Indianapolis Times, Indianapolis, Marion County, 7 September 1937 — Page 6

| YEARS LOW MAR

~ GRAIN TRADE FA

U. S. Steel Loses Six) Points, Dropping Under Par.

NEW YORK, Sept. 7 (U. P.).—Stocks broke 1 to 9 points today carrying the list into new low ground for the year in volume so heavy that the tickers were 3 minutes late. Losses were widest in the steels, farm shares and motors. All divisions joined the drop.. Dozens of issues made new lows for the year to carry the Dow-Jones average for 70 stocks to the low-

est level of 1937.

Selling was heavy at the outset following a sharp decline in stocks on the London Exchange before the New York opening. The market was [in an unsettled condition last week, Today traders were more frightened than last week over developments in Europe and in the Far East. They were perturbed ovr failure of Japan to conform with Great Britain's demandsi n its recent note on the shooting of the British . Ambassador. An added item of market interest was the tense situation developing between Russia and Italy. In the domestic situation, traders were fearful lest the weak stock market adversely affeet business. It was anticipated that steel operations would be lowered and hence the selling in-the steel shares. Other major lines, it was anticipated, would not make the usual autumn recovery. In the steel section, U. S. Steél broke to 981: off 6! points; Bethiechem 84, without rights, off 6%; Republic 303 off 33; National 86 off 3%, and Youn€stown Sheet & Tube 7512 off 61%. Case dropped 9 points to 150 while | 2 Deere touched 119, off 512, ternational Harvester 9931, off 414. In the nonferrous metals, American Smelting sold down to 83, off 21%; Anaconda 50, off 37%; International Nickel, 563%, off 41%; Phelps{ & Dodge, 421s, off 27%; Howe Sound, M13, off 3%; U. S. Smelting 80, off | 3. Other wide losers included Air Reduction 631%, off 314; American Steel Fotnires 42, off 4%; American - Locomotive, 37, off 37:; Chrysler, 99%, off 7%: Douglas Aircraft, 47, off| 3'4: New York Central, 313s, off 3; [Lima Locomotive, 45, off 43%; Slass Sheffield, 135, off 11, and Westinghouse Electric 1384, off 54. urb stocks fell fractions to more than two points in fairly active dealings, in line with the break on the “big board.” Secondary rail bonds declined to new 1937 lows, and other domestic bonds eased. Cotton traders ignored the-break and prices firmed in anticipation of the Government crop report tomorTOW. FIRST HOUR

The market opened weak but volume was light. U. S. Steel was fairly active and dropped below 101 for more than 3 points loss. Beth‘lehem steel, selling ex-rights, was 4% lower at 85%. Numerous. rails made new lows for the year including Atlantic Coast Line at 41% off 2, Southern Pacific at 36 off 2%, Illinois Central at 20 off 112. International Nickel and Howe Sound each lost 3 points and Anaconda was 25 lower at 51%. Standard Oil of ‘New Jersey made a new low for the year at 621% off 1%. Chrysler led motors with 412 points loss at 102 and General Motors was almost 2 points lower. Volume approximated 300,000 shares, compared with 200,000 shares in the first hour Friday. DowJones averages: Industrial, 169.68, off. 2.87; railroad, 46.25, off 1.18; utility 26.50, off 0.36. > SECOND HOUR © Heavy selling developed, particularly from abroad, and the market broke to new lows for the movement. U. S. Steel reached 98% and came back to 993. for 47 loss. Bethlehem reached 84 and came back to 85% . for 5 points’ loss. Sloss- Sheffield was 11 points lower at 135. Southern Pacific had 4 points’ loss at 34%, Atchison 43% loss at 64, Northern Pacific 23% 308s at 231%, and Illinois Central 2 points’ loss at 191%, all new lows for the year. Deere & Co. lost 514 to 119, Case 9 points to 150 and International Harvester 3% to 100%: Chrysler reached 991% and | came back to 1007, where it was 5% lower. Utilities had losses ranging to more than a point. Volume approximated 460,000 ~hares compared with“160,000 in the ~econd hour Friday. Dow-Jones avcrages:- Industrial 167.50, off 5.05; railroad, 45.59, off 1.84; utility 26.05, off 81. s

“SEGAL SHIPMENTS UP

: NEW YORK, Sept. T7.—onsoli- : dated shipments of Segal Lock and * Hardware Co. and subsidiaries for * the first seven months of 1937 in- : creased 22 per cent over the same - period last year, Louis Segal, presi- : dent, announced today. The gain was rod he stated, in the face of a five-week curtailment of production last spring due to a strike at the company’s Norwalk, Conn., plant.

and In-

At Chicago on Price Boom.

CHICAGO, Sept. 7 (U. P.). —Traders who saw a chance to make quick profits poured buying orders into the wheat

pit of the Chicago Board of

Blaw-Knox .... 21

Trade today and prices soared

bushel. September wheat, representing the first of the 1937 crop to come to market, was $1.08% a bushel, up 3% cents. December wheat was $1.10%, a gain of 2% cents, and De-

cember crop $1.12%, up 3 cents. Threat of war in the Mediterranean chased prices upward in the newest boom. Traders read the, news from Europe a grave chance of conflict and buying in large volumes resulted. peculators, ever quick to reap profits, began to sell on the rise, but too many traders continued: to buy for the selling movement to check the gains. The European scare added further weight to news from Shanghai where Japanese troops continued an offensive aimed at driving out Chinese defenders. innipeg, Liverpool and Buenos Aires showed |similar gains. Buenos Aires was | 3 cents and more higher despite rains over the weekend in the Southern Hemisphere where grougil conditions had prevailed. Corn fries: reflected the increased wheat prices in Chicago, but the gains were not as large. September corn, representing the last of the 1936 crop, was 2 cents higher, because of the scarcity of old corn. /

WAGON WHEAT 2 Nu Sm elevators are paying for No. 5c; other grades on their merits. Cash corn, new No. yellow, 91c. - Oats, 26 May—No. /1 AT [email protected].

ARGENTINE GRAN, / BUENOS AIRES, Sept. 7 futures opened Shgnsly higher: Sept., $1.287%. +1Yc $1.187 Gom-Sent; 55Ysc, So Yiiov.. 55%C, isc, pot, |273%c, 1 Ye. Flax ept., SL. 31% 4, URChEREod Nov, $1.31, unchanged.

WINNIPEG wHzaT

P.).—Grain Wheat — Va, ~+1Vs

October December Ma,

LIVERPOOL WHEAT : Prev. Close Close $1.29 1.297% 1.25%

RUBBER PRODUCTION HITS 8-YEAR HIGH

October

$12 053 $1. 5a December .. March

. 1.297% 1.26%

125% 1.22% 1.21%

Reduces World Stock.

NEW YORK, Sept. 7 (U. P.).— Production and distribution in most divisions of the rubber goods industry moved up to an eight-year high in the first half of 1937, a Dun & Bradstreet survey showed today. This improvement reflects increasing use of crude rubber, the survey indicated, pointing out that consumption in the first seven months of this year rose to an all-time high of 352,068 long tons, compared with 331,356 in the- similar period a year ago. Consumption for all 4936, the previous record year, amounted to 573,522 tons. World stocks of rubber have been reduced steadily since February, 1935. On June 1, the third anniversary of the current rubber restriction plan, total stocks amounted to 462,637,059, of which the United States held 37.4 per cent, contrasted with 707,172 on June 1, 1934. The labor situation in the tire industry remains unsettled, the report said, but, even if all plants were closed by strikes for the remainder of the year, neither automobile manufacturers nor users would be inconvenienced. At mid-August, inventories were the largest on record, plants holding about 12,500,000 units, dealers about 7,000,000, and manufacturers about 3,000,000.

CORN-HOG RATIO AT YEAR'S RECORD. fIGH

Times Special . ' WASHINGTON, Sept. 7.—Government charts today showed that 100 pounds of live hog was worth 11.2 bushels of corn on Aug. 15, latest date | for which figures are available. This ‘business barometer for farmers who raise hogs was normal in August for the first time in more than a year, Agricultural’ Department economists said. Any figure above 11 was said to assure farmers profit in feeding hogs.

"FOOD PRICES

CHICAGO, Sept. 7 (U. P.).—Sweet Bo tatoes—Tennessee, bu. baskets, 80@95c. Carrots—Illinois, Bunches, Laadtic. Spinach—Michigan, bushels, 65@85c. Tomatoes—Michigan, 12 qt. baskets, 20 40e. Caulifiower—Coplorado, crates, sLio@l. Peas—Colorado, hampers, $2. i5@2 25. 1.35. ery—Michigan, flat crates, 40@60c. Onions (50-1b. sacks—Indiana Yelow, 87'%c; Minnesota Yellow, .67%2¢; Washington Valen-

cias, $1.10.

Increasing Use of Crude

Ada Adv Allegh

Al ied

al Am 4m Cr; A&F Am Ic 2 Am Ice pf . Am Loco Am Pwr & Lit. Rad & SS

s Exp

Corp

Am .“e Orders Pour Into Pit|i Sh

Am Stl Fdies ..

Am Tobacco .. Tob

las Corp ....

Bald 2 chfwi. & Ohio

Both Steel «¢s.00

Boeing Air ... Bohn Al Br

2 to more than 3 cents .a orden

Bulova W . Calumet & H

Caterpillar T..

coes 16% Rumley ... 2%

1 BIOL ins £5

—f

High

2Ya 2Yz

Cher «230 llied Stores .. 16% go rtswi 23: 32

23 3 38

9 183% 35% 83%,

Ya 14%

NEW YORK SHOCKS

Net Last Change oh

Ys —1- 16 Ya %

ale

183% 2d Ya

Cana Dry rts wi

Cent Foundry.. Cerro de" Pasco

; Ch into

Colgate-P-P Colum Gas «... Col Broad ... Com Credit ..

Com Inv Tr ... 5 Com Solvents .. Com & So

onw Edison ... Film

ont Mot Cons Aircraft . cont Oil Del ..

Film pf .. Bak A ...

oty Lreanen Orown Zeller .. Cub-Am Sug ...

Curtis-Wr ... Del & Hud .. D Lac & W

Dome Mines

. 32

13% 395%

Douglas Air .... 4

Du Pont

Elec SuioL . Elec Boat Elec Boa & Lt.. Equit Bldg ...

. 36Ya 18% 4%

By United Press

30 INDUSTRIALS SAturday o.c.oveecessecicess 192.58 Week 280 «ccoocsveosrssnsess 177.41 Month 280 ccocscevccssss.es.186.98 Year ago esee0:169.56 High, 1937, 194.40; low, 165.51. High, 1936, 184.90; low, 143.11. 20 RAILROADS

ssevecsscncsggssose

+0.38 —0.47 +0.23 +175

cesesscscntses

Saturday . 47.43 | Week 880 coococecssscsssscevs 49.60 Month a0 ...covesscsscescsss 53.09 Year ago High, 1937, 64. 16; low, 47.13. igh, 1936, 59.89; low. 40.66. 20 UTILITIES Saturday cccecocvessccssccess 26.86 Week B80 ...coocessscsscscscss 20:38 Month AZO «c.cseeeseocsssssss 29.13 Year @g0 ..ccccccersvsens ives 35.15 High, 1937, 37.54;. Tow. 25.45. High, 1936, 36.08; low, 28.63. %0 STOCKS Saturday cassavsenes Week 480 ccicosescessoes Month ago ...

oes

| Year ago

31% + 133% 39%; 48 151% 362 107% 18% 42

Pe ve. - DY

R& Up en Theatre Ed AE

Ge Gillette S R Gobel, Adolf

Goebel Brew : : :

Goodrich Goodyear

De 3 .

Harb-Walk . Holly Sug E Houd-Her Hnudson Motor. Hupp Motor ..

Ill Central ..... Inspiratn Cop

Kaufman DS .. Kennkcott Kresge DS 5... Kroger G&B ..

5% 26

—H~

. 3MYa 30

14 3%

20%

. 23Y 67s

28%; 55Y3 %

20%s

28% 53 Ys

9% 20%

Ligg & My B .. 2

Lima Loco Liq Carb Lone Star cen. Long Bell A .. Lorillard Ludlum Stl ....

99 43 24% 49

6 207% 30%

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) quotations do not repre-

indicate the approximate

offerings but merely market level

based on buying and selling inquiries or recent sransaetions,

m ’] 5 7

Belt RR St Yds Belt RR St Yds p

[rac Term Co 5s 57

hy Ind Tel (TH) 42s 61 H Tel & Tel Tor Fy Wes 5Y; gs 35.

csv ens

STOCKS

Som

cvesnrerD Cent Ind Power. oid s secon Ft W 7 5

Home T

all Pul Pub P

. 20 Van Camp Milk Copfd...c.... 48 Van Camp Mite Co com...seee 11

XEx-divide

y voi. P. Cris Market st. Investing Corp ...

U. S. STATEMENT

WASHINGTON, Sept. 7 (U. P.

.. 8614 17

vesenss 222 ciree. 4212

d cc.ev.e. 4872

100 53 11%

t d& Co.) . 32.64 34.71

).—Gov-

ernment expenses and receipts for the

current fiscal year through Sept.

3, com-

pared with a Year ago: Last t Yea Expenses $ 1, 338. Se $29. 35 $ 1,066, 389, 399, 41 ts . 913,032,524.06 "871

Cust

Toda old 5, xNe

w high.

b: 333.27

6,585.73 394, 703. ,803.68 1,850,159,732.15 1,386,030,544.39 33,367,910,026.23 10,726,525, 096 .12 69, 428.3 7.78

Total Bur. 1,344,887,832.06

High, 1937, 69.67; low, 57.57. High, 1936, 66.38; low, 51.20.

Net Lag change fg B.. —_— Niji vig 5: 1 11% Ys Myers Ye Br ... 66 66 66

Ys — Ya

2h I 3 — Ya + % —- Zin — —1% Ya — —15 . %

17% . 25%

17 pe 25%a 30% 19

21 j / Is 2 1 — Va 3 — 3% 53

No Am Avn .... 10% No Pacific «ce... 25 Ohio Oil ..ccee0e 17% omnibus cece 14% Otis Elev .. 35 Otis Steel ...qee

17% 15 35 18

sees

Pacific Ltg .... Pacific Mills ... Pac West Oil .. Packard Paramt Pict ... Para Pict 2 pt: Park Utah ..... Parke Davis ... Pathe Film ... Penn RR

Purity Bak ...

A «11 Radio K Or .... Reis Robt Reliable Stores. Rem Ra End

L pf. Sears Roebuck Shell Un Oil ... Silver King ... Simmons Vacuum

. . . “

South Ry pf ... Sparks With .. Sperry Corp Spicer Mig .. Spiegel Inc .. Std Brands ° Std G & E .. Std O Cal . Std Oil Ind ...

. .

Supsnior Su eon Swift BL ve Swift In Syming Gould

ENCE

Tenn Corp ... Texas Corp Tex G Prod . Tex G Sul .... 3 Tex Pac LL T . Thermoid Third Av Ry .. Tide W A Oil Transamerica $0 2 wv ir con

20th yi Fox . Twin Coach ...

LEY:

Union Carb ... Un Oil Cal ... 23% Un Pacific ....113% Un Aircraft cp 26% Un Air Lines . - 13% Un Carr Fast . United Corp United Dru Un El Coa United Fruit .. Un Gas Imp .. U S For Sec pf 90

GENERAL ELECTRIC WORKERS STAY ON

SCHENECTADY, Sept. 7 (U. P.) — More than 40 per cent of General Electric ‘Co.’s approximately 80,000 employees have worked with the company ‘for 10 years or more, according to a survey issued today. Charles J. Leephart of the Schenectady general office heads the list, with a record of 54 years of continuous service, while Roderick S. McNeil: of the appliance antl merchandise department, Bridgeport has been with General Electric for 50 years. The company’s quarter century club for those of 25 years or more; "has 6383 members.

TREASURY TO FLOAT LOAN AT 2 PER CENT

NEW YORK, Sept. 7 (U. P.).—An increase in the Treasury borrowing rate to the highest level since 1934 attracted chief interest in the investment market today as it was accompanied by official statements

that greater commercial borrowing necessitated the higher rate. The Treasury announced plans to offer 2 per cent five-year Treasury notes and 1% per cent 15 months’ notes in exchange for $817,483,500 of

LLL E+

| notes maturing on Sept. 15.

The 2 per cent rate is the highest the Treasury has paid since September, 1934, when a four-year note issue attracted 2! per cent. The fact that the Treasury finds greater commercial borrowing—a situation the Treasury finds favorable inasmuch as it means better business—comes welcomely to the investment market that has been in virtual stagnation for the past two months.

DOW-JONES STOCK AVERAGES

22| Vadsco Sales

43 ee Ye 1% 9

Spores a.

Va Car 6 pf ...

Walgreen ..... Walker (H) Walworth ...... Warner Bros .. 1

LIVELY

8% coos Las 44Ya —Ye— Yellow Tr eee 20% 20%

Woolworth

Zenith Rad ... 1" Zonite

cose 4%

412

‘4% Ya

Today’s Business At a Glance

GENERAL BUSINESS

Oil & Gas Journal estimates daily average crude oil production in the United States week ended Sept. 4 at 3,678,252 barrels vs. 3,735,393 pre ceding _ week. Magazine Steel reports steel production last week was at 83 per cent of capacity. National Lumber Manufacturers Association reports week ended Aug, 28 production of 239,953,000 feet by 443 softwood mills vs. 275,843,000 feet by 572 softwood mills preceding week; shipments 205,277,000 feet vs. 233,950,000 preceding week and new orders totaled 202,125,000 vs. 230,683,000 preceding week. New York Clearing House Association reports clearings for week ended Sept. 4 totaled $3,395,988,963 vs. $2,908,686,804 pprevious week.

CORPORATION REPORTS

Continental Oil Co., first six months net income, $7,884,529 or $1.68 a share vs. $4,356,267 or 93 cents a year ago; June quarter net, $4,193,336, or 89 cents vs. $2,241,746 or 47 cents year ago. General Water Gas & Electric Co. and subsidiaries, 12 months ended June 30, net income $504,431 vs. $375,075 preceding 12 months; six months ended June 30 net intome $204,501 vs. $158,203 year ago. Lehigh Valley R. R. Co., assets

256 year ago; profit and loss surplus $30,846,876 vs. $33,844, 486 year ago. North & Judd Mannisctities Co., year ended July 1, net profit, $352,931 or $3.53 a share" vs. $245,648 or $2.46 year ago. Plough, Inc. and subsidiaries, first six months, net profi, $150,849 or

$190,614 or 64 cents year ago. Triplex Safety Glass Co., Ltd, year ended June 30, net profit, £1317,430 vs. £94,328 preceding year. Canadian National Railways Co., August gross $16, 485,561 vs. $15,733425 year ago. Plough, Inc. first six months net income, $150,849 or 50 cents a common share vs. $190,614 or 64 cents year ago. Weisbaum Bros.-Brower Co., year ended July 31, net income, $150,495 or $1 a share vs.#$127,593 or 85 cents year ago. B. Manischewitz Co., year ended July 31, net profit, $118,820 or $2.11 a common share vs. $94,908 or $1.63 year ago. Burroughs Adding Machine * Co. and subsidiaries, 6 months ended June 30, net profit, $4,514,162 or 90 cents a share vs. $3, 418,388 or 68 cents year ago. Froedtert Grain & Malting Co. Inc., year ended July 31, net income, $1,109,390 or $2.24 a common share vs, $915,129 or $1.78 preceding year. ‘General Alloys Co., June quarter net profit, $33,426 vs. $16,613 preceding quarter. Havana Electric Railway Co.,}) Jan. 1 to Aug. 29, gross revenues, $1, 454,750 vs. $1,548,977 year ago. Hudson Motor Car Co. reports plane cars totaled 10,177 vs. year ago, up 21 per cent and best August in 8 years. International Products Corp., first 6 months net profit, $172,685 or 25 cents on common vs. $148,849 or 18 cents % year ago. Nevada-California Electric Corp. and subsidiaries, July net ii $135,803 vs. $108,347 year ago; 12|¢ months net $806,848 vs. $1,077,404 preceding 12 months. Peoples Drug Stores Inc., August sales $1,772,365 vs. $1,738, 27m year

San Diego Consolidated Gas & Electric Co., 12 months ended July

081 preceding 12 months.

DIVIDENDS Belgian National Railways Co,

Sept. 20 record Sept. 14 vs. $3.24 year ago and $4.50 two years ago. Pressed Metals of America, regular quarterly 50 cents, payable Oct. 1 record Sept. 15.

quarterly 75 cents on common, payable Oct. 1 record Sept. 20. Beatrice Creamery Co., quarterly 25 cents on common, payable Oct. 1 record Sept. 14. Pacific Tin Corp. extra 25 cents and regular quarterl§ 50 cents, payable Sept. 28 record Sept. 15. Sept. 24 record Sept. 13 vs. like amount June 22.

STATE BANK es

State Bank, Columbia City, Ind.,

restricted, nonmember. bank, has been admitted to the Federal Re-

ber bank by the Federal Reserve Bank of Chicago. Sn

June 30 at $236,667,147 vs. $244,578,- |

50 cents a share on common vs.|3

August sales of Hudson and Terra-| 8371.

ago; 8 months sales $14,545,208 vs.| $13, 333,343 year ago.

$3.27 an American share, payable|

Western Grocers Ltd. regular to 10c regular $950 higher

Yukon Gold Co., 6 cents, payable 86 8

CHICAGO, Sept. 7. — Citizens| 4s

which has been operating as an un- bh

serve System and licensed as a mem- | 233

3000 HOGS HERE

SELL STEADY AS

PORK ADVANCES

Lower ‘Grade Cattle Supply “Slows Movement Till Chicago Rises.

Higher fresh pork markets at Eastern consuming centers over'shadowed the effects of Increased hog supplies, and although Indianapolis had 8000 hogs, the second

{largest run of 11 markets, prices |3

kere held fully steady with Saturday. Top held at $11.55 for choice 210 to -225-pound ‘ butchers. Packing ‘sows had a bulk spread of $9.25 to $9.75, with & $10 top sparingly paid for good lightweights, according to

the Bureau of Agricultural Econom- | 28

ics. A lower grade run of cattle compared with recent Tuesdays, coupled with higher asking prices throughout the list, made for a slow movement Ea, particularly on steers and heifers. gher advices from Chicago later stimulated trading and grainfed steers and heifers wound up strong to mostly 25 cents higher. Cows shared thetupturn, while bulls and replacement stock held unchanged. The load lot top on steers was $17.25 for around 1025-pound club yearlings, although an odd head o prime grade 1185-pound reached $18.25. Other sales yearlings ranged from $15.50

bulloc

of clu to Siro while the bulk of fed steers |g, and yearlings had a spread of $12.00 8

$15.75. : Best heifers were held above $13, with the early top $12. Low cutter and cutter cows moved ati$3.75 to $5.25, with common and medium

145.75 to $6.75 and good kinds up-

ward to $8.50. Top on sausage bulls

Yes erday .....

N. Y. Ronds

By Tnited Presa BOND PRICES INDEXES

20 2 20 Indus. Rails. Util. 91.5 100.2 91.7 100.4 92.1 102.0 92.0 105.8 89.4 101.5 95.0 106.0 193° low ..... 90.8 99.3 193: high «.... 94.83 106,2 193 1oW ...... 90.0 103.5 193; high ..... 91.4 103.6 93.1 193 low ...... 83.6 71.0 89.3 83.0 (Ccpyright, 1937, Standard Statistics Co.)

90 Bonds. 93.6 94. 95.3 98.3 90.7 100.7 93.4 100.2 93.3

Week ago ..... Mor th ago .... Yea: ago ..... Two years ago. 193° high ....

U. S. GOVERNMENT BONDS Treasury Bonds

High Low Last ii 1045-43 .......0 «103.13 105.12 105.12 954-44 .....0.0.1 a 110.21 110.21 cesscsenn 03 104.3 104.3

ceanssss.100

0 97.15 102.6 100

sessessse 91.15 02.6 . +1900 1959-56 . 99 Federal Land Bam Bonds ‘ Asked Yield July 1955-45 100° 1 46 . 1956-46. ..100 1-16 ..100 1-16 1.108% ..100%2 May 102 4143 Now. 1958-38 100% 4Y;5 Nov. 1958-38 ..103%

Home Owners Joan Bonds

100 99.15 FOREIGN BONDS High Australia 5s 55 *iesess. 108 108 Canada 55 52 .cs.0uss..213%2 113% Ciba 5%25 45 socieegess 63 62% Italy 7s 51 essere 85%a 85 85 Japan 8ias 54 sciences. 803%! 792 Japan 5%s 65 ..... 65% 65Y2 ecru 6s 60 17% 17% DOMESTIC "BONDS

High & For P 5s 2030 .. re oe. 110%

es80 seve

2%;

100 99.15 Last

Low 107% 113

Last Am 4 Al TSF gen 4s B & O 4%s

was $6.50. Replacement trade was ] Ls

rather slow, from the close last week.

Inquiry for vealers was fairly | v $

broad from all buying interests, with the result that a large posiholiday supply cleared on a steady basis. Bulk good and choice vealers moved with a range of $11 to $11.50. Mediums had a spread of $9 to $10. Receipts were estimated at 800, but the actual supply was expected to reach 1000. Buyers were able to effect a 25cent saving in slaughter lamb prices, sharply increased arrivals around the 11 markets giving the trade a bearish tint. Strictly choice lambs topped at $11 with bulk good and choice $10.25 to’ $10.75. Slaughter ewes held steady, or $3.50 down.

HOGS Aug. | To! Receipt: i= | Ph Recelps # 5000 4000 5500 2000 -25¢ 8000 Bia). Sood and. choice. $12. ei 30 Mediuny [email protected] Li ne

80) Good and [email protected] Medium ‘10. [email protected]

. [email protected] . [email protected]

choice.. [email protected] choice.. [email protected]

[email protected] [email protected]

30210.00

& t ep. 1.

Light

Medium walsdium (200-220) Good and (220-250) Good and Heavyweights— (250-200) Good and (290-350) Good and

choice. . choice. .

(425-450) Good .... (275-550) Mediuin «o.eoenese Se Pigs (100-140) Good and choice.. Medium

CATTLE J —Recaipis, 2000— (550-900) 1 Good

9. 28S10. 25

[email protected] [email protected]

Sl C (900-1100) re

Co (1100-1300) CI $13 0@ 16.75 12. BEL 25

[email protected] setrsessacens 107991775. cesses 13.2316 13 clei. 1250@15 2 Heifers Choice G

(550-750) [email protected]

Common 1750-800) Good and choice. .

ommon, medium [email protected]

mediu . Low Puiie py tier esssee Bulls, Cutters

Good |

alers —Receipts, 1000— Good and cholce ci.oveeevran

income, Medi m

Calves (250-500) Good snd choice.. 8.00 Common, medium 5.50 Feed and Stocker Cattle

= (500-800) Good aE ho ice. . mon medium. (800-1050) Good and choice. Common, medium. Heifers—

Good and ChOIEE ...suesenss Common and medium «coees

31, net income $1,440,605 vs. $1.3 317 - | Save

‘Common and. i ly SH BIAND LAMBS 8 el 1 "Receipts, 2000— I am, (oie $1035@11L00 he Rise Seis cavsistuer Eve Taeery e farang Mediu Cxsvesstesshsatase nes Comm 8 7.00@ 8.00

-1 Gor d nd choice. . 3.00@ 3.50 (50 ai 0 medium. . 1.75@ 3.00

Common, 000 dif cots: steady Ie S; 8 k good and

2 ee

Sho

cH CAGO, Sept. 7

2: 3000, inc] ucin lo

45; most Cattle—Receipts, 14, 000; salves, light! earinga’ 5 Be AB strictly choice medium weig bey ocks, steady; stocker oe fee and scarce; t fed steers. several loads $17.50@1 Pes ag: best Tight steers outs grassy Ln short feds, $10 cutters, ; $i 50 ghty vealers, eep—Receipt 2 _ 11,000. including 3500 g opene ned 25c lower; noIves [email protected]; sas. { |sheep_shar decline: wal $2.50

YNE, 7 (U. P.).—Hog: cet, steady. 2000425 1bs., 311 2: atin $11.10; 180-200 Ibs. 10; /160-18 $11; 250-275 Ibs. $10.00; le i 500-350 lbs. 30; 140-150 lbs 50, 80; ; 1120-130 Ios. $9.35: S350 stags, bo Cavers: AYETTE, fF ov i; —Hogs— steady: 850 4251 135@1140 5 lbs. [email protected]; is 28 1bs. $0 + 170-200 - 1bs., $it@ili 5; 150-170 i500 35: rou Tought, $9.75 Bo 5: Calves, S050. aown. Lam $10.50.

"$11.00.

showing no change S

[email protected] | : [email protected] | |

down; oe ighty sausage bulls, |

Am A B ciseissnnes Am General ...... am Maracaibo . an Super IS

Ar A in Shiver mae . Earium Sti sesecese 4 Earkey Gay For sessions Erown Co pf .. Hl | Carrier Corp . Cities Service . &s 1 O&G

Mich Bumper Er eis

fe berling R Singer ig. £td Oil Ky .... £td Oil Ohio .. £terchi Bros Sunray Oil .. 3 ‘echnicolor .

right Harg ...

Ch icago Stocks

Allied Lab Inc ...... low las firmour & Co ..... Jastian-Bless oe

(3ardnerjen Hshld Ut

Trane Co aan Jtility & didus eevee

| Zenith Radi

BANK STOCKS

(By Atkins, Hamill & yg

Corn Exchange . eeresessasssne, Empire oe . First National . Guaranty Trust .

ow . Public National INSURANCE STOCKS

Boston Insurance .. Connecting General Contine; vie Fidelity nis” oo Falls

Aeon’ ws [nsurance .. Securities .

ver ‘ eiisaeaee eesrissacnenes 10%

CHICAGO PRODUCE

Eggs—Market, firmer; receipts, fresh graded rsts, 20%c; extra firsts, lc: gurren; receipts, 18%zc; dirties, 16¢; checks,

Putter-—Market, steady; receipts, 11,073 tubs. Extra firsts {80.91% score), 327.@ j2%e; extrhs (92 score), 33c; firsts, 30%. @ 31Y%c; seconds, a8: standards, 32%c; specials, 3312@34c. Poultry—Market, steady to firm; ceipts, 30 trucks; ose, 15¢; ducks, 18c; hens, 18%: @322 spring phckens. Seite broilers, roosters, 13 Ja@14%ac; turkeys, fryers, 18@

Rossia

14@ eghorn hens, 18%;

Bale:

185 Jonghorns, l3%e13 Potatoe upplies. heavy;

Juarket, steady to firm. HA ; $1 So; Idaho BI mph, a Lp @1

80% . 8. No. 2, North Dakota Bliss oLriumphs, $1@ 1.1 3% Wisconsin Cobblers; 95¢ aah Wisconsin Bliss Triumphs, 95c@$1; ashington Russet Burbanks, $1. Arrivals, 177; on track, 319; shipments, Sajurdsy, 524; ‘Sunday, 37; Monday, 96.

emand, lorado

8 to stabilize*the dollar.

7599;

8 he o-ring, 1749140, daisies, 18%4@ |

FD. DESERTS MONETARY IDEA, FLYNN CHARGES

Warren Stabilizing Plan Works Both Ways, Expert Says.)

By JOHN T. FLYNN Times Special Writer NEW ' YORK, Sept. 7. — Since everybody is complaining about high prices, even Administration officials in Washington, many persons in financial circles are asking what has become of the President's plan

It is a good question. Certainly the country has not forgotten ale ready the famous Warren plan which the Presi. dent embraced so eagerly and proclaimed with such a braying of trumpets in October, 1933, and January, 1934. Before then we had a dollar which contained 25.8 grains of gold, the President announced first that he was going to buy gold at a continually rising price and later he fixed the

Mr. Flynn

1gold value of the dollar at 15.238

grains and set up a Stabilization Fund to buy gold at $35 an ounce in

| the world markets.

First Step Last

The announced purpose of that was to reduce the value of the dole lar and increase the price of come

modities. The President believed in raising prices. But he said this was a step in the direction of managing the dollar in the interest of stable prices. In other words, he adopted the theories of Dr. Warren that prices were directly connected with the value of gold. That theory included, therefore, the proposition that the value of the dollar fluctu- | ated because the value of the gold in the doliar fluctuated and this caused all prices’to fluctuate. The way to cure this was to keep the value of the dollar from fluctuating and the way to accomplish that was to increase the gold in the dollar when gold went down in market price and to decrease the amount of gold in the dollar when it went up in price. In other words, the way to keep the dollar stable was to expand and contract the amount of gold in the dollar,

Why Change Plan?

At the time the President thought this very good because he wanted to raise prices, which is always a popular plan with farmers and ‘businessmen. And so he reduced | the amount of gold in the dollar, He announced also, however, that this was the beginning of a stabilization policy which would enable the country to do business in a dollar constant value. By this’ he necessarily meant that he would keep the dollar devalued until prices rose sufficiently and that when they got too high he would take appropriate action to correct that evil, Now, apparently, prices have gotten so high that the Administration is. worried lest the prising price level wreck our system once again. The President is calling for all sorts of reforms. But if his old Warren dollar management plan is any

4s "good, if it was good to raise prices

and can ‘be worked to reduce them, then why does not the President use that? In any %xase the situation does lead naturally to the question which is being asked—is the Warren plan

| for stabilizing the dollar dead? Has

the President abandoned that idea? My own impression is that the plan is dead as a door nail and that the President would like to forget it. Unfortunately its effects are still running and it can’t be forgotten,

REPORTS GOOD BUSINESS Times Special : MONTREAL, Sept. 7~Returning from an extensive inspection trip of the western lines, S. J. Hungerford, chairman of the Canadian National Railways, said business conditions in western Canada are better than they have been since 1928, despite crop fsilure in some sections.

Rush Jobs Make Us Smile Hendren Printing

‘Company, Inc. 470 CENTURY BLDG. RI1-8533

i Under State Supervision

ON TILE

MASSACHUSETTS

iam prt. -~

Be TS

| FOREIGN EXCHANGE

NEW YORK, Sept. 7 (U. B.), .—Foreign exchange opened "Gable Ra low

Rates "Net Change England (pound) .$4.9 00Ys England (60-da,

“PRICE INDEX AND AE QUOTATIONS

DAILY PRICE INDEX NEW YORK, Sept. 7(U. P.).—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average equals 100): - | 3

Priday rin ETE | Year ago ... sw k ag0 ........ 137.90 | 1937 high (April 5) 158.26 Month ago .......142.90 | 1937 low (Sept. 1) 137.05

SEIZE YOUR OPPORTUNITIES!

INSURED SAVINGS

INVESTORS TRUST Organized 1924 Prospectus and Latest Quarterly Report Embodying Portfolio of Stocks Available on Request

Commodity— portunities cogne to all,

the man with money on a is indeed a “Favorite

Week Year Ago. Ago « 103212 $..1017% $ .0975 83% JA8% a2 Can Al Al 35% ty. .0936 0938 1254 1.87% 1.92 1.66 .1868 ~ 1841 J6 5-16 JA4 .14 09% 065215 06521 .0460 0687% 068715 .0490 5856 58% 43 443% 44% A434

18.75 19.75 16.25 wr i & - h : 23.25 23.25 A 'n | ] L + S 4.33 4.35 3.65 ; ko : E Filing Supplies, | § : Guides and Folders :

- 253 2.25 le. W. C. Brass

Today 5% Lambs, avg. most sales (l1b.).... § Hides, native hvy. steers (lb.).. Wool, fine unwash combing (Ib.) Cotton, mid-upland (b.)..... . Silk, 13-14 déniers Jap (Ib.).... Rubber, spt smk rib (1b.)..coceus Copper, electrolytic (Ib.)..cee.o Lead, spot (Ib.)...... csesssesee Zine, spot (1b.).......cc0000000 Tin, straits spot (Ib.)...coco0uss Silver, comm] bars (0Z.)....cc00 Steel, scrap, Chi. (ton)...i.... Pig iron, Iron Age comp (ton). Coke, Connelsville (ton) Cement, dom. Portland (bbl.).. Yellow pine, 6-in. base (M. ft.). Douglas fir, rough (M. | ( % Pha Gasoline, tank wagon gal. Crude oil, 40 40 gravity (bbl.)..

| Source x SuolesOhioate: scrap and hid ¢ Aeisville; ‘Coke, 1

Germany (mark) Switzerland (Ir.) Holand (guilder) Sweden (krona). bNorway (krone). Denmark (krone) Japan (yen) .....

ou can build up your funds in confidence and insafety with the powerhelp -of compound divi_dends. When your opportunity. comes, be ready.

Funds invested by the 10th eof jeptember begin earning divilends from the 1st of Sep-

jomber,

AREER ARBRE HARTER NARA E NSBR

EE in eto tantiure TPSRO SOT— = Sigg slvny

Following are Commodity—

mpiling the index: Week Year Ago Ago ¢ 1.083% $ 1.14% 1.03 112 81 30%

. — the prices used in

“naw

Today "$$ 1.10% 1.01% 83% 31% 6.85 .1035

3 Wheat, No. 2 red (bu.) % Corn, No. 2 yellow (bu.)....... + Rye, No. 3 ts, No. 2 white (bile) .s.eeeers Flour, Spg. Pat (196 Ib. sk.)...., Lard, prime steam spt (Ib.)..... Coffee, rio 7s spt (Ib)... , raw 96 test (Ib.). , 92 score (Ib.)....... ven vg. most sales (1b.)..... most sales ) PRR

sssssens

60.00 60.00 52.50 52.50 .095 21 1.18

livestock. lard. steel nis: ec. Con-|

Bom and Share Corp.

129 EAST MARKET STREET

.0350 34%

scessse