Indianapolis Times, Indianapolis, Marion County, 7 September 1938 — Page 18

WEDNESDAY, SEPT.

MOTOR SECTION LEADS ISSUES IN SLOW RECOVERY

Several Affiliated Stocks Set New 1938 Highs: Steels Climb.

NEW YORK, Sept. T (U. P) — The stock market made a slow recovery during the morning trading today following an irregularly higher opening. Chrysler featured the upturn a gain of more than a point Other members of the autosection followed. Prices of fed with the industry— equipment, etc, also

With {o Hl [a mobile issues ire 21Neq Several made new highs for year, luding BrunswickBalke, Electric Auto- Lite, and Norwalk ire issues. Preferred stock of a latter reached 35, up 5 points Steel shares rose to gains ranging early a point in Bethlehem ane, Montgomery Ward, U. S ber, and Philip Mori gains of a point or more. latter jumped more to heac firm tobacco section. Railroad were steady mm with trading light Jiilitie Sleaoled around C

howed small losses.

all t glas

i Ss. oe =A issues

the nce

to Cr s stood out e

he ii 2 point

tha nan

a Issues ) s

Bonds Rule Irregular trends on the

Meanwhile, ruled dull, listed bond market, Czechoslovak Government tions were under in an otherwise quiet irregular foreign section. These sues edged off around a point each at the opening and held at their lows through the first hie Italian, Japanese and South Al nerican funds were a shade easier U.S. Governm iixed in a Domestic worked

irregular

price early i

traqaing

obliga - moderate pressure and narrowly

is-

ny ul

liens were

ent

n dull trade 1 loans the mn

tioliit slightly

at moqQerateiy

{ red

Curbs Vary Little rb stocks held closing

At the narrowly levels In quiet tre ade. Standard Steel Spring and Fisk Rubber featured Lie industrial group, ne ) the at 16, spectively.

same around

time cu previous

tine t rising to

up 1 re=- ] a n Steel

year

tad los

New and point,

Jersey Eagle but

fropp " cad nearly a 1¢ S AA | © 1d jes were unger slight pres-

3X Mo Fas merican Gas & Electric ng off more

Qils were negle

N. Y; Ps

BOND PRICE INDEXES 0 0 20 Inds. Rails Utils 83.0 3.3 93

R33 0 9

80 Bonds jo [0.3

Yesterday Week age Month ago age

' SR 3 86.2 $2.2 ul 4 |.

a 99.3 103.8 9.3 83.3 106.0 a3 108.2 100.2 103.3 93 Sta ies Co

91.2 R73 mn. ne 9%.0 3 0 1 101.2 69.3

Year Two maa

Years High 1 Low 1937 High 1937 Low i 1

[.N wa 108.3% |i

. 88 « 319 . 930 + R01 Ns 1 90.0 81 Standar

] 2%

36 High 136 Lew . pyright, 193% d is G OVERNMENT Treasury Bonds

BONDS

FOREIGN BONDS

Sk 5 ft Pp

BEE eR ee

§ ot ot po of

Ld LE

eA PEARED # ’ GIES omen

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oo a ow - ww

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Afr Lines .

FOOD PRICES

CHICAGO, Sept. T (U. P.), — Apples — Michigan Wealthies, bushel, Sweet Potatogs—Tennessee, bushel hamers 70@88¢. Carrots—Illinois, bunch, 14 pc. Spinach—Michigan, bushel, 3a) 23 Tomatoes—Michigan, 12-qt. baskets, 80c. Cauliflower—Calorado crates, i Re

1.20. Peas — De hampe Ssieiy=afichifal High ball cEais,

90c@$1.25, |

! Belgium | Germany | Germany yrarel nk

! Allied Chem

Indiana's Coal Output

1923-1936 --0 80

| | |

1934 1935 1936 1937 1238 —Indiana University Bureau of Business Research

N. Y. STOCKS

By United Press

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

1920 1931 1932 1933

Net Last Change 178 1034

—1.01 21.01 —0.R1 -1.02

| Yesterday Week ago Month age Year ago .. High, 1938, High, 1935,

— 3 1 Allied Stores a Allis-Chal Amerada

— 1) 4 145.6%; low, OR D5, 194.10; low, 113.84, 20 RAILROADS 27.1

pW FES Eats Go

0.30 —). 28 -i).21 | -0.81

Yesterday | Week ago Month age Year ago | High, 1938, High, 193%

Co Gh Bde OF OO ON a a OR Rr tiie er Oe OO de Ob ag

10 i pr pot ft GF J pn CO «ICH = VIED END

Fr OF

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29. 33: 61.146; tow, 28.91, 15 UTILITIES

C3 i IG i ot et GF Lr C5 CI oe Ow} 5 =f VD i Ld NOD

Wor a s & BEE aa

Bd > =

wo oo

J.01% 003

Yesterday Week ago Month ago Year ago ‘inh High, 1938 2 High, 193%, 31.54

15.14 19.665,

3 low. low,

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MeIntvre Pore . Mont Ward Mullins Mfg B.. Murray ‘

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Gen Am Tr Gen Electric Gen Foods Gen Motors Gen R&U pl Refract [ti

Servel ine Sheaf Pen South Pac .. gust rv-Corp .. Std Brands .. Std G & EB . Std G & EB nt. . Sid O Cal Std Oil Jud Std Oil N Sun Oil a . S un h Min ! Superior Oil &

1S a NS

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a _You

LOAN SYSTEM'S |. ASSETS MOUNT *

New Members Lift Federal Home Bank Resources 45 Millions,

[nd

3 ~

1 0c AL ISSUES

following quotations deo not repreactual bids or offerings, but merely indi cate the based on

recent transactions: Stocks RR & 8t Yde com ... Belt RR & Stk Yds pfd Cent Ind Power "1% pid Home T&T Ft

approximate market level

= >

Belt

“ow or 5 or

Wayne 7% id. Hook Drugs Ine com ... xind & Mich Elec 77% pe ! Ind Gen Sye Co 6° pid .... | lng h Hydro. Elect ie R pid

ft pt ECS wr CGY CN Be pp » UW

De WS ARS EE wh

dole PRL Indpls P&L C 2%% Indpls Water So’ 8% Casas Lncoin Nat Lite Ins Co com | N Ind Pub Serv Co 5!'3 pid . § ind Pub Sve Co 7% bers N Ind Pub Sve Co 8% pfd .... \Proaress Launary Co com ... Pub Sve Co of Ind 89% pid ... Pub Sve Co of Ind 77; pid So Ind GRE! ¢ 87% pl . XT Haute Elec ptd .. Union Title Co com Van Camp Milk © o pid .. | Van Camp Milk Co com

Bonds

Amer Loan Se 48 Citizens Tha Hel 4!

oo Bus

5. ® o> “

ec: Spee

Ce BD TD ad fe CLD ee Fy pe 85 = CD

al WASHINGTON, Sept. 7. — The Federal Home Loan Bank System's resources have been increased $435. 000.000 by the addition of 49 new members during the second quarter of 1038, it was announced today. “Addition of the new members increased the assets, which already totaled $4308.104000, and further strengthened the position of the System, the largest home financing instrument in the world,” System officers said. During the last 12 months there has been a net increase of 65 member institutions, including savings and loan associations, insurance companies and mutual savings banks. In this period, the combined assets of all members rose more than 500 millions.

fr ISHS SB OB = wo

el Bl Kokomo Water Wks 5% 88 . Kubhner Packing Co 414%, 50 .. 98 Morris 85 & 10 Strs 5% 50 .... 98 Muncie Water Wks 5%; 88 ... Noblesy Ht L&P, 8% 49

Public Tel Co EN 58° Richmond Wat Wks 501 Sevmour Water Wks 5%

49 | T Haute Water Wks 57% 490

IT Haute Water Wks 6% 49 rac Term Corp 3% 87 ....

(By M. P. @xist & Co) Investment Corp au 08

INVESTMENT GROUP NOMINATES WITTER

Officers to BeE Elected During October Convention.

See 3 8%...

farket | St

Average Assets Large

Average assets of the institutions entering the System during the fiscal year were $7,692,000. Twentyix of the new members were life | insurance companies. Members institutions are eligible | for advances, up to 50 per cent of their assets, from the 12 Federal Home Loan Banks. To Aug. 20, the 12 banks had made cumulative advances of $453,880,307 of which $189,- | 178.976 was outstanding, the balance | having |! been repaid.

PRICE AGREEMENT DETAINS TVA DEAL

NEW YORK, Sept. 7 (U. P.).— Wendell L. Willkie, Commonwealth & Southern ‘Corp. president, disclosed today that the corporation and the TVA had come to an agreement on all points except price for sale of the corporation's properties | Governors. in the Tennessee Valley to the Fed- | eral agency. Mr. Willkie also disclosed that | four proposals made by the com- | pany regarding determination of the | the first president to be chosen from price, including the suggestion that | the Pacific Coast. He has been in it be set by the Securities and EX- | the investment business in change Commission, had been re- Francisco since 1916, and a member jected by the TVA, | 1 i

CHICAGO, Sept. T (U. P) —The Investment Bankers Association of | America announced today that Jean | C. Witter, a partner in the San Francisco investment house of Dean Witter & Co. has been nominated for presidency of the association for 1938-39. Francis E. Frothingham, head of the banking group, made public the regular ticket of officers and governors for the com-

the membership at the association's convention in October, If he is elected, Mr.

wag ——

FOREIGN EXCHANGE |

tion in 1924,

inated for vice presidents Devereux NEW, JORK. Sept Tou. P.) Foreign | C. Josephs of Philadelphia, John S. ees orn ollowing Are noon | jihen, New York: James J. Minot,

cable rates on ma for currencies: . | Net | Boston; Francis F. Patton, Chicago, pound)

Cabie Riles +Chanre Sg bill rat 0. dollar) OE

England 4.82% 4 An franc)

Bug. 160Canada

geles.

the Board as an ex-officio mem- | ber, while 17 other members have been Hous L lo the Board of vernors for terms ranging from one to three years,

(belga) (mark)

Rohr Tule Ra BE ra.

heath

—0.18 | 0.09

s | Ble

"| “Much of the improvement is be-

buying and selling inquiries of |

7” ”

3'2 | lines.

| the line,

present | also |

ing year as selected by the Board of |

The ticket will be voted upon by! Witter will be |

San | of his present firm since its forma- |

The Board of Governors also nom-

| and Albert E. Van Court, Los An-!

Mr. Frothingham will remain on (i

SLIGHTLY AFTER Ma

> | WINNIPEG GAINS

Chicago Go i Also Climbs Fractionally; Export Sales Low.

CHICAGO, Sept. T (U. P).— {| Wheat rallied slightly after record- | ing new five-year lows on the Chicago Board of Trade today, reflecting the upturn at Winnipeg. At the end of the first hour of trading wheat was up !s to !4 cent, corn was up 3 to% cent, and oats | were 's to '4 cent higher, | Some of the local buying was be- | lieved to be against sales at Winnipeg. The rally at Winnipeg extended about 1 cent from the day's low points. Opening weakness at Chicago was {due to the lower Liverpool market. { Liverpool wheat rallied to erase | part of early losses and close around

THE INDIANAPOLIS TIMES

WHEAT RALLIES Hogs Climb 15 "ORGAN PREDICTS

1 cent lower for the day. Export sales continued to be discouraging. Yesterday's Government sales of wheat for export amounted to only 19,000 bushels, the AAA reported today. Corn developed independent firm- | ness after an early dip. Smaller re- | ceipts and expected lighter country offerings aided the tone of the | market. Some short covering w as | noted on the upturn.

Receipts of grain in Chicago to« | 30

day included an estimated 58 cars! ‘of corn and 11 cars of wheat,

CHICAGO GRAIN

CHICAGO, Sept. 7 (U. P,).—Grain tures opened rregularly today. Wheat Sey otember 6014: 80¢, unchanged @ off : December, 62@617as¢, unchanged @ off hr March, 63ae, up 1g¢; May, 64@63! ze, up tae @ off lac. Corn September, 50@ 50'se, unchanged @ up rey December, 48 | @477 80, unchanged @ off laze: May, 50c¢, | olf lac Oats September, : e: December, 24'ie: May, 25%s¢. Rye--December 42¢, off ‘se. Winnipeg Whe at 1,0; December, n8'ac, | p, off ge,

fu |

WAGON City grain elevators 9 red. Hdc: other grades on Cash corn, new No, 2 yellow,

WHEAT are paying the 45¢.

for No. merits, vats,

LIVERPOOL, WHEAT 8. equivalents based on sterling at $4.82)

n 2 Close

$ 68a 6634 663%

Low $ 66°a 8674 852 68% 65°

REPORTS TRADE BROADENING OUT

——

1 March’

Service Calls ‘Spend-Lend’ | Program Psychological Aid in Recovery.

| Times Special BOSTON, Sept. 7.—The recovery movement is gaining momentum during a period when the normal trend is downward, the United Busii ness Service reported today. Ac- | tivity now is about 10 per cent above | the mid-June low point, the report | said.

ing credited to the Government spend-lend program,” the service said. “From a psvehological stand- | point, this is undoubtedly a factor. | Actually, spending has as yet increased but little, and it will be late | fall before the program really gets under way." Most potent factor in the upswing, it said, is a general pickup in | new buying to replenish inventories which have declined for nearly a year—a “natural” recovery move- { ment, a “Recovery, like recession, feeds | upon itself, and with seasonal fac- | tors becoming more favorable the 1; | uptrend should accelerate during | the weeks ahead. Automobile out- | put will rise sharply as assembly and get under way on new modes, and increased demand from the | motor industry will exert consider- | able lifting force on many different

“Rail traffic will be stimulated by heavy crop movements and an uptrend in merchandise shipments. | Rising employment and payrolls will | strengthen consumer demand, Thus, | the upward spiral now in motion should gradually broaden out this | fall and bring improvement all along

| rates,

| Barrows and Gilts 40-16!

| staph

| (1100-1300)

DAILY PRICE INDEX

NEW YORK, Sept. T (U. P).— Dun & Bradstreet's daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 equals 100): Yesterday week Ago Month Ago Year Ago ... ‘“. 1938 High (Jan. 10) 1938 Low ( June 2)

B ANK

103.73 104.23 103.67 | .138.60 | 117.06 | 102.43

CRE RAL Ara

CALERA RN RRA

EERE Cher eene

frre ene

As ke 3 ch Se | ed range bs of America 8s | Bank of Manhattan... | Bankes 8 Trust .c..ove ank of New York .. Rrook1s n Central ! o hase Chemical .. Commercial .. Continental Corn Excnante . Empir .“ First Nai tional | Just pute Irv Manufacturers National City .. New York Trust Bublie Title

" 3a — 1% 5

Hanover

A Hn 1s

Guarantee

LOCAL PRODUCE

Heavy breed hens, de; Leghorn hens, 2¢; heavy breed broilers, 2 lbs. and over, 35 | Barred and White Rock springers, 1'a ibs. and over, 13c: colored springers, 1's lbs, and up, lle; Leghorn broilers, 1'a lbs. over, 10¢; barsbhack broilers, 9¢, old roos- | ters, 9c. No. 1 strictly fresh country run eggs, 18¢: each full case must weigh B58 gross; a net deduction of 15 cents for each | full case under 55 Ibs, will be made, Pul-

| let eggs, 10c. 1, 284228':4: No, 2, 2 @

Butter—No., 1, 26¢; butterfat—No. 1, 21¢; No. 2, 19¢.

CORN AND WHEAT REGION OFFICIAL WEATHER By U.

By U. 8. Weather Bureau --Sept. 7, 19

. Weather Burean

Precipl- State of Low tation weather i South Bend . 86 Rai ngol Wheatfield Rochester Marion Lafayette .. 80 Cambridge City. 91 Columbus ...... 93 Paci eens 95

casssass B3 88

14 07 02

0 0

{

| bulk good and choice Janos, $8@0:

STOCKS

[ Market, Trust 8 1 enn =i : | Retail hardware sales in 23 states *| in July were 10.5 per cent below the

| below July,

and |

PAGE 17

To 25 Cents rketings Sag

Hog prices advanced 15 to 25 | | cents as receipts slumped to about | 5000 head here today, the Bureau of Agricultural Economics reported. The practical top price on 220 to 280-pounders rose to $9.15 as weights above 160 pounds gained 15 cents. Lightweights and pigs made the 25-cent gain, A few strictly choice offerings in the 220 to 230- | pound class sold at an extreme top | of $9.20. Packing sows shared the general advance, with good mediumweights and heavy sows bulking from $6.65 to $7.25. ‘Light sows sold upward to an extreme peak of $8 for Kinds | around 300 pounds and under,

around 20 cars of fat steers and yearlings. Strictly good and choice grades moved out slowly due to higher asking prices. These grades of steers ruled strong to 25 cents higher with others unchanged. A few cars of best fed heifers also made a |

| slight advance.

Vealers sold actively at steady A top of $11 was paid fairly |

freely. Medium to good stock

| steers sold at $8 with light heifer

[calves $8.25. Fat lambs cleared readily at fully steady figures, a top of $8.75 again reached on choice handyweights. | Bulk good and choice ewes and wethers $8 to $8.75.

R169 6865

8880 6602 | 19%

8257

75 5 500 8 8 8. 80@ 9.00 | 9.15

Good and Good and and and and and and

choice. . choice. choice... choice

Good Good Good

Ws 850) Medium 300) Good

y 9.15 (250-200) 9.05 1290-350) 8.80 Packin

133

8.16

50@ 25 .6f 650 3 10 @ er Pig 140) Sood and Medium

~CATTLE— — Receipts, 1127 Steers

T.25@ T.00@

cholce. 8 00 ea . 1 i

. 10.00 | 1

‘en 1 11.001 + 8d 9.00@1 9.251

(750-900) (900-1100)

SFT STASIS

11300%1500) (750-900) (900-1100) Good (1100-1300) (1300-1500) 9.50601 (750-1100 9.50@ 9. iH 1300) 7.506) 9.00 1

7504 550- oe

TF STR

1. 1. 1. 2. 0. 0. 0. 0.

<Q <

fun Common (plain).

Choice 9.50@ 10.25

825@ 950 6.75% 8.00 5.50@ 6.75

(750-900) 1550-900) (550-900)

Medium Common

al It ns

Modhim' Common Low cutter and “cutter.

Bulls Yearlings Excluded— (All weights) Good (beef) (All weights) Medium Cutter and common Vealers (All weights) Choice (All weights) Goua (All weights) Medium Cull and eommbn, n A

625@ 7.00 5 50a 6.25 5.006 5 4.006 5.00

8.50@ 7.2 5.75 6.75

. 11.00 10.00 11.00 | [email protected] | 5.00@ 8.50

--Receipts, (250-400) Choice 8.00@ 9. Good 7.000 6.000 common .... h.00@

s Feeder and Stocker Cattle te

1580-1 750) Good and choles: ¢ . (800- 1050) Choice (500-800) Good (800-1050) Good (500-1050% Meaium . (550-750) Gooa and ‘choice. . Common ‘ . Helfer

(550-750) Good and cholce Common, medium Sheep and Lambs Receipts, 1410 Spring Lambs—

NS ID DD

Ss STH

S k=

300 od Meatum aomon

“Good and chole® .....ievaae Common and medium

CHICAGO, Sept. 7 (U.P) cepts. 13.000; directs, 3000; ots 5@10c higher; top, 210-270 Ibs, $9@9 35: 180-200 Ibs, $8.75@9: packing sows, $7, Jog, 85 and heavies, $6.50@ . Cattle—Receipts, 0000: calves, 1000; shippers and crder buyers fairly active on choice and prime steers and yearlings, paving strong prices; ton $13.20 on weighty steers with $13. 23 bid: kinds scaling 1200 lbs Npward in broadest demand, but all representative weights grading choice and better wanted; 851-1h. vearlings up to $1225; long- fed | weighty steers scarce: yearlings and light | steers in sizeable SPiN, these with medjum to pood grade weighty steers about steady: fed heifers firm: best, $10.75; all she stock in light supply; cows, bulls and weighty sausage bulls, $10@11; $45 stockers and feeders active good “and choice grades. Sheep Receipts 8000: 1200 directs, late Tuesday spring lambs strong to 25¢ higher; top, 75-91-1h. Montanas. $8.75 to packers and shippers: bulk Western, $8.50 down; natives, $8.25@ 8.50: few to small killers, 88.508 65: dav's trade active, mostly steady; bulk Western spring lambs, $8.50: natives, £825 @8.50: sorted lots held [email protected]: good vearlings, $6.25; slaughter ewes, $3.25@ 3.50

CINCINNATI, Sept, T (OU. P.. Receipts, 3150, including 360 direct: market, active: uneven 15@25¢ higher; iop; $0.15: 250- 275 Ibs. $0: 100-140 Ibs, $7.10 7.85. sows, $6@6 50. Cattle—~Receipts, 105 calves, 350; market, action fair to slow, steers and heifers generally about steady, part load around 550-600-1b. baby beef mixed vearlings and part load around £251b, steers $8.50, odd hgh baby beef choice heifers. $9.75: good beef cows, [email protected]! plain and medium, $550@6: cutter pr mostly [email protected]; tov bulls, $6.25: ers strong, hy ‘$11, Sheep--Receipts, including 560 direct: market, fairly active; slaughter ewes steady at $3.50 for choice light= weights, most AAW to good, $2@3. LAFAYETTE. Sept. 7 (U, P) Market, steadv to 2§ cents higher, 30 Ibs. [email protected]. 200-250 lbs, 90.10: : $8 30/8 80. down: . $7 down; calves, §7.50@8.

1ambs, WAYNE, Sept. 7 (U. P).5 to 25 cents higher: bs, 0, 200-230 ibs, $8.80 133 65: Ibs, $8.7 55: 260- 280 1bs., : 0-320 1bs., $8.15: 325-350 lbs. $8: lig 180 Ibs. $7.8 J00- 120 1hs., ST. ‘ st Fy calves, $10.50: lambs, $8.

* RETAIL HARDWARE

5. 50 @

1.50 1.00

— Hogs full 15. rood 280- 310 lbs, good light mediumweights

Hogs

Hogs pig $8 80.50% 10;

~Hogs 2 20- 240

SALES OFF IN JULY,

NEW YORK, Sept. TU. P)—

| previous month, and 180 per cent

| posted today. The summary, tail store reports in the 23 states,

‘showed a total volume of $7444 800

for July compared with $8,315,300

lin June, and $9,077,600 a year ago.

ge | Montana made the best s |

showing of the reporting states, with July volume 6.5 per cent above June, and 16.7 per cent ahead of July, 1937. The poorest showing was made by Kansas where volume was 29.9 per cent below June, and 33.6 per cent below a vear ago.

U. S. STATEMENT

WASHINGTON, Sept. 7 (U, P) -—Government expenses and receipts for the cure rent fiscal vear through Sept. 5, OE with a year ago, Las

Expenses . Receipts _.. Gross del . Net def ... Cash bal . Work, bal . 1 Pub, debt . Gold res. Customs ..

INDIANAPOLIS CLEARING HOUSE

ARNE sRIBL RRNA LL

wayne .... 70 Tl, fer 7 To Be 8 83

Ba"

2004000000000 000000000

| Steel producers probably will main=-

| production lasting “well into the Receipts of 1000 cattle included | fall >

6.25@ 7.50 |

H0 | |

4.7%@ 6.00

cutter cows, | on |

160- | $8. 9040 |

- | edness,

1937, Hardware Age re-

based on 1729 re-

CHANGES IN 1338

Forecasts Continuation of Production Rise ‘Well Into Fall.

CLEVELAND, Sept. 7 (U. P).—|

tain prices at their present levels for the remainder of this year, the magaine Steel predicted today in its weekly market summary.

The publication also forecast a continuation of the current rise in

No announcement has been made {on prices for fourth quarter although such action usually is taken by this time,” Steel said, adding: “Indications would lead to the be- | lief present prices are likely to con- | tinue to the end of the year in most | products. For the most part current prices are steady except in reinforcing bars and fabricated steel, where some concessions are being made.” | The market has adopted a waiting attitude pending developments following the Labor Day interruption, according to Steel, but a “definite improvement in sentiment” is noticeable. “Steady increase in production, which started early in July, is continued and indications are that the |rise is likely to reach well into the fall,” the magazine said. “Prac0 | tically all producers found August well above July in tonnage and 5 | much of the increase was in the last [two weeks.” Structural Use High

Structural steel lettings, now at | 1

[the highest level of the year, arej providing considerable tonnage in which all producers are participating, according to Steel. A number of pending projects in this line assure continuance of present activity. | Auto manufacturers have placed | some orders for steel for 1939 modsls. but much more remains to be bought as quantity production gets [under way. The publication reportled that automotive builders are | planning for an active fall trade, which will call for large tonnages if realized.

Foresees Little Rail Aid

| Commenting on the railroad sitluation, Steel observed that buying from this source can scarcely be sounted on to give much tonnage

| for early fall due to uncertainties | arising from the current wage con- | | troversy. Steel estimated the national pro- | duction rate last week at 445 per | [cent of capacity, up 1 point from the preceding week, The magazine's scrap composite price advanced 4 [2ents to $14.29, but no significance was attached to the change since it resulted from an adjustment at Chicago. The iron and steel and | finished steel composites remained | unc hanged at $36.50 and $57.20, re-

| spectively. 0 |

HOLC PAYMENTS HIT 84 MILLIONS

Ohio Leads in Liquidation Volume: Small States’ Percentage Better.

Timer Special WASHINGTON, Sept. 7. — Full payment has been made on 36,825 accounts, representing loans on homes totaling $84,005,975, Charles A. Jones, Home Owners’ Loan Corp. general manager, said today. Ohio ranks first in the volume of fully liquidated loans, with 4838 accounts aggregating $12,552,013 paid as of July 31. Next is California with | 2452 accounts totaling $6,002,986; | Michigan with 2286 amounting to | $5.000.810, and Pennsylvania with 1801 totaling $4,217,013, Mr. Jones | said. On the basis of the percentage of | loans fully liquidated to the number | granted, the smaller states still lead. | Nevada borrowers have fully liquidated 138 loans amounting to $260,974, or 11.4 per cent of the loans granted in that state, New Hampshire borrowers have liquidated 168, totaling $382,433, or 9 per cent, and Maine borrowers 262 accounts amounting to $549,909 or 7.7 per cent.

Percentage Is Less

In comparison, Ohio, the leader by volume, has liquidated 4.8 per cent of its original loans and the performance records of most of the other large states fall into the same category. | By June 30 HOLC borrowers had paid back $434,959,641, or 139 per cent of their total principal indebtMr. Jones said. Collections | which were 91.7 per cent of billings | in June declined to 89.5 per cent in | July, but early reports on August collections show an upward swing, he added. “There are now 860,138 active accounts on the HOLC books. Of these, | 452,649 are entirely current; 163,237 are less than three months in ar=rears, and 128,121 are in a liquidat= | ing class—not only meeting all cur= rent bills but, in addition, are mak- | ing regular monthly payments on their arrearages. This means a to- | tal of 744,007 accounts are in excellent standing.”

BOARD MAY MEET

NEW YORK, Sept. 7 (U. P.).— Directors of the Chesapeake Corp. may meet tomorrow to consider dividend action on the company’s stock, it was learned today. A meeting of directors last week was adjourned without action on the dividend.

THERE,

YPEWRITERS

WASTE PAPER

AMERICAN PAPER

STOCK GOMPANY | RI-6341 320 W. Mich,

ON THE RADIO

TONIGHT string bass made out of a packing . y case, and Rollo Laylan, who beats A out the rhythm with a whiskbroom

. on an artificial leather suitcase. 3u00e Big. Came Hn S WIRE, Other swingsters are Paul Sterrett,

‘ s who plays a ukelele ($1.88); Les 3:30—Paul Whiteman, WFBM. Lieber, piccolo (10 cents); Sid Perl« mutter, ocarina (35 cents); Red Mc-: | Kenzie, kazoo (10 cents); Paul Robinson, harmonica ($1.00).

” - » Sidney Franklin, the Brooklyn Matador, and Donald Budge, the tennis star, are among those scheduled for interviews on NBC-WIRE at 7:30 p. m. . . . Tommy Dorsey and musicians will be heard an hour earlier on the same station from

the New York State Fair, Syracuse. Networks still are trying to peddle the World Series broadcasts to a sponsor—without a taker, at this writing. William Butler Yeats’ autobiography will be discussed by Northwestern's Prof. John T. Frederick on CBS’ “Of Men and with a | Books,” 2:45 p. m. tomorrow,

” ” ” THIS EVENING

(The Indianapolis Times is nov responsible for inaccuracies in program nouncements caused by station changes after press time.)

INDIANAPOLIS INDIANAPOLIS CINCINNATI WFBM 1230 WIRE 1400 LW 700 (CBS Net.) (NBC-MBS) (NBC- MBS) Haves’ Or.

Light's Or, Haves’ Or. State Fair News Flashes Unannounced Tea Tunes Playbovs Paul Douglas : Nola Day Lowell Thomas Easv Aces En Remble

Tonight a team of Eastern College All Stars will attempt to dup- | licate last week's success of the College All Stars against the Washington Redskins when they take on the New York Giants, professional footballers, at the Polo Grounds. NBC-WENR is scheduled to bring you a play-by-play account from 6:30 to 9 p. m.

o » ”

Unofficially, this seems to be Home-Made Instruments Week. Sunday the “Hobby Lobby” had a guest who made a bull fiddle out of real bull hide, and a saxophone out of corn stalks. Tonight Paul Whiteman will introduce a seven-piece swing band whose members spent a total of $5.68 for their instruments. There will be Artie Miller, o n ”

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KEY NETWORK STATIONS (Subject to change):

NBC-BLUE—=WJZ, 760; WOWO, 1160; WENR-WLS, 870; KWK, 1350. NBC-RED—WEAF, 660; WTAM, 1070; WWJ, 920; WMAQ, 670. CBS—WABC, 860; WIR, 750; WHAS, 820; KMOX, 1090; WBBM, 776. MUTUAL~WOR, 710; WHR, 1390; WHEC. 640; CKLW, 1030; WSM, 850.

ALL'S FAIR this weel in Indiana

Behind the halloons and crackerjack, beneath the shouts and laughter of half a million visitors to Indiana’s 86th Annual State Fair —something truly important is happening.

To the exhibitors, to those who strive for the

$147,377 in premiums and purses, to the amusement seekers, and to the thousands who will hear the radio broadcasts —the Fair is an annual headline event. But its chief significance is for the great fraternity of people who earn their livelihood from agriculture, livestock, and the food and plant industries that feed and delight the world.

The Fair presents new achievements not only in the development of farm implements and machin.

ery, but also in the progress of ideas, seeds, breeds and methods which make a richer life for everyone. That is a proud return on $3,800,000 — the estimated value of the Fair Grounds.

Through its ¢lose cooperation with Indiana agri. culture and industry, the American National Bank fosters the aims which this great Fair represents.

AMERICAN NATIONAL BANK

at Indianapolis

OL LL SET