Indianapolis Times, Indianapolis, Marion County, 21 July 1936 — Page 16
. during June totaled $20 808,400, according to Mace
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 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 teserve instead of from 1) to 15 per cent as at present. This applies to cite 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 necessity 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 currency 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 could 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 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.)
On Commission Row
(Quotations below, subject to change, are average wholesale prices being offered to buvers by local commission dealers). FRUIT Raspberries, Mich., black. 24t. crate. $2; Mich. red. 24-pt. crate, $2.75. uckleberries—16-qt. crate, 50. Dewberties, Mich.. 16-qt. crate, $2. Cherries, Mi gh crate, $1.85. Bananas—Select. ed, Apples—Transparents, 3x 60@ 1.75: Bo. 1 Virgini» Winesaps, 2'2 in.. $2. Lemons—Sunkist 1360s) $11. Cantaioups —Indiana Flats (11s and 12s). 75c. Watermelo orgia. 30 lbs. 75c. Peaches— Alabama, Pibertas, 2 in. 2 bu. $1.90. Apricots—15-1b. lug, $1.65. Plums—Red and blue, 4-basket crate. $2.25. Grapes— Seedless. 25-1b. crate, $3.25. VEGETABLES—Beans—Round stringless (hamper), $2.25. Beets—Homegrown, doz. 25¢. Carrots—Homegrown, doz.. Cauliflower—Col., 12s, crate, $3. 25. Celerv— Michigan washed and trimmed 30%, 45¢c. Cucinhers Hothouse, az), Corn— Home grown. doz.. Ext plant — Louisiana Et Se 80: e—Homegrown, bushel. 65¢c. Lettuce—Iceberg, West5s, $5.25; leaf, 15-1b. Bucket, "$1.25. Peppers—Ma Sampet), 3 $1.25; peck doz., 25¢. Mint—Doz., 50c. on RC fornia yellow, "so-. bag, $1.25. Parsley— Home-grown, 1 Peas—Colorado Tel. (hamper), Sa Potatoes—California Long ites . $3.50. Sweet BE Triumphs, bu. dishes—Ohio white (2 dos. bas-Rhubarb—Home-grown (doz.), 35¢. Sage—Doz.. 45c. ips—New bulk, bushel, $1.78. Tomatoes—Hothouse homegrown (10-1b. basket) $1.
Produce Markets
The prices quoted are ‘paid for stock gathered in the country, 13 Indianapolis the price is a cent higher. eavy breed hens, 14c: horn b Pen Sc; ores springers, 15s Ii Ibs, 16c: colored springers, 3 Ibs. and over, full - feathered, 17¢; Leghorn syringes, 112 lbs. . and over 12¢: old i eT
and over, { all Tuineas. 1% 8c; 1 st Play
sizes. 4c: fe cocks, tly fres loss off, i4c. Each full case must weigh A eduction of 10 cents a under 55 Ibs. will be made. No. butter. 37% @38!2¢c; No. 2, 3412@35 lc. Butterfat, 34c.
Unlisted Stocks
over a 5 tt I
Chemical .. 64's *Continental Guaranty Anata TRs vhs ar a
ving Ly National City ......... sxernsve 4) Pirst Na wo aaa XEAA iE
“hers ysesnEAr Es ane
ssEsestaTsar nena
revavwrans Besse kmssssssnnans ata.
SEAT eTRs AREER AeA
Jul 1s.”
while delivered |
PRICES STEADY ON MOST HOGS
Liberal Offerings of Good Cattle.
Good markéts in hogs, cattle and sheep were reported today at the Indianapolis Unio Stockyards. A pickup in demand for fresh meat in eastern centers, aue to cool weather, was given credit by shippers for the stimulation to trading and the price trend. Although swine receipts were estimated at 6500, with 274 holdovers, prices were steady on weights above |S 160 pounds and on packing sows.
low yesterday’s levels. BulkyBrought $10.70 to $11
The bulk of porker sales were on weights between 160 and 250 pounds $11. Kinds scaling from 250 to 28¢ 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
Packing sows were cashed in at
$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. Another active cow. market 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
$4.25 to $5. Cutter grades brought $3 . 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 with a top of $11 for strictly choice kinds. Sheep were steady. Bulk of 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] 2500 4000 2000 6000 a1, 10. A0@11. 00 6500 Light lights: : §}19.160) Good and
Lightweights: . [email protected] [email protected] . [email protected] [email protected] Medium weights:
(200-220) Good (220-250) Good
Heavyweights:
(250-290) Good (290-350) Good
Packing Sows: ( 275-350) Good
10.80 10.60
11.00 10.95
choice choice. .
choice. . choice. .
Good (375-550) Medium Slaughter pigs:
(100- 140) Good and choice.. Mediu
CATTLE Receipts, 2500— (550-900) Choice Good
90930000 2103.00 & =309 0 NTI =TIN DI
Sa 3 ih 3 4 2303 h ~300 SAA 100 Fh «34 28383 3SuIntR3BNEY 93399 993d 63d DIV! samo Me 30000
sussa
(780-900 Common and mediu
Common and medium Low cutter and cutter
and med. bulk... VEALERS
—Receipts, 700— Good and choice Medium
23333
8. Cutter, com.
om 838
(250-500) Good and choice Common and medium Feeder and Stocker Cattle (500-800) Good and thoice . Common and mediu (800-1050) Good Common and medium
38 888 eo 893 pao ou S283 8a
DNaIMI
28 susk 69 0958
a 38
and medium ¥ * SHEEP AND LAMBS : —Receipts, 1200— Lambs, choice Good
Good Common
a0dB20 Te
Nw
mon and medium SRective July 1, ng jaune as lambs, sar er and lamb quotation on ‘clipped
Money and Exchange
INDIANAPOLIS STATEMENT -
‘classified
page : bam),
AT CITY YARDS 2.
Mid Con Active Market Reported on |Z con
Underweights cashed in 25 cents be-| 3 £
with prices ranging from $10.50 to 8
pounds brought $10.35 to $10.70; 280 |X
pounds were salable at $9.25 to $10. 22 $8.25 to $9.25 with a few bringing |g
as Ae ug sys
h
New York Stocks
107% 31 17% 13% 33
23 13% 14% 48%,
Kees Mid Stee Natl Bite
8 Ee & F 3178 Pie 4
eo Studebaker .... Yellow Truck ...
Motor Access—
11 20%,
Greyhoun oudaille Murra,
Kennecott Cop.. 4 Mcintyre Mine. .
Vana Amusements—
Crosley Radio. . Fox Theater....
8. Smelters. 8
Beef cows were disposed of at jo
Paramount RK
pe Bhi TS Eis xia 7 Reynolds T _.
Rails— Atchiso.
Can Pacific .... Ch &
Ohio 8 Chi & Gt W pd 8% CM&EP CM & St Poptd 3% i NW
2 12 12% "88%
ash 2% West: Maryland . 9% Equipments— Am i & My, 3634 «27% Am Sear ‘Fdy. eo 32 Bald Loco 3% 53% 41% Ga 38 . 51% . . 41%
Wet ialr Bec. .133
Utilities Am & For Pwr 7%
Western Crain? Rubbers— tone 29% rich Bw .4%Ya 30
%%
20%
28% 159%
80 Corio Tr... 5%
(By Thomson & McKinnon) 2 Low. oe Close.
107% 31% 17%
n “Prev.
13% ’
: 13 8 : 68
33 116% 69%
80° B%
is | 2 Best & 8%
68%
32% 116% 69% 2
16% 34's 16% 11 4% 11% 19%
20%; | Cur 79
13 10%
Indus Rayon .... 3
High. Low. ny
83% at Cash Reg 25 all ca aes
Natl D
an Aviation So os Boei: ing Airett .
tiss Wi t. Curtiss Wrignt A Douglas Air ... Nor Am A ae “aie hits Sn Alratt N
Chemicals—
Air Reduction. , Am Com Alco.
21 27Y
18 21% 15% 6!
24% . 313% Monsanto Chem 96 Natl Dis (new) 26% Schenley Dist .. Ria Tex Gulf Sulph Fuion Carbide... 96 S Indus Alco.
Sterling Prod .. 74 Un Drug {new) .. . Vick Chem Zonitz Prod ....
Financial—
Adams Exp Vs Aliegheny Bord’ 4% m Int Corp.... 11% - Chesa Corp ces. B84 83 Lehman Corp ..106 Transamerica. . .. Tr Contl Corp. v
a hang
13% 8%
m Radiator.... 22 Allard Furnace 39 Int Cem 2 Libby" “Swens ‘Gls 33% Otis
Ulen Bley.
Col Pal Peet.... Congoleum .... Kelvinator .... Froc & Gamble tervel Inc
Simmons Bed ..
Textiles— ' Amer " Woolen.. Belding Hem .. Celanese Corp... 2 Colins Atkman..
30%
80 18 16%
STATE HAS 45 "FEDERAL HOME
1933, Indianapolis Bank Head Says.
Forty-five building and Joan ass0-~ ciations 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 savings and loan societies in the state. yon June 1, 1935, and their combined assets totaled only $4,000,000,
2., | Mr. Greene said.
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-
7% | financing funds were inadequate.
5% 24%2 6% 173% 691; 8 217% 26% 11% 213 15% 64 gs 28 Ya ou 95% 5
-
19% 16
47%, 6%
Chicago Stocks
(By Atkins, Hamill & Gates)
Associated Investors . |e
a Rubber ... Godchaux Sugar’A . Economical Drugs . Great Lakes Dreage Jarvis Ms Ken-Ra
& L . | Lincoln ns
Lynch’ Glass . McGraw Blectric .. Nobiitt-Sparks Northwest Bancorporation. . oNnern 1.
Williams Oil-O-Matic ... Vortex Cup Zenit
New York Curb
(By Atkins, Hamill & Gates)
Aluminum Co. of América Amer Cyanamid (B) Amer Gas Tie Elecuric ra.
Creole Petroleum Corp Crocker-Whuuier Elec. Bond and Share Fisk Rubber
oi Caen Alden mn. Corp
\By United Press) " CHICAGO, J 21.—H 000; Inéiuis
day's Fi uni derweights
3D eceipts. tive: fed
Monday most Yo resentative weights $0.15; several Jade above sales to order
ear buyers,
grass run x, ad Both nad up: fat cows 25¢
tively. Sheep—Receipts,
i oh Jam by ail $3061035: outsi
fist. "fac ‘even, Sas.
a -140 Ibs., $9.2309
steady 3 10¢ Hess [email protected]; 60 Ibs. $ $10. T8ai0.6s early sales on SOWS,
7000; salvse, 1 steers and yearlingsshade | higher; killing uality ear i » humerous and
Other Livestock
ogs—Receipts, 14, directs: fairy active nis; 1 10c higher tha
- and j Tov
lower;
top.
few I
fora ae-
Is;
in Sh: = early
$8.50@0. Tor dn fresh re-
Sher cows cows. 166 g13¢ 3 most S
Duils a
LAPAYETTR. Ind., July 3] og Hog aries
a. ay, Jus. sles :
am “io
Motybdes ons To enum Corp o! er.... Nat: Bellas Hess Pic Niagara Hudson Pwr Pan-American Airways ....... Pennroad Cor Relial
Investment Trusts
(By Thomas D. Sheerin & Co.)
Administered rund, 2nd listed Fund. Inc. ... A Business Shares .. *Bullock
Broad Surett Investing *Century Shares Tru: Corp te) or “Accum” ( Corp “AA” or “Acc” (Unmod) Corp Tr Shares ) as Diversified Tr ahere “B™ ...
$a Sout 3s 3%
Prev.
Ble. Asked.
13 78 2.19 1.30
1.20 20.63 8 Ba
ssessiseconenassa
sesmassssasssses
rR we
Sear SShSNuss:
Lit PlpacG & Ek
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 PFederalized 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-
2% sociation, Tell City; North Side Fed-
eral Savings and Loan Association of Vincennes; Mid-West Federal Savings and Loan Association, Evansville; Elwood Federal Savings
*|and Loan Association, Elwood: An-
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, and First eral Savings and Loan Association of Peru.
Incentives Explained
“The chief incentives to Federalize,” 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, vonstantly reducing the balance due. “While Federal associations remain privately managed, mutual associations, all are members of the Federal Home Loan Bank System. There are 12 regional banks in the country, the one in Indianapolis serving Michigan and Indiana.”
, New Bond Issues
(By Lyons & Co.) fede 8 Brokoivn, Fdison 31%s ’66 ... Cal Ore P 66 Central ig Js '60
108% 99%s 102% 96 104% 106%
28 ’
Cleve 4 Columbus Railways 4s 65 ... Com Invest Frist > ’51 . 105% Son st a on 5 3; 3%8 ‘oL.. 108% 'onso e os ’ Consolidated Power 3's "0..103% ’50 101%
Edison Thm 32s 65 Towa iy uiiities Ss, , 90: 168
%s 61 05% Gas Lite & Coke 15 ot. . 98%, Te! 65 c5
Times Special
LOAN SOCIETIES.
126 Have Been Formed Since
He gave the aggregate resources of as 1
Of these 45 Federal associations, | 3s. 1
sound state-chartered associations.
dianapolis; Fayette Federal Savings
FORT WAYNE, Ind, July 21.—|
New York Bonds
(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1928 Average Equals 100)
97.9 . 23.3 (Copyright, 1936, by Standard Statistics)
U. 8. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys
1-55 avy 2% fit Ce sEae es vase us ji3.13 29s, 1951-54 00.29 Home Owners Loan Corp. 2V.s, 1942-44 . 2%s, 1
3s, 1952 Federal Farm Mortgage Corp. 3%s, 1964 ............ esvs.s 103.31 103.31 102.30 103
101.4 102.17
102.29
seas
STATISTIGA BOOKS LISTED BY LIBRARY
Volumes Are Available at Business Branch.
The business branch of the Indianapolis Public Library, in a bulletin which points out that “the] value of a knowledge of statistics grows every day in the fields of business, government and social work,” recommeded a list of books available on this subject. Volumes for loan and reference at the branch, Meridian and Ohio streets, include: i
to and
A by Gavett; St udents of nes; ‘‘Horses of Index Numbers,
”
ness, Young.
Local Securities
(By Indianapolis Bond and Share Corp.)
following. quotations do not reps |
The resent actual bids or offerings, but mereiy indicate the approximate market level based on buyme | and sing inquiries of
recent transac sonDs
Citz Ind Tel (T al 48 ‘61 .. H Tel Tel Rt W 5%s ‘05 H Tel &
T H Water Works 6s "49 .... Trac Terminal Co 6s 57 STOCKS ABC Brewing Co com Rail 8. S Y com
0 com Indpls Pow & Indpls Pw & Indpls Water Co 5s 1 *North Ind Pub gory pid’ 5%8 74 *North Ind ab Serv pfd 6s 83 ¢North Ind Pub Serv Co pid 1 3 Prog Fonda Co com .... Pub Bn
Serv of Ind 6s . Pub Serv of Ind pid 78’ 57 South Ind Sars Blec pe 5s : 182
*Ex-dividend
GROSS REVENUES RISE Times Special
NEW YORK, July 21.— Quebec |. % | Power Co.
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
1 NEW YOBK . see ve 1225 1CINGINNATY
gs NN
© SEs EW
a hha a s3nsentitas ars NOR
1 ~l aaa Ne
99 & : hs Yai; a1 FOREIGN
Argentina (A) 6s '57.. Bustrals 4) 3s ’56
FRUITS AND VEGETABLES {By United Press) CHICAGO, July 2l1.—Apples — Yellow trans., Michigan, bu., 75c@$2. Potatoes—Alabama, bu., Jide Tots mois, bunehes, Ja )iiiinols Sis. bu. crates, $1.75
$ @ fornia, ‘lugs, $ ned Inston, crates, S14
S, onan Square per,” 26@65c. Onion market (50-1 jacks)-<Tilinoig yellows, 50 @15¢c; Iowa yellows, 60@65¢c LOCAL CASH MARKET
City grain slyators are paying 93 cents No. red wheat. - Otner grades c
. Peas—Wash$1.85. Celery—
3 vellow
Cauliflower —Wash- De
oR, merits, Cash corp new No. 87 cents and ols, 25 cents.
Big Attendance at S on Seen as Indication of Recovery.
5 | Times Special
NEW YORK, July 21.—The b attendance in years of out-of-buyers at the fall merchandise € hibits held here last week was & ing construed today as one of 1 most impressive indications of proved retail and business
tions over the United States. The buyers, representatives of r
COI
ftailers throughout the nation,
that, by all gauges of public inclin tion, more and better quality ; chandise is to pass over store coulis: ters this fall and winter. for colors and quality is reviving rapidly. - Orders being booked are larger this season.
Book Heavy Orders According to Mrs. G. R. wigtall, director of National Exhibitors, the attendance of buyers at its curtain and drapery showing broke all rece ords in the 15-year history of show. Wholesalers of the higher pi women’s dresses and other outer parel, whose autumn exhibits ¢ Wednesday, said they had displ to about one-third more buyers were present at last year’s exh Orders booked this ‘season much heavier. The same respo occurred at the recent rug and floor covering show. Exhibitors at last week's g show declared that this season bettering last year’s volume by | wide margin, particularly in better grade foundations.
1500 Buyers at Show
Those in charge ef the curtain and drapery exposition estimated that 1500 buyers visited its displays. Buyers from 46 states and foreign countries attended year. : One wholesaler said he did $25, worth of business in the first days of the show, while another playing curtains priced at $10 a pair declared that “sales are very g fying.”
COT
Chicago Grain Futures
(By James E. Bennett & Co.) 9:00 High Low A.M.
1 (HA 1 ois
B10 oie
87% 84% 18%
87% i
31s 36% 38% 38% 70% 0% 12% ye 3
O other type of travel can fit
strictly first-class travel to all than second-class rates of other
: aes One Way Ri.Trs ST. LOUIS ceieen 8 375 $635 SBUR 595 bed
eedea
CHICAGO ........
. tase asm es
135 4.90 55
eens
540 315 8.35
ssessdncs ’
aaah mors opconal routes 1 Shoos fromm tickets—finest,
"WERE TAKING
GREYHO
VACATIONS -
Greyhound! First —and ft every vacation trip 20 am Ye
d rates
principal American cites are actualy
and Te Mors daly schedules modern coaches.
[duet onpaie with 2 and 3 cont-par-mils fares of other trans
; a One We : PORTLAND ...... 2045 ; SAN" DIEGO et
DALLAS seesracees 1375 305 520 125