Indianapolis Times, Indianapolis, Marion County, 12 June 1936 — Page 31

‘| raGE2S =

1 per cent 2 or the ES corps seid of 1935, and about 7 per

cent above ption of. jeotton

£ France Termed "Serious.

.BY JOHN T. FLYNN LEVELAND, June 12.—Nothing “4 in many years has produced «much apprehension in the ‘of American conservative ps as the sudden flaming ‘up

om France of the vast strike move‘ment. Its arrival at the moment nat a left-wing government was to take power gave’ vent its serious aspect to American-

are far from furnishing - sufficient facts upon which to base a definitive analysis of the situation. And in this is the explanation of the general ‘air of confusion and bewilderment .in this country about the whole episode. LS 1 can venture a ‘mere ‘estimate of what happened. ig of all, it is fairly clear that 5 4 new government had nothing the do with the labor troubles. It did not , as so many here imagine, set: this ‘disturbance on foot to aid Es in taking drastic measures.

# » » ~HERE is more reason for be‘leving that extreme left-wing militant Communist groups encouraged it. But it is also clear

“that they had no notion of stirring ae so immense a labor revolt. ‘Whoever started it and for whatRover purpose, it is clear that the “movement got out of hand and has “gone much further than any one “supposed it could go. 5 But what was the real origin of “the strikes? Here one must guess, ‘but there seems to be some ground “for. supposing that it originated “with groups in the labor move“ment who were neither excessively “right nor left. ‘Europe has had “plenty of experience with Socialist “premiers, Socialist cabinets, SoScialist parliaments. and Socialist “and semi-Socialist governments. gThat experience has taught the oranized labor groups that these ialist governments act strangely he their: capitalist colleagues. = - » #

HE average Socialist government, when actually entrusted with authority, seems always able " to: think of ohe reason or another why it can not go along with labor on. this or that proposition. Labor léaders have become exasperated at “this. With the coming of a real leftEwing united front cabinet -in Franfe, it is entirely probable that he labor groups decided to put the “cabinet on the spot. — to use the ~American phrase—to give it a taste “ot a labor problem at the very outpet of its career and to demand pathetic and definite action. If the strike could have been kept within reasonable bounds this ht well have been a successful icy, for it would have put a labor Policy up to the cabinet at the very ‘moment when its lips were warm “with its protestations of love for the workers.

UT the spread of the strike, the ‘threat of a vast paralysis of ~ France's industries and even her essential food and transportation services, wholly changed the scene. JInstead of putting the left-wing “pabinet on the spot, it may put it sout of doors. And if it does it may actually pave the way for the up_surgence of a militant right move“ment in the form of a Fascist army. io It is altogether the most serious thing that has happened in Europe, “and: conforms my own feeling’ that -the crash in Europe, when it'comes ‘will begin, not with an attack by one country on another, but with some sort of . internal collapse in “Italy, Germany, or France. * (Copyright. 1938. NEA Service. Inc.)

Fiynn

COPPER DEMAND GAINS |T

May Consumption Estimated at : * More Than 50,000 Tons. Times Special . NEW YORK, June 12.—Contrary $0 the usual seasonal trend, all indications today point toward a slight pickup in domestic copper consumption in May over: April figures. Current estimates place May con‘sumption of the metal at over 60,tons, compared with 59,704 tons

00 tons consumed in the preceding |S

th. As in past years, May con-

nption of copper last year was Ford

lewhat under the total for April.

‘On Commission Row

SHOWN BELOW

els Rise in Rent and Clothing.

the average for 32 large cities in the United States, according to statistics revealed today by Prances Perkins, Secretary of Labor,

house furnishing goods—are higher in Indianapolis than js- phe average. But lower costs of food, clothing and rent more than balance those two items. Using an index with 100 based on

families stood at 80.7 as an average in the 32 cities. The Indianapolis figure was 79.2. Food Lower Here

Broken down, the figures are as follows: : Food—Local, 77.9; average, 794. Clothing—Local, 749; 78.5. Rent—Local, 58.0; Fuel-Light—Local, 88.3. Furnishings—Local, 81.8; average, 7.3

average, 63.7. 89.3; average,

Miscellaneous—Local, 92.9; average, 96.5. The cost of all items in Chicago

dianapolis, but in Cleveland and Cincinnati the figures are higher than here. - The cost of living .is more in Washington than in any of the 32 cities, the index figure standing at 85.5. In New York City it is 83.0. Living costs in Indianapolis were 0.7 per cent lower on April 15 than

cline in food prices, the Bureau of Labor statistics reveal.

Light Costs Gain Fuel and light increased 29 per

‘cent in the quarter, rents were up

1.3 per cent, and house furnishings

cent, respectively, in the period. Food declined 3.8 per cent. The greatest decrease in living

ed at Savannah, Ga. This was ef-

street car fares as well as a lowering in food prices. The total decline in the Southern -city was 2.2

ure given for Indianapolis and the average for 32 cities of .8 per cent. ~ ———————— nit oA ea ————

Local Securities (By Indianapolis Bond and Share Corp.)

The following quotations do not represent actual bids or offerings. a merely indicate the approximate level based on buying and ling trie or recent transactions.

BONDS

Citz Ind > (T mn 3 s '61. H 2 & Tel, Ft W is 88. H & Tol Ft W 6 a3. is Rail, Inc., a 81 |

Bid. Ask. 103

105

nd nd nd n ne

dpls Wate 1 TRterstate el & Tel Shes 53. 97Y; Kokomo Water Works. 5s '58..1 Morris 5 & 10 Stores, 55 '50 ..100 uncie Water Works, 5s '65..103 Noblesville HL $ P. ae '47.. o Tel Serv Rmnond Ww w % gn 5 Seymour Water Co, 5s ‘49. F H c & L 5s '44

FH Water Works, 5s 56 La [ H Water Works, 6s '489.. [rac Terminal Co. 5s °'57 STOCKS +o Belt Rall & S Y Com BR Y Pid 6s

1 1 Bow ® ‘Lt ov HHadols B: Pw a: Ti Co. 2, ole Sin “Ind HE

North Ind "Bib Sort Taga sues’ Nora Ind Pub Serv Pf | Sery 20 of lng Bid 9s .. TO undry om Puy Serv Co of Ind Pid. 8s.

Pub Serv Go of Ind Pfd 7s .. a Gas & Elec Pid, 8s Hn

*Ex-divide nd.

New York Curb

(By Atkins, Hamill & Gates) 1:00 P. M. Aluminum Co of America ..

Am Cyanaimd “B” Am 3 aed Hlectiie oun

ier Corp e Petroleum Corp . er

ec I Rutliber

ations Below Subject | to change are oF wholesale prices Irving Al

being fered to s by local commission dealers.)

TT. SLrawberties, Indiana, 4985. Gooseberries: Indiana, 24 t. rate, $4. Oherries, California ings. 15DbOX. Limes—Mexican, Sarton, nanas—Seven App. Winesaps

(fancy Jaskeia) Arizona, EE) iy ue? .Jumbe. as: Balitor :

she Relia $2.

450. Siatchi Brothers fin EE biel A | HE

Uneadaa medium. half’ bushel,

green, round

average,

| itm

: ml

"ig

The cost of living for Indian-|T apolis wage earners and low-sal-'y aried workers is slightly less than | 3M F9

Two items—fuel and light, and 8

ERAGE HERE c=. 5

Youngstown 8-T.

Motors—

Auburn Chrysler

Gen Motors .... Graham Mot . Hudson

the 1923-25 average, the figure for | Hup all items essential to low-income | Nash

Studebaker

Bu i

S u

Yellow Truck ... ‘Motor: Access— Bendix ohn Alum ..... org Warner oh riggs

Ig Elec Auto iLte.. Elec Stor Bat .. 47

mken Roll ... § Det Axle

and Detroit are lower than in In-|&

8 Smelters .. Amusements—

Crosley Radio ..

Fox Loews Inc

Theat

Radio Corp ....

Am Sum Tob Am Tobacco *

was the case Jan. 15, 1936. = This | jaramount

reduction was due solely to the de-| RKO

arner Bros:

Tobaecos—

ce ‘B” 9? en or rs . & Myers ‘B. 108%

Lig Philip Morris

Reynolds Tob ‘B’ 55%

r Br Westing Elec

n A and clothing advanced 5 and 2 per |3". DB

costs during the period was report- | Shi N fected largely by a reduction in [EF

per cent as compared to the .7 fig- MK & T

u : . Union Pac

Equipments —

. 40% ..118% Utilities— :

Peoples Gas di: Pub Serv N J .. S30 C.

/8 Stone & oY shater :

nited Cor

Ot \J

Un Gas Tor

p ~.. 1 t Pwr & Lt - SA”

Firestone Goodrich

Ee Cc

estern Union . 84% Rubbers— : 28% 20%, 25

Rubber .... 29 U 8 Rubber pfd 73 : Miscellaneous— Allis Chalmers .. Am Can 1313,

rv Natl Cash Rex: Owens Bottle Rem Rand

; | Underwood 80

43 Armour 8% a Be

—

Cal Packing

So Ale. . 5 Cont Ser _w. “15% rn Pr

Pins: Fat i Mail's stores 4 Fl

aviation. Corp a A | | woh A gE i

apa sgrenerng ga azse Sax

magesessue WEEE

a a“

gages sos

Sas

gen 3

2 ¥

= EEFEFESE EE

BoENguo ENE was BONS

a era

%: Alles Corp 5s '44

232s

rar |

i | Atl Coast Line es 28 | Atch To!

m Hose . Indus Rayon...

N.Y. ig

(Reprinted From Late Times Yesterday)

(Copyright, 1936, by Standard Statistics)

: WU. 8. GOVERNMENT BONDS = (By Abbott. Proctor & Paine)

Prev. close.

113 308 15

102.23 "10411 31

102. 103.51

3 3 102.15

2%s 1945 Prev. close

Aleg Corp 5s ‘49 -Alleg Cor Ss '50 Am Pe

At] Coast ‘Line 4s ’ Fe sie 48 | »

52 [ & West om 58 6 & Nor. West 4%s ab 5s 47

hesa Cor

Tel & Tel 55 °556 .... Tel & Tel 4's 53°.

N nt 5s 2013 9412 NY Gent pk 2013 (old) .... Nor Amer Oy 8 105%, Nor Pac 3s 20: Nor Pac ie 2047 Nor Pac 6s 204 fama Nor States Pow 5s 1° le Sine

aa Pac 5s '80 Texas Pac 5s '79

Warner ‘Bros 6s '39 ; Western Mary Sls 17 Western Ma ’52 a T 5s 78 .

Youngstown FOREIGN . Canadian Govt 4s '60 Ge! §l2s '65

100 ..105.6

Chicago 20 Stocks

(By. Atkins, Hamill & Gates)

Asbestos Mig Associ

I Ha Sent n

Ys | Good -

Northwest Engineering ‘Perfect Circle Sawin yo BL Dredge | pid

Zenith

Unlisted Stocks

(By Blyth & Co.)

aL en

$283 i

288 .

138885 & FEES

pods FE EEE

Good and choice -. ! Medium

“| (250-500) Good and choice ..

Cattle, Yeas Unchanged]

‘\ Lambs Display Firm Trading Range.

Union Stockyards today were generally 10 cents higher than yesterday’s best-average, mostly as a result of evening up prices with those at sfirrounding livestock centers. Although the general average of ‘receipts at the 11 livestock markets in the Midwestern area, excluding Indianapolis, has been lower this week than in the previous period, shipmengs to the local market connue eavy: Sunieary to the “seare

Lightweights " Demand

Despite weakness in the’ fresh meat market, prices at nearby centers in this area have maintained a firm trading range. Light hogs were prominent among early buyers at the local market today, and demand generally showed: improvement over recent sessions. were estimated at 6500, and holdovers 271, : The top and bulk of choice hogs, scaling from 160 to 225 pounds, held at $10.25 to $10.35. ‘Medium classes, from 225 to 260 pounds, brought $10 to $10.25, while extreme heavies, weighing 300 pounds and upward; cashed in at $9.45 to $9.80. Light slaughter pigs, from 130 to 160 pounds, sold at $9.85 to $10. Packs ing sows held at $8 to $8.75.

Cattle Slaughter Gains

The cattle ‘market, which, with the exception of last year, is the lowest since 1930, continued dull and unchanged. “Few classes of steers available were valued to sell downward from $8. Heifers sold from $7.75 down. Receipts numbered 500. More than ‘4,000,000 head of cattle have been slaughtered at government inspected markets since the first of the year, the largest number in 15 years. Mostly as a result of this and an increase of about 40 per cent in receipts, the current price for lightweight cattle is around $3 lower a hundred pounds than a .year ago and for heavy kinds is $4 lower. May Total Increases total volume of

The cattle

; | slaughtered in May -was the third largest for that month, while the

slaughter of hogs and sheep during

4 | the month was the smallest in sev40% eral years.

With receipts around normal ai the 700 mark, the veal market here continued stationary. The bulk of good and cheice grades sold at $8.50 to $9. Faced with a stronger demand and lighter supplies, lambs displayed a firm trading range. Bulk of spring classes was salable at $10.50 to $11, while the top held

s | at’ $11.50. Receipts were 500.

HOGS -

ne. Bulk. 8. [email protected] S [email protected] 0

10.25@10. 38 Hight lights. | 0-160) Goo d and choice..

Sys

yd and’ choice

sph OO LOVOIVI\MO 358%

"choice... choice. .

eh ped pid jus fd it pon pd 99390000 8 53 pb Ca) mt ED PPD

NOIDD oon

Bey Oedhens 99 093 83 93939393

choice. . choice. .

wm 88 33

Suge 1 Good and choice: . Medium

( 530-900) Choice. ............. $

@o 33

JON TIVAIRNINDAN-0 000.300.3100 mmm

‘3683L 35838 UARASBUAIZVA

(560-750) Choice Common and medium (750-900) Good and c! Common and mediu

833333 3VABRVASVRIBR

G=Idaane

Common and medium Low cutter and cutter Bulls, good Cutter com. and med. bulk .. VEALERS —Receipts, 700—

ARMADA -I00

mse ISNSA 95933 HI 0399393933993

spew

832 HH GO aman B® 8% 388k SE 358%

and ‘common ........

_Common ane medium

Feed and Stacker Datel (500-800) i and choice

a acini 22 3358

a 7

Porker prices at the Indigaciis

the next few months is shown in the production cucrves for 1935 and 1636

curves for 1935 and 1936 to sho

production swing in output is

necessary. Whether the to maintain the gains thus far is occupying

and light industry.

REFINANCING AT SMALLER RATE

Fairbanks, Morse & Co. 4

Per Cent Debentures Are Offered.

‘Public offering of $6,000,000 . of Fairbanks, Morse & Co. 20-year 4 per cent debentures is being made by Lee Higginson Corp. through a group including Blythe & Co. The company’s Indiansgpolis - manufacturing plant is located at 245 S. Meridian-st. The debentures are being offered at a price of 99 and accrued infBrest. Net proceeds from the sale of the issue are to be used prineipally to redeem on Aug. 1, $5,438,500 of 5 pér- cent debentures due Feb. 1, 1942, at 101%. The balance is to be applied to other corporate pur-

poses. “At the present time the largest single activity: of the company is | the manufacture and sale of Diesel and other internal combustion engines for which the markets are the niarine, municipal and general industrial fields. ‘Other products of the company include scales, electric motors, generators. and. magnetos, pumps and equipment, railroad equipment and home and farm appliances. The company’s net income for the year ended Dec. 31, 1935; after all charges including interest, depreciation and Federal taxes, amounted to $1,465,779, compared with a net of $563,847 in the preceding year. The annual interest charges on the $6,000,000 debentures ~ will = total approximately $240,000.

STEEL SHOW EXPANDS

Annual Exposition to_ to Be Held in Detroit, Sept. 2 25. Times Special = DETROIT, June 12.—One ndred and twenty-eight manufacturers of steel and steel making equipment have asked for 40,000 square feet of space for the display - of |. their products -at the annual exposition sponsored by the Association of Iron and Steel Engineers to be held here Sept. 22, 23, 24 and 25. ns represents an increase of per cent over the total space in the 1935 exposition and an increase of 69 exhibitors.

A. . &T. INCOME CAINS

Times Special

NEW YORK, ine 12—The American Telephone: and: Telegraph Co. has reported a net operatirfg in-

come: of $1,856,804 for April, compared with $1,249,158 in the corre-

sponding 1935 month.

STEEL OUTPUT EXPANDS Times Special ‘NEW YORK, June 12 Steel pro-

duction continued to expand this|g

week with the national average. of ingot output up 2 points above last week to 70. per cent of capacity, Iron Age reported. today.

FUEL CONSUMPTION UP Times Special WASHINGTON, June 12. The

-| per eent. below normal.

DISTRIBUTORS MEET “HERE IN CONVENTION Fairbanks, Morse Annual Parley to Be Adjourned Today." “Several hundred distributors" of Fairbanks, Morse & Co. products are in Indianapolis today attending the | first national distributors’ convention by the company which established a manufacturing plant here last March. The convention, which opened yesterday ‘morning, is to: close this evening following several - business ‘sessions to be held in: the Columbia. Club, Distributors = from . almost every state in the Union are attending the convention. “Today's program-is to be devoted to the presentation of an entire new: line of radios. by Parker Ericksen, radio sales manager. W. R. Coperly, advertising and sales promotion manager, is to outline plans for advertising and sales promotion for the coming year.

FOUR STATE CITIES SHOW TRADE GAINS

Indianapolis, Terre Haute ‘Near Normal.

Indianapolis ‘and Terre Haute serve trading areas which are included among 41 of 147 in the: United States where recovery has brought business to Rarmai or not lower than 10 per cent below normal, the Brooke, Smith & French advertising firm announced today in Detroit. . Evansville and South Bend are listed among 31 areas whose business indexes improved 5 per cent or more during May. The company’s survey found the areas in this group making the best gains for the month.

Note General Advance

“May witnessed a general moving forward. all along the natienal ns ness front,” the Brooke, Smith & French report said. “An even 100 of the 147 trading areas of the United States were within 20 per cent of normal at the end of the month. “At no time since recovery started have so many of the nation’s trading areas so closely approached normal business conditions. ' Eleven now stand at normal or above and 49 others are within 15 per cent of their normal line. “At the end of, the month the national business thdex stood at 16 While this was 1 per cent under the preceding month, it formed striking contrast to May, 1936, ‘when business was 31 per cent below ‘normal. 2s

New Bond Issues

(By Lyons & Co.) 3 108%

'60 Gent Ii 35s '60 10! O and Rep mp ais ‘86 101% ‘Un St 4 Yas 63 1 est In 4'29

‘| funding

~ FLETCHER LAND

| BANK DIRECTORS

Action Completes 1 Local Institution’s Plan to. Refund Bonds. Directors ‘of the Fletcher Joint

.| Stock Land Bank have called for

redemption $1,142,300 of 4%: per cent bonds as the final action of the re of the: institution under which approximately $10,« 000,000 of the bank's bonds have been retired “or exchanged into

lower interest yields during the past 18 months.* William B. Schiltges, president of the Joint Stock Land Bank, anneunced today that in the total Suthorisation by the directors all

of .the bank’s 5! per cent, 5 per

cent and: 4% per cent bonds which are callable are included, with the exception of $681,400 of 41% per cent Jbonds due Nov. 1, 1937, which are to be paid in cash at maturity. A completion of the refunding

Mr. Schiltges said, leaves

program, outstanding about $600,000 of 4% per cent bonds and about $800,000 of '5 ‘per ‘cent bonds which are not yet subject to call. None of the bonds in the 81,142.« 8300- will be exchangeable into lower interest yield securities, as has been the case. with a number of other issues called for retirement during the last year. The most recent authorization provides for the paye ment by the bank of the entire amount of ‘$1,142,300. ;

V Bank Is Liquidating The bonds involved in’ the recent ‘|call are 4% per cent instruments, of Nov. 1, 1935, callable in 1935, of May 1, 1956, ‘callable in 1936, and of November 1, 1956, callable in 19386, H. Foster Clippinger, vice presi-

dent of Fletcher Trust Co,; the band department of which has ‘handled

| {the sales of refunding bonds of the

Joint Stock Land Bank, announces that sales of the refunding Bonds, other than those most recently called, have been made in such velume that there will be no additional offerings or exchanges in the retire ment of the recently called: issues. ~ The Fletcher Joint Stock Land Bank, at the peak of its farm mortgage operations, had more than $15,000,000 in bonds outstanding. In the refunding of several of the issues, exchanges were offered holders’ of bonds into new securities at rates of 3% to 4 per cent, the greater part of the new issues carrying a rate of 3% per cent. The Fletcher Joint Siosk Land under congressional enactment, is in liquidation, Sen

INTEREST RATES ON COUNTY ISSUE DROP

Indianapolis House Buys $140,000 © in Time Warrants. Times Special - KOKOMO, Ind, June 12.—The purchase of $140,000 in time Ware rants from Howard County come missioners by the Indianapolis Bond and Share Corp. set a new low In interest rates on short time financing in the county, it was announced today. The bid by the Indianapolis house of 1% per cent on the wsarrants was one-eighth per cent ‘lower than that on’ which the county’s

last note issue was sold, on Jan. 20

to the. Union Bank :& Trust Co., Kokomo. The Bond and Share CoP also offered a premium of Three of the four bids received by the commissioners on the warrants were from ‘Indianapolis. In addition to the suceessful bidder, tend ers were submitted by O. F. Frenzl, Indianapolis, 1% ‘per ‘cent, with premium of $8; Fletcher Trust Co., Indianapolis, 1% per. cent, pre-

06% | mium of $6, and Union’ Bank. and

consumption of fuel and oil used in Ediso

generating power for public utility

plants was increased by 9.2 per cent | I°

during 1935, it was reported today. Investment Trusts

(By Thomas D. Sheerin & Co.)

; : “Bid. Asked, inistered Pund 2d ..$16.68 ~~ $17.75 Filiated Fund ya 1 88 .08 er General

gogew

Kansas P L 4%s f Jones & Laughlin 4 an ‘81 ... 99% Los Angeles 0 ..

Lews eens avan

is dina SAWS SORE

Trust Co., Kokomo," 1%’ Per een, no premium. ;

FACTORY AUTO SALES ‘REGISTER SHARP GAIN

Ssonctan of 30 Pa Bunt than

Pirst Five Months This Year, : Times Special NEW YORK, June 12.—Factory sales of cars by member firms of the Automobile Manufacturers Associa-~ tion during the first five months

jo43; | this year amounted to 1