Indianapolis Times, Indianapolis, Marion County, 15 December 1936 — Page 19

problems which this machine de-

«No. 1 -Jonathans, 2% inches up, $2.1 N. Y

enas Machines Develop Social Problems, Flynn Says.

BY JOHN T. FLYN

YORE, Dec. 15. — The paradox of want in the midst of plenty has been succeeded by another—failure of unemployment to decerase in the midst of - immensely rising business. Business men denounce the relief rolls. They point to. mounting employment, mounting production, mounting prosperity, They can not credit that so many should be left out of the procession. They insist that they is some kind of skulldoggery going on. Perhaps the answer lies in some figures that are appearing now from the census—some simple figures that tell eloquently what has happened to us in the last six years. The latest of these bulletins reveals the fact that in 1929 there were 210 - establishments making motor vehicles; but that now there are only 121. The number has decreased every year; these last three years of improving business just as in the previous three years of declining business.

” ” ” HESE 121 factories employ 146,960 men against 224,000 who worked in the old 210 factories. There are 57,000 less men working at- the making of automobiles. Why? The answer must be found in the development of more modern and more efficient machinery. But more important is the fact that the 146,960 now working earn a little less than the 224,000 in 1929— about $100 a year, less. That makes about $14,700,000 less purchasing power flowing into our trade and 57,000 less men at work. But if you look at automobile parts you find that the number of workers has fhéreased a little, but the total wages have declined. "This is in conformity with the usual trends. The production of goods is accomplished with increasingly smaller numbers. But the servicing of those goods takes increasingly larger numbers. But here we are confronted with the old story of the machine. I do not share the belief that the machine actually does away with / jobs, if we consider the whole sub“ject . ” ” o . HE machine actually creates jobs. But what it does is to destroy Jobs in particular spots, throwing thousands out of work in those spots, and it takes time before those thousands can be reabsorbed into the system. In the meantime their purchasing power is suspended and the whole economic machine suffers. We do not want to banish the machine. We do not want to put an end to the development of machine methods in the interest of better and large production. But we do have to study the. social

LABOR TROUBLE REMOTE, IS VIEW

Lyday Says Conditions Are Better Than Any Time In Six Years.

Although business throughout the nation is reported apprehensive of strikes, possibility of labor troubles in the near future here are remote, according to Arthur W. Lyday, Central Labor Union secretary. Labor conditions here are more settled, Mr. Lyday said today, than at any time in the last six years. No Indianapolis union now faces problems of unemployment, he said, end any increase in building might cause a shortage of workers in this line. . Many unions now have all their members employed, he stated. All Members Working Recent strikes that have frightened business, he declared, were not in industries that are likely to affect Indianapolis, and there is no more employer-employe friction here than normal. “My own organization,” Mr. Lyday asserted, “that of the motion picture operators, has all its members working ” Indianapolis workers still on relief, the Central Labor body secre-

tary believes, are predominantly common laborers.

RAILS’ NET PUT AT 130 MILLION

Is Forecast; Compares to Loss Last Year.

. Times Special NEW YORK, Dec. 15.—Aggregate net income of American railroads this year is estimated at approximately $150,000,000, the highest since the 1930 total of $523,907,000, according to a report on the rail-

dustry and Investment Service.

“While an aggregate of $150,000,000 can hardly be considered adequate,” the service pointed out, “it compares very favorably with 1935 when a net loss of $288,000 was suffered by Class 1 roads. “Also notable is the fact that higher net earnings have been achieved in spite of much larger outlays for = maintenance. The showing, therefore, reflects a basic change for the better in railroad conditions, traceable in the final analysis to materially increased ate in heavy materials,” Poor’s sa

velopment produces and which might be avoided if we introduced a little intelligent planning into our social organization. The case” cited here is a minor one, because while the automobile industry gets along with fewer men, the automobile itself creates more and more jobs to more or less : offset the loss. But there are scores of industries in which this is not true. (Copyright, 1936, NEA Service Inc.)

Fruits and Vegetables

(Quotations below subject to change, are

average wholesale prices being offered to!

ors by local commission dealers.) g 5 Pears, Oregon Bosc. 100s, box 5: tons Avocados, 20s-24s. box, $2.75; § on D’Anjou, extra fancy (1105-1355), . Bananas, selected, 1b., 5c. Apples, 1 Grimes, 2's inches up, $2.10; % J Indiana Delicious, 2'2 inches up, $2. 25; Indiana Golden Delicious, 2'2 inches Re }2. No. 1 Staymans, 2'2 inches u . 82 Wealthy, 2's inches up, $1 ‘85. No. a , 2% inches uD $2; No. Winter B "3 inch es, $1.85. Lemons, Sunkists, 360s. '$6. Limes—Mexican, carton 12s, 20c; Persian seedless, 84-112s, box, California Ehperors. Cr aniRelf ries, C. C.

" Grape ruit—Texas nge s—California = lorida. [email protected]; ' Kumaquats—Floridas, I sles crate, $4.50. simmons—Japahese, 24s, $1.75. granates—California, 30s, $2. Vegetables—Attichokes, California, 4-doz.

box. Florida stringless. hamper. $2.25. Beets, ig eR bu. "1 11, California. case B ‘Sp te er drum, 5. 50. A har: e a York. 301. e bag 5 a Carrots—Callte., 81. wo 8 ey. Moet Hata, Sra e, elery, chigan Mammo nil. dium, doz., 40c. Celery cab homes doz., 5c Ti os Rh ‘doz. Chiv t—Florida, doz.|.

. Cucumbers— ron . "$1.25. Bes an Virginia ry TS ttuce, Er a eg 25; leaf

Rome

box crate. . . eedless, y 33. k St. navels., 3 18a;

a IEDs

Pome-

ssets, ofc Rurals, $2.25. Sweet Potaessee Nancy Halls, hamper, um,” bu. $1.65

Ty . ey hot house, dos. oR, a 35 Spinach, Texas, bu.

bu. atoes, hot ‘house. 8-ib. basket, Re "5. ao. United Press)

MoTato 31.5065, Swes a uchioeh ¥ rto Ricans. $1. 1.85. L, Sattots Tuts

\ flings me Jane. Suinash lugs, $1@ 2.50. HM aulifiower—Oaliforn ia, crates, $1.40 @1.65. Peas—California, Shmpers, JLo 1b. sacks) illinois and Michiga

18S. gelers Mich ides Jndians ites. S56 Toe Michigan __ Produce Markets 4

bu,, $1. . tatoes, Maine Green Moun$2.90; Idaho Ru

$1. $1,

c ES gustea us are paid for Terre while for dettve

jpdiana lis ine [Prices are 1 cent f eggs must weigh

No. 1 tT hen fresh, loss off, 24c:

ibe ie § Ihe. a And 0 “breed” nen 12¢c;

% Ts je. eese fea a

1. | sent actual

racy” |*Ind &

“With respect to the 1937 prospects, however, there are various disturbing possibilities in the picture,” Poor’s stated. “Most important is the decision of the Interstate Commerce Commission on railroad surcharges due to expire Dec. 31. The carriers would be sat-

the $100,000,000 revenues now be-

emergency rates. However, they face a bitter struggle on this point and it is by no means assured that any substantial part of the sur-: charges will be retained.

TWA ANNOUNCES EXTRA

Times Special

NEW YORK, Dec. 15—Becalse

surpluses, ‘directors of Transcon‘tinental and Western Air have de-

‘a share payable Dec. 21 to stockholders of record Dec. 17, it was announced today.

Local Securities

(By Indianapolis Bona and Share Corp.) Tbe Jollawing quetalions do Ro Jenne

8, narket Tov

er. indicate the approximate based on © and

80c. Trac

ABC Bre

w Co it Rai & Ei Pur bid “hie Mh

a SRid 8. w

bE oa

Investment Trusts

(By Thomas D. Sheerin & Co.)

5 Di: rai

IN INDIANAPOLIS

Highest Return Since 1930]

road industry issued by Poor’s In- |.

isfiled to retain around one-half of:

ing derived annually "from the |D

of the new tax on undistributed | Mo

clared a special dividend of 25 cents |N v

Pos selling inquiries or | Rem

ess. | Btnatie i

“TUESDAY, DECEMBER 5, 1936

Ad Chief

John 8. Garceau has been appointed advertising and sales promotion manager of the home appliance division of Fairbanks, Morse & Co.,.according to W. Paul Jones, general manager of the division. Paul H. Eckstein has been named as his assistant.

N. Y. Bonds

(Reprinted From Late Times Yesterday) DAILY BOND INDEX (1926 Average Equals 100) 20 Util.

60 Bonds

9.8 1083 3.3 (Copyright, 1936, by Standard a

(By F. S. Moseley & .Co.) U. 8. GOVERNMENT BONDS

Close. 121. 31

. . 8 fk fk Lh kt HESm Om © OW 00h RD [do -

borg mp 23388 BO CO pb pt OF “w on

DOMESTIC Today's Bond Leaders—

Seaboard Airline 6s °45.... ntl Hydioelectrie Ry 44. . tal Tel & T 8,3. I Steel he Republic of Cuba San 45

ne ea A ae 87% hern ‘G’ 4s/ 46 120 i

Nor Pac 7 Nor 1 Pow 5s ‘41 . orl ans, an As "85...

™ Youngstown. S& T 1 Youngstown 8 & T 3%s '51....

FOREIGN Argentina (A) = 9.

Australia 42s * Brazil 8s ’ Canadian Govt 4s 60... ysvase A a

ech Tas ‘41 .... 3 A 85 .. . 21 a

saaevene 108 rie

s *51

Rome 8%s '52 . . Tokio City Sls ‘61 ..... Yokohaman 6s oy

NEW

‘61

x | Good Common and medium

PORKER PRICES | DIP; CLOSE OFF 107025 GEN

Dun & Bradstreet.

(By Thomson & McKinnon)

Amusements—

Weights: of 300 Pounds and| ances

Up Suffer Largest Loss

at Stockyards.

The hog market was unevenly lower today at the Indianapolis Union Stockyards and losses ranged

|down to 25 cents.

Weights from 160 to 225 pounds and underweights were 10 cents off; 225 to 300-pounders opened 10 cents lower and closed down 20 cents; the 300-pounders and up were 25 cents lower and packing sows were 10 to 15 cents lower. Receipts totaled 11,000. At the close 160 to 180-pound

at) weights ‘sold for $10.10; 180 to 200 |5¢

pounders were $10.15; 200 to 225 pounds, $10.20; 225 to 250 pounds, $10.15 to $10.25; 250 to 275 pounds, $10.05 to $10.15 and the 275 to 300pound class was $10 to $10.10.

Cattle Market Uneven

Air Alf Reduction - ew A Com Alcohol 29 80

Packing sows sold mostly at $8.75 Am

to $9.40. Weights of 300 to 350 pounds brought $9.80; 325 to 350 pounds, $9.70, and 350 to 400 pounds,

In the lighter divisions weights from 150 to 160 pounds sold for 2 $9.65; 140 to 150 pounds, $9. 40; 130 to 0 ound, poun 90; 110 to 120 pounds, $8.65, and the 100 to 110-pound class brought $8.40. Steers and heifers were steady to 25 cents lower in a slow and uneven market on a run of 2500 cattle and 800 calves. Cows were gener-

. |ally weak to 25 cents lower with a 4

few early sales steady. Lambs Steady to Higher

Steer top was $11.85 with most q re Holly Su Br sree

sales at $9 to $10. Heifer top was $10 with most sales at $5.50 to $8.50. Beef cows sold for $4.25 to $4.75, the cutter grades $3.25 to $4. Sausageé bulls brought $5.50 down. Native lambs were steady to 25 cents higher’ with the advance mostly on the lightweights. The bulk of the lambs, 90 pounds and down, sold for $8.50 ‘to $8.75. Fed Western lambs were 25 cents higher with the bulk selling for $8.75. Western yearling © wethers were

steady at $7.50. Slaughter sheep 2a were steady and fat ewes were]: ; | mostly $2.75 to $3.25, top $3.50. Re-

ceipts were 5000.

Dec. , 9. [email protected] 10. [email protected]

Light Tights (140-160) Good 2nd

Lightwel hts ~180) G

oh 10.15 8.90@ 9.80 9.20@10. 9.50@10.

261038 9.85 9.60 9.25

(180-200) Be

Medium Wei ! 200-220)

10.10

8.800 9.00 8.65@ 9.25 8.40@ 9.40 : 15

— Receipts, 2500— (550-900) Gio 2 Pit 3

C (900-1100) Choice Good

Common Soige

( 1300-1500) Moos . Good

(1100-1300)

Lt iL — 4 powsn ARS ©SIOSN IOS NI

(600-150) Choice a oz

099

833 938

Bulls” good and cutter

£3388 238 Setessneine

Vealers —Receipts, 800— Sood and choice ....

2a 535

a Calves (2350-500) Good and choic: Common, medium nS $ Feeder and Stocker ie (500-800) . Souq 204 choice. 3

Com! medium (800-1050) Good. od choice. . ommon, medium.

Heifers— Good and choice......... FOV Common and medium

o ooo 83 3833 ss 09 9098 69 va anal og 8s 38

90-110) Good and choice.. (Sheep and lam madim basis.) quotations

Chicago Grain Fulures

(By James E. Bennett & Co. .)

: rev. High, Low. AM.

Wheat—

May 130 17%

33 Mey nile di 1 Corn— : Bee.

PR : isi May ...... 1.04 srnennses 3.00 1 Oates Dec. May - July Rye

Dec. ....ev.. 1.09% 1.08 08% 1.

Bb 322 ¥

51%

cassnans 7

i FR

. a2

sessaren

58 a.

wsnisssa db

ie 2

er 3

ty grain elevators are paying $1.25 for No. 1 red wheat. Other grades on their merits. Cash corn’ new No. 3 yellow, 96c. Oats, 43c. Hay—No. 1 timothy, [email protected]; No. 1 i Sover, [email protected]; No. 1 alfalfa,

first cutting, $1616.50: second cut En | ting, shes.

st Air Er ... 48% Westinghse Elec. 149%

Finaneial— ‘Adams Exp

a Corp Comm Inv Trust Transamerica . Foods— Am Sugar, joeees Armour Borden Stonii.

Cal Packi . Gan Dry Ale.

. 55 2 te

wo Allegheny orp’ a $9.15; 120 to 130|Am Int

38 79

High Low AM.

S¥zEEa »

™

88353 =a

nly =F 2 OF

i HE

gage Bras SuSuaus

FREER RRS E2808S

10 sa 45 46 148'2 148% 15% 15% 45% 4%

14% 68% 87

31%

0 134

18% . 40

Loose Natl D Prod. | Purity Bak S Porto R Sug. Std Brand 8 4 & t Intl . Un tod Fruit. . Wrigley Household— Col Pal Peet.... Kelvinator Mohawk Carnet. Proc & Gamble.

Vanadium

Miscellaneous | alt Chalmers. .

5 ve. vo 1D

17Ya

Can 115% Am Mach & Fdy 23%, 19%

Anchor Cap Bt n Man Tr. . Burroughs Add.. J I Ca:

10.25 Contl Can

Owens Botile m Rand

Underwood Wosthion ; PEND,

Studebaker ..... White Mtrs .... Yellow Truck....

Motor Access—

0! Greyhound “New. oudaille

(new) .

a 23”

90% 34% z

26 20%

165 47 74

Hous Mid Cont Pet.. ghie Oil a |

Phillips Pet .... Piymbuth Oil .

1 30% 54%a 29%, ish

143, . 52%, 8 ih 3 50% 19% 572 16% 64%, 29, 61%, 55 0A z 55%, 49%; 90 26%

mM 114% 54%

152 66% 20

TTYa 116% i gi 152

30% 157 329, 3%. 34%

3314 i381 12514

i 20% 46% 163%.

Ya | ers and feeders weak to 25¢ lower Tor week Besser grade Western stockers | Creo

By Biyin & 0,

2 | may exceed 400,000,000 pairs, it was

oice - parable.” 150-180 i) SD

Bid. Asked.

Saniaand >

I ht ee gEsgghsyes Eyae

3 pt 8

238 >

23385 Fea

11; Low. A ‘17% 11% Ya 29%

pif

62%

-t oa

gus REE

S02 EFFEFET

Philip Morris ".. Reynolds Tob ‘B’ 38%;

eh & eh Pwr &

ited

Un Gas tmp Ut Pwr & Lt cas Jestern Unio

"15 41, . 83%

MARKET ACTION OF MERCHANDISING STOCKS

PRICE TREND OF GROUP

VARIATION FROM MARKET

1932 LOW =10

0 =NORMAL

a PRICE INDEX

AY Dey

OAKMAN HOOD |

B33 | 1934 #5 pry

1933 935 | 1036

Rn — i THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS ]

The accompanying chart shows the past performance and present

position of merchandising stocks.

Merchandising stocks as a group

are lagging about 5 per cent behind the market, thus placing the group in a strong position marketwise. Greater employment, wide salary and wage increases, large dividend payments—all these indicate that our retail stores will have a near record Christmas trade.

} Shoe, Leather Industry Picks Be Up Despiis Poor Start in ’36

Times Special NEW YORK, Dec. 15.—The shoe

and leather industry, which report-

ed comparatively unfavorable earnings for the first half of 1936, will probably make an improved showing for the full year, as” against 1935, according to PooY’s Industry and Investment Surveys.

Increases in leather prices andé—

shoe sales are reported, and even after liberal upward revisions in dividend rates, sizable extras are being declared as a result of the Federal tax on undistributed earnings, it was reported. The 40,225,000 pairs of shoes produced in August, 1936, constituted an all-time record, the report declared, and the production has not declined materially from the seasonal peak. The 1936 total output

said, compared to the 384,000,000 produced in 1935. The 10 per cent rise in leather prices since the first of the year and the labor conditions in the industry make a general advance" in shoe prices appear imminent, the report said. «The shoe industry’s highly unionized labor will demand higher wages soon, Poor’s reporters believe.

Other Livestock

_ (By United Press) - CHI BICACO. Dec. 15.—Hogs—Receipts, 36,200: t “io. 1 ee er os Bow: mos wer than Monday's average; § iy Or more; top, $10.05; bulk good and c¢ 190-300 $9.75 NS

9. oe aratots, 9000, calves 2000; very

little done, all interests in market, how- Am

ever, and prospects steady. except on bigweight steers, some of which sold late Monday flat dollar lower than week earlier; best earings early $12 but some held above $12 steer and yearling stock Ros. to sell at $10@l1,

grades with lower Srades $6. 5008.

0 dates, selling al [email protected]; very little done on common. an ay medium grades turn at §5.50@e, 75; she-stock: s un

ew selected Nealers at $11. eipts, 8000, including no di-

i Chicago Stocks (By Atkins, Hamill & Gates) Prev. Close Advance Alum : 8% Asbestos Manufacturing -..... 4 Bastian Blessing 20%, Berghoff 11% Bruce E L................s. .e 22 Central Illinois Pub Service... 70 Cities Service 4 Commonwealth Edison .......114% 114 Cord Corp .....s Toads eseriin 4% 4%

Crane £8 +s 48 Dixie Vor sesnes 22 Electrical H susehold sesensses 11% General Household ........... 83 Great Lakes Dredge.. Jarvis Co Katz Dru Ken-Rad

Noon

seseenie Seeenvan

Ste: Standard Brea . Sundstra te pd tah 2 Products

penith

New York Curb

(By Atkins, Hamill & Gates) rev. Noon. Close. «..139 139 . 22Ya 21% 33 41% 2

inum Co of A . ican Airlines mevica

7% HA . 18% Bower Roll Bea v Cities Ep i pe;

r Moko ois Siena: Tap e Corp

ing slow; indications Lio

t open chang to stronger to shi ; sheep

ppers anged; ood to choice native and |M Jasnbs bid $8.50 Pa

.15; now asking 9 and above for ies hand . Nelghts: % an native ewes [email protected] In Jai scarce, T WAYNE, Dec. 15.—Hogs—Market, 10a a 225-350 1bs., 0 80 Ibs 3 40: gy 120-130 $8.50. Fle” 5 9.85 3s. 1062980:

roils 40 3 $8 down.

150 Bs. Tog 807,

ibs ER $7. Pats FR Se or yh ». gia ale. 13 10: s Bits -160 "1 @9.25: 120-140 bi 100-1 BE io ht aoasas:

By Times n. Lambs ; 15. — Cattle — Esti-

0.10; 200-225 | Se Ibs. $9.85; | St

Bas ok or WDB

Acerca

Vevsevnsessssnes

Ta Twin Coath “vie :

Money and Exchange

: INDIANAPOLIS STATEMENT Clearin Ss 8

yd won

TREASURY STATEMENT (By United Press) By United Press WASHINGTON, Dec.

ola: COAL PRODUCTION IS

DOWN 45,000 TONS

ry conservatively extimated at Feige an increase of about 35 per cent over the 1935 total, according to

{FARM LOANS IN

DISTRICT HAVE HIGH STANDING

Payments Are Maintained or

Resumed in Louisville FCA Region.

Times Special LOUISVILLE, Dec. 15.—Notwith-

4 227 |standing postponement privileges 4

provided by Congress in 1933, many Ohio, Indiana, Kentucky and Tennessee farmers have maintained or

7% | resumed payment of principal on

their Pederal Bank loans, Ernest Rice, general agent of the Farm Credit = Administration of Louisville, said. today.

Mr. Rice said that regular and special payments of principal on the 73,000 or more Federal land bank loans, which make up 39 per cent of the farm mortgage debt in the district, aggregated $5,515,000 during the first nine months of 1936. This amount exceeded by more than $1,808,000 the normal principal installments maturing in the period, he said. ;

Cites Returning Prosperity

“Farmers in these states are get« ting back to normal in meeting their obligations,” Mr. Rice said. “While not. all borrowers from the land bank are in a position to resume principal payments, it is very sigenificant that the regular and special payments of those who did ree mit exceeded total regular amortization payments by nearly two million dollars. “That seems to be a good indication of the returning prosperity of agriculture in our four states.” Deferment of principal payments on most Federal Land Bank loans was first provided by the Emergency Farm Mortgage Act of 1933. Otherwise, normal or regular principal payments falling due in the fourth district the first nine months of 1936 would have amounted to $3,707,000, the agent pointed out. Of $5,515,000 of principal actually paid in during the first nine months of the year, $3,796,000 consisted of regular principal installments and special. payments, while $1,719,000 was remitted in payment of loans in full, the agent reported,

yu RECEIVERSHIP COMPLETED

Completion of Columbia Cit First National Bank ys was announced today by Clarerice Manion, NEC state director. Unsecured depositors, he said, received about 71 per cent of their claims.

New Bond Issues

(By W. L. Lyons & Co.)

as, 428 ’51. ie

| m Bost 3%2s '65.. 4%s 56. =e

Gulf States Steel 43s "61. Indpls Water 3'%s ’66 Iowa Sou Util 5'%s 53 Kansas P & L oe Roppers Co 4s ’51... ees Long Isl sha BR 4 "Hy... Los An Louisville Metro Ed 4

/ 0 & E 328 '66 Wisc Pub Svs 4s ’'61 ta nie 4 . E - Building Permits P. Hessong, 1411 W ~ay, triad i 8106 g 3 ie av, elecs an Co., - - LL d Lo N. Oxford-av, o Amelia Fish, Senate-av ani 11thsst, gy Deeler Bakery, 3707 W. 10th-st, sign, Julia Johnson, 40 N. Webster-st, roofing, Mrs. Ros 2 fips M. ae a Lexingtone - i ls lo Coca. 5% 8 b $50,

st, osm. $100. corse Manuel, 6576 Broadway, dwelling,

kpatrick Building Co. 648 Broadway,

dwells E. Constru 38th-st, ah $250; d aweltine_ 38000." 7°

R111