 10 10 i .290-3501 Good and choice .. 9.85 ft 10.15 Packing Sows j ’1275-3501 Good 8.954/ 8.35 1350-425/ Good 8.804/ 9.10 t 425-4501 Good 8.60 f- 8.75 • 275-4501 Medium 8.35® 8.85 Sl* tighter Pigs ii !00-140i Good and choice . 0 50'./10 00 Medium . 8.754/ 9.85 CATTLE - Receipts, 9000 (500-9001 Choice *10.50® 12.25 j Good ... . 9 00(8-11.25 Medium . 6.75 m 9.00 1 Common 5.00® 6.75 900-1100. Choice 11.754/ 12.00 Good 9.254/1 g 25 M-dium . 7.25® 9.25 Common 5 504/ 7.25 11100-1:300 • Choice 12.004/T3 25 Good [email protected] Medium 7.50® 9 50 .1300-15001 Choice . ... 12.004/ 13 25 Good 9.;>oti 12.00 llriferi ,500-750) Choice 9 504/ 10 50 Good 8 004/ 9 50 Common and medium . 4.50// 800 i (750-300. Good and choice .. 8.75 ft 11.00 Common and medium . 4.75 ft 875 Cods Good 5.25® 6.25 Common and medium . . 4 254/ 5.25 low cutter and cutter . 3 00., a.25 Bulls, good 5.754/ 6.25 Cutter, com. and med. bulls 4.00 ft 5.75 VE4I.KRS - Receipts, 500— Good and choice . 11.004/ 11 50 Medium 9.09 ft 11.00 j Full and common 5 00ft 9.C0 Calves 1 1250-5001 Good and choice ... 7.0047 950 | Common and medium 4 00ft 700 Feeder and Storker,Cattle 1500-800. Good and choice 6.50 ft 8.25 Common and medium ... 4 254/ 650 .800-1050. Good and choice . 6 50® 8 50 Common and medium 4.25-i 6 50 Cows Good ... ,S no*/ 6.50 Common and medium 4 Of 1 ® 500 SHFFP AND lAMBS Receipts. 3000 I amb* 90 lb* down good and choice . , $10.50611.50 Medium ... 8 75(6 10.50 Ewes 90-125 • Good and chni/v 425 and 5.25 AH weights, common and medium 3.75 ft 4.75 U2O-150. Good and choice 325 ft 425 Other Livestock ’Bv Time* Special. LOUISVILLE Not 29 Cattle Receipts. 500; liberal proportion run Stockers, ttvdtr* and directs; marke: generally steady on slaughter classes; bulk common to medium steers and heifers. $5,254/ 7 25- better - finished quotahle up to around $10; bulk bi'.'t cons $4®5.25; good better types to around *3 75 low cutters and cutters, *3 254/3.75 sausage bulls mostiv *5.50 i down stockers and feeder* about steady | Calves Rece.p:s. 475 Including 325 stock .calves; market mo.lv steady: bulk mod to choice ?r.ide; 59.500 10.50: medium and lower graocs mo llv sa down. Ho-:* - RcceiDls soo market 20c h.gher: top and 1 bulk 160 to 220 lbs *9.90: '2O o 250 lb* ' $9.75; 255 to 300 lb- . 5? 30 350 lo* up $8.90 120 10 155 lh. $8 70: sow- . $7 4® Sheep Receipt-. 100; -upp'v verv lightoital it v plain, market ntn-tlv s Mat- medium to good native lambs VM/O.AO: choir' to around *10; strictly choc- ted we*t*rn lamb* eort*id -red selfbie somewhat h;V at: ojatner grade n/"r i* m h< includmbuck* -vostly *6.304,8.50: light culls down, to *4.50. {

INDIANAPOLIS, FRIDAY, NOVEMBER 29, 1935

based on field studies by corps of students directed by Dr. Rupert I*. Vance of the University of North Carolina and Prof. Charles S. Johnson of Fisk University, and their associates. Dr. Johnson and two colleagues compiled the brief volume. The student researchers found, according to the book, that five and a half million white persons and more than three million Negroes aie engaged in the cotton fields under conditions described as often worse than in slavery days. AAA Helps Landlords To the charge of landlords that these people are shiftless, the authors reply: “It is this wretched economic system in the cotton belt that has made them so.” As for the AAA. they say its assistance has been largely for the landlords and merchants. Small land holdings, where this now propertyless class could be assured of at least a subsistence, and could perhaps harvest some cotton for cash, arc suggested as the only adequate solution. Here are some of the findings set forth; More than one-third of all tenants in the South, and more than half of the Negro tenants, are croppers— | that is. in the lowest category of poverty and dependence. No Hope of Progress Landlords seek the more industrious croppers and then keep them in peonage through the credit system of providing “furnish” (food and shelter until the crop in harvested), and through the caste systern of the plantation social order. Thus, with initiative paying a penalty and no hope to progress, the authors say, croppers soon learn shiftlessness. Here is a description taken trom the book: "The cultural landscope of the cotton belt has been described as a miserable panorama of unpainted shacks, rain-gullied fields, straggling fences, rattle-trap Fords, dirt, poverty. di.„ase, drudgery and monotony that stretches for a thousand miles across the cotton belt.’”! The threat of mechanized farming to add enforced idleness to the misery of the poor people in the rural South is declared to make some solution imperative. Cotton Belt Will Move West The broad acres of the Southwest : are more suitable for mechaniza.- j tion. There a four-plow tractor can ' cut planting costs to $5.20 an acre. ! $14.20 under the small-plot system > with a cropper, mule and one plow. Thus mechanization will move the cotton belt west, leaving millions of field hands stranded in the Old South. ’Compounded of bad economics and degrading social conditions. ! cotton culture faces sweeping ! changes,” the survey concludes. "What is to become of tiie halfmillion families dividuals—who no longer are needed as cotton tenants? “The alternatives seem to be starvation, permanent suport on ! relief rolls, the finding of new work in the cities, or reorganization of farming in the old cotton states.” The government is urged by the authors to aid in bringing about a •’ider distribution of land ownership. GROUP OFFERS BONOS Metropolitan Edison Cos. Places Large Issue on Market. Times Sliefitil CHICAGO. Nov. 29.—An issue of $11,710,000 Metropolitan Edison Cos. first mortgage bonds, series G. 4 per cent, due May 1. 1965. is being placed on the market at 102’- per cent 1 and accrued interest to yield 3.85 per cent to maturity by a banking group headed by Halsey. Stuart & Cos.. Inc., it was learned today. Proceeds of the financing will be applied, with other funds, by the company to the redemption at 105 per cent and interest of its $6,231.400 first and refunding mortgage gold bonds. series C. 5 per cent, on Jan. 1. 1936; and its $5,479,500 first mortgage gold bonds, series F, 5 per cent, on May 1. 1936.

Busigraphs government expenditures INCLUDING EMERGENCY (U. S. TREASURY DERT.) DOT TFT? LIME K THI PA*T TFN \EARS AYFRAGF OF THF ?AME MONTHS 1000 ■— — ll uiifif ijfe M wmm. ONDJ FMAMJJASO 1934 135 /ME CAS-rsi COOP OEWERAL DISTR’BUTOPS INCOAPOBATED INVESTORS Government expenditures is a ’live" subject, creating much argument and feeling from all sides. I What has actually happened? Government expenditures. including emergency, during the first 19; months of this year were 75 per j cent greater than the 10-year aver-! age expenditures for thase same months. Thre is some consolation however, for expenditures during the first 10 months of this year were 7 per cent b’low those in the corresponding 1934 months.

auSlt/ESS ACTIVITY (NEW YORK TIMES)* J.s lit ARO.MAY|JUS*|JuIY|*qd!SteT:-.'.T :/OV'Dtc ' OO ~V I s-, SO !. :t i: 111 lil 11 1 l:! 1! l--: II j 1 111 111 11! I1! t 11! 111 !! 111 automobile; production a FREIGHT CAR LOADINGS 100 Z 0 !Hli' 11 in 1 1/ it 1 111 !i! I; 1 1 11 1 111 In nil nlt 11 1 11 ii FISHERS WHOLESALE PRICE INDEX*' 00 80 f . x i. ’ 40 / l ■ !iI I1 1 ' " 1■ " 1 ' I1!l1 jll 1 l I 11 Ij! 11 I I 1 ' II 1 I 1 : ! t I !/ I COMMERCIAL FAILURES* ■zo 20 11111111111111 ■ 1111111111111111111111111111111111 n i FEDERAL RESERVE MEMBER BANK LOANS 00 90 60 .min tli t nil i tit 11 j 1111 j i ii.li 111 n tilt i.ilnilutjIja* I /£.! MAR | / | MAY | JUKE IjuiY | 41/C, I 4t sr ] 3CT I NOV i etc

NORMAL = 100 •‘CRAM'S ESTIMATE r °o U. S. CANADA * * 1926 s 100 T DAILY AVERAGE * 1928 - 1930 * lOC

New York Stock Exchange Prices

(By Thomson & McKinnon I 11:15 A. M Prev. Oils— High Low N. Y. Ciose Amerada ........ 71' 2 71 H 71 U 72 Atl Rig 2lt* 23 U 23 Vs 24' s Barnsaall 12-4 12V 12 V 12 Consol Oil ... 10>2 10 lOV2 y’a Cont of Del 27's 27-s 27-'g 2744 Houston 1 newt . ’,a 6'ft 6V2 6s* Mid Cont Pet ... 16',* 16' 16 * 16* Ohio Oil 11'1 1111 >2 11 Pet Corp IP. 11’.ft 11 Vs 11 •.4 Phillips Pet 23V. 34 4 34 : L 35 Plymouth Oil . 1 : 8 11V* 11L It’s Pure Oil 13 12-8 12*'8 12’/* Shell Un 14’ s 14' a 14U 14?/* Skelley Oil 18-' ieL 16V. 16V/ Soc Vac 12'8 125s 12V* 12’/* S O of Cal 37Vi 37>8 37V* 3d, S O of Inti 27 26Vi 27 26 s * S O Os N J 48 43'2 48*8 48 s Texas Corp . . 24 s * 24"'* 24 '2 24" Tidewater Assn . 11 >4 11 3 8 11V. 12 Un Oil of Cal ... 20>* 20'4 20 1 * 20', Steels— Alll Roll Mills .. 30 1 s 29’ 8 23’ 30', Beni Steel ... 50 1 2 49 1 2 49V* 50 Byers A M 13 3 4 18',2 18V, 18U Cruc Steel 30"* 30 30' 2 30' s Inland Steel .. 106 105 1 2 106 105 Ludlum Steel .. 24 s 23 s * 24 * 23', Mid Steel . ... 23 23 23 23 Natl Steel 77 s * 77Va 77'i 77'.> Otis Stee : 16 15 7 4 15 * 15’4 Rep Ir * Stl . 19 s * 19V* 18'* 19', U S Pine & Fd’’ 20'* 20’ R 20'. 20 U S Steel 48V* 47"* 47". 48’, U S Steel pfd 115',2 115'.i 115tft 115** Warren Bros 5 4’ a 5 4'* Youngstown S&T 34’, 34'.* 34V* 34 s * Motors— Auburn 30'2 38’s 38’* 39's Chrysler 83V* 84V* 84V* 85"* Gen Motors .... 5S :! * 55% 55 s ,* 56'/* Graham Mot, .... 3"* 3 s * 3 s -* 3 s * Hudson 15 L 15"* 15 Vi 15'< Hupp 2 s * 2 5 /* 2 s ß 2 s /* Mack Truck 26"- 25’ft 25V* 25’* Nash .16"* 16"* 16 s * 16"i Packard 6' 2 6 s 6Va 6'.a Reo s'* 5 5 5 Studebaker lu 1 . 10 10 10 Yellow Truck ... 7‘* 7’s 7’* 7’s Motor Access— Bendix 20 s * 20 s ,i 20** 20* Borg Warner . . 63'* 62"* 62 s * 62*.ft Briggs 52 51 s * 51 s * 52!s Buda Mig 9 1 * 9 9'., 8-:* Budd Wheel 13 12 7 s 12;> 12".* Eaton Mig 17’* 27 s ,i 27Vs 27-s Vllec Auto .... 34 33',* 33'* 34 I ec Stor Bat 57 s * 57 s * 57 s * 56'* Houdaille "B” .. 28 * 27", 27 s ,* 28'* Mullins Mig 15 s * 15',* 15'-2 15 Murray Bodv 20 19’/, 19V, 19V* Stew Warner . 17 1 ■ 17 17',a 17 Timken Roll . 69 68 68 67'* Timken Del Axle 10’a 10’s 10 s * 10 a Minin* Alaska Jun 15 s * 15 s * 15 s ,* 15’* Am Metals 30' * 30'.* 30'* 30', Am Smell 61 s * 61'* 61'* 60 Anaconda 26 25 s * 25's 25 ; s Cal <fk Hecla . . s’a 5 5 4 s’a 5-’s C'erro De Pasco 59U 58*2 59'* 58 Dome Mires . 41 s * 41-8 41 s * 41’* C.t Nor Ore . ... 150 lS'.ft 15'2 14 s * Howe Sound ■ 55 54*2 54Vi 54 7 * Ins Copper .... 6’* 6’a 6V* 6 s * Int- Nickel . ~ 40 s * 40's 40’2 40>4 Isl Creek Coal 26"* 26 * 26 s * KenneCott Cop . 28’a 28'* 28’* 28 Mclntyre Mine . 39 38’* 3? 33 s * Park Utah .. . 5 4 s * 4 s * 4’* Phelos Dodge . 26 25’* 25’* 25 V* St Joe Lead . 24 23'* 24 23 U S Smelters .103 101", 103 101 Vanadium . .20 20 20 19 s * Amusements— Croslev Radio ... 17'* 17'* 17'* 17'* Fox i'heat .. . 24 s * 23Vz 24 s * 23',2 Loews Inc . ... 53'* 52 s * 52 s * 53'* Radio Com . ll 5 * 11 ! * 11 s * 11 s * Paramount ..... 9 Bs*8 s * B s , B’* RKO s'* 5 s' 5 Warner Bros .. . 9 8;* BV* B’* Tobaccos— Am Sum Tob .... 26'* 26 26 26’* Am Tob A'..101 101 101 100'* Am Tob ■ B 103 s , 103 s * 103 s * 103 L/gg & Mvers B 113'* 113'* 113V* 113 Lonllard . 25’* 25’* 25’* 25 V* Phillip Morris . 61 s , 61 s * 61 s * 61 Reynolds Tob B 57V* 57 57 57 Rails— Atchison 54’ s 54'* 54'* 54'* Atl Coast Lines 30 * 30 30 5 s 29’* B li O . .... 17', 16 s , 16 s * 16', Can Pacific 11 s * 11‘* 11'* 11", Ch & Ohio . ... 52 * 52'* 51'* 53 s * Chi & Gt W . I’* I’, 17* I s * Chi & Gt VV pfd 4’* 4 s * 4 s * 4 s * Chi N W ... 3 7’* 7’, 8 Del a & Hud . . 38'* 37 s * 38'* 37 s * Del Lac & W 17 16 s * 16 s * 16’s Erie 12’* 12’* 12’* 12'* Erie pfd . . .. 16’* 16'* 16'* 15’a Grt Northern pfd 33 32'* 32’* 32 s a 111 Central 20'* 19 s * 20', 19 s * K C Sou ... 10 9’, 10 9 s , Lehigh Valiev .. 10', 9 s * 10'* 9'* Lett A- Nash ... 61'* 59'* 61'* 59'* M KA- T . ... 6 s , 6' 6'a 6'* M K A' T pfd .. 15V* 15’* 15' * 15'* Mo Pac ... 2" 2’* 2 s * 2 s , Mo Pac pfd 4'* 4 4 4 N Y Cent . . 28'. 27 s , 27 s * 27 s , N Y New Haven 4 * 4', 4 ’ 4'.* N Y Onr A West 6'* 6'* 6'* 6 , Norfolk A: West 199’a 199'* 199’* 198 Nor Pacific . 23’* 23 s . 23 s a 23'* Penn RR .. .. 30 s * 3<V. 30'. 30'* Sou Par 25 24’* 24 } * 24 s , Sou R R . . IS'it 14 s . 15', 14’s Union Pac . . 107 108 s * 106 s , 106 Wabash 3’-* 3 3', 3', West Maryland . 9 s * 9’ 9 s * 9’ 2 Equipments— Am Brake Shoe . 40’* 40’* 40’* 40 Am Car & Fdv 31 3V, 30’. 30'* : Am Loco . 26 25' * 26 25 Am Steel Fdv . . 23'i 23', 23'i 23'. , Bald Loco 4’, 4 5 4’* 4’, ; Gen Am Tnk Car 44’* 44 s * 44’, 44 Gen Elec 38 s * 38 38 38 . Gen R R Stg . 39'* 39 39 38'* Pullmar Inc .. 38', 37’a 38 38', West Air Br 32', 31 s * 32 1 ft- 31', Westingh Elec . 93’* 92 s , 93', 927* Utilities— Am & For Pwr . 7'* 7'i 7'4 1 Am Power & Lit S'* 8 8 B'. A T & T . 160'* 159'* ISO’, lqS'* Am Wat Wk* 20 23 20 20’, Col Gas At Elec !3’ 14 s . 13 s , 13’, Comm & Sou 2’, 2 s , 2’, 2 s , Consol Gas . 32'* 31', 21', 32', Elec Pwi & Lit . s’, 55-, 5 1 * Int Hvdro Elec . 3", 3 s , 3•* 3 s , lilt T A- T 12’. 12 s , 12 s . 12’, Lou G A E A - 20’. 20'* 20’* 20'* Nat Pwr A- Lit . 10 10 10 10 North Amer . 25 s * 25 1 a 25 s , 25 * Pac G A E 29' 29'* 29 5 , 29 Pub Serv N J 45', 44 * 44 5 , 44 5 , So Cal Edison 25'* 25', 25’, 25'. Stone A Webster 11’, IP, 11 s * IP, United Coro 7'. 7'. 7', 7 Un Gas imp 17'* 17', 17’* 17 Ut Pwr A Ll A 3>, 3>, 3>. 3>, Western Union .. 72 71'* 71'* 72V*

WEEKLY BUSINESS INDICATORS WEEKLY AVERAGE 1923-1925 INCLUSIVE—IOO

STEEL'INGOT 1 PRODUCTION }A* If MAR APUVV j It Ml A JG, SC **•OC T | M>v * DEC. % • OC “ ’ * 0 *:!: ! 11111:11! 11'-! t!:! j 1 I lIIIIIIII' t! 111! 1111111 ■ LUMBER PRODUCTION 100' 30 o 1 n. 11!i!111; 111'! *n1111111:ii111! ii. ihuliniiLLL COTTON RECEIPTS 400 100BONO PRICES® I 20 | 1 ■jm * 60 .uiliiih.il lllllll illt.n i!iiilin!ii::.li ll li 11 lnnl BANK DEBIJS OUTSIOE NEW YORK CITY* I 40 120 40 ■mil TIME MONEY RATES* 1001 50 - o i.ui IJA nT/tA.I MAR. | *(’.! MAT | JUll Ijl/IY | Aut-I StP/ lOCt.l NO* I Of.C

Rubbers— Firestone 17’/2 17’* 17'* 17'* Goodrich 12 V* 117* 11 s * 12 Goodyear 21 * 21 21 21", U S Rubber 15", 15 15'* 14V* U S Rubber pfd 41V* 40V* 4U’/g 40 s , Miscellaneous— Allis Chalmers 34 33'2 33 V, 33'* Am Can . It 2 142 142 142", Anchor Cap . 15'ft la', 15', 15 Brklyn Mar Tr . 42'* 41;, 41 ;* 42 Burroughs Add . 26V* 26- 26 26*,* J 1 Case 101 100',* 101 99-* Conti Can . 93',ft 927* 927* 92 s * Caterpillar Tract a7 :* 15 s * 15V* 57V* Crown Cork . 45 45 45 44 Curtis Pub . . 22Vi 22*4 22V* 22’* Curtis Pub pfd 104 104 IU4 105 Deere & Cos 52 52 52 51 ’* Eastman Kodak 161 '* lbl'ft lol 1 * ltl)-. Foster Wheeler .. 23'* 22"* 227* 22 * Gillette 18 17V, 17’* 17>, Glidden . .... 48 Vi 42'.a 42 1 a 42'mgersoll Rand lIBV2 118 118'* 116 timer Harv 60/* 59 s * 60",* ,V 6 Natl Cash Reg . 20'.ft 20', 20'* 20$* Owens Bottle .121'/* 121',* 121 'a 121'* Rem Rand . ... 17 16Vft IT,/ 16’* Unaerwood E 80',* 80'* 80 1 * 80 Worthingtn Pmp 23', 2 23'2 23',a 22'/ Foods— Am Sugar 53 s * 53 s * 53'* 537* Armour 5 s * 5! 5V* s'a Beatrice Cream. 18 s * 18"* 18 s * 18'* Borden Prod 26’* 267* 23 s * 28 s * Cal Packing 36 36 36 35’* Can Drv G Ale . 12 s , 12'.j 12' a 12 s * Cont Eak "A" . 10 9 s , 10 97* Corn Prod .. 71V* 70-, 71', 71V* Crm of Wheal 37V* 37’ a 37' 37'a Cuban Am Sugar 57* s’* s’* s’* Gen Baking .12 12 12 12 Gen Foods 33’* 337* 337* 33’* Gold Dust 207* 207* 207* 20 1* G W Sugar ... . 337, 327* 32 s * 33 Hershev 77 77 77 76 Natl L’/SCUit . ... 34", 34'* 34', 33 s * Natl D Prod 19'a 19V* 19'2 197* S Port Rico Sug 26 26 26 26', St.d Brands 15'* 15'* 15V* 15V* Ull Biscuit •24 V 2*'s 24'* 24'* United Fruit . 70 70 70 69 P Ward Bak B' 2Vft 2'* 2'a 2 s * Retail Stores— A.ssd Drv Goods 17 16 3 4 17 First Natl Stores 49'* 48"* 49'* 48’.Gimbel Bros ... 7 6’* 6’* 67* Gr Un Tea 3 5 3 * 3 s * 37s Hahn Dept Sts . B*ft BV< B'a 8 * Jewel Tea 59V* 587* 59'2 57-* Kresge S S .... 27‘* 27 27 27 a Kroger Groc . 26’s 26'* 26 * 26‘, Macy R H 537, s.l'* 53’* 53 ’* McCrorv St. .... 14'* 13 s * 13 * 14 McLellan St .. 13V* 13V, 13V* 13’* Marshal Field ... 13V* 13-* 13", 13-* May Dept St ■ 657* 55 s * 557, ;5 Mont. Ward . • 38Vft 33 38 38 a Natl Tea 9 s * 9* 9** Penney J C .. 81'* 73'* 79 ft 81 Safeway St •• 33"a 33 s , 33 a 3/ < Sears Roebuck .. 65 s * 64’, 64', 6a'/, Woolworth ...... 57 567, 56V* a7 Aviation— Aviation Corp ... 4 s , 4 s * 4", 4-* Boeing Aircft ... 13 s * 137* 13 s * 13 * Curtiss Wright 3 s , 3s, 3 s , 3-* Curtiss Wright A 9 s * 9 s * 9 s , 9', Douglas Air . ... 33'* 33’,33 1 , 32 s s Nor Am Av . . 6'* 6'* 6'* 6'* Sperry Corp . 12 s * 12 12’, 12V, United Air new 21L 21 21 s 8 207, Chemical* — Air Reduction . 172', 172 17? 172 Allied Chem . 164', 163', 164', 163 Am Com Alcohol 3X7ft 31V* 31'.ft 31 Com Solvents . 20’a 20'* 20’* 20 s , Du Pont ... 139'* 137 138'* 139 Freeport Tex .... 28 s , 38 s * 38 s * 28’ s Liauid Carb . ... 35 35 35 34'* Fath Alkali . . 32 31 s * 31 s ft 31’, Natl Dis 1 new ( . 31 s * 31 31 >* 30’* Schenlev Dist . . 51Vft 51 51 50 s * Tex Gulf Sulph . 33'* 32'a 32'j 33 s , Union Carbide . 71V* 70'* 71 71 U S Ind Alco . . 49 48'* 48 5 s 47 5 * Drugs— Bristol Myers ... 41 41 41 40’ > Cotv Inc 6", 6'* 6 s * 6'* Lambert .. . 23% 23’, 23V* 23 s * Lehn * Fink . . 12'* 12'* 12'* 12 s . Sterling Prod. . 65 s , 65 s , 65 s , 65 s , Un Drug tnewi . 10’i> 10 s , 10’, 10’a Vick Chem . . 42'* 42 42'ft- 42'* Zonile Prod s’s 5 s * ss,5 s , ss,5 s , Financial— Adams Exp 9 s , 9 s * 9 s * 9'* Allegheny orp 3 2’* 2’, 3 Chesa Corp . ... 60', 60', 60', 60', T-hman Corp ... 91 s , 91', 91 s , 92'* Transamerica ... 12 117, 12 11-, Building— Am Radiator .. 21- 21 21 s * 21',

Local Securities (Recaus* quotation* on local aeeuritie* are unlisted on an Exchange. The Tins-* can not assnme responsihilitr for the arenraer of these figures gathered from local brokers.) STOCKS Bid. Ask. Bel' RR A- Stfc Yds com ... 50 52'* Bel: RR A- Stk Yds 6G pfd .52 Central Ind Pow 7c„ pfd n 20 Home Tel&Tel Ft. Wn 7r. pfd 60 .a 52 Hook Dreg Inc com 14 15'.', Ind A: Mich Elec 7<r pfd 99 102 Ind General Service 87 91 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd .. 52'a 62Vft Indpls Gas Cos com . 33 Indpls Pow &Lt 6 pfd .. 82 85 Indpls Pow & Lt 6'2 r , pfd . 88 91’2 Indpls Water sfi5 f i ofd 102'/ North Ind Pub Svc 5 l 2 G, pfd . €7 70 North Ind Pub Svc S'z'c pfd . 68 71 Progress Laundrv com 6Vft . Pub Svc of Ind 6% pfd 12 15 Pub Svc of Ind 7c-„ nfd .. 32 33 So Ind Gas A: Elec 6 r - pfd . 93 97 Terre Haute Elec 6'i pfd .... 79 83 Union Title com 18 20 BONDS Atlanta Dlstr Term 6G. '4l ... 62Va 70 Buflalo Distr Term 6"' ’4l .. 70 80 Brooklyn Postal Sta 5'.*% '4B 37V, 42 Home TelArTel FtW s>ftV ’35 .103 105 Home TelArTel FtW 6'. '43 103 106 Indpls Railways Inc sr>5 r > ‘67 ... 49 53 Indpls Water 4'*<r '4O 105 107 Indnls Water sr.5 r . ’SO Sc ‘6O 105 107 Indpls Water 5’s r v. 'S3A: 54 103'* 105 Interstate TA: T '53 .93 96 Kokomo Water Works ’SB 104 1051st Lafavette Telephone 55. '57 102 Morris 5 A: 10 Stores 5 ", 'SO 99 ’O2 Muncie Water Works src5 r c '65 102'ft . Noblesville HLArP 6'* '47 96 98 Ohio Tel Service 6 r , 47 . 95 Richmond Water Works 5%'57 1041* 106 St. Louts Post Office S’-"# '3B 1* 25 Seymour Wir Ist mtg 5% '5 101 104 Terre Haute Water wksfi% '56 101 '4 101 Vi Terre Haute Wi> Wks 6% *49 103 105 Traction Terminal 57. 'SI 70 14

Gen Asphalt . . 21V, 21 21 20' s Holland Furnace 27's 26’s 27 26'2 Int Cement 33 V? 33Va 33'/ft 33'* Libbv Ow-ens Gls. 46', 46V* 46'* 46'* Otis Elev ... . 24', 22 s , 24 22’* U S Gypsum .. 82V2 82' 2 82'/ 82 Household— Col Pal Peet. ... 17 s 4 17 s * 17 s * 17 s , Congoleum . .. . 44'* 44' 2 44$ 2 45 Kelvinator . . 14V, 14", 14 s , 14 s , Mohawk Carpet 21 21 21 20’* Proc & Gamble 47'/ 46 s 4 46 s , 46', Servpl Inc . . 14'> 14 S B 14'/ 14'■ Simmons Bed ... 17'- 17 s * I7 3 a 17’* Textiles— Amer Woolen .. 9 s a 9V* 9 s * g':. Belding Hem . 13 s , 13 s * 13 s , 13 s * Celanese Corp . 28 s * 28', 28', 28', Collins Aikman . 44' 2 44 44 41 s * Indus Rayon . 30’* 30 s * 30’, 30'* Chicago Stocks (By Abbott, Proctor As Paine' 11:30 Prcv. AM. Close Bergoff 6 s * 6' 2 Butler Bros .. B'* 8 A M Castle 43s* 4$ Chicago Corp . 4', 4' t Chicago Corp pfd . Cities Service 2 s * 2 s * Commonwearh Edison 97 97 Cord 4s, 5 Cranp 22 22 s * Electric Household . 18 18’, General Household 2’* 3 Continental Steel 41 2 43', Grt Lakes Dredge 27 s * 27 s * Perfect Circle 40' 2 401 , Swift 20 s * tOia zenith u New York Curb (By Abbott. Proctor &. Painel 12 1 Noon 1 Prev. .. „ , A N. Y. Close Alum Cos of Am 911 90 * Am Cyanide B 29 s , 29'a Am Superpower ! . 2', _ 2 ft Atlas Corp 13 j 3 i Axton Fisher Tobi” 441, 4i , Carrier Corp jq", 10'* Ford of Can "A" 2fi'a 26 I ', Ford of Europe 3 gt„ Hiram Walker 11. 3'> 31 s , Imperial Oil Ltd 26'* 20’* Lake Shore Min 51'/ 51'ft Nia Hud Pwr gi a 9 Pan Am Airways ! 41*, 40'* Penn Road ' 3 s s 35 Wright Hargraves Min ....... 7 s , 71* Unlisted Stocks IBy Blvth A: Co.l NEW YORK BANK STOCKS „ . Bid. Ask. Bankers sis t 2 67 t Central Haroter B At T ... 122 194'* Chase 373* 391 Chemical National 55% 571^ Guaranty 309 372 in S lfi 17'/ Manufacturers . 33’, 401, National City . 34', 35", Cont 111 iChicagoi 931* 931* First National of Boston . . 42 s , 44'* Natl Shawmut . 25', 26 s , FIRE INSURANCE Actna Fire ..... 56 57’, City of New York (newt 28'ft 30'* Federal Ins g3'* Great American Ins 26 s * 28', Hanover Fire Irs 371 2 391 2 Hartford Fire Ins 73 s , 80 s , Home Ins 33 375, Ins Cos of N A 68 s , 70" 4 National Fire 71", 73", North River Insurance 27', 23ft Phoenix Insurance 89 s , 92 Westchester Fire 34'ft 36 ft Money and Exchange TREASURY STATEMENT IBy United Press 1 WASHINGTON. Nov. 29.—Government expenses and receipts for the current fiscal year to Nov. 26. as compared with a year ago: This Year. Last Year. Receipts. 1 451 062 838.12 1 443.103.587 94 Deficit . 1.647.149.055.06 1 384.579 851 73 Cash bal. . 1.415.589.441.75 1 571 284.334 41 Expenses $3,098,211,383.18 $2.827.683 339.67 Other Livestock t ßy United Presst LAFAYETTE. Ind . Nov. 29 Hogs—Ma rket, 25 to 35c higher; 160 to 200 lbs. $9 904/ 10: 200 to 300 lbs.. 59.7.5’7 9 35' 300 to 325 lbs.. $9.65; 100 t 0 180 lbs. SP 25 b 9.75: roughs. $9 down Calves. $lO 50 down. Lambs. $10.75 down. FORT WAYNE. Nov. 1. -Hogs—2s to 30c higher: 160 to 130 lbs . $10; 130 to 200 lbs *9.95: 200 to 220 lbs., $9.90: 200 t 0 240 lbs $9.85: 240 to ?80 lbs.. $9.75: 280 to 300 lb= $9.65. 300 to 3.50 lbs.. $9 60; HO to t6O Ihs $9.75: 120 to HO lbs.. 50.50: 100 to 120 Los 30.25: roughs. $8.25: stags. $6.50. Calves—--511.50. Lambs—sll. TURNS DOWN CONFERENCE NEW YORK. Nov. 29.—The American Iron and Steel Institute will not attend conferences on industrial co-operation called by Maj. George L. Berry, industrial co-ordinator, Walter S. Tower, executive secre--ary, has announced.

City Securities Corporation 417 Circle Tower LI-5535 Dealers in • MUNICIPAL BONDS •REAL ESTATE PREFERRED • STOCKS AND BONDS • PUBLIC UTILITY SECURITIES • INVESTMENT TRUSTS

Power Production Increases Ehdrir power production in the United Stores o.gmn set n veir high during th? week ended \ov, 2d. V'hen the total output iron estimated nt 1.9 do. 11 ft,OOO kiJoiro.tt hours. This nos only o fractional increase over the previous week.

LEGEND i93 j

CONSTRUCTION 'AWARDED * JAH! ft* 1 *( P ;*• .LAI ULLTI AyO.l SIBT .OCT I Nf. : C , 00 1 1 1 80 60 7 —- oi-i! ll 11 li i I!! II ’!11 ll 1:1 ill I 111 l : ill 11 ! 'll!: II ! ti. I ■ rituminous’ f coal t production*. ,f>o 0 Lii-llu llll 111 111 J 11111 i: 1111 ili 11 i 11111 L 11 1111 ! 1111 . ELECTRIC POWER PRODUCTION* 12 0 STOCK' PRICES® 150 0 liill ■ " 11it' I. i'l l l 'l. ’ll i' 111'' 111111111111n 111 ii BROKERS’ LOANS NEW YORK CITY i 00 80 ■.£ '•***•■ r oli i 111 l: 111 1.1 111 I 111 11 i 111 II I 111 111 11 lILI I 111 1111 111 MONEY IN CIRCULATION* 160 <DO 7 60 .LiJuili i,i jhnlMi.lii.ulii iln ilm iiLn Iml I li i! JAN. j fts! MAR.I APR.I MAT! JUNfIJUUI AUG. I SCPF. I OCT.I NOV I DfC *

SHIPMENTS OF PRODUCE DROP Movements Show Decrease of 10 Per Cent as Buying Ends. Timex S/ircinl WASHINGTON. Nov. 29.—Produce shipments in the mid-Western district have decreased approximately 10 per cent since the middle of the current month, due to the end of the holiday period which brought dullness, weekly report of the Department of Agriculture stated today. Several shippers were resisting price declines during the last week, it was stated. The current potato movement is very light, with only 2400 cars received during the third week of the month. The majority of northern vegetables also decreased rather sharply, but celery, lettuce, spinach, greens, sweet potatoes, oranges and grapefruit increases. Comparatively mild weather during the last week favored motor truck activity. Markets were amply supplied and demand reported fair in Chicago. New York. Pittsburgh and Kansas City, but practically all sections (showed the usual quieting down after wholesale trade had been sup- : plied and business became very dui! !in producing sections. Colder weather in the more northern regions brought increased demand from some of the smaller city markets. Prices showed few sharp changes before the holiday. Some declines ranging from 5 to 15 cents occurred in juice grapes, spinarh. sweet noi tatoes. onions, white potatoes and | miscellaneous Southern vegetables. ; Cabbage prices tended upward, celery was steady and lettuce held rej rent gains. The trend was slightly upward on Northern and Southern apples, citrus fruits and cranberries. The potato market has been quiet during the last week or more and most trading in Midwestern cities was limited to immediate requirements. Prices showed a slightly downward tendency. Carlot sales at Chicago declined to sl.lO a hundred pounds. Movement of Michigan celery has been light in contrast to heavy receipts from California. Demand | was slow, but prices were mainj tained during the holiday trading. Midwestern cabbage and onion markets continue dull. Carlot prices of onions declined a little at some points but in general the price position held fairly steady. Chicago Grain Futures 'Bv Jamas E. B*nnet ft Som Prvv. lVhvat— High. Lot. 11:30 c!o=e. Dec .98', 97 5 , 97’, ,37 s . Mav 97 s , ,97ft .97'ft .97 ft July 89’, SPij .B#’. .89'2 f nrn— D-r 59'* 58'2 .58 s , 59>* Mav 59', .59 .59', ,59 ft July 60' J 6A' , .60’, 60’, Gate— Dc 26 s , ,26 5 . ?6 S * ,?6ft Mav 23ft .38 .28 .28', Julv 23’, .28'2 .23 2 .23', Rvr— Dec 49 ft ,48 s * 49 <B’* Ma- .51 ‘2 .51 .51'* .51'* July 52 '* 52'2 .52'2 52 ft LOCAL CASH MARKET City grain elevators are paying 83 cents for No. 2 soft stieaft Other grades on ; their merits Cash corn new No. 4 vellow ' 51 cents and oats 19 cents.

MARKET AWAITS TREASURY MOVE IN TREPIDATION Lengthening of Operation Period Held Forecast of Rocks Ahead. BY CHARLES H HI'FF Tim* i*(’i/il Writ*/ NEW YORK. Nov. 29 —B’ announcing a considerable rime in advance thp exact date on which financing plans are to b° made known, the Treasury succeeded in casting something of a pall over the government bond market. It wasn't much help to government bond followers to learn the date without, getting at least a tangible inkling of the nature of the plans to be announced. The Treasury set. its announcement date for Dec. 2. This permits a nerve straining period of conjecture and guessing, which has assumed some of the characteristics of the breathless moments that precede the zero hour. The government bond market began some time ago to mark time while looking blankly toward the December financing program. Conservatively. the Treasury is expected io be in the market for a billion dollars. Half that much at least will represent increased debt—new money for works requirements. The other item involves retirement of maturing iotes. Res'stance Is Anticipated It is considered unusual, and somewhat indefinitely significant, that the Treasury is to allow 13 days to complete its Dec. 15 financing. That is more time than is ordinarily allowed. Some dealers see in this an indication that the Treasury anticipates a, measure of difficulty and resistance. But concrete opinions on the propositions are withheld, in the ab- | sence of information pertaining to ! coupon rates, maturities and the character of securities to be offered Guesses are available, but they are not born of conviction sufficient to ! inspire market procedure in ari- | vance of Treasury announcement. The fact that Treasury officials and Federal Reserve executives have engaged in preliminary riis- | cussions apropos the approaching i December financing has strength- | ened the expectancy of early government support in the market. Four-Year Notes Expected On the theory that the Treasury | in its general refunding activity is seeking to even out the future slate j of maturities, it is believed likely in some quarters that the $418,003,000 !of 2'2 per cent notes falling due Dec. 15. now quoted at a premium above a no-yield basis, will be refunded with four-year 1", per rentnotes. There are now outstanding approximately $526,000,000 of 1-s per cent notes to mature Dec. 15. 1939. Note maturities falling d'ie six I months earlier and three months beyond that date both are out-tand-ing in amounts exceeding $1,250.000.000. The l 3 ss of Dumber. 1939. command a premium in the market, priced to yield about l’ t cent,, and dealers believe an additional ; issue would be quickly absorbed by investors. Lull to Aid Digestion A marked slowing up in the pace of refinancing by public utility corporations this week is not entirely unwelcome to retailers, after the heavy barrage of last week. Under writing groups since the middle of this month have given the investment market a considerable call upon their digestive capacity. Public utilities pretty largely dom- | inated the situation. Something of a fixed diet is in store for the in- | vestor this week and the fare will be of considerably lighter proportions. In refunding operations of recent flays California has figured with conspicuous prominence. it w’ax something of a coincidence that both the public and the private units that supply electricity for the Los Angeles area should have chosen the same week to put their funded debt, on a 4 per cent basis and for a long term. Even before thje month the coast corporations have been most prolific in operations aimed at cutting interest casts. NEW EXECUTIVE NAMED E. M. Durham Jr. Appointed Chief Officer of Rock Island. Times Spcc'mt CHICAGO. Nov. 29 —The Chicago Rock Island & Pacific Railroad Co’ has appointed E. M. Durham former senior vice president of the Missouri Pacific Lines, chief executive officer, it was announced today. He is to assume his new duties with Rock Island next Monday. "The appointment is made with my heartlv approval.” James E. Gorman, president of the company stated. Mr. Gorman remains with thp system as president and trustee under appointment of the United States District Court. Mr. Durham was endorsed for the position earl* this month by Jesse Jon°s. chairman of the Reconstruction Finance Corp.

LOANS For iodernization. For a New Home THE RAILROADMEN S BLDG. Sc LOAN ASSN. 21 Virginia Ave.

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

_A Commercial Banking Savings • Trusts , American National Bank AT INDIANAPOLIS