Indianapolis Times, Indianapolis, Marion County, 18 August 1937 — Page 14

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COMPLETE N. Y. EXCHANGE STOCKS

STOCKS ADVANCE IN RREGULAR TREND AS BONDS DECLINE

——— ® . | Japanese Liens Drop

To Lowest Levels In Year.

By United Press NEW YORK, Aug. 18. — Stocks made irregular gains | in early trading today and

| {

then turned dull with prices |

steady. jority registered fractions to a point. Japanese liens sagged to the lowest levels of the year today, reflecing bondholders’ anxiety over the Far Eastern crisis. Other sections of | the listed market were irregularly | lower. Industrial, utility and shares pursued an irregular trend while oi] shares eased in quiet curb | dealings today. Steel common

gains

rose to 119i, up 114. Other steels were up small | amounts. American & Foreign | Power issues weakened on the Far Eastern trouble. large interests in Shanghai.

El Paso Natural Gas strengthened | | Cusi Mexic

on an increase in its dividend. Baldwin preferred jumped 10!2 points to | 100: on a single sale. Paramount | first preferred reached 168!, up 6. Producers & Refiners was up 23 at 31. Union Pacific lost 3 points. Rails,

Around noon a ma-| of |

| |

{

: | Aero Super B mining |

{ Austin Silver

Con Suee The company has | Cooper Bes ....

| Lockheed Air

features at the opening, |

were dull with most of them slightly !

higher. Oils, were mixed in a narrow range. Goodrich eased more than a point. Store shares firmed as did liquors.

FIRST HOUR

coppers ‘and utilities |

i Tilo Roof

The market firmed at the opening, |

but trading was dull. 6000 shares of Radio at 11s, off ? Steel shares were firm, U. S. Steel gaining a point to 119 and Bethlehem ?!» to 101. Chrysler firmed 3 to 1177s and General Motors had 3: gain at 59. International Paper issues firmed. Coty was active after a good earnings report and gained fractionally. American & Foreign Power iss the Shanghai situation. Metals, rails and other utilities were firm. Volume approximated 180,000

The feature was |

8, |

! Chicago Corp

shares compared with 190,000 in the |

first hour yesterday. Dew-Jones

averages—Industrial, 188.93, up 0.25; |

Rail, 53.36, up 0.15; Utility, 28.68, off

0.09. SECOND HOUR

Trading continued quiet and the market was about steady. U. S. Steel had 1% gain at 119% and other steel shares were fractionally higher. Goodrich continued weak, showing 17% pushed to 1173: for 1s General Motors remained about unchanged. Union Pacific featured rails

| six months consolidated net income

second week in August [5 8,000 vs. $2,432,000 year ago; Jan.1 | to Aug. 14 gross $83,992.00 vs. $78,- |

1 41 rear loss at 40. Chrysler | 415,000 year ago. |

gain but |

Special issues continued to attract! ! 2 : * | | 1aries, Six months ended June 30 net | |

attention.

Volume anproximated 110,000

shares compared with 130.000 in the |

second hour yesterday. Averages—Industrial 188.80, up 0.12; rail—53.11, off 0.1U; off 0.13.

Toda ys B ust ness At a Glance

American Petroleum Institute reports gasoline stocks last week de- | clined 129,000 barrels to 69,087,000 barrels; crude output increased 67,450 barrels daily to 3,718,000, a new high; refineries operated at 83 per | cent, Vs. week. Edison Electric Institute reports | week ended Aug. 14 output 2,300,547,000 kwh. vs. vious week and 2,079,149,000 ago. Iron Age, reports this week operating rate 83 per cent vs. 84% | per cent last week.

CORPORATION NEWS Dominion Stores, Ltd., week end-

ed Aug. 725 year ago, off 2.1 per cent;

year |

cent.

Gulf Coast Lines, week

Tee amare’ | utility—:8.64, | 9779 year ago.

Dow-Jones |

i sey,

| 823.174.109 preceding

| 394,445 year ago.

829 per cent previous | | cents and regular quarterly $1 on

2,261,725.000 pre-

7, sales $1,452,738 vs. $1,484 ,- | 32! weeks ended Aug. 7 sales $11,997,364 |

vs. $11,866,144 year ago, up 1.1 per mon payable Sept. 1 record. Aug. 20.

Aug. 14 own lines loadings 3492 vs. |

3185 previous week and 2623 year ago.

| record Sept. 10 vs. like amount in

Illinois Central R. R. Co. week |

ended Aug. 14 own lines loadings

31862 vs. 31,147 previous week and |

31,354 vear ago.

| similar amounts in June and March.

International Great Northern R.|

R. Co, week ended Aug.

14 own |

lines loacings 2249 vs. 2169 previous |

week and 2356 year ago.

Missouri Pacific R. R. Co., week | ended Aug. 14 own lines loadings | 16,695 vs. 16,784 previous week and !

16.462 year ag Niles-Bement-Pond Co.

| cents and regular quarterly 40 cents seven |

months ended July 31 net income | $822.834 or $475 a common share |

vs. $384.032 or $2 filled orders July 31 totaled $2.953.-

23 year ago; un- |

257 vs. $1,990,283 on Dec. 31, 1936. |

North Central Texas Oil Co., June quarter profit $30.684 vs. preceding quarter and $18,438 year ago; 6 months profit $57,857 vs. $34,447 vear ago. Pacific Mills, six months ended July 3 net profit $1,097,537 or $2.77 a share vs. $59,539 year ago; net sales for the six months $28,856,968 vs. $25,222,839 year ago. St. Louis-San Francisco Rwy. Co., week ended Aug. 14 total lines loading 14,518 vs. 14890 previous week and 14032 year ago. Union Pacific R. R. Co. first 6 months net income $2,192619 or 9 cents a share vs. $2,976,519 or 44 cents year ago. Wabash Rwy. Co., June net loss $387,804 Vs. $444,142 year ago; six months’ net loss $1,048449 vs. $1,449 021 vear ago. West Virginia Coal & Coke Corp., June quarter net loss $53,939 vs. $13,216 preceding quarter and $44,171 year ago; six months net loss 367, 155 vs. $67, 143 Your . Teports

nal § 1 hi of 13 Js

$27.173 | on common payable Oct. 1 record |

dropping 3 points to 1227.. and 34,623 year ago.

| regular ” | ended | g quarterly 50 cents payable

first time

= 8

MARKETS AT A GLANCE

Stocks irregular in light trading. Bonds quiet and irregular; U. S. Government issues easy; Japanese bonds decline to new lows for the year. Curb stocks irregular and quiet. Chicago stocks irregular. Call money 1 per cent. Foreign exchange firm. Cotton futures steady and quiet. Grains lower in Chicago; wheat off 1'4 to 135 cents a bushel. Rubber futures firm. Silver unchanged in New York at 4434 cents a fine ounce.

Curb Stocks

By United Press

— wo

Alum Co Am ... Am Cyan B Am Maracaibo

Am Super .. Ark N Gas A

Barium Stl Bellanca Air Se Key Gay Brown Co pf Carrier Corp Cities Serv Cop Mns

tpt oo OF TOC fn 1 09 OT sha best of pt pst

abd Hm w OF CN TO CO hn rt BD ON fn et wu] pct bet OF) =f on

Cord ‘Corp .«... .

{ Creole Pet

Now

Eagle Picher L~ | Equity Cp ... Fisk Rubber

«18902 Hn LIBIDO DD ~TC t

- ® a

Grd Nat Films Jones & Lau Stl

McWms Mesabi . Mich Bumper Niag H Pwr Pantepec Perfect Circle ... Rustless I & F pf St Regis P Std O11 Ky .

— bt

Wid ow OO C0 ht CO O00 bt pn JCI LD Y w

Technicolor

— LIBS DD LO re OOO ra

Un Lt Pw Wright Harg

Chicago Stocks

High Tas 123% frit 12 9p 912 a 100 29 931; 5 5

{ Armour & Co ... Berghoff Brew Cent&SWUt pl pf

Cities Serv Comwith Edison

[*} ~T 00 TN CN Hs

Heileman Brew La Salle Exten Marshall Field

rn oad ee Lp a] pe NOAA ANON

—

No'west Bancp Pines Wfront Raytheon pf Rollins Hos

- LE —

ro LE

LILI ros

Pr ra

Radio Prod Zenith Radio

ALIA LIIILINS

- p— “ RN

Se 010.697 or $1.90 a share vs. $2,- | 27,606 or $1.47 vear ago.

Canadian Pacific Railway Co. |

gross $2.- |

Chesapeake & Ohio Railway Co., week ended Aug. 14 own lines loadings 34,146 vs. 33.549 previous week

Garlock Packing Co. and subsid- |

profit $659,814 vs. $451,102 year ago. Pere Marquette Railway Co., week | ended Aug. 14 own lines loadings | 10.731 vs. 11,400 previous week and |

Public Service Corp., of New Jer- | 12 months ended July 31 consolidated net incomes $25.505.542 VS. | 12 months; | July net income $1,552,487 vs. $1,- |

Weston Electrical Corp. and subsidiary,

THE INDIANAPOLIS TIMES

+ The Times Financial and Market Page

LATEST NEW YORK STOCKS

By United Press

High

Adams Exp ... 1 Allegh Corp ... Allied Stores .. 2 Allis-Chal T

co Mach & Fay 1 ee hi Rad & § S 5 Roll Mill .. Smelt

S Stl Fdies .. Stores

Ancona Armour Ill Atl 'C Line .... Atl Refining 2 Atlas Corp

Barker Bros ... Beth Steel . Eiack Boeing Air Borden Bucyrus-Erie .. 1

. 3

Callahan Zinc . Calumet & H.. 1 Caterpillar T . 9 Ches. & Ohio .. 5 ChMStP&P pf . Quiros] cy PL : Chrysler Colgate-P-pP Colgate pf Colum Gas ... Com Solvents Comnw & So.. Cons Edison Cons Oil Cont Cont-Dia F Cont Mot . Cons Aircraft Cont Oil Del . Corn Prod Coty . Cub-Am Sug ..

| Curtiss-Wr

Curtiss-Wr A...

Deisel W Dr

Douglas Air

Elec Boat Elec St Bat El Paso Nat Gas

Flintkote Co ... Follansbee

Gen Cable Gen Electric ... Gen Foods Gen Mills Gen Motors .... Gen Out Adv .. Gen Thtre Eq.. Gimbel Bros ... Gobel, Adolf .. Goebel Brew ... Goodrich pf ... Goodyear Graham-Paige Gt North pf

10! & Decker 2

—

Net Low Last Change 183s

Dae 2% 20s 20% 7% 13 323, 323% 3 84

23s 51 19% 56% 22 393% 9612 5614

89% 23,

0Vs

19%

;

UID 73!

03% To 51g

23 %

9 334 5% 8 1%2 3's Bo

Hecker Prod ... 11%

Hershey pf Houd-Her

B ... 241

Howe Sound ... 84

Hudson Motor . 1

62 16% 162

REGULATIONS CAUSE ABNORMAL MARKET

ky Charles R.

Gay Questions

Benefit of U. S. Rules.

NEW YORK,

kets, Charles

Aug. 18.—Abnormal

| market conditions are being created | by Government | ities exchanges and American cap- | ital is being diverted to foreign mar-

regulation of secur-

R. Gay, New York

Stock Exchange president, charged | in his annual report today.

He questioned

| Which public ded: “I cannot re out

necessarily

ing the few.”

Restrictive regulations, Mr.

the welfare

“degree is being

| served” by such regulation and ad-

frain from pointing

that too many rules, like too | many laws, may result in laying unrestrictive burdens on | the many for the sake of disciplin-

Gay

asserted have impaired the quality

of the market, illiquid affairs i | prevail between

making for narrow, n which wide spreads bid and asked quo-

tations and wherein comparatively

late “undue”

| small buying or selling orders creprice fluctuations. He

|also assailed the capital gains tax as a detriment to a broad liquid

market,

Mr. Gay pointed out that while

| the year ended May 1 was marked Instrument | by broadly advancing trends in the Six months | major divisions of our economic life,

ended June 30 net profit $251.150 vs. | “the basic data of security markets

$101,031 year ago. DIVIDENDS | Batavia Rubber Co., interim 6 per cent vs. no interim last year. Beech-Nut Packing Co., extra 25!

common payable Oct. 1 record Sept. | 11 vs. like extra on July -. Bridgeport Gas Light Co., regular | quarterly 50 cents on common pay- | able Sept. 30 record Sept. 16. Maryland Fund Inc. extra 2% ' cents and regular quarterly 5 cent payable Sept. 15 record Aug. 31: on Aug. 12 liquidating value of stock was $991 a share vs. $9.48 on May 28. Monroe Loan Society, regular quarterly 8 cents on Class “A” comNational Sugar Refining Co.,| Oct. 1 record Sept. 1. New England Telephone & Telegraph Co. $1.50 payable Sept. 30

June. Newmont Mining Co., 75 cents payable Sept. 15 record Aug. 31 vs..

Niles-Bement-Pond Co., 50 cents payable Sept. 15 record Sept. 4 vs. like amount on June 15. Pacific Mills, 50 cents payable Sept. 10 record Aug. 30 ws. like amounts in 2 previous quarters. Sutherland Paper Co., extra 20

on common payable Sept. 30 record Sept. 20. Trasue & Williams Steel Forging Corp. 15 cents payable Sept. 3] record Aug. June. United Dyewood Corp. extra 25 cents and regular quarterly 25 cents

Sept. 10 vs. like extra on July 1 tCopyright, 18937, by United Press)

28 vs. like amount in| gy

and market va

| have shown mixed trends. Listings

lues have increased,

volume of transactions declined and the use of credit has been sparing.” He contended the market has remained free from excessive use of

| credit purchasing and carrying se- |

| curities, adding that predepression

! member borrowings were 4 to

times as great

5 in relation to mar-

| ket securities as the borrowings of

{the past two ¥

ears.

The shrinking volume of trans-

actions in the and advancing abnormal, he

face of rising prices business trends is warned, giving rise

to concern about breadth of the

market. CANNING

MARION, Aug.

Caning Corp. s Grant County

PLANTS OPEN 18—The Fettig et its two plants in in operation yester-

day. Last year the Upland plant prepared 78 carloads of canned tomatoes for shipment.

BANK STOCKS

(By Blyt

Bankers Trust Central Henoyer Chase Nationa Chemical Bonk. & Guaranty Trust Irving Trust

h & Co. Inc.)

Trust

Manufacturers "Trust

National City Continental fin. N First National Bk.

National Shawmut Bank Sloveland N=

National City Fire

Aetna Fir wy fro ot New ‘York e

Hartford ome National Fire . North River . Phoenix ...

US Fire .... | Westchester i Casualty Continental asia

Mass. Bonding &

437g atl. Chicago. kg Boston

Bos

Insurance CS 47%

Companies Hy ... . 27% Insurance ..

2 6434

| Nash-Kelv

to Reo Mot

{ |

| Reyn Tob B

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS 0.66 0.26 0.97 +0.62

Yesterday Week ago Month ago Year ago High, 1937, 194.40; low, 165.51. High, 1936, 184.90; low, 143.11. 20 RAILROADS “rey 53.21 53.00 54.70

Yesterday - Week ago Month ago .... Year ago High, 1937, 64.46; Tow, 50. 15. High, 1936, 59.89; low, 40.686.

20 UTILITIES

stresses

Yesterday

Month ago ........ Year ago High, 1937, 37.54; low, High, 1936, 36.08; low, 28.63, 70 STOCKS

Yesterday Week ago Month WE oie veined Year ago High, 1937, 69.67; low, 57.57. High, 1936, 66.38; low, 51.20,

63.29

Net Last Change. + 3s

“y 1

neh Low.

Ill Central Inter Iron .... Int Harvester Int M Marine. Int Nickel Int P&P B .... Int P&P pf .... Int T&T Intst D S

3s 118% Xk

poesielye

Kennecott Kresge SS Lambert

| +

Long Bell. A Ludium Stl

Martin Parry .. McCrory McKeesport .... 36% Me & Rob . 143; McK & Rob pf 3

"any Je 4

.. 45% 435 . og

M ve Midland st 1 Minn-Moline Mission Corp Mo-K Tex ..... Mont Ward .... Mother Lode ... Motor Prod ....

3% 13 3612 we coun 18% Aviation .. 123 Dairy “ 3 Distillers .. Lea

13s 36'2

187% Nat 2% Nat Nat Nat

NYC Omnibus No Pacific

++: +

Oliver Farm Eq os Omnibus Otis Elev Otis Steel

68 16

thet

21%

31% 4 3

Pac G & El Pacific 1L.tg .... 4 Pacific Mills ... | Packard Paramnt Pict Para Pic 2 pf .. Park & Til ... Pathe Film . .. Patino Mines ..

Pd Coal Pullman Pure Dil

PITH TH+ [4+

BUI ston | Rem Rand a em-Rnd pf ww 9234

Republic Stl ... 39 9 EA Revere Cop «31 1g v ae —

Safeway Savage Ar Schenley Dist g Schenlev Dist pf 2 Seab’d Air ; Sears Roebuck . apse Sharon S a ves i Ya Sharp & ... 103g Shell Un oil . 26% Socony-Vacuum 22 South Pac .. 7

3a 8 s

'®

Std G&E pf .. Std Oil Ind Std Oil N J Sterl Prod Studebaker Swift & Co ....

de ald A a

ij Lrtarinl if

+1:

247, Texas Gulf Prod 73%

BROKERS’ OPINIONS |

By United Press NEW YORK. Aug. 18.—Brokerage opinion today.

REDMOND & CO.—We continue | to expect an irregular market due |

to foreign influences, but look for a rising trend over the balance of the week. HORNBLOWER & WEEKS— With an immediate extension of the market's recent advance into new high ground prematurely checked by outside developments, the type of movement looked for later, may very well be witnessed now, namely, a Sidewise affair within a comparatively narrow range above the upper limits of the preceding trading area. LAMBORN, HUTCHINGS & CO. —The general situation is left substantially unchanged in its broader aspects. The industrial recovery has been excellent and although there is still necessary a considerable absorption of offerings, these averages have what appears to be & reasonable chance of further progress and possibly even a new high for the year. SHIELDS & CO.—Should Congress wind up and get out of Washington over the week-end, the market could repeat the bulge it enjoyed upward the end of last week. Nothing more than such a temporary flurry seems likely, however, until after the vacation period ends.

For Final Stock Quotations See Later Editions of The Indianapolis Times

PRICE INDEX AND COMMODITY WUOTATIONS

DAILY PRICE INDEX

NEW YORK, Aug. 18.—Dun & Bradstrect’s daily weighted price index of 30 basic commodities compiled

for United Press (1930-1932 average equals 100):

Yesterday Week ago Month ago ........145.14 | 1937 low

Following are the commodity prices used in compiling the

daily price index: Commodity— Today

$1.16% 1.97

Wheat, No. 2 red (bu.) Corn, No. 2 vellow (bu.) .cccen Rve, No. 2 (bu.) Oats, No. 2 White bu.) ... Flour, Spz. Pat. (196-1b. sk.) ... Lard, Prime Steam Spt. «b.)... Coffee. Rio 7s Spt. (Ib) ...... Sugar. Raw 96 Test (Ib) ...... Butter. a” Score Ib.) ois

ceeeess..140.69 ' Year ago ] ....142.09 | 1937 high (April 5) 158.26 .140.59

(Aug. 13).

Week Ago $1.18 1.10 24%

Year Ago $1.19% 1.22 943; 47 5.72% J245 08

Commodity—

Zine. Spot (Ib.)

Silver, commi.

Coke,

Lambs Avg. Most Sales (Ib.) .. Hides, Native Hvy. Steers (Ib.).. Wool. Fine Unw. Comb. (Ib.) .. Cotton. Mid-Upland Silk, 13-15 Deniers Jap (Ib.)... Rubber. Spt. Smk. Rib (Ib.) ... Copper. Electrolytic Ib.) ...... lead, Spot Mba) ....icicoivesvin Tes Assn sNssERaNS Tin, Straits Spot (Ib.) Bars (02.) ..oeee Steel. Scrap Chi. (ton) Pig Iron, Iron Age Comp. (ton). Connelsville (ton) Cement, Dom. Portland (bbi.).. Yellow Pine, 6-in. hase (M Tt). Douglas Fir. Rongh M ft.) ... Gasoline. Tank Wagen teal)... Crude Oil. 40 gravity 8]

Year Ago $ 0925 A2 35% Ja1218 1.80 16%

Today

$ .1050 183% 41 1056 1.97 1825 4 065214 0687% 59% 24% 19.75 23.25 4.35 2.25 60.00 52.50 [095

Ib.)

Terese

las Cire ES Pe Va

Low 13% 12% 52 207g 16% 37%

High T& PC& O .. 130s Tex Pac L T .. 12% ow a . 20% Transamerica .. 16% 20th Cent-Fox.. 37% so Union Carb .. 101% 101% Un Aircraft Cp 287s - 283% Un Air Lines.. 15!2 15% United Corp ... 5p United Drug.... 11% Un El Coal .... 8% 3% United Fruit .. ot 13% 17% 19%; 561, 127 6314

Fd pe «

U U U U U U U

n Stores A....

Va-Caro Ch

Walker (H) .. Walworth cen Warner Bros West Auto Sup West Union .. West Air Bke . Westvaco 5 Wilson & Co.. Wrigley 70 Whi SiL pf rot. 125 wl 531; 23 93 wn 42%,

[++ +++4+ 14+ +

5315 Yellow “rr 233g 93

“> 3 Young Sheet . 93

+} |

Zenith Rad ... 42 42%

CARRIER BONDS LESS IN DEMAND

‘Investors Afraid Pay Rise Threat Will Upset Recovery.

| Times Special NEW YORK, Aug. 18.—Investors are in a disturbed state of mind concerning the railroad bond market because of the extent to which wage increases already granted threaten to upset the trend of income recovery. Bond houses report a considerable measure of selling of senior issues of some of the carriers as evidence of aroused apprehension. In most quarters it is confidently expected that the I. C. C. will grant | freight rate increases in the fall. Nevertheless, a state of uneasiness has crept into the investor mind soley because the boost in wages is already partly in effect, whereas the question of higher freight rates remains entirely debatable conjecture. Action on the application for freight rate increases will be delayed at least until after Labor Day, so that a period of unrest overshadows the market. For some carriers the wage increase granted to non-operating employees (with the scale for operating employees still to be adjusted) already has caused the danger signal to be hoisted. For instance, it is pointed out that the increase to be

| equal to last year’s net income of that road, while for the Illinois Central the increase would more than wipe out an income equal to the 1936 figures. These are merely examples which investment statisticians are bringing into the foreground, the effect of which is to de- | velop list of carrier liens. That at- | titude is expected to prevail until | the I. C. C. rules on freight rates.

| U. S. Aid Anticipated

| The vague hope that Congress may come forward with aid for | holders of the Philippine Railway | 4s, which fell due July 1, has caused | a renewed spurt in the price of that issue. Rumor and report appear to | nave established the expectation [that the bonds will be paid off at $350 per $1000 bond, and the mar- | et price, which made a low of | 1812 this year, is being pushed up | within approaching distance of that | point. The guarantee of the government of the Philippine Islands was limited to interest payments.

cently offered high grade corporate | issues are currently at market quotations lower than the offering prices is serving to check underwriters in concluding plans for financing ventures. It is doubted that much will be done in this line during the remainder of August. The market is reported to be showing its contempt for high-grade issues yielding only 3 to 32 per cent. There is scattered institutional buying of bonds in that category, but the large rank and file of investors are reported totally cold to such lifited income opportunity. September Plans Hinted On the theory that at least a part of the sluggishness of the present bond market is due to the summer season, a few major financing ventures are reported being groomed for presentation soon after Labor Day. A refunding operation by the Appalachian Electric Power Co. and Armour & Co.'s $75,000,000 refinancing are mentioned under that head.

FOREIGN SALES GAIN By United Press NEW YORK, Aug. 18.—Sales of American Motor vehicles in overseas markets in the first six months this year numbered 376,465 units, a gain of 28 per cent over the corresponding 1936 period, the Automobile Manufacturers Association reported today..

House Rents Up

TREND OF HOUSE RENTS TIONAL INDUSTRIAL CONFERENCE BOARD)

JUNE EACH YEAR

INDEX FIGURES

1931 1932 1933 1934 1935 1936 1937

THE PARKER CORP, GENERAL DISTRIBUTORS INCORPORATED INVESTORS

BOSTON, Aug. 18.— Unabated is the rise in house rents. The rate of rise, however, varies considerably in different sections of the country. Taking an average of the country as a whole, house rents are up 11% per cent from ‘a SEC whe WI 35 Per eit frit. depression low in

| met by the Baltimore and Ohio is |

|LIGHT REGEIPTS FIRM PORKERS IN LOCAL TRADE

Vealer Prices Advance 50 Cents as Lambs Steady.

Sharp curtailment in supplies enabled sellers to check the recent sharp downswing in hog prices. Buyers continued in their bearish attitude at the ouset, bidding 10 cents lower, but later revised their ideas to a steady basis, according to the Bureau of Agricultural Economics, United States Department of Agriculture. Top sales were made at $1255 on choise 210-225 pound weights. Pork markets in the east were slow and draggy and unevenly $1 to $2 lower. In the cattle pens trading continued to move slowly. Steers and yearlings as a rule held steady, but there was no urgency to the demand. Prime around 1100 pound steers topped at $16.75. There was an individual head of show type 4-H club yearlings at $17.50, but this sale was no criterion of the | general market. Yearling steers | scaling 879 pounds turned at $16.50 ‘and bulk of the fed offerings had {a range of $13 to $16.50. Common | grassers sold down to $8. Outstanding heavy heifers sold on Kosher account at $15. Heifers were scarce and steady, but moved slowly. Cows held steady, action a little improved. Cutter grades brought $3.75 to $5.25, with grass fat cows $5.50 to $6.25. Bulls ranged weak to 25 cents lower, top sausage kinds $6.75. An active shipping demand boosted vealer prices half a dollar today. Good to choice vealers cashed generally from $11 to $11.50, with medium descriptions, for the most part, at $9.50 to $10. Lamb prices made little change locally, although some other markets reported lower trends, especially Cicago. Demand was active on the part of both local interests and shippers. Good to choice ewe and wether lambs took the $10.25 to $10 | mostly, while common to medium | kinds ranged from $9 to $10.

HOGS

22w

BIDD et HANS 993999

11 12 13. 14. 18. 17 18

Light Li (140-160) Good and Medium Lightweights— (160-180) Good and 1

Medium .. (180-200) Good and Medium

Medium Weights— (200-220) Good and 1220-250) Good and Heavvweights— 1250-290) Good (290-350) Good Packing Sows— (275-250) Good 1350-425) 1425-450)

53 93 HPs 63

SND FEE]

choice choice.

choice choice. .

Ww» ae

Slaughter Pig (100-140) Good n and choice. .

—Receipts, 1200— Steers Choice GOO «vvvrrirnives Medium Common (900-1100) C

(550-900)

NODOOSO Ww! DIDI Ph pt pt

DonDoa

wo nSS — hs dt AIPVANIO=~aD

£9) (1100-1300)

fo > 3 oa dD — a 8 >

12.004 15.00 16.00@ 16.85

M (1350-1500)

[email protected] [email protected] [email protected] 10.752 14.50 [email protected]

(530-750) G

C : Good and choice . ommon, medium

(750-900)

{ Good coe | Common. medi The fact that some of the re-| om

Low cutter and cutter —— Bulls, good

| Cutter, common

Good (beef) . Cutter, common and medium. . Vealers —Receipts, 600— Gond and choice Medium Cull and medium

6.78 5.00@

. 10.504 11.50 9.00@ 10.50 7.50@ 9.00

(250-500) Good and choize . [email protected] Common, medium 7.006 2.50 Feeder and Stocker Cattle Steers (500-800) Good and choice . 8 [email protected] mon, medium . (800-1050) Pie and choice. .

Common, medium . 6.50@ 8.00

7.00@ 8.50 5.75@ 17.00

5.25@ 6.25 4.75@ 5.25 SHEEP AND LAMBS —Receipts, 2000—

Seine 1 Lambs—

Heifers— Good and choice

Cows— Good

Now SSS

(90- 175) Good and choice. . Common, medium.

ow 33

By United Press

CHICAGO, Aug. 18. Hogs—Receipts, 9000, including 3000 directs; market, unevenly, 10@25¢c lower; most lost on hogs from 220 Ibs. down; top, $12.75; bulk good and choice 180-230 lbs, [email protected]; 240300 Ibs. $11.75 12.40; most good packing sows, $10.50@ 11.10. Cattle—Receipts, 8000; calves, 1500; market on strictly choice and prime steers, firm; $18 paid, some held above, for weights around 1235 Ibs.; [email protected], others, $16@17; steer yearlings, $17: 966-1b, heifers, $16.50; grassy and warmed up heifers, $9.25 down to $6.50; cows, steady; bulls and vealers, weak; sausage bulls, $7.15; vealers, $11.50 down. Sheep—Receipts, 8000, including 5000 directs; spring lambs opening very ower; bulk native springs, : ; best 65 and above; SN ewes, $2. A oo. $5.25 paid.

YNE, TIES s—Market, iM W000 on $12.45; 180 Ibs. . 200-225 Ibs., $12.35; 225-250 Ibs, 250-275 Ibs. $12.05: 275-300 Ibs. $150-160 Ibs, $11.70; 140-150 1bs., 130-140 1bs., $10.95; 120-130 Ibs. 100-120 Ibs., $10.45. Rough a stags, $9; calves, $11; lambs, $10

LAFAYETTE, > 18.—H stead Nk a, 5 oe [email protected]; 350-285 fos.

some

s—Market,

130 Ibs., ol 75@10. ne Calves—S50c higher at —$0.50@10.

OIL BURNFR SALES UP By United Press NEW YORK, Aug. 18.—Sales of domestic oil burners in the first half this year totaled 85,071 units, a record high, and 26 per cent over the corresponding 1936 period, G. Harvey Porter, Director Managing Harvey Porter, Oil Burner Institute managing director said today.

TYPEWRITTEN LETTER: AUTOMATICALLY TYPRC

New York Bonds

By United Press

BOND PRICE INDEXES 20 20 20 Indus. Rails Util, a 0 | 91.5 101.5% . 90 91.4 102.0 . 91.8 93.4 101.0 Year ago . N35 85.6 105.7 Two years ago 89.2 80.4 101.8 1937 high . 95.0 101.2 106.0 1937 90.8 90.1 99.3 1936 . 948 1004 106.2 1936 90.0 84.7 103.5 1935 . 9a 86.4 103.6 93.1 1935 > 1.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)

60 Bonds 95.1 85.1 05.3 gv. 90.4 100.7 03.4 100.2 93.3

Yesterday Week ago Month ago

U. 8. GOVERNMENT BONDS Treasury Bonds Last 106.21 104 16

Low 1046-44 .. 6.21

1959-56 Federal Land Bask Bonds

38 July 195-45 ... 3s Jan 1956-46 .

32 | oats were { lower,

4%s Nov 1958. 38

Home Owners Loan Bonds Hi Low Last 2Vas 1944-42

100.19 100.19

DOMESTIC PONDS Abitibi 5s 53 (M) vee 99 Alleg Corp 5s 44 ATTdeb 5'2s 43 Arm Co Del 4s 55

99 931%

“5s Oct, 69 .. Can Pacdeb 4s perp ... Cent Ill El 5s 51 Ch & O 3';5 96 RE Chi Bast Iil 5s 51 OChMStP&P 5s 7° ChMStP&P 5: Chi RI 45 60 ...... Chi Un Sta 33s 63 ... Clev Un Ter 5s 713 .... Col G & E 55 61 Cons Oil 3'2s 51 Consu Pw 3l.s Del & Det. Edi 45 65 Erie ref 5s 67 .. Goodrich 6s 45 .. Goody T & R 5s 57 Gt Nor 45 G 46 .... Gt Nor 4s H 46 .. Hud Man ref 5s 57 .. Ill Bell Tel 3's 70 Ill Cen 4%s 66 int T& T 53 55 ... Int T & T Tev 4'45 3 Kresge Fou 45 45 .... Long Isl ref 4s 49 ... McKe & R §'25 50 .. MSPSSM cn 5s 38 st ... Mo Pacific 55 1 81 ..... 3 Mo Pacific 5s F 77 Nat DP 3%s 51 ww Nat Steel 4s 65 N Y Cen 3%s 46 Ohio Edisn 4s 65 .. Pac Gas & El 45 64 .. Phil Rd Coal 6s 49 .. Rep St1'C 4128 50 ..... Seab Air Lin 6s 45 ... Soe Vac 3.25 50 . Stan Oil N J 3s 61 Un Pac 1st 45 47 .... Vanadium 5s 41 West Union 55 60 .... Yng 8 & T 3's 51 FOREIGN BONDS

Argent 4'58 1 Canada 34s 8 . Italy 7s 51 . ve Japan 658 5h Norway 4s 63 ..... Peru 6s 60

INVESTING CO.’S

Ask Bid

Bi Ask 28 20. $i} InFdCnew 13 96 0.43

Adm Fds Affi Pd Am H Cp Am Gen Basic Ind Brit Ty Broad Sf, Bull Fd Bost Fds Can Inv Cent Trt Con Sh pf 19. 00 Cp a Shs 3 05 2.90 * : A 2°90 ‘* AA mod 3.76 ‘““ Ac_ mod 3.76

. KeyCF-B-2 30.04 68 Md Fd 9.90 38.97 Mass Inv 20.00 ’ 24.12 MutInv Fd 16.77 27.16] KeyCP-S-4 12.40 5.00! Natl Inv 788 7.85 27.51 Natnwd Sec 455 4.65 20. 00, “Vtg 2.14 2.30

19.42 20.88

Bldg Sup ¥l. 85 Elec Eqt 12.8 Ins 10. 8 Mach 14.00 | RR Et 14. 3

y Shrs Equity Fidelity

36 39.50 North Sec 28. 2 31.12! Quar Inc 1st Bost 26.12 27.62/Repr Tr Fix TrA 13.38 . -|RepIn Com “B 11.05 . 0 Slam Bh Found 495 5.30 SelAm Inc FdInv Inc 24.61 25.99 Sel Inc Fd 2 A 642 17.13'Sov Inv . 5

5.90 Gen Cap 43.96 GenInv Tr 7.16 Group Secupities

— Bonomi Ww DDO DLIDLI~TLIIN En

ISp Trk 3 Std Util 7.79/State St Sup B 26 Supet AA BB

3 97 9 83! 9

Neo DORNI-IE DDO -INIP DID E909 nN TN sD o

00D ad oT Dt it TT -TEI RID

NEW BOND ISSUE

(By W. L. Lyons & Co.)

At] City 34s °* B& O 4':5 '39 ‘ B F Avery Sons 55 °' Calif Oro Prw 4s °* Celotex 42s '47 . Cent Maine Pwr 4s °' Cent Maine Pwr 3'.5 '66 .... Cinti G & E 3'25 "67 M O 2%s '42 Fla Power 4s °* Fla Power 55 66 . Houston Lt & Power 312s 'S6.. Tndpls Water 3'25 '66 wwe oil Los Angeles Rev 3'zs is 98 Narra Elec 3'25 '66 0: N Y City 3s "77 vive 9 N Y State Elec Gas 45 "65 .... N Y Tel 3'2s '67 Northern State P 31.5 "67 .... Pac Lighting 4'%5 ‘45 Scott Paper Co 3's '52 Union Elec 33s '62 ....... ery Union Elec 3s '42 West Chester 312s 67 ee Wisc G & E 3125 '66 ... Wisc Pub Sve > 61

FOREIGN

NEW VRE Aug. exchange firm

EXCHANGE

18.—Opening foreign

Net Cable Rates Change pg ound) WY 987s 00's 4.98 00%

63-64 wr 0375 5-16 —.0000 1-18 05263% «4.0000 's 16841; «+.0000%2 4023 2207 5517 unquoted 2572 2507 27 .2909

England Eng. on Mg aol) France (franc) Italy (lire) ...... Belgium (belga) Germany (mark) Switzerland (frc.) Holland (guilder). Spain (peseta) . Sweden (krona) Norway (krone) . Denmark (krone) Japan (yen) -e

BUILDING BIDS OFF IN CALUMET REGION

New building construction in the Calumet district of Indiana and Illinois sank to one of the lowest levels of the year. July figures exceeded January and February slightly. The July total for the district was $411,737, in comparison with $748,244 in June, $609,290 in May, $893,360 in April, and $1,404,002 in March. Last February the district reported a total of $372,295 in permits and in January, $386,144, However last months total was $67,267 the like period in 1936.

+4-.0003

| Cobblers,

WEDNESDAY, AUG. 18, 1937

COMPLETE LOCAL LIVESTOCK

WHEAT FUTURES DROP SLIGHTLY: CORN FOLLOWS

Leading Cereal Prices Sag As Scant Offerings Prevail.

By United Press CHICAGO, transactions on of Trade today a rather narrow range, At the end of the first hour wheat was 1 to 1': cents, Jower, corn was 9% to 3% cent lower, and unchanged to %. e¢ent

Aug 18. Wheat the Chicago Board were confined to

little activity in wheat but prices sagged below the previous close on scattered offer ings. News of a market value was scarce and very little attention was paid to war reports from Spain and the Orient. Wheat receipts ‘wera 155 cars. Corn trade was featureless after the start but September has shown a rallying tendency. Resting orders to buy were uncovered in deferred months on dips. Showers in the Middlewest tonight and tomorrow were predicted. Corn ree ceipts were 5 cars.

There was very

WAGON WHEAT City grain elevators are paving 2 red, $1.02; other gi ade: on the Cash corn, new No. 2 yellow 26c. Hay—No. 1 Vothy, $15@1

for Na, I merits, 900% p. SV

ARGENTINE GRAIN BUENOS AIRES, Aug. 18.—Grain futures opened steady, Wheat-—September, $1.22%, off ‘2c: November, $1 24%; off 8 Corn September, 547sc, unchanged at. unchanged Oats Spot, changed. Flax—Septemker, changed; November, $1.33,

WINNIPEG WHEAT : Open Change $1.25 1la0

November, 287¢C, Une $1.33"; ' une unchanged.

December October .. May

CHICAG 0 PRODUCE

Market 11,034 fresh graded firsts, 19'4¢c; oxtra firsts, 20c; current receipts, 18lsc; dirties, 16'2c; checks, 16'zc; storage packed; firsts, 20c; storage packed extra Butter—Market, firm "11,703 tubs; extra firsts (90-9112 81':@ 32c; firsts, 29% @30%;c;: ex (92 score), 32Vqc; seconds, 25@28'zc; specials) 3234@ 33'4c; standards, 32¢ centralized , (89 score), 3lc: centralized (88 score), 30c., Poultry-—-Market, steady; receipts, 38 trucks; geese, 13@ 150: ducks, 15',@1%'4¢; hens, 20@21¢; Leghorn hens, 1520; spring chickens, 19@23c¢c; broilers, 17@23¢:' rooste ers, 13'%2@14'zc; fryers, 18@23c; turkeys, 15@17c, Cheese 17% @18¢c;

Eres steady: receipts,

cases,

‘ 20 reTeIpLs score), tras

Twins 17s@17%0; daisies, long ns, 17% 1 18¢ Potatoes—Suppiies, light; demand, slow; market, steady; Idaho Pliss Triumphs, [email protected]; U.S Cominerciais $1 40; I Cah Russet Burbanks, $1.85@2; a [email protected]; Oregon Bliss Tr TP, $1 IH Utah Bliss Triumph $1.55; Nebraska $1.10 1.20, Nebraska Bilss Trie umphs, $1.45; Minnesota Warbus, UM. 8. Commercials, 90c Arrivals, 44; on track, 125; 16.

U. S. ST ATEMENT

WASHINGTON, Aug. 18.—Government expenses and receipts for the current fise cal vear through Aug. 16, compared with a Year ago:

shipments,

This Year

Expenses $993 262

Pub, Debt Gold Res. Customs

Toda Inactive Gold $8 30

iy PRICES.

CHICAG Aug. 18 Sweet air gy

) 10, 664 895 #00 50

B8.543,578.33 5 Purch Total Purch

3,258.88 $1,286,396,410.08

| Tennessee,

| flower

05 | Michigan

| Citz Ind Tel (TH) 4's

‘MARGIN

bushel hampers [email protected], bunches, 1@ 2120. ' Spine ach--Illinois, bushels TOMatoes—e Michigan, 12-quart baskets, 25@40c, Caulie -Colorado, crates, $1.25 1.40, ' Peas Colorado, hampers, $1 35@ 1.50. Celery flat crates 5% 65¢c. Onions (50 Wisconsin “yellows, 80c, Cali $1.15, .

Carrots—Illiinois, Oc

sacks) fornia Whites,

MONEY MARKET

NEW YORK, Aug. 17.-—~Money rates ree mained unchangea today, Banker's Acceptances 30 dgvs, Ym 17-16%: 60 and 90 days, %@7-M%: 120 days. 9-16@%%: 150 and 180 days. % @ 9-167, 1 70

Commercial Paper— Prime names, Time Money-60 and 90 davs, 1% 20, 150 and 160 days, 1%% Rediscount rate at New York. 1%%.

LOCAL ISSUES do not ings but market inguiri Corp.)

Ask

The following quotations sent actual bids or offer indicate the approximate based on buying and selling or recent transactions, (By Indianapolis Bond ONDS.

repre werely level es

& Share Bid 101 103

103! 105 lo 106 a

Tel Ft W & Tel Ft W & Tel Pt W Ts 41258 '65 ‘60D .. "67 66

H Tel & H Tel H Tel Ind Assoc Tel Indiana Tel Co 5¢ Ind Railways Inc 5s Indpls Water Co 3!; Interstate Tel Tel 5! Kokomo Water Work Morris 5 10 Stores Muncie Water Works Noblesville H IL & P Ohin Tel Serv 6s '47 Richmond W W 55 '57 Seymour Water Co 5s TH Trac & 1. 5 '44 T H Water Works 55 '56 T H Water Works 6s ' Trac Term Co 5s '57

STOCKS, Belt R R St Yds com....... 5? Belt R R St

5die 53 vor 104 106% .. 98<% 100

€ ns BE 58 'S 5s '6f 6l2s '47

BY ae

Yds nfd Cent Ind Power nfd 7s Home Tel & Tel Ft Hook Drug Ine com Ind & Mich Elec Ind Gen Serv Co Ind Hydro Elec Co Indpls Gas Co com . Indpls Pwr & Lt pfd Indpls Pwr & Lt pfd 65: Indpls Water Co pfd 5s 4 Lincoln Natl Life Ins Co com 2%le P Mallory com 17 N Ind Pub Serv Co pfd 5'4s., N Ind Pub Serv Co nfd 6s N Ind Pub Serv Co nfd 7s .... Progress Laundry Co com .. Pub Serv of Ind pfd 6s . Pub Serv of Ind nfd 7s Smith Aesop P & V pfd Smith Aesop P & V com..... Terre Haute Elec Co 6s Union Title Co com Van Camp Milk Co pfd Van Camn Milk Co com wr (By M. P. Christ & Co. Market _8t. Investing Corp....35.58 3%

AMENDMENT

™

By United Press MONTREAL, Aug. 18.—The Mon treal Stock Exchange and the Mon treal Curb Market today announce an amendment in minimum margi: requirements as applying to stocks selling at $1 per share and under $3 per share. Effective Sept. 1, 50 per cent of the selling price with a min= imum margin of 65 cents per share must be maintained on such stocks,

Under State Supervision

ON SAVINGS