Indianapolis Times, Indianapolis, Marion County, 10 July 1936 — Page 19

Traces Course of

Depression and Recovery.

N= YORK, July 10.—The lagging figlires about business in the six months just ended are v coming in. The story they tell is plain. It is that some force has carried business to the highest

point it has known since May, 1930.

That statement is worth pondering. The great crash of 1929 oc-

curred in October. By May, 1920, the President and his business statisti--

cians were an-.

nouncing that the storm was over. The nation had righted itself and was prepared to resume its onward march to eternal : abundance. Of course we did not sink down like a horseshoe in a well. We went down at times gently, at times in jerks. It took three full years’to hit the. bottom. That was in March, 1933. So that by May, 1930, we were still moderately prosperous. Well, now we are just about at the point on the way up we had reached on the way down in May, 1930.

: td » ” HIS means we have had a large recovery, so far as it is

measured in the figures used to

measure business. Production facts give us this result. In human values the “Yecovery has, of course, been very much behind. But there are those who fondly hope that as the business world rides up the cycle it will drag the human cargo up behind it. Now if we study the line on a chart which pictures the decline and rise of business, we will see tr; the real rise began in the late summer of 1934. The President came into power in March, 1933. Instantly there was a sudden upward burst. It was unwholesome, artificial, due to the threat of inflation. - It broke in July badly. Around October, 1933, things began te rise again, . ” » » HAT was due to the inauguration of a spending campaign. It ‘was on|a moderate scale. But the recovery which was expected to. follow the NRA failed to materialize. |After months of organizing, parades, mass met rass bands and oratory, world had sunk down The Presito

seriously in-the summer of 1934. By October things were worse than they were the previous October. Then the President began his real spending. And then—and not until then—did the business | index line begin to move up definitely. With occasional interruptions, it has continued to do so ever since. glt is now at the highest point.

» » ” USINESS men are pleased to # call this recovery. And of course Democratic politicians do likewise. Economists know that a lift in business which is produced by government spending can not

rightly be named recovery. But business men reply that they are not concerned with this. Recovery , always produced by forces which omists complain about, they “day. What they are interested in is how long will it last. The answer is simple. It will last as: long as government spending lasts. How long will that be? No one can say. But it may be pointed out that the President has yet in his hands, for spending, appropriations amounting to six billion dollars above ordinary government costs. (Copyright. 1936, NEA Service, Ire.)

CONNECT 28,000 PHONES Times Special NEW YORK, July 10.—Bell Telephone Co. has reported an incréase of 28,000 phones during the month of June, 1936, against a loss oe 8300 for the same month last year. -

-On Commission Row

(Quotations below, subject Ro Me ave wholesale Joe tas 8.

es So nd 5

NE a ie CW Ee stringless 1.50 08.,

ulia So, io own, do dhe. ox on

eas trans arans

Banker Ce Hanover senesnasnininy

BY JOHN T. FLYNN ced

INDIANA MAKES BUSINESS GAINS, SURVEY SHOWS

of Cement and Building Lead Advance.

reported for Indiana in auto truck registrations, cement shipments and in building permit totals, according to the Brookmire Corp.'s income chart, just published.

Figures given for the latest month show truck registrations 182 per cent ahead of the same period of 1935. Cement shipments were 140 per cent higher, showed a gain of 124 per cent.

Pay Rolls Gain _

Other percentage increases over.a year ago were listed as follows: Pay

rolls, 21; bank debits, 16; electrical production, 14; crude oil production, 8; gasoline consumption, 7.

Several adverse elements were reported by the Brookmire Corp. Pas-

were reported as 17 .per cent lower than in May, 1935. The income of Hoosier farmers was shown to be 4 per cent lower. | Life insurance sales were said to be 1 per cent below the 1935 level. Business failures had increased 17 per cent.

Indianapolis itself was shown to lag somewhat behind the state as a whole im the gains over-a year ago in bank debits and building permits. The increases in the city were listed as 9 per cent for bank debits while bullding permits gained 105 per cen

New Bond Issues

(By Lyons & Co.)

Asso Tel 4s ’55 B & O 4'%s '33 Brooklyn Edison 3Ys '66 Brooklyn Man 42s '66 Cal Ore Pwr 4s ’68 Central Maine 4s '60 Sent

Chicago Un St 3%s 63 Chi West In 45s ps Cin Un Term 3%s '71. Cleve Tus. 3%s 65. Cleve Tragtor 5s '45 . - Columbus Railways 4s '65 Conn River Pr x Lt 3%s ’61. Consolidated 35s ’51 Consolidated Power 3%s "70... Cudahy 33s °'55 Cudahy Pkg 4s ’50 Fastern Gas Flec W 4s '56. Fdison Illum 3's '65. Fairbanks Morse Deb 4s '56. . Towa South Util 51s °50 .... Jones & Lauchlin 415s '61. Kansas P I, 4Y,x ’A5 Tos Anceles G & E 4s '10 Lautsville & Nash 3%s 2003 . McCrorv, Stores 5s ’51 Maine Cent 4s ’45 Matro Fd 4c ’R5 Minnn Gas E Lit '50 _... Monon W- Nr 4145 60 NT Cont 04s an, AY Falls Pwr 31g ’RR OFla NMatyr (Gas 414s Al. Okla Natur Gas Conv 5s 46. . Pas Tite 415¢ '45 Pac G & E 3%s '61 Pen Geos Lite > Coke 4s ‘61. Penn Tel 4z ’R3 Potomac Flee Pwr Hag "81. Pub Serv N H 334s '6 Railway & Lite he %ss Saguenay Pwr 4's 'R8 Santiago G & E 4s '65 Ro Cal Gas 45 ’65

...106%

vise ec 103 -. 108% 105%,

‘1041; 1

106%

100 10835 10554 1nR34 9734 105%

Texas Corn 31s #51 Mion Pacifie 334s '71 West Penn 21ss RR Wis (jas & Flee 315¢ '86 Wis Pwr & Lit 45 'R6 Wis Pub Serv 4s '61

1035 10234

Local Securities

(By Indianapolis Bond and Share Corp.)

The following quotations do not resent actual b bids or Sfterings. but Otay indicate . yo 3 poroxs mate market level a recent transactions SSHINg inquiries op

BONDS

Citz Ind nL (T H) 4Ys°* H Tel I Rt w Bhs a 61.. H Tel = Tel Pt W a? pls Rail Inc 5s

Water Co 5s Water Co 5s 70 Water Co 5'%s '53 Interst . . Tel rar an a Kok

tores 5s '50 . Muncie Water Works Ss Noblesville H LS Ohio Tel Serv

TH Water Works 5s ’58 . T H Water Works 6s ’49 Trac Terminal Co 5s ‘57

Belt Rail 8 Y com BRS Y ptd 6

Indpls Pw Indpis Water Co *North Ind Pub *North Ind Pu

TY 8s . *North Ind a Pub Serv Co pfd Ts 8 prog Co com 13

b Serv. of 8s Bub Serv of Id Ld Ts i & Elec pfd 5s 1014

_*Ex-Dividend.

Money and Exchange

INDIANAPOLIS STATEMENT

TREASURY STATEMENT (By United Press) WASHINGTON. July 10. — Governm

year to July 8, as compared with a year

Last year

Truck Licenses, Shipments |

Large increases over last year are |

and building |

senger car registrations in the state |.

? IN ¥ Ont

expenses and eceipts for the current nt fseal s

agave

A vehicle that travels with equal ease on highways or railway tracks is the newest product of the motor metropolis. It mounts or leaves the rails.

at any grade crossing.

The coach was developed after two years of work by ‘the Evans Products Co, Detroit. The Reo Motor:

Car Co.| this vebie Equi rear, the autorailer travels on the rails on its pneumatis on the ease of riding are-said to result from this principle.

su le, now. in production.

"ie

The total number o

the firsts Susu st fh fhe iced States 21 months o year 2} 5420, for he) with 6334 for the ogrresponding period

of last year. totaled 3439.

Retail insol vencies thus

far, this year

pplies the power plant apd chassis for

wisn retractable pilot axles, front and

It is held there by the flanged wheels

t axles.

Exceptional tractive ability and

New York S tock Ex change Prices

(By Thomson & McKinnon)

High Low

29% 16%

' Ollge= Atl Rig Barnsdall Consol Oil Cont of Del Houston (new) . Mid ont Pet .. ghio 20 1

Phillips Plymouth on”

Texas Corp .... Tidewater Assn Un Oil of Cal

Steels— Am Roll Mills .. th Steel 200 Byers

nl ud

Mid FH) Natl Steel Otis. Steel

Rep Iron & sti. U 8 Pipe &

Youngstn & T 63%

Graham Mot ... Hudson

Hup Mac Nash

Studebaker Yellow Truck ...

Motor Access—

Ti 11 Timken ‘Det Axle 1

Mining— Alaska Jun Am Metals

Radio Cor Paramoun

‘I Warner Bros ..

Tobaccos—

Am Snuff 63 ... 63 Am Tobacco eos 101

rillard Ehilip Morris Reynolds Tob ‘B’ 55%

3a 3% & West 4%, Nor Pacific 263%: Penn R

et Ae

Suds

aw ed -3 wr wo g

rheS8.L.828 SEFFRESE

7 Ton lat

wg rs ae

= Jie “og Sasny

Be ap ato Ne

— Born BnR ns

FE SHESES EE

Ys | Col

i ar Tf

90. 103.5 Rar. “1936, by St standard Statistics

| 35.2004

Cuban’ Am Sugar 9% Gen Baki Seve: Ya

Natl D Prod Puri Std Brands Ward Bak “P’.. Retail Stores—.

Allied Stores ... Assd Dry Goods. est & Co

Penney J C a Safeway St .... 30 Sears Roebuck Woolworth ; Aviation— Aviation Cor Boeing Aircf Curtiss Wrigl Curtiss Wright A. Douglar Air, .... NO Am Av ay United Sor t new Chemicals— Ale & Chem". . e : 3 om Alcéhol Jn

i “ Com . Solvents. . 15% Pont 156:

19 22%,

MY,

47 158%

53% /

9 7

53%

19 227% 71% 203 217%

15%, 156

9% 11%, 41

147% 152%;

N. Y. Bonds

(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1926 Average Equals 1%

Today ‘ Teaterday 92.9 Week Ago: .... 324 Month Ago ...:

Rails 93.4

60 util, Bonds 105.9 96.7 Bas

5 | 4 .0 .3 33 3 cs)

U. 8S. GOVERNMENT BONDS

(By Abbott. Proctor & _ Treasurys

1947-52

1948-51

Paine)

Close. 117.2

Home Owners Loan Corp.

eal Farm Mortgage Corp.

-47

Alleg Corp 8s 44 Alleg Corp 3s '49 . Alleg Corp 58 m Fgh Pow 5s 2030

Am & 0 (Del) 4s ’55.

Can Pac Perp 4s Cent Pac Ss un

ont & Wes Chi &

Prev. close. 117.27

103.30 102.15

Prev. Close

aon “es

re oi Carb . Bh uid Math ath Alkal, ©

. 30 Chem. 96% Nett Go i | 28

Zonite Prod ... Finaneial—

merica 14 Tr Contl Corp .. 8% Building— Am Radiator ... 21 Gen Asphalt - 24% Int Cement . 49%, Johns Manville 10735 Libhy Owens. Gls 59 2 Otis Elev 25% U 8 Gypsum.... 98 Household—

Col Pal Peet ... 15 34

oo 22Y, Simmons Bed .. Textiles— Amer Woolen .. Celanese. Gon 23% elanese Co: Collins Alkman . 4714 Indus Rayon ... 39 Kayser Julius ... 26% Real Silk 10

Chicago Stocks (By Atkins, Hamill & Gates) : om, GB

Gent TIl Pub Se ce eA Cities Servi wv ptd as

Commonwealth ‘Edison’. Crane

General Ho Jarvis

Nota gad Northwest Bancorporation Public Se Vortex

Zeni Schwitzer Cummins Co ' Northwest Engineering Co ...

New York Curb

(By Atkins, Hamill & Gates)

P.M. Prev.

Aluminum Co. of America ... Am. Syanamid ”B” Shir

21% oo. 8Y vice of Northern Ill gs

Ford Motors Canada “A” .... Gulf Oil Cor; re 2 of Penn. Humble Oil Refining Co. International Vitamin lohnson, 5 = Fl ation eins 104% um of Amer, . Bellas op Ine. ... Nisgara Hudson Pwr, Pennroad

Brothers RIO . 6 Teehmico or, Ine. oui). un 7A 3 Tubize 8 Chatllan Corp. Senden ayne ” 32% 32 Mueller Brass . ;

Investment Trusts (By. Thomas D. Sheerin & 2 Sompany)

Asked xAdministered Fund 2d 6. Affiliated Fund, Inc. 18 ni : io

17.87 31.44 2

19.38 33.63 28.30

NH N35 3 ¥ dad

BgasEEa

= =

888-89

WRB Barman HEELRRRS

TEN

2 + | nadian.

‘Balance Rate Cuts, Higher Taxes.

| Times Special :

NEW YORK, July 10—Rate con-

correspon period. This was accomplished de-\ spite’ a lull in hydro-generation activi during the first two months r as a result of ice jams

generation of electricity. Ranks as Large Producer

“The company ranks as the largest producer of hydro-electric power in the world,” the report said. “Properties cover a large area in New York state, operating through- | if out the northern, eastern and western sections, and serving approximately 2,750,000. “Electricity sales account for about 86 per cent of total revenues. Of total capacity, about two-thirds in h The entire system is interconnected, both within and with neighboring systems, including Ca‘Through ownership of important riparian rights and strategic location of properties, the utility is the dominant private factor in the St. Lawrence water power development;

Condition Satisfactory

“At the end of 1935, the financial condition of the company wads satisfactory. Current assets of $16,629,757, including $7,500,000 cash, were in’ excess of total urrent liabilities of $16,629,008. In the case of utility companies, cash reserves are never very large and this showing is better than average. : “Total funded debt, including subsidiaries, amounted to $219,000,000. Subsidiary preferred stock outstanding totaled $186,230,000. Onmpital stock of $15 par, generally known as common, totaled 8,738,810 shares. “Gross revenues rose 3.4 per cent during 1985. Earnings equalled 50 cents a share compared with 46 cents a share in 1934. A somewhat better showing for last year was precluded by a 27 per cent increase in depreciation charges; “Electric revenues during 1935 increased 3.1 per cent over the previous year and comprised 85.4 per cent of gross.

FOOD PLANTS "EXPAND fare

: Contracts Awarded in Industiy To-

. tal $2,013,000 in June. Times Special NEW YORK, July 10.—Awards for construction in ‘the food industries during June totaled $2,013,000, with $1,284,000 pending, Food -Industries reported in its July issue. Beverages headed the list of awards with $865,000. In pending projects milk led with $437,000. Total awards for the current year to\taled $11.117,000, with beverages credited with $3,374.00 of the total figure.

Produce Markets prices quoted are paid for stock No in the Sountz?, while delivered dianapolis. the price is a cent. higher, eavy breed hens, PD horn breed

Heavy 1 16c: Legl feathered white, 4%

Tn colored Pil ers, 1 springers, 2 bs an

Er: 10¢c; and over,

liv ase must Lt 55 ibe - deduction of 10 cents a pound under 5 will be made. No. 1 butter, 34%@ Macy No. 2, 33c. Butterfat, 33c.

ol United Press) :

33%¢; 32 gens, speci als, 34 a @34%c; standards,

Poultry—Market irr Tr; receipts 41 ep 10 I8€: ghese Bgise: fens, 13@

1 TE Jsaiee: te 3 | ponxevs, 15: ge Uy eghors

445¢; fryers, 18a Cheese—Twins, 17% @13c: y 1815¢ je longhorns, norma. 18126 18% dues sua Pota Jiberal; demand slow; uri - Cobblers, SG

lers, . [email protected]; 276; ‘shipments, |

BE 53

3 ® FF

84 ask

fu 3 8 =

a 3

8 =

Local Livestock Reng 58

Srsleenscasnnensnnie

or gaat 2d chaice. 410.1001019

160.180) Good and choles. 183391010 -.10.55@10. 10350105 - 1030010.13

[email protected] 1 [email protected]

8:25@ 9. 8.00@ 8.7. 1.75 7.75

9.2501

Ba oe

» Ama. S33 o ~

Common (900-1100) Choice est vasennase Good Medium

é NOIMO MANO M-I00

$e =300 =300 300 8) th abs 23888 gskasthesiuy

thew ie 2200 2

wo Swans S828

Good Common and medium Low cutter and cutter Bulls, : Cutter, com. and med. bulk... VEALERS —Receipts, 500— Good: and choca ., .e

rhe sain 28333

$848

macnn 33333

282 8g 338

(250-500) Good and choice.. Common and medium

Feeder and Stocker Cattle (500-800) ‘Good CE

Common and med (800.1080) Good and wholes. Common and med

98 O89

PIRI La®

28 3383

aa came Zw 83 23332’ 33 08 See on

SHEEP AND LAMBS -—Receipts, 1200—

, choi [email protected] Ba Se [email protected] 7.75@ 9.75

8.50@ 1.7

5@ 8.50 6.75@ 1.75

{00:370) Good and cholce .... 3.25@ 4.50 > {Sheep and lamb quotations on clipped asis ism on and medium 2.00@ 3.25 a ive July 1, spring lambs classified

Other Livestock

= mes Special) LOUISVILL 10.—Cattle—Receipts, 300; gene oY ie hem market on light salable supply of slau fer cattle; bulk helt i eae rae 1# te ass steers, and e ors, fon "io to sell above, but strict ood

ds Quotable to around a beet cows, $ 25; good kin

and above; low a and ies 3 4 sausage le S01 sonsiderad. od e, down. Calves—Rece better Ly vealers strong to Ie 50 cents is her; plainer grades unc al ed: bulk to choice vealers, $7.50 ; asking oe OO “55 for few strictly Ss handyyoighis most Medium and ower grades; [email protected]. oR s—Receipts, do. cents lowe 160-225 Bs. $10. 95: 330-350 $9.9 -300 1bs.. $9.40; 305 joe, hob: by 95; 320. 155 1bs. 39 40: Sows, $7.60. 8 sp —Receipts. 3500; moderate to — > killing quality Tomennat a. tter than Thursday; better lambs ing fully steady or mostly $10.75@11; ome strictly choice heavy lambs and choice longhaul selections held above $11.25: few lambs lacking weight, 10. 3510.50 most medium grades and bue cha, $8 $8@10: common

slau, Fhte tlv $1. s0@s. 50° “Reacts rg ayes me Thufsas tile, 108400: calves. 262: hogs, | W 84: shee Hie, ‘Shipments Thu ursday — Cacite, oe calves, 105; hogs, 472; sheeps,

* {By Sajid Press) Marker, 10 o6 cents lower; 160 50 15. Ibe. hile oe: 180-200 1bs., 310.18 15: 275-300 Ibs..’ $10.05

. $9. 40160 Ibs., $10.20; Bi Ibs $10. 05: 100-120 | 1 Ibs. , $9.90; stags, $6.50; calves, $9: lambs, "810.

The

DP FRO 10TD. 25 CENTS MORE

Shipments Continue Heavy: | Price’ on Light Kinds Holds Steady.

above 160 pounds was from 10 25 cents. Underweights were steady to~

fresh meat during the heat wave to drive the price level lower. Top Is $10.75 The top price today was $10.75, compared with $11.20 Monday. Hogs weighing 300 pounds and upward brought from $10.40 to $10.75 Mon day but have been forced down to from $9.25 to $10. Bulk of sales were for hogs avere aging 160 to 250 pounds which brought $1050 to $10.75. Weights between 250 and 280 pounds sold for $10.20 to $10.50; 280 to 300 pounders were salable for from $10 to $10.20. Lighter varieties, ranging bétween 130 and 160 pounds held at $10 -to $10.50, and light lights brought $9.50 to $10. 9 Packing sows were weak to 25 cents lower, selling from $7.75 to $8.75. A few sales were for $9. Few Cattle on Hand

- Cattle receipts were estimated a 400 with 500 calves. There was a cleanup trade on most: killing classe es. Steers, heifers and cows. were | about steady. Odd head steers were salable at $8. A few heifers brought $8.25. Cutter grade cows ranged bee tween $2.75 and $3.50. . Vealers were mostly 50 cents : higher with the top established at ‘$9. The bulk of better grade veals were disposed of at $8 to $9 The better kinds: of fat lambs were 25 to mostly 50 cents higher, Lower grades were about steady. The top for fat lambs was $11. Bulk

; Bulk of desirable offerings brought $10

| to $11. Sheep were generally steady,

Other Livestock

/ (By United Press) CHICAGO, ' Jul 10.--Hogs — Re 5500 rl 20-320 1bs.

sows iroand $9; steady to wea i. attle-—] 500; calves, 500; other slow dragsy 1 market on alt slatgnier

classes sure; heifers neg supply 1

shes a os I nin er supply: strong er ef bul er ent

maximum $10. ©30.90: strictly choice Velghty Sa itouniano $10,907 Pa a Se A 3 rings, s fat ewes, Li 50; as, $4.75 mas: LArAYSI TE: July 10.—H ket a ower: 0 pe Si Ibs.. 8 i050

10. 40; 246-210 the. siglo’ ., [email protected]: Toughs, $8

fp ri rly 2»

higher, $8 so own; higher; top $9.50

Capitol

Clothes Shop

CLOSES

| SATU

RD. Y |