Indianapolis Times, Indianapolis, Marion County, 20 June 1936 — Page 11

Money Question Is Threat to Party Harmony.

wee BY JOHN T, FLYNN ce

EW YORK, June 20.—The Democrats are getting ready for a nice, noisy, but highly disciplined convention. Can they do it? They probably can as to the major objectives. But there is one subject which has a way of slipping out of control when the Democrafs meet. A Democratic con‘vention is a vast piece of fly-paper which attracts all the moneytheory flies in the nation. From Colorado and Idaho and Nevada and the silver state will come the men carrying the remnants of the great cross of ‘gold. Fram Oklahoma, Maryland, Texas —Thomas from Oklahoma, Goldsborough from Maryland, Patman from Texas—they will come calling for a managed currency. From the Farmers’ Union and points West will come the hosts for inflation. And throughout the ranks of the delegates this inflationary fever will register varying degrees. - It is going to be very hard to keep all these voices quiet. And before the convention is over we may have a grand old Democratic debate on that grand old Democratic subject—money. 2 x =

BANDONMENT of the gold standard by the Administration will of course be endorsed. That will be easy. Devaluing the dollar will also be endorsed. Even the Republicans had to step gingerly on that one. But will the door be left open for further devaluation? Here the argument will resolve itself into what the base for the currency will be. Will it be gold? Or gold and silver? Or will it be commodities? This last is the central point in the managed-currency theory. And there is not the slightest doubt that if the party were left free it would declare for this. Many will tell you that we have a managed curency now. But that is only very partially true. The dollar is made to consist of a fixed number of grains of gold. The President has power to change this content of gold within narrow limits. To that extent it is managed.

Flynn

» » ” UT the managed-currency people want gold discarded as the measure of value. They want the dollar fixed in value and based on the market price of a large number of commodities. The value of the dollar would remain fixed, but the amount of gold for which it would be exchangeable would be moved up and down. The great purpose would be to keep its value constant in terms of goods, so that it would always buy about the same amount of goods. If the party declares for this there will be a real money campaign this fall. How far it goes, on this subject will be the measure of the control which the President exercises over the minds of his convention delegates. Delegates are far more amenable to the party in power than congressmen. Hence the convention and its platform committee may suppress a battle on this point. It is worth watching. For in my . humble judgment, no matter what the convention does, this money battle is going to be fought out in . the next four years. Nothing can

stop it. (Copyright, 1936, NEA Service, Ine.)

Local Securities

(Reprinted From Late Times Yesterday) (By Indianapolis Bond and Share Corp.) he following quotations do not represent a actual bids or offerings. but JSTelY ~jundica the aporoximate market level ased. Me buving and seliing. inauiries or recent transactions

BONDS

2333333353

RL. bry

H Water Wi Trac ‘Terminal &o 8s 57 .

. STOCKS 1t Ral En 7

$ 8S Y Com 52 ook rugs Inc com 174 Be

Mich Elec Co pfd 7s. “108 BSE Rly 99

% A? Hadro to Oo,

Investment Trusts

{Reprinted From Late Times Yesterday) (By Thomas D. Sheerin & Co.) Bid.

Adm giinistered Fund Mn ... 98. 81 iliated 1.89

American od 1B ities: 06 American Business Shares 1.14 Bull Pund Li AT%

ock d . *Broad Street Investing. . 29.46 Century Shares Trust ... 26.60 tera] Tr Sh “A” ?

eS. error ann Stan a. ERs 222888333%

Syauanay

ne!

ad wes ids

Bi 22 ¥

INEW ANDERSON

MILL TO OPEN

Crew Rushes of Machinery in Greer Steel Plant.

Times Special ANDERSON, Ind., June 20— Operations in the new Greer Steel

start next month, R. W. Shoemaker, general manager, announced today. Several carloads of equipment and- steel recently have been received at the plant. Presses and and annealing ovens are being installed and are to be ready for use in about two weeks, Mr. Shoemaker said. Thirty-six persons are employed at the factory in an effort to get it ready for operations as soon as possible.

Battery Firm Formed

Rolling mills are to be installed this fall, the manager said. He added that the local unit of the Greer company is to be one of the most modern strip steel mills in the country, Formation here of a firm to manufacture a new type of storage battery also was announced today. E. F. Dice is to head the Electrical Products Corp. which is to utilize the 8000 square feet of floor space in the building formerly used by the Anderson Battery Co. When the new industry reaches peak production, Mr. Dice said, it is to have about 50 men on its pay roll. Machinery is to be installed at once.

LYONS & CO. TAKES NEW OFFICES HERE

Brokerage Firm to Open at 40 N. Pennsylvania-St.

Forma] opening of new offices by W. L. Lyons & Co. Indianapolis brokerage firm, at 40 N. Pennsyl-

Russell M. McDermott, Indianapolis resident manager, announced today. : Modernization’ Work; including the installation of an indirect lighting system and other improvements of the latest design, has been completed by Schook & McGuire, local architects. The firm is a member of the New York and Chicago Stock Exchanges, the Chicago Board of Trade and other principal exchanges. Prominent financial figures such as Dr. Herman Baruch, senior partner of Hence & Co. Chicago; Siebel Harris, senior partner of Harris, Burroughs & Hicks, and vice president of the Chicago Board of Trade, and WW. L. Lyons Jr., who holds the firm’s membership on the New York

the opening, Mr. McDermott said. The company, which was organized in Louisville in 1878, is one of the oldest financial institutions in the South. The Indianapolis branch office employs a staff of 14 persons, Mr. McDermott said.

[PUBLIC IS INVITED

TO INSPECT HOMES

New Houses Completed by FHA to Be Open Sunday.

Two houses, recently constructed, are to be opened for public inspection in the ‘morthern section of the city Sunday. A model home at 5230 Kenwood-av, the twelfth

of a group constructed under direction of the Federal Housing Administration, is to be open from 2 to 9. William L. Rice, Indianapolis contractor, is in charge of the home, which is to be furnished for the inspection period by L. S. Ayres & Co. The other house, located at 5133 N. New Jersey-st, completed by the FHA, is to be open for inspection from 2 to 8 by Gregory & Appel, local realtors: This home was, designed by Orval Williamson, *InUianapolis. .

ZINC OUTPUT HIGHER Times Special

Two

zinc production amounted to 137,383 tons during May, against 131,367 in April and 123,807 in May, 1935, the American Bureau of Metal Statistics reported today.

Busigraphs TREND OF FACTORY_PAYROLLS (U.S. DEPT. OF LABOR).

-—e emenn, Less f ty caer’

INDEX FIGURES

Co. mill in North Anderson are to|U

vanid-st, is to be held Monday, | RKO

NEW YORK, June 20—World|J I Case

“SATURDAY, JUNE 20, 1986.

aA wR

New York “Stocks

(Reprinted From Late Times Yesterday) | ar

(By Thomson & McKinnon)

IN TWO WEEKS ==

2 Cont of Del Installation | Fisusten,

io 65% . 27% 5. 18%2 . obo Ludjum Steel McKeesport Tin. 1014 Stee i Quis

U 8S Steel U 8 Steel pfd.. n Bros .. Warren Pipe-Fdy Youngstown 8S-

Motors—

Cnrysler Gen Motors ....

Studebaker : Yellow Truck ..

Motor Access—

Mig Miec Auto Lite.. Elec Stor Bat .. Greyhound “B’. Houdaille Murray Pody . Stew Warner ... ‘rimken Roll . Timken Det Axle

Minipg— Alaska Jun Am Si

Cal & Hecla .... Cerro De Pasco:

61 16%

13%, 28Y2 ‘9 34% 9

54% va 149 oo 02% Ys 49 v4 isl Creek Coal... 2i Kennecott Cop .. 387% McIntyre Mine.. 43 Park Utah 3% Pneips Dodge .. 34 St Joe L 24% US Smelters... 88 Vanadium 19%

Amusements—

Crosley Radio... Loews Inc Radio Corp Paramount

27% 46 14% 8% SVa warner Bros.... 9% Tobaccos—

Am Snuff 65 . os 90% ve. Y8Y gen cigars .:.. by Lig & myers ‘B’. Igats Lorillara Pnihip Morris . Reyn 100 ‘8’

Rails Atchison

. bv

K S pe Lehigh valley .. Lou & Nasa . foe MK &T

Stock Exchange, are to be here for ME

Union Pac West Maryland .

Equipment{s—

Am Brake Shoe. 47% Am Car & fay.. 36 Am Steel Fdy.. Salt Loco

13 8%

Westingh Utilities— Am & For Pwr.. 7% Am Power & Lit 12 a TS EW 168 237 . 20% . 8 « 36% 16% “9% 14%,

fia

int Hydro Elec. Interboro R T .. Int T &T 14% Lou G & E “A” 221; Nat Pwr & Lit.. 11% Non, Amer .... 293 Pac G & E .... 38% Peoples Gas .... 433% Pub Serv N J.. 45% S50 Cal Edison.. 2872 5td Ges 6% Stone & Webster 19% United Corp 3% 18%

n Gas Ut Pwr & Western Union., 85%

Rubbers— Firestone

oodyea U Ss Rubbe 293% Us Rubber ‘pfd M4Y, Miscellaneous—

Allis Chalmers .. 46% Am Can

1 Am Mach & Fdy ag

Anchi Briiyn Man Tr. 49% Burroughs Add.. 130. >

Contl Can 8% Caterpillar Tract Bn Crowa Se. Cork

H ®

8 38

ot 1

Bosses FEESEEE

PEERY

33% | Monsanto Chem 15% Natl Dis (new). 38

ga i a ; gmpmeisile wer: 3

Aviation Lory - Boeing Aire:

Curtiss 6 Curt Wright “A” 15%

Dis |... 43% Tox Gulf Seloh. 364 U 8 Indus Alcohl 37%

syaeyeyyicinls - mvazoon,

U Drie (new) 1 n . Vie 4

Tr Contl Corp .. Building—

Am ‘Radiator .. gen Asphalt . Holland Pur ... Int Cement cao. 47% ohns Manville 100% Libby Slany Gils 17 Otis Elev 26%

- N%

Household—

Col Pal Peet ... 13% Congoleum .. 3 Belvinator

Proc Servel Inc Simmons Bed .. 30%

Textiles An Bel

Cel Co Gotham Hose .. Indus Rayon ... 20% Kayser Julius .. 28

N. Y. Bonds

\ DAILY BOND INDEX (Reprinted From Late Times Yesterday) (1926 Average Equals 100.) 2 20 20 60 .. Rails Util. Bonds

oday Your day Week Ago Month, Ago Ha iin g 1936 Low 90.0 103.5 (Copyright, 1936, by 0 I Stina

U. 8S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys . : Prev.

1947-52 1 .

08.15 rand the Firestone interests have 2

DOMESTIC

Alleg Corp 5S "44 «cocoa.ivonse Alleg Cor 5s 49° Alleg Corp 5s ’'50 Am Frgn Pow 5s 2030

Arm & Co (Del) Atl Coast Line 4s i Atl Coast Line $s Atch T 15D & . Am Rolling Mils vas 45 ....11 Batt & Ohio 6s °’

Can as TK 4s

i ky & So 4Y%s '80 cesesss T4Ys

erntl Hy Elec 6 erntl Tel & Tel erntl Tel & Tel Steel 4s ’65

Cent 5s 2013 N Y Cent tas 2005; (old) Nor Amer C

Sssesssennes

SR Guaranty

sre errasaassiSD

Tse er esissssecnnsnna.

% Jossined with

Jar] js M Ya ite Drug. 1 Lincoln

sevarassecanenessnes sressnsedPussssn

spessuauaEay cegmige

| merase wets

RUBBER TREES _ T0 BE PLANTED IN COSTA RICA

t . (Copyright, 1036, by United Press) . WASHINGTON, June 20.— An-

Rica, it was learned A in official ar Under a contract made by “Goodyear Plantations,” a subsidiary of the Goodyear The and Rubber Co. 1000 acres of will be planted this year. Rapid expansion is en . ‘The concession was the Costa Rican govthe aid of the Amera legation-in San Jose.

’ Agreement Lasts 20 Years The contract provides that the Goodyear Co. shall have free im-

port and export rights and enjoy concessions on taxes. The company promises the Costa Rican gov-

Goodyear Joins Move fo] Break Foreign Control |

PAGE 11

Engineering construction awards for the late week were $57,621,000, the highest since the week of Jan. 9. Both private and public work almost double the volume for the corresponding week last year.

S ION

New Bond Issues

(Reprinted From Late Times Yesterday) (By Lyons & Co.)

Columbus Raways A 85 .... Columbus Railways 45 "65 . a Conn River B & L 3%s 81 . Contsolidated Ed 3Ys Consolidated

ernment 500 each of three different |'Cudahy 3%

types of rubber trees. The agreement is for 20 years. Negotiation of the concession followed an experiment of the Good-

year interésts on a 1000-acre tract |]

in Pamam&” which is reported to have proved very productive. . One interesting feature of the’ Central American rubber experiment is that both concessions include land which previously had been used for bananas but had been abandoned.

Anticipate High Yield

It is understood the Goodyear interests are planting a type of rubber tree which has several times the yield of the ordinary variety. Clearing and planting of the 3 | Costa Rican plantation already has been begun. It requires 10 years, however, for rubber trees to produce. In addition to the Goodyear: projects, two others are now being car-. ried on by Americans outside the East Indies. Henry Ford has a 3,000,000-acre plantation in Brazil

planted a large area in the little African republic of Liberia.

Monopoly Broken

edium Interest of American automobile | Medium

and tire manufacturers in producing their own rubber became acute a decade ago when, under the Stevenson plan, the British and Dutch

gained a monoply of rubber and P

sent the price skyrocketing to around $1.20 per pound. Tire builders” here “were almost entirely dependent on them. As a-result, the then Secretary of Commerce, Herbert Hoover, started a national campaign for the remelting of used rubber; industrialists began looking around for plantations of their

Jown and eventually the -British4 | Dutch monopoly was broken.

Chicago Stocks

‘(Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates)

J. D. A

dam. Advance a sbes!

Comonwesith Edison Saath Cord 7% Co

General Bohsehold, Godel Sg gar pn’

& L ] Printing Lion Oil Refining Loudon Pack

Musk Motor 8 S Nat G Nob’ Sparks

west Banco c Service of Dr

5 i

3a fh

New York Curb

(Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates)

Aluminum Co: of America. eee 120

7 | the spring of 1936

irbanks Mosse “eb Towa South Util

as eles G nt “ 45 .- Minn Gas & Gas Lite 4s '50.. Monon W ES 428 1 N Y Cent 3 BE Natur

West Penn 312s 71 Wis Pub Serv 4s '64

Local Livestock

(Reprinted From Late Times Yesterday) HOGS Top. $10.25 10.35 1040 1 ~ 5500 1045 - 10.58 5900 .$10. a1. 55

June, 13.

Bulk. Receipts.

1500 5500 7500

10; [email protected] - Light lights (140-1 choice.

eves ine 10. obi; 50 a choice. [email protected] choice.. [email protected]

choice.

00 wm ot

Sat amma nd @ gisss 2

oo -y 85 9885 89

@® 3003-30000 30000

Seabstaghiab $2238 SeagsseniaYs

0950339599899

(550-750) Choice ......... wins Good $

Common and medium (750-900) Good and ehotce. Common and medium

PIN -30

g3zaz 38323 ~300-30000

Good Common and mediu Low cutter and cutter Bulls,

09388 63393

nh aoa o NW ANON

VEALERS EL euipts, 600 Godd and choice ...

ae 388

68 60880 68 693

(250-500) Good and choice ... Common and medium ooo oer and/ Stocker oap ) Good and choice..

Ean NPM BN SND

tana a838 82 343k bg

a oo

SHEEP AND LAMBS —Receipts, 600— Spring lambs choice Good

9.75

825|1

7.50 3.00@ 3.75 and medium 3.00 (Sheep Pana lamb We on pped

Note—Effective June class!

lambs Zorn in

as yezriings.)

%|BANK CLEARINGS RISE

Gain of 9.2 Per Cent Reported for Week Ended June 17. Times Special

cl 2 ar ings » cities in the United States for the

week ended June 17 amounted to $6,439,731,000, compared with $5,899,502,000 for the same week a year 380, an increase of 9.2 per cent, Dun & Bradstreet announced today. The moderate increase contrasts

Bh 8 gain of Ja2 Der cans

100% |'

J elons—Florida,

[email protected] : 73010 25 Pe

ANNOUNCE ISSUE OF DEBENTURES

Business Machines Corp. to Retire Qutstanding Bank Loans.

Times Special NEW YORK, June 20.—Plans for issuing $10,000,000 of 3 per cent 10year debentures by the International Business Machines Corp. was announced today by Thomas J. Watson, president. The 10 million of cash provided by the sale is to be used to retire the company’s outstanding bank loans, to be used as working capital, and to provide for a sinking fund commencing June 15, 1941, or earlier, of $800,000 a year.

Declare Quarterly Dividend

The debentures are redeemable out of sinking fund moneys at par; or from funds otherwise available from profits, or in connection with any refinancing for additional capital, at 101; otherwise, at a premium of 5 per cent, on or prior to June 15, 1937, such premium diminishing

one-half per cent annually thereafter. Mr. Watson also announced that the directors had declared a quart®ly dividend of $1.50 a share, payable Oct. 10 to stockholders of record Sept. 22. He said the action was taken at the June meeting for fear a quorum would not be present

2% |in August.

The company advertises the fact that its products are used in 79 countries. It operates plants in Endicott, N. Y., and Washington, and has other plants in Canada, Germany, France, England and Italy.

On Commission Row (Reprinted: From Late Times Yesterday)

(Quotations below subject to change are average wholesale prices on. & offered to buyers by local commission dealers.) —Strawberries, Indiana, 24-qt. . _Gooseberries, Indiana, 24-qt. Cherries, California Bings, 15a $2.75. Limes Mexical, carton, 20c. Bananas—Seven hands pounds, 5c. Apples —Winesaps (fancy baskets), $2. Lemons— Sunkist (300s) 1.50. Cantaloupes— Arizona (vine r ripened jumbo, $4: standards, $3.75; Cali nea Hale (vine ripe ened) jumbo, $3.5; jumbo flats, $1 aterrn et sone], $1.25

ene green, round stringless tamper) $1, ans, Beets—Home wn, doz, 35c. Carrots—California {- Cauliflower—Californi —Florida on c. Florida—(4s, Cucumbers—Hot-

Plums—

Corn—5 doz. , $1.85. g Plant— Florida (doz.). $1. 50. ' Rale—Virg Ria rH ) California best leaf (15-1b. rs—Mangoes (hamper), 85c; doz., 30c. nt—. 50c. Onions—Texas Bermuda yellow bag, $1.25. Sonthels (large bunches), (doz.), Eoomstel Soc washed bushel, 90¢; hat -bushel Peas—California, hamp2.1 Potatoes a Lichigan Round $3.25; new Triump " Sweel Potatoes —Ten:

25¢; b—HotTurnips al airs Hom To Mississippi, orig. (68) Tug. $1.75.

Produce Markets.

Shepeinied From Late Times Yesterday) ices pSuoted are paid for stock a country, while delivered n by Dodignapai Ln he le price is a cent higher. Isegh reed

i 2 dos. Tend 8 Ts full feathered.” 18c: Dre

bs. back brofiers, ea 3c: old cocks,

8c eke, white, 5 lbs, yped over. Tc: geese | Dec

eathered, all sizes, 1 ineas, 1% lbs. and up, 16c: “No. 1 strict fresh sgus oss off, 17¢c. delivered in Indianapolis. 18c. Each full casé must yelgn 55 ibs. gross; a oa a of 10 ls Found under 55 lbs, will be m a1 butter, 33c@34c;: No. 2. s0@stc: 0 at 28c¢. ——————————————————————

LOCAL CASH MARKET

oy! grain Slevators, are yPaying 87 cents for . ae whea! gr; on their me Cash rr new hig 3 yellow 57 cents yo oats 17 a nts.

RISE IN INCOME PREDICTED FOR STOCK RAISERS

Conservation ‘Program and Economic Recovery to Benefit Farmers.

Times Special URBANA, Ill, June 20—Larger incomes for livestock producers if business continues to improve at the present rate was forecast here yesterday by Dr. A. G. Black, Bureau of Agricultural Economics chief, in an address before the American Institute of Co-operation. “Economic recovery, both here and abroad,” he said, “may prove to be an ally in the effort to conserve soil resources, to an extent which may brighten the color of the livestock picture greatly. Since 1933 almost continuous improves= ment in business: conditions has oc= curred. National income in 1936 probably will be about 25 to 35 per cent greater than the low level of 1933. /

Factors Indicate Better Demand

“Prices and income received by livestock producers generally have advanced with any marked ime provement in domestic demand, Whether the improvement in dee mand conditions will continue dure ing the next several years is, of course, not certain, but factors are now more favorable than for many years. “Should the improvement cone tinue, as many observers expect, any increases in livestock produc= tion which are likely to occur will be accompanied by a corresponding or even greater increase in demand. Incomes of livestock ‘producers should, be increased as advantage is taken of this increased demand. In addition incomes of livestock pro= ducers from marketings will be augmented substantially by the grants made for soil conservation under the program.” ’

Farmers Can Reduce Costs

Dr. Black said that another effect of the programs—involving a shiff of approximately 28,000,000 acres from . intensive or soil-depleting crops to extensive or soil-conserve ing crops—will be reduction in proe ducing costs. “We can look for some definite reductions in production costs on farms of every type co-operating in the programs. And from this source we can expect a substantial effect on income in terms of a reduction in dollars paid out.” Some increase in numbers of cattle and hogs would occur in this and years to come irrespective of the program, he said. He stated that the program will have the effect of causing the increase to be somewhat less than would have occurred with out a program in the case of hogs, while in the casesf cattle the increases may be somewhat greater as a result of the program. But al though numbers of cattle may be increased; aggregate tonnages . of= fered at markets may not be -increased by the program.

Sees No Change in ‘Dairy Prices

“Analysis of the factors affecting changes in prices of dairy products indicates that changes in produc= tion resulting from the programs will not be sufficient to have any important effect upon prices or ine comes received by dairy producers.” Dr. Black said. “This view is supe ported by the fact that local consumption of dairy products will be stimulated in the South and in other areas where increases in proe duction are most likely to occur.”

CONFECTIONERY SALES OFF Times Special WASHINGTON, June 20.—Sales of confectionery and competitive chocolate products totaled $14.240,«

"763 during May, against $15,796 ,708

in the like period a year ago, ace cording to reports of 300 representae tives to the Department of Come merce.

CHICAGO GRAIN FUTURES (By James E. Pennett & Co.)

, Low. 92% 94% 95%

MONDAY,

REMOVAL NOTICE

We Are Pleased to Announce the Removal of Our Office

from 514 Circle Tower to

40 N. PENNSYLVANIA ST. GROUND FLOOR

JUNE 22

W. L.LYONS &C

Established 1878

= MEMBERS NEW YORK STOCK EXCHANGE AND. OTHER PRINCIPAL EXCHANGES

MR.RUSSELL W. McDERMOTT