Indianapolis Times, Indianapolis, Marion County, 12 October 1936 — Page 12

rena

ree

Tariffs Important

- MONDAY, OCTOBER 12, 1936

PAGE 11

3807-ton gain over August.

* have reached a two-year peak, increasing 5860 tons over the 64,140-ton figure for August. : tember copper production was set at 47,000 tons, a

from 3860 to

in Currency

Parleys. BY JOHN T. FLYNN md

Editor's Note—This Is the first of several articles in which John T. Flynn, moted author-economist, will attempt to describe simply and clearly just what Bas happened as a result of devaluation of the French franc and the tri-nation agreement sbout currencies and tariffs.

IW YORK, Oct. 12.—It now is about two weeks since France devalued her franc. It now is possible to form a calm opinion of what has happened. It is not pos- - gible to make a full estimation

‘ here. But on succeeding days I will try to outline fully just what has happened and what it all means

to us. For one thing the event, chiefly t h e agreement between France, Britain an d America about currencies and trade barriers, has raised up the most extravagant hopes in the breasts of many Jer= sons on t Mr. Flynn sides of the water. The agreements will “release the energies of international trade,” they will “put an end to the dictators,” they will “remove the chief causes of war now torturing Europe.” These are tremendous fruits. The pelief that they will come to us is based upon generous impulses and hopes for the human race. The agreement is a sound one. It will beyond doubt be followed by favorable consequences. Those consequences can be made even more favorable if they are followed up. But it is not realistic to imagine that this incident can work such a miracle in the troubled world to- - day. The best results can not be obtained from the agreement if we delude ourselves with too exuberant expectations. # n » N the end the devaluation of the franc and the tripartite gentlemen’s agreement is a purely business matter. Let us try to weigh i in the light of sound business tests. In the first place we much recognize the fact that we do not yet know what the agreement is. Our ‘information is based on the state- , ments made by the three governments. : In outline the agreement is threefold. (1) The French agreed to bring about a devaluation of the . franc. (2) America, England and France agreed (a) not to upset international exchange by their monetary policies or devices for trade advantages and (b) to use their resources to stabilize the currencies of the respective countries in the international exchange market. (3) To attempt to revive international trade by relaxing without delay and progressively the present system of quotas and ‘exchange controls.

Bn ” u

Tre was an agreement between statesmen merely. The countries are not bound, of course, until the necessary measures may be taken by the proper authorities in such countries. Now we wish to inquire (1) what will be the effect of these policies on our own financial and economic structure and that of the world; (2) how far the agreement has been carried out and how far it may ‘yet be carried out in each country; (3) what further action is necessary to make the agreement effective? : Generally, therefore, there are two phases of the subject—currency changes and tariff or trade chanzes. In the next article we will try to understand just what

the currency changes are. (Copyright, 1936. NEA Service, lnc.)

Fruits and Vegetables

(Quotations below, subject to change, are average wholesale prices being offered to buyers by local commission dealers).

FRUITS — Pears — Michigan Bartletts, bu., $2.50. Bananas—Selected, 1 1b. Sc. Apples—No. 1 Pennsylvania Grimes, 2% inches up. $1.60; No. 1 Wealthy, 2%-inches p. $1.60; No. 1 Virginia Jonathans, 2% 3p. $1.60. Lemons—Sunkist, 360s, 32s, $6: 490s, $4.75. Limes—Mexihe s , ‘22%¢c; Persian seedless, r 100, $2.50. Peaches—Elbertas, 2 inches, .» $3. Plums—Italian prunes, 16-lb. lug, $1.10. Grapes—Michigan Concords, 4-qt. Dh sket, 23¢c; California Tokays, 27-1b. crate, .90. a MELONS—Cantaloupes—Colorado Jumbo 5s, crate, $3. Honey Dews, vine ° fipened 8s, 9s, 12s, $2. rab Apples— chigan ay is, bu.. $1.75. uinces— California 36s, 48s, 20-1b. box, $1.90. VEGETABLES — Artichokes, California, S-doz. box, $5.50; doz, $1.25. Beans — Round stringless bu., $1.50. Beets—Home grow doz, 28c Carrots—Washington, 2., 60c; 6-doz. crate, $3.50. Caulifiower = 11s, crate, $2.25. Celery — Michigan Mammoth, washed and trimmed, doz., Cucumbers—Home grown, bu. $1.50. —Home-grown. doz., 25c. rown, bu. y ornia leaf, 5s, ; 4s, $5.50; grown, 15-1b. basket, $1.25. Peppers—Mango nt Don SO : os 5 nt--Doz., . Indiana Yellow, 50-1b. ba -Home-grown, doz

_o ham atahdims, tatoes——Easte dishes—Ohio

Sage — Do Wate

re Dore 150 ate eT: oy m grown, 3-bu. basket, 85c: bu. $1.50.

Produce Markets

prices quoted are paid for stock in the country, .whi - Indian tr, while, for a Bach | case of eggs must No. 1 strictly fresh, loss off. 8 ibe an Eo

dos. 15¢, un rs 1bs., 12¢; » Bors br

(The

hen: 20%

fat, se Ri tus . No. 1, 35% 38 4 -32%2 @33'%c. "Buttertat, Fo ae! ——————————————

TRANSIT REVENUES UP

" Times Special NEW YORK, Oct. 12.—Revenues of the transit industry for the week ended Sept. 26 indicated continued improvement over last year's showing, according to Transit Journal's Indicator, which stood at 105.92, as compared to the corresponding “week in 1935. > ‘dicator stood at 105.40.

_ Building Permits ~_E. E._Thompson, 916 8. Rudolph-st, ga{adisor Co. 327-29 8. New Be

Ey aed sw

NEW INDIANA HOUSING LAGS BEHIND POPULATION GROWTH. SURVEY OF 14 CITIES SHOWS

Construction in 1935 Doubled That for 1934 in State, but Still Is Said to Be Well Below Present Needs.

(Editorial, Page 10) : New construction in Indiana last year was double the volume in 1934, but new housing lagged behind the growth of population, according to report issued today by the Investors Syndicate, Minneapolis, after a survey in the state's

14 major cities.

“Homes built in 14 Indiana cities, including Indianapolis, in 1935 provided new housing for 14.03 per cent of. the year’s

COMMODITIES OFF SLIGHTLY

Latest Report Shows Price Index Down .88 for Week of Oct. 5.

Times Special NEW YORK, Oct. 12—The general commodity price average again was slightly lower last week, as shown by the Dun & Bradstreet Daily Commodity Index on Oct. 5,

which closed at 131.30, compared to the preceding week's recording of 132.18. Devaluation news had very little effect on wheat. The cash market was slightly lower, being more concerned with improved crop prospects in the southern Hemisphere. Cash corn weakened toward the close due largely to the pressure of Argentine corn. Other cash grains, except oats, finished moderately lower. Flour trading was quiet but prices re-

mained firm. Lard ended with the

undertone firm, although slightly lower than the previous close. Liquidation in old contracts caused some weakness in spot coffee.

Demand Rallies Cocoa

Weakness in the refined sugar market was followed by a decline in both the future and spot raw markets. Cocoa was unsettled early but, under heavy demand from manufacturers, rallied strongly and showed a net gain for the week. Nearly all branches of the cotton goods market attained an accelerated rate of activity during the week. Sales of print cloth yarn goods soared to an estimated total of 140,000,000 to 160,000,000 yards, giving a mill backlog of better than three months’ production, the strongest position reached since 1923. . Although Japan silk, extra crack, rose 3c to reach $1.77 a pound, for the fifth consecutive week it was under the 1935 price, which registered $2.07.

Wool Market Firm

Wool buying was confined to occasional .small lots taken to fill immediate requirements. Moderate quantities of fine territory wools were moved, but on most of the offerings there was little business transacted. The market, however, retained its firm price basis, the average of the 25 domestic wool quotations continuing at 59.96c a pound for the third straight week. This narrowed the increase over the 1935 comparative average of 52.80c to 13.6 per cent.

NEW DEMAND NOTED ON FOREIGN STARCH

Times Special M NEW YORK, Oct. 12.—Steady expansion of importation of foreign starches was pointed out in recent Department of Commerce statistics, Corn Industries Research Foundation, announced today. : Brazil, the report said, in 1932 exported no duty free starch to this country, while in 1934 such exports amounted to 2865 pounds. Imports received from that coun-

.| try last year amounted to 7,167,068

pounds. Providing the present pace is maintained, Brazil is expected to export a total of 12,000,000 pounds during 1936, it was reported.

LOCAL CASH MARKET City grain elevators are paying $1.09 for No. 1 red wheat. Other grades on their merits. Cash corn new No. 3 yellow, 96c; oats, 36c. Hay—No. 1 timothy, [email protected]; No. 1 clover, [email protected]; No. 1 alfalfa, first cutting, $16 @16.50; second cut-

estimated population gain in such cities,” J. R. Ridgway, president of the syndicate said. in “Building in these same cities in

the five years prior to 1936 cared for

only 12.93 per cent of the estimated rise during that period,” he ‘continued.

Housing Provided for 6236

“New homes are not going up as fast in these 14 cities as their population is increasing despite the

fact that persons supplied with new housing in 1935 were more than 11 times those provided for in 1934.”

According to the report, new residences constructed in the 14 cities, supplied housing for 6236 persons or 132 persons more than in the four Preceding years combined. The report pointed out, however, that the population of the 14 cities last year rose 44,448. The report said that the value of building permits filed in the 14 cities last year was. $4,712,621, 'a gain of $4,431,524 over 1934.

Permit Values 42.49 Under 1930

“The permit values of last year are, however, $3,482,567, or 42.49 per cent below those of 1930. From 1931 to 1935, inclusive, permits totaled $11,242,753.% In this five year total they ranked sixteenth on the national list. : “Indiana’s residential progress, as measured by these fourteen cities, actual and relative, perhaps is best jllustrated by the’rise in new housing costs per person provided for. In 1930 such per capita costs were $1,004.31. They ,rose to $1,207.85 in 1931, only to fall to a low mark in 1934 of $505.57. Last year they were $755,71, or compared with 1934 were up $250.14, or 49.47 per cent, the tenth largest increase for the year in the nation.” Besides Indianapolis, cities covered in the survey include Anderson, East Chicago, Elkhart, Evansville, Fort Wayne, Gary, Hammond, Kokomo, Marion, Muncie, Richmond, South’ Bend and Terre Haute. .

FARMERS’ MILK RETURNS GAIN

Eight-Month Increase Set by Foundation at $60,000,000.

Times Special : NEW YORK, Oct. 12—Cash income received by farmers for milk during the first eight months of this year totaled $954,000,000, an in-

crease of $60,000,000 over the returns received during the similar months of 1935, Milk Industry Foundation reported today. Farm milk cash for August alone was $125,000,000, compared with $106,000,000 for August, 1935, an increase of 179 per cent. Milk sold for use in fluid form made up the largest portion of dairy farmers’ cash income, the Foundation stated. Next in order as producers of farm cash were butter, cheese, canned milk, ice cream and miscellaneous by-products. Payments to farmers by milk distributors for milk sold as “fluid” were 27 per cent higher in 1935 than the 1933 low, due to higher prices paid a quart to farmers and not to larger sales volume, the Foundation stated. “Fluid” . milk includes. bottled for homes, wholesale for stores and bulk for hospitals, hotels and restaurants. Farmers’ checks from milk distributors for milk sold as “fluid” were estimated by the Foundation at $468,000,000 for 1935 against $423,000,000 in 1934 and $368,000,000 ir 1933, with further. increases anticipated for 1936 as “fluid” con-

NEW BUILDING FOR LOCAL STORE.

Above is a Capitol-av view of the business building taken over by the William H. Block Co. as an addition to its department store. The building, at Court-st and Capitol-av, is being remodeled to house various departments of the Block company and it is to passage-way leading to the main store building.

have an underground

Times Special

“Present low money rates coupled with increasingly attractive yields likely to be afforded by common stocks throughout the remainder of the year as a result of abnormally liberal dividend payments to be made to avoid revenue act penalties may provide elements for a speculatire boom with serious conse-

Stanlaws, Wyckoff ‘Associates, Inc. president.

“Investors should not be carried away by such a liberalization of returns as 1936 seems likely to provide and consider them of a permanent character,” Mr. Stanlaws said in a company statement issued today, “but should bear in mind the counter effects of an early modification of the terms of the act.”

The fevenue act is seen by Poor’s

ing to speculative possibilities of many stocks, adding that it expects the future to witness a much greater tendency to discharge arrearages in cash rather than by the stock method that has been so popular during the past year or so. United Business Service, Boston, in a statement issued today said that because of generally higher level of corporate earnings and because of the undistributed profits tax, dividend disbursements will continue liberal. ’36 Earnings Higher A study of the service, it was reported, of full-year earnings of nearly 200 representative companies revealed that 92 per cent of them will show higher results in 1936 than in 1935. : “Although some companies probably will retain a sizable share of their earnings for one reason or another, in general a larger poportion of net pofits likely is to be distributed to stockholders than in the past. According to the revenue act, a corporation can obtain tax credit, for any particular year only on dividends actually paid to stockholders in that year. Consequently, those which decided to avoid, in whole or in part, the tax on. undistributed profits probably will take action during the quarter,” United Business Service said.

DIVIDEND ANNOUNCED TO MILL EMPLOYES

By United Press PORTLAND, Ore. Oct. 12—Jantzen Knitting Mills announced a wage dividend of five per cent to all employes now employed who have had three months of continuous employment during the year which ended Sept. 1. About 500 employes qualified. A dividend of 25 cents a share will be paid to common stockholders Nov. 1, compared to the previous 10-cent quarterly dividend. A regular quarterly dividend of $1.25 a share was voted on 5 per cent cumulative preferred stock, payable Dec. 1.

BANKS, MARKETS CLOSED

Indianapolis banks and New York and Chicago markets t1oday closed in observance of Columbus Day. The Indianapolis livestock market remained as usual. :

ting, [email protected].

Percent 20

EBL LO) TE Ee ee

PURCHASING POWER & COMPONENTS

1 1 i

100 fen 8o

° MPOSITE

v LI v —— <1 EMERGE

t EMAN

re Nuns A

GO qo

31925 = 100

v v

—] 1023-023 = G4 Jem

100

TN CONTE

cst NS

“J FACTORY PAYR

pgp—

quences,” according to Robert E.|

Investment Advisory Service as add- |

Market Rise Prompted by Revenue Act, Belief

Larger Dividend Payments - Contribute to Speculative Possibilities of Traded Shares, Bankers Say.

NEW YORK, Oct. 12—The 1935 Revenue Act providing for penalties on undistributed corporation earnings, resulting in attractive yields on common stocks may result in further increased stock prices before the end of the year, bankers and investment services generally agree.

STOCK MARKET WEEK IN REVIEW

BY ELMER C. WALZER United Press Financial Editor NEW YORK, Oct. 12—The Stock Exchange last week had its first 3,000,000 share day since ‘Feb. 21, and volume increased to the highest total since the week ended March 14. Prices rose to new highs since 1931. At the highest point of the week, the market value of all listed securities registered a gain of 40 billion dollars over the low point touched on July 1, 1932. Resistance was encountered when the list broke through the previous highs. However, no serious selling developed. ; Group after group was given a whirl.: That procedure usually pre-

none developed, buyers again took on commitments and leading groups came forward. Steel shares made new highs since 1931. Motors were around their best levels since 1929. Oils swung into action under the lead of Socony-Vacuum which had tremendous turnover in the Friday session. High Ground”Reached Coppers. had their period of strength. So did the cement shares, liquors, and chemicals. Several of

high ground. Rubbers advanced. An outstanding feature of the week was a trend toward accumulation of utility stocks. At times those issues, long dormant, monopclized the tickers. Low-priced issues were most active. Commonwealth and Southern in a single session had larger volume than all of last week’s sales combined. The issue came out in blocks ranging to 50,000 shares. Demand for the utiliites was based on several items. In the first place, electricity output is holding around record levels which means the earnings record is being enhanced. Secondly, and probably of more importance, was indication that government and privately operated utility companies would . come to some workable agreement on TVA. Third, traders anticipated that the utilities would win their first skirmish in the courts against the TVA today. If so, the point at issue—government competition with private companies—might be expedited to the Supreme Court. 4 Net gains for the utilities for. the week were only moderate, several made new highs for the year or longer and the average was near its 1936 top. Advances in the rails likewise were small and some of them slid back late in the week on profit-taking. Chesapeake and Ohio featured on news the directors had ordered extra . dividends in cash and in stocks.

Business News Encouraging

Douglas Aircraft had a disappointing report in contrast with the trend of corporation earnings these days. The stock promptly broke. Yellow Truck declined Friday on a plan to change the capital setup to sidestep taxes on surplus. Business news continued to record new highs in many lines. Steel operations were near. their best since 1930. Automobile production

cedes a technical setback. When

the mercantile issues went into new |

United States | S904

MEDIUM, LIGHT

WEIGHT SWINE

DOWN 10 CENTS

Top for Hogs, $10.25; Cattle Market Weak; Sheep Steady.

Hogs were 10 cents lower on weights below 300 pounds, while weights from 300 to 400 pounds were ‘steady at the Indianapolis Union Stockyards today. Sows were mostly steady. Top for hogs was $10.25. Receipts totaled 6000, holdovers, 201.

cattle market,. and bidding was 25 cents lower on steers and slaughter she stock. Few sales on all classes were weak to 25 cents lower. Vealers were 50 cents lower. Cattle receipts were 900, calves, 500. With 1200 sheep on the market,. all classes were steady. The top hog price range was $9.95 to $10.25, paid for weights between 180 and 280 pounds; 280 to 300pounders ranged from $9.90 to $10.10; 300 to 325-pound hogs, $9.65 to $10: 325 to 400-pounders, $9.40 to $9.90. The lighter weights sold at a top of $9.85 to $10.05 for the 170 to 180-pound class; 160 to 170pound weights sold from $9.65 to $9.95; 155 to 160-pound weights, $9.40 to $9.85; 130 to 155-pounders, $8.65 to $9.65, and the 100 to 130pound class, $8.15 to $8.90.

Packing Sows, $8.50 to $9.50

Packing sows ranged mostly from $8.50 to $9.50, top $9.75. Choice yearling steers held above $050, and a few sales on better grade heifers ranged from $8.50 to $9.50. Beef cows sold from $4 to $4.75, cutter grades bringing $3 to $3.75. With vealers off 50 cents, the bulk of better grades brought $9.50 to $10. Ewe and wether lambs ranged from $8.50 to $9 on a steady market, a few selling for $9.25. The bulk of better grade fat ewes moved from $2.25 to $2.75; top $3.

Top. Receipts. $10. $000 10.40 5500 10.45 5500 10.35

7000 10.35 000 10.25

choice. $ 8.90@ 9.85 8.40@ 9.50

. [email protected] 9.00@ 9.90 [email protected] [email protected]

Lightweights— 160-180) Good and

: 10.00910.20 © [email protected] [email protected] 9.40@10,05

choice.

choice . choice. .

. CATTLE —Receipts, 900— * (550-900) Choice

[edium .. Common

—_ Snes .

883h3 Sunihbahbhoao

(900-1100)

Common Choice

Ero Sane

(1100-1300)

Robi baiaiiioon £09999

000-30 OUD ONINWD

(1300-1500)

— Now wo

(550-750)

Common, medium.. | and choice. . Common, medium .

agaky

eo58S Sees

» B00 000

Good Comomn and medium Low cutter and cutter Bulls, :

aos oom: «IO =Jag=3 Toa

09 web

5; g 883

(250-500) Good and choice. .$ 5.50 Common, medium. 4.50 er and Stocker Cattle (500-800) Good and choice..$ 5. Com. and medium 3. (800-1050) Good and chcice.. Com. and med. Heifers—

Good and choice Common and medium

oo Qe

a ta aoa 0 a3 88 ang

ate

but | Lambs—

Ewe 190-110) ! Com. and medium. 1.25 {Sheep and lamb quotations on clipped

Other Livestock

(By Times Special) LOUISVILLE, Oct. 12.—Cattle—Receipts, 2500. Liberal receipts cattle; largely medium and lower grade steers, yearlings and cows; very little done early on beef c : ew loads and lots best offered around p7@8; steady small lot of good steers, $9; generally. bid weak r on plain

ter and cutter cows, 400. eak

$2.50@

Vealers mo

tl the ¥

“Calves—Receipts, 5 M e bett

gin Saturday: cents higher than Fri 10 ‘ol best Soo'350 pe 3 “ite-108 ou, 's9.78: 145-175 Ibs., $8.60, 7.80; goo

to 90@10; T0- 0 tr Siig @ $9 down.

130 Calves,

Very little was done on the early |

to sorts; early cow sales barely steady; Bulk.” low cut y $2806

PARLEY SPEAKER

LOCAL BANKERS ARE TO SPEAK

Addresses Scheduled at Annual Convention in New York.

Two Indianapolis financiers, Fermor S. Cannon, Railroadmen’s Federal Savings and Loan Association president, and Fred T. Greene, president of the Federal Home Loan Bank, are scheduled to address the forty-fourth annual convention of the United States Building and Loan League in New York City this week, it was learned today. Both are to attend the special assembly of the Federal Home Loan Bank officers and directors, a divisional session of the convention meeting Wednesday. Mr. Cannon is to speak on the work of the Federal Savings and Loan Advisory Council, which was created 'by Congress last year to bring active savings and loan managers into closer contact with the Federal Home Loan Bank Board.

Appraisers Also to Meet

Mr. Greene is to speak on the important topic of making proper preparations for raising capital exclusive of stock purchase by the Federal Treasury. Mr. Cannon also is to serve as a member of the important resolutions committee of the convention. : Scheduled as one of the most important meetings in the history of co-operative banking and building and loan organizations, the convention expects, it was said, an attendance of 2000 home financiers from all parts of the country and is to be addressed by distinguished personages from outside of the business as well as by the leadership of the industry. i Emphasis upon such subjects as the liquidity of savings and loan institutions, social security, public supervision of these institutiomns, the work of the Federal Home Loan Banks which now are in their fourth year’s existence, the formulation of an adequate advertising budget and the future of American home ownership will be characteristic of the major program. ; The Society of Residential Appraisers, a special organization of the appraising fraternity, is to hold its meeting at the time of the United States Building and Loan League convention, and sessions are to be open to all delegates, according to the announcement by President George W. West, of Atlanta.

LOCAL FIRM LISTS

Times Special WASHINGTON, Oct. 12.—A $484 - 000 preferred and common stock issue: has been registered with the Securities and Exchange Commission by Pearson Co. Inc. Indianapolis. : The filing covers 12,000 shares of $25 par value, 5 per cent cumulative preferred and 184,000 shares of $1 par value common stock. Of the latter, 60,000 shares are reserved for conversion of the preferred and 124,000 shares are outstanding. Proceeds to the company from the Sule Ot ihe preferred will be used or onal wor capital,’ registration Y iin o he

COMPANY’S STOCK ASSETS SHOW GAIN

- | Times Special : -

NEW YORK, Oct. 12.—Net asset value of Carriers and General Corp. amounted to $11.28 a common share at the close of the business week ended Sept. 30, an increase of $2.75 a share over the net asset value of $8.53 on Dec. 31, 1935, company officials announced today. The balance sheet of the corpora-

ISSUES WITH SEC

TRADE OUTLOOK 1S 600D, SAYS

BUSINESS WEEK

Constructive Developpients

Give Rise to General Optimism.

Times Special - NEW YORK, Oct. 12.—Last week business developments, on the whole, were constructive, says Busie ness Week in the latest issue. Fore eign currencies held reasonably stable. Gestures foward reducing trade barriers were made, primarily to offset price-boosting effects of devaluation, but not without ade vantages to trade as well.

If stock market appraisals of the current situation have .any significance, all must be well, the magazine states. New highs not seen : since early 1931 were established early in the week. Steel mills now have the greatest, backlog of unfilled orders since 1929, and it isn’t speculative business, it was reported. Tin mills are oper= ating at 90 per cent of capacity, unable to do better for lack of raw steel. Even the farin implem-nt in< dustry is stepping up output. Railroads have been tipped of to a boost in rail prices to $40 by January, which should, it is believed, stimulate buying from this source during the balance of 1936. Freight traffic. barged over the 800,000-cars-a-week level in late September, thus getting back to the best totals since late 1930. This year’s earnings for the roads as a whole will be in the black to the tune of $120,000,000 or better for the first time since 1931, the maga= zine reports.

is the glass industry in which every major division has set new all-time peaks. The glass container branch is running 28 per cent ahead of 1929, largely due to the increasing demand for beer bottles, but also because other lines have shown une usual gains, according to Business Week. Plate glass gets most of its impetus from the motor industry, though: some support comes from industrial and building activity and modernization.

Oil Production Declines

‘Arrival of autumn is a frying time to the oil industry. Reduced motoring caused gasoline stocks to increase more than a million bare

rels. Crude cutput declined some what in early October, it was said. Corporations continue to pour out dividends freely, thus reducing tax penalties. In September, 135 extras were declared, against 64 las; year, while 124 increased dividends were announced, compared with only 44 a year ago. The number of extras posted was the largest this years, the number of increased rates was

half billion dollars more dividends than in the same period last year,

Retail Outlook Good 3

Cooler weather is giving retailers the break .they have been waiting for. Even September sale$' turned out better than had been expected early in the month. Variety chains reported substantial gains over last year. Retailers are placing nearly 8 per cent more orders for fall and Christmas goods than they did last year at this time. The furniture industry is enjoy ing one of its best years since 1929, Unfilled orders at the close of Aue gust stood 85 per cent ahead of a year ago, despite the fact that shipments were 38 per cent greater than - last year. Firm to slightly higher prices plus a better demand for higher quality goods also are gratifying to the industry whose profits have been meager or non-existent for years.

STEEL FIRM MAKES NEW BOOKING MARK

Times Speciol

awarded- the Allegheny Steel Co, during the eight-month period end=

soy Sompars ative period in the come y's ry, with September showing the largest single month aggregate on record, according to w J. McArdle, general sales mane Listed in September's orders was ene of 40 tons of stainless as sheets, strips and tubes for the Ruse. sian government, Mr. McArdle said, “The demand for magnetic and electrical steels has been showing a steady increase and is now the large est, since 1929,” he said.

NEW CHARGER DEVISED Times Special

charger has been perfected for use on auto trailers and trucks, Radio Retailing reports.

_ Money and Exchange TREASURY STATEMENT (By United Press)

N, and recel

Outstanding in recovery this year

PITTSBURGH, Oct. 12.—Orders

ed Sept. 30, totaled larger than in |