Indianapolis Times, Indianapolis, Marion County, 30 October 1940 — Page 24

}

Fr.

THE ITAL

1

The Itdlian Invasion of Greece

Costs U. S. Another Customer — By ROGER BUDROW — re IAN INVASION OF GREECE has erased

another name from the United States’ rapidly-shrinking list

And sh purchases

of foreign: customers. * fear that Turki affected... While it. is

now informed trade quarters in this country also may be

believed inevitable that Greek trade with

, » the United States will come to a virtual halt as a result of the Italian move, trade sources are far more concerned over possible repercussions in Turkey. : .

-

v

®

Greece's importarice as g buyer

and seller in this country has been "winding steadily since Italy entered he war last ummer, but urkey still is a major market for merican texiles. | The United States had been making considerable headway in selling its cotton yarn and cloths in = : Hoth Turkey and Roger Budrow Palestine and it the spread of war to the Eastern Mediterranean might put off all further commerce in that quarter. Principal effect on American importers of the new Balkan hostilities appears to be the loss of an important source of tobacco, olives and olive oil while exporters report. that they have lost a fair-sized outlet for semi=finished steel, sugar and a few other ‘essentials.

"2. in

" THE REAL SILK hosiery mills here are now making men’s socks of nylon, even though it is impossible for ‘them to obtain enough of the nylon yarn to make enough women’s hosiery to keep up with the demand. Explanation to this unusual situation is that a different size yarn is used for men's socks and production of the heavier yarn apparently does not cut into production of the lighter nylon,

,

. ” ® | 8 U. 8. STEEL issued its quarterly

’

report: yesterday and declared a |Goo

dollar: dividend on the common

stock. The net profit reported for |}

the quarter ($33,103,087) broke all records for the period since 1929

and more than met the best expectations. The dividend, however,

- was below the best guesses, although

&% in line with such’

. .

. from air and two commo

estimator. as the Wall Street Journal exper, pdt B®. . ODDS, AND ENDS: Synthetic phenol, needed in manufacture of plastics and of some explosives, can now be made in large Periue

cals—benzene -and| hydrochloric acid—in a new plant just opened in New York State, making U. S. independent of foreign sources. . Security holders of the Central Argentine Railway. Co.| met yesterday in Londen ‘and voted for a mora‘torium on notes and debentures, but there. were-\objections. Criti= cism of ‘the management ranged all the way from complaints against the short notice received on the meeting to a motion censuring the company officers for holding the meeting on: the top floor of the building during an air raid alarm. Filter+paper, essential in all chemical laboratory work and formerly imported to a large degree, is now

being made in large quantities in $

this country. .Al machine that tells how" electric power systems will -gperate;” while they are mere] plans’in the mind of the designer, has been perfected by W. W. Parker, Westinghouse engineer. Urban home financing in Indiana amounted to $84.529,00. in the first nine months of this y& r, the Federal Home Loan Bank Board reported, compared ‘to $69,509,000 in the same period of 1939.

DAILY PRICE INDEX NEW | YORE, Oct. 30 (U. P.).—

Dun & Bradstreet’s daily weightdd price index of 30 basic commodities,

compiled for the United Press (1930- |} $6.15

32 average equals 100):

. 121.47 . 11857 «++ 11813 . 123.34

1040 loy.

LOCAL ISSUES

The ‘following quotations by the Indlane apolis Bond & Share Corp. do not repre-

(Aug. 19)

% sent actual price of offerings, but merely

indicate - the approximate market level based on buying and selling quotations of recent transactions. Stocks Bid Ask nce Corp com BEE Fin % ds Ro & Stk

1 Ind Pow & Central 1h oY

Hook , DRE Ft wayne 79 pid. 50 Ind’ Asso Tel Co $6 p 107 Ind & Mich Ree 1%, pid.

N nd Pub Serv 6% Dp Ind Pub ery A bed: hi EEE nd 8% Pld. b gery a! Hd, 7%: oid...

aD

a fv, Co, of Ind ‘4s 69.

4 Yas Richmond Water Wks 6s 57.. ‘Trac Term Corp 5s 57 Ex-divide nd,’ "WAGON WHEAT

lis grain elevators are pay wheat, 79c; subject to market © .0 NET ades on RL merit, 4 shelled aig No. No. ia white’ Shelled corn,

Dt hd bk Bd hh fd fh fh fd dh Ph fk fd fd fd fd fd

. or Cash

Sr The CHICAGO

feared that

a conservative | Good

chemi- | M

PRICES ON HOGS ARE UNCHANGED

Top Here Remains at $6.05; 9044 Porkers Sent To Stockyards.

Hog prices at. the Indianapolis stockyards today remained the same as they were yesterday, the Agricultural Marketing Service reported. The top held at $6.05 paid for good and choice 230 to 240-pound-ers. a top at $11.50. The Marketing Service reported

sheep.

Oct. 2 ..

2 oe

Top Repts. 1081 .$ 6.30 1 i hd 6.15 12,475 . 39 6.05 13; '840 | 4 130 30 . 6.05 9044 king Sows

6.30 6.30 oh Barrows and Gilts | Pac} 120- 140 § 5 90- 3 50] 270- 3% 60. .40- 5.75] 300- 330.

5.80- 5.95 5.75- 5.90

5.65- 5.85 5.60- 5.75 5.50- 5.65 4.50- 5.65

Slaughter Pigs 5.40- 5.80] 90- 120. 4.65- 5.00 Slaughier Cattle & Yealers (BR eceints, 1316)

Choi Bulls TH0 900 $12.00- B 251 900-1100 13.2913 {¥eariings excluded) |Ca 6.25- 7.00

1500-1500. 13.78-14. 0 Sines 5.30- 6.35 7300 9 200. 10.50-12. 00'¢ tier 841 4. 35 5.50 I I, Yer . 10.75-12, 75) Shotce. : 3 rier) 20. medium. 6.50- 8.00) p3tcers, Heifers 500- 750. 11.50-12.50

10.00-11.50 nd

‘ 7.50.19; 00 5.50- 7.50 JFeedor, Stocker

(Receipts, 485)

Choi “800. 9.50-10.25 or 800-1090, 500- 750. 10.00-11.50 39% 500. Cholcer Heifers ia 1050. 750 000. 11.25-12. 75; S00 0-1000- 7.50~ 8.50

oy on —= 500- 900. “Si oi "% pict 7.25-10.00| Calves arn) Com {Good and choice— 300- 900. 5.75 7. "0's dedium gown, (9.50-1125

Cow | 300 -"900. 8.00- 9.50 25 1.25 500 down 8.50-10.00 od 5.50- 6 6.28 on .Calves (heifers)

common 4.25- 5.25 500 down. 8.50-10.25 common 4.50- 5.50| Mediu Canner .. 3.25- 4.50| 500 an 7.50- 8.75

SHEEP AND LAMBS (Receipts, 1069)

750-1100. 1100-13 =1300.. 750- 1100.

8.50- 9.50 8.50- 9.50

« «|Good and choice

Medium and good Common Ewes (wooled) Good and choice ¥ .50 2.00- 2.75

CHICAGO LIVESTOCK

Hogs—Salable, 15,000; early trade fairly Beth steady to 5 ‘cents higher; top, frsely: bulk, 210-330-1b. De $5.75 @6; few to $6.10; smooth 300- 425-1b, packing sows Li $5.75@6; 450 lbs. up, $5. Fo @5,65. Cattle — Salable, 12.000: 1000; choice and prime mediumweight an weighty steers, fairly acttve; strong to 25 cents higher on shipper and order accounts; new top, $14.75 with . paid; numerous loads, s staiar grades yearlings and light steers steady to strong; best earlings, $14. but generally bidding weak 0 25 cents lower on :other grades; good and choice grades predominating with Killin auality’ Wa of season; strictly grainfed hei in light supply steady at $11. 50@12. as liberal run medium and good shortfeds slow; weak to lower; other classes of cattle steady: weighty bulls to $7.10 and choice vealers, $11.50 freely. eep —. Salable, 2000; late Yay. slow; fat lambs about 25 cents l0wer; ood to choice natives, [email protected]; medium good, [email protected]; just good comebacks, $8. 758. 90: zood to choice 89-lb. fed shorn lambs, $7.95; today’s trade few early sales fat lambs steady to 15 cents higher; few good to choice natives, [email protected]; sheep and feeding lambs steady; deck good hol oyer fed vearlings, $7.75; load 60-1b. ontana ' white face feeding lambs, $8.85; few good to choice Western slaughter ewes, $4.50.

OTHER LIVESTOCK

CINCINNATI. Oct, 30 (U, P.).—Hogs— f generally

calves,

Suscherss 16 [email protected]: Cattle—Receipts, 525; “calves, 200; ‘mostly around steady on all grades and classes HI run comprised mostly of cut ter to medium lghtwelght grass and heifers at around $5.5 fairly active and ly steady: good to choice trucked in nearby lambs, Eso @9.50; common an medium grades, [email protected]° mixed iot at latter figure; culls down to $5.

YNE, Oct. 30 (U. P.) ogs

. $5 $11, Lambs, $8.75.

U. S. STATEMENT

WASHINGTON, Oct, 30 (U. P.).—Govern-"

stags, $3.15. Calves,

“ ment expenses and receipts for the current

fiscal Year through oct. 28, compares with This Yea Last Year 83 ,095,190, 605. 38 32 143, 505. 134 OL 1302.450, 21

.2 30 ..44,106,059,786.36 4 859.10

1.031, ..21,496.896,291.88 17,073. 967: 264.44 07,848,194.56 118,094,589.45

Customs ..

INDIANAPOLIS CLEARING HOUSE Cleatings ....7c.ciiiiseenvisenes $3,532,000 Debits

FOREIGN EXCHANGE

NEW. YORK, Oct. 30 (U. P.).—Following are noon cable rates on major currencies: Cable Rates Net Chg. England {gond) $4.04 —.00% Canada (dollar) Italy (lira) Finland (markka) witzerland (franc) Sweden {Efona) Japan

(y Mexico 1 peso)

FOOD PRICES

CHICAGO, Oct. 30 P.). Apples Wisconsin Mackintosh, Ve $1. 25@32. elery —Michigan, crates, 5c. Tomatoes— California. 2s [email protected]. Spinach—Illi- .. 20@50c. Cauliffiower—New York, 0. Carrots—California, grates. . . (a

y ess Yellows, 52'2@60c; Iowa Whites, $1; Idaho Sweet Spanish, 65c@$1. IT HELPS HARVEST HAND NORTH HEATH, Mass, Oct. 30 (U. P.).—~This town will continue on daylight saving time to give school pupils an extra hour of daylight to work until crops are harvested.

on Everything!

Diamonds, Watches, Autos, Cameras, Clothing, Shotguns, Etc.

JEWELRY £0, Inc.

146 EAST WASHINGTON ST.

Vealers also were steady with A

1316 salable cattle were shipped here a today, 485 calves, 9044 hogs and 1069 3

Top Repis. A

9.50-10.25'

a Incorporations

in the field of actidn.

Net Last Change

Adams Exp .... 6% Stl

5.90- 6.00 |A

s Corp Aviation Torn. « 4%

Bangor & Ar pf 46° Se Batnsdall 9lz * Beth Steel Beth Stl 7 pf.. Blumenthal of... Bower R B . Briggs Mig ..

: 36% : 24% i oo.

Callahan Zine. hi

7% hes & Ohio 41% hi Pn Tool cv 372 hrysler ....... 82% ty I &

vy 9 Climax Moly Co 27% Cons Edison “es 26s

ot Ya Cont on Del... 18% Cont. Steel . 24 Copweld Steel . 20% So Prod 43Y

Garis Pub ees Curtiss=Wr «...

aton Mig" sane lec Pwr & Li: Elec t Bat. Eng Pub S

First N Strs ... Florence Stove.. Freent-Sulphur..

Geh Cable .... Gen Electr. be

’.. 9- 16 117% PL A 2294

Greyhound Cp..

Harb-Walk

24 STEEL SHARES EAD E STOCK MARKET RSE

R. NEW YORK, Oct. 30 (U. P.)—|Re

Steel shares led the stock market higher today-as orders increased inthe industry which is operating near 96 per cent of capacity.

per cent of capacity gained nearly. a than a point. Other steels were frac-

firmed in the non«ferrous metals. U. S. Steel issued its best third quarter report since 1929 and declared a dividend of $1 on common stock. The later was below expecta~tions and brought some selling early (+ in the session but later the stock joined the general rise.

FEDERAL TAXES CUT DU PONT'S PROFITS

WILMINGTON, Oct. 30 (U. P.).—|; d|Net income of E. I. du Pont def: Nemours & Co. and subsidiaries in 3

the September quarter dropped be-

!|low the corresponding 1939 level be cause of increased-Federal tax pro-

15250 visions, but earnings for the first 25: [nine months this year reached a |

new high for the period, the company’s quarterly report disclosed today. a Income in the third quarter, before Federal income taxes, amounted to $37,104,802 against $26,446,709 a year earlier, but this favorable margin was more than offset by an increase in tax provisions from $3,520,000 to $16,030,00. Net income for the quarter after these tax deductions was $21,074,802, equal to $1.74 a common share compared with $22,926,709 or $1.91 a share in the third Pefiod last year.

come of $98,328,497 before taxes which contrasted with $72,138,244 in the corresponding 1339 period was reduced sharply when tax deductions were taken into consideration: After deduction of $30,400.000 tax provisions for the period—-compared with $9,340,000 last year—there remained a net income of $67,928,497 or $5.80 per common share. In .the nine months ended Sept. 30, 1939, net income was $62,798,244 or $5.19 a share.

O. A. Wellnitz and Sons, Inc., Michigan [oo dissolution. Snug Harbor, Inc., 807 Lafayette 'St., Ft. Wayne; ‘agent, Paul Lauer, same address; 250 shares without par value; retail liquor and Jood: alph C. Dunn, Paul

A. Lauer, Evelyn Continental Le "Co., Illinois corpora-

Mining Co., Ine. R. 2, West Terre Haute; agent, George Bepriest’ same address; 1000 shares mo par value; coal mining: George DePriest, James N.

Blackburn, Emm ion, Indianapolis,

Burnet Realty dissolution. Anderson Roller Rink, Inc., 516 Meridian St.. Anderson; agent, Geo. W. Pierce, same address; 1000 shares no. par value; to operate skating rinks and other amusement enterprises; Georg 3 Ww. Fierce, Harry

W. VanNoy, Robert 8. Ditigerald . yy Son ‘News Co., Ne ork cor of sseni to Jacob 8. Bldg. dis

n. - Communit,

chan HH ‘Merohatis Bank

ite,

ly

il

5 Yesterday .....

Va a | Yesterday

5 {Inland StI .....

point while Bethlehem was up more |S id

tionally higher and the copper group |§

For the nine-month period an in-’

tion, amendment of articles of incorpora--

¥ Bids.,

N.Y. STOCKS

By UNITED PRESS

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS vee. 18219 .. 132.40 . 134.97

+042 +0.42 +0.64 -0.28

Week Agno ... Month Ago .. Year Ago High (1940), 152.80; Low, 111.84 High (1939). 155.92; Low, 121.44. 20 RAILROADS

Week Ago Month AZO /...evtecsseee vers

8 | Year ‘Ago

High (1940), 32.67; Low, 22.14. High (1939), 35.90;. Low, 24.14. it 15 UTILITIES Yesterday . Week Ago Month Ago Year Ago High (1940), 26.45; Low, 18.03. High (1939), 27.10; Low, 20.71.

Net Last Change 16% .... 75 + YW +1-16

Low 16% 75 9-16

Herc Mot Herc Pdr Hup Motor ....

9-16 9-16

es + 88%3 62 : 10% Ta a «12702 127% —K—

ennecott ..... e 32% 32% Kresge SS 25% 2 Kroger G& B .. 31 3

867% + Insshs cts Md.. “av Interlake Ir .

int M Marine. . Va

Johns-M pf .

4: +

8 19%

28% 013 31 10 24%

Monsanto urray

Nat Dairy ... Nai Dept S

PE HELE

+++: are

No Am Avn .., 17

Ohio Oil Otis Steel .

Packar

n Tob B 341; fem o 1&Stl.. 12%

Savage Arms .. ears Roebuck. .

Shattuck U. S. Steel which is operating 98 Sh

Sterl Prod .... 63 tew War Stokely Br tie Studebaker save n Oil 50

AIEEE HE

ne Foxas Gulf Prod 23% G Sul. . 34V, Twa Oil oi.... 9 A Timk-D Ax .... Transamerica . Tri-Cont

BILE

Union me" wis Sn pac Seve

[+++ ++:

fwalworth

ae ame lm BLINN 8 C3 a ae 3 WNNAAE

r 5 3] . 35% —Y— 14% 14%

Woolworth

Yellow Tr .

THE INDIANAPOLIS TIMES

~ Army Buys 418 Radio Trailers Here

i, | of the war. s | Britain took $220,556,000, or 60 per

Indianapolis- vnide trailers similar to this one will contain mobile broadcasting units to direct tanks

UNIT TO DIRECT TANKS IN FIELD

Superior Manufacturing Co. Plans to Double Its Working Force.

An Indianapolis manufacturer is making 418 trailers for the War Department, designed to carry broadcasting units to direct tanks during field movements. Production has already started at the Superior Trailer Manufacturing vCorp., 2200 Fletcher Ave. on the $528,000 order, Charles W. Goldberg, company president, said. Mr. Goldberg asserted that the military order was an “educational” one—to prepare the plant for heavy production next spring. The order necessitates doubling the number of employees, bringing the num=ber to 200. In all probability the plant itself will be expanded, Mr. Goldberg added. The mobile radio unit trailer will have four wheels and eight tires, enabling it to be pulled by a truck, automobile or even horses, if

necessary. It will weigh 8000 pounds—com-

i* | paratively light for a truck trailer.

It will be insulated for -soundproofing and will have electric brakes. Radio equipment, generator, is expected to weigh about four tons when installed, Mr. Goldbergysaid. Over all, the trailer will be 18 feet long.

BRITAIN BIG BUYER Ho LIGHTS, BEACONS

WASHINGTON, Oct. 30 (U. PJ). « | —British purchases of searchlights and airport beacons ‘during September boosted exports of these products to‘ a record high for the year of $1,161,443, the Commerce Department reported today. " Exports of electrical equipment during the month totaled $10,510,094, a decline of 17.7 per cent from the August figure, while shipments of ‘telephone equipment dropped 29 per cent to $351,792 The Department also reported that the United States shipped $1,740,000,000 of goods, or 44 per cent of our totak exports, to the British Empire during the first year During August alone,

cent, of this country’s exports, in-

. |cluding 95 per cent of our airplane 4 | shipments, 90 per cent of the fire?larm and ammunition exports, and

69 per cent of all iron and steel semi-manufactures exported.

’*|CANADA STILL SENDS

MOST GOLD TO U.S.

WASHINGTON, Oct. 30 (U. P.). —Gold imports during the week ended Oct. 23 totaled $65,687,348, a decline of $23,032,452 from the previous week's figure. Canada continued to be thé

s | largest shipper, sending $52,076,379. % | Portugal shipped $7,675,171, Japan

$2,834,160 and the Urion of South

‘| Africa $2,056,887.

Gold held for foreign accounts at

= Federal Reserve banks increased

$18,413,689 during the week to a

high of $1,754,208,483.

Mr. Kuhns listed these unpredictable elements as: 1. Continuance of national de~ fense efforts. 2. The possibility, of the U. S. actively entering the war. 3. The trend of European war news. 4. Prospects of greater Federal deficits. 5. Possibilities of inflation. 6. Taxation trends. 7. The future of Governmental control of business. “Number one and by all odds the

-{most important question concerns

the defense program,” Mr. Kuhns said. What is most likely, he added, is that the defense program< will forge straight ahead, “even if the war stops tomorrow.” As for our entry into the “shooting part” of the war, whether we do or not will bring no reversal of the upswing, the editor declared. Actual participation of the U. S. in the “shooting” would stimulate production “and make the upturn steeper.” ‘Whatever happens abroad will bring no letdown in our drive to get American industry going at full |speed, Mr. Kuhns said, adding that the defense. program has- halted worrying over deficits in the Federal

Finds Nation's Economy Faces Seven Unpredictable Factors

NEW YORK, Oct. 30 (U. P.).—Dormestic business is making decided forward progress but “seven unpredictable uncertainties” make the future of the national economy “subject to change without: notice,” according to William R. Kuhns, editor of the magazine Banking.

As for Government supervision of business, such action “for whatever national good can come out of it” now is acceptable to businessmen, Mr. Kuhns said, predicting that “industry is bound to give a good account of {itself and will certainly emerge from this period in a very strong position.” The magazine's index of business, prepared . through a poll of 3000 bankers, indicated a “continuing upward trend,” Mr. Kuhns reported. Sixty-nine per cent of the reporting bankers found business getting better, and only 6 per cent noted a decline. Twenty-six reported static conditions.

IRA LRA

HIE EIT IF

NEWEST INDEX

including a

COMMERCIAL LOANS To Small and Large Business Organizations

FOR BUSINESS

Federal Reserve Figures Show Trade Better Than in 1929.

By RALPH HENDERSHOT Times Special Writer NEW YORK, Oct. 30.—When President Roosevelt used the Federal Reserve Board index figures to support his contention that business is better now than in 1929 he pulled a trick which has long been known to Wall Street and big business generally, but the use of which now in connection with the sale of securities would be apt to cause them considerable trouble. He failed to reveal that last August the' Federal Reserve Bank changed the basis of its computations. The change was so drastic that Col. Leonard P. Ayres, one of the leading economists of the country and now chief statistical officer of the Army, refused to accept the new index in his economic studies for the Cleveland Trust Co., of which he was then vice president. The new base was established on an average output for the years 1935-39, as against 1923-32, which had been used for many years previously. Moreover, many new industries were added to the index, including alcoholic beverages. While considerable “bootleg” liquor was consumed in 1929, the Government had no record of the amount. Consequently the 1940 figtires are hardly comparable with those in 1929.

SEC Is Careful

The extent to which the change affected the showing of the index is reflected in the fact that under the new base June, 1940, production in the United States was 39 per cent ahead of the average of 1923-25, whereas under the old base the gain was but 14 per cent. Gold production also was included among the industries under the new sétup. This production was greatly stimulated by the reduction in the gold content of the dollar, and the Be of the output alsq was greatly altered by that action. That the Federal Reserve Board had every right to alter the base of its index is conceded, as is President Roosevelt's justification in using its figures. But the Securities and Exchange Commission—a Roosevelt product—is very.careful to see that figures released by corporations are comparable. And it makes things very “hot” for any corporate officer who dares to offer ‘any which are not. Population Gained

Mr. Roosevelt also used national income figures to prove a point. In that connection it is interesting to note that the national income in 1939 was $69,378,000,000, whereas 10 years earlier it was $82,885,000,000. For 1940 it is estimated that they will be in the neighborhood of $74,400,000,000. That hardly suggests that business is better today than it was in 1929. And even that does not make allowances for the increase in population ‘in the meantime. Our population at present is 131,409,000, as against 122,775,000 in 1930. On the basis of these figures the per capita income shows an even wider spread. Tt might be worthwhile to carry the figures a step further and deduct the per capita taxes for the|Y two years under comparison. The Government's revenues in 1939 were approximately $45 for each person in the United States, whereas in 1929 they were only $33.19. Government expenditures in 1929 were $31.67, or well within its revenues, but in 1939 they were about $79 per capita. Taxes for the difference are “on order.”

BUFFALO-NIAGARA UTILITY TO EXPAND

BUFFALO, N. Y., Oct. 30 (U. P) —Col. William Kelly, vice president of the Buffalo-Niagara Electric Corp., today announced a $6,000,000 program for the erection of a generating plant to add 80,000 kilowatts capacity to the company’s 465,000-kilowatt steam station here. Buffalo-Niagara Electric Corp. is a subsidiary of the Niagara-Hudson Power Corp. Actual construcéion will begin as soon as plans are finally completed, Col. Kelly said. The unit is expected to be ready for use within two years. The expansion, ca Kelly said, was planned with a view to meeting an expected rise in demand and the work is evidence of the company’s “confidence in the future development of this section of New York State.”

LONGER HOURS AID CHICAGO MARKET

ume as a result of the longer ses-

Sept. 30. Figures for the first four weeks during which the additional hour of trading was in force showed an increase of 14.2 per cent over the four weeks’ period just prior to the inauguration of the longer session. By the same comparison the New York Stock Exchange showed only a 1.3 per cent increase while the Chicago busihess exclusive of the extra hour was off 3.9 per cent,

SEARS DECLARES Tika MEMPHIS, Tenn., Oct. 30 (U. P)) |; —Board of directors of Sears, Roebuck & Co. met here yesterday and declared a quarterly dividend of 75 cents and an extra dividend of $1.25 payable Dec. 10 to stockholders of record on Nov. 8, it was announced.

1S CRITICIZED|

CHICAGO, Oct. 30 (U. P).—The| Chicago Stock Exchange today re- E ‘ported sharp’ gains in trading vol- ;

sion which has been in effeet since

ep ————c——

Speaks Here

E. M. Talcott, contract and field representative of the American Appraisal Co.'s Chicago office, will speak at the Indianapolis Real Estate Board luncheon meeting tomorrow at Hotel Washington. He will discuss ‘Futures in Real Estate.”

CITIZENS GAS NETS $83,006

August, september Profit Is Greater Than in ’39.

The Citizens Gas & Coke Utility directors today reported that in the three months ending Sept. 30 the utility hac a net income of $83,006, after provision for bond retirement. This compares with $135,643 for the preceding quarter and $49,681 for

the third quarter last year. Gross operating revenues, $1,5568,738, were $148,192 higher than for the same quarter last year, while total operating deductions, $1,105,239, were $112,416 higher. Gas sales for the period totaled $692,520, a gain of $29,156, while coke sales, $651,514, were up $133,438 over the comparable period last year and $29,289 over the second quarter. Gas appliance sales, $147,894, were up $23,073. Sales of coke tar totaled $43,822, about the same as last year, while ammonia sales, $22,985, were down $15,000. Current, assets as of Sept. 30 were $3, 466,819, “an increase of $255,159 for the year. Accrued liabilities were listed as $2,514,820 and current liabilities as $323,531. To date, the City has retired $283, 000 of Indianapolis: Gas Plant Revenue Bonds, the directors reported, leaving outstanding $7,717, 000 of the original $8,000,000 bont issue. An additional $152,000 of revenue bonds will fall due for retirement next June 1.

WHEAT ADVANCES SLIGHTLY AT GHICAGO

CHICAGO, Oct. 30 (U, P.).— Wheat futures scored small frac‘tional gains in a two-sided market on the Board of Trade today. Other grains were irregular.

2 the end of an hour, wheat was 4 to 3% cent, December 837% px Corn was unchanged to up 3% cent, oats off % to % cent and rye unchanged. Soy beans, were % to 7% cent higher. Traders in the wheat pit were inclined to proceed cautiously pending the outcome of the election and some clarification of recent war developments. Prices somewhat below recent highs were encouraging some buying but on the whole the market was quiet and colorless. December corn was firm as the continued firmness in cash corn induced moderate buying. Some changing between May and December was noted at 1% cents difference.

July,

| JUDKINS WILL - SPEAK

TO TOOL ENGINEERS

Malcolm F. Judkins, chief engineer. of Firth-Sterling Steel : Co., McKeesport, Pa. will address the Indianapolis Chapter of the American Society of Tool Engineers at 8 p. m. tomorrow at Hotel Warren. Mr. Judkins will describe “The Manufacture and Use of Carbide Tipped Tools.”

LOCAL PRODUCE

Heavy breed hens, 12c: hens, ilc; Leghorn hens, ‘8c; eghorn hens, 8c; Barr and White Rock springers, 13c: "other colored heavy breed springers, 12¢: Leghorn springers, llc; bareback springers, 9c; old roosters, Indiana Grade A lar eggs, 26¢; , Indiana Grade A medium e ES, 22¢; ‘small Grade A eggs, 13; No. Butter 0. 1, 32%@ ac: No. 2, 30%.@ S18, buiteriat, No. 1. 28c; No. 2, 27c ountry pickup prices quoted by the Wadley: Co.). y y

barebac bareback

1.0, PRESIDEN

T I, INDORSES BANK AMENDMENTS

Herman B. Wells Declares They Are Essential to The Future.

Times Special BLOOMINGTON, Ind. Oct. 30. President Herman B Wells of In- - diana University today indorsed the three constitutional amendments relative to bank regulation to be

He declared they were “essential : to the preservation of the dual - banking system of the State.” The university. president, who served as secretary of the Commission for Financial Institutions which wrote the state's present banking code, set forth his views in a statement issued in response to “a number of inquiries from members of the university student body and faculty.” The amendments, which are de- . signed to place state banks on an 7.

{equality with national banks in In- |

diana, were said by Dr. Wells “to _ nowise weaken the protection of: ' bank depositors but on the contr will aid in the development of ‘a © more stable banking structure in the : future. 4 “The people of Indiana certainly: do not want to give up their state banks which have contributed so much to community and state development,” he said. “Therefore, in next Tuesday's election they should , vote ‘Yes’ on all three of the pro-- ' posed constitutional provisions.” . 9,

TRADE COMBINE | 1S SUGBESTED

Bloc Would Include U.S." British Empire and Latin-America. CLEVELAND, Oct, 30 (U. P)—A ". trade alliance combining the United °. States, the British Empire and : Latin-America was urged here last ' night to combat any Axis-controlled economic bloc that might arise in Europe after the present war. ] Eugene P. Thomas of New York, president of the National Foreign Trade Council, Inc., told a meeting of the Cleveland Chamber of Commerce that the United States must prepare now to safeguard its trade in post-war Europe. He recalled that only last July Dr. Walther Punk, Minister of National Economy in the Reich, warned =~ America that it will be barred from European markets after the war unless it submits to Germany's trade conditions, including substitution of German paper currency and barter; for gold. ih Mr. Thomas asserted that it would be a mistake to underrate Germany's - ability to wage economic war against the Western Hemisphere. He pointed out: that the Reich's “capacity for - - industrial efficiency” will be greatly strengthened if she wins the war.

SURVEY FT. WAYNE AIRPORT FACILITIES

Times Special WASHINGTON, Oct. 30 — Ft. Wayne is the only city in Indiana: likely to share in the $40,000,000 airport defense fund, Senator Sherman Minton’s office- was informed. taday. Sites for such expenditures are to be selected jointly by the War De-~ partment and the Civil Aeronautics Board and Ft. Wayne is the only place in the state included in the CAB survey now under way. ‘ Ft. Wayne - already has. been chosen as the site of an Army « Air, . Corps squadron.

STEEL PRODUCTION RISES AT BUFFALO

\ BUFFALO, N. Y., Oct. 30 ¢U. P.), ‘=Steel production in the Buffalo area rose to 95 per cent of capacity today, a new peak for the year. The Bethlehem Steel Co. lighted its 28th open hearth furnace at the Lackawanna plant, giving rise to: predictions that fourth quarter proDon of local steel mills would be the greatest on record. : Only two furnaces now are ine active at Bethlehem while under-’ going repairs, Both the Republic: . Steel Corp. with nine open hearths and the Wickwire Spencer Steel Co.

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