Indianapolis Times, Indianapolis, Marion County, 2 August 1937 — Page 13
¢
MONDAY, AUGUST 2,
1937
THE INDIANAPOLIS TIMES
PAGE 13
COMPLETE N. Y. EXCHANGE
STOCKS =
«+ The Times Financial and Market Page : =
COMPLETE LOCAL LIVESTOCK
RUBBER ADVANCES IN QUIET BONDS IRREGULAR
Steels Gain Slightly As Motor Shares Follow.
By United Press NEW YORK, Aug. 2.— Strength in rubber shares featured an irregular and dull stock market today.
U. S. Rubbber common was fairly |
active and gained 14 to 60%, while the preferred was 1% higher at 943. Goodrich gained 1's to 39 and Goodyear was ° higher at 41’: Goodyear preferred gained 3's to 125.
Steel shares were strong early, but retreated from their highs, U. S. Steel showing only !i advance at 1183. Bethlehem had 35 gain at 581c. Chrysler maintained 3s gain at 116%, General Motors 3 gain at 562%, while Auburn on one sale gained a point to 2012. Du Pont was 2 points higher at 1613. Rails were irregular, New York Central dipping 39s to 39%, while utilities were dull.
By United Press NEW YORK, Aug. 2.—Irregularity marked quiet domestic bond trading today. U. S. Government funds were mixed and Japanese liens led the foreign list irregularly higher. Industrials led stocks an irregular advance in curb stocks today. Utilities generally eased. Trading was quiet.
FIRST HOUR
Stocks opened irregularly higher in quiet trading. General Motors Spend in a 3000 share block at 567%, Pp 7s, Auburn gained a point to 20% oP Chrysler opened at 116%, unchanged. U. S. Steel firmed 2 to 119 on a 1500 share block and other steels were steady to firm. Anaconda sold down 1% to 577s on 1500 shares and Montgomery Ward lost 3 point to 6374 on a 1000 share block. Utilities were steady with Consolidated Edison at 389, unchanged. Southern Pacific had 4 gain to 48% and other rails showed fractional improvement. Toward end of the hour General Motors pushed up to more than a point gain, but Chrysler reacted below the previous close and a softer tone developed in most other sections. Sales approximated 200,000 shares against 180,000 shares in the first hour Friday. Dow-Jones averages— Industrial, 185.88, up 0.27; rail, 52.99, up 0.04; utility, 30.00, off 0.09.
SECOND HOUR
Trading continued quiet. The undertone of the market steadied and rubber shares turned active and strong. Goodrich was up 1% to 39, U. S. Rubber common up 1% to 6012, the preferred up 13% to 943%, Goodyear common up % to 41% and the preferred up 3% to 125. Motors were firm, General Motors holding around 567: and Chrysler at 1164. Steels were mixed. U. S. Steel reacted to 4 loss but Bethlehem made 3% point gain to 99. Merchandising shares made fractional gain. Rails were slightly easier, New York Central showing '4 loss at 393%. Utilities had small losses, North American selling at 28:, off 14. Coppers were steady. Du Pont held a 2 point gain at 1613%. Sales approximatedly 130,000 shares, against a similar amount in the second hour Friday. Dow-Jones averages, industrial 186.05, up 0.44; rail 52.63, off 0.32; utility 29.94, off 0.15. » ” »
Today's Business At a Glance
GENERAL BUSINESS
Dominion Bureau of Statistics reports week ended July 24 Canadian carloadings 49,551 vs. 49.858 previous week and 45496 year ago.
CORPORATION REPORTS
American Cyanamid Go.. consolidated net profit $2,844,325 or $1.13 a share for first six months on Class “A” and “B” vs. $1,708,003 or 68 cents year ago; June quarter aet income $1,479,685 or 59 cents vs. $1,-
364,640 or 54 cents preceding quarter and $969,988 or 38 cents year ago. American Investment Co. of Illinois, six months net profit $300,665 or $1.01 a common share. American Light & Traction Co. and subsidiaries, year ended June 30 net income $5,998,484 or $1.88 a common share vs, $5,179,421 or $1.58 year ago. American News New York Corp. a subsidiaries, six months net profit $570,941 or $2.71 a share vs. $368,239 or $1.75 year ago.
Anaconda Wire & Cable Co., preliminary report June quarter consolidated net profit $834,042 or $1.98 a share vs. $907,254 or $2.15 a share preceding quarter and $632,148 or $1.50 year ago; six months net profit $1,741,296 or $4.13 a share vs. $915,702 or $2.17 year ago. Commonwealth Edison Co. and Subsidiary, year ended June 30 net income $13,592,018 or $8.42 a share vs. $9.896,436 or $6.15 preceding 12 months; six months net income $7,749,626 or $481 a share vs $5,101,350 or $3.17 year ago; June quarter net income $3.378146 or $2.03 a share vs, $2,060,575 or $1.28 year ago. Croft’ Brewing Co. six months profit $50,057 vs. net loss $83,779 year ago. Darby Petroleum Corp. six months net profit $220,079 or 63 cents a share vs. $263,749 or 75 cents year ago.
MARKET;
>
MARKETS AT A GLANCE
Stocks irregularly higher and dull. Bonds irregular; U. S. Government issues irregularly lower. Curb stocks irregularly higher and quet. Chicago stocks higher and quiet. Call money 1 per cent. Foreign exchange steady. Cotton futures easy. Grains lower at Chicago; wheat futures off 134 to 175 cents a bushel. Rubber futures firm. Silver unchanged in New York at 43; cents a fine ounce.
Curb Stocks
By United Press
Imp Oil Can . Jones & Law Stl.
Technicolor ... Un Lt&Pwr A..
Chicago Stocks
Tov 16% 32 3s
Actna Ball Butler Bros. . Butler B 5 cv pf Cities Service Cord Corp Eddy Paper Gen Financ Gt Lakes Dredge ...... Jarvis WB . Marshall Field Mid West Corp ....e.0n 1 Prima & Co Rollins Hos Swift & Co . Utility & Indus Zenith Radio .
$7,007,466 vs. $7,350,136 on December 31, 1936. Hazel-Atlas Glass Co., and subsidiaries, quarter ended July 3 net profit $900,172 or $2.07 a share vs. $832,490 or $1.91 preceding quarter and $650,682 or $1.49 year ago, year ended July 3 net $3,472,724 or $7.99 a share vs. $2,825,867 or $6.50 a share year ago. James Talcott, Inc. business vol= ume first six months $51,165,227 vs. $38,055,201 year ago, up 34.4 per cent. Lion Oil Refining Co., and subsidiaries, six months ended June 30 profit $531,264 vs. $224,144 year ago. McCall Corp., six months net income $674,274 or $1.25 a share vs. $819,030 or $1.52 year ago. McGraw Electric Co.. year ended June 30 net profit $1,232,781 or $5.21 a share vs. $701.710 or $2.96 preceding twelve months. Oliver United Filters Inc. June quarter net income $121,066 or 46 cents on class “B” stock vs. $132,658 or 52 cents preceding quarter and net loss $5,153 year ago; six months net income $253,724 or 98 cents a share vs. $4224 or 7 cents on class “A” year ago. Public Service Co. of Northern [linois and subsidiaries, year ended June 30 net income $4.561,969 or $5.20 a share vs. $3.451,663 or $3.90 preceding twelve months; six months net income $2,690,919 or $325 a share vs. $2,690,115 or $3.25 year ago;
June quarter net income $1,114.018
or $1.28 vs. $745,636 or 78 cents year ago. Niagara Falls Power Co. and subsidiaries, year ended June 30 net income $4,359,113 vs. $3,178,703 year ago; June quarter net $1,119,225 vs. $860,086 year ago. Niagara, Lockport & Ontario Power Co. and subsidiaries,
vs. $1,169,730 year ago; June quarago.
year ended June 30 net income $964,982 vs. $720,854 year ago; June quarter net $189,873 vs. $221,720 year ago. Quaker State Oil Refining Corp. and subsidiaries. quarter ended June 30 net profit $491,814 vs. $387,736 preceding quarter; six months net profit $879,550. Fisk Rubber Corp. and subsidiaries, six months ended June 30 net profit $435,962 or 75 cents a common share vs. net loss $141,418 year ago; net sales six months totaled $9,147,995 vs. $5,427,258 year ago.
DIVIDENDS
American Window Glass $10.50 for acumulations on 7 per cent preferred payable Aug. 20 record Aug. 9 vs. $7 on accruals June 15. Otis Steel Co.. regular quarterly able Sept. 15 record Sept. 1. Hazel-Atlas Glass Co. regular quarterly $125 a share payable October 1 record Septmeber 17. (Copyright, 1937, by United Press)
Co., |
year | ended June 30 net income $1,369,214 |
ter net $286,767 vs. $309,163 year
Northern New York Utilities, Inc., |
$1.37: on $5.50 first preferred pay- |
LATEST NEW YORK STOCKS
By United Press Bo Net Low. Last. Change. 18 18 ene 71 7
3 3 113% 113% 33 @&
FER
39 129%
-
ML
A inc Anaconda Anchor Ca Armour Ill ..... Armstrong Ck.. Asso Dry Gds .
PEELE 4
iF:
Burroughs Butler Bros ... Butler Bros of..
Calumet & H.. Can Pacific .... Celanese . 3 Cent RR N J. . Cerro de Pane.
3 q Cluett a Col & A Columbia rol di Wo Com Credit 62 Com Cred cv pf 103% Com Solvents 1 Commonw & So Cons Edison ... 8 Cons Oil ... 16 ‘Cons Aircraft. .
Cont Oil Del 33 Corn Prod ....
* I' Crucible St
Curtiss Wr .... Cutler Ham
Deere 273% 27% Del & J : D Lac & W ... Diam T Mot ... . Douglas Air ... 59 587% Dow Chem 122% 122% ——
Elec Pwr & Lt 23% El Pw & L $6 pf 77% El Paso N Gas. 24%
i. Flintkote Co ... 333 Follansbee rts . 1 Freept Sulphur.
Gen Am Inv .. Gen A Inc pf.. Gen Electric ... Gen Motors ... 56 Gen Pr Ink ... Gen R i
Goodrich Goodyear Goodyear pf .. Graham Paige. . Granite C Stl.. Gt North pf ... Gt Nor Ore .... Green H L. .... Greyhound Cp. 1 Gulf Mobile No.
cr A AEE
4i
Hall Print . Ham Watch ... Homestake . Hud & Man ... Hudson Motor . Hupp Motor .
Ill Central Inspiratn Cop . Inter Iron Int Agric 6 Int Harvester .1143j Int M Marine . 9% Int Mining .... 12; Int Nickel . 661% Int P & P we. 1% Int P&P p 4 Int Shoe 447,
Kennecott .... 60% Kroger G & B . 217%
Le Rub . . Ligg & My P Ligg > My pf. Loew Lornlard
vo D4 110212 160
| Ludlum StI Ls
Macy RH .... Maracaibo EX ! Marine Mid ... Martin Gl Maytag . MeCall Corp ... McCrory “een McGraw EI ... McLellan St ... Miami Cop .... Mident Pet ... Mohawk Cp ... 35 Mont Ward
Nash-Kelv Nat Biscuit Nat Cash Reg . Nat Dairy Nat Distillers at Lead
4 235s 35
2034 301, 385 93% 137 |
331 403% 2834 5434
Newport Ind N Y Central NYOnt&W. No Amer . 283%; No Amer pf ... 547% No Am Avn ... 12 12 No Pacific ..... 20%: 29% _. . 20 2012 Pin . N%
. 40% 2%
201%
Ohio Oil 20%
Otis Steel
Pac G & EI 32% 32%
For Final Stock Quotations See Later Editions of
The Indianapolis Times
DOW- JONES STOCK AVERAGES 30 INDUSTRIALS Saturday ...... 185.62 Week B80 «..covescesvsecess 184.20 Month A480 +...covensneseres 170.13 Year ago ....c..veeeen ceenes 165.43 High, 193%, 194. 10; low, 165.51. High, 1936, 184.90; low, 143.11 20 RAILROADS Saturday ....... Week ag 54.83 Month B80 «...coasceensessss OLAS Year ago ...c..oveveen veveess D335 High, 1937, 64.46; low, High, 1936, 59.89; low, 40.66. 20 UTILITIES Saturday ......... sasaavae . Week ago ......... Month 880 «..eovvvverrvessse 26.50 Year 480 ...vuvesuss ‘evsunuay 34.89 High, 193%, 37.54; low, 25.45. High, 1936, 36.08; low, 28.63. 20 STOCKS Saturday ....o.cccivennrenennn 63.77 Week AZO «vvvvssrcssnasessss 64.20 Month ago ... Year ago High, 1937, 69.67; High, 1936, 63.38;
+1.61 +0.43 +0.81 +0.5%
sesessessenes
52.95
“sss ssssserenreanen
30.09
Cres esene
Packard
Penn R 37 Ph Ips Dodge .. Phillips Pet .... Pillsbury ...
Ran d ‘ou Republic Sti RS To od B ..: 5213 Ru 36 Reyn Met ‘rts .16- 3 —— Schenley Dist « 43% bd Air L. .. 13
de » a
[HELL HLL + 4
aa &
I:
- - on
+
uperior On = Swift & Co ...
23% a
Trans&W Air... Tri-Cont
10112 255 30% 6
40'2
Union Carb ...101'2 Un Oil Cal .... 25% Un Aircraft Cr. 30% United Corp 6 United Cp pf. . . 41%
CONSTRUCTION BIDS REACH 6-YEAR HIGH
Building Permits Jump 26 Per Cent in Six Months.
By United Press NEW YORK, Aug. 2.—New building construction in the first six months this year reached a sixyear high, despite a lag in the rate of advance since spring as result of labor developments, a survey of the industry by Dun & Bradstreet, Inc., revealed today. The authority reported value of building permits in 215 leading cities for the first half this year aggregated $585,885,255, or an advance of 26.4 per cent over the corresponding period of 1936. While a new recovery high was reached, the survey pointed out that the increase was smaller than anticipated and compared with an 83.1 per cent advance recorded for the first half of 1936 contrasted with the 1935 period. “Pressure of union leaders in many parts of the country to force ‘closed shop’ agreements with all contractors, and labor difficulties in other industries with the concomitant employment uncertainty, have slowed the rate of adwance in new building work since spring,” the survey said. . It added that the advance in many districts would have been cut by a wider percentage were it not for a rise in PWA projects.
STEEL OUTPUT GAINS
By United Press CHICAGO, Aug. 2.—Output of the Chicago Steel area reached 85 per cent of capacity, unofficial observers
{ said. This was 1 per cent over the | previous week and indications were
for comtinued gains. The price of number one heavy melting steel scrap reached $20 a gross ton this week, a $3.75 a ton advance in 30 days.
Percentage Labor Cost Analysis
LABOR COSTS ANALYZED PER CENT WAGES BEAR TO TOTAL PRODUCTION COSTS (BASED ON STANDARD STATISTICS FIGURES)
IH]
Mm
o o
——— RAILROADS AIRCRAFT
L Quip
APPROXIMATE PER CENT 3
AUTO TIRES DAIRY PRODS.
[_ UTILITIES -
OFFICE
ml
EJ 800TS & SHOES > Qo AVNIXOYddY
CHEMICALS AUTOMOBILES oon EQUIP. oe PRODS. oh, ETc. rocco
3
| in35 w34 3
1
oO
THE PARKER CORP GENERAL DISTRIBUTORS
INCORPORATED INVESTORS
BOSTON, Aug. 2.--The vicious spiral of costs is rapidly whirling upward. The cost of living goes up, thus wages must be increased, either voluntarily or as a result of strikes, to meet the added cost of living. The increased cost of manufacturing raises prices still higher.
Friday ..141.32' Year ago
daily price
Today $1.22%
Commodities— Wheat, No. 2 red (bu.
140.63:1937 high (April 5) 158.26 | Holiday 1937 low (July 29)
Felowing gre the commodity priced used in compiling the | n |
Commodities
140.60
ab.) tbo
Lead. spot Zine spot Year Ago $1.16
Silver. commi. Steel. scrap Chi.
Week Age $1.21%
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 electrolytio (Ib.)
Tin. straits spot (Ib.)
PRICE INDEX AND COMMODITY QUOTATIONS
DAILY PRICE INDEX NEW YORK, Aug. 2.—Dun & Bradstireet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-1932 avreage equals 100) :
Year Ago
$ .1025 Al 3512 1283 1.81 16% 0934 0460 6490 Ae A443 13.95
Week Ago $ 10% A9% A1 A140 1.96% 1832 14 060214 D662 S99 4434 17.95
Toda» $.1125 A834 41 1123 1.90 .1838 a4 060212 066214 S836 A434 19.35
(db) .. ab.)...
Net Low, Last. Change. Ts Ya TT % a
14 133%
n El Coal
pe
--
Vanadium ... Van_ Raalte .
Worthington “ee Wrigley 70
Yellow Tr Young Sheet ...
SEE TOP CORN CROP SINCE '32
Farmers in Nine States Hope to Make Biggest ‘Sales in Five Years.
(Copyright, 1937. by United Press) CHICAGO, Aug. 2.—Farmers from South Dakota to Ohio prepared today to reap their biggest corn crop since 1932. They hope to sell it, despite low prices, for more money than they have obtained from corn in five years. Reports from nine major cornproducing states indicated their crops this year will be two to eight times greater than in 1936. The Government estimate on July 1 was around 2,572,000,000 bushels, nearly twice the national yield of 1,524,317, 000 bushels in 1936.
Continuous favorable weather throughout July, which usually finds the crop prospects more or less damaged, brightened this year’s bumper crop outlook so much that prices on the Chicago Board of Trade fell 25 to almost 50 cents a bushel lower than in 1936.
September corn futures today were around 90 cents a bushel; in 1936 they were $1.12. December corn today was quoted at around 68 cents a bushel, 45 cents lower than last year, and May was in a similar position. The loss per bushel in the present market price of the new crop will be more than made up by increased production and corn producers will have more money for their crop than at any time in the last five years. Illinois, which led these nine states in 1936 production, will lose its leadership to Iowa, one-time queen of the corn-belt, if present estimates are maintained when the crop is cribbed.
July 1 estimates by states and their 1936 yields were: State 1937 Estimate Iowa 452,176,000 Illinois 363,864,000 Nebraska 196,830,000 Indiana ..... ver. 172,194,000 Minnesota 158,004,000 Ohio 110,616,000 Missouri 126,610,000 South Dakota 50,451,000 North Dakota. ... 17,264,000 2,530,000 Indiana prospects were “for the best crop in years” with the crop now well above normal height. G. E. Enfield, Purdue University agronomist, said the prospect for a full crop is “above average at pres-
ent.”
BROKERS’ OPINIONS
By United Press NEW YORK, Aug. 2.—Brokerage opinion today: REDMOND & CO.—We believe the market trend will be higher after this immediate period of consolidation has run its course. The business outlook appears to be reasonably favorable and subject to restriction by political, war or labor news of a disturbing nature. E. A. PIERCE & CO.—It is quite probable that the motor industry will raise prices to restore profit margins which had been narrowed by higher labor and material costs.
LAMBORN, HUTCHINS & CO.— It still appears to us that the probable action of Congress until its adjournment is very much an influenge in the market. We are still of the opinion that recessions should be used as opportunities for acquiring equities representing sound situations. SHIELDS & CO.—There will be continued nervousness while Congress remains at work, that, combined with seasonal trade influences, will mean a more reactionary market, but there is nothing in prospect warranting change in policy of buying on setbacks.
AIR TRAVEL GAINS By United Press WASHINGTON, Aug. 2. — The Bureau of Air Commerce reported that 20 scheduled air lines operating in continental United States in
1936 Yield 212,240,000 217,751,000 26,859,000 115,413,000 88,331,000 121,605,000 40,032,000 8,446,000
June carried 110.842 passengers and | flew 5,811,404 miles. | , In June, 1936, with 21 companies | reporting, 97,453 passengers were | carried and 5.619,896 miles flown.
New Business Books Available at Library
The following new business books now are available at the business branch of the Indianapolis Public Library.
LISTEN IN: AN AMERICAN MANUAL OF RADIO, by Maurice Lowell—-Organization and operation of local radio groups, suggestions for script writers, announcers and directors, how to seek radio employ~ ment and a working radio vocabulary. THE ASL AGE: Mi STORY OF THE ME E IT, by C. B. ny me, ay progress of thé great American automobile industry. ware STORIES OF BUSINESS,
PORKER PRICES HIT $13.30 TOP IN RECORD HIGH
Vealers Steady to Strong as Top Advances 50 Cents.
Advances that ranged upward to $3 in the fresh pork trade, along with light supplies of hogs at all of the principal terminals kept the trend in local hog values on the upgrade, according to the Bureau of Agricultural Economics, United
States Department of Agriculture. The advance as compared with Saturday measured 15 to 20 cents; weights above 210 pounds showing the maximum upturn. Top of $13.50 was another new high since Septembe,r 1928. Sows shared the upswing of barrows and gilts, ranging 15 to 25 cents higher. Smooth light sows sold upward to $11.90, while bulk moved within a spread of $10.50 to $11.50. Hog receipts were estimated at 3500 head. With around half of the dayv’s cattle supply consisting of stocker yearlings and calves and Killing classes running largely to she stock, there was a negligible supply of steers on hand. Despite the meagerness of the supply, trading moved slowly, the few transactions made considered about steady with last week’s close. Light dressed stocks which con-. tinued upward made for a mostly strong vealer market compared with last Friday, spots on local killer account showing 50 cents gains, Good to choice vealers sold mostly from $11 to $11.90, extreme top $12 being rather limited. Lambs enjoyed a good strong market at the advances of last week. Good to choice ewe and wether offerings bulked from $10.75 to $11.25, with lower grades from $10.50 downward. a Receits 27. 28. 29. 30.
31. Aug. 2.
Bulk 3. 70@ 13 20 2.60%
HOGS Light Lights— (140-160) Good and x dium
e Lighiwel 180) % Good and
105
: 3.30 12.95@13. 25
[email protected] [email protected]
Me gio Welham (200-220) Good 3%0- 250) Good Hes we.
choice . choice. .
choice. . choice.
10. 00a 10.50
[email protected] [email protected]
(2 0 Slaughter Pigs (100-140) Good 2 choice. . Mediun
—Receipts 1100— (500-900)
(900-1100)
POI D UT Sano SSn
(1100-1300)
(1350-1500) Good
(550-750) od
Com Good ond “choice .. Common, medium.
(750-900) [email protected]
mediu Low cutter and Cutter Bulls, good Cutter, com.
Shears sresres “an
Vealers
—Receipts, T00— Steers
(250-5 500) Sood and choice .$ 9.50@ 11.50 ommon, medium 7.00@ 9.50 Peete and Stocker Cattle Steers (500-800) good and choice. .$ 3 Be 10.00 mon, medium 0@ 8.00 (800-1050) Good and choice . 8.00 10.50 Common, medium. 6.50@ 8.00
7.00@ 8.50 5.75@ 17.00
Heifers— Good and choice Common and medium SHEEP AND LAMBS —Receipts, 1200 — Spine. Lambs. . [email protected] | 10.00 11.00 [email protected] 8.00@ 9.00
4.00@ 4.50 2.30@ 4.00
(90- 175) * Good and choice . Common, medium
By United Press
CHICAGO. July 31. — Hogs—Receipts, 1500, including 100 directs. Market. steady. Ton. $13.20, new high since September,
Salts Receipts, 500: calves, 100. Market, steady. Steer top, $17.15, new high since 1928: all Re 25 cents higher: next highest price. $17.10; best EAT $16.85: best heifers. $15.75: cows, 50 cents higher: JSajers. [email protected] higher; bull, 50 cents er
Sheep—Receipts, 5000. Market, steady. Snoring lambs and vearlings. 25 to 50 cents higher: sheep strong to 25 cents higher: wee lamb to $11.75: bulk natives, $11. 2511 50: slaughter ewes, [email protected]: week's top, $5.50. LAFAYETTE. Aug. 2.—Hogs—Market, 15 to 20 cents higher: 200-225 lbs., $13.15@ 13.25; 225-250 1bs., $12.90 13: 250-285 Ibs., $12.40 12. 75: 285-325 Ibs.. 200 Ibs., [email protected]: 150-170 Ibs. 12.90; 130-150 1bs., $11.75@12; 100-130 ‘Ibs. $ll@ 11.50: roughs. $11 awn, ‘Calves, $10. 50 @11. Lambs, [email protected] FT. WAYNE, wy —Hogs—Market, 25 cents higher; 180-200 1bs., 13.15; 160-180 Ibs., $13.05; 200-225 Ibs. 225-250 275-300 150-160 130-140 $11.50; 100-120 lbs., $11. ughs, $10.50; stags, $9.25. Calves, Si 50. 0 $10.50.
LOCAL PRODUCE
(The prices quoted are paid for stock gathered in the country, while for deliveries in Indiananolis the prices are 1 cent higher. Each Jun case of eggs must weigh 55 pounds gros: No. 1 strictly fresh. loss off. 17c Envy breed hens, 5 lbs. and over. Lechorn hens. 1lc: heavy breed Sores 1937 stock. 2 Ibs. and over. 17c¢c: Leghorn broilers. 1937 stock. 1 bareback broilers. over. 12¢: old feathered and zeese, full- Pr 3h Yat
No. 1. ‘Butterfat—No.
" to Ie Ibs.
33%. @3e)c; 1. 30c;
ie. No ARTY Yd Ty No. fogbe. TY
FOREIGN EXCHANGE
NEW YORK, Aug, 2.—Opening foreign exchange ste dy. Eng. (1b.) co. $4.977% ng. 60- d. b. 1.) 497% Canada (dol.) ... .99 31-32 France (franc) 03743 [taly ire) iy 5263s elgium ) Germ. (m arky SW
toeriand fre.) . Holland (guilder) . Spain (peseta) .. Sweden (krona) Norway (krone) Denmark (krone). Japan (yen)
New York Bonds
By United Press
BOND PRICE INDEXES 20 20 20 Inds. Rails Util 91.6 92.1 1016 91.5 93.5 101.9 91.0 91.5 100.0 91.9 95.6 105.6 79.3 79.8 100.5 95.0 101.2 106.0 93.8 90.1 90.3 948 100.4 106.2 90.0 84.7 103.5 1935 High ..... 91.4 86.4 103.6 93.1 1935 Low ..... 83.6 71.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)
60 Bonds 95.1 95.6 95.6 98.7 89.7 100.7 93.4 100.2 93.3
Saturday ..... Week ag> .... Month ago .... Year ago ..... Two years ago 1937 High ..... 1937 Low ..... 1936 High ..... 1936 Low .....
U. S. GOVERNMENT BONDS Treasury Bonds Low Last 314s 1045-43 ..... 107. 3%s 1946-44 ... 106.27 4V,s 1952-47 117.2 2128 1953-49 99.1 234s 1954-51 ... 100.15 2%s 1960-55 101.16 Home Owners Loan Bonds 2%s 1949-39 . 101.10 101.10 DOMESTIC BONDS Alleg Corp 5s 49 ...... 68% Anaconda C 4'2s 50 ....108 Arm Co Del 4s 55 ..... 98% Atl Coast L 42s 64 ... 90%2 Atl Coast L 4s 52 .,...103% B & O 4's 60 . 01 Bu R&P con oS Yas 57 .. 302
Bush Ter 5s Can Na Ry 2 Oct 69. ‘138% Can Pac deb 4s perp. “ws Cen Pac 5s 60 . 93} Ch M St P&P 5s 75. Chi Un Sta 3%s 63 .... Chi W Ind 4's 62 .... Clev U Ter 4%2s 17 .... Col G&E 5s 61 Cons Oil 3's 51 Cons Edis 3'2s 56 Crane Co 32s bl Erie ref 5s 75 .... Erie ref 5s 67 ‘e Gt Nor 4s G 46 Hous Oil 5's 40 Hud Man ret 58 Ill Cen 43;s 66 Int Hy El 6s 44 ... Int T&T cv 4'%s 39 ... Lig & Myers 5s 51 .... Loews Inc 3%s 46 ou.
101. 16 101.10
68% 106 98% 90 103%
N'Y Dock 1st 4s 3 . No Pac 6s B 2047 Nor Pacif 3s 2047" “evar 7 Pa P&L dyes 5 gg re Philippihe 5 Postal T&C >
So Pacific 45s 68 So Pacif col 4s 49 Sou Ry gen 4s 56 .. Stubk 6s 45 Texas Cor 3%s 51 .... United Drug 5s 53 .... Wheel Stl 412s 66
192
LOCAL ISSUES
The following quotations do not repreFen! ate) bi bids SE op erings, ty Borely approximate market furnished by the brokers named, 8Y8) ag (By Indianapolis Bond & Share Corp.)
BONDS
Citz Ind i (TH) 4% H Tel & Tel Sol
Bid
T H Water Works 6s 49. Trac Term Co 5s ROCKS TO Belt Railroad St Son Rn. Belt Railroad & St Yds pid. . xCent Ind PoWer nf Is Hook Drug I
Gas Ind Gen Serv Cot 6s Ind Hydro Elec Co Ts. Indpls Pwr &
Pub Serv pf Ts .e N Ind Pub Serv Co pfd 6s .. N Ind Pub Serv pfd 5las P R Mallory Co com (new). Progress Laundry Co Pub Serv Co of Ind 6s. Pub Serv Co of Ind is: Smith-Alsop pfa .... Smith-Alsop com Terre Haute Elec Co 6s Union Title Co com . sesene Van Camp Milk Co pid. . vereas .e 2 Van Camp Milk Co com . .... 10%
By M. P. Crist & Co.) Market St. Investing Corp.....34.88
BANK STOCKS
—Aug. 2.— (By Blyth & Co.,
Bankers Trust Central Hanover Chase National Chemical Bank & Trust Guaranty Trust .. Irving Trust Manufacturers Trust National City : 6 Continental Hn Nat, Chicago : First Nation Bk Bosto .. 491 Nationa] Shawmut ov | National City Cleveland
Fire Insurance
Inc.) Bi
Aetna Fire City of New ‘York Federal Franklin
National Fire . North River .. Phoenix
S Fire Westchester Casualty Companies
Continental Casualty .. ass Bonding & I & Insurance
NEW BOND ISSUES
(By W. L. Lyons & Co.)
ad OL Bes '5 42s '39
a y Dor So 5S M7... Calif Oro Pwr 4s '66 Celotex 412s '47 Cent Maine Pwr 4s Cent Maine Pwr + ? | Cintt G & E 3'2s5 67
Houston Lt & Power 315s '66. Indpls Water 32s '6 Los Angeles Rev as "MT... Narra Elec 312s ’66 N Y City 3s "77 N Y State Elec Gas 4s '65 . N Y Tel 3Vis .67 ‘ous Northern State P 3%:s '67 .... Okla G & E 4s 46 Okla Gas & E Inc 334s ’66. Pac Lighting 4'2s ’'45 Safeway Stores 4s ’49 Simmons 4 .
Wisc Pub Sve 4s '61
U. S. STATEMENT
WASHINGTON. Aug. 2.—Government expenses and receipts for the current fiscal year through July 30, compared with %
year ago: This Year .$ 589,532,102.29 $§ 400" 566. ats. 29 3 i 281,239,669.27
Expenses . Receipts. .
Cash Bal . 2,647,273,6 Work. Bal 934,904, 4 . Pub. Debt 36,709,916,8. Gold Res. .12,433,583,225.95 10, 843, 313,655.32 Customs _.. 38. 980.521. Wo 408,125.29 To s Purchase bu rchased Inactive Gold
..$154,167.89 on 300, 167,726.74 LAND BANK BONDS
Bid. Asked. Yield. 101% 10134 .82
3s November 1
Maay 1958-38 the ay 1957-37 .. . 4%s November 1958-38 103%
WHEAT FUTURES DROP SHARPLY; CORN FOLLOWS
December Corn Prices Drop Lowest in 13 Months.
By United Press CHICAGO, Aug. 2.—Hedge selling depressed wheat prices more than a cent today on the Chicago Board of Trade. At the end of the first hour wheat was 13% to 17% to 1 cent lower.
Buying power was comparatively light and as a result prices today were almost 2 cents under Saturday’s close. Absence of activity in Liverpool and Winnipeg, closed for national holidays, also had its effect here. Some of today's offerings were reported absorbed on resting orders. Wheat receipts were 475 cars. Selling of December corn through commission houses was steady from the opening today. The December future was at a now low for the past 13 months, Other months followed December lower. under domination of favorable crop news. Corn receipts were 3 cars.
WAGON WHEAT
City grain elevators are paying for No. 2 red, $1.05; other grades on their merits, Cash corn, Dew No. 2 yellow, De . Dat Se 24c. Hay—No. 1 timothy. $15@15
AUTO PRODUCTION DEGLINES IN WEEK
Ward Reports 16 Per Cent Drop in Profits.
Times Special DETROIT, Aug. 2 —Automobile production in the United States and Canada continues its stubborn resistance against seasonal influences of decline, Ward's Automofive Re
ports said today in its week-end review of the industry. The service put current produce tion this week at 86,403 units, com pared with 88,055 in the preceding week and 97,755 a year ago, when Ford assembly points were still in operation. This year they closed somewhat earlier for the annual vacation and inventory period. The service analyzed income statements for the second quarter, saying that the aggregate among the car manufacturers indicated a 16 per cent decline in profits, while among the accessory companies reporting thus far a 4 per cent gain had been averaged.
PETROLEUM CO.’S EARNINGS IMPROVE
By United Press NEW YORK, Aug. 2—Record demand for gasoline and fuel oil and favorable oil prices have brought petroleum companies’ earnings to sharply improved levels this year, Poor's Investment advisory service reported. Gasoline demand will be well above the 1936 record of 20 billion gallons, the service said, while aviation demand is making an impressive percentage gain. “Crude oil stocks are low and compare favorably with the last 15 years or more, both in physical vol= ume and in terms of current de=mand,” the survey said. “Stocks of gasoline which earlier in the year were at a seasonal peak, have shown recent decreases to be equal to around 45 days’ supply.”
SUGAR DELIVERIES DROP IN HALF YEAR
By United Press WASHINGTON, Aug. 2.—Total deliveries of sugar by cans refiners, beet sugar processors, importers and others during the first six months of 1937 amounted to 3,346,108 short tons, the Agricultural Adjustment Administration announced. Deliveries during the same period last year totaled 3,410,4566 short tons. Stocks of sugar on hand June 30 totaled 1,446,907 short tons, compared with 1,442,140 short tons on the same date last year.
BUSINESS DECLINE LESS
By United Press NEW YORK, Aug. 2.—The seasonal reaction in business has been less than expected, and it seems reasonable to believe that fall trade will be good, Banking, official journal of the American Bankers Association, said today. “Labor difficulties,” the publica« tion continued, “are less threatening, chiefly because public opinion has become impatient of deliberate interruptions to recovery. Reopening of the steel mills helped business confidence at a time when it needed a tonic, and fostered the hope that the worst of the industrial strife was over.”
FOOD PRICES
CHICAGO, Aug. 2.—Sweet Potatoes— Tennessee, bushel, hampers, $1.90@2. Care rots—Illinois, bunches, 2'4@3c. Spinach— Washington, bushel, [email protected], Tomatoes —California, lugs, [email protected]. Cauliflower —Washington, crates, $1.50@ 1.60. Peas— Colorado, hampers, $1.65@ 1.85. Celery— Michigan, flat crates, 40@50c. Onions (50 1b, sacks) —Washington Valencias, $1.02@ 1.20; California, yellows, [email protected].
Pig iron. Iron Age com tton) Coke. Connelsville (ton) . Cement. dom. Portland (bbl.).. Yellow pine. 6-in. base (m ft.).. Douglas fir rough (m. ft.)...... Gasoline, tank wagon (gal)... Crude oil, 40 gravity (bbdl.)....
Sources of Quotes—Chicago: Grains, livestock, lard, scrap and hides. Boston: Wool. East St. Louis: Zine. nelsville: Coke. Tulsa: Crude oil. New York: All others. 4
23.25 4.35 2.25 60.00 52.50 095 1.27 1.27
18.84 3.50 2.55 50.00 38.00 087 1.18
steel Con-
neroft. How business a ny books for educational io institutional publicity. OECKH'S MANUAL APPRAISAL, Third Edition. Includes several new sections covering costs s Accepta of industrial, school and farm build- 16%; I ings and farm lands valuation. days. 0-360@ 1 %: Nes and SEABROOK’S BUSINESS MANUAL ON HANDLING COMPUTATIONS, Sommercial Paper— Pa
comp. by B. R. Seabrook. 150 Smt 3 py 2
Easy Washing #achine Corp. six months net profit $295203 or 57 cents a share on combined Class “A” and “B” stocks vs. $334,756 or 64 cents year ago. Falstaff Brewing Corp. six months net income $296,129 vs. $289,300 year
1.063 85% 32% 5.85 A185 09%
1.14 ny 46 7.525 22 08 0365 35% 1095 0615
Corn No. 2 vellow bu.) Rye. No. 2 (bu.) Oats, No. 2 white (bu.) Flour. spg. pat (196-1b. sk.) ... Lard. prime steam spt (Ib) ... Coffee, Rio 7s spt (Ib.) Sugar, raw 96 test (Ib.) ...... Butter 92 score (Ib.) . .. Hogs. avg. most sales (Ib) .... Steers, avg. most sales (Ib.)....
MONEY MARKET
NEW YORK, Aug. odav. ve rates remeineq unchangea Soa ogay. Be bill i Ra oR
cesses
cesane
ago. Grou - p Securities Inc, net assets at New