davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Other Livestock

EAST BUFFALO july 24.-Hogs-O1nI
sale ) 600 active 10 all interests. generally
strong 10 SC higher: bulk l70-25o lbs. s. .22S
q so weights below $50 lbs. down; moSst1y
ssN4 so: packing sows. S325M4. Cattle
Receipts. 1850: active most tat kin aa
steady TO strong with plenty showing loM
csc advances. medium and common mac
tive in some spots with little done. on t sJ
loading weighing around LOCO lbs. 81 90,
near the high for the year: bulk good 70
choice long yearlingS. s6,75a $50. mediudmr
S6G65 so. top heifer vearlings. S6a 20
cows. steady 10 25c lower best fat COWS:
s3n375 cutter and low cutter cows. 81 %
$3.50. bulls Csc lower. medium TO good,
s3Ms SO. calves-Receipts. $50: SOY
mostly soc lower hulk choice vealers. $3.50,
medium s5.50a6 culls and common
mostly s4d5 sheep-Receipts. 300,
holdovers. 300 active to generally STEADY;
bulk good to choice ewes and wethers
So rs. fat bucks. 81 500 IT'S, medium, STA
so cull lambs strong 10 $3.50 down;
sheep steady. good to choice ewes. si.50H
250.
A new electric pencil sharpener
turns out a sharp point when you
click on the electric switch.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
VISITORS DAY OBSERVED
General Janerson Reviews I,O5O
Cadets at Fl. Harrison.

Annual visitors day at Fl. Ben
jamin Harrison was held Saturday.
when 1850 cadets OF the citizens
military training camp regiment
passed in review. Brigadier Gen
eral George H. Jamerson. post COM
mander, was in the reviewing stand,
to see the field artillery pieces
manned for the first time ny the
cadets.
The board of awards named Bat
terry A. Company D and Company
A for the best marching in the pa
rade. Following the parade. a
speaking program was in charge OF
Colonel William r. Standiford, C
NJ. T. c. commander.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
BEER REVENUE DROPS

Beer tax collections took a $1,000
drop during the first fifteen days
OF July. as compared with the last
half Of June. it was reported today
by Paul Fry. state excise director
July payments. for the first half.
amounted TO s1s,689.o3. as compared
TO S24.4837l during the previous
period. OF the total, sl4,065.7
came from Indiana brewe-ies and
81 e03.27 from the ten importers.
Rate of the tax on both manufac-
turers and retF ilers Is cents q
gallon.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
BEING SMART LANDS
YOUTH IN HOSPITAL
Francis HALEY. %, Is Slashed by
Negro After Argument.

Being smart landed Francis
HALEY. %. of TIL Prospect street
in city hospital Sunday, he told
police.
Leaving drug store at Twenty
fifth street at Martindale avenue
he said. he bumped into a Negro
standing outside the door
You think you're smart, don't
you?" demanded the Negro.
Sure, I'm smart" said HALEY.
His aSSailant countered with
drawing razor and slashing him
on the chin and left hand, HALEY
said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
NABS THEFT SUSPECT
Autoist Captures Negro Youth Seen
Looting Parked Cars.

Captured in a chase over down.
town streets. Ruben Foxal, 49, Negro,
who gave his home as Dayton, o.,
was arrested today charged with
stealing clothes valued at S45 from
a parked automobile.
Thomas L. Smith. COL North ILL
nois street, owner of the automo-
bile. said he saw two men take the
clothes from the car. He gave chase
and captured Foxal, who was slated
on a petit larceny charge.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
PINNED IN CAR CRASH
Mrs. Helen Rice, 81. Believed to Be
Injured Internally.

Mrs. Helen Rice, 81. of r. r. 3.
Box lO5. was injured seriously today
when an automobile driven BY her
husband. Robert Rice. 80. collided
with a truck driven by James o.
Sloan. 1925 East Michigan street. on
Bluff road, four miles south Of the
city limits.
Rice's automobile turned over and
1t was necessary 20 lift the machine
10 extricate Mrs. Rice. She was
believed to be injured internally.
Rice did not appear to be hurt.
Both. however, were taken TO city
hospital.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
CHICAGO CASH GRAIN
Bv Emitted Press

CHICAGO. July 22.-cash grain close:
wheat-No red. 8sis Gssisc No, 2 red.
sSs No 70. ! hare soa so,se No hard Sata
weevilv. SIC. No. ! dark hard eoi7c: No.
| mixed. acc. No; 2 mixed. ssisc Corn
49, "A 10 &C: No ; mixed. i7ia d isc. No 1.
46iac: No mixed sea isc: No. ! yellow.
4sG4sisc No. ? yellow. 4sM soc. No. 2 vel.
yellow. 43G 44c. No / white. 4ais &C. No
white 4sisc: No 3. 4sisc sample grade
asa Ale. Oats-No. l white. 35c No.
white. 49, a sac: No. white. 30G33c:
No. white. 32c
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
CHICAGO FRUIT MARKET

ouotation< snnissr r1lsrcis T-ensrsrsn.s
ouShel. soeA 81 Is. Duchess husnel STA
ie Raspherrles- Michigan reds. si1sF
.5uT a7 7ss1 = se Cs 8 5s Rl;.
berries Michigan. So 2s437S Currents
Michigan 8 S0l27s Contemporaries
ana. 81 -oa so Washington
y foss LeftucR-WeStcrr. S2&f3 IS
Spinaeh-Il!nois. 1scWsi CucgmheTs-
Allnc1S. s. u 1ac Csnbage-IllsnoiS 81 IS
M@@a BeAnS-Illnois and Michigan
81 .59a ? Celery Michigan esq Use Corn
-Ilincis. 7ScNsi Tomatoes Illinois
Tugs. gacs4s IS. fats Soc n 81. Michigan
slesl 3. Onion market. California vel
.oNs. socWsl IS. whites euShel 81 Iowa
gesows. enshel. 75a ssc. Illinois yellows
bushel scr 7sc
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Produce Markets

Delivered in Indianapolis prices: Hens
heavv breeds over. IA. lbs. zoe: Legnorns
up. lac: springers tLeghornl la lbs. up
lie; barebacEs. &c; cocks and stays C.
Leghorn cocks and Leghorn stays. &c
over lbs. &C. small and colored. sc
Geese, full feathered and Eat. &c. Youne
guineas. zoe: old guineas. i5c. Eggs-No.
ease must weigh SIS lbs. gross: a deduction
OF l0c per ID. for each Id. under % lbs
gross will be made Butter-No. !. Esq 2yc
No. 2. 26G2Tc. Butterfat-2ic. Quoted BY
trn Hlar Tnrnnanv
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
200 TO Be Given Jobs

BU HlffN PTfEs
ALEXANDRIA. Ind. July "a
Production soon will be increased so
per cent at the Alexandria Glove
Corporation, according TO c. r
Sturm. treasurer. Employment will
be given at least 200 additional per-
sons.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Chicago Primary Receipts
ST. LOUIS GRAIN
By Umlled Proc

ST LOUIS. july 22-cash grain close:
Wheat--In good demand No. / red. 81 &C:
wheat asa IS &C No mixed s5c hard
Comm good demand. No ? mixed. 4s &c.
No white 5lf SIC Oafs-Tn good de-
mand. No. ? white 3sc. No. white. $50
80 &C: No. ! mixed 80 n 33c. Nc ? mixed.
81 4 sac. No. mixed. 3la4 M32c.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
STOCKS RISE |
TO 6 POINTS IN
ACTIVE SESSION
Large Blocks Appear in
Initial Deals: Steel
Firms Up.
Average Stock Prices

Average Of thi.ty indgstr.als for satur-
aa nan sals ssss q 70 AysTs 81 g, e
Acreage Of twenty utilities 3o7s 20 So.
2s So OH y. Average Of forty bonds 90 49,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Bank CIearings
INDIANAPOLIS STATEMENT

TREASURY STATEMENT
July "a
Net balance for July 80. s643. 1876 .064. TO
Int Rev Reefs Friday . 3.674 .85l .03
Customs reefs. month 10 date l4.394. 1893. l3
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
BY UNITED PRESS

CLEVELAND. july 24.-Butter-Market.
easy: extras 26c per ID. in tubs. standard.
2sc per ID in tubs Eggs-Market easy:
extras tic: current receipts. l2c; extras.
arsts i2isc. Poultrv-Market weak heafV
fowl. i3Gl4e: leghorn fowl. pa loc: heavy
nroilers i4M l6c. leghorn broilers. lOm nc:
ducks IN i0c. old roosters. &c. Potatoes
Virginia barrels. United States No. J. COO
blers SIS 25M5 35 New JERSEY United states
10 j cohhlers iO0-lb sacks 1925.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Births


Donald and Georgetta Holloway. city
Louie and Jesse Edwards. city hospital
Arnold and Eula Jones, Sity nospital.
John and Christina Miller. CITY nos
Van Buren, and Marie Robold. city hos
caiord and Jessie stiles. city hospital
Herbert and Regis Jones. city hos
Raymond and Francis Bennett city
Guy and Della Hendricks. Coleman hos
James and Dorothy Lewis. Coleman hos
James and Teresa cave. Methodist hos
Louis and Rachel Miles. Methodist hos
David and Minnie steinberg. Methodist
Ralph and Mildred Busch. Coleman hos
Bernie and Margaret Cox. 24os Fern
Orlando and Electa McIntire. 1905 Gent.
Girls
Chester and Daisy Kilgore. city hos
Edward and Frances suber. city hos
Artie and Mildred Roark. city hospital.
Sam and Bertha Daniels. city hospital.
James and Laura Hopper. Coleman nos
Urban and Frances Milenbsugh. Coleman
Keith and Marguerite sluder. Coleman
hospital.
Homer and Mary walters. Coleman hos
pital.
william and Edne Rouse. Methodist
hospital.
avery and Frances Mccarrei. Methodist
hospital.
Theodore and Nora Apologize Coleman
hospital.
Elmore and Tresa jenkins. 27il Cornell.
Samuel and Helen Kolp. Methodist hos
pital.
Edward and Lula Schwartz. 14ll Rem
brandt
John and Coda Freeman. 1924 Spruce.
Hugh and Hazel Bryson. 1851 Sheldon
Gerald and Lucy Dillon. 1920 Easy.
Oscar and Mary Cranshaw, 936 West
Twenty-ninth
Fred and Marie Kreimer $40 South
villa.
Twins
Charles and Elizabeth Stoehr Coleman
hospitai BOYS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
W all Street
Wild Speculation Is Probably Over, for Time Being at
Least: Most Pools Disrupted.
BY RALPH HENDERSON,
Times special Financial Writer

Those wondering speculation
halted need have further concern over
wild speculation for the time
believe that normal risks
81 be usual, al skies clear
market machinery wall Street has been
undoubtedly have passed out OF existence
ery large options the time Of the
break are about birds nest No doubt also
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24

A firm of American architects has
completed plans for a village of
ne0iura- priced homes on waterfront
land iis Devonshire. England.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
INDIANA STOCKS
AND BONDS

The following quotations do not rep
resent actual bids or offerings. out EneTels
indicate the approximate market lever
based on baving and selling inquiries or
recent transactions.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24

0 infatonlss
successfully
supposed
pected Both
the
IN the last four
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Chicago Futures Range

INDIANAPOLIS WAGON WHEAT
CITY grain elevators are paying 70 cents
for No soft red wheat. Otner grades
on their merits.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Caution Is Marked

Opening scenes we're in strong
contrast with last weeks feverish
activity Traders were in their &C
customed places with bundles of
orders in hand but caution was
marked due to price restrictions and
shortened trading hours. The cash
market was slow and unchanged.
Receipts we're 228 cars.
There were few trades in the corn
pit at the start. The ring was al
most deserted The country held
back owing to the late futures OPEN
ing and there were no cash quota
tionS early Receipts were 8l3 cars.
Oats preserved fairly steady tone
early but trading was small both in
this pit and rye Buyers were eau
tious The cash market was slow
Receipts were IS cars of oats
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
GRAIN FUTURES
SELL HIGHER ON
GOOD SUPPORT
Prices Virtually Pegged by
Restrictions Now in
Effect.
By HAROLD Z. RAINYILLE
United Press stan Corr Dor dent

CHICAGO. July 2s-Unable to
decline. grains opened higher on the
Board OF Trade. The reaSSuring in
fluence OF the restriction against
forced liquidation caused a good de-
mand at the start with offerings
limited to accounts poorly mar
gined Wheat opened = to cents
higher with May at sl0l to $l03.
The strength at Liverpool and
Winnipeg we're factors although
early gains were sharply reduced at
these points Corn followed wheat,
as did oats and rye. Rye was un-
evenly unchanged TO 81 cents
higher with oats = TO 2i9 cents
higher.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24

in the shuttle.
Il IS fair to assume. Of course. that some Of the
larger and shrewder market operators we're in the
clear when the smashup came Their profits were
tremendous and they can now take new positions
at the lower levels But they would not be inclined
to invite participation at these low prices so for
time at least things Likely TO move along much
more orderly unless an unusually large interest exists,
which is rather unlikely.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Crawford Is Suspended

Corn was unsettled with May =
cent lower at SO and September
cent higher at Sta. Provisions
started weak. down the full rs cents
allowed
The suspension of DR.. Edward A.
Crawford. New York. and his firm
of the same name from trading
privileges was regarded BY the trade
as confirming the statement of
Secretary Wallace that an over
extended long would have had to
dump 100000 bushels Of corn
upon the market this morning II
some restriction was not made.
His suspension was under rule 100
applying to insolvency or inability
Of members to meet obligations.
Winnipeg had a strong opening
and despite a later reaction that
dropped rye from 5 to 10 cents
higher TO l TO ? cents higher, wheat
held gains of 29s to pa cents Liver=
pool likewise lost part of its gains
and was unchanged to i cent lower
at the close.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Import Balance in June

Trade figures for June will be made public shortly.
It can be said quite authoritatively that imported
more goods curing the month than exported 1t
would be the first time since August 1881. that the
balance Of trade was against US it holds than
: l1n
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
In the Cotton Markets
Daily Price Index

BIZ Hifrd Press
NEW YORK. July 22.-Dun 81 Brad
streets daily weighted price index Of
thirty basic commodities compiled for the
United Press
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-24
Liberty Bonds
b. nited Press
New York Bank Stocks
NV Abbott. Hoppln & Coz

BY Abbott. Eoppin s. CO..
july %
Evening star., 1933-04-12
Grain Market
By the Associated Press.

BY the Associated Press.
CHICAGO, April l2-Material set
backs of grain values here took place
early today, Influenced by the fact that
the Liverpool wheat market did not re-
spond to yesterdays upturn this side
Of the Atlantic Lower quotations on
securities at New York were also a
handicap.
Opening "a to / cent lower, wheat
Afterward held near the initial limits.
Corn started Nh of, and subsequently
sagged further.
Much of the selling which accom-
panied wheat price declines was to real
lie profits for recent buyers. There was
q decided let-up. too, In the aggressive
general purchase movement so con-
spicuous of late. A forecast of pos
of drought territory acted as an addi-
tional weight on the market.
Rallies that followed the early down.
ward trend of wheat values were ow-
ing more or less to reports Of new dust
storms southwest and and that there
had been heavy sales of cash wheat
overnight to mills. Notice was also
taken of an official statement that It
was expected 80 per cent Of United
States Winter wheat acreage seeded last
Fall would be abandoned. Unofncial
reports suggested 2.5 per cent reduction
Of domestic Spring wheat planting tins
year and 80 per cent in Canada, with
q prospective 1888 world yield curtal-
ment OF about 100, 900 900 bushels. COM
ared with last year. Corn and oats
were bearishly affected by enlarged
rural offerings Of corn.
Provisions reflected firmness Of big
values.
Evening star., 1933-04-12
CORPORATION
REPORTS
TRENDS AND PROSPECTS, OF
LEADING ORGANIZATIONS.

NEW YORK, April 12.-Following Is
today's summary Of corporation news
prepared by Standard Statistics Co.,
Inc. New York, for the Associated
Press:
Automobiles and Trucks.
Nash Motors Co. shipments IN Febru-
ary quarter estimated around 5000 cars.
VS.. $500 in like quarter Of preceding
year.
Automobile Parts and Tires.
Fisk Rubber Co.-Over 10 per cent Of
bonds and notes have been deposited
with the Reorganization Committee,
headed by A. G. Wood Time for de-
post has been extended to May 1.
Building. Real Estate and Related Lines.
Raymond Concrete Pile Co. declared
regular quarterly dividend Of 75 cents
on preferred. stock. s+%
Starrett Corporation stockholders ap-
proved o reduction on capital from ST.
$50, ,050 to $3,S2o,o50 through changing
par value of the stock issues; surplus
created would be applied to charge-of
Of good will and to write-down In In
vestments.
Chemicals and Fertilizers.
I. g. Farbenindustrie A. G. an
nounced q dividend Of per cent would
be paid on American depositary receipts
for common bearer shares.
Household Products.
Kelvinator Corporation. - Leonard
plant Of company is back on full time
for first time since March q; has re-
called 900 workmen.
Proctor d Gamble Co. declared reg
lar quarterly. common dividend OF
37la cents.
Machinery.
Cooper -Bessemer Corporation 1892
deficit s6os, 1872 VS.. deficit $64s,421.s
Metals (Non-Ferrous).
American Smelling b Refining Co.
advanced price of lead IS points to 3.2o
cents pound, New York.
Miscellaneous.
Knott Corporation 1892 deficit $179,-
279 VS.. net income $218,207.
Continental Oil Co. proposes to
change stock from no par to IS par;
after giving effect to q revaluation OF
certain assets and other adjustments,
current assets as of December 81. were
s31,646.s55 vs.. current liabilities Of $4,-
369,57l.
Evening star., 1933-04-12
STOCKS SELL OFF
IN SMALL MARKET
Favorable News Fails to In
fIuence Course of Prices.
Sugar Issues Strong.
BY GEORGE T. HUGHES.

Special Dispatch 10 Tne Star.
NEW YORK, April 12.-Prices ranged
lower in today's stock market but on
small volume and with no weakness.
The best showing was made by the
Gil shares and a few specialties. Just
before the close, covering lifted prices
above the lows, but at no time during
the session was the trading more than
desultory.
Commodities reacted more than secu-
rites. Wheat closed 11s to la cents
q bushel lower and corn was OF y to
ia cents. Cotton was down about SO
cents a bale. Sugar futures were to
2 points lower and silver in midafter-
noon was of IS to 40 points.
There was no particular reason for
the sell-off in either stocks or in
staples. It appeared to be case Of
realizing after a good-sized advance.
On balance the news was favorable.
The Iron Age reported the sharpest
gain in steel production for any week
this year, with output at 1917 per cent
of capacity against 161a per cent q
week ago Electric power output for the
same week in 1882. Last Wednesday
the corresponding drop was So per
cent, so that was q gain.
Two favorable dividend announce
ments were made early in the day. Con-
tinental Can declared the regular rate
of so cents quarterly on its stock and
Woolworth also ordered the regular 60
cent payment. There had been some
doubt about the Woolworth action and
the stock had been sold for short ac-
count in expectation Of cut. These
commitments were covered today at
higher prices.
About the only unfavorable item was
the petition Of a noteholder for the
appointment of a receiver Of Baldwin
Locomotive. However, the doubts con-
tinued as to the American Telephone
dividend at the next meeting and the
stock was heavy in expectation Of q
Door first-quarter report. The net re-
suit was slightly. lower level for the
list as q whole, but not enough volume
to make the decline Of any significance
Sugar stocks were well supported and
American Sugar preferred went into
new high ground. Metal stocks were
steady, although unable to make prog
ress. Allied Chemical almost made ur
the dividend which came up of the
price today. There was good buying
of the mail order stocks. In the gold
mining list Dome made good report
showing net before depletion equal to
500 share in 1882 against $l.56 IN
1891 ~
Evening star., 1933-04-12
sHoRT.TERM SECURITIES.
(Reported BY chas. D. Barney Co.,

Am:7s.a ss., &C. IS 4. .sss 95s
Amer Tel Tel. 5hs 1943. 1d3h 1924
Am. Wat. Wks 6 Ell. IS 1884 rs rs
Bslding Hemingway 6s 1896 sS6 STA
Bethlehem Steel Co. IS 1895 S3h S3A
Canadian Nor. Ry. a4kas 1885 gsh as
Chi. Northwest. r. r. IS 1888 IS II
Chicago Rock Island Is 1894 2254 %
Cieve. Lor. 4 Wheel. IS 1888 -. 95
Colorado 81 So. Ry. 4zs 1885 10 75a
Commercial Credit 5tas 1885 80 81
Delaware q Hudson IS 1895 49,. 81
Den & Rio Grande 4Azs 1886 80 35
EDISON Elec. Illum. As 1880. 100 101
Gen. Petroleum Corp. IS 1910 1929 105
Gen. Public Service 51as 1899 TIA T9sz
Grand Trunk Canada 6s 1885 96A 964
Great Northern Ry. rs 1896. 47sa 4e2
keystone Telephone IS 1895. .,... 6SM
Laclede Gas Light IS 1884,, 81 S12
Louisville & Nashville 5s 1887 98A %
New York Cent. & H. As 1884 90 64N
N. Y, Chi. d st. L. As 1887. 6SN "A
Northwest. Telep. 4las 1884 ...., 80
Penna. r Co. 6I7s 1885,. 1914 997s
Portland Gen. Elec. IS 1885 "a %
Republic Iron g. Steel IS 1910 56h 90
Sinclair Cons. Oil Co. rs 1887 96ss 81
St L. IM.S.R. RAG As 1898 41h 417s
Southern Pacific IS 1884. 50 20
Union e. 1t. d Pow. 5s 1898 1OOh 1Ol
Union Oil Co. Calf IS 1888 % a9ha
Virginia Ry. & Power IS 1884 97k Qps4
Wabash Rwy. Co. 5s 193e... 44h 49A
Evening star., 1933-04-12
RISE IN INDUSTRIAL STOCKS
LAID NEW MARKET INTEREST
Small Group in Wall Street Is Said to
Be Accumulatine Equities
on Large Scale.

the public Is out to get lower rates
all along the line and that this means
smaller dividends for the telephone
companies and those engaged In the
distribution of electric power, water
and gas The fact that the public
utility shares have already been sharply
debated does not change. the specula-
Decline in Earnings.
This leaves the industrials as the one
medium through which this specula-
tive instinct Is now being expressed
Actually there has been q greater de-
cline In the earnings of the industrials
than in those Of the public utilities and
far wider sweep among them Of div
have shrunk about as much as rail
earnings and in dollars there has been
more Of drop in industrials than in
rail dividends. However, the big move
ments In stocks In the bull markets of
the past 20 years have started, for the
most part, In industrials shares. When
to this fact Is added the new element
Of possible imitation, one has an ex-
PLANTATION Of why Spectators now con-
centrate on the shares Of companies
that have gone through the depression
Will ululuuuku VA iOSo dAQ to0oy AdvC
no debts, and, frequently, no preferred
stocks.
It is also significant that in Selecting
industrial shares that may be expected
to respond to any infiationary tenden-
cies or to an improvement in business.
the speculator has eliminated those Of
some Of the manufacturing corporations
that figured prominently In the 1929
bull market but represent industries
that may be slow in. recovering.
The specnlator In industrials takes
the position. first, that business has
been sufficiently debated and that in
dustrial stocks of a certain type have
reflected this in current prices, 50 there
should be gradual rise in his hold
ings coincident with recovery In in
dustry; second, that If business does
not revive naturally, the Government
will be compelled to stimulate 1t through
imitation, Thus. artificially, Will COM
mon stocks be advanced. BY one
process or the other he expects to
realize satisfactorily on what he Is now
buying. The test Of his theory will
come within the next 80 days.
copyright. 1881