Indianapolis Times, Indianapolis, Marion County, 29 August 1936 — Page 28

T rends

Says Rise in Prices | Is Not Addition | to Wealth.

Abreast of The Times on Finance

SATURDAY, AUGUST 29, 1936

PAGE 11

United States Leads in Railroad Mileage With less than 6 per cent of the world’s land 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.

* L_BY JOHN T. FLYNN EW 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

"© Roosevelt.”

There have been campaigns which were known as battles of pamphlets. The 1932 campaign Was called the battle of the radio. Perhaps this one will be called the bat~ tle of the books. James Warburg

wrote one called

“Hell Bent for Election” aimed at Roosevelt. Lewis Douglas also has discharged a book at his former chief. Harold fckes, Henry Wallace, others have written books for campaign consumption. None of course has equalled Mr. cL warburg's Mr. Flynn proadside which : is ‘said 0 have sold 300,000 copies, unless it be David Cushman Covle's “Uncommon Sense’ for Roosevelf. But. of course no one can say how many were sold in the market and how many were distributed by va‘rious committees, But now Mr. Kennedy comes forward with his ~ book, % & n n T is unique. It is principally an appeal to rich men to support Roosevelt—Mr. Kennedy himself being a very rich man. He goes to a good deal of pains to tell rich men what Mr. Roosevelt has dorie for them. One .of these claims ‘alone I can hotice here. Because “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, be-

ing the thing the man of wealth |

‘is. most interested in. To prove this he cites the fact that since March, 1933, fhe prices of all

. stocks—on the Stock Exchange and

on the over- -the-counter markets— “have increased in value by a hundred billion dollars. Mr. Kénnedy, therefore, thinks qur wealth has “fnereased a hundred billion. a n n OW first, what is wealth? A house is wealth. A machine is wealth. A: factory is wealth. The mortgage on the house -or . factory is not wealth. Tt 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 1s part of the national wealth. Enlarge _the ‘factory, put new machines in the factory, build a second factory and you acrease the national wealth. But leave the factory as “it is. and increase -its price, or increase 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 not. n 2 n R. KENNEDY makes the mistake of confusing wealth with _ prices: If we have 300 million bushels of wheat priced at $200,000,000 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, 000,000. The price has increased onethird. But the national wealth— which is: the| wheat—has declined a thir Unf rtunately | men of wealth are more interested in. prices than n real wealth. That is one source of all our trouble. (Copyright. 1 1936. | NEA Servi ce. Inc.)

Fruits and V egetables

tations ‘below subject a a e¢ whol Jesale prices being offered to buvers by local commission dealers.) I FRUITS— —Pears—Bartletts, box. $3. Ba- : panas—Selected 1b., 43c. Apples—No. 1 Maiden Blush, $1.75; No. 1 N. ¥. Duchess, #15 in, $1.50; No. 1 Virginia Winesaps, 21; in. $1.75 Lemons—Sunkist. 205 $8.30. es--Mexican. carton Ss. Nae; - a Seeuiess, per 100, $2.50. Peaches— rtas, ‘22 in, bw. $3 Plums—Red, basket erate, - $2. Grapes—Seedless, 28-lb. crate, $1.7 . = Se bat aloupes—Home-grown, ’ Be No. 1s Bu. $1.25: home-grown, H. Bs Tip Tops, Si. 50. Watermelons—Missouri. 30h. av., §0c. VEGETABLES— RBeans—Round stringless, bu. $3. Beets—Home-grown. doz, 30c. Carrots—Ohio, doz., 45¢. Caulifiower—12s, ‘erate, $1.50. trimnred, doz. 60c. bu., $1.50. “Coru—fome grown. ale-—Home-grown, bu., 65¢ pais California, 5s, $4.50; Jeat, home- . grown, 15-ib. basket, $I Peppers—Mans, home-grown bu. $i. 75- peck basket, ae dog., 25¢. Mint—Doz.. 30c. ‘Onions-- | i Northern yellow, 0 -1b. bag, $1.25. Pars-| ley—Home-grown{ doz, le Tel, hamper, 1.00. Potatoes—Eastern Cobblers, 100-1b.| bag. $2.75. - toes—New Alabama Triumphs, bu. i Sishes—Ohio white. 2-doz. baskets } 45¢. Turnips—New bulk, bu,

Cucumbers—Indiana doz., 25¢. ttuce—Ice-

40c.

$1.85.

ito, Tomatoes Home: -grown, 10-Ib. bas- |

(By United Press) H Aug. 29. — Apples — Duchess, cen bu., 75c@$1.05 Sweet — Louisiana Portoricans. “Carrots—lilinois. bunches, 2&2'zc. Cabgge — Wisconsin, 75-1b crates, $1.5082. ‘ Bpingeh—Michigan, bu. 50@ S0c. Tomatoes + afichigan_ Climax, basket, 25@50c. Cauliflower—Colorado, crates, T5¢@$1.25. Peas — Colorado, bu. hampers, [email protected]. Celery—Michigan, square crates. 25@50c. on market (50-1b. sacks)-—Illinois. velTows, 85@85¢c: Indiana, yellows, 85@85¢c: Michigan, yellows, 65@85¢

Produce Markets

ices quoted are pald for stock ihe Be Bhaint 4) while it Righer ianapolis the price is a cent higher nda Sreed hens 5 ibs. and over, 3 oder § Ibs 13c: Leghorn breed 8,

Leghorn

Sprngers, 12 Ibs R fic: Sc:

old duc white, aly

2 Ibs. and up, 15¢; ay fresh eggs,

“3 Hse 36c. Butter.

{By United Press)

CHICAGO, Aug. 2 uy Markel, to weak: receipts, 12 trucks; + geese, 114 lic; spring chi J3@8tac. Jurkeys, 15 n hens, 12 i

to change, !

Celery—Michigan washed and |

Peas—West- | Sweet pota- |

5c. |

Pota- | [email protected]. |

les colored springers, 15 lbs, and

INDIANA HARBOR MILLS OPERATE NEAR CAPACITY

Youngstown Sheet and Tube | Plant Employment | | Exceeds 1929.

| W—e——— 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 |

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.

i 1000 Over Previous Peak The pay roll for the local divis jon |

|at 6200, compared with 5200 in 1929, l, | the previous all-time high. The com- | {pany was said to be operating both | { blast furnaces, all seven of its open | { hearths, at Bessemer furnace, and | another buttweld furnace in the | | tube mill while the tin plate de- | partment was also at capacity. Work was reported progressing ‘rapidly on installation of the two | i new four-high tin mills at the Sheet, | {and Tube plant. This new unit is] 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 1 with its $6,000,000 expansion which is to include erection of fqQur new {open hearths’ and a new blooming | { mill. It was said by local steel execu- | | tives that mill operations this week {in the Calumet district were at 73 per cent of capacity, the highest aun rate since 1929. These officials also said they expected” this | high level to continue because -backlogs were the highest since the start of the depression and were being) jaugmented almest daily.

| {

Investment Trusts

{By Thomas D. Sheerin & Co.)

i Bid Asked Administered Fund 2d 17.95 19. Affiliated Fund, Inc . 2.03 *American Business Shares. «1.18 Broad Street Investing. . . 33.03 Bullock Fund Ltd Century Shares Trust........ Corp. AA" or ‘Acc’ (mod.) i.Corp. “AA” or “Acc” (unm.) Corp. Trust Shares. torig.) : Diversified Tr. Shares “B”.. Diversified Tr. Shares “C”.... { Diversified Tr. Shares “D”’ i Dividend Shares, Inc. General Investors Trust. Incorporated Investors { Investors Fund Amer. cera | Market St Inves.. Corp... { Maryland Fund | Massachusetts Investors { Mutual Investment Trust | Nationwide Voting .. { N. American Tr. Shs. { N. Amer. Tr. Shs. 1956 { N. Amer. Tr. Shs. iorig.) { Quarterly Income Shares {| Selected Amer. Shares, Inc . Selected Amer. Shares (orig.) | Selected Cumulative Shares... Selected Income: Shares { State St. Investment Corp.. Supervised Shs., Inc. Del.) . } Trustee Am. B. *"'B” .... | Trustee Stand Oilshares '‘A™ | Trustee Stand Oilshares “B’. i United Standard Oilfunds.... |. *Exdividend.

1955...

rT Commodity Prices (By Abbott, Proctor & Paine) COTTON NEW YORK

October December January March { May { July

October December January March | May { July : | Spot. 1 |

NEW YORK COTTONSEED OIL

Hin Low . 1001 10.01 10.01 . 10.00

Close 10.01 9.99 9.99 9.97 9, 9

| Septem ber | October : December

| Other Livestock

« BY United Press) CHIC G5O. Aug 29. —Hogs—Receipts, 2000, iucluding 1300 directs: market about steady with Friday's average; nominal top, { $11.45; few sales, 180-260-1b.. weights, $11

| @11.35. * Cattle-—Receipts, 500; calves. 100: market steady, compared with Priday last week: medium weight and weighty steers 25¢ lower: vearlings steady to 25¢ lower; cows 25c higher: bulls 10@325¢ up: vealers strong to 25c¢ higher: stockers and feeders closed 25c lower: very liberal run of $8.75 @9.50 steers and vearling steers in fat $soR: extreme top. $10.25: prime heifers; yearling stockers, $7:

9.85. 2a new high; Doe $4.50@86. 2500: market steady:

Sheep— Ractints. compared with last Friday: native lambs , steady to 25c lower: bulk good and choice | grades. $8.75629.50: considerable showing { around $9: extreme top. $2.75; bulk Western range lambs. $8.75©9.35; range throw- | outs mostly [[email protected]: native ewes steady: bulk, $2. at. breeding ewes scarce, few | selling $6@ 7

Building Permits C. W. Romine, 125 Sheffield- ~av, $200. . H. A. Wright. 619 B. 56th-st,* { $900 William Lowe Rice, 5245 Cornelius-av, $200. ] Lee, 2249 College-av,

stoker,. $295. Mrs. Guy Hats, 258.

3640 Park-av, | C. E. Weis, 2302 Delaware-st, | $258 Clem Voorhis, 5041 E. New York-st, er. . Mrs. A. J. Kelly, 2013 Hoyt-av, | $258 » Leo Flaherty, 2231 | stoker, $295. a R. Dingman, Alice Griffiths, 1421 Park-av, $650; 5 Burgess-st, stoker, $295. C. J. Patton, 2026 Park-av, stoker. $335. J. %. and L. C. Preston, 3636 Rooseveltav. stoker. $475. . L. McCormick, 4876 W. 15th-st, stoker, Aes Grossman, 3766 Totem-In, Celtic Loan Co.. 911 Main-st.

6361 Bellefontaine-st. roof, $250; 3122 E. New York-st. roof, $185. State-av, 125.

addition,

furnace,

| garage, $4500: stoker, stoker, stokstoker, .N. Pennsylvania, 1545 Park-av, stoker,

stoker,

stoker, roof, $150:

Security Trust Co. 331 N. roof, $125: 329 N. State-av. roof. B. M. Ralston, 308 N. Rile av, roof, $160; 304 N. Riley-st, roof, $1 4926 E. New York-st, roof, $160, Sarl Biller, 2702 Station-st, boiler, $425. Mrs. Ellison, 2426 Stewart-st, boiler, $600. Boo Colglazer, 5702 N. Delaware-st,

$1000. Marion Moxford, 3121 N. Keystone-av, aa oe. 1346 3a ¥, - - ation , e innesota-st, ad 281 N. Alabama-st, adluier Schleicher, 801 Sanders- st, reside, 4 M. Muli, 1438 Pleasant, reside, $532.

Grower Noble-st, at nS Motor Inn, 100 W wo Wabash: 640 Fairfield-av,

. alterations, $400. Charles a enherger, hio-st, furnace, $190. Leonard-st., fur-

EB. yon, 1532 ly. 2824 Nantnwestery-

4811 N ” stok-

FU 8 Smelters

| Atchison

| Es Pacific Siree

i gl M

. Change in income : Cormeen with 1935 >.

{C1 *2/1% or more E=3 #//% to +20%

+10 Fe to -5%e

BR -57 0-207

Will Be Found

Cash in Farmers’ Pockets —Where It

BUSINESS WE ER\

DROUGHT DIDN'T MELT FARM BILLIONS— Crops are short but prices are high; cash from livestock and livestock product marketings is plentiful {of the. Youhgstown firm was given |” 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)

(it was

with the Pacific Coast, Rocky Mountain, and most of. the cotton states

New York Stock Exchange Prices

Transactions were 618,350 shares | compared with 431,830 shares last

Saturday.

Curb sales approximated

115,000 shares compared with 86,000

i'shares last Saturday. Dow-Jones preliminary

closing

averages showed industrials, 166.91,

up 0.13; utilities, 34.70, up 0.08,

(By Thomson & McKinnon) |

“High Low Close Qils— I Atl Rig Barnsdall Consol Oil Cont of Del Houston .(new).. 87a Mid Cont Pet ... Ohio Oil ....... 12. Pet Corp Phillips eon Plymouth Oil Pure Oil . valk Seaboard. Oil .. 11 U .s

27 Ve 17% 323

272 18 | 123g!

Texas Corp Tidewater Assn. Un Oil of Cal ..

- Steels—

Acme Sgeel Am R Beth Steel

16 Rep Iron & ‘Steel U S Pipe &. Fdy US Steel ...... 7 Warren Bros ... WarrnsP & Fdy Yngstwn S Motors— Chrysler Gen Motors . Graham Mot

— on 8 0

DLO bt OD =I BI DAS TN

ye DH DERE ANNO Gat te Oa pe SC GF

Sedebaker Yellow Truck

Motor Accessories—

<0 pO ta eb WDC be bt OR =I BOON BL ON lo

| Bendix { Bohn Alum

Borg Md arner

5 | Bri | Bugg *Mrg . | Budd Wheel

Baton Mig . 4 Elec Auto Lite... 3¢ Houdaille . Murray Body tew Warner Timken Roll Timken Det Axle 213s Mining—

Alaska Jun

g | Cerro De Pasco. 5312

Gt Nor Ore Ins Copper Int Nickel Isl Creek Coal .. Kennecott Cop.. Park Utah Phelps Dodge ... St Joe Lead .... 25 . 762 Vanadium 23% Amusements— Crosley Radio .. Fox Theat Loews Inc : Radio Corp Paramount

3312 307%

Warner ‘Bros ... Tobaccos— Am Tobacco ‘B'.102!2 102!'2 Lig & Myers ‘B'.106 106 Lorillard 227 227% Philip Morris 913% Reynolds Tob ‘B’ 56's 56% Rails—

10215 106 227% 91 lg 56%

827s 331% 233s 12

83 33% 23% 12% 661% 834 134 3% . 47 197%

Au Coast Lines. & O

hao & Gt W pid & St

SMES ota

Eri Erie pfd Gt Northern vid 4 Ill. Central ....

C Sou Lehigh Valley. 4 Li sh:

Y New Haven N Y Ont & West

a 144 West Maryland.. 10% Equipments—

Am Brake Shoe.. Am Car & Fdy..

dwelling, | Amer Loco

4 Gen Am Tk car Gen Elec 47 Pullman Tue West Air . Westingh Elec ‘ Utilities— Am & For Pwr Am Power & Lit. AT&ET va Am Wat Wks .. Col Gas & Elec. . Com & Sou i

412 "139%

Int Hydro Elec. Int T&T Nat Pwr & Lit.

West Union ..,. Rubbers— Firestone .. rich .. goodyear .s Rubber v g Rubber pid. Miscellaneous Allis Chalmers, 57%

am Mach & Fd 23% Anchor Cap 13 Brkiva Man Tr. 51% hs Add. . 28%

TH. M% 24%, 24% 24 243% 30 3

TiN

121 2351 18 51a

1 51% 2 2635 138%

26% 158%

railroads, 55.01, up| 0.91;

00 Xee wn NN

'{No. 1 hard, $1.08@

Sate Deposit Boxes

High Low Contl Can T Caterpillar Tract 3 Grown Cork . urtis Pub | Sark: & Co

WHEAT PRICES

Prev,

Futures Advance 73 to 114 Cents; Corn Slumps; Oats Higher.

By United Press

perative power in Winnipeg in response to encouragement of Canadian farmers to hold their new

day on the Board of Trade. At the end wheat Jas up 7% to 1% cents, corn’ was off 3s to up 7% cent, and oats were up % to 1% cent. Under moderate commission house buying and local short covering, wheat prices bounded - up. The prompt upturn in Kansas City and Minneapolis to the rally here aided

i buying. Purchasers of wheat in Win-

nipeg were inspired by reports indicating that the Canadian cooperatives advised farmers to hold back their wheat.

Corn Opens Weak

Short covering by local traders and good buying by cash interests lifted prices in the corn pit after a weak start. Good demand developed on the initial decline attracted scattered buying of all futures. New crop futures remained firm at the advance but the September delivery showed a draggy tone early. Oats moved moderately higher in sympathy with the strength shown in other grains. Rye developed a strong tone under scattered buying soon after the opening.

CHICAGO GRAIN RANGE (By United Press)

42 425% A3Ys

81% J9Y JT

11.67b 11.70 11.77 11.15 11.87a 11.85

: 11.65 Pee: ..... 11.8 11.72 aAsked; bBid:

CHICAGO PRIMARY RECEIPTS Bushels

INDIANAPOLIS Wheat-—Market, strong: receipts, Joads; No.1 red, $1.06; No. 2 red, .0 1.09; No. 2 Beard, $1.07 Corn— Market, eas JecRIPIS, jo No. 2 white, $1.1 @1 19%2; 0 $1. 15%[email protected]% No. 4 Rs No. 2 yellow. [email protected]; 3 yellow, [email protected]; No. 4 Ww, No 2 mixed, [email protected]; Sas $1.01@}. 02; No. 4 mixed, 99c@ @sl. ‘01. OQats—Market, easy: receipts, 3 casjoads: No. 2 white, 42@43c; No. 3 white, 41@42c.

3 car- $

@1.08. carloads;

br CHICAGO CASH GRAIN

(By United Press) CHICAGO, Aug. 29.—Wheat—No. 2 red, $1.12%; No. 1 hard, $1.16%2; No. 2 hard, $1.16%2.. Corn—No. 1 mixed, $1.09; No. 2 mixed, $1. 0812 21.09%; No. 1 Yellow, $1.09 @1.0914; No. Sllow, $1.08'[email protected]; No. 3 yellow, $1 081% 09; No. 4 yellow, $1.08: llow, $i. et 08'2; No. 2 white, 0. 4 white, $1.19; sample, $1. iq ‘Oage—No. 1 white, 46lc: white, 44%2@46c: Barley Timo-~

Rye— Feed—70@90c¢; iti oy 15@1. . thyseed—[email protected]; new crop, - [email protected]. y Beans, No. 2 yellow, $1.50. Cash provisions: Lard—$11.75a: louse, $11.35a; leaf, $11. Jib; bellies, $13.45a. aAsked: nNominal. :

LOCAL CASH MARKET

City grain’ elevators are paying $1.02 for 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, $1450@15; second cutting, $16@17.

CHICAGO, Aug. 29.—Fair recu-

wheat, rallied all wheat futures to- |

High. Low;

Poster Wheeler.

ash R Owens Bottle Rem Rand . Underwood E . Worthingtn Pmp Foods— Am Sugar .... Armour Armour 6% pid’ Beatrice Creamy Borden Prod .

33% 14%

79% 28%

. S13

7814 21%}

30%

1 15% Ya

. 36Ys

G ugar Natl Biscuit .... Natl D Pord.... Purity Bak 8S Porto Rico Sug Std Brands

Retail Stores—

Allied Stores Assd Dry Foods First Natl Stores Gimbel Bros .. Jewel Tea

Lellan- S§ Marshall Field. . ont Wa i Safeway S Sears OSE Woolworth .... Aviation— Aviation Corp.. Boeing Aircraft. . Curtiss Wright. . Curtiss Wri (A) Douglas Air... Nor Amer Av.. Sperry Corp Utd Aircraft ow Chemicals— :

Air Reduction...

11% 3834 14%;

36%2,

31% 28 15% 35 15Y5 26% -80

i 12% 18% -

: 17%

87%;

21 14 15 4

. 29% 84%, 54Y.

74 Am Com Alcohol

Com Solvents. u Pont . Freeport Tex.. Liquid Carb ....

n Drug Zonite Prod Financial— Adams Exp ... Allegheny Corp’ Lehman Corp Transamerica .. Tr Contl Corp.. Building— Am Radiator ... Gen Asphalt .. Holland Furnace Int Cement

gus 2

. 13%

1312 10%

22%

- a3 Ys

Libby goons Gis 6 5

U S Gypsum ... Ulen Cons Household— Col Pal Peet ... Congoleum Kelvinator

ran 20 Proc & Gamble .

Servel Inc Simmons Bed

Textiles—

Amer Woolen Belding Hem =~. Celanese Corp .. Collins Aikman.. Gotham Hose . Indus Rayon .. Kayser Julius Real Silk

110

Close. 33% 14% 42° 1973 25Ys 144 18

2 Ys 32 265 10%,

Chicago Stocks

(By Atkins, Hamill & Gates)

Allied Products

Associated Investors

Bastian- ; Blessing Berghoff Butler Brother Cent. Cities Service

Dayton Rubber

General Household | Great Lakes Dredge

gamvis Katz D Libby Me

eil & Libby

Ii. Pub ® Service pid

Nachman Spring Filled .

Noblitt-S ars Signode

Prev.

Close Close

tee Svs p10 eraational Caan 30

Zen

eR Cummins Sundstrand .....:

New York Curb

(By Atkins, Hamill & Gates)

Cl Aluminum Co od America cae

Am Cyandmid

Am Gas & Electric

Am General Am Superpower Ark Natural Gas

I -

Canadian Er Alcohol “A”. :

Carrier Cor

Creole Petroleum Corp Bo! & Shar

Fisk Rubber

Ford Motors Canada

Glen Alden (1)

“aM

Greenfield Tap & Die Corp . rade Food

Niagara Hudson Pwr ena

Pennroad Co

tone Spencer Stores

sssassvane

St Regis Paper Co’ RAE 1 Lock

Sterchi. Brothers Stores ae Stutz Motor Car of Amer...... Techni

color Inc .........

Mueller Brass .. Sunray

sess sssessesavsas tans

NEW YORK CHICAGO

Thomson & McKinnon

New York Stock Exchange. New York Curb Exchange New York Cotton Exchange. New York Coffee and Sugar Exchange. New Orleans Cotton Exchange. Chicago Stock Exchange. .Chicago Board of Trade. ‘Winnipeg Grain Exchange

And eter Jsting Exchan

RAIL ADVANCE ACTS AS TONIC ‘ON STOCK LIST

Market Recovers Losses Sustained in Break | Last Week.

BY ELMER C. WALZER United Press Financial Editor

NEW YORK, Aug. 29—The stock |

IN Y. Bonds

DAILY BOND INDEX (1926 Average Equals 100).

, 20 , Util,

Today vans | Yesterday

Week ago Month ago

*New high. | CnemiE 1836, by Sta Standard Statistics)

U. 8S. GOVERNMENT BONDS

(By Abbott, Proctor & Paine) Bion Close ose Treasurys Clgae last

market today rounded out a week +3

of improvement that more than restored last week’s losses with a sub- |

stantial advance led by the rail- 2%

road shares. New York Central made a new high as did Nickel Plate, Lehigh | Valley, and Erie First preferred. | These issues gained fractions to | more than a point. Others had gains that ranged upward to more than 3 points in Union Pacific.

Equipment Shares Join Rise | 4 The rise in rails which was in be- | A lated response to highly favorable | earnings reports had a tonic cffect

‘on all sections of the market. There had been some profit-taking in the} leading

shares but they quickly | joined the upturn.

i i equipments joined the rail

Higher railroad earnings would make possible purchase of much-needed equipment, including rails, locomotives, freight and passenger cars. American Car & Foundry made a new high with a gain of more than a point. American Locomotive also was more than a point higher. Westinghouse Air Brake rose nearly a point.

Steel Stocks Higher

Better buying of railroad equipment in turn would benefit the steel companies which now are operating at the highest levels since 1930. Steel stocks joined the procession

on the upside with Youngstown Sheet & Tube up nearly a point at: a new high. U. S. Steel turned active and firmed fractionally. Bethlehem rose nearly a point and so did National. Republic was up fractionally. Traders anticipated further gains in steel operations next week. Automobile stocks were relatively quiet although prices showed small gains on anticipation of early increases in production. There was a sharp decline this week because of several shutdowns in preparation for the new models which will come out earlier than ever this year. Motor equipment issues made small gains along with motors.

Money and Exchange

: INDIANAPOLIS STATEMENT Clearings

its Clearings for week Debits for week

TREASURY STATEMENT (By United Press) WASHINGTON, Aug. 29. — Government expenses and receipts for the current fiscal year to Aug. 27, compared with a year ago: 2 This Yea Last Year 935, 315, 262. 09 $1,204,438,506.37 808, 320, 971.36 555,000,747,18 4,290.73 649,437, 759. 19

Expenses $ Receipts. .

Customs. .

FOREIGN EXCHANGE

(By Abbott, Proctor & Paine) : Prev. Close Close England ...$5.03 3-16 $5.03 3-10 France % 3 Germany Switzerland. Holland Norway .... Sweden .... Denmark .. Canada .... 1.0

Local Securities

(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 Tel (T in rs 5... 2 Tel Tel Rt Ws H Tel & Tel Ft W es bg . Indpls Railway Inc 5s '67 7, Interstate Tel & Tel 3 48 ’53.. 9 Kokomo Water Works 3 58... Mortis 5 & 10 Stores 55 '50... Muntie Water Forks 55 "65 ... Noblesville H L. & 18 6's '47..102 Ohio Tel Serve 6s "4 Richmond : Isa. Seymour Water Co 5s "49. . T H Trac & L 5s '44..

T H Water Works 5s '49 Trac Terminal Co 5s '57 Indpls Water Co 32s 66 ....

STOCKS BC Drewing So com

104

+ | A a | Belt Rail 8 Y c

Belt Rail S Y Son 6s Central Ind Power pid 7s Home T & T = w 7s. Hox Ind Ind s Ind Hydro Electric Co 75 -... Indpls Gas Co com 6s Indpls Pow & Lt Co pid 65 BN 54 IndplssPow & Lt Co pfd 6s....\99 Indpls Water Co pfd 5s North Ind Pub Serv pid. 5%.

PLAN FINAL ne

A final dividend is to be paid | & depositors of the Howell State Bank of Evansville late this fall, the Indiana Department of Financial Institutions announced today. The payment is expected to be about 10 per cent, which would make the total disbursed 85 per cent. The bank has been- in liquidation for

three years.

103.18

103.28

Prev.

Arm & Co (Del) 4s’

| Atl Coast Line 4s ’

Atl Coast Line 44s "64 Atch Top & S Fe 4'2s ‘48 Am Wat Wks 6s '75 - Am Rolling Mills als X Balt .& Ohio 5s 2000 Balt & Ohio 6s fia Balt & Ohio 4'zs '60 Buff Roch & Pitt 413s 57 .... B86 Beth Steel 4's ‘60 Chi Milw & St E 35 Chi Milw & St P Cleve Un Term 58 Cleve Un Term 4'2s '77 Col Gas 5s May '52 ... la Fevaans seessns. 1042

Chi & Nor West 4%s '49 Chesa Corp 5s '47

Grt Northern “G’’ 4s 46 Grt Northern ‘“H” 4s 40 .

Hud & Manhat Ref 5s '51... Ill Cent 4%s ’'66 111 Cent Jt Ps 63 II Cent 5s '63 . Interboro Rapid Trans 5s 66. Interntl Hy Elec 6s 44 . Interntl Tel & Tel "4%as J39. Interntl Tel & Tel 5s’ 5 Interntl Tel & Tel 42s 52. Leitigh Valley 4s 2003 MeKess & Rob 5%s ’50 Mo Kan Tex Adj 5s 67 ... Natl Dairy 33s ’51 Natl Steel 4s ’65 Nickel Plate 4'2s 73 Nickel Plate 5'2s 'T4 . N Y Cent 5s 2013 : N Y Cent 4's 2013 fold) «+»... N Y Cent Conv 6s '44 Nor Pac 3s 2047 Nor Pac 6s 2047 “ New Orleans Term ‘4s ’55 Penn Ry 4s ’63 Penn Ry 4%s 184 Peon Ry 334s '70 Pac G & E 5s ’42 -; Portland Sn El 415s '60 Para Pubiie 6s ’55 Penn P & L 4's '81 Postal roy & Cab [557,53 Rem Rand WW 4Ys 156 “arena Shell Union Oil 32s '51 Sou Pac 4Y5s * Sou Pac 4's "81 .....cc0nene . Sou Pac 4s '49 Sou Rail.4s 6

| Youngstown 8 & T s "61 Ls | Founsstown S&T 35s 51 ..131

FOREIGN

Argentina A 8s ’57 Australis 1s ’56 Brazil 8s °’ anadian Govt 4s 60 enmark 4's '55

Yokohama 6s '61

'| New Bond Issues |

By Lyons & Co.) (By Ly : : Ask 100%4 107% 100% 98%, 10534

Allied Stores 4!zs ’51 Arkansas Gas 4s ’'51 Associated Teleohone 4s 65.. B & O 4's’ Cal Oregon Power 4s '66 Central Maine 4s ’66 Central IH 32s ’66 Graal Cincy Gas & “Elec Shs "166... Cc ‘E’ 3s : Chiéago West ; os rea... Chicago Un Station 32s ’51.. Cleveland Tractor 5s ’45 Columbus Railwav 4s '65 Com Invest Tr 3%s ’'51 Conn River Pr D & L 3%s

Cudahy Pkg 3%s ’55 Edison Illum Boston 32s 65. . Gen Motors Ac Corp 3s ’46 .. Gen Motors Ac Corp 3%s 51. . Indianapol s Water 32s '66 . Towa South Utilities 52s 0. Kansas P L 4%s ’65 Los Angeles G & B 4s "0. Lou & Nash G & B 4s '70.. McCrory Stores 5s Metro Ed 4s Min Gas & E Dr 45 '50 Monon W P 4las "60 Narragansett Elec 35s i St Louis 4s "46 Swen New York Edison 3'2s '66. Okla Natural Gas 4's '51 Okla Natural Gas 5s '46 105 Peoples Gas Lite & Coke is ‘61 9% Penn Tel 4s '65 105 Penn Tel 4s '65. . Potomac El Power 3s Pub Serv N H 3%s ’ Railway Lite 4%s %155 Sagueney Power 4s ’66 San Diego G & E 4s "65 Southern Cal Gas 4s Southern Kak 414s "48 S80 West G E 4s "60 . Wisconsin Gas % Elec Bias ‘66 10354 Wisconsin Pwr & Lite 4s ‘66 . 993 Wisconsin Pub Serv 4s '61.... 104%

Unlisted Stocks

(By Blyth & Co.) NEW YORK STOCKS 1

Pankers- Trust Central Hanover hase

Chem . Continental

Irving Nar rtacturers National City Pirst National Boston National Shawmut Fire Insurance

| Aetna Fire Insurance American Ins of Newark Balitmore American of New York Foc eral Fire . 4 o Franklin American ‘Insurance 31% Great American Insurance .... 27 Hanover Hartford : Home Insurance ....

Real Estate Mortgages

TEREST RATES AND

CAPITAL -

WE SOLICIT APPLICATIONS FOR FIRST MORTGAGE LOANS ON PREFERRED INDIANAPOLIS PROPERTY. CALL AND SEE US ABOUT LOW IN.

LIBERAL PAYMENT

TERMS. No COMMISSION.

THE INDIANA TRUST aoe, 2,000,000.00

y, {Common and medium

PORKER VALUES MOSTLY STEADY

IN LIGHT TRADE

' Swine Prices Decline 15 “

25 Cents at Local Yards in Week.

Hog valués were generally steady with Friday's late market today at the local exchange . in the usual limited Saturday trading. Some sales, however, were 5 cents lower. Demand on weights above 300 pounds was unreliable. Compared with last Saturday, hogs above 160 pounds were mostly 15 to 20 cents lower. Underweights were 25 cents lower and packing

| Sows were steady to 25 cents lower.

1200 ‘Swine Received

Swine arrivals numbered about 1200 with 366 holdovers. There were only 50 cattle, 150 calves and

1 300 sheep on hand.

Weights from 180 to 270 pounds ranged from $11.10 to $11.55; kinds between 270 and 290 pounds brought $1095 to $11.25; the 290 to 300pound weights sold at $10.60 to $11.05; swine scaling from 300 to 325 pounds were salable at $1035 to $10.95; weights between 325 and 350 brought $10.10 to $10.60; and exe treme heavies, scaling from 350 te 400 pounds, moved at $9.85 to $10.35,

Among lighter droves 160 to 180pound hogs averaged $10.25 to $11.25; the 155 to 160-pound group sold at $10 to $11.10; kinds weighing from 130 to 155 pounds were disposesl of at $9.25 to $10.25, and pigs between 100 and 130 pounds brought $8.75 to $9.50. | Packing sows were mostly $8.25 to $9.50. . "Most Cattle Steady

Compared with the close last week fat steers, yearlings and heifers were steady to 25 cents lower, Good and choice cows were steady

while cutter grades were mostly 25

cents lower. The week's steer top was $9.60 but the bulk of fed steers sold at $8 to $9. Top heifefs brought $9, Closing bulk of beef cows were dis= posed of between $4 and Vealers were nominally steady, a few selling at $8.50 down. There were not enough sheep on hand for a market.

Aug.

11. 10@11. 35 Pent Lights— (140-160) goed and

Me Li nl (160-180) Good and Mediu

(180-200) Good and Mediu

um Medium oy SED iE U) Good and (200- 5 Good and Heavyweights— (250-290) Good and (290-350) Good and

choice. .$ [email protected] 9.00@ 10.50

1 504 11.25 [email protected] 10. [email protected] [email protected]

11.30@ 11.55 [email protected]%

10.95@ 11.45 [email protected]

[email protected] 8.50@ 9.00

choice. . choice es

choice. . choice. .

(275-350) Medium Slaughter Pigs— (100-140) Good and choice... Medium . .... .... CATTLE —Receipts, 50— (550-900)

banat EN Go

Chole = sex eessas

sesssova ’

(900-1100)

sesrecanss

SIRS RrNSNSNS

(1100-1300) ‘Good

(1300)

=300 0-700 1 0 300 tn D100

(550-750) Good

Nvamo 83833

: ediu (750-900) Good and RE - . edium.

Good carat $ Low cutter and cutter ........ Bulls, good Cutter; com. and med. bulk.. Vealers —Receipts, 150— Good and. choice. ve 31. Medium oe . 6. Cull ad common © . 4.00 | Calves (250-500) Quod and choice..$ 6.35 and medium.

For r Wk Stocker Hh: (500-800) . Com, ang choles .$ 5. m, and medium. (800-1050) Good and Shoice. - 5. and Jhediym 4.

4.00 pee

Sieg. nena en aad

3 38 I838

SHEEP AND LAMBS

; —Receipts, 300— Lambs—

= rome Be ghby 0a8y.

8 £09

Wes — (90-170) Good and choice . Com. and medium. (Sheep and lamb quotations basis.)

Yow ones a33 uss

‘THREE LOCAL AGENTS

WIN CONVENTION TRIP

~ Three Indianapolis insurance men today received notification ‘rom 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. Pruyn, Carl R. Otto and William L. Leppert, all of whom are connected

‘ lwith the Aetna Casualty & Surety

Co.

A LEGAL RESERVE MUTUAL COMPANY ORGANIZED IN 1905

$4.50,

The men are Murry Ki