Indianapolis Times, Indianapolis, Marion County, 7 June 1937 — Page 11
| zained
113
| | trading
| adv
MONDAY, JUNE , 1037
COMPLETE N.Y. EXCHANGE
STOCKS =
3 Steel Issues Recover Slightly; Oils Pick Up. | By United Press ~ NEW YORK, June 7.—The stock market made an irregu‘ar advance today with volume
small; © A 1% point decline in Union Pa-
‘l¢ific and a smaller loss in Pennsyl-
‘ania Railroad brought the rail i verage down slightly, but most ¢ther carrier issues were fractionally higher. Southern Pacific ‘was zround 523% m 52 7s; New York Oentral 45, up' %; Atchison 84% Ya, up 14, end Baltimore & Ohio 32%, up 3.
Inland, Steel rose a point to 101 and small advances were noted in J. S. Steel and Bethlehem. Chrysler and General Motors made small ndvances. Western Union rése 13 to 59% and American Telephone 5 to 167%.
Allied hemnical was up 21% points hon a single transaction. Dome Mines:was up 112 at 42. Coppers and oils were slightly higher. Mercantile issues, farm shares, rubbers ‘and aviations made fractional gains. ;An irregular trend prevailed in lvond trading. Utilities and U. S. Governments firmed, but Tails were mixed. Curb stocks moved iregularly in ' dull trading, featured by a rise of points in Brown Co. preferred.
FIRST HOUR
The market opened irregular with extremely quiet. Later | prices came up from their lows. U. S. Steel opened at 100% for a
| fractional loss and then rose to
10115. Chrysler firmed to !2 gain at 1137:. Several of the oil issues anced fractionally including Pure Oil, Socony Vacuum and Texas Corp. Rails and utilities were about steady. " Transactions approximated | 170,000 in t erages: Industrials, 175.37, ilroads, 57.10, off - .03;
utilities,
SECOND HOUR
The market remained fairly steady and trading was extremely| dull. 5. Steel at 1014 was 3 |lower. ysler maintained 3 gain at
STOCKS AD AS VOLUME RAIL AVERAGE OFF
w
ANCE DRORY; |i
2 2 2
MARKETS AT A GLANCE
Stocks irregular in dull trading. Bonds irregular; U. S. Govern‘ment issues higher. Curb stocks narrowly Hreguiar and quiet. Chicago stocks steady. Call money 1 per cent. Foreign exchange irregular; pound sterling and French franc easy. Cotton 3 to 6 points lower. Grains irregular at Chicago; December corn at new. seasonal low. Rubber breaks more than cent after early firmness. Silver bars in London off 1-16 at 20 5-16 pence a fine ounce.
Curb S tocks
By United ress
Ye
Baldwin Loco B Bg: = Bellanca .
Eagle Picher Lh cerarinn 1008 El B & Sh .. 15%
tereenene oe 13%
a: cevrenten. Fisk Rubber Ford C
Gulf Br Ill Towa P & L pf .... Imp O Can 211 Jones & L Stl
Lion Oil ...... Lockheed Air .
Niag H P No nd PS 7 pt. Seiberling R ....... ewe Sterl Brew Sun Ray ......ee. Sunshine M.. Technicolor «..eeeiees.. 28%
Un Lt P A Wright Har
Chicago Cy tocks Low Armour & Co 113 Blackstay-Welt Castle A M Chgo! Cor Comwlth edison Cord Corp Gen Hshld ut Ky Util cu pf ... Kingsbury Br .... Leath Co . ‘ee , Oil Ref ....... eed 2 h & Mfg A est Bancy ... Schwitzer-Cu .. Stan| Dredging . Thompson (JR) .. Utah| Radio Prod
year
The
High Adams Exp .... Air Reduc ..... Allegh Corp Allied Mills Allied Stores
Am Type Anaconda "Anch Cap . Armstrong Ck Atchison Atl C Line
Beth Steel |.... Beth Stl 5 pf... Borden ve Bd ot Brass ve Bklyn M "e i Butler Bros Dt. Butte Cop
Calumet &| H.. Can Pacific Carriers & Gen Caterpillar T .. Celanese
w Chrysler Colgate P-P ... 20
Container rt Corn Prod Corn Prod pf Crane en WI Crane Rt Crucible St .... 63 Curt Pub pf.... Curtiss-Wr |...
Curt-Wr A..." 187
DL & W...... 18% Dome Mines .. 407% Douglas Air .... 591%
~
East R Mill.... East Kodak .... ElIP & L $7 pf Ereka Vac
11
Firestone pf A..103 First N Strs ... 412 Flintkote Co 31
Gen Elec Gen Motors .... Gen Out Odv .. Gen Rty & U.. Gen Thtre Eq.. Granby .. Grant W To! 373% Gt West Sug 3434 Greyhound | Corp 1334 Greyhnd 5!2 pf 11%
% 23% 93
Hudson Mot Hupp Mot
Inland St ...100% Inter Iron .... 194
.. 10 . 19% be 10st Intst D S... Kaufman D S.. Kennecott Kresge S
Libyb Mc & L.. 12 67% 13 5712
Loew Jos star Cem rd 217g
Lorilla
McIntyre P .... 3434 cKess & co. 1434 McLellan St .... ; Macy R H
4 113% 20
| ‘By United Press
Net Change Ya Ya
Ys
Low 16Y2 2Y2 3
3 237s a. aude
++]
+44:
iit
SHERRIE HE
292
5%
. .
142 132 8's 94 39%, 4453 58%
DAL
slr ph
—]
18% 4075 592
—_——
11%
J
16% 3%
100% 19
[+ ++
12 6712 81% 572 217s
| +:
—M—-
3434
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Saturday .. —0.14 Week ‘Ago .. Holiday : Month AZO «.ccoccesssessss 173.04
Year ‘Ago ... ,151.39 High, 1937, 194.40; low, 167.46. High, 1936, 184.90: low, 143.11.
-20 RAILROADS 57.13
esssessssnsasse
—2.50 + 1.55
Saturday Week AZO ...oeceenes ve Month Ag Year Ago’ High, 103%, 64.46; low, 53.15. High, "1936, 59.89; low, 40.66. 20 UTILITIES Saturday Week Ago Month Ago’ Year AO ........ Vora iniee 31.32 High, 1937, 37.54; low, 27.04. High, 1936, 36.08; low, 28.63. %0 STOCKS
Saturday oi taere aan siievy 0200 Week ARO ...ccoooveosccccs .Holiday Month AO .coccveesessse.s 62.28 Year AZO .....cceenve sveeies 54.67 High, 1937, 69.67; low, 60.25.
High, 1936, 66.38; low, 51.20.
Mo Pac ent; Mont Ward . Mother Lode ... 1% Murray 12% —N—
20%s 20%
Nat Acme Nat Aviation ... g a] A
Na
4 : 93 3 93% P— 29% 29% 19%, 19% sn 363% 4 1
Owens EH G «es
Pac G & aoe Paramt, Pict ... Pathe Rm Patino Min PaciSand cts Deiter Brew eifferPhelps Dodg. Rts 13- EE)
LOCAL ISSUES
e following quotations do not repreoar actual bids or offerings, but merely indicate the approximate market level as furnished by the brokers named. (By Indianapolis Bond & Share Corp.)
NDS EO Ask
Citz Ynd Tel (TH) 4} /as 61. 101% 1 & Tel Ft W 57 a3 55.. 105 | H Tel & Tel Ft W 6s 4 1062 Ind Assoc Tel 42s 65 106 Indiana Tel Co 5s 60 100 Indpls Railway Ins 5s 67 65 Indpls Water Co 3'%2s 66..... Interstate Tel & Tel 5%s 53.. 97 Kokomo Water Works 5s 58... Kuhner Packing Co 4's 39. .e 19 Morris 5 & 10 Stores 5s 50.... Muncie Water Works 5s 65 .. Noblesville H L & P 62s 47..102 Ohio Tel Serv 6s ‘AT ree ; Richmond W W 5s 57 Seymour Water Co 5s 49. T H Trac & L 5s 44 , T H Water Works 5s "56. T H Water Works 6s 49. Trac Term Co 5s 59
cere
8Ys 8YVs — 13-21 13-32
Bid -
Belt Railroad & St Yds cum.. Belt Railroad & St Yds pfd.. Cent Ind Power pf Ts Home Tel & Tel Ft Wayne... Hook Drug Inc *Ind & Mich Elec Co pfd Ts.. Ind Gas Co cum *Ind Gen Serv Co 5 *Ind Hydro Pee! 2 7 *Indpls Pwr & L rod i 6s. . & Lt Co pfd Ys 91 pls Water Seo pfd 5s 10312 LIobemn Natl Life Ins Co com. N Ind Pub Serc pf Ts
Net . Last Change 1% Va 83 oe 565% Ye 2612 25% 39
High
1%
Low Ph Read C I .. 1% ++: 83 Phillips Pet .... 56% Plymonih olf .. 26%2 Poor B Ya . 39 11% 17
t I Sym-Gould Cp..
Texas Corp .... Thomp Star ... Tide W A Oil.. Timken R B .... 6 Transamerica .
20th Cent Fox. .
Bd E Fish. ao il Cal Un Aircraft Op. Un Air Lines! . United Corp ... Un El Coal .... Un Gas Jog. .- U 5 Rubber. u Steel Us Steel pt. Ot P&LA
. 13% 15% . 131; ie Westing El ....143% 1431; Wheel Steel ... 47 . 47 Woolworth . 46's 46% Ye
2534 25% 842 842 7 : Zonite ....... 8
TREASURY PAYS MORE INTEREST
New Note Series Bears One And Three-Eighths on $800,000,000.
137% 15%; 1312 5773
Yellow Tr® Young Sheef ..
By United Press WASHINGTON, June 7. — The
Treasury today undertook its $800,000,000 mid-June financing program by offering a higher interest rate for
"la note issue than at any time in
three years. The offering was made in two note series, one of $400,000,000 bearing 13 per tent and maturing in September, 1939, and the remaining $400,000,000 bearing 1% per cent, maturing in March, 1942. Not since the Treasury issued a series of 1% per cent notes three years ago has the interest rate been as high as the current offering. Treasury officials = pointed out, however, that compared with an issue of 31% per cent notes floated at
Times Financial and Market Page LATEST NEW YORK STOCKS
[HOGS CONTINUE RISE, ADVANGE 107025 CENTS
Cattle Restrained by Lower Chicago Tone; Sheep Supply Small.
.| 1937
Hog prices scored further upturns today when a total of only 43,000 head was marketed at the 11 leading markets, according to the Bureau of Agricultural Economics, United States Department of Agriculture. The advance here was restricted to weights above 160 pounds, ‘these being 10 cents higher than on Saturday. + Light lights and pigs were steady. Top rose to $11.50 on choice 210 to 225-pound weights. Sows advanced 25 cents, the recent low position here as compared with competing markets accounting for the sharp adjustment upward. A spread of $9.85 to $10.50 included bulk sales. It was a fairly active cattle trade throughout that featured the week’s opening session. Light supplies in all branches of the trade prompted higher asking prices on steers and yearlings early, but a lower tone at Chicago had a restraining influence on any upturn here and trading developed along fully steady lines.
Heifers Scarce
An early top of $1.85 went to a load of around 11000-pound steers an dthere was a load of choice lightweights held above, but bulk fed steers and yearlings were kinds from $10.50 to $11.50. A scarcity of heifers found only odd head reach-
ing $11.75 and most offerings were
small lots from $10.00 to $11.50 for fed kinds. The meagerness also extended to grassers which moved from $7 to $8. Steady levels on vealers were agreeable to most intrests and trading was established on this basis. Good tc choice vealers sold at $8.50 to $9 and it was largely $7.50 to $8 deal on medium grades. Light culls cleared downward to $6 and occasionally below.
While offerings of native spring lambs are expected to expand considerably soon, only a handful was on sale today. Sales at $12 on choice native springers were steady with last week’s close. Old crop shorn lambs were quoted on a yearling basis today, but none was offered at this market. Fat slaughter ewes out of the eflece at $3 were steady.
Receints 9000
w
N.Y. Fonds
By United Press
BOND PRICE INDEXES 20 20 “20 Ind. Rails Util 91.7 94.6 101.1 Holiday . 95.9 102.5 96.9 91.5 105.4 93.8 7.0 97.4 89.2 101.2 106.0 100.7 - 94.2 101.0 95.6 104.4 106.2 100.2 84.7 103.5. 93.5 1935 86.4 103.6 93.1 1935 51.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)
60 Bonds Saturday ...... 95.8 Week ago ..... Month ago .... Year ago ; Two years ago high ....
92.3 90.4 87.0 95.0 1937 1936 1936
U. S. GOVERNMENT BONDS Treasury Bonds
3%s 2%s 1 3Yas 22s 27s 34s
3s July 1955-45 3s Jan. 1956-46 ... 3s May 1956-46 . 3Vas May 1955-45 4s July 1946-44 .. 4s Nov. 1957-37 . 4s May 1957 4Y4s hv 1957-37 4%s Nov. 1958-38
Home Owners Loan Bonds
2's 1244. 3 fi 100. 3s i 102.3 ose BONDS Am & For P 5s $030 ri 1% 11% 98 98 110% T5V
Erie ref 5s 67 ... Gen M Ac 3s 46
Int Hy B Loews Inc 3%
Stan Oil NJ 3s 61 Texas Cor 32s 51 .... Third Av adj 5s 60 .... 25% Un Pac rf 4s 2008 ....1127%
FOREIGN BONDS
> : High Argent 4158 71... .0.000n. Canada 55/52 .........11202 Canada 4s 60 .... 7 Italy: 7s 51 ...... Norway 4s 63.
WAR SCARE CALLED
PRIGE RISE IMPETUS
March Wholesale Level at
High Since 1930.
By United Press
WASHINGTON, June T.— War preparation demands were largely an advance of wholesale commodity prices to the the Federal Reserve Board reported in
responsible for highest level since mid-1930,
its monthly bulletin.
The report said prices of indusraw materials and semifin-
trial
COMPLETE’ LOCAL LIVESTOCK
|
GRAIN MARKET RALLIES AFTER SHARP LOSSES
Wheat Rallies From Lower Cable Influehce; Corn Reaches Lows.
w
-
By United Press | CHICAGO, June 17.— Reflecting lower foreign markets, wheat on ‘the Chicago Board of Trade was erratic, making gains of a cent a bushel, then dropping some 2 cents from the highs to losses and then rallying to show fractional losses in the final hour. Corn also lost early gains of as much as a cent a bushel and had losses of 13: to 13 cents in late trading. Rye was weak at losses of 75 to 2% cents with near months under pressure. Oats were 1 cent lower to 14 cent higher. July wheat advanced to $1.08, at which point there was a profittaking movembent on the part of a few traders which cut the advance fractionally. September and December were likewise in higher ground. A private crop report today said black rust had been reported in the Southwest and that Canadian rains were disappointing. Wheat receipts were 26 cars. As in wheat, early corn. offerings were extremely light. Some short covering boosted prices fractionally from seasonal! lows but it dropped again, Corn receipts were 50 cars,
WAGON WHEAT City grain-elevators are paying $1.10 for 0. 1 red wheat. otlier grades on their merits. Cash corn new No. 2 yellow, $1.21, Oats,’ 47c. Hay=—No. 1 timothy. [email protected].
ARGENTINE GRAIN
BUENOS AIRES, June 7.—Grain futures opened irregularly lower. Wheat—June, $1.20, off 1%c; July, $1.183;, oy 13sc. Corn —June, 537sc, off Jac; July. 537ac, off 3ic. Oats — June, 30%c, unchanged. = Flax — June, $1.29!%, off 1lsc; July, $1.30, off 3ac.
WINNIPEG - WHEAT
1% Change oe 1.14
July —1'g
December October
July Oct. Dec.
JNGR RALS WI REVIVED INTEREST
Widened Gap and Greater Yields Attractive.
By CHARLES H. HUFF Times Special Writer
1.18 L 21%
+: +1
NEW YORK, June 7.—The steady concentration of investment sources in top grades of railroad bonds dur=ing the last few weeks of gradual price recovery has widened the gap between first quality and secondary issues to such an extent that the latter group is beginning to attract a revival of interest. Because of the general market declines and the relatively improved yields on highly rated carrier liens, many portfolio men, buying only
ended April 30, net loss, $316,308 vs. $181,710 in preceding fiscal year, . Amalgamated Sugar Co, 12 months ended March 31, net profit. $713,816, vs. $846,438 in previous year. Fiscal year has been changed to Sept. 30 instead of March 31. Investment Co. of America, May 31 net asset value, $59.30 a share, vs. $51.75 year ago. National Broadcasting Co., May time sales on combined networks
ished goods advanced more from October to March than those of finished goods. The gain was noticed particlilarly, the bulletin said, in such products as nonferrous metals, iron and steel, lumber, wool, hides and rubber. Building materials as a group advanced sharply. Grain., livestock and other farm products increased along with food prices. “The general advance in prices from October to March,” the bulletin said, was the result chiefly.
1133 and General‘ motors "steady. Metal shares dipped} with Kennecott off 3. Dome Mire gained more than a point to around 42. Utililes and railroads were dull. Transactions approximated 120,000 shares, compared with 110,000 [in the second hour Friday. Dow-Jones averages: Industrial, 175.23, up .23; railroad, 57.08, off .05; utility, 27.70, off .05.
Magina Martin Moon Parry .. Mathiesen 3 end
N Ind Pub Serv Co pfd’ 6s N Ind Pub Serv pfd 5%s P R Mallory Co com .. Progress Laundry Co .. Pub Serv Co of Ind 6s Pub Serv Co of Ind Ts . Smith-Alsop pfd Smith-Alsop com es Terre Haute a Lo 6s Union Title Co . Van Camp Milk Co pid Van Camp Milk Co com *Ex-Dividend.
1. Light Lights— (140-160) Sood and
e Dighiwelphis-1160-180) Good and
Mediu . (180-200) Good. nd Medium Me dim Weights— 200-220) Good (320- 250) Good
the height of the depression, the interest rates of the new offerings are low.
[email protected] [email protected]
4 . [email protected] Movi, .e. ve V Miami Cop .... Midcent Pet .... Minn-Moline
INVESTING CO.'S
(By N. Y. Security Dealers Assn.) Bid Asked Adm Fds 18.36 19.53{ Mass Iv. Affi Fd 10.34 11.32|Mut Inv. Amerex. (26.87 28.62/Natl Inv Am Bus | 1.20 Nin sec.
Things Have Happened
The last note offering bore a 1% per cent rate but, to quote the words of a high Treasury official, “things have happened since last March.” This reference was to the break in the Government bond market following announcement that the Federal Reserve Board would order
[email protected] [email protected]
[email protected] [email protected]
13% 135% 3% choice. .
1 choice.. 1 1
and
choice. choice. .
Bid As y M. P. Crist & Co.) 27.85 29.55 | Market sto Snvesting Corp.... 33.89 15.89 i 3
7.16 : 4.47
26.04
2 ” 2
T day's § Business At a Glance
GENERAL BUSINESS
American Bureau of Metal Statistics reports receipts of lead in form of ore and scrap during April totaled 43,773 short tons vs. 50,678 in March. American Zinc Institute reports domestic stocks of prime Western
amounted to $3,214,819, vs. $2,561,720 year ago, up 25.2 per cent; 5 months, $16,944,720, vs. $13,737,636 year ago, up 23.3 per cent. Pioneer Gold Mines of British Columbia, May net after expenses but before depreciation, depletion and taxes, totaled $101,000, vs. $131,000 year ago. Sun Ray Drug Co, $464,835, vs. $426,211 year ago, up 9 per cent; 5 months, $2,344,598, vs. $2,010,662 year ago, up 16.7 per cent.
i 32 Am Gen | 1. 1.22 Bancam. | 9.12 10.12 N Bnk Shrs 1.74 1.87 Basic... | 5.09 ../ Ly
4, 37 vtg. 2.0 2.18 ew Eng 18. 2 19.93 Y. Stocks, Ine. ‘Bank.. 11.26 12.16
Broad St (34.74 3716 Cp Tr. 2.82 J(...|
: fornia,
May sales |D
NOW ROG IRBNS
«fy Div/Shrs
2.03| 29.18
Quar Inc 17.71 Rep Tr. 13.70 Inv. 1.45 = 1.6
FOOD PRICES
bea Diego Ese fancy Winesaps, 113s-150s, $3.25 ehcy, Sy ineseps, s-198s and Dos. 113s, $2.85; 252s, $2.5 ananas—Selected bunches, 22 2 Cherries —Cali16 rows 16-l1b. box, $3.5 Grapefruit—Florida Seeflens hues oh 50. Lemons—sSunkist, $8.50; Red Ball, $7. Limes— Mexican, carton 13s, 2215¢. Melons—Cantaloupes, California standard. $4.75; jumbo, $5. 20@s. 50; ‘Watermelons, Florida, = 20-1b, 90c. Oranges—California Red Valengias. [email protected]. Strawberries— Indiana, 24-qt. crate, [email protected]; home War $4@5. Artichokes—Doz., grown, 3-lb. b sippi Stringless, hamper. $1.75. Doz., 65c. Brocvoll Gartorma, $3.50.
90c.
AsnsTagus Home unch, 35c.
Beans—MissisBeets— Cab-
an increase in reserve requirements in connection with the program to reduce excess bank reserves, a large volume of idle funds that held the threat of credit inflation.
At that time, the . financiers thought that the Board's action presaged a stiffening in long term interest rates, with the result that numerous holders of low-interest Government bonds dumped their holdings in an effort to take advantage of the expected increase.
[email protected] [email protected]
Ck 1200— (550-900) Go
Co (900-1100) Go
Hoop mOoW DOOUDUODUIODDD
Co (1100-1300) Go
th br fk pd pk TBROGREOWROONW
M (1300-1500) Go
8
of a large volume of domestic .nd
foreign buying, both for industria
and armament purposes. Increased
purchases by consumers, replenishment of stocks and goods by manufacturers and distributors, and additions to plant and equipment were important factors in the increased demand.
“During this period production
increased, in some instances to capacity levels, but the increase in orders was larger. Consequently a con-
moderately at best, have been confining their attention to the high li orade group. The price recovery, however, again has shaved quite a slice off the yields, so that secondary issues, neglected in the meantime, are gathering notice. : Bond houses report interest pare ticularly in a fairly large group of bonds representing roads that fell Jjust short of covering fixed charges last year, but are showing a slight margin over coverage this year.
BES nah ita »-
oe UO
Fidelity Fix Tr A 1 Rep (500-750) 8 Such bonds had moved up sharply
during the earlier part of the year but now are at attractive price lev=
bage—Tennessee, pony crate, rots—California, doz., $1. new $2.50. Cauliflower mins 12s Celery—Florida, 6s,
zinc declined 768 tons during May te 10,493, the 18th consecutive decline.
siderable volume of unfilled orders accumulated and in many instances buyers were not able to obtain
....|Schollkpf 4.12
IE oe 1413 Secretary Morgenthau's announce-
Thompson-Starrett Co., Inc. and} : ment of the terms for today’s issue
subsidiaries, fiscal year ended April|F 750-500) Good" and ‘choice |
ommon, medium.
-3 -JON A230) 99RD
Ih ed pet htt OOOO Q
rn RCT
Canadian freight carloadings, week ended May 29, totaled 44,240 vs. 50,210 previous week and 44,004 year ago, Dominion Statistics Bureau announced. More than 12,000 employees added to steel company payrolls in April, bringing total employees in industry to record high ‘of 589,000 vs. 1929 average of 458,000; April payrolls amounted to $94,332,000 vs. $90,863,000 in March and $60,151,000 year ago, according to American Iron & Steel Institute.
CORPORATION NEWS
American Telephone & Telegraph Co. principal subsidiaries had an increase in telephones. in service during May of 95,600 vs. 75,100 year ago. Carolina Power & Light Co., 12 ‘months ended April 30, net income, $2,366,395 vs. $1,675,002 in previous 12 months. Central States Power & Light Corp., 1936 consolidated net loss, $69,118 vs. $35,650 in 1935. Kroger Grocery & Baking Co, ‘four weeks ended May 22, $20,029,539 vs. $18,557,305 year ago, up 8 per cent; 20 weeks $98,868,267 vs. $89,156,261 year ago, up 11 per cent. McCrory Stores Corp., May sales, $3,265,902 vs. $3,056,851 year ago, up 6.8 per cent; 5 months $15,015,977 vs. $14,249,739 year ago, up 5.3 per cent. National Power: & Light Co., 12
‘months ended April 30 net income,
$7,665,668, equal to $1.10 a common share vs. $6,365,812 or 86 cents in previous 12 months; 3 months ended April 30, net income, $2,374,898 or 36 cents a common share vs. $2,004,244 or 29 cents year ago. Oklahoma Gas & Electric Co., 12 months ended April 30, net income, $2,547,134 vs. $1,885,785 in previous 12 months. Portland Gas & Coke Co. 12 months ended April, net income, $197,607 vs. $12,154 in previous 12 months. Texas Power & Light Co, months ended April 30, net come, $2,029,589 vs. $1,957,761 previous 12 months. Dome Mines Ltd., May production, $608,792 vs. $513,482 year ago; 5 months $3,1109,670 vs. $2,829,578 year ago. ‘Edison Brothers Sy Sales, $2,542:855. vs. $1,966,924 Mey ago, up 29.3 per cent: 5 months, $9,575,535 vs. $7,617,149 year ago, up 25.7 per cent, McLellan Stores Corp.. May sales, $1948,602 vs. $1,775,431 year ago, up 9.7 per eent; 4 months $6,521,979 vs. $5,863,900 year ago, up 11.2 per
12 inin
28, net loss $275,269, vs. net income $31,286 in preceding fiscal year. / DIVIDENDS Burray Biscuit Corp. initial 25 cents on common, papsie June 21 record June 14. Gar Wood In stries,” Inc, 25 cents on comm , payable July 6 record June 16 vs. 30 Cents on Dec. 21. Langendorf United Bakeries, Inc., 50 cents on class A,” payable June 19 record June 10 leaving arrears of $6.50 a share. Last previous payment was 25 cents on Jan. 15, 1935. Moore Corp., regular quarterly 40 cents on common, payable July 2 record June 8. Oilstocks, Ltd., extra 10 cents and regular semiannual 20 cents, payable June 21 record June 14. Pacific Telephone & Telegraph Co., $2 on common, payable June 30 record June 19 vs. like »nayment in previous quarter. Silver King Coalition Mines Co., 25 cents, payable July 1 record June 15 vs. ike payment on April 1. " American Bemberg Co., $10.50 on arrears and semiannual $3.50 on 7 per cent preferred, payable July 1 record June 21 vs. $10.50 on arrears on Dec. 15. Duplan Silk Corp. regular semiannual 50 cents on common, payable August 14 record August 5. Hussman-Ligonier Co. extra 25 cents on common, payable July 15 record June 20 and regular ‘quarserly 25 cents on common payable Aug. 1 record June 20. Youngstown Sheet & Tube Co. regular quarterly 75 cents on coms= mon, payable July 1 record June 14. North American Rayon Corp., interim 50 cents each on common and “B” payable June 21 record June 11 vs. like interims on April 1. (Copyright, 1937. by United Press)
Group bedi
BD ah own rin ON
ptt DOU JL ND, D=IDN Id
Toh...| 1. Inc Inv 24.96 Ins Shrs 1.59 Inv Fd C 15.58 1 Keystone 21.25 23. Md Fund 9.48 10.
8 WR DANI i 0 a
Assd Tel 4565 ...... Atl City 3'2s 64 .... B & O 42s 39 Calif Oro Por 4s 66 . Celotex 42 7. Cent Maine Pwr 4s 60
6 Houston Lt & Power, 3 ndpls Water a 66 Kansas P & Ls 412s Koppers Co 4s 51 Los An Le ovine
Y City
Ra State P 3'as Ohio Fdisoll hs ” Okla G & E s 4 Oklahoma G
s 7 NY State Elec Gas 4s 65
1.03 20.88
NEW BOND ISSUES
(By W. L. Lyons & Co.)
Bid
Cent Maine Pwr 3l5s 66 E 3V
10214 997s 102% 101% 104
103% 98%
967 0)
/25 66 ..
eee. 94 67. a pl
For Final
Quotations See Later Editions of
The Indianapolis Times
Stock
1 trimmed, doz. 60900. Chunar o—Hot house, ‘doz., 90c@$1.25; Texas, bushel, $3.50. Kale—Spring, ‘bushel, 50c. Leek— Home grown, basket, $1. Lettuce—Iceberg, California, [email protected]: leaf, 15-1b. basket, 50c. Pe pers—Mangoes. Louisiana, hamper, i int—Hot house, doz.. 50c. Onions Texas Ponmuda, yellow, -50-1b, bag, sl. 50: white. $1.65; home grown green, doz. 30c. Po SL oe doz., 50c. Peas— California Telegraph, hamper. $1.75. Potatoes—Michigan Rurals, 100-1b. bag, "$2. 35: Idaho Russets., $3.25; Alabama New Triumphs, $2.25; California New Whites, $2.50. Sweet Potatoes—Tennessee Nancy Halls, hamper, $2.10. Radishes—Ohio_ Buttons, basket, 2 doz., 65c; white, 65c. Rhubarb— Home grown, out doors, doz., 30c. RutaDD aet and tagged, 50 lbs., $1.50. Doz., 45c. Spinach—Home Town. bushel, 50c. Souash—Florida white. hampTurnips—New. Mississiopi, bushel ‘$1.50; home grown. bunches, doz.. 45c. Watercress—Doz.. 65c. ‘Tomatoes— Original Texas, 6x6, 30-10. lug. $2.75; 6x7. Ba hot house medium, 8-lb. ba sels sid 20; ioe house, home grown, 10-lb. bas-
kein June 7. — Apples—Willow Twigs, = $1. [email protected]. Sweet Potatoes— Jenhesses Nancy Halls, $1.85. Carrots—Illinois, bu., $2. Spinach—Illinois, bu., 20@ 35c¢. Tomatoes—Texas, lusg, $1.50 @2.25. Cauliflower—California, crates, [email protected]. Peas—California, hampers, $1.50@2. Celery —Florida. 10-inch crates, [email protected]. Onions—No sales.
LOCAL PRODUCE
(The prices quoted are paid for stock gathered in the country while for deliv eries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.) 15¢
a azRe=NO. 1 strictly fresh, loss off,
Laeary breed hens, 5 Ibs. and over. 13c: Leghorn Hens 9c. Heavy breed broilers. 1937 stock. 2 Ibs. and over, 20c.. Leghorn broilers, 1937 stock, 2 lbs. and over, 18c Bareback broilers. 1937 stock. 2 ‘bs and over, 13c. Old goosters. 8c. Ducks. fullfeathered and fat. 6c. Geese. Jur feathered dter_Cr 5 Ibs a 251, utte ‘reante ry No 2 c: No. 33 Joa Butterfat—No. 2% 30¢; No.
MONEY MARKET
NEW YORK. June 7.—M unchanged today. oney rales were a DROkery Acceptances — 30 days. .@ 60 and 90 days, 9-163'%%: _120 3% @9-16%: 150 and 180 days, %@
Commercial Pager Pome names, 4 1%. 120 oney—60 an ays, ’ 150 and 180 dave. Tncy dave. lia%
Rediscounf rate at New York, 112%.
-16% days. 5% %
PRICE INDEX AND COMMODITY QUOTATIONS
By United Press NEW YORK, June 7.~Dun &
weighted price index of 30 basic commodities, compiled for the Unites Press (1930-1932 average 100):
cedesiesss... 144.87 Year ago . .ee.....Holiday[1937 high ( April 5.
Friday Week ago
Month ago ..148.13/1937 low
RR
Following are the commodity prices used in compiling ‘the
index:
Commodity— Wheat, No. 2 red (bu.). Corn, No. 2 yellow (bu.)....ccue Rye, No. 2 (bu.)........ ST Oats, No. 2 white (bu.)........ Flour spg. pat. (196-1b. sk.).... Lard, prime steam spt. (Ib.)... Coffee, Rio is spt. (Ib.)... Sugar, raw 96 test (Ib.).......: Butter, 92 score (Ib.).......... Hogs, avg. most sales (1b.).....;
Today $1.21% 1.3034 1.00% 50% 6.875 1237 093% .0335 31 | A110 |
ssessses
cent. | Pines) Winterfront Co, fiscal
Sigers, avg. most sales (1b.).... hi 010)
Bradstreet’ daily
..116.13 158.26 .141.47
(Jan. 29).
Week Ago $1.25%4 1.2814 1.091% 5314 6.975 1237 0934 0345 «31 21145 +0600
Year Ago $ 91 58% 28 5.875 1012 067% 0372 28
Commodity—
Lambs, avg. most sales (1b.). ee
Hides. native heavy
Wool. fine unw. comb. (1b.).....
Cotton, Midupland
Silk, 13-15 deniers Jap. (1b.).... Rubber, spt. smk. rib. (I1b.)....
Copper, electrolytic
Lead, spot (lb.)..... Zine, spot (Ib) ....... Tin, Straits spot (Ib.).......... ’ Silver, commercial bars (o0z.)... scrap, Chicago (ton)..... Pig iron, Iron Age comp. (fon). Coke, Connelsville (ton) Cement, dom. Portland (bbl.)... Yellow pine, 6-in. base. (m. ff.). - Douglas fir, rough (m.ft.)...... Gasoline, tank wagon (gal.).... Crude Oil, 40 gravity (bbl.)..... (Source of Quctes—Chicago:
Steel,
scrap and hides.
| Week Ago $ .1200 $ 16% 40% 1322 1.81 20% 14 060214 0662142 he 44% 16.75 25.25 4.60 2.25 60.00 52.50 090 1.27 1.27 1.18 Grains, livestock, lard, steel East -8t. Louis: Zine. Con-
Year ~ Ago 1110 JA1% 3514 11758 1.50% A534 092 .0460 .0490 43% 4434 13.00 18.80 3.65 2.55 50.00 38.00 092
Today $ .1250 161% 401% 1320 1.881% 1934 Jd4 060214 066214 557 45 16.75 23.25 4.60 2.25 60.00 52.50 .095
steers (1b.).
any. .......
(b.).c.esee
ssss0s0sscn
Boston: Wool.
nelsville;: Coke. Tulsa: -Crude oil. New York: All others.)
.| Germany
was made after a last minute conference with Federal Reserve Board Chairman Marriner S. Eccles and George L. Harrison, New York Federal Reserve Bank president, both members of the executive committee of the board’s open market committee, and Daniel W. Bell, acting budget director.
Made Double Sure
visers, it was understood, spent two weeks on the rate phase of the financing. He was represented as being convinced that the notes have been properly priced and that the issue would be a success. “In view of the chances in the Government bond market in the last three months,” a Treasury official explained, “it was necessary for us to be doubly sure that the price was right.”
BROKERS’ OPINION
By United Press
NEW YORK, June 7.—Brokerage opinion today:
E. A, PIERCE & CO.—Sentiment may improve slowly due to the evidence of a strengthened technical Postion, prospect of good secondquarter earnings, estimates of more than a|one-billion-dollar increase in farm income this year, and removal of the gold situation as an unsettling factor.
HORNBLOWER & WEEKS—We think it significant that the industrials are holding above the lows of April and May. Such action, in our opinion, indicates that a strong base has been formed for a resumption of the uptrend.
REDMOND. & CO.—Selective improvement in the market is likely to be witnessed early this week; nevertheless, we continue to think that the general market rally will not go much further at this time, but rather expect an irregular backing and filling movement within a relatively narrow range. LAMBORN HUTCHINGS & CO.— The effort marketwise seems toward better levels and the desire of the market itself seems to be up.
FOREIGN EXCHANGE
NEW YORK, June 7-f¥oreisn exchange irregular. . Net Change —.00 3-16 —.00 3-16
Ca ble Rates
3 3 2 11-16 498 63-64
Sngiand (pound) ng. (60-d. pil x ate) ata (dolla: France ay Ttaly (lire) ........ Belgium (beiga) (mark) . Switzerland ¢franc).. Holland (guilder) ... Spain (peseta) Sweden (krona) Norway (krone) ‘Denmark (krone) . . Japan (yen) este. 1
cena
Mr. Morgenthau and his fiscal ad-
“ao
cuUoLoUmo
Common and medium Low cutter and cutter Bulls, good Cutter, com,
Vealers —Receipts, 700— Good and choice
Cuil and common ......... via Calves (250-500) Good and choice..$ 7.50 mmon, medium 5.50@ Fe a and Stocker Cattle (500-800) Good and choice .$ 7. ommon, medium. (800-1050) Good and choice . Common, medium.
» aan ao OO wowovy vg O00 OOO OX
Heifers— Good and choice Common and medium SHEEP AND LAMBS —Receipts, 300— Spring Lambs— Choice ..
an
Shorn E (90- 175)" ‘Good and choice . Common, medium.
By United Press
CHICAGO, June 7.—Hogs—Receipts, 11,000, including 3000 directs; market generally 5@10c hi her; spots up more on lightre hts; pack jo Sows, SE Sob. 3 $11.60; A choice 200-300 1 sit, 35@ on 55: 150- 190 8 $1089 @11. 50. ost good acking sows, [email protected]; big weights, So. Ck below; Be Qin pigs, $10.25@
"Catto Receipts 12,000; calves, 1500; yearlings and light steers, active apd t heifers and mixed yearlings
higher. 4 to sell at $12 upward unevenly weak to 25c lower: order-buyers taking good and choice steers: [email protected] on these kinds: $14; yearlings. "$13.10; not much here of value to sell under $10, except native and Southwestern grassers; these scarce; run. includes about 1000 head Southwest pred stockers and stock calves; undertone slow on replacement cattle; best fed heifers, $12.50; all grades of cows, firm to shade higher: bulls strong to 10c up with best weighty sausage offerings $7. Rot vealers steady at $8.50 @9.50.
Sheep--Receipts. .5000, including 1300 directs: market, very slow; undertone weak to 25¢c or more lower on, on s Spring lambs 2 and arlings; few sales I he [email protected]; osy held rood $10.15; nothing “done on spring lambs; asking $13 and better for choice kinds; sheep steady; strong ewes, [email protected]. Marketi 10 FT. WAYNE, June 7.—Hogs—Mar @25¢c higher; 225-250 lbs., Sl, 35; 250-275 Se $1125: 200-225 lbs. 1.15; 180-200 $11.
y 140-150 bs., $10; 120-130 1Ibs., $9. 75; $9.50; roughs, $9.75; stags, $9. Lambs, $11 LAFAYETTE, June 7.—Hogs—Market, 10 to 25¢ 1.2511 23 275-325
$8.50. Calves,
si0 down,
30 is [email protected]; roughs, Calves, $8. 3 down. Lambs, $11
FUR SALES MAY SET MARE | By United Press NEW YORK, June 7.—Retail sales of furs in the United States in 1937 should approximate $500,000,000, the largest for any year in history and about 20 per cent above 1936 volume, Zanville Diamond, of the Associated Fur Coat and Trimmings Manufacturers’ Association, estimated today.
Expenses
prompt deliveries.”
- CHICAGO PRODUCE
Eggs—Market, unsettled; Teces cases; fresh grades firsts, 8%4c; firsts, 19c; dirties, 163%ac; Ts receipts 17%c. checks, 16%c; storage-packed firsts 20c; storage-packed extras, 20c. Butter—Market, steady; receipts, tubs; extra firsts (90-911. score), 293%,c; extra (92 score), 30c; firsts, 2 28%4c; seconds, 23@27c; 29%c¢; specials, 30% @31c. Poultry — Market, steady: trucks, 1 car, ducks, 10@14c;. broilers, 17@20c; hens, 13@17c;
ers, 12@13c; fryers JiRcluging be barebacks) 1924! loc; spring chickens, 22@2
Cheese—Twins, 15'2@15%c; i 16@
16Ysc; longhorns, 16@16Ysc.
Pctatoes-— (old stock), Shpplies light; deIdaho Risget
mand, slow; market, dull; Burbanks, [email protected]; U. 8. No. 2, Colorado Red McClures, $185. (new stock) supplies, light; demand, good; market, strong; Cailfornia White Rose, $2.10@@ 2.25; Arkansas Bliss Triumphs, $1. 85; U. S. No.
2, $1.05; Louisiana Bliss Triumphs, $1. Soa 1.85;
2; Louisiana Russet Burbanks, Louisiana Cobblers, $1.85; Mississippi Triumphs, $1.75@'1.85; vu. S.. No. 2, 1.202 de Bliss Triumphs, $1. SS 90; U. 0. 2, $1; Texas Bliss Triumphs, $2, A. 270; on Iroels 242; shipments Saturday, 739; Sunday,
BANK STOCKS (By Blyth & Co., Inc.) i
Bankers Trust .. Central Flanover Chase National - Chemical Bank & Trust *Guaranty Tous Irving Trus ot. Trust National City Continental, First Nat., B Nat. Shawmut, Boston Nat. City, Cleveland
FIRE INSURANCE
fini 537% : el
Aetna Fire Cit of New York . Federa Fra in Great American ais Hanover fartford
National ‘Fire North River Phoenix
. 8. Fire . Westchester . CASUALTY COMPANIES
Continental Casualty . 2515 Mass. Bonding & Inv. ........ 58% Bx-Dividend.
U. S. STATEMENT
WASHINGTON, June 7.—Government expenses and receipts for the current fiscal
year through June 4, compared with year ago: This Year
=m
(AONB GI©
Sous rhRe 8 e,
Receipts .. 3,634.57 Deficit - . .
© fb
Customs Inac. Gold .
ts, 49,332 extra
16,389 23 72 @ TY2 @ standards, 29%:@
receipts, 28 geese, llc;
Leghorn hens, 10@13c; turkeys, 13@16c; old roost-
liss 0@
ast Yea 08 $6, boy 109, 00. 13 2 2
10. 22.3 359, 59.920.434. 3 aT 643. S02. ri $835, 475,985.16
els because of wide price declines during March and April,
COAL OUTPUT RISES
Total production of coal in Indiana during the week ended May 15 | increased to 218,000 tons, compared with 199,000 tons produced in the previous week, the U. S. Bureau of Mines reported today.
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315 Merchants Bank Bldg.
LI-6122
V. A. Hampton, General Agent } C. &N.W.Ry., 308 Merchants Bank Bldgs. | Indianapolis, Ind., Phone Riley 3110 I am interested ina trip to.
NIUE sec aacennrecssntomeninsrns
Address. ..cocecnneesaincennccnnes