Indianapolis Times, Indianapolis, Marion County, 12 August 1937 — Page 18

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THURSDAY, AUG. 12

COMPLETE N. Y. EXCHANGE

As STOCKS

OIL SHARES

MARKET

Lo a Ac rn i

1937

LEAD ADVANCE

AS MOTORS GAIN

Rails and Utilities Make Fractional Advances.

By NEW YORK. Aug. 1 Oil shares strengthened lead the stock market higher today in continuation of re-

nited Press

cent dull trading. |

Curb stocks advanced fractions to | more than a point today under lead |

Railroad funds led an irregularly higher movement in domestic bonds | today. U. S. Governments eased from | opening strength. Standard issues were leaders, with

Socony Vacuum equaling its high at 22145,

1 of industrial shares. | 1

@ |

| ~ to]

® ”

MARKETS AT A GLANCE Stocks higher and quiet.

Bonds steady: U. 8S, Government issues lower,

Curb stocks higher. Chicago stocks higher, Call money 1 per cent Foreign exchange firm

Cotton futures around 350 cents a bale lower,

Grains easy at Chicago: corn off 5: to 2'; cents a bushel. Rubber futures easy,

Silver unchanged in New York at 443; cents a fine ounce,

Curb Stocks

| By United Press

Alum Ltd | Am Box Brd

while Standard of Indiana and | A

Standard of California gained al-|}

most a point. Texas Corp. was almost a point higher. General Motors, out, gained fractionally. while Chry- | sler was almost a point higher. | Automobile equipment issues were | strong, including Houdaille Hershey, | which gained almost a point. Steels | advanced fractionally. Atchison led rails with a point) gain to 80 while Electric Power & Light was the utility leader with almost a point gain. Montgomery Ward was active and gained fractionally while Sears Roebuck equaled its high for the vear on a! fractional gain. Some amusement issues were in demand.

FIRST HOUR Stocks opened irregularly higher in quiet trade. Some of the market | leaders then became more active | and prices advanced with gains in| some issues ranging to more than | a point. U. S. Steel moved up from |

its opening of 118 to 118%, up !:| net, and Bethlehem was up to! 993¢. General Motors rose to 591;

in active trade, up ° and Chrysler |.

had “s gain to 116. Case was 3!: points higher to 183. Oils were ac- | tive with Standard of Indiana up | % to 47. U., S. Smelting was 1 point | higher at 94, but Anaconda, Kenne- | cott and Intermational Nickel had | small losses. Atchison rose a point and other rails were irregularly higher. Utilities were firm. Sales approximated 200,000 shares | against 140,000 in the first hour yes- | terday. Dow-Jones averages: Industrial 181.01, up 0.29; rail 53.15, up| 0.15: utility 29.01, up 0.05. | SECOND HOUR Trading was very quiet and most | a prices receded slightly from the first hour highs. U. S. Steel sold | at 1181, but Bethlehem held a point gain at 993. Motors were steady, slightly below the highs. Oils were somewhat les active, but held well with Standard of Indiana extend- | ing ts gain to almost a point at | 47':. Rubers were more active and | higher with Goodrich up 1 to 40. Atchison maintained point gain at 797. and other carriers steadjed. Utilities were quietly firm, Deere sold off 1'« to 136};. Western Union was up a point to 48. | Paramount rose J to 22!: in active | turnover. American tag had | « gain at 983%, but other metals | were irregularly lower. Sales approximated 120,000 shares | against 120,000 in the second hour | vesterday. Dow-Jones averages— | Industrial 187.1%, up 0.45; rail 53.20, up 0.20; utility 29.10, up 0.14, | a ” n |

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet, Inc. reports week chded Aug. 10 food index unchanged from previous week at $2.90 | vs. $2.82 year ago.

Engineering News-Record reports |

week ended Aug. 12, engineering | construction awards $45.348,000 vs, $44,041,000 previous week, up 3 per | cent. and $41.282,000 year ago, up 10 per cent, National Coal Association esti- | mates bituminous coal pracauciion in United States week ended Aug. 7, at | 7.335.000 net tons vs. ago and 4,950,000 two years ago.

CORPORATION REPORTS

American Power & Light Co, week ended Aug. 5 electric output 13.922.000 kwh vs. 12,583,000 year ago, up 12 per cent. Anchor Cap Corp, six months ended June 30 net income $452,849 or $1.17 a share vs. $2565.795 or 45 cents year ago; June quarter net income $262,073 or Tl cents a share vs. $190,776 or 45 cents preceding quarter and $208,300 or 52 cents year ago; 12 months net income $801,513 or $1.96 a share vs. $533,061 or 97 cents year ago. Associated Gas & Electric System, reports week ended Aug.6 net elec- | tric output 89,747.528 kwh vs. 8l.306,711 year ago, up 10.3 per cent. Atlantic Gulf & West Indies S. S. Lines and subsidiaries, six months ended June 30 net profit $244,964 or $246 a share vs. $414,126 or $1.10 year ago, June deficit $42,826 vs. $28,764 year ago. National Power & Light Co., week ended Aug. 5 electrical output 79,308.000 kwh vs. 71,853,000 year ago, up 10.4 per cent. Norfolk & Western Rwy. Co., week | ended Aug. 7 own lines loadings 24.181 vs. 24.486 previous week and 22.491 year ago. Pennsylvania R. R. Co, week ended Aug. 7 own lines loadings 71.622 vs. 72,000 previous week and 66.144 year ago. pittsburgh & Lake Erie R. R. Co., week ended Aug. 7 own lines loadings 6039 vs. 7924 previous week and | 6870 year ago. New York Central R. R. Co., week ended Aug. 7 own lines loadings 42,-

243 vs. 45,058 previous week and 40,- | Ba

510 Be ic Burlington & Quincy R,

most active issue |

| St Regis | Std Oil Ohia

7,634,000 year |

Brown Co pf Can Marconi | Carrier Corp Cities Serv Cities Serv | Col O&XG Con Cop Mns

Fagle Picher Equity Cp ... Ford Can A Gen T & R Gulf Oil . Humble Oil imp O Can Lion Oil MeWms

Dredg* Mes

abl Iron Mich Bumper Molybdenum Nat Rub M Niag H Pwr Pantepec Root Petro P Singer Mig

Wow WN

Technicolor Un Gas Cp p Un Lt & Pwr

Chicago

Barlow & Sig A .. Borg Warner Cent & SW Ut | Chgo Cord | Chgo Corp cv pf Comwith Edison Cord Corp | Davton Rub Ng Brew Vis

CHANDA DD RP 1d =D

Stocks

16 18 18 4814 48}, 3 314

| La Salle Exten . Noblitt-Sparks No Amer Car Pines Wiront Prima & Co Trane Co ‘yh Walgreen thrvaan Zenith Radio

| R. Co., week ended Aue. | loadings 12071 vs. 18, 067 | week and 16,717 year ago. Eastman Kodak Co.

7 own lines previous

24 weeks

N : 2 | |

The Times LATEST NEW YORK STOCKS

By United Press

High — — 18%

Low

Adams Exp .... Allegh {ul Alles Steel

Water W . aine Annconde Armstrong Ck Asso Dry s Atlas Corp .. Auburn Aute Aviation Corp..

Baldwin Loco ..

8 | Yesterday

3 | Month age

Borg-Warner : Briggs Mfg .... Byron Jackson .

Can Pacific Carpenter

Chrysler A City I & P wo 18 Colgate P P.. Commonw & Cong-Nairn Cons Edison Cont Bak A Cont th “ah Corn Prod 655s Crane Co cv pi 1130 112% Crown Zeller 2 a

g Gen

Crown Zelier ot Bee Curtiss-Wr . 3% won Pun Dist Soak 233 Doehler Cast 38', Dome Mines « 91

23% 385 410

| Blect Auto-I, Elec Boat Eiee Pwr&lLt

Fed Wat 8 A .. Firestone T 3 Follansbee

Gen Gen Gen

Gen Motors Gen Rty&U .. Gimbel Bros Glidden Goodrich Goodyear Granby Gt North pf

Grevhound Cp

| Harb-Walk

| Loft,

| Mack Tr

ended June 12 net profit $11.475.066 | or $5.01 a share vs. $8,081,870 or $3.51 |

a share year ago. Mar-Tex Oil Co. quarter ended June 30 net profit $78,547 or 16 cents share vs. $23,896 or 5 cents year ago. Mission Corp., six months ended June 30 net profit $1.491,835 vs. $396,581 year ago. National Cash Register Co. July gross $1,757.450 vs. $1.799.300 year ago, off 2.3 per cent, seven months gross $17.912325 vs. $14,733,400 vear ago up 21.6 bgt cent. DIVIDENDS Columbus Auto Parts Co., on account of accumulations on convertible comulative preference stock payable Sept. 1, record Aug. 18 vs. $1 on May 21. International Mining Co., 15 cents | payable Sept. 20. record Aug. 31, vs like amount in two previous quar-

| ters.

Pioneer Gold Mines, common payable Oct. 1, record | { Sept. 1, vs. like amount on July 1 Pyrene Manufacturing Co. cents on common, payable Sept. 13, record Aug. 31, vs. like amount on

[ June 15. Seeman Bros. In®, regular quarcents on common, pay- |

10 cents on

terly 621: able Sept. 15, record Aug. 25.

5 cents!

| | | | | { |

Kresgee SS

3 | Leh V Coal 2 | L-O-F Glass .

Helme G W ... Of Holland Fun .. Homestake “

Hupp Motor

041; 13334 281s

58 161 13

Ill Central . 281, Ingersoll Rand 133% Inspiration Cop 28'2 Interchem 55 Int Business ™ 161 IntHvd El A 13 Int Nickel 66 P&P . 19 : 11%

Intst pS ...... 28!» Johns-Man

Kelsev-Hayes A 18; Kennecott . 63 23% ly 2 69 84'2 5

oR 69 8434 2 54 21's an Me 450 4

Loew's Inc Lone Star Cem, Lorillard EN

54 212

45,

BANK STOCKS By Blyth & Co.

Bankers Trust Central i Chase Nationa Chemical foank & Guaranty Trust “a Irving Tru Manataeturers National City 45% Continental Ill. Natl, "Chicago 140 First National Bk. Boston . 49 National Shawnut BK. Boston 30 National City. Cleveland

Fire Insurance

Tras t

Trust ..

Aetna Fin Yaar City of New’ York Federal . Franklin Varian baann Great American Hanover ... Hartford Home ‘enn National Fire North River Phoenis,

U. S. | Westeener

Casualty Compjanies

ontinental Casualty ass. Bonding & Insurance “

LOCAL ISSUES

The following quotations do not represent actual bids or offerings. but merely

20 | indicate the approximate market level as

| furnished bv the brokers named.

| H Tel & Tel Ft H

Thew Shovel Co, $2 on common |;

payable Aug. 25, record Aug. 16, vs. last previous payma:nt of 50 cents on | Dec. 15, 19386. Weisbaum Bros. | tra 10 cents payable Sept.

Mo Brower Co. ex-| Muncie Water Works 1. record | Nobiesyllle HL & P

(By Indianapolis Bond & Share Corp.) BONDS

41,8 61... Slas 55 6s 43

Citz Ind Tel (TH) H Tel & Tel Ft ¥ Tel & Tel Ft W ind Assoc Tel 4las Indiana Tel Co 5s 6 Indpls Railway Ins oS ‘e Indpls Water Co 3!: oe . Jhtorssate Tel & Tel 51as 53 . 97 omo Water Works 5s 58 .. Rae Packmg Co 4!bs 49 1 orris 5 & tores 5s 50 .. 5s 65 P 6l.s 47 Ohio Tel Serv os 47

Aug. 16, vs. extra 15 cents and regu- | Richmond W W 5s 57

| lar quarterly 10 cents on July 23,

terly $2 on common, payable Oct. 2, | record Sept. 6.

United Drug Inc. And subsidiaries, ee | quarter | $215,539 vs. $284.687

ended June 30 net pro year ago; months net profit $736,179 vs. $1,- | 513,842 year ago: 12 months ended | June 30 net profit $1,347,812. Wilson Products Inc. 7 months ended July 31, $1,001,354 vs. $816,030 ! { year ago, up 22.7 per cent.

DIVIDENDS

American General Corp. regular quarterly 75 cents on $3 preferred; 621; cents on $2.50 preferred, and | 50 cents on $2 preferred all payable Sept. 1 record Aug. 18. Compo Shoe Manufacturing Corp., regular quarterly 25 cents payable Sept. 15 record Sept. 4. Equity Corp., regular quarterly 75

1 record Aug. 20. Sonotone Corp.. 10 cents on common payable Sept. 15 record Sept. {1 vs. last previous payment of | cents on Oct. 15, 1936. | U.S. Gypsum Co. regular quarter- | ly 50 cents on common payable Oct. 1 record Sent. 15. (Copyright, 1937,

by United Press)

cents on $3 preferred payable Sept.!

5 |

Eastman Kodak Co., regular quar IT

t | Belt Railroad & St JE

| | | |

Seymour Ser Co 3 49 ...: T H Tra : 5s “i Water Works A 56 Th Water orks we 49 Trac Term Co §s §

Sion KS

Railroad St Yds eum 5 Yds big. ng xCent Ind Power pf 7s ook Drug Inc . xCent, Ind Power bf Ind Gas Co cum . Ind Gen Serv Co 6s Ind Hydro Ele A ed Indpls Pwr & Lt C «8 Indpls Pwr & Lit Co ore se 28 | Indpls Water Co nfd 5s 1 Lincoln Natl Life Ins Co com N Ind Pub Serv nf fs . 8 N Ind Pub Serv Co pid 6s ... 2 B Ind Pub Serv pfd 5'as q P R Mallory Co Lom (new) progress Laundry Pub Serv Co of Ind Gs Pub Serv Co of Ind " .

Ts HET

Van Camp Milk Co com P. Crist & Co }

(By M. Market st Investing Corp. . 35.21

For Final Stock Quotations See Later Editions of

The Indianapolis Times

Last Clonzt

“15 | Macy R H i |

, | Phelps

i Inco Invs

THE INDIANAPOLIS TIMES

PAGE 17

Financial and Market Page

| DOW-JONES STOCK AVERAGES

30 INDUSTRIAS «0.26 =0.71 +114 -1.41

Yesterday Week ago Month age Year ago High, 193%, 194.40; low. 165.51. High. 1936, 184.90; low, 13.1L

20 RAILROADS

LanaARARR RL RANES 186.00 L193

Yesterday Week ago .... Month age Year ago ) High, 193%, 64.46; low, 50.1%. High, 1936, 59.89: low, 40.66. 20 UTILITIES Yesterday Week ago ..... .

35.54; low, 2.48, 36.08: low, 28.63,

70 STOCKS

High, 193%, High, 1936,

wl), 13 Week ago ooo Vara ~0.33 4.0.30 low, 31.0% low, 51.20,

High, 193%, 69.6%:

{ | | i | Year ago High, 1936, 66.38:

Net Last Change 447 Ta h

High Low 44, 4s Macy k H Ris Ww

Magm "ve Magsnall Md .. McCall Corp Fore. 34 . 35% . 317s

50 265% 21% McIntyre 34 McKeesport Mident Pet Minn-Moline Monsanto Mont Ward Mueller Br

Murphy G C

Nat Biscuit | Nat Bond | Nat Dairy Nat Pwr & Lt

{ Nat Steel

: | Nay Supply .... 36'e : a A 2 |

N Y Central ... {iN Y Ship | No Amer {| No Am Avn Norwalk T

19'2 103

| | Ohio Oil Otis Elev

vv 42 Owens Ill Gls. 103

{ | 4 “ae | Pariffine Co ...

Radio-K-Or

Radio NN Republic Stl Revere Cop .... Reyn Tob B

St Jos Lead ... Schulte R .. Servel Inc Sharp & D Shattuck

— SS Ws 0 TD TES wT C0 DDS

Silver King Socony Vacuum : me South 471 South Ry . 20% Sparks With Ta Sperry Corp 18 Spiegel Inc . 243s Ss y

GC oC EB EBIREEEN

.. 213, . 45% 46%, . 677s Studebaker . Ba Sunshine Min Superior Oil .. Superior Stl | Swift & Co Syming Gould

| Tenn Corp

Texas Cor 64 Texas Gul Prod hex G Sul 39 & PC& O.. Te Pac LT

INVESTING CO.’S Bid. 39. 36 1.8

atid Fd

26.95 Mass IvTr 29.01 27.67 Mut ‘Iv Fd 16.65 8 18.75 KCF-S-4 12.4¢ Cp Tr shrs 3.01 Ava t

Cp A 8 Crum Fos 27.00 B, 34. Fis Fds Inc 3.4: Dp BK N Y 2.34 Comm Inv 3.41 1st Bos 26.2 Pa Inv Inc 24. 3 .

Gen Int 7.15 Group Securities

“FAI

57 Super vd 68/Tr St O

tt et pt 1.5 et 83

In Shrs 25.64

U. S. STATEMENT

WASHINGTON, Aug. 12.—Government expenses and receipts for the current fiscal vear through Aug. 10, compared with a year ago. This Year Last Year $ 0904,582,383.61 8 642024,775.01 635,527,035.47 472,160,818.69 169,863,957.22 2,127,354, 32 7.32 1,664, 968,272.48 33,400,778,494.23 10,659,030.009.30 42,000,084.27 Total Purch £1.260,348,413.55

Expenses Receipts Deficit Cash bal Work. bal. 1 ‘064. 178, 706. 85 Pub. debt 36,826.653,243.81 Gold res, 12,492,273,673.62 Customs 3, Hl 457.53 oday's Purch. 87. 355, 884.23

Inge. gold

FOREIGN EXCHANGE

NEW YORK Aug. 12.—Opening ioreign exchange firm. Net

e Table Rates Change England (pound) 49 1 00's England 60-d b rt) 4, ano +.00'a Canada (dollar) 29 9 63- 64 i France (franc) 0375 5-16 -.0000 5-16 Italy (lire) «» 03263 0000's Belgium (Belga) 1684 Germany (mark) 4023 Switzerland (franc) .2297 Holland (guilder) 5517 Spain (peseta) Unquoted Sweden (krona) 2570 Norway (krone) 2505 “ Denmark (krone) . 222514 Laas Japan (ven) L 0004

NASH ANNOUNCES : BUILDING PROGRAM

By United Press KENOSHA, Wis, Aug. 12—C. 1. Bliss, Nash Motors Division of NashKelvinator Co. vice president, said today that the company temporarily has suspended car building activities so that its $2,000,000 program | of plant expansion can be rushed to completion. A total of $1,000,000 will be spent for improvements in the Kenosha plant, $215,000 at the Ra- | cine plant, and $700,000 at the Mil- | vaukee body plant. Production | capacity of the three plants will be | doubled when the building program is completed, Mr. Bliss said.

0000'>

Yesterday Week ago ....... Month ago .....

Caras

nn —

daily price index:

Today S113 110 ST 30% T.40 A150 09g 0360 Brg 1285 D870

Commodity Wheat, No. 2 red (bn. | Corn, No. 2? yellow (bu.) ..... | Rve, No. 2 (hu) Oats, No. 2 White bun.) . | Flour, Spz. Pat. (196-1h. » Lard, Prime Steam Spt. | Coffee, Rin 5s Spt. db) .. ... Sugar, Raw 96 Test (lb) ... Butter, 92 Score (lb. ... , &vz. Most Fales (1b) ... Steen, Avg, Most Sales (Ib) ...

Following are the commodity prices used in compiling the

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW YORK, Aug. 12.—Dun & Bradstreet’s weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average equals 100):

.141.06; Year ago .......... ...142.68/1937 high (April 5) 158.26 ..146.1111937 low (July 29)..

Commodities—

daily

2 132.60 | Ck. 13-15 Deniers

140.6) | copper Lead. Spot (lb.) Zinc. Spot (1h)

Week Ago $1.19 1114 Ri Sg 1.50 JAI8Y Nag 0353 RIE W310 +0650

Year Ago SLI 1.14 A014 AR 3.625 Jn JOR 0365 3614 A128 ) 0630

Coke. Connellsville

Source of scrap and hides.

Lambs Avg. Most Sales (lb.) .. Hides, Native Hvy. Steers 1b.) .. Wool. Fine Unw., Comb. Cotton. Mid-Upland

Rubber. Spt. Smk. Rib (Ib.) Electrolytic tlb.)

Tin, Straits Spot (lb.) Silver, comml. Bars (oz.) Steel. Scrap Chi. (ton) Pig Iron. Iron Age Comp.

Cement, Dom. Portland Yellow Pine, 6-in. hase (M ft.) Douglas Fir. Rough Gasoline Tank Wagon (zal) .. Crude Oil. 40 gravity Quotes—Chicago: Roston: nelsville: Coke. Tulsa: i oil, New York: All others.

Year Ago £ 0035 Ja2 358 A259 1.82 JA6%% 09% 0460 0490 A234 AY 11.35 18.33 3.65 2.53 A000 38.00 ORY

Week Ago $ 1085 JA8% JA A135 1.90 1863 Ja 083214 066213 601 REL 19.35 2R.2% 1.35 2 R000 52.50 Ms

1.2%

loday

£1085 A8 A1 A058 1.9 J844 Je JA63521% 068714 D9 A 19.35 nN 4.3% 228 0.00 32.50 N05 Ln 1.18

Grains, livestock, lard, steel East St. Lounis§ Zine. Con-

tb) .. ab.) Jap ib.) ..

(ton) ton) thbl) ‘tM ft)...

bl) LL

Wool.

| Zenith Rad Ma |

High Operating Rates

High Low bast Change Timken R B 68 N

TER, - i810

T ont . Truax Tra . 1a 20th Cent Fox.. 36% J 100%a 100% 29 2834 . 3a 5a « 12 12 8: 8% ™ "0a 1312 108% 1172 6034 94

Union Carb Un Aircraft Cp United Corp . United Drug

13 108 SAT . 60 . 94 wv. 1 1 +.118% 118 ~~ 33 3 Ws 81, . 15% 81a 14%,

's Va Ya ‘a la 3%

Walgreen pf Walworth Ward Bak B Warner Bros Wes Oll & 8

West Auto Sup West Union ‘ahs Westing El ....155' 15! 5! —-— Wheel Steel 50: 30° { White Mot ‘ve 2 247, 4 | Wilson & Co .. ’ ¢ } | Wilson pf Woolworth ' Worthington ...

Yellow Tr Young Sheet

D434

“a 24 . 023:

292%

STEEL VOLUME MAY DECREASE

in Face of Small Sales Points to Fall.

United Press |

NEW YORK, Aug. 12.—Continu- | ance of high operating rates in face | of small shipments to the automo- | bile trade and a small volume of

| steel consumption for the building | | trade points to an active fall steel |

« | trade, the magazine Iron Age said |

| today. |

| equal

| ports that

| roads.”

| shipments now are running consid-

| tinue to decline.

The magazine found that output | for the week was 84's: per cent of | capacity, only !: point under the |

| preceding week but said that fur- |

downward adjustment |

ther slight might be made prior to resumption of buying on a larger scale for early autumn requirements. Steel

erably in excess of the volume of new business and backlogs con-

“Prospects for a renewal of railroad cquipment purcnases are improving,” the magazine said, “although it may be next winter or spring before a buying movement to that of early 1937 is reached. At Chicago there are re- | several roads will shortly inquire for a total of 8000 to 10,000 freight cars, of which 5000 to 7000 will be required by two

The magazine also found that letting of steel for building purposes | and interest in pipe lines were improving. It found that automobile buying for new models had not yet run into large tonnages but that some orders had been placed for initial production and that larger orders are expected before the end of the month. Manufacturers of farm machinery and tractors continue to operate virtually at capacity while tin plate mills are operating at 100 per cent with can companies putting on pressure for shipments. The magazine said that the Iron Age composite price for scrap had advanced from $2042 a ton to $20. 50 a a ton,

BROKERS’ OPINI( ION

NEW YORK, Aug. 12.--Brokerage opinion today-— E. A. PIERCE & CO.—Tt appears that the market is definitely in a| waiting attitude pending last minute | passage of legislation in Washington. HORNBLOWER & WEEKS-—-The situation remains unfavorable for an early termination of the current period of irregularity and hesitation and a decisive resumption of the uptrend on a broad and active scale and probably without much advance notice. LAMBORN, HUTCHINGS & CO. —The stalemate continues, with little likelihood of it being broken until stimulating news develops or until an increase in market activity develops. J. S. BACHE & CO.—It remains our impression that the fall trade and industrial outlook remains sufficiently cheerful to warrant the maintenance of a generally constructive market attitude. More specifically, such sectors as the steels, merchandising, rubber and oil groups appear to merit particular constructive attention. FRAZIER, JELKE & CO. Although incentives for adding to commitments are lacking, there are indications of improved investment inquiry and traders usually are disinclined to “sell a dull market.” ATKINS, HAMILL & GATES— We remain of the opinion that the market as a whole will continue its drifting tendency. W. L. Lyons & CO.—Unless current indications are entirely misleading, fall business should be good, with a comparative betterment in

stock prices.

NEW BOND ISSUES {By W. L. Lyons & Co.}

Bid Ask Atl City 3 84 . ne B&O 4! . BF Avery Sons 53 47 «.vvinn Calif Oro Pwr 4s 68 ....... Celotex 4!':s 47 Oent Maine Pwr 4s 60 Cent Maine Pwr 3'as 66 Cinti G&E 3las 67 CMO 23s 42 ‘ Fla Power 4s 68 Fla Power 5s 66 ‘ Houston Lt & Power 3'as 66 Indpls Water 3'2s 68 . Los JAnzsies Rev ou arra Elec ‘ev N NY State Sle fas 45 65..... N Y. Tel ‘es Northern State P 3s 67 ....

s West Chester Wise G&E 3'as 66 Wisc Pub Serv 4s 61

FREDERICK STRAUSS DEAD By United Press NEW YORK. Aug. 12.—Frederick Strauss, 72, widely known financier, senior partner of Seligman & Co, international banking firm of Wall

| Bla Pig

Street, died yesterday of a heart attack,

PORKER PRICES JUMP 5 CENTS IN LOCAL TRADE

Vealers Decline Half Dollar As Lambs Are Steady To Strong.

The downward trend in hog

of only 2000 head appeared for the

33 prices was halted today when a run Jus

New York Bonds

By United Presa BOND PRICE INDEXES 0 20 20 Indus, Rails, Util, A 24 102.0 0e 92.0 102.0 Ma 38 101.1 GLY 96.2 105.% 20.0 0.7 101.0 05.0 101.3 106.0 50.8 90.1 9.3 1936 high ...... 98 100.4 1062 1936 Jow ........000 87 103.5 1935 high 14 86.4 103.8 03.1 83.6 Le 89.3 83.0 (Copyright 1937 Standard Statistics Co.)

a0 Bonds. 85.2 05.3 05.5 0i.n £0.09 100.5 03.4 100.2 03.3

Yesterday Week ago Month age Year ago .. Two years ago 193% high

U. 8. GOVERNMENT BONDS Treasury Bonds

as 1934 40 Ju 941

1951-48

Thursday session, according to the! 3h 1060-55

Bureau of Agricultural Economics, United States Department of Agri- | culture. The fact that local values were out of line on the low side as

compared with leading competing points proved an aid to sellers in checking recent sharp downswings. Weights above 160 pounds advanced

| 5 cents, while light lights and pigs

held steady. Top climbed to $13.25 on choice 200-210-pound weights, Sows averaged steady. Improvement was in evidence in the market for steers and yearlings today, all buying interest competing for the very small showing. Prices ranged strong to 25 cents higher, kinds groding good and better most generally showing the upturn. There were odd head of Illinois fed 4-H

| Club yearlings upward to $17, but

the practical top of the market rested at $15.75 for around five loads 1170-pound steers. Yearlings scaling around 800 pounds and grading good brought $14.35, while there was a load of similar grade Virginia

| grassers weighing 1250 pounds at $12. 75.

Not enough heifers appeared to test values, but it was considersd a nominally steady trade. Cows were fairly active and steady. Vealers dropped 50 cents from their relatively high position of

Wednesday as Eastern dressed trad- |

ing declined sharply. Good to choice vealers cashed at $11 to $11.50. with most mediums from $9.90 to $10. Lambs held steady to strong desptie bearish reports from the | dressed trade, spots on medium grade offerings even showing slight improvement considering sorts. Good to choice ewes a ndwethers moved mostly at $10.75 to $1 HOGS

Aug.

— o

Receipts 3000

“>

th tk ek ft WwW Bumans

Bulk [email protected] 3. 3.65

l Hh 13.25@ 13.50 12.9513 20 i 13.00@ 13.25 Light Lights 1140-160) Good and Medium Lightvelghts - 160-180) Good and

Medium (180-200) Good and Medium Median

ASST HD”

5 6 A 9. 10, 11, 12

$12.00@ 13.15 11.506212.75

12.15@ 13.20 12.006 13.00 13.006 13.25 + 12,50@ 13.00

13.006 13.25 12,75@ 13.15

12.05% 12.90 11.50@ 12.30

11.25@@ 11.75 +. 11.006 11.50 «10.756 11.25 10.00611.25

[email protected] 10.50 12.00

choice.

choice. .

Weight ge 00-220) Good and (220- 250) Good and Heavvweigh!s— 1250-290) Good 1290-350) Good Packing Sows - 1275-350) Good 1350-425) Good 1425-450) Good (275-550) Good

choice... choice . .

choice . choice .

and and

140) Good and choice . Medium

CATTLE Receipts, 600--S

..$12.75@ 16.00 11.256 14,50 9.00611.25 . B.50@ 9.00 . [email protected] 16.00% 17.00 14,50%216.25 11.506714.75 vo [email protected] (plain . 7.00@ 9.00 «+ 16.250 17.00 14.75¢116.25 12.006114.75 . 16.00@ 16.85 9.006112.25 16.25@ 17.00 14.75@ 16.25 5@ 15.00

(500-000) Choice Good Medium

i Caan (900-1100) Cc

Medium Common Prime Choice Good Common Medium Prime Choice Good vas 12.2

Heifers

11100-1300)

(1350-1500)

[email protected] 75a012.5

(550-750) Choice Good ‘se Common . Good and choice Common. medium

Cows

CROIBE «..o cv vinnvovivinnnrnny Good Common, medium rae Tow cutter and cuter Bulls. good

(750-900)

| Cutter, com ..

Bulls Gond Cutter,

(heel) ‘ common and medium. . Nealers ~Receipts, 600--Good and choice .

Medium Cull and common

$10.50@ 11.50 9.00 10.50

(250-560) Good and choice . 9.00 11.00 Common, medium [email protected] Feeder and Stocker Cattle Steers (500-800) goon and choice [email protected] 6.5042 8.00

mmo, medium 1800-1050) Gand and choice . [email protected] Com 6.50@ 8.00

mmon, medium 7.00@ 8.50

5.75@ 17.00

5.266 6.25 4.75@ 5.25

Heifers— Good and choice ves Common and medium WS Good Common and medium SHEEP AND LAMBS Receipts, 1000 Spring Lambs— ‘ $10.75@ 11.00 Gioie 10.004210.75 [email protected] B.00@ 875 4007 4.50 2.30@ 4.00

Good ‘ Medium Common Shorn Ewes (00-175) Good and choice Common, medium

By United Presa FI. WAYNE, Aug. cents higher, 180-2 $12.00; 200-225 Ibs, $12.75. 250-275 1bs., $12.33. 300-350 Ibs. $12.25; 140-150 bs., $11.50; 120-130 1bs., $11; roughs, $10. 0, $11.50. Lambs, $10.5

POWER PRODUCTION ADVANCES IN WEEK

By United Press NEW YORK, Aug. 12.—Electricity production in the week ended Aug. 7 rose contra-seasonally above the preceding week and showed an increase of 8.8 per cent over the cor responding 1936 week, the Edison Electric Institute revealed today. Production in the latest week totaled 2.261,725,000 kilowatt hours, compared with 2,256,335,000 in the preceding week and 2,079,137,000 a year ago.

12.—Ho s—Market 10 , $1 160-180 lbs.

Ni $9.25. Calves,

GOLD IMPORTS DECLINE WASHINGTON, Aug. 12. — The Commerce Department today reported a sharp drop in gold imports during July. Incoming gold in July was valued at $175,623,720, a decline of $86,478,093 from June. Gold exports, meanwhile, increased $125,609 to $206,353. Silver imports amounted to $4, 475,629, a decrease of $1,549,112 from June. Exports aggregated $214,174, off $29,892.

Colonial Savings & Loan Association

MEMBER FEDERAL SAVINGS & LOAN INSURANCE CQRPORATION

28 South INinois St.

| | |

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Canada 4s 60 Cuba 5's 45 ... vou, Japan 6los 54 ,,....0. Norway 4s 63 Peru 6s ».

HURT EXCHANGES

Growing ‘Off Side’ Trading Held Threat to Status Of Markets.

By LEONARD ROGERS Times Special NEW YORK, Aug. 12.—Investors and the bond trade generally have been watching with quite but mounting interest the recent growth of “off-side” trading in the listed securities of the New York Stock Exchange and New York Curb Exchange.

A fundamental question is involved, the bond people say, in efforts being made by Exchange authorities to block a seeming trend of security transactions to move off the "big boards” into over-the-counter trades. Market price of securities—either stocks or bonds—that are listed on one or the other of the two city exchanges is still popularly measured be impaired, or perhaps rendered of “private” transactions grows any more substantial than it has been in the last two or three weeks, there is danger, it is claimed, that the Exchange yardstick of value will by Exchange figures. If the volume useless or misleading.

Rule Covers Broad Range

The practice of the Exchange authorities to permit their members to consummate private sales of blocks of securities thought to be too large for “reasonably quick” absorption on the floors of the exchanges has been in vogue for years, but the recent thinness of the Exchange markets has brought the range of ‘“reasonably quick” down to include what ordinarily would be considered small blocks. Somewhere, it is believed, a line will be drawn, and if volume of over - the - counter transactions crosses that line, the exchange “last sale” tape figures and bids by exchange members, may imperfectly represent the market, William A. Lockwood, as attorney for the New York Curb Exchange, touches on this possibility in his brief filed this week with SEC, supporting and maintaining the Curb’s claims for the right to extend unlisted trading privilege to 19 issues of bonds. The SEC, after hearings, decided against the Curb in this matter, but granted the exchange permission to file a written brief,

Must Reflect Real Market

“The general complaints” (filed against the Curb’s application), said Mr. Lockwood, ‘seemed to be that the exchange's prices occasionally differ from prices at which transactions approximately contemporaneous are made over the counter, and that this difference results in embarrassment to dealers.” Further along, Mr. Lockwood asks in effect: "How can one argue that an exchange market should upset the secret prices of a private dealer?” There, say the bond crowd, is the real nub of the controversy. If the exchange figures on bond and stock prices are to be acceptable as representing the general market, they have to be composed of a dominating percentage of the transactions. Once the exchange ceases to dominate, “market prices” will have to be dug up from the unrecorded transactions of private deals.

COMPLETE LOCAL LIVESTOCK

FOREIGN RALLY AIDS GRAIN BIDS IN CHICAGO PIT

Strength in Winnipeg Lifts Wheat Future Prices Fractionally.

By United Press CHICAGO, Aug. 12. — Rallies in Winnipeg lifted wheat prices frae=tionally on the Chicago Board of Trade, but the bulge attracted sell ing. At the end of the first hour wheat was J: to “z cent lower, to 25% centls lower, to '4 cent lower, An early bulge in wheat on news of favorable action in Winnipeg erased fractions of the early losses but the bulge attracted sufficient selling to depress the market below opening levels. Scattered selling was in evidence from the opening. Wheat vields in France, Broomhall re= ported, indicated a maximum harvest of 239,200,000 bushels against the five-year average of 312,800,000 bushels. Receipts in Chicago were 230 cars. September corn acted relatively heavier than distant months. The nearby future declined more than 2 cents as a. local operator sold Sep= tember heavily. Overnight rainfall over part of the main pelt induced some other selling of new crop months, Corn receipts were 7 cars.

WAGON WHEAT City grain elevators are paving for 2 red, $1.03; other grades on their merits, Cash corn, new No. 2 yellow, $1.04 Oats, 25'2¢, Hay=No, 1 £[email protected],

No.

timothy,

ARGENTINE GRAIN BUENOS AIRES, Aug. 12 opened irregularly highe: 81.23%. up Sac; Oct., $1.205%, Sept. 557%c, up ge: Oct Oats Spot, 207,¢, unchang ed $1.36, up 'ic: Oct. $1 36,

—Cirain futures Wheat-—Sept ., up ye Corn 56lac, up ‘eo. Flax—Sept., up lace,

WINNIPEG WHEAT 0 ange Ocinher Cini hen Change December May . .

LOC AL PRODUCE

(The prices auoled are paid gathered in the country, eries in Indiana higher, Each fu 55 pounds gross.) do Fggs—No. 1 strictly fresh,

Heavy breed hens, 5 lbs, Leghorn hens, 12¢: heavy breed broilers. 1937 stock, 2 lbs. and over, 19¢: Leghorn broilers, 1937 stock, 2 lbs, and over, bareback broilers, 1937 stock, 2 lbs. over, 13c; old roosters, 9c; ducks, feathered and fat, 5 lbs. and over, geese, full-feathered and fat, 9 to 14 IHS.

C Butter-- Creamery, No. 1, 351,636'2¢; No. 2 faites. Buptterfat—No. 1, 30c¢; No,

MONEY MARKET NEW YORK, Aug. 12.—-Money rates mained unchangea toaay. Banker's Acceptances 7-165: 60 and 90 days.

Ya@T-16%: Sans. 0-16@'2%: 150 and 180 days,

Commercial Paper—Prime names, 1% Time Money—60 and 90 dave, 114%; 120, 150 and 160 days, 1l2%. Rediscount rate at New York. 127%.

"FOOD PRICES

CHICAGO, Aug 12 -—8weet Polatoes--Tennessee bushel hampers, §[email protected], Carrots—-Illinois, bunches, 1'2@2c. Spine ach—Illinois, bushel, 256@50c. Tomatoes-« Illinois, flat crates, 10G235c. Cauliflower-= Wasihngton, crates, $1.85, Peas—Colorado, hampers, 81.26@ 1.50. Celerv—Michigan, flat crates, 25@45c. Onions (50 1b. sacks)? Illinois, vellows, 40@85c. Wisconsin, yel« lows, 82'2c¢, California, vellows, $141.20, Washington, Valencias 95¢,

CHESAPEAKE CORP. MERGER IS OPPOSED

By United Press BALTIMORE, Md, Aug. 12.— Minority stockholders of the Chesa= peake Corp. $150,000.000 holding company for the Chesapeake & Ohio Railroad, will go to court here tomorrow in an effort to prevent merger of the concern with Alleg= heny Corp. Tri-Continental Corp. and Select= ed Industries, Inc., large invest= ment companies, filed the suit to prevent, the consolidation which was ® have been the chief business of a stockholders meeting Aug. 13.

for stock while for delive jolis the prices are 1 cent | case of eggs must weight

loss off, 17e

and over, 17;

[ew bo (@D 129 %@

80 days,

FOOD PRICE INDEX UNCHANGED IN WEEK

By United Press NEW YORK, Aug. 12.—~The Dun & Bradstreet, Inc. index of wholesale food prices for the week ended Aug. 10 was at $2.90, unchanged from the previous week. Of the 31 food commodities used in compiling the index, flour, wheat, corn, oats, barley, bacon, cheese, cocoa and lard advanced. Declines were recorded by rye, butter, beans, eggs, potatoes, prunes, sheep and lambs. In corresponding periods of pre= vious vears the index stood at $2.82 last year; $2.71 in 1935; $2.23 in 1934 and $1.95 in 1933.

TRI- CONTINENTAL s UIT

NEW YORK, Aug. 12.—The Trie Continental Corp. revealed today that suit had been filed in the State District Court at Baltimore to en= join the proposed merger of Chesa« peake Corp. and Alleghany Corp. Coplaintiff in the suit is Selected Industries, Inc., which also is a large stockholder of Chesapeake

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TRIPE

WE BUY—SELL—QUOTE

T. BURKE

Merchants

Bank Bldg. Fort Wayne

P. R. MALLORY & COMPANY COMMON Special Analysis on Request

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