Indianapolis Times, Indianapolis, Marion County, 2 June 1937 — Page 15

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WEBNESDAY, JUNE

2 1937

tHE INDIANAPOLIS Toes

PAGE 15 .

COMPLETE. | [N. Y. EXCHANGE| tC STORKST

STOCKS ~ LONDON

British Market Lis Paper Gains of 750 Million.

By United Press NEW YORK, June 2.—The New York stock market turned ‘irregular today after

an early rally. Paper values of stocks on the London | Stock Echange advanced (around $750, 000,000 today- in active dealing as result of abandonment of the national defense contribution —the tax on rising profits. U. S. Steel touched 997s, up 13, in New York, and Bethlehem 857%, up 17%, but they dipped to 99 and 8414, respectively. National Steel fell* more than 2 points from: an early high. New Haven common made a new low-at 37, off 1%, on publication of the road’s reorganization plan. This appeared more beneficial to, preferred stocks and bonds and they advanced. Other railroad stocks were higher.

Farm issues were strong, but dull. Coppers had gains ranging to more than a point. Golds declined, with Homestake off 7 at 3873. Rubbers lost half of early gains ranging to 2 points in U. S. Rubber. Electrical . equipments were strong but inactive. Oils netted small gains. Industrial and mining shares led a Curb advance reflecting strength in other markets. Active strength in rails and steels brought an advance in all sections of the domestic bond market. . U. S. Government bonds were narrowly irregular.

FIRST HOUR

The market opened higher, but trading continued light. U. S. Steel rose to 997: for 13 gain and maintained most of the advance. Metals were led by American Smelting, up 1% at 893%, and Kennecott up 17 at 58. American Telephone gained 2 points to 16612 to lead thie utility secticn higher. Chrysler gained a point to 11214. Atchison and Chesapeake & Ohio gained a point or more. Douglas Aircraft was 23 higher at 57. New York Steam broke 10 points to a new low for the year at 80, bringing losses in two days to 21% points. Voluine approximated 170,000 shares, compared with 240,000 in the first. hour yesterday. Dow-Jones averages: Industrial 173, up 1.41; railroad 56.55, up .46; utility 27.81, up .235.

SECOND HOUR

Prices receded from their highs. « S. Steel dropped back to 99% where it was 3: higher. General Motors dropped .to 2 loss at 547 while Chrysler was 111% for only % gain. Bethlehem Steel maintained more than a point advance. Atchison had 3 gain at 82% and New York Central at 437s had 3. gain. Kennecott maintained more than a. point advance. New York, New Haven & Hartford common dropped to a new low for the year at 37% off 14. . Volume approximated 90,000 shares, compared with 200,000 in the second hour yesterday. DowJones averages: Industrial, 172.86, up 1.2%; railroad, 56.37, up 0.28;

utility, 27.76, up 0. 29. ”

T oday’s Business At a Glance

GENERAL BUSINESS

Engineering News-Record reports May engineering construction awards totaled $235,012,000, record 1937 month and highest May since 1930, vs. $216,955,000 in April and $141,257,000 year ago.

CORPORATION NEWS Carolina Power & Light Co. 12 months ended March 31, net income, $2,303,041 vs. $1,649,237 in previous 12 months. : : Memphis Power & Light Co. 12 months ended March 31, net income, $1,392,120 vs. $1,182,541 in previous 12 months. National Tea Co. four weeks ended May 22, sales $4,497,374 vs. $4,349,416 year ago; 20 weeks, $24,842,790 vs. $23,502,467 year ago. “Norfolk & Southern R. R. Co, April net income $2174 vs. net loss $53,593 year ago; four months net loss, $137, T11 vs. net loss $213,688 year aga, according to corporate and receivers report. Pennsylvania Power & Light Co., 12 months ended come, $8,015,762 vs. previous 12 months.

Stone &, Webster, Inc. and sub-

$8,136,541 in

March 31, net in- |.

The Times nancial and Market Page

OVERLOOK.

RECOVERY ~ AND TURN ERRATIC

@®

MARKETS AT A GLANCE Stocks irregular in quiet trading. Bonds higher; U. S. Government issues irregular, : Curb stocks higher; mining and , industrial shares leading. Chicago stocks irregular. "| Call money 1 per cent. Cotton 2 to 4 points higher. | Grains irregular at Chicago; July wheat off 1!4 cents a bushel. : Rubber 26 to 30 points higher. Silbgr bars in London up 1-16 to 20 5-16 pence a fine ounce.

Curb Stocks’

By United Press

# 8

Aero Sup B Alum Ltd

pion ol Air. Mont Ward A Niag H Pwr Rustless 1

S O Ohio (L) Sun Ray . Sunshine M Technicolor * Un G Corp Wayne Pump Wright Har FINAN—BANK | —BANK STOCKS

Chicago S tocks

High Last Bendix Aviat 20 Borg Warner ... Butler Bros

Cherry Burrell . 0 Corp

Fidler St Str. Stan Dred pf Trane Co .. Ut & In cv pf Zenith Radio

3314 331} each share of $3 prior preference, payable July 1 record June 10. MacFadden Publications, Inc, $3 on preferred arrears, payable Sept. 21 record Aug. 31 and dividend of $3 on preferred, payable July 15 record June 30, vs, dividend of $3 on Dec. 10. Marine Midland Trust Co., regular quarterly 371% cents, payable June 18 record Tne 15. Sun Life Insurance Co. of Canada, quarterly $3.75, payable July 1 record June 15, vs. like payment three months ago prior to which no payments had been made since July, 1932. Sunshine Mining Co. regular quarterly 75 cents, payable June 30 record June 15. Air Associates, Inc. initial 10 cents on common, payable June 21 record June 10.

Bloomingdale Brothers, Inc., 371% cents on common, payable June 25 record June 15 vs. like payment, on March 25.

General American Transportation Corp., $1.50, payable July 1 record June 11 vs. extra $1.25 on Dec. 21 and dividend of '87!2 cents on July 1.

International Shoe Co., regular quarterly 50 cents on common, payable July 1 record June 15. Margay Oil Co., 25 cents, payable July 1 record June 19 vs. like payment on April 10. F. E. Myers & Brothers Co., $1 on common, payable June 26 record June 15 vs. like payment on March 26. Pacific Tin Corp., extra 25 cents and regular quarterly 50 cents, payable June 25 record June 10 vs. like payments on March 25. Tri-Continental Corp., 25 cents on common, payable July 1 record June 21 vs. like payment last Dec. 24. Yukon Gold Co; 6 cents payable June 22 record June 8 vs. 5 cents on Dec. 21. x

RAILROAD REPORTS Baltimore & Ohio Railroad Co., week ended May 29, carloadings 35,361 vs. 36,467 previous week and 27.035 year ago. Wabash Railway Co.. week ended May 29, carloadings 5332 vs. 5242 previous week and 5039 year ago. (Copyright, 1937. bv United Press)

.Fla

Times Special

NEW YORK, June 2.—A new type steam locomo-

tive capable of hauling 1200 tons—a 14-car passenger train—at 100 miles an hour is being developed by

the Pennsylvania Baldwin, Americ

nounced today. cylinders instead

Penning Developi ng Locomotive

Railroad in co-operation with the an and Lima Locomotive Com-

panies, M. W. Clement, Pennsylvania president an-

The new engine is to have four of two.

LATEST NEW YORK STOCKS

By United I’'ress

High Low :

alr Way El .... 2%

Borg- Warner .. Bdgept Brass .. Briggs Mfg Burroughs- . Butler Bros pf .

Campbell Wy .. Canada Dry ... 27 Can Pacific .... Celanese Ches & Ohio .. Chi Mail Order Ch M St P &

Colum Gas >a 32 Commonw & So 214 Cons Edison pL 10334 Cons Oil 159 Cont Bak B ... Cont Mot

Ein st SE SEES HEE ES

DEERE

Net Last Change

em @ Sa

. .

[PR RAR a ®t

0 ae C3

19, Nil Inv _Shrs

10.25/Mut Inv. 1.85|Nat Inv.

* IL “ 38.43) S30INY is

Div Shrs Fidelity. 1st Bost Fiz Ir A

DIY NOR IA WNWRORWWNINNEDON BC Aare bas t Ie iio aio ER C= OY U1 a OO [CI=X=] wo Ei

ght a>

*D 04! Sra ‘AA 1 “ BB 2 'Supervisd Tr Ind 4 st C..

1|Tr StA..

6 “B

DD td ht tt 4 Ba ND Honhmaohivng 300 == ia

141

Argepiine Ren 4s Ass’d el 4s '6 Atl City 312s B & O 4'>s '39 . Calif Oro Er 4s '66 Celotex 4l.s '47 Ra Cent Maine “pwr 4s '60 Cent Maine Pwr 3!:s Cinti G & E 3'as '66.... Dom _ Canada 3s cy Fla Power 4s ’66 .... Power 5s '66 Houston Lt 7% Pwr 31s 68. . Indpls Water i Kansas P & L 4 Koppers Co 4s ’51 .. Los Angeles Rev 35s "7 Louisville G & E 3% 2s 66 Metro Ed 4s ’65 Narra Elec 3's NY City 3s. '17 _. NY State Elec Gas 4s "65. ARAN Northern State P 3l2s "67 Ohio Edison 3s M2 Okla G & E 45 Okla Gas & Eg $ne 3s ‘66. Pac Lizhting 4l5s '45. Phila Elec 3's "67 Sou Kraft 4lzs ’ Sou Bell Tel 34s 62 Wisc G & E 3'2s ’66 Wisc Pub Serv 4s ’61

Vas

unchanged today.

60 and 90 days.

"85 @9-16%;-

71-16% Hays. 8 7

Time Money—60 and

150 and 180 days, 12%.

Rediscount rate at New York,

INVESTING CO.’S (By N. Y. Secullsy, Dealers Agsoniaiant BS 1.57 4 24.34

3 12| Mass Inv 27.40 15.15 7.02 [Nw sec ° 4. 352

18 08 380. Co Aan 'Y Stocks, Inc k 11.18

7.32 62] Use &PA 16.50 ‘a 2.52 i va OY Well" Fa. 18.92

NEW BOND ISSUES

(By W. L. [Lyons & Co.

Rapkers oianies —- 30 days, 9- 16@ Y=: 150 and 180 days,

Commercial Pager—Prime names, 1% 99 days, 1% 7%; ‘120,

17.00 2.62 99 20.75

MONEY MARKET

NEW YORK. June 2.—Money rates were

Yo @ “120

%a |

112%.

For Final Stock Quotations

GO Ce ee 0 ARN NR

.| Hook Drug

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS —3.12 —0.69 —1.63 —0.11

Yesterday Week ago Month ago Year ago 3 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, 64.16; low, 53.15. High, 1936, 59.89; low, 40.66. 20 UTILITIES 271.55 28.01 . 29.57 31.11

Yesterday Week ago Month ago Year ago High, 1937, 3%. 31: low, 27.04. High, 1936, 36.08; low, 28.63. 70 STOCKS Yesterday Week 280 ..cocevcosnrennans Month ago ........ Year ago High, 193%, 63.6%; low, 60.25. High, 1936, 66.38; low, 51.20.

61.79 63.00 54.74

Net High Low Last Change Container Rt wii J 6 13 116 15-16 15-16 Co ont Oil Del 43 58% T% 104 116Ya 5-16 7

oty Crane Co pf Crane Co cum. 116% Crane Co rt ... 5-16 9-32 Cr Cork & 8... 13 75 Crown Zeller .. 19% 19% ; Cub-Am Sug ... 8% 8% 8% Curt Publi pf .. 88 88 88 es Deere & Co ....130 130 Dist Seag 1 Dome Mines ... , 3974 Douglas Air ... 53% 55. Du Pont 156 156

..169%2 169'2 * 5

Be . 16%. 16Y4 12 17% —

«133 33

116Ys

21 39Vs 5534 156

East Kodak Elec Music Ind Blac P&L.

169% 5 162 17%

Firestone T ...|3J First N Strs .. 42 42 Flintkote Co ... 30 Francisco Sug.. 102 10% Gres

Gar ood Ind 13% Ben Ba 1278 Gen 53 Foods .... 393

BANK STOCKS

(By Blyth & Co., Inc.) -

121% ° 127;

53 39%

Bankers Trust . Central Hanover Chase National

Continental, Chicago . First National, Boston National Shawmut, Boston .... National City, Cleveland

FIRE INSURANCE

Aetna Fir American oe Newark ...... =e Baltimore American y City of New Yors Fedora) Fran Dana American Hanove Hartford Home : National Fir National Libarty North Ri

. 8. Fire ‘ Westchester . 33%

LOCAL ISSUES

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

BONDS Citz Ind Tel (TH) 4%s 6

3.. 91 Kokonto Water Works 5s .’58. 1103 4% Morris 5 & 10 Stores 5s ‘50...100 Muncie’ Water Works 5s '65...103% Noblesville H L & P 6'2s '47...102 Ohio Tel Serv 6s '47 Richmond W W 5s Seymour Water Co A "49. T H Trac &_.L 35s T H Water Works ss ’56. T H Water Works 6s '49 Trac Term Co“5§ '57 . 15 Kuhner Packing Co 4's '49...

STOCKS

Belt Railroad & St Yds com.. Belt Railroad & St Yds pfd... Cent Ind Power pf Ts Home Tel & Tel Ft Wayne..

nc Ind & Mich Elec Co fd 7s. Ind Gas Co com Ind Gen Serv Co £5 Ind Hydro Elec Co 17 “iu Indpls Pwr & Lt Co ® id 6s . Indpls Pwr & Lt Co pfd 6%s Indpls Water Co pfd 5s Lincoln Nat! Life Ins Co com. 1A N Ind Pub Serv pf 7s N Ind Pub Serv Co pfd 6s ... N Ind Pub Serv pfd 5Ys- 22 P R Mallory Co com Progress Laundry Co . Pub Serv Co of Ind 6s ....... 21 Pub Serv Co of Ind 7s i....... 43 Smith-Alsop pfd Smith-Alsep com danas 8 Terre Haute Elec Co 6s....... 98 Union Title Co com. . 20 Van Camp Milk Co pfd sulted Van Camp Milk Co com

{By M. P. Crist & Co.) Market St. Tovesting Corp. '... 33.34 35.46

U. S. STATEMENT

WASHINGTON, June 2.—Government expenses and receipts for the current fiscal year through May 29, compared with a

A Westing Bl Wilson & Co

Yale &|T ..... 51 Yellow Tr Young Sheet ...

he : Net kl Change

5534 "up 38% 7 ES 11314 9 5253 13% °

Gen G&E A '... Gen Motors Gen | Refract .. Gimbel Bros ... Goebel Brew : /4

hk -

Hat Cor Hecker Prod. Holl Hoos a Hupp Mot .....

er]

Inland St Rs. . 11 Central .... 21 Ind Ray

HEEL HERR

T ab Int D § Rts.... . 851% —l— 20Y2 9 951 11581, 78%;

Kennecott '... 201, 812

95%, 156 4 78%2

McCrory McKeesport

Mathieson Miami Cop .... Midcnt Pet _.... Monsanto Mont Ward .... 51 Murray

Nash-Kelv

Norwalk T .....

Oliver F Eq ... Otis Elev Otis Steel .... Owens Ill Cc .

Hb EE RE

>t)

Raybestos Rem- Rend

Reo Mot Republic Stl... Reyn Met a Reyn Teb B oe

St Jos Lead ... Schenley Dist .. Seab L pf .. Sears Roe Servel Ine Sharp & D.... Shell Un Oil .. Simmons 4 Socony-vVac_ .... So Por R Sug.

HHH HR AE EE FREE eg

Studebaker Supefior O .... Swift & Co ...

Texas Corp .... Tex G Sul .... T&PC&O.. ]

Transamerica Twin Coach Co.

Und E Fish ... Un Oil gal ibee Un Pac Un eh Cp. Un Carbon .... United Corp ...

SRNR LE RE EE EL

Un Gas Imp .. Un Paperbd ...

i 4 8 . . ot ae

++ FEHR H+ a

12 24% 82'2 82'2 82%;

BROKERS’ OPINION

NEW YORK, June 2.—Brokerage

opinion today:

E. A. Pierce & Co.—Sentiment may

Jight heifers and mixed

HOG BUYERS BID 10 T0 50 CENTS LOWER LOCALLY

Second Successive Heavy Vealer Run Sells at Steady Prices.

Using a sharply lower fresh pork market and increased receipts at leading stockyards as a hammer, hog buyers were able to depress values today. The decline on 160 to 300-pound weights measuted 10 cents, pulling the top downward to $11.55. Light lights and pigs lost 25 cents, while butchers scaling above 300 pounds were almost unsalable. Luckily for the selling side not many were

A offered, but the market was never

definitely established, a few bids being made around 50 cents lower.

Sows ranging weak to 10 cents off, bulking at $9.75 to $10.50. Receipts here were estimated at 700 head. Cattle Buyers Compete

Moderate supplies of cattle included a good portion of cows, leaving the steer and heifer quota of a size to invite healthy competition. This support also left steers and yearlings in an independently steady position, while buyers hamif stacy cow prices to the extent that values ended the session in a steady to 25-cent lower level © A top of $13.50 was paid for two loads of choice 1133-pound steers and there was ‘a load of 1165-pound offerings at $13.25, but bulk of the steers and yearlings fell within a range of $10.50 to $12.50. Best around 725-pound heifers reached $11.60.

After the largest run of the "year yesterday, when vealer receipts totaled 1400 head, around another 1000 were on hand today. Active shipper support, however ,again held the price level unchanged and good to choice vealers continued to move from $8.50 to $9. Mediums were most popular within a range of ..750 to $8, and occasionally sold even closer to good grades.

A very limited showing of sheep and lambs cleared at steady prices. Croice native spring lambs fopped at $11, with buck lambs discounted $1 per hundred.

Receipts 6000

194

Light Tighe (140-160)

Lighiwes nts (160- 180) Good hd

Mediu : (180-200) Good! and

‘Medium Wei Mean (200-220) Good “and 1220-250) Good and Heavyweights— ; (250-290) Good and choice . (290-350) Good an dchoice.. Packing Sows—

choice. $19.

choice. .

choice. . choice. .

BL NWO oD ow UDO oO

83 Ad RD 8

Bt dd ek pdt et Lo COO Hm

oh ow

td ft ba DOOD Hr OOF

bt Soh ob Som ow Motu ci}

(275-550) Medium

Slaughter "one (100-140) nod Jnd choice. .

® wa

ow D3 0D)

—Receipts, 1400— (550-900) Good

(900-1100)

11100-1300)

(1300-1500)

OWRNOW-I0O NIM W DRT NODNDODOD UI-II QNUNOO00OOOOL Lr Q399999PORDD Bh ft fh bh kh uh ph fd bb dh pd $010 © 0012 00 © 03 00 ODI LIVI IND NP ODD QUICUDNOCOOOOD

1500-750) C1

mon : Good and choice... 10. Common, medium.

Cows

1750-900)

Choice Good . Common and medium . Low cutter and cutter.

Bulls. good Cutter, com.

£10k HOD SHRRN] PANM-ID PII per

Vealer —Receipts, 1000— Ln and choice.. .

- S S

O20 NO9® 90 0D

Cull and common

Calve (250-500) Good and Ghote .$ Com on. mediu Feeder and a Cant (500- 800; Good and chcice Common. medium. 1800-1050) Good and choice Common. medium. Helfers—

Good and choice.......... . .Cornmon and medium SHEEP AND LAMBS —Receipts, 500— Spring Lambs— - Choice ..

SU eae wo own

® ow LONE O00 Ooo 9 0393 0d 9d ws onan erin oS ococoo oo

. $10 50@11. 23

on oe Ewes— (90-175) Good and choice. . Common, medium.

By United Press -

CHICAGO, June 2.—Hogs—Receipts, 16,000, including 6000 directs; market, uneven, steady to 10c lower than yesferday’s average; spots off more on. medium and good grade light-lig acking sows. fully steady: ulk good and choice 200-3 11.65; 90 lbs, $10.50@11. bulk good packing sows, $ 0@)’ 0.50; kinds on butcher Diese: $10.60@10 Cattle—Recelpts, 9000; calves, 2900; fed steers and yearlings oe steady; good and choice kinds pred ominating; largely steer run; very little here of value to sell under $10.50° holy $10.50@13 market; early top medium weight steers, $14.25: few loads held above $15: best yearlings, $13; very active trade on surely grain-fed li sat Ingsy these cattle turning at $10.50@12: best heifers, ful .50; grass cows and heifers weak; bulls uy, steady but vealers steady to wea os

‘Yesterday

N.Y. Bonds

By United Press BOND PRICE INDEXES 20 20 20 Indus. Rails Util. 94.3 101.2 94.6 - 101.5 95.2 102.2 92.0 105.4 6.4 97.4 102.2 106.0 94.2 102.2 100.4 108.2 84.7 103.5 86.4 103.6 93.1 91.0 89.3 83.0 1937, Standard Statistics Co.)

60 Bonds O31 Week ago 91.8 96.0 Month ago .... 91.9 + 90.7 Two years ago. 86.6 : 1937 high 95.0 1937 low 91.6 1936 high 94.8 1936 low 90.0 1935 high ..... 91.4 935 low (Copyright,

96. 4 86. 3 -.100.7 93.7 100.2 93.3

U. 8S. GOVERNMENT BONDS Treasury Bonds Low.

Last. 1945 40 Ju . 105.21 105.21

4s 4Y;9 May 1957-37 41,5 Nov.

Federal Farm Mortgage Bonds

High Low Last 2s 1947-42 102.31 102.31

Home Owners Loan Bonds 1949-39 100.7 DOMBSTIC BONDS Arm Co Del 4s 55 . wi: 43

234s 100.7

974 10912

Rep S Soc Vac 3's Texas Cor 315 51 Third Av adj 5s 60 .... US Ruber 5s 47 Warner Bro 6s West Union 5s 60

FOREIGN BONDS

Argent 4%s 171 Australia 5s 55 Brazil 6'2s 26-57 .. German 79 49 Italy 7s 51 Japan 6l.s 54, Norwav 4s es Peru 6s 60

ARGENTINA TO END CROP RESTRICTION

London Cartel Notified of |* Withdrawal.

LONDON, June 2.—Alkgentina has notified the Wheat A visory Commission of its intention|to withdraw from that cartel, it was learned authoritatively today. The decision was made several weeks ago, it was learned, but was held secret pending efforts to induce Argentina to reconsider its action. It was understood that Argentina | -justified its action on the grounds that nature—by means of unfavorable weather—automatically achieved the same results “as the commission’s artificial measures in restricting acreage. However, other wheat growing nations participating in the cartel believe that inasmuch as climatic conditions are uncertain the Argentine situation might change and favor a large output. They contend that the vagaries of weather are such that restrictive measures ‘should be continued “until further holice.”

STEEL PRODUCTION "DECLINES SHARPLY

By United Press CLEVELAND, Jyne 2.—Strikes in several independent plants threw the steel market into confusion last week. Carrying the national operating rate down 162 points to 75 per cent of capacity, the magazine Steel reported. Consumers who depend on the affected plants for deliveries will attempt to obtain materials from other producers in the interruption should be extended for any length of time. The magazine added, and these steelmakers, already under pressure from their normal

position ‘to help them. Buying in May was estimated at around 75 per cent of the April volume which, added to existing backlogs, is sufficient to keep mills occupied for some time.

FOREIGN EXCHANGE

y Uni ed Pp

55) al NEW YORE June| 2 am exchange

Net able Rates + hanse 4.927

+.0005

FOOD PRICES

96.5 |

customers, probably will be in no

COMPLETE LOCAL LIVESTOCK

CROP ESTIMATE. SPURS BEARISH WHEAT MARKET

Early Advance Halted as Winter Niicatinns Are Lowered. |

. {

By United Press irs CHICAGO, June 2.—Offerings on the early advance credited to local operators dipped wheat prices to=day on the Chicago Board of Trade. Entering the final hour, wheat showed losses of 3% to 1Y% cents, while corn hdd recovered from early easiness and recorded gains of 3% to 13: cents a bushel. Rye and oats had fractional losses. : The bearish movement which mek the early upturn in wheat was ace celerated upon release of the private estimates on the winter wheat yield. The average setimate ‘for the 1937 crop was 649,999,999 bushels, a drop of three million bushels over the eéStimate a month ago. Losses of 1 to 13; cents a bushel were recorded but at that figure trade became more evenly divided. Wheat receipts were four cars. Commission houses liquidated ine terests in September and December corn following release of the private estimates of planted acreage but at the same time gave support to July, The nearby month firmed fraction

4 |ally in small buying. Receipts were

27 cars.

WAGON WHEAT 3

elevators are paying $1.15 for wheat. otler grades on their None Cash corn new No. 3 yellow, $1.25, Oats. 47c. Hay—No, 1 timothy. [email protected].

xoiYy Er grain

ARGENTINE GRAIN * BUENOS AIRES, June 2.—Gr tures opened firm. Wheat—dJune, $1. 223, unchanged: July, $1.207%. unchanged. Carn —June, 553c¢. unchanged: yuly. 55%c¢c, une changed. Oaisune, 317, = unchanged, —June a unc anged; $1.30%, unchanged. 3

ain fue

July,

WINNIPEG WHEAT Suen Laangs

I Tan Tire

LIVERPOOL WHEAT Prev. Low Close Close ° $1.35% $1.36% $1.35% 1.25%. 1.253, , Lada

g 1 ‘ 2 1 — CHICAGO PRODUCE Eggs—Market, weak: receipts, 47.48% cases; fresh graded firsts. 1834c: extra firsts, 19c; dirties, 16%c: current receipts, Jase checks, 16'%c* storage-packed firsts, oY storage-packed extras, 20'%c, Butter Marko | receipts. 25.215 tubs; extra firsts score), 2914 a 2915c; extra (92 score). Se: firsts, 272@ 28%2c! seconds, j23a2tc standards, 29%c; specials, 301% ‘ Poulity—Marke!. 46 rucks; ducks, broil18@2ic: 2 hens, 10@13%ac; keys. 13@16c; old #0 Jacks}, 19@23%zc; spring chickens. 21@

Cheese—Twins, 15'>@15%c; 18 @16%c: Longhorns. 16@16Vsc tos (old Stock) —Sinplies light; demand. slow; market, Yeaks Ida he Ruse set Burbanks, $2.,35@?2 U. 2, $2.05: Colorado Sig 0 aiarits Nos. 10. So Hoch Supplies moderates demand, : market. wea © 5irouger; i Bliss Taras [email protected]; 2 1 Loven; ans. 2 ama. Bliss Triu hs, $1.60 A 1%, PE White Rose, ST [email protected]; U, shipments,

$1.10 on track, 239; 1 1 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 i case of eggs must weigh 55 pounds gros SERS=No, 1

JUly 4...

steady: 11@15¢c: hens, 1

receipts, e, llc: ; Le

tincluding bare=

Daisies,

Arrivals, 4,

lolly fresh, loss oft, 150

avy breed hens. 5 Ibs. and over, 13c: Leghorn pens. ‘9c. Heavy breed broilers, 1937 stock. 2'Ibs. and over. 19c. Leghorn broilers, Tos stock. 2 Ibs. and over. Bareback brotlers. 1937 stock. 2 over, 13c. Old roosters, 8c. feathered and fat. 6c. Giaese Jan teath34a 350; No.

ered and fat. 5 lbs alg over Butter—Creamery. No. 1. 3 5 2@32cl Butterfat—No. 1. 30c: No.

Morgenthau Denies Gold Policy - Will Change.

By United Press : | | WASHINGTON, June 2.—Secre= tary of the Treasury Henry Morgene thau Jr, said today that the in .partite monetary agreement among the United States, Great Britain and France has served to prevent any marked disturbance .of foreign exchange as a result of the new war crisis in Europe. At the same time Mr. Mongenthau reiterated that no change in the Administration's gold policy is “iminent.” “Thanks to the tripartite agreement,” he said, “there has been ho disturbance of foreign exchange. What it would have been if we didn’t have the agreement, Heaven only knows. The minor fluctuations in foreign exchange are due to action under the tripartite 2gttes ment.

BUSINESS FAILURES RISE NEW YORK, June 2.—Business failures in the United States in the week ended May 27 rose to 189 from 187 in the preceding week + and compared with 180 a year ago, Dun & Bradstreet, Inc, reported today.

INDIANA a SCHOOL

3 (of Judisuspelisy Established DAY AND EVE NING. Biv SIONS

» =u]

be upset by the fact that the DowJones rail average closed at a new low for the decline. but we feel that 4 better than average performance may be provided by the industrials. Lamborn, Hutchings & Co.—In view of the volume yesterday, it would almost seem as though there is still a chance for the market to meet sufficient support near current levels to prevent a drastic test of the absolute lows of the entire current correction. Redmond & Co.—We anticipate a highly irergular trading market at this time with the chances favoring a moderately lower level of prices. Hornblower & Weeks—We would look to the coppers for signs of a more aggressive buying attiude toward stocks which are in a position to benefit from.a further extension of the rearmament program, as a result of the latest war scare. Thomson & McKinnon—While yesterday's stock market will have to be put down as unfavorable from the point of view of prices, the fact that there was no important volume on this sharp sell-off provided a little consolation and perhaps +o ; i L ‘the ma 1

See Later Editions of

mostly: only selects at $9.50: best weight” sa sausage bulls around $6.75; -several hundred heads Texas-bred stock steers here late yesterday. $7.50@9; most native stocker, $8.25 down to Sheep—Receipts, 6000, including 35000 directs; fat lambs and springers, market strong to 25¢ higher;

fornias, $11.25; four other doubles, $10.75; two loads clipped California spring lambs, $10: four doubles shorn Texas lambs, $0.65; load medium grade, $3.25; sheep, i and strong; shorn ewes, $3@4. 50.

sidiaries, 12 months ended March 1, net income, $1,815,789 equal to | $ cents a share vs. $771,808 or 36 nts in previous 12 months; first parter $294,074 or 14 cents a share : 07,987.68 ‘vs. $251,222 or 12 cents year ago. / i : Customs. iste 8 DIVIDENDS a Inac. Gold. $3.611 . Abraham & Straus, Inc., 75 cents : 3 ; 2% on common, payable June 25 record Hl 15, vs. like payment on March 2

year ago: This Yea ast Yea Expenses $ 6,803,404, 361. 26 $ 5 55 693, 895. ke! Receipts 4,426,140,342.14 - 3,586,7 « ficit .. 264.019.13 -

Defici 547,360.03 853,021.61

te or Call Regis *R1-2890.

Wri 303-324 Spte, Life Complying wh rules .of the Supreme

CHICAGO, June 2.—Apples—Baldwins, Bldg. DIANAPOLIS Court awd the American Bar Assn.

Michigan, $2. Sweet Potatoes—Tennessee Nancy Halls, $1.85. Carrots—Illinois, bu., $1.25. Spinach—Iliinois, DN 5@ calls matoes—Texas, lugs, [email protected], auliPe Calttornia. crates, 2 S@1. 0° is —California, hampers. [email protected]. Celery —PFlorida, 10-inch crates, 3.9 @4. Onions (50-1b. sacks)—Texas yellows, $1.35: California yellows, $1.

ALBERTA DEFAULTS AGAIN EDMONTON Alberta, | June 2.— For the third time within 14 months the province’ of Alberta [today was forced to default on its maturing bond issues.

The Indianapolis Times

LANDERS & Ciwoews INSURANCE

Jackson K. Landers, Mgr. Careful Personal Attention Given to the Business of our Brokers, Agents and Their Clients. A 814 Merchants Bldg. L1-2408.

Total Pur, $7517,934,558.60

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX Year NEW4 YORK, June 2.—Dun & Bradstreet’s daily a weighted price index of 30 basic commodities. com- 115% piled for the United Press (1930-1932 average 109):

35 Yesterday ........ 145. 38 | Year ago Sis Week ago .|....... 146.71 | 1937 high (April 5) : Month ago .....,. 150.18 | 1937 low (Jan. 29)

AYNE, June 2.— s—Market,

erican Crystal Sugar Co. 75 centS on comman, payable June 25 record June 12, vs. $1.50 on March 15 and 50 cents each on Jan. 2 and Oct. 1, Bankers Trust Co., regula¥ quarterly 50 cents, payable July 1 record June 12. - Bickford’s, Inc., 30 cents on com- , mon, payable July 1 record June 22, / vs. like payment on April 1. Celanese Corp. of America, 75 cents on common for quarter ended June 30, payable July 1 record June 15, vs. like payment on April 1. City Auto Stamping Co. regular ly 15 cents on common, peyJuly I record June 15... 1

Week Yesterdav Ago 1200 $1240 16% 16% 40% 40% 1322 1316 1.81 1.85 201% 2034 14 a4 060214 .06821% 06621% 0662 56 56 447% 45 16.75 16.75 23.25 © 23.25 4.60 4.60 2.25 60.00 52.50

Commodity— Lambs. avez. most sales (Ib) .. Hides. native heavy steers (lb.) Woel. tine unw. comb, (Ib.) ... Cotton. Midupland (lb.) Silk, 13-15 deniers Jap (Ib.) Rubber. spt smk. rib. (Ib.) Copper. electrolytic tlh.) Lead. spot (ib.) Zine, spot (lb.) Tin. Straits spot (lb.) Silver. commercial bars (oz.).. Steel, scrap. Chicago (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: (zal) ...

$10.25; 1bs., I 0-140 Ibs., ey “53 95; {20m 90 os) $9.7 120 1bs., $9.50; roughs, 5 5, ini ‘58. 50. Calves, $9. Lambs, $11

158.26

.. 141.47 FAFAYETTE, e 2,—Hogs—Market,

Jun to 15¢c lowers 210-235 T= 235-275 '[email protected]; Fass 1bs. d 2 sl1@11. 10 *i80- 210 lbs., $11.20@11 . 180 Be. [email protected]; 150-160 ibs. $1010.55; 130-150 lbs., @9.75; pigs, $9.25 down: Calves, $7. 50@8.

$9.50 Ll d

A5% 0914 .0460 0490

(gor ows are the commodity prices use In compiling the Week Ago $ 1.24% 1.35% 117

ON SA IYILIT:

veehecasn

Year Ago 91 62

$10, 3 own.

Today Lambs, $9@10.

$ 1.25% 1.28% 1.09% 53% 8.975

Commodity— i Wheat, No. 2 red (ba) ........ Corn. No. 2 yellow (bu,) Rye, No. 2 (bu.) . Oats. Ne. 2 white (bu.) Flour, spx. pat. (196-1b. sk.).. Lard. prime steam spt. (Ib.) .. Coffes, Rio 7s spt. (1b) .....e

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