Indianapolis Times, Indianapolis, Marion County, 19 July 1937 — Page 11
MONDAY, JULY 19, 1937
THE INDIANAPOLIS TIMES
COMPLETE N. Y. EXCHANGE
STOCKS %
2%
The Times Financial and Market Page -
COMPLETE LOCAL
w LIVESTOCK
U.S. STEEL LEADS STOCK ADVANCE AS INDUSTRIALS GAIN
®
Bond Shares Higher |
In Irregular Market.’ By United Press
NEW YORK, July Stocks advanced 1 to more
than 8 points during morning
dealings today with the in-
dustrial average reaching new
Jhigh ground since April 22.
~.. Chrysler shot up 33 points to 105; and General Motors gained a point to 53%. Steel shares were most active, led by U. S. Steel common which reached a new high on the recovery at 1187s, up 2% points Rails, utilities, oils, mercantiles «and nonferrous metals joined the advance without change in the re‘cently dull volume.
Best advances were made by In- |
ternational Paper preferred at 99'z, up 2; Western Union 50%, up 2% Allis Chalmers 713%, up 17s; Douglas Aircraft 6012, up 13%; Case 175, up 7, and Westinghouse 151, up 2. Rails were up fractions to more than a point in dull turnover. Some demand was noted for New York Central at 403, up 1!. Electric Power was the most active in its section, rising to 207%, up “s. Domestic industrial corporation funds led prices irregularly higher in quiet trading on the list bond market today. U. S. Government obligations were barely changed in dull trade. Selected industrial issues and utilities lead a moderate
improvement in prices in quiet curb | 3
stock dealings today. FIRST HOUR
motors and steels. Chrysler advanced to 10475 for 3 points gain and General Motors was almost a point higher. U. S. Steel led its division on 13; advance to 118% while Bethlehem gained almost a point. Electric Power & Light was iairly active, gaining 3% to 20% while consolidated Edison was unchanged at 37. Southern Pacific gained a point to 467s to feature rails. Oils were fairly active and fractionally higher, Socony Vacuum and Consolidated leading. Volume approximated 230,000 shares, or the same as in the first hour Friday. Industrial, 180.76 up 1.04; Rail 53.48, up 0.20; Utility 28.41, up 0.24.
SECOND HOUR
The market continued to advance, Chrysler going to 1053; for 37% gain. General Motors was 7% higher at 531; and Hudson 1% higher at 157%. U. S. Steel at 118% was 2% higher. J. 1. Case featured farm equipment issues on 7 points advance to 175. Western Union gained 23% to 5014 and American Telephone at 170%4 was 3 higher. Atchison, New York Central and Southern Pacific had gains of a point or more. were firm. Volume approximated shares, compared with 150,900 in the second hour Friday. Dow-Jones averages: Industrial, 181.32, up 1.69; railroad, 53.88, up .60; utility, 28.53, up .36. n
n 3
Today's Business At a Glance
CORPORATION NEWS
Woodall Industries, Inc, Six months ended June 3C net profit $225,493 after Federal taxes or 75 cents a share vs. cents year ago; quarter ended June 30 net $104,268 or 35 cents a share vs. net $169475 or 56 cents year ago. Baltimore & Ohic R. R. Co, five | months ended May 31 net income $109,291 or 18 cents a share vs. net loss $2,182,671 year ago. Exchange Buffet Corp., fiscal year ended April 30 net loss $14,990 vs. net profit $22,776 or 9 cents preceding year. Fonda Johnstown & Gloversville R. R. Co, June net loss $2324 vs. $12,460 vear ago; six months net loss $56,908 vs. $63,126 year ago. Gulf Mobile & Northern R. R. Co., five months ended May 31 net income $265,280 or $1.7¢ vs. $167,629 or $1.10 year ago. Hollinge: Consolidated Gold Mines, Ltd., six months ended June 30 profit $2,706,329 vs. $3,084,213 year ago. Kansas City Public Service Co., 12 months ended June 30 net loss $211,589 vs. $123,269 preceding 12 months. Louisville & Nashville R. R. Co. five months ended May 31 net income $3,270,437 or $2.79 a share vs. $2,592,121 or $2.21 year ago. Prudential Investors, Inc., June net assets equal to $15.50 a common share vs. $16.97 on Dec. 31 and $12.77 year ago. Railway & Light Securities Co., June assets equal to $2745 a share vs. $3298 on December 31 and $28.39 June year ago. . Safeway Stores, Inc., 4 weeks ended July 10 sales $30,192,723 vs. $26,941,226 year ago, up 12.1 per cent; 28 weeks ended July 10 ®mles $201,088,753 vs. $174,783,927, up 15 per cent, sales 4 weeks ended June 12 up 13.3 per cent over last year. Seagrave Corp. 6 months ended June 30 net profit $58,952 vs. net loss $38,103 year ago; June quarter net $37,618 vs. $21,324 preceding quarter and net loss $11,031 year ago. Southern Pacific Co., May net loss $763,193 vs, net loss $212,292 year ago; 5 months net loss $916,088 vs. $2,126,786 year ago. ~ Union Pacific R. R. Co, 5 months ended May 31 net income $350,597 or 35 cents vs. $1,010,137 or $1.01 year ago. Warner Bros. Pictiires, Inc., 39 weeks ended May 29 net profit $5,561,032 or $1.42 a share vs. $2,554,772
or 60 cents a common share year 29 .
crisis in the labor a }
ago; 13 weeks ended May
~
19.— |
Dow-Jones averages— |
Utilities | Trac Term |
$273,018 or 91 |
uo o
MARKETS AT A GLANCE Stocks higher under lead of steels. Bonds irregularly higher; U. Govern steady.
Curb stocks firm in quiet dealings. Chicago stocks irregular and quiet.
Call money 1 per cent. Foreign exchange irregular. Cotton futures steady.
Grain futures easy at Chicago; wheat off 4 to 3% cent a bushel.
Rubber futures steady. Silver in London 19 15-16 pence a fine ounce; off 1-16 penny.
Curb Stocks
Alum Co of Am Am Airlines Am Cyan B........ Am Maracaibo Am Super i A, Ark N Ga . Bald Loco “Ba rts . Bellanca Air ‘ Berkey Gay Fur Can Marconi Centrif Pipe Cities Serv Col O & G Con Cop Mns Creole Pet Eagle Picher L Equity Cn... Ford Can A Gu il Ba 6) | CIR REN RE Lion Oil . . . Lockheed Air Molybdenum
S. nt issues quiet and
—-——— PNP AD
-
COP © =r 00 LOU BIL 3) 4 pst pt
Sciberiing R Sunray Oil
| Technicolor “a {Un Lt & Pwr A . | Wright The market opened steady to firm | and then strengthened under lead of |
6'2
Stocks
Last
Harg
Chicago By United Press
Armour & Co .. Chicago Corp Cities “Service Gossard W Heileman Brew Iron Fireman Kingsbury Br . Merch & Mfg nh Schwitzer-Cu_ .... So Bend Lath Swift & Co ..... 00... Woodall Ind
LOCAL ISSUES
+ The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level as furnished by the brokers named (By Indianapolis Bond & Share Corp.) BONDS
Citz Ind Tel (TH) 4'.s 61....100 H Tel & Tel Ft W 5.8 55..... H Tel & Tel Ft W 65 43 ..... Ind Assoc Tel 4's 65 Indiana Tel Co 5s 60 Indpls Railway Ins 5s 67 Indpls Water Co 3'2s 66 We Interstate Tel & Tel 5'2s 53 . Kokomo Water Works 5s 58 . Kuhner Packing Co 4'2s 49 ... orris § & 10 Stores 5s 50 ....10 Muncie Water Works 8 63... Noblesville HL & P 6los 47... Ohio Tel Serv 6s 47 . Richmond W W 5s 57 Seymour Water Co 5s 49 Trac & L 5s 44 T H Water Works 5s 56. T H Water Works 6s 49 Co 5s 57
STOCKS
| Belt Rai'road St Yds cu 230,000 | Sh
Belt Railroad & St Yd xCent Ind Bower pf Ts . Hook Drug Inc I Ind & Mich Elec Co ra us nd Gas Co cum ' Ind Gen Serv Co 6s . Ind Hydro Elec Co Ts ve Indpls Pwr & Lt Co p . Indpls Pwr & Lt Co ota 6's .. Indpls Water Co pfd 5s Lincoln Natl Life Ins Co com. . N Ind Pub Serv pf Ts N Ind Pub Serv Co pH BS. N Ind Pub Serv pfd 5% .wivte P R Mallory Co com (new) ve Pr Laundry Co Soweivs Pub Serv Co of Ind 6s Pub Serv Co of Ind = Smith-alsop DIG ....-v. uve Smith-Alsop com Teva Terre Haute Elec Co 6s Union Title Co com Van Camp Milk Co pfd Van Camp Milk Co com By M. P. Crist & Co.)
xMarket St. Investing Corp .. 34.24 xEx-Dividend.
BANK STOCKS
(By Blyth & Co., Inc.) Bid
Bankers Trust ntral Fanover | SChase Nation Chemical Bank. & Truss guaranty ust ' Irving st hh Mantitacturers Trust *National 6% Continental m Natl, Chicago 148 First National, Baston «+ 30) 2 National Shawmut, National City,
s pie.
Boston ... Cleveland
Fire Insurance
30%
Aetna Fire City or New York Federa Pranihn Great American HENOVET ...... cv vevesvnsnusnve Hartford
ome . .. -. . National Fire North River ...
Westchester Casualty Companies
Continental Casualty Mass Bonding & Insurance ...
$1,520,643 or 38 cents vs. $1,993,453 or 51 cents preceding 13 weeks and $578,527 or 12 cents years ago.
DIVIDENDS
Florsheim Shoe Co. regular quarterly 50 cents on Class “A” and 25 cents on Class “B” both payable October 1 record September 15. Parker Pen Co. regular quarterly 50 cents on common payable September 1 record August 14. Union Gas Co., of Canada, Ltd., quarterly 15 cents payable September 15 record August 20. vs. like amount on June 15. (Copyright, 1937, by United Press)
New Business Books Available at Library
The following new business: books now are available at the business branch of the Indianapolis Public Library: TO WRITE ADVERTISE-
HOW MENTS, by Kenneth S. Howard. Especially for the business man who prepares his own advertisements, THE y AO x PROPERLY. by James C. brigh t. he same groperty Hii RA Bae for gis di RIEL al purposes? URANCE LEAKS TORE. og M. A. Lint benofits which can be on, he sqund e wise use ot life insurance. ABC OF SS IN- | Ss TRUSTS, by Basil 8, Sol. lins. Relations between the trust 0! r and the underwriter. CR INS, comp, oe ih 1 A debate handbook on
. Johnsen. present
ot
« | Con Textile ....
4 | McK=esport
By United Press sli
Net High Last Change + % + Ya +1
Sg + 1 + 13
Vs
Adams Exp . 18% Addressograph . Air Reduc
RFMER, Cork TS Atl Refini Auburn nS “a Austin. Nich ...
i Na
LIBIDO 4 bILII LI ODD Ir IDDN
Boeing Air Borden yas Borg-Warner va Bklyn-M T .... Bucyrus -Erie . .. Budd Mfg .....
Callahan Zinc . Calumet & H Cerro de Pasco Ches & Ohio Chi Mail Order 27 MSsP&P 2
Com Credit .... Com Inv Tr ... Com Solvents Commonw & S Com S pf .. Cong-Nairn .... Cons Edison ... Cons Oil
Container ..... 3 | Cont Bak A ... Cont Can ee 3 | Cont Oil Del’ Crane Co cv pf Crown Cork ... Crown Zeller .. Cub-Am Sug ... Curtiss-Wr .... Cutler-Ham
EERE |
I -’
Davega Strs ... 163 Davega cu pf . 20% Deere & Co .. 137 D Lac & W 15% Doehler D Cast. 371 Du Pont 5974
Elec PYE & Lt 20%; Erie 1 pf 23 Pirst N Strs.... Follansbee Food Mach
403, 6%
51
Gair Robt .. Gen Am Inuy. Gen Am Tr Gen Cable ..... Gen Electric .. Gen G&E A.... Gen Motors ... Gillette S R ... Gotel, Adolf .. Goodyear Granby... Grant W T..... Gt North pf. o> Gt West Sug .. Green HL . Sr Ret Cp
13% . 1234 70
Helme G W 100 Homestk Oeukb 49'% Houd-Her . 2 Hudson Motor. . 15 Hupp Motor 3% ci
Ill Central . 24g Ingersoll Rand 132 Inter R T vat Inter Iron vo 203, Int Harwster . 113% Int Hvd El A... 12 Int Mining 13 Int Nickel 623 nt rTté&T 123g Intst D 8S
24% 132
623% 123% 283%
Kennecott .... Kimberly C ... Kinney 51% Kroger G & B . 213
50% 59% 40 40 51% 2134
Lambert . Lehman ho Lerner Strs '. ...
Po. “star Cem Ludlum Stl ... 3
Macy R H Marine Mid ... Marshall Fld .. Martin Gl ‘. Mathieson hh McCall Corp
McKesson & HY McLellan St vy
Miami Cop Mont ward
INVESTING CO.’S
(By N. Y. Security Dealers Association) Big 8" de
Bid Asked) Adm Fds 8.55 19.73 Md Fd Affl Fd 10.05 he Mass 1 T Am H Cp 2. 37 3. 120Mu I. gan Ny 9.12 10. 00K CFS-4 T° 1.73 1.87 Niwd Er 4.41 Bra t 34.59 38. oO 2.03 Bull 2137 22.1 £ Fa 8.85 2 Bost ds 24.83 26. BN Y Stocks, Inc.— Cent Tr 25.93 27.88; Bk Stks. 11.32 1 Fds A 9.25 1:25) Bla dg... 11.62 CT AA m 3.64 Elec ... hs.
RD aa DI
BI 309
27.37Tr 8 O A 17.08 2 11 USELOPA 2.62 3.22: '' vtec .98 ES 84'Well Pd . 18.61
MONEY MARKET
NEW YORK, July 19.—Money rates remained unchanged today Banker's doceptances 1-16%: 60 90 days. a 0-160 Va %: 150 and 1
days. oT 16%: davs.
Yo lir 120 %@
Commercial Paper—Prime names, 1%. Time Money—60 and 90 days. 1%%: 120. 150_and 180 days, 1%% Rediscount rate at New York 1%%
INDIANAPOLIS CLEARING HOUSE Clearings y DEBILS. «... wasp TY 10,070, Clearings ‘for week ...... wey Debits for week
For Final Stock Quotations See Later Editions of The Indianapolis Times
. =—Today, 147.20— Friday .............147.20| Year ago Week ago ...
Month ago .....
Following |
daily price index:
Commodities— Wheat, No. 2 red (bu.) ......00 Corn, No. 2 yellow (bu.) ...... Rye, No. 2 (bu.) Oats, No. 2 white (bu) ...... Flour, spg. pat (196-Ib. sk.) ... Lard, prime steam spt (Ib.) ... Coffee, Rio 7s spt (Ib) .....e00 Sugar, raw 96 test (Ib) ...... ‘Butter, 92 score (Ib) .......c00 Hogs, avg. most sales (Ib.) .... | Steers, avg. most sales (Ib)... + &
Today
1.30% 1.01% 52% 8.25 A217 09%
' uck | Shell “on | Socony-Vac
vv... 146951937 high (April 5). . 1414311937 low (June 21).
are the commodity p prices used in compiling the
$1.33% § 1.25%
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Saturday .....ccoiveiiiin 179.72 Week REO ....c.svvuvarcrnnes 167.98 Month B00 ....cvesvvenes., 167.98 Year ago High, 198%, 194.40; Tow, 165.51. High, 1936, 184.90; low, 143.11.
20 RAILROADS
40.19 +091 0.62 +0.01
Saturday Week ago Month age Year ago High, 1937, High, 1536,
64.46; low, 59.1%. 59.89; low, 40.66. 20 UTILITIES Saturday Week ago Month ago Year ago High, 1937, High, 1936,
3154; Tow, 23.45. 36.08; low, 28.63. 7 STOCKS
teesassaeaasaaass 62.28 . 58.79
High, 1937, High, 1336,
69.67; low, 57.57. 66.38; low, 51.20.
Net High Low Last Pe 1% 1% 1'2 % we Ne . 18%
Mother Lode....
+
Nash-Kelv 18% 18%
go @ a
“oor
12V wun 697% 15% 19% Pu Pan-Am Pet ... 11'% Paramt Pict . 21% Parker R Proof. B® BEL 3a ‘ 38V4
Phelps Dodg . 503% Phil Morris ... 8 . 602 B
Re . 2M . yo
No Am Avn
89% 15% 19%
Sliver Farm E Speen, id vas is Steel
697% 1512 19%
J ., wn
eo 0 “iv Republic St1 ... Reyn Spring 2 Schu R oi Sears Roebuck « D3 Sha . oll .. So Por R Sug .
South Pac Spiegel Inc ..
LUMBER SHIPMENTS LOWEST THIS YEAR
Mills Report Business at 69
Per Cent of 1929 Level.
By United Press WASHINGTON, July business booked by the lumber in-
fell to the lowest level this year, while production dipped to a five-
month low and shipments lagged behind the preceding week, the report of the Lumber Manufacturers Association showed today.
The industry was reported at 69 per cent of the 1929 weekly average of production and 60 per cent of shipments for that year. The 551 mills reporting, 0.4 per cent less than the 553 week earlier, had output of 240,723,000 feet of hardwoods and softwoods combined, a decrease of 5 per cent compared with the preceding week's total of 253,986,000 feet.
Shipments amounted to 202,184,- |
000 feet, down 23 per cent from the preceding week's 262,361,000 feet. New orders aggregated 192 621 ,000 feet. a decline of 14 per cent compared with the 225,060,000 feet reported a week earlier. Produtcion was 4 per cent above the corresponding 1936 week, shipments were 0.4 per cent lower and new orders were 7 per cent below a year ago.
CURB MEMBERSHIP SOLD
NEW YORK, July 19.—Arrangements were made public for the sale of two memberships on the New York Curb Exchange at the lowest quotation since March 15, 1935. : The transactions were arranged at $19,000 each, off $800 from the previous deal.
WEEVIL INFESTATION BAD
NEW YORK, July 19.—The worst weevil infestation in five years has been reported in some cotton sections, while other report normal or less than normal conditions.
CHICAGO PRODUCE
‘Eggs — Market, Sasy. receipts, 13,700 cases; fresh graded firsts, 19%c¢; extra rsts, 20%c; current receipts, 18c; dirties, 161%¢c; checks, 16¢: storage Packed firsts, 20%c; storage packed extras, 21! Butter—Market, Sali, receipts.’ 12,745 tubs; extra firsts iz ore), 20'zc; extra (92 score), 303 Cc; firsts 29%ec; seconds, 24@27c; standards, 31c; specials, 311, @31%¢c; centralized (89 score), 30c: centralized (88 score), 29c. Poultry—Market, steady, receipts, 1 car, geese, 12¢; hens, 10@13c; turkeys, 13@15c; old roosters. @14c; fryers (includi DBCS), 21c¢c; sprin chickens, 1 heese—Twins, 16% 16 vic; © daistes, 17¢; longhorns, 16% @17c. Potatoes — Supplies, liberal; moderate; market, stron we California White Rose, 2g 10 0 5: § Commercials, 3.8 @2.20; Idaho Bliss Triumphs, $1.6 ql rs. Ore, son Bliss Tritmphs, $1. [email protected], issourd, Gobbers $1.15@ 1.30; Kansas Cobblers, $1.20 Virginia Cobblers, $1. Sal20; Bolan RL. aryland Cob blers, $1.45@ 1.50; Arkansas Bliss $1.30; Louis ana Bliss Trium mphs 1.15. Shipm turday, 34 Sunday; on track’ Tn. ara 113.
1T@ 16% gemand.
Commodities—
.. 127.54 .158.26
14112 Lead, spot (Ib)
Zine spot (Ib.
Week Ago
Year Ago $ 1.05% 89% 16% 38 7.2% 1085 07%
Steel, scrap Chi.
1.30% 925% 49% 8.25 1202 09% 0350 BR
Yellow pine,
Sources of 1055 sto 0960
Ys
19.—New |
Lambs, avg. most sales (Ib) Hides, native hvy steers (Ib.).. Wool, fine unwashed comb. (1b.) Cotton mid-upland (Ib.) Silk, 13-15 deniers Jap. Rubber, spt. smk. rib. Copper electrolytic (Ib.)
Tin, straits spot (Ib.) Silver, commi. Bars (oz.) (ton) Pig igon, Iron Age com (ton).. Coke, Connelsville (ton) Cement, dom. Portland (bblL).. 6-in. bese (m ft.).. Douglas fir rough (m. ft.)... Gasoline, tank wagon (gal)... Crude oil, 40 gravity (bbl).... Quotes—Chicago: scrap and hides. Boston: Wool. East St. Jou Zine. ov Coke, Tulsa: Crude oil. New York: All others.
LATEST NEW YORK STOCKS
Net Last Change + % +n + % "v Ig Ys
Low 70% 62% 17% 13 5% 242 19% 19's
High td Oil N J
Studebaker ... ou ior Oil . LF i] Sond ws Sunshine Min..
Hr
63% 36% 15% 12% 187% 357% 187
Texas Corp .... 63 Tex G Sul... ... T&PC& 0 . Tex Pac L. T... 13 Tide W A Oil .. 8 20th Cent-Fox.. Twin Coach ...
Va
+4:
+++.
Union Cath 10! Un Oil Cal . 28% Un Aircraft Cp. 302 Un Air Lines. . 17%
. 183% 11%
«118% v 3 2% ——
02 257% 30% 17%
5 123% 1% 92
17% 3
[I++
[+++++
<¥
4 8% 147%
4 " 8s 14% Warner Bros ... 143% West Union . 48% West Air Bke . 443% Westing El ... 149 White Rock ... 18 Woolworth .... 46% Worthington . 38%
Young S & W.. 39%
Young Sheet .. 90 .. 90 80%
FARM PRICES . MAY INCREASE
Department of Agriculture Reports Favorable Outlook.
By United Press WASHINGTON, July 19.—The Department of Agriculture reported a “favorable outlook” for farm prices and income during the next few months, Prices of most farm products, already somewhat above those of a vear ago, probably will advance further during the next month, the Department said. It was believed that cash intome in July will show a “markedly greater than seasonal increase over June.” Highlights of the situation by commodities were reported as follows: Wheat—Prospective world supplies for the year beginning July 1 are expected to be smaller and demand improved compared with last year. Although the United States will be on an export basis, domestic prices may average higher than last year, Corn—If the 1937 crop turns out about as large as estimated, July 1—2,550,000,000 bushels—much lower cash prices are in prospect by next fall. Wool—Little change in prices is expected prior to September. Sheep and Lambs—Supplies probably will continue larger than last year, Cattle—Prices are expected to continue at higher levels than a
| year ago. dustry in the week ended July 10 |
‘ORDERS SHOW DROP FOR MACHINE TOOLS
Times Special NEW YORK, July 19.—The index of machine tool orders for June showed a further reaction from its April high to stand at 191.8, the National Machine Tool Builders Association reported today. Shipments of the year 1926 are taken as 100. The April high of the index was 282.5. However, the association pointed to the erratic month-by-month behavior of the index and stressed the three-month average as more dependable. Including June, the three-month index stood at 2217.6.
NEW BOND ISSUES By W. L. Lyons & CSmpany
Asked Atl City hig 34 BY
B & O 3 2S yee B. P. Sons 5s 47 Calif Srey rw 4s 66 Celotex 4'zs 47
Cent Maine Pwr 4s
66 Houston Lt. & Power "314s 66 Indpls Water 3'as 66 Los Angeles Rev 3.18 y i!
y 3s NY State Bec Ts, 65... N Y Tel 3's 67 ..101 Northern Sfate 5 3s 67 .... Okla & E 4 Oklahoma G & E Inc. 3%s 66 it Pac Lighting 4'.s 45 103 Safeway Stores 4s 49 Simmons 4s 52 Sou Kraft 4%s 56 Union Elec 3%s 62 .. Union Elec 3s 42 ........ Wisc G & E 3's 66 .... Wisc Pub Serv 4s 61
U. S. STATEMENT
United Press) WASHINGTO July 19.—Government enses and receipts for The current fisYeu: jireough uly 16, compared with > yea This Year Last Expenses .$ 438,330,407.43 $ 225,586, Receipts 3.307. J30.98 181.8
Gold Res. Customs .
Tod Inac. Gold ..
FOREIGN EXCHANGE
(By United Press) YORK, July 19.—Foreign exchange opened irregular.
12,427.489.379.10 10,629.7 20 072 212.40 18.4 Dinh . Pur $39, 828. 54 $1, 106.08 0%. 271 29
Cable Rates England (pound) 4.97 5-16 Eng. (60-d. bill Pe) 4.96 8 16 Canuds (dollar 99 27-32 France drones’ Italy (lire) Belgium (belga) . Germany (mark) Switzerland Holland (guilder) .. Shain (peseta) weden (kr IAN ka] (krone) ... Denmark (krone) ..
Japan (yen) + 002
PRICE INDEX AND COMMODITY QUOTATIONS
DAILY PRICE INDEX
NEW YORK, July 19.—~Dun & Bradstreet’s daily
weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average equals 100):
Week Ago 1150 16% 41 A287 1.98% 1900 J4 060214 066214 59% 44% 16.00 23.25
Year Today 020 § J6% 41 1252 1.981% 1890 J4 060214 .08621% 60% L443 16.00 23.25 4.60 25
52%
095 1.27 1.27 1.18 Grains, livestock, lard, steel Con-
(Ib.).. (b.)...
EER ERY
“eve
E
HEAVIER HOGS GAIN 5 GENTS IN LOCAL TRADE
Cattle and Vealer Market Remains Steady as Sheep Decline.
Higher prices at Eastern pork markets stimulated demand for hogs, according to the Bureau of Agroicultural Economics, U. S. Department of Agriculture. The rise was limited to 5 cents on weights above 160 pounds, while light lights and pigs were steady.
Top pushed to $12.75 for choice 200 to 210 pounds. Receipts were estimated at 4000 head.
Attempts to further cheapen vealer costs did not materialize and trading wound up about steady with the close last week. Good to choice vealers cashed at $9 to $9.50, with most mediums from $7.50 to $8. There were scarcely enough steers and heifers to test prices, but as a whole it was considered a steady trade. Activity was slow, buyers continuing to try and pinch values further. Odd head steers made $13.50 and a few heifers touched $12. As a class, low cutter cows enjoyed the best demand, selling largely at $3.75 to $4.
Ignoring light receipts and spotted improvement in Eastern dressed prices, buyers successfully established a weak to 25-cent lower lamb market today. Good to choice offerings went from $9 to $9.50, mostly $9.25 down, while common to medium sorts ranged from $7 to $8.50. Slaughter ewes held unchanged at $2 to $3.50.
July Bulk. Receipts. 1 [email protected] 4000 12.156.12.55 [email protected] 12.16@ 12.50
HOGS Ligh Lights— 140-160) Food a and choice. 311,
Lightweights— (160-180) Sood ee choice. .
Me (180-200) Good “and « Mediu
Medium Wei hte 1200-220) od 1220-250) Good Heavyweights— (250-200) Good (290-350) Good Packing Sows— (275-350) Good 1350-425) Good (425-450) Good (275-500) Medium Slaughter Pigs: (100-140) Good and choice. .
‘choice .
choice.
and choice .
choice... choice. .
10.50@ 11.75 [email protected]
—Receipts, 1000—
(500-900) Choice hoice ... (900-1100) Choice
Co (1100-1300) Choice Good
M (1350-1500) Good
$12.75613.75 . 10.50612.75 5.7510.50 10.5042 13.75 [email protected]
(550-750) G
C . Sood and choice . Common, medium Cows Good and choice ... Medium va Low cutter and cutter . Cutter, com,
(750-900)
6.50@ 9.2 5.00 3.50@ 5.25 Vealers Good and choice . Medium Cull. and common .... Calves —Receipts, 800—
Steers— (250-500) Good and choice $ 8.00@ 10.00 Common, medium 6.00@ 8.00 Feeder and Stocker Cattle Steers (500-800) Good and choice $ 7.50@ 9.50 Common, medium 6.25@ 7.50 (800-1050) Good and choice . 17. 504010.00 Common, medium 6.25 7.50
7.00@ 8.50 6.0 7.00
8.50 2 7.00
Heifers— Good and choice rv Common and medium . SHEEP AND LAMBS —Receipts, 1000— Spring Lambs— Chblee ....... YT Ee $ 0.00@ 9.15 8.50 9.00 7.50@ 8.00 7.00@ 7.50 3.50
3.006 2.00@ 3.00
(90- 178) Good and choice . Common, medium
By United Press
CHICAGO, July 19.—Hogs—Receipta, 12,000, including 3000 directs; ed had on hogs from 225 Ibs. down and light and medium weight packing sows gong to 10c higher; feavier x Ents, nd sows slow top, $12.80; bulk god and choica *180~ 295 ibs., $12. so@i2, 75; #%0- 170 1bs., [email protected]; bulk good 290-500 Ibs. packing sows, $10.25
Cattle—Receipts, 7000: calves—-R=ceipts, 2000; very little beef, but general demand narrow; all but choice prime steers and heifers and. steer vearlings bid lower; best steers, $16 few loads $14.756115.75; stockers and feeders a general shestock market steady, very slow; bulls strong to 15¢ higher; veal:rs steady ot 25c¢ higher; selected kinds advanced on kosher ‘accounts; up to $10; several loads Indiana fed choice to prime heifers around $15.35; grass heifors, $6.50@8. Sheep—Receipts, 8000, including 4300 directs; spring lambs slow; most sales steady: some bids lower, particularly on natives: top native springers, small killers; others 0.50 down; acker bids $10; six doubles good Idahos, 10 straight; sheep steady; ewes, [email protected].
FT. WAYNE, July 19, — — Market,
1bs., $ 5; 130-140 bs, $120-130 1bs., $10.80; ibs., $10.55. Roa $1; stags, $8. 15: calves, $9; Jams. $9.5
LAFAYETTE, 0g at Market, 5 to 10c higher: 230 2L0 ibs.. $12.60: 210-225 bs., $12.45; bs., $12. 206012, 35; ap 1 12.00: 275-325 1bs.. 00 $12.35@12 45; : 130-150 1bs. 1bs., $10.25 p10. 75: Calves—[email protected].
OO PRICES
CHICAGO, July 19.—Sweet potatces — Tennessee, Nancy Halls, 31 eu 1.35, Carrots—California, crates, —Illinois, bushel, $1@1. 50. Washington, lugs, [email protected]. Cauliflower— California, crates, $1.50. Peas—Washington, hampers, $2! Celery—Michigan, flat crates, unquoted. Onions (50-1b. sacks) : SRliCrnin, yellows, 80@95¢c; Iowa, yellows, @90c.
Trading Drops
. SHARES TRADED ON N.Y, STOCK EXCHANGE
3
$
MILLION SHARES
p R CO INCOR PORATE 0 INVESTORS
BOSTON, July 17. — Fewer shares of stock were traded on the New York Stock Exchange this last June than in any month since March, 1835. June had a daily average of only 696,702 shares or 23 per cent less than transactions in June of last year, ld
New York Bonds
BOND PRICE INDEXES 20 20 20 Indus. Rails Util 01.6 93.4 101.0 4 73.8 101.1 Month ago .... 91.1 93.0 100.8 Year ago ..... 91.2 24.5 106.0 Two years ago. 88.5 8.1 99.8 1937 High 95.0 101.2 106.0 1937 Low 90.1 99.3 1936 High 100.4 106.2 1936 Low 84.7 108.5 1935 High 86.4 103.6 93.1 1935 Low 0 80.3 83.0 (Copyright, 1037, Standard Statistics Co.)
60 Bonds 95.3 95.5 5.0 91.2 88.8 100.7 93.4 100.2 03.3
Saturday Week ago
DER
U. S. GOVERNMENT BONDS Treasury Bonds
Cres ans
+.103, 103. vee 100.29 100.29 2%s 1959-56 99.30 1%: 3 09.30
Federal Land Bank Bonds
Ask Yield July 1955-45 101% 2.84 Jan. 1956-46
3s
4125 Nov. 1038-38 _...00 0 103 Home Owners Loan Bonds
High Low 2%s 1049-39 100.23 100.23 3s 1952-44 ...........102.16 102.16 DOMESTIC BONDS AmF rP 5s 2030 F cv 4's 38 An Coast L 4s § B 48
8015 108% 103% 70
2 8212 9312
Goodrich 6s 45. Gt Nor 4s G 46
Va Ry Co 3%s 66 West Union 5s 60
Argent 4's 71 Brazil 62s 26-37 ...... Canada 5s 52 .. vee Saneda 4s 60 .... hile
J Peru 6s 60 19%: 19%
BUSINESS FEELING IMPROVES SHARPLY
Security and Commodity Markets Advance.
BOSTON, July 19. —Business sentiment has shown marked improvement during the last two years, says the United Business Service in its current report. The Service states that this can be attributed to the more encouraging immediate labor outlook, rising security and commodity markets, well sustained retail sales volumes, and prospects ol the largest farm income in eight vears. This better feeling on the part of businessmen in general will tend to moderate the further letdowh in activity indicated during the remainder of July and in August. Commenting on the chain store outlook in a special survey in this same report, the Service points out that 19 states now have laws in effect imposing a graduated license tax on chain stores. In addition, some states impose a gross sales tax, and special muncipal levies are assesed in New York City, St. Louis, Mo., and Wheeling, W. Va. The adverse effect on earnings has been plainly visible in the grocery chain business where the profit per store is relatively small. The Service concludes that, although the chain store tax movement has probably passed the phase of most intensive growth, little relief from existing measures appears to be in sight for the industry for some time to come.
SPOT COTTON SALES ADVANCE IN WEEK
By United Press NEW YORK, July 19.—The upward trend of world cotton acreage is construed in the trade as indicating present prices for cotton are sufficiently profitab'e to growers in foreign countries to induce them to expand their output,
Sales of spot cotton in the 10 designated markets last week totaled 6887 bales, against 3516 in the preceding week and 64,486 a year ago. The average middling price at 12.60 cents was 8 points over the previous week but 57 points below a year ago. Hedge selling against the new crop is increasing, with prominent spot firms leading such operations. Trade interests say that hedging of this type Saturday was the heaviest this season. Indications point to a slight improvement in exports this week. Stocks of cotton on shipboard awaiting clearance were reported Saturday around 34,000 bales, against 19,446 on the corresponding 1936 date.
JUNE CONSTRUCTION GAINS 30 PER CENT
By United Press .NEW YORK, July 19.—June construction in 37 states east of the Rocky Mountains rose 30 per cent over the May volume and 37 per cent over the 1936 comparative to the highest level of the recovery, F. W. Dodge Corp. reported. Construction operations in all classes of work exceeded the previous recovery peak recorded in July 1936 by 8 per cent, and were valued at $318,137,100, compared with $244,112,800 in the preceding month and $232,664,700 in the corresponding 1936 month. Residential building accounted for $93,123,100 of the June total against $83,937,000 in May and $73,604,600 in June 1936.
GOLD QUOTATION REMAINS SAME
By United Press LONDON, July 19.—Bar gold was quoted today at 139 shillings 11 pence, and sterling at $4.9715, unchanged from Saturday. The American equivalent also was unchanged at $34.78. Gold on the market amounted to £53,000 ($263,400).
WHEAT FUTURES DROP SLIGHTLY IN CHICAGO PIT
Corn Prices Move Irregular Despite Light Demand; Oats Follow.
By United Press CHICAGO, July 19.—Wheat fu= tures were weak on the Chicago Board of Trade today in a light market.
At the end of the first hour wheat was 5% to % cent lower, corn was 14 cent higher to 1 cent lower, and oats were % cent higher to % cent lower.
Traders were inclined to linger on the sidelines in the absence of any decisive trade news. Liverpool was irregular and the foreign irregular= ity further inclined traders to inace tivity, Eastern houses were on the selling side in a liquidating move= ment. Wheat receipts were 609 cars. Corn futures held around the opening low levels, although July rallied and erased the early losses. Demand restrained despite actual light supplies. New crop prospects continued favorable. Corn receipts were 73 cars.
WAGON WHEAT City rain elevators are paying for No. 1 red, $1.16; other RTades on their merits, Cash corn, new No. 2 vellow, $1.14, Oats, 40c. Hay=No. 1 timothy, [email protected].
ARGENTINE GRAIN BUENOS AIRES, July 19.—Grain fue tures opened, Jrregularly higher. Wheat An To $1.2 1 Vic; September, ' Corn—August, 563%gc, une September, 56%c, unchanged, ¢, unchnaged. Flax—August, S870, Sr September, $1.38%, une changed.
LIVERPOOL WHEAT
Clos $1. 48%
1 43% I a5 137% 1.377%
WINNIPEG WHEAT
High. Low. $1.50 1% 3. 8% 1.46%, 44,
October December
BROKERS’ OPINION
NEW YORK, July 19.—Brokerage opinion today: E. A. PIERCE & CO.—The lack of selling pressure is encouraging. HORNBLOWER & WEEKS—We continue to feel that the market will work higher before a icaction of importance comes ahout,
REDMOND & CO.—The general market last week obviously was not ready to follow the outstanding leadership of the steel stocks, but after some further minor correction of the technical position early this week we think that the market will show more response to leadership. LAMBORN, HUTCHINGS & CO.— The market may develop into a highly selective condition, with no general setback occurring for some time. It is all more or less guess=work at the moment. It might be advisable to keep an eye on the trend of political events, SHIELDS & C0.—Until the Senate charts its new course the mixed reports and reactions thereto will tend to keep the market quiet and nervous. Should the result point to early adjournment, there should be market reflections thereof in those groups threatened most by the leg islative outlook.
STEEL PRODUCTION GAINS IN CHICAGO
By United Press CHICAGO, July 19.—Steel pro=duction in the Chicago area was stepped up 15 per cent this past week to a total output of 84 per cent of capacity. Return of most of the big induse« trial plants to near-complete oper= ation was responsible for the boom, according to observers. The high price of steel scrap moved up another 50 cents during the week to a high of $16.75 in the Chicago market.
ADVERTISING MAKES NEW RECOVERY HIGH
By United Press CHICAGO, July 19.—Retail dis= play advertising for the year through July 10 reached a new re= covery high, 5.6 per cent ahead of the corresponding 1936 Advertising Age reported today. Linage for all newspapers in 78 important cities for the period toe taled 551,703,207 lines, against 522, 311,005 lines in the 1936 period. Advertising for the holiday week ended July 10 totaled only 15,292,420 lines, compared with 16,456,392 lines in the 1936 week, a decline of 7.1 per cent.
STEEL PRODUCTION DECLINES IN WEEK
BY United Press PITTSBURGH, July 19.—A sea= sonal decline in business and the extremely hot weather will carry steel works operations down 4 points to 84 per cent of capacity this week, mill managers said. This compares with operations at 64 per cent a year ago and 32 per cent two years ago. Carnegie-Illinois in the district will be at 84 per cent, off 7 points, and in all its districts at 80 per cent, off 4 points.
ARGENTINE BUILDING PROGRAM HITS SNAG
By United Press BUENOS AIRES, July 19—In the midst of a great construction boom, Argentina is faced with a serious shortage of iron and steel. Recently the Government, which approved an extensive building program including the erection of several steel-structured depart= mental buildings, has changed its plans and will now use reinforced concrete instead,
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