Indianapolis Times, Indianapolis, Marion County, 18 November 1938 — Page 35

$ 00KS STEADY AFTER WAVE OF HEAVY SELLING

German Situation, American Sales’ Drop at London Affect Traders.

NEW YORK, Nov. 18 (U. P)—.|

The stock market steadied today after undergoing heavy

list down 1 to 3 points net. While volume lightened and prices leveled off at the lows, there was no tendency to make new purchases.

Traders watched the German situ-|A%

ation and were especially perturbed over sales of American stocks in the London Street Market after the |4 London Stock Exchange closed. Steel common was at 66s, Bethle~ hem 2%, Chrisyler 81, American Smelting = 53% and Westinghouse Electric 1153, each off 2. U. S. Rubber lost 2% to 497%. Declines of a point or more were made by Anaconda, International Harvester, Sears Roebuck and Western Union. Early trading on the listed bond “market was a dull and routine affair with. prices ‘around previous closing levels. Rails attracted moderate selling at the outset and edged off fractionally, but this pressure subsided and at the end of the first hour the trend -was irregularly higher. Alleghany Corp., Santa Fe and Mis-souri-Pacific issues were somewhat easier, but the bulk of the group held steady to firm.

Utilities and: industrials improved oo

irregularly, with gains limited for the most part to small fractions. U. S. Government obligations eased irregularly in a light trade: Aggressive strength in aviation

shares featured an irregular ad- é

vanse in curb stock prices. Numerous aircraft shares whipped up to new 1938 highs following a declaration by Louis Johnson, Assistant Secretary of War, that the United States should increase its air force four times fo meet the “tremendous pace” of the rest of the world. Waco, Seversky, Grumann, Brewster, Bellanca and Beech Aircraft|y issues all made new highs on gains ranging to a point. American and Bell also shared the forward movement with fractional gains. Utilities were off fractionally. Oils and mining shares were irregular. # 2. 8

Today's Business At a Glance

- GENERAL BUSINESS

‘Dun & Bradstreet reports retail trade this week 2 to 5 per cent

above last week and 1'to 6 per cent 3

below year ago; wholesale 5 to 13 per cent under year ago. Federal Reserve reports gold stock this week up $71,000,000 to record high at $14,162,000,000; serves $3,260,000,000, up $130,000,000; circulation of $32,000,000; brokers’ loans up $2,000,000; commercial loans off $5,000,000 at $1,420,000,000; ratio.83.3 per cent vs. 83.4 last week and 80:1 year ago.

CORPORATION NEWS

General Gas & Electric Corp. and subsidiaries 12 months ended Sept. 30 profit $1,176,325 vs. $1,306,046 in preceding 12 months. New Idea, Inc., September quarter net profit $493, 721 equal to $1.82 a share vs. $374,566 or $1.38 year ago; nine months net profit $640, 478 equal to $2.35 a share vs. $827,397 or $3.04 year ago. Standard Oil Co. of Kansas nine months ended Sept. 30 net income $521,407 vs. $611,890 year ago.

DIVIDENDS

American Radiator & Standard Sanitary Corp. regular quarteny $1.75 on preferred peysbie Dec. 1, record Nov .28. Bon Ami Co. extra $2 on common

“A” and extra $1 on common “B,” |i

payable Dec. 15, record Dec. 1. ‘Cheseborough Manufacturing Co. extra $1 and regular quarterly $1, payable Dec. 19, record Nov. 25. Cleveland Electric Illuminating Co: year-end 25 cents and regular quarterly 50 cents orf common, payable Dec 20, record Dec. 8. Colt’s Patent Fire Arms Manufacturing Co. extra $2 and regular |

quarterly 50 cents on common, pay-

able Dec. 20, record Dec. 1. Dixie-Vortex Co. interim 25 cents on common, payable Jan. 17, record

Jan. 6.

Curb Stocks

Aero Sup B .- Alum Co Am .. an B

. RX >

Asso G&E A.. Bath Ir WKS ... Bellanca Ar... a ate az T L&P ... 1

; wa Sata BW

Ti; ThE ThE HE

Ja BD a) HLINCO IMI BI a . 3

FEEL LE HL HEEL

Re As Sh wright Harg .. 7° |

FOREIGN EXCHANG 8

ORK. Nov. 18 (0. Br oliow. ing are Yn cable rates on ma on wi r-

« rencies: _ Callie Rat Rates England PIE rate) 4. 6 1: Te =00 3-16 )

(60-da

forway & : DAILY PRICE INDEX

+ NEW: YORK, Nov. 18 (U. P.).— Dun & Bradstreet’s daily weighted index of 30 basic commodities compiled for United Press (1930-32 equals 100): Festerday oie: oor Holiday

Mon ABQ cassvssesecscscacs 105.03 Month 28 esse sssseesssessene 117.80

(Jan. 10) ceeeeee.. 117.06 low, June D essense 00s 102.43

ve 105.83

selling | 4 shortly after noon that brought the 4

|Comwlith &

Lockheed, Pan|El

excess re-|I

% | Amer Loan 4's 61 10 4 | Crabbe Reynolds-Taylor §s 42 92 T&T Ft W 5% 55

Last Change dams Exp + ir _Reduc .... r Way EI ... Jaska Yun hie llegh Corp ... a Ludlum Steel 27 lied Chem .. lied Mills lied Stores .

25D DDD

Bosch Corp 8% Enc Til ... 4% Hides 1 ae 5% Inte 1% 8% + 18% >

PwraLt

Rad&S3 . Roll Mill.. Am Seip Build i

Stl Pies. . 30% S = 23% 3%

Ww. Am Woolen pf. ib Anaconda Apw Paper Armour Ill . .. Armstrong Ck. tchison

a :

Atl C Lin At] Aus

Burroughs .. 3yers A M

Campbell Wy .. 18 Canada Dry _. « 17% Carriers & Gen. 37% JI 31g

C Celotex Cerro de Pasco. wh 2

”h Chic Gt. W A hi&Nw Ry bt ild hrysier : 1 &

AR -P-P ers Col Brdcast A.

So ts Comwlth 12dison So. Cong-Naira .e Cons Edison ...

. . . QW. WN Men tare

Cr Crucible St

21%

vie 21% . 234%

23Y2 7% —F—

1% 12

Deere & veld Del & Hud ....

D Lac & W.... 7s

East R. Mill .. Elec Boa Equit Bids Ex-cell-0

1% 12

Fair Morse ...

es of A. 12 , 281% Gen 83s Sen e Gon Gen Mot Gent Stl C pf.. Gen Th 5. Rene 3 Gen T & R Gimbel Bros .. Glidden ....... Goodrich Goodri Sood year Goodyear pf Grah-Paige .... Gt No p Greyh Cp

2614 20%

Hall Print ... C .

o 1234 Hat 7%

12%; én 3 38 oe Va 412 107% 107Ya ..105% 105% 1 2Yy 2% aL ... 163a L L... 43 . 89% 9

Interchem pf .. 92 Interlake Ir .. 147% Int Harvester.. 6%'2 Int Nickel .. 54 Int P&P pf . 48 Int T&T 9% Eo gob

70%: 70% Tee Kennecott Lo. 447 44% Keystone Stl .. 123% 12% Kroger G&B .. 19% 19% a_i

Hershey pi Hupp Motor

In gents gl 16% 1 43

89% 9

92 14%

Jones & Lgh pt

5%"

Leh Val RR . 12% 33

536 Lehn & Fink. 12% Lerner Btrs ... 33 Ligg & My Lima Loco

Loft, Inc : Lone Star Cem 5874 Long Bell, A... 4%

Maly R BET rN vs [athieson . ... cIintyre Porc [cKess & Rosh

+ + ts x

R22 Eze [=3

Mission Corp et

LOCAL ISSUES

The following quotations do not repreant actual bi or offerings but merely

recent transactions.

Stocks Ask

Bid Belt RR & Stock Yds com.... 51 Belt RR & Stk Yd br Cent Ind Ss 1% Home T&T Ft. Wayne 1% ‘pid 8 Hook [Drugs Inc com, 10% nd & Mic A nd Gen Svc Co. 6% pf ng Hydro-Electric 1% % pid. . ndpls Gas Corp

PIOGress Laundry Co com .... Pub Serv Co of Ind 7% pfd . Pub Serv Co of Ind 8% pfd.. 30 Ind G&E 4.8%

Van Camp Co nfd Van Camp Milk Co com «...

Citizens Ind Sel 103 ..104

. 97 1103 Ya 1.100 1004

Richmond Wat Wks 8% 5 Seymour Water Wks 5% 49.. T Haute Water Wks 5% . T Haute Water Be 6% 49... Trac Term Cor Po - 63 *Market St. Thvestment Corp 25.87 26.94

*Dividend. (By M. P. Crist & Co.).

Chi icago Stocks

High t .. 10% Les 13

ane 2

[>]

37 is

1 20% 211,

: LOWER YIELD FORESEEN

NEW YORK, Nov. 18 (U. P).— Current opinion holds to the proba- |* bility that foreign cotton produc- |, tion for 1939. wiil run some 2,000,000 bales less than this year. With the exception of Russia, all large cotton producers ‘ar& expected to fall below their 1938 production level. Domestic growers who comply with the 1939 allotments: for cotton production will receive from 3.6 to 3.8 ‘cents a pound on the normal crop yield from the assigned acreage, according to H. Hentz & Co. The Government has allotted 27,000,000 to: 29,000,090 acres to cotton

Oe ID

om a Ne Re

for 19

By United Press

3 Yesterday

| Nash-Relv ...

Oti 's

2 pac G

Pullman ...

2(Reyn Tob B

% | Vulcan ui

/8 2 Zonite

3 '| Argent 4s Le A ril Pe

Ya 14c: hens,

» and White Rock springers, Ya

DOW-J ONES STOCK AVERAGES : ©“ 30 INDUSTRIALS ’ Yesterday ..... . 152.78 1 23 Week AZO ..ccoveescsscsnses Holiday Month AO ....cckeesscesess 152.15 0.63 Year Ago High, 1938, 145.6%; low, 98.95. High, 193%, 194.40; low, 113.64. 20 RAILROADS

tsesescccsve

sees 31.15 +047 tseecsescncsonege Holiday Month AZO ....eecesssccaies 31.13 +0.14 Year Ago 30.07 —~1.04 High, 1938, 32.33; low. 19.00. High, 1937, 64.46; low, 28.91. 15 UTILITIES

essen »

Week Ago .

23.60 4-043 Holiday

Yesterday .......... was Week ABO .....ccovsssseniss Month Ago ... 23.53 —0.31 Year Ago ... ....... cereres 2091 ‘—1:40 High, 1938, 22.55: low, 13.14.

High, 1937, 37.54; low, 19.65.

sesesssscsssse

Net Last Shans 49% ; pn #

High Low 50 49% 28% 28% ——

...9% ws %13% . 26

1Mont Ward Mueller Br CC -— 1a

Norwalk T ....e 3% 29% 3

liver Farm E oO ee \ a. 1434

& El... Pacific ME cove 4 Packar . Park Utah ies Pathe Fi 13 Pei Gl nd ots nn _ RR 22

Pheloh ve Phillips gh . 40

Stl . 11% t & G a 111614 Public Serv .... 33% 1 reas 3802 J 8 2% 1812 2% Rouble sti... 23%

28% 21% Va

28% 21% 7s 22 T4Ys 7% 32 13 19% 19% 32 39Y, 13% TY

Safeway Schenley Dist .. Schulte Seab'd Oil 22 Sears Roebuck. 74'2 & ~ Ta 32% J. 1

3tudebaker Superhtr Superior Oil

‘Texas Corp Tex G Sul Tide W_ A oil. Timk D Ax ... Timken R B .. Tri Cont 20th. Cent Truax Tra rts.

Union Carb . . Un Qil Cal ... Un

aaddgad

ass

26%

3Va a 3% 3% —_

en 4 «300 ON 00 WO 0 Cn

pr Sea - —- nN " O00 tO =11=4 «300 HOD © += 2)

est Air pee.

Lil] hear feel oa ip Vheel Stl pr pt 580s 7illys Ov pf 5% oodward Pron. 2674 Voolworth .. Vorthington . /right Aero ...

25 1i8 —Y— ag . 54%

19% 104 53%

N. Y. Bonds

BOND PRICE INDEXES 20 20 20 Inds. Rails Utils. Yesterday ..... 86.9 60.1 99.7 Week Ago . 87.0 62.3 09.3 Month. Ago .... 87.3 59.3 98.7 Year Ago 2.1 95.3 Two Years Ago 94.7 99.4 106.2 1938 High 70.0 99.7 1938 Low 47.9 87.3 1987 High 101.2 1106.0 69.3 92.3 100.4 106.2 84.7 103.5

Yellow Tr Yellow T of... 104

Young Sheet . 5313

60 Bonds 82.3 82.9 81.8 83.6 100.1 83.0 70.7 100.7 81.1 100.2 1936 Low

U. S. GOVERNMENT BONDS Treasury Bonds 3Yas 1946-44 2128 1948 212s 1953. 49 . s 1955-51 27s 1960-55 2%s 1963-58 .... Home Owners Loan

04.1 104.1 102.13 102.13

Bonds

104 104 104 106.10 106.10 106.10 © FOREIGN BONDS

High: . 811; .1013%%

Low 8134 101Ys 111

Tas

8112 Australia 45s 5 101%s da 5s 52 111

83 6 3 10 1 18; 13Y 10 9 10

2 / %- 101%

Loews Inc 3s 104

8s 3 WW. 1 951%, 108%; 94 1057

44’ 90

105% 44

Wabash 1st 5s 3 90

Warner Bros 6s 3

LOCAL on

Heavy breed broilers, 4% Ibs. and over, under 4'2 lbs.” 12¢: Leghorn heavy breed hens .14c: barred 1'2 lbs, and over, 13c; colored springers, 12 lbs, snd up, Leghorn broilers, 112 Ibs, and over, 11¢: spring chickens, 2 ibs, and over, 13c: old roosters, 9c. White ducks, 5 lbs. and over, 12c: white ducks, under 5 lbs., 10c: colored ducks, 5 bs. and over, 1lc; colored ducks, under 5 hs., 9c; geese, -13 1bs., 10c: young tom |turkeys, 14 lbs. and over. 18¢: ‘young hen turkeys. bs. and ove 19¢; crooked breast ‘turkeys, 13c; old fom + turkeys, 13c; No. 2 turkeys, 12c. No. 1 strictly fresh country run eggs, 27¢: each full case must weigh 54 lbs. and over; a net deduction of 1% a is for each 5 4lbs. will be made; pultter—No. 5 B81. @20¢:

No. 2, "26@ 2670 N

i butterfat ¢: Nn, 2. 10~ (Prices ns y wadiey Lu.

ces 44 .. 80

‘hens, 9¢;

full case under § Te hii 17c.

TOL TYPEWRITERS

All Makes Rented and Repaired Quality at a Price 20 2 JDSTOCK TYPEWRITERS CO. 30 8. Pennsylvania St. Li-4712

ae nae ver... 118.18 7.35)

: May ‘1, | May

OFF FRACTIONS: |

Commission - Selling Sends Market Down; Demand Slow for Corn.

CHICAGO, Nov. 18 (U. P)— Scattered commission house selling depressed wheat prices fractionally after an irregular opening on the

* [Chicago Board of Trade today.

At the end of the first: hour ‘wheat was off % to % cent, corn off % cent, and oats unchanged to 14 cent higher. Some liquidation of December contracts tended to weaken sentiment in wheat, and scattered offerings found only light support.”

style March and May wheat contracts owing to the eliminaion: of the 6-cent duty on American wheat |- which becomes. effective -on Jan. 1, 1939. The old style contracts closed % to % cent higher after opening easy. Winnipeg wheat eased fractionally. Five loads of Canadian wheat were reported worked for export. Crop reports from the Argentine indicated favorable weather for harvesting in the north with geod quality and yields so far. The Australian crop is privately - esti-

U. S. wheat belt received scattered showers overnight, but the forecast

is fof generally clear weather.

Pressure in the local corn market |c was light, but prices declined on}

estimated at 192 cars.

LIVERPOOI, WHEAT : By United Press (U. 8. aie 1] based on sterling

wa Ca 62%

.63 %

D ss 0 Bs BL 8 BE, ses¥ever 4 March . 63% March .60%3 Bho vei eee 643% 6238 (new) 627 .59% WAGON WHEAT City grain elevators are paving for No.

red, 57c; other grades on their merits. new No. 2 vellow, 40c. Oats,

a 64% 61%

1 Cash corn, 22¢.

EUROPE. HEARTENED | BYU, S,GAINS, CLAIM =

‘ International C. of C. Head

‘Says People Want Peace.

Reports of improved business con-

6! ditions in the United States htve

given European countriés encouragement, according to Thomas J. Watson, president of International Business Machines Corp. and of the International Chamber of Commerce. “From my visits: to the leading

| European countries, I am convinced

that the people in’ every country want peace,” he said. “The Munich Conference demonstrated the possibilities for peaceful negotiations but h mingled with uncertainty and expectancy. However, all are hopeful ‘that the next step will be on the road to lasting peace, which the International Chamber of Commerce believes can be started

building up a policy of friendly col= laboration in the economic field, realizing that lasting political ap-

| peasement and a settlement of they}

outstanding economic issues are

necessarily interdependent.” 4

CHICAGO PRODUCE

- Butter—Market, steady; receipts... 614, - 140 gross 1bs.; extra firsts, 92 score,

score,

. ares a? 8 score, pYiven central.

ized, 89 score, 1608 cases; fresh raded firsts, cars, than cars, 27? extra firsts, 3ic; storage, 20c current receipts, 26c dirties, fresh, 21c storage, 20c refri erated extras erated firsts, Vac. Poultry—Market, ipts. 4 springers, firm, fucks, 13c@14'2c; geese, 13'2¢; hens. 13 16%c; Le A “hens, 114e spring chickturke s, wins, Yi@iaic; "daisies, 12% Ps rm 19% 013 2: track, shipments, 440; demand, very slow Red McClures, $1.8. Mountains, LE

Eggs—Market, Seady; recepts, Jess than cars, 3015c: checks, fresh, 2lc! 23¥,c Yeirigersind standards, 23c; refrig balance §leady; receipts, Sas, 51 trucks; ens, ids 5¢; Zoosiers, isa 2%2c; broilSs 1%. - Potatoes—Arrivals, on 325; Janet pas a Russet Burbanks, . ol Da Triumphs, $1.40; Minnesota Cobblers, $1. on

i physical impurities. The very nature of this lubricant produces its low tendency to form carbon.

It always is a tough, lasting friction-fighter. With a rich stable body and high-degree oiliness. Equal to the demands of today’s high-speed, highpower engines. | Don’t forget, Phillips 66

Motor Oil is our finest quality, the

highest grade among all the oils we make. Try it the very next time you drain and refill . . . at the Orange and Black g Shield.

Liverpool started trading in new

> 290: 300

G mated at 139,000,000 bushels. The

slow demand: Local receipts were}

NEW YORK, Nov. 18 (U. P).—|i}

‘outs, [email protected]; slaughter ewes, a, 75 down.

left a feeling]

through definite action towards|$3.

7 Vac: less |

ogs Steady

~ Lambs Gain

Another late TUN of Toss was absorbed at generally steady prices on the local market today, according to the Bureau of Agricultural Economics. The top on 160-170-pound butchers remained at $7.90. Packing sows sold mostly unchanged irom $7.15 to $7.50. ° Vealers ruled strong considering the drop in killing quality. In the absence of strictly choice grades, top was $11. “A scant supply of slaugh= ter cows and heifers and odd lots of low-cost steers were readily -disposed of. Plain medium and low good grade heifers ranged from $6.50 to $8.50. Fat lamb prices’ ruled strong at a practical top of $9.25. A few choice offerings sold for $9.50. The supply consisted of native animals.

Top Re pts.| Nov. wha Recnts. 13

+8 7.90 715 ...$ 5:00 : Sooo 1 9 16.0 800 12,0018, S48, Barrows a. Gils. | Packing ‘Sows Good end rm 275-300 7.40- 7.80 140. if 11 7.25 190 bor 550 7.15. 7. 200 220° 250 - 290

Nov. 11

see

7 ; 7.35- 7.50{Medium Ar (Receipts, sin” .

Bul All -Wei, Buns : G'd ie $ 6.25- 7.00 Medium - 7.00

Stee Choice. oy 750 12, 00- B 25 800-110! 0.50-12.00] | Cut., jem. 4.75- 5.50

0 1100-1300. 10 7513. 30 1350-1500. 11.00-12.5 eater $.50-10.50 AlL Ws weighs gis1030 Shon. 9.25-11, 100] o Medium. : 7.50- 9. 00! common. ;55- 9.25 Calve Common (Receipts. 380) 750-1100 Te 80- 7.75! Choice an 400 .$ 8. 00- 9.00 Heifers |Good | 00- 8.00

Medium . oY 900.8 8. 25-10. 25|Common. .

8.00-10.00 6 00- 8.00

6 .00- 6.00 Fee and 550- 50. 9.50-10.25} Stocker Cattle | 7.25- 8.50{ 500- 900 . 17.55- 8.50

- 7.50- 8 5.75- 7.25] Metin = 00-1050 . © 7.00- 7.75 oo ommon, gas 7.25 300 } Heifer 3 0|Good i Cho Vice— 5 00 § 8 30.450 A .00- 8. 00 mon a and cutter Fa 78- 5.00 ‘medfum 5.50- 7.00 SHEEP AND LAMBS (Receipts, 1249) ; Lambs +3 3 25- 9.50/ Medium . .15- 9.25!Common..

Cc $50- 900

Choice .$ 7.25- 8.7 Good .. 6.00- 1.2 Ewes Good and choice .......c......$ 3.00- 4.00 Common and medium.....c.... 3.00- 8.00

CHICAGO LIVESTOCK

fnarker, scat 15,000; directs, 6500; , steady to 10c

largely $7.50@17. 65; 500 lb. packing sows, $7.35@1. Cattle—Receipts, 1000; calves, 500% ‘ma ket generally a.cleanup trade on all ii. ny classes at mostly steady Prices: light ply steers bulkin from, $f 3.350] 0; load 13 0-Ib. weights, $9.75: . $11; two joads Wyoming 1039- Th. 125 1 80; cutters, $4@5; demand for bulls rather light; undertone weak; vealers weak; most sales down; -stockers and feeders. closing the week fully steady; only moderate carry-over. Sheep—Recei ts, 5000; directs, 600; mar-: ket late Thursday fat lambs closing '10¢ to 20c higher; choice natives and fed Westerns to packers late [email protected]; best yearlings, $7.75; one double Br ‘faced feeders, $7.75; todays trade fat: lambs strong to 15¢ higher; 50c hi Hers good lambs, [email protected]; $9@9. throw-

OTHER LIVESTOCK

LAFAYETTE, Nov. 32, be —HOog market, steady; 160-19 ok 0@, 90; 190-250’ 1bs., $7. [email protected]; 0 2305500 1bs., $7. 30 @17.40; pigs, $7.50 down; roughs, $7. down; calves, [email protected]; lambs, $8. 256 (U. P.).—Hogs—

‘ CINCINNATI, Nov. 18 Receipts, 2500 ‘none direct market, tive, steady to 30c higher; top, $8; 2000 “1bs., $7.70; 100-130 lbs: “[email protected]; most good packing sows, [email protected]. Cattle—Receipts, 600; calves, 300; market, slow, mostly fully; around two loads mediu mto good steers unsold, scattered bunches medium around 800- 1bs., § 8.50; 475-575-1b, joized oS 2 ilinge, 85. 5@9;4 odd heifers, [email protected]; good beef cows Jjiotable [email protected]; EA grades ond 50@5; practical top bulls, $6.50; and choice vealers, firm, mostly $1111 . Sheep—Receipts, 700; none direct; a Két supply trucked- mn lambs scarcely ja1ge enough to establish a market; tra quoted steady; around 400 rail arrivals included in receipts;” good ‘and choice trucked-in lambs quoted: from [email protected]; common and medium, $6@8; odd hea slaughter ewes. $3 down; of rail offerings, 75 head strictly choice, $9. 5; 200 good

lambs, $9.40. FT. WAYNE, Nov. 18 (U. Market 5c lower;

325-350 1bs. oy $715 140 lbs., $7.45; 1bs. ra stags, $5.50. Calves, $1150, Lambs,

U. S. STATEMENT WASHINGTON, Nov. 18 (U. P.) ~—Government expenses ‘and ‘receipts for the, current fiscal year through Nov. 16, com pared with a year ago:

s Yea ast Yea [xpenses. .$3,364, Tes. 189. "0 $2 855. 152, 543. 32

2 104,137,569.25 4.664,008.83 1,260.645, fis % x “isd isd 238. as

8718 i 30.998. 5 2, 64, 013 474.08 537,019. py 060.3 182 gee 30 3 1788.999.570. 1

Customs .. 125,445,641.80 169,518,738.28

6 INDIANAPOLI SCLEARING HOUSE

her op

While it is still young, start your engine with a quality oil. ..and it will stay young much longer, To men who appreciate a sweet-running, trouble-free, longi lived engine, we suggest Phillips 66 Motor Oil. 100% pure. s| Paraffin base . . . 100% Phillips |ing, scientific refining removes chemical and

Clearings Debits

cess crass ses ine aad decease

Ac$7.90 Top;

| Douglas,

California, lugs, $2.2

TO INTEGRATE INVESTMENTS

United ‘Corp.'s Decision ‘to Diversify Utility Stocks Hailed by SEC.

WILMINGTON, Del., Nov. 18 (U. P.) ~The $239,000,000 United Corp. has disclosed that it had filed with the Securities & Exchange Commission a definite plan of integration designed to diversify the corporation’s holdings and scale down present stock ownership in any single utility company to 10 per cent or less. The plan also revealed that while the corporation would continue as an investment company, it “has determined, as opportunity permits, to ‘diversify its portfolio and participate in the financing and undertaking of new capital issues in the public -utility and other fields.” “The public utility industry, as well, in ‘common with all industry, has need éach: year for large o | amounts of new capital,” George H. | Howard, president of United, point‘led out in a letter to William O. SEC chairman. “Sound capitalization would seem to require that at least half of this new capital be raised through the issuance of equity securities. In our opinion, the United Corp. can aid in this needed equity financing and be in a position also to assist in some of the financing required in connection with the various steps of integration throughout the 'country.” Mr. Douglas, in Washington, is-

|sued a statement calling the United

o|plan a “constructive business ap- %! proach to what is fundamentally not only a legal but a business problem” anc said the Commission “heartily welcomed” the company’s offer of co-operation in working out the objectives of the integration clause of the Public Utility, 3 | Holding Company Act of 1935.

REDUCE DIVIDENDS, FDIC HEAD URGES

Savings Associations’ Only Solution, Says Crowley.

‘CHICAGO, Nov. 18 (U. P.).—Reduction of dividends and expenses “seems to be the only solution” to the earning problems of savings associations, according to Leo T. Crowley, chairman of the Federal Deposit Insurance Corp. Cheaper money has created problems for all classes of financial institutions, but one-purpose institutions like building and loan associations cannot ‘experiment with new types of assets, Mr. Crowley said. “With 5 per cent money the rule today, dividends much in excess of 3 per cent are hazardous, ” Mr. Crowley: declared.” : To meet increasing Snansial problems; “the FDIC chairman em-

@|phasized that building and loan

associations must continue to improve the - quality of their man0. | agement. : A ‘prime “yesponsibility of bank directors: ‘and

said, pointing out that past diffi~ culties of savings and loan associations. as well as of commercial banks arose from failure to syn-

%0-|chronize the functions of thrift

and investment. Co-operation ‘among all Federal agencies supervising financial institutions is essential, Mr. Crowley said, emphasizing that commercial banks, savings institutions, credit unions and similar groups are interdependent parts of the nation’s financial structure.

FOOD PRICES

CHICAGO, Nov. 18 (U. P.).— Disks Michigan Mackintosh, bu., Labo Sweet Potatoes—Tennessee, oi | 5 vg 75c@$1. Carrots—Illinois. bunch, 1% @2 ec. Spinach—-Illinois, a 230050 Tomatoes— @2.75. CA Michigan crates, 75c@ ost 25. Peas—Califor-

SE tite Sweet Spanish, 82%2@95c; Wisconsin Vel-

value. Painstak-

lows, 50@80c; Minnesota Yellows, 77%ec.

is to ‘control the degree of risk, he

TONIGHT

- - 7:30=Lueilie” Manners,” WIRE. 7:30—Burns and Allen, WFBM. 8:00—Hollywood Hotel, WFBM. 9:00—Guy Lombardo, WIRE,

If the. supply-and-demand odds were as long on the Indiana-Purdue football tickets as rumor has it, there should be several thousand disappointed ducat seekers clustered about the loud speakers tomorrow.

So, for their benefit, be it known that WIRE and WFBM will be carrying accounts of the contest at 1115 p. m. Tomorrow's game will conclude WIRE's grid broadcasts for the season.

Fans may keep-track of Indiana's other big time aggregation on WLW or WGN, both of which will give you a block-and-tackle description of the’ e Dame-Northwestern encounter at 1:30 p. m,

=& =

If France and South America were to hear the Notre Danese game at the moment the teains “ere meeting, it would be such a commonplace as to merit scarcely a passing mention. So broadcasting has to slow up to horse and buggy tempo. to make redl ‘news. . Which is winding up to say that 50 million Frenchmen and as many more Latin Americans will hear a broadcast of the game, not tomorrow, but ks or months from now. It seems that Henri. Diamant Berger, movie producer and official French radio representative, is in this country recording broadcasts for sake of “local color.” M. Berger was to arrive in Chicago today for recordings at the Union Stock Yards, the Field Museum of Natural History, the wheat pit and other points of interest before waxing tomorrow’s football for posterity. » 2 ‘®

It is good news that the American. composer, conductor and pianist, Ernest Schelling, has recov-

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fortunes during his lifetime, ° Lal will return to conduct the New York

dren’s concerts, beginning tomorrow, Mr. Schelling was afflicted all last season with a serious eye ailment, and relinquished the baton for these Saturday morning concerts to John Barbirolli and Rudolph Ganz. Tomorrow he will begin his 15th ‘of the 16 seasons of children’s cone certs, and the ninth year of broadcasting. For music, he has selected a very grown-up program for his young listeners. It will be all-Wagner, ine cluding excerpts from “The Flying Dutchman,” “Lohengrin,” “Tannhaeuser,” “Die. | Meistersinger,” “Goetterdaemmerung,” “Tristan and Isolde” and “Die Walkuere.” CBS (though not WFBM) will earny the broadcast, beginning at 10 a. m. . J » » Observing the 110th anniversary of Franz chubert’s death, an. orchestra, singer and pianist will be heard in a commemorative program from Berlin at 11 a. m., received by short wave and rebroadcast through NBC-WMAQ. #8 » =» With Luise Rainer and William: Powell in the leading roles, “Holly= wood Hotel” will bring you scenes” from "“Tovarich” tonight at 8 o'clock on CBS-WFBM. Charles Bufterworth will play Dupont; the banker, with Joseph Calleia doing: the Commisar. It seems safe to: predict that the popular Jacques | Deval will be in good hands. X Incidentally this will be the last but two of the popular longtime se= ries. On Dec. 9 “Hollywood Hotel” will go off the air in favor of —guess: who!—none other than - Orson Welles, the interplanetary bogey. man. i r

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«Listen, my children, and you shall: hear (on CBS at 11:15 a. m. tomors, row) the sound of a cosmic ray hitting the roof of the Franklin Institute in Philadelphia. Doutbless the announcer also will tell you how and why, something which this dee’

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