Indianapolis Times, Indianapolis, Marion County, 13 May 1937 — Page 24

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PAGE 24

THE INDIANAPOLIS TIMES

THURSDAY, MAY 13, 1937

COMPLETE N. Y. EXCHANGE 1: STOCKS

he Times Financial and Market Page

"COMPLETE LOCAL

w LIVESTOCK

FEAR 0) BREAKS

STRIKES

MARKET;

ALL SECTIONS OFF

U. S. Steel Drops Four Points to Lead Trend.

By United Press = NEW YORK, May 13.— Stocks broke to new low ground for the year in heavy

selling today. Steels led the downturn. U. S.. Steel lost 4 paints to 95's. Other sections were down 1 to 3. Rails held better than other sections. Coppers, - communications, oils, farm shares and amusements were wide losers. Reasons were difficult to find, but labor difficulties in steel and motor units were a factor. Widest losers included American Agricultural Chemical off 5!2; Deere & Co. 127, off 33%; Du Pont 1527», off 3; International Paper preferred 9712, off 415; Sloss Sheffield 155, off 13; Wheeling Steel 45, off 3's. Weakness in steels and spread to other groups as bond prices turned sharply lower. Government loans lost up to 9-32 point. | & A five-point slump in Jones & Laughlin Steel on strike threats featured Curb trading. Chicago stocks fell fractions to more than two points in increased activity; many leaders dropped to new 1937 lows.

FIRST HOUR

The market opened lower in dul} Utilities led the decline with National Power, Consolidated Edison, American Power & Light and Western Union -all going to new lows for the year. Rails and motors resisted fairly well, Atchison showing a moderate gain around 90. Steel shares were weak, U. S. Steel dropping 17s to 97'i. Du Pont lost 1!2 to 154. Chrysler was unchanged at 111%. Amusement

rails

“issues weakened.

Volume approximated 230,000 shares compared with 190,000 in the first hour yesterday. Dow-Jones averages: Industrial, 170.74, off 1.50; railroad, 58.88, off 0.01; utility, 27.70, off 0.33.

SECOND HOUR

Shortly after opening of the hour heavy selling developed and by 11:29 tickers were four minutes late. U. S. Steel was the leader, breaking four points to 95'%, from which it recovered moderately. Bethlehem lost around two points. Chrysler broke to 108!'i for 3!» points loss and then rallied to 110. Utilities went into new lows, Consolidated Edison -off more than other groups, but Atchison had a point loss at 883:, New York Central 3: loss at 451, and Southern Pacific a point loss at 561s. Volume approximated 520,000 shares, compared with 100,000 in the second hour yesterday. Dow-Jones averages: Industrial 169.34, off 2.90; railroad 58.35, off .54; utility 27.38, off .65. |

Today's Business At a Glance GENERAL BUSINESS

American Bureau of Metal Statistics reports lead consumption by all countries outside the U. S. averaged over last three months 101,708 short tons per month vs. monthly average of 105,867 during all of 1936 and 99,050 in 1935; zinc consumption by all countries outside the U., S. averaged qver last three months 96,844 short’ tons per month vs. 92,657 per month in 1936 and 85,089 in 1935. S

CORPORATION NEWS

American Power & Light Co. and subsidiaries, 12 months ended Feb. 28, net income, $10,228,376, equal to 19 cents a common share, vs. $8,166,425 or $4.61 a share on combined preferred in previous 12 months; three manths ended Feb. 28, net income, 32,772,295 or 12 cents a common share, vs. $3,039,721 or 21 cents a year ago. DIVIDENDS 11 Paso Natural Gas Co., regular quarterly 40 cents on common, payable July 1 record June 18. Great Northern Paper Co. extra 13 cents and regular quarterly 25 cents payable June 1 record May 20 vs. extra 12 cents in previous quarters. International Mining Co. 15 cents, payable June 21 record May 31 vs. like payment on March 20. S. S. Kresge Co., 30 cents on common, payable June 12 record June 1 vs. like payment on March 13. Michigan Steel Tube Products ‘Co., 25 cents on common payable June 10 record May 31 vs. like payment on March 10. omnibus Corp., regular quarterly $2 on preferred, payable July 1 record June 15.

MARKETS AT A GLANCE

Stocks lower; steels weak. Bonds lower in light trading. Curb stocks lower in quiet trading. Chicago stocks easy. Call money, 1 per cent. Foreign exchange easy in relation to the dollar. Cotton 9 te 13 points lower. Grains fractionally lower Chicago. Rubber breaks 77 to 83 points. Silver bars in London unchanged at 203s pence a fine ounce.

Curb S tocks

By United Press

| Aero Sup B..... rveess Alum (Ltd... eseaey.102 | Ale Co Am...... wos vo JI Am Cyan B sven 298 Am pracaito . Am Super ..... Ark NG A Austin Sil Mne. Barium er Gay Centrif P Cities | Serv ... Cities Serv pf Col O & G N. Con Cop Mns Cord Corp Cusi Mexic Dayton Rub .. Eagle Picher L. El B & Sh. Equity eP.: Fisk Rubber Lif -

Ford M Gen T & R Grd Nat Bl ulf O Im

OCD PR

on ro NPN WOHFIDWWNNI UN ~1 =D Le A) “ 3 wo NaN&EON® ® LI -TDLI URI UNN = Nw

is RD

BE} °& 1st. Seierling R S O Ky

Last 105%

18 421, 1-64 4

Consumers Co ... Dayton Rubber . Gen Financ Heileman Brew

Ky Util cu pf....

Loudon Pack Mid West pf ww Noblitt- a Penn Gas & E Swift Intl

MONEY MARKET

NEW YORK. May 13.—Mo unchanged today ney Tiss Were Banker's Acceprances ~-— 30 Days. 9- 16@ 2% To 4

Yo @ 71-16%: 60 and 90 days. 1 and 180

120

days, ays.

san %a@9-16%: 150

Commercial Pader rime names 1% ime Monev—60 an 0 da y 150 and 180 days. 129 $s Tvl io 1%2%.

2 Rediscount rate at New York.

“A,” payable June 1 record May 20. Pittsburgh & Lake Erie Railroad Co., $2, payable June 15 record May 21 vs, $2.25 on Feb. 1 and $1.50 on Dec. 23. Stix Baer & Fuller Co. 25 cents on common, payable May 25 record May 15 vs. like payment on Jan. 25. United Elastic Corp, regular quarterly 15 cents, payable June 24 record June 4. Western Auto Supply Co., quarterly 40 cents on common, payable June 1 record May 20. The old stock, recently split 3-for-1, had been receiving $1 quarterly. Chicago Flexible Shaft Co., regular quarterly $1 on common, payable June 29 record June 19. Eastman Kodak Co. quarterly $2 on common, payable July 2 record June 5 vs. $1.50 in previous quarter. U. 8S. Gypsum Co., 50 cents on common, payable July 1 record June I5 vs, like payment on April 1. Wayne Pump Co. 50 cents, payable July 1 record June 18 vs. like amounts in. two previous quarters. American Laundry Machinery Co. 20 cents on common, payable June 1 record May 20 vs. 20 cents on March 1. Chicago Rivet & Machine Co., 30 cents on new $4 common, payable June 15 record May 25. On March 15 50 cents was paid on old no-par stock prior to 2-for-1 exchange. Creameries of America, Inc., regular quarterly 10 cents on common payable June 30 record June 10. Ely & Walker Dry Goods Co., regular quarterly 25 cents on common, payable June 1 record May 20. (Copvright. 1937 bv United Press!

AMERICANS BUY MINE

JOHANNESBURG, May 13.— United States interests today were reported to have invested $2,500,000 in a copper enterprise in Namaqualand. The reports said they planned the largest copper smelting plant in South Africa.

LATEST NEW YORK STOCKS

By United Press

Adv Rumley

Alaska Jun .. : :

Allegh Corp Allied Chem Am Bk Note . Am Br Shoe.. Amer Can

i Iize, Low. Bi 1314 378 iy 1226 . 22

Am Crys Su ... 28 Am & F a a

Am- Hay 3 Lp ¥ % Met.

L & 155 ot A 53 Rad & S 8S 21'2

nu . Stl Fdies. .

Shores Jats & T.

TE Water W.. Woolen. ...

Anaconda Arch-D-M Atchison

Atchison pf.. Atl Ref Avn Corp

Bald Loco

as t1 142 Lp 105 27- 33 105 27. 7) 105 3, 58% 58% 51% 21

51% 21 165 129 1s 93s

"165 129 8}

165 129 8

Balt & Ohio...

Bang & Barnsdall Beatrice Cr ...

Ar....

Ben Ind Loan..

Beth Steel Blaw-Knox Borden Borg-Warner Boston &

Me...

Bdgept Brass

Bklyn-M T

Bklyn U Gas .. Budd Wheel ...

Burroughs

Bush Term ....

Byers, A M

Byron Jackson .

Call Zinc Can Pacific Celanese

. 8 222 283%

. 220, 2834 Ce 3%

3% . 3 /

Cent Aguirre .. Century Rib ... Cer de Pasco ..

Ches & Ohio

Ch M St P&P pf ny

Chi Pneu T Chrysler «

Clark Eq 3TVa €ol Fuel & Iron 36s

Colum Gas

Col Pictures vtc 33% lv 15

Com So

Commonw & So 2%

Cons Edison . Cons Coal vtc.

. 36's 1114 32% 3

Il aBY

Crown Zeller

Cub-Am Sug ee

Curtiss-Wr

Deere & Co ...

Dome Mines ...

Du Pont

East ‘Kodak Elec Auto-L Elec P &

Fed Wat S A ..

Gar Wood Ing: Gen Am In

...15812 co. 38Y G -.. Elk-H Coal ....

we 199%

9 5% Pe .130'2 130'2 3812 3812 15512 15512 fi 1581, 38174 18%; 1834 4%, 4% mt, |

3% 3%

Gen Cable A ..

Gen Elec Gen Motors

Goodyear Graham-P

Grant WT....

f Greyhoun

Corp

Houston Oil ... Howe Sound ... Hudson Mot ...

Hupp Mot Hupp rts

Ill Central Inter Iron

Int B Mach ... 15 10

Int Harv

Int Mer Mar ..

Int Nickel Inaldnst Int P& Int T

Intst D 8

Kimberly C Kresge SS

8 1-16 1-16

yi 2034 181%

155 1071s 97g 591% 15-16 1022 10Y2 251g 25

. 4213 -421;

Kroger G & B 2

Lehman id L-O-F Glass Ligg & My

Ligg & My pf. .1:

Lima Loco Loews i Lorillard

Ludlum Stl ....

Mcintyre P ....

McKeesport McKess & R Macy R H Martin G L Mar S R pr pf Marlin Rek Mathieson Mengel

C93, 3638

Mesta Mach | oe

Miami Cop Midcnt Pet Minn-Moline M SP SSM Mo-K Tex

Mother Lode Motor Prod

Nash-Kelv Nat C Reg A. Nat Dairy Nat Nat

Nat Supply

Y Central ...

N NY NH&H

Distillers &1t. . 103

ries 13.1

23 30 9%

461,

6% 65s

Net Lag. change.

¥ 113 12 “ bs ls

++ +1

1a 1 1 Ye 1 1 3

3n-34

iy 3;

nu;

ILE 3+

BANK STOCKS

(By Blyth & Co., Inc.) Bi

Bankers Trust

Central Hanover

Chase National Chemical Bank

& Trust

Guaranty Trust

Irving Trust Manufacturers National City Continental, First National,

National Shawmut,

Ntaional City,

Trust

Y chicago

Boston

Cleveland

FIRE INSURANCE

Aetna Fire

American of Newark Baltimore American City of New York ..

Federal Franklin

Great Smericah

Hanov Hartford Home - Nationa! Fire National Libert

North River seine

S. We Te

Boston ... 31

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

Yesterday Week ago Month ago Year ago High, 1937, High,

194.40; 1936, 184.90;

low, low,

20 RAILROADS

Yesterday Week ago . Month ago Year ago High, 1937,

64.46; High, 1936, 59.89;

low. 53.15. low, 40.66.

20 UTILITIES

Yesterday Week ago ... Month ago .....

Year ago .........

High, 1937, 37.54; High, 1936, 36.08;

170.13. 143.11.

28.03 29.50 31.38

low, 28.03. low, 28.63.

“0 STOCKS

Month ago .. Year ago High, 193%,

30.18

69.67; low, 60.98.

High, 1936, 66.38; low, ‘51,20.

High. Low.

N Amer N Am b!

N N Pacific

Ohio Oil

23%2 5

11% 34

| 19 Oliver FP Eq.... 3

Otis Elev

Pac G & Bl ... Packard Paraffine Co ... Paramt Pict :...

Para Pic 2

.. 292 9%

19%,

Para Pict 1 Bt 188 To

Pathe’ tie? fag Patino Mines . Pen & Ford ... Penn Pfeiffer-Brew Phelps Podge.

Ph Read

Divmoiith Oil -. Poor : ve 2 Press Ru Car vis

Radio pf N .... Radio-K-Or

Republic Stl ... Reyn Met Reyn Tob B ...

Schenley Dist .. Schenisy Dist pf Schu R Schujie pf Seaf Air L .... Seab A L pf .. Seab'd Oil Sears Roe Servel. Inc Sheaf Pen Simmons Smith-Cor-T cts Socony- ~Yacuum So Am Gold South Pac South Ry “v Sperry Corp ... Spiegel Inc .... St Brands

Superior O Suth Pap . Syming- -Gould

Tenn Corp Texas Corp .. T&PC&O...

v0 1234 . 60% 1234

. 16 43% 4

9 2% 247 . 6 ’ 35'a 23 Va 50

9434 1

22%

33% 13

1215 60% 123%; -

221,

5 35% 13

1215 60%3 123,

~0.31 +1.14 —0.74 +3.59

Net Last. Change. 232

54 11%,

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations do not: represent actual bids or offerings. but merely indicate the approximate market level. BONDS

Citz Ind Tel (TH) H Tel & Tel F

Bi 41s ’6l....

w iis '85..

H Tel & Tel Ft W 6s Ind Assoc Tel 4Yas 68 ’60

Indiana Tel Co 5s

Indpls Railway Ins 5s ’67.

Indpls Water Co 3

Interstate Tel & Tel 5'% Kokomo Water Works 2 ’58. .

128 "66.

Morris 5 & 10 Stores 5s ’50 =-100 Muncie Water Works 5s 5 Noblesville H L & P Sus '47.

Ohio Tel Serv 6s

5s '57 Kuhner os Co 4'2s 49.

STOCKS

Belt Railroad & St Yds com . Belt Railroad & 2 Yds pifd.. 3

Cent Ind Power

Ts Indpls Pwr & Lit Co pfd 6s. . Indpls Pwr & Lit Co_pfd 6's. . Indpls Water Co pid 5s Lincoln Nat] Life Ins Co’ com

Ind Pub Serv

pfd

N Ind Pub Serv Co pfd 6s.

P R Mallory Co com

Progress Laund:v Co

Pub

Union Title Co com Van Camp Milk Co pid. eels Van Camp Milk Co com

Dividends Grow

99 s '53..

CASH DIVIDENDS DECLARED (NEW YORK TIMES)

oo o Oo

DOTTED LINE IS THE PAST EIGHT YEARS AVERAGE OF THE SAME MONTHS

MILLION DOLLARS

MAMUJ J 193

AS ON

J_F 1927"

THE PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS

Pennsylvania Gas X Electric Co., regular quarterly 372 cents on class

For Final Stock Quotations See Later Editions of

The Indianapolis Times

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDE

NEW YORK, May 13.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average 100):

Yesterday |..........146.65 Year ago Week ago '..........149.74/1937 high Month ago ........

Following are the prices used in compiling the index:

Commodity— Wheat, No. 2 red (bu.)........ Corn, No. 2 yellow (bu.)........ Rye. No. 2 (bu.) Oats, No. 2 white (buw.)......... Flour, spg. pat (196-1b. sack) .., Lard, prime steam spt. (Ib.).... Coffee. Riv 7s spt. p.) Sugar, raw 96 test (Ib.). Butter, 92 score (Ib.)..........

Today S$ 1.277% 1.28 1.15% 51 7.550 1155 09% 0345 33%

ciennels

.152.87 1937 low (Jan. 29)..

Commodity—

Wool, fine unwashed Cotton, Mid-Upland

.158.26 141.47

(April 5).

Lead, spot (lb.) Zinc, spot (lb.)

Week Ago $134 § 1.39% 1.193% 5478 7.850 .1140 .09 0345 32%

Year Ago 95% 643% 59 29% 5.875 .1055 061% .0372

Silver, comml.

Silk, 13-15 deniers Jap (1b.).... Rubber, spt. smk. rib (lb.) Copper, electrolytic (Ib.)....

Today Lambs, avg. most sales (Ih.) $ Hides, native heavy steers (lb.)

comb. (Ib.)

(1b.)

Tin Straits, spot (1b.)....... e000 bars (0z.)....... Steel, scrap, Chi. (ton). Pig Iron, Iron Age Comp. (ton). Coke, Connelsville (ton) % Cement, Dom. Portland bbl.) .. Yellow Pine, 6-in. base (m. ft.) Douglas Fir, rough (m. ft.) .... Gasoline, tank wagon (gai) Crude Oil, 40 gravity (bbl.)....

1.85%

1%. 23.25 4.60 2.25 60.00 52.50

1.27

Week Ago 1200 1614 45 1362 1.85

A240 § 161% 43 1331

21 d4° 0602% 066214 5434 45 5

9-16 J4 06024 066214 55 45% 18.25 23.25 4.60 2.25 60.00 52.50 090 1.27

.090

* Year Ago $ .1135 Jd1Y

.21 15-16

3.65 2.35

38.00 092 1.18

By United Press

NEW YORK, Moy 13.—Dividend declarations this year to date by some 3400 American corporations with listed stocks approximated the highest tdtal since 1931 and an increase of 20.9 per cent above the total of $1,-

075,000,000 in the corresponding period last year, a survey showed

$1,300,000,000,

today.

In view of the fact that corporate earnings reported for the first quarter this year have run more than 40 per cent in the aggregate above 1936, expectations are that dividend declarations in ensuing months will better considerably the 209 per cent increase pace recorded thus far in 1937 since undistributed earnings will be subject to heavy Federal

surtaxes.

Nearly 10 per cent of the corporations increased dividend payments this year, while slightly more than 1 per cent made disbursements for the first time since

the depression.

Colonial

Savings and Loan

- United corp. -

Net High han Tex Pac LT .. lll Timk-D Ax... 237s Timken R B .. 61a Transamerica .. 137

i 4 8

—

Un Oil Cal Un Aircraft Cp. Un Air Lines .. Un Am Bosch..

24%, 251 16% 20

5 131% 3g 2012 561% 98

United Dru Un El Coal. U S Freight. ... U 8S Rubber... U S Steel. ..... Un Stores A.... 5 UP&LA.. 2% Vadsco Sales. ... Va-Caro Ch

West Union. ... Westing El. White Sew M pf 3 Wilcox O & 9. . 47% Wilson & Co. 9 Woolworth © 467;

Yellow. Tr ay Young Sheet ..

FDIC HEAD HITS RURAL BANKING

Small Communities Pay Tao Much for Services, Says Crowley.

By United Press ST. LOUIS, May 13 Chairman Leo T. Crowley of the Federal Deposit Insurance Corporation today had criticized the “inordinately high premium” which residents of small communities pay for banking service.-

“I question the value to any community of a bank which, because of limitations on its volume of business, has to charge exorbitant rates of interest on ‘its extensions of credit and which, because of its monopoly. is able to charge such rates,” Mr. Crowley told the Missouri State Bankers Association Convention yesterday. He pointed out that in 1935, the average rate of interest received by all insured banks, not members of the Federal Reserve -System, on their outstanding loans and discounts was 5% per cent. The average rate received by insured nonmember banks with deposits of less than $100,000 was in excess of 8 per cent, while institutions with deposits of $100,000 to $250,000 averaged more than 7 per cent. “In the light of these facts,” he continued, “it seems to me that the resident of a small community is called upon to pay an inordinately high premium for the banking service he receives, particularly when his local institution is so vulnerable and likely to fail.” Mr. Crowley expressed the opinion that there are too many banks to insure profitable and safe operation and’ that the solution was gradual reduction in their numbers.

STEEL OUTPUT RATE UNCHANGED IN WEEK

NEW YORK, May 13.—Steel production continued unchanged at 92

per cent of capacity this week despite decline in forward buying, Iron Age reported today. Removal of priée uncertainty has eased pressure on steelmakers, and consumers are not making any substantial additions to their stocks or commitments but are buying to meet acual requirements. Consumpion is heavy in many lines, however, and. prospects” for the third quarter are 2 | promising. The usual summer letdown, Iron Age said, may be less than might be expected in view of the large production in the first half of the year.

LOCAL AIR EXPRESS TRAFFIC INCREASES

Air express traffic at Indianapolis increased 91 per cent in April over the same .1936 period, according to J. W. Dill, Railway Express Agency general agent here. Revenue from air express showed a 124 per cent increase, he said. Total express business in Indianapolis increased 19 per cent, he reported, with a 15 per ‘cent increase in revenue and a 10 per cent increase in employment.

LOCAL PRODUCE

(The prices quoted are paid for stock gathered in the country, while for deliveries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.) Sras—No. 1 strictly fresh, 15¢

OE eay breed hens, 5 lbs. and cver. 13c. Legho hens, 9c.. Heavy breed broilers, 1937 stock, 2 Ibs. and over, 19c. Leghorn broilers, 1937 stock. 2 Ibs. and over, 17c. Barebaek broilers, 1937 stock, 2 lbs. and i Cocks, Tc. Geese. full-feathered . Ducks, full-feathered and fat. 5 bs and over, 6c. er—Creamery, No. 1, 35@36c; No, 2, 3c: No. %. @8¢.

20a 33c, Butterfat—No. 1, U. S. STATEMENT WASHINGTON, May 13, — Government expenses and receipts for the current

fiscal year through May 11, compared with a year ago:

loss off,

This Year Last, Year .$6,514,009,195.43 $6,225, 918,925.12 4,249,807,127.16 3,461,646,253.34 Deficit 2,264,202,068.27 2,764,272,671.78 Cash Bal. . 1,713,113,541.66 2,390,748,221.99 Pub. Debt 33033 143.00 5 31, gor 35% 917.63 Gold Res .11, LH 8,754.09 19,3 ,=30.13 Customs... 5.571, 497.51 To ay’'s Purc. 3 Inactive Gold $10, 51, 759.65 $636,122,120. 39.

FOREIGN EXCHANGE

NEW YORK, May 13. —Foreign exchange iregular: Cable Net

Expenses . Receipts. ..

a England (pound) . $4.94% ng. (60-d. b. rate) 4.93% oT lolar) . 1.00 15-64 France (franc) .... .0448% Italy (lira) ........ .0526% Belgium (belga) ... .1687 ermany (mark) .. .4018 Switzerland (franc) .2290% xHolland (guilder). .5500 .2549Y% Spain (peseta) ..... Norway (krone) ... .2484'% Japan (yen . XxNew 1931 high.

—.0000%2 —.0000% ~+.0001 .0001 unquoted +.0000% +.0001

Sweden (krona) ... Denmark tirone) or 2207

Active Markets

higher, at $11 for all six.

| Low cutter and cutter 1 Bulls, good

HOGS MAINTAIN | RECORD PRICES VEALERS JUMP

‘ILight Cattle Supply Spurs

Active Buying at

Steady Level.

Vealers here today recovered 50 cents of their losses earlier in the week, because shipments to the East today will reach their destination at the resumption of Kosher killing Tuesday, according to the Bureau of Agricultural Economics, U. S. Department of Agriculture. Shipeprs were the chief aggressors, paying $9 to $9.50 for good and choice vealers. Abridged hog runs around the market circle today and this week gave sellers an advantage. As the result and active, steady tone appeared within 10 minutes of the opening, and all of yesterday's 10 to 25-cent advance was held, leaving prices still well in line with nearby markets. Top was at $10.75 for choice 210 to 225-pound- weights. Packing sows sold mostly from $9.40 to $9.90, with a top of $10. Cattle buyers pursued an active i buying course at fully active prices. Generous advances on steers and heifers at Chicago yesterday, coupled with light receipts again today injected sharp competition for the supply. Six double-decks of clipped fed Western lambs made up the bulk of the sheep supply. They were of choice quality, to 105 pounds, and sold 50 cents A few spring lambs topped at $13. Slaughter ewes remained scarce.

HOGS May Bulk RecelDis | 81 8. $9.85@ 10.40 5000 1. [email protected] o 9. 384 10.40

1. 12. 13. 10. 25@ 10. ( Light Lights— (140- 180) Good and Medium LI 160-180) Good nd

Mediu : (180-260) Seon od Medium Medina Weights— 200-220) Good and (320- 250) Good and Heavyweights— (250-290) Good and (290-350) Good and Packing Sows— (275-350) Good (350-425) Good (425-550) -Good 1275-550) Medium Slaughter Pig (100-140) Good and £hoice ‘ Medium

choice. .$ 2 35818. 55 10.25

[email protected] 9.504 10.45 [email protected] 10.00610.55

10.55@ 10.75 [email protected]

10.45@ 10.65 [email protected]

choice. . ‘choice. . choice. . choice. .

choice. . choice. .

—Receipts, 1000— ° (550-900) G

SRR tt

LADWRDDII0DONW SWIDWIN IIRIID BD

(800-1100)

DRA)

2) tt et ot lk pt ek

(1100-1300) G

SBESH-I0ORNNO = BI OULD <IDD 03 ~1D IDI UI BS LODUNNUI INNO NO UD

SAID.

(1300-1500) ‘ G

(500-750) G

Good and choice 2 Common, medium

(750-900)

acH0o 23212101 SoD GD DAD

Choice ood

Connon and medium .

csessece

Cutter, com.

Ve Reais *600— God and choice Mediu Cull nd ‘common

C (250- 500) Sood and choice. $7 9 ommon, medium Feedoy and Stocker a ® (500-800) Good and choice .§ 7.50@ Common, medium. 6.25@ (800-1050) Son and choice . 17.50@ Common, medium. 6.25 Heifers— Good and choice Common and mediu 5.50 SHEEP AND LAMBS —Receipts, 1500— Sears, Lamps

000 173) Good and choice + Common, medium.

By United Press

HICAGO., May 13. I oiogs — Receipts, .000, Higher nan ba market, to 20c higher an yesterday's avera op. $10.7 5 bulk good and choice, 200- =: 30D: $10. 0a 10.70; ev. 310-350 lbs., $10.25 21h, 55: 150- % be. “Siog 10.55; bulk packin eg 5@10 few choice pigs, $95 @10.

S920010. meceipis. 5000; calves, 1500; fed steers and yearlings, strong with Wednesday's 25 to 50c upturn; a good many good to near choice steers and yearlings, now 75¢ to $1 over last week's low time; weighty steers, scarce today, Eastern Shitners and order buyers taking 1000-1100-1b. kinds as substitutes for i ofering s which are absent; largely $9. Ta 12 market: best, $15.25; load or so. $13.2 @14. 35: stockers continue slow; fed Tk sirong; strictly choice weighty heifers, $13, these aeeopanying $15.25 steers; best light heyfers, ws in more liberal SUDPLY of eady to weak; bulls, 25c lower; practical tae weight Sausage Herings in load lots, $6.59; with outs veajers. Steady at $8.25@9: selects Bt Ho $8.50. Sheep —Receipts, 8000, including 600 directs;. fat lambs and stein ringers fully steady, quality considered;. clipped lambs of good to choice quality, Soeard from $10.65; strictly choice offerings carrying more than 30day _ pelt, $11.25; load wooled lambs, $81. fornia spring. lambs, scattere natives, 2 : sheep Sa choice ‘light weight clipped ewes,

$5.25. ¥T. YNE. May 13. —Hogs—Market, 5_10c Hs 225-250 1bs., $10.55; 250-275 . $10.50; 200-225 Ibs., 180-200 ; 275-309 1bs., 30g 350 160-180 be, $10.30; $9. 50: 130- 140 Ibs., 100-120 lbs.. $8.65; foughs, $9; stags, $8. Calves, $9.50. Lambs, $11.5

LAFAYETTE, May 13. alone Market: steady to 10c higher; 210-235 lbs., $10.5 [email protected]; lbs.. . $10.45@ , [email protected]; 150-160 1bs., 0 lbs., [email protected]; 1%0- 130 rou ths, $9. . pring lambs, $11 12; clipped lambs, $9 down.

NEW BOND ISSUES

(By W. L. Lyons & god

Argentine Rep fs 7 Assd Te 1 4s '65

B . Calif Oro. Prw 4s 66. . Celotex 4'>s '47 Cent Maine Pwr 4s "60 Cent Maine Pwr 31 128

la Power 5s '66 . RR Lt & Power 31s '66..1 Indpls Water 3! 38 '66 Kansas PE = vd oppers Ro Foundation 3Y2s 47. Los Angeles Rev 3'a2s ! 7 Louisville G & E 32s '66 Met '65

- £359 = CO = 3 = £3 8D 0) 1 00 BI SD Oh BI a co. = a :

P fou Kraft 415s Sou Bei Tel 3s %ea. Wisc 3.» . Wise Sub Sve i '61.

Local Securities—All Issues

T. P. BURKE

8 COMPANY

- 1937

averaging from 17

275- 3%

8315 | 3602"

N. Y. Bonds

By United Press BOND PRICE INDEXES 20 20 20 Inds. . Rails Util. (922 9354 101.8 92.2 95.5 102.6 91.6 91.8 102.2 90.6 104.9 76.3 97.8 101.2 106,0 94.2 101.8 100.4 106.2 84.7 103.3 86.4 103.6 93.1 71.0 89.3 83.0 1937, Standard Statistics Co.)

60 Bonds 96.4 96.8 96.2 95.4 87.2 100.7 95.9 100.2 93.3

Yesterday

Month ago .... Year Two 1937

years ago. 87.5 high . 95.0 low high ..... 94.8 low . 90,0 1935 hizh ..... 91.4 1935 low (Copyright,

1936 1936

U. S. GOVERNMENT BONDS Treasury Bonds

Low Last 9.2 9.2

May Nov. Federal Farm Mortgage Bonds 102.16 101.26 Bonds

101.16 99.26 DOMESTIC BONDS Abitibi 5s 53 (M) .....1017s Am & For P 5s 2030.... 132 AT T deb 5'as 43... Arm Co Del 4s 55 B &0 4'29 60 Beth Stl 4'2s 60 Can Pas del 4s perp.... Cen. ‘Pac 5s 60 ....... 8 Ches & Oh 3!2s 96.... d Ch & O 3'2s 96 E ... 96% Ch'M St P & P 55 75 . 29% CNM SuP 85 os 3000 Se Chi R 1 415s 60.. Chi ¥ Ind cn 4s 52.. Childs Co 5s 43 0 CCCStLref 2p 63 105 7- "16 105 7- % 105 Chkv Un Ter 5s 73 102% .102! 1023 Cony Oil 3'2s 51. Consu Pw 312570. . Del & H ref 4s 43 Erie ref 5s 75 .... Fairbanks M 4s 56. Gen M Ac 34s 51.

10175

-16

ud 106STNO. 5s A 63 . Int Hy El 6s 44 ive Mo Pacif cv 52s 40 Lou & Nash 4s 40 .... MKT adj 5s 67 _. Mo Pacific 5s F 17 Mont Pow 3%is 66 Nat Steel 4s 65 N Or 1 Term 4s 53 NYC St L 4725s C 78 .... NY NH H cv 6s 48 .... 44 Pa P & L 4's 81 Postal T & C 55/53 .... Sou Rwy 62s 56 Sou Ry gen 4s 56 Un Pac 1st 4s 47 West Union 5s 60

Oanada 5s 52 Chile: 6s Feb 61 Cuba 5'2s 45 German 7s id Peru .6s 60

BROKERS’ OPINIONS

NEW YORK, May 13.—Brokerage opinion today:

E. A. PIERCE & CO.—In order to maintain its recent tentative favorable action it would be necessary for prices to meet good resistarice not far below last night's close; we would maintain a bullish atitude toward the rail group which appears to have been favored by recent legislative developments.

REMDOND &:CO.—The general market is still in a testing period and, in our opinion, will probably fluctuate narrowly and irregularly for the balance of the week.

LAMBORN, HUTCHINGS & CO. —Traders might well now protect their positions by reasonable stoploss orders,” since the market is placed in the testing area, and rather uncomfortably near to many of the recent lows of two weeks.

W. L. LYONS & COC.—Further dullness but less irregularity is expected for the balance of this week, with a policy of accumulation favored on any soft spots.

INVESTING CO.’S

(By N.Y. Sot Dealers Assn.) Asked Bid Asked 19.37 Md Fund 9.70 10.62 10.99/Mass. Inv 27.69 27.62 29.37 Mut Inv. 15.72 1.09 1.21 Natl Inv. T.10 131 Ra sec 3 aly 34. 45 36.34/New oe 18: 15 B3 N. Y. Stocks, Inc. 7. Bank 1.5] 1

Elec Ea ins... Mach. RR Eat Steel

Bid 219.21 10.04

Div Shrs Fidelity. 1st Bos. Found .. Fd Inv. Pd Tr A. Gen Inv Group Sacisitiee Agri... 1.88 Auto.

Merch Supervisd Eq

2B 7.34 /USEL&PA 16.75 2.54 94 well’ Fad 19.42

CHICAGO PRODUCE

Eggs — Market, firm: receipts, fresh graded firsts, 20%c; “dirties. current receipts, 19%c; checks, storage-packed firsts, 2134c¢; stor= age-packed: extras, 22c: extra firsts, 21c. Butter—Market, unsettled; receipts, 14,770 tubs; extra firsts (90-91% score), 29@ 29%c; extras (92 score), 30c; firsts, 2720 28%4c; standards, 29¢; specials, 31@31%c. Poultry—Market, hens, easy; chickens, firm; receipts, 43 trucks, 1 car; ducks, 14@ 16c; geese, llc: broilers, 23@ 4c; hens, 14 @17c; Leghorn hens, 14c; old roosters. 11 @12c: turkeys, 15@16¢; fryers, 2412@275c; Speing chickens, 26@329c; barebacks, 20@

15'2c; daisies, 1534

0000 EanaIne 1 wm

Cheese—Twins, 34a @16¢c; longhorns," 5% @ 16¢. Potatoes (Old St et moderate; market Sigady to weak; Idaho Flsget Burbanks, $2.50@ 2.70; 0@ 2.40: Maine oa hae 2.10} 250@2 0: cials. $2.02'2: Wisconsin Round WHites, $1.75@ 1.771%. (New Stock) —Suppy. moderate; demand fair:. market steady to weak; Louisiana Bliss Triumphs, [email protected]; U. 8. No $1.35@ 1.60: Alabama Bie Triumbphs, “25005 0 U. S. No. 2. [email protected]; California White Rose, $3. 35@3 40. Arrivals. 81; on track, 212 ments, 903.

FOOD PRICES

CHICAGO, May 13.—Apples—Michigan Spies, [email protected]. Sweet To rhean isiana Puerto Ricans, $2.65. Carrots—Illinois, 5 85c@8$1.10. Spinach—Illinois; bu., 5. Tomatoes—Florida, lugs, $2% ner es Flori crates, $1.50 @1.75. Peas—California, hampers, $1.90@ 2 Celery—Florida. 10-inch crates. [email protected] Onions (50-1b. sacks)—Texas Yellows, $1.40 @1.60; Texas Whites, $1.50.

ship-

4 small operations.

33.792.

FOREIGN GAINS CHECK DECLINE IN WHEAT BIDS

Traders Hesitate Between ‘News of ‘Rain and Reports of Liverpool Rise.

By United Press. CHICAGO, May 13.—Scattered comission house selling eased wheat prices todayion the Chicago Board of Trade, but strength at-Liverpool, Winnipeg and Kansas City checked the downtrend. During the seeond hour wheat was

2 to % cent’ lower, corn was off 4 to 3 cent, and oats were une changed to.3: cent higher. Trade in wheat moved slowly as operators were unable to find anything in the routine news to indie cate a definite trend. Wheat tradefs were undecided whether to give the most weight to eports of rain in the Southwest or a price rise in Liverpool wheat utures. As a result trading was low and the trend irregular. Broom=hall reported that the English rmarket opened higher with Germany 3 heavy buyer of Canadian wheat. Showers were reported in sections of the Southwest winter wheat belt, while dust storms swirled through several areas.’ The corn market was thin and easily affected by comparatively Prices were lower with wheat but some local and commission house buying of May apeared as the session progressed. Oats went against the trend with fractional gains for May and July. Trade was light.

WAGON WHEAT

City grain elevators are paying $1. 19 for No red wheal, other grades on their Nou Cash corn, new No. 3. yellow, $1.16. Oats, 47c. Hay—No. 1 timothy, [email protected],

ARGENTINE GRAIN BUENOS AIRES, May 13.—Grain futures 2pehed irregularly higher. $1.20 up. 3ac. July, Corn Junt 5415¢. | u up 1c. . Oats—May June, $1.3114, up 3ac; July,

$1. 3%, up Jac.

LIVERPOOL WHEAT

Low

Prev.

«1.207 -1.28'2 1.28%

WINNIPEG WHEAT

A .28%

Prev. Clos

May $1274 126

1.261%

LOAN ASSOCIATIONS STRESS ADVERTISING

Newspaper advertising is the best means for savings and loan associations to educate the public, .Fred T. Greene, Federal Home Loan Bank president, last night told members of the Marion County Building and Loan League. Speaking at the annual dinner meeting at the Athenaeum, Mr. Greene declared that the three primary functions of savings and loan associations are to provide a safe and convenient investment, to provide sound and economical home z ancing and to encourage thrify d home ownership. He stresesd the importance of co-operation, research and publicity.

CHAIN STORE SALES SHOW APRIL GAINS

NEW YORK, May 13.—Increased sales of leading chain systems in April sent the composite index of Chain Store Age to 110.0 of the 192931 average, it was reportéd today. This compared with 108.6 revised in March and 102.0 a year ‘agg. The index for grocery chain sales advanced to 104.5 from 103.0; for drug group to 131.3 from 126.8, and for the apparel group to 130.0 from 1260. The figures of the 5 and 10 and shoe chains declined, the former to 1105 from 111.6 and the latter to 129.0 from 134.

RAW SUGAR EXPORTS

Z| FROM CUBA ADVANCE

NEW YORK, May 13.—Cuban exports of sugar from Jan. 1 to May 8 totaled 1,094,152 long tons raw value, compared with 1,023,370 tons in the corresponding 1936 period, an increase of 6.9 per cent, Lamborn & Co. said today. Shipments. to the United States totaled 918,372 tons against 857,312 tons last year, a gain of 7.1 per - cent.

INDIANA PRODUCTION OF COAL DECLINING

The State's total output of coal ‘during the week ended April 24 was 160,000 tons, compared with 163,000 tons produced in the previous week, the U. S. Bureau of Mines nad reported today. In the corresponding perior a year ago Indiana's total production aggregated 289,000 tons. The National bituminous output during the latest week was 6,550,000 tons, compared - with 6,244,000 tons a week ago, and 7,132,000 tons a year ago. :

BUSINESS EDUCATION

Strong Accounting. Bookkeeping. Sienographic and Secretarial courses. Day and evening sessions. Lincoln 8337. Fred W. Case. Principal.

Central Business College

Archite:ts and Builders Buliding pls.

Pennsylvania & Vermon* Sts. I

NEW YORK CHICAGO TORONTO SOUTH BEND FT. WAYNE EVANSVILLE BOSTON CINCINNATI

Indianapolis Office

Tron arE McKinnon

New York Stock Exchange New York Curb Exchange /~ New York Cotton Exchange New York Coffee and Sugar! Exchange New Orleans Cotton Exchange Chicago Stock Exchange Chicago Board of Trade Winnipeg Grain Exchange

And Other Leading Exchanges

200-214 Circle Towe

Source of Quotes—Chicago: Grains, livestock, lard, steel 0 _serap ang Dides, — Wool. Fast — Louis: Zito. Con-

27% Jd020 0045

Hogs avg. most sales ah.) cinves Steers, avg. most sales (Ib.

1005 £40590