Indianapolis Times, Indianapolis, Marion County, 8 July 1936 — Page 16

Believes One

WEDNESDAY, JULY 8, 1936

PAGE 15

World sugar consumption for the year ending Aug. 81 is expected to establish a new record of approzximately 29,133,000 tons, compared with 27, 321,000 in the preceding year, an increase of 6.6 per cent.

Major Parties | Is Doomed.

BY JOHN T. FLYNN

EW YORK, July 8—In his speech of acceptance, | the President said that Americans now demand not merely eq ality in the polling place, but equality in the market place. : Just what, precisely, does this mean? Is it a demand for 8 of competition under which all qen in business will meet on the same footing when they come to |buy and sell things?

Hardly. e Presid ent would hardly have put | so much fervor into the |announcement, of that principle. Besides, that is not a hew principle. That was the |demand back. of the old battles in the" oil | regions 65 years ago; back of (the establishment of the Interstate Commerce Commission po] the

Flyin

passage of the Sherman and the Clayton Acts and the setting up of the Federal Trade Comm fon. ” 2 ”

VWHAT the American pobre are in the way of getting around to is the consideration of - a somewhat more important and fundamental subject—namely, not equality, but the right to control their economic life as they control their political life and the right to participate on some juster basis in the fruits of their economic activity. That is the great issue which is going to engage the public mind in the coming years whether we like it or not.

Now if this is so, what is going to happen to the Democratic and * the Republican Party? There is an impressién that the Republican Party is on its last legs. Many feel that it can not move ahead with the times, that it is hopelessly bound to the defense of property rights and that, in the swiftly changing world, it is doomed to depart. ” ” ” HAT expectation is worth a second thought. Certainly it seems to me that one of these parties will crack up, and soon. But which one? What is this approaching battle going to be about? I do not mean the battle between Rooseveit and Landon. I mean this coming struggle about the distribution of national income. It is going to resolve itself into an attack on property rights. At least those ‘who own property are going to in- * terpret it) as a struggle to limit their property rights. ‘What party is the logical party to support the owners of property? ; The Republican Party, organized originally as the champion of human rights, became immediately after the Civil War the unmistakable defender of property rights. It has heen such ever since. ” ” HE Dimecraiic Party has been this too, in a way, but it has been so many other things that its ranks are filled with every variety of political and economic apostle that the mind can conceive. In a clear-cut fight between property rights on one side and those who would change those rights on the other, it seems to me that the recognized party of property will survive and Sah) the other party will crack up. One thing is certain. The party . Which will survive is that one which takes its stand the defender of property righ And a new party based upon the more radical and positive philosophy of the modern economic reformer will take the place of the other party. A glance at the history of parties reveals that this is what always happens. - (Copyright, 1936, NEA Service. Inc.)

DIVIDEND IS DECLARED

Schwitzer-Cummins Co. to Make Distribution Aug. 1.

The initial quarterly dividend of 25 cents a share, payable Aug. 1 to stockholders of record July 20, has been voted by directors of the Schwitzer-Cummins Co., it was announced today. The firm manufactures~fans, stokers and oil and water pumps in its plant at 1125 Massachusetts-av. The dividend is the first on the $0,000 shares of stock offered to the bublic May 11 at $16.50 a share. The stock was first traded on the Chicago Stock Exchange last Monday, opening at 20%. ’

GAIN IN CARLOADINGS

Baltimore & Ohio Totals for June Exceed Previous Month.

Times Special BALTIMORE, July 8.—The Balti.more & Ohio Railroad today reported that June carloadings surpassed the total for the preceding In

month and for the corresponding | indpis

month of 1935. Cars loaded in June numbered 207,106, an increase of 32,026 over the same month last year and 6670 more than were loaded in May, 1936. Of last month's total, 134.099 were loaded on line and 73,007 were received from connections.

‘On Commission Row .|

tations below, subject to change, rE oh oa me offered | oy

2 to local 24-pt. crate, $2281 red. 24) = Q IR sae : t $3. ae. 8s. “fines idex-

1 ican, 1 i Sime dna ie. Jag a } juve (38s) Bis. Waterialons By Een al he i on ot cra

‘about-face in unemployment

NEW DEAL BLOC SAID TO FAVOR ADOPTING DOLE

High Officials Reported as Disappointed = With - ‘ Works Programs.

. BY RICHARD L. HARKNESS United Press Staff Correspondent

WASHINGTON, July 8—The high cost of Federal work programs today produced an inner-New Deal bloc favoring a return to the dole. An authoritative source revealed a group of officials seek the complete aid policy on these grounds: 1. From January, 1933, through Dec. 30, 1935, the government spent $2,905,701,296 for Federal handouts. The average was just below $1,000,000.000 a year.

2. Total cost of the “1935-1936 and 1936-1937 jobs drive is to finally amount to around $5,000,000,000. The figure, excluding appropriations for work agencies operating during the dole, averaged $2,500,000,00C every 12 months. Point to Unemployed

3. Relief rolls struck an all-time high of 20,676,773 persons in the three-year span of direct relief, declined only to an estimated 14,000,000 persons after one year of the work program. The final decision on the vexing question is to be made by President Roosevelt, probably next January if a shortage of job money forces a new request from Congress. Director Harry Hopkins prepared to fight for government-financed work projects, a policy he established under the Civil Works administration and re-established with the $4.000,000,000 jobs appropriation of 1935.

Hopkins Offers Arguments

He based his campaign against the dole bloc on these three main arguments: 1. Work, while more expensive, adds to| the nation’s wealth. He pointed out that $1,145,866,107 of

NATION'S TAX BURDEN:CHARTED

7 7;

—

©®oo ©8110

~The country’s tax burden, including levies to be made under the Social Security Act, is destined to double by 1950, according to a sur- :

‘20

5 30

‘38 ‘40 ‘48

vey, called “Merchants of Debt,” made by Young & Ottley, Inc. “Unless the national income expands from the present 50 billion dollars to at least 90 billion, the United States is faced with the possibility of another devaluation within the next 10 years,” the sudy said. ; ‘The above chart shows that, according to the firm's survey, total tax collections. are more than 9 billion dollars as against 1.6 billion at the beginning of the century. This means that out of a national income that has increased only about ,three times during this period, more than six times as much must be paid in taxes.

New York Stocks

(By Thomson & McKinnon)

Oils— Atl Rig Barnsdall Consol Oil Cont of Del Houston

High.

t Corp Phillips Pet .. Plymouth Oil.. Pure Oil

$1,549,371,856 spent by his Works |gshenr Un

Progress Administration in 19351936 went for construction projects 2. Providing needy with a dole is wasteful, The unemployed are kept alive, but the government-financed by the | taxpayers—has nothing to show for its money. 3. A job bolsters morale while direct relief destroys it. The work program utilizes training and experience of the needy, improving their skill instead of allowing it to rust. | Tried to Cut Job Costs

Work-relief directors also pointed to the fact that, during the dole years of 1933-1935, the New Deal spent $3,300,000,000 for public works. It scheduled only $630,000,000 for

Tidewater Pon Steels— Am Roll Mills.. Beth Steel .... Byers AM .... 17 Cruc Steel Inland Steel ... Ludlum Steel .. ~

eel 857% U 8 Steel pid. 120% Warren Bros .. 48% Yngstwn S & B. 59%

Motors—

heavy construction during the past | Hud

and current fiscal years. The present works program, financed with a new $1,425,000,000 from Congress this year, revealed an Administration attempt to cut down job costs. President Roosevelt sacked almost all work activities except Works Progress . Administration projects. Under this plan a needy person is paid an average of $52.03 a month and is supplied his materials and tools. The dole averaged about $29 a month for each family.

LOEW'S NET INCREASES Times Special NEW YORK, July 8.—Loew’s Incorporated has reported an earned net profit of $7,390,495 for the 40week period ended June 4, which is equal to $447 a common share. This compares with a net profit of $5,840,351 for the parallel weeks ended June 6, 1935.

Local Securities (By Indianapolis Bond and Share Corp.) The following quotations do not re resent actual bids or offerings, but mere vy indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS

Bia. Ask. Tel of) N las '61..

Belt Rail 8 Y com RSY pid 6s ent Tug 3 Home T &

In ind Hedre’) Elec CO 78 +.nrnnne 56 s Gas Co com 6s .

Inabis Pow & Lit ¢ Co pid 6s 90 Pw & Lt Co 3d 6s 98 2 orth Ind Pub “North Ind Pub Serv *North Ind Pub Serv Prog Laundry Co Som. Pub Serv of 6s . Pub Serv of Ind pfd 7 49% a Ind Gas ec pd §s..101 H Elec Co 6s 96 Snion Title Cocom ......c.....20 “Ex-Dividend.

Investment Trusts

(By Thomas D. Sheerin & Co.)

: =e POI 238183883

pila

Yellow Truck ce Motor Access—

oll . 59 Timken Det Axle 16% Mining— Alaska Jun

Kennecott Cop. . 38% McIntyre Mine. 43 Phelps Dodge .. - 33% Vanadium

Amusements—

Fox Treater ves Loews I Radio Corp Paramount RKO

Varnes Bros 8 bao “B""100% Reynods Tob B. 54%

Rens

Atch Atl Coast Lines. . B&O

Can Pacific ..... Ch & Ohio onl & Gt W ...

&St P. M&St P pid . Dela & Hud . Del Lac & W ... 18 Gt Northern. ptd Ill Centra 201,

en New Haven N i Ont & West Nor Pacific .... 25 Penn R R.. Sou Pac ...

Sou R R Union Pac Equipments— Am Brake Shoe.. 41

t Air Westingh ec. . Utilities—

fe CasBe 'FEEFFEFE

; pip

us =F

gost Rai FF ESET 3

vagsafe 3

‘Low. N. Y.

ae Ranney EErEE | FEF

J El 3 Ca bod ge pe.

a = aa

al h

Ward

Mav Hk Marna] 1 May De

Penney J Aviation

Sperry

- Po Freeport

Drugs—

Tr Contl

Proc &

lanese

Utd roll new

‘Chemicals— Air Reduction. .

Math Alkali . Natl Dis (new). Schenley Dist .. 39 Texas Gulf Sulph Dnion Carbide. . U 8 Indus Alco..

1lins Aikman 441 us Rayon ...

Asbestos Mf,

Std Brands Un Biscuit United Fruit ... Bak ph Rd Retail Stores— Allied Stores .... 10

Kresge S § Kroger Groce .... Mac; £y R 8

1 Field t St ...

Rf ees

Safeway St .. Sears Roebuck. . Woolworth

Aviation—

Corp...

Boeing Aireft .. 1 Curtiss Wright . Curtiss Wri (A) Douglas Air ..,. Nor Amey Av..

5% 15% 612 1% 18% 21%

69 2

Texas.

Fherling Prod. Zonite. Brod Zonite Prod

Financial—

(new)

Adams. Exp Alogheny Poor) Am Int Corp.. » Chesa Corp -... Transamerica ..

Corp. .

Building— Am Radiator.. en Asphalt ... 21% Holland Furnace 35% Johns Manville .102 Libby Owens Gls 59% Household— Col Pal Peet ... Ya Gamble 46% Servel Inc 33 Simmons Bed . Textiles—

ding Hem

19%

13% 13%2

46%, 22 29%

vos. 13%

13% 23% 23

44Y, 21%

Corp 28%,

4 | Butler Brothers ....

oh 828

put Bors Pod DD pd pot pnt GY Pt + co BapaBes — $30

= ¥

vgguslengags

i - aud

Williams

Am Superp: Ark Natu Atlas Co!

er.

Northwest Bancor DE Service of

8i st Switt International ..

Zenith Schwitzer-Cummins Co.

New York Curb

(By Atkins, Hamill & Gates) s, : 1P. M.

Cities Service

ration

0il-O-Matic aD

ne “Gas “A”

ing Ar ute Moly enum Co Niagara Hudson Pan n-Am

Sa Bi ona ass Mue ller-Brass on

{Blyth & Co.). NEW YORK

+ Chicago Stocks

(By Atkins, Hamill & Gates) Prev. i Close.

. BS orthern i: : oil

Prev.

Unlisted Stocks

% . 59%

csssscessess.156

Si Aiek INS cenesasecs 39

Sess esss tessa bOOte Ls

HEAVY RECEIPTS CAUSE BREAK IN HOG PRICES

Heavyweight Classes Dip 15 to 30 Cents; Heat Weakens Demand.

The price of hogs declined on :

most classes today at the Indian-

apolis Union Stockyards. Values]

broke sharply in the heavyweights where prices ranged from 15 to 30 cents lower. Only the underweight kinds were steady, resisting the combination of a week demand for fresh meat, at-

tributed to the extremely hot 35

weather, and a continual flow of heavy shipments this week. Porkers scaling between 160 and 300 pounds were 10 cents lower; those over 300 pounds dropped from 15 to, 30 cents; and packing sows were Hostly 25 cents lower.

Receipts 6500

. Hog receipts were estimated at

6500, compared with 5300 a week ago. Holdovers numbered 203. Shipments were 7425 actuals Monday and 7000 estimated for Tuesday.

Weights from 160 to 235 pounds ld for $10.90 to $11; 235 to 260 r $10.80 to $10.90; 260 to 300 pounds for $10.55 to $10.80, and extreme heavies, from 300 pounds .up, brought $10 to $10.55. Lighter kinds, 130 to 160 pounds, sold for $10.15 to $10.65, and those from 100 to 130 pounds for $9.40 to $10.15. Packing sows moved at from $8.25 to $9 with a few sales at $9.25. Cattle Prices Off

General bidding was 25 cents lower on better grade steers, yearlings and heifers. On a few sales of yearlings and heifers the decline was only 10 to 15 cents lower. Beef cows opened weak to 25 cents lower. An early top of $8.50 was set for steers. Two loads of choice heifers brought $8.60 a hundredweight. Cattle receipts were about 2000 and calves 600. Vealers were steady with an $8.50 top price.

The market was steady on all,

classes of sheep. Receipts were 1200. The best price paid for lambs was $10. The bulk sold for from $9.50 to $10,

Receipts.

9. 8. Light lights: {40.150) Good and choice. $1033010. 95

[email protected]

. [email protected] Medium [email protected] on 200) Good . 10.80G11.00 ed Ei [email protected] Medium oh Ss: egtum ood [email protected] ac l20-2 Sood [email protected] 5: 250-290) [email protected] [email protected] |

choice. . choice. .

(250-290) Good choice . . (290-350) Good and choice. Packing sows: 275-350) Good

(425-450) (275-350) Rs Slaughter pigs: §300-140 -140) Good and choice..

CATTLE . —Receipts 2000— (550- Sat Choice

ONION RNIN NDC SIRI on> NPONOOOU - RRR SSL oan

cow Sng ama =uko:

PR IDDA IPOD IND

ooo

Heifers (850- 150) Choice

mon and “medi (150-800, Good I eho ice. . Common and mediu

Common and medium Low Cutter and cutter Bulls, good Cutter com. and med. bulk...

VEALERS —Receipts, 600— Good and choice Mediu

(250-500) Good and choice.. mmon and meédium Feeder and Stocker Cattle (500-800) Good an: choice. . Common and Ans (800-1050) Good iy “choice: . Common and mediu

ood Common and medium . SHEEP AND LAMBS —Receipts, 1200— Lambs, choice Good

7.25 6.50

Ewes (90-170) Good ang Shoice ai 33 Common and m {Sheep and jamb raliohs 2 on

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

PLANTS TO BE ENLARGED Times Special NEW YORK, July 8.—Tubize Chatillon: Corp. has announced plans for enlarging the capacities of its Viscose Rayon plant at Rome, Ga., and its knitting and dyeing factory at Hopewell, Va.

UNDIVIDED PROFITS UP Times Special CHICAGO, year statement of the Merchandise, Bank and Trust Co. revealed undivided profits of $250,670, as against $143,287 at the close of 1935.

OoVO

| throwouts mostly, $6.50;

hogs, 516; sheep, 1258.

July 8—The half-| feath

New York Bonds

(Reprinted From Late Times Yesterday) ’ DAILY BOND EX (By United Ptess) (1926 Average Equals 100)

U. 8S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Prev. Close close 117.28 113.4

101.15 101.10 102.23 102.11 Federal Farm Mozigass Corp. 3Vas . 104.14 3s 3 3-4 3s 2%s

New Bond Tesuces

(By Lyons & Co.)

Asso Tel 4s '5 B & O 4'%s '39 Brooklyn Edison s’ Brooklyn Man 4's '66 Cal Ore Pwr 4s '66 Cent Ore Pwr 45 ’60........... Cent Ill 32s ’66 .... C & O 3% 8

104.15 10 3,

csecss esos ’

s Chicago Un St a = Chi West In 45s ’° . Cin Un Term 3las i Cleve Elec Illus 3%s ‘65. . Cleve Tractor 5s '4 Columbus Railway : 3 85. Conn River Pr & Tit 3%s 21. Consolidated Power 3Y2s ’70. Cudahy 33s ’55 Cudahy Pkg 4s ’50 Eastern Gas Flec W 4s ’56.... Edison Illum 3%s ’'65 +10 Fairbanks Morse Deb 4s °56... Iowa South Util 5'%s ’50 105 Jones & Laughlin ozs el. Kansas P L.4%s sh os Los Angeles G & E Louisville & Nash ads 3003" Maine Cent 4s ’45 5 Metro Ed 4s 6s Minn Gas E Lit '50 . Monon W Dr 4%s '60.. N Y Cent 33s ’'48.. Niag Falls Pwr 3s '66 Okla Natur Gas 4's ’51 Okla Natur Gas Conv 5s '46.. pac Lite 4's ’45 Pac G 3 61 Peo Gas Lite = Coke 4s 6 Penn Tel 4s ‘Potomac Prec 3%s ’61.. Pub Serv N H 33%s 50 Railway & Lite 41% Saguenay iyi 8 4% S66 Santiago G & EF 4s ’65. ia 105% 106 106% 9873 104% 10134 98Ys 107% 10335

102%

Texas Corp 3's ’51 Union Pacific 32s 71 West Penn 3'2s 66 Wis Gas & Elec 3%s '66 . Wis Pwr & Lit 4s ’667. Wis Pub Serv 4s '61.....

Other. Livcinek:

(By United Press)

CHICAGO, July 8.—Hogs—Rreceipts, 17,« 000, including 7000 directs; market slow. uneven; mostly 10@25c lower: some bids oft lower; soe $10.90; early sales, 170-240 1bs., $10.6 10.85; sows, $8@9. Cattle—Receipts, 12.2 000; calves, 1500; medium weights were dull; prospects 25c lower; fd kinds predominating in run; light sters and heifers slow; steady; all classes cattle very liberal; water Yans tendinz to slow down early market: bulk grain fed steers, [email protected]; early otp, $9, on mixed yearlings: best weighty ullocis held above $9; numberous loads here of quality Vo sell up to $5; other killing classes. largely slow and s

eady. Sheep Recainis, 6000; fat lambs steady to strong; 10 15 cents higher; other Classes scarce; steady: ative lambs, [email protected]; numerous lots, $10. [email protected] to all interests; few weights, $9.50; ihtowomts, [email protected]; $8;; most fat ewes, $3. Soa: 5

T WAYNE, Ind., July 8.—Hogs— 25¢ lower; $60-150 1bs., $10.99: es $10.70; 200-225 1bs., $10. $10. 250-275- 1bs.. $10. 2: .’ $10.30; 300 350 ibs., si, 05; 140160 10.45; 1202140 lbs., $10.30; 100120 Toa, ' $10.15; roughs, $8.25; stags, "$6.75; calves, $8. 50; lambs, $9.50. y Times Special) LOUISVI. LLE Ju wy 8.—Cattle—Receipts, 400; including 132 direct; slaughter cattle in light supply; demand dependable market; opening about steady; bulk, common to medium grade; Frashy slaughter steers and heifers, $5.50@7; cutter grades below, $5; better finish hed fed offerings practically absent; Eo oosea salable 2 around, $8.50; bu beef cows, $4.2 good © kinds eligible higher; low Ne and cutte:s mostly, $3@4; thin shelly low cutters a to $2.50; sausage bulls scarce; considered salable mostly, $5.25 down; most feeding steers, $5.50 down; calves—Receipts, 300; vealers market steady to weak; considering A strict sort; bulk, good to choice grades; $7@8; few strictly i to $8.50; mo medium and dowel grades, $4.50; thin cls gown 0 $3.50 divgs Rice ipis, 1 700; market 10c lower: better, 160-235 $10. a0: 230- 250 1bs., $10.60; 255- 500 1bs., io. 05; lbs. and up, $9.60; 120-155 ibs., $10.99 sows, $8.25. Sheep—Receipt s, 2800; lambs in more liberal supply; general quality slightly improved; mar et © ening, . NS to mostly 25c lower. on tter grades; plainer grades unchanged better ewe and wether lambs, $10.50@10. 3; medium grades and bucks a [email protected]; common 50 (iH light culls $5 down; slau Hier ewes generally, $1.5 @3:50; Teceip 8s, Tuesday—Cattl ais; calves, 246; hogs, 1852; py 1345: shi ments, Tuesday—Cattle, none; calves, 1

ew,

Money and Exchange

INDIANAPOLIS STATEMENT

Clearings ,021, Debits 8 8,443,000 TREASURY STATEMENT (By United Press) WASHINGTON, July 8.—Government exPenses and receipts\ for the current fiscal year to July 6, as compared with a year ago:

This Year. Last Year.

$113,591,500.18 $347,735,426.40 55,751,045.81 63.334,178.96 354.401. 20544

8 1,552,551.123.64 , 28,670,162,212.53 Gold res. 10, 617,563,806.86 9,119,098,296.72 Customs 4,814,860.04 4,327,988.95

Produce Markets

thered in quoted are paid for stock gathele in the country, while delivered Indianapolis She price is a cent higher. breed h 4c; horn

1 eed 12¢c; colored sprl era. Ts Ie orn TS, Ss gr a 10c; old % ucks, 2 ne , 9C; eas, . 1 strictly fresh gs ered in Indianapolis, ase must weigh 1 a deduction of 10 cents a pound under 55 js. utter, 32@35¢;

Expenses. Receipts

Heavy hens,

be made. No. Ties 2. 33c. Butterfat, 24c.

early bulk hé

Cleve Un Term 4128 i Col Gas 5s May ’52 .. Col Gas 5s '61 Can Pac Perp 4s ... Cent Pac 58 ‘60 .....ceeusess ..101 Big Four 42s ’17 ........ cers 3

’

Grt Northern “G’’ 4s ’46 . Grt Northern “H"” 4s '46 .. Grt Northern 4'%s ’'77 ‘Hud & Manhat Ref 58 '51 .... Ill Cent 43%; Ill Cent Jt W 28 "63 Ill Cent 5s-'63 83% Interboro Rapid Trans 5s '66.. 9 Interntl Hy Elec 6s '44 7 Interntl Tel & Tel 4%2s *39 . Interntl Tel & Tel 5s '55 Interntl Tel & Tel Saas 52 . Lonigh Valley 4s 2003 McKess & Rob 5's '50 . Mo Kan Tex Adj 5s '67 . Natl Dairy 33%s ’51 Natl Steel 4s '65 . “vie Nickel Plate 4l2s '73° Nickel Plate Shs "74 N Y Cent 6s 2013 N Y Cent Shs 2013 joi) N Y Cent Conv 6s od Nor Amer Co 5s '61 . ‘Nor Pac 3s Lp Nor Pac 6s 2047 New Orleans Term 4s ’55 . Penn Ry 4s '63

111 ig 1041 109%

Penn P & es Postal ol % Cab % o Rem Rand WW 56 .... Shell Union Oil she 851 cv... Socony Vac 3! . Sou 4% Sou Sou

Texas Pac 5s’ 79 Texas Pac 5s '77 IY Third ‘Ave Adj ,5s 60 -... Union Pac 4s '47

NY NH & Hart 412s '67 Warner Bros 6s ’'39 Western Mary 5's '17 Western Union 5s 5 Youngstown 8 & T 4s ’61 Youngstown S & T 3l%s '51.

FOREIGN

Argentina A 6s ’57 Australia 4's ’'56 Canadian Govt 4s

Poland Ts rae . Rome 6's ’52 . “rviven Tokio City 5Y%s Jor esssssnnes Yokohama 6s ’6

JEATRCE CREAMER! SHARES EXCHANGED

Balance of Issue to . Be Offered Public.

Times Special CHICAGO, July 8.—Owners of approximately 67 per cent of the 100,000 outstanding 7 per cent preferred shares >f the Beatrice Creamery Co., ve accepted the company’s exchange offer of one share of new $5 preferred with common stock purchase warrant attached and a cash premium of $5 in exchange for each share of 7 per cent preferred, Clinton H. Haskell, president, revealed today. The balance of the unexchanged $5 preferred stock is expected to be offered the public later this week at the price of $102.50 a share, plus accrued dividends. The proceeds of the sale is to be used to effect the redemption on Oct. 1, 1936, of all the then outstanding 7 per cent preferred stock at $110 per share, plus accrued dividends to the redemption date. The common stock purchase warrants entitle "holders to purchase one share of common at $25 a share on or before July 1, 1938, and at $27.50 a share thereafter to July 1, 1934, when the warrants expire. The warrants are detachable after Jan. 1, 1937.

LOCAL CASH MARKET

City gram elevators are paying 94 cents or No. red wheat. Other grades cn their Cieite Cash corn new No.

3 vellow 70 cents and oats, 26 cents.

RECOVERY SEEN MOVING AHEAD IN SECOND HALF

; |Steady Climb Is Expected

Without Trade Boom, Experts Say,

BY RALPH HENDERSHOT Times Special Writer NEW YORK, July 8—Having ese tablished a very creditable record in the first six months of 1936, busi ness has started ,the second half with excellent prospects. Leading authorities see little likelihood of a trade boom, but they do exe pect the recovery to gain momentum in a steady climb toward nore. malcy. : Of outstanding importance in the half-year showing has been the greater activity .in the so-called heavy goods industries. The progress made up until the end of 1935 had been chiefly in the consumer goods lines, and there had been those who feared that uncertainty over the political situation would prevent the norma] development in the more important heavy goods

+ | field.

Not Worried About Campaign

Opinions differ over ‘the probable effect of the presidential campaign on trade in the final six months of 1936, but those who have given the question the greatest amount of study are inclined to take a rather optimistic view. They argue that in other election years fundamental factors have prevailed over artificial developments and that this year is unlikely to prove an ex‘ception. That sort of reasoning would seem to be quite sound. The wheels of economics have held to the nore mal groove thus far in the recovery, and there is®little reason to believe that they will get very far out of bounds from now on. In fact, recent political developments would appear to favor a pickup in speed if anything. ‘Opposition to the New Deal would tend to discourage the experimentations of which big busi= ness has complained.

Note 15 Per Cent Gain

It is estimated that general business was about 15 per cent better in the first six months of this year than in the corresponding period of 1935. Industries which showed the most impressive gains were building, steel’ and electric power and light. Stock prices are around their peaks for the recovery, while bond yields for thé better grade securities are lower-4han at any other time in this century. Steel operations in the last month or two have been well above expectations. This has been due partly to the posting of higher prices, but the Federal ' building projects and the greater activity in the heavy goods industries have played a part. A moderate slump is ‘expected after accumulated orders have been filled, but a recovery is anticipated again in early autumn. "Obstacles Judged Minor

" Many commentators are cone: certied over probable labor difficule ties befofe the end of this year. The situation is expected to be age gravated by the announcement of the Iron and Steel Institute that the steel companies propose to fight any effort to. enforce the closed shop principles in their mills. While there are many obstacles with which business will. be obliged to contend during the remainder of 1936, there appears to be none which is likely to do more than ine terfere with the recovery progress.

CHICAGO GRAIN FUTURES (By James E. Bennett & Co.) 9:00 AM. 1. 08% 1.06% 1.073 %

Low 1.06 1.08 1.07¢

.82Y2 80% 16%

37% 38% 39%

3 J27% BC. va hey 14 A—-Asked.

Travel by INTERURBAN at 11c per mile . . Round Trip

plus the important advan.

tages of safety and economy. Bz Safe and Save! INDIANA RAILROAD SYSTEM

also