Indianapolis Times, Volume 42, Number 114, Indianapolis, Marion County, 20 September 1930 — Page 9

KEPT. 20, 1930.

BEARISH ATTACK DRIVES STOCKS TO NEW LOWS Light Buying Fails to Stop Most Drastic Downturn of Months.

Average Stock Prices

Average of thirty Industrials for Thursdsv was 234.1S off 3.56 Average of twenty rails was 130 33, off .53. Average of twenty utilities 80 18 off 1 33. Average of forty bonds was 97.39. up .03. Bu Unltnl Press NEW YORK. Sept. 19.—A slow recovery was in progress near the close of the Stock Exchange today following one of the most drastic reactions in months. Prices crumpled under relentless hear pressure during the morning. Some recovery took place around noon, but selling was resumed until the last few minutes when some shorts covered in anticipation of rally tomorrow. Trading was active on the decline that brought stocks down 1 to 9 points. Blocks of 4,000 to nearly 12,000 shares appeared, indicating heavy liquidation by long holders. Largest blocks were Lehigh Valley coal 11,600 shares; General Motors, 7.000; United Aircraft, 7,000; Radio, 8,000; General Electric, 7,000, and 5,000 for United Corporation, Standard Brands, International Nickel, Grigsby-Grunow and Westinghouse Electric. Millions Wiped Out Millions in stock market values were wiped out in the break which sent about fifty issues into new low grounds for the year or longer. Among the issue which made or equaled their lows of the year were Anaconda, Calumet & Hecla, Hupp, International Paper pfd, Michigan Steel, Abltibi, American Tobacco inew). Curtiss-Wright, GrigsbyGrunow, Oliver Farm Equipment, Standard Oil of Kansas, Superior Steel, United States Steel, Radio Preferred B, Seaboard Air Line, Warner Quinlan, Minneapolis Honeywell and Owens Illinois Glass. Long strings of stocks appeared on the tickers, w'hich, despite the rise in volume, easily kept abreast of the market. Thousands of shares were thrown overboard as the selling movement gathered headway. Tarding Active Bears had two sources of ammunition, neither of much significance in normal times. The more important was rumors of a German political change. This broke German bonds. The other bear factor today was the rise of $79,000,000 in brokerage loans in a week when prices were declining. Call money held at 2 per cent all day. Trading was the most active since Aug. 8 With sales totaling 2.944,780 shares, -more than double the 1,376.990 shares traded Thursday. The Dow-Jones preliminary industrial average was down 5.29 points at 228,89, the lowest level since. Aug. 18, and the railroad average was down .69 at 129.64, the lowest since Aug. 26.

Bank Clearings

—Friday. Sept- 19— INDIANAPOLIS STATEMENT Clearings $ 3.029.000.00 Debits 6,838.000.00 NEW YORK STATEMENT Clearings -$1,077,000,000 00 Balance . 152.000.000.00 -Fdl. Res. Bk. Cr. Bal.. 147.000.000.00 TREASURY STATEMENT Net balance for Sept. 17 . $ 289,658.364.64 Expenditures 12.125,026.07 Customs rects. mo. to date 18,892,001.42

Cash Grain

—Sept. 19— The bid? for ear lots of grain at the call of tne Indianapolis Board of Trade, f. o. b. basis 41%c New York rate, were: Wheat—Weak: No. 1 red, 79%’a80%c: No 2 redi 78%(379%c; No. 2 hard. 77 I .iSi 78%C. Corn—Week: No. 2 white. 90%5f791%c: No. 3 white. 89'90'be; No. 2 yellow, R6' 2 'sß7c: No. 3 yellow. 85' -'o 86>2c; No. 2 mixed. 83%084%c; No. 3 mixed, 82%& 83%c. Oats—Weak: No. 2 white. 34<5j,35c; No. 3 white. 33<a34c. Hay—F. o. b. country points taking 23'2C or 'ess rates to Cincinnati or Louisville.' Steady: No. 1 timothy. No. 2 timothv. ’sis(4l6; No. 1 light clover mixed. 816(216 50: No. 1 clover mixed. $16.50®t. 17; No. 1 clover hay, $17.50(218. —lnspections Wheat—No. 1 red. 2 cars. Total. 2 car. Co-ti— No. 1 white. 2 cars; No. 2 white. 1 car; No 3 white. 1 car; No. 4 white. 2 car; sample white. 1 car: No. 1 yellow. 10 cars; No 2 yellow, 6 cars: No. 3 yellow, 3 cars: No 4 yellow. 1 car; No 6 yellow. 1 car: sample yellow. 1 car; No. 4 mixed, 2 cars. Total. 31 cars. Oats—No. 1 white. 1 cars: No 2 white, t car; No. 3 white, 3 cars: No. 1 mixed, 1 clr* Total. 7 cars. Rw T’nilrd Press CHICAGO. Sept. 19— Cash cram close: Wheat—No 2 red. 88c: No. 1 hard. 84’2c: No 2 hard. 83%r. Corn-No. 2 mixed. 92 493 c; No. 3 mixed. 92’c: No. 4 mixed. 91%c; No. 6 mixed. 20%c: No. 1 yellow. 92'2'493 , 4C. No 2 yellow. P2m93'c. No .. yellow. 92% 01 92%c: No. 4 yellow. 92c; No. 5 veliow. 91 (u 91 %c: No 6 yellow. 90' 2';; 91cNo. 2 white. 95J97c: No. 4 white. 94c; sample grade. 83c. Oats—No. 2 white. 38%(ft, 39c. No. 3 white 384i38%c: No 4 white. 37c. Barley—ssW72C. Timothv 7 50>clover. $1^50^24 Rt/ In\tr<l Press TOLEDO. Sept. 19.—Grain close. Wheat No. 2 red. 89 35 90c. Corn—No. 2 yellow. 785 99c. Oats—No. 2 white. 41' 2 42 1 rc. Rve—No. 2 76c Barley—No. 2. 61c. Closer— Domestic prime, old. sls; prtme. new. $15.50: prime, choice, new, $15.85: prime, choice, old. $15.30: October. $15.50. December. $15.75: February. sl6: March. $16.25. Alsvke—Cash. $13.50: October $13.75: December. sl4: March. $14.50. But-ter-Fancy creamery. 42tfi43c. Eggs Country run. 26Si28c. Hay—Timothv. $1.75 cw t.

Stf Times Bvertat CHICAOO. Sept. 19.—Frimarv receipts: Wheat, 1.536.000 against 1.749.000; corn. 143.000 against 811.000: cats. 347.000 against Mo.ooo. Shipments—Wheat. 812.000 against 7SB 000 corn, 340 000 against 368.000; oats. 248.000 against 320.000 New York Liberty Bonds —Sept. 19— 3>js 101.00 Ist 102.70 4th 4s 103.50 Treasury 4’ 4 s 112.24 3*s Os *47 102.10 S’S of *43 . 101.20 STEW TORK COFFEE RANGE -Sept. 19Hlgh Low Close March 5-0 5 83 5-90 Mav 5.78 5.75 5.77 July 5.70 5 69 5.70 September 6 47 6 38 6 45 December 6.38 6.28 6 37 RAW SI'GAR PRICES —Sept. 19— High. Low Close January 120 1.18 1.19 March 1.30 1.27 1 28 Mav 1 38 1.35 1.36 July 1.44 1 43 1.43 September 1.12 1 10 1.12 December 1.19 116 1.17 Marriage Licenses Ernest E. Quick. 22. of 5750 North New Tersev. stenographer, and Louise H. Huf(erd. 19. of 5250 North New Jersey student. Theodore M Watson. 21. Nobiesyhle bookkeeper, end Georgia R Garrett. 18 of 822 Lexington. Heere L. Martin, 55. Danvtile. Hi., engi peer, and Lollie Kinnel 55 of 1923 North Meridian. Ralph O. Cameron. 34 of 2517 Ashland, clerk and Goldie E. Terbupe. 32. of 945 East Market, nurse.

New York Stocks TbemsoD * McKinnon t ————

-Sept. 19Railroads— High. Low Cloxe Close. Atchison 2fß 216'.* 216% 219 Atl Coast Line. ■■■ 13* * J** Balt A: Ohio ...100 *B% 89% 100 Chesa & Ohio. 48% *7l a Chi Grt West.. 10 9’* 9% 10 CRI <k P..... 95 93% 94 95% Del L Sc W. . 113' * 113 113% 113 * Erie 40% 33% 39% 41 Erie Ist pfd „ ,?S. J .r?, 4 Illinois Central 114% 113 113': 114,* Lou A: flash U® H®. MKit T 40% 38% 36% 39’ Mo Pacific 65% 65 6o ... Mo Pacific pfd . • •• J2O 120 N Y Central ... 161% 159'* 161% 161*< NY NH A: H. 104% 103 2 104 2 106 Norfolk it West 230 229 '2 229 ’2 - ■ Pennsylvania .. 73 <2 % 72, 3 *1 So Pacific 11< S * 116 2 117 lli Southern Ry ... *4 *2% MJ* *4% St Paul 14% 14% 14% 15 St Paul pfd. .. 22% 21*. 21*. 22'.j 8t Lft S F... . 88% 8j *. *7*. 88 Union Pacific ..216*4 216 2 '®.* Wabash 31'. 30' 2 30% 32 4 W Maryland.... 23% 22 22 23% Equipment.— Am Car ft Fdy.. .. ... 47 48 Am Locomotive.. .... 4040 Am Steel Fd.. 38 37% 37'a 38 s . Am Air Brake S ■■ 43 ... Gen Am Tank.. *% *2 §4% 87% General Elec .... 70 1 . 6i* 68% 70-. Gen Rv Signal... 79 78 18 ... N Y Airbrake 4040 Press Stl Car 6’, 6 s . % 1 Pullman 66 65*. 66 66 Westlngh Air B . 39 s , 38 s . 39 39', Westlngh Elec .146’. 141'. 142'a 147 s . Rubber. —

Firestone .. . 20*4 20 Fisk 1' 1% 1J .2 Goodrich 23 >4 21 s . -3' 22% Goodyear 54 51 '2 o 4 03% Kelly Sprgfld ... 32% 2 s . 3 2 U S Rubber. .. 18a 17 s * 18 18 s . Motor.— Auburn 115 s 4 111 '4 114 1183,4 Chrvsler 27 s , 25 s , 27 27 5 , Gardner 2', ... Graham Paige .. ss.5 s . 5% s s . 57, General Motors.. 43 s . 42°, 42 s . 43■ Hudson 29' 2 29 '4 29% 29 s * Hupp 12' 2 11 S 4 12, 12% Mack 57 '.'2 54 'j 54'; 5i s 4 Na.sh 34 32 s . 337, 34, Packard 12 s . 12 s . 12 s . 13% Pierce-Arrow 21 a Reo ... • 12'., Studebaker .... 3i% 30% 31 31 ‘4 Yellow Truck 20’, 19 s . 20 20% Motor Access— _ . Am Bosch 29 '2 29 '4 29% 30% Bendlx Aviation 30’, 29 s . 29 5 , 31 Borg W'arner.... 27 5 , 27 27 28 Briggs 18' 2 17'll 18 18 s . Eaton 22 '2 22'. 22'. 23 El Storage B. 65 ... Haves Body .... 6% 6',. 67. 6% Houda Bs.8 s . 8V: B'/: 9 Motor Wheel 22% 21 21 22V. Sparks W 18 s . 18 s . 184. 18% Stewart Warner 25 s . 25 25 26 Timken Roll .... 68 66 66 68 Mining— Am Metals .. 28'-: 28'. 28% 29 Am Smelt 64 * 63% 64% b4’. Am Zinc 85a •••„ Anaconda Cop.. 44’a 44 1 , 44 s . 417. Cal Ac Hecla. .. 12', 12 s , 12‘, 12'. Cal & Ariz 48': 48', 48% 43 Cerro de Pasco 43 44 Dome Mines , ? Freeport Texas. 45 44' 44V. 45'. Granby Corp .. 21% 21 21 21% Great Nor Ore.. 21% 20', 207. Howe Sound . . 29 5 . 29 29 29% Int Nickel 24% 23% 24% 25 Inspiration .... 13': 13'/. 13% 14 Kennecott Cop. 34 s . 33*. 34'. 34'. Magma Cop ... 3130 307. 30 s , 311: Miami Copper 14V* 15 Nev Cons 14 13’. 14 14',4 Texas Gul Sul. 58 s . 7 s . 58 s . U S Smelt . ... 21',: 21 21’.: 208. OIL,— Amerada 23': 22': 22'2 24, Am Republic ... 16% 15V. 157. 16’. Atl Refining ... 32 s . 32 32 32', Barnsdall 22', 21': 21 s , 22% Houston 72 s 4 70 s : 71V: 7374 Ind Oil 24', 23'i 24 23 5 , Indian Refining. 127i 12V* 12*4 13 Mex Spd 23 22 22'. 23'4 Mid Conti 23'.4 22’. 22’. 23’. Pan-Am 181 ... 53% 53 53'.: 53 Pr OU Ac Gas 34 Pure Oil 19': 19 s . 19 s . 19 s * Richfield . 15': 15V* 15': 15 s 4 Roval Dutch 48 47’, 47’, 48% Shell Un 14'4 14*4 Simms Pt 19'4 Sinclair 20 s 4 20 s . 20 s . 2074 skelly 27': 26 s . 26’b .. . Standard of Cal. 607. 59': 59 s 4 60% Standard of NJ 69 66% 67'; 68’. Stand of NY. . 30’. 30'a 30'; 30% Texas Cos 51 Vi Union OU 39 38'. 38'4 397.

Steels— Am Roll Mills.. 46% 45'b 46% 465'a Bethlehem 87% 84% 86 87% Bvers AM ... 71 68% 69% 72 Colo Fuel .... 46 '2 46 46 47% Cruc Steel 73 72 72 ... Ludlum 21 20% 20% 21% Midland 30 29% 29% 30S Repub I&S ... 34% 31 1 a 32% 35Vi U S Steel 166’4* 162% 163' 167 Vanadium 84 ’2 81 82‘4 85% Youncst S & W 39'/s 2 39% 89% Youngst Stc T.. .. 105 Tobaccos — Am Sumatra..,. 12'4 11% 12V4 Am Tobacco <At.ll9'i 117 117 119% Am Tob <8)....122% 119% 120% - 122% Con Cigars .. 36 General Cigar... 45% ... 45%. ... Us & Myers B 99% 97% 98% 99% Lortllard 12 20% 20% 20% Reynolds Tob. , 51% 50% 50% 51' 2 Std Com Tob. .. ... ... 4% Tob Pr A 12% 11% 11% . ... Tob Pr B ••• 4% United Cig .... 7 6's 7 7 Utilities— Abltlbi 21 22 Adams Exp ... 26*4 25% 26% 26% Am For Pwr ... 69 67% 67% 69% Am Pwr & Li. 82% 79% 79Vs 84% AT&T 213's 209', 210 214 '3 Col Gas & E 1... 64 61% 62% 63% Com & Sou 13% 13% 13',i 13% El Pwr fc Li .. 71% 68% 69 72% Gen Gas A ..... 9% 8% 9 9% Inti TANARUS& T . ... 41% 40% 40% 41% Natl Pwr &Li . 46% 44% 45% 46% No Amer Cos.. ..104% 101 102% 103% Pac Gas & El.. 58% 58% 58% 59 Pub Ser N J ... 92% 90% 91 92V4 So Cal Edison. 58% 57% 57% 59 Std G& El .. 100% 97 99% 101*4 United Corp . 32% 31 32 35% Ut Pwr & L A.. 36% 35% 35% 36% West Union ....161% 124% 164% 170'% Shinping— Am Inti Corp.. 35% 34 34% 35*4 Inti Mer M pfd . . 21 21% United Fruit .. 84% 84% 84% 84*/a Foods— Am Sug . 51 51% Armour A 5% 4% 4% 5% Cal Pkg 62 63% Can Dry 63% 62% 63 64 Childs Cos 51% 50 50 52 Coco Cola . .184% 182% 183 18'% Cont Baking A.. 29 28 28% 29% Corn Prod . . . 89% 87% 38% 89% Com Wheat 43 Cudahy Pkg 43% ... Cr?n Foods 56% 55% 56 56 Grand Union . 15% 15% 15% 16 Hershey 97% 96 96 Kroger 29% 28% 29 30 Not Biscuit 83% 82% 83 84% Pillsbtirv 33% 33 33 Safeway St .... 72 70% 70% 70% Std Brands . 20', 19% 19% 20% Ward Bkg 9 9% Drugs— Cotv Inc 17 16% 16% 16% Lambert Cos ... 93% 91 91% 94%

Produce Markets

Eggs (Country Rum—Loss off delivered In Indianapolis. 24c; henerv oualltv No. 1 I 29c; No. 2. 16c. Poultry (Buying Pricsei—Hens, weighing 5 lbs. or over. 20c: under 5 ibs. 18c; Leghorn hens. 14c; springers. 4 lbs. cr over 21c or under 4 lbs.. 19c: Leghorn I springers. 17c: old rocks. 9®loe: ducks, full feather, fat whites. 9c: geese. 8o These prices are for No 1 too oualltv ! ouoted bv Klngao & Cos. Butter (wholesale'—No. 1. 421143 c. No 1 2 40^141c. Butterfat—4lc. Cheese (Wholesale selling ortce oei i oound i—American loat. 31c; pimento (oaf. 32c: Wisconsin firsts 27c: Longhorns. Me: New York Limbereer 36c. fit/ T'nited Press NEW YORK. Sept. 19.—Flour—Dull and unchanged: spring patents. *st?s-5.33. Pork - Quiet; mess. $32.50. Lard—Firm; mid--1 die west spot. $12.20®12.30. Tallow 1 Steadv: special to extra. S#s’c. Potatoes Weak: Long Island. *1.35(u3.75 barrel: i Maine. 52.75<&3.25 barrel: jersey. $1.25# 3.25 basket. Sweet potatoes—Steady: southern baskets. *1 1.75; southern barrels. 51.5C4t3.50: Jersey basket. $1.755i2.25. Dressed poultry—Steady to firm: turkeys. 22 asoc: chickens. 20540 c; fowls. 13#31c: ' ducks. 12315 c: ducks. Long Island. 17(3 20c. Live poultry—Steadv to firm: geese. 12 516 c; ducks. 15®26c: fowls. 175.30 c; turkeys. 25530 c; roosters. 14515 c: chickens. 20530 c. Cheese—Quiet and steady: state whole milk, fancv to special. 245 26c: voung Americas. 20J 25c. By T’nited Press CHICAGO. Sept. 19.—Eggs—Market steadv; receipts. 3.414 cues: extra firsts. 26'he; firsts. 25'-c: current receipts. 23® 24c. ordinaries. 18521 c: seconds. 12318 c. Butter—Market steadv; receipts. 8.224 tubs: extras. 38’2C; extra firsts. 37537'5c; firsts. 34 1 j<a.3s'ac; seconds. 33*c. standards. 38'ac. Poultry—Market steadv; receipts. 6 cars: fowls, general run. 22'jc: springers, 20'ac: Leghorns. H's&lSe; ducks. 19c: geese. 16c: turkevs. 18c: roosters. 15' 2 c. broilers. 22c. Cheese l Twins. 18518’ac: voung Americas. 19c. Po- ; tatoes—On track. 388; arrivals. 107. shipments. 830; market, dull: Minnesota sacked Irish cobblers. *1.803 2: Minnesota sacked Early Ohlos. *1.7551.90; Idaho sacked tussets. *2,40 5 3.75; Wisconsin sacked Irish cobblers. J 252.25. ,Hu T'nited Press CLEVELAND. Sept. 19-Butter—Extras, 38'ac: Standards. 38'ac. Eggs— Extras. 33c: firsts. 24'jc. Poultry—Fowls. 25c; medium, 23c; Leghcrn. 14316 c; heavy broilers. 205 : 22c: Leghorn bmjlers. 18®31c: ducks. 10 i2oc. old cocks. 14® 16c: geese. 20c Potatoes—Ohio cobblers. 51.25-? r 1.35 per 60 lb. sack: Maine cobblers. *2.65 3 2.75 per 120 lb. sack. By T'nited Press CINCINNATL 0.. Sept 18-Butter steady creamery In tub lots according to score 36i-i39c: common score discounted 25 3c: packing stock No. 1. 30c; No. 2. 25c’ No. 3.15 e. Eggs—Lower, cases Included; extra firsts. 28c; firsts. 26c seconds. 22';c. nearbv ungraded. 2*c Live Poultry—Thin and coarse stock sells only at heavy discount: fowls 6 lbs. and over 21'ac: 4 lbs. and over. 31c; 3 Ibs and over. 19c: Leghorns, 3 lbs. and over 16c; roosters. 13c: colored frvers over 3 lbs. 24c: broilers colored over 2 lbs.. 24c broilers over !*■* lbs. 23c l’ lbs and over 23c; Leghorns end Orpington broilers over Us lbs., 20c; l’ lbs. and over. 20c: broilers partly feathered 15#18c: roasting chickens 4. lbs and over. 26c. black springers. r L6e-

Lehn Ac Fink 27 28 Industrial.— Am Radiator .. 26 s , 25'. 25'i 26'i Bush Term .. ... 35': Certain teed 6’.* . . Gen Asphalt 42 22** Otis Elev 68 67’: 68 68 s , Indu, Chem.— Allied Chem ... 267 261 263 269 5 4 Com Solv 25'i 25% 25 23% Union Carb .... 75 72% 73 75 U S Ind A!co... 71 Vi 68 68% ... Retail Stares,— Assoc Dry Gds. 34% 33’,* 33 s . 35 Glmbel Bros 11% 21 *i Kresge S S 31 30 s , 30% 31 Mav D Store ... 43% 42% 42% 43% Mont Ward .... 35 s . 34% 34% 35 5 . Penny J C 53’4 52 52% Schulte Ret St.. 7% 7*4 7% 7% Sears Roe 69% 65 s , 63 s * 69*. Woolworth 64 5 . 63 64 65 Amusement.— Bruns Balke 16, 16 Col Graph .... 16 s . 15 s . 16V* 16*. Croslev Radio 14 Eastman Kod .. .211% 207 s , 209 213 Fox Film A . 48-4 36 s . 47% 48% Grigsby Gru ... 7% 6 s * 7 s , 8 Lowes Tnc ..... 75’. 73 74% 77V4 Param Fam ... 58% 57 57 58% Radio Corp . 38 s . 36% 36 s . 38 s , R-K-O 33 31 s . 31’, 33% Schubert 14% 14% 14% 15 Warner Bros ... 29 27% 28% 29% Miscellaneous— Airway App 16 16% Congoleum 11 1074 11 11 Am Can 126% 121 V: 121% 126% Cont Can 57% 56 56% 57 5 . Curtiss Wr 6% 6% 6% 6% Gillette SR.. 64% 63% 64 64% Real Silk ... 46 5 . 44% 45% 45% Ulen 22% 22 22% 22%

In the Stock Market

ißv Thomson Ac McKinnon 1 NEW YORK, Sept. 19.—Production of goods at American factories and mines in July, according to the federal reserve board monthly bulletin, declined 23 per cent from that of the same month a year ago. While we have no official figures, competent economists have estimated that consumption in a like period has declined approximately 10, per cent. This graphically shows what inroads are being made in stocks of goods in commercial channels. Undoubtedly consumption is now proceeding at a rate exceeding production. Possibly about the same degree of production exceeded consumption a year or more ago. The sizable increase in brokers’ loans, in view of the action of the stock market for the week covered, is somewhat of a surprise. In some quarters it is explained as a result of increased borrowings on securities necessitated by income tax payments. Last March a similar development occurred. We are not inclined to accept the increase as evidence of distribution by outright holders. In fact, the large corporations report their stockholders’ lists continue to increase in numbers, indicating a steady demand for good stocks. We can attach no particular significance to the present hesitation in the stock market, and believe any further easiness In prices will prove temporary.

In the Cotton Markets

ißv Thomson & McKinnon) NEW YORK, Sept. 19.—Cotton opened barely steady this morning with one interest doing most of the buying. Subsequently there was a decline of 6 or 7 points, which brought to the surface sufficient trade orders to check the downward trend, although at noon prices were still below last night’s close. After working on the development of a practical cotton picker for a generat’on there seems to be some ground for believing the task has been accomplished. One machine now being tested in the south is said to be simple in construction, easy to operate and capable of doing the work of forty men. Should it use become general, its first effect will be to reduce Hhe cost of production materially. The economic result of resulting unemployment is best left to economists for discussion. They are doing so already. At 1:15 p. m. the market was thin. The demand was good. New December contracts 11.05 cents. NEW ORLEANS High. Low. Close. January 11.20 11.10 11.10 March 11.38 11.27 11.30 October 10.95 10.84 10.84 December 11.12 11.02 11.02 NEW YORK High. Low. Close. January 1123 11.16 11.17 March 11-39 11.27 11.28 May 11.55 11.46 11.47 July 11.71 11.61 11.61 October 10.93 10.85 10.85 December 11.19 11.06 11.06 CHICAGO High. Low. Close. Jamarv 11.30 11.22 11.22 Mari-h 11 44 11.38 11.38 May 11.64 11.58 11.58 July 11.74 October 11.03 10.93 10.93 December 11.21 11.12 11.13

because.. "Grace, it appears, has no telephone!" They were busy arranging an informal gathering of friends that evening . . . the guest from out of the city could stay only one day, and there were so many, many folks she wanted to see. Grace was a particular friend, too; but Grace had no telephone ... couldn't be reached with the speed the occasion demanded ... so she missed the party. To be without a telephone probably means the loss y., j. , of many good times. Modern, efficient telephone ser- ■* \ otce vice is extremely reasonable in cost; and the voices of of Millions friends are always welcome. Indiana Bell Telephone Company

THE INDIANAPOLIS TIMES

WEAKER TREND AGAIN FEATURES PORKER MARKET Demand for Cattle Dull: Prices Lower: Sheep Hold Steady. Sent. Bulk. Too. Receipts 12. [email protected] 11.15 5.000 13. 15. 10.65010.95 11.00 C.OOO 16. 10.45i510.75 10.85 6.000 17. 10.60 3 10.90 11.00 4.C00 18. 10.50'S 10.90 10.90 5.500 19. 10.40&10.80 10.90 8.000 A drop of 10 cents, in keeping with recent declines in the hog market, was the feature of today’s pork prices at the Union stockyards. The bulk, 160 to 300 pounds, sold for $10.40 to SIO.BO, top price paid $10.90. Receipts for the day were estimated at 6,000. Holdovers were 1,684. In the cattle market inquiries were limited for all classes except at sacrifice prices. Receipts were 400. Vealers were 50 cents lower, selling at $11.50 down. Calf receipts were 600. Sheep were steady, good and choice lambs selling at $7 to SB. Top $8.50. Receipts were 800. Chicago hog receipts were 15,000, including 5.000 direct. Holdovers were 5,000. The market opened slow with a few sales and bids steady to strong with Thursday’s average. Few loads of choice 180 to 220pound averages sold at $10.75 to $10.90; sll bid for choice 240-pound weights. Cattle receipts were 1,000, the market steady. Sheep were steady, receipts 17.000.

HOGS Receipts. 6,00; market, lower. —Light Lights—-(l4o-160) Good and choice ..$ 9,753-10.00 —Light Weights—-(l6o-180* Good and choice... 10.40 (160-200) Good and choice... 10.50310.60 —Medium Weights— ( (200-220) Good and choice... [email protected] (220-500) Good and choice.. 10.70310.75 —Heavy Weights—-(2so-350) Good and choice... 10.75®10.90 (290-350) Good and choice... [email protected] —Packing Sows—-(27s-5001 Medium and good.. B.oo® 9.25 (100-130) Good and choice... 8.75® 9.25 CATTLE (Slaughter Class) Receipts, 400; market, steady. —Steers—-(6oo-1.100) Good and choice .$10.50(@.12.75 Common and medium C.oo® 10.50 (1.100-1.500) Good and choice 10.00® 12.50 Medium :. [email protected] —Heifers—-(sso-850) Good and choice 10.00'6'12.50 Common and medium 6.00@ 10.00 Good and choice 5.75® 7.50 Common and medium 4.25 C 5.75 Low cutters and cutters.... 2.50(3’ 4.25 —Bulls (vearlings excluded) Good and choice beef ...... 5.500 7.00 Cutter, common and medium.. 3. 5.50 CALVES AND VEALERS Receipts. 600; market, lower. Good and choice SH OO® 11.50 Medium 7.50® 11.00 Cull and common 5.00® 7.50 —Calves—-(2so-300) Good and choice B.oo® 10.50 Common and medium 5.00® 8.00 STOCKER AND FEEDER STEERS (500-600) Good and choice 5.50® 7.50 Common and medium 3.76® 5,50 (800-1.050) Good and choice 5.50® 7.50 Common and medium 3.50© 5.50 SHEEP AND LAMBS Receipts. 800; market, steady. Good and choice $ 7.00® 8 50 Common and medium 4.00® 7.00 —Ewes— Medium and choice 2.50® 4.00 Cull and common I.oo® 2.50 Other Livestock Bu United Presn CHICAGO. Sept. 19.—Hogs—Receipts. 15.000; Including 6,000 direct: moderately active: mostly steady; bulk strong to 10c higher on 180-200-lb. weights; top. $11: bulk 200-310-lb. weights, *10.75:8)10.95: 160-200-lb. weights. [email protected]: packing sows. [email protected]; light lights. 140-160 lbs., good and choice. $9.35(310.50: light weights. 160-200 lbs., good and choice, $10.25® 10.85: medium weights. 200-250 lbs., good and choice. $10.65®i1; heavy weights. 250-350 lbs., good and choice. $10.15® 11: packing sows. 275-500 lbs., medium and good. $7.85 @9.50; slaughter pigs. 100-130 lbs., good and choice. $8.25®9.35. Cattle—Receipts. 1.000: calves. 1.000: general market on catch-as-catch can basis: steady at recent sharp decline; best steers. $11.25. with sprinkling at [email protected]; most sales. $7.75 @9.65: ail interests buying a few fat cows and grass heifers at $4.50(36 and $6®7.75. respectively: slaughter cattle and vealers. steers. 600-900 lbs., good and choice. $10.50 @12.75: 900-1.100 lbs., good and choice. [email protected]: 1.100-1.300 lbs., good and choice. $9.25(312.25: 1.300-1,500 lbs., good and choice. [email protected]; 600-1.300 lbs., common and medium. [email protected]; heifers, 550-850 lbs., good and choice. $9.50® 12.25: comon and medium, [email protected]: cows, good and choice. [email protected]; common and medium. $435: low cutter and cutter cows. s3®4: bulls, yearlings excluded, good and choice, beef. $5.7536.75; cutter to medium. s4® 5.75: vealers. milk fed. good and choice. $10.75(313: medium. [email protected]:’ cull and common, $7.50®9: stocker and feeder cattle, steers. 500-1.050 lbs., good and choice. 87.25© 9; common and medium, 85.25® 7.25. Sheep—Receipts. 17,000; market generally steady: native ewe and wether lambs. $8®8.25: bucks. $7®7.50: throwouts. 8555.75: rangers unsold: good feeders at 86.75: slaughter sheep and lambs, lambs C()

Net Changes

Bv United Fret* NEW YORK, Sept. 19.—Closing prices and net changes on principal stocks traded today on the New York Stock Exchange follow; Off American Can 122% 3% American and Foreign Power... 67% I s * Amer Telephone iex-dlvldendi. .210 2% Bethlehem Steel 86 1% Bvers 69 s * 2% Consolidated Gas 106 s * % Electric Power 69 3 s * Genera! Electric (ex-dividend).. 68% 1% General Motor? 42% 1 International Nickel 24% % Loew's Int 74 3% National Power 45% 1% Packard 12 s * % Radio Corporation : 36% I s , Radio-Keith 31% ", Sinclair 20% % Standard Oil. New Jersey 67% l s Union Carbide 73 2 United Corporation 32 1% United States Steel 153% 3% Vanadium 82% 3% Westinghouse Electric 143'; 4% lbs. down, good end choice. $7.75®8.65: medium. [email protected]: all weights, common. [email protected]; eews. 90-150 lbs., medium to choice, *2.5034.25; all weights, cull and common. 51.5053: feeding lambs. 50-75 lbs., good and choice. [email protected] Bu United Frets TOLEDO. Sept. 19.—Hogs—Receipts. 250; market steady: heavies. *10.50® 10.75: mediums. $10.65 510.80; vorkers, [email protected]; pigs. $9®9.50. Cattle—Receipts. 200: market. steady. Calves—Receipts. 200; market. steady. Sheep—Receipts, light: market. steady. Bu United Press CINCINNATI, 0.. Sept. 19.—Hogs—Receipts 3,300; including 800 direct; held over, 435, slow; mostly steady on weights 200 lbs. up: lighter weights weak to 25c lower; sows, steady to weak; spots 25c lower; bulk better grade, 200-250 lbs., $11; practically no heavier weights here; 160170 lbs. under weights. £[email protected]: 170-1)0 lbs.,- [email protected]; 140-140 lbs., $9.75; some 130 lbs., $9.50; sows, $8.50@9. CattleReceipts. 500: calves, 350; slow about steady; few better grade light steers and heifers, [email protected]: lower grades. [email protected]; most cows. $4.75®5.75: bulk low cutters and cutters, s3@4; bulls, $6 down; vealers, steady to 50c lower than Thursday's average; bulk good and choice. $11(3,12; lower grades, [email protected]. Sheep—Receipts, 600; better grade lambs, steady to strong, spots 25c higher; mostly [email protected]; few choice train lambs, $8.75; lower grades and sheep steady; medium lambs. [email protected]; common throwouts, [email protected]: fat ewes, $2.50@; culls downward to sl. Bu United Press EAST ST. LOUIS. 111.. Sept. 19.—Hogs— Receipts, 6,500; market, slow; steady to 10c higher than Thursday's ‘average: most bidding and few early sales 170-220 lbs., [email protected]; early top. $10.75; few 150-160 lbs.. [email protected]; packing sows mostly, $8 @8.75. Cattle—Receipts. 800. Calves—Receipts, 600: market, vealers. 25c higher at $11.50; medium bulls, $5.25 down: other classes generally steady with Thursdav: practically no steers on sale. Sheep—Receipts, 2.500; market, steady: bulk fat lambs to packers. $7.7508; top to city butchers. $8.25; throwouts mostly, $4.50; fat ewes, $2.5003.50. Bu United Press PITTSBURGH. Sept. 19.—Hogs—Receipts. 1.650: market strong to 15c higher: 180240 lbs.. [email protected]; 150-180 lbs.. 510.50® 11; 240-280 lbs.. $10.75@11: 100-140 lbs., $9.50@10; good sows, [email protected]. CattleReceipts. 20: market, unchanged. Calves— Receipts. 300; market, weak and lower; desirable vealers. slo® 13. Sheep—Receipts. 1.200; market about steady; bulk good fat lambs, $7.75®8.50. Bu United Press CLEVELAND. Sept., 19.—Hogs—Receipts, 1.100: holdovers 128: mostly, steady; light lights and pigs. 25@50c higher; 180-250 lbs.. $10.85: 160-180 lbs.. $10.60: bulk pigs. $lO. Cattle —Receipts. 275; draggv. weak to 25c lower again on common and cutter steers, around 25@50c under Mondav’s scattering. ss@B; load lots, $7.40: cows and bulls fairly steady. Calves—Receipts. 400; vealers weak to 50c lower: better grades. $14@15; few strictly choice, 15.50; common and medium, $10@13; culls downward to $9 and under. Sheep—Receipts. 600; lambs strong to mostly 25c higher, spots up more, good and choice quotable. sß® 8.75: few best, $9: common and medium. ss® 7; sheefl steady. Bu United Press EAST BUFFALO. N. Y.. Sept. 19.—Hogs Receipts. 2.600; holdovers. 400: fairly active. mostly to packers, generally steady to strong: 180-230 lbs.. $11.25: 170 lbs.. $11.15; 140-160 lbs.. $10.50®11: 140 lbs. down. $103:10.50: packing sows. $8.35@9 Cattle—Receipts. 200: holdovers. 250: grass steers and heifers slow, bulk unsold: good vearlings. $11.25; grass heifers. $7.25; cutter cows, $2.75®4. Calves—Receipts. 350; vealers. 50c lower; sl4 down. Sheep —Receipts. 1,800; lambs steady to strong: duality and sorts considered: good to choice. $8.50; medium. $7.50; throwouts $6 06.50.

LOUISVILLE. Ky.. Sept. 19—Hogs—Receipts. 500: market, steady; 300 lbs. up, $10; 200-300 lbs.. *10.75; 175-200 lbs., $10.25; 130-175 lbs.. $8.75; 130 lbs. down, $6.90: roughs. *7.75: stags. $6.75. CattleReceipts. 200; market, steady: prime heavy steers. $8.50@10; heavy shipping steers, $708.50; medium and plain steers, ss.so@j 7; 'at heifer $5.50@10; good to choice cows. *4(5.6; medium to good cows, $3.50® 4: cutters. [email protected]; canners, [email protected]; bulls. s4@6; feeders. $5.50@7,25: Stockers. [email protected]; calf receipts, 400; market. 50c low ir; choice. $809.50: medium to good, [email protected]: common to medium, *3.50@ 5.50. Sheep—Receipts. 200: market, steady: ewe and wether lambs. $7.50: buck lambs, $6.50: seconds. [email protected]; clipped sheep, [email protected]. Thursday's shipments—Cattle, 24: calves, 406; hogs, none; sheep, none. Bv United Press FT. WAYNE. Ind.. Sept. 19—Hogs—Market. steadv to 15c lower; 110 lbs. down. $8.25; 110-120 lbs.. $8.50; 120-130 lbs., *8.75; 130-140 lbs.. $9.25: 140-150 lbs.. $9.60; 150-160 lbs.. $9.85; 160-180 lbs.. *10.20; 180200 lbs.. $10.35: 200-225 lbs.. $10.50: 225250 lbs.. $10.60: 250-300 lbs.. $10.70; 30035 lbs., roughs. $8; stags, $6; calves, SI 1.50: lambs, $7.

Local Wagon Wheat

Cl tv grain elevators are paving 79c for No. 1 red wheat and 76c for No. 1 hard

LOWER CABLES SEND FUTURES TRADHTCDQWN Grains Fail to Rally at the Close: Wheat Off Sharply. Pines Winter Front showed first strength for some time with upward trend all day. Continental Corporation held well considering downward course of general market. Majestic very weak with nothing in sight today to better it. Considering great weakness in Majestic. Grigsbv acted well but looks loyer. Insull issues continue strong and well sponsored. Borg Warner and Missouri Kansas Pipe weak most of day. Continued unsettlement probably in sight for Saturday. Bu United Press CHICAGO, Sept. 19. —Wheat prices declined sharply on fairly general selling with little support near the close or the Board of Trade today. With the exception of a morning rise, wheat showed little disposition to rally the greater part of the day. Corn was weak and prices declined readily under commission house and local selling, in spite of a bullish tone to the northwest belt weather report, w’here frost is expected. Oats weakened in sympathy with the other grains with evidences of scattered liquidation on the way down. Liverpool Lower At the close wheat was l 3 s to 1% cents lower; corn was 1 to 1% cents lower, and oats were % cents down. Provisions were lower on the commission house selling of lard. Liverpool, which opened lower than expected, remained down throughout the session and at the close was l’s to 1% cents lower. Selling of wheat at Chicago stopped on the decline, as on previous days of this week, as there was no inclination to sell in a low market. Trade was slow and weak during the morning, and all attempts to raise prices were feeble. Cash prices were Vs cent lower and receipts were 23 cars.

Com Bought Local professionals were the best buyers of corn at mid session, with the grain receiving some support from the holders of bids. The market was sympathetically weak, and in general selling prices were off 1 cent from the previous close. Cash was % to 1 cent lower, and receipts were 122 cars. Oats which were also lower with other grains at the start found very little market during the morning. The session was very dull on the lowered cash prices. Receipts were 32 cars, and cash was off % cent. Scattered liquidation weakened lard, and all provisions remained several points lower. The market was quiet. Chicago Grain Table —Sept. 19WHEAT— Prev. Open. High. Low. Close, close. Sept.. .81% 81% .80% .81 82% Dec... .85% .85% .84% .85% 86% Mar.. .89% .89% .88% .88% .90% Mav.. .92'% .92% .91% .91% 93% CORN— Sept.. 91% 91% .89% 90% .91% Dec... .86 .86% .85% .85% .86% Mar.. .87% .88 . 86% .86% .86% Mav.. .89% 89% .88% .88% .90% OATS— Sept.. .37% .37% .37% .37% .38% Dec... .40% .40' 2 .39% .40 .41 Mar.. .42% .42% 41% .42 .42% Mav,. .43% .43%. .42% .42% .44 RYE— Sept... 53 .53 .52% .52% .54% Dec... .57% .57% .56% .56% .58% Mar.. .62% .62% .61% .61% .63% May.. .64% .64% .63% .63% -65% LARD— Sept. 11.70 11.70 11.65 11.65 11.75 Oct.. 11.65 11.65 11.62 11.62 11.70 Dec.. 11.37 11.37 11.20 11.22 11.45 Jan.. 11.20 11.20 11.12 11.17 11.30 Feb 11.17 11.25 BELLIES- „„ Sept. .... .... .... 14.20 14.20 B.u Times Special CHICAGO. Sept. 19.—Carlots: Wheat, 15; corn. 127; oats. 37. and barley. 13.

Nation-Wide Securities Company TRUST CERTIFICATES series B COMPRISING 77 SECURITIES Offer ... 4* Intelligent diversification in every maior branch of American industry and finance. + A participating interest not only in America’s leading equities, but in many of its pathfinder stocks of com- • panies whose greatest development lies ahead. + An investment fixed to the extent that no investment can ever be made outside of original trust unit, except in the event of merger or consolidation. + An investment flexible to the extent that a stock developing an intrinsic weakness can be eliminated with sufficient promptitude, but reinvestment made only thr< the original trust unit. ♦ An investment which will keep pace with the country ’s growth and expansion. (Retention of capital split-ups and major stock dividends in excess of 10%, wherever applicable, insure this growth.) Price: Approximately 89.37 per share Complete Details Lpon Request Fletcher American Company INDIANAPOLIS

Chicago Stocks ’ *Sv James T. HamlU & Cos. i"

TOTAL SALES 594.100 SHARES —Sept. 19 — Adams Mfg 30 Allied Motor Ind 8 Art Metal Works 9% 9 9 Assoc Telephone UtU.. 24 Auburn Automobile.....lls 112 112 Bendlx Aviation 30% 29% 30 Binks Mfg 16 Borg-Warner 27% 26% 27 Brown Fence & Wire B 11 Burnham Trading 4 s * . Burnham Trading pfd.. 21% Butler Bros 10% 9’. 9% Cent 111 Securities 57 Cent Pub Serv Class A 25 Chi City & Con Rys pfd 11% 10 s . 10% Chicago Corp 12% 11% 11’. Chicago Corp pfd 43 s * 43 43% Cities Service 28% 27 5 . 28 Clum Aluminum 4 Commonwealth Edison 28a 278 279 Construct Materials 14 Const Materials pfd .. 41% 41 41% Continental Chicago . 15). 14% 15 Continental Chicago pfd 46 Cord Corp 7% 7 7% Corp Securities 22 21% 21% Electric Household 42 5 . 40% 41 Electric Research Lab.. s * General Theater Equip . 32 s . 31% 32 Great Lakes Aircraft.. 5 Grigsby-Grunow 7% 6% 7% HoudaiUe-Hershev IAI. 19 Houdaille-Hershev ißt 8% Insull UtU Invest 55 s * 53 s . 54 Insull Util Inv p ex-war 91 90 91 Ins U In p 2d s bds 6% 102 101 101% Iron Fireman 25 24 24 s * Kalamazoo Stove 61% 49 49 Libby-McNeil 15 14% 15 Lion OU Refining Cos 18 17% 17% Mat Hshld UtU 25 18% 20 Marshall Fieid 40 s . 39% 39% Mid West Utilities ... 28 27% 27 s * Midi United 25 24 s * 25 Midi United pfd 44% 44 44% Midi Untied Warr I s . !% 1% Miss-Kan Pine Line 19% 17V. 18 Modine 47 % 46 46 Natl Sec Invest ctfs ... 89 National-Standard ... 30% 29% 29% No American Car 37 36 36 No & So Amer Corp... 14 Pines Winterfront 26% 23 26% Seaboard UtU Shares... 5% s s . ss.5 s . Stand Dredging Cos 14 Steluite Radio 1 Super-Maid 10 9 9 Swift & Cos 30 Swift International .... 34% 33% 33% Unit Corporation 11 U S Radio & Tel 27 s * 25 s * 26 Utah Radio 6% ss.5 s . 5% Utility & Ind 13% 12% 13 Utility & Ind pfd 22% 22% 22%

New York Curb Market —Sept. 19— Close! Close. Am Com Pwr A. 19 s * Mo Kan Pipe 18% Am Gas & El.. 128 Mt Prod 9% Am Lt & Tr... 60% National Av ... 9% Ark Gas 9% National Inv ... 12’* Brazil P&L. .35 Nat Screen . 25 1 • Can Marc 4 Newmont Mtn .. 84% Cities Serv .. 28 Nia Hud Pw . 15% Cord 7’a' Niles 28% Crocker & Wh 16%,Noranda 21 s * Dixie Gas 24 s * Pantepec 2% Durant Mot ... 3%!Penroad 10% Elec Bond Sh.. 77% Prince & Whtly 9 s * Fokker ... 10%'Salt Creek 10% Ford of Can ... 28 iShenandoah 9 s i Ford of Eng ... 19% std of Ind 48% Ford of Fr ... 11% Std of Kv 30% Fox Theater ... 9% Std of Ohio .... 73% Goldman Sachs. 18 iTrans Air Trans 7% Gulf OU 116 Un Gas inew).. 15% Hudson Bay ... 18% Un Lt ft Pwr. 37% Humble Oil . . 86% Un Verde 8% Ind Terr A ... 28% Ut In Ind 13% Insull Ut 54 )Ut Pwr 17% Int Super 39 Vacum Oil 77 Int Pete 18%' Wallgreen 32 Midwest Ut ... 27

New York Bank Stocks

—Sept. 19— Bid. Ask. America 94 96 Bank of United States 98% 99% Bankers 146 147% Brooklyn Trust 712 720 Central Hanover 336 340 Chase National 138% 140 Chatham Phoenix Natl.... 106 108 Chemical 63 64 City National 151 152 Corn Exchange 170 173 Commercial 420 425 Continental 27% 28 Empire 76 78 Guaranty 627 631 Irving 49 49% Manhattan ft C'o 110 110% Manufacturers 85 86% New York Trust 144 147 Public 101 103 Chelsea 32 37

Thomson & McKinnon INDIANAPOLIS CHICAGO NEW YORK MEMBERS New York Stock Exchange Chicago Stork Exchange New York Cotton Exchange Chicago Board of Trade New York Curb Association Rooms 200-214 Circle Tower Telephone Lincoln 5501

PAGE 9

IMPROVEMENTS NOTED IN CORN CROP CONDITION Government Weather Report Shows Benefit of Recent Rains. Bu United Press WASHINGTON. Sept. 19—The weekly weather report issued by the United States Department of Agriculture today said: “Rainfall of one to above three inches was general over the. cotton belt except in some sections with temperatures above normal. There was considerable interruption to picking in the central states of the belt, but fair progress was reported in most sections.” “Corn, with additional showers some late com in the northern portion of the main producing area shows further improvement. The crop is maturing rapidly and much is now out of frost danger in northern sections, with cutting in progress. Half Crop Saved “In lowa the state of maturity ranges from about four-fifths sate in the north, to one-half in the south, while more than half is now safe in northern Illinois. ’Crop reports of the Department of Agriculture as of Sept, show that during the months of July and August this year there was, because of the prevailing drought, a loss in the prospective corn crop of about. 820.000,000 bushels with 527,600,000 of this total loss accounted for in an area comprising the second important com states of Kentucky. Ohio, Indiana, lowa, Illinois and Kansas.” “In these seven states the average deficiency in rainfall for the two months was 3.35 inches, which* makes for each inch deficiency in rainfall a corresponding loss in the corn crop of 147,500,000 bushels. Rainfall Lacking “In these seven states the preliminary estimate of corn acreage was 43,464,000 acres, which makes on the average a deficiency of one inch in rainfall correspond to a loss of 3.63 bushels of corn per acre. “In actual water equivalents the deficiency in the rainfall in these two months amounted to 3.78 tons of water on the average for each acre of com in the area of the seven states, or thirty-one tons for each bushel reduction in prospective yield from July 1 to Sept. 1. “The ground remained generally too dry to plow in the middle Atlantic states and eastern Ohio valley, but in the central parts of the latter area good rains were received and plowing and seeding were favored. Ground is in good condition also in the southwest and in the great plains, except that it still is too hot and dry In much of Texas.”