Indianapolis Times, Indianapolis, Marion County, 5 August 1936 — Page 16
si,
Charges Mr. Knox
| PAGE 15
over June a year ago.
crease of per cent in number and 13 per cent in value
‘Wandered Away From Facts.
ese BY JOHN T. FLYNN
N= YORK, Aug. 5.—The cam-! -N paign gets under way. As it deepens and thickens and grows hotter, the speeches wil get hotter and-—alas!—curve a little further © away from the facts. Speeches are made up of arguments and facts. But very often the speakers—Republican, Democrat and Socialist— win, through ignorance or heat, play some tricks with the facts,
straight for the sake of the record. Col. Prank Knox has been Jet in on the secret that he was nominated in June by the Republicans for the vice presidency. In his reply he made a vigorous = attack on the New Deal. don’t think much of the New Deal, either, but for very different reasons from Mr. Knox. But that is not important. What is important is that when Mr. Knox or myself or any one else jumps on the New Deal or asks for votes, he shall stick to the facts. 2
” » N his speech, Mr. Knox made several statements which are
not in accordance with recent and well-known history. One of them was that when the Roosevelt Ad-
ministration came in “the country had already begun to emerge from the bottom pit of a grevious world depression.” This is a familiar argument; that Mr. Hoover had whipped the depression, that the tide had turned upward in 1932 ‘and that it was turned down again by the election and later the maugureiion of Mr. Roosevelt. Now, whatever side of the political argument is right about, this campaign, the statement that the depression had reached its bottom in- 1932 and that business had begun to revive until Roosevelt's election and assumption of office, is simply not true. Republican orators ought not to make that statent. ” ” ” ERE is the story in the figures
on employment in 1932. They are official figures given out by Mr. Hoover's Department of Labor. First the figures from January to September. Here they are:
Employment
There is a steady descent in employment all through the year. In January it was at a desperately low mark. But it continued to de“cline every month and right through the summer, when Mr. Hoover declared the depression had ended. An odd thing is that employment did not: Dick up until September when, as every one remembers, Mr. Roosevelt's election was looked upon as a certainty. Of course it did not pick up because Rovsevelt was going to be elected. The rise was slight and only because of seasonal conditions. By Deccember it was 36,119,000 or 1,800,000 less than when the year began.
The claim that the tide had turned. up in 1932 is too thin to be supported. It just is not a fact. * (Copyright, 1938, NEA Service, Inc.)
New Bond Issues
(By Lyons & Co.)
Park La Gas 4s '51 Asso Tel 4s '65 B 0 432 Brooklyn Bison 3Vas 66 Cat Ore Pur - '66 Central Maine oy Central Ii 3s '6 C & C “BEB” 3% Chi West In is Chicago Sonion oe So Cleve Tractor 5s 45 .. Columbus Railway 4s ’63 v Com Invest Trust 3s “51 ... Conn River Pr & Lt as "61. Consolidated Oil 3's Cudahy
Indpls Water 3las Iowa South tities Jig ’ Jones & La hin 4 61 Kansas PL 4 i Los Angeles & ® Ed s "0. Louisville & Nash 334s 2003. . McCrory Stores §s '51
41% . Nafragandet Elec “ 86 igara Falls Power Shas 66. . ¥ York Ed 3's a Natur Gas 4'%s a Nat Gas Conc. 4 Ta Lit 415s 4 GQ & A 334s
oR '60 vs Lite fs '65 Sagu oy Power gus 58 ego G E 4s
2SR3IBR2L32 #* FRFFSIEER
on Commission Row
(Quotations below, subject t are a wholesale prices bef to buyers by loa} 31 Som inistion
aie —Selec 5@5%ec.
‘otered ers).
$3.38.
lh ‘eta, fanc; Si. 7; choi chess, 5 jn, | Kokomo 41.65 SA ice, Bathe 2% mn. Morsis
: re 360s, $8. Lim n, carton ion aes Si 19 Ine. 2h. Th Apricots—15-1b. he co ss. PIUBN.- Blue, 4-basket crate. yellow, $1.50 Gra ha 3 fiat S—Cantalou Indiana a Pacis ide. is. #1" bom home-grown, bu. $1 sai:
Wa Jumbo, a ons Oe ABLES—
companies affected will register an
Noblesville Elbertas, Tel ot H Trac
WATER SUPPLY FAILURE SLOWS
POWER OUTPUT, §
Drop in Utility Earnings Seen With Production Costs Rising.
BY VINCENT LYONS Times Special Writer ‘NEW YORK, Aug. 5.—Production of electricity by means of water power, which in April crossed the 4,000,000,000 kilowatt-hour mark for the first time in history, is now being impeded by the drought, with the result that some companies have been forced to fall back on their steam plants, it was said today in public utility circles. The national drought, instead of being a problem for the farmer alone, is becoming an item with which industry must reckon. Secattered industrial plants in upper New York State and in the Pacific Coast territory have been forced to cease operations because of the inability of water stations to produce. In other instances the falling line of streams and rivers has made. it necessary for generating stations to work: only a small fraction of the ordinary time or shutdown completely.» =
Production Costs Up
In so far as the public utility industry itself is concerned the effects of the drought, it is expected, will be definitely reflected in the earnings statements of companies for the second half of the year. Operating. expenses of the individual
expansion because generation of power by steam is a more expensive proposition than producing the current by means of water. - The seriousness of the situation can be gathered from the fact that hydro-electric production constitutes approximately one-third of the total generating capacity of the power
and light industry and accounts for | 5,
about 40 per cent of all the current turned out annually.
Water Levels Low
According to the Geological Survey, hydro-electric output in April set a new peak of 4,013,684,000 kilo-
She watt-hours and fell to 3,612,138,000 | Ske
kilowatt-hours the following month. The June figure has not yet been ‘released, but the consensus is that a further decline will be experienced, with the July figure sliding off further. The lack of rainfall in the last two months is much greater than was the case in the drought of 1934. This is indicated in the following table compiled from Department of Agriculture figures: PBR CENT OF NORMAL RAINFALL. June, br June, July. | © 46 64 92 7
15
10 61 2
North Dakota South Dakota Nebraska Kansas Oklahoma
Although the drought situation has not come to the point where the public utility business is voicing open fears, there are certain potential dangers which might later give alarm. The first concern is earnings. The second concern is that the falling off in hydro-electric production will tax the generating capacity of the steam plants. The third potential danger lies in any acceleration of shutdowns of industrial plants.
LOCAL BANK DEBITS AND CLEARINGS RISE
July Totals Surpass June and Same ]
1935 Month.
Business activity in Indianapolis was on the way to recovery, judging by comparative figures issued today by the Indianapolis Clearing House Association. Clearings for the month of June totaled $70,907,000 and rose to the
amount of $82,206,000 for the month | RKO
of July. This compared with $70,068,000 for the corresponding sum a year ago. Debits for July reached $206,087,000, which is $23,604 over the figure of the preceding month and compared with $171,811,000 recorded a year ago.
Local Securitics
(By Indianapolis Bond and Share orp.) The following quotations do not re resent actual bids or offerings, but me y indicate the approximate market on bi Jing a and selling inquiries or
BONDS itz Ind Tel (T H) 43 *61..102 Tel ae Be W 5 a 103 Tel & Tel Pt W 6s a
2 Warren Bros
Lorillar ‘Reynolds Tob B
level | EF
Bid. Ask® FH & T
INLAND STEEL CO. NET PROFIT Tok JUNE om.
5,298,191.
Ee STEEL CORP. NET
Po T Ri
New York Stock Exchange Prices
Prev. Noon, close High, Low. N. ¥.
13%, 119° 59 $30
Noon
(By Thomson & McKinnon) . N Y.
High Low High, Caterpillar Tract 4 4 17 - Crown Cotk 58% 58% 12% ; Deere & 78 16% 30% C30 30 | Eastman Kodak 113%
\ 23% 12%
Crm of Wheat.. Cuban Am Sugar 354 | Gen . 38
Natl Cash Reg.. Owens Bottle. . Rem Ra
nd Donerwaod ‘B..
Foods—
Am Svoar Armour Beatrice Cream. Borden Prod.... 31 Cal Packing ... 393% Can Dry G Ale. 16%
N. Y. Bonds
(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1926 averagze equals 9
gl Bogs
% ..154 rshey Natl Biscuit. . Natl D Prod Purity. Bak Std Brands . United Fruit ...
Retail Stores—
Allied Stores ... 1% . 16% 27% 21%, acy R H 46 McCrory St .... 17 McLellan St ... 14% Marshall Field. 18% May Dept St... 52% Mont Ward .... 47% Penney J C .... 90 Safeway St .. 28% Sears Roebuck... 8 Woolworth 53%
. Aviation— Aviation corp.» Boei Aireft .
83%
39 15%
Un Oil of Cal..
Steels— Am Roll Mills.. 2 th Steel N...
eel Rep Iron & Steel 31% SRF Iron & Stl p 97 8 pe & Fay 52% 30% U 68% uy
x Corp .. 24 United Air'aft N 27% Chemicals— Air Reduction... 78% Prev. | Allied Chem ....221 Am Com “Alcohol 26a 18.8 rbon
Col Ca Dom Solvents ‘ee
& 3 ] { 103.5 933 Ou ii
8% Youngstn S *s T 16% (Copyright, 1936, by Standard Statistics)
U. 8S. GOVERNMENT BONDS
(By Abbott, Prontor & Paine) Teousurys
0 Studebaker 3 Yellow Truck ... Motor Access— Bendix Bohn Alum
Borg Warner Fe Bri 53
h Union Carbide. U 8 Indus Alco. 35
Drugs— Cot La
8 1951-54 Home Owners Loan Corp. 1942-44 1949
Dam
<5 FREER
ton Mig Elec Auto Lite.. & Pink. Elec Stor Bat Sterling Prod. .
Un Drug tnewy. Vick Chem Zonite Prod ...
Financial—
Murra Stew Timken Roll 6 Timken Roll Axle
4 ‘Mining A 4 2
SEE
Alaska Jun, ‘ransamerica .. ’r Contl Corp..
Am Radiator... Gen Asphalt.
Anaconda Cal & Hecla ... Cerro De Pasco. 32 Po Dome Mines .... Gen Aastha 21h 25 Th Copper .... 1h Am Ta & Ta, Apries Johns Manvils 119% 117% nt Nicke te o 50% 5 51 n | . bby Owens .... a ik Kenneco 0) : ’ : tens Je i ..100 100
Alleg Corp 5s '44 Alleg Corp 5s "B® % in ea a Am PFrgn Pow 6s Am Tel & =I Shas. %
143% 14% i 21% .. 38%
«so 14 3% 53% . 29% Kayser ns .e 26%
U 8 Smelters. . Vanadium
Amusements—
Buff h & pie Stas 57. Beth Steel 4Yas_'60 atte
Radio Corp Paramount
Warner Bros.... 2 2 Investment Trusts (By Thomas D. Sheerin & Co.) Administered Fund 2nd ie Affiliated 3 2.01
Snuff . 81 Am Tob 3 .eel
Rails—
Atchison 84 Atl coast Lines ]
Can Ch_& Ohio CM&StP.
ntl Hv tl Tel & y Tel ats ‘39 . 1 Tel & Tel 55 '55 Tel & Tel 4%s '52 .
ite 3 RT 101%
228.8 Q ¥ nm 8 8
age
“5
£2
pny sgansega nal,
EL
2 ¥
TRIPS
SVE RAILROADS
BUSY SUMMER
American Express Reports
Big Demand for Tours This Autumn.
Times Special : NEW YORK, Aug. 5—Not since
i
{1929, has vacation traveling held
such a grip on pleasure seekers, according to the American Express io, It 68 Monthly Survey Boresasl, “The report “said many bookings for tours in late August and September have been noticed as a re-
sult of the recent heat wave cou-
pled with the tendency to avoid peak vacation crowds. Consequently, plans for autumn excursions and trips have been diversified and expanded. Railway heads said that ‘the use of their facilities was approaching the levels of 1929 as a direct result of modern streamlining, more comfortable traveling and reduced rates.
* Resorts Have Good Business
Western railroad execulives reported increases of from 20 to 40 per cent over the comparative 1935 showings for the: first three weeks of July. The advance is laid to the improved conditions in addition to the new speeds attained by the modern engines, : Hotels and resorts, located in all sections, showed July increases in patronage ranging from 20 to 40 per: cent over the 1935 statistics. Heaviest reservations since 1929 are indicated for late August and Sep-
| tember,
National touring is reported to be registering gains over last year, as the forecast said: “Particularly notable in the domestic picture is the unprecedented attendance enjoyed by American exhibitions.” Ocean Travel Grows “Ocean travel, the report said, revealed a pronounced advance as June reached the peak with the issuance of 31,305 passports, compared
: to 24,279 for the like period last
year. : National Park Airways reported a
38 per cent increased July passen-
ger service over a year ago, with new schedules to be placed in opeération this month. Summer camps for boys and girls, particularly in the New England states, have indicated substantial gains in attendance this summer over last year. /
Chicago Stocks
* (Ay Atkins, Hamill & Gates)
Prev. Noon. Close. Advance Aluminum ........... Ashesto s Mfg Sosiated Investors lian-Blessing or Brothers .. d
( Crane .«
yton Rubber ....... Electric Household ............ General Household .
esse veca
Sypsum x s Noblite: parks
34 Public. Service of Northern Ill 8 ode Steel"
Si Standard Dredge pid Williams Oil-O-Matic ores 20Ys 34Y,
h Schwitzer Cummins .... «i vwasade 1
New York ork Curb
(By Atkins, Hamill & Gates)
perpower ATK Natural Gas “A” Atlas Corp 14 Canadian Indus Alcohol “A”.. Carrier ro 14%
Im
bdenum Corp of Am Bellas Hess Jie Jaa No Hudson Pwr Pennroad Corp A iT Qenmn. iron
— Stocks
(By Blyth & Co.) NEW YORK STOCKS
cesses eesessTene as
Chemical (ontinental
fliaranty
al Shy First National Boston National Shawm TIRE y SUBANGE Aetna Fire
Ins . cars 34 American ; Ins of Newark ...
2 $10.40; 120-140 Ibs.,
Dee. SL rine 1% 1.10%
oP rripain a : IMBY .oeoes. | Rye—
Busigraphs
| 4 STEEL INGOT PRODUCTION | fam. mow & sTerL msrirure
MILLION TONS
RP GENERAL + INCORPORATED INVESTORS
A most ' agreeable surprise has been the sustained steel operations, contrary to the seasonal trend. Steel output in June was the highest for any June since 1929, while the first
{ half year’s output exceeded the first
six months of 1935 by 33 per cent. July production promised to exceed June, and the back-log of orders should carry activity well into August. The recent rise in scrap steel prices indicates that the advance in finished steel prices can be maintained.
COURT STUDIES SUIT TO END SEC INQUIRY
Judge to Rule on . Probe’s Legal Status Before Aug. 17.
By United Press ; WASHINGTON, Aug. 5—Federal District Judge Jennings Bailey today took under advisement an injunction seeking to halt the SEC investment trust inquiry into affairs of the Equity Corp. : Judge Bailey gave opposing counsel until Saturday to file their final data but said he expects to rule on the case before Aug. 17. "The action, challenging the SEC's legal and constitutional power to investigate the one-time $8,000,000,000 investment trust field was brought by Frederick T. Fisher, son
‘of a past administration Cabinet
member who holds $3.50 in stock in Equity Corp. He sought to prevent the SEC from compelling him to testify under subpena and to prevent Equity Corp. officials from turning over subpenaed records to the commission.
FREIGHT HAULINGS UP Times Special BALTIMORE, Aug. 5.—Carloadings on the Baltimore & Ohio Railroad during July totaled 209,723 cars, an increase of 51,431 over the like month a year ago, according to a report made by the company today.
v Produce Markets
The Drices ‘quoted are paid tor stock fathered in the country, while delivered dianapolis the price is a cent higher. Heavy breed hens, 14c; Leghorn breed hens, 10c; colored springers, 1% lbs, and over, 15c; Leghorn springers, 1% ibs. and over, 12¢; old ducks, white, 4% lbs. and over, 5c: geese, full feathered, all
loss off, Ilc. Bach full case must weigh 55 lbs. gross, a deduction of 10 cents a P er 55 lbs. will be made. No. butter, 39% @40 ac; No. 2, 36% @37Vz. Butterfat, 34c.
(By United Press)
CAGO, Aug. 5.—Eggs—Market easy; Jaceipis, 13,108 cases; fresh graded firsts, current receips, 23c: extra Jr. 25%: dirties, 20%c; checks, 19%c, Butter—Receipts, 6947 aoe; market easy; exis (92 score), 35% 5%c; extra firsts, 90@91% score), 85@ ee firsts, 33%@ fae specials, 36% @836%c; standards,
ultry oy feo en o> fesse, | st ™ idk 13@ , Bogse 8 De "chickens, 1802015 en Yurkeys, Lgiee: ade ag oe le 12@14c de; old roosters, 13:@
ese—Twins, Tsoisnc; daisies, 19@ 10740: eh 19@19%ec. Potatoes — Supply light; demand fair, market ‘steady to strong; Idaho Bliss TriSn phs, [email protected] Pennsylvania Cobblers, California White Rose [email protected]; Idaho Russet Burbanks, $3.40; Washington White: Rose, $3.45; Nebraska Cobblers, $2.60; New Jersey Cobblers, $2.60@2. Arrivals, 63; on track, 176; shipments.
Other Livestock
(By United Press) 1nd, hug. v2 a00k market,
LARAY BITE 10c higher ste $11. 10@ 12 . BF 1340 os. 31090G11; 240260 280 1
260- 310.00 $10. 15@10. we " 170-200 bs. ., [email protected]; 120-140 S., he 8.75; 100-120 lbs. .50@9; 1ou hs, $9 down. Calves, $8 down. Lambs, own,
FORT WAYNE, wg , - stead to 15¢ hi her: 160-180" ibs Sie, 5; 1 1bs., $11. 200-228 1bs., 5 1d 1 Su; 950.27 Ibs., $10.90 $10.75; 300-360 Ibs., "$10.40; ghs, - $8.25; st J: ya00-120 The. $8 roughs, - a9; 8 a . lves, » Lambs, $9.50. 25 (By Times Special)
Aug. 5. tle—Receipts,
LOUISVILLE — Cat: aos Jncluding "118 rect Se ca tle 3
erate to light 12 Hod market ; bare] Steady it h Tu ug 2 ‘to y, m
ulk, mediu ade steers and. heifers, salable, 35.250 : i very. little on ol of quality to se
$7, ood fed steers In Beiters te le to around $8.50; bulk beef cows, ete ; practical top. $5.50; most cutters an cutters, @ 38: sausage bulls sidered ~ salable ostly $5.25 down; most stockers and feedne salabie. $4:[email protected].
Calves—Recelpts, 375; vealers market not established; - most early bi k to 50c lower on better [email protected]; for ing up te $8 o SH bet 10¢ highe “Hogs Receink ket 10c higher; ter 160-225 1bs.. "$11.10 6: ibs, up, $10.05; ; 10-185 Toa. $10.38: 5 os » an ’ 80 $8.20: "unfinished hogs subject to a discoun L Sheep—Receipts, 2100: no tr on lambs; buyers _sentiment a er ewe 70 ¥ Tuesday. 1301025; some ice heavy vi bs to yi ate, 5 cave, ia: Bos Bos oh C tile, 80; a 2 valves, 408; hogs, 365; 2148. Y * = J r Chicago Grain Futures (By James EB. Bennett & Co.) Whes{— High. lay, . Slept. ....... 1.10 1. 111% 1
4 £ : 1.04%; 92%
| gent. cssnsse 1.06 |
Jer {aunt ........ 80%
Soave ne
ry
SWINE VALUES GAIN 10 CENTS AT CITY MA
| Decline in Receipts Gi
Price Level Boost in All Weights.
250 pound $1.15 to $11.35; those to 300 were disposed of at $10.70 $10.90, and heavier types, from 300 to 400 pounds, sold at $9.75 to $10.70, Lighter hogs brought. $10.10 fo $11.30 in weights from 130 to 160, and 100 to 130 pounders were salable at $9.35 to $10.10. Packing sows moved at $8.25 to $9.50 with a few sales at $9.75.
Fairly Active Cattle Trade
Swine receipts were estimated a® 4000 with 146 holdovers. Other shipments also were considerably below yesterday's figures, the count being about 1000 cattle, 700 calves and 1500 sheep. Trade was fairly active in the cattle pens and prices were steady to strong on fat steers and year: lings. . Heifers were steady. Low grade cows were strong and fat cows were fully steady. Bulk were firm. = Choice yearling steers brought $8.50. Bulk of better kinds sold ab $750 to $8.25. The early top for heifers was $8, but the bulk sold for $6.50 to $7.75. Fat cows brought $4 to $4.50 and cutter grades wers $3 to $3.75. Sausage bulls were salable at $5.25 to $5.60. Top was 75. 54 Veals and Lambs Lower Vealers sold steady to S lower, the bulk of good to choice animals moving at $7 to $8. ‘Lambs were mostly 25 cents bee Jow Tuesday's average. Good and choice ewe and wether lambs wers mostly $9 to $10 with a top of $10.25, Slaughter sheep were steady. Fab ewes sold for $2.25 to $2.75, some bringing $3.
HOGS
Bulk Sie. [email protected] 0.90®11.20 10. [email protected]
[email protected] n [email protected] 11. gaan 25 [email protected]
ew high for 1936, 0-165) Good and Shoes. $10.8 Jeall Medium .
Lightwelthis = die (160-180)
To! Ju id +20
Good and aholes: . 1 98@ 11.
um : 180-2 Good and chelce. . ih A5@11 ou vy 3 edium ‘eek [email protected] Me ui eights— 220) Good and choice.. 11. 13a ; (220-280) Good and choice. . 11.10@1 pe Heavyweights— (250 ~250) Good and choice -. 10.70 ) Good and choice... 10.10:
( Slaughter Pigs— (100-140) Good and choice, oY. Medium >
(550-900)
335333533383
J .
®on-20000 @333a -
Cc (900-1100)
(1100-1300)
sssuEsssneses BREESE
(550-750) Chole
oh. medium. (750-900) Good and choice. . Common, medium.
Bees ssa ve
aca am 23038 QI aman 8a8sa
Noe aoa 993939
Good Common and medium Low cutter and cutter Cutter, com. and med. bulk. . Vealers —Receipts, 700 Sood and choice i............ $
um . oot and common ......... ae Calves
(250-500) Good and choice. .$ and medium tocker Ca
5.00 4.00
§ Fo Sa 28 238 a=
s Good... adsense Common and snedinin a
= on 09 0399 69 6839 Sra pa
23 393 wa
~—Receipts, 1500—