Indianapolis Times, Indianapolis, Marion County, 31 August 1937 — Page 16

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r TUESDAY, AUG. 381, 1937

STOCKS ADVANCE ~ BUT COTTON FALLS

- T0 LOW

SINCE "33

» u

Japanese Bonds Rally At New York and London.

NEW YORK, Aug. 31

(U. P.).—The stock market |

extended yesterday's gains

in dull trading today. Cotton futures broke to new lows since late 1933 today on losses rang-

ing to more than a dollar a bale in response to over-night announce-

ment of the cotton loan and its de- |

tails.

Around noon the list was 13 to 21

points net lower, distant months bearing brunt of the pressure, Many traders believed details of the loan were arranged so that a minimum of cotton, especially of the lower grades cumulated hy the Government South led the selling After the loan announcement was made, the Alexandria cotton market gained 15 to 27 points, but Liverpool closed seven to nine points lower, World sugar new lows with Sugar Agreement TOW Radio Corp. featured and scored a small advance. U. 8. Steel held near 111, up *:. Atlantic Coast Line rose | nearly 2 points. International Harvester led farm shares higher. Loew's gained more than a point. Oils cored | small advances and coppers rallied. | Utilities were steady Lack of volume continued the fea- | ture. Buvers continued cautious over the Far Eastern situation but sellers | were equally reticent | Curb stocks advanced fractions to around 2 points under lead of industrial and mining shares. Strength in Japanese obligations, which gained up to 3 points, featured quiet bond trading At Chicago. Noblitt-Sparks gained almost a point to lead industrials higher. At London market undertone was volume continued light. support developed for Japanese bonds, prices rising as much as a point. Greek issues firmed as preIiminaries for payment of 40 per cent on bonds were made, FIRST HOUR

Trading continued prices strengthened. U Bethlehem and Chrysler each showed a gain of a point or more Philips Morris was Tairly active to reach a new high for the vear on a gain of 2: points to 95: Oils were firm paced by Standard Oil of California which showed 1!¢ gain at 431. Loew's was fairly active to reach 82 on 1': gain and Paramount | gained 1: to 221i. Rails were led by Atchison which gained a point to 75. Utilities were quiet and firm. Volume approximated 150,000 shares, compared with 110,000 in the | first hour yesterday. Dow-Jones averages: Industrial, 78.79, up 0.91; railroad 50.06, up 0.33; utility, 27.59, up 0.14.

The

sold off to International tomor-

futures the afTective

meanwhile the stock firmer. but Further

light S

but | Steel, !

SECOND HOUR

Prices eased slightly from their highs as trading continued dull. U. S. Steel dipped back to 110%; and Chrysler to 1103%:. Sloss Sheflield however had 2 points gain at 150 and Johns-Manville at 129 was a point higher. Bethlehem had advance at 93':. Atchison dropped back to 74!{ for only i: gain, out | Pennsylvania and Atlantic Coast Line each had almost a point advance. Rails and utilities were fairly steady and quiet. Volume approximated 70,000 | shares, compared with 70,000 in the | second hour yesterday. Dow-Jones averages: Industrial, 178.62, wp 0.74; railroad, 50.04, up 0.31: utility, 27.58, up 0.13. =

o =

Today's Business At a Glance |

GENERAL BTSINESS

American Tron & Steel Institute | reports operations 84.1 per cent of | capacity week beginning Aug. 30 vs. 83.8 per cent previous week and 71.5 | per cent year ago. National Lumber Manufacturers | Association reports week ended Aug. 21 production by 544 mills 269,416, | p00 feet vs. 286,372,000 preceding | week by 565 mills previous week; | shipments 226,727,000 vs. 250,342,000 | previous week; booked orders 223,692,000 vs. 230,513,000 year ago. Dun & Bradstreet, Inc. reports week ended Aug. 26 business failures | 155 vs. 159 previous week and 138 year ago. Oil & Gas Journal estimates daily average production of crude petroleum in the United States for week ended Aug. 28 was a new high record at 3,375,393 barrels. CORPORATION REPORTS McLellan Stores Co., 12 months ended July 31, estimated net profit,

$1,275,901 vs. $1,225,114 preceding 12 |

months. National Bellas Hess, Inc., net profit, year ended July 31, $19,957, or 1 cent a share vs. $173,808 or 11 cents year ago. Western Grocer Co. of Iowa, 12 months’ net profit, $320.783, or $2.44 a common share vs. $222,294 or $1.52

year ago.

W. T. Grant Co., six months end-'

would have to be nce- |

| Molvhedenum

| Pant | St

| { | Sunray . 4 4 vee Technicolor vo 33 3278 3 . | Harg a ? 3 ve |

| Am

| Fuller

{ Suntrd Mch

{| 150 and 180 days

| year

{ ceding

vania, | $1,204,809

| Aug | 30,463 preceding | year

| months ended | net

{ quarterly

MARKETS AT A GLANCE

Stocks firm in dull trading. Bonds firm: U. 8. Government issues quiet and steady. Curb stocks advance erately. Chicago stocks firm, Call money 1 per cent. Foreign exchange lower. Cotton futures break to new lows since late 1933. Grains lower at Chicago; corn off ', to 13: cents a bushel, Rubber futures firm, Silver unchanged in New York 443; cents a fine ounce,

Cur b Stocks

By United Press

mod-

Net High. Low. Last Change. 43,4 434 4394 ‘va 35% 15g 3%

B B

Aero Sup Am Cyan Am Super Ark N Gas Berkey Gay Can Marconi Carrier Corp Cities Sem Cities Ser Ool ODO & G Con Cop Mns Cust Mexic Fagle Picher LL, IO Equity Cp .. oq Fisk Ruber 12 Gulf Oil 8361: Humble Oil . Rl Jones & 1, Stl. 3% Lion Ou 3D Mesabi

A ™ur 65x pa 40

Iron 10g Niag H Pwr 23 Ned ve Regis P.. Sezal Lock Seiberling R Sherwin W Std Oil Ky Sterchi Bros Stutz Motor Oil

Wright

Chicago Stocks |g. s.8

| Goodyear Graham-Paige

—- "wow

Pub Armour Castle Cities Club Comw Dodge Mig Mig Hupp Motor

Serv c

« AM Service Alum Edison Co Co

0 Pa

3.3

P5323

saz

Mid! i { Noblitt-Sparks Pines Wifront Stan Dred pl T

= “>

DBIIINILII NTS

Trane Co Zenith Radio

MONEY MARKET

NEW YORK Aug. 31 (UU, rates were unchanged today Call Money—Stock Exchange, Exchange Bankers’ davs. la@7T-18 and 180 days. Ss@9-18 Commercial Pamer Prime Hames 1% Time Monev—60 and 90 davs. 1%4%. ) RE r Rediscount rate at New York 17%.

tis 5

ata

Acceptances —30 60 and 20 days. 9-16@'2"

curb an 50

120,

$1,394,976, $1.21 |

ed July 31, $1.16 a share vs. ago. Atchison, Railway Co.

net profit $1,448,978 or

Topeka & Santa Fe week ended Aug. 28, own lines, loadings 23,201 vs. 23,385 previous week and 21,177 year ago. Baltimore & Ohio Railroad Co, week ended Aug. 28, own lines, loadings 33,179 vs. 33.857 previous week | and 32,765 year ago. Ludwig Baumann & ended June 30, net profit, vs. $239,989 preceding year. Winnipeg Electric Co. July net, $176,211 vs. $184,667 year apo: seven months’ net, $1,646,665 vs. $1,647,136 | Year ago.

——— Co., year $616,723

American Sumatra Tobacco Corp. | Fd Tr

ended July or $337 =a $2.64, pre-

and subsidiaries, year 31, net prefit $649,075, share, vs. $507415, or year Telephone Co. of July net operating income, vs. 31,200,060 vear ago. | seven months net, $9,569,076 vs. $9,346.844 vear ago. | Chicago Milwaukee, Pacific Railroad Co. week ended | 28, total loadings, 30,560 vs. | week and 30,144 |

Bell Pennsyl- |

St, Paul &

ago. Oklahoma Natural Gas Co. 12 July 31, consolidated | income, $1303,540 vs. $862,951 |

preceding 12 months. DIVIDENDS

Holland Furnace Co., common, pavabie Oct.

50 cents on |

| Deere | Douzlas

| Duplan Du

Erte

| Here | Howe

| Int

P.) —Money |

or |g

| Cont

| Fise | Dep Ins A ns

| Div | BEauity

| Gen Can | Gen ! Group Soeur itics Ag

THE INDIANAPOLIS TIMES

PAGES"

By United Press

NEW YORK STOCKS

sil

Low 1794 30 232 19

High wast Oe

Am Am Brach & Met Am Pwr & Lt Am Rad & | Am Roll Mill Am Smelt | Am Stl Pdies . | Am Sugar pf | Am Sumat Am T & Am Water W .. Am Zinc | Anaconda { Armstrong Ck .. Atchison ‘a Atl Refining

1 a

4 4

3 Bla at

Barnsdall Bavuk Cig Beth Steel Boeing Air Bohn Al Br : Bdgeport Brass Briges Miz Bruns-Balke | Pada Mig Burlington Mills

| Calumet & H | Can Pacific 1% : | Celanese . 3 367 a 3

Chrysler 3a Clark En gd PP... Com Credit Comw & So | Comw & So pt | Cong=Nairn Cons Edison | Cons Oil ae Coan Textile Cont Can Cont-Dia FP .. Cont Mot Coty Crane Co

“up ia

| Crown Zeller

| Curtiss=Wr

nf Dist KVeagp Air Silk 15 Pont 155%, 188%

—E— Fast Kodak «1B6 186 » hal Ya

Flee P & 1 209% 2 — 3"

Ped Mot First N Strs

| Pollansbee

Gen Bronre Goan TPoods Gen G & FE A "n : Gen [ors 551, 5K! Bila 1 Gen Out Gen Rty d U R'& U pf

Vi a

Grant W T ‘a

Hecker Prod Ant Sound

Hupp Motor

1134 nt,

Inland 8t} Int Harvester M Marine Mining Nickel

Int Int

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RR .. B .

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BROKERS’ OPINIONS

NEW YORK, Aug. 31 (U. P).—

18. 0%

wes

—

ny 7.50 Well Fa 1.70

Nema | SIDI amea

| Brokerage opinion today:

E. A. PIERCE & CO.—Until there are clearer indications of the seasonal fall rise in business it is prob-

8, record | able that the current feeling of un-

{ Sept. 17, wi. $1 Aug. 2, the only pay- fours ainty may continue.

ment this year. Koppers Co, $1.50 on preferred, | record Sept. 11. Reliable Stores 25 cents on common, pay- | able Oct. 1, record Sept. 16. South Penn Oil Co. extra 77 cents and regular quarterly 374% cents, payable Sept. 30, record Sept. 15, vs. 37! cents extra on June 30. Tilo Roofing Co., mon, payable Oct. 1, record Sept. | | 10, vs. like amount on July 1. Baldwin Rubber Co. special option | on common of $1.15 cash or 10/65 of | a share, payable Sept. Sept. 15; also regular quarterly 121;

regular

ord Sept. 15. Crown Cork International Corp 50 cents on account of arrears whe {quarterly 25 cents on class “A” | stock, payable Oct. 1, record Sept. | 10, vs. like amount on quarterly | July 1. Bridgeport Brass Co. regular | quarterly 25 cents on common, pay- | able Sept. 30 record Sept. 17. Johns-Manville Corp. extra 75 | cents and regular quarterly 75 cents | on common, payable Sept. 24 record | | Sept. 10. Waldorf System, Inc., 20 cents, | payable Oct. 1 record Sept. 20, vs. | 30 cents on July 1 and April 1. (Copyright, 1937, by United Press)

quarterly, hes payable Oct. 1, |

| Corp. regular |

25 cents on com- |

20, record |

REDMOND & CO.—We expect seasonal forces of fall recovery to be asserted after Labor Day. There is no change in our nearterm opinion that stocks are a

| better buy than a sale.

HORNBLOWER & WEEKS—AIl-

| though nothing has occurred as yet | to definitely indicate that the recent

decline has spent its force, nevertheless, we regard as significant the fact that resistance to lower prices | was encountered around the low limits of a normal correction of the June-July recovery movement,

SHIELDS & C€O0.— Investment

cents a share, payable Sept. 20. rec- groups still have buying resources

but show no intention of using | them for the time being. Together

'| ‘with withdrawal of foreign interest

and restrictions on normal trading | operations, the market is unable to enjoy even the technical snapback | warranted by the shakeout experienced.

| JAPANESE EXPORTS GAIN

TOKYO, Aug. 31 (U. P.)-~Japan | today reported its trade figures for | August showing the first export balance this vear. The Finance "| Mins istry reported August exports |at $30,460,300 and imports at $29. 590,200.

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY NEW YORK, Aug. weighted index of 30 basic commodi the United Press (1930-1932 average

Yesterday 138.49

141.49 | 1937 low

NEW YORK. Aug. 31.—Following are the commodity prices

mused in compiling the daily price index: Commodity— Today Wheat, No. 2 red (bu) ........ S1.0834 Corn, No vellow (bu.). Rye, No. 8 (bu) .... Dats, No. § white (bu.) ele Flour, Spg. Pat (196 1b. sk.).. Lard, prime steam spt (1b.) Coffee, via Ys spt (Ib) Sugar, raw 96 test (1b) Butter, 92 score (1b.) Hogs, avg most sales (1b) i Steers, avg. most sales (Ib)...

PRICE INDEX 31.—Dun & Bradstreet's

13M | Yearago ........ 1937 high (April 5) 158.26

daily ties, compiled for equals 100):

130.50

| Commodity— |

‘Wool, fine unwash © Cotton,

(Aug. 30) 147.14 Copper, electrolytic Zinc, spot Week Ago $1102 1.06 ’014

Year Azo $1,134 1.07384 901g Ag 19 A195 NR 0370 34 A100 0845

Silver, comm! bars Steel, scrap, Chi. Pig iron, Iron Age

Cement, dom. Portl

Crude oil,

scrap and hides. nelsville: Coke

Lambs, avg. most sales (Ib.) Hides, native hvy. steers (Ib.) ..

mid-upland Silk, 13-14 deniers Jap (b.).... Rubber, spt smk rib (Ib) .......

Lead, spot (Ib.)....... MY es Tin, straits spot (Ih,

(ton) Coke, Connelsville (ton)

Yellow pine, 6-in. base (M. Douglas fir, rough (M. tt.) Gasoline, tank wagon (gal). ... 40 gravity (bbl.)

Source of Quotes—Chicaroe:

Week Ago J015 JAB 41 0085 1.93 JIR35 MH D652. DBRT, SRB RYE 19.55 23.3 4.35

Year Ago $ 0960 a2 3514 JIRY 1.69: a6 7-16 090g 0180 0490 Al 44% 16.25 18.33 3.65 2.55 60.00 38.00 087 1.18

Nvestock. lard, Louis: Zinc.

Today 1030 JAB 41 0952 1.92 JI831 qe 06521, DBRT AHR 4

A § ombing (Ib.) ah.)

ab)..ovein

) tienen

OZ.) nin comp (ton). and (bbl) .

1t.).

1.2%

steel Con-

Grains,

Boston: Wool. E. St.

Tulsa: Crude oil New York: All others

x |

, | Month ago

4 a

2 NY NH *H pf

a, |

| Aetna Life

'DOW-JONES STOCK AVERAGES 30 INDUSTRIALS | Yesterday | Week aro ‘Month ago Year ago a High, 19385, 194.10; Yow, 165.51, High, 1936, 18090: low, 143.11, 20 RAILROADS 40.31 32.m 52.00 54.62 £4.16; Tow, 10.40, 59.89: row, 10.66, 20 UTILITIES

£1.95 | «+ 0.32 | w-l.00 0.086 |

182.3

166.35

Yesterday Week ago

| Year age High, 193%, High, 1936,

Yesterday Week ago 3 ky aro :] Year age | High, 198%, High, 1936,

“Wad ss -— Daf Ned - am

3 4 “Tow, 25.45 B60R: Tow, 28.63. 70 STOCKS 60.42 62.14 33.42 61.39

Yesterday Week ago E javenk ago . Year age High, 19837, 89.6%: low, AT.0% High, 1936, $6.38; low, 51.20.

0, "w! wl), 50

Net Last Change | B2%

High R2 4 33 a eM 180

Low B23, . 33a +

[ tou & Nash * | Ludlum Stl |

| Macy RH + Ya Maracaibo Macey R H RT. 15; i Marshall Md 2 MeRn&Robb ni 13 Menge! 33 1

Motor ‘Prod

305

—

2 ~ Pas

| Nn Amer | No Am Avn "No "Pacific

WI PILI NEI DD ye ud

dE te

ara

| Ohio Oi) | Otis FPley | Otis Steel

RR Phillips Pet Proctor & G [ Pullman .. | Pure Oil

al Radin

Radin pf Ragio-K-Or | Res Mot i Republic St] | Reyn Met pre Tob B

| St IL-8 ¥ran | Schenley Dist [Seab'd "Air L | Shell Un Oil

RESERVE —

* LENDING INCREASES

‘New York Institutions Sell Guaranteed Bonds.

WASHINGTON, Aug. 31 | ~The weekly condition of Qcporting Federal Reserve mem-

QU. PI.

day showed a rise of $26,000,000 in comercial, industrial and agricultural loans for the week ended Aug. 25. Loans to brokers and dealers were $5,000,000 higher than in the precad. ing week, of which New York City banks accounted for $4,000,000. # Holdings of U. S. Government di- | |

rect obligations rose $1,000,000 to a total of $8,232,000,000, while holdings of Government-guaranteed ob62 | ligations were reported at $1,134 * 1 600,000, off $5,000,000 from the previ- . [ous ‘week,

45 | credited to New York banks.

| Demand deposits-adjusted

wl), 07 |

WHOLESALE FIRMS REPORT FIRST DROP

{ month,

| October last,

statement | |

ber banks in 101 leading cities to- |

with the entire decline |

TOSe | $20,000,000 to $14,950,000,000, a gain |

High 13! 204, 40% a3 3 11%,

189%

Low 13%, 200, 40%,

3h 11%

13% \ 20%, 1 4074 ¢ 1

| Silver<King Secony- Vacuum South Pac | South Ry | Spiegel ne | Std Brands .. 'Std G & FE Std G &

» | Starrett 1, 8

| Studebaker | Bunshine Min Superhtr

[Tenn Corp Tex 6G Sul Thermoid

| On Air Lines. . Un Gas Imp U0 8 Hoffman IS S Pipe & P..

Net Last Change |

GAIN PREDICTED

AUTUMN STEEL PLANT OUTPUT

| wc

cc.

Buying Reported Slow, but

Two Plants Reopen at

: | Pittsburgh.

| |

| CLEVELAND, Aug, 81 (U, | New steel buying continued low | this week, but improvement in a | number of products points to a good

* | upturn this fall, the Magazine Steel |

| Vanadium

146 fd 90% 231, 381 691 —yu 87 BM wn re

| Young Sheet

| Zenith Rad n

‘Show Only Sales Decrease Since May, 1936.

NEW YORK. Aug. 31 U. P» July sales of wholesale firms report[ing to the Federal Reserve lof New York averaged 8.2 per cent [below the corresponding the first decrease since May, the monthly review said today goods and the largest

1936, Sales of cotton | concerns showed | to-year recessions in about | Hardware and grocery firms least favorable sales { since January, 1936, and paper confeerns the smallest increase since Vear Sales of department stores In the | metropolitan area of New York the first half of August rose 2.2 per 1936 and

VOArs

the

|cent, over the period

‘ 1 showed about the usual seasonal in- |

the review sald July sales of these stores, hows ever, were only 1.7 per cent over { last, year, the smallest rise since Oc~ | tober, 1935. Sales of leading apparel stores were 11.3 per cent below last, vear, the first decrease in over two years. July chain store sales were 6.3 per cent over a year ago. The review indicated that stocks (of! merchandise generally were { larger than a year ago in most lines of business

10 STATE INDUSTRIES

crease over July,

Ten industries in Indiana will reach their employment peak September, Mariin F, Carpenter, Indiana State Employment Service director, predicted today. Canning, cleaning utilities, metal work, tin, mills, saw mills, food flour general contracting are the dustries which normally have | tember peaks, he said. No dustry touches the bottom of employment curve in September, reported.

planing and

Sep-

its | he

‘SLOAN PREDICTS BIG MOTOR PRODUCTION

of $51,000,000 in New York City off- |

setting large declines in outside io} fuentes. Domestic bank deposits . | declined $41,000,000 in New York, [and $113,000,030 at all cities, while | | time deposits increased $55,000.000 lat all banks, with New York City | : | acounting for $12,000,000 of the ~ain.

BANK STOCKS

(By Atkins, Hamill & Gates) Bid

hase National Bankers Chemical Commercial Central Hanover Continental orn Exchange First National Guaranty Trust Irving Trust ‘ Bank of Manhattan .......... Manufacturers ‘ st . Public National

American Surety ' Baltimore American Boston Fire Firemen's of Newark . Hanover v New York Pire .. 0sSia ee Fidelity Phenix Continental Insurance

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or BRerings Sut indicate the approximate based on buying and selling recent transactions BONDS

Si Ind Tel (TH) 4s s _—

oa.

DRI D SB LY

rket level IrowiTies or

Bid Ask A 3] .. 103! 10472 50, 104; 98 . 58 0B: a7

H Tel & Tel Ft W 7s... Ind Assoc Tel 4'as 65... Indiana Tel Co 53 60 Ind Railways Inc 5s 67 .... Indpls Water Co 3las 66 . Interstate Tel & Tel 5's 53 Kokomo Water Works 5s 58 Morris 5710 Stores 5s 50 Muncie Water Works 5s 65 Noblesville H L & P 6'a25 47 Ohio Tel Serv 63 47 even all Pub T 8 .“ Richmony WW 55 57 e Seymour Water Co 5s #9... .: T Trac & L 5s 4 . T H Water Works 3 36. . T H Water Works 6s 49 | Trac Term Co 5s 57

STOCKS

Belt RR St Yds Som . Belt RR St Yds p Cent Ind Power "ota Ts Home T&T Ft W 2 Hook Drug Inc Von rel rad Tis Ind & 1072 Ind Sen Serv Co Ind Hydro Elec Co 7s

allory com ‘a Ind Pub Serv Co pid BM ise N Ing Pub Serv Co pfd 6s .. N Ind Pub Serv Co prd 7s : xProgress Laundry ® tom 55. Pub Serv of Ind pid . Pub Serv of Pav pr Bs Smith Alson P& taveana ith Alsop P&V ¢ xTerre Haute Elec | Co 6s Ynion Title Co ¢ Van Camp Milk. Co pfd...... Van Camp Milk Co com A oB st

x(By M. P. Cri Market St. Investing Corp....33.58 35M

COPPER HOLDS STEADY NEW YORK, Aug. 31 (U, P).— The export copper market was steady today, sales being reported at 13.80 cents a pound compared with yesterday's range of 13.75 to 13.871: cents.

97 20 . 48

Rush Jobs Make Us Smile

Hendren Printing

Company, Inc. 470 CENTURY BLDG. RI1-8333

merely |

EW YORK, Aug. 31 (UP) —~Alfred P. Sloan, General Motors Corp. chairman, returning today on the S. 8. Normandie, predicted that antomobile prices would advance in 1938 and that motor car production | would average about 5 to 10 per | {cent over 1936.

APPROVE RATE CUT WASHINGTON, Aug. 31 (UP) — | The Board of Governors of the Fed- |

. | eral Reserve System today approved

{the action of the Dallas Reserve Bank in reducing its discount :ate | from 2 per cent to 1!': per cent, effective Aug. 31.

se ———————————————

Rubber Output

CRUDE RUBBER CONSUMED IN THE UNITED STATES

(RUBBER MANUFACTURERS ASS*N)

FIRST SIX MONTHS EACH YEAR

THOUSAND TONS 3 o

103 1932 1933 1934 1935 1936 1937

THE PARKER CORP, GENERAL DISTRIBUTORS INCORPORATED INVESTORS

BOSTON, Aug. 30.—An alltime first half year record was made in the consumption of rubber by our mills during the first SiX months of this year. Consumption in these months jumped nine per cent over that in the first half of 1936 and was actually 15': per cent greater than in the first six months of 1929.

U. S. STATEMENT

WASHINGTON, Aug. 31 (U P.) —Government expenses and receipts for the current fiscal year through Aug. 28, compared

with a year ago: Today's Pur. Total a Bpenses $1,186, 613, 186.98 $944

1 . 1,053,573. 018 2 Gold res, 12,552.247.461.0 Customs .. ors 424,353 Wn ‘oday’s Purchase otal Pu Inactive gold $6,058,594.51 $1,320,800,19.360 xNew high

Bank |

1936 |

shoe | 2 years. |

comparisons |

in |

DUE FOR EXPANSION

in |

and dyeing, |

in- |

in |

said today. The national production rate re- | hounded 2 points to 83 per cent of { eapacity, following the reopening of

, | two plants in the Pittsburgh area,

and a number of steelmakers have

| 10ay

| | 38

{ sufficient backlogs to maintain their |

| present output for several weeks. “One strong support to produc tion is activity of agricultural im- | plement manufacturers, who report the heaviest demand in several years,” Steel said, In addition, automobile builders are placing early commitments, [which are having considerable effect on bar steel and sheet and strip production. Tt seems certain, the magazine said, that these requirements must increase within a short time as manufacturers start on 1938 models.

Preparations for the change-over to new models is curtailing auto- | motive output, although operations are holding up closer than usual to the end of the model year, Last [week's production dropped from | 83339 units to 83.310. Practically duplicating the previous week's decline, “The soft spots in steel demand at present are found in absence of [ railroad buying,” Steel pointed out, “the earriers being practically out of the market, although planning [heavy ear and rail buying late in the vear; and in structural steel | and heavy plates. Construction is | largely restricted to small projects, requiring lighter shapes which do not run to tonnage.” Scrap dealers and consumers are engaged In a quiet contest prices, according to the trade journal, and, consequently, buying is practically at a standstill, Largs consumers have not entered market for some time, and in Pittsburgh district shipments

the on

| Bx

| 448 Nov,

| |

the |

| PARP

contracts have been embargoed by |

| the leading interest, Dealers are inclined to await further

ments, especially bids on two

develop- | or |

{ three heavy railroad offerings which |

will be made this week Steel's composites all

unchanged for the past week, fin-

| tshea prices being fixed, and scrap |

| prices steady or nominal to a de- | gree that precluded changes in quo- | tations, Scrap composite is $20.50, | fron and steel composite $40.36, and

finished steel composite $61.70,

‘New Increase in

Output Foreseen

NEW YORK, Aug. 31 Steel production will { slightly this week, ported by the American Iron | Steel Institute showed today. Operations are scheduled at 84.1 [ per cent of capacity, a gain of 0.3 | points or 0.35 per cent over the | previous week's rate of 838 per cent. One month ago operations ele 85.5 per cent and a year ago 5 per cent,

(U, P.) = increase

Chicago Production

Rate Declines CHICAGO, Aug. 31 (U. P,) Stee! | | production in this area this week is | scheduled at 84.3 per cent of capac- | ity, a decline of 09 from the pre-

| ceding week, mill managers said to- |

| day.

‘Taylor Denies

‘Bond Proposal | NEW YORK, Aug. 31. (U, ~ United States Steel Corp. is operatling at the “very good” rate of over [80 per cent of capacity and there is

1 81.3071 45

| $1.10

the schedule re- |

| By ©

| 1986 high BEET

| | |

over Japan

remained | ap. 8

| Be

nited Press

BOND PRICE INDE

20 20 Inds, Rails LB 80.9 «My na as na ny nea LUE) 8 250 m2 LR 29.8 LER) mod LURK] RY na RA fie 510

Yesterday Week ago Month ago Year ago | Two vears ago high 1987 low nw 1935 high 1938 tow

(Copyright, 183%

8. GOVERNMENT

Treasury Bonds High

Jos 1043-40 Ju [4s 1094.44 | 3% 1948-48 2158 1083-40 204s 1054-51 27s 1080-88 ou... 2 1 1050.54 . P03

1 1

vena 1118

o34s Federal Farm Mortgage 1047-42 102.15 1 Home Owners Loan Bo

a 1049-30 1002 1

Standard Statistics

108.18

XES

20 ils,

mou mos ms 108.7 moa 1na.0 nna 104.2 104.5 105.4 na

“n

no "Ma nal

LLL nia hn. 2 LER ni

Co.)

BONDS

Last 105.18 1115 103 22

Law

115 03.22 0%.02 ana2 00.2 003 Bonds 0215 nis 002

100.2 nna

102.158

100 2

Federal Land Bank Donds

Bid

Ask © 1000, d

As July 1055-45 8s Jan. 1056-46 May 1908. 16 Byx May PRG«45 45 July 1048. 44 48 Nov. 1057-37 4s Mav 1058-38 41.5 Nov,

1081,

100, 100 14

1058-38 10384

10084 00 %n 1003, 102% 1089

102! 10 1068-38 100 fe 16 jon 13. 16 04

Yield 2.05

DOMESTIC BONDS

81; « Maa ng! 1100s ns 1001, 07

Allsg Sorp 5s 44 Am & For P 5s 2030 Arm Co Del 45 bs At T 8 F gen 4s 05 Can Pac deb 4x perp Cent Tl Bl bx 8) Chex & Oh 3':x 06 Ch MBtP & PBs Ohi NW 49,5 40 Chi R I 44x 60 Childs Co 5: 43 Clev Un Ter ds M2 Col G BE Bx 52 May rie ref Bx 67 Gen M Ac Bigs Gen M Ac 3s Gt Nor 45 G Hocking V 4's Hous Oil 8's 40 I Cen 4345 84 Ma Pacific bs FP Nat. D P 34:5 ‘51 Nw Eng T&T Hs 'A2 N Y Cent ref 5s 2013 / ys 2013

2000

51 46 14 na

(

‘80 ‘50 ‘51 A

1 A

Rep 8t] C diay 8hell On O 3'us 8tan Oil N J 3 United Drug 8s 'f West Union Bs ‘60 7 Young 8 &T 45 ‘81 103

FORFIGN BONDS

Atistralin Bs BS Brazil 614s Canada 4s Cuba 5'is Japan 6',: Bus

Peru 8s 60

CHICAGO PROI

Market weak fresh graded firs) e current receipts, 15¢ Market extra firsts 02 seore) 26cr 281 0 33 sem 4c Mary at firm geese, Bed 16¢ dueks 1906 22';¢. leghorn chickens, 17cm 28¢ roosters, 13'.e61 14150. turkeys, 18ca1%¢ Cheege--Twins, 17%¢0 @18' ce. longhorn: Potatoes Supplies light; market Idaho No, 2,

Page 20¢ 2015 181 4¢ cheeks ’ Butter fibs extras onde speciale Paultry frueks hen

steady (N01. seor 383¢ firsts standards,

“1Re; A

liberal Russet

$1.30: Min Early 1

m1n0, U blers, DBe, Minnesota Nebraska Bliss Triumphs Dakota Bliss Triumphs, consin Cobblers, 81.15 Ohins, Ade Wisconsin Wyoming Cobblers,

Arrivals, B5, on track, 250

Bliss $1

214;

recent:

A0¢

recaint

hen brotlers

weak; Tdaho Blir: Burhans

8110651 20 Wiseansin

Ys 4! as! 11014 0s 103

| futiire

Ty JUCE 500 extra Arst: diriies, cept: nnR4 e) ni81e; see 82082) sc,

1505047 18¢ 150,¢ Red ryers,

nisles, 1814¢

1B Vem IR) Sc

demand Triumphs £1 RH nesata Cah Ohing, 65¢ 1.20 Narth Wis Earl Triumph 10

shipment:

LOCAL PRODUCE

(The prices quoted are pal gathered In the country, whil

dad for steck e for delive

| eres fn Indianapolis the prices are 1 cent

| higher

Each full case of egus

| 86 pounds gross.)

| Sweden P.) =|

| Auetralia

[no immediate prospect for any new |

organization, chairman, said aboard the

| financing by the Myron C. Taylor, on his arrival here today [8. 8. Normandie, | He said the meeting of directors |

™. Eggs—~No. 1 strictly fresh, Heavy breed hens, 8 Ibs, and Leghorn hens, 13¢c: heavy 1937 stock, 2 Ibs, and over 1 broilers, 1037 stock, 21bs. and bareback broilers, 1037 stock, over, 14¢; old roosters, 9c; feathered and fat, 5 Ibs geese, full-feathered and Ibs., de.

Rutter«Nn 1 Butterfat, No, 1

36 LAAT dle, No

loss off,

breed

ducks fat

No, 2" 9he.

must weigh 18¢

mm y Brofers fc; Leghorn { over, 17¢ 2 ibs

over,

d over he

§ to

3 5@36¢

FOREIGN EXC HANGE

NEW YORK. Aug | exchange lower

31 Uv Cahle Rates pound) 84 065, (B0-t-h-r). 4 057% dollar) 160 France (franc) Nn739, Ttaly (lire) na261 Belgium (belga) 18851, Germany mark) 40181, Germany (t, m,) 2600 Switzerland (franc) 22981; Holland (guilder) 5515 Spain (peseta) unquoted tkrona) YH krona) krone) (pond) Austria (shilling) Czechoslovakia koruna, Mnland (markka) Greece (drachma) Jugoslavia (dinar) New Zealand

Fngland England Canada

Norway 2408 Denmark

fesevdo) leu

Portugal fimania

| Argentina (official

| of the corporation schedued for to- |

| morrow was just the usual regular | monthly meeting | He refused to discuss rumors that | he would retire,

ADVERTISING LINEAGE

SHOWS SMALL GAIN

cnc. Aug. 31 (UP) -Redisplay advertising in newspa- | pers of 79 leading cities amounted to 17,689,312 lines in the week ended | Aug. 21, a gain of 2.4 per cent over | the corresponding 1936 total of 17.lo77, 214, Advertising Age reported ioday, Limeage for the first 34 weeks of 1937 was placed at 654,840985 lines, compared with 622312609 in the similar period a year ago, or an increase of 5.2 per cent,

Employee Comfort is good business!

and Associates 134 S, Mer, RI-9727,

Its Territories and

Bonds of the United States Government,

Federal and Joint Stock Liand Bank Bonds Indiana Municipal and Corporate Securities Real Estate Bonds ond Preferred Stocks General Market Securities

Indianapolis Bond and Share Corp.

129 EAST MARKE)

Insular Possessions

STREET

| Peru | Uruguay

peso) Avgenina e080) Brazil (official milrets) Brazil (unofficial milreis) Chile (peso) 80] (Pesos Mexico (silver peso) Hongkong (dollar) Shanghai (yuen) India (rupee) Japan (yen)

(unofficial

J =Poreign

Net Change nn n.14 HO 9.16 Nn 3.128

0000 8-16 |

aonnt nnntt, nnnt ty, nnn noon? 0nn01

Bonds

LEN

0%.02 |! a2 |

«Demand was

Ar 321 50 |

17e6r |

nnd falls |

14 |

N.Y. Bonds |LISTLESS TRADE

LOWERS GRAINS IN CHICAGO PITS

nae wg

Professionals Discuss Box« ing Match While Market Drifts Down.

(y under a

P) very on

CHICAGO 31 [Wheat turned thin volume business today [the Chicago Board of Trade At the end of the first « to 5% cent lower,

« cents lower, to i, cent

Aug weaket

wheat, Corn was o

hour . were ul

was to 14 changed Irregular at the opening gradually turned weaker as traders ldisplayed more inclination to disfeuss the Parr«<Louis fight than make new commitments, Seattered lHaguts [dation of September contracts starts ed the downturn and stop-<loss sells ing brought further weakness, Oute side interests remained discourage inzly light. Wheat receipts were 76

and oat: lower

wheat

i | cars

a lower tendency the stars, indifferent, September almost 2 cents in Corn receipls

Corn futures developed trend, after displaying a toward the bull side at

{futures slumped lackadaisical trading were nine cars

WAGON WHEAT rain elevator 04 ni hey fHrn, new

May =Nao

City red Cash 26

are paving

grade an the

Nn 1 timoath

WINNIPEG WHEAT ney et A120 | Pa

May

ARGENTING BURNOS ATRES, Avg apened firm unchanged Nay Oat Bent LEERY unchanged, Ont 8nhot,, 287 Pins Sent 81.3204 $1.31, unehanged

o RAIN a1 ’ cirnin sent, HN» Wnehanged;

81.220 changed Nav. B4%,¢ ihehanged changed, Noy

WO,

UN»

LIVERPOOL WHEAT I'fry Clone clove #124 $1241 181 | 941 1.900, 1.20%

Low $1 230, 1.23% 1.201,

FOOD PRIC ES

Aue, 1 1 rn Bushel bas Mineher Vamp d hushel 1061 50 hanket Cratos 81.287

CHICAGO | tatoes-~TARneuRec Carrote ~THinoets ach ~Michigan Michigan, 12-aqul flower Colorado | Colorado, hampers Michigan fit crnte (5%=1h Hacks Indiana Minnesota. vellow "he

STEEL AND OIL BONDS ATTRACT INVESTORS

NEW YORK, Aug. 31 (U.P) investment operations this week [attracting attention of bankers formal public offering [each case may be delayed One is the Bethlehem Steel Corn, $48,000,000 issue of debentures which will come out of registration. Stocks [holders will have the first oppors tunity of subscribing to the issue The second is the issue of $44,243 « 000 of convertible preferred stock of the Pure Oil Co. which also will come out of registration, Stockhold« lors also will have the first oppore [tunity at this issue Meanwhile there financing operations today although a number of communities are sched» uled to seek bids on new bond issues during the week

BUSINESS FAILURES CONTINUE INCREASE

Pr )

Pine Tom 11Ory

I've are pl

though n

were no new

Nw 26, Inc,

NEW YORK, Aug, 31 (U | Business failures continued to crease in the week ended Aug a review by Dun & Bradstreet | said today For the latest week failures were 155 compared with 150 in the pre [ vious week and 138 in the corres sponding 1036 week Applications filled. for reorganization under Section 77-B of the Bankruptcy Act were 11 compared with 13 in the | preceding week and 7 in the core | responding 1036 week | with Habilitie [than $5000 totaled 94 [with 081 in the previous | 76 in the 1036 week,

of more compared week and

Failures

| 4

ON SAVINGS

"wn

01];

NEW YORK CHICAGO TORONTO SOUTH BEND FT. WAYNE EVANSVILLE BOSTON CINCINNATI

Indianapolis Offi

Thomson & McKinnon

New New New New York Coffees and Sugar Exchange New Ohlcago Stock Exchange Chicago Board of Trade Winnipeg Grain Exchange

200-214 Circle Tower

MEMBERS

York Stock Exchange York Curb Exchange York Cotton Exchange

Orleans Cotton Exchange

And Other Leading Exchanges

L1. 5501

I...

Watch Your Debt Melt Away

Payments of $2.00 per week per $1000 on our Budget Plan makes a lingering mortgage soon disappear, Bach month, as principal and interest reduces, resistance fades and the debt melts away. Why not In. vestigate this easier plan of repayment?

ee Lm.