Indianapolis Times, Indianapolis, Marion County, 12 September 1936 — Page 13

- managed

«in 1928. But,

“i dom

Business Important in November

. Election. ., BY JOHN T. FLYNN

TEW YORK, Se Carlisle used the wrath of t a deficit.” he Republicans in 1332 oid Sena Gorman Cleveland's said, "When I am election statistics," 1 al my eve first oi the trade and the profits

Be man with

felt it

1H 85a°

he business

ware

who campaign,

tor

tank fre 100KINg

YaAvS

into reports about SiNess difficult business executive up very

tent

of bu It is

for the

w ork tion as a crusader when profits are going up. It’s only when they are going down he feels .that all is wrong p with the world. : Soe The Federal Mr. Flynn Reserve Board publish) a list of 253 leading cor- . jorations and their profits for the period bet ween April and June— the second quarter of the: year. These profits are 73 per cent greater than they were in ‘the same . quarter ‘last year. But thefe is a more remarkable feature about these earnings than that. It is that the earnings of these great enterprises were actually only 15 per cent below what were in the extraardinarily prosperous vear of 1823. Something the same is true of factory pay rolls. They are about 15 per cent below what they were of course, they have not shown the amaz rise which profits have shown in Ee last year. Perhaps even more astonis shing is the fact that there are several in- _ austries where the profits are even

greater than they were in 1928.

the

y pI

they

8 » n \HE effect—of all t minds of business’ men and employes can hardly be understated. No one will deny the importance of- these economic fac-

tors upon the course of elections. One very important influence which I have observed this: Business men are disposed to criti- . cise various Administration measures. On the other hand they freely concede the greatly improved and improving conditions -of business. Buf Business men selunderstand the reasons why business improves. They know that certain vast forces are at work and that those - forces are pushing business up or down.

After all the discussion that has “gone on about economic conditions, business men are disposed now to helieve that the long sus- - tained rise in business is due to government spending{ They don't like government spendihg. But on the other hand they like the pleasant effects it has producer. What puzzles them is this question—what would happen if government spending were to ‘be checked?

upon the

Nis iia

z # #” T like the spending policy, they are fearful lest it be abandoned without something Being substituted in its place and what that something is they do not seem to know.

No speculations on the election results should overlook this simple element. The one big point, how=ever, is—will the business rise continue? There hardly is any doubt that it will. In fact there is good reason to believe that the inflationary spark has begun.to sputter and that within a year the government will be confronted with a job of controlling what it

has set in motion {Copvright. 1336, NEA Servi

—_—

ENCE, little as they

Inc.)

Local Securities

(Reprinted . From fate Times Yesterday) |

(By Indianapqjts Bona and Share Corp.) The gent actual indicate the based on buving recent transaction BONDS (T H) 48 Ft W 335°

offerings. but approximate mar ket

is or

citz Sod Tel 104 Tel % HT Tel & Fit W 8s 43 ee Indpis Fi Inc 3c '67 Torerstal e Tel & Tel 5'38 ’ Kokomo Water Works 5 _ Morris 5 & 10 Stores § Muncie Water works 5s '83 Noblesville H L & A 628 Ohio Tel Serve 6s ‘47 1 i § iin Rithm Water Co 5s '49 a TH Trac & L 5s "44 T H Water Works 5s '56 TT H Water Works 5s "49 ..... Trac Terminal Co 5s '57 i3 ou Indpls Water Co 3'as 102 STOCKS

101% 105 103

103% 103 1062

109 104 105

Home T& T Ft W ~Hook Drugs Ins con «: 1813 *Indpls Pow & Lt Co pf td’ 6s - *Indpls Pow & Lt Co pfd 6l3s 98 *Ind & Mich Elec Co pid Ts.. 108 *Ind Gen-Serv Co 6s .. Ind Hydro Electric Co Indpis Gas Co com 8s : +L pis a er Co pid $s

»n {d 51 Fane Serv of f Ind 6s 3 Northern Ind Pub Serv pfd Ts st Prog Laundry Co com .. i Pub Serv of Ind pid 7s Pum Serv of Ind pid South Ind Gas & El

28...

HNN NNN

X-Diy idend.

New Bond Issues

: (Reprinted From Late Times Yesterday) |

tBy Lyons & Col)

Allied Stores 4las ‘S31... ‘Arkansas Gas 4s 51 _ Associated Telephone & O 44s '32 : on Power 4s ¢ 3 Mfe 4s "ES. . Central Ill 3':s "86 Cincy Gas & Elec 3! 4s. oO “EB 33s ‘98

C & 2 ~Ehicago West In 4lzs = Chicago Un Station 3%35 . Cleveland Tractor 5s ds oa * Columbus Railway 4s '65 "Com Invest Tr 3!as '51 ... Conn Riv Pr D & L 3%s Consotidazed Qil 3'zs 'S1 Cudahy Pkg 3%s 3 Cudahy Pkg 4s '50 Edison Illum Boston 3'2s '§ = Gen Motors Ac Corp 3s''48 Gen Motors Ac Corp 3%s '51..10 Indianapolis Water 3'2s '66 .. Sous Utilities 5'28 "50.. L 42s '88 ’ Tos Angeles G & E 4s 7 Louisville G : E 3s’ - & Nash En an

York Edison 3s’ Natural Gas 4'28 ’ fic Lighting 4':zs ‘45 ..10 ples Gas L & Coke 3s 61 i an R R 3%s ‘70

Trends |

ef 12 —John G.. |

keep

| letter, { naturally comes from merchants in

Abreast of The Times on Finance

PAGE 12

SATURDAY, SEPTEMBER 12, 1936

amount, $7,844,000 is for

Public Building Leads Engineering construction awards, representing a short week because of Labor Day, total $35,219,000, as reported by Engineering News-Record. Of this

375,000 18 for ublic construction.

private building, and $27,-

"TRADE OUTLOOK

GOODSFOR FALL SEASON, R REPORT

Business Little Little Effected by Drought, Bank Survey Says.

Times Special NEW YORK, Sept. 12.—The sum- | mer business very satisfactory close during the

| York

| letter. i Thus far,

says

the letter says, i los

| over.

“With industries operating at the | J

the re- | | Warren Bros ..

| highest level in six years,” { port says, “farm prices advancing,

| and the bonus payments and other | adding | . |"Anburn 3

| government disbursements | temporarily to purchasing power, the volume of goods moved has | | equaled the most hopeful expecta { tions. Industrial | over the last year, for the three | | months, have been in the range of 15 to 20 per cent. “General business indexes, reflecting the fact that the seasonal decline was less than usual, rose in

| July to a new high point for the]

| recovery, and although slackening automobile operations may pull the August figures down, the drop will not be material. More money "has been spent on travel and vacations than in a good many years, and July railway earnings more than doubled a year ago.”

Retail Sales Increase

Drought areas have shown surprisingly little loss of trade, according to National City Bank, though there was some down - during the extreme weather. ; -- The + Department Commerce compilation showed that! rural retail sales in July were 18} per cent better than last year, and

slowing | hot

{ August. seemed to ‘make a satisfac- | tory gain.

“In considering the effect of the drought on fall business,” said the “the most practical opinion

the territories affected, who study conditions in their trade areas and

{i plan purchases i ports from wholesale markets show {that the farm states generally are

accordingly. Re-

going ahead with preparations for a busy autumn.” -

INDIANA FIRMS T0 ISSUE STOCK

‘Standard Life Insurance Co.,

Stokely Brothers File Statements.

foll owing quotations do not repremerely { level | and selling inquiries cr | | dianapolis, filed a registration state-

2 months of this year,

“| repoing cities totaled

8 rvised Shs, Inc (Del) .. .

Times Special { WASHINGTON, Sept. 12.—Standtard Life Insurance Co. of Indiana

{has filed a registration With

statement the Securities and Exchange | Commission, it was announced toi dav. {of $20 par value .common stock, of which 12,125 are outstanding and {12,875 to be offered publicly at $60 a | { share. Of the net proceeds to be received | by the company, $500,000 is to be, {used as capital and $619,000 to operate ‘the business. ’ Harry G. Leslie is president of the { company, which has headquarters at Indianapolis. Stokely Brothers & Co. Inc. In- | ment covering 85,000 shares of $1 | par value common stock. Proceeds lare to be applied to the payment of | promissory notes and general funds {of the company. William B. Stokely | Jr. is company president,

RETAIL NEWSPAPER

! i i

Times Special | CHICAGO, Sept. 12—For the first | eight months of 1936, the volume of advertising placed in newspapers by | retail merchants was 57 per cent | greater ‘than during the first eight { months of last year, Advertising Age reported today.

8 ] Total volume of retail newspaper.

| advertising for the first eight based of re- { ports covering 66 major cities, was { 569.977,723 lines. This compares with | { 539,349,996 lines in the correspond- | ing period of 1935, and is a gain of | 30.627,727 lines. For the seven-day period which {ended Aug. 29, retail lineage in the 15.643.997, {and was 6.2 per cent greater than

during the corresponding week of |

3%|193.

/ Investment Trusts

(Reprinted From Late Times Yesterday) (By Thomas D. Sheerin & Co.) Bid Administered Fund 24 ....... 18.28 Affiliated Fund, Inc {| American Business Shares .. | Broad Street Investing Bullock Fund, Ltd Century Shares Trust “Ace” "Acc" Corp Trust 8h forig) . Diversified Trustee “BB .. Diversified Trustee Sh “C".. Diversified Trustee Sh “D".. Dividend Shares, Inc . General Investors Trust Incorporated Investors *Investors Fund Amer . Market Street Invest Corp.. *Marland Fund | Massachusetts Investors .... Mutual Investment Fund ... Nation-Wide Voting . N American Tr Shs 1955 ...., N American Tr Shs 1956 ... N American Tr Shs orig). Quarterly Income Shares

Asked 19.45

{mod.). (unm.) .

| *Selected Amer Shares Inc

Selecied Amer Shares (orig). Selected Cumulative Shares. . Selected Income Shares State Street Invest Corp .

1 2

1436 1.18

season has come to &|

crop | ses due to drought have had little | | apparent effect upon business turn | Sis

| Rep Iron-Stl

and trade gains |}

al- |

of | | Int

McIntyre

-1 Lehigh Valley Lo

The statement covers 25,000 shages |

1So Cal Elson, :

~~ ADVERTISING JUMPS

New York Stocks

i : | (Reprinted From Late Times Yesterday) | Co | Du | Freeport Tex ...

(By .-Thomson & McKinnon) High

Prev. Low Close Olls—

| Amerada Atl ig

Houston

i ha on

Pet Phillips Plymouth Pure Oil

Corp Pet .... Oil

orp .. Tidewater Assn

{ Un Oil of Cal .. last month,.and the fall trade out- | {look may be interpreted as favor- | able, the National City Bank of New | in -its current monthly |

Steels— Am RO Mills. .

MK estpoTs Tin. 91 Mid Steel 48 Natl Steel £teel .... a Rep Iron & Steel Nn

& Fly 55 J] § Ste Us Sheer pfd.. ‘1318

Warren P & Fdy 20'2 Youngst'n 8 & T 83% Motors—

S Fie &

rysier

1 Gen Motors .... 67

-| Gr aham Mot....

{udson Mack. Truck Nash . Packard Reo Studebaker . 14 Yellow Truck . oh Motor Access— Bendix Bohn Alum ...,. Borg. ‘Warner... Brig Buoy Miz oo. Budd Wheel ..:. Eaton Mfg Elec Auto Lite. . Elec Stor Bat . Grevhound ? Houdaille Murray Body .. Stew Warner... Timken Roll.... Timken Det Axle Mining— Alaska Jun Am Metals . Am Smelt .. Anaconda Cal & Hecla ... ere De Pasco ome Mines.. a Nor Ore

Homestake

Howe Sound.... Ins Copper Nickel ....|. Kennecott Cop Mine Park Utah cits Phelps Dodge St Joe-Lead ... U S Smelters... Vanadium 25 Amusemen{s— Crosley Radio .. Loews Inc

Radio Corp Paramount KO

R Warner "Bros Am~ Sum Tob... Am Tobacco A.. 99 Am Tobacco B. ~101! a Gen Cigars .... 83a Ligg & Myrs B 106% Lorillard 23° Phillip Morris Reynolds Tob Rails—

Atchison Atl Coast, ‘Lines.

B Can Pacific Ch & Ohio

pi 2 ; Gt Northern pra 42 Ill Central .... 28! KC Sou........ 23% . 18%; 30%

West S Maryland Equipmenfs— Am Brake Shoe.. Am Car & Fdy.. Am Loco seks Am Steel Pdy....

Pullman Ine .... West Air Br 44 Westingh Elec ..144 Utilities— Am & For Pwr.

CC mentee —- BI 4p GU CC pt NOD 83 ~T

ld) pm

OG mam Ct Nb»

A Am wat Wks... Col Gas & Elec..

lg pet ok -pNoe

eB BIRD Te »

DWP WW OPI]

BIpd it. bhi BIB Ft 0002 Wn CHM BI COD NAD BI ~F » oo @ ANN REEN — 3 Ne

oe Wn BI Wa OD =JCO 00 p= OF in 00 BO BI «TBD 03 po dC GD Cae (] -_ >

N-

Peoples Gas de : Pb Serv J.

Std Gas Stone & Webster United Corp .. Un Gas Imp... Ut Pwr & Lt “A” Western Union . Rubbers— Firestone .. Goodrich Goodyear U 8S Rubber U S Rubber pid. 7 Miscellaneous— Allis Saamers . 557% Am 26 Am Mach & Fdy 23% Anchor Cap .... 18 Brkiyn Man Tr. Bais Burroughs Add.. 277% J 1 Cas Ww ‘a Caterpillar Tract 73'a2 Crown Cork ... 787s Curtis Pub Deere & Co...... Eastman Kodak 177 Foster Wheeler.. 83 Gillette ~143 Glidden Ingersoll Rand . Inter Harv _. Natl Cash Reg. Owens Bottle Rem Rand _. {| Underwood E

men

| Worthingtn Pmp

Foods— Am Sugar Armour opp] Armour 6 pid Beatrice Creamy Borden Prod ... Cal Can

Packing ... Dry G Ale. Cont Bak ‘A’... 1 Corn

Prod Cuban Am Sugar Gen - Bakin Gen Foie? Gold Dust G W Sugar. Hershey Natl Biscuit Natl D. Pro S Porto Rico sug Std Brands .... 18 Un . Biscuit ... United Fruit ... 7 Ward Bak ‘B'...

Retail Stores— Allied Stores Assd G

ry Best Co First Natl Stores Gunna) Bros ...

v St Marshall Field . Mont Ward Natl Tea Penney J ans Safeway St ..... Sears Roebuck | Woolworth Avistion—

Aviation Corp ..

saesun

close |

! Monsanto Chem 9814 { Natl { Schenlev Dist °

{ Union Carbide .. {i U 8 Indus Alco. i Lambert | Lehn & Pink ... | Sterling Prod ..

al TF Contl Corp..

| (Reprinted From Late

Hygrade

Salt. Creek Lr Ass'n, . "Eegal Lock

Com Solvents .. 164 Pont .......188 25% Liquid Carb .... 41 Math Alkali . 35%

: 3% Tex Gulf Sulph’ 377%

Tle 34% 83g 153% 12% 133% 4

Dis (new).

Un Drug fnew). Vick Chem Zonite Prod ...

Financial—

Adams Exp Allegheny Corp.. 4% Am Int Corp... 12% Chesa Corp..... 81 Lehman Corp...110% Transamerica .. 10 74

1313

Building— Am Radiator...., Gen Asphalt ... 25% Int Cement .... 55% Johns Manville M8 Libby Owens Gls. 68% Otis Elev ..... 4 U 8 Gypsum.... 99% Ulen Cons .. 3 Household— Col Pal Peet.... Congoleum Kelvinator Mohawk Carpet Proc & Gamble.. Simmons Bed.... 3

Textiles— ! Amer Woolen ... Belding Hem. ... Celanese Corp... Collins Aikman.. Gotham Hose.... Indus Rayon... Real Silk

Chicago Stocks

224%

141; 27s 56%

11 33% 13

Times Yesterday) (By Atkins, Hamill & Gates)

Advance Aluminum Asbestos Mig Bastian-Blessing Berghoff Bruce L Butler Brothir Cent 111 Pub Borvice pid Cities Service Commonwealth Edison Consolidated Biscuit Contimental Steel

e Dixie Vorteg Cup . Economical Drug . Electric Household General Household .. Godchaux Sugar ‘A’ . Great Lakes Dredge Jarvis Mfg Katz Drug Ken-Rad T Lincoln Printing Lion Oi fi Mg¢Cord McGraw Elect Nachman Spring Filled Nat Gypsum Noblittt-Sparks Northwest Bancorporation | Standard Dredge pfd Swift Pte re ena Schwitzer-Cummins Sunstrand

New York Curb

(Reprinted From Late Times Yesterday)

(By Atkins, Hamill & Gates) Prev. Close 13215 33% 43%, 93a

Close Aluminum Co of America Pen ins 132%, Am Cyanamid . 343%; Am Gas & rectric diss vannse san 43% Am General Am Superpower Ark Natural Gas “A".. : Atlas Corp oe 1394 Catlin Corp ......acv.u. nase ; Carrier Corp Creole Petiienn Corp Crockér-Wheeler Elec Bond & Share Fisk Rubber Glen Alden (1) Greenfield Tap & Die Corp Gulf Oil Corp of Penn... . Humble Oil Refining Co Huyler’'s of Del p . International Vitamin . Food Imperial Oil Irving Air Chu Lake Shore Site Long Island Lighting Molvbdenum Corp. of Amer. Hueller Brass . atl. Bellas Hess, Inc. iagara Hudson Power . Pennrqad Corp. Root Petroleum St. Regis Paper Co.

or. Tubize Chatillon Corp. Technicolor, Inc.

REAL ESTATE BOND PRICES UNGHANGED

Times Special NEW YORK, Sept. 12.—Average prices for real estate bonds in the Middlewest were ‘unchanged during August, retaining the level of $334 a $1000 of face value, statistics

— . ~JOWNDDWWI-ININIIDIINDRNOD

‘compiled today by Amott, Baker &

Co. showed. * Figures based on the market action of:200 typical issues, showed a gain of 4.7 per cent for the first eight months of the current year. During this period, the average price increased from $319 to $334. Chicago issues advanced .3 per cent in August, and 2.6 per cent for the eight months period. The average price of these issues was $315. Detroit issues rose 3.2 per cent fo: the month, and 15 per cent for the eighth months period, and the average advanced from $194 on Jan. 1 to $223 on Sept. 1. St. Louis issues decreased .8 per cent in August but still commanded the highest average price, $358. These issues gained 5.9 per cent over the eight months stretch, the report said.

RETIREMENT PLAN SET

Times Special KANSAS CITY, Sept. 12—A retirement pension and insurance plan for its’ agents is being placed in effect by the Midland Life Insurance Co., officials announced today. The plan provides for a normal retirement income of $50 a month and protection amounting to $2500 maximum to those members of the fleld force who succeed in qualifying for the insurance.

H. V. WADE TO PRESIDE

Harry V. Wade, vice president of the American United Life Insurance Co. is to preside at the annual meeting of the financial section of the American Life convention Oct. 13 at Dallas, Tex., it was learned today. The convention is held to discuss investment problems of the Southwest as they affect life insurance company investments.

SHOWS NET INCREASE Times Special. TORONTO, Sept.

$55,397, compared to $47, ecutives anhounced today. .

% TELEPHONES INCREASE Times Special

NEW YORK, Sept. 12 General Corp. for its

12, — Loblaw Groceterias, Ltd., for the four weeks ended Aug. 22, had net profit of \ in the corresponding period last year, ex-

AKRON INDUSTRY REPORTED BEST IN FIVE YEARS

Tire Manufacturers Make Big. Gains. Over ’35 Period.

BY WILL SHENKEL Times Specia) Writer AKRON, Sept. 12—The upward spiral of recovery i twirling busi-

‘ness and industry of the Akron dis-

trict out of depression depths with increasing speed. The best business in five years or more is reported in many lines. Postal receipts are running almost even with the boom year of 1929. Prospects of even greater gains for the last quarter of the year, with the merriest Christmas, perhaps, since 1928 are seen by Akron business forecasters. : Indications that the rubber industry will continue to be busy for the remainder of the year, sliding over the usual fall slump, are seen in reports of unusually low inven-

tories because of the large replace-,

ment tire demand. While prospects seem bright for employment, balance sheets are building up an

‘increasingly bright picture.

. First-half reports of the big four in the industry—Goodyear, Goodrich, Firestone and U. S. Rubber— showed an increase of 65.7 per cent over last year. Best Months Ahead And the last six months of the year usually are the best in the tire industry from a profit standpoint. The first-half profits only partly reflected the tire price increase that went, into effect in May, leaving the full weight of this gain for the present period. Fire price wars that bit so deeply

. | into profits during the last six years

appear unlikely, at least during the remainder of this year, it is said. A heavy demand for rubber footwear is expected to develop this fall to rebuild dealers’ inventories, which dropped to extremely low points gduring last winter's severe weather, Akron department store sales for July—the latest available figure— were 16.9 per cent over July of last year. :

FOOD INDEX WITHIN ONE CENT OF MARK

Times Special. | 3 NEW YORK, Sept. 11.—A rise of 3 cents lifted the Dun X Bradstreet Weekly Food Index for the week ended Sept. 8 to $2.84, 1 cent under the six-year record established during the week ended Aug. 18. This near-high mark represented a gain of 2.5 per cent on the 1935 comparative. The increase this week was made possible through general advance of

| foodstuffs, which included all grains,

livestock, flour, lard, butter cottonseed oil, cocoa and eggs. Declines were registered in sugar, beans, peas and potatoes, the report stated.

Local Livestock

(Reprinted From Late Times Yesterday) HOGS Top. $11.40 11.50 11.50

Receipts. 55

6000 © 1700 1 8000 1. 5 XY. 3000 1 4500 Light Lights— (140-160) Soog a and choice. .$ 3.532

Lightweights— (160-180) Sond. 5nd

211.05 10.43

choice... [email protected] 9.70@ 10.95 choice.. 10. 93a1l. 35 10.4 1.1%

Medium Wein 200-220) Good “and (220- 250) Good -and Heavyweights— (250-2960) Good and (230- 350) Good and

choice... 1 choice.. 1

choice... 10. ‘choice. .

& 23 3 bs a

(275-450) Medium ........ Slaughter Pigs— (100-140) Good and choice... Medium

8 8383

—Receipts. 700—

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

—

WDOROONWDONN BD

pa a em Na832333

C -(800-1100) G

ODOM O OD

Common ..eeesnees

(1100-1300) Shoice

“siete ene

20 20D NHN BR BO AAS SRagenass LOPIODODOOD

LOAD 3981 09998 INLIVAD

x 5 (1300-1500) Goo

(550-750) So d

ommon, medium. Good and choice. .

(750-800) ommon, medium.

MOI

Snadn

od . Common and medium . Low cutter and cutter Bulls, good Cutter, com. and‘med. bulk... > Vealers —Receipts, Sood Sand choice

2333

—

cut’ Una eS

ole { (250-500) Sood and Chotee. .$ 7.004 Common... medium. 5.00 Feeder and Stocker Cattle. (500-800) Com. and choice .§ 6.00 . and medium. (800- 1050) Good and choice. . Com, and medium.

Am mod 8% 883

DIDI

233 : a8 S088 33 033d

Lh ea

23 MW 3833

00 Commen and medium SHEEP AND LAMBS —Receipts, 1200—

Ewes— 90-170) Sood and chalice.

and medium. basis.)

Fruits and in

(Reprinted From Late Times Yesterday) {Quotations below subject to change. are average esa prices being offered to buyers hr local commission dealers.) UITS—Pears—Michi etts, box. ected, Ib., 4%ic. Apples— . 31.78: Neo. 1 N. Y. .50; N. Y. Duchess bd 25. Lemons — Sunkist, mes— Mexican, carton, 12s, wer 100, $2.50. Ital, prunes. Ty oi oF al, prun Ta less. 28-1b. crate, $1. 5 be MELONS Cantalgunes -— Home-grown. Hon bu.. $1.25: me-grown, Tip Tone. ps, 81. 25. Wa atermelons—Missouri. 30-1b.

av VEGETABLES —Beans—Round piringless. i a te Home gro¥n, 35¢. ate, $1.50. io, don. Hic 5 a tin. cr washed and trimmed. doaz.. Cucumbers —In e-grows.

a sie Home grown. forni Ss, $4.50: b. et, $1. wn,

Lettuce— Iceberg, leaf. home-grown, 15.

the rubber company |

U. S. Employment Increases

i 1

n the United Seates

1 1 Employment and Unemployment

1930 “931 1932

1029 L

1933. 1934 1936 1937

1935

STOCK RETURNS MAY BE LARGER

Firms to Distribute More of Profits Because of Tax.

Timea Special NEW YORK, Sept. 12. In view of taxes levied in the 19368 Revenue Act on corporation - earnings not distributed as dividends, many companies plan to disburse a substantially larger proportion of their earnings for the current year, a Standard Statistics Co. survey reveals. Because of rapid earnings expansion experienced by many corporationg this year, it is obvious that in many cases distributions would have been increased regardless of the new tax, the report stated.

Some companies, on the other hand, will choose to pay the tax on at least part of earnings in order to strengthen working capital position and to provide funds for expansion, it was said, and a number of companies are waiting until after the November election before declaring increased dividends, in hope of assurance the law will be repealed before 1936 tax returns are due March 15, 19317.

ANTICIPATE LARGEST MEETING IN DECADE

Times Special

CHICAGO, Sept. 12.—What is ex-

of the Mortgage Bankers Association of America in 10 years. is scheduled in Memphis Oct. 7-9, L.. A. McLean, president, announced today.

Seven hundred members, insurance men and mortgage and commercial bankers are expected to attend this twenty-third annual meeting. Harper Sibley, Chamber of Commerce national president, I. Friedlander, past president of the United States Building and Loan League,

on Statistical Organization, are to be the principal Speakers, Mr. McLean stated. Other convention Spenkers are to include J. J. PF. Steiner, Realty, Mortgage Co, Birmingham; ™ Neely Brown, Neely Bowen Co, Memphis; Roy S. Johnson, Albright Title and Trust Co., Newkirk, Okla.; Paul Vollmar, Western and Southern Life ‘Insurance Co., Cincihnati; E. H. Lougee, Council Bluffs, Ia.. and Kenneth E. Nettleton, Lomas and Nettleton, New Haven, Conn.

PRUNES TO BE USED FOR BY-PRODUCTS

By United Press WASHINGTON, Sept. 12.—Substandard dried prunes of the 1936 crop are to be diverted from nor-, mal trade channels to specified byproduct uses under an agreément announced today between Secretary of Agriculture Henry A. Wallace and the Pacific Prune Products Association. The diversion program will involve “not in excess of 5000 tons” of substandard prunes, and will be similar to the plan in operation during last year for substandard prunes of the 1934 and 1935 crops. The Secretary of Agriculture will authorize the prune association to buy at specified prices substandard prunes from growers or packers in California, Washington, Oregon and Idaho. These prunes will be sold by she association for conversion into by-products such as prune juice, puree,” prune concentrate, dried prune products, pitted prunes, prune brandy or other approved by-products. The association will be reimbursed the difference by which the purchase price exceeds the sales price plus operating expenses.

Unlisted Stocks

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

Bankers Trust .......... . Central Hanover .......s.....

fon Arthur C. Babson, of the Bab-

oe I ena 81

Mo setiEeEs wen National City Pirst National Boston va National Shawm FIRE INSURANCE Aetna Pire Insura ifsnnss *American Ins of Newark. aa Baltimore America Qty a2 New York atesvsrnats 3 Federal lite A irris aes 4 Great American Insuran .

Noll

National PIre ...oocavevesnien National Liberty ....ccecvce.s North RIVET ........cvus. Phoenss

Us eatoh aster Jars asvrsernsacss 35 hi idend.

Safe Deposit Boxes

FEE

sts easn

Peseta rE Rss N Rt Nunn

ZBR-BEIIVEERS

-3 *

pected to be the largest convention

N.Y. Bonds

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

20 Inds. . 92.2 - S53 «» 81.9 91.7 89.5

Yesterday . Week ago Month 880 ....

97.7 106.2 847 7103.5

(Copyright. 1936. by Standard Statistics)

U. S. GOYERNMENT . BONDS (By Abbott, Proctor &. Paine) Prev. Close Treasurys

DOMESTIC

Alleg Corp 5s "44 Alleg Corp 5s “49. Am Frgn Pow 5s 2030 . Am Tel & Tel 5%as ’43 Am Tel & Tel 5s '65

Atl Coast Line 4s '52 Atl Coast Line 4'2s ' Atch Top & S ae, La 48... Am Wat Wks 6 Am Rolling Mills Bi '45 : Balt & Ohio 5s ,2000. savareans 0% Balt & Ohio 6s Balt & Ohio 4!2s '60 Buff Roach & Pitt 4'28 > Beth Steel 4'4s '60. . Chi Milw & St P 5s ns... Chi Milw & St P 5s 2000 Cleve Un Term 5s ’73 ... Cleve Un Term 4'2s '77. Col Gas 5s May '52 Col Gas 53 ’61 ..... Can Pac Perp 4s.. Cent Pac 5s '60 ..

Container Corp gs Con Gas 4'4s

V2 s van Hud & Manhat Ref 5s 57 sas Ill Cent 434s '66 Ill Cent Jt 42s '63 Ill Cent 5s '63 Interboro Rapid TIans & 86: Internt! Hy Elec 6s Interntl Tel & Tel yd LI Interntl Tel & Tel 5s '55 vee 4B Interntl Tel & Tel 44s 52. Lehigh Valley 4s 2003 McKees & Rob 5%s '50 . Mo Kan Sex Adj 5s er . Natl Dairy 334s '51 Natl Steel 4s 65 ..... Nickel Plate 4%2s 78 . Nickel Plate 5%s '74 . N ¥ Cent 5s 2013 .. N Y Cent 4Yas hi fold) N Y Cent Conv 6s .

7 New Orleans Term 4s '55 .... 9617 Otis 8 ‘41

G E55 '42 . Portland Gen El Sas ‘60 " Para Publix oe Penn P&L 4 gostal Fae nd 4%s '56 Shen an “oil 32s Socony Vac 3 28 50 Sou Pac 4!23 '6

& Hart 4!2s ‘67 Warner Bros '39 ‘ee Western Mary %: 28 *TT Western Union 5s 60 ....... 5 Youngstown S & T 4s '61 ....1033% Youngstown 8 & T 313s '51 ...132 FOREIGN Argentina A 6s '57 Australia 4!%3 '58 Brazil 8s '41 Canadian Sov 45 td Denmark 42s '55 .. French 7's S41 German 512s '65 . German 7s 49 ... Ltaly 78 ol 5 ..e . 817% apan 128 : 4 ceasenns ovine 3% Poland 7s 4A 100 Rome 612s “vs Tokio City Sis 61 Srsssseseia Yokohama 6s ’61

LOCAL CASH MARKET City grain elevators are paying $1.05 for No. 1 red wheat. grades on their merits. Cash corn, new No. 3 yellow, $1.03; oats, 36c. Hay—No. 1 timothy, $14.50@15; No. 1

78% 864

clover [email protected]; No. 1 alfalfa,

first cutting, $14.50@15; second cutting, $16@17.

Produce Markets

(Reprinted From Late Times Yesterday)

(The Plices quoted are paid for stock gathered in the country, Thile delivered in Indianapolis the price is a cent higher.) Heavy breed hens 35 ibs. and over 18c: under 5 ry 13c; Leghorn breed hens, 1ic: colored springers, in 1bs. and over, 13c; Leghorn springer 1p and over, llc; old Fae white, 5 = and up, Sc: geese, full feathered,. all sizes, 4c; all ] Sulneas, 12 Ibs. and up, 15¢; old cocks, No. 1 strictly fresh eggs. loss oft 2 "Fach full case must weigh 55 lbs, gross, a deduction of 10 cents a pepnd under 355 Ibs. win made, No. putter, 33@39¢c; No. 2 35 36c. Butter-

tlose

Other

COTTON REPORT RECEIVED WITH "MUCH SURPRISE

Politics Suspected in Some Quarters; Market Is _Unsettled.

BY RALPH HENDERSHOT Times Special Writer

EW YORK, Sept. 12.—Somsa people in Wall Street were ine clined. to suggest there might be a little politics in- the government cottin crop estimate showing a drop of 1,360,000 bales to 11,121,000 bales, ,- compared. with the estimate as of Aug. 1. Others said such a sug= gestion was nonsense — that the trade had failed to ‘give sufficient importance ‘to the drought news emanating from the Southwest. At any.rate, to say that the trade was surprised by the crop figures is to put it mildly. Cotton futures rose about $3.50 a bale, and prices for cotton goods were withdrawn quite generally in New York pending a better appraisal of the condi« tion. : It has been years since a governs ment cotton crop estimate has showed such a marked change in so short a time. The last time, in fact, was in 1927, when a jump of about 2,000,000 bales was made in a 30-day period, and at that time it was quite generally accepted that a mistake had been made. Moreover, the final figures that year recorded the large est crop in American history.

Trade Ignores Warnings

Some of the reporting agencies had advised the trade to severe heat - and drought in’ Northeérn Texas, Oklahoma, Louisina and Arkansas, and had predicted very .great de= terioration in the crop. These re«

ports were not taken very seriously, it being assumed that the loss in that quarter would be offset by the better growing conditions in other sections. When it is considered, however, that Texas produces approximately one-third of the nation's cotton it can be appreciated how easily it was. to get off on the wrong track. A further increase in the -pric# of cotton has been predicted in trade quarters.

Farmers May Benefit

At the present time the government holds approximately 3,250,000 bales of cotton against which it has extended - leans. ing majority of these loans are at 12 cents a pound, only a few be« ing for 11-cent cotton. A year ago it held about 6,500,000 bales. On part of its cotton holdings the. government took sizable losses, hut on the remainder it looks ‘as though it will break even. It will be un~ able to balance profits against losses, beeause it must return to the borrowers any profits shown over the amotunt of the loans plus interest. Consequently, growers who still are sitting tight with their government loans stand to reap unexpected profits on previous cotton Crops.

Mr. Hendershot

Chicago Grain Futures

(By James E. Bennett & Co.) 9:45 AM,

Prev,

High Low close

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