Indianapolis Times, Indianapolis, Marion County, 11 November 1936 — Page 3

INDUSTRIES PAY DIVIDENDS AND STOCKS SOAR UPWARD

Market Rises Faster Than During Coolidge Boom Reports State.

BY RUTH FINNEY Times Special Wriler

WASHINGTON, Nov. 11.-—Offi-tials whose duty it is to prevent enother runaway stock market kept an uneasy eye on the ticker today as leading stocks soared to boom heights, Seven years after the crash, General Motors and Montgomery Ward touched their 1929 levels this week. Chrysler Corp. reached its 1928 high. American Telephone & Tele-

Stockholders Will Receive More Than 3 Billions Indications Show.

By United Press NEW YORK, Nov. 11.—Industrial stockholders will receive approximately $3,000,000,000 in dividend disbursements for 1936, the greatest total in the history of the nation, a survey showed today. That will be slightly in excess of 1929 payments, the peak year for industrial activity. Employes, too, will share in the increased profits of business, wage increases estimated in excess of $130,000,000 annually. That figure does not include bonuses or special

graph set a mark not equaled since 1931. new all-time high. Several elements in the market

Outstripped Recovery | - |

In the first place market recovery | has outstripped business recovery. - While this is usual to some extent, the gap seems to be widening fast. |

In the second place the market has been rising faster, all this year, than it did in the first year of the Coolidge market. The gain in that earlier recovery was 13 points, or 15 per cent, in the first year. In the first 12 months of the present rise the gain was 41 points, or 48 yer cent, and in the last few months the rate has been accelerating. On the other hand, the total of brokers’ loans is far below that of 1929 boom days, and the number of margin accounts is less by about a third. It has been estimated that at least 21 per cent of the buying and selling is being done by members of the stock exchange for their own accounts, and that not more than a million persons, altogether, pre in the market. New Deal statutes have entrusted the Securities and Exchange Commission and the Federal Reserve Board with the task of trying to prevent a runaway market.

Restrictions in Effect

Early this spring restrictions on bank credit for stock market speculation went into effect. They prohibit corporations from lending excess funds for speculation, and provide that brokers may borrow money only from Federal Reserve

member banks or banks that the Federal Reserve approves. A repetition of the situation in 1929 when $20,000,000,000 of corporation funds were being used in the market, and $4,000,000,000 of “street loans” were outstanding on the books of banks, is impossible under these regulations. Another check on the situation is the power over general credit. The Federal Reserve Board now has the right to raise the reserve requirements of member banks. That is, it can require member banks to turn over to the reserve banks a larger percentage of their demand and lime deposits. Officials believe that these controls have already had a stabilizing effect on the market. They also believe that market manipulation has been checked by SEC regulation of the stock exchange. The SEC has even broader powers, not yet exercised, to control speculation. Some of its critics contend that it should take steps to prevent trading by brokers for their own accounts, and that brokers should act only as agents.

THANKSGIVING SERVICE SET A Thanksgiving service is to precede the regular weekly meeting of the - Young Married People's Class of the First Baptist at 8 p. m. tonight. William Locey is to speak on “Highlights of the Railway Mail Service,” the second of a series on | “Highlights of My Work.”

Allied Stores climbed to a | | rent indications, will be the largest | since 1929, well above $25,000,000.

situation are being studied here. |

payments, which according to cur-

Reducing Tax Liability

More than one-third of the final quarter payments will represent extra distributions by corporations reducing their liability under the Federal strplus profits tax which is effective for 1936 earnings. In the third 1936 quarter, extra, special and increased dividends exceeded $200,000,000 and were led by an extra payment by General Motors Corp. which added $32,650,000 to the regular dividend of $21,750,000 —a total payment of $54,375,000. During the first two quarters dividends rose dbout $100,000,000 over the 1935 disbursements.

Industrial earnings for the first |

six months this year were up more than 60 per cent over the 1935 period, according to Federal Reserve Bank statistics. There is every in-

| dication that the final half’'s figures

will make an even better showing. Economists expect both consumer income and outgo for the last three months of this year to increase some 15 per cent over 1935. They anticipate the heaviest retail holiday trade since 1929 and predict some lines will have the best sales in history. Since the national elections a week ago approximately $140,000,000 has been declared in extra, special and increased dividends, wage increases in excess of $100,000,000 annually have been announced and bonus payments well over $20,000,000 have been voted.

Outstanding Payments

Several of the outstanding actions of the last week follow: General Motors Incorporation voted a dividend payment of $65,250,000, of which $43,500,000 fell into the “extra” class. Chrysler Corp. declared a dividend of $5.50 a capital share, amounting to $24,662,000. Gulf Oil Co. took steps to distribute a 100 per cent stock dividend prior to Christmas and declared an extra dividend of 50 cents—$2,269,050—in addition to the regular quarterly of 25 cents —$1,134,525. The Standard Oil Co. (New Jersey) declared a 75 cents extra ($19,664,250), in addition to the regular quarterly of 50 cents, the total of both being $32,773,750. Directors also recommended a $4,500,000 distribution to its employes. The Socony-Vacuum Oil Co. voted a special of 25 eents ($7,927,000). Standard Oil Co. (Indiana) voted an extra of $1, and a regular of 25 cents. Phelps Dodge Corp. declared an extra of 25 cents ($1,357,000), and a regular of the same amount. The steel industry announced wage increases averaging 10 per cent. A few weeks ago packing companies, some food organizations, carpet mills and other lines of industry announced wage increases totaling some $35,000,000. FAMED COMPOSER DEAD LONDON, Nov. 11.—Sir Edward German, 74, famous composer, died today. He wrote the coronation march and hymn for King George's coronation in 1910.

IN INDIA

{ MARION COUNTY TRAFFIC ; TOLL TO DATE

TRAFFIC ARRESTS November 10

Reckless driving Running red light Running preferential street.... 0 Drunken driving 3 Others except parking

TRAFFIC ACCIDENTS

MEETINGS TODAY

Kiwanis Club, luncheon, Columbia Club, oon. Lion's Club, luncheon, Hotel Washington,

oon. Eons Alumni Association, luncheon, otel Severin, noon. Twelfth District, American Legion, lunchpon, 1363 N. Delaware-st, noon. Phi Chi Medical Fraternity, meeting, Indianapolis Athletic Club, 7:30 p. m. Apartment Owners, luncheon, Hotel

Washington, noon National Association of Cost AccountRnts, luncheon, Hotel Washington. noon. yy i3saciated 5 fnployers, dinner, Hotel ashington. 5: Pp. m. Le Chamber of Commerce, luncheon,

Hotel Lincoln, noon.

MEETINGS TOMORROW

Advertising Club or Indianapolis, lunchpon. Columbia Club, noon. Sigma Chi, luncheon.® Board of Trade, Rpoon. - American Business Club, luncheon, Co-

fumbia Club, noon. Acacia, luncheon, Board Trade,

oon. h Sigma Nu. luncheon, Washington, noon. Caravan Club, luncheon, Murat Temple,

oon. B Indiana ad iar Traffic Association, heon. Antlers, noon. tugche Estate Board, -meeting, Holcomb and Hoke Manufacturing Co. noon.

MARRIAGE LICENSES

rreet addresses frequently are ire te gibe Marrage License Bursts official list assumes ne responsibility for such addresses.)

Bill Laurence Jr., i9, of 934 Leland-av, mechanic, to Ruby La Vone Ellison, 18, of | $24 Leland-av. — Wiliam H. Stephens, 21, o 15 Cen- | tral-av, trimmer, 1 Dorothy E. Kelley, 19, | of 1832 Central-av. Robert O. Booker, 34, of 138 E. st, salesman, to Marjorie G. Cond of 755 ¥. Luett-av. Arthur McKinney, 27, of 518 fornia-st, laborer, to Georgia Pactor, 35, of 516 N. California-st. i Sylvester Marsh, 27, of Indianapolis, to | Ca ine Sellers, 18, of 350 W. h-st. Palin, 34, of 5450

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North- | on, 22, |

N. Cali-

Washingto Jane Lewis, 22, of 3325 | atson, 84, of 798 Indiana-av, | 51, of

jo Beasle - Blanysnatup, W. Todd, 26, Hotel Warren, sc-

| Jacksonville, Fla. ....

| Los Angeles

NAPOLIS

R. Warren Fisher, 29, of 25 W. Michi-gan-st, assistant educational director of Y. M. C. A. to Dorothy M. Pemberton, 25, of 25 W. Michigan-st. student. Paul Church, 24, of 950 Gilbert av, to Magdalene Bohn, 20, of 1406 Kelly-st, clerk.

DIVORCES FILED

(These lists are from official records at the County Courthouse. The Times is not responsible for any errors of names or addresses.)

Margaret Reeves vs. James F. Reeves, William Lavender vs. Emma Lavender. Dorothy Workman vs. Charles Workman. Mary Frances Richardson vs. Delbert D. Richardson. Milton L. Stevenson vs. Grace Virginia Stevenson.

DIVORCES GRANTED

Marvin C. Jarvis from Virginia Jarvis, annulment.

Mary B. Everson from Jesse Everson.

OFFICIAL WEATHER

United States Weather Bureau cee

INDIANAPOLIS FORECAST: Fair tonight and tomorrow; rising temperatures.

Sunrise ....... -6:26 | Sunset ........ 4:32

TEMPERATURE ~—Nov. 11, 1935 ... 53 1pm

BAROMETER Ta m. .... 3042 Precipitation 24 hrs. endi Total precipitation since Deficiency since Jan.

MIDWEST FORECAST

Indiana—Geneally fair tonight and Thurday; fislng jSmperature tonight and south portion ursday. Hlinois—Fair tonight and Thursday; rising temperature tonight and south portion u ay. Lower Michigan—Mostly cloudy, somewhat warmer east and south rtions tonight; Thursday generally fair, north portion. Ohio—Fair and warmer tonight Thursday. Kentucky—Mostly cloudy and warmer tonight and Thursday, possibly light rain

an. 1- 30.2 . 4.57

colder and

WEATHER IN OTHER CITIES AT 7 A. M. Station. Amarillo. Tex. Bismarck, N. D 34 Boston . . 2 Chicago } 30.32 34 Cincinnati 28 Cleveland, O. 34 nver . cen Dodge City, Kas. ... Helena. Mont.

Kansas City, Mo. ... Little Rock. Ark. ...

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Shortridge High School's R. O. T. C. unit, with eyes front and rifles aligned, turned into Washington-st from Pennsylvania-st.

Marching Feet Resound in Streets Again, but Not to Battle.

(Continued from Page One)

st; north on Meridian-st to the Circle; around the Circle and north on Meridian-st to Michigan-st, and disband on Michigan-st. Maj. Gen. Robert Tyndall was parade marshall. Veterans’ and patriotic organizations, auxiliaries and “regulars” from Fort Harrison, in addition to cadet units, marched. The morning parade was not the only part of the city’s observance. Banks and offices in public buildings are to be closed all day. The Indianapolis American Iegion Drum and Bugle Corp is to give a dance tonight in the Hoosier Athletic Club. Marion County Veterans ¢f Foreign Wars are to hold a party at 7 p. m. in Lavelle-Cossett Hall, King-av and Walnut-st. Out at the United States Veterans’ Hospital on Cold-Springs-rd, patients are to join in a memorial service which Rabbi Morris M. Feurlicht, John H. Ale, the Rev. Joseph B. Somes and the Rev. Charles R. Lizenby are to lead. The Last Man’ Club, an organization composed of World War veterans, is to hold its annual Armistice Day banquet at 6:30 p. m. at the Antlers. A dance at 9 p. m. is to follow. Banquet speakers are to be Arthur Robinson, Dr. Fred C. Smith and Judge Wilfred Bradshaw: The committee in charge of entertainment and arrangements includes

Corn Husking Lacks Future, Champ Sighs

By United Press HEBRON, O., Nov. 11-—-A raw-boned, red faced Iowa farmer, but a champion of champions, felt bitterly disillusioned today. There were no radio ‘engagements, no movie contracts, no vaudeville bcoking agents—nothing in his future but endless rows of corn. “I guess there isn’t much future in corn husking,” said Carl Carlson, 38, who yesterday defeated 18 state champions and their runners-up in the annual corn husking championships. His is a prominent Adam’s apple and it bobbed up and down as he talked, signifying his earnestness. “I did $10,000 worth of work yesterday and all I got was a gold cup and $200. It wasn't enough.” In white duck pants and running shirt, Carlson devastated an acre of corn yesterday in 80 minutes to the cheers of 100,000 onlookers who swarmed all over the Oyler farm near here.

Bargain Week-End Trips

CLEVELAND $5.00

Leave 10:00 p. m. Return on any train until 2:35 a. m. Monday. Coach service.

DETROIT TOLEDO __ SANDUSKY

Leave 10:00 m. Returning reach Indianapelis not later than Monday morning following. Coach service.

Pay a visit te the Henry Ford exhibit at historic Greenfield Village in Dearborn, near Detroit.

NEXT SUNDAY

CINCINNATI ______$2.50 Greensburg. .$1.25 Shelbyville. $0.75

Leave 7:45 a. m. Return on any train same day. Coach service.

ST. LOUIS ________$4.75.

Leave 12:30 a. m., 2:45 a. m. or 8:00 a. m. Return on any train same day. Coach

FO

Eighteenth Armistice Parade Honors World War Dead Heroes

William Schoneker, Henry Clem- |

ents, Larry C. Hesoun, Pha Cooper, Eldon Houck, Phil France, William O'Neill, Thomas P. Kepner, Loren Daniels, Willard Thomas, Dave Deuper, Gleasman Hollingsworth and Judge Bradshaw. Hostesses are to be Mesdames Larry C. Wilson, William Schoneker, Pha Cooper, Scott Bange, Willard Thames, Eldon Houck and Miss Ann ift. Ralph Klare, former commander, Hayward-Barcus Post, . American Legion, addressed the Junior Chamber of Commerce Armistice Day luncheon in the Lincoln Hotel. The early morning peace dedicatory rites on Monument Circle began with the singing of “America” and a prayer followed by a group forum, with Ronald Boughton of the Y. M. C. A, as the leader.

Tribute Paid Unknown Soldier

By United Press ARLINGTON NATIONAL CEMETERY, Va., Nov. 11.—At the tomb of America’s Unknown Soldier the nation's leaders today uttered a new plea for world peace. The appeal went to a world stirring with fresh war passions on the eighteenth anniversary of the armistice, Led by President Roosevelt, Gen. John J. Pershing, Secretary of War Harry Woodring and other high officials, tribute was paid to Americans who sacrificed their lives in the World War and the prayer was voiced that these sacrifices had not been made in vain. '

BOY DIES OF INJURIES By United Press WARSAW, Ind. Nov. 11.—Wayne Swick, 5-year-old son of Sherman Swick of Silverlake, died at hospital here from injuries received when struck by a automobile near his home.

Spectators spines tingled as the Eleventh Infantry Band from Fort Harrison beat out martial tunes.

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son passed down Pennsylvania-st.

JOBLESS INSURANCE UP FOR COURT TEST

By United Press . WASHINGTON, Nov. 11.—The unemployment insurance section of the Social Security law—Kkeystone of the New Deal's program to give more abundant life to America’s economic underdogs—meets a constitutional test before the Supreme Court late today or tomorrow. Arguments start then in a case questioning validity of New York’s jobless compensation act, a debate

over the right to tax employers to create a fund for keeping millions of workers in food, clothing and shelter if thrown out of employment, If the high tribunal holds the act legal, the Social Security Board will forge ahead to spread its unemployment benefit system to some 26,000,000 workers in all 48 states, the District of Columbia, territories and possessions.

But if the court rules the law in-.

valid, officials admitted their plans must be junked, that the program operating in 13 states and Washington, D. C., would go.

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The World War Memorial is seen in the background as the soldiers parade.

INCOME OF UTILITY DECLINES, IS REPORT

The Citizens Gas and Coke Utility earned a net income of $120,373.53 in the third quarter of this year, a quarterly report on file in the City Controller’s office showed today.

The report, filed yesterday, covers the period from July 1 to Sept. 30. It compares with net income in the first quarter of $113,423.97 and $169,237.65 in the second quarter. The drop from the second quarter earnings is seasonal, Thomas L. Kemp, general manager of the utilrity, said. He estimated consumers will save $170,000 annually as result of the first rate reduction and an additional $255,000 annually because of the second rate reduction, which became effective Oct. 1. The first rate cut reduced thirdquarter revenue by approximately $42,498, Mr. Kemp said. Gross revenue from all sources in the third quarter was $1,379,901.66, an increase of $263,458.94 over the gross revenue in the corresponding 1935 period, when the property was operated by the old Citizens Gas Co. On the balance sheet filed with the operating report, assets of the utility were listed at $14,192,824 as of Sept. 30, compared with $13,876,148 as of June 30. The surplus account totaled $1,208,093.44, against $1,086,862.03 on June 30.

Tics

RAILS 15 MILES SOUTH OF CITY

Mail Clerk and Express Messenger Lose Lives Near London, Ind.

(Continued from Page One)

Greensburg. Railroad officials said track repairs likely will. be completed and trains running over the damaged roadbed and bridge by tomorrow noon. Two ‘cars Which got over the bridge and which were not derailed were taken into Greensburg. Mail and express was salvaged from the cars and hauled by truck to Ine

| dianapolis.

The Chicago-Cincinnati train left Indianapolis at 2:20 a. m., for the last lap of its night run into Cincinnati.” Railroad men estimated that it was about 26 minutes later when the accident occurred. The accident occurred at the train roared over the bridge. The engine, on which William Maloney, Cincinnati, was engineer, tender and two baggage cars crossed the bridge. The 10 remaining cars left thé rails. Following the mail and baggage cars were a parlor and club car, in which were riding only two porters, both of whom escaped uninjured when the cars rolled over. The last two cars were a pullman and a day coach which left the rails, but stood upright.

‘Stopped Hard,” Says Kelly

Another account of the deraile ment was related by Mr. Kelly as Methodist Hospital. He said he experienced the sensation of having “struck something when the train left the rails.” “I don’t know if we hit anything,” Mr. Kelly said, “but we felt like it.” Dr. Ensminger said the wreck had none of the scenes incident to others to which he had been called. “Every one was quiet,” he said. “There was no moaning and no one was shouting for help. Everything was orderly. The two men were killed because baggage fell on them.” Among those who displayed une usual poise was Mrs. Hite. After she and her 3-year-old son, hurled from their berth, were treated, she opened a lunchbox and invited other passengers to help themselves. Mr. Carey, the T0-year-old Ohio passenger injured, said that during the last five years he had traveled by airplane and never had an accie dent. “I'm going to stick to airplanes from now on,” he said at the hose pital here. The screeching noise of the dee railment awakened residents of tiny nearby London and within half an hour most of the residents were at the scene with lanterns and flashlights helping in the rescue work. O. E. Kennedy, Cincinnati, was

train conductor.

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TO THE WORLD 2227 R MEMORLAL OF SUBLLME GRANDEUR 10 HONOR THE VETERANS WHO |

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