Indianapolis Times, Indianapolis, Marion County, 21 July 1937 — Page 15

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COMPLETE N. Y. EXCHANGE STOCKS

+ The Times Financial and Market Page =»

COMPLETE LOCAL

w LIVESTOCK

MARKET ADVANCES SLIGHTLY AS RAIL

SHARES HOLD FIRM -

Chrysler Stocks Gain| More Than One Point.

By United Press NEW YORK, July 21.—The stock market absorbed profittaking in early trading today

and resumed its rise.

Chrysler, came back to 112, up 1%. General Motors and U. S. Steel rose a point from their lows. Railroad issues were firm under lead ‘of New York Central, which rose nearly a point. Southern Pacific was up more than a point. Oils were in light demand at fractionally higher prices. Jersey sold at 72, up 3% after touching 71% Consolidated Edison opened at 40, up a point, and then fluctuated in a narrow range. Other utilities were fractionally higher. American Telephone firmed ’: to 171%; while Western Union dipped 1% to 497%. Coppers registered small losses. Amusements were firm. Dhmestic corporation bonds and U.S. Government obligations turned irregular in quiet dealings today. while foreich funds firmed under lead of Japanese, Brazilian and Italian government loans.

which touched 109%, |

Curb stocks moved irregularly in|

a narrow range in quiet trading to- | day. United Gas and Cities Service | eased 4 point each while Electric Bond and Share, Arkansas Natural Gas and Niagara Hudson Power | firmed the same amount.

FIRST HOUR

MARKETS AT A GLANCE

Stocks rally after early decline. Bonds irregular and quiet; U. S. Government issues mixed.

Curb stocks irregular in light trading. ‘

| ‘Chicago stocks and quiet, Call money 1 per cent. Foregn exchange slightly higher. Cotton futures easy. Grains higher at Chicago; wheat up 3 to 1'4 cents a bushel. Rubber futures lower.

Silver in New York vinchanged at 443%; cents a fine ounce.

Chicago Stocks

By United Press

irregular

5 4

Armour & Co Berghofl Brew Butler Bros ..

- DO IEF aA

£83» 3; ox

Dayton Rubber Gen Hshld Ut Katz Drug Kellogg Sw Bd Nacham-Spring Pines Wiront Quaker Oats .. rLomnpEon WR)

ran Walgreen Co

Reliance Air Brown Co pf Carrier Corp Cites Serv ties ‘Serv pf .. | Gon 0 &G we Con Cop Mns ..

{ Cooper Bes .....

Profit-taking developed in indus- |

S. Steel slipped to Bethlehem was

trial issues. U. 117% for 134 loss, 11% lower at 943, most a point Motors had 1% loss at 5635. Utilities were strong. Consolidated Edison opened at 40 up a point and re- | tained most of the advance and | Stone & Webster also showed almost & point gain. Rails were irrecular, New York Central and Atchison showing minor loss and Union Pacific a point decline at 132. Volume approximated 270,000 shares compared with 370,000 shares in the first hour yesterday. DowJones Averages—Industrial 182.90, off 0.42: rail 55.01, off 0.02; utility 29.43, up 0.11. SECOND HOUR The market improved slowly. Chrysler went to 111% for a point gain, and General Motors gained fractionally. U, S. Steel picked up from the lows but still had more than & point loss. Sonsolidated Edison and Stone & Webster each had more than a point gain. Some buying developed in railroad shares with New York Central going to 421; for 1% gain, Baltimore & Ohio | to 297% for gain and Atchison to 58'- for 14 gain. Volume approximated 250.000 shares compared with 230,000 in the second hour yesterday. Dow-Jones Averages—Industrial, 183.13, off 0.19; Railroad, 55.24, up 0.21; Utility, 29.49, up iy

1 vday! S Business At a Glance

CORPORATION REPORTS American Brake Shoe & Foundry Co. and subsidiaries, quarter ended June 30 net profit $1,080,230 after Federal taxes vs. $565,541 year ago; six months ended June 30 net $1,092.671, equal to $2.29 a share, Vs. $1.070.088, or $1.26 a share year ago. Brooklyn & Queens Transit Corp., June gross $1,923,255 vs. $1, 769,334 year ago; net June income $26.657 vs. $03,865 year ago; 12 months $21,312.304 vs. $20,854,263 year ago and net income $645831 vs, $1, 196,127 year ago. Brooklyn - Manhattan Trans it Corp., June gross $4,323, 881 vs. $4,847477 year ago and het income $231,215 vs. $1,136,203 year ago, 12 months gross $51,987,039 vs. $52,464, - 854 year ago; net income 12 months $4 508,462 vs. $4997588 year ago. Century Ribbon Mills, Inc, and Century Factors, Inc, six months ended June 30 net profit $81,071 after Federal taxes equal to 61 cents a share vs. $57,978 or 36 cents a share year ago; quarter ended June 30 net $33,604 equal to 23 cents a share Vs. $47,467 preceding quarter and $21, 886 or 11 cents year ago. Clark Equipment Co. and subsidiary, six months ended June 30 et profit $788,439 vs. $242,868 year

oniiriton Stores Ltd. sales four weeks ended July 10, $1,500,204 vs. $1,511,080 year ago, off .7 per cent; 98 ‘weeks sales, $10,544,626 vs. $10, 881,419 year ago, up 1.5 per cent. General Finance Corp, seven months ended June 30, net profit $423,253, equal to 48 cents a share vs. $232,492 or 32 cents year ago; June net profit $76,159 vs, $49,945 year ago. Gulf Coast lines week ended July 17 own lines loadings 235¢ vs. 1998 previous week and 2194 year ago. International-Gireat Northern R. R. Co, week ended July 17 own lines loadings 2063 vs. 1728 previous week and 2194 year 8go. Kansas City Southern Railroad Co., June net operating income $249,407 vs. $308,200 year ago; six months net operating income $1,410,553 vs. $1,470,085 year ago. Missouri Pacific R. R. Co. week ended July 17 own lines loadings 16,861 vs. 16,682 previous week and 17.183 year ago. New England Telephone & Telegraph Co. six months ended June 80, net income $4,235,437 after Federal taxes equal to $3.18 a share vs. $4,104,514 or $3.08 year ago. St. Louis-San Francisco Railroad Co., week ended July 17, total Jog = Lp vs. 13,526 previous

we 14.550 be EE July gross 82,- | ; Jan,

Chyrsler lost al- | to 110 and General |

Eagle Picher Equity Cp Gulf Oil Humble Oil

Imp Q Can Lion Oil

| McWms Dredge .

Mich Bumper .. | Nau Ru CE

Sherwin-w Stand Brew ... Std ‘Ol ' Ky .... Std Oil Ohio Sunray Oil n Lt&Pwr Wright Harg

MONEY MARKET

NEW YORK, July 21 -—~Money rates remained unchanged today. anker's Acceptances 30 days, 1567-16;

— Yoda 120

Ys @

7-167,; 60 and 90 days, SA 9-16@% 7%; 150 and 180 days, Commercial Paper— Prime names, 17 Time Money—60 and og days, 1%%; 120, 150_and 160 davs, 127%. Rediscount rate at New York, 1'%¢;.

TO0D PRICES

CHICAGO, July 21, — Sweet Jotatoes — Tennessee Nancy Halls, $1.25 1.35. Spinach -— Illinois, bu. 50c@$1.25. Tomatoes — Washington, lugs, 75c¢@$1.25. Cauliflower —California, crates. $1.85, Peas—Washing- | ton, hampers, $272.25. Celery—Michigan, flat crates, 256 50c. Onions (50-1b. heey California, whites, [email protected]; Towa, yellows, 80@ 90¢,

months ended June 30 net profit $189,896 after Federal taxes, Vs. $104,875 year ago.

Sutherland Paper Co., six months ended June 30 net profit $491,435, equal to $1.71 a share, vs. $394,204, or $137, year ago; quarter ended June 30 net $276,165, equal to 96 cents a share, vs. $215,270, or 5 cents a share, preceding quarter, and $242,047, or 84 cents, year ago; 12 months ended June 30 net $286,384, equal to $2.88 a share, vs. $722,414, or $2.52, year ago. Union Pacific R. R. Co., June net operating income $1,190,712, vs. §1,797973 year ago, six months net operating income $5,331,986, vs. $4,965,017 year ago. Wabash Rwy. Co, week ended July 17 own lines loadings, 5,560 vs. 4698 previous week and 6758 year

ago. ~DIVIDENDS-—

A. M. Castle & Co., extra 25 cents and regular quarterly 50 cents both payable Aug. 10 record Aug. 2.

Ontario Steel Products Co., $17.75 clearing up arrears and regular quarterly $1.75 on preferred both payable Aug. 14 record July 31. Public Service Electric & Gas Oo. regular quarterly $1.75 on 7 per cent preferred and $1.25 on $5 pre-

ferred both payable Sept. 31 record nS

pls indhh bv 8

Sept. 1.

Servel Tne, extra 60 cents and regular quarterly 25 cents on common both payable Sept. 1 record Aug. 18.

Southern Pacific Co., week ended July 17 own lines loadings 82,686 vs. 27,803 previous week and 27,710 year ago. Sterling, Inc, regular quarterly 5 cents on common payable Aug. 2 |v record July 27. 8. 8S. White Dental Manufacturing Co., regular quarterly 30 cents payable Aug. 14 record July 30. Cincinnati Street Railway, 15 cents a common share payable Aug. 1, record July 24, vs. like amount on May 1. Container Corp. of America, regular quarterly 30 cents payable Aug. 20 record Aug. 5. Hale Bros. Stores Inc. 25 cents on common payable Sept. 1, record Aug. 18, vs. like amount on June 1

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LATEST NEW YORK STOCKS

By United Press

Net, Last Change

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INVESTING CO0.S

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(By N. Y. Security Dealers Association)

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284 43.82 7.08

207 . 161 v Jha

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LOCAL ISSUES quotations do not repre-

s or offerings. but merely level as

by t brokers named. Indianapolis Bond & Share Cord.) BONDS Ask 102 Ft W HY 1

Indiana Tel bs 6 Indpls Railway Ins 5s 67 Indpls W Co Interstate Tel & Kok Kuhner Packing Morris 5 & 10 Muncie Water Works 5 oblesville H hio T

31s 66 ~ Tel Sigs Rn ul? orks Bs 58... Co 4's a“ CRE (f tores 5s 50 ....109

ater omo Water

T H Water Wo gs 6: Trac Term Co bs 57

STOCKS

Belt Railroad St Yds cum Belt Railroad & St

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nd : Rie 19 Etec Oo pla ™. ay as Co cum ve

nt 17% & 107%

me vA d 5s... 92% hoo pfd 6'cs .. 92 Tad Ben 103 olin, Natl Life Tn Co com . 25 w a BI pfd 6s ... 78 “av oi om (new)

yy Vy Matlory ©

ante Fie Oo 6s pid com ..... By M. P, Crist & So)

aki St. ay Ung Corp... 35.05

o 10%

For Final Stock Quotations See Later Editions of The Indianapolis Times

: | Kresge Ss

3 r 3 SY JN ND me SHIT

Mueller Br

DOW-JONES STOCK AVERAGES

+1.26 —0.33 +0.81 —0.74

Yesterday Week ago .... Nord. Month ago ...... SHINN Year ago High, 193%,

194.40; Tow, 165.51. High, 1936,

184.90; low, 143.11,

20 RAILROADS Yesterday Week afo ‘Month ago ....... SUNN 53.05 Year %go . High, 193%, High, 1936,

64.48; Tow, 50.1%. 59.89; law, 40.66.

20 UTILITIES 29.32

26.25

37.54; low, 25.45.

High, 1936, 36.08; low, 28.63.

Yesterday Week ago Month ago Year ago High, 193%, High, 1936,

69.6%; 66.38;

Tow, 57.5%. Tow, 51.20.

Net, Last CUnange yg

Elec Pwr & Lt

Falr ir Jiorse Vows Fed Wat. 8 A . d De uy Sh Folians Foster Wheel

Food Mach ... Freept-Sulphur.

gair Robt Sev Am Inv Bronze ... Electric G & EA Muls Mot protons rs, pl ig

Gen Gillette s % 1500 Gillette S $5 pf tov Gimbel

—

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Aad D oe

Bros ...

Goodrich pf oe Goodyear Grand Lnioh oe t W

gi i “North Dei Gt Nor Ore ... Green H L_.... Greyhond Op ..

Homestake Houd-Her B Houston Oil wo 82 82 .. 16% 168% Hupp Motor ... 3% 3%

Eo Il Coptral 25% Ind Ra 3812 Inepiration Cop 257% Inter oe vu 20 Ys Int ric Int Harvester Int Hyd El A Int Int t

Int T&T ...... Intst DS.......

25% 381, 257% 207% 6 ie :

26% 26% SS Kennecott 60% | Kresge DS .... 11%

. 23 21';

604 11% 23

21%

Kroger G&B ..

! Leh V Coal . eh Vv ha pt.

Mack Truck

50 | Mag El mod gtd Marshall Fld Martin Parry .. Mathieson . McIntyre Porc 36 McKesson & Rob

« | Walker

ws | Walworth y I Warns

192 203g 23% 3354 20%, 301;

Nash, IM

Noy Brent oo | Nat gash Reg | Nat Dai o> Nat Distillers Nat Lead .. 3 Nat Nat Ss Nat Sup pf NawpOLT he N_Y Central ... NYC omnibus ‘ NYNH&H pf .. 18 NY Ont&W .... 0 Amer

BANK STOCKS

(By Blyth & Co, Inc.)

Chase National Chemical Bank & Tr RISE avy Guaranty en aa Irving Trus Memitachirers Trust ationa kN Continental Hh Natl, Chicago. 150 Pirst HA Boston Sa National hawmut, Boston ... ational City, Cleveland

Fire Insurance

Aetha Fire “ee LY ‘ot New York ' er .

Pranmain Great Amertenn Hanover Hartford Home .... National Fire Nth heen

US Westchester Casualty Companies

Continental Casualt Mass Ending & Insurance “

FOREIGN EXCHANGE By United Press NEW YORK, July 21.—Opening foreign CCTAINES Tiger Cable Rates Net Change Th (pound) se D8 YA —.00" b. TVs 0 2 27. 32

Tr. nade oI) . rance (franc)...

t : 1gium (bela) . rmany (mark). witzerl'd (franc) Holland (guilder).

Spain (peseta) ..

weden (krona). orway

(krone) enmark tkrone)

Japan (yen) ..

FEDERAL RESERVE LOANS INCREASE

By United Press WASHINGTON, July 21.-<The condition statement of weekly re-

porting Federal Reserve member banks in 101 leading cities for the week ended July 14 today showed increases in commercial, industrial and agricultural loans, in reserve balapces and in demand deposits adjusted and decreases in brokers loans and fh holdings of United

1684 i un quoted ‘38 1H

Ya 2900

of. ]

States Government obligations.

Low

¢ Charge 300

igh Las No Pacific Sof. 308 Norwalk T V2 1% Ohio Oil . 2 Shiver, Farm Bq 68! 1

20% 812 Omn

68! 15%

Otis Stl cv 1 of.

Pac G&

Pacific Mills ... Pac West oil > Packard Sa, Panhandle ... Paraffine Co ... n Paramnt Pict Para Pict 1 pf 18 Parmelee

Press Stl Car. Proctor & Public Serv Pullman . ; Pure Oil ai Purity Bak ....

24%

4072 25%

51 65%

Reliance Mfg Co Rem-Rand ..... 25 Republic Stl ... Reyn et Ve Reyn Tob B.... 51 Roan-Antel

3 21 443 44%: Sov. 35a 1174 14% 1041, 5TV,

t LS fran EY avage | Schefley, Disi’ oe 3 Seab’d_ Oil

Sears Roebuck ~

Shell Un pf... 10412 Oil

Ske

EEE a

s | Truax Tra

6 | Yellow Tr

BOCORY- Racin Gold

Sperry Corn Spicer Mfg Spiegel Inc

[Std

Std Oil Starrett

Studebaker Superhtr Superior Oil Swift & Co Syming- Gould.

Tenn Corp Texas Gord, Tex Gulf ve

Transamerica . Tri-Cont v

OF 0

PAID SLABS D A

20th Cent-Fox 20 Cent-Fox pt Twin Coach ..

Union P & P Union ap Un Oil Cal Un Mreratt Ob. Un Air Lines . Un Discult

| Un ‘ United 0

| United Cp pf . 3 Un El Coal .

| Un Gas Imp .. U

89) | TO U

{ Light Lights

PORKER MARKET GAINS 10 CENTS IN LOCAL TRADE

Vealers Advance Dollar as Lamb Prices R

The top on hogs crept closer to the $13 mark as weights above 160 pounds advanced 10 cents, according to the Bureau of Aricultural Economies, U. 8S. Department of Agriculture. The days top reached $1290 on choice 200 to 210-pound weights. | 2 Light lights and pigs remained steady. Sows were generally steady, although weighty saws scored as much as 25 cents. Bulk sows cleared at $10.25 tot $11. The steer and yearling {rade steamed away to another substantial advance today, a rise of fully 25 cents carrying levels back to the high mark of the year reached a couple of weeks ago. For the size of the run there was a liberal showing of good and choice offerings, fed kinds generally moving at $13.50 to 15. Practical top for the day was $15.25 on yearlings and light steers, while old head 1150-pound weights reached $15.50. Grassers and shortfeds had a spread of $9 to 13.25. Cows and heifers were fairly active and steady to strong. Most grass fat cows turned at $5.50 to 6.50. Today's upfurns were most pronounced in the vealer section where

ise.

"181 was tacked on valves, sending

good to choice offerings within a range of $10 to $10.50, most medium offerings going from $850 to $9. Lambs were stimulated upward 2 Beents under continued light receipts. Good to choice offerings sold from $9.50 to $10, but few were sufficiently well qualified to take the outside price. Mediums bulked at £8.50 to $9, with common sorts down to $7.50 mostly. iad $11.0001 12.25 12.156 12.50 12.45@ 12.65 [email protected] 12.506212.75

12.556:12.80 ,12/[email protected]

HOGS 140-160) Good and choice Medium

Rh TRAN 160-180) Good and edium \ (180-200) Good and Medium Melon Weights— n

00-220) Good 1220-250) Good

d choice. .

and choice. .

| Heavyweights—

choice.

1250-200) Good choice. .

and

(275-500) PT 50@10

' | Blaughter P

| Vanadium. ..... | Ca=Caro Ch

Wabash pf A... Waldorf Sys .. (H) pf

(H) Bros ... uinn

| Walker

Warn -

| Warren Br y West Auto Sup. 2 yest, Air oh . 44%,

Wilson ot, . Rn 25% 92%

Young Sheet

RURAL MERCHANDISE SALES UP IN JUNE

NEW YORK, July July 21.—=Daily average sales of general merchandise in small towns and rural areas for June were about 11% per cent higher in dollar volume than for June, 1036, and were higher than for any like month since 1929, These changes were revealed by prelimi nary estimates of the Bureau of Foreigh and Domestic Commerce, based on rural chain store and mailorder sales.

Sales for June declined about 1% per cent from the May figure, whereas usually there is practically no change at this season. The seasonally adjusted index figure, therefore, receded to 124'2 for June, on the basis of the average for the years 1020-81 es 100, froth 127 for May. However, sales for May were the highest recorded for that month, being 9 per cent above the 1929 figure. Total sales for the first six months of the year were about 12% per cent above the same period of 1936. Total sales for June, without allowarice for the number of working days, were 9; per cent higher than June 19386.

NEW BOND ISSUES

(By W. bL, Lyons & Rua

rh "64

th, City, 3%

Tndpls Water 3's °* Los Angeles Rev Narra Elec Veh ; City by Y Btate Bree Clas 4s "65... Y. Tel 3%sz orthern State Po 3%s "67. Okla & E 45 "48

g ting 4's nfeway Btores 4s 4

Bimmons 4s '52 102

Bond Sales Off

BOND SALES ON N.Y, STOCK EXCHANGE

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX

NEW YORK, July 21.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, comith Bs eich eens (1930-1932 average equals 100):

Yesterday . Week ago

. 14534 | Year ago

daily price ‘Commodities ‘Wheat, No. 2 red (bun) ..ovveen ‘Corn, No. 2 yellow (bu) ove

Today 1.30

Pees

‘prime wtenm wpt (Ib) ... ‘Oofffee, Rio Mm) ... ev.

ROE | 4 10 bien (April 5) 158.26 1937 low (June 21) 141.12

$n. nu

‘Commodities—

127.39

Lambs, avg. most wales (bh)

Year hy Ago $107 § 1010 Au 351% asi 1.78

Win, Sraits SPO (1) ..vvvuee Ritver, comml. Bars (oz) ....

ARS - PAR VALUE RNB

MILUON DOLL

(100- Yoo) Soot ig Clive Mediu

Steers

Receipts ( 1 (500-900) Ghote

C! (900-1100)

Co (1100-1300) Good

(1350-1500) Go

(550-750) S

5.756110.50 10.756114.00 6.00410.50

(750-900) Good and choice . common, medium. Cows

Choice d

00 ommon medium o Ww cutter and cutter ulls, good NOVY Cutter, com.

Good and choice Medium , Cull and common 6.00@ 8.00 (] — Receipts, 600—

Bresso: 2500) Good and choice $ 0.00G'11.00 Common, medium 6.50@ 9.00 Feeder and Stocker Cattle

Stee (500-800) Goon and chotee $ 7.50@ 95.50 mmon, medium. 6.25% 7.50 (800-1050) Good and choice . 7.506 10.00 ommon, medium. 6.25@ 7.50 Heifers—

Good and choice “ 7.00% 8.50 Common and medium . 6.0@ 7.00

EHEEP AND LAMBS

—Receipts, 600— Eg Lamby— P

(00-175) ‘Good ahd choice | Common, medium

By United Press

21. — Hogs—Receipts, i generally 10@ er; top, 180-250 1b=., 12.156112 85: 500 Ibs.

1500; 25@ B50c top, $18.85, highest, $186. ow Flings. $14, grass heifers,

BOWE i ne J $11.10. attle—Receipts, 5000, calves, grain fed steers and yearlings, igher: others, 25¢ up Boye: new high for MR best yearlings, $

short, 10 ad ys bs cows, 5c higher: ‘stoeKers, feeders, dull; fa natives, 25 do Texas

Salves' and ‘year $B.50005 80: buis, nd a 4) i $6.75; vealers, firm,

heep— AA cipts, 3000; active ringe {8G 400 Higher. natives. S10 I5G1050, ton. ai sheep, steady; scattered wes, 8

0 rm,

arket 05 ” ”»

LAF, - So, higher, add hz, a

Tee TT 12. 35: wn. 7 oe 4h 32

32 he., at PD. 1 0 Ths 3 hd

0 5 Ib yg, 8, a fe aos $10.75; roughs, $10.50 J re 1.225 A Ibs. ¥ 47 Tho ihe ie 2 Lg we 130-1 id 2 BE nH an » Ios. 5. vag st: tee, $8.75, va

i BANK BONDS

uly 1955-45 . 101 2.83 3 BE RE Y 1983-45 +1000. ao 3 ny 2 VY 109% 4x ov. J900+ VOY 101} 5% ay aera BR 102%, Hv JY ove oe

own.

Ma rket,

5 9b. =200 bs OL

6 i ’ ’

Vad 3 2.48 "3 104" 20 FRENCH FRANC RALLIES By United Press ‘NEW YORK, July 21-=The French franc rallied in early foreign

| exchange dealings here today co-

incident with a bear covering move-

climbed to a new high since devalu-

Receipts 000

pH AE [email protected]

. [email protected] ov 11,806 12.65 . 12.656 12.90 12.10%12.65

12.65@ 12.90 12.35@'12.85

11.70 12.60 12.20@ 11.95 [email protected] . [email protected] [email protected] 9. Nb

. 10.30@ 11.75 10.00@ 11.50

[email protected] L156 13.25

0 9.25612.30 7.00@ 9.50 . 14. 30a 3. 75

. 12.5014. 5

$12.75@ 14.00 10.506,12.75

6.30 9.25 8.00

$ [email protected] .. 8.00@ 9.50

ment in London, Sterling, which ||

New York Bonds

By United Press BOND PRICE INDEXES

20 20 20 Indus. Rails Util 9.v 93.6 101.2 91.4 935 101.1 90.9 928 100.6 91.2 948 105.0 88.6 9 99.8 95.0 101.2 1060 90.3 950.1 99.3 948 100.4 106.2 90.0 84.9 108.5 oe NY 86.4 103% 93.1 3 "0 Mus 83.0 1937, Standard Statistics Co.)

80 Bonds 95.5 95.3 94.8 27.3 B8.8 100.7 93.4 100.2 93.3

Yesterday Week ago Month ago .... Year ago ... Two years “ko. 1937 High 1937 Low

(Copyright,

U. 8. GOVERNMENT BONDS Treasury Bonds

Low dat 8,29

Chi N 48 . Chi R 1 ref’ is 34. ¢t.... Ch T Hau ref 5s 60 Clev U Ie Sas mM G&E 5s 61

Sol & Ge bs %52 Ma Consu Pw 3%s 7

Int T&T cv Atay 39 Jns & Legh 4Y%s 61 Lou & Nash 4s 40 .....

Third Av adj 55 6 Warner Bro 6s 29. West, Union 5s 60 B&T 3%s B51 ....

FOREIGN BONDS

146%

Argent 45s 71 Brazil 6Y%s 8 «57

German 7s 49 . Italy Ts 51 Peru 8s 8 ........... '

LABOR'S SHARE OF

Pay Envelopes Receive 38 Cents of Each Dollar,

By United Press

substantially at the 1929 level, American Iron & Steel said in a survey.

The study said that 38%

the pay envelopes of its employes, | compared with 38% cents in 1929.

dollar, tax payments another 4'% cents, depreciation and depletion costs 5% cents and interest payments on bonds 1% cents. Costs of raw materials and all other expenses incurred accounted for 43% cents of each sales dollar, leaving a balance of 2 cents to be added to Surplus.

BUSINESS FAILURES INCREASE IN WEEK

By United Press

NEW YORK, July 21 -=Business

week ended July 15 numbered 152 against 108 in the preceding holiday week and 136 in the corresponding 1036 week, Dun & Bradstreet Inc. reported today. The total for the short preceding week had been the smallest since July 8, 1920. There were 19 applications filed for reorganization under section 77B, compared with 12 a Week earlier. These eases are not included among the failures, Inezolvencies involving liabilities of $5000 or over numbered 77, against | 63 a week earlier and T4 a year ago Canadian failures numbered 14 against 11 fh the previous week and 24 a year Bago.

FEDERAL RESERVE ADMITS STATE BANK.

CHICAGO, July 21 =First State Bank, Huntington, Ind., which has been operating as an unrestricted, nonmember bank, has been adfitted to the Federal Reserve System. The bank has heen licensed as a member bank by the Federal Re= serve Bank of Chicago, at the divertion of the Secretary of the Treasury.

STEEL PRICES HOLD By Uniied Press PITTSBURGH, July 21=Catnigie=Tllinois Steel Corp, largest subsidiary of United States Steel

53; | COrp., today announced prices on

principal steel products it manu= factures will remain unchanged during the fourth quarter which ends Dee. 31, 1037,

TY | March 0%,

DOLLAR INCREASES :

NEW YORK, July 21-=Although | volume and net earnings of the steel | industry last year were well below | high grade stocks, may be entitled pre-depression figures, labor's share |

of the industry's dollar in 1938 was | the | Institute

cents

out of each dollar of gross revenues of the industry last year went into | b

Dividend payments to stockhold- | ers consumed 4: cents of each sales

failures in the United States in the

WHEAT FUTURES GAIN SLIGHTLY; CORN IRREGULAR

Liquidation Wave Dissipated As Traders Return to Bull Side.

By United Press CHICAGO, July 21.—Wheat prices reacted after the opening downturn on the Chicago Board of Trade and early losses were erased. At the end of the firstghour wheat was 7% to 1 cent higher, corn was 7% cent higher to 23% cents lower, and oats were % cent higher to 1% cents lower, The recent wave liquidation was dissipated as f{raders suddenly turned to the bull side of the market today and long lines were reins stated in many instances. Inereass ing danger of war in China, for which Japan apparently was cons sidered to be preparing by buying 3000 tons of wheat yesterday, ifs duced renewed speculation. Hedging pressure eased somewhat and this had its bullish effect. Wheat Tes ceipts were 436 cars. Corn prices turned irregular after |a weak opening. December futures were strong, but July old crop corn was mor ethan 2 cenfs lower under

heavy pressure. Corn receipts were 55 cars.

WAGON W WHEAT rain elevators are payin $1.09; other grades on the ba: corn, new No. 2 yellow $1.1 20¢. Hay—No, 1 timothy, $150 15.30,

Clty for Ne,

r merits, ts,

Regentine 4 Grain BUENOS AIRES, July 21. G orice irregularly lower Wieah Alig 0

$1.2 Tac; Beptembe fy Tac. Oorn- Jugs, S99; e I. $1.20%, off Oa

ber, 5c, OR are: Sebtems

changed Plax Aug,”

SN e, Us 3 September, $1.35% ®, “of

so;

LIVERPOOL WHEAT

Low Sloe

guly. .o0ee nc N October ..... | December 2 1 33%

U. S. § STATEMENT

WABHINGTON, Jul 21. —Cn expenses and receipts for te oem

year through Jul ; Year ago; gh July 19, compared with a

This Yen 3 443. 6817, 015; 39% Hao. ob B07. 4

268,401,319.70 5 187.285" yi 024,880. a

Expenses { 0

Defiet Gash mal. Bab Deb Res, | Eo '

Gold .

oud ay 782.71

Toda 1 Pur nae. $10, 08. 15 i $1, a3. 500, SRL EL)

to a period of rest. REDMOND & CO.—The advance | in the railroad group in particular lends support to the market in that | it gives confirmation to the latest phase of advance in the industrial averages, HORNBLOWER & WEEK S=With uying of a more speculative nature | gradually making its appearance, a | more active and hence ™ore at= | tractive trading market appears in | prospect, in so far as the balance of this particular phase of the recovery | movement is concerned. | FRAZIER, JEFLKE & (O0-—=We | think it quite remarkable that stocks have rallfed so far without any | greater increase in public interest, | | Current market participation is sub= | normal and the daily volume of transactions will have to rise con= siderably before the list assumes a dangerous technical aspect.

FACTORY BUILDING MAY RISE IN YEAR

By United Press NEW YORK, July 21--Factory construction this year should Ysa about 75 per cent above 1978 to the best volume since 1020, L. Meth Schnitman, F, W. Dodge Corpora= tion, chief statistician, wrote in Architectural Record. Tn a survey of the first half of this year the article said that cons struction of new factories and exs pansion and modernization of exists ing plants entailed expenditures of more than $150,000,000 for the 8% | states east of the Rocky Mountains, | a gain of about 76 per cent over the $80,000,000 spent in the corresponds ing 1938 period. AGREEMENT MADE By United Press NEW YORK, July 21-=Consolis dated Copper Mines Corp. and Kens necott Copper Corp. have termine |ated litigation begun in 1020 and have entered into new ore agrees ments, it was announced. | Under the settlement Consolidated Copper Mines has received $500,000 cash on judgments recently obtained against Kennecott, In addition 1b received a profit of approximately $300,000 recently realized as a res sult of delivery to it by Kennacoth of 5400000 pounds of copper, the announcement said,

LANDERS & LANDERS INSURANCE

Jackson K,

Landers, Mgr, reful PEs } Yischtion given tn Ut ad Br = Aven B14 ra Bldg. Laon,

ON SAVINGS

THE