Indianapolis Times, Volume 41, Number 107, Indianapolis, Marion County, 13 September 1929 — Page 31

SEPT. 13, 1929.

STOCK MARKET BREAKS AFTER OPENINCJAINS Support Develops for the Leaders on Decline; Steel Weak.

Average Stock Prices

Average of twenty industrials for Thursday was 366.35. oft 4.55. Average of twenty rails was 181.13, off 2. Average of forty bonds was 92 28. oft .03. Bu l nited Press NEW YORK, Sept. 13.—Stocks broke sharply in the late morning after a strong rally after the opening. Small traders were ready to buy, the professionals appeared more bearish than ever and their efforts broke the list after it had set out to rise. On the decline, support developed for the leaders and the other issues moved up somewhat in sympathy However, the majority of stocks in the early afternoon were down from 1 to more than 4 points. United States Steel was one of ♦he leaders in the early advance, but it also was the first to meet further liquidation. At one time the issue was down 4 points from the previous close. Sharp recessions occurred in Montgomery Ward. Union Carbide, Westinghouse Electric, International Telephone and Telegraph, Anaconda, American Smelting and Standard of New Jersey. Gains had run to 5 or 6 points when the selling developed. Westinghouse had the wddest swing, dropping from 260 to 250 1 2. Radio fell from 111 to 108. but from there it rallied in fair buying. United States Steel also crept upward in the afternoon. Call money renewed at 8 per cent and was lending at that rate through the morning. The failure of money to rise above this figure had a good effect on the market and the afternoon recovery took on wide j proportions once it got under way j Republic Iron and Steel made anew j high, as did Columbia Gas. Both these stocks remained strong. Pull- j man also was a strong spot, hold- i ing early gains and adding to them Vanadium and United Corporation were other issues to show substantial advances. Utilities, rails and foods were brought down and up In the series of fluctuations. Selling was mostly professional. But the general trading community became inoculated with the germ of fear over the list's future. The rise of $120,000,000 in brokerage loans announced after the close Thursday was not much of a factor due to the fact that the increase was not due to Increased market speculation, but was mostly for carrying financing for several new’ investment trusts. Brokers were still cautious and advised taking profits, basing their observe tions on the belief that the market’s technical position had not yet been righted sufficiently to permit the list to rise.

Banks and Exchange

INDIANAPOLIS STATEMENT Indianapolis bank <7learings Friday Sept. 13. £4.567.000. debits. $8,904,000. CHICAGO STATEMENT Bu United Press CHICAGO. Sept. 13 —Bank clearings, *121.800,000; balances. $9,500,000. NEW YORK STATEMENT *1 767 000.000: clearing bouse balance. $209,000,000: federal 'reserve bank credit balance. $195,000,000 TREASURY STATEMENT r ' WASHINGTON. Sept. 13 -Jreasvirv net bfilsincp on S*pt. 11. was $3.r92 1. *22.55. Customs receipts lor the month to the same date totalled $17.352.248 16.

In the Stock Market

• ißv Thomson <fc McKtnnon) NEW YORK, Sept. 13.— The unexpected increase in the loan report, following a week of declining prices, suggests two theories to explain the inconsistency. Advocates of the method of separating actual loans from funds employed to float new syndicates will prohably attribute the increase to lack of this apparently sound method. The old school, however, will lean to the theory that stocks have been coming out of strong boxes and going into margin accounts. The rapidity of the decline in some of the best sponsored stocks, particularly the drop in U. S. Steel, lends color in the New York bank rate contributeed largely to the unsettlement of the market Thursday, the fact remains that in spite of the absurdity of the rumor, support which might have been expected from influential sources was lacking. Undoubtedly the market's technical position has been improved and should afford a basis for anticipating a fairly good recovery but we do not believe we can have a resumption of the broad bull market which terminated a week or so ago until there is decided improvement in the entire credit structure. LINDBERGHS START FLIGHT ON SEPT. 20 Trip Over 16 Tropical Nations to Begin From Miami. K>/ Unif'd Pr< tt NEW YORK, Sept. 13—Colonel and Mrs. Charles A. Lindbergh will leave Miami Sept. 20 for a flight over cixteen tropical countries. The 7,000-mile good-will tour, which also will be an Inspection of the Pan-American airways lines, officially will open the air mail service between the United States and Dutch Guiana. The start will be made in a Fok-ker-10. The plane will accommodate twelve passengers and a crew of four on the 1,500-mile route Jhrough Haiti, the Dominican repub he and Porto Rico. At San Juan. Lindbergh and ms party will change to a Sikorsky mphibian and will fly to Port of Spain, Trinidad, going from there to Paramaribo, Dutch Guiana, to complete the air mail circuit.

New York Stocks — (By Thomson <z McKinnon I "

—Sfpt. 13— Prc. Railroads— High Low. 12:90. close. Atzhwon 278% 275’, 275', 276', Atl Coast Line. .193% 193 193 Balt k 0hi0.... 140*a 138*4 139% 139% Canadian Pac . .228> 2 226% 228', 228', Chesa k 0hi0..268 268 266 263 Chesa Corp .... 85% 85 85 85% Chi N West..lol 9999% 103** Chi Grt West.. 16'8 • 16* 16', 16 C R I k P.... 137*. '37', 13"*, 137', Del k Hudson ..219 219 219 216% Del k Laeka ..160% 158', 158', 160', Erie 89 87% 87', 89% Erie Ist pfd 61% 61% 61', 81', Great Nor 122% 120 120 12i% : Gulf Mob k Oil.. 45 45 45 45% 111 Central 143*, Lehigh Valiev 92', Kan City South 101% 101 101 101 % M K k T 53% 53% 52% 53 Mo Pac pfd 139*, N Y Central ...239 235% 236 239', N Y C k St L 176 175 175 176 NY NH k H 120 119% 119% 120% Nor Pacific 109', 107% 107% 109 Norfolk k West 268 288 268 270 O & W 24 Pennsylvania ...103% 101 101 102% P k W Va 137 Reading 137 135% 135% 137% Seab'd Air L.... 27% 27% 27% 27% Southern Rv ....158 156% 156% 158 Southern Pac ..147% 146 146 147% St Paul 39% 39 39 39% St Paul pfd 63 St L k S W 97% St L k 8 P.... 127% 127% 127% 127 Union Pacific .280', 278% 278% 280% West Maryland 42'a 41% 41% 42% Wabash 69 68 % 68% 69 West Pac 36 36 36 37 Robbers— Ajax 4% 4 4% 4 Fisk 7% 7% 7% 7*, Goodrich 71*4 70% 70% 711, Goodyear Ill*, 107% 107*, 110% Kelly-Spgfld 10 10 10 9% Lee 12 11% 11% 12V, United States 52 50% 51 49% Equipments— Am Car k Pdv..101% 98 98 98 Am Locomotive 122’, 120 120 121% Am Steel Fd 62 60% 60% 61 Am Airbrake Sh 58 57*, 58% 58 Man Elec Sup.. 28 , * 28 7 28*, 28% General Elec ..373% 365% 365% 370% Gen Ry Signal. 120 118 118 118% Gen Am Tank ..110% 110 110 111% NY Air Brake.. 44% 44 44 44Vb Pressed Stl Car 16% 16% 16% 18 Pullman 89 87% 88*4 86 Westing i Air B 60 59% 59% 60 Westingn Elec ..260 250% 252 257 Steels— Bethlehem 128'/, 125% 127 128% Colorado Fuel .. 61 60% 60% 60% Crucible 112% 109 109 114 Gulf Stales Stl.. 66% 66% 66% 66% Inland Steel 102 101 101 101% Otis 49% 48 48% 48% Rep Iron & Stl. .139% 136 138', 135% Ludlum 92% 91% 92% 94% U S Steel 236'/, 230%. 232% 235 Alloy 57% 56% 56% 56% Warren Fdy 17% 17% 17'% 17*% Youngstwn Stl. ... ... 140 Vanadium Corp 100 95*. * 98 94% Motors— Am Bosch Mag 70*2 67% 67 69% Briggs 33% 32% 32% 33% Brockway Mot.. 39 38% 38% 39% Chrysler Corp.. 70% 69% 69% 70% Eaton Axle 59 Graham Paige .. 22% 22% 22% 22% Borg Warner ... 78% 78% 78% 78% Gabriel Snubbrs. 16 16 16 17 General Motors.. 23% 72 73% 74 Elec Stor Bat... 83% 83 83 84 Hudson 82 81% 81% 82 Haves Body Cor .. ... ... 28% Hupp 40 39% 39% 40 Auburn 480 475 475 475 Mack Trucks ..100 98% 100 100% Marmon 75% 71 71 70% Reo 21% 20% 20% 21 Gardner 10% -10% 10% 10% Motor Wheel ... 40% 40% 40% 40% Nash 83% 83% 83% 83% Packard 30% 30% 30% 30% Peerless 10 Pierce Arrow .. 32% 32% 32% 32% Studebaker Cor.. 73% 72% 72% 73 Stew Warner .. 67 65% 65% 66% Timken Bear ..109’, 106% 1069* 109 Willys-Overland. 20% 20'4 20% 21 Yellow Coach.. 34% 34% 34% 34% Whit Motor 44% 44 44 44% Mining— Am Smlt k Rfg 121% 119*4 120 121% Am Metals ... 76% 74% 74% 76 Am Zinc 23% 23% 23% 23*, Anaconda Cop .125% 122 123% 126% Calumet k Ariz 126 126 126 127 Calumet & Hecla 44% 43 % 43% 44% Cerro de Pasco 98% 96% 96% 99*4 Domes Mines 9% Granby Corp .. 82% 81% 81% 82 Greene Can C0p.189 188% 188% 193% Gt Nor Ore 30*4 30% 30% 30% Inspiration Cop 46% 44% 44% 46% Howe Sound .. 66 64 64 67*4 Int Nickel 54 52% 52 * 2 53% Kennecott Cop. 88% 87% 88 89% Magma Cop 72 70% 71 72 Miami Copper 45% Nev Cons 49% 48% 48% 49% Texas Gul Sul 70 69% 69% 69% St Joe 68*4 68 68 69 U 8 Smelt 52 51% 51% 52'% Oils— Atlantic Rfg 64% 63% 64 64% Barnsdall (A* .. 37 36 36 36% Freeport-Texas.. 47% 46% 46*4 47% Houston Oil .. 791, 79% 79% 78% Indp Oil k Gas 31% Conti Oil 33% 32*8 33 33 Mid-Conti Petrol 34% 33% 33% 34 Lago Oil k Tr.. 31 31 31 Pan-Am Pet B. 65*4 65 65 65% Phillips Petrol.. 37% 37% 37% 37 Prairie Oil 56% 56% 56*4 57 Union of Ca 1.... 51% 51% 51% 51% Prairie Pipe 60% Pure Oil 26% 26*4 26*4 26% Royal Dutch... 59*8 58% 58% 59*4 Richfield 41*4 4! 41 41% Shell 28% 27% 27*4 27% Simms Petrol ... 35 35 35 35*1 Sinclair Oil .... 37 3614 36% 37% Skclly Oil 42% 41% 41% 42% Std Oil Ca 1.... 77% 76 76 76% Std Oil N J..., 78*a 76% 76% 78% Std Oil N Y.... 46% 45*, 45% 46 Tidewater 19% 19% 19% 191^ Texas Cor p 69' 2 68% 69 69% Texas C k 0... 16% 16% 16% 17 Transcontl 13% 12% 12% 13 White Eagle 33% 33 33% 34% Industrials— Adv Rumely .... 4040 40 41 Allis Chalmers 300 Allied Chemical 327 325 225% 331% A M Byers 137*4 133% 133% 135 Armour A 12% 11% 12 12 Amer Can 167% 164% 164% 166*4 Alleghaney Corp 51% 49% 49*8 51% Amer Ice ... 49% 49 49 49% Amer Woolen... 16 16 16 16% Assd Dry Goods 48% 48% 48*4 40% Bon Alum 120 119 119 120% Coca Cola ... 149% Conti Can 83% 82% 62% 83 Certainteed .... 28 27', 27’2 28 Croslev 98% 95% 95% 96% Congoleum 26% 25% 25% 24% Curtiss W 24% 24% 24*4 24% Davidson Chem.. 54% 53 53' 52 Dupont 217 206 206 212% Famous Players.. 70% 69 69 70 Gen Asphalt 87*2 R p ?X <A> 93% 92*4 '92*4 94 Gold Dust .... 63% 63 63 63% G“dden 60* 8 58% 58% 60 Int Harvester ..130’, 128% 128% 131 Kelvinator 15 14*, 14% 15 Lambert 136% 136 136 137 J** ews 59‘e 59% 59% 59 Mav Stores .... 80' 8 78 80 is 80% Kolster 28** 27*, 27% 27*. Montgom Ward 127 121% 121% 126 Natl C R 135 7 8 131 1 * 131 7 r 134 7 0 n a <j!° Keith .... 36 35*, 35% 36% Real°SUk rP ‘ 107 109 * 1 2 8 ’’ Rem Rand ".7.7. 48 - 47% - 47% 47% Sears Roebuck . .162% 159% 159% 162% Union Carbide .133% 129*. 129% 133 Un Air craft ...123 120% 120% 122 Umv Pipe 8% B*B 8*; i' £BCs jr Pipe.. 31% 30% 31% 30% Hr S .J, nd f s A1 e0.205 199% 200 203 Worthington Pu. 120% 116 118 Woolworth Cos .. 96% 95% 95% 95% Utilities— Am Tel & Tel ..288% 281*4 283 288 Am Pr &Lt 163*, 160 161 162% Am For P0wer..171% 168% 170% 165% Am Wat Wks ...181 175 175 178 Brklyn Manh T. 66 64 64 64% Col G & E 106% 103% 104*4 103 Consol Gas ...165*, 180% 161 172 Elec Pow Sr Lt.. 78% 75% 75% 78% Int T Sr T 137% 133% 134 137% Nor Am Cos 167% 163% 164 167% Pac Light 122 120 121*4 122 Pub Serv N J... 122 119% 120% S Ca! Edison ... 82% 79% 79% 81% Std Gas k E 1... 196*, 193*, 195 195% United Corp .... 68% 67% 67% ... Utilities Power.. 57% 56 56 57 West Union Tel. . 220 Shipping— Am Inti Corp .. 81% 79% 79% ... Atl Gulf A: VV I 68 36*, 66% ... Int! Mer M pfd. 32 31% 31% ... United Fruit ...117 116 116 Foods—iAm Sug Rfg .. .82 81% 81% 81% Beechnut Pkg .. 90*, 89 89 88% California Pkg . 81% 80% 80% 81% Canada Dry 87*, 87% 87% 87*, Corn Products .117% 114 115*, 116 Cont Bak A ... 80 80 80 81*4 Cuba Am Sug 5 Cuban Am Sug *. 12 12 12 12 Fleischmanu C 0.105 105 105 108% Grand Unioft ... ... 25*4 Kraft Cheese ... 68% 68% 67 67 Kroger .. 89’, 87% 87% 89’, Loose Wiles .... 81’, "9 79 83 Natl Biscuit 200*4 199% 199% 200 Nat! Dairy 76 75% 75% 78 Puritv Bak 188% Postum Cos 69% 68% 68% 69% Ward Baking B. 10*, 10% 10% 10*, Tobaccos— Am Sumatra 38% Am Tob B 192*4 190 190 193% Con Cigars 66 Genera! Cigar .. 70% 68% 69*4 68 Lig k Mevers .. 93 92% 92% 93% Lorillard 21% 21% 21% 21% R J Reynolds . . 55% 55% 55 s # 56 Tob Products B. 13*4 13% 13% 13*, Uri’ed Clear St 14*4 Schulte Ret Str* 19* • 19 19 NEW YORK COFFEE RANGE —Sept. 12— High. L-ow. Close. January 13 40 13.40 13.40 March 13.09 13.02 13.02 May 12.17 1217 12.17 July 12.53 1253 .# September 18.75 18.75 18.75 December •••••••••• 13.61 13.60 13.61

PORKER PRICES RISE 35 CENTS AT CITY TAROS — Cattle Market Unchanged; Sheep Show Strength on Upturn. Sept. Bulk. Top. Receipts. 5. 510.15011.15 $11.25 8.000 6. 10.80011.00 11.15 7.000 7. 10.00010.90 11.00 3.000 9. 9.90010 80 10.80 7,500 10. 9 00® 10-50 10.50 9.500 11. 9.65® 10.15 10.15 8 560 12 9.75® 10.30 10.30 5.500 13. 10.00'S 10.65 10.65 . 5.000 Hog prices took a jump today at the local stock yards, the market being largely 35 cents highef* than Thursday. The buik, 150 to 300 pounds, sold for $lO to $10.65. top $10.65. Receipts were estimated at 5,000, noldovers were 412. Cattle were steady with the usual Friday cleanup trade in progress. Vealers were unchanged, Selling at sl7 down Lambs gained strength with an increase of 25 cents or more. Better grades sold at sl3 to sl4. Fat ewes were S4 to $6.50. Chicago hog receipts today were 15,003, including 4.000 direct. Holdovers were 5,003. Market asking 15 to 25 cents higher. Practically nothing was done on light hogs. Early bids and a few sales were 10 to 20 cents up on butchers and packnig sows. $10.40 paid for choice 220 to 230 pound weights. Packing sows brought $8.50 to $9. Cattle receipts were 2.000; sheep, 15,000. Indianapolis livestock prices: Hogs, 250 to 350 pounds, $9.50 to $10.40; 200 to 250 pounds, $10.40 to $10.65; 160 to 200 pounds, $10.50 to $10.60; 130 to 150 pounds, $9.50 to $10; 90 to 130 pounds, $8.25 to $9.25; packing sows. $8 to $9. Cattle receipts 400; calves receipts 500; market steady; steers. $11.60 to sl6; beef cows, $7 to $9.50; low cutter and cutter cows, $5 to $6.50; vealers, sl6 to sl7; heavy calves, $7 to $12.50; bulk stock and fedeer steers. $8 to $11.50. Sheep receipts 1.000; market up 50 cents or more; lambs. sl4; bulk fat lambs. $12.50 to sl4; bulk cull lambs, $8 to $10; bulk fat ewes, $4 to $6. Receipts. 5,000: market, higher. 250-350 lbs $ 9.50010.40 700-250 lbs 10.400 10.65 .60-200 lbs 10.50010.60 130-160 lbs 9.50010.00 90-130 lbs 8.25® 9.25 Packing sows 8.00® 1 9.00 —Cattle— Receipts. 400: market, steady. Beef steers 16.00 Beef cows 7.00® 9.50 Low cutter aand cutter cows.. 5.00® 6.50 Bulk stock and feeder steers.. 8.00©71.50 —Calves — Receipts. 500: market, steady. Best, veals , $16,00 0,17.00 Heavy calves 7.00® 12.50 —Sheep— Receipts 1.000: -market, higher. Top fat lambs $14.00 Bulk fat lambs 12.50014.00 Bulk cull lambs 8.00 0 7 0.00 Bulk fat ewes 4.00 0 6.00

Produce Markets

Butter fwholeaale) —No. 1. 460,47 c; No. 2, 450 46c. Butterfat—44o,4sc. Cheese (wholesale selling price per pound)—American loaf, 25c; pimento loaf. 40c; Wisconsin firsts, 25c; Longhorn. 26c; New York limberger, 30c. Eggs (buving prices)—No. 1. 33c: Ho. 2, 24c. Poultry (buying prices)—Hens, 5 lbs. and over, 23Vi24c: Leghorn hens. 19c; springers. 24c: Leghorn springers. 20c: cocks. 14c. Poultry (buying prices)—Hens, 25c; springers. 24c; Leghors springers. 20c; Leghorn hens, 20c; 1929 Leghorn broilers, 1% to 2 lbs.. 24c: old roosters, large, 12VJ 15c; small. 10® 13; ducks. 12c: small. 10® 12c; spring guineas, 30c; turkeys. No. 1 young toms. 35c; No. 1 old toms, 22®23c; No. hens, 25@30c. By United Press CHICAGO. Sept. 13.—Eggs—Receipts, 7,557 cases; steady; extra firsts. 360 37c; firsts, 34®35c; ordinaries. 30® 32c; seconds, 24® 27c. Butter—Market, firm; receipts, 8.345 tubs; extras. 44 %c; extra firsts, 42%®43%c: firsts, 39041 c! seconds, 37®38%c: standards. 43%c. PoultryMarket, easy; receipts. 4 cars; fowls, 27%c: springers. 25® 26c; Leghorns. 22c; ducks. 21c; geese, spring. 15c; turkeys, 28® 30c; roosters. 21c; broilers. 26c. Cheese — Twins, 226 c; voung Americas. 23%©.24c. Potatoes—On track. 162; arrivals, 81; in transit, 1,031: Wisconsin sacked Round Whites, northern section' $2.80©2.90; Wisconsin sacked Round Whites, central section, $2.55® 2.70; Minnesota sacked Round Whites, $2.600 2.75; Minnesota sacked Early Ohios. $2.70; Idaho sacked Russets, $3.76. Bu United Press CLEVELAND. Sept. 13.—Butter—Extras. 48c; extra firsts. 44c; seconds, 43c. Eggs —Firsts, 35%c; ordinar.es. 29c. PoultryFowls. 28®29c; broilers. 28®30c: Leghorn. 22®24c; Leghorn broilers, 25®26c; spring ducks. 22© 24c; old cocks, 18020 c. Potatoes—Ohio and Maine, $4.75 per 150-lb. sack; Idaho Russett, s4© 4.5 per 100-lb. sack; home grown, $1.75 per bu. sack. Bu United Press NEW YORK. Sept. 13.—Flour—Dull, but steadv; spring patents, $6.8507.35. Pork— Steady; mess. *30.50 bbl. Lard—Firm; middle west spot, $12.20® 12.30. Tallow —Steady; special to extra. 7*4© 8c lb. Potatoes—Firmer; Long Island, $1.25©6 per bbl.: Jersey. $1.75© 4.75 basflet; Maine, $4.250 5.25 "per bbl. Sweet potatoes— Firmer; Southern, $1.50 per basket; Southern. bbl.. $1.50© 3; Jersey, $1.75© 2.50 basket. Dressed poultry—Steady to firm; turkevs, 350 45c; chickens, 25® 45c: fowls, 204/3sc; ducks, 18© 23c; ducks. Long Island. 22©25c. Live poultry—Steady to firm; geese, 13020 c: ducks, 16# 23c; fowls. 20® 33c: turkeys, 35® 45c; roosters. 214/ 23c; chickens, 26@33c. Cheese—Firm; state whole milk, fancy to special. 29* jc; young Americas, 24%®28%c. ATTENDANCE SOARS AT INDIANA PARKS 53,540 Persons Paid Admission Labor Day Week, Report Shows. Indiana state park attendance soared to anew high record for the week ending Sept. 1, and including Labor day, according to Director Richard Lieber of the state conservation department. A total of 53,540 persons paid admissions to five of the major parks and one state memorial during the, period, as compared to a similar period last year, he said. Various parks reported the following attendancei.Turkey Run. 15,754; Clifty Falls. 10.535; McCormicks Creek. 11.360: Pokagon. 2.552: Dunes 11,938. and Lanier Memorial. 1,401 STATE MAY USE RADIO Highway Police Equipment Proposed in Drive# Plans to extend city police radio commission activities to include the state police fore: will be submitted to Governor Leslie's crime commission where it meets Oct. 11 and 12. The commission will ask Leslie to pay for equipping state police cars and sheriff's machines his contingency fund. Contributions today totaled $3,500.

THE INDIANAPOLIS TIMES

The City in Brief

SATURDAY EVENTS Beta Theta Pi, luncheon, Board of Trade. Sigma Alpha Epsilon, luncheon. Chamber of Commerce. A Civic theater smoker will be held at the Columbia Club at 7:30 tonight. Reginald W. Garstang will preside. Men of Second Reformed church will be hosts to their wives at a dinner tonight in the new church building. Pleasant and Shelby streets The new building recently was purchased. Two Negroes robbed Wilbur Abel 22, Model Laundry Company driver, of S3O as he entered an apartment building at 548 North Senate avenue Thursday to make a delivery, he told police. Plans for an addition to the Sheffield Inn, 958 North Pennsylvania street, were announced today by Harry R. Fitton. president of the Sheffield Inn Company. Paul E. Stark, Madison. Wis., realtor. Thursday told Indianapolis Real Estate Board members at the Chamber of Commerce that modern houses should be marked similar to automobiles. Names of the designer and the builder should be placed on each house, he said. Several new huts and cabins will be erected on the Boy Scout reservation this fall. C. E. Utley will erect three huts at the reservation at a cost of SI,OOO. A hike cabin wih be dedicated Sunday in memory of Edward A. Wiley, former scoutmaster of Troop 2. C. V. Sorenson, sales manager of Utility Service, Inc., spoke at the meeting of the Electric League of Indianapolis at the Chamber of Commerce Thursday on • “Public Utility Merchandising.” First meeting of the Foremen’s Club of the Marmon Motor Car Company was held in the company's club rooms, 1118 West Morris street. Thursday night. C. J. Miller, president, presided. Voluntary bankruptcy petition of Leonidas C. Hinchman, druggist, 437 West Twenty-sixth street, listing $5,600 liabilities and $3,908 assets, was on file in federal court today. Flag-raising ceremonies will be held at the Elks Club at 5:25 Saturday morning and noon exercises will be held at the Soldiers’ and Sailors’ monument, commemorating the 115th anniversary of the writing of the “Star-Spangled Banner.” SCORES DRY TACTICS U. S. Judge Calls Hiring of Young Spy Disgrace. By Vnited Press MEMPHIS, Tenn., Sept. 13.—Emple: —'nt of an 18-year-old schoolboy by federal prohibition agents as a dry informer brought the caustic comment from Federal Judge Harry B. Anderson Thursday that “It is a disgrace, a crime and ought to be stopped.” Hadley Strange, the youth, testified at tr:"! of two alleged liquor law violators that all summer long he has bought whisky on “assignment.” Judge Anderson halted questioning of Strange to say: “I am going to' make an observation at this time. I think the government of the United States, when it sends out an 18-year-old boy to buy and drink whisky is in a very bad business. I think it is a crime. Here is a nice boy sent out to buy whisky and drink in a back alley with ‘bums.’ This court does not intend to countenance any such procedure.”

TREASON IS ALLEGED Soviet Shipbuilding Heads Are Arrested. By United Press LENINGRAD, Sept. 13.—Nine leading engineers and directors of the Soviet shipbuilding trust were arrested today on charges of systematic sabotage aiming at the eventual overthrow of the Soviet government It was announced that the high officials had conspired to disrupt the shipbuilding organization by deliberate mismanagement which cost the government $9,000,000 over a period of several years. A number of minor officials also were arrested in connection with the alleged plot. The alleged conspirators were charged among other things with launching unseaworthy vessels and with making far-reaching plans to “overthrow the Soviet regime.” DELEGATES WILL DINE Medical Fraternity Holds Convention Banquet To/iight. Annual dinner of Phi Rho Sigma medical fraternity will be held tonight at the Severin, where the biennial national convention is in session. Dr Irving Cuttler, Northwestern university school of medicine dean, and Dr. '"’harles P. Emerson, dean ot Indiana university school of medicine, addressed the convention today. COMMITTEE ORGANIZES Church Removal Board to Meet Within Two Weeks. A second meeting of the citizens committee to study means of facilitating removal of two churches from the World War Memorial plaza will be held within two weeks, it was announced following an organization meeting Thursday at the Chamber of Commerce, Paul Q. Richey, chamber president. said no definite action was taken. /

WEAK ;E!GN MARKETS SEND FUTURES DOWN Corn Off on Rain Report; Oats Lower With Other Grains. B’l T'fitted Press CHICAGO. Sept. 13.—The lower market abroad weakened wheat on the Chicago Board of Trade here today. Drought in the Argentine continues. Corn was fractionally lower owing to rains over the belt last night. Oats were off with the other grains. Cash wheat was H cent up to 14 cent off, corn was s i cent up to % cent off, and oats were unchanged to % cent lower. Outside buying failed to follow the bullish government report and the lateness of the crop and profittaking with a lowering of prices has been the feature of the trade. Rains were received over the belt Thursday night, but it is believed by operatives that not having been very general, the market today will be little affected by the news. Oats in Canada, the United States and Argentina are short and the market is holding strong except for an occasional run of profit-taking. Chicago Grain Table —Sept. 13 — WHEAT— Prey. High. Low. 12:00 close. December ... 1.44 1.43% 1.43% 1.43% March ..... 1.49% 1.48% 1.48% 1.4914 Mav 1.53% 1.52% 1.52% 1.53*4 CORN— December .. 1.01% 1.00% 1.00% 1.01 *4 March 1.05% 1.04% 1.05 1.05>/a Mav 1.08% 1.07% 1.07% 1.08 OATS— December .. .55% .55% .55% .55% March 58% .58% 58% .58% May .60% .59% 59% .60 RYE— October 1.11% 1.11% 1.11% 1.12 December ... 1.17% 1.17% i.17% 1.18% LARD— October 11.72 11.70 11.70 11.75 December .. 11.92 11.90 11.90 11.92 January 12.22 12.22 12.22 12.22 RIBS— October 12.60 Bn Times Sneeint CHICAGO. Sept. 13.—Carlots: Wheat, 37: corn. 148: oats, 114; rye. 7, and barley. 18.

Local Wagon Wheat

City grain elevators are paying $1.26 for No. 2 red wheat and $1.19 for No. 2 hard wheat.

Indianapolis Stocks

—Sept. 13— Bid Ask American Central L Ins C 0... 800 Belt R R <fc Yds Cos com 62% 66 Belt R R & Yds Cos pfd 57% 61 Belt R R & Yds Cos pfd 108% Bobb’s Merrill 34% 36% Central Ind Power Cos pfd... 92% 96% Circle Theater 109 Cities Serv Cos com 53% Cities Serv Cos pfd 94 Citizens Gas Cos com 33 Citizens Gas Jo pfd 97% 101 Commonwealth L Cos ofd 100 Equitable Sec Cos com Hook Drug Cos com 44% Horuff Shoe Corp com 15 Ind Hotel Cos Claypool com... 125 ind Hotel Cos pfd 100 Ind Serv Corp pfd 80 Indpls Gas Cos com 59 62 ’/a Indpls & Norwtn.Tr Cos pfd. 7 Indpls P and L pfd 101 104 Indpls Pu Wei L As..n com. 51 Indpls St R R Cos pfd 27 30 Indpls Wa Cos pfd. 99 103 Inter Pub Ser pr li pfd ....101 104 Inter Pub Serv 6s 88 93 Merchants Pub Util Cos pfd... 100 "Metro Loan Cos 97 101 Northern Ind Pub S G pfd 75.104 Northern Ind Pub S C pfd.... 94 101 Prog Laundry Cos com 50 52% E Ranh k Sons Fert Cos pfd. 50 Real Silk Hosiery Cos pfd ... 98 Standard Oil of Tnd 56% ... T H Indpls k Tr Cos pfd 7 T H Trac & L Cos Pfd 86 Union Title Cos com 51 V Camp Prod Cos Ist pfd 96 100 V Camp Rrod Cos ofo 99 Shareholders Invest Cos 26% 28 —Bonfls— Bid. Ask Belt R & S Y Cos 4s 85 Broad Ripple Trac Cos 5s 60 Cent Ind Gas Cos as 97 Centrartlnd Power Cos 6s 98 Chi S B As N Ind Ry Ist 5s Citizens Gas Cos 5s 99 Citizens Street Railroad 5s 69 Gary St Rv Ist 5s 79 85 Home T k I of Ft Wayne 65...101 rndiana Hotel Cos 5s 100 Ind Northern Trac Cos 5s 4 5% Ind Railway and Light Cos 5s 96 Indiana Service Corp 5s ... Indpls Power and Light Cos ... 95 97 Indiana Union Trac Cos 5s .. 4 Indpls Col k Trac 5s 98 ... Indianapolis Gas Cos 5s 97 98*2 Indpls & Martinsville T Cos ss. 15 Indpls No Trac Cos 5s 10 14 Indpls k W Trac Cos 5s 15 ... Indpls Street Rv 4s 53 54% Indpls URyss J 1965 A B 98*% ... Indpls Trac & Terminal Cos 5s 93 95 Indpls Water Cos 5%s 1953. .100 Indpls Water Cos 5%s 1954 100 Indpls Water Cos lien & ref 5s 92 Indpls Water Cos 4%s 91 95% Indpls Water Works Sec Cos.. 82 Indpls Water Cos 4%s 91 Interstate Public Service 4%5.. 84 ... Interstate PubMc service Cos 5s 91 No Ind Pub Service Cos 5s 97 No Ind Telegh Cos 6s 1931 98 99% T H k E Trac Cos 5s 55 T H Trac and Light Cos 55.. 89 91% Union Trac of Ind Cos 6s .... 14 —Sales— Indpls Trac k Term Cos ss. one bond.. 93 LONG TRIP TESTS OIL FILTER ON AUTOMOBILE Frequent Changes of Lubricant Are Proved Unnecessary. By Science Service DAVIS. Cal.. Sept. 13.—1f automobiles are equipped with oil filters, frequent changes of oil in crankcases are unnecessary, a test trip across the continent by A. 11. Hoffman, associate agricultural engineer at the University of California agricultural experiment station, tends to show. On the trip, during which the speedometer showed 10,025 miles of travel, Mr. Hoffman found that, after a change of oil. the viscosity dropped rapidly for about 200 miles, and thfcii changed little for 5,000 miles. Tests on acidity were much the same, the acidity rapidly rising for about 200 or 300 miles, then showing small variation. Only one machine was used in the experiment. In addition to the oil filter it had a crankcase ventilator, and both carburetor and breather were protected against dust. The test was made in warm weather. SHIPSTEAD RECOVERS Bu United Press MINNEAPOLIS, Minn., Sept. 13. Tanned and apparently cured of the illness which forced him out of public life six months ago. Senator Henrik Shipstead, Farmer-Laborite of Minnesotr., said today he would take up his duties at Washington in December. Shipstead, toy the death of Representative O. K. Kvaie, Benson, Minn., becaire the only FermerLaboiite in congress.

Business and Finance

Bi/ United Press WASHINGTON. Sept. 13.—The commerce department today announced a favorable balance of trade of $5,000,000 for August and a favorable balance of $390,933,000 for the first eight months of 1929. Exports for August were valued at $382,000,000 and imports at $377,000,000. compared with $379.006.000 for exports and $346,715,000 for imports in August, 1928. Exports for the first eight months ending with August, 1929, were worth $3,407,875,000, and imports $3,016,942,000 compared with $3,135979,000 and imports of $2,750,495,000 for the corresponding period last year. By United Press NEW YORK. Sept. 13.—New financing to the extent of $50,000,000 is expected shortly for the Shell Union Oil Corporation, the financing to take the form of debentures accompanied by warrants for the purchase of common stock. Funds derived from the sale of these securities will be used for development of properties, particularly marketing facilities. Lee Higginson & Cos., are expected to offer the debentures. Dr. James H. Greene, director of the research bureau for retail training, University of Pittsburgh, has been appointed manager of the cooperative department of Studebaker Corporation at South Bend, Ind., to succeed Dr. C. A. Lippincott, deceased. The bureau which Dr. Greene headed for several years has acted in an advisory and research capacity for a large group of retail stores, public utilities and manufacturers. among them the Studebaker Corporation. Goldman, Sachs k Cos., and Lane. Piper k Jaffray. Inc., are offering at $42.50 a share voting trust certificates for 138,000 shares of no par value capital stock of The Cream of Wheat Corporation, makers of an internationally known breakfast cereal. The offering marks the first time stock of this company has been made available to the public. A yearly dividend disbursement of $21,000,000 by the Chase bank organization is railed for by the new rale on stock of the Chase National bank and

On Commission Row

FRUITS Apples—Choice, s2® 2.25; Wealthy, *2.50; Maiden Blush. $2.75® : 3; Jonathan's, $2.75; Grimes Golden. $2.75: New York Duchess. $2.25® 2.50; Gravestein, $3; Wolf River, $3.50. Apricots—s2.7so3. Grapes—California, seedless. $1.50 a crate; Malagas, $2 a crate; Tokays. $2.75. Lemons —California, a crate. $l3O 13.50. Peaches—Michigan Elbertas, *2.75 0 3. Limes—Jamacia. 2.25©3. Oranges—California Valencia, $3.16^8 Peaches—Elberta $303.25: Indiana. s2® 2.50: Hales. $3.50 a bushel. Plums—s2.7s; Idaho, 16-lb. case. sl. VEGETABLES Beans—Green, stringless. [email protected]. Beets—Home-grown, doz.. 40c. Carrots—Home-grown, doz.. 50c. Cabbage—s3.so a barrel. Cantaolupes—Flats, $1.250.7.05; Colorado, $2.25; Tiptops, barrels, $4-50; Jumbo, $1.50* Cauliflower—Washington, crate, $3.75. Corn—Home-groY/n, 25030 c a dozen. Cucumbers—Hothouse, a dozen. $1.25. Eggplant—sl.so<®2 a dozen; $2@>2.25 a hamper Kale—Spring, a bushel. sl. Lettuce—California Iceberg. $4.5005 a crate; home-grov.n leaf, a bushel. sl. Mustard—A bushel. sl. Onions—lndiana yellows. $2.75 a 100-lb. bag. Parsley—Home-grown, doz. bunches. 45c Peas—New York. $3 hamper. Peppers—Home-grown. $101.25 a bushel. Potatoes—Wisconsin and Minnesota white. $4.5004.75 a 160-lb. bag; Red River Ohios, 120-lb., $3.25. Radishes—Eutton, hothouse, dozen. 50c Southern, long red. 150125 c doz. Sweet Potatoes—Virginia Jerseys. $6 a barrel; $3 a bushel. Tomatoes Home-grown. a bushel. $1.25: 15-lb. basket, 50c. Watermelons—lndiana. 40©65c each

MU Wool Fahrlrx pi a In latisbli ■ new shades ?ol° QQ W }% / jjjjj ■aH EWASH rlfll Between Alabama and New Jersey Streets | | Jjl

Chase Securitle* Corporation established through the recent declaration of quarterly dividends aggregating 51 per share, payable Oct. 1. next. Anew combination radio and phonograph for home use, with an automatic selective distant control for both, has been perfected br the Automatic Musical Instrument Company, and will be sold through a separate corporation, it was announced today. DETROIT. Sept. 13.—Net earnings of the Detroit Forging Company for the first six months of 1929 show an increase of more than 100 per cent over the same period in 1928. according to an announcement made today by A. L. Rose, treasurer. Earnings for the first six months of 1929 after ail charges including federal taxes were $97,522 or equivalent to $1.95 per share on the common stock against 5*0.517 or $t.S5 on the common stock for the full year 192*. American Department Stores Corporation reports sales for the month of August. 1929. of $1,223,358 compared with $1,081.217 for the same month last year, an Increase of $142,141, or 13.1 per cent. Bombright k Company. Inc., and A. C. Allvn and Company. Inc., are offering today $1,300,000 low* Public Service Company first mortgage gold bonds. 5%. per cent series, due 1959. The bonds are priced at 97 arsd accrued interest to yield over 5.70 per cent. NEW' YORK. Sept. 13.—As a result of the steady increase in volume of business being done in the serurlties market on the New York Produre Exchange, the board of managers announced this week that it has been found neressarr to add an additional trading post, bringing the total to six. Anew issue of 300.000 shares of $3 dividend cumulative convertible first p-e----ferred stock, par value SSO. of Ster.i.ig Securities Corporation is being obered today by Insuranshares Corporation and Hayden. Stone k Cos., priced at $54 per share flat. Application will be made to list this fssue on the New York Stock Exchange. Noblitt-Sparks Industries. Inc., today reported earnings for Aug. of $*4,129 after all charges including taxes. This compares with $29,571 for Aug. of 1!,2*. For the eight months of the current sear earnings were $336,213 compared with earnings of $24,693 for the first eight months of 1928. The Bastlan-Blessing Company has received an order from the Walgreen company for the installation of six soda fountains in new locations. Lewi* o Blessing, vice-president, stated today. One of the new stores is in Chicago and the others are located in Sen Antonio. Kansas City, Indianapolis, Lima. Ohio, and Michigan City. DETROrr. Sept. 13.—The Detroit Aircraft Corporation has purchased the P olle?e - T ” r - St. Louis and all affiliated companies, it was announced | today by E. 8. Evans, president. Under lan agreement signed today. Detroit Airc/ * over the air college, manu- | facturing concern, airport end aerial | taxi service operated under the Parks name. Don M. Compton, vice-president genera! manager of United States Radio and Television Corporation, today n - Hw company is produeins--1.200 radio sets a day and has order's on its books for approximately $.7,500,000 of new merchandise from distributors and dealers. The Schiff Cos., report gales for August totaling $884,758 against $494,032 for August 1928. an increase of 79 per cent the dollar increase being $390,726. For !*% , ®*Bht months ended. August sales totaled $5,340,904 against $3,141,679 for 8 * Bin of Building Permits S6M Martln - bollr - ’615 North Talbott. 1; dweiling. 5621 Guilford. SB,OOO w. ” jshburn, dwelling and garage. 933 Lesley. $4,450. Qtfihcy M M& eVer - * arßgf ' 427 North B ancron° h 3oo! Welling Bara * B ' 1326 C. Bainaka, garage. 1302 North Warman. $250. T. M. Foley, garage. 2548 Central. S2OO. , c O. Duncan, garage, 211 Hendrick., place, s2oo. C F-, M'Cutcheon. repair. Bates and Oriental, $1,200. S3OO Carson ' reroof , 711 Ea st Forty-fourth, G- 'Yw Dyer - reroof . 955 West Thirtythird. $225. W. Prentice, dwelling. 648 Exeter. $2,500 C. K. Haverfield, dwelling and garage. 4731 Washington boulevard, $13,500. E. Edwards, dwelling and garage. 1317 West Thirty-first. $3,700. E. Hillegass, dwelling and garage, 1522 West Twenty-third, $4,100. L. Stonich, addition, 765 North Holmes. $1,600. E. Edwards, garage, 3020 North Harding. S2OO. E. Edwards, garage, 3024 North Harding. S2OO.

PAGE 31

REPORT SAYS CORN IS PAST DANGER POINT Favorable CondiLons for' Indiana Crop Are Predicted. With rising temperatures predicted and the frost-mark still far Iran the lowest reading 'thus tar in the season. Indiana's corn crop probably will come to maturity unscathed by cold, according to a report today bv J. H. Anmington. weather bureau meteorologist, indicates “Considerable early corn in the extreme southwest of the state already is matured past frost danger.” he said. “Up to 25 per cent is reported safe in some central sections, while smaller percentages are matured in northern localities." Growing crops that, are not too far advanced were materially aidedby showers during the last week, he stated. The wide mint, hrit of northern Indiana is light this year, and for the most, part already has been distilled. “The remainder of the corn crop will require from a few days to three weeks to mature.” according to the report. “A little rye was sown locally during the week, and advance was iy made m preparation of fall seed' beds after the first rains. These rains slowed cutting soy beans, clover and alfalfa.” GROTTO HOME OPENED 7,000 Perrons Attend Open Home Event at New Club Rooms. Sahara Grottos new lodge home at Thirtieth street and Park avenue, was open today for club purposes,, following onen house on Thursday night, which was attended toy 7,000 persons. Members and guests were welcomed to the inspection by Lewis A. Williams, monarch. A dance was held on the streets about the home and the Grotto Pirate band gave a concert.

Janes T.Hamill & Company BROKERS Indianupoll* MEMBERS Chicago Stock Exchange Chicago Board of Trade Indianapolis Board of Trad* Associate New Vork Cnrb Corrtispondent of LAMSON BROS & CO OtlS & CO. Stocks, Grain, Cotton 203 Continental Bank Bldg. Tel. Riley 5493—Riley 6194