Indianapolis Times, Indianapolis, Marion County, 16 July 1936 — Page 23

showed little change in June ov

May and.

over June, 1935, but a 8 per cent increase was over June, 198}. Dollar volume was 25 per cent below June; 1929.

Out of New

Jersey.

BY JOHN T. FLYNN cad V YORK, July 16.—New Jersey recently discontinued p.wide administration of re- , It ended state contributions relief. The whole business was

first reports were a little disconcerting. We learned that towns like Princeton and Trenton had cut the number on relief enormously and cut, as well, the amount being spent. Newspapers carried stories in praise of the fine economies effected by local authorities. The local ' authorities were supposed to now their people. They knew who was soldering and who was worthy. Perhaps here was proof of the ~ charge made over and over that . ~ the dole has resulted in great num“bers of people refusing work; that, “8s one commentator put it, it peo- ~ Dle on relief would take the jobs to them, the relief problem : would not be so great. After more than a month we now are beginning to hear more uy what has happened in New ersey. The New Jersey State rtment of Institutions and Agencies, the New Jersey Confer- . ence of Social Work and the Amerjean Association of Social Workers have been looking into the problem. What they report 1s a bit disturb-

” # "

some towns compusory road : work is provided at 20 cents an “hour. At Hammonton, relief workers were forced to take jobs picking berries at from 50 cents to a dollar for 11 hours’ work. In one county 15 and 16-year-old girls have been practically forced to _ work in a cosmetic factory at star- _ yation wages. The pauper oath is revived. To get food—or rather $2 a week for food for a family regardless of size ~—one must sign in certain places a statement beginning: “I, having declared myself a pauper.” > 2 ” ” problem of relief is being settled in many places by very ~ simple methods. For instance, in certain towns all aliens are stricken : from the rolls. They may starve, In one-fourth of the towns all single men are stricken from the lls. In as many towns all aid is enied unless you have lived in the town five years. In many places no allowance is ; made for rent. In numerous towns no difference is secognized in food _* budgets between those who are well * and those who are ill. One agency has described,it as an experiment in starvation. This experiment may ~ prove that we can have money letting children starve and women go hungry and forcing peoe to work for a few cents a day. at is money saved that way worth . While? (Copyright, 1936, NEA Service, Inc.)

A. T. & T. CO. REPORTS HIGHER 5-MONTH NET

May Income of $1 793,040 Is Best : Since That of 1931. Times Special - NEW YORK, July 16.—American Telephone and Telegraph Co. ‘has reported the largest May net oper“ating income since 1931 and the ~ highest total for any five-month period since 1932.

Net operating income for the month amounted to $1,793,040, an increase of $574,102 over the corresponding month last year. The five-mohth * total operating income was given as $9,311,218, an increase of $2,985,770 over the iden“tical periotl last year.

JOBLESS ON DECREASE

Employment Reported at Peak for | [25"

x Recovery During May. Times Special ~~ NEW YORK, July 16.— Total number of persons employed in the ted States for the month of May was 38,970,000, a new peak in the recovery movement, Alexander amilton Institute reported today. 5 figure exceeded the April, 1936, jal by over 200,000 and surpassed

1.2 3 report said 5,908,000 more me were employed at the present than at the low for the depres-

On Commicion Row

tions below sublet to eh age whcictale Ray PROUT a am ation Teale 25; red, 24-pt, crate. 83. Huckl pr Cd Fa Shc Barer

NEAR NORMAL {1

ne Business ness in Nation

Reported 2 Per Cent Ahead of May.

Business is within 10 normal in the.

areas sur-

‘company reports on the in 147 territories. Nineteen of these are now listed among those where conditions are at normal or better. “Business took a long stride forward in June,” the report said. “Nine more cities. of the United States pulled out of thé sub-normal class. “The latest cities to pass above the normal line were Albuquerque, N. M.; Charleston, W. Va.; Cheyenne, Wyo.; Dallas, Tex.; Grand Junction, Colo.; Milwaukee, Wis,;

Phoenix, Ariz.; Portland, Ore. and Pu

Richmond, Va. 42 Areas Make Best Gains

“The entire natio ture is equally goody With an increase of 2 per cent above May, June business brings the national average to 14 per cent below normal —19 points nearer normal than June of last year, when business |c was 33 per cent below normal. “Gains ranging from 1 to 8 per cent over May were tegistered in 107 of the country’s 147 trading areas. “Of the 147 areas, 42 rose flve per cent or better; 11 remained without change, and only 29° declined. There are now 106 areas

within 20 per cent of their normal S

business operations.

per cent of I

1 business pic- (§

I LINE

si 2 :

}

[inetsireni i

Heli

New York: Stocks |

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

Am Roll Mills Beth Steel

M oSe Natl Steel Otis Ste fp five 5 Steel U 8 Pipe & Fdy. U 8S Steel Yngstwn 8 & T.

Hudso “The greatest June gains, with Ne

indexes improving 5 per cent or more over May, were registered in these areas: “Abilene, Albany, Albuquerque, Altoona, Atlanta, Augusta, Baltimore, Boston, W. Va.; Charlotte, Cheyenne, Chicago, Dallas, Denver, El Paso, Grand Junction, Greenville, 8. C.; Jackson, , E Miss.; Little © Rock, .Lynchburg, Macon, Manchester, N. H.: Memphis, Milwaukee, Montgomery, New Orleans, Norfolk, Pittsburgh, Portland, Ore.; Providence, Pueblo, Raleigh, Rockford, Salt Lake City, Scranton, Sioux City. Springfield, Mass.; St. Joseph, Toledo, Wichita Falls and Wilkes-Barre.”

COMMODITY INDEX SETS YEAR'S HIGH

Prices | Nove ‘Higher: Five

Consecutive Weeks.

Times Special WASHINGTON, July 16.—Rising | & for the fifth consecutive week, the wholesale commodity price index compiled by the National Fertilizer Association rose to 78.7 for the week

| ended July 11, the highest this year.

The mark tor the preceding week stood at 779 and at 76.6 for the corresponding week a year ago. Largely responsible for the latest rise, the association reported, are the higher prices for farm products and foods. Cotton, corn, most grains, alfalfa, lambs and sheep increased moderately in prices last week, but cattle, hogs and poultry declined. Of 20 food items, only

Reo Studebaker

- Motor ‘Access—

endix Canton, Charleston, B

Ein Ae Lite . Elec Stor Bat .

Timken Det Axle Mining— Alaska Jun

Cerro De Pasco. Dome Mines ... Grt Nor Ore Homestake Min.

Kennecott Cop . McIntyre Mine . Phelps St Joe Lead ... U 8 Smelters ..

Amusements

Loews Radio Fi . Paramount Warner Bros ...

Tobaccos—

Reyn Tob ug” Raps, Atchiso fae Lines.

Chi & Gt W pid. RES

pid Gt Northern pid om Sehtral .

Six showed decreases. All 14 tex- |Lo%

tile 2 olives, rose during the week. ; Mild gains of nearly all groups included in the index accounted for the aggregate rise. Advances were registered in 51 price series last week against 15 drops, compared with 45 advances against 22 declines the preceding week.

Local Securities

(By Indianapolis Bond and Share Corp.) The follo quotations do not re resent actual bids or offerings, but mere vate the Approzimats market level n buying seiling inquiries or

q BONDS

Citz Ind TS T 7 3 Hy Bt ! k

recent transact

BEE o es 2

2LE2HI23 FF FF

g ¥

253

Wabas West Maryland Equipments— Am Brake Shoe. Ax Car & Fy

Westingh Elec Utilities—

Am & For Pwr. Am Pwr & Lit .. T&T :

Elec Pwr. & Lit. Int Hydro Hlec:.

LouG&E

¥ R25 uber 8 Rubber ptd De Diy

Allis Chalmers. Amer Can

1 419% 10%

High. Low. N 3. 16%

. 28%

.. 26% 53%

Ys 31%;

... 93% . 24;

14%, 19% 46 oz 62%

68 3

ia} Yellow Truck ..

18%

13%, 30% 84

80%% 41% 2

Dodge .. 38

23% 81

Crosle Fate oa 3 52

90% S54

82% 38% 0%

8 1%

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49 37 27Y

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. 41% 1

wi &

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18% 8%

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8 McKinnon)

2 | W. P. McCurry Outlines Plans. for Exposition.”

1 AM. Frev. ps N'Y

Heavy Kinds Gain 45 Cents; Availables. Bought Up

_ Quickly.

a hundredweight in a wildfire market at the local stockyards today. With the supply on hands estimated at 2500, too few to go around, one shipper ables in a few minutes. 25 sling above 160 pounds were 45 cents higher, Light lights and pigs advanced 50 cents. Packing

sows were worth 25 to 50 cents more 3

than yesterday. It was the second day market reversed the wd trend of last week, Seven consecutive ing sessions of falling prices started

July 7. The top had been $11.20 and

7s | it toppled to $10.30 before the de-

Sper: itd v Corp New 2% Chemicals— a Reduction .. 77% llied- Chem

e 211 An Com Alcohol a3 Col Carbon ....132% Com BSelvents an Is nt .s

Freeport Tex ... 23% Liquid Carb .... 37 Natl Dis (new).. An Schenley Dist . Tex Gulf Sulph. $4 95%s 33%

U 8 Inds Alcohol . Drugs—_ Briswol Myers ... 47% Coty Inc > i% . 16% 13% Vick Chem .. 47% Financial

Adams Exp . 13 Alisgheny Corp. 4, Am Int Corp .. 11% cee. 831 13% 10%

12%,

13% 8 9%

Transamerica . Tr Contl Corp . Building—— Am Radiator .. Gen Asphalt Holland Furnace Int Cemen 49% Johns Many ille 111 Libby Owens Gls $1% Otis Elev 27 Ulen Cons Household— Col Pal Peet .... Congoleum Kelvinator . 2 Proc & Gamble Servel Inc .... 2 Simmons Bed . Textiles—

Amer Woolen

21; 21 257% 37,

49% 493% a 108% 6l's 60% 4Y

14%, 34Ys 20%a 46%, 22% 33%

834 13%, 233%; Tia 97%

Silk

Chicago

{By Atkins, Hamil & Gates)

ce EL Butler Brothe Cent Ill Pub “Service pid Chicago Rivet and Machine.. Gord: Servi

Cra Dayton Rubber General Househol Godcahux Sugar (8) Economical Drug Great Lakes Dredge Jarvis Mf, Ken-Rad T & L Libb y McNeil -and Like ve Lincoln Printing

ift Internation Williams Oi i-o-Matic

New York Curb

(By Atkins, Hamill & Gates 1P. M. N.Y. Am Cyanamid ‘B’ ......... ae Am Gas & Electric Am General Am Superpower - Atlas Corp fies cor eole Elec I jusk 1 Rubber 'ord Motors Canada ‘A Glen Alden (1)

HER, of Del pa. International vitamin

Natl Bellas Niagara Hudson P,

JancAmer can Air

8; Die Sto

SEEK SITE ad FAIR

Indianapolis A site 8 to be selected soon for |’

the proposed 1939 world’s in Indianapolis, William R.

is: aan. Moun |

pois ‘with Rufus G. Dawes, president of the corporation. which sponsored the exposition in Chicago in 1933 and 1034.

cline was halted yesterday. "Encouraged by Rains

Producers were reported holding on to their livestock as the result

% | of rains and promise of more précip3s | itation. were extremely heavy, despite a|Beft £ Sho gos

Shipments all last week

falling market, because of the failure of water supplies. The price level finally went so low that receipts fell off yesterday to around

Ya 3000 at the local exchange and a

price reaction followed, to be {eit more sharply today when receipts

235 | Were unusually small,

In the 11 exchanges of the mid-

y, | western area, aggregate porker re- % | ceipts were judged 5 | compared with 57,939 a week ago,

to be 37,350, and 31,140 a year ago.

weights averaging between 160 and 250 pounds, prices paid being $10.75 to $11. Heavier kinds, from 250 to 280 pounds, brought $1045 to $10.75; 280 to 300 pounders sold

43% | for $10.25 to $10.45; and those above ils | 300 pounds brought $9.55 to $10.25.

$9.50 Top for Sows Lightweights between 130 and 160

pounds were salable at $1025 to

$10.75 and those from 100 to 130 pounds were disposed of at from

®1$9.50 to $10.25. Packing sows were

mostly $8.25 to $9.25, with a “Yop price of $9.50 being paid. The cattle market also showed improvement, and from similar influences. Receipts were 600 cattle and 400 calves. The 11 Midwestern centers reported fotal shipments of 21,500, compared with 32,340 a week ago and 21,242 a year ago. With a meager supply of steers on hand, the trading was fairly active with values strong to 25 cents Jhigher. Other killing classes were-gen-erally steady. A few head of steers sold at $8.25! One load of 848 pound weights sola at. $7.65. Most

‘| heifers brought, $7.50 and less. Beef

cows were priced between $4 and $4.75. Cutter grades sold from $2.75 to $3.75. Sausage bulls were salable at $5.75. downward, Vealers Steady

Vealers were steady. Select veals reached $8.50, but the bulk of better kinds moved at $7.50 to $8. Sheep receipts were down to 800, but the slant downward in prices continued. Fat lambs were: fully 50 cents lower. Sheep dropped 25 to 50 cents. Top for choice fat lambs was $9.50. The bulk of bef-

29 “| ter types sold at $8.50.to $9. Good t1and choice fat ewes brought $3 to

$3.25. Culls sold downward to $1.50.

HOGS Bulk

10. 30 10.75 : $0G10.83 65

Receipts. 5000 1500 5500 4000 3000 2500

July Top.

16. [email protected] 11.00 Light lights:

(140-160) Good and choice. $10. 5 10.95 Medium

10,70

10. 3» 10.95 10.3 10: 80 10.8 10; 80

0. 8 10. 80 1 00 0.96

10.65

.10.25 9.75

Lightwei 160 S80) Good and choice."

Me rh (180-200) ‘Good and ehilée Medium

Medium 2 eights. (200-2 ood and cicies. i (220-380) Good and choice..

Heavyweights 250-200) Good and choice. 290-350) Good and choice. .

Packing Sows: -350)

210.75 10.35

(275-550) Medrim 3

Bl igs 140)" Got 3% um

Beaded Cl

Ame o200@-1-10

Mr. McCurry said that a 1400-acre Ble northwestern

site located in

evens Cemessspresisieneen

senveadene

ethers, sod 1

Swine values soared 25 to 50 cents |

bought up the avail-|3:

Most of today’s sales were in}

York Bonds

esssssssasenses sssesecsescenes cesses ssseses sesvessses

Alleg Corp Bs ‘44 Al Se 4 2 '50 . Am Fen A Pow 5 030 Am Tel & Tel His 43. . Am Tel & Tel 5s 65 . Am & Co (Del) as '85 1 Coast Line 4= °52 An Coast Line 4s ’64.. Top & S

RURAL STORE SES

EXCEED 1935 LEVEL

June Volume 1215 Per Cent |X

Better Than Year Ago.

Times Special WASHINGTON, July 16.— Daily average sales of general merchandise in small towns and rural areas for June revealed a 12% per cent

climb in dollar volume over the |;

same period last year and a jump of 55 per cent over the corresponding month of 1934, the Bureau of Foreign and Domestic Commerce reported today. June sales varied little from those of May and April, which is usual for this. season. Sales for the initial six months of the year topped those of the similar period last yéar by 11 per cent, and exceeded sales of the like months in 1934 by 36 per cent. Allowances are made for the varying number of days in months, importance of ‘days of the weeks in reference to sales and also the natural seasonal changes. The index is compiled from daily figures of three large mail companies, which compute the sales|. by mail only, and a large group of chain units operating in small towns and cities of the agricultural, re= gions of the country,

AUTO OUTPUT DROPS BELOW EARLIER WEEK |

Ward’s Reports Industry Had Best . Quarter Since 1929. Times Special ; DETROIT, July 16.— United States and Canadian automobile and truck production last week showed a total of 100,648 units, a loss of 2185 from the previous week, Ward’s Automotive Reports said to day. An increase, however, was shown over the same week a year when the total was 84,060

Ward's estimated June production’ at 465,000 units and the current ao onth to reach 425,000, both of which are higher than any June and July records since 1929. Exceeding earlier predictions, the second quarter output surpassed that of any single quarter since the prosperous record of 1929.

. "AVERAGE WAGE GROWS Times Special CHICAGO, July 16.—The average

hourly wage in southern industries | go

advanced 30.4 per cent since 1933,

while the North's average wage has Mark

increased only 14.7 per cent over the same length “of time, Southern States\ Industrial Council asserted today. The average hourly wa rate in the south is 41.2 cent against 31.6 cents ir 1933.

Other Livestock

(By United Press)

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Argentina A 6s Australia 4Y%s Brazil 8s Canadian ‘Govt 3 '60 . Denmark 42s '5b French Tl2s '41 German 5128 °65

Rome 6las Tokio city Bias 8 TEE Gogh! Yokohama 86s ' :

New Bond Issues

(By Lyons & Co.) Asso Tel 4s 65 B& s ’33 ce Brooklyn Edison 31%s '66 .. Cal Ore Pwr 4s ‘66

Central Maine ’60 . Cent 66

Conn Rive Consolidated Toil 3%s ’51 . Consol. idated Power 3%s '70..

1 1 s Jones & Laughlin los '65

| Kansas PL

Los Angeles G & E 4 Louisville & Nash He "2003.

NY 46 Niag Falls Pwr 3V2s '66 Okla Natur Gas 4las '51 . Okla Natur Gas Conv 5s 46, Pac Lite 4s Se Pac G & BE 3% Peo Gas Lite, & Soke 4s 61... Penn Tel 4s ’65 Potomac Elec Pwr 3%s '66 . Pub Serv N H 33%s '60 Railway & Lite 4s, ’55 Saguenay Pwr 41s Santiago ag s E 4s '63 Cal ’85

wis ports & Bes 375s "66 Wis Pwr & Lt 4s '66

Wis Pub Serv 4s '61 ‘10214

Investment Trusts (By Thomas D. Sheerin & Co.)

Administered Fond 2d Affiliated Pund In¢ American nd ns Shares. . *Bullock Pund Ltd Broad Street Investing *Century Shares Trust. .... Corp Sop

In neral Investors Trusts... *Incorporated juvestors Investors Fund

Nation-Wi Nation-Wide Voting North American Te 8hs 1333. North American Tr Shs North Ameri

“Qua

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rustee Stand Oilshar Tr Standard Investment ‘O° 3 “Tr Standard Investment ‘D’ 2.97 Oflfunds ... '1

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NEW LIFE INSURANCE WRITTEN | (Ass'N_OF LIFE INS. PRESIDENTS)

5 | ductions will be passed

es clude those from legal lenders as weil

| RFC INTEREST CUT INTENDED AS PUBLIC AID

Writer Reviews New Deal's Efforts to Lower Lending Rates.

BY RUTH FINNEY Times Special Writer WASHINGTON, July 15.—The American public's annual bill for interest on private debt may be cut as a result of the New Deal's latest attack on interest rates. The RFC, in reducing this week its charges for. money lent to banks, industries, real estate companies and other enterprises, announced that it was doing so “with the“request and expectation that the ree along to their debtors, our purpose being to help the man in debt as well as the lending institution to which he is indebted.”

New Deal policies have already effected sharp cuts in the rates for borrowing money and for buying on time. Beginning early .in his administration, President Roosevelt frequently has expressed his opine fon of “usury,” and by example and

23 | yardstick competition the agencies

under him have had a part in low=-

n. ering lending rates at banks,. rates

for home buyers or builders, auto financing rates, and in cheapening many partial-payment plans jor buying other goods.

Treasury Started New Move

The new attempt to force interest rates downward started at the Treasury with announcement that it would cut its charge for money lent the RFC from -2% per cent to 2%. The RFC, in turn, will charge banks 3 per cent instead of 4; industries and real estate on a sliding scale between 4 and 5, instead of 8 per cent; insurance, mortgage loan and agricultural credit companies 31 per cent instead of 4. When the RFC was established in 1932, under President Hoover, it charged railroads 6 per cent and other borrowers 5'2 per cent. There was a 2 per cent spread between the price at which it borrowed money .and the price at which it lent it. Under President Roosevelt, the RFC has reduced this spread to 1 per cent.

Extended Loan Power .

Several years ago it used its ex= tended loan power to force down bank rates, promising hard-pressed railroads direct loans if the banks would not refinance them on lowered interest rate bases. Since Marriner.S. Eccles has been

is | at the head of the Federal Reserve

Board he has been preaching the low-interest-rate gospel. He believes one of the essentials for recovery is a large-scale production method of banking with lower rates and consequently more loans. Home Owners’ Loan and Farm Credit branches of the government have lowered mortgage rates to ine dividuals. The Federal Housing Administrae= tion, though it approves a 6.23 per cent charge on money for new cone

* | struction and 9.72 per cent on loans 3% for modernization, claims to have

cut charges for such purposes in half.

Battled Auto Financers

NRA hammered away at auto ‘finance companies during its code

972 | hearings and several large manu-

facturers have announced new and lowered plans for financing. A number of large department stores in the East have done away with down payments on instalment purchases, ShiouTicing payments “on the FHA p an ”» The administration has lowered interest charges on the public debs steadily in spite of the increasing deficit, by refinancing its obligations at lower interest. Latest available figures put the total of long-term private debts in the United States at about $84,000 « 000,000, with short-term borrowings between a billion and a biflion and

38 a half dollars. 1p

Urban Mortgage Total Large The long term debt is divided as

. | follows: Farm mortgages $3,500,000,000; urban mortgages $27,554,000,000;

railroads $14,264,000,000; public utile ies $11.225,000.000; industrial $10.« ; and financial aw Fs $21,919,000,000. Soro The short-term borrowings ine as from illegal chattel loan companies charging from 70 to 100 per

-+./| cent interest, illegal plain note com-

panies chargin Sem and gat "siny eas yer

that these companies were collecting $200,000,000 a year interest on avers age loans outstanding of $00,000,000.

U.S. STEEL REPORTS: ‘DROP IN SHIPMENTS

June Total 98,032 Tons Lower Than Previous Month, Times Special ;

NEW YORK, July 16—A decrease of 98,032 tons to a total of 886,000

{tons in shipments of finished steel

during June was reported the U. 8. Steel D, May delivery this marks an