Indianapolis Times, Indianapolis, Marion County, 2 November 1936 — Page 9

U y of State to Correct Abuses, ‘Flynn Says.

YORK, Nov. 2—The most +9 misleading issue in this camalign has been this one about regisentation. An impression has out that the government has to enter the establishments business men, tell them how to their enterprises, what they t do and might not do. far as I know no efforts have been made by this Administration to do that save in the Truth-in-Securities Act, the Stock Ex.change A c t and the TUtility Holding Company Act and the AAA. The NRA was not, as is genMr. Flynn erally supposed, a plan to en‘able the government to rule business. It was a plan to enable business to rule itself. It was this for which business had been crying for years. The Chamber of Commerce of the United States pleaded for it. And one of the lead-

- ers of the movement for the NRA

was the president of the Chamber of Commerce. In the eafly days of the NRA the business interests of the country rallied almost to a man to its support.

critics were those who sald that business should be regulated by the government in the interest of the people and not by business organizations in the interests of prices and profits.

The governing groups set up under the NRA for the control of industry were in many if not most of the cases the trade associations in those industries. So no man can call this government regulation of business. It was government giving its consent to business regulation of industry. In the Stock Exchange Act, however, there is a purpose to super‘vise the stock market in order to prevent the abuses which grew there before 1933. But the Securities and Exchange Commission does not rule the market directly.

The markets are ruled by stock exchanges whose governors make the rules under which they are operated. Mind, these exchanges re “regimenting” the securities dearkets. Stock brokers and banks have declared for years in fense of the exchanges that they ere essential to the operation of thnancial markets. §

& HE exchanges themselves have IT exercised the most extensive tation over markets. They down the rules as to what blocks may be listed and traded In, corporations to file reports, ject corporations to investiga- , lay down rules for bankers, investors and for brokers, while rs of the exchange are in cont attendance to make rulings 1 sorts of situations. was regimentation on an te scale. Now the govern-

ifnent says that brokers ought not

to be allowed to regulate bankers and corporations and investors and ‘enders without some supervision u the interest of the general pub-

3*4c. The SEC was set up, not to

ce more regimentation, but rely to control the regimentation imposed on the markets by te brokers. Utility Holding Company Act mild one—not at all like the thing described by its critIt is an attempt to straighten something which is essentially government function--namely rporate organization. Corporains are not the creatures of busi4 They are the creatures of the They exist as a result of conferring special privilege on * Yate persons. Those persons have ] such laws to develop shameabuses. It is the duty of the to correct abuses for which Sorborate franchises are re-

(Copyright, 1938, NEA Service, Inc.)

LOCAL CASH MARKET

ly grain elevators are paying for No. 1 red wheat. Other ides on their merits. Cash corn ¥ No. 3 yellow, 89c; Oats, 36c. pr 0. 1 timothy, -$15.50@16; ‘% 1 clover, [email protected]; No. 1 alJia, first cutting, [email protected]; sec“ad cutting [email protected].

its and Vegetables

jotations below, subject to change, Va! wholesale prices being offered irs by local commission dealers.) 3 regon Bosc, 100s, box, , 125-16, bex, $2. Orefancy (100s-110s-120s), $3.25. , Ib, §%ec. Apples. No. 1 Wealthy, 2% inches up, $1.80: Ivania Jonathans, 2, inches 1_ Indiana Delicious, 2's No. 1 Virginia Jonathans, u na TAmhons, aunkiat. mes—Mexican, 20¢; Persian seedless, G M Con

0 irsimmons, Ind. 12-pint i Honey Dews. vine-ripened, 1 : tes, Cal, 20-1b. box. $3. Artichokes, Caiforming 53.95. Beans, round stringless, Beets, hom wn, Hmg 56. bunsh,

PRODUCE MARTS IN MIDWESTERN

Carlot Shipments Decline From Season’s Peak; Holdovers Heavy.

Times Special WASHINGTON, Nov. and vegetable prices in the Mid-

tober were more stable than earlier in the month, but the trend still pointed downward, the United States Department of Agriculture reported today. Shipments of carlot produce had passed the season's peak, but hold-

receipts were moderate until the arrival of the first frost. The potato market showed signs

the middle of last month and was

small demand. Chieago and Kansas City reported slightly higher prices on some lines. General range in Midwestern and Eastern city markets for No. 1 sacked stock was {$1.75 to $2.10 a 100 pounds. Western Burbanks, McClures and | Triumphs sold at $2.50 to | Traders in the Maine, Wisconsin | and Michigan producing sections re- | ported slow trade and firm prices, { the report showed. | Apple Market Steady

Onion markets continued dull and inactive. Prices averaged below 50 cents a 50 pounds in Michigan compared to 45 cents in Eastern sections. Midwestern centers quoted yellow stock 45 to 60 cents a 50 pounds. With liberal supplies and slow trade, Midwestern apple markets held steady during the latter part of October. Largest shipments were received from the Pacific Northwest while those from the East and Middle West faded. It is likely, the report said, that the higher prices will continue to offset the light production to some extent by attracting the lower grades to market and preventing waste of any fruit worth selling. Jobbing prices in the city points for good fruit was around $1.25 to 50 cents higher a bushel basket. Cabbage markets were irregular and unsettled at the end of the month, but prices still hovered near the low of the season. Chicago reported 85 cents to $1.15 on 175 pounds.

steady and lettuce sold at comparatively low prices, ranging from $2 to $3 a crate for California Iceberg type.

SETS EARNINGS MARK

Times Special NEW YORK, Nov. months earnings of the tional ended Sept. 30, were the largest for

2. — Nine Interna-

history, according to company officlals. Net earnings during this period totaled $5,738,406, before provisions for surtax on undistributed profits, equivalent to $7.76 a share on 738,234 no par capital shares outstanding on that date. This compared to $5,304,844 for the corresponding 1935 period.

Chicago Stocks

(By Atkins, Hamill & Gates)

rs Central Illinois Publ Service . Cities Service .. Commonwealth Edison Cord Corp Crane Co Economical Dru Electrical Household . Katz Drug Libby Mc Neil and Libby . Lincoln Printing Lion Oil .. Loudon Packing Lynch Glass

raw Electric | Mid-West Corp preferred | Northwest Engineers i Noblitt Sparks | Northwest Bank .............. 10 | Public Service North IlI-NP.. !8t Louis Stockyardg Signode Steel 1 Standard Dredge preferred. ... Schwitzer-Cummins 24 Sundstrand

Investment Trusts

(By Thomas D. Sheerin & Co.)

Shares Trust 26.51 or “Acc” (mod) .. Acc” (unmod)

Dividend Shares, Inc 193 General Investors Trust ..... 7.38 ated Investors ...... 2681 Amer 04

AREA HOLD FIRM.

over supplies were heavy and local 3

$2.75. | Bil

MONDAY, NOVEMBER 2, 1936

New York Stock Exchange Prices

(By Thomson & McKinnon)

2—Pruit | T

west territory near the end of Oc- Am

Warren Bros ... Youngstn

of recovery from the sag during | Chrysler

Graham Mot “

fairly steady, with light receipts and | Hudse

udsonr Mack Truck .... Nash .. Packard

Yellow Truck ... Motor Access— Bendix Bohn Alum .... Borg Warner .. 8 Mig

any similar period in the company’s | W

n g Elec Auto Lite.. Elec Stor Bat ..

SFTP EEE

Bu Budd Wheel .... 1 Eaton Mf

4 Greyhound *“B'". 28

Houdaille Murray Body ... Stew Warner .. Timken Roll ... Timken Det Axle Mining—

Am Metals

Cal & Hecla ... Cerro De Pasco. Dome Mines .... Gt Nor Ore .... Howe Sound ....

Kennecott Cop. .

t Joe Lead.... U 8 S8Smelters... Amusements— Crosley Radio... Fox Theater ... Loews Inc Radio Corp Paramount

Warner Bros.... Tobacocos—

84%

20% 32% Tia 11 17 3% 14%,

Am Tobacco ‘A’ 98

Am Tobacco “B’ Gen Cigars . .. L & Myers “B”. Lorill Philli Reyn Rails— Atchison

78 Atl Coast Lines. B&O 22

Celery activity remained mostly (chi N W

pfd Gt Northern pfd Ill Central .... Lehigh Valley .. MK&T ...... MK & T nfd... Mo Pac pfd .... N Y Cent N Y New Haven N Y Ont Norfolk Nor Pacific RR

Business Machines Corp. Sou R

Equipments— Am Loco Am Steel Fdy... Bald Loco Gen Am Tnk Car Gen Elec .. ..... Gen R R Sig Pullman Inc ... West Air Br

Westingh Elee...1

Utilities—

Am & For Pwr . Am Power & T T

Am Wat Wks ... Col Gas & Elec.. Comm & Sou ... Consol Gas ... Elec Pwr & Lit. Int Hydro Elec.. Int T&T . Lou G & E “A”. Nat Pwr & Lit. North Amer .... Pac G & E

Std Gas Stone & Webster United Corp .... Un Gas Imp ..,.. Ut Pwr & Lt ‘A* Western Union.. Rubbers— Firestone Goodrich .

Miscellaneous— Allis Chalmers. . m Can

Am Mach & Anchor Cap

C Caterpillar Tract

1 Fdy

1 2

3512 42%, 43 84 49

Zz) Ya %

44 44

Ya 124

24 22 20 °

7 87V

Crown Cork .... 83%

ash Reg.. 28 Owens - Bottle...152'% R nd 21

Am Sugar Armour : Armour 6% pfd

Natl Biscuit .... Natl D Prod Purity Bak ... 8 Porto Rico Sug Std Brands rah

Myers... 1 re

81%

SR5858E

tH 8 LFREEEERERES FEE RR SERRE OS

32% 129% 128% 72% T2%

31 18 13% 35% 9

32%

35 84% 29%

57% 10% 16% 3% 147,

873% 997% 52 103 23 6% 57%

rd NNO 30-3

PEER TREES

beet det SRSBLREEE.538%

a0S > oF

- &

FRIRERETNEEE

FEFEEFR

35 >

oye

8.3 BY aso 23%

Prev. High. Low. 11a.m. Close. 5 31

282

iy | Transam Tr Contl Corp..

ie American Ins

High Low Close ciose

Financial— oe 14% 14% . 4% 4% WR oh 4 Comm Inv Trust 82". 82 rp ..112%2 1123 .. 14% 14% 10 9s

14% 4's 13% 72

82 112% 14% 1

Building— 22 3 56%

120% TY 32

i3 | Amer Woolen ..

High. Low. Close. Close.

“17%

N% « 3ias 45

Servel Inc. .... Simmons Bed ..

Textiles— 8 133% 26% 62%

Indus Rayon ... 38 : 38

Steel Industry Wages ¥

Prepared Administrative and Research OU soration-New York

FI > AVERAGE WEEKLY EARNINGS

Jron ond Steel Workers

Workers in 2s] Monufacturing Industries

1929

With operations at 65 per cent of rated capacity during the first nine months of 1936, steel activity had regained two-thirds of the loss sustained between 1929 and 1932. Finished steel prices, however, had recovered only one-half of the decline sustained during the sam

period.

1830 1931 1832 1933 1934

1935 1936. (&Mon)

Local Securities

(By Indianapolis Bon dand Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries cr recent transactions.

BONDS Citz Ind Tel (TH) 4Y%s '61..,.103 H Tel & Tel Ft W 5's '43...104 H Tel & Tel Ft W 6s '43 104 Indpls Railway Inc 5s '67 .... 70% Interstate Tel & Tel 5%s '53.. 99 Kokomo Water Works 6s '58..104 Morris 5 & 10 Stores 5s ’50... Muncie Water Works 5s ’65 .. Noblesville H L & P 6's ’47.. Ohio Tel Serv 6s '47 Richmond 5s ’57 Seymour Water Co 5s '49 .. T H Trac & L 5s '44 ........108 T H Water Works 5s ’49 Seymour Water Co 5s 49 .., Trac Terminal Co 5s ’'57 Indpls Water Co 32s ’66 .. STOCKS ABC Brewing Co com Belt Railroad & St Yds com.. Belt Rail raod& St Yds pfd.. 5 Cent Ind Pwr pfd Ts : Home Tel & Tel Ft Wayne.... *Hook Drugs Inc Ind & Mich Elec Co pf d7s ..108 Ind Gen Serv Co 58 _.......... 101%; Ind Hydro Elec Co 7s ° 69 Indpls Gas Co 6s Indpls Pwr V Lit Co pid .. 9 Indpls Prw V Lit pfd 6%s ... Indpls Water Co pfd 5s 104 N Ind Pub Serv pfd 5l%s N Ind Pub Serv pfd 5s N Ind Pub Serv pfd Ts *Progress Laundry Co Public Serv Ind pfd 6s Pub Serv Co of Ind p

Bid Ask

104%; 105

Union Titile Co *E-Dividend

New Bond Issues

(By Lyons & Co.)

Allied Shares 334s '61 Arkansas Gas 4s ’'51 1 101 Associated Telephone 4s 65 .. 107% Am Tel & Tel 4%s '61 101% B & O 465766 . 101 101% Beth Steel 33s ’66 ° 93% Cal Ore Power Central Maine 4s '66 1 Central Maine Power 32s '66 entral Ill Lite 3'%s '66 . 107 incinnati Gas & E 2334s '66.. hicago Un Station 3's ’5....105 eveland Tractor 5s °’ “rs Commercial Credit 3%s ’1....1 Conn River Pr D &L 3%s ‘61

Cudahy Pkg 50 Edison Illum Boston 3s ’65.. Gen Motors Ace Corp 3s ’46.. Gen Motors Ace Corp 3'%s ’51 Gulf State Steel 4'2s '51 Iowa South Utilities 5l2s '66.. 3's '6

Ask

'65 Minn Gas E & Dr 4s ’50 .... Narragansett Elec 3'%s ’66 ... N Y Chi St Louis 4s '46 .... Pacific Lighting 4's ’45

....10 Peoples G & E Lite Wks '61.. Penn Tel '60

Union’ Pacific 3s '70 . .... .. Wisconsin Gas & Elec 3'%s '63 Wisconsin Pub Serv 4s '61 ....104

Unlisted Stocks (By Blyth & Co.) NEW YORK STOCKS

Bankers Trust .. Central Hanover Chase

1 ) Continental Chicago

Guarant, 5 | Irving

Aetna Fire Insurance

Baltimore American City of New York .. Franklin Fire

£3

BE + Tt RT ESE RES

rices quoted are paid for stock in the country, while for delivdianapolis, the prices are 1 cont full case of eggs must weigh

_| price on 250 real estate issues during

1 per cent over the low of 1933, in the

BOND VALUES UP INREAL ESTATE

Watson Index Shows Average Bid Price on 250 Bonds Was $459 on $1000. -

Times Special NEW YORK, Nov. 2.—An increase of 11.7 per cent in the average bid

the first 10 months of the current year was reported today by the Real Estate Bond Index of Eli T. Watson & Co., Inc.

The Watson Index showed an increase of $273 a thousand, or of 147

average bid price for the-250 issues involved. A detailed picture of this cHange showed that the average bid price at the beginning of 1933 was $186 a thousand, $220 a thousand

at the beginning of 1934, and $302 a | 4.4

thousand in January, 1935. At the beginning of 1936 the average bid price for all issues was $411 a thousand, and at the end of October stood at $459 a thousand, a ten months’ gain of $48. The most remarkable advance in bid prices for real estate issues secured by various types of properties, the Index showed, occurred in the hotel group, where a gain of 22 per cent, or $71 a thousand was recorded. Theaters also made a good showing with an advance of 12.7 per cent. or $79 a thousand since the first of the year, the report said.

Dividends Declared

Dividend rates are given in dollars and cents unless stated otherwise. Books Rate Per'd Payable close ‘Allied Kid ...$ 3k Nov. 2 t. 30 /3

. spc Nov. 2 . 30 Bolsa Chica 8% cum pfd .20 Q Dec. . 30 Brach Son... .30 a . 14 Curtis Publish

7% cum pfd.. 1.75 .. . . 13 Fisk Rub pfd... 3.00 .. v3 . 16 Gen Out’d Ad p 3.00 .. ’ . 15 Haw Trust 1.50 Q 1 Di 2.00

Hollander’ & Son 3.00 IntlProdt 6<% 3.00 Kroger Groc&Bk .30 Lunkenheimer .. .25 Mead Corp p... 1.50 Royalty Oil .... 50 ..

Sun Oil

Money and Exchange INDIANAPOLIS STATEMENT Clearings fo Debits TREASURY STATEMENT (By United Press)

WASHINGTON, Nov. 2.—Government ex-

penses and receipts for the current fiscal | D

Je Oct. 30, as compared with a year This Year Last Year Expenses ..$2,335,375,618.58 $2,604,163,160.2 Receipts... '1,400,982,476. ,225,212,589.1 Deficit .... 934.393,143.23 1,378,950 Gath Bal . 1,781,099,475.66 . Del

Busigraphs DY ST DU tion

AUGUST EACH YEAR

m Lyf Li

i mal

1 325 lbs., $9.25@

LIGHT RECEIPTS J'SEND PRICES OF

LOCAL HOGS UP

Market Is 15 to 25 Cents Higher; Cattle Sales Hold Steady.

_ Reports of light receipts throughout the packing centers sent’ the

price of hogs up today at the Indianapolis Union Stockyards. At the close, weights of 160 pounds and heavier were 15 cents higher and the underweights and packing sows were 25 cents higher. The 180 to 300-pound weights sold for $9.70 to $9.90 and the 300 to 400 pounders were $9.50 to $9.80. Sows were $8.60 to 89, top $9.35. Receipts totaled 4500.

In the lighter division the 160 to 180-pounders were $9.50 to $9.80; 130 to 160 pounds, $8.75 to $9.75, and De In to 130-pound class was $8.25

| . With .1000 cattle and 400 calves

received the market generally was steady . on light supplies of all classes. Six ‘loads of choice 1378-

i pound steers sold for $10.10. Most

other sales ranged from $5.50 to $9.

Heifers were $4.75 to $7.50. Beef cows brought $4 to $4.50, with the cutter grades mostly at $3 to $3.75. Sausage bulls were quoted at $5.50 down. Vealers were steady with the bulk of the better grades selling at $5.50 to $10, top $10.30. Fat lambs were strong to 25 cents higher on receipts of 600 sheep with the bulk of the better grades selling

| for $8.50 to $8.75, top $9. Slaughter

sheep were 25 cérits lower, the bulk of ‘fat ewes sold for $2.25 to $2.75, top $3.

Local Livestock

Nov, Light Lights— 140-160) Sood 2nd choice. .$ 9.

e Lightweights— ° 160-190) Good and choice....

um (180-200) Good and choice.. dium

e Medium Weights— (200-220 Good and cheice.. (220-250) Good and. choice. . Heavyweights— (250-290) Good and choice.. (290-350) Good and choice.. Packing Sows— (275-

oo nN ono oor

vo BO vO» GIN In ORD OD Or won, SD DI» A

od 9089 68 So

GION OO OW On

Slaughter Pigs—~ (100-140) Good and choice.. Medium

OO DELL VO DO PVOO ©D or

(550-900) Ch [email protected] [email protected]

(900-1100)

(1100-1300)

(1300-1500) Good

[email protected] : 8.00@ 9.25

(550-750) 9 Common, medium. . : (750-900) Good and choice .

Common, medium.

& d

moon 33 ‘0S 888

and medium Low cutter and cutter 4 Bulls, good . Cutter com. and med. bulk... : 3. Vealers : —Receipts, 400— and choice 9.

AID ©» game 23833

—

ABD Sow RSS

(250-500) Good and choice § 6 Common, . medium 4.

Feeder and (500-800) Good and cho

Com. and ‘medi (800-1050) Sood and cho

m. and medi Heifers—

Good and choice Common and medium

Cows

99 S99 ADD 9 AY oO PIRI Po *3 3332 33

a8 rn

SHEEP AND LAMBS

: ~-Receipts, 1000— Lambs—

es— (90-170) Good and choice . om. and medium. Z (Sheep ‘and lamb quotations basis.)

1453 = 5 9

n ci

LAFAYBTTE, Nov. 2.—Hog market stead to 10¢ higher; 225-275 lbs., [email protected]; [email protected]; 190-225 1bs., $9.40@ .50; 170-190 1bs., [email protected]; 150-170 Ibs. [email protected]; 130-150 1lbs., [email protected]; 100-130 1bs., [email protected]; roughs, $8.75 down. Calves, $9.50 down. Lambs, $8 down.

Chicago Grain Futures (By James E. Bennett & Oo)

: Prev. High Low Close

close $1.13% $1.13% $1.133% $1.14% 1.12% 1.11% 1.11% 1.12% 983% .98% 89%; 84%,

90% 86%

41 A1Y, b.38%

82% b.81%

1. : 1.22% 1. 1.23%

Building Permits David 5 utgmian, 1946 Lawrence-st, gaT Frances Goreing, 3014 W. 10th-st, garage,

275. John W. Hall, 1059 W. 26th-st, remodel,

Clarence Miller, 3961 Cornelius-av, gaTA oosier Petroleum Co., 1112 W. Washing-

st, rage. 3 , 524 Drake-st, raise house, $120.

C. G. Patton, 2026 Park-av, garage, $200.

REPORTS NINE-MONTH NET Times Bpecial , : :

to Dun & Bradstreet.

STOCK MARKET WEEK IN REVIEW

BY ELMER C. WALZER United Press Financial Editor

NEW YORK, Nov. 2.—Pre-elec-tion influences were nullified last week in the stock market by glow-

ing business reports. Most of the major industries maintained a better than seasonal level of operations which also influenced the market. Ordinarily the high earnings reports would be considered bearish in that they had become public property on announcement and usually had been discounted. In the present instance, high earnings presage sharply higher dividend payments before the end of the year as companies conform with the new corporate surplus tax act. In the past, the stock market has always had a setback the week before election. That setback came on Monday when the industrial average its widest break since April with a net loss for the day of 3.61 points. Subsequently the market rallied until the averages were higher than the closing levels of last Saturday. The utility average made a new high since 1933 late in the week when that group moved higher as a unit.

Copper Shares Gain -

Copper shares also made substantial gains and several including Anaconda, Kennecott, Cerro De Pasco and Andes made new highs for the year or longer. Copper metal in the domestic market was advanced % cent a pound to 10 cents and there was talk that another % cent rise would be instituted shortly. Chemical issues’ were bid up on outlook for higher earnings. Du Pont made a new high. Steels had a period of strength as the leading companies reported sharp earnings gains. U. S. Steel declared a $3.75 dividend on its preferred clearing up $2 in arrears and leaving the accumulations at the level where they were at the end of 1935. ‘Railroad issues had good gains in several sessions after a setback on Monday. But late in the week they ran into realizing that left them irregular as a group. . Steel Level High

Automobile issues made further

progress as the time for the annual,

shows approached. “ Steel operations held at a high level, a slight gain over the previous week. Bethlehem Steel reported it was operating at 75 per cent of capacity and anticipated such rate through November. The remainder of -the industry is expected to make an equally good showing. A long list of special issues moved into new high ground. Oils generally were little changed on the week after a series of meaningless fluctuations. ~ Baking issues were higher. Mail orders made new highs. Farm

000 implements rose on higher estimates o | of farm cash income,

NET RAILWAY INCOME INCREASES OVER ’35

Times Specialz" ~~ - WASHINGTON, Nov. 2.—Advance reports from 123 Class 1 rairoads. representirig' 97.6 per cent of total operating revenues, showed that during September these roads had a uet railway operating income of $68,749,443, compared to $56,083,104 in the corresponding month year, the Association of American Railways reported today. Operating expenses on the same lines in September totaled $241,927,023, compared to $212,704,418 in the like month of 1935, an increase of 13.7 per cent, the report said. Fifty-four Class 1 railroads, representing 99 per cent of the total revenues in the Eastern district, advance reports show, had a net railway operating income in September of $36,326,522, compared. with $28,635,964 in September, last year.

WEEKLY FOOD INDEX HIGHEST IN 5 WEEKS

Times Special NEW YORK, Nov, 2.—Although gains in some items were small, the Weekly Food Index for the week

ended Oct. 27 rose to $2.77, the | -

highest level reached since Sept.

| 22 when the Index -stood at $2.78,

but was 8 cents under the six-year peak set on Aug. 18, Dun and Brad. street reported today. mE

The latest reported figure was 2.

cents above the preceding week and 1.5 per cent ahead of the’ corresponding week a year ago. :

STATEMENT IS FILED|®

Times Special

CHICAGO, Nov. 2 — Southern

Natural Gas Co. has filed with the Securities and Exchange Commission, a registration statement covering an 4ssue of $15,000,000 first mortgage pipe’ line sinking fund bonds, 4% per cent, series due 1951, Christopher Chenery, company board chairman, announced today. Net earnings from operations for the 12 months ended Aug. 31 were $3,133,118 compared to $2,016,909 re-

|INDIANA MEN SEEK

last

Retail buying increased last week 12 to 18 per. above last year’s figures and shortage of holiday me chandise and delivery difficulties in other goods indicated the development of a sellers’ market, according

vif

HOME SCARCITY; RENT RISE SEEN

by American Bankers Association.

Times Special NEW YORK, Nov. 2—Increased mortgage lending, a housing shorte age, rising rents, higher farm values and, in general, a more active mars

ket for buildings and land are ree ported by a majority of the bank realty officers whose opinions on the real estate outlook were requested, in a survey conducted in key cities throughout, the country. Banking official publication of the American Bankers Association, reported today. “Some of replies said that prospects ‘1 y continued’ unfave orable, high taxes and ‘the burden of old. property being mentioned as deterrents to recovery,” the magae zine said in presenting the results of the survey in its November: issue. “But on the whole, the views of the men who are responsible for their banks’ real estate holdings were optimistic.” Geographically, the replies. indie cated that improvement and proms ises of further gain are especially marked in the eastern North-Cene-tral states where the pickup is closely related to increased indus trial activity and better business conditions. In parts of New England and along the Atlantic Coast improvement has been held back by the drag of older realty in congested districts and by high costs of remodeling and re-conditioning.

Farm Values Increasing

In the Central States all classes

of property are moving more frees ly. In the West the gain has been more moderate. Home construction in most parts of the East and South Atlantic area is especially active, the publication said. : “Farm values are increasing in response to the better demand: for farms and higher returns from age ricultural * products,” Banking said. “Prices on all classes of real estate ‘are rising, although most activity

is on a moderate price basis in .

which cheap financing is an ime portant factor.”

“In virtually all parts of the

country a shortage in housing is ree ported, the lack of homes in some districts being acute. Because of a dearth of rentable property, the review said, people are forced to buy or build, and there is considere able preference for the latter alters native. The tendency is toward residential construction in suburbs, or at least out of the high-priced congested sections. Small, low cost homes are in strongest demand.”

POST IN FARM BANK

Times Special LOUISVILLE, Nov. 2.—Nominees for a Federal Land Bank director, by the National Farm Loan Associe ations of Indiana, Ohio, Kentucky. and Tennessee, include two Indiana men, Ernest Rice, Louisville Federal

IN RECENT POLL

Real Estate Outlook Given

Land Bank president, announced J

today.

Ray 8. Fouts, Lafayette, ‘and vs have ci] been nominated and are now bee Sata

Joseph T. Day, Anderson,

ing voted upon along with repre=

sentatives from ‘the other three states. Similar elections are being

stated. ‘

CLEARINGS OVER 1935

Times Special NEW YORK, Nov. 2.—Total bank

week ended Oct. 28 amounted to $5,782,673,000 against $4,840,431,000 in the corresponding week a year 350, Dun & Bradstreet reported toe y. i This was, however, $262,768,000 short of the aggregate recorded in the preceding week.

Notice Jo Holders of Indianapolis

_ . Water Company First and Refunding Mortgage Gold Bonds, Notice’ is & due January! Ia: ier of . ere ven the above mentioned Bonds, that pov Ph

tanding, with a 4%. together with accrued inferest to caid redemption date. Any holder of such nds. may. at the option’ of such holder.

: 1, office of the said 0 off 52 Said Bankers k. rece

ive { redemption dat amount of such Bonds, together premium and accrued interest thereon to Janay 1. 1937.

TANAPOLIS WATER COMPAN BY ROBERT D. BuRBOwWES r

Dated: August 8. 1936.

To the of : INDIANAPOLIS WATBR COMPANY Pirst Lien and Refunding Mortgags God Bonds. Fi Cent, Series Derember 1. 1960: | les of UD, Notice is hereby y,

corded for the preceding 12-month | &esanars ss

period, it was announced.

I[LITNGEES

Ra EE

TARTS IS Es

Thomson & McKinnon

A MR —

clearings in 22 leading cities for the

held in the other eleven . Federal |. Land Bank districts, Mr. Rice