Indianapolis Times, Indianapolis, Marion County, 21 July 1936 — Page 15
. during June totaled $20,803,400, according to Mac-
Reserve Board Acts |
TUESDAY, JULY 21, 1936
PAGE 15
Lean Building Reports, Limited. This compared with $14,962,800 in May and $18,521,400 in June, 1935.
as Brake on
Inflation.
BY JOHN T. FLYNN cee
N= YORK, July 21.—Those who are interested in inflation—for or against—may find something worth thinking about in the action of the Federal Reserve Board when it increased
member bank reserve requirements. Banks are compelled to keep on deposit with the Reserve system from 15 to 19 per cent of their deposits as a reserve instead of from 12 to 15 per cent as at present. This applies to cit< banks. For country banks, of course, the r e quirements are lower. The move is not important of itself. Bankers have been demanding such action for some time. If has certainly seemed wise. But its wisdom is important chiefly as the assertion of a power which the Reserve Board possesses and as a gesture Lo the effect that it stands ready to use that power when the necessil7 arises. Under this power the Reserve Board could go a long way toward curbing not only credit inflation by the banks, but even currency inflation by the government, if the government were forced into such action by Congress against its will. Here is how it would work:
” ” ” ET us suppose that the Fraz-ier-Lemke bill in some modified form were to pass Congress and suppose that 10 million dollars of United States bonds were
transformed into currency or 3 billion ‘doliars of form mortgages were redeemed in currency. The currency would be promptly paid into the hands of the holders of bonds or mortgages. They would not of course hold all that cure rency in their hands but would deposit it in their banks. The banks, of course, would not want to have so much currency in the till, so they would undoubtedly promptly turn in to the Federal Reserve Banks as much currency as they tould in order to bring their vault currency down to the lowest point. But if they hesitated to do this or if after doing it they showed a disposition to expand credit on the faith *of these expanded deposits, the Federal Reserve Bank could raise its reserve requirements as high as might be necessary. It could thus compel the banks to turn all or as much of those new deposits right back to the Federal Reserve Banks. The inflationary effect of the currency issue would thus be very greatly curtailed.
n ” ”
T would have a very strong effect as soon as the money was issued and paid out once. But as soon as the money reached the bank, which would be immediately, the inflationary effect would be stopped. This is, in a sense, what the Reserve Board has done with the money paid out on the bonus bonds. Those bonus payments have had a very noticeable inflationary effect in finance. But by raising the reserve requirements the Reserve Board has put a brake upon that effect. It is a proper move and holds assurance that the present Reserve Board is perpared to use it whenever the threat of inflation be-
comes serious. (Copyright, 1936, ‘NEA Service, Inc.) a ——————————————
On Commission Row
(Quotations below, subject to change. are average wholesale prices being offered to buvers by local commission dealers). FRUITS—Raspberries, Mich., black. 24pt. crate. $2; Mich, red. 24-pt. crate, $2.75. Huckleberries—16-qt. crate, $3.50. DewBerties, Mich.. 16-qt. crate. $2. Cherries, Mich.. 16-qt. grate. $1.85. Bananas—Select. ed. Ib, Se pples—Transparents, $1.60@ 1.75: No. i Viremie Winesaps, 2'2 in., $2. Lemons—Sunkist (360s) $11. Cantaloups —Indiana Flats (11s and 12s). 75¢c. Water-melons-—Liedrgia, 30 Ibs. 75c. Peaches— Alabama, FEiber jy +78 in., 2 bu.. $1.90. LE 1.65. Plums—Red and blue, iy Hy $2.25. Grapes— Seay 25-1b. crate, $3.25. VEGET. ABLES--Beans—Round stringless LL $2.2 Beeta~Homegrown, doz., 25¢. a ori egrown, z.. 35¢c. Cauliflower—Col., 12s, crate, $2 25. Celery— Michigan washed and trimmed (doz.), 45c. Cucumbers—Hothouse (doz.), 75¢. Co Home wn, doz. 25@30c. Louisiana (hamper). $1.50. grown. bushel. 65c. Lettuce—Iceberg, Western, 5s, $5.25; leaf, home grown, 15-lb. basket, $1.25.
Peppers—Ma Louisiana Dasker,” asc
(hamper), $1.25; geek Rai nt—Doz. Onion: Ret, cost
doz., 25¢c. fornia yellow, 50-1b. a $1.25. Parsley— 40c. Peas—Colorado
Home-grown, dos. Tel. (hamper), $2.25. Potatoes—California Lo ites . $3. Sw
(100
- Flynn
(d . Turnips—New bulk, bushel, $175. Tomatoes—Hothouse homegrown (10-1b. basket), $1.
Produce Markets
prices quoted are ‘paid for stock ped in the country, while delivered h Jndianapons the price is a cent higher. breed hens, 14c: Leghorn breed Jean 8c; colored sprinzers, 1%-3 lbs. colored 'springers, 3 Ibs. and over, ai feathered, 17¢: Leghorn springers, 1 lbs. . and over 12e¢: old Suek white, 45% Ibs. and over, 3 feathered, all sizes, 4c: all Eli 1!% Ibs, and up, 15¢; old cocks. 8c; No. 1 strictly fresh eggs. joss Rod 14c. Each Rs case must weig 55 gross, a n of To cents a pound a aa hac: wi ¥ MiGs T. i No, ae Butterfat, 34c.
Unlisted Stocks
{By Piyth & Co.) NEW YORK BOC ad Central te: “aves ee 88 Eo Gia
GUATALY +.210sioaiens A
Sevemngran
National City ._..... carenans 4184 National Shawm 2
sens
5
Likes ET ane
Grant Rarer ANB ovina vaian > EE EE EEE BATHON +:xereivsiatansssaaran
PREF eto ath
iter
a ueenans esa
fy Bd
PRICES STEADY
ON MOST HOGS
AT CITY YARDS i.
Active Market Reported onze’
Liberal Offerings of Good Cattle.
Good markéts in hogs, cattle and :
sheep were reported today at the Indianapolis Unioh Stockyards. A pickup in demand for fresh meal in eastern centers, aue to cool weather, was given credit by Shippers for the stimulation to trading and the price trend.
Lud Although swine receipts were esti- | M¢*
mated at 6500, with 274 holdovers,
prices were steady on weights above | Otis
160 pounds and on packing sows. Underweights cashed in 25 cents below yesterday's levels. >
Bulk Brought $10.50 to $11
The bulk of porker sales were on|A weights between 160 and 250 pounds | Gen
with prices ranging from $10.50 to $11. pounds brought $10.35 to $10.70; 280 to 300 pounds sold at $10.15 to $10. 35, and heavier kinds brought $9.45 to $10.15. In the underweights, where the decline was experienced, pigs weighing 130 to 160 pounds brought $10 to $10.50, and those from 100 to 130 pounds were salable at $9.25 to $10. Packing sows were cashed in at $8.25 to $9.25 with a few bringing £9.50. Trading was active in the cattle pens with prices steady to strong on liberal offerings of better-grade fed steers and yearlings. Heifers were strong to 25 cents 'higher for two days. was marked by firm to unevenly higher prices. Bulls were strong. Four loads of choice to prime steers weighing around 1300 pounds brought $9. Four loads of long yearlings were salable at $8.85. Numerous steers brought from $8.25 to $8.65, while the bulk of steers and yearlings moved at $7.50 to $8.50. The top for heifers was $8.50."
Lamb Values Rise
Beef cows were disposed of at $4.25 to $5. Cutter grades brought $3 4. Top sausage bulls brought $5.90. Vealers were mostly 50 cents higher, the bulk of good and choice kinds selling at $7.50 to $8. Cattle receipts were estimated at 2500 and calves at 700. Fat lambs were mostly.50 cents higher. One spot, late, was $1 higher. The bulk of good and choice offerings sold at $10 to $10.50 | A with a top of $11 for strictly choice
Kinds scaling from 250 to 280 Mack?
New York Stocks
(By Thomson & McKinnon) Noon “Prev. low. N.Y. Close
107% 107% 31 31% 17% 13% 33
108 . 31% 179% 13%
. 23%, 14
18%
15% iin 1h & 63% 127% 127% 8 8% 68 68%
~ 33 116% Ya
32%
0 Studebaker .... Yellow Truck ...
Mofor Aceess—
11 20%
Timken Bet Axle fae Mining—
Another active cow. market | An, ones’
a. Cerro De Pasco.. Dome Mines ... Howe Sound ...
Kennecott Cop". McIntyre pane. Park Uta
Vanadium Amusements—
Crosley Radio. . Fox Th BY X
Loew Radio Corp wai Paramount
20% 217
63% .. 245% . 99%, Am Tob (B) 102 Lig & Myts (B) 08 :
Lorillar Philip Morris .. 97% Reynolds T i
Rails—
kinds. Sheep were steady. Bulk of Ca
slaughter ewes brought $2.50 to $3 with a top of $3.25. Shipments were judged to be 1200.
HOGS Bulk. Receipts. [email protected] 3000 [email protected] 4000 2000 6000 [email protected] 6500 Light lights: (140-160) Good and Medium
Lightweights: J160-180) Good Mediu 180-200) ‘Good Medium Medium weights:
(200-220) Good (220-250) Good
Heavyweights:
(250-290) Good (290-350) Good
Packing Sows: ( 275-350) Good
choice. . 1: 0.80010:98 95
choice . .
[email protected] choice... 9.65
10.25
oe (275- 550) Medium Slaughter pigs:
(100-140) Good and choice.. Medium
[email protected] [email protected]
—Receipts, 2500— (550-900) Choice Good
£3.00 2300 00 22103 03 © 2300 03 LL TN OV OVD DO Ve ON SND On
Common and medium (750-900) Good Common and medium
de nd oy
23233 32328!
Common and medium Low cutter and cutter
4 Cutter, com. and med. bulk.. VEALERS
—Receipts, 700— Good and choice
oman M3000
933393 9939 88833
on UVES Oy
883 _ 838
(250-500) Good and choice Common and medium Feeder and Stocker Cattle (500-800) Good and choice .. Common and medium (800-1050) Good
bad) vans £ ¢ gg 8us® 88 09 0958 e9 883 Nama oa Benz 23
he ~~ 38
and medium v SHEEP AND LAMBS —Receipts, 1200— Lambs, choice
(90-170) Good and choice... 2.25® 325 med 1.50@ 2.25
Common and Bffective July 1. spring abe classified as lambs, ta and lamb quotation on clipped
Money and Exchange
CM & St P ptd 37 hi N W.. - a
Wabas West Sdarvisad
Equipments
Am Car & Fy. Am Loco ..... Am Steel Fay... Bald Loco
36% «2
Westingh Elec... Utilities—
Am & For Pwr 7% Am Pwr & Lt.. AT&T Am Wat ks Col Gar & Elec. Comm & Sou.. Consol Gas .... Ins’ Hydra Bice n ro ec Int Ty & Ts Lou & A. Nat Put & Lit. Pac G & E ... Peoples Gas .. Pub Serv N J. . . 58
138
tmp Western Union. Rubbers— Fir lone U 8 Rubber ... 30 U 8 Rubber ptd
Chalm
Con gon) an Tr.
Other Livestock
\By United Press) CHICAGO, 21.—Hogs—Receipts, 14, 000; Intiudin ‘2500 directs: Tairly active on ghts; 10c higher than Mon. days average! nderweights. a and to lower; Tes $10.35@ 10.85: few 140
rr 170.2 250 bs 160 Ibs. os 10. 65: ear $8286 5.25. aio ly sales on sows,
$10.90 2000; at TT
Armour 4% Armour 6% pid: kit Boru Bi
35 Gan x Gale. 14% Cont Bak “Ar 1 Prod ....
(STATE HAS 45
FEDERAL HOME
1933, Indianapolis Bank ‘Head Says.
Forty-five building and loan associations in Indiana now are operating under Federal charters, Fred Greene, president of the Indianapolis Home Loan Bank, said today.
these institutions as $76,720,234. There were only 24 Federal sav-
bined assets totaled only $4,000,000,
2.. | Mr. Greene said.
Aviation— Aviation Corp... ing Aircit . Curtiss Wright. Curtiss Wright A Douglas Air ... Nor Am Av .
FE) Corp |. 2 United. Alrate N Chemicals— Air Reduction. Com Alco. .
Tex Galt Sulph Union Carbide... 9 U S Indus Alco.
Drugs—
26, with assets of $7,008,639, have been organized in the last three years, under the 1933 act of Congress authorizing Federal charter of
% | associations formed through private « | initiative in localities where home-
financing funds were inadequate. Nineteen are old-established Indiana building and loan associations which have taken advantage of the provision of the law permitting conversion to Federal sup2rvision of
Ten Granted Charters
The largest Federalized association is the Railroadmen’s Federal Savings and Loan Association of Indianapolis, with assets of $38,971,000, which was founded almost 50 years ago. - Other Indiana associations which have received Federal charters during the past few months are listed below: , First Federal Savings and Loan Association of Marion; Tell City Federal City Savings and Loan As-
1 % sociation, Tell City; North Side Fed-
Zonite Prod ....
Financial— Adams Exp .... 127% Allegheny Corp.. 4% m Int Corp.... 3 -
Transamerica. . Tr Contl Corp .. v Building— Am Radiator.... 22 Holland Furnas Int Cem 52 } Libby Owens ‘Gls Otis Ele 26
Ulen Cons
Household — Col Pal Peet.... Congoleum Kelvinator £0C gervel Inc Simmons Bed . Textiles— Amer " Woolen. . Belding Hem .. Celanese Corp .. Colins Aikman... Indus Rayon ....
Chicago Stocks
(By Atkins, Hamill & Gates)
3 9%
J ails Quin
30%
iated Investors ve Besifan- Bless ng
Butser Brothers Cent Ill Pub bervice pfd ities Service ommonweaith Edison . Cor a
Cra Dayton Rubber Godchaux Sugar’A .. Economical Drugs .. Great Lakes Dreage Jarvis Ken- at
& L .} Lincoln Printing
Lyne Glass
hwest ‘Bnecorpor ration. . Public Service of Noriners 111. i Standard Dredge Dp. Swift I tl Williams Oil-O-Matic yortex C Zen
New York Curb
(By Atkins, Hamill & Gates)
Aluminum Co. of America Amer Cyanamid (B) Amer Gas and Eleciric Amer Genera Amer general, Ark NATO he (A). Atlas Corp Carrier Cor Creole Petroleum Corp
as Niagara Huason Pwr Pan-American Airways Pennroad Cor liabl
Standard Oil of Ohio Sterchi Bd Stores Technicolor Inc ; Wayne Pump ..... cesses eei 33%2 Mueller Brass
1 nvestment Trusts
(By Thomas D. Sheerin & Co.)
Amer Business Broad Street Investing . *Centur ares Trust Corp “A” or Accum” (Mod.) Corp ‘‘AA” or “Acc” {Unmod) Corp Tr Shares ( (Orig) Diversified Th Tr Share vers!
eral Savings and Loan Association of Vincennes; Mid-West Federal Savings and Loan Association, Evansville; Elwood Federal Savings
‘land Loan Association, Elwood; Au-
burn Federal Savings and Loan Association, Auburn; Celtic’ Federal Savings and Loan Association of In-
and Loan Association of Connersville; First Federal ‘ Savings and Loan Association of Tipton, First eral Savings and Loan Association of Peru.
Incentives Explained
“The chief incentives to Federal- || ize,” Mr. Green explained, “have been the value of the Federal charter in building public confidence, the advantages ‘of Federal supervision and uniformity of policies and practices, and the safeguards provided for both investors and borrowers. “Almost all loans are required to be on the direct reduction basis, by which each monthly payment is credited to principal and interest,
» | constantly reducing the balance due.
“While Federal associalions remain privately managed, mutual associations, all are members of the Federal Home Loan Bank Syslem. There are 12 regional banks in the country, the one in Indianapolis serving Michigan and Indiana.”
(By Lyons & Co.)
Asso a4 4s ’65 B & O 4%s '33 Brokalyn ; Bdison, Sis '66 .. Cal Ore P Central thy 4s Cent Ill 3s C &
10635 99% 102% 96 Jet Ya
20% 168 Ya
Cleve Tractor 5s ’'45 Columbus Railways 4s '65 ...107 Com Invest me 312s 51 . Con River Pr & Lt 3%s ’61..10 Consolidated Oil 32s ’51 . Consolidated Powe: 31s 70. s
as 7 Lots ih 108 es “ Fogisv) e & Nash 3%ss 3003. . 96 McCrory Stores 5s ’'51 Maine Cent 45 ’45
Times Special
LOAN SOCIETIES.
26 Have Been Formed Since | ex
ings and loan societies in the state yon June 1, 1935, and their com- | 2%s;
Of these 45 Federal associations, 3s, 1
sound state-chartered associations.
dianapolis; Fayette Federal Savings Wor
and | Jon
. New Bond Issues |
FORT WAYNE, Ind., July 21.—
New York Bonds
Reprinted From Late Times Yesterday) DAILY BOND INDEX (1928 Average Equals 100)
g ;
paszeeedy O10 ie ft pt i 3 8888338323 ©3000 in it thd
: EREEs
VU. 8S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys
He gave the aggregate resources of ! 3s. 1
1948-51 2%, 1951-54 .
Home Owners Loan Corp.
2Vis, 1942-44 ................ ; 1949 101.4 102.17
Federal } Farm Mortgage Corp. 3%s, 1964 . besesssnenassas 108.31 103.31 ee 102.30 102.29
949 3s, 1942-47 .
a BOOKS LISTED BY LIBRARY
Volumes Are Available at|x Business Branch.
The business branch of the Indianapolis Public Library, in a bul-
letin which points out that “the]be value of a knowledge of statistics |pac, CG &
grows every day in the fields of 5
business, government and social work,” recommeded a list of books available on this subject.
Volumes for loan and reference
g9882
39SSFREEERREERIRRARE co ois 2 vss og oe :
sue asve 81 Grt Northern “G’™ 4s ’46 Grt Northern “H” 4s '46 .... Grt Northern 4%%s °'77 Gen Stl Cast WW S5las ie Hud & Manhat Ref a 81
Natl Stee ! Nickel Plate 5s Nickel Plate 5% Y Cent 5s 201 3 N Y. Cent 4's 01 (old) . N Y Cent Conv ‘44
New Orleans Term 4s '55 Otis Steel 6s ’41 4s ’63
Rem Rand WW 4 dls ’56 Shell Union ail 3Y 2 51
at the branch, Meridian and Ohio 2
streets, include:
“Statistical M=thods ; A Apled to Economics and Business,’ b: *‘Elementary Manual of Statistics * by Bowley Handbook of Statistical Methods" and “Problems in Business Statistics,” Brown; “Introduction to the Mathematics of Statistics,” by Bur Ige ss; ‘“‘An Introducfin 0 Statistica Ana. ys by Chambers; troduction to Me of Eco aa Rv by Cru am “Statistical analysis’ by Day; ‘‘Social Statistics,” by “The Principals of Vital Sta dstics” by Fol, The M Making of Index Num “Sta
kers, tatistical Method
ond
and Statistics.” by Jon ADples: A Study of Index Numbers,
“Elements of Statistics) rs *F Kent: “The omens, ts of Statistical ethods The g: “Index Numbers - Biucidated. "by p, Siudy Manual in Elementary Sta- ’ by Findautoes “Statistical Methods to Economics and Business,” +Construction of Index Re ashers s; “The Principles of Financial and Statistical Saathemn tics,” by Philip: “Business Stati by ggleman; “Trend Analysis sti “Statistics, * by Sasuly; “The Stati istical Work of the Nationai Government,” by meckeibeir; ‘‘Statistics for the Business Man.” by Sutcliffe: “The Fundamentals of ‘Statistics. by Thurstone; “Statistics as Applied to Bust. ness,” by Young.
by
Local Securities
(By Indianapolis Bond ana Share Corp.) The following quotations do not trepresent actual bids or offériugs, but mereiy indicate the approximate market level based on buying and se.ling inquiries or recent transactions. f : BONDS Bid.
(T H) 4%s ‘61 .. W oles os or. 103
Ase.
Hook Drugs Inc c 17+ Ind & Mich Elec Co’ wid 7 ro Ind n vy Co 6s
*North Ind Pub pid 6 “North Ind Pub Sox co Id 7s 89 Bros Laundry Co com .... 13 Pub Serv of Ind 6s . 2 Pub Serv of Ind pid qs’ 57 South Ind Gas & Bec rd 5% 102 T H Elec Gs . . 96 Union Title Co com .. sEx-dividend. .GROSS REVENUES RISE Times Special
NEW YORK, July 21.— Quebec |. % | Power Co. reported six months gross
revenues of $1,846,435 compared with $1,770,841 for the corresponding period last year. Operating expenses amounted to $1,367,184, which was $10,000 lower than last
: CHICAGO
§ DE TROT TL oiiaiinns oo -
ay lu
Varner Bros: 6s Vestern Mary 5%%s 77 Vestern Union 5s ’ oungstown § & T 4s '61 Youngstown S & T 3%s '51..111
FOREIGN
Argentina (A) 6s 57 Australia 4'as ’'56 ] ul...
Yokohama 6s ’61
FRUITS AND VEGETABLES (By United Press) CHICAGO, Ju uly 31.~ADDies — Yellow trans., higa bu., @$2. Sweet Potatoes—Alabaina, bu., rots—Illinois, bunches, piinets, 75-1b. crates, ois, ~ @ 5@2. $1. [email protected]. nsion hampers, i” Michigan, square crates, 25@ market (50-1b. sacks) Titnoig Silos: 50 @75¢c; Iowa yellows, 60@65c
LOCAL CASH MARKET
City grain elevators are paying 93 cents tor No. 1 red wheat. ' Otner grades cn thetr merits. Cash corn new No. 3 87 cents and oats, 25 cents.
1%2@2c g 1. 563. 50. Spinacn Tomatoes—Cali-
fornia, lugs, $1.7
Jngton, clates, Peas—Washu.
sc. ty
vellow
O other type of travel can fit Greyhound! First — and most strictly first-class travel to all
One Woy Rd. Trip ST. LOUIS ......$375 $615
| PITTSBURGH .....
NEW YORK comine $ te) LOUISVILLE
LEER ES sense
ease
\ NF sesvesrs
‘Cauliflower—Wash- D D
FALL EXHIBITS DRAW BUYER TO NEW YOF
Big | Attendance at S Seen as Indication of Recovery.
Times Special
NEW YORK, July 21.—The attendance in years of out-of-t buyers at the fall merchandise hibits held here last week was ing construed today as one of
most impressive indications of proved retail and business con tions over the United States. The buyers, representatives of
Jgailers throughout the nation,
that, by all gauges of public inclina= tion, more and better quality n chandise is to pass over store ¢ ters this fall and. winter. Demand for colors and quality is reviving rapidly. - Orders being booked & larger this season. ’
Book Heavy Orders According to Mrs. G. R. Wigfs director of National Exhibitors, th attendance of buyers at its curtain and drapery showing broke all ords in the 15-year history of the show. 78 Wholesalers of the higher pr women’s dresses and other outer ap= parel, whose autumn exhibits closed Wednesday, said they had display to about one-third more buyers were present at last year’s Orders booked this season much heavier. The same response occurred at the recent rug and floor covering show. Exhibitors at last week's corset show declared that this season is bettering last year’s volume by & wide margin, particularly in the better grade foundations.
1500 Buyers at Show
Those in charge of the curtain and drapery exposition estimated that 1500 buyers visited its displays. Buyers from 46 states and several foreign countries attended this year. One wholesaler said he did $25,000 worth of business in the first two days of the shéw, while another playing curtains priced at $10 a pair declared that “sales are very gratis fying. ”»
Chicago Grain Futures
(By James E. Bennett & Co.) =~ 9:00 ; High Low A.M. me
1 Ys % 04% $1.04 .
03% 1.0 i 0 7 04%
27% 84% 18%
os
‘WERE TAKING
144.10
VACATIONS -
(round. trips te major cities every vacation trip as smoothly al
“important — Greyhound American cides are actualy
than second-class rates of other transportation
dent compare with 2 and 3 cont-por-mile fores of other trans
oi One Wey 1 BOSTON .......... 1445 PORTLAND ..... 30.45 ‘SAN DIEGO -...... 3045
DALLAS ake
8.05 520 125 14
SAVANNAH wreasnn COLUMBUS ‘esasee -