Indianapolis Times, Indianapolis, Marion County, 4 June 1937 — Page 39

Page PDF (14.02 MB)

Back to issue view

Saepths.

PAGE 38

THE INDIANAPOLIS TIMES

| FRIDAY, JUNE 4, 1937

COMPLETE N. Y. EXCHANGE STOCKS

The Times Financial and M

arket Page

COMPLETE LOCAL

x LIVESTOCK

TEADY AS

TOUCHED

LOW MARK

By United Press | NEW YORK, Jure Stock’ trading continued around the two-year low with prices irregular in a narrow range.

“Most changes were fractio al. ‘ceptions included Homestake Mini at 388, up 4; American Can 97,

1.1

g fT

Transit prefer’ bd 66, off 4 t0 a new new; Inland {Steel 977, Lerner stores 43, off 3 to a new low; national suppl 1003, off 1'i, and Yale & Towne; 53%, up 1.

Selected indl's strial issues strength-

ened on the Cu rb, but bond [trading |

was quiet and irregular.

In London, meanwhile, gold hoarders dumped another record total of “bullion on the market, a total of ‘$21,100,000 in pars. The price broke 3. pence an ource and created con¥usion in London gold shares. Ac4ivity was traced to selling on gold 4n Switzerland yesterday, where the ‘Bank of International Settlements was reported to have “heard somehing.” : Sales today, | were at a 15-cent iscount in London. Gold imports to the United States Boos $11/026,854 to $40,045,769 in the last wéck of May, while for the second ccnsecutive at there Were no expolis.

x FIRST HOUR

The: market) opened steady and ‘trading was {around the lightest Jdevels in two years. U. S. Steel -crossed 99 for ctional gain and 4 ‘then dipped bacK®to "the previous «close. Republi¢ was off fractionally. ‘American Can dipped more than a point but Chrysler gained fractionally and Westinghouse was % higher at 139% |Chesapeake & Ohio gained J to|58 but other rails dipped. Consplidated Edison had a small gain. i Volume approximated 110,000 shares, compared with 130,000 in the first hour yesterday. Dow-Jones averages: Industrial, 173.07, up 0.25; railroad, 56.2%, off 0.05; utility, 27.65, off 0.04.

SEGOND HOUR

+ U. S. Steel dipped to 981; for % joss, and the| rest of the list cased. Chrysler at 11 was off 1. Gen“eral Motors was 1: lower at 547%. Homestake eased back to 386 but still had 2 points gain there. New York Central had 3 loss at 433%, but Cresapeake & Ohio maintained 8: gain at 58. Consolidated Edison -dipped back to 35 for 2 loss. Lerner Stores broke 3 points to a new 1937 Jow of 43. | ||| . Volume Approximated 110,000 shares, compared with 80,000 in the ‘second hour esterday. Dow-Jones averages: austria, 172.75, off 0.07; Railro; 4 56.25, off 0.07; Utility, 27.52, off 0. ii

oT oday. Business At ¢ Glance

GENERAL BUSINESS

Dun & Bradstreet reports retail “trade this week 3 to 6 per cent. over last week and 8 to 18 per cent over ‘year ago; wholesale 18 to 30 per cent over year ago.

CORPORATION NEWS

Bell Telephone Co: of Pénnsylyania, April net operating income, ~ $1,438,345 vs, $1,408,739 a year ago, 34 months, 65,700,253. vs. $5,400,304 ear ago. J rcanatl| '& Suburban Bell Tele- < phone Co., Stations in operation as “of May 31, [fotaled 172,506, gain of ~ 1187 over Apgil and 11,206 over May, 1936. Duro-Test core. 6 months ended + April 30, net income $79,573 vs. $71,ear ago. EES er & Light Co. 12 “months ended ‘April 30, net income, =$1, 558,486 vs. $945,180 in previous 12 hs. gona. Gas & Electric Co} 12 Smonths ended April 30, net income, 241,296,503 vs| $1, 07}, 678 in previous -.12 months. | nots) Power & Light Co. 12 “months enddd April 30, net income, $1,301,739 ve, $1.099.417 in previous - onths. ||| 2; Be, Power Co., 12 months “‘ended April [30, net income, $3,704,2278 vs. $2, 708, 565 in previous 12 ? months. <. Nebraska Power Co., ended April 30, net income, $1,796. 14 vs. $2,033,844 in previous 13 be qonths. : 3 Pacific Power & Light Co. 12 “Stionths ended April 30 net income “$756,673 vs, $648,494 ‘in previous 12 mew England Telephone 53,021 vs. | $209,203 year ago; onths, $1, 6, 102 vs. $1,098,487 year 0. BS G. S patlding & Brothers, April ‘1 quarter net loss $52,680 vs. $258,958 in preceding quarter and _$197,111 yess ago; 6 months ended April 30, dicated nef loss, $311,638 vs. $496,6 year ago. .Canadian| National Railways, May, gross, $5,218,068 ¥ year ago; May $16,$15,400,121 year ago; nths $78,904,413 vs. 370,ago. ucts Co., ‘first quarter 111$122,552, equal ‘to 50

P ents a shate vs. $225,917 or $1.04 |

syear ago. ¢ M. H. Fishman Co. May sales $359,062 vs. $337,261 year ago, up 4 per cent) five months $1.324,305 ys. £12001 year ago, up 7.7 per H L. Green Co., May. sales, $2,514,305

| inues

12 months

® o

MARKETS AT A GLANCE

Stocks irregular in dull trading. Bonds irregular; U. S. Governernment issues higher. Curb stocks irregular and quiet. Chicago stocks narrowly mixed. Call money 1 per cent. Foreign exchange firm; French frane steady. Cotton 6 to 7 points lower. Grains irregular at Chicago. Rubber 4 to 10 points higher. Silver bars in London off 1-16 at 20 5-16 pence a fine ounce.

Curb Stocks

hod { = Ene

bd sr AA 6 43

Super

NG Baldwin Loco B rts... Ber Gay Fur Brown Co pf.. Carrier Corp | Centrif ih Cities Serv ..

oN - 15a

. Con Cop Mns a Cord Corp Creole Pet Cusi Mexic Apeees Det Gry Ir Fdy . sohoess Eagle Picher L El B&Sh ....

Lockheed "Aira. Mesabi {od . Niag H P veessteadas Pitts Pl Gl “a 126 Root Petro

Sunshine M .. Technicolor Un Corp aise

Wright Har Sa

073,329 vs. $8,946,903 year ago, up 12.6 per cent. Hinde & Dauch Paper Co. 12 months ended pril 30, net profit, $1,435,538 vs. $1,176,836 in previous 12 months; four months ended April 30, net, $539,342 vs. $348,709 year ago.

DIVIDENDS

Beatrice Creamery Co., regular quarterly 25 cents on common, payable July 1, record June 15.

Borg-Warner Corp. quarterly 50 cents on new common, payable July 1 record June 15 vs. $1 quarterly prior to recent 2-for-1 split-up. Briggs Manufacturing Co. $1, payable June 25; record June 15 vs. 50 cents on March 31. Capital Administration Co., Ltd., 50 cents on Class “A” and dividend of 12.8 cents on| Class “B” payable June 14 record June 14, Like payments were made on Dec. 24. Detroit Gray [Iron Foundry. Co., semi-annual 2 cents on common, payable June 21, record June 10. Rate is equal tp 10-cent rate paid prior to recent 5-for-1 split-up. St. Louis, Rocky Mountain & Pacific Co., 25 cents on common, payable June 30 record June 15 vs. like payment on March 31. Broad Street Investing Co. 30 cents, payable July 1 record June 16 vs. 25 cents on April 1. Brown Fence & Wire Co., extra 60 cents which added to present decrecord June 14. During this fiscal year, which ends June 30, company has paid a total thus far of 60 cents which added to present declaration makes total of $1.20 for the year. Canadian Industries, Ltd., regular quarterly $1.50. on common, payable July 31 record June 30. Mapes Consolidated Manufacturing Co., extra 25 cents and regular quarterly 50 cents. payable July 1 record June 15. Allis-Chalmers Manufagjuring Co., -usual 50 cents on common, payable June 30 record June 15. Chamberlin Metal Weather Strip Co.; regular quarterly 20 cents on common, payable June 16 record June 12, : evoe & Raynolds Co. regular quarterly 75 cents on class “A” and “B’l common, payable July 1 record June 21. ueller Brass Co., extra 10 cents and regular quarterly 25 cents on common, payable June 29 record June 14 vs. like extra on March 29. Norwich Pharmacal- Co., 50 cents on common, payable June 15 record June 5 vs. like payment on March 15. North American Co., 30 cents on common for quarter ended June 30, payable July 1 record June 15 vs. like payment, on April 1. United States Trust Co., regular quarterly $15, payable July 1 record June 19.

(Copyright, 1937, by United Press)

Allegh Allied.

Amer Am Ch &

LATEST NEW YORK STOCKS

By Dnited Press sf i High. Low. Cor 3 “3

rp Stores 167%

Bai oy .158 en 183

49% 8%

Smelt .... Stl Fdies.. Stores .... 0 Water w. er vis Arm II ...... Atchison

Atl C

Line....

Atchison of..

A Atlas Corp .

Bald Loco a#.. Balt & Ohio...

Balt & Barber Bendix

Beth Steel Beth Stl 7 pf. "115 Beth Stl 5 pf.. n

15% kee, 5 30% O pf.... 342 Co. .... 30

Ava .... 20% 845s

2: 25% wel

Canada Dry .... 27%

Can Pacific. .

13% 391

Ch &. Chrysler

Cluett

ColgateSolv

Com

Peab .... P-P pia 13

Commonw & So 2Ya

Cons. Edison .. Oil

Cons

. 35%

15%

Container rt

Crane Co cum.

Crane Crown Curtiss

Del & Dome Dougla

Du Pont

East Kodak

Elec A

Evans

Fair Morse Francisco ‘Sug. .

Gar Wood Ind

Gen El

rt Zeller ..

Li Hud .... 42% Mines —. »

s air is 587 5 154% 154%; - En 110. E170 3933 39% 10% 10% 67 67 10

10 . 24 24 a, 56> 10%2

42% 39

wto Li...

Prod

5612 2 10%2 10'2 12, ec 8

Gen Foods .... 3

Gen Mi

Gen M Gen Rt;

ills pros [ y& U

Gillette S R ... Goodrich

Goodve

U pf...

Gt North pf

Hall Print”

Hayes

Bdy

Ill Central

Inland

Net, Last. .£hange.

iy +e

—1

Ya 38

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS ... 172.82 40.19 -+0.52 +0.08

—0.13

Yesterday Week ago Month ago Year ago High, 1937, 194,40; low, 1673. 16. High, 1936, 184.90; low, 143.11. 20 RAILROADS Yesterday Week 20 .ceveedecisenness Month ago Year ago seas High, 1937, 64. 16; You. 53. 15. High, 1936, 59.89; low, 40.66. 20 UTILITIES Yesterday vessiariae Week BE0- +e0vsvssonsscrrrnvs Month age 29.28 Year ago 30.73 High, 1937. 31.54; low, 27.04, High, 1936, 36.08: low, 28.63. 79 STOCKS

27.69 27.95

ses eseaansssns

Yesterday Week ago Month ago Year ago High, 1937, 69.67; High, 1936, 66.38;

low, 60.25. low, 51.20.

et Change Ys

High 133 —— 27, 1272 127Y2 —K— s 21 21 57 5634 16's 16% Sai :

Low Last

Int DSirts .... 13s 1%

Jokns Man ... +1

Kan C Sou .... Kennecott Keystone Stl . Kresge SS Kroger G & B.

Leh V Coal ... ,

g A... Ludlum Stl ....

McCrory McIntyre P| ... 333, McKress & R .. 3 Macy

Masonite Corp if Mont Ward]

“TNash-Kelv

LOCAL ISSUES

The

sent actual bi

following quotations do not

s or offerings.

repre-

but merely

indicate the approximate market level as furnished by the brokers named (By Indianapolis Bond & Share Corp.)

nd nd

BONDS

qu Ind ze (TH) 4%s 61. H Tel & Tel H Tel & Tel Ft W

Ft W bY2s ’55. 6s ig.

Assoc Tel 4Yas "65. ifana Tel Co 5s ‘60

ndpls [ndpls

Morris Muncie

Ohio T

[nterstate Tel & Tel 5's '53.. Kokomo Water Works 5s 8: 183% Kuhner Packing Co 4l2s oe 97

Railway Ins 5s '67 Water Co 3's '66 97

5 & 10 Stores os Water Works 5s

Noblesville H L & P 6's

el Serv wt kK

Richmond W 5s ‘57 Seymour oD £9 55 ‘49. .

TEL

rac & L 5

H Water Works 5 ’56. os ..102 T H Water Works 49......108 Trac Term Co 5s '5% 70

STOCKS

Belt Railroad & St Yds com.. Belt Railroad & St Yds pfd.

Cent Ind Power

pis ..

Home Tel & Tel Ft Wayne. . Hook Drug Inc

Ind &

Mich Elec Co pfd 7s. .

Ind Gas Co com

*Indpls Indpls Lincoln N N

Ind Pub Serv pf Ind Pub Serv Co pid 6s ...

3 pfd 6s. 89%: Pwr & Lt Co pid 6%25. 91 Water Co pid 5s... .103% Natl Life Jus Co com. s

N Ind Pub Serv pfd 5'as

PRM

allory Co com

Progress Laundry Co ......... Pub Serv Co of Ind 6s .. Pub Serv Co of Ind 7s Smith-Alsop ptd .... Smith-Alsop com .... Terre Haute Elec Co 6s.

Union

Title Co com

Van Camp Milk Co pid

Van Camp

Milk Co com ......

*Ex-Dividend.

Market

Bankers Trust

~ (By M. P. Crist & Co.) St. Investing Corp

BANK STOCKS

(By Blyth & Co., Inc.) Bid

criseineraeiess B70

Central Hanover tiefusin sides 3 Chase National 1 HEN hemical Bene & Trust. . uaranty Tru

Irving

Trus ps

Manufacturers Trust ...... .- National City Continental,

National Shawmut, Boston National City, Cleveland

FIRE INSURANCE

Anjeriesn i: .

City of Federal Frankli

New Yorks .

Great a hs vis ans

Hanove

Hartford

ome ...

National Fire oe National Liberty ...

North Ri Phoenix

iver

. 8. Pire Westchester

For Final Stock Quotations See Later Editions of

The Indianapolis Times

Ask 101

nrttrrtt——r.

Commodity— Wheat, No. 2 red (bu.) ....cces Corn. No. 2 yeHow Rye. No. 2 (bu.) Oats. Ne. 2 white (bu.) ...... Flour, spa. pat. (196-1b. sk.).. Lard. prime steam spt. (Ib.) ,. Coffee, Rio Is spt. (1b) .....o Sugar, raw 96 est (Ib.) ...... Butter. 22 score UB) .iissncse avg. sates (Ib) ...

Today $ 1.20% 1.29% 1.02 503% 6.875 1242 0934

31%

n Following are the commodity prices used fn compiling the 1 / Week

Ago

$ 1.25% 1.38% 1.16% 5414

7.125

1232 © 09% .0335

115.94

Lead, Zine, Year Ago 89% 62% 59 28% 5.9715 1015 067% 0372 28% -

Cement.

PRICE IN DEX AN D COMMODITY

DAILY PRICE INDEX NEW YORK, June 4.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930- 1932 average 100): Yesterday ........ 144.65 | Year ago Week ago ......... 146.95 | 1937 high api 5) 158.26 Month ago ........ 149.61 | 1937 low (Jan. 29) 141.47

- Commodity— Lambs, avg. most sales (Ib.) .. Hides. native heavy steers (Ib.) Wool, tine unw. comb. (Ib.) -... Cotton, Midupland (Ib.) Silk, 13-15 deniers Jap (1b.) .. Rubber. spt smk. rib. (Ib.) ... Copper. electrolytic (Ib.) ...... spot (lb.) spot tib.) Tin, Straits spot (Ib.) Silver, commercial bars (0z.).. . Steel, scrap, Chicago (ton) Pig fron, Iron Age comp. (ton) Coke, Connelsville (ton) Portland (bbl.). Yellow pine, 6-in. base (m. ft) Douglas fir, rough (m. ft.) Gasoline, tank wagon (gal) .., Crude Of, 40 gravity (bbl) .. - Bource ‘cf Quotes—Chicage:

1 Nat C Reg A .. Nat Dept St ... Nat Mal & Stl C Nat Tea 7s N ¥ Central hoa No Amer 2 No Am Avn Ce No Pacific .... Otis Elev ......

Pac Am Fish .. Paramt Pict ... Para Pict 1 .pf. Peerless Penn RR Pet C Am

Phillips Pet ... Press Stl Car .. Public Serv ...4 3915 Pure Oil

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

Reo Mot oily Bon stl’

Smith A O Socony-Vac .... So Am Gold ... So Cal Ed South Pac ..... 8 Sperry-Corp ... Spiegel Inc .... St Brags ca Stan G & En Stan Oil gal Stan Oil N i+ Stone & Web .. Superior O Swift Intl Symg-Gld xw ..

Texas Corp. .... fF T & PC &O... Tide W A Oil.. Transamerica . 1273 Tri-Con pf .105% 108% ees eee

90 1002 . 23%

Und E Fish .... Union Carb .. Un='Oil Cal ..

INVESTING CO.’S

(By N. Y. Security Dealers Assn.) Bid Asked d Bid Asked Adm Fis 18 12 5 28/ Mut Inv 15.70 17.15 10.04 3. 99(Natl Inv 7.07 7.24 1.21|New Eng 18.26 19.66 6/N. Y. Steck s, Inc. 1.28 12.

. Bani Cent Tr 25.17 27.06! Cotl Shrs 16.50 17.50! Cp T AA 2710 ....]

90 100% 23%

Div Sh. 1.90 2.0 Fidelity 26.67 28. 73 1" 1958 © . 1st Bos ,29.25 20; i Nor Sec. Fix Tr A 12917 .|Quar pe ; Bl. 10.76 |Rep 1 Fd Inv 23.48 24. 79 Rep ~ Fd Tr A 6.15 6.88 [Scholont 00 Fd Tr B .564 . [Sel 14 Gen Inv 6.72 7.31(Sov ig Group Seetrities ISp Trask Agri. . 1.90 2.06iStd Util 141 ‘1. 53/Sun cp 4 .96 1.051 B 1.69 1.83 «co 1.46 1.501 *'D 7.9 143 1. 61Super AA 1.92 2.08) ‘ BB 12.68 1.59 1.73/Supervisd 14.03 Inc Inv 24.56 26.41/Tr Am Bk .88 Ins Shrs 1.58 0! St C 305 ..0. Inv Fd C 15.44 1¢ 39lTr St oll 739 .. Keystone 21.10 23.09/USEL&P B 2.51 2.61 Md Fd 9.36 10.98 wort Fd 19.00 20.84

NEW BOND ISSUES

Ask

15.25 98

BLY Ass Tel 4s 65 BY Atl City 3V2s 61 B & O 4%25 39 Calif Ore ys ds 88°... Delotex 412s 47 . Cent Maine. Pwr 45 60 .......101% Cent- Maine Pwr, 3Yas 63 sense 93 Cinti G & 3; v

Bid . L. Lyons & Coy) . 1s

6 Houston Lt & Power 3's £6. Indpls Water 32s 66 Kansas P & L 3ves 65 Koppers Co 4s 51 Los Angeles Rev 3s 77 Louisville G & E 31 Metro Ed 4s 65 Narra Elec 3'%s 66 N Y City 3s 77 N Y State Elec Gas 4s 65 .... Northern State P 3l4s 67 Ohio Edison gas 2 Okla G & E 4s 46 Okla G & E Trg Pac Lighting 4's 45 Sou Kraft 4'2s 46 Sou Bell Tel 3%s 62 . Wisc G & E 3%s 66 Wisc Pub Serv 4s 61

CHICAGO PRODUC

Eggs—Market, unsettled; Tesolin 29.837 fresh graded firsts, Vac; extra ts. 19c: dirties, 16%c; a receipts, 1?3c: checks. 16'sc; storage- Backed firsts, 20'%c: storage- -packed extras. 20% Butter—Market, steady: Ca 20.412 extra firsts (90-91% score). 297: : extras (92 scroe), 30c: firsts. 271% @28%c: seconds, 236 27c: UTR 29%ec; specials, 30'>@31c. Poultry — Market easy: receipts, 49 trucks; ducks, ~0@14c: geese, 11c¢; broilers, 18@21¢; hens, 13@17c: leghorn hens, 10 @13c: old roosters, 12@13c: turkeys. 13@ 16c; fryers (including Parghacks), 19@24c; spring chickens, 21@27c, heese—Twins, 132 15%c: 16 @16'2c: longhorns, 16@ 16? Potatoes (old stock) —Su Shes, light, demand. light; Jnarket steady: Idaho Russet Burbanks, [email protected]; Wisconsin Round Whites, 7T5¢c; en Russet Burbanks, $2.4 (New stock)—Supplies, light; demarket, strong; Louisiana hs, [email protected]; Mississippi s, [email protected]; Arkansas Bliss 27% o Bbams Bliss Triumph, S. , [email protected]; Alabama Ruset ii %.2

daisies,

mand, g ‘ Bliss Trium Bliss Trium THumbhs, $1.75@2

Sesssevssnsece

esssevssecscnse

15aTivals, 103; on track, 209; shipments,

QUOTATIONS

Week Ago .1200 16% 40% .1330 .1180 1.831% 1.48 .20 7-16 .15 11-16 a4 09% 060215 0460 06624 0490 55% 44 45 At 16.75 13.00 23.25 18.84 4.60 3.65 2.25 2.55 60.00 50.00 52.50 38.00 .095 090 .092 1.23 1.27 1.18 Grains, lvestock. -fard, steel ool. E

Year Ago 1110 A153 «35

Today $ 1225 J6% 40% 1319 1.81 19% 14 060214 0662% 56 45 16.75 23.25 4.60 225 60.00 52.50

essessse

Net Last Change 25Ys 15%

High

Un Aircraft cp 25%a 150

Va-Caro Ch ...

Warner Bros .. 13% Warn-Quin West, Md West Union West A Bke ... Westing El ....139 West Auto Sup. 27% Wheel Steel .... 45 —Y ve. 25%,

NORRIS BILL CALLED

Yellow Tr

‘SOCIALIZATION STEP

oo sal Would TVA-ize U. S. Utility Man Says.

By United Press PHILADELPHIA, June 4.—Philip H. Gadsen of the United Gas Improvement Co., vice president and Committee of Utility Executives chairman, calls the national resources hill of Senator Norris (I. Neb.) “a definite start in the socialization of American industry.” The bill is “patently a plan to TVA-ize the nation,” Mr. Gadsen said, and would “destroy billions of dollars of private investments.” “The mere introduction of such a measure by the nation’s most successful and most outstanding advocate of public ownership will weaken the credit and discourage improvement and expansion.in the private field already retarded due to current harassments,” Mr. Gadsen said. Declaring that the “pretense that the purpose of TVA was merely to serve as a yardstick demonstration of reasonable rates must now be abandoned,” Mr. Gadsen said “elimination of private ownership in the utility industry would create a vacuum of a quarter of a billion dollars in taxes, local and national.” The bill, Mr. Gadsen declared, would “seriously affect the coal industry and would cripple, if not destroy, the electric light and power industry.”

BROKERS IN LONDON GIVEN ULTIMATUM

By United Press LONDON, June 4.—The Bank of England has forwarded a virtual ultimatum to foreign exchange brokerage firms to reduce their number from about 30 at present to around 12, it was learned today. The bank’s demand is designed to

| increase the volume of business of

each firm by reducing the total number in business and thus make possible a reduction in London brokerage rates, which are considerably above those on the continent. The demand pointed out that these high London rates Were forcing business abroad. It was expected that there will be numerous amalgamations and that some smaller firms will retire. Mopre than a week ago the Bank of England successfully demanded that London banks discontinue direct dealings with | each other, which heretofore has been an excuse for high brokerage rates.

BROKERS’ OPINION By United Press NEW YORK, June 4 —Brokerage opinion today: E. A. PIERCE & C0D.—We believe there is selective buying under way, as, for instance, in the farm implement shares whose. market action encourages the belief that quiet accumulation, based evidently upon expectations of substantial earnings gains, is in progress. SHIELDS & CO.—3ubject to sudden development on| gold or other factors abroad and fo shocks from Washington, the market is in a position to enjoy some recovery. HORNBLOWER & WEEKS—For the present we prefer to concentrate upon the more important question, as to whether or not a broad base prior to a sustained resumption of the uptrend is in Prpeess of formation. J. S. BACHE & 00.—We remain favorably disposed toward rails, particularly Granger roads; also to steels which are currently free of labor troubles. FRAZIER JELKE & CO.—The ‘current dullness is perhaps the best possible assurance that active liquidation. in stocks is at an end; on the other hand the charts have not |g yet provided any clear signal that the intermediate downward trend has been reversed. REDMOND & CO.—There appears to be nothing in the immediate future which will cause sentiment to become restored sufficiently to permit a resumption of recovery in the market on a sustained basis at an early date.

HOLIDAYS DECREASE ENGINEERING TOTAL

{ By United Press

NEW YORK, June 4.—Engineering

construction awards this week declined 18 per cent from the corre-

sponding 1936 week, Engineering|3

News-Record reported today.

The short week resulting from the Memorial Day holiday brough{ total awards down to $35,606,000 from $43,305,000 in the comparative week last year.

(The prices quoted | are paid for stock gathered in the country while for deliveries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.)

J Bggs—No. 1 strictly fresh, loss off, 15¢ 0%. : .

Laas breed hens, 3 Ibs. and over, 13c: 9c. Heavy breed brotlers. 2 1s, anced over, 20c. Leghorn broilers, stock, Ibs. and over, 18c. Bareback broiiers. 1 1931 stock. 3 lbs. and over, 13c, Ola 1 8, 8c. RS, 1lfeathered a ered a

HOG VALUES HIT BY NEW 10-CENT

DROP LOCALLY :

Native Spring Lambs Add . $1 to Prices; Vealers Still Steady.

Liberal supplies of hogs here caused prices to continue their downward course today, according to the Bureau of Agricultural Economics, U. S. Department of Agriculture. Receipts numbered 6500 head. Values declined 10 cents on all weights, but at the decline demand was broad and a complete clearance was in prospect. Top on the schedule was $11.30 on choice 210 to 225pound weights, but strictly choice PTE at that weight brought 11.35 Sows lost 10 to 15 cents at $9.60 to $10.25.

Cattle Trade Healthy

About the only noticeable item in the cattle trade was the fact that buyers were in the yards for some ted cattle of value to sell above $10.50, indicating a continued healthy outlet for such steers-and yearlings. But few such offerings were available and a areal test of the trade could not be made.-

Odd head of steers and yearlings || sold from $10 to $10.50. Fed heifers |

were conspicuously absent, except for a few: choice head quickly snatched up at $11.50. Cows constituted by far the bulk of the run, and sold steady.

Lambs Gain $1

Trading on vealers was mostly just steady to strong, with good to choice offerings from $8.50 to $9. There were a very few outstanding animals sold late to shippers at $9.50, but they were hardly a criterion of the market. Native spring lambs advanced $1, demand being stimulated by the comparatively low position here compared to other leading markets. Choice native ewe and wether spring lambs topped at $12. Buck lambs were discounted $1. Fat sheep topped at $3, steady. ay Bulk Receints $10.35@ 11.60 300

[email protected] [email protected]

[email protected] [email protected] 10.156011.40 10.0 0s@ll. 30

M ‘ 8. 29 Ju 2

§ Lignt Li (140- Tan Good and edium

Le (160-180) Gong 2nd

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

choice.. [email protected] 10.05@

[email protected]

.. [email protected] choice... [email protected]

Medium Wei gdm (200-220) Good and (220- 250) Sood and Heavywei S— (250-290) ood and (290-350) Good and

choice. . choice.. [email protected]

. 10. 33218 2

Slaughter Pi

(100,140) Good jand choice. . 290018. 00 Mediu 9.75

—Receipts, 400—

(550-900) Choice Goo

(900-1100)

(1100-1300)

(1300-1500)

1500-750) Good,

0.0 al

(750-900) [email protected]

oar ond choice. Common, medium.

Choice 0

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

Vealer —Receipts, “300— Good and choice ; Medium . Cull and common Calves (250-500) food and choice. .$ mmon, medium es and Stocker Catt (500- 800; Good and choice Common. medium. (800-1050) Good and choice Common. medium

oa rth ig ns ou odin enw oO O90

Heifers— Good and choice Common and medium

SHEEP AND LAMBS —Receipts, 300— Spine Lanse

om S0a® a8 ano

we wow

Sh vous os SoS 09 O89) 09 68d £38 2823

: ed pk HN 0000 DO

on ood

ooow OUow oood

Shorn Lambs— CholCe ...coccovrreessernees.$

Wool B (90- S15) Sood and choice.. Common, medium.

9 8299 0d ML ~30000

By United Press

CHICAGO, June 4.—Hogs—Receipts, 6000, including 2500 directs; market, generally steady to 10c¢ lower than Thursday's. average; late sales at full decline; na? $11.55; bulk good and choice 200-300 1lbs., ‘$11. 25@ 11.45; comparable 150-190 Ibs., $10.50@ 11.40; packing. sows, steady; bulk, $10@ 10.60; pigs sparingly’ upward to $10+50. oF ttle—Receipts, 1000; calves, 500; margenerally steady: glesntp trade on week-end supp all | slaughter medium steers Y car, undertone following dull close yestersprinkling medium to nearly good fighiwelznis and yearlings, [email protected]: fed heifers negligible, others steady: these comprising mostly. grassers at $6. 50@7. 75 with very plain ight Soughiwesterns down to $5: beef cows. Slow, moss tly steady; most cutter grades, $5.50 dow few strongweights around 22%. rails and steady. outside usage bulls, $7; largely [email protected],

ee Receipts, 6000. with 2000 directs: fa gi FT and springers active; 10@25¢c higher: full advance on new oo) ool ings scattered mative springers, $12@13 few Caziiorsia oir ofers, $12.10, i] loads $12 and weights Ny good clipped lambs [email protected]; sheep, ‘strong: shorn slaughter ewes, [email protected].

WAYNE, June 15¢ Jower: 225-250 1bs., $ 200-225 _1bs.,

oll classes; unimproved,

vealers vealers,

—Hogs—Market, sii. 20; 250-275 lbs. $11; 180-200 1bs., 275-300 lbs. $10- 233 300-350 lbs. 160-180 1bs., $10. 150-160 1bs : 140-15 1bs., $1.10; 130: 140 1bs., $9. 63: 1bs., $9.40; 100-120 1bs., $9.15 Joughs, $9.75; $8.50. Calves, $9. Lambs, $11.

LAFAYETTE, June 4.-—Hog Soiaarket igs, 25¢ Towers 210-235 1 ios, $10.95@11; 275 nn -210 1bs., $10.95 [email protected]; 150-160 pine! [email protected]; roughs, $10 down. Lambs, $io@11 down.

stags,

S., 100- 130. Calves, $8.50 down.

ON SAVINGS

CLLLE

[email protected] |

| England (poun En

f Holland

N. Y. Bonds

By United Press

BOND PRICE INDEXES

20 10. 10 Indus. Rails | Util. Yesterday ..... 91.53 94.2 | 101.1 Week ago ..... 91.8 94.5 | 101.3 92.1 95.3 | 102.4 90.4 91.5 | 105.5 86.7 6.6 | 97.5 95.0 101.2 | 106.0 91.5 © 94.2 | 101.1 94.8 100.4 | 106.2 90.0 84.7 | 103.5 1935 high ..... 91.4 86.4 | 103.6 93.1 1935 low 83.6 71.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)

ONDS

40 Bonds 95.8 95.6 96.6 95.8 86.9 100.7 95.6 100.2 93.3

Month ago ....

Two years ago. 1937 high ..... 1937 low ...... 1936 high ...... 1936 low ......

U. 8. GOVERNMENT

Treasury Bonds|

H | 30% 1946-44 TER. cues 100.13 1947-45 .... .102.30 110930

t 3Yas Las 2%s

S 2%s 22s 3s 19

27S

4%s 4%s Federal Farm Mortgage Bonds High Low Last 1964-44 .,.......103. z 103. 3. 1949-44 ........102.11 | 102.11 Home Owners Loan Bonds 1949-39 100.9 DOMESTIC BONDS At TSF gen 4s 95 . Det h Stl 4%4s 60 Can Pac deb is Ches & Oh 32 Ch & O 3%: S56 Eve. [Chi East iy Ss 81 ,.... 39 Ch M St P&P 5s 75. 213, Ch M St P & P 5s 2000 9%4 Clev U Ter Ares n ven JO3 |Cons . Oil 3'2s 51 ... 101

3Ys 3%

2%s

Brie ref 5s 67 Flor E Coas 5s 74 Gen M Ac 3s 46 Soodrick es 45 Sr J 45 46 ‘ d Man ot 5s 37 ICGSINST 5s A 63. Int’ Hy .6 Int T

Nor Pacif 3s 2047 Pa P & L 45s 81 Philippine R 4s 37 Postal T C 5s 53.... Sou Ry gen 4s 56... Texas Cor 3l>9 51... Un Pac 1st 4s 47

Young S & T 4s ae FOREIGN BONDS Argent 415s

71 pracu, Sis 26-57 .. Italy 7 ae 414s 65

i Stocks High Last Armour & Co +..3.:...:11Y Aetna Ball* . 13 Borg Warner . 45% Frown F & W . Cent Cold Stor Cities Service . Comwlth Edison ....... Gardner-Denver Katz Drug Mickel Food ... Nat Leather No Amer Car .. ict Paper... Walgreen Co

SINCLAIR DISCLAIMS FAVORITISM TO SON

Declares New Job Means No Mahogany Desk.

1017 101%

98Ys

4534 14> 16

cesses

26%

By United Press : NEW YORK, June 4.—Harry F. Sinclair Jr., 21-year-old son of the chairman of the Consolidated Oil Corp. who today had been elected a member of the -corporation’s board of directors “will make his way in the company on the same ? | footing as any other employee,” according. to a statement by his father.

“My son’s election does not mean that he is going to have a mahogany desk and a big salary,” he said,

He | disclosed that his son had worked in a fillin gstation and as a deck hand on the company’s tankers during his summer vacations. “When he has completed his course as a roustabout, pipe liner and in the refineries, it will be time enough to find out what his job is going to be,” the senior Sinclair said. “In the meantime, he will draw our common labor rate of pay and make his own way on the same footing as any other

|| employee.”

FOREIGN EXCHANGE

NEW YORK, June 4—Foreign exchange higher.

Cave Rates 4.92 13-16 ng. (60-d. bill Deed 4.92 1-16 Canada (dollar) ... 1.00 France (franc) fads Italy (lire) Belgium (belga) Germany (mark) .. Switzerland (franc) {guilder) Spain (peseta) bweden (krona) Norway (krone) .. Denmark (krone) .. Japan (yen)

U. S. STATEMENT

WASHINGTON, June 4.—Government s¥penses and receipts for the current fisyear through June 2, Soares with ago:

12282 Hs 5500

a year

Expenses Receipts - Deficit,

This ast Yea . +84. 863, 37 060. 57 $6, 55 304, 841. 99 .. 4,461,865,902.59 3.609.252.974 . 2.401,471,157.98 wx 1, a \247, 333. 41

Customs x oneys Pur. Total Pur. Inactive Gold .$1]754,007.85 $795.615,981.69

MONEY MARKET

NEW YORK, June 4.—Money rates were unchanged today. Banker's ‘Acceptances = 30 days, ®a 17-16%; 60 and 90 days, 9-16@%%: 120 days, % @9-16%; 150 and 180 days, %@ % %. Commercial Paper—Prime names, 1%. Time Money—60 and 99 days, 1%%; 120, 3 1150 and 180 days, 1%2%. Rediscount rate at New York, 1%%.

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

Indianapolis Office

200-214 Circle To

11% | 13

Thomson & McKinnon

New York Sto¢k Exchange New New New New Chicago Stock Exchange Chicago Board of Trade Winnipeg Grain Exchange

STEEL STRIKES DIVERT ORDERS

Iron Age Predicts Long Fight With Udions Before - Capitulation.

By United Press NEW YORKS® June 4.—Prolonging of strikes in independent steel plants undoubtedly will result in a heavy diversion of orders to come panies which can assure consumers of prompt delivery, Iron Age said today.

Some shifting of business to unaffected plants has been noted, but the amount thus far is small, as most consumers are drawing upon jobbers and upon their own ample stocks. If the strikes are prolonged, as seems likely, Iron Age said, regular customers of these mills. will probably be forced to go elsewhere for steel.

However, most plants which are still operating have large backlogs on hand which.will- make it difficult for them to take more than a small amount of this tonnagd In addition, many steel users have assured the strike-bound companies that, whenever possible, they will await resumption of full production. Operations resulting from the strike have dipped from 85 per cen to 77%: per cent.

Republic, Inland and ~oungstown Sheet & Tube Cos. have taken an adamant stand against sign=Ing an agreement ‘with the steel workers’ organizing committee, Iron Age added, and the strategy of the union obviously is to force a cone sent election, Every indication points to a long, drawn out fight, between the companies and the S. W, &. C

. Volume of new business had been declining sharply just prior to the strikes, partly as a result of the im= minent ‘ completion of automobile production on 1937 models. Backlogs, .however, are fairly large, and - should assure a good volume for some . time. If strikes continue through the greater part of this month’ vacant places on the schedules of operating companies will be filled and the closed plants will have substantial unfilled orders with which to resume production, Pig iron makers are taking orders for third quarter at unchanged prices, and Iron Age estimated that foundry consumption will hold at a high rate throughout the summer, The Iron Age scrap composite dropped to the lowest level of the year, $17.75. Although there was no decline at Pittsburgh and Chicago. The undertone of the market is

NEW YORK STOCKS DECLINE IN MONTH

By United Press NEW YORK, June 4.—The market value of listed stocks on the New York Stock Exchange in May des clined more than $600,000,000. : On June 1 there were 1230 stock issues, aggregating 1,389,161,194 shares, with a market vaiue of $57, 328,819,936. This compared with 1232 stock issues, aggregating 1,386,653,884 shares, with a market value of $57,962,789,210 on May 1. On June 1, 1936, ere were 1191 stock issues, aggrega 1,338,740,698 shares, with a total market value of $49,998,732,557.

CONSUMER POWER REVENUE TOPS 1936

By United Press NEW YORK, June 4 —Total reve= nues from ultimate consumers of the electric light and power indus= try was $177,579,300 for March. X 7.2 per cent increase over the $165; 650,200 revenue in the 1936 month, the Edison Electric Institute ree ported today. Total sales to ultimate consumers in the same period was 8,216,989,000 kilowatt hours, an increase of 189 per cent compared with 6,913,035,000 kwh in March last year.

YooD PRICES

CHICAGO, 4, — Apples—Willow Twigs, $1. Zar. 25. ‘Sweet Potatoes— Tens nessee, Nancy Halle $1.85. Carrots—Illi= nois, buishe $1.50. Spinach.— Illinois, bushel, oss Cs om atoes—Texas, lugs, 50@2. Cauliflower—California, crates, $1.10@1. Peas—California, hampers, $2.25@1. 2: Celery—Florida, 10-inch crates, [email protected]. Onions (50-1b. sacks)—Texas yellows, $1.20; California whites, $1@1. 10.

WAGON WHEAT wn oi grain elevators are paying $1.14 for 1 red wheat, other grades on their Doris, Cash corn new No. 2 yellow, $1.23, Oats, 47c. Hay—No. 1 timothy. [email protected],

ARGENTINE GRAIN BUENOS AIRES, June 4.—Grain futures opened irregularly lower. Wheat-——June, $1.21%, off ? 2C; Jug. $1. x, off sc. Corn— June; 55c¢, off } Stic, off %c. Oats —June, 307c. anged Flax—June, $1.30, unchanged; July. $ 30s, unchanged,

WINNIPEG WHEAT SI Chan np

July... ...ee en October

TYPEWRITTEN LETTEN: AUTOMATICALLY TYPED ADDRZSSING & MAILING MULT(GRAPHING STENCILS CUT MIMEOGRAPHING RULED FORMS UP TO 14° X 20" TWO NOTARY

LI-6122 —s

35 Merchants Bank Bldg.

York Curb Exchange York Cotton Exchange York Coffee and Sugar Exchange Orleans Cotton Exchange

And Other Leading Exchanges’

LI. 5501