Indianapolis Times, Indianapolis, Marion County, 18 June 1937 — Page 28

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COMPLETE N. Y. EXCHANGE STOCKS

(DIANAPOLIS TIMES

. The Times Financial and Market Page

E18; Lo g

COMPLETE LOCAL

x LIVESTOCK

STOCKS RISE AGAIN AS RAILS CHRYSLER RALLIES

Bond Trends Ragged

As Steel Loans Ease.

By United Press NEW YORK, June 18.— Railroad shares led an irregular recovery on the Stock Exchange around noon today after a selloff on weakness in

Chrysler.

Chrysler touched 9914, off 3 points unsettling the list following a steady to fitm opening. It came back to 101154 around noon. General Motors eased fractionally, but returned to the previous close. Southern Pacific rallied nearly a point] to 47'2, up '2 net. Union Pacific reached 133, up 2, and Atlantic Coast, Line was up 1's at 523%. New |York Central touched 39% and then! rallied a point from its low. Westinghouse Electric rose to 138, up 1: net from its low of 136. U. Steel came back to 97 from 953%, .| the latter off 13. Electric Power & Light led the utilities higher with a gain of 14 points at 171:.| Oils made small gains. Cop- . pers| were about steady. Rubbers firmed. Conflicting trends bond: trading today. pany “leans eased, and rails and utilities were mixed. U. S. Government bonds were irregular.

FIRST HOUR

Trading was moderately active at the start with prices irregularly higher. Chrysler opened at 100’-, off 2, in a 4000 block and the entire list turned irregularly lower. General Motors eased to 50, unchanged, after opening at 50!z. Steels weakened. U. S. Steel dipped to 987%, off 13:, and Bethlehem to 81, off 1's, * after both opened unchanged. Republic dipped a point to 337s. Rails, utilities, metals and most oils were fairly steady. Western Union was tp 1%, to 52!:. Toward end of the hour losses were cut down. Sales approximated against 200,000 in the —yesterday. Dow-Jones industrial averages: Industrial 167.52, off .22; rails 53.82 2, off .06; utility 26.18, up J65.

ruled quiet Steel com-

200,000 first hour

SECOND HOUR Trading was quiet. improved and the list moved up from first hour lows. U. S. Steel snapped back to 97. General Motors reached 50% and Chrysler recovered to 1011's, off 133 net. American Smelting gained % to 84% and oppers moved up to previous closes. merican Can gained 1 to 92. Sears Roebuck led merchandising shares irregularly higher with % gain to 881s. New York Central moved up {to 40, off 1,, Utilities were steady. Oils improved with Standard - of New Jersey up %s to 65.

Sales approximated 160,000,

against 410,000 in the second hour |

yesterday. Dow-Jones averages: Industrial, 168.15, up .41; rail, 54.17,

up .29; utility, 26.66, up .53. n z 2

Today's Business At a Glance

CORPORATION NEWS

Connecticut Light and Power Co., 12 months ended May 31 net income $4,682,781 equal to $3 54 a common share vs. $4,574,305 or $3.28 in previous 12 months.

Consumers Power Co, income $745,405 vs. $710,821 year ago; 12 months $9,710,895 Vs. $3,213,844 previous 12 months.

Ohio Edison Co, as net n ome $384,311 vs. $29 year ag 12 or $4,755,363 vs. $3,539,763 previous 12 months. Oldtyme Distillers Corp. and subsidiaries, four months ended April 39, net profit $104,635 vs. $223, 642 before Federal taxes year ago. Southern Pacific Co. May net operating income $1,023, 197 vs. $814,13 year ago; five months $9,475,960 $6,436,728 year ago. rar) Electric Co., Lt., profit for year £nded March 31 £1, 604,512

vs. profit of £1,485,154 in preceding |

ear. y Gulf, Mobile & Northern R. R., four months ended April 30 net income $214,913 or $1.41 a share on 6 per. cent preferred vs. $115,504 or 76 cents year ago. Masonite Corp., 40 weeks ended June 5 net income $1,318,081 or $2.29 a common share vs. $927,948 or $3.20 year ago. New York, Chicago & St. Louis” R. R., 5 months ended May 31 net income $1,140,099 equal to 71 cents a common share vs. $928,350 or 8 cents year ago; May net income $58,346 vs. $154,637 year ago. _ Panhandle Eastern Pipe Co., and subsidiaries gross revenues 12 months ended May 31, $7,743,927 vs. $3,390,176 in preceding 12 months. Southern Pacific R. R.,, May net loss $900,000 after fixed charges vs. | $212,292 year ago; first 5 months net loss $800,000 vs. net loss $2,126, 786 year ago. United Air Lines, flew 9,186,206 revenue -passenger miles in May vs. 5,844,177 in April and 10,405,835 in May year ago; number of passengers carried in May, 17,819 vs. 12,161 in April. .

DIVIDENDS

Brooklyn Trust Co., regular semiannual $2 payable July 1, record - June 24. Burlington Mills Corp., 25 cents on common, payable Aug. 15, record Aug. 5, vs similar amount May 15. Consolidated Oil Co. extra 10 cents and regular quarterly 20 cents on common payable Aug. 14, record July 15. Continental Insurance Co., semiannual 80 cents payable July 10, record June! 30, vs. semiannual 80 cents and special 20 cents on ‘Jan. 11

Corroon & Reynolds Corp. $1.50

Undertone !

May net

RECOVER:

MARKETS AT A GLANCE

Stocks rally under lead of rails. Bonds irregular; governments mixed. Curb stocks irregularly higher. Chicago stocks irreguzar. Call money 1 per cent. . Foreign exchange steady in relation to dollar. Cotton futures steady around previous close." Grains decline at Chicago; wheat off about 2 cents a . bushel. Rubber futures higher. Silver at New York 443; cents a fiine ounce. Unchanged.

Curb Stocks

Alum Ltd {Alum Co Am { Am Air . [Am Cvan B | 4 Am Maracaibo Am Super Ark NG A... Ber Gay Pur . Brown Co pf.. Cities Serv Col O& G N.. Con Cop Mns . Con Ret St ... Corp Corp Creole Pet Cusi Mexic El B > Equ Cp

” 2

Fo! | Gulf -O

mp O Ca Jones & L "sti “i Lion Oil rebates ers O Lockheed Air ... . McWms| Dredge

Rustless Segal Li Seiberli S OO Sunshin Technic Un

Un Lt P Wright:

Ch icago Stocks

Adank Alum Armour; & Co Borg- ~Warner

Hibbard S & B Jarvis WB Kellogg Sw Bd La Salle Exten .. . Mid West Corp .«s. ‘ Ryan Ca

Woodall Ind 10

i Cent

payable [July 1, similar payment |

on preferred “A” record June 25 Vs. April 1. | H. L. Green Co., regular quarter- | ly 40 cents on common [payable Aug. 2, record July 15. Laclede Steel Co., 25 cents, pay- | able June 30, record June 22 vs. like amount March 30. MacAndrews & Forbes, | regular | quarterly 50 cents on common pay- | able July 15, record June 30. | City Investing Co., regular quar- | terly $1.75 on preferred payable | July 1, record June 25. | Fidelity-Phenix Fire Insurance | | Co., semiannual 80 cents payable | { July 10, record June 30, vs. semi- | | annual 80 cents and special 20 cents | on Jan. 11. Landers, guarterly 3712 payable June 30, record June 19. National Bond & Share Oo 25 cents payable July 15, June 30, vs. like April 15. Cleveland Cliffs wen Co., on preferred payable June 30 record June 24, vs. $3 on Dec. 15. Cliffs Corp., 20 cents payable July 30 record July 20 vs. like amount April 30. General Electric Co., Ltd. cash bonus of 7%; per cent and annual 10 per cent on common for year ended March 31 vs. 5 per cent

Frary & Clar, regular cents on common

payment

ago. Murray Ohio Manufacturing Co., 30 cents on common payable July 1 record June 24 vs. like amount on April 1, National Bond & Share Corp., 25 cents a share on capital stock payable July 15, record June 30. New Britain Machine Co. 40 cents on common payable June 30, record June 21, vs. like amount on March 31. 3 | Northern Power Co. Minnesota quartely 1% per cent on cumulative stock preferred $5 series payable July 15 record June 30.

Northern States Power Co., Delaware regular quarterly 13% per cent on cumulative preferred and 11% per cent a share on 6 per ces cumulative preferred payable July 20 record June 30.

(Copyright, 1937, by United Press) wipe Adit hindi

RETAIL CREDIT ELECTION By United Press SPOKANE, Wash., June 18.—The annual convention of the National’ Retail Credit Association elected J. Gordon Ross, of Rochester, N. Y., president for the coming year.

Leo. Karpeles, of Birmingham, 'Ala., was elected first vice president, and A. E. Kaiser of Los Angeles, | second vice president. | Ma

piled for the United

Yesterday ........ 141 Week ago ........ 142.81 | : Month ago ....... 148.94 1937 low

index

Commodity— Wheat, No. 2 red (bu.) | Corn. No. 2 vellow (bu.) Rye. No. 2 (bu.) Oats. No. 2 white (bu.) Flour. spz. pat. (196-1b. Lard. prime steam spt. (Ib.) .. Coffee. Rio is spt. (Ib.) Sugar. raw 96 test (Ib.) Rutter. 92 score (Ib.) . Hogs. avg. most sales (lb.) ... Steers, avg. most sales (lb.) ..

Today 1.24 1.14% 9254 49 6.925 “1145 0934 .0343 31 1105 0600

sesso

seseeas

Hupp

| AS recor | nik B |

bonus and 10 per cent annual year |Eq Tr ; ! Fidelity | 1st Bost

a Slowing are the commodity prices used in compiling the

LATEST NEW YORK STOCKS

By United

Press

Bee High Low Last

Adams Exp ... Adv Rumley ...

Allied Mills Allied Stores hain &

Va & FP P $7 ot 40%

Atchison Atl C Line Atl Ref Atlas Corp .... Auburn Auto Austin Nich Avn Corp

Bald Loco

Borg- =Warner: Botany A

Caterpillar T .. Celanese .. .... . Foundry. . i Ches & Ohio .. 535% Chic E Ill pf .. 63 Chic Gt W pf.. 103% CMStP&P pt ‘iy 3

Com Solv : Commw & So.. Commw & So pf 50Cons Edison_... 33 Cons Oil ..>... 154% Cons Coal vtec. 9% Container rt . Container Cont Can Cont-Dia Cont -Mot ...... Cont Oil Del... Corn Prod Bf...

Cub-Am Sug .. Curtis Pub .. Curtiss-Wr

Deere & Co ..: DL &W,

D Douglas Air Dunhill ; Du Pont 153 1 Du Pont deb... 13273 1 —E— Elec P & L 1614 Ex Buffet 3a

—F . 2812 40 iC L123, 1134 . 41% 52 7a 173

Flintkote Co . Foster Wheel -..

Gair Robert

ee Goodyear Graham P Granby Grand Un

Gt North pf .. 51%

2738 © . 40

Houston: Oil Hud & Man ... Hudson Mot Mot

II1 Central .... Ind Ray ...... 3 Inter RT vii Inter Rub ..... | Inter Iron Int ins

int In Int Int

| Int T&T Intst D S

an c Sou pf 26% A Hayes B 10 Kroger G & B. 19% wl. Leh V Coal Jo1% Lehigh V C ‘pf 10 Ligg & My B 95 { Lima Loco .... 62

16 112 Ya 17% 30%4

491s 87s 3%

538 19%

53 327s

1534 3's

Tag 40

12%

234 51%

262 10 19%

1% 10 95 612%

2 CY AU VU =e BD) = CD

— OUND = NOON B UY

- ® 0

0 aR

= on

@ 3

en @ aNTE

OE +4 4

44 +1 HEHE ++ +

+ +

P12 Ard ob ee HE

+ HHL

—-

INVESTING CO.’S

(By the New York Security Dealers Assn.) Bid Ashod

Bas Ind $2.50 | as In

“cum.

“mod . 3.50

+ “Ac md 3.50

rm Fos 27. 2 Fisc Fd ins. Stk 3 16 Op B NY 2.27 Diver B. 11.00

{a . q, 65/Se] Div Shrs 1.83 3.35

39.25(Sp

26.25(3td Fix Ti A 12. oe

10.5 Fd Tr A. 9s F In Inc 22.45 : 23:

3 857 Groun Securities 1.89

.“

A 50 . 14.86 20.47 .99 ; 26.61

2 15.09

6.90 4.17 1.87

d 17.78

-{Quar Inc Tr 1

In nw

1.98!Sov Inv .

Trask

27.90|Std Am .

Util .

+ C D

6. 5 ISun AA ‘ BB 7.15] jSu0 New. 13. 46 T Am Bk .87 .05(Trs Ind

3.50

— Dopaase wonbhaRshnEEn amu On ®¢ OO WY

BANK auikulba

(By Blyth & Co., Inc.) —June 18—

xBankers Trust .. Central Hanover Chace National Chemical Bank & Trust zGuarantv Try xIrving Tru rarer: Trust National Citv Continental Ill. Natl. B. XFirst National Bk.,

Chic:

National Shawmut, Br ie National City Bk., Cleveland .

FIRE INSURANCE

xAetna Pire City of New York Federal Pranklin ... Great, Amsrican AH xHanov Hartford .

S. Fir Westchester

CASUALTY COMPANIES

Sontinenial Canlally ss. Bonding & XEx- Dividend.

(June 17) 141.46

Week ‘Ago $1L2% § 1.20% 93% 49 6.775 1210 0938 .0340 30% 1110 .0610

Year Ago N93 6814 663% 31 6.525 1057 08% 0372 .30 1010

Wool,

Steel,

Insurance. .

Commodity— Lambs, avg. most sales (Ib.) .. § Hides, native hvy. steers (Ib.).. fine unnw. Cotton. Midupland lb.) Silk, 13-15 deniers Jap (lb.)... Rubber, spt. smk. rib (Ib.) ,... Copner. electrolytic (Ib.) ..... Lead. Zine, spot Tin. Straits spot (lb.) Sflver Commi bars (02.) ...... scrap Chicago (ton) ... Pig iron, Iron Age comp. iton) Coke, Connelsville (ton) dom. Portland (bbl.) Yellow pine. 6-in base (m. ft.) Douglas fir, rough (m. ft.) .. Gasoline, tank wagon (gal.) .. Crude Oil. 40 gravity (bbl.) Source of Quotes—Chicago: serap and hides. nelsville;

Cement,

spot

N . | . Stocks Inc Ba pk. 10.94 | 11.09

29 621,

(1b.) (ib,)

"| ni Lone Star Cem.

comb.

Boston: ‘Coke. Tulsa: Crude oil. New York: All others.

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

Yesterday creeness 387.74 4 1.88 Week aR0 ......o0000000000 170.77 — 2.05 Month ag0 ......coc000e0... 173.83 4 0.24 Year ago ; — 0.85 High, 1937, 194.40; low, 165.51. High, 1936, 184.90; low, 143.11.

20 RAILROADS Yesterday

Month. 280: ..ilsiiviiniaiieds Year ago High, 1937, 64.46; low, 53.15. High, 1936, 59.89; low, 40.66,

20 UTILITIES Yesterday

Month ago ....... EN ie Year ago High, 1937, 37.54; low, 25.98. High, 1936. 36.08; low, 28.63.

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

low, 58.48. low, 51.20.

Net High Low Change fe Me he TA 533, 53% ii Mr McKeesport .. Hs St

Macy.

. 34 12% 42 Lee 44%, . NY 0

i i Cop ... Midcent Pet ... Mo-K Tex ....

Mother Lode | Motor Prod Motor Whi

Bijcms, Da 21 Mal&sti’ c P & Lt

Sie) Y Central NY NH & H N Y Ship No Amer No No No

Am Avn es A Ed pf Pacific

Ohio Oil Otis Hiev Otis Steel Owens Ill G

Pac West Oil Packard Paramt Pict Para Pict Pare Pic Park Utah Peerless . Penn D Cem Penn R R

Pure

Radio .........4 Radio-K-Or Real Silk

LOCAL ISSUES

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

BONDS

Bid Ask Citz Ind Tel (TH) 4%s 61. 2

Ind Assoc Tel 4%s 65 Indiana Tel Co 5s 60.......... Indpls Railway Ins ps ge Indpls Water Co 3!2 tie Interstate Tel & Tiel Shs 53.. 97 Kokomo Water Works 5s A Kuhner Packing Co 4'28 49. Morris 5 & 10 Stores 5s 50.....100 Muncie Water Works 5s 65.... Noblesville HL & P 6's 47....102 Ohio Tel Serv 6s 47 Richmond W W 5s Seymour Water Co 5s 49.

T H Water Works 6s 49.:... Trac Term Co 5s 57

". STOCKS

Belt Railroad & St Yds cum... Belt: Railroad & 5 Yds pid... Cent Ind Power Home Tel & 78! fr Wayne Hook Drug In xInd & Mich Elec Co pfd 7s...107

xInd Hydro Elec Co 7 xIndpls Pwr & Lt Co pd 6s ..

Indpls Water Co pid Lincoln Natl Life Be To com. N Ind Pub Serv pf Ts A N Ind Pub Serv Co pfd 6s N Ind Pub Serv pfd 5)zs P R Mallory Co com ... Progress Laundrv Co ... Pub Serv Co of Ind 6s . Pub Serv Co of Ind 7s . Smith-Alsop ple Smith-Alsop com “es Terre Haute Elec Co 6S........ Union Title Co com. ........ Van Camp Milk, Co ptd’ Van Camp Milk" Co com....... 10 xEx-Dividend

Crist

M. P. & Co.) Ynvesting Corp...

(B Market St. 32.62 34.69

BROKERS’ OPINION

By United Press NEW YORK, June 18.—Brokerage opinion today: REDMOND & CO.—In our opinion the majority of stocks have now registered their lows for the movement. The general tone will probably remain highly irregular for a short time longer. ' FRAZIER JELKE & CO.—Improved demand for better grade 3 | stocks may be expected to carry the list somewhat higher in the current rebound. J. 8S. BACHE & CO.—Unless there is an unexpected and drastic turn for the worse in news, it is our view thai a recovery movement lies ahead for the near future. HORNBLOWER & WEEKS—We would not overlook the constructive implications inherent in the fact that the market yesterday successfully negotiated a test of its underlying structure at a critical point.

BANK GETS ENGLISH GOLD NEW YORK, June 18. — The Guaranty Trust Co. today was in receipt of $1,073,000 in gold from England on the Normandie.

For Final Stock Quotations See Later Editions of The Indianapolis Times

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW YORK, June 18.—Dun & Bradstreet’s daily weighted price index) of 30 basic commodities, com-(1930-1932 average 100):

Year ago ......... 119.39 193% high (April 5) 158.26

Year Ago Ja125° 21% 331% 1223 1.62% 15% 09% 0460 .0490 A1% A4Y 13.00 18.84 3.65 2.55 50.00 88.00 092

Week Ago 1295 .168 401% 1261

Today 1150 A5% 401% 1251 1.88 1938 14 068021 066214 BS54% 4434 15.75 23.25 4.60 2.25 60.00 52.50 .095

$ tb.)..

.0602% 066212 A558 44% 16.75 23.25 4.60 2.25 60.00 52,50 | 095 | 1.21 127 | 118 Grains, livestock, ‘ lard. steel East St. Louis: Zine. Con-

Wool.

Net High Low Last Change Rem-Rand «23 22 — Ya

Reo Mot 5% 5% S's... Republic Stl ... 347% 34 pe Ruberoid, new . 33 3 seen

St Jos Lead ... Va St L-S PF eins 53, Va Schenley Dist .. % Schulte R oe Seab Air Seagrave Sears Roe ..... Servel Inc .

Sty; 7/8

swift & Co yming- -GouldCp

Tenn corp Texas Co if Texas Gul Prod, Tex G Sul 34

Transamerica .. Tri-Con 20th Twin Coach

gad Carb! nion Carb Un Oil Ca 23% Un Bl Cp United Corp .. United Cp pf... 3 United Drug ...

t+ HEED EERE

+0 +4

SLL

teel =... 5. U 8 Steel pf... tiP& LA.... IA Yon 5% We . 47% 4%

Va-Caro Ch ... 1%,

Walker (H) Walworth Warner Bros .. West, Pac pf .. West Union : West A Bke.... 42% Westing El +1 West Auto sup 26" Wheel Steel 47 White. Sew M.. 3% Wilson & Co... 87 —Y

23% 79%

2312 79%

23'2

Truek .. Yellow 2:

Young Sheet ...

LOW RATES HIT BOND MARKET:

U.S. Offerings Still Dis-

courage Issuance of Approved New Issues.

Times Special NEW YORK, June 18. — The U. S. Government bond market is continuing as a source of discouragement to underwriting bankers standing on the sidelines with available corporate offerings. It is not so much the scant proportions of activity in Federal securities as the constant hint of price softening that worries observers. Large investors have succeeded in making it manifest that they are interested in portfolio expansion only at their own terms. The conviction still predominates that iongterm investments at prevailing. income rates are no bargain, In the meantime, high grade cor-

porate bonds have been making a

show of firmness, but the trend has been maintained at only a snail's pace and has failed to inspire con-

|| fidence because of the modest turn-

over. It is borne in the underwriting mind, also, that corporate bond markets have been borrowing their strength mainly from the fact hat new offerings have been almost completely withheld. The situation does not yet tempt syndicates to take impending projects out of the pigeonholes.

Coupon Rate in Balance

In refunding by utilities the performance is clearly disclosing that there is a strong inclination to preserve the 314 per cent coupon. Some underwriting bankers prefer to slide the offering price upward and downward, according to the pulse of the market, rather than expand the coupon rate to 3!2 per cent. The newer 3% per cent bonds, issued in refunding operations between last July and the early weeks of this year, has firmed substantially since the sharp downward price readjustment of March, but not many of them have been able to get back to par, in contrast with the premium prices Bl which they were issued.

MAY VOLUME DROPS IN NEW INSURANCE

Group Policies Show Only Increase Over June.

Times Special NEW YORK, June 18. — New paid-for life insurance underwritten in May declined somewhat in volume from April but stood 3.1 per cent above May last year, the Association of Life Insurance Presidents reported today. The May aggregate was $804,683,000, as compared with. $382,373,000 in April and $749,138,000 a year ago. Only group insurance showed a gain in volume written from the preceding month. This type amounted to $74,766,000 of the month’s new policy totals. In April new group insurance contracts called for $57,022,000, while a year ago they totaled $59,130,000.

Ordinary insurance at $490,184,000, compared with $528,762,000 in

| April and $459,544,000 a year ago.

New industrial insurance aggregat- | ed $239,733,000 in the month, against $246,589,000 a month earlier and $230,464,000 a year ago.

LOANS TO BROKERS JUMP By United Press WASHINGTON, Jusie 18. — Loans to brokers and dealers in the week ended June 16 totaled $1,169,000,000 an increase of $1,000,000 from thet previous week and compared with a total of $1,084,000,000 for the like week a year ago.

Other loans for the purpose of Wi

purchasing or sstiving Some) amounted to $278,000 unchanged.

HOG BIDS GAIN 10 T0 15 GENTS: VEALERS JUMP

Fairly Light Friday Supply Advances Porker Quotations. |

‘Tops on hogs soared to the highest point in more than a om when most leading markets showed up with very skimpy supplies, according to the Bureau of Agricultural Economics, U. S. Department of Agriculture.

A feature of the market fos the speed in which the trade was established. Weights above 160 pounds advanced 15 cents; top climbing to $11.50, while light lights and pigs were 10 cents higher. Sows generally held steady, although top advanced to $10.50, 15 cents above Thursday. |

~The week’s advances in all classes of killing cattle were maintained today. The run, which was estimated at 700 head, included around 259 head of replacement stock. A few heifers reached $10.50. Low cutter and, cutter cows turned at $4 to $5.75, with beef offerings largely $6 to $6.75. Top on sausage bulls remained at $6.75. Stock cattle sold steady, three loads around 550pound yearlings steers turning at $8.85 and a load 350-pound averages at $8.90. Rising 50 cents to sell in favorable relationship with other centers, the vealer trade was an active affair. Good to choice offerings reflected most of the upturn at $9.50 to $10, while medium grades only occasionally reached $9 and most offerings $8 to $8.50.

Further declines in dressed prices held the lamb trade away from any advances which might accrue from light supplies. Good to choice native springers cashed at $11 to $11.50. Aload of 76-1b. yearlings went to shippers at $8.50.

Receipts ; 5500

Jun 10, 11. 1 1 1

4. 5. 68. 1 @ 18. [email protected] Light Lights (140-160) “Good and Medium Lightyet hts— 160-180) Good ond

Mediu (180-200) Good. od Medium

Medium Weights— (200-220) Good (220-250) Good Heavyweights— (250-290) Good (290-350) Good Packing Sows— (275-350) Good (350-425) Good (425-450) Good (275-500) Medium

Slaughter Pi (100- 0-140) Good = and choice.. eduim CATTLE - —Receipts, 700—

choice. My ek: 35 [email protected]

. [email protected] 10.15 11. 20 [email protected] 10.65 .

to o

choice . and choice.. choice. . choice...

AD AD OBR Pht hd db bd bb fed pt

OO OVWOD Hr Hr pp

READ Ot Hora a Oo

ov oouwm Wo Wo ow DIVO UO OO

So rom 10 Wi =

(550-900)

(900-11C0)

(1100-1300)

(1300-1500)

HWOHWID NI Pt ht fh pk pk fk ft nk fk pk CO bn = C0 bs CO = COW SO ND NONNOUIINODODULWL

Sd pd —— DIDI

(500-750)

(750-900) Good and choice. .

Common. medium.

ood Common and med Low cutter and gn Bulls, good Cutter, com

Vealers —Receipts, 700—

Calves Steers— . (250-500) Good and Chace. Common. mediu 8. Feeder and She "Cattle (500-800) Good” and choice . 7. Common, medium. (800-1050) Gong and choice . Common, medium. Heifers— Good and choice .. Common and medium SHEEP AND LAMBS —Receipts, 1000—

Spring Lambs— Choice

(90-175) ‘Good and choice .

ommon. medium.

By United Press

CHICAGO, June 18. — Hogs—Receipts, 4000, including 1500 directs; market, generally 10 to 20 cents higher than Thursday’s average; packing sows around 10 cents higher; bulk good and choice: 200300 lbs., $11.25@ 11.50; ion, 1.55; comparable '150-190 1bs., $10.75@ 11.45; medium grade hogs, mostly’ 25 to 50 cents under good to choice kinds; bulk good 350-300 Ib. packing sows, $9.75¢10.35.

Cattle—Receipts, 1500; calves, 500; fed steers and yearlings, scarce, active; stron at week's advance; few loads and scattere lots common and medium killers, .$8.25@ 11.35; load or two, [email protected]; practically no medium weight or heavy steers on sale; fed heifers negligible; Sass offerings, slow, weak, ‘mostly $6. [email protected], with very plain light Southwesterns downward to $5.50; cleanup trade cn cows about steady; most cutters $5.50 down; stron yeights around $5.75; beef trade largely [email protected]; bulls and vealers, steady; outside sausage bulls, $7.25; top weight vealers, [email protected]; few selects, $10; most lightweights, $9 down Sheep—Receipts. 4000, including directs; yearlings, mostly steady, Sonsidered: spring lambs, firm; two doubles merely good yearlings; $9; scattered lots native springers to small killers up to 812. on packing accounts;

Idaho’s, unsold: sheep, steady, ewes, $2.50 @4.50.

2000 quality

WA YNE. June 18. —Hogs—15@20c 225-250 lbs. 811.35; 250-275 Ps. Ibs., $11.15; 180-200 Ibs., $11.10: 300-350 lbs., $11: 05: 150-160 1bs., $10.60: 130-140 1bs.. $9.85; 120- : 100-120 lbs.. $9.35. Roughs, $8.25; $9.50;

LAFAYETTE, June 13. Hons —Market, 5c higher; Rigs, Steady; 210-235 lis: 235-275 $11.10@1

! ‘stags, iis, 50.

100-140 Jos [email protected]; Calve higher, $9 Lambs—Steady. $10.5¢ 50 down.

LOCAL PRODUCE

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

Eggs—No. 1 strictly fresh.

roughs, down.

loss off. 18c

LEERY breed hens, 5. lbs. and over, 12c: eghorn pens, 8c. Heavy breed broilers, d over, 17c, Leghorn y ‘Ibs. and over, 15c. Bareback broilers. 1937 stock, 2 bs. over, 12¢c. Old roosters, 8c. feathered and fat. 5 lbs Geese, full- HE and fat, "9 to ie lbs.. 34Y.@35' 5c: . 30c; No.

e, Butter—Creamery. 1. Nous: 32@32'zc. Bitterfat—No-

U. S. STATEMENT

WASHINGTON. June 18.—Government enses and receipts for the current fiseas through June 16, compared with

This ast Yea er $ I 755, Toi 53. 37 8% 3 bo 353, 396. 86 Receipts... 4,884,057,019.28 88" 320. 977. 3

Gold res. 12.219.5 Customs.. 468 51 1

s Pur, Inac. gold.. $12.578,412.69

Total Pur. $988,231,150,00

lambs: c 113 @17%2c;

N. Y. Bonds

By United Press * BOND PRICE INDEXES

20 20 20 Indus. Rails Util 93.4 100.6 94.4 101.2 94.3 101.2 93.5 , 105.6 81.1 98.2 101.2 106.0 93.4 100.6 100.4 106.2 84.7 103.5 1935 high ..... 91.4 86.4 103.8 1935 low ...... 83.6 71.0 89.3 (Copyright Standard Statistics Co.)

60 Bonds 94.9 ¢ 95.6 95.7 96.6 89.0 100.5 94.9 100.2 93.3 93.1 83.0

Yesterday Week ago Month ago .... Year ago Two years ago 87.6 1937 high .... 95.0 1937 low . 90.8 1936 1936 low

U. S. GOVERNMENT BONDS Treasury Bonds Last

1959-56 LAND BANK BONDS

Bid arhed Tid July 1955-45....,. Ys Jan. May May July Nov. May May Nov.

tn Yarn Mortgage High Lo 102.9 = 102.9

Home Owners Loan Bonds

101.30 DOMESTIC BONDS AtTSF cv 4':s 48 .... Bu R&P con 4!2s 57... Can Pac deb 4s perp. Cen Pac 5s 60 . Ches & Ch M St s ChMStP&P 5s oh Chi W Ind 4's 62 Cin Un T 3's 71

WINNIPEG DROP FORCES WHEAT “OFF IN CHICAGO

Slight Liquidation Lowers ‘Market for Old Crop Corn.

By United Press - CHICAGO, June 18. — Heavy pressure in the Winnipeg market continued to weigh on. Chicago wheat and prices were weak today on the Chicago Board of Trade. At the end of the first hour wheat was 13% to 215 cents lower, corn was 3% to 9% cent lower, and pats were 5s to 5 cent lower. Prices of Chicago wheat sagged below the opening low levels: de= spite the better demznd for September futures around $1.08. Good buying in July on the part of houses with eastern connections also developed. However, rain reports from Saskatchewan and the domestic Northwest had their continued bearish effect. Wheat receipts were 7. cars. Scatered liquidation in old crop corn was evident, in addition to’ which the market was depressed by the weak action of wheat. Trade in December corn was mixed but the crop delivery followed the dip in the nearby months. Con receipts

a | were 47 cars.

De, ref 5s 67. Gen M Goody T&R 55 5

Mo Pacific 5s¢ F177 Mont Pow 3%s 66.

Philippine R Rep Stl C 4'as 30 Shell Un Oil 3!»3

Un Pac 1st 4s 47 U S Rubber 5s 47 Wheel Stl 415s 66 Young S&T 4s 61...°. FOREIGN BONDS

Canada 55 52 Canada 3'ss 61 . Chile 6s 60 .... Cuba 5123 45 ... German Ts 49 ... Norway 4s 63 Peru. 6s 6

SMALLER BANKS CALLED UNSAFE

‘Twentieth Century Fund

Finds Profits Are Inadequate.

By United Press | NEW YORK. ‘June 18. The smaller members of the national banking system are a weakening influence in| the commercial banking structure of the United States, economists of | the Twentieth Century Fund, Inc. said today in a report of a two-year study of business profits. ‘More than half of the fl

banks which have less than $500,000 in loans and investments make net profits which “are probably not sufficient to enable a bank to pay dividends and set aside adequate reserves,” the report added. Net profits of 6 per cent or more were considered adequate by the fund's economists. Research workers based ' their findings on a 5-year period, ended in 1930, of 7403 national banks whose loans and investments ranged from less than |$150,00 to over $50,000,000. Only slightly more than half of these made as much as a 6 per cent return, the “adequate” minimum. Only one bank in the largest lass failed to| make any return in this period, the report said, and only 20 per cent showed inadequate returns, whereas 35 per cent of the smallest institutions showed a deficit, and 74 per cent had inadequate profits of less than 6 per cent.

NEW BOND ISSUES

(By W. L. Lyons & god,

Ass’d Tel 4'2s 66 au CY Ss 64 Oo 39

B ¥ ear: Sons 5s a7: Calif Oro Pwr 4s 66 Celotex 4%s 47 .. .. Cent Maine Pwr 4s 60 Cent Maine Pwr 3'2s 66 Cinti G & E 31; 6 Cinti G & E fla Power 4s 66 Fla Power 5s 66 Se Houston Lt & Pwr 3's 66 .. ndpls Water 3%2s 66 Kansas P & L 4} Koppers Co 4s 51 [Los Angeles Rev 34 Louisville G & 3Y Metro Ed 4s Narra Elec 3'2s 66 N Y City 3s 7 NY State Elec Gas 4s $5 Northern tate P 3l2s 67 Okla. G & E

4s 46 a Okla Gas & E Inc 33s 66.... Pac Lighting 4125 45 Safeway Stores 4s 98 Sou i Bef ra 414s 56

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CHICAGO PRODUCE

CHICAGO.—Eggs—market, firm; receipts. 20,056 cases: fresh graded firsts. 19%ac: NIE firsts 1934c; currsnt receipts, 18%c; dirties, 17%c: checks 1634c: storage packed firsts, 2034c: storage packed extras, 203c. Butter—Market unsettled: Tecelnis: oa 421 tubs; extra firsts (90-31! score), 29@ 2915¢c; extras (92 score). 30c: firsts, 27Vstz 2812¢c; seconds, 23T27c: standards, 29c¢; specials, 30'2@3lc: (89 score), 28%c: cent. : Poultry—Market, 57 trucks; : hens, ; Jeghorn hens, pia turkeys. 136 5c: old roosters, 12@ 13c; fryers (includin barebacks. 16@18c; pring chilckens, 17

“AE heese—Twins, Pua. daisies, 164 @ 16l%2c; longhorns, 16% @16'2c. Potatoes—|(Old stock) supplies Light; demand slow; market .steady. Washington Russet Burbanks, $1.60. (New Na nen plies: moderate; demand slow: market steady to weak: North Carolina Cobblers. 1. U. 8. No. 2, 65@175¢c: Virginia Cobblers, $1.50; California White Rose. $1.60@ TY; U. 0. $1.25: Arkansas Bliss hy $1. 36: LB Bliss Triumphs, [email protected] Arrivals. 86; on track, 316; shipments, 1226. .

FOREIGN EXCHANGE

NEW YORK, June 18.—Opening foreign i irregular, Englan 4.93 13-16 —.00 1-16 Eng. (60- a rate) PN 1-16 —.00 1-16 Canada (dollar) 1 0 France (franc) 0000 1-16 Italy (lire) ! . +.0000Y4 Belgium (beiga) ..... ‘ -+.000012 Germany (mark) ‘ ££. ‘. Switzerland (franc).. . 4.000012 I Tolland +-.0000%2 Ss Norway (krone) Denmark (krone) (yen)

Japan

TYPEWRITTEN LETTER: AUTOMATICALLY TYPEL ADDRESSING MAILING MU .T.:GRAPHINE STENGILS GUY MIMEOGRAPHING RULED FORME UP TO 14° X 268° TWO NOTARvg:

315 Merchants Bank Bldg.

CHI 4 Twigs,

WAGON WHEAT City grain elevators are paying $1.11 for No. 1 red wheat, other grades on their merits. Cask corn new No. 2 vellow, $1.13, Oats, 33c. Hay—No. 1 timothy, [email protected],

ARGENTINE GRAIN

. BUENOS AIRES, June 18.—Grain futures opened irregular. Wheat--July. $1.12%, off 12¢; Aug.. $1.0973, off 3sc. Corn—July, Sle, off Vac: Aug. 511 ae, off lsc, Oats—June, 28c, up 3acl Flax—July, $1.28'2, une changed; Aug., $1.28", unchanged.

LIVERPOOL WHEAT

Low ar

1. 2314

gi 1251; 122 12214

DIESEL PLANTS REDUCE RATES

—

Independent Power Firms Offer Public Utilities Competition.

By BARROW LYONS Times Special Writer

NEW YORK, June 18.—Intense although quiet struggle is occuring today between public utilities throughout the country and the manufacturers of large Diesel engines. ‘With the increasing efficiency of large Diesel power plants, it has been thought economical to in=stall such equipment in many large buildings and in small communities where plants of not more than 50,= 000 horsepower are required. Engineers who have studied the matter go so far as to declare that it is the Diesel competition rather than public pressure that is reducing electric current rates in many communities until the utilities’ rates have been placed upon a competing basis with Diesel power rates. : Macy Installs Plant

In New York City, Macy & Co. and New York University have ine stalled Diesel power plants to supply part of their requirements more economically, and in Freeport and Rockwell Center, L. I., municipal plants of around 8000 horsepower each are supplying these communieties. The status of utility-Diesel competition was outlined today for the New York World-Telegram by an engineer considered by members of his profession as a leading author= ity on Diesel engines. “The solid basis for Diesel engine expansion lies in development of industrial and, marine power plants,” this authority stated. “Few realize that if it were not for Diesel engines virtually every home would be paying higher rates a kilowatt hour for electrical energy. Except in the |case of very large power plants, Diesel power is today the cheapest type, and in more and more communities rates are set by. the operating costs of Diesel plants.

Many Plants Operating |

“There are now many municipal plants in which Diesel power has been installed. Although municipali= - ties having such plants generally sell power at the same rate as private utilities in their communities, they usually operate at a surplus, ° which adds additional revenue to the city. This is the case within 40. miles of New York in the towns of 8 Freeport and Rockwell Center, L. I, -

MONEY MARKET

NEW YORK. June 18.— ED pe daa 8.—Money rates were ankers Aceeptznces -— iR %h@

7-16%; 60 and 2 days, 0160) gays Ja @8-16%; 150 and 180 adi:

Comnlereial Paper—Prime Dames. 17% Time. creat Pag and‘ 90 on 150 and 180 Gays. pier Cavs Mat: 120, Rediscount rate at New .York. 1129.

FOOD PRICES

Jupe " 18.—Apples—Willo ee a ncy Halls, California, crates. or nois, 10@35c. @2.25. Cauliflower, Peas—California. hampers. $1. 40@2 ery—Florida, 10-inch crates, $4.25@4. Onions (50-1b. sacks) —Texas Whites, 2%

PRE

Breed, Elliott & ' Harrison

tnt 1912 nts CIRCLE TOWER

GOVERNMENT BONDS

FEDERAL AND JOINT STOCK LAND BANK BONDS

REAL ESTATE PREFERRED STOCKS AND BONDS

L-6122

INVESTMENT TRUSTS : : oT w * :