Indianapolis Times, Indianapolis, Marion County, 25 June 1936 — Page 18
\
in business, bad banks and bad
Expects G. 0. P. to
PAGE 11
: ing ending May 31.
a.
This was 837 more units than
same company shipped in the entire preceding fiscal
year.
Disregard Its Platform
BY JOHN T. FLYNN
WJEW YORK, June 15—The Re-
. publican platform, like the
Democratic convention of 1932, was not for anything in particular. The convention that nominated Roosewelt was against Hoover and the
. The Cleveland convention was against the New Deal. For this reason its platform will
4 mean nothing, just as the Demo-
cratic platform of 1932 meant nothing. That is why the 1932 Democratic platform has been so generally ed by the Administration. The Democratic platform of 1932° was made by men who simply refused or were unable to look a few months into the future and visualize the circumstances with which they would have to deal. The G. O. P. platform was made. by men who similarly refused to look ahead and ascertain what the coming four years will bring. Certainly, on the face of things, the Old Guard seemed to be out in the cold. In Ohio, Walter Brown was turned down for national committeeman. In New York, Ogden Mills was rejected for the platform committee. Landon’s backers advertise him as a progressive. With William Allen White championing his cause he seems to be. One note which dominated the convention was assurance that “we can’t go back to the old days.” » n n
UT it is hard to find out just what that means. What are the “old days’ to which we must not “go back”? The old era of stock speculation, stock selling, commodity speculation, dishonesty
banking practices and the shameful inequity in the distribution of our national produce? No one in Cleveland seemed to have any specific plan for not going back. The leading and most militant progressive, Willlam Borah, demanded four things—state control of its own affairs, the tariff, strict antitrust laws, no mixing in the affairs of Europe. It is not easy to see how these will keep us from going back. The biz issues are: What are we going to do about these 12 million men who are out of work? What are we going to do about this 33 billion dollars we owe? |
8 # =n : HAT are we going to do with
MILD RECESSION IS EXPECTED IN SUMMER TRADE
{Fall Election to Have Only | Small Effect, Weekly Review Says.
Times Special NEW YORK, June 15. — Election
qualms are apparently not going fo be much of a factor to business this year with the usual summer recession scheduled to be mild, followed by a pick-up in the fall, said Business Week's Review today. Some of the consumer lines like shoes, furs, dresses and millinery are more concerned now about fall presentations than current output which has begun to taper, according to the magazine’s weekly report. Industries such as steel, tractor manufacturers, construction, machine tools, tin plate and rail equipment are showing surprising stability, the survey stated.
Railroads Make Purchases
“Cool weather, and in some spots like the Southeast and spring wheat country, drought conditions, now broken, have retarded retail sales,
but for the country as a whole, volume is satisfactory,” the article said. “A number of mail order and chain firms reported last month's sales as breaking all records for May. “Buying by railroads continues to please the steel industry and equipment builders. A 10,000-ton rail | order from Missouri Pacific lends | support to the view that a secondary rail-buying move is in view. May ireight car orders, according bo Steele, jumpasd to 8900 units, { bringing the first five months to [22,909 compared with 1182 in the same months of 1935. This volume exceeds the entire year 1935, and comes close to beating the entire year 1934 when government funds were available for buying equipment.
Copper Sales Increase
“Copper sellers who have been looking over the recently published list of last year’s customers are gratified to note the 21 per cent increase in their joint purchases. “Motor plants are not rushing to cover 1937 requirements before the price increase goes into effect on July 1. Some unhappy experiences with heavy stocks of steel .products in the last few years proved that it was wiser to buy materials when required. “Air-conditioning manufacturers
report a decline in orders booked for air-conditioning systems in
this vast load of private | debts which weigh down our na- | tional economy? What are we going to do about |
the low wages below the level of | subsistence paid to millions of Americans? What are we going to do about these thousands of bankrupt and half bankrupt communities? What are we going to do about the dangerous maldistribution of income? What are we going to do about the banking system which has not been improved, merely guaranteed by the government? What are we going to do with a government paralyzed at every point at which it seeks to deal with its economic troubles by constitutional prohibitions? (Copyright. 1838, NEA Service, Inc.)
Investment Trusts
(By Thomas D. Sheerin & Co.)
Bid. Asked. Administered Fund 2nd... $16.61 $17.67 Affiliated Fund, Inc. ... 1.88 2.06 American General Equities. 1.04 1.08 American Business Shares . 1.14 1.24 Bullock Fund, Ltd. : 19%, ad Street Investing .. 29.38 31.42 Collateral Tr Shares “A” . 6.52 a Cor “AA” or ‘Accu’ (Mod) 3.368 3.39 Cor “AA” or “ACC” (Unmod) 2.70 2.713 Cor Tr Shares (Orig) _ .. 2.19 2.82 Diversified Tr Shares “B.. 0 . versifi Tr Shares ON. versifi Tr Shares “D".. ividend Shares, In General Investors
» bday |
Market St Inv ‘Corp Maryland Fund Massachusetts Investors Nation-Wide Sec Co “B”.. : on-Wide Voting vive North Amer Tr Shs 195... No Amer Tr Shs 1956 .... North Amer Tr Shs (Orig) ly Income Shares... d Amer oe 0 Am Shares (Orig). Cumulative Shares Income Shares ... St Invest Corp ... Am “AA .
wi bd ° PDO. DMM Ne ah Sire Res wn 00 533 BHD OOD IIRd ,
Baw: rr war
3
Vv ines Tr Stand Invest “D’.. ... United Standard Oilfunds.. Uselps “A % el “8 Uselps Voting
On Commission Row
ubject to ch are Ee re 1 1s
eaters.) at 24-qt.
Cherries, California Bings, 1 carton, 20c.
S85rB8aBslsERYRYeEEY - ~
1: Reseels abighoa au
Tt Rts bob
me Sa Tupes, . ju ; - + California Hale (vine ri ) 7s: Jumbo" fats. $1.75. Water-
bushel, as $2.50. Eo — Bes green, round ~ stringless (hamper). $1.75. Beets—Home os. LO alifornia 6- . cratey,
iflower—California (doz), Florida— gn 10s Stats), 33.0, -
¢ Ve dos,
April compared with March, but the four months’ total of more than $5,500,00 is indicative of the good hold this new industry is attaining.
Head Off Unionization
“Labor is getting considerable attention from executives of steel and motor industries, where possibilities of an organization drive now seem far from remote. Voluntary offers of vacations with pay, made recently by many steel companies may rob unionization drives of some steam. “May returns on sales by chain stores show unexpected gains over a year agu. Montgomery Ward, J. C. Penney, and Spiegel. May, Stern report sales the largest for the month in their history.
first 19 business days are better than those released for the first half of the month. Residential contracts are ‘maintaining the same pace as earlier in May, running 7 per cent ahead of April'and 60 per cent ahead of a year ago, but there has been a marked improvement in non-residential activity and a smaller gain in public works and utility volume.” :
14 INDIANA FARMS SOLD IN 2 WEEKS
Liquidations by Land Bank Amount to $47,600.
Fourteen farms were sold in Indiana by the real estate sales division of the Federal Land Bank of
Louisville during the last two weeks of May for a total of $47,600, Clar-
For the entire month of May there were 72 bank-owned farms sold in the state of which 19 sales, or 264 per cent of the total, were
Manion said that
the period May 15 to 31 Bank received 68 applications from Indiana for loans totaling $321,700.
C “Construction records for May as reported by F. S. Dodge for the |D2¢
made to World War veterans. Mr. | A
DAILY AVERAGE 300 COMMON STOC
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+» -d wa -_ weal wool of on
New York Stock Exchange Prices
Oils— Atl Rig Barnsail Consol Oil Cont of Del .... Houston (new).. Mid Cont Pet...
Ohio O 13 Phillips Pet .... Pure Oil ....... 11 Seaboard Oil ... 3 Shell Un
High 28 Ya
Low 28% 16% 1
Texas Corp .... 3 Un Oil of Cal .. Am Roll Mills .. Beth Steel Cruc Steel . ... Rep Iron & Steel 193% U 8 Pipe & Fdy 39% U S Steel -.. 627% U S Steel pfd . 125 Yngstwn 8 & T 62%
Motors—
Auburn Chrysler ......... Gen Motors .... 6 Graham Mot ... 2! Hu
eo Studebaker .. Yellow Truck ...
Motor Access— Bendix ......... Bohn Alum .... Borg Warner MI Budd Mfg 1 ! Budd Wheel .... { Eaton Mig ..... Elec Auto Lite.. Elec Stor Bat... Hcedaille Murray Body ... Siew Warner ... Timken Roll .... Timken Det Axle
Mining—
Alaska Jun Am Smeit Anaconda Cerro De Pasco Lome Mines ..., 59 Howe Sound ... int ‘Nickel * . Kennecott Cop . Mciniyre Mine. Park Vo .aeips. Dodge. . St Joe Lead ... 2%
Amusements— Crosley Radio . rox Theat ....
Radio Corp .... Paramount RKO
Tobaccos— Am Sum Tob. . Am Tob “A”... Am 1ob “B”.... Gen Cigars = Ligg & My “B” 108% ‘Lorillard =... 22% + Philip Morris 83 Reynolds Tob B
Rails— Atchison B&O
1d sel Gt Northern pid Satta] 2 u
N Y New Haven Nor Pacific Penn RR ... Sou Pac Sou R R
West Air Br . Westingh Elec Utilities— Am & For Pwr . 7% Am Power & Lit 1214 AT&T 69%, Am Wat Wks .- { Col Gas & Elec . Comm & Sou ... Consc El
.. 40% 115%,
Stone & WwW, yp United Cora"
Un Gas Imp Ut Pwr & Western Onion)
Allis Chalmers . Am Meh & Brkiya Man oy a
Crown Cork .. . . LH
sed on recent RT
BO
£ Go'tue
NDS Yas 3
43 ‘40
58
a
(By Thomson & McKinnon)
Noon N.Y.
% 33%
16% 127Y,
27 31% 3%
50 © 39%
40% 115%, Z 7%
Local Securities
103 103
3
i
ey Hi
| Worthington Pm
| Tr
22
pagan
79
Inter Harv... Natl Cash Reg . Rem Rand van
24Y, . 20 Underwood E
9% 27Y2 Foods— Am Sugar Armour Armour 6% pid. Borden Prod .. Can Dry G Ale. Coca Cola Cont Bak Corn Prod Cub Am Sugar .. Gen Baking ... Gen Foods
Ward Bak “B”.. Rétail Stores— Stores .. Allied d
Jewel Tea Kroger Groc .... 3
Aviation— Aviation Cor Boeing Aircf Curtiss Wright Curtiss Wright Douglas Air .... Nor Am Av
Sperry Corp .... Unita Alreft New Chemicals— Air Reduction .. 68% Allied Chem ....1 Col carbon Com vents ... Du Pont cee. 1479 Freeport Tex .. Math Alkali .... Monsanto Chem.
24%2
go U S Indus Alcohl 34% Drugs— : §ierline Prod .. 69%
n Drug (new). Zonite Prod ...
Financial— Adams Exp .... Allegheny Corp . Am Int Corp ... Chesa. Corp
Transamerica ... 137% Cont Corp .. 87%
18% 282
15% 41%
Building—
Household—
Col Pal Peet . Congoleum Kelvinator .... Proc & Gamb .. Servel Inc... Simmons Bed .. Textiles—
Amer Woolen .. Beldi Hi + Ce! I
sotham Hos2 ... 10 ndus Rayon 29%
(By Lyons & Co.)
Asso Tel 4s '65 1 B & O 4'2s 65 . . . Brooklyn Edison 3%s '66 Brooklyn Edison 3%s ’66 Cal Ore Pwr 4s '60 Cent Maine 4s ’60 Cent Ill 3%s 60 ... C & O and Rep Imp Chicago Un St 4%s ’ Chi West In 4%s ’62 Cinn Un Term 3%s ’'71 Cleve Tlec Illum 334s ’6 Cleve Tractor 5s ’45 .... ..:. Columbus Railways 4s ’65.... Conn River P & L 3%s '61.... Consolidated Ed 3Vas '46 Consolidated Ed 3'%s Consumer Power 32s ’70 Cudahy Pkg 4s 50 ........... Eastern Gas Elec W 4s ’56 Edison Illum 3%s 65 ... .° Fairbanks Morse Deb 4s ’'56 Iowa South Util 52s ’'50 Kansas P L 4's ’65 . Jones & Laughlin 4's ‘61 .... | Los Angeles G & B 4s '7 Maine Cent 4s. '45 Metro Ed 4s '65 . ....... ...1 Minn Gas & Gas Lite 4s '50...104 Monon W Dr 4Y%s ’60 1 N Y Cent 3%s ’46 . .. Okla Natur Gas 4's ’61 Pacific Lite 4%s ’45 Pacific G & E 3%s ’50 Penn Tel 4s ’65 .. Pub Serv N H 3%s 60
West Penn 3%s ’71 Wisc G & E 4%s 6 69 Wis Pub Serv 4s ’61 Ya
N. Y. Bonds
(Reprinted From Late Times Saturday)
DAILY BOND INDEX
Today Yesterday Week Ago .... Month Ago .... Year Ago 1936 High 1936 Low 0. (Copyright. 1936. b,
~N ¥
20 20 60 Rails Util. Bonds;
Standard Statistics)
U. 8. GOVERNMENT BONDS
«By Abbott. Proctor & Paine) Treasurys
1947-5:
3s 1942-47
|
101.14 101.14 102.22 102.21
Federal Farm Mortgage Corporation 103.2¢ 103.24
(By Atkins, Hamill & Gates)
Advance Aluminum Allied Products Associated Investors ... Bastian-Blessing Berghoff utler ers. . .. Cent Ill Pub Serv pfd 1 | Chicago Yellow Cab Cities Servic: 3 Commonweslth Edison or
rane. ......... Blectric Household ....,...... 13¥ Grt Lakes Dredge ... vie Jarvis Mig Katz Dru Lincoln Printing Loudon Packing Nat Gypsum Northwest Bancorpo Northwest Engineering Standard Dredge pfd Williams Oil-O-Mati Zenith
- New York Curb
(By Atkins, Hamill & Gates) : 2
Am Cyanamid “B” ... Am Gas & Electric ...
tlas rp es Creole Petroleum Corp .
82% Crocker-Wh Bo:
Niagara Hudson Pwr ... se ‘see? oor a ores p -
: color Inc . Tubize Chatillon Corp - Wayne Pump :
2 FRANCE ‘REGRETS’ INABILITY TO PAY is
iy Finland Only Nation Among
13 to
By United Press PARIS, J
Meet Obligation.
New Bond Issue
14 25%, 45%;
9%
29%
Ask. 05% 99
4 lambs, $10.50; c
Chicago Stocks
une, 15.—France owed the United States $71,239,706.84 on
SWINE MARKET
| tically all classes in the cattle mar-
: ‘Cocoa was a feature, rising to twoyear highs. Cotton futures reached Me
a'
TURNS UNEVEN AT CITY YARDS
Prices Steady to 10 Cents Higher; Veals, Lambs Stationary.
With an improved demand prevailing for medium weights, prices were generally 5 to 10 cents higher on hogs ranging from 160 to 235 pounds today at the Indianapolis Union Stockyards. Other classes, including light lights and heavyweights, remained unchanged at last week’s close. Although receipts held at a normal figure — estimated at 5500trading was fairly active after the opening as demand showed si of firmness from both, local and outside interests. Holdovers numbered 154. The general bulk of 160 to 235 pounds cashed in at $10.10 to $10.35, while medium kinds, scaling 250 to 300 pounds, sold at $9.55 to $10. Extreme heay butcher classes, 300 pounds and upward, brought $9.10 to $9.55. Light slaughter pigs, from 130 to 160 pounds, held at $9.85 to $10.10. Packing sows remained at $3 to $8.55.
Cattle About Steady Developments were slow on prac-
{ ket. Most early bids were slightly lower with sales of steers, heifers and cows largely steady. A few
yearling steers sold at $7.35, while heifers ranged downward from $7.65. Beef cows held at $5 to $5.75. Receipts numbered 1300.
Veils, which showed only a slight change throughout the past week, continued to maintain a steady trading range. Bulk of good and choice grades sold at $8.50 to $9. Receipts were 600. ae Despite scant supplies available, the lamb market remained fully steady with Saturday’s best average. The bulk of good and choice spring lambs were salable from $11 to $11.50. The top held at $12. Fat ewes also were unchanged, selling at $3.50 down. Receipts were 400.
Other Livestock
«By United Press) CHICAGO. June 15. —Hogs—Receipts, 16,000 including 5500 directs, mostly steady with Friday's average; instances stronger; top, $10.25; bulk. 160-250 lbs.. [email protected]: 140-160 Ibs.. [email protected]: 250-300 lbs., $9.75 @10.10; © 300-350 1bs., - [email protected]; sows, [email protected]. © Cattle — Receipts. 13,000: calves, 2000; fairly active market on yearlings and light steers but light heifers and mixed vearlings bringing a substantial ! premium over comparable grade weighty steers; best steers, early. $8.50: heifers, $8.40: numerous ‘loads little heifers sold at [email protected]; bulk fat steers unsold; few early sales being made at $7@8: mostly western grade, $5.50@8: bulls active and steady; vealers, steady to 25 cents lower, mostly $7.50@$9; few $9.50; stock calves, [email protected], steady. Sheep—Receipts, 8000; fairly active; mostly steady; some strength on better grade spring lambs; early bulk, [email protected]; few $12: medium shorn yearlings, $8; most light and medium weight shorn ewes, [email protected]: few $4. FORT WAYNE, Ind. June 15.—Hogs— 5 to 10 cents hizher: 180-200 1bs.. $10.10: 2 259 1bs., :
roughs, alves,
$8. stags $8.50; ¢ ipped lambs, $8.50.
STOCK MARKET WEEK IN REVIEW
By ELMER C. WALZER United Press Financial Editor
NEW YORK, June 15.—The stock market advanced steadily while the Republican national convention was selecting its candidates, gave a brief demonstration for Gov. Alf Landon and then ran into moderate profittaking. The close was higher on the week with dealings well above the preceding week’s light pace. “ The so-called Landon demonstration came in the last hour of trad-
active since May 14 and prices at their tops were the best since midApril. ; Commodity Prices Gain Commodity markets made gains.
their best levels since the early part of December. Grains had periods of strength. Silk soared. Butter futures made new tops for the season. Business held at an even keel at a height that it considered better than seasonal. Steel operations were raised from 68.2 per cent of capacity in the previous week to 69.5 per cent. A year ago they were only 39 per: cent. U. 8. Steel Corp. shipments of | finished steel for May at 984,097 made the best showing on an average daily basis since June, 1930.
Rail Income Better
ing on Thursday and the opening [Medium | on Friday. The latter was the most
Busigraphs
NEWSPAPER ADVERTISING {mepia necoros - 52 ciTies)
MILLION LINES
INCORPORATED INVESTORS
Newspaper advertising is a potent force for A creating business. Gains in newspaper advertising, therefore, actually show the progress of business. Advertising lineage in April was 8 per cent greater than a year ago, while in the first four months of this year lineage topped the same 1935 months by 7 per cent. Every month since June, 1935, ‘gained decidedly over the previous year. All major advertising classifications are sharing in this improvement.
PRODUCE PRICE ~ TREND IS WEAK
Shipments Increase 2000 Cars in First Week of Month.
Times Special : WASHINGTON, June 15.—Following sharp advances in the initial week, price declines were general in produce markets ‘throughout the midwestern area during the second week of June, according to the week1y report of the Department of Agriculture released today. The declines were attributed partly to heavy shipments and some intproved crop prospects since the light rains of early June in some scattered producing sections. Shipments of both fruits and vegetables increased 2000 cars during the first week of the month, but are still more than 2000 less than for the same week a year ago. The week’s gains were mostly limited to
new potatoes, onions, melens and peaches.
Strawberries Active Sharpest decreases were registered in old potatoes, apples and strawberries, all of these approaching the end of their active carlot season, although local truck shipments of strawberries continue active. Prices for potatoes, western lettuce and cantaloups were about 50 cents lower than early June tops. Onions dropped 15 cents in northern Texas producing sections, but were
fairly steady in northern markets. Cabbage prices showed some losses of 25 cents. Melons, peaches, to-
{ matoes and beans sold below prices’
of the week before.
down to about 50 cents each in northern wholesale markets, a decline of about half from the season’s opening prices. Florida melon acreage is estimated about 25 per cent less than last season.
Local Livestock
June, Bulk. Top.
9. [email protected] 32 [email protected]
12. : } 13 [email protected] 15. [email protected] Light lights (140-160) Good and
1160-180) Goo Medium ..
Receipts.
“choice. . choice. . choice .
mmon: (1100-1300 Good
Soe Civpenss naan sass
900-3000 .3-30000 3000 SagRa33RIF8R
Medium . (1300-1500) Choice Good
Lasse
Good and choice . a oice ... Common and medium
210
Common and medium Low cutter and cutter Cutter com. and med. bulk...
Prices of southern’ melons were H
WALL STREET DISTURBED BY 6.0. P. ACTION
BY RALPH HENDERSHOT Times Svecial Writer NEW YORK, June 15—Wall Street. has found somewhat less cheer in recent d withe in the ranks of the than it had expected.
Desiring so intensely to defeat of
President Roosevelt in the coming
full force of its support behind them. Far from representing the ultraconservative principles Wall Street had hoped might be brought back we into the national Hendershot government, the Republicans indicate they may bee
come ‘almost as liberal as the New Deal.
Landon Hits Monopoly
Even before being nomina Gov. Alf Landon Tevanilly nate, monkey wrench into the machinery when he said “we the people must overthrow the tyranny of monopoly and economic dictatorship in all fields of honorable endeavor if we are to escape the shackles of bureaucracy in governmental life.” That statement sounded to many people in the financial district as though, if the Governor became President, big business would be put “on the spot” during the next four years in much the same man ner that it has since President Roosevelt took office. That is just what they had hoped to avoid.
Ready to Spend Heavily
Leaders in the financial district are willing to spend plenty of money to defeat Mr. Roosevelt. They are making no official or even
in the Street is aware of it. To throw this money into a campaign to support a man who might start kicking them around as soon as he took office, however, will prove quite another matter. Politicians have been known to
say one thing in public and an
entirely different thing in private, however. And before the race has gone very far it can be certain
that the private views of the candi= =
date will have been ascertained. The record of his past tendencies to keep promises made in private also will be checked very thoroughly, Talk of double-crosses has
ately in recent years.
Produce Markets
The prices quoted are paid for stoe gathered in the country, while deliv in Indianapolis the price is a cent higher 14c; horn d
t eavy hreed hens, 3 8 hens. 12c; colored springers, 2 Ibs. up, full feathered. 22c; Leghorn springers 1% lbs, and up, full feathered, 18¢c; bareback broilers, heavy type, 13e: ol 1 8c: ducks, white, 5 . and over. 7c; geese full Jeathered. all sizes . in: n u :
Ya Ibs.
(By United Press) CHICAGO, June 15. — Eggs — : teady; reecipts, 23,265 cases. Frosh . irsts, 213%e¢; current Tecelpts, Vac: ; etic riries cuss, reseipis, 150 toes er—Ma easy; rece , 17, 3 €) (92 score), 28Yc; extra firsts (90s : firsts, 27@27%e;
¢; spring chic Vac; HORT 15@ n hens, 12@15%e¢; 3c: fryers. 23@24c. 5%c; daisies, 15% i »16¢c. Potatoes—New sunply moderate, demand § strong: Arkansas Bliss Triumphs. $3. 350: U. 8S. No. 2. $2; Arkansas $3.25: Alabama Bliss Triumohs, $3.25: 8. No. 2, $2: Alabama Cobblers. $3. Louisiana Bliss Trivmohs. [email protected]: iY PmPls, 32 543.20. id - ooh . Mar rong; Be rhanks, Baas; A 3 .50: Minnesota Whites. $1.28. Arrivals, 155; on track, shipments, 435.
Unlisted Stocks
(By Blyth & Co.) NEW YORK STOCKS
16c; > Site
ase *Chemical ... Continental . Guaranty .... *Irving
*Manufacturers .. -. 46% National City . ............... 35% First National Boston National Shawmut
g
: n bandied around rather indiscrimine
unofficial | announcements about the fact, but almost every one of consequence |
undoubtedly .
4
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