Indianapolis Times, Indianapolis, Marion County, 11 June 1936 — Page 21

'G. O. P. Frets Over Demand for an Amendment.

BY JOHN T., FLYNN cs LEVELAND, June 11. — Just about the toughest nut ever handed a bunch of Republican na-tion-savers and -issue-manufactur-ers is William Allen White's demand for a plank on a coastitutional amendment. Oddly enough, the one thing

out is the opinion enemy convzntion of the old guard— Senator Borah. The Senator’s statement that he believed the question of minimum wages for women can be taken care of in a ¢ o n stitutional way is more than a grain of comfort. The difficulty in this issue arises oqut of the form a constitutional question would take. The Supreme Court held the ew York act providing minimum ages for women unconstitutional use it violated the Fourteenth Amendment. This is the amend- - ment which provides that a state may not deprive any citizen of property without due process of

This clause is peculiarly dear to the heart of the wealthy and conservative groups at this time. Under it they hope to prevent all forms of repudiation of state and municipal debts. Under it the great utility companies have been able to check state regulatory commissions in their efforts to reduce rates, ” » o

LL sorts of attempted interferences with the conduct of industry by government may be stopped under this amendment. Hence’ the conservative elements will never consent, whatever the cost, to any weakening of this pmendment. However, the progressives point out that the end they wish to attain may be brought about without weakening this ‘“due-process” bulwark of property. An amendment may be framed which will specifically give to the state the right to fix minimum wages of women or children or others in industry without in any way changing the law on other forms of “dueprocess” with reference to property. ” » ” HERE is a powerful political factor in the whole case. There are states, some of the forecasters insist, which will be literally thrown away if the party refuses to take a stand for the rights of states in this field.

And this argument has had its ‘effect. For, in spite of the feeling among so many that the President will romp in next November, there are plenty of practical politicians here who think the Republicans have an outside chance and that it ought not to be thrown away. Hence Senator Borah is being importuned to point out the manner in which the protection of women in industry can be brought about in a constitutional way. It Jooks now as if the hurdle is going to be crossed by adopting a strong plank in favor of the protection of women and children in industry and calling upon the states to do this by “constitutional = means” without attempting to say just how

it can be done. (Copyright, 1936, NEA Service. Inc.)

MAY OUTPUT DECREASES Times Special NEW YORK, June 11.—-May production of Dome Mines, Ltd, including premium, was valued at $513,482, compared with $626,679 in the like 1933 month, it was announced today.

; .« : On Commission Row (Quotations below Subject to change are a wholesale prices being offered to puyers by local commission dealers.) FRUIT -Strawberfes, By jana, 34-at-erate, 4@5. Gooseberr Indians, 2 -gt. $4. Cherries, California Bings, 1 Tb. jy $3. Limes—Mexican, Satan, nanas—sSeven hands. ak sie. Apples—Winesaps (fancy os Yemons—Sunkist ( 3008) TH Jou Arizona (vine Ti i ), jumbo $4.50; standards, $4.35; alifornia Hale (vine ripened) jumbo, $4.50; jumbo flats, $1.90. Watermeions—Florida. doc. Peaches Ho gs rgia. Uneedas medium,

-- Beans, green, round per), 83. 15. “Beets—Home Shier te iflower—Calif, NY aaorida ig, ri rida-—

Plant— nia (bu), best 6s skec).

Corn—3§ a 0s.), $1.50, Raiewvi Elon 24a ot 13 berg, California

e-grown nat R ie. Ma antots

: Be Boe. oo uk enna ul. Ib. basket,

: Teta orm. (60 Toe: 81 fe: Si

an income oF

PAGE 20

THURSDAY, JUNE 11, 1936

exceeds that of all crops.

farmers, according to_a study madd by the Petroleum Institute. The value of oil these I 0

half bushel,

WINTER WHEAT PRICE PLACED AT 84 CENTS

Estimated Yield May Bring|

Farmers of Nation $400,000,000.

By United Press .- WASHINGTON, June 11. — The American farmer will receive about $400,000,000 for his 1936 crop of winter wheat, it was estimated today on the basis of figures published by the Agriculture Department, Econbmists hoped America might return an export balance in the grain this year with a four-year record yield of 481,870,000 bushels forecast by the department’s crop reporting board. This year’s estimated bushel price received by producers is 84. cents, The first lapse from the usually iarge annual excess of exports of wheat over imports was recorded last night when net shipments of 3,602,00 bushels entered the country after exports had been deducted..

Predict Decline Abroad

The department reported conditions throughout the northern hemisphere indicated an increase of wheat production in North America and a corresponding decline abroad, exclusive of Russia and North Africa, compared with 1935. Improved conditions in the “nation's: breadbasket” resulted from rain storms sweeping out of the Texas Panhandle into. Kansas and Nebraska. The estimated production for Kansas this year is 130,450,000 bushels, or more than twice last year's crop. ' The harvest acreage now listed totals 35,932,000 acres, an increase of not quite 16 per cent over 1935. The

COMMODITY AND TRADE TRENDS CHARTED

sess TREND © Lk

- o

casssesvssettets ®00s000000000

COMMODITY INDEX

owl

> =

MOoDY'S INVESTORS SERVICE

MAY

JUN.

JIL.

AUG.

OCT. NOV. DEC.

i235

JAN,

FEB.. MAR, APR.

MAY JUN. 149 :

1936

New York Stock Exchange Prices

Oils—

Barnsdall . f Del

Mid Cont P Ohio Oil Pet Corp Phillips Pet ...

crop, however, will exceed last The 5 ge e Vh al

by only 11 per cent because of a 7.5 per cent decline in crop condition.

Wheat Is Chief Worry

The wheat problem has been one of the chief agricultural worries of the Administration. Economic policies of the New Deal, including acreage reduction under’ the defunct “Triple A” and

revaluation of the dollar in order o

to give America a trading advantage in foreign markets, have been tried to improve the situation. The following table shows the net amount of wheat exported or imported since the war and the average bushel price, as well as the per-

centage of the total wheat crop of | re the country ‘which was shipped]

abroad.

{Bushels) Percentage of Crop Shipped

1820—218,671,000.....

00 4, 1925—254, "85.000.

8 18 pet 0s DS BD +560 4 DI 83 GIRS %. et Bi SONI AI CR 4 i (© oT BD THD =i 30 03 0 0 += 30 00 3 30 C0 i> BI 1 i= OO

1935— 13.602.000. . 88 {Equals import net: ttimport balance. Neti

ASSOCIATIONS AWARD 33 LOANS IN MONTH

Bulk of Funds Used For Buying Or Building Homes.

Thirty-three loans aggregating $347,700 were made during May to member savings and loan association of the Federal Home Loan Bank of Indianapolis, . comprising both Indiana and Michigan, it was announced here today. The bulk of the money obtained was used for the purchase or con-

struction, or for refinancing loans | previously made, according to re-|gi

ports from the associations. A total of 502 loans have been granted associations in the two states since

Texas Corp Tidewater Assn. Steels— Am Rol Mis

S Steel U S Steel pid Warren Pipe-Fdy Youngstown 8-7

0 . ‘Studebaker

Greyhound “B”. -Houdaille

. Mining— Alaska. Jun...

Boerner Min Howe Sound ...

McIntyre * Mine. | Park Utah Phelps Dodge:.. St Joe Lead :. U S Smelters..

Amusements—

Warner Tobacecos—

Am 10 » rod yets 3 Ehillip_ ris.

Rails— Atchison Atl Coast Lines. Can Pacific Ch & Ohio C M & St % Chi N Dela Eri Erie

the bank opened amounting to NY Gert

$10,959,650. Funds were advanced member as-

sociations operating under both |Sou R R

state and Federal charters. The

long term amortized loan plain of |

the savings and loan associations, with comparatively small payments, has proved attractive to families interested in home ownership, officials said.

MICHIGAN BUILDING ACTIVITIES SURVEYED

Home Financing Conditions Studied by Local Bank Officer.

B. FP. Burtless, secretary and treasurer of the Indianapolis Federal Home Loan Bank, credit reservoir for | Michigan and Indiana member savings and loan associations, is in Michigan this week making a survey of home financing conditions and residential construc-

. | tion activities. e

A shortage of houses, rising rentals and a marked upward trend in residential construction and purchase in the period of recovery demand an intensive study of existing conditions so that the Bing needs of the community can be met adequately, Federal bank officials believe. Mr. Burtless is to visit Dearborn, Wayne, Royal Oak; Monroe, Northville, Birmingham, Wyandotte and Plymouth in his .study of home financing conidtions.

WASHINGTON, June 11. —Ex-

Equipments— - Am Prake Shoe.

Bald Loco

Br. Westingh Elec. . Utilities— Am & For

Comm & Sou

Interboro = T..

United

Un Imp..

Western Union..

ports of automotive products during Owens

ApH were valued i 3230414, the month

jt. fox any

caswsnen

pA AN srenashy

Amerada ...es.. Atl Rig’ cise a

Boon. (new) . ef .

Yellow Truck ... Motor Access—

Timken Roll ...

Crosle, adie .e Los &y i

Am Sum Tob ...

Union Pac .....

at Wks... Col Gas’ & Elec: Consol Cas Boe Hy Eyiro Blec.

Gas Ut Pw ® Lt “A”

Basassis FE

High.

sens

Consol (OL: vesevsid Cont o

Plymouth oir fiat Pure Oil ae

15%

«27

527s

94% oo 24% 67

Bar .125 A 62%

17% 4749, « 8312

Co's

961% 108 «23% 85%

Reynolds Tob B 55%

72% 38 1 2s 587

td 3% p 27

16 128%

Am Car & Fdy.: 36 Am 9h ie ot Am. Steel Fdy..

. 9% 111%

Pwr. .

Std G Stone = Wabsier 193 1 Corp . 8%

15% 4% 82%

: Ne S Rubber ‘pid un A Alls Chalmers, » Am C

E53

(By Thomson & McKinnon)

Noon Low. N.Y.

94 28% 16 12%

61%; 125%, 187% 62%; 62%

29% 96

14%

149, 12 2

89 Ya 8914

243% 44, 23% 23%

"227% 843% 53

128%

1 39% 11134 3% 11 169%, 3%

oh auiie

Prev. close.

93% 28Y2

61% 126 Ya 24 62

82'%2 | Am

95Y,

60% |

149,

16% 128

46% 36 a7

33% 491, 38%

4615.

39% 1123, a 12 88%2 23%,

oy Glos. a 22% Macy R H $s

. 127 . 1610 . 51% fu? . 15% 50%

SABLE ZELAR aw SERRE

Woolworth

Aviation— Boeing Aircft .. Curtiss Wright.. Douglas Afr .... Am Lo wy

» = ~ ata

Ba 31%

Sperry Pass New 3%

Chemicals—

Air Reduction.. Allied Chem . 97 Am Com Alcohol 217% Com _ Solvents ..

. 66%

.. 30 . 3%

| 39% . aaa Us Todas Alcohi 34% Drugs— Lambert tering. Prod . Un Drug (ih (new). Zonite Prod . iy ra

Allegheny 'C egheny Cor Int Yor a

A “ue Tr Contl Corp.. Building— Am Radiator ... 21% Gen _Asphalt .... 3 Y Int Cement ..... 477% Johns Manville. . 96Y2

47 96%

Local Securities

(By Indianapolis Bond and Share

The jollowing quotations do not s

resent actual b: or pHetings. but indicate . the approximate based on

recent transactions. BONDS

H 4

: w Bias *55..103 v. Ss '43....1

T Ft Ft

1 & 8 Y COM ...onnen 88 Belt Ball & Bea Go R.A Ind P Henk Pr ST Oe a hd & Mich Bie € Co 7, 1%..108 os Gen Serv 08a

Pid 64s 54

vs HEH Sk Serv rd Shs North ind Serv Pid 6s

arket buying and selling PR aairies or

5 '61..101

Corp.) repmerely level

Ask. | 3

North Ind Pup Serv Pfd 1s.. 8%

H Elec Co, 6s Sion Title Co Com . + sExe.dividend,

Investment Trusts

(By Thomas D. Sheerin & .Co)

Bro: anBrnwal mpm 2 BEbaanes cease

pose S42. R328:

“+

Beret, PDL RSRSEaRIE

Ree 5: irs

cbssnes

B=68

serps renne

«pb re

Unlisted Stocks (By Blyth & Co.) _ NEW: YORK id Ps

Cee ea

ease rere s anata na ens) A TrsssensvRsRRIET ANT k ty sess evassERREAE RES

esdiensrnse nares nges reser rnssnnsnre

svesspuse ssssesens seveensavasasssrarnay

sevens r ames aESNe

Home Ins Co of A sssensususysmnsncay

Ld SURBRL, ® au

iil

Ask $17.59 2.03 . 1.08 1.22

19% 31.35

w PET Sh sae

BD etd oom, wwe, BEE eBamas, pew

‘gu Giger auknmboen 3 :

ool. : sigea:

= +

|:Amer Woolen ...

& T 48° 8% | Ygstwn Sht'& T Deb 3%s Deb 3%s '51.107%

Eis

1a “yeat 1880:

54% 26%

54% Otis Elev 267 Housebhold—

Col Pal Peet ... Congoleum Kelvinator ..... 19% Mohawk Car et. 23 Proc = Camb e. Servel . 225, in Bed .. 20% Textiles—

Libby. Owens ols 5512 «26%

14 33% 19% 3 411 22% 29%

9% Celanese Corp .. 23% Collins Aikman.. 44% Indus Rayon eee TY

9Ys 23% 44%, 27%

(By Lyons & Co.)

ja) 34 4s '85. RENT

Gent Ill 8% oy ’60 106 C & O and Rep nd '66. 10

Cleve Tractor 5s Columbus Railways 4s ’65.... Conn R. 1% Consolidi Consolid

etro Ed 4s 107% inn Gas & es Lite: 4s '50 104s Ww 4%s ’60 105

Pacific Lite a aS Pacific G & E 3 People Gas oh “Coke 4s ’50.. Penn Tel ’65

Saguenay Pu an Diego G Jol Cal Gas 4s Sa : o Cal Edison 4s ’60....,

109 39 & Cal Ed 3%s 45. Sasa FARE 10: 105% 5 & .. 98% ...

929 103%, 99% 1065s 103 100% 08%, 108%

Chicago Stocks

(By Atkins, Hamill & Gates) © Prev.

Youngstown Sheet

New York Curb

(By Atkins, Hamill & Gates) : EX 2 1:00

g : : N Am. Oyanamid HB. Linas Am Gas & ie 8 ‘“ ¥

e Fo al Oil of Canadas’ e Shore Mines ... Mead Johnson & ler Brass Co . Nat Bellas H Hess Ino-. Niagara udson Pwr

Sono Strnad Oil of Ohio ...

‘Sterchi Brothers Stores . “1 Stutz Car

of Amer

‘TREASURY. STATEMENT : (By ‘United Press) =

’ WASHINGTON, June: pl Sovanment and’ receipts . current arto Jube3, as compared with

' unchanged,

New Bond Issues

Y2 | Good and choice ............. $ edium

HOGS DISPLAY "FIRM TREND IN |z=.. QUIET SESSION:

Market Steady to Mostly 5 Cents Higher; Veals Are Unchanged.

Porker prices continued to fluctuate in a narrow range in quiet trading today at the Indianapolis Union Stockyards. The majority of classes, cluding medium and heavyweights, were generally 35 cents higher, while underweights remained unchanged. A slight decrease was registered in the total number of shipments compared with previous figures. To= day’s receipts were estimated at 4500, compared with 5500 on hand yesterday, and the lowest number

bered 144. Cattle, Lambs Steady

The top and bulk of good and choice weights, scaling from 160 to 225 pounds, held at $10.15 to $10.25, Medium kinds, from 225 to 260 pounds, sold at $9.90 to $10.15. Butcher kinds, scaling 300 pounds and upward, brought $9.35 to $9.70. Light slaughter pigs, from 130 to ig pounds, cashed in at $9.50 to

undeveloped during °early trading, especially in slaughter steers. Few small lots of these classes held about steady. All other classes were with - heifers selling mostly from $6.50 to $7.50. Beef

, | cows ranged from $5 to $5.55. Re-

ceipts were 700. No change was evident in the veal market, and the bulk of good and

to $9. Receipts were 600. Lambs ‘also were steady, with the bulk of spring classes selling at $10 to $11.

ranged from $3.50 down. Receipts were 700. :

HOGS June. 5. 6. 8. 9. 10. 11.

= Receipts. 10. as 30 a3 5000 : 1500 10: 7000 ‘ 5500 [email protected]

) hts. ) Good and choice. .$ [email protected] 9. ale. 10

id ain

‘oe memo vo 55555:

edium (200-220) Sood and choice. (220-250) d and choice. Hei, he> (250-290) Good and choice. (290-350) Good and choice. S

2 233338: ‘08 999

oo 9

Good . I) Good arsuve eneeen (425-450) os (38-350) | Sidhu Eedsnsnvas Slaughter Pi (100-140) Good and choice..

Mediu Cattle » —Receipts, 700 (550-900) Choice . ..8 Good

2-3 3 a NO

nN a

Bios

on 25038893

0000-30000 ~3-30000 0-300

APPIN AN INS RID CAD SIND DN -3 OPN O

: Heifers (550-750) Choice ........c00. Good

Common and mediu Oe (750-900). Goo ang, cholce. ive ‘Common ood med

833 8938 9399

9-305 2283

on >

-3 ow

Low cutter and cutter Bulls, g Cutter Brn. and thed. ‘bulk .

VEALERS —Receipts, 600—

LRM ID I0

33333 0903 a0 Som

8% 2BER 5% 85%

ull and common ...... Calves 250- Good and hoice . A ommon and medium Feed and Stocker Cattle (300-200) Good. and ¢ ce. mmon and m 300 1050) Good mea as gy Common and medium

Good nave Common. and medium’ - SHEEP AND LAMBS ~—Receipts, 700— Spring lambs choice ........: Good

sesegasssesdane snes

* Mediu. cspec usar Seivee Yearling wethers, Sood to C

C8 seonsres,soniteens

Medium ss savas eine (90-170) Good and choice... 3.00 Common and medium . 1.78 bat {Sheep and lamb quotations

sseee

3.78 3.00

i als =n Effective June jambs born in the spring of 1938 Une sified as yearlings.)

Pere Marquette Pays $1,000,000 on Its Obligation. Times Special

Marquette Railway has paid the Reconstruction Finance Corp. $1,000,000 to liquidate ifs obligation which originally amounted to $3,000,000, and which at the close of

learned today. In addition to the’ Pere Mar-

$100,000, it was said. The largest

ye payment “wasithat ef the Pensiy]-

vania Railroad, which repaid its

Why fet

ILLINOIS EMPLOYMENT oP Times Special “CHICAGO, June 11—Private in-

The cattle market was somewhat :

choice continued to sell from $8.50 |.

Top held at $11.50. Fat native ewes |

5500 4500 9

33 23533 I3 WR

. 3 i 1%

88:

on clipped.

RFC LOANS LIQUIDATED

NEW YORK, June 11.—The Pere.

last year totaled $2,000,900, it was

N.Y. Bonds

(Reprinted From Late Times Yesterday) DAILY BOND INDEX 2

E af Illi Br TET ni is i OE ide i Baits tistics) UU. 8. GOVERNMENT BONDS

(By Abbott. Proctor & Paine) . Treasurys

S%asssetisesnene

hid —- 3

ssesssssissesnes

S228

‘enessscssssanes

1949-82 ..ec.c00nnnenen. 1 1951-88 ..cceviecicnane 1946

esses esrsasnnsn

ht I >»

20 1.29 101.28

12 101.13 3 10 02.23

sssassveessssen

25 Tonerel Fatm Mor ai 31 103 RE gobi 10218 103.14

Am so far this week. Holdovers num- [4%

ssssentnnn

1 ivsurins cresnaniy

¥ Dock 8s '¢8 ock 5s svenska e Brie 55115 ........ Aesesencrase 18Y Erie 5s.'6 79

*vesehesens

csessen un

5s nterntl Hy Elec 8s ’4 nterntl Tel & Tel 4%28 oh niernt] el & Tel 5s 5 [ntern ol & Tal dhs . P Lorillard 7s ’ 1. McKess & Natl Steel 4

Nop Bistes Tou 58 8 : rleans Term 4s Otis Steel 8s '41 5,

Union Pac 4s 47 ..... seieses L114 United Drug or "53 enikusne.10Y 8 wbber 58 ’47 : 'Y NH &

IY NH & Hart 4%s 67 ui. Varner Bros Gs ’39 Jestern Mary i 77 4s ’52

| Western Mary

4 Youngstown & S T 5s ’70....106.t Youngstown 8 & T 5s '78. i a FOREIG Argentina a Gs Argentine B Brazil 8s °’ Canadian Govt 4s ’60 .

Denmark 52s ’55 .... 28 6

me Tokio ois Siye ’81 ' Yokohama 6s ’'61

Fetes e aes an

Y uation

% | crease, amounting | years of production at fhe 1935 rate,

‘SUPPLY MAKES HUGE INC INCREASE

Gain .in ‘Production Holds Promise of Return of

; Prospety.

BY RALPH HENDERSHOT Times Special W NEW - YORK, hn 11—The world’s output of gold in 1035 was a gain of more than one-third oyer

|'the 19,586,000 ounces produced :in 11929. The. output last year was

approximately 31,000,000: ounces. According to economic: theory, rev. | which is based oi past performantes in business, a full’ ‘measure of prosshould:

perienced for seve, | eral years. theory holds that | a rise in’ gold pros’. duction invariably is followed by ' increased trade. and higher commodity prices. 4 Currency deval= in many. . nations gives added importance to the larger gold production. . Expressed in, terms of dollars, the gold mined in 1929 was worth but $404,800,000, whereas the 1935 production was worth $1,085,000,000, br about two and one-half times as: much. ‘

Largest. Output in History. .. “The 1935 world output was not

100% only ‘the largest in history in terms

of ounces,’ but. iir-terms- of world currencies it ‘was vastly more than was produced in any previous year, In 1901. it was 12,625,527 ounces, worth * $260,992,900, and in 1910’ it was 22,022,180, worth in: terms of dollars, $455,239, 100. In all probability the faet that the

| United States has sich a large pere

centage of the world’s gold and refuses to grant loans %o nations which have not made payments on their ‘war debts has had a great

2| deal to do with preventing the full 1

influence of devaluations and pro-

| duction from being felt.

Russian Output Expands

One of the most interesting fe: tures of the gold figures of late has been the increase in’ the output’ in Russia. In 1929 that nation produced but 1,085,000 ounces, Whereas in 1935 its output had ‘jumped to ‘5,650,000 ounces. In other words, its 1935 output was nearly half as much 3s yas produced in the entire world 190 In 1930 there were, 534,700,000

‘| ounces of monetary gold in the a ‘treasuries and central banks of the 38% | world. By 1935 the total had in-

creaséd to 647,700,000 ounces —a jump of more than 20 per cent. But

,| that. does nqt tell the entire story,

Whereas. in .1 gold holdings . amounted to : 34,300,000 ourices, the total of such holding in 1935 had risen to 86,600,000. The .into mare than 1%

apparently had been hgarded and tied up in the various “eializaiion

funds.

LOOK WHAT THE ° RENT YOU PAY AT | $60 PER MONTH (at | 6%) Will AMOUNT to :