Indianapolis Times, Indianapolis, Marion County, 10 August 1936 — Page 11
mote the Texas Centennial i credited by the Stetson Co. with having created an unprecented demand for the “range bonnets.” Even New York stores have added hg stock.
PAGE 11
SWINE PRICES STEADY T0 35 CENTS HIGHER|
Cattle Market Active With Values Rising; Veals, Lambs Steady.
MONDAY, AUGUST 10, 1986
New York Stocks
(By Thomson & McKinnon)
Banks Still Fail in
U. S. But Not in os i INCOME AND CREDIT RATED WITH BEST Ols— High Low. N.¥. close
YORK, Aug. 10.—There is a false notion that our bankare. 18 mg... phy Cont of Be is a 9% Not Die (new). a t... 33 33 23 a secon 7 Be By Brioni mp
ing system has been cleaned up and that now all is well with these i 3 | U8 Ind Alcohol: 36 18% Drugs—
institutions. Bristol Myers se sass Coty
Naz: Housing
The housing program con ducted by Nazis has impressed Herb Nelson, National Real EsSate Bowrd Dresient who vis-
cBy sy
MAGAZINE SAY
Drought Seen as Largest Cloud on Horizon for Third Quarter.
Times Special
gneusnd NS
ity of living in one of the combination structures where ‘the owners reside in one part while the cows occupy the “L.” The combination brick and timber houses were pleasing to the eye, at least, he said. Whereas the United States with twice the population erected 35,000 housing units in
oa
land you see that they simply do not have bank failures. They had no bank failures in the twenties, when ours were closing up by the thousands. They have had no bank fail-
#
Hoosier = Damages | ure ou Found Spotty by Dun & Bradstreet.
ri Power of Local Consumers Seen 20 Per Cent Higher.
. Booed
FREER a
; If you will look at the record of countries like Canada and Engit ee
LS
= da5«8 28%
Lehn | lehn & Pik
Un (new). 14% Zonite “Bred 11%
e288 ai SERFS
The pice vend was upward in today’s livestock trading at the In-
gunn -F
uf®s since. But what has been happening in America? We have passed
Consumers’ incomes in Indianapolis for the final six months of 1936 were estimated 20 per PY u higher than was the case during the last half of 1935, Brockmire Bulletins,
‘No general changes in credit and collection policies were reported by
Indiana firms in reply to a survey | Beth Steel
conducted last week by Dun and
Bradstreet, the company reported I
2S
A Corp. : 1 3
SNSNSE B
Tiautcia)~ 13% Lehman Corp...107 Transamerica Tr Contl Corp.. 1 Building— ‘
dianapolis Union Stockyards. The
rise was attributed to the failure to estab ets Saturday due
“| to a lack of offerings. The top of
1934, Mr. Nelson said, Germany produced 319,000 units.
NEW YORK, Aug. 10.—All dire ‘predictions of a slump in business activity this summer have gone by the boards, Business Week said toe day in its survey of conditions. The magazine predicted that if there is
S3BESNE8
2 LOGAL LOAN FIRMS MERGE
$11.40 equalled the year’s best figure. Compared with Friday's levels, Holland Furnace 387 1; | hogs scaling from 160 to 300 pcunds I een re 1191 119% 119i 119% | Were 10 cents higher. Weights Gis 70 above 300 pounds were sharply 25
Libby Owens OHY Elev ove. Ji1. S05 0 os to 35 cents higher; underweights
guy Fecsssion this month, it will be mil Backlogs in most industries were reported sufficiently large to insure a good pace through the third quare ter, normally the quiet months of
Inc, of New York reported today following a nation-wide sales pros‘pect and credit survey. For the country as a whole, ‘the improvement was expected to be 16 per cent above 1935 and 34 per cent
today. : “About one-fourth of Indiana’s normal corn crop has been destroyed by the drought,” the report) S 8 a said. “Rains have been scattered | warren P & Fdy 37% and irregular, making for normal | Younes 8 & T... 10%
several banking laws since Mr. Roosevells election. Some reforms were enacted and in
Am Radiator ... 23% Gen Asphalt ... 25%
Beam San
ssysasee aR
gH=ae aR
+
Motors— Ulen Cons ..... 3%
one act the . Federal guarantee of deposits was established. People have got the notion that this ended our banking troubles. Our banking troubles will end when bank failures cease entirely. 2 2 »
UT what has happened? A report has just been issued by the Federal Deposit Insurance Corp. pointing with ‘pride to the fact that the corporation has paid
out or is in process of paying nearly $10,000,000 on the deposits in failed banks. That apparently sounds like a fine record. But it seems to me what counts is the record of bank failures. In the last fiscal year 86 banks failed in this country. And in the year preceding, 256 banks failed. | Why should banks fail at all? There should be only one reasonable cause for a bank failure— that would be in the case where the officials of the bank simply made off with the bank’s assets— outright burglary by the officials or bandits, A few of these failures did result from such causes. But only a few. The others. were the fruit of bad banking and a bad banking system.
J un ” *
MAGINE how sad is the state of banking in a country which, after so much bank reorganization and at a time of rising business, has so many banks failed and the responsible banking authorities actually boast that the failures are not more numerous. Of course the situation is even worse, for there were a number of banks which would have failed but for intervention by the F. D. I. C. The simple truth is that no essential reform has been made in our banking system. This is why a commission of exports to study our whole banking layout well might go to work at once and prepare a series of reforms to give this country a banking system which will be free of failures of all kinds. Such a commission should not include professional = commercial bankers. They are not necessarily experts in banking’economies. They may know how to run a commercial bank for profit, but what seems essential is not necessarily profite able commercial banks, but socially useful and failure-proof banks.
This is a job for students of bank- «
ing economics.
MOTOR PRODUCTION EXPECTED TO RISE
Times Special DETROIT, Aug. 10.—Keeping in line with the usual seasonal trend, production of passenger cars and trucks for the United States and Canada during the latest week decreased 13,602 units, Ward's Automotive Reports said today. Total production amounted to 84,153 units compared to 97,755 units the preceding week, and contrasted with the 1935 comparative of 51,190 units. Output for the next period is expected to drop to about 55,000 and higher production schedules are expected to start around Aug. 22, the report said.
On Commission Row.
otations below, subject to change, i wholesale prices being offered to buyers by local commission dealers). FRUITS—Pears—Bartletts box, $2.75. Bananas—=Selected, 1b., Sc. Sy To ents, fapey $1.75; choice. chess, 3% Ba si. 50; No. 1 Virginia Winess a 2% in., $1.75. Lemons—Sunki ist Limes Mexican, 186, "4a 30 persia an seed-
less, 50. he a Eibertas, a in. bu. 90. Be ae ug, $1.65. Plums—Blue, 4-basket crate, o A $1.50. Grapes—Seedless, 28-1b. crate, $2. OS A A Indiana 1s
a-0s, 90c; home-| bu., shod: TE CTI 1b. av.} 65c¢.
VEGETABLES—Beans—Round stringleds,
haters
45¢. Tomatoes—H Pi, ler Si
Produce Markets
The prices ted are EEE a ihe Fs vy breed hens, 14c: Leghorn i
hens, 10c oglored springers. 1%
higher than the average for the same period in the last three years. The local advance over the threeJour average was fixed at 46 per cen
Includes Most of Indiana
The gains listed in the report for Indianapolis also were given for the entire northern two-thirds of Indiana and for Evansville and surrounding territory. Otherwise, the southern third of Indiana was rated as “fair” by the survey. In that area the advance over the period a year ago was estimated at 15 per cent and over the three-year average at 32 per cent. The Brookmire analysis grouped Indiana with Illinois, Michigan, Ohio and Wisconsin as the central manufacturing states. Regarding prospects in this section, the report said:
Sales Prospects Promising
“Consumers’ incomes during the last six months were estimated to rise 21 per cent above those months last year. Manufacturing production in June rose above May, and the July rate of activity was well sustained. June manufacturing pay rolls were 36 per cent above a year ago. May farm income was 11 per cent above last year, with Illinois showing a gain of 23 per cent. Corn prospects in this area were the best in the country, and hog and cattle feeding will be done. in volume here. ‘Other crop prospects, though below last year, were much better than average. The territory was still the most promising in the country.”
STOCK MARKET WEEK IN REVIEW
By United Press NEW YORK, Aug. 10.—The greatest industrial operations since 1931, as reflected in corporation earnings statements for the second quarter, resulted in the stock market rising to new highs since 1931 last week. The market had many obstacles to overcome. There was only -slight outside participation. The government announced the drought. as worst in the history of the country. The Spanish revolt resulted in a tense international situation that brought heavy selling of gold currencies and resumption of the gold ‘flow from Paris to the United States. But these caused only market lethargy and after several days of nervous and irregularly lower trading, stocks pushed back to highs, with Friday's session bringing gains of 1 to more than 3 points, resulting in the new five year highs in the averages. Railroad and steel shares, chief beneficiaries of the week’s news developments, led the late rally with numerous issues going into new highs for the year or 1' nger.
Rail Reports Good
figures for the week ended Aug. 1, which showed a fotal of 747,551 cars, the best week since October, 1931. Steels benefited by several reports. Scrap markets advanced consistently. Steel production slackened slightly for the week according to the American Iron & Steel Insti-
likely will continue through August.
Other business developments included an increase in export copper price to the highest level since 1931; wholesale trading volume approached the 1929 levels; electric
power production was over 2,000,- |X
000,000 kilowatt hours and there was heavy seasonal withdrawal of gasoline from storage.
Large Individual Gains
The result was gains ranging to as much as 7 points in the general
list and as high as 22 points in};
some issues. Allied Chemical was the chief gainer and other chemical
Ishares firmed. Gulf states Steel
Ee Ceseuse un
Corn—
Sra snnsen B Sasansres avssesee
tute, but the present high levels |& July tonnage was the heaviest since |
t= | Tndicate. the. ; | based on récent transaction:
returns in some areas and greatly reduced yields in others nearby.
Ohio River Area Hit Hard
“Losses ranged from 10 to 65 per cent. Corn damage appeared to be worst along the Ohio River, extending into the southwest corner of Ohio. But even where conditions were grave, rain could change the situation overnight.
“The threat was to individua} returns rather than to the total farm income. Because of this ungerainty, there’ was no general change in credit and collection policies.” Last weék’s survey of drought conditions, as reported from 19 district officers of Dun & Bradstreet, indicated the impact of the drought on business would be limited chiefly to the west central states. This area included Montana, Wyoming, North and South Dakota, Nebraska, Kansas, Iowa, Missouri and Oklahoma.
DELCO RADIO PLANT
INSTALLS NEW UNITS |t
Times Special
KOKOMO, Ind. Aug. 10.—Instal~
Reo Studebaker ... Yellow Truck..
Timken Roll . Timken Det Axe 20% Mining—-
Alaska Jun ... Am Metals. “es Am Smelt ..:
Sou ow 13 " 0. 53%
Kennecott Cop.. LG Mine..
a
Jrieater. “se Loews Inc 55 Paramount ....
lation of new machinery at the|RKO
Delco radio plant here, subsidiary of General Motors, is rapidly progressing and more employes are being hired daily with production expected to be at capacity soon, company heads said today. The Delco policy, since assuming ownership of the local plant has
Warner Bros cc... Tobaccos-~ Am Sum Tob.... 25% Lig & Myrs 8) 1080 Or iar Morris, . 93% Bailie
Atchiso 88a Atl Const Lines. . 33a
been to provide a stabilized em- Su Ono
ployment level throughout the year,
it was said. As a part of this policy, 2
much money was spent in acquiripg new machinery for the plant which has been remodeled completely. The largest single unit installed is a plating and painting department.
REPORTS QUARTER LOSS Times Special NEW YORK, Aug. 10.—A loss of $2,555 for the second quarter, ended June 30, was. reported today by Canada. Dry Ginger Ale, Inc. This
Ill C K
N Y Ont & West 4% Nor Pacific .. 28%
compared with a loss of $85,809 in | Sou
the coresponding period last year.
JARVIS PROFITS RISE Times Special CHICAGO, Aug. 10.—W. B. Jarvis Co., manufacturers of automotive hardware, for six months
Wabash Equipmenis—
Am Brake Shoe . Am Car x Fdy.. 4
ended | Ge
June 30, today reported net income | pu
of $319,669 against the 1935 comparative of $260,775.
LOCAL CASH MARKET
Utilities—
Am & For Pwr % Am Power & Lit 14 AT&T 176
City grain elevators are paying on grat
$1.01 for No. 1 red wheat. grades on their merits. Cash corn, new No. 3 yellow, $1, oats, 34c. Hay—No. 1 timothy, $13@14; No. 1
clover, $12.50@13; No. 1 alfalfa, first | oF
cutting, $13@14; second cutting,
$15@16.
New Jud Issues
(By Lyons & Co.)
For the railroads, the best re- [AX port was the weekly carloadings |B & O 4%:s
9 Brooklyn Edison 3Y%s "66 Cal Ore Pwr 4s ’'66
In 4%s ‘62 «} Chicago Union Sta 32s ’51.. Cleve Tractor 5s ’'45 Columbus Railway 4s i Com Invest Trust 3's 'S
Eastern Gas Elec W 4s ’56.. Edison Illum is '66 [ndpls Water '66 1 owa South “Utilities 5Yas $50. 3 Jones & Laug Rin Kansas P 4% 41%s Los Angeles G Louisville &
Gas Penn Railroad 3%s 7 Penn Tel 4s’
Local Securities (By By. Judiangvolls Bond snd Share Corp.) EL ST Soar
BoE SP a
Other |
Peoples Gas raw y Serv N J.
Std Stone ® Wenster United Corp Un Gas Ut Pwr & Tr (A) Western- Union
S Rubber.... 30 J] 8 Rubber pfd 7¢ Miscellaneous-— \llis Chalmers. . Can
. B2v,
. Burroughs XR 2874
I Cas RY Cont! Gan 72% Caterpillar Tract 7 Crown Sor eu Curtis
pid Gt “Northern pid 2% ral 26%
oe o - 3
liman.-Inc ... 54% Westingh Elec ..146 146
g auBax
C I aes Pr . 468% Ye | gervel Inc
Indus % Kayser Julius. i
4
eh eB L ] Sutier Brothers
| 5 vest te au
Household"
col’ Pal Pees. see Ji Co! m
21%
Ss . 36% Amer Woolen .. 9 ie Sok ese Co mR 30% 27%
Chicago Stocks
(By Atkins, Hamill & Gates)
lat 4000 with 2 , | were 1100 catt % | sheep on hand.
Cent Ill Pup Service or Chicago Yellow Cab Cities Service . ET ies Edison vessenes
Cran General Household Svea TEE arvis us
Northwe: perks cose Swift International : Williams Oil-O-Matic Zenith
New York Curb
(By Atkins, Hamill & Gates)
uminum Co of America Am ve hd here vee
Pennroad Cor ‘Reliable Stores. pooh .. Root Petr Sle: oy ceseisnsenee oe he St. Regis Salt Cree
Investment Trusts (By Thomas D. Sherrin = Co.)
Asked 19. is
Mats 89 POOR II] | | ©0000 1-4 EDL: + + SeIRIHRIK: LL
mw pa
16.70 4.72 2.00 3.67 3.62 2.80 1.76 1.79 4.00 1.76 1.78 4.00 . 10.37 veo 5.45 111.00 3 60
» 76 6.34 .. 3.13 3.06
Unlisted Stocks . (By Blyth & Co.) NEW YORK’ STOCKS
Bankers Trust ...cc.ceceee. tral Hanover ....eecee..es
Continental esses Guaranty ....... FR
ng Manutactiirers National City
National Shawm
Aetna Fire Ins American Ins of Newark Balimore American of New York ...
ral Fire Great American Ins....c.c..... 28% Great American Ins ...co..... 293%
Hanover ......cc.coveee sevaines 1 vassnsensnncs T0 National Cit eens ational City -...... Sreveveney National Liberty
Money and Exchange
_ INDIANAPOLIS STATEMEN:
i Sleatings se innneiee sasns anne eren
sesssnsnssssestan
eirivess Hm
TREASURY STATEMENT ° {By United Press) VASHINGTON, Aug. 10. — for the current fisas compared with a This Year ‘Last Year Expenses. $ nt ys aa33
43.331 900.28 1 S35:004 20341
% es i & SHERI aaa |
FRUITS AND VEGETABLES : caoacor au dl Press) ;
.|a top of $7.50. . | steady. Bulk of good and choice
- (1100-1300) & il
Good * | Common and medium *** | Low cutter and cutter ° | Cutter, com. . and med. bulk...
were steady to 25 cents higher and packing sows were steady to strong, some lightweights selling 25 cents higher.
Arrivals Estimated at 4000
Porkers between 160 and 250 pounds brought $1050 to $11.40; those weighing from 250 to 300 moved at $10.35 to $11.30; the 300 to 400 pounders $9.75 to $10.90; light hogs, scaling from 130 to 160 pounds, sold for $9.75 to $11.20, and. the 100 to 130 pound weights brought $9.25 to $10.25. Packing sows sold mostly at $8.25 to $9.50, the top being $9.75. Hog receipts today were estimated holdovers. There 500 calves, and 1000
Fed steers, yearlings and heifers were fairly active, selling strong to 25 cents higher than Friday. Lower grade cows were strong-to 25 cents higher while fat cows were strong. Bulls were firm.
Steer Top $9
Top steers brought $9 but the bulk sold at $7.25 to $8.75. Top heifers were $8.75 gnd others sold for $8.50 down to $5. Beef cows were salable for $4.25 to $4.75 and cutter grades
10 i; | brought $3.25 to $4. Sausage bulls
moved for $5.50 to $5.75. Vealers were steady with Friday's averages, the bulk of good and choice kinds bringing $7 to $8, with Sheep also were
ewe and wether lambs brought $9 to $10.
HOGS Receipts 4500 11. sal). 3 [email protected] 18. 3001 .30
arket 10, 5001 40
Lights Maes (140-160) Good and [email protected]
Lightweights— Medium (180-200) Good and choice. . Medium
Medium Weights— (200-220) Good and choice.. [email protected] (220-280, 2 Sood and choice... 114% 11,40
| pie gs (250-280) Good and choice.. 10. 20@11. 30 Pp y-350) Good and choice.. [email protected]
Pe e850) Goo 9.00@ 9.7 350 428 Sood: 8.50@ 9.(
[email protected] [email protected] [email protected]
8.00@ 9.00
[email protected] 8,[email protected]
-3 er i -140) Good and choice. .
(550-900) Good
. .C (900-1100)
0503908080089 H335385838343
bivomhoounooiai aS
M (1300) Good
L]
(850-750)
Common, medium. (750-800) Good and choice... Common, medium.
NOINO * BOIBORINONIND
poy
9988
288
099d
pao ansa
Vealers —Receipts, 500— Good and choice Medium
e
Sa -300
eae 88 38%
1 Calves (250-500) Good and choice..$ 5. Feeder and @ Slacker te er an er Ca (500-800) Com. 5. 4. 8. 4.
83 88%
2333 09 O080D O09 “089 sama oa.
. and medium. Cows
GOOA «cle. overnsernssvapnones $ Common and medium
an o =3ps en
d medium.
The top was $10.25. Fat A | Ewes sold for $2.25 to $2.75 with a z top of $3.
ooo,
Juality plain; about 8000 w
down and Shes
Indianapolis Morris Plan Corp. Lists Assets at - $600,000.
The Indianapolis Morris Plah Corp. today took over operation of the loan and savings business of Schloss Brothers, Inc, and. the as-
sets of the Indianapolis Morris Plan Co., which were merged to form the new company. Walter B. Harding, board chairman, announced the consolidation, and said that William L. Schloss had been elected president. Assets are more than $600,000, he said, making the concern one of the largest of its kind in the state. Offices are to be in the present Morris Plan quarters, N. Delaware and E. Ohio-sts. Schloss Co. records already have been transferred.
Under State Regulation
Mr, Schloss said the new corpora- |.
tion will continue to pay 3% per cent on savings and is examined periodically by state bank examiners.
LeRoy Kahler, secretary, and Howard M. Coats, Schloss Brothers loan officer, are to occupy identical positions with the Indianapolis Morris Plan Corp. }
No Personnel Changes Paul M. Akin, vice president Indianapolis ‘Morris Plan Corp., has been appointed manager of the finance department. P. C. Neidlinger, assistant treasurer, and Everett
oo | Rust, loan officer, are to continue
in their present capacities. No changes have been. made in the personnel of either company. Directors of the Indianapolis Morris Plan Corp. in addition to Mr. Schloss and Mr. Harding, are: Jackiel W. Joseph, Paul M. Akin, LeRoy Kahler, Harry L. Solomon, executive vice president of the Colonial - Finan¢é: oi; and William Matthews.
o| REALTY BONDS HIGHER
Times Special NEW YORK, Aug. 10. —Average prices of Middle Western real estate. bonds increased .3 per cent
during July, according to a report from Amott, Baker & Co. The net advance in prices for the first seven months of this year was 4.7 per cent, while the average price a $1000 of face value increased ‘from $319 to $334, the report said.
Other Livestock
By United Press) CHICAGO, 10. SijoRs-—Receinny, 5 000, A S600 directs; strong wo cents higher than Frida: = average; extreme $11.30, ‘Puik
most] si 5 steady; 180-250 Ibs. $lo. [email protected], better grade 140160" lbs., [email protected]; most sows, $8.65
“Cattle—Receipts, 20,000; calves, 2500; fed steers and yearlings 15 to 25 cents higher, active at advance; all fy 9% sharing ups turn but most activit; centering ; best fed or [email protected]; heifers and mixed yearlings ty active and strong to 25 cents higher; best $9; Sonetal killing tern grassers crop, mainly stock Mey and heifers and cows in cutters and common grade beef Desh; stockers and feeders strong to
25 cents higher; cows 15 cents up on k Jet
accounts; bulls and vealers strong at $5.50 L$ down respectively. 1s; fat lambs slow
g ewes, count BScounts, native ewes wea
. most ly [email protected].
First and | Refundin
Notice to the Holders of Indianapo
Water Company e Sold Bonds,
8h and Ia { \ neep mb quotations on clipped | red
Other Livestock
(By United Press) (Ara r= Id, ek. 10—H
$1118G11 30: 220.
10.60; 1 50-200 3 040 ye Ibs. - 3. 75; nan $9 down.
ror LE, herd "260-50 ibs. Tie
8: ens me: 3! 310; 0b.
You can place a Times Want Adasiate as seessessnsssces v
the year. Most producers were said to be more concerned with getting out business already booked than ‘about any lag in new orders. This was particularly true in steel, machine tools and rayon. , Magazine’s Index Rises “The drought is no doubt the bige gest blot on the business horizon at the moment,” the article said, “but even here the deterring effects on trade in some localities was likely to be offset by gains in other regions. Farm machinery come panies were reported keeping an eager eye on sales in stricken states. Wire and can companies also were a bit cautious. Tanners felt cone fident that the cattle buying pro= gram won't amount to much this year, and therefore had no fear of excessive supplies glutting the mare ket with the customary accome paniment of price slashing.” : The magazine’s weekly index of business activity rose to 76.8 for the latest week, compared with 76.7 the preceding week. A month ago the figure was 74.3 per cent of normal and a year ago it was 65.4. Study House Trailers Motor companies were said to be watching the growth of house= trailer firms with considerable ine terest as a possible new field for them. With the. public becoming more travel conscious each year, the motor makers apparently believe that the trailer business is to prove increasingly important, “Automobile manufacturers were
inclined to dismiss the drought with
a shrug,” the magazine said. “They hold that sales in most of the devastated states never did turn the tide of national sales. “August marked a particularly auspicious month for the cotton market. The month ushered in the new. crop year, which brokers here alded as the first under which mare kets are to be free from governs mental influence since before the. days of the Farm Board. Cotton Brokers Pleased “Cotton prices tended to sag as
ers decided to lie low on additional purchases for the {ime-being. Mills, however, had substantial orders on hand and felt confident that buying will soon be resumed at a better pace. “Silk markets, which were in the doldrums for some time as rayon moved into the limelight, staged a recovery in both demand-and prices last month. July deliveries were the best since January though still be= low those of last year. “Rayon yarn producers were sold up solid through September, with consumers clamoring for deliveries and prices stiffening. Beer Sales Spurt “Hot weather proved a boon to the sale of beer. June sales were 29 per cent greater than those of a year ago, bringing the first half of 1936 almost 19 per cent ahead of ? | comparable months of 1935. If this pace keeps up, brewers think 1936
@ | will prove a 53,000,0000 barrel year.
“In view of the substantial ine creases in earnings now coming to light and the heavy taxes on undise tributed earnings, dividend declarae tions can be counted on to be liberal for the balance of the year. Last
| month, there were 89 extras, 60 back
dividends, and 58 increased divie dends announced.”
TO THE POLICY HOLPERS or THE
N OTICE is hereb; that a meeti +e leyholders of "TH NE PRUD