Indianapolis Times, Indianapolis, Marion County, 3 August 1936 — Page 11

ends

Sees Low Prices

MONDAY, AUGUST 8, 1936

PAGE 11

hardly be expected to i back

hout pause. Any set-

will be minor and temporary. Recovery may be expected to reach new high ground this fall.”

as Gateway to Prosperity.

BY JOHN T. FLYNN cu

and holding them there has been a settled principle of American business. With the : floods of new purchasing power created by war financing, business began to experience a new form of pleasure. Demand outran supply so persistently that all‘of the old problems which grew out of plling the product seemed vanish. When the wal was over a new era of the control of business in the interest of artificial scarcity was begun. The ideal of the business enterprise was to keep production from getting out of hand and to maintain prices at the highest level — “greater profits,” said one business writer, “out of smaller volume at better prices.”

s 8 =

} ENCE every energy of business .L was focused on keeping prices up. And the most earnest resistance was brought against every attempt to get prices down. And this in spite of the fact that the most prosperous industry in America— the automobile industry — had made its giant strides by contin‘ually increasing output, improving quality and cutting prices. One of the great enterprises to refuse ruthlessly all appeals for lower prices was the railroads. I recall, I think in 1930, being in California and hearing of the experiment of the Southern Pacific in running a 2-cent a mile train with the permission of the I. C. C. Another road or two asked permission for a 2-cent rate. But most of the great roads bitterly denounced this experiment, The whole drift was to provide more and more luxurious trains at higher prices for a

constantly dwindling traveling pub-

lic. ® 8 =

RECALL riding on a magnifiI cent transcontinental train out of Chicago, with ciub cars, ladies - maids, barber shops, manicuritists and all sorts of luxuries and only two passengers in my Pullman and two in the one next to me. I wrote a piece at the time suggesting that a lower fare be iried as an experiment and 1 was deluged with protests from railroad publicity deartments. Now, however, the roads have gotten around to the 2-cent fare —not voluntarily but under pressure from the I. C. C. The first month’s experiment with it is revealing. Eastern roads have gained in revenue from passenger fares from 8.6 to 16.7 per cent. This means they have carried in some cases a third more passengers and collected 16 per cent more in fares. The experiment, of course, is young. But it is worth study by every industry. I believe we are about to enter an era when prosperity is to come only to those industries which cultivate the art of selling for the least possible

rice. ¥ (Copyright, 1936, NEA Service, Inc.) flan Btu Se

New Bond Issues

(By Lyons & Co.) Bid. Ask. 99,

Park La Gas 4s '51 Asso Tel 4s '65 & O 4s

Cal Ore Pwr 4s '66 Central Maine 4s '60 Central Ill 8's "66 C & C “E’ 3's '96 Chi West In 4Yis '62 Cleve Tractor 5s "4 Columbus Railway 4s Com Invest Trust 3 Conn River Pr & L Consolidated Oil 3 dahy Pkg 3%s

RECORD LEVEL "REPORTED FOR JULY BUSINESS

Retail Trade Attains Peak in Final Week; Power Output High.

Times Special NEW YORK, Aug. 3.—Business activity for July recorded the best showing for a summer month in recent years, Business Week said today. High operations, which characterized the entire month, maintained during the latest week when retail trade gained its peak for the month, the report said. The steel rate, electric power output, and freight carloadings were close to the peak for the year, while automobile and textile trade ran about 10 to 15 per cent ahead of the corresponding week last year, the report said.

Index Above June

The weekly index of Business|

Week, showed the indicator for the latest week at 76.1 against 76.5 for the preceding week. This compared to 74.3 recorded a month ago and 36.8 a year ago. “June factory employment and pay rolls were the highest since October, 1930,” the magazine said. “Employment was 8 per cent greater than in June, 1935, and pay rolls gained 20 per cent. The best improvement was made by the durable good industries—steel mills, electrical machinery, engines and tractors, and machine tools. Of the nonmanufacturing industries, utilities and building construction reported the best gains, while coal mining declined.

po TR { :

|

END OF COMMODITY PRICES AND TRADE CHART

“wh —J

BUSINESS. TREND =

{

-

COMMODITY INDEX

MOODY'S INVESTORS SERVICE 1 ay

JUN. (JUL. AUG. /SE®. OCT. NOV. DEC. 1935

JAN. FEB. MAR, 1936 MAY JUN JUL.

Oils-—

Atl Rig Barnsdall Oil

public | Consol

n. Cont of Del

Houston (new).. Mid Cont Pet..

“Steel operations at 71.5 per cent | Pur of capacity were well sustained by [Snell U8 the huge orders from the machin-|8

ery, construction, railroad equip-

ment, and farm equipment indus-|8 ©

tries, as well as the automobile industry. Production in the first six months was 21,000,000 tons, and in July it was probably at least as high as in June, when about 4,000,000 tons were produced. It looks as if 1936 production will be the best in seven years. -

Dividends Disbursed

“Greatly increased disbursements of dividends were partciularly ssignificant in the second-quarter earnings reports of corporations. Not only were there many dividend resumptions and increases, but new

‘Am

Tidewater gros

Un Oil of Cal ‘Steels—

Roll Beth Steel

Natl Otis Steel

Rep Iron & Steel 22% U Pipe &

U S Steel

Warren Bros ... Youngs S & T .

Motors—

and extra dividends as well were |R

paid out. Reports continued to show substantial improvement above

a year ago, with the heavy indus- |!

tries making the greatest gains. “Cigarette production in June reached an all-time high. Over 14

Yellow Truck .. Motor Access—

: / Eaton billions rolled out of the machines. | El

Consumers smoked 11 per cent more |

cigarettes during the first six months than in the same months last year, when they broke ail records.

y Timken Roll .. Timken Det Axl

“Remarkable expansion is shown | an

by the electrical equipment industry, led by the steady improvement in the production of refrigerators.

Household washers, irons, lamps and}

radios follow closely behind in widening gains above a year ago. Sales of electric household refrigera-

Amusements—

tors gained 30 per cent during the cn

first half of this year above the corresponding period last year, while sales of washing machines gained 24 per cent, and of ironers 28 per cent. July sales held at June levels.

Machine Tool Trade Good

“Prospects were particularly fave orable for the machine tool industry. June production reached the highcst mark in seven years. Demand did not let up in July, and expectations of further price advances before the

Loews Inc

Radio Corp ....

Paramount

Warner Bros ...

Tobaccos—

Am Tobacco ‘A’.100

Railp— Atchison

84 au Coast Lines. .

end of the year should hasten and |Shi NW

augment orders in August and September. “Increasing passenger and freight traffic may create a shortage of

is good news for the equipment in-

were

peak and any expansion in business

will bring fall loadings far above the | &

highs of last year.”

1% | railroad equipment in the fall. This | Lerigh’

sn dustry. Current freight carloadings t short of the October, 1935, | N ¥ Cent

Mills...

. 65 e 19%

Kennecott Cop. . McIntyre Sane: 4 elps e ... Lead “ee

U 8 Smelters ...

0 120 % 69%

%

102% 1 55%

a.m. Prev. ose. Close.

17%2 2

38 16% 10%

78% 54% 13

34% 39% 8

27% | C 19 65

&% 12

99 01% 0%2

Woolworth Aviation

Nor Am Av. Sperr;

Drugs— Coty Inc Lambert Lehn & Fink

2%

Sears Roebuck..

Aviation Corp... Boeing Aircraft. Curtiss Wright. . Curtiss Wright A 19% Douglas Air.... sa

5% ° 29% Ya

Ya Ya

Freeport Tex... Math Alkali .... Monsanto Chem. 9 Natl Dis (new). Schenley Dis ... Tex Gulf Sulph.. 36 Union Carbide.. U 8 Indus Alco.. 37

Bristol Myers...

Un Drug (new).. 120% Financial-— 69Y;

15 | Allegheny Corp.. . Am Int Corp....

7

a Ys

New York Stock Exchange Prices

(By Thomson & McKinnon)

11 High Low High. Low. Ol

83% 82% 5314

53% 5%

y Cor 23 nited Arcit new 273% Chemicals—

Air Reduction... Am Com Alcohol. 27 bo! 12!

N. Y.

‘4

4%

Rubber

Gulf Lal Mo a

| Segal

Nayne Pump Sunray

Loudon Packing .! Nachman Spr sum

dard Dredg: Yikiams 0il-0-

Mueller Brass

Investment Trusts

~ Chicago Stocks

17% (By Atkins, Hamill & Gates) 21% |

Allied Product8 ..ceceeescescss 46% | Asbestos Mig . oe Associated Investors .c...ccoee Bastian-Blessing 1

“essvsenvns oe

TANG ......o..ctveescessses Electric Household General Household .... Godchaux Sugar ‘‘B”... Economical Drug

ing Filled ".....

e pfd Matic

New York Curb

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

8 % 1 Pord Motors Canada ‘‘A” Glen Alden (1) Greenfield Tap Oil Co! f

Ni ha Niagara Hudson Pwr .... Pan-American Airways .. Pennroad Corp

St Regis Paper Col.neee

jonotone >e Technicolor ING cetecee sesscsevee

essesese’s

are avera Se e ave

Noon High. Low. N. ¥. Chesa Corp .... 81'a. 81 3s Transamerica .. 13% 13 13 Tr Contl Corp.. 9% 9% Building— : Am Radiator... 22% Gen Asphalt.... 24 Holland Furnace 37 t Cement .... 52% hns Manville 118) 677% 274%

oe. 99% 3%

Household— Col Pal Peet....

Simmons Bed.... Textiles—

Amer Woolen... Celanese Corp... 2 Collins Aikman.. 5562 55 Indus Rayon... 30 29%

BOND SALES REPORTED

State Residents Buy $11,144.775 of “Baby” Issue. Indiana with a sale of $11,144,775 in “baby” bonds, maturity value, since the bonds were placed on sale March 1, 1935, ranks thirteenth among the states and possessions,

.| Adolph Seidensticker, postmaster, 3 | today disclosed. Bonds of approxi-

mately $2,300,000 maturity value have been sold in Indianapolis, he said. Total sale has passed the $500,000,000 mark. - ted 1

° 2 heh On Commission Row (Quotations below, subject to change ge wholesale prices being offered to buyers by local commission dealers). FRUITS > Pears—Barletts’ box, $2.75. Huckleberries—16-qt. crate, $3.50. Bananas—S8Selected, 1b, 5c. Apples — Transparents, taney: $1.75; choice, Duchess, 2% in. up, $1.65; No. 1 Virginia Wihesaps, 2% in., $2. Lemons—Sunkist- (360s), $8. Limes—Mexican, carton, 125, 22'2¢; Persian seedless, per 100, $2.59. Peaches—Georgia Elbertas, 2% in., bu,

2.90. : Apricots—15-1b. ug, $1.65. / ums—Blue, 4 pkt. crate, $2; yellow,

1.50. Grapes—=Seedless, 28-1b. crate, $2. MELONS

Cantaloups—Indiana Flats (9s, 11s, 128), $1; home grown, bu., $1.50@2; Honeydews, V. R., Jumbo, 36s, 45s, $3.50. Watermelons—Georgia, 30-1b. av., 75¢c. VEGETABLES Beans—Round stringless (hamper), $3. Beets—Home grown, doz., 30c. Carrots—Ohio, doz. , Caulifiower—Col., 13s, crate, $2.35. Celery—Michigan w and {rimmed (doz.), 60c. . Cucumbers—Illinois, doz., 50c. Corn—Home grown, doz., 30@35c¢. Bex Plant—Louisiana (hamper), $1.50. e—Hom: h

e grown, bushe 5 Lettuce—Iceberg, California, 5s, $6; leaf, home grown, 15-ib. basket, $1.25. ppers—Mangoes, Louisiana (hamper), $1.25; peck, basket, 60c; doz., 25¢.

Zon % $150 ons—-Callzornia yellow, 50-l1b. bag, Parsley—Home frown, doz., 40c. Peas—Western Tel. {hampe:). $2.50. Potatoes—Va. Cobblers, 100-l1b. bag, $3. b Sweet Poiaoes—New Alabama Triumphs,

u., $1.85. : go Hahes—Ohile white (2 doz. basket),

Rhubarb—Home grown (doz.), 35¢. Sage—Doz., 45 {dos

(By Thomas D. Sheerin & Co.)

"Toma

IC. Turnips—New bulk, bushel, $1.50.

[HOGS ADVANCE

5 T0 25 CENTS

Second Highest Top Price of Year Established at $11.35.

Prices were steady to irregularly

higher for hogs at the Union Stock- | yards today. Demand centered on

the 160 to 250-pound group with values up 5 to 10 cents, to bring the top of $11.35 within a nickel of the year’s highest price. Porkers scaling 160 to 240 gained 5 cents a hundredweight over Saturday’s level; the 240 to 250pounders were 10 cents higher; 250 to 260 kinds rose 20 cents, and those averaging 260 to 300 pounds. were up 25 cents, being brought into line with other centers. With very few hogs on hand weighing more than 300 pounds, no market was established on these weights. Underweights, pigs and packing sows were steady.

Hog Receipts 4500

Swine weighing from 160 to 250 pounds sold at $11.10 to $11.35; 250 to 280-pound kinds brought $10.80 to $11.10; 280 to 300 pounclers were salable at $10.60 to $10.80; 130 to 160-pound kinds were disposed of at $10 to $11:30; 100 to 130-pound pigs brought $9.25 to $10, and packing sows sold at $8.50 to $9.50 with a top of $9.75. Shipments were estimated at 4500

_| hogs with 132 heldovers, 1500 cat-

e, 600 calves and 1200 sheep.

+ Fed steers and yearlings were

mostly 25 cents lower at the opening. Strictly choice heifers were steady. Others were weak to 25 cents lower, cows dropped 15 to 25 cents, and bulls wére weak to 25 cents lower. Top steers brought $8.40, the bulk of better kinds sell-

‘ing at $7 to $8. Top heifers moved

at $8.75 but most sales were between $5 and $7. Beef cows were mostly $4 to $4.50, cutter grades sold at $2.75 to $3.75, and sausage bulls averaged between $5.35 and $5.60 with a top of $5.75.

Some Vealers Lower

Vealers were steady to 50 -cents lower. The bulk of better grades were disposed of at $8 to $8.50. Top of $9 was paid for strictly choice head. Jom were fully 25 cents higher. Spot was 50 cents higher. The bulk of good and choice ewe and wether lambs brought $9.25 to $10.25. Top, for strictly choice animals, was $1050. Slaughter ewes were steady, selling 'for $2.25 to $2.75 with a top of $3.

@

STOCK MARKET WEEK IN REVIEW

By United Press “deve ai NEW YORK, Aug. 3.—Excellent second quarter earnings reports vied

1in stock market interest with profit-

taking and fears over drought dam-

age last- week, resulting in an ir-

regular finish after new five year highs had been established. ‘Estimates of a corn crop of only about 50 per cent normal—and even worse if the drought continues— brought tremendous buying into corn futures on the Chicago Board of Trade. Estimates that the crop was being damaged about 25,000000 bushels every day the drought continued, resulted in the price of futures crossing the $1 mark Friday for the first time since 1930. Wheat and other grains joined corn although not so sensationally.

Can Company Shares Dip

This drought news offset earlier stock market strength based on good earnings reports. Canning company stocks broke as - packers refused future prices on tinned goods. This meant smaller orders for cans. American and Continental Can broke badly. Farm equipment shares weakened. Mail order shares weakened after establishing highs early in the week. This brought selling into all groups— much from professionals, who had been expecting a reaction—and the

~ INGOOD TRADE]

NEW BUSINESS BOOKS

AVAILABLE AT LIBRARY

The following business books are now available at the busi- . ness branch of the Indianapolis Public Library. - =

HOW TO USE PSYCHOLOGY IN BUSINESS, By Donald A. Laird. mane Suthor has: the Jmpression afraid of F pelchology 50 Be wrote this book for m. THE TRUTH ABOUT LIFE INSURANCE, By Paul Speicher. ER A is Than been : Ihe against life insurance.

THE ADVERTISING OF HOTELS

esent question whether to advertise; why or why not to advertise; how to advertise.”

MONEY AND BANKING

By George W. Dowrie. An introductory stu of mon and banking w ioh i not Ro itself to theory alone but- includes actual practice in this and in for- . eign countries. : THE GHOST IN THE BALANCE SHEET, My Challis Gore. A plea for long-term financial plann in modern business mane agement.

FURNAGE COMPANY PASSES TOP MARK

Hall-Neal Sales Show 150 Per Cent Gain.

Hall-Neal Furnace Co., Inc. enjoyed its best half-year in the period just closed, Fred S. Boone Jr., manager, said today. “Sales for the first six months of the current year ran between 20 and 25 per cent ahead of the same months of 1927, our peak year,” Mr. Boone said. “And sales have bettered the corresponding period of 1935 by 150 per cent.” The factory, located at 1322-32 N. Capitol-av, employs 50 persons. Employment is 25 per cent higher than in 1927, Mr. Boone said. The firm, maker of Victor furnaces, distributes its product chiefly in Indiana, Ohio, Illinois, lowa and western Pennsylvania, Mr. Boone said. “All agents have shown substantial gains in volume of sales during the last six months,” he added.

ADOPTS y ACATION PLAN

Times Special NEW YORK, Aug 3.—A plan to ' provide about 8000 employes one | week’s vacation with pay was an- | nounced today by George Cooper, | president of the Brown and Williamson Tobacco Corp.

Livestock HOGS

Receipts 3500

5000 6000

3500

3 11.00@1 4500

Light Lights— JF . 4140=1

¥

and choice. [email protected] aD. she eee [email protected]

[email protected] [email protected] . [email protected] [email protected]

[email protected] [email protected]

Lightweights— ra) good and choice.

Mediu (180-200) Good Mediu

Medium Weights (200-220) gh and choice. (220-250) Good and choice. Heavyweights— (250-29 ) Good (and choice.. [email protected] (290-350) Good (and choice.. [email protected]

9.25@ 9.75 . 9.2

(275-550) Medium ...... Slaughter Pigs—-1100-140) Good and choice. Medium

CATTLE —Receipts 1500— (550-900)

Common «ceeoseee ChoiCe ..cooseeses Good ...6c000000 Medium .cse0c00e Common «ceeecoss

(1100-1300) Choice .... Good

(900-1100)

83 S86 Sasa 8883

Heif, (550-750) Choice Goodl

- Common, medium.

(750-900) Good and choice. Common, medium

Be] e308 S300 DAI NDI NOI -3 ow»

28333 38 3h338i338838

C800 EO ECEP EP CLP EEECE EeEced PAWRN 30 0 0000 WM NILE BIN

Sana 8388

-3 a

a4 -3 33

Good Common and medium Low cutter and cutter

y B : .

ulls Cutter, com. and med. bulk. Vealers

ents 333

TRADE DRIFTS “TOWARD GOAL FIXED BY NR

Tire Industry Code Wins Tentative Approval of - Commission.

~ BY NED BROOKS Times Special Writer

WASHINGTON,

NRA’s former objectives was aCe celerated Soday by the Federal Trade Commission’s tentative approval of a trade-practice code for the twoe billion-dollar tire industry. : ted in the code, the movement for which was instigated by the National Association of Ine dependent Tire Dealers, were provisions which reproduced almost verbatim some of the language of the much-fought-over covenant agreed to by the manufacturers under NRA. These included prohibitions against sales below cost, secret rebates and | discounts to favored customers, false labeling or advertising, and monopolistic practices.

Covers Whole Industry

The agreement, covering the whole tire business, was regarded as the most ambitious atempt at code= making since the Supreme Court's anti-NRA decision made industrial self-government a voluntary funce tion and shifted its supervision to the Federal Trade Commission. The FTC will pass finally on the code after members of the industry have had an opportunity to enter protests and suggest revisions. Aug. 18 is the final date for objections: The Rubber Manufacturers’ As< sociation, representing all impor tant producers, is to meet in New York this week to determine its action. Some observers foresee a possibility of a renewal of the feud between the tire makers and the independent dealers, which has re volved chiefly around the issue of manufacturer-owned retail stores. The proposed code, FTC officials said, involves an industry of 50 manufacturers, 50,000 independent retail dealers, 45,000 gasoline sta= tions selling tires, 1750 company= owned stores and 1400 chain and mail order stores. The industry's annual investmént was estimated at $750,000,000 and its employes be tween 150,000 and 250,000.

Heading the list of 12 rules ese

| tablishing fair competititve prace

tices was one prohibiting price dise crimination as defined in the new Robinson-Patman ‘Act, which the Goodyear Tire and Rubber Co

5000 | world’s largest tire manufacturer,

blamed for cancellation of i $150,000,000 contract with Sears, Roebuck & Co. =

Designed to Protect Buyers

The cbde is designed to protect tire buyers from “gyp” practices well as to safeguard reputab Jeejers from unscrupulous competi= IS. oh Among prohibited practices are False . statements on guaranties, warranties or adjustments, decep= tive or false marking of tires, mise representation as “authorized”

5 | dealers, sale of used, rebuilt-or ree

treaded tires as new, and misrepresentation of quality. oe Provisions ' affecting inter-dealer relationships prohibit - defamation of competitors, sales below cost “where the effect may be to sub stantially lessen competition or tend to create a monopoly,” granting of secret rebates or discounts, and use of false invoices to misrepresent transactions.

SUGAR STOCKS GAl

Cuban Imporis of Commodity ceed Other Countries. By United Press WASHINGTON, Aug. 3. — The AAA announced today that sugar imports for the first six months of 1936 amounted to 2,718,154 short tons raw value. Stocks on hand on June 30 amounted to 463984 fons compared with 255,933 tons on Jan,

| paromatoss—Hothouse homegrown (10-1b. | market finished irregularly lower.

in On Monday General Motors Corp. Other Livestock |reported second quarter earnings of (By United Press)

D INDEX ADVANCES ER foe py

A —————— m LOCO ..... ‘eo Indicator Hits New Top for Year, | £7, Steel Fdy.. B x 11931 Dun & Bradsireet Report. Gen Am Tank C 55% Yi v. Shares Trust 27.03 Ti Gen ec ...... 4 é » or “Asgum” (Mod) 3.51 mes Special Sn Riis I: 0% “AA” or “Acc” (Unmod) 2.76 NEW YORK, Aug. 3.—The weekly Westingh Elec... 141% Tr t Bhazes {Oria},,..-- 3.98 food price indicator, for the week | uytilities— - | .. 4.85 ended July 28, reached $2.77, a rise | a ) of 1 cent over the preceding week, | ;™."2%F according to the Dun & Bradstreet | Am wat weekly food index released today. This marked a new peak for the current year, and represented an advance of 25 per cent, or almost {Int T& T 10 cents, over the low recorded on [x8 WX & May 19, the report said. -- -,

Local Securities

04 3% FOOD Administered Fund, 2nd..... 1, 1936. Affiliated Fund, Inc. ......... 2:01

Amer Business Shares ..

Water 3'2s 66 . Town ‘south Utilities S's °'50.. Jones & Laughlin “4s ‘61 En Fs Oh B 4a 10 0 ele: pene Euisvt e & Nash 3%s 32003 .. 96 McCrory Stores Ss '51

on & medium 4.50 Feeder and Stocker Cattle

(500-800) Common & choice 5.75@ 7 Common & medium 4.50@ 5.7

$2 a share as the third best in the 3, — Hogs — Receipts, history of the company. On Tuesalreets: a et, day E. I. du Pont de Nemours & Co. 50 1bs., $10.85 reported second quarter earnings as 10-38@11; most sows, | the best since 1931. The United calves . | States Steel Corp. reported the best

00 00 00 (256-500) Good and choice.. 8. .50 Comm 00 00 (800-1050) Good and choi 5.75@ 1.00 1 United States, - and choice.. 5. 00 1516,860; Continenta . ~~ Commotdmedum 4500 5.773563; Virgin Islands, 1,130; other \ countries, 16,348, and misc (sweepings, etc.), 1,333.

APPOINT NEW AGENT

75

2

.

BT re HR

QUOUOOQ

10.50 | Russell McDermott, manager ‘@ : 5:35 | the local office of W. L. Lyon & € Tass re 7.00

Bwes— " (90-170) Good and choice... git 3.00 Common & medium 1.25@ 2.00 Stive July 1, spring lambs classified (Sheep and lamb quotation on clipped basis.) | - 1 :

~ ? Peel BEER. Nane lll BRB.

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