The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-08-23
Business
and
Finance


vey Transportation on highways and
waterways and in the air, and will
coordinate all forms Of transporta-
ton into a single, integrated serv-
ice, the Union Trust Company OF
Cleveland predicts.
Unto the future of the roads two
fundamentally important and high
ly conjectural elements enter-con-
solidation. and aviation" the bank
SAYS in its magazine, Trade Winds.
mo tangible predictions can be
made concerning consolidation, but
it's vital relation to general national
progress makes it indubitable that
some decisive action will be forced
within a year or So"
The announcement of the Fed
eral Farm Board that it would
lend between S5,0O0,0OO and S10,-
100000 to American cotton grow
ers in secondary loans to the
extent of rs per cent above the IS
per cent loans already authorized
by the federal intermediate banks,
all values being based on future
hedging contracts on representa-
tive cotton exchanges, is great
testimonial to the efficiency of
the various cotton exchanges,
Philip B. Weld, acting president
of the New York Stock Exchange,
said today. This action by the
farm board, Weld states, will not
only be of great help to the in
dustry, but also constitutes a
tribute to the exchanges.
The adjustment committee Of the
New York Hide Exchange an
nounces the following price differ
entails between the basis grade and
the respective grades listed below:
Frigeriflco steers, 25 cents pre-
MUM: light steers, ITO cents pre-
MUM: cows. ITO cents premium;
packer heavy native COWS, l cent
premium: heavy Colorado steers, no
differential. :,
The price differentials on all
other grades deliverable against eX-
change contracts are unchanged
from the differentials fixed by the
committee on July % and amended
Aug, 6.
1" CHICAGO, Aug. 23.-Dirctors of
the Federal Reserve bank OF chi
cago made no announcement re-
earding the institutions present
rediscount rate of per cent, fol-
lowing their meeting today.
81 CINCINNATI, O., Aug. 23.-Ac-
o1,isition by the Buckeye Cotton OIL
Company, subsidiary Of the Proc
ter & Gamble Company of the Dixie
Cotton Oil Mills at Memphis and
the Louisville Cotton Oil Company
Louisville, KY. was announced late
Thursday by R. R. Deupree, general
manager of Proctor & Gamble.
The transaction involves about
81 100000 and adds two plants to
the thirteen already operated by the
Buckeye company in the south and
southwest.
E. N. Hurley Jr,,. president Of the Elec -,
trio Household UtIlt1eS CoPporaIdoh v Sts1
producing its new Thor he9!th lamp ;f cary ~
in September. Initial productlon VIII pc
at the rate of 500 day, accorolng 10
Hurley.
The votex Manufacturing Company,
eGsny ftSav thf Gh tht
tract has been signed with the Mag Sgo
nolia Petroleum Company, for 10OO9,OO9
equipment in 900 filling stations of the
Magnolia company IN texas a5d Sa1o 20
cent states p415ii precet ompany
states that sales of his company Tor
July show an increase OF 80 per cent
Amerada Corporation, drilling in part
nership with Rosser & Pendleton, reports
that the Haught Well No l. IN /, ssG tbe2
hourly or 100 barrels daily at depth
o CO 4e res IS located Ave miles from the
nearest drilling we'll and is located on a
2,5OO-acre tract. which Amerada owns IN
partnership with Rosser 81 PendIeton'
Jules Destombe. yice-president of the
Paris Commodity Exchange, has 5een
eleeted to mSmerSRRip IN ehe Egene j
Schwabach Of the E. j. SchWabach 81 Co,
New York. also has been elected to the
exchange.
Although high wages have in the past
been regarded as a signal for falling
off in labor efficiency, no such tendency
prosperity, says tOdays issue of the
Business Conditions Weekly of the Alex
ander Hamilton Institute.
Since 1919, factory wages have m
creased 10 per cent. At the same time,
factory output has increased 43 per cent,
and the cost of labor per unit has fallen
about 22 per cent.
Earnings of the McCord Radiator and
Manufacturing Company in the past four
years have shown little variation,
" lower than that for 1925.
The company is reported to be doing
better this year, however, and gives prom
Use of showing the first substantial eX--
pansion in earnings for some years. Net
sales in the first quarter. amounted 10
81, 459 $780, as compared with $2,712,876 IL
the first three months of last year. The
net income for this period in 1929, as
against $179.349 in 1923. The company
reported that business for the nrsG -FOUR
months was about 20, per cent higher
year.
s. W. Stratus & Co. has purchased and
is offering at par an issue of $76o.000 first
mortgage fee 612 per cent sinking. fund
gold bonds secured by Fl Royale Apart
ments, Los Angeles. The tWelve-story
hreproof building. occupying the northerly
half of the 1929 square feet OF land,
has 270 rentable rooms. The mortgaged