Indianapolis Times, Volume 41, Number 61, Indianapolis, Marion County, 22 July 1929 — Page 16

PAGE 16

PROFIT-TAKING DROPS STOCKS TO LOW LEVELS General Motors Touches New 1929 Low; Many Leaders Lose.

Average Stock Prices

Aerage of twenty industrial Monday ts 345.87. ip 57. A’ e rage of twenty rails as 179 13 up 77. Average of lor'v bonds ear. 93.71, off 05. RV KLMER C. VVALZKK f nited Prrss Financial Editor NEW YORK, July 22.—Further Advancing tendencies on the Stock Exchange were arrested by the appearance of substantial profit-taking at the start of t henew week, and the general market sold off to moderately lower levels. After a large batch of accumulated buying orders had been executed at the opening, the forward movement met increasing resistance and before noon most of the active leaders had either lost their early gams pr had fold off to sharp losses. Coppers and rails displayed the most resistance to selling operations, hut eyert representative issues of these classes made small losses. British Car Lntries Selling, which came into the market, was not aggressive, but nevertheless it was steady and forced bull leaders to withdraw for the time being. In addition commission houses were inclined to characterize the irregularity as the neutral result ©f the recent substantial advances. Leaders like U. S. Steel, American Can and General Motors were offered in large blocks below their previous closing levels, but these issues met good support at small concessions. Practically all the motor issues were again weak as a result of the overnight announcement of the entrance of the British Austin interests into the low priced automobile field in this country. Rail Issues law General Motors touched anew 1929 low before meeting support. Packard. Hudson and other leaders were depressed sharply. Utility shares, on the other hartl, again reflected active accumulation both Consolidated Gas and North American reaching new record territory. Westinghouse and General Electric were strong spots in the industrial list, but railroad issues generally sold below their previous closing levels after early advances. New York Central was turned over in good sized blocks around its best levels of the year.

Banks and Exchange

INDIANArOUS STATF.MF,NT TtidiannpolN hank rlrarinps Monday, Jo I- 73. *1 091,000 dPbit*. *7,079.000. (HU *'.<> 'TATFMFNT CHICAGO. Ji.iv 27 Bank rirarmc*o3looooo hoiuc cWrinp* balance*. *8.300,000 NEW YORK STATEMENT R n I nil. el Pi . NEW YORK. .Ini' 22. Bank clparinc.’. *OB.noo.onn rlcarmes lioii -e balance *117.ooo.doo freer. ', rc&cr' e bank credit balnrrr *112.000001'

INTERNATIONAL PAPER COMPANY York, luly 10th, ITU The Bonrd of Director* have decla red * Quarterly dividend ot sixty 60, cent** •har., on ihe common stock oi (hi* company, payab!“ August 15th. l r) 2 r) , to Common S:o, kholdcrs ot record, at the close of hu’ ne** Auiu*t ht, 1^29. Checks to he mailed. 1 ransfer book# will not close Oven Shepherd, Vice Prej. and Treeu. INTERNATIONAL PAPER anci POWER COMPANY Bnsion, July 10th. 1°29 The Board of Director"? have declared • quarterly dividend of sixty I fiOc I cents a • hare, on the Class A Common Stock of ♦ his company, payable August loth, 1Q29. to Class A Common Stockholder* ©f record, at the close of business August ?#t. 1929. Checks to be mailed. Transfer books Will not close. R.G Ladt, Asst Treasurer

James T. Hamill & Compam BROKERS Indianapolis MEMBERS II hit aco stork Exchank* < hirafto Board of Trad* Indianapolis Board of Trade A*sociale Neo York Curb Correspondent of LAMSOX BROS. & CO. OTIS A CO. Stocks. Grain, Cotton 203 Continental Bank Bldg Tel. Riley MSS— Riley 5191

We Offer TAX EXEMPT Commonwealth Loan Cos. 7% Preferred Stock Price: Par, SIOO Per Share Forty-two years Without Loss to Any Investor Descriptive Circular Upon Request Call. Write or Phone J. H. Aufderheide Established 1887 Third Floor. Guaranty Bldg. Riley 3469

New York Stocks ■ "■ <By Thomson Ac McKinnon

—July 22 Prev. ! Railroad.— Hign Lo 12.00 close. ! Atchvon ... ..259". 2>B . 258'# 258_ i Atl Coast Line 203’. 203 203 202'a Bait A- 0hi0... .135' 133% 133% 135’. j Canadian Per . 242 242 242 242 Chesa A- 0hi0..271 2io 2(1 2(4 . Chess Corp ...... . 89 90*2 Chi Ac K West.. 96% 95’i 95 j 9652 Chi Grt West 18 18% c R I A- P .....140% 140 Vi 140'2 140’* De! A Hudson... 225’. 224’, 224’, 226 D1 <fc Lacka.. .160% 156'* 157’. 355!, Erie 84 : , 82’, 83% 83’, Erie Ist pfd .... 63% 63’* 63% 63 1 , Grt Nor 128% 126 128', 127’. 11l Centra! ... 151’. 352 Lehigh Valiev ... 99% 98% 98’. 98 Kan City 50uh.,108% 107 107 308 M K Ac T 65 ’ i 63 * 2 63’. 65% Mo Pac pfd ....147 146*'2 146’, 145 N Y Centra1....243 240’.. 241’. 243 N Y C Ac St L.. 160 1 59’2 160 159% NY N’H <fc H.... 114% 114’ 114% 115>, Nor Pacific 118’* 116', 117’ 116’, I Norfolk & West .. ... 239 ~. 1 O A W 27’. 27 27 27’’, ; Pennsylvania .... 98', 97 97% 98 PAW va . 444 146% I Reading 126’* 125’* 126% 126 ! Southern Rv ....157% 157',2 137’, 157 Southern Pac ..150 149% 3 49’- 349',2 St Paul 42’. 42 42 43 St Paul pfd .... 63’, 62', 62% 62% St L At 8 W.... 110 109 109 109’. St L A S F....131 130 Vi 131 130 Vs Texas & Pac ... ... 178 Union pacific .276’;. 275 275 272 West Maryland. 50', 49% 49’, .50’. Wabash 75’. 74’, 75’ 2 73 s * Rubber,— Ajax s’. 5 5 s’,* Fisk B’. 7’, 8 8 Goodrich 76 75’ 75% 75% Ooodvra: 119% US’, 318’, 319 s * Kelly-Spgfict 13 12’2 12'2 13% Lee ... 13% 13 Vi United States.... 49’, 48% 49 50 Equipments— Am Car A Fdy.. . 105 103 : , 105 103% Am Locoomtlve 134 , 134 134 134% Am Steel Fd ... 65% 65 65 65% Am Brake 55’, 55 55 54V 2 General FJer 357 351 356’, 351% Gen Ry Signal ..119 117% 117% 319% Gen Tank 95% 95% 95’/ 95% N Y Airbrake... 44 13% 44 44 Pressed Stl Car.. 19’* 19% 19% 19% Pullman 89% 88% 89% 88 Westlngh Air B >2% 51 % 52% 52% Westingh Elec . 201'* 198% 201% 196%

Steels— Bethlehem .. .. 120 * 119% 119% 119% Colorado Fuel .. 72’* 69% 70% 72% Crucible 104’.' 104 104 104’, Gulf Sta’es Stl.. 72% 72% 72% 71% Inland Steel 96 95 95 95% Otis 51 50% 50% 30% Rep Iron A 5t1..113% 112 112 113% U S Steel J 07% 205', 206% 207’* Alloy .. 52% 51 51 31% s’ouhg.vltui Stl.. 159% 151’, 159% 135% Vanadium Corp. 94% 93 93 91% Motors—lAm Bosch Meg.. 55', 55% 55 * .73% l Briggs 33% 32’, 33% 33% ! Chrysler Corp .. 69 67 % 67% 68% ■ Eaton Axle .. ... 61’, 62 ! Graham Paige .. ’’6% 26% 26'% 27% Gabriel Snbnrs . 24 23 23 23% ! General Motors.. 68% 66% 66’* 68 j I Hudson 86% 85% 85’* 86% , Hupn 41' ■ 40% u l 2 41% ; Auburn 390 373 390 376‘.i I .Mack Trucks ... 97 95%• 96% 97 Marmon . . 75 71% 72 j Reo 21’- 21 % 21 % 21 j Motor Wheel ... 48' 47% 47% 48' . i 'Nash 84 83% 83% S3 : Packard 129'* 128% 128% 129-% ! Murra; R 89'.- 87% 87% 89% i Studebaker Cor. 76% 76 76 77’, j Stew Warner .. 71 70% 70% 71 Klee S Battery.. 86% 85% 86% 85% ! Timken Bear ...100% 100% 100'- 100', j Willys-Overlanti. ’4% 23% 27% 24 ! Yellow Coach .. 77% 36% .76’* 36’* I White Motor ... 41% 11% 41% 11’* Mining— Am Emit A Rig.llo% 109% NO !09% Anaconda Cop ..116% 114', 114’. 115’* Calumet A H ... 41% 4] 41 41% Andes 52% 51% 51 % 51% j Ner Cons 16% 45 45 45% I Inspiration Cop. 14’* 43% 44% 43’, | lilt Nickel . ... 16% 48% 48% 18’, : Kennecott Cop . 87’* 83’, 86% 87% ' Magma Cop .... 67% 67 Miami Copper .. 42% 42 42 43% , Texas Guff Sul.. 72’, 72% 72'.. 72’* U S Smelt 56% 55% 55’* 55% i Oils— Atlantic Rfg ... 67’* 66% 66’, 67’* Barnsdale 39% 38% 38’, 29 Freeport-Te\a~ . 43 42% 43 42% Indp Oil A Gas 33% 33’* 33’* 33% Coiltl Oil 32% 32’* Mid-Cont Petrol 32% 32', 32% .72% La.go Oil A Tr.. . . . 35 Pan-Am Pet 8.. 63% 62’, 63 63% Phillips Petrol . 36’, 36'* 36V, 38% j Prairie Oil A- Gas .. . . 53 53 ' Union of Cal ... 47% 47% Pure Oi: . 26 26% | Richfield ’O-% 40', 40% 40%

Shell 26%: 26% 76%. 26% Prairie Pipe.... 60% 60% 60% 60% Sinclair Oil 35’. 34% 34% 35% Skell’ Oil 41% 40% 40% 41 % Sid Oil Cal 73% 72% 72% 72% Std Oil N J 57% 57% 57% 37% Sid Oil 77 Y <O% 39% 39% 40 Texas Corp 62% 61% 61 62% Transcontl 12% 12% 12 % 12% White Eagle ... 34% 34% Industrials— Adv Rumel. .... 57% 56% 37% .39% Allis Chalmers ..281%' 278 281% ... Allied Chemical 330 326 326 336 Armour A 17 11% 11% 11% Amer Cart 166%. 163% 165% 165% Am Foil Mill.. 130 Borg Warner .114% 114 114 114% \m Safety Raz 65 65 Am Ice 46% 46% 46% 45% \m Wool ....... 17% 17%. 17% 17% Curtiss 163% 162% 162% 163% • Cola 145 Conti Can .81 80% 80% 81% Crrtainteeri .... "6% 26% 26’? 27 Congoler.m . . 25’.- 24% 24’ s. 25% n-'i ; o;i Client.. 34 r % 53 3 * 54% 53% Dupont 188 185%. 186% 188% Famo'i- Piavers. 67% 66% 66% 67% (.c n Aophnlt 89% 89% 89% 89% rox A 90 88% 88’-. 89% Link Belt .. . 51% Glitid'-i 63 61 %. 61% 63% Gold Dust 69 68 % 68% 68% Lambert 149 ■ 148% 148% 150 Loews 36 • * 56’, -.6% 56% Koister .... 34’, 34 34 35 Montgom Ward .128 126 126 126%. Natl V n 127 125% 125% 126% Owens Bottle... . . <6% Radio Corp .... 82%- 81% 81% 81% Real Silk 80’, 80 80 80 Rem Rand . 44’, 43% 43% 4J% Scars Roebuck ..169', 16,’.: 16;% 168 Union Carbid ..123%- 122’, 122’, 168 Warner Bros. ... 60' ■ 59% -'9% 60% Univ Pipe ... 12% 11% 11% 11 USCs Ir Pipe.. 30% 30%. ~0% 30% U S Indus Alco 187%- 186 ■, 187-, IBa - Un Aircraft 134% 133%- 133% 133% Wool'vorth Cos. .. 95% 91% 92 93% Ftililies _ Am Tel A- Tel. .746% 244-, 24a 246;. Am Te; A' Tel . .246% 244% 243 Am F ?r • • l** 4 Am Wat Wk*. .135% 134%. 134’. 134% Brklvn-Manh T. . 60% 60 60% a9% Col *I & E 90% 87% 90% 88% Consol Gas .....152 149% 151% 148 . Elec Pow & Lt. 81’, 78% 81% _<9% United Gas ..... ■■ ,22',* Nor Am Cos 167 106 160% 162’, Pub Serv N J 123’.- 121% 122% 122% S Ca'. Edison ... 71% 70% 70% .1% ■Std Gas Ac E 1... 137% 135% 137', 139^ Utilities Power.. 49 5 , 48% 48% .1% West. Union Tel. ... 220 221 Am Inti Corn.. 79;, .8 .8 (9% Am ShiD A: Com 33% Atl Gulf Ac W 1 61%’ 62 Inti Mcr M pfd.. . • 49 United Fruit ....115-% 110% ?Id% 116 Foods— , Am Sug Rfg 85 83% 8a 83% Kroger 93% 92% 92% 93V, Beechnut Pks . 83’, 82% 83% . . California Pag.. 79% 79% 79% 79 Corn Products ..103% 102’, 103% 103 Borden 95% 93% 93% 94-', Cuban Am Sugar ;V: Fieischmann Cos 97 $ 96 97 , 9i Jewel Tea . ■ 80 80 Kraft Cheese .. 54 .32 53 54 Nat: Biscut ...207 205 a 200% 206’, Punta Alegre ~ . FAA'Y PN %5v73385tew5.! Postunr Cos 75% 75% 75% 81 Ward Baking B 12 12% Tobaccos— Am Sumatra ... 41% 41’, Am Tob B 180 179’, Genera! Cigar 69% 89% Lig <v Movers .... 87% 87% Lorillard 23", 23 23 23' R .1 Reynolds . . 5.4’. 55 .45 55’, Tob Products B 14% 14 14 14% United Cigar St. 14% 14% 14% 14 Schul'c Ret Strs 20% 20% 20% 20% Grand Union . 28 27% 27% 28% Grand Union pfd .. ... 48% 49’, Briions drink less milk than any other nation. Britain imports 63,000.00 gallons of milk.

WHEAT PRICES OVER 3 CENTS HIGHER IN PIT Corn and Oats Advance With Major Cereal. Bu t nit ret Presn CHICAGO, July 22.—A return to hot, dry weather over western Canada and the relatively strong Liverpool market, was sufficient encouragement to recall a bullish tone to wheat trading here today. Corn and oats advanced with the major cereal. At the opening wheat was 214 to 3% cents higher, corn was up Vs to l’s cents and oats were !4 to Vs cent higher. Provisions were changedSouthwestern wheat producers have been rushing their new gram to market, to obtain the higher prices resulting from the drought conditions over Canada and the American spring crop belt, and this is bringing an increasing amount of hedging sales in the futures trading. Exports have been rather slow, but the unfavorable weather in Argentina and Australia is expected to improve the situation shortly. Com appears to be in a deadlock between the geherally favorable crop weather and the continued good cash demand. There is said to be a large short interest, however, and this should work for higher prices when the wheat market bulges. Oats have had their own bullish crop news, but the action in wheat has overshadowed the coarse grain i trading. While suffering from lack of interest, futures have advanced ma- j terially during the recent, bull movement. Chicago Grain Table - July 32 WHEAT Prev. High. Low-. 12.n0 close. I •tub 1.33 1.36 1.38 1:34 j September ... i.*3% 1.40 1.43% 1.38 December ... 1,50’* 1.47% 1.50% 1.45 CORN July I.ol’. 99% 1.01%. .98% : September ... 1.06 5 * 1.01%- 1.06% 1.01%: December ... .98 .95 .98 .93-"* i OATS July .47% .16% .16% .16 I September . . . .*3’* .47’* ,18% .17%. | December .. .52’* .50% .52’* .56’, | LARD July 12.50 September . 12.67 12.65 12.65 12.65 1 October .... 12.82 12.80 12.80 12.80 | December .. 12.92 12.87 12.87 12.92 | RYFSeptember .... .... 1.04.-# December 1.10% RIBS July 19.25 September 13.65 Time* S' pn-iql. CHICAGO. July 22. ~C6riots: Wheat, 242; corn. 110: oat::. 13: rye, 1. and barley, 13.

Produce Markets

Butler (wholesale)—No. 1, 47@>48c; No 4i<ji’46c. Butterfat—Lb.. 46@47c. Cheese (wholesale selling price per pound!—American loaf, 38c; pimento loaf. 40c: Wisconsin flat, 29c: prime cream, 37c; Daisy. 25c; Longhorn. 25c: New York limberger, 30c. Eggs—Buying prices: Fresh delivered at Indianapolis, loss off No. 1. 28c: No. 2. 23c Poultry (buving pricesi—Fowls, 27c: Lcg:iorns hens 18c; broilers full feathered. 28c; broilers, bare back. 23c; Leghorns. 25c; old roosters, large 15c; small 10@13c; ducks. 12(o 14c; spring guineas. 30c: turkeys. No. 1 voung toms, 12 lbs. and up, 35te38c: No. 1 voung hens. 23c a lb.: No. 1 told toms, 22<54;25c; No. 2 old hens. 25® 30c a lb New York Curb Market —July 22 Open Allied Power 107% Am Super Power 'At 67% Am Gas 220 U Aviation Corp (Deli 17% Buffalo Niag A 115% Buffalo Niag 115% Canadian Marconi 9% Cities Service 46% Curtiss Fly Serv 23% Commonwealth 29% De Forest 13% Durant 11 Elec Bond & Share 142 Elec Inves 248%; Fokker 46% General Baking iAi 7-* Boldman Sachs 114% Gulf Oil 191 % General Realty 34% Gold Seal 10% Hudson Bay 16 ■ Int Pete ' 2 a°a Mount Prod 13 Newmont 21% N E Power Nat Pub U 34 • N Am Aviation 14% Normanaa 58% Niles B P 35% Natl Aviation 70% Niagria-Hudson 27% Ohio Oil 20% Pantepec 6% Packard -6% Penroad 28 h Sikorsky 50% Std Oil Ind 35% Sel Industries 24:, Trans Con; A T 24 2 i United T <fc P 'A United Verde E L’% Walgreen 9 < '*

In the Stock Market

1 Bv Thomson A- McKinnon 1 1 NEW YORK. July 22.—Earnings reports, chiefly from the larger’railroads and the steel corporation should take first place in importance during the coming week. It is taken for granted that these reports will, almost without exeption. show rec-ord-breaking earnings and. as trade indicators, prove themselves to have clearly foreshadowed and justified the revival of public confidence in the financial markets. The various steel companies thus far reporting for the first six months have shown almost unbelievable gains in net earnings. Republic Steel is a case in point, with net almost 30 per cent over a year ago. Railroad reports also should make very pleasant reading. Disappointing reports from the few industries that are not doing so well, have been discounted marketwise in stationary or gradually disappointing stock prices and should not be a disturbing factor to the market as a whole. We have excellent reasons for believing that banking sources regard the credit strain as having passed the peak with indications that gradual easement is to be anticipated. With such a picture of almost uniform prosperity before us we can se no logical reason for changing our friendly attitude toward the better grade of securities. BERGER MAY RECOVER MILWAUKEE, July 22.—Victor L. Berger, former congressman and veteran Socialist leader, is believed on the road to recovery, his physicians announced today. X Mr. Berger, who suffered a fractured skull and other injuries when struck by a street ear several days ago. is conscious only at intervals, however. Man Dies in Rooming House Fire DETROIT. July 22,—Fred Steinberg. 52. was suffocated and fifteen other roomers were routed when fire destroyed a Third avenue lodging house here. Firemen found Steinberg with* his head buried in the mattress of his bco.

THE INDIANAPOLIS TIMES

Business —and— Finance

Edt Time* Special DETROIT, July 22.—Tremendous activities of the Ford Motor Company in recent months will result in the production of the two millionth model A car here Wednesday, Ford officials said today. The first model A was completed Dec. 3. 1927, and the first mililon mark reached early last February. Ford officials predict that the third million cars of the new model will be manufactured in even less time than it took to product the second million. Bat Times Special TOLEDO. O. July 22.—There will be no change in the personnel or policies of the Willyc-Overland organization, it was indicated here today in a statement by Linwood A. Miller, who succeeds John North Willys as president of the company. Bn United Press WASHINGTON. July 22.—The department of commerce announced toda; that the use of American wheat flour is increasing teadilv in Central American countries. Last year wheat-flour shipments amounted to 736,000 barrels, an increase of 101,000 barrels over 1927, and 227,000 barrels over the average movement in pre-war years. More than 95 per cent of ail wheat flour imported into Central American countries is exported from the United States, according to the commerce department. Reports and rumors concerning the iorthcoming 1930 line of the Buick Motor Company >re due to be answered by actual facts in the near future, according to Buick officials, who now let it be known that the lines and specifieations on the 1930 Buick were approved some time ago. and have been placed in Ihe hands of the production department. Sugar prices during the balance of the rear will be strengthened by several factors. the most important of which is the prospect of a smaller Cuban harvest next winter, in the opinion of the Brookmire economic service, which points out that bearish factors had been so greatly overdone this soring that when bullish elements gained control prices responded with a sharp rise. . Prediclions of expanding consumption and replenishing of depleted invisible supnlies are being fulfilled. Distribution in the United States in the first half of 1929 : exceeded the same period of 1928 by nearly 10 per cent. />'>/ 'l imes Special WASHINGTON. July 22. The department of commerce announces that, according to preliminary census figures. 35.121,638 cotton spinning spindles were in place in the United States on June 30. 1929. of which 30.628,122 were operated at some time during the month, compared with 30.9)0.282 for Mav, 30.924.184 for April. 31.103.998 for March. 31,007.936 for February, 30.757.552 for January and 28.627.556 for June. 1928. The Illinois Central Railroad Company have ordered five 600-H. P.-oil-eiectrlr locomotives from Ingersoll-Rand Company and General F.leetrir Company. I’,a l imes Special CHICAGO. 111, July 22.- Bankers who deal in figures for other folks are taking time to do some computing on their own account that may revolutionize the mortgage loan business, according to E. E. Murrey. president, of the Mortgage Bankers' Association of America. For men who can split pennies in making accurate appraisals of properties up for loan, often cheat themselves in the way thev figure their profits, says Murrey, vicepresident of the American Trust Company of Nashville, Tcnn. Five hundred members of the bankers' association, located in all parts of the country, have set, to work making elaborat surveys of what it costs to handle all types of loans and the results of this survey will be made public as a feature of the coming convention of the association in New Orleans. Oct. 29-31. /’,// Times Special CHICAGO. July 21.—Real estate bond and stock financing in the United States during the first half of 1929 totaled $356,923,885, according to a statistical survey by the loons & Becker Cos. of Chicago, specialists in real estate and industrial financing. This is a decrease of about 16 per cent from the record volume of the same period of last year. First mortgage real estate bond issues during the first six months of ihe year, it was stated, aggregated $284,028,150. a decrease of 30 ner cent from last year's total of $403,709,000. Financing of real estate bv stock issues, however, totaled $72,896,735. a gain of approximately 216 per cent over ihs volume in the first half of 1928. The Leipzig Trade Fair, the oldest- and largest market place in the world, will be held this fall from Aug. 25-31. The fair will be attended by more than 180.000 buyers from fifty different countries. America sends more than 3,000 buyers and exhibitors to Leipzig every year. At the spring fair more than 3400.000.000 worth of business was transacted, fully half being credited to foreign visitors, with the United States the second largest buyer. America also sent more than 100 significant exhibits to the Leipzig Fair, indicating the country's rapidly expanding world trade. Much of the interest in dry goods channels now is in the beginning of fall trade in some divisions, says R. G. Dunn Ac Cos. A promising start has ben made, with considerable business already placed, and visiting buyers from agricultural sections are more confident in their views regarding the future. The better sentiment mainly reflects the sharply higher prices for wheat and corn, with the conseouent. indication of a strengthened purchasing power in farming communities. Moreover, the sustained activity in various lines of industry has a favorable influence in textile markets. Opposing factors include the continued labor troubles in some southern cotton mills, while manufacturers comDlain about the narrow profit margins, or the lack of profit, in the new busines. offered. That condition is leading to an increased tendency to curtail production, while the advanced cost of raw material is another element making for more firmness in prices for some goods. Not only are aggregate bank clearings in the United States larger than those of a year ago. but increases largely predominate at individual cities. Total bank clearings last week, as reported to R. G. Dun Ac Cos, are $12,905,473,000. which is 24.5 per cent more than the amount for the same period of 1928. and the New York City figures. 53.902.000.00 Q. show a gain of 34.1 per cent at $4,003,473,000, the clearings at. outside centers are 7.4 per cent above those of a year ago. Increases appear at nineteen of the twenty-two outside cities included in the statement, the most conspicuous expansion being at Boston. Pittsburgh. Buffalo. Cleveland. Cincinnati. Minneapolis, Atlanta and Portland. Ore. With a total of 376. a decided lowering of the number of failures in the United Slates is reported by R, G. Dun Ac Cos. for last week. The pervious week. 440 defaults occurred, while the number a year ago was 426. Except for a slight increase in the south, all sections had fewer insolvencies this week than last week, while the south clone showed an increase over the figures for the same Deriod of 1528. Numbering 31. Canadian failures this week are 12 less than last week's 43 defaults and 10 under the 41 insolvencies reported to R. G. Dun Sc Cos, a year ago. Bn I 11 iter! Press WASHINGTON. Julv 22.—Stock* of wheat of the 1928 crop in interior mills and elevators on July 1. 1929. are estimated at. 40,136.000 bushels, acordine to a statement today bv the United States department of agriculture. On July 1, 1928. stocks were estimated at 19.277.000 bushels and on Julv 1, 1927. at 21.776.000 bushels. Bn I nit cel Press WASHINGTON. July 22. —Rates on petroleum .{hipped from southern California to Arizona and New Mexico were ordered reduced today by the Interstate Commerce Commission. Reductions provided wjll cut the rates to Arizona from 80 to 70 cents a hundred rounds and from 93 cents to 80 cents on New Mexico shipments. Reparation was awarded to shippers lor overcharges in the past. Prospective building programs of the world's merchant marine and navies indicate the construction of 3.000.000 gross tons of shipping a year, according to a survey of the marine field Just completed by the Copper and Brass Association The survey points ou that at the beginning of the present year merchant shipping under construction in al! countries totalled 2.607.000 tons, of which 1.212,000 tons was steamships and 1,395,000 tons was motor ships. Great Britain had 705.000 tons of steamships and 536.000 tons of motor ships under construction. Germany 226.000 tons steam and 157,000 tons motor, and the United States. 37.000 tons steam and 5,000 tons motor. B n United Press NEW YORK. July 22.—Negotiations are under wa- for consolidation of the Bank of America. N. A, with the Cha'ham Fhenix National Bank of New York Citv. it was reported here today, but no official confirmation could be obtained from reliable sources. Officials of the latter bank would make no statement regarding merger negotiations. ou 1 admitted dickering for such a ccnsohcakUNfe.

HOGS STEADY TO 5 CENTS LOWER IN LOCAL PENS Low Grade Beef Cows Weak to 25 Cents Off: Veals Firm. July Bulk. Top Receipts. 15. 11.854/ 12.35 12.35 6.000 16. 12.004112.60 12.6(1 6.500 17. 11.8041 12.35 12.35 * 6.000 18. 11.8041 12.35 12.35 4.500 19. 11.904i 12.35 12.5(1 7.000 20. 11.5041 12.40 12.40 4.500 22 11.754? 12.35 12.40 7.000 Hogs opened steady to 5 cents lower in local stock yards today. The bulk of 160-280 pounds brought $11.75 to $12.35. The top price paid was $12.40. Receipts were 7.000. and holdovers from Saturday's market numbered 624. The cattle market was going about steady with beef steers worth $16.25, but no sales early this morning. Lower grade cattle were weak to 25 cents lower than Saturday’s prices. Vealers remained steady at sl7 down. Sheep and lambs opened steady. Fat ewes were selling at $4.50 to $6.50. better grade lambs. sl4 to Sls, and throwouts sold at $lO to sl3. The Chicago hog market was mostly steady with Saturday's average. A few loads of better grade 160200 pounds sold at $12.25 to $12.40. Weights around 220 pounds brought $12.15, and $11.60 was bid for around 275 pounds. Receipts were 46.000. including 19,000 directs and holdovers totaled 2,000. Cattle receipts were 19.000, and sheep receipts were 18,000. Hog prices today were as follows: 250-350 pounds, $11.35 to $11.90; 200250 pounds. $11.90 to $12.25; 160-200 pounds, $12.35 to $12.40; 130-160 pounds. $11.90 to* $12.25; 90-130 pounds. .$11.15 to $11.65, and packing sows, $9.50 to $10.50. Cattle receipts, 600; calf receipts, 350; beef steers. sl3 to $16.40; beef cows, $8.25 to $11; low cutter and cutter cows, $6 to .$7.50: heavy calves, $7.50 to .$12.50. and bulk stock and feeder steers. $9 to $12.50. Sheep receipts were 700; top fat lams, sls; bulk fat lambs. .sl4 to sls; bulk cull lambs. $9.50 to $12.50; bulk fat ewes. .$4.50 to $6.50. —Hogs— Receipt?. i.OOO: market, steady to 3c off. 350-350 lb? $11,354( 11.90 300-250 lbs 1 1.904i 12.25 160-200 lbs 12.3547 12.40 130-160 lbs 11.904? 12.25 90-130 lbs 11.154? 11.65 Packing sows 9.504; 10.50 —Cattle— Receipt.’, 600; market, stead'- to 25c off. Best veals $13,004? 16.40 Beef cows 8.254? 11.00 Low cutter and cutter cows... 6.004? 7.50 Bulk stock and feeder steers.. 9.004? 12.50 —Calves— Receipts, 350: market, stcadv. Best veals .$16,004? 17.00 Heavy calves 7.504; 12.50 —SheepReceipts. 700; market, mostly steady. Too fat lambs *15.00 Bulk fat lambs 14.004; 15.00 Bulk cull lambs 9.504; 12.50 Bulk fat ewes 4.504?. 6.50 Other Livestock By United Press CHICAGO. July 22.—Hogs—Receipts, 46.000; including 19.000 directs; mostly steady with Friday's average on better grade hogs; packing sows. 10 to 20c lower; top, $12.40; choice 100-200 lbs, .$124? 12.40' butchers, meduim to choice. 250-350 lbs *11.104( 11,90: 200-250 lbs, *11.504; 12 40' 160-200 lbs, *11.754(12.40; 130-160 lbs, SI 1.254( 12.40: packing sows. $9.85@ 10.85: pigs, medium to choice. 90-130 lbs, $10.75 4(12.25. Catle—Receipts. 19.000: calves. 3.000; general trade, steady to 25c lower; on most killing classes, strong on Stocker and feeder offerings; largely stock steer and yearling run; early top. .$16.50; slaughter classes, steers, good and choice, 1300-1500 lbs, *14.504; 16.50: 1100-1300 lbs, *14.254; 16.50: 950-1100 lbs, *13.504; 16.40; common and medium. 850 lbs. up, $9,504; 13.50: fed yearlings, good and choice. 750-950 lbs, $13.504;16: heifers, good and choice. 850 lbs. down. $134; 15.50; common and medium. SB4? 13.25; cows, good and choice. *8.754( 12: common and medium, *7.254(8.75: low cutter and cutter, $5.754; 7.25; bulls.egood. and choice, beef. *10.354; 12: cutter to medium. $34( 10.40: sealers, milk fed. good and choice. $14.2541 17; medium, '*l34; 14.25; cull and common. SB4; 14.25: Stocker and feeder steers, good and choice, all weights. *124; 13.25; common and medium. .*9.254; 12. Sheep—Receipts, 18,000: •slow: few opening sales. 25 to mostly 50c lower: rangers, *14.75; bulk native lambs. *144( 14.25: fat ewes. 25c lower. $64; 6.75: feeding lambs, quotable steady: lambs, good and choice. 92 lbs. down, *13.754; 15; medium. *12.254; 13.75; cull and common. *10.754( 12.25: ewes, medium to choice, 150 lbs. down, 55.504;6.75: cull and common, *2.5047 5.50; feeder lambs, good and choice, *12.504; 13.75. Bn United Press FT. WAYNE. Ind, July 22.—Cattle—Receipts. 75; calves. 75: hogs, 250: sheep. 50. Hog market, steady; 90-120 lbs, $11; 120-140 lbs. *11.50; 140-160 lbs, *11.85; 160-180 lbs, *12.10; 180-200 lbs, *12.25: 200-220 lbs, *12.10: 220-260 lbs, *11.90: 260-300 lbs, *11.60; 300-350 lbs. *11,40: roughs. *9.75: stags, *7.50. Calves, *16.50; lambs, *12.504( 13. Bn Times special LOUISVILLE. July 22.—Hogs—Receipts. 1,400; market, 10c higher, mediums and lights. 130-300 lbs, $11,354( 12.20; extreme heavies, 300 lbs. up. *11.70: pigs. 130 lbs, down. 58.1047 9.35: stags and throwouts, *9.254? 9.85. Cattle—Receipts, 1,300: market steady; prime heavy steers. *124? 13.50: heavy shipping steers. sll€T2; medium and plain steers. *9.504? 11 fat heifers, $8.3047 13; good to choice cows, $84(9.50; medium to good cows. $6.5047 8; cutters. 64; 6.50; canners. $54(5.50: bulls. $7,504(9.50; feeders. $9,504(11.50: Stockers. *84(11.25. Calf receipts. 1.300: market steady: fancy calves, *l4: good to choice. *12.504(13.50: medium to good. $11,504) 12.50; outs. $10.50 down. Sheep—Receiots. 3.500: market, too lambs. 50 cents lower: others steady: ewes and wethers. 13.50; seconds. $84(9: buck lambs. *12,50; sheep. $4,504(5.50. Saturday and Sunday's shipments: Cattle. 23; calves, 499;- hogs, 434: sheep. 862.

Local Wagon Wheat

Citv grain elevators are paying *1.19 f<sr old crop No. 2 red wheat and *1.14 for old crop No. 2 red wheat and $1.02 for old on high moisture. W, H. CHRISTIAN DIES Passes in Michigan. Funeral Wednesday. Funeral services for Wilmer Holmes Christian, 36. who died Sun. day morning in Benton Harbor Mich., of heart disease, will be held at 3 Wednesday afternoon at the home of his parents, Mr. and Mrs. Thomas J. Christian. 1512 North Meridian street. Burial will be in Crown Hill cemetery. Mr. Christian was a graduate of Indianapolis public schools, Emmerich manual training high school and Wabash college. He served overseas in the World war as first lieutenant. Following his discharge he became affiliated with O. F. Cranfill & Cos. at South Bend, and later became manager of their Michigan branch at Benton Harbor. Hs was a member of the American Legion and Phi Gamma Delta fraternity. Survivors are the parents, the widow. Mrs. Ruth Goldman Christian; two daughters Catherine Christian and Betty Christian; a son. Wilmer H. Christian Jr.; a grandfather, W. F. Christian of Indianapolis, and a sister. Mrs. Catherine C. Twitchcll of Los Angrlafc

ENGLISH 'FLIVVER' WILL INVADE U. S.

Austin Seven to Be Built in Pennsylvania to Sell Below SSOO. Bn United Press NEW YORK. July 22.—A 56.00 C- . corporation will build the Austin Seven, largest selling English motor car. in a $1,000,000 factory at Butler, Pa., it was announced here Sunday, coincident with formation of the American Austin Car Company, Organization of the company was announced in London by Sir Herbert Austin, chairman of the Austin Car Company. Ltd, of Birmingham. England. Financing of the American company is being arranged ov Bulkgey, Vallance & Cos. of 100 Broadway here. The company will make a car identical with the British product with the exception of the steering post, which will be moved from the right to the left and minor alterations to conform to American practice. It is a four-cylinder, sevenhorsepower machine. The cars will be sold for less than .SSOO and it is expected that production will be about 50.000 a year. A contract has been signed to purchase a plant of the Standard Steel Car Company, a Mellon enterprise, at Butler, Pa, it was announced. Samuel H. Vallance of Bulklcy, Vallance Sc Cos. said American management would be employed by the factory, but declined to state what group of individuals would be in charge. ''ln undertaking to build the Austin Seven here.” Vallance said, "we are not proceeding on the theory that there is anything faulty with American small cars, but in size and economy the Austin Seven is in a class by itself, and will fill a need met by no other car in America. "It is said that the Austin Seven will make forty-five miles to the gallon of gasoline and use a pint of oil for 1.500 miles.”

Indianapolis Stocks

- July 22 - Biff Aik. American Central L ins C0....80t? •• Belt R R & Yds Cos com 64 68.-2 Belt R n <fc Yds Cos pfd 57 M Belt R R Ac Yds Cos pfd 108% Central Ind Power Cos pfd... 93%' 98 Circle Theater 198%' ... Cities Serv Cos com 16", Cities Serv Cos pfd 96'. -s ... Citizens Gas Cos com 32 Citizens Gas Cos pfd 96 Commonwealth L Cos pfd lop ••• Equitable sec Cos com 4o Hook Drug Cos com 42", ... Horuff Shoe Corp con; 16% ... Ind Hotel Cos Clavpool com 12.-i Ind Hotel Cos pfd 100 Ind Serv Corp pfd 84 ... Indpls Gas Cos com 58% 61,2 Indpls Ac Nortliwtn Tr Cos pid. 5 Indpls P Sc L pfd 191 103’ : Indpls Pu Wei L Asm? com. . 51 Indpl.* St R R Cos pfd 21 ’8 Indpls Wa Cos pfd 99 Inter Pub Ser pr lipid 10! Inter Pub Ser pr li pfd 105 105 Merchants Pub Util Cos pfd..lol Metro Loan Cos ...100 Northern Ind Pub S G pfd 75.. 106 ... Northern Ind Pub S C pfd 6 .. 97 101 j Prog Laundry Cos com 48 51 E Rauh Ac Sons Fert Cos pfd... 50 Real Silk Hosiery Cos pfd 98 Standard Oil ol Ind 55 0" H Indpls & Tr Cos ofd 5 T H Trac Ac L Cos pfd 90 ... Union Trac Cos com % Union Trac Cc Ist pfff 1 Union Trac Cos 2nd pfd % Union Title Cos con? 50 V Camp Prod Cos Ist pfd 97 100 V Camp Prod Cos pfd 92 —Bonds— Bid. Ask, Belt R & S V Cos 4s . 85 Broad Ripple Trac Cos 55...... 65 Cent Ind Gas Cos 5s 98 Central Ind Power Cos 6s 98 Chi S B Ac N Ind Ry Ist 55... . . Citizens Gas Cos 5s 100 107 Citizens Street Railroad 55... 70 Gary St Ry Ist 5s 80 85 Home T Ac lof Ft. Wayne 6s. 101% ... Indiana Hotel Cos 5s .. 100 ... Ind Northern Trac Cos os 4 5,5 Ind Railway Sc Light Cos 53 95% ... Indiana Service Corp 5s Indpls Power and Light Cos. . 97 99 Indiana Union Trac Cos 5s ... 4 Indpls Col & Trac as 98 100 Indianapolis Gas Cos 6s 98 Indpls Ac Martinsville T Cos 5s 15 Indpls No Trac Cos 5s 9 ••• Indpls Sc N W Trac Cos ss. . 15 Indpls Street Ry 4s 2% •’•> Indpls Trac & Terminal Cos ss. 9.3% 95 Indpls U Ry 5s J 1965 A B ...101 Indpls Water Cos 5’ s 1953...100 Indpls Water Cos 5%s 1954.. 100 Indpls Water Cos lien & ref ss. 93%. ._. Indpls Water Cos I'is Indpls Water Works Sec Cos.. 85 Inudpls Water Cos 4 tbs ....... 93 95% Interstate Public Service 4%:- 88 Interstate Public Service Cos 5s 95 No Ind Pub Service Cos 5s 97 No Ind Telegh Cos 6s 1931 98 99% T H Sc E Trac Cos 5s 50 T H Trac and Light Cos 55.. 90 92 Union Trac of Ind Cos 6s 10 Government Bonds Liberty Loan Ist 3%>s 96.6? 96.82 Liberty Loan in 4% 98.96 99.16 Liberty Loan 4th 4%s 93.96 99.14 U S treasury 4%s 107.32 107.5? U S Treasury 4s 103.26 103.46 U S Treasury 3%s 100.40 100.60 U S Treasury 3%s 96.90 97.1 P

On Commission Row

FRUITS Apples—Barrel, choice. $24/2.2.?: Harvest. $2,504(3: new Transparent Icy. $3.50®4. Apricots—s2.7s4l3. Cherries—California. $3.25. Grapes—Argentina. $6. Lemons —California, a crate. $8.50310. ! Limes—Jamaica 100 by count. S3. Oranges—California Valencia. 52.75&7. Peaches—Hilev Belles, per bushel. s4® i.50. Strawberries—Home grown. 24-pint, crate. $44?4.50; Michigan 16 qt. crate. $1,754(3. Raspberries—lndiana. 24-pint crate. $3.50: red. $4: black, $3. Plums—s2.7s. 4'egetables Artichokes—sl.so a dozen Asparagus—Home grown. 65c1?5l a doz. Beans—Green, stringless. $3.50. Beets—Home grown, doz.. 40c. Carrots—Home grown, doz. 50c. Cabbage—s3.2s bushel. Cantaloupes—-Jumbo, crat*. 54414.50. Ponv, crate. $3.75: Fiats, $2. Cauliflower—Home grown, bu.. *2 Eggplant—sl.so®2 a dozen; 52®2.25 a hamper. Parsnips—Sl.2s a Bushel. Radishes—Button hothouse doz. bunches. 50c: southern long red, 15(q.25c doz. Spinach—Home grown, sl. Turnips—sl47l.2s a bushel. Tomatoes—Hothouse. 10 lb. basket. $1.50 ; a 1.75. Kale—Spring, a bushel. *l. Celery—California, per crate. sl2. Lettuce —California Iceberg. S5 crate, home-grown leaf, a bushel. 85c, Onions —Te:::s yellow crate. *2.25. Corn —Fancy Texas, per bushel. $2,75 4? 3. Cucumbers—Hothouse, per dozen. $1.25 a hamper. Mustard—Per bu.. sl. Rhubard—3o4? 35c a doz. Coconuts —$5.50 a bag of 100. Sweet Potatoes—Porto Ricans, per hamper. $2.50®2.65; new sweets. $3 hamper. Shallots—3s®4oc a Bunch. Potatoes—Michigan round whites. 150 tbs.. *1.754/2; Idaho. $2.50 a bag: Cobiers, barrel. $54? 5.25: Louisiana, new. $3,754/ 4. Parsley—Home erown. dozen bunches. 45c. Peas—Home grown. $3 bushel. Peppers—Florida, a crate. 5335; Louisiana. a hamper. $232.25. Watermelons—Florida. 75c each. Building Permits C T. Llcher, garage. 818 Watson road, *350. C. T. Smith, garage. 2709 North Gale, $265. W. Chambers, garage. 2714 Paris. *3ll. L. Waddy, garage. 2353 North Rural. *275. Bridge Ac Graves, dwelling and garage, £036 Haverford. $5,200. J. Bartha. addition. 3201 Roosevelt, SSOO. P. Sapirle. porch. 2247 North Pennsylvania. S(SO Prather Ac Bowen Company, oil burner. Twentv-fourth and Meridian. *SOO. H. H. Smith, addition. 1318 Xorhny *350. I. Yeagv. garage. 840 Lincoln *250. H. L. Simon, boiler. 5145 North Meridian. *2.220. H L. Simon, boiler. 5757 North Meridian. *1.(100. Klee Ac Schreioer. dwei~a< and garage,] m* Ccnuan, i iO

What’s What in Stocks

FISK RI'BBt'R COMPANY Todav's Quotation Open *%. The Fisk Rubber Company was incorporated m Massachusetts. 1912. succeeding a Delaware firm of the same name, rhis firm :s one of the five largest manutactureis of pneumatic and solid tires for passenger automobiles, busses and true#' in the United States. The capital stock of this company is 1.250.000 shares of no par. Common stock authorized 852.558 shares outstanding. First prefered 7 per cent cumulative par *IOO. *19.036.800 Authorized *15.091,800 outstanding. FARMERS GIVEN BETTER PROFIT Owners of Larger Tracts Show Gain in 1928. aII Sirin lIS-He,II- mil \ eirsptipi r 1 liimni. WASHINGTON. July 22.—Fanners who were lucky enough to own good-sized farms had the best year in 1928 since the big farm slump ol 1921, the department of agriculture reported today. They averaged $1,334 in cash returns. against $917 for the low year of 1922. In addition, food raised on the farm and consumed at home was estimated worth an average of $269. The department emphasized that the cash returns included the return on the labor of the farmer and his family, estimated at an average of $768 at ordinary farm wages. Rcrducing this item, the farmer got $560 in cash and $269 in food, besides his shelter and fuel, as a return on the average investment, of $15,000. Expenses were higher in 1928 than in 1927. averaging $1,518, the department found. Increases in income were greatest in the central states. Reports were received from 11,800 farms, averaging 284 acres and representing an average investment of $15,417. No tenant farms were included.

The City in Brief

TUESDAY’S EVENTS Rotary Club lutleheoo. Clavpool. Gvro Club luncheon. Spink - Arms. Mercator Club lunebeon, Columbia Club Indianapolis Architectural Club luncheon. 131 F.ast Market slrect. Purchasing Agents' Association, lunchcon. Scrcrin. American Chemical Society luncheon. Chamber of Commerce. Universal Club luncheon, Columbia Club. Exchange Chib n North Indianapolis luncheon. ilHin College. Alliance Erancaise luncheon. SpinkArms. Police today were looking for Marshall Warrcnt, Negro, oi 2338 Caroline street, accused by Mrs. Elizabeth Davis. Negro, 2664 North Arsenal avenue, of having struck her twice and then hurled a milk bottle filled with alcohol at her Saturday. The bottle missed Mrs. Davis and shattered the window of a Standard grocery, 1410 East Twenty-fifth street. Governor Harry G. Leslie will speak at the Service Club luncheon at the Lincoln next Monday, it was announced today. Pickpockets in downtoivn fndianapoils Saturday night took two purses containing $52 from Everett Harvey, 331 Douglas street, and Harry Mighficld. Rural Route 18. Box 515. they told police today. Appeal for clothing for Mrs. Laura Sutt, 1609 Lc Grande avenue, a widow, and her seven children was made today by Captain William Stiegclmcycr of Fire Station 29 and members of his company, who have contributed to the family’s support for several weeks. The father of the children died last winter. Members of the state prohibition executive committee will meet toniglit at 8 c clock at the home of Stafford E. Homan. 950 stilwell avenue. Homan is county chairman and the Rev. B. L. Allen, state chairman. Ihe First Ward Republican ( luh held its annual outing today at Dearborn park. A basket dinner was served followed by games and contests. Former residents of Salt Greek township and New Point. Decatur county, will hold their eighth annual reunion and basket dinner next Sunday at Garfield park. In case of rain the reunion will be held in the park shelter house. John D. Sncdakcr. 380 South Sherman drive, is secretary. ' . Police today sought to locate William Riley, formerly of Jersey City, N. J.. after receipt of a message from Jersey City authorities stating that his brother, James Riley, died in that city Sunday. TWO ARE KILLED WHEN STUNT PLANE CRASHES Ship fjoes Into Tail Spin While Looping the Loop. L NORTH GRAFTON. Miss.. July 22.—A biplane stunting went into a tailspin 2.000 feet above the airport here Sunday and crashed iO earth, instantly killing the two occupants. The dead were George Haven -30, pilot, and Charles Holmes. 40. commercial photographer, both of Win - chester. The plane had returned irem a picture-making flight and Haven was looping the loop prior to landing at the time of the accident. FORD MA Y H IKE ~W AGES Predicts Need for Increase Soon to S6 a Day Minimum. tin I nit'd Press DETROIT. July 22—Officials of the Ford Motor Company today were unable to Henry Ford's announced plans to Increase the wages of his 200.000 workers to a S6 minimum m Uifi not far dis-

JTLY 22. 192a

CENSUS TO BE TAKEN TO CUT RETAIL WASTE Billions' Saving Expected to Result From Survey by Government. BY RAY Tl ( HER Timrx staff Correspondent WASHINGTON. July 22.-Elimi-nation of an estimated anual waste of $8,000,000,000 in handling America’s $40,000,000,000 retail trade is the purpose behind the ccnsu of "distribution" to be undertaken ncxi. spring census officials explained today. Since this is ihe first detailed study of national merchandising planned anywhere, it will be of experimental nature and may require several years before statistics ancl benefits sought can be obtained. But it is expected that the idea, which originated with President I Hoover when he was secretary of S eventually may be shared with the i omies may be effected in selling and | distributing, {uid that the savings evcntally may be shared with ihe consuming public It is pointed out that great advances have been made in the field of manufacture and advertising m recent years. Now it is hoped that, the same strides may be taken in the equally important field of distribution. Distinct Front Population Count This census will be distinct from the counting of the population. Enumerators Mill visit t lie small corner stores, the large chain stores, wholesalers, other middlemen, manufacturing plants and sources of raw material. With questions still to be selected formally, they v. ill try to obtain data concerning gnus sales, existing inventories, average inventories, turnover ol many staple products, profits, the '.source of retail stocks, and. in the case of manufacturers, of their raM materials. It is expected that this information will show where ancl how the whole structure of bringing goods from the farms or factories to the consumer can be improved and the economic spread cut. down. A manufacturer, for instance, may discover that he is buying raw materials at a distant place, paying heavy charges for hauling, when he could obtain them nearer his plant. He may discover that Interest, insurance and overhead costs eat, up profits on certain bulky products that move slowly. He may find it profitable to concentrate on a few articles, and leave others to more fortunately placed competitors.

Waste Is Revealed His study of the statistics to be compiled may reveal that lie is wasting time and money in seeking to develop distant markets, and that there arc greater opportunities in adjacent territory. A wholesaler may discover that lie is dealing in certain lines or with certain customers at a loss. He may discover that the cost of sending out salesmen to distant and small retail units, with wrapping and shipping gharges, forms an unprofitable and useless activity. There may result, some system whereby eight wholesalers will split up territory instead of cutting one another's throats and pocket books by assigning a salesman eaeh io canvass a tiny grocery store in Hie suburbs. The groceryman may be educated to give his orders to a single firm instead of splitting them among eight wholesalers because each sake - man is a "good fellow’’ and he doesn’t like to hurt the feelings of any of them. Lesson Is Waiting Independent stores may learn what the chain organizations found out long ago. that they can make money by handling 700 article:, whereas they go into the red as a result of loading their helves with 1.700 articles, of which only half move briskly. They may discover that distant small-order customers arc unprofitable luxuries, and that, volume ol trade docs not necessarily mean financial success. A sample retail trade census conducted in eleven cities by the department of commerce disclosed some amazing facts. It was found that there were 30.000 independent retail stores in these cities, and that, 47 per cent of these distributing units did a gross business of less than sio.ooo a year. In 38.000 stores the average business done amounted to only SB3 a week, or less than the weekly salary of some of the eight salesmen n ho* •spent many hours seeking the orders of those stores. Births Girl?. sj’inu' - ! arc! Helen Via. 136 Soith Cell,". Harold and Ruth Pascal!. 733 Lue".. Frani- and Fiorenc l ' Winchel!. 334 Not'd Cluster. Elmer and Lucy Warren. 1647 South Meridmn. Cheater and Emma Lepprrt 2743 Manner. William and Julietta Ersntin?. 5236 ColIree CF de and Lola Curry, city hospital Pichard and Luc Stark, city hospital. Lisle and Leila Wishardt. city hospital, Clarence and Gertrude Con 1". 6120 Primrote. Bov. Geru and Orpha Sutton. 2941 Par' OH' and Lor? Nicholas. 3408 South N'T Jet ej John and Mary Gallasth'r, 862 Buchanan. William and Anna Cramptor. 1121 K< - tuckv. George and Su' Sutton. 84$ South * • di.on. Patrick and Mar Ha - ?. 4422 Baltimore. Robert and Allie Gallamore. 217 Minkner. Edward and Beatrice Grissom, city he - pital. . Thomas and Lillian Gibson, city hospi' Charier: ■ and Wanda Foster, citv he - pi'al. Lawrence and Marv Birsch. e.ity hosp. ’!. Fred and Rose Kantner, 607 Laclede Deaths Kenneth G Reid. 65. 2927 South Ea % angina pectoris. William Salsglven, 69. 607 North De ?- ware, angina pectoris. Carrie M. Wagner. 65 518 North Tacoma. hypostatic pneumonia Harry C Burris. 59, 2456 College, acute dilatation of heart Pay Leona Taylor. 35. 184! Or'.ean*, epilepsy. George ohnson. 79. 1157 Ewing, arteriosclerosis. , , John G Wurgler. *4. 3906 East Michigan. cere'oral hemorrhage. The only country in which regular slave markets still exist is Arabia. At Midi Berk and El Taif hundreds of slaves brought Irora Ainc* ms toAL JMMfe