Indianapolis Times, Indianapolis, Marion County, 2 September 1937 — Page 20

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THURSDAY, SEPT. 2,

SUGAR STOCKS RISE AS OTHERS FOLLOW STEELS DOWNWARD

Bearish Trend Rules New York and London.

NEW YORK, Sept. 2 (U.

P.).—The stock market con- | tinued to decline today but | trading quiet after a fairly |

active opening.

Bearishness is increasing almost |

to the point of unanimity in Wall

Street. Attendance just now is at a minimum and it is equally light in London. Railroad issues sank to new lows for more than a year and the industrial average approached its 1937 low. Norfolk & Western lost 9%: points. Nearly all rails made new lows for the year. Steel shares predominated and despite a mild recovery U. S. Steel had 1's loss at 103's, Bethlehem 7. loss at 883 and Inland, Republic | and Youngstown Sheet & Tube dip- | ped fractionally. Sugar issues were strong on Presi- | dent Roosevelt's action in signing | the sugar bill. Fajardo gained more | than two points and others showed | advances of a point or more. A rush to buy sugar futures on action of the President in signh- | ing the sugar bill clogged the com- | modity market and sent the price | up the limit of fluctuation, 25 points, in some positions. Orders came so fast that necessary to call a brief recess to allow brokers to check on the trade. | Railroad shares showed some | rallying power. Southern Pacific, | Chesapeake & Ohio and some others | showed fractional gains while | Southern Railway, New York Cent- | ral and Atchison had fractional losses. Oils continued under moderate | pressure led by Standard Oil of New | Jersey which dipped more than a point. Metals were irregular and | utilities continued quiet. Cotton futures rallied almost al dollar a bale after having reached | successively new lows each day since | the Government's loan policy was announced. Mining and industrial shares led | a decline in Curb stocks. Losses | ranged from fractions to more than a point. Secondary railroad funds broke, | on the average, to the lowest level | of the year in fairly active bond | trading. In London operators became | nervous over

it was

the situation in the | Far East and in the Mediterranean and sold securities, although trading was not heavy. The foreign bond market was unsettled; Japanese issues sold one-half to a point lower. FIRST HOUR:

Steel shares led a sharp decline. Opening trading was active. Later prices firmed slightly and trading slowed but near end of the hour trading increased and new lows for the day were recorded. U. S. Steel at 102 was 214 lower; Bethlehem at 87 was 2's lower and Youngstown Sheet & Tube dropped more than a point. Chrysler slipped back to 1043 for more than a point decline and General Motors was fractionally lower. New York Central and At- | chison led rails on declines of more | than a point. Standard Oil of New | Jersey lost more than a point to | feature oil weakness. Metals were | soft and utilities quiet and easy. | Sugar shares were strong and farm | equipments weak. Volume approximated 380,000 shares compared with 180.000 in the first hovr yesterday. Dow-Jones averages: Industrial, 170.80, off 2.28: railroad, 47.21, off 1.00; utility, 26.66, off 0.07.

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet Inc. reports week ended Aug. 31, food index unchanged from previous week at $2.87 vs. $2.81 year ago. American Bureau of Metal Statistics reports July world production of gold, excluding Russia, totaled 3,151,000 ounces vs. 3,062,000 in June and 2,453,000 year ago. Dun §& Bradstreet, Inc. reports week ended Sept. 1 bank clearings totaled $5.254,337.000 vs. $4.759.835,~ 000 previous week and $5,842,270,000 year ago. Engineering News-Record reports |

week Sept. 2, construction awards |

totaled $41,625,000 vs. $37,338,000 | previous weeek and $37,730,000 year ago; total awards for the month of August $170,068,000 vs. $260,794,000 in July and $192,317,000 year ago. CORPORATION REPORTS

American Power & Light Co. week ended Aug. 6, output totaled 118,331,000 kwh vs. 114,498,000 year ago. American Water Works & Electric Co., week ended Aug. 28, output 50,740,000 kwh vs. 47,441,000 vear ago. Chicago, Burlington & Quincy Railroad Co., week ended Aug. 28, own lines, loadings, 16,709 vs. 16,824 previous week and 16,825 year ago. Electric Power & Light Corp. week ended Aug. 26, output, 60,690.000 kwh vs. 53,717,000 year ago. National Power & Light Co, week ended Aug. 6, output, 79,425,000 kwh vs. 76.016,000 year ago. New York Central Railroad Co., week ended Aug. 28, own lines, 41,628 vs. 41,898 previous week and 39,760 year ago. Pennsylvania Railroad Co., week ended Aug 28, own lines, loadings, 68,647 vs. 69,741 previous week and 67,823 year ago. El Paso Electric Co., 12 months ended July 31, net income $355,050 vs. $322,984 preceding 12 months. Engineers Public Service Co., 12 month ended July 31, consolidated net income, $3,392,970 or 5§ cents a common share vs. $2,668,401 or 18 cents preceding 12 months. ‘ Keystone Steel & Wire Co., year ended June 30 net income $1,160.857 or $1.53 a share vs. $1,501,493 or $1.90

preceding year. Virginia Electric & Power Co, 12 months ended July 31, met in-

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MARKETS AT A GLANCE

Stocks lower and fairly active. Bonds lower; U. S. Government issues lower. Curb stocks lower. Chicago stocks lower. Call money 1 per cent. Foreign exchange irregularly lower. Cotton futures 12 to 15 points higher. Grains higher in wheat up 1% to 1% bushel. Rubber futures firm. Silver unchanged in New York at 443; cents a fine ounce.

Curb Stocks

By United Press

Chicago; cents a

| Aero Sup B | Alum Co Am Am Bo ok | Am General Am Maracaibo Am Ark N

| Austin

Barium Stl

Berkey Gay ‘Fur EES

—

| Can | Carrier Corp .. Centrif Pipe Cities Serv ities Serv | Col O&G Eon Cop. MNS ov vviadivies Cooper Bes Cord Corp .

Marconi

| Eagle Picher L | Equity Cp Fisk Rubber Ford Can A

BI tall a c DEI DEI rt rtd | ODDO DL 03D se Utes

Humble Imp O Iron Fireman

| Lion Oil

Lockheed Air McWms Dredge Mesabi Iron .... Bumper Molybdenum Nat Rub M Niag H Pwr Pan Am Air Pantepec Jee { Prudential In | Rustless I&S pf St Regis | Seiberling R Std Oil Ky .. Std Oil Ohio Sunray Oil Technicolor Tilo Roof vale Un Lt & Pwr A | Wright Harg

| Adams Royalty | Advance Alum

Berghoff Borg Warner Butler. Bros . | Chgo Corp cv pf Chgo Flex Shaft, Comwlth Cord Corp | Elgin Watch Gen Financ Gossard Co Hupp Motor rine Kellogg Sw Bd .... La Salle Exten Marshall

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Pub Sve NIll (novar).. f Pub Sve NIIl 6 pf..... Rollins S Swift Trane Co : Utility & Indus Wisc Bk Shrs . Zenith Radio

come, $3.335,621 vs. $3,092,987 preceding 12 months. DIVIDENDS

American Gas & Electric Co. regular quarterly 35 cents on common payable Oct. 1 record Sept. 8.!

American Rolling Mills Co. cents on common and initial quarterly $1.1212 cents on new 4': per cent cumulative convertible preferred, payable Oct. 15 vs. 50 cents July 15. American Snuff Co.. regular quarterly 75 cents on common, payable Oct. 1 record Sept. 3. Bliss & Laughlin Inc., extra 50 cents and regular quarterly 50 cents on common, payable Sept. 30 record Sept. 18. Evans Products Co., regular quarterly 25 cents, payable Sept. 30 record Sept. 18.

Fanny Farmer Candy Shops, extra | [25 cents and regular quarwny 25 | | cents, payable Oct.

1, record Sept. | 15. Guarantv Trust Co., regular quarterly $3, payable Oct. 1; ‘record, | | Sept. 1. International Vitamin Corp., regular quarterly 12!: cents on ¢cMm- | mon, payable Sept. 30; record,

| Sept. 10.

Canadian General Electric Co. Ltd. regular quarterly $1.50, payable Oct. 1; record, Sept. 15. Margay Oil Corp. 25 cents, payable Oct. 9; record, Sept. 20 vs. iike amount July 10. Reynolds Spring Co., 25 cents on common, payable Sept. 29; record, Sept. 15 vs. like amount June 29. Flintcote Co., 25 cents on common, payable Sept. 25; record, Sept. 15 vs. like amount June 25. Gulf Oil Corp. 25 cents, payable Oct. 1; record, Sept. 15 wvs. like amounts on July and April 1. International Shoe Co., regular quarterly 50 cents on common, payable Oct. 1; record, Sept. 15. L. S. Starrett Co., 50 cents on common, payable Sept. 30; record, Sept. 17. Mapes Consolidated Manufacturing Co., extra 50 cents and regular quarterly 50 cents, payable Oct. 1; record, Sept. 15 vs. 25 cents in previous quarter. McKeesport Tin Plate Co. 50 cents, payable Oct. 1; record, Sept. 15 vs. like amount July 1. American "Stores Co., 25 cents, payable Oct. 1 record Sept. 14 vs. like amount July 1 Diesel - Wemmer - Gilbert Corp. extra 25 cents and regular quarterly 25 cents, payable Sept. 25 record Sept. 15.

(Copyright, 18937, by United Press)

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THE INDIANAPOLIS TIMES

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PAGE 19

a High Low

Allegh Corp .... Alleg Steel .... Allied Chem ....22 Allied Mills .... 2 Allied Stores

Am Crys Sug “ Am Enc Til Am & F Pwr Am&F Wnt Am Hide&L . gn Jiome Pr..

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Woolen pf Zinc Anaconda Armour III . .. Asso Dry Gds... Atl C Line ... Atl Refining.... Atlas Corp Auburn Auto.. Austin Nich ... Aviation Corp..

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Calumet & H N Campbell Wy Can Pacific Celanese Can Dry rts wi | Certain-teed

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Con RR Cuba pf Con Textile . Cons Coal vtec Container 1.20 Cont Bak Cont Can 3 . 55 Cont 1.60a Cont Mot Oil Del

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| Ill ‘Central .... 2034 3% 34 3 Indian Ref . .. 1 17 whey Ingersoll Rand Inland Stl 10 Inspiration Cop Inter Iron Agric “eu RI .i vd El A

Int T&T Intst D § Island Cr Coal.

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INVESTING CO. -S

Bid Ask Adm Pds 17.50 3. 62 i Affil Fd 9.13. 10.96 Key Amerex 26.00 27. 5] Inv Am Bus 4.14 2 Key Am Gen 1.00 1 Key Am Ins 7.12 0 Key rank Shrs 1.69 Si Key B Basic 4.78 phy land Broad S 23. 34 6 Mass. Inv ull 20.12 £11 Mut Inv Be Fd 22.79 gy oa) a Car v 4.40 inwi sec 8 In iE 192 2008 3 Eng 17. 77 19.11 St tock, Inc.

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Gen Inv 6.52 Groun Seuuritiecy Agric 85 Auto Pdg Chem Food Merch Mining P

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Tob 1.03 Inv Shrs 1.44

1.1 vig 96 04 1.57 Well Pd 17.78 19.51

Last Change Adams Exp .. . 3s | y 3 3

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NEW YORK STOCKS

By United Press

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS 173.08 178.52 186.09 166.24

-— 4.33 -— 3.18 - 0.71 -— 0.41

Yesterday Week ago Month ago Year ago wy High, 193%, 194.40; Tow. 165.51. High, 1936, 184.90; low, 143.11. 20 RAILROADS Yesterday Week 2ag0 «..ovenee Month ago .... Year ago High, 1937, 64. 46; low, 48.21, High, 1936, 59.89; low, 40.66. 20 UTILITIES Yesterday Week ago Month ago Year ago High, 1937, 37.54; low, 25.45. High, 1936, 36.08; low, 28.63. 70 STOCKS

27.45 29.06 34.83

High, 1937, 69.67; low, High, 1936, 66.38; low,

Net High Low Last Change Lorillard 20% 20% 20% — Ya Ludl Stl 2 32 32 — Va wl 38 432 9

a Marshall Fld Martin Gli . McKesson & R McLellan St | Mesta Mach | Miami Cop

Minn Hny “es Minn-Moline Minn-Mol pf Mo-K-Tex . Mo Pacific | Mo Pac pf .. Mohawk Cp . Mont Ward 2a a7 Mother Lode .. n Motor Prod Mullins Murphy Murray

SURSRUNNANE

SERRE ERE

Nash-Kelv Nat

Nat Dairy ... , Distillers

Newberry ... Newport Ind

Y L NYC Omnibus . | NY NH&H oN NYOnt&W | Norf & West No Amer No Am Avn No Pacific

| Ohio Oil Omnibus Otis Steel ‘ 177 Owens Ill Glass 97:

Pac G & El Pacific Ltg

W Am Fish .. | | doe | Pac West Oil .. 2 |

sta Oil Ind. ... N J

Sunshine Min... Superior a . Swift In : Syming- ould

Talcott J Tenn Corp X Corp Texas Gulf Prod Tex 6G Sul... T & PC & O 12 Tex Pac Thermoid

Par

NHN ANS AN

Transamerica. . Trans&W Air. Tri-Cont

Union Carb . Un Oil Cal . Un Tank Un Aircraft Un Air Lines ..

FERLERT ETL EET

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128% 128%

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Vadsco Sales ... 13g 13 Vick Chem ..... 40'% 40% Va-Caro Ch.... T4% T™%

33% Walgreen 25% Walworth ...... 133% 13 Warner Bros ... 13% 135 Warren F&P “vo 38 W Pa El Tpf... 2 West Union oe | White Mot 2 White Sew M pf Wilson & Co .. Woolworth ..... Worthington Worthing pf B

38 103%

Yellow Young Young

Tr... SAW .. Sheet, ...

Zenith Rad .... Zonite ......

FLYNN ATTACKS GOLD PURGHASE

Farm Exports Drop Despite F. D. R. Devaluation, He Declares.

By JOHN T. FLYNN Times Special Writer NEW YORK, Sept. 2.—It is a little startling to read the newly pub- | lished figures about United States | imports and exports in the light of

1 | recent history.

: Parker Rust }

| | { Radio... | Radio-K-Or Rayhestos Reliable-Strs .. Rem Rand ~~ | Re eo Mo | Republic Stl. Revere Cop. ... 33 Reyn Tob B.... § Ruberoid 3

" | Mr. Flynn

‘up an issue of stock.

| So much happened these last five | years that it is a little difficult to | remember it all and keep it all

® | straight in the mind. Thus, for in-

stance, there flows into our country from abroad a ceaseless stream of gold. When we devalued the dollar in January, 1934, our gold was valued at $4,033,000,000. The devaluation instantly made it worth $6,841,000,000. We “wrote it up” like a utility magnate writes When we

, | devalued we did not do it in order

Sears Roebuck. .

Skelly Oil . Socony-Vac

“So Am Gold ..

[So Por R Sug. 3¢ | South Pac ..... 38 South Ry o~

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings but merely indicate the approximate market level based on buying and selling inquiries or recent transactions. BONDS

Citz Ind Tel (TH) 4'%s 61.....101 H Tel & Tel Ft W 512s 55 H Tel & Tel Ft W 6s 43... H Tel & Tel Ft W Ts... Ind Assoc Tel 4'2s 65.. Indiana Tel Co 55 60 .... Ind Railwavs Inc 5s 67 Indpls Water Co 3%2s 66....,, Bf | Interstate Tel & Tel 5'2s 53 . Kokomo Water Works 5s 58. .. Morris 5@10 Stores 5s 50 .....100 Muncie Water Works 5s 65 Noblesville H L & P Ohio Tel Serv 6s 47 Pub Tel Co 4l>s 55 Richmond W W 5s 57... ....... Seymour Water Co 5s 49 100 T H 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........... 57 Belt RR St_Yds pfd 57 Cent Ind Power pfd kN 27 Home T&T Ft W 7s .......... 50% Hook Drug Inc com......... 17 : Ind & Mich El Ts «10, Ind Gen Serv Co wo ‘ / Ind Hydro Ee Ni ns... Indpls Gas C xIndpls Pwr % 1 t RE xIndpls Pwr & Lr p 8 oid Indpls Water Co pfd 5 Lincoln Natl Life Ins Co com. P allory com Bs N Ind Pub Serv Co pfd 5'zs... N Ind Pub Serv Co pfd 6s .. N Ind Pub Serv Co pfd Ts Progress Laundry Co com 66.. Pub Serv of Ind pfd 6s Pub Serv of Ind pfd Smith Alsop P&V pfd Smith Alsop P&V com Terre Haute Elec Co Union Title Co com Van Camp Milk Co pfd | Van_Camp Milk Co com 11% xEx-dividend Crist & Co.)

(By M. P. Market St. Investing Corp....32.72

\ CA LOCAL PRODUCE (The prices quoted are pald for stock gathered in the country, while for deliveries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.) Eggs—No. 1 strictly fresh. doz.

Ask 03

34.80

loss oft. 18¢

and over 17c; breed oroilers, 18c; Leghorn and over 16¢; 2 bs and

Heavy breed hens, 5 Ibs, Leghorn hens, 12¢; heavy 1937 stock. 2 lbs. and over, broilers, 1937 stock, 2 1bs., bareback broilers. 1937 stock. over, 12c; old sr 9c; ducks, fullfeathered and fat, 5 ibs. and over. SC; oa full feathered Bnd fat. D to 14

Butter—No. 1 361.@3%c: Wo 3 St @35¢. Butterfat., No. 1. 31c: No

compiled for the United Press equals 100):

Commodity— Today Wheat, No. 2 red (bu. §1.08% Corn, No. 2 vellow (bu.)... 1.03 Rye, No. 2 (bu.) ... Veni 84 Oats, No. 2 white (bu.) .308¢ Flour, Spg. Pat (196 1b. sk.).... 6.75 Lard, ‘prime steam spt (1b.)..... 1012 Coffee, rio 7s spt (Ib.)........ Sugar, raw 96 test (Ib.). Butter, 92 score (Ib.) ‘Hogs, avg most sales (Ib)... ‘Steers, avg. most sales (Ib)....

Yesterday ........ 137.05 | Year ago .......... 131.23 i Week ago ........ 138.59 | 1937 high (April 5) 158.26 Month ago ....... 142.68 | | 1937 low (Sept. 1) 137.05

Following are the prices used in compiling the index:

Commodity—

Cotton,

Copper, electrolytic

Year Ago $1.13 1.98 I 437% 5.19 A170

Steel, scrap, Chi.

Lambs, avg. most sales (Ib.).... Hides, native hvy. steers (Ib.).. ‘Wool, fine unwash combing (Ib.) mid-upland Silk, 13-14 deniers Jap (Ib.).... Rubber, spt smk rib (Ib) .......

Lead, spot (Ib.).... Zinc, spot (Ib.)......... Tin, straits spot (Ib) ......... Silver, comml bars (oz.)....... . (ton) Pig iron, Iron Age comp (ton). Coke, Connelsville (ton) .. Cement, dom. Portland (bbl) .. Yellow pine, 6-in. base (M. ft.). Douglas fir, rough (M. ft.)..... ‘Gasoline, tank wagon (gal.).... ‘Crude oil, 40 gravity (bbl.).....

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX NEW YORK, Sept. 2 (U.P.).—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, (1930-1932 average

Year Ago $ .09%

Week Ago 1025

Today $ .1060 $ JA8%

ab.) ......

aM) ..ivvie teresa 0685214 vernaee 068714 04950 ve Re 58% 43 A434 AY 19.55 16.25 23.25

+ | have developed.

>” | ports and to raise farm prices. did not do this to protect our gold

j= bring this flood of gold to the country. This deluge is, singularly,

| for several years the gold has flowed {in and, in its wake,

| everyone, seemingly, why we started it. We started it to increase farm exWe

has forgotten

reserve. We had already acted on that when we abandoned redemption ‘of paper money in gold. This was done, as the President said, to open up foreign markets to the farmer's products — chiefly wheat and cotton, to raise prices here and, quite important, as a step toward a managed currency.

Goal Still Distant

But, while the constantly mounting tide of gold brings us face to face with new difficulties, the objects it was intended to accomplish

has been useless.

We exported less cotton in 1034 after devaluation than we did in the deep depression year of 1933. We have never gotten cotton export up to the level of 1933 shipments. Wheat exports rose a little in 1934 and then fell off to almost nothing in 1935. And now the Department of Commerce reports that last year we increased our farm imports by $400,000,000 while our farm exports fell off by $36,000.000,000. And at the same time a report reveals that for the first six months of this year imports actually exceeded exports for the first time in years. Now it may be that this excess of imports over exports is a good thing. The point I am making is that the gold adventure, started to push exports up, to increase exports of farm prices, has failed utterly. Farm prices have of course risen. But it is unnecessary to argue that they went up not because of foreign buying but through other causes— curtailment of crops in 1933 and 1934, the drought in 1935, the great rise

to Government borrowing and spending. The gold policy has had nothing to do with all this. It has been, so far as favorable results are concerned, a complete failure. On the other hand it raises up problems sO grave that it is to be wondered at that the nations seem so little concerned about them.

FOREIGN EXCHANGE | 3

NEW YORK, Sept 2 (U. P.).—Foreign exchange opened frreguinrly Tower,

Rates Net Change England (pound) Py 7-16 ~=00 §-1 Englang (80-day bill

. 495 11-16 —00 5 >i Canada (dollar) .. 100, a = 4.00 1 1% France (franc; 037. —.00001% taly 033830 } 10000 vs 16841; 5 ~ Germany 4018 -—.0002 Switzerland

(fra Holland " Sweden (krona).. Norway (krone). Denmark (krone). Japan (yen)

2297 AE we ilder). .5516'% + .0001% 2560 —.0001 — 000014

2495 216% 12859 —.0001

Orders Executed

| were usually steady.

new problems | But all the time |

PRICE OF LAMBS DROPS HERE ON LIBERAL SUPPLY

Better: Holds Hog Values at $11.55 Top.

Comon and medium grade lambs sold sharply lower heré today, according to the Bureau of Agricultural Economics. Even the good and choice kinds declined, but the downtown was not so severe. Buyers were aided in buying supplies 25 to 50 cents lower by {a fairly liberal run, receipts being estimated at 2000 head. Good and choice ewe and wether lambs bulked from $10.50 to $11. Vealer prices responded to an improved shipper demand, the general market advancing 50 cents over Wednesday. Good and choice vealers had a spread of $11.50 to $12, with mediums largely $9.50 to $10.59. | Receipts were estimated at 600 head.

i Replacement cattle, with stockers

| predominating, made up the biggest | portion of today's cattle run, ac-

cording to the Bureau of Agricul- | | ©

[ tural Economics. Killing quality was very unattractive, making for a rather peddling trade on common and medium grass steers and heifers, but prices A range of 87 to $10 took most of the steers, a few shortfeds up to $12. Heifers had a practical limit of $10.25. Cows moved fairly active. Most sausage bulls cleared at $6.50 and below. In a mostly 25 cent lower trade, choice stocker steer calves around 400 pounds made $10.25 and $10.50, while several loads of medium grades went to the country at $8. An improved shipping outlet was sufficiently broad to hold local hog values on a par with mid-week, even though the trend at most centers was downward. Top held at $11.55 for choice 210-225-pound butchers, with no premium sales reported. Packing sows bulked at $9.75 to $10.25, top $10.50 on good lightweights.

Li ht Li hts 3140-160) Good and choice. .$ papal kL Medium .

0610.80 Lightweights— (160-180) as Siva choice.

(180-200) Sood and ‘choice. . Medium .. . Medium Wetter (200-220) Good and choice... (220-250) Good and choice... Heavyweights— (250-290) Good and choice... (290-350) Good and choice...

om33 wo Gr OO ow Qo

> Ko — Sc ra on

(350-425)

275-530) Medium .. Slaughter Pigs— (100-140) Sod or and choice...

Pk eh hd dk lk ed pk pd

OD OVID Or rm wr D — > > >

[email protected]

[email protected] 65@ 9.90

P= DUD A BR IR < >

(550-900) [email protected] G Medium Common Prime Choice Good Medium Bon

. [email protected] |

(900-1100) 14.50 186, 30

(plain) ©

0@ 9.0 [email protected]

(1100-1300) 6.50

M (1350-1500)

(550-750) G

C i Good and choice . ommon, medium

(750-900)

Good Common, med Low cutter Ary Cutter Bulls, good

. 6.75@ 1.75 Cutter, common ...

5.25@ 6.75

Good (beefy . 8.50@ 1.55 Cutter, common and medium . Vealers ~—Recepits, 600— Good and choice Medium . Cull and medium Gnod and chofce . 8.50@G 11.50 Common, medium Feeder and Stocker Cattle Steers

(500-800) Good and choice . Co

(250-500)

have never been attained. For the |

purpose for which it was started it | BGs

in buying power of the country due |

mmon medium (800-1050) Good and choice. Common, medium.

Good and cho'ce .. Common and medium

Common and medium SHEEP AND LAMBS 5 B et ips, 3000— i mbs— Cho: » rE $10.50@ 11.00 9.50@ 10.50 8.00@ 9.50 7 00a 8.00

3.00@ 3.50 1.75@ 3.00

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

CHICAGO, Sept. 2 (U, P.) —Hogs—Receipts, 7000, including 2500 directs; market, steady to 10c lower; top, $11.70; bulk good and choice, 190-240 Ibs., [email protected];, few choice 150-180 1bs.. [email protected]; butchers, 250-300 1bs., $11.10@ 11.40; few 320-350 1bs., $10 .50@11; packing. sows, [email protected], Cattle — Receipts, 4500; calves, 1500; draggy market on yearlings and light steers; medium weight and weighty steers, ood and better, steady. no uch beef ere; top, $18.10; sprinkling. $16,000 16.35. most grassy and warmed up steers, S07 11; bulls and vealers steady, scarce; sausage bulls, $6.75 down; vealers, $11@12; few, 0. Sheep—Receipts. 8000, including 4700 directs; spring lambs, steady; good to choice natives, $10.75@11: best held Above $11.25; sheep, steady; native ewes, $3@4.

T. WAYNE Sept, 2 (U, steagyv: 200- 225 1bs., $11.15; 180- 200 Ibs.,

: 00stags, $8.25. Calves,

$11 3%. } Lambs, $10.

U. S. STATEMENT

WASHINGTON, Sept. 2 (U, P.)—Government expenses and receipts for the current fiscal year through Aug. 31, compared with a year a >

T' $1,214, a3 27%. 72% 862,618,618.81 352, T44 859.51 3 902,190,851.04 Bal. 1.050,955.081.70 Pb. Debt 'x37.045.040,598.38 380,468,640, Gold Res. 12, 538, 387,684.00 10,715948,084.54 Customs 438, 553: 45 66.343,773.78

Fodny Pur Total Pur Inact. G.§ 13, 035, 20. 80 $ 1,334,035,104. 4 _XNew high.

Expenses

Colonial

Savings and Loan Association 28 South Mlinois St.

Listed Stocks and Bonds—All Exchanges T. P. BURKE » > COMPANY Merchants Borre Hates VERE

ort wan To

Shipping Demand |

Recelpts | 3000

11.00@ 14.25 | [email protected] | 6.506 9.00 |

4.75@ 6.50 |

6.00@ 8.50 |

N. Y. Bonds

By United Press

BOND PRICE INDEXES 2 PW Ind. Rails Util 80.4 100.4 a0.1 100.5 91.8 101.8 96.5 79.6 101.2 89.4 100.4 84.7

vis 03. 8 94.2

Yesterday Week ago Month ago Year ago Two years ago. 1937 1937 1936 1936 1935

100.6 106.0 99.3 106.2 103.5 864 103.6 93.1 1935 1.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)

U. 8. GOVERNMENT BONDS Treasury Sow Low 105.11 101.29 100.2

100.7% |

03.3 . 94

Last 105.11 101.29 100.2 19.18 | 09.10 102.14

1943-40 July

1959-56 99.5

Home Owners Loan Bonds High Low 1044-42 99.22 99.22 1052-44 101.26 101.26 Federal Land Bank Bonds Bid Asked 3s July 1955-45 ....100 3-16 3s Jan. 1956-46 ..100 3-16 3s May 1956-46 ...100 3-16 : ..102 «+ .1081% .. 100;

1100 9-16

Yi ee |

BILIRINS =

DOMESTIC BONDS Low 737% 113% 1314 105% 9812 ar 1102 110. 101'2 101? 61'% 61 1047; perp 95 95 . 10 103

Last Am&ForP 5s 2030 . ATT deb 52s 43 . Anaconda C 4! 5s 50

B&O 4125 60 Beth Stl 4%s 60 Can Pac geb ”

Cons Edis 31s 56 Erie ref 5s 75 .. Erie ref 5s 67 Flor E Coas 5s Goodrich 6s 45.. Gt Nor 4s G 46 ICCSLNO 5s A 63

Lou & vo Mo Fac cv Bhs 49.0 1

Philippige R 4s 37. Postal T&C 5s 53.. Rem Rd 4%s 56 vo Sea Air Line 6s 45. So Pacific 4'25 68 Sou Ry gen 4s 58 Un Pac 1st 4s 47 U S Rubber 5s 47... FOREIGN BONDS High Brazil 6'4s 26-57 ...... 3f Canada 55 52 Chile 6s 60 Cuba 5s 4125 Japan 6 >8 1S 51 wero .

HOPKINS URGES

‘Long-Time Reconstruction Plan Asked to Raise Level of Living.

Works Progress

ordinated,” long-time program of agricultural reconstruction. In a report prepared by WPA's research division, Mr. [kins said living standards steadily decreasing in rural areas. Hz listed as “chief of the long-

| standing farm problems” 1. Pressure of rural birth

the Hop-

rates

5.85 | | on farm opportunities. | 2 = Attempts to farm lands which |

are submarginal in production,

which are conducive to erosion. 4, Subdivision of farms into units too small to afford support for a family. 5. Overcapitalizatin of farms and | consequent heavy foreclosures. 6. The growing tenant and low-paid wage workers in agriculture. The report was based on a study of relief case records of 53,000 farm | operators and farm laborers in 300 | counties of 30 states receiving relief grants or rehabilitation advances | in 1935.

in recent years, largely because of |

the lack of parity of prices of farm products and to the cumulative in-

Mr. Hopkins declared that “human conservation is as important

cultural life.”

Three Billion Spent

For Farm Relief

WASHINGTON, Sept. 2. (U. P.) — The spent more than three billion dollars for farm aid in four years, Department of Agriculture reports revealed today. The administration

ture and loans this fiscal year

tural Adjustment Administration benefit payments. Department officials pointed out, however, that total expenditures to | date are partially offset by an in- | come of approximately one billion dollars collected in processing taxes under the old AAA. The AAA listed expenditures up to last June 30 as $2.270,848,510. | Benefit payments for this year will | total another $450,000,000. The Resettlement administration estimated it had spent $404,000,000 for farm aid an dsubmarginal land purchases. $100,000,000 this year.

95.0 | 105.7 97.9 | 89.7 |

93.4 | 100.2 |

2 | 81.31%

tA “IB & 4 Yas 30 B

: | Cinti ‘G " C

Fla

FARM REFORMS

WASHINGTON, Sept. 2. (U. P) ~| Administrator |

Harry L. Hopkins today urged a | “federally financed, nationally co-|

are |

3. Adoption of farming practices |

system |

The situation has become acute |

fluence of a succession of disastrous | 00 | droughts, the report said.

as soil conservation in any program | for reconstructing American agri- |

Roosevelt Administration has |

It will spend another |

PRIVATE REPORT ON CROPS BOOMS CHICAGO GRAINS

Estimatad Gain in Month of Million Bushels Surprises.

CHICAGO, Sept. 2 (U., P)i== | Wheat prices turned sharply higher [on the Chicago Board of Trade toe day after issuance of the private | crop reports. | At the end of the first hour wheat iwas 1'2 to 13 cents higher, corn was 1 to 1% cents higher, and oats [were 1: to % cent higher. The estimate on spring wheat (placed the 1937 yield around 195.« 000,000 bushels, only 2,000,000 bush«

28 | els above the average of Aug. 1 and 2% | renewed

2.57 | ‘34 4Y,s Nov. 1958-38 . 103% 104 5

buying resulted. The | sharpest advance on the report was lin September and December futures, {up almost 2 cents. Wheat receipts | were 60 cars. | A reduction in the corn estimate of more than 100,000,000 bushels | brought heavy buying into the pit, [The price jumped almost 2 cents | from the opening levels. The esti= [mae placed 1937 prospects around 25,000,000 bushels, The corn re= Fn were 12 cars.

WAGON WHEAT City grain elevators are paying for Ne, 2 red, Mc; other grades on their merits, Cash corn, new No. 2 yellow, 91¢ Oats, | 26¢, May—No. 1 “timothy, $157 15.50.

ARGENTINE GRAIN

BUENOS AIRES, Sept. 2 (U futures opened easy, Wheat {off 3a, Nov. $1.14, off Yc Sdc, unchanged; Nov SH unchanged “0c, Nov. $1.31,

WHEAT

Pp)

WINNIPEG

October | December

NEW 'W BOND I ISSU

(By w, L.. Lyons & Co.)

VES

tl City 08 . 05's Av sons 5s u's 105 | Calif Oro Prw 4s '66 3 04 { Cent Maine Pwr 4s ' 103% Cent Maine Pwr 3Yas ’ 0554 & EB Jas 105% MO 2%s ' 10014 Power 5s Houston Lt & Pw Indpls Water 3's '6 Los Angeles Rev 3% Narra El 3ta3 ‘$6 IN Y City 3s N Y State El | Northern State | Pac Lighting 4':s | Scott Paper Co. 3'% Union Elec 3%s Union Elec 3: | West Charter 3'% | Wise G & BE Wisc Pub Serv as 61

CHICAGO PRODUCE

Eggs—Market, steady receipts, 8848 cases, fresh graded firsts, 20'zc. extra firsts, 20%c¢; current receipts, 18':zc; die | rects, 16c, checks, 15¢ Butter—Market, firm; receipts, 10.857 tubs; extra firsts (90-91':) score, 32% @ 3215¢c; extras (92) score, 33¢c: firsts, 30's 3l%c, seconds, 266 28',c, standards, 32'a¢; specials, 331447 34c¢. Poultry—Market, geese 18@ 92'%¢; spring chickens, 24¢c; roosters 22'5¢: turkeys Cheese 8'zc;

Gas Pp Jt

103'z 104%

steady receipts, one 15¢; ducks, 16%: @ 4c; Irghorn hens 15%¢, 17@22'zc; broilers, 16@ 131,@ 14:8, fryers, 17@ 156117¢ Twins, 17% @18c: daisles, 18% @ 18% @18'%¢ - Supplies, iberal: demand, , weak, California White Rose, Triumphs, $1 wo &! 40, Idaho Russet Burbanks, $1.8041.00; U. 8. | No 2, [email protected]; Minnesota Cobblers, 0c: | Minnesota Early Ohios, 60c, Nebraska Bliss Triumphs, $1.10 North Dakota Bliss Triumphs, $161.20; Wisconsin Connie $1.06% 1.15; Washington White Rose, $1.75 | Washington Russet Burbanks $1.25 | oor rrivals, 79, on track, 226; opments, IO.

BANK STOCKS | (By Atkins, Hamill & Gates) Empire ‘ vo 97 Bank

| | ear, 34 trucks; hens

Longhorns | Potatoes | slow, | $2.

30 1 | National City 1 Chase National Bankers | Chemical | Commercial ve i Central Hanover Continental ‘e's Corn Exchange First National Guaranty Trust | Irving Trust Bank of Munhavtun Manufacturers New York Trust Public National INSURANCE | Home Securities National Fire | North River | Rossin ‘a Travelers {| Aetna Life Boston Insurance Glen Falls Fidelity Phoenix . Continental .“y hh 4 qn MONEY MARKET | NEW YORK, Sept, 2 (U. P.)~Money | rates were unchanged today Call Money-Stock Exchange, 17%: Curb | Exon, 1% % | Bankers’ Acceptances—30, #0 and 90 days, Jo@7-167%; 120 days. 0-16@ '%:%: 150 | and 180 days. ®a@9-167% Commercial Panver—Prime names, 1%, Time Monev~860 and 90 days, 1%%. 120, 150 and 180 davs. 1'27% Rediscount rate at New York 1%.

FOOD PRICES

CHICAGO, Sept. 2 (U. P.) Sweet po= toes— Tennessee, bushel baskets, 85c@ 81, Carrots—Illinois, bunches, 2 @20c. Spinach Michigan. bushels, 20630c. Tomatons—= | Michigan, 12-quaci baskets, 15@40c. Taulis | flower—Colorado, cora‘es, $1611.15, Peas Colorado, hampers, [email protected], Celery «= Michigan, flat crates, 25@50¢ Onions (50-pound sacks) Illinois and Indiana vel lows, 60@75¢c, Towa yellows, 57%ar60s, | Hdaho whites, 707 75¢. Idaho valencias, 1.35

ALCOHOL COMPANIES ANNOUNCE MERGER

NEW YORK, Sept. 1 (U. P.) ~The industrial alcohol business of Amer« ican Commercial Alcohol Corp. and | its subsidiary, the American Distill= | ing Co., has been acquried by Come mercial Solvents Corp., William D, Ticknor, president of Commercial Solvents, announced today. The transfer does not include any of the physical property of the twa companies, Mr. Ticknor added, but stipulates that they produce indus | trial alcohol at their plants solely | for the Commercial Solvents Corp, In addition, their good-will and | rade, and that part of their sales organizations which specialized in | industrial alcohol have been ace | quired. |

| LOOK!

| “res B690C

THE PEN HOSPITAL

137 E. WASH. RI-1888,

42 STOCKS . 43%

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

JA TLE