The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-07-16
Business
and
Finance

BY United PreSs
CLEVELAND, O., July is. A
large increase in net earnings was
reported by the Otis Steel Company
here today. After all charges, in
GLIDING estimated federal taxes and
preferred dividends, the earnings
amounted to $1,424,365 for the sec
ond quarter of 1929, the announce
ment said.
This was compared with S702,032
for the second quarter of 1928, an
increase of 1923 per cent.
For the first six months of 1929,
after similar charges, the company
reported $2,386,696, as compared
with s1,332,327 for the first six
months of 1923. an increase of ISL
per cent. Earnings for the first
half of 1929 were equivalent to 1924
a share on the common stock, as
compared with S164 for the first six
months of 1928.
BIZ United Press
TOLEDO, July 16.-Two OF the
present members of the board Of di-
rectorS of the WHY'S OYerland COM
pany we're to be dropped at a meet
ing of the board today, to make
room for Marshall Field and Charles
M. Glore of Field, Glore & Co.,
Chicago, who have bought a sub
stantial part of President John N
WHY'S personal holdings in the
company.
Movement of freight in the first half Of
1929 vas the greatest for any correspond
ing period on record, the car service di-
vision of the American Railway ASsocia-
ton reports.
Loadfngs of revenue freight for the first
tWenty-six weeks of this year totaled u.s.
596,936 cars, which exceeded by 1888 cars
the best previous record for that speriod
made in 1927 and by 1853, 706 cars total rev.
enue freight loadings for the first half Of
1925. It also was an increase of 1.135, I65
Except for few instances of local car
shortage OF a temporary nature, this heavy
movement of freight has been handled
Class railroads of this country on
June Is had 1866 locomotives In need Of
line. according, to reports FLED by the
the American Railway association
This was an increase Of 1872 compared
with the number in need of repair on
June l. at which time there we're 1908 or
1876 per cent.
BIZ United Press
nouncement that the ". A. Hartman in
terests have been granted 2 sixty-year
electrifcatton concession in district COW
M If hAr
lation Is expected here soon.
Contract for the electrihcation of Pos
mania and Pomerania have been signed.
Semi-of1icial sources state that the Har-
riman company will spend SIS 900. 5000 or
power plant equipment in the next ten
wears. and it is estimated that the expendi-
ture may reach 500 900, 900 or more dur
ing the life Of the concession.
The aggregate amount of long term state
six mont6s Of bGg 1873 s1d dng as s
compared with sales of SITS. 41e.445 for the
corresponding period of 1928. Not since
any. year been less than $500, 900 600 &C
corolng to the Commercial & Finance
Total borrowing In June reached sl48.-
222,256 In June Of last year the awards
aggregated s1298o6, 4e6.
Approximately ttlree-fourths of all raI-
road taxes. are levied by state and local
governments.
There is nov z fair chance that the
the iarmeT as much i CASH oash as last year
in the. opinion Of the Brookmire Econ
omic Service. Forecasts of the total
duced and those for the Canadian output
point to sharp reductions from last year
Dry Weather at seeding time also has
been encountered in the Argentine. Con-
sequently,. although the carTy-over of old
wheat is large. prospects now would seem
TO be fol-. some reduction in export sur
prices may work somewhat higher.
Glass railroads on June % had 239. 233
surplus freight cars in good repair and
service division Of the American Railway
ThiS vas decrease Of 1888 cars COM
pared With June 10, at which time there
Surplus coal cars on. June % totaled
a1,725; de-. decrease q 3,997 cars within
cars totaied 100. o9s, a decrease OF 4,lss
for the same period.
Reports also showed 25,5o0 surplus stock
the number reported on June Is. while
surplus refrigerator cars totaled 1888. O.
decrease of 92I for the same period.
The stock market is discounting an
extraordinary showing of earnings to be
made by many leading corpora tons for
earnings made BY many companies for
the entire year 1929, says the Brookrnire
Economic Service. INC, in its latest analy-
sis of the situation.
Despite predictions OF moderate bust
ness recession this summer, activity has
been sustained at high level as indicated
by manufacturlng operations. employment,
payrolls: mining, carloadings. machine
tool orders and other factors.
AS yet there is no evidence of any pro-
nounced letup in fundamental business.
By United Press
TULSA, Okla, July 16-Both light
and heavy crude oil production in the
United states showed a substantial in
Journal reported here today.
Light Gil production was 2,401 ,N52
barEels last week to 2.432, 357 barrels this
week, an increase of 1895 barrels.
116 to 452,450 barrels.
The $685. commercial failures in the
United States for the three months re-
Gently ended are 12.4 per cent under the
6.4s7 defaults reported to r: G. Dun &
decrease OF is per cent from the SITS
of the second quarter Of last
Moreover the s1o7. 1850, 1923 of Indebtedness
per cent below the 1924. 2es. sos Of the first
quarter of this year. although being SO per
cent above the SOB, s29 ,2os Of the second
quarter Of 1928.
The liabilities for the second quarter of
the current wear however, we're exceeded
in the second quarter of 1925. 1924, 1928.
1922. 1921 and 1925.
Foreman National Corporation announced
today the appointment OF G: T. Richard
m Gs Richardson formerly vas man
aeer of the Chicago office of A, r. Bell