Indianapolis Times, Indianapolis, Marion County, 1 December 1936 — Page 15

Training Needed to Study Stocks,

Flynn Says. | ___BY JOHN T. FLYNN

EW YORK, Dec. 1.—A large New York bank warns its customers of the mortality of stock investments. It assembles some startling facts. In the last 42 years there have been 794 railroad failures—101 in the last six years. At this moment 92 railroads are in bankruptcy. These roads operate 70,746 miles of track. This accounts for 28 per cent of our total mileage. There are 148 I railroads, and in the last 42 years fore Flynn than half o Mr them have

been in receivership or bankruptcy. The interesting point remember with all this is t nearly all of these bankrupt roads at one time or another in these 40 years been looked upon as blue chips. Truly, as some one has observed, the blue chips of today are the white elephants of tomorrow.

” “ =

OW we are manufacturing a N new set of blue chips with

which to play the alluring game of stock speculation. Look back just 10 years. Here is the list of stocks that. were included in the AxeHoughton index of industrial stock prices. Look them over and look

them up now. See what they were worth in 1926-29 and what they are worth now. See how much blue is left in each chip: Allied Chemical, American Can, American Locomotive, American Smelting and Refining, American Woolen, Anaconda Copper, Baldwin Locomotive, Bethlehem Steel, California Petroleum, General - Leather, General Motors, Hudson Motor Car, Kennecott, Mack Truck, Marlan Oil, Mid-Continent Petroleum, Republica Iron and Steel, United States Rubber, United States Steel. United States Steel was the bluest of blue chips. In 1929 it was as high as 261. Now it is 74, rejoicing . that it is able to pay up a little of ihe back money on its preferred shares. ” ” 2 HE shares listed above were what is called stock market leaders—the most active stocks in 1926-1929. Now look at the list of shares most active on the day I wrote this: } Callahan Zinc-Lead, Radio=-Keith-Orpheum, Paramount Pictures, United States Rubber, United States Steel, Curtiss-Wright A, Ra-

dio Corp., General Motors, Boeing Airplane, Electric Power and Light.

What will be the most active shares next month and next year? And how good are you at guessing?

Of course, you are no good at guessing. And for you it isa purely" guessing game. For what it is that affects the fortunes of these shares and makes them blue chips one day and red ink the next is beyond your capacity to know unless you have nething else to do but study investments, ample funds to provide yourself with large and expensive achinery for research, and the netessary training in the use of that machinery. (Copyright, 1936, NEA Service, Inc.)

Local Securities

(By Indianapolis Bona and Share Corp.) The following quotations do hot repretides actual bids or offerings, but merely indicate AL approximate market level on buying and selling inquiries or pases. transaction BONDS

TH) 428, '61.. 104%

. 4-5 : Bele O Brgwing S08 Yds com.. 58 Belt Railroad & St Yds pid... 23

Cent Ind Pwr pfd 7s Home Tel & & Tel Ft ‘Wayne. H Dru

Fruits and Vegetables bel

ject to change, ale ces being offered to IoD dealers.) Tego

ite a OD on 30s 2anr BOX. aliforn Or: OE An extra faney (1108 FB ted

a1 Banan se 5 15: h 22 sh: A & nds ame Delicious, ne 3 Indiana paldesh, 912 inches u Chey up. 52 2 inet » Nos 65

! inches up, n Baldwins, 3% inche auties, 2% inches u ist, 3 36; 5

‘TUESDAY, DECEMBER 1, 1936

PAGE 15

amoumted i 577, 786 tons in October, a gain of 52 per cent over the output of 381,641 in October, 1935, according to the Chicago Journal of Commerce.

SAVINGS, LOAN OFFIGERS WILL

To Discuss New Charters Adopted by Federal Bank Board.

New charters adopted by the Federal Home Loan Bank Board in|, Washington for Federal savings and

Evansville Thursday by officers and

directors of 18 southern Indiana associations, it was announced today.

The meeting was called by Walter H. Dreier, secretary of the Union Federal Savings and Loan Association, and Indiana Savings and Loan League executive secretary for the Evansville ‘district. It is to be held in the McCurdy Hotel, nounced.

After three years of operation under the Federal Home Loan Bank System, the associations are to consider the adoption of the new. charter. Stockholders in their annual January meetings are to vote wheth-

charter or to adopt the new instrument, Mr. Freier pointed out.

Greene to Attend

Fred T. Greene, president of the Federal Home Loan Bank of In-

associations in Michigan and Indiana, fs to make the introduction and explanation of the proposed charter, according to the announcement. Managing officers from Federal associations in Bedford, Bloomington, Fort Branch, Princeton, Evansville, Loogootee, Oakland City, Sullivan, Tell City, Vincennes and Washington plan to attend the session, it was said.

New Bond Issues

(By Lyons & Co.)

Allied Stores 42s ’51 Ark 1a Gag 4 s 3 rgentine Re ’ Ased Tel 4s R Yes ‘nl

Bid cecsees 100% .102%2

Ask 10034 103Yz

Cent Maine Pwr 3's '6 Cent Ill Lt 3%s 66 .... Cinti G & E 3V%s '66 Cleve Tractor 5s '45 Comm Credit 3%s ’51 Conn Riv Pwr 3540 Cudahy Pkg 2, ’55 3 Cudahy I tum 10 Edison El I tum, Bost 32s ’65.. Goodrich 4 '56 Gulf Sinton Shee 4Y%,s "61 . Indpls Water 32s '66 Iowa "Sou Util 5%s ’50 Kansas P & L 415s 65 Eolinteits d' 2 Ss eles Loutsvifle 'G

101% 99 105 110% 103 106% 105%; 1087s Narra Elec 314s 66 101%,

New England Pow 3 s'61 .... N Y Chgo St L 4s Y

& Lite Seo avec ss Cc S Republic Steel 413s '56 45° '65

Unlisted ted Stocks (By Blyth & Co.)

Bankers Trust ceesaenane C ointral Hanover ......... 120

ase Chemica,

Gu ant vresvedndnnss trasssnnnes ving National City National Shewm ut First Natoinal Boston FIRE INSURANCE Aetna Fire Insurance

Provan ene rin io

Ditton Declared

Dividend rates are given in dollars cents unless stated o herwise. 2 3

'd Payable Ambass Pet ..... Am News N ¥ Dec: it

2 2% 2

DRIGIN GO ®OI~IWV JENN

os 8 rp 1. 50 Cor-Sesd 8% Bib : Curtis Pub ..... .35 Det Gasket ..... .2

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$0 hd hd fo, fd

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03: FEYRRRRES

Produce Markets a

, No, .

37@38¢; at—No. an

HOLD MEETING =

he an-!V

er to continue under the original 1

dianapolis, credit bank for member | Adam

DD ©0000 Us NITE NNN DO

olhgEE EET

New York Stocks

64%

ii 21 117 7 37

Fh Ce i =]

roa Aviation

Ted al Arch Trans Con uw Am Radiator ... 24% Parker. Co s Holland Tunace 42

loan associations are to be dis-|Lone

Johns Manvilis :

cussed at a dinner meeting in |Libby Ow

36 U 8 Gypsum a Warren an ve 10% Chemicals— . Allied Chem ....235% Am Com Alcohol 32% Som, So .. 16%

dus Alco.. Am Home Prod.. Drugs— Lambert

fehn & | Walgree.

Un Drug (new). Vick C 45%

ROM

an Car & Pdy.. 52% r Loco 43% 98% 9a 70% 51%, ... 48%

Poor 26% Pullman The eees 613 West Air Br.... 45% Westingh Elec 14708 Pinata cee 15%, Allegheny coi. 5 Am Int

Transamerica .. 17% Foods Am Sug 56% Beatrioe “Crean y 26% Borden rod .. a Cal Packing

Holly Sugar ... Natl Biscuit . Natl D Prod.... Purity Bak .... 1 S Porto Rico Sug td Brands .... 1 Swift & Co . Un Biscuit United Fruit ....

Household— Col Pal Peet ...

Ya Simmons Bed .. 46% Motors—

Auburn

| Chrysler

Gen Motors . grabam Mot .

108% | Hudso

Yellow Truck Fi. Moto Access—

Bend Bona Walief “oe Bri

Ti Timken Roll .. Mining— Alsska Jun ee...

Kennecott Cop . McIntyre Mine .. 4 Park Utah oe Phelps Dodge RI J 8 Smelters ... Vanadium 2

Miscellaneous— Allis Chalmers + 33%

Am Am Mach & Fdy RY Anchor Cap ... Brklyn Man Tr. Burroughs hs Add.. fo Caterpillar Tract 897% Crown Cork 8

Owens’ “Bottle ese} Rem Rand ..... 22% Oils— Amerada Atl R

eeeees.101%2 10115 31%

Corp 4 Phill Pet .... Plymouth Oil .. 20% e Oil

orthern pfd 40 11 Central 243

AAA [= = B 2 Scr

gee

Mont Roca a for devs ir aditys

- ; No.

160 22%

(By Thomson & McKinnon)

S3anng

ha © >

0 - >

Saheny

123 10%

235% faa 16% 82 28% 442 41 31 53 as

27% 13%2

14%, 51

23%

101% 31%

g ali L

aataarl gagss =

as =a

ws a Fer

ns & Textiles—

Amer Woolen .. Belding Hem ... Celan

ese Corp ine Alkan. Rote .e Kayser Julius .. Real 8ilk

sescens

eNss [B=3 #

Seouas 8 wo ®

‘Tobaccos—

Am Toba A’. Am Tobacco ‘B’ Ya & Myers ‘B'.107 Borris” |. % Reynolds Tob ‘B' 50%

Utilities— Am & For

&. . oops oy S Cal. Edison.... 30% Std Gas Stone & Webster United corp vos MY s Un Gas Sap... “RB 147 Western Union . 91 8 8972

Chicago Stocks

(By Atkins, Hamill & Gates)

23 Pub’ Service.... 69 3%

oe . ssssssse

cecssssssanece

seson sssvesecssssens ssesssssecesssnasse

and Libby sssne

New York Curb |:

(By Atkins, Hamill & Gates)

Noon luminum Co of America.... American Cynamid on Gas A Superpo I ne Atlas Corp 3rown Foreman vou Cooper Besse Canadian Indust Alcohol, HAT, Carrier_C:

] aoe] oil nternational Vitamin n

Niagara Hudson Power ..... Mueller Brass

Spencer Stores Root Petroleum Rustless Iron "a Steel Segal Lock

Investment Trusts (By Thomas D. Sheerin & Bid Ake 2nd ..... 19.47 5

Chicago Grain Futures (By James E. Bennett & Co.) High. Low. hr 1.20

1.17 Toe

Prev. Close,

Dec. 1.20 May .. July .iii. i 107 101 Corn—

DEC. civessves 05% 1.05 May Yay 1.00% 1.00

832 35 anes

in on

Dec. seseanees : A5 MAY ..oeceins 45 13% JULY coupes «41%

Bs a

Bik *F

ty grain elevators are paying $1.12 for No. 1 red wheat. Other grades on their merits. Cash corn

new No. 3 yellow, 90c. Oats, 3c.

Hay-—No. 1 timothy, $15.50@16; No. 1 clover, [email protected]; No. 1. alfalfa, first cutting, [email protected]; second cuteg, [email protected].

* Produce Markets

9 | Ghtter. com. and med, buik...

2 Heifers— Good

PORKER PRICES

ARE STEADY ON

Trading Active: Receipts Total 12,000; Cattle “Hou Firm.

pounds, $9.50 to $9.85; 150 to 160 pounds, $9.25 to $9.80; 130 to 150 pounds, $8.75 to $9.50’ and 100 fo 130 pounds, $8.25 to $9. Vealers, $11 to $11.50

‘In the cattle market, * vealers held steady on a run of 900 calves. |38 Most of the better grades sold for $11 to $11.50. - Steers, yearlings and heifers were steady but trading moved slowly with a run of 2500 cattle. Cows were steady to easy and bulls were steady. Top light and medium weight steers old for $11.50 and most other Sales in these classes ranged from to $10.50. Beef cows solde for $450 to $8. Beef cows were $4.25 to $4.75, the cutter grades, $3

Z to $3.75. Sausage bulls were quoted |. {at $5.50 down.

Lambs opened, slow and a few of the early sales of natives were 25 cents lower than yesterday's high, ranging from $8.75 down. A run of about 4000 Westerns remained unsold until late in the market. Sheep were 25 cents lower and fat

$0.05 9.90 9.95 10.60 : 10.00 9.80@ 9.95 9.95 Li; ht Lights— #hh 0-160) Goon nd choice..$

Li Riyals 160-180) God and choice... .

Receipts,

Medium Welami (220-250) Good (220-250) Good Hes vewe shiz - (250-280) Good 290-.

Be choice... and choice..

and choice.. Good

) and choice.. Packing Sows— (275-350) Good ...

9% NNOT BO VO LONG KO

BY Boh 2x =x Wasi w3 95 9299 09 9 998 89 DY OOVVYW VO OV VOLO DO

88 83888 8% 88 333% 8%

—Receipts, 2500— (500-900) Choice oe

pees “JOO re

Co! (900-1100)

SASR333 CHOOHIJVOM

Cc (1100-1300) Gi

5 saB oD set

bobILNDY - RaNaIshnIgin

SANOh Pr

Medium (1300-1500) SEE Good

(500-750)

ties

Common, medium. Good and choice. . Common, medium.

(750-900)

HOARD ° SR3S RRND PORNO

9909 99998 0959595399999 853383

Ponto en S233 aise

Vealers —Receipts, 900— Good and choice ....ccceuuee $

m ‘i oe and medium .... es Calves (250-500) Sood and choice..$ mon, medium. Feeder and Stocker Catt (500-800) Good dod and choice. . 3 , medium. (800-1050) Good and choice. . Common, medium,

and choice ......... Common and medium... SHEEP AND LAMBS —Receipts, 6000—

—-

aa 0D

83 Ban

ao OD

a S333 88

223

09 9303 69 999

po paso 88 9838 OAR N-INn-a

Lambs— Choice Good Medium Common senders reais senses 5. 0-170) Good 2nd Shojoe. .s 3

paSheep and Jamy Caton: =

Money and Exchange

INDIANAPOLIS STATEMENT

Slearings seeeneesess. $3,864,000 DEDItS ...ovvivivivenveinen vesewe 8,579,000

TREASURY STATEMENT (By United Press) pe ASHINGTON. Dec. 1.—Government exand receipts for the current fiscal year F to Nov. 28, as compared with a year

sessesersonanens . 88.

sessssessevss

S 233 ik gre anno 2833

Expenses $2,856, 6.012 5 5. 1/830 253 i . 1,226, 718

Bal... ra and Vepetables. : (By United Press)

51.5 1.60.

LOCAL AL MARKET

Haw emu tt

CREAT ewes. brought $3.50 down. Receipts || MENT

5 ~arples—Mishigan ¥ Car- | Tili-

New York Bonds

& ;

arava neasvanses 10415 Home Owners Loan Corp. a1 ersvsssvenansaes 1083 103. . 103 103.5 104.26 Federal Farm Mortgage Corp. 3 1 105.31 106. fra 184 vee . 105.2 104.31 si 042-47 - .. 105.14 105.17 Yas 1949 Seovius testes uel .

104.13

a Pra

New Business Books Available at Library

The following new business books now are available at the business branch of the Indianapolis Public Library: WNFALL OF THE GOLD D, by Gustav Cassel. “There

STAND is much A that we are passing A ioroush 2 a Lahsformation involving

4 hothing les the final abandonment o olt a its position as the basis of

e world’s monetary system.”

ING, bY a El he brewery AR is pracw business, or at any rate ed business, sound bookkeepng m are of, unusual importance to the brewer

MANA AGE at The first Sompless textbook , management for the laundry industry.

NATIONAL on COME AND ITS ELEMENTS, comp. by National Industrial Conference Board.

RETAIL AUTO SALES SHOW OGTOBER GAIN,

Times Special

WASHINGTON, Dec. 1.—Prelim-

inary adjusted index figures of the |; retail value of passenger automobiles Fo

sold in October show a slight increase over September, according to the Bureau of Foreign and Domestic Commerce. This index, which makes allowance for the number of days and for seasonal movements, was 84 in October, on the basis of the 1929-31 average as 100, compared with 83 in September and 92 in August. Sales in October, according to these preliminary figures, were approximately 4 per cent higher than in October, 1935, and about 17.5 per cent greater than in October, 1932,

Daily average sales, without seas-|

onal adjustment, decreased about 22 per cent from September to October, according to the bureau’s findings.

Other Livestock

(By Daited Prost)

CHICAGO, Dec. — Hog 43,000, including 12:000 directs; steady early with Monday's average, most local interests were bidding lower; and choice, 200-290 In ompatable, 150-180 1bs.,

calves, 2000; gr teers TR yearlings, strong; weighty Hes getting er action; stockers and. feeders, steady: beef ow 8 SU bat cutters’ pet 4. t cers 15 Sa

down; bes with ‘some noid gr Fy bulk better gr Ii Bht, calile, Tg ubward, ulk of crop matty SSG Kalk, Fell oclaned oth s oa edgin; d for ako] , orogens: bulls strong;

] sausage offerings to $5.60; vealors, 356 of mors Ferests Do er on shipper ac-

eounts, these in

rects: fat lam ST slow; indications around steady; sales 0 $835 on i am fre. a Title a native wes." ostly $3@4. oTBT WAYNE, Dec. 225-250 Ibs., $9.90; Soon ma 1bs., $050: 380-15 1bs., 5 oY #5: 180-200 .1bs:, $9.75: 180-180 1bs.. $9.60: 300-3 be, $538? 150.1 Ibs. $6.55: 3.8 isd be. sa 30; 100-1 0 S860;

To $7. Calves 31, $11. Lambs, 3.5 Dec. 1. —

ng $1 Pine as

. ’ .

“Ibs. $8.75@9; | 13-130] $9.25. down. down. :

Ba down. ‘Lambs—$8

0 a ays Bond

Rolling’ Mi 48......131 d om Grt West 4 .Tex Aj} 5s "67... 6s BB eionranres in

Close.

esssssssvsenslOl

ccsnseessss 9B

2030 sov0eo.. 19% 43 c.i000s.112 .110

Cleve Un Term 4las . Col Gas 58 May "52 ....cco00 105% an Pac Perp 4s . 96 Cc 5s ‘60

Nickel Plate 52s '74.. en N Y Cent 5s 2013 cee 99, N Y Cent 4%s 2013 oid)... 95% N Y Cent Conv 6s '44......... Nor Amer Co 5s '61..

ine rrieny 110%" United Drug 5s '53...... vees.1027 US Rubber 5s 47 01 & Hart

Western Mary | 5%s "77.. Western Union 5s '60 Youngstown 8 & T Youngstown S & T ’ Ohi:

FOREIGN Argentina (A) gs "51.

Australia 4s Brazil 8s 41

.108%% 111039; ..133%

08 *52 v . Tokio City SYam 281 i iain

Yokohama 6s ’61 81%,

CLEARINGS DECLINE: REMAIN ABOVE 1935

Times Special NEW YORK, “Nov. 30.—Although the aggregate declined from last year’s high figure, bank clearings as reported to Dun and Bradstreet, Inc. continue high. Total for twenty-two cities reporting for the week of Nov. 25 was $6,527,440,000 against $5,472,736,000 in 1935. Totals for all cities except Detroit were above those of g year ago, it was reported. The week’s clea $831,245,000 from denrings gp ped week preceding. Between the two comparative weeks in 1935, there

was a falilng off of $103,702,000, it was ‘said.

Tonewri fl : LI. 6122 LETTERS Ll 6122 i Sypopritien Letters Shake

Use to i Collections, ity, te 4% ala,

Bemis Letter Service 803-307 Merchants Bank Building

FILES

Filing Supplies, Guides and Folders

a sociales : 134 8. Mer. RL 9727

DEPOSITS CLIMB.

FOR THIRD YEAR IN MOST STATES

Savings Rise 3.8 Per Cent Over 1935 in Period Ended June 30.

Times Special NEW YORK, Dec. 1 —Savings dee - posits in United States banks dure ing the year ending June 30 ade vanced for the third consecutive

5 . | year, according to W. Espey Albig, %

deputy manager of the American Bankers Association. . The number of savers also showed a marked increase, he said. All states with the exception of one in New England and three in the west central states joined in the upward swing of savings, he declared. - “As of June 30,” he reported, “savings aggregated $23,463,585,000, a rise of $849,561,000, or 3.8 per cent, over the figure a year earlier, despite the decrease by $135,786,000, or 42.3 per cent, of redeposits of postal savings in banks.” The pre= vious year’s increase was 4 per cent he said, or $861,514,000.

Commercial Deposits Up

On the basis of savings deposits per inhabitant, the picture appears less bright according to Mr. Albig. “Fourteen: states had a percentage loss of from 1.2 per cent to 13.9 per

pared with the previous year,” he declared. The really spectacular rise in dee posits has been that in commercial deposits, he asserted, and there is an evident trend of deposits from savings to demand, reflecting the

for suitable forms of investment and loans. In most states, the Prevailing ine terest rate on savings accounts is now 2 per cent, Mr. Albig noted.

HARDWARE SALES GAIN

Sales of the average hardware retailer during October were 20 per cent higher than in October 1935, the research service of the National Retail Hardware Association ane nounced here today. Average sales, the association ree ported, were 35 per cent above the six-year average 1930 to 1535.

MORTGAGE, LOANS)

Arrange With Us

Come directly to us with any mortgage application, or for any advice on mortgage matters. See us first for Home Financing. It may save you much time, some money, and it may enable you to grasp a home = purchase oppor-

tunity! Consult our loan . officers.

wv 21-23 V VIRGINIA AVE.

$700,000

(An Indiana Corporation)

5% DEBENTURES

Dated November 1. 1936

| —

Offers and sales made only to residents of the State of Indiana

AMERICAN LOAN COMPANY

$ <

$470,000 reserved for exchange for $240,000 of 8% Preferred Stock called for redemption, and $20.00 of 7% and 8% Preferred Stock. which isnt redsamatie gt the proseat ia,

Maturing $900.000 on November 1. 1846, and $400.000 on November 1, 1951 Denominations $1.000—$500—$100

Sani Saongiblem a veiumdabl. wb spplinion Amaisan Naforl Sinica inzncpeln Trasios

PCE 100% AND | ACCRUED INTEREST VELDING 5

i: Ms: matters ers nc connection ions of tase

cent in per inhabitant savings com<

large “surplus funds held by banks