Indianapolis Times, Indianapolis, Marion County, 27 October 1937 — Page 15

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TE EA 1

WEDNESDAY, OCT. 27, 1937

STOCKS DIP FROM EARLY FIRMNESS IN LIGHT VOLUME

& wr @

Domestic Bonds vi Parker Prices

As U. S. Bonds Firm NEW YORK, Oct. 27 (U.

firmness. Domestic

today after early Trading was light. bonds trading as U. S. Government issues were firm. were irregularly higher and dull.

Chrysler, from 67%,

U. S. Steel reached 594, up 1%

Curb stocks |

Remain Steady

In Local Yards/i |

P.).—The stock market eased

Hog prices steadied following eight days of falling levels, in which the top dropped from $11.25 to $9.40, according to the Bureau of Agricul-

were irregular in quiet tural Economics. Light receipts ac-

[counted for the improved trend .Top held at $9.40 on choice 160 to 180pound weights. Sows showed improvement, lightweights sharing the maximum part of the strong to 15-

cent higher market. Receipts were

which had risen to 70|estimated at 5000 head.

later sold at 68%, off 5%. A very limited supply of cattle , and | | tended to stave off further declines.

then drifted back to its previous | While buying demand was not par-

close. American Telephone lost half of a 1% point advance. inghouse Electric dipped to 9814 % from its top of 100':. Coppers

about

were down fractions to more than a | $6.50 and $10 in odd utilities | | steady.

point. Mercantile issues, and rails were easier. Traders held aloof pending more definite indications of the trend. Some awaited reports of large corporations before making commitments. General Motors today will issue its earnings statement for the first nine months. Bethlehem and Chrysler reports due later in the week. > = =

Today's Business At a Glance

CORPORTION NEWS

Allied Mills, Inc., 12 months end- | ed Sept. 30 consolidated net profit $1,753,201 equal to $1.85 a share vs. $2,784,266 or $3.13 previous 12 months.

| still West- | moved readily at steady rates. Hard- . off {ly enough steers put mm appearance

The Barber Co. Inc. September |

ticularly of an practically

urgent character, all killing classes

but sales between lots looked There was more action to {the heifer trade at steady prices, {odd head reaching $9.75, while other sales were between $5.50 and $8. A livelier cow trade found fully steady rates prevailing. Cutter grades sold within a range of $3.25 to $4.50, with beef cows $4.75 to $5.75. Bulls showed weakness, only a few weighty sausage offerings reaching $6.50. Good beef bulls were noted at $7.25. Stockers and feeders held steady at recent sharp declines. Good 820-pound feeder steers earned $8.25. Steady vealer prices locally looked attractive to shippers and local killers after nearby points worked higher. Consequently, supplies moved actively at $10 to $10.50 for good to choice offerings, mediums selling as high as $9.50. Heavy calves on the other hand were very dull sellers at mostly $5.50 to $7.50. Weakness penetrated lamb values today as most dressed values worked | downward and trading at most live

to test prices,

quarter net profit $226,855 equal 10 | centers had a lower slant. Ewe and

58 cents a share vs. $244,078 or 62

wether

lambs at $9 to $9.50 today

cents previous quarter and $147,038 | showed more quality than Tuesday.

or 38 cents year ago; nine months |

$629,649 or $1.61 vs. $218,605 or 56 | cents year ago. Butler Bros. first nine months | net profit $1,093,117 vs. $911,037 year | ago.

Celanese Corp. of America, Sep- | 3

tember quarter consolidated net profit $1,025,208 equal to $2.07 a T per cent participating preferred share and 43 cents a common share; nine months net profit $4,469,314 or $7.16 a first participating preferred share and $2.54 a common share. Commonwealth & Southern Corp. and subsidiaries, 12 months ended Sept. 30 net income $15,996,840 or 21 cents a common share vs. $11,700,036 or 8 cents previous 12 months: September net income $1,334,138 vs. $1,157,351 year ago. Hummel-Ross Fiber Corp., September quarter net profit $172,950 equal to 42 cents a common share vs. $127,849 or 30 cents year ago, nine months $634,703 or $1.55 Vs. $307.010 or 71 cents year ago. Kalamazoo Stove and Furnace Co.. first nine months net income $634,901 equal to $2.11 a share Vs. $577.451 or $1.92 year ago; September quarter $383,498 or $1.27 vs. $204,162 or 68 cents previous quarter and $339,621 or $1.13 year ago. Lone Star Gas Corp. and subsidiaries, first nine months net profit $4,548,084 vs. $4,361,603 year ago. Maytag Co., September quarter net profit $643,202 equal to 23 cents a common share vs. $689,064 or 26 cents previous quarter and $838,813

| Oct

or 35 cents year ago; nine months 81943471 or 70 cents vs. $2,184, 099 or 84 cents year ago. Pacific Power & Light Co. 12 months ended Sept. 30 net income $778,400 vs. $756,762 previous 12 months. ; Philip Morris & Co. Ltd. Inc, siX months ended Sept. 30 net profit $3.136.443 equal to $6.04 a share Vs. $1,700,507 or $3.27 year ago. Portland Gas & Coke Co. 12 months ended Sept. 30 net income $201.559 vs. $38,514 previous 12 months. Republic Steel Corp. and subsidiaries, September quarter net profit $3,237,156 vs. $3,311,555 year ago, nine months $9,291,470 vs. $6,333,649 year ago. Southwestern Bell Telephone Co., first nine months net income $13,522,609 vs. $13,580,036 year ago. Texas Gulf Sulphur Co. Inc., September quarter net income $3,145,607 equal to 82 cents a share \s. $3.777.398 or 98 cents previous quarter and $2,912,383 or 76 cents year ago; nine months indicated net income $9,023,055 or $2.35 a share vs $7,723,391 or $2.01 year ago. Texas Power & Light Co. 12 months ended Sept. 30 net income $2,143,906 vs. $2,330,818 previous 12 months. United Aircraft Corp., September quarter consolidated net profit $1,032,643 equal to 40 cents a share vs. $989,203 or 39 cents previous quarter and $364,190 or 14 cents year ago; nine months $2,720,698 or $1.07 vs. $912,750 or 38 cents year ago. Zonite Products Corp. and subsidiaries, September quarter net profit $108,241 vs. $87,762 year ago; nine months $149,661 vs. $80,748 year ago. (Copyright, 1937, by United Press)

DAILY PRICE INDEX

NEW YORK, Oct. 27 (U. P).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average 100): Yesterday ... Week ago Month ago ... Year ago . 1937 high (April 5) eosin 1937 low (Oct. 26) .....

LOCAL PRODUCE

(The prices quoted are paid for stock athered in the country while for deiveries in Indianapolis the prices are 1

124.60 1217.08 136.51 131.18 158.26 124.60

seers s essen ses e Brrr es erence

cent higher. Each fai case of eggs must |

be 55 pounds gross. BR 1 ahi fresh eggs, 22¢ doz. . Heavy breed hens, 4'2 lbs. and over, 18c; under 4%a lbs. 16c; heavy springers, 1'2 lbs. and over, 18c; Leghoin hens, 1ldc; Leghorn springers, 1'2 lbs. and over, 16¢c; Bareback broilers, 1l4c; old roosters, 9c; young ducks, 4 lbs. and cver, 12c; old ducks, 8c, geese. 9 to 14 lbs. Te. 1, 38% @39c; No. 2, 36%@ 370, Butterfat—No. 1, 34c; No. 2, 32c.

loss off,

Medium fleshed lambs went at $7.50 to $8.50. with common throwouts downward to $4.

HOGS

. Bulk Top Receipts 20, ‘ 28 $10.35 5500 21. 9.98 10.20 22. 10.15 23. [email protected]¢ 10.05 25. .50 9.50 26.

fran Light (140-160) Good and Medium . LR (160-180) Good and Medium (180-200) Good and Medium (200-220) (220-250)

Good Good Heavyweights— (250-290) Good (230- 350) Good Packing Sows— 275-300) Good (350-425) Good (425-550) Good (275-550) Medium Slaughter Pigs— (100140) Good Mediu

9.40 9.40 choice..$ 9.

choice. .

29 ad

‘choice. . ‘choice. . choice. .

DAR

choice. . choice...

ane choice...

29 83

—Receipts,

(550-900) Choice Go

C (900-1100) [email protected] [email protected] 6.00@ 7.75 [email protected] 11. 904 15. 20

mn . Smmon (plain) (1100-1300) Sole

M (1300-1500) G

(550-750) G '[email protected] C 5.00@ 2.50 Good and "choice . + Common, medium. '5.25@

(750-800)

Common, medium Low cutter and cutter ......

Good Cutter,

(beef) . common and medium. Vealers —Receipts, Good and choice Medium Cull and medium

[email protected] 8.50@ 9.50 5.50@ 8.50

(250-500) Good and choice.. [email protected] Common, medium. 5.00@ 8.00

Feeder and Stocker Cattle Steers

(500-800) S08 and choice. common, medium. (800-1050) Good and choice. . Common, medium. Heifers— Good and choice Common and medium

Common and medium : SHEEP AND LAMBS —Receipts, 2000—

od Noth Common Shorn Ewes— (90-175) Good and choice.. Common, medium.

CHICAGO, Oct. 27 (U., P.).—Hogs—Receipts, 15,000, including 4500 directs; mart strong tc .0 cents higher; top, $9.35 Sal loads choice held at $9.40; 150-250 1bs., [email protected]: 260-300 @9.20; most good packing sows, $7.90 W830. best MehtWeight and outstanding medium weights to $8.4 Cattle—Receipts, 6500: calves, 1000; strictly good and choice prime steers with weights 25 to 50 cents higher; others strong; instances 25 cents higher; top, $19.50; rank and file grassy and ‘shortfed crop selling at $8 12.50; stockers fully steady; sausage bulls, $6.50 down; vealers, $10.50 down. Sheep—Receipts, 8000, including 1000 directs; market, active; steady on all classes natives and range lambs, $9.50@ 19.65; few choice natives, $9.75: best held higher; ewes, $3@4; 60-70 Ib. feeding lambs. [email protected]. LAFAYETTE, Oct. 27 (U. P.).—Hogs— Market, bulk 170-225 1lbs., $9.10@ 9.35; lbs., $8.75@9; 140-170 1bs., [email protected]; 120- 140 lbs., [email protected]; 100-120 lbs., [email protected]; roughs, $8 down. Calves— $9.50 down. Lambs—[email protected] FT. WAYNE, Oct. 27 (U Market, steady; 160-180 1bs., $8.90; 200-225 Ibs. $8.70; 250-275 lbs. 300-350 lbs., $8.40;

. P.).—Hogs— 1bs., $8; 180-200 , $8.80; 225-250 Ibs., $8.60: 275-300 lbs. 150-160 lbs., $8.75; 150 lbs., $8.50; 130-140 lbs., $8.25: 120-130 Ibs., $8; 100-120 lbs., $7.75; roughs, $7.50; stags, $6.25. Calves—$10.50. Lambs—$9.25.

Bid Asked Bank of Mannattan suansane, SO BY Bankers Trust Bank of N Y Trust Brooklyn Trust . Central Repover. veusa ann aes Chase .. Cera ee Chemical Commercial Continental ........ Wiss Corn PacienEe “an Empir Tanna First National Guaranty . . Irving \ Manufacturers . National City .. New York Trust Public . Title Guarantee

INSURAN CE ‘STOCKS

Aetna Ins Aetna Life . Baltimore Amer Carolina City of New york Conn Gen . ‘ Continental Cas . Firemens of Newark Franklin Gibraltar Fire hy ‘Marine Glens Falls F Gt Amer Tha Gt Amer Ins Halifax Hartford Fire ........s.

Home Fire Sec ... Home Ins .......

4 {

THE INDIANAPOLIS TIMES

NEW YORK STOCKS

By United Press,

Adams Exp Addressogeaph Air Reduc Air-Way E Alleg Cor 4 Alleg Cp Pot "$30 un Alleg Steel Allied Chem ... Allied Stores ... Allis-Chal Alpha P Sh » Am Bank N pf.

Net Last Change 11 Ya

111; Woolen pf. 38; 29 93

BO QUIRINO += BI OO is = 4 ji bt CY BD 4

CHEE EE EEE

| +:

Blaw-Knox Boeing Air Borden . Borg-Warner Bdgept Brass .. Briggs Mfg .... 2 Bklyn-M

+I FI FEE EE

I: +;

Butte COP .....

Calumet & H .. Canada Dry ... 1 Can Pacific ... Case, Jee «106 Celanese Celotex .. AW Cent Foundry . Ches & Ohio 38% Chi Pn_Ti cpt. 3% Chi RI &P Childs

Climax M Co Coca-Cola Colum Gas .... Com Credit ....

FEE

1111:

++.

sh Fl

Vere BESS;

r Curtiss-Wr A

Deere & Co ... D Lac & W ... Dev & R A ... Dist Seag Douglss Air Du Pont

a |:

East R Mill ... Elec Auto-L ... Elec Boat Elec&Music Ind

Erie

Pajardo Sug .. 33':z Fed Wat S A. Firestone T ... 23! Foster Wheel . 17% Freept-Sulphur.

Gar Gen Gen Gen Gen Gen

Wood Ind.. Am Inv ... Bronze Electric ...

Motors ... Out Adv .. Pr Ink. vies

Ge Gillette S R ... Gimbel Bros ... Goodrich ...... Soogrich pf ee Goodyea 22 Graham- ‘Paige. Granby _.. ov Grand Union .. Gt North pf.... Greyhound Cp.. 1

Haves Bdy

LOCAL ISSUES

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

BONDS Sy Ind Tel (TH) 429 6 ...

Ask 100 105 10612 1052 00

Ind Railway Inc 5s Interstate Tel & Tel i s 54.. 2S vie»

Pub Tel 5'2s 55. Richmond W W 5s 57. Seymour Water Ce es "49 xX R Trac & L 5s

T Trac Term Co 59 57.......... 60

STOCKS Belt RR St Yds com . Belt RR St Yds pfd....evve.. § Cent Ind Pwr 7 pfd...cvenuees Home T&T Ft W Ts unessnnes Home T&T Ft W 75.

nd Serv co Tha Hydro Elec com Te vig. Indpls Gas Co com... Indpls Pwr & Lt pfd 6s . Indpls Pwr & Lt 1 Stas “er Indpls Water Co pid Lincolt Natl Life Be oo com. 3 R Mallory com . N Ind Pub Serv Co ‘pfd 51s. N Ind Pub Serv pfd 6s . 2 N Ind Pub Serv Co Pd 8 vos Pub Serv of Ind pfd 6s 12 Pub Serv of Ind pfd Ts Progress Laundry Co Com 6s..

147, Smith Alsop P&V pfd 48%

| Smith Alsop P&V com

Terre Haute Elec Co 6s Union Title Co com .... Van Camp Milk Co pid. Van Camp Milk Co com . (By M. P. Crist & Co.) Market St. Investing Corp ....24.25

U. S. STATEMENT

WASHINGTON, Oct. 27 (U. —Government expenses and TCE or the current fiscal year, through Oct. 25, compared with a year 2 Da

$2.4 70, B44, 868. 91 $2, 230. Shr 338. 83

25.78

Expenses . Receipts. .

Pub. Debt 36,952, 838 208.76 33, 831, '644, 439.10 Gold es. .12,800 Hid ,178.21 11,016.262,626.01 Customs. as 1079.29 Wri 531,732. Today: s Purch. tal Purch. Inactive Gold. $928,420.10 SL 268, 734, 512. 5 (Gold reserve last year, $11,016,262,626.01)

INDIANAPOLIS

Clearings Debits

CHICAGO PRODUCE

Eggs—Market, unsettled: TeLeipts, 2943 cases; fresh graded firsts, 22%c; extra firsts, 24'%c; current receipts, 22¢; checks, 17%c; dirties, 19%%c.

Butter—Market, steady; receipts, 8184 tubs; extras (92 score), 35c; extra firsts (90-912 score), 33'>@34%c: firsts, 3134 @ 32'c; . seconds, . 28@30'%c; standards, 34'2c; centralized (89 score), 32V%c; centralized (88 score), 313ec. Poultry—Market, steady; receipts, 1 car, 33 trucks; ducks, 17@20c; geese, 16c; hens, 17'2@21c; spring chickens, 19@21c; roosters, 14@15c; broilers, 24@ 26¢; turkeys, 16 @222c; leghorn hens, 14%zc. Cheese—Twins, 19@19%c; daisies, 19% @ 19%c; longhorns, 195 @19'%c. Potatoes—Supplies, heavy; demand, fair; market, weak; Idaho Russet Burbanks, [email protected]; U. S. No. 2, [email protected]; Coloradio Red McClures, $1.32'[email protected]; North Dakota Bliss Triumphs, $1.25; North Dakota CoRblers, [email protected]; North Dakota Early Ohios, [email protected]; Minnesota Red Cobble: [email protected]; Minnesota Early Ohios, $1.05. ya reIvels, 118; on track, 418;

CLEARING HOUSE

$3,617,000 9,073,000

shipments,

See Final Edition of the Times for Closing Stock Quotations and Other Late News

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Yesterday ....... erialns inline 132.78 week ago ....... evens 134.56 Month ago 154.70 Year ago High, 1937, 194.40; low, 125.73. High, 1936, 181.90; low, 143.11. 20 RAILROADS

—1.65 +7 41.54 +0.48

—0.71 +2.56 +0.48 +0.19

Yesterday Week ago. Month ago Year ago High, 1937, 64.46: low, 30.09. High, 1986, 59.89; low, 40.66, 20 UTILITIES 21.39 21.65 24.18

Yesterday . Week ago...... Month ago Year ago 34.90 High, 193%, 37.54; low, 19.65. High, 1936, 36.08; low, 28.63. 70 STOCKS

High, 1937, 69.67; High, 1936, 66.38;

low, 41.52. low, 51.20.

Net High Last Change 17 17 17 — . 4334 43% + Xi . 12% 12% 4+ 3 533%

Herc Mot Homestake

Hupp Moto

Ili Central Ind Rayon InSpiratn, Cop Inter R T Inter Iron Int Agric Int Int Hyd El A .. Int «+. 4634 Int Nickel of 130 Int P&P . nm pPp&?P 4 . Int T® T....

Oa DLID NTI D 4 IBD

w »

Johns-Man

Kelsey-Hayves A. Kelsey-Hayes B. Kennecott Kresge S S .... Kroger G & B . 18% — 138 13% ve 93 7% . 46 46

«++ B3 85 Lima Loco . 51, 251% Loew's 63 62% Loft, Ine 1 14 Lone Star Cem 36'4 ka Long Bell, A .. 4 . 18% 184 19%

18%

Leh V Coal

Lorillard. ... Lou GE A .. 19 Ludlum Stl . 19% So, | Macy RH Marshall . Masonite Corp. Natlieson .'y Ma, Ag McG H ... Moers. & Robb

Minn-Moline Mo-K Tex .... Mo-K Tex pf 2 Mont Ward .. Mother Lode Motor Prod Motor Whi ... Mullins Mfg B. Murray

Nash-Kelv t Biscuit ve Cash Reg . Dairy Nat Dept St ... Dept St pf Distillers

FOREIGN WEAKNESS CUTS WHEAT GAINS

Light Overnight Exports Turn Traders Bearish.

CHICAGO, Oct. 27 (U. P.). —Commission house buying on the Chicago Boar dof Trade today boosted wheat

prices more than a cent a bushel before weakness in Winnipeg turned Chicago lower. At the end of the first hour wheat was unchanged to 1% cent higher, corn was 4 to 3: cent lower, and oats were 15 to 14 cent lower. Extremely light overnight export business turned traders to the bear side after commission house buying had boosted prices more than a cent a bushel. Selling was in only moderate volume but an absence of buyers as commission houses withdrew from the market bogged down prices. Receipts were light, 18 cars, but this factor was ignored. Corn prices weakened in sympathy with wheat on local selling. Selling was general right from the opening. Heavy receipts, 334 cars, put some pressure on the market.

WAGON WHEAT

City grain elevators are paying for No. 2 red, 91c; other grades on their merits. Cash corn, new No. 2 yellow, 47c. Oats,

LIVERPOOL WHEAT rev Lo Close Close 81.3412 £1.3212 lg 1:2 1.313% 1.30% 1. 9314 123% 1.23% 1.22% 1.22% 1 22

on 1340 . 1.221;

Net Last Change Nat Supply new Newport Ind .. 16 N Y Air Brk

w »

0 ee

rire;

Norwalk T

Ohio Oil ... Oliver Farm Eq Otis Elev 2 Otis Steel 12 owens I Glass

Pac G & El. Packard SERN Paramt Pict Para Pict 1 p Park Utah . Parker Rust Pr Patino Mines .. Penney . Penn R R Peoples cin Pfeiffor-Brew

Phillips Pet Pierce 'O pf.... Pitts S & B.... Pitts United .. Press Stl Car... Public Serv . Pullman Pure Oil

000 Cort ND LW 10 WN a aed +: J++ H+

Reyn Tob B ..

St Jos Lead .. Savage Ar.... Seab Air L .... Sears Roe ..... Shell Un Oil.... 1 Snider Pkg .. Socony-Vacuum . So Cal Ed South Pac South Ry “ily South Ry pf... Sparks With .. Sperry-Corp Spiegel Inc . Brands ....

+}:

&E pf G&E 7 px O. Cal ..... 327 Oil Ind 3 Ol NJ... !

Studebaker Sun Oil . “e Sunshine Min .. Superior Oil ... Swift & Co .. Sym-Gould

FEE FH H4E

Texas Corp 42 Texas Gulf Prod Tex G S 30 Thermotd ee Thompson Pr .. Thomp Star ... Tide W A Oil ..

= caFadoan

[re DORIS UN -1a OWN

Transamerica Trans & Wms Truax Tra . 20th. Cent-Fox .

Union Carb .... Un Qil Cal Un Pacific .. Un Aircraft Cp. ed Cp pf

Un Gas Imp ... For Sec . gypsum nf

Vanadium . Va-Caro Ch

Wabash Walker Walworth els Ward Bak B .. Warner Bros Wayne Pump West Air Bke Westing El Wheel Steel White Mot Willys Overland Wilson pf 60 Woolworth .... Worthington

Yellow Tr .... Young Sheet .. 42'% Zenith Rad ... 21'2 203 -— 11% Zonite 2 312 312 vue

N. Y. Bonds

BOND PRICE INDEXES 20 20 20 Inds. Rails Utils. 84.3 5.8 83.2 4.8 . 87.9 82.0 . 9238 98.9 90.1 79.5 95.0 101.2 82.5 2.1 948 100.4 . 90.0 84.7 86.4 93.1 . 1.0 83.0 1937, Standard Statistics Co.)

27 (U. P.).—Bonds

60 Bonds 84.9 83.7 88.8 99.1 90.5 100.% 82.3 100.2 93.3

Yesterday Week ago Month ago Year ago Two years ago. 1937 hi 1937 1936 1936 1935 1935 (Copyright,

NEW YORK, Oct. opened irregular.

Allfs Chalmers 4s '52 Argent Apr 4s '72 Canadian Pac 4s Chica Rock Is Ref 4s

Open Change 103 +1

3 51 Mo Pac 1st Texas Corp 3'2 Third Ave adj 5s

Curb Stocks

NEW YORK. Oct. 27 (U. P.).—Curb stocks opened firm, Open. Change. 58

Niag H Pwr Pantepec “oi

Flynn Says Prive Invesmen,

Must Replace Federal Spending

By JOHN J. FLYNN Times Special Writer NEW YORK, Oct. 27.—Mr. Charles Gay. President of the Stock Exchange, has just made an appeal to the Government to “view the security markets in relation to the flow of capital into new corporate enterprises.”

This is a sane appeal. Then he added an equally sound observation. He said: “Government spending of deficit-created funds must be replaced by private investment in productive wealth.” This is the point I have tried to make many time in the last three years. And more recently it has become of almost desperate importance. This is so because now the Government is talking in earnest about balancing the budget. Balancing the budget means withdrawing “Government deficit - created funds” from our financial system. If this is done without being replaced by private funds the consequences will be appalling. This is why, some days ago, I tried to call attention to the fact that in balancing the budget the Government must keep in mind that it will have to do other things at the same time in order to make the general adjustment a sound one. The job, therefore, is so to order the social structure that funds will flow into the capital markets for use in either new enterprises for the expansion of old ones or in the construction industry. What can the Government do to bring this about? Mr. Gay thinks the Government, industry and finance should sit down together to think things over and find a way of encouraging private investment in productive industry. And this means making certain adjustments in the security markets. But it would be a grave mistake to leap from this perfectly sound position to the position that the stock market is all of the security

markets or that the way to make

new capital flow into the security markets is to increase stock speculation, As a matter of fact it may be that stock speculation on the stock exchanges is a positive obstacle to investment in new enterprise. One reason is that the stock market holds out to people with funds the allurement of quick and easy gains. Investment in productive enterprise does not. It is a long, slow process attended with many risks. Peopie have come to look upon the moderate return on mere investment as altogether too meager when they imagine they can buy stocks on the market and clean up a quick fortune—perhaps. The “perhaps” In the equation does not deter them. It has long seemed to me that if this enticing primrose path to riches were not so easy to enter, men with money to put to work would be satisfied to put it to work in productive and creative investment. Instead billions of funds which ought to be available for investment are held in liquid form floating about from stock to stock in search of sudden riches. Nevertheless, Mu. Gay's suggestion that the Government and business should consider this subject of the substitution of private deficits for Government «deficits is worth considering.

| Dep Ins

Times Photo.

Traveling along hard-surface roads, through sand and mud pits, in and out of deep ditches and up and down hills with equal ease, a new rubber-track crawler type tractor was given its first public demon-

stration at terday.

the Marmon-Herrington Co., Inc,

proving grounds yes-

Marmon-Herrington and The B. F. Goodrich Co. co-operated in designing the machine, which travels 30 miles an hour on paved roads. The one above is shown plunging through a brush fire during the

demonstration.

Plane Damaged Slightly, Fliers Unhurt in Forced Texas Crash

SAN ANTONIO, Tex. Oct. 27

(U. P.).—For two hours, a crowd

gathered at Stinson Airfield to watch Henry C. Thompson's plane crash. Ambulances and a wrecker were kept in waiting. Overhead, the plane droned on, making slow circles while the pilot wrenched and tugged at the landing gear crank. One wheel was down

and the other stuck in the fuselage.

A crash seemed inevitable,

In the plane with Thompson were W. H. Thralls, an oil geologist,

CHURCH ARRANGES

ne Fred McConnell, vice president of the Tulsa Co.

»from Midland, Tex., to Kerrville.

[

HALLOWEEN FETE

The Tabernacle Presbyterian Church recreational department 10th annual Halloween carnival 1s to pe held in the church hall, 34th St. and Central Ave., Friday night.

The program has been arranged |

for children 11 years old or older, and all guests are to appear in costume for a parade contest. A Halloween motion picture is to feature the program.

INVESTING CO.’S

Bid Ask Bid 12.27 13.05/Ins Co Del 1.12 4.62 5.10 Invest. Bank Corps. 16.25 18.00) Banc Bl 5.00 74 .82| 1st Bos 14.50 1 Schoellkf 1.36 Inv Fe C

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10.23 1 2 24.17 15.34 15.99 10.63 16.47 5.68 6.28

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FOREIGN EXCHANGE |

NEW YORK, Oct. 27 (U. P.).—Noon foreign exchange firm. Net

Cable Change (pound) . +.00 1-16 (60-day bill vane 1.54

England England

0 1-64 a 00013¢ + .000014 000012 —.0001

4.0010

000072 Unguoted 555

(dollar) ...1. + (franc) KiX y (lire) oo Belgium (belga) Germany (mark) Germany (travel MASTR) «onic: vnN Switzerland (franc). Holland (guilder) Spain (peseta) Sweden (krona) Norway (krone) ... 12490 Denmark (krone) 22121; Australia (pound) .3.961% Austria (shilling) .. .1886 Czechoslovakia (koruna) . .03501% Finland (markk:) 0220 Greece (drachma) 000'12 Jugoslavia (dinar) .0233 New Zealand (pound) Poland (zloty) Portugal (escudo) Rumania (leu) Argentina (offl Argentina (uno pesb) ....- Brazil (offl. Brazil (unoffl milreis) Chile (peso) . Peru (son einen 2513 Uruguay es0) 5750 Mexico (si ver peso) .2780 Hongkong (dollar) Shanghai (yuan) Indie (rupee) Japan (yen)

FOOD PRICES

CHICAGO, Oct. 27 (U.. P) Sopples. Michigan McIntosh, [email protected]. y tatoes—Tennessee, bu, hampers, . Carrots—Illinois, 2@2'2¢c. Spinach—Iilinois, bu., Tomatoes—California, lugs, Cauliflower— California, crates, Peas—California, hampers, [email protected]. Celery— Michigan, flat crates, 35@50c. Onions (501b sacks)—Washington, Valencias, 81: Idaho, Valencias, $1.05; Yellows, $1.

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When he began cranking down the wheels to land at Kerrville, only half the gear descended. Then the mechanism stuck. Thompson could not raise the one wheel or lower the other. He flew on to San Antonio where landing and hospital facilities were better. “Stand by with ambulances and a wrecker and prepare for a possible crackup,” he called to the San Antonio airport by radio. Arriving over the airport here, he began to circle. The crowd grew until 1000 cars blocked the highway. The sun went down and darkness approached. Then Thompson called: “Clear the field, I'm coming down.” The plane glided down, settled on the one wheel. Thompson cut the | throttle and jerked back on the stick. The plane spun, tottered, the

38 | propelior bit into the ground with

: a splintering crash. Then it

10 25 | optimistic nor 10.43 | European affairs.

:| said he had no hope for any

was | over. Wrecker and ambulance arrived. All three men crawled out, unhurt.

| NORWAY S FOREIGN AID TO SEE F. D. R.

NEW YORK, Oct. 27 (U. P.) —Dr. Halvdan Koht, Norwegian minister {of foreign affairs, arrived here aboard the Norwegian-American | liner Stavangerfjord today ‘neither pessimistic” about

Dr. Koht, who will confer with

15.50 | President Roosevelt and Secretary : oT State Hull, T. Summerlin, chief of protocol of

was met by George

the State Department. He said he favored the establish{ment of institutions to discuss “sanely” the question of war but “rea9 Oise? disarmament in the near

| future.

1hui OIL MEN WILL OPEN CONVENTION IN CITY

The Indiana Independent Petroleum Association was to open iis

: % 1-16 | two- -day fall convention in the Ho-

tel Severin today. The convention was to be opened by President R. M. Stith, Indianapolis, at 2:15 p. m. and speakers were to include Governor Townsend, F. Harold VanOrman, Evansville, and Brownie Carslake, Akron, O. A banquet and entertainment will close today's sessions.

ATTORNEY TO ENTERTAIN Edward O. Snethen, attorney end impersonator, is to entertain the Lutheran Knights of Trinity Lutheran Church tonight at their first annual father and son dinner in the school hall, Market St. and Arsenal Ave.

They were flying |

CR 5 15 ]

"93 CABOR LAW IS INVOKED FOR FT. WAYNE CASE

‘4 Charge Employer Threat-

ened to Fire Them if They Joined Union.

Times Special FT. WAYNE, Ind. Oct. 27.—An Indiana labor law passed in 1893 was used for the first time today, according to local labor leaders, when Louis Schumaker, laundry owner, was arrested here. Mr. Schumaker is charged with having threatened dismissal to four employees if they joined a union. They swore out warrants for his ar rest, it was said. He was released under $2000 bond and his case was | continued until Nov. 10. | The old law provides, labor lead=- | ers said, for a maximum penalty of $100 fine, to which may be added six months in jail, if the employer threatens dismissal or dismisses em= ployees for joining a union, or pledges them not to join a union when he hires them. It was understood that Walter Tfaller, A. F. of L. organizer, is ate tempting to unionize the plant, which employs 30. The law was said to have been rediscovered dure ing the recent milk strike in Indi~ anapolis.

BEECH GROVE GROUP SEEKS BUS ACCORD

Asks State to Work for Strike Compromise.

The Beech Grove Civic League today was to petition aid of the State Labor Commission and if necessary the Indiana Public Serve ice Commission to obtain a coms= promise between the Beech Grove Bus Lines and 11 striking union drivers. A league committee reported it had called on the management and got nowhere with requests for a compromise. Arthur C. Viat, Assistant State Labor Commissioner, sent a letter saying the company had so far flatly refused to comspromise. Mayor Charles Adams urged the crowd, estimated at 350, to try for arbitration. He said: “If we fail in this, I look for taxi service to be generally extended out here in Beech Grove. I want to see the busses run.” Members of the League commit= tee were W. M. Stuart, chairman: John T. Johnson, Joseph Gold, Guy Rutledge and R. L. Rand. The strike was called by Local 135, Chauffeurs’ and Teamsters Union, after two union drivers were dis= charged. The union demands include reinstatement of the two discharged drivers, time and one-half for overtime, 50 cents an hour, and dise charge of nonunion drivers.

COACH SELECTS 16 BUTLER DEBATERS

Dates Are Announced for Four Encounters.

Members of the Butler University debate squad have been named by Prof. Charles H. Walters, Speech Division head.

Debaters will be Richard Krause, Jean Knowlton, Robert Prichard, captain; Robert Lawson, Wilbur Hulett, Dana Wilking, Max Wildman, Mary E. Daniel, Fairetta De= Vault, Isadore From, Aut Carr, Wil= liam Stalcup, Val Williams, Pequitti Helton, Julia Raymond and Esther Levin. The debate schedule includes meets with Anderson College on Dec. 2, Franklin College Dec. 9 and Indiana Law School Jan. 11, Butler will also participate in the Manchester College Debate Tourna= ment. On March 9 Butler will meet Ine diana State Teachers College in a home debate.

Dates have not been set for meets with Valparaiso University, Vere mont University, Northwestern Uni= versity, University of Chicago, and Marquette University.

INDIANA LAW SCHOOL

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