Indianapolis Times, Indianapolis, Marion County, 21 August 1936 — Page 27
ren
Arms Racket
+ Abreast o
PAGE 26
»
FRIDAY, AUGUST 21, 1936
all industries improved over
Net airtings of 477 Yorms § in the first half of 1936 totaled 57 per cent above the like 1985 period and were the largest half-year profits since 1930. Except for coal,
1935, Business Week said.
Encourages War in Spain.
BY JOHN T. FLYNN.__J
YORK, Aug. 21.—News from Spain is very incoherent and contradictory. But enough fliters in to reveal that a very old
and highly respectable racket is This is the
Three hundred years before , When: Athenians met to ke the fateful decision of war
ponesian the biggest business man of Athens, Cephalus, was on hand to play the part of patriot. Cephalus was the largest manufacsturer of those days. He had a big plant at the port of Athens where he employed several hundred men making shields for the Athenian armies. ' It is so today. France wants neutrality. She is sincere in this. Her position is full of peril. A leftist government #8 in power. On one. border is Nazi Germany. On another is Fascist Italy. What if Spain, up‘on her southern frontier, should go Pascist. She would be encircled by enemies, not only of France, put of the system to which the government is devoted. 8 =» = UT Italy and Germany want. ] the rebel armies to win. Engjand, full of audacity when Italy menaced her African empire, is Bow wobbly because she -can not ‘make up her mind amid all the gontradictory menaces which sursound her. England, of course, does not want to see Spain Fascist. But also she does not want her to embrace communism. England's internal radicals are more dangerout to her than her Fascists. Hence she wobbles. But meanwhile events march on. The chief element which drives forward to the crisis in the Span-. ish civil war is the flood of arms which, it is now plain, is pouring into Spain to both armies, but especally to the rebels. After all, . when civil war spreads its red wings, this may be a disaster. to the nation afflicted, but it is paradise for the munition makers. They want markets. And civil war in 8pain or any other European couniry means buyers in the war-torn nation and in all her neighboring countries through fear. The latest scraps of news make it evident that English arms makers are doing a thriving business with Spain. Also that arms are going from Italy and Germany. Perhaps from France, t00, but that oes not openly appear. England kes the position that it is entirely proper to ship. planes for commercial purposes and stands behind her plane makers.
. 8 » » ~ UT a commercial plane can become a war plane very quickly, just as a Germany baby-car-riage has been known to become a machine gun. And while France frantically beseeches Italy and Britain to join in a neutrality pact, arms-makers find all sorts of argu‘ments to hold off the agreement. The danger lies in this. Europe is now divided into two camps of hostile sympathies—Fascists and Communists of various hues. These two camps beCome more hysterical as the tempo of war rises in Spain. The swifter the flood of munitions, the swifter the pace of war; and the faster the pace of war, the higher the flood of munitions. Presently, unless Europe stands aside and lets Spain settle her internal quarrel—find her own way even in blood—the whirlpool of war may become too powerful to keep out of. . We can not be too sure there will be no repercussions here. This is not merely civil war in Spain. It is & clash of ideas, as the French and Russian revolutions were a clash . of ideas. Ideas can not be kept out with forts and armies. We will see Americans taking sides also. And when our sympathies are engaged, ,our judgments do not function
normally. (Copyright. 1936, NEA Service, Inc.)
B. & 0. LOADINGS UP|E
Times Special ~ BALTIMORE, Aug. 21.—Carload- | N ings on the Baltimore & Ohio Railroad for the week ended Aug. 15,
during the same period a to- | so
of 37,691 cars were loaded.
Fruits and Vegetables Grams.
Pacific Lite $%s 4 increased 10548 cars over those |Peo Gas Lite
MANY HOOSIER BOYS SEEN AS FARM OWNERS
Land Bank .Head Expects Tenancy to Decrease in Indiana.
Hoosier farm boys to the number of 7000 are to become of age this year and each is a potential land owner, Ernest Rice, Louisville Fed-
eral Land Bank president, said today in reporting on the improved opportunity for farm buying and the increase in financing of farm purchases. “Liberal loan terms for farm purchasing, recently provided by the Farm Credit Administration, make it possible for young farmers and tenants, as well as established farmers, to buy their own farm,” Mr. Rice said.
Many Loans Made in State
“The depression almost put a stop to farm purchasing by younger men, but the Farm Credit Administration is now tackling the problem of farm ownership for the thousands of farm boys who come of age every year. Over $110,000,000 already has been loaned in Indiana to refinance debts of farm owners.” Calling attention to 1935 census figures, Mr. Rice said that 7467 Indiana farm boys will become 21 this year. “Several thousand will leave the farm, but many will remain. Any young farmer or tenant who has experience and equipment, and can make a limited down payment, can buy a farm. The Farm Credit Act of 1935 raised the amount loanable for farm buying from about 50 to 75 per cent of the appraised normal value,
Tenancy Below Average in State
“Older tenants may also work their way out of tenancy by means of long-term mortgage loans now available at 4 to 5 per cent interest a year. Tenancy in Indiana increased somewhat during the depression, although the Hoosier average was still far below the country as a whole. The 1935 census showed that 31.6 per cent of all Indiana farms were operated by tenants, compared with 30.1 per cent in 1930. The average for the nation was 42 per cent. “First and second mortgage loans by the Land Bank Commissioner are now made for farm-buying purposes” said Mr. Rice. “A Commissioner loan usually supplements a land loan, enabling the farmer to borrow up to 75 per cent of the appraised normal value of the property to be purchased. Application for land purchase loans may be filled with the national loan association serving the county in which the land is located. In Indiana there are 140 local organizations where applications may be recorded.”
BUY LARGEST POLICIES
Times Special FORT WAYNE, Ind, Aug. 21.— Brokers, bank managers and real estate company officials purchased more life insurance policies of $10,000 or over than did any other occupational classifications during the first seven months of. 1936, the Lincoln National Life Insurance Co. reported’ today. Wholesale dealers were second followed in turn by retail dealers. Jansen. judge and justices ranked ourth
New Bond Issues ’ (By Lyons & Co.)
Allied Stores Ais 51 Arkansas Gas *51 Associated Telephone 5s 68 | B & O 4Y%as '39 Cal Oregon Power, 4s '66 Central Maine 4s Central oil 3Yas 68 & C kW a 96
m 3%s Gen Motors. Ac’ Cor Jndianapolis Water 312s '66 wa South oH flitjes Silas '50.. Jove = PL Los An; Ed
n Gas s i] Dr 4%2s "60 1 he W Dr 4V
w York Ed 3':s Okla Natural Gas ais ‘81. Okla Natural Gas 5s '46
te & Soke. od '61.. Penn Raliroaq 3%s Penn Tel 85 Potomac mn Power 3%s » Pub Serv N H 43s '60 ... Railway Lite 4Ys es as ova n Power 44s
San Diego G is & Southern Coal Gas 4s thern Kraft 44s 4
Local Ci (By Indianapolis Bond and Share Corp.) =. The Sollowing Quotations do aot repreye o sproxiuate Marke
or recent
Co 57 dws i STOCKS
hn
URGES FARM BUYING
Ernest Rice
REFORMS MAY FOLLOW PROBE
English Investment Trusts Survived Similar Period of Disillusionment.
Times Special ’ WASHINGTON, Aug. 21. —Recommendations for reform of investment trusts are sure to grow out of the present Securities and Exchange Commission investigation. If they follow the pattern laid out in England, management of such trust companies will be divorced both from banking houses and from industrial companies whose stocks are held in the trust. Great Britain went through a period of disillusionment about investment trusts in the 1880s and 1890s, similar to that here since the start of the depression. The result was a drastic change in policy which took British companies through the depression without loss of confidence. Approximately 50 new trusts were launched in England in 1889. Soon thereafter the {failure of one of them, Baring Brothers, brought on a financial panic. In 1893 the London economist commented:
Lived Down Reputations
“Of many of the trust companies which were formed in such rapid succession a few years ago, when the mania for this form of jointstock enterprises was rampant, it may be said with truth that, having sown the wind, they are now reaping the whirlwind. Week after week evidence accumulates proving only too forcibly that those responsible for the management of these trusts have based no inconsiderable part of their operations upon false principles.” By 1896 the Economist was able to report that “in the majority of instances the evil reputation which clung to them for a while has been successfully lived down.” Very few reforms were embodied into law in England, but a body of unwritten law was. built up which governs them. Statements of the contents of portfolios of trusts are made public annually, and managers of trusts are given almost complete discretion, meanwhile, as to making and changing investments. Managers do not participate in the control of companies whose stocks they buy, and no connection is allowed with financial institutions which might make trusts a dumping ground for questionable securities.
Building Permits 2S ville Rinker, 718 Euclid-av, repairs.
Mrs. Zeitlon, 140 McKim-st, garage. $100, Marion Materials Co. 1857 Applegate-st, wrecking, $150. Marion Materials Co.. 868 Pleasant’ ‘Runblvd, wreckin Jules Liatior Store. 1418 E. Washington-
509 BE. 10thwrecking. $ ski
William H. Meehan. 46 W. 56th-st. garage, $200: dewlling, Jos 00. 100.) Smith, 2326 N. LaSalle-st garage,
Alvin Jose Realtv Co.. 625 N. Bosart-st, garage, $150, dwelling, $3 Edward F. Brockman, 255 Hendricks-pl, furnace, $165. L. H. Morrow. 4702 E. New York-st. ga-
raze, $1 N. Dearborn-st.
Walter Brewster, 2615 basment S100. Dr. Smith 4700 N. Pennsyl$160. : f
CHICAGO GRAIN FUTURES (By James E. Bennett & Co.)
Wheat—
- | st. sign, $150.
Union Wrecking Co..
David vania-st, te
Prev. . Close, 1.13Y 112%
1.11 1.08% 110%
1.12 1.14
97 97% 98% Be 94%p
Ars
Sa y 84 s - 34% 307, a 81
ABANDONMENT ALLOWED WASHINGTON, Aug. 21.—The Interstate Commerce Commission has authorized the Chicago, Rock Island and Pacific Railway to aban-
Be of =
don a 9.6 mile line from Newton to | Inves
Reasnor in Jasper County, Ia. Busigraphs
‘SHARES’ TRADED
‘were mostly steady, choice animals
: “44% 8 ABW 45% | 4%
"| Trustee Stand Oilshares ° + 52 HS REE uy 1.28 | Srusiee San aaa
PORKER VALUES REMAIN STEADY AT CITY YARDS
Lamb Prices Move Higher; Slaughter Cattle Are Unchanged.
Values were steady on hogs weighing less than 300 pounds and on packing sows in today’s deals at the city stock yards. Nothing was done on weights above 300 pounds. Top price held at $11.60 with de-
mand centering on weights from 180 to 250 pounds which ranged down to $11.25. Kinds weighing between 250 and 290 pounds brought $11.05 fo $11.50; those in the 160 to 180pound class sold for $10.40 to $11.30; hogs scaling 155 to 160 moved at $10.15 to $11.25; others between 13 and 155 pounds brought $9.40 $10.40, and 100 to 130-pound animals were disposed of at $8.90 to $9.65. Packing sows were salable at $8.50 to $10.
About 4000 Hogs Received
Swine receipts were estimated at 4000 with 625 holdovers while there were 400 cattle, 400 calves and 800 sheep on hand.
classes were generally steady. Top steers sold at ‘$9 but the bulk brought $5.50 to $7. Heifers were mostly $5 to $6.50. Beef cows were disposed of for $4.25 to $4.75 while cutters-sold for $3.25 to $4. Vealers
bringing $8 to $8.50. Lambs were strong to 25 cents higher. The bulk of better ewe and wether lambs were salable at $9 to $9.75, while strictly choice kinds sold for $10. Slaughter sheep were steady, fat ewes bringing $2.25 ‘to $2.75 with a top of $3.
HOGS Aug. Bulk
$11.00 11. 80 80
Receipts 4000 1000 Jo. 4 1. sail. 70 J 11. 4500 [email protected] . 3500 i [email protected] : 4000
Light Lights— (140-160) Good 2nd choice. .$ 9.65 Mediu 9.15
Lightweights— (160-180) Sood and choice.. 10.80 Medium
(180-200) G i: 13 {] Medium Weig o@1135
ise {200-20 Good and choice .. [email protected] (220-250) Good and choice .. [email protected]
Heavyweights. ( [email protected] [email protected]
> 2821. 00
Good and choice.. Oa Good and choice. .
-350) Food teserrenrens (350-425) Good .. . (425-450) Good (275-380) Medium ’ Sianzh ter Pig (100-140) Good and cholice.. Medium
CATTLE —Receipts, 400— (550-900) Choice .... Good
sess ese.
Medium Tea (900-1100) Gi
oocoooLLmu
: Co! (1100-1300) G
SINR NM D00 oN: “IID IDI UII aI DI € NNO IND NAO PORNO NRNDO D-IND Jog3zasabumal
M (1300) Good
_ snoowm
(550-750) Se
Common, medium. Good and choice . Common, medium.
(750-900)
93399 ©393939399R9!
SDeo
$3535 23332 333%
Low cutter and cutter
Bulls, goo Cutter, com. and med, bulk .. Vealers
—Receipts, 400— Cood a and choics Cull and common ....... ree Calves (250-500) Good and choice. .$ 3s . and medium. toe oe Stocker i (500-800) Com, and choice. 3 6. medium. 4. (800-1050) Good and choice. 6. Com. and medium. 4.
crn oven
ax aa 8338
aa 8888 33
SHEEP AND LAMBS —Receipts, 800— ’
3 [email protected] * 87a 9.75 "$38 6.75
Weg (90-170) Good and choice..
292 3% and medium’ 1% 2.00
Other Livestock
(By United Press) T WAYNE, Ind, Au
120 Ibs calves, $8.50; lambs, $8.75
a Investment Trusts
(By Thomas D. Sheerin & Co.)
Administered Fund 4 filiated Pund, *American Distress Shares... Broad Street Investing Bullock Fund Ltd. Sentw Shares ” or Sor “AA” or “Acc” (Unmod) . . . Cor Trust Shares (Orig) ..... rsified
Di Df Di j Ge
27, Mut In t Trust .... 16.19 Nation-Wide Voting 1968 2.12 North American Tr Shs 1985...
Unlisted Stocks
(By Blyth & Co.) NEW YORK STOCKS .
8.75 |
Com. a clive July 1, spring lambs classified CY a Ni a {Sheep and lamb quotations on clipped | M K &
|
co 282d d
BUILDING ——
DN
BUILDING—Building contracts awarded in June amounted to $233,100,000. The increase over May was more than the usual seasonal amount, and our adjusted index advanced to 47.2 per cent of the 19201930 average in June from 469 per cent in May. The area of building contracts awarded increased contraseasonally in June and on an adjusted basis
was 52.4 per cent of the 1920-1930 average as compared with 52.8 per cent for May. The most significant factor in the June statistics, however, was the increase in building permits to the highest level of the recovery period. The steady increase in rents over the last two years has been a major factor stimulating this increase.
New York Stock Exchange F Prices
(By Thomson & McKinnon) High. Low.
Oils—
In the cattle market slaughter | Conso
Un Oil of Cal... Steeis—
‘Acme Steel ...
5500 W
B War Pipe a Fdy 27%a Youngstn 8 & T 78%
eo . Studebaker 1 Yellow Truck ...
Motor Accessories— Bendix
i Roll . Timken Det Axle Mining— Alaska Jun
Kennecott Cop.. Park Utah .
U 8 Smelters ee Amusements—
Crosley: Radio ve 30% Fox Thea 3A
Loew Tal 5 Radio Corp ..... 10% Paramount 1%
6% 12% 60Ya 25% 99Ya L & Myers “B"..106 Lorillard 22%
Tis .. 86 +s B86
Atchison 79 Ya
30% 22% 11% 08%
3% 2% «oo 43 W.... 18 1
Atl Coast Lines. B&O
e Erie pfd 2 Gt “Norther pd fi 1 Sener al
2 Lehigh Valiey 4% 2
— | Union Pa 1 : West Maryland .
Equipments— Am Brake Shoe . 3
: . | Am Dar & $9.25; roughs, 38.50] stags, $7; Am
eniq3 Westingh Elec .139%
Utilities—
27% 1672 12 302
Can : | Coca
Cal Pac King . 1, 402
40% n Dy G Ale.. Ya A
Retail Stores— Allied Stores .... d Dry Goods 1
May Dept 8t ... 57
N. Y. Bonds
(Reprinted From Late Times DAILY BOND INDEX (1926 Averages Equals 100)
20 Inds.
Yesterday)
20 - 20 60 Rails, Util. Bonds.
(Copyright, 1936, by St Standard Statistics) U. 8. GOVERNMENT BONDS
(By Abbott. Proctor & Paine) Treasurys
Clo fo 1947-52 ..... Seeene sun ati 1 4
1048 102.14
27s 1955-60
Home Owners Loan Corp. 2Y 1942-44
Federal Farm Mortgage curs. BUS AU6L viii 04. 8s 1048... L000. . 103. ‘8 3s 1942-47 .........c.... 104.3
DOMESTIC
Alleg Corp 5s 44 rsa iis eiee 99 Alleg Corp 5s Am Fr
tl Coast Jane 428 ’6 Atch Top & S Fe Sa 48 . am buf
ling Milla pi 45 ..... Bait Be Ohi 2
It & Ohio 8 5 Balt & Ohio 4Y,s 60
% | Container
r '80 Chi & Nor West gh 9. Corp 6s ’46
Grt Nort Grt Northe Grt Nort. Gen Stl Cast WW 5s ’4 Hud & ME 5s '57 .
sasew . 55%
- 18%
Sbsbsasnntsenis
Came srssesvsnssan TV "56 temessssene, an Seassasainenss 96
1 Sebescrpevenas 1% -104%
Lesssesnnuies
nited Drug 5s '53 Senn An. 8 Rubbers :
01.23 102.28 101.27
101.27 103.12
104.14 103.19 104.5
99%. | General Household .-
Detrich: 35s hiatus ; 063, Sane deb dans Eas
44% 20% 80 53%
Mont Ward .... 44% Safeway St .... 20% Sears Roebuck.. 82% Woolworth 54% Aviation— Aviation Corp.. Boeing Aireft .. Curtiss Wright . Curtiss Wright Douglas Air . Nor am, Av
ae SOP & New 25% Chemicals— Air Reduction .. 74% Allied Chem 227 Am Com Alcohol 26 Col Carbon ..128 Com, _So Solvents . u
1
5Ya
29%
Monsanto Chem. Schenley Dist . i 1a Tex Gulf Sulph. 36% Union Carbide 9 U 8 Indus Alchl 35% Drugs— Bristo] ayers .. 487% Coty . I Lamber Re 17% Lehn & Fink ... 15%; Sterling Prod .. 74 Un Drug '(new) Vick Chem .... 44 inunsiales
Adams Exp Allegheny Corp. Am Int Corp . Chesa Corp . Lehman ‘Corp ol Transamerica. . Tr Contl Corp. . Building— Am Radiator vee 22% Gen Asphalt 23% Holland" Furnace 38% Int Cement 54% Johns Manville 117 Lily Soens Gls 67 Otis Ele 28Y U 3 Gy osiin 102% Household— Col Pal Dees.
9%
ee 13% 34Y,
Amer Woolen.. Balam Hem .., 1 Celanese Corp Coline “Allman: Gotham Hose .. Indus Rayon .. 32 Kayser Julius Real Silk
Chicago Stocks
(By Atkins, Hamill & Gates) Prey. Close Close
Advance Aluminum ,. as Allied Products . . “en
B rghof Bruce E. L. Cent ® oi Pub Service pfd Cities Service
Slecteic Household ...
Jodehaux Sugar ‘A Jarvis Mfg
] ac cQraw Elect: Nachman Spring Filled Noblitt-Spar yi ms Oil-0-Matic
New York Curb
(By Atkins, Hamill & Gates) 11 AM. -- 130% 33%
Am Ga es & iectric . Am Sener A
Atlas Corp Canadian Indust Alcohol °‘A’.. Carrier Corp
re Mines Tel. 51% fash num orp, ot Amer ... Bellas Hess
cer Stores 8 i Brothers Stores tutz Motor Car of Amer . icolor Inc
Money and Exchange
INDIANAPOLIS STATEMENT
(By United Press) WASHINGTON, Aug. 21. — Sovernmant expenses and receipts for current
Lr an
This Year Last Year Ro 4 So4.858 801.08 $l, 120.979, 870.782.03
Gold res... +20; 5.185 408
mee eerie -
. 301 ioe $11.25
PRIGES DECLINE
IN MIDWESTERN PRODUCE TRADE
Shipments Reported Slow Due to Vacations and Local Supplies.
WASHINGTON, Aug. 21.—Mids western produce markets have cone tinued dull since the middle of the month because of heavy supplies furnished by.motor trucks and due to slow demand prevailing through the vacation season, the Departe ment of Agriculture’s weekly report on the Chicago area said today. Carlot shipments were found to have decreased steadily this month, owning to light movement of pota= toes and western apples. Except for peaches and a few other lines that were in decreasing supply, prices showed weakness after the first of August, the report said.
Watermelons Lower
Another increase in watermelons at Chicago was found to have caused a setback in prices and ree cent recoveries were lost. Missouri and Mississippi were leading sources of supply, but some carlots were moving from Indiana and Illinois, the report said. “Nearby cantaloupes supplied the Chicago market and quality was generally good but prices were as low as 15 to 75 cents,” the report said. “Other markets quote ed fairly steady prices for canta« loupes. Colorado receipts had not yet become heavy in central cities although low prices were quoted in the producing sections. Jumbo crates sold in Chicago at $1.50 to $1.75. Peaches About Steady .
“Peach prices remained about steady with supplies growing grad= ually lighter until there were less than 100 cars on track at Chicago in mid-August. Tennessee, Kentucky and Illinois Elbertas sold at $2.25 to $2.50 a bushel in the Middle West. “Supplies of potatoes were 1lib= eral, but buyers were cautious and demand and movement were therefore slow. The Chicago market showed weaker tendencies after midmonth but other midwest cene ters were fairly steady in price. -
Apples More Plentiful
“Eastern Cobblers averaged a liftle below $2.50 for 100-pound bags in midwestern markets, compared with $1.75 to $2.25 in the East. California stock topped the list at $3 to $3.50, but Idaho Triumphs and Burbanks sold nearly as high. Nearby potatoes were quoted ' in some midwestern markets at $2.25 to growers. “Prices of apples showed the usual late summer tendency to de cline with increasing supplies. Ree ceipts of basket pack in the Mid dle West were mostly from Michigan and included many Duchess and Yellow Transparents.”
REPORT RECORD SALE
Times Special CHICAGO, Aug. 21.—Sales vole ume of Sears, Roebuck and Co. in« creased 37.3 per cent during the 4week period ended Aug. 13, boost~ ing sales for the first 28 weeks of the current fiscal year to the high« est figure in the company’s history, officials said today. Dollar volume was approximately, 24 per cent ahead of 1835 cumulative figures of the same period.
Other Livestock
(By United Press)
CHICAGO 6000; Rn 2 %%00 2a Lions Steady § to 8 gents higher; spots 25 cen Jats higher t
ursday’s avers el 50 Fio® 1.60; eos 50-300 1bs., $10.85 ‘best lig a te most sows, $9
tier Rbcoiple 1500; calves, 500: gene erally steady; market ‘slow and uneven, However. due partly to plain killing a ity; low prices she stock and common gra ; meager supply betere selling at Sha , desirable light ei ht steer and heifer yeatlings le ihe Bisd? ‘cits we gy fed Stet
steers bulkin,
12 | [email protected], and a y ‘not dependable wanted c
at these prices which are Jenesall steady: bulls and vealers steady at $5.35 down and ”, down respective 7 eep—Receipts, 5000, Including 2500 divo strictly choice fat lambs strong to rs steady to sti
25 cents higher;
natives, $ $9.75; Pity ut outs d
strong: HA weights, $3.75 LAFAYETTE, In 21. mare ket si heady Pigs, S56 Aower; 210- 1bs [email protected]; 235-260 Ibs. [email protected] 260-280 [email protected]; 380-300 1 [email protected]: 300-325 lbs. $10.40: 190.216 Ibs, 311 i0m1125: 0.10 bs. $11. 1 . [email protected];: 120-140 16s., [email protected] So: roughs, 25¢ 80.56 50c lower, 48 own jambs,
Produce Markets heed ies in Tied OE ntey in dears
hile | deuvered the edie oo
od Soriasets Hh
el