Indianapolis Times, Indianapolis, Marion County, 30 August 1937 — Page 18

PAGE 18

STEERS

IT 9-YEAR

RECORD HIGH HERE;

HOGS HOL

Lamb Prices Advance 25 to 50 Cents in

Trading. Prime Illinois fed steers scaling 1225 pounds sold today record for the past nine years at the Indianaplois Union Stockyards, according to the

Bureau of Agricultural Eco-|

nomics, U. S. Department of Agriculture. Despite a sizeable shrinkage in hog supplies at 11 leading markets, compared with a week ago, demand did not appear were no better than steady.

ly higher. Asking prices for hogs at the out-

<rt were as much as 10 cents higher |

and bids were similarly lower, bu! buyers and sellers soon agreed at Saturday's prices. Top remained at $11.75 on choice °i0 to 225-pound weights. Sows also were steadv. with most selling from $10 to $10.50. Receipts were estimated at 550 head.

wo loads of heavy hullocks sold for! but aside from these and the |

817, premium at $17.50, there was littie in the steer or yearling class eligible to pass $13. It was a generally steady trade, but some increases were noted. ers earned $10.50.

A 50-cent decline in vealer prices | was strictly an adjustment from the |} relatively high closing levels of last | week. Trading was active as sharp | upturns in eastern dressed vaues and |

higher prices at some nearby centers were reported. Lamb prices rose as receipts fall

here and at other markets and mea* | The gains | Good to | choice ewe and wether lambs sold |

prices rose in the East. measured 25 to 50 cents.

irom $1050 to $11, with common

and medium kinds from $8 to $10 ac- |

cording to quality and condition. Slaughter ewes were steady.

Receipts 5000 A000

211.71 2000 s@ 5 B 5000

kk ph kt fh pk Sh

2 1 1 1 1 1. 1

ann SH £3 0

a fa a a RDA;

Lizths F140- 160) Good and Medium Lightweights— 160-180} _Good edium (130-200) “Good Medium Medium Weights— 1200-220) Good (220- wii Good Tea ghts (2590- 20) ‘Good and 50) Good and cing Sows— 75-350) Good

(425- 450) Good 75-550) Medium SIG iar Pigs-—-(100-140) Good Medium CATTLE —Receipts, 1100— Steers

Choice Good Medium Common Prime Choice Good , Medium Common Prime Choice . Good ht Common Medium Prime Choire Good

[email protected] and choice

and choice

choice choice

and and choice 25@ 11.48 choice

3561 10.! [email protected] 10.00G 10.2: 9.25@10 choice

and 3 30, JA

@10.

soo)

(550-(300-1100!

(plain) (1100-1300) P .

(1350-1500)

Heifers Choire Good Common Good and choice Common medium Cows

Dad ~dadny SHmnn AIH

Common, medium Low cutter and cutter Bulls, good : Cutter. common

NDS ND 33333 a aDtItats

BIND Landay Dm D

= D

Good Cutter

(heel) common and medium Vealers —Receipts 700— Gnod and choice Medium Cull and medium Calves (250-500) Cood and choice . Common, medium Feeder and Stocker Cattle Steers Good and choice Common medium (800-1050) Gool and choice Common, medium

n Dn ~ 3

1.00@ 10.00 7.00@ 9.00

(500-800) 8.0047 10.00

Room

50@ 8.00 Heifers— Good and choice Common and medium Cows Good Common and medium SHEEP AND LAMBS —Receipts 1500— nz lambs - Choice Gnod Mediim Common Shorn Ewes (90-17%) Good and Common.

Noa 5a

Jt 1

7.00

5.00@ 50%

6.00

Spr

Now 10.75 SN@ 10.00 7.30% 8.50

3.00% 3.75 15% 2.06

choice . medium

Buy Uniteri Presa CHICAGO. Aux Receipts. 11.000, including 2000 directs makret. generally steady: spots. 10c lower: ._ $12. bulk good and cheice 130-250 lbs . comparable 260-300 lbs. $11.50 most geod wnackinz sows, $9.757® 1.40: best light kinds, $10.50: medium grade lightweights down to $8.50 and be-

low Cattle—Receipts. 16.000: calves, 4000: another firm market on strictly grain-fed steers and vearlings: supplies all sold early from $16.50 un: top. $18.25: several loads | ing at $17.50@18: medium ot good grades, ow. weak: undertone. 25c lower: stockers | and feeders. strong to 25 cents higher: grass cows and heifers, very slow. weak bulls and vealers, strong: most grass heifers. [email protected]; sausage bulls. $6.75 down: vealers, $11.50 down. Ee Crips, including 8500 directs: spring lambs moderately active. mostly steady: natives $10.50@ 10.75; few to smal killers, $10.85; others ob, ‘higher sheep. steady: native ewes, [email protected]. FT. WAYNE. Aug. 30. —Hogs—Market, . 200-225 1bs., $11.50: 225-25) ; CL » 160-180 1bs., $1 275-300 | -“ $10. 60: Lh 160 1bs., $10.20; 130-140 1bs.. $9.70: 100-120 Ibs. stags. $8.50. Calves,

30 1. Pa Hogs

1bs., 1bs., 1bs., $10. 45;

$9 $9.45; $11.50.

U. S. STATEMENT

WASHINGTON, Aug. 30 (U ernment expenses and receipts current fiscal vear, through Aug. pared with a year ago: his Year $1.171.326,353.31 821.122.208.39 603, 350,204,149 92 320

140-150 1bs., 120-130 1bs.. roughs. $9.75; Jambs, 3.

P.).—Govfor the 27, com-

Last Year Expenses Receipts Deficit Cash halanes Working halance . ublic Publ ..37.038.118,374 44x33 387,

debt 0 BOI ive 2,546, 187,362.74 10,696 409,336.60 Customs 74 R60.767.92 62,133.477.25 Today's Purchase Total Purchase Inactive gold 193,683.23 1,314,741,599.09 | (x)New high

540,971.36 JT74, 200.7 73

2.892.207.029.68 1 934,691,904 64

1.063.020. 794 65 1 471,

058,357.23

at $17.50 to set a new

A load of medium heil- |

4000 |

1000 | 5000 |

choice $10 0011.50

[email protected] |

= ($300,198 vs. $148.028 vear ago; 25 | months net $817,518 vs. $261,659 year 0 | 280.

5 | $348.470 vs.

| months.

$10.00@ 11.50 |

[email protected] | 6.00@ 8.00 |

50% 8.00 | 0061.10.50 |

8.50 |

5.00 |

554 11.00 |

$923 315,262.00 |

338,836.96 |

STEADY

‘MARKETS AT A GLANCE

Stocks firm under lead of U. 8, steel, Bonds irregular; U. S. ment issues lower, Curb stocks advance moderately. Chicago Stocks firm, Call money 1 per cent, Foreign exchange lower. Cotton futures rally after early weakness. Grains mixed in Chicago; corn up 's to ys cent a bushel, Rubber futures easy. Silver unchanged in New York an HH cents a a fine: ounce,

Govern-

T vday: S Bustness At a Glance

urgent here and prices | Veal- |

ers declined and lambs sold slight- |

GENERAL BUSINESS

| reports week enden Aug. 21 earloadings 781,247 vs. land 735.476 year ago. Magazine Steel reports production up 2 points to 83 per cent last week. CORPORATION REPORTS Chicago Great Western R. R. Co.. July net operating income $107,936 vs, $302,231 year ago; seven months net operating income $253.892 vs. $569,015 vear ago. Colonial Beacon Oil Co. first six months net loss $872,136 vs. net loss $1,352,856 year ago: June quarter net | loss $322,172 vs. quarter and $1,013,280 vear ago. Phillips Packing Co. first [months net profit $20,211 or $2.10 a preferred share vs. $129.524 or 24 | cents on common year ago.

Truax-Traer Coal Co. and subsid- [it 7'%

| Intst D 8

iaries, July quarter consolidate net loss $72,262 vs. loss $93,705 year ago. American & Foreign Power Co. and subsidiaries, 12 months ended June 30 net income $6,517,996 | $3,476,161 preceding 12 months; June | quarter | 185.626 year ago. Chicago, Rock Island & Pacific Rwy. Co., July net operating income $1653,489 vs. $759,573 year ago: seven months net profit vs. net deficit $1,086,185 vear ago. Dunhill International, Inc. esti- | mated net loss $57,289 for first six months vs. net loss $55,391 year ago. Eastern Gas & Fuel Associate, 12 | months ended July 31 net income

$2,483,387 | Macy

| Am Am Toh “s Water W |

| B

| extern pt! Pdry RR NJ | Certain-teed . | Ches & Ohio .. Chickasha C ... Chrysler

| |

{ Curtiss-

| Deisel

| Cont

THE INDIANAPOLIS TIMER

NEW YORK STOCKS

By United Press

Allied

Allis CF Am

Ca Am Am & Am M Am Am Am Stl

Am Zi

Chain & C

Prk Lt { 9 3

lly

Low

Stores 18% al 4 64, n 10 198

High 183% 84% n

FP Pwr ach& Fay 1148 Nb “ B8'y Paies .. BR

Anaconda

Armstr

ong Ck .

Atchison | Auburn Auto

Bor

Borg- Wa mer

BrunsBower Burrou

Beth 8 Boeing

Cent Cent

Borg. ~Warner tn

eld Hem Rest &

MT Balke R BR hs

Co teel .. Air

kt JO Wl ~ND HI ~Y

= aw

CIDP a BG ee BBD Be AJL 1D

CIDA ArT es Fo » ow

IDL, 104, 7 7 20%

104. '% 7 20% 123 12% 47%, 473%,

18 18 1081% 108)

[Colgate-P P ... 175% 17% 17% | Colum

Com Solvents Comw & So | Con Te

Cont-D

Crown Cub-An

| Dresser

Dunhill

East R Elec Auto-l, | Elec Boat . Elec Pwr & Lt .

American Association of Railroads |

77,382 previous week !

rie

Oil Del

WwW G

Pont

Cas vv 14 12 12 13% EN

HI. “ 42%, Zeller .. 21 rE Sug... 9% $ 9'a Wr 02 ? 52

Xtile ia FP

2014 B 25 154 4% 45, 155%: 155'2 158%

Mill

Pajardo Sug ... f . 4

Pollans

Gen EB

hee

lectrie

Gen Foods

Gen M Gen PM Gen T Gimbe]

| Gobel

! Goodric

Goebel

Goodye

otors ih Sy & R Cn Bros .. Adolt Brew h a

| Graham-Paige :

Gt Nov

| Grevhn

$549.964 preceding |

SiX |

h pf

tl d 5's of

Houd-Her A Hupp Motor

Inspira Insshs

{ Inter 1

{ Int Harvester Nickel . IINt P&P A

Int

Int Sil

| Kennec | Kroger

VS. |

Lamber

| Lehmax

net profit $1,889,348 vs. $1,- |

L-~O-F Loew's

i Lorillar

Lou & Ludium

Macy R H rts Mack T

Man St

| MeCall | MeKess

| Mo-K Tex Ward Prod

$£3,091.381 vs. $2,748,939 preceding 12!

months. F. E. Myers & Bro. Co.. July quarter net profit $361.018 or $1.80 a common share vs. $321,795 or $1.61 preceding quarter and $365,374 or $1.82 year ago: nine months ended July | 31 net profit $987.580 or $4.94 a com-

| mon share vs. $759,495 or $3.79 year |

| ago. Peoples Gas Light | first seven months consolidated net [income $1,970,451 or $2.87 a share vs. $1,045,991 or $1.57 year ago; July

413 year ago.

St. Louis-San Francisco Rwy. Co.

| July net operating income $1.611,952 |

seven months | | Kokomo Water Works 6s 58 .

| VS. $599,237 year ago; | net operating income $3,858,816 vs. $1,806,815 year ago. | Denver & Rio Grande Western R. R. Co. July net

| seven

Equitable Office Building Corp. July quarter net income $35,832 vs. | $86,403 year ago. Norfolk Southern R. R. Co. July net operating income $17.838 vs. $11,931 year ago; seven months net $167.897 year azo. Pittsburgh & West Virginia Rwy. Co. July 797 vs. $113.345 vear ago: | ago. Wheeling & July net operating vs. $429,529 year net $2,984,937 vs. $1,619,443 vear ago. | Canadian Breweries, Ltd. July quarter income, $343.229 vs. | $25,590 preceding quarter and profit | $160,670 year ago; 12 months nrofit. | $418,561 vs.

Lake Erie Rwy Co. income $439,182

Kansas City 12 months ended July

Power & Light 31, net

net income $34,522 vs. net loss $66,- | i Tel & Tel Ft

{H Tel & Tel Pt W Is

operating deficit | | Richmo i fevmou

net operating income $73.- | seven | months net $754.292 vs. $776.518 year |

ago; seven months |

'0ss |

Co., | in- |

& Coke Co. |

| Citz

$206,303 preceding 12 |

come, $4,609,458, or $8.32 a common |

| share, vs. $4,309,685 or ceding 12 months.

DIVIDENDS

Blaw-Knox Co. Interim 25 cents payable Sept. 30 record Sept. 7 vs. like amount June 30. General Telephone Corp. extra 10 cents and regular quarterly 25 cents | payable Sept. 23 record Sept. 9 Scovill Manufacturing Co. 50 cents payable Oct 1 record Sept. 15 vs. like amount on July 1. Hygrade Sylvania Corp. regular quarterly 75 cents on common payable Oct. 1 record Sept. 10. Mortgage Bank of Columbia, | cents per American share payable Sept. 10 record Sept. 3 vs. 21 cents April 15.

$7.75 pre-

Pittsburgh Plate Glass Co. $1 pay- |

able Oct. 1 record Sept. 10 vs. like

amount on April 1, $1.50 July 1 and |

Gold Mines Lstd.,

payable Oct. 1 record

cents and regular quarterly |

Mont Motor

Nat Av

t Biscuit

Ce Di

Lead

at Pw

| | Newpor N'Y central

R H . 451

tn cts ron

Cop. . H% a...

2 BO aim ®

ver

BT fat ys WO AI=DOO wm

Et. a G & B

ad 2%

t 1 - Glass

d Nash Stl

13-16 41% 45, 3%

13-18 NE

1 1%

rt 1814 Corp 22 on & R 130a 19% 21% 21% An Ll 32 32 —— 112 2534 23 29% a 351, 331, 10's 1 R33 32 351, wl

111, 23% 33 207%

iation

sh Reg stillers 29 7a 351, 101, 335

r & Lt t Ind

Net

Last Change

ET Week ago

LB + | Saturday

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS | Saturday i 83 S03 | Year age ; I Wigh, 198%, 190.40; low, High, 1986, 180.90: low, 20 RATLROADS nar

| Week azo | Month apn [ Year arn High, 1083, High, 1936,

5 V6: ow, Ana, 30.89: low, 10.84, 0 UTILITIES nm nn LURK R00 28.45, "8.68,

Saturday Week age Month age Year age . High, 108%, High, 1038,

a, A: 36.08;

nw, low,

2 1 STOCKS

| Katurday 51

Month ago = wd

Year ago . High, 193%, High, 1938,

law, RV.50. low, 51.20,

LUKE RE.38.:

Ohio Oil . . . io 12 8

X | Pac West

High Low [Last

4s 4a

; & H.. YN WM

dla | No Pacific. . 27% Ya 1

Oil bs 28 > Packard ‘ » 1 : Param! | Pathe Film

Pict

. | Patino Mines .

no : . | Radio

* | Truax Tra . .

Se TRADE

| Phillips Pet | Pitts Se & B

Radio-K-Or Rem-Rand Reo Mot Republic Stl | Repub Stl pl A 104 Reyn Tob B 52 —— 25 25% 0a Si

25 25a 20%

Savage Ar Shell Un Oil Soconyv-Vacuum Sn Cal Bd | Sputh Pac | South Ry Spiegel Ine

S002

40%

Low

128 1%

High U 8 Steel pf ..128 Ut P&L A 1% —o 1% 1% 3

Vadsco Sales .. ‘or 3

Vanadium

Walwarth “ Warner Bros Warner Br. pf ¢ West Md ‘ West

NM 14 Union

. 2 . 46% we Ya 20% R64 won Pua a,

1s06n Wanlwarth

207% LLM

Yellow Tr Young Sheet

| Zenith Rad 41

Net bast 128 1%

INSOLVENT ACT

¢ BELIEVED LEGAL

Bankruptcy Measure Free

Sponsors Think.

1 e | wi From Court's Censure, | | 2 |

By NED BROOKS

Times Special Writer

WASHINGTON, new Bankrupteyv

Aug. Act

0.-—The

designed to _ |help debt-ridden cities adjust their |

| obligations is safe from invalidation

| by the Supreme Court, it

> believed today,

| Just signed by President the measure replaces one 1934 and invalidated | the Supreme Court, 5 to

The appointment of

' | Black to the Court gave |of the new act hope that the one- |

last

Ss sponsors

Roosevelt, passed in year by 4, Hugo 1, championza

. [vote margin would be overturned if

{a second challenge Justice Van Devanter,

: | Black succeeds, voted wit

Sunshine Min '

| "Texas Corp Thompson Pr .. | Tide W A Oll.. Timk-D Ax Transamerica | Tri-Cont

Und Ell Fish Union B & P Union Carb Un Oil Ca | Un Arorait Cp | Un Air Lines United Corp

U8 Rubber

| U 8 Steel 10874

DECLINE SLIGHT

"Guaranty Survey Reports

331

LOCAL ISS UES

(By Indianapolis Bond & Share Corp.)

The

sent

actual indicate hased on

following ouotations de not bids or offerings but the approximate buying and selling

recent transactions.

BONDS

Ind Tel (TH) 4'5s 61... ..10

H Tel & Tel Ft W 514s 55

W 6s 43

Ind Assoc Tel 4'4s 63

Indiana

Tel Co 55 60

Ind Railways Inc 5s 67 . Indplis Water Co 3'as 66 . Interstate Tel & Tel 5'%s 53 . 9

Morris Muncie Noblesv

5@10 Stores 58 50 .. Water Works 5s 65 Ne ALE Pons 47 : +l

Ohio Tel Serv 6s 4 Pub Tel Co 4'as 55

TH Wr

nd W W 5s 57 r Water Co 5s 49 e & L 5s 4 Works 5s 56 ‘ter Works 6s 49

Trac Term Co 5s 57

Rol Cent

STOCKS

Belt RR &t Nes com RR 8S! Yd fd Ind Pover PW

pid

Home T&T . Hook Drug Ine By

Ind & Ind Ger

Mich n Sarve

Fl 7s Co

Ind Hydro Rec Co 7S........

Indpls

Gas Co com

Tndpls Pwr & Lt pfd 6s a Indnls Pwr & Lt pfd 6'as Indpls Water Co pfd 5s

Lincoln

P R Mallory

Natl Life Ins com

Co com

N Ind Pub S2rv Cn pfd 5'ss N Ind Pub Serv Co plfd 6s N Ind Pub Serv Co pfd 7s XProgress Isundry Co com 66 Pub Serv of Ind nid 6s Pub Serv of Ind ofd 7s .

Smith

Alsop P&V

nid

Smith Alsop P&V com

XTerre

Haute Elec Co 65. .

[Tnian Title Co com

Van C» Van Ca

Market

mp Milk Cn pfd .. mp Milk Cn com r P. Crist

Y . & Con Investing Corp

xi St.

market inquiries or

repremerely |

level

Ask 103 106 1067, 53

Small Seasonal Recession.

| NEW YORK, Aug. 30 | The business situation presents the

| jority. | In addition, the law as

[is designed to meet

| |

* which the Court majority

| decision. It retains,

were

h the ma-

rewritten objections on | based its | however,

the

| general methods by whieh munici-

| tricts may enter

| With two-thirds of their

| and apply the settlements to

nority creditors,

* fpanties and local improvement diz- | into agreements | creditors | mi- |

500 Take Advantage About 500 public subdivisions took

3 "advantage of the original

| two years it was in force.

act in the Insurance

| companies and other large holders | of municipal bonds resisted passage

lof the original act,

and charges were

[made in Congress that the measure would open the way for widespread

repudiation of public d | new bill, however, met opposition, The Supreme Court deci in a suit invelving

age district, held that th

ehts,

with little

sion, given

a Texas drain-

e measure

(invaded state prerogatives.

| The new act omits re

ference to

| state subdivisions and makes coun-

| ties, which are held to

iments of state sovereignty, (u. P).—| Bal

The new act applies

be instru-

Change

made, | whom Mr, |

The |

STOCKS RALLY: FAR EAST BONDS REVERSE TREND

U. S. Steel Market Up as Paris Trade Breaks.

| NEW YORK, Aug. 30 (U, Steel led a quiet recovery on Stock Exchange today,

1093, up 1% | Youngstown Sheet & Tube to BT, up 5%; Bethlehem Steel, 193%, up 1, and Republic Steel 34%:, up 1's, Inland Steel jumped 3 points to 107, Case gained 3 points to 168. Other issues to rise a point or more included Air Reduction at 67':, up 1's; American Steel Foundries, 50, up 1; Chrysler, 109, up 1; Libbey- | Owens-Ford Glass, 66'c, up 3, and Westinghouse Electric, 146, up 1%. | Oils were higher under lead of | Texas Corp, which rose nearly a | point. Anaconda gained nearly a | point, Chemicals improved fractionally. Utilities were firm. Rails strengthened, | Publication today of an optimistic | survey of business by the Guaranty Trust Co. of New York was a factor [in market strength.

P.)o-

| | | | | |

[adverse balance [ probably this year for the first time in 44 years, would be business, The Guaranty survey scouted this theory. “Such a de-

velopment is normal for a creditor | |

nation,” it stated.

Curb stocks, meanwhile, advanced |

[| moderately in dull trading. Techni- | eolor and Pennroad Corp. each advanced one-half to feature the mar. ket. U. 8. Government bonds declined under moderate pressure in early [ trading. Domestic obligations firmed [irregularly and Japanese funds weakened, reversing the trend of last week. Stock prices at Paris dropped sharply after news of the bombing. | Nervousness over the Par Rastern | situation also restricted trading in| London, but there the undertone | was weak.

FIRST HOUR

market opened higher and dull. Later proved under lead of steel shares. U. 8. Steel led the advance with 1% gain at 109% while Sheet & Tube and Republic gained more than a point. house was almost 2 points and Chrysler gained a point.

The irregularly

higher Ameri-

point rise to 88's while Anaconda gained almost a point. Rails were firm as Southern Pacific gained '. to 314 Utilities continued quiet and firm. Volume approximated

first hour Friday. Dow-Jones aver-

ages: 495.45,

off .01; utility 27.41, "wp 0.15.

Cur bS tocks

ineligi- | ble for the bankruptcy proceedinas.

to cities, |

| appearance of stability at virtually | towns, villages, townships and Arain- |

the highest level reached thus far during the recovery movement, the Guaranty Survey, publication of the Guaranty Trust Co. said today in | [its monthly review. | “The midsummer lull in business

. | activity appears to have been some- |

0 2 |

have been evident,

what less pronounced than was | generally expected,” the review said. | “The effects of seasonal influences of course, | ticularly in the automobile industry, | where preparations for the produc-

[tion of new models (begun. But conditions of this kind | have been largely offset by favorable | factors, of which perhaps the most

[important is the exceptionally

: | promising outlook for farm income

33.28 R35.50

Building Bids

~ w

MILLION DOLLARS

nN ww»

100;

BUILDING PERMITS (DUN & BRADSTREET)

JULY EACH YEAR

1931 1932 1933 1934 1935 1936 1937

THE PARKER CORP, GENERAL DISTRIBUTORS

INCORPORATED INVESTORS

> STON, Aug. 28.—For

two

consecutive months building per-

below the

This,

ralues fell months.

same however,

| resulting from a combination of {good crops and high prices.” | The magazine said another fa- | vorable factor was adjournment of | Congress without hasty several vital bills, Federal regulation of wages and hours of labor It added had been indications that Congress is beginning to assert its constitutional prerogatives instead

branch of the Government, “To the extent that this tendency | continues, business will be permitted to operate under the definite provisions of law,

lative powers under policies can be changed almost at | will,” the review said. Commenting on the Far Eastern crisis, the review said: “Trade between the United States

Ja the Far Bast has been seriously |

hampered, with a prospect that con-

| ditions may become even more dif- | ficult as a result of the Japanese |

| decision to blockade Chinese poris.

COTTON EXPORTS TO

ORIENT SHOW DROP

| ports of American cotten fo the

| Orient this season have run sharply |

[below last year and indications point [to further slackening. Shipments to

not as bad as it may seem; for |the Orient. most of which are conwhile there has been a drop in Government work, private con-

struction

over,

has increased. the decline of 3:

Moreper cent

in July building permits from June

figures was far

usual cent.

DAILY PRICE INDEX

NEW YORK, Aug. 30.—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, com- | piled for United Press (1930-1932 average equals 100): Year ago .. 138. » | yo5 high apn! S 5) 158.26 37 low (Aug. 23)

| Yesterday 137.90 Week ago

[Month ago 1.32 |

Following are the commodity prices used in compiling the

daily price index:

Today Sots 1.0 Rte 0% 6.90

Commodity— Wheat. No. 2 red Corn. No. 2 vellow | Rye. No. 2 (bu) Oats. No. 2 white (hu.) Flour. sn: nat (196-1h, | Lard, prime steam snt Coffee. Rin 9s spt. Snrar raw. 96 test (lh) Rufter. 92 score (th) | Aozs, avz. most sales (Th.)... | Steers, avg. most sales (1b.)....

NY N36H 34 1130 0685

Week Azo 1.094 1.01, KA 32 6.83 1130 No NEN B32 J20 0670

than 107;

less seasonal drop of

130.99 Cotton,

Silk, A304

Copper. Lead. Zinc. Tin.

spot spot

Year Azo S11 1.104% RAE RELA Ee] A155 NR n3in 3434 A115 0645

Steel. Piz iron, Coke.

Pouzlas fir Gasoline, Crude oil.

the per

Commodity —

Lambs, ave. most sales (1b.) .. Hides native heavy steers (Ib.) Wool, fine unwash combing (lb.) mid-upland 13-15 deniers Jap (Ib.)... Rubber, svt smk rib (1b.)...... electrolvtic (h,) Ib.) straita“sgpot Mb... ........ Silver. comm’! bars (oz.)....... scrap Chi. Iron Aze comp (ton) Connelsville (ton) Cement, dom. Portland Yellow Pine, &-tn. base (M It.) rouzh (M ft.) .... tank wazon 40 gravity

PRICE INDEX AND COMMODITY QUOTATIONS

Sources of auotes—Chicaze, scrap and hides. nelsville, coke,

(ton)

Tulsa, crude oil

| signed to Japan. bales for the season to Aug. against 28,000 bales last season and 50,000 bales two seasons

importers to cut down takings of foreign goods and restrictions on ex- | ports of yen tightening. it now ap- | pears that Japanese takings will | slacken further.

Year Ago $ 0950 a2

Week Age $ 1088 ARB Al 8514 1008 Jd138 1.94 1.52 1825 J8 5-16 Je KLE M6524 0460 D687 1g 190 Sn Aan 19.55 23.28 4.35 2.25 LUN 82.50 has »n grains, Hveestock, lard, East St. Louis, rine, New York, all others.

Today $ .1035 ARB Al 0960 1.94 L831 MM 065204 DBRT Ve 500g Ay 19.35 23.25 4.35 2.9 80.00 32.50 nas

Ib.)

ab.) .

A dag 16.25 IRR 3.65 25 50.00 RRM MRT 1.18

thhl) %

(zal)... (hbl.) steel

Boston. wonl, Cen-

par-

have already |

action on | particularly the |

there |

of | bending to fhe will of the executive

| slipping since April. | NEW YORK, Aug.30 (U.P) .—Ex- |

totaled only 6000 2M, |

ago. With | th: Central Bank of Japan warning |

| age, levee, irrigation or | provement districts.

As in the original act,

other

the meas-

| ure provides that 51 per cent of the | creditors may initiate a debt adjust ment involving a scaling down of

| principal or interest, or | clarifies the rights of th

/sion and prevents the possibility of |

involuntary bankruptcies ling consent of the debtor

both, It e subdivi-

by requirbefore an

(adjustment can be submitted.

Two-Thirds Must A

A plan agreed to by a majority of |

the creditors is filed District Court effective until ratified by

{of the security holders.

can disapprove the settlement if he |

finds it inequitable. Any also must be based on the (ity’s full capacity to pay. Chairman Sumners the House Judiciary staunch defender of Court, has contended tha sion of last year was {policy and reason”

view its findings. The original act was ii | assist about 2000 commu | improvement districts

| depression years.

full Settlement.

and cannot

(D, Committee, a | the

unsound and

gree

the U. 8.

two-thirds The judge

settlement, communTex.) t its decitended to

nities and

cases,

FURNITURE SALES UP FROM PAST YEAR

Times Spee inl NEW YORK, Aug. sales of furniture in the

30. —Retail

past seven |

{ months range from 15 to 35 per cent

| greater than in

the corresponding

| 1936 volume, according to a recent

| survey just completed by Bradstreet, Inc, Factory operations h but

Dun &

ave been

production |

for the period was 20 to 40 per cent

greater than in the same vear. 96 per cent over the 1936

tive on April 1 yes shortened to 47 |

per cent by aug

period last | The rise in unfilled orders to

compara-

NEW BOND IS SUES

(By W

At] City 3'as "Ad B & O 4'23 "39 B F Avery Sons 5s ‘47

Cent Main Pwr 3'as ' Cinti G & E 312s "67 CMO 235s '42 Fla Power 4s '66 Fla Power 5s '66 Houston Lt & Power ps Indpls Water 3's '66 Los Angeles Rev 3':s’ Narre ec 3'as '66 NY City 3s "71 NY Northern State P 3'2s "67 Pac Lighting 42s '45 Union Elec 3%s Union Elec 3s '42 West Chester 3'as Wisc G & F 3'as '’ Wisc Pub Svc 4s

L. Lyons & Con.) « 97%

Ask

State Elec Gas 4s 33 ans

Scott Paper Co 3! as 52. ...... 110

"FOREIGN EXCHANGE |

| NEW YORK, Aug. 30 | foreign exchange lower,

Cable Rates 4.9

| | England (pound) . 74) | England (60-day bill rate) 4.9511-1 Leanna tdollar) | France franc) Ttaly (lira) Belgium (helga) Germany (mark) Switzerland (frane) Holland (guilder) Sweden (krona) Norway tkrone) Denmark (krone) JADAR (VED) geierreeine "2839

U.P.)

Net Change 6 —.00 5-16

§ 00 5-16 00 1-64 0000" 000"

noon! nnn3 “000015 00011, 600034 non, -+.0001

im=- |

become |

of | Supreme | “In |

that it | should have an opportunity to re- |

for |

~~Opening |

: HEBRON

‘| the Federal

p pf

Chicago

Advance Alum Berghoff Prew ! 9% Ay Bruce FE L . 16 | Chicago Corp ‘riven ) 14 41a Club Alum 1%4 | Comwlith Edison | Cord Corp Katz Drug Ken-Rad Tube Loudon Pack Mid West a’ | No Amer ' Pub Sv N §h 8 nf ‘ Swift & Co ‘e Utah Radin Prod Zenith Radio

INVESTING co. ’S

(By the N. Y, Security Dealers Assn.) Adm Pds 3% 18.19 Ky CFKY 22.83 24.94 Affi Pd 33 CFK2 18.73 20.50 Am Bus 24 Key ) 19.54 11.43 : id. B 31.92 10.06 29.00 17.22 12.47 7.54 |

Stocks

High Low R %

Bln 3

de- |

| As 8 Oil Bas Ind Broad St ! Bull Pd Cll 8s ot 1 Cp Tr Ss C Tr AA ' cum

0.18 36.44 Mas Iv T 27.33 22.37 Mu 1y Pd 15.75 19.000 Ky CP34 11.26 Natl Inv 17.29 [Nat See 468 4.78 "vig 1.96 2.12 | AA 3 E Pd 1809 19.45 | mod 3 N. es Stocks, Inc. | Crm Fos 2 x Stks 11.14 12.03 | Cum Tr Big Sp 1107 11.96 Fise. Fds. Elec Eq 12. 09 13.05 Bk Stk 11.38 Is Stks 3. 11.81 Dep Bk 13.51 Divers C 15.80 | nD

Div Shrs | Fidelity 1st Bos Fix Tr A "ns

Pound i Pd Iv Te 27 {Pd Tr A $e

Gn Iv Tr Group Seer ies Agri 2 Auton

an 1 Sehotkent 2 8el Am Sel Inc Sav Inv 8n Trk 2 Std TTtil Sup Cp A - 8

14.22 59

' St mn n 204 Ine Invs 2 3 a n 3a Ky C82 24.07 pe 34 Ins Shrs 1.57 1, 70 OSELAPA 1" Ed Inv Pd C 14.87 138.78! ' a well “Pa 18.91 a0

I OCA AL PRODUCE

(The prices quoted are nald for stock gathered in the countrv, while for deliveries in Indianapolis the prices are 1 cent higher. Each full ease of egas must weigh 55 pounds gross.) Egrs—=No. 1 strictly fresh. 0z

18.7

loss off. 18¢

Heavy breed hens, 5 Ibs. and over, 17'%¢ Leghorn hens, 13c: heavy bread orilers 1937 stock, 2 Ibs. and over 19¢c; Lognomn broilers, 1937 stock. 2lbs. and over bareback broilers, 1937 stock. 2 ibs. 1: over. l4c: old roosters, 9c: ducks, Ton. feathered and fat, 5 Ibs. and over, geese, full-feathered and fat. 9 to bs.. 4c

Butter—No 1 sic: @3 0: oY ier aoe.

| Butterfat. No. 1.

| —

BANK RAISED Times Special CHICAGO. Aug. 30.—The Sire] Bank, Hebron, Ind., which has been | operating as an unrestricted, nonmember bank, has been admitted to Reserve System and { licensed as a member bank by the | Chicago Federal Reserve Bank, at | the direction of the Secretary of the | Treasury.

Leads Share

fhe | rallying to |

rose |

Traders had been fearful that the | in foreign trade, |

prices im- |

Youngstown | each | Westing- |

can Smelting led metal shares on a |

110,000 | shares, compared with 160,000 in the |

Industrial 176.66, up 0.73; rail

Last | 3

412 any

1 Pay Off Loans

1.0: 19.74 |

N.Y. Bonds |

By United Press BOND PRICE INDEXES | |

” 2” Inds. Uths, » 100.4 wo mie LL LLL) 9A 105.6 . Dan 106.0 LOR 0.4

20 Rails KOR ns ne nea m.2 "0.8

ete nn "a wl PIR hes nA

Saturday Week ago Month age Year age 1985 high | 103% low U. 8 GOVERNMENT BONDS Treasury Randy

High 106.18

Law INA IR 104.11

1047.43 « 1940-48 ax 195340 + 1080-58 1080.54 Federal Farm Marigage Ronde 1047.42 102.15 102.14 Hamme Owners Loan hands 1044.4) 09 21% nn 24 1952-44 101.29 101.2% DOMESTIC BONDS

102.14

nn 24 1m 27

Abitibi 5s 5% ‘MM Aleg Corp 5s 44 Anaconda C 4x MD Arm Co Dal 4 88 At TSF gen 4s 08 B&O 414s 0

Chi Un Sta 3%s 63 Clev Un Ter 8: 13 Cons Oil vx 51 Brie ref 558 75 Erie ref Hs 67 Goodrich 6s 45 Gt Nor 4x GG 46 Hous Of] 5'us 40 Ti ner 4% 5 66 Loews Ins 3.5 46 long Ist ref is 408 ac cv Hlas 49 ‘ Mo Pacific 5s FP 17 3! 3 a! ) Mont Pow 3%s 66 ! 0 ¢ | Nat D P 3%3, 51 ww 1031 " NYOent 414% 2013 87 | Nor Paci 4s 97 Oh Uub 8 7: B 47 Pac GRE] 45 64 Penn Co 4s 63 Penn RR 4's 84 Pere Marg 5« A 58 | Postal T&C 5s 52

6 1047, 119% | 102% | 64 99', ne,

Lf 111! 108% 101% 10574 100 18%, 153,

injurious to |

Stan Oil NJ 3 | Va Ry Co 3%: West Un 5 An Young 8&T 4+ 81

FORFPIGN

Argent 4x 72 Canada 14s 81 Cuba 5',c 4% | Traly 7s 51 Japan 6,5 54 Japan 5,5 #5 | Peru 8x 80

FLYNN ATTACKS

upward |

~ TAX SUBSIDIES

| price of bar

No Need of Relic From | Duty on Undistributed Profits, He Says.

By JOHN T. FLYNN

Times Special Writer NEW YORK, Aug. 30.-In the lasl few years a good many appeals for salvage and relief have been raised | to the all-kindly Government. But | | the closing days of Congrress offer an instance of what might be called high-water aleng that shore. Ineci- | dentally, it affords ammunition fo | those who fear that once the Gov-

ernment sets about putbing pennies in the tin-cup of business the practice wil] grow by what it feeds on, Congressman Cellar | has now come | forward with al demand that the Government give relief to the loan companies = those public spirited personal Mr. loan concerns | who did so much [ to help the poor in these “troubled | | times” by loaning them money at | | 2 per cent. The plea made for these | | “unfortunate” money-lenders is also | 1a good example of how the human | | mind works. What the companies want is to be | relieved of paying the tax on un- | distributed profits. Consider how il | works. These gentlemen borrow money at | | 5 or 6 per cent per year and lend it | out at 2 and 3 per cent a month or | 24 to 36 per cent a year.

| Taxes on Profits

Flynn

Many of them, as you can imagline, have large profits on this sort of thing. And they face the duty of paying taxes on their profits like other business, However, they ldo not want to pay the taxes. By [not paving taxes they can add very

| materially to their earnings like the

. | grocery clerk who felt he could make |

[¢0 much more for his boss if he | | didn’t have to give the customers | their change. These companies—or many of | them-—have large profits which they | would like to use to pay off their loans to the banks. They are faced [Herelore with the alternative of using their profits to pay their loans | lor distributing those profits to their | | stockholders. If they distribute the | | profits the loan company will es-| jcape the tax. This can hardly be called a misfortune for the stock- | { holders, But if they hold the profits and use them to pay off their bank | loans they will have to pay on un- | distributed profits tax.

13 4 | pay a tax on his profits whether he |

| pays off his loans or not. Tt would |

: [be a delightful thing if citizens were

permitted to deduct from their income the sums they require to pay | loft their personal debts. One won|ders why these 24 per centers and Fe per centers should be able to wring the heart of a congressman to | the point where he is willing to] make an appeal to have the Government give them a tax-subsidy to clean up the loans on which they pay only 5 per cent. Why then should not the Government give their clients a tax subsidy so that they may clean up the loans on

which they pay 24 per cent? { (Copyright. | 1037. NEA Service. Inc.)

FOOD PRICES

| CHICAGO, Aug. 30 (U, P.).—Sweet Po-

‘Wheat

| was 's | % to | were unchanged

| peg

| with

{ 22¢;

| rates

| 4's Nov

| tatoesTemiessee. bushel baskets, $141.15, Carrots—Illinois bunches, 1'2 2Vc. Spin- | a Michigan, bushel, 10@70c, Tomatoes | higan. 12-qt. basket, 15 50c Caulior ~Colorado, crates, $1 25@ 1.35. Peas | -~Colorado, hampers. $1.35@1 60 Celery- | Michigan. flat crates. 40@30c. Onions (50. sacks) —Michigan vellow #656c, Minne. | a yellow. S580. Towa vellow. Tc: daho white. 90c.

PERSONALIZED AUTOMATIC TYPEWRITTENLETTERS , EXCLUSIVE 20TH CENTURY MIMESBRAPHING UF TH X20 ON BOND |

LE I I ER COMPLETE MAILINGS

315 Merchants Bank Bldg. LL 6122

TWH NATARIES |

MONDAY, AUG! 30, 1987

SHANGHAI NEWS

FAILS TO RAISE PRICE OF GRAIN

Moves Moderately October Corn Falls 4 Cents,

CHICAGO, Aug. 30 11. P= Wheat tracing wag mixed in mide gession today on the Chicago Board of Trade. Foreign war news, in-

[eluding hombing of the Dollar Liner

President Hover, failed to get much attention At the end of the first hour wheat, to ly eent lowar, corn waa 1'4 cents higher, and oats to 4 cent higher, Wheat prices moved in a mods erate range, opening lower and then

making short gains on a rally, Per«

| sistent profit-taking on rallies, hows.

kept down the gains. Winnis« closely reflected the action in Chicago. The lower close in Livers pool was a depressing factor, Wheat receipts were 174 cars Selling was moderate but despite | bearish tendencies on a part of (ha trade corn gained under leadarship of September, Octobar corn, in which interest extremely light, broke 4 cents cents, Com

ever,

is to 2

[receipts were 12 cars

WAGON WHEAT in elevators are paving other grades an Hei new Nn, 2 vellaw. Bie Na. 1 timothy, $184115.50

far Na, merits, Oana,

City gra 2 red, 4 Cash earn Re Mat WINNIPEG WHET Onan Changs Oelinhey £121 1 December 1 1RVy a May 1.10% ‘a LIVERPOOL, WHEAT Prev, Clots 51.95 1.25 be 1.211

Close £1.24 1.2404

107% 1.20%

SILVER PRICES RISE

FROM YEAR'S LOWS

LONDON, Aug

silver

0 ((U P)=The rebounded today on market after establishing new lows for the vear in the last three trading days It was quoted today at 19% pence an ounce, a gain of 3-16 penny, On the basis of sterling at 84.9635 the American equivalent worked out at 4323 cents a fine ounce, compared 42.96 cents Saturday Forward silver also was quoted at 19% pence an ounce, a gain of 3-16 penny,

BROKERS’ OPINIONS

NEW YORK, Aug. 30 P.) = Brokerage opinion (nday E. A. PIERCE & CO.—-We (nel that the market is close to a huying range, at least from a temporary point of view,

REDMOND & CO. Unless fine damental conditions are poorsr than anticipated. we believe the market is forming a base from which a technical rally will be witnessed, Purchase of selected equities is suggested, HORNBLOWER & WEEKS.-Wa will want to look for a buying epportunity the early part of next week LAMBORN, HUTCHINGS & ©O. -We would continue watch cares fully for the reflection of the market to show the begining of an ate tempted turn upward again. SHIELDS & CO.--After | shakeout experienced, the list titled to some comeback if from | technical influences alone, but a cautious trading policy should be adhered to until some new stimulus develops that will revive good buying leadership.

the bullion

(UU,

the is en-

FILM CHANGE MADE NEW YORK, Alug, 30 (U N. L. Nathanson, Famous Canadian Corp. president,

P.) Playars

has be

| eome associated with Universal Pie[tures

Co. through purchase of a substantial interest in its subsidiary, Canadian Universal Film Co., Lid,

[it was “Whonunced today

CHICAGO PRODUC E

RA AXIFA dire

Market wen k fresh graded [irast firsts, 21c; current reesipts, tis, 16¢; cheeks, 15¢ Butter~Marke easy raceipis, tuhs extra firsts (90.01' score) 3215¢; extras (92 scorer 33c: firsts 3c; seconds, 20c@28'.c; standards, specials, 33'.c% 34¢ Paultry-Marke! steady trucks gees 156% 16¢ ducks 15 sc 17'4¢; hers, 19'5¢%22¢; leghorn hens, 16e; spring chitkens 18¢ 7 23¢ broiler: 18cm 24¢; roosters, 13Vach 141 ,¢ fryers, 18c#p turkeys, 15car1°¢ Cheese—Twins, 17%ca 18¢ 18140 @18'%¢c; longhorns, 18'4car 18 Potatoes Supplies, liberal demand slow market wenk California White Rose, [email protected]';; Idaho Bliss Trium 4, $1.35601 45; Ydaho Russet Burbanks, $i U. 8 No. 2, $1.35, Colorado Bliss Tritimphs, $1.25; Michigan cobbler: $1 Nebraska cobblers, 90car$1 05; Nebraska Bliss Tri= umphs, $1.10; South Dakota ¥uiss Tiiumphs, $1.20 Wisconsin cobblers, 102@ Wisconsin Bliss Triumphs, 98casl; EM cobblers, $1 Arrivals, 141: on track 318 Saturday, 33 Sunda)

MONEY MARKET

NEW YORK, Aug. % UP) were unchanged today Call oney—Stock Exchange, 17 Exchange, 17,7 Bankers’ Acceptances days, ar 7-16" 120 days and 180 days Sa @0-16» Commercial Paper—Prime names, 17, Time Monev--60 and 80 davs, 1'47 150 and 180 dave, 1%", Rediscount rate at New

LAND BANK BONDS

Asked Yield 100% 2 3 2m 2.00 2.52

raceint a ” 20,0

184,

Feg

CRAKPS

14.088 Adm

receipis "n

daisies, LE

242%; shipment,

Monay Curh

30, 60 and 90 150

f-18%

120,

York 1%.

Bid 1004 10074 1004 102 1087 . 1001; 102%: 10 43 ...100 0.168 Too" 13-18 ‘ 103% an 8

3x July 1958-45 3s Jan 1056-46 3: May 1056-46 | BVas May 1055-45 4s July 1046-44 4s Nov 1057-37 4s May 44s May

1001 10054

1058- 38

\ NEON * SIGNS

Indianapolis Electric Sign Co. 228 N. ALA. L1. 5674

ni si tins

DEL AWARE 7 PPP