Indianapolis Times, Indianapolis, Marion County, 9 July 1937 — Page 22

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PAGE 22

THE INDIANAPOLIS TIMES

FRIDAY, JULY 9, 1997.

COMPLETE N. Y. EXCHANGE

STOCKS *

£! The Times Financial and Market Page 5

COMPLETE LOCAL LIVESTOCK

MARKET STEADY IN LIGHT TRADING AS BONDS MAKE GAINS |:

Recoveries From Eearly Dip.

By United Press NEW' YORK, July 9. Stocks steadied today after an early decline. Volume |

lightened.

| Leading issues made good recov-|

eries from their lows. U. S. Steel touched 108% and then rose to 09%, 1 14. Bethlehem rose to 61% ; my Rails rose from their lows, and Atchison was up 1'4 points at 83%. Several special issues made good gains, inc luding Owens Illinois Glass at 9414, up 2%; Monsanto Chemical, 084, up 2; United American Bosch, 1914, up 2', and Allis Chalmers, 68, up 17%. Farm shares were strong, with Oliver Farm 667, up 5'4, and Caterpillar Tractor, 95, up 2. Chrysler came back to its previous close after a small dip. Oils were about steady. Some of the monferrous metals rose with U. 8. Smelting at 0114, up 114. Utilities were steady to firm. Second-class rails led an irregular bond advance today. U. 8. Government loans were up 1-32 to 5-32 against losses of 1-32 to 2-32 point.

FIRST HOUR

The market opened Trading was dull, dropped to a point loss and then came back to the previous close of 10915. Youngstown Sheet & Tube gained fractionally. Chrysler weakened in early trading but came back to show 1% gain at 1053, but General Motors was 3% lower at 53%. Atchison had 3%

irregular.

losing 3% to 40%. Ohio was 114 lower at 55. American Telephone was firm. Volume approximated 240,000 shares, compared with 280,000 in the first hour yesterday. Dow-Jones averages—Industrial, 177.66, off .04; railroad, 54.60, off .11; utility, 28.36, up .10, SECOND HOUR

The market continued dull and remained fairly steady. U. 8. Steel at 109': was unchanged but Bethlehem rose to 92 for 4 gain. Inland was 3 higher at 114, Atchison ex-

tended its gain to 833% for 1% ad-<|un

vance but New York Central cone tinued to show almost a point loss. Chrysler was unchanged at 1054 while General Motors maintained 3 loss at 53'4. Metal shares were mixed, American Smelting showing 3% gain at 913. Utilities were quiet. Volume approached 160,000 shares compared with 180,000 in the secs ond hour yesterday. Dow-Jones Averages—Industrial 17769 off 001; railroad, 54.58 off 0.13; utility, 28.36 up 0.10. »

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet Ine, reports week ended July 7 retail trade 3 to 8 per cent over last week and 12 to 22 per cent over like week year ago; wholesale 15 to 30 per «ent ahead of 1938 week. Federal Reserve Bank, reports week ended July 7 gold stock up $58,000,000 to record high at $12, 376,000,000; circulation up $76,000,000 to $6.524,000,000; excess reserves §880,000,000, up $10,000,000; brokers and dealers loans down $20,000,000 to $1,207,000,000; ratio 796 vs. 79.7 last week and 79.0 year ago.

CORPORATION NEWS Chicago, Burlington & Quincy Railroad Co, week ended July 3 own lines loading 14,831 vs. 14,312 previous week and 13,591 year ago. Montgomery Ward & Co, June sales $37,050,803, largest in come pany’s history, vs. $30,330,174 year ago, up 222 per cent; five months sales $173.387062 vs. $133,727.454 year ago, up 29.6 per cent. S. 8. Kresge Co. sales $12,650,201 vs. $12,182,365 year ago, up 38 per cent; six months sales $68,676,251 vs. $64,330,080 year ago, up 6.7 per cent. Walgreen Co, June sales $5,537,« 544 vs. $5,074,743 year ago, up 9.1 per cent; six months sales $32,784,115 vs. $30,105,995 year ago, up 89 per cent, Crown Drug Co. June sales $603,« 621 vs, $603,208 year ago; nine months sales $6,459,626 vs. $6,188,551 year ago. Lehigh Valley Railroad Co. five months net loss $112,466 vs. $279,100 year ago, Lerner Stores Corp, June sales $3,621,898 vs. $3,506,797 year ago, u 3.3 per cent; five months sales $16,184,318 vs. $14,770,377 year ago, up 9.6 per cent. Missouri-Kansas-Texas Railroad Co, week ended July 3 own lines loadings 5500 vs. 5583 previous week and 3978 year ago. Mountain States Power Co, 12 months ended May 31 net income $330,825 vs. $182,234 year ago. Peoples Drug Stores, Inc, June net sales $1,770,506 vs. $1,675,693 year ago, up 58 per cent; six months net sales $10,904,610 vs. $9,870,173 year ago, up 104 per cent. S. H. Kress, sales June $6,800,197 vs. $7,027,087 year ago, off 1.8 per cent; six months sales $38,456,380 vs. $37,420,905 year ago, up 2.7 per cent. Chicago, Burlington & Quincy R.

Leading Issues Make

Equipment at Consol

U. 8. Steel]?

gain at 834, but other |g, rails were easier, New York Central | Gen Chesapeake & |G

MARKETS AT A GLANCE

Stocks irregular and quiet. Bonds higher and fairy active; U. S. Government issues irregular, Curb stocks irregularly higher in quiet trading. Chicago stocks irregularly higher and quiet. Call money, 1 per cent. Foreign exchange firm in relation to the dollar. Cotton futures firm. Grains lower at Chicago; wheat off 13¢ to 2 cents a bushel Rubber futures lower, Silver in New York unchanged at 445 cents a fine ounce.

Chicago Stocks

By United Press

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Berkey Gay Fur .. Can Marconi ‘ Carrier Corp Cities Sery Col O & G

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LAND BANK BONDS

Bid Asked Yield A July 100% 2.84

§ 37 44s Nov. 1038- ‘38

up 3.62 per cent; Jan. 1 to June 30 sales totaled $115,310,985.59 vs. $105,« 818,362.91 year ago, up 897 per cent, Lehman Corp, net assets fiscal vear ended June 20 equal to $40.18 a share vs. $30.75 year ago. Market Street Rwy. Co, and South San Francisco R. R. & Power Co, 12 months ended May 31 net income $98,854 or 85 cents on 6 per cent prior preference in arrears vs. $150,236 or $1.37 in preceding 12 months, McCrory Stores Corp. June sales $3,365,000 vs. $3,443,415 year ago, off 23 per cent; 6 months sales $18,381,033 vs, $17,603,154 year ago, up 39 per cent, S. 8. Kresge Co, June sales $12,« 650,201 vs. $12,182,365 year ago, up 38 per cent; 6 months sales $68,676,251 vs. $64,330,080 year ago, up 6.7 per cent.

DIVIDENDS

American Water Works & Electric Co, 20 cents a common share payable Sept. 15 record Aug. 20. Burdine'’s, Inc, 50 cents a common share payable July 26 record July 12 vs initial $1 in September year ago. Gude Winmill Trading Corp, |* regular $2 payable Aug. 2 record July 15. Nehi Corp, $1 payable July 31 record July 15 vs. last previous payment in 1031. Aluminum, Ltd, $5 on account of arrears on 6 per cent preferred stock and regular quarterly $1.50, both payable Sept. 1 record Aug. 14; arrears on preferred will amount to $20 a share after September payment, Jantzen Knitting Mills, regular quarterly 25 cents a common share payable Aug. 1 record July 15. Raymond Concrete Pile Co, extra 25 cents and regular quarterly 26 cents a common share payable Aug. 2 record July 20 vs. like amounts on May 1. Aluminum Ltd, $4 on account of arrears on 6 per cent preferred stock and regular quarterly $150 both payable Sept. 1 record Aug. 14; arrears on preferred will amount to $20 a share after September payment. The Fair regular quarterly $1.75 on preferred payable Aug. 1 record July 20. (Copyright, 1837, by United Press)

Yesterday Sethe

Month ago «....... 142,81] 1937 low

Following are the commodity prices

By United Press Net

Last Change \dv_Rumiey 8 “ Alas a Sun is in % n i h in pf i! 42% i Steel .. lice a ‘

e Mac & Met 44 & Lt . Ra 88 Roll Mill...

DOr

on w

3: ° ae or PIED FOE errr ,

Armour Il} ‘4 Armstrong Ck Armstrg Ck rts 1 Hoom

tehis 4 c “Line

BS TY re

DG CY 6 IY Tar Cd TION DED LIND bat

OF ps

Loco

CFCS be £3 ~

Bs ‘sisi B Butler Dros Butte Cop .....

Cal Packing . Calumet & H. ..

BIS re CODD LI CS eg ——

ut pt

as Cluett Peab rt. Com Inv Tr. ... Com Solvents .. onw & S Nairn... 8 Cigar .... Ed son . a

ed th 4 FS TITS IS oe St 5

ee CF COG ay ere (SCS NO IT BESTT .

Cont Mot .. .. con Oil Del..

CroNiey Rad . :

IES Fo

Curtiss- r A Sov 10%

ot a

Bere $ Ge ‘es A383

or £5: % 89% oo B a. 157% 157% 8p | 30

DIT rrrs WB AIG ES

—

Eaton Mf Elec Auto-

Eie¢ Boat

lec Pw g P83

— BSCE re CAD GO UNGE

TSG ere OFS GOONS DUS GUS TIONS rr 83 IND WG « 2

4 9%

LOCAL ISSUES

The Nllawin quotations do not repre sent actual 8s or offerings, aot merely dicate the "apbrovimate nara level as urnished by the brokers nam (By Indianapolis Bond & Share Corp.)

BONDS Ask 3 oo FAS rw 4's 61 ...100 jo

W hieg 0 5 To} 8 To F 106% nd Assoc Pel IV 65 08 Indiana Tel Co Bs 6 60 ndpls pilway, Ins 5s oo Ses

ndpis Water Co 3'48 nterstat ‘Fol Tel Soe s 53 Kokomo Water rks uhner Packing Co 4;

Trae Term Co 8s §

Belt Railroad & St 3 8 eum. Relt ailroad & . pid. . Cent Ind Poeer Hook Drug 1 & Mish Feo Co pid Ts... nd ass Oo 2 Su

—

ED OV ie ert FDS DDO DOES +e Cs

Ae mes ed WD

allory Co DSI Laundr Pub Serv Co o

yan Lif Be

Hist & Co Market, St gt 2AL hs 3%. 14 36.30 «Divid

Retail Sales Up

TREND OF DEPARTMENT STORE SALES

AL INCORPORATED INVESTORS

BOSTON, July 9.~The purchasing power of the people—farmer, factory worker, and financier— continues upward. Farm income, factory wages and dividend payments are all increasing faster than the cost of living. ‘This greater purchasing power is mani«

fest in larger retail sales.

PRICE INDEX AND COMMODITY

DAILY PRICE INDEX

NEW YORK, July 9.~Dun & Bradstreet's daily weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average equals 100):

146.70 | Year ago ....... Week ago ......... 146.20 | 1937 high (April 5). 158.26

Commodity—

127.97

“er

(June 21). 141.12

Lead, spot (Ib.).. used In” compiling

Lambs, avg. most sales ab.) deka Hides, native hvy. steers aby. . Wool, fine unw. combing (Ib.).. Cotton, Midupland (Ib.) Silk, 13-15 deniers Jap. Ib.) ... Rubber, spt. smk. rib (1b.)..... Copper, electrolytic (Ib.)..

Stes er taste

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS =0.01 12.00 =2.05 +238 High, 198%, 104.40: tow, "168.51, High, 19386, 184.90; tow, 181 20 RAILROADS

High, 1937, 64.48; low, 50.1%. High, 1036, 50.80; low, 40.66.

Yesterday 28. Work B80 «.:ccoiicisiiiss poe 2108 Month age \ Year age High, 1937, 87.54: low, 25.45, High, 1036, 36.08: low, 28.68.

Month ago Year ago High, 1037, High, 1936,

69.87; tow, 57.5%. 66.38: low, 51.20.

. 80 . 18%

ecker Prod . ne & Son st

Houston Ol .

1] SE eq nlahd St 1 REDiFaLn Cop . nter Iron .. nt Agric 614 Int Frpvester 10074 S 8 ‘ 3

1% Be

128'; 128'%

HI or Coal Johns<Man ....

an C Sou HI Fecge os

12% th bi HN fn

acy RH "®i

os 4 aracai Bx . ative iq artih Gl ..... aytag pf ww

ji cintyre Pore ‘ MIRE fit

PARIS GOLD EXODUS DEFINITELY HALTED

Devaluation Seen Without Effect on U. S. Business.

Times Special | BOSTON, July 8.<<While the curs rent French financial crisis will probably have an important bearing on the European political setup, it will have little influence on Amers= jean trade or security markets, says the United Business Service. Further devaluation of the franc has been expected for a long time in informed quarters, and French prices will soon advance again to offset the cheaper franc in world markets. The service points out that the French internal situation has been growing more complicated ever since 1926, The government budget has never been balanced, and in the last two or three years the outward movement of capital has been for midable and continuous. The French gold reserve is now down to a point which the military authori ties consider absolutely necessary as a war reserve, Inability to draw gold from the Bank of France will new serve, however, to halt the exodus of gold from the country,

INVESTING CO.’S

(By the New York Security Dealers Assn.)

SSBB Pe 3 SS , 255 Bn ee Te

FPSB BIG -

WM POW ~I DD

S35 88: ] S553, IL Somarwions

ADD UCIT CID DU Ty ret 5D =F ee TH ZI RO Se BE aD Be Be S

ans “IT pe TBD ov > Wo © osm ®®-3

SBD BLIND Dw wo

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“CFE op f 1.01 Ryciee 20.34

MONEY MARKET

NEW JORE. Yd 8.—~Money rates remained u n nker’ i Reeepiances - 30 oy %a 1-16%; nd 90 dave ‘o®T.16%: 120 Sh o-100 %: 150 and 1 Wh@

davs, Commerc PaperPrime names, 19%,

ee Money—60 and 90 days, 14%: 120, ad 180 an % wT Kedisconrt rate at New York

4 RBI LAB BBOS HDI IBD. ~~ 23R5TINBEBL353F2RS8553

For Final Stock Quotations See Later Editions of The Indianapolis Times

QUOTATIONS

Week Ago $ .1135 A5% 41 1251 2 1038 a4 080214

Year ' Today 8.1175 JA8 J 1285 2.00 Ja021 Ja4 08024%

Ago $ .1060 di 851% 1365 69 “165% 001% 460 | 10490

Cease

LATEST NEW YORK STOCK

t Notes igh. Low. Last change. idla 8t i “ 40 +

inn-Moline .. 13% be 0- of To in A . Sel eee BY Ya 3

vis 0% ont lh vd J 108 otor Prod ....

Ohio Ol Olive Otis Elev Otis Steel Outbrd Owens Ill Glass

Pac Am Fish .. Pac & Bl ... 30 Pacific Mills .. Packard

BEC be

~ BD Fede GED SW Gp

te gs -~

p Am .. feiffer Brew. . 1eips

hila

pt. ‘11504

BG re i OV BT pe GID SECs Nee

8im 8kelly oil ‘ B mith Cor T ots oeon South p

win Gv RT .. Twin Coach ...

thd Ell Fish . 85 Union Carb ... Un Oil Cal

Un Pacifio Un Altera Cp 201 Un Air L ‘ Un ©

QoaQaooaaaa BB BBB

« = 2B yp Sx 3

5% Unity Ne elons’ stl 20° Wo Vadsco Sales 1% Vanadium 30° Va<Caro

Wabash nf A .. 12% Walker (H) . 46° Ward Bak A . Ward Bak B . arner Bros Warren Br ... Warren F&P | Wayne Pum Wes Oil &

Woolworth .... Worthington .

Yellow Tr ..... 2

5 Young Sheet ... 88% 8814

Zenith Rad .... 368%

COL. AYRES PREDICTS RAIL WAGE INCREASE

By United Press NEW YORK, July 9.—Col. Leonard P. Ayres, Cleveland Trust Co. vice president, said that he anticipated an increase of around 10 per cent in railroad wages as an outcome of the current negotiations between the unions and management, Col. Ayres, here for the meeting of Alleghany Corp. of which he is a director, believed such increase would be made in three instalments. He believed the railroad situation was relatively favorable and anticipated the attitude of the railroad unions would be “reasonable.”

BONDS DECLINE IN MARKET VALUE

By United Press NEW YORK, July 9-~The market value of bonds listed on the New York Stock Exchange declined more than $150,000,000 in June, figures of the New York Stock Exchange showed. As of July 1 there were 1397 bond issues aggregating $47,381,130,777 of par value on the exchange with a total market value of $44,001,162,031. As of June 1 there were 1395 bond issues aggregating $47,045,120,044 with a total market value of $44,170,837,674.

GENERAL MOTORS SALES DECREASE

By United Press ' NEW YORK, July 9.—General Motors Corp. total sales in June amounted to ,139 cars and trucks,

36% 36%

against 216,654 in May and 217,931 |°

in June, 1936. For the first six months of 1937 sales amounted to 1,007,370 units, against 1,170,168 in the corresponding period of 1036 and 888,560 in the 1035 period. The all-time record for the period was set in 1929 when sales totaled 1,171,868 units.

FRENCH GOLD STOCK LOWEST IN 6 YEARS

By United Press PARIS, July 9.—Gold stock of the

HEAVY PORKERS DROP 40 CENTS AT YARDS HERE

Weights Under 210 Pounds Steady; Vealers Show Gains,

Heavyweight hogs declined sharply on the local market, according to the Bureau of Agricultural Ecoe

nomics, Declines as much as 40 cents on weights above 250 pounds were noted, while hogs below 210 pounds were steady to 5 cents high« er. Sows lost 25 to 50 cents. Receipts were estimated at 5000. good demand on local killer accuonts saw vealer prices advance 50 cents, sending good to choice of ferings from $10.50 to $11 and most mediums from $8.50 to $0.50. There were only two loads of steers noted in the run, one scaling around 050 pounds shortfed, which brought $12.10, while another load of slightly lighter offerings cleared at $11.75. Most grassy steers and yearlings sold from $3 to $10.50. Prices were considered about steady with the week's upturns, A few heifers were moved within a range of $7.50 to $10. Steady prices prevailed on lambs. Good to choice lambs cashed at $11 to $11.50, with most common to medium sorts from $850 to $10.50. Slaughter ewes were unchanged at $3.50 downward.

Ls —"

22250 53333332

BINT WNIRININS

Receipts 2800

Rd fd

7 BIA38303830308 TTY

7 a fs i ed at BBOIWUWL PROSPISOD BBD IDWS Sa3a3333

choice. . eau , 0) Gi a choice. IVA © m Medium Nelght - (200-220) ood (200-250) Good Heard weights 250-200) Good

{390 350) Good Packin {

oholee . choice. .

choice. . choice. .

0 Save. 5-500) Medium sis hter Pig 100-140) don and choice. . MI ceiiaanes

3D aoa LB BE Smeg La

CATTLE

Steers «Receipts, 800 (550-000) Sioige .“

(800-1100) G

Rd a

EADLAIDL S50

SSS SRL SAADE SED

Fares Re ae

C (1100-1300) a

DERIVE BD EIEI DI Er rere)

Po Bb

M (1350-1500) G

(550-750) a

Cc . (750-900) Good and choice .

ommon, medium. Cows

Vealers «Receipts, 600 Good and choice Medium

Cull and common

Ste 1250-8 500) Sood and choice .§ mon, medium.

oa ana ano Cattle Steers (500-800) Sood and choice .§ on, medium. (800-1050) Good and choice . Common, medium. Heifers

Good and chole C

8.00 0

SHEEP AND LAMBS ~Receipts, 800—

mino; . (90- 178) Good and cholce.. Common, medium.

By United Presa

CHICAGO uly, 9.—Hogs-—Receipts, 7000, including 2800 directs: By TReL Po 256 ; . up showing most decline;

packing sows, Pe ightweights

ohttie Recent 1500; oalves, 500; general trade, steady; grass cows, heifers, less active, suggesting recent advance About over; Jed a p in goo weight steera, absent; native

steers and bere linge demand; best ium S165" strictly Brine irc $8.50@ 11.5 aio " thin d $6.75; weighty sausage bulls, up to $7.15, and selected venjeTs to $10

ep—Receipts, 6000, including 5500 dinatives absent, Steady to gironger: o choice offerings, $1 50@12: pla roves 80s! .50; sheep, firm; sn

A ents er; 180-200 Ibs.

s, $10.25; stags, 9.25: calves ‘$10. 50; lambs, $11. Ab ois July 9. -- Hogs — Market — 8 M h to 40 cents lower;

oz 175; #3 Baie: 50 275 1bs., 78-338 Ihe Mi 1012; J 3.50 fi2.00 3 [email protected]; "130-150 1bs., $11. 0D 111 "100-130 1bs., $10.75@ 3a, 25; Toushs, $10.75 down. Calves, $10.

CHICAGO PRODUCE

s—Market, stea receipts, 16,170 fresh graded ax at 21%¢; 2120; current receipts, 20Yic: , 18'2¢c; checks, 17'2c; storagefirsts, 23c; storage-packed extras, 2 Butter-—-Market, So ee: extra’ firsts

20; secon lac; standards, 0i5e; specials, S1@3 ge; centralized (89 §oorel, 29%ec; centralized (88 score),

Poultry Market. treks; ducks, 9@1215¢; @islac broilers,

bibs ers iv, Joe fryers. Yinela ing Fig, Toad 18@22'%¢; spring {hick ns. 19@24¢. ees 1 Heth gor 1 162

strong;

$1. a oi ers. [email protected]; Vi kh Cobblers, [email protected]; Idaho Bliss Tri-

i 124; on track, 230; shipments,

FOOD PRICES

HICAGO, July 9, — 4p les—Willow Twigs [email protected]. weet Potatoes—Tency Halls, $1, isa, 25. Carrots —California, crates $4 35, Spinac pach ili pols, buehel, 50 omatoes—Texas, a2 Cauliflower —Galtfornia, $2.1 25. Peas California, pers, $1. Sot. a0. Celery Michigan, fiat. crates, 25@60c.

New York Bonds

By United Press BOND PRICE INDEXES

20 20 20 Indus, Ralls UHL Yesterday ..... 01.6 93.7 101.0 Week ago ..... 01.8 224 1003 Month ago ... 01.4 048 101.4 Year ago ...... DOR 03.4 105.0 Two years ago. 88.2 « 10.2 1004 1087 high ..... 05.0 101.2 108.0 1087 low ...... DOR no. 09.3 high ..... 48 1004 1082 low ....o00 900 B47 1035 high ..... 01.4 RG.4 1038 LEN low ...... 83.0 7.0 80.3 83.0 (Copyright, 103%, Standard Statistics Co.)

60 05.4

05.8 LUA 80.3 100.7 3.4 100.2 03.3

JU 8. GOVERNMENT BONDS High Low Treasury Bonds

Ju een 106.18 reesei 108 16

233 SOSIFRIIS

DODD

—— AS BD GBS BD re es pt Sree WTO

< = a

Bonds 100.17 102.7 DOMESTIC BONDS

: 7 'e JR gn 44s 6 “a Philippine R y kid 237 Gr 4,8 6

hid Ax nd) § ‘een A Rubber 5s 7 vine) y Co 3%s 68 .... West: Yonion bs 60 .. Foreign Bonds Australia 8s 55 Brazil 6's 26-57 Canada Hs 52 Canada 2's f

BANK STOCKS

(By Blyth & Co, Inc.)

Bankers Trust Central Hanover Chase National Chemicnl Rank & Trust Guaarnty Tru Irving Trust Manufacturers Trust *National Cit Continental Ill Natl Chicago. .13f First National Bk Boston ... 51 National Shawmut Boston

Fire Insutance

Aetna Pire Citv of New York Foderal Franklin

*Cireat American Hanover

Hartford

J] 8 Fire Vreiamer Casualty Companies Continental Casualty =“ Mass Bonding & Instrande’ oy

28} 3072 63's 68 *Ex-Dividend,

RECORD GAINS MADE IN OIL PRODUCTION

By United Press WASHINGTON, July 9.—~The petroleum conservation department of |: the Interior Department reported to Secretary Harold L. Ickes that gasoline consumption during the first half of 1937 had reached an alltime peak. The division estimated 246,000,000 barrels of gasoline-had been consumed through June 30. This compares with 221,000,000 last year, during the same period, and 176,000,000 for the first half of 1933. The report informed Mr. Ickes

$that the “record-breaking demand

for petroleum products is a barometer of general economic: conditions.”

BROKERS’ OPINION By United Press NEW YORK, July 9.—Brokerage opinion today. E. A, PIERCE & CO.--Consider-ing the extent of recont price gains we feel that there is some justification for increased caution -

REDMOND & CO.—Leadership of the steel shares should prove stimulating to the general market and we would accordingly look for some extension of the recovery movement today.

more favorably situated secondary issues, which appear to offer better than average profit: possibilities in their respective price ranges, are coming in for increased attention.

LAMBORN, HUTCHINGS & CO. —We are inclined to feel that the current improvement has been sharp and substantial, and that over the next few days quick traders might . accept profits. on any further strength, with view to replacing on a probable ‘correction

8 | later on.

SHIELDS & CO.—Undue increase’ in speculative activity will bring checks from the powers-that-be, but thus far there is no threat thereof so that a buying policy remains warranted.

,| FOREIGN EXCHANGE

WJ. YORK, July 9.—Foreign exchange ng

firm, cavle Rates England (po

951% Eng. (60- gd ira rate) igi +. Canada ’ lary ua France (iran) v

[taly (lir Belgium (peti) ” ‘ 1684 erman; a i sans Spain {guider - 1% Norway (kron

Denmark. (Krone) .. Japan (yen) .

cnae i

& cade

ow”

ASSETS. . A, Real estate mortgage 1080S i...0s

Advances (insurance & $okes) Sher teal estate & nd S$ assets ond lo 3 due om ban

04.6 |

| was sudden

HORNBLOWER & WEEKS—The |

BUSINESS ACTIVITY: |

WHEAT PRICES: DROP SHARPLY IN CHICAGO PIT

Bearish Government Crop Report Sends Bids Lower.

By United Presa CHICAGO, July 9.--Anticipation of a bearish Government crop ree port after the close of business to day carried wheat prices sharply lower on the Chicago Board of Trade. After the first hour wheat was.1% to 2'4 cents lower, corn was 4 fo 1 cent lower, and oats were % cent lower,

After a report yesterday showing Oklahoma wheat harvesting to be,of

proportions ‘indicating an increase of 13,000,000 bushels over the state estimate, traders were inclined: ‘to the belief today that the Government winter crop report will show a sharp Increase in the 649,000,000 bushels forecast in June, despite a reduction in the pricate estimates July 2. Because of this belief there liquidation by longs which carried prices downward despite some short-covering, «A break at Winnipeg also was a softening influence, Wheat receipts were 196 cars. Corn was sold by scattered interests who . disposed of December holdings due to a change in weather conditions over part of the belt, The tone steadied after an early drop, Corn receipts were 30 cars. ‘Fein WAGON WHEAT City Frain Slevators are paying for No.

1 red, her Tades 20 bak corn, new or ow, the 1? 5 Oats,

Hay—No. 1 timothy. S15 G15 5 WINNIPEG V WHEAT

‘o La

3 anges AG = oer ¢

December

July Oct, . 1.41% 1.40%

NEW BOND ISSUES

(By W. L. Lyons & Co.) All City 3%s 64 ES Qed. very Sons Bs 47 . Calif Oro Prw 4s 66 |. elotex 45s “4 . ‘e ert Maine Pwr 45 60 . ‘ Cent Maine Pwr as 6% 4: Clinty Yas

High Low Close ‘Gio 90h 1.41% 10 141™ 4:

Inddpls Water 3, Los Angeles Rev $e J Louisville G & Narra Elec 315s Y Oity 3s

N ¥ State Elec Gas 45 65 .. Ny Tel 8's 6 ves Northern State Po 3.8 67... Okla & E 45 46 .

G & Okla Gas. & # Inc (Ss ‘66. .

Pac Lighting 4's Sueway Stores 4s 0 Sim 52

‘B 3s 66 .... Wisc Pub Sve 4s 61

U.S. STATEMENT"

By United Press

WASHIN iGTON, Jay 9.—Government exPeat and receipts for the current fiscal ear MH hrough July 17, compared with a

This ¥ Las $271, Sor. 156. 3 $- 151, th 508, 08 66.816, 198.56

a Recel ja.8 5.817 177.93

al: 8,870,680, Pub, Debt ‘38. 535.071,336.15 33638.630. 1360.98 Gold Res. 12.37. 903,563. a3 10,620,298,090.34 Customs .. 30 0. 857. 5.962.246.30

Pur Total Pur Inac. Gold Se eae " $1,144.510,743 67

LOCAL PRODUCE"

(The prices quoted are paid for stock gathered in the country while for ‘deliveries in Indianapolis the prices are 1 gent higher. Each full case of eggs must Weigh $5 pounds gross.)

ass—No. 1 strictly fresh loss off! “16a

Heavy breed hens, 5 lbs. and over, 14c:

Leghorn fens. 10c. Heavy breed brbilers., 1037 stock. 2 lbs. and over, 16c. Leghorn broilers, 1937 stock, 2 Ibs. and over. 1dc, Bareback broilers, 1937 over, 12¢. Old roosters, 9c. Ducks, full feathered and fat, 5 lbs. and over’ ‘Se. fesse. full-feathered and fat, 9 to 14 Ibs.

"35@36c: No. 2, 29c. No. 2, 27¢c.

LOANS TO BROKERS DECREASE IN WEEK

‘By United Press WASHINGTON, July 9. iTonng to brokers and dealers in week ended July 7 totaled $1,207,000,000, down $20,000,000 from previous week ‘ard compares with a total of $960,000,000 for like week a year ago. ~ "Other loans for the purpose of purchasing or carrying secuffties were-unchanged at $279,000,000, * The Federal Reserve Board today revised upward by $21,000, figures for loans to brokers 4 dealers by New York reportirlg member banks on June 30, this figure reported a week ago as $1, poe 000,000 was revised today to $122 000,000—on the basis of this re loans to brokers and dealers

stock 2 lbs: and

®Butior--Greamery. No. 1, 32'2@33c. Butterfat—No. 1,

i id

‘have shown a $10,000,000 indreade

last week instead of the $11,000, decrease reported on the unrevised figure.

DECLINES. IN WEEK

By United Press NEW YORK, July 9 Bicirieds

Abt | activity for the week ended July 7, aes oi ‘16 {'ds measured by the Dun & Brad-

street, Inc., business barometer; déclined to 93.6 per cent of the ‘esti« mated normal. RR The index stood at 95.3 last week, which was high since May 28, , and

{at 88.7 a year ago.

"VIRGINIA AVENUE "BUILDING & LOAN ASS'N, INDIANAPOLIS, IND. PALANCE SHEET :

sesteesassanniinens . 26,441.74 i 2,682.84

femssn.

versa aliiue seats Sevhrsacsssntnaapene

Cpreidraieeninnee.

okie % 1936.

June 5 Soar. 506.86 §

15,960.74 42. 58 23, 419. 08oo; 3 $40,506.08 .

serrate

452.50 .$46,173.04

Total’ Association Ageets j 1 Assocation

All other shares taxcent guaranty ‘étock) .

| Total LiabIMtes: Jsaessss «« rs I EIR, $38, 073.72 $32,634.65 . —- i Sufficiency (or Bediatiin PA Tate:

,100.22 7,871.43. TH E> Proof: Liabilities 3 plus Sufficienc aR enn,

$46,173.94 40,506.08 S Deficiency

Date Association “Closed—August - Se dye, ¢ : oy . PLAN

Zine, spot (b.)..... Tin, straits spot (Ib). Cabeee eens Silver, comml. bars (os.). TITY Steel, scrap Chi. (ton). . \ Pig Iron, Iron comp, (ton) Coke; Connelsvi Cement, dom.. Portland (bbl). _ Yellow Pine, 6-in. base (m. ft.) Douglas fir, rough (m. tf.)..... Gasoline tank wagon (gal) ... Crude Oil. 40 gravity (bbl)...

06624% B75 44% 16.00 23.25 4.00 2.25

0662 50% HY 16.00 23.25 4.60 2.33 60.00 52.50 083 1.27

Shh iantnee

price index: Commodity

Wheat, No. 2 red (bu)....oui0 Corn, No. 2 yellow (buw.)....... Rye, No. 2 (bu))..... Ciagaaren Oats, No. 2 white (bu). hse “ Flour, spe. pat. og ig Care Lard, riba he) ses Coffee, Rio Ts, UBY Saini Sugar, raw, 08 UB) .iianee Butter, ] score BD coineaene

han on, a Lo wi I

Bank of France fell to a six-year low in the week ended July 1, the weekly statement showed today.

R. Co, week ended July 3 own lines loadings 14,831 vs. 14,312 previous week and 13,5901 year ago. General Electric Co, first 6 months orders $217,265,619 vs. $136,068,507 year ago, up 59 per cent; second quarter sales $111,518,580 vs. $77,398,718 in 1036 quarter, up 44 per cent, the largest since Ri ‘sales

ON TNL

A1%

hy RT HY

$32,634.65 | ek anh 1.20 hs

Today $1215 1.301% 95 58 8.25 E | 1225 09%

tessa.

sevssfienee

TYPEWRITTEN LETTER: BL AUTOMATICALLY TYPRE : ADDRISSING 8 MAILING State of Indiana, County of Mar fits A. Ludwi Burck, Sdn

STENCILS QUT woleninn WI chr that ‘the above

MIMEOGRAPHING RULED FORME UP TO 14° X 20° _Twe NOTAR&!

1.R17;

Fa trie, and correth as 3 shave JG Subseribed and to before me this 3rd day : il war ting , sworn 0 Pe of 1920, (SEAL) : 7 8 A hu, 1037

V8,

: . . . *

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