Indianapolis Times, Indianapolis, Marion County, 14 June 1937 — Page 11
MONDAY, JUNE 14, 1937
THE INDIANAPOLIS TIMES
COMPLETE N. Y. EXCHANGE STOCKS |
.
x
Ir
The Times Financial and Market Page
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COMPLETE "LOCAL
= LIVESTOCK
U.S. STEEL DROP
LOWERS
VOLUME PICKS UF
RC
Motor Shares Reach New Lows Light Trade,
in
By Unit 2d Press
NEW YORK, June 14.—-U. S.
Steel common stock led the stock market lower today with a loss! of more than 3 points.
Losses throughout the main list ranged to 3 points except in a few instances, including Underwood: Elliot Fisher which declined 7." General Motors and Chrysler made new 1937 lows, the latter at 102%, off 414. Declines of 2 points or more were noted in Bethlehem Steel, Westinghouse Electric, Douglas Aircraft and New Work Central. The latter touched 393%, Trading picked up on the decline. Copper issues were down 1 to 2 points. Consolidated Edison made a new low. The utility average was at a new low since 1935. Cils were lower. Wez tness in rails and steels featured a sharp decline in corporate bonds. U. S. Government bonds were gasier, Industrial shares led curb stocks down fractions to more than 2 points in slightly more active. trading today. Many issues reached new lows for the year.
FIRST HOUR
The opening was fairly active and lower under leadership of rails and steels. Declines were extended in subsequent trading and by end of the first hour losses ranged to 3 points in the leaders. U. S. Steel, which opened at 97, sold off to 957, off 23: points. ‘Bethlehem was down 23 to 79%. New York Central vas at a rew low at 393%, off 17% after openiriz in a blocks of 4000 shares at 40. Southern Pacific opened in a 300(-share block at 47, off 1's. Chrysler reached a new low at 10334, Hf 234, after opening at 104% and Ceneral Motors touched a new botton: at 5014, off 12. Utilities and oils mostly were fractionally - lower. Sales approximated 260,000 shares, against 190,000 in the first hour Friday. | Dow-Jones averages: Industrial, 167.37, off 2.14; railroad, 54.32, off .9%; utility, 26.15, off .40.
SECOND HOUR
| Trading continued moderately active. The industfial and utility averaies dipped to| new lows and losses. were extended in all grouns with = steel and motor shares hardest hit. U $. Steel sold down 33% points | P to 94: Tots Bethlehem was off almost 3 points. Chrysler dropped to a ne? low at 1013, off 4%: points, and tae loss in General Motors was extenied to 13. Copper shares weakéned with Kennecott down 3% to 54, In the rails Southern Pacific was ¢ff 25 and New York Central 21. Douglas sold off 33% points, Unde: wood Elliott Fisher 7 points, International Harvester 3, points, Case 2% points, Du Pont 2, points, Westinghouse 212, Western ' Union 13 and Standard Oil of New Jersey a point. Sal's approximated 260,000 shares, against 110,000 in the second hour Friday. Dow Jones averages: Industrial. 166,10, off 3.41; railroad, 53.88, of? 1.38; utility, 25.94, off 0.61.
Today's Business At a Glance
GENERAL BUSINESS
Stocks of domestic copper during May increased 9009 tons to a total of 108585 tons as compared with 99,57% tons at end of April and 230,35 year ago, according to trade repoits. R. L. Polk & Co., May new passeng''t car sales in U. S. based on regisiration in 12 states estimated at 315,000 units vs. 395,000 in April and 392,750 year ago; trucks and comercial cars sales based on regisirations in 15 states estimated at 63.000 units vs. 67,884 in April and 52,185 year ago. Artharacite Institute, reports May shipinents of anthracite totaled 3,790,521 net tons vs. 5,980,560 in April .and 4,274,185 year ago. Dominion Bureau of Statistics reports week ended June 5, Canadian carleading, 48,265, vs. 44,240 previous week, and 40,321 year ago.
CORPORATION NEWS
Ar glo-Iranian Oil Co. Ltd. profi £6,123,469 vs. 1935. : C:lumbia Brewing Co., 1936 net inco ne $46, 019 equal to 46 cents .a shar: vs. $50,848 or 51 cents in 1935. G:lland Mercantile Laundry Co.
1936
1936 net income $88,297 equal to°
$3.55 a share vs. $84,962, or $3.40 in 1935
M tropolitan Coal Co. Year end-'
ed March 31 net income $57,571 vs. net oss $4389 in previous year. New York Central R. R. Co. four mon hs ended April 30 net income $6,453.491 equal to $1.08 a share vs. net loss $758, 355 year ago; April net income $1,158,397 vs. $282,826 year ago. P. tsburgh & Lake Erie R. R. Co, four months ended April 30, net income $1,208,411 equal to $1490 a shar: vs. $987,231 or $1.15 year ago; "Apri net income, $206, 764 vs. $331,067 ‘ear ago. Pc celain Enamel and Manufact: ring Corp., (Baltimore) 1936 net income $97,216 vs. $142,34¢ in 1935. Ru:land R. R. Co. April net loss $1012 vs. $4851 year ago; four mont as net loss $115,395 vs. $196,484 year 2g0.
Silex Co., 1936 net income $212,061
£3,5619,183 in!
MARKET;
#
MARKETS AT A GLANCE
Stocks down fractions to 3 points under lead of U. S. Steel.
Bonds weaker under rails and steels.
Curb stocks lower. Call money 1 per cent.
Foreign exchange irregular; French franc firms.
Cotton futures down 50 to 75 cents a bale.
Grains irregular at Chicago. Wheat up more than 1 cent a bvshel. Rubber lower. Silver at 20 pence, unchanged.
Curb Stocks
Times Special
” s
.
lead : of
Armour & Co. Berghoff Brow Borg Warner Cent & S W Ut. Chicago Corp Chicago Corp cv pf... Cord- Cor Eddy Boros Fitz Sim ti call Gen Fin
Nat Leather Penn El SW A Swift & Co Swift Intl Trane Co ... Ut & In.cv pf. Walgreen Co
“LOCAL ISSUES
The fololwing quotations do not represent actual bids or offerings, but merely indicate the approximate market level as furnished by the brokers named. . (By Indianapolis Bond & Ep Corn. J)
BONDS"
Citz Id Tel (TH) 4'4s 61 H Tel & Tel Ft W 5'25 35 H Tel & Tel Ft W 6s 43 Ind Asscc Tel 4l2s 65 Indiana Tel Co 5s 60.. Indpls Railway Ins 5s 2 Indpls Water Co 3!5 Interstate Tel & Tte Sas: 53. Kokomo Water Works 5s 5 Kuhner Packing Co 4l2s i aks Mozris 5 & 10 Stores 5s 50 . Muncie Water Works 5s 65 Noblesville H L. & P 6'2s 47 Ohio Tel Serv 6s 47 Richmond W W 5s 57. Sevmour Water Le, 3s 44 T.H Trac & L 5 T H Water Works 5 56 T H Water Works 6s 49
STOCKS
Belt Railroad & St Yds cum... 58 Belt Railroad & St Yds pid... § Cent Ind Power pf 2 Home Tel & Tel Ft Wayne. Hook ‘Drug In xInd & Men Elec Co ‘pid Ts. Ind Gas Co ¢ xInd Gen Sec Too 6 xInd Hydro Elec Co Ts xIndpls Pwr & Lt Co pfd 6s .. xIndpls Pwr & Lt Co nfd 6's. Indpls Water Co pfd 5s Lincoln Natl Life Ins Co com. N Ind Pub Serv pf Ts N Ind Pub Serv Co pfd 6s N Ind Pub Serv pfd 5%2s...... 71} P R Mallory Co com 36 Progress Laundry Co ... Pub Serv Co of Ind 6s. Pub Serv Co of Ind Ts. Smith-Alsop pfd Smith-Alsop com : Terre Haute Elec Co 6s. Union Title Co com Van Camp Milk Co pfd Van Camp Milk Co com xEx-Dividend.
3
1112
P. Crist &¢Co.)
(BY . Market St. Investing Corp.... 33.06. 35.15
FOREIGN EXCHANGE
NEW YORK, June 14.—Foreign exchange
irregular. Cable Net Rates $4.9353
England (pound) .. g p 3 9278
Eng (60-d bill rate). Canada (dollar) ... France (franc) Itaily (lire) Belgium (belga) Germany (mark) ... Switzerland (franc) Holland (guilder) Spain (peseta) Sweden (krona) > Norway (krone) .2480 . ee Denmark (Krone) 22032 -L.0000" | Japan (yen) 2875 +4-.0003
9 63-34
months ended April 30, profit before Federal income taxes $34,617 vs. net loss $105,177 year ago; April quarter profit- $71,031 vs. net loss $36,414 in preceding quarter and net loss $57,174 year ago. : “Soundview Pulp Co. 5 months ended May 31 net income $505,723 equal to $1.02 a common share vs. $216,814 or 43 cents year ago.
DIVIDENDS
American Maize - Products Co. usual quarterly $1.75 on preferred
1mon for current quarter. Previous o common was 25 cents on March
3 died Kid Co. extra 75 cents on common, payable June 26, record June 21. Brink’s, Inc. $1.25, payable June 25, record June 18. . Independent Pneumatic Tool Co., regular quarterly” 622 cents on common, payable July. 1, record June 21. - Tennessee Central Railway Co. $7, on preferred, payable June 15, record June 5, first since January, 1932. American Hard Rubber Co., $2 on 8 per cent cumulative preferred, payable June 30, record June 11, vs. like payment on March 31. Cleveland Graphite Bronze Co., interim 50 cents on common, payable June 30, record June 21, vs. like payment on March 31. : Connecticut General Life Insurance Co., 20 cents, payable July 1, record June 19, vs. like payment on April 1. Consolidated Chemical Industries, (Copyright, 1937, by Tinited Press)
2 | Gabriel A “ 2 | Gar Wood Ind.) 12
|| Gen Elec
|| Gen Motors |... 3
|| Goodyear .
payable June 30, record June 16. Company omitted - action’,on com-
(By United- Press) on y Net High Last Change Adams Exp .... 16Y3 1613 revs Alaska Jun .... 11%2 1112 ; i
] Ya Allied Stores 17s Am Br Shoe.. 6372 15672 53%
Low
6312 Can pf .. 156}2 Car & F ... 539 Chain &¢C. 29Y, -& FPP 7 EFS pf 507:
3%
A 2 2 Aiea) Corp Atlas Pdr
oeing Air 3oeing Air Ris. den
& Me. .
Call Zinc Calum~t Sap Pacific Case, J. I i Caterpillar’ A Cer de Pasco .. Certain-teed Ch & Nw Chrysler City 1 & PF .. Colum Gas .... Col Pict pf ....
37a Commonw & So 213 Cbng-Nairn .... 364 Cons Edison ... Cons Oil Con Textile Cons Coal vtec . Container . .... 273 Container Rt ..
1201 30 274 112 Dixie-Vortex ... 1934 Douglas Air ... 57 57 Du Pont 1531
38% 15% £2%s
2,
Elec Auto-L... Elec P & L El P & L 68 pf 6212 El Paso Nat Gas 24 Equit Bldg .... 5's ef se 532 7
Fair Morse] .... 531% Fed Mot 7
4 Firestone T..:.. 32%
Gen Cablz pf... Gen Foods ....
Gen Pr Ink | .. 1 || Gen Rty & U.. | Gimbel Bros ¥ Goebel Brew, Goodrich {
Lt:
LE LHL +
G Greyhnd Cp
Hecker Prod
© 10%
BROKERS’ OPINION
By United Press NEW YORK, June 9.—Brokerage opinion today: E. A. PIERCE & CO.—The present atmosphere of uncertainty would appear to indicate further market recession unless labor news turns for the better. HORNBLOWER & WEEKS—We remain of the opinion that the market is in the process of com-
pleting a broad base in preparation for a sustained resumption of the uptrend, with the former being prolonged and the latter delayed by the labor situation.
LAMBORN, HUTCHINGS & CO. —We would be inclined to interpret any substantial new lows that may develop here as the entering of the market into an area which should prove to be a buying area. REDMOND & CO.—Should the market be able to hold above the 166-167 level or even break it by a slight margin and quickly recover, | the movement of the averages would assume the form of a double base formation, which ordinarily indicates a strong support pattern for a later advance of worthwhile proportions. We are inclined to believe that such a development will take place.
U. S. STATEMENT
WASHINGTON, June 14 —Government expenses and receipts for the current fiscal year through June 11, compared with a year ago This Year. Last Year. Expenses $7,056,434,949.99 $6,783,432,902.77 Receipts. 4,639.194,008.22 : ,307. Deficit ... 2.417,240.941.77 Cash bal.. 1.788. ns 2 £2 Wrkg bal. 381, 0.631, 801. Pub debt 35.282. 253. tas. % al’ sae. 749,437.48 Gold res. 12,143,465.753.08 10.480,515.463.85 Customs 461,984,564. 20 367.419.177.718 Today’s Purchase. Total Purchase. Inactive 35 $16, 012,549. 80 $912,122,582.08
For Final Stock Quotations See Later Editions of
The Indianapolis Times
‘| Week ago
DOW-JONES STOCK AVERAGES
30 INDUSTRIALS cisnnravravesenvy+:109:51
sessasssnusasee vs 173.88 ...167.84
-—1.26 —1.12 «=1.76 . 40.45
Saturday
Month ago Year ago High, 1937, 194.40; low, 167.46. High, 1936, 184.90: low, 143.11.
20 RAILROADS
sesssssssssnns
Saturday Week ago Month ago ... Year ago High, 1937, 64.46: low, 53.15. High, 1936, 59.89: low, 40.66.
20 UTILITIES
Saturday .......... Week 280 ....cccccnvessccnns Month ago ........ Year ago High, 1937, 37.54: low, 26.55. High, 1936, 36.08: low, 28.63.
“0 STOCKS
Saturday ys alee ee 59.94 Week ago ....... Month ago Year ago ‘High, 1937, 69.67; low, 59.94. High, 1936, 66.38; low, 51:20.
esses
Net €hange Ys
High Low 23% 23% ra J . 56% 55%
21] . 1812
Intst DS
Kennecott Kresge SS Krcger G&B
241, .... 40% Lily Tul Cup.... 21, Loew's . . 1513 Lone Star ‘Cem. 56 Lou & Nash ... 87
1 McKess & R ... Mack Tr .... 43
Marlin Rck . 42 Marshall Fld .. Midcnt Pet .... 2 Minn-Moline Mission hay - Mo-K
Erin Tp ie
Monsanto
Mueller Br .... Mullins Mig B. Murray
Nash-Kelv
78 23Vs ve 11Va . 98
Pacific . 307
Ohio Oil 1878 Oliver F Eq .. 624 Otis Elev 38% Otis Steel .... 16812 Owens Ill G .. 90%
Pac G & El ... Packard item Paramt Pict .. Park Utah .. Pathe Fim Penney Pott 'C
RR Pholps Dodg .. Phelps Dg rts.. § Pitts Sc & B. Port R-Am Proctor & Public Serv Pure
FACTORY OUTPUT KEEPS HIGH LEVEL
Commerce Department Reports Few Major Slumps. By United Press
WASHINGTON, June 14.—The Commerce Depatstment reported to-
day that although manufacturing
output was maintained at a. relatively high rate during May, there was a slump in the volume of income business in some major industries. The decline in incoming busines$ was shown in a comparison with early months when price advances caused an unusual volume of forward buying, according to the Survey of Current Business. Steel and textiles were cites as among the chief industries in which the rate of incoming business has fallen off, but this, it. was pointed out, did not. materially affect the rate of operations because of the large volume of unfilled orders carried over from the first quarter. Among the industries in which the Commerce Department found evidences of expanded sales were machine tools, railroad equipment, lumber, rubber and petroleum products. According to the Department's report, steel production was sustained around 90 per cent of capacity until the final week of May when industrial disputes reduced the output. Automobile production, which reached 536,000 units in April, held at about the same rate during May. Lumber production moved steadily upward behind an excess of orders which came in during mid-April. Operations in the paper-manufac-turing industry continued around 90 per cent. Bituminous coal production increased moderately during May after dropping sharply in April.
ARGENTINE ARMOUR SALE IS REPORTED
By United Press BUENOS AIRES, June 14.—Negotiations were authoritatively reported under way today for purchase of the Armour & Co., Argentine plants through government subsidy by Corporacion Argentina De Productores De Carnes, a cattlegrower co-operative ‘association. It was learned the Minister of Finance promised to finance the ~cquisition or to finance construction of its own establishment up to $15,325,000.
NEW YORK, June 14.—Dun &
Week ago
Month ago ........148.14/1937 low
index: au Today $1.22% 1.20% 93%
Wheat, No. 2 red (Bu) ..eeeees Corn, No. 2 yellow (bu.) ..eseee Rye, No. 2 (bu.)
esvssecee
weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average 100): Friday .............142.81/Year ago veeees...143.13/1937 high (April 5)
. Following are the commodity “prices sed in compiling the
Bradstreet’s daily Commodity—
Wool, fine unw.
117.44 .158.26
(Jan. 29) .14147
Lead, Week Ago $1.18% 1.28% 94
Year Ago $ 9538 .63 6258
Steel.
Lambs, avg. most sales (lb.) ... Hides, native hvy. steers (ib.).. comb. Cotton, Midupland (Ib.) Silk, 13-15 deniers Jap (lb.)... Rubber, spt. smk. rib (lb.) .... Copper. electrolytic (Ib.) ...... Zinc, spot (lb.) ..... spot (Ib) ... Silver Comml bars (oz.) scrap Chicago (ton) Tin, Straits spot (lb.) Pig iron, Iron Age comp. (ton) Coke, Connelsville (ton)
PRICE INDEX AND COMMODITY QUOTATIONS
DAILY PRICE INDEX
Year Ago 1150 A13% 51% 1179 1.68. 153% 09% 0460 0490 A1% 4434 13.00 18.84 | 3.65
Week | Ago 1223 16% 40% A279 18314 JA8% 14 060212 066214 5614 45 16.75 23.25 4.60
Today 1273 161% 40% 1261 -1.89% 183% a4 060214 066215 5358 4434 16.75 23.25 4.60
(lb.)..
sssesssnse secsesssece cssene
LATEST NEW YORK STOCKS
Net Low Last Change
Ya Ys
High 173% i
Bellshle Stores. Mot
Republi Stl .. -—-1 Revere Cop .. 34 —2 Reliance Mfg .. 24 aie cane ; Si St Jos Lead ... 58% St L-S Fran .. 27% St L-S F pf Sehenley oe
56'2 56% 273 2%
41Y 40%, 6
27% Tos
41 . 40V4 86 27% i
58 . av, 40.
Shalt on oir’; Simmons
Sterl Prod Stew-War Stone & Web . Studebaker Superior Oo Swift Intl 3012 Syming-Gouldxw 137% Tl
Ine
Tenn Corp .... 12 Texas Corp .... 573% Texas Gulf Prod 8% T & PC & 13!
113%
Thomp Star . Tide W A Oil.. Timk-D Ax .... 2 Timken RB ... 8 Transamerica ..- Trans & WestAir 13%
Tin Air Lines .. United Corp United: Co nt United Prue i El Coal ....
Un Stores pf .. 65 65 65 Univ Leaf T .. 72Y2 12%: 12% Vadsco Sales 134 134 Vanadium ..
Wabash pf A .. Walker (H) Walworth Warner Bros Warren F & P. 370s West Union ... 553% Westing El ....137 Wheel Steel White Mot . Wilcox O & Wilson & Co Woolworth
LEE)
tei
Yellow Tr Young S & W .
SKILLED GERMAN LABOR MANAGED
Nazis Regiment Workers to Insure Economical
Supply.
232 4 3a 3
Times Special NEW YORK, June 14.—Methods by which the suppiy of skilled Germany is rigidly controlled, with a view to using it most economically in industry—at least, from the viewpoint of the Nazi administration— was outlined today by the National Industrial Conference Board. The board's report follows a study of the economic development of the Four-Year Plan initiated last year under National Socialism. Shortages of skilled labor were first felt last year, largely because of the failure of industry to train workers for skilled occupations during the depression, the Conference Beard explained. Absorption of many skilled craftsmen by the military services also was an important contributing factor.
Six Decrees Issued
In an effort to remedy the situation, the board points out, the Government issued, on November 1, last, six decrees to create an adequate supply of skilled workers and bring about a generally satisfactory distribution of the existing supply. One decree made it compulsory for all establishments to report before last February 15 the composition of working forces, including the number of apprentices it was intended to employ by next spring. The president of the Federal Bureau of Employment Exchanges was empowered to fix the number each establishment might engage. If any concern finds it impossible to employ the full number designated it must pay to the Federal Bureau “a sum equal to the cost it would have incurred in training that number.” The second decree aims to eliminate competition for skilled labor in the metal industries by a number of devices limiting the supply of each establishment. A third decree gives the Employment Bureau the right to transfer skilled metal workers from other occupations back into the nisial trades. Key Industries Favored
Insurance of an adequate supply of workers and raw materials for the construction of buildings which are important from the economic or political point of view is the aim of a fourth decree. The fifth decree empowers the president of the Employmen: Bureau “to require all establishments employing 10 or more workers: to engage a certain proportion of persons who have reached 40 years of age,” since “the execution of the Four-Year Plan is possible only if the total working force of the German people is utilized.” To prevent unregulated and ‘“clandestine” recruiting of skilled labor from interfering with the execution of the Four-Year Plan the sixth decree prohibits advertising for
building industries except with the permission of the president of the Employment Exchange.
NEW BOND ISSUES
= W. L. Lyons & Co.)
os Ass’d Tel . Atl City 335s Pi’ . B & O 4%s ’ Calif Celote Cent Maine Cent Maine Pwr 3 Cinti G & E 32s ’'6 Cinti G & E 32s ’67 . Fla Power 4s’ Fla Power . 5s ’66 ah Houston Lt & ar B%s 66. ... 101% 997%
skilled workers in the metal and |
HOGS ADVANCE 10 CENTS MORE IN TRADE HERE
Market Top Reaches $11.40; Lambs, Calves Are Steady.
=
Improvement in eastern fresh pork prices timed with curtailed arrivals of hogs locally influenced a 10 cent upturn in the market here, according to the Bureau of Agricultural Economics, U. S. Department of Agriculture. The advance applied only, to weights above 160° pounds. Top rose
weights. Sows were strong to 10 cents higher at $9.75 to $10.50. Steers and heifers found favor with the buying side and prices ruled strong, instances 25 cents higher. Most steers and yearlings moved within a range of $10.50 to $11.85, odd head weighty bullocks ‘touching $13. No choice heifers put in appearance. A few mixed steers and heifers cashed at $11.25, with fed heifers largely downward from $10.75 to $10. A few choice yearling
+stockers went back to the country
at $8.50, strong with last week's clese. The vealer market was establishad without a hitch this morning. Buyers placed steady bids, which were quickly agreed to by the selling side. Good to choice descriptions moved generally from $8.50 to $9 with mediums bulking at $7.50 to $8. Hardly enough lambs put in their appearance today for a test of market conditions. The few here were picked up mostly by local packers at steady terms.
: HOGS Jun Bulk Receipts 5. $10.15@ 11.40 . .40 1000 7. 10.25%411.50 8. [email protected] 9. [email protected] 0. [email protected] 1. 10.15@ 11.40 10. 2 EL. 35 Ligh! Ligh
(140- 160) “Good a and
Ligh Ne ni (160-180) Good. 2nd
choice. $10. [email protected] [email protected]
10. 80a 11.20 Medium we tium (200-220) Good d choice.. 11. Na 11] 40 (220-250) Good and choice.. [email protected]
choice. . choice. .
QR)
v
(275stay hte hi Lo Good and choice.. Medium . CATTLE —Receipts, 1100— i $11.25@ 13.50 [email protected]
(550-300) (900-1100)
(1100-1300)
. [email protected] [email protected]
(1300-1500) Good [email protected]
[email protected] [email protected] 7.00@ 10.50 10.25@ 12.25 [email protected]
(500-750) : 89
mon Good and jchoice . Common, medium.
(750-900)
Choice Good Common and medium Low cutter and cutter Bulls, good Cutter, com. Vealers —Receipts, 600— Good 2nd choice Mediu Cull and common .......... EF. Calves
Ste (350-5 500) Good and choice. .$ 8.00@ o medium. 5.50@
Fee (500-800) Good and chojce .$ 7.50@ Common, medium. 6.25@ (800-1050) S904 anr choice . 7.50@ Common, medium. 6.25@
6.75@ 5.
boo ow
238 QUOD Ooo
Heifers— Good and choice Common and medium
SHEEP AND LAMBS —Receipts, 200— Spring Lambs— Ip g
oe a
[email protected] Shorn Ewe © (90- 175) S Good and choice. .
Common, medium. 1.50@ 2.50
Times Special £09, including 4000 directs; market around cents higher than Friday's average, uk good and choicz, 200-300-1b. averages, ou [email protected]; top, $11.60; finished hogs scarce; comparable 150- 190 lbs., $10.75 11.45; packing sows steady; kinds, $10.10 10.60. Cattle—Receipts, - 11,000; calves, steer and yearling trade strong to higher; fairly active; all weights IR advanc2; as a reul, RoRever: Yeoriings and light steers up most 14.25; next highest price, $14; Bae? "$10. 50@13 market; practically everything selling at $11 downward showing full upturn: market slowest on steers of value to lI at $13 up; bu these getting better outlets. than last ‘week on shipper accouns; bes fed heifers, $12, bu choice weighty kinds takable well above $13; common and medium heifers very active at $9 goun to $7. cows steady to strong: bulls, 15@25c higher; weighty sausage offerings reaching $7.25 vealers steady at $9@10: Stock cattle firm, fully 25c¢ higher than week a Sheep—Receipts, 7000, eerie 6200 directs; spring lambs opening slow; early sales weak to 25¢ lower to small killers and yard traders; big packers going slow: bids off more; early sal2s choice natives to city
1500;
yard traders; as vet nothing done on yearling on fed Cafioinis springers; sheep steady; ewes, [email protected] : /
FT. WAYNE, June 14.—Ho §-Marast, steady to 5c higher: 225- 250
$9.25; Calves, $9." Lambs, $11
‘BANK STOCKS
(By Blyth & Co..
stags, $8.50
Inc.
nal os Chemical Bank % Trust ...... *Guaranty ruse *Irving Tru TE fusars Trust National City Continental In Natl Bk. Chi 1 First National Bk, Boston .. Natl Shawmut, Boston Natl City, Cleveland FIRE INSURANCE
Aetna Fir . Cit oF New York ... ra
Franklin ve Great American esesacessssene Hanove . tartford
National Fire Preeti 63 North River ...... De .
U 8 Fir oe Westchester ¥ CASUALTY CoMbaNI
Continental Casualty Mass Bonding & Ins ....... 80 *Exdivided.
. LOCAL PRODUCE
| (The prices quoted are paid for stock gathered in the country while for deliveris in Indianapolis the prices are 1 cent higher. Each gl case of eggs must weigh 55 vounds gro Eggs—No. 1 Strictly fresh, loss off, 15c
z, Heavy breed hens, 5 lbs, and over, 13c;
30 63
2.50@ 3.00 |
CHICAGO, June 14. —Hogs—Receipts, 11,- |
bulk good:
butchers. $13 down: extreme top, $13.25 to.
N. Y. Bonds
By United Press
BOND PRICE INDEXES 20 20 20 Indus. Rails Util Saturday ...... 9.2 94.3 101.1 Week ago ..... 91.6 94.6 101.1 Month ago .... 91.9 91.4 101.4 Year ago ..... 90.6 92.6 105.6 Two years ago. 87.4 80.0 97.9 1937 high 95.0 101.2 106.0 1937 low 91.2 94.2 101.0 1936 high 94.8 100.4 106.2 1936 low ...... 90.0 = 847 103.5 1935 high ..... 91.4 86.4 103.6 93.1 83.6 71.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)
U. 'S. GOVERNMENT BONDS Treasury Bonds
60 Bonds 95.5 95.8 95.9 96.3 88.4 100.7 95.5 100.2 93.3
1945-43 1947-45 1953-49 1954-51 1352. 51 1960-55 1959- 56
LAND BANK BONDS
sessessas
to $11.40 on choice 210 to 225-pound [3s
May 19 5 Nov. 1958- 38 104%
Home Owners Loan Bonds
1949-39 100.11 1060.9 100.11 1952-44 3 102.2 102.2
DOMESTIC BONDS
Am & For P 5s 2030 .. 75% Arm Co Del 4s 55 97% At TSF cv _4'2s 48 .... Atl Coast L 4s 52 .. 03 Can Pac deb 4s perp .. Ch M St P&P 6s 75 ... Ch M St P&P 5s 2000. Chi N wv is Chi R
m5 5... 97% 977% 089s
Int T&T cv 4%s 39 ... 89 McKee & B ia 50 cee 103 o K — T 1st
NY Cent i 55 2013... Omie, Edison 4s 65 .... L 4%s 81
/2 So Pacific 42s 81 ... Stan Oil N J 3s 61 ....
West Union 5s 60 .. Wheel Stl 42s 66
FOREIGN
134 313%; 134 1% 10534 6% 1%, Bellanca Air .. Ber Gay Fur.. Brown Co pf . Carrier Corp Cities Serv . Cities Serv Pl. 1 O&G N
Det Gry Ir TAY. rss Eagle Picher tue El Bsn; Equi
Lockheed Air . Mich Bumper . Molybdenum . Mont Ward A Nat Rub M Nat Sug Het an Bisg J Power ...
t Petro .e Rustless I&Stl ......... Sezal Lock New ... Seiberline R Sherwin-WwW
BUDGET REPORTER RAPS ALARMISTS
Schmidt Says Government Finances Healthy.
By United Press PARIS, June 14.—The government’s financial situation is healthy Jammy Schmidt, Budget Reporter, said today in criticizing alarmist rumors spread in ‘the Chamber of Deputies and the corridors ye day. Bitter attacks were made on the Government yesterday necessitating suspension of the Senate during discussion of a 40-hour week for hotels. Mr. Schmidt was indignant at 1 :e rumors that were spread. He said opponents of the Cabinet apparently were deliberately - attempting to frighten public opinion to creat: difficulties for the Cabinet. He said the Government has sufficient resources to meet engagements with no intention of offering a general law revising taxation. There will be separate projects making minor changes. He also predicted the Government
will not ask establishment of oldage pensions but simply will seek a vote approving the principlz for application when: the situation justifies.
STEEL WORK NEARS TOP
By United Press PITTSBURGH, June 14.—Steel works operations in this district this week will be at 93 per cent of capacity, slightly under the Tale prevailing this week. Carnegie Illinois operations will be unchanged at 96 per cent in this dis-
trict and in all districts at 88 per nt, the recovery high made sevci. 1 years ago.
‘MONEY MARKET
NEW YORK, June 14.—Money rates were unchanged today. Bankers’ I Ystances — 30 days, >@ 7-16%;_ 60 and 33 days, 9- 16 vac; 120 gars, 3@8-16%: 150 and ‘180 days, "eo
Commercial Paper—Prime names, 19, Time Money—60 and 90 days, 114% oe “120. 150 and 180 days, 1%2% Rediscount rate at New York, 1%%. H
FOOD PRICES
HARVEST RAINS INDUGE BUYING IN CHICAGO PIT
Scattered Hedging ter come; Corn Firms as Oats Rise.
By United Press CHICAGO, June 14. — Wheat prices remained firm today on the Chicago Board of Trade despite small offerings. At the end of the first hour wheat was lls to 1% cents higher, corn was %2 to 11% cents higher, and oats were 4 cent higher. Scattered selling was regarded as hedging and the market remained firm. | A good demand developed among commission houses and prices worked toward higher ground. Wet weather in Texas, hampering the harvest, and excessive rains in South Dakota were responsible for the bullish enthusiasm. Wheat receipts, were 20 cars. Corn firmed on local and some commission houses buying, but the upward trend was retarded to some extent by scattered selling on the bulge, Wet weather over part of the corn belt attracted some atten-
warm weather will change this condition. Corn receipts were 53 cars.
WAGON WHEAT
City grain elevators are paying $1.08 f No. red wheat. otl x oF ori dA corn ov No 3 ei - 15h
Oats, 37c. Hay—No. 1 timothy, s15@1s. 50.
ARGENTINA GRAIN BUENOS AIRES. June 14.—Grain futures pened irregularly higher. si Wheat—Julv, 8 u 1 Corn—_July. Slc, unchanged; A “Press: Yhchanged, GE pt unchanged, — Y: 2, Sit, Jal V2, unchanged; August,
WINNIPEG WHEAT
LIVERPOOL WHEAT Prev. oy close $1.24 1.187% 1.18%
BANK OF FRANCE
Close
Second Advance of Year Puts Discount Level At 6 Per Cent.
&
By United Press PARIS, June 14.—The Bank of
rate to 6 per cent from 4 per cent. It ‘was the first change in the rate since Jan. 28 when an advance from 2 per cent to 4 per cent was effected. The 2 per cent rate had prevailed since Oct. 15, 19386. * -
CRUDE OIL STOCKS INCREASE SHARPLY
Rose 774,000 Barrels May 29 Week, Report.
By United Press WASHINGTON, June 14.—The Bureau of Mines announced today that stocks of domestic and foreign crude petroleum totaled 305,745,000 barrels on May 29, -an increase of 754,000 barrels from the previous week. Domestic crude stocks rose
884,000 barrels, while foreign stocks declined 110,000 barrels. . The bureau said that, according to current reports of the industry for the week ended May 29, crude oil. production rose to a new high level, but crude runs to stills receded - somewhat from the peak reached in the previous week.
WOOL TRADE GAINS
By United Press BOSTON, Jupe 14—Most wool houses in Boston expressed a fair degree of confidence during the past week even though trading showed a moderate expansion confined to a relatively few lines, The U. S. Agriculture Department Reported.
CHICAGO PRODUCE
Egzgs—Market, steady: receipts, 29.440 cases; fresh graded firsts, 19c: extra firsts, 19%¢c} current receipts. 173c: dirties, 16%c; checks, 16%c; storage packed firsts, 20%2c; storage packed extras, 20%Y:c. Butter—Market., steady: receipts, 19.863 tubs. Extra firsts (90-911, scorce). 292 G0 293%c: extra (92 score). 30c; firsts, 21> @ 28%c: seconds. 23@27c} standards, 29%c specials, 30'2@31c: centralized (89 score), -2834c: centralized (88 score), 27%ec. Poultry—Market. steady: receipts, 23 trucks, one car; ducks, 9@12c: geese, 9c; hens, 13@170%c; broilers, 15@20c; leghorn hens, 10@12%c: turkeys. 13@16c: old rcosters. 12@13c: fryers (including Rarebackst, 17@23c: spring chickens. 21@26% Cheese—T wins, 13100; de sies. 16@ 161.¢: longhorns, 16@16Y
in
iNew stock) — Supplies.
Ney heavy: demand, 00d:
market, weak. North Carolina [email protected]: South Carolina CgpbCalifornia White Rose, $1.75 kas Cobblers, $1.50: Arkansas Bliss Triumphs, [email protected]; Louisiana Cobblers. $1.60: Alabama. Bliss ‘Triumphs, [email protected]; Mississippi B Biss, Triumphs,
[email protected]; U. S Ne 80c. Are Fivals: 214: on track, 485; shipments—Sate
urday, 1072. Sunday, 95. LAPSE RATE DECREASHS Times Special FT. WAYNE, June 14. — The
the Lincoln National Life Insurance Company was established last month, Arthur F. Hall, president, announced. The termination rate for May was only about 1-3 of what it was during the depression. ————————————————————————————————————————
VOTE TO IMPROVE 54TH ST. The Works Board today voted to improve W. 54th St. from -Illinois St. to Capitol Ave, at a cost of $7349.65. Property owners are to bear the entire expense.
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CHICA June Twigs, A Raz 33, nessee Nancy Halls, California, ates. $5.50@6. Spinach—Illi-
Leghorn hens, 9c. Heavy breed broilers, %s-| 1937 stock 1bs, and over, 18c. Leghorn broilers, Yea? stocks, 2 Ibs. and over, 16c. Bareback rollers: 1937 stocks, 2 lbs. and
over, 12c. d roosters, De Ducks, foi: feathered and fat, S. ang -over, nois; bu., 25@50c. Tomatoes—Texas, lugs, Geese, full-feathered and fat, 9 to 14 re [email protected]. Cauliflower—California, Erase 5: [email protected]. Peas—California, ham NEUiter—Creamety. 1. 34%@35%ec: | $1.50@2x Celery—Florida. 10-inch crate 5 3. 32@32'ac., Buttertat—No. 1, 30c; No. | [email protected]. Onions sacks) —Texas Vf Yellows, 3c @ $1.05; Texas 3 hites, $1.10,
14.—Ap les—Willow Sweet Potatoes—[email protected]. Carrots—
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