Indianapolis Times, Indianapolis, Marion County, 4 October 1937 — Page 13

Page PDF (14.55 MB)

Back to issue view

te ?

Jack.

NE irregular,

git Commodity—

MARKET DECLINES

IN DULL BOND IS

: Rail Strength Leads] ~ Domestic Lien Advance.

. NEW YORK, Oct. 4 (U. P.).—Prices receded on the stock market today in dull trading after opening steady to firm. Sales in the first hour totaled only 150,000 shares,

the lowest since Aug. 31.

Strength in rails featured a quiet domestic bond advance today. U. S. Government{ loans were irregular. Carrier funds advanced fractions to more than a point. Alleghany Corp. stamped 5s of 1950 led the upturn, rising 114 points to 441%. While Baltimore & Ohio, Illinois Central, Southern Railway, New York Central and Southern Pacific issues had gains ranging to a full point, Great Northern 4s G of 1946 lost a point at 116. Curb stocks gained irregularly in dull trading after early firmness today. = All sections joined the decline but there was no particular pressure on any stock. Rails, firm at the outset

SESSION:

SUES F IRM

MARKETS AT A GLANCE

Stocks irregular and dull. Bonds higher and quiet; U. S. Government issues irregular. Curb stocks irregular and quiet. Chicago stocks irregular. Call money 1 per cent. Foreign exchange generally steady; French franc up 24% points. Cotton futures off 5 to 8 points to new four-year lows. Jan. uary futures 8 cents. ’ Grains in Chicago—Wheat up 14 to 5% cent a bushel; corn up % to %. Silver in London up 1-16 uenny at 1915-16 pence a fine ounce.

N. Y, Bonds

By United Press BOND PRICE INDEXES

20 20 20 60 Inds. Rails Utils. Bonds 84.1 97.4 89.9 82.0 96.4 88.8 89.0 100.2 13.6 Year ago 99.9 106.0 99.5 1937 high 101.2 106.0 100.5 1937 low 1. 82.0 96.3 88.8 (Copyright, 1937, Standard Statistics Co.)

Saturday Week ago Month ago ....

NEW YORK, Oct. 4.—Bonds opened firm. Ope jj Caange

on the rail wake: settlement, gave| Can

ground grudglingly. Steels eased to small losses and then met support. Utilities registered small losses as did oils and coppers. ~ Around noon U. S. Steel was at 8014, unchanged; Atchison 5712, off 8; Chrysler 91, unchanged; New

783 York Central 28, off 1%; Westing-

house Electric 1173, off 3%; United |.

Aircraft 211%, off Ye; Standard Oil of New Jersey 57%, off %; Montgomery Ward 48%, off i; Macy 37%, off 7%; Anaconda 393z, off 3%;

Kennecott 46, off 1%, and General

Motors 49%, off 13. Farm shares

had losses ranging to 2 points inf

Deere, 2% on

‘Today's Business At a Glance

_ GENERAL BUSINESS

R. L. POLK & CO. reports August new passenger car registrations in the United States, excluding Wis‘consin, 300,414 units, off 15.98 per ‘gent from July but up 14.26 per cent over August, 1936; August truck and ~commercial car sales, 58,681 units, off 1.30 per cent from July but ‘2 per cent over year ago.

CORPORATION NEWS

_ California Oregon Power Co. 12 months ended Aug. 31, net income $1,105,148 vs. $883,005 previous 12 months. Jamaica Public Service, Ltd, and subsidiaries, 12 months ended Aug. 31, balance after charges but before depreciation $260,795 vs. $245,548 previous 12 months. Petroleum Corp. of America, Sept. ‘490 net asset value, $19.24 a share vs. $23.94 on Dec. 31, 1936, and $18.68 on Sept. 30, 1936. San Diego Consolidated Gas & ‘Electric Co. 22 months ended Aug. ‘31, net income $1,308,056 v3. $1,294, 090 previous 12 months.

‘SMUGGLED DWELLING SEIZED BY CUSTOMS

WASHINGTON, Oct. 4 (U. P).— The Treasury Department today reported the first case of a house beon smuggled illegally .into the United States. Two customs patrol officers seized _the house, a long dwelling, near Pine Creek, Minn. for nonpayment of duty. It- had been torn down in Canada, hauled across the border on a wagon and reconstructed on the American side. ° The customs officers seized the ‘wagon and horses as well.

OPEN DENHARDT PROBE

" SHELBYVILLE, Ky, Oct. 4 (U. P.).—The Shelby County Grand Jury opened an investigation today of the assassination of Brig. Gen. Henry H. Denhardt by the three Garr brothers, Dr. E. S., Roy, and County Attorney Coleman Wright said he wo ask they be indicted on a charge of murdering

"the one-time Lieutenant Governor.

.ART CLUB PLANS SHOW

.. The Indiana Artists’ Club has scheduled its annual exhibition from ~-Oct. 30 through Nov. 13 at L. S. Ayres & Co, it was announced today by William F. Kaeser, club president. Floyd D. Hopper is exhi- ~ bition chairman.

FOREIGN EXCHANGE W YORK, Oct. 4 (U. P.).—O ening Cable Rates rate) 4. Lai

e _ Change

Curb Stocks

NEW YORK, Oct. 4.—Curb stocks opened

irregular. Open ghange Am Cyan B .cieenee tersasnsss 28 Brazil TL&H . . Cities Service ... . Bons Cop Mns .. oe eS ees Sesvsinecs 1%

Rustless I&St Technicolor Un Gas

SOCIAL WORK TALKS CALLED ‘SUCCESS’

Hoosiers Return to Homes After Parley Here.

Indiana social workers had returned to their posts today after the 46th annual Indiana Conference on Social Work ended in what the retiring president, Prof. F. M. Vreelad, said was “unusual success.” The conference began Thursday and ended yesterday. Miss Emma C. Puschner, Indianapolis, American Legion child welfare director, was elected president; Allan Bloom, Kirshbaum Community Center general secrétary, first vice president; the Rev. August R. Gussenegger, Catholic Charities Bureau director, second vice president; Miss Gertrude Taggart, third vice president, and Mrs. Richard Edwards, Peru, fourth vice president. . Re-elected were Thurman Gottschalk, State Welfare Director, secretary; Mrs. Anne Kemp Zink, Greencastle, assistant secretary, and Dr. Murray A. Auerbach, Indiana Tuberculosis Association executive secretary, treasurer.

CITIZENSHIP IS WON AFTER JIBE AT COURT

© SALEM, N. J. Oct. 4 (U. P).— Nicols Dilutis, of Pennsgrove, was asked “who makes the laws of the country” during a naturalization examination here today. “The Supreme Court,” Dilutis replied. “Some people seem to think that’s the right answer,” said County Judge S. Rusling Leap. Dilutis correctly answered the re questions and was admitted into citizenship.

JENNINGS MEETS

John K. Jennings, Indiana WPA head, today conferred with women’s and professional project supervisors and assistant supervisors from the six state WPA districts. The meeting, which is to continue through tomorrow, was held at State hcadquarters here.

SENTENCED TO DEATH

MOSCOW, Oct. 4 (U. P.).—Eight persons were sentenced to death and three others were given prison terms in the trial of a group of alleged political conspirators who sought to install “capitalism” in the autonomous Republic of Adjaristan, it was learned today. avn——— eis frases tec ea————

LOCAL PRODUCE

(The prices quoted are paid for stock gathered in the country, while for deliveries in Ind 1 Tul ca the prices are 1 cent higher. gi full case of eggs must weigh paunds Eggs—No. rv 2 lintly fresh. loss off, 21c

Heavy breed hens, 5 lbs. and over, 18c; Leghorn hens, 13c; heavy breed broilers, 1937 stock, 2 Ibs. and over, 19c; Leghorn broilers, 1937 stock. 2 lbs. and over, 17¢: bareback broilers, 1937 stock, 5 Ibs. and over, l4c; old roosters. 9c; ducks, fullfeathered and fat, bs. and over, bc; gese, full-feathered ‘and fat. 9 to 14 lbs,

Butter—No. 1. 38% 39%¢; No. 2 3 37¢, Butterfat, No.3. en No. 3. 3m, Jo%@

NEW YORK STOCKS

Net Last Change Adams Exp . 12% Addressograph . 2614 Alask ska ogrant 12 e oy if Stoses’ ves r Shoe.. Am Car&F pf . Am Ors Sug.. Am&F Pw.

8 Fees

CHIE HH

Amour 111 Fstrong Ck." tchis

Be BD bt DI bt ph DVO Bore

IRI OD

D139,

—O Callahan LL 3 Calumet & H Cerro de Pasco. 38%

y Bucyrus-Erie ’

Cong-Nairn .... Cons Aircraft . Oil

DIAEIEEL AED I HE REE NE

oh 34 i st “eee ba A

Cu Cena Curtis-Wr 412

Deisel W G .. 16 Del & Hud . Douglas Air . Dunhill 3Va Gr East Kodak ...174%2 174% Elec Pwr & Lt. 15% 15 S Va V2 11% 11% . 15% 15%

+++:

jot

Erie Evans Prod .

+ +1

Fid Phen

Baking ... Electric ..

Gt West Sug .. Greyhound Cp .

L4H: +140

Hocus Prod .. Holly Sug Homestake Howe Sound .. 63 Hudson Motor . Hupp Motor ... Herc Pdr rts ..

141 +1 ata

. . .

Ill Central .... 17 Inspiratn Cop . Inter Iron .... Int Nickel .... Int P&P A .. Int P& P pf .. Int Salt .. .... Int T&T...

i+!

60%a

. 604 —— 45% 20%

Jewel Tea .

45%

Kennecott 20%

Kresge D S ...

Leh V Coal . Leh Val RR ... Ligg & My B . ew’s

Loft,

SPEAKERS’ BUREAU WILL GIVE PROGRAM

First of a series of programs by the Butler University Speakers’ and Entertainers’ Bureau was to be given before the Sigma Nu Mothers Club this afternoon in the L. S. Ayres’ auditorium. Included on the program was to be a skit presented by Leroy New and Martin Gosman, readings by Mary | Lou Over; Negro spirituals by Paul Krauss, a novelty quintuplet act by Robert Robinson, Luke Snyder, Robert. Wren, William Crawford and Maurice Barry and two original piano compositions by Mary Hesseldenz. Richard Crawford will be master of ceremonies. During the coming year about 40 students will take part in the bureau's activities. Programs will be presented throughout the State.

INSURANCE AGENTS MAY CONVENE HERE

The Indiana delegation to the National Association of Insurance Agents convention in Dallas, Tex., this week will campaign for Indianapolis as the 1938 convention city, members said yesterday as they left in special train coaches. + The delegation included Dean H. Swadener, Indiana association president; R. C. Fox, Indianapolis association president; J. W. Stickney, Indiana association secretarytreasurer; J. J. Cripe, of the Indianapolis Convention Bureau; G. B. Woodward, Bloomington; J. °W. Kirkpatrick, Muncie; R. G. Hastings, Washington, Ind.; N. C. Mogle, Mishawaka; Ross Coffin, E. H.

Tite + i.

-Trimps and Irving Williams, all of

Indianapolis.

ORESSMAKER FOR 2 QUEENS DIES POOR

ENGLEWOOD, N. J, Oct. 4 (U. P.).—Mme. Bertha Gounod, once a dress designer for Their Majesties Queen Mary of England and Queen Marie of :<Roumania, died in poverty here last night. . The 77-year-old dressmaker, for two years employed in a WPA sewing project, died of heart disease after being removed to a hospital from the two-room apartment in which she lived alone.

PROBE DEATHS OF FIVE

DETROIT, Oct. 4 (U. P.).—Public works officials and officers of the police homicide squad today examined the interior of Detroit's new interceptor sewer—65 feet below Jefferson 'Ave.—In an effort to place responsibility for the deaths of five “sandhogs.”

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW YORK, Oct. 4 (U. P.).—Dun & Bradstreet's daily weightefl price index of 30 basic commodities, ‘compiled for United Press (1930-1932 average 100):

Saturday ..........30%96 | Year az .137.19 | 1937 high (April 5) .158.26 Month ago ......Holiday | 1937 low (Oct. 2).

Week ago ........

Following are {he commodity prices used in compiling the

daily price index.

Today Wheat, No. 2 red (bu.)..c.u.ue $1.13Y% Corn, No. 3 yellow (bu) cecenass 97 "Rye, No, 8 (bu) ......... heres 8834 Oats, No. 82 white (bu.)....... . ol Flour, spg. pat. (196-1b. sack). a Lard, prime steam spt. (Ib. 2

“Coffee, Rio 7s spt. (Ib.)....... eo

Sugar, raw 96 test (1b.)..... Cab "Butter, 92 score (Ib.)..........

+ Hogs, 290-350 No. good-ch. (Ib.) Steers, 1100-1300 No. choice (lb.)

Colnmodity~

Cotton, mid-upland Silk,

.. 134.76 | copper, electrolytic

Tin, straits spo

Silver, comm’l bars

Week Ago $1.12% $1.173% 1.10 1.07% 851% 94 33% 4334 6.875 7.457 .1080 1155

Year Ago

scrap and hides. ville: Coke.

Lambs, good (Ib.).. Hides, native hvy. steers (1b.).. Wool, fine unwashed comb, (Ib.)

tsetse .

13-15 deniers Jap (1b.).....

Lead, spot (Ib.)......... Zine, spot (Ib.)....... AB.) - coves eee

Steel scrap, Chicago (ton)...., Pig Iron, Iron Age Comp. (ton). Coke, Connelsville (ton) Cement, Dom. Portland (bbl.). Yellow pine, 6-in. base (m. ft.) Douglas fir, rough (m. ft.)..... Gasoline, tank wagon (gal.).. 09 : Crude oil, 40 gravity (bbl). ....

(Source of Quotes—Chicago: Boston: Wool. Tulsa: Crude oil. New York: All others).

Week Ago $ 0975 18% 40% 0847 0862 1.71 1.84% 121% «13 060214 060214 .0650 0687% 56% 51% 44% 4434 15.95 ‘16.75 23.25 23.25 4.25 4.25 2.25 2.25 60.00 60.00 52.50 52.50 .093 005 087 1.23 1.27 1.18

Grains, livestock, lard, steel E. St. Louis: Zinc. Connels-

Year Ago

$ .0863 A3% 33% 1248 1% 09% 0460 0485 453% «4434 16.25 18.73 3.75 2.55 50,00 38.00

Today

$ .1020 18% 40% Gb)... ....

KIB). seeare

(0B.)...ceu0e

By United. Press

Net Last Change 20% + Ya

High Low

Lorillard ...... 20% 20%

Nat Gypsum ... Nat Pwr&Lt ... Nat Tea

aia

i 15% 3

&El Dacifie Ltg Packard Paramt Pict . bars Pict 2 pt.. ark Utah

dl Hil:

8 8 15% 15% — 9% 97% . 6% 6% 18% 18% Reo oMt Republic Stl ... 24% 24%

Reyvn Spring ... Reyn Tob B ... 40% 49%

Safeway 29 Schulte R 11; . 1% 30 . 167% iis SY, Sharp & D pf . 52 Silver-King .... 10% Socony-Vac .... 18% So Cal Ed 357%

20% 30

oi 11

CON drt ibis | CIDICODI = it CDI ICI has 3 N

. 57 a a . 8 34 pian 3V2 iver 30Ya oni? Syming-Gould . 12% Ya 12%

Texas Cor 51Y, 51Y% Texas Gulf Prod 4% 4%

LUMBER BISNESS DECLINES IN WEEK

Industry Stands at 75 Per Cent of ’29 Average.

51% 4%

WASHINGTON, Oct. 4 (U. P). — New lumber business continued to lag well behind production in the

* | week ended Sept. 25, but shipments

recorded moderate improvement, the weekly report of the National Lumber Manufacturers Association

showed today. The organization reported that the industry stood at 75 per cent of the 1929 weekly average of productiort and 70 per cent of average 1929 shipments. Production for the 540 mills. re-

‘porting, 6 per cent less than the 573

a week earlier, totaled 256,388,000 feet of hardwoods and softwoods combined, a decline of 5 per cent from the preceding week’s aggregate of 271,169,000 feet. Shipments totaled 231,509,000 feet, up 2 per cent over the 227,871,000 feet shipped a week earlier. New orders aggregated 203,850,000 feet, off 6 per cent from the 217,620,000 feet booked in the -preceding week. The week’s production was 26 per cent in excess of new business and 11 per cent over shipments. Softwood output was 2 per cent

‘over the 1936 week production for

the same mills, shipments were down 12 per cent and new business off 21 per cent.

COTTON ESTIMATE MAY HIT RECORD

NEW YORK, Oct. 4 (U, P.).—The Government crop estimate as of Oct. 1 will be issued Friday. Most traders believe the figures will be substantially in excess of 16,098,000 bales as forecast a month earlier. Some private estimates range up to 17,000,000 bales, or the third largest cotton crop in American history. Weather the past month has been favorable, although too cool for a top crop in some sections of the belt. Some experts say that the failure of cotton farmers to take advantage of the loan protection reflects a reluctance on the part of planters to tie up their cotton thus and obligate them to carrying charges, accepting unknown conditions as to the character of co-operation with the Government production program for next season, and the reluctance of warehousemen to accept responsibility to guarantee grade and staple cotton placed with

them, even when classed by Gov-|

ernment, experts.

BROKERS’ OPINION

NEW YORK, Oct. 4 (U. P)— Brokerage opinion today—

HORNBLOWER & WEEKS—It is very desirable to have the market quiet down at this point. Investment buying is likely to result and place the market in a position to advance over the next several weeks. REDMONT & CO. — A technical indication has been given in the direction of higher prices and subject to irregularly, we look for the market shortly to extend its gains above last week’s high levels.

SHIELDS & CO. — Special dividends forced by high taxes will give trading opportunities at times, as will technical influences and individual trade developments. Such movements should be regarded only from a trading standpoint, however, and until there is real stimulus to renewed long pull buying all active rallies should be welcomed as opportunity to lighten holdings.

- LAMBORN, HUTCHINGS & CO. — The rails shares should be watched carefully for improved prices, but commitments should be quickly abandoned should the increase be not forthcoming.

FOOD PRICES

CHICAGO, Oct. 4 (U. P.).—Apples— Michigan McIntosh, 60c@$l. Sweet Potatoes Tennessee, bush 859 1. Carrots—Illinois, Foe t. Caul At crates, Peas—California, - hampe ' Celery—Michigan, flat crates,

Las 450,

Net . : Last Change Tex G Sul % — Tex Pac LT. . Fi 8% + I T mp Star . 3% The . oil. 11 11 : Timken R B ... 14 53 + % Transamerica 5% rea

Tri-Cont 20th Cent-Fox .

Un Airoratt Un Air Lines Sv.

+ Yl AR

DROP 25 CENTS INLOCAL YARDS

Favorable Outside Reports Fail to Hold Hogs Steady. Buyers siciesded in lopping off

another 25 cents on hog values today, according to the Bureau of Ag-

"y, ricultural Economics.

1% YF — 15%

Wilson & Co Vs

Yellow Tr 15%

MARKET BREAK SPURS INQUEST

Comparison Shows Decline To Date Nearly Equals 1921 Dip in Values.

NEW YORK, Oct. 4—Wall Street, in a brown study these last few weeks over stock market conditions, has been striving recently to trim the puzzle to some kind of simple framework for better understanding. Statisticians, wielding their yardsticks, have measured up the material sides of the price break and are in position now to compare it with knowable, tangible, factors of past recessions. The duration of the decline has been to date approximately six , | months, The average duration of

the last eight important stock price’

breaks was 18.6 atonths. This 1937 down-move dropped prices 26 per cent in the industrial stocks and 38 in the rail group. Average of the other eight was 41.4 per cent for industrials and 37.3 per cent for rails.

Conclusions that may be drawn from these comparisons, of course, will not attain their full value until the break becomes historical—until the reasons for it, now definable only as “psychological,” are known. Still it is apparent that even in the short life of six months this break wrought more than average harm to rail values; and nearly equaled the average g trials. The break that started inthe fall of 1929 was much more severe, but it lasted thirty-five months—a New York stock market record. Then industrials were whittled down 89 per cent and rails 93 per cent. The recession of 1921-22, though, cracked industrials only 16 per cent and rails 18 per cent. It lasted eleven months. Then, to go back to that break in 1912, when President Wilson was first elected, it lasted 27 months, cut industrial stocks 43 per cent and rails 29 per cent.

JEWELRY TRADE SALES INCREASE

NEW YORK, Oct. 4 (U. P.).—Restored buying power finally has spread: its influence to the jewelry trade, Dun & Bradstreet, Inc. said today. “For the fourth consecutive year,” the Review said, “Retail sales have increased, with the rate of expansion in 1937 destined to carry the total close to that of 1929.”

Value of retail distribution in the

first eight months ofs this year ranged 20 to 40 per cent over: the 1936 comparative, the survey pointed cut. With the peak selling months ahead, trade estimates have placed 1937 sales at $392,000,000, up 35 per cent from the $290,000,000 reported in 1936, and only 19.3 per cent under the 1929 peak of $486,390,803.

ISLAND’S ONLY CHILD VISITS THE ‘OUTSIDE’

EDMONTON, Alberta, Oct. 4 (U. P.).—The only white child ever born on Victoria Island in the Arctic Ocean is visiting “the outside” for the first time. The child was born to Mrs. Ernest Paisley, wife of a trader on Eskimo Island, five years ago. name is June. She made the journey from the

Arctic by schooner and airplane, | 8;

and is having difficulty getting ac-

customed to the noise, traffic and|.

high buildings and other wonders of the city she is seeing for the first time. ”

LORAIN, 0., MISS TO BE SURVEYOR

LORAIN, O., Oct. 4 (U. Py

Miss Edith Nichols, daughter of a |In

prominent Lorain surveyor and engineer, is learning her father’s

profession. She plans to be “out in ||

the field” soon.

Home Building

RESIDENTIAL BUILDING

MILLION DOLLARS

INCORPORATED INVESTORS

BOSTON, Oct. 4—Many believed we were in for a real spurt in residential building, but the August figures tempered hopes. The value of residential building in August dropped 28 per cent from a year ago and also declined more than the seasonal average

from July building. The need

today is for a readjustment of building costs. Incidentally, there are two and a half one-family residences constructed in this country for each multi-family dwelling, and 11 one-family homes for-each two-family dwelling.

ut in indus-| ,‘%

' (1100-1300)

Her i

men . fiscal year thro Hi Oct. 1.

Lighter receipts in 11 markets and higher advices from eastern dressed pork trade failed to effect the local market. Top fell to $11.75 on choice 210 to’ 225-pound butchers. Packing sows were steady to 25 cents lower, a few lightweights reaching upward to $10.75 while bulk sows cleared $9.75 to $10.25. Not enough trading developed on the rank and file of the steer and yearling crop today to make a market. Five loads of Illinois fed steers grading choice to prime and scaling around 975 pounds were weighed here at $18, but the market supply comprised common and medium steers and yearlings valued from $7.50{ to $10 and occasionally above in which buyers showed little or no interest. Bids that did turn up were usually sharply lower than the close last week. It was the same story on heifers. Quality was unattractive to killers, most offerings looking of value between $6.50 and $9. Cows turned weak to 25 cents lower, low cutters and cutters going at $3.50 to $4.75. The Kosher strike in the East drastically influence vealer transactions locally. Prices fell $1 below last Friday. Bulk good to choice ‘vealers cashed at [email protected], with mostly $8 to $9. Spring lambs moved at rages steady with Friday's best time, or about 25 cents higher than the opening on that day. Good to choice ewe and wether lambs brought $10 to $10.50.

(Reprinted From Late Times Saiurday)

Receipts 4b0

Grain Futures

Gain Fractions In Chicago Pit

CHICAGO, Oct. 4 (U. P.)—Buying abroad and in Winnipeg turned wheat prices upward today on the Chicago Board of Trade. At the start wheat was % to u cent higher, corn was 3% to 14 cent higher and oats were 14 cent higher. Bro6mhall reported today that hot winds in many sections of Australia are causing deterioration of wheat which is in the boot and in some early sections where wheat is heading. There have been local thundershowers, however, which brought partial relief but the official weather forecast is for no immediate important relief. From Sydney, Australia, Broomhall receivved a report that the crop will reach 160,000,000 bushels despite the wind. From Buenos Aires came a report that last week very little rain fell in the Argentine grain belt and wheat is becoming in need of time-

ly rains. Only one to two inches of

rain has fallen on the main wheat belt since the first of September.

WAGON WHEAT City grain elevators are paying for No. 2 red, $1.01; other grades on their merits. Cash corn, new No. 2 yellow, 76¢c. Oats,

; ARGENTINE GRAIN BUENOS AIRES, Oct. 4 (U. P.).—Grain {jturse of opened steady. Whe a} TNovempet, up 1c; February, $1. *04% up 7c. Corn—October, 57%c, up ‘ac; loc. Oats—Spot, changed. Flax—November, changed: February, $1.29%,

FREIGHT LOADINGS MAY GAIN SLIGHTLY

Rail Groups Expect 6 Per Cent Increase Over 36.

unchanged.

WASHINGTON, Oct. 4 (U, P).— Freight car loadings in the fourth quarter of this year are expected to be about 6.2 per cent above 1936 quarter, the Assoclation of Ameri-

0 | can -Railroads/ reported today.

According to estimates compiled by the 13 shippers advisory boards,

00 | loadings of the 29 principal com-

i @12.25 11. 83013. 00 Licht Lights— ~ (140-160) Good as and

Lightwel hts— 180) i ‘and

Me 3gium Werpoim 200-220) Good and (320- o3on) Sood and

2 0 FP Good and 0) Good and

choice be choice. .

choice. . choice...

(550-900)

DRO ONIIRHOININOW

838324 oho oaNILaS Zou

(900-1100)

(1300-1500)

(550-750)

a SLO wu

a DNs y

Com Good nd choice. .

(750-800) Common, medium..

Pt pd pt fd ot be CRI 60 0

Low cutter elim cutter

Sx ooo

Good: (beef) Cutter, common and msg. .

Vealer RET — Goa: nd choice

alve (250-500) Sood and hoice:. ; mmon, medium. 5.50@ 8. .50 Feeder and Stocker Cattle

Stee (500-800) Good and "choice. . [email protected] mon, - medium. 6.25@ 8.25 (800-1050) Good and choice.. [email protected] Heiter Common, medium . 6.50@ 8.25 eifer

Good and cholce . 7.25@ 850 o Common and medium 6.00@ 7.25 OWS—

Good Common and medium SHEEP AND LAMBS —Receipts, 25—

Shorn : (90- ne Good and choice. . Common. medium...

LAFAYETTE, Oct. 4 (U. .P.).—Hogs— 253430c lower; 200-225 ibs. .» $11.50 iieo. . ., [email protected]; Jig ae

, [email protected]; Calves—$9.50. Lambs—$9 E., Oct. 4.—Hogs—Market, 10 180-200 lbs., $11.55; 160-180 200-225 1bs., Sit 45; 225-250 : 9250-275 1lbs., $11.25; 275-300 1.10; 300-350 1lbs., $10.85; 150-160 : 140-150 lbs, $10.75; 130-140 1bs., 120-130 1bs., $10.25; 100-120 Ibs, stags, $8. 25.

$10 ‘down.

FT. WAYN @30c lower;

$10. 50; $10; roughs, $9.50; $11 a. Lambs— $9. 75.

te LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The jollowing quotations do not represent actual hids or offerings but merely indicate the approximate market level

Calves—

based on buying and selling inquiries or |

recent AhaCaS ns. BONDS

Citz Ind Id (TH) 4Yas 61.. H Tel & Fel 1 Ww 34s 35..

Richmond Ww W 5s Seymour Water Co oe 49 .. Trac & L 5s 4

[rac Term Co 5s 57

Belt RR St Yds com ....

Van Camp Milk Co pfd Van Camp Milk Co com (By M. P. Crist & Co.)

xMarket Bt Hnvest Co! ..28.00 xEx-Divi ing IP. <

U. S. STATEMENT

INGTON, Oct. 4 (U. P.). —Govern expenses and nh for the Current compared w ith

29.77

a year a| y RY: 18 Fear

ith

3.00 8.00

@19c;

modities will total 6,638,840 cars compared with 6,248,684 in the last

0 quarter of 1936.

All advisory boards, with excep-

0 tions of the Ohio Valley and ths

Pacific Northwest, estimated an increase over the 1936 comparative, the greatest advance being anticipated in the Southwest, where freight car requirements are expected to be 27 per cent above last year, due to the heavier ‘movements of grain, cotton and cotton seed. Grain loadings will probably be more than three times as ‘great as in the 1936 period, the Association said, and for cotton an increase of 60 per cent is anticipated. Gains were estimated over the 1936 comparative of 13.3 per cent in the Great Lakes territory, and 11.4

>| per cent in both the Atlantic states

and Northwest areas, while other districts are expected to record increases of 22 to 9.3 per cent. Of the 29 commodities included,

| increases are expected in 24 and

decreases in 5, the report said. Largest gains were estimated for grains, 47.2 per cent; agricultural

0 | implements and vehicles other than

automobiles, 30.5 per cent; cotton, 25.5 per cent; cotton and seed products, except oil, 25 per cent; ore and concentrates, 16.7 per cent; automobiles, trucks and parts, 14.6 per cent; canned goods, 13.4 per cent; fresh fruits other than citrus, 11.2 per cent, and coal and coke, 3.3 per cent. Decreases were anticipated for hay, straw and alfalfa, 11.8 per cent; citrus fruits, 16.8 per cent; livestock, 7.8 per cent.

HUNGRY CONVICT ENDS STAY ON POLE

COLUMBUC, 0, Oct. 4 (U. P.).— A combination of rain, chilly weather and hunger brought down convict James Mason from the 150-foot water tower at Ohio Penitentiary, on which he perched more than 12 hours Sunday in protest against the parole board's failure to grant his release. Mason, commitied to the prison May 18, 1931, from Incas County for operating a motor vehicle without the owner’s consent, at first yelled from his lofty stronghold:

“I won't come down until you let me out.”

CHICAGO PRODUCE

(Reprinted ‘From Late Times Saturday) Eggs—Market, weak, receipts 5378 cases. Fresh graded firsts, 22'ac; extra firsts, Suxrent receipts, 213sc;

' salty receipts, 7936 Extra firsts (90-9112 score), (92 score), 343%c; firsts, . seconds. 28@30%c: specialsy ! standards, 34%@34%c: censcore), 32%ec; centralized, (88 score), 34%c

Poultr Mores. weak: receipts, 4 trucks, Ducks, 10@19c; geese, 16c; hens, 13@ 21c; roosters, 1 @15¢; spring a, Haale: broilers, 16g 24c: turkeys, 16@25c: horn hens, 15% Cheese— Twins, “181 @18tac: daisies, 183% longhorns, 183:@19

New Business Books Available at Library

‘The following new business books now are available at the business branch of the Indian-

apolis Public Library:

THE COMMON STOCK THEO NY ITS DEVELOE.

al democratization of indus DEVELOP Fer SONAL POWER, Dick Carlson. ‘‘Personal power must come through nersonal growth.”

T DOGS FOR PROFIT. by Rowl and ‘and Leonard Nay lor. . ‘‘Almos everyone who has attain

aken in without thought of commer-

ain NOT TO BE BROADCAST: THE ARUTH ABOUT RADIO Ruth indze. The author thinks the control of radio is in wrong if the sinister hands and should seized as as S in the public

RET a. T od SpEND-

Mitchell. EsONY. by diagnoses of he ills ch economics

suffers.

soon ten

says ‘ores

leg- |B &

YNN BELIEVES CONGRESS MUST ADVANCE TAXES

Heavy Levies Will Be Placed On All Classes, He Declares.

By JOHN T. FLYNN Times Special' Writer NEW YORK, Oct. 4—Mr. Morris S. Tremaine, controller of the State of New York, in demanding of the Federal Treasury the elimine ation of -the capital gains tax ane

stock market break. This is the explanation which was made by Mr. Charles Mitchell, then head of the National City Bank, of the great crash in 1929. By some vast stretch of facts and the imagination, the 1929 break might be attributed to that. But it is difficult to understand h o w thecurrent break can be blamed on the capital gains tax,

Mr. Flynn The old stock

argument about the “vapital gains

tax made by Mr. Mitchell might be simplified as follows. Browns buys

150. He does it, of course, to make money.. And then U. S. Steel stock rises to .250. Brown now has a profit of $100. He can realize that profit, however, only _by selling the stock and converting) the profit to cash. But if he sells the stock and takes his profit, he will have to pay an income tax on it. So he does not sell the stock and does not realize his profit. It is a good deal as if a man getting a salary of $10,000 refused a raise to $20,000 because he would have to pay taxes on the additional $10,000.

Fewer Stocks on Market

Mr. Mitchell's argument was that the failure of people to sell and take their profits, results in a continually smaller and smaller amount of stock floating around the market. Stocks were held so close that they became scarce and the scarcity caused shares to rise in price. And this produced the crazy price structure which brought about the collapse. There is, I venture to suggest, not a shred of soundness in any part of this argument. It just didn’t happen that way. Of course some people may have held their stocks, but instead of stocks being held generally they were pouring into the stock market in a deluge. But no such argument can be applied to the stock market now. The market collapsed not because there was no stock being offered for sale, but because the buyers disappeared. Stocks went up not because owners were holding their shares to escape the income tax. They went up because many people believed either that there was a boom coming or that inflation was inevitable. " The next Congress is going to have to do some pretty tall taxing. It is going to have to swat the little fellow a bit. It is not likely that at the same time it is putting taxes on the wages and salaries of people that it is going to exempt the earnings of stock speculators and the profits they make out of gambling in stocks. It's one of those things that just is not going to be done.

HIGHER REAL INCOME SEEN BOON TO TRADE

Purchasing Power Found 15 Per Cent Above Year Ago.

Times Special MINNEAPOLIS, Oct. 4.—With the “real income” of the American con-

year ago, retail sales and manue facturing volume promise a healthy

increase despite the slump in security values which has unsettled

by Investors Syndicate declared. “When Mr. and Mrs. Consumer have money to spend and when prices stay a reasonable distance behind their income,” the survey stated, “past experiénce shows that the manufacture and movement of goods are bound to increase.” Most interesting, in view of the recently created uncertainties, the study continued, is the fact that cash income from every source is proportionately greater than the year before. Farm buying power is up sharply over a year ago, it was pointed out.

NEW BOND ISSUES

(By W. L. Lyons & Co.)

Bid ceeeenes 97%

N'Y city 3s 3Yas N Y Sta ae Elec Gas, 4s 65 ... Northern State P 3!'2s 67 ... Ohio Public Sersice 4s 62 Pac Lighting 4 yas 5 iv aper So 3 Union Elec 3s ae West Chester 31is 67 . isc G 3'2s 66 . Wisc Pub Svc 4s 61 ....

“Stenographer's Stoop” is a common result of sitting in non.adjustable chairs, causing excessive fatigue and “ill health.

chairs make it easy to sit properly. They promote good health. and are mighty <

NEON o IGNS

‘Electrio S

too. of thousands are in use.

nounces that this is the cause of the °

a share of United States Steel for.

sumer at the start of September 15 ‘cents on the dollar higher than a

sentiment, a study published today .

SA NRE SR HRI