Indianapolis Times, Indianapolis, Marion County, 3 July 1937 — Page 12
— Kare
SATURDAY, JULY 8,
ta
1987
PACER. a.
_ PAGE 11
COMPLETE N. Y. EXCHANGE
STOCKS %
+ The Times Financial and Market Page =
COMPLETE LOCAL LIVESTOCK
HOG PRICES JUMP 10 HIGHEST LEVEL IN 9 YEARS HERE
a.
Small Supply Induces 10-Cent Advance To $12.90 Top.
BULLETIN All New York security and commodity markets are closed today and Monday in observance of Independence Day.
The Chicago Board of
Trade is opened today but will be closed Monday. | {
A scarcity of hogs through- | out the country jumped pork- |
er prices at the Indianapolis | Union Stockyards to the highest level since September 22, | 1928. Receipts totaled 1000.
In an extremely active market, | due to holiday demands, weights | climbed 25 cents Top was $1290 for choice 210-225-pound offerings. | ings. Sows were strong to 25 cents | higher, bulking at $10.50 to $11.50 | with $11.75 for choice animals. Cattle receipts totaled 50, calves 50. The supply of sheep was 25. Markets were nominal.
w
Pk Bh hk fh ph o >
ow»
ph fk fk ok pt PMN FIRIRIRS
1500 6000 | 6000 | 3000 | 3000 | 3000 | 1000
PE pO 000 Dn Noo ft tp py SIN NNN DDD re Dt i S00 woos
DD ADS
oo = a pt t
ight Lights— 1140-160) Good and Medium Lightweights— (160-180) Good and Medium . Fe (180-200) Good and choice.. Mediam .......... Medium Weights— (200-220) Good 1220-250) Good Heavvweights— (250-290) Good (290-350) Good Packing Sows—
Choice
choice. .
choice . choice. .
i choice. . choice. .
Slaughter Pigs— : (100-140) Good and choice.. Medium .. ise
CATTLE
—Receipts, 50— (500-900)
(900-1100) Good
C (1100-1300) Good
M (1350-1500)
(500-750)
DID
Common . .......:. Good and choice . Common, medium. 1
(750-900)
a3
Good and choice Medium Svies Low cutter and cutter Bulls. 2008 ......cc.vn Cutter, com. Vealers —Receipts, 50—
Good and choice Medium Cull and common
Calves
Steers— (250-500) Good and choice $ [email protected] Common, medium 600@ 8.00 Feeder and Stocker Cattle (500-800) Good and choice $ 7.75@ 9.50 Common. medium 6.50@ 7.75 (800-1050) Good and choice 7.50@ 9.75 Common. medium. 6.50@ 7.75 .50 25
7.25@ 6.00@
Heifers— Good and choice desis Common and medium ... SHEEP AND LAMBS —Receipts, 25— Spring Lambs— % hou, $10.00410.50 [email protected] Medium 1 Common 7.50@ Shorn Ewes—-90-175) Good and choice . 300@ 3.50 2.00@ 3.00
Common, medium
By United Press
CHICAGO. July 3.—Hogs—Receipts. 3000, including 2500 directs. Market. steady. one load to shippers at $12.50. the top. Cattle—Receipts, 700; calves, 100: steady; two-way market; grain fed steers and yearlings, 50@75¢ higher; grassy and warmed up offerings, 50c@$1 lower: grass cows, 50c down: weighty quality grass cows and grain feds, 25c lower: all grass heifers, 50c@$1 lower: bulls. 25¢c off: extreme top fed steers, $16: bast long yearlings. $15.25; best fed heifers in load lots. $13.25; ocd lots. $14: light common grass heifers, low as $5: stockers and feeders, 25@50c lower. Sheep—Receipts, 3500: steady: spring Jambs, 75c@ $1 lower: good to choice vearlings, 25@75c lower: sheep. steady: top native springers, $12: closing top, $11.€0: bulk natives, [email protected]: common and medium throwouts, $8.50@10: medium to choice 72-81-1b. Idahos. [email protected] 64-lb. Texas springers. $9: 79-85-1b. fed Californias (wooled). $10.50/ $10.85: double T9-lb. fed California. $9.60; week's best 93-lb. vearlings. $9.25. FT. WAYNE, July 3. —Hogs-—-Market, 5 cents higher; 225-250 lbs. $12.55: 250-275 lbs... $12.45: 2 § $12.35: .10; 160-180 lbs. 85: 140-150 lbs. 1.10; 120-130 lbs. $ 10.60. ughs, $10: . $10.50. Lambs, $10.50. LAFAYETTE, July 3 —Hogs—Market 10 cents higher: . $12. 5; 235-275 lbs. 15@ 12.35; 180-210 ps 50-180 lbs... $12.40@ 12.50; 5 1.75@12; 130-150 lbs., [email protected]; 130 1bs. $10.50@11: roughs, $11 d Calves, $9.50@10. Lambs, $9.50@10
U.S. STATEMENT
WASHINGTON, July 3.—Government expenses and receipts for the current fiscal year through July 1, compared with a
year ago. ver RB This Year Last Year Expenses . $§ 13
Receipts .. 1 Deficit a 2
10.85: stags,
547.617.311.068 2.711.697.286. . 953,430,568.70 2.285,298.884.30 Eh RAR id s...12,328,919,127. ,611,701.591. Customs ai 1,086,897.03 753.192.25 Today's Purchase Total Purchase Inactive gold $10,744,945.10 $1,097.532,168.20
INDIANAPOLIS CLEARING HOUSE Clearings DEBILE opis cansasscigidd Clearings for week Debits for week
FOREIGN EXCHANGE
By United Press
NEW YORK, July 3.—Opening foreign exchange irregular. Cable Net
Rates. Change. England (pound) ... 4.94%
England (60-day bill Cons (dollar) 7-32 >anada (dollar) .. + 00005 4.0000;
4.0001 — 0002
Italy (lire) ‘hh Belgium (beiga) Germany (mark) Switzerland Holland (guilder) Spain (pesta) Sweden (krona) Norway (krone) Denmark (krone) Japan (yen)
FOOD PRICES
CHICAGO, uy 8. — Apples—Willow Twigs, [email protected]. weet Potatoes—Tennes-
, Jugs. $1.25@ crates,
Peas—California, hampers, y 11. Celery—Michigan, flat crates, 50@75c,
Food Costs Up
TREND OF RETAIL FOOD PRICES
(U.S. DEPT. OF LABOR)
INDEX FIGURES
0s 1931 1032 1933 1934 1935 1938 1937
THE PARKER CORP, GENERAL DISTRIBUTORS INCORPORATED INVESTORS
WASHINGTON, July 3.—Food costs have been steadily going up. The Department of Labor's index in May was nearly 3'2 per cent higher than a year ago, the highest for any May since 1930 and up 45 per cent from the depression low in March, 1933.
FARM INCOME RECORD SEEN
Return to Cross $10,000,000,000 Mark for First Time Since 1929.
Times Special
WASHINGTON, July 3.— Farm
55 | income this year will cross the $10,-
000,000,000 mark for the first time since 1929, the Department of Agri-
5 | culture forecast.
Unless a European war cuts off American markets, farm prices now at a ten-year high probably will be “well-maintained” despite prospects of a bumper crop, department officials said as the growing season neared the half-way mark with no serious drought threatening production. Farm income during the first six months of this year probably will average approximately $100,000,200 a month more than for the first
o | half of last year, officials said. They
predicted the increase will be “somewhat larger” in the last six months.
21 Per Cent Above Year Ago
Total income to July 1, when farm marketing is at its lowest point, will
approximate $4,000,000,000. Income to June 1 was 21 per cent ahead of the same period of last year. If this rate is maintained total farm income may approximate $11,000,000,000. La: year farm income totaled $9,500,000,000, nearly double the 1932 depression low of $5,323,000,000. The increase has been at the rate of nearly $1,000,000,000 a year since 1932. The first of the 1937 wheat crop, estimated to yieid 850,000,000 bushels, is now moving to market at the highest price in several years. Farm income from wheat probably wil approximate $1,000,000,000.
Cotton Activity Up
Department officials expect a 13,-000,000-bale crop with prices above 10 cents a pound. Cotton mill activity at a record high has consumed more than 13,000,000 bales of American cotton during the last twelve months. Income from livestock and livestock products, which make mp about half the total farm revenue, may be “slightly larger” than last vear despite decreased marketings, the department said. Prices probably will continue to advance. Increased farm prosperity is indicated further in a department analysis showing that agricultural loans held by commercial banks declined from $1,150,850,000 to $1,081,148,000 during the last half of 1936. Farm foreclosures decreased about 50 per cent during the first five months of this year compared with ‘as year. .
CATTLE RECEIPTS DROP IN HALF YEAR
May Prices Jump More Than $1.50 Over January.
By United Press
CHICAGO, July 3.—Cattle receipts at the Chicago Stockyards have fallen off since the first of the year while prices have risen. In January, 182,000 head of cattle were received and a top price of $14.40 paid. In May, the lasi month for which full figures were available, 138,600 head were received and a top price of $16 paid. A similar trend has been observed during the first six months of the year in both sheep and hogs. Early hog receipts were bulged
000 oo | by shipments of swine to market as
the price of corn increased and farmers sought to dispose of porkers and so have corn to sell at the first-of-the-year high prices. The high price for cattle during the first six months of 1937 was reached in April at $16.65 for prime cattle. The low was $12.25, touched in May. Hog prices topped at $12.15 in May and were at a low of $10.05 in April. For sheep the high price was $13.25 for native and Western lambs paid in April. The low was $10.10, touched back in January. On suring lambs the high was $18, reached in April.
BANK CLEARINGS LOWER By United Press NEW YORK, July —Bank Clearings in 22 leading cities for the week
. {ended June 30 declined 3.5 per cent | below the 1036 level total of $5,815, a2. 932,000, Dun & Bradstreet, Inc, re- *! ported.
Gold, War, Taxes and Labor Unrest Among | Dark Spots.
Strikes, rising living costs, slumping security prices, unemployment. How deo all these elements fit into the business picture? In this first of a series of articles comprising a midyear review, Author-Economist John T. Flynn sets forth for The Indianapolis Times’ readers an incisive analysis of the state of prosperity in the United States. |
| By JOHN T. FLYNN (Copyright, "1937, NEA Service, Inc.) As the first six months of 1937 draw to a close a picture of the jscene would include two phenom|ena. One is the continuing rising ! tide of business activity. The other |is the conflicting currents and swirling winds which play beneath and above the surface of that tide. First for the facts about the tide itself. Business activity means the production of goods, the selling of them, the employment of workers, t h e general movement of goods and the march of money hither and yon, in and out of the banks, as it plays its role in business transactions. Putting all these items together we arrive at the conclusion that business activity is about where it was after the big crash of 1929, after it had started down but before it had developed that calamitous descent which marked it during the next four years It is probably still 10 points below what it was when the famous boom of 1929 was under way. This means that if we could make one more flight of 10 per cent and then add another 5 per cent flight to take care of population increase we would be where we were when Mr. Hoover was sitting on top of the world and the world was getting ready to shake him off. Will we make these two little flights of 10 and 5? This brings us to the slings and arrows or rather the winds and currents alluded to above.
Flynn
= = ” HE clouds on the business horizon this year have been most spectacular even when their significance was uncertain. In January there was the rising threat of European war from the direction of Spain, following a feeling of elation in this country after a record Christmas boom. In February it was the Court bill; the excitement which ran over the country from that center and the paralysis which gripped Congress on all its other business. And at the same time the General Motors strike and the rising battle between the C. I. O. and the A. F. of L. appeared. In March it was the threatened steel strike and the surprising settlement between United States Steel and John L. Lewis without a battle. In April it was the shock of the President's news that the Tax bill had proved inadequate and that there was another sizeable deficit in sight. This was accompanied by the amazing about-face of the Supreme Court on the minimum wage bill and the drop in the bond market. In May it was the gradual widening of the strike belt and the slow but serious envelopment of various industrial fronts in the whole labor war of the C. I. O. In June it is the continuance of this movement along with slackening in business activity which seems to have been felt throughout the country. And since March, running through all this, there has been the persistently declining stock market, the persistently rising commodity price level and, finally, the growing {fears about that whole mysterious force —the gold movement. ” & ” OME of these things, of course, take their origin in various spots. But there are a group of forces which have a peculiar significance. Grouped together they may be said to constitute the vanguard of the New Deal chickens, coming home to roost. The meaning and drift of these various things we will talk about later. The principal thing now is to keep our picture of the economic scene straight. There is not the slightest doubt about certain facts. Production has steadily grown. It is, in the consuming industries, practically as high as it was in 1929. More and more men have been put to work. But while employment has increased to near the 1929 level, unemployment still remains high—no one knows quit how high, but there must be at least seven to nine million men and women out of private employment. This hangs on as the dark spot in our economic picture. Wages have increased, partly through an improvement in conditions, partly through the energy of the labor grecups which have forced raises. Profits have increased largely. Profits increased during the first quarter in every industry but baking, coal mining and food products. The best profits were made by the merchandising groups. The bright spots are improved residential construction, increased foreign trade, more employment, better wages, better profits, steel, motor and textile industries running at high levels and, up to recently, at least a general feeling that we had climbed out of the depression at last. The dark spots are the uncertainty which hangs over the scene because of the unchecked gold importations, the ever-rescurring fear of inflation, the gathering war clouds in Europe, the labor unrest, the rising price level, the grave tax uncertainty, and, above all, though not recognized, the persistent refusal of private credit to make its way into investment.
NEXT-—Forces at work beneath
the surface,
Industry in U.S. Has Forged Ahead Although Clouds Have Gathered on Its Horizon
The clouds on the business horizon this year have been most spectacular even when their significance was uncertain.
Half-Year Market Chronology
JANUARY
Stocks advanced 5.84 points in the industrial average in the largest month since February, 1936. Bonds were easier and quiet. Commodities declined. Business gained. 2. General Motors Corp. shutdown.
4, American Iron & Steel Institute estimates steel operations at 79.4 per cent against 49.2 per cent a year ago. 5. Congress convenes. 6. President Roosevelt says broad NRA objectivcs are sound; asks Federal laws to supplement state to achieve them; asks legislation to extend expiring powers on currency; asks further neutrality legislation to deal with Spanish civil war. 8. Stock Exchange seat sold at $134,000, high for the year. 11. Domestic copper 12'2 cents, up !: cent. James M. Landis appointed dean of Harvard Law School; to quit S. E. C. in autumn.
13. Bankers’ acceptances raised. Foreign copper producers remove restrictions. 15. Copper metal 13 cents, up 12 cent. 18. Rubber companies tire prices 6 per cent. 19. Leading tobacco companies advance wholesale price of cigarets to $6.25 a thousand. Congress passes bill extending to June 30, 1939, the $2,000,000,000 stabilization fund, and authorization to President to devalue dollar to 50 per cent of former parity. 28. Bank of France raises discount rate to 4 from 2 per cent.
FEBRUARY
Stock deals lightened and bond trading was the smallest for any month since August, 1936. Stock prices firmed, bonds eased and commodities made a small advance. 1. Warren Brothers files voluntary petition for reorganization under 7T1B. Member bank reserve requirements increased 33% per cent. Bankers’ acceptances raised. Steel industry announces it will spend $290,000,000 on improvements in 1937. 3. Tennessee Valley Authority power pool with private utilities ended. 4. U. S. Steel opened 5000 shares at 100, first time at par since 1931. 5. President asks Congress for reform of judiciary. 9. American Water Works and North American elect to register under utility act. Chrysler increases wages. 11. General Motors strike settled; company raises wages 5 cents an hour. 13. Wages raised by Firestone, Goodyear, Goodrich, Packard. 16. Domestic copper 14 cents, up a cent. 23. Copper 15 cents a pound, up a cent. 24. London Financial Times says British investment trusts told to moderate foreign investments. Union demands Chrysler grant collective bargaining. Short interest highest since July, 1933.
MARCH
Stocks reached new highs for the year and then declined. Commoditles soared with the United Press index up 12.68 points. Stock sales were the smallest since 1935 for the month though slightly above February. Bond sales were the largest for the month since the war with U. 8. Government issues very active at new lows for the year. 1. Federal Reserve System reserve requirements raised by 16 2-3 per cent. 2. Carnegie-Illinois signs contract with C. I. O. 4. U. 8S. Steel anounces steel price increases of $3 to $8 a ton: other companies follow. 5. France re-establishes a free gold market. 8. Domestic copper 16% cents, up 1% cents. Electric Bond & Share Co. enjoined from witholding registration under utility act. Chrysler plants closed by strike. 9. Steel scrap in Pittsburgh new high since 1923. Tin, lead, and zinc at 10-year highs. Packing companies advance wages by 13 per cent,
faces
advance
10. Industrial average at new high since 1930 at 194.40. 12. U. S. Government bongs in severe decline. International tin committee raises quotas to 110 per cent of standard. 15. U. S. Steel issues annual report showing business over a billion dollars for 1936, best since 1930. Marriner S. Eccles, Federal Reserve head, warns against inflation; says budget must be balanced through higher taxes. 16. Lead companies reduce prices. Steel wage increase effective. 17. U. S. bonds at new lows; Treasury aids market. French francs weak on riot in Paris. Five U. S. Steel subsidiaries sign C. I. O. contracts. 18. Senator Pat Harrison says there will be no legislation for increased taxes at this session. 25. Electric Bond & Share to appeal decision on registration; refuses to register. 29. Supreme Court upholds Railway Labor Act and Washington minimum wage law. 30. Rubber and hide futures at new highs since 1929; cotton at best since 1930. Copper, 17 cents, high for the year.
APRIL
Stocks broke sharply. Commodities reacted downward. Bonds made new lows for the year. Stock sales were the smallest since 1935 for the month and bond sales dropped sharply with a slump in U. S. Government issues deals. Business continued to make new highs for the recovery. 1. U. S. Government bonds at new lows. American Iron & Steel Institute estimates steel company costs up $215,000,000 a year result of higher wages and higher costs of raw materials. 2. President Roosevelt at press conference says the Government will seek to shift recovery and relief expenditures from durable goods industries to consumer goods industries in effort to spread national income more evenly and halt rising prices of steel and copper. Soft coal operators sign two-year contract with miners after two-day shutdown. 6. New York bar silver and London silver at new 1937 highs. Domestic copper 16 cents, off a cent. Chrysler strike settled. Electric Bond & Share appeals decision forcing it to register under utility act. 7. New York banks raise time money. Rumors in New York and London United States planning to check gold imports denied by Treasury. : 9. President Roosevelt at press conference says he knows of no plan to cut the gold price. 10. Hudson Motors strike settled.
12. Supreme Court upholds Wagner act in the five cases. President asks heads of U. S. agencies to cut expenses. 15. Alabama Power Co. enjoined from joining other utilities in injunction against TVA.
cents a pound. Attorney General announces survey of antitrust laws as probable basis new legislation. 19. Stock exchange adopts rule members after May 17 must be fully margined. 20. Copper reduced from 15% to 141; cents a pound. Roosevelt asks $1,500,000,000 for relief; asks bal- ) anced budget in coming year; places deficit this year at $418,000,000. 93. Justice department brings antitrust suit against Aluminum Co. 26. General Motors strike at Oshawa, Ontario, settled. 27. U. S. Steel declares regular $1.75 preferred dividend; $4 on arrears; still owes $525 a share on arrears. 20. Copper 14 cents, off % cent.
MAY
Stocks steadied. Commodities declined further. Bonds made their first gain of the year. Business held despite strikes. Stocks sales were the smallest for the month since
1024. Bond sales were the smallest
t
16. Copper cut % cent to 15% |p
for the month since 1932, and the smallest for May since the war.
3. General Motors Corp. announces reorganization of its setup; Alfred P. Sloan Jr. remains chief executive officer as chairman; William S. Knudsen made president.
10. Charles R. Gay re-elected stock exchange president.
12. British markets closed for coronation. J. P. Morgan ill.
14. Jones & Laughlin strike settled. : 18. Justice Willis Van Devanter announces he will retire at end of Supreme Court term. Senate Judiciary Committee votes 10 to 8 against Roosevelt's court bill. 20. Three producers of copper and brass raise prices of fabricated metal. 23. John D. Rockefeller Sr., dies. 24. Supreme Court upholds Social Security Act and old-age pension. President in mesage to Congress asks law on wages and -hours. 25. U. S. Steel orders payment of $2 on preferred arrears which are cut to $3.25 a share. Inland Steel refuses to sign with union. 26. Strikes tie up Republic Steel plants. 27. Tom M. Girdler, head of Republic Steel Corp. made president of American Iron & Steel Institute. 28. Curb seat sold at $22,000, new low since March 15, 1935. 30. George F. Baker, head of First National Bank of New York, dies. 31. U. S. markets closed; European markets break on reappearance of gold rumors and turn for worse in Spanish situation.
JUNE
Stocks, bonds and commodities declined, the latter to a new low for the year in the United Press index. Stock sales were the smallest for the month since 1934. Bond sales were the smallest for June since the war. 1. New York Steam omits dividends on preferred. Roosevelt in message to Congress asks legislation to plug loopholes in tax law. Supreme Court grants Alabama Power Co. review in PWA case, denies TVA review, denies Electric Bond & Share appeal, grants Pacific Gas decision in California rate fight. 5. Sales for week ended June 5 totaled 2,953,780 shares, smallest week since week ended March 30, 1935. 7. Secretary Morgenthau announces $800,000,000 bond issue of which $500,000,000 is new money. 8. Sir John Simon, chancellor of exchequer, says Great Britain contemplates no change in its gold policy. 9. Roosevelt asks Congress for authorization of $160,000,000 to build merchant marine. Wheeling Steel directors approve plan to pay preferred arrears. 11. Stock Exchange seat $85,000, off $6000, and new low since April 23, 1935. 12. Strike called in Bethlehem Steel’s Cambria plant at Johnstown,
a. 13. John L. Lewis calls out miners in 19 steel company owned coal mines. 14. Bank of France raises discount rate to 6 per cent from 4 per cent. 16. Silver in London at new low for year at 19 13-16ths pence. 17. Holland ends ban on gold exports. Secretary Perkins appoints mediation board to handle steel strike. French senate finance committee rejects Premier Leon Blum's project to overcome French financial crisis. 18. Inactive gold fund of U. 8S. Treasury crosses billion dollars. 19. Martial law declared in Johnstown, Pa. 21. Blum Cabinet resigns. Steel operations 75.9 per cent of capacity against 76.6 per cent week ago and 70.2 per cent year ago. Railroad average at new low for year. 22. May cigaret output 13,069,036,403, up 8.67 per cent over 1936 month, and new high for year. 23. International - Paper share-
4 4}
MART CHANGES HOLD PATTERN
By United Press NEW YORK, July 3. — All markets—commodity as well as security — followed the same pattern during the first half of the year. Trend—Up for first two and half months; down sharply for two months; quiet and irregularly lower for a month; steadier as the half closed. Resaons — Rise on sharply improved business and wild speculative demand all over world. Decline on Government pressure to prevent speculative orgy, on efforts of the Government to check influx of foreign capital, fears of a change in the U. S. gold policy, waning of inflation psychology, and labor troubles. Outlook—With markets well sqQld, traders anticipate an irregular recovery for several weeks, followed by more active "advance when autumn begins.
COTTON DROPS AFTER ADVANCE
Futures Hit 7-Year High, Then Lose $15 a Bale In April.
By United Press NEW YORK, July 3.— Cotton prices rose to the highest level since
but a decline thereafter more than wiped out the advance.
bale, started after President Roosevelt's assertion on April 2 that prices for durable goods were too high. It was accelerated by pros-
pects for the largest crop since 1931, a slump in exports and indications for a record foreign cotton production. As the first half of 1937 closed spot cotton at New York was selling around 12%; cents a pound. That
of 15.25 cents made March 30; with 13 cents on Dec. 31, 1936; with 12.08 cents on Nov. 2, when the late advance got underway, and with the depression low of 5 cents in June, 1932. The statistical picture was confusing. Domestic consumption ran at a record of nearly 8,000,000 bales for the season, but foreign consumption slumped. Forwardings to foreign mills in the first 11 months this season lagged almost 800,000 bales behind last season. Exports fell 550,000 bales. Indications were for exports of less than 5,500,000 bales, against 6,040,000 bales last season. However, indications pointed to the smallest carryover at the end of this season for many years. The American visible supply late in June was only slightly more than 2,000,000 bales, or more than 700,000 bales below a year ago. Holdings of the Commodity Credit Corporation were whittled more than 1,250,000 bales to around 1,500,000 bales. Estimates were for a 1937 cotton production of between 14,000,000 and 15,500,000 bales. That would compare with actual outturn of 12,399,000 bales last season, 10,638,000 bales two seasons ago, and 9,637,000 bales three seasons ago. The textile situation was confusing. Early in the year a virtual buyers’ panic developed in the goods markets. Mills were forced to turn business away. Operations boomed to nearly 150 per cent of capacity in one month. In the final quarter, however, goods markets were paralyzed by uncertainties. Sales ran behind production for many weeks and indications pointed to general curtailment in July unless substantial new business developed.
VACATION NEEDS JUMP RETAIL TRADE
By United Press NEW YORK, July 3.—Holiday and vacation requirements brought an expansion to retail trade this week, Dun & Bradstreet, Inc. said in its weekly trade review. There was some buying from deferred requirements that had been held up by labor difficulties while more cash from marketing early crops aided retail trade in the farm districts. Retail sales were estimated 3 to 6 per cent above the preceding week and about 10 to 20 per cent ahead of the corresponding 1936 week.
holders plan. 24. Engineering construction awards week of June 21 new high since March 19, 1931, at $115,530,000. Copper rises abroad. British circulation reaches new high. French franc futures at new lows. 25. Mediation on steel strike deadlocked. Martial law lifted in Johnstown and Youngstown districts. Great Britain to raise equalization fund by one billion dollars. 26. Copper abroad 14.12 cents, against domestic price of 14 cents a pound. Tire price rise on new equipment anticipated. 28. Railroad average at new low for year. Utility average at new low since 1935. Association of Western Union employees to ask 10 per cent wage rise. May railroad results estimated show net loss for class one roads of between $2,000,000 and $3,000,000 against net loss of $2,149,000 in May, 1936. American Iron & Steel Institute reports steel operations 75 per cent of capacity, new low for year and off 16 points from rate at beginning of month. 29. French Government closes Bourses, temporarily abandons gold, and asks Parliament for full financial powers to deal with franc crisis. Dealings in francs suspended.
SAFE DEPOSIT BOXES % The *
Indiana National Bank of Indianapolis
approve recapitalization
1930 in the first quarter this year y!
The break, which ranged to $15 a x
compared with the seven-year high |o
WHEAT FUTURES REGISTER GAINS AS CORN DROPS
Liverpool Grain Declines Under Weight of WeekEnd Sales.
By United Press CHICAGO, July 3.—A fairly steady tone prevailed in wheat futures throughout most of the session on the Chicago Board of Trade today. Prices showed little change and hugged the previous close after ree covering from an easier opening, Toward the end of the trading period the market firmed abruptly. At the close wheat was 3% to 1a cents higher, July 1.25%: new corn was unchanged to 1% cents lower, July $1.25%; old corn was 21; cents lower, July $1.23%5, and oats were 's cent lower to 1 cent higher, July 4% cents. Wheat prices climbed 3 to 5 cents today on the Winnipeg Grain Exe change as weather conditions re= mained unchanged but additional reports of crop damage rolled in. Liverpool. closed 1 to 13% lower under the weight of week-end realize Ing sales and a slack demand for cash wheat. Buenos Aires opened a fraction to 1 cent higher after a sharply easier close yesterday and
Rotterdam plunged 25 Yower: ged 2% to 3 cents
CHICAGO GRAIN
RANGE
Close Prev. se. close 4 $1.2515 $1.24 34 $1250: 81.24%
26% 1.28%
1. Y.
11.87 11.85 11.87b 11.93 2 12.10 12.15b 12.20 ct. ........ 12.25 12.20 12.22b 12.25 (a)Ask; (b)Bid; xNew; xxOld.
w CASH heat—New; No. 1 red, $1.30; No. 2 r [email protected]%2; No. 2 red garlick Ci No. 3 red garlicky, $1.23: od tough: $1.24; No™*3 mixed. S124. mixed, $1.26; No. 2 yellow, $1.27: yellow, $1.35; No. 4 yellow, $1.1613: white, $1.28; sample, [email protected]. White, 52% @53%c; No. B0lac: sample. 35 16 0 49c. rley—Feed, @Tlc; malting. Ti@ Soy beans—No. 3 yellow, Sarna 4 Timothy seed and clover seed unquoted, Gash Tsong Lara, $11.92, nominal} oose, .80, : leaf, $12.25, nominal; - lies, $16.37. nominal. 5 nak bel
LOCAL GRAIN
CASH strong;
. + No. 2 Oats—No. 3 white, 49'2@ Rye-—No sales,
Wheat—Market, receipts 1 carloads; No. 1 red, $1.25; No. 2 a. §1.250 No. 1 hard, $1.26; No. 2 hard, $1.24. Corn—Market, weak; receipts, eight care loads; No. 2 white, [email protected]; No. white, [email protected]; No. 4 white. $1.12@ 1.13; No, 2 yellow, [email protected]; No. 3 yellow, [email protected]; No. 4 yellow, [email protected]: No. 2 mixed, [email protected]; No. mixed, $1.12@ 1.14; No. 4 mixed, [email protected]. Oats—Mar= ket, steady; receipts, two carloads: No. 2 white, 48@49c; No 3 white, 47@ 48c. WAGON WHEAT
City grain elevators are paying $1.11 for old crop; No. 1 red, $1.13; other grades on {heir meries. Cash con. new No. 2 yellow, 15. ats, Cc. ay—No. 1 timoth [email protected]. Y LIVERPOOL WHEAT rev, High. Low. Close. Close, $143% $1.42% $1.43% $1.44 1.42% 1.40% 1.40% 1.421% 1.42% 1.40%
1.40% 1.42% Winnipeg Wheat
WINNIPEG, July 3.—Wheat—July, 31.44 Hi oP, Bq1h cents: Octobe, ila .35, a to oO 4 cents; December, $1.33% (1.33, off Ya@74 cente. .
FREIGHT LOADINGS INCREASE IN WEEK
By United Press WASHINGTON, July 3.—Loadings of revenue freight for the week ended June 26 increased 17,444 cars, the Association of American Raile roads announced. Total loadings were 773,733, an ine crease of 60,145 cars or 8.4 per cent above the corresponding week in 1936 and 25.4 per cent above the corresponding week in 1935. Loadings of miscellaneous freight totaled 316,009 cars, an increase. of 3803 cars above the preceding week and 26,244 cars above the corres. pond 1g week in 1936. Les. than carload freight loadings totaled 166,576 cars, a decrease of 1459 cars below the preceding week but an increase of 5276 above the 1936 week.
RETAIL SALES IN INDIANA JUMP 159,
Retail sales of 520 independent stores in Indiana showed an ine crease of 15 per cent in dollar volume for May, 1937, as compared with the same month for 1936, according to preliminary estimates of the Bureau of Foreign and Domestic Commerce. There were the same number of working days in May of both years, May 31 of this year being considered as a holiday in making the compar= isons in this report.
TELEPHONE MAKES SUBSCRIBER GAINS
By United Press NEW YORK, July 3.—The New York Telephone Co. today ree ported a station gain in June of 4085 compared with a loss of 1745 in June, 1936; a loss of 5534 in June, 1935; a ‘loss of 4903 in June, 1934 and a loss of 14,736 in June, 1933. For the first six months this year there was a gain of 71,040 stations compared with 42,405 in 1936, 9318 in 1935, 12,771 in 1934 and a loss of 99,775 in 1933.
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memeeRr FEDERAL DEPOSIT INSURANCE CORPORATION
2 WRN ON EE RR
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