Indianapolis Times, Indianapolis, Marion County, 1 October 1936 — Page 23
(1S
‘World Stabilization
PAGE 22
‘THURSDAY, OCTOBER 1, 1936
year ago and iY per cent more than in March, 1983, but still are 22 per cent lower than in August, 12: Dairy products, fruits and vegetables went up most in the last year, meats declining.
of Currency Is Advocated.
YORK, Oct. 1.—One meaning of the proposed French devaluation of the franc is that it will mean the end of one chapter in the effort of nations to influ- . ence international trade. This really began when England went off the gold standard. There can be no doubt that the steady drain of gold from England more or less forced this step. England | lives by international trade and England's export - trade was suffering severely from a combination of causes. The government was, therefore, interested in increasing exports and decreasing : imports. Going off the gold standard made this ! possible, * By going off the gold standard ~ England could permit the pound , sterling to settle down to whatever price in international ex- - change she deemed wise. By mak+ ‘ing the pound sterling cheaper they ‘enabled foreign buyers to buy more ~ pounds for the same amount = foreign money and thus buy mor ' English goods, It had the effect of greatly reducing the price of Eng- - lish goods in terms of foreign ‘money. This helped exports. It also had the effect of greatly increasing the price of foreign goods in terms of English money. This ‘cut down English imports. n ” n
T was, of course, a blow struck at the business of other countries, very much like a tariff rate, save that it was more effective , because two-edged. : However, England was more (r tless forced to this step. And imsmediately she was followed. by all those countries who were in the habit of acting with her in inter«national trade and exchange. . Then in 1934 the United States, safter going off the gold standard, ‘devalued the dollar. Unlike Eng-
= ‘land, we were not forced to this
‘step. It was taken deliberately, as the President announced at the time, to aid the foreign trade of American farmers. Incidentally it ‘was expected to aid all foreign trade. It would act for us precisely as it acted for England. First it "would nullify the effect of the Eng- ~ lish debasement of the pound so far as we were concerned. Next it ‘would give our exporters the same “advantage in foreign markets English exporters enjoyed through their devaluation. President Roose_velt’s chief interest was in the farmer. As to aiding the farmer it was, of course, a complete failure. Undoubtedly it has helped a little our other exporters.
n n o
FTER our action France continued to hold fast to the gold - standard. Along with her a group of countries known as the gold bloc ~ stood firm. But this action put France at a great disadvantage in "ithe foreign market. This, together ‘with political disorders plus heavy ‘armament expenditures and conseSo “quent deficits, has tended to weak‘en the franc in the international ‘market despite its firmness at home end to result in a drain of gold from France. ‘The French proposal to abandon gold seems to have been the deathknell of the gold bloc. With Switzerland and Holland showing prompt willingness to follow suit, all countries will be more or less, where they started when England back where they started when England left gold. England and United States will have lost their advantages: The question then arising will, inevitably be—what next?
Will all the nations stabilize? Or
will England, perhaps, threaten to Jet the pound sterling slip farther and start the contest all over again? Of course, the wise course dor the world is stabilization. ~ (Copyright, 1036. NEA Service, Inc.)
$1.50 DIVIDEND DECLARED ~ PITTSBURGH, Oct. 1.—Directors the Pittsburgh Plate Glass Co. declared a dividend of $1.50 share to be'paid out of 1936 earn-
Fruits and Vegetables
{Quotations below, subject to change, are verage wholesale prices being offered to uyers by local commission dealers.) FRUITS —Pears — Michigan Barletts, $2.50. Bananas—Selected, 1 ib.; 5¢. —No. 1 Maiden Blush, 2% inches $1.75; No. 1 Wealthy, 2 inches up, 0; No. 1 Va. Jonathans, 2% inches up, 85. Lemons—sSunkist, 0s. $6.50, Limes Mexican, carton, 12s, 22'53c; Persion seedB Peaches—Eibertas, 2% lums-—Italian prunes, es—Michigan Conlc; Calif. Tokays,
% [ELONS—Cataloupes—Col. Jumbo, 36(s)3(8) erate, $3. Honey Dews, vine ripened,
AH] as Ap Rite Reh iy S05:
JE ETABLES-—Beans—Round stringless, 1.50. tsHome grown, doz., 30c. Wash. 0c: oz. crate, Caulifiower—ils, crate, $1.75. Celchigan Mammoth, Ww and
$1.50. Corn—Home-grown, “bc. Kale—Home-grown 85c. : clocberg, California, Ase, Si: leaf, s" home-grown." 5 an Dos 40c; doz. Mint—Doz.. y indiana "Yellow oO. bag, 75c. Foatees 103d. a 9.0% D0, Barat bite, 2-doz, basket Sage Turni $1. 3%. Water-
5c. toss—Hom rown, . 650; bu. $1.25. jk
Produce Markets prices quoted are d for
in he price Th d Sniock elive ; She is a cent higher. '
and over, 13c: 182 1h to 415, 3c: EP Bh, 1 si i
d ed. tion old che
So 10 setts Pier. 88 hel rons No.
oy United Presh) ; 1 EREs-—Market stead an case ded A
alc; cur-
oh ose eg 14¢ alts
chickens. ‘136i1c: 15¢; s. PTT
Shai “Twins, 18
old roost: |
GARRIERS PLAN MODERNIZATION
OF EQUIPMENT)
Transit Companies to Spend |X $300,000,000 in Next Five Years. Times Bpecial
NEW YORK, Oct. 1.—A modernization program costing $300,000,000
in the next five years is planned by! 2
transit operating companies, according to a survey by Transit Journal of transit equipment in 548 cities, New vehicles to be purchased in this period total 26,000, the magazine stated. Of these ,about 8,220 are to be gas buses, 5880 new street cars, and 3530 are to be trolley buses. Orders also are to be placed for at least 500 rapid transit cars. Observers predict that orders for the current year alone will be the largest year of any in the entire history of the industry, the article said. New equipment is being ordered at a faster rate than manufacturers are capable of producing, with current orders aggregating about 20 per cent ahead of current deliveries. Business has increased steadily, ranging from 10 to 25 per cent better than last year, One of the principal facts uncovered by the survey was the revival of activity in street car buying, said the magazine. “During the first seven months of the present year, orders have been placed for a total of 326 new street cars, with prospects of 500 for the 12month period. For the five-year period, through 1941, the industry
| is planning to purchase new street
cars at the rate of over 1100 units a year. This buying will be done largely in cities of over 500,000 population,” the magazine said.
Bus Business Active Another notable fact developed by Transit Journal's survey was the keen interest centered in the trolley bus, mostly in cities of inter-
mediate size. Prior to 1936, the | article said, the largest number of |
trolley buses bought in any one year was around 200, while this year’s purchases are expected to ex-
ceed 600 units, with the ensuing five years averaging T00 a year. Operating companies indicated intentions of nearly doubling the purchases of gas buses over street cars and trolley buses combined during the 1937-41 period. Activity
in this type of vehicle is to be |b
shared by both the large and intermediate size cities, the report said.
SAYS MERCHANDISING OUTLOOK IS CHANGING
Times Special BOSTON, Oct. 1.—The economic outlook of the country's consumers is. changing, resulting in keener competition among products already on the market, introduction of new products, and stimulation of invention, production and distribution of new merchandise previously unredeemed of Wilford L. White, Fed-
eral research expert, told the eighth Boston conference on distribution. Independent retail outlets in 1933 numbered 1,349,337, and accounted for 88.4 per cent of total sales, while chains, 141,603 in number, reported 9.3 per cent of total sales according to census bureau figures reported by Mr. White.
New Bond Issues
(By Lyons & Co.)
Allied Stores Si%s, 3! Arkansas Gas 4s : Associated Tele noae ‘4s 65 . B & O 4%s 3
Ask 00 ; 101% 101% 107% 107% 100 4a 101; i 81a 98% . 97% 98la 106 68
‘Bid
Jigs HR West In 41s ’6 Chicago Un Station Se 85. . Cleveland Tractor 5s.'45
Conn River Pr Consolidated of Shas Cudahy Pkg 3 Cudahy Pkg in 65 #3 Eden Illum Boston 3's '65.. Gen Motors Acc Corp 3s '46 .102% Gen Motors Acc Corp 3lzs '51 Indianapolis Water 3%s '66 .. Iowa South Diilinies 5%s '65.. Kansas I P 4!2s '65 Los Angeles G & E 4s.’ Louisville G & E 3'2s "66 Lou & Nash : Metro Ed 4s '65 Minn Gas E & Dr Nagragansets Elec hs Ye; t Louis 4s. ‘48 New York Edison 4s '46 Okla Natural Gas ig A '51.. Okla Natural Gas 5s Pacific Lighting “an py Peoples G & E Lite Wks ‘61. Poop Tel 4 Potomac El power 3%s 66 . N H 33s '66
{ ft, 3 a | Sa Wm FOE, 0g og” BO consin Gas sg Wisconsin Pub FB. 4s ‘61 ....10¢
Local Securities
By Indiunabolis Bond and Share Corp.) ollowing quotations do n sent . le bids or offerings ny every on they spoforimate inquire n recent transactions. inquiries -
BONDS
Citz Ind Tel (T H.) 4% s 61 Die Tel Pt W § ;
i HTH ET RW A Indips:
Ya 57 Stk Yous wer ofd 7s =... & Tel n Wayne. = 33%
N. Y. Bonds
(Reprinted From Late Times ¥:sterday) DAILY BOND INDEX (1926 average ‘quals 100
.. 93. 101. 1836 ‘ 90.0 84.7 1 5 3. ey omnt. 1936, by E Slandir §ii atistics) U. 8. GOVERNMENT BONDS
(By Abbott. Proctor & Paine) asus
a p= 28 ay er wy =o * wl3 ru
1047-52 .
DOO WW Feed ek pk Cp SR. ¢ OV oo .
22232 MARR BIDS Belebaiatsioiebnan bets!
23328232
* sven vis aisihie ie mb dt ed dh ok fh dh fk dh ed fk ph fk Ded Ld ons
— LOVOOIS BOB am pit ab Lb :
OBOE LON
82282
SrODass ae BODO bt pt pt
¥ Selniobel.’ &
» —
Home Owners loan Corp.
1964 1042-47
DOMESTIC
Alleg Corp 5s ’44 ...,..... ese Alleg Corp 5s ’49 . Am Frgn Pow 5s 203010... 0. Am Tel & Tel 5%s "43 Am Tel & Tel 5s '65 .... Arm & Co (Del) 4s "35. Atl Coast Line 4s ’52 .. Atl Coast Line 4'>s ‘64 Atch Top & 8 Fe 4's Am Wat Wks 68 '75 : Am Roning Mills 4%s '45. alt ~& Ohio 5s 200
Lo BE a SE
-
Cleve Un Term 5 Cleve Un Term 4'2s Col Gas 5s May ’52 Col Gas 5s ’'61 Can Pac Perp 4s Cent Pac 5s '60 Big Fours 42s '77 Big Four 5s ’'63 Colorado & So 4's Chi & West Ind 4s Chi & Nor West 4% 49 Container Corp 6s fi Con Gas 4'%s ’51 .. Chesa Corp 5s ’47.. Del & Huds 4s '43 N Y Dock 5s ’38 Erie 5s '75 .. 2 Erie 5s '67 83s Great Northern iG {4 ’46....118', Great Northern “H” 4: '46.. . 108 Great Northern 4los 17 10 4 Gen Steel Cast WW _6'% s "49. bi Hud & Ménhaitan B Ref i 57...
Inter Tel & Tel 4las 'i2 Lehigh Valley 4s 2002 Kess & Rob 5's
Nickel Plate 4728 73 Juickel Plate 52s 'T4 : .. een} N Y Cent 4%s 2013 (old) N Y Cent Conv 6s '44 Nor Amer Co 58 61 .. Nor Pac 3s 2047 .... Nor Pac 6s 2047 .. Carweresd] New Orleans germ 4s '3 D7 Penn Ry 4s '63 .. es 1 Penn Ry 4Yis Fenn Ry 4Y%s
SID IJDOODD R Ss
hk
Bt digs Tub asda noon NI SY 03
Warner Bros 6s ’ 39 . Western Mary 5%s *77 . Western Union 5s Tn Youngstown 8 & T 4s '¢ +1) Youngstown S & T 30 Vig %1... FOREIGN Argentina (A) 6s ’'57 Australia 42s °’5 Brazil 8s ‘41
Canadian Govt 4s '55
1936 FARM YIELD UNDER LAST YEAR
Times Special. ; NEW YORK, Oct. of 21 major crops in the Uniled States are expected to be smaller
1.—Yi€lds of 16
than last year's, according to the latest report from Alexander Hamilton Institute. The decreases are expected to range from 11.9 per cent for tobsacco to 53.3 per cent for flaxseed, the i¢port said. At the same time, this ye:!'s drought seems to have been sonicwhat less serious than in 1934 since
13 crops promise tq be larger thin two years ago, the institute said. While the corn yield is expect: to be slightly smaller than in 199 the decrease will be more than set by larger yields of oats and Lay. Although the combined yields of these three crops will total only 123,450,000 tons in 1036 against 10 812,000 tons in 1935, the output this year will be 139 per cent lurgor
tion amounted to 108,428,000 tons, was reported.
F. M. GARLAND JOINS IDEAL FURNITURE CO.
F. Murray Garland b has joined ile
assistant manager. Mr. Garland ha: been conneci:d with the Indianapolis retail furniture business in Indianapolis for [5 years. /
OFFER UTILITY STOCKS [2% Pines Special ©
CHICAGO, Oc: Gas and Electric
1~Roches sr
shares of its serics E, 5 per cont cumulative stock, of the aggregile par ‘value of $4,000,000, through an
Ww. C. Langley Co. and Sage, RU:!Y | outs & Steele. The shares are priced at $102 and accrue dividend.
4 | 30.
than two years ag0, when produce i) it}, -
ir $2.50 range ew relatively Holl 0% shie
staff of the Ideal furniture Co. 0S |130 bs.
: ou £ medium seers kind. 3 fn ev
(Corporation [1:8] announced the ofering of 40,000 he:
B. Smith Co.;- Gol: man, Sachs Co.
ALL LIVESTOCK PRICES STEADY AT LOCAL YARD
Swine Receipts Total 6000; Fed Steer Run Mostly Medium Grades.
Hog prices on weights above 160 pounds at the Indianapolis Union
Stockyards today were 10 cents un-.
der yesterday's opening, but were steady with yesterday’s close. Underweights were steady, and packing sows were steady to 25 cents lower. Top was $10.30, paid for weights between 190 and 280 pounds. Receipts were 6000. All killing cattle generally were steady, vealers were steady to mostly 50 cents lower, and all classes of sheep were even with yesterday. Cattle receipts were 1100, calves 700, and sheep 1200. The highest price range for hogs was $10.10 to $10.30, for weights between 190 and 280 pounds; 280 to 300-pound weights ranged from $9.75 to $10.15; 300 to 325 pounders, $9.50 to $10.05, and 325 to 400-pound weights, $9.25 to $9.75. In the lighter division, 160 to 190pound weights ranged from $9.50 to $10.15; 155 to 160 pounders, $9.25 to $9.90; 130 to 155 pounders, $8.50 to $9.50, and weights from 100 to 130 pounds sold from $8 to $8.75.
Medium Steers Predominate
The steer run today .was mostly of medium grades, prices ranging from $7.50 to $8.10, early top steers bringing $9.25. Top heifers also sold for $9.25. Beef cows ranged from $4.25 to $5, cutter grades selling from $3.25 to $4. The bulk better grade vealers ranged from $10.50 to $11. With all sheep prices steady, the bulk of better grade ewe and wether lambs were reported at $9 to $9.50, with fat ewes ranging from $2.25 to $2.75, top $3.
HOGS
Bulk. $ [email protected] - 9, 90@10. 10
Receipts. 8000 1000 7
600 6000
6000
Oct. 1. [email protected]
Light Lights— (140-160) Good and Medium
Lightweights— (160-180) Good ahd
ediu (180-200) Good od Medium Weights 1200-220) od and (220-250) Good and Heavyweights— (250-290) Good and (290-350) Good and
choice. . § 3 Be 9.90
choice. . [email protected]
choice.. [email protected]
choice.. [email protected] [email protected] [email protected]
9.00@ 9.40 8.50@ 9.00 © 8.25@ 8.50 7.75@ 9.00
8.00% 9.00 .00@ 38.55
choice.. choice. .
Goo 1275-550) Medium Slaughter Pigs— : (100-140) So and. choice. .
CATTLE
Recep, 1100— (550-900) : PA
—
—
Co (900-1100) G
Jes ©Sn0SI00S IWS
oouwhwoummtioumow a
C (1100-1300) © Good
WD INORNINVANIBD S33838333353833 99 ©290099909889
M (1300-1500)
—
(550-750) Good
C (750-900) C
Common and medium Low cutter and cutter Bulls, goo Cutter, com. and med. bulk. .
Vealers —Receipts, 700—
Good and choice Medium
3399 ©33
[email protected] 8.50@ 9.00 5.50@ 8.50
(250-500) Good and choice .§ 6.00@ 7.50 Common, meditm 4.00@ 6.00 Feeder and Stocker Cattle
(500-800) Sood and choitz $8 6.0 and medium 4. (800-1050) Good and choice. . 6. om. and med 4, Heifers—
Good and choice Com, and medi)
Good ..ik.. Wa MS i s Common and “medium ..
SHEEP AND LAMBS —Receipts, 1200—
O90
2 29 039
ha od BIB 83 gh. 383%
es— . (90-170) Good and choice . (Sheep and limb auotations basis.) .
Other Livestock
(By Taped Press)
HICAGO, Oct. Hogs — Receipts, 11500 including 2500 "directs. Market steady to 10c } er than Wednesday's ie erage; unfinisl ped Jehiyslehis & en $10.50 0; most ¢ des irab 200-25 Jul 38 Sioa IE $0.65 @1 183s "8, £0 ent and medium BE iEnu an sows, $8.7 535, 000 calves. 1000. Fed
{feers. and Vom selling in line with
ednesday’s closi strong to 25¢ he EWS much’ pe ood oa: after uy, strictly prime 5: activ 921 1b.
Dest Gor “befiers, hi cutter cows ub ve 04.50: .85 down sD Teasers a jc A at 19, down: .50. . a 2000, including 1400 dit 1a a t illers, 9.65, "bu Pd ia” ipiringly
oor Verna at and mos
ng trade; all grade cows sly 3 cutters and t fo Hun on 10@15¢ higher; shipper Semng fairly ay’s y liberal ve fed sigerss _prije steer holes 250
hay with 130.50 by larger i [most o beg a Lg ‘cen!
FORT WA Ind., El or $9.85:
$9.75; Hi
as 5: 1bs. $9.2: 25° 130-140
885: 30; 100-120 1bs., Roughs, $8.00; stags, $6.50; calves, 5 $9,
{By Times Special) ~ Oct. od atte. ts, receipts "included. " nothing: trading goo or tter and Teeai fo love w, But, § steady: some Sears ‘and ‘he 8 2 15 A
oe hi: 100-
lower; Jats downwas a $5.50; o ot Pogd fovea te downw 3.75; Bais.
1bs., $9. Ibs. $2.00; 120-140 a $7.90: |
Jambs around steady: not o Buen
SE iat oy ih A RE
125: bogs, 15
wee ite Ready cuitle, 847; 84; “hogs, as
chaice.. [email protected] | pp
Sig ryilman os «
eady hiy |
of grades, 82136 |
LCONOMICS STR RPTSTTOR, Ihe, :
A WHOLESALE PRICES oF FRANCE Rei B FRANC vaLVE oF DOLLAR
Cc whol saLe PRICES 95 FRANCE AS 3 op UK. D FRANC VALUE oF POUND
g§ 2 «a 3s 523 8
A
4.4 ¢ 1 3
La 1
E
1930
19m
1932
1933
1934
1936
19335
‘New York Stock Exchange Prices
(By Thomson & McKinnon)
Otro Barnsdall . Consol Oil
Houston (new). Ma
Low
Texas Corp Tidewater Assn.. Am Roll Mills...
Steel 20 McKeesport Tin. 90% Natl Steel 0%
Warren P & F Youngstn 8 & °F So
Motors— 1 ‘ 4 691% 1 235 18
Studeba ker Yellow Tr vek..
‘ Motor Access— Bendix
25@ 9.40 Briggs
ig Elec Patio Lite. . Elec Stor Bat.. Eoudaile i.
Timken Det F axie no
Mining— Alaska Jun .... Amer Metals .... Am Smelt Anaconda Cal & Hecla ... Cerro de Pasco.. 53
17% 394% 80
Kennecott Cop .. Mcintyre Mite, . Park Utah Phelps Dodge Amusements— Crosle Radio oe Fox Thea
Radio Inc . vaamount
(o] Pater Bros ... 13% Tobaccos Am Jopaceo “B”100% Gen Cigars 5273 Lig = Myers 810312 Lorill 2% oriard Tob“B” sors Bail Atchiso 23 Const Lines. B&O
100% 52%
78, 417% 24
pid Gt Northern oid Tl Central 2 L2high Valley .. Lou h.
Wabash oe a West Maryland.. 10% Equiprents— Am Brake Shoe.. 80 Am Car s Fdy.. 50 Amer 333
8 a ow 61%: est Air Br. 44%, Westingh Elec . 140% Utilities— ; Am & For Pwr . 7%: Am Power & Lis 12% AT & 43 . 2 eh
Am Wks. Col Gas ‘a Elec. « 20% & Sou 3s
3% 14
North Amer .... Pac G &'E Peoples Gas .... Pub Serv NJ ... 20 Cal Edison . 31 Stone & Westen Puited gap.
15 or Pwr & & Lit A’ Western Union...
Rubbers—
May tent 8 pt “es
Aviation— ation Corp .
rey Corp.... ote Aircraft new .Chemicals— Air Reguction. . Allied Ci ea
Sulph Union Carbide.
Drugs—
re S11
5%
21 24%,
"96%
59. 48%, 8% 91 30% 867% 5.
#4 | col Pal Pect..
‘
Asbestos Mfg .. Berghoff Butler Brothers
| Cities Eer
Godchaux Sugar
Jarvis Katz Drug Ken-Rad T & McGraw Electric Nachman Spring Nob] ist Spar rks
Linstrand
yy
“ ’”
Clearings Debits
year to Sept, year ago:
3% Be :
Gold Be i
Bankers Trust C Chase Hanover 1g ase
-.
Advarce Aluminum ...... Allied Products .
u Great Lakes Bredee Miz
(B) Elec
Noon.
Electric ‘Household .... General Household
(A)
Lincoln Printing >
‘Filled
Schwitzer Cummins
New York Curb
(By Atkins, Hamill & Gates)
tric. .
ia a a. ’e
Canada A) ....
or “Acc . or ‘Ace’ ( Trust Li oor rig) Trus
tee Shs “B’..
Trustee Sh “e.. Trustee Shs “D”... Inc ‘
gle
TREASURY STATEMENT 2 (By United Press)
Chicago Stocks
(By Atkins, Hamill & Gates)
Prev.
Prev. close.
Investment Trusts
(By Thomas D. Sheerin & Co.)
Asked 19.28
Money ond Exchange
INDIANAPOLIS STATEMENT
1.—Government ex-
t INGTON. Oct. penses and receints for the current fiscal as compared with a
53.18 al S241. 93
HEE 4 59th
.44
3.870
14 x 3a 819.793.56 18,853,00 96,542
seven
Lo Chicago Guaranty -
$rsssvsaanvare.
EC sssssnidenssan
csasesnsnsess “sere s ann.
U weil Stocks
(By Blyth & Co.) - NEW YORK STOCKS
Bid
132 281 48
,460.41
Ask 6814
mbert Lehn & Fink ... Sterling Prod ... Un Drug (new). a aplalen
8s Exp ..... A corp... Chesa Corp -... Transamerica ... Tr Cont] Corp.. Building— Am Radiator vee Int Cement Libby Owens “Gls Otis Elev Ulen Cons Household—
2 % 547s 67% 7 3%
. 15% . 33% 46 . 261% . 41%
Congoleum . Proc & Gamble. . Servel Inc Simmons Bed .
Textiles—
Celanese Corp.... Collins Aikman.. Indus Rayon .... Kayser Julius. ...
BANKER PRAISES LOAN FACILITIES
Association Head Discusses FHA, Private Home Financing.
25% 5512 34% 25
Times Special TOLEDO, O., Oct. 1.—A yardstick for prospective home builders to use in determining whether to make loans through the Federal Housing Administration or through private mortgage banks was set up here today by George H. Patterson, Mortgage Bankers Association of Amer-
ica secretary-tréeasurer. Mr. Patterson addressed members of the Ohio Real Estate Association attending their twenty-seventh annual convention. “Home builders wishing to make a mortgage based upon 65 per cent or less of the appraised value of the property should do so through private mortgage dealers because they can do so considerably cheaper and secure other advantages,” Mr. Patterson declared. “For loans of more than 65 per cent of appraised value, FHA services should be utilised,” Mr. Patterson said, “because such loans are considered speculative by private banking and the borrowers must expect to pay high service charges and more than 6 per cent interest. “There is ample mortgage money available everywhere in the coun=try today,” Mr. Patterson declared, “so ‘that any property owner or prospective home builder who is employed need have no difficulty securing a loan.”
INDIANA UTILITY CO. PLANS REFINANCING
One of the largest refinancing moves by a public utility in recent years was started today when the Southern Indiana Gas and Electric Co. of Evansville filed a pe-
mission. The petition asks authority to refinance $8,589,500 par value preferred stock of 6.6 and 7 per cent to a flat 5 per cent. The company recently refinanced $5,500,000 in bonds.
CON SOLIDATION EFFECTED
Consolidation of the New York Stock Exchange firms of Abbott,
Co. under the name of the former is to become effective today. The consolidated firm holds membership
8 E. Market-st.
Building Permits C. F. Denny. 735 - - trigal sion, . ; N. Dequincy-st, elec oenix Capitol Realt - Guilford: ph a 2 Co., Joth- 5. 35d and ling. $7000. garsg $7000; ; Sa[age, ing. 33500 Katter, 225 E. Ee dwellFike Re Beaity Co., 5780 Broadway, dwelliy erat Motor Co.. 1012 N. - teliporary office, 2% ‘ Meridian, r - Pe Northwestern-av, sR sane ' Wells, 6423 Riverview-dr, furgasie Neil, 1531 E. Gimber-st, reroof, * Lilly Co., McCart - te Li ing. rty and Delaware Rice 401 N. Noble-st, factory
building, $7 : Joe Foppiano, 325 N. Liberty-st, roof,
Other Hoi
TE ed Press)
NEE
tition with the Public Service Com- |.
Practor & Paine and A. J. Wright Dec
in 12 leading security and commodi- May ‘| ties exchages. Local offices are at
} redemption and Bayan
STOCKHOLDERS WILL VOTE ON ATLAS MERGER
Corporation Proposes - Consolidate With Subsidiaries.
to
Times Special
NEW YORK, Oct. 1.—Atlas Corp.
| shareholders have been notified of
a special meeting Oct. 29 to vote on proposals to consolidate the come pany with Pacific Eastern Corp, Shenandoah Corp. and Sterling Securities Corp. President Floyd B. Odlum announced today. Special meetings for shareholders of the three subsidiaries which are to be merged also have been called. Mr, Odlum said that this is the final step in the simplification of the corporate structure of Atlas Corp., and when it is consummated atlas will have completed its program in regard to 22 investing companies which it has acquired since the spring of 1930.
Consolidation Plan Outlined The plan of consolidation provides
% | for the organization of a new com-
pany to be known as the Atlas Corp. with an initial authorized capital of 1,000,000 shares of new 6 per cent preferred stock, $50 par value, of which there will be issued at the time of consolidation 470,164 shares; 7,000,000 shares of new common stock, $5 par value, of which thera will be issued 4,499,265 shares, and there will be initially outstanding 1681,073 option warrants to pur= chase an ‘equal amount of new com=mon stock at $25 a share. On the basis of a pro forma balence sheet on a consolidated basis the new company had as of August 31 $110,907,172 gross assets and! net assests applicable to the outstanding capital stocks of Atlas Corporation (new company) of $102,159,361. On the basis of 470,164 shares of preferred stock to be outstanding and 4,499,265 shares of common, net assets as of that date were equal to $17.48 a share on the common after making provision for the preferred stock. Mr. Odlum stated that large shareholders in subsidiary companies have given approval to the plan of consolidation. He added that the proposed consolidation will make possible elimination of duplication of corporate expenses and will sim= plify problems of managemerit,
6436 G. M. C. SHARES ARE SOLD BY SLOAN
By United Press | WASHINGTON, Oct. 1.—Alfred P. Sloan Jr., president of General Motors Corp., was disclosed today to have sold about $450,000 of his direct stock holdings in the company during September.
In the monthly report en security transactions and holdings of officers and directors of corporations filed with the Securities and Exchange Commission, Mr. Sloan was shown to have sold 6436 shares of General Motors common, leaving him with 31,115 shares owned directly. At $70 per share, this would amount to about $450,000. Irenece du Pont, Wilmington, Del., a director, sold 1517 shares, leaving him 20,504 shares directly owned, the report showed,
MANAGER ANNOUNCES LOWER TWA RATES
Rate reductions between Indianapolis ‘and other cities on the Transcontinental and Western Air system have been announced by R.,
G. Petitte, local TWA traffic man« ager. New fares are to be effedtive Nov. 1, and are to apply to the entire TWA system, Jack Frye, TWA president has announced. New fares are to be good on all TWA planes any day, and no time limitations are to be set. Cost of travel by TWA will approximate the cost of ordinary train service, and will be considerably cheaper than extra fare trains, it was said.
Chicago Grain Futures
(By James E. Bennett & Co.)
\ 10:30 High Low A.M, S 113% 1.13% 112% 1.11% 1.11% 09%: 08 | 08%
D433 89%
93% 23% 857%
80% .89 .85'2 85%
41%; 41% 41% a1 AT 41%
80%,
80% .80 18% on [18%
NOTICE TO THE HOLDERS oor INDIANAPOLIS WATER CO Gold sorigads Goa
Pirst Lien and Refund Bands, Bx % Series of 1 Noticd 1 doen, b t ce is hereby given fo all holders of he, above 1 Shiloned Bond , that Indianthes Water Company has called same to on mber 1936, and has de with PidelityPhiladelphia Trust posite iota! amount necessary with a prefiium - of i with accrued interest to said redemption date. Any holders of such Bonds
may, at the op ita d cou er 1, 1930, at ng 135 oad Street, hia, 4 sylvania, receive Jays s, : peor to. said of su oy ny with gr? gun ium ana, thereon to Deka ST Income Tax . nd Tor the ix 1 the six months’
Pa must
maturing _ after the office of The said Phi, Com South Br
1936, ate Ftd Siti