Indianapolis Times, Indianapolis, Marion County, 17 September 1937 — Page 30

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PAGE 30

te i carat Sr AA a ARCH

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RAIL SHARES LEAD

MARKET AS VOL

Domestic Bonds Ease In Irregular Trend.

f I

1 NEW YORK, Sept. 17 (UL P.) .—Stocks eased today with volume slightly higher. Rails were first to give ground. Their losses extended to 4 points, the latter in Union Pacific, on pessimistic report: of the railroad wage parley in Chicago. Railroad equip-

ments were driven down. | Domestic corporation bonds de--clined irregularly under. lead of rails in dull trading today. U. S$. Government bonds gained 1-32 to 4-32, with scatered issues easing 1-32 point. Industrial shares weakened frac¢tions to 3 points after earlier ir-

regularity to pace a decline in curb Cities Nevys

stocks today. The whole market followed rails down. Coppers were hard hit on a sharp drop in export copper price. Motors held better than other groups. U. S. Steel was 9415, off 21; Chrysler 977%, off 114; American Telephone 162% . Off 114; New Work Central 29%, off 7s; Westinghouse Electric 131%, off 3; Loew’s 75, off 14; Anaconda 46%, off 2% and a new low, and New fork Air Brake 55, off 3.

FIRST HOUR

The market opened lower and extended the declines in - subsequent dull trading. U. S. Steel dropped 2% points to 9412, General Motors 7% to 51% Chrysler 2% to 97, du Pont 2 points to 150%, Westinghouse 3 points to 131%. Metals weakened as American Smelting and Anaconda lost more than 2 points each. Union Pacific dropped 3 points to 106 and Atchison was almost 3 points lower. Consolidated Edison led utilities with a point loss at 323%, Volume approximated 240,000 shares compared with 220,000 in the first hour yesterday. Dow-Jones averages: Industrial 162.74, off 2.01; Rail 42.80, off 1.07; Utility 2534, off 231,

SECOND HOUR

Prices showed a firming tendency and then slipped back to the day’s lows in quiet turnover. U. S. Steel at 943% was 2% lower, and Chrysler remained just above 97. Metals continued weak, Anaconda at a new low of 46%, off 23, and American Smelting at 79, off 2, and Inspiration off more than a point at 20%. Rails remained fairly steady around > their lows. Pressed Steel Car first preferred broke 57% points to a new low for tHe year. Utilities were quiet and easy. Volume approximated 160,000 shares compared with 130,000 in the second hour yesterday. Dow Jones Averages—Industrial, 163.09, off 1.66; Railroad, 43.06, off 0.81; Utility, 25.80, off 0.35.

. » = ¢

Today's Business At a Glance

~ GENERAL BUSINESS

Dun & Bradstreet reports retail trade this week 4 to 10 per cent over last week and 8 to 20 per cent over year ago; wholesale, 10 to 22 per cent over year ago. Federal Reserve reports gold stock up $47,000,000 to record high at $12,-

651,000,000; excess reserves up $120,- |.

000,000 to $880,000,000; circulation off $43,000,000; brokers and dealers loans off $28,000,000; ratio 80.0 vs. 79.6 previous week and 79.3 year ago.

CORPORATION NEWS °

Chicago, Milwaukee, St. Paul .& Pacific R. R. Co, July net loss, $1,402,445 vs. $985,207 year ago; seven months, $8,413,227 vs $10,212,152 year ago. Ludlum Steel Co. first seven months net profit, $1,032,193, equal to $2.07 a common share, vs. $1,041,246 or $1.95 in full 1936 year. Maryland Fund, Inc., preliminary report for August quarter shows net assets as of Aug. 31 amounted to $12,124,282 vs. $9,524,055 on Aug. 31, 1936. United Dyewood Corp. and subsidiaties, first half net profit, $234,672 ‘equal to 94 cents a common share vs. $192,805 or 63 cents year ago. EOnited Electric Coal Co. fiscal year ended July 31 consolidated net income $221,894 vs. $97,940 in previous fiscal year. American Chicle Co. and subsidjaries, 1936 consolidated net income was $3,032,228 and gross income from sales was $10,643,270, information made public by the Securities . & Exchange Commission revealed. The company had requested confidential treatment of data but the request was withdrawn. American Ship Building Co., fiscal year ended June 30 consolidated net profit, $452,518, equal to $3.52 a common share vs. $171,546 or $1.31 in preceding fiscal year. | Caterpillar Tractor Co., . August net profit, $1,053,832 vs. $851,657 year ago; net sales, $6,049,345 vs. $4,712,789: 8 months net profit, $8,460,916, equal to $4.39 a common share vs. $6,200.807 or $3.29 year ago; sales, $50,402,234 vs. $37,516,434. Columbia Broadcasting System and subsidiaries, 26 weeks ended July 3 profit $2,523,813 equal to $148 a share vs. $2,086,850 or $1.22 year 2go.

Life Savers Corp. and suhsidiaries, |

1936 net income was $844,13¢ and sales $3,626,213, the company’s profit and loss statement filed with the securities and exchange commission revealed. The company asked that the statement be kept eonfidential but the SEC made it public. Louisville Gas &: Electric Co. (Delaware), 12 months ended July 31 net income $1,582,480 equal to $1.75 a share on combined class “A” and “B” common vs. $1,664,252 or $1.84 in preceding 12 months.

: DIVIDENDS . Affiliated Funds, Inc. regulaz

rterly 15 cents on common pay- + Oct. 15 record Sept

DECLINE

ME GAINS:

MARKETS AT A GLANCE

Stocks 1 to 3 points lower in quiet trading. Bonds irregularly lower; U. S. Government issues irregularly higher. Curb stocks lower and quiet. Chicago stocks lower. Call money 1 per cent. Foreign exchange higher. Cotton futures higher. Grains—Wheat futures up about 2 cents a -bushel; September corn up 1! cents. Rubber futures steady. Silver—Unchanged in New York at 44%: cents a fine ounce.

Curb Stocks

High Low Last

27 31% 8in

198 | Can

ONLI BO == C3 0 CY ite On RSA 00 i go

Gulf Oi Humble Oil Imp O Can Iron Fireman . Jones > Lau 5. Lion Oil . Lockheed Air | Mesabi_ Iron , Mich Bumper Molybdenum Nat Rub M

- ob ft G10 LW NOOBI=RHW XD

Technicolor . Un Lt & Pwr AL... 5]

—th————————— or

fafa (= [4

HONOORIRWDIWNOE

Eri

or Comwlth Edison q Cunningham Drug . Gen Financ lg Sw Bd .. n Rad Tube A Toby McN&L ... Mid West Corp . Peabody Coal B . Raytheon Mrg Swift Intl . Utah Radio Prod | Woodall Ind Zenith Radio

SRN ENN

= 3

od ft aN ae

915 30a 8% 36 lar quarterly 83. cents on preter payable Oct. 1 record Sept. 20. | Art Metal Construction Co., Inc, 80 cents on common payable Oct. 1 record Sept. 24 vs. ‘60 cents gn July 1. Bon Ami Co. regular quarterly $1 on Class “A” and 62% cents on Class “B” payable Oct. 30 record Oct. 15. City Investing Co. regular quarterly $1.75 on preferred payable Oct. 1 record Sept. 27. Clark Controller Co., 50 cents on common payable. Sept. 29 record Sent 24 vs. like payment on June Commercial National Bank |& Trust Co. two regular quarterlies of $2 each—one payable Oct. 1 record Sept. 22, the other payable J 3 record Dec. 22. PF Easy Washing Machine Co. cents payable Sept. 30; record, Sept. 24 vs. like payments on June 20 and March 31. First National Bank of Jersey City, two regular quarterlies of | $1 each payable Sept. 30 and Dec. 31; record, Sept. 23 and Dec. 24, resp ia tively. Fulton Trust Co., regular quarterly $2.50 payable Oct. 1; record, Sept. 30. Hussman - Ligonier Co., did quarterly 25 cents on common payable Nov. 1; record, Oct. 20, Illuminating Shares Co. regular quarterly 50 cents on Class “A” payable Oct. 1; record, Sept. 16. | Knott Corp, 10 cents on common payable Oct. 15; record, Oct. 1. vs. like payment on April -15 and July 15. 5 Mac Andrews & Forbes, regulary quarterly 50 cents on common payable Oct. 15; record, Sept. 30. Root Petroleum Co., regular quarterly 30 cents on $1.20 convertible preferred payable Oct. 1; record, Sept. 22. Soss Manufacturing Co., regular quarterly 1212 cents on common payable Oct. 1; record, Sept. 20. West Coast Oil Co., regular quarterly $1 on preferred payable Oct, 5; record, Sept. 27.

DIVIDENDS

Chemical Bank & Trust Co., regular quarterly 45 cents payable Oct. 1; record, Sept. 20. Consolidated Chemical Industries, Inc. extra 1212 cents and regular quarterly 37% cents on both Class “B” common and $1.50 Class “A” participating preference payable Nov. 1; record, Oct. 15. Florence Stove Co. quarterly 50 cents payable Sept. 30; record, Sept. 24 vs. like payment in two previous quarters. Russek’s Fifth Avenue, Inc. regular quarterly 12% cents payable Oct. 1; record, Sept. 24. Frederick Stearns, 35 cenfs oncommon payable Sept. 30; record, Sept. 25 vs. like payment in June. Sterling Aluminum Products, Inc. 25 cents on common payable Oct. 11; record, Sept. 30 vs. like payment on July 10.

|| Am Roll Mill . f AmRoiMil cv pf 9 Am Stl Pdies .. 2

|| Armstrong Ck .

| pant & Ohio .. Barnsdall

|| Blaw-Knox ..

|] Borden ....

25 |

1 : Leh Val RR ..

Sunray Drug Co. Inc. regular

THE INDIANAPOLIS TIMES

EARLY NEW YORK STOCKS

By United Press

Net Lash Change

Adams Exp .... 15%2 Air Reduc Allegh Corp . Allied Stores .. 14% Allis. Chal rt wi Li Amal Leath ... Am Bank Note. 21% Can pf ....156% 8 Car & F .. 33% Pwr 6

& F & Pwr $7 pt 37%; 6

Asso Dry Gds . Atl C Line .... Atl Refining .. Atlas Corp .... 13 Aviation Corp .

. 15% 19%; Bang & Ar .... 39 20% Beth Steel Tis . 1-32 Beth Steel .... 81% . 18% Boeing Air .... 26% oe 22; eo 43%,

Bald Loco ctf

Borg- “Warner Eriggs Mig ... 40% Bucyrus-Erie .. 14 Budd Mfg ..... 77% Budd Wheel ... 7% Bullard 28 Burroughs ..... 25 B 41g 5Ys Byron SE ekson. 24%,

Cal Packing "ois T

Curtiss-Wr A. Cutler-Ham ... 67

afin Deere & Co +: 114 D Lac & W ... Doeliler D Cast. 32% Du 152 Du Pont deb ...134% Ba . 34Y, 34 fa 8% 4

1138 17Ya

Elec Auto Ls .. Elec Boat Elec Music Ind. E%c Pwr & Lt... Erie .. Erie 1 pf

4%g 1734 11% 17%2 —

Fair Morse .... 462 Fed Mot 5 Firestone T .... 29% Flintkote Co ... 23% Follansbhee 3% Gs

95% . 9% . 107 6

Gen Foods .... 34% Gen Motors .... 51% Gen Pub Sv ... 27% Gen Refract ... 411; Gen Thtre Eq.. 2115 Gillette S R ... Eh Goodyear .. 323 Goodyear pf . S1105%5 Graham Paige. . 3% . 23%

Granby Greyhound Cp .

4612 5 29 Ye 23 37s

Gt West Sug

Hall Print ..... Hercules Pdr .. Houd Her B ... Househd F A .. Househd F pf.. Hudson Motor.. Hupp Motor ...

Ill Central Inter Iron nIt Harvester ..

Y2 | Norf South .

s | No Pacific .... 21

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS Yesterday «..... esessscessss-164.78 4-190 Week 880 .ccocoscssccscscccs 157.98 —8.38 Month 280 cccccevscsssccscss 182.95 —2.33 Year 80 ..cecveee. ceesssss. 160.80 —4.79 High, 1937, 194.40; low, 157.98. High, 1936, 184.90; low, 143.1L 20 RAILROADS Yesterday 43.87 4-242 Week ago Month 220 «ccoccesssncccsscss SLET 0.51 Year ago ...... 51.84 1.79 High, 1937, 64.46; low, 4.77. High, 1936, 59.89; low, 40.66. 20 UTILITIES Yesterday cc.cccececcccsccces 25.65 0.29 Week aZ0 ...ccocoo00ess000.00 24.83, —1.11 Month 280 cccessscssssccscess 27.65 0.34 Year ago .ccocccoieenconccess 38.51 =1.03 High, 1937, 37.54; low, 24.39. High, 1936, 36.08; low, 28.63. “0 STOCKS

Yesterday Week ago .... Month ago .... Year ago High, 1937, 69.67: low, 52.70. High, 1936, 66.38; low, 51.20.

Net . Last. Change. 1% Ye et Vs

3 — 2-17

No Amer

Ohio Ofl ccesee

93%, 9315 |

—P

29%

Elev Owens om Glass

Pac G & EHl.... Pacific Ltg ..

4 iz | Pac West oil..

Packard Panhandle ... Paramt Pict.. Park Utah Parker R Proof Parmelee Patino Mines. .

i t.. Phila Read Tc I Phillips pot Soe. Pitts Sc 1 Pitts United oo Plymonin Oil .. 2:

Public Serv 5 2 Pure Oil .. Purity Bak ...e

Radio Radio pf N.. 68 Radio-K-Or ... Reading ...... 31 Rem-Rand ...

Reo Mot Republic Stl .. Revere COD ....

Safew 32%s Sehenley Dist... i Schulte R geabd Alr I Red ig Seagrave . % Booey A Roebuck ’ .

parks With ... Sperry-Corp ... piegel ne ese d td Brands .... td C Tob

junshine Min... uperhtr ..... uperior Oil ... ym-Gould ....

% 3% 13% 13% —T

cess 10% . 55%

10%

Tenn Corp 55V4

Texas Corp ...

BROKERS’ OPINIONS

NEW YORK, Sept. 17 (U.P.).— Brokerage opinion today— E. A. PIERCE & Co.—Price irregularity over the near term may assume the proportions of a secondary reaction and a possible test of Monday's lows. However, we feel that a thorough test of the recent lows may be necessary before the market will be in a position to start its anticipated rally from current levels. LAMBORN, HUTCHINGS & CO. —Marketwise, action suggests once more that recent nervousness is continuing daily to lessen, and .the

7; | market seems gradually to be reach-

105 84 2312 2818 Re 15% 55% —L .. 103 Libby Mc&L ... 12% Loew’s

T Ioand Cr Coal.

Kelsey-Hayes A

143/ Kennecott 2

5412

103% 117 76

1Y Lone Star Com 44 2 Long Bell

Lorillard

Madison Sa Man El mod gtd Marshall Fla . Martin Gl :

Moinorre Porc. McKeesport ... McLellan St ...

Mullins Mfg B.. 10% —N Nash-Kelv ..... 151% Nat Acme 18%s Nas Aviation .. 10 Biscuit .... 23% Na . 49%; Nat Nat i en Nat Dept st. Nat Distillers ..

dH HL

SIH EL

quarterly 20 cents payable Oct. 26; record Oct. 15. Van Camp Milk Co. special 25 cents on common payable Oct. 1; record, Sept. 25 vs. special 50 cents in March. . Keith-Albee-Orpheum Co., $1.75 out of capital surplus on 7 per cent cumulative preferred for quarter ended March 31, 1934, payable Oct. 1 record Sept. 27 vs. like payment on July 1. Libby. McNeill & Libby, $1.40 on common payable Oct. 23 record Oct. 1 with option of cash or stock at the rate of one share of common for each $11.20 of dividend due. Previous was an initial of $1 paid in December and also with option of cash or stock. Richmond Bros. Co. regular quar=terly 75 cents on common payable Oct. 1 record Sept. 23.

% ing a greater degree of balance in

tone. FRAZIER JELKE & CO.—Market conditions are more normal. There is less urgent liquidation and there are signs that lower prices have attracted a large investment demand.

SHIELDS & CO.—A trading policy should be continued.

REDMOND & CO.—In its present position the market is likely to be wlnerable to any uncertain news developments and accordingly an irregular trend is anticipated. HORNBLOWER & WEEKS—A final test of the market’s underlying structure in the form of a secondary selling’ movement seems unlikely to occur for<another 3 to 5 days.

LOCAL ISSUES

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

BONDS Bid one Ind Tel (TH) ey 61 .. 200%

Ask 103 108 Joe) 62

eee 108% 18 109.

1dr 994

Ind Railways Inc 5s 67 Indpls Water Co 3's 66 Jnisrssaie Tel & Tel 5's 54.

hio Ie = 6s 47 Pub Tel 5 Ba, w W 5s 57 . Seymour ier Co 5s 4. T H Tra L 55 44 x H Water Works 6s 49 . . T H Water Works 6s 49 ......1 Trac Term Co 5s 57

STOCKS Belt RR St Yds com ......... 56 Belt RR St Yds pfd -....ccee00 57 Cent Ind Power pfd Js esseecs 23V2 Home THA TFt WTS ...cco0000 50%2 Rook Drug Inc ay we 16% & Mich Els .... Fag Gen S

SL N Ind Pub Sor Co pfd 5%s.. N Ind Pub Serv pfd 6s N Ind Pub Serv pfd Ts Progress Laund Pub Serv of In

Smith Alsop P & V pfd ...... Smith Alsop P & V com". esuse Terre Haute Elec Co 6s.. 95 L221 . 48 11

: (By M. P. Crist & Co. Market St. Investing Corp.... 30.21

PRICE INDEX

Week ago ..........138.43/1937 high Month ago ..

escoss

NEW YORK, Sept. 17 (U. P.).—Follewing are the prices

used in compiling the index:

Todav $ 1.06% 1.091% 8134 331% 6.950

Commodity— Wheat. No. 2 red (bu.) Corn, No 2 vellow (bu.) ...,,. Rye. No. 2 (bu.) Oats, No. 2 white (bu.) Flour, Spg. pat. (196-1b. sack).. Lard, prime steam spt. (1b.) ... Coffee, Rie 7s spi Ib.) ....... ve Sugar, raw 94 test 1b.) Butter, 92 (1b.

sév0narve

Hogs, avg mps

sales (bh) eee

DAILY PRICE INDEX NEW YORK, Sept. 17.—Dun & Bradstreet’s price index of 30 basic commodities, compiled for United Press (1930-1932 average 100):

Yesterday ..........138.14| Year ago .138.59|1937 low (Sept. 1)

AND COMMODITY QUOTATIONS

daily Commodity—

Wool, fine unwash. ¢

(April 5) .158.26

137.05 | Bubber, spt. smk. rib

Lead. spot (Ib.) ..... Zine, spot (1b.) .....

Zine, spot (Ib.) Year Ago $ 1.16%

Week Ago $ 1.149 1.0834 845%

\.33 3 % Cement, dom. Portla

Yellow Pine, 6-in. ba

ade. on. 0 gravity (bY) Bid oT B

Lambs, avg. most sales (ib.) ... § Hides, native hvy. steers (lb.)..

Cotton, Midupland (1b.) Silk, 13-15 deniers Jap (Ib.) ...

Copper, electrolytic (1b.) ......o

Tin, Straits spot (Ib. Silver, comml. bars (02.) «eccee Steel Scrap. Chi. (ton) ........ Pig Iron, Iron Age comp. (ton). Coke. Connellsville (ton) ...

Douglas Fir, rough (M ft.) (Gasoline, tank wagon (gal.)....

Week Ago 0982% $ 1834 41 0928 1.86 1918 a4 065215 06521% 068714 59% 44% 18.50 23.25 4.35 2.25 60.00

Year Ago 0938 13% 353% .1238 1.714% .1656 093% 0460 +0460 0495 46 4434 16.25 18.73 3.65 2.55 50.00 087 1.18 " 38.00

Today .1100 1814 «41 0909 1.8814 +1856 Jd4 065214 065214 068714

omb. (1b.).

Ib.) ..eee

essossv000e eessecsscen esssssssve

). ieessanee

nd (bblL).. (m ft.)..

ph) svras

irvseravsisesssrece 41.681 =—2.99 1

- Worthington

t Sth Ls, Low. Last. oNet ve. Texas u TO 5% 55 5 — Tex G Sul 343, 343, sie - 1 I; un 9% 15 iy 104

93, Ya 15 20 Ya 141, 103; 7 1542

Kvd .... Vanadium ..... 26% 26% —W— Wabash pf A... 6% Waldorf Sys ... 10% Warner Bros .. 123 Wes Oil & S... 36 West Md ...... T% West Union ... 35 3%

i # ot 199 Willys Overland 3%

Wilson & Co 8Ys ee 32

6Ys 6Ys 10% 10%, 12vy 1234 .... 6 36 “ve

Va ve 35 Ye 33% Ye 3 36 cove 1915... 4% —''y

3 — 7 2 1”

Yellow Tr .....

18 . 18 —— Young Sheet. 69% 69% — #

BABY BONDS WIN POPULAR FAVOR

Treasury Refuses Requests To Raise $7500 Top Annual Limit.

18 . 69%

WASHINGTON, Sept. 17 (U.P.).— Banks and individual investors are pressing the Treasury for a change in policy permitting them to buy U. S. Savings Bonds in excess of the $7500 limit for any one purchaser in a single year, it was learned today. A Treasury official disclosed that individuals were anxious to make larger annual investments in the popular-priced securities. He said, however, that the Treasury had no intention at present of raising the purchase limit of its “baby bonds” because it wished to adhere to the original purpose of providing. a low priced securit of for the small investor.

Type Is Preferred

Midwest Federal Reserve officials who have visited Washington in recent weeks reported that many banks have indicated a special preference for the baby bonds and would like to buy larger amounts annually.

Between March, 1935, when the

bonds were first placed on sale, and the end of August, the Treasury’s cash receipts from these obligations totaled $907,768,289. Bonds sold had: a maturity -value of $1,210,357,707.

A statistician estimated that if the present rate of sales is maintained, the Treasury's income from this source would aggregate $3,500,000,000 by January, 1941. Thus, if the national debt does not decrease to any great extent by 1941, approximately 10 per cent of the Government’s indebtedness will be to purchasers of baby bonds.

LAKE TRAFFIC MAY BREAK ALL RECORDS

Heaviest Shipping Season Expected This Year.

CLEVELAND, Sept. 17 (U. P.)—' Shipping experts told the United Press today that, barring an extremely early winter or an unexpected business breakdown, traffic on the Great Lakes this season would smash all previous records.

Officials of the Ore and Coal Exchange and the Lake Superior Iron Ore Association believed tonnage might pass the 170,000,000 mark. Greatest previous total was that of prosperous 1929, when 161,344,261 tons were handled on the lakes. A tonnage of 170,000,000 would represent half the total carried in the entire foreign and domestic ocean commerce of the United States during the boom year, 1929, when 358,526, 018 tons of freight were moved. Traffic in coal, carried northward from the lower lakes, opened the shipping season. But the movement of iron ore from north to south soon assumed the lead, as icebreakers crashed through the straits of Mackinac, the St. Mary’s River andl White Fish Bay. The season began with ore piles on Lake Erie docks—meeting place of iron and coal—at record lows and steel makers clamoring for metal. All available carriers were pressed into service, and record after record was shattered as the red ore moved southward at a rate of 9,000,000 tons a month. Shipments to Sept. 1 totalled 45,438,131 tons. A new all-time record was set in August when the lake vessels hauled 10,811,381 tons of ore to waiting mills in Ohio and Pennsylvania.

. BANTAM CAR ELECTS HEAD

BUTLER, Pa., Sept. 17 (U. P.).— Mercer Reynolds, industrialist of Chattanooga, Tenn., was elected to the board of directors of the Amerjcan Bantam Car Co. here.

LAND BANK BONDS 2, Med,

3s July 1058, 1s cesses. 100%

200 to 210-pound butchers.

PORKERS DROP 5 T0 25 CENTS IN LOCAL TRADE

Heavy Receipts Send Weights Below 160 Pounds Down Quarter. Hog values were unable to hold under the strain of 7000 head. As a

result prices dropped 5 to 25 cents, according to the Bureau of Agri-

“a | cultural Economics.

Weights below 160 pounds sold 25 cents lower as top $12.30 on choice There were a few premium sales at $12.40. Packing sows lost around 25 cents to bulk at $10.50 to $11. The fact that local vealer prices | 2 were out of line with competing |3 points worked adversely against sellers today. After considerable de-

a | lay at the start, due to efforts on

the part of salesmen to reduce the

lished on a 50 cent lower basis. The placed good and choice vealers at $12.50 to $13. Most of the activity in the cattle trade was on cows as this class represented bulk of supplies. Buyers were after numbers again, consequently trading was conducted on

common and medium grassers from $7.50 to $10.50, about steady. Odd head and small lots of heifers from $11.50 to $12 looked strong to possibly a little higher, but most of the

changed. Lamb prices soared fo the highest level since June when all buying interests competed actively for supplies and boosted values fully 50 Cony over Thursday. Top mounted to $12 and bulk good and choice offerings were moved at $11.50 to $12. Sheep claimed a 25 cent rise, choice light slaughter ewes reaching $3.50.

CHICAGO, Sept. 17 (U. P.).—Hogs—Receipts, 6000, including 3000 directs; Ee ekics sows, 10 to 15 cents higher; others steady to 16 cents lower; 18s under 200 . ns. active and strong $12.65; bulk gi and choice 190- 256 ioe #

lbs., $11 12.40; Loe good paskin SOWS, $10.50 i1: lightweights up to $11.15, Cattle—} Receipts, 2000; calves, 500; htweight and yearling steers, $11 down; around $15; she-stock steady; few grass heifers up to $10; bulk, $7. 9580.50; strong neigh cutter cows up to $5.75; beef grades, [email protected]; bulls, vealers, steady: top sausage bulls, $7. 50; vealers, $12 Sheep—Receipts 11,000, inclu LY 3500 directs; native LILES, asLive, Sleady to strong, ashe Jughes; £904 to choice natives to best $12; steady; alia Sire $3@ 650 ly

0; most 150-180

sheep,

Lan AYETTE, Sept. 17.—Ho, Sia tkel, 10c lower; “bulk 200- is 1bs. 225- 215 Ibs, 2 [email protected] ; 25

@11.9 0@1 : lbs., %10. 11 1.75; 130-150 ibs,, $10.25@ 10. 50; 100-13 lbs., $9.50@10; foughs $10.50 downs calves, $12 down; lambs, [email protected],

YNE, Hogs, 20 to 25¢ lower: 200gt 225@250 Ibs, $11.90; 180-200 S.

0- » $10. . 120-130 lbs. $10. 25: $10. Roughs, $9. 75; stags, $8.50; calves, $12.50; lambs, $11.

INYESTIN G CO.’S

Bid Adm Fds. fi} a A 3 tavest Bank Bhi Affil Pd 9.02] Bi Bl.. 8.00 9.00 Am H Cp a3 a 25.121 ne Bost 20.37 23.87 Am Bus.. 02 1.13|Inv Fd C 1: 47 14.30 27.66 30.20

«454 .... . 21.11 22.58 . ol 33 58 2 CFK3 31.18 33.35 FS2. 23 49 24.62 . 18.62 20.37 4. 9.54 10.57 4.15 2.55 Mjr Shs . 2.87 Cont N A

8.37 9. 17 25.42 26.97 Cert Tri 14.40 15.7 Comwlth Cont! Shs

3 1531 Novi sec 4.38 4.48 1.92 Cp I Sh 1s £2 md

i Toy I 76 y 6.79 17.03 *» Ac md

16.71 17.17 NT Banks +350 +... NY Stocks, Inc. Cumul Tr Bk Siks 10.38 11.22 Dp B NY 2. Pr Dep Jn 4 A eee

Bidg S up 3.02 Ly 40 Elec Eqt 10. 2.8 8 Diver B 10.37 C. 250

» D...L, 6.80 753] Steel. Divid Shs’ 313 L81|N A T 5 * 263 2878

5.77 6.38 » B. 5.27 Soverelsn Gen Cap 38.47 41.37 Trk

Found 455 4 Fd In Inc 21.01 2. 28 Fd Tr A

5 1.05 D .69 19.67 Gn In Tr 6.15 6.69!Std Util. . . 79 Group Boeurities State St. ..1. 1.06 we IT 1.89. Sup Cp A cose 1.37 B.. 1.87 1.60 as 18 ovee 99 1.33 154 1.73 1.47 117 1.95 Hur Cp. . 4 .90 ne. Invs 22.27 23.95 Instl Securities, Ltd.| *° Bh Bank Gp 1.53 1.68 Gr... 146 1.881 well Fd.

CHICAGO PRODUCE

Egg E, Tarkes, sasv. Lg Toa Jesh graded firs c ra jens receipts, 21%c; checks, ics dirties,

15 Butter market firm. Receipts. 8499 tbe; Extra firsts (90-91%: score). 341 @34%ac: extras (92 score). 34%c: firsts, 32% @33%c: seconds. 28% @31%zc;: standards, 34%2c: specials, 35% @35%¢c:; centralized i» score), 33'c: centraiized (88 score), 32 Boe Poultry market sieady, Rece 1 car, 52 trucks. 14@18c: Svein: i5@i6ec: hens, iy ‘leghorn hens, 17c: spring chickens, 19@24c; roosters. 13%. @14%cC; isd 19@25¢c; turkeys, 15@17c; fryers,

e—Twins, Te algae: daisies, 18%

‘moderate: daha Russet Bur-

1 13.63

1.45 16.00 38

95 1.03 . 16.45 18.07

Triumphs, Burdalhe

Hy £05: unclassified, 5c; Wisconsin Bliss

] i

ATTIValS, 5: on tracki»978; shipments,

ELECTRIC OUTPUT DECLINES IN WEEK

NEW YORK, Sept. 17 (U. P).— Electricity output in the week ended Sept. 11 declined abruptly from the record high established in the preceding week, the Edison Electric Institute revealed today in its weekly report.’ Production in the latest week

3 | total 2,154,276,000 kilowatt hours as

compared with 2,320,982,000 in the

88 | preceding week. The lower output

essesss.100

vesesed. 10802

FOREIGN EXCHAN GE

W YORK. Sept. 17 (U. P.. rye ne exchange ope able Rates 438 isis + 2 pic Te 5 3-16 11°16

is attributed in good part to the Labor Day holiday, but the increase over the corresponding week last year was only 2.6 per cent, as compared with a gain of 86 per cent in the week ended Sept. 4.

SAFE DEPOSIT BOXES A YEAR 3 PLUS TAX

GLAS TRUST CO.

REAL ESTATE P'Fds. | ¥ewion

415 LEMCKE BLDG.

downturn, the market was estab-|3

as good a level as at any time dur- LecsLio 5s ing the week. Local shippers took |itt

grassers from $7 to $10.50 were little (st Ls F 4

$i [email protected]; &i0- :

o | this week was the greatest for any

1 | usual fall proportions,” the Review

13.88 | states where volume was 5 to 15 per

8 | Northwest 18 to 25 per cent, in the

5 | Southwest 12 to 20 per cent and on

N. Y. Bonds

By United Press BOND PRICIH INDEXES

20 20 “20 Inds. Rails Utils. Yesterday ..... 90.4 86.0 98.5 Week ago ..... 90.3 86.5 99.2 Month ago .... 92.1 91.5 101.7 Year ago ...... 92.3 97.6 105.7 Two years ago. 89.3 80.5 101.2 1937 high ...... 95.50 101.2 106.0 1937 10W ccceeee 90.1 85.0 - 98.5 1936 high cc.cc. 94.8 100.4 106.2 1936 10W ..ce0es 90.0 96.7 103.5 1936 high ...... 91.4 86.4 103.6 93.1 1935 low 83.6 71.4 89.3 83.0 (Copyright, 1937, Standard Statistics Co.) NEW YORK, Sept, 17--Bonds opened 1 are lower, en Chang C ahaa % Va Can C 48 Chi A'S BB 5 in ’

Chi W 4%s Grt Nor 4 ne 46 .

60 Bonds 91.7 92.0 95.1 95.5 90.4 100.7 91.3 100.2 93.3

seven

U. 8. GOVERNMENT BONDS Treasury Bonds ‘High Low vesessess:108.9 106.9 +1109, 109. an 98.6

99.23 . 102. 33 00.20 100. 99.22 99. 23 Federal Farm Mortgage Bonds 1947-42 103.2 103.2 Home Owners Loan Bonds 2Vs 1944-42 100.8 100.8 100.8 s 1952-44 102.13 102.13 = 102.13 DOMESTIC BONDS High Am & For P 58 2030 .. 69%; Cen Pac 7 Ch 'M St E&P 35 2000. Chi N W 43, y S Th

/ sees ion" ‘4

103.2

Last 69

Ya {

i T&T SL 41.8 39. Loews Inc 3%s 46

45... 00. 98%5 FOREIGN BONDS

Brazil 6Y.s 28 5 ssbses sa fansda us 2022 Chile ..Jaseshness 1832 Japan. Sas 65 coseinees 87% Peru 1

RETAIL VOLUME GAINS IN WEEK

Fall Trade Expansion Greater Than Usual, Report Says.

sevsos.

NEW YORK, Sept. 17 (U. P)— Weekly retail volume in some stores

week of the yezr, Dun & Bradstreet, Inc, said today as a vigorous demand developed for fall merchandise. : Cooler weather permitted inauguration of shopping tours that had been postponed in recent weeks and volume of business ran 4 to 10 per cent above the recent week. This carried the estimated volume 8 to 30 per cent abave the correspondihg 1936 week. :

“Expansion in trade movements this week was extended beyond the

said. “Consumers covered their deferred requirements so generously that retail distribution attained a vigorous momentum, aided by favorable shopping tevelopments. Quick to respond to the faster rate of consumption, wholesale markets recovered rapidly, the size of the reorders revealing the incompleteness of inventories in many stores.”

The review said that smallest gain of the week was in the New England

cent over last year. In the East the gain was 9 to 21 per cent, in the Middle West & to 15 per cent, in the

South 10 to 16 per cent, in the

the Pacific Coast 8 to 16 per cent. “Requests for immediate shipments predominated,” the review said concerning wholesale trade. “Many stores reporting losses of sales because of inability to obtain readily the qualities of merchandise consumers specified, as commitments were placed more freely by retailers in agricultural areas for late fall and winter goods, estimated wholesale volume was advanced to 10 to 22 per cent over the 1936 comparsiive” | »

REPORT INDICATES LARGE WHEAT CROP

CHICAGO, Sept. 17 (U. P).—A report from Lafayette today said: “Continued good growing weather is making a bumper corn crop for the state almost a certainty. Purdue University has reported that the crop should yield 186,480,000 bushels. The crop is 90 per cent of normal where last year at this time it graded only 47 per cent.” Broomhall has notified his American correspondents that English millers have expressed disappointment with recent arrivals on American new crop; wheat.

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FRIDAY, SEPT. , 1087 :

CORN FUTURES GAIN AS OTHER GRAINS FOLLOW

Activity in Yellow Grain Is Strong but Nervous in Chicago Pit.

CHICAGO, Sept. 17 (U. P.).—The price of a bushel of September corn jumped to $1.12%, up 1% cents, today on the Chicago Board of Trade

- | as interest centered around the pos- } sibility of a “corner” on old crop : ;

corn. At the end of the first hour corn was % to 13% cents higher, wheat

tl was 1 to 1% cents higher, and oats

were % to % cent higher. Activity in September corn was strong but nervous. The futures

2 | opened at $1.11, up % cent, then fell

off to $1.09% before climbing to the new high a $.12'4. Short covering was responsible for the upturn although some longs were believed ading to their commitments. New crop futures turned firm. Corn receipts were 37 cars. Wheat turned strong on firme ness in Liverpool, after opening lowe er. Although trade was light, strength. in Winnipeg gave a bull= ish tinge to activity here. Wheat re= ceipts were 64 cars.

September Corn Hits Season High

CHICAGO, Sept. 17 (U.P.).—A rush of buying on the part of “shorts” skyrocketed the price of a bushel of September el to a new season’s high today on the Chicago Board of Trade as the exchange fought to prevent a “corner” of the American market. September futures were quoted at $1.16% in the latest rush to buy, an advance of 6% cents for the day. The limit on corn to be delivered this month is 8 cents.

rain lnm na paying for Ne, i oy §ic: other grades on eying merits, Gash corn, new No, 3 yellow, 88c.

LIVERPOOL W WHEAT

9st

cienene SL 36% 5% 59%, i. Soo $138) ec, 1.2973 iy eco.

1.29% 29% 1. 280% Jee 1.22% i 24 1.22

3 Change 24%

BY ceveccvccococcsssssvcs

ARGENTINE ¢ GRAIN BUENOS AIRES, Sept. 17 (OU. P.).— Grain futures opened easy. Wheat—No= vember, $1.233:, up Yac; February, 9c, unchanged. Cori—October, 30 up Ysc November, 55%¢, up Yc. Oats—Spot, 28%¢c, unchanged. Flax—October, $1 36%, unchanged; November, $1. ed; November, $1.36%, unc unchanged.

RECORD COTTON CROP HITS PRICE

Values Drop 600 Points From All-Time High of Last March.

NEW YORK, Sept. 17 U.P) — Prospects for the fifth largest American cotton crop on record this season and a world supply some 17 million bales in excess ¢f probable consumption have been the main factors behind the decline in cotton prices of almost 600 points, 6 cents a’ pound or $30 a bale, in the past six months. On March 30 spot cotton at New York sold at 15.25 cents a pound, a new seven-year high and 1025 cents a pound above the all-time low reached during the depression. Since then, however, prices have pursued a progressively. lower trend and last week spot here reached 9.29 cents a pound, an actual decline of 596 points from the high some six months ago. In the same period cotton futures prices have lost some 490 points, $25 a bale, on the contracts traded at this season’s highs early in April and at the current time, Present indications point to a United States cotton crop for the 1937-38 season of between 15,500,000 and 16,000,000 bales, possibly topped only four times previously in American history.

U.S. STATEMENT

WASHINGTON, Sept. 17 (U. P.).—Gove ernment expenses and receipts for the cure rent fiscal year through Sept. 15, > Smart with a year ago:

s Ye . Expenses ..$1,530,336 82 3 $1, Ty Seat 988. 2) Recel is ol 2,547,29 831,250 893 96 71,124, 134. 31 439.612 1094. D 1,598,4 ~2.295, 846.618 22,783.17 30: 8 33 3a ad 30s, 3 230,096. 815,628.00 ,288,46 5.85 EC) 760,185 708. 7 Customs i id 74, Dl Soe Se 7S 7 ys Pure Total a58 Inactive Gord $6. 546, py 3% $1, 119, 825 Sor 13

FOOD PRICES

CHICAGO, Sept. 17 (U. P.).—Sweet Poe tatoes—Tennessee, bu. hampers, Carrots—Illinois, bunches, Via aihe, ach—Michigan, bu., 90c@$1.25

ado. . $1. —Colorado, hampers, $2.25. Ce gan, flat crates, 40@60c. Onions (50-lb, sacks)—Minnesota, vellows, 75@80c: Towa, yellows, 80c: Utah, Valencias, 821%¢; Idaho, Valencias, 82%zc.

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