Indianapolis Times, Indianapolis, Marion County, 12 November 1937 — Page 43

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FRIDAY, NOV. 12, 1937

STOCK LIST GAINS

SLIGHTLY

THAN FIVE POINTS - £

Electrical Equipment

And Building Issues Up Most.

NEW YORK, Nov. 12 (U. P.).—The stock market ral- | lied today after early irregularity. Gains ranged from

fractions to 5 points above]

Wednesday's close. Electrical equipment and construction stocks made widest advances, buoyed by hopes the utility industry weuld launch & big construction ‘program. Steels joined the advance after early irregularity. Motors improved small amounts and rails firmed. Westinghouse Flectric reached 1063¢, up 5'5; Johns-Manville 85'c up 6; Minneapolis Honevwell 67, up 3, and U. 8. Gypsum 67} U. S. Steel rose to 615%, un 1% net and up 3% from the early low. Bethlehem reached §5! up 2 Farm issues rose 1 to 3 points and mail orders followed. Utilities | firmed. Du Pont and Allied Chemi- | cal were up 3 points. ferred jumped 10': points to 94, Copper issues rose small amounts. | ou "

Today's Business At a Glance

CORPORATION NEWS Atlantic Gulf & West Indies S. S. Line and Subsidiaries, September deficit after charges $55,176 vs. surplus $119,068 year ago; nine months surplus after charges $285,107 equal to $2.86 a preferred share vs. $788 -

140 or $2.76 a common share year |

Ago. Eastman Xodak Co. directors voted 26th annual wage dividend amounting to about $3.555,000, the largest in company's history. The payment which is based on common dividend payment will be made March 1. L. C. Smith & Corona Typewriters, Inc., September quarter consolidated net profit, $140,006 equal to 43 cents a common share vs, $209,755 or 99 cents year ago.

Jones and Laughlin Steel Corp. and subsidiaries, September quarter net profit $1,750,696 equal to $1.25 a common share vs. $2,451,976 or $247 previous quarter ‘and $1.870.866 or $1.46 year ago, nine months $6,185,066 or $5.38 a common share vs. $2,053,320 or $3.50 a 7 per cent prelerred share year ago. American Telephone & Telegraph Co., September net operating income $1.217,060 vs, $1,656,818 year ago; nine months, $14,558,920 vs, $15 999,273 year ago, according to report filed with Federal communications Commission. Bowman-Biltmore Hotel Corp, 10 months ended Oct. 31, profit $168.464 before amortization and income taxes vs. $79,535 year ago; October profit, $43,700 vs, $63,972 year ago. Burlington Mills Corp., September guarter net profit $139.430 equal to 26 cents a suare vs. $241,956 or 44 cents previous quarter and $473,576 or 87 cents year ago; nine months, $875,751 or $1.60 vs. $691,437 or $1.27 year ago. New England Telephone & Telegraph Co, September quarter net operating income $1008256 vs. $2,190,318; nine months, $9,579,758 vs. $10,204,251 year ago. Oppenheim Collins & Co. Inc, three months ended Oct. 31 net sales $2,347424 vs. $2,219,987 year ago, up 5.7 per cent, Superheater Co. and Canadian Affiliate, first nine months net income, $2,239987 equal to $247 a share vs. $792,046 or 90 cents year ago; September quarter indicated

net $627,134 or 69 cents a share vs. |

$754,009 or 83 cents previous quarters and $119,449 or 14 cents year

REO.

8. Distributing Corp. and Sub- |

gidiaries, first nine months net profit $225,214 equal to $2.25 a 7 per cent preferred share vs. net loss $478 year ago; September quarter indicated net profit $37.483 or 37 cents a preferred share vs. $28,526 or 28 cents previous quarter and $31,405 pr 31 cents year ago.

DIVIDENDS

Addressograph-Multigraph Corp., guarterly 35 cents on common payable Dec. 22 record Dec. 2 vs. like payment Sept. 22 Eastman Xodak Co. extra 50 rents on common payable Dec. 10 record Nov. 20 and regular quarterly $2 payable Jan. 3 record Dec. 5. F. L. Jacobs Co., $1.50 a share in 5-year 5 per cent notes payable Dec. 6 record Nov. 22 vs. last previous of 50 cents cash June 25. Life Savers Corp., special 70 cents and regular quarterly 40 cents payable Dec. 1 record Nov. 20. Muskegon Piston Ring Co., $1 paygble Dec. 22 record Dec, 4 vs. 50 gents Sept. 30. Pennsylvania Exchange Bank, semi-annual 20 cents payable Dec. 920 record Dec. 10 vs. like payment June 30. Sloss-Sheffield Steel & Iron Co., special $1.50 on common, first since $1.50 quarterly on March 20, 1929, payable Dec. 21 record Dec. 10.

U. 8S. Gypsum Co., extra 50 cents |

on common payable Dec. 24 and regular quarterly 50 cents payable Dec. 31 both record Dec. 8.

BROKERS’ OPINION

NEW YORK, Nov. 12 (U, P.).— Brokerage opinion today: LAMBORN, HUTCHINGS & CO. We would give the market =a chance to show its strength a day pr two longer, but it would seem poor policy at this juncture to buy on strength, because this can always be another one of those socalled false starts. FRAZIER JELKE & CO0.—No one should expect a tremendous and immediate forward surge in the heavy industries. It will take time and action, as well as talk and gestures, to convince capital that there is a genuine change in the

. Government's attitude toward busi-

, up 3%. |

Goodyear pre- |

10 MORE

'Porker Prices Drop 10 Cents To $9.15 Top

Hog prices declined 10 cents in the local market today, according! o the Bureau of Agricultural Ecorot. Heavy receipts were re{sponsible for the downturn; 9000 hogs appeared. Top on choice 140 to 170-pound weights dropped to 185.15. Packing sows were steady to weak in a range of $7.75 to $8.50. Cattle trading was of a ciean[up nature as few animals appeared. {She stock predominated in the re{ceipts. Heifer qualities were mostly common to medium kinds, mov[ing mostly from §5.50 to $7. Beef {cows cashed from $5.50 to $6 as low (cutter prices ranged from $3.50 to [85. A few stocker steers moved at $8.50. | Vealers were again steady today. {Good to choice descriptions cashed [from $11 to $11.50, with common

- land medium sorts at $7 to $10.

Today's lamb supply, composed {mostly of natives, moved from | steady to 25 cents lower, most of the [loss on good to choice Kinds, which | bulked generally at $9.75 to $10.25, {Slaughter ewes made little change, or usually $3.25 down,

HOGS

Bulk $0.150 9.15 9.40@ 9.65

Nov, Recelpis 7500

9.25% 9, 9006 9, 8.850 9. 9.10@ 9.2f 9.00% 9.18 ight Lights 1140-160) Good and

Medium Lightweights 1160-180) Good and

Medium . (180-200) Good and

edium (200-220) Good and | (220-250) Good Heavyw eights 250-290) Good | (390- 350) Good | Packing Sows—-275-350) Good (350. 425) Good (425-550) Good ‘e (275-550) Medium Slaughter Pig 1100-140)

=D DIAN

Pd to

9.05@ 8.65

9.00@ 8.65 9.00@ 8.65 8.90® 8.75@

8.65@ 8.60%

B25@

and choice. ,

choice... choice. .

and

BLT BDO DOOD

8.65@ 8.40@

Good and choice.. edium

CATTLE —Receipts, 400 Choice Good Medium Conimon Choice Good Medium Common (1100-1300) Choice Good ! Medium | (1300-1500) Choice Good

De os,

(550-900) 11.50@ 15.50

8.756 13.50 (900-1100) ‘(plain)’ i 10.25 15. ‘00 vee 1.506010,50 sess 15006716.75 . veo [email protected] Heifers (550-750) Choice Good Common

Good and choice... Common, medium,

‘a 00a 11. 25 5.00@ 9.25

(750-800) . ‘ 5.25

5.75® 7.1 5006 f 3.50) ©

Common, medium EB Low cuter and cutter Bulls Gond (heel) “s . Cutter, common and medium. . Vealers —Receipts, § Good and choice Medium .. { Cull and medium

6.75@ 4.75@

10,00@ 11.50 9.00610.00 6.00 9.0

(250-500) Good and choice . [email protected] Common, medium. 500@ 7.25 Feeder and Stocker Cattle Steers (500-800) Good and choice... ommon, medium. 550@ (800-1050) Good and choice . 7.256 Common, medium. 5.50@

7.00@

7.25M

~1D-32

Heifers— Good and choice ; Common and medium Cows— Good Common and medium SHEEP AND LAMBS —Receipts, 1200—

Iw oa wa

aon ag

) 9.75 9.25 y 8.00

Medium Common Shorn Ewes— (90-175) Good and choice.. 3.00@ 3.50 Common, medium. 2.00@ 3.00

CHICAGO, Nov, 12 (U. P.) .—Hogs—Receipts, 12,000, including 2500 directs, market, steady on choice 180 lbs, down, others mostly 10 cents lower; spots ofl more late; paid sparingly; 240-300 Ibs. most pag King sows, $8, 108.40; lightweights and best medium weights, $8.50@ 8.60. Cattle—Receipts, 2000: calves, 500; mar- | ket very slow; peddling trade on common and medium Jight weights; undertone unimproved, crop comprising mostly small lots under 10; she-stock dull; most cows weak to 25 cents lower in catch-bid trade: low cutters and cutters, $3.75@5; hes! | grades, [email protected]; weighty sausage bulls | steady; others weak to lower; outside, $7 vealers steady at $11: selects. $11.5 Sheep—Receints, 5000, including 1000 directs: opening moderately active: mostly steady on all classes; good to choice native and fed comebacks, $9.75 10: choice held $10.10 and above; four decks good yearings. 3 33.30: , $2504 FT, P.).—<Hn

12 (U, Sy Markel LE to 10 cents lower; 160-180 Ibs.. : 180-200 Ibs, 90: 200-225 ‘ $8.80: $s. 250 Ibs.. $8.70: 250-275 Ibs. : 5,, $8. 0; 300-350 ibs. 88. 40; 1500; 140-150 1bs., $8.80 130-140 70; 120-130 Ibs., $8.60; 100~ 120 Ibs. Roughs, 3% 20; stags, $6. 25; calves,

Se, 2% Nov, 2 (U, P)— — Market, 5@10c lower: , 140 0° oy 29.10679.20; 170-200 1bs.. $8.80@9; 1hbs., $B. 65/@5.70; 250-325 Ibs, . 100-140 1lbs.,, $8.50@ 8.75; roughs, $11;

$9.50.

own. 81S Calves,

N. Y. Bonds

. By United Press BOND PRICE INDEXES 20 20 20 Indus. Rails Util 83.3 "3.2 95.6 $39 29 ‘os 864 799 ‘velo 91.2 99.8 106.2 90.5 8.1 1025 95.0 101.2 1060 825 TI.5 923 98 1004 1062 1936 Low ...... 900 84.7 1033 1935 High ..... 91.4 864 1036 1935 Low “0 89.3

lambs,

60 Bonds 84.0 84.1 7.4 100.1 90.4 100.7 82.3 100.2 93.3 93.1 83.0

Wednesday Week ago Month ago .... Year ago ...... 2 Years ago ... 1937 High ..... 1937 Low «uuu 1936 High .

YORK, Nov. 12

NEW U. Py opened higher. Bonds

4s i Lake Shore & Mo Pac 5'as Mo Pac 5s

Seab All Fla %6s 35 ot A So Pac 4'as 69

Curb Stocks

NEW YORK, Wov. 12 (U. — stocks opened irregular, x 2 Ony Oven Chan Alum So Bn . ih ange Asso G&E A Cities Service . 213 Bl B&B ....covvivers RY « 1134 Niagara HP “ciovrseviraned ee. 10 Nor Sts P A Toshuor . Un Gag ....o Un Lt P A

LOWER DISCOUNT RATE PARIS, Nov. 12 (U. P.)).—The

discount rate from 3% per cent. The rate on advances on bonds was lowered from 4'2: per cent to

per cent to 3

By United Press

NEW YORK STOCKS

Net Last Change 11 -— 20% “+ Wn 1% = WY 1 By - Ya

1 2 204 % 0

Adams Exp val Adres sORTAD '

Am Am ams Am

Am Am feo Eh Am Mach & Fy 13% Am Pw r Am P & LS WL S0% Am PRL, 5 A 43% Am Rad & 14 Am Roll Mill vv 288, Am Seating “i 30 Am Smel vv 31 Am Stl Pais va Am Sugar ..... Am 8 Er

Am m' Type F | Am Water im Am Anaconda Armour Til .... Armstrong Ck

FS -_ rrr fs TERE FECT ar £53 Ter EE

Atl 'W I pf. At] Refining ... Atlas Corp . Atlas Corp pt. . Auburn Auto .. Aviation Corp .

Balt & Ohlo ... Barber Co ..... 18 Barker Bros Barnsdall .... | Bendix Avn | Best & Co | Beth Steel Beth Steel § of Blaw Knox Blumenthal

wa -n

BIT ok st 0 CF ol kh Fl ol

Noe Wa

pt.

- ad

Boeing Air Rorden ves Borg Warner ve 95

Burroughs ..... Bush Term .... Butler Bros Butter Cop ...

Cal Packin Callahan Zine! . Calumet & H. Campbell Wy .. Can Pacific .... Case J 1 0 Celanese i Foundry... + Cerro de Pasco 44% Certain-teed .

BSL >»

7 Clove Graph Br 201d Colgate-P-P Col Fuel & In Ton i

a ~ISg~D Bs a BPE BID Dae - 28 NaI

Solvents. i Comm & So... 2% Comm & So pf 45 Cong-Nairn . 26 Cons _Aireraft. 12% Cons Cigar ... Th Cons Edison... 27% Cons Edison pf 95 Film pf.. 8

Cons Cons Oil ae 1) Container « 16% Cont Bak A... 14 Cont Cont Cont Cont Cont Steel Corn Prod .... 56 Crane Co ..... 3034 Crane Co cv nf 93 Crown Cork... 39 Crucible St ... 33% Curtis Pub ... Sa Curtiss-Wr > ne Curtiss-Wr A .. 13%

@ >

DDS DHDW NIT IID ye

Be pds DLS IS

Davega Sirs ...

Diam T Mot ... Dist Seag Dome Mines ... Douglas Air

East R 1 «.. "% East Kodak ...166 Eitingon Sch .. 5% Elec Auto-L ... 23% Elec Boat .... Flee Pwr & It} El Pw & L 87 pf Erie Erie 1 pt Erie 2 pf

23%

Fair Morse .... Fed Wat S . First N Sirs ... Flintkote Food Mach 3 Foster Wheel .. 21

Gair Robt Gar Wood Gen Am_ Tr Gen R Gen Gen Gen Gen Gen Gen G Gen

Ger ¢ Gette’S Ro. Glidden Goebel Brew -

Goodrich . Goodrich pf ...

Ind.

- 00 CR aAd en E

Graham Paige. . Granby “ Grand Union .. Gt North pf .. Greyhound Cp.

Harb Walk .... Hecker Prod ... Holly Sue “ Momestake ... NS 50 Ya Houd-Ber B ... y kh + W Houston Oil ... X 2 3 San

Inflationists and

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS 372, 48% +4008 wel 06 wi) 91

Week are 08.9 Month ARO ovievuvvins Year ago Wigh 1987, 194.40; low, 123.08, igh 1986, 184.90; Yow, 118.11, 20 RATLROADS

FERRE RRR EERE Ray

go Wigh 1937, 64.18; low, 30.09, High 1036, 59.89; low, 10.66, 20 UTILITIES «+1.52 + 0.09 |

Wednesday Week ago... Month age Year ago igh 193%, 37.54; low, 10.65, High 1936, 36.08; low, 28.63,

499 Month ARO «.ovvviive Fes . 12 Year ago High 193%, 69.67; Wigh 1936, 66.38;

Tow, 41.52, low, 51. +20,

Net Low Last Change 47s . 8 24

High Howe Sound .. 47% Hudson Motor . 0 Hupp Motor ... 2% wf

«23% 85 12Va 5

Ind Rayo! gers Rand Jnspiratn, For. .

Intst D8 «vee Johns-Man

Ban € Sou nf

Lat +h

Kelsey-Haves B Keystone Stl... Kresge S88

. 2%: a% . 28v, a0

Loew's 61%

WHEAT he

JUMP 3 GENTS |

Mot, Republic

Profit-Taking Pares Golden Cereal Gains Slightly In Chicago.

CHICAGO, Nov, 12 (U, P) —Despite rather heavy profit-taking

"1, | Wheat prices remained around the

opening levels, up more than three cents a bushel, on the Board of Trade today. At the end of the first hour wheat was 25% to 3% cents higher, corn was 3% to 3 cent higher, and oats were tz cent higher, The opening boom in prices carried quotations up four cents a bushel but ‘when profit-taking entered the market gains ‘were pared for small fractions. Prospects for an extremely sharp reduction in the Argentine crop continued to dominate trading as estimates of the frost damage there ranged as high as 2.000000 tons, R. O. Cromwell, local statistician, now in the Argen-

tine, wired that the crop should not |

R. ‘H. pointed situation reduced

exceed 200,000,000 bushels, Moulton, Chicago trader, out that the present parallels 1924 when frost the Argentine crop to 190,000,000 pushels against the 247,000,000 bushel crop of 1923, Wheat receipts were 126 cars, Corn was bullish despite the Wednesday Government crop report which placed the 1937 corn yield at 2.651,000,000 bushels, Receipts were 628 cars.

WAGON WHEA Citv grain clevators are ying for Wo. 2 red, 8lc; other grades on their merits. Sash corn, new No, 2 yellow, 4lc, Oats,

Grain

12 (11 “P.), -PDecem-

— Nov, Wheat -

» AR Ar opene ber TY 08 » up 2%e: February, $1.02%, ne. etn November, 8415¢c, off Vac, Deber, 83 2C, Oats ~Spot., 28150. off Flax $1.34%, up 1%e; etary, $1.25%, up 1c,

LIVERPOOL WHEAT

1.20% 1.20%

FOOD PRICES

CHICAGO, Nov. 12 (U, P.).--Apples— Michigan, McIntosh, $1.1561.40. Sweel Potatoes—-Tennessee, "bushel hampers, 90% 95¢. Carrots—Illinois, bushel, 35@40c. Spinach Illinois, bushel, 25@80c, Tomatoes—California, Ings, $162.25. OCauliflower—Oregon crates, £110421.20, California, hampers, $2265, Michigan, square crates, 254i 75¢, {50-1h. sacks)--Illinois yellows. vellows, Michigan yellows, 75 90c; sota vellows, 87hc@@$1; washington Valencias, 95c.

Deflationists

Are Due to Fight, Flynn Says

By JOHN T. FLYNN Times Special Writer NEW YORK, Nov, 12.—At least once a month someone starts a discussion about gold. Bankers talked among themselves last week about stabilizing international currencies, which would mean, perhaps, a change in the gold purchase plan. But they ended by not knowing what to do

about it,

And that's the simple truth—there's one problem no one

seems to have the slightest idea what to do about.

But now for a month this coun-®

try has been buying very little gold. Gold has practically ceased to come here. It has in fact been flowing in modest sums out of the country. This means that Europe has been willing to pay more for gold than we are, This excites financial quarters. They wonder if maybe some turn has come in the strange gold story of the last four years. It is too much to suppose that this is true. At intervals some European countries need gold so badly that they have got to be willing to pay any price for it. They need it to settle halances. They need it, every so often, ‘when the war scare gets acute and they want to accumulate gold for emergencies.

Whenever they need it they have got to bid over $35 an ounce for it. This doesn’t mean that gold is worth $35 an ounce. It means that as we stand prepared to pay that for it, any other customer who needs gold badly must go a little higher, This question is due for = fresh fillip soon. The business index has turned down. Things begin to look a little troubled again. There is one group of men in this country who have an unfailing remedy for the country whenever it seems in

difficulties. This remedy is inflation. As sure as we live there will come trooping into Washington soon a host of Congressmen and some Senators who will have a scheme of growing popularity for Uncle Sam. This is to spend the gold profit. By going off gold and bidding the price of gold up to $35 an ounce, all the gold we owned was suddenly made worth around $2,800,000000 more than before we boosted the price. We called that “profit"—a gold profit. Now a lot of Congressmen want us to spend the “profit.” With the demand for taxes growing and the resistance to it growing even more volubly, this spending the gold profit might look to the Administration as a nice, neat little scheme for keeping up our spending without creating a fresh deficit. This ery for further inflation will be the very reverse of the ery for putting an end to the gold purchasing program and for lowering the price of gold. So now we are in once more for a battle between the inflationists and deflationists. If you can guess who is going to win you can make a lot of money

in the stock market.

Bank of France today lowered its |]

4 per cent and the rate on 30-day | advances from 3% per cent to 3 per

| Reyn

Ne Last Change Loft, The 184 vin Long Bell, OO8e= Lorillard

Foy a & udium Stl

‘| Settlement v| Strike Is Unlikely, Hutson

Marshall Pld .. 1} , 3 a “a May

Meo Mckoson & Rob 10% Mengel 6"

nge Mesta Mach

Mullins Mig B

Murray

Biseuit ... 20% Nat Cash Reg.. Nat

20% Nat Biers . 231 Nai i

Ohio Oil «.. Omnibus phen Coll tis Fley Otis Steel Owens Ill Glass. 679,

s—yim

- >»

—I F > # >

Fr BIC DBT Dh 23 Tu SD FY]

A Mines .. enney

| Penn D xn Ch y “a 25

Pitts acm Poni Pitts United... Plymouth Public Serv ... Pullman Pure Oil

Radio . ve BY Radio pf 'N ... 85% Radio-RK-Or 5% Reliable Stores. HAG em Rand . 15

Btl Met i Tob B Ruberotd

Reo n 19% Reyn :

| Richfield Oil ..

Chicago | |

up|

8t Jos Lend Schenley Dist , 2 Schulte R Seagrave Sears Roebiick

Sharp & D .... Silver-King Simmons Smith A Secony=Vac .... So Am Gold . South Pac

Stone & web .. Studebaker Sun Oil Sunshine Min Superhtr ‘es Superior Oil ... Swift & Co «ue 18

Talcott J .,40 Texas ar es yu Tex Gulf rod. Tex. G “Sul. + ] Tex Pac LT Thompson Pr .. Thomp Star Thomp Star Tide A Ol. Transamerica T & W Air... Tri=Cont 20th Cent-Fox Twin Cy R T Twin Coach

ame

Union B&P ... Union Carb ... Un Oil Can.... Un Aireraft Un Air Un Biscuit Un Carbon United Corp . United Cp pf.. United Drug .. Un El Coal.. United Pruitt .. Un Gas 'Imp .. U 8S Gypsum... US Ind Ale....

Fr4+4&4+14+44 8B ' ' ' —

' a

Un Stores A P& LA «

Vanadium Va-Caro Ch va-Car 6 pl ...

Wabash pf A .. Walworth Warner Bros ... Warren P & P West Auto Sup. West Pac West Union West Air Bke .. Westing El .... Wheel Steel ...

Woolworth Worthington Wrigley

DAIL =O = B= DO REID NT r= DLWDIO

Xellow Tr ...i. Young Sheet 221,

Zenith Rad .... 22V% 2 wii

DAILY PRICE INDEX NEW YORK, Nov, 12 (U, P).— Dun & Bradstreet's daily weighted price index of 30 basic commodities, compiled for United Press (19301932 average 100): Wednesday CIs ss RNR Tan 120.11 Week ag0 civivviversvevivers 12047 Month ago SAARI RAN ANN RA 127.56 Year ago revere 13209 1937 high (April 5) ...veevees 158.26 1937 low (Nov. 8)......vevevs 11896

BANK STOCKS

Bank of Manhattan ... Bankers Trust .. Bank of N Y Trust .... Brooklyn Trust Central Hanover Chase Chemical Commercial Continental : Bop Exchange

U.S. STATEMENT

WASHINGTON, Nov. 12 (U, P,).—Government expenses and receipts for the current fiscal year through Nov, 10, compared with a Joas Bio:

s Yea Last Year $2, 805. 171, 831. 35 $2,577, 834, 010,92 2/132/621.621.03 1,506.774.261 43 , '670.550,210.32 1.070.859.749.49 2,662, 426, 382.65 1.582.516.6881 05 . 874,508,134.17 1,109,277,078.49 Pub. debt 37,029.252.100.70 33.799.318.567.91 Gold res, 12, 788, 064,666.41 11,105,653,605.61 Customs. 3,807, JI; 92 185. 30g i 9

ay's s Pu Tot Inae. gold Ne 997, 416, 24 $1, 257 3, 912, 08

INDIANAPOLIS COLE S CLEARING HOUSE Slearmegs er 1.970.000

Expenses. Receipts. .

LABOR AID ACTS | TOBREAK STRIP MINE DEADLOCK

in View and

Is Told.

Ry United Press

Max Schaeffer, State Labor Department concillator, today attempted to break the deadlock he tween strip miners of the United Mine Workers, District 11, and the wa ou! Producers Association over a | new wage contract, Approximately 2200 employees in 32 mines, of whom 1035 are now working, are affected by the negotiations, Mr, Schaeffer reported to Thomas Hutson, State Labor Com-~-missioner, that a settlement is in view and that a threatened strike probably will not occur, Negotiations for the strip miners’ contract started two weeks ago after the operators association and the U. M. W, of District 11 reached an agreement for the deep shaft miners after six months of negotiation, This new contract is the basis for discussion for an agreement with the strip miners, The negotiations are taking place at Terre Haute,

RETAIL PURCHASES GAIN IN PAST WEEK

Sales Increase Sharply Over Past Year.

NEW YORK, Nov, 12 (U, P= Retail sales for the week were 3 | to 7 per cent greater than the pre-

ceding week and 5 to 18 per cent larger than the corresponding 1936 week, Dun & Bradstreet, Inc, reported today. Sales in New Fngland were well maintained despite increasing unemployment as factories close, The total there was 2 to 6 per cent above the 1036 week. Tn the Past the gain was 4 to 15 per cent, in | the Middle West 5 to 20 per cent, in the Northwest 6 to 12 per cent, in the South 6 to 14 per cent in the Southwest 12 to 22 per cent and on the Pacific Coast 3 to 5 per cent, The review also said: “Resolute in their attempt to clear inventories by the year-end, many retailers found that sales were being lost because of incomplete assortments, As consumer demand has yet to recede to the extent concomitant with shrinking industrial production, orders for immediate shipments formed the major acceleration to the increased activity in the principal wholesale markets this week, Quality merchandise ‘was unexpectedly conspicuous in the replacement requests, extending from women's apparel, jewelry and shoes fo furniture, radios and sports equipment. As orders for Christmas goods also inereased, wholesale volume was larger for the week, but was only 7 to 15 per Det more than the 1936 comparaive,”

FOREIGN EXCHANGE

NEW YORK, Nov. 12 (U, P.)Noon

foreign exchange pd or ec Rates Net ig jpound) a on 11-18 «01 nme

PS = Canada aonar, . 190 1-1 : i . 03880" ~2.00011 4 00001, -'0003 — 0007 0025 =~, 0008 we, 0004 1 5008

0004

Germany (mark). Germany (travel

(franc) fgutlder) (peseta) . .. (krona) .. Norway (krone). Denmark (krone). Austria (pound) Austria shilling) Czechoslovakia (koruna) Finland (markka) Greece (drachwa) Jugoslavia (dinar) New Zealand (1b.) Poland (zloty) .. Portugal (escudo) Rumania (leu)... Argentine (official

mark) .. Switzer'd Holland Spain Sweden

0) A¥gentini (unofrtpeso) Brazil (official

Uruguay | Mexico (silver e850) ag LEP Hongkong (dollar) Shanghai (yuan). India (rupee) Japan (yen)

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The Johowiny quotations ao not represent, actual bids or offerings but merely indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS Bid Asked Cltz Tnd Tel (TH) 45s 6 00'2 100 H Tel & Tel Pt W W Blas H Tel & Tel Pt W 6s 43 .. Ind Asso Tel 514s 65 ... Indiana Tel Co 8s oQ. rad Ind Railway ne Bs 6 Interstate Tel & Tel LP . Indpls Water Co 3'28 86 Kokomo Water Works Bs 58 . Morris 5&10 Stores 5s 50 ..... Muncie Water Works 5s 5 Noblesville H D & 3 00 Ohio Tel Sery 8s 4 Pub Tel 515s 56 AL, Richmond W W 5s $7 es 2 mour Water Co 55 49 . Trac & L 5s 44 7 H Water Works Bs ‘86. T H Water Works 6s 40 . T H Water Forks fs 49 Trac Term Co 8s 57 .....ce000 STOCKS

Belt RR St Th Gr

Ind vy Co Ind Hydro o lec ne, ‘pid. Tndpls Gas Co com Tndpls Pwr & Lt pid 67% Indpls Pwr & Lt pfd ig % Tndpls Water Co. pd 5 Lincoln Natl Life Ins “oo com 21 P R Mnllory com ++ N Ind Pub Serv Co 1, 5%:%.. N d Pub Serv ! Pers N Tog. Pub Serv Ci ta" hi Ve Pub Serv of Ind ot 15 a Serv of Ind 7% SrogTess Laundry Co" com 6%. Smith Alsop P&V pfd Smith Alsop P&V com Terre Haute Elec Co 67% Union Title Co com . Van Camp Milk Co pH Van Camp Milk Co (By M. P. Orist & Co.)

Market 8t, Investing Cotp.... 24.6%

® W. L. LYONS & CO.

ESTABLISHED 1878 MEMBER OF NEW YORK STOCK EXCHANGE

40 N. PENNSYLVANIA ST.

Russell W. McDermott, Resident Partner

- > PAGE @8

Hearingon Limiting Grain Speculation Set for Dec. 1; FHA Act May Be Altered

Excess Grave Danger to

Market, Wallace Declares,

WASHINGTON, Nov, Secretary of Agriculture Henry Wallace today took the first step in his program to limit speculative transactions in grain futures with announcement that a public hears ing would be held in Chicago Dec, 1 to consider the establishment of such limits,

that limitations will be placed upon the amount of daily trading as wel] as upon the amount of open commitments, In announcing the hearing, Mr, Wallace said he believed a certain amount of futures trading Is essential if a market is to be maintained for hedging purposes, “Excessive speculative operations, particularly by one or a few indi. viduals, however, are a grave danger in any market and may force prices far out of line,” he said, Mr, Wallace said the present time has been selected for the hearing because trading in grain futures is unusually light and many limifations which may be set are nol likely to have a disturbing effect on the market,

a, ,,

VOTE TABULATORS THREATEN STRIKE

NEW YORK, Nov, 12 (U, P), Still grumbling because they Must work elght hours a day for their daily stipend of $10, eanvassers of the proportional representation balJots marked in the Nov, 2 election threatened to strike for one hour

today in one of the city's five bor- |

oughs, Strike threats were heard in the Bronx, where {he canvassers were most bitter against the New York sohedule=9 a, m, to 6 p, m,, with an hour off for lunch, However, supervisors of the count showed little concern,

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F.D.R. JR. CHOOSES GOOD LAW SCHOOL

CHARLOTTESVILLE, N. O, Nov. 12 (U, P)=Franklin D Roosevelt Jr, learn some law at

the University

of Virginia, which he chose because |

it had “an awfully good law school.” The President's 22-year-old son, just returned from a European honeymoon with his 21-year-old bride, the former Ethel du Pont, was advised by doctors to live in a southern clime because of sinus trouble. So he chose the University of Vir» ginia.

GIRL HITCHHIKER DIES: TWO INJURED IN CRASH

MICHIGAN OITY, Ind, Nov. 12 (U, P.)=Darlene Green, 15-year-old hitchhiker from Pontiac, Mich, was killed and her companion, Mary Whiteside, 15, also of Pontiac, was seriously injured when a truck in which they were riding was struck by a Michigan Central passenger train at a crossing here late yesterday, Gail Belson of MeDonald, Mich, truck driver, escaped with only | slight injuries,

GARDENERS SHOWN

SLIDES OF FLOWERS

Members of the National Association of Gardeners, at their fall meeting in Central Library last night, were shown colored slides of flowers grown on the Frank D, Stalnaker estate, Speakers were Christopher Kiefer, Beaver Falls, Pa. association regional deputy; Paul Uhlmann, Department of Conservation assistant entomologist; Fritz Loonstein, landscape architect, and George Bayens, local association secretary.

LOCAL PRODUCE

(The prices quoted are for stock gath- | ered in Pie coy. while for deliveries in Indianapolis the prices are 1 cent higher. Each case of eggs must weigh 55

ounds gross.) v gs=-No, 1 strictly fresh, loss off, 24e, Heavy Breed Hens—-4l, ounds anc over, 18¢; under 41; pounds, ie; heavy springers, 1% pounds and over, 18¢; Leghorn springers, 1%; Faeol and over, 15¢; hare back broilers, dec; old roosters, 9c.’ voung ducks, 4 pounds and over, 12¢: old ducks, Oc; geese, 9 to 14 ‘pounds, fc; turkeys, oung hers, 8 poiinds and over, 19; Noung loms, Ret ds and over, 18c; No,

vigkers. 2. ter=No, 1, 38% @%0¢; No. hy 2 a @ 3%; rior fat, No. 1, dec; No. 2, 2,3

CHICAGO PRODUCE

Bogs-—~Market, firm; receipts, 4231 cases; fresh graded firsts, carlots, 27%c; less than earlots, 27%ec; extra firsts, carlots, 28V,c; less than eariots, 28%c; current receipts, 26%ec;: storage checks, 17¢; dirties, 19¢; fresh dirties, 19¢; storage dirbies, 19¢; fresh checks, 19¢; refrigerator extras, 21Ye; refrigerator standards, 21c; refrigreceipts,

erator firsts, "firm; 14,835 384¢c; firsts

Butter Market, tubs; extras (92 score), firsts (90-91% soores, 241 T@3 Te;

346; xt Voc; seconds, Maple ADeCinls, 3 trall Id (o score), 34c,

Sc. n- Tots 1c: "daisies, "wa 19%%c¢; ea rs, 10419 9se Potatoes—Supplies Diarke: weak, Idaho $1.35 45: U. 8. No, 2, 1. rado By MeCluren $1 40671.50; Minnesota Cobblers. Rg Minnesota Bliss Triumphs, $1.0 TH Warbus, 81; ichigan Groen. Ry $1.15, Michigan ussel, Rurals, $1.08, wi vals, 57, on track, 319;

Belt Railroad & Stock-

RR OP)=| A. l=Tederal experts today considered amending the Pederal Housing Ads ministration Aet at Congress’ feial session to aid private capital in [President Rooxevell’s business-boosts

U. S. Experts Seek to Interest Private Capital In Business Plan,

WASHINGTON, No, 12 (U, P),

spe-

ing housing drive, The change in the act would be in

(the geetion authorizing creation of | riational

Officials said it is contemplated | trade

mortgage associations to in Government=guaranteed mortgages on housing projects, No organizations have been formed, however, because the law limited associations to 12 times their capital stock in issuing bonds, notes and debentures, The tentative pro= posal now is to increase the limita» tion to a ratio of 20,

Seek Private Oapital

The change was proposed, it, was understood, by J, Mathew Daiger of FHA, after Mr, Roosevelt conferred with industrial leaders on pross pects for interesting private canital

has buckled down to |

shipments, |

in building poth small and large | houses for sale and rent, (The businessmen represented (he [major sections of the construction (industry, 8. Sloane Colt, New York banker, came from (he financial field, Gerard Swope, president of General Electric, manufacturers of household appliances, Gen, Robert E. Wood's Sears-Roebuck Co, is ire terested in prefabricated houses, Henry ©, Turner heads a big New York City construction company, CI Pdward ¥, MeGrady, former Assists ant Secretary of Labor, directs labor policy fer the Radio Corp. of Amer ion, Reoks Certain Wages

President William Green of the | American Federation of Labor cons | ferred with Mr, Roosevelt, and said | Mr, Roosevelt was interested in | some plan to give building labor a guaranteed annual wage, (hus reducing labor costs, The President's plan to open the house building field to private eapital represented the Government's third attack on the housing probs lem, all with the purpose of ree Juvenating the construction induss try and providing employment for jobless artisans, The Federal Housing Administra« tion, authorized to insure private mortgage financing of large and small housing and modernization projects, reported $098 369.000 worth | of new business Oct, 1. Insurance | written on modernization loans toe ay $560,000,000 up to the same ate

REPORT AVALANCHE KILLS 130 IN JAPAN

TOKYO, Nov, 12 (UU, P)='The Commerce Ministry reported today that 130 persons were killed in the | landslide at the Ogushi copper mine near Kaizuma, Nagano Prefecture, Forty-six women were included among the dead, 21 were injured and many were missing, it said, An unconfirmed report said that 50 children had been entombed,

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FARMER, CAUGHT IN CORNPICKER, IS HURT,

ROCHESTER, Nov, 12 (UU, P) = George Hornbeck, 40, was recovering today from serious injuries received when he was caught in an autos matic cornpicker., The machine ripped all the clothing except his shoes, socks and gloves from his body. He was the second Fulton County farmer to be injured by a cornpicker since the harvest season started,

VISITS PRISONERS; STAYS FOR 30 DAYS

FIREBAUGH, Cal, Nov. 12 (U, P.)=When inmates of the city Jail began getting hilarious, Police Chief Bruno Malanea found oy Coultress had visited two friends with a bottle of liquor. Coultress visited them again=-for 30 days,

PLAN MAXWELL PLEA

RICHMOND, Va, Nov, 12 (U.P). =-Attorneys for Edith Maxwell, unable to finance an appeal to the U, 8. Supreme Court, planned ah appeal today to Governor Peery to save the monutain girl from 20 years in prison for killing her father. It was understood a petition was being circulated here, asks ing Governor Peery to pardon the girl,

FOUR DIE IN AIR CRASH WARSAW, Poland, Nov, 12 (OU, P.). =~ Four passengers were killed today when a regular passenger airplane from Cracow crashed in a fog while landing at the airfield here, Five other passengers, the pilot and radio operator, were serie ously injured,

Commercial Banking Savings; Trusts]

"American National Bank

AT INDIANAPOLIS

¥ In the basement, reached from the main banking floor, Most mod orn in the eity, Faellities