Indianapolis Times, Indianapolis, Marion County, 24 September 1936 — Page 21

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Flynn Holds Only Visible Sales Tax J ust,

Abreast of The

mes

nance

BY JOHN T. FLYNN

EW YORK, Sept. 24.—The ¥ Republicans have been attacking the Democrats because of

- the invisible taxes which consum-

ers are paying. In stores blackboards are posted up showing how much of the price you pay for meat or flour goes for taxes. It is offered as an explanation of high

dondtknow whether the arguments are presented soundly and honestly or not. Of course the Republicans always have been f great defenders of invisible and indirect taxes. Sa'es taxes and invisible taxes did not come in with Mr. Roosevelt. However, what Republicans or Democrats have or have not done about invisible taxes has nothing to do with the argument about their wisdom. They are, regardless of who started them

' or defends them, unsound and

dangerous forms of taxes. . However, Atty.-Gen. Cummings has gotten very wrothy about these blackboards. He has warned the Republicans that they had better stick to the truth, This is a pretty difficult task to ask of politicians in a campaign. But Mr. Cummings says there is a Federal law making it an offense to misrepresent the amount of invisible taxes in any purchase. Mr. Cummings, of course, wants not merely to discourage misrepresentation. He wants to knock out the blackboards. ’ s = » HE law was passed during the war to prevent profiteering merchants from putting the blame for high prices on the government. It does not seem to be a very sound law for peace times. But Mr. Cummings’ position is a good example of what happens to men when they pass unsound laws. It was, as I have said, first passed during the war. But the Republicans revived it in 1926. Now it comes back to

~ plague them, which is merely a

form of poetic justice. S It would be an excellent idea if the law were repealed and another law passed in its place. The law would have to be two-fold. First; all invisible taxes ought to be abolished. I am against sales tazes, but if we are to have them, they ought to be visible. They ought to be levied on the consumer directly so that he can see them when he pays them instead of having them concealed in the price of the article. u 2 ” HEN, instead of trying to frighten the retailer from posting those taxes, he ought to be compelled to post them. A Federal agency ought to determine precisely the amount of th: tax on each purchase on each article, and that tax ought to be advertised on the article itself and to the purchaser when he pays the tax, as when he buys a theater ticket. Then our people would know who is paying the taxes which are supporting the government. Also each citizen could tell just how much intaxes he had paid each year. | Also he could deduct from his income on which he pays his Federal income tax the total amount of all the taxes he has paid. Sales taxes are bad. But these would at least be intelligent and honest sales taxes. (Copyright. 1936. NEA Service, Inc.)

Fruits and Vegetables

(Quotations below, subject to change, are average wholesale prices being offered to buyers by local commission dealers.) FRUITS—Pears — Michigan Bartletts, bu. $2.50. Bananas—Selected, 1 1b. 5c. pples—No. 1 Maiden Blush, 2'2 inches if $1.75; No. 1 Wealthy, 2% inches up,

1.85. Lemons—sSunkist, 360s, $6.50, Limes . —Mexican, carton, 12s, 22'2c Persian seedless, per Joo. 2.50. Peaches—Elbertas, 2% inches, bu. 5. Plums—Italian prunes, 16-1b. Jug $1.) rT ‘Grapes Michigan Concords, jon 2%acC. » MEL TONS _Cantaiouves — Home-grown, bu., az; Honey Dews, vin& ripened, 8s, ne $2.00, Watermelons— dome grown, VEGETABLES Ban Round stringless,

h ey Homegrown: ‘Peas—Western Tel., per, stern Cobblers,

Potatoes — bu. $1.50. Radishes— “dor. basket, 85¢c. Tage Ohio, 0Z.,

us Ig A ) 12-bu. bas-

aoe, Turn . $2; 45s. atoes. 1 Bo . ket, eon « $1.28.

(By United Press) Sept. 24. —Apples—_Michigan 651 25. Sweet Pot 1.50. gto Tomatoes—MichCaulifiower

—Mi Jauare crates, 25@50c. _ market Eh sacks): Tliinots yellows. 33 @8oc; Indians yellows, 50@ Digan a M56

jello "So yellow, a Produce Markets

Idiana

. (The prices quoted are paid for stock

in the country; while delivered

£2 ivdrar : Heavy breed h oped springe 3d J 1%: heavy. breed springers, 1% 1 4, Toosters, Ibs. and over, Mor sia RL white, I and up 5c; geese, fu Jeath sted, all sizes, 4c; guineas, 1% jeath up, 18¢; old cocks, 8c; No. 1 strictly ‘loss off,

United Press)

oR ao Ei EE

3 Sher

q blackboards so I

60; No. 1 Va. Jonathans, 2% inches up, |g

ME — Marke: | Sr

ORDERS DEGLINE FOR MACHINERY,

Purchases; Activity Quiet Here.

ert alin

Times Special

the first two weeks of September, orders for machinery and: machine tools dropped slightly in most important industrial centers, American Machinist reported today. Some correspondents attributed the decline to politics, others to the end of the vacation season. Factories, however, were reported busy on the substantial backlogs of orders. Activity in Indianapolis was said to be quieter than for the.last seyeral months, but inquiries are strong. Observers were inclined to believe the drop may be the result of politics. Labor unrest was reported at a minimum, Boston reported for the New. England territory that business was excellent through the first week in September, and blamed the sudden drop to uncertainty of the outcome of the Maine election. New York distributors reported business has kept up well, and that the volume is satisfactory in the Metropolitan district. The machine tool activity was looked upon as good in the Philadelphia territory, but the outcome of the RCA Camden strike showed certain products being moved out of the territory.

Pittsburgh Plant Closed

Pittsburgh representatives do not. look for undue interruptions until after the election. The Pittsburgh Standard Spring Co. closed as the result of a strike and may not reopen, it was said.

at a satisfactory level and there is expectation that it will continue upward for some time to come, observers believed. Employment is improving and there is no immediate danger of trouble. Detroit reported an advance both in inquiries and orders caused by a realization on the part of buyers that immedi-

tion. There are no labor controversies on the surface, it was said.

NEW SERVICE STARTED

Times Special

Waterways Corp. earned a net in-

months of 1936, the company announced. Gfoss earnings were $732, - 627.53, and $299,228.79 was allowed for depreciation. An innovation in barge service was ‘inaugurated by the corporation this summer with four refrigeration units put into service. If the experiment proves successful, the barges can add meat, dairy and fruit products to the list of commodities on which lower freight rates ‘are to be available.

Local Securities

(By Indianapolis Bund and Share Corp.)

The Jollowing quotations do not .epresent actual bids or offerings but merely Dr on Bair ea ete rit evel ng and selling inquir recent transactions. 8 S gn BONDS fhe Ind Tel (T H) 4Y%s '61. H Tel & Tel F H Tel & Tel Ft W 6s '43 Indpls Railway Inc 5s ’67 Interstate Tel & Tel 5%s '53.. Kokomo Water Works 5s 58.. Morris & 10 Stores 5s '50 .... Muncie Water Works 5s '65 . Noblesville H L == 8%s Ki 2 Ohio Tel Serv «10 Richmond Ww w 58 “87 Seymour Water go 5s '49 . H Trac & L 5s '44. H Water Works 5s '56.. [ H Water Works 5s a. Trac Terminal Co 5s '5

ABC -Brewin Belt Railroa in 4a § ‘Ing & Mish Blas Co pfd 7.208 *Ind Gen Serv Co 6s . 99

‘Ind 1 napl *Ind

8s Northern Ind Pub Serv pid’ 5s 8 Northern Ind Pub Serv pfd 7s Sou Progress Laundry Co. 15

ro nlisted Stocks

(By Blyth & Co.) NEW YORK STOCKS

Irvin oot Save niiane esi Mra cturers National City First National Boston

-. National Chawmut

Aetna Fire Insurance American Ins of New York.. Baltimore Americtn [ .New - in Fire".

Investment Trusts (By Thomas D. Sheerin & Co.)

Administered Fund 2nd.

ents Affiliated Fund, Inc new Ame! Pe es

tft 2

Swe anes

A HR

$ 4

MACHINE TOOLS |¢

Factories Busy With Back PE”

: U NEW YORK, Sept. 24.—During

ate deliveries are out of the ques- |B

THURSDAY, SEPTEMBER 24, 1936

New York Stocks

Youngstown - ‘8-T 04

£0 Studebaker Yellow Truck ..

Motor Access—

13% 19%,

Murray Body ie Stew Warner .. Timken Roll ... 6 Timken Det Axle 22 Mining-—

Alaska Jun ..... 173

Kennecott Cop . McIntyre. Mine.. Park Utah Phelnos Dodge .. St Joe Lead.. 0 U 8. Smelters. | 'e Canadium 2 Amusements— Crosley Radio . Loews Inc Radio Corp Paramount

In Cleveland, “business continued | RKO

Warner Bros ... Tobaccos—

To! Am Tobacco Am Tob

Lorilard Philip Morris ... ; Reynolds Tob B 56% Rails—

Atchison 81%; 29 Const Lines. Ji

b .. 233% as

Can Pacific .... 1 Ch & Ohio Chi % Gt W

ST. LOUIS, Sept. 24—The Inland | 2 && come of $433,338.74 in the first six |.

Sou R R 23 West Maryland . 10% Equipments—

Am Car & Fdy. 51s Loco

Am Am Steel Fdy - Bald Lo Gen A

Pullman Inc ... 61% Westingh Elec ..141% Utilities— Am & For Pwr.. 6% Am Pwr > Lit... 13

7 vale gin . 19%

Int Hydro Elec. . Int T&

T .e Lou G & E ‘A’. 2 Nat Pwr & Li.. .

Peoples Gas .... 53 Pub Serv N . Std Gas Stone & Webster United Corp ... Un Gas Imp .... Ut Pwr & Lt ‘A’ Western Union.. Rubbers—

aye 3 } S R 33% }] 8 har ‘pt 1% Miscellaneous— °

Allis Chalmers.. 57% Am Can \m Mach & Pdy 22% Anchor Cap 19% 3rklyn Man T 3urrou ns Add. Contl Caterpillar Tract 78" Crown ve Curtis Pub Dee

dde Theersoll Rand . Inter Harv Nail gash Reg..

Am Bugar Arm Armour 6% ‘pid’ Beatrice Creamy 2% Borden Prod - 8 Cal Packing .

Douglas: Air ... Nor Am Av ....

United Air” New 25% Chemicals—

4 McKinnon)

i | sales volume for the first eight |

35% | was learned, did 135 per cent more ||

Fray FEE Re gorees

A | Deficit .. '452.850,400.53

Ch icago Stocks

(By Atkins, Hamill & Gates)

New Y York Curb

(By Atkins, Hamill & Gates)

LOAN RESERVE INCREASED BY

FEDERAL BANK

$200,000 Added to Funds “Available at Home Loan Institution.

Bringing of another $20,000 into the Indianapolis Federal Home Loan Bank from the Winston Salem Federal Home Loan Bank is indication the local institution is attempting to meet greatlly increased home

financing demands of member sav-

ings and loan associations in Indiana and Michigan, according to F. B. Burtless, secretary and treasurer. A total of $1,200,000 in the last seven weeks has been brought to the Indianapolis bank from other districts, Mr. Burtless said. 3 Heavy demands of borrowers in both Indiana and Michigan have drained local home financing funds from member institutions in such volume that associations have found it necessary to use their line of credit at the bank to continue to give services to their individual commuhities, it was said. In securing funds from other parts of the nation where there is a

6 | surplus of home financing funds,

‘I Am Supe

TPOW . Ark Natural Gas A. oe Atlas Corp Catlin Corp Carrier Cor Creole Petro eum Corp .

ubbe Ford Motors Canada ‘A’ Glen Alden (1) . reenfleld Tap & ‘Die’ Corp . ses ulf Oil Corp of Penn Humble of Refining Co ... 62% Jiverade B 'ood Imperial Oil SL Canada Irving Air . Lake Shore Sin Long Lsland Lighting Vesa ves Mueller Brass ve Natl Bellas Hess Inc Niagara Hudson Pwr .... Pan-American Airways Pennroad Corp . t Regis Paver C . alt SSeck Producers Assn ..

Spencer Stores sterchi Brothers Stores . Stutz Motors Tubize Chatillon Corp Technicolor, Inc

New Bond Issues

(By Lyons & Co.)

Allied Stores 5%s, *51 Arkansas Gas 4s '51 Associated Telephone 4s ’65. B & O 4's 39 Beth Steel 234s 66 . Cal Oregon Power 4s "66. . Central Maine 4s '66 Central Ill 3's Cincinnati Sas ,& B 3%, C & O 312s '96

Chicago West In 4Y%s ’62 ....102 Chicago. Un Station 3'%s '55. ods Cleveland Tractor 5s '45 01% Columbus Railway 4s ’ Com Invest 3 3%s '5 104% Conn Riv Pr D & L 3%s '61..106% Consolidated Oil 3's ’51: 99,

Ask % 100%

107 % ’66..102% 1% ia

Edison Illum Boston 3%s ’65..107% Gen Motors Acc Corp 3s 46 .102'% Gen Motors Ace Corp 3'%s ’51 ji2is dianapolis Water 3'%s ’66.. Utilities 5l2s ’66. 103

106% 103% 97 1083; Narragansett Elec 312s ’66.... 104% New York Edison 4°

Power 3Yis Pub Serv VN 66

' Railway Lite

4158 Sen Diego G & L 4s '65 Southern Cal Gas 4s 66. Southern Kraft 4%s ‘46

| Union Pacific 3s 70

Wisconsin Gas & E 3's "86...

Wisconsin Pub Serv 4s.’61.. 104%

Money and Exchange INDIANAPOLIS STATEMENT Benla'®" $2,402,000

TREASURY STATEMENT . (By United Press)

WASH INGTON, Sept. 24.—Government expenses and receipts Ror the current fiscal Jear to Sept. 22, as compared with a year

Expenses .

$192 on, 730. 308. 56 $1, Tae 329. Ta. 03 Recei pts .

1,074,880,408.03 958, 1ss, 276.38 786,067,467.68 Cash “Bai 2,256,253,043.41 1,875, 309. 698.37 Pub. Debt 33.808, 1%. 313.33 29,423.244,083.03

‘Gold ees. 10,786,153.798.19 9,243.028.987.63 Custom

90,8 38, ,502.89

Other Livestock

(By United Press) CHICAGO, Sept. 24. — Hogs—Receipts, 9000, including 906 direc ts; TrEets mostly steady; Spots sironger Ban Wednesday’ s average, sows,’ weak to 10c lower; early top 10.25: bulk desirable 200-250 lbs., [email protected]; ot well-finished 140-200 1bs., $8.60G10 ulk light and medium weight sows, $8.25 @s9. Cattle—Receipts, 5000; calves, 1000; fed steers and yearlings fully steady; recent setbacks on we ignty si¢ers still leaves kinds scaling over 1200 lbs. 25c lower for. ihe week; little beef in run; better tone in ow market and dres SSy "and short-fed Teifers Steaay, although 25@50c lower for week; very dull trade on stockers and feeders with prices 25@40c under late last week; most stockers and Mniddle-grade feeders, [email protected]; better grades, $7q33 ings,

not much above 7” Dest fed yea $10.40; - medium $10. neighiy steers, 10; bul En Toate ig her at down; vealers, 25@50c higher at 11.50 down.

Sheep—Receiots, 10.000. including 6800 directs; fat lambs moderately ive, a ly steady to Jong on on light eip shee] little shan 5 be reiatieviy ot a ite ambs, 3 as 25 to packers;

best bulk rang dt “native oS 58 50@3 es ®

89, 138, 259.51

|GAR WOOD SALES GAIN

Times Special DETROIT, Sept. 24. — August

1 a sales of Garwood Industries, Inc.

and subsidiaries were highest for that month in the company’s history, officials said today. It also was the best month of the currsat year and was approximately 30 pery cent above the monthly averag:

‘months this year. The air-conditioning "division, it

business: than in August a year ago and all others, including the hoist, machinery,

registered | | a 142 per cent advance over the |

corresponding month a year ago.

BOND ISSUES OFFERED!

sraiaa enna nih’ veeeees. 5,556,000.

bank officials explained, the Federal Home Loan Bank system is fulfilling one of the purposes for which it’ was created—that of facilitating the flow of credit to localities where the local supply is inadequate. “Realizatioh that there still are properities to be purchased at comparatively low cost in many cities in the two: states, especially the industrial centers, and that the present time is the bargain period for future increased values, has sent the mortgage loan demands to new peaks,” Mr. Burtless said.

BUILDING AGTIVITY SHOWS EXPANSION

Times Special BOSTON, Sept. 24 — Building activity rapidly is regaining momen-

tum in all sections of the ~zountry,

according to the latest report from United Business Service. In four districts—upstate New

York, southern Michigan, the St. Louis territory and the Pacific Northwest—construction figures this year more than doubled those of 1935, the report said. In upstate New York a gain of 292 per cent in public works contracts was recorded, accounting for a large part of the showing made in this area. ¢

Southern Michigan’s high per-

| centage of gain was made possible

by increases in residential and non-

2 | residential building and public util-

ity construction; in the St. Louis

%.| territory public works contracts were

chree times larger than in 1935, while total building in the Pacific

Northwest ran 124 per cent above 2

SALES OF ELECTRIC «| APPLIANCES HIGHER

Times Special NEW YORK, Sept. 24—One hundred thirty-two power utilities sold 22 per cent more domestic electrical appliances in the first half of 1936 than in the same 1935 period, Electrical World reports after its sixth annual survey of the industry. These additional appliances

boosted the average annual domestic current consumption 10 per cent over the year before. The 132 companies serve 15,396,010 households, |: about 75 per cent of the entire industry, the report says. The companies’ total of appliances for the period reached $41,355,637. Gains over last year included: Refrigerators, 17 per cent; ranges, 27 per cent; water heaters, 23 per cens; clothes washers, 12 per cent; ironing machines, 18 per cent: vacuum cleaners, 20 per cent, and all other appliances, 19 per cent.

SEEK OPEN BOND SALE Meaium

Times Special - CHICAGO, Sept. 24.—Pacific Gas and Electric Co. today announced plans for filing a registration statement with the Security and Exchange Commission covering a proposed offering of $35,000,000 Series I, 3% per cent bonds to be issued under its first and refunding mortgage. Public offering of the bonds B not to be made earlier than Oct. The purpose of the financing is to provide funds for redemption of $35,780,000 general and refunding mortgage 5 per cent bonds, which are redeemable on Jan. 1, 1937, it was reported.

NEW. BUSINESS BOOKS AVAILABLE AT LIBRARY

The following new business’ books now are available at the business branch of the Indian-

LUMINOUS ADVE

‘hundred

basis.)

PAGE 19

HOG PRICES OFF

10 CENTS HERE

Top Now $10. 25: Cattle and Sheep Markets Are Steady.

With hogs receipts up 2000 head

‘from yesterday, prices generally were

10 cents lower at the Indianapolis Union Stock Yards today. Under-

weights, however, were steady, and packing sows were steady to 10 cents lower. Receipts totaled 6000, with a holdover of 199 head. - Slaughter cattle mostly wers steady, and vealers were fully 59 cents higher. Lambs were steady to: strong. The highest price range for hogs was $9.95 to $10.25, paid for weights between 200 and 280 pounds. Two eighty to weights ranged from $9.65 to $10.05,

and weights above 300 pounds sold 3

from $9.15 to $9.85. Lighter weights ranged from $10.05 downward to $8. Hogs between 170 and 200 pounds brought $9.65 to $10.05; 155 to 170 pounders, $9.25 to $9..75; 130 to 155 $8.50 to $9.50, and 100 to 130-pound weights ranged from $8 to $8.75.

Vealers Are Higher Two carloads strictly choice 1177-

pound steers-brought $10, and heif-

ers today sold mostly from $5.50 to $7. Beef cows brought $4 to $4.75, cutter grades ranging from $3 to $3.75. With vealers 50 cents higher,

the bulk better grades ranged from |

$10.50 to $11. Cattle receipts were 1000 head, vealers 600. The bulk better grade ewe and wether lambs ranged from $8.75 to $9.25, with slaughter sheep steady, fat ewes selling from $2.25 to $2.75, top $3. Sheep receipts totaled 1000 head.

: HOGS Sept.

Bul 18. $10. 00@ Toso 19. 0.15@10 10 3a: % [email protected] 10.05610.35 [email protected]

Light Lights— (140-160) Good and m Lights hts— 160-180) Soo

jum (180-200) Goo diu

Medium Mediums or shits (200-220) Good ‘and choice. (2%: 250) Good choice. Hea Ent Good choice. (290-330) Good choice. Packing Sows— . (275-350) Good (350-425) Good (425-450) Good (275-450) Medi Stayfhrer Pigs— : (100-140) Good = ‘aad choice.

tet

a0 tpt WO BIO OO OO wOPL Vo

—Receipts, 1000— Choice ...... esa $ Good

Medluin * wena verse COMMON «cecssones Choice ..... ceveves G0Od ..iceecninnne Medium ....c000ise (1100 1300) Som Of e's e's ansnns - oice Godd

(550-900)

Sans

Sanse “I DODD bet wT DI BI ts

Gronn

(800-1100)

oUargrnven 4

83838 6339339039989

NNAINONNARBORRDOD Sung gnihanai a NOWOONMD ICR AN RENE

non

M, (1300-1500)

(550-750)

-3 or

8888

ommon, "medium. Good and choice . Common, medium.

(750-900)

2 ORM GO gags

Bulls, good . Cutter, com. and med. bulk. . Vealers _. —Receipts, 600— Good and Shoice aoe rene

od and choice. .$ 3 (250-500) go mmon, medium

€om. (800-1050) Good znd shoite. . Com ‘med..

Helfers— : Com. and ‘medium ce egtes Cows Good ....... a. .even. visseess.$ Common and medium _ SHEEP AND LAMBS —Receipts, 1000— .

iveveienasei® 8.75 33%

Lambs— Choice veroevsis . Good - ase. neresbnty

Common d choice. . 3 25 190-170) Good and (Sheep and lamb quotations oi

ecsesceseneess esses

300-pound | 3

unders,_

wl) i c 4

rE Bm

Estimate

N. Y. Bonds

(Reprinted From Late Times Yesterday) - DAILY BOND INDEX: (1926 Average Equals 100) 20 20 20 60 Util. Bonds 105.8 105.

105.7 100.6 106.2 103.5 -

(Copyright, 1936, by Standard Statistics) U. 8S. GOVERNMENT BONDS (By Abbott. Proctor & Paine.) Treasurys

oP ooo ooDoD

lorads & So 4'%s ’80 .. & West Ind 4s 52 ent & Nor West 4%s '49 Container Corp 6s ’46 Shssa Cor ‘4

Grt Northern “G” ds Grt Northern “H” 4s ’46

Grt Northern 428 17 0 Gen Stl ‘Cast

. 58 ”% 0 ro Rapid Ti Trans 5s 68.

6s OL & Ter 4tes '30.... 83 Tel & Tel 5s '55 .... 14%

Penn Rv 7) Se Benn Ry 4%s '84 Pénn Ry 4Ys ’81.. pom | Ry 2 "10, :

Us Rubber. on ‘47 NY NH ‘& Hart 6s "48 . NY NH & Hart 4's "67 Warnes Bros a. wi Too estern a s * ve Western Hon 55 "60 ....... 1% Hs Youngstown 8 & T 4s 61° 103% Youngstown 8 &T 32s '$1°..128

FOREIGN Argent ina 4 Australia as 58" “wee Brazil 8s ’

. 98Y, «e+ 18 : German 3% 205 ccasernneneie 10a man 7s "49 .... 33

BANKERS To GATHER

Times Special ‘CHICAGO, Sept. 24.— “Mortgage

| financing through private enterprise ‘| has and will continue to meet all

legitimate needs,” is to be ‘the central “discussion theme at the twentythird ~ annual ‘convention of the Mortgage Bankers’ Association of America, to be held in Memphis Oct. 7-9, according to L. A. McLean, t. Guest speakers are to be Harper

Sibley, Chamber of Commerce presi-|

dent; Arthyr Babson, Babson's Sta! i

“v S. Smelting, Refining and Mining Co. darned dividends of $5.08 a share of common stock in. the first eight months of 1936, compared with $5.82 a common share in the corresponding period last year,

Character of U.S. Expenses Ga

INSURANCE HEAD. REPORTS LARGE PREMIUM GAINS

American Mutual Advisory Board Told of 200 | Per Cent Rise. = . |

American Mutual compensation

-25 company average, . Hodges Jr, American Liability Insurance Cof president, told the advisory board at its regular meeting yesterday ab the Columbia Club, “This figure, of course, reflects steady gains during the last 10 years in the number of the company’s policvholders as well as changes in compensation premium’ rates,” Mr. Hodges stated, “but the 200 per cent gain is not wholly fo be accounted for from these reasons. Pay rolls among our policyholders, instead of being 12 per cent below the 1923-25 average, as is indicated for total national pay rolls, have made a substantial advance. % “Both employment and pay rolls for the substantial segment of naetional industry represented by American. Mutual policyholders, judged by records available, have made materially more recovery than is indicated by accepted figures for employment and pay rolls as a whole,” he concluded. Attending the meeting were George W. Ansted, Connersville; Marshall D. Lupton, Indianapolis; Temple = Williams, Mishawaka; Charles F. Zwick and Russell Fuller, Indianapolis.

SAYS EXCHANGE ACT WILL AID PRODUCERS

By Upited Press * CHICAGO, Sept. 24—C. F. Huf?, president of the Farmers’ National Grain Corp., told a stockholders’ meeting here that enactment of the Commodity = Exchange Act will “modify” pasf abuses in trading and eliminate the worst of them. “Manipulation and corners and squeezes of the kind which in the

+ | past have cost producers and mare

keting organizations scores of mile lions of dollars, will cease,” he said, “No longer will funds deposited by

% | a customer with a broker to margin

futures transactions become operaf< ‘ing or speculative capital in the broker’s own bank account.”

B. & 0. CARLOADINGS ° HIGHEST SINCE 1931,

Times Special Hy BALTIMORE, Sept. 24.—Carload ings on the Baltimore & Ohia Railroad for the week ended Sept.’ 19 aggregated higher than any week since April 25, 1931, company of ficials announced today. Total loade ° ings for the latest week were 53,128, comprising 35,424 cars loaded on line and 17,704 received from conneg= tions. This compared with. the 1935 comparative of 46,677. Last week's total was 45,561, of which 30,835 cars were loaded on line and 14,726 received f-om cone nections.

G. M. ¢. AWARDS CONTRACT Times Special NEW YORK, Sept. 24—A cone. tract for construction of a new plant of the Linden division of General Motors has been awarded to J. A. Utley Co. Detroit. Construction is to begin at once and completion is expected by January, ?

Chicago Grain Futures (By James E. Berinett & Co.)

High. 1.17% 1.18% 1.15% 1.11% . '98 20% 42% A2% A3% anh : May a1 Bly a asked: b bid.

Building Permits

"William Blaco, 1540 Kappas-st, garage, Isaac Carter, 714 Fayette-st, alterations, Stan A : Porter, 621 avelling $3 350. os Haverford-sts x LRG erer, 8 De Quincy-st, dn il a uisman, 1950 Lawrence-st, Cham Plumbi 1 Lg uabing and Supply Co., 1658 Fred L. Dr. "0-24 N. New Jersey-st,

alterations, $400; Delaware stone front, %200, 8 6014 Hootie

dwelling, $3500 . E% sump rey, 1910 Hoyt-av, remodel porch. 's

7 Cia tog Jae N. Gladstone-st, sszage, $200: 4 ee a Alice re Eastern-av, sare e 'Tinner, oy Chadwick-st, dwells "$1560. Realty Co., 1502 E. 59th-st, eléca

tight. $125 Lone Headle , 5332 Michigan-sty electrica 1, $100, ” 5. EB Foe

INDIANAPOL 16 WATER ‘First Lien pis Tuk Bonds; So Bema of