Indianapolis Times, Indianapolis, Marion County, 28 June 1937 — Page 13

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MONDAY, JUNE 28, 1937 Re

COMPLETE

N. Y. EXCHANGE

STOCKS w

The Times

THE INDIANAPOLIS TIMES

inancial and Market Page

COMPLETE LOCAL

= LIVESTOCK

~ STOCKS DROP AGAIN “AS RAIL WEAKNESS DOMINATES BOARD

® 2 # 8

Steel Rise Reversed; Few Advances Recorded.

By United Press NEW YORK, June 28. — Stocks dropped 1 to more] than 2 points in the late morning dealings today after showing early firmness. Railroad issues led the downturn with sevreal at new lows. A rising movement in steels was reversed. Motors weakened under the lead of Chrysler. The drop spread to all sections of the market and around noon very few issues registered advances.

New Lows were made by New 2

York Central at 351s, off 12; Southern Pacific 41%, off 13s; Pennsylvania 34%, off 13%; Union Pacific 123, off 1; Barnsdall 232, off 14; Chrysler 97, off 23%; Paramount first

Pa preferred 122, off 8, and Twentieth

Century Fox 31%, off 13%. American Telephone equaled its low for the year at 1601s, off 15s. Several issues lost 2 points or more, including Douglas Aircraft, Johns Manville and International Paper preferred. U. S. Steel declined more than 2 points from its high of 98% and Bethlehem fell from 84 to 811:, the latter off 3. Rubbers were down a point or so.

FIRST HOUR

The opening was dull but firm, steel and rail issues leading a higher movement. U. S.’ steel opened 1000 shares at 9814, up 114. Republic also

in a 1000-share block at 357, up 7s, |

and Bethlehem at 84, up 1%. In the rail division Atchison, Topeka & Santa Fe opened at 751: and then rose to 76, up one point.- Pennsylvania opened at 357, unchanged. New York Central at 3614, up 3% and Southern Pacific at 43's, up %. Chrysler sold at 993, up 's and General Motors at 503, up 3%. Other sections were steady to firm. An easier tone then developed in steels and ~ most of the gains were scaled. U. S. Steel sold at 973%. Rails turned down, Pennsylvania dipping to a new low at 35. Sales approximated 110,000 shares, compared with 130,000 in the first hour Friday. Dow-Jones averages— Industrial 168.57, up 0.12; railroads, up 0.09; utility 26.08, up 0.02.

SECOND HOUR

Trading turned more activé and losses were extended in all divisions but gold mining shares which rose against the trend. U. S. Steel slumped to 993, off 13s. Youngstown Sheet to 79, off 1, and Bethlehem to 812, off “i. Southern Pacific dropped to 411%, off 1%. New York Central to 357s, off 2 and Pennsylvania to 34!4, off 1%. All new lows. Case lost 5 points to 158. Chrysler fell to a new low at 97, off 3, and General Motors lost 12 point to 4914, Coppers had losses of more than a point_and oils and utilities . were down fractionally. Homestake reached a new high at 5034, up 1% and Dome was up 14 to 413. Sales approximated 220,000 shares against 210,000 shares Friday. Dow-Jones averages: industrial 167.42, off 1.03; rail 50.50, off 0.56; utility 25.67, off 0.39. s = ”

Today's Business At a Glance

CORPORATION NEWS Atlantic Coast Line R. R. Co., May net operating income $333, 224 vs. $67,312 in May year ago; 5 months net operating income $3,777,941 vs. $2,119,313 in like 1936 period. Baltimore & Ohio R. R. Co., May net operating income $2,255, 521 vs. - $2,472,966 year ago; 5 months net operating income $11,744, 242 vs. $9,636,365 in like period year ago. Canadian Converters Co. Ltd. fiscal year ended April 30 net profit, $1237 equal to 7 cents a share vs. $3377 or 19 cents in preceding year. Eastern Utilities Associates, 12 months ended May 31 net income $1,966,966 before undistributed profits surtax vs. $1,846,528 in pres ceding 12 months. Minnesota Power & Light Co., 12 months ended May 31 net. income $1,287,451 vs. $1,160, 206 in like period year ago. New York, New Haven & Hartford R. R. Co. net May operating income $161, 441 vs. $421,495 year ago; 5 months net operating income $3,274,406 vs. $1,610,818 year ago. Pennsylvania Power & Light Co., 12 months ended May 31 net income $7,941,885 vs. $8, 251,637 in like period year ago. ‘Public Service Co. of Northern Tilinois, May net income $39,132 vs. adjusted net income $255,060 in May 1936; 5 months net income $2,326,822 Ss. adjusted net income $1,660,289 last year. Utah Power & Light Co. and subsidiaries, 12 months ended May 31 net. income $1,665,992 vs. $981,352 in like period year ago. Western Maryland R. R. Co., May net operating income $315, 824 VS. $298,039 year ago; 5 months net operating income $2,175,425 vs. $1,794,087 in like period year ago. Atchison Topeka & Santa Fe R. R. Co, May net operating income $42,501 vs. net operating deficit of $139,487 in May year ago; 5 months net operating income $5,171,627 vs. net operating income $1,947,531 last year.

Austin Nichols & Co. Inc, and subsidiaries, fiscal year ended April 30 net profit after federal taxes $174,078 vs. $89,704 in year ended April 30, 1936.

MARKETS AT A GLANCE

By United Press Stocks lower under lead of rails. ~ Bonds lower; Governments ‘lower. Curb stocks irregularly lower in quiet trading. Chicago stocks irregularly lower. Call money 1 per cent. Foreign exchange irregular. Cotton futures steady. Grain futures irregular; Chicago wheat off 1/4 to 1!4 cents a bushel. Rubber futures lower. Silver in New York at 443; cents a fine ounce, unchanged.

Curb Deans

Aero Sup B Alum Co Am Barium Stl .... Can Marconi . Copier Corp . Col O&G

Con Cop Mns. ... Creole Pet Eagle Picher

Iron Fireman Lion Oil cise Lockheed Air .

Tt & PWr A........ 53

Chicago Stocks

Gen Financ v2 Lion Oil Ref a2 Marshall Field 233; Miller & Hart pf 3 s 35s Pub Sve I Ill (no par). 70 ing 41 41 3012 312

vs. $1,693,978 in like period year ago. Kansas City Power Co. 12 months ended May 31 net income $4,667,049 or $8.43 a common share vs. $4,113,831 or $7.38 in preceding 12 months. Memphis Power & Light Co., 12 months ended May 31 net income $1,443,461 after taxes and charges vs. $1,216,572 in like period year ago. Montana Power Co., and subsidiaries 12 months ended May 31 net income $3,858,434 after taxes vs. $2,770,656 in 12 months ended May 31, 1936. National Power & Light Co. 12 months ended May 31 consolidated net income $7,849,047 or $1.13 a common share vs. $6,481,346 or 88 cents a common share in preceding 12 months; 3 months ended May 31 net income $2,216,672 or 33 cents a common share vs. $1,777,061 or 25 cents in 3 months ended May 31, 1936. New York Central R R. Co. net operating income $3,956,380 vs. $3,280,984 in May 1936; 5 months net operating income $21,345,947 vs. $15,448,559 in like period year ago. New York, New Haven & Hartford R. R. Co, May let loss $770,043 after taxes and charges but before guarantees on separately operated properties vs. net loss $614,951 in May 1936; 5 months net loss $1558,708 vs. $3,813916 in like period year ago. Pacific Telephone & Telegraph Co., and subsidiaries 12 months ended April 30 net income $21,161,283 or $8.99 a common share; in year ended Dec. 31, 1936 net income $20,240,020 or $8.49 a common share.

Pittsburgh & Lake Erie R. R. Co., May net operating income $558,097 vs. $506,836 in like period year ago; -5 months net operating income $2,000,520 vs. $1,686,217 in like period year ago. Rutland R. R. Co., May net operating income $26,557 vs. $24,631 in May year ago; 5 months net operating income $34,536 vs. net operating deficit $54,524 in like period year ago. Western R. R. Co,, May net income $65.358 after taxes vs. $38,328 in May year. ago; 3 months net income $898,071 vs. $500,897 year ago.

DIVIDENDS

Canadian Bronze Co. regular quarterly 372 cents a common share payable August 2 record July 20. Niagara Share Corp. 15 cents on class “B” common payable July 26 record July 2 vs. 10 cents July 15, 1936, and. 50 cents Dec. 18, 1936. Public Service Corp. of Northern 1llinois, regular quarterly 75 cents a common share payable August 2 record July 15. Southern Canada Power Co. regular quarterly 20 cents a common share payable August 16 record July 31. American Meter Co., 75 cents payable July 15 record June 30 vs. like amount on April 15. Niagara Share Corp. of Maryland, J per cent dividend equal to 15 cents a Class “B” common share, payable July 26 record July 2 vs. 10 cents on July 15 and 50 cents on Dec. 18. Oliver United Filters, Inc., reguiar quarterly 50 cents Class “A” stock

MecCror McKess. & R.

By United Press

Net Low Close Change Be i 3%

Sorden’ -....... 9 2234 Boeing Air Rts. 17% 17% 3utler Bros ... 1 133% Butte Cop Se 5

Calumet & H... 13% Cent Foundry .. 7 Ches & Ohio... 52 Ghist tP&P .... 7 17% Ch&Nw 3, 34 Chrysler 9 9934 City Stores .... 634 Cluett Peab ... ¢ 2412 Colum Gas .... 11% Cluett_Peab rt. ; C In Tr . 6514

133s 2% 5

+1 Ebb be F400 +

Corn Prod Ci

Curtiss-Wr

DL & 15 15 Dome Mines ... 4053 40% we [wee East R Mill.... 10%s 10's East Kodak .... / Eaton Mfg .... Elec P-& L.... Equit Bldg .... Erie 1 pf ..... Fed Wat S A..

Gen Gen Gen Gen

Am In .... Cable .... Elec 52 G & E (A) Gen Motors . Gen Theater Eq Gimbel Bros .. Goodrich 38 Goody 3 Gt North vf... Gt Nor Ore .... Hershey Borie new Houston Oil Howe Sound .. Hudson Mot ..

I+: +:

: 1++11+ t: : SER a Re

Ill Central .... a Insp Cop ...... 23 Inter RT . Int Harv Int Mining .... Int T&T

+1:

5658 20's

Kennecott ... Kroger G & B.

201s

Leh V Coal .... L-O-F Glass .. Loft, Inc Lone Star Cem

+: +

Macy R H Mengel Mid oni. Pet . Midland Stl ... Minn-Moline Mo-K Tex .....

+4 +:

Mullins Mfg B.

Nash-Kelv Nat Aviation .. Nat Discus, Dairy “a Nat P & G ‘Lt . Nat Steel Nat Supply .... Nat Gypsum .. N Y Central .. NYO&W... No Amer No Am Avn ... 1 No Pacific Norwalk T ....

+H I++ HEH

18a

90 33s

- +

Oliver F Eq Rts

Pac G & El ... 2933 293% 293, Pacific Ltg .... 4 42 42 Packard 9 87 878

BROKERS’ OPINION

By United Press NEW YORK, June 28.—Brokerage opinion today:. E. A. PIERCE & CO.—It appears that the general market may continue under the influence of liquidation in the rail sector which appears likely to carry over into the early sessions of next week.

HORNBLOWER & WEEKS—We continue to believe that stocks are in a buying range, and that a change for the better will be witnessed within a reasonably short period of time.

SHIELDS & CO.—The extent of trade decline over :the July 4th holiday period and the manner in which business recovers therefrom will be the first real cue as to what to expect in the way of last half year trade activity. LAMBORN, HUTCHINGS & CO. —We would feel far more comfortable concerning a market position if good buying comes in eon any active price concessions that may develop over the reasonably near term. - REDMOND & ©0.—We anticipate a sharp change for the better in monthly earnings statements beginning with July if the wave of strikes is curtailed. Meanwhile, a reawakening of speculative enthusiasm toward railroad equities depends on a satisfactory conclusion of the current wage conferences and some decision being handed down by the I. C. C. on the proposed freight rate increase.

MONEY MARKET

NEW YORK. June 26.—Money rates remained unchanged today: nker’s Ascsylances — 2 days, l2@ Y days. @17-16%; 120 2%: 050 and 0 days, %s@

Commercial Pager PLme names, 1%. Time Money—60 and 90 days. 1Y19% Tos 120, 150 and 180 davs. Ti Rediscount rate at New York, 1%

For Final Stock Quotations See Later Editions of The Indianapolis Times

payable Aug. 1 record July 20. (Copyright, 1937, by United Press)

100): Friday Week ago Month ago

...144.75| Year ago

mdex:

Today $1.3034 1.24% 95% 49%

Commodity— Wheat, No. 2 red (bu.) ..ecece. Corn. No. 2 vellow (bu.) seecees Rye, No. 2 (bu.) Oats. No. 2 white (bu.) .. Flour. spg. pat. (196-lb. sk.).. Lard, prime steam spt. (b.) .. Coffee. Rio 7s spt. (Ib) ....cee Sugar. w 96 test (lb.) . Bu err 92 score (Ib.) .

cssesesnee

Carolina Power & a go, 12

..141.12|1937 high (April 5). «ve....holiday|1937 low (June 21).

Following are the commodity prices used in compiling the

Commodity—

Hides. native hvy. Wool. fine unw.

Silk. .158.26 .. 141.12 Copper. electrolytic Lead spot (Ib.

Zine. spot (lb.)

Week Ago $1.2234 1.13 91% 49% 7.125 1133 09% | . 0845 30%

Year Ago $ .983 .68 6814 344 6.75 __ +1050 068% 0875 3136 1045

Silver Comm) bars Steel.

Coke. Connelsville Cement.

Douglas tir. rough

'DOW-JONES STOCK AVERAGES

30 INDUSTRIALS

—1.14 —0.62

Saturday Week ago Month ago—Closed. Year ago 7. High, 193%, 194.40; low, 165.51. High, 1936, 184.90; low, 143.11.

20 RAILROADS

—0.45

Saturday

Month ago—Closed. Year ago High, 1937. High, 1936,

64.46; low, 52.37. 59.89; low, 40.66. ; 20 UTILITIES Saturday ....cceceevcecnennen 26.06 Week ago Mont® ago—Closed. Year ago High, 1937, 37.54; low, 25.98. High, 1936, 36.08; low, 28.63. 70 STOCKS

Saturday Week ago Month ago—Closed. Year ago High, 1937, 69.67: low, 58.48. High, 1936, 66.38: low, 51.20.

Last Net Ch.

ae 18 Va Paramt Pict 31% Bn

852 Ya 6 A aies 35% Vas 1634 Ya 44Y, Ya 40%; Ja Ya tuk 86 3 2, Vg 3834 Va 8 case

n Penn b Cem .. Penn :

L5% 35%8 23%

5% 357s

Reo Mot Republic Stl ... 23%

Reyn

Safeway. 317s Seab Air L .... Servel Inc Shell Un Oil ...

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 Bid, L100 .103%2

Kokomo Water Works 5s . Kuhner Packing Co 4%zs 8 a Morris 5 & 10 Stores 5s 50...1 Muncie Water Works 5s 65... Noblesville HL & P 4 Ohio Tel Serv wis a Richmond W 57 Seymour Water hf 5s 49 T H Trac & L 5s 44 T H Water Works 5s 56 T H Water Works 6s 49 Trac Term Co 5s 57 STOCKS

xBelt Railroad & St Yds cum. xBelt Railroad & St Yds pid. . Cent Ind BN pf Ts xHook Drug xInd & Mich Hee Co pfd Ts.. Ind Gas Co cum dh firaro Eee Co 78 Xin ro ec 0 , | Xindpls Pur & Lt Co pfd 6s. xIndpls Pwr & Lt Co Li 61s. xIndpls Water Co pfd 5s 1 3 Lmcaln Natl Lin Ins Co com. Ind Pub Serv pf Ts N ind Pub Serv Co pia 6s.. N Ind Pub Serv pfd 5% P R Mallory Co com Gavi. Progress Laundry Co Pub Serv Co of Ind 6s Pub Serv Co of Ind Ts Smith. 4isop pfd mi sop com Rf Haute xe Co 6s Union Title Co com .....ce0.. Van Camp Milk Co pid. van Camp Milk Co com xXEx-Dividend.

P. Crist ® Oo)

(By M. Market St. Investing Corp.... 32.55

LOCAL PRODUCE

he prices quoted are paid for stock Saat in toe country while for deliveries in Indianapolis the prices are 1 cent higher. Each foil case of eggs must weigh 55 pounds gros Eggs—No. 15¢

doz Leavy breed hens, 5 lbs. and over, 13c; Leghorn hens, 9c. Heavy breed broilers, 1937 stock. 2 lbs. and over 15c. Leghorn 1937 stock, 2 lbs. and over, 12c. 1937 stock 2 lbs.

1 Strictly fresh loss off.

broilers, Bareback broilers, over, 12s. ol Foss, 9c. Ducks, feathered an a s and over, 6c. Geese, full-feathered and fat, 9 to 14 lbs. 5c.

Butter—Creamery. No 1, ek ded No. 2, 31@31%c. Butterfat—No. 1. 29c; No. 2, 27c.

WEATHER SPEEDS CANADIAN CROPS

Times Special : : NEW YORK, June 28.—Hot weather in the Canadian prairies has caused rapid growth of grain crops in regions where moisture reserves are adequate but there are large areas in which rain is urgently needed, the current crop report of the Bank of Montreal said today. “The lack of adequate rainfall to date,” it was explained, “has resulted in deterioration of crops in central and west central Saskatchewan and over a large part of Alberta. Crops in southern Saskatchewan are poor. Some insect damage is reported.”

CIGARET TAXES ADVANCE IN 1936

NEW YORK, June 28—Cigaret taxes in 1936 rose to the substantial total of $425,000,000, exclusive of state taxes, and represented 13 per cent of all Federal tax collections in that year, the Twentieth Century Fund said, publishing the findings of a two-year tax study. In addition, the report said, 20 states have taxes ranging from 13 to 5 cents a package, bringing them in an annual revenue of around $75,000,000.

U. S. STATEMENT

WASHINGTON, June 28.—Government ex Spenses and receipts for the current fisyear through June 25, _ with a year ago:

This t Yea Expenses $8,005, 406, 430. 61 ss. 765. Bor. 665. 61 foioinls .. 5,235,247.512.84 072,476,560 0.38 0 3770.1 . 489 325,105.2 6,992.84 3,017, 927.4: 2. 3 835,634.92 5 59 98

X 2.56 Tare 187, 38. 16

Lambs. avg. most sales (lb.) . steers (1b.).. comb. Cotton. Midupland (lb.) 13-15 deniers Jap (b.)... Rubber. spt. smk. rib (Ib.) ....

scrap Chicago (ton) ... Pig iron. (ron Age comp. (ton) dom. Portland (bbl.) Yellow pine, 6-in base (m. ft.)

ay’s Purc. tal Pu Inact. Gold py 653, 625.14 or 087, 815,625.28

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW YORK, June 28.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average equals

Week Ago $ .1150 A357 401% 1256 1.88 1953 . 14 060212 066212 S514 443

Year Ago $ .1115 A134 35% 1243 1.67 .16 1-16 091% .0460 .0490 40% 443% 13.00 18.84 3.65 2.55 50.00

Today $ .1200 A5% (b.).. 41 234 1.90% .1956 14 06021% 066214

(b:) ceesee $9.9909909999 (02.) <eoeee

(ton)

(tm. ft.)

Gasoline. tank wagon (zal.) .. Crude Oil. 40 gravity (bbl) ..

Source of Quotes—Chicago. Grains.

1, | the American Bankers’

LATEST NEW YORK STOCKS

High. Spiegel .Inc .... 21%, 2 Std Brands .... 12 1 tan O Cal ... 40%, 401% tan Oil N J . 66% 66% tew-War 17134 19%,

Low. Last. a AY; 12

tone & Web .. Studebaker .... 127 Superior O ... Vz

191; 12 i

Transamerica . 20th Cent-Fox .

COND hs 0) Nt SR ps

+02 ON DOF

FE 4

U S Steel

Walgreen Warner Bros ... Warren Br West Union .... White Mot Woolworth .

+d ++

. 44% 3 44 % Yr 231;

Yellow Tr 23%,

CYCLES NAMED

Col. L. P. Ayres Addresses The Rutgers University ‘Graduate School.

By United Press NEW BRUNSWICK, N. J. June 28.—The worst enemy of banking in this country always has been the business cycle, Col. Leonard P. Ayres, Cleveland Trust Company vice president and chairman of the economic policy commission of Association, said in an address at Rutgers’ University Graduate School of Banking. “With almost clocklike regularity,” he said, “Banking has been hard hit in business depressions at intervals of about 20 years ever since this country has been in existence.” ; Col. Ayres last night told a group of 600 bank executives who attend the school that bankers have always made loans in periods of prosperity that turned out to be more or less uncollectable in the following periods of depression.

Available for Study

While there is no one yet who can write a simple and valid book entitled “The A. B. C. of the Business Cycle,” continuous financial records of previous cycles are now available for study, and those bankers who fail to utilize them will be at a distinct disadvantage in the new era of compeition which is ahead. Every serious depression in the past 100 years has given clear warning of its coming, long before the actual crisis arrived, Col. Ayres said. Declining bond and stock prices and stiffening interest rates in a period of prosperity are plain signs of trouble. In addition, wholesale prices advance during good times and then, shortly before the ensuing depression appears, they turn downward. When all these warnings occur together, they are in unfailing indication of serious difficulties in the near future. Not True Prosperity

These warnings are present now, he continued, but there probably will be no serious developments, because the country has not yet attained to a true. prosperity. Banking at the present time, Col. Ayres said, is characterized almost everywhere in this country by prudence, caution and conservatism, but there is the ever-present danger that returning prosperity will bring with it a return to the speculative evils that precipitated past depressions. “Our credit resources are adequate to finance a busingss boom, A real estate boom and a stock market boom simultaneously,” he concluded, “but if we yield to the temptation to do anything of that sort in the next few years we should be prepared to watch vigilantly for the appearance of the warning signals.”

STRUCTURAL STEEL ~ NEW ORDERS PARED

Times Special NEW YORK, June 28.—While production and shipments of 'structural steel were little changed last month from the the levels of the two preceding periods, the volume of new orders let continued to fall well below the high March aggregate, the American Institute of Steel Construction reported today. Shipments in May totaled 130,714 tons. The amount of new orders let fell to 118,842 tons, the lowest for this year since February's 101,710 total and compared with 148,152

ago.

IMPORTS UP SHARPLY

BUENOS AIRES, June 28.—May imports of Argentina increased 33 per cent over May of 1936, ‘official figures published today indicated. Imports in May totaled 108,442,346

with only 81,281,528 pesos ($27,150,000) in May last year.

COMMODITY INDEX DIPS

WASHINGTON, June 28.—The Bureau of Labor Statistics index of wholesale commodity prices dipped fractionally last week to a point 86.5 per cent of the 1926 average, it was reported today. A week ago the figure was 86.7 per cent.

FOREIGN EXCHANGE

NEW YORK, June 28.—Opening foreign

exchange irregular able Rates Net Change. Eng. (60-d bill rate) 4. 929 16 England : ound) .. 4.93 Canada (dollar) .. rance (franc) " Italy (lire) ........ lgium trelga) rs Germany ark) rR Uiranc) Holland {guilder) . .

Spain (peseta) eden (k

BANKS’ ENEMY

tons in April and 147,261 tons a year | down.

CHI pesos ($36,130,000), which compares 3

[HOGS MAINTAIN i) STEADY PRICES ‘| IN LOCAL TRADE

Vealers Drop 50 Cents to Dollar as Lambs Remain Steady.

outlet sustained hog prices on a steady level, according to the Bureau of Agricultural Economics, United States Department of Agriculture. Top held at $12.10 for choice 210 to 225-pound butchers. Packing sows bulked at $9.85 to $10.50, top on lightweights was $10.95.

An excessive run of grass stock of all classes, with a sizeable proportion of cows slowed down trading throughout the yards. A load of 970-pound grass steers made $10.65 with other sales downward, 750-pound yearlings went for $12.75. Vealer prices took a sharp turn downward from 50 cents to $1 this morning, with good to choice grades getting the maximum loss. Mediums went mostly from $8 to $9 and common kinds ranging from $6 to $7.50 : Spring lambs sold from steady to 25 cents lower. Good to choice cashed generally from $11 to $11.50 with mediums at $9 to $10. Slaughter ewes held steady at $3.50 down.

Top

Receipts $11.65 1000

Biz0s 11. 90@12. 10 Light Lights— (140-160) Good and Medium

Lightwet hts— 160-180) Soo and

$19. [email protected] [email protected]

12.00 211.75 05

choice.

ahioics. 31). Soe

Medium Wena (200-220) Good (220-250) Good Heavvweights— (250-290) Good (290-350) Good

choice. .

choice. . choice. .

(275- ms Medium

BI ig (100-140) Good and choice.. Medium

—Receipts, T5— (550-900) Choice Good

M (900-1100) G

Pht pk bd pt

C (1100-1300) Good

WD OWN JOW IO QDINUD ND OND CUOoPO Cc uUIooUUILY

w 993 HID 6990S QUMOUIIUO NOCD

Prt i CO) €O) pt pn CO 1 £0 oe DIDI ID NOD

hd pt

Heifers

Cholce Good

(500-750)

Co! Sood ond choice. .

(750-900) ommon, medium.

Good and choice Mediu Low a tor and cutter Bulls, goo Cutter, com. Vealers -Receipts, Good and choice .. Medium Cull and common Calves

Ste So- 0-500) Good and choice..$ [email protected] Common, medium 6.00@ 8.50 Feeder and Stocker Cattle : (500-800) Sood and choice. . mon, medium 6. (800-1050) - oo and choice.. 7. Common, medium 6. Heifers— : Good and choice Common and medium SHEEP AND LAMBS -—Receipts, 25— Sofjne Lambs Choi

09 0338 S39 S030

Reamy 90- 5r Good and choice. . Common, medium. By United Press CHICAGO, June 28. —Hogs—Receipts, 16,000, including 6500 directs. Market uneven; good and choice 180-1b. hogs down, steady, others weak to 10 cents lower; packing sows 10 to 15 cents off; heavies and big weight sows 25 cents off in instances; top $12; bulk good and choice 200-300-lb. averages, $1.65@ 11.95; 150-190 lbs. [email protected]; good’ '350- 450 1b. packing sows, $9.90@ 10:60. Cattle—Receipts, 17,000. Calves, 2500. Nearly one-third receipts comprised southwestern and native grassers; mostly stockers and slaghter she-stock; all such cattle 25 cents lower; very slow; other kinds 25 to 50 cents under last week’s best; grain fed steers and yearlings. steady; light heifers: and mixed yearlings fully steady; bulls steady to 25 cents lower; vealers, steady, fed steers early top, $15.25; yearlings, $14; heifer yearlings, $13; numerous loads steers, $12.75@14; fed heifer crop very small but excessive supply grass cattle here; outside weighty sausage bulls, $7.10; medium light grassy bulls off most; vealers, $9.50 down, few $10. Sheep—Receipts, 6000, including 3500 directs. Spring lambs opening slow; early sales natives fully 50 .cents lower than Friday, top $12, paid by small killers; most packers’ sales, $11.50 down; sheep steady; slaughter ewes, [email protected].

LAFAYETTE, June 28. —Hogs—Market. steady, same as Saturday. Calves—$1 lower; top, $9. Lambs, steady at $1.50

June 28. pans Market,

s 0 S.. ’ $9.90; roughs. . stags, $8.50.

$10; lambs, $11

FOOD PRICES

CAGO,

Calves,

June 28. — Apples—Willow

Sweet Potatoes—TenCarrots— Spinach— )65¢. Tomatoes—Texas, : : Cauliflower—California, rates, $2, Peas alifornia, hampers $1.25@ 1.85. . Celery—Michigan, flat crates —T5c@$1. Onions (50-1b. sacks)—Texas, yellows, 80@90c.

CURB SEA VALUES OFF Times Special NEW YORK, June 28.—Arrangements were completed today for transfer of a New York Curb Exchange membership at $19,800, the lowest price since March 15, 1935, when a seat sold for $12,000, and a reduction of $2200 from previuos

BEMIS LETTER

Illinois, bushel, Tugs 1 J5@3

TYPEWRITTEN LETTER: AUTOMATICALLY TYPED ADDRZISSING & MAILING MULTIGRAPHING STENCILS GUT MIMEOGRAPHING RULED FORMS UP TO 14°" X 20"

Light receipts and a good shipper | 4S

TWO NOTAM: 1!

N. Y. Bonds

By United Press BOND PRICE INDEXES

GH 99.6 100.

60 Bonds

Saturday Week ago Month ago Year ago Two 1937 high 1937 lo 1936 1936 1 1935 1935

(Copyright, 1937, Standard Statistics Co.)

U. 8. GOVERNMENT BONDS Treasury Bonds Low

: h 33as 1943-40 Ju 105. si 5.11 3%s 1943-41 Mar 106.6 $ 954-44 4Y%s 2Y2s 2%s 1 3s 2738

DOOD DDO DWN

33s May 19 as’ July 1946- 44 4s Nov 1957-37 .... 4s May 1958-38 414s May 1957-37 4%s Nov 1958-38

DOMESTIC

Col G&E 55.61 .... Cons Oil 3'%s 51 . Del&H ref 4s 43 . Erie ref 5s 75 Gt Nor 4s G 46 HudMan ref 5s 57 .... IntGtN 1st 6s A 52 IntT&T 5s 55 IntT&Tcv 42s 39 Jns&Lgh 4Ys 61 . . Mo. Pacific cv 5'2s 49. Nat D P 33%s 51 ww N Y Cent ref 5s 2013. Pa P&L 4'2s 81 Philippine R 4s Postal oh 5s 5 Rem Rd 4%s 56 So Pacific 42s 68 Wheel Stl 42s 66 Young S&T 4s 61 100 FOREIGN BONDS Argent 4!2s 71 1007 Brazil 828 g 20.37

1934

BUILDING PERILED BY RISING GOSTS

Ey United Press ~ NEW YORK, June 23—Rising costs of labor and material are stifling .the recovery of building construction upon which the entire business structure depends, L. Seth Schnitman, F. W. Dodge Corp. chief statistician, said in the current issue of “Printers’ Ink.” If this continually higher frend persists, he added, it will eventually lead to a buyers’ strike or a ‘“sitdown of capital.” Buildings will be constructed in large numbers only when costs are low enough to provide for a reasonable margin of gain, and when masses of people are convinced that they will lose by building they will delay or entirely abandon their ventures, he contended. » A certain amount of necessity construction always takes . place, the article said, but it is investment and the speculative risk which capital is willing to assume that give force and momentum to both the rise and fall of building volume. At a time when revival is really only just off to a good start, and high building activity is most needed to give solid support to the whole business structure, Mr. Schnitman pointed out, costs are rising inordinately. It is a problem that calls for all the states-

‘manship that can be marshalled

from Government, labor, industry and finance, and the crux of the problem, he added, is labor. Since the 1932 low point material costs have risen almost 40 per cent, while labor costs are now 50 per cent and more above the level prevailing at that time.

STEEL PRODUCTION ADVANCES LIGHTLY

By United Press CHICAGO, June 28. —The output of the Chicago steel area touched 63.5 per cent of capacity

last week, observers said. This is an increase of 2 point over the preceding week, according to approximate figures. Continuation of the steel strike has continued to hamper nationwide production and that of the Chicago area although orders were still coming in, experts said. The price of number one heavy melting steel scrap was still $16 per gross ton, and no takers during the past. week.

‘Wheat &rea.

INDIFFERENGE SPURS DROP IN WHEAT PRICES

New Indiana Grain Sells at .6-Cent Premium in Chicago. By United Press

CHICAGO, June 28.—Scattered selling and indifferent buying powen

depressed wheat prices today on the .

Chicago Board of Trade.

At the end of the first hour wheat was 1% to 11; cents lower, corn was % to 3 cent lower, and oats were 15 to % cent lower.

"A locgl operator was credited with the largest portion of today’s selle ing which was in spite of dryness in the question-marked Canadian Reports of rain in the domestic Northwest were a small bearish factor. A carload of new wheat, from southeast Indiana was received today and sold almost ime mediately at $1.2113, a 60-cent pres mium over September futures, Wheat receipts were 65 cars. Old crop corn resisted the de cline in wheat but prices sagged be= low the day’h highs. Small selling in July was noted in addition to more or less spreading between July and September. December corn ree mained comparatively weak. Corn receipts were 36 cars.

WAGON WHEAT City grain elevators are payin 1. No. 1 ted wheat. others Srades Sith ror merits. Cash corn, new Ni ellow, $1.15, Oats, 40c. Hay—No. 1 nls [email protected],

ARGENTINE GRAIN

BEUNOS AIRES, June 28.—Gr fi tures opened Jrregularly lower. 2a he July, $1205, a; August, $1.1834, ort a. Corn—Jtly, 53c, unchanged; August, So pga, Oe 30, une ax—July, %s, unchan August, $1.31%, unchanged. gel

WINNIPEG WHEAT Open, Change, «81.31% + 7 . senses 1125 + 13 OF faite reer i ie 1.26% + 1?

LIVERPOOL WHEAT ev,

ose. r BY $13 50% $1 5% si. ie 1.3235 1.307% 1.31% 1.3153 1.307% 1.30% 1.31%

CHICAGO PRODUCE

CHICAGO, June 28.—Eggs—Market, firms ieceipis, 20,778 cases. Fresh graded firsts, 19%c; extra firsts, 20c; current receipts, 19c; dirties, 18c: cheeks, 17c; storage packed extras, 21%c. Butter—Market steady! receipts, 20.584 tubs: extra firsts 80-91% @ 291%c; extras (92 So 30c: @28%¢; specials, 30%2@31c: gatit (89 score), 28%c; cent. (88 score), 27% Poultry — Market Steady; receipts, 28 s 121%c; geese D broilers. 16@ : leghorn hens, 2c; turkeys, 13 @15c; old roosters, 12@13c; fryers (includ= ing barebacks), 17@21c; spring chickens,

18@24¢ pace Twins, %a@16¢; 161% e]siat: Ens) Na Potatoes—Supplies light: NC inand slow: market steady io weak. California White Rose, $1.54@1. U. S. No. 2, [email protected]; Virginia FTN [email protected]; Missourt Cobblers, [email protected]; North Carolina Cob- , [email protected]. North Carolina Bliss Triumphs. sl4ial .50; Arkansas Bliss Tri= umphs, [email protected]: Oklahoma Bliss TriJabs. [email protected]; Oklahoma Coble $1.15: Louisiana Bliss Triumphs, $1.4 Mississippi Bliss Triumphs, $1.50@1. Sas Kansss Cobblers. $1.15. Arrivals, 191; on track. : shipments (Saturday), 579; (Sunclay), 68.

NEW BOND ISSUES (By W. L. Lyons & Co.)

Bid Asked Assd Tel 4s 66 104 105 Atl City 3%s 64 B & O 4%s 39 ar ame nisen B F Avery ‘sons ‘$5. 4% an Calif Oro Pwr 4s 6 Celotex 4'2s 47 Cent Hains Pwr 4s 60 3a Cent Maine Pwr 3s 66 ... Cinti G & E 31: bs 66 99 Cinti G & E 315s £7 C M O 23%s 42

Fla Power 5s 66 Houston Lt & Power 3'2s 66 100 Indp!s Water jus 66 812 Kansas P & L 4 Koppers Co 4s oL Los Angeles Rev 3l2s 7 Louisville s & E 312s 66 Metro Ed Narra Bec. ED 29 66 NYCity 3s 17 NYState Elec Gas 4s 65 Northern Histo 2 Ss 67 .... Okla G & E 4s Okla Gas & = Pac Lighting 2 Safeway Siotes 4s 49 Sou Kraft 4'as 56 Sou Bell Tel $s 62 Wist G % E 3l2s 66 . Wisc Pub Svs 4s 61

DF. SULLIVAN QUITS PURDUE FARM POST

LAFAYETTE, June 28 —Resignation. of Dr. J. T. Sullivan, associate chemist in the Department of Agriculture Chemistry at Purdue Unie versity experimental station, was announced today, effective June 30. Dr. Sullivan, former chairman of the Purdue section of the American Society of Plant Physiologists, has accepted a position with tha regional pasture laboratory of the United States Department of Agrie culture at Pennsylvania State College.

Saisies,

6% Celtic HOME

FEDERAL LOANS

I. Principal and Interest BOTH REDUCED

MONTHLY

2. and PRINCIPAL

Monthly Payments INCLUDE INTEREST

Monthly Payments INCLUDE TAXES and INSURANCE

NO Commissions.

6% Interest

Payments of $10.00 per nionth for each $1,000 borrowed, plus 1-12 of annual tax and insurance, PAYS YOUR MORTGAGE IN FULL IN 1 YEARS AND 7 MONTES.

It Will Pay You to Inpestigate Our Plan LOANS MADE IN MARION CO. ONLY

OUR

INSURED SAVINGS ACCOUNTS

ARE NOW EARNING 39% DIVIDENDS

Celtic Federal

SAVINGS & LOAN ASSOCIATION of Indianapolis

23 W. Ohio St.

Block West of Meridian.

PAGE 18 =

seconds, 2350: standards, 29% cy

FE aR