Indianapolis Times, Indianapolis, Marion County, 23 November 1936 — Page 12
PAGE 12
oding : : ond Thoth cars pL the corresponding week in 1935, ! asin to the Association of American Railroads.
Flynn Says.
YORK, Nov. 23.—The movement for national branch ng arises again. Af least a is current that Marriner es, chairman of the Federal ve Board, is about to sponsor
plan, according to this ret, is that Mr. Becles will support al banks banks to own and
—
ing rapidly when Mr. Hoover was in office. There is, of course, a ‘great deal to be said for sound anch banking. But we must Bp in mind the difference beeen branch banking and sod chain or holding company pking, which is quite another g. A branch bank system is one in which a single banking corporation operates branch offices outside its main office. A chain gystem is one in which a number * of unit banks, each a separate ‘eorporation, is owned by sonie bank by some holding corporation. The former is susceptible of de“fense. The latter is not.
# s ”
{DER Mr. Hoover four kinds ‘of branch banking were prod. One would limit national aks to branches within the city which the national bank operThis is the existing system, Aner proposed to permit national inks to operate branches within ir states. A third proposed to it them to operate within eral Reserve regions, which ‘would include many states. - A
rth suggested limiting branches
of national banks to trade areas.
"A trade area would be, for -in- ~ stance, the metropolitan district of New York, which would include New York City and several adjoin _ dng counties in New York, northern New Jersey and southeastern Connecticut. This last seemed to me at the {ime the wisest form. Branch banking has not yet been developed n this country upon very sound or tled principles. We have had experience with local branch bankg. It would be advisable to exd it to include integrated trade - areas which might spread over two ‘or three state lines and include two. . Or more counties.
» # s
would be wise to-go no farther until that kind of banking had
‘But while all this is ‘true, it would be a grave mistake—so serious as to be almost fatal-=if branch in trade areas or any othe r way were further validated by
ing company banking; ab Iedst as Bod to national banks, is made al : It is a waste of -time to talk #bout limiting branch banking to ‘trade areas, if a holding company
many states and ultimately build up by this roundabout method redor or national branch banking i defiance of the government. Mr. Eccles, I know, has given uch thought to the whole subject ‘holding compatly banking. We some assurance that this phase bf the subject will get attention at
3 Sen ro) at i 5;
§, « auc; ey, ad 8. : uripes, BE cap Smperots. 28-10, DIACKS, 8 boX, - §4dd. Benet ne 8 ] hte 3 bs, $3
uns hs. tnd. “12<pint crate, . CX IQUAS, FOT1ARS, quart 10C, Pom- | Bolu: box, $1.80;
et 6.43 30. th "50 N { ne ire bet Jo atu, Cath TOtS, oWIl, UOS., AUT. wlio lls
Su Rn es
RECORD PICKUP
$1,450,000; Is Over September T Total.
(Photos, Page 3) :
amounted to. $1,450,400, com favorghly w with $1,202,200 in Be Septem-
of :$9,878,500 in actual sontisess a ed aS the tenmonth period January through October this year represents’ a 12} Pa per cent advance over $8,798,000 in contracts awarded during the first| , ten months of 1935, the report showed.
These figures are given for the Indianapolis area which is comeprised of Marion County with a total | Bulim 1930 population of 422,666 persons.
Eritire Territory Gains
dianapolis is located which comprises northern Illinois, southeastern Wisconsin, Indiana, and Iowa is reported by the Home Owners’ Catalog division of F. W. Dodge Corp. to have made strong advances during the month of October.
“The mopth’s total of contemplated residential building in the
947,800 representing a 23 per cent advance over the $8,050,800 reported as contemplated in this class in October, 1935,” the report continued.
“A 17 per cent advance in construcs
the Indianapolis area for non-resi-dential building is represented in $6,064,300, the total during the first ten months of the current year.
year.”
LOCAL STORE BEGINS
A modernization program which includes a new front and interior improvements has been started hy Pearson Co. Inc. 128 N. Pennsyi-
$15,000, according to Robert E. Sloan, secretary and general manager,
glass with aluminum trim, the front carries out a modernistic motif, The | - lobby is to be floored with terrazzo.-
improvements to the first floor and basement as well as a new pavement in front of the store, and is to be completed between De¢. 5 and 11, Mr, Sloan said.
Local Securities |
(By Indiariapolis Bond and Share’ Corp.)
' The ctaa). bide quotatio po. et. wey ‘ ar San hot Hs 3 b L nl ying i inquiries vel
TH te, fi: a Ht ht Lae %
Indpls Water Co as
gat ki ES £ fi Be
Ya
of Hol Ta 8 108 8 LR
BUILDING SHOWS IN INDIANAPOLIS)
October “Construction at ay
These figures represent actual | construction contracts only and do | Pt not represent building permits, the | service sdid. Ha
Adams Contertiplated residential building } 4 in the entire territory in which Ins]
current October amounted to $9,- a
tion contracts actually awarded in| U
vania-st, at an estimated odst of |B d
Constructed of black structural’
coy lig
EyaipmenieAm Brake Am Car : Pave.
Westin 2 x: #2
9308 pela uy .
Am su Son 67% pid. our 81a Car Packing 0.5 434 i Cont Bak ‘A A...
Household—
Col ral Pee ‘ 1 Songol t ... 19 2
This compares favorably with $3,-1M 428,000 in the similar period of last Proc & G
Servel Inc . Simmons Bed ... 4 Eh
Motors Auburn
BUILDING PROGRAM Ee
€0 Studebaker 14%; White Motors .. Yellow Truck .. 1
Motor ‘Access—
ix Bohn Bo 8
Greyhound ew) 6% Sinha Bev) det otor Whegl ... Timken Doi; As ie 3 X Aken Reif yo 11%
The work includes alterations and [Am Meta
helps 4 8S | Vanadiim Miscellaneous — Allis Chalmeérs . 6
1 J 1C * | ont Ya
un Of of of of oA i
gs
Bh Drag (new). hs 1a
iad 122 ia
SN -I=ID OR
40 BT RII 1 fb ty B48 BS
DROD
% | pounds, $9 to $9.50;
Jam
eo hx
—
Bho m-J tnt
+ Es i oe BEnee Pema
8 MpgsmuBoue SE
Rees FEITFFS 8
Pa p
et DI Bw
The Administrative and Research Corp. Weekly index of business activity climbed to 91.9 for the week ended Nov.’ 7. This compared with 894 for the immediately preteding week and with 80.9 for thé
19% week.
i: H0G6S STEADY IN
ACTIVE MARKET |-
{| Top Price of $9.70 Paid for
Choice 225 to 260- - Pound Class.
The hog market was: active and steady today at the Indianapolis Union ‘Stockyards. Receipts were about 8000. Top ptice of $9. 70 was. paid for choice 225 to 250 pounders. The bulk of the 180 to 300-poun weights remainéd at $9.50 to $9.65." Sows were $8.50 to $9.25. Weights of 300 to 400 pounds were $9.30 to $9.60; 160 to 180-pounders were: $9.25 ‘to - $9.55} 150. . to: . 160: 130° ‘to 150 pounds, - $8.50 to $9.25, and 100 to 130-pound weights, $8 to $8.75. Better Grade Cattle Scarce - Supplies of better grade cattle
were very limited on a run of 1200
cattle and 700 calves. Most slaughter classés were active and steady Top price for steers was §11.50 with the bulk bringing $6.50 to $10. Heifef sales ranged from $5.50 t0.$8.50, Beef cows brought $4 to $4.50 and the cutter grades $3 to $3.75. Vealers were active and steady
[VOTES DIVIDEND AND INCREASED SALARIES
Times pevial NEW YORK, Nov. 23 — Western Auto Supply Co. has declared an extra dividend of $3 a share in addition to a quarterly dividend of $1 a share on both the Class A and Class B stock, payable Dec. 1 to holders of record Nov. 20, it ° announced today.
A resolution to facrense, by 5 per cent, the salaries of all employes who have been continuously employed by the company for one Or more years also was. approved, announcement said. The salary rise is expected total around $125,000 & year and becomes effective Nov. 18.
New Bond Issues
(By Lyons & Co. ):!
Altea Shares 2%s * #1 Arkansas Gas 4s °51 Associated Tel Am Te he 4Y38
el gs 108% a cae & 3 '66.. 1 : 1043 eveland Tractor Commercial
Con Rive, Dr Ys Sara ahy Phe 4 80
Hi Li Boston, Js’ "65 okie 8 yet iol di 68. . 1 105
“The survey by our national mortgage research ent reveals that on July 31, 1936, electricallywired homes in the record-breaking number of 21,591,000. which figure contrasts with 21,074,000 on the same date in 1935. 4 Record-breaking sales in the first
eight months of this year of such
household appliances as electrical refrigerators, ranges, water heat ers, washing machines and vacuum cleaners, are revealed in the survey. Smaller appliatices, such .as grills, hot plates, irons, toasters and percolators also are reported moving in volumes that are at all-time rec-
ords or near peaks for the last six
years. Oil burners, gas automatic wa-
ter heaters, gas ranges, ironing ma-
chines, mechanical stokers , and gasoline washing ‘machines are among the numerous - household
appliances moving at an pret |
dented rate in the past eight months, the syndicate said. teers
«=| WESTERN BUSINESS
MORE PROSPEROUS
Times Special : CHICAGO, Nov. 23—Led by ihe building ahd . construction di which registered. a gain of 11 on cent over last year, general business in the Far West during October increased substantially, according. to the Bank of America ‘Business Review.
cator reaching ‘78.3, more than 13
4 | per cent above the corresponding Jevel a year ago and nearly 11 per
cent ahead of the like month five years ago, the review. said. A total of 364,350 new passenger cars were sold in the 11 far western statés during the first nine months of the current year. This was an increase Of 36.4 per cént over the same period last year and a 274.4 per cent
106% | gain over sales in the like period of
with most of the better grades sell- | Met
ing for $10 to $10.50. Fat lambs were steady with most sales ranging from $8.50 to $873, top $9. Sheep were steady and fat ewes Co $3.50 down. Receipts totaled
a SES 5 3 &
8
23, ; Light, & 140-1 Lightweig] Hts 80) Good and choice. &
: (100-300) EIN <u sree iene THE ae 8 Good a 28d ov
09 -3 on
S 69 e598 69 83
oige. oo
S- 83 28 Wa
02 9899 © Lote wut vil:
a5 bo sens mn
sae 550) a ) bi oar,
L_Recei
: aiid choles. . um
sEea En
| 1982.
The latest sales total was higher
1% | than sales in any twelve-month
£5 n Keaf Val $5
Investment Trusts.
(By Thomas D. Sheerin: & Co) A fe Sh Bh i Binod ied a E 5
Biversin t an Ree
period from 1930 to 1935, the report said.
FAILURES TOTAL 166; HIGHEST SINCE JULY
Times Special
NEW YORK, Nov. 23 Business failures in the United States for the fivesday period ended Nov. 12 to-
44 | taled 166, the highest amount since 2% | the week ended July 30 and 15 more
in the
To date, retail failures Have éotnthe percentage for the current week
| was 62.0, the service said. Manuf:
ufacturing constituted 117 per cent for the year, but declined 157 per gent far the latest Week. principal increases were no-
peaiaar 7 ued in_the Middle Ailantie ahd | Central my
gto yn a ty
this country reached
‘of more
Business, he reflécted’ by the fn pank’s index, reached the highest is | evel since July, 1931, with the indi-
~ Busigraphs
FACTORY. "PAYROLLS so 2 DEPT. OF LABOR)
RETAIL RISE 1S SEEN IN EXTRA DIVIDEND WAVE
Sales of Luxury. ftems Are Eta to Near 29 Christmas Peak.
| Times Speci
NEW YORK, “Nov. 23.—An une
mn. ‘expected surge in consumer buying
STOCK MARKET WEEK IN REVIEW
BY ELMER C. WALZER United Press Financial Editor NEW YORK, Nov. 23.—~The outstanding feature in the world of finance last week was the expanded flow of extra and special dividend
declarations. Nearly 150 companies
ordered additional payments that approached the $200,000,000 mark in the aggregate. With the dividend flow amply discounted, the stock market looked elsewhere for clews to-its future. Some traders realized profits and price tendencies were highly irregular. There were periods of tremendous activity although volume tended to decline late in the week. The fact that it lightened on: selling was considered encouraging. Meéanw advance on a broad front. Mercantile bus was sharply higher but cance was the outlook for the near future. Some of the experts revised earlier estimates and predicted that trade would set new records when the vast dividend declarations of the past few weeks were distributed. Then, too, many corporations have raised wages, which also will swell the spending.
Steel Opertions Up
Car loadings made a better than seasonal gain over the previous week. Bteel operations picked up slightly. Electricity output was the fourth highest on record. Automobile production continued to advance. . A feature of the stock market was
improvement in utility shares late
,|in the week. Buying in the group was sufficient to send the average above the close the preceeding Saturday in contrast with the other major groups- which declined. Gains in the utility division ranged to more than 2 points for the week. |
Before the utilities got under way | ‘on the Apaide, considerable business
was done in the amusements which made new highs. While this group was advancing demand continued heavy in the mercantile shares. Many of the issues made new highs and gains early in the week were more than stfficient, fo offsét a sell-
off later; so that a majority closed
the week higher.
Coppers Resume Rise
‘ Liquor ‘issues and alcohols were up ont the entry of their companies into their best season. Aviations had periods of strength. Olls did little. Coppers resumed their fise and several had net gains for the week as the export price of copper tose again. Silvers did little. ‘Railroad shares weére down. on
the week, despite the car loadings | e
report and continued favorable earnings statements. Tradérs anticipatéd the Interstate Commerce Conthission would not grant continuance of the freight surcharges
‘after the first of the year.
Steels were mixed with U. S. Steel ahd Bethlehem down small amounts on the week. They met support on declines and turned dull When the
than registered ng | market weakened. (Jesk, Dun & Bradstreet reported
A. T. & T. at 5-Year High
American Telephone met considerable investment buying and mounted to a new high since 1031, part of substantial gain, Other communications were firm and quiet. Chemicals were irregular with Allied down several
e business continued to | Bian]
[inst ‘week, as extra dividend his- | bursements widened, accelerated re-
tail trade and. brought upward Tein the estimates of Christe sales of luxury items beindicated at close to the 1929 cording to Dun & Brad-
- strong surge of retail dis-
u was ent in the reixibution en the volume of
cided gains over the previous week’ s distribution, with retail sales rising 15 to 20 per cent from the corresponding 1935 total,” the report continued. Cold Wave Helps
“Recurrence of a cold wave bene fited retailers in all districts, push= ing sales 3 to 10 per cent higher {han for the week preceding. Becatise of the strong rise at this time last year, however, the spread over the comparative 1935 volume was somewhat smaller, the estimate ranging from 15 to 22 per cent for the country as a whole.” ; Extending the upturn of the week g, consumer buying -at y of the key ‘cities went ahead of the volume for the pre-Easter period. ‘The formal launching of the Christmas season provided a strong acceleration to demand, but the largest totals were built up in men’s overcoats, gloves and shoes, and in women’s furtrimmed dress coats, 'fur garments, and children’s apparel. Evening gowns and wraps, suede sport suits,
1and clothes for cruise and Southern
wear, gloves, handbags and dress accessoriés moved ouf rapidly. There was an abrupt gain in sales of groceries, Thanksgiving food specialties, china, dinner cloths, and cutlery. House-furnishings conginved well in the foreground, Dun & Bradstreet said.
Unlisted Stocks (By Blyth & Co.) NEW YORK ST ‘Banker: tral nb Sabi as aS a ene 57%
al ht eltal TMinods ..osee.ii 173 Guar ny: j : 314
ye and Sachanse
INDIANAPOLIS STATEMENT
TREASURY ri . WA (By. United Press) ASHINGTON, . Nov. 23 ~Qovern. nes and receipts for the éurrent. Juans 135 To , a8 cpmpared with a
=
+ 11,134,0867 05 9.1 dt LOCAL CASH Lg
City grain elevators dre paying $1.10 for No. 1 red wheat. Other
| grades on. their merits. Cash corn
new No. 3 yellow, 4c. Oats, 36c Hay—No. 1 timothy, $15.50@16; No. 1 clover, [email protected]; No. 1 alfalfa, first cutting, [email protected]; second cute ting, [email protected].
Wi ins » Water Company
RPYi0 Bonds,
FFF
Elec- — ote Rei T | the I to Si
oe street said.
|" Chicago Grain Futtres
(By James BE. Benneft & Bo)
Chicago Stocks: 2
(By Atkins, Hamill & Gates)
& ry
2
bas hott patios
| sams Mang R 8 “fie 6; | Advance & er 3 Sat
eds
2
1300: 380 i Shane aan s Sa He (500-156) (150-900)
4
ZEB LES oe FES
: Produce Markets
od tne" coun, re als for dof defi: MeGord n gies HL | So 3 41% Th 0-800) oc | i aioe. he : § 18 | A i ; he 4 me = eg TE
breed hens, § ibis. and over, 13¢; | Sur breed hens, lorsd i under 4 , 13¢; under ¢
ELS 8 : Ef
Ladesienbuiada Telus NsRETe