Indianapolis Times, Indianapolis, Marion County, 22 August 1936 — Page 17

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a RPI

RT pt

. A 3 ¢ be, Ch ro is, crate 8 n washed and trimmed. Qucumbers—Iilinols, doz.,

Credits Big Profits.

"PAGE

~ American Railroads.

rtation of ° of d Tr Oy the raltonss Or ine. Twit States and Canada since 1927, according to the Association of

to Government

Measures. JOHN T. FLYNN

YORK, Aug. 22.—-Two ‘things now seem fairly well determined on by the Fates. One is that large scale industry is going to have greatly increased earnings this year. The other is that dividend payments are going to be very much larger,

Only little more than half the |

year has passed. But what we see so far, with what seems certain ahead, makes the out~ look rather Clear, It looks as if General Motors, for instance, will earn 50 per cent more per share than it did last year. There are some corpora7 7 tions like International Cement and Fairbanks Morse

Mr. Flynn which will

probably earn 100 per cent more per share net than last year. Many other corporations count on seeing their earnings per share of common rise from 10 to 100 per cent. It is hard to see how it could be otherwise.

PF I companies why this is so they will tell you it is due to their energetic policies. Also they will say that, but for government interference, things would be even better. But this is sheer moonshine. The profits are the result of government’ measures, without which, no man can tell where these big corporations would be—vast government spending and tender taxation policies, though big business will never believe this. Now of course, no one can say what managers will do with these earnings. We can only assume they will behave in a sensible manner. Hence we. may assume they will disburse the earnings in dividends. And this means that this year we will see the greatest outpouring of dividends the country has witnessed in six years. ” o 8

HE reason is clear enough. Corporations can finance out of earnings or through security sales or bank loans. Security sales are costly—at least costs may run as as 10 per cent. Financing out of earnings is cheaper ordinarily. The corporation has merely to retain what it earns for reinvestment rather than pay it out in dividends. But this year it will be costly to retain earfhings. In fact it will be costlier than issuing securities. Because this year the government will take a chunk in undistributed earnings taxes on all over 20 per cent retained. Hence the corporation which wants to expand and needs funds for the purpose will have to weigh the charges of the investment banker against the taxes of the government. It will probably decide in favor of the investment banker if its needs are large. # # o . F this is true then it means heavy dividend payments will be made. They will be in some cases 100 per cent greater than last year; in other cases 500 per cent greater. This in turn will mean a very large fund of profits in the hands of stockholders to do with what they will. What will they do with the dividends? Will they spend them? Or will they invest them? Or will, they follow the earnings and surplus funds of the last two or three years into inactive bank hoards?There will doubtless be an increase in spending by dividend receivers. Good dividends always make for heavier spending. Doubtless some corporation will ask for some of the funds back through security issues and will get some of them. But what will happen in the general investment market seems to be at the mercy of other forces which have not yet made their appearance. (Copyright, 1936, NEA Service, Inc.)

Fruits and Vegetables

(Quotations below, subject to change are average wholesale prices being offered to ers local commission dealers.) ears—Bartletts, box, $3. Danas—.Selected, 1b., . pples—TransEo Ys "$1.75: choice, Duchess, 2% 5 No. 1 Virginia onesaDs 2% in. ons—=8 st, 260s, $7.25. Limes

Persian

. Peac Jie u., $3. A ricots—18-1b. ims Blue, be a: % 8-1b.

es—Home-grown, H. 2B home-grown. H. Bs, Watermelons—Missouri,

vac;

1. ; yellow, $1.50. st 2.

N ie. ba di: 0. RE oda

Beets—Home-grown 3 doz., $s Cauliflower

Er SEE nn th leaf, eadgons 15-1b.

on, Sages

ew bul T™1001b. “basket, 40c.

you ask the managers of these °

-basket rate, M

VEGETABLES Beans—Round 8 N

LOANS GRANTED

FOR HOSPITALS

$1,200,000 Has Been Used by 1000 Institutions, Official Reports.

Times Special : WASHINGTON, Aug. 22.—Hospitals throughout the country are “rejuvenating themselves as well as their patients, according to an announcement today by the Federal Housing Administration. Better business conditions have made it possible for such institutions to go ahead with their plans to make repairs and improvements and acquire the latest equipment. “Up to Aug. 1 credit amoun to $1,200,000 was made available to over 1000 hospitals for modernization and equipment under the provisions of Title I of the National Housing Act,” said L. R. Gignilliat Jr, FHA deputy administrator. “This credit was extended by banks and other financial institutions insured against loss by the Federal Housing Administration.

Activity Increases

“While this sum represented only a small percentage of the amount required by hospitals for making necessary improvements, we see evidence of increasing activity on the part of such institutions in taking advantage of the favorable terms of the government-insured modernization credit plan. “Hospitals are eager to use the plan while available. The Federal Housing Administration and the 6300 financial institutions participating in the program stand ready

with every possible credit accommodation consistent with sound business and banking practice.”

Can Borrow $50,000 Under the modernization credit plan, a hospital may borrow up to $50,000 for repairs, alterations or additions to improved real property, and $2000 up to $50,000 for the purchase and installation of eligible equipment and machinery. The financial institutions advance their own funds. The Federal Housing Administration insures them against loss up fo 10 per cent of the total advanced. The program, it was stated by the Federal Housing Administration, is an outstanding example of effective co-operation between business, banking, and the government. Under this program hospitals are building additions, putting on new roofs, painting exteriors and interiors, installing new heating,

ing systems, landscaping their grounds, building sun porches and recreation rooms. Appurtenant structures. may be erected on property already improved by a hospital

of the act new construction on improved property is not permissible. An existing structure may be converted into a hospital, however. rf —————————————————————————

Times Special BE, Aug. 22—

Colgate-Palmolive-Peet Co., makers of soap and related products, is to spend approximately $200,000 on the expansion of its local point. A five-story brick building for manufacturing and warehouse purposes is the largest project. Construction of the new addition is sétheduled to get under way early in September, company officers said.

New Bond Issues

(By Lyons & Co.)

Allied Stores 4las '51 Arkansas Gas 4s

Ask

eal Oregon. B Powe: 4s '66 Central 4s '60 ... Central oil 3%s 68 C & C “RH” s ‘96 Chicago West In 4%s '62 Chicago Union Sta RG 51.

Cleveland actor 5s ‘48 . Columbus

n River Pr D & L Consolidated oil 31s Cudahy Pkg 3%

7 Lite sie” 88 a phir 1 South thern Coal Gas 4s.'65 .... Southern Facile 3s 48 3les 56. Lite 4 98. 1% Wisconsin Pub Serv 4s '61 . >

e) sent at “actual bids or quotations do aot repre-

FES

on buyin A a. or recent

transactions,

gu Tel LEIS

ER wh ESE

61...)

sae

INSURED BY FHA

to see that hospitals are provided $

plumbing, wiring, and air condition- | 4M

building, but under the provisions Fiym

STATE PLANT EXPANDS |5.5.

JEFFERSONVILL City officials learned today that the | Sih

wa ei |

‘THERE AIN'T NO SUCH ANIMALP'

er —

TF ~~

New York Stock Exchange Prices

Sales were 431,830 shares compared with 366,320 shares last Saturday. Curb sales approximated 86,000 shares compared with 85,000 shares last Saturday. Dow Jones preliminary closing averages showed: Industrials, 162.16, up 1.36; railroads, 52.44, up .60; utilities, 33.78, up .27. (By Thomson & McKinnon) ’ Prev. . High. Low.. Close. Close. . 93% 92 312 932

Barnsdali Consol Oil Cont of Del Houston (new).. ont Pet .

Bet” Cor

Corp Tidewater Assn.. Oil of Cal..

an. Am Ra Mills. .

18% 21%

. 37

McKeesport Tin. 91% Natl Steel

U 8S Stee U 8 Steel pfd . Warren Bros . Warren Pipe-Fd y 37 Youngstown 8-T 77%

133% 3%

eo Studebaker Yellow Truck .. 1

Motor Access—

ebb A FRE FITEFE ESRF

ae FEE

F CFE

FEES F

siigsss

ip g

Par ef e ET Beg Jeane,

2 # BEES, SENSY SuESsE Lo

# FRR

“ase *esnsvse

BR cicenes:

Today ..... Ya Yestorday :

TEE a3RY

"Prev.

High North Amer ... Pac G B

Peoples: Gas .... Pub Serv N J .. 45% So Cal Edison .. 30% Std..Gas Vs Stone & Wenater 18% United Corp Un Gas Imp . 16% Ut Pwr & Lt ‘A’ 4% Western Union .. 88% Rubbers—

U S Rubber , U 8 Rubber pid. fu Miscellaneous—

Siig Chalmers . 53% Am Ya.

C Contl: Can 68 Copia Tract 73% Crown

e & Eastman Kodak .177 - Foster Wheeler . 32% Gillet 14%

m Ran Underwoo:

dE % | Worth’ton Pump 28%

Foods—

Am Sugar....... Armour

N. Y. Bonds

"DAILY BOND INDEX (1926 ‘Average Equals 100.)

1ads Ralls Ul. Bods | 6 91.4 105.7 97.4

56%a

Week ago Month - ago Year a 1936

(Copyright, 1936, by standard Statistics.) U,_S. GOVERNMENT BONDS

(By Abbott, Proctor & Paine) Treasurys

/ 1947-52 1

sescssssccsevsens ssecn, sesessvecs

Lehn & Fink . HE Sterling Prod..

Prev. High, Low. Close. close.

Borden: Prod....

23 a

Ward Bak Sg .

Retail Stores—

Allied Stores .. fssd Dry 0!

Bes Co Fire Natl Stores .Gimbel De eee}

Y2a| Kresge 8 8 ....

Kroger Groce ....

Aviation—

Aviation cop. Boeing Aircft .. Curtiss’ Wright . Curtiss Wrt “A Rouvlas a vase TS

Sperry co a .

odmin d

r Reduction Allied Chem ive 323 Com Alcohol 25% Com Solvents ... 15% Du Pont 58% 1

Un Dru (new)... ick Chem. : Fissugiste Adam Aleneny an . Am Int Corp..

9% Lehman Corp oa -104% Transamerica... -13 Tr Contl Corp.. 9%

Building—

{ Chesa Corp

3 anville..11 . Libby Owens Gis 657%

ev. gas Elev

93 «102 o & So 4ies ‘80 pe & West Ind 4s * .1043

BE i

SEEEEE iH et B a &

! i

bow 1 kit; Bite

8 Gypsum. .-100 ‘Ulen Cons....... 3%

Household— Col Pal Peet. Bh es 0% .. 20 . 453% + 33% Simmons Bed... 38 Textiles—

Amer Woolen.. 8%

TA BY Chicago Stocks

(By ‘Atkins, Hemill & Gates)

se00sseno0ssee s:sssvessseses 1 ssssessven 13 #

4 Medium Weig

sos we

SWINE VALUES RISE 10 CENTS

AT CITY YARDS

All Classes Under 300 Pounds Show Net Loss

for Week.

onsite

The Indianapolis hog market rose 10 cents a hundredweight on all classes in light trading today after several other Midwestern exchanges moved . higher while values were gengrally steady here. Sows were

steady. Scarcity of supplies probably contributed somewhat to the increase,

‘| for holdovers, numbering 550, were ‘| more plentiful than arrivals, which

were estimated at 500. Other livestock also was scarce, the count ‘being 50 each for cattle, calves and sheep. : ’ Bulk Bing $11.35 to $11.70

Hogs weighing between 180 and 250 sold for $11.35 to $11.70; those

| scaling 250 to 290 brought $11.15

to $11.60; kinds av 290 to pounds were salable for $10.75 to $11.25; porkers ranging between 300 and 350 pounds moved at $10.25 to $11.15; and those above 350 pounds $10 to $10.50. Lighter types, 155 to 160, averaged $10.25 to $11.35; 130 to 155 pound kinds sold at $9.50 to $10.50; 100 to 130 pound weights were disposed of at $9 to $9.75, and packing sows sold for $8.50 to $10. Compared with a week ago, weights below 200 pounds were 15 to 25 cents lower; those averaging 200 to 300 pounds had dropped 5 to 10 cents, while hogs over 300 pounds had advanced 25 cents. Packing sows were 25 cents lower.

Steers Gain During Week

Better grade steers were fully 25 cents higher than at the close a week ago. Fed heifers were fully steady. Fat cows were 25 cents lower while cutter grades were steady. Top steers were bringing $9.75 with the bulk selling for $8 to $9. The. closing bulk of beef cows were salable at $4.25 to $4.75. Cutter grades brought $3.25 to $4.

HOGS Receipts 1000 4000 5500 4500 3500 4000 500

Bulk

30. 233G11 2

1.60 i Bail. 70 1.25@11.

Aug. 13

a iE Light Lights— il 13

hws Lig} regs Good and choice.. & i 0.496118 1 11.60 : 10700114

. [email protected] . 11:[email protected]

[email protected] [email protected]

nei 8.50@ 9.00 8.000

Good and choice..$ : 33 ium

(200-220) rod “and choice . (220-250) Good and choice . Heavyweights— (250-290) Good and choice.. (290-350) Good and choice.. Se

( laughter Pigs— Sis 100- 140) Good and choice. .

9. 2% 13. 00 8.2 —Receipts, 50— (550-900) Choice ... s +Good ..

S30 soo © ae No R30

C (900-1100) G Common ecesecsce Choice G “esto eBRRReS

ood Medium ccccococee (1300) Good

NNO NN ND hen 0000000

(1100-1300)

sesessceve,

PONROARCONI0O 0285328383538

* (550-750) Go

0! os Common, medium. Good and choice... Common, medium.

t3co 283883

09093 ©9909

(750-900)

Ye GOOM voisnvin. onsssissssarnss $ Common and medium......... Low cutter and cutter Bulls, good Cutter, com. and med. bulk . Vealers

—Receipts, 50—

ghvea oason Lame 35888 88833

Soa 883 oa» 838

- Good and choice..$ 850 $250-500) . and medium. 4.00

ore rr Stocker Cattle (500-800) Com. and choice..$ 6. and medium. 4.

o. d choice.. 6. (800-1050) Good ang i) choise. &

on oe 3

2388 NANI kes

a 5%

- pn as 00 O90 69 09°

SHEEP AND LAMBS —Receipts, 50— Lambs— CholCe vescscccscssisonscscs

“sess esssesessesssssces

Meduim ommen

[email protected] 3 1 9.75 6.75@ 8.75

5.00@ 6.75 Ewe 0-170 Good and choice. 3.00 Com. and medium: i 2% Effective July "tL, spring lambs a ied

lam 85 Sheep and lamb quotations on clipped basis.)

Other Livestock

(By United Press)

escssossenssssssesssne

9.257

: | ginis, $100.

New Business Books Available at Library

“The rise of the ‘heavy industries,’ changes in methods: of selling and the widening use of corporate forms fe if they have not siready acy rover, Ta, of competitt ve capitalism to

“PRINCIPLS OF PERSUASION FOR - THE SELLER, SPEAKER AND Nam » B. F. Bs, ye. 1. of, persuasion KR. is ing i is ss sling hE Dap Cy in ho work.

“MANUAL OF PROCEDURE IN CON- . STRUCTIVE CUSTOMER WRELATIONS,” compiled by Public Educa~ tion Committee of the American Bankers’ Association. “In seeki some yay. Sb uhlock the door that leads to better understanding o! of Sing, we find ithe

easy reach at can be pens efficiently. This key is the bank customer.”

“MARKETING PRINCIPLES,”

John F. Pyle. New Edition.

Many significant events have hapPee since the first edition of this standard volume appeared.

SOUTH AMERICAN HANDBOOK, 1988

DEPOSITS SPURT IN STATE BANKS

The 417 state banks in Indiana reported increased deposits of nearly $45,000,000, a gain of 14.1 per cent, during the fiscal year ended June 30, Richard A. McKinley, De-

partment of Financial Institutions director, announced today.

Total deposits were listed as $365,066,099.13, the largest aggregate for ihe last four years. It represented a gain of $93,248,303 since the first

day in 1933. Assets, Capital Also Larger

The total included $138,813,141 in demand and $157,432,499 in time de-

and postal savings deposits amounted to $5,025,971. State, county and

banks totaled $54,268,482, Mr. McKinley said. Other banks’ deposits, including certified and cashiers’ checks outstanding, amounted to. $9,526,203. Assets of the state-chartered banks increased $45,892,000 during the last fiscal year, the report showed. Industrial and commercial tloans gained $6,036,194 in the 12 months. United States bonds and other guaranteed securities held by the banks increased from a total of $65,800,000 at the start of the fiscal year to $82,577,366 at the end. ~The.invested capital of the state banks grew $2,958,063 due “to increased earnings, recoveries on previous charge-offs, as well as a few additions to new capital.

FIVE INSURANCE MEN - GOING TO CONVENTION |»

The Indianapolis agency of the Phoenix Mutual Life Insurance Co. is to be represented by five local agents at the eighty-fifth anniversary conference of the company, to be held at Hot Springs, Va., in Sep-|s tember, nounced today. Those named to attend are Walter C. Eaves, J. F. Frisinger, Paul M. Cook, Ray C. Sparks and Wayne A. Satterfield. A banquet marking the issuing of the Phoenix Mutual’s first policy 85 years ago, is scheduled for Sept. 8. Mr. Ferguson reported a gain of 21 per cent in paid for business during the first seven months of this year over the same period of mst year,

Unlisted Stocks

"(By Blyth & Co.) NEW YORK STOCKS Bahkers Trust «..cocoeeensness oad. Ee Hanover c..cccecc.is.128

Continental eos {uaranty on Irvin

t National Boston .... ationla Shawmut 0

Hom Nati Nati

ie es ——————— Building Permits Walter Brewaten basement, 2615 N. Dearborn, $100 8. getier 105 Blankenship, enclose poreh,. 444 C. O. Parrish, stoker, 1834 N.. Alabama, Bernat Lob, stoker, 345¢ N. Ospitol, Chamber of Commerce, cables, 330 N. Meridian, $98.

gis So th addition, 128 =.| .- Ghat LAA: dette arpa; |

Fred Janity,

electrical fixtures, service, 817 Virarden of Ttaly, electrical repairs, 36 8. OB ei) souk, MAS, a

: pt sess.

called report after the banking holi- | Dec

posits. United States government Sep

municipal funds deposited in state | gon;

Lewis G. Ferguson an-|l.

WHEAT PRICES ARE IRREGULAR IN DULL TRADE

Moder ate Buying Started by Firm Tone in Pit at Winnipeg.

By United Press

At the end wheat was off up 3 cent; corn was off

Local sentiment was mixed and while outside interest was small commission houses were also on both sides of the market.

Corn Buying Power Lacking

Corn futures eased more from the lack of :buying power than any other reason. Fair support by sold out positions lifted prices to around yesterday's close but good rains ree ported over sections of the grain belt was a depressing factor in later trade. Prices changes were numerous throughout the session as traders moved to even up their commitments before the week-end. Offerings increased -on all rallies as 0 tors weer mindful of the heavy shipments of Argentine corn en route to America. Oats and rye moved within & narrow range in sympathy with the action of other grains. Trading was light. Lard firmed.

CHICAGO GRAIN RANGE ih United Press)

Suan = Close e 1.12 ii 1.10 1.12 74 444 45% o . 42 81t

80%2*

Low 1.12% 112 1.10

13% 92%

A4 ay

12.17 12.26 12.3%

12.25¢ 12.30¢ 12.40 *Asked. Bid.

CHICAGO PRIMARY RECEIPTS Bushels

INDIANAPOLIS Wheat—Easy: 5 tirioads; No. 1 T $1.06:"No. 3 3 or 3: Th. $124@1. 2. ner: cal white fad 2 4 Naru! hite. . SL, 10520 1; No. gon Ti6@1al;

Lr io@ 1.11; g Si SLssaral ig mixed, ide No. 2 white, 1B. No. 3 "3 white, ist

CHICAGO CAS! CASH GRAIN (By United Press) Aug. a. —Whea Lig: No. 0.4 od

axa 143. "Co

0. 2 pa Fu 15% 43 15 N

19 . $1.29; sam 1.1345, 0. ‘1 white, white, 46@46%ic; No. 3 white, 45 white, 45c; sample, R, Barley—Feed, 95¢, noted, $1. ale 41, Timo thy .1 ; lover. Seed, a 5@22,

5; new, $5 Cash va a 8 Jopes: 11.85; pominal; ; leat, ur 80, Sols;

$13.50, n "TOLEDO A ut 22.—Glain close en Jvelsn tors, transit billing he at—No. [email protected]. om o. 3 J oow, %1. it 182. Oats—No. 2 white, 51c. Rye— (No. 1 Tye wheat, > 30 Tra prices (24%ec Sat 0. o~ Ted. § 31. 100. yeils No.2 fie v 48140 Ti: prints,

2c. Prod DE 38'ac. Eroduce: Bur Tea.

LOCAL CASH MARKET ; City grain elevators are paying $1.06 for No. 1 red wheat. Other grades on their merits. Cash corn, new No. 3 yellow, $1.07; oats, 36e, Hay-—No. 1 timothy, $13.50015; No.1 clover [email protected]; No. 1 alfalfa, first cutting, $14.50@15; second cute ting, $16@17.

Money and Exchange |

Expenses . Retains . . Deficit .... Cash bal...

.$ 819, 408.914. 4

eit # "iad g