Indianapolis Times, Indianapolis, Marion County, 15 September 1937 — Page 14
STOCKS GAIN FROM
TRADING
Fewer New Offerings Lend Courage to Buyers.
NEW YORK, Sept. 15 (U. P.). — Stocks rallied today after an initial reaction caused by a break in London and by a new decline in the French franc. Around noon leading issues had made up more than half of losses that had ranged to 3 paints and a sizeable group showed net
gains.
Tradiig shrank substantially. Lack of new offerings lent courage to buy-
. United States Steel touched 933% - in early trading, off 3 points. Toe before noon it was back to above 95. Bethlehem came back 2 points from its low of 80, the latter off 212 points net. - Chrysler recovered to 98% from its low of 961%, which was off 23% points. New York Central lost a point and a half in the early trading and made up nearly al lthe decline. Among the issues to show net gains in the late morning were : Union Carbide at 92%, up 1%; - Wheeling Steel 44%, up 1%; North American Aviation 9%, up %; International Harvester 993%, up 1% %, and Loew’s 76, up %. Most of the utilities registered fractional advances. Oils were steady.
FIRST HOUR
Prices opened lower in moderately active trading. U. S. Steel led the decline opening at 94% and then dropping to 93%, for 3 points loss. Later there was a firming from the lows in d rading. U. S. Steel came back to 94% for 2s loss. Chrysler at 972 was 1% lower while General Motors remained around the previous close. Western Union dropped to 35 for 272 points loss, a new low for the year. New York Central lost more than a point at the opening but rallied to a fractional loss. Atchison had a fractional gain. Utilities were | mixed. Volume approximated 320,000 shares compared ‘with 490,000 in the first hour yesterday.’ Dow Jones Averages—Industrial, 162.14, off 0.76; railroad, 41.53, off 0.32; utility, 25.04, off 0.21.
SECOND HOUR
The market improved steadily bus trading continued dight. Utility shares led. Consolidated Edison went to 33% for 7 advance and Columbia Gas advanced fractionally, Chrysler was fairly active to reath 987 where it was only % lower while General Motors has 4 gain at 51%. U. S. Steel at 95% _had a point loss but Bethlehem reached 83% for 3 gain. Rails were quiet but New: York Central rose to 87% where it was only % lower. ; Volume approximated 150,000 shares. compared with 340,000 in the second hour yesterday. Dow Jones Averages—Industrial, 163.28 up .28; Railroad 41.71 off 14; Utility 25.25 unchanged. 2
Today's Business At a Glance
CORPORATION NEWS
Chesapeake & Ohio Railroad Co., week ended Sept. 11, carloadings, 22,340 vs. 24,824 previous week and 23,263 year ago. National Railways of Mexico, June net operating income, 11,542,692 Mexican pesos vs. 2,214,254 year ago, first half 11,419,935 pesos vs. 9,586,102 year ago. Southern Pacific Co., week ended Sept. 11, carloadings 31,902 vs. 35,016 previous week and 28,637 year ago. ‘Baldwin Locomotive W or k s, -| Angust conselidated orders, $4,234,568 vs. $2,375,589 in July and $1,844,545 year ago; shipments, $2,862,581 vs. $3,175,594 and $2,343,426; unfilled orders end August, $30,346,074 vs. $30,531,416 Jan. 1 and $12,971,610 year ago; first eight months, consolidated orders, $26,217,029 vs. $21,- _ 372,767 year ago; shipments, $26,777,880 vs. $15,114,063 year ago. Chicago & North Western Railway Co., week ended Sept. 11, carloadings, 19,167 vs. 20,850 previous week and 18,397 year ago. Dominion Stores Ltd., four weeks ended Sept. 4, sales, $1,399,045 vs. $1,467,763 year ago, up 4.6 per cent; 36 weeks, $13,396,409 vs. $13,333,907 year ago, off 0.4 per cent. Missouri-Kansas-Texas Railroad Co., week ended Sept. 11, carloadings, 5182 vs. 5698 previous week and 5298 year ago. Southern Railway Co. system, first week September gross, $2,407,660, off $17,589 from year ago; year to date, $92,008,670, up $7,942,842 over
year ago. - DIVIDENDS
Boston Edison Co., regular quarterly $2, payable Nov. 1 record Oct. 11.
Buffalo, Niagara & Eastern Power Corp., regular quarterlies of I 5 on first. preferred, payable Nov. 1 record Oct. 15 and 40 cents on preferred ‘payable Oct. 1 record Sept. 15. First National Bank of New York, two regular quarterlies of $25 each, payable Oct. 1 and Jan. 3, record Sept. 16 and Dec. 15 respectively. Aluminum Co. of, America, regular quarterly $1.50 on 6 per cent prede payable Oct. 1 record Sept. 16.and $2.25 on arrears payable Oct. 1 record Sept. 16. This will leave arrearage ¢n preferred of $4.50 per share. Like payments were made in
July. + hs ay: arienn Brake Shoe & Foundry Co, interim 75 cents on common, ible Sept. 30 record Sept. 24 vs. like nt in June. - Backstay Welt Co., extra 20 cents and regular quarterly 30 cents on 2 payable Sept. 25 record Sept. 20 vs. like extra in preceding - guarter. Bank of New York & Trust Co, gular quarterly $3.50, payable Oct. Sept. 24,
&
DECLINES =
TAX ON STATES’
Am Com Alc .. Am Enc oo cow
57% 2
BONDS ‘ILLEGAL’ 13
Law Firm Criticizes - Talk Of Federal Levy on Local Issues.
Bald Loco Bald Loco as ..
NEW YORK, Sept. 15 (U. P).—|Ba
Efforts by Congress and the Treasury to void the traditional tax exemption of bonds issued by states and their municipalities are “repugnant to the Constitution” and
a violation of states’ rights, an |
opinion prepared 'by the .law firm of Thomson, Wood & Hoffman said today. “Rulings of the courts over many years, particularly the Supreme
d & an . Beth Ste Ya Beth Steel 7 pi. i Bein 1h : n, IEE Borden
uilara © et 3utta Cop .... 3yers A M....
Callahan Zinc.. Calumet & H.. Canada Dry .. San Pact “dee
JI Court, lead inevitably to the conCelanes
clusion that all bonds of any state or any public agency of a state's creation, regardless of its character, method of organization or source of revenue, are exempt from direct taxation by the United States, and
the income derived from such bonds |C
is also exempt,” the booklet -said. The opinion cited attempts by
the Treasury Department to dif-|cC
ferentiate among state and municipal bonds as to their purpose and the nature of their revenues, adding: Power Not Delegated
“None of these distinctions would be regarded as tenable if advanced by a state to assert a right to tax bonds fed by a Federal agency. They are equally untenable when asserted in an effort to sustain the right of the Federal Government to tax bonds issued by a state agency.” The United States functions under a system of dual sovereignty by which all powers not delegated” to the Federal Government, nor prohibited to the states by the Constitution, are reserved to the states, the brief pointed out. The decision of Chief Justice Marshall that the states had no power, by taxation or otherwise, to impede laws enacted by Congress, on’ the grounds that the Federal Government would thus be subordinated, applies equally to the power of the Government to tax the states, according to the legal opinion. Contentions advanced by the Treasury Department and members of Congress, ignore the ruling of the Supreme Court that exemption from Federal taxation is solely dependent on the effect of the tax, the attorneys said, adding: “If a tax is levied by the Federal Government directly upon the exercise of a governmental function of the states, it is unconstitutional no matter how trivial or insignificant the burden may be.”
U. S. INACTIVE GOLD FUND DROPS SHARPLY |g
WASHINGTON, Sept. 15 (U. PJ. —The Treasury's inactive gold fund dropped $291,222,968 to $1,109,366,350 as the result of the release of approximately $300,000,000 in gold from sterilization Sept. 13, the Treasury daily statement showed today. This release, accomplished by the deposit of “gold certificates” in the Treasury’s account with Federal Reserve Banks, was one of the steps taken jointly by the Treasury and Federal Reserve Board to maintain “easy” money conditions. With the deposit of the gold certificates, the Treasury's working balance increased almost $300,000,000 to $1,387,282,312. The - working balance, ‘however, will be drawn down within the next
few days because the Treasury plans Teh to redeem a $350,000,000 maturing | Le
note issue with cash. It also must meet $160,000,000 in interest obligations.
SUGAR QUOTA LAW PENALIZES MOBILE
NEW YORK, Sept. 9 (U. P.).—H. H Pike & Co. Inc. general sales agents for Hershey Refined Sugar;
continue operations at the port of Mobile, Ala., because of reductions effected in Cuban sugar imports through the sugar quota bill signed by President Roosevelt Wednesday. “This action,” the announcement said, “is necessitated by the enactment of the sugar quota law which reduces by 20 per cent the amount
of direct consumption sugars which
can enter the United States from
Cuba. - This cut comes on top of the |
Jones-Costigan cut of 1934 which so seriously reduced our volume through mobile at that time.”
FOOD PRICES
CHICAGO, Sept. 15.—Sweet Potatoes— Tennessee, bushel ‘hampers, 3 Illinois, bunches, @2c. Michigan, bushel, 5e@sL Michigan, 12-qt. baskets, (15000, flower—Colora crates, $1.40@1 —Colorado, hampers, [email protected]. =ichigen, flat crates, 40@50c." (50-1b. sacks)—Illinois yellows, yellows, Michigan yellows, 35@5¢; Minnes sota yellows, 72%zc.
Tomatoes— Cauli-
m Gas Col Pictures’ vie 21 Com Solvents. . .Commonw & So 2% Comnw & So ot "ne
Conde Nast .
3 gon Ex Bnk.. 58% oy 6Ys Co 42 Grane Co cv pf. 107% Crown Zeller... 18; Crucible St .... 59 Cuba Co 1Y4 Cub-Am_ Sug.. 7% Curtiss-Wr .... 45% Curtiss-Wr A.. 15% Cutler Ham .... 67%
Doehler D Cast 35% Pou igiss Air...
a Bu "Pont 14672
Eaton Mfg .... 30 Eitingon Sch’ . Elec Auto-L ... Elec Boat Elec Pwr & Lt. 16% Elec St Bat ... 32, Eng Pub S .. Eouss Bldg ....
Evans Brod ... 16%
Fid Phen ..... Bg Firestone T ..., Firestone pf A.1 Flintkote Co .. 21 Follansbee .... Food Mach ... Foster Wheel .. 26% Gair, Robt .... 9 Gen Am Inv ... 11% Gen Am Tr ... 54% Gen Baking ... 10% Gen Electric ... 47 Gen G & E A. 1% Gen Motors . + 130%
. /8 Gen Thtre Eq . 21 Gobel, Adolf ... Goebel Brew .. Soogsich Serre. 3 Goodyea GrahamPaige. aT Cp.
Gut A obiist No Hall Print ....
. 18 18% 1
Leh Va . Libby Mc&L ... 1 -O-F Glass ..
Lite Savers .
Am & F Pw 5% Am & FPF Pr 3 pt 36 Hide & L C
Hu :
ee eer Fed Dep St o.. 28%;
: ie
wf
i
. 20% . 29%, slp
NEW YORK STOCKS
Net Close Change
[+1+
[+1 +1411:
FULLER Ls
FHL: 0 NN .
L441 14+;
espa ah : mlb}
Dre] + “old
bo HH+]: i: : SRW
- eh a . A 03.63. GF AG PSI SRS SS i
site| FLL
—
29% 411;
3 146Y2
812 16% 32 8% 4 1042 12%, 62 16%
281, 34Ya 102 22%, 3% 41 20%
9 11%
11 11%
% 29%
35 Week
au oity 3a B & O 42s ’'39
Calif Oro Pwr 4s ’66
Houston Lt & Indpls Water
Narra Elec 3s N Y City 3s ’17 N Y State
Wisc G & Wisc Pub Svc 4s 61
ORK,
(pound)
Allis Shamers =! 4s ’52..
Westchester” 3348 67... 3148 "66 .0.00000.100
NEW BOND ISSUES
(Py W. L. Lyons & Co.)
Fid Asked . 103%
B PF Avery Sons 5s 47 -.
Cent Maine Pwr 4s "60 . Cent Maine Pwr 3%s '66 today announced that it will dis-|Cint 3%28 "67
86... Pwr 312s 3123 '66 Los Angeles Rev Bi "e
s 4s ’65..
Norther State rr Sis 67.
rie. 990 creas arna 10. 13%
FOREIGN EXCHANGE
NEW Y Sept. 15.—Foreign i opened irregularly lower.
Cable Rates .$4.96 13-16 —.00 3-1
oo 4.94 1-16
Change
-— 5 2-16
By. United Press,
DOW-J ONES STOCK AVERAGES 30 INDUSTRIALS Yesterday «....coccenencs....162.90 Week 280 ....s005000000000 ..163.87 Month ago sssansusesssssesss 18%.39 Year ago ... ..165.16 High, 1937, 194.40; low, 153. 98. High, 1936, 184.90; low, 143.11, 20 RAILROADS
+4.90 +1.02| 8 -1.29 -1.28
“sss ecsesrsesane
Yesterda, ALO S..iiecciesnssnncses 43.53 —0 Month 880 /cciveeccercssccess 52.55 Year 880 ......... sesame vass 154.65 High, 1937, 64.46; low, 40.57. High, 1936, 59.89; low, 40.66. 20 UTILITIES Yesterday ccccceevsescncecse. 25.28
% LWeek REO <c.cvocssscosscsanes 25.28
Month 20 .c.cccooceese
High, 1937, 37.54; low, 24.30, High, 1936, 36.08; low, 28.63. © 70 STOCKS . Yesterday sevsssarensosans vee. 54.31 Week REO cicoeesssscsascssee 5490 = Month aBO cccecesscsesssasss 68.54 YEAr ABO «iiscotcncnssssass, 00.86 High, 1987, 9.67: low. 70.
High, 1986, 66.38; low, 51.20.
Loft Inc pone Saf a [alt
5 Tooke Su.
Ji
1+]
w= Fr
34% 40 . 2
Fis4l
9s ey 54
oes a REE EE RE ae
Dl 4 1
| bo w
=
1:1:
=
t Da N Nat Distillers . Nat Gypsum . ove Nat P & LL Nat Supp! NY 0 ahs NYC Omnibus . 26 NY NH &H ... 35
. .
Tu
HEHHEE LL
+
-
Rem-Ran Republic. st ev Reyn Tob B ... Ritter Dent ... 1 Ruberoid
Schulte R ..... 1% 1% 1% + %
BROKERS’ OPINIONS
NEW YORK, Sept 15 (U. P.)— There is only one sound reason for the recent stock market: break— there were too many disturbing items and the market couldn't “take it”—Jacques Cohen, partner of Baar, Cohen & Co. said in an appraisal of the market today. “The absorption of stocks by people with means eventually will overbalance the tailend of the liquidation, then follows the usual dull period of hesitation and reappraisal,” he wrote. “Maybe the SinoJapanese war will not last long, or interfere with world trade as much as expected—maybe there won't be a big war in Europe just yet—maybe the Government will spend less money and solidify its credit—or maybe it will defy fiscal. conservatism, spend more money and issue more obligations. Whatever the answer might be, we certainly know one answer right now, to-wit: In estimating the reasonable value of a security, it is prudent to set aside a 30 per cent reserve for error because under present conditions one never knows when a& market is not a market.” Other brokerage opinion today: E. F. HUTTON & CO.—Viewed broadly, we may say that the buying yesterday seemed much better than the selling, and the action of the market itself indicates that the rally which we have already experienced could now be extended to.a worthwhile recovery of the sharp decline, with the possibility that there might be no really serious recession on the way up.
FRAZIER, JELKE & CO.—We
further recessions; and that a nervous retracement of a considerable fraction of the ground lost during the past month is the logical expectation. Violent fluctuations, both
2 | ways, seem inevitable in an overregulated, under-sponsored market |
which has deteriorating business, political chaos and one continuous international crisis as its news environment.
HORNBLOWER & WEEKS—Another test of the market’s underlying structure seems likely to occur
thereby providing an opportunity to
countered while in process of attempting to establishing a base for a sustained recovery movement. = W. L. LYONS & CO.—The fact that. the natural inclination of most ‘traders is to be:-optimistic will probe ably lead in the near future to the re-establishment of such lines. ATKINS, H & GATES— Until foreign mews and the fall trade outlook clarifies, there probably will be sufficient stock for sale
very far.
PRICE INDEX AND COMMODITY ‘QUOTATIONS
DAILY PRICE INDEX . ..NEW YORK, Sept. 15 (U. P.).—Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average equals
100): Month ago ...
“eee 139.45 i Year ago
Yesterday .........138.08 | 1937 high (April 5)..
ceeese...138.60 | 1937 low
Week, ago
(Sept. 1)...137. 05
NEW YORK, Sept. 13 (U. P.).—Following ‘are the nrices
used in compiling the index: Today $1.08 1.07%
Commodity— Wheat, No. 2 red (bu.) ......se Corn, No. 2 yellow (bu.) ..o.0.e Rye, No. 2 (bu.) Oats, No. 2 white (bu.) Flour, Spx. pat. (196-1b. sack).. Lard, prime steam spt. (Ib) ... Coffee, Rie 7s spt (Ib.) . Sugar, raw 96 test (1b.) .....000 Butter, 92 score (Ib) ...
Hogs, avg. gost sales (Ib) ...o Steers, sre fun sales (Ib)
Year Ago SLIT - 1.164 93 A5% 7.575 1180 08
Week Ago sL12 1.11 8235 33% 7.100 1042 09% 0350 34%
.Commodify—
Silver. comiml. bars
Sources of and h
Lambs, avg. most sales (Ib) ... Hides, native hvy. steers (lb.).. Wool, fine unwash. comb. (ib.). - Cotton, Midupland (1b.) Silk, 13-15 deniers Jap (Ib.) ... Rubber, spt. smk. rib (Ib.) ..... Copper, electrolytic (1b.) ....... Lead, spot (IB) secovesiasvonces g Zine, spot (1b) .... Tin, Straits spot hy. ve
Steel Scrap, Chi. (ton) Pig Iron, Iron Age comp. (ton). Coke," Connellsville (ton) .... Cement, dom. Portland aoe Yellow Pine, 6-in. base (m ft.).. Douglas Fir, rough (M ft.) ..... Gasoline, tank wagon (gal).... Crude Oil, 40 gravity (bbl).....
SE
Today $ .1050 183% Al .0906 1.86% .1868 14 . 0652% 068714 © 593% 443% 18.25 23.25 4.35 2.25 60.00 52.50 ©
csececs
‘(o8.)
Net Close Change ga
id
are inclined to think that equities: will meet better support on any|.
in the form of a secondary selling. movement within the, next 10 days,
observe the character of support en- | Chas
to prevent the rallies from getting
| 323
Net Close Change =o
3 7 Ih 2 : — 5% 5 5 £1 5 zy 5s 55
High Seabd Oil «29 Sears Roebuck. ‘82 harp & 3 Simmons -...... 31% So Am Gold . gE BS Po R Sug. 31 1 Ed ..... 23% South Pac en J With
Sperry-Corp :.. 1 Spiegel Inc a 18%
Si Sterl Soy Stone & Web .. - 18%
Superhtr 35 Superior Oil . E Syin-Gould XW.. S10 4
Corp .... 52% sul 34
[1+]
BE
+11
BE EERESESE Bey
+L LEHI +
Vanadium .... Va-Caro Ch ...
| Walgreen ...... 2
Walker (H) .... Walworth .... 11
Vilson & "oo. . von 8 ortihngton .. 31% 311%
{ Ye Yellow Tr .... 17%
Young S & W.. 36% Young Sheet .. 69
17% 36% 68%
36% 69
NT
Zenith Rad .... 36%
CONSTRUCTION BIDS INGREASE IN AUGUST
Building Permits Show First Gain in Two Months.
367 367s
NEW YORK, Sept. 15 (U. P.)— Building valuation in August rose slightly above the 1936 total for the first time since last May, Dun & Bradstreet, Inc., said today. The aggregate for 215 reporting cities was $87,545,062 in August, compared with $83,109,753 a year ago, an increase of 53 per cent. Compared with the July figure of $91,311,323, however, there was a drop of 4.1 per cent, as against a
usually expected gain of about 1.0}
per cent. For the first eight months building permits issued amounted to $764,717,605, compared with $642,035,-
183 for the 1936 period, an increase |
of 19.1 per cent. The eight-month
and August figures were best for
those periods since 1931 but were far below the years 1927 to 1930.
New York’s total for the eight
months through August, 1937 was $167,110,316, or 16.0 per cent above the previous year, while the 214 outside cities with an. estimated building expenditure of $597,607,289 displayed a rise of 20.0 per cent from the comparative 1936 period.
RECOVERY SEEN IN STEEL OPERATIONS
NEW YORK, Sept. 15 (U. P.)—| Steel works operations this week: will recover 8.8 points to 80.4 per,
WHEAT FUTURES |
TURN IRREGULAR ON STOCK NEWS
ally as Undertone Firms In Chicago Pit.
CHICAGO, , Sept. Security market action turned wheat ! prices irregular although the under-
Board of Trade. At the end of the first hour wheat | ‘was % cent lower to % cent higher,
higher and oats were 1 to % cent lower. The firmness in Liverpool was offset by action of the stock market
prices worked lower. Some traders showed an inclination to wait for ‘further export news. Commision houses hung back ‘on: the sidelines
Wheat receipts were: 66 cars. September corn was nervous in mid-session and was traded within |g4 a 1% cents range although in only a small volume. Trade in new crop futures was light throughout mid-
WAGON WHEAT
wi < City grain elevators are paying for No.
2 red, 94c; other grades on their merits. Cash corn, new No. 2 vellow, 9lc. Oats,
WINNIPEG WHEAT Qpen October «....ieeieseeesss. $l 25%
Pecomber vere . 1.23% May cerssesesiaaases . 1.24%
1
Changs +1ae
ARGENTINE ‘GRAIN BUENOS AIRES, Sept. 16.—Grain fue tures Shened higher: "Wheat—November, 3 22, up ; February, 98%c, unchan Lo 26s, up Yac; Novem ex, 0 ae up Yac. Oats—Spot, 28%ic, up Vac. Flax—October, a 21%, up %c; November, $1,36%, up Jac LIVERPOOL/ WHEAT Prev.
$8 2 i iA
High ..$1.31 1.307% 1.24%
$1. So sL30%
1.29% 1 23% 1 29%
Qctober December. . Marc
REGIONAL BANKERS T0 HOLD MEETINGS
Wawasee and Brook Hosts To Sessions.
Times Special
WARSAW, Sept. 15—The 28th
of the Indiana Bankers Association was to be held at the SpinkWawasee Hotel on Lake Wawasee today at noon. Speakers include Hassil Schenck, Indiana Farm Bureau president, Dr.
Wedeking. An election of new officers will conclude the session. The same speakers are to address the bankers of Region 2 meeting tomorrow noon . at George Ade’s home near Brook.
LOCAL ISSUES
(By Indianapolis Bond & Share Corp.) The following quotations do not repre« sent actual bids or offerings but .merely indicate the approximate market level based on buying and selling inquiries or recent ransacHOng
Ind &
L & 6
Ss Works 6s 49 . , Works 6s 49 ...... Co 5s 57
cent of capacity, the schedule re- Es 1t
ported to the American Iron & Steel Institute showed today. Phe recovery, however, did not
ke up the loss last week when
operations dropped 125 points to 71.6 per cent of capacity because of Labor Day shutdowns.
This week’s gain was 123 per.
PR in Nau L N Ind Pub Sony Co pfd 5'%s . b fd bi
cent over the 71.6 per cent last week, LE
One month ago operations were
832 per cent and a year ago 725
per cent.
CONTINENTAL CAN 'PLANS-NEW ISSUE
NEW YORK, Sept. 15 (U..P).— Continental Can Co.; Inc. has filed a registration statement with the Securities & Exchange Commission covering a proposed issue of 200,000 shares of $4.50 cumulative preferred stock. A special meeting of stockholders will be held Sept. 28 to authorize the issue, which is expected to be underwritten by a banking group headed by Goldman, Sachs & Co.
BANK STOCKS
Bid ’ Asked
Bank Of Manhattan . aaveeiese DBYY xBankers Trust ..ccecsvsesses ai Central Hanover oe ..116 Chemical shes Commercial Continental
Irving xManutachirers National City . Pantie or. Tru st
522 100 25% 53
(By M. P. Crist t & Co. Market St Tnvesting Corp . - 29. 93
SUGGESTS RESERVE BRANCH IN FAR EAST
branch of the Federal Reserve Bank of San Francisco to aid America’s
Parker’ B. Willis, professor of economics in: the University of Ver- |
A branch in Hawaii also is suggested by Prof. Willis, who points | out that foreign trade has reached |
of capital. “Consideration of a branch in the
plated,” he says. “There is, how=
| ever, logical bagis for one, and the ‘| future of foreign trade relatively will depend upon the activity of 4 Reserve Bank | ‘and the member banks of the Pa-
the San Francisco
8 cific Coast in this direction.”
82% | current fiscal Year ag
CHICAGO PRODUCE. ;
s—Market, Ly Graded fi 23%; Curr
Marke Vein eg Bi Bibs: extras Joa Soares. 34¥%c; fi : Segond standa /35¢; centralized (89 sc Bic: ey d (88 gears) Be Poultry—Market,
trucks; ducks, salsc: ”
SORT a ik hate.
: eheoks,
Cy "geese. BG Ages
hi ne ohiCkens, 19@23%z¢; TOS. 13% @14%e
19@25¢c; turkeys, 15@17c; frye cese Twins, Sind aie Sussles, we
broilers Se
is)
U. S. STATEMENT
DASHING TON, Rept, 15 (U. P.).—Goys ent s and receipts for the through Sept. 13, compared with a yea Last Year. 3, 237,514,695.39 "782,3
Tod sa T Purch. | mag li $201, 968.71 $1,109,366,350.44
il. LOCAL PRODUCE
- (The prices oted are paid for stoe Lo er, country, while or or ies in jodianasalis the prices aE 14 ‘cent fe h full case of eggs mus t weigh
Er fresh. loss. off, 19¢
Grain Prices Mix Fraction-
15 (U. P)—,
tone was firm today on the Chicago | Bo
corn was 1% cent lower to % cent
preferring to wait a more definite 35 Ju Mots -100 1-18 109 3- | trend before making commitments.
session. Corn receipts were 59 cars. |3
+ Vac T28¢ | Del &
annual meeting of Region One|g
H. C. Sauvain of Indiana University, Eauicy Cn PF. W. Van Antwarp and Albert J.|Fisk
, | Admin.
1%|&
C 31.83 Co
foreign trade is advocated by Dr.
mont; in a study published today Foun by the Columbia" University Press.
a point at which further develop- | ment will not take place unless there is international development |
Far East has never been. contem-
i — ? ; £m N. Y. Bonds ' By United Press hi ; BOND PRICE INDEXES 20 20 20 60 Ind Rails Utils. Benlls 85.5 29.0 97.3 99.5 a2 91.7 101.9 95.2 M7 1059 98.6 810 1014 0.6: 101.2 106.6 100.7 85.0 98.8 91.3 100.4 106.2 100.2 84.7 103.5 903.3
| Yesterday ..... 90.2 | Week ago ...... 90.7 { Month age .... 92.0 IT 880 .c.0c. 923 | Yeu Wears ago. . | 1937 high 1937 low ...... 90.1 1936 high ...... 94.8 11936 low ...... 90.0 | 1935 high .. 86.4 103.6 93.1 1 1935 low 71.0 89.3 83.0 | (Copyright, 1937, Standard Statistics Co.)
‘NEW YORK, Sept. 15.—Bonds opened iri Chee
89.4
| Penn S oo. Phil & Read 65 .... | West Un 3s . West Un
U. 8. GOVERNMENT BONDS ‘ Treasury Bonds High
4s 1954-44 ...... «00 1112
and within a small trading range as 1953-40
55.51 re ..1102:8 102.8 1960-55 g 1%: 14 100. 2 Federal Land a Bonds Ask Yield 100 i 18 100 5-16 Ya 16 2.96 100 5-16 2.96 102% 2.92 10874 2. 57 100% 102% 10056 1037s Bonds
3s 2%s
Jul
y- 1956- 46 . the us de Pg i
.:100 1-16 02 Nov 1967-37 .. y 1858-38 .
3 .108% 0: a8 oy 1957-317. ihe he Nov 1958-38...103
Home Owners Loan
Amg&:ForP 3 2038... . 20% Co Del
m 0 4s 65 975 Beth S01 1% .
8 60. Can Na Ry 5s Oct 8. 119% Cen Pac ‘bs 86
GE Ma Cons Oil 3%s 51 Cons Edis 3%s 46 . Hi ref 4s 4 bs 63% & R 5s 51°. at 108% 46 .......105%
60 - Young S & 3 ®4s G13. 10a FOREIGN ‘BONDS
Brazil 6%:s 29-87
Japan 6Y:s 5 Japan &) zs 65
Curb Stocks
Alum Co am ae
Am an Be ? Am Super
-
BOHM KAT Dod
Niag HH Pwr .. . Pan Am Air c.eeesasees 50
Ors DNA RO ded
Oe — — pen
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INVESTING CO.’S
(By New York Security Dealers Assn.) Bid Asked Bid Asked 16.22 - 17.26/Invest Bank Corps. Affil Pd 17.88 8.713] B 7.36 8.3 Amerex. 23.87 26.60 75 Am Bus. 1.01 1,12 Am Gen. 90 As 8 Oil 6.60 Basic. . 4.47 Boston .. 20.78 Brit Ty. 33 Broad St 30.73 Bullock. 18.36
1.01 7.50
22.22 53 32.87 20.13 . 4.50 25.39 8 90 N' 14.50 0 cer
\ « NEW YORK, Sept. 15 (U. P).— piy i Fistablishment of a Far Eastern! |; C
D.. Dividend. % 2 1955.. Fidelity. 24.66 26.65! “ 1956. . Fiscal Fund, Ine ...| * 1958. . Bank. 11 3.46 Plymouth . Ins. 343 a Inc 15.70 | Pixed ‘A 11.55 Represnt 12.07 “ B.Y. [9.56 . |Republic. .95 del Am. 12.59 jel Inc.
4.94 Jovereign Sp Trsk.
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DECLINE IN PRICES
Nima peg a asaussLass
om oS.
NEW YORK, Sept. 15 (U. P.)— The advance in retail prices, un-: interrupted since Aug. 1, 1936, will halt soon and may be followed by an
46 | easier trend, A. W. Zelomek, econo892.60 | mist for the Fairchild Publications,
predicted today. The publications’ retail price index as of Sept. 1 stood at 96.6 (January, 1931, equals 100), compared with 96.3 on Aug. 1, 88.5 on Sept. 1, 1936, and 69.4 on May 1, 1933. |
consecutive monthly upswing and carried the index 9.1 per cent over a year ago.
04 steers and 7 yearlings;
§ | Erase heit
men: ike el
IS PREDICTED SOON |
The rite in August was the 13th [i
3070 40 CENTS AS SUPPLIES UP
Lambs Steady to 25 Cents Lower in Local Yards.
After being deadlocked most of themorning the hog market was finally established on a 30 to 40 cents lower basis as the edge wore. off on shipping demarid and supplies increased substantially, according to the : Bureau of Agricultural Economics. Top on choice 210 to 225pound butchers fell to $12.50. Pack ing sows responded with a full 25 cent downturn. Continued activity in the fede steer and yearling trade with accumulated gains of 256 cents brought out a $19 top for prime weighty bullocks today. Only odd head were to take the price, however, and other offerings ranged from $15 to $17.50. Despite a liberal midweek supply of vealers, demand continued broad
land prices held the high level
reached on yesterday’s close. Upe ward to the $13 was paid for choice vealers, prices being steady ° with
| yesterday's ‘best time, or 50 cents
higher than the opening trade. Bulk good and choice grades cleared at $12.50 to $13. Prices for slaughter lambs ranged
1% | unevenly steady to 25 cents lower.
Bulk good and choice offerings cleared at $10.75 to $11.25, the lat ter price being the day’s practical top. There were odd head prime lambs at $11.50. Most mediums sold downward from $9.50. All buck lambs were sorted out at $1 per cwt. discount. Slaughter ewes at $3 down compared steady with yesterday.
(Reprinted From Late Times Yesterday) HOGS Recelpta 8. 9. 10. 11. 12. 13. Light Light (140-160) Good a and
ed Lighi¥ weights— (160-180) Good and
12.60 12.35
. [email protected] 11.95 ; [email protected]
[email protected] [email protected]
12,[email protected] [email protected]
choice. Si 35
Medium Wels (200-220) (220-250) Good Rosy hts— 250-290) Good choice. . (290- S50) 300d choice. . Packin ’ aoa) Goud Cuanneuee (350-425) Good ..... (425-450) Good (275-550) Medium . Slag hter P 100-140)
choice. . choice...
103881158 3
“rset
Eo Ln and choice..
—Receipts, 2000— I Steers (550-900) Choice Good
Co (900-1100) Ci
& (1100-1300) Chole
Med (1300-1500) EE Ci
(550-750) Ciao
if pe
ood SON. mediu . Low cutter and cutter Cesesenn
Good. and *ohbice Common, medium.
Good (beef) Cutter, common and medium.
Vealers —Receipts, 800— . Good and choice c.........«. $11.00 ‘Me [email protected]
[email protected] Cal (250-500) Good snd’ choice. ow $0855 .50 Com , medium Feeder oT St asker Cattle
tee (500-800) - Sood and. cho
mon | (800-1050) Good and me Common, medi Heifers—
Good and choice c Common and medium
13.00
Spring La Lambo Po 2000
Shorn Ewes— (80-175) Good and choice.. Common, medium. CHICAGO, Sept. 14 (U_ P.).— gs—Receipts, 10,000, including 1 1500 ay mare ket, 35@30c higher: spots up more: top, $18° bulk, good and choice 190-230 $1260 2.90; 2 Ds. (Ses fon LSE, Sot good pc De a L oi Ry Bei Dest light wi te Ee 9000; calves. 1500; Jed year Sieady 0 & market, active; eral” op: $1848 Paid for I cows, strong t ed Ssogue: most; best ~ 3 ross 0 oe oul i BE oe "kin I Salers, Soe
Ss scarce, hi het at So. 50; few PN $13. ipty, 12,000, inel directa! 2p
2000 TS, Se 356 trong 333 higher: $ Shoce WA
ance; : i i LAFA TR ho oe (u. Ral S573 er; saan!
$s. 4 12.50; 11. Nel
Ibs. $11.50,
11@ - alos oe: Bi wis $10. nas, Jha Ibe 'S
BANK ADVERTISERS
ELECT PRESIDENT
SYRACUSE, N. Y. Sept. 15 (U. P.) —William H. Neal, vice president Wachovia Bank & Trust Co., Win« ston-Salem, N. C., was elected presi» dent of the Financial Advertisers Jasociatien at its annual convention
dar. Neal formerly was chairman of the ‘association’s public relations committee, and has been active in the Financial Advertising Association, a national organization of bank advertising executives, ‘for the last
So
BOXES
Reasonable Rental
Security Trust Go. 130 ‘E. Washington
Member Redan, Deposit
[ WASTE. PAPER |
AMERICAN PAPER R STOCK COMPANY .
320-330 W. Michigar st.