Indianapolis Times, Indianapolis, Marion County, 8 March 1937 — Page 18

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Trends

Flynn " laventories

Abreast of The Times on Finance

* ¢

PAGE 18

MONDAY, MARCH 8, 1937

and net income was $43,947

Sales and Net Gain

Sales and earnings of General Electric Co. established six-year highs in 1936. Sales were $268,545,000 7,000, according to a preliminary report of the company.

Supreme Court Argument,

‘LITTLE RUHR’ IN

—.. By JOHN T\ FLYNN

HICAGO, March 8—The bats tle over the Supreme Court has now raged for nearly a month. | It is possible to begin to make an inventory of what it is all about. The first thing that stands out is that, while on its surface this is a legal matter, in faet it is an economic battle, The President wants to enlarge the Court in order that he may make certain nomie arranges ments whieh the Court has blocked. At the bottom of the dise cussion, theres fore, is the question «what is it the President wants to do which he Mr. Flynn cannot do in > the present composition of the Court? The President has not taken the country into hig confidence as to Just what measures he proposes to bring forward affecting our economie life to which the Court stands as a barrier, Save for the Utility Holding Company Act and the SEC and the Wagner Labor Relations Act, nearly all of the President's first term program was broken up on the unconstitutionsality issue, » HE importance of the proposals for a change in the Court, therefore, depend on the plans the President hag for new measures, The Court outlawed the NRA, the AAA and the Guffey Act. These were the chief defeats of the Administration, Now it would seem that the country has a right to ask if the President proposes to revive the NRA, the AAA and the Guffey Act. Just what will the President do with the power he will get if he can recast the Court? Since we cannot answer that question, the next point which arises is, what are the basic points of difference between the President and the Court? What parts of the Constitution have New Deal bills run aground on? This can be answered. And when answered it gives a clue to what might be done in the situation. The constitutional questions are siX in number, They are (1) the general welfare clause and (2) the taxing power (somewhat intertwined); (3) the power of Congress to delegate its powers; (4) the ine terstate commerce clause; (5) the Fifth Amendment; (6) the 14th Amendment. These are the great stumbling blocks in the way of the President's program, The general welfare clause was involved in the AAA case. ‘The Constitution gives Congress the right to levy taxes, to provides for the common defense and promote the general welfare. The Court, by a 6-to-3 decision, held that Congress had a right to promote the general welfare: that in pursuance of this it might levy taxes and pay the money out to farmers in subs sidies. But could Congress annex a condition to the payment of subsidy?

” ”

» » » F Congress could do this, it could regulate any industry or activity to which it could pay out money. By forcing farmers or manufacturers to comply with certain rules and regulations before they could receive the benefits, Congress would be in a position actually to regulate that activity, The Federal Government is a government of limited powers obtained only by grants in the Constitution. Therefore, if the Constitution does not grant to the Federal Government the power to regulate agriculture, Congress cantaxing power to do indirectly what tax ing power to do indirectly what it is not permitted to do directly.

Under this it is clear Congress has no power to regulate agriculture. Here, then, is a clear issue. The President and Congress want this power. Should they seek it by reorganizing the Court or by a constitutional amendment?

The objection to the amendment is that it is too slow. Since it is a matter of time and haste, then we ought to know what it is the President is in haste to do. What is his plan for agriculture? Maybe we would not want it, For instance, speaking for just a single observer, I think the National Government should have the right to regulate agriculture, But I would not favor a revival of the AAA the plowing under of crops, the slaughter of pigs, ete. If that is the plan the argument of haste would have no validity. But we do not know what the plan is which calls for this haste, Tomorrow we can examine the other economic points in the sit-

uation. (Convrinht.

Fruits and Vegetables

(Quotations below, subject to change, are average wholesale prices being offered to puvers by local commission dealers.) Pears, Oregon D'Anjou, extra , $450: California Avocados, 8 «HOR, Bananas, selected 1b., Sc. Apples, 1 Indiana Delicious, 21: inches up; $2.50; No. 1 Staymans, 2!» inches .. $2.28; No, 1 Jonathans, 2's inches 25; No. 1 Starks, 2': inches up , 2'4% Inches up, $2. m$7.50. Limes, Mexican, e, Grapefruit, Texas seed$3.25. Oranges, California, $3615.25. Pineapples, 30s, Florida, pt., 24

1837. NEA Service, Inc.)

$3. 3:

less, 64s-80s, Sunkist, . crate, $5, SIT WheITICS, Cc. Vegeta — Beans, Florida stringless, hamper, 83. ws. Beets, homegrown, new Texas, 3-doz crate, $1. California, case, $3; bunch, sel Sprouts, tS drum, x 50: aqt., bage, New York, 50-1b bag, 85c¢c; new Texas, 1, crate, $1. Ta Carrots, California, bulk, bu. $1.25. Cauliflower, 10s-11s-12s, crate, 2 Celery, Mammoth, doz, 85¢: Florida, 4s5-6s-10s, er at hy Sucumogrs, XX hotouse, doz. $1 Chives, doz., pot Egg B Florida, doz., $1.50. Kale, virginia, : Lattuct. Iceber rg, California best.

$6.25; leaf, hothouse, No. 13 $1 25 Pephers, Mangoes, No. 1s, doz., 40c. ushrooms, homeBEER 1%: XB Indiana yellow, 50-1b 2 estern Spanis arge, : ; Northern White, $165. Parsley, doz., 35c. Parsnips, homerown, 85¢. Peas, Mexican, hamper, £5. Potatoes Maine Green Mountains, 100Ib. oe $3.25; ldaho Russets, $3.90: MichiRuras $2.75; Colorado MeClures, 0X,

Potatoes, Tennessee, Nancy H £1.75: Louisiana, Puerto Ricans, bu., Radishes., buttons, hothouse, doz. 45¢: white, 40c. Rhubarb, hothouse, No, 1, 5-lb. carton, 45¢. Sage, doz, 45¢. 8ninach, Texas, bu., $1. Shallots, doz., 35¢. Squash, Hubhbard, bu. $1.50. Turnips., bu., $1.25. Toma. repacked, 10-1b basket, $1.25.

(By United Press)

CHICAGO, March 8 --Apples—Michigan Mcintosh, $1.25 2 Sweet Potatoes— Louisiana Porto Ricans, $2.20672.25. Sweet Potatoes—Louisiana Porto Ricans, $2.20 2.25. Carrots——Illinois, bu es $1. Spin. h—Texas. bu.. 75¢ Tomatoes— orida, $1.50@ 2.50. flower — Calis ornia, (rates $1.50. xican, ham4.75@5. Cel 1% i h,

toes,

\ WOU. "

eeo-|

| creased business in 1936." \

| gram for its refinery, | output.

! Electric is doubling capacity of it | Lima,

OHIO EXPANDING FOR BOOM YEAR

RENTS GAIN ON BUILDIN TS WE "

-e

Programs Call for Doubling

| Of Plant Capacities in Industrial Area.

{ Ry United Press

| CLEVELAND, March 8-Indus«| | trial expansion unequaled since the |

| predepression era today promised a | new apm for America’s “Little

| Ruhr. A wave of programs calling for!

| doubled plant capacity had found | | new impetus in recent wage=hour |

agreements in the steel industry and | was highlighted by preparations for

[Se of the biggest shipping seasons |

(limated 40,000 new jobs in the steel |

industry. Youngstown mills even ! reported a shortage of skilled labor, In Cleveland, “where coal and ore | meet,” Republic Steel is building a | | 815.000,000 plant. Thirty-five huns dred new steel Jobs in Cleveland | {and nearby Lorain will bring the (area an estimated three i million-dollar payroll addition. Building New Ships | Preparing for a shipping season | expected to conar the 1920 all-time | high of 65 million tons of iron ore, | Cleveland's Pittsburgh Steamship Co. anounced construction of four (new bulk freighters at a cost of $5.000,000. This first major ship | construction on the Lakes since [1980 will furnish a year-long task | for hundreds of men. The Pittsburgh company's 69 ships, largest fleet on the Lakes. will be conditioned at a cost of $3,000 each. Pickands « Mather, Cleveland-Cliffs, M. A. Hanna, Bethlehem, and ‘Tomlinson will spend $2,400,000 to have their entire | fleets ready when the ice breaks.

Renewed activity at the shipyards | was foreshadowed by word of har | bor and other improvements costs ing $10,000,000. Coal movement was expected to approximate the 44 <million-ton record set last year, The White Motor Co, in Cleve« land announced it will double capacity at a cost of $2,000,000 as “a vitally necessary step toward boosting production schedules 50 per cent to meet demands created by ine

Power Capacity Boosted |

At Toledo the Pure Oil Co. ane |

nounced a $2,000,000 expansion prodoubling the

Painesville, O., saw construction |

| begin on a $10,000,000 plant for in-

Ohio Westinghouse | He S| O, motor manufacturing | At Ashtabula the Cleveland |

| dustrial rayon.

| plant, | Blec fup its generating capacity.

At Lorain the Ohio Public Service | Co. proposed to increase its plant capacity by 50,000 kilowatts at an expense of $5,000,000. The new facilities would enable it to spread surplus power as far west as Toledo and east to Warren,

National Steel joined the area'e industrial expansion parade as construction of a new blast furnace got under way at its Zug Island plant,

Chi icago Stocks

(By Atkins, Hamill & Gares)

Advance Alum Allied Products Asbestos Manufacturing Athey Truss Wheel Bastian Blessing Berghott | Butler Brothers i Central Illinois Publ, | Chicago Corp | Chicagg Yellow Cab Cities Service “i Commonwealth Edison .. Consolidated Biscuit Cord Corp Cunningham Drug Dayton Rutier ‘h Dixie Vo Elect vie Household Field, Marshal Seneral niojsehold a Jarvis B. ‘» ‘se Katz nh “ Libby McNeil and Libby Lincoln Printing Lion Oil Loudon Packing Mid-West Corp Noblitt Sparks Northwest Band Corp

Service ..

i A LE a

Et Hk St pt mt BS _— Sc - =

TO 1D le wF

Public Service North, Ill NP Schwitzer-Cummins

Sundstrand Machine

Unite

to five |

| Ba apbet Ca ! Holland [Furnace | Lone

THE PARKER CORP, GENERAL DISTRIBUTORSA.UNCORPORATED INVESTORS

factor in the real estate market. It naturally follows that as rents go up faster than building costs there comes a time when it is cheaper to build and own property than it is to rent. The accompanying chart shows that rents have steadily climbed, advancing 30 per cent from the low point in 1933. Building costs, on the other hand, have remained relatively stable since 1934,

New York Stocks

| The relation between rents and building costs is a most important |

| | | | |

‘Gain 10 Cents on Receipt of

i |

{

y son & MeKinnon) | (By Thomson ) ‘ High. Low,

High Low A.M Ill Central ..... ae 3 BOY. i iin 'k Amusement se Lehi h Valley .. d

| Crosley ou & Nash Loews I | Paramount MK Radio Corp

0 . 20th Cent Fox .. [ Warner Bros .. Aviation

| Aviation Corp .. Boeing Aireft . | Qurtiss Wright | Curtis Wregh A | Douglas Air IN Av

or Am orp AH 1d

Aireft Trans Cont

Building Am Radiator.

. 268% 0a ov 28% «12% a 18 . an 5% 368' . 4%

| N Y New Haven N Y Ont & West | Nor Paeifie Penn R R Reading .. 4 | Sou Pace .. . 64 SoOURR ...... kki Rion pae a I3Y Wa

« § wen RI Ai iand « 1% Retail Stores

Allied Stores NY Assd Dry Goods. 24, First Natl Stores jm Gimbel Bros .. Gd Un Tea ..., Kresge 8 ‘ Groger Groe .. {Macy R H Merory “vis McLellan 8t 1 Marshall Field May Dept

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Chemicals Air Reduetion .. Allied Chem ‘ Alcohol 2%! on... 11) «188

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20% a2 12 30%

— — —

Safeway St ..... 44 Wan Roebuck : oolworth .. 568 Rubbers

Firestone rich

Monsanto Chem Natl Dis (new)... Schenley Tex

U 8 Ind Alcohel Hen

Drug Bristol (Myers Lam iis ay Davis ‘ens Sterling Prod . Un Drug (hew).. Vick Chem

Equipments.

Am Brake Shoe TH Am Loca . ‘aa Am Stes! dy .. Bald Loco . ‘ Gen Elec Poor & Co .... Pullman le ‘as West Aty . Ww estingh Hie. .

Financial Adams Exp Allegheny Corp... Int Corp.. Credit Com Invest Trust Lehman Corn Transameriea.... Foods Armour ‘ Armour 6°, pid. 9 Beatrice id Borden Prod 26 Cal Packing x Can Dry G Ale.. . 3 Cont Bak . 32 Corn Prod ‘ Crm of Wheat .. Cuban Am Sugai | Gen Baking Gen Food

a BELEN aT.

or =

— Gl CC BePe Fen -nm

—

— TDD =i Se TRIG mF le of

U 8 Rubber 8214 Us Rubber pid. 112

Steels

Am ntl Mills .. Bet eel 1 Be a M _ Keystone Steel . Ludlum Stes! |... Mid Steel Natl Steel Otis Steel .. Rep Iron & Steel an Sharon Steel 41 U 8 Pipe & Fdy 67% U 8 Steel 1248 U 8 Steel pd 148 Youngstn 8 & T.100'%

Textiles

Adams Mills... Amer Woolen... Celanese Corp. . Collins Aikman. Gotham Hose... Indus Ravon .... 3 Kayser Julius...

Tobacecos—

Am Snuff Am Tobacco Am Tobacco Pem & igars i» 1 ARR & Myrs ast Loril “" BR "Morris Bors Reynolds Tob '‘B’ 558'4

Utilities

Am & For Pwr. . 13 Am Power & Lit 13% T&T 179

An Wat Wks ... 29% Col Gas & Elee., 18 Comm & Sou ... 3% Consol Gas 43 3% Elec Pwr & Lit.. 245, Interboro R T... 121, Int T&T «14 Lou G & B ‘A’. 23% Nat Pwr & 121, North Amer « 30% G & EB 34 « 801%

Pac a 201,

14 Stone ® Webster 30.a United Corp .... 6% Un Gas Im np. | 18 Ut Pwr & Lit ‘A’ 3% Western Union . 79!,

ay, 1

57% (184%,

82! A' a}! ‘B' 95!

2 2 48"

—

et BS et St BG le So BG wT et

Holly Sugar Natl Biscuit .... 31 at! D Prod . Buty Hak .,.. 8 Porto Rico Sug . | 8td Brands | 15 & Co Swift mt o.oo § United Fruit .... Wrigley ‘ 69

Household Col Pal Peet .... Songoleun 43 Proc & Gembie ‘ ervel In 33

Simmons. Bed.

Mining

Alaska Jun ..... am Metals ‘ m Smelt . . ® Anaconda sisi § l S IR CIT Loca ecurities erre ® asco. Dome Mines vo 48 4 hL IN ARapelis Bond & Share Corp.) t or Ore,.... ° \ ! e followin uotatio “ Howe: Sou 2 ne 3 pens petual St bids or ey Bt merely owe Sound .. ate ® approximat Ins Cop oF ‘eens based on buying and melt J38s ove Int Nicke 7 recent transactions. Kennecott Cop BONDS

Nefitire ne | : , ia ind ™ (TH) 4! '8 H Tel 1 Fr Wes a

A A API LEBER sennEs

Bid. +103

Ask.

ny = 8 Smelters. .. Vanadium 3M

Miscellaneous Allis Chalmers

[ndpls Railway Inc 5s, od. RED. ater Co Nits ‘ “ nterstate Te 510 63. . Kokomo Water Works 5s '58. . Morris 5 & 10 Stores 5s '50... 10 Muncie Water Works 5s ‘65 .. Noblesville H I. & P 6!,s 03 Ohio Tel Serv 6 ot }chmona,

— wo =

2 Man Tr. 46% Ada . Lh

Itt te TG rt TOD CD BS

E rosRe

Belt Railroad & St Yds .“ Belt Railroad & St vds pra “" font 1nd vd 2 pd ‘ee e Te ™ Ww ‘ee And & Mien Bi El a Ce xInd & Mic ee . xInd Gen Sery C co od Ind G C

Ha ‘ Natl Ca sh ‘Reg. Owens Bottle ..

id WBIDw 1

E 04'y Worthingtn Pmp Ly Motors—

Auburn Chrysler . Gen Motors

Swift International Utah Radio Prod Waigreen . Woodall Industries

1" ’ - New York Curb | (By Atkins, Hamill & Gates) Ae? oy MM. Close Aluminum Co. of America .. American Airline ‘ American Cynamid “'RB' Am. Gas and Electric .. American General . ‘en Arkansas Natural Gas “A’ Barium Steel Carrier acy tolmbia Oil

de CHIIED SD Pt ft ft pt pe ND a a et TD nd TD i 65 LI FD in Pl wT - 2

General Tir Gulf, Oil, Pen ‘es Humble Oil and Refining Co... verade Food . “ International Vitamin n Oil “hia National Rubber Niagara Hudson Pan American Airways Root Petroleum Rustless Iron and Steel Segal Lock Sivas Standard Oil of Ohio .. Sterchi Brothers Stutz Brothers .. Sunray Oil ‘ Tilo Roofing Twin Coa Woodley

ch ‘es "Petroleum

Unlisted Stocks

(By Blythe & Co.) Bankers Trust ........ RI TIT « B04 Chase . ... sees

Central Hanover .... Continental Illinois Gua Trving Manufacturers National City National Shawm First National Boston : 59 FIRE INSU RANCE Aetna Fire Insurance American of Newark Baltimore (Seen Federal . Franklin Fire preat : American Insurance ‘ National Fire . Hartford ‘ anover Fire Chess ational LMerty «...ccooviiins SARE r RRR Sosa haR sea aa

SARRN ARNE

Graham Mot | Hudson a1 ! Mack Truck ens | Nash ig nd 7: Terre Haute Elec. Co 6s. Union Title Co com XEx-Dividend.

Other Livestock

LOUSY (Times Spesial ILLE, Estimated receinte;

| Stldebaker 1 White Motors... Yellow Truck ... Motor Accesse Bendix | Bohn Alum ... Borg Arner Bri

Grevhound New. 16%

ne Thos down: stockers Timken Det “Axe an Timken Roll . Oils—

{ Alwernda

ots light Dis. | 500 Jreers

hoice, $9@10; practical to arly $10. but choice rye hits scarce. hs ated receipts, 1408: 10@ 15¢ highe 5¢ higher than paid 10 best rail Sosa to $10; d rages, underweights Sheep—Estimated marker nominal x receipts vy: RO and choice and _wethurs, yesh quotable late ewes, $5.50

ay, extreme top hogs: bulk sales, $10.2 i for better Phillips ePt ... Plymouth Oil ... Pure Oil aT Quaker State ...

Seaboard Off ... last week, $10

geo Sorts, [email protected];

el United Press)

PFT. WAY Market 5c pk 225-250 250-27

Texas Corp . Tidewater Assn 20%,

U 3 : n Oil of Cal N 263, 100-120 Ibs.,

hs, 818" $10 50: Roughe. 2 stags, ‘$7.25: calves,

the new— Its very

5000 TONS C-0-A-L-! Extra good. 4th vein mine run. Avail. able until April 1st, or steam or domestic use. Write or phone for

prices. VICTORY COAL

o oul

130

DO. i.

‘| +}

ma selling inquiries or

and cutters. 85 75 and in-between grade

in- ; vealers , barely steady: good Hogs

market opening er than Barra or Steady oo to

Town 1 175-300 ib

lightweight

| 160-pound weights brought $10;

{

81, |

| brought up to $6.50. Receipts were * | 1700 cattle and 600 calves,

| |

: | the good and choice kinds brought

| |

+ | bounds,

| March

— NEW BUSINESS MEN'S POLICY ~ PROVING POPULAR

Business and Professional men in increasing numbers are buying

Indianapolis Life Business Men's Policy

Low Cost for permanent protection and other benefits make Xk especialy helpful

or more to those who can qualify. ate today how this plan can help you protect dependents or business

Indianapolis Life Insurance Company

Over $100,700,000 of Insurance in Force Meridian

WEIGHTS OVER 160 POUNDS UP | IN HOG MARKET

6000; Underweights, Sows Steady.

Weights above 160 pounds climbed 10 cents today in the hog market at the Indianapolis Union | Stockyards, recovering the losses of | Saturday. Underweights were steady. Receipts were 6000. Sows were steady, the bulk ranging from $9.25 to $9.60, top $9.75. Weights of 160 to 180 pounds sold for £1040: 180 to 200-pounders brought $10.45; 200 to 210-pound weights were $1050; 210 to 226 pounds, $1045; 225 to 235 pounds, $1040, and the 235 (oo 250-pound class, $10.35. . The 260 to 260-pound class brought $10.30; "160 to 275 pounders were $1025; 275 to 285 pounds, $10.20; 285 to 300 pounds, $10.15; 300 to 326 pounds, $10.10, 325 to 350 pounds, $10.05. and the 350 to 400pound class was $10,

Lambs Up 50 Cents

155 to 150 | $0.75; 140 to 150 | pounds, $9.50; 130 to 140 pounds, | $0.25; 120 to 130 pounds, $9; 110 to | 120 pounds, $3.75, and weights of | 100 to 110 pounds were $8.50. Fed steers and yearlings were steady with the bulk of sales at $8.50 to $11. Heifers were active and strong at mostly $8 to $9 with a few odd head upward to $10. Cows and bulls were steady. Beef cows ranged from $5.25 to $6.25, the cutter grades, $4 to $5. Top price for sausage bulls was $6.25. A few bulls on beef order

In the lighter divisions,

to 155 pounds,

Vealers were 50 cents higher and

$10.50 to $11. Lambs were 50 cents higher on a run of 1200. Top price of $12 was paid for one load of choice fed Western lambs weighing around 90 The supply was mostly odd lots of unfinished lambs ranging from $10.75 to $11.50. Slaughter sheep were steady. Top price for slaughter eews was $6,

"HOGS Bulk

1. $9 80@ 10, 20 2. 5

Receipts,

10.0062 10 35 10.10@ 10.45 Light Lights (140-160) Good and Medium Lightweishts . (160-180) Good and

dium (180-200) Good and edium Medium Weights 1200-220) Good 1220-250) Good Heavyweights. 1250-200) Good 1290-350) Good Packing Sows 1275-350) Good (350-425) Good (425-550) Good {275+550) Medium Slaughter Pigs (100-140) Good and Medium .. CATTLE ~ Receipts, 1700 Choice ..$12.006013.50 Good 0.506112.00 Medium 7.750 9.50 Common wos 6.0060 7.75 Choice 12.2661 13.75 Good ‘ 0.75a012.25 Medium 7.1M5@ 9.15 Common 6.500 7.75 Choice 2.75 13.1 3

choice . § 90.2566 10.40

8.715(010.10

10.106 10.45 [email protected] 10.306010.50 [email protected]

choice... [email protected] choice... 10.30610.45

10.056710.35 10.006 10.15

0.50@@ 0.75 0.306 9.60 0.256 9.40 8.50@ 9.50

R.50@ 0.50 7.20@ 9.25

choice. . choice. . and and

choice. , choice. .

(500-500) (900-1100)

(1100-1300)

(1300-1500)

(500-750) $ 9.75611.00 B75 9.75 6.0000 B.75 [email protected]

6.000» 8.50

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

(750-800)

‘ 3 6.25@ Common and medium ... . A006 Low cutter and cutter. Bulls, good Cutter, com, Vealers Receipts, Good and choice Medium Cull and medium

$10. 00@ 3 00 8.506110.00 5.50@ 8.50

(250-500) Good and choice..$ 6.50@ 9. Common, medium. 5.00@

Feeder and Stocker Cattle

(500-800) Sond and choice..$ 6.50@ ommon, medium. 5.50@ (850-1050) Gong and choice . 6.50 Common, medium. 550@ Heifers— Good and choice Common and medium SHEEP AND LAMBS ~Receipts, 1200— Lambs— Choice Good Medium Common Ewes « 190-175) Good and choice... J ! Common, medium 5a 4, b {Sheep and lamb quotations on clipped asis

PAYS 50-CENT DIVIDEND

Times Special NEW YORK, March 8-—A dividend of 50 cents a share on the capital stock, payable March 15, was announced today by the directors of the Texas Gulf Sulphur Co.

MINING INFORMATION

SEND $1 for the new 32-page section of THE MINING MANUAL. A complete dependable service that gives vou what you want to know about the Mining Companies History Property, Equipment, Personnel, Finances, Latest News, etc. Extremely valuable to those interested in Mining Operations, Equipmens or Securities. Ascertain for yourself the value of this reliable service. Order this new section today.

Statistical Research Bureau 315 Montgomery St., San Francisco

its liberal Cash and Loan Values in building a substantial insure

TA-0788 A x

We President

FACTORY WAGE EARNINGS GAIN ON COST OF LIVING

een, e S-

(NATIONAL INDUSTRIAL CONFERENCE BOARD)

120 ,

a 100

Yad

Factory WAGE EARNINGS OF LIVING

\ A

~ ©

WW he

’ . .

XIAN! ONIAIT 40 1S0D

i» 4

AALALA ALY

Wao | 1930 | 31 | 1932

1933 1935 0368

THE PARKER CORP, GENERAL DISTRIBUTORS

INCORPORATED INVESTORS

During 1936 factory wage earnings gained 13'; per cent and at the end of the year stood only 7 per cent below the high point in 1929. The cost of living, on the other hand, has not advanced at nearly so rapid a rate. The net gain during 1936 was only one per cent, while it cost 16 per cent less to live than at the height of 1929.

STOCK MARKET WEEK IN REVIEW

By ELMER C. WALZER United Press Financial Editor NEW YORK, March 8-—Stocks soared to new highs since 1931 last week, responding to strikeless adjustment of the steel-labor situation.

Wall Street was enthusiastic when

| the giant U, S. Steel Corp. smashed

all steel industry precedent by bar-

(gaining with an outside union—the

C. I. O—and steel shares shot ahead to the highest levels in many years. The steel corporation's subsidiaries fell into line, grantipg the 40-hour week, time and a one-half for over= time and a $5 daily minimum wage to workers. Steel prices were raised { by the corporation later to meet increased costs.

Elimination of strike fears meant continuance of a high operating rate for the steel industry, now producing steel around the highest levels compatible with equipment and raw material supplies. U. 8. Steel common led the whole market higher, rising to 61 per cent above its final price of 1036.

Rails Follow Steel

Meanwhile the automobile industry continued to step up output, Ward's estimated production this week at 127,134 units, a new high since 1929. Traders turned their attention to motor shares again and they made substantial gains.

Rails were second only to steels. The rail average was swept into new high ground since 1931 with all leading issues participating. New York Central was a favorite. Broad gains were made by Southern Pacific, Delaware & Hudson, Illinois Central, Southern Railway, Northern Pacific, Baltimore & Ohio, and Great Northern. Carloadings declined in the holiday week ended last Saturday but the decline was less than seasonal,

Railroad equipments and other heavy industry stocks advanced,

Chicago Grain Futures

(By James E. Bennett & Co.) 11:00 Prev. High Low A. M., Close

Wheat

35% 167% 137%

1.081% 1.081, 97

1.051% 082 00

1.03%2s 1.08

207 sh 90% Beans— fay ‘e +. 1.0348 53% bBid; sSellers,

LOCAL CASH MARKET

City grain elevators are paying $1.32 for No. 1 red wheat. Other grades on their merits. Cash corn, new No. 3 yellow, $1.01. Oats, 43c. Hay-—No. 1 timothy, $13.50@14; No. 1 clover, $15@$15.50; No. 1 alfalfa, first cutting, [email protected]; second cutting, $17.50@ 18.50.

‘Other Livestock

v United Press) CHICAGO, Ma rch 8.-—-Hogs-—Receipts, 16,000, including 5000 directs; strictly Rood hogs scarce, 10c higher; bulk, 200-300 lbs. $10.30 10. 40; $10, ’ medium kinds ste : de= and for fycrages under 160 lbs, very narpacking sows, 10¢ higher; bulk good, 380- 500- 1bs., "so. 6009.85. I4, 000; calves, 1500;

Cattle—Receipts, choice and steers and yearlings scarce; stea general killing quality plsinent of season; bulk fat steers promisng to sell ab $8.38@ 12.50; very little above $14, but $15 paid wei rhty bullocks: best yearlings, $13.9 heifer yearlings, $10.75: all heifers fully steady: common and medium grade steers slow; weak; cows sacrce, steady; bulls firm, scarce and active: weighty shipper vealers, 25@50¢ higher; Tight vealers steady at $8.50 down; few shipper vealers, $9.504110 Sheep— Receipts, 11,000, includin 3300 directs; fat lamb supply around per cent from Colorado; few loads clippers, very few fat sheep: early trading slow; indications fat lajibe strong to unevenly higher: around $11.75 an for strictly choice handyweights; strong to 35¢ higher; few handyweight ewes, $6.65; shearing lambs, 25¢ higher, 70-1b. averages, $10.40

for

WAR DEPARTMENT BUYS 141 MOTORS

Wright Aeronautical Corp. Gets $1,099,729 Order.

By United Press WASHINGTON, March 8.-—The War Department today announced purchase of 141 geared Cyclone motors from the Wright Aeronautical Corp, Paterson, N. J, for a price of $1,099,729, : Some 109 of these motors are for installation in that number of single-motored observation planes being constructed for the War Department, by the North American Aviation Co. Englewood, Cal. The remaining motors will be held as spares, The motors are of the single row, radial type, developing 1000 horsepower,

CITIES SERVICE TO EXPAND Times Special NEW YORK, March 8.—Plans for the expenditure of $42,000,000 for new construction and improvements during 1937 were announced by Cities Service Co. today.

Investment Trusts (By M. P, Crist & Co., Inc.) Bld 21.04 + 12.08 37.609 3 23 39

3.0 3.17

Administered Fund 2d, Inc. Affiliated Fund, Inc American Business Shares ‘e Broad Street Investing Corp. . Bullock Fund, Ltd Century Shares Trust Corp "AA" or “Acc” (mod) . . Corp "AA" or ‘Acc (unmod.) Corp Trust Shs (ori ‘ Diversified Trustee oe “B. Diversified Trustees Shs ‘‘C". Diversified Trustee Shs “D".. Dividend 8hs, Inc .. 2 Fundamental Investors, Inc... General Capital Corp 46 General Investors Th ust . Incorporated Investors Market St Inv Corp... XMaryland Fund, Inc. 10 Massachusetts Investors Trust Mutual I esKnet d 18 Nation-Wide Voting N American Tr Shs. 1955 N Amer Tr Shs 1956 N Amer Tr Shs (ori Quarterly Income Shs Selected Amer Shs, Inc....... 1 Selected Amer Shs (orig)..... Selected Cumulative Shs .... Selected Income Shs .. State St Investment Corp. Supervised Shs, Inc (Deliv’ d) gti . Trustee Am BK B « 1.03 Trustee Standard Oilshs ‘A. 827 Trustee Standard Oilshs “B". 17.85 XEX-Dividend.

Produce Markets

(The prices quoted are paid for gathered in the’ country, while for eries in Indianapolis the prices are higher. Each full case of eggs must 56 pounds gross) 0 is No, 1 strictly fresh,

eavy breed hens, 5 Ibs. and over, 15c. Leghorn breed fons, heavy, llc. Heavy breed springers, 2 ibs, over, soft meated, 13¢. Leghorn reed springers, 8c. breed stags, 8c. Leghorn breed stags, heavy breed cocks, 8c. Ducks, full-feath-ered and fat, 5 Ibs. and up, 6c. Geese, full-feathered and fat, v Turkeys, young 14c; young hens, Ibs. and over, ‘old toms, 8c: old hens, fc: No. 8c. Creamery, . 1, 386i 39¢c; No. 2. Butterfat—No. 1, 35¢; No. 2, 31c.

stock deliv1 cent

loss off,

6c,

toms, l4c: Butter 35ay36¢.

(By United Press)

CHICAGO, March 8. Egg steady; receipts, 12,104 cases; firsts, 21%c; extra firsts, 19%e; current receipts, checks, 18c; storage packed extras, 23%c; storage packed firsts, 23'c, Butter--Market, firm: foceipts, 8704 tubs; extra firsts (90-91% score) 3% @34c; specials, 34% @35'%c, extra (92 score), 34'c; firsts, 32.11 33V,c; standards, Poultry -—— Market, steady: 13 Spring

— ~ Market, ®Yresn raded

22V5¢; irties,

4%c. receipts, trucks, geese, ldc; ducks, 14@20c; chickens, 19 21c; broilers, 24 25¢; ens 14@ 18c; leghorn hens, 1016! Vac: old r00Sters, 12@13'ac, turkeys, 15@2ic; fryers, 24@ 26¢. Cheese—Twins, 17@17%ec: 17% @17%c: longhorns, 1726 17% Potatoes-—-Old Stock, sup ites moderate; demand slow; market stea A dan ho Russet Burbanks, $3.404,3.55; U, 2 $3.15; Colorado Red McClures, AR Maine Greene Mountain, $2.65; Wisconsin Round Whites, $2.35; U. 8. Commercials, $2.15: Michigan Russet Rurals, $2.45: Minnesota Cobblers, $3; Minnesota-North Dakota Bliss Triumphs, $2.60@ 2.90. New Stock -—— Supplies, light; fair; market weak; track sales, car lots, Florida Bliss Triumphs, bushel crates, [email protected] U, 8, No. 2, $2.10; less than car lots, $2.20. Arrivals, 144; on track, 311; shipments, 550 (Sat.); 52 (Sun.).

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$15.44

10_Years 15 Years 20 Years 25 Years

Chart Shows Growth of Savings

7.15 4.40 3.05 2.24

At Present

Dividend Rate

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MIMEOGRAPHING |

TRADE SPURRED BY FAVORABLE TREND IN WEEK

Spring Buying Sends Sales to New High for Year as Indices Climb.

Times Special NEW YORK, March 8.—Spurred by more favorable developments on all important fronts, trade stepped forward boldly this week, according to Dun and Bradstreet's weekly re= view of business.

Under the spell of good offerings and comfortable weather, the report continued, consumers started spring buying in earnest, sending salcs to a new high for the year.

The unexpected extent of laste minute orders for Easter merchane dise pushed many wholesalers fare ther behind in their delivery programs, Dun's declared.

Power Output Gains

Released from some of the cramping fears regarding labor upheavals, industries displayed greater freedom in formulating plans for expansion during the second and third quarters, the report said, Further widening of the spread over the comparative 1936 positions was recorded for most of the lead ing industrial indices, the review pointed out.

Electric output gain over last year's was raised to 13.1 per cent, and in spite of a .2 per cent dip for the week, the sendout was maintained at more than 2,000,000,000 kilowatt-hours for the thirty= fourth straight time, the review as= serted.

Steel at 85.8 Per Cent :

Larger by 6.1 per cent for the period preceding, bituminous coal, it was shown, went 84 per cent over the tonnage mined in 1936. Daily average gross production of crude oil rose 150 barrels to 3,296,~ 100 barrels, establishing a new all= time peak for the fourth consecutive week, the review stated. Edging 3.3 points upward, oper ations in the steel industry, as reported, reached 85.8 per cent of capacity, a new high since October, 1929, when the average rate for the month was at 86. Interrupted by the holiday, freight car loadings were off slightly from the previous week’s record for 1937, but, according to the review, were in excess of the preceeding years number for the forty-eighth suc= cessive week.

New Bond Issues

(By W. L. Lyons & Co.)

Argentine Rep 4s '72 Assd Tel 4s '6

Cent Maine gi 3 8 "66 Cint{f G & E 3 "66 Cudahy Pkg 4s 'f Dom Canada 3s '67 Great Nor 394s '67.. gt Houston Lt & Power, Jas "66. . Kansas P & I, 414s le Kresge Foundation 3' hs Los Angeles Rev I Metro Bd 4s Narra Elec Bh '66 N Y State Elec Gas 4s ' Noa, 4 Okla G & E 45 '45.. Okla Gas & Elec Inc 3%s '66.. Pac Lighting 4'.s '45 Peo Gas Lite OK eg ds 81. isc & E 3's Wisc Pub Serv 4s '61 INDIANAPOLIS STATEMENT Clearings $2,711,000

Cent, Maine Pwr 4s ‘60 Cudahy Pkg aya ' Elo Auto Lite 4s ’ Indpls Water 3's 5@ - v Koppers Co 4s '51 : Louisville G & N Y City 3s Ss '63 Ohio Edison 3%s ns Otis Steel 4525 '62 Sou Kraft 4's w G Money and Exchange Debits 6,662,000

TREASURY STATEMENT (By United Press)

WASHINGTON, March 8.—Government expenses and receipts for the current fiscal year through March §, compared with a year ago: This Yea Last Year .$4,935,844, 329, 07 $4,840, 27 495.51 2,826,500,437.42 2,415,479,763.24 Deficit, .... 2,109,343,8901.65 2,425,447,732.27 Cash Bal . 10583,342,469.35 1,751,323,626.22 Pub. Debt 34,600,821,853.40 30,510,845,090.63 Gold Res, 11,448,536,688.55 10,166,928,003.82 Customs. 310,404,011.85 264,055 775.21

Expenses . Receipts. ..

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