Indianapolis Times, Indianapolis, Marion County, 7 October 1937 — Page 19

Page PDF (14.29 MB)

Back to issue view

THURSDAY, OCT. 7, 1037

+ STOCKS IRREGULAR

IN QUIET

TRADING;

U. 8. ISSUES MIX

Industrial Shares Steady as Steels ‘Gain Losses.

NEW YORK, Oct. 7 (U. P.) .—Stocks were irregular in dull trading today, recovering partly from light initial sell-

ing. Irregular trends ruled quiet domestic bond trading today. U. S. Government liens were mixed. U. S. Steel opened at 71% and came back to 73 for only 2 loss. Bethlehem had Iz loss at 63% after opening more than a point lower and Youngstown Sheel & Tube had a point gain at 52 after opening 12 lower. Westinghouse opened at 112 and rallied to 114 for a point net gain. Other industrials were steady. Atchison gained 7% to 543% and New York Central recovered all of an early loss. American elephone gained a point to 160% and power and light issues were firm. Metals were mixed. Chrysler came back to the previous close of 87 after an opening

loss. Amusements were firm. 8 2 8

Today's Business At a Glance

GENERAL BUSINESS

American Iron & Steel Institute estimates: September steel ingot cutput, 4,301,869 gross tons vs. revised figure of 4,875,671 in August

and 4,151,388 year ago; operations averaged 76.52 per cent of capacity vs. 83.79 in August (revised) and 74.05 year ago; nine months’ operd-

! MARKETS AT A

GLANCE

Stocks higher under lead of steels. Bonds higher and dull; U. S. Government issues irfeguliarly. higher. Curb stocks firm. Chicago stocks higher. Call money 1 per cent. Foreign exchange steady to firm. Cotton futures recover after dip to further new 4-year lows. Grains in Chicago: Wheat 3% to 15 cent a bushel lower; corn unchanged to 14 cent lower. Rubber futures loWer. Silver unchanged in New York at 4434 cents a fine ounce.

N. Y. Bonds

By United Press

BOND PRICE INDEXES

20 Rails

Inds.’

87.6 88.2

83.0 EW YORK, Oct. 7.—Bond - regularly. wet. s opened ir > Open Allis Chalmers 45 ......ce000. 103% Chan A Argentine 4s Feb 7 Armour Co 4s '55 . Beth Steel 33s .. Cleve Un Term 5s

se tsesssnsesse

Curb Stocks

Alum Co Am ... ie is Am Sup Pow ... — Cities Serv ....

Creole Pet Mig E A

Tssihicolor .

tions, 83.12 per cent vs. 65.40 year | yn

ago; output, 42,498,769 tons vs. 33,526,142 year ago. American Zinc Institute Reports, September production all grades domestic slab zinc, 50,027 short tols vs. 48,309 in August and 42,211 year ago; shipments, 47,737 tons vs. 50,643 and 51,775; stocks, end September, 13,517 tons vs. 11,227 end August and 76,482 year ago; stocks prime Western zinc end September, 9515 tons vs. 6773 end August, first increase in 21 months. Dun & Bradstreet reports week ended Oct. 6 bank clearings $6,127,048,000 vs. $5,221,571,000 previous week, and $6,343,693,000 year ago. Engineering News-Record reports construction awards this week $48,830,000 vs. $42,494,000 last week and $48,334,000 year ago; awards for five |g

Cen weeks in September totaled $210,- Cent

511,000 vs. $170,068,000 in the four weeks of August and $197,372,000 in the four weeks of September, 1936.

CORPORATION NEWS

General American Investors Co, Sept. 30 net assets $13.08 a common share vs. $1741 on Dec. 31, 1936; $16.15 on Sept. 30, 1936. Interstate Department - Stores, Inc., September sales $1,859,514 vs. $1,819,297 year ago, up 2.2 per cent; eight months $14,591,052 vs. $14,264,034 year ago, up 2.3 per cent. Langendorf United Bakeries, Inc, and wholly-owned subsidiaries, fiscal year ended June 26 net profit $117,541, equal to $1.40 a class “A” share, vs. net loss $44,524 previous fiscal year.

Montgomery Ward & Co., Septem- |

ber sales $37,458,815 vs. year ago, up 12.3 per cent;

$33,357,195

year ago, up 23.1 per cent. Northern States Power Co. of Minnesota, 12 months ended Aug. 31 net income, $6,497,306 vs. $4,839,345 previous 12 months.

DIVIDENDS

Argo Oil Co., extra 15 cents and regular semiannual 10 cents, payable Nov. 15 record Oct. 15. Blue Ridge Corp., regular quarterly 75 cents in cash or 1-32d of one common share on optional $3 convertible preferred stocks, series 1929, payable Dec. 1 record Nov. 5. The Fair, regular quarterly $1.75 on preferred, payable Nov. 1 record Oct. 20. Pacific Lighting Corp., extra 50 cents and regular quarterly 75 cents

on common, payable Nov. 15 record |

t. 20. (Copyright, 1937, by United Press)

FOOD PRICE INDEX DECLINES 2 CENTS

‘NEW YORK, Oct. T.—Afier the drop of 4 cents in the period preceding, the Dun & Bradstreet weekly food index was cut 2 cents more for the week ended Oct. 5. This carried it down to $2.86, and wiped out all of the gain of the past month, as its position was on a par with that for the week ended Sept. 7. Since Sept. 21, when a 24-week high had been reached at $2.92, the index has lost 6 cents, or 2.1 per cent. When compared with the corresponding 1936 figure of $2.74, there still was an increase of 4.4 per cent. Downward revisions, which predominated, extended to 14 items: Flour, wheat, corn, rye, oats, barley, bacon, lard, cocoa, eggs, prunes, steers, hogs and lumber. Higher positions were reached by only three: Butter, tea, and beans.

eight | ¢ months $270,963,615 vs. $220,142,647 K

Chicago Stocks

Reprinted From Late Ti By United Press ies Yesterday

Heh Low Close Ya 13 Ya

Adams 22 i Aled” gab nt 1e . Alieg Eroducts £

cos eee CIV pd od fd CI et fk ft CIV hd fd pk

Nene

Asbestos Miz ses SSO Inveystment | Backstay We I 3arlow & Sig A Bastian Bless .. 3erghoff Brew .

rp FS

—

Ch ons NB

eS nls ein in eo 00 se CIDIt pt DOC ht pt bd oo

CIR pd BOCO hd pd pt ib CABIE bd BICO id bib

000 2a Sn ow co

8 ©N a

Chgo Yel. Cab ...veen., Cities Service ....... Coleman Lamp ...eees Comwlth Edison

PTY ah SNE et

Conaiagham Dru i Dayton Rubber 2 .

> sv. a ee vie .e a Nd ta] CORI ONG OC

Elgin Watch . Fitz Sim&C'nll’ Fuller Mfg Co . Gardner-Denver Gen Financ .......

os BAAR pa] OBI) p00 es ol © thd DI bd -23 4 wae — onc

ard Gt Tes Dredes Heileman Brew . Hein-W Mot P.. Hibbard S&B ...

Ky Util cu pf Ky Util 6% pf «eevee Fa Kerlyn Oil A ... . Kingnbury Br . La Salle Exten Leath Co . Libby McN pf .. Lincoln Print «ecececees Lincoln Pr pf «eeceee.. 34 Lon oil Ref ..

et C0 © bt pt =F ob C9 © eb pt uF

ALIN

SHO U0 NRE a

BIBI bt ANID

—

8 NI-Je3

Se 0 NUNCA @T0RS

1 DIES, 12 HURT IN CRASH

ST. LOUIS, Mo., Oct. 7 (U. P.).— One man was killed and more than a dozen seriously injured today when a bus and an automobile collided today at the intersection of two state highways north of St. Louis. The dead man, driver of the

automobile, was identified as Paul Anthony, 27, of Baden, Mo.

PAGE 19

Net High Low Last Change —A— 61%2 1215 17s 11%

Air Reduc fl Alaska Jun .... Alleg Corp .... Allen Indust ..

61% 12 1% 12%

SHEE +H

Anaconda Anchor Cap ... Amour Ill Armstrong Ck . Asso Dry Gds .

SHELLED EL

Atl Refining ... 22%

1112 15%

19 17% 60

. T4% Beth § Steel 63%a Beth Steel i 103

Bald Loco ct vi & Ohio

Pd C0 fb bud bt bt a

—

=I LANDON

Harel

—, aN

» $4 HEL rE re :

Calumet & H... Campbell Wy .. Canada Dry ... Can Pacific _.... Caterpillar T . Celanese Cent Aguirre . Cerro de Pasco. Gertain-teed es Ghes | & Ohio ... Chi E Ill Shi Biber of.. Shy TP. olgate-P-P Col ® Broadcast B Colum Gas Com Solvents .. Commonw & Cong Nairn .... Cons Aircraft .. 1 Cons Edison ... i 3 Cons Edison pf.

a a

Hi:

1: +41: hp =

DH]

Crucible St .... 44 Cub Am Sug ... Curt Pub pf ... Curtiss Wr ... Curtiss Wr A..

Deere & Co .... Del & Hud 22 D Lac & Ww Doehler D Cast 27 Dome Mines ... Douglas Air ..

Du Pont

East R Mill ... Eitingon Sch . Elec Boat Elec Music Ind. Elec Pwr&Lt . Elec St Bat .... Erie 1 pf

iE HE EEE bebe

HES FES

+11

Fajardo Sue Aw Fed Wat S A

vii :

intko Foster Wheel ..

Gen Cable Gen El

11+ ans en

DILL

+: + i

w a

Greyhound Cp .

Hat Corp Hayes Body ee Hecker Prod Herc Pdr . Herc Prd rts .. Houston Oil

INVESTING CO.’S

Bid Ask Bid Ask Adm Fd 14.06 1496] Bk Grp 1.34 3 49) Affl Pd .05 6.67 Ins Grp 1.29 3m Hd Sp 18. 1 20. 3 Invest. Bank C Bu anc Bl 7.0( Bits 2 Sav 3. 8 3. 2

B Sc Bos Fd 18. % 19.82!Inv Fao

Broad St 27. 93 i HER I Fd 15.35

Cp, = STs

” aa cc 41 * AA md 2.99 * Acc m 39

9.11 20.7 Ste or 3 38 23. i No Am Bd 55.87 .. IN A 1953 2 3 eas B 2. Ins Stk Fix Tr A 105 B .69 : Found Tr 4.1 4.4 1 89 Fa inv In 18.40 19. 5 Rep Tov J5 Fd. T A 52 sel Zeige 11.97

Gen Cap 34.96 Gen Inv 5.49 Group Securities Agri 53

=I -

2e%

OY rari Sta Util State St Sup Cp A *B

” C Super AA 231 Super 10.93 11. 8 Tr, St Inv C 259 ... | r St nil A 6.24 es

112 1.22 us L&P A 14.12 15.62 a 213 2.2

91 16.13 17.67 58 .6 95 3.52 3.66 .... 6.55 ....

ROW cba Woe Dawow Ponerg oo:

NOOO

ON rarities on

Hur .39 Ine vs 19.20 20. 92 Instl. Securities, ra wen" A 1492 16.40

BANK STOCKS

Bank of Manhattan Bankers Trust . of New, Jor Trust ...

Empire First National Guaraniy

ving . Manufacturers . . National City . New York Trust ..... sesees

Public Title Guarantee Insurance Stocks

aetna Fire

na Life Baltimore american en Carolin City he New York ...ceeeseeee Connecticut General .... Continental Casualty ..cceees. Firemen’s of Newark .cecoe.as Franklin . Glenn Falls Fire ...... ses cvane 38 Great American ...........00 oe Great American Ind «..qeceee Halifax .e Hartford Fire ..... . Home Insurance Home Fire sec .... Homestead Maryland Casualty . National Liberty . New Brunswioh Paul Revere Fire ....

Phoen Sun L ite

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW York, Oct. 7 (U. P.).—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average, 100):

Yesterday ....cccce. .130.38| Year ago

Week 280 ..........136.18{1937 high (April 5).

Month ago ,........138.81/1937 low

Following are the commodity prices used in compiling the

daily price index.

Today $1.10 18% Ji8% 32% 6.725

Commodity— Wheat, No. 2 red hu, tessan

Oats, No. 2 white (bu.)....... Flour, spg. pat. (196-1b. sack).. Lard, prime steam spt. (1b.);... - Coffee, Rio 7s spt. (1b) ........0 if , raw 96 test (Ib). : i 02 score (Ib.).........o. No. good-ch. (Ib.)

Commodity Lambs, .good

..130.93 | Cotton, mid-upland

.158.26

(Oct. 6)....130.38

Copper. electrolytic Lead, spot (1b.)

Week Ago $1.13% 1.08 84% “34% 6.975 A117 09 0320 3376 A170

Year Ago $1.17 1.07% 9436

Silver, comm’l bars

@.)... Hides, native hvy. steers (1b.).. Wool, fine unwashed comb. (lb.)

Silk, 13-15 deniers Jap (1b.)..... Rubber spt. smk rib (Ib.) ......

Zine, spot (1b.)..... Tin, straits spot (Ib.)..... esses

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).... Crude oil, 40 gravity (bbl).....

(Source of Quotes—Chicago: scrap and hid Bo!

Year Ago $ .0838 13% 351% 1239 1.72 .1638 09% 0460 0485 435 3-16 4434 16.25 18.73

eek Ne : $ .0995 18% 40% 0846 1.79 1356 J21% 060215 0650 S555 443

Today $ 10075 JA8% 40% .0833 1.69% 1700 12 060214 0650 S54 443%

(Ib.).......

(Ib) ceenes

(oz.)....

1.27 1.27 1.18 Grains, livestock, lard, steel $ Wool. E. St. Louis: Zino. Connels-

.| Republic Stl ..

1 Superi 3 | Superi

19 | Texa

85 54% 6 he NA A oil: .: 18

at . | 20th Cent-Fox..

**g7| Union Carb ....

NEW YORK ST OCKS

By United Press

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS 1

174. High Qos, 194.40; low. 144.08. High, 1936, 184.90: low. 143.11.

Sign 1 1937, 64.46; low, 38.68. High, 1936, 59.89; low. 40.66.

Yea High, "ogi, 37.54; low, 22.77. High, 1936, 36.08; low, 28.

70 STOCKS

Hupp Mot

jInt T&T Island Cr Coal

Johns-Man

sese

Kalamazoo Sty Kennecott .. Kresge D S....

16% 20%,

0 103% 103% 18%

Corp .. 16% Porc.. 36% St.... 10 oe 11K cee 222 9%

4100410: +]

Nat Nat Biscuit Nat Cash Reg. .

Pil]

FU bebe 4

Norwalk T

Sho Oil .

s Elev otis Stee 1 Owens Si Glass. 84

—P a Pac G&El ...... 27% facific Lig Pac West Oil ..

+++ +1 1+

1+ 1+ + 4] 1+:

Plymouth Port Ric-Am A or

Purity Bak i Radio vee Radio pf ‘N .

Radio-K-Or Rem-Rand

J a

Reyn Sprin Reyn Tob

++];

St Jos Lead ... 40 Schenley Dist .

i+!

++: | i

HHH HF

or Stl hoo

Tenn Cor on

[+:

Thermoid

. 158 Alr 8% 28% — 86%a 22

Transamerica. Trs Tri-Co 28%

++ HL

86 86 21% 22

Un Oil Cal..

BROKERS’ OPINION

NEW YORK, Oct. 7 (U.P)—

‘63 Brokerage opinion today: 98]

SHIELDS & CO.—The market's demonstrated inability to rally is one of the most disturbing factors and until overcome by a new long pull buying stimulus only a trading policy is warranted. HORNBLOWER & WEEKS—We

22 | remain of the opinion that the

market is in a buying area, now that the average expectancy for a decline of intermediate proportions witht respect to the March 1935-37 rise has finally been fulfilled. We would remember that once the market has experienced a thorough readjustment of the previous upswing of importance, a sustained reversal in prices is to be expected. REDMOND & CO. — We would continue to look upon the market as being in a downtrend with rallies limited to trading proportions. LAMBORN, HUTCHINGS & CO.

512 —Sentiment will probably continue

bearish for a while yet, and the market's ability to really rally more than a few days will be an interesting test awaited by the more conservative trader.

CONSTRUCTION BIDS ADVANCE IN WEEK

NEW YORK, Oct. 7 (U. P.).—Engineering construction awards this week gained 15 per cent over the previous week and 1 per cent over the corresponding 1936 week, the

day. Meanwhile the publication announced September awards at $210,511,000, a decrease of 1 per cent from the August average and 15 per cent from the September, 1936, average. This week’s total was $48,830,000 including $25,389,000 of private and $23,441,000 of public of which $4,048,000 was Federal. , In the previous week the total was $42,494,000 including $19,424,000 of private and $23,052,000 of public of which $7,591,000 was Federal. In the 1936

cluding $18,570,000 of private and

$29,764,000 of public of which $4,920,000 was Federal.

Colonial Savings and Lean Association

Alp pt po) pt ped pb pod ot 8 pot pd

Engineering News-Record said to-

Un Pacific ....103 Un Aircraft Cp Un Air Lines 11

icdccccd Ly

re a

n Sti i Stores A .. t P&L A .. Vanadium ..... Vick Chem ... 4

ss eRe

LEH HE a

Yellow Tr Young. S ve Young Sheet ...

CARILL GRAIN ASK FOR LEGAL COUNCIL

Exchange Laws Prohibit Lawyers at Session.

. .

CHICAGO, Oct. 7 (U. P).—Cargill Grain Corp. asked the Chicago Board of Trade today to permit appearance of legal counsel as its “most timely” investigation of trading activities surrounding the attempted “corner” of September corn, last month. Exchange by-laws prohibit appearance of legal counsel at Board hearings, exchange officials pointed out. One of the two investigations ordered by exchange officials will concern an order of Sept. 24 reportedly directing Cargill to dispose of 1,100,000 bushels of September corn. Cargill was reported “long” on corn at that time. Farmers National Grain Corp. was “short.” ‘A “squeeze” resulted from a battle to control the market. The exchange suspended trading in corn after, observers noted, the 1,100,000 bushels failed to appear for sale. The letter from Cargill President John H. MacMillan Jr. to Board President Kenneth S. Templeton requesting presence of legal counsei said, “We sincerely hope that the outcome of your investigation will tend to restore confidence.”

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations do not repre= sent actual bids or offerings but merely indicate the approximate market level based on buying and selling inquiries or recent transactions.

BONDS

Bid 4%s 61 ...1081 G'S Tel Fw ‘sha ss 1.100%

Joye Trac & H Water Works 6s 49 ...... [rac Term Co 5s 57 weve OF

Belt RR St Yds com ........ Belt RR St Yds pfd Cent Ind Power nid 75 T&T Ft W T.

ay M. P. Crist & Co.) xMarket St. Investing Corp. 26.54 xEx-Dividend.

Tool Orders

NEW MACHINE TOOL ORDERS (MACHINE TOOL BUILDERS’ Ass'N)

ZZ)

NNN

ANNAN NN

NNW ARN ZENER

EN 2H: FES SPERN

INDEX FIGURES

THE PARKER INCOR PORATED INVESTORS

BOSTON, Oct. 2—A most encouraging surprise is the August increase in new machine tool orders. The index of the National Machine Tool Builders’ Association stood at the highest this last August for any August on record, and up 41 per gent from a year ago. Another encouraging fact is that this entire gain was due to domestic business, for foreign orders fell off sharply. The index of new machine tool orders has proved a reliable indicator of future manufacturing activity.

| weights

PORKER PRICES BAIN 25 CENTS INLOCAL YARDS

Light Receipts Send Hog Top to $11.15 as Vealers Ease.

Hog prices gained 25 cents on all today, according to the Bureau of Agricultural Economics. Top reached $11.15 on choice 210 to 225-pound weights. Packing sows likewise responded to the 25-cent upturn as bulk cleared $9.25 to $10 and some lightweight offerings cleared $10.25. Steers and yearlings again avoided the market but demand continued rather limited. The available common to medium offerings represented largely holdovers which were hardly enough to test values. Local killers took a few of the heavier offerings in the line of the weeks decline, or from $8.50 to $10. Fresh arrivals ran mostly to the she stock with cows predominating. These and low priced heifers found increased inquiry and prices were strong to 25 cents higher. The vealer trade settled down to more of a normal state today. Prices were steady to 50 cents lower, mostly steady. Good to ‘choice vealers cashed mostly from $10.50 to $11, with mediums generally $8.50 to $9.50. A strong demand, especially on the part of local packers, for good to choice lambs boosted prices on these grades 50 cents per cwt., or $10.50 to $11. Lower grades were steady to strong at generally $9.50 down. Mediums, for the most part, went from $8 to $9.50. Slaughter ewes held steady. Lightweight slaughter ewes topped at $4.

HOGS Sept,

Bulk 3 $12.10012.13 [email protected] Pi

1. 12. 81300 .35 2. 11.65 4. 5

ht Lights— wig 140-160) ‘Good a and

Lightweights— {160-18 )

Med: (180-200) ¢ Medium

Medium Weigh (210-225) i choice. B (2202250) Sood choice. eavywe! Gee (250-2 ) Good choice. . (290-350) Good choices Sows—

Od cocdaceniens

To! Receipts 25 3000

choice. $104 ne 10.95 [email protected]

[email protected] [email protected] . [email protected] [email protected]

[email protected] [email protected]

[email protected] [email protected] [email protected] [email protected] 9. 50 [email protected]

—Receipts, 800— Steers (550-900) Choice ...:.cconanne Good Ra

Ci (900-1100) G

Mi C (1100-1300) Shioige

M (1300-1500) Gi

12:[email protected]

[email protected] [email protected] 5. Teed [email protected] [email protected]

(550-750) Good Common Sood and choice..

(750-800) ommon, medium.

woe IY ooo Yn ows oowm

Good . Common, medium Low cutter and cutter

Good (beef) . Cutter, common and medium ..

Vealers —Receipts, 800— Good and choice

on =17] 2% 1-1 ono

09 999

—

i dd 233 009 ht NO 2D 288

(250-500) Good and choice.. 8.00 Common, medium. 5.00

Feeder and Stocker Cattle Steers (500-800) Good and choice. . on, medium.

m (800-1050) Good and choice. . mmon, medium. Heifer

Good d and choice ' Common and medium ..... Cows=+

09 on

—

| OOPS vo So ES®S 28 88 8:88

08 ®

Common and medium SHEEP AND LAMBS —Receipts, 2000—

Sh Mi orn Ewes Good and choice.. 3 Common, medium @ 3.0 Effective Oct. 4, spring lambs 100 In as lambs.

CHICAGO, Oct. (U.: P.). — Hogs—Receipts, 8000, Ee dis 1500 directs; market lost part of early advance; late trade 5 § cents up; packing sows, 10 .to 15 y 20: late practical top, 3 and oe, $11.90 1; bulk | ood and choice, Lio. 90; packing sows, $9.35@9. 18 “few L250 PY 20

and u A Cattle—Recei ts, S000; calves, 1000; few fat steers Trade little more active, strong; shi narrow due t astern kosher strike; steady most classes; nn highly finished steers here; best. $16.50; stockers and feeders, 25 to cents lower for week; good and Se aio: hulls and vealers, steady; vealers, $11.50. Sheep—Receipts, JE, including 5000 directs; fat lambs, slow, weak to 25 cents lower; good to holoe natives, [email protected]: eep, weak; ewes. [email protected]; feeding lambs unchanged, $9.7

PFT. WAYNE, Oct. 7 (U. P.).—Hogs— Marke} 2 to ~~ cents Jighers 1200-325 1bs., $10.85; 225-2 1bs., $10.75; 180-200 1lbs., $10.75; a0-280 1bs., 10-68: 250-275 1bs., $10. 60; 275-300 1lbs., $10.40; ° 300-350 1bs., $10. Bi 150-160 1bs., $10. 35; $10, 130-140 1bs., $9. $9. AH ’ 100-120 1bs., $9.35. Roughs, Stags, $8. Calves, "$10.50. Lambs, $10.

AIR BUREAU DIRECTOR

TO RETURN AS DEAN

CHICAGO, Oct. 7 (U. P.).—Dr. Fred D. Fagg Jr, U.S. Bureau of Air Commerce director, will become dean of the Northwestern University School of Commerce “as soon as he terminates his affairs with the Air Department,” Walter Dill Scott, Northwestern president, announced today. Scott said that would be “later this year.” Fagg obtained a leave of absence from a Northwestern law professorship to succeed Eugene Vidal, resigned, in the Air Department last March.

week -the total was $48,334,000 in-]

- Home Building

NEW PLANS FOR NEW HOMES

See these new designs for’ homes in our Home Building Service Department.

Learn about Ralilroadmen’s new plan of homebuilding that relieves you of details, gives your home more charm and investment ‘value, and arranges for FIRNCIAg at no more than usual cost.

St in today—No obligation incurred.

Available on Marion County "Real Estate Only!

very | wisc G &

Wheat Futures Drop Fractions In Fair Volume

CHICAGO, Oct. 7 (U. P.).—Selling in fair volume depressed wheat prices today on the Chicago Board of Trade. At the start wheat was 3% to % cent lower, corn was % to % cent lower, and oats were unchanged. Liverpool was irregular, opening higher on news of poor weather in the Argentine and falling off later on heavy Russian shipments. Selling in Chicago was believed mostly on the part of speculators. Trade news of definite influences was lacking. Corn prices were weak as prospects of a bumper crop continued to exert a bearish influence. Commission houses were chief sellers.

WAGON WHEAT grain elevators are paying No. ore other grades on their he new No. 2 vellow. 76c. Oa

3 Sit

WINNIPEG WHEAT Open Chan OCOBEL iee..ceeennsasaeans S130 ge December essssssasessneiaas 1L34Va — HO M escsnssesssnsacess LU + YC

BUENOS AIRES, Oct. (U. P.).—Grain fouures opened steady. Wha vio er, $1.4134, up 23%¢c; Febiuary, $1.03%, off Jac. kh 57%c, unchanged; November, 5dac unchanged. Oats—Spot. 29%sc, unchanged. Flax—November, $1.36%, up lac; Fe ruary, $1.30%, up Yac.

BOLSTERING OF SHIPPING SEEN

Government [s Ready to Consider Plans, U. S. Official Says.

WASHINGTON, Oct. 7 (U, P.)— Joseph P. Kennedy, Maritime Commission Chairman, said today that the Commission was prepared to consider any plan which the Panama-Pacific and other West Coast shipowners might present for transfer of modern vessels to the East Coast-South America traffic. Kennedy, back from New York where he conferred with ship operators and officials of the International Mercantile Marine, said no plan had been formally presented or considered. He said the latest suggestion was for the transfer of the vessels California, Virginia and Pennsylvania from the intercoastal trade to the route from New York to Argentina, Brazil, and other East Coast South American countries.

Subsidy Loss Cited Kennedy said that ship line oper-

0 ators had reported large losses in

their intercoastal traffic, a result

5 = of loss of government subsidy which

by recent Congressional enactment

n goes only to ships in foreign trade.

Intercoastal operators also have complained of the heavy Panama Canal toll. The East Coast of South America deserves the best and most modern vessels in the U. S. Merchant Marine, the chairman said.

Line Would Be Liquidated

The S. S. California, Virginia and Pennsylvania are vessels of latest design while most of the ships now in the East Coast-South American traffic are slow and inadequately equipped, he added. The commission chairman said that any plan for reshuffling maritime facilities in the East CoastSouth American traffic necessarily would include provision for liquidating the Munson Line, now in Federal Court under Section -T7A of the Bankruptcy Law.

NEW BOND ISSUES (W. D. Lyons & Co.) Atl City 3yas 764

Ask

103 91%, 102%, 9412 100% 84% 92 H 12% Indpls Water 3'azs 100 Los Angeles Rev Narra 32s 6 Cit;

U. S. STATEMENT

WASHINGTON. Oct. 7 (U. P.).—Government expenses and receipts for the current fiscal year through Oct. 5. compared

with a year ago: Last Y 60,132.52 $ 1,791, 86.397.71 1 9 1,205,5 .53 585,903,296. 2 96 2,121.323.250.6 .18 1,652,336,277.40 42 3 81 i .51 39 "108 83% 38

EY 55% Yeh 13 $1, 21, “$Ho. aT. 59

bal. 1,099,003. debt 36,936.85 rese. 12, 122 Bis: .74

Inac. gold$ INDIANAPOLIS CLEARING HOUSE Clearings ,604, Debit 7,584,000

GOLD SHORTAGE MAY DETERMINE JAPAN'S FUTURE

Ninpon Economic Drainage Adds to Her Troubles, Flynn Reports.

By JOHN T. FLYNN Times Special Writer NEW YORK, Oct. 7.—When gene erals go to war, their armies march and fight in the midst of laws which generals cannot always. control, They are the laws of nature and the laws of economics. Dr. Zinsser has written that rats and lice have won and lost more wars than swords and cannon. For rats and lice have carried disease into armies and routed them entirely. But there are also the laws of economics, And over in the Orient these economic laws go on as ruthlessly as the rats and lice. Take Japan, She now fights a war outside her own borders. And such a war calls for colossal amounts of munitions and supplies. These munitions and supplies must be found somewhere. And the important fact is that much of them must be found outside Japan. What she has within her borders she can take by the simple process. of confiscation. But what lies outside she has to buy and pay for. For some time Japan has not been able to send abroad enough goods to pay for what she buys. So she had to use gold—over 150 million dollars in gold in the last seven months. With the war under way it is now certain that she will have to spend a good deal more money on war operations—between 160 and 200 million dollars a month. And of these expenditures perhaps $50,000,< 000 will go abroad. We know that Japan must buy iron and oil and numerous other things used by armies. It is a fair estimate that she must spent an additional $50,000,000 abroad. Gold Won't Last How long can she keep that up? She has not over 300 million in gold. If she has to send abroad even 75 million a month, her 300 million gold reserve will not last very long. But of course she cannot ship it all —she must retain some gold for various reasons. Of course Japan can do what Italy did in the Ethiopian crisis— seize the foreign investments of her nationals, sell them and use the proceeds to make purchases abroad. This would carry her along a few more months. Of course the first effect of this drainage of gold would be the fall of the yen in the world exchange and a consequent rise in price to Japan of all commodities outside her own borders, adding to her troubles. Now this does not mean that Japan cannot go on fighting a nation like. China for a good while. But it does mean that there is a definite limit to the period in which she can carry on the struggle on a vast scale. There ave other features to this picture. It is sufficient to say that all this straining to pour all her economic energies into the war effort would produce immense dislocations in the peace-time industries by which her people live. Of course China is even worse off on this score. I merely report these things to illustrate the point that there are more forces at work in this war than those under command - of the generals.

CHICAGO PRODUCE

Egg market easy. Recsint s, 4975 cases, Fre aded firsts, 22c; extra firsts, 22}; 2 current receipts, 21%ec: ‘checks. 16¢; dirties.

Butter—Market steady. Receipts. 11.186 firsts 90-91% score), 34-34%c;

Mr. Flynn

34c; Rly is Pod Ld Ealized, 32%c¢; oh lized. score), _

market steady. firm. Rece s. Ducks, 16@19c; eese, hens, 19@23c; roosters Siig chickens. ah’ Tosi C3 broflers. 24@326c; ture s, 16 hen

ke 16¢. ees! 18% @19c: * daisies, . 19 19%c; Jonghorns, 19%, @19%2¢ 9

FOREIGN EXCHANGE

YO Oct. 7 (U. P.)—] change FORK steady. ! lsForeign exe

England ( ound 4.95% Eng. (60- "bin rate) 4.94%, Canada (dolla 1.00 France Soran . 0329% Italy (lire) . . 05263: Belgium (helga) seesesss 168502 Germany (mar ceenes 401TY2 Switzerland Alranc) ess. 2301 guilde; .5530 . .unquoted .2555

Norway (krone) ....... 90 Denmark (krone) ...... .2312 Japan (yen) .2886

BUSINESS EDUCATION Stro A Stenographic vr HDR. aEogkkeening. Day and evenin Sessions. Lincoln 8337. Fred W. Case, Central Bionoss College

Architects and Builders Buildin Pennsylvania & Vermont Sts. Indpls.

INSURED

CHART SHOWS HOW SAVINGS

GROW AT

Dividend Rate!

OF INDIANAPOLIS

for SAVINGS of $1.00 to $5,000.00

Certificates earning same dividends are issued in units from $100 to $5,000 to those desiring to

Funds Invested by 10th of Any Month Earn Dividends From Ist of That Month

Write for folder explaining INSURED Accounts

SAVINGS ¢& LOAN LOAN ASSOCIATION

SAFETY

ALL Ascounts INSURED up to

$5,000.00

invest surplus funds.

23 W. OHIO ST.