The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-07-15
Business and Finance

An event of the week Of more than
ordinary interest was the govern
ment's report on the prospective
wheat crop. The figures we're not
wholly in line with expectations and
some surprise was manifested over
the lowering of the estimate OF the
years WELD to 834,00O0O1 bushels.
That total. which may be in
creased or reduced by subsequent
weather conditions. is 100000
bushels below the calcula ton made
a wear ago. The largest decrease
was in winter wheat the probable
harvest of which was placed at
562.000,000 bushels.
That is a falling off OF 100000
bushels from the forecast on June
/. although being somewhat above
last years actual production. Pre-
ceding the official report on wheat,
the government issued its estimate
on cotton acreage, showing one OF
the largest paintings ever recorded.
A sharp increase in banking suspensions
in the United States. due manly to larger
figures for the central vest is shown Tor
the second quarter of this year. COM
pared with the returns for the correspond
ing period of 1928.
suspensions for the country. as whole
numbered 148 during the three months re-
Gently ended. with liabilities OF S54 f5l
Sal, as against 90. inroring &28952,552
in the second quarter OF laSt year.
Numerically, The most adverse showing,
was made BY the central western section.
With a total of y suspensions Tor 6.293.-
257 and 81 we're included Tor Nebraska,
with an Indebtedness OF SIG .Q86 900.
Further evidence of the unusual situa
ton in the steel industry comes TO hand
each week. Around id-Jul,. a distinct
Iet-doWn in mill operations would be =
natural Development yet The Iron Ase
makes the statement now that schedules
through July and poss'bl, even August
viii Re maintained at loss &c maximum
capacity. Some districts report smaller
buyins but Chicago sales are said TO
have been the largest for any week
this year.
Drugs and cosmetics corporations. from
current indications. should ENJOY con-
tinuation OF moderate increases i'll both
sales and earnings Tor the tuH year, lg29,
according to the current survey Of the
Standard Statistics Company OF New York.
Sales and earnings OIL these TrmS nave
for number OF years been characterlzed
BY steady and consistent increases. ano a
group OF representative concerns finished
1928 with an average earnings increase OF
approximately 30 per cent over the pre-
cedlng year.
NEW YORK. July ia new record
high price for membership or the New
Aork Curb Exchange was Established to-
day, with arrangements for the transfer
of o mem berShip for Sly5 .0G0, an increase
of S22,0r0 over the last previous sale ana
comparing with the previous record high
price OF 100000.
Glass I railroads in May had q net rail-
way operating income OF 5l03, SIG, 046,
which. Tor that month, vas at the annual
rate of return OF 5.8l per cent on their
property investment, according TO reports
JusI filed by the carriers with the bureau
OF railway economies. In May. 1879, Lhelr
net railway operating income was S88,22l.-
o66. or SOP per GEM on their properly in
IeStment.
Recent developments not only have i'm
proved immediate conditions Iii the dry
goods trade. but nave frightened prospects
Tor the autumn. Many lines Of summer
merchandise nave solo freely under the
stimulus OF high temperatures over vide
arear. with an accompanying betterment
in stock conditions in The stores.
Hence. Doth wholesalers ana primary in
terests are undertaking preparations Tor
dence OF a large sustained public puTchas-
ing power giving encOura cement.
Proot is at mana CT sales OF cotton goods
for the halt year N excess OF those for
the same period OF 1928, and iii some in
stances new nigh record we're ATTAINED.
III United Press
WASHINGTON. July 15.-Permission
to relocate its tracks to make possible
the carrying out of grads separation
program in South Bend. Ind, was sought
from the interstate commerce commits
sion by the Grand Trunk Western rail-
road.
The application asked authority to
abondon its division street track and
to construct one-mle line from Green
lawn avenue to High street. where it.
would connect with the Sew York Cen
trial tracks, over which tn. Grand Trunk
asked authority to operate 30 Arnold
street and into the Union terminal.
According 10 statement Just issued by
John McArdle, yice-president and general