Indianapolis Times, Indianapolis, Marion County, 30 September 1936 — Page 20

Tariffs Necessary

PAGE 20

WEDNESDAY, SEPTEMBER 30, 1936

as aga

from 83 to 75.

st 130 the preceding week, was reported & Bradstreet. The A 1935 figure was 199. Insolvencies with liabilities of $5000 or more decreased

to Controlled

Economy. wee BY JOHN T. FLYNN

YORK, Sept. 30.—The old reliable tariff is in the camIt seldom fails to step out in front for a brief moment at least in all our national campaigns. * But it is very hard to keep it there now. The reason is interesting. It ~ also is important because it makes “clear a new phase in national 3 | economy which has developed in the last 15 years. Originally Republicans favored the tariff as a means of protecting our industries. The Democrats always insisted on a tariff for revenue only. They did not object to tariff duties, but only as far as was - necessary to raise revenue. And, as a matter of fact, they did not - object to whatever protection home Industries might get as an inci- ~ dental fruit of the duties. But the Republicans always fought for ~ tariffs so high that they would keep the goods affected out of our market and, of course, bring in no revenue at the custom houses at all,

Ni A ep 3

n n ” * N this issue, the Democrats, while winning an occasional ; victory, suffered finally more or ‘ less complete defeat. The country - was so much sold on the protective tariff as a policy that in 1928 Al Smith abandoned the tariff as a party issue for the Democrats. One reason, of course, was plain. ' The tariff, whether wise or not, had resulted in building a whole series of industries which were ab- ~ solutely dependent on it. No politician would have dared pull the _ tariff prop from under these 1ndustries. : But in the last five years a . wholly new theory about the tarift has grown up. It has nothing to do with protecting home industries. It is based on an entirely different philosophy. This philosophy is this new cult of the controlled national economy. Many men. have become convinced that the nation must control its economy. We must plan it. They will differ about the manner of planning, but they will agree that some psn is essential.

HEY thee: that Tadustry must be brought under some rule. ‘Some want the government to rule industry. Others want industry to ‘do the ruling. But they insist that w= can not abandon ourselves to: ‘the wild, untamed forces of .economic law. "If this sound—and Iam not arguarguing for it here, merely explain“ing it—then it is perfectly apparent that we can rule only the industry ‘within our own borders. Whatever “rules we make for industry, we can “not apply them to industry in foreign countries. If therefore you set up a plan and impose it on our own “industries, you will completely dis__“rupt your plan it you let uncon“trollable foreign industries penetrate “your economy. ~ In the last campaign the Demos.eratic party went through the form “of making its old declarations about the tariff. When the President “came into office he established the "NRA. This was an attempt to set ‘up a national control of our economic life. The moment he did ‘this all talk of weakening our "tariffs became illogical and im- : ible -and so it was dropped ~ hurfiedly. That is why the Demobs Cerets did nothing about the tariff. “Mr. Hull's reciprocal treaties do not ‘amount to much and are a sort of surrender to the Secretary on a ‘point on which he, an old-fash- . “foned Democrat, feels strongly. (Copyright. 1936. NEA Service. Inc.)

: ADAMS CO. DIVIDEND VOTED

A quarterly dividend of 15 cents a share on common capital stock payable Nov. 2 to stockholders of record at the close of business Oct. 15 has been voted by directors of the JD. Adams Manufacturing Co.

Fruits and Vegetables

jons below, subject to change, are oa otesale prices being offered to ers by local commission dealers.) J FRUITS —Peurs — Michigan _Barletts, Si? 80. Bananas Seieeied: 3}, ‘tones aiden No, : 1 Wealthy, 2% inches up, athans, 2% inches up, v ons—sSunkist, 360s, $6.50. Limes xican, carton, 12s, 321.¢; Persion Seedper 100, $2.50. Peaches—Elbertas, 2} \ bu., $3. Po alten prunes. -1b dug, $1.10. Grages Mi hiear Concords. 4-qt. asker, 1c; Calif. Tokays, - ate, § 5 3 ONS —Cataioupes—Col. Jumbo, 26(s)4818) a 2 cn, DS Jpened. -9s- ra es . Be Qui ABR 36s-48s, 30-10. $1. 20

vi EGE T ABLES—Beans—Round stringless, dos., 30c.

6 . Crate, Cauliflower—11s, ate, $1.75. Cela] 0 Mich higan Mammoth, washed and trimmed, doz., 60c. Cucumbers—Home town “DW, $1.50. Corn—Home-grown, he, Kale—Home-grown, 65¢.

bu, ttuce—icebers. California, 4s-5s, $7: leaf, home-grown, 15-1b .

basket, : Bu .25 si eppers —M home-grown, u., 3 peck Shas . : dos., 20c. Mint—Doz., hioni—Tadians Yellow, 50-1b. bag. foe. arsley—Home-grown. do. 40c. Peas— er Tel., ham a ae Eastern Cobblers, 1 Sweet Potatoes—Eastern Jerseys, , ishes—Ohio white, 2-doz. basket, 75¢. Rag. _—Doz.. 45c. Turni $1.75. Waterress—Doz.. 75¢. eR i ine ars facbu., basket. , 85¢; bu., $1.25.

Produce Markets

Khe rides uoted are paid for stock d Ay the country, while delivered father Sa jhe ens. 3} is a cent or he '

Heavy 3 etd bs. and over, unde Es 133 Ibs and over, " ae: fe springers, 112 lbs. to 4'2, 3c

and aver. 156: roasters, 4 Ibs. and ducks, a , § Ibs. ad up.

case must weig ‘58 gross: ch, full of 10 cents Ritter, 178 380. 34@35¢c. Butterfat. 3lc

"extras (92 score), 32%c; X Sic: specials, 33@3 ac: RE 3c. Poultry—Market, weaker; receipts, uc CArs; geese, 13@ l4c: roy ¥ spring chickens, 13@18%2c: hens, 06 19: turkeys, 18@19c: broilers. 13@1sc: hens, 11@13c; ‘old roosters, 13@

Twins, Balk Daisies, 18%2@

: iE Ee eae, liberal, any Sood , Russel” nara [email protected]: U. S. 3 a sect Bur-

Washington Montana Russet Red McClures ures, .15612.20. Asin | Cobblers, $1. LS5gL7 Minneobb $1 San North Dakota

| Other Fioeiock

(By United org A

io, 0 oT att fan B

Increased Demand Exceeds

-as typical cities, the report stated

‘Central Maine 4s

HOUSE SCARCITY 1S WIDESPREAD, SURVEY SHOWS

Construction Upturn in 57 Cities.

Despite a 71 per cent increase in home building so far in 1936, accumulated housing shortage has been ! affected but little in 57 of 74 cities / reporting in a rental survey just | completed by Northwestern National | Life Insurance Co.- i Numerous increases in house and apartment rents were made Sept. 1 | in 58 of the cities, the report showed, increases ranging from 1% up to 30 | per cent. In 55 cities, further rent boosts are expected between now and May 1, 19317. The 183 homes built so far this year in Indianapolis are far from enough to affect shortage, although | residential construction volume is 200 per cent ahead of last year, it was said. Many local rentals are to be increased Oct. 1, apartment in- | creases to range from 5 to 10 per | cent, single family dwelling increases to vary from 5 to 10 per cent, it was reported. Further rental markups are expected next spring, according to the survey. In Fort Wayne, the only Indiana city besides Indianapolis included in the survey, 66 homes already have been built in 1936, as against 36 for the similar 1935 period, but construction has not affected the housing shortage, it was said. There has been | no uniform rental increase in Fort Wayne, but many markups have taken place, averaging 10 per cent, curing the last three months, it was said, and another 10 per cent increase is expected by spring.

Many Houses for Sale

Citing Minneapolis and St. Paul

that with very few houses for rent | there nevertheless is a considerable supply of houses for sale in both cities. Sales are proceeding at a |

more rapid rate than last year, because many would-be renters are forced to buy to have a place to live. Some rental houses, which were for sale earlier this year, recently have been withdrawn from the market as

to the survey. Increases in residential construction over the corresponding months of 1935 were shown in 66 of the 74 reporting cities, the margins of increase ranging from slight gains to expansions of several hundred per cent. The survey was made by the insurance company through real estate board officials, realty firms and rental agents.

New Bond Issues

Allied Stores 318s, *51 Arkansas Gas 4s ''51 10 Associated a ephone 4s res. & O ’3 1

28 Beth Qt 2%s ’66 Cal Oregon Power

Central 111 3'2s ’6 Cincinnati Gas & & 3%s '66.. Cc O 3's '96 : Chicago West In 4las '63 Chicago Un Station 32s Cleveland Tractor 5s ’45 Columbia Railwayy 4s ° Com Invest Tr 3'»s '51 3 Conn River Pr D © L 3%s ’61 Consolidated Oil 3'2s ’'51 Cudahy Pkg 334s '55 Cudahy Pkg 3'2s '65 Edison. Illum Boston 3':s '65 .

Indianapolis Water Towa South Utilities 5%as '66.. Kansas PE - iss '8 . & E 4s Tonio : 1% % E Bi . Lou-& Nash G & E 4s 0 . Metro Ed 4s '65 ... Minn Gas & B Dr 4 '50

Okla Natural Gas a Pacific Fu 45s ‘4 43 Peoples: G Penn R ® hi Penn Tel 4 . Potomac EI Se Mas '66 ...104 Pub Serv N 3%s ’66

San Diego G & L 4s 65 Southern Cal Gas 4s Southern Kraft 4s (48 Union Pacific 3s '70 Wisconsin Gas & Wisconsin Pub & is “0 ei

Local Securities

(By Indianapolis Bond and Share Corp.)

The following quetations do not represent actual bids or offerings but merely indicate the approximate market level based: on buying and selling inquiries or recent transactions.

BONDS

gts Ind 5 (T H.) is, 61. H Tel 1 Ft W 5'%s '43 . H Tel & Tel Ft W 6s S43 a Indlps Railway Inc 5s '67 . 68} Interstate Tel & Tel ys '53 . Kokomo Water Works 35s 5. Morris & 10 Stores 5s '50 Muncie Water Werks 3s "65 . Noblesville HL&P i

Ask. 10412 105 106 702 101%: 105

Seymour Water rac Terminal Co Ss 57 [ndpls Water Co 3'%s '68 .

ABC Brewing Co

Home *Hook Di ich Ei " *Ind & MiCh Elec Co ‘prd 7s 1

*Ind

Ind Hydro E Elec % He as Co 8

dels 3

. tha Nor Northern Ind Pub Serv pfd Northern Ind Pub Rory bi Ts Progress Laundry Pub Serv Co Co of 1 ng pid 55 7 Pub Serv Co of Ind ples . Y Southern Ind Gas & il pid 6s 103 te Elec . 98

*Ex-Dividend.

Unlisted Stocks (By Blyth & Co.) NEW YORK STOCKS

1 L Chase Chemical . . Continental Chicago ... Etec ‘

Nadionat Linerty | 10 Sets aR athnran

- LEGEND a— TVA Uwes CownLrore © ®® TVA Luis Unore Cows TiiEnon 60 Puépo: (| mm Paws Powsn Cowranity LINES

A graphic picture of probleins faced by the contoday by President Roosevelt to n between Tennessee Valley Authority and private utilities in Tennessee,

ference called for work out a plan of co-operatio

Mississippi, Alabama, Georgia ind

TVA, Private Power Lines in

North Carolina.

n_Competition

ee em Are imi

"MAP SHOWING POWER LINES OF THE TENNESSEE VALLEY AUTHORITY AND PRIVATE POWER: COMPANIES IN THE TENNESSEE VALLEY AREA ome

Light lines show facilities of private utilities, heavy lines show completed transmission lines of TVA, and dotted lines reveal added TVA facilities either in construction or projected. The President hopes to work out a plan for joint operation of Federal and privately owned lines in the area.

| New York

Stock Pxttiinge £ Prices

(By Thomson & McKinnon)

Close 9635 27% 18 13% 33% 24Y, 1234 13% 417% 16Ya 167% 31 Va 24Ya 281% 13% 36 37s 61 37% 3

Oils—

Amerada Atl Rig 27% Barnsdall 18 18 Consol Oil Ye 13% Cont of Del .... 3 125 Houston (new).. 9 Mid Cont Pet... a4, Ohio Oil 12%, Pet Corp 132 Phillips Pet 417% Piymouth Oil. . 18Ys Pure Oil } 16% Seaboard oil . 31%, Shell Union .... od Skelley Oil 13% 36

37% 61 371%

18 217%

High Low

48%

Texas Corp rik Tidewater Assn. Un Oil of Cal... Steels— Am Roll Mills. . Beth Steel Byers A M Inland Steel ...

83% #8 3% £312 113%

| Ludlum Steel .. 29 9 { McKeesport Tin.

904 45%

Mid Steel Natl Steel Otis Steel .. .. Rep 1 & Steel ..

A War Pip Fdy 317% Youngs S & T . 80% Motors— Auburn Chrysler Gen Motors ....

owners see better rents, according |fy

eo Lull. Studebaker Yellow Tr Motor Access—

Eaton Mfg . Elec Auto Lite . Elec Stor B . 46 Houdaille .

| Murray Body ...

Stew Warner . Timk Det Axle..

Std Brands ..

., | Marshall Field ".

Curtiss Wrght ‘A

. 15% United Fruit .... Ward Bak (8B).. oa

Am Radiator . Gen Asphalt

15% 6 5% 16% Int Cem

Johns Manville Otis Elev

Retail Stores— Allied Stores ... Assd Dry .Goods Gimbel Bros ....

12% 20% 18% 3% 27% 207% 48%, 18 14% 18% 59% 49%

90%, 29% 88

Ulen Cons S Kroker Groc ... Household— Macy R H 4 McCrory 8t .... ]

McLellan St Congoleum

Kelvinator

May Dept St...

Mont Ward Servel Inc

Simmons Bed Textiles—

Woolworth Aviation—

Aviation Corp... Boeing Aircft . Curtiss Wright

Collins Aikman Kayser Julius

Douglas Air .... 77 Nor Am Av Sperry Corp .. Unit Aircft (new) Chemicals—

Air Reduction. .. 16%

.. 124 . 1534 .. 18% . 25% 3

v). 30%

Com _ Solvents Du Pont Freeport Tex h Alk

Cities Service

eh! ink... Sterling Prod ... Jarvis Mf Vick Chem .... Zonite Prod .... Financial— Allegheny Corp . 4 Am Int Corp ... 12% Chésa Cor . 84 Transamerica . 13%

N.Y. Hone

‘(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1926 average eauals 100) 20 20 . Util.

itt-Spa

yort ex pi mith

Am Cynam Am Am General | Am Super;

Bonds. Atlas Corp

Mining—

Alaska June Am Metal

Cal & Hecla ... Cerro De Paseo.

Isl Creek Coal .. Kennecott Cop. . McIntyre Mihe. Park Utah Phelps Dodge St Joe Le Vanadium Amusements—

Fox Theat Loews Inc Radio Corp 7 Va Paramount 13%, Yi Warner "Bros ces 13% Tobaecis~ Am Snu Am Tobacco ‘A’. Ya Am Tabaceo ‘B’.100 Gen Son . 53 Lig & Myers ‘B 108% Lorill jolla Tob ‘B’ 357

Rails—

Atchison . | Atl Coast Lines.. EP & O

99% 52% 103%

oni & Ww on} & Gi ‘Ww pfd.

CM & St P pfd. Chi NW

pf 3 Gt i pid Ill Ceniral Lehigh Valley. a & Nash ...

Pac West Maryland. . Soi Va

Equipments Am qa > Fdy . Am Am Steel Fdy.. Bald Loco

SI 343 43% 33, 453; 5% 8114 So 1415%

Gen Elec Pullman Cine West Air Br .. Westingh Elec

Utilities— Am & For Pwr .

. 43% .. 14134 13% 1% 5 12% 113 Ti i

.. 25% 201% 3%: 43% 153% 334% 13% 29

Consol Gas Elec Pwr & Lit . Int Hydro Elec . T&T

pn G & E ° A”. Nat Pwr & Lt. . 123 31%

. 36% .. 53 von 458% -. 32% 1% 1

: 1358 "og 87%

Rubber i s Rubber ptd. Miscellaneous— Allis Chalmers. . Am i

Unde . Worthington P.. : Foods— i Am Sugar ...... 58

a} 4 |

i & | Internat ae & Tel 4%s 52 . s Lehigh V cKess

Mi ‘Mo Kan

. Nationa

99 99.1 29 Be: is Fisk Rubber 99° 1 93.3

1936, hy Standard Statistics)

‘Carrier Cor

(Copyright,

U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys

Hygrade Food

. Close 1947-52 .......c0ns Reives 118.30 ..114 Mueller

Selag Sunr § b:

1951-54 Home Owners Loan Corp.

101.21 101.19 103.9 103.10 Federal Farm Mortgage Corp. 102.20 102.24

98%

73 13% 113% 113% s 1113

oC! Beth Steel 4Ys '60 . Chi Milw & St P 5s '75 Chi Milw & St P 5s 2000. Cleve Un Term 4

Can Pac Perp 4s gent Pac 5s '60 u

Erie ; | Grt Northern “G” 4s i (3rt Northern “HY J, 46 (Great Northern 4'> (den Stl Cast WW Bias 49 . Hud & Manhat Ref 3s 57 -

Debits

EE Te

year

Nationa

Recei Defi Cash al. Pub. debt.

Nickel Nicke!

4s 84... Penn RY 415s "81 . Penn Ry us 70 . Mac & E 8s ‘42 Portland Gen Fara Publix penn P&L £s a ostal Tel & Cab 5s ’53 38% Shell ‘Union Oil 3%s '51....... 87% Sou Pacific 432s ’68..... 95%

sou Pacific 4s Sou

cevnere. + 1043

'60...cninnn 33%

Indus Rayon ...

TrpOwW: Ark Natural Gas

Gold Res. 10,824,682 Custom. 98,

. 22% cee. 24 Holland Fupace. 38%

45s 1118 27

Us GY um Cae

Col Pal Peet ..

Amer Woolen ... Celanese Corp .

’ : 4 Advance Aluminum .... m \ on CL Bastian Blessing ........ ae enew

ergho Butler Brothers

Crane Economical Drug Electric Household .. General Household .... Great Lakes Dredge ..

Aluminum Co ro America

St Regis Paper C 3alt Creek Producers Assn....

Clearings for month or. month

Brioni 4 fiscal ye year and iy scsi ago:

High

et ed

8 5

793, Hie 13

Mohawk Carpet . Va 26

. 55% 34% 24%,

v a

Commonwealth Edison 4 Biscuit 0

CRO

B.C . veen “sean Ken-Rad T & L Lion Oil Refining McGraw Flactric avn

Williams PSil-0- Mic

New Yor ork Curb

(By Atkins, Hamill & Gates)

Gas & 8 ecoric oe

“A Catlin Corp .......... i. vases

Pp Creole Petroleum Corp Crocker-Wheeler Elec Bond & Share

Ford Motors Canada “A” Glen Alden (1) Greenfield Tap & Die Corp ... Gulf Oil Corp of Penn Humble Oil & Refining Co.... International Vitamin

Imperial ol i Canada

Cin Long Island Lighting

rass a Natl Bellas Hess Inc ... Niagara Hudson Pwr Pan-American Airways

ray Sterchie Brothers Stores. ubize Chatillon Corp .. Technicolor Inc

TREASURY STATEMENT ’ By nited Press)

Asm 3

22 24

12:30

. 22Y 24%,

Chicago Stocks

(By Atkins, Hamill & Gates)

Prev. Close 9%, 14%,

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

1.23

Money and Exchange

INDIANAPOLIS STATEMENT

ent

ronment! Fs the current as oii with

This Yea Ex $ 1.635.900 86.44 $1818 200 471.82 Ee 1110196 888.81 ° Hite 516,712,927 63 2i0uases 108

and lo 2 a fev lots an 1 and Dare opening

en 569. Jas.a1 ae 307, 163

Chicago Grain Futures

(By James E. Bennett & Co.)

10:30 Prev. Close

. Bs 1.11

1.13% 1.13% 1.12% jers

HOG PRICES OFF 10 CENTS AFTER {| OPENING STEADY

Cattle Hold Even as Lamb Quotations Move Downward.

The Indianapolis hog market opened steady this morning, but closed steady to 10 cents lower, with packing sows selling steady to off 25 cents. Top for hogs was $10.40, paid fer weights between 190 and 280 pounds. Receipts totaled 6000. The cattle market today generally was steady, while vealers were up 50 cents, ranging from $10.50 to $11 for the bulk of better grades, with a top price of $11.50. Cattle receipts were 1800. Lambs were off 50 cents, with 1500 sheep on the market. One hundred ninety to 280- pound hogs ranged from $10.10 to $10.40; 280 to. 300 pounders ranged from $9.75 to $10.25; 300 to 325-pound weights, $9.50 to $10.15, and 325 to 400-pound weights sold from $9.25 to $9.85. Lightweights ranged downward from $10.25, paid for 160 to 190pounders, to $8 for 100 to 130-pound hogs, where the price ranged from $8 to $8.75. Packing sows ranged from $8.25 to $9.25.

Top Steers Bring $10.10

Top for steers today was $10.10, with the bulk of better grades mov-

‘ing at prices from $9 to $9.75. Top

for heifers was $9.50, and beef cows ranged from $4.25 to $5, with cutter grades selling from $3.25 to $4. With lambs 50 cents lower, the bulk of better grades ranged from $9 to $9.50, while top ewes brought

29. 30.. 10. 10@ 10.40 Light Lights— (140-160) Good and Medium

Light wel ih Good and

..$ [email protected] 8.25@ 9.50

[email protected] [email protected] [email protected] [email protected]

[email protected] [email protected]

8.75@ 9.50 8.50@ 9.00 3.300 8.75 9.00

Medd Weight. 220) i and (320-280) Good and Heaviweignts— (250-290) Good and z (390-350) Good and

choice. . choice...

choice. . choice.

Se 52 2%

laughter Pigs— S100" 140) Goog = and choice..

09 i 90 a ad

TRsceinis, 1800— Choice oice 3

—

(550-900)

oow

= URROS NONOO VONOOINODIBOD

todos 233383 Paks

C (900-1100) Gi

=O (1100-1300) Good

ens aaa 299 0339993393389

PVOINDNIDO NINO QonISoOWm

(1300-1500) Go

[os

(550-1750) Sg

od Common, Good and choice. . Common, medium.

puns 8¥8

@ oe DS ON SoS ow 9 99

(750-900)

NNO

ood Common and medium Low cutter and cutter Bulls, goo Cutter, com. and med. bulk.. . Vealers —Receipts, 700— Good and choice Medium Cull and common

ei 358 9 33

» ° 3S LS)

[email protected] 9. S0&1. 00

(250-500) Sood and choice. .$ 6.50@ 0 Common, medium. 4.50@ . Feeder and Stocker Cattle (500-800) Good and choice § 6.00@ Com. and medium 450@ (800-1050) Good and choics.. 6.00@ Com: and med. 4.50@

Heifers— Good and choice Com, and medium

ows avast $ 4.00@ 3.50@

sn 9a maa 32 3% 883%

Good Common and ‘medium

SHEEP AND LAMBS

—Receipts, 1500— mbs— 2

szse

6. 50@ 5.00@ 6.50 weg : (90-170) Good and choice. . 1n0 3.00

om. and medium 1.25@ 2.25 ashen and lamb quotations on an

Other Livestock

(By United Press)

CHICAGO, 30.— ~~ Hogs—-Receipis, 14,000, including 3000 directs; mostly Sisadys weights ‘under 170 lbs. easier than y's average; sows around i in instances; top, $10.40; 200-250 lbs. $10. 19-1581 nd 160-200 1 65 10. 25; best sows, Cattle—Receipts, 13.000; calves, lar ely fed steer run; medium weights and 1%00; ty offerings 3 in liberal supply hoi A and Fleets Dlentitul. J A tight yearlings i BL Ee light yearlings steady; all others Aan steady to 25c low with bull 29 sold an na 10@15¢ lower best fed

. .

4 mostly Steady good

S choice native lam! $9. 2569.50: Pe oe to small killers. $9.60: range lambs mostly. $9.50 down: native ewes, [email protected] mostly; choice Westerns 5 Siaple $3.75 or above.

50 0 The $8.05: stags.’ $6.50; calves, $10.50;

(By Times Special) QOUISVILLE, Sept. 30.—Cattle—Receipis, receipts. comparatively light with edu 20d lover Eade Tides Tha star {5 t Joads medium ns lower grade butcher but some bids

classes sligh lower and scattered sales lower 3 ES os weak to slightly lower; other

ai bs,

so lam $9.

§—— room,

New Business Books Available at Library

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

apolis Public Library. TRE YOUR MIND, by James E. Mursell. ‘An old-fash-ioned ship can not be streamlined —they can only be junked. But you are Jiferent, you can reor-

AND PRESENT FACTS ABOUT THE UNITED STATES, by Paul Blakewell Jr. This book does not concern itself with banking or banking paper; it concerns itself only with ou: money and particularly our gold and silver uring this century and a half. HOW EVALUATE FINANCIAL NTS, by Alexander Wall. A book for the credit man or credit analyst in either a bank or a commercial house part of whose duties it is to develop sound judgeMent, in connection with credit r ADVERTISING COPY, . G. B. Hotchkiss. Revised E “The 12 years which have elapsed since the first edition of this book nave not | eatly changed the process by 8 copy is created. Yet hi sing of yesterday looks archaic to the present-day eye. MUNICIrAL FUNDS AND THEIR ALANCE BE compiled by National Committee on Municipal Acounting,

LOSS REVEALED BY TRUST QUIZ

SEC Told of Activities of Bankers’ Syndicate in 1930.

By United Press WASHINGTON, Sept. 30.—Disclosure that Petroleum Corp. of America lost $1,900,000 through participation in a bankers’ syndicate in 1930 was made in testimony before the Securities and Exchange Commission's investigation into investment trusts. : Elisha Walker, former chairman

: 1 of the Petroleum Corp. board, testi-

fied the syndicate was composed of Bancamerica-Blair, Chase Securities Corp., Sinclair Consolidated Oil Corp., and Interstate Equities Corp. The syndicate, he said, advanced huge sums to aid Mission, Ltd., make installment payments in its agreement to buy 1,078,213 shares of Tidewater Associated Oil Corp. stock from the Standard Oil Co. of New Jersey. The entire deal ihvolved $23,147,300. Mr. Walker testified that the stock market declined and the deal ‘was abandoned with the syndicate taking a huge loss. Petroleum Corp. of America, with a 25 per cent interest ‘in the syndicate, never 1eceived any Tidewater stock and sustained a loss of $1,900,000, he said. Hunter C. Marston already had told the commission that a®purchasing syndicate which bought securities of Prairie Pipe Line Co. and Prairie Oil and Gas Co., and later Prd them to Petroleum Corp. of

COTTON MILLS BOOST OUTPUT RATE OVER '35

23.7 Per Cent Gain in First Eight Months of ’36 Realized.

Times Special NEW YORK, Sept. 30.—Cotton mills in the United States during the first eight months of 1936 were working at a 23.7 per cent higher rate than in the corresponding 1935 period, according to the Alexander

Hamilton Institute. Prospects are that activity will be maintained at a relatively high rate during the remainder of the year and that the annual output of cotton goods in 1936 nearly will equal production in the pre-depression year of 1929, the institute stated. Employment in cotton mills so far this year has been only slightly below the pre-depression level, while the average purchasing power of the mill worker has been higher than in 1929. While the workers’ earnings have been lower than in that predepression year, the reduction has been more than offset by lower living costs, the institute reported, adding that there is a fair probability that cotton mill profits will be higher this year than in 1929. The sharp increase in cotton mill activity this year over last year's rate has been the result of an extension of the general inflationary movement accompanied by a reduction in prices of cotton goods, said the institute, adding that lower prices have made possible lower manufacturing costs. :

Wage Rates Higher

Although wage rates have been more than 13 per cent abeve the 1929 level, the -unit cost of labor has been 8 per cent below that level because of the:darger output a mane hour, according to the institute. There is some question whether the cotton mills in 1937 will enjoy as prosperous a year as 1936, according to the institute. A high rate of activity next year will depend almost entirely on an extension of the general inflationary movement since the present tendency is toward higher manufacturing costs and higher prices for cote ton goods. If the inflationary movement receives a setback next year as now seems possible, cotton mill activity will suffer because it is improbable that prices of cotton goods can be reduced to a level which will act as an offset to the depressing effect of a curtailment in the amount of money available for the purchase of cotton goods, 3 was explained.

America, earned $6,500,000 through | the deal.

ERTILIZER COMPANY SHOWS PROFIT DROP

Times Special |NEW YORK, Sept. 30—A profit for its latest fiscal year of less than 10 per cent of the preceding comarative caused the International gricultural Corp. to join in the deand for “sound selling methods” for the fertilizer industry. The company’s net income for the year ended June 30 was $23,193, compared with $269,388 earned in the preceding fiscal period. Although the company succeeded in avoiding the ‘red figure column,” the latest period was considered most unsatisfactory, according to John J. Watson, president. |“With the increase in prices of most farm products and consequent financial improvement in -agricultural centers, it seems reasonable to look for an increase in the demand for fertilizers, and it is hoped that those responsible for the marketing policy in our industry will in the future adopt some sound selling method,” Mr. Watson said.

LOCAL CASR MARKET

City grain elevators are paying $1.07 for No. 1 red wheat. Other grades on thelr merits. Cash corn, new No. 3 yellow, $103; oats, 36¢ Hay—No. 1 timothy, $14.50@15; No. 1 clover, $14@15; No. 1 alfalfa, first cutting, [email protected]; second cutting, [email protected].

Building Permits

Baron Bros. Rarawals Co., 751 Massa-chusetts-av, boiler 3500. Coca Cola Co.. signs $50 each. Cirele NR Hook, Co, 6079 E. St.

Joseph-st, dwelling. $4000; 5 rage, $200. bert H. a Ty 2431 N. Meridian-st, roofing, § $50. 5% . Lindy, 371 W. 15th-st, store room, C. 'M. Carolton, 1526 Central-av, store C. M. and Edith King. 4517 English-av. dwelling, . ‘Ruch, ‘105 N. Ilinois-st, electrical, Indiana Farm Bureau, electrical, $125. trical, 8 Ber. 50th-st and Central-av, elecC! 2 M. G. Gerdenich, 6423 Riverview-dr, electrical. $100. Sora Cola_C signs. $50; 874 VirginiaColelge.av, 349 E. Market-st. 476 5 cle 1031 Bates-st, 201 N. capi. tol-av, 3 E. Wash 646 Pair field-av, 921 E. 7 Wabash and Delaware-sts, 410 Massachu W. North-st, 1022 grace Hardware Co. 1751 nH. Bryson, 2431 N. " Meridian-st, a oa le Construction Co.. a Joehg Hn iy $4000: gar: s C. B. Lindy, 3371 rp inest, storeroom, C. reSan Me Carolton, 1526 Central-av, storeroom M. and Edith King, 4517 English-av, dwelling. $5000. R. T. Ruch, 105 N. Illinois-st, electrical,

Indiana Farm Burtay. Sess rical, $1325, Cloud , 59th-st and Central-av, elec. trical, $100.

M. Gerdanick, 5423 Riverview electrical, $100. dr,

[w. L Lyons 2 oo.

Grain, C otton, Commodities, Stocks, Bonds

MEMBERS

list. Lows | Leave

"REORGANIZATION OF RAILROAD PROPOSED

By United Press CHICAGO, Sept. 30.—The Chica« 20 & Great Western Railroad, capitalized at approximately $96,000,000, has filed a plan of reorganization with Federal Judge Charles W. Woodwaid and the Interstate Commerce Commission. The company controls 1513 miles of right-of-way in six states—Illinois, Iowa, Minnesota, Kansas, Missouri and Nebraska. The reorganization, proposed under Section 77 of the Amended Bankruptcy Law, lists capital stock at $35,000,000, and divides it into $20,000,000 for preferred shares and $15,000,000 for common.

CANCEL FARM DE DEBTS

By Uniled Pree | REGINA, Sask. Sept. 30, A Be tween 40,000 and 50,000 Saskatchewan farmers were eased of debt burdens in the announcement that $75,000,000 of debt had been can~ celed in the province. The cancellation, the most sweeping in the province's history, was effected by mutual agreement between federal and provincial gov ernments and mortgage and loan companies. About one-third of the total is being canceled by the mortgage concerns, while the remainder is bee ing absorbed by the government.

INSURANCE DROP SEEN

Times Special TORONTO, Sept. 30.—Led by a 20 per cent slump in Quebec Province, sales of new ordinary life in surance in Canada and Newfound land dropped in August to the lowest monthly figure in 13 years, exe ectives announced today. The monthly-total of $25,000,000 is 7 per cent uider the 1935 comparative and is 23 per cent beneath the aggregate for July. Figures are exHitsive of annuity and pension bond sales. Observers contributed the poor showing to the provincial election.

|Bargain Week - End Trips

aturday CLEVELAND $5.00 Leave 10:00 p. m. Return on any train until 2:35 a. m. Monday. Coach service. Visit the Great Lakes Exposition.

DETROIT Casas ene na 3500 TOLEDO ..............%3425 SANDUSKY . Leave 10:00 p. m. Returning Teach Indianapolis not later than Monday morning following. Coach Pay a visit to the Henry Ford exhibit at historic Greenfield Village a : Sunday CINCINNATI Greensburg, $1.25

| Greensburg. $1.28; Bey ey. Sona neceice

train same day. ..$4.78

a m. or on any rain

12:30 a. m, iB

8:00 a. m. Return