Indianapolis Times, Indianapolis, Marion County, 31 August 1936 — Page 12

Trends

§ Finds Most of Tax Dollar Is Paid by Masses.

BY JOHN T. FLYNN! |

EW. YORK, Aug. 31.—If we glance at the tax record of the last fiscal vear we see that out of every dollar of government colJections 34 cents came from income taxes and 68 cents from sales tax-

€s, tariff dues, etc.

| taxes,

} i i 1a

of running the Federal iment.

5 less,

RY.

; : § - grown, 10- 1b. basket,

“yellow,

| Bales taxes and tariffs are levied

: the food. the clothes, Hie things : ¥hie h the whole population’ buys.

Income taxes are imposed, at least in theory, upon the “abilty to pay” pri Sales taxes, tariffs, are derived from the great mass of the people. In= come taxes come out of the pocketsof those with the larger incomes. But President ‘Roosevelt took = 7 66 cents in sales : taxes for every Mr. Flynn 34 cents in income taxes. Alfred M. Landon has attacked the present Administration's tax record. If Mr. Landon were Président, would he cut down those taxes? If he. did he would bave to increase the income And this is the thing ‘his party is so bitterly opposed to. It has fought vigorously every small attempt Mr. Roosevelt has made to increase income taxes,

sales

< ” ”n n ND if Mr. Landon cut down sales taxes and increased income taxes, how would he increase them? On whom would he place the heaviest part of the burden? Would he go more severely after the very rich? Would he close up the loopholes in the income tax

. Jaws?

One more point. Last fiscal year Mr. Roosevelt spent $5,500,000,000 an the ordinary expenses of the government.® This did not. include relief” and recovery expenditures.

= But Br. Roosevelt was able to col-

‘lect in taxes only $4.,000,000,000. That left a deficit of a billion and & half in the running expenses, of the government.

| If Mr. Landon had been Presi- -

ident: and had cut out all relief-re-covery expenditures — $3,000,000.000 of them-—he would still-have had. this deficit. What would he have done about that? >

Ee u =

OULD he have reduced expenses?- Or would he have increased taxes another billion and a half to balance that part of the budget ? He could not have reduced expenses much. Because the veterans’ fund and the debt charges alone cost about $3,040,000,000. He could not have cut expenses without cutting out almost all the costs govern-

Therefore he would have had to raise taxes. He would have had to increase taxes by a billion and a half, which is what. Mr. Roosevelt refused to do. ‘How would he have increased taxes? Would he have increased sales taxes and thus made the burden of the, masses of the people heavier? Or would he have raised income taxes? If he adopted the latter course, does he realize what this would have meant? It would have meant doubling the income tax. This is what he would have had to face. | (Copyright. 1 1936. NEA Service. Ine.)

FREIGHT LOADINGS DIP

Bul ‘nited Press "WASHINGTON, Aug. 31, -= The Association of American Railroads announced today that carloadings for the week ended Aug. 22, totaled 734973 cars, 1524 below the preced-

.ing week, but 109,199 above the cor-'

responding week of 1935.

Fruits and Vegetables

{Quotations below subject to change, are ®verage wholesale prices ing offered ‘to buyers by local commission dealers.) FRUITS —Pears—Michigan Bartletts. box, .Bananas—Selected, 1b, 43;c. Apples— 1 = den Blush, $1.75; No. 1 N. Y, 2'2 in. $1.50; N. $1.25 Lemons—Sunkist, Limes—Mexican, carton, 12s, : Persian seedless, per 100, §2.50. Peaches— Elbertas, 2 in., bu. $3. Plums— i Ital. prunes, 16 1b lug, $1. ‘Grapes—Seed-28-1b. crate, $1.75. MELONS—Cantaloupes Home-grown. Honey Rocks, bu, $1.25: home-grown, Tip Tops, $1.25. Watermelons—Missouri, 30-1b. 9c. VYEGETABLES--Beans—Round Stringless, ‘bu, $2. Beets—Home-grown, doz. Sec. _Carroté—Ohio. .doz., 45¢c. a I crate. $1.50. Celery- Michigan Mammoth, washed and trimmed, z.. 80c. Cucumbers a. $1.50. Corn—Home-grown, Kale -Home-grown, e Califorina, leaf. home-gr awh. 15-1b pers ~Mangoes home-grown K basket, 60c: doz. 23c., .Onions—Northern yellow, Parsley—Home-grown, —Wektern Tel.. hamper, Potatoet -Eastern Cobblers, 100-Ib. $2.80. Sweet potatoes—Eastern Jerseys, . $1.65. - Radishes—Ohio white, 2-doz. Sage—Doz., 45c. Turnips— New bul bu 1.50. Tomatoes—Home40c.

* $8.50.

{By United Press) 3 Aug 31. —Apples—Duchess | 75¢c@ $1.50. Potoricans

CHICAGO. ichigan, bu. ite 30-1b. , crates, Carrots—Illinois. bunches, 2!z a abbage~Wisconsin, 75-lb. crates. 1 2581.7 75. Spinach—Michigan, -bu., 50c@ 1. Tomatoes—Michigan, climax basher. 2 Cauliflower—Colorado, crates, su 1.35. x TER Colorado. bu... hampers, $1.254 1. Celerv — Michigan, square crates, aa 50c. Onion. market = i50-lb. sacks): ifinois vellow, 65@85c; Indiana ¢ 85@85¢c: Michigan yellow, 859 83c.

_ Produce Markets

(The prices quotea are pald for. stock gather in- the countzy, while delivered a Judi napolis the price is a cent higher.) Heavy breed hens § Ibs. and over 38c; under 5 lbs, 13¢c; Leghorn breed hens, lic; colored springers, 1i3 Js. asd iz bs. r full feathered, all ae all guineas 113 lbs. and up, 15¢; . Sc; No. 1 stsictly fresh eggs, Each full case must. weigh a deduction Fo 10 2a a

£8,

Abreast of The Times on F inance

and the

MONDAY, AUGUST 31, 1936

PAGE 11

port natural rubber. for the nation's needs.

Russian Industries ssian factories are reported producing cheallont automobile tires and footwear from synthetic rubber Soviet Union finds it no longer necessary to imSufficient aluminum. is produced

nciple.j

Y. Duchess"

RAPID GROWTH PREDICTED FR

NEW INDUSTRY

U. S. Officials Rely on Air

Conditioning to Absorb Many Jobless.

BY MEADE C. MONROE » United Press Staff Correspondent

tica is

| Air condi tioning is

| demand.

| Government officials consider the |

CHART REVEALS

They expect it to provide |

INDIANA'S GAINS

class within a |

| neophyte air conditioning industry {as one of the prime forces for re: | covery. vast stimulation for the older, basic industries and to push itself into the “billion dollar” few yearss They dreds of thousands of workers. pro- | vide safe investment for millions | of dollars of capital, and become one

| of the leaders among new industries |

on which economists are relying to

| provide the final stimulus w recov- |

j ery. ! a Rapid Expansion. | The air conditioning industry | particularly adapted to- rapid ex-

pansion in a period of recovery. | ac- | the first] time in years, are casting about for |

keeping their

ink for

Tradespeople, counts in black ways of attracting new customers, goods. Individuals have more money,

and are willing to spend it for personal comfort and convenience.

conditioned establishments. Individual home owners finding that houses may be made

winter; spiratory diseases may be controlled; that family dispositions are sweeter when the air is clean, free from dust { and bacterfa, and of proper tem- { perature and humidity.

See Big Rise - Air conditioning sales during 1935

| year, experts predict an annual busi- [ ness’ approaching $140,000,000 | 1936.

its chief market in commercial establishments, which use it to crease trade. Air

residences of the wealthy, families which must have pure, tem-

reasons.

ing summer comfort—lowering temperatures and decreasing humidity.

ing | which heats, filters, midifies and circulates the air,

Costs From $200 Up Cost of home units ranges from |

ly cleans and circulates the air, up to $2000 or more for year-around equipment which operates automatically to keep temperature and hu- |! midity at proper levels. Private engineers estimate that a winter air conditioning plant can be | installed in a new home for ap- | proximately 25 per cent more than a complete - automatic oil or gas- | burning furnace employing radia-| tors. They estimate winter fuel] costs at 10 to 15 per cent less with air conditioning than with a normal |

creased to the proper level, the house need not be so warm: to provide the same comfort. Year-around |

regular heating plant. Make One-Room Units

Cost of installing air condition- | ing in existing homes is compara- | tively high, because of necessity of! alterations to walls and basement, | To meet this condition. however: | the industry supplies single-room | { units, costing in the neighborhood | | of $500, which provide at least one | comfortable room in the house. In commercial establishments. air conditioning plants range from | single-room units used { parlors, restaurants and’ stores, to the elaborate installa-| tion in department stores. office! buildings and factories costing as| high' as $500,000. One of the chief fields

small

of air

railroads, which have spent $50.- | 000,000 to improve traveling com- | fort in chair cars and. pullmans in! the last three or four years,

TWO STOCK FIRMS ANNOUNCE MERGER

Officers of the local branch of | Abbott, Proctor & Paine were notified of the consolidation |

west Potatoes | i

Stock Exchange. Effective Oct. 1, all of the offices |

of the system of Abbott, Proctor | & Paine, the report ‘said, with | A. B. Wright in direction. Mr. Wright is to become a general partner of Abbott, Proctor & Paine,

WASHINGTON, Aug. 31.—Amer- | demanding more personal | | comfort, in its homes, its offices and | {the places where its money is spent. | supplying the |

believe it will employ hun- |

Stores, restaurants, beauty parlors, | hotels and offices are learning that | customers come oftener, buy more | and return more frequently to air]

Commercial air conditioning has | been chiefly in the field of provid- |

In private homes, chief progress has | been made in winter air condition- | cleans, hu- |

$200 or less for a plant which mere- |

heating plant.» With humidity in- |

air conditioning in a new house costs approximately twice as much as a |

conditioning recently has been on | . | GOLD IMPORTS INCREASE {

today | of their company with A. J. Wright | Clearings . & Co. member of the New York |

of A. J. Wright are to become a part

i i

FACTORY WAGE EARNINGS GAIN ON COST OF LIVING

nN ov

(NATIONAL INDUSTRIAL CONFERENCE BOARD)

120

i OF LIVING .

®t ¥ i a b/s «FACTORY WAGE EARNINGS

~ o

8 X3ANI ONIAIT 40 1503

o> o

EARNINGS -DOLLARS PER WEEK >

[ETI

1929 1930 1931

1934. 1935 1936

THE PARKER CORP. GENERAL DISTRIBUTORS

INCORPORATED INVESTORS

Factory wage earnings are steadily rising, and rising faster than the :

cost of living. During the past year factory wagé earnigs went up 13% per cent, wage rate$ increased 3 per cent, while the cost of living ad-

vanced 3!z per cent.

Higher wages means increased production costs

which, in turn, means higher all around prices. We are already caught in an upward spiral 'of increasing costs. Many businesses which cut overhead expenses to the bone during the depression have operated during past months with the lowest manufacturing costs in their history. This condition brought profits as production increased, and earnings reports generally were pleasant reading. Now caught in this upward spiral of rising costs many businesses will be faced with a narrowing margin of profits. ; :

Life Insurance ance Salek Only | Line in. Study to Show .Decline.

Substantial gains in seven out of

| eight lines of endeavor were reis | { half of the current year in com-

corded for Indliana during the first parison with the first six months of 1935, a Business Week chart revealed today.

Sale of ordinary life ‘insurance

| contracts was the one field in which persuading old clients to buy more |

a loss was reported. The decline

| was given as minus,8 per cent, the

| same as was listed for the United | States as a whole.

Refrigerator Trade Soars

Passenger car sales were shown 31 per cent improved in comparison

| with the national gain of 27 per are |

cent. Commercial car sales were up

| 26 per cent, the same as in the namore livable, both in summer and

that colds and other. re-|

tion. . Household refrigerator sales ad-

| vanced 42 per cent in Indiana and {30 per cent in the entire country. | The value of bank checks drawn | expanded 21 per cent in the state, i compared with a 16 per cent climb in | the United States.

Farm income was. up only 4 per

| cent in the state, the magazine's | totaled nearly $85,000,000. From fe- |

ports of the first six months this |

table showed, whereas the nation moved ahead 12 per cent. Electric power output increased 12 per cent

all-state average. Heavy construc-

Hoosiers but soared upward 71 per

1936 FEED SUPPLY BELOW LAST YEAR

perature-controlled air for health! Sis | Times Special

WASHINGTON, Aug. 31.—Department of Agriculture made pub-

| lic today a special report, declaring

that although the drought has

cut sharply: into the nation’s feed crop, the total supply of foods in | general for the 12 months ending | with June, 1937, is indicated to be about 3 per cent below that of 1935- | 36 and 2 per cent less than in 35 , | The drought has been particuiarlly severe on feed crops, | wheat, potatoes and vegetables for | canning, the report said.

Bn pee emeis n eteir

DIVIDEND IS DECLARED | Times Special | CHICAGO, Aug. 31.—Directors of { the Petroleum Corp. of America de- | clared a -dividend of 25 cents a | share payable Sept. 30 to holders of | record Sept. 10. A similar dividend was paid on May 29.

| Chicago Grain Futures

(By James E. Bennett & Co.) . 9:4f Prev. High: Wheat— ept. J... 4 i Dec. | May { = Corn— « i Sept. J ..... 1.08 Dec. . May Oats—

Sept. Dec. | May Rye— i Sept. Dee,

May sled; TL

LOCAL CASH MARKET City $1.04 for No. 1 red wheat. Other grades on their merits. Cash corn, i new No. 3 yellow, $1.06; oats, 36c. | Hay—No. 1 timothy, $1450@15; No.1 clover [email protected]; No. 1 alfalfa,

1.093 1.0873 1.07%

1.06% 93's .895%%

41% a 5 43% 82%

.80% 78%

in beauty |

| first cutting, $14.50@15; second cut-

ting, $16@17.

By United Press

WASHINGTON, Aug. 31.—Gold

| imports for the week ended Aug. 21 {rose to $24394314 from’ $13,460,521 | the preceding week, the Department

{of Commerce reported. Silver impor increased to $2,767,371 from 36.

Money and Exchange

INDIANAPOLIS STATEMENT

Clearings fer month 68,

Debits Hp Sarge 6.5 . 8 { Debits 174.5

or month

TREASURY STATEMENT tBy United Press) WASHINGTON, Aug. 31 —Government

{ expenses and receipts for the current fiscal | year 0 Aug. ago:

Year.

This Year. Last | Expenses YE $1, 311. 438, 569.34

28, as compared with a year

STOCK MARKET WEEK IN REVIEW °

BY ELMER C. WALZER United Press Financial Editor NEW YORK, Aug. 31.—Stocks and bonds advanced during last week inspired by further business gains and outlook for continuance of activity in major industries. The stock market more than made up its losses of the previous week and the averages came within a short distance of the year’s highs before profit-taking developed. Volume increased on the rally. Steel shares featured the recovery. Railroad issues moved forward more spiritedly than in some weeks. Industrial issues generally joined the upward movement. Metals resumed their advance and oils scored small gains. Utilities picked up late in the week. There were periods when the

| favorable domestic news was ignored

and attention was concentrated on foreign troubles. A reported Stalin radio talk warning of war was an adverse influence on Wednesday, It was denied officially by Moscow and the market resumed its advance with vigor on Thursday.

New Bond Issues

(By Lyons & Co.)

Bid Allied Stores 42s '51 i" Arkansas Gas 4s '51 ...100Y2 Associated Jelophone 4s '65 .. B & O 4% 10

Ask

100% 107%

Cal OTeEon. Your. 45 ’66 .... Central Maine 4s '66 Central Ill 3%s '66 hh Cincy Gas & Elec 3%5 66 .... C & O ‘E’ 3's '96 Chicago West In 415s "62 , Chicago Un Station 32s '51.. Cleveland Tractor 5s '45 Columbus Railway 4s ‘65 .... Com Invest Tr 3's '51 +“Conn River Pr D & L 33s, ‘61 Consolidated Oil 32s '51 Cudahy Pkg 334s ’'55 a1 Edison Illum Boston 32s '65.. Gen Motors Ac Corp 3s '46 _. Gen Motors Ac Corp 3%s '51 . Indianapolis Water 35s 66 .. Iowa South Utilities 5%s 50. Kansas P L 42s '65 Los Angeles G & B 45 '70 .... Lou & Nash G & B 4s '70 .... McCrory Stores 5s ’51 Metro Ed 4s 65 Min Gas & E Dr 4s '50 Monon W P 4!2s '60 Sale _ Narragansett Elec 32s 66... N Y Chi St Louis 45 '46 New York Edison 3s '66 Okla Natural Gas 4Yas x Okla Natural Gas 5s '46 Pacific Lighting 4%as '45 . 105... Peoples Gas Lite & Coke 4s ‘61 973% Penn 34s 'T0 101¥ Penn Tel 4s '65 Potomac E Power 3'is 66. Pub Serv N H 33s '60 Railway Lite 4Y%s *55 Sagueney Power 4's '65 .... San Diego G & E 4s '65 Southern Cal Gas 4s '65

[1 1034- | So West

10334 | Wisconsin Gas & Elec 3'%s '66 iodss 99

Southern Kraft 4Vis 46 G E 4s ’'6

| Wisconsin Pwr & lite 4s '65

spring’!

Close i

10ave

Local Soritios

(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 cr recent, transactions, BONDS Citz Ind Tel (T H) 4'2s '61.. 102 104 H Tel & Tel Ft W 51s '44 ... 104 105 H Tel & Tel Ft W 6s '43 103% 106 Indnls Railway Inc 5s '67 65 68 Interstate Tel & Tel 5%s ’53.. 99 101% Kokomo Water Works 5s ’58 104 Morris 5 & 10 Stores 5s '50 103 Muncie Water Works 5s '65 .. Noblesville H L & P 6las ’47. Ohio Tel Serve 6s "47 Richmond W W 5s Sevmour Water oe 5s 49 .... T H Trac & L 5s ’44 T H Water Works 5s If T H Water Works 5s "49 .... Trac Terminal Co 5s '57 Indpls Water Co 3l%s 66 ....

STOCKS A B C Brewing Co com

Wisconsin Pub Serv 4s '61 ..

Belt Rail 8 Y co Belt Rail S'Y i 6s : Central Ind Pow er pid Ts Home T & T Ft Ya Hook Drugs Inc co

Es Ind & Mich Elec an pr 7s ...106 9

i North Ind Pub . : i Prog Laundry grain elevators are paying!

Ind Gen Serve Co 6s Ind Hydro Electric Co Te { Indpls Gas Co com 6s . ey } Indbls Pow & Lt Co pfd 6s .. Indpls Pow & Lt Co pfd gs RO

Sérv Co pfd 7s. Co com Pub Serv of Ind pid 7s Pub Serv of Ind pfd 7s South Ind Gas & Elec pfd 6s Union Title Co ¢ T H Electric Co. Canin

Other Lives Livestock

(By United Press)

CHICAGO, 31.—Hogs—Receipts, 12.000. including Algo directs; marker mostly strong to 25c¢ higher than Friday’ s Ts: unfinished light weights weak top, 0 Bulk si0-350, 55 b $11.10@ 11.45; 325 s 1.3 ets light most sows, $8.7 ERS: lights, io. ; Ble ReaD Tia 2500; calves, 3000; ied steers steady to 25c lower; yearlings steady to weak; all buying interests after ‘yearlings scaling 960 downward; indica108s Joo Many megium, weights and y steers in crop; early top yearlings, $10.25; two loads, $8 506 @10: Sy hy $9.90; practically all Si heifers fed and grassy steady. best weighty steers, $9.60: these scaling 1400 lbs. western grassers in crop; stocks supply weak to 25¢ lower; bulls and vealers steady at $5.50 down and $9 down, respectively: more steer beef in crop than week ago but tidy light yearlings very scarce. heep—Receipts, 14,900: fat lambs moderately active: strong to higher; spots, 2c up; top native, 9.85; bulk $9 2549 sheep and feeding lambs Pie Changed. LAFAYETTE, Ind. Aug. 31.—Hogs. market steady to 5c hig er; 210-435 ibs., $11.35611.45; 235-260 lbs, $11.15@11. 25; 2 280-300

80% 86 141

55 .102% 20

roughs, Lambs, $9 down.

Calves, $8.50 down.

SWINE VALUES GAIN SLIGHTLY AT LOCAL PENS

Pork Prices Are Steady to 15 Cents Up; Cattle Sales Slow.

Porker prices at the local stockyards were generally steady to 15 cents higher today, with trading

fairly - active and uneven. Weights from 160 to 300 pounds were bringing five to 10 cents more than at the close of last week’s trade, whilé grades below 160 pounds were steady to 15 cents higher, Trading on heavyweights, above 300 pounds, was negligible. Packing sows were steady. Swine scaling 190.to 270 pounds were quoted at $11.25 to $11.60; the 270-300-;pound class sold at $11.05 to $11.35;

| weights from 160 to 190 pounds ( were bringing $10.25 to $11.40.

Lighter kinds, weighing from 130 to 160 pounds, sold at $9.25 to $11.15, while extremely light grades, below 130 pounds, were listed at $8.75 to $9.65. Packing sows were $8.25 io $9.50, with a few choice grades bringing $10. Receipt stotaled 5000, compared with 5000 last Friday and 1200 on Saturday.

Cattle Sales Steady, Slow

Trading in fed steers and yearlings was rather slow in the cattle market, although early sales were

undertone, the bulk of steers sold from $7.75 to $8.50, Heifers were steady, mostly selling at $6.50 to $8, with an early top at $8.25. Beef cows were quoted at $4 to $4.75, cutter grades at $3 to $3.75. Vealers were steady, with the bulk of the better grades bringing $8 to $8.50. Receipts numbered 1200 cattle and €00 calves. Lambs were steady to strong, with most of the better grade ewe and wether lambs bringing $9 to $10. Slaughter ‘sheep were steady, with fat .ewes listed at $2.25 to $2.75. A few top grades sold at $3. There were 1400 receipts.

HOGS Receipts. 6500

fiant Lights— (140-160) Good and Medium .. Lightweights— (160-180) Good 5nd

Mediu \ (180-200) ond ‘and

Medium Weight (200-220) Good and (220-250) Good and Heavyweights— (250-290) Good and (290-350) Good and Packing Sows— (275-350) Good .. (350-425) Good .. Good

(425-450) (275-350) Medium ’ Pig (100-140) Good ang choice. .

choice.. choice. .

choice. . choice. .

Slaughter

—Receipts, 1200—

(550-900) Choice Good

| 208

Common «.....

(900-1100) Choice Go

od... Medium Common Choice geo d

Medium : (1300) God

(1100-1300)

FIR IP IBID NR =I SAND ANAND nD Tn 039939939 WOI0OR IND 100 Sgungbaaneaas DSNUONNND ND I

UY eT hI =3 TD DY m3 3

38888

mmon, medium. Gomi and choie:.. Common, medium.

p03 238888 99299

(750-900)

Good Low cutter and cutter Bulls, good Cutter, com. and med. bulk. .

Vealers —Receipts, 600— {oud 5, and choice

Cull nd common

(250-500) Good and choice..$ 6.25@ Com. and medium, 4.00@ 6. Feeder and, Stocker Cattle (500-800) gom, and| choice. .$ 5. 5@ 7.00 m. and medium. 4.26@ (800-1050) Good and choice.

om. and medium, 4.25@ 5.75

Good Common and mediim SHEEP AND LAMBS —Receipts, 1400—

; | Lambs—

Choice Good . Medium .. Common ..

wWes— : 190-170) geod and choice . Com. and medium (Sheep and g PS quotations

basis.) Other Livestock

(By Times Special)

LOUISVILLE, Aug. 31.—Cattle—Receipts, 1500; supply fairly liberal: Killing quality plain; demand fairly dependable; market opening slow and about steady with last week's close on practically all classes; bulk, common to medium grassy Steers and heifers. [email protected]; some plainer kinds down to $3.75 and less; ractical top

| yearlings; ‘ beef cows, [email protected]; good fed cows high-

early, $8 paid for lot good y fed 700-1b. bulk, common to medium grassy

er; bulk, low cutters and cutters, $2. 20@ 3.50; few sales sausage bulls mostly, $4.75 down; stockers and feeders Jnchanged. - Calves—Receipt s,' 500; ealer market opening active and 2 ratrales steady with Jast Friday bulk; better vealers, $7.50@ 8:. some strictly choice handywei hts, [email protected]; medium and lower grades, $4.50 @6.50; thin light culls down to $3 and less: all heavy grass. calves discounted. Hogs—Receipts, 500; market 10c higher than Friday or Saturday; desirable 180250. -1b. weights cashed at a top and bulk , $11.25; 255-300 1bs., $10.65; 305 lbs. up. $10.20; 145-175 1bs.. $10.25; 120-140 Ibs. $9.55; sows, $8.35; ail unfinished hogs were subject to a discou Ss eep--Receipts, 9000: lamb supply moderate to light; demand fairly broad; guality fairly desirable; market not fully established, but opening sales mostly 25¢ higher than Friday or largely, $9.25 for better ewe and wether lambs with some strictly choice’ weighty .offerings quotable to $9.50: fat slaughter ewes steady at $2.50 down. Receipts Saturday:- pole 224: calves, 65: hogs. 118; sheep, 83. Shipments Saturday: Cattle, 34; calves, 198; hogs, 176; Died Press)

sheep, none. (By FORT WA Ind. 31.—Hogs. market, 10c higher; 166-180 ibs. $11; Ln 200 lbs, $11.15; 200-225 lbs., $11.30;

$9: roughs, $8.50; iy $7. Calves, $8.50. Lambs, $8.

considered steady. With a weak |

New York Stocks

(By Thomson & McKinnon)

2 Noon Oils— . Atl Rig . Barnsdail Consol Oil ..: Cont of Del ... Mid Cont Pet .. Ohio Oil 13 Phillips Pet .... Plymouts Off ...

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

Am Roll M. Beth

tee. Inland Steel . Ludlum Steel . Mid Steel ...... Natl Steel . Otis Steel 1 Rep Ton ® Steel 2 Ree Ir St pf. 110 Steer

U 9 Steel pfd.. Warren Bros ... Warren P & Pay 29° Youngstn S & T 833% Motors— Auburn Chrysler Gen Motors Graham Mot ...

Yellow Truck ..

Motor Access—

Bendix Bors “Warner

Budd Wheel ia Elec Auto Lite... Elec Stor Bat.... 4 Houdaille Murray Body .. Stew Warner Timken

11 | Timken Det Axle

Mining—

Alaska Jun Am Metals

Isl Creek Coal ‘ Kennecott Cop Melnvyre Mine Park Utah

Vanadium . Amusemenis— Crosley Radio ey Fox Thea 31 Loews pat . Radio Corp Paramount RKA Warner Bros ... 13% Tobaccos— 3 Am Tob “A”... 100 Am Tob “B”...102% Phillip Morris .. 923g Reynds Tob “B"” 563s Rails— : Atchison B & O

Del Lac & W .. Erie Erie - Gt Northern ‘pfd 111 Pent ira) Tenea 28

N Y New Haven . N Y Ont & West Nor Pacific ... RR

143 West Maryland.. 103; Equipments—

Am Brake- Shoe. 58%, Am Car & Pdy.. 461, Am Loco . on Am Steel Fdy.. Bald Loco 315 Gen Am Tk Car 5714 Gen Elec 1 Gen R R Sig Pullman Inc West Air Br ... Westingh Elec. [14075 Utilities— :

Am & For Pwr . 73% Am Power & Lit. 1312 A T

Am Wat W Col a

Gas Stone & Webster United Corp . Un Gas Imp ... Ut Pwr & Lt A Western Union. .

Rubles Firestone .... Goodrich

| Goodyea

U 8S Rubber ... U-S Rubber pid Miscellaneous—

Allis Chalmers . Am Can

Contl 93 a an Tract 3 2 0 Eastman Kodak 1

Rte Wheeler... 33% Gille 14 a1, 42

‘Int Bus Mach’ 168

251, 1 Cierra EB...

Foods— Am Sugar ......

- Armour

Beatrice Crmry.. Can Dry G Ale.. Coca Cola Coa Cont Bak “A”... Crm of Wheat Vs Cuban Am- . Sugar 11% Gen Baking -... 4

G W gar Natl BifeutNatl D Prod.. Purity Bak aan 8 Porto Rico Sug 34 Std Brands .... 15% Wrigley . Retail Stores— Allied Stores Assd Dry Goo Best & Co First Nail Stores 5 Gimbel B: 175 Jewel Tea . Kresge 8 S . Kroger Croc Macy McCrory St McLellan St Marshall Field

123% ds? ’s

Va | Sears

FALL TERM OPENING

Aug. 31 to Sept. 8

Many who entered this school a ear or a little more ago are t, promising - ialized business ect, positive, ef-

E Solan now.

2 Noon. High. Low. N. Y. 587% 58% 47 467, 89 291% 85

{ May Dept St.... | Mont ang en Penney J C .... | Safeway SF... Roebuck. . | Woolwarth s»Aviation— { Aviation Corp.. | Boeing Aireft {Curis Wright, 63% Curtiss Wright A 19%% | Douglas Air ... 3h j Nor Am Av .... | Sherry Corp . United Air'aft N 251s Chemicals— Air Reduction... T4 Am Com Alcohol 23% Com Solvents .. Du Pont .e Freeport Tex

Schenley Dist. Tex Gulf Sulph 38 Union Carbide . 95%; U 8S Indus Alco 34 Drugs— 51% 18 «13 n Drug (mew).. 15% Zonite Prod: .... 6% Financial— Adams Exp .... 133% Allegheny Corp... 4 Am Int Corp... 113% Chesa Corp .. 834 Transamerica 1312 Building— Am Radiator... 231% Holland Furnace 36° 3 { Int Cement 55 | Johns Manville 15 | Libby Owens Gls 89 Otis Elev . 2713 U 8 Gypsum... 100%; Household— Col Pal Peet....

Servel Inc Simmons Bed.... Textiles— .Amer Woolen. Celanese Corp . Collins Aikman. Kayser Julius .. Real Silk

(By Atkins. Hamill & Gates) Advance Aluminum .

‘Butler Brothers Cities Service .. Commonwealth Edison ford Cran i Electric Household General Household Godchaux Sugar “‘A” Economical Drug ....... Great Lakes Dredge ... ann : Jarvis Mig .... ........ esupes S132 Lincoln Printing . Loudon Packing - Noblitt-Sparks

New York ork Curb

(By Atkins, Hamill & Gates)

Aluminum Co of America Am Cyanamid '‘B” Am Gas & Electric. Am Superpower ... Ark Natural Gas “A Atlas Corp Carrier Corp . Creole Petroleum Corp Elec Bond & Sh Fisk Rubber Ford Motors Canada Glen Aldren

(1 b Humble Oil & Refining Co.

Int Vitamin Imperial Oil of Canada. Lake Shore Mines Molybdenum Corp of Amer.... Natl Bellas Hess Inc Niagara Hudson Pwr Pennroad Corp Root Petroleum St Regis Paper Co Salt Creek Producers Assn. Sonotone Sterchi Brothers ‘Stores. .. Stutz Motor Car of Amer. Sunrey

(By Thomas D. Sheerin & Co.

Administered Fund 2nd Affiliated Fund, Inc. say “Amer Business. Shares Broad Sireet Investing Bullock Fund, Ltd. Genus Shares Trost ..: Cor “AA” “Accum” (Mod.) Cor “AA” or ““Acc’’ (Unmod) Cor Trust Shares (Orig) .... Diversified Tr Shares ‘B.... Diversified Tr Shares “C”.... Diversified Tr Shares “D’’.... Dividend Shares, General Investors Trust.. Incorporated Investors .. Invesiors

OLIN IND DO

— BO — DD Ia HRW OWN 3 SBS RIN nee

wr 1a $0 53 rt : 00 NO Gr ~1 320 00 00 82

(Orig) . Quarterly Income Shares... Sélected Amer Shares, Inc... Selected Amer Shares (Orig) 3.92 Selected Cumulative Shares. . 10.13 Selected Income Shares 5.32 State Street Investment Corp 110, 50 Supervised Shares, Inc (Del) . 3 30 Trustee Am Bk “B” Trustee Stand Oilshares “A” 708 Trustee Stand Oilshares “B’’. 6.32 Uted Standard Oilfunds *Ex-dividend.

Unlisted Stocks

(By Blyth & Co.) NEW YORK STOCKS i

hase Chemical Continental ........ Guaranty Irving “ise Manufacturers National City First National Boston National Shawmut ... . Fire Insurance Aetna Pire Insurance American Ins of Newark

-| Baltimore American

City of New York Federal Fire Franklin ‘American “Insurance Great American Insurance. Hanover Hartford ........:. Home Insurance .. National Fire Nauonal Liberty

Fire Westchester’ Fire - *Bx-dividend.

Times Special

tional traffic record during when 24407 revenue

officials said today.

AIR LINE Ets

Hendershot Says.

BY RALPH HENDERSHOT Times Special Writer NEW YORK, Aug. 31.—It costs approximately one dollar a pound to haul freight to San Francisco from New York by aeroplane, W. A. Patterson, United Air Lines Transe

day. This affords an excellent idea of the status of the aeroplane at present in the

general scheme of

4 | transportation.

Only a very

gh | small portion of

Chicago Stocks

rev. Close

Investment Trusts

Asked, 19.13

SHOWS TRAFFIC HIGH

CHICAGO, Aug. 31—United Air Lines established a new interna-

July

passengers, 564,536 pounds of mail and 186,000 pounds of express were transported,

, | freight for

| the freight busi- | ness of the Soin | try can stand such a2 transportation tax — specialty the most part. The cost of operation will have to be brought d o wn 3 ‘considerably be- Mr. ‘Hendershot fore the aeroplane can be considered a serious competitor of the rail= roads and the trucking companies,

Rely on Mail Contracts

Mr. Patterson also claims that his company loses money on every pas= senger it transports; that if it wers not for the government mail contracts it would be obliged either to raise rates or go out of business, That, of course, 5 an unsatisfactory situation, for Federal subsidies do not constitute a very sound basis upon which to build a business, They are too easily eliminated or changed. It is true, to be sure, that the government has an important stake in the development of the aeroplane | because of the part. it is likely» to. play in any future warfare, And, while there is no good reason to believe it might wish to discontinue the subsidies, it is .far better all around for the companies themselves. to work, constantly Howsrd lower operating costs. . | United Air Lines seems to be showing a great deal .of initiative in that direction. Mr. Patterson recently announced that it proposes to raise between $3,000,000 and $4,000,000 thtough the sale of stock. It will use the proceeds to buy planes which can carry up to 21 passengers, as contrasted with its present 10passenger machines. Brown, Harri=

man & Co, is.to underwrite the. deal.

FOOD INDEX DESCENDS

Times Special

ly food index, compiled by Dun & Bradstreet, fell 3 cents for the week

ended Aug. 25, the firm reported today. This carried the index to $2.82, a 1.1 per cent drop from the ' 6-year peak of $2.85, recorded the ’ preceding week. Declines were registered in all = grains, as well as flour, hans, lard, butter, coffee, cottonseed oil, eggs,

report -said.

- - > Building Permits E. A Lewis, 911 Bates-st, wrecking, $6 Railroad Federal Savings & Loa : Ses. 4142 N. Meridian-st, alterations, $990, James P, Mugivan, 906 Greer-st, furnace,

Riley J.. Miller, 2236 Morgan-st, garage, Faniek White, 323 N. Templéav, alter= 431‘ Concord-st, 1026 W. 33d-st, garage, Howard Judrich, 817 N. Bolton-av, ale

terations,

Amanda Coo er, - - tions, $400, p 3118 Euclid-av, addi ohn 8. Karus, 31 remodeling, $100. 52 N. New Jersey-st,

Capitol Oil Co., 10thelectrical, $125.

Notice to Holders of Indianapolis Water Company

First and Retondin Mort due anus ry 198 Sola Bands, Notice i

hereby ven to al yi ide the above mentioned Bonds, that ot

Beseman, Byroad,

st and Pershing-av,

ry and has deposited with Bankers Trust Company, one of the Trustees under the Mortgage securing same, the total amount necessary to redeem and pay all of =aid Bonds oufstanding, with a premium together with accrued interest of Any - holder a such Bonds, may, at the option of such holder, ron esentation and surrender of fogether with all appurtenant

Such Ro BS ne

anuaz L New York

on and after a

said redemption date of the principal amount of such Bonds, together with said

January 1 INDIANAPOLIS NATER COMPANY By ROBERT D. BURROWES, Treasurer,

| Dated: August 5, 1938 :

port Corp. president, estimated to- ;

City. New York, receive payment, prior to

premium and secruen interest thereon io i

NEW YORK, Aug. 31. —The week

potatoes, steers, hogs and lambs, the

while A. J. Wright, senior member | Deas

of the firm, is to become a Special partner;

Deficit 2s 581.655. | Cash Bal. 1.927.199,838.58 Gold Re. 10,702.925.944 50 | Customs ~~ 63,228,853.12

:: : JACKSON-EWERT, INC.

gaay: extra firsts’ (90-9113 score), Investment Securities ; firsts, 326 32%2¢; -specials, 3412 @35¢c; ¥ : dards, 33':c. : °

quitry—Market. Heady. receipts, 17 : Bac Reng a0 16s tufeart 13a MUNICIPAL and CORPORATION : BONDS and STOCKS eese—Twins, 18156 18%c; Daisies. 19% bac: , Jonghoras., 181. @19%c. Potatoes Raymond D. Jackson 1316 Merchants Bank Building

tra fective. It is making a strong appeal to ambitious young men 3nd women today. “Central” is

Indiana Business College =

und under 55 lbs. will i No. Se 37@38c;: No. 2. 35@3 Butter-

Supervised by Indiana 9.197 1337.309.46 . : al 63.235,475.60 {By United Press) | CHICAGO. Aug. 31. —Eggs—Market firm; 6051 cases: fresh graded firsts, ie; extra firsts, 23%;s; dirties, 1%¢; cur- . rent receipts, 20%¢; checks, Bu 9383

real estate. BUILD Al EQUITY in a home ant pay rent to yourself.

State Bank Examiners

Thomson & McKinnon

: MEMBERS hs = of indianapolis. The others are York Stock Exchange. Marion. M

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

NEW YORK CHICAGO TORONTO BOSTON: SOUTH BEND FT. WAYNE EVANSVILLE

Indianapolis Office And other leading Exchanges. 200-214 Circle Tower LI. 5501

SCHLOSS BROS. CO. Consolidated With

New New New For Bulleti lars, zet in yin Eith i partice: I B. C. nearest you, or Fred W. Case,

Architects & Builders Bldg.

Tguneyivania & Vermont Sts. |

BF 17'5¢c; hens, 13618" 9¢; turkeys, 15@ broilers, 14'.«r15'%c: Leghorn “hens, : roosters, 14sec; fryers, 14%: & * INVESTMENT TRUSTS erate; demand Jat; market, : to weak; New Jersey Cobblers, $3.30 eo" : Pennsylva is Cobblers, $2. 55:

Ross T. Ewert Telephone, LI ncoln 2551

aan