Indianapolis Times, Indianapolis, Marion County, 1 September 1937 — Page 16

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B8v United Press

DOW-JONES STOCK AVERAGES |

20 INDUSTRIALS 177.41 181.50 186.80 ER 166.65 194.40: low. 16551.

or a FT. \npproathing Holidays Slow is Markets but Cattle | Im%,

Yesterday : } B31, -- Bp | 1 low

Week ago ng Mg Hold Steady. (Copyright,

p Tex Gulf Prod Month ago Tex G Sul Year age 0

’ TEPC & High. 1937, Third Av Ry High.. 1936,

Net Last change | |

South Pac Sperry-Corp ] . Spiegel Inc .... ‘ 2 3, | Std Brands .... : 5 : even 1

0.47 —0.69 +0.89 +0.30

Yesterday Week ago Month age Year age .. Rizh, 1937. Hizh. 1936.

Ster]l Prod ‘ Stone & Web .. Studebaker Sunshine Min | Swift & Co

GOVERNMENT BONDS Treasury Bonds

& $4.16: low. 19.10. vs

59.89 low. 40.66. 20 UTILITIES

CHICAGO. Sept. 1 (U. P). i= Rallying tendencies in wheat were {checked today by reports of rains in the Argentine and weakness in Buenos Aires. Futures moved forward, however, to final hour gains of % to 1% cents a bushel on strength in Northe 4 | Western markets. Corn met profite taking after recording gains of about 11: cents and lost about haif i {of the advance. Rye was strong on 91's | gains of about 2 cents and oats were . | steady. Scattered buying met successive | dips in wheat but the rainy weather { reported from the Argentine {checked each upturn and prices remained below the previous close, | Trading was light. Wheat receipts were 46 cars Trade in corn was only fair in mid-morning September futures advanced to 98'. cents before a sell« off cut the advance fractionally, Moderate operations easily influ enced price movements, Corn re=ceipts were 16 ears.

Lower hog trends around most of | the market circle, coupled with cur- * | tailed shipping demand here because of cessation of killing activities in the East next Monday, in- | jected bearishness into the trade ® here, according to the Bureau of | 1+ | Agricultural Economics. A steady to 10-cent lower market | saw the top drop to $11.55 for choice , 1210 to 225-pound weights. Butcher | hogs sealing upward to 300 pounds High Low Last Change | Wabash iA... showed the 10- ~eent loss, heavier 211s ie | Warner Soro 3 : | weights and packing sows holding | tea § Poaly. * | Wheel Steel Most sows sold from $9.75 to aren O° * 151025, with a top of $1050. All classes of killing cattle were generally steady, but the market moved slowly. The Jewish holidays | next week gave bearishness to the trade and shippers operated cautiously. Odd head of vearling G00grich 6s 45 steers touched $17 and there were | Ill Bell Tel 3's 70 a few heifers upward to $13. Stock- | NEBSSA one asst ers and feeders were very dull and | Mont Pow 3%s 66 weak. { NYCent ref 5s 2013 Vealers prices generally

| NYCStL 4's C "8 8 TR 1 i tumbled | Ohio Fdisn 4s 65 WAGON WHEAT 50 cents. being affected by approaching holidays. Good

Pa P&L 415s 81 svi tot y Ai the | PortGE 425 60 A ato nT Saving II Postal T&C 5s 33 oth 1 Bra es on ell and ¥ N 2 vellow I ] “| Reading 4'5s A987 No. {H At) 5a 1s 50 choice vealers bulked at $11 to | ShellUnO 3'as 51 - ImOthy, 0G 10 ya i . | Soc Vac 3'as h0 ‘ $11.50, with mediums at $9 to $10. | 3.5. c"Gor 31sec 51 Lambs sold unevenly steady to | West Union 5¢ 60 | weak, ocweasionally 25 cents lower [on common and medium kinds. Top held at $11.25 for strictly choice ! Braz) 2s oil vi . anada 18 BUENOS AIRES, Sept. 1 1U | Diferings. Slaughter sheep held | Canada y 2! as 4 xv ue i at : futures opened firm Piineat steady, top choice lightweight ewes | Saha 4 ag 45 Ciariean off 2c: Nov. $1141. off lac remaining at $3.75. | (E080 v Be 34c. unchanged Nov 55¢

Japan 6s 54 ....... | Oate—-Spot, 2687ac. unchang>d Flax— Peru Bs 60 ' $1.32 "unchanged Nov. $1 30

‘WALL STREET EYES FRENCH RAIL PLAN

NEW YORK,

Timk-D Ax .. Timken R B .. Transamerica . | Tri-Cont |

Atlas Corp ..

| | 3las 1941 273s 1960-35 2%s5 1959-56 Federal! Land Bank Bid 100s 100Vs .100%g 101% 1082 1001;

102 100 9-16 103%3

Bang & Ar Barber Co Barnsdall .. Bayuk Cig .. Bendix avn Best & bo Beth Steel 9134 Beth Steel 7 nf 116 Black&Decker . 27 Boeing Air . 317% Bohn Al Br .... 44% Borden... ve 123% Bdgept Brass .. 17 Briogs & Surat . 80 M 19

lead of 27.38

27.83 29.37 py 34.88 37.54: low, 25.45. 36.08: low. 28.63. 70 STOCKS

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

On Oil Cal . Bonds | Un Aircraft Asked Un Air Lines 00%, United Corp Un Gas Imp U 8S Hoffman .. U 8 Leath A .. U S Rubber U 8 Steel U 8 Steel nf Un Stores A Ut P&L A

Cp | 3s July 1955-45 | 3s Jan, 1956-46 | 35 May 1950-46 Tas May 1955-45 . 13x July 1945-44 Js Nov, 1957-37 4s May 1958-38 4vs May 1957-37 . 47s Nov. 1958-38 . Home Owners Loan Bonds | 234s 1949-39 " 100.4 100.4 DOMESTIC BONDS

High 81,

NEW YORK, Sept. 1 (U.

Yesterday Week ago Month age

Year ago : 69.67: low. 5

High, 1937. i High, 1936, 66.38; low, 5

1023 100 13-16 104

Butte Cop

Vanadium . Va-Caro Ch Low 81% 108% 110% 627% 101) a

Alleg Corp 5s 44 .. AtFSF cv 4'2s 48 ALISK Ben 4s 05 B&O 4':s5 60 Beth a “thas 60 CanPac 6'.s 46 Cent Ill El 5s 51 CenPac_ 5s 60 Ch&Q 32s 96 E . | ChMStP&P 5s 2000 ChiRI 4'5s 60 ChiRI ref 4s 34 ct | ChiPnSta 3%:s 63 Col G&E 5s 61 Cons dis 3'as 46 Erie ref 5s "15 Erie ref 5s 67 Pairbanks M 4s £6

«elVs . 09% 1a

Mo-K Tex pf

ilar T Mont Ward R NJ

3 4 _ | Nash-Kelv , Acme , Biscuit Dairy Distillers Lead

Pwr & Lt Steel at Sunplyv . Newpor: Ind N Y Central . | NYC Oninihus . {N Y NH&H { No Amer | No Amer Avn | No Pacific

; WEDNESDAY, SEPT. 1, 1937 THE INDIANAPOLIS TIMES ” i ; 3 { BE N W ORK S g| OC KS | Bu United "ress , i | E ) ” BOND PRICE INDEXES i 20 a0 20 on 3 ! { — Indus. Rails Util Bonds | i 3 : i ® Net 91.7 PR 1004 M40 : ] ; 4 | High Low wast Taare 91.9 n.6 100.9 vis | ’ 1 1 LAddressograph - B22 3. 3: i 4} 016 921 1016 05.1 | Altied Stores ... 181s 18% , ‘| B16 963 1038 9 | Ale. Chal on S53 533 ‘3 “| — RR.8 96 190.6 i = g A AT pve a "9 95.0 101.2 106.0 Yous | am Paras 1s, 9%: 9% ! , | (0 | | ON AG AIN ERE | RE = northwestern Markets Aid | Am Smelt . : i . nan R17 1035 93.3 3 Am Bon Ty A a Bullish Tendency tmw: > 83.6 S10 80.3 83.0 3 meme g r Wm = Bm Sar 193%, Standard Statisties Co.) | Increase Price. Lower Scrap Steel MARKETS AT A . . GLANCE And O1l Pr 1CES Stocks lower under steels and rails. React. Bonds lowe; U. S. Gover:nment isues quiet and irregular, Curb Stocks lower. . . . | Chicago stocks lower. P.).—Stocks drifted fractions | can money 1 per cent. to more than a point lower in | Foreign exchange lower. . . Cotton futures decline 2 to 5 dull trading today. | Tipeints. Industrial shares weakened under | Gains steady to firm in lead of steel and motor shares, U. S. Chicago; corn unchanged to Steel losing 112 to 1067 and Beth- 5 cent a bushel higher. | Calumet & H lehem had a point loss at 32%:.| Rubber futures steady and | Ganada pry Rts Chrysler lost a point at 108 and dull. | Gase J 164 General Motors was fractionally Silver unchanged in New York Caterpill Mother Lott lower. | at 443, cents a ne ounce. fi [Cent RR NJ Mocs Pree... Steel shares were influenced by | Murray the failure of U. S. Steel directors | | Curb Stocks By United Press

Certain-teed J 5, S : pn | 1 Cie lo V2 ef to vote a dividend on common stock

ChMStP&Pnf at their meeting yesterday and by Ch

& Nw Ry Chrysler Cluctt Peab Colgate-P-P | Colum Gas Col Carbon Col Broad A Com Credit Com Solvents Com & Sn Cons Edison Cons Oil .. Container Cont-Dia F Cont Ins Cont Mot Cont Oil Del Crane Co Crown Zeller | Curtiss-Wr .

Yellow Tr Young Sheet

—

Zenith Rad

® 1

Hizh Low Last 45g %

bt TID rt et ek 19D OY a 30 53 ND 30 52 53 a a 1.9 3 £3 mf oF bk md D130 CO

Ya |

RL REPORTS F.D.R. DWN FOE

‘Encouraged Autocracy of House Leaders Now Against Him.

DED ht 8) D Aa LIM LIT INL)

GE » a bt TD rt pk ok 8) D OD an 10 2 0) mf md tm] NGO Jo BD Ww cr DEED Tig Tyr 83 Wed ND ABU BD

—r3 a3 0 a NAG» 83 = £9 = 13 8 et

| 2

City g! 2 red, 94 ? | Cash corn, 26c. May

Na, merita, Oats,

» »

Py Otix Steel

w LIN BWA Wp ~w

a ON --

St a

» Daa Us ~ |

| Packard

WINNIPEG WHEAT

Open $1.02 4

ND DII nt

~ Ie 0

Deisel W G

Parker Rust Pri ehanige Pathe Film . . Penney Perm RR ... hil Morris. . Phillips Pet Pitts United Proctor & G Public Serv Pullman | Pure Oil | Fajardo Suz 4: 2 : { Purity Bak Fed Mot a3 8Y2 612 6! ‘ | Fid Phen 0 “ s | Firestone T

Octoher ar December * | Dunhill May

Du Pont i Argent 4'5s 71

ARGENTINE GRAIN

HJ CO TO ~1 5 0 0

| Bast R Mill . Pp). —~GCrain Elec Boat

+ | Elec Pwr&Lt By JOHN T. FLYNN

Times Special Writer

NEW YORK, Sept. 1.—An inter-

EUW OW D

181 off

“ MARKETS FAL ING AUGUST

+ Bond Sales Lightest Since

choice : af 3 |

“11928; Commodity Index | | just out show gains i oss and doe Makes New Low. | elines in net eatin Tncote as

:| | | iii {compared with a year ago, Stock 5 | |

Radio Dw Reeeibon | adio p

Radio-K-Or

5 | esting but by no means unique phe- | a 25 | nomenon occurred during the final | days of the Congress. The fruit of | 24°

28 this phenomenon was the adminis- | 3: very | Sept. |

“ ==

Gen Cable . Gen Cigar oe | Gen Electric .. Gen Foods Gen Mills Gen Motors 3 Gen Theatre : Goodric 3:

8 1000 |

| ‘| -N

15] 4 U1 fn OD Ee et Low

Reyn Tob B

ef tt ts

| tering to the President of a

crushing defeat on various measures o> | Which he had marked “must.’ orl This was a little singular in a | Ye | Congress 75 per cent Democratic | Hack Wat 3, 99%; 93, - i | si , — J; janere once the Hecker Prod 1% : Socony-Vacuum, 203 : Vs Presi den ts Houston Oil So Por R Sug . 35° 35° 35° must” was reHowe Sound So Cal Ed 2 4 - 4 oD zarded as law.

Hudson Motor csi | But the strange

iy EXAMINER APPROVES © = C. & 0. MERGER PLAN

Dn tt tt AD RIT TD

Sept. 1 (U. P= | Americans who favor Government control of railroads today were | watching carefully the action of the French Government in setting up a | corporation to hold 51 per cent of French Railroad stock. July American railroad reports

» »n

St L-S Fran Light Ligths—

(140-160) Good and choice. Medium . LI I 60-180) Good and choice..

Medium (180-200) Good and ! Medium Medium Weights 1200-220) Good (220-250) Good | Heavvweights— (250-290) Good 1290-350) Cood Packing Sows 1275-350) Good 1350-425) Good 1425-450) Good 1275-550) Medium Slauzhier (100-140)

Bigh

1135 [i 1H3 8

Armour & Co. Butler Bros ’ Castle A M «238 Cent & SW Ut pf «+ D45g Cent & SW Ut p of ... 991, | Chgo Corp ee 41, Comwlth Edison Elec Househd Gon Hshid Ut Jarvis W B “e | Marshall Field | Merch & Mfg A No'west Bancp .. {

Friis

Grevhound Cp

and choice... and choice

Ina

and choice and choice...

La NOUNS DU an

Ind Rayon Inspiratn Sop Inter Rub Inter Iron

hg 3 ERT STE.

NEW YORK. Sept. 1 (UP). market traders here cynically said Dullness featured security and com- | that many railroads would be willing modity markets during August. to be taken over by the Government, . | Prices declined in all sections with | The French Government had been

ola better tone noted at the close of | aking up railroad deficits since the month. > 21 and anticipates the new plan

Schwitzer-Cu | Swift & Co | Wisc Bk Shrs | Zenith Radio

f &

Must” "Was i flouted for the same reason for "which it previously was so implicitly

8 w J »

the $1 a ton reduction in steel scrap prices reported from Chicago. Oils weakened as crude price re- | apo Sa B ductions were announced in the | Am Box Brd Pennsylvania field. Standard of | Am Sank California and Shell lost more than | Am Super a point each. Rails also were under | Ans Woarcaine moderate pressure as New York Justin Silver Central dipped 1': to 34%. Baiti- | Berker Gay Fur more & Ohio & point to 23% and | Brown Co nt Union Pacific 1%: ‘to 116. | Corrier Coron! Farm equipment shares also de- ; Cities Serv : | Con Cop Mns clined. Case appeared more than a | Cooper Bes point lower while International | El se Harvester was 110 bid and 11!%; | Eagle Picher L offered against a previous close of Ei ie 112. Du Pont dropped 3 points 10 | Ford M Lid 152 and Westinghouse lost a pomt. lard Nat Films Cotton futures fell as much as | Humble Oil 50 cents a bale to further new lows | Molybdenum an Am Air since 1933 in early dealings and | Pantepec then rallied moderately on a puliish Bhistiess 1e8 interpretation of the weekly weather | Sunrav 0il report. The early decline carried | pecimicolor wi December to within 4 points of the Un Lt & Pwr A 9-cent loan level. | Wright Harg Domestic corporation bonds eased | irregularly in early trading, but U. | S. Government bonds, though dull, were steady Curb ops declined fractions to | more than a point under lead of | industrial shares. At London the approach of the | end-of-account period lightened | trading. American stocks weakened. , British funds firmed on dividend | payments amounting to almost 26 million pounds. Japanese issues showed renewed weakness. FIRST HOUR Prices eased off at the opening and continued to work lower in dull | lines, loadings, 2644 vs. 2373 previous trading. U. S. Steel at 1063; was | week and 2452 year ago.

1 0 n

Pigs—Good and choice... Medium

CATTLE —Recei pts - |

In | Int T&T will effect economies.

155 lower and Bethlehem lost a | point to 911:. Standard of Califor- | McKesson & Robbins, Inc.. July | nia and Shell Union lost more than | S31es, $12,653,915 vs. $11.752.383 S651 | a point each. Federal Mining and | 250; seven months’ sales, $96,696,631 Smelting dropped 17 points and ‘> $83,201,016 year ago. other metals were easy. New York | Missouri Pacific R. R. Co., week | Central. Baltimore & Ohio and ¢thded Aug. 28, own lines, loadings | Union Pacific dropped more than a 16.012 vs. 16,185 previous week and point each. Utilities were quiet. | 16,843 year ago.

~241 year ago.

Volume approximated 180,000 | shares, compared with 150,000 in the, first hour vesterday. Dow Jones! averages: Industrial, 176.25, off | 1.16; railroad, 49.06, off 0.54; utility, | 27.24, off 0.14.

SECOND HOUR

Prices slipped back to net losses ranging to more than 2 points with volume continuing small. Steels and rails were hardest hit. U, S. Steel touched 1053, off 23, ‘and rallied only slighfly vefore noon. Other steels had correspondingly large declines. Losses in the railroad division ranged to 2 points with new lows in several issues, including Southern Pacific. Coppers were down a point or more and oils were easy with Consolidated equaling its low for the year. aFrm shares were weak with Deere, whose stock will be split, off 4 points. Chrysler lost a point as did General Motors. General Foods made a low for 19237. Sales for the second hour totaled 150,000 shares, against 70,000 shaves yesterday. Dow-Jones averages: Industrial, 175.49, off 1.92; ISilrond, 48.88, off 0.72; utility, 27.16, off 0.22.

=n o n

Today's Business At a Glance

GENERAL BUSINESS

American Petroleum Institute reports gasoline stocks declined week of Aug. 28 to 66.997,000 bbls.; crude output up to $3,371,450, and refinery operations at 85.3 per cent. Edison Electric Institute reports week ended Aug. 28 output 2,294.713,000 kwh. vs. 2,304,032.000 previous week and 2,125,502,000 year ago.

CORPORATION REPORTS

American Commercial Alcohol Corp., first six months profit, $457,238 of $1.75 on common vs. $675,026 or $2.59 year ago. Archier - Daniels - Midland Co., year ended June 30. consolidated net, profit, $2.967.295 or $5.01 a comon share vs, $1,891,612 or $3.05 preceding year. Diamond Match Co. first six months consolidated net profit, $1,057,100 or 87 cents on common Vs. $1,010,100 or 80 cents year ago; June quarter net income, $525,022 or 43 cents vs. $532,078 or 44 cents preceding quarter and $503,341 or 40 cents year ago.

International Railways of Central America, July balance, $156,471 vs. $57,365 year ago; seven months, $1,687,438 vs. $1,595,652 year ago. Jewel Tea Co. four weeks ended Aug. 14, sales $1,727,631 vs. $1,555,194 vear ago; 32 weeks sales, $14,069,924 vs. $12,243,485 year ago. Torrington Co. and subsidiaries, year ended June 30, net profit $3262.516 vs. $2,333,877 preceding year. Vick Chemical Co., year ended June 30, consolidated net profit, $2,953,515 or $4.23 a share vs. $2,709,334 or $3.87 previous year. Atlantic Coast Fisheries Co, quarter ended July 31, net loss, $32,260 vs. $7748 year ago. Continental Can Co., 12 months ended June 30. net profit, $9.724 932 or $3.25 2 share vs. $10,633,042 or $3.74 preceding 12 months. Gulf Coast Lines, week ended Aug. 28, own lines, loadings 3012 vs. 3149 previous week and 2330 year ago. Illinois Central R. R. Co., week ended Aug. 28, total loadings, 32,864 vs. 31.913 previous week and 33,-

International Great Northern

R. R. Le Tourneau, Inc. seven | months ended July 31, net profit, | $034,918 or $2.08 a common share vs. | 3 $844 023 or $1.88 year ago; 12} months net profit. $1.445283 or $323 | a share vs. $1.140.861 or $2.53 preceding 12 months.

St. Louis-San Francisco Railway | Co., week ended Aug. 28, total load- | ings, 14.515 vs. 14.501 previous week | and 15,173 year ago. Southern Pacific Co., week ended | Aug. 28, own lines, loadings. 34.424 vs. 35,990 previous week and 31,839 year ago. Wabash Railway Co.. week ended Aug. 28, own lines, loadings, 5583 vs. 6217 previous week and 5770 year ago. Bunker Hill & Sullivan Mining & Concentrating Co.. July profit, $289.630 vs. $291,728 in June and $161.812 year azo; seven months ended July 31, net profit, $1,963,327 vs. $1,151,129 year ago. Crown Central and subsidiaries, first six months net profit, $378.294 vs. $183,357 year ago. Federal Water Service Corp. and subsidiaries, 12 months ended June 30, net income, $1,071,485 vs. $656,110 preceding 12 months. Stokely Bros. & Co., year ended May 31, net profit, $1,381,820 vs. $1,152.946 year ago. United Electrical Coal Companies, estimated net profit for year ended July 31, $225,000 or 44 cents a share vs. $97,940 or 32 cents year ago. | DIVIDENDS

Lord & Taylor, regular quarterly $2.50 on common, payable Oct. 1 record Sept. 17. Borne-Scrysmer Co. 75 cenis, payable Oct. 15 record Sept. 24, vs. like amount April 15. Consolidated Laundries Corp., regular quarterly $1.8712 on $7.50 cumulative preferred, payable Oct. 1 record Sept. 15. Ferro Enamel Corp.. 75 cents, payable Sept. 20 record Sept. 10 vs. 50 cents June 21. Gorton Pew Fisheries Co.. lar quarterly $1, record Sept. 1 Home Fire Insurance Co.. regiilar quarterly 50 cents, payable Sept. 15. record Sept. 6. Hoskins Manufacturing Co., 40 cents on common, payable Sept. 27, pon Sept. 11 vs. like amount June 6. New York Transit Co. 25 cents payable Oct. 15, record Sept. 24 vs. 15 cents April 15. Southwest Pennsylvania Pipe Lines, 50 cents, payable Oct. 1, record Sept. 15 vs. like amount July 1. Sunshine Mining Co., regular quarterly 75 cents, payable Sept. 30, record Sept. 15.

regupayable Oct. 1,

| Minn-Mol pf :

Petroleum Corp. | Den

| Group Secunitles

Kennecott

| Kresge D S

Lambert | Leh V Coal Ligg & My B Loew! s one Star Cem Loriliay d Ludlum Stl

80" 51 20775

Mack Tr Macy RH Macy R H rts Man Shirt Maracaibo Ex 4 Marine Mid oo 9% Marshall Fld 2434 Mathieson ie oo 14 Megan Corp McKess & Robb The McLellan St «13% Mident Pet 291g 10474

. 41; . 451, 13-16 1872

a 104%

INVESTING CO.’S

Bid Ask Adm Fd 2 17.98 19.13/ Huron Affil Fd 9 56 Amerex 26.75 Am Gen 1. = Ranecam 8.75 Bank Shrs 1358 Basic Brit Type te Broad St 34.31 36.70 20.75

23.53 25.17'N. XX. S 40.00 42.00, Bank 25.69 27.63: Bldg 17.50 30 3. % cum 3.5 R Crum Fos 28. 20 53. on e Cum Tr 6.19 IN A Fiscal da Inc. Bank Ins : 8 2.33

3: 46 7.15 1.89 | 5.19 | 36.25 3 {Soy Inv 27.28 29.38!Sp Tr o% 50 26. 00/Sta Util

CentNat A Cent Tr Contl nf AA

“

Bk Dep Ins A

D Tr Div Shrs

95 04 5.55, 25 38

n 33 24. od Cp A 6.09 6.7 C i “Dn 344.87 * 7.253." BB

5.58 41.73 6.67

Gen Cap Gen Inv

1.97 1.38 1.69 1.32 204 ' Well Pd

(By W. L. Lyons &

Atl Cs Blas ‘64 Pe O 4l2s '39 . F. Avery Sons bs tant Oro Pwr 4s R6. Cent Maine Pwr 4s 60 Cent Maine Pwr 3s Cinti G & E 3'zs CMO _23%s ‘42 : Fla Power 4s ‘66 .. Fla Power bs 66

Indpls Water 3'%s '66 Los Angeles Rev 315 Narra Elec 3la>s 66 x Y. City.3s "1

Northern State P 312s '67 .. Pac Lighting 412s ‘45 a Scott Paper Co. 3s id Union Elec as SERIES Union Elec 3s 42 West Chester i, 67 Wisc G & E 35s '66 Wisc Pub Sve gs 61

wy.

NEW YORK, Sept. 1 (U, foreign exchange ipreular

England (pound) : rate) (60-day bill

Switzeniand franc) : (quilder)

Norway

(Copyright, 1937. by United Press)

equals 100): Yesterday ... Week ago Month ago

138.24 |

140.89 | 1937 low

used in compiling the daily nrice index: Commodity— Today ‘Wheat, No. 2 red (bu.) Corn, No. 2 yellow (bu.)....... Rye, No. 2 (bu.) .. Oats, No. 2 white (bu.) . Flour, Spg. Pat (196 Ib. sk.).... 6.75 Lard, prime steam spt (Ih.)..... 1017 Coffee, rio %s spt (b.)........ 09 Sugar, raw 96 test (1b.)........ 0350 ‘Butter, 92 score (Ib.).......... - .3384 ‘Hogs, avg most sales (1b) ...... .112

1.02

R. R. Co. week ended Aug. 28, own,

fen: ‘most sales (1b).... .0695

137.09 | Year ago 1937 high (April 5) 158.26

NEW YORF Sept. 1 Folowthg are the commodity prices

Denmark (krone) . Japan (yen)

(Aug. 31) 137.09

Lead, Zine,

Week Ago S10, 1.06 8014 3184 6.85

Year Ago $1134 1.032 hove A2% 19 A198 Ki n3%0 34 1100 0645

Steel.

scrap

10.49(Inc Invs 28.50/Ins Shrs

: 621 Nm Sec 22.50/N Eng Fd 18.2

-|Quar_ Inc

AA i Sup; vised 13. Hi IT .86

Cable Rates

Bid_

nad -~ ‘orem XO RD ek gia DPANITBS “CONE D -T BDO IIND

a a --

tocxs, In 11.33

ok Sk kk NOoy~3S3m

S30 ~IUTES WIS BI [18950 OD ve 3 >» ddd

Lon AN CMDB

85.00

oN =D

DOD WE 3 + 00 ads woe o

tpt oY =] — w on

Rep Sel. Am Inc 13.93 15.19 Sel Income

5.33 6. » 1.05 1.1 20.48 21.56

i M9 85 267 10 44 State SU 117.60 120.00 3 on

2.80 .C..

12.05

NEW BOND ISSUES

Houston Lt. & Power 3's #6. 100

N Y State Elec Gas 4s '65 .... 85°

FOREIGN EXCHANGE

P.).—Opening

Net Chance 2 — 00%

Commodity—

Lambs, avg. most sales (1b.).... Hides, native hvy. cteers (1b.) ‘Wool, fine unwash combing (1b.) Cotton, mid-upland Silk, 13-14 deniers Jap (1h.).... "Rubber, spt smk rib (b.)....... Copper. electrolytic (Ih.).......

spot (Ib.)....

spot

scrap. Chi.

“Tulsa: Crude oil New York

LL Tin, ‘strafts’spot ‘Ab... ......... Silver, comm! bars (oz.)........ (ton) Pig iron, Iron Age comp (fon). 23.25 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.).....

‘Source of Quotes—Chicazo: ‘Grains, livestock, Yard. steel

vu. S. Official Recommends Erie Consolidation.

WASHINGTON, Sept. 1 (U. P.).—

| Examiner Ralph R. Molster had |

recommended today that the Interstate Commerce Commission approve the application of the Chesa-

peake & Ohio Railway Co. for authority to acquire control of the New York, Chicago & St. Louis Railroad Co. and the Erie Railroad Co. by stock purchase. The examiner said the proposed acquisition would be in harmony with the commission's plan for the consolidation of railway properties | and would promote public interest. | The C. & O. proposes to take over from the Virginia Transportation Corp. a wholly owned sub- | sidiary. 25,100 shares of Nickel | Plate (New York, Chicago and St. | Louis Railroad Co.) common stock, 151.405 shares of Erie first preferred, 60,195 shares of second preferred and 769,800 shares -of Erie common stock and to take over from the Alleghany Corp. 167,300 shares of Nickel Plate common and | 215.000 shares of Erie common. The examiner pointed out that, taken together, these interests would amount to 57.02 per cent of Nickel Plate and 55.68 per cent of Erie securities having full votin® power.

LOCAL ISSUES

(Bv Indianapolis Bond & Share Corp.) The Jolowing 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

Hd 5. vv ned

Bid Ask 1 Jos

Sg Ind Tel TE H Tel & Tel Ft

Indiana Tel Co 5s 60 Ind Railways Inc 5s 67 ..... Indpls Water Co 3'2s 66 b Interstate Tel & Tel 5'%s 53 . 97 Kokomo Water Works 5s 58 Morris 5@10 Stores 5s 50 .. Muncie Water Works 5s 65 Noblesville H LL & P 62s 47. 2 Ohio Tel Serv 6s 47.. ry Pub Tel Co 4'2s 55 “ Richmond W W 5s 57 ae Sevmour Water Co 5s 49... TH Trac & L 5s 44 T H Water Works 5s 56 . T H Water Works 6s 49 Trac Term Co 5s 57

STOCKS

Belt RR St Yds com . Belt RR St Yds pfd 5 Cent Ind Po sO. iS .

Indpls Water Co pfd 5 . Ligteln Natl Life Ins Co’ com R Mallory com N Ind Pub Serv Co pfd 5% N Ind Pub Serv Co pfd Bs N Ind Pub Serv Co pid Ts Progress Laundry Co com 66. Pub Serv of Ind pfd 6s Pub Serv of Ind pfd ns .. Smith Alsop P&V pid .. Smith Alsop P&V com “> XxTerre Haute Elec Co 6s

Van Camp Milk Co pfd . Van Camp Mik Co com ...... XEx- pil rist & Co.)

( M. Pp. C Market St. Yinvesting Corp... 33. 1 35.72 72

PRICE INDEX AND COMMODITY Y QUOTATIONS

DAILY PRICE INDEX NEW YORK, Sept. 1 (U. P.).—Dun & Bradstreet's daily weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average

Year Azo § .0960 J2 83514 187 1.691% 16-16 N98, N60 0190 A A494 16.25 18.98 3.65 2.355 £0.00 38.00 087 1.18

Week Ago $1015 18% 41 HORS 1.93 1835 JA 065212 ne D8 448% 19.55 23.2 4.35 2.25 60.00 52.50 095 hi]

Today $ 1045 JA8% 41 0938 1.92 A841 Ja4 N65215 NERY HRB A184 19.55

Ib.)

tran

4.35

2.25

60.00

1.2%

: Wool. E. St. Louis: Zinc. COon“others

| cident { very | bearing on { proposal to pack the Supreme Court. | In the |

days of Nick Longworth, the Demo- |

| obeyed. The inhas =a pertinent the

Mr. Flynn

What happened was this.

crats under Jack Garner, then Mi-

| nority Leader, carried on a cam- | paign of denunciation against the |

autocratic methods of the Speaker and the Rules Committee. When the Democrats got control of the House and Rep. Garner was made

Speaker and the late Congressman | Rainey Majority Leader, it was an- |

nounced that reforms would be in-

stituted to make the House a more |

democratic chamber. Reaction Begun When Roosevelt was elected. how-

| ever, and came into power amidst

the wide disorders of the bank fail-

ures. the President immediately be- |

came the leader of a movement to

hold over the House an autocratic dominion alongside of which Nick Longworth’s methods would like anarchy. In the first Administration

chine. times with great glee.

to futility. as the leaders were doing the bidding of Mr. Roosevelt.

servative loyalties. They didn’t like

thermore Mr. Roosevelt's of

power run more or less low, And now the machine which the President had created to crush his opponents was | invoked by its masters to crush him.

Happened Before

This is an old story in political | organizations. The story of machines, committees, rigged

later turning upon him. is as as politics. It led a very wise New York Mayor to say once that

est politicans can afford fo use, men interested in immediate gains and capable of invoking new dishonest strategems when the old ones turn against them. But that the liberal and idealist leader can never dare to play with them. It is better,

to play the game on the level and take his chances that way. The moral can be applied to the court proposal. is ‘a game no liberal leader should ever dare to play with. The very device he invokes to smite his encmies can be so easily turned against him, just as the President's essentially bad House tyranny turned out

to be his undoing last month,

(Copyright, 1937. NEA Service. Inc.)

New Business Books Available at Library

The following new business books now are available at the Business Branch of the In-

dianapolis Public Library: aE AR ATF MANUFACTURE OF ARMA , by Philip Noel-Baker. “A great dustry with branches in every countrv and a capital running into hundreds nf millions of pounds whose only interest is to promote

LABOR’S SEARCH FOR MORE, bv Malcolm Keir “More security, more wages, more leisure and. for farmers more income. are the obfects of labor's search mp AHEAD! By 1. B. Angas. Outlook for stocks and bonds Ander

SECON CONOMIES OF, ANS Ra. lin Internal rion, 8 TR of the raflroads out of which so many problems have arisen. and the broader relation between the transportgtion industry and the life of préSent day

A MECHANICS ar

adi Ns A. Schmidt

York: All <

Stock sales were the smallest for | 25| the month for any August since Ei 1923. Bond sales were the lightest |

(550-900)

Medium Common Prime Choice Good Medium Common Prime Choice Good

FSUe-1200y Commodity dealings were light also.

. , | How ever, business in major lines (plain) . 7.0¢ 3. 00 | "held up better than had been anticicooeeee [email protected] | pated and outlook for a pickup this |

14.756 16. 12. T3@1650 | 2 umn was seen as bright.

(1100-1300)

organize a House machine made up | of the House leaders which would |

seem |

the |

But in the last session the leaders | began to reveal their old-time con- | what Mr. Roosevelt was doing. Fur- |

appointment and appropriation had |

and | packed to serve one man's ends but | old | 9°%n

this | is a strategem which only dishon-4

said | Mayor Gaynor, for the true liberal |

Packing of courts |

and ehinrged edith fon.

Common Medium Prime Choice Good

(1350-1500)

. Heifers 550-750) Choice Good Common Good and choice Common medium

Cows

(750-900)

Good | Common, { Low | Bulls, Cutter,

medium cutter and cutter good common

Good I Cutter,

theef) . common and medium . Vealers —Recepits, { Good and choice Medium Cull and medium

600—

Calves (250-500) Good and choice... Common, medium.

. [email protected] a.

DC 2 =

31 ‘

6." 5.

Eka In ID ND a3 2d 23D

Pt dd

=~)

Oooo UC

'1 11 1 1

ADDO Snes POND

5¢ | breakup of raflroad wage negotia- | tions, lower rail earnings, indication |

10.004711,00 9.00@10,00 6.50@ 9.00

BONG 11.00

5.504 8.00 |

Feeder and Stocker Cattle

Steers

(500-800) Good and choice Common medium (800-1050) Good and choice. Common, medium Heifers— Good and choice .. Common and medium

Common and medium SHEEP AND LAMBS —Receipts, 2000— { Spring lambs— { Choice Good Medium hoe Common 5... Shorn Ewes— (90-175) Good and choice..

Common, medium .

CHICAGO. Sept. 1 (U . 9000, 10@25c lower; and chojee : 260-300 Ibs. | liable market on 170-lb. | good packing sows. 39.50@10; igh weights, $10.10@ 10.15. 9000; calves,

Cattle— Receipts,

P.) in cluding 2500 direct 3

$11.10@11 50; weights;

8.004710.00 6.506, 8.00 | [email protected] 6.500, 8.00

7.00% 8.5 5.75@ 7 00 |

5.00 6

4.50Q@ 5 2

300@ 38.75 1.75@ 3.00

ogs—Remarket, 11.80: Duk $11.45 no oe most few best

1200; she-

| stock weak to 25¢ lower together with

others except specialties: i Ibs, bringing sharp parabie kinds at $18.50. new $184 18.40; Dest sausage bulls,

remium 1000 1bs.,

$6.75;

eep—- Receipts, 60€0, directs: spring lambs strong wo good to choice natives, $10.75 $11.15: sheep, steady to choice native ewes, FT. WA | Slarket hs. Ibs., bs...

YNE, Sept. 1 15¢c lower; 1817-200 250-275 lbs. 5: 300-350 ‘bs, 15. 140-150 Ibs, 4 30: 130 lhs.. $9.40; $9.15; roughs. $9.50; stags. $8 $11. Lambs, $10

Ibs.. 1%

300

Eggs—Market, cases; frosh firsts, 20%c: current dirties, 16c; checks, 15c, Butter —Market, steady: tubs, extra firsts (90-9115 32%2c; extras (92 score), 31% c; saconds, specials, 33!2@ 31c, Poultry—Market, =teady: cars, 47 trucks: geese, : 18c; hens, 19@22':c; Legh spring chickens, 17@22%c¢. 24c; roosters, 13'26r14'%c; { 221%: turkeys, 15@17¢, Chrese—Twins, 1812¢c; Longhorns,

steady. graded firsts,

181; @18';

high on cron: vearlings, vealers,

including unevenly $2.756414; best, $4.25, pared a70 (U, P.) 200-225 ibs,

receipts,

receipts, score), 33c; firsts, 261 2872¢; standards,

a steers over 1200

over comdownward. several | $17.75: $12 |

2000 25¢ higher; @1l;, ‘top, lower.

- Hogs 5; 225-

3 5 ; Y80- 140 |

100-120 ibs.

50. Calves

CHICAGO PRODUCE |

receipts.

9950 | extra | 18¢;

8013 321 ir 30151 i 32%%¢;

2C,

Jeceipts, ducks, orn hens, broilers, fryers,

154 15%¢; 18a 17a

17% @ 18¢c; i 18% @

Potatoes—sSupplies. heavy: Semana, slow

California

| | m market, weak; 3 California Bliss

sl. BERL 80, $1.45@ 1.65; 1.40; Kado Russet Burban | U. S. No. North Dakota Bliss Triumphs,

{ consin Conbiers,

| Warbus, $1 Biles 80c; Wyoming Cobblers, | gghrrivals, 65, on track, 303:

White Idaho Bliss Jriumpha,

North Dakota Early Ohios, oe 50c; 01.2

Rose. Triumphs, 561)

ks, [email protected]: $1. Minnesota Cobblers, 97'%c:

[email protected]: Wis. Wisconsin Triumphs,

shipments,

MONEY MARKET

| NEW YORK, Sept. 1 (U. | rates were unchanged today { Money Stock Exchange. change, 11:7 ‘Bankers’ Acceptances— days, Yo@7-16%; 120 da [and 180 days Sa@d-1

30. 60 vs. 9-16@ "2%:

P.) .—Money

19%:

Curb

and 90 150

Commerc al Paper — rime names, 1% d 90 d

ime Money—860 a

T | 150 and 180 days oy.

1Va%:.

Rediscount rate Y, "Rew York 1%.

PERSONALIZED AUTOMATIC TYPEWRITTENLETTERS, ,, XCLUSIVE 20TH CENTURY

MIMEOGRAPHING UP TO 14X20 ON BOND COMPLETE MAILINGS MULTIGRAPHING STENOGRAPHERS TWO NOTARIES

Stocks and bonds declined after a | recovery in July. Commodities made | new lows fog the year in the United Ip ress index. Rail issues were hard | hit in the security markets while | utility issues made the smallest group decline. | Adverse factors for the markets | included such items as outbreak of | hostilities in China involving several | serious incidents including firing on lu. S. ships and serious wounding of th» British Ambassador to China,

[by the President he would continue | to press his Supreme Court pro- | posals, and uncertainties special Congress session. | Good News Ignored | Ignored were such favorable items |as steady steel operations at a high | rate, pickup in electricity output to a record high, fewer labor difficulties, easy money policy reiterated | with cuts in many Reserve Bank re- ! discount rates, adjournment of oo | CONETESS, but little legislation inter- | | preted as unfavorable marketwise, gains in retail and wholesale trade, land a jump in farm income. A big factor in the markets’ setback was the annual report of Stock » | Exchange President Charles R. Gay rin which he called attention to re-

over a! | —~Any favorable turn | would probably find the market in a | receptive mood

{Ll of liquidity through | | stringent Government regulation. | Traders had known for some time lof the illiquidity, but when it was called tc their attention by the ex- | change president some dumped their | holdings. Minor offerings were | sufficient to bring wide declines. | A feature in bonds was a break land recovery in Japanese issues, Cotton futures made new four-year lows. Wheat met meager support l after touching new lows for the I season.

YORK, Sept 1 (UU. P.) stock sales totaled 17.212 532 shares with 20922285 in July m, aaTgust aA year ago gust aggregated | azainst S145 S04 000 in July | 428.000 a vear ago. { Following is a range of | stock averages for August changes from July closings: Bradstreet commodity index:

Angst comand 26.Bond sales £147.601,000 and $216,-

Dow-Jones with net

during

Net Lp Change 177 -—8.2 49.40 49 80 27.38

: 27. 3 481 59 60.26 3.11 the butted” rere “Punp, et

| High Low Close Change [ Aug. 1537... 14290 137.00 13700 — 4.93 | July, in ++.+147.02 140.60 141.32 —4.17 Soe The 1804 Inu va ats Holy | TWO ISSUES LISTED NEW YORK, Sept. 1 (UP.)—The New York Stock Exchange today {admitted to the list General Tire &

Low 175.91

30 Inds. 20 Rails 20 Utils. 70 Stocks

Range of

Rubber Co., common stock, $5 par, land Koppers Co. first mortgage and |

BROKERS’ OPIN (IONS

NEW YORK, Sept. 1 (U. P.) = | Brokerage opinion today:

E. A. PIERCE & CO.—With main= tenance of profit margins depending | heavily upon a high volume of pro- | duction, we think that the question of selectivity will become more pronounced than ever, REDMOND & C©€0.—While there are several unsettled factors in the outlook, it appears a little premas« ture to pass final judgment on the fall business prospect. In our opine fon a constructive near-term atti fude is still justified. SHIELDS & C€O.—The current nervous state is not likely to change until there is a more definite trade picture of a fortnight or so after the Labor Day period so that a cate tious trading policy remains ware

| ranted

BANK STOCKS

(By Atkins, Hamill & Gates) Bid

Empire . National City. Chase Nation Bankers Chemical Commercial Wi Central Hanover Continental Corn Exchange First National

Bank

Irving Trust Bank of Manha io:

| Rossia Travelers: Westchester Hanover Hartford Great. American Franklin ™ Boston Insurance Fidelity-Phoenix Continental

LOCAL ‘PRODU CE

(The prices quoted are pald for stofk gathered in the country, while for deliv eries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.) ". gui 1 strictly fresh, loss oft. 18s

Heavy breed hens, 5 Ibs. and over, 17'%e; Leghorn hens, 13c: heavy breed 1937 stock, 2 Ibs. and over, 19c; broilers, 1937 stoek, 2ibs. and bareback broilers, 1937 gtoek, 2 over, l4c; old roosters, 9c, ducks, feathered and fat, 5 Ibs. and over. Rese, full-feathered and fat. 9 to do. Butter—No. 1 33% ae: No he!" > 3%. Butterfat. No. 1

U.S. STATEMENT

WASHINGTON, Sept. 1 (U, —CGoverfie ment expenses and receipts i the current fiscal year through Aug. 30, compared wi a year ago.

s Yea Expenses § 1, 209. ai. 482. 5 ] Receipts 853, nl 117 Deficit 19 Wh Cash Bal. 2,001, 008. 55: \ Work Bal. 1.084,680,0 138 Pub.D’bt xa 0a. HE 0 Gold Res, : Customs

Inactive SoM Tega] xNew hig

Last Ye 962.427 624,368

Bus, 06 $1,321

collateral trust bonds, Series A 4 per | _X

cent, due November 1, 1951,

Rental

130 E. Washington

“a Fede: Deposit nsurance ™.

gal LL IVE ELAWARE + C

WASTE-PAPER

AMERICAN! PAPER STOCK ny