Indianapolis Times, Indianapolis, Marion County, 13 October 1936 — Page 16
rend
Franc Stabilization
PAGE 16
TUESDAY, OCTOBER 13, 1936
54 RANE |
812,365 and $1,526,972,
pues of $8,698,722 and a net operating income’ or $1 838, 02; for the ‘American Telephone ana Telegraph Co. for the month of August were the highest for the month since 1931. Last year’s figures were $7,-
Not Achieved, Flynn Says.
BY JOHN T. FLYNN—
This is the second of several articles in which John T. Flynn, noted authereconomist, will attempt to describe simply and clearly just what has happened as a result of the devaluation of the French frane and the tri-nation agreement about currencies and tariffs,
EW YORK, Oct. 13 ~The currency changes envisaged by the agreement between France, England and the United States have been partially carried out and partially revealed. France agreed to devalue the franc. This she has done.
The gold content of the franc was fixed in 1928 at 65.5 milligrams. The g 0 v er nment has now reduced this to a point which may vary between 43 and 49 milligrams. Thus, while devaluation has taken place, complete stabilizati on has not. But Mr. Flynn the range of fluctuation has has at least been limited. On the heels of this the President announces that he is going to ask Congress in January to continue his power to change the gold content of the dollar between 50 and 60 per cent of its old amount. If the nations, therefore, are planning stabilization this is, to Say the least, an odd way to do it. Before the agreement the gold content of the franc was fixed. Now it is at the mercy of a cabinet decree. What is the reason for this? One mere guess is that the President, M. Blum, and the British have decided to leave the mat-~ ter thus for the time being, permitting the pound, the franc and the dollar to settle to some neutral parity in exchange within the permitted fluctuation.
5 ” ” 2 HUS, perhaps, they hope to arrive at a final judgment on what the final parity will be. Then they hope, in an economic conference, to put an end to these fluctu,ations and establish definitely the gold content of all these monetary units. But for the time being all that has been accomplished has been to
- achieve an approximate stability of the franc and the dollar, leaving
4 the business world uncertain until
later developments as to what the final currencies’ value will be. Perhaps this is the wise course. But I can not help believing that it would be wiser if the matter were brought to a conclusion at once. . Within the permitted range the three nations have agreed to “avoid as far as possible any disturbance in international exchange resulting from the proposed readjustment.” This means they will co-opérate to protect each other’s currencies at the points decided on. To do this they “will use appropriate avail¢ble resources.” This means this government will employ its stabilization fund to protect the franc.
» ” » HIS is one phase of the agreement about which international monetary experts will feel some uneasiness. First of all, no’ man can tell what immense inroads on the stabilization fund may be made to stand behind the franc. This is, to say the least, a bold undertaking. Also legal authorities will question the right or propriety
of this government using its funds to peg the currency of a foreign country. I am sure we have nots heard the last of that.
We had one experience in this"
field, at least to some extent. After the war our Federal Reserve System collaborated with the British . to peg the pound at its old par. + To do this our Reserve System continued to lower our reserve ‘rediscount rate. We did enable the British to restore the pound sterling to its old par. In doing this we and the British nearly wrecked the British economy, since it is now admitted the restoration of the pound was a major folly. We also nearly wrecked our own economy, since the lowering of our bank rediscount rate produced the flood of cheap money which set the crazy stock market boom of the ‘twenties in motion. For doing this a Republican administration was bit= terly denounced by the Democrats. Now the Democrats enter into a plan to use our cash resources to
(Copyright. 1936, NEA Service, Inc.) teem ire
Fruits and Vegetables
(Quotations below, sub Br ran wholesal Je ek oa
@es—MexiPrine, i
lifornia acer »C. 'C.
Colorado - Pink vine-
Seatty
COUNTY GIVEN 60 MILLION BY U,S., NEG SAYS
Three-Year Total Figures Announced by State Director.
stn isin
Marion County has been aided to the extent of $60,978,980 by activities of various governmental agencies during the last three years, Clarence Manion, state director of the National Emergency Council, has announced. Mr. Manion said that of this amount, approximately $38,046,758 eventually is to be repaid the government. The total does not include $2,793,185 lent through private institutions after: repayment had been guaranteed by the Federal Housing Administration, approximately $8,000,000 lent to 13,000 Hoosier farmers by 10 production credit associations of the state and approximately $500,000 lent 5000 Indiana farmers by the emergency crop and feed loan division, Mr. Manion said. The Home Owners Loan Corp. aided 48,830 distressed Indiana home owners, and the Marion County agency closed 9211 loans amounting tu $23,096,932, he declared.
237 Loans in Marion County
The Federal Lank Bank and the land bank commissioners closed 29,920 loans totaling $68,336,600 in the state and 237 loans amounting to $576,600 in the county, according to the director. The Reconstruction Finance Corp. disbursed a total of $9,307,712. The Civilian Conservation Corps, operating 42 camps’ in Indiana, expended $22,123,585 from April, 1933, through June 30, 1936, he said. The old Civil Works Administration spent $3,203,975 and its successor, the Federal Emergency Relief Administration, expended $8,958,063 in the county, according to Mr. Manion. Disbursements of the Works Progress Administration, w hi ¢c h succeeded the FERA, totaled $7,231,821 at the end of the fiscal year, June 30. Total estimated cost of Public W or k 8 Administration projects in the county is $6, 694, 176, Mr. Manion said.
Chicago Stocks
(By Atkins, Hamill & Gates) Prev. ose Adams Manufacturing 4 19 Allied Produc 231s Associate investors’ : Bastian Blessing . Berghoff . Butler Brothers Central Illinois Pub. Service.. Cities Service Commonwealth Edison Cord Cor Consolidated Biscuit Dixie Vortex Economical “pris Electrical Household General Household Godchaux_ Sugar “A” Great Lakes
n d Tu wo Lincoln, Printing" LR Marshall Field McCord Radiator McGraw Electric Mid-West Corp Preferred Nachman SpHIg Filled Northwest Ban Public Service North m NP. Signode S 1 Schwitser-Gummisg’ . 23 Sundstrand 24% Utah Products ...vs:........ 7 3% Zenith ; ve 39
New York Curb
(By Atkins, Hamill & Gates)
Fore Bower Roller. "Bearing Cooper Bessemer ... Creole Pete Cor
de: pe: a1 Vitamin Lion Oil
Ning ara Hudson Power .. Nac man Spring Filled .... Mueller Brass cesses 48 Pan-American Airways sesnese BS Pennroad Corp vis Pierce Governor ROOt Petroleum FT
vay, 7 3 sata astiare Sesdunes 26% ilo Roofing ....... anne 133% Twin Coach . 16%
Investment Trusts (By Thomas D. Sheerin & Co.)
etssiantanne
PE ais tt 00 ps ‘9 os en Ppp’ 1! o@SER Barman
SED dag
‘Produce Markets
rices quoted are paid f for
’ stock BE red in the country. Bf BL for Seliv.
sh Eh
case of eggs must s. No. us
8 : Et py al al on a
Efe a Fad ull eathered oary breed.
3, tier—Creamery. Ro. 1 at, 29¢. nig No
5 | Lorillar PRITD. Morris .
The Wall Flower!—By Talburt
New York Stock Exchange Prices
(By Thomson & McKinnon)
High Low Close Oils— Amerada 102%a Atl Rig 287 28% 19% 14%, 35
102 2
Pet Corp Phillips Pet Piymouth Oil Pure Oil Seaboard Oil ...
Corp Tidewater Assn . Un Oil of Cal ..
Steels— Am Roll Mills .. Beth Stee
23% . 32% 15%
Inland Steel .... Ludlum Steel ...
teel U 8 Steel pfd . i Warren Bros: .. warren : & Fdy Et 5, T .
obey sler .. ]
Gen Motors Gen Motors pid 120 Graham Mot ... 2% Hudson 185%
Hup Mae
Reo Studebaker Yellow, Truck
Motor Access—
Borg Warner ...
Mig Elec i ®rite. .e Elec Stor Bat... 4 Greyhound “Bi. Houdaille Murray Body Stewart Wainer. Timken Roll ... Timken Det Axle
Mining— Alaska Jun ,....
Vanadium Amusement{s—— Crosley Radio ..
weet an
4 | Fox Theat Lo In
Reynolds T Rails—
Atchison ay Coast Lines.
8 (B) 51%
+ 82% 43% 26%
28% hie Ya fenigh Valley .. . 20% Nash 00
Sou R Union Pac 140% West Maryland.. 10% Equipments—
rev. Close
101%
goa252.0% Fede de
lb 5
S43 Fa
: oes
Stone & oy auster 19% 19%, United Ci 7% 3% - Un G wg 16 15% Ut Pwr & “a 4% Western Union.. 89% 89%
Rupbers—
Pirestone ...... - 39% 29'2 25
US Rubber pid. 9 Miscellaneous— Allis Chalmers 5
Brklyn Man Tr. Burroughs Add... JI Case Cont 2% Saterpillar ach 84Y, Crown Cork 83% Curtis Pub Deere & Co ... Foster Wheeler..
essen
Inter ary. .-.. Natl Cash Reg. . Owens Bottle ... Rem Rand Underwood E .
36 Cuban Am Sugar 1 Gen Baking ... Gen Foods ... Gold Dust .
Ward Bak (B). Retail Stores—
Allied Stores .... gssd Dry ods
Marshall Field. . ay Dept St . Mont ard .... Ee iwiviae 3 Sears Roebuck .. Woolworth Aviation— Aviation Corp .. Boeing Aircft .. Curtiss Wright. - Curtiss Wr “A”. 1
Corp ... 21% or "Airett "New: 25% Chemicals—. F Allied Chem Am Com Alestiol 2S0u, Col Carbon .128°} Com Solvents os 17% Du Pi
c em Zonite: Prod .... Financial— 2 Adams Exp eee 14% Alleghen Corp. 434 Am nt € Corp... 13
-Gen Asphalt ... Ye
1 £% | Chicago a Station 31s '55... 1049
% | National Liberty
Local Securities
% (By Indianapolis Bond and Share Corp.)
sent actual bi
roximate Shar Jad selling Jager
rt 4s 1 Bei ftw wm .104 6s 043... 108
The cual” bids ‘or oferings do not repra-
or offerings but merely
Atked
if hie 105
1 or | Clearings eriariiaviissanesee sine $8,387,000
Che'sa Corp .... 95% Comm Credit .. 70% Comm Inv Trust 83% Lehman Corp ..111 Transamerica... 143% Tr Contl Corp.. 10%
Building— Am Radiator ..
231% 25% Holland. Furnace 40% Int Cement Johns Owens Gi -121
‘US Gein ++ 102%
Household— Col Pal Peet ... Po Congoleum ..... Relvinator Proc & Gamble. Servel I
Sion ®Bed oe Textiles— : Amer Woolen .. Belding Hem ... Celanese Corp .. Collins Aikman.. . Indus Rayon ... 31% In
1039 17% 37
20% 47% 28% 43%
20% 47% 28% 43% 8% 7% 8Y, 141, 14% : 26s 623% 37%
New Bond Issues
(By Lyons & Co.) Bid Asked Ia Stores Sis, Ly eavneees 100
Cleveland Tractor 5s ’45 Columbia Railways 4s ee ‘Com Inyest Tr 3%s ’51 104% 104% Conn River Pr D & L 3%s "61. 100% 107 Consolidated Oil 3%s ’51.....100% Cudahy Pkg 3% o 102% Cudahy Pkg 3'as 0334 Edison Illum a 3%as '68. 10Tve Gen Motors Acc Corp 3s ’46:.102% Gen Motors Acc Corp. 3 3%s ’51.1033% Indianapolis Water ’86...102% owa South Li] 3 ’66... +185
N S 45’ . % Pacific HE pire "45. .... ..108%; Lite Wks 81. "133%
106 H 3% ’66. aves, 2.108% Lites 4108 v..0... Dies 0 G & E 4s Bother Cal Gas 4s ’65..... Southern Kraft 4l%s '46...... Union Pacific 3s '70 99% 997% Wisconsin Gas & E 3.8 ’66..104% - 104%
106% 3
2 Wisconsin Pub Serv 4s '6l...104% 103% Me
Unlisted Stocks (By Blyth & Co.) NEW YORK BOC
8 Trust ...veiviciinee. 70 Gentral Hanover ii | g (
Asked. 136% 51% 8 387
Banker
Home Insurance ...... Hanover Pire
“eessssee . esrecssvesnses
sesesensessscsss
North River .a Phoenix sesssssseesens Westchester Fire ....cceccve.. US PH
re Setrecescecescscsanaa
Money and Exchange
INDIANAPOLIS STATEMENT
Str seelesscrsrassssr acne
TREASURY STATEMENT (By United Press)
PR sad spn Ter een: fiscal Rat to Oct, 10," as compared wah. a year
Me LISRIWeIRINS 1 (160-180)
La
i 4514 on and medium .
26 | July +...ones
i May Er
PORKERS DROP
LOCAL MARKET
Opening; Vealers, Lambs Up.
Hogs closed 10 cents lower on all
Indianapolis Union Stock Yards. The market opened steady but was off at the close, Packing sows were steady to weak.
pounders were $9.80 to $10.10; in the 300 to 325-pound class the priee ranged from $9.55 to $10; weights ‘of 325 to 400 pounds were $9.30 to $9.90, In the lighter weights those of 170 to 180 pounds sold for $9.75 io $10.05; the 160 to 170-pound class, $0.55 to $9.95; the 155 to 160-pound-ers, $9.30 to $5.85; the 130 to. 155pound class, $8.55 to $0.65 and. the 100 to 130-pound class, $8.05 to $8.90. Sows mostly $8.50 to $9.50, top $9.75. Steers Active and Steady
Better grade steers below 1200 pounds were fairly ‘active and steady. The weightier kinds were dull with indications of being weak to 25 cents lower. Good and choice heifers were fully steady with others unevenly lower. Cows held steady at yesterday's decline. Strictly choice 1100-pound steers brought $10.25 and yearlings $10, with some held higher. Early bulk of better ay steers and yearlings were $9 ‘The heifer top was $9.50 and beef cows $4 to $4.75 with the cutter
| grades bringing $3 to $3.75. Vealers | were-steady to 50 cents higher. The "bulk of the better grades were $9.50
to $10.50. Receipts of cattle totaled 3000, calves, 900. Lambs were strong to 25 cents ‘higher with the bulk of better grades bringing $8.50 to $9. Top price ‘was $9.25. Cutter sheep were steady an wp choice light ewes
ohn $10.40 10.45 10.35 10.35
Receints 5500
5500 7000 10. 13@10. 35 1000 12 [email protected] -10.25 6000 13. 9. 8810 25 10.25 7000 Light Ligh
(140- 160) Good and choice. 3 8 80@ 9.85 ium 8.30@ 9.50
Good and choice. (180-200) Go Medium welghtr 0 and ‘choice. and choice.
and choice. -and ce..
[email protected] 0@ 9.5
) Good o Tl "(100 ¥: and choice.
—Receipts, 3000— 1 550-900) Choice ..$
99999 S.
ame 333
: Ci (900-1100)
ood .. Medium .cee.ise0ee Common .ccc.osees (1100-1300) Choice ....... vos
-
.
ga3shnann 9 09399959
(1300-1500) A
0900 ~100 20 tN ~J00 ©
(550-750) Choice ..... Good. Common, "medium. Good and choice. . Common, medium.
ND ND 0oS
Dada ag
ne 9. O39
FAS 50-00 Nowa C=)
Good -e Common and medium . Low cutter and cutter . Bulls, gi : Cutter, com.’ and med. bulk...
Vealers
i —Receipts, 900— Good and choice um
823: EH
:
7 ®meS 38 883
.
83 83 8 @9
(250-500) Sood and choice. .$ 5. mmon, medium. 4. Voorn and Stocker Cattle (500-800) Good and choice..$ and medium. - (800-1050) Good and” choice.. om. and medium. Heifers—
Good and choi Common and medium chicas
Cows
any
‘Oa aac. DO own aS S383
Zk 2322
hon aso S 83 8998
SHEEP AND LAMBS —Receipts, 3500— : S0@ 9.28 15@ 8.70 78 25
80-170) Good and choice . 3 20 3
3.00 and medium. 2.25 basis) snd TD Auciations on clipped is.)
Chlégio Grain Fulutes
(By James E. Bennett & Co.).
Prev.
: 11 » Hn. Low AM close
»
95% 20% S0%.. 90% - 86% 86 86%
A% A% 1% WV. AY. 43%. W% Wh 30%
Er Bw Bi" a» Be oR 1
May ...c.ee0 July esesssse Rye— Dec. PETAR May <......o
Soy Beans— Dre. sreeeses LL 1.26 1.26 1.28% 1.28%
Prices Off After Steady|
weights than yesterday's -average with receipts of 7000 today at the |
Those weighing 180 to 280 ranged: | from $0.85 to $10.25; ‘280 to 300}
-heiferettes, $5.50 oi
: slaugh 1.18%, 18% “ies th
New a Books Available at Library
The following new business books now are available at the business branch of the Indianapolis Public Library. ADVERTISING AND SELLING IN-
DUSTRIAL GOO by V. D. - “Indust: adv the adTal and services Sther
of ‘than abo w are p
urchased ae producers 0 at SHEE opts services. H. L. Luts
ces. HOW TO ILLUSTRATE FOR MONEY, by Sid deman—‘The importance of a lusiration is An oe ‘magof he 2 bo! of the mi e and of the story or article Hostrated ACCOUNTING SYSTEMS: THEIR DESIGN 223 INSTALLATION, by William R. Thompson—‘‘The demand better nistrative control which dominates pusiness thinki today has supplied the jmpetus more complete JAssounting an tistical control.”
PLAN EVOLVED, SWOPE CLAIMS
G. E. President Disclaims Authorship of WageLeveling Method.
for ; sta-
Times Special NEW YORK, Oct. 13 ~—~Gerard
Swope, president of the General Electric Co., disclaims the authorship of the plan he announced last week whereby, effective Oct. 1, approximately 40,000 of the company’s workers will 4 have their wages adjusted automatically to any increase in the cost of living.
“It just evolved,” he says of this unique method of wage leveling. Sitting in his office high up in the General Electric Building at 570 Lexington-av, Mr. Swope discusses the program not with an air of corporate munificence, but rather with ihe inference that it was a function of the management to allay concern on the part of employes as to the rising cost of living.
Consumption by Mass “Industry exists, basically,” Mr. Swope says, for serving the needs of the people, and, therefore, production and consumption must he co-ordinated. Consumption is by
few, and the great mass of the population is made up of wage-earners
3 and their dependents.
“That they may be able to buy
20 | and satisfy their needs they must
have not only adequate incomes but
33 |must be sufficiently assured of the [future to feel that they are safe in’
spending their money. The psychology of fear must be removed.”
Other Livestock
(By United Press) Oct, 13. — Hogs—Recel ie.
CHI 17,000; including 3000 directs; mar
1 mostly 5@10c lower than Jaohaays aver-
age;. sows, steady; to 310.38. bulk - good and choice, 190-280 1hs., $1010.30; ‘most 140-160 1bs., [email protected]; light and [email protected]; few, $9. Satie Receipts , 9000. Calves— ipts, tter grade fed steers and yearlings, weak to 25c lower; only a few outstanding loads selling steady.on early round at $10.25 @10.35° strong yearlings above: $10.35, but rank and file and choice offerings of value to upwards, unsold with most bids 15@ 25c lower; wei ey steers, 25c. Alin common and m grades, weak; all she
| stock about ay with cutter cows. ir
m, and beef cows Slow: bulls fully steady and vealers, 25@50 Dighes at 10.50; stocker slow, Steaty beefy. western feed$8; bulk crop, 6.50. eceipts, 200 fat pa active, 25¢ higher: sheep steady. feeding Sembe little changed; good to choice natives mostly. $9 down: numerous lots held around $9.25 four cars choice Utahs, 33 35; per- cent; native ewes, westerns, $3.25; feeding mostly; choice blak fades scarce. FORT WAYNE. "oa steady; 225-250 We oT 15; -22 1s. $10.05; 2 “1bs., $9.85
0 roughs, 313 "35: stags, $6.75. Calves, $10.50.
Lambs,
LAFAYETTE, Oct. — Hogs — Market steady: Ss. be. 3 JHials. id 275-325 1bs., [email protected] 170- -190 1bs., 9.5 9.50; 130- 150 1s. d 1bs,, $7.75@8. Regn: Ss, > down. Calves, $9 down. us, $8.25 di
(By Times es
LOUISVILLE, Oct. 13.—Cattle—Receipts 400; trade on light JSupply. slow, Ee with Mond decline; recei far e ¥ mixed; lots By a part loads steers eifers to sell downward from $7; Slearance more complete ‘Monday than indicated late; some late sales, however, unevenly lower all ALi most fat cows downward from $4. 2 hea d to $5, with and il 32. S0d350; shell 1 euSters Hg ree i on sive market on su : sally: oe top, sh: supply}
direct: Receipts "10c lower Thee 3, 90 for best.
yealers’ a calves’ Scarce, 154
‘onday; -250 Bi 180-195 1bs., 1bs. and up, 50; 120-140 1bs.,
400, early .sales all amet ghieady
es heep, AE y. $5 Rtweights" and FL
.50 Rotors, ‘M day Cattle 399; hogs, , Soa. Monday: 260; sheep,
$7. 0" 790.”
. calves,
the mass of the population, not the |
Shipments i= Hogs, :
1336 EARNINGS
OF RAILROADS BEST SINE 1930
Estimates Place Net After Charges at 100 to 125 Million.
BY VINCENT LYONS Times Special Writer
NEW YORK, Oct. 13.—Net income of all Class 1 railroads this year will approximate $112,000,000, the best figure since 1930 and the first in a half-dozen years that fixed charges have been fully earned, according to an average of estimates which were prepared today by lead=ing railroad authorities. Individual forecasts at the probable net after all charges run from $100,000,000 to
|$125,000,000, with more falling be-
low the lower figure. Instrumental in bringing about this result is the fact that general business, rushing to get its goods to market for. the purpose of meeting the accelerated consumer demand, called upon the carriers to handle 26,182,000 cars of revenue freight in the first three quarters of the year and will need an estimated 9,219, 000 cars additional for the remain ing three months, or approximately 10 per cent more than in the same period last year. Thus, freight traffic already handled, plus the calculated aggregate for the fourth quarter will put the . 1936 grand total of loading at 35, 401,000, an#increase of 12 per cent over 1935 and the best year since 1930.
Lower Expenses Seen
Those authorities whose estimates of 1936 net hover around the $125,000,000 mark base their optimism on the expectation that many roads which made substantial maintenance charges in the first six months of the year will pare such expenditures in the few remaining months, thereby bolstering net in« come. Those subscribing to the lower figure assert that while the anticipated expansion in car loadings during the final quarter will put gross revenues well ahead of the same 1935 period, net income will be prevented froth showing a relative gain because of higher taxes and: increased operating costs.
Third Quarter Best
In the first. three quarterly periods this year the gains in gross and net were impressive simply because the same term last year proved to be a poor one for the railroads. The 1935 - recovery in traffic and revenues did not get under way until the final quarter and, as a ‘consequence, the results for October, November and Decem‘ber when contrasted with the same period a year ago will hot be as bright as the first nine months’ showing. Ordinarily, the fourth quarter is the best period of the year for. the railroads from the point of both loadings and revenues. - This year, however, signs indicate that this tradition will be upset in favor of the third quarter, when an unseasonal spurt in many lines of busie ness was witnessed.
LOANS | HOMES
YEARS TO PAY.
‘No Fees, No Commissions
Buy value increasing real estate. BUILD AN EQUITY in a home and pay rent to yourself,
ATKINS
SAVING & LOAN ASSN, 159 E. MARKET ST.