Indianapolis Times, Indianapolis, Marion County, 6 July 1936 — Page 12

11S

Fears Loaders Get

“MONDAY, JULY 6, 1936

PAGE 11

merce states.

passenger ay the owners 76 per cent more than it did for the ee sponding month last year, the ‘Department of ComVolume for the initial five months this year ran 56 per cent ahead of last year.

Distorted Ideas of Ability.

BY JOHN T. FLYNN N= YORK, July 6—In his speech of acceptance the President spoke of the United States leading the world in the warfare on want, destitution, economic demoralization and for

democracy. The paragraph was in a high strain. A critic of the President might even say it was a little

boastful. But the claim sets in motion at least certain thoughts. One of the instrumen t s which ‘has been in use in the world a long time is pageantry. A newer one is publicity. And they are not confined to America. The world must have leaders.

BUYING POWER OF RAILS GAINS IN SIX MONTHS

Purchase - of Materials, Equipment and Fuel Sharply Higher.

Times Special NEW YORK, July 6.—The purchasing power of railroads showed the most spectacular increase during the first six months this year than for any like period since the beginning of the depression, Railway Age announced today. “The railroads, strengthened by better earnings, have been exerting a powerful influence toward the restoration of employment by placing the largest orders for materials in

THE FARMER LOOKS FOR HELP

CAE

IEP, TN

~ a RS

PORKER PRICES | | ARE STEADY IN ACTIVE MARKET

Heavy Shipments Fail to Lower Values From Friday’s Level.

Hog prices held steady with Friday’s best values in an active market today at the Indianapolis Union Stockyards. Receipts, estimated at 8000, were unusually heavy even for a session following a holiday. Shipments compared with 4990 actuals received a year ago and 6753 on hand a week ago. The top price was again $11.20, the same as Friday. The bulk of

the run, scaling between 160 and 235 |

pounds, brought from $11.10 to

Ug ahs

\ wer STOCKS OF . ‘ RAW MATERIALS ON HAND °

{U-S. DEPT. OF COMMERCE) _ MONTH OF MAY : «

INDEX FIGURES § §

A |

1930 1931 1932 B33 1934 1935 136

THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Our increased production of the past few months, both of raw materials and of manufactured products, has been going right into con‘sumption. This is especially true of raw materials, for the stocks of raw materials on hand at the end of April were 13 per cent less than a year ago and 36 per cent under April, 1932. Stocks of leading raw materials, including chemicals, food stuffs, metals, and textiles, all dropped substantially during the

ABOUT STEADY AS WEEK END

Commodities Rise Sh

With Averages at New Highs.

BY ELMER C. WALZER United Press Financial Editor

NEW YORK, July 6,—Stocks and

bonds last week just about held their own while commodities rose sharply with the average at new highs since Oct. 25, 1935, anc busi ness indexes were whirled to new highs since 1930.

The stock market's future is more

uficertain although -there is a grow= ing bullish group.

Business has made a better show=

$11.20. J Cattle Market Steady

. Swine weighing between 235 and 260 pounds sold from $11 to $11.10; heavyweights, between 260 and 300 went for from $10.55 to $11; while extreme heavies, weighing 300 pounds and more, brought from $10.40 to $10.75.

ing than the most optimistic predice tions of a short time ago. Auto= mobile production was stepped, up last week despite the holiday. Steel operated at 74 per cent of capacity during the first five days last week, This week it will be stepped up. The Youngstown area is to operate at 77 per cent, up 16 points from the close last week.

Apparently the nations must look upon their leaders as giants, if not godlike. There are, of course, few such men. Hence we build smaller men into giant proportions by means of pageantry and publicity.

any period in five years by releasing more orders for equipment in six months than were placed in any 12 months period in six years. These orders are being financed almost entirely out of earnings and show no signs of a letup,” the report said.

Expenditures Larger “Estimates, based on all reports

past year.

LOOK FOR GOOD QUARTERLY. NET

«If you would get precisely what I .mean look at a picture of an English king in his coach of state go-

available to date, indicate that the total purchases made by railroads during the last six months for ma-

Lightweights, ranging between / ’

130-160 pounds sold at $10.25 to $10.75, and those between 100 and

List About Steady Trading in stocks was lethargic

Observers Think U. S. Steel Earnings Will Be Best Since 1930 Period.

and prices moved irregularly with intermittent recoveries that left the list about unchanged. Strong leadership was lacking the first four days, although on Friday the steel, automobile and utility issues came to the fore. The utilities, incident= ally, saved the market from regis

130. pounds brought $9.50 to $10.25. Packing sows mostly at from $8.50 to $9.50 with a few bringing $9.75. The cattle market was generally steady on all killing classes. Top steers brought $8.75 a hundredweight. Bulk sold at from $7 to $8. Best heifers brought $8.50 while the

ing to open Parliament or at one of some other smaller monarch on his throne.

terials, shipment and fuel approximated $452,839,000. “The total includes expenditures of $249,916,000 for materials received from manufacturers and $71,340,000 for cars and locomotives ordered from manufacturers—a total from manufacturers of $321,719,-

#2 x = : E. put judges in robes and sit them upon elevated plat-

‘ Times Special forms beneath heavy damask

NEW YORK, July 6. —Earnings of

canopies. It builds the mere man into a sort of symbol of justice. But I have observed too often that the scenery, the fawning, the cbsequiousness are not good for the soul of the little man in the black robe. : It is s6 with other: men. Mr. Hoover's publicity men made him into a kind of economic demi-god in the late ‘twenties. That was not good for Mr. Hoover's soul. He saw the nation swimming on the hot tide of speculation and credit inflation which he mistook: for prosperity. And he began to think he had something to do with the glittering results and that he ° had found the secret of perpetual abundance. And so he boasted that he was on the eve of abolishing the ancient curse of poverty. Fate humbled him piteously.

” 2 ” OW one wonders if the publicity, the parades, the adulation, the pageantry of that amazing convention in Philadelphia, has been good for the soul of Mr. Roosevelt. In his acceptance speech he was led to say that “They (meaning the nations of Europe)

begin to know that here in America we are waging a great war’— the war on want, economic demoralization and for democracy. And Shey perhaps yet may be stirred by

bre President has come to be- . lieve that the many measures of the New Deal are in some way novel and unique, that they have set him up as a leader to Europe as it gropes for the light.

» # 2

IS measures may be good or bad. That is not the point.

000. Purchases of coal and fuel oil totaled $131,603,000. “The purchases of supplies from manufacturers, exclusive of equipment, were 40 per cent, or $70,000,000, greater than in the first six months of 1935; an increase of $136,000,000, or 120 per cent over the | same period of 1933 and within $22,000,000, or 8 per cent, of the figure for 1930. “The purchases of equipment arranged with builders—exclusive of equipment to be built in railroad shops—since Jan. 1, showed an increase of $50,000,000. This was two and one-half times more than the total in the same six months of last year, Loans Aid Buying

“It also was a gain of $16,000,000, or 30 per cent, over the corresponding period of 1934, when the purchase of cars and locomotives was stimulated by PWA and RFC loans. The purchases showed an increase of $50,000,000, or 120 per cent, over the corresponding figure of 1931. “More than 470,485 tons of steel rails were ordered by railroads during the first six months this year. This is twice as much as ordered during the similar periods of 1935, 193@ or 1929, and is the largest six months’ total in eight years, with the exception of 1931 and 1934. “Expenditures for materials—exclusive of equipment—have increased every month since last September with the total for May of $47,750,000 being the largest since May, 1931. While the totals are well below the pre-depression levels' they

New York Stock Exchange Prices

By Thomson &

Oils— Amerada Atl Rf

Consol Oil . Cont of Del

Houston (new)..

Tidewater Assn.. Un Oil of Cal... Am Roll Mills...

McKeesport Tin. Natl Steel

mark a rapidly rising volume of |Aubu

buying,” the Railway Age report concluded.

BITUMINOUS OUTPUT UP T'imes Special

NEW YORK, July 6.—The Na-

Chrysler By Motors ....

0 Studebaker ... Yellow Truck..

Mckinpon tow Noon

Prev. Close

28%

49 38% 34; 45% 122 i

Gen Am Tk Car 49% Gen Elec 387 Gen R R Sig . Pullman Inc Westing Elec Utilities— Am & For Pwr.. Am Power & Lit AT&T

Am Wat Wks ... Sion

TRADE VOLUME

49 49 a 38} 38%

. 145%

S1123% 122%,

8Ys

+ (Stimulating Factors Behind Advance Outlined by Business Service.

Times Special

ume of trade is at a new high point

, | for the recovery as the second haif | Inter Harv

of 1936 begins, the United Business Service said today. Despite the French financial crisis, political conventions, unfavorable crop conditions, and new tax legislation, most industries recorded wide

‘North Amer ....

‘REACHES PEAK 2:

Ca Ya ] Fo Mach & Fdy 22%

F BOSTON, July 6.—The total vol- | Glilett

Col Gas & Elec. Comm & Consol Gar Elec Pwr & Lit. Int Hydro Elec.. Int T&T Nat Pwr & Lit. .

Pac G & E ... Peoples Gas . Pub Serv

NJ... So Cal’ Edison .e Std Gas Stone & Webster United Corp Un Gas Imp Ut Pwr & Tot Uy Western Union.. Rubbers— Firestone

87 84 20% 7

15 5% 862

387 Goodrich 35% yea 2% U S Rubber 812 US Rubber pfd. 729 Miscellaneous— Als Chalmers .. 46 n 133 48%,

Brklyn Man Tr.. 25%; - 18

RA Add

Underwood E.». 17 Foods—

Amer Sagar . Arm eatrice Creamy

. 52% 45 a

bulk were disposed of at from $6.50 to $8. Beef cows ranged between $4.25 and $5. Cutter grades brought

$3 to $4.

Top Vealers Bring $9

Cattle receipts were estimated at 1100 and calves at 600. Vealer prices were steady with a

-| $9 top. Most sales were for from

$8.50 to $9. The local lamb market was steady to 25 cents higher. Top was $10.50 while the bulk sold for $10 and less. Ewes were fully 25 cents higher, the top being $4.50. Receipts were approximately 1000.

HOGS Bulk. [email protected] [email protected]

June. Receipts. 29 30. 1. 3 6. Light lights:

choice. $10.4

choice. . choice. .

hed lads aD a — 1 S55 on

09 9993 ©9 99 9D 9°

fb pd fd fd fd fd fk OO me oO

Hegyieylghts: 250-290) Good (290-350) Good

Packing sows: (275-350) Good

choice. . choice. .

momo SS = 8388 33 8% poo 33%a

50) Good (275-350) Medium Slaughter pigs: (100-140) Good and choice.. Medium

oo 23 S35 a3

—Receipts, 1100— ( (0 Ctr.oice 00

LONOW

0993999099999

20300933 OD IWD >335333833353

(90

isp ganiboamn

aR MN

U. S. Steel Corp, in the second quarter will make the best showing for any second quarter since 1930 and the best for any quarter since the September, 1930, period, according to well informed sources. The net income -in * the three months ended June 30 is expected to appropriate about $1 a share on the 8,703,252 shares of common” stock. In the June quarter of 1930 net was equivalent ta $3.03 a share on the common and in the September quarter of that year $2.06 a share. The company earned 94 cents a share on the preferred in the first three months of this year. These increased earnings are the result of the righ rate of production in the current period. May Pay Back Dividends Many manufacturers, principally automobile makers, appear to have

500 anticipated their needs fearing labor | tropbles later in the year, and: also

because of the higher prices which

| are effective today.

This excellent showing may induce directors to take some action in paying back dividends on the 3,602,811 shares of $7 cumulative preferred, which now amount {o $17.50 a share. Myron C. Taylor, chairman, some time ago announced that the corporation was not considering such action at that time. Passage of the 1936 Revenue act may, however, lead the board to discuss preferred accumulations. It may not be as anxious to plough back earnings into property as formerly, although, if the company believes there will be serious labor difficulties, it might prefer to conserve earnings.

Chicago Stocks

(By Atkins, Hamill & Gates) ! Prev.

Brooklyn Man Cal Ore Pwr

tering a decline for the five-day period.

Chrysler stock was carried to 8

new high since 1929 on Friday and General Motors was carried up to within a short distance of its high.

Westinghouse Electric had a broad

gain on outlook for increased buye ing by utility companies of elec trical equipment. Johns Manville rose mors : building section. American Tele= phone resumed a rise and closed the week with a net advance of 3%

8 points in the

points. Special stocks made broad

advances. A few heavy losers were noted, one Mining, whi the week. |

of them, Homestakes ¢h was off 25 points on

Silver Shares Weak NC

Silvers were depressed with United States Smelting at a new low. Some of the railroad stocks wers down despite a rise in car loa | to ‘the highest total since Oct. 19, 1935. Farm equipment issues dropped as drought conditions prevailed im many sections. They were off sharply on Thursday and recovered only slightly! on Friday. Mail ore der shares followed the trend of the farm group. Otls were about steady. The grain market ‘made gains. Wheat on Thursday gaint the limit of fluctuation—5 cents bushel. It was up more than eerie a Pst on the week. :

New Bond Issues

(By | Lyons & Co.)

Bs) Tel 45 ’5 O 4s B oskion Edison 3Ys '66 Zi '66

Cal Ore Pwr 4

Close Ohi

15%, Un 2 Cleve Ble “Tus Cleve Tractor Columbus Railways 4s Conn River Pr Consolidated Ed 3's '48 Consolidated ‘328 ’'51 2 Consolidate 32s '5 Consumer

7 gains over 1935 during the first half. | Gen S var i i i J The service points out the follow- 8 1 13 13% $ ing powerful recovery forces which |g | are lifting aggregate business closer | to the “normal” level: Heavier buy- | Pu ing of machinery and equipment,

But they are certainly not novel in Europe. Social security was begun in Germany 50 years ago. It has been in use in many Euro"pean countries for years. Stock exchange regulation was

tional Coal Association today estimated bituminous coal production in the United States for the week ended June 27 at 6,900.000 net tons, | Bri agains 6,483,000 in the like 1935 wee

D Adam Advance minum Asbestos Mfg Bastian Blessing Berghof.

th 1 Pub ery Prd . Cities Service Commonwealth Edison

Motor Atcessms

8 wn

Goo Comimon_and medium (750-900) and choice.. Common and medium

338 wame 23383

Good United Fruit. . Common and medium

used in Germany as early 8s the ‘nineties. Roosevelt's truth-in-securities act was modelled on the . English Companies Act. The NRA was patterned—though unconsciously—after the Italian corporatives. The AAA with its crop subsidies and enforced crop - reductions has been used in numerpus countries of Europe ana Asia. The gold standard was abandoned by England before we left it.” And as for devaluation, that is one of the oldest devices in the world. Government ownership of utilities is an old institution in Europe (Copyright. 1936. NEA Service, Inc.)

SEEKS STOCK LISTING :

—— Ohi Northern Illinois Finance Co. Files

Statement With SEC. Times Special NEW YORK, July 6.—A registration certificate covering 20,000 "shares of $1.50 cumulative convertible no par preferred stock of Northern Illinois Finance Corp. has been filed with the Securities & Exchange Commission, it was announced today. Proceeds from the issue, if the statement becomes effective, are to be used for additional working cap-

“ital and expagsion.

On Commission Row (Quotations below, subject to cha are average wholesale prices be! offered pRUTS het, mais desert), : rr alc - $2.25; red. Mr on ate. $9. Gk. JERE Grate, _ Florida. 16-qt. crate 3 ,85. Gooseberries— Michigan, bgt era te, $3. Limes— ctea Io |

ican, carton ed, Sc. Apples a anaphrents, $1.50; (360s), $7.25. pr, oe ripened) jumbo —Geo! 30 Ibs. T5e. Btocnes Georgia Hiley Belles, half ‘bushel, $1.40. 24-1b. lug, $2. ‘Red and et ae ropes—Seed]

te, EG! Beans—Round stri

(h ). $1 flower—

' Cucum!

8dos, crate, 31.28. ;

0 Foals “Hometrovs, bushel, Fo, To Teiumone (100

\ Sp ii i a HI RETR Sd fa

ts $1.18. Produce Markets

$1.50. Celery— and trimmed (doz.), 45ec. dos), T5¢.

Home- | |

BRS Y

Toma- | basket) ¥

Local Securitivs (By Indianapolis Bond and Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or recent transactions.

BONDS

Sz Ind Tel (T 0 Ss '61.. Tel Tel Rt W 5

Bid. -101

Timken Det Axle

Mining—

Alaska Jun .. Am Smelt Anaconda Cal

| & Mines

Nickel [sl Creek Coal’

H Water Works 5s '56 H Water Works 6s 3 . [rac Terminal Co 5s °’

Belt Rail 8 Y com fd 6s

Bee Oa otd 75 nd Gon Serr C0 5:

pls Water Co 3X North Ind Pub. ee pfd 52s. 69a *North Ind Pub Serv pfd 6s . 77 *North Ind Pub Serv’ Co pid Ts i

Eee Co Union pile Co com *Ex-Dividend.

LOCAL CASH MARKET

City an elevators are paying 89 cents for E Ser a te yy wheat new N Frades on rn new Na. ‘cents and oats, 24 cents Ye'aw

Par one

t J

{ Amusements—

Crosley Radio .. 26 Loews Inc

Warner Bros ...

Tobaccos—

Am Tobacco ‘B’.

Philip M

83% Reynolds. ob ‘B' 94%

Union Pac West | Maryland .

Equipments—

Am keshoe. .. An Brajisshos.

Bald Loco

Hecla. .. Cerro De Pasco. 52'2 3 * { Dome .o Homestake Min..

Lea van 8 Smelters’ ae

THCY Fou

NEW CAR FINANCING KEEPS PACE WITH AUTO PRODUCTION

41% 47% 25 25 28% 3

v 8 §

5 »

Te SUVTI00 NOITUN

I building renovation and construction, less government interference, larger consumer purchasing power, improved confidence, low interest rates, reduction of private debts, increased foreign trade, the decline in inventories, and relative stability in prices. Trade volumes are expected to continue fairly steady over the near term, although seasonal declines

S¥cretary Ickes also predicted that in the end every municipality desiring to construct a publicly uwned

2— | electric plant would be able to do

so. He said the opposition of private utilities would not affect any

» | municipal ownership, programs.

“Best They Ever Have Been,” Says Secretary of Interior.

Times Special

WASHINGTON, July 6.—Condi-

to control hot oil shipments, are better “than they ever have been,” Secretary of the Interior Harold L. Ickes has reported. As a result of the improved situation, he said, the board is having less, to do and, therefore, George Van

83% Flee: has been relieved as a mem- | ber.

an “3% 2

During the second half of this year the margin of gain over the { corresponding period in 1935 will probably not be so great as it was

sharp advance took place last sharp advance took place last autumn. RECEIPTS OF GOLD | AT MINTS INCREASED

are anticipated in industrial activity. |

tions in the east Texas area, where ja i, | a Federal Tender Bodrd was set up |

in the first half, inasmuch as a| Proc

Fb te Same on

Retail Stores— Allied Stores. . Assd Dry First Natl Stores Gimbel Bros .... 1 Kresge 8 8 ...." 24 Kroger Groc ... Macy R H 4 McCrory St ... McLellan St .. Marshall Field. May Dept St ... Mont ard ...

Woolwo! Solvorin Aviation Sop, - Curtiss Wright . 6 Curtiss Wright A Do las Air . 61 r. Am Op a Souris United a N nu Chemicals— Reduction. .

89%4 201%

ie dus / Drugs— DoLy Inc mbert

Un Drug (new) .. Financial— Adams

Lehman COD Transamerica ... Tr Contl Corp . Building— Am Raaiator oe G-® Asphalt .. Int Cement 48 Libby Oweris Gls 50% Otis Elev

Es er Grain Futures

By James D. BEN & £0 ev

3 F

Low cutter and cutter Bulls, good Cutter Rn. and m=d. bulk..

VEALERS —Receipts, 600— “Good and choice um

D 99998 0088s

233un oa nen 85a

JFaz Bo 2s

(250-500) Good and choice. . Common and medium 4.50 Feeder and Stocker - Cattle (500-800) Good and Shi 6.75 Common and mediu (800-1050) a “choice Common and mediu

SNIR-1 Doo

Good Common and medium SHEEP AND LAMBS —Receipts., 1000—

(90-170) Good and choice ... 3.25@ 5 Common and medium 3.25 (Sheep and lamb quotations on clipped

.) Effective July 1, spring lambs classified as lambs.

CALENDAR OF JULY BUSINESS EVENTS

Times Special NEW YORK, July 6.—The following calendar of events affecting business in July has been compiled by the Standard Statistics Co.: July 8—General Motors sales report. Government’s mate of area planted to cotton in 1936.

July 9—Report on condit Slope and DReliminaty

Te uall: on. veunt as of July 1, covering acreage, yield per acre and indicated production of winter wheat and rye, also stocks of wheat, corn, and oats on farms, and spring crop

conditions, Report on United States Steel shipments.

tes

Ee | ions of ‘the’ antibounty clause of the 1930 tariff effective against Germany.

July 13—Estimates on June cotton *Trust consumption

in United States. Ju. x Sureal of Const report ve

preliminary esti-| corp AA

f field | piv

ontinental Steel

Dayton Rubber ........ peeves 13% General Household . 1 Fconomjcal Drugs Jarvis

McCord Radio (A) 34 Northwest Baneorporation aviv

Standard Dredg Swift ooze: Pld Zenith

New York Curb

(By Atkins, Hamill & Gates) 1PM. Trey:

Aluminum Co or ,America ‘

5! Am Cyanamid *

Am G

Ark Natural Gas Atlas Corp Carrier Corp le Fgusleum Corp Crocker-Wheel

Alden (1) Gulf Oil Cor Humble Oil In rial Oil of Canada bdenum Corp of Amer ... Nat Bellas Hess Inc Niagara Hudson Pwr Pennroad Co Root Sn oiouin

Es i

Investment Trusts (By Thomas D. Sheerin Sam

*Administered Pund nd.. *Afliliated Pund, Inc 1.88 308 1.14 2 Pu 8.12 19.38 Broad Street Investing . 33.53 Century Shares Trust .59 28.59 or Accum. (mod.) . ame Corp AA or Accum tunmod) 263 ..n. Corp Trust Shares SOME) (ar 293... versif Trustee 8h B.... 10.25 Di . 4, 7.00 1.73 6.34 = 18

-3 en. oe

T! Dividend Shares, general Investors Trust .... Investors Fund Amer

RC 82

usetts Nation-Wide Sec. Nation-Wide Vo *N Ameri

w! S88. Rana! 8 Sanne:

1000 a 1 00 00 00 1a 4 PRE Fiigmiil

serene

19%: . 8

BT nee

fiscal

ow Year to. July ago:

5Uar Compared with

h s Eastern Gas Hite W 4s Edison Illum 3%s. TO Fairbanks Morse Deb =

'56 .

YY 3%s ‘46 ove Niag Falls Pwr 315 '66 .... Okla Natur Gas 4'%s ’51 . Okla Natur Gas Cony i» is: -100

Pac Lite 4's 45 Pacific G & E 3%s

Peo Gas lite & Soke 4s Penn Tel 4s '65

Potomac Ilec Power 3'23 ’'61..104 Pub Serv N H 3%s ’60

lexas Corp 3's ’

Union Pacific 3s bai West Penn 3's '66 .... Wis Gas & Wis Pwr Wi

Lit is Pub 8 Serv 2 Tan

Unlisted Stocks (Blyth ¥% Co.) NEW YORK STOCKS

Bankers Ti

Asked | Lind $117

Pire Ins erican ins of Newark . American

Baltimore

of New York

Fi eral Fire ..

Pranklin American Ins . Great American Ins .

re - 35%