Indianapolis Times, Indianapolis, Marion County, 2 October 1936 — Page 33

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~ jdent’s gold policy was begun

1936 totaled $857,015,78}, in the same 1935 period.

PAGE 32

FRIDAY, OCTOBER 2, 1936

‘were Dominion; $135,000,000 railways; utility, the rest ‘municipal and provincial.

st NING hs of compared with $449,714,4 of the total, $282,335, $115,275,000

Policy Reversed, Flynn Says.

EW YORK, Oct. 2—The “gen- ~ 4.N tlemen's agreement” between thé United States, Great Britain and France on French devaluation marks the formal abandonment of

the money policy of President Roosevelt, launched in August, 1933. ~The announcement by Secretary Morgenthau of the agreement Sreates the impression that he and the President had been lead-. ers in the movement for stabilization of i n t ernational currencies. The secretary declared in jubilant tones that this marked the culmination of “a three and a half your = dream,” an Me. Fiyan jective toward which the Administration had

- yorked for years. This is, of course, an amazing statement, as the agreement ac"tually marks a complete reversal of the objectives toward which the Administration worked. The Presin August, 1933. He then announced his intention to buy first domestic gold and later any gold. He named a committee of three to fix the price at which he would buy it from day ‘to day. . This amounted to actual devaluation but without settling the ex- . tent of the devaluation. For months " no man could tell what the dollar would be worth next day. The government paid $31.54 for gold in October. In December it paid $34.04. The value of the dollar in francs and pounds changed every month.

T= President was bitterly criticised for this. He was denounced for unsettling international currencies. He defended it, saying he was interested in making the purchasing power of the dollar stable. The price of gold changed - constantly. With every change of gold price the purchasing power of the dollar changed. He preferred to keep the purchasing power of the dollar stable rather than its price in international exchange. This was the famous Warren theory for which Mr. Roosevelt was abused so roundly. In January he decided to settle the gold content of the dollar. Congress passed a law fixing it at from 50 to 60 per cent of the old figure. This was not stabilization. It merely reduced the margin of ' fluctuation. “This is a policy and not an expedient,” said the President. “We are thus moving toward a managed currency.” However, during the last year we ve heard no more about managed currency. And now by entering into an agreement looking toward a stabilization of international currencies, the President throws his whole Warren gold policy into the ~_ashcan, ~~ This is a wise course. But of course it is a little startling to be told by the Secretary that this new policy is one toward which the Administration has been working for years, ” ” ”

HEN Secretary Morgenthau made a dramatic exhibition of saving the pound sterling from an attack by the Russians. The Russlans offered $5,000,000 of sterling Saturday. This was an attempt to crack the pound. The Secretary, warned, rushed to buy the Russian offer. Then he announced the rescue. He dramatically sought to exhibit the Administration's devotion to stabilization. The Secretary cut a bad figure here as the incident has created great merriment in informed circles. There is a feeling the Secre- - tary was imposed on. The Russian offer turns out to have been an ordinary business transaction. And $5,000,000 sterling is not much in a8 market where ordinarly about $100,000,000 a week is sold. There is no stabilization yet, however. No agreement has been signed. Besides the President can not make such an agreement binding. The matter must be passed on by Congress which alone can fix the gold content of the dollar. There will be a fight. Inflationists will oppose it. They want to play with the currency some more. However, it will be unfortunate - if these currencies are not stabilized. There can be no continuous international trade with unstable exchange any more than there can be continuing home trade with unstable dollars. The event is fortunate. But its importance on our future must not be over-estimated. (Copyright, 1936, by Science Service)

JULY, AUGUST NET SHOWN Times Special ~ BALTIMORE, Oct. 2.—Commerelal Credit Co. reported today net t for July and August credited earned surplus, totaled $2,214,042.

Fruits and Vegetables

Quotations yelow. gubject is change, ate verage wholesale prices be offered to y local commission detlers.)

— Michigan Barletts,

INTENSIVE U. S.

FOREIGN TRADE DRIVE PLANNED

Administration to Support Stabilization With Legislation.

BY MACK JOHNSON United Press Staff Writer WASHINGTON, Oct. 2—An intensive campaign to increase foreign trade of the United States was planned today as a result of the new tri-nation monetary stabilization agreement. This was disclosed as Administration officials prepared for congressional legislation to insure continuation of the “gentlemen’s” ment for currency stability among the United States, Great Britain and France. The establishment of a permanent United States government stabilization fund to guide the dollar's path in the future is among the new leg-

tion, it was learned. The present $2,000,000,000 fund, set up out of profits from the gold dollar devaluation, will expire Jan. 30, 1937, unless renewed. Secretary of Treasury Henry Morgenthau Jr. said he would recommend its continuation.

Trade Drive Foreseen

Commercial attaches in 34 large foreign centers are expected to begin a concerted drive soon to open new lanes of trade abroad for American goods. Secretary of Commerce Daniel C. Roper, heralding the. currency agreement as a “forward” step, forecast currency stabilization, lowering of tariff and quota restrictions throughout the world, and general improvement in international trade. His optimistic statement came in the face of trade figures for the first eight months of the present year showing an unfavorable trade balance of $40,607,000 against a favorable balance of $29,339,000 for the same period last year.

Gold Problem Studied Mr. Roper pointed out that exports for the period, however, this year totaled $1,511,730,000 and imports, $1,552,337,000, for a total foreign trade of $3,064,07,000, a gain of 12.5 per cent over the same period last year. Administration economists also were studying the problem which will be created when the President's power to devalue the gold content of the dollar to 50 per cent of its former level expires Jan, 30, 1937. It now is 59.06 per cent.

GOLD STOCKS AT PEAK

Times Special WASHINGTON, tary gold stocks of the United States rose $590,000,000 to a new record peak of $10,845,000,000 during the week ended Wednesday. According to the Federal Reserve Board, principal factor in the increase was the

pension of gold payments over. the last week-end. The gold stock total represents a gain of $722,000,000, approximately 7 per cent, during 1936.

New Bond Issues

(By Lyons & Co.)

Bid Allied Stores 5las ’51 Arkansas Gas 4s '51 10 Associated JTelophone 4s 65 .. & O 42 Ne 10

B Beth Steel *2% Cal Orego

Ask 100% 07%

Chicago West In 4%s '62 Chicago Un Station 3s "55. Cleveland Tractor 5s ’ Columbia Railway 4s 85 “es Com Invest Tr 3s ‘51 1 Conn River Pr D & L 2 Yas 61. Consolidated Oil 3'zs ’ Cudahy Pkg 3%s ’55 ..... Cudahy Pkg 3'2s '65 Edison Illum Boston 3'2s '65.. Gen Motors Acc Corp 3s '46.. Gen Motors Acc Corp 3'as 31: Indianapolis Water 3%s '66 . Iowa South Uuilities sas ’66. . Kansas L P 4% Los Angeles G Loujsyilla s & E Sas ‘66 Lou & Nash G Metro Ed oe "65 Minn Gas E & Dr 4s ’'50 Narre ansett Elec 3%2s

Okla Natural Gas 5 Pacific Lighting tas 45 Peoples G & E Lite Wks ‘6 Penn Tel 4s sue Potomac El Boyer 3Ves ‘68 ... Pub Serv N H 33 Railway Lite Age San Diego G & L 4s Southern Cal Gas 4s '65 Southern Kraft 443 '46 Union Pacific 3s Wisconsin Gas & T 3v28

993% ..103% Wisconsin Pub Serv 4s he .104

Local Securities

(By Indianapolis Bond and Share Corp.) The jollowing quotations do not represent actual or offerings but merely indicate the ap a market level based on buying Ig inquiri

"BONDS

. Cus I Bw st 8 ‘oly

12 davge: Persion ad ches—Ell

"43" 104

as, 3% | 9S

* Plums—Italian prunes, Con1c; Calif,

Te! 5s 57. . % Indpls Water Co 8's ‘66 ....101%

da’ com -.

glee Co iors a 101 66

= 3

g oe

: 8 g

.102% ex] ia 41a

id Serv pid 53s fais undry Sreavess 39 pid na! ue pid geal resssaeanten 30

£5 32

: gk

59 2

9 2

agree- |

. 4 Hup islation questions under considera- Mack

M Oct. 2.—Mone- |My bec : N Y Cent

A flight of gold from the three gold Am bloc countries prior to their sus-

; 8 Rubber .... U 8S Rubber pfd.

New York Stocks

(By Thomson & McKinnon) : Prey close

08 y 4 an

17°

Un Oil of Cal .. 21%

Steels—

Am Roll Mills... 29% Beth Steel

eel Natl Steel Otis Steel

Warren Bros > Youngstn 8S & T 80%

Motors—

Auburn 352 Chrysler reer 128% Gn Motors .... 70

Shudenake Truck. : Motor Access—

DRO aN

ped

Eaton Mig Elec Bt Lite. . Elec Stor Bat. Greyhound (B).. Houdaille . Murray Body .. Timken Roll Mining— Alaska Jun .... Amer Smelt .... Anaconda . Cal & Hecla . 10% Cerro de Pasco. 54 Gt Nor Ore . 20% Bomenahs Min 425 Howe Sound. . Ins Copper .. Int Nickel Isl Creek Coal. . Kennecott Cop. . . McIntyre Mipe., 40 Park Utah ..... Phelps Dodge..., St Joe Lea U S Smelters.... Vanadium Amusements—

Crosley Radio... Fox Theat 3 Loews Inc . Radio Corp Paramount

CB C0 bt et CY 8D @RRoA RDA PSR

30%

Warner Bros . Tobaccos— Am Snuff

Am Tob

Sen Cigars

igg a Phillip. Morris .. Reynolds Tob B:

Rails—

Atchison q Atl Coast Lines..

Chi & Gt v pfd. 10 C M & St P pid

ou R R .cccn 2238; | Union Pac 136 Equipments—

Am Brake Shoe. 61 60%: | oe 493,

34s | 43

3% 581; | 45Y, 45%; |

Weglingh Elec. . Utilities—

Am & FP ..... Am Pwr & Lit . AT&T

Am Wat Wks .. Col Gas & Elec. Com & Sou ... Consol Gas ... Elec P & Lit ... Int Hydro Elec.

mt G & . Nat Pwr & Lit.. North Amer Pac GCG & E ..... Peoples Gas .. Pub Serv N J .

ICI 5

Gas Stone ® Yi shster United Corp :

n Gas Imp i Pwr & Lt ‘A’ Western Union.. Rubbers— Firestone

3% 87%

29% 22%

3 34% 83% Miscellaneous—

Allis Chalmers.. 59% Am Can 121%

ase . és oy iia Tract Hoi ate an rac Crown Cork .... 2

Deere 4 Foster Rolar . 34 illette 14

Natl Cash Reg.. Owens $ Bottle ey

Rem fom Rone Bo...

Foods—

Armour . Borden prod aoe

«23 Nea

os FN

8 FReSEE

“RB. ’ a Oe

Allied Stores ... 12% Goods. 20%

bel Bros .... 19% Gm Un Tea .... 3 Kresge 8 “eses Kroger Grog .... oo Macy RH coc... 48 McCrory 18 Hees mad Mont Ward... 49% Beimney JC even % Sears Roebuck. 8814 Waolwe: oiwarth 55% nt 2%

SEMA pe, Sebel Zags o> UE

ol 258

7 Fa

———

f en ; ai | Tex Gul By { Union

| &en Asphalt aie { Int Cemen one m Owens "Gite 88

| Advance Aluminum 4 | Asbes

Curtiss Wright .. 6% Curt Wrigh “A 19% Rouslas Air ew Tee Nor Am AV .....

oT Rirete (new) pi Chemicals—

ise 53%

2:84

Ng geays

ua FrooEe 5 awe a

w» -

ist Sul ph. arbide

a & F

ck Zonite Prod wave

gro

| Allegheny Corp... Am Int C ip

187, | Tr Contl Corp...

Building—

m Radiator .. 32% 23% a

Household—

12 | col Pal Peet .... a

Congoleum ....

2% | Kelvinator

Mohawk Car} et. . & Gamble.

: | Servel Inc ..... i Simmons Bed....

Textiles—

| Celanese Corp .. | Collins_Aikman.. { Indus Rayon ...

Chicago Stocks

(By Atkins, Hamill & Gates) Noon.

Prev. Close.

BD ng o aaa = Re Tarrderars Cities Service -..cecee Gord. oox1- Steel

ane eesescescsee Economical DIUg -ecesescsscee Electric. Household cvesssenees 14 General Household cessscsssse Godchaux Sugar “A” ecececcse Jarvis Katz Drug Lincoln Printing .c.ccccc.ceee McGraw Electric ceases Nachman 5) ne Filled <ccees Noblitt-Spar . Yilliams Oil-0-Matic denne

Sundstrand

New York Curb (By Atkins, Hamill & Gates)

Noon

Aluminum Co of America. esee.132 Am Cyanamid 34% Gas & id ioe a Teevievs os 0A

Catlin COIP «cc.cveeee.ns Sasa Carrier Corp ‘ Creole Petroleum COP. .vuuvnn 2

Fisk Rubbe Ford Noto Canada “A”.. Greenfied Tap & a Corp..

Su Oil. & Co. ... Imperial Oil of Canada Lake Shore Mi Long Island ‘Lightin Molybdenum Corp 0 Mueller Brass Natl Betlas Hess Inc St Regis Paper Co Salt roducers Assn.. Sterchi Brothers Stores..... ee Tubize Chatillon Corp

* | ¥Adminstered Fund 2d .... * | American Business Shares..

Suns

Investment Trusts

t (By Thomas D. Sheerin & Co.) Bid. Asked.

518. 11 33 27 1. 3% 231 . 10.1

| *Affiliated Fund Inc | Broad Street invesuing : | Bullock Fund Li j Gentury, Shares "He | Corp * or ‘Accu’ (mod).. | Sorp pe or “Acc” (unmod) 2.700 go D orate Tr Shares (orig) 2.3% rsified Trust Shares “B. .10.7 Shares ‘‘C 288 7.25 1.8

6.18 3.51

nd : | “Massachusetts Investors . 3 | anvesnent Fund ....

Wide Vi

Money and Exchange

6 INDIANAPOLIS STATEMENT an 3 $3,941, 5% | | Devits 9,671,000 { B

TREASURY STATEMENT (By United Press) : ASHINGTON, Oct. 2.—Government ex- | peas and receipts. for the current fiscal | year to Sept. 30, as compared

| yéar ago: : y ¥ This Year. Last Year . 488% 18 611 764.67 $1, 330. 486,231.93 ts ,465.44 884,087. 233 021, 766.49 2,187,582,077. 36 1,783,718.010.49 7.85 29, 421,331, 1670.22 3.337.250.98 08 342,469. 41

| Expenses : Receipts {Deficit .... San. bi Gold res.. - 10,845.01 17,638.14 9.3 Customs . 01,898.005 5.60

Chicago Grain Futures (By United Press) High Low Noon

Prev. Close

I 135 11%

112% 1-381

11% 10% 111% ‘96% .96% 93%

89% .85%

-80 8%

93% 93% .89 89%

Thomson . & McKinnon |

Ewes—

IPORKER PRICES

UP 10-15 GENTS; CATTLE STEADY

Top for Hogs, $10.45; Lamb Market Even With Yesterday.

Hog prices were boosted from 10 to 15 cents at the Indianapolis Union Stockyards today, weights between 225 and 300 pounds selling 15 cents a hundredweight above yesterday’s prices. Weights between 160 and 225 pounds were 10 cents higher, heavy hogs and underweights steady, and packing sows were song to 15 cents higher. The same steady trend was noted in the cattle and sheep markets, most prices closing even with yesterday’s quotations. Hog receipts were 6000, cattle 600, calves 600, and sheep 1200. Top for hogs was $10.45, paid for weights between 190 and 280 pounds. Two hundred eighty to 300-pound swine ranged from $9.75 to $10.30; 300 to 325-pound weights, $9.50 to $10.20, and 325 to 400 pounders, $9.25 to $9.75. Weights between 100 and

Packing sows ranged from $8.50 to $9.25, top $9.50.

Cattle Prices Listed

A few head of steers sold for $10, and top today on heifers was $8.25. Beef cows were $4.25 to $5, and cutter grades ranged from $3.25 to $4. Vealers, 50 cents lower, sold from $10 to $10.50 for the bulk of better grades. With all classes of sheep steady, the bulk of better grade ewe and wether lambs ranged from $9 to $9.50, and slaughter sheep sold from $2.25 to $2.75, top $3. HOGS 1k. Receipts. 10. 1000 10. 10.

$9. 10. 13:

Bu 0@ 00% Ne 10@10

10 20 7000 40 6000 40 6000 [email protected] [email protected] Light Lights— (140-160) Good and choice. .$ 8. 361n um 8.2 9.50 Lightwel Wo ) Sood 8 and choice..

6000 6000

®s.00s000

3 S10. 20 [email protected] 1 0010. 30 [email protected]

. [email protected] [email protected]

10 210. 45 0.25

Medium Weighs. (200-220) Good and choice. (320-250) Good and choice. . Heavyweights— (250-290) Good - (280-350) Ciood Packing Sows— (275-350) GOOd cccocecvcanes (350-425) CGiood ....... veissee (425-450) Ciood - (275-550) Medium Cevasaevee Siaughter Pigs— (100-140) Good 2nd choice: .

and choice.. and choice..

83 ung i 098 & oo voosS S OS owvwowm 333

am gee © oo ©

—Recejpts, 600— (550-900) Choice “srkureaserl GOOd c.iececennces Medium esisesssse Common (900-1100) Choice . Good ..

—

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S POmeS Ines anos

BBEBEEERYERED

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: C (1100-1300) Gr se0s00000c000

Medium $0ssc00000 Choice eccoca.eaee Ctood

9940-3000 th 100 © NaI 00 © bggabaguahs an

(1300-1500)

—- PVOROD

(550-750) Gi

00 Common, medium. Good ‘and choice. . Common, medium.

ana AMOS

(750-900)

Gr . Common and medium ...... = Low Shige and cutter Bulls, good Cutter.” com. and med. bulk..

Vealers —Receipts, 600— Good and Choice

Medium Cull and common

03989 090309 0389890990009

Sooo 33538

panos

83 g3% ®od

99 999 08 83

(250-500) Good and choice..$ s Common, medium. Feeder and Stocker FH (500-800) Crood and choice $ 6. om. and medium 4. (800-1050) Good and choice.. i Com.” and med..... Heifers—

od and choice om. and medium ....cecoe

Cows

oa 32

nN >

@ he 2 3333 on ae

Good csssses $d Common’ and medium .. SHEEP AND LAMBS : --~Receipts, 1200—

mbs— “Choice her enis Good ress rrr erates COMMON ccvcccescscccscossssce

190-170) Good and choice.. Com. and medium (Sheep and lamb quotations

Sam 23 0p,

=k crane gi 8333

190 pounds ranged from $8 to $10.25.

22” gi gg:

; 'S seal news—for - XL 1 folks who want mellower whisky ! Now Bottoms -Upis aged a minimum of 18 ‘months—at extra-mellow-_ing summer temperature year-round. It’s even riper, smoother than ever before! ‘But that’s not all! It’s ) x . Mash - pS =

Average ‘36 ‘Real’ Income Higher Than Last Year

Difference in Adjusted Earning Figure Is 9 Cents to the Dollar, Survey Report Says.

Times Special

NEW YORK, Oct. 2—The average American received $1.15 cash in August for every dollar he received in the same 1935 month, according to a current study .of how much people make and how much they spend Syndicate.

as reported monthly by Investors’ This higher income was shared by wage-earners, investors and salaried workers, the study showed. The wage dollar of August, 1935, grew to $1.17 in August, 1936, wile the investor's dollar of August, year ago, largely as a result of -— creased corporation profits and larger dividends, expanded to $1.10 last month, it was reported. For every dollar received in August, 1935, salaried workers in the same month this year got $1.11. When the three types of income were combined in relation to importance in the national pocketbook, the average American was reported to have had $1.15 cash at the close of last month for every dollar of income during August, 1935. Because of higher living costs, chiefly foods and rents, the average citizen in August of this year had to pay $1.06 for goods and services for every dollar's worth his income

would purchase in the correspond-|3

ing 1935 month. “Average Condition Better Nevertheless, the average citizen in August, 1936, was said to be 9 cents to the dollar better off than he was in August, 1935, because of the difference between his “real income,” that is the money he received, $1.15, and the money he had to pay out, or $1.06 cash. This difference between “cash” income of $1.15 and “real” income of $1.06, or nine cents on the dollar, is accounted for, the survey showed, in cash outgo for foods, and rent. The housewife in August, 1936, took

'|$1.11 to the food market — where

cereals, cocoa, coffee, butter, meats and other important daily items

were higher—for ‘every one dollar she took there a year ago. The land-

lord in August was paid $1.11 for |

living accommodations that cost only one dollar a year ago. Even miscellaneous = living expenses, such as manicures, shaves and movies, were higher in August —they were up 1 cent on the dollar—than they were the same month in 1935, it was learned. The clothing dollar, however, continued to be bigger than a year ago. In August it was possible to buy for 99 cents

N.Y. Bonds

(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1926 Average Equals 100)

Today ....... 96.6 Yorarisy “ive

(Copyright, 1936, by Standard Statistics)

U. S. GOVERNMENT BONDS

(By Abbott, Proctor & Paine) Treasurys

4%s 1947-52 .c.vveeeicncen.s 115.30. 4s . . 1

1951-54

Home Owners Loan Corp. 1942-44 ...... . 1049

Federal Farm Mortgage Corp. 1364 : .. 104.28 «.s 103.21 104.

DOMESTIC

g Close Alleg Corp 58 ’44.....000000.. 99% Aleg Corp 5s ’49........... 95% Am Frgn Pow 5s 2080........0 74% Am Tel & Tel hes "43. 114

Atl Coast Line 4s ’52.. Atl Coast Line 42s "64. . Atch Top & S Am Wat Wks 6s 75 1 Am Rollin Mins 3 Yas ’45.....119 Balt & Ohio 5s 9

Chi M : Chi Milw & Cleve. Un Term a Clev Un Term 4% Col Gas 5s May ’ Col Gas 5s Anil "53. . Col G 5s

s: '63 A Co rs & So 4's 380. ceeessChi & West Ind 4s ’52... el Chi & West 43s ’49.. Chesa Corp 5s '47.. Del & Huds 4s "43.

what it cost one dollar to purchase |y

in August, 1935. But even in clothing recent price trends have been reversed. In July, 1936, for example, it cost only 98 cents to buy clothing that in July, 1935, would have cost one dollar, the survey report stated.

Unlisted Stocks

(By Blyth & Co.) NEW YORK STOCKS

5s Bankers Trust esssavesanenes 68s Central Hanover .ceesccccsss 13014 Re hi esses nnsssssnes §1V2 i Chicago - arses ess Guaranty : Irving . 15% Manu er . 50% National . 32% First National Boston vetsenes Bl National Shawm

FIRE SuRAN CE

5 .146%2 353

Se Sy ankln Insurance Great ‘American asurance. *National

re sees 0tRssRNRS National Liberty ccccescsscess North River

e0s0scc0csece essesccecs

Westonester Pire cececsvcesces *Ex-Dividend.

LOCAL CASH MARKET

City grain elevators are paying $1.07 for No.:1 red wheat. grades on their merits. Cash corn, new No. 3 yellow, $1.00; oats, 36c. Hay—No. 1 timothy, $14.50@15; No. 1 clover, $14@15; No. 1 alfalfa, first cutting, [email protected]; second cutting, [email protected].

Other | NY

Grt Northern “G” 4s ’4 Grt Northern ‘“H” 4s ’46 Grt Northern 4Yzs LE Gen Stl Cast WW 5% Hud & Manhat Ref 5 '57 Cent 4%s Il1 Cent 2 “vas Ill Cent 5s ’63 Interboro Ra ia Trans 5s 58. Interntl Hy 44. Interntl Tel & “Tel 428.730... Te.

’6! Nickel Plate 4'2s 78 Nickel Plate 5a, ‘4 N Y Cent 5s

Nor Pac 6s ’ New Orleans Term 45 '55...... 97 Otis Steel 6s ’ # siden «10235 Penn Ry 44s 84. Penn Ry 84s ot Penn Ry 3% . Portland Gen El in 60.. gars Pals enn Postal Tel & Sab = 3, Rem Rands Shell Union Oil SL 3st “51 Socony Vac 3Y2s ’50 Sou Pac 4%s 68 ... . Sou Pac 428 ol Casesnnssssss 35Vs Sou Pac 4s ’ '4 cevesssnsssass

Texas Pac 5s Texas Pac 58 119 Fo Texas Pac 5s 77 cessssseen oi Aye adi 3 "60 sansesesse 3834 S . nion Pac «118%

vss sees+ 10336 sssssive 382 Warner Bros 6s ’ veav ave Western Mary 5128 Ine -- 108% Western Union 5s re . . 08% Youngstown 8 & T 4 s ‘61. loaves Youngstown 8 & T 3s ’51..127% FOREIGN frgentina, A 6s ’57 Brazil 8

Canadian Goyt 4s ’60

STUDY REVEALS MARKED PICKUP IN HEAVY STEEL

Earnings Decline of Light ~ Metal Producers Also Disclosed.

By United Press NEW YORK, Oct. 2—The marked progress of heavy steel companies, which formerly lagged badly in the recovery movement, and slacken ing in the progress of light steel companies, which had been leaders in the revival, is revealed in a Poor’s analysis of steel trends. “Changes within the industry may be traced in a degree to policies of the Federal government,” says the analysis. “Successful efe forts to boost consumers’ incomes led to greatly increased buying of automobiles, electric refrigerators, household supplies and other articles calling for light steels. “Thus, by 1935, light steel manu facturers had retraced practically all the ground lost during the depression. On the other hand, heavy steel output in 1935 was 59 per cent below the 1927-1930 average, and accounted for only 28 per cent of all steel output, whereas in the years 1927-1930 it accounted for 47% per cent of all steel produced.” Heavy steel output turned to the better about the middle of 1935, according to the survey, and gains recorded in the closing half of the year were accelerated in the inie tial half of 1936. In the latter six months, output of heavy mae terial was reported to have ime proved 44 per cent over the core responding 1935 period, against s gain of only 20 per cent for lighte er steel companies.

Earning Contrasts Marked

“More notable than recent changes in steel demand, however, were the wide contrasts in earnings results of light and heavy steel makers,” it was said. “Seven ine tegrated companies, with adequate representation in heavy products, reported. for the six months ended June 30, 1936, aggregate earnings of $34,395,000, a gain of 572 per cent over $5,119,000 in the first half of 1935. “Despite their fair increase in output during the first half of 1936, seven representative makers of light products reported earnings of only $10,269,000, against $12,« 674,000 in the corresponding 1935 months, a decrease of 19 per cent.” Discussing possible reasons for the decrease in earnings, the report pointed to vast expansion in the light products field in the past few years, adding that that competition has increased to the point where profit margins are suffering.

NEW MEMBER ANNOUNCED

CHICAGO Oct. 2—Frank S. Cof= fin is to, become an associate meme ber of the brokerage firm of Moore, Case, Lyman and Hubbard, effective today.

Building Permits Otto and Dorothy Bettcher, 935 N. Oake land-st, porch, $1 Gus Goldberg, 2222 E. Washington-st, res pairs, $150. a Bune Robertson, 917 N. Beville-av, roe Pei Apartments, 220 N, Illinois-st, eles vator Jepaiss $50. Atlas Hotel, 750 N. Meridian-st, elevatop repairs. $85. $300 L. Bridges, 1109 Park-av, furnace, F. J. Anders, 3015 Winthrop-av, toofe 714 8. New Jersey-st, ree Dry Kiln Co., Harding and Mce $700. 432 Massae Tilinois-sty

Co., 827 N. Daley-s§

Denmark Slay 5 ech

made just as Brown-For-man have made whisky since way back in 1870. Slow Mash takes more time and grain —but it gives Bottoms Up the deep rich that made it famous. Try older, Bottoms Up, and

BROWN-FORMAN ANNOUNCES BIG AGE ADVANCE UP—REAL “SLOW MASH” WHISKY MADE BY BROWN- FORMAN METHOD 3 GENERATIONS OLD

6%2s ’52 -| Tokyo City Sthe 81.

Yokohama 6s ’

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