Indianapolis Times, Indianapolis, Marion County, 9 November 1940 — Page 10

‘There are increasing

‘Shock of Losing Foreign Oil Trade Offset by Improved U. S. Business

By ROGER BUDROW AMERICA’S 15 MILLION-DOLLAR OIL industry took

a pretty severe jolt this year

war wasn’t going tb mean the big export business that had been forecast. But greater use of oil and gasoline in this cushion the shock, America has lost approximately’ ‘one-fourth of its former foreign gt for oil and oil products since the war but latest figures! indicate that consumption of gasoline,

country has helpe

lubricants and fuel oils in thi anced the slump. |

Exports have fallen off more than 35 million barrels in the first eight months of this year, but at the same time domestic buying has increased more than 67 million barrels. It was this increased use here at home that melted much of the huge reserve supplies piled up on the Gulf Coast early in the | year and thereby put some of the major refining companies nearer, if not into, the black side of the Jledger. Illinois’ meteoric [rise to third place in the rank of. gil producing states provided a ready, neafby source of oil for refiners in north central states, ' but 'oil producing companies in Kansas, Oklahoma and even Texas felt the inroads caused by Illinois... During past months, however, Illinois production has been slowly on the downgrade.

» 2 » BRITAIN CAN SALVAGE enough scrap metal from derelict factories, mines, bridges and railway lines to build 300 ‘destroyers or 7000 heavy tanks, according to the British Iron and Steel Control. A twist of fate is that some of the abandoned rail-

Roger Budrow

‘

when it realized the European

is country has more than bal-

Holiday

By UNITED PRESS

Major United States and Canadian financial and commodity markets will be closed Monday in observance of Armistice Day. Argentine markets also will be closed in honor of the Feast Day of St. Martin of Tours. In the United States live-

Richard C. Lennox of Indianapolis is'the new president of the Indiana Society of Architects. succeeding Edward D. James of Indianapolis. New officers elected yesterday at the annual convention here are (left to right) Ralph O. Yeager of Terre Haute, director at large; John R. Kelley of Indianapolis, second vice president; Mr. Lennox, and David V. Burns of Indianapolis, secretary. Ralph E. Legeman of Evansville is first , vice president and Richard K. Zimmerly of Indianapolis is treasurer.

stock and some produce markets will operate, including those at Indianapolis.

HOG PRICES DIP 107020 CENTS }

Top Declines to $6.25 Here; 3000 Porkers Arrive At Stockyards.

Hog prices were cut 10 to 20 cents at Indianapolis stockyards today, the Agricultural Marketing Service |4 reported. Hogs weighing pounds sold 10 cents lower than yesterday while those weighing

road track which may (be collected to build British war equipment was, built by German prisoners during, the World War and allowed to fall] into disuse after the 1918 Armistice. |

a a THE AVERAGE AMERICAN had $62.66 in cash at the.end of Octo-| ber as compared with $61.58 at the| end of September, according to the!"

Treasury Department. ) Money in! circulation was $8, 299.702, 355, divided among an estimated population of 132,449,000. n " ”

ODDS AND ENDS: |] Commonwealth & Southern Copp's generating capacity will be increased 22 per cent by expansion projects now under construction or in blueprint stage which will cost nine million. . . . Tuberculosis among cattle is now practically eradicated in the u. S., the Agriculture Department says in reporting that the 23-year campaign has reduced infection to less than one-half of gre per cent of the cattle in the country. . . . eports that Donald M. Nelson, former Sears Roebuck vice president now in charge of Defense Commission priorities, will be named [co-ordinator of national defense, . The War Department, trying to check speculation in wool, announced it will

buy foreign as well as U. S. wool|€

for defense needs. . , . Firestone has developed a new rubber compound which will ground static electricity

in much the same manner as do &%

chains dragged by gasoline trucks. It can be used in the sidewalls or tread of tires. . . . The National Livestock Loss Prevention Board re-| ported that nearly three times as much livestock was lost in truck transportation as in railroad shipping to St. Paul, Sioux City, Omaha, St. Joseph and Kansas City.

Curb Stocks

High Low! Aero Sup B.... 63% 6's 6%s .... Alum co Am...16 . 16212 166 L534 Am C B... ), 3578 . 36'2 + Va Gas & E... 3 31 Vs Maracaibo. . 3 3 BB i.ie Rep cp 634 Super 5-16

Asso G&E A ... Aviat & Tran...

Net Close Change

Brewster Aero. Bridgept Mach. Buff NEP pf.. Bunker Hill & 's Carrier Corp . Chi Flex Shaft. / Cities Serv .... 6 ! 3 Cities Serv pf.. 80): 0 2 ~ 1g Col F & I wits. Com. & So wis Conn Tel & Slee

+ 1%

: 5 Bir ‘ld Eng & ¥ansteel Met Glen Alden A&P

Hecla Humble Oi Imp O Ca

Jones Ps oie 13 vo . 3% LenB or S. 10%

Nat Contr vat Fuel G Nat, Rub M.. x Y A vice iar Hersh Tbs 3Y. Pennroad 29 senn Cent Air. 8

H ected nd... . Shattuck Dn.

oe Foil B Te Idaho Sug 2

8 | slaughter ewes, $4.50 down: 61-68-1b, Mon/2| tana

‘yy | 140

3 | apolis Bond

more than 230 pounds sold 20 cents lower. The top fell to $6.25 for good land choice 220 to 230-pounders. ’ The Marketing Service estimated {500 salable cattle were received here, 50 calves, 3000 hogs and 50 sheep. 1

¥. Top Repts., }Nov. ..8 6.35 6633! . 5 ... 680 5000] 3 vive

6... 635 10454 ’ re Barrows and Sls 1 20.

Repts. 11,590 9990 3000

% 1 25

Top +3 6.2 6 6.2

king Sows ¥ 2:22. 10 85- 6.00 5 15- 5.90

5.70- 5.80 5.60- 5.75 5.40- 5.60

9% 4.60- 5.60 5.90- 6.00] | Slaughter Pigs 5.50- 5.90

roma mmea Ot ist OD 11> WD NOLAND OOQ

on © or 1

160- 200. 90- 120.. 4.65- 5.00 Staugiier Cattle & Jealens (Receipts, 500)

lis bs excluded)

Choi Bu Ta0- 900 $1 33.99 13. 50 (Yearlings , 6.95 758

12 3.10| Good 1300- 1500. 1] 1300- 1500.

50-1 os 0-14.10| Sausage . .00-14.25/ Medium . . |Cutter and .50- 12. 90) common. 5.00- 5.75 5-1 Vealers A 0-1 5-1 0-1

gam Sows

tds > oooo woe

| 1300- 1500 10.50-12.00 (A

| Medium 750-1100 .00-10.75| 1100- -1300 8.00-10. gs

Com 750- 1100. 7.00- 8.00 Feeder, Stocker Steers Che Steers, Heifers o Receipts, 50) 3 500. 50. 11.50-12. so] 500 “300. 9.50-10.25

1050.. 9.50-10.25 500- 50. 10.00-11.50

n 7.50-10.50 | A 5.50- 7.50 A

Good— A | 500- 800.. 8.50- 9.50 |A 8.50- 9.50 (A

hoice--730-900. 11.25-12.75| 500 gp. o30- 3.50 B

x0 (Calyes (steers) 7200 900. 10.00-11.25( Go B

Medium — od and choice— a 500- 900. 9.75-10.40:,300, down, 9.30-11.35(g 6.00-

Heifers

RB 500- 900.. 8.00- 9.50 7.750 500 down.. 8.50-10.00 | 5 | Calves

(heifers) R |Good— B 7.50! 500 down.. 8.50-10.25 R 7.00 Medium— B | 500 down.. 7.50~ 8.75 B common 5.00- 6.2: Canner... 4.00- 5.00! s

SHEEP AND LAMBS (Receipts, 50)

Good and choice Medium and good

NMON = 500- 900.

Ci Good... .. [ti : {Cutter and

Ewes twooled) B Good and choice cose 2.75- 3.503 Common and medium . . B

CHICAGO LIVESTOCK [2

1000; not enough done

Hogs—Receipts, g most offerings |B

early to make a market; held at firm prices. For the week—Hog prices anced 25 to 35 cents: most butchers, [email protected]: bulk packing sows, $5.85 @8. 2 Be 270-550-1b. averages. Cattle—Receipts, 200: calves, 100. For the week—Fed steers and yearlings, closed fully steady after regaining early declines; in weighty steer, class only prime kinds got dependable action, topping at $14.80: new high on crop: best long yearlins, $14.25: light yearlings. $13.50; ‘heifrs. $12.50; bulk fed steers, $10@ 14; choice heifers, firm; all other grades 50 cents higher; all grades cows, 25 to 50 cents up: bulls strong to 25 cents higher; veai-

ers fully steady eep — Receipts, 500. For the week— Fat lambs closed 25 to 36 cents higher after losing part of early advance, yearlings about 50 cents up; slaughter ewes Ss ! feeding lambs strong to fully 25 cents higher: week's top fat lambs, $9.85; tlosing top, $9.06 to city butchers; late |C bulk good to choice fed Westerns and natives, $9.50; medium to good, [email protected]: good to choice worn and medium-pelt fed lambs, $8.25@9: good to choice fed wooled yearlings, [email protected]: shorn. $7.89%8; [email protected]; feeder

feeder lambs,

Jeariings, $7.50.

OTHER LIVESTOCK

FT. WAYNE, Ind., Nov. 9 (U. P.).—Hogs o 35c lower; 220- ii 1bs., s615: $6.05: 180-200 lbs. $5.95; 16 240-260 po! $6.05: 260- 380 . s.. $5.85; 300-325%lbs., [ $5.75: iin 350 lbs. $5.65; 350-400 5 $5. 55; (150-160 lbs.. $5.50; 140

-150 lbs.. $5.25; 130 i, $5; 120-130 lbs i

i 100-120 1bs., $4.50; Toughs. $5.25; stags, $4. Calves, 49.

$12. Lambs

LOCAL ISSUES

uotations by the Indianare Corp. do not represent actual price ot offerings, but merely indicate the approximate market level based on buying and selling quotations of recent transactions. Stocks Agents Finance Corp com Belt RR & Stk Yd

C The following &

Bid Va

i754

Linboln Nat L N Ind Pub Serv 5% N Ind Pub Serv 6% N Ind Pub Serv 7% pid....... Progress Laundry com........ 14 Pub Serv Co of Ind 8% » P

G7): walling | ©

Terre Haute Elec Union Title Co com .... Van Camp Milk pfd.. Van Camp Milk com. Bonds

American Loan 5s 51 American Loan Citizens Ind Tol 4 Vas Crabbs-Reynolds-Taylor 5s 42. 4

Interstate T&T 5 3 Kokomo Water Works 5s 58.. Kuhner Packing Co 4's 59. Morris 5&10 Stores 5s 50 Muncie Water Works 5s 65.

98 104%

Venezuelan West Vir Cot. Wright Harg ..

Abbot Lab .... E

Air Redue | Air-Wa . 8 Alaska Junea. 34 Va Allegh Corp “ees Allg Corp p Alp Q pf §3 -e 121%

nf AL Lud St

less than 230 4A

Am Bate poaror Am : Am Shen "Build 3813 Am Sm . Am Stl ®Fdies. | Am S via Am Sugar .... Am Sugar pf.. m T&T .....

Am Woolen pf.. Am via Am Zinc pf... Anaconda 29 5.75- 6.75 | AP Dan M 34 Armour Del pf. 10912 Armour Ill pf. 5318

Artloom

Bendix Ayn

Bristol-Mv

Bklyn & @ Tr. Bklyn U Gas. Bruns-Balke ... Bucyrus-Erie Bucyrus-E 7 pl. 108: Budd Mf :

Bullard iad Bulova W .. ... Burlington M 18 Bush T B pt cH 1 Burroughs 3 Bush Term Butler Bros .... Butte Cop & Z. Byers, A Byron

Cal Packing ...

Calumet Campbell Wy .. Canada Dry -.. Can Pacific Cannon Mills. Car C & O Carpenter Stl. Carriers & Gen. Carriers & Gen 3'% Case J I Case J I pf . Caterpillar T. Celanese 12 FL bd pr pr. gi Celotex . .. ~ Cent Aguirre | Cent Foundry .. Cent RR NJ .. {Cent Viol Sug Cerro de Proce 36% Certain-teed . Certn-td 6 pr pt 311, Chain Belt .... 2174 Champ Paper .. Ches & Ohio . Chi Gt W Ry pf 13- 16

ona Cop Chrysler

Eq i Cleve Graph ‘Br 3594 Climax Moly Co 20

oi.. Col Broadcast A Col Broadcast B Colum Gas .... Col Pictures ... Col Pictures pf. Col

f Comwlth aidan Cong-Nairn

Cons Cons

C Cons

2 |Copweld Stl of. Corn Ex BE, Corn Prod

IEINAL NEW YORK STOCKS

By UNILED PRES®

DOW-JONES STOCK AVERAGES High 30 INDUSTRIALS Intercon Rub .. 4% catsrnves edssseveay 138.13 --1.49 | Interlake Ir ... 12% 136.64 —1.11|1ID +0.44 Holiday Holiday |

Net Low Close Change Y + 3% 11% 7 + 58 + 2 + 2 — 1

Net High Low Close Change

Today Yesterday .....iecceeveeeees x " Week AZO ....ovesssineesss. 134.85 5| Month Ago ....... H1- 16 Year Ago High (1940), 152. 80; Low, 111.84, High (1939), 155.92; Low, 121.44, 20 RAILROADS. 29.96 29.67 29.22

7A la

srsert esas

| 1+++++

In 40.29 —0.27 —0.10 Holiday Holiday

Today .... Yesterday Week Ago .. Month AZO ..crovevvenvnnnas Year Ago High (1940), 32.67; Low. 22.14 High (1939), 35.90; Low, 24.14. 15 UTILITIES Today ........ Yesterday ....ecicevivencns Week ARO ..ccovvevsnsnnnens Month AZO .....veucevv0eves Year Ago High (1940), High (1939),

17 MOST ACTIVE STOCKS

Sales Net Lane Bry (in 100s) High Low Close Change Curtiss W.....404 10% 9% 10% J U S Steel....342 7612 4% 762 + 2% Anaconda ....306 29 267s 29 + 2 Rep Steel ....278 2415 2315 2414 + 1 Int Mer Mar. .248 1033 9% 103% 1% Kennecott ...160 33's 34% 37 me|{lIER ££ MY Gen Motors... 159 541% 53 544 -- 1% fLilv Tul Cup... 3| Cont Mot. 15.600 4 33% 3% 1 ma Loco Int Paper *...148 163% 15% 163% 1% Lion Oil Graham P....134 1 %h 1 14 | Lia Carb 1633 Interlake Ir..127 121; 11% 12% + & Lockhd Alrcratt 32% United Gas...118 11% 11 11% % 815 714 814 8

Loft, Inc Lone Star Cem 387 15% 15% 153% 3% 145% 13% 14's + 13%

8Y 8 ’ 28%

vi elf Jarvis Co ...... 13% Johns-Man 64% Jones & L 7 pt. 101° 1001 fs Kalamazoo S&F 14 Ran O Sou »l.. 3a ayser Jul .... 23.44 --0.15 Kelsey-Hayes A. 18 . Holiday | Kloet Haves 2 ay Holiday | Reystone Stl 26.45; Low, 18.03. Linney . : 4 27.10; Low, 20.71. J Tg 30 . es “en 4 (roger G&B ... )3a

1072 28% 2 esses sscassensne

type je Cr Coal.

++ HE

13% 5s

8 17% 83% 347% 14%

22.05 40.14 21.91 —0.21

V Coa Leh V Coal of. RR.

My .

—

nan Ws @ ARN Y ®

‘s 3n 121% . 16%

Long Bell A... Lorillard Lou & Nash ...

tores N Y Central .102

Insp Copper..101

-—

Stock sales approximated 1,100,000] Mack Tr

shares, the most for a short session since May 18, when 1,663,270 were turned over and compared with 470,000 shares a week ago. Curb stock sales weré 151,000 shares compared with 80,000 a week ago.

al GO

Zinc

FRR EP aaEN ND

MEAL ES SE EE

oN -

: 4 i — © -

rmour. Ill

ERZZZR2RRRRRREZE

rmstrong CKk..

sso Dry Gds.. tchison tchison pf

Crane Co cv prugs Cream Wht . 20 Crown Zeller .. 16% Crucible St . 46 Crucible 9534

—

— . 2 eu

SHH ee

esta Mach Jami cop iden {dtand Sa pf. ns inn ny inn Hny B pf 108% inn Moline . 3. . a .“ 34 Mont Ward .... 407 or & Ess ... 30'z Motor Prod . 14 Motor Whi « 18% Mueller Br .... 23'2 Mullins Mfg B. 47a Mullins pf ..... 51

Munsingwear = Murray

ustin Nich ... ust Nich pr A 187 viation Corp.. 57s sere} ald Loco ct... 18%: alt & Ohio. . 434 alt & Ohio pf 6 angor & Ar pf 45 arber Asphalt. 11%; arnsdall 101; Beld Hem

Curtiss-Wr pf + Cutler-Ham Curt Pub p pf.’

HHH EE] +

» -

Davison chem. '

a ® a

Nw BND

Seag ..... ist Seag nfww Dixia-Vortex -| Doehler D Cast Dome Mines .. Douglas Airc .. 86 Dow Chem ....140 Dresser Mig Dupian Silk Pont ais bu Pont pf

est & eth Steel ... eth Stl 7 pf. igelow San 2758 Black, & Deck er 304 law Knox Laughlin. 21}

.. 93% 13112

—

BIN PIC OO bt PY eb Jb ht it BD

+ +:

+1 +]

bt pen

Nash Rep : NCh & Bt XY. Acm

Nat Nat Auto ®ribres Nat Avision

Nat

FREE PEER NRCP ae ee

Bond Stores orden ‘i org Warner .. ower R B ae rewing Cp ‘Am dgpt Brass ... Briges Mfg Rriges & Strat.

klyn-M T .

Bast alr Apes + 38%

+4. . os LJ oN» we {bibs

hhh pk

Dairy pr A. 108. Pairs v8 B.. i

Be t pf ‘ Diftiitere.”. ain .- 855

SERRE:

a » BCI orton GI rt WD COCILICS OMI

+ | Fh | FE

L+elL 1:

Ld AR NCNRNR gy

Lead Lead pf B. & Stl [o] 23% wr

te +4]

NY ee tne 0 ® ANAND ND

Fair, The Fair, The pf . Pair Morse .... 4 Fajardo: Sug Fed ‘Lt

a Eo A +++:

In rr, NNN -

Ne Neisner pf . Newmont Min’ g Sor Newport News S 26% Newport N 8 PI. 1% Newport Ind.. NY Air Brk.... N Y Central 157% NYC&St E .. 16% NY Ou: L pil. 3134 ¥C Omnibus 28

pt =~

Eerie ly i

13% ld 2034 134 8 1615 . 133g 37% 40%, . 8 32 31%

Jackson.

AN EER t+ H+ + LH

allahan Zinc . & H..

Oral) CORO R EIN BCS w

w JCI aT wT ht COUN ST DD —

—

31, Freept-Sulphur = 37 : N Y Ship Nowljee Sparks. ’ sis 78

No Am Avn .... No Pacific Norwalk T ..... { Norwalk T pf.

Gabriel A Gair Robt Gair Robt pf .. Gamewell Co .. Gannett pf Wood I

617% 114 40%

rin a Ohio Oil 3 187 : Oliver Farm Eq 1814 3% nibus 11 37% 678

| #1 + H4H44+0 0 +4

i Electric ie Foods’ .

| +++ ++++

| Otis Stl cv 1 p Owens Ill Glas 52%

—P 8 o 4 A 3994

23%, 42357 Pac Am Fish.. Pac Coast .... Pac G & El... Pacific Ltg ... Pacific Mills .. 147 Pac I Cons . an Packard Pan Am Airwys iis Paramt Pict Para Pict 1 pf. 941 Para Pic 2 pf.. Parke Davis

hi Mail Order. 9's T..... 14

QAAQOQQ0DQ0D WARE OWL

0 55

or om aR Rea

+4 pH HEE

o =8 —

> Db SF

oebel Brew ... godrich. . ..... Sodrien of ...

Dt 3 nt a

ad NON NS

ranam-Paige ranby y_ ..... ranite C Stl ©. “‘D Cem 23, ant WT .... enn DC pf A 34% Penn RR .... 25 Peoples Gas .. 43 Pere Mat pf .. 27 Pere Mat pr pf 43% Pet Corp, Am «8% eiffer ew 73% helps Dodge hil Morris . hillips Jns_ ... ns pf .. 4 hillips Pet ... Jisbury .

FEE

20000000Q00000200000 o ~ Se ®

ed md C0 BI BND et LI et

—- bt bet COMI AI bt LO dt +441 2 HHH RRE HEE] EE

QO 2

Os Carbon ... 82 NW M&OD

IEE +) EL

BI CO

Hall Print

HHH . _y *

ons Aircraft .. Cigar... Cig pr pf

So ee

BN O-NWOT hoo

on HEHE

* Bes

abt CO pd 480 CO

oe »e

mh 0 GA

FRB ADELE E

— — — Ot + 0D ID

Procter & 4 Proct "se G Ce v

CL Dears I BI-TD - Gm

tHE

7s 40% 16

oh a pa

PH a he

| . . 41% upp Motor ...

Ie —- $03 BIC i crt it

EEE +++]

[11 Central .... [Ill Cent pf .. [Indian Ref .... 6% 26% 257%

. / . | In yon Copweld Steel . 21% / Inl “sie 92Y, i . HT 3 Lbs Ww 3 26% [nterchem pi 110 10”

Rad Rad Radi Rayt

Rayonier ...... 18 Rayonier pf ... 27%

—-

SEEFFITE

idl

i | Rustless 1&St..

IPOWER & LIGHT |

WILL RESUME REFUND PLANS

Proposal Would Save Local Utility $163,331 in Dividend Needs.

Refunding plans of the Indianapolis Power & Light Co. halted last May by the demoralized condition of security markets caused by the Nazi invasion of the Low Countries, will be resumed, provided the Public Service Commission and the SEC again pass on the proposal. The local utility proposes to refund its 6 per cent cumulative preferred and 6'2 per cent cumulative preferred stock by issuing 5! per cent preferred stock. There are 140,591 shares in the proposed new issue to replace 115,777 shares of the 62 per cent and the 24,814 shares of the 6 per cent preferred now outstanding. The Public Service Commission hearing on the proposal will be held Nov. 19. It is indicated the utility will save about $163,331 in dividend requirements annually by issuing the lower-interest-bearing stock. Lehman Bros, New York, head the list of underwriters. The present preferred stock is held by about 6000 investors, half

to company officials. The utility’s 714,135 shares of common stock, formerly held by an Eastern holding company, were sold to the public last April and are now held by nearly 8000 different investors. This common stock is now traded on.the New York and Chicago stock exchanges. The company’s bonds were refunded in July,

WAGON WHEAT ar arapols grain elevators are payin heat, 83c; subject to marke ny: other grades on their merits. Cash corn: New No. 4 new yellow shelled corn, 54c; old No. 2 old white shelled corn, 65c; No. 2 white oats, 30c.

Net Close Change 14% > 22a i: Vs

High « 14% -+ 221; + 93 + +

Reading Reaqing 2 pf’. ’ m Rand

Republic Stl Republic 8 of Revere C Revere 7 pf Revere 5% pf.. Reyn Met Bein Spring ... 10 Reyn Tob Richtield OH’

4+:

Safeway 43} Safeway 5 pf .. St Jos Lead.... Savage Arms .. Schenley p= Schulte pf . Seabd Air L Seabd Oil .

CEFR RRREE EEEE

; 2 imnds saw 34 J mith 2

mith AD T. nider Pkg 3ocony Voi

3 03.0 < TAREE NE a

ro =~

Spiegel Spicgel 2] Ihe pf..

€ ae we B= os ge o> a =

Mmm inin nn ti ®

DD AE NN

@ = 2 S98 5-1 z o ~ : WO ee 0

il Io, Min Superhtr Superior Oil

‘20th Cent» f..

nnn naningy

hermoid ef J

hompson Pr. homp Star ... homp S pf ... eW-AO.. Timk-D AX .... Ti Trénsamerica .. Tr & WA-.... 1 Tr & Wms .... Tri-Cont 20th Cent-F ...

ele lela leirle 5 ®® 0

DOs LW

+++ FEET

+1:

Twin Coac

Union B & P ..

Pac p Premier F. Aircraft .... 4

Hier) d

of whom live in Indiana, according |

R. J. Nash is manager of the new du Pont Paint Service store, 249 W. Washington St., which held its formal openifg today.

FEDERAL BANK LOANS GAINING

Pace This Year 25 Per Cent Ahead of 1939 Level In Indiana. |

The Federal Home Loan Bank of Indianapolis reported today that war has not proved a deterrent to the home mortgage business of Indiana savings and loan associations. To illustrate the fact, the bank reported that $6,000,000 in new mortgage loans were made in October by the bank’s association members. This brings the total this year above $52,000,000 which represents a 25 per cent increase over 1939.

More than 30 per cent of the new mortgage loans this year have been for construction of new homes. The bank expects greater demand for housing because workers are moving to cities where defense industries are located. Indiana lending associations are increasing their funds with advances from the Federal Home Loan Bank here at a rate of about $1,000,000 a month.

15 COUNTIES 0. K. BANK AMENDMENTS

Voters in 15. counties approved

: the three bank amendments to the

state constitution, according to reports received by the Indiana Bankers Association today.

bank stockholders was| approved,

65,863 to 54,477. The amendment giving the Legislature power to fix the liability was approved, 64,955 to 48,977. The third amendment eliminating the clause which compels banks to renew their charters every 20 years was approved by 60,547 to 53,185. The returns were sent to the association by ton, Boone, Vanderburg, Ripley, Allen, Sullivan, Greene, Porter, Lake, Vigo, Elkhart, Sfarke, Delaware, Orange and Hancock Counties.

4 | Bastian-Bless

Five to Attend Railroad Convention

Five delegates from Indianapolis will attend the annual convention of the Association of American |§ Railroads in New York City next Wednesday and Thursday. They are W. J. Behmer, Frank J.

: McCarthy and Maurice C. Gronen-

dyke of the Associated Railways of Indiana; F. A. Doebber, Citizens

Chamber of Commerce traffic director.

Chicago Stocks

“Hien Ton Close Abbott Lab ........cee.. 53} 54 oA 3%

vee Big Asbestos Mig anaes sess 138 Aviat Corp . ..... 594 Aviat -& Tran ......ee. 3h Bendix Aviat Berghoff Brew .... Bliss & Laugh Borg-Warner ...

Cities Hervice Club Alum Comwlth Edison Consol Oil

1 2 Container

| H+ HH

+: +:

5 23% 55%

pf 2 i

A 97 pr pf

PLETE HE HE HEHE

Vy 1h %

Yale & T .... Yellow Tr ... Young 8 & Ww Young Shee Young Stl Br. .

Zonitn Rad ...

+ HEHE

Crane To Coane iis Cudah .“ Dayton Rubber servers Di T Rub

Elgin Nat fiw Smal nll. Fou D

—

Miller & Minn Bre Montg Nat Pres COOK ....ce00 Nat Standard No Amer Car . No’ west Bancp

eosennnne cessnenne tresses tesssssens

Peoples GL&C sere otter Co .

cece

8 Ste ee Utah adio Prod sve Walgreen Co ... Wayne Pump .

1% 2

0Ys 2Ya essessas |B censsnass [4

FOREIGN EXCHANGE

NEW YORK, Nov. 9 (U. P.).—Following are Slosing cable rates fon major cur-

renci Cable Net Rates Change England ( $4.04 #4 een Canada AS 87% +.00% taly (li 0505 “a eeeen Finland on kka) Switzerland a) Sweden (krona) Japan (yen) Mexico

und) oliaz) .

Peso) qe

Suro sa ER 7 bs Js kd AG 9 5

The first amendment eliminating y :/the double liability requirement for

0 Gas & Coke Utility traffic manager, : and H. A. Hollopeter, Indiana State |y ilo

er STOCKS SPURT

TO NEW HIGHS: SHORTS COVER

British Business Boosts Steel and Shipping Shares.

NEW YORK, Nov. 9 (U, P).— The stock market spurted 1 to more than 3 points today to new highs since May 11 in the most active trading for a Saturday since May 18. Steel and shipping issues fea tured. The latter were bought on belief their facilities become more valuable as British shipping is reduced. Steels responded to record operations in most leading com=panies. U. S. Steel made a new high for the year at 76%, up 2% points, and Crucible Steel made a high at 457, up 13%. Bethlehem common reached 93%, up 3%, and its preferred made a new high at 131%a,

up 3. International Mercantile Marine gained nearly 2 points while American Hawaiian Steamship was uo more than 2. Shipbuilding issues joined the rise with American up more than 2 points and New York Shipbuilding up more than a point. Kennecott was up more than a point. U, S. Smelting made a new high for the year-a 663%, up 13%. St. Joseph Lead gained nearly 2 points. Aircraft shares were strong under lead of Curtiss-Wright and Douglas. Chrysler was up more than 2 points. Railroad issues were steady. Oils and electrical equipments made minor advances. Today's rise was ascribed mainly to short covering by traders unwill= ing to risk inflation developments over the long week-end. The market will be closed Monday for Armistice Day. f

PRICES FOR GRAINS MOVE IRREGULARLY

CHICAGO, Nov. 9 (U. P.).—Irregular price movements featured the Board of Trade wheat market today as advances in sympathy with the stock market gave way from time to time under waves of selling. Wheat closed 3s to 3 cent higher, December 88% @88'2 cents. Corn was off a to up 3 cent, December 621, @623 cents; oats up 4 to 3a cent, December 37%, bid, and rye 5% to 7% cent higher, Decemer 46%, bid. Soy beans gained 1% to 2% cents, December 943 cents.

RANGE

High Dec. eeieerers 88%

MBY. iv vrerens 8132 July i... 83%

62%

ssrenenee

ankers in Washing- "a

CASH Wheat—No sales reported. Corn—No. 5 mixed, 59'2c; No. 1 yellow, 66l.c; No. 2 yellow, 64734 (@ 66c: No. 3 yellow, 63% 4% B4lac;: No. 4 yellow, 58% @64%c; No. 5 y low, 57@ 59% cc: sample grade, 59@ 60c. di: —Sample white, 33c: sample white, heavy, 3 Bre No. sales. Soy Beans—No. 2 @94Yz¢: No, 3 yellow, 94c. Barley 8@48c, nominal; malting, 50 b4c, nominal, Field seds per 100 lbs., nominal: Timothy seed, $3.75: fancy red top, $7.50@ 8; alsike, $9@11; red clover, $8@10; sweet clover. $3.50@4. Cash Provisions — Lard, 4.80, nominal; loose, $4.85, nominal; leaf, $5, nominal; bellies, $11, nominal.

LOCAL GRAIN

Wheat—Strong; n Srecsints; No. 1 Jed, 86 8c: No. ed 83¢ 830 80c. No. 1 har 0.

new : New 1 vel corn Ya cent over 1%2'2 cents under

— Firm; Jeceipis none: Ne. 2 white, eo; No. 3 white, 34@34} x , Beans~-strong receipts, 3 carloads; ellow Indiana pints, 88@8%%2c; Titnois, 86a 87c.

U. S. STATEMENT

WASHINGTON, Nov. 9 (U. P.).—Governe ment expenses and receipts for the current fiscal year through Nov, y compared en

a year ago: This Yea Expenses .$3,406, 603, 027. 48 $3,406 680.901 20 Receipts .. 1,942 828,956.79 1,947 75.65 Gross Def.. 1 1463.774, 10. 69 Net Def. .. 1, , 0. Cash Bal. Work Bal.. 1.3 085.69 Pub Debt. .44,174.325.737.66 Gold Res. .21,594 344,438.98 Customs .. 106,415,366.88 , 127, 174, 742.18

INDIANAPOLIS Today HOUSE Clearings Debits 8,750, 1000

leatingy FER EIR besees 21,370,000 ebits 50,935,000

Government Bonds

U., S. GOVERNMENT BONDS ¢ Treasury Bonds

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1 23 390s 1965-60 Home Owhers Loan Bonds 3s 1952-44 .......108.10 108.9 108.10

LOCAL PRODUCE !

Heavy breed hens, 12¢; bareback hens, lic; Leghorn hens, Se bareback Leghorn hens, 7c; Barred and White Rock sprinzefs, 13c; other colored Nae breed springers, 12¢; Leghorn springers, 11c; bareback sprin ors, 9c; old roosters, 6c. n> and over, bs., 15¢; om 0 los. 5c; oid toms, 10c: Shocked bien 12c. . White, full feathered and fat, 5 ond over, white, full feathered 1bs,, 9c; colored, fair

lbs. and over, 10c; colored, full feathered and fat, under 3 1bs., 8c; Indian runn 6c. Geese—Full feathered and fat, 9-13 1bs., 11c: 14 lbs. and over, 9¢. Indiana Grade A large eggs, 27¢; Indie ana Grade A medium eggs, 23c; small Grade A and No. 2 slant 15€; Fi Rade, 19c. utter—No. 1, 30: @ 31c;: butterfat, ho oer NG: Fie. (Country , Pickup a quoted by the

2 | Wadley Co.

FOOD PRICES

CHICAGO, Nov. 9 (U. U.).—Apples—Wis« consin Mackintosh, bu., $1. 38s. Celery— ares, 50@"75¢. matoes «= , [email protected]. Prk tre )60c. Caulifiower—New York, 13 Carrots -— California, , Lettuce — California,

Michigan, California, 1

nessee, . hacks) —Minnesota Yello ows. 62%ac: do Sweet Spanish, $1.05@1 07%. Sweet Spanish, $1.02'[email protected].

F. H. A. LOANS

For financing alterations, repairs and Shplovements on Indianapolis Real ate.

The Peoples State Bank

130 E. Market Member Federal Deposit Ins, Corp.

Utah