Indianapolis Times, Indianapolis, Marion County, 27 August 1937 — Page 19

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FRI,

STO

Prospects of Strike |

Deferred by U. S. Intercession.

NEW YORK, Aug. 27 (U.|

P.).—Strength in utilities and |

rails and declines in coppers featured a dull, narrow-mov-ing stock market today.

of a strike threat through intervention of a Federal Medi-

ation Board.

U. S. Government bonds rallied after opening easiness and turned irregularly higher in quiet trading today. Curb stocks drifted irregularly in a narrow range today. Dealings were light. Steel and oil shares registered small declines. Mercantile issues steadied. Aviations were better. Autos lost a trifle, but automobile equipments rose. Best gains were noted in Briggs Manufacturing at 44: up 3: Douglas Aircraft 53 up 1: National Distillers 3034 up 7s; North American 25% up 1%; Union Pacific 116'up 1 and Westinghouse Electric 149 up %. American Smelting lost 14 to 8812 when export price of copper declined below 14 cents a pound. Inland Steel dropped 4 points and U. S. Gypsum 3:

FIRST HOUR

The market opened fairly steady. Later steel shares advanced and rails turned spotty. U. S. Steel went to 111% for 7: gain; Bethlehem to 943; for 3s advance; Youngstown Sheet & Tube to 87! for a point gain. A. M. Byers preferred gained 21, to 6515 on declaration of the first dividend since 1933. Chesapeake & Ohio and Southern Pacific lost fractionally to new lows for the year, while New York Central showed gain at 363%. Chrysler and General Motors firmed. Metals were mixed. Some lower priced amusements firmed led by Pathe, which had I= gain at 10s Volume approximated 160.000 shares compared with 190,000 in the first hour yesterday. Dow-Jones averages: Industrial 178. 0, up .18; railroad 50.26, off .11; utility 27.56, up .11.

l. C. C. ©. REPORTS RAIL

Te 7 "087

(KS IRREGULAR ON QUIET MARKET: © RAIL SHARES FIRM

Rail | shares were aided by removal |

# Ld n

MARKETS AT A GLANCE

Stocks irregular’in dull trading.

Bonds irregular; U. S. Government issues irregularly higher.

Curb stocks irregular. Chicago stocks irregular. Call money 1 per cent. Foreign exchange lower.

Cotton futures eased to further new lows since 1933. Grains irregular in Chicago; wheat up 1% to 1% cents a bushel. Rubber futures firm. Silver unchanged in New York | at 44%; cents a fine ounce.

New York Bonds

By United Press BOND PRICE INDEXES 20 20 20 Ind. Rails Util 91.8 90.1 100.5 . 91.9 90.5 101.1 91.4 93.1 101.8 91.4 95.9 105.7 88.9 79.3 100. 93.0 YH1.2 106) 90.8 90.1 99.3 . 94.8 100.4 106. 1936 low 90.0 54.5 103.5 1935 high ...... 91.1 86.4 103.6 1935 low ....... 83.6 1.0 89.3 (Copyright, 193%, Standard Statistics Co.)

G0 Bonds Yesterday Week ago Month ago. .... Year ago Two years ago 1937 high ...... 1937 low 1936 high

U. S. GOVERNMENT BONDS Treasury Bonds Low 105.17 3.17 105.28 5.28 | 105.29 105.24 100.

335s 1943-40 Ju SYS 1941 ..... 314s 1954-43 ...

314s 1946-44 278s 1960-55

Home Owners Loan Bonds 1952-44 101.28 101.27 DOMESTIC BONDS High

1255

Am & For P 5s 2030... AT deb 52s 43 cele Anaconda C 4!:s 50 ... £ Arm Co Del 4s 55 98'2 ¢ { | At TSF gen 4s 95 110 Atl Coast L 4s 52 ries < Che; & Oh 3155 96 .... 9 ¢ Chi R I 42s 60 hii § ‘ 9p | Chi R I ref 4s 34ct.... 14 Chi W Ind cn 4s 52 ....10312 10: 3% | Cons Oil 3!2s 51 . 3 | Con GN Y 412s 51 .... Del & H ref 4s 43 Erie ref 5s 67 Jr's Fairbanks M_ x Lu Goody T&R 5s Gt Nor 4s G 46 Gt Nor 4s H 46 Hous Oil 5'2s 40 oe Hud Man ref 5557 Co Ill Bell Tel 3'2s 70 .. Ill Cen 434s €6 . ICCSLNO 4!2s 63 Int Hy El 6s 44 ah Int T&T cv 412s 39 ... McKe & R 5!2s 30 .. Mo Pacifc 5s I 81 Shae Nat P D 334s 5lww Nat Steel 4s 65 ale Edson 3'ss 65 .... N ¥ Tel 42s 39 Ehio Edisn 4s 65 Pa P&L 45s 81 Postal T&C 5s 53 Reading 4'2s A 97 .... Rep Stl C 4s 50 U S Rubber 5s 47

EMPLOYMENT GAIN

WASHINGTON. Aug. 27 (U.P).—| | Brazil 6'>s 26- 57

The Interstate Commerce Commis- | sion today reported increases in em- | ployment and wages on Class 1 rail- | roads during June. ! Employment during the month totaled 1.171.693, and wages were $167.- | 25.718 compared with employment | of 1,077,555 and wages of $1551.267.- | 525 in the same month last year. Employment during June was the | highest this year. Employment during May was 1153713, and wages $166.1 70.83 838.

BRITISH FACTORIES

STARVED FOR STEEL

By United Press LONDON, Aug. 27.—Great Britain’s factories are being starved of steel as a result of the armaments drive. There is not a firm in the midlands—probaoly not in the whole country—that uses steel as a raw material that is not in serious difficulties. Supplies are rationed.

LONDON BUSINESSES

Wheel Stl 412s 66 .. Young S&T 4s 61

Macy

Australia 5s 55

| McKesn & Robb 133s | Mead Corp { Miami ok | Mident Pet ...

Curb S Stocks By United Press

Ala Pow

| Am Box Brd . | Am Cyn B ..

Am Super . Ark N Gas A . Austin Silver Carrier Corp Cities Service cele, Cities Service pf ....... Col O&G Con Cop Mines Cord Corp . Creole Pet Cusi Mexic

1.3

= od km] BH nH ma

ND) NB DJONW~D

Mesabi Iron . Molybdenum

Sterchi Bros Sunray Oil Technicolor Ulen & ce 712 of . Un L&Pwr A :

INSURE AGAINST WAR

By United Press LONDON, Aug. —Fears that] Great Britain will become involved in another war are responsible for a wild scramble to insure property against damages from invading air- | craft or bombardment from the sea. Cover to the extent of tens of millions of pounds is being provided weekly, according to the Property | Owners Protec Protection Association.

TVA SIGNS ~ CONTRACT

KNOXVILLE, Aug. 27 (U. P).— The Tennessee Electric Power Co. and the Tennessee Valley Authority today signed a five-year contract for mutual emergency stand-by service, it was announced here. The contract eliminates immediate necessity for construction of

27.

an additional $1,000,000 transmis-

sion line from Wilson Dam to Columbia, Tenn., by Valley Authority. No outright sale of power is provided for in the contract, but the company and the authority will aid each other in cases of emergency on either system.

HARDWARE SALES GAIN

Indiana hardware retailers reported to the National Retail Hardware Association an average of 11 per cent higher sales last month ‘than in July, 1936.

CHICAGO PRODUCE

Eggs—Market, weak; receipts, 9847 cases, fresh graded firsts, 21l4c; extra firsts, 213;c; current receipts, 19c; dirties, 17; ‘checks, 1€c. Butter—Market, : 10.906 tubs; extra firsts (90-91'2 score), 32'2@ 323,c: extras (92 score), 33c; firsts, 302 Gatvie; seconds, 26@29c; standards, 32%:c; specials, 33'2@34c; cent. (83 score), 311% @31',c; cent. (88 score), 30%c. Poultry—Market, steady; receipts, 1 car, 43 trucks; geese, 15@17c; ducks, 15% @17%c; hens, 19%2@22c; Leghorn hens, 16c; spring chickens, 19@24c; broilers, 18 @24c; roosters, 13'a2@14%zc; fryers, 18@ 24%,c; turkeys, 15@1ic, : Cheese — ins, daisies, 1733 @18¢c; longhorns, Potatoes—sSupplies, moderate; demand, jight; market, steady; California White Rose, $3.10; Idaho Bliss Triumphs, $1.40@ 1.50: 1daho Russet Burbanks, $2.05; U. S. No. 2. $1.40; Nebraska Cobblers, 95¢; Nebraska Pliss Triumphs, $1; North Dakota Bliss Triumphs, $1.20; Minnesota Early Ohios, $1; Washington White Rose, $1.95 22 . Wisconsin Cobblers, [email protected]; Wis*¢onsin Bliss Triumphs, . Arrivals, 41; on track, 167; 276,

steady; receipts,

17 @l'i ze, 17% @ 8c.

shipments,

the Tennessee |

Last | 681: | 3

Low | Am Pub Serv pf 68! | Cent & SW Ut . Chgo Corp | hgo Corp cv Chgo N W Ry Cities Service { Club Alum Comwlith Edison | Dexter Co | Dixie Vortex A Fitz Sim & C’nll Katz Drug La Salle Exten Merch & Mfg A . Mid West Corp Noblitt-Sparks | Rollins Hos | Swift & Co | Swift Intl . | Utah Radio Prod . | Wisc Bk Shrs ; Zenith Radio ..

FOOD PRICES

CHICAGO. Aug. 27.—Sweet Tennessee, bu. bskts.. [email protected]. Carrots —Illinois, bunches, 1@2'2c. Svinach—1IlliSe. Tomatoes—Michigan, 12-qt. 15@40c. Caulifiower — Colorado, [email protected]. Peas—Colorado. [email protected]. Celery—Michigan. flat 1 25% 50c. Onions—Indiana. yellows, 80@85c: Michigan, vellow. %7':c: ng whites, 90c: Iowa. vellows. 65@ 77’ isconsin, yellows. 65c.

41 43; | 31; 3 13;

nor |

w “3 - Trt 20 UTD «Tr ~TWD 1 k= PII 3 Gr en BD Tl af a ae a a Nore A Ly

Potatoes—

crates,

2C,

LEAD MINE OPENS LA MOTTE, Mo. Aug. 27 (U. P.) —Officials of the St. Joseph Lead Co. here, announced today they would reopen mine La Motte, the oldest lead mine in the United States, after a five-year shut-down. Company officials said the mine, in southeast Missouri, is a small producer, hut would be put in operation due to the present favorable | price situation

[Balt &

| Cont Oil Del. =| Crane Co cv {Cr

. | Crucible St 3; Curtiss-Wr

| Deere & Co...

| Blintkote Co { Follanshex

9! Freept-Sulphur.

| Gt

“%s | Hudson Motor

| Inspiratn Cop . Inter Iron .....

| Lehn

Lorillard

| Mont | Motor Lode Mullins Mig B

| Wis

LATEST NEW YORK STOCKS

By United Press so Re

High Low . 685s 68% aL 22 L227 2 Us 65%

Air Reduc Allegh Corp Allied Chem Allied Mills Allis Chal ..... mOCar & F .. Crys Sug... Enc Til ... Haw SS Loco .. . Rad & SS Roll Mill .. Roll, Mitis of § Sm 89

Anaconda a Armour III .... Asso Dry Gds . Atchison . os Atl G&W 1 pf..

Aviation Corp..

Ohio

Bdgept Brass .. Briggs Mfg . Briggs = Lat.

Callahan Zinc. . Calumet & H.. Can Pactic . .. Celotex Cerro de Pasco.

Com Solvents . 1335 Commonw & So 2% Cons Edison 3375 Cons Laundries Con Textile Container Cont Mot

1 2% 23% 4312 1 Tn pt 11

213 Crown Zeller of 99 co Tl a,

534 — 132 193% 156 1172 Ea 3814 2053 9% 14 le. 273% 37s

38 2912

a 71

% Dixie-Vortex .. Du Pont 1

Dow Chem

32 1953 58 17

Flee Autn-L Elec Pwr & Lt. Ene Pub S....

3814 2055 92% 14

Foster Wheel .

24 54

Cable

| Gen : Electric

Gen

| Gooarich pf i Graham-Paige . . Granby . Granite C Stl .

8 Grant W T

Gt North pf West Sug Grevhound Cp

| Here Pdr | Homestake .... « | Houd-Her B ... ! Houston Oil

Howe Sound . Hud & Man 15! 8

2512 25%

Int Nickel .....

2|Intst D S

Intertype

Johns-Man .. 1201; 1297;

| Kennecott

. 135% 121 67

& Fink Libby Mc & L L-O-F Glass Lone Star Cem

135s 121% 6612 53 53 203, 20° Ny R H rts .15-16 15-16 Tr... .:» 43, 4314 . 4633 4633 35a 3514 1333 261, 1814 291,

Mack Macy R H Mcintyre Porc . 26! . 18% . 291 . 123% . 60%; 331, 1314

: 4 Cop

Minn-Moline Ward

| Nash-Kelv | Nat ~ | Nat Cash Reg

Biscuit

02 Nat Dairy . 20 Nat Distillers .. 30'% . 12% 3312 . 34

Nat Gypsum Nat Supply Newport Ind

No Pacific

Ohio Oil

11215 11215 Ccupf 116 Ds. 3 136 i 52 116 => 32 i Crown Zoller

Net Last Change —-_ Va Va

+1 -_

tm 55

INVESTING CO.’S

Bid Ask

Adm Fds 18.16 19.32|Incp Invs 24.4 9.61 10.58 Insu Gp 8 2. 1.27 Key CFB3 15:81 3:

Affil Fd Am H Cp 27. Am Bus 1.15 Am Gen 198 Assoc St O 7.3 Ban BI 8.6 Bk Grp S 3% Bas Ind 4.54

Bull i'd Can Inv Cen Trust 25.58 Cp Tr Shrs 2.91 AA 2.76

“ AA mod 3.55

50 29.25/Inv Fd

1.14 Md Fund SoM pas T

row SANS ~©oom

Diver B

“D> Divid Equity Fidelity

Shrs 1

5 117.00 120.00 aA 82803 ...

Tob .03 3 Inv Shrs 1.50 16 well Pd Hur Cp 55 .95|

NEW BOND ISSUES

(By W. L. Lyons & Co.)

| Atl City Tis ’64 '39

B & O 4 ve BF Avery. ‘sons 5s '47 Calif Oro Prw 4s '6 Cent Maine Pwr 4s ’60 Cent Maine Sn "66

, 6 * Hous L & Pwr 32 Ind Wat 3!'%s '66 Los Angeles R 315s

West Chester G&E 15s Wis Pub Sve 4 4s ’

BN Ask

1.70 6.03 50 9.31 10.20

IRAE ONRAII0

COORD D Im FC OVID BD

[3 bo Or UTE CS LD SI DTI ik 03 Fb 3 mT ek La 1 3 TD ht ED et 1 ED Ht 3 °

— DOIN I~=DIODWLOLN

“90 1 18.12 :9.

Ask 9812 95 106% 93%

Bid

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS —3.18 —2.33 +1.00 -+0.01

Yesterday Week Ago Month Ago ....... Serer: 184.01 Year Ago High, 1937, 194.40; low, 165.51. High, 1936, 184.90; low, 143.11.

20 RAILROADS

Yesterday Week ago Month Ago Year Ago High, 1937, High, 1936,

64.46; low, 50.17. 59.89; low, 40.66.

20 UTILITIES

Yesterday Week Ago Month Ago Year Ago High, 1937, High, 1936,

31.54; 36.08; low, 70 STOCKS

Yesterday Week Ago Month Ago Year Ago , High, 1937, High, 1936,

low, 5%. 51. low, 51.20.

69.67; 66.38;

Net Last Change 61% Ya

High Low 61%s 61% a —

30% 41%

Oliver Farm

Pac G & El ... 361% 3s Pacific Ltg .... Packard ey Paramt Pict ... Para Pic 2 pf... 1 Parker R Pri... Pathe Film .... Penney 99 Penn RR 3 Phila Read C I Phil Morris .. Plymouth Oil .. Poor B .. | | Proctor & G ... ; Public Serv . 4015

RETAIL TRADE

401,

GAINS IN WEEK :

Sales Increase Despite Unfavorable Weather, Report Says.

NEW YORK, Aug. 27 (U. P).— Unfavorable weather reduced retail trade this week, sales showing barely 2 per cent over the preceding week and 5 to 15 per cent over the corresponding 1936 week, the Dun & Bradstreet, Inc. weekly review said

today. A quieter tone also developed in the wholesale markets with the result that the gain over last year was cut down to 8 to 14 per cent. “Diverted from summer merchandise by the passing of the heat wave, consumer interest veered more to early fall requirements this week,” the review said. Women's dresses, millinery, shoes, handbags and particularly the new accessories were in the foreground. Purchases increased of school and college apparel and luggage, but the movement of men’s clothing continued sluggish. Final clearances of china, glass, kitchen utensils, electrical appliances and white goods built up a larger volume than a week earlier, as did the August promotions of furniture, rugs and furs. Demand for groceries and provisions was stronger than seasonal, but resistance was more widespread to rising prices of meats and meat products. The New England district showed only a 4 to 12 per cent gain in retail sales over the 1936 week as more factories curtailed operations. Rain interferred with shoppers’ plans in the East, shortening the rise over last vear tc 3 to 15 per cent. Although purchases increased in agricultural areas and offset some of the lag in industrial sections of the Middie West, the gain was narrowed to 8 to 16 per cent. The Northwest, however, shcwed a 12 to 16 per cent rise, while further improvement in the South extended the range to 12 to 20 ver cent. With the peak flow of early crop money already passed, tiie increase for the Southwest was scaled to 15 to 20 per cent. Favorable weather and special sales put sales on the Pacific Coast 10 to 20 per cent ahead of the 1936 week.

BROKERS’ OPINION NEW YORK, Aug. 27 (U. P).— Brokerage opinion today:

E. A. PIERCE & CO.—We do not think the market has yet reached a point at which buying may be recommended with much assurance and a cautious attitude continues advisable. REDMOND & CO.—We believe that price recessions from current levels will be minor and temporary and quickly followed by a sharp technical recovery in the market. LAMBORN, HUTCHINGS & CO. —Everyone seems to be expecting a better market after Labor Day, based on a more active autumn business, but current market action is beginning to cast doubts in the minds of many on this score and probably the disappointed selling resulted from these doubts. SHIELDS & CO.—With no worthwhile rally in sight and the fall business outlook uncertain, new purchases seem inadvisable and Bulges over the near term might well be utilized to lighten trading lines.

LAND BANK BONDS 3s Rhos Too 201

av 5 Nov. 1058- 38

....138.59 | Year ago ..138.59 | 1937 high 141.32 | 1937 low

Yesterday Week ago Month ago

daily price index:

Today $1.12 1.07 8234 Bly 6.90 1032 09 0360 .34 1120 .0685

Commodity— Wheat, No. 2 Corn. No. 2 Rye. No. 2 (bu.) ve Oats. No. ? white (bu) ........ Flour. spg pat (196-1b. sk.).. Lard. orime steam snot (Ib.)... Coffee. Rio %s sot. Sugar. raw. 96 test (Ib) ....... Butter. 92 score (ih.) Hogs, avz. most sales Steers, avg. most sales (1b.)....

red (bu.) vellow (bu)......

Following are the commodity prices used in compiling the

com-

130.99 (April 5) 158.26 (Aug. 23) ..137.74

Silk.

Lead. Zinc,

Week Ago $1.091% 1.01% 823% 32 6.85 1130 09 0360 3214 1220 0670

Year Ago $1114 1.101% 91 A 2 A195 08 0370 3434 A115 0645

spot Tin. straits spot (1b.).... Silver, comm’]l bars (oz.)....... Steel, scrap Chi. Pig iron, Iron Age comp (ton). 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 (bbl) ...

Sources of quotes—Chicago. scrap and hides. unelsville, coke.

Commodity — Lambs. ave. most sales (1b)... Hides native heavy steers (Ib.) Wool. fine unwash combing (1b.) Cotton. 13-15 deniers Jap (1b.)... Rubber. spt smk rib (1b)... Copper.

mid-upland

electrolytic Ib.) ab.) ...

spot

Tuls

(ton).........

Boston,

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX

NEW YORK, ‘Aug. 27.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, piled for United Press (1930-1932 average equals 100):

Year Ago .0950 J2 351% 1178 1.42 16 5-16 09% .0460 .0490 43 443% 16.25 18.93 + 3.65 2.55 50.00 38.00 ORY 1.18

Week Ago .1035 18% A1 1008 1.94 1825 J4 065214 068714 5914 4434 19.55 23.25 4.35 2.25 60.00 52.50 095 1.2%

Today

$ .1025 JA8% A1 3 1.941% 1831 J4 065215 068712 S8% 4434 19.75 23.25 4.35 2.25 60.00 52.50 095 1.2% grains, livestock. lard.

East St. Louis, zine. New York. all others.

ab.) ......

ab) ...vven

steel wool. Cona, crude oil.

CT a A HT RM A i atl BE HO HEN AIR NRA Th SEE or

Net High Low Last Change

Pure Oil ....... 18" 18%

Radio-K-Or ... Republic Stl Reyn Tob B 5

Sears Roebuck. . Servel Inc _..... Sharon S H.... Shell Un Oil ... ag i .

Sym- Gould Xw

Tenn Corp .... Texas Corp .... x Gulf Prod G Sul ;

Transamerica .. Truax Tra

P&LA

Walworth Warner Bros

| | Pac pf .. 8 ] | West Union . 3 J Ig |

West

West Air Bke Westing El .. Wheel Steel .. White Mot .. White Rock .. Wilcox O & G Wilson pf | Woolworsh Worthin Wheel st bt ret1301%

wi Yellow Tr . 214

Young Sheet .. 8634 Young Sheet Sheet p? Of 982

120%

21% 86% 981;

21% 8634 982

Ya | 1, % |

RESERVES DECLINE

IN FEDERAL BANKS

Deposits of Account for Drop.

WASHINGTON, Aug. 27 (U. P.). —Excess reserves of Federal Reserve member banks declined $20,000,000 in the week ended Aug. 25 to a total of $760,000,000, according to the weekly condition statement made public today. Actual reserve balances amounted to $6,730,000,000 a decline of $14,000,000, the report said. Reductions in member bank reserves were attributed to an increase of $16,000000 in nonmember deposits and other Federal Reserve accounts, which totaled $614,000,000, and a gain of $5,000,000 in Treasury deposits. Money in circulation declined $5.000.000 to a total of $6,495,000,000, while monetary gold stock was reported at $12,541,000,000, an increase of $14,000,000, and Treasury cash at

$3,683.000,000, up $11,000,000 from the |

preceding week. Inactive gold included in the gold stock and in Treasury cash rose $14,000,000 to a total of $1,310,000,000. A rise of $5,000,000 was reported in holdings of U. S. Government bonds, offset by a reduction of the same amount in Treasury bills, leaving total holdings of Government securities unchanged at $2,526,000,000. Ratio of total reserves to deposit and note liabilities of the 12 Federal Reserve Banks combined was unchanged at 79.7 per cent.

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.)

The following quotations do not represent actual bids or offerings but merely indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS

Bid

Sha Ind Tel (TH) 4'2s 61 . 101 & 128

Indian Tel Co Bs 60 Ind Railways Inc Hs 67 ...... § | JnEDIs Water Co .3728.66..... ks | Interstate Tel & Tel 52s 53. . 47 Kokomo Water Works 5s 58.. Morris 5&10 Stores 5s 50 «+» 10 Muncie Water Works &s 65.... Noblesville H L & P d'2s 47.. Ohio Tel Serv 6s 47 10 Public Tel Co 4l2s 55 Richmond W W 5s 57 Seyfnour Water Co 5s 49 .... Tr ac & L 55 44 3 TH Water Works 5s 56... T H Water Works 6s 49... Trac Term Co 5s 57 a

STOCKS

Belt R R St Yds com Belt R R St Yds pfd Cent Ind Poxe Home Tel & Hook hg Yor com Ind & Mich Elec Ts Ind Gen Serv Co Ind Hydro Elec Co Ts Indpls Gas Co com Gah 2S Indpls Pwr & Lt pfd 6s. 91 Indpls Pwr & Lt pfd 6'2s.... 941% Indpls Water Co pfd 5s 103 v2 Lincoln Natl Life Ins Co com 26 P R Mallory com . 17 N Ind Pub Serv Co pfd 5l%s . 72

» heavy position at lof last week, but assumed a top-

ig trend.

Nonmembers

| any ine Lambsa

5, 87 7

Smith Alsop P & V pfd Smith Alsop P & V com *Terre Haute Elec Co 6s nUion Title Co com Van Camp Milk Co pfd Van Camp Milk Co com

*(By M. P. Christ & Co.) St. Investing Corp 34.76 35.90

BANK STOCKS

Bankers Trust Bank of Manhattan ........ Nie Central Ranover . : 2 Chase National Chemical Bank & Trust Continental Corn Exchange Commerefal .......0000 00 pire First National Guaranty Trust Irving Trust Manufacgrers Trust National ig r

Y. Tru \ Public National Fire Insurance Continental Ins. Fidelity Phoenix Fireman's Hartford on Le Home National Liverty National Fi . .' National Union . ..135 West Chester ................. 2

FOREIGN EXCHANGE

NEW YORK, Aug 27 (U. P.).—Opening foreign exchange HreRable’ lower. N et Rat Change {pound) 487% England (60-day iL rate) ..

Canada (dollar) France (franc) Italy (lire) Belgium (belga)

Market

England —.00%

—.0000%% +.0000Vs i-.00064 +.0000'2 —.0000'2 —.0001

000214 00013

Spain (peseta) Sweden (krona) Norway (krone)

Denmark (krone) Japan (yen)

~~ PORKER PRICES

REMAIN FIRM IN HEAVY MARKET

Hog Top Holds Despite Heavy Receipts in Local Yards.

Indianapolis led all markets in numbers as far as hog supplies were concerned today. A run that was expected to surpass the 5000 head estimated put buyers in bearish frame of mind and initial bids were as much as 15 cents lower, according to the Bureau of Agricultural Economics, United States Department of Agriculture. Following receipt of bullish advices from other leading outside points, buyers re-

| vised their bids here and finally

established the trade on a steady basis. While top on the schedule was $11.75 for choice 210-225-pound

weights, there were premium sales upward to $11.80, the same as on Thursday. Sows sold steady to bulk at $10 to $10.50. Improved activity on cows and heifers featured what otherwise was a usual Friday cleanup trade. Receipts were very light, being estimated at only 500 head. Prices generally all through the lis theld steady. A few mediumweight steers sold upward to $15.50 and there were

| odd head of heifers to $12.

A 50-cent advance in vealer prices restored values to the closing levels the

nearby centers reported a lower Geod to choice Vvealers cashed at $11.50 to $12, most mediums from $9.50 to $10, while lower * | grades sold downward to $7.50. Losing their grip in the lamb division as supplies continued moderate, buyers were forced to pay mostly 25¢ higher live costs. Top at $10.75 lon some strictly choice lambs | showed a 50-cent gain and some sales of common to meduim kinds were up more than a quarter. For the most part, however, good to choice ewes and wethers sold from $10.25 to $10.50.

HOGS

= - Io

00 1D ey = = En

ulk @12.55

Pk pk dt ps 2300 £3 Ba =e 3 BS Soac® ADD — BRIN onl Drs a hp ot BOBO 02 ND

wn ADs

7 Light Li ghts— (140- 160) Good and Medium LIRR RS (160-180) gos, 2nd

(180-200) Good. Phd Medium Medium Welohe (200-220) Good (220-250) Good Heavyweights— (250-290) Good (290-350) Good Packing Sows— (275-350) Good (350-425) Good (425-450) Good (275-550) Medium Slaughter Pigs (100-140) Good and choice. . Medium . '

--Receipts 500—

choles. 310.00411.50 [email protected]

[email protected] .. [email protected] choice... [email protected] ce.aeeee [email protected]

11.40@ 11.80 [email protected]

[email protected] [email protected]

choice. .

choice . . and choice. . choice. . choice. .

[email protected] 10.25@ 10.50 [email protected] [email protected]

[email protected] [email protected]

[email protected] 11.006214.25 [email protected] 6.50@ 9.00 16.254 17.25 14.50@ 16.50 11:[email protected] Medium .... [email protected] Common tpistmy .. 7.00 9.00 Prime .. 16.50@1%7.50 Choice .. 14.75@ 16 50 Good 12.00@15 00 Common . Medium Prime Choice Good

(550-900) Good

C (800-1100) C (1100-1300)

(1350-1500)

1 25@15. 60

(550-750)

C . Good and choice

(750-900) Common, medium

Shoige ood

i ‘medium Low cutter and cutter Bulls, good . . . Cutter, common

LAR LO -1-00Mw or NMNOoLD SIMD «=I 020d

4 oo

Good (beef) . Cutter, common and medium . Vealers —Receipts,

Good and choice Medium .. Cull and medium

*60c-—

10.50 12.00 . 9.50@ 10.50 REO \... 750@ 9.50

Calves

(250-500) Sood and choice . 8. 0

@l11.5 @ 8.5

5 ommon, medium 6.0 Feeder and Stocker Cattle Steers (500-800) Good and choice ommon, medium (800-1050) Sood and choice mmon, medium

[email protected] 6.50@ 8.00 [email protected] [email protected]

7.00@ S5@

Heifers— Good and choice Common and medium 5 5.25 Common and medium 4.75 SHEEP AND LAMBS

-—~Receipts, 2000

10.254 10.50 9.75@ 10 25 8 00@ 9.75 7.00@ 8.00

Shire Medium CONOR Shorn Ewe (90- 175) Good and choice . Common, medium

3.0060 3.75 1.75@ 3.00

By United Press CHICAGO, Aug. 27 5000, including 2000 directs; erally steady to 10 cents higher; best 190220 Ibs. getting advance; top, $12.10; bulk good and choice 180-240 Ibs., $11 T5@12; few butchers 250-300 Ibs. $11.50 11.75; most good packing sows, 7 Cattle—Market, 1000; trade on all killing classes; common and medium light grass steers excepied, valued 58. 5011.50, these in very narrow demand. few loads and scattered lots medium-good yearling steers, [email protected]; most grass heifers, $6.25 7.50; plain light Southwesterns, $55.50; grass fat cows, £5.50% 6.75; cutter grades, $4@5; bulls ana vealers, steady; sausage bulls, $86.50; vealers, $11.50. Sheep — Receipts, 9000, including 2500 directs; spring lambs, active, steady to strong, good to choice natives, $10.50@ 10.75; few $10.85 and $10.90; steep, steady; slaughter ewes, $3@ 4.50. >

Hogs—Receipts, market, gen-

g. 27.—Hogs—Market, $11.50; 225-250 1bs,, $11.40; 160-130 1Ibs., f $11.20; 275-300 300- 350 1bs., $10.60; 150-160 lbs., $10.35 140-150 1bs., $10.10: 130-140 lbs. $9.85; 120130 1bs., $9. 60. 100-120 1bs.. $9. 35 Roughs, $9.75; stags, $8.50: calves, $11.50; lambs, $10.

LAFAYETTE, steady; bulk, 225-250 1bs.,

Aug 27. —Hogs—Market, 200-225 1bhs., [email protected]; HLLs- 11.50; 250-275 1bs., $11.35@ 11.40; 275-325 lbs, [email protected]; 170220 1bs., [email protected]; 150-170 lbs. $10 11; 30-150 1bs., [email protected], 100-130 ig [email protected]. Rougs—810 down. $10.50@11. Lambs —3$9.50@ 10.

Calves

upturn as |

Receipts | 4000 | ago.

1bs., |

Today's Busines At a Glance

GENERAL BUSINESS

American Institute of Steel Construction, reports July shipments 144,560 tons vs. 147,618 in June and 155,124 year ago; July bookings totaled 160,970 tons vs. 175,552 in June and 199,057 year ago.

CORPORATION REPORTS

Alabama Great Southern R. R. Co., July net operating income $114,699 vs. $71,512 year ago; seven months net operating income $754,462 vs. $441,550 year ago. Alabama Power Co, 12 months ended July 31, net income $4,119.522 vs. $3,176,663 year ago.

Baltimore & Ohio R. R. Co., July net operating income $1933491 vs. $2,513,625 year ago; seven months net, operating income $15,697,298 vs. $14,627,880 year ago. Central R. R. of New Jersey, July net operating income §124941 vs, $113,711 year ago.

Chicago & Eastern Rwy. Co., July net operating income $28,507 vs. $128,707 year ago; seven months net operating income $646,789 vs. $522,299 year ago. Chicago & Northwestern Rwy. Co., July net operating deficit $304,982 vs. net income $605,497 year ago; seven months net operating deficit $1,312,810 vs. $964,971 year ago.

FOREIGN ANS PUSH WHEAT UP IN CHICAGO PIT

Drought News From Argen« tine Sends World Markets Higher.

CHICAGO, Aug. 27 (U. P.).-— Wheat displayed a firm undertone on the upturn today on the Chicago Board of Trade. At the end of the first hour wheat

[was 1's to 1'2 cent higher, corn was

off 15 to 1'4 cent, and oats were '% to '4 cent higher. Strength at Liverpool and Win=nipeg, reports of drought damage in the Argentine and indications of a good export business in Canadian wheat were constructive factors in the day's pit activity. There was a report that sales of Manitobas amounted to 500,000 bushels. Wheat receipts were 119 cars. Corn prices turned lower as traders in the yellow grain ignored the strength in wheat. Local selling on somewhat larger receipts weakened the market. Purchases to arrive at

Chicago, Burlington & Quincy R. R. Co., July net income $939,278 vs. $1,253,071 year ago; seven months net income $1,319,917 or 81 cents a share vs. $310,878, or 18 cents a year ago. Colorado & Southern Rwy. July net operating 173 vs. $35,188 year ago. Delaware, Lackawanna & ern R. R. Co. July net income $213,407 vs. $178,990 year ago. Floradi East Coast Rwy. July net operating income $213,407 vs. $178,990 year ago. Georgia Power Co.,

Co.

12 months net

ago. Maine Central R. R. Co.

$379,000 or $2.16 a common share vs. net, loss $401,172 year ago. Minneapolis & St. Louis R. R. Co., July net operating income $10,727 vs. $132,295 year ago. Missouri Pacific R. R. Co., July net operating income $3,033,901 vs. $1,707,905 year ago. Mobile & Ohio R. R. Co., July net operating income $126952 vs. $129,329 year ago. Nashville, Chattanooga & St. Louis Railway Co.. July net operating income $149,834 vs. $137,144 year

{ New York. New Haven & Hart[ford R. R. Co., July net operating income $769,898 vs. $506,746 year ago: seven months’ net operating income $769.898 vs. $506,746 year ago; seven months’ net operating income $2,871,283 vs. $4,973,172 year ago. Revere Copper & Brass, Inc., and subsidiaries, first half net profit $2,122,838 vs. $733,430 year ago. St. Louis Southwestern Railway Co., July net operating income $290,845 vs. $132,739 year ago. Southern Railway Co., July net operating income $1,166,124 vs. $1.-

496,798 year ago.

net operating income $31,185 operating income $188,344 vs. $239,135 year ago. Tennessee Electric Power Co. 121 months ended July 31 net income $2,325,932 vs. $2,160.367 year ago, 12 months’ net income $2325932 vs. $2,160,367 year ago. Union Pacific R. R. Co, July net operating income $1,755,291 vs. $2,196,338 year ago; seven months’ net operating income $7,087,277 vs. $7,161,355 year ago. Virginian Railway Co., first seven months’ net income $3,705,498 or $8.73 a common share vs. $2,934,361 or $6.25 year ago. Addressograph-Multigraph Corp, seven months ended July 31 net profit $1,400,268 or $1.85 a common share vs. $787,751 or $1.05 year ago, unfilled orders Aug. 16 more than 25 per cent over year ago. American Power & Light Co. 12 months ended July 31 net income $11,435,520 or 59 cents on common vs. $9,599.192 or $5.42 on combined $6 and $5 preferred preceding 12 months: three months ended July 31

common vs. $2,045,657 or $1.15 on combined preferred year ago. Arkansas Power & Light Co, months net income $1,487,520 $958.665 year ago. Florida Power & Light Co. 12 {months ended July 31 net income | $1,672,725 vs. $907.400 year ago. gl Louisiana Power & Light Co. | months ended July 31 net income $1,015,165 vs. $1,169,080 vear ago. Memphis Power & Light Co, months ended July 31 net $1.498.522 vs. $1,254,633 year ago. Montana Power Co. 12 months ay July 31 net income $4,074,459 . $2,791,891 vear ago. “New Orleans Public Service Inc. 12 months ended July 31 net income $980,189 vs. $366.053 year ago,

“

1 VS.

ceding 12 months. Seaboard Air Line Rwy. Co., July net operating income $159,000 $17,572 year ago; 7 months net $3,115,000 vs. $1,179,525 year ago. DIVIDENDS

American Hawaiian Co., able Oct. 1 record Sept. 15. Commercial Credit Co., cents and regular quarterly common payable Sept. 30 Sept. 10. Commercial

$1 on record

Investment Trust

Corp., regular quaiterly $1 on com- |

mon pavable Oct. 1 record Sept. 10. De Long Hook & Eye Co., quarterly $1.25 on common payable Oct. 1 | record Sept. 15. ! (Copyrighf, 1937

by United Press)

Motor Truck Production Gain

MOTOR TRUCK PRODUCTION

ASSES 1929 FIGURES

MONTHLY

AVERAGES

ENGER

I ¢ ¢

SIX MONTHS

3 3

THOUSAND UNITS

- - Seleecnd

TRUCK $=

SLINN ANVSNOHL

. \ '

ih DEPT. OF COMMERC 1931 1932

THE PARKER CORP. GENERAL DISTRIBUTORS

3935 | BER]

INCORPORATED INVESTORS

BOSTON, Aug. 27.—A record formance accomplished in motor t

six months is the remarkable perruck production this year. Eleven

per cent more trucks were turned out by our factories in the first

half of this year than in the same than in the first half of last year.

1929 months, and 13 per cent more

West - |

income $5,159,708 vs. $4,763,471 year

seven | months ended July 31 net income |

the close of the first hour amounted to 30,000 bushels of new corn, Corn receipts were 21 cars.

WAGON WHEAT

income $113,- | Sash

{

City grain elevators are paving for Ne, 2 red.. 96c; other grades on their merita, corn. new No yellow, 086¢c, Oats, May-—No. 1 timothy, [email protected].

WINNIPEG WHEAT oO Octoher

| December

Co. |

May

| oct. ..

Dec " March

ARGENTINE GRAIN

BUENOS AIRES, Aug. 27.--Grain futures opened firm. Wheat—September, $1.24% unchanged; November, $1.16, unchanged, Corn-—-September, 54c, unchanged; Noveme ber, 547c, unchanged. . 2681q0, unchanged. Flax-—-September, changed; November, $1.32, unchanged.

RICH OIL DEPOSITS FOUND IN ILLINOIS

More than Six Million Acres Held Under Lease.

OLNEY, 111, Aug. 27 (U. P).—A flood of black gold, welling out of the earth in an ever increasing volume, had brought an unprecedented prosperity to Southern Illinois and promised to fulfill a 30-year dream of oil and riches. With more than 6,000,000 acres under lease and the scrambie for

Tennessee Central R. R. Co., July | 1937. VS. | greatest development east of the $497,796 year ago; seven months’ net | Mississippi River in a decade.

net income $2,740,452 or 11 cents on

12 |

12 | income |

Steamship | debentures held. regular quarterly 25 cents pay- |

| | |

Ibs,

{ Leghorn | 1937

acreage still going strong, officials

737.555 year ago; seven months’ net [of the Illinois Geological Survey operating income $10,433,623 vs. $9,- | said it was the outstanding field of

| exploration and discovery of oil in Oil men said it was the

According to statistics released | by the geological survey, 50 com=- | pleted wells in five fields are pro- | ducing more than 13,000 barrels of (oil per day. There are more than 20 companies in the area undertaking some 150 drilling operations. Although this new development has not yet reached the proportions of a major oil boom, Dr. Mor=ris M. Leighton, Geological Survey chief, said the possibilities of the field were unlimited. The new Illinois oil basin, according to Dr. Leighton, underlies the entire southern half of the state, comprising approximately 453 counties. Although initial production of the wells completed so far ranges from 250 to 2600 barrels per day, none of the wells has gone below the shallow depth of 3000 feet. Most of them have struck pay sand at around 2500 feet.

MIDLAND SECURITIES ASK TO REORGANIZE

WASHINGTON, Aug. 27 (U. P), —A reorganization plan for the Midland Utilities Co. was filed with the Securities and Exchange Commission today by a committee of holders of the company’s present Series A gold debentures. The plan contemplated issuance

| of 1,997,300 shares of $1 par value common stock to replace all pres ei |

ent securities and obligations of the company. Claims against which has been

the company, in reorganization

Northern States Power Co. of Del- | proceedings under section 77B of aware, 12 months ended June 30 net | the Bankruptey Act since July, 1934,

income $5,689,806 vs. $5,163,549 pre- | {otal approximately $39,341,000. The

| plan filed today proposes to elimi nate all but $17,580,000 of these

VS. | claims.

Under the plan debenture holders will receive 107 shares of new stock for each $1000 principal amount of Holders of secured notes will receive 157 shares | of new stock for each $1000 prine

extra 50 cipal amount of Notes held.

LOCAL PRODUCE

(The prices quoted are paid for stock gathered in the country, while for delive eries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.)

FEggs—No. 1 strictly tresh, loss off, 18 0z

Heavy breed hens, 5 ibs hens, 13c. heavy

and over, 17'%e} breed broilers, stock, 2 Ibs. and over, 20c; ,eghorn broilers, 1937 stock, 2 lbs. and over, 18¢c; bareback broilers, 1037 stock, 2 ibs and over, l4c. old roosters, 9c: ducks, fulle feathered and fat, 5 !bs and over, Be, geese, full-feathered and fat, 9 to 14 , 4c Bu 1. 3%¢’ No 31c; No 3l¢; No. 2. 29

u. S. STATEMENT

WASHINGTON, Aug. 27. — Governmend expenses and receipts for the current fiscal year through Aug. 25, compared with a

year ago: This Last Year $1,145, 807, der 98 $ 894, 333: 95.1 . ,313,188.9 595,

No. 2. 34c. Butterfat, Cc.

Expenses . Receipts

068, 7.021, 303 106°0 a. 541,378,348. % 11, pa? 38

10, 692. 325, 15 Customs 9.835.¢

Toda rch. al Pu Inactive Gold Thr 874. $i or 306. 933,762.30 xNew high.

Commercicl Banking Savings * Trusts

American National Bank AT INDIANAPOLIS