Indianapolis Times, Indianapolis, Marion County, 11 December 1936 — Page 44

rend t Thing Wanted

Is ‘Big Boom,’ Flynn Says.

Cash

BY JOHN T. FLYNN

JEW YORK, Dec. 11.—In Wall .Btreet one begins to hear the accents of unrestricted opFor six years Wall Street ‘been a haunt of dejection. Not nly did the shadow of the general Slump hang over its once sunny prec , but a special collection shadows served to darken the

For a year this paradoxical sit-

oil

PAGE 42

PRIVATE AGENCY EMPLOYMENT IN 1936 INCREASED

Higher Salaries Obtained by Workers; Placements Up 60 Per Cent.

FRIDAY, DECEMBER n, 1986

of Home: Oe Trip mT PRICES BAIN

/ ¥ Howard E. Nyhart, (right), Chester C. Goodsell,

(left).

25 CENTS WITH

Run Totals 5000; Trailing Is ‘Active as Losses Are Recovered.

LIGHT RECEIPTS _

to the $700,000,000 issue of

2% per cent long term bonds tere $5,000,000,000 or -| about seven times the amount available, Secretary of ~the Treasury Henry Morgenthau Jr. announced today.

FEDERAL RELIEF

1 ited

New York Bonds.

DOMESTIC

"44 EERE AER ERE A NY 101 M9 cieiiceceiees 98 50 Ants ssRt cant 90% 58 2030..c..5.0+ 81% 5%28 "43 (ive 112%

ALMOST DOUBLE IN SAME PERIOD

1$992,086,002 Spent in First Five Manths of Fiscal Year; Rolls Pared.

Di has existed—dire prediction’ has lurked in almost every corner at the same time that prices have

2 287

58 "65 ..c0000...110% ) 45 '58 cocoon... 99% 48 "52. .....00..205% 4%s ‘64 ....... Fe 4%s '48.....111

edd See

By United Press WASHINGTON, Dec. 11.—Federal unemployment relief has cost the

esr shensrnenes 191.24

itis Fh . THY

; g

Small receipts here and in other packing: centers sent ‘hog prices soaring today and gains of 25 cents

More placements at higher salaries during 1936 are reported by Indianapolis private employment

£2

Elected in a mock election-sales campaign Howard E. Nyhart and Chester C. Goodsell of the local Connecticut General Life Insurance

x f

> 8 é ® «

risen and the Street has seemed to be betting against the wizardy of its prophets. But now the shadows seem to. be lifting. One important banker who ve of his time during the great de for “our liberties” under he banner of Mr. Landon, returned to his desk two days after election, with prices rising and business looking generally breezy and gay. “This,” he said, “is the most successful disaster I have

8 8 =» , ND thid is the form the opes takes. Listen to a ‘prophet. of gladness talking: “We @re on the eve of one of the greatest booms in our history. The utilities need almost everything. So do the railroads. "So do manufacturers. Most of their machinery is ‘obsolete. All will begin buying on

great scale soon; have, indeed, The utilities are no longer ‘frightened at TVA. They realize &hat demand for power is so great that the Government's yardstick Will not interfere with their mark- . « Profits, will. be so great by that thereswill not only be nn Government deficit but we will Pe discussing what to do with the surplus and how to reduce taxes. Industry will be so busy that instead of a relief and unemployment, problem we will be suffering from a labor shortage. All that we have to think about now is how to control the boom to keep it from going too far.” ~ This is the beginning of the dangerous mood. The arrival of this Spirit means we are at the point ‘when we must begin to be troubled. It is clear that all bankers do not “hold this view.

NUMBER of them have warned lately that the price of bonds

38 foo high, that it is to come down and that when it comes down people should be sure to know whom fo blame for their troubles—that the blame will belong to the gov-

ernment which has made the easy Jn ey and high prices possible. ut it may be that these bankers Yepresent the last shreds of the cautious spirit. In the beginning of this year, Prof. H. Parker Willis wrote, “How far can this situation (bank credit inflation through government loans) progress in America before an open break occurs? Perhaps through the current. year, until the Presidential election has been decided. But after that—the deluge!” The election is over. Instead of the deluge, what we see is the conversion of those who held Prof. Willis’ point of view to the “big boom” theory. Certainly the raw materials of # boom are here—immense reserves, vast unused credit, low interest rates, enormous obsolescence, rising confidence, people weary of ‘the blue psychology and rarin’ to ‘80. The situation is indeed full of 5 er. It seems to me that the last thing in this world we want is that “big boom.” (Copyright, 1936, NBA Service, Inc.®

Fruits and Vegetables

Quotations below subject to change. are mm wholesale prices being ed to : by local commission dealers.) its—Pears, Oregon Bosc. 100s, box : California Avocados, 20s-24s, box, : Oregon D’Anjou, extra fancy (110s3, >. Bananas, selected, Ib. se,

20-ounce Pip 2% Fuchs | ©

al Golden 1 Stay 1 Jonathans, ealthy,

Grimes, jana on

up, No. 1 Sina as. ne Boney up. § 3. , 9'a Inches up 3 No. caes Y.

incaes up, N. a hes up, $1 85; No. 1 Michigan Bald: 12 inc h 3! 85; No. T 1 Rome 1_Mcln{winger Banaa-

rly 25- .50. Tangerines, 1% crate, 176s, $1.50. Grapelfruit—Texas ss. 80s, $3. Oranges—California ua navels, sh Florida. $3.25. Kum idas, qt., 15c. Pineapples—30s, crate,

BbiSsmALtichokes California, 4¢-doz. $3.50. Peans, Florida Siringless, fornia 0S box, El

ss. homegrown,” “ oli Uh

case, $3; Tain a m, 50. 0 &o BET 2 ru a y

or! if 02... 60c. Gantt ower, ls-13s. crate, $1.85. slery. Michigan Mammo! 75¢; pod.

am, Celery cabbage. "Te iT doz.. 75¢. Cucum Flotida. ant Pian. Gane ’ orl n, bu. Sse. EL

aes a Eh

Lettuce. §Severk Caliaves , $3.75: yellow. 50-1b. bas,

90. on hotM white, 10-1b. megium, $] Boas”

ube “Pats. 29.

Ss, Peppers,

hl grown, doz.,

Sets

agencies and a shortage of work-

ers now exists in some lines, a survey today indicated. The last eight months, according to Ancil T. Brown, Brown’s Efficiency Service manager, have seen the greatest number of placements than at any time during the last five years. All classifications of corporations are calling for office, sales and technical help, he said. There will be 60 to 75 per cent more placements this year than last, Mr. Brown estimates. + Salaries paid to “white-collar” employes, aceording to O'Shea Employment System officials, are markedly higher,

Employment Is Improved

Although employment in most lines is improved, the increase in employment with manufacturing firms was called phenomenal by Fred Kleinsmith, National Personnel Service manager. There are places for ‘skilled men

experienced “white-collar” workers, these executives say ,but a shortage of applicants. Especially notable is a shortage in domestic, hotel and restaurant help, according to Miss Laura Michelson, Paramount Employment Bureau manager. Calls in this field of work, Frank C. Harlan of the North Side Employment Agency declares, are double last year’s figure, and not half can be filled for want of applicants.

Local Securities

(By Indianapolis Bona and Share Corp.) Tbe following quotations do not represent actual bids or offerings, but oe indicate the’ approximate market level based on buying nd selling inquiries or

recent transaction BONDS Bid. Asked.

Diz ald Tel (TH) 4 .. & Tol vw als Ha 10 Tel w 6s

s 6s '58.. 04 *50..100%> '65. 103% °47..103 . ..100

ET0CKS ABC Brewing Co co Belt Railroad & St Vas com. Bel Railroad & St Yds pfd.. ent Ind 21s wi a Hook Drugs : ayne...

Inc *Ind & Mich Elec Co pfd 7s... *Ind Gen Serv Co 6s v

1 0 6s. , Indpls Pwr & Lt Co pfd 6s .. 9 Indpls Pwr & is Co pra 614s. 98 Indpls Water Ci f ees Ind Pub Sar 0 Ind Pub Serv pfd 6s FroRress Laundry Co Ind Pub Serv Ts Pub Serv Co of Ind pfd 7s.... *Pub Serv Co of ind nid 6s... Sou Ind G & E pid 6

Unlisted Stocks (By Blythe & Co

ln eae en's nl Asked. entra BNOVEL seivcvsvrsnaesll 8 Chase | Creve nus yy ai 1 %

Home Insurance as raxari es National Liberty” i Nationa shine North Rive ny’ hoent

* Ex-Dividend.

» he o : Building Permits Hoosier Petroleum Co West and Maryland sis, repairs, $1 a al Ellenberger, 320-22 LaSalle-st, $ ", Che Mier: 3768 N. Emerson-av, stoker,

mes Nb Bandy, 1912 N. Alabama-st,

in r, $80 oe. Percy Bruford, 616 B 31st-st, stoker, Hoosier Petroleum Corp, West and Marsland-sts, tanks, Robert Hendrickson, 30 W. B7th.st, Robert D. Lawson, 2525'E. Wash tonst. SroRer, $335. ng Mau ude Rucker, 1443 Park-av, Albert Thompson, 3424 Guilford-av, stok(Clarence Childers. 2108 Prospect-st, S Chailes Bryant, 5925 College-av, stoker, LS was Seal. Fast Corp.. 131 N. Pine-st, stoker $458 Nu u Gra al pe, Bottling. Co.. 1441 N. Senatev iy Roy” W W Wilmetn, 14th and N. Meridisn-

Bon a Tr Bh troleum Co... West and

and women, college graduates, and | Oti

stoker,

1k - toker, wr rs. 1130 3% tinots-st. electrical, $100.

Co. agency, are to attend a home office conference and “inaugural dinner” at Hartford in January. :

New York Stocks

(By Thomson & McKinnon) . : rev. ~ High Low’ 11a.m. Close

Amusements— Loews Inc ..... 64% Paramount .... 22 Radio Corp .... 117%

20th Century Fox 39% Warner Bros .... ‘Aviation— Aviation Corp .. 63% Boeing Aircft ... 35% . Curtiss Wright, 7 Cuytiss Wrignt A 30% Douglass Air ... 75%

or Am Sperr

v Co Lo. 32% Pited Air Lines 179

Unitd Aircft New 29% Trans Contl Wst 18

Building—

Am Radiator . - 384 ber Co 35%

. 1301 Chemicals— Allied Chem .. Am Com Alcohol 30% Com Solvents .. 18% Du Pont 181 Freeport Tex ... veo 45 .. 407% Natl Dis (new). . 29% Schenley Dist - 52% Tex Gulf Sul hi '40Ys Union Carbide ..103 Ts U 8 Indus Alcohl 41% Am Home Prod.. 50 Drugs— Lehn & Fink ... 18% Sterling Prod .. 71%’ Un Drug (new) . Vick Chem Equipments— Am Brake Shoe. Am Car & Fdy.. £

Dulman 3c “aes West A 46 Westingh Elec’ ..147

Financial— Allerhe ¥ Bor . 13% eg deny orp. A t Cor an

8 Com inves Trust % Lehman Corp ..122 Transamerica .. 17%

Foods— aR Sugar eviees Df . 2 Ya %

1125Y,

2 Holly Sugar en Rall pelt b: ‘e

SSS sd i iutaca to 8

Un Biscuit Household—

ol Pal Peet... ongoleum

4 ‘Kelvinator

Simmons Bed .. 45 - Motors—

{ Chrysler reveapesl ) gen Moors ves

0. racedines Studebaker vere 3 ‘White Mtrs ... Yellow Truck | Moni ig Access— Bona x Alum ...

Borg Warner ... Briggs

Lead. . & OSmelters Vanadium ‘ Miscellaneous— Allis Chalmers yy n

3TKIYD “Man 3urroughs Add. I Case Contl *Can pro ln Tract

Oils— Amerada .. Rig .

BE 45%

63 213%, 11%, Vi

637% 11% s 39%, Yi

28 17% 23% 34

48 57%

a 1

120% 234 9 6% 180%, 287s 45 40% 28% 52 40 103% 397% 50 1 71% 147% 4 44

66% 54%

44 59% 10 75 51% 5 28% 62 45% 146%, 14 3%

i 69 Rai 122°"

17%

”, 25 267% 42% 128% 307 alt 13 4a" 13 41%

8, 3 45 i 128% i 187 11%

123% yi 69% 695%

19%: 45 16% 11 53%

| & 25 16d |:

27% 443%

36% Ya |

861s 89% 6 96

2, st

23 Chi Yo

y St § ears A Raebuck. | 97, 66%

‘Indus Rayon ...

High. Barnsdall .eceeis Consol Oil Cont of Del .... Housten (new) oh id Cont.

sveews

Quaker State vi Seaboard O .

2%, ha oLw d 12% M o 2.

§ M & 5 ® vid 4 w ie 3

e rie pfd 30%; Gt Northern pid 3 Ho a nt

Retail Stores—

Allied Stores ... 19% ated Dry. Go ods. 247s

& Co 64%, Pest Natl Stores 53% Gimbel Bros . 20%; Kresge Kroger Groc ... Macy cLellan St . arshall Field. May Dept St ‘3 ont ad - Safew

86% , 44

A Vo oolworth 'Rubbers—

‘| Firestone «...... h

ubber 4874 U 2 Rubber ‘pid 96%: Steels— 35] Roll Mills. . fi A M ,

te Inland Steel

.+118Y%% Keystone Steel '. 2094 udlum Steel ... 2 Me 0. Mic Na ge

& ray 39% +1397

“I Youngstn 8 & T

Textiles— Adams Millis... 27% mer..- Woolen .. " 1oik elanese Corp., 28% 28.2 n

{ Collins Aikman.’

tham Hose .. : 8 38% Tobaccos— Am Tob (B).... 98% Gen Spas co... blYa 1 Lig ug B) 18 Lorillar.

Philip TMorris -» Reynolds T (B) 59

Utilities— i

Am & For Pwr.. Am Power & Lit. 1

AT Am Wat Wks

ac wid Peoples Gas . Pub Serv N J .. So Cal Edison.. 8td Gas Stone 8 ester 25 guiten © ‘

n Gas Imp So. 14 Ut Pw t ‘A’ 4Ys Western Union . 85%

] 38% : ; Sharon Ste Steel =

5. ; ‘| ferings brought $11.50. Top price |O of $12 was paid for a few strictly | pac Gas &

* | $3.50.

Chicago Grain Futures

(By James H. Bennett & Co.)

High. Low. 1.28 123 1 1 1

peat 1.28% May Sooiiiin 134

Prev. Close.

A. 34 138 ® 106% 8% 1 1.09% 99%

1.043 1.00% .48%b 48 44

11:00 M.

49 “491 Aah

eas Ba ™

BANK CLEARINGS DOWN

Times Special

NEW YORK, Dec. 11 —Although

still above last year, bank clearings in the United States for the week jincluding Thanksgiving were smaller preceding

Hin Sompazison Sib “ |'week, Dun &

nounced.

Make Traveling a _ HOLIDA Y. . . every dol

the

Bradstreet, Inc., an-’

: Zul, com. and med. buik::

were recorded in a very ‘active market at the Indianapolis Union Stockyards. The run has been light all week and today only 5000 were received compared to 10000 last ‘Friday. Losses suffered in the middle of the week were wiped out, and prices again were at the highs of Monday. At the close, 160 to 180 pounders sold for $10.25; 180 to 200-pound

| weights. brought $10.30; 200 .to’ 225

pounds were $10.35 and the 225 to 250-pound clgss were $10.40. Sows were 10 to 15 cents higher and most sales rafiged from $8.85 to $9.50, top $9.65. Cattle Market Steady

275 to 300-pounders were $10.25; 300 to:325-pounders sold for $10. 10;

pounds, $9¥ 110 to 120 pounds, $8. 75,8 and 100 to 110 pounds, $8.50. = .. All killing classes were fully

totaled 500 cattle and 500 calves. Vealers Off 50 cents

‘Vealers were. around 50 cents | N lower and most good and choice of-

choice kinds. Fat lambs, sheep and yearling wethers were fairly steady. The {Eu bulk of desirable native lambs sold

yearling wethers were $7.50. Fat ewes ranged from $2.75 to $3.25, top Receipts, 400.

Receipt 40 7

7000 5000

0.20 0

[email protected] 10.15 10. 200 10; 10 10.40 Light Ligh (140-1

Lightweights— f160- 180)

(180-200)

9.75

G G | and chofee. . ink

[email protected] [email protected]

10.15 10.20

10.10 9.90

aq and holds. . and choice...

and choice..

10.40 and choice. .

10.35

sesescvanasse od

( Slau hter. Pi

(100-140) Pe and choice. .

—Receipts, 500— (550-900) Choice vis $10.

sessesesens

- Medium (900-1100) holes” o Medium

mon ( 1100-1300) n So

— on

ssecs es

Shebhasshanom

esses ecsve Se ssemegse ese ccs0esne

ssescecsvaes

ota soln io Rbbagibaails 8655599055669 #ohe

$05 228 ®S0

833 283

88832

span 138

. Vealers : —Receipts, 500—

Good and choice Medium . Cull and medium ..... ies wine

Calves

(250-500) Sood and choice..$ $ as mmon, medium.

oo and Stocker aie 3 (500-800) Good "and Shoice. A 333 Common, med (800-1050) Good and i . 838 Common, medium. Heifers Good and choice......eeenue Common and medium SHEEP AND rans —Receipts, 400—

obs by

4.50

pa anos ow g bekl 88 53%

£3

ass .cecsagssesnvses

Evers : 190-170) Sood and A ae 3 2

Com paShien and la lamb. quotations’ Pi

ipped . LOCAL CASH MARKET City grain elevators are paying $1.19 for No. 1 red wheat. Other grades on. their merits. Cash corn new No. 3 yellow, 96c. Oats, 4lc. Hay—No. 1 timothy, [email protected]; No. 1.clover; [email protected]; No. 1 alfalfa, first cutting, [email protected]; second cutting, $17.50@$18.50.

| Weights of 250 to 275 pounds were | Ass'd Tel 4s KH $10.30;

335 to 350-pound weights |S: brought $10 and the 350 to 400- Ce: | pound class were $9.90. C In the lighter divisions, 150 to Sev 60-pounders were $9.75; 140 to 150+ ound weights brought $9.50; 130 Cudshy Pe to 140 pounds, $9.25; 120 to 130 | Edi

steady in a fairly active cleanup [Ko + | trade in the cattle market. ‘The run | 103 Angeles

for $8.50. to $8.75, top $9. Most fed | San Western lambs brought $8.75.. Texas sou cal'G &

16 Go Good a and chotce. $ 9.25 10.25 |

+ 33810.00

i i

PR RSTROS

|PRIVATE AWARDS GAIN

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(Ba W. L. Lyons & Co.)

Allied Stores ds Ld: % rk La Gas Sevediased Argentine Rep 4%ae “71.

sissensnsssrcenave 1

Sessnscavie

ssdavsenes

os} .

..108 Sat Fd um Bost 3%s ’65.. Qult States Steel 44s "61. as - 3148 '86....000.

S 150. x 1

Metro n Gas & Lite 4s "50... “ens Mont Power 3%s og: evssneae 100

land ss ree A)

P Lightin Ss Te Pub 8 e . D Bory Sew x H is i80 6h; 107 Republic Steel “43s 288 serera DIieRO 45 "65... ...osecas

5 SL. shane

‘Wisc G & 6. a Wiso Pub Svs fo 1). cee. svin 108

— Stocks

(By Atkins, Hamill & Gates)

‘Noon Close 21% 3 Ys

$oessrsenss csessesene eis» wie 4 sevessencas sass nssesese Lesevatpesseqs

Lesessscssessas

: 5% 80a

| New York Lo

(By Atkins, Hamill & Gates)

Noon,

f America, .....138 : 20

sspsesssisssnes csscesane Steel cccieenee 1 _ 4sssassecsccansenss sssesesssesesesse

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Times Special. NEW YORK, Dec. 11.— Highest total of private awards for any week in more than four years drove engineering construction awards to the second highest mark of the year this week, the Engineering News-

accounted for $38,517,000 of the $74,-

.. 328,000 total, it was said.

» x r

SEpes

8 &

1 : 107%

ig L 8

Record reported. Private contracts |

REE EF

68°78 <ieanne.. 110% 2000 ..ovecoeen 92 05 Leese 102% 1s '60.......... 80% Pitts 4%2s '57.... 92 ~ 60 ..........: 106%

st P ceneen ak

St P 8 2500: dn 1s Som 18

ne sineesloe 108%

sess es gta

ily

838288.4 SA

[oy

50 «svers..106%

iil 9s 81 10

211108% T 456 10834 THe tains 133% FOREIGN

68 '57.c000i00ess 102% '56. crenieeeen 1025

: 98% Ses Batts 29%,

52. oe las ’61 caasses 5g seveesesianss TT

Produce Markets

(iia Pilees quotad are paid for stoc! Baus op Indiana lis hi t Dies =e \gher bh full ca

56 es

under bs. 1lc foe. So: ove 3. v3 breed, sori Ingots. To me iy Billoo” fat, ls. ered and fat, 8c. 13c: over 18 lbs. llc;

jis 10518 bs. ‘and over, 13c; ol 0 Sc > Pen. 8c: No. 3, 5

oe ter—Cre 34¢@35¢. Butterfat-No. 1, 30c; No.

Tur!

country, while for ane 1 cent t weigh Bags Nos 1 gg AN a loss off, 27c 1 breed hens, § and over, —s ri pi breed

Sores 155

otk and d up, 10c Geese. full-feath 8S, yas toms; d toms, de

amery. No. 1, 36@3%c; No; ssc.

government almost twice as much thus far this fiscal year as during

the same 1935 period, United States Treasury figures showed today. . The statistics, revealing that the Siveroment has spent $892,086,002 '| during the five months since July 1 compared to $527,159,029 for the corresponding 1935 period, caused the Administration to pare work relief rolls wherever possible. A reduction of 429,000 persons ale ready has been ordered. Further cuts are expected despite concerted portests from the United States Conference of Mayors and organized WPA workers.

’ Relief Rolls Drop

The reason for the slash, besides the emergency WPA will face Jan. 20 when all its current $1,425,000,000 is gone, is that relief ‘costs are mounting while need is declining. With relief rolls an estimated 16 per cent below last year, the gove ernment spent $204,640,888 for une employment aid last month come pare to $142,484,456 for November, 1935. Since the start of the current fiscal year last July 1 through Nov, : -1 30, job-making expenses were $992.,002. © For the same period last year, checks totaling $527,159,029 For the same period last year, checks totaling $527,159,029 cleared through the United States Treasury.

To Seek Cut in Costs’ The dismissals ordered from work-relief rolls as the Administra-

tion seeks an immediate 20 per cent, cut in costs became effective as

He WPA allotted only $152,000,000 for

December. instead of maintaining the $169,000,000 pace set in Noveme ber when 3,498,000,000 persons res ceived aid. State program administrators, al< ready notified of the curtailed ale ‘lotment, will determine persons to be discharged. Outright dismissals will total 179,000 workers, including 154,000 WPA employes found after investigation to have some resources, 20,000 non-relief persons holding project supervision jobs, and 5000 administrative clerks. In addition, WPA is transferring 250,000 needy Midwestern drought farmers from work projects to Resettlement Administration care. The Federal savings made by giving the drought victims doles averaging $23 a month instead of $47 WPA paychecks will be around $6,000,000 a month.

NEW WINTER SCHEDULE

Indianapolis is to be a regular stop on the winter express schedule of Eastern Air Lines from Chicago to Miami, it was announced today. The flight is to leave here daily southbound and before reaching Miami will stop at Louisville, Atlanta and Jacksonville, it was said.

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NOTICE OF REDEMPTION To the Holders of

Indianapolis Water Company

First and Refunding Mortgage Gold Bonds, 4%% due January 1, 1940.

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