Indianapolis Times, Indianapolis, Marion County, 22 June 1937 — Page 14

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COMPLETE N. Y. EXCHANGE

STOCKS w

THE INDIANAPOLIS TIMES

The Times Financial and Market Page =

TUESDAY, JUNE 22, 1937

COMPLETE LOCAL LIVESTOCK

RECOVERING STEEL ISSUES STRENGTHEN WHOLE OF

Some Issues Record Advances of Two Full Points.

» Ly United Press

NEW YORK, June 22.— Steel shares led a recovery on the stock market today after an. irregularly lower opening.

MARKET

Co” u 2

MARKETS AT A GLANCE

ocks firm under lead of steels. onds irregular; Governments irregularly lower. «rb stocks irregular. hicago stocks irregularly higher. Call money 1 per cent: Foreign exchange firm, Cotton futures steady around previous close. Grains at Chicago narrowly mixed; wheat firm; corn easy. Rubber futures steady after

» 5

Bethlehem reached 8212, up 2 points; U. S. Steel 963i, up 1%; Republic 34%, up i; Youngstown Sheet & Tube 80, up 2, and National T1%, up Other Sections strengthened with secs, some issues gaining 2 points r more. Rails joined the recovery. Small gains were noted in utilities, musements, electrical’ equipments, ubbers, motors and coppers. Gains of a point or more were ade in Allis Chambers, Anaconda, tchison, Chrysler, Du Pont, Pullan, U. S. Gypsum and Westing-

ouse Electric. FIRST HOUR

Stocks opened narrowly mixed and quiet. Shortly thereafter the entire list moved forward moderately under leadership of steel shares, which turned strong. U. S. Steel spurted from its opening of 95!s to 965, up 1's net, and Bethlehem moved up from 80° 3, to 8212, for 2 points gain. General Motors was up 14 at 50 after opening at 493i, and Chrysler converted an early decline of 1; to 1: point net gain at 1007: Rails, which had shown most easiness, rallied moderately. New York Central moved up to 38, up ls, after opening at 37!:. Anaconda made 3; point gain to 50. Standard Oil of New Jersey was up i to 66, Sears Roebuck up 3 to 88!i, Electric Power & Light up 31 to 17% and Westinghouse up 1!2 to 139. The latter opened at 138 and then eased to 13715 before rallying. Sales approximated 149,000 shares, against 130,000 4n the first hour yesterday. Dow-Jones averages: Industrial 168.59, up .61; rail 53.03, up .28; utility 26.40, vp 19.

SECOND HOUR

Trading continued quiet and many stocks improved further. The list now was firm. U. S. Steel held at 9612, Bethlehem at 82 and Republic at 3412. Atchison rallied 13% to 81 for 14 point gain and Chesapeake & Ohio, which made a new low at 5012, recovered to 51, up 7s. Other rails also moved up to gains. Chrysler had 13; points gain to 1013;, and General Motors steadied at 501s. Electric Power & Light was up 7s point and Public Service of New Jersey rose 3 to 383;. Standard Oil of New Jersey sold at 653%, unchanged, and other oils were quiet. U. S. Gypsum had 2!; points gain to 107!'2. Pullman was 11; higher to 54. Du Pont was up 11; to 15414. Bales approximated 100,000 shares, against 80,000 shares yesterday. Dow-Jones averages: Industrial 1€8.65, up .67; railroad 52.99, up .24; utility 26.41, up .20.

# ® 2

Today's Business At a Glance

GENERAL BUSINESS

National Lumber Manufacturers’ Association, reports for week ended June 12 production 284,302,000 feet, shipments 271,743,000 feet and new business 205,979,000 feet vs. 272,509,000 feet, 239,420,000 feet and 213,733,000 feet, respectively, a week earlier. New business, new low for year. Oil & Gas Journal estimates

daily average crude oil production in U. S. week ended June 19, 3,519,558 barrels, an increase of 1439 over preceding week.

CORPORATION NEWS

Southern Railway System, second week June gross $2,455,563 vs. $2,285,770 year ago. American Water Works & Electric Co., May electricity output 218,599,986 kwh. vs. 194,719,997 year ago; five months, 1,091,747,523 kwh. vs. 954,737,339 year ago. ~ Atchison, Topeka & Santa Fe Railway Co. otvn line loadings week June 19 were 24,804 vs. 23,971 previous week and 21,000 year ago. Baltimore & Ohio Railroad Co. week ended June 19 own line carloadings 32,416 vs. 34,757 previous veek and 30,178 year ago. Bangor & Aroostook Railroad Co. May net operating income $220.335 Js. $133,580 year ago; five months 1,113,493 vs. $889,995 year ago. Commonwealth & Southern Corp. stem electricity output for May 18,790,092 kwh. vs. 622,217,625 year ro; five months 3,581,595,098 kwh. 3,023,364,290 for like period in 36, Dictograph Products Co., Inc., and bsidiaries year ended Dec. 31 net ofit $152,761 vs. net loss $4594 in

133. Norfolk & Western Railway Co. ive months ended May 31 net inome $13,073,723 vs. $11,902,645 a common share in first five’ months f 1936. Standard Gas & Electric Co. and subsidiaries excluding Deep Rock Oil Corp. and Beaver Valley Traction Co. and their subsidiaries 12 months ended April 30 net income $4,659,521 vs. $2,744,444 in preceding 12 months; four months ended April 30 net income $2,367,241 vs. $1,766,210 in first four months last year.

DIVIDENDS

Barusdall ©0il Co., regular quarerly 25 cents payable Aug. 2 reccrd July 10. Clen Alden Coal Co., interim 1212 9 nts payable July 20 record July 3 . quarterly 25 cents. on Jan. 20, Abr 29, ‘July 20, and Oct. 20; dnd a|special 50 cents on Dec. 23. Haverty Furniture .| Gompanies,

opening easiness. Silver in London at 1934 pence a fine ounce, off 1-16; new low Br year,

Chicago Stocks

By United Press Low 107g 13's 4

538

Last 107g 13% 5% 3k 52 31 2334 La

5 22'2 32

Armour & CO verse Butler Bros Chicago Corp .. Consol Bis . Cunningham Drug ..... 10 Elec Household Heileman Brew .. Hibbard S$ Lion Oil Ref Marshall Field . Merch & Mfg A Mid West Cor Raytheon Mig Swift & Co ... Zenith- Radio ..

Aero Sup B ‘oe Am Air Am Book . Am Box Brd Am Cyan B Ame Maracaibo Austin Sil. Mne Brown Co Con Cop Mns Cord Corp reole Pet Cusi El B Grd Nat Films Gt Nor Paper seve Gulf O

wr... PS Ind $7 p pf .. Root Petro p S Ky Sunray

FOREIGN EXCHANGE

NEW YORK, June 22.—Foreign exchange opening irregular. Cable Net

Rates Change . 4.943} ~.007a 4.94 +.00'g .99 63-64 .. . .. 446 —.0000's -+.0000%, 4.000315

—.0000%2 +.0001

4.9001 —.0001 —.0001

INACTIVE GOLD FUND HITS BILLION MARK

By United Press WASHINGTON, June 22.—The iuactive gold . fund, repository for |- “sterilized” gold, crossed the billion dollar mark on June 18, the treasury’s daily statement showed. An overnight acquisition of $15,- | N 189,342 brought the inactive fund up to a total of $1,009,343,288. The gold sterilization program was undertaken in the last week of December, 1936, as part of an Administration drive to prevent further increases in reserves which might

serve as a basis for undue credit inflation.

England (pound) . Eng. (60-d. bill rate) . Canada (dollar) France (franc) Italy (lire) Belgium (belga) Germany (mark) .... Switzerland (franc).. Holland (guilder) Spain (peseta) Sweden (krona) Norway (krone) .... Denmark (krone) .... Japan (yen)

$1.50 piezoirid stock payable July 1 record June 25. McGraw-Hill Publishing Co. interim 15 cents on common payablé

July 15 record July 6 vs. like amount on April 15.

Pepperell Mfg. Co. of Boston special $5 payable June 28 record June 21 vs. like amount last December. American Seating Co., 25 cents a common share payable July 22 record July 2 vs. 50 cents and an optional $2 cash or 1-10 share of comnion on Dec. 21. B. M. T. Rwy. Co. 50 cents a common share payable July 15, record July 1 vs. $1 in previous quarter; also 4 regular quarterly $1.50 on preferred payable July 15, Oct. 15, Jan. 15, and April 15 record ; first of each month. California Oregon Power Co. quarterly $1.50 a share on 6 per cent preferred stock and 6 per cent 1927 series and $1.75 a share on 7 per cent preferred, all payable July 15, record June 30.

Emerson Drug Co, quarterly 50 cents on Class “A” and “B” common payable July 1, record June 22. Gotham Silk Hosiery Co., quarterly $1.75 on preferred and $1 on preferred accumulations both payable Aug. 2, record July 12. Paid like amounts on May 1. Holly Sugar Cor 25 cents a common share en quarterly $1.75 on preferred stock payable Aug. 2, record July 15. Last common payment $2 on Feb. 1. McGraw-Hill Publishing Co., interim 15 cents a common share payable July 15, recard July 6. Travelers Insurance Co. of Hartford, regular quarterly $4 Payable July 1, record June 21, (Copyright. 1937, by United Press) J

Month ago ........147.24 | 1937 low

index:

Commodity— Wheat, No. 2 red (bu.) ..ce0ees Corn. No. 2 vellow (bu.) .eeecee Rye. No. 2 (bu.) cieeceseess Oats, No. 2 white (bu.) ........ Flour. spz. pat. (196-1b. sk.).. Lard. prime steam spt. (Ib.) oe Coffee, Rio. 7s spt. Ub.) ....u0s Sugar, raw 96 test (1b) .,.ce00 Butter. 2 seore (IB) .....co000 Hogs, avg. most sales (Ib) ...

Today $1.18 1.16 94 4738 7.125 .1135 09% 0345 805%

nc, regular quarterly $1.37% on

.1185 Steers, avg. most sales (Ib,) 0600

1, | Gen Cable ..

Following are the commodity prices used in compiling the

LATEST NEW YORK STOCKS

By United Press we fe High Low Last Net Ch. 53% 15% Bla 1 + Ya “34 —1-32 Sa

Agsme Zp .ape Air duc Allied ces ‘yy Alphe a P Cem Allied Mills Rts. Am C Alc... 21

Beth Steel Borg-Warner Bklyn-M T Bucyrus-Erie Bullard Boeing Air Rts

Call Zinc Can Pacific .... Celanese ...

RSW =O em 0)

PR NR a

Certain-teed ... Ches & Ohio... ChMStP & P... ChMStP&P pf . Chrysler . Colum Gas . Col Pictures vie 26 2

Conde Nast Cons Edison Cons Oil Container

M Stymer | Rt .

Crane Co 43 Crane Co cu pf 1163s Cub-Am_ Sug 8!

Curtiss-Wr ...

5% —D— 101% 1011 129%, 129% 28 2

Crane cv pf Deere & Co ... Dia Match Douglas hod Du Pon

Elec Boat .... 9% Faun Bldg .... 8 Eri : 14

. 5234 2812 38 —G— 1212 22 Gen Cable A . 44 Gen Elec ..... 523% Gen Foods .. 37% Gen Motors . 497% Gen Rv S .. 433 Gen Rty & “u’ - Glidden 43 Goodyear Ca

p : 491% Greyhound Corp 147

5234 - 28%2 38

Fair Morse .. Flintkote Co ... Foster Wheel ..

Gair Robert ...

Haves Bdy Houston Oil ... Hudson Mot

Johns-Man ....124'2 124%: —t— vores D4,

Kennecott 54%,

Lone Star Cem Lorillard 20

McKess & R ... Martin G . 2 Marine Mid ... 1 Marshall Fld .. 2 Mead Corp ,e Mo-K Tex pt os Mo Pac pf . Monsanto Mont Ward Mullins Mfg B Murray

—-

Nu Aviation at Lead

B30} CIC ~1D CID eG) One ee I RS SR

- —

Ohio Oil Otis Elev Oliver F Eq Rts

Peerless Phelps Dodg 4 Fhetns ods Rts § Ph. ad I 1

Phillipe Pet Foon Pitts Sc & B Poor B Public Serv .... Ya Pub Serv 6 pf..115 Ilman 53

INVESTING CO.’S

(By the New Yors Sqour)ty Dealers Assn.

Bid Bid Asked . 17.39 45 rl Natl Inv 6.93 7.1 9. 43 10.32|Ntwd Sec 14.18 He 1.23 . 87 2.03 19.18

ad Fd

s Fd. . Ty Stk. Die 5

Div Shr. q. Tr. .}

7 Tr. A 12. 60 Fd Tr 70 00/Std A Fd I me 2. 42 23 '68!Std Util. A. 5.99 = 6.63] Su up Ch A «“B ... 549 [vB Sen Inv. 7.12 Cosi

ies {AD 32 1.44] . AA ..

1.76 BB .. 1.54/Sup New.

No 0a 30 eNO

00D Da TOWRHO =n

al ny >

ot p—SHON WNN SISA W WO WNC : 0 WNO =O o = ww > HO [=

oll B S 35 19/U8EL&P vte .90 Mut Inv. 15.14 54]

For Final Stock Quotations See Later Editions of The Indianapolis Times

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX

NEW YORK, June 22.—Dun & Bradstreet’s daily weighted price index of 30 basis commodities, compiled for the United Press (1930-1932 average 100):

Yesterday .........141.12 | Year ago .... Week ago .........142.45 | 1937 high (April 5).

Commodity

Hides, native hvy. st Wool, tine unw. cor ...120.68 .158.26

1141.12 Rubber, spt. smk.

(June 21).

Lead. Zine,

spot (Ib. spot (Ib.) Week Year Ago Ago $1.25 $1.01 1.16% 68 9436 S70 50% 333% 6.925 6.873 A177 .1065 09% 0840

Cement,

Work. bal.

Lambs, avg. most sales (Ib) ..

comb. Cotton, Midupland (Ib.) Silk, 13-15 seule Jy (Ib) eee

Copper. electrolytic (Ib.) ......

Silver Comm) bars (02.) .c.eee Steel. scrap Chicago (ton) ... Pig iron. Iron Age comp. (ton) Coke. Connelsville (ton) dom. Portland (bbl.) Yellow pine. 6-in basé (m. ft.) Douglas fir. rough (m. ft.) Gasoline, tank wagon (gal) .. Crude Ofl, 40 gravity (bbl) ..

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

167.98 —0.62 +1.89 —1.80

—0.19

Yesterday .....vovcinesve. is Week 280 ....u.v00000eie....167.40 Month ag0 ..-sesrasnseeses YI359 Year A280 ../di.vcivernninn.. 158.04 High, 1937, 194.40; low, 165.51. High, 1936. 184.90; low, 143.11. 20 RAILROADS Yesterday .....iseenieeee...s 533.5 Week B20 ...cesssreesnsesse. 54.18 Month B80 sisevsreressserseee 53.21 Year ago ... : High, 1937, 64.46; low, 53.15. High, 1936, 59.89; low, 40.66.

20 UTILITIES 26.21 26.23 28.13

Yesterday «......cevinsens. in Week B20 :iruvivnvnvosrisins Month 280 .ecevevervnneiesss Year ago High, 193%, 37. 54; High, 1936, 36.08;

low, low,

Ha 22% . 333% Bo 33% a

Low. Last. Rem-Rand .... 22% 225% Republic Steel . 33% 33% 33% Ti! 2} Schenley Dist .. Schenied LE pf

Sea 7 Shell oa oll .. Simmons Socony- Yaguum

Square-D-B St Brands . Stan C Tob. . Stan G & E pf." Stan O Cal ... Stan Oil 2d: Stan Oil N J

Tenn Corp ... Texas Corp hs Texas Gulf Prod T& PC Q.. 1

Thermoid

—-

— WI DDR DN Sd Ne

Transamerica " Ulen & Co +ssee h 8 «98 Cal . 23% va Rircraty Cp. 25% n Carr Fast 8 United Pry 3s

United Pity ho 1 12 Un El Coal ... .

RETAIL DRY GOODS ORDERS INGREASE

Production Better Than Same Period Last Year.

By United Press NEW YORK, June 22.—Retail distribution of dry goods has widened steadily this month with increased covering of futures requirements influenced by an expected rise in prices this fall because of higher labor and material costs, Dun & Bradstreet Inc. said in a review. Dry gous sales and production in the first five months this year were well ahead of 1936|volume, in spite of unseasonable spring weather and

curtailed consumer spending resulting from labor ‘uncertainties. Wholesale volume in 1936 was the largest, in terms of units, since 1929, the review said, and these gains were extended widely in the first quarter of the current year. Mills were unable to promise deliveries in less than six months, and consumer requirements were being covered as far ahead as next fall and winter. This situation changed in early spring, however, and volume declined sharply. In spite of this narrowing distribution, which persisted until June, wholesale volume for the first five months was 15 to 30 per cent higher than in the 1936 period, and retail sales rose 10 to 25 per cent.

LOCAL ISSUES

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

Citz Ind Tel (TH) 4! nas 61. H Tel & Tel Ft W

[ndpls Railway Ins 5s 67. ndpls Water Co 4l2s 66 nterstate Tel & Tel 5'2s 53.. Kokomo Water Works 5s 58.. Ktuhner Packing Co 42s 49.... Cer Morris 5810 Stores 5s 50 .....100 u

T H Water Works gs 43.271 Trac Term Co 5s Es xBelt Railroad & St Yds cum. xBelt Railroad & be Yds pid. . Cent Ind Power pf Ts xHome Jel & Tel Ft Wayne.. xHook Drug Inc xInd & Dg Elec Co pid 7s.. d Co ¢

anabis Water %o pfd 5 Lincoln Natl Life Is To com 5 Ind Pub Serv pL 7s N Ind Pub Serv Co pfd 6s N Ind Pub Serv pfd 5U:5.... 5. Tl P R Mallory ca tom (NPW) sees

Smith-Alsop pfd Smith-Alsop com . Terre Haute Ele Co 6s. Van Camp Milk Co ‘pfd Milk Co com XEx-Dividend.

(By M. P. Crist & Co. Market St. Investing Corp

U. S. STATEMENT

WASHINGTON, June 22.—Government ex Xpenses and receipts for the current fisyear through June 19, compared with : year ago: Las

This Expenses $ Z 901 543 796. 78 $ 8, 855. bab, oa. 72 Receipts. 111.792,754.49 ~ 4,010.916,082.04 Deficit. . . 3 150; 151,042.29 Cash bal. 2 552, 32 '187.13 1,038,225,979.35 Pub. debt 36,390, 2 165. 80 Gold res. 12,250,142, 41 69 Customs.. 473,258.600.57

Today's Pur. $9,447,329.04

°%. 54 34.60

Total Pur. Inac. gold. $1,018,790,617.71 |

Week Ago $ 1175 Jd6% 401% 1239 1.89% 1914 a4 060214 .0662% 543% 44% 16.75 23.25 4.60 2.25

Year Ago $ .1175 1134 35% 1228 1.711 161-16 091% 0460 .0490 «41% 4434 13.00 18.84 3.65 2.55 50.00 88.00

Today $ .1200 1578 41 1255 1.88% 1944 Jd4 060214 066214 5518 44% 15.715 23.25 4.60 2.25 60.00

eers (Ib.).. (Ib.)..

Ib.) ecco

1.18

Net . High. Low. Last Change United Fruit ... 79 I 19 = I

Un Gas Imp ... 12

u Ss Steel - f.. P

“

55%

Van Raalte .... 34!2 34%

Wabash . walker (H)

F144: HELL

Mo Woolworth

CRI

Yellow Tr ..... 23% Young S&W ... Young Sheet . 797%

HINTS 3-POWER : GOLD PRICE CUT

Herbert Bratter Points Out That U. S. Action Alone Is Undesirable.

TH+

36% 192

By United Press WASHINGTON, June 22.—Her-

bert M. Bratter, financial expert of the Foreign Policy Association, today reported that reduction of the price of gold, if made under the Anglo-Franco-American Monetary Agreement, might prove "desirable and feasible.” While suggesting that action under the tripartite understanding might stem the tide of gold flowing into the United States, Mr. Bratter pointed out that action by this country alone in cutting its $35 an ounce gold quotation undoubtedly would bring deflation. Thus he opposed such unilaterial action. “While, from the economic point of view, gold and commodity prices are no longer closely connected, the two are psychologically linked in the eyes of the general public, so that a lowering of the gold price might cause a decrease in commodity prices generally, which in turn would affect business unfavorably,” Mr. Bratton said. “Presumably it would be possible to lower the price of gold within the framework of the tripartite monetary undertanding without disturbing existing exchange ratios. Theoretically, such action should not be attended by unfavorable deflationary effects. Actually, however, there might be a reduction in prices, particularly if the step were popularly regarded as minimizing the danger of inflation.” Mr. Bratter described this. Government’s attitude as “watchful waiting” because of the interna-

| tional as well as national aspects of

the problem. Treasury officials declined to comment on his remarks except to point out that the United States’ gold program is on a ‘24hour basis”—and has been since the $35 an ounce price was set.

1937 WHEAT GROP ESTIMATES DOWN

July Wheat Stocks Will Be Lowest Since 1919.

By United Press WASHINGTON, June 22.—The Department of Agriculture estimated 1937 world wheat production, excluding Russia and China, at between 3,800,000,000 and 3,850,000,000 bushels. ; Condition reports from the Northern Hemisphere indicate a production of 3,400,000,000 bushels or less in that area, the report showed. World production may be about 300,000,000 bushels more than last year, the Department reported. The spring wheat crop of the United States, the Canadian crop and the European: crops are still uncertain, the Department said. Spring wheat production in the United States may total between 175,000,000 and 200,000,000 bushels.

Less Than 1936

World stocks of old wheat, excluding those of Russia and China, probably will be reduced to about 530,000,000 bushels compared with Shows 760,000,000 in 1936, the report said. | “If the indicated world production is realized, the world’s wheat. supply for the 1637-1938 season would be around 4,350,000,000 bushels, or only a little greater than the 4,295,000,000 bushels in 1936 and 1937,” the Department said. Stocks of wheat in the United States on July 1 will be at the lowest level since 1919, the Department said. Old wheat stocks for July 1 was estimated at about 90,000,000 bushels. Wheat prices in the futures markets of the United States have already adjusted to an export basis, but some further adjustment in i prices is lsaly, the Department said.

FARM MACHINERY SALES UP By United Press NEW YORK, June 22, —Sales of agricultural power machinery are running approximately 25 per cent ahead of 1936 and prospects are excellent that this year’s earnings may be the best on record, according to an analysis today by Poor’s Investment Service.

New Business Books Available at Library

The following new business books now are available at the business branch of the Indianapolis Library:

FORTUNE'S BEFORE Y ! . Charles J. Collins. “No as 123 old Greeks used to say, hg nas to a ship that does not know to what port it is steering.”

DEPRESSION AND RECONSTRUCTION: A STUDY OF nSAUSES AND CONTROLS, by Eleanor L. Dulles. The causal Yoros. 1620- 1929; the period of rapid deflation, 1929-1933; an analysis of problems of reconstruction and prevention. NURSERY COST by John Surtees. “A As IN i) of the values of costs will be an aid in making Jarges, ,and more certain profit in business.” by Ca

THE BUSINESS LETTER, rl \. Naether. Especially interesting chapters on good will letters, ap lica~ on letters, class S3PPeals a forgn Soresionied

HOG TOP FALLS T0 $11.80 HERE; SOWS ALSO OFF

Yesterday’s- Gains Pared as Porkers Decline 20 to 25 Cents.

Without a sizable expansion in receipts locally, hog prices took a technical downward reaction following Monday's advances, according to the Bureau of Agricultural Economics, U. S. Department of Agricultire. The downturn measured 20 cents on weights above 160

pounds, pulling top to $11.80. Light lights and pigs were 25 cents lower. Sows declined 10 to 25 cents in sympathy, bulking at $9.75-$10.50. Reacting to declines at nearby centers Monday, generous vealer supplies lost 50 cents today. Good to choice offerings made $9 to $9.50 to show most decline, medium grades going at largely $7.50 to $8 and occasionally $8.50. A liberal showing of steers and heifers was greeted with good buying response in the market today. There were strictly choice mediumweight steers at $14.25 to set the day’s top, this price being the highest paid locally since laté in April. Numerous loads of yearlings and light steers moved at $12.75 to $13.25, while bulk of the fed crop made $11.50-$12.50. Grassers most generally had a range of $9.50-$10.25. Steers and heifers were strong to 25 cents higher today, the general market being 25 cents above the close last week. Refusing the respond to higher dressed trading and continued curtailment of live receipts, lamb prices held unchanged.

HOGS

w =

“

I nd fk fk ek pk pt I enrr

4 =

22. Light L (140-160) Good 2nd Mediu

Lightweights— (160-180) Good and

um. (180-200) wd and Medium

Medium Weights—-(200-220) Good and (220-250). Good and Heavyweights— (250-290) Good (290-350) Good

Na a

UD UIOUID UO OD OwmPD UC

DARD Of

0 Pt et pd bt kh pd fh eh ph pd pet fe Al

choice. . choice..

choice. . choice. .

and and

ssssnessssons sesessessan en

AOD

{273-5000 M Medmum laughter Sta {0o- 140) Good a and choice..

OO OOD Hr re pupils Ha DUT NOW Wie] OO OY -1U'-g

— Receipts, 3000— (550-900) Shoe

o»

th pk ps

Medium Choice Good Medium Common Choice G

(900-1100)

(1100-1300)

ceriev concn

C060 1 00 ~3¢0 FH RI ED 14 ba PIPPI IRIN TDD CNOSU BIRT NNDOD Be C3 TD 1 Cn 1 BO 6 BODO T 19 0 U1 EDI Na Ba = = DUNO UIT OD ThA Tt

LRNIDR DENS

Pb hd pd pd w

M (1300-1500) G

Heifers (500-750) Choice go od

Comm gcd re choice. . Common, medium. Cows Good and choice....... PR Medium oe Low cuter and cutter . cesTooes Bulls, good ........ Sensvevens Cutter, com ....c....e cranes Vealers — Receipts, 1000—

Sood and choice ...oicevnenen $

Me, Cull und common Calves

Steers. : - ood and choice..$ [email protected] (350-3 500) & mmon, medium. 6.00@ 8.50 ors and Stocker Cattle (500-800) Good and choice. . mon, medium.

om (800-1050) Hood and choice. . mmon, medium.

~ (750-900)

Samo In Jn Cn

—

APO boo ©0S

*Heifers— Good and choice Common and medium SHEEP AND LAMBS —Receipts, 600—

Spring Lambs— Choice ...

ood .... Medium . LCOmnon . orn Ewe 5 (90-175) $Good and choice.. Common, medium.

smn

a Unied Press HICAGO, June — Hogs—Receipts, 15, G00. including $500 directs; market generally steady with Monday's average; top, $11.65; bulk good and choice 200-300 Ibs., [email protected]; ~ comparable 150- 130 1bs., $10. 0a 11.55! few strongwelght pigs, $10.50 gu. 15; bulk good 350-500-1b. packing sows, $9.65@ Cattle—Receipts, 7000; calves, 2500; fat cattle marke! again active; steers and yearlings showing grain finish strong to cents higher; common and medium Biase steady, these selling at $10.50 down d below: stockers and feeders as to 25 cents higher for week to date; ply mainly exas-bred calves and ‘yearlings selling at [email protected]; selected lots, $10; most grain fed steers, $12@14; bul kall grades, [email protected]; early top, $14.50, but Western fed steers bid above $15; best native and Western fed long yearlings, $14.15 heifers, $13; other killing classes, steady: grass cows more active at [email protected]; En fed cows up to $9.50; cutters, $4. [email protected]; weighty sausage bulls up to $7.15; most vealers, [email protected]. Sheep—Receipts, 6000, directs; fat spring lambs and yearlings, slow, steady to 25 cents lower; most yearlings showing 15 to 25 cents decline; ple good to choice native spring lambs, $11.7 @12; extreme top. $12.25 to small Killers good to choice Tearlings, $9.60; sheep,

seady; ewes, $2.50@ FT. W 23. He Malet,

NE, June 5 cents higher; 225-250 lbs., $11. 70; 250-27 5

1bs., 311.0; 200-225 Ibs.

9 75; stags, $8.50. Calves,

$10. Lambs, $11

RAILROAD BUILDS MODERNIZED CARS

By United Press NEW YORK, June 22.—Pennsylvania Railroad is bringing out of its Altoona works 100 modernized passenger cars, consisting of 60 coaches, 8 combined passenger-bag-gage cars, 30 dining cars and 2 cafe coaches, it was learned here today. It is planned to have the new cars ready and in service by end of this month.

WOOL TRADE LESS ACTIVE By United Press BOSTON, June 22.—Trade in wool was not quite as active as during the previous week, but prices were inclined firmer on fleece and mostly steady on Western grown wools, the U. S. Agriculture Department reported.

Aluminum POSTURE

CHAIRS

Employee Comfort is good business!

1 1935

including 4300

"feathered: and

New York Bonds

By United Press

BOND PRICE INDEXES 20 20 20 Ind. -Ralils. Util. .. 90.90 792.8 100.6 90.9 93.7 100.6 Month ago ... 91.7 95.0 101.6 Year ago .... 90.7 93.4 105.5 Two years ago 87.7 81.4 _ 99.3 1937 high eee 95.0 101.2 106.0 1937 low ...... 90.8 ‘92.8 100.6 1936 high .... 94.8 100.4 106.2 1936 low ..... 90.0 84.7 7103.5 high .... 914 86.4 103.6 93.1 1935 low 83.6 71.0 89.3 83.0 (Copyright, 1937, Standard Statistics. Co.)

U. S. GOVERNMENT BONDS Treasury Bonds

60 Bonds 94.7 95.1 96.1 96.5 89.5 100.7 95.0 100.2 93.3

Yesterday ... Week ago ....

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Bid Asked 100%

cevees 100% ceases 101% 02

cesses

10 10234 1091; . 10112 ot . 10234 Yas May . 10112 ins Nov. 1928- 38 . . 104

Home Ovntts Loan Bonds 2Vss 1944-42 99.26 DOMESTIC BONDS |

Ahitibi 3 53 (M) ATT deb 52s 43 3 At TSF gen 4s 95 11035 Atl Coast L 4las 88.5 911; B & O 425 60 vs 703 Bu R&P con 4'25 57. Can Pac deb 4s perp. Cent Ill El 5s 51 Ches & Oh 3las 96 . Chi East Ill Bs Dies: ChMStP&P

. 981; Col Ge 5s 52 Nev 10015 Cons Oil 32s 51.......100% ‘eves 721,

Ti Bell Tel ois 20: Int Hy Bl 6s 44... ...... 23% Int T&T cv 4's 39..... Kresge Fou 4s 45...

Australia 5s 55 Sea Brazil 6125 26-57 Canada 3!4s 61 ... Chile 6s 60 German Ts Japan 6!2s 54 ...

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(By W. L. Lyons & Cp.)

Bid Assd. Tel 4! 2 * cesses 10412 Atl a 31s 6 . 97% B&O 412s 39 con “ees 977 BF any Sons 58 47...e000v. 89 Calif Oro Pwr 4125 66....004.. 93 Celotex 4!>s 47. ae Cent Maine Pwr 4s ‘80. Cent Maine Pwr 2s 6 66 Cinti G&E 3!2s 66.

Ask 105%

DER

5s Houston Lt & Pwr 34s 66.. Indpls Water 3'>5 66 Kansas P&L 4!2s 65. sees+108 Koppers Co 4s 51...... veeees 10134 Los Angeles Rev 314s 2 Louisville G&E 312s 66.. Metro Ed 4s 65 Narra Free *30os "66 N'Y City 3s t77 N Y State Elec Gas 4s 25. Nonnern State P 3l2s 61. Okla G&E

6 Okla G&E Toe 334s 66. . Pas Lighting 412s 45 Safeway Stores 4s 49..

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BANK STOCKS

(By Blyth & Co., Inc.) June 22.

* Bid savesssneanans 00% *Central Hanover ...........:120%; Chase National . oe 49 Chemical Bank & Trust <..... 64 *Guaranty Trust 322 *Irving Trust . *Manufacturers Trust .ec..... National City 423%; Continental III Natl, Chicago. 128 *PFirst National, Boston 4853 Boston .. fi

*Bankers Trust

“National Shawmut, National City. Cleveland FIRE INSURANCE *Aetna Fire « City of New York . Federal Pranklin Great Jmstican *Hano Hartford

Nomoned Fire cecesceceesceness 64 North River PhOGNIX so vsevasssansiesesnsens Us Fire ..... Westchester

CASUALTY COMPANIES |

Continental Casualt 26 Vy Mass Bonding. & Insurance. - 59% *Ex dividend

BROKERS OPINION NEW YORK, June 22.—Brokerage opinion today: E. A. PIERCE & CO.—It appears no general market advance can be expected until after either a pro-

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tracted period, during which it is}

shown that the strike induced waves of - nervous selling have definitely run their course, or until some new factor appears which might indicate early termination of the‘ present controversial labor situation. REDMOND & CO.—Barring further unsettling news we anticipate a rally starting some time this summer which might recover from a third to two-thirds of the ground lost. : LAMBORN, HUTCHINGS & CO. —Although the near term outlook is not favorable we strongly suggest traders and investors have their minds pretty well made up what stocks they want, and, when periods of weakness develop, begin picking up these stocks on scale down. SHIELDS & CO.—There is nothix ing scheduled . to induce ‘renewed buying for the pull so that no change. in the trading character of the market appears in prospect.

LOCAL PRODUCE

fhe prices quoted are nald for stock gathered in the country while for deliveries in Jndjanapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.) Eggs—No. 1 strictly fresh. loss off, 15c 02. 5 Ibs..and over, 12c; Heavy breed broilers, lbs. and over, 16c. Leghorn broilers, 1937 stock, 2 1bs. and ‘over, l4c. eback broilers, 1937 stock, 2: lbs. and over, 12c. d roosters, Sc. Aucks, fullfat. 5 lbs. over, 6c. Seess, full-feathered and tat, 5 to 14 lbs.

Butter—Creamery, 34'2@35'%

Heavy breed hens, Leghorn hens, 8c. 1937 stock, 2

PROFIT-TAKING REDUCES SHARP GAINS IN WHEAT

Five-Cent Rises in Other Markets Induce Big Activity.

By United Press CHICAGO, June 23.—Profit-tak= ing cut down the sharp gains in" wheat on the Chicago Board of Trade today which followed the three to 5-cent bulges at Kansas City and Minneapolis.

At the end of the first hour wheat was li to % cent higher, corn was 's to 3% cent lower, and oats were '%s cent to 5% cent lower. There "was great activity in the wheat pit of the board as bulges in outside markets attracted buying here. A wave of profit- -taking that followed each bulge, however. kept the gains from increasing more than a ‘few fractions, after early losses were recovered. Winnipeg failed to follow the reaction of other North American markets and declined in profit-taking. Further reports of rust damage in Kansas and North Dakota gave strength to the oullish movement. Wheat receipts were 44 cars. : Corn recorded small gains in syme pathy with wheat, but raids by profit-takers caused a sharp reac lion carrying prices.below the previous - close. Generally favorable corn conditions and generally favor able foreign competition have more than offset factors which strengthened wheat. Corn receipts were 27 cars.

‘WAGON WHEAT

City grain elevators are paving $1. 12 for No. 1 red wheat, other grades on their merits. Cash corn new No. 2 yellow, $1.13.

Oats, 33c. Hay—No. 1 timothy, [email protected].

ARGENTINE GRAIN

BUENOS AIRES. June 22.—Grain futures opened steady. Wheat—July. $1.137, unganged; August. $§1.1214, unchanged. Corr ih uly, 52 unchanged: August, 52%sc Shchanges Or aa 28¢, Snchanged lax—July, $1.29, unchanged; August, $1.2 unchanged.

WINNIPEG WHEAT Open Chang: sees 31.2434

«..s 1.18 . 1.153%

LIVERPOOL WHEAT

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CHICAGO PRODUCE

v CHICAGO, June 2 Eggs— Market, firm; receipts, fresh grade firsts, 19l4c; extra firsts, 20c, cur= rent reecipts, 19c; dirteis, 18¢c; checks. 17¢; storage-pac cked firsts, 2ic: strage- Shy extras, 21%; Bar hark, 17,~ 517 tubs: extra firsts (90-91!> score), 29@ 39v2c; extra 92 score), 30c: firsts. 27@ 3012 @

136s

2.— Produce: 17,744 cases;

unsettled: receipts,

28'4c; seconds, 23(i25c; standards, 3lc; centralized (86 sccre), 28%; centrale ized (88 score), 2Wljc. Poultry— Market, steady; receipts. 54 trucks; ducks, 9@i12'zc; geese, 13@17%c: hens, 13@172c; broilers, 154i 17¢; Leghorn hens, 104 12¢; turkeys, 13@15¢c; old ro0ste ers, 12a 13¢c; fryers (including barebacks), 16@19c; spring chickens, 17@23c¢. Cheese—Twins, 1533@ 16¢c; daisies, 164@ 1615c; longhorns, 16%: 1614¢ Potatoes—Supplies, Ata: demand, slow; market, steady to weak: California White Rose, 81.55 1.85; U. S. Commercials, $1451.50: U. 5. No. 2, [email protected]; North Carolina Cobblers, $1.50: Arkansas Bliss Triumphs, 81. 5041.60; Oklahoma Rii%s Triumphs, $1.47!'>; Louisiana Bliss Trium bs, 51.40@ 1, I; Alabama Bliss Triumbohs, 5t40 Mississippi Bliss Triumphs, $1.59; Spade

Bells North Carlina Cobblers, $2.20. Arrivals, 96; on traek, 317; shipments, 701,

MONEY MARKET

NEW YQRK. June 21.—Money rates were unchangg€d today ‘Bankers Acceptances -— 30 S878, 1,@ 7-167; 60 and 90 days, 9-18@ 120 } 35@8-16%: 150 and 180 ar Ya@ .

“8 Commercial Pa Time Monev—6 150 and 180 days, 12% Rediscount rate at New York. 1%

AIRCRAFT SALES INCREASE IN MAY

By United Press © NEW. YORK, June -22.—Aircraft and engine sales in May rose 42.3 per cent over the corresponding 1936 period to the best total for the month on record, according to a report by the Aeronautical Chamber of Commerce today. Deliveries aggregated $8,960,731, against $8,908,079 in April and $6, 296,670 in May, 1936. an For the first 5 months ths yéar total deliveries were $39,908,602, compared with $25,175,475 in the corresponding period of 1936, a gain of 56.6 per cent, and more than 50 per cent in excess of the total for the first- 5 months of the previous peas year, 1929.

SEVEN FROM CITY AT OPTIMIST MEETING

Seven Indianapolis men were in Cincinnati today for the opening of the 19th annual convention of the Optimist International. Local delegates are doe Argus, George O. Browne, Richard- H. Dye, Gordon Mess, Ernest Field, E. Le. Gray and Dr. J. E. Holman.

ger—Prune names, 1%. 14%: iki

0 days.

ON SAVINGS

No 2. 32@32%¢. Bittertat—No. § 1, 30c: No.

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Indianapolis Bond and Share Corp.

ST MARKET SIREEY

States Government,