Indianapolis Times, Indianapolis, Marion County, 2 July 1937 — Page 25

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FRIDAY, JULY 2, 1087 _

sa) gi

PAGE 25

COMPLETE N. Y. EXCHANGE STOCKS

« = The Times Financial and Market Page = =:

COMPLETE LOCAL LIVESTOCK

U. S. STEEL DROPS FRACTIONAL POINT ON QUIET MARKET

Made by Second Grade Rails.

By United Press NEW YORK, July 2.—The stock market advanced irreg-

ularly today with trading at | the dullest pace in several |

weeks. Profit-taking developed in some industrial leaders including U. S. Steel which showed 2: loss at 99% and Bethlehem which had 4 loss | at 847%. Superior Steel gained 2% | to 32. Motors firmed after early nervousness, Chrysler showing 2: | advance at 96. Strength developed in utility shares as Peoples Gas went to 457% for 14 gain, Public Service to 39% for 4 gain and consolidated Edison to 34 for

railroad group. Wider losses included du Pout off 15 at 15115, at a new 1937 low of 26'inghouse off 174 at 140%.

Second-grade rails led an irregu- |

lar bond advance today, while U. 8 Government bonds were quiet and mixed. French Government

eign obligations. IRST HOUR

The market opened irregular and showed little change in the subsequent dull trading. U. S. Steel broke to a point loss and then came back half way at 99%. Bethlehem was a little lower. Chrysler mover nervously. Paramount continued to attract attention reaching 20': for 3 advance. New York Steam issues were strong, the 6 preferred gaining 10 points. Pure Oil continued active to show 4 gain at 19’:. Rails were easy, New York Central showing ? loss at 36. Volume approximated shares compared with 180,000 in the first hour yesterday. averages—Industrial, 169.73 off 0.40; railroad 51.48, unchanged; utility 26.74, up 0.24.

SECOND HOUR

[arket remained U. S. Steel at 99%

fairly was

The steady.

Jower while A was unchanged | | Aetna Fire

and General Motors off 4 at 49. Utilities were firm, Consolidated Edison showing 3: gain at 347,. American Smelting had 1'% gain at 86, but other metal issues were quiet. Du Pont droped to 2 points loss at 151. Rails continued mixed. Volume approximated shares with 130,000 shares in the second hour vesterday. Dow-Jones averages—Industrial, 170.25, up 0.12; railroad. 51.29, off 0.19; utility, 26.75, up 0.26.

at 95%

” ”

Today's Business At a Glance

”

trade this week 3 to 6 per cent over last week and 10 to 20 per cent over year ago: wholesale 12 to 25 per cent over year ago. Federal Reserve reports monetary gold stock $12.318.000,000, record high, up $43.000,000; 448,000.000. up $54,000,000: reserves $870,000.000, up $60.000.000; ratio 79.7 per cent vs and 7389 vear aro; loans to brokers and dealers $1.206.000.000, up $il,000,000 CORPORATION NEWS Remington Rand Inc. ended May 31, net profit, ve. $1.957,000 year ago. Central Hanover Bank & Trust Co, quar‘er ended June 30, earnings. $1.62 a share vs. $1.63 in March quarter and $1.51 in June quarter vear ago; six months earning, $3.25 a share vs. $3.01 vear ago. Pennsylvania Water & Power Co, five months ended May 31, net income after taxes, $1,010,073. Central Maine Power Co, months ended May 31 net income $1.808.541 vs. $1,367,294 vear ago. Eighth Avenue Coach Corp. May net income $38985 vs. $32620 in May, 1936 El Paso Electric Co, ended May 31 net $325.830 year ago. Endicott Johnson Corp. and sub. sidiaries, 12 months ended May 29 | net profit $1,563,910, equal to $3.11 a common share Engineers Public Service Co, months ended May 31 net income $3.215.573, equal to 42 cents a share

$3,295,000

12 montns

ve. $2,330,674 in preceding 12 months. | ended |

Fulton Trust Co., quarter une 30 earnings $3.43 a share vs. 13.02 in March quarter; first six nonths earnings $6.45 vs. $7.24 first alf of year. Madison Avenue Coach Co. ay net income $34,682 after ral taxes vs. $24407 in May 120. Packard Motor Car Co. June juarter total output 38.000 units vs.

Ine., Fedyear

8.315 in preceding quarter and 19,- |

£39 year ago. Peoples Gas Light & Coke Co, five months ended May 31 net income $1,692,339 or $2.54 vs. $1,028.829 or $1.55 in first five months year ago; May net income $277,076 vs. $130,268 in May, 1936. Puget Sound Power & Light Co., 12 months ended May 31 net income $1,798,062 vs. $1,434,314 year ago. Virginia Electric & Power Co. 12 months ended May 31 net income $3,289,763 vs. $3.067.176 year ago.

DIVIDENDS

National Malleable & Steel Cast- | ings Co. 80 cents payable July 24, |

record July 10, vs, April 17, Spang Chalfant & Co. Inc. 6 per cent preferred, payable Aug. 2, record July 16. Beneficial Industrial Loan Corp. 37'2 eents a common share, payable July 30, record July 15, vs. 45 cen! Jan. 30 and 30 eents on April 30. (Copyright, 1837, by United Press)

like amount on

Irregular Bond Gains|

bushel.

2 gain. Pennsylvania and | New York Central were easier in the |

Park & Tilford off 25 | and West- |

1ssues |

featured an irregular decline in for- |

| Can Marconi Cities | Sives ra pf | Col G

| €on Cop NBS Lo.

| Std Oil Kv

140,000 |

Dow-Jones |

| Franklin

| Fanove

Phaenix

110,000

| sent {indicate the approximate market level

| Ind Assoc Tel Dun & Bradstreet Reports retail | { Indpls Water ‘Co 3.5 66 .

circulation $6. excess | 1 | T H Water Works 8s 49

79.8 week ago |

| Cent Ind Power nf 3 | md Gas Co cum six months | | Indpls Pwr & Lt

| Indpls Pwr & Lt Co ple oles. Indpls Water Co 103

| P R Mallory Co com (mew | | Progress Laundry

| Union Title Co com

< | Van Camp Milk Co com

FOREIGN EXCHANGE

income $340,674 | _

| Ganeea

| Belgium | Switzeriand 12 | Spain

| Norway

MARKETS AT A GLANCE

Stocks irregular and dull. Bonds higher; U. S. Government issues irregular. Curb stocks higher and quiet. Chicago stocks higher and quiet. Call money 1 per cent. Foreign exchange irregular; French francs 3.84 cents.

Cotton futures weak. Grains irregular at Chicago; wheat up 1% to 27% cents a

| Rubber futures lower. Silver in London 197% pence a fine ounce, off 1-16 penny.

| Chicago Stocks

| By United Press

Berghofl Brew Butler Bros | Cent Cta P&L | Cities Service cunninghm Drug

Prima & Co Stan Dredging Walgreen Co Woodall Ind

Curb Stocks

Am Airlines Am Cyan B ... Am Super

Serv

Eagle Picher L Equity Ck Gen T & Lion Oil Lockheed Air Nat Sng Ref .. Niag H Pwr .. Root Petro St Regis P Segal Lock Sherwin-W

Std Oil Ohio ... Sunray Oil Sunshine Min Technicolor Un Lt & Pwr A... Wright Harg ‘h

BANK STOCKS

(Ry Blyth & Ceo. Inc.)

Bankers Trust Central Hanover .........

Trust Ca 8 |

V ca 3S Natl, Chicage 3, st “ 3915 Cleveland 29;

FIRE INSURANCE

City of New York Federal .. CE Ee Great Amésicon Hart ford . eae, Home National Fire

North River |

U. 8S. Fire Westehester CASUALTY COMPANIES Continental Casualty ... "se 4 : Mass, Bonding & Insurance ..

LOCAL ISSUES

The following quotations do not repreactual bids or offerings. but merely as furnished bv the brokers named. (By Indianapolis Bond & Share Corp.)

BONDS Bid,

Citz Ind Tel (TH) 44s 61....1 H Tel & Tel Ft 28 55... H Tel & Tel Ft W

"ne Indiana Tel Co 5s 60 Indpls Railway Ins 5s 67

Interstate Tel & Tel 52s 53. . Kokomo Water Works 5s 58. . Kuhner Packing Co 45s 49 .. Morris 5 & 10 Stores 5s 30 . 190 Muncie Water Works 5s 65 .. Noblesville H L & P 628 47. Ohio Tel Serv 6s 47 Richmond W W 5s 57 ...... 108 Seymour Water Co 2 39 vv T i Trac & L 5s 44 T H Water Works A 56

| Trac Term Co 5: 57 STOCKS | | Belt Railroad & St Yds eum . i Belt Railroad & St ya pia. X Ts . 30% | Ine . 19% Elec Co pid 7s. . Ind Gen Serv Co 6s ; | Ind Hydro Elec Co Ts . Co pfd 6s

fa Lincoln Natl Lin N nd Pub Serv pf 7s . oY N na Pub Serv Co rd 6s . N Ind Pub Serv pfd 5! we ¥

Co Pub Serv Co of Ind 6s Pub Serv Co of Ind Ts Smith-Alsop pid \ Smith-Alsop com Terre Haute Elec Co 6s 9 Van Camp Milk Co nid 551% 11% (By M P Crist & Co.) xMarket St. Investing Corp.... 32.49 xEx-Dividend

3458

NEW YORK. July 2 —Opening foreign exchange irregular, Ca he Rates. Net Change. 4.94 8 rm, 3

nd pound) ~00 3-1

(60-d_ bill rate) 93 8 (dollar) ... France (franc) Italy (lire)

Eng.

(holga) . Germany (mark) .. frane) Holland rguilder) .. (peseta) oN Sweden (krona) ... (krone) Denmark (krone) Japan ven)

BUILDING AND LOAN INCREASES DIVIDEND

The Arsenal Building & Loan As- | sociation today declared a 2 per cent dividend covering the six months’ period ending June 30, to

| be distributed on all stock outstand-

ing on that date. This compares with dividend of 1'4 per cent paid the previous six months.

DAILY PRICE INDE

.. 14549 | Year ago 143.63 11937 high

Yesterday Week ago Month age ..

daily price index

Commodity — | Wheat, No. 2 red (hn)

Today $ 1.38%

veeRRRLL

| Corn No 2 vellow (bu) $3 on |

Rve. No 2 (ho) Oats No 2 white (bn) | Flour wpe wat I9R-h wk). Lard prime steam spt. tb) Coffee Rio is spt 11h) SHRAF raw 96 test Ih.) Tatter 82 wears (ho) | Maes ave mort sates bh) | Steers, ave. most sales (Ib)

Douglas Air ..

| Fajardo Sug ... T

| Houston Oil «

| Kroger G&B

{leh V C pf...

"MILLS So

LLOYDS OF AMERICA

| days later,

NEW YORK, July 2.<Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930-32 average equals 100):

. 144.65 | 1987 low (June 21).

Following are the commodity prices used in compiling the

LATEST NEW YORK STOCKS

By United Press High. Low, Last. Chtnge

Allied Mills ... 2172 | Allied ores. ve A

rite +H +

FERN

rden on 30rR~ Water 3glvn-M-T . Sutler Bros pf 3yron Jackson

Calumet & H .

Oh. LY AEE a

RI FRE ER

Ins . Gontl oil Del .. Cr Cork & 8 .. 74 Curtiss-Wr ....

Crane cv pf...

Dist Seag

Fast R Mill ... 102% Elec 0% 50 3134 27%

50 31% 27%

52% 37

Firestone . Freent -Sulphur Lad

Sh nn

Goodvear Goodyr nf Graham-P Guant Sug .

Insp Con hh Int Hvd El A... Int Nickel

12805 124); —— Kennecott we 36% 36% . 20 20

1% 382

INNEW ENGLAND

Many Large Units Reduce Operations in Various Departments.

Times Special BOSTON, July 2.—Several of the major New England textile mills today were planning temporary curtailment of their operations. The American Woolen Co. will close its four Lawrence mills tonight and will not reopen them until Tuesday morning. The Pacific Mills print works, which have been operated on curtailed schedules, and its rayon plant, both also at Lawrence, will remain closed all next week, but the worsted division will operate as usual. Naumkeak Steam Cotton Co. plans to shut down for the first two weeks of August. Arlington Mills will be closed from tonight until next Tuesday morning in its combing and spinning departments, while Nashua Manufacturing will be down all next week. Pepperell Manufacturing will close its fine goods and rayon mills at Fall River, but other plants will run as usual.

CREDITORS GET 3%,

NEW YORK, July 2.—The first payment in liquidation of the Lloyds Insurance Co. of America went out to 5737 policyholders of the company. Checks for a 3 per cent liquidation dividend were mailed by Superintendent of -Insurance Louis H. Pink. Payments are being distributed only to claimants with an allowance of more than $100. Checks on claims under that amount will be paid at the time of the next distribution. Lloyds Insurance Co. of America was placed in rehabilitation on Aug. 4, 1933, and in liquidation 12

\ 1 LOCAL PRODUCE (The prices quoted are Je for stock athered in the country ile for deliv. th 3 jh Exch hi ca Xhe prices are 1 cent Nghe ach full case of eggs must weig 5% pounds gross Ne. 1 SHE fresh 1oss off. 15¢

“Reavy breed hens. 8 Ibs and over, 13e¢; 'v breed broilers,

na fat 8 Geese fan 8, 400, fare WN

Butter—creamers, Ne. 2. 31@3'ae. Neo Te.

oe 8 tat, 9 to 14 ibs.

33% @3 4

Buttertai=Ne

For Final Stock Quotations See Later Editions of The Indianapolis Times

X Commodity

Cotton.

(April 5) .. A4L1R Lead spot (ho) Zine. spot tb)

Rear to § 1.08% Ni 3% R87 2 A050 8%

Week Age $ 1.30% 1.21 23% A 5 A199 oY 0345 B38 30% Sh

oto BR

Steet.

Cement

Lambs. ave. most sales (Ib) Hides. native hvy steers (bh). Wool. fine unw. comb. Midupiand (b) Silk, 13-15 deniers Jan Ub)... Rubber spt. smk. vib Hh) eee Conner electrolvtie Ub) cove LEAR aRRRNY Cabbie Tin Straits pet HHS civnnenn Rilver Commi bars OE) ovven werap Chicago ttem) .. Piz tron tron Age comp. Coke Connelaville ton) dom. Portland thbl) Fellow nine. 6p base tm. ft) Donglas tir. roueh i'm. ft) Gasoline. tank wagon al) Crade ON. 40 gravity (bbl)

source of WueteseChicare: Grains. wera And Rides. Roston: Wool. Bast Bt. Louis: Zine. Belsville: Uoke, Tulsa: Crade olh

DOW-JONES STOCK AVERAGES 80 INDUSTRIALS

+ 0.81 —0.48 +2.32 + 0.60 High, 193%, 194.40: low, 165.51, High, 1936, 184.90; low, 143.11.

20 RAILROADS

High, 1937, 64.46; low, 50.17%. High, 1936, 59.89; low, 40.66.

20 UTILITIES

Yesterday Week ago Month age Year ago . High, 193%, 37.54; low, 21.45, High, 1036, 3608; low, 28.63. 70 STOCKS

Yesterday ......ciivenen... 38.99

High, 1937, 69.6%; low, 37.5%. High, 1936, 66.38; low, 51.20.

Net

High. Low. Last Change

Libby Ae “eh 12 12 Loe

Lorliare

Nash Rely Biscuit

5 + 114 * “%

3% 1'2

——

ie Co.'s

(By the New York Aram Dealers Assn.) Bd Asked 26.69

Ho i Rt a IB NODS I

DDN DD

Diver B . GC...

Div s Baw Th Fidelity 1st Bos eh A

Do BenSa Cl 3

ed ‘ 2% . « | WPS] [1] © Ro

ge CARRS ARLES le iia Sn a APD BBD OW 0 x £0 TOV ee

» ~

= yy 32 pes Sonor Suprise ig SE. DD

DD ht DD oJ CI tp Pag DN Deh LINDL DD TO 00D a rr et 09 30 D

HS NAIA BRN GIR Oe BSW ©

Bese AnD a Dow So

rar C0823 ON WD» Wh

Ine Mv 2388

LABOR GOST LEADS

IN SERVICE TRADES

Highest Ratio Shown by

Coal, With 58% of Gross.

Times Special NEW YORK, July 2.-—~The percentage of “value of product.” which | is to say percentage of gross sales or gross revenues, which is represented by labor costs, averages! considerable higher in the service industries than in the manufac turing industries, Standard Statistics Co. observed. Percentages of labor cost to gross | income, or sales, in various non-

manufacturing industries is shown by the following table:

Copper

i Variety . General mdse,

URIATIES Rte 18 eho 30-0 aph ye ction. n retail’ trade, the. “percentage is lower than in other service industries because cost of goods sold represents by far the largest part of costs, Standard Statistics Co. observed. =

SILVER IMPORTS JUMP

By United Press WASHINGTON, July 2 —'The Commerce Department today reported silver imports increased sharply in the week ended June 25 while gold imports were $25,000,000 below the previous week. Silver imports aggregated $2,241,184 an increase of $1,361,044 Silver exports rose $4662 to $61,028. Gold imports were $69,826,934 compared with $86797543 in the previous eke Exports totaled $43,118, up

MONEY MARKET

oe otiy Money rates reik eh}

Ho Rar rR 18

a dave. %@ Pagers ave. oh a ah ae Rtas} Wee.

Dept. Mail o

heat 120, iscount rave

PRICE INDEX AND COMMODITY QUOTATIONS

Week Age 1200 AS JA JAN 1.90%

Today $125 BEL us)... Ja

CREEL)

ten)

52.30 008

ey 2

Hvestoek

11s

LLL IR Con

New York: AN others

High. Low. Last Creare 28 28 - Wh

No Pacific

“enn

wl Oliver F Ea Rts 3 P Pacific Mills ... 28 Packard "ess 15 . 193% ‘hh gd vs OF ve 3 . d3s 8 36 2, % 25% Save 19% wl "i ogee Reo Mot . 5% Republic Stl ... 35% . . 330s

83% i 37 7

134 65% 35% 88 553% 25% 39% 197,

Phil Morris Phillips Pet ... Plymouth Oil .. Public rr vais Pure Oil

8% 2312 s

» 33%

cheney pt. (A

gocony-yatuum So Cal Ed.

South Rv Sperry-Corp Spiegel inc .... St Branas .... Stan C Tob ... Stan G & Stan Inv. tan

t Syming-Gld Cp 1

Texas Corp .... § Tex

Transamerica .. 20th Cent-Fox ..

| Shien Carb Un Pacific Un Air Lines ‘sy

Vick Chem ....

Warner Bros .. 12% Wes Oil & 8 ... 4434 West Md 715 Wheel Stel vo 50% Wilson & . 8

Yellow Tr ...... 233

DATA ON BANKS CALLED FAULTY

Twentieth Century Report Fails to Cite Uptrend, Editorial Holds.

Times Special NEW YORK, July 2.—Portions of the report of the Twentieth Century Fund, Inc, to the effect that “inadequate earnings” by small banks were “weakening elements of the American banking system” were attacked as “statistical tommyrot” by the American Banker in an editorial today. The fund should have stressed postdepression improvement in earnings instead, the editorial asserts.

The American Banker points out | that the figures studied and presented by the Twentieth Century statisticians were those for the years from 1925 to 1930, and that developments since 1930 have made figures for bank operating income deIienvies prior to that date obsoete. Earnings Adequate

Small bank earnings today, states the banking daily, are, with a few exceptions, aiready adequate and | improving steadily. This is because of the development of new sources | of banking income, such as service | charges, which have replaced the losses due to free service during the | "20s, and because of the reduction of interest outgo due both to the | elimination of interest payments on demand deposits and to the univer- ' sal reduction of interest rates on | savings and time deposits.

“However, elimination of unprofit- | able banks has made possible more | | profitable banking for ail of the | 15,000 banks, large and small, which were strong and well situated enough to survive the depression. | How absurd nearly 10 years late to | emphasize statistics of the overcompetitive, overbanked, postwar situs | ation from which banking was | purged by the depression, and which does not exist now!”

BROKERS’ OPINION

NEW YORK, July 2.--Brokerage |: | opinion today: E. A. PIERCE & CO.—While the | market's performance this week has been favorable, we feel that it might be prudent to await further demonstration of relative firmness next week before conclusively assuming that the turn has come, J. 8 BACHE & CO~The pattern for today seems likely to be early strength and closing irregularity. REDMOND & CO.—We would be inclined to look for some irregularity today due to the pre-holiday influences, but believe that the prospects for next week favor an exten. sion of the recent recovery move-

ment, HORNBLOWER & WEEKS — Subject to the conflicting influences of a pre-holiday weekend session, the market seems strongly situated to support a sustained upturn in the general level of prices during the month of July. SHIELDS & CO.-—-No immediate turnabout and rapid advance in the market is expected

LEADER NOMINATED BY BANKING GROUP

By United Press CHICAGO, July 2-~Francis E. Frothingham, Coffin & Burr, Ine. vice president, Boston, has been nominated president of the Investment Bankers Association of America, Edward B. Hall, present executive officer of the association, announced today. The election is selieduled for the association’s 26th annual convention which will be held this year at White Sulphur Springs, Nov. 3 to 7. Official selections of the board of governors have always been approved by the convention, Mr. Hall said, and the nomination is considered tantamount to election,

LOANS TO BROKERS DROP WASHINGTON, July 2.—Loans to brokers and dealers in week ended June 30 totaled $1,206,000,000, down $11,000,000 from previous week and comparing with a total of $1,004,

| weights at $13. | centered on cows which comprised most of the offerings, low cutters

| Rulls,

| 500-1h. packing sows.

| HL Wo 12,

| year ago.

000,000 in like week, 1836.

LIGHT RECEIPTS ADVANCE HOGS 2510 30 GENTS

Pork Scarcity Advances

Prices to Record High.

Hog prices skyrocketed 25 to 30 cents under meager supplies, according to the Bureau of Saou tural Economics. Weights above 160 pounds took the full advance, sendig top choice 210 to 225 pound weights to $12.80. Lighterweights and pigs received the minimum upturn. Packing sows bulked at 26 to 50 cents higher.

Another active vealer trade developed as prices were strong to 50 cents higher. Most sales were under $12.50 but strictly choice kinds topped at $11. The usual Friday clean-up trade prevailed in the cattle division. Sharing the steady trend, however, was a sizeable shipment of choice 1213-pound steers at $14.35. a load of 1096-pound averages at $14 and around two loads of 1208-pound Otherwise, trading

and cutters $3.75 to $5.50. Lambs made no change as compared with Thursday.

2. a Light Lights— (140-160) Good and Medium Lightweights-— (160-180) Good hd

Mediu (180-200) Good. and Medium . Medium Weights— (200-220) Good (220-250) Good

Heavywei 1250-290)

Choice

choice ‘choice . choice . choice .

choice . choice. .

(275-500) Nigam var Slaughter Pig 1100-140) Good and choice . Medium ‘e CATTLE —Receipts, 500— (500-900)

(900-1100) G

(1100-1300)

(1350-1500)

Jez aes aicaan AN DPAADSAARNDD 933333333383 A —- — WSLS IRI I SIE oe Gaga IID RADIAN D ARNDT

Heifers

Choice Good

(500-750)

Common 3 Good and choices . Common, medium

PAD

(750-000)

SID -¥ IDI IVI D om GaN ND 1d 9333 33734

Good and choice Medium Low cutter and cutter good Cutter, com. Vealers Receipts, Good and choice Medium Cull and common

Calves

$10.50 11.00 9.004 10.50 7.00@ 9.00

Steer (250- -500) Goad and choice § 3.00410.00 mmon, medium wee 8.00 Peer and Stocker Ca (500-800) Good and choice v Bsa 9.50 Common, medium §.50m@ 7.95 (800-1050) Good and choice . 5 0.7 Common, medium. Heifers— Good and choice Common and medium SHEEP AND LAMBS ~Receipts, 600—

Spring Lambs— he f6@ .....iane PERL RRENLL $10. 2010.50 50 9.50%

8.5% 9. on 7.50@ 8.50

3 08a 3.50 2.00@ 3.00

Shorn Ewes— . 00-175) Good and choice . Common, medium

Rw United Prexs

CHICAGO, July 2 —Hogs— Receipts, 8000. including 3000 directs. . ial 15 to 25 cents higher t packing sows 10 up: top $12.50: ilk and choice 200. 300 lbs. $12.10@ 160 Ibs. $11.80@ 12.40: post eo na fii Cattle—Receipts, 1000: calves. $00: grain fed steers and yearlings in verv moderate ™ plv: firm at advance: several loads 313 4.75 with best around $15.10 gay: som het higher: medium to good kinds. $11.7 @13: demand broadest; cleanup market on grassers: weiehty kinds Ready: light plain offerines weak on both kil ler and stocker accounts: some week-end wnileu common to medium stock: bunt lihera movement this week: upward 5000 hea replacement cattle moved back to coun try: closing stocker trade 25¢ or more lower: cleanup trade on grassers and heifers today: crob small and market steady: cutter cows, $5 to $3.75: grass cows. 8.54 to $8: largely $3.50 Fi $7: bulls and veals ers steadv at $7 and $0.50 respectively. Sheep—Receipts. 6000, including 3700 di. pects: market, active: spring lambs and Ye Nines 25 to 35 cents higher: top native ringers 20c up at $11.60; nik to nackers a1 to $11.25: good to choice Californias $10.85 straight: Wi jum to good yearlings, $8.50 to $8.60: sheep firm: ewes, $3 to $4.50. WAYNE, per. Ho RE i

$11.05: 5. $10.55. Rou 3k, $10. 50: Roa: “81 2. -~Hogs al xtt, 45

210-225 ibs 811.606 $12. Ne 12.

$8. "5: calves, AFAYETTE. July 30 cents higher : 5 Tos.

811. 285211. $10. ‘down. $9.50@10

1bs., $12.25 130. 150 1ba., 50711: roughs Sve $9. S010 Lambs,

U.S. STATEMENT

WASHINGTON, July 2.--Government ex. penses and receipts for the current fiscal vear through June 30, compared with a

his Year.

T! on Yaar 8, oo 70.708,2

Expenses . Receipts .. Deficit Cash Bal. . aT ub. Debt 36,424, Gold Res 12,318,172,420.10 10.60 157.23 Customs 486 336.303.90 388. 311,305.09

Today's Pur Gold $1, 586, 333. Tn $1, 086. Ter, 523. 10 ———————

FOOD PRICES

CHICAG July, 2 se Apples Willow Twigs, $1.186@1 Potatoes Tennessee Naney Sian, a 26. Carrots Salitoptia, erates, Reh 8S nacho tii nois, 15% 50¢ atoes—Texas, lugs, $1.98 3.98. Cauliflower California. crates, i 00@2. Peas—California, hampers, $1.60@ 1.95. Celery— Michigan, flat crates, 40@ 5c. Onions (30-1b. sacks) —Calitornia Yels lows, $1.10.

ESTIMATED PIG CROP LOWER THIS YEAR

This year's pig crop will be considerably smaller than in 1936, ac-

cording to the Bureau of Agricultural Economics report. The spring crop is estimated at 73 per cent less this year. Sows farrowing in the 1037 fall season is estimated at 3.4 per cent less than in the same period of 1036. Total 1037 farrowing are indicated at 8.5 per cent less than the previous year.

B. & 0. ORDERS LOCOMOTIVES Times Special NEW YORK, July 2-—Electro-Motive Corp. has received an order for two 3600 horsepower Diesel electric locomotives Baltimore & Ohio Railroad, Railway Age reported.

Inaetv,

N. Y. Bonds

BOND PRICE INDEXES

20 20 20 Inds. Rails. Utils. 2.e 91.5 100.0 ae LR) 20.8 . 9.8 101.2 50.9 105.5 Two years ago. 83.7 100.0 1937 high 95.0 196.0 193% low ...... § $9.3 19368 high 106.2 1936 low 103.5 1935 high 103.6 1935 low 83. 89.3 (Copyright, 1037, Standard Statics

Lu Bonds, 94.2 04.2 95.5 96.4 89.2 100.5 93.4 100.2 93.3 23.1

Yesterday Week ago Month age .. Year age

U. 8. GOVERNMENT BONDS Treasury Bonds

106.4 103.30 100.18 87.28

99.28 102.1 ye wt Farm Mort age 1049-4 025 * 105, He oe Own - a 1060 ar ers Joa Ah Bon s

; 5 Seab Air Lin 6s 45 Stan Oil N J 35 61 .... Studbk 6s 45 West Union 5s §0 Young S&T 4s 61.

LAND BANK BONDS

Bid Asked Yield 100% 100% 2 Ad

3. Eggs—Market firm: re- :, fresh graded firsts, lac; current receipts. Ss, checks. 17' stor age packed extras, 21550: storage packed

sts Buter—Market 15.581 tubs; extra firsts, (90-01% grore), 29%; extra (92 seore), 30c: rts, 27 Vf. 28'%¢; Seconds. 23@25¢; ag: 29% ¢: specials, 01a@31e; cent. 1 score),

firm: receints,

2 @ fryers, "inciudin Dapebacks, 110216: Oring Yehiokens. 18

Cheese—Twins, 16@16%ac; Pa s oe @16%: longhorns, 16'2@16% inten: 16% Potatoes— Supplies moderate: demand slow, market steady Jo weak. California White Rose, $1.75@1 8. No. 2, $1.30: Virginia Cobblers 150 1.35: North Caroissouri Cobblers,

lina Se Dbler $1.35; s1.10@ Oklahoma Cobblers. 85¢c: Oklaiy Trumps De Hig Kansas als 3 shipments, 807. bate

EXECUTIVE RESIGNS NEW YORK, July 2-—Allen L. Lindley has resigned as Chairman of the Business Conduct Committee of the New York Stock Exchange and has been succeeded by Howland 8S. Davis, formerly Vice Chairman of the committee. Mr. Lindley, who was chairman for several years, explained in his letter of resignation that he desired to devote more time to other interests but that he would continue to serve on the committee as vice chairman,

207; on

CHICAGO TRADE LAGS AS WHEAT MARKETS BOOM

Corn Prices Decline on Crop Report of Increase Yield Over 1936.

By United Press CHICAGO, July 2.—The domestie wheat market softened today despite the world-wide trend to . higher prices. The private crop reports showed only a 7,000,000 drop in wine ter wheat prospects and there was sonie long liquidation on the ree port. At the end of the frst hour wheat

on the Chicago Board of Trade was s cent higher to 2 cents lower, corn was 1 to 1% cents lower, and oats were 5% to 7 cent lower, Commission houses were leading sellers of all futures before the market steadied. The bearish tinge of the winter crop report, which placed the yield at a probable 642,000,000 bushels, was offset by the wide range of the spring wheat forecasts which placed the composite yield at 229,000,000 bushels. Unfavorable weather conditions in Canada had a steadying influence, Wheat receipts were 32 cars, Corn prices declined sharply on the crop report which placed the 1937 yield at 2.579,000,000 bushels, 334,000,000 bushels greater than the 1936 yield. Corn receipts were 30 cars.

ARGENTINE GRAIN BUENOS AIRES, July 2.--Grain fue Yhies opened irregularly higher. Wheat u 1.317%, un lie! August, $1.20%, Corn —July, 563sc. up Shae: . Plax—July. $1.343, : , 31.38%, up 13sec. Oats— July’ 20, unchanged. WINNIPEG WHEAT nen Chanes 138% 3 WAGON WHEAT City grain elevators are paving $1.11 for old crop: No. 1 red, $1.11: other grades on

their merits. Cash corn. new No. 2 vellaw, $1.15. ats, 40c. Hay-=No. 1 timothy, [email protected],

October December

LIVERPOOL WHEAT

Low

$1 wh $1,437; WL core

$l. 437%, $1.39 1.45 1.42% 42% 1.381, December 1.45% 1.42% i 42% 1 38%

GOLD RECEIVED BY FEDERAL RESERVE

By United Press NEW YORK, July 2-—Gold amounting to $27,037.000 was ree ceived at the port of New York in the week ended June 30, the Fede eral Reserve Bank announced today.

The total included $21,021,000 from England, $2,683,000 from Canada, $2,172,000 from Colombia, $820,000 from India and $341,000 from Holland. *

BEMIS F

TYPEWRITTEN LETTERS AUTOMATICA..v 'YFED LDDRESS NG MA. NE MU." GRAPHING RTENC .S GUT MIMEOGRIPHING RULED “ORME ue To 1a x 20" WO NOTARM ut

LETTER SERVIC

U 6122

315 Merchants Bank Bldg

NOTICE

tificates.

Certificates of Interest.

payment.

July 1, 1937.

PAYMENT OF COUPON NO. 6

Certificates of Interest Issued by Liquidating Trustees Under Plan of Reorganization of

THE FLETCHER AMERICAN NATIONAL BANK OF INDIANAPOLIS

Notice is hereby given that Otto J. Feucht, John P. Collett and William N. Fleming Jr., as Liquidating Trustees for The Fletcher American National Bank of Indianapolis under Indenture of Trust dated August 23rd, 1933, have declared a distribution by way of liquidating dividends upon the outstanding Certificates of Interest, in trusteed assets, issued by the Liquidating Trustees, designated under the Plan of Reorganization of The Fletcher American National Bank of Indianapolis, in an amount sufficient to pay and discharge Coupon No. 6 attached to said Cer-

In accordance with the provisions of said Indenture of Trust and of the Certificates of Interest heretofore issued thereunder, the undersigned Liquidating Trustees have deposited in American National Bank at Indianapolis, Indiana, an amount sufficient to pay and discharge Coupon No. 6 attached to said Accordingly, Coupon No. 6, which should be detached from said Certificates of Beneficial Interest, may be presented forthwith to The American National Bank at Indianapolis for

Notice is hereby further given that a deposit in an amount sufficient to pay said Coupon No. 6 attached to said Certificates of Interest having been made with American National Bank at Indianapolis, depository, in accordance with the Provisions of said Indenture of Trust and of said Certificates of Interest, the undersigned Liquidating Trustees, or their successors, have no further liability for or on account of payment of said Coupon No. 6 and the holders thereof shall look solely to such deposit and not to the undersigned Liquidating Trustees or to their successors in respect of the amount so deposited.

OTTO J. FEUCHT, JOHN P. COLLETT, WILLIAM N. FLEMING, JR,,

Liquidating 'I'rustees for the Fletcher American National Bank of Indianapolis, under Indenture of Trust dated August 23, 1933.