Indianapolis Times, Indianapolis, Marion County, 11 August 1936 — Page 8

ent in payment of - At least

then spend as money with any merchant who is willing to accept §#t. There is no compulsion. They

: * not ia Jier, =

HERE en a — of one cent for each dollar per week on the tence of this money. That is,

the holder of a dollar can not .

spend it unless it has affixed s ps for each week the money has been in existence. Thus it is what is known as dated money. If you get such a dollar, you must Jook at it to see that all the stamps due to date are on it. If it has been in circulation for 10 weeks, the receiver should see that it has 10 cents in stamps on it. If he holds 4t for a week before spending it, he must put a 1-cent stamp on it. If

4s every incentive to spend it quickly. For which reason this money is also referred to as “veJocity dollars.” This certificate is a promise by the government to redeem it in two years—104 weeks—if it is presented with all the stamps affixed. If all the stamps are affixed, this will mean that in two years this ‘dollar has been circulating, the government will have sold $1.04 in - stamps. So it will have the necessary money to redeem the dollar. 8 ” ”

HAT then does this amount : to? It is in fact a government loan. Instead of borrowing $1 from A and giving him a bond for $1—which is an I. O. U—and then using that money to pay B. the gov- . ernment merely gives the I. O. U. to B direct—gives him a velocity dolwhich is a promise to pay $1 in years if the dollar is presented ‘with the necessary stamps. The represent a tax—a sales tax each person who does busiwith that dollar and with the eeds of that sales tax the gov-

It is therefore (1) a government joan linked with (2) a sales tax to pay it off. To that extent it is a yery unsound system of finance. Also it is very different from s0elal credit. Under this system, the government would issue from time time or at regular intervals outht money to every citizen, in reum for nothing tangible at the e of issuance, but in order to inase the total purchasing power of community to buy the product of

“industry. - ~ (Copyright. 1936, NEA Service, Inc.)

Produce Markets

ces quoted are paid tor stock i , while delivered

7 (By United Pret)

AGO BAS y: receipts, Al%e2 cn ee resh raded 3c; xs firsts, 23%c; irties, : current r fos Jie: checks, 173%c. ther Receipts, | 0.810 Lub; market un-

Fiogeo1tn), | 2 4oac: firsts, 33a sega A standards,

41 trucks:

s—Market

19g |B Re Daisies, 20@ demand slow; ew ey 4 1.50; Wash$3.90} Idaho Bliss Burba 0. \; 80; jsset: Burbanks, Bue

rivals, 143; on track, 338: total shi t. 485. =, >

Investment Trusts

(By Thomas D. Sheerin & Oo.)

Erma MEE pnt

.“.. -

g Susamuses

138333384322358

BF" sasassnsernaeanen EE

market Ind

sanks, Oss: 318: ouiifornia 0

CONFLICT WITH

Survey Shows Business Has Fought Off Usual Summer Slump.

By United Press WASHINGTON, ~ Aug. 11.—Business improvement moved forward

trast to the usual midsummer slump, a survey of recent Federal

reports disclosed. : There are optimistic reports from governmental agencies and improved earnings statements from various corporations. Unfavorable factors included continued large unemployment and further additions to the national debt. The deficit accumulated since July 1 in the first five weeks of the fiscal year was $143, 231,870. The Commerce Department annual economic review contained a warning that complete business recovery is dependent on progress toward a balanced budget. But the department joined, also, with the Federal Reserve Board and the Labor Department | in discovering favorable business developments.

Farm Income Up

While more than 900 counties are drought-stricken and many others suffer, there are unofficial esti-

mates that farm income in 1936 will exceed ‘the $6,900,000,000 return of last year. - Net farm purchasing power, therefore, may be greater in 1936 than 1035 although in some drought co unities it will have practically @isappeared except for such resources as savings and Federal or state aid. The forecast of a 1,439,135,000-bushel corn crop, smallest in 50 years, promises high prices to those farmers outside the Yrougni area and Ji corn for sale Rough estimates pl Department of Commerce statisticians indicate that business is running at least 15 per cent ahead of July last year. The department’s monthly survey of business activity asserted that gains were either maintained or ex-

slump, in manufacturing, construction, employment and retail trade.

Building Trades Active The department said that recov-

since early 1933, the depression low. Another favorable factor was a

Board that building activity in the United States during June was the greatest of any mcnth in seven years. The Home Owners Loan Corp.

bond issue of $50,000,000 when it matures Saturday. Government economists‘ agreed

Administration and retarding business recovery erie: Unofficial estimates . pla unemployment at 9,900,000; a decrease of be-

the depression+low of 1933. The deabout 43,000,000 persons employed WPA projects during June.

"Local Securities (By Indianapolis Bond and Share Corp.) The lollowing quotations do not re resent actual bids indicate the approximate market level based on buying and selling inquiries or recent transactions. = _ BONDS

Citz Ind Tel (T H) 4%s '61..102 H Tel Tel Rt W Blas '55

Muni ater Shs HL io Ti erve Richm WwW WwW 5 Seymou water T H Trac T H Water Svorks 5s. '56... T H Water Works 6s 40 Trac Terminal Co 58 '57 Indpls Water Co 3'%s '66 STOCKS AB C Brewing Co SU +s, ie Belt Ral Bd ¥ pid os 2. . Cent ind td 7s. Houle £ > ge Ft W Is...

sae v 5 a HE $88

TRADE REPORTS

today on a score of fronts in con- i

tended, despite a usual summer |g

plans to redeem in cash its first |i

that the greatest problem facing the 3

partment estimated that there are i D not including about 3,000,000 on |r

or offerings. but mere y El

¥ | Am

PZAERRRAL y

New pore Stock Exchange Prices

Oils—

ery hit its highest level in 1935 a

O of N report by the Federal Home Loan |X

Corp Tidewater Assn.. Un Oil of Cal.. Steels—

Am roll Mills. . Nn Byers A M

& 8t1 22% ss Pdy 52%

67% U 8 Steel bid; .133 Warren Bros .. 8 Youngsn S & T 79

tween 5,000,000 and 5,500,000 since |G

eo Studebaker. .... Yellow Truck... 20%

Motor Access—

o Lite. . ae “B”. | Cr we Stew Warner Timken Det "axle Mining— \laska Jun ....

ecott Cop . McIntyre Mine. . Phelps Dodge . Vanadium

Warner Bros . os Tobaccos—

13%

Sum ‘Tob ... 25% Big & Myers 10s rillard. 3

78% | Khilip

Morris . Reynolds Tob ‘B" 36%

Eee

BE god I

255% any

fil

(By Thomson & McKinnon)

Noo: High. TLow., N.Y.

Imagen iy

S0uI08S ER

2 Sat TE

Bold Gossitiel

w Ww

tits osm

: Goddyea ar Us

Rubber U 8 Rubber pid. Miscellaneous— Allis Chalmers. . an

3% 1%

58%

k- 1830

Rem Ran . Underwood E .. Worthington n,

A our 6% pid Beatrice Cream’y Rorden Bn Prod . Cc

Ts Woolworth .. Aviation—-

Aviation . Corp. Boeing Aircft ..

3% t. 7h

Wr . A 10% T een 14%

Sperry. Corp .... hited Arcraft' iv 26%

_ Chemicals— Air Reduction. oi Allied

i Am Com Alconoi Col: Carbon

26 136%

Com Solvents... 164%

U 8 Ind

Brisiol

Myers, . Coty fry

23 0

57 123% 2

aM or

5 8

a»

FoF

5 = S38

23% 30% 8%

i ®

5 “3

838 a

J I 2 3 pa B= 8. £2

4 &

8! ¥

a a

geese |

» a

ye]

8 Ld

h Amociated Investors. stian-Bless. senses ‘| Bergho! a ng

; rd M Glen Slden ; Him I Georg of Reaoia p

“| Sterch Technic ; Wayne. Pump

: sis, ey

Ww 25 | Mediu 2 edict

Household—

Sol. Pat Peet..

] ]

Simmons Bed ... . 379 Textiles — Amer Woolen ... 23

| Gel rp .. 25%

Chicago Stocks (By Atkins, Hamill & Gates) A. M.

Advance Aluminum coeoveeeis. 8% . ar

Bruce E L Cent. Im Pub - Service pid . os

Cities Servi {Cord .

sesrassesi unin

Ne York Curb

«(By Atkins, Hamill & Gates)

Atlas C

Carrier Ya | Creole Som Corp

Crocker-Wheeler Virtua de

$s of De A nde Mines’ Moin Bellas He

Niagara Hudson Pw Vas Pan-American - ays va

or,

On Commission Row ‘Quotations. below, sublect, to to change 1a buyers. by local commission: dt Cm pRRUITS Bears. -Barties ts $2.75. 1.75; et

hi Sanon, ws Bg Births, 24 Ay

1 | Eibertas, 82% 8 &; iow, $1.50. me Blue! + beakst

"SWINE MARKET

h weights most in demand in an ac-

| Packing sows brought $8.25 to $9.50

REACHES NEW

Yards Carries Price to $11.45.

An advance of 5 cents on

tive hog market today established a new top price for the year at the Indianapolis Union Stockyards. The top of $11.45 is the best price paid here in more than 12 months. The previous top yas $11.40, first set July 31 and equalled yesterday. However, about 50 hogs sold Saturday at $11.50, but receipts were so light that conditions were abnormal and no market could be established.

Cattle Strong

Cattle prices also: were either higher or steady to strong.. The heaviest receipts in more than a

visions of the city yards. # Swine arrivals were estimated at 5000 with 261 holdovers. Weights between 160 and 275. pounds were § cents ' higher. while other weights and packing sows were about steady with Monday's average.

pounds brought $10.60 to $11.45; those scaling between 250 and 300 pounds sold at $1035 to $11.35; weights between 300 and 400 brought $9.85 to $10.90; the 130 to 160-pound group averaged $9.85 to $11.25, and pigs weighing 100 to 130 pounds moved at $9.35 to $10.10.

| with a top of $9.75. 800 Calves on Hand

ly 2400 plus 800 calves. The market was nominally active, Steers and

higher. and bulls were strong to higher. “Top steers sold for $9.25. Bulk of fed steers and yearlings were disposed of at $8 to $9. Top heifers

$8.50 down to $6. Beef cows averaged

able at $5.50 to $5.90. Lamps Drop Vealers were steady with Monday’s: prices, selling ‘mostly at $8 down. Strictly brought $8.50. Lambs ‘were mostly 50 cents lower and in spots 75 cents lower. Bulk of

lambs were salable at $8.60 to i Slaughter sheep were steady,

top of $3. Receipts numbered 2000.

11.06 1. 33 'k oh

0.5 +40 10.60@11:45

htwe Leth) Gio Good and choice... 10. fe 25

Good hoi 11.05 i ® oe: oe {149-200) and oie cees [email protected]

- Medium wor ghia and choice.. [email protected] (32-330) Good and choice.. [email protected].

Het od and choice: . 10: wail. 35 (390-380) - Good and ch [email protected]

Pack Sows— (275-350) Good .e.:cc.. ( 5) Good - (425-450) - Good » (275-350) Medium o

Slaugtiter Ply Good and choice. .

CATTLE 2 —Rgceipts, 2400— §50-900) Choice TA )

‘ Common (900-1100) Choice Good sense. 980 ses Meditn cssunesass

MMON ccssscves

( 1100-1300) Chotee .

Sanat ana Ned ARS Ah 2

g 099350389598

senssssee

8953

IPD INN I0 NN ID CRON

JPuN0 seusvssnoans £8323 SE

edium azn Choice Good

100 VINO

Borsamon\ 30 3a838 23338

9995 eesed

emt 4 EE

‘Good ‘Common and medium ........ Low cutter and cutter

Bulls, Cutter, com. and med. buik..

ones

TOP FOR YEAR|

|5-Cent Advance at Local

week were reported from all di-|

Today Porkers: averaging 160 to 250 Satu

3 Cattle receipts were approximate- %

heifers were strong. to 25 cents|sg "Cows were steady to firm |3s

$4.25 to $5 and cutter grades sold for | 33 $3.25 to $4. Sausage bulls were sal- |;

ewes bringing $2.25 to $2.75 with 4 Buff Roch

shy Tighe Good a: and choice. 8. Ho 11.28 Del &

& y 35 Mo Kan Tex 34s. x ‘61

United Drug 5s

: INCORPORATED INVESTORS

In spite of the large increase in industrial production the past year

‘the stocks of mdnufactured goods

on hand have not increased but stand equal to a year ago. Consumption demand has caused the with a year ago there were declines in stocks of manufactured food and forest products, nonferrous metals and textiles, while the stocks of chemicals, iron and steel products and rubber products increased. Relatively low stocks on hand is a green signal for business.

N. Y. Bonds

(Reprinted From Late Times Yesterday) > DAILY BOND INDEX (1926 Average Equals 100)

20 20 80 . Rails, Util. Bohai 96.1 105.5 97.4 97.6

06.9 31 97.9 93.3

Month Ro: even Year ago . 192¢ 38 hugh eesiien

a 1036, “by ‘Standard Statistics)

U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Prov

Close. close Treasury ; Issassssnrens «..118.18 118.17 . . "ee 3.4 13.21 .111,27 111.26 -108.9 108.9

047-52

eesev seo sess sesevessces

1948-51 1961-5¢ .... Home 1942-44 1949

brought $8.55. Others were mostly | 3s

Farm Hytiape ay 3.9 103.8 103.09 108.21

Alleg Corp 5s "44 Alles Corp 5s °49 . . Alleg Corp 58 ’50 . cons Am n Pow. 8s 2080... sess

choice animals Am Tel

good to choice ewe and wether Am y.

Buff Roch & Pitt 4 ats 381 a Ohi St

Milw & St 5 Chi Milw & St P bs 2000. Cleve Un Term 5

Grt Northern “G” 4s 46 Grt Northern “H” 4s '46.. Gr. Nert: Bern 45 gery Stl Cas Hud & & Manbat Re

m Cent LE ’63.. 11 ent 5 Int tf Hy Intern

Intern Inte

Nail Da SL... Nickel Plate Ww wae Nickel Plate 5 hs ns segrneee] N. 58 20

3 Sent t ie Lg 2013 (old) ’ oa A ie.

a, Li111ve 104

Yas 2B] "oer inane]

5.'70 ....

Portland 60’ firs Hg i = 3% 80

Sou Pac dias : a1 essen tases Sou’ Pac 4 49 i

\ Rai 6s.’ "oN oe Sou Rail 6%s "$8 Corse neestnee 9% Texas Pac 5s ’80 Texas Pac 59 '79 Third Ave Adj Union Pac 4s

8s 60 rs 8 AT oe

2rewusmnrssl 1% 1% A in

8 Rubber 5s 4

pr ‘61. T 3%s '5i.. FOREIGN

sessnasnsnsene

02 ist eres

CRUCIBLE'S PROFIT HIGHER Timer Special : NEW YORE, Aug. ings of the x Au.

gs of Steel Co. for

13 of this year 13, compared

11.—Net eam-|q

BUSINESS GAINS

FILTERING DOWN T0 ALL LEVELS

Trade Reports Suggest Day

of Buyers’ Market May Be Numbered.

BY RALPH HENDERSHOT . Times Special Writer NEW YORK, Aug. 11.—Further increases in business activity were

reported again: by various trade agencies after the first 10 days of the month. Such progressive gains have long since ceased to constie tute sensational news, but the ree ports make pleasant reading just the same. And what is of even greater importance, the better. ments are beginning to: filter down to pcople in all walks of life. Merchants, insurance salesmen and other small businessmen report a substantial : lessening in sales a, resistance, an dersho the larger con- Hen : cerns are reflecting their greater prosperity in increased dividend payments. Announcements are made quite frequently also of extra bonus payments to workers. So: encouraging, in fact, have been the trade developments that even the serious threats of war in Europe have not been able to dampen the enthusiasm thus cre= ated. The rank and file of people throughout the country now are convinced that. the depression is over and they are taking a new

12 lease on life.

Stocks Do Well

, Stocks continued to make an exe cellent ‘showing, too, during the ‘week. True, they were hesitant and dull at times, but that was due largely to profit taking by those who had carried them up through the previous extended advances, This’ gelling was easily absorbed, and prices snapped back quickly as soon as the pressure lifted. The so-called second-grade bonds also gave & good account of them selves. The high-priced issues were dull, the chief development being the selling by individual investors and buying by institutions. The ine dividual selling is not surprising. These bonds are priced too high, The trend of money rates one of these days may be higher, and the

i fear for the safety of interest on

some of the cheaper issues is gradually passing. Switching is entirely : Carloadings Up One of the best pieces of news during the week was the announce-

04 * | justified.

5 ment that carloadings of freight

were currently running at the best levels since October, 1931. Such a

7 1, | Showing in midsummer is rather as-

tounding and suggests that next fall and winter they may approach boom proportions. It would occa sion no surprise if a shortage of cars should develop. For several years we have had what may be termed a buyers’ mare ket in this country. In other words,

% | the buyer has been able to dictate | the price of goods to a very large 4 | extent , It seems as though we mhy

be passing out of that era and into one where the seller holds the domi-

elop already evidences of shortages-— prices invariably advance gnd larger profits are made all along the line,

LOCAL CASH MARKET

City grain elevators’ are $1.01 = No. 1' red wheat, - yavine

re i i