Indianapolis Times, Indianapolis, Marion County, 20 May 1937 — Page 19

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THURSDAY, MAY 20,

1937

THE INDIANAPOLIS TIMES

PAGE 19

COMPLETE N. Y. EXCHANGE STOCKS

The Times Financial and Market Page

COMPLETE LOCAL LIVESTOCK

BRIEF SPURT SENDS STOCK MARKET UP UNDER STEEL LEAD

Advances Spread to Most Sections Of Board.

By United Press NEW YORK, May 20.—The stock

market experienced a brief spurt

in activity and strength today.

Prices ran up to net gains rang- |

ing to 3 points. Trading lightened | later but prices continued to ad-'

vance, Steel shares led. A thin market developed for U. S. Steel on the upside and ib spurted -3'i points to 99. Youngstown Sheet & Tube reached 84!%, up 2; Bethlehem 824%, “up 23%, and Republic 343, up l. Rails were bid up. Advances spread to motors, COppers, mercantile issues, rubbers, farm shares and utilities. Best gainers included American Smelting, £5, up 335; Atchison, 89%, up 21,: ‘Cerro de Pasco 65, up 21% Bie 112% %, up 212; Du Pont 157% ¢, up 2%; Loew's 7812, up a1; : U. S. Rubber "58%, up 2; Westnghouse Electric 139'2, up 4, and U. S. Smelting 84, up 3. Irregular bend trading was marked by a two-point rise In Chesapeake Corp. 5s of 1944. Government issues were mixed. Technicolor featured an irregular Curb advance with a gain of more than two points to a further new high. Gray Telephone rose 1% to 19%. >

FIRST HOUR

The market continued dull but some buying developed in metal shares. American Smelting gained more than a point, Anaconda gained almost a point and Kennecott was 1, higher. Chesapeake & Ohio showed some activity to gain 7s to 57145. Atchison recovered from an early 1: loss but Southern Pacific was lower. Industrials were narrowly mixed and dull. Utility shares were quiet. Volume approximated 160,000 shares, compared with 240,000 in the first hour yesterday. Dow- Jones ‘ averages: Industrial, 170.57, up .082 .- railroad, 58.09, up 0.21; utility, 2. 10, 1p 0.06.

SECOND HOUR

Fairly heavy buying developed and tickers were late. Stezl shares led the advance. U. S. Steel rose to 1; for 31; gain, Bethlehem went to 84 for 43 gain, Youngstown Sheet & Tube went to 81% for 21: gain, and Republic had 17% gain at 35%. Metals continued strong as American Smelting reached 863% for 4'% advance and Anaconda 521s for 27s gain. Chrysler at 113% was 33 higher. American Telephone led the utility group, gaining 272 to 166. Volume approximated 400,000 shares, compared with 190,000 in the second hour yesterday. Dow-Jones averages: Industrial 172.78, up 3.03; railrcad 58.84, up .96; .utility 27.49, up 45.

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet, Inc., reports bank clearings, 22 leading cities, week’ ended May 19, $5,685,044,000 vs. $5,306,292,000 in previous week and $5,275,135,000 in corresponding 1936 week. Encineering News-Record construction awards for week $35,24%.000 vs. $62,701,000 in previous week and $36,173,000 in corresponding 1936 week. Dun & Bradstreet food index week ended May 18, $2.86—last week, $2.84; 1936, $2.52; 1935, $2. 61; 1934, $2.09; 1933, $1.86.

CORPORATION REPORTS

Norwalk . Tire & Rubber Co., six months ended March 31 net profit, $42,917 before Federal income taxes, vs. net loss $31,025 in preceding corresponding period. : New York Chicago & St. Louis R. R. Co. four months ended April 30, net income, $1,071,754, or $1.04 on common vs. $773,713, or 15 cents, in 1936 period.

inst ad Year Profit Azo

. ot 0.768 $ 310, 140 Ea 693 0. 137.885

Amer. Com. Alcohol. Congress Cigar Co... Detroit Paper Products Gannett Co: Inc General Alloys Co, . R. Amer. Toh. Com. Soivents Corp. . L. a Young Sp. & W. Leather Co. .. 445,625 Inc. 674.504

Ry -Man. : Quarter Ended Year

ril 30 Ago "erry Ward & Co. Fog 466. 355 $2, 435, 838 x Ln Nard Corp. 456.195 ‘Year Ended Year ! April 3 Ago $10, 718. 982 $10,718.982 LJ, 521 873 23.185.317

was 16.6 awe 105.926 501,773 ° 483, 353

Detroit Edison go Pub Service of N 1936 1935. Ark. Nat. Gas Corp. .$5,255,062 $2,394,609 Burco, Inc., six months ended March 31, net profit, $180,440 vs. $96,199 in 1936 period. Southern Colorado Power Co., 12 months ended March 31, net income $278,783 vs. $170,064 year ago.

DIVIDENDS

American Woolen Co., quarterly $1 on preferred accumulations, payable June 15 record June 1. Similar payment made March 15. Magma Copper €o., 50 cents, payable June 15 record May 29. Previous payment 50 cents, March 15. Otis Elevator Co., 25 cents on common, payable June 21 record June 1. Previous payment 15 cents March 20. Raybestos-Manhattan Inc. regular quarterly 37%: cents, payable June 15 record May 23. Yelow Truck & Coach Mfg. Co, regular quarterly $1.75 ou 7 per cent preferred, payable iy 1 record June 15. American Sugar Refining £0, regular quarterly 50 cents common, payable July 2 record June 5. American Telephone & Telegraph Co., regular quarterly $2.25, payable July 15 record June 15. Canadian Canners, Ltd., 15 cents on. convertible 2d rere? July 2

> # 8

MARKETS AT A GLANCE

Stocks higher under lead of steels. : Bonds higher; U. S. Government issues irregular. Curb stocks irregularly higher. Chicago stocks irregularly higher. Call money 1 per cent. | Foreign exchange easy in rela- | tion to the dollar.

| Cotton 7 to 11 points higher. Grains lower at Chicago. Rubber steady after early weakness. Silver bars in London off 1-16 at’ 20 5-16 pence a fine ounce.

Curb S tocks

By United Press Hig Alum Co Am je Am Air

Am Bon Si Am Cyan B ..

Brown Co I Serv asarese Carrier Corp Cities Serv Cities Serv pf ... Col O& G'N .. Con Cop Ss Con Ret St

03 Dok

00 ILD

Mer 2 Molybdenum

Dom a1 : 0 RN Wma Ra

—

ft i a ND OH U5 53 00 0909 4) 90 DI U1 00 BI 4 © = 6D B00 I LI wal BI U1 =T WI

—

Rustless Sterchi Bros Sun Ray i Sunshine M teidivigieie | Technicolor ...... EET Un G Corn Ont PA Wright Har

Chicago Stocks.

High 29

- a 3 o

0 [XT NWO WRN ION 3

BO Plc ig Wi pa a0 lw >

Low Last 20

— WD UJ BRWIDSO

' DUG

44 2Yg

“BR on

Chgo Yel Cab Elec Household Gen Financ Gen Hshld Ut p M Rts

Marshall Field Nat Leather Raytheon pf Sears-Roebuck

ous payment Ti: 1935. Commercial Selvents Corp., regu1 semiannual 30 cents, payable June 30 record June 1.

Continental Oil Co. special of 25 cents and regular 25 cents, both payable June 30 record June 9. Previous payment 25 cents March 29.

Cuban-American Sugar Co., $2.50 on preferred, payable June 30 record June 15. Dow Chemical Co., year-end of 50 cents on common, payable May 28 record May 24. | Kimberly-Clark Corp, regular quarterly 25 cents on common, payable July 1 record June 2. Lone Star Cement Corp., quarterly of “15 cents, payable June 30 record June 11. Similar amount paid March 20. Louisiana Land & Exploration Co., regular quarterly 10 cents, payable June 15 record June 1. Pennsylvania Salt Mig. Ce., $2. 50 payable June 15 record May 29. On March 15 company paid dividend of $1.25, Muskegon Motor Specialties Co., $1.50 on class A preferred, payable June-5 record June 1. On March 1 company paid $1. Pleasant Valley Wine Co., 20 cents on common, payable June 1 record May 20. Plymouth Oil Co. 35 cents for second quarter, payable June 30 record June 2. Southern Celorado Fower Corp., a quarterly of $1 on accumuiations on 7 per cent cumulative preferred, payable June 15 record May 29. Previcus payment $1 March 13. United Carbon Co., regular quarterly of $1 payable July 1 record June 15. U. 8. Leather $3.75 vn account of accumulation on 7 per cent prior preferred, payable July 1 record June 10. Previous payment $1.75 on April 1 on ‘account of accumulations. U. S. Tobacco Co., regular quarterly $1.25 on common, payable June 15 record June 1. Wisconsin Public Service Corp, $1.75 on T per cent preferred; $1.62%5 on 6% per cent preferred and 31.50 on 6 per cent preferred, applicable to accumulations, payable June 19

cents on July 2,

| Smith-Alsop com

record May 29. (Copyright, 1937, by United Press)

W YORK STOCKS

LATEST NE

; Net High Low Last Change fe Adams Exp -_— Allegh Corp ... Allled Mills .... allied Stores .. Bk Note ... Br Shoe ...

Am Tob Am Anaconda Arm Ill Armstrong Ck . Arnold Const Atchison Atchison pf Atlas Pdr Avn - Corp

Belt & Ohio =~... Bang & Ar .... Bayuk Ci En Ind . Beth Steel ....

+E ii

Byers, A M

Call Zinc -..... Calumet & Ho Celanese ....... 3912 Cent Foundry "e Ches & Ohio ... 2 Chic Gt W pf... 13 Ch & Nw Chrysler Colgate P-P ... Colum Gas .... Com Solv Catia Commeonw & So Commonw So pf Cons Edison ... . Cons Film Cont Mot . Cont Oil Del Corn Prod Crane Co Cub-Am Sug .. Curtiss-Wr .. Curt-Wr A

FlE EE

+4]

Davega cum pf 20%: Deere & Co ....129 Dome Mines ... 39° Douglas Air Du Pont

20Ys 129

Elec "Auto-L ... Flec Boat... ....

Eureka Vac Flintkote Co

Gen Gen Gen

Gobel Adolf Goodyear ..... Gotham Hos Graham-P ve Granby Grant W in Gt North 2X ils

1553

1-64

Houston Oil Hupp Mot Hupp Rts

. 18%

Ind Rayon Inland St Insp C Inter Int Harv Int Int Int Int

Kennecott Kresge SS

Kress . oy ee Kroger G & B .

Lee Rub Leh Val RR Lieg & My Loft, Inc

{ MacAn & F | McKeesport

McKess & R Martin G L

| Marshall Fld

Masonite Corp—=3 May D § 55 Miami Corp

LOCAL ISSUES

The following quotations do not represent actual bids or offerings. but merelv indicate the approximate market level as furnished by the brokers named. (By Indianapolis Bond & Share Corp.)

BONDS Bid

Citz Ind Tel (TH) 4Ys "61 ...102 H Tel & Tel Ft W 51s *55...103%2 H Tel & Tel Ft W 6s '4 104%; Ind Assoc Tel 4'as 104 Indiana Tel Co 5s '60 98 Indpls Railway Ins 3s, = 65 Indpls Water Co 3'2s 66 .. 981%; Le date Tel & Tel 50s '53.. 972 Kokomo Water Works 5s ; Morris 5 & 10 Stores 5s * o Muncie Water Works 5s '65.. Noblesville H L & P 6'2s '47...102 Ohio Tel Serv 6s °' Richmond W W 5s '57. Sevmour Water Co 5s fi TH Trac & L 5s T H Water Works 5s "56. T H Water Works 6s '49. Trac Term Co 5s 7 5 Kuhner Packing Co 4! Vos. "39...

STOCKS

Belt Railroad & St Yds com Belt Railroad & St Yds pfd. . Cent Ind Power pf Ts H Ft Wayne. ... 3

Ask 3

Ind Hyvdro les. Co Ts Indp!s Pwr & Lit Co pfd 6s ... ¢ Indpls Pwr & Lit Co pfd 6'25.. Indpls Water Co nia 3s . Lacon, Natl Life ae Co com 2 N Ind Pub Serv pfd Ts Tp: N Ind Pub Serv Co pfd 6s N Ind Pub Serv pfd 5lzs P R Mallory Co com Progress Laundsv Co Pub Serv Co of Ind 65 .... Pub Serv Co of Ind Ts.. Smith-Alsop nfo 2 101 23 5215, 12%

Terre Haute Elec Co 6s . Union Title Co com Van Camp Milk Co pid Van Camp Milk Co com

(By M. P. Crist & Co.}

Market St Investing Corp:..... 33.43 35.55

FOREIGN EXCHANGE

NEW YORK, May 20.—Foreign exchange steady.

Fngland (poun nd) Bing. (60-d. bill rate) Canada (dollar) ... France ( Italy (lire) Belgium (beiga) Germany (mark) .. Switzerland (franc) Holland (guilder) Spain (pegeta) Sweden (krona) Norway (krone) Denmark (krone) Japan © (yen)

.4020 2285 .5498 & ‘Ungiated v 2543

484 320815 3 .2882

For Final Stock Quotations See Later Editions of

The Indianapolis Times

Month Ago ........152.61{1937 Low

Following are the semmodity prices the index:

Today $ 1.39% 1.39 1.24% D3 2.500 1250 091 0333 31% .1165 0610

Commodity— Wheat. No. 2 red (bu.) ...eene. Corn. No. 2 vellow (bu.) .,.... Rye, No. 2 (bu.) Oats. No. 2 white (bun.) .... Flour, spg. pat. (196-1b. sk.).... Lard, prime steam spt. (lb) .., Coffee. Rio Ts spt. (Ib) .....qs Sugar, raw. 96 test (lb.) ...... Butter, 92 score (lb.) Hogs, avg. most sales .(1b.) ..... 4: )

Commodity—

.. 115.85 158.26 (Jan. 29) ..141,47 | Copper. electrolytic Lead, spot (Ib.)

used Zinc. spot (ib.)

in compiling

Week Year

Ago S$ I98U 65% 587% 2814 5.875 1030 06% 0372 27

Silver, comml. Steel scrap, Chi.

Coke. Connelsville Cement,

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

save

Tin. Straits spot (lb.) .. bars t(oz.) ...... (ton) Pig iron, Iron Age comp. (ton) dom. Portland 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: scrap and hides. Boston: Wool. : : Coke, 2 oil.

By United 'ress

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS —0.22 —4.78 —1.90 20.14

Yesterday Week ago Month ag0 ...ccocovvevenene Year ago High, 1937, 194.40; low, 167.46, High, 1936, 184.90; low, 143.11. 20 RAILROADS Yesterday Week ago Month ago .... Year ago High, 1937, 64.46; low, 53.15. High, 1936, 59.89; low, 40.66. 20 UTILITIES —0.24 —0.86 —0.61 -++0.02

Yesterday

Month ago Year ago High, 1937, 31.54; low, 2 High, 1936, 36.08; low, Yesterday Week ago Month ago Year azo High, 1937, 69.6%;. low. 60. 23. High, 1936. 66.38; low, 51.20.

seeesessvane

53.30

Hizh Mident Pet .... 28 Minn-Moline .. 12%2 Mo-K Tex pf .. 2il2 Mont Ward .... 5074 Mother Lode 1Ys Mullins Mig B . 20

Net Last Change 28 re 12Y; 2(Y2 5034

Vs Ya Ya

Biscuit .... t Distillers .. J

Nonny Ind i N Y Central NY

N An No Pacific cine

451 81 63s 2234 35s

a NE

- > a

Ohio Oil 1933 Otis Steel ..... 1 1534

Pacje Ltg Pack

Para Pict 2 2s Park tUah . Parmelee Patino Mines .. 1 Penney Penn RR . Pere Mat

Pfeiffer-Brew Phil Morris : Pitts Sc & B... Poor B = Port R- Am B .. Public Serv ....

Radio pf N.... Republic Stl’ vas Revere Cop .... Reyn Tob B ... 5

Safeway ....... Schenley Dist .. bALDP... 5 =12 131% 281, 441g 23% 5473 48

123% 833 6V4 1534 421, 43Ys

64 14% 5 17a 13a

Stan G. & E Stan Stan Stan Sta i Studebaker Superior O : Syming Gould. . Syming- G xw.

INVESTING CO.’S

(By N. Y. Security Dealers Assn. 15 k! Bid 9.10 Keystone. 21.29 » 83'Md Fd 9.56 28.62/Mut Inv. 15.48 1.20|{Nat Inv. i 11.00! Ntw sec.. 4.28 1.91 New Eng 17.96 . wi IN Y Bis 3.75 36.25'N. Y. Stocks. 27.06 Bank 11.2: 138. 8.00 Bldg Sp 11.17 A | Elec Eat 11.177 | In 10.20

Adm Fd AfTil Fd. A a

Inc. 1

B.... Fidelity. . ist Bos . | Fix Tr a 'B 195 Fd Inv. . Fd a A 801

Gen Inv. 3 n 7 Group Securities Aort ... 2

3. .IQuar Inc 17. 16 ... |ISchkopf . 4.25 24.60(Sel A 6.75!Sov

3 2.19 Sy. AA.

1. 4/ sup; ised. 13. = Ir. St

4i5np Efi Std A i je |USEL&PA 16. 12 16.31 Well Fd . 1 08

Inc Inv 24.25° Ins Shrg 1.58 Inv Fd C 15.36

BANK STOCKS

(By Blyth & Co., Inc.)

Bankers Trust Central Ranover Chase Nationa Chemical Jona & Trust . Guaranty Jruss Irving Tru a aan "Trust National City Continental, Chicago First National, Boston ..... National Shawmut, Boston National City. Cleveland

Aetna Fire American of Newark

City of New Y Federal Franklin Great American Hanover Jaritord

Nabenai Fir National Liberty North

ee ——————————————————eeete eee - A A hl U. S. STATEMENT WASHINGTON, May 20.—Gover expenses aid LR tor the Osment cal year roug com (2 Year pared with S Expenses .. Receipts Deficit

135.80 5,408.29 747.51 2.01 639. 35: 18

26, 956. 5118 13 8 583, 016. 19 $671.660,51547 ey Yh, MON EY MARKET

ORK, May 20.—M A today y oney rates Were

Banker's Areatianees - 30 days, To + syd, 9 days, 9- 158% %: La % o: 150 and 180 d

Commercial | Paver Prima names 0 and 90 days. en % 20.

1%29% 1% %.

Customs Inac. Gold 3

Yo ® 120 ays.

Rediscount rate at New York.

ees t—————————— et. STOCK SEAT SOLD NEW YORK, May 20.—Arrangements were made today for the sale of a New York Stock Exchange membership at $96,000, unchanged

from the previous transac t the 1937 low. Seti 2

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW YORK, May 20.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities compiled for the United Press (1930-1932 average 100): Yesterday ........ 150.06! Year Ago Soh Week Ago .........146.64/1937 High (April 5).

Week Ago

1265 8 1614 43 1312

Year Ago 1223 1034 31 A192 1.54% 15 9-16 09% 0460 0490 A574 4134 13.90 18.84 3.65 255

50.00

Today 290 8 15% A1% 132% 1.87% 21 1-16 14 060214 066214 561% 45 17.25 23.93 4.60 2.3 60.00 52.50 090 1.27

Grains,

(1b.)

1.84 vee 2034 14 060214 066214 #5434 43 19.75 23.25 4.60 2.93 60.00 2.50 _.090 1.21 livestock, lard, “East St. Louis; Zine. [' ; 8]

(bbl) ..

steel

Net mish Low Last Change Telauto En

673 Texas op 89, Texas oun Prod Tia Tex G Sul 37 T & PC & O. Tex Pac L. T .. Thomp Star ... Transamerica .. Trans est Air. Tri Con

673

Un Oil Cal .. Un Aircraft Cp. Un Air Lines .. Un Carbon

Cb AE

Vadsco Sales Vanadiu Va- 7 Ch

Walgreen Walworth

Zenith Rad

BANKS TO HELP STATE UTILITIES

Wall Street Allies With Nebraska to Purchase Five Systems.

By United Press WASHINGTON, May 20.—A new and significant alliance between private capital and public power ownership appearea today as Senator Norris (Ind. Neb.) prepared legislation which would start the Government on a nation-wide power program. A Wall Street banker joined with the pioneering. public ownership forces of Norris’ home state in an effort to purchase five privately owned systems for- Nebraska's three b’ * public power districts. Officials revealed that Guy C. Myers, New York banker, had visited in Nebraska to discuss the proposition with officials of the private companies. Mr. Myers estimated a bond jissue of between $75,000,000 and $100,000,000 would be required.

Better Relations Hoped

Purchase of these companies with Wall Street meney, it was believed, would for the first time establish substantial banking interest as the financial allies of public power agencies, whereas banking agencies have been primarily disposed to confine their power investments to private companies. Public Works Administration officials said the companies which the Nebraska power districts propose to buy are the Nebraska Power Co., Icwa-Nebraska Light & Power Co., Central Power Co, and Western Public Service Co. It was believed that eventually efforts would be made to buy the Southern Nebraska Power Co. and the Inter-State Power Co., making the state's electric service facilities virtually 100 per cent public property. No TVA Proposed

Mr. Myers contended the proposed sytem of public ownership would differ from the TVA’s policy, in that the Nebraska municipalities will generate and distribute power directly to consumers, whereas under the TVA power is sold to private companies which make the distribution to eventual consumers in most instances. He 4aid the state's power districts originally had intended to build and operate duplicating power systems to ccmpete with the private utilities e had successfully sug-

seeks eventual purchase power ‘districts of all of the state’s privately controlled utility systems, stockholders will be enabled to receive a fair price for their equities, he pointed out.

BROKERS’ OPINIONS

By United Press NEW YORK, May 20.—Brokerage opinion today: E. A. PIERCE. & CO0.—We feel that further progress may be witnessed on the constructive side of the market. THOMSON & M’KINNON—While sentiment among the rank and file of share market participants seems a little better, and while rather good quality absorption of stocks is apparently proceeding in various favored parts of the list, the fact remains that Wall Street would have been encouraged considerably had Tuesday's recovery movement been able to extend itself in more impressive manner yesterday. SHIELDS & CO.—The list is entitled to better recovery than it has had and unless there is unexpected outstanding bearish development, may experience it. W. L. LYONS & CO.—There has been considerable investment absorption in the recent weeks, but professionals alone cannot, carry the burden of speculative movement. It remains to be seen whether these issues will catch hold of public imagination.

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

Assd T Atl City 3 25 64 ... &

— DEDNRORD RII OED ih 10D Ld 000

Na Ne

Indnls Water_3'2s 66 Ransas Po L 8 oppers Co Pe Seles Rev 3 Ss’ 77 . Louisville G & E 3'2s 65 .....

N 1 tate Elec ‘Gas 4s 66 NY Sia State P es 67 ohio Edison 3% is 2 G & be

-25¢ hi hers

SELLERS OF HOGS|

WIN BATTLE FOR TOP BIDS OF $12

Few Premium 215-Pound-ers Sell at $12.05, High ‘Since 1935. pe Y

The coveted $12 point was reached in the Indianapolis hog yards today, but sellers had a long uphill struzgle to get a 25c advance, according to the Bureau of Agricultural

Economics, United States Department of Agriculture. Scattered bids at the outset were made that were 25¢c above yesterday’s, but these were quickly withdrawn when shippers reported cancellation of orders from the East. Sellers, however, refused to move supplies except at a general 25c price gain and finally won out. Top on the schedule was $12, while outstanding - hogs. scaling around 215 pounds commanded $12.05, a new peak since September, 1935. Sows were fully 25¢ higher. Hog receipts were estimated at 400 head.

Cattle Receipts Light

It was mote like a Friday in the cattle yards, receipts bzing estimated at only 600 head. The supply of steers and heifers was so small that a real test of market conditions was made difficult. However, from the,snappiness of the trade, prices gave evidence of being fully as good as any day this week and are fully 25c and spots 50 above a week ago. A few mixed steers and heifers topped at $11.50. Liberal supplies of vealers created a lower . sentiment among some buyers in this end of the trade, but bullish advices from other centers came to the rescue nd the market went along on a steady basis. The largest sheep and lamb run since the first of April sold actively in a steady trade compared with the close last week, previous unloads this week being too meager to test values.. Choice 90 to 108-pound, native shorn lambs topped at $11, and several loads of 78-pound averages made $10.40, while some common 65pound weights went at $7.50. A few good spring lambs went on local account at $12.50. Old shorn slaughter ewes cleared mostly from $4 down.

Bulk

Receipts $10.25@ 10.75 5000

20.nt Lights— (140-160) Good and Medium Lizhtweights— (160-180) Good 2nd

Mediu (180-200) Sod and Mediu

choice. .$10.50@ 11.85 10.15@ 11.50

[email protected] [email protected] [email protected] @11.80

@12. 20

choice.. 11. vw 10 11. 11. 1. 1. YX: 1.

“choice. . Medium Weights (200-220) Good and (220-250). Good Heavvweights— 1250-280) Good (290-350) Good Packing Sows— (275-350) Good (350-425) Good 1425-550) Good .... (275 550) Medinm Slaughter Pig (100-140)

choice. . choice. .

choice... choice...

1] D1 090 BI =I-3¢ So oS ac

D390 @ Od pa Pt pt ptt pk bes h S5 9555 mn Nt

7 §

od and choice.. Medium 3

—Receipts, 600— (550-900)

QDS

(900-1100) Good

: =

ONIN;

(1100-1300)

OuooooOoOoOoOoWLWL hd ok ph fh pd fk fk fk ed ft 1 oS

OWROW-IN pogo wen we

(1300-1500)

(500-1750) S

mon Good BE "choice . Common. medium.

(750-900)

Choice Good

00 Common and medium Low cutter and cutter Bulls, good Cutter, com.

Vealers —Receipts, 800—

Good and choice Mediu Cull pi common

Calre (250-500) Good and thotce. $7.00@ Common. medium. 5.00@ Feeder and Stocker Cattle (500-800) Good and choice. .$ 7.50@ Common. medium. 6. (800-1050) Good and choice . 1. Common, medium. 6. Heifers— Gocd and choice Common and medium SHEEP AND LAMBS —Receipts, 2000— Shom.L Lambs— ;

Wooled Ew 190-175) Good and choice. Common, medium.

By United Press CHICAGO, May 20.—Hogs—Receipts,-10.-000, including 2000 directs; market opened unevenly steady; 20e higher than yesterday's average; most of early advance lost, Now about in line with best time vesterbulk good and choice 200-300 Ibs., oi. 70@12; few early sales, sien, 15; 1%: $12.15, hig hest singe 2 1935; 9 Est, 10@1 ew res pigs, 3 at 2 packing sows,

Cattle—Receipts, 5000; calves, 1500: fed steers and yearlings fairly active; market, steady to strong; largely $9. 5011.50 market on Jght weights and yearlings, sprinkling mediu mweights up to $12. 50, with jrad or two held around $11.50; cows m, supported. by continued scarcity; Lh ulls steady: practical top, $6.50: vealers 25@50c¢ higher, bulk good light and handyweights, $9@10; selects, $10.50 sparDY ep—Teceipis. 15,000, including 14,000 directs; fat lambs sales around 25c lo clipped lambs, $10.7 above $11; Rita) Lid spring lambs little changed around [email protected]; shee about steady; most shorn ewes,

$4 .50675.25. LAFAYETTE, May 20. — Hogs — Market steady to 20c higher; 210- 235. bs. $11.80 @11, 85: 235-275 1bs., $11. Soon. 70; 275-325 $i [email protected]; 180-210 Ibs.. $11.70@ 117s: 160-180 1lbs., [email protected]: Ibs., [email protected]: 130-150. lbs., $10@10. 283 100-130 1bs.. $9:[email protected]: roughs, 10.5 dow Calves — $9@9 Sow, Se ns: $11@13; clipped I 9 down. FT. WA 20.—Hogs—Market, 295-250 Ys 250-275 5 180-200 $09 350 150-160 : 130-140 os x by. 0: 100-129 1bs., $9.55; roughs, $9. 3s; stags, $8.50. Calves, $9.50. Lambs, $12

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 fu ] case of eggs must weigh 55 aaands gros Bees=No. 1 ett fresh, loss off, 15¢

Heavy breed hens, 5 lbs. and over, 13c; Heavy breed broilers, . 19c. Leghorn broilers, lbs. and over, 17c. Bareback broilers, 1937 Stock, 2 ps and over. 1l4c. d roosters, Ducks. fullfeathered and fat. 6c. bse) full feathered and fat, 5 lbs. and over: Butter—Creamery. No. 1, @ 6c: No. 2 i Butterfat—No. 2 Be No. 2, 28c. :

Colonial

Savings and Loan Association

N. Y. Bonds

By United Press BOND PRICE INDEXES 20 20 29 Indus. Rails Util Yesterday ..... 9L% 04.4 101.2 Week ago ..... 92.0 94.5 101.4 Month ago .... 92.3 96.8 ~ 102.7 91.0 105.3 "7.0 97.4 101.2 1060 91.2 101.2 100.4 106.2 84.7 103.5

69 Bonds 95.8 96.0 97.3 1 95.6 87.2 100.% 95. 100.2 93.3

Two 1937 1937 1936 1936

years ago. 87.2 high ..... 950 low ...... 91.6 high ..... 94.8 low ...... 90.0 1935 high ..... 91.4 86.4 103.6 93.1 1935 low e 71.0 86.3 83.0 (Copyright, 1937, Standard Statistics Co.)

U. S. GOVERNMENT BONDS Treasury Bonds i Low. 34s 1941 .. 106.1 4s 1954-44. .. 2Y2s 1953-49 27s 1960- 35 . 23s 1959-56 9.1 Federal Land Bank Bonds Bid As

3s 1955-45 3s .

S 3Y%s 4s

4s 4s 4Ys 4Y8 Federal Farm Mortgage Bonds High Low 3l%s 1964-44 102.20 102.17 Home Owners Loan Bonds

2%s 1949-39 100 3s 1952-44 101.19 : DOMESTIC BONDS

anzcol) nda C 42s £0.

CCCStL ref 5s es Clev Un Ter 5s 73 0573 Cons el 3s 51 ... Del &-H ref 4s 43: Erie ref 5s 75

Loews Inc 3'29 46 .... Mo Pacific 5s F 77 ....

No Pac 6s 2047 Ohio Edisn 4s 65

Pere’ Marq ‘5s A 56 ... Philippine R 4s 37 .... Postal T & C

fensl Third Av adj 5s 60 .... United Drug 5s 53 ..... 9 West Union 5s. 60 -..... Young S&T 4s 61

~ FOREIGN EONDS

991; 101%;

Last Argent 42s T1 Brazil 6%es 26-57 Canada 5s 5 Canada 4s 80 cree German 7s 49 ... Norway 4s 63 Peru 6s 6

PESSIMISTIC PAPER REPORT PUBLISHED

Industry Needs Co-opera-tion, Say Shields & Co.

> By United Press NEW YORK, May 20. —Profits of paper manufacturers this year will be sharply higher in almost all divisions, but a “new order of co-opera-tive management” will be necessary to maintain earnings. in 1938 and 1939 when new sources of supply in wrapping and bag paper and container board come into the market, Shields & Co., New York Stock Exchange firm, had said today in a survey of the industry. “The industry is alive to this problem, but even with the example of the newsprint collapse so freshly in mind a dog fight for the available volume in some lines is likely within the next two years,” the survey commented. The container board industry in the South probably will feel the effects of rapid expansion by the end of 1938, especially if new plants on second or third choice locations are rushed in for promotional purposes, the Review said. “This would be felt first by the high-cost Northern mills. Following out the traditional pattern in the industry it would cause a period of readjustment in which mills would shift from one grade to another in pursuit of a product on which a satisfactory profit could pe obtained. This alternative is a form of industrial control by which production would be allocated among the mills.” + The Review said that “beyond question” newsprint can and will be made from Southern pine, and ladded that commercially it will have {to compete with Northern newsprint {that is improving continually and ‘with the efforts of Northern pro[darers to avoid scrapping their in|vestment.

RAILRCADS BUY 84 NEW LOCOMOTIVES

By United Press NEW YORK, May 20.—Locomotives ordered by railroads in April totaled 84 which included electric, switching and Diesel locomotives, Railway Age reported today. Freight cars ordered in April and including May 1 amounted to 13,046 units. Orders for 52 passenger and mail coaches were placed in the same period. :

Circulation Rises

MONEY IN CIRCULATION (U.S. TREASURY DEPT)

END OF APRIL EACH YE

1931 1932 1933 1934 1935 1936 1937

THE PARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

BILLION DOLLARS

Times Special BOSTON, May 20.—Money in circulations at the end of April was the highest for this time of year in the history of the nation, 82 per cent above a year ago, it was revealed today.

CANADIAN RAIN BREAKS WHEAT IN CHICAGO PIT

Liverpool Firmness Loses Effect; Corn Does Not Follow.

By United Press CHICAGO, May 20.—Heavy rain= fall through the Canadian wheat belt, - where moisture was sorely needed, brought a sharp break in prices on the Chicago Board of Trade today. Wheat sold off to losses of 1 to 1% cents a bushel in late trading, rye dropped 1 to 13 cents and oats were i to 9 cent lower. Corn was fixed. Lard fell 20 to 30 points on adverse statistical advices. Continued dryness in the Souths west offset to some extent the improved conditoons in the spring belt, and a buying movement tended to erase parts of the.early losses, Selling was reported to be against Winnipeg buying. The rains in Canada were centered mostly in southern Manitoba, and southwestern Saskatchewan, These rains, together with rains nm the American Northwest induced selling at the start in Chicago. Liverpool was firm at the start bug the foreign strength was overlooked in the light of the heavy rains. The

+'| dust storms which had been raging

westward from the Manitoba border to Calgary and north to Edmonton in Canada abated. Corn prices were erratic as July and December futures advanced on good commission house buying, ol WAGON WHEAT ity grain elevators are paying $1.2 No. 1 red wheat, other srades on 2

merits. Cash corn new No. ellow. $1.19. Oats, 47c. Hay—No. 1 Boas [email protected].

ARGENTINE GRAIN By United Press

BUENOS AIRES, May 20.— 3 opened irregular. Whe June. fies i off acs July, $1.2115, off lsc. Corn—June, | Lae, Inenanged; Jub, 553sc. off 80. Orr Mey 337, ic. Flax-—June, $1.32%, off Vac; IY Ps1.3575. off Vac. WINNIPEG WHEAT Open Last $1.343; 1.3233 Iai WHEAT |

High Low May .........$1.4375 $1.42% $C 495 uly 427% 1.40'> 1.40% 1.35 1.32% 1.33 1.339%

i |

Eggs—Market, unsettled; receipts, 36.= 138 cases; fresh graded firsts, 21c: dirties, 18% lac; current i RA checks, 18¢; storage-packe rsts c; Sintages kK exifas Bac; extra firsts, '21 Peg wd utter-—Market rm aay ts, 5,78 tubs; extra firsts (90-91'% ki 35780 2915¢c; extra (92 score), 30c: firsts, 27346 28%sc; standards. 29%c: specials, 30'>@3le, Poultry—Market, Steady; receipts, 41 trucks: ducks, 14@16c; geese, 1lc: broilers, 23@24c; hens. 14@19c: Leghorn hens. 106 14)zc; old RO 1zc; turkeys. 1315 + fryers. a ring * chickens, Gd harehacks. 206i 220 Sa eese—Twins 15% @15%c; isi 15%, @16c; Longhorns. 159: mise, Crit Potatoes (old stock ) —Supplies, Jight: demand. 00 market, Steady. Idato Russet Burbanks, $2.40@ 2.7 (New stock) —=Supplies, light: demand. Plow: market, steady: Louisiana Bliss Triumnhs, $2. 25% 2.60: U. S. No. 2. $1.25; Texas Bliss Trt umphs. $2. 30; S33 25 Triumphs, 0. 2 S@ California White Rose, $2.60; U. 8S. Commercials, Srrivais, 67;

on track, 169; shipments,

eres ergo re aan FOOD PRICES CHICAGO, May 20.—Apples—En Davis, [email protected]. Sweet Pols atoes—Tennessee, Janey Halls, $1.80@1 85, garrol Migbis: $lal Spinach—1Illinois, oe: oe as, . lugs. Cauliflower, California, crates. Peas-—California. hampers, $1.7 ery—Florida, 10-inch crates. $2.75@3. 5 Onions (50-1b sacks)—Texas yellows, £1.25

STEEL PURCHASES TO SUSTAIN OUTPUT

By United Press NEW YORK, May 20.—New steel buying in addition to existing backlogs will sustain production at the present high rate throuzh July ab least, Iron Age had reported today. . While new business is not as active as it was a short time ago, the drop has not been precipitate and sales now are running aboub 75 per cent of shipments, the maga= zine said.. Substantial orders have been placed in some products, note: ably railroad equipment, with cons siderable construction steel in pros pect. Labor difficulties in several independent plants have caused: some delivery pressure on those mills, buf no drastic action is expected from the. steel workers organizing committee until after the election in the Jones & Laughlin. plant. Production continued at 92 per cent of capacity, aided by the resumption of operations at the Jones & Laughlin mills. The Pittsburgh rate ad« vanced 10 points this week to 95 per cent of capacity, a new recov ery high.

ELECTRIC OUTPUT REGISTERS ADVANCE

By United Press NEW YORK, May 20.—Electricity production in the week ended May. 15 was greater than in the preceding week and showed a 127 per cent increase above the corresponding 1936 week, the Edison Electric Insti tute reported today. Production was 2,194,620,000 kilo= watt hours, compared with 1,947,» 771,000 in the 1936 week. In the prew ceding week output was 2,176,383,000 kilowatt hours, a gain of; 12.8 per cent over a year ago.

DELAWARE--OHIO

T. P. BURKE

Merchants Bang 3 Bldg.

‘GENERAL INVESTORS TRUST

Common Stock Diversification Prospectus and Other Literature on Request

8 COMPANY

INCORPORATED * INDIANAPOLIS South Bend

Terre Haute