Indianapolis Times, Indianapolis, Marion County, 28 September 1936 — Page 15
Jot All ‘Businesses’ Are Productive, ~ Flynn Says. BY JOHN T. FLYNN EW YORK, Sept. 28.—An in-
vestment trust promoter told
government commission how he run a $10,000 shoestring up to $82,000,000 shoe store in a few . The government official obthat “it doesn't take much start an investment trust.” To the promoter replied: “All need is brains.” One may swallow that assur-
ance with a grain of salt. But the subject of bringing up the matter here is to point to a very important confusion which gets into a good deal. of our_ thinking through the loose Mr. Flynn use of words. 5 One word which is pecularily subject to loose use is "the word “business.” We hear of “business interests,” the “rights of business,” “interference with business.” We seem to forget that there are all kinds of businesses. The primary aim of business as a social institution is to provide society with the things it needs for its living, security, entertainment and improvement. The important functions of business are to produce things and bring them into the hands of those who need them. Therefore we continually hear of productive business—business - that makes food, shoes, clothes, luxuries, books, cars, nouses and the like. And along with it is the business " that sells these to our people. n n ” UT there is another kind of business that has only an incidenial and frequently a parasitic connection with this other im- ~ portant creative business. -The producers, the distributor, the transporter, that is, the manufacturer, the merchant, have to be financed. They need money, credit and certain routine conveniences in handling money, exchanges, ete. This function is important only as an aid, an auxiliary to productive and distributive business. Those, who . ply these financial trades and thus render service to industry are entitled to be called business men, too, and they have a right to a just reward for their services and their risks. But there is another group of men in these financial trades. who
render no service to productive in-
dustry at all or who use such servjces as a means to fasten them-
selves like leeches upon industry.
Among these gentry are many bank rs—not all bankers, of course, but many—many investment bankers, many stock speculators and operators, many, indeed most, in‘vestment trust promoters and the
like. 8 "
HE greatest rewards of sonT . business are made by these men. The honest, hard-work-ing corporation executive may get $100,000 or $150,000 a year. It takes him thus 10 years to make a ‘million. That money he gets for actual productive services rendered to productive business. But while he is doing this a gentleman with $10,000 and a supply of the right kind of “brains” and also the proper grade of brass, can run his $10,000 to $82,000,000 or more in a few years. Not by producing any- * thing or distributing anything, but by manipulating the money, investments, credits of others. Buch of the bitter complaints against government interference in business come from this type of business man. What he wants is to keep the government, as the .agent of the people from interfering with the racket by which he makes millions without creating or giving anything. (Copyright, 1936, by 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 Barletts, bu.. $2.50. Bananas—Selected, 1 Ib., 5c. . 1 Maiden Blush, 2'% inches , $1. 75; No. 1 Wealthy, 21, inches up, No.1 Va. Jonathans, 2%a inches up, 1.85. Lemons—Sunkist, 360s, $6. 50. Limes . —_Mexican, carton, 12s, 22'a¢; Persion seedless, per 100, $2.50. Peaches—Elbertas, 2% jnches, bu., $3. Plums—Italian prunes, 16-1b Jug, $1.10. grapes Michigan Con-4-qt. pagket, Calif. Tokays, 27-1b crate, $1.7 roe SL Foioupes—Col. Jumbo, 36(s)45(s) ae $3. Honey Dews, vine ripened, Bechs-12 Ss, § Crab Apples, Mich. Hy slops. $1.50; Quinces— alif. 36s-48s, b.
$1.90. v GETABLES—Beans—Round stringless, $1.50. Beets—Home-grown, doz., 30c Arrots—was oz... ; 6-doz. crate, $3.50. Cauliflower—11s, crate, $1.75, CelMichigan Mammoth, washed and doz.. 60c. Cucumbers—Home Jown, bu., $1.50. Corn—Home-grown, '25¢. Xale—Home-grown, bu. G5c. tuce Toeherg California, 4s-5s, $7; leaf, ‘homesgrown, 15-1b. basket, $1.35. Peppers - . home-grown, ; 3 k bask ; doz., 20c. i Dnions—Indiana Yellow, 50-lb. bag. 75c. Parslcy—Home-grown: doz. Peas— Western Tel. hamper. $2.75. Potatoes— tern Cobblers, 100-lb. bag, $2.50. Sweet Potatoes—Eastern Jerseys, bu., $1.50. Radhio white, 2-doz. basket, 75¢c. Sage ~Doz., 45¢c. Turnios—Bu., $1. WaterDoz., T5¢. Con SR 12-bu. Poker 65¢; bu. $1.25.
Produce Markets
e prices quoted are paid for stock red in the country, while delivered Sianapolls the price is a cent higher.) breed hens, 5 lbs. and over, l4c; HE 3 bs. 12¢c; Leghorn nieed hens. 9¢: springers 1 ibs. end over.12c: ied prringers, ilz Ibs to 4, 12c: oe, and over 14c: old ducks 4 up, 5c; peese, full Jeatnc “all sizes. = all guineas. 1% lbs. 5c; old cocks. 8c: No. 1 strictly fresh Joss off, 23¢. Each full case must h 55 Ibs. gross: a Jeduetion of 10 cents
med,
ir, 38@308c; No. 2, 35@35c. Butterfat,
J pr. “3a Press)
GO, has Market i receipts «har cy raded * a50¢; extra firsts, 35%: fi current ‘receipts, 23'%c; © heeks, a. Market unsettled; eceipts, firsts 90-91-0112 score), , Y extra (92 score). 33%ac; firsts, 32¢: specials, 346 34 Yc: standards,
steady: ts, a4 Tr. Geese, 13@15¢ Fp ducks, ring chickens, 13%: @18%c! turkeys, 9c; broilers, 15@ orm hens. 12@13c; old roost-
Supplies Jb liberal, SE 503 2.25; U. 8. No. 2 sie SEE ©
: st 556 is: gy ats, 340
ne: 1 ne ab : Noreh 52 $1.50611.65 oy Wy
. 1, $1 30; Early Ohios. $1408 170. bt
ra raaiiessaniasions. $2,205,000 ahsansass pe 6,261,000
‘Progress Laund
PAGE 14
FALL BUSINESS OUTLOOK BRIGHT IN MOST LINES
Employment and Production Figures Are Up; Retail Sales Off.
Timez Special NEW YORK, Sept. 28.—Business is back on the job, vacation days well behind, Business Week reports in the latesf issue. Detroit has completed its 1936
run, and is gathering momentum on new models. More than a million cars are scheduled for the next three months. At 74.4 per cent of capacity, steel has reached a new high for the year, expects to do more climbing, the magazine reports. Electric power put on another spurt last week, which carried output to a new all-time peak. Speculative building activity made last week's contracts the second best this year. Retailers, however, complained about warm weather stunting fall. promotions, forcing sales below last year in several sections, according to Business week. Every month this year manufacturing industries have put more men on the payrolls. Result: Total employment for August was back at the level of September, 1930. Sev-enty-one of 90 manufacturing industries increased both the number of employes and the total wages paid. Ten of 16 non- -manufacturing industries did the same. All told, last month these 106 industries empioyed nearly a million more persons than a year ago, and weekly disbursed nearly $42,000,000 more wages, the report said.
Wholesale Prices Steady
The general level of wholesale prices holds steady, showing a gain of less than 5 per cent from the low in May to mid-September, despite the 14 per cent rise in farm products resulting from drought. Iurrent farm products are only 4 per cent above those of last year, and food products are actually 4 per cent under a year ago. Durable goods enjoyed the best summer since since the artificial buige in 1933. From the March low of 72 per cent of normal, producer goods industries had pushed ‘up to
-88 per cent of normal by July, ‘while
consumer goods industries gained cnly four points to a level of 86 per cent. Since July, consumer lines unquestionably have stepped up the pace as textiles, apparel, motor and food industries get under way for the fall season, it was learned. Within industrial plants, modernization gnd mechanization of equipment continues at a good pace. Rubber consumed in the United States will reach another new high this year, estimated at close to 570,« 000 tons. In the first eight months, rubber was being absorbed in 15 per cent greater volume than in the same months of 1935.
Tire Production Up 7
Tire producers, despite strikes, are counting on having made and shipped some 55,000,000 tires when the year’s figures are totaled, a 10
per cent improvement over 1935 and 37 per cent better than the depres-
iy the lowest level since August, Absence of Ford from the ranks of motor makers assembling cars this week probably will result in a drop in production figures to the year's low, despite the fact that other plants are stepping up operations as hapidly as possible. early to get any definite impression on what automobile prices are going to be like next season. Cuts in the higher brackets may appear, but quotations generally are expected to be on the par with last year, the magazine said.
Local Securi ties
(By Indianapolis Bond and Share Corp.)
The following quotations do not represent actual bids or offerings but Bly judicate the jo Fpioximate market level ying and sellin, recent transactions. ins Mauities or
BONDS
gu Ind Tel (T H.) 428 ol Tel & Tel Pt W 513s '43. H Tel & Tel Pt W 65.43 ... Indpls Railway Inc 5s '67 . Jnterstaté Tel & Tel 5%as '53. ‘Kokomo Water Works 5s '58. . Morris & 10 Stores 5s ’50 Muncie Water Works 2 83: Noblesville H L & P
.103 -104 ..103%; 8Tis
104 ..100% -]04
Seymour Water > 3s Hy... T H Trac as LL § T H Water Works 5s hesg C0 Seymour Water Co 5s '49 .... Trac Terminal Co 3s '57 Indpls Water Co 3!z5 ’66 ... : STOCKS ABC Brewing Co ¢ Belt Railroads & S t Yds com st Beit Railroad & Stk Yds pid 56 Central Spd Power pe 7s .... 26% Home Tel & ie m Wayne. . 821% *Hook Drugs 81% ae Men Bee & ptd Ts. 108% *Ind Een Serv Co 6s 101 ind Siydro BN Elec Co 7s
Nor ig Northern Ind Pun rv oid Ss. Northern Ind Pub ry pid Ts. 2
ry Pub Serve Co ot ma fd 65 . . 27% Pub Serv Co of a ‘ : Southern Ind Gas & meh Terre Haute Co Union Title Co
*Ex-Dividend.
I nvestment Trusts
(By Thomas D. Sheerin & Company)
Bid aAsit d. 2d vs $18.34 10.29
ae — : BES .55 : BEBE8a
Trust ro. “AR” or “Acc.” (Mod) 371 so; | Soro: PA or pase.” Sarre 3.52 “Di Sha { alors ), § 33
]
ammen, 1!
a 11] Ping
,| holders.
sion low of 1932. Stocks have. beet |
It's a bit.
858.1. 2BS=IBRGY.
5
= hd
o 3
Noa
PRODI
$8 653
- Sao
Nc
S
NUMBER EMPLOYED
~
din
¢ 8
. - eo”
F.R.B. PRODUCTION INDEX
I'L
= Bi: :
QIAOTINI 31603 NOTIN
v
1934 1936
than employment. It is true tnat this country increased 55 per cent, employed Bained only 10 pe: cent. picture.
cent ‘to the depression iow, while dropped only 22 per.cent. Ir other stands at 84 per cent of the 1929 | have jumped fo 86 per cent of the that employment has recovered fast
r= PARKER = GENERAL DISTRBUTO"
Is the prcblem of unemployment jermanent? Some point out that since the bottom of the depression, production has increased faster,
From the peak of employment in
INCORPORATED INVESTORS
siice 1932 industrial production in w nile the total number of persons " That, however, is only half the
1929 production declined 46 per ilie number of persons employed vords, industrial production today evel, while the employment figures ] 129 level. This fact clearly shows or than production.
TRADE UPTURN LOWERS STOCK
Hardware Lines Depleted by Heavy Buying, Magazine Says.
Times Special y NEW. YORK, Sept. 28.—The most recent development in the hardware trade is a shortage in several stock lines, according to the latest issue of Hardware Age. Retailers, under-estimating the current demand for stoves and stove goods, relied on jobbers’ stocks to be ample. The unexpected upswing QO inn demand suggests that business may progress at unusually large volumes during the present seasor, the magazine states. Higher priced stoves andj heaters are being moved ahead of ‘expectations, it was reported. Retail hardware store sales volume is running fully up to the favorable expectations for September, with conditions in most farming states showing rapid improvement. Labor unrest is sufficiently disturbing in a few industrial centers to slow down store business in such districts to a marked degree, it was reported. In general, the issue said, | there is no question but that the hardware trade will continue fortunate in holding a leading position among retail fields. Hardly any other line of consumer goods shows a more healthy condition of demand and price, it was said.
NEW OFFERING MADE OF DISTILLERY STOCK
Times Special CHICAGO, Sept. 28.—John KE. Sloane and Co. has scheduled a public offering today of 204,790 shares of newly authorized common stock of Owings Mills |Distillery, Inc. The | stock being offered is part of an authorized issue of 300,000 shares, the balance of 95,210 shares having been subscribed for by present stock-
Owings Mills Distillery, Ine, manufacturers and sells distilled spirits in bulk and also bottled whiskey. Gross sales for the company dur- | ing the first six months of this year were $556,744 compared with $318,173 for the entire 1935 year.
PROTESTS RAT RATE RAISE
Times Special
WASHINGTON, Sept. tests against proposed increases in| International Cable and Radio Code | message rates were presented today |
at a meeting sponsored by the Federal Communications Commission. | Principal objection to the pro-| posed rate increase was voiced by Carl O. Pancake, stant secretary of the Guaranty ust Co... New York, representing a group of New. York banks and investment lipuses. The increase, advocated by telegraph and radio firms, would amount to 16 2-3 per cent on international code messages of the type most used by business houses, Mr. Pancake said. The rate proposal will. be considered at international commiinications meefings at Warsaw, Poland, in October and Cairo, Egypt, next February.
VALSPAR PROFITS ur
Times Special NEW YORK, Sept. 28 28.—The Valspar Corp. and subsidiaries reported for the nine-month period ¢nded Aug. 31 ret profit of $116,718 after all charges, against a loss of $171,652 during the corresponding period a year ago. “The company's operations fo the usually dull summer months of July and August were satisfactory.” according to Thurlow J. Canpbell, president. “The average monthly profit for the third quarter wai 48.7 per cent over the average monthly profit for the first half of thi: year. Current business is progressin sate isfactorily.”
HUDSON'S SALES GAN
—————— Times Special CHICAGO, Sept. 28 —Ship rents of Hudsons and Terraplanes or fhe 1936 season advanced 54 per c¢nt to a total of 116,085, the greates: shipment of any season's models |since 1929, William R. Tracy, vice president, said ‘oday. Hudson has concluded shipments of 1036 cars, and the factory is being prepared for 1937 production, By
New Bond Issues
Central Ill 3'2s ’€6
28.+-Pro- | «
i Soy
(By Lyons & Co.) : Bid. i ied Stores ig ‘kansas Gas 4s '51 3 sociated J eisphone 45 '65... d O 4'2s ’39..
‘th Steel ®a%,s 86 (‘nl Oregon Power “rntral Maine 4s '668..........
C enay Gas, % E 3% T& OE3 ’96 (hicago Wer In 4155 '62 ..... (hicao Un Station 3%! '55 (!laveland Tractor 5s '45 . . Columbus Railway 2 8s Com Invest Tr by Conn River Pr Consolidated oir 312s 5 Ciidahy Pkg 3%s ’55 Cudahy Pkg 4s 32s ‘85 Edison Illum Boston 3's . Cien Motors Acc Corp 3s *46 ..102 (Glen Motors Acc Corp 3'2s 51 Indianapolis Water 332s ’66. . Towa South Utlities 5128 66. . Kansas vas 5
Minn Gas & Narragansett Elec 3Y28 2
Okla Natural Gas 4!2s ’'51 Okla Natural Gas 5s is Pacific Lighting as '4 Peoples G & E Lite Wis '81.. Penn R R 3%s '79. Penn Tel 4s "60 Potomac El Power 3%s ’66.. Pub Serv N H 3%s ’66 Railway Lite 42s .. San Diego G & L 4s '65 3 Southern Cal Gas 4s 106% Southern Kraft 4%s ’46 98% Union Pacific 3s 70 . n 990% Wisconsin Gas & B 3158 "66. . 104. Wisconsin Pub Serv 4s ’61 Teel 1042
Chicago Stocks (By Atkins, Hamill & Gates) Prev.
Noon Close
J D Adam . aaa rn Advance Aluminum 3 9% Allied Froduets ans Butler Broth 12% Cent Ill Pub ®Service Pid 4 11% 4 39Ys 4
110%
Consolidated Biscuit Cord
Economical Drug Electric Household General Household Godchaux Sugar “A” ..ceeee Great Lakes Dredge «..ovesss
& Lincoln Printing Lion Oil Refining . McGraw Electric Nachman Spring Filled Noblitt-Sparks Zenith
New York Curb
(By Atkins, Hamill & Gates)
Aluminum Co 2% ,America.... Am Cyanamid ° Am Gas & a, tie Am Superpower Ark Natural Gas
(Creole Petrolein’ corp IBlec Bond & 8 isk Rubber .. ord Motors Canada “A” (len Alden (1) . (yulf Oil Corp of Penn. [fumble Oil & Refining Co.... | Imperial Oil of Canada i.ake Shore Mines I.ong Island Lightin IMolvhdenum Corp o Mueller Brass Bellas 2 oss Inc N pil Be Hudson Pwr fentiroad Corp .. roe g o Oe Paper 8 alt Creek Producers Assn. . “egal Li sunray noton Sterchi Brothers Stores Tubize Chatillon Corp
Unlisted Stocks
(By Blyth & Co.) NEW YORK STOCKS
Hankers Trust Central Hanover .
cal (‘ontinental Chicago (: uaranty living IManuacturers National City First Natinnal Boston National Shawm
FIRE. NSURANGE
Aetna Fire Insurance American Ins of New York. . paltimors American
xe ce ireat American Insurance.. Havaver Fire Hartford Fame Insurance . “National Insurance . IWational Liberty ....... . Narth River .......... beens oe Phoenix .. “y Westchester "Fire aes *Ex-dividend.
STOCK MARKET WEEK IN REVIEW
BY ELMER C. WALZER . United Press Financial Editor
NEW YORK, Sept. 28.—The crisis in the French franc situation which resulted finally in a decision to devalue the unit influenced the stock inarket last week. As the gold flow out of France was intensified, the market reacted dlownward. There was resistance to pressure until Friday, when selling hecame more acute. :
Commodities were depressed and the net result up to Friday was a fitand-off in the average. Cotton futures were about $1 a a bale lower, ‘while wheat showed a small gain. Business news continued favor. able. Car loadings were at a new high since 1930. A similar high! mark was set by steel operations. Automobile output declined rather
sess snees
sesso
* 11,000,
{ medium _to good ewes, #30 3.75.
IPORKER PRICES GAIN 10 CENTS;
CATTLE STEADY
Top for Hogs, $10.25; Vealers Off While Lambs Sell Higher. Hog prices were steady to 10 cents
higher at the Indianapolis Union Stockyards today, wtih under-
weights selling steady with Satur-|
day's prices. Top was $10.25, paid for choice weights between 220 and 250 pounds. Hog receipts totaled 7000, with holdovers of 105 head. All killing classes of cattle were
steady, vealers lost 50 cents, and |}
lambs sold 50 ‘cents higher. Cattle receipts were 1000; calves, 500, and sheep, 500. Most hogs in the 190 to 280-pound class ranged from $10 to $10.20; 280 to 300-pounders brought $9.85 to $10.05; 300 to 325-pounders ranged from $9.60 to $9.95, and weights above 325 poviis sold from $9.35 to $9.65.
Other Quotations Listed
Lighter weights ranged from a top of $10.05, paid for 160 to 190pound weights, to as low as $8, paid for weights between 100 and 130 pounds, where the price ranged was from $8 to $38.75. Sows sold from $8.25 to $9, top $9.25. Most steers ranged from $7.50 to $8.50, and heifers sold largely between $5.50 and $8. With vealers 50 cents lower, the bulk .better grades ranged from $10 to $10.50. The bulk better grade ewe and wether lambs ranged from $9.50 to $10, with fat ewes selling from $2.25 to $2.75, top $3.
"HOGS Bulk. 10.45 10. 35 3
Receipts. 6000 4000 6000 9000
1000 7000
$10. 0. 9. a5. 9. 26. 9. 103 28. 10.004 10. 20 Light Lights— (140-160) ood. and
5 5 5 5 0!
Sw wo oo
89
Light (160-130) Si) and
— ©53 Om ND VOUO
Mediums Wm
(200-220 Good and (220-250) Good and
Heavyweights—
(250-29Q) Good and 1290-350) Good and
Packing Sows— (21-50) Good Good
choice. . choice. .
9 PID
hai 9 CS
choice. . choice. .
ommn
Goo (373-4320) Sum Slaughter Pigs— (100-140) Go0s 2 and choice..
03 O93
PD
—Receipts, 1000— (550-900)
5
(900-1100)
© DIDI =a ba —
> PONDS INOS NR
(1100-1300)
PEHmOABBDRNA®D 999399993980
SaaS Bara rch
oan SRG
Mi (1300-1500) ; Good
(550-750)
00 Comon. mediu o Good and thoes ‘ Common, medium.
on SD
»onn?
33 8233
(750-900)
DOVE
Good Common and medium Low cutter and cutter Bulls, good Cutter, com. and med. bulk.. Vealers —Receipts, 500— Good ond choice. .......v is. $ Mediu Cull Cand: comon
Sa tadon O33 coy
—
amo son S32 »©S
88 op = S38
(250-500) Good and choice .§ 300 Common, medium 5.5 Feeder and Stocker cattle (500-800) Sood and choice § 0 m. and medium 4.50 Heifers—
Good and choice Com, and mediuin_ w
on = DO ae Go oa SO
on hs &3 ed
Good Common and medium SHEEP AIND LAMBS
— Receipts, 500— Lambs
od... Medium
~C80-170) Good and choice . Com. nd medium 1.2
basis.)
Other Livestock
. (By United Press) CHICAGO, Sept. 28.—Hogs—Receipts, including 2500 directs. Market steady to 10c higher than Friday. Spots up more. Top, $10.30; most desirable 200-2501lbs., [email protected]; most 160-200 1bs., [email protected]; in between grade slaughter pigs, [email protected]; best sows, $9.15. Cattle—Receipts, 21,000: calves, 3500. Fed yearlings fairly active, fully steady; medium weight and weighty steers steady weak; only strictyl gooa and choice he much ‘action; not so many jiavy steers in CoD best yearlings early, $10.40; heavies, as but some held higher: largely, $9.28G 10. 25 market early; supply very small; all she stock steady with cows steady She 5 strong and vealers fully stea bulls, $5.85 down; vea ore, selects around. $1.150; a in crop; stockers rulin tone weak Loi ast
ON with ie. In week's 25@50c
Sheep—Rece ts, 18,000, includin directs. Fat As active, stron higher: lainer Jualis consider: an to choice native lambs. 3 9.50; kind highest; westerns mos }
g 7900 to 25¢ ; sheep best 2. -
[email protected]; 3; hii held above $
BONDS TO BE CALLED
Times Special...
onion
one
lambs little changed. medium | 4
Pet Co Phillips Pet Fiymouth oil .
Un Oil of Cal . Steels—
Acme Steel ..... 65 Am “Roll Mills: Beth Steel
prdridy Steel
gytenens
NEES wee
ZEN
vs S Stee us Steel Rit 139% Warren Bros 9Ys rren P & & Fdy 31 Youngstn 8 & T
a haturse
88.53 wR
Chrysler Gen Motors . Graham Mot. . Hudso Mack Prruck.
Reo » Studebaker A yellow Truck....
Motor Access—
Elec Stor a. Greyhound (B).. Houdaille . as urray Body .. Stew Warner.... Timken Roll .. mken Det Fixe
Mining— Alaska Jun ven
Kennecott Cop.. McIntyre Mine.. 4 Park Utah
S Smelters. .. Vanadium Amusements— Crosley Radio.. Fox Theater.... Loews Inc Radio Corp .... Falamount
KO, LL Bros . Tobaccos—
HE > Am Tob “B”. L & Myers “BY. 050s Lorillard Phillip Morris . Beyn Tob “BB. afl
Atchiso 80%s aun Coast Lines 33% B & O 25% Can Pacific .... 2 Ch & Ohio .. 68 Chi & Gt w pid 1078 CM& Sh P pid. 3% 34a
Erie pfd 32 Gt Northern ord S0% m Cejoral 78
Sou R R West Maryland. . Equioments— Am Car & Fdy..
ir Br Westingh Elec. . Ll 141%
Utilities—
Am & For Pwr . Am Power & Ln A T
Am Wat Wks .. Col Gas & Elec.. Comm & Sou... Consol Gas _.... Elec Pwr & Lit . Int Hydro Elec. Inteshoto RT ..1 Int T &
\" Ys
45%; So Cal Edison. . > 3llp Std Gas 8 Stone & Webster 183% C sila 15% 37% Western Union.. 88% Rubbers— :
Firestone Goodrich Goodyear U S Rubber 33% U S Rubber pfd. 67% Miscellaneous—
Allis Chalmers. . in Am Can 124
Anchor Man Tr.. 3735 Burrou id Add.. 29% Contl 0% Caterpillar Tract 80 Crown Cork 81 Curtis Pub 21% Eastman Kodak 169 Gillette 143 a
Nail os sh Fog 4
NEW YORK, Sept. 28—United Natl Bi
States Pipe and Foundry Co. is to
redeem on Nov. 2 $2,000,000 of its|s 0 Riso
10-year 32 per cent convertible debentures at par plus a day's interest af 32 per cent a year, toSeller with a premium of 2% per t of their principal amount,
YEAR'S PROFIT REPORTED Times Special
NEW YORK, Sept. 28.—Electric tion today reported net income of $6.671.154
Power and Light for the 12 months ended Aug. 31,
equal to 28 cents a share on :om-
mon
. i —
305-307 Merchants Hank Bids.
———
JACKSON-EWERT, INC.
CORPORATION |
‘Servel
: £ BANK CLEARINGS UP | OVER 1935 PERIOD
3 Ys Hs
‘en ios
142 191s 48% ls 887s 542
Nag Tea Sears Roebuck.. Woolworth
Aviation— Aviation Corp . Boeing Aircraft Curtiss yorient. Wright “A.
94 63% 197% 783% 8 orp. .. 213% Tnited Ar ew. 253 Chemicals— Air Reduction... 77% Allied Chem ....224 Com . Solvents.. 13% 24% 42 357% . 303% 493, 36 Union Carbide. 96% Prugs— 51% 173% 15% 14% Ts
& Un Dru Zonite Prod Financial— Adams Exp . Allegheny Corp. Am Int Corp.. Chesa Corp. . Lehman Corp... Transamerica .. Tr Contl Corp..
Building—
Am Radiator. Int Cem
1314 41a 123
9%
oe 2212
5514 ‘| Johns Manville’ -118%2
Libby Owens Gls 803 ous Elev. . U 8 Gypsum. . Ulen Cons Household—
Col Pal Peet.... Congoleum Kelvinator .. Proc = Gamble. Inc Simmons Bed.. Textiles—
Belding Hem.. Celanese Corp . ve Collins Aikman. Gotham Hose.
10's Indus Rayon. . .
34%
10%
6 10 341% 34%
Times Special ¢ ‘'NEW YORK, Sept. 28.—Bank clearings in the United States for the week ended Sept. 23 totaled $5,305,774,000 dgainst* $5,040,128,000 ‘or the similar 1935 period, a gain of 5.3 per cent, according to the latest Dun & Bradstreet report. New York settlements dropped to $3,189,792,000, a decline of 2 per cent in comparison with the $3,253,871,000 recorded a year ago. The aggregate at outside centers was $2,115,982,000, an advance of 18.5 per cent over $1,786,257,000 in the corresponding 1935 week. Individual cities which contributed largely to this increase
.were Pittsburgh, Cleveland, Cincin-
nati, Baltimore, Atlanta, New Orleans, Chicago, Detroit, Dallas, St. Leuis, Louisville, Kansas City and Portland, Ore.
SUGAR DELIVERIES OFF
By United Prevs WASHIN GTON, Sept. 28.—Deliveries of sugar in the first eight months in 1936 totaled 4,406,646 short tons raw value, compared
with 4,467,104 short tons raw value ||! in the same months of 1935, the | sugar section of the Agricultural |f
Adjustment Administration nounced today. The 1936 deliveries of sugar in form for consumption were: By refiners, 2,838,255 short tons; by beet sugar factories, 765,782 short tons; by importers, 479,568 short tons, and by continental cane sugar mills, 67,821 short tons.
STUDEBAKER SALES UP
Times Special SOUTH BEND, Sept. 28.—Studebaker Corp. totaled sales of 6857 pasesnger cars and trucks during the first 20 days of the current month, Paul G. Hoffman, president, announced today. This compared with sales of 1533 during the corresponding 1935 period. Sales for ‘the year to date total 59,035, compared to 38,906 a year ago, an advance of 52 per cent.
an-
* * - « Building Permits Country Motors Co., 38th - sts, construction. oi and Illinois an apin, Yass Mi - av, alterations, $200; roofin I asuseits " OTe. Geop, 1112 Gra founda-
S- E. Bradburn, 206 Eastern-av, porch,
sks Gribben, Gray, 1842 Lambert-st,
a Gray, Gribben, Gray, 1256 Sheppherd-st,
Eleanor Hemstead, 2239 - - pais. So. et ‘Yandes st, re char 407 - - gh) Kenwood av, elec
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week poe ‘Sept. 2; Proke the preceding week's sixyear record with a total of $36,828,000. Total engineering construction awards, $68, 041,000, was the second highest weekly volume for the year.
New York Stocks
MOVIE RECEIPTS MAKE INCREASE TO 4-YEAR HIGH
175 First-Run Houses Gross 2 Million in Labor Day Week.
Times Special NEW YORK, Sept. 28.—Gross re ceipts for first run moving picture houses in key cities throughout the country -established a four-year record in the Labor Day week ending Sept. 11-12, last, it was dise closed today. With a total of 175 such thea ters in operation for the period, Motion Picture Daily, a trade publication, placed indicated gross at $2,090,144. This compared with $1,747,748, paid into 163 ‘theaters 4 | operating in the preceding week. The number of theaters operate ing over Labor Day this year was by far the largest for the period since the depression embraced tnis industry in 1932. The performance was considered especially outstanding since the amount grossed ran far ahead of any New Year's week eveipts in the four-year period as ell. The survey covering first-run houses operating in 28 leading cities, including Montreal, revealed that receipts increased in a total of 21 centers, and were smaller in the remaining seven, Those centers showing contraction in gross were chiefly in the West and Middle West and ine
‘cluded Denver, Lincoln, Neb, Mile
waukee, Wis., Oklahoma City, Okla., Portland, Ore., St. Paul, Minn, Washington, D. C.,; and Buffalo,
Boston’s Showing Best Boston made by far the best showing by comparison with the preceding week. With only one" more’ theater in operation, gross for the eight first-run houses ope erating in the “Hub” reached $151,« 500, an increase of $58,500, or 63 per cent, compared with the pre=
ceding week, when seven houses were open. New York City, with nine hoses running, reported total receipts of $409,354, against $360,363 for the same number of houses the week before. It is calculated now that the cash registers in the nation’s movie houses are clicking to the tune of some 80,000,000 admissions a week, a condition which the Broadway veterans declare is ample evidence that trying times for the amusement industry are on the wane and that general recovery has reached the point where the average person is now able to seek a little entertainment.
Chicago Grain Futures
(By James E. Bennett & Co.) 10: Prev, High
Close
1.15%
S314
821 801% 80%*
° LOCAL CASR MARKET
City grain elevators are paying $1.09 for No. 1 red wheat. Other grades on their merits. Cash corn, new No. 3 yellow, $1.03; oats, 36¢ Hay—No. 1 timothy, $14.50@15; Ne. 1 clover, $14@15; No. 1 alfalfa, first cutting, [email protected]; second cuts ting, [email protected].
Notice to Holders of Indianapolis
Water Company
First and Refunding Mortgage Gold Bonds, 4% % due January 1, 19 Notice is hereby given to all hoiders of the above mentioned Bonds, that Indianapolis Water Company has called same for redemption and payment on January 1, 1937, and has deposited with Bankers Trust Company, one of the Trustees wider the Mortgage securing same, the total amount necessary to redéem and pay of said Bonds outstgnding. with of 4%, together h accrued said redemption date.
Bonds, together with all appurtenant coue pons maturing on and after January 1, 7, at the office wi the said Bankers Trust Company, 16 Wall Street, New York City, New York, recei to said redemption da the ’ principal amount of such Bonds, together with said premium and d Accrued interest thereon to
a APOLIS WATER COMPANY ’ By ROBERT D. BURROWES,
Treasurer,
Dated: August 6, 1936.
Funds for
Mortgage
monthly and interest.
Funds Invested od earn di
on H ) M E S Indinpapols
Our Payment Plan Permits: I. Monthly payments which include TAXES and INSURANCE.
2. Monthly payments with direct uction of principal
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