Indianapolis Times, Indianapolis, Marion County, 18 May 1937 — Page 10

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~ By United Press

up early losses.

PAGE 10

THE INDIANAPOLIS TIMES .

COMPLETE

N. Y. EXCHANGE STOCKS

MARKET RECOVER AFTER INDEXES G TO NEW 1937 LOW

Motor Shares Lead Rally; Utilities Still Weak.

NEW YORK, May 18.— The stock market showed moderate rallying strength today after the industrial and utility averages had declined to new lows for the year. Merchandising shares also were at lows.

Motor shares were prominent, Chrysler gaining 17: to 109. General Motors had 3 at 55 after reaching a new low for the year at 541; Steel shares showed recovery, U. S. Steel advancing to 7s gain after a fractional decline, while Bethlehem was 1!4-higher at 78'2. Republic was unchanged and Youngstown made up more than half of an early 3 points loss. - Railroad shares came back as Atchison reached 87 for 1!i gain and Southern Railway, New York Central and Southern Pacific made Metals improved under lead of Anaconda. Utility shares continued to show fractional declines. Railroad loans rallied from opening weakness to lead domestic corporation bonds irregularly higher. Curb stocks declined irregularly in light trading under lead of industrials. Stocks declined fractions to 3

Iron Hjoman

2 2 2

MARKETS AT A GLANCE

Stocks irregular in trading. Bonds irregularly higher; U. S. Government issues irregular. Curb stocks irregularly lower and quiet. Chicago stocks slightly higher. Call money 1 per cent. Foreign exchange lower in relaticn to the dollar. Cotton 4 to 6 points: higher after early uneasiness. Grains higher at Chicago; May wheat up 2% cents a bushel. Rubber 31 to 45 points lower. Silver bars in Londen unchanged at 203% pence a fine ounce

Curb Stocks

By United Press

moderate

Alum Co Am Am Air .. % Am Cyan B

A NG .s Austin Sil Mne Barium Stl Ber Gay Fur Can Marconi Carrier Corp Cities Serv Cities Serv pf Col O & GN Con Cop Mns Con Ret St ..

a BD —_F th . EE she

> »

ADE

Fisk Rubber Ford Can A Ford M Lfd T& RN Grd Nat Films Gulf Oil Humble Oil 7 Ill Towa P & Lt of xe: 28

ND ht 1s bt cy £3 N-IDIWU =I WEI=100 =I -T00 ba BD bt pd bt 0 CO DIL UI-T WW-10-T-J WRN BND -

o © ad a) Ge pea NO ad Aa RAN 0B ARR gy Bhalla

oN nN

Lion Oil re Lockheed Air .. Molybdenum Mont Ward A

points in quiet dealings at Chicago. FIRST HOUR

The market opsned irregular in moderate trading, but near the end of the first hour ran into further seiling. Utilities weakened to further new lows for the year with new low levels being rccorded by Electric

Power, Public Service and Consoli-

dated Edison. Kresge and Gimbel made new lows in the mercantile shares on losses ranging to a point. Youngstown Sheet & Tube broke 3': points to 7915, but other steel shares were around the previous close. Du Pont had 3 points’ loss at 150. Rails were irregular. Volume approximated 28,000 shaves, compared with 110,000 in the first hour yesterday. Dow-Jones averages: Industrial 166.77, off 1.07; railroad 56.60, off .53; utility 26.83, off .27.

SECOND HOUR : Moderate recovery developed.

~ Chrysler went to 109 for more than

a point gain while General Motors was up fractionally. U. S. Steel had 7s gain at 9314 and Bethlehem advanced more than a point. Youngstown Sheet & Tube made up more than half of its loss. Railroad shares came back with Atchison more than a point higher. Utilities came up from their lows but continued to show fractional losse Mercantile shares continued weak, Woolworth off more than 2 points and Jd. C. Penney off more than 5 points, each at new lows for the year. Volume approximated 260,009 shares, compared with 100,000 in the second hour yesterday. Dow-Jones averages: Industrial, 167.36, off .43; railroad, 56.85, off .28; utility, 26.85, eff .25.

Today's Business At a Glance

GENERAL BUSINESS

Condition statements of reporting Federal Reserve member banks for the week ended May 12 “shows decreases of $35,000,000 in loans and investments, $26,000,000 in Government deposits, $42,000,000 in deposits credited to domestic banks and $22,000,000 in borrowings. Deposits credited to foreign banks increase $19,000,000. Loans to brokers and dealers in New York City off $25,000,000 to $1,090,000,000. Outside New York City $226,000,000, unchanged. Oil & Gas Journal reports domestic crude oil output week ended May 15, averaged 3,549,821 barrels daily, increase of 53,724 over preceding week. American Iron & Steel i reports steel operating schedule\gd per cent of capacity, decline of 1) points or 1.3 per cent from the previous week. National Lumber Manufacturers Association reports wee: ended May 8 production 257,799,000 feet hardwoods and softwoods, decrease of 3 per cent from year’s high of 267,093,000 feet week earlier when 4 per cent more mills reported. Ship- * ments 239,982,000 feet vs. 290,289,000 feet, decline of 17 per cent;. new business 248,213,000 feet vs. 266, 765,000, decrease of 7 per cent. |

DIVIDENDS

E. I. du Pont de Nemours, quarterly interim of $2 on common, payable June 15 record May 27. Previous payment 75 cents March 15. Federal Compress & Warehouse Co., extra of 40 cents and regular quarterly of 40 cents on common, payable May 27 record May 15.

Niag H Pwr ... Pan Am A . PS Ind $7 p Rustless I &

Sun Ray Sunshine M Technicolor Un G C Un Lt Wright Har

Chicago Stocks

Low. Last. Adams Royalty 10 0 Allied Proa A Armour & Co. Asbestos Mfg Borg Warner Butler Bros .. Cent & SW Ut... Chgo Corp ev. oif.. Cities Service Consol Bis

| Gen Financ

Hupp Motor . Kellogg Sw Bd. Lincoln Print.

Walgreen Co Wisc Bk Shr

directors take no a ferred dividend due at this time. Glidden Co., extra of 30 cents and regular quarterly of 50 cents on common, payable July 1 record June 17. Humble Oil & Refining Co. quarterly of 3712 cents; payable July 1 record June 1. Similar payment April 1. Niles-Bement-Pond Co., .dividend of 50 cents payable June 15 record June 5. Similar amount. paid March 15. | CORPORATION REPORTS .Darby Oil & Refining Corp., 4 months ended April 30 net profit $193,653 before Federal income taxes vs. $53.126 in 1936 period. El Paso Natural Gas Co. and subsidiaries, year ended March 31 net income, $1,289,533 or $2.10 a $3 par share vs. $543,69¢ or 84 cents in corresponding preceding period. March net income $181,000 vs. $96, - 873 last year. International Radio Corp., April quarter net profit $43,993 vs. $24,605 in 1936 period; 9 months ended April 30, net, $234,634 vs. $79,399 corresponding preceding period. National Manufacture & Stores Corp., 12 months ended April 30, sales $3,305,883 vz. $2,887,131, up 14.5 per cent, April sales $327,499 vs. $271,047, up 20.8" per cent. First Quarter Net Profit

Automatic Prod Lory, . $31,567 Copperyela Steel 270, on C. Smith & Corona. 352.338 Texas Gul Refin Co... 220.442 Pet Milk Co. —36,509

At Tp & San Fe.... 1.129, 320 Chi & East Illinois 102, Chi & NoTipwesterni=t, 650, HH Dela & Hudson .. —170,71 Fla East Cont Illinois Central Penna Railroad Reading Railroad Seaboard A Line... Union Pacific = Yazoo & Miss Val. Ala Great Southern Ann Arbor Railway Baltimore & Ohio .. Chi Grt Western .. —380.824 Chi Mil St P & P..—3,803.043 1 es Nashville Ohio .

Year

1,221,030 N—257.312 86.0 85a

268 —5620:430 —780,399 —4,338,478 Mob & Nor

SH !

5 ht. 1937. bv United Press)

tion on pre-

LATEST NE

Net High Low Last. Change : —S— Allegh Corp ... 333 338 As Steel . 333, 3334 Allied Chem ...219 219 | 219 Allied Mills ... 25'2 25!2 2 + i «15 | ey 58%s 3 1a Is 3s

-— - 114 Ta

Amal Lea pf .. 39 Am Br Shoe ... 62 Am iL .. 8l2 Am Ya Am H

Woolen pf ~ Zinc

Atchison Atl Ref Atlas Corp Avn Corp

Bald Loco

Borg-Warner .. Briggs Mfg .. Bristol-My

Butte Cop

Calumet & Canada Dry

— OF NI UD INN WRU ON DEI ra nl ot ot GY be @ NNO RANT

ild Chrysler .. 107 Cleve Graph Br 39V Colgate-P-P ... 203s Colum Bey 113, Col G pf A Col Pictures “vie

AS es

DoW OC T=

93 3114 59

rons Zeller Curtis Pub .... Curt Pub pf....'8 Curtiss-Wr Curt-Wr A

17, Dist a

A ‘Doehler D Cast. Dome: Mines ... 39! Douglas Air : DSS & At nf Dunhill Du Pont

Eaton Mfg Elec Auto-L .... 3 Elec Boat Elec P & L.. Etk-H Coal .... Elk-H Cl »f...

Fed Lt & T.... Fed Screw ..... Fed Wat S A...

Gen Bronze .... Gen Cable Gen Elec

N N( i LOCAL ISSUES The following quotations do not represent actual bids or otferings. but merelv indicate the approximate market level as furnished by the brokers named. (By indisnspoliy Bono & Share Corp.) BONDS

Ask 3

Ind Assoc Tel Indiana Tel Co 5s '60 . Indpls Railway Ins 5s '67 Indpls Water Co 3!2s 66 ... Interstate Tel & Tel 5's ’'53.. Kokomo Wait Works 5s ’58. Morris 5 & 10 Stores 5s 50 1

T H Water Works 55 '56...... T H Water Works 6s '49 Trac Term Co 5s Kuhner Packing Co 42s '49.

STOCKS

Belt Railroad & St Yds com Belt Railroad & St. Yds pid.. Cent Ind Power pf ‘is Home Tel & go Ft Wayne. Hook Drug Inc Ind & Mich Elec Co pfd Ts. Ind Gas Co com Ind Gen Serv Co 6s Ind Hydro Elec Co Ts Indpls Pwr & Lit Co pfd 6s.... ¢ Indpls Pwr & Lit Co pfd 8 28. Indpls Water Co nia 3s Lincoln Natl Life Ins Co com. N Ind Pub Serv p N Ind Pub Serv Cd pid 6s N Ind Pub Serv pfd 572s P R Mallory Co com Progress Laundry Co ....... ve Pub Serv Co of Ind 6s...... ose 26 Pub Serv Co of Ind 7S..... Smith-Alsop pfa Smith-Alsop com . Terre Haute Elec Co 6s .

Van Camp Milk Co pid. Van Camp Milk Co com ....

y M. P. Crist & Co.) Market st By Nu Corp ... 33. 19

CHICAGO PRODUCE

Eggs—Market, ‘firmer; receipts, 33.473 cases; fresh graded firsts, 21c; dirties, 1834c: current receipts. 19%c; checks, 1814c; storage-packed firsts, 22'2c; storger packed extras, 22%4c; extra firsts,

1 Biiter—Market, Stesdy, 16,485 tubs; extra frsts (90-911. score), 29@ 297,¢; extra (92 Sos 30cs firsts, 30lac; standaras, 29c: specials, 3026 3lc. y Poultry—Market, steady; receipts, 43 trucks: ducks, 14@16c: geese, llc: broilers, 23@24c; hens. 14@18c; Leghorn hens. 10@14c: old roosters, 12c: turkeys, 13'2 16¢c; fryers, 25@27c; spring chickens, 26@ 28c: barebacks, 20@'22c oe : Cheese—Twins, 151 @ 15'2c; Daisies, 153; @16c; Longhorns, 153 @16c. Potatoes (old So Supplies, ate; demand, slow; ket, gieadyy Russet Burbanks, A 24502 70; Maine Green Mountain, $2.10, S. men $2: Washington Sy ‘Burbanks, $2.15. (New stock)—Supplies, moderate; demand. slow; market, steady to rm; Louisiana Bliss Triumphs. $2.204:2.35; U. No [email protected]; Alabama Bliss A an $2.30; Minnesota

.35; U. S. Commercials. : Bliss ZILamohs; $2.15; California White ose

receipts,

moderIdaho

$2.50@2 Arrivals, 65; on track, 273; shipments,

For Final Stock Quotations ‘See Later Editions of

The Indianapolis Times

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

Yesterday Week Ago

Month Ago ...

Year Ago High, 1937,

194.40;

—1.76 —0.49 + 0.62 -—2.86

low, 167.16.

High, 1936, 184.90; low, 143.11.

Yesterday Week Ago

20 RAILROADS

Month Ago .........

Year Ago High, 1937, High, 1936,

Yesterday Week Ago Month Ago Year Ago ‘High, 193%, High, 1936,

Yesterday

High, 1937, High, 1936,

64.46; low, 53. 15 5. 58.89; low, 40.66. 20 UTILITIES

39.54; low, 27.10. 36.08; low, 28.63. 70 STOCKS

—0. +0.25 —L

69.67; low, 60.25. 66.38; low, 51.20.

72 191,000 25 297,500

05 261.100

Gillette

Net Last- Change

SR.... 20

Gimbel Bros ...

Glidden ....

Goodyear .. x

Gt. North pf...

Guant Sug

Jlecier Prod Holly Su

Hon Ber B Houston Oil ... Hudson Mot ...

Hupp rts

111 Central Ind Ray Inlond, = rt

Johns-Man

Kennecott .. Kroger G &

Lee Rub Leh V Coal

Loews Loft, Lorillard

113, 1158 . 322 33 /2 51

Hn div 1533 15% 1-32 1-32 Yes . 2834 283% 4012 407 s.. 6-16 5-16 18 ;

we 53 523% B. 21%

‘| Lehn & Fink .. 1

2 Ludlum Stl ....

McCrory McIntyre McKeesport

McKess & R ..

Mathieson Maytag Maytag pf w Mengel Miami Cop Mo-K T

Ww.

Mo-K T=x bpf..

Mo Pac pf

Mohawk Co ....

Mont Ward

Mother Lode ...

Murray

Nash-Kelv

N wee No Pacific.... - 3

Ohio Oil Otis Elev Otis Steel

Pacific Ltg ....

Packard

Patino Mines...

Peerless

Pfeiffer-Brew ..

Ph Read C I.. Pierce O ni..

X / Ya

1g iz 1a Ya 1 2 A Vs Ya Ys

Ya Va Ys

44 +]

Oe bk hh ft DAR eD aD DENT

. -

HELE]

i —

»-

Na) ® n

—

as 02 DU PORN ARR DR

+1 LHF +L

03 Ney

spe

ttt (tl

INVESTING CO.’S

(By N. Y. Security Dealers Amn)

Adm Fd Affil Pd 9.6 Am Gen Bancam Bk Shs Basic. .. 4.9

91 Brit Typ .55 Broad St 33.46

Bid 17.66

Asked 18.79/Keystone 0.56Md Fd .

1.07 9.87 1.74

.88 Ntnw sec { vtg "75|New Eng 35.79'N 5 Bks 22. 00 N Y Stocks,

TH nr 23 00 = 1.00

.|Sp Trask 20. 19 td

Util.

c Doel $o=ilorebo 3 Ul

4.37 ns

5.05 State St’ 113.00 3.91

24.36 Su Cp A 6. G3} P B. gr a... ” D Super. AA BB Supervisd A

Tr Tha. . Tr St C. Do... Std A

6! 6 3 4| 9|Tr gl» 2|U

Bt ft hd hd hd ht hh et NS pt Bt

91 1.48 LT .66 4 Ja .5 5 9 1 14]

|» By 15.72, wel’ Fd..

USEL&PA 16. 2: 45

19:98

TAX, by A

involves plex issues.’

E y relations civilization.

TION, by

AND Pre ably

receives most

New Business Books Available at Library

The following new business books now are available at the business branch of the Indianapolis Public Library:

ARE YOU A STOCKHOLDER? Alden Winthrop.

G. Buehler.

LEADERSHIP IN A FREE SOCIT. N. Whitehead. in present-day

THE ECONOMICS OF coNzUMPp.

Charles S. Wyan

is the consumer, what fi he buy and what makes him buy it?

FINANCIAL NEWS: HOW TO READ NTERPRET IT, by John G. “The American public p of its education in finance directlv from the financial pages of the public press.’

“It is difficult to find one out of ten annual corporation reports that is complete, clear, and fundamentally honest.” THE UNDISTRIBUTED PROFITS ‘‘Seldom has a tax been adopted by Congress that such numerous and com-

industrial

Human

Who

Koppers Co. regular quarterly $1.50 on preferred, Payable July 1 record June 12. Maryland Fund, Inc, dividend of 3 per cent in stock and quarterly of 5 cents in cash, both payable June 15 record May 31. On March 15 5 cents ‘quarterly and 5 cents extra paid. St. Joseps Lead Co. extra ‘of 50 cents and a dividend of 50 cents, payable June 21 record June 10. Also. a dividend of 50 cents payable Sept. 20 record Sept. 9. Southwestern Gas & Electric Co., regular quarterly $1.75 on 17 per cent preferred payable July 1 record June 15. Brooklyn & Queens Transit Corp,

NEW YOR

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

the index:

, Commodity— Wheat, No. 2 red (bu.) Corn, No. 2 yellow (bu.) ...... Rye, No. 2 (bu.) 1.18 Oats, No. 2 white (bu.) 56 Flour, spg. pat. (196-1b. sk.).... %.400 Lard, prime steam spt. (lb.) ... L212 Coffee, Rio is spt. (Ib.) 091% Sugar, raw, 96 test (1b.) .0338 Butter, 92 score (Ib.) .........c 32% Hogs, avg, most sales (1b) ..... Steers, avg. most sales (Ib) «io ' x ct a ot : :

Today 1.32 1.364

Following are the commodity prices used in compiling

Commodity—

Wool,

(April 5) 158.26

141.4% Rubber, spt.

Lead, spot (Ib.) Zine, spot (1b.)

Week Ago

$ 1.21% 1.29% 1.15% 51% 7.550 A125 09% 0345 «33% .1010 +0583

Silver. comml, Steel scrap, Chi.”

3914 Coke. Connelsville

283% 5.825 1025 06% 037 26% 0955 +0640 Pe

scrap and hides. nelsville: Coke.

Today Lambs, avg. most sales ab.) .. § Hides, native hvy. steers (Ib.).. fine unw. comb. Cotton, Midupland (lb.) Silk, 13-15 deniers Jap (Ib.) ... smk, rib,

ab.) ...

(Ib.)

Tin, Straits spot (Ib.) .... bars (oz.) (ton)" Pig iron, Iron Age comp. (ton) Cement, dom. Portland (bbl.).. Yellow pine, 6-in. base (M ft.). Douglas Fir, rough (M ft.) .... Gasoline, tank wagon (gal.) ... Crude oil, 40 gravity (bbl) .... Source of Quotes—Chicago: Boston: Tulsa; Lruds oil. New York:

Wool.

Grains.

Week Ago 1220 16% 43 1326 1.85 A 060218 066214

1270 8 15% A114 1316 1.86 14 060214 066214 55

A454

17.25

23.25

4.60

2.25

60.00 52.50

090 27

livestock, East St. Louis:

Zine. All sihers,

PRICE INDEX AND COMMODITY QUOTATIONS

AILY PRICE INDEX , May 18.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average 100):

. 148.14 Year ago 146.63/1937 high 152.59/1937 low (Jan. 29)

Year Ago $ .1120 10% 34 A152 1.564 0915 0460 0490 46 45's 13.00 18.84 3.65 2.55 50.00 38.00

steel Con-

lard,

Pitts Sc & B.... Plymouth Oil.. Press| Stl Car.. 20 Public Serv .... 39%; Pullman 56174 Pure Oil 171, PureO6 cu cv pf 101 Purity Bak ... :

High 143 255g

Net Lag Cl Charige

Quaker St Oil . 173;

i . 8 Radio-K-Or ....

Sea Joab Ae Le Shell Un pf .... Silver-King immons Socony-Vacuum So Por R Sug.. So Cal Ed South Pac Sper: Corp B d

Schetjey Diss

npn nn

Studebaker

Talcott J ...... Tenn Corp Texas Corp .... Texas Corp Rcts Third Av Rects. Thomp Star ... Tide W A Oil .. Timk-D Ax .... Timken R P . Transamerica .. Tri-Cont

1653 32%

Tre

Und E Fish ... 80 Union| Carb ... 99 Un’ Pacifis .....142 Un Aircraft Cp 2h Un Air Lines .. Un Carr Fast. United Corp ...

nnnnn

S Un Stores A.

Vadsco Sales ... Vanadium _. Va-Caro Ch ... Va-Car 6 pf....

Walgreen Walworth Warner Bros .. West Md ... .... West Pac pf... West Union .. West A Bke.... 43% Westing El Wheel Size] White White Mote Sais Wilson & Co... Woolworth -.... Worthington ...

Yellow Tr Young Sheet ...

G. M. REVEALS

U. 3. BOND SALE

Single Paragraph of Report |

Concerns Difficulties With Laborers.

By United Press NEW YORK, May 18.—General Motors Corp. America's 14th ranking organization in point of total assets has, disposed of most of its holdings of U. S. Government se-

curities, the report of first quarter |

operations showed today. As of March 31 the balance sheet disclosed holdings of Government securities at only $1,121,561, a decline of $3,877,106 compared with 3 months earlier, of $10,612,018 contrasted with a year earlier and of $111,229,613 since 1928. At the same time cash and total assets and working capital of the organization rose to the highest level in its history. Cash on March 31 was reported at 7 | $221,094,006, a at $253,591,394 and total current assets at $568,608,987. That compared with $188,559,023, $225,644,813 and $513,986,449, respectively, at the close of last year and with $201,708,085, $193,755,259 and $488,911,790, respectively, a year earlier, Capital Increased

Current liabilities stood at $190,314,719 at end of the quarter against $174,299,898 three months earlier and $133,662,888 a year earlier. Indicated working capital as of March 31, 1937, stood at $378,294,268, against $339,686,551 at the 1936 yearsha and $355,248,902 on March 31, 36. Total assets at end of the quarter amounted to $1,575,284,197, against

..|$1,518,188,800 on December 31, 1936,

and $1,434,612,313%n March 31, 1936. Alfred Sloan Jr., board chairman, told stockholders in the report that the sales outlook for the company was “exceedingly satisfactory.”

Union Slighted

A major portion of Mr. Sloan's comments referred to the new plan for general administration which was adopted by the board of directors on May 3. Only one paragraph was devoted to the company’s labor situation. It said: “The average hourly earned rate of all hourly paid factory employes reached a new all-time peak level in the month of March, and afforded a good index of the corporation’s current wage level. It is now more than 40 per cent higher that the average hourly earned rate of all manufacturing industries in the United States. Average weekly wages of the corporation's factory workers in the U. S. were also correspondingly at a new all-time high level— slightly over $40 per week.” The financial review showed that notwithstanding the’ strikes which curtailed operations for almost half of the period, earnings dropped only 15 per cent while the company’s financial position was strengthened.

FOOD PRICES

CAGO, May 18.—Apples—Ben Davis, gi Sadat oh Sweet Potatoes — Louisiana Puerto Ricans, $2.65. Carrots—Illinois, bu., [email protected]. Spinach — Illinois, bu., 50@85c. Tomatoes—Texas, lugs, [email protected]. Cauliflower—California, crates, 3 [email protected]. —California, hampers, $1.9 —Florida, 10-inch crates, (50-1b. sacks) — Texa 1.40; Texas Whites,

062.10. Celery as Yellows, 1.37} es Nave

NEW YORK, Me 18.—Mo unchanged today y. ney rates were anker's Acceplances — 30 Days, 71-16%: 60 and 90 days, 9-16 Vaok: 12 days, %@9-16%: 150 and 80 days. Ya@ Ya Yo. Commercial | Pager.

1% 120.

Redisc 1% %.

nt rate at New York.-

Rush Jobs Make Us Smile

Hendren Printing

Company, Inc. 470 CENTURY. BLDG. RI1-8533

‘Steer quality was better than re-

Peas | $2.25@3. Onions |

he Times Financial and Market Page W YORK STOCKS

By United Press

HOG PRICES RISE HALF DOLLAR TO NEW 1937 MARK

$11.55 Top Electrifies All Branches of Livestock Trading -Here.

Surging 50 cents higher, the hog market electrified all branches of trade in the stockyards here today when the top leaped to $11.65, a new peak since August 22," 1936, according to the Bureau of Agricultural Economics, U. S. Department of Agriculture. Further contraction in receipts along with advances in the fresh

pork trade set the stage for the sharpest rise in many months. Some of the buying interests protested so great an upturn, but were forced to follow. Sows were 25 cents higher, bulking at $9.90 to $10.50.

The cattle market was featured by activity, especially on steers and heifers. These two classes found ready buying support ahd values generally showed advances of 25c.

cently, bulk sales being made at $10.50 to $12. There were long yearlings at $13, while two" loads of mediumweights turned at $13.50 and two more loads topped at $13.65. Heifers sold up to $11.50, with load lots at $11. Medium grade cows showed strength, while other grades were generally steady.

Buyers used a sluggish dressed trade as the main resistance to higher vealer prices. Upturns at nearby centers, as well as sharp advances in hog prices here, had little effect in raising values and consequently trading was conducted | on a steady basis in poor relationship with competitieve points.

Old sheep and a few native spring lambs made up most of the meager sheephouse supply. Odd lots of good to choice springers sold from $13 to $13.50, lower grades downward to $9. A scattering of old crop clippers cleared upward to $10.50, while shorn slaughter ewes went at $4 downward, steady with recent levels.

Bulk Receipts 10.00@ 10.55 8000 1 [email protected]

rr or Tm 13

ight Ligh (140- Tes ‘Good and Medium

Lightweights— (160-180) Good 2nd

Mediu (180-200) Soar od Medium Me gin Weighis~ 00-220) Good 3%- 250) Good Heavyweights— (250-290) Good (290-350) Good and Packing Sows— (275-350) Good (350-425) Good (425-550) Good (275-550) Medium Slaughter Pigs (100-140) Good and choice. Medium

CATTLE —Receipts, 2500— (550-900) i [email protected] . Good . 9.75@ 12.00

choice. $19 [email protected] [email protected]

and choice. .

choice. .

choice. . choice. .

by BOL a DW oS

[email protected]

9.50% 10.50 [email protected]

Co! (900-1100) Good

C (1100-1300) Go

M (1300-1500) G

(500-750) G

C ; (750-900) Good ord “choice.

ommon. medium.

Sonice Goo

Cond iba and medium Hh Low cutter and cutter .. Bulls, good Cutter, com. Vealers —Receipts, 800—

Good and choice Medium Cull and common

(250-500) Good and choice..$7.00@ Common, medium. 5.00Q@ Feeder and Stocker Cattle (500-800) Good and choice. .$ 7.50@ Common, medium: 6.25@ (800-1050) Son and choice . T7.50@ Common, medium. 25

1030 ono DO Lui OO

Heifers— Good and choice Common and medium

SHEEP AND LAMBS

—Receipts, 300— Short, Lambs—

on Wooled Ew (90-175) ood and choice. . Common, medium.

to 9 89

By United Press

CHICAGO. May 18.—Hogs—Receipts, 12.000, inciuaing 2000 directs; market, 15@ 25¢ higher than yesterday; closing active largely at same advance, packing sows, sharing upturn; bulk good and choice, 200300 Ibs., Sin 15@ 11.45; Sop. $11.50, highest since September; 150-190 lbs.. [email protected]; bulk good packing sows, [email protected]; up to $10.75 and better paid for smooth lightweights; choice strongweight pigs, up to

Cattle—Receipts, 7000: calves, 2500; fed steers and yearlings, steady but slow; killing quality less desirable, but rainy weather and weights in favor of buying side: kilers in a mood to pound market: only comparative scarcity supporting a steady trade; largely steers and yearling market: largely [email protected] steer market; sprinkling, $13@14 and better, but not much above $13.50; fed heifers again steady, best around $11.50: bulk good and choice offerings, $9. B5@11; cows, scarce, strong; bulls and vealers. strong; best weighty sausage bulls, $6.50: common light kinds, $5.50@6; vealers, [email protected]: selects, $9.50; stockers, continued slow: native kinds. Scerce; Souinwest bred calves d yearlings, mostly ) A heen Receipts. $5000, including 2500 directs; fed spring lambs, active, steady: clipped lambs and sheep. strong to 15¢ higher, quality considered; four doubles lain to medium 68-1b. California spring ambs practically straight | 65@12; seattered lots good and [email protected];, c¢ ipped bE slaughter ewes, [email protected]; fornia at outside. LA 18.

A TE, ay arket 50c nor 210-235 1bs.. 10 dail 50; 285-213 1bs., $11. 0 p11. in 5-3 1bs., .10

choice Cali-

156-160" ibs. $9.75@10: 150-130 Be Calves, $9 clipped

10.50: [email protected]; roughs, $10.25 down. down. goring lambs, $11@12; lambs, $9 down

JAPAN BUYING SCRAP By United Press : COLON, Panama, May 18.—Shipments of scrap metal through the Panama Canal from Atlantic ports in the United States to Jian reached the highest total in canal history in April when it totaled 221,000 tons, the -bureau of Staite tics had revealed today.

FILES

Filing ‘Supplies, Guides and Folders

W. C. Brass

and Associates

134 S. Mer. RI-9727

N. Y. Bonds

By United Press BOND PRICE INDEXES ‘20 20 20 Inds. Rails Util . 91.8 94.3 101.2 92.2 95.4 101.9 92.3 96.3 102.6 90.7 . 91.4 105.2 87.3 0 97.3 95.0 101.2 106.0 91.6 94.2 101.2 94.8 100.4 106.2 100.2 90.0 84.7 103.5 93.3 1935 high ..... 91.4 86.4 103.6=. 93.1 1936 low 71.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)

U. S. GOVERNMENT BONDS Treasury Bonds High pew

60 Bonds 93.8 96.5 97.0 95.8 87.2 100.5 95.8

Yesterday

Month ago ... Year Two 1937 1937 1936 1936

years ago. high ..... low 'e.ceee high ..... low

csesas

Low 3%s 1947 Joan 31,5 1945-43 34s 1946-44 108 196: 106. 2% 1960-55 : 20 100.20 100.20 2%s 1959-56 : 199: 21 99.20 99.21 Federal Land Bank Bonds

Ask. Ying 1007

Last 106.10 106.

3s July 1955-45 3s Jan. 1956-46

4s July 1946-44 .. 4g Nov. 1957-37 4s May 1958-38 414s May 1957-37 41s Nov. 1958-38 Federal Farm Mortgage Bonds

High Low 3s 1947-42 ......... 10 2 102 23 3s 1949-44 Home Owners Sis 234s 1949-39 100.3 100.1 3s 1952-44 101.24 101.24 DOMESTIC BON Alleg Corp 5s 44 2 99 : Arm Co Del 4s 55 At TSF gen 4s 95 Al) Coast 4s 52 5s

Can Pac deb 4s petp . Cen Pac 5s 60 Ch M St P&P 5s 75 . Ch M 47 P&P 5 52000. . Chi R I 4%s 60 Ch T Hau ret Ss 60 .... Ch T Hau inc 5s 60 ....

Erie ref 5s 67 ... Gen M Ac 3s 46 .. Gt Nor 4s G 46 Hud Man ref 5s 57

Nat Steel 4s 65 N Orl Term 4s 5

Yng S & T 3's 51....132 FOREIGN BONDS

Argent 4158 71. 0 Brazil 6lss 26-57

e 6s 60 Chilean L 7s 60 Cuba. 5'2s 45 ... German 7s 49 .. Italy 7s 51 . ‘ ve Japan 6las 36 /, Norway 4s 63 ........5 91% Peru 6s 60 ls

FACTORIES IN U. 3. USE LESS RUBBER :

Crude Consumption Drops From March Record.

By United Press NEW YORK, May 18.—Consump-

2% tion of crude rubber by domestic

manufacturers in April totaled 51,797 long tons, a decrease of 4.2 per cent compared with the record monthly total of 54,064 tons for March and of less than 1 per cent

contrasted with 52,031 tons in April, 1936, the Rubber Manufacturers Association reported today. Gross imports in April were estimated at 35,850 long tons, a drop of 31.1 per cent compared with the March figure of 52,039 tons and of 11.2 per cent compared with 40,370 long tons imported in April last year. Total domestic stocks on hand April 30 were estimated at 174,934 long tons, against 191,928 a month earlier and 277478 a year earlier. Crude rubber afloat to U. S. ports as of April 30 was estimated at 72,530 long tons, against 56,994 long tons a month ago and 47,678 long tons a year ago. - April reclaimed rubber consumption totaled 14,806 long tons, production 13,884 long tons and stocks | on hand April 30, 17,117 long tons.

BROKERS’ OPINIONS By United Press 2 NEW YORK, May 18. —Brokerage opinion today: E. A. PIERCE & CO.—It now remains to be demonstrated whether necessitous liquidation in volume will recur from foreign sources.

J. S. BACHE & CO.—The failure

‘of the market to show much re-

cuperative power following the break of last week suggests that potential foreign liquidation has still to be reckoned with. REDMOND -& CO.—New purchases on weakness should prove

profitable from a trading stand-

point. FRAZIER JELKE & CO.—The decline in prices in the last week has been sharp enough to warrant a more constructive viewpoint toward prices for the near term. LAMBORN, HUTCHINGS & CO. The assumption can only be made that the current correction has probably not yet run its full course. . L. LYONS & CO.—While the market may go somewhat lower, this is a rather inopportune time to become too bearish.

U. S. STATEMENT

ASHINGTON, May 18.—Government aa and receipts for the current fiscal year through May 15, So with a year ago:

This Yea t Yea .$6.589,681, 119. 81 $6, 30% 368, 173. “47

Eg 4,287,575,168.67 ~ 3,490,963,486.40 1 4,687

Receipts... Defi {aid Bub. Sali 35,096,164,994. 48 31,541,8 Gold Res: .11,892, 113,232.59 10, 354, 922,395.84 Customs. . 423 St 44 8.95 3 032,341.47

To s Pur, tal Pur. $5,854 820.28 $660,503,634.42

Inactive Gold.

91 :| May 7% | July

COMPLETE LOCAL LIVESTOCK

DOMESTIC GAINS BOOST CHICAGO WHEAT MARKET

Effect of Liverpool Trend Overcome by Bullish News at Home.

By United Press CHICAGO, May 18. — Advance prices in Minneapolis, Kansas City and Duluth and strength in Winnipeg boosted wheat prices from early low levels today on the Chicago Board of Trade. Wheat futures rose to gains of 1 to 315 cents a bushel. Corn showed gains of more than 2 cents on near months, but fractional losses on the deferred. Oats and rye futures were fractionally firm. There were reports that the wine ter wheat crop is losing ground throughout portions of the winter wheat belt and this bullish news induced further buying of all futures, May wheat leading the advance. Early bearishness brought about by the irregularity in Liverpool was wholly overshadowed by later devele opments in the domestic field. May and July corn displayed firme ness with offerings in the latter month extremely light. December corn met pressure and declined against the generally higher trend,

WAGON WHEAT

city grain elevators are paying $1.22 for No. red wheat, other grades on their Dri: Cash corn, new No. 3 yellow,

$1.19, Oats, 47c.. Hay—No.- 1. timothy, $15@

15.50,

/7 ARGENTINE GRAIN BUENOS AIRES, May 18.—Grain futures Popes irregularly lower. Wheat—June, $1.223g, off 34c: July, $1.20'2, off 7sc. Corn —June, 35c¢, off 3sc: gly. 95Ysc, off Sse, Oats—May. 313c, unchanged. Flax—June, $1.33'z, unchanged; July, $1. 33%, une changed. »

WINNIPEG WHEAT

Op Last’ ..$1.30 $1.32 1.281% 1.30%

NEW BOND ISSUES (By W. L. Lyons & Co.)

Bid Argentine Rep 48 12 eeevees. 887%: Assd Tel 4s 6

S Calif Oro Pwr 4s 66 Delotex 4'2s 47 Cent Maine Pwr % 60 Cent Maine Pwr 3!2s 66 Cinti G & E 3'%s 66 Dom Canada 3s 6 Fla Power 4s 66 Fla Power 5s 66 . 9 iston Lt & Power 312s 66.. Indpls Water 32s 66 Kansas P & L 402s 65 Koppers Co 4s 51 Los Angeles Rev 3!2s 77 Louisville G & E 37s £9 Metro Ed 4s 65 ia Narra Elec 3'2s 66 N Y City 3s 77 N Y State Elec Gas 4s 65. Northern State P 3l2s 67. Ohio Edison 334s 72 Okla G & E 4s 46 Okla G & E Ta c 3%s 66 Pac Lighting 45s 45... Phila Elec 3'2s 67 .. Sou Kraft vss 46 -.. Sou Bell Tel 3Yas 82 . Wisc G & E 35s . Wisc Pub Serv 4s a1

BANK STOCKS (By Blyth & Co., Inc.) i

Bankers Trust .. Central Hanover Chase National Chemical Bank & Trust Guaranty Trust .. Irving Trus Mentiactp ers Trust National City Continental, Chicago First National ton |. National Shawmut, Boston .... National City, Cleveland ....

Fire Insurance Aetna Fire American, of Newark . Baltimore American City of New York .

Hom Nationai Fire . National Liberty ........ diel North River

FOREIGN EXCHANGE

NEW YORK, May 18.—Foreign exchange ower,

England (pound) 4.94 7-1 Eng. (60-d. bill rate) 4.93 11- fs Canada (dollar) ... 1.00% France (franc) Italy” (lire) Belgium (belga) Germany (mark) . Switzerland (franc). Holand (guilder) Spain (peseta) Sweden (krona) Norway (krone) . Denmark (krone) ... Japan (yen)

LOCAL ee

(The prices quoted are paid CE 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.)

Egxgs—No. 1 §trictly fresh. oz

Heavy breed hens, 5 lbs. and cver, 13c. Leghorn hens, 9c. Heavy breed broilers, 1937 stock, 2 Ibs. and over, 19c. Leghorn broilers, 1937 stock. 4] Bareback broilers. ock. 2 lbs. over, 14c. Cocks, Tc. Geese. full- teathiered and fat. 5c. Ducks. full-feathered and fat, 3 lbs. and over, 6c. Butter—Creamery, No. 1 35@36¢; Nos a 3212 @33c. Butterfat—No. 1. 30c: No. Zy

loss off, 158

————— Sk —— RAILROAD REPORTS

‘Baltimore & Ohio Railroad Co. total loadings week ended May 15, 54,480 cars vs. 54,964 preceding week and 46.854 year ago. + Chicago Rock Island & Pacifie, total loadings week ended May 15, 24,556 cars vs. 24,022 previous week and 22,918 year ago.

ol (1D \\ PLAN DELAWARE -:OHIO

Bonds of the United States Government, ® Its Territories and Insular Possessions

Federal and Joint Stock Land Bank Bonds Indiana Municipal and Corporate Scourities Real Estate Bonds and Preferred Stocks General Market Securities

Indianapolis Bond and Share Corp.

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