Indianapolis Times, Indianapolis, Marion County, 8 June 1936 — Page 11

| Wants No Winking

at Trust Law

Violations. N= YORK, June 8-—The Queen Maty bro Jrought a Range

who signa I ID signalled ee invitation—strange at least to be ‘The guest was the Earl of Dud-

+80 public. His invi-

from the British ship, and therefore from British territory, But the Earl should be informed that such a proposal is against the law in America and that he would do his American . colleagues a service by not putFlyn ting them in n the position of negotiating such a pact. Jt would also be an excellent thing for the American government to let it be known that it be tolerate no international ments between steel makers to ER - out the world’s markets, to keep up the price of steel and to. increase their profits at the expense of steel users.

” s ¥ WORD of warning is not amiss. The record of the American government in the last

three years on the subject of agree= ments in restraint of trade has not been very encouraging. The steel people, harried from time to time by other Administrations when the urge to enforce the Sherlaw seemed popular, has encomparative ease these last three years, beginning with the NRA. For some time the steel industry has been compaining about the amount of foreign steel coming ‘ into this country. But the government has wisely insisted that the amount was too small to be serious. In the meantime other departments of the government with contracts to let for steel have complained that they seemed to be getting identical prices from all competitors. Indefensible as this is, it would be still more indefensible if .-we permitted our American steel interests to combine with those of the world to divide up the world among them, doing away with all competition, putting users of steel every= where at the mercy of these vast interests. . 8 8 8 HE cartel system has flourished in Europe, particularly in Germany, where the government has sat in with the steel makers and others and assisted, first in making foreign markets, and, finally, in bringing domestic markets undtr the tender mercies of these combined industrialists. These contacts between industry and the government, in all modern industrial history, always tend to put the government in an inferior position and to make the industrialists the controllers of the government. Of course, there is no danger of an open and public agreement between these English visitors and our steel men. But it might be as well to warn them, as well as our own lot of steel men, that that type of private, gentleman's agreement which ‘is not unknown to the steel industry will be pursued remorselessly by the government. There is a law on our statute books known as the Sherman AntiTrust law, and another called the Clayton Act. They are in full force and effect. No one is authorized to modify them or suspend them. They may ‘be suspended by winking at violations. We do not want government by winking added to some of the other bizarre forms which have appeared among us lately. (Copyright. 1936, NEA Service, Inc.) Mv ——

On Commission Row

low subject to cha are {Quotations be be lo subj hange ge

.|DECLINE IN RECEIPTS |g OF BULLION IS NOTED

Shipments Drop to Lowest Total in |g

average Wh prices vers by local commission by Orr Fawherrles.

st RR I ne oS AG 20-1b. mey D Dews—S. apes, » Watermelon, For 4 ETABLES — green, "round sringiess ampers). $3. DORa 1s. > ts--Holle 83, Cauliflower. California

ia (6as San, 40. Celery— Wegeiit® For Fashed

trimm (dos.). "ne iss” dot. See. $3.50. Ponds (don). 91.80. 0: aie: 8. *Beppers, Sroxn rout ey bazkerk : basket, $1.1 15: dos., 40c. Min hay er doz.), Hai ents ste:

Xe, eR crate, 81m. bag.

rsle sley—Southern a = Ca washed.

Plant— (Best 18

per NO I RE Shi in. BE. fH hs pet ae Rat tian 308

! Bs Ste Rhubarb Hothouse. os. tabagas—No Ere ETE por $1.15; Texas, orig. (

Produce Markets

SUMMER TRADE OUTLOOK GOOD.

mom i,

Bonus Money Expected to

‘Help Counteract Normal Seasonal- Decline.

Times cial

YORK, June 8—"It looks

A Rb opr pel

New York Stocks

as though business were going to Am

slip into ‘the summer season with more stamina than many anticipated,” the Business Week editor said today-in a summary of reports received.

“Retailers, real estate dealers and i

debt collectors look forward to good portions of the bonus money forthcoming this month,” he added. The magazine’s index of business

& Stl yd. 38%

61 Warren Bros 3 ola Youngstn 8 & T 62

Otis Stee 15% Rep Jon & Steel 193% Stee)

activity registered 73.4 for the latest | St Budso

week, 74.1 for the preceding week, 724 for a month earlier, and only | i 63.7 for the similar week a year ago.

Farm Income Promising

“Farm income is promising,” the article said. “Railroads hope passenger traffic will be stimulated

B substantially by: the fare cut on

Eastern roads. Last week there were more inquiries than passengers. Freight traffic is making excellent progress toward a strong fall peak when bigger crop and livestock movements should add their weight to industrial traffic.

Studebaker Yellow Truck ..

Motor Access—

Eaton g Elec Auto Lite.. Elec Stor Bat... Greyhound “Br, Body -.. Stew Warner ... 18 Timken Roll .... 8 Mining— Alaska Jun ..... Am Smelt

Murra

“Air express is growing fast. Rail. | Anacond

way Air Express reports revenues for the three months beginning February when the expanded service was inaugurated as 76 per cent ahead of the same months of 1935.

C. “Manufacturing and mining ac-|U

tivity in the first half of 1936 will average about 15 per cent ahead of

the same months of 1935, and will | &

be at the best level since 1930. Industrial pay rolls, too, have reached

Vanadium

Amusements Crosley

Radio Corp . Paramount

new highs since late 1930. Dividends | RK

declared to date are running 21 per Sons ahead of the same months of

Coal Industry Expects Trouble . “The coal industry’s reactions to

Warner Bros .. Tobaccos— Am Tob 22).

Gen Lorillar Reynolds T (B)

Balls

the scrapping of the Guffey act Aton

are badly mixed. Some feel breaks

are inevitable; others count on in-|¢C

creasing industrial demand plus low stocks on hand to hold prices stable. Since agreements with coal miners do not expire until next spring, there can be little excuse for pricecutting via the wage-cutting route. The prospects for trouble next year, however, are not being relished. Meanwhile, a number of operators polled by Coal Age indicate that the only way to stay in the running will

Del Lac & W.. Gt Northern id IH Central ' Lou & Nash

KT&T. MET®&T pid. 2414 35Ya

u Union Pac

Equipments— Am Car & nay: 8

be to increase mechanization and ARE Bald Loco

reduce costs. “May pig iron production bettered that of April, establishing a sixyear high. Steel output to be announced shortly should show a gain over April, and with June tonnage apt to hold not far from May,

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sega

F FEE BE SSE an

o RSAENEE EE cp

Balink oly

S388 ney 3%

- -y * orm ora

es Ch > Grad * REN Ld

- > aed sigessh Ene

Ba SES

segsstss a FN

rg 13 15 £2 27% United Pruit.... 71% 45% | Retail Storca:

Allied Stores. . fssd

ck. . Woolw orth ..... 49 Aviation—

Boeing Aireft.. Curtiss Wri ight. Curtiss Wr “A”. Douglas Air... 51 Nor Am Av

Sperry Corp ee Uni Lirets” New. Chemicals— A Reduction. .

coo 29% Monsanto Chem. 88%, Natl Dis Tex Gulf

(Reprinted From Late

the steel industry will close its best | Today

equipment builders, now well booked with orders, are expected to be good | 1

_ | 1938 0 847 103. steel customers through the sum (Copyright, 1936, by tard ATA

mer. Heavy Construction Gains

~ “Heavy engineering construction for the first five months of 1936

has reached $937,458,000, of which 3

only a quarter is represented by private projects. The total runs 71 per cent ahead of the same months of 1935; private is up 63 per cent; public, up 75 per cent. Commercial and industrial building which have made substantial progress this year are up 96: per cent and 47 per cent respectively.

six months in six years. Railroad | week

(By Abbott, Proctor

“May dividends declared were the | 3s

laggest for any month since June, 1931, and 25 per cent ahead of last year. Since the first of the year, corporations have voted dividends of $1,365,889,203, a 21 per cent increase over the first five months|jy of 1935. Extra dividends have been declared in 328 instances this: year

against '231 in the comparable|} ‘months: of 1935, while back divi-

dends have been posted in 420 cases against 309.

Four Weeks, By United Press WASHINGTON, June 8.—Decline in receipts of gold bullion during the week ended May 29, was notéd

- | today in a report by the Commerce | S¢2 © Department showing that $21,863,618 | Grt

worth had been shipped into the country. * This was the smallest amount sent durfhg the past four weeks in

DOMESTIC

Aller Corp 5s ‘44 Am Po

0 Am Tel & Tel 5 4 Am Tel & 1 Tel 8608.0

which period imports totalled $163,- | Jaternts Interntl Tel &

755,736. The movement was incited chiefly n|by huge amounts of “panic gold” leaving political

Local Securities

(By Indianapolis Bond and Share Corp.)

tions..

because of unsettled

“NN. Y. Bonds

U 8. GOVERNMENT BONDS

Federal Farm Mortgage Corp. 103

Coty Inc

Lambert Vick Chem .... Financial—

Allee x ® en or] Am Int ee P.

Transamerica. . Tr Contl Corp. ve uilding— Radiator ... Int Cement .... 4% Johns Manville. iy wens Gis. 3

us Gypsum oon Ulen Cons ' Household— Col Pal Peet ..

19% 41 21% 28%

20 60 Is Tok Boas 105.2 35.7 © 105.4 104. To e 05.

9 5 2 9 3 s)

& Paine) Prev. close 117.28 113 108.17 - 109.6

22%,

22% 26%

Celanese Co 3. 25%

Indus ‘Rayon. .

Chicago Stocks

(By Atkins, Hamill & Gates) Prev. close. J D Adams Advance 4 Asbestos

Ber Bator Brothers Chicago Yellow Cab . Gord: Service

Crane v Electric Household ... General CTE .

Ken-Ra Nobilt-Spar

New Fork Curb

{By Atkins, Hamill & Gates) :00

Na Ga Alcohol a Creole Petroleum Co

evenly at “the : yards. Medium and heavyweights| ranged from 5 to 15 cents lower than |

Saturday’s - best prices, while light| a

Prev. 347 the spring ©

“510.15 Cons; Lit * Classen Steady. Poker prices lower in

‘Indianapolis Union Stock-

holdovers numbered 118. Veals, Lambs Steady

Bulk of 160 to 225 pounds cashed in at $10.20 to $10.30. The top price also held at $10.30. Medium heavyweights, from 225 to 260 pounds, sold at, $9.95 to $10.10. ome heavy sme grades, upward from 300 pounds, Sanne $0.40 to $9.60. Lightweights, from 130 to 160

35% | pounds, were salabie at $9.50 to $10. & Packing sows held at $8.25 to $8.75.

Trading in the cattle market was unchanged on steers and beef cows, and strong on most classes of heifers. Bulk of steers sold at $7.60 to $8.10, and heifers from $7.50 to $8.10. Few held at $8.25. Receipts numbered 1200. Veals.showed little change, selling at $8.50 to $9. Receipts were 600. Lambs also were about. steady with quality considered. Spring classes were salable at $11 down, while several loads -of clipped yearlings

ranged from $8.25 down. Slaughter |

ewes held steady at $3.50 down. Receipts were 800. HOGS

Bulk. [email protected] [email protected] 10@10.

June. 3 2. $10 3. 10.

% Light 1

1340-1 }e ‘Good and choice. .

160-180) Good and choice. . Medium 11-200) Good and choice.. 10

um {300-330) Good and choice.. H (220-2 35 Ph and choice.. ay 0 8 50-3 ) Good and choice.. 50) Good and choice. «

Be ee 09 6399 09 Pe Saun ve IVS 83 33338 33 5%

Cattle —Receipts, 1200— (850-900) Cholcs

3 |

599399999 0200-30000 I-IWON IDO

Bgh3a 28832 S4u5HERRL pS

oven

(B00. 1100): * Choice

esssevasenss

83358308

699398 89933 89 DANG ~IW 1000

AB IIDDRINRH AR

Common and medium ; (750-900) Good a choice. . Common and medium + Cows Common and medium Feneanie

ahare:

si =I Ae ZS g3RsS

B Ly com. and med. bulk.. VEALERS

~—Receipts, 600— Good and choice saeses vases $ 8. ium .

(250-500 ) Good and choice... a) and medium F and esi Cattle

28: gE 5 sil 332 os SPIN a 83 8hsh 33

Good .. Common and medium,

SHEEP AND LAMBS

—Receipts, 800— Ss rin lambs choice D 8

Mediu ; 90-170) Good So do choice... 38.00@ 3.75 mmon a 1.7 {theep 35d Jamb Nisa on clipped

No! to Bftec LP June ambs born in as yearlings.)

Other Livestock,

By United Press)

Recei plac able;

—

3 1923 a4 Was Ta 1937 N

a ;

126 1929 ¥i30 1931 1932 1933 19341939

INCORPORATED INVESTORS

while throughout farm communities in “automobiles,

appliances, Its political effect remains to be seen.

STOCK MARKET WEEK IN REVIEW

BY ELMER C. WALZER United Press Financial Editor NEW YORK, June 8.—Trading on the Stock Exchange last week fell off to the lightest level in more than

a year and prices lower. Traders were cautiously. .selling stocks on the news Congress would recess over the Republican Convention instead of adjourning today as had been planned. Another deterrent was uncertainty over the tax bill, which will be left in conference during the recess. Labor trouble in France, with further heavy gold outflow from Paris, added to the uncertainties. .

Domestic News Favorable

Domestic business news was favorable. Less than seasonal declines were made by electricity output, car loadings and automobile production. Retail trade gained 3 to 18 per cent and was 12 to 17 per cent over the corresponding week of 1935. Chain

store sales rose. Steel production re- | ries

sumed its rise and the outlook for June was considered highly favor-

The dollar rose in gold currencies and declined in sterling. At one time the pound sterling touched $5.04, a new high for the year. Gold con-

tinued to come to New York from

Paris. Cotton futures made new highs for the year.

U.S. Issues Dull

Bonds moved irregularly in light trading although the volume was relatively better than the stock section. U. S. governments were dull and about steady despite flotation of $2,000,000,000 in new funding issues. Support developed for the automobile issues and they held better than most groups. Operations have been at the pest levels since 1929 and some companies are reporting the best sales on record. Higher prices for steel in Ye third quarter were expected fo b: a pickup in steel operations in ‘Jur although the actual gain, thus tar has been small. Steel issues had their periods of weakness along with other sections.

‘Oil Shares Erratic

Oil shares were erratic. Crude oil production for the latest week showed a decline.

Utility shares did better than most

groups. They were helped by higher earnings of several leading companies. Railroad issues had their periods of strength. Their April improvement: together with outlook for getting out of the red in May had a favorable influence.

FHA INSURED LOANS TOTAL 312 ON MAY 1

R. Earl Peters Makes Report on Activities in State.

Indiana savings, building and loan

s@ 3.00 | tor.

PRODUCE PRICE

Carlot Shipments Drop to 2000 Mark During ‘Last Week.

Times Ipecial ‘WASHINGTON, June 8—Trading in fruits and vegetables in Midwestern markets was quiet and prices showed an irregular trend during the initial part of June, according to the weekly report of the Department of Agriculture released today. The potato market, which continued strong because of Ifght ship= ments and the drought in some producing seetions, was an outstanding feature of the week. Prices during the latest period were firm for onions, apples, lettuce and cabbage, and lower or irregular for celery, cantaloupes and strawber-

Carlot shipments = dropped to around the 2000 mark in the last week of May and continued at a rather low rate for this time of the year. The total was about onefifth lower than in the like week a year ago. . Most Gains Seasonal Decreases were sharp for old potatoes, apples, grapefruit, cabbage, cauliflower, celery, peas and strawberries. Most carlot gains were seasonal, including melons, cantaloupes, peaches and plums. Shipments of items showing only a slight change included beans, carrots, cherries and lemons. Dull conditions, except fer potatoes, were reported at St. Louis, while Chicago reported a light demand for carlot produce. Kansas City noted increasing supplies of nearby produce, some showing drouth injury. Various Eastern markets were active and strong. The jobbing prices. n strawberries. continued to show a Ride range bepause of the variati on in quality marking the end of” the shipping season in. many Central I1linois, Indiana and IB Cena are supplying most of the Midwestern markeis. Good lots from Indiana sold af; $4 to $4.75 a 24-quart crate in Cleveland and Detroit.

DON MENKE JOINS ADVERTISING FIRM

Radio Writer Made Member of Eiteljorg Agency.

Don Menke, former SonLnuty editor of a local radio station, has become a member of the new advertising firm of Eiteljorg and Menke, with offices at 411 Medical Arts building. : ‘Mr. Menke, who ‘has had varied experience in the advertising * field, is a former assist~ ant advertising

manager

continue to handle the advertising accouns served by Harrison Eiteljorg as ‘well as several new

accounts | brough! into the firm by Mr. Menke,

TREND UNEVEN 2

approved ) 1935, aggregated $8,713,314,

cent coupon and the RFC said the rate should be 4 per cent. ; Failed ‘to Compromise According to report, the Federal agency would have been willing te compromise on a 4% per cent issue, but the bankers held to their stand. Thereupon the RFC said it would underwrite the deal itself on a 4 per cent basis, which meant that it would take any of the bonds not purchased ‘by stockholders and bondholders of the company. Naturally, it will not be obliged to subscribe for any of the bonds, but that does not necessarily prove that the bankers had misjudged the market. The fact that the RFO made the offer undoubtedly helped the sale of the issue. Those who were offered the privilege of buying would be almost certain to reason that -if the bonds were good enough for a government agency they would Je good enough for ‘them. Improved Market Was Aid Another factor which has helped the deal to go over has been the improvement which has taken place in the general bond market since the original offering was made. Bonds have been dropping steadily to lower and lower yield bases, and investors have been finding it more and more difficult to place their funds satisfactorily. But the bankers, it would seem, should have been able to put the issue away on a 4% per cent basis, and the fact that they held out for 5 per cent probably will lead many to ‘believe that they were anxious to make their commissions a little too easily and with a minimum of risk, Perhaps they should not be blamed too much for that, however, for that is all part of the businéss. A private underwriting is quite a different thing than an underwriting by a Federal agency, however, In the one case, the capital of a private institution 15° being risked, while in the other any loss which might be incurred could be made up by the government through taxation. It is not surprising that the bankers - should be more likely to lean more toward conservatism than a government official.

STATE AND MUNICIPAL FINANCING ABOVE 1935

Bond Issues “Approved During May .Valued at $10,140,820. Times Special : NEW WORK, June 8—New state and municipal bond ‘issues approved by voters of 128 communie ties located in 29 states during May amounted .to $10,140,820, compared with only $7,488,509 in April, the Daily Bond Buyer of New York announced today. The - total May, 3314, Molle in 34 the total was $44,670

aring with $2,481,900 in April

Investment Trusts

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