Indianapolis Times, Indianapolis, Marion County, 27 June 1936 — Page 11
‘Believes * Fight on
e
Chain Stores
+ + Abreast of The Times on Finance + +
SATURDAY, JUNE 27, 1936
PAGE 11
by 5; per cent, however.
Aggregate sales of 12 chains operating 2725 stores showed a fractional recession for May, compared with April. The dollar volume of sales surpassed May, 1935,
Court Is to Be Dropped.
BY JOHN T. FLYNN
ELPHIA, June 27.—It is
now fairly clear what course one battle will.take in the coming four years—the battle over the Constitution. President Roosevelt “will not take it to the people. He . believes it possible*to get the Supreme Court to change its mind. But his course will be to gamble ‘against time and the grim reaper. He is going to stake his cause on the lives of nine men and the meaning of | a single word. That word is | “commerce.” Its a grim gamble. But it's the easiest way. And the President usually tries the easiest way. It's a political maneuver. Thus he ‘will avoid the odium- of a frontal attack on the sacred Constitution. And ‘he may, with out a fight, change, not the Constitution, but the court and its interpretation of the Constitution. This became plain from the moment Senator Barkley kenoted. But—the nine old gentlemen may fool him. : Here's the meaning of it. By literally. inventing its own defini--tion of the word “commerce,” the Supreme Court has rendered the Federal government ‘helpless to deal with industry. According to the dictionaries, commerce means interchange of goods, production, between individuals and nations. If the interchange is between individuals in different states it is interstate commerce. : 8s. ” Y interstate commerce you do 47 not mean a single transaction \'between two individuals of a single ‘package of goods. It means the whole mass of transactions. In the
coal industry it refers to the coal
industry as a whole which is'spread ‘over several states and lives by exchanging its production in all the states. \ : But the Supreme Court says no. The judges pay commerce in the coal industry refers rather to a ‘single ton or shipment of coal in the precise act of traveling across a state line. When being prepared for shipment in West Virginia it is not in commerce. When it arrives in New York it iss not in interstate commerce because it has come to rest in New York. The Supreme Court started out . 40 years ago with that definition in order to nulify the Sherman antitrust law. It got away from that definition for a while, but the ‘present court has gone back to it with a vengeance to kill the New Deal. Roosevelt believes he can get the court to change that defini‘tion. If he can, he can pass Guffey _ acts, NRA acts, AAA acts and so on. ” ” ” UT he must change the court. That he can do either by enlarging it or replacing some of its present members. Doubtless he will wait upon the latter course. Of the nine judges, six are over 70, five over T4, one is over 80. All have passed their life expectancy. It is not unreasonable to assume that one of them will be carried off. But one will not do. ‘The NRA act was declared invalid unanimously. The AAA act was ‘defeated by a 6-to-3 vote. The ‘Guffey act was killed by a 5-to-4 decision, of course. But here the President will have * to depend on the court's losing the right judge.
And, after all, these grim old men may Insist on surviving intact until too late in the next Administration to aid the presentydissolution. However, wise or hopeful or not, this is the President's apparent “strategy on this point. It does, of course, shield him from an open constitutional fight. But now that his plan is clear, it opens him to the charge of a covert attack on the Constitution. But Chief Justice Hughes has said the Constitution is what the judges make it. And after all, the judges are what . the Presidents make them. (Copyright, 1936. NEA Service, Inc.)
Ee * a i On Commission Row {Reprinted From Late Times Yesterday) {Quotations below subject to change are average wholesale prices bing off:red to rs by local commission dealers.) UIT-—Strawberries, Michigan crate, $3. Raspberries, black, x x $2.50: red, 24-pt. crate, $4. Huckl Florida, 24-qt. crate, $4.50; Oherties, California Bings,
un; 4 [email protected]. Le $7.75. Cantaloupes—California (vine ripened) jumbo, $4: standard Watermelons—Florida, $1.75. Georgia, Uneedas medium. h
$1.75. Apricots—4 basket c Bl Red, 4 basket crate, . VEGETABLES
ifornia, CaliforMichigan
The oldest is Brandeis, one of those in the minority.
$3.50. | resent bi Lid fp or offerings, bu
B00D BUSINESS INREAL ESTATE
Rents on Small Dwellings Found 121/, Per Cent Above Last Year.
A shortage in single family dwellings and apartments and a rise in rents for such accommodations were the outstanding findings reported today by the Indianapolis Real Estate Board following its semi-annual survey of local real estate conditions. Small homes are now renting for about 12% per cent more than was the case in Indianapolis in June, 1935, the report, mailed to the National Association of Real Estate Boards said. Apartment rentals are about 10 per cent higher than a year ago. The real estate market was found more active than at the start of last summer, with present selling prices higher.
Downtown Office Rents Up
Business property rents in downtown areas are reported slightly higher than last June while those in outlying districts are unchanged. Similar conditions are reported for office space rentals. : The survey showed that local institutions with money to! lend on
The interest being charged most commonly on mortgage loans on new, moderately priced homes, is 51% per cent. The real estate report called attention to the home vacancy survey made May 15 by Indianapolis post office employes which showed that less than 3 per cent of the living units in the city were uninhabited. A total of 96,968 residences were reported occupied, but the Board's report said many of these were in bad repair and should be demolished.
Only 2753 Houses Empty
Residences found vacant numbered 2753, and those under construction totaled 124. ! Apartment suites occupied numbered 12,184; unoccupied, 1029; under construction, 890. The Real Estate Board report indicates its members expect a revival in the building industry here soon because of the scarcity of habitations and the availability of funds for mortgage loans.
Chicago Stocks
(Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates) Prev. Close. Close. Advance Aluminum Allied Products . Associated Investors Bastian-Blessing Berghoff. ...... ........... Butler Brothers Cities Service
Crane Dayton Rubber .............., 1 Electric Household General Household Godchaux Sugar “A” Godchaux Sugar “B” Grt Lakes Dredge 27Y, JATVIS MIR ......... . dienes. 19% Katz Drug, « 0 Ken-Rad Lincoln Printing udon Packing
Northwest Bancorporation ... Pub Serv of Northern Ill .. Standard Dredge pfd Swift International Zenith
New York Curb
(Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates) Prev. Close. 126% 34s 38
Close.
Aluminum Co of America Am Cyanamid “B”’ Am Gas & Electric Am General . Am Superpower Ark Natural Gas “A” Atlas Corp Can Indust Alcohol “A’....5. Carrier Cor 10 Creole Petroleum Corp Crocker-Wheeler Elec Bond & Share Fisk Rubber Ford Motors Canada “A”.... 20% Glen Alden (1)...... .......... Greenfield Tap & Die Corp.... Gulf Oil Corp of Penn Humble Oil & Refining Hygrade Food [nt Vitamin Imperial Oil of rving Air Chut
Niagara Hudson Pwr ... Pennroad Corp Reliable Stores Corp Root Petroleum . t is P Jalt Creek
f Ohi tutz Motor Car of Technicolor. Inc Wayne Pump
Local Securities
(By Indianapolis Bond and Share Corp.) The follow quotations do not Tept mere
market oo inquiries or
indicate the approximate based on buying and selling recent transactions. BONDS
Citz Ind Tel (TH 1 Tel Rt W 5%
Ask.
4Ys ‘61... S
EXPECTED HERE|
mortgages are seeking borrowers. |:
Amendment to a Famous Line
New York Stock Exchange Prices
Oils—
Texas Corp
Steels—
teel Rep I & Stl
Motors—
Auburn Chrysler
imken
Phelps St. Joe Lea:
Vanadium
Tobaccos— Am Snuff
ob L & Lorillard
Rails
& Ohio Chi & Gt W
s Rep Iron & Steel
Gen Motors .. Graha Mot ....
Yellow Truck .. Motor Access—
McIntyre Min Park Utah .
Atchison Atl Coast Line... Can Pacific .... Ch
Tidewater- Assn. . Un Oil of Cal ...
(Reprinted From Late Times Yesterday): (By Thomson & McKinnon)
High Low Close
Prev. close
22%
26% 52
65%
29% 29Y 108% 108
36 962 23 102 36 a 65 Ys 13%2
13% 19% 19 UB Pive & Pay sive e U 8 Stee 7
85% 1271
Lai 8s 8 War Pipe & Fdy 25% 25 Youngst S & T. 64%
63%
6614
5Ys 11%
Roll ... imken Det Axle
\laska Jun ....
U S Smelters... 8
Amusements— Crosley Radio .. Fox Theat
12 ... 89 pfd 7 pid 4 pei
. 18%
Am Tobacco “A” 9634 96 Am Tobacco “B” 99% 98% 12 107 22% Ya Philip Morris ... 88% Reynolds Tob ‘B’ 54%
8%
Ts Ys %
oBaun®. 8 bagged
Fa BRas +
Rubbers— Firestone Goodrisl
Goodyear .. US Rabber
2 U S Rubber pfd 74
22% %
Miscellaneous— Allis Chalmers.. 46% Am Ci
m Can Am Mach
Brklyn Man Tr..
Contl Can Caterpillar Crown Cork Deere & Co .. Eastman Koda
.. 19% k.170
Foster Wheeler. . 28%
Inter Harv
43% ..172 89
2: 344 28% 13%
47% 4 132 x & Pdy 25% 24% Anchor “Gap . 19 19
4312
(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1936 Average Equals 100.)
20 20 20 60 Inds. Rails. Utils. Bonds. 90.8 92.0 105.0 96.3
Today Yesterday ....
90:8
«oo 90.7 .. 90.7
* U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine)
g Mills 4 Balt & Ohio 6s '95 Balt & Ohio 4% Buff Roch & ptt
u Btn Steel 4s
hi Milw & St P 5s '75
Treasurys
‘48 .... 128 '45 . 95%
’60 4Y%2s "57 ....
Chi Milw & St P 5s 20000 ..
Cleve Un Term
5s 73
Cleve Un Term 4 Ma,
Chi & Nor Wes
Cent or: Amer
i]
nt eriake C & I 5s '51 tl Hy Elec 6s ’ Tel & Tel 4%
t 4%s '49
+ Col ¥a | Co
«23% 23% 23% ...149% 149% 149%, vee 19 18%
18% 1% 1% 77 26
Natl Cash Reg Owens Bottle Rem Rand . Underwood E .. 78 Worthington Pmp 26 Foods— Am Sugar Armour Armour 6% pfd . Beatrice Cream . 24 Borden Prod .... Cal Packing .... Can Dry G Ale . Coca Cola '.....
Cuban Am Su Gen Baking ... Gen Foods Gold Dust
G W Sugar .. ..36 Natl Biscuit .... Natl D Prod
u iscuit Ward
Retail Stores— Allied Stores ... Assd Dry Goods, 1 st & Pirst N Gimbel Gm Un Tea . Jewel Tea Kresge S S Kroger Groc .... 22% Macy -R H McCrory St .... McLellan St .... Marshall Field .. St.... 5
ebuck... 75 Noolworth 5
Aviation— ' Aviation Corp .. 5% Boeing Aircraft 213; Curtiss Wright . 5 Curtiss Wri (A) 14% Douglas Air.... 63% So Ans Av “a0 rry orp. ... Ttd Rircratt new 23% Chemicals— Air Reduction .. 69 Allied Chem -...204Y Am Com Al
Col Carbon Com Solvents . Du Pont
e .. U 8 Ind Alcohol 357° Drugs—
Owens ts 571 o's Gov 98 Ulen Cons .... "3% Household— Pal Peet ... 13% ngol 20% . 45%, 24%, . 30%
“9 8% em ... 14 3% 3 2817
ee ® .s 12 Rn
Investment Trusts (Reprinted ‘From Late Times Yesterday) (By, Thomas D. Sheerin & Co.) Bid.
Wash Opa 8I288h3
sae
% | 26. [email protected]
%. PT ay
LOGAL STORES “REPORT SALES GAINS IN MAY
Increase of 6 Per Cent Is Higher Than in Other District Cities.
polis department stores recorded a 6 per cent increase in sales for May as compared to April, the Chicago Federal Reserve Bank current business conditions report said today. This was the heaviest gain for any large city in the Seventh District, which comprises the major portions of Indiana, Illinois, Iowa, Wisconsin and Michigan. The gain over the preceding month as reported for Chicago was 3% per cent; for Detroit it was 3 per cent, and in Milwaukee there was a ht recession. ny sales in local department , which reported, showed a
: A rise of 14.3 per cent over the figure
for May, 1935. The average increase for the district was 15.3 per cent.
§-Month Report Better
Net sales for the first five months of this year improved 8.0 per cent
ing period last year. This was better than the gain made in Detroit but not as good as those reported for Chicago and Milwaukee. The average monthly gain was 4 per cent for all department stores of the district which reported for both April and May. “Trends varied in the - wholesale trade group,” according to the
: ‘| bank’s report. (“Sales by reporting
grocery stores in the district declined 2 per cent from the preceding month, as against a 6 per cent expansion in the 1926-35 average for May; the 9 per cent increase over April in the hardware trade and
| that of 12 per cent in electrical sup-
plies compared with seasonal gains of but 6 and 8 per cent, respectively. Recession of 2 per cent in drug sales was slightly greater than average for the period. Electrical Sales High “In the yearly comparison, the gain shown in electrical supply sales was the largest since last September, but the grocery trade recorded a moderate decline following three months of increase. “Data covering the first five months of this year show that sales in the drug, hardware and electrical supply groups exceeded those of the corresponding months in 1935 by 3,
116 and 25% per cent, respectively.
“For the fourth consecutive month, sales of shoes by reporting dealers and department stores in the Seventh District expanded in May. The gain was 14 per cent over April compared with a rise of but 5% per cent in the 1926-35 average for the period. Sales were 18 per cent larger in May this year than last, the increase being the heaviest in the yearly comparison since last November.” .
Local Livestock
(Reprinted From Late Times Yesterday)
HOGS June, Bulk. Receipts. 20. [email protected] 1006 22, [email protected] 10.5 6500 23. [email protected] he 7000 24, -10.56@ 10.65 10.65 © 4500 5. [email protected] A 4500 ! 5000 Light lights (140-160) Good and Shotts. 910300 os : [email protected] . [email protected]
Medium . [email protected] choice. . [email protected] and choice.. [email protected] Heavyweights (250-290) Good and choice.. 10.35 .70 (290-350) Good 021s
and ch . 10.10 10.40 (275
02850088
90 89 cn ~300 00 baatnibosa
$30000 =] =300 60 ¢ Inas3aaa
Common (900-1100) Choice .cocccsveesss Good
NNR INA BIDR DI anS2AIN30%
S88 i: 0000 30000
3 03
Common and medium (7150-900) a fess Common and medium ...... : Cows
Common and medium ........ Low cutter and cutter
8, good ‘Cutter com. and med. bulk ...
AWA IRI
223% 28 03939 69999.
ARRON 3010000
ho
gi 9939 69 690
=100-300 moo
“30040
(250-500) Good and choics.... Common and medium Feeder a
8% 388k bz 8s8
in local. stores over the correspond-’
gun 25838 8:
Busigraphs
VALUE OF ALL LISTED STOCKS ON N.Y. STOCK EXCHANGE
”
BILLION DOLLARS 8
THE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS
Fifteen and a half billion dollars is a lot ofi money. This represents the past y®ar’s increase in the quoted value of stocks listed on the New York Stock Exchange. June 1 the total value-of all stocks on the Big Board was 50 billion dollars, a small increase over May, but just slightly under the total of March and April. Fifty billion dollars is more than three times the low in 1932, but only 56 per cent of the high in September, 1929.
FRESH PRODUCE. SHIPMENTS RISE
Midwest Sections Suffer From Prolonged Dry Weather.
Times Special WASHINGTON, June 27.—With carlot supplies of fresh produce increasing, shipments showed a sharp gain in Midwestern district during the last week, compared with the previous period, according to the weekly report of the Department of Agriculture released today. Last week’s- movement, however, was slightly lower when compared
with—the same week in June a.
year ago. Heaviest gains were noted in watermelons. The melon crop appears to be in fairly good condition in growing sections north of Georgia, ‘the report said. The movement -of old crop potatoes is reported light, 'with only a few cars daily. General crop in the East, but some Midwestern conditions are now less unfavorable sections are suffering from pro-
longed dry weather. Old Apples Decrease
Shipments of old apples are decreasing faster than new crop gains, the report stated. Southern peaches are running a little lighter than last season, owing to small sizes, but the later varieties are expected to improve. Carlot movements of cabbage, beans, peas, strawberries, and asparagus is becoming very light but local supplies continue ample in most sections. Supplies of new crop potatoes are heavy in most Midwestern markets, with demand slow to moderate, and price trend weak and irregular. Prices of early apples have declined considerably since the first arrivals. Old apples, however, are still being offered in moderate quantities, but moving rather slowly at the recent price range.
DIVIDEND IS DECLARED
The J. D. Adams Manufacturing Co., Indianapolis, builders of road and maintenance machinery, has declared a regular quarterly dividend of 15 cents a share on common capital stock, payable Aug. 1 to holders of record July 15, W. W. White, treasurer, announced today.
FIRM. SHARES LISTED
Times Special NEW YORK, June 27.—The board of governors of the New York Curb Exchange has approved listing of 600,000 additional shares of the $1 par value common stock of the Grand National Films, Inc. it was announced today. ;
New Bond Issues
(Reprinted From Late Times Yesterday) (By Lyons & Co.) i Bid Ask
105% 3 4Y,8 '65 9974 Brooklyn Edison 3%s '66 102 3riokiyn jan Te 41,8 66 Ca 5s ’
128 "96 Un St 3%s 63 .. est In 4%s 62 ...
Ed 3's ’56 Consumer Power 3%s '70 .. Cudahy 3%s '35 Cudah 4s ’
BOTH IMPORTS, EXPORTS SHO “GAIN FORM
2
Success of _ Governmen Treaty Negotiations Is Indicated. :
.BY RALPH HENDERSHOT Times Special Writer NEW YORK, June 27.—Both ports and exports of the Un States showed good gains ¢ May compared with a year | according to foreign trade fig This indicates that the government’s treaty negotiations are bringing results. The general imsrovement in business ‘throughout the world, howe v e r, ‘probably mlso played an important part in the increase. The balance of — trade for the Hendershot month was in favor of the United States for ti first time since January, and result was a substantial reduct in the lead in imports over export established subsequently. That fig ure was: cut to $3,292,000 for the firs five months, and, when it is consids ered that imports totaled $972,837,» 000, it must be admitted that the outgo and income of merchandise for the period struck a nice balance,
Farm Products Unwanted
Exports for the first five months of this year were-more than 12 per cent larger than a year ago. The gain was particularly impressive Xiew of the huge imports of gold, amounting - to $169,957,000. several countries been able to: get foreign exchange or had this co
increase was accounted. for by fined mineral oils, iron and steel s em i-manufacturers, automobiles, copper, electric machinery and aps paratus and industrial machinery, The relatively poor showing in ex: ports of commodities was pot par ticularly flattering to the govern: ment’s farm program, however. Wa apparently have lost an im Tr part of our export trade in agri cultural products during the last few years. : ; No doubt the preparations for in most European countries has no little influence on our exports thus far this year. It is signifi ) in fact, that the biggest gains registered in merchandise which needed in preparing for conflict,
PAYMENT ON LOANS INCREASE IN MA |
Indiana Credit Units Lend $640 in Two Weeks. id Payment of delinquent loans to the 10 Indiana Preduction Credit Associations increased sharply dur ing May, Clarence Manion, state «director of the National Emergency Council, announced today. The percentage of delinquencies is now approximately 1 per cent of the outstanding loans, he said. During the first two weeks of June
sions of the Farm Credit. Adminis= tration of Louisville, made loans aggregating $640,000. aig Applications now are being ree ceiv or general farm purposes, such as purchase ofsfeed, comple= tion of crops, etc., Mr. Manion ported. / The real estate sales division of the Federal Land Bank reported the sale of 13 bank-owned farms in Indiana during the first two weeks of June for a total of $50,275. ;
CRANE CO. APPOINTED
Steam Equipment Factory Na Indiana Representative. Times Special NORTH’ TONAWANDA, 'N. June 27.—The Crane Co., with ¢ fices in Indianapolis, Evansvil South Bend, Muncie, and East Chicago, h : a pointed to represent the Americaty District Steam Co. in Indians Charles E. Murphy, sales manag announced today. : Steam distribution equipment manufactured by the. American I
Chicago Grain Futures Co.)
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