Indianapolis Times, Indianapolis, Marion County, 29 August 1936 — Page 11

Is Not Addition to Wealth.

BY JOHN T. FLYNN

a TEW YORK. Aug. 29—Joseph § P. Kennedy has written a Book. He used to be head of the ‘Securities Exchange Commission ‘and his book is entitled: “I'm for Roosevell.” There have been campaigns which were known as battles of pamphlets. The 1932 campaign was called the battle of the radio. Pef“haps this one will be called the battle of the books. Jambks Warburg wrote one called “Hell Bent for Election” aimed at Roosevelt. Lewis Douglas also has dischanged a book af his former chief. Harold fckes, Henry * ‘Wallace, others have written books for campaign consumption. None of course has equalled Mr. warbureg’s Mr, Flynn broadside which is said to have sold 300,000 copies, unless it be David Cus hman Coyle’s. * “«Pncommon Sense’ for Roosevelt. "But of course no one can say how many were sold ih the market and how many were distributed by various committees. But now. Mr. . Kerninedy comes forward with his book. - * o n TT is unique. It is principally an appeal to rich men to support . Rooseveli—Mr. Kennedy himself being a very rich-man. He goes to a good deal of pains to tell rich men what Mr. Roosevelt has done for them. One of alone I can notice here. it is fundamental. Mr. Kennedy, being stock-mar- | . ket-minded, says that since Mr. ~ Roosevelt took office. and began saving the capitalist system, there has been an enormous increase ‘in wealth— wealth, of course, being the thing the man of wealth is most interested in. To prove this he cites the fact that since March, 1933, the prices of all “stocks—on the Stock Exchange and “on the over-the-counter markets— = Rave increased in value by a hun“dred billion dollars. Mr. Kennedy, therefore, thinks our wealth has Increased a hundred billion.

what is wealth? A 4 ¥ house is wealth. A machine "is wealth. A factory is wealth. The mortgage on the house or “factory is not wealth, It is merely . evidence that someone has a claim : against the wealth. A share of stock is not wealth. It is merely ‘evidence that -some person owns ‘a part of the corporation that owns the wealth. The wealth is ~ the factory. The factory is part of the national wealth. Enlarge the factory, put new machines in the factory, build a second factory and you increase the national wealth. But leave the factory as ft is and increase its price, or ingrease the price of the shares in ~ the corporation which owns it, and . you do not increase the national - wealth. The factory is part of the “national wealth; the shares are mot, | : A 2-8 u Sa) M- KENNEDY makes the misbeg take of confusing wealth with prices. If we have 300 -million “bushels of wheat prided at $200,000000 and then we destroy a ‘hundred million bushels, we will only ‘have 200 million left. This _ perhaps will create a scarcity and ~ the price will rise so that the 200 million bushels will be worth ~ $300,000,000 where the -300 ‘million bushels were worth only $200,000,900. The price has increased ty

B u

Because

2 -”n

OW first,

third. But the national wealth which is ithe wheat—has declin a third. Unfortinately men- of wealth are ‘more interested in prices than in real wealth. That is one source of all our trouble. : (Copyright. 1936, NEA Service. Inc.)

Joe LOCAL AGENTS Win CONVENTION TRIP

hree Indiagapolis insurance men zs today received notification “their company's home office in Hartford Conn. that they had been chosen to attend the firm's national convention in White Sulphur Springs, W. Va. The men are Murry K. : Pruyn, Carl R. Otto and William L. . Leppert, all of whom are connected with the Aetna Casualty & Surety

The right to attend the convenwas™von in an‘8-month produc- | campaign. Together with other ! posier delegates, the men are to depart Sept. 9 for the sessions which | are to be held the following three days.

ruits and Vegetables

ted From Lats Times Yesterday) !

ations below average wholesale prices being offered | “buyers by local commission dealers.)

3H Pears—Bartletts, box. $3. Selected, 1b., 4%c ' Bluse. $135: No. 1 N. $1.50; No. 1 : $1.75. Amos Sun ist,

Ba¥Y. Duchess,

360s, $8.50. ; 22%5¢; Per- . Peaches5 . Plums—Red, je... ‘$2. Grapes—Seedless. ‘28- oe S—Cantaloupe $—Home-grown, H. is pus $1.25. home-grown. H. Bs $1.50. Watbrmelons—MisSourt

.-av., 60c. ETABLES—Beansi-Round stringless, ¥ Beets—Homesgrown, doz, 30c Frots—Ohio, doz, 45¢i Caulifiower—12s, ite S18, Celery—M higan washed and Bmed. doz. 80c. Cucumbers—Indiana _Corn—Home- rown, doz. 25¢. Home-grown, bu. 6 Lettuce—Ice‘California, 5s, $4.50; leaf, home-15-lb. basket, $1. Peppers—Mane~grown bu. $1.75: pecly basket, .23C. Mint—Doz.. 50c. . Calon: yellow, 50-1b. bag, $1.25. Par

’ En bulk, bu. osbaioss—Homs grow. 10-1b. bas-

Re! From Late Times Yesterday) - quoted . are pald for stock the countiy, while delivered is the is a cent higher.) ibs. and over orn breed

these claims" |

“rom |

subject to change, |

Appieg Na 1}

Virginia Winesaps. | {

| st,

MILLS OPERATE

NEAR CAPACITY

Youngstown Sheet and Tube | Plant Employment - Exceeds 1929.

| | |

{ Times Special

INDIANA HARBOR, Ind. Aug. 29. |

| —With both the Youngstown Sheet | (and Tube Co. and the Inland Steel | | Co. operating at near-capacity. the! {local mill industry was reported en- | | joying its greatest activity in seven | years, | The. combined employment of | these two companies aggregated 18,- | 200, greater by 3000 than the 1929 figure, after the No. 2 blast furnace was blown” in at the Youngstown

plant this “week, city officials said

| today. 1000 Over Previous Peak

The pay roll for the local division |

of the Youngstown firm was given 1at 6200, compared with 5200 in 1929. | the previous all-time high. The company was said to be operating both “I blast furnaces, all seven of its open | hearths, at Bessemer furnace, and another buttweld furnace in the

tube mill while the tin plate dg- |

partment was also at capacity! | Work was reported progressing | (rapidly on installation of the two | new four-high tin mills at the Sheet

| and Tube plant. This new unit ‘is!

i to include a 42-inch cold reduction | mill and a skin pass mill at a total cost of about $1,300,000.

Inland Also Expands

Inland Steel was found well along | | with its $6,000,000 expansion which {is to include erection of four new | | open- hearths and a new blooming | mill. | It tives that mill operations this week | in the Calumet district were at 73 | {per cent of capacity, the highest |

| August rate since. 1929. These offic- | expected this |

ials also said they { high level to continue because back- | logs were the highest since the start [ of the depression and were being | fa almost imesh daily,

INCREASE EXPECTED IN HOG SLAUGHTER’

Federal Bureau Says Diop in Pork Costs Likely.

By United Press WASHINGTON, Aug..29. — Hog slaughter in the 1936- 37 marketing | year may run 10 to 20 per cent larger than in 1935-36 because of drought, resulting in lower pork prices this fall and early winter but. higher prices later, the Bureau of Agricultural Economics said today. The bureau said this year’s drought” may reduce hog farrowings this fall with the result that there may be no increase in the fall | hog crop over last year and the 1937 spring pig crop may be smaller than in 1936. The 1936-37 hog prices may average about as high as in 1935-36 since the probable increase in | slaughter supplies will be about offset by the further improvement in consumer demand now in prospect, the report said. Increased exports of hog products are in prospect during the fall and winter months because of the larger do hog slaughter, the bureau sai

PLAN FI FINAL NAL PAYMENT

A final dividend is is to be ‘paid depositors of the Howell State Bank of . Evansville late this fall, the Indiana Department of Financial In- : stitutions jannounced today. ' The | payment {§ expected to be about 10 | per cent, fwhich would make the" total disbursed 85 per cent. The bank has been in liquidation for three years. = 4 - |. Building Permits i C. W. Romine, 125 Sheffield-av, addition, H. A. Wright, 619 B. 56th-st,

| s900 William Lowe Rice, garage, $2 C.-L He. $4500; Mrs. $258.

furnace, 5245 Cornelius-av, 2248 College-av, dwelling, stoker, $295. : . Guy Hats, 3640 Park-av, stoker, . B. Weis, 2302 Dela re-sh, stoker, $258 a Ce Voorhis, 5041 E. New York-st, stoks i 5 Mrs. A. J. Kelly. 12013 Hoyt-av, Flaherty, 2231 $295. W. R. Dingman, 1545 Park-av, 650. Alice Griffiths, 1421 stoker, $650; 335 Burgess-st, stoker, $295. C. J. Patton, 2 Park-av, stoker. $333. J. W. and Preston, 3636 Roosevelt-

| av stoker. sess {i 8S L. McCormick, 4976 W, 15th-st,

ie | sass

| ass

stoker, N. Pennsyivania, ‘stoker,

Park-av,

stoker,

1 Arch Grossman, 3766 Totem-In, stoker, :

i { "Celtic Loan Co. 911 Main-st | 6361 Bellefontaine-st. roof, $250; New York-st. roof, $185. Security Trust Co.. 331 N. State-av, roof, $125: 329 N. State-av, roof. $125 , B. N. Rilev-av. roof,

M. Ralston. 308 | $160; 304 N. Riley- bi ‘$160; 4926 E. boiler, $425

| New York-st, roof. | Carl Biler, 2702 Station-st, . { Mrs. Ellison, 2426 Stewart-st, boiler, $600. M. . Colglazer, 5702 N. Delaware-st, { boller. $1000. Marion Moxford, | 3121 N. Keystone-av, alistatiche.

roof. 3150; 3122 E.

dition. C. R. Journey. 2631 N. Alabama-st, addition, $ 2° alter Schleicher, 601 Sanders-st, reside,

& - Mullin, 1428 Pleasant, reside, $572. J. a 321 N. Noble-st, reside. $680. Indianapolis Motor Inn, 100 W. Wabash-

alterations, $400. Su Fairfield-av,

Charles Helfenberger, garage. $250; dwelling. $ Mr. Prane. 1202 E. Ohio-st, furnace, $190, Robert F. Runyon, 1532 Leonard- st., fur‘nace. $185. William E. McFeely. 2824 Northwesternav.. furnace, $195. D. 8S. Miller, 318 Burgess. furnace. $190. William H. Chugner, 917 N. Tibbs-av, furnace, $180. Reso . Guyer, 4611 N. Meridian-st, stoker a. Faver Co., 36 N. Pennsylvania-st, electrical. $260. :

‘Chicago Grain Fulures . (By James E. Bennett s 2 Wheat : High

AM Close 1.091 ! 1.08%;

i 083 1.08% 1.07% 1 nh 1 1063,

Prev,

1 06% x1.06'3 833% 92% 89% 42 42% © A43%

* 31% * 78%

INDIANA HARBOR

was said by local steel execu- |

$50. A . 8, Killer, 1346 Minnesota-st, ad- |.

SATURDAY, AUGUST 29, 1936

| a. } Change in income compared with 1935

+21/%0 or more E=3 #//% #0 +20% By +1090 to ~5% Bl 57 70-207

Cash in Farmers’ Pockets — Where It

Will Be Found

BUSINESS WEERN _

DROUGHT DIDN'T MELT FARM BILLIONS— Crops are short but prices are high; cash from livestock and livestock product marketings is plentiful and relief funds will help dress up the picture. Farm

sitting pretty.

income should be close .to $7,800,000,000 $6,943,000,000 last year) Rocky Mountain, and most of the cotton states

(it was with the Pacific Coast,

New York Stock Exchange Prices

(Reprinted From Late Times Yesterday) {By Thompson & McKinnon) 5

. High Low - 96V2 27 17% 121, 23%

ai 127 13% 41%; 16%, 16% 32 1833 265 13%2 35V4 37 63% 37%

Oils— Close | Amerada | Atl Rig | Barnsdall . nsol Oil .. | Cont of Del | Houston (new) . | Mid Cont Pet .. { Ohio Oil Pet Corp Eafe Pet { Plymouth Oil { Pure Oil . ie | Seaboard oil “s ell Un AT FA oil’

Texas Corp .... | Tidewater Assn Un Oil' of Cal .. 21

Steels—

| Acme Steel ..... Am Roll depts a | Beth Steel. .... rs A R | Fe Ste { Inland Sorel Ludlum Steel Mid Steel . Natl Steel { Otis Steel .... 1 { Rep on & Steel 223%, pe & Fdy 543 |g s Stoel : . 10% Warren P & Fdy 29% U 9 Steel pfd . 139'2 Youngstn S & T 81%

Motors—

Auburn Chrysler

138% 78%

31%

Be ihakpr Ls Yellow Truck...

Motor Access— Bendix ais Bohn Xi RA Borg Warner ae Briggs ava Budd Mig Budd Wheel Eaton Mig oF Elec Auto Lite.. Elec Stor Bat . Greyhound (B). Houdaille is Murray Body.... Stew Warner. ... Timken Roll Timken Det Axle 3

Mining— Alaska Jun Am Metals Amer Smelt .... Anaconda . Cal & Hecla ... Cerro de Pasco Dome Mines.... { Gt Nor Ore .... f Howe, Sound. ... ns

| Int Niekel avi | Isl Creek boal «+. 26 | Kennecott Cop.. McIntyre Mine.. Park Utah vy Phelps Dodge. St Joe Lead ... U: 8S Smeltefs Vanadium Amusements— Crosley Radio .. Fox Theat Loews Inc Radio Corp Paramount RK

31% 31

302 302s 5912 583% «11% 10% hi 8Va Ta 3; 132

: 1 Warner Bros res 13%

Tobaccos— Am Sum Tob .. Am Tobaceca ‘B’ Ligg-Myers ‘B’. Lorillard - Philip Morris Reynolds Tob ‘B’ Rails— '

Atchison. . 817 ad Coast Lines. 317 B&O

{ 4 Can Pacific . 11% Ch ®& Ohio ..... 66'2 Chi & Gt W 17s Chi & Gt W pfd 8%

CM & St P 1% CM & St P pid 35 NW 3 chi N W pid. .

Dela & Hud .... Sr Del Lac & Ww. ie. 193%

’ . 163% Erie pfd’ 27% Gt Norhern pid 411 n Geniral . 27% 3 Ria Valley. ou & ash - 80 M K oa MK & T ptd : Mo Pac : Mo Pac ‘pfd N Y Cent a N Y New Haven

241, 101%; 105% 23 89 56's

24, 102% 106%; 23 921% 56%

80%;

West Maryland Equipments— Am Brake Shoe .

97s

5812 431

Am Steel Pdy ... Bald Loco 31g Gen Am Tank Cr 583% Gen Elec . a7, Gen IR R sig -- 43% Pullman Inc ... 56% West Air Br ... 43% West Elec 140% Utilities—

Am & Por Pwr Tig Am Power & Lit 13% T&T 751, 3% 2214

423;

Safe Deposit Boxes will The 4 ~ Indiana National Bank

82%

High Low Caterpillar Traci 34%

Crown Cork .. Curtis. Pub .... 20% Deere & Co 73% Eastman Kodak | 117% Foster Wheeler 342

Inter Harv oe Natl Cash Reg. . Owens Bottle ... Rem Rand .. Underwood E ... Wrthngtn Pmp..

Foods—

Am Sugar . Armour Armour 6% Borden Prod Cal Packing .. 2 Canad Dry G Ale 16% Coca Cola 19 Cont Bak ** Corn Prod Crm of Wheat. Cuban Am Sugar Gen Baking .... 1 Gen Foods Gold Dust ‘.... G W Sugar Natl Biscuit

5 S Porto Rico Sug : Std Brands . 15 Un Biscuit .... United Pruit ... Ward Bak “B". Wrigley Retail Stores—

Allied Stores .... 12 Assd Dry Goods. Best Co 5 Gimbel Bros, m Un Tea .... ewel Tea Kresge S S Kroger Groc

May Dept. St Mont Ward Natl Tea Penney: J Safeway St . Sears ‘Roebuck Woolworth Aviation—

Aviation Corp .. Boeing Aircft ".. 2034 Curtiss Wr cane Be curt Wr “A” .. 19 Douglas Air . 93% Nor Am ay . 83% Sperry Cor 21% Unit Airoft PNew. 25% Chemicals—

Air Reduc

5455

i238 von 140 Com Solvents ... 17 Du Pont ..».1593% Freeport Tex ... 26% ce. 40% 357 Monsanto Chem. 992 Natl Dis (new).. 30 Schenley Dist .. 471s Tex Gulf Sulph 383% Union Carbide .. 9614 U 8 Ind Ale ... 33% Coty Inc 5's Lambert a Lehn & Fink .. 18 Sterling Prod .. 73 157

Un, Drug (new) .. Chi icago Stocks (Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates)

Chicago Yellow

Cent IIl Pub rvs pd. . Cab Cities Service ¥

Povyon’ Rubber ..... Electric Household . General Household ... Godchaux Sugar (B) Economical Drug

TZ L Libby McNeil = Libby Lincoln Print tin McCord Rad McGraw Erctrie-. Noblitt Sparks . “ Northwest Bancorporation dams] Public Serv of Northern Ill ... St Louis Natl Stock Yards.... 81 Swift International Williams 0Oil-O-Matic Vortex Cup Zenith Schwitzer Cummins Sundstrand

New York Curb (Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates)

Cl Aluminum Co of America .... Am Cyanamid ‘B’ Am Gas & Electric Am General Am Superpower Ark Natural Gas ‘A’ Atlas Corp hae Carrier Cor Creole Petr Crocker-W. Elec Bond & “Shar re Ford Motors Canada ‘A’ Sien Alden 3H reenfie ap & Die Corp .. Gulf Oil Corp of Penn . po Humble Oil Fi Co ...

“Co bdenum Corp of Ame . Natl Bellas Hoos In = Niagara Hudson Pwr

ha FIER

Spencer Stores Stutz Motor Car of "America. Technicolor Tubize Cation Corp Mueller Brass Sunray

frzar —_

a .Continental

Prev. close. 43% 67s

High. 44 6%s

Low. Close. 43% 44Y% 5s 6%

Vick Chem .... Zonite Prod ....

Financial—

Adams Exp..... 13% Allegheny Corp. 4 Am Int Corp.... 11's Chesa. Corp ..... 831% Lehman Corp...108 Transamerica .. 132 Tr Contl Corp.. 10%

Building—

Am Radiator.... 23 Gen Asphalt .... 23% Holland Purnace 37Y2 Int Cement 557s Johns Manville." "117% Libby Owens Gls Li Ya

3% 11% 832 107 13%

13%

Ulen Cons .... Household— Col Pal Peet. Congoleum Kelvinator Mohawk Carpet. Proc & Gamble. Servel Inc Simmons Bed ... Textiles— Amer Woolen... Belding Hem... Celanese Corp.. Collins Aikman.. Gotham Hose . Indus Rayon ... Kayser Julius.. Real Silk

10% 10 Va

Local Securities

(Reprinted From Late Times Yesterday)

‘(By Indianapolis Bond and Share Corp.)

The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS Citz Ind i (T B Sis ’61...102 H Tel Tel Rt W 5 ‘4 10 H Tel & Tel F

.Indpls Railway. Inc 5s '67..

Interstate Tel & Tel 5%s ’53.. Kokomo Water Works 5s '58.. “104

Richmond W W 5s Seymour Water ce 3 "49. TH Trac & L 5s’ T H Water Works 5s 38. T H Water Works 5s 49. Trac Terminal Co 5s '57.... Indpls Water Co 3's '66 ..

STOCKS

A B C Brewing Co com Belt Rail S Y com Belt Rail S Y ord 68... Central Ind Power pfd 5 Home T & I ry vy We Hook Paazs I Ind & Mich Elec” Co pid 7s.. Ind Gen Serv Co 6s Ind Hydro recone Co Ts ee

Indp] ls Pow & Lt Co pid 6s. Indpls Water Co pid 5s .103 North Ind Pub Ser EY pid 5%s. 74 Pub Serv of I North Ind Bub, Serv Co pid Ts. $4 Prog Laundry Co com 403 Pub Serv of Ind pid 3 Pub Serv of Ind p South Ind Gas a Ble Sid 6s. -103% Sajen Title Co com T H Electric Co 6s

Investment Trusts

(Reprinted From Late Times Yesterday) (By Thomas D. Sheerin & Company)

oe Asked Administered Fund 2d ...... 11. Affiliated Fund, Inc *American Business Shares .. Broad “Street Fasting Bullock Pund Ltd

‘Century Shares Trust

Corp “AA” or “Accum’’ iMod) Corp ‘““AA’ or “Acc” (Unmod) Corp Trust Shares (Orig) vei: 3 Diversified Trus Shares “B”.. 11. Diversified Trus Shares “C’’. Diversified Trus Shares “D7 Dividend Shares, Inc .... General Investors Trust. Incor ’ Investors Fund A a . Market Street vest Corp . .e Maryland Fund Massachusetts Investors Mutual Isvestment Trust Nation-Wide Voting . North Amer Tr Shs 1955 . North Amer Tr Shs 1956 .. North Amer Tr Shs (Orig) . Quarterly Income Shares ... Selected - Amer Shares, Inc Selected Amer Shares (Orig). Selected Cumulative Shares . Selected Income Share : State Street vod Corp 108. 5 Super Shares, Inc (Delaware) 14,25 Trustee Amer Bk ‘“B” 1.15 Trustee Stan Oilshares “A”. Trustee Stan Oilshares “B”.. United Standard Oilfunds ... *Ex-Dividend.

Unlisted Stocks

(Reprinted From Late Times Yesterday) (By Blyth & Co.) NEW YORK STOCKS Ed

Ask Bankers Trust 723% Central Hanover Chase 49 Chemical : 693 . 153%2 guaranty ana eeseas ane esnes 136214 3662 Irving . « 16% Manacturers National City First National Boston . National Shawmut

FIRE INSURANCE

Aetna Fire Insurance 521% American Ins of Newark ER Baltimore Americal City of New York " hein wae've 28Ye Federal

Great American Insurance Hanover Hartford . Home Insurance National Fire _.. National Loperty *North Ri

P) U.S Fire Westchester Pre ............. *Ex-dividend.

sesmeasssanan

NEW YORK CHICAGO TORONTO BOSTON SOUTH BEND FT. WAYNE EVANSVILLE

Thomson & EE —

New York Stock Exchange. New York Curb Exchange New York Cottos Exchange. : New York Coffee and Sugar Exchange. New Orleans Cotton Exchange. Chicago Stock Exchange. Chicago Board of Trade Winnipeg Graln Exchange

‘And other leading Exchanges.

FARMERS! JULY INCOME ATTAINS RECOVERY PEAK _

Cash Received From Grain Given as Cause for Boost in Total.

By United Press WASHINGTON, Aug. 29.—Despite the worst drought in the history of |

modern American agriculture, farm- |

ers’ July cash income totaled $733,-

000,000, the largest July income since 1929, the Bureau of Agricultural | 3 Economics reported today. = Cash income for the first seven months of the year totaled $4,024.000,000, including payments from the government, the. highest since the corresponding months in 1930, Farmers’ cash income from the sale of products alone was $711,000,000, the highest July total since 1929. Income from sales in June this year was $582,000,000, and in July, 1935, it was $451,000,000.

Aid Below June Figure

In addition, farmers received $24,000,000 in government rental and benefit payments in July compared with $57,000,000 in June and with $19,000,000 in| July of last year. A marked gain in income from grains, especially wheat, caused the increase in cash income in July as compared with June and with July 1935, the Bureau reported. Wheat receipts in the principal markets were the fourth largest on government records for July, Maretings of other grains also were large with receipts of oats and barley at the principal markets being the second largest on record for that month. Prices of meat animals in July were slightly lower than in June put higher than in July, 1935. Increased marketings of animals last month aided in raising the income from that source. Farm income for the remainder of the calendar year is expected by the Bureau to continue higher than in the corresponding months of 1935.

WEEKLY CLEARINGS

Times Special NEW YORK, Aug. 29.—Bank clearings for the week ended Aug. 26, totaled $4,524,896,000 for the 22 leading cities in the United States, Dun and Bradstreet reported today. This was under the aggregate for the week preceding, but the negative gap from the 1935 comparative of $4,552,390,000 was narrowed, the report said. All except three of the cities reported gains. The largest gains were registered at Boston, Pittsburgh and | Cleveland, the report said.

een orn VOTE 5-CENT DIVIDEND

Times Special JERSEY CITY, N. J. Aug. 29=| Directors of the Maryland Fund, Inc, today declared the regular quarterly distribution of 5 cents a dividend, payable Sept. 15 to holders share. In addition, a 2% cent extra of record Aug. 31 was voted.

Local Livestock

(Reprinted From Late Times Yesterday) HOGS

$11. Bai. 59 [email protected]

To Receipts 80 4000

11.1 : 11. 15@11. 45 Light Lights— (140-160) Good and Me dium

Li ite 1 ik Good Sn

Sue O90 2 7

oan ow S RA

—- o oo

Medium Welg garam (200-220) Good and (220-225) Good and Heavyweights— (250-290) Good and (290-350) Good and

11.30¢ 11. 35@11. 3

choice... [email protected] i . [email protected]

[email protected] 8.50@ 9.00

choice. . choice. .

(275-350) Medium Slaughter Pigs— (100-140) Good and choice... Medium ..

EE =

CATTLE —Receipts 300—

(550-800) Choice ......

Dr.3n

(900-1100)

(1100-1300)

“UT ITN BY ST wT EN Donen ane NenS

(1300) Good

(550-750)

Common, medium. Good and choice . Common, medium. -

(750-900)

Good ensues Low cutter and Sabier: a Bulls; good . as Cutter. com. and med. bulk.. Vealers -—Receipts. 500— Good and choice Medium Cull and common . Calves (250-500) Food and choice .$ 6.25 Com. and medium 4.00 Feeder and Stocker Cattle (500-800) Com. ana ‘choice. .$ 5.75@ m. and medium. 4.25@ (800-1050) Good and choice . 5722 Com. and Medigm. 4.250

Goold «i... nse isin ..$ 4.00 Common and medium # SHEEP AND LAMBS —Receipts, T00—

hud bad ONO Ww 2533 Enea tn Wr =3 a3 DMN

a a @a oun 8% #333 wn 333

Ewes— (90-170) Good and choice . ° and medium (Sheep nt my quotations basis.) ey

SHOW SLIGHT LOSS

United States Toads

N. Y. Bonds

From Late Times Yesterday) DAILY BOND INDEX (1926 average equals 100.)

(Reprinted

20 Inds. 91.5 . 914

re —

. U.- S. GOVERNMENT BONDS

{By- Abbott, Proctor & Paine) Treasurys : Prev.

4%s 1941 52 ... ene ves s 1944-

essa eraser

LEE EE EE A

Home Owners Loan 2%as 1942-44 ......... 302 103.18 Federal

3s 1949 3s 1942-47 2%s 1949

103.26 104.10 102.30

Prev.

Alleg Corp 35s °’ Alleg Corp 3= } Alleg Corp 5 A

Atl Coast Line 4s sa Atl Coast Line 4%2s '64 Atch Top & 8 Te 42s "43. Am Wat Wks 6s "75 . Am Rolling Mills 414s 45 Balt & Ohio 6s '95 Balt & Ohio 4Ys ’'60. Buff Roch & Pitt 4%s 57 Beth Steel 4%s '60 Chi Milw & St P 5s ms. Chi Milw & St P 5s 2000. Cleve Un Term 5s '73 .... Cleve Un Term 4)2s '717... Col Gas 5s May 2

Big Four 4's '77 7 Colorado & So 4l2s "80 Chi & West Ind 4s '52 Chi & Nor West 9 Yas '49 Container Corp '46 Chesa Corp 5s 47 Del & Huds 4s 43 .e N ¥ Dock 4s.'51....... tensres N Y Dock 5s '38 Erie 5s '75

Eri Grt Northern ‘G' 4s 46 Grt Northern 4lzs Gen Stl Cast WW 33s 48 ... Hud & Menhat Ref 4s .e Ill Cent 4%s ’66 Ill Cent Jt 42s 63 .. Ill Cent 5s . id Interntl Hy Elec 6s ‘44 : Internt] Tel & Tel 42s '39.... 8 Interntl Tel & Tel 5s '55 Vane Interntl Tel & Tel 4lzs "52. Lehigh Valley 5 2003 McKess & Rob 5%s '50........ Mo Kan Tex Adj 5s '67....... Natl Dairy 33s "51 . 1 Natl Steel 4s 4 a Nickel Plate 4% Nickel Plate 5? 2s 4 .... N Cent 5s 2013 ean 9TY N Y Cent 4%s 2013 (oldf ©... N Y Cent Conv 6s '44 Nor Amer Co 5s Nor Pac 3s 2047 Nor Pac 6s 2047 Nor States Pow 5s '41 New Orleans Term 4s Li Penn Ry 4s '63 ..... . Penn Ry 4%s '84 Penn Ry 4%s "81 ... Senn Ry 3%s "70 Fo Pac G & E 5s '42 . Portland Gen El 4%25 "60 ...... Pars Publix 6s ’55

Penn P & ; Porat Tel & Cab 5s ’53 Rem Rand WW 4Yas '56 Shell Union Oil 3%s '51 3s. "50

Texas Pac bs '79 .. Third Ave OH %% '60 Union Pac 4s ’ Unjted Drug 5s "53

US NY NH NY NH & Hart 4Yas 67 Warner Bros 6s ’'39 Western Mary 5% Yas 11 Western Union 5s 60 ........ Youngstown S & T 4s 81... Youngstown 8 & T 3%s 51%.

FOREIGN

Argentina A 8s '57 Australia 432s ’56 Brazil 8s ’41 . Canadian Govt bs '80 ... Denmark 4%s ’ French [72s 1° German 5%s ‘65 ... German Ts '49 Jaly Ts ’51 an 62s '54 Po and 7s '47 . Rome 6's ’52

Yokohama 6s ‘61 0

| Neto Bond Issues

(Reprinted From Late Times Yesterday) (By Lyons & Co.) Bid

Allied Stores 4! 2s ®t ..... rw Arkansas Gas 4s '5 Associated” Telephone 4s 65 .. B & O 4l42s 3

28 - Chicago West In 4Ys 62 Chicago Un Station 3'2s ’51 ..1 Cleveland Tractor 5s '45 . Columbus Railway 4s "65 .. . Com. Invest Tr 3%s ’51 . Conn River Pr D SLs 3%s *61 165% 101% 103

- 106%

ARADO: Wate owa Sou Uiilitios 3 5l%s ’50. . a8

McCrory Stores 5s ’'51 Metro Ed 4

25 '60 Narragansett Elec 3s 86 N Y Chi St Louis 4s 46 New Fork Bdison 32s ’ Okla Natural Gas 4'zs "51 Okla Natural Gas 5s 5 Pacific Lighting 4'2s '4 : 10512 Peoples Gas Lite & Coke 4s ‘81 9712 Penn Raiifoad 3%s’ 101% Penn Tel 4s’ Potomac El Power Sd "68 -.

Pub Serv 106

1023% n Di : Southern Cal Cas 4s '65 10634 Southern Kraft 11s 46 982 50 West G E 4s’ 103%; 103% Wisconsin Gas & Bree 31s '66 103%; 104 Wisconsin Pwr & Lite 4s es . 99% 100 Wisconsin Pub Serv 4s ’61. 104% 10412

LOCAL CASH MARKET ~ City grain elevators are paying $1.03 Ye No. 1 red wheat. Other grades on their merits. Cash corn, new No. 3 yellow, $1.06; oats, 36c. Hay—No. 1 timothy, $14.50@15; No.1 clover [email protected]; No. 1 alfalfa, first cutting, $14.50@15; second cutting, $16@17.

Real Estate Mortgages

TEREST RATES

CAPITAL SURPLUS

WE SOLICIT APPLICATIONS FOR FIRST MORT- | GAGE LOANS ON PREFERRED INDIANAPOLIS PROPERTY. CALL AND SEE US ABOUT LOW INAND LIBERAL PAYMENT TERMS. NO COMMISSION.

Company

THE INDIANA TRUST 22, $2,000,000.00

in Railroad Mi

With less than 6 per cent of the world's land a area and less .than 6 per cent of its population, continental United States has 32 per cent of the entire railroad mileage in the world—254,882 miles.

NEW CHEMICAL PRODUCTS HELP ~ OTHER TRADES

Industrial Leaders Rely on Laboratories in War on Depression.

BY MEADE C. MONROE United Press Staff Correspondent WASHINGTON, Aug. 29, — An ever-widening sphere of consumps= tion is the chemical industry's contribution to economic recovery. Re= search keeps “the industry cycle turning. New inventions, new manus facturing processes, new uses for old materials.come from the labora< tory. Chemists demonstrate how better

In times of expansion like these, they keep manufacturers constantly on the jump to meet competition from the factory across the street. The result: Better profits, more new factories, stimulated employ= ment, new uses for invested capital, wider dissemination of a family's | income—these are the ingredients of | recovery. : : Money Needed

All through the search workers have been busy, Little was heard of their work, There was no money to develop their discoveries. Now they are ready, as the nation emerges from depression. Government officials, looking toe ward new industries and new prod= ucts to provide the final recovery stimulus, believe the chemical ine dustry will satisfy much of the market for so-called “prosperity goods” which citizens demand as their ine comes increase.

The chemical industry is highly mechanized. Its 10,000 firms hire only about 250,000 workers. Its contribution to recovery will not be

employed directly in the industry, it=self. Its: products, moreover, are basic materials, production of which

may be stepped up without hiring additional workers.

New Products

_It is in new ways of combining these basic materials into new and better products that the recovery value of the industry is measured, When a new plastic is invented, for instance, a new company is formed to manufacture it, a face tory is built or rented, sales and merchandising staff established, skilled and unskilled workers hired. Research brings about constant change in manufacturing methods, It discovers better and cheaper ma« terials with which to make products, then finds new uses for the displaced materials. Much of the research is conducted by private companies.

Cotton Cited

When cotton men, for instance, find part of their market taken by rayon, they hire research workers who find that cotton can be used to manufacture .plastics, cellulose 2 | products, building materials and the like. Finding their product dis-. placed, in turn, lumber chemists find that wood can be ground up, treated with chemicals, and used to make rayon. Rapid expansion in invention of new plastics hold perhaps more promise than any other type of product emerging from, the chem-=-ical laboratory. Familiar trade names include: Celluloid, bakelite,:

blette, tentite and dozens of others,

Wide Range ; Plastics now are used in a host of products—photographic film, toiletware, - pens, handbags, watch crystals, spectacle frames, electrical parts, phonograph records, shat« ter-proof glass, gears, gaskets, bear= ings, airplane propellers and for

| making modernistic furniture. 1

Glass can now be spun so fine that it resembles downy cotton,

i can be woven into clothifine enough

for use in making ladies’ undergarments. It can be pliable as well as brittle and can stand swift tem perature changes. Aromatics—In this field, chemists have sought to reduce the retarde ing effect on sales caused by un-

cals, manufacturers can destroy of« fensive odors in products such as fertilizer, glue, paste, ink, lacquers, Synthetic camphor—Once 80 per cent of camphor was imported. Now it is made from domestic turpentine, at great savings. Its chief new use is as a plasticizing medium in _

Next—Air conditioning.

MESTA VOTES DIVIDEND Times Special

Mesta Machine Co. yoted a dividend of $1.50 a share on common stock, payable Oct. 1 to holders of record Sept. 16. A dividend of 75 cents was paid on July 1.

A LEGAL RESERVE MUTUAL COMPANY ORGANIZED IN 1905

products can be made at lower cost,

depression res’

measurable in number of persons

textolite, fibreloid, phenolin, mar- °

pleasant odors. By use of chemi«

making celluloid and other plastics,

CHICAGO, Aug. 29. Diredtors of