Indianapolis Times, Indianapolis, Marion County, 14 December 1936 — Page 15

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Excess Funds Again

5 were 744,957 cars,

responding week in 1935.

‘increas of 64,978 cars

over the Tr week and 10 5,439 over the cor-

‘Are Piling Up, Flynn Says.

BY JOHN T. FLYNN...)

N° YORK, Dec. 14.—One finds N newspapers singularly filled with warnings to those who feel

tempted to drift into the stock market. The warnings are strangely contrasted with the rising tide of ‘optimism about that. same stock market. The whole thing looks retty alluring to the outsider” who has managed to keep his ad_venturous and wayward dollars away from the brokers’ offices since 1929, If you- had bought a batch of the most ac/tive stocks 18 months ago and held them, you would have doubled your - money. You could have bought many stocks and tripled your money. But . you could also have bought many stocks.and seen your pile wiped out .as effectively as in the good old days before and after the crash. » » F J

4 Rr can be no doubt of the inflationary elements which lie all around awaiting the touch of thé match. It is only a few months ago since the Federal Reserve Board raised the reserve requirements of the member banks. Yet in spite of that the excess reserves are practically as large now as before that rule. The potential energy of these reserves to touch a period of credit inflation is evident. Nothing is needed but a little more dissipation of the .shreds of caution which have clung around some of our financiers. . But as yet the greatest uncertainty troubles many of the Street's leaders. They see the present market rising with almost no aid from the banks in the way of Street loans. They see it rising with no especial aid from manipulative devices. And they wonder what keeps it up. They wonder even more what will hold it up if it threatens a break.

Mr. Flynn

o # ”

HEY resent the imputation from Washington that the little boom developed thus far is their boom and that they must be expected td manage it. “They point to the fact that during the campaign the administration leaders pointed to the rising stock market as an evidence of their own administration. If it is any one’s. boom, they declare, it is the administration’s. If it was their boom it would have been engineered by groups and forces which are common to the market. Those forces would: be prepared to support the mar- - ket as long as they believed the market could, be held up. But

now, many le:Mers say, there is no | (220-3

support to the market and if it tends to crack trusting folks may stand to lose a lot of money. Thus the matter stands. There {Ss an unmistakable fear that the market may suddenly display weakness which will spread to headline proportions. That may be true. But the rising trend will be resumed if the crack comes. " (Copyright, 1936, NEA Service, Inc.)

LOCAL CASH MARKET

City grain elevators are paying $1.20 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, $16@16:50; second cutting, $17.50@$18.50:

; Fruits and Vegetables

(Quotations below subject to change, are verage wholesale prices being offered to Buyers by local commission dealers.) Fruits—Pears, Oregon Boss. 1008, box $3; gis Avocados, 205-248, bi 3:5

»- selected, 1b. Be. oe

Indiana Delicious, 2'2 inches u $2 25; jndiana Golden Delicious, 2 nches 3 . a nc :

1 Rome Beauties, 22 inches u 0. 3 inches, $1. 5. Lemons, $6. Limes—Mexican,. carPersian seedless, 84-112s, box, California Emperors, 28-1b. Cranberries, . C. Earl . Tangerines, 1'2 : Grape ruit—Texas seedless; 80s, Oran es—California Sa kist, navels, 33 Sad lorida, [email protected] Arizona. $3.25 350. Kumquats—Floridas, gt 12'%e¢. Pineapples—30s, crate, $4.50. ersimmons—Japanese, 24s, $1. Pomegranates—Califor 30s, $2. ie As tRo" Saliitornia, 4-doz. X, eans, Florida stringless. hamper "$2.25. Beets, homegrown, bu. coli, California, case, 5 kt Cabba.

ucumbers Chiv ys a orida, doz... Lettuce, Teh rg, ; ot-

Ari a | 60c. Mushroom homegrown, = 30c. ions, Indiana Fellow. 50-1b. sei Northern white, 10-1 Mediu Sn. $1. 5

sley, homegrown, Yr Por hom 3 gD Th 3. Peas Western Tel.

house, dos. a Te. Tose, 3 Ges, Hot house, 8.ib. basket, i (By Unite Press) -

= Avbles—eIntosh, Res t Peja

@ Toma 24s. aoe: Tomatoes Wests Rg 14 Pe alifornia, hampers, ign, square yellows. 956 Si. ow! . chigan yellows, 45@55¢

Produce Markets

Te From Late Times Batunay) © he Bees uoted jaiq 1o ered” im uo. re . for deliv:

the in 1 Eo pap lr ail Vk = 108s Strictly ag loss off, 27c EL I _—

Peavy. se. Sf he

Te | score),

.|dow cutter and cutter......

HEAVY WEIGHT PORKER PRICES

Those Over 160 Pounds Lose; Other Classes Mold Steady.

~ Weights above 160 pounds were 10 cents lower and underweights were steady in the hog market toyday at the Indianapolis Union Stockyards. Receipts totaled 11,000. At the close weights of 160 to 180 pounds were $1020; 180 to 200 pounders sold for $10.25; 7200 to 225 pounders brought $10.30 and the 225 to 250 pound class were $10.35. Sows were generally strong to 10 cents higher with most sales at $8.85 to $9.60, top $9.75. - Sales in the 250 to 275-pound class were. $10.25; 275 to 300 pounders were $10.20; 300 to 325 pounds, $10.05; 325 to 350 pounds, $9.95; 350 to 400 pounds, $9.85. In the lighter divisions 150 to 160pound weights brought $9.75; 140 to 150 pounders were $9.50; 130 to 140

| pounds, $9.25;°120 to 130 pounds, $9;

110 to 125 pounds, $8.75 and the 100 to 110-pound class, $8.50.

Cattle Market Steady

All classes of cattle were generally steady. The supply of better grade steers and yearlings was comparatively small in the run of 1600 cattle and 500 calves.

The bulk of the steer and yearling sales ranged from $7.50 to $9.25 and one load sold for $10.50 with a few head at $11. A few heifers brought up to $10, but most of the sales ranged from $6 to $8.50. Beef cows were $4.25 to $5, the cutter grades $3.25 to $4.

Native lambs were 25 to 50 cents lower. Sheep were steady on receipts of 5000. Top and bulk price for better grade native lambs scaling 95 pounds down was $8.50. Heavy lambé sold downward to $8. The. bulk- of the fat ewes brought $2.75 to $3.25, top $3.50. Fed Westerns were 25 cents lower at $8.50.

Local Livestock

Ton. Receipts.

10. 516.35 Light Ligh (140- 160)" Good aml ium

Me Lightweights— (160-180) Sood and

choice. $

—

Medium Wei dediun (200-220 Good d and

ood and

choice. choice..

9 OO OQOW OW

90 9339 83 09 990d 9

choice. choice. .

OO O90 OOPS ©¢

bt dd pd pt BI IB] BIC) GOD edd

ood (439 550) Good (275-550) Medium Slaughted Pigs— (100-140) Sor and choice.. Medium

GO OU OO UID oo8% a

Din “doe Ro Le Do0D 23 I3os x2 DOD DD

we ©vo0o

EReceipts, 1600— (550-900) Chole Gice

553 S055

23333 NOD RIL N=TDI pI Ln=IDI DIT

C (800-1100) Good

OOO IOO

Col (1100-1300) G

oh pt pt bet

’ M (1300-1500) Good

pasos Sm

Good Common and medium

0 O00 DONOINNNOTNNON

Bulls, go Cutter, com. and med. buik.. Vealers —Receipts, 500— Sood and choice .

9939 039 09393999893

(250-500) Good and choice. -$ 3% Common, medium. 4.00

Feeder and Stocker Cattle (500-800) Good -and choi Common, medi (800-1050) Seed and choi Common, medi Heifers— Good and choice............ Common and medium 4 SHEEP AND LAMBS —Receipts, 5000—

9 993d

@ @ $34 § g and ;Sholce, ie 3330 3. 0! 1.78 pa Sheen and lamp" Bor on clipp

Other Livestock

(By United Press)

CHICAGO, Dec. 14.—Hogs—Receipts, 38,000, including 13,000 directs; market. uneven; mostly steady with Friday's average; weights abo 1bs., shade lower in instances; pigs and Siderwel hts in road demand; top, $10.25; bulk wellShed 190-300 1bs., '$10@10. 40; best sows,

ower: wn: strictly good yexiers ‘with wel ghg, ste in d

= directs; fat lam indications anund ste Friday or around o er Eade SRerings; hy load choice .85 wer. $4.80: Baa roe. —Mark et,

“PORT WA s ve y i 5@10c WAYNE, Dec. 1bs., $10 200-225 Isa i 10. TH 275-300

15; ' 250-275 1bs.. 10.15; i: i Ibs. 150-160 1 $9 80;

10; 180-300 Ibs. thn de sa.is: th l-E ER 8 $8.18; stag $7.25. (330.

140-150 Tos. "5. Tambe ob

steady ONY Hea iia SoG 10.10; Aeo-180 : EE as Sak

Sasasaave

iemsressesnne

Sine rartunsse Al shsevan

DROP 10 GENTS)

are Hudson

i wv

IF PeoPLE CONTINUE BUYING,’ I'LL. SOON BE BACK ON MY Feer AGAINT

fpeiocry ©

@ 1936, NEA

Ne Vk Si Ens Pe

(By Thomson & McKinnon) v . rev. High Low 11 a.m. Close

614 6% 34% 3%

2055 207% 41; 74%; 13% ov

18% 287

Aviation— Dounis Mines ran Aviapon Corp. Boeing Aircrit., Curtiss Wright. Curtiss Wri (A) Douglas Air.... No Am, Av.... Sperry corp .... 225% nited Air Lines 18% Utd Aircraft new 29 Trans Contl & W 19%

Amusements— Crosley Radio . Loews Inc

‘Oils—

Amerada, ¢c.0...102 £} “oo 30%

Radio Corp Co s

812 th Century Fox 37%, arner Bros.... 18% Building— Am Radlaor on 24Y, Barber 38Y2 Holland i Fn 48% ar Johns Manville .146 Lib Owens Gls. 76% Otis Elev ....... 3 Warren Bros ... Chemicals— Allied Chem

Skelley Oil Lae Soc Vac 4

Std. Oil of: Gal. .

Std Oil of a Std Wg of N J.. . 66 Am Com Alcohol Aas Si GE Caron | c:ex -120 Tidewater al... Lin Co Du Pont 181% Baila!

Atchiso! Atl Const Lines.. i B 22;

an 1 Pacific sa

Ohio Chi % Gt 2% on & Gt W pid 12%,

Liquid Carb. . Monsaio Chem 99% atl Dis (new). 29% Nail De Dist a Los B23 Tex Gulf Sulph.. 39% Pola Carbide ..103%. U 8S Indus Alco. ; 40% . 40% Drugs— Bristol Myers, es Lam

Walare

43 seve Del Lac & W.... 18%

Erie 15%, Gt Northern pfd a ES Central Vy

| 15%, hem 42% Equipments— . Am Car & Fdy.. 46% 56% Am Loco - 38 Ya 45% Am Steel Fdy... 59 59 59 Bald 9% - 95% Gen Am Cork Car 14% 14% Gen Elec 51% Poor & Co 29% 627%

West A ~ Westingh Elec.. 147% Financial—

Adams Express.. 13 Allegheny Tor .

Sou P

Sou RR West Maryland. . Retail Stores— Allied Stores as

42 «ee 13 Comm Credit ... 69 83% Chesa Corp Ya 871s Comm ny Trust 78% 18 Lehman rp 122 Transamerica ... 17% 1 Fouls ? Arm Arour 6% pid. Borden Prod : 38% Cal Packing ... 45 San Dry Gin Ale 24 Coca 1a -13

6%s

Sav, $31;

Rubber ean YE a : Am Roll Mills... ; Den Steel ; A asee DN crac. Shoe! “euele. Inlan Gos es 11

Be Steel . 19% Ludlym’ Steel McKeesport Tir. 86

Household—

High

GM & 8b pid 4% Chi N W 3a.

11:00 Prev.

Low.- A.M. Close:

% | Yngstwn 8 & T

Indus . , Kayser Julius ee. 26.

a 1 ]

d Steel ...... 44

gs ee. Warren P& Fy dh Textiles— Adams Millis ... 28% Amer Woolen .. 10 Ya elding’ Hem .... 13% anese Cor rp .. 28% lins Aikman. 8 2 Gotham Hose ... 1 Indus Rayon. : 3%

Tobaccos—

Amer Snuff .... 66% Am: Sum Ten. 33a

Som, &

Gas Shoe Pwr & Lit Interboro R Int Lou G Nat Pwr & Lit. . North Amer .... Pac G & BE . 3

Peoples Sas eed Si NJ.... 47%

Pub Serv oo cat. Edison ..

Stone ed Jrebster

on Gas

Sap 1 14%, Ut Pwr & Lit a ai;

‘Western Union.. 84%

83%

‘New York Curb |B

* (By ‘Atkins, Hamill & Gates)

4 : : 3 Aliioun Co of America eees+139

American ‘Airlines ...

American Cynamid “B” we smes Am Gas & Electric ococenees. ‘Am Superpower .... Arkansas Natural® Gas. EP ee Yl 8 Corp

Atl

T Fd Constia’ Gig Sp Be Yoon, Tap & Die Corp .

Humble oil & Reflung Co:

rredia 8 tami Naga ra H Hudson Poy

eller 1a Ea

evesessse

Prev. Noon. Close. 20% 33% 41% ‘wYa

5363 Sen RON a NN

385 a ae

Tv pega DIDI

Col Pal Peet see dite

£ oleu Ro Aator

Simmons Bed .. Miscellaneous— \llis Chalmers.. the Am Can 114

78%

fT 2FgEsules

Pyments

a °

are, available. vith a

Celtic FE MORTGAGE LOAN

Principal and Interest Reduced Monthly MONTHLY PAYMENTS INCLUDE—

® Interest and Principal

- ® Taxes and “Insurance

1/12 of

More Cc onvenient LOAN Terms

ben. onr’ 12-year mortgage plan are $10.00 for each $1,000, plus annual tax

Fecal Funds ai Bonuses Kid Credit Expansion, Survey Shows.

With the general improvement in business conditions, credit. collections in Indianapolis have increased, a survey of local credit bureau managers: today revealed, and merchants have been encouraged to

expand credit. : Helped by. Federal funds and bonuses in private business, Jepay. ment records of working people in the last three months, haye led retail stores ‘and finance companies to. extend credit. more liberally, credit executives here say. Only threaf to: continued healthy conditions, they believe, lies in possible’ overselling. Pay in Advance

As the effect of the recent stimulation begins to die out, merchants are using: credit to spur business and keep up sales, according to William H. Flanders, manager of the Associated Retail Merchants and Credit Men’s Bureau. This may result in tying up too much capital in accounts receivable, he pointed out. ° In general; conditions in 1936 are reported - to- be much improved. “People” are employed,” L. B. McCracken, Medical and Dental Business Bureau manager, declared, “and when they have the money, they pay their bills. A great many people now pay off their time payment contracts long before they are due.” 3 Individuals» who were bad credit risks a few years ago have paid off their old bills and within the last two years established enviable credit records, -R. K. Graham, United Credit Bureau manager, said. Finance companies have renewed their confidence in the public, according to. M. A. Overly, General American. Credits manager, and have eased credit considerably by buying a greater number of contracts without recoirse to the dealers, and by setting up new sorts of financing :

Money and Exchange INDIANAPOLIS STATEMENT

Clearings weiss eee sven nine iv aia 3.084.008 Debit“. sso sssnsvivnes Foes yes 7,105,000

TREASURY DEPARTMENT aa United Prose)

TON, Dec. 14.—Government expenses. in NTS receipts for Lhe current fisyear to De¢. 11, as compared with a

year ago: This Year. ‘Last Year. Expenses .$3,099,420,906. 15. $3,391,951,264.72 Rees - .e 1 1792,709,885.0 1.00% 4.69 ,697. 2

7 i i) 36 89.115.4

Pub_Deht Gold Res. Customs. .

New Bond Issues B

“(By’ W. L . Lyons & Co.)

. Bid., Allied Stores 4%s 31. rene evs 10% Ark La Gas 4s ’51. 021% Argentine Rep 418 Ass’d Tel 4s ’65 ..

3.905.176, 2. 11,216,267,904.64 1

194,470,966.69 75, #5) 31

5. sd r & E 4s "0... ; E 3%s '66....

Ga: 1 Mont Power 3%s, 0 rene cies 100 Narra Elec 38

1882888: i :

85,476.08 | Chas

STOCK MARKET WEEK IN REVIEW

BY ELMER C. WALZER United Press Financial Editor NEW YORK, Dec. 14.—The stock market registered little change last ‘week jn the averages which are made up of high-grade issues, while the low-grade stocks continued Lis ‘advance. The feature of the week was a substantial recovery. on Thursday when Edward. abdicated his throne in favor of his brother, the Duke otf York, who has assumed the name, George VI. The abdication nad béen anticipated but when it was finally concluded tension was relieved here as well as in London where the markets had been under pressure. In addition to the royal romance conclusion, the stock market had an array of favorable business reports. Extra and special dividends continued in profusion although the volume was considerably lighter than recently. Traders looked for but little year-end realizing in view of the reinvestment of the dividends recently declared and now being paid by the big corporations.

Some Issues Depressed

American Can stood out as a weak feature late in the week and it registered a decline of more than 4 points for the week, descending to a new low for the year. Its action unsettled the market for the. High-grade ‘issues on Friday. A few . other issues were depressed in various groups, - including such stocks as Chrysler, Atchison, North American, Consolidated Edison and Sears Roebuck. Most of the railroad issues ad-

vanced on higher car loadings, bet- |

ter earnings reports, and hopes the Interstate Commerce Commission would retain the freight surcharges. Some” of the carriers made sharp gains on estimates of substantial gains in net income for 1936. Rubbers came up late in the week. Oils added to last week’s gains. Coppers had .a. broad recovery. Special issues made the widest

Steel Mills at 79 Per Cent of Capacity; Railroad Buyjng Climbs.

Times Special : I YORK, Dec. 14—After moving within a narrow range for months, Business Week's index of business activity is making a spire ited for 1936. Up 5 points in two weeks, it reached 82.4 cent of normal, a six-year high, it was reported. : Steel mills, running at 79. per cent of capacity, were actually rejecting orders, the business magazine said, Railroad buying continued high, The 334 locomotives said to have been ordered in the first 11 months of 1998 exceeded the total of the four years 1932-85. Automotive producers, ‘scarcely out of the Midland steel strike are fearful tof labor difficulties in the plate glass industry, the publication’

-car year at the minimum, the report continued.

production and an oil price boost were other features of the week's , the magazine said.

ee Local Securities

(By Indianapolis Bona and Share Corp.) Tbe follo sent actual bi indicate t y Rimate 5 oe sed on buying and se u! recent transactions. ng: inquiries ios f 0 Ya

BONDS

gains and issues seldom seen on the | Koko!

tape in ordinary markets appeared in strings. more than 5 points were noted in Newport Industries, International Paper C, Colgate Palmolive, and a number of others. Great activity was noted in U. S. Realty, General alty, Thermoid, Commercial Solents, Central Foundry, Walworth, Houston Oil, American Zinc, Alleghany Corp. Virginia Carolina Chemical issues, Pathe, Republic Steel, American Radiator, . Superior Oil, and Paramount.

Unlisted Stocks

(By Blyth & Co.) Bid. Bankers Trust . 65?

Niet sevscnsssesenas 8 Central Bases oa 18% 46% 59% 194 317% 1

Boe a «dees sme idee ese vesgens *Chem rr oy aa" Illinois". 193°

ADUTACtUTers, opie rce : National City ....... sedsssieee National Shaw Jissghonie Ye First National Boston’ 50

- FIRE INSURANCE ‘Aetna Fire Insurance

Baltimore American City of New Y Franklin Fi 3 . Federal Insurance Great ‘American Inmrance National Fire

seehse..

Home Insurance swe Hanove Sevesessessseses National Liberty ceusevosnns No! rh Rive

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

Prev. Close.

sevvesse 50 49%

cissenas - 105%

Soy Beans—

_— EREESLADY

un Gains of 2 points tooo

Seymour Dh Co, 8s 5s '49

T H Water Works os '58. T HW . Trac Terminal Co 58 *57 ..... 18

: cw ITOCES ABC Brewin com Belt Railroa ost Yds com.s 58% Belt Railroad & 15 28 #a.. Cent Ind Pw Home Tel & +Hook Dr! 5 Inc *Ind & Mic! Elec *Ind Gen Serv Co

Indpls Pwr & Lt C ndpls Water Co Ind Pub Serv:

Rr * nw -

n u rv 7s Pub Serv Co of Ind pfd 7s.. *Pub Serv Co of Ind id 6s.. Sou Ind G -& E pid 6 Terre Haute Elec Union Title C *Ex-Divid

Investment Trusts (By Thomas D. Sheerin & Co.) —Dec. 14, 1936—

Administe Affiliated American Bus XBroad 8 eet Investing Bullock d

& Fv orp “ Corp Tru D VYeIsiil

versit

ividend - General Investors | arket Str Maryland

es, nvestors, Trust .... d Investors veese 35.70 Fun d Am

JN + ve

Eauis Sue ik

n etts Investors ... 3 84 vestment Fund ... 17. 38

[utual In Nation-Wid Amer. Tr

eb 0D bt C0) : BOSE@m

wt « OOD » -

Ss Sh ese. «n Mie wo * 80.

Seeict orig) . Select impulative Shares. . Selected come ae State Street Inve t upervisea Shs, Inc (Del) | Trustee An BK B rustee Sta Oilshares “A”. Trustee Stand Oilshares “B”. xEx-Divid y

10. 3 5.72

hea “os oH se

ILLUS TIONS, FORMS, DRAWINGS OF PLANS, RECORDS, Etc. Top size 14x20"=In colors—Any Paper.

em Letter Service

7 Merchants Bank Bldg.

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