Indianapolis Times, Indianapolis, Marion County, 31 October 1936 — Page 12

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. 3

{ power.

“Is Steel Business Regimented?’ Asks Flynn.

o Abreast

PAGE 12

SATURDAY, OCTOBER 31, 1986

Gold im ended Oct. 28 from $53,574,

ports dropped to $5,118,967 for the.

685 the preceding

the Department of Commerce announced today. Sill imports totaled $15,726,045 for the same period age $1,028,774 for the week ended Oct. 16.

BY JOHN T. FIX

"EW YORK, Oct. 31. —Every day J business men hurl new adjec- _ tives at the Administration because - of the crime of attempting to regiment business. One gets the impression from this that business . men do not want to be regimented

—subject to rules and regulations 88 to how they will do business. Yet that is not true. And all we

~ have to do is to look at some ex-.

- amples of business regimentations ' to realize that it is not true. Take, for instance, the steel industry. The steel industry has an organization called the American Iron and Steel Institute. When the NRA got under way the steel men went to Washington with their Sous. [t was eir 2 Mr. Flynn Idea. It was also their idea that the American . Tron and Steel Institute should be the ruler of the industry—legislative, executive and judicial.

n » =

HE Institute is made up entirely of steel men—officials “of the United States Steel Corp,

{ Bethlehem Steel Corp, Republic Steel and various others. The Institute had 1140 individual members. Of these the United States

{| Steel Corp. officials alone numbered 275. Bethlehem had 103. About eight great steel companies had a working majority. At its request the Steel Institute had vast powers over the industry. And its directors sat as a regimenting authority of the most amazing Week after week it issued ! orders in council telling members of the steel industry what they could do and could not do. * _ In a single week one reads Order No. 20 defining a wire jobber { and who might get the benefits of being a wire jobber. Order No. 35 telling the steel shipper the price at which he might bill a

CHICAGO WHEAT GAINS AS BUYING TREND BROADENS

Session Follows Lead of Foreign Markets in Larger Trading.

By United Press CHICAGO, Oct. 31.—Wheat futures worked up for net gains of fractions on the Chicago Board of Trade today, following the lead of foreign markets. The volume of trading was a little larger today, speculators taking a more active interest in the market, particularly on the buying side. At the close wheat was % fo 5% cent a bushel higher, corn was 3 to 7% cent higher, and oats were unchanged to 3% cent higher. Prices were up slightly in the opening transactions, reflecting an advance at Liverpool but the .local market reacted later in response to a sell-off at Winnipeg. The market rallied again in the final hour, however, as shorts evened up their commitments for the week-end. News reports from the Southern

Hemisphere were Jess bearish than |

they had been earlier in the week. Further heavy rains were reported in Argentina and it is believed that harvesting of the new crop will be delayed. Corn prices ruled firm, the December delivery showing net gains of about a4 cent a bushel. Wet weather over the greater part of the corn belt induced a moderate amount of buying. Other cereals were steady to firm with soy beans showing fair gains.

CHICAGO GRAIN (By United Press)

Close.

1.14%, 1.12% 89%

94% 90% 867%

Business Sees Dark Clouds Ahcad—By Herblock

x AND == gov!

= AREN'T

THEY BEAUTIFUL!

Times Special

DOLLAR BUYING

| POWER IN 1936 GREATER, CLAIM...

Increases 9 Cents Over

September Year Ago, Survey Shows.

costs, according to a study made by Investors Syndicate. Based on how much people get and how much they spend, the study revealed that each $1, held

by the average citizen, was worth

$1.12, However, the report continued, living necessities and comforts which cost only $1 in September, 1935, increased to $1.03 in 1936.

Shared by All Classes The higher income was shared by investors, wage earners and salaried

workers, Investors Syndicate found. The investors, as a result of higher

corporate profits and the coming |a

tax on undistributed surplus, during September received $1.15 for every $1 they got in the same month of

last year. The wage earner in Sep-jAtch T.

tember, 1936, was paid $1.12 for every $1 he received in the same month a year earlier. The salaried worker last month got $1.08 for every $1 he received in September, 1935. The cash outgo of the average citizen, however, was higher by 3 cents on the dollar than it was in September a year ago. Foods which

cost $1 in September, 1935, cost |S

$1.06 last month. The landlord in September’ had to be paid $1.03 for living accommodations that cost only $1 a year dgo, the report continued. Miscellaneous living expenses, such as movies, drugs, shaves and manicures, cost $1.01 this Septem-

N.Y. Bonds

Oct. 31.— The! average American in September was | 3 better off by 9 cents on the dollar |3 than he was the same month a year | 3 ago, despite the rise in most living | 3

‘ DAILY BOND INDEX (1926 Average Equals 100) ul. Bon

send

a 0 «a

1 1038 10W ...cvvvinn 84.1 (Copyright, 1936, by Sta by Standard Statistics)

vu. 8 GOVERNMENT BONDS {By Abbott, Proctor & Paine) Treasurys

Home Owners Lean Corp. 9 . 101.21 103.8 Federal Farm Mortgage Corp. 1042-47 ..

101.20 103.6

104.5

DOMESTIC TODAY'S BOND LEADERS

Amer Roll Mills 44%s *45.. x. Chi *59

Hy Hydro ect 6s ent Cr 135%

“reese

Noni 3l28 '51 .. esse

al Close. eg ‘Corp 55 '44.......0.0....100! Alleg Gop bs 5s '49 csses 08 Am Tela Tol Shee 4a... 101 ads Alm Tel &3 e % . 113, Arm & Co Bey Atl Coast Line 4s Atl Coast Line thas Am Rone Mi oe . Balt & ot di & Ohio 4

++ 110% 929

“reassess

Can Pac Be 48.40 s000000iee 96 Cent Pac 5s ’60 ...

Grt Northern “G’ 4s "46 . Grt Northern “H” ® '46.. vee..108 Grt Northern 4%s ' 105 Gen Stl Cast WW 5vs Hud & Manhat es 58 57 Ill Cent 4%s ’68.......

92 ve 82V4 82%’

bonds were quiet and the short session today with | moving cautiously in advance of election.

| STOCK SESS

Prices Uneven as

Unsettles Some of . the Rails,

By United Press

NEW YORK, Oct. 31. stocks ana

Stocks started moderately active

with prices mixed in a range. Then selling some of the rails which in settled other sections. T reasoned that the peak of car ings had been passed and st them switched their holdin carriers into other sections.

For a time they bought

and sent the utility average new high ground since 1933. Consolidated , Edison and American . i Water Works equaled their igt 65 ‘44 American Telephone sold at its 1938 high in the communications which were firm most of the session. .

Steels Depressed ’ Steel shares were depressed’ “frace tionally by profit-taking. Mercan« tile issues met support on dips and were higher near the “Oils also presented a firm tone. were strong with the lows issues active. Farm shares moved higher with International Harvester and the mail order issues also were in de= mand. Amusements were mi ly active at small advances “Hlece trical equipments firmed. 3 rubbers. Amerada was up 2 in and fractional advances were noted in Standard of New Jersey and seve eral others of the oils. Steel news was mixed: 1 Youngstown area was scheduled to start the new week at a decline of 3 points, but the dip was only: teme porary, according to the steel men, Pittsburgh, . which produces eon« siderable heavy steel, is scheduled

New York Stock Exchange Prices

360 shares . Prev. Prev, 733, ’ High Low Close High. Low. Close. Close. 34

Elec Pwr & Lit.. 16% EN T% 1% int Hydro Eiec.. 4% . 19% 1972 19% Int T 8 8 Lou G & 18 16% North 3 937 Jorn a1 + Western Union.. 93% 78

Peoples Gas .... 55% Rubbers—

carload of steel where its final des- ] } 40% 41 tination is unknown. Order No. 40% 41% 37 fixing the prices at which steel -38%b products might be quoted which 7% Sales totaled pie shipped by eeean and rail com- | yy 81% 30% 81%b 80% | against 619,582 shares last Saturday. : a 8 =» Curb sales were 261,000 shares, ads HUS the stream of orders regi- 19% against 190,000 last Saturday. } 2 menting the industry flowed Dow-Jones preliminary closing = " from the Institute, whose members averages: 30 industrials, 177.19' up Pub Sery NJ 1 das Bl Ys | ree rire, 20% now denounce “regimentation” as 1130 04; 20 railroads, 58.66 off .26; 30 |So Cal Edison: .e 32 : drich ee 204 28% utilities, 36.08 up .05 and a new high rr Rubber no 3%

the betrayal of the American sys- : L 1.32 “ 1143 since 1933, and 70 stocks 65.29 off Chicago Stocks U 8 Rubber pid. 94% 94%

| 1 IN ACTIVE MARKET “A tem. asked: g bid n—normal. Miscellaneous— 05. 673% 67s 67% 67% (By Atkins, Hamill & Gates) 124%,

If a steel man makes a check in CHICAGO PRIMARY RECEIPTS Allis Chalmers. . 23 Su The hog market was active today payment of a shipment, what day Prev. |. 22 22 22 | at the Indianapolis Union Stock- _ shall he enter it in his books as 518,000 dans Alum Close, Close: 2 yards and prices held steady with : & payment? The Institute would $70,000 387.000 OL Bastian Blessing Ln D1 16% yesterday's advances. The 180 fo ¢ tell him. Order No. 31 says it may SOLES Oi | Atl Reg % 3h 3 Berghoft . 3 13% 12% 300° poi eighis sol for $9.55 to 397 Bara Publly 6s 'S5, ~ be entered as a payment on the Butler Brother = 353% to 4 Sonn Sasser; 49.3 g Eso Sb das 8 53

Ill Cent Jt A s 63 1 Ill Cent 5s '83 924% - Interboro Rapid TIant = "86. . 97% Interntl Hy. let Fa 68 Interntl Tel & Tel 5s a Interntl Tel & Tol 4129 ’52.... Jahioh Valley 4 2003 ....00000 n Tex Adj 5s "67. IE

for a small increase. Corporation reports showing good gains over a year ago cone tinued to appear. os

oF PAY

INDIANAPOLIS STATEMENT Slaarings sevrnsian Nickel Plate 4'%s ’78.,,cc000s. Ya its Nickel hae 5128 ’14 cieveiess Crear Y Cent 5s 2013 -.100 Debits for week Lesssssaasane N Y Cent alhs 2013 (old) © . Olearin is" for month. N Y Cent Conv 6s ‘44 .... Debits fof month ...... crineanad Nor Amer Co 5s '61... 3 Nor Pac 3s 2047 .... Nor Pac 6s 2047 Nor States Pow 5s ’41 New Orleans Term 4s ’55. Otis Steel 6s ’'41 Penn Ry 4s '63 Penn Ry 44s ’'84 .. Penn Ry 4%s ’'81 ... Penn Ry 3%s 70 a cG & 42

ber against only $1 in the same period last year. Clothing, however, cost less than a year ago, for 99 cents would buy apparel that cost $1 September a year ago.

PORK PRICES STEADY

d Gas 1% Stone ® Websier 190 United Corp ... iA

. 28Y, 29 U 4 12% 13% £ Sr 41

10% 12% Ut Pwr & Lit % . 34 94%

4% 93%

ceerersiinsnced serevsvsane 0

evecare ly!

1.221% 1.23%

30% gn

36% 94%:

31%, 25% 26% 37 94%,

11.50

11.48 TREASURY STATEMENT

(By: United Prong} i

WASHINGTON, Oct. op Line +o Government

ex enses nd receipts oun as compa we .

year to Oct. 2 Soar ago: °° Expenses..$ 2.213 842 463.48 nits 87 Receipts. . og 332, 830. 925.88 x Defici 557.58 i B i 3; | Cas ash bal. 1,752. 990 181.37 1,4; 600 Pub. debt. 33,839,561,034. 28 28 20,419,40 Gold res.. 11,031, 1380.1 104.2 B65 Customs. . "139, 1859, 945.30

(By Thomson & McKinnon)

| Today. shel Week 00 " High. Low. Close.

Rand ‘WW 41;

r © the Institute directors.

3 freight against the road under the

date the check is mailed. If a steel man makes an agency agreement he must submit it to Order No.

39 said so.

}./ ¥ to Dpose a steel man sells steel

a railroad. Shall he charge the

¢ basing point system? No. He need not. Order No. 29 gives him . permission to omit it. And so on endlessly, week after week. What t is a jobber? The Institute defines * it. If you do not fit the definition i you are out of business. And the

= definitions were made to put the

bu. 5c. Bouash, Acorn, Shu. Sl

smaller jobbers out of business. If this is not regimentation, what & is it? And in whose interest? And when you hear the men who did all this crying out against regimen- . tation, what do you think of it? (Copyright, 1936, NEA Service, Inc.)

Fruits and Vegetables

(Quotations below, subject to change,

Sre averagh wholesale prices being offered

JER BE elogat goutiistion deslers.)

ars Qragun Bosc, 100s, box, Florida Avocados, 12s-

n D'Anjou Ho i Ar

1 Indi

No : inia Jonathans, : #2. yg oes. re Sunkist)

Lemons,

432s, $5.50, Limes—Mexican,

garton 12s, 302: Persian seedless, 34s-1135. $2. rds,

apes, Michigan Conco i) Basket. oc 0.” Granberri crat an! an eg Ind.,

~~ 80c;: Hon pews Ie es. 33 12s i foc? Honey D Cal

ABLES--ArtiChokes. California, ys Beans.

d stringless, 20c.

e . Jersevs “ um, 5. 45¢c. Spinach, H. G. broadleaf, bu, 80c. T

Watercress, doz. 75¢c. Tomahome grown, 3 bu. basket, 85¢; bu.

(By Unived Press) Oct. 31 —Apples—Michigan Melntosh, por IE wai. of, Carrots Portoricans, ITO silinots, bunches, 1'2@2'2c. Spin

bu., 40 [email protected]. Caulifiower—Oregon, SH Peas—California, Michigan

3 No Soy

Em a 5 pee. Early

1-pin

Wheat—Market Stead ; receipts, - Jaq; No. 2 3. 4 2 8 si 915;

No, mixed, 86; aT No. 5 B8las; 821 i. @85 ie. Gude steady; Jpont ts, 8 carloads; xo. 2 white, 40@41c; white, 393, @40c

CHICAGO CASH GRAIN (By United Press) CHICAGO, Oct. 31.—Wheat—No sales, Corn—TIllinois Plobartional, . xed, 95¢c; No. 5 mixed, 95¢c; No. 2 Ysllow, a 06; No. 3 Jelew, $1.03; No. 4 yellow, 97%: @ 98¢c; old No. 4 yellow, $1.073; No. i yellow, 9415@96¢c; old No. 5 yellow, $1.05; No. 4 98 @9Y%c; No. 5 white, 98% @ sample, Oats—No. 44c; No.

1, malting, Timoth sieed_Old crop, $5.50@5. beans—No. 2 ellow. No. 3 yellow, [email protected]%; No. “i Siow. .20. ash provisions—Lard, $11.58 bid; Jose, S10. 87; leaf, $10 nominal; bellies, $14.95 b

LOCAL CASH | MARKET

City grain elevators are paying $1.07 for No. 1 red wheat. Other grades on their merits. Cash corn new No. 3 yellow, 94c; oats, 36c. Hay—No. 1 timothy, [email protected];

No. 1 clover, [email protected]; No. 1 al-|Y

falfa, first cutting, [email protected]; sec- Studebaker

ond cutting [email protected].

| Local Securities

lis Bond and Share Corp.) The following quotations do not Tepresent actual bids or offer indicate the approximate market based on buying and recent transacit ions BONDS

3 Ind Tel (TH) 42s Ne Tel Pt W 8iss

y Indiana

level selling inquiries or

Bid.

Asked. '61....103 104%

Muncie Water Works Noblesville H L Ohio Tel Serv 6s ’ —aipe Richmond W W 5s '57.. Seymour Water a5, Fig 0. H Trac & L 5 os -e

¢ Terminal Co 5s Inds Water Co 3's 66

ST0CHS ABC Brewin, Co So Beit Railroa st Yds som. Cent Tad Bwe pid s fda pid. 0 Home Tel & Riz Fi Wayne... 533 *Hook nd & Mi Gen

oY =

setsavesanane Sreeecnranestiainas SAS anata Rate Nan

Pire U8 PIre. +. cis coranssss

; Daily Price Imex

Det." 31—Dus & od bri adhe 3% age |

Houston (new)... Mid Cont Pet .. 2 Ohio Oil

Pet Corp Phillips Pet ... Plymouth Oil - Pure Oil

Texas Cor Un Oil of

‘Stee

Stee Tron

S Steel Us Steel pid .

S Stee

16% & Steel 24%

.148%2

Warren Bros ) Youngstn S & T 85%

Motors—

Auburn

Chrysler 3

Gen graham

Motors ....

Mot

Yellow Truck ... 1 Motor Access—

t merely | Budd

Ro 67% Timken Det Axle

Mining— Alaska Jun .. Am Metals

McIntyre

¥39300

REQ

Kennecott Cop .

Mine ..

mss uess sasuees

wa BEERS

ea ll LHe

ow *

Sword

FETE

bk]

ve 18) Chicago Rivet Tend Machine .. 83% Cities Service b7 Commonwealth Edison

cCord Radiator west Engineers .. tt Sparks ...... 4 wlav Ban Public Service North Ill-NP. Signcde Steel Standard Dredge Jorelerred Schwitzer-Cumm Sundstrand Walgreen Williams Oi1-O- Matic ... Zenith .

weesnsnasesere seensvnse

Nei Fork Curb.

(By Atkins, Hamill & Gates)

Aluminum Co of America. .s American Cynamid ‘B’ An Gas & Electric “wees Am Super Arkansas Atlas Cor LOW Bower re Rating Cooper Bessemer Carr oP reole Pete Electric ona nd Share ..... 3% Fisk Rubber 8

Ford Moros Canada ‘Al. Gulf Oil Pi Humble oil nd Refining Co. rade Food

Br Imperial Oil International Vitamin ........ Lion Oil csnvere 1478 Niagara Hudson Power sasanes Muellér Brass

sevens . 2%

. . 9% PC 14% 8% y

Sonotone ......... Ceanueesnnes St Regis Paper . evseescsisanss Sterchi Brothers ... . a

Junray Oil ........ tutz Motors fechnicolor [ile Roof

Investment Trusts

(By Thomas D. Sheerin & Company) Bd, agid

% Administered Fund, 2d....... 19.1 Affili 10.

ated Fund, Inc

Curtis Pub SE 20%

Deere & Co Eastman Koda

Foster ‘Wheeler. .

Gillette Glidden Ingersoll Rand Int Bus Slack Int Har

984 k.171% j% i ..130 +111 2,

Natl Cash Reg.

Owens Bottle. . Rem Rand - Dadervnd E . Foods—

Am Sugar ..... m

Ward Bak “B”

Lo 6%

* Retail Stores— Allied Stores .... fssd ry Dood

Mac .:5 MeCrory 8t oe

McLellan

ition 1, SOIB

Curtiss Wr Wright iss Wright

glas Afr ....

Als

Am Av ....

Nor ohitd Mirch New 29%

Si ult suipn. . a

Lambery _

28.83 | Lehn & Pink. . Un Drug. (new).. 15

ket St. Investment ‘Corp... 3489 land Fund . Sawa 1.3

.89 Vick ew cones 44%

a . 14]

ps “on

4% 14 #4 Tox

ceipts totaled 1500. .In the lighter divisions the 180 to 180-pound class sold for $3.25 to $9.65; 150 to 160 pounders were $9 to $9.60; 130 to 150 pounds, $8.50 to $9.25 and the 100 to 130 pounders

74 | brought $8 to $8.55.

Compared to last week’s close strictly good, choice and prime steers and yearlings were 25 to 50 cents higher, lower grades slow and fairly steady; slaughter she stock and bulls, weak to 25 cents lower. Week's heifer top was $10, steer top, $10.75. With a run of 300 cattle and 100 calves today, vealers were nominally steady at $10.50 down.

The lamb market was nominally g

steady with a run of 100 sheep.

0 | Yokohama

9.60 9.75 15 9.75

Light Lights—’ (140-160) Good and Medium

Lightweights— (160-190) Good an

um (180-200) Good and choice. . Medium Weights— 3 (200-220)

and choice.. and choice..

choice..$ 3 5

oo oo

800 0

choice. . choice. .

and and

23 S33 82 23 8333 HY PBO® LO OO VOLO vO S33s Sa a3 23s: 8

0 9998 09 O®

ip ile oo vo VV

(550-900) Choice .. Good ...

Le £2 28

a3 a

ssssssneene

Common (900-1100) Chics” Medium Common (1100-1300) Choice Good ...

WOINOWMINOLN 02339399999

2abann3as

Medium (1300-1500) Choice Good .

(550-750) Choice weemnasdenes§

0h 00 23231 03963 ene

WALI

oe.

2333 =

FARMS ao 00! 83838 833u3

10.50 9.00 175 ) Good choice. .$ 6.00@ 3.90 (250-500 and + 12213 , arate and Stocker Cn aud shales, choice. Sem Bevin Good ha "Sheice’ Heifers—

: Good and choice st senna Common and “medium cashes 3 Cows

7.25 sn 1.50

6.20

mgs 53

ia ere 8 48 45 Soto and

he wermaese

Shell Union Oil 3%as 5 A Sou “Ps

ou Rail 4 Jou Rail 6s ’56 . 30u Rail 6128 ’66 ..vcivvaeece 109% Texas Pac 583 ’79 ..coseasssie. 108% Texas Pac 5s 'T7 8 Third Ave Adj 55 '60 ...e00. Bajon Pac 48 47 ...ici00000s [1184

NY NH & Hart 6s 48 ....... . 31 Warner Bros 6s '39 . Western Union § J03% Youngstown S & T 02% Youngstown 8 & T 35s tsi’ . 19804 FOREIGN

Argentina A 6s '57 ......... -102 Australia 4's ’'56 ....

101% 102; 36%, 109%, 99%, 25 1 32 81%; 29 10% 71

German Ts "40 onivverenesens Italy ‘78 '81 ....cieeveneenvese apan 68 154 cess sinnsisises

lz 2 ‘4 sevens we Tokyo City 5Yas 61. ssennsenens

78 6s ’61 tevasennes 82%

New Bond Issues

(By Lyons & Co.) yy Bid. Ask. Allied Shares 3%s ’'61.........100 00% Arkansas Gas 4s '51 -100% 01 Associated Tvl ephone 43 18, 07% Am Tel & Tel 4728 ‘61 02

S Beth tee Cal Ore Power Central Maine 4s '66 Central Maine Power 3%as/ 312s ‘66

Edison Tun Boston et Gen Motors Gen Motors 4 Gulf State tech a orp ’51 Iowa South Utilities 54s '66.. vai 3Ya2s ‘66 et 4% air 8 . 329 '66....

Fa 45 28 ' e Wks ’61.. 8 i108

9 jos Pub Serv 4s '61.. “ i

Dividends Declared

Dividend rates are e given in doliars and | ts unless stated rwise. Books fey Rate Per'd Sayable

close | Am Tob .......51.25 Nov. 10 Do

o™ 3% <Q ANS.

aaa

p.°1

caw

shinee

50¢ lower;

ing steers,

calves on steady at $10 prices: weak to mostly week’s Sloge:

sheep, 53

K. stoker, 3129, Pr. R.

FOREIGN EXCHANGE (By Abbott, Proctor & Paine)

Par—Country

-1695—B 14033—G olland

A537 4537.

nada *Par is undetermined,

Other Livestock

(By Times Special)

LOUISVILLE, 1, —~Catt| 300, including Ne bisibd thro week; medium and lower gr steers and yearlings predomina off; better grades scarce; Steady 1 all grades cows ) lower; few loads good fed lights [email protected]; ac

Jearlings Monday,

rades bulkin,

cows, to $4.50 a abov 2 qua,

ern stock calves and few $6@$6.50; bulk

wn. v) - Calves—Receipie 200, including ; sale; few sales vea down for the w

u; oP cteal top lal 9.50; few, $10; a 1k Sates gr 5 8.50 a

"Hous Hegel ta. 360, “includin 1

w lots butcher. a Eon 5002530 “Ibs.. $9. 5009.60: 8

Receipts, 100. For Et go lambs

shld io cil Be "pach limited Ne ng stock; around 150 head ren

dealers’ hands over week e

501; sheep, 292.

i calves,

av, sign

‘Socony

Ritter-av, gas pump, oy pSugar, Greek Fe

2500, ’ Rob Mason, 5255 N. Capit

Harker Stand No. 108, ectrical, S145.

INDIANA LAW |

or INDIANAP

a. mean aamen-REERE Gem

37 ameRY

gE: oofoon

FX FRRRERNIEENY

BE BREE LweSS8a aa