Indianapolis Times, Indianapolis, Marion County, 11 June 1937 — Page 30

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THE INDIANAPOLIS TIMES

_ FRIDAY, JUNE 11, 1987

COMPLETE N. Y. EXCHANGE . "STOCKS

The Times Financial and Market Page

COMPLETE | LOCAL LIVESTOCK

BONDS AND COTTON

ADVANCING; EMAIN V

Many Issues Open at Previous Close; teel Up.

By United Pres: NEW YORK, June 11.— The stock market opened dull and steady today. Bonds and

cotton gained. U.S. Steel gained !s to 9915. Small advances were noted in several other high grade issues. Douglas Aircraft was at 5912, up %:; General Motors 53, up al International Nickel 595%. up 14; Standard Oil of New Jersey 66, uw. %, and Columbia Gas 11%, up Westinghous o "Electric opened at 142, off | 3%. Now York Central opened at 43, off 3 56%, off 9s; Loew's 19, off 12; Crucible Steel 62, off 1; Vanadium 293s, off 7, and | | Sears Roebuck 88%, off 4. Many sues opened at the previous close, including Chrysler, American Telephone, American Can, | United Gas Improvement, Radio, Standard Oil of California, North American, General Electric and

Anaconda. .

| Today s Business At a Glance

|GENERAL BUSINESS Dun & Brezdstreet reports retail irade this week 4 to 8 per cent over last week and 10 to 20 per cent above year ago; wholesale 18 1o 30 per cent over year: ago. Federal Reserve reports monetary gold stock up’ $91,000.000 to record high at $12,118.000,000; circulation off $52,000,000i Brokers ¢loans up $28,000,00: Excess reserves $930,000,000, up $70,000,000: Ratio unchanged at 79.6 vs. 79 year ago.

CORPORATION NEWS

" American Telephone & Telegraph Co. April net operating income (covers operating activities only), $1,731,006 vs. $1.856,804 year ago; four months, 37,727,407 vs. $7,518,179 year ago. Colorado &: Southern Ry. (excluding subsidiaries) April net loss, $52,452 vs. ne’ income $681,196 year ago; four months net loss, $198,925 vs. net income $416,419 year ago.

Erie R. R. Co, April net income, $351,772 vs. $49,397 year ago; four months net income, $985,534 vs. net loss- $122,770 year ago. Nashville, |Chattanooga & St. Louis R. R. co! April net income, $89,378 vs. net loss $46,966 year ago; four months het income $186,323 vs. net loss, $146,100 year ago. New York, Ontario & Western R. R. Co. Ap-il net loss, $60,987 vs. $21,304 year aga; four months net loss, $441,109 vs. $161,092 year ago. Western Union Telegraph Co. April net income, $265,659 vs. $694,197 yea: ago; four montis, $1,710,030 vs. 31,658,883 year ago. Bond Stores, ‘Inc, five months ended May 1. sales $8,003,985 vs, $6,468,675 year ago, up 23.7 per cent. Davega Stores Corp. and subsidiaries, fiscil year ended March 27, net incoine, $387,484, equal to $1.67 a comrion share vs. $179,064 or 81 cents in: preceding year. Freeport Sulphur Co.. (formerly Freeport Texas Co.), first quarter net income, $543.287, equal to 66 cents a common share vs. $476, 123, | or 57 cents year ago. Mengel Co.. May bookings, $669,780 vs. $912,203 year ago, off 26.6 per cent. Five months, $4,746,047 vs. $3,821,742 year ago, up 24.2 per cent; May billings, $930,039 vs. $786,247 year ago, up 18.3 per cent; five months, 54,785.897 vs. $3,561,603 year ago, up 344 per cent; unfilled orders end of month, $2,006,191 vs. $1.686,240 year ago, up 19 per cent. New England Telephone and Telegraph CbH.. April net operating income, $1,105944 vs. $1,080,593, vear ago; four months, $0,000,469 vs. $4.121,619 year ago. New York Telephone Co. April net operating income, $3,492,960 vs. $3.025,493 year ago: four months, $13,383,889 vs. $12,646,318 year ago. Radiomarine Corp. of America, April net income, $20,529 vs. $12,717 year ago; four month, $71,250 vs. $55,612 year ago. Schiff Co... May sales, $1,323,238 vs. $1,279,334 year ago, up 3.4 per cent; five months, $4,935,118 vs. $4,825,518 year ago, up 2.3 per cent. United Anierican Bosch Corp. 12 months ended March 31, net profit, $387,834 vs, $188,998 in previous 12 montis, § DIVIDENDS

Aluminum Co. of America, $2.25 on preferred arrears payable July! 1, record June 15, leaving arrears of $6.75 per share. This payment is in addition to 3. 50 already * declared payable July 1 American Brake Shoe X Foundry Co., interim, 75 cents on common, ‘payable June 30, record June 21 vs. 50 cents on March 31. American | Potash & - Chemical Corp., $1.50 payable June 22, record June 15, vs. $1.25 on Dec. 18 and $1 a year ago. Bank of The Manhattan Co, 311; cents, payable July’ 1, record June 15. > Sh & Forster, regular quarterly 25 cents, payable July 15, record July 6. Helena Rubenstein Inc., 25 cents, payable July 1, record June 21, vs. like payment on April 1. Kaufman Department Stores, reg- * ular quarterly 40 cents on common, payable July 28, record July 10. Patchogue Plymouth Mills. Corp., $1 on’ common, payable June 23, record June 18, vs. cash $2 and stock : of 3 shares of preferred for each ~ comnmon on Dec. 23. | : Pennsylvania R. R. Co., 50 cents, payable July 22, record June 21, vs. $1 each on . 21 and Feb. 29. Russeks Fifth Aventle Inc., rezular quarterly 12's cents, payable

Yesterday

+ Western Union |-

STOCKS! ERY DULL

N. y. ’ Bonds

By United Press

BOND PRICE INDEXES 20 20 2 Indus. Rails Util. 94.6 101.3 94.4 101.0 95.5 101.9 92.7 105.6 8.6 97.9 101.2 106.0 94.2 101.0 100.4 106.2 84.7 103.5 1935 86.4 103.6 1935 7.0 89.3 (Copyright, 193%, Standard Statistics Ce.)

h NEW YORK, June 11, —Bonds opened igher. Argentine 4s_ Las vs Bi wwenrnns ee 1%

60 Bonds ‘95.8 95.6 96.5 96.3 87.9 100.7 95.6 100.2 93.3 23.1

Week ago Month ago .... Year ago Two years ago. 87.3 1937 1937 1936 1936

high .. ..

+12 --Ya + Va

Curb Stocks

NEW YORK, June 11, opened irregular. . American Cyan cxseies American Super Power | Cities Service ...........0.e eee § Eagle Pitcher L cevetrenne cieases s+ J Fl B&S

Niagara HP. Nor States PWr .e.e Sunshine Min os Tychicolor

U, S. AWAITS TRADE PACT WITH BRITAIN

Two Nations Negotiating Tariff Agreement.

—_ Curb stocks +s —V8 lf, +12 x in

By United Press WASHINGTON, June 11. — The United States today awaited from its greatest rival in world trade— Great Britain—an answer to a proposal to join forces in promoting more trade with each other. American officials have sent the British government a tentative list of commodities on which they are ready to give and take tariff concessions. British officials reportedly have placed the list before envoys of the Duminions at the Luperiai | Conference now in session in Lon-'! don—for advance and consent before replying. The Dominions are favoived because Great Britain already has in force with them a system of preferential tariffs: whereby they grant each other lower import duties with the idea of enlarging the Empire trade ties. Britain supposedly would not like to offend members of her own family by granting similar favors to the United States without their assistance. The possibility exists, however, that the United States may have proposed a joint tariff reduction program with the Dominions. State Department officials today refused to comment on the reported list. Other experts, however, believed that it included several hundred items. They recalled that before the United States concluded its recent trade pact with Canada at least 1500 cominodities were studied.

SILVER - PURCHASES UNDER ACT'S INTENT

By United Press

ury silver purchases to date lag some $2,000,000,000 behind the amount necessary to achieve the objectives of the Silver Purchase Act and the gap continues to widen, Treasury sources revealed today. The Silver Purchase Act-—passed in early New Deal days—was intended to give the nation a monetary stock made up of one-third silver and two-thirds gold. Under

the act the Treasury is directed to purchase silver until this goal is achieved or until the market price of silver equals its monetary value! of $1.29 an ounce. The prespect of achieving either objective, monetary experts agreed, is dim.

quarterly 50 cents, payable June 30, record June 24. Trico Products quarterly 621% record June 16. U. 8S. & Foreign Securitios Corp., regular quarterly $1.50 on first preBites: payable August 2, record July U. 8. & International Securities Corp., usual quarterly $1.25 on first preferred, payable Aug. 2, record July 19. Twentieth Centtry - Fox Film Corp., 50 cents on common, payable June 30, record June 21, vs. like | payment on March 31. Westinghouse Air Brake Co., 25: cents, payable July 30, record June | 30, vs. like payment on April 30. This is part of cash distribution authorized in Dec. 1935.

Corp. regular cents, payable July 1,

WASHINGTON, June 11.—Treas- | Rr

LATEST NEW YORK STOCKS

Allesh, So

Allied Mis ‘Ris.

Amer:

Sn .e Am Chain & C. 31%

Alvn Corp

Bald Loco

Balt & Ohio.... Beth Sivel coo 8915

Beth Stl 6

|Boering an’ ’ :

Borden

Bklyn ly

I 1 Bute

83.0 | Sp

Chrysler

Colum Gas ... Commonw & So 2% Comw & So pf. Cons Edison . Cons Tdison ot 108%

Cons Cous

Qil Cons. Oil

Cons Coal vtc - A... > it

Cont Bak Cont-Dia

Corn. Pro

Crane Co cm pt 116% ble St 62

Cruci

i Curt Pub

2. or Warner wt ’T. igs

Rts

Butler Bros pf. . Cop ... Byers. A M

211% Container rt 1 1- 16 i 1- 16" 595 593

pf.

Curtiss-Wr

Curt-Wr Crane cv Crane rt

Dome Mines .. Douglas Air ..

Dresser B

Du Pont

Hlec Te St Fri

Eureka Vac. ....

Fair Morse .;..

Fed Wat

& Mus Ind 4% Bat ... 36

First N ‘sits

Gen Bak Gen Gen Gen Ele Gen Gen

Grant Gt North Gt West Green H

L 293 Greyhound Corp Tass Hecker Prod ...

Jere Mot

Holly Sug iva Houston ou’ FR Hupp Mot

Ww T oe ol Sug ..

Ill ‘Central Inland St

Kan C Sou nf .

Kennecott

Kresge D 8 ... Kroger G&B ..

Lehman

Lerner S8trs ... 3 Life Savers ... ew’'s

McKess Mack Tr Mera Mead

Mueller ‘Br .... I

Nat Biscu

:McCall Corp ... 2 &R ...

RUNS 3

Nash-Kelv

N . Otis Elev .. Otis Steel .

Owens Ill

Pac G &

Phel Pitts Sc Piymouth

Pure Oil

Raybestos eo Mot Republic

SG.

El.... Packard . .....

nRR .... picifter Brew ” Dodg .. & B.. oil, B.

| Radio-K- or....

stl

neil

By United Press —— High. Low. 3 3 601% 5-32 92 972

31% TVs

Net Last. change. 3 — Ya 60%2 5-32 92 972 31% T%

50 8%

602 Ys : 9% :

‘W1 291% Eh 3

22% 3% . 133g 397% 5814

53 . 337%

8 116% 62 85 55% 183, 1013; Ys

1.85 . 5%

. 40's - 7 it

155% % 1855 fe 4% 36

1634 8's

18% 8Ys —F— 57 57 .. 33% 33s . 41%: 41%

11%

12% 2

22% ; x

323% 5812 i

PEELE HELE

Ss. =

ee AM ow ® 2 aee ®

- »

| 83% 33%

INVESTING CO.’S

(By N. Y. Security Dealers Assn.) a

Can Inv.. Cent T . Con Fds

Cp Tr i 2

8 cum’ :

Cp Ac Cuml Cory Fisc Bnk Dep Bk .

cp Fr aA 1

Dep Ins . ER “5B

Diver B “n

Fix '’r A 12.98 B. TT

75 23.61 d Tr a. 6.15 “B

Found. on Fd Inv

Gen In

6.7 Group Seernsics 5 2.1

Mining Petrolm.

Tobacco 1.08 24.67

Inc Inv

Asked, Ba Asind 19.25| Inv Fd. C 1 16.4 11.23| Keystone 21 od 1.30; Md Fund. 9.26 8.12|Mass Inv 27.60 ..... | Mut Inv. AS 69 36. 80! Nat Inv.. 7.09 2 62) Nw Sec.. 4.32 80! ‘* Vtg.... 1.98 a. JN Boe F 18.43 - 19. 11.50) N Biooks: 2%, 5

..| Bldg s s Tee Eq

...| Mach R R. Eq Steel 1953

td ph eh th fk

— HON WLW aeRO Ba 100 mt 2) 1 m7 2) i CO 00 mt GN OD P= REPO NT WORD

supe ‘AA. ‘BB

66 Iuroved’ 14.06 | Trst Inv C 3.05 i

Tas 2.22 1.04! 1.83} 1.59! 1.15|U 26.53

‘L&P Wer Fd 18. 91

For Quotations See Later Editions of The Indianapolis Times

Final: Stock

84 Stokely Br . .. 1 | Stone & Web.. |

“EXCESS PRODUCTION

DOW-JONES STOCK AVERAGES; 30 INDUSTRIALS

resis ste sele nade 132.8% seresens rene eee. 175.14 ..169.15

—0.65 +2.32 --1.60 —1.45

Yesterday Week ago Month ago ...... Year ago High 1937, 194.40; low, 167.46. High 1936. 184.90; low, 143.11.

20 RAILROADS

Yesterday Week ago Month ago Year ago High 1937, 64.46; low. 53.15. High 1936, 59.89; low, 40.66. 20 UTILITIES Yesterday Week ago Month azo Yaer ago . k High 193%, 37.54; low, 27.04. High 1936, 36.08: low, 28.63. 70 STOCKS

High 1937, 69.67; low, 60.25. High 1936, 66.38; low, 51.20.

Close 50%

High Low Reyn Tob B.... 50% 50%

Safeway 341% Sears Roe

Silver-King .... 3

ry rg Senet er

oe a

| Texas Corp -...

WORRYING OIL MEN

Expert Says Daily Output 200,000 Barrels High.

B United Press TULSA, June 11.--What to do about the crude oil situation today putranked all other issues vying for Interest in the petroleum industry. None connected with the producIng end of the industry would admit crude was being produced too heavily, but observers were bolstered in their opinion that such was the case by Col. A. O. Thompson's statement that production is 200,000 barrels daily in excess of demand. In some quarters even this figure was regarded as too conservative. Admittedly, heavy stocks of crude pil are being run to storage. Refiners argued that underproduction last year caused them to withdraw the bulk of their stored stocks in order to take care of orders. With that thought in mind—the replenishing of depleted stocks— voluminous production this time was considered. in some quarters. Whether or not producers were experiencing difficulty in selling surrent production—more than 200,000 daily over the Bureau of Mines recommendation—it was impossible to learn. At least one refiner, however, reported that producers who had had

at normal

no crude to sell at this time last year had indicated a willingness to part with . some excess petroleum recently. Daily production last week was approximately 250,000 sarrels more than the correspondmg period last year.

—————————— is 1 1 LY LOCAL ISSUES The following quotations do not “epresent actual bids or offerings. but merely indicate the approximate Marker level as furnished oy the brokers nam (By Indianapolis Bond & ie Corp.) ~ BONDS

Ask 101% 5

rotate. "Tel & 97 Kokomo Water Works 5s 58... a

Muncie Water Works 5s 65 . & P 6Yas 47..102

fohmond W W 5s Jeymone Water Co 5s 9. H Trac & 544 .. .

rac Term Co 5

STOCKS Belt Railroad & St Yds cum.. Belt Railroad & St Yds pfd.. Cent Ind Power pf 7s Home Tel & Tel Fe Wayne. . Hook PE Inc *Ind & Mich ans Co pid 7s.’ Ind Gas © *Ind Gen Sery Co 6s. . *Ind Hydro Elec Co Ts. 1 *Indpls Pwr & Lt Co pid ‘6s. . 89% *Indpls Pwr & Lt Co id 6%s. 91'2 Indpls Water Co prd 105 Linton Natl Life Ing Go com. N Ind Pub Serv 3 } Ind Pub Serv Co id ‘Bs . N Ind Pub Serv pfd HE P R Mallory Co com Progress Laundry Co ... Pub Serv Co of Ind 6s Pub Serv Co of Ind 5 Smith-Alsop pra ... Smith-Alsop com Terre Haute Elec Co 6s Union Title Co com Van Camp Milk Co pfd Van Camp Milk Co com *Ex-Dividend.

(By M. P. Crist & Co.)

Market St. Investing Corp ... 33.61 on > ———————————————————

MORE LAND RECLAIMED By United Press WASHINGTON, June 11. — The Bureau of Reclamation today predicted a good year for Western irrigation projects with 19,626,000 |, acre-feet of water—enough to cover the entire state of Indiana with 10 inches-—impounded behing reclamation dams.

AUBURN TO AIR-CONDITION CONNERSVILLE, June 11.—The new air-conditioning unit which the Auburn Automobile Co.'s - central manufacturing division has been developing is to go into production |e here June 15, it was announced |¢

35.74

today.

Yesterday .. Week ago Month ago

142.85 | Year ago

Commodity— Wheat. No. 2 red (bu.). Corn. No. 2 vellow (by. y. Bye. No. (2 (bu)... .......cve.| 99% Dats. No. 2 white yr] - A473 our spx, pat. (196-1b. sk.)....| 6.375 - Lard. prime steam spt. (Ib.)... .1215 Coffee. Rio 7s spt. «b,)..... aed ugar. raw 9G test aABY.... 00s Buttér. 92 «core (Ib. Sl Hogs. ave. mest sales (Ih.) ....!|

l'oday $1.21 1.233%

July 1, vecord June 22. Banking = Co, regular

teers. avg. - sales (Ib)... 0810

Ago $1.21% 1.30% 1.00% 50a 6.875 A237

144.87 | 1937 high (Apr. 5). 147.55 | 1937 low (Jan. 29).

| Followinz are the nrices used {in compiling, the index:

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW YORK, June 11.~Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average 100):

Commodity—

141 a Copper. electrolytic

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

Year Ago 928

scrap and hides. T

copie Coke.

Lambs, avg, most sales (1b.)... Hides. native heavy steers (Ib.). Wool. fine ynw. comb. (Ib.). Cotton, Midupland (Ib.) Silk. 13-15 deniers Jap. (Ib.).... Rubber, spt. smk. rib.

) Silver. commereial bars (oz.)... ‘Steel. scrap. Chicago (ton) Pig iron, Iron Age é¢omp. (ton). Coke. Connelsviile (ton) Cement. dom. Portland (bbl)... Yellow pine. 6-in. base (m. ft). Deuglas fir. vough (m. ft.).. Gasoline, fank wagon wal)... Crude Oil. 40 gravity (bbl.)..... (Source of Quotes—Chicago: Boston: Wool. East St. Louis: ulss: Crude oll. New York:

Year Ago $ .1175 J13% 35%

Week Ago $ .1250 16% 4012 1320 1180 1.80% 1.69 19 3-16 .15 13-16 14 09% 060214 0460 0662% 0490 5578 AY 45 443% 16.75 13.00 18.84 3.65 2.55 50.00 88.00 092 1.18 Grains, Hivestock, lard, steel Zine. Con-

Today $ .1250

seve

(Ib.).... (b.)...

| isiana Cobblers,

High 34

Close change 14% 10%

Low 14% 10% bls

T& PC &O..

Un Oil Cal Un Pacific United Corp .

. 233, 1392 453 1

“oo . ee Sh 83 eNaAE @

{+++

Vadsco Sales Vanadium

Wabash

+p) +d

45% Gh 247% . 827%

Ww Woolworth

2473 83'%

Yellow Tr Young Sheet .

LITCHFIELD URGES RUBBER PRICE GUT

16 to 18-Cent Range. Fair, He Declares.

83%

By United Press NEW YORK, June 1l1.—Based on the cost of producing rubber on the Goodyear plantations in Sumatra, Dutch East Indies, it would appear that a price of between 16 and 18 cents per pound for crude rubber would be equitable for both those engaged in growing rubber and the manufacturers of rubber products, P. G. Litchfield, Goodyear Tire & Rubber Co. president, said today. “To make it possible to apply rubber to the many uses that are being developed through research activities on the part of American rubber companies, it is essential that the price be prevented from rising to uneconomic levels,” he said. He said he had full confidence the iinternational rubber regulation committee was aware of that need and would give consideration to American consumers who absorb half the world’s annual output. It was his understanding, he said, that rubber plantations already are preparing to increase production and exports to take full advantage of the 90 per cent quota, beginning July 1, set by the committee. He said that should relieve the tight price situation and make the prices more responsive to “supply and demand.” Present indications are that world consumption of rubber this year may reach, or even exceed, 1,000,000 long tons, per cent above last year, he said. United States consumption, he pointed out, was going ahead at an even more rapid pace, with the

i total for the first 4 months about

15 per cent over a year ago.

BROKERS’ OPINION

By United Press " NEW YORK, June 11.—Brokerage opinion today: E. A. PIFRCE & CO.—We feel that the action of the market is likely to be goveriied almost en-

tirely by labor developments over the near future.

HORNBLOWER & WEEKS—We look for the current testing period to be concluded in a constructive manner, thus bringing a step nearer the time when increased attention can be expected to be directed toward issues favorably situated to respond to a revival of confidence in the market's position.

REDMOND & CO.—Anticipate a quiet trading market today and tomorrow within the restricted trading range outlimed yesterday, namely 171-175 in the Dow-Jones industrials.

FRAZIER JELKE & CO —We continue to hold the belief that the long range trend in prices still remain upward. SHIELDS & CO.—There is nothing immediately ahead to bring |; any volume of new liquidation so that continued quiet, narrow market remains in prospect.

CHICAGO PRODUCE

s—Market, firmer; receipts, 21,111

| Egg cases; fresh graded firsts, 19¢; extra firsts,

1914¢c; current receipts, 16!2¢; checks, 16's; storage- -packed firsts, 20Vsc; storage-packed extras, 20%sc, Butter--Market, steady: receipts, 17,520 tubs; extra firsts (90-91% 5 score), 29Va @ 29'>c: extras (92 score), 30c: firsts, 217% @28'%¢; seconds, 23@27c; standards, 20750; Blac: 30'>@3lc; centralized (89 score), 28Yzc; centralized (88 score), 27%c. 49

orn hens, 10 @ 124; turkeys, 16¢; old roosters, 12 fryers (inclu be barebacks), 1T@

chickens, 2 ici daisies, 186@

ins, 15lal X longhorns, 1 6g18v otatoes — Old: “Stock—Supplies, fetnt: ‘practically no demand and no sales reported. New Stock—Supplies, moderate; Geman d, slow; market: weak; California White Rose, $1.90@2. u. No. ro! £0

s, es Bliss i $1.75@ PrmphS, u$1.80. Arrivals, 137: on 234; shipments, 16886.

17%c: dirties,

track,

U. S. STATEMENT

WASHINGTON. June 11.—Government

gipenses and receipts for the current fis-

year " through June 9, compared with

ago:

is Year .$7,019,253,164. .. 4,597,401, 90 3 . 2,421,852, eh 78. 3 ¥

a year

Expenses . Receipts Defici xe Cash Bal.. Wkg. Ba Y. Pub, Debt 35, 31 3 5 Gold Res. 12,117.5 3 Customs .. 38. gl .29

s Pur. Inactive Gold a or. 475. 12 $836, 00, Ais -89

MONEY MARKET

NEW TORI J June. 10.—Money rates were g a nkers ev lances ~ 30 days, “9 17-16%: ‘60 and 90 days, 9-16%':%: days.” '33,@9-16%: 150 and 130 days, na Foo Prime names, 1%. Time Money 6! and

Jonesy - nd 99 davs, 1%%: 120 VS. 7 15 eaiscount rate at New York, 1%% eon Sema probit

LAND BANK BONDS

i Bid. Asked) Yields, «ae 101 2.82 + 101 101 3 83 101 101% 2.84 . Jos 103%; 2.90 09% -109'2 2.53 Dione {os - 102% 101 5-16 pit

Last Ye

D .09 3 >

Commercial Pa

ves -~ 8-1%

or nearly 10}

03 | Beds

[HEAVY ARRIVAL “| OF HOBS DROPS PRICE SHARPLY

Vealers Weaken but Lambs ‘Hold Yesterday’s Advance.

Excessive arrivals of hogs on the heels of a market that already had given promise of being on shaky ground paved the way for a sharp downturn in prices today, according to the Bureau of Agricultural Economics, U. S. Department of Agriculture. Despite early advices from other leading points that were not particularly bearish, buyers bid 25 cents lower here and stuck to. their guns. The market rangsd all the way from steady to 25 cents lower, weights between 160 and 300 pounds showing the quarter downturn. Light lights and pigs were steady, while butchers weighing above 300 pounds were 35 and 40 cents lower than Thursday’s best time cor 5 to 10 cents below the close. Top of the marked sagged to $11.40. Sows declined 10 to 15 cents to sell largely at $9.7 to $10.40, with a top of $10.50. Receipts were estimated at 7000 head. Scarcely enough cattle put in appearance today to make a test of pricés. Less than 400 head arrived. A few steers sold up to $11.25 and odd head choice heifers brought $11.50. Grass heifers moved at $6 to $9. Cutter and low cutter cows had a spread of $4 to $5.50, with common and medium grades largely $5.75 to $6.50.

Vealer rices Drop

The opinion among buyers this morning that vealer prices should be reduced. Good to choice vealers cashed from $8.50 to $9, with mediums within the range of $7 to $8. The light run of lambs made little change. Good to choice ewe and wether lambs moved generally from $1150 to $12, with strictly choice topping at $12.50. Mediums, as a generaly rule, found the $106.50 to $11 money. Slaughter ewes were steady at $3 down.

C5 = = ®

5 0 0 0 55 5 0

Bre emams

[i =

$10.00@ 11.25 [email protected]

choice.

Ligh] hts— 160-180) Good snd

Mediu (180-200) Good ‘and ;

Medium Wei Sow (200-220) Good and (220-250) Good and Heavyweights— 2 0) Good and 0) Good and

choice. choice. ;

choice. . choice. .

8) Goo .e 7 20) Meediumn kr P Jgs— 0-14 Segium and choice. .

8 S835 a3 oS woo

—~Receipts, 900— (550-900)

Common ...... Choice Good ... Medium

C (1100-1300) C

(800-1100)

11300-1500)

(500-7501 Sou

7. 10.25 7.00

Com Good. ond choice . Common, medium.

(750-900)

33 Ree

Common and medium {5 Low cutter and cutter ¢..ccc.. Bulls, roa." Cutter, co Vey [ Vealers . ~—Receipts, 800— Good and choice

Me Ct

Stee '{250- -500) Good and choice. . $ 8. mon, medium { der and 3 topker Cattle (500- 8007 Sood and choice. . $ mon, medium. 1800-1050) Good and choice. . mmon, medium Heifers

Good and choice Common and medium

- SHEEP AND LAMBS — Receipts, .300—

SUC ©O

-P® aan so oe PRNLIO OW

Good”. rh

Ei muon ve T 90-118) G Good and choice.. Common, medium.

By United Press

CHICAGO, June 11.,— Hogs—Receipts, 9000, including 5000 directs; market, mostly 10c lower. than Thursday's average; ots on heavy butchers and packing Sows ihe off; light hogs. Wohi to 10c low bulk good and, ch <300 1bs., $11. 206 11.40; top. 150° paid sparingly: 150-190 1bs., oly Side Pathin largely 310010. 50; Nantweligh Ss, u or’ better; bulk medium to good; pigs, $10 down 8.50. Catile— Receipts, 1000; calves, 500: fed steers ‘and vearlings, scares: fully steady and dependable cleanup trade; ‘scattered lots, $8.50@11; best yearlings $11.75; merely good medium ugh ts, $12.25; all shesteady; eifers, [email protected] sparingly; as and medium Tassers, downward from $9.50; plain light Southwestern steers and heifers, $5.50@6; beef cows, mostly 39 [email protected]; springling, upwards from $8.25; a grades, usually $5.75 down; bulls and vealers, steady; outside sausage bulls, $7; good and choice vealers, Seq; stockers and feeders, noms inally stead oe saints, 6000, including 4500 directs: scarcely enough on sale for market: around steady on all classes; scattered lots LU spring lambs to local packers: $12.50 few to small djs. $13.25; two doubles good vearlings, 91 lbs, down, 3 0; scattered shorn slaughter ewes, [email protected] en Aimtm———————————————

NEW BOND ISSUES

(By W. L. Lyons & Co.) -

Bi dg Ass’'d Tel 4s ’65 Atl City 3'as 64 . B & O 4%s

Loppers Co > Los Angeles Rev.S Louisville G & Eo 33 Ves "68 Metro Ed 4s ’ : Narra Elec 31s 68. N Y City 3s ’

iarit NY State Elec Gas 4s 65 ... 94 Nofuhern En P ves 87 oe:

kia G & E The

Wisc G & FE 3's : Wisc Pub Svc 4s 81 .

FOREIGN EXCHANGE

YORK, June 11 ~Forien exchange irregular Openi Net

a Eoeland {poun 4.9 B0-uRY, bil rate) 4. Gating a (doll 1. nce (rane) ar tre

nal

Ttaly Belgi

445 -0326% +-.0000%, .1688 -+.0001 . 4006 —.0000% 287% -+.0002

+. 5500

2544 1% Norway {krone cesses 247915 Denmark ( Sone . 103

| major company to independent

Forcsecs End Of Rail-Truck Freight Fight

Times Special NEW YORK, June 11.—Competition between railways and truck-. ing companies, which is now intense and damaging to the interests of both, eventually will be resolved on a mutually beneficial basis. This is the opinion of M. H. Hellman, Lehman Brothers’ authority on trucking. The banking firm has figured prominently in the financing of Keeshin Transcontinental Freight Lines, Inc., which now operates on regular schedules over 17,000 miles of registered highways. The basis for the resolution of this transportation conflict, Mr. Hellman believes, eventually will be a more economical division of business, leaving short-haul freight almost entirely to the trucking lines and long-haul business to the railways. Before such -apportidnment can be effected. Mr. Hellman believes, the railways will enlarge their interests in the trucking services to a still greater extent than today. Many Truckers Eliminated

Under the Interstate Commerce Commission regulation of rates, which began on April 1, last year, the downward tendency of trucking rates due to cut-throat competition has been lessened. although many truckers fell by the wayside while it existed. Likewise, under government supervision many small operators have found it difficult to meet the new standards. The result has been the development of fewer and stronger companies, with the railways gradually acquiring a larger interest in the survivors. “There is no question that on short hauls trucking can give better service than the railways,” Mr. Hellman said. “Virtually all of the short haul business is done by trucks now. On the long hauls trucking may not successfully compete with the railways, if the railways improve their services.

Difference Stressed

“The railways now lose money on less-than-carload lot business over short hauls. In maintaining many small stations where there is comparatively little business the railways suffer loss. Many stations of small towns could be eliminated, if trucking lines were given the freight and busses cared for passengers, feeding the business to the larger centers. This would be a convenience to the railways’ customers, both shippers and passengers, for the trucks would come to their doors and busses would pick up passengers at more frequent stops than the present railways stations. “If, on the other hand, the bus lines could be saved from having to compete with the railways on long hauls, they too would save money.”

“ TEXAS OIL FIELD IS PRICE ‘WAR’ SCENE

Majors and Independents Fight for Control.

By United Press : DALLAS, Tex, June 11. — East

Texas oil buyers engaged today in a strange price “war” in which their chief weapon was a price increase rather than a cut. Lease and royalty owners watched eagerly. The fight between majors and independents for contrdl of the market outlet from the world’s largest oil field carried the price close to $1.50 a barrel—in the same field where four years agé oil sold for as low as 10 cents a barrel. The seasonal upturn in demand, lessened drilling operations, elimination of “hot oil” production by regulations of the Texas Railroad Commission—all of these factors were admitted frankly by oil company officials to be minor considerations to the fierce competition over well con~ nections. © Bonuses Reported Practically all major concerns and independent operators had fallen into line today with the price increase of 8 cents to $1.35 a barrel, announced last Friday Joy Magnolia Petroleum Co., of Dallas, Standard of New York subsidiary. D. A. Little, Magnolia, president, admitted in announcing the new posting that “we have been losing connections in the East Texas field due to other purchasers paying more than we. This adjustment is made in an effort to retain our connections.”

Reports from the field, not admitted officially by any of the concerns, have been that independents were

paying bonuses as high as $25 for |

wells changing connections from

pipelines and tank car loading stations. ‘Other independents offered

premiums of 5 to 12 cents a barrel ||

above the generally posted price of $1.27. The new posting will mean

WHEAT MARTS BULLISH AFTER U. S. REPORT

Climb Fractions to More Than Cent Higher Than Corn.

By United Press CHICAGO, June 11. — World wheat markets climbed fractions to more than a cent today on bullish ness inspired by the United States crop report, released after close of business yesterday. On the Chicago Board of Trade prices were fractionally to nearly 2 cents higher. At the opening wheat was 19s cents higher, corn was % to 3% cent higher, and oats were une changed to i cent higher. The Government wheat report placed the winter yield at 649,000,000 bushels, identical with the private report of a week ago and since the trade had feared a much higher Governmental total, enthusiasm at the start today was bullish. Liv erpool was higher on news of insufficient] rain in Canada and on short-goveri Ing inspired by some speculation, Buying in Chicago was well spread, all. futures sharing the advance as commission houses added (to their commitments. Corn prices rallied on strength in wheat, "Th the bulge ‘was only modese he undertone was firm,

WAGON WH WHEAT tay fans elevators are paying $1.14 for

No ed wheat. otuer merits. | Cash corn new Nodes on ao

Oats, 37c. Hav--No. 1 timothy. $15@15. 50.

HARDWARE TRADE MAKES NEW GAINS

Retail Sales Rise in First Five 1937 Months.

By United Press NEW YORK, June 11.—The hard« ware trade is continuing its unine terrupted progress for the fifth cone secutive year, Dun & Bradstreet, Inc, said today, reporting that on June 1, factories in many parts of the country had the heaviest backe logs in history, despite capacity production rates since last fall. Retail sales, in the first five months of this year ranged 15 to 35 per cent larger than in “he corresponding 1936 period, and wholesale distribution increased by 20 to 35 per cent. New buying has eased (slightly from the high rate in the first quarter, when future requirements were covered to gain price advantage, but improved de mand has heen noted in practically all quarters. ” Progress of the industry, Dun & Bradstreet said, is attributed chiefly to the spreading use of hardware on farms, in factories and in the various types of construction, as well as to increased farm income. Producers of light and heavy hardware have operated close to capacity since beginning of the year, bringing output for the five months 25 to 40 per cent larger ‘than in the 1936 period. In some cases factories are one to three months behind on deliveries.

BANK STOCKS

(By .Blyth & Co., Inc.)

*Bankers Trust Central Hanover Chase National |.|.........44 Chemical Bank & Trust .... fuaranty Trust Irving Trust Manufacturers Trust National City Continental, First Nat. Nat Shawmut, Boston Nat City, Cleveland TE INSURANCE

“Chicago ... Boston

Aetna

Hanover ... Hartford Home National Fire North River Phoenix we

SF Westchester CASUALTY COMPANIES

LOCAL PRODUCE

(The prices quoted are paid for stock gathered in| the country while for deliv~ a in Indianapolis the prices are 1 cent higher. I case of ezgs must weizh 55] pounds gros egerNo. 1 rictly fresh, loss off, l4e

envy breed hens, 5 lbs. and over, 13c} Leghorn hens, 9c. Heavy breed broilers, 1937 Stock, 2 Ibs. and over, 19¢. Leghorn broilers, 1937 stock, 2 Ibs. and over, 17e. Bareback broilers. 1937 stocks, 2 Ibs. over, 13c. Old Fosters 9c. Ducks, feathered o° fat. 5 lbs, and over, 6g, Gease, full- red Dn fat, 9 to 14 1bs., bo No. 1, 34@35¢c; No. 3, -—No. 1.

pes 30c; No. 3,

EL.

an increase of $36,000 in daily reve-

‘nue from the field.

TRAILER SALES BOOM By United Press | WASHINGTON, June 11. — The Commerce Department today re- |

ported value of factory sales of |]

automobile trailers last year at $27,421,763, as compared with $18,850,734 in 1935.

- BANKRUPTCY 1S ASKED By United Press NEW YORK, June 11.—The New York, Susquehanna & Western Railroad Co. today filed a petition for reorganization under Section 77-B of the Federal Bankruptcy

BEMIS LETTER SERVICE 15 Merchants Bank Bldg

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These special excursion tickets good on all reguiar cars. 15-day return limit.

INDIANA RAILROAD SYSTEM

JIN ID

INTERURBAN