Indianapolis Times, Indianapolis, Marion County, 10 September 1937 — Page 28

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N.Y. Bonds

By United Press ‘BOND PRICE INDEXES

Fo Yerterday ..... 90.7 Wek a sees 91.5 Month ago .... 92.1 Yeer agi + 922

CORN DECLINE LEADS CHICAGO GRAINS LOWER

HOGS MAKE NEW | _ 95-GENT GAIN ON LIGHT RECEIPTS

NEW YORK STOCKS

By United Press

DOW-JONES STOCK AVERAGES

: 30 INDUSTRIALS Yesterday +...cocoeveeeees....166.36 Week 280 .veoosossassnnsanee 192.17 Monih aZ20 ..cceceesassscees.189.27 Year ago ..ccccicc0000000....168.59

STOCKS FALL AGau. IN LIGHTER VOLUME

High, 1% 1% 4

Low. Radio K Or . 73a Reis Robt ...

Mot Republic Stl ... Reyn Tob B ...

Net Last Change 157% . 42.99 +1.33 1.65 0.41

Adams Exp Alaska Jun AAllegh Corp «ee Allied Stores .. 16 Allis-Chal ..... 58}

AFTER EARLY GAINS

Westinghouse Breaks Eight Points to Year's Low.

BULLETIN NEW YORK, Sept. 10 (U.P.).—The ' stock market broke 2 to 10 points to new lows for the year in the third hour of trading today. Volume increased on the decline.

NEW YORK, Sept. 10 (U. 3 P).)—The stock market resumed its decline today with volume curtailed. Losses ranged to eight points in Westinghouse Electric which made a new low for the year at 130, General Electric and Allis Chalmers were down

more than a point each. Bethlehem Steel’ broke 3% points to 833: to lead steels lower. U. S, Steel touched 993% early in the day and then fell to 9735, where it was Off 133. Rails were off fractions to more than a point. Scuthern Pacific touched 36 and then eased to 33%, where it was 1% lower. Atchison was off 1% at 63. New York, Chicago & St. Louis preferred made a new low at 6732, off 2%. Paramount declined more than a point. Allied Chemical equaled its low at 212, off 3, and du Pont touched 147, off 2%. CHrysler at 983% was off 21 points. Montgomery Ward lost nearly two points.

Firm Trend Broken

Some firmness appeared at the opening, but lack of follow-through brought the lower trend. News from London was bullish. American shares were sharply higher there, with Spier sections of the market followng. Domestic corporation bonds eased irregularly in quiet trading, with _ rails reacting most. U. S. Governments were mixed. Curb stocks worked lower.

irregularly

FIRST HOUR

The market opened firm and moderately active but there was no follow through to the buying and the list eased off on light trading. Bethlehem Steel led, dropping 13% to 85%. U. S. Steel had 3: less to 9814. Chrysler dropped to 99%: for 3 loss while General Motors was * unchanged at 513. Rails were mixed. Southern Pacific opened with a point gain but lost part of the advance. Atchison and Chesapeake & Ohio made fractional gains and New York Central was unchanged. Metals were easier and Consolidated Edison eased off after early firmness. Volume approximated 290,000 shares, compared with 440,000 in the first hour yesterday. Dow-Jones average: Industrial, 165.86, off 0.50; railroad, 44.46, off 0.20; utility, 25.90, off 0.04.

SECOND HOUR

Mild selling developed and the list went to lows for the day. Some higher-priced issues broke sharply, including Allied Chemical at 205, off 10; Union Pacific at 108, off 3; Union Carbide at 893%, off 2%; Johns Manville at 107, off 414, and Westinghouse at 130, off 8, all at new lows for the year. U. S. Steel was fairly active and showed 13: loss at 977%, while Bethlehem broge to .83% for 33: loss. Chrysler at 98%; was two points lower and. General Motors had 3: loss at 50%. Rails weakened as Atchison lost a point. Metals dipped under lead of Anaconda and International Nickel, each of which lost more than a point. Volume approximated 330,000 shares, compared with 239,000 in the second hour yesterday. Dow-Jones averages: Industrial 163.09, off 3.27; Railroad 43.91, off .75; Utility 25.64, off .30. :

T oday’s Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet, Inc. reports ‘retail trade 2 to 5 per cent over preceding week and 6 to 15 per . cent over year ago; wholesale trade |8 tq 16 per cent over year ago. Federal Reserve System reports week ended Sept. 8, Si stock $12,604,000,000, up $37,000,000; circulation up $65,000,000 to $6, 587,000,000; excess reserves up $10,000,000; ratio, 79.6 per cent vs. 79.5 previous week| and 79.5 year ago; loans to dealers | and brokers off $25,000,000 to $1,- © 146,000,000. Dun & Bradstreet, Inc. reports pusiness activity for week ended Sept. 8 declined to 94.1 per cent of ~ normal vs. 97.9 previous week and - 884 year ago,

CARLOADINGS

New York, Chicago & St. Louis Railroad Co., week ended Sept. 4, own lines loadings, 5375 vs. 5360 previous week and 5300 year 480. Chesapeake & Ohio Railway Co, week ended Sept. 4, own lines loadings, 24,824 vs. 25,322 plevious week and 24,586 year ago Chicago, Burlington & Quincy Railroad Co.,. week ended Sept. 4, own lines loadings, 16,994 vs. 16,70% previous week and 17,123 year ago.

: CORPORATION REPORTS

International Telephone & Telegraph Corp. and subsidiaries, first six months net income, $4,285,854 or 67 cents a share vs. $1,662,374 or “26 cents year ago; June quarter net income, $2,627,416 or 41 cents a share vs. $1,658,438 or 26 cents pre_geding quarter and $846,406 or 13 cents year ago. J. ©. Penny Co., August sales $19,760,852 vs. $19,364,852 year ago; ht months sales $155,478,123 va, 43,657,870 year ago. Pittsburgh & West Virginia Raily Co. first 7 months net income, $229,156 or 99 cents a share vs. 252 or 79 cents year ago. Spencer Shoe Corp. August sales 5,053 vs. $652,482 year ago; eight| nths sales $6,667,914 vs. $4,754,081

Chicago Stocks

Armour & Co Cent, Ill Sec . Chgo Corp ... Cities Service Comwlth Edison Cord Corp Elec Househd Gen Financ

| Gossard Co

d West Corp . Midland United No'west Bancp . Rollins Hos

3812

FLYNN ATTACKS FAIR PRICE LAW

Measure Will Raise Prices Already Too High, He Points Out.

By JOHN T. FLYNN Times Special Writer NEW YORK, Sept. 10.—The Mil-ler-Tydings Bill is in effect, but of course it is so young that the effect has not yet been felt. But for those who are already bothered about the rise in prices there is no doubt that it will give another boost to the already perilous price level. This may be said with assurance because there are already in force similar laws passed by state Legislatures ‘in the last two years. The Miller =~ Tydings Bill now brings under the effect of this new and dangerous principle goods in interstate commerce. It is a rather singular thing that price fixing and price boosting and trade agreements and all sorts of restraints upon trade to hike costs up to the consumer were formerly sponsored by Republican groups and bitterly = fought by Democratic groups. The Miller-Tydings Bill has been appearing in Congress for years. But in those old days it used to be known as the Capper-Kelly Bill. Senator Capper and Rep. Kelly (the latter now deceased) were on the Republicans’ side. One can go back through the Congressional Record and find pages blazing with denunciation of this pricepang scheme by Democratic memers.

Mr. Flynn

Democrats Take Over

But no sooner are the Democrats in power than they run wild with plans to save the nation by raising prices, limiting production and by permitting businessmen to unite and agree in all sorts of concerted plans for nicking the customer. President Roosevelt, to his credit, denounced the Miller-Tydings Bill. But the bill could never have passed had it not been for the wave of sentiment for this sort of thing churned up in the first Administration of the President. As a direct result of that all over the country Legislatures have passed all sorts of so-called “fair price” statutes under which manufacturers are able to force dealers to charge the prices fixed by the manufacturers.

The effect of these bills may be seen in the prices of goods in a large department store. I give the increase in prices on groups of articles after price-fixing under the state statute:

Per Cent Cosmetics ....ive00esiic.s 85 Drugs . 16.5 Liquors 124 Books ssidevrvaassess 10:4 Miscellaneous <........... 20.3

These price increases apply to thousands of articles. And these figures relate to the time before the Miller-Tydings Act went into effect.

“ss 0r0sss0ss00r snes

®scsesssessssessesnse

-| When manufacturers get into action

under that bill we may expect to see this area of price-fixing widened.

net profit, $196,560 vs. $161,226 Year ago. DIVIDENDS

American Capital Corp., 75 cents on $3 preferred on account of accumulations, payable Oct. 1, record Sept. 15, vs. like amcunt July 1. American Hard Rubber Co., $2 on preferred, payalle Sept. 30, record Sept. 15, vs. like amounts in previous quarters,

Davega Stores Corp., regular quarterly 312 cents on preferred, payahle Sept. 25, record Sept. 20. Kirkland Lake Cold Mining Co., interim 6 cents, payakle Nov. 1, record Oct. 1, vs. 3 cents June 1. Midland Steel Products Corp. 50 cents on common, payable Oct. 1, record Sept. 20, .vs. like amount July 1. Moore Corp., Ltd., regular quarterly 40 cents on common, payable Oct. 1, record Sept. 14. Nevada-California Electric Corp., regular quarterly $1.75 on 7 per cent preferred, payable Nov. 1, record Sept. Novadel-Agene Corp. = regular quarterly 50 cents on common, payable Oct. 1, record Sept. 21. S. Stroock & Co. 50 cents, payable Oct. 1, record Sept. 20, vs. like amount July 1. Westinghouse Air Brake Co., 25 cents on common, payable Oct. 30, record Sept. 30, vs. like amount July 30. Bank of Manhattan Co., regular quarterly 37%; cents, payable Oct. 1 record Sept. 14. California Packing Corp., regular quarterly 37! cents on common; payable Nov. ‘15 record Oct. 30. Connecticut Gas &_ Coke Securities Co., regular quarterly 75 cents cn preferred, payable Oct. 1 record Sept. 15.

Devoe & Reynolds Co., Inc., regu-

| lar quarterly 75 cents each on common A and B, payable Oct. 1 record

Sept. 20. Fundamental Investors, ‘Inc. 25 cents, payable Qct. 1 record Sept. 16

dock & Co, first 8 months

vs. like amo July 1. (Copyright, W937, by United Press)

Steers, 11 x +

Am -Can 2 AmCar&Fdy Bf 66%

Am Am Rad & Rall Mi . Am Ship Build. 93% Am. Smelt 84 Am Stl Fdies . 43% Am Stores 15 Am T & T . 163 Am Tobacco ve 11% Am Tob B .. 9 Am Type Fo... 10% Am Water W.. isla Am Zinc Anaconda Arch-D-M Armour Tl . Armstrong Gk. 56%2 Arnold Const . 11 Asso Dry Gds . 15 Atchison 64a Atl Refining . Atlas Corp -. Aviation Corp .

thE RL PE Er . on 3.

[++ [+1

. J 13% 5%

+ +4

Bald Loc 4 Bald foro CHEN wi 1792 Balt & O pf . . 25% Parnsdall Beatrice Cr ... Beth Steel rts . Best & Co 53 Beth Steel «.... 87 Rlaw-Knox Boeing Air . Borden ....... Borg-Warner .. Briggs Mfg .... Bristol-My M T

+ E eh. © nN

TEN a

Burroughs Bush T Byron ToKSOn.

Sb + HE 0

4%, 247

thik) 14

5 ent Foundry . erro de Pasco. ge

ces

Chrysler NE ey Stores oee's olgate Ya Col Fuel & Iron 5 Colum Gas 117% Com Solvents .. Commonw & So Conde Nast .. Cons Aireraft.. a Cons Edison .. 33 Cons Film

DLE LEE HE]

t T

2Ys 9

Cons Coal vtec. . : Container 2

—

Prod Crane Co cv pf i Cream Wht ... 26% Crown Cork ... 65 Crown Zeller .. 1873 Cub Am Sug .. 8% Curtiss Wr A.. 15% — 12% 1873 3312 3812 443; I 2934 833 34%

ts PF

DERE 3 +: +

15%

DlLac & W ... Dist Seag , Doehler D ‘Cast. Dome Mines ... Douglas Air ...

1234 18%; 33%2 38% 44%;

Eaton Mfg .... Eitingon Sch’ ie Elec Auto L ... 3 Elec oBat ..... 10 Elec Pwr & Lt El Paso Nat Gas 24Y, Eri 11

Fed Fed Fed Fid Gen

Gen Gen

Baking ... Cable

10% 20% . 42% . 4938 5

T&R Gimbal Bros . Glidden Gobel, Adolf . Goebel Brew . Goodrich Goodyear Grab paige. . Grand onion . Grant WT . Gt North pf. vee Greyhound Cp. . Greyhd 5! pf..

SEARLE

Herc Mot ...... Holly Sug Homestake Houd-Her B q

273%, 27 ees 46 . 20

FOOD PRICES

" CHICAGO, Sept. 10 (U. P.).—Sweet Potatoes—Tennessee, bushel baskets, 90c. Carrots—Illinois, bunches, 1%2@3c. Spinach —DMichigan, bushels, 75c¢@$1. Tomatoes— Michigan, 12-qt. baskets, 15@40c. Cauliflower—Colorado, crates, [email protected]. Peas —~Cnlorado, hampers, [email protected]. Celery —DMichigan, flat crates, 30@65c. Onions

(50-1b. sacks)-—Indiana Yellows 80c; Ii Yow She 536 706; i Washmgton : Verne i on 1 250] alencias, $1; Minnesota

INVESTING CO.’S Bid Ask Bid 16.0¢ 1%. 70} 141 23.12 24, 1.04 i

273 27

A Adm Fd 5 Affil Pd

Steel Amerex Bus

PL OOS 0UNNW Renmin: 2

5 1. 8. 4 1

+ «JOM

Bank Shr Bas Ba

Brito 3 8 31.3 8

Broa! Bull Fa 18.87 1 2} .55 Inv

Bost 4.20 Cent Nt A 33 2

ey on Sp ir on RL

Can

ace 3.34 Crum Fos 125

» Tot 11100 BD 33 3.00 Cum Tr 87 Fiseal dk he Ban 3.19 5 2.05 ny craw D 455 = 3 JBED In 1.74 1.8 Sel qn 35.98 3.15 Sp 5 rae 23. ie = = 5 : 5d 31.87 rv-ejBtate oth up. C 4.70 P p a

” %38 » 529 Gen Tov 8 ols : 7 v upervi Group Securities Tr ee 1 Agri 1.75 | 123

bine ineinioiaio try iniote

Pons Dep Bk » B Div B +E

DD Div Shrs

4.40 21.59 5.76

USEILEPA 15.

RODIN EIN, 0 -

1.7 1.4 .90 1.2 1.61 1.3 1.1

B well Fa 17.31

PRICE INDEX.

DAILY PRICE INDEX NEW YORK, Sept. 10 (U.P.).—Dun & Bradstreet’s

dajly weighted price index of 30 ba

compiled for the United Press (1930-1932 average

equals 100) :

Yesterday ....,....138.81| Year ag

Week ago Month ago

.137.45/1937 high .140.59;1937 low (

“ees

Following are ‘ the Commodity— .

orices used

Today $1.12 1.09% 8614 33% %.10 1045 09% 03850 3415 L110 A195

Wheat, No. 2 red (bu.) :.s.ce0s Corn, No. 2 yellow (bu.)...sses Rye, No. 2 (bu.) Oats, No. 2 white (bu.)... Flour, Spg. Pat (196 Ib. sk.).... Lard, prime steam spt (Ib.)....e Coffee, rio 7s spt (1b.)........ Sugar, raw 96 test (Ib.)..... see Butter, 92 score (1b.)........... Hogs, 290-350 1b. gd. choice, (3b.) 1100-1300 choice ( o

-| Yesterday

} Int Harvester .

4 Jo tons, compared with 1,

In compiling the index:

High, 1937, 194.40; low, 163.37. High, 1936, 184.90; low, 143.11, 20 RAILROADS Yesterday e.eceocccecccsescss 44,66 Week a0 .cceosesonssssncesss 47.21 Month AZ0 cecesevessssccarcss 53.89 Year ago ...... High, 1937, 64.46; low, 43.53. High, 1936, 59.89; low, 40.66. 20 UTILITIES’ Ceensesssssssaee 25.94 eescesssssss 26.80 29.11

Yesterday Week ago ... Month ago .. Year ago High, 1937, 37. 54; low, 25.28, High, 1936, 36.08; low, 28.63. 70 STOCKS

@ssvessesecensssans

sess0ssssass

56.08 Week ABO ccccosnssassssessscs 58.28 Month 280 ccecesscecssccsscss 64.59 Year ago High, 1937, 69.67; Tow, 54.90. High, 1936, 66.38; low, 51.20,

High . 1198

. 12%

Low 115% T2Ya

Net Last Change 11 % Va Ya

Houston Oil . Howe Sound

Inland Stl Inspiratn Cop.. Inter Int Bus

Int Hyd El A... Int Nickel vans Int P&P C . Int P&P pf.. : Int T&T 9% sing coeslll 111 —K— Kayser Jul ..... 19% 19% Kennecott ..... 81% 57%

cesses

+1 HHH

Johns-Man

Magma, Marine Mid . Marshall Fld .. Martin Gl ..... 17 Mathieson May D 8 Maytag McKeson & Rob 12 McKesn&Rob pf 43 McLellan St ... Mesta Mach ... Miami Cop ... Mident Pet ... Mo Pacific . Mont Ward . Mother Lode .

Nash-Kelv .... Nat, Aviation . Nat Biscuit ... Nat Cash Reg... Nat Dairy .... Nat Distillers . Nat Gypsum . Nat Lead Nat Pwr & Lt.. Nat Supply ... Newport Ind .. Y Central .. NYC mnibus . N Y NH&H ... N Y NH&H pf. No Amer No Pacific

16% 52 12% 16%

a Ohio Oil Oliver Farm Eq Omnibus Otis Steel

16% 2

127% 163s

Pacific Packard Paramt Pict

Mills ..

se Para Pic 2 (i

Pathe Film Patino Mines . Peerless

Phila Read C I. Phillips Pet ... & B... 21

Plymouth ‘oil’ = Port Ric Am A Port Ric Am B Public Serv A»... Pure Oil .......... Pure Oil rts ... Purity Bak

BANK STOCKS

By United Press

Bank of Manhattan seseses., 292 Bankers Trust . 64% Bank of N Y Trust veen..449 Brooklyn Trust ... ..113 Contral Hanover .ee.e

Chemical Commercial Continental Corn Exthange Empire First Nai tonal Sgaranwy vee xIrvin Mi oluiers National City . XT

c oe Title Guarantee xEx-dividgnd. INSURANCE STOCKS Aetna Fire . Aetna Life Baltimore American Connecticut General .

. cess00cgecetanas

Great American . tford

me y Phoenix Fire . Sun Lif Sun Hite “es vou Westchester Fire

BOND PRICES AT LOW SINCE JANUARY, 1936

NEW YORK, Sept. 10 (U. P).— average price of all bonds listed on the New York Stock Exchange declined to 92.76 per cent of par at the

: end of August, the exchange tabu-

lation released today showed. That was a new low since Jan. 1, 1936,

if when the average was 91.85.

Valuation of all listed bonds as 7 of the end of August, the exchange + | figures showed, was $43,808,755,638. It represented a decline of $487,379,942 from the total at the end of July and was the smallest total since Dec. 1, 1936. However, the latter included 1408 issues against 1386 issues at present.

CUBAN EXPORTS OF SUGAR UP SLIGHTLY

NEW YORK, Sept. 10 (U. P.) — Cuban exports of sugar from Jan. 1 to Sept. 4 totaled 251.221 long 939,374 in the corresponding 1936 period, an increase ‘of approximately 5.8 per oent, Lamborn &. Co. reported toay. “Shipments to the United States amounted to 1,621,988 tons, against 1,321,051 in the 1936 period, a rise of 22.8 per cent. To other destinations, principally European, exports aggregated 429,833 tons, compared with 618,323 in 1936, a decrease of 30.5 per cent.

Yellow Tr

uperior Oil . Swift & Co ...

3% 39 227, 2214 oT Texas Cor . 54Ya Bila Texas s Gulf 5 5% 5% 2% 3% 18% 20% 1

n Paci un Amreraft Cp. Un Air Lines ...

Ys 8 Steel 9 4 Steel pL 12 Stk Yi Yd, 6 n See ces 4 t P&L A «is 15% Yee 1% 26% 26% «3 3 43%. 43% We 10

I LT il Te © 2

gags

yadseo Sales .. 1%

++]

Va-Car 6 pt . oes

Waldorf Sys ... Walworth ..... Ward Bak B ... Warner Bros .. e

10 117% 133, 4 34

LE]

Wilson & Co .. 8% Woolworth .... 44% = 173 YLEA —— 39 4

17% 15%

Young Sheet ...

++ ++

Zenith Rad . Zon

U. S. HELD HOPE OF NAZI FINANGE

French Newspaper - Series Believed Written by Dr. Schacht.

PARIS, Sept. 10 (U. P.).—Only the United States can save Germany from the economic and financial hole in which she finds herself and probably save Europe from another war, the newspaper Information said today. The financial newspaper introduced the analysis as prepared by “one of the most important German inmglustrial groups” and printed the report in four installments, heginning yesterday. Terming the Reich’s : four-year plan an “autocratic system,” the analysis attacked the German Government's present economic policy. In view of rumors Dr. Hjalmar Schacht, German Minister of Economics and Reichsbank president, is ready to resign, there was more than a strong ‘suspicion here that he is the author behind the analysis.

Reich Monopolizes Credit.

The article pointéd out that the Government has monopolized almost all credit and that it took up a system of pyramiding its paper which banks were obliged to take and which the four-year plan, which

39 4

| needs capital chiefiy for nonproduc-

tion purposes, will aggravate. The result, it warned, may be that banks may become so short of ready money that they will be unable to meet current depositor demands, causing a banking crisis. Af the same time, prices have been Hsing steadily.

Revaluation of the mark will not

4 help, it continued, because the unit is not supported by any reserve and

thus is purely a money of confidence. Once this confidence is shaken there will be nothing to stop the mark | from falling to zero, according to the article. : Solution Suggested The conclusion found that the United States is the only nation

‘Which ean supply what Germany

needs. follows:

1. The United States must consolidate Germany’s foreign loans, offering her a 10 to 20-year moratorium, ° 2. The United States must offer Germany - short-term credits of between $601,950,000 and $802,600,000 for the purchase of raw mae terials, repayable within one or two years. 3. The United States must conclude a commercial treaty with Germany guaranteeing her a market between $600,000,000 and $800,000,000 of her finished products. 4. United States must offer Germany long-term credits of $403,100,000 in gold or foreign currencies to support her money.

FOREIGN EXCHANGE

NEW YORK, Sept. 10 (U. P.)—Foreign exchange opened L irregularly lower: able

It said those needs were as

e. 94%, rate) & 939% eevee 99 68035534 .05263% .1683%2

220 a 5505 -2550 .2485 2208 .2885

ecsse

(yen . since 1926.

AND COMMODITY QUOTATION S:

Commodity—

sic commodities, | Lambs, good aw)

Cotton, 133.24 (April 5).158.26 Sept. 1) ..137.05 Copper, electrolytic Lead, spot (1b.)... Zine, spot - (Ib.)

Week Ago $1.10 1.0114 8334 317% 6.85 .1035 09 0350 34% .1087% «168715 ¢

Year Ago $1.14% 1.13% 9258 4534 7.5%5 «1185 08 0365 «36% 0135 0950

scrap and hid oat

Hides, native hvy. steers (1b.).. Wool, fine unwash combing (1b.) mid-upland Silk, 13-14 deniers Jap (1b.).... Rubber, spt smk rib (Ib.)...ccos

Tin, straits spot (1b.)...c00c00ee Silver, comml bars (02.)..ccc0s0 Steel, scrap, Chi. (ton)........ Pig iron, Iron Age comp (fon). 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=Chisato: |

Week He Touay Ago Ago $ .099215 $ .1032'% § .0913 18% 183% A21% 41 41 351% .0937 0936 .1235 1.8614 1.87% 1.1 1918 1868 16 5-16 14 14 093% 0852% .0652%4 .0460 06875 068714 | .0490 59% 585% 414 4434 443% 4436 18.50 18.75 16.25 23.25 23.25 18.73 4.35 4.35 2.25 2.25 60.00 © 60.00 52.50 52.50 1.27 1.27

Grains. Hyastock, lard. steel

(b.)..... .

Ib.) eoeses *

¥s | classes. + | butchers brought $12.15. Continued scarcity of packing|A sows saw these moving within a |B

Slight Supply at Other Markets Improves Price Here. Although Indianapolis had the

largest salable run of hogs at 11] principal markets, hog supplies

% again fell short of prevailing de-

mand today. The top price went above the $12 mark as values handily scored another 25-cent rise, extending to all Best 210 to 225-pound

range of $9.75 to $10.25, with a top z|of $10.50 on good lightweights.

Cattle Market Active

Killers were again. hungry for supplies of cattle and the activity

which permeated the trade could a

hardly be referred to as the usual Friday cleanup market. If buyers saw anything they wanted in the|P

| way of steers or heifers, they did

not walk away without them and this lent further strength to the week's higher market, Shortfeds and low grade grassers

were about the only kinds available, selling largely under $11. An individual prime club yearling topped

the market at $17.50. Odd head off

choice heifers made $14 to $15, and

5 some good yearlings $12 to $13, but

otherwise it was a $10 down oe on grassers. Cows predominated in the run and, continuing their upward course show upturns of around 50 cents for the week. Low cutters and cutters bulked at $4 to $5.50 with common and medium kinds from $6 to $7 and good offerings quotable to $8.50 and above. Bulls sold upward to a practical top of $7 for sausage offerings, reflecting accumulated improvement of around 50 cents for the week.

Prices for vealers ranged steady [

fo 50 cents higher, good and choize grades at $12 to $12.50 most, generally reflecting the upturn. Mediums clustered at $9.50 to $10.50 although there were a few up to $11. Good heavy calves brought $10. Good. and choice lambs scored an advance of 25 cents, but common and medium grades continued to lag at steady levels. Choice ewe and wether lambs topped at $11, but bulk offerings consisted of kinds to sell at $850 to $10. Buck lambs were sorted out at $1 a hundredweight discount. Sheep held steady, top slaughter ewes $3.25.

HOGS pts 400! 500 1000 8000 4000

4000 5000

11.90 11.65

[email protected] 10. 1. 75 « 11.25

12.10 11.75 choice.. 11.80 choice.. 11.85

12.15 12.15 choice.. [email protected] choice.. [email protected]

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

[email protected] [email protected]

Bulk $11. 2 >

i 15 11.25 i 133 [email protected]

i [email protected] . [email protected] 10. ii 80012. 15 Light Light

(140-160) ood and um

Lightweis (160- io) Good and

choice. a1 75 0.25

Medium Wei nk (200-220) Good and 1220-250) Sood and ght 0) Good D) Good Sows— 0) i] (350-425) Go (425-450) Sood (275-550) Medium Slaughter Pigs (100-140) Good a and choice..

and and

CATTLE . =—Receipts, 400— Steers

(550-900) Choice ...ceovees.$13. Good ....0vi0. ht %

Mcgium cesesssvns ® 100) ceseseee.

ssesssncsse

go (1100-1300) y 15. 25@17. 00 [email protected] [email protected] Ne Sais. be 12. 306 15. 8

(1300-1505) Prime; essssssenese Choice ...i....... Good cssvennses Heifers . [email protected] [email protected] [email protected] [email protected] [email protected]

(550-1750) 9

(150-900) Gord ond choite Co!

mmon, medium.

0 Common, medium .....ce00000 Low cutter and cutter ....... Good (beef) Cutter, common and medium. Good (bee: :

of) Bulls Cu ter, common aa mediuin .

ET vig 400— Good and choice .....cocoees i [email protected] Medium ........... ceesasssess [email protected] Calves (250-500) Good and choice . [email protected] Common, medium. 6.50@ 9.00 Feeder and Stocker Cattle Steers (500-800) Good 3nd choice. . Comm medium (800-1050) Good yo cholce. Common, medium. - Heifers— 2 Good and choice .i....ecc0s Common and medium cseses Cows—

oa an ebnd 8 88 83

9 69 0888 8

po oa aman 28 53 3383

Common’ and’ medium ...... SHEEP AND LAMBS —Receipts, 1200—

Spring I Iambs--Good

. Shorn (00-1185 ® Good and choice.. Common, medium.

bs. Jee Si @12.10; most packing sows, :

few best lightweights up to

Catile — Receipts, * 1000; cal alves. 500; slaughter classes fairly active: market, steady ; Steer run mostly com-

grassy. . and 5.25;

Hi% 000, including 1500 opening slow; bids good to choi 0.500 Fnidin ! Perio RBIs steady; native ewes,

x (U.P). —

015;

: 5 $10.75 1bs., $10. 3a. 50; 100-130 1bs., roughs, $10 down, Calves—$11,

120 1bs., $9.90. i calves, $12; lambs, $10

U. S. STATEMENT

WASHINGTON, Se t. 10 (U. P.).—Government expenses receipts for the cur-

rent fiscal Jear Hh Sept. 8, mae doz:

with a year Exper ..$1,417, Soe. ‘oss. pts ih Sis #1 jigtagtos ss 53 Deft,” 114 3 35 1195, Work. ai. 1 3,573,117.46 1, Pub 492

$ [email protected]; Pulls steady, is

sich $15 161. 32 Le

1, 3.195,569.30 bare bac! , 29 fea 6 7

E. Louis: Zine. Conan

3 B22 {Tne Rist)

soisee ore ceeds... 83.6

(Cooyright, 1937, Standard Statistics Co.) Ul 8S. GOVERNMENT BONDS . Treasury Bonds 3% 1951-48 ......... b.00 9021 2Ya28 1953-49 97.12, or. % Federal Land Bank Bonds

July 1956-45. .

Last 99.27 07.12

4Ys Nov. 1958. 38. . Home Owners Loan Bonds 1952-44 101.18 101.18 101.18 DOMESTIC Bowns

Am % For 2 3s 2030

—

Flor x oF 18 58 4 Gt No Hocking 3 fe’ ER 1 Cen is 66 T or s 55 IR ws Inc 3% 46.

Mez adj 5s 67 . Cent "8a 9013’...

NY y Y Cen 33s 5 cevsosd

a P&L 4%s Philippine &- R 4s 3 6s

od fd CO 00D hed fk CD 00 CIN EO I IN ok fk hk GD CD 210 od bd IO LO OW OD =I -— a S® A ~

td fk TRY

RSS S

Younz S & T “4s 61 . FOREIGN ‘BONDS

h Australia Ss 59 a... 1010 £oil Jeseeagshree 19%

aa EN

cessssaans 6 3

1%, «3 13 64

1% 2

Japar a 3 3 68

Curb Stocks

High Aero SUD B ccesacssnes Alum Co AM coeessssas130 Am AIrlines eececesese. 1972 Am Cyan B ... Am Maragaito Am Siper ArkNCras A . Austin Silver

Berkey Gay Pur esssesss Brown Co Df csceessses Can Marconi esssssenss COID essesssses

secsss.

Det Gry Ir Fdy escssss Eagle Picher Li seess00e Equity Cp Fisk Rubber

Mich EUmMper coessesss Molybdenum Mont Vard A isceee.. 14998 Nat Rub M ..iceeee.es 10Ys Niag H PWI «cocesssnaes 11%

teceeccne

Pantepecz

5 3% Technicolor . 27% Un Lt & Pwr A ..... 5 Wright | Halg ..ivoi--- 6% 6% 6Y4

CLEARINGS CONTINUE ABOVE 1936 FIGURES

Only Two Cities Report Drop In Labor Day Week.

NEW YORK, Sept. 10 (U. P).— Bank c earings in 22 leading cities in the week ended Sept. 8 receded sharply from the previous week, due to the intervening Labor Day holiday, but rose well above the corresponding 1936 total, Dun & Bradstreet, Inc., reported today. Transactions aggregated $4,434.738,000 in the 5-day week, a decline of $829,744,000 from the preceding week’s total. but 5.1 per cent above the $4,219,243,000 reported in the same week 2 year ago. New York City’s clearings amounted fo $2,600,568,000 against $2,696,971,000 last year, or a loss of 02 per zent, while check transactions at all outside centers aggregated $1,744,170,000, up 14.6 per cent fron: the 1936 comparative total of $1,522 272, 000. All bu; 2 cities, excepting Néw York, reported increases over the corresponding = 1936 totals, Minneapolis showing the largest percentage of improvement, with clearings at $75,312,000, up 40 per cent. Louisville reported the largest decline, with clearings totaling $26,258,000, cff 10.8 per cent, and Omaha, vith $26,347,000, off 3.9 per cent, had the oaly other loss.

LOCAL ISSUES

olis Bond & Share Corp.) hy Tpdia nape quotations do not xepre‘sent actual bics or offerings but merely indicate the aoproximate market evel based on bayine and selling inquiries or recent transactions. : BONDS Ask Ys 61.....101 103 128 55..0.. 1 2 43. 0

TH)

4 Wb oN. 4s

2 Belt in St 168 gon. + Cae . 57 : Te Ts. 50%

Home T&T Ft ceiaesaene Hook Drug Inc com :

cessnsses

7 .108 3 5

3 Wisc Pub Serv > 81 1

Be 3 Co com allor ay iy So co pid 5%s.. 65% Serv.of Ind p . 31 I

Van Camp Milk So pid. rises 2 Van Camp Milk Cocom....... i xEx-divid:

53 11% vider d. {By M. P. Crist & Co.)

Market St. Investing Corp .. 30.97 32.93

LOCAL PRODUCE rice: quoted are paid for stock | mn the country, while for delivereis in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh

unds s.) 5 Rae-No. 1 8 strictly fresh, loss off, 18c

vy breed hens, 5 is and over, '18c; hens. bs. “and ove er. Toc; broil

Traders Wait Issuance of Federal Crop Report This Afternoon.

CHICAGO, Sept. 10 (U. P.).—A desire on the part of traders to await the issuance of the Government crop report at thé close of business today weakened grain -futures on the Chicago Board of Trade. At the end of the first hour wheat; was 3 to 7% cent lower, corn was 15 to 13% cents lower, and oats were 1% to 1% cent lower, Greatest weakness was in corn,

% inasmuch as the trade expected a

Government report of “bumper” proportions, despite August drought damage. There was one bullish note, however, in a report by R. O. Cromwell that in his opinion the | xivate estimate of Sept. 1, showing a crop of 2,625,000,000 bushels, was | too large, particularly for Nebraska. Heavy selling of September futures carried the old crop month more than a cent lower. Corn receipts were 26 cars. : Selling carried wheat futures a

2 | cent lower before the downturn was

checked by short-covering. Houses with Southwestern connections did most of the selling. Reports of small export business overnight firmed the market slightly. Wheat receipts were 71 cars.

AGON WHEAT city gain NAN are paying for No, 8c; other grades on their merits, yellow, 9lc. Oats,

Zann corn, new No, 2 26 i

ARGENTINE GRAIN BUENOS AIRES, Sept. 10 (U Grain futures opened irtegularly_ Nite: Wheat—September, $1.28%, unchanged; November, $1.20%, off Yc. » Corn tem- + ber Balsc, Saige Soyombst B3%0. ihe change a po ac, aC : | RR ar $1.34 NovombDr, $1. 3350s up Yac. WINNIPEG IPEG WHEAT Open Changs esssscansssssssssesBl. F%4 - ~—Ya

sssscenssssss 1.282 ees ns Saseensesess 1.25%

LIVERPOOL WHEAT

May December Prev. close 1.30

1.30% I 254%

Oct, os Dec. .. March ..

BROKERS’ OPINIONS

NEW YORK, Sept. 10 (U. P).— Brokerage opinion today: REDMOND & CO.—In our opinion the market will remain irregular around current levels for the remainder of the week with a tendency for stocks to work moderately higher on the rally. HORNBLOWER & WEEKS—We prefer to treat the current rally from the point of view of its being a technical affair, and hence, a step toward clarifying ,the more important underlying direction of prices. SHIELDS & CO.—The fairly rapid comeback in several leaders that under normal conditions would enjoy a free market is the best evidence of the unnatural, dangerously thin character of the list. This leaves it extremely vulnerable to sudden news developments and while there is such nervous instability purchases for the pull should be delayed and a cautious trading policy maintained. LAMBORN, HUTCHINGS & CO. —Many - stocks are near or at temporary support levels, and each successive market decline has been bringing a larger number info this category. This is usually the forerunner of a turn in trend, but the signs are not yet definite enough for us to suggest a new buying position, W. L. LYONS & CO.—While pro=fessionals are ready to admit the probability of the current rally going farther, they are still unwilling to embark on any really sustained speculation for a rise. JAMES E. BENNETT & CO.—The market appears to have had at least part of the expected technical rally, and it does not appear advisable to follow it farther at the present time, ABBOTT, PROCTOR & PAINE— We believe the rally will’ continue farther, but will likely be followed, before the market has made a real base, by some further selling spells. THOMSON & MKINNON—Bar=ring renewel of recent nervous liquidation, the market is expected to hold steady awaiting more conclusive developments abroad.

CHICAGO PRODUCE

Eggs—Market, firm; receipts, 9553 cases; fresh graded firsts, 31%ec: extra firsts, 22¢c3 foc receipts, S00; dirties, 17c; checks,

Bufter — Market, firm; receipts, 3; 237 Extra firsts (90-9134 score), 32% @ extras (92. score) 333%c; firsts, 30% 3itsc; seconds, 26@29c; standards, 33c; specials, 32@34%2c.

SE ry steady; Jeceints 1 car, 69 trucks; 15@16¢c; ducks, 14@18c; hens, 19028 ss ens, 16c; Shing chickens, ; roosters, 13'%2@14 Tose: 19@26c; turkeys, 15@17c; ibe

Sh Saintes, 18% 8. @18

: Mn Lis = 243,

$1. 138 Nt So

1.29% i 23% 1. 2472

tubs. 33c;

C heese—' Twins, else longhorn, 1 Potatoes —Supplies, moderate to slow; . OR Nis Strong; Jqsbo Russet Burbanks, $1.60@ S. 2, $1.30; Washington ue * Birbanks, 30310 @1.90; Washin

Oris

- NEW BOND ISSUES

(By W. L. Lyons & Co. od Allis Chalmers Cv 4s 53 ......108% Atl City 3Vs 64 973% B & O 4%s 39 BF Avery Sons 55 4T-ennneenr 100 Calif Oro Pwr 4s 66 92% Cent Maine Pwr 4s 60 .......102% Cent Maine Pwr es 668 +000. 42s inti G & Ya ves .104%2

senses

Fla Power 5s 66 Houston Lt & Power 3%s’ 4; 10208 Indpls Water 3%s 66 cvenav Va Tos Angeles Rev 3% 17 ..... 26% Narra EE 3%s 66 veess101%

Ki N Y State Elec Gas Northern State P as 61 Ohio Public Service 4s 82 ighting 4 Yes 45 ! Der Co 3Vs 53. ee a03n vesssss 10378 West ne Ss 67 ciieees. 99% Wisc G&E 3's 2%

$50 FOR EVERYONE, TREASURY REPORTS

WASHINGTON, Sept.-10 (U. P.), —The Treasury reported today that money in circulation on Aug. 31 totaled $6,524,022,017, an ine crease of $135,000,000 over July 31. Thus, if this money were equally divided among every man, woman and child in the country, gach re,” son would have $50.38, the largest : per capita amount since the bank crisis of 1933.

Commercial Banking ’ ' Savings * Trusts =~

| American National Bank

AT INDIANAPOLIS