Indianapolis Times, Indianapolis, Marion County, 18 September 1937 — Page 11

DAY, SEPT. 18, 1937

* ROOSEVELT SPEECH ~ CUTS STOCK PRICE! “IN HEAVY VOLUM

MARKETS AT A "GLANCE

Stocks 1 to 3 points lower.

Bonds lower; U. S. Government issues steady.

Curb stocks lower. Chicago stocks lower. Foreign exchange irregular. Cotton futures steady. Grafins generally higher in Chi-

Leading Issues Drop More Than Three Points.

NEW YORK, Sept. 18 (U. P.).—Wall Street, nervous : ’ over President Roosevelt s cago: wheat up 3. to 9% cent a Constitution Day speech, in bushel; September corn off which he reiterated his de-| 1% Sens = i termination to press New EI ol Poon he Deal reforms, sold stocks in

the short week-end session Chicago Stocks

today. By United Press The/market dropped sharply in heavy volume for a time, but steadied in quieter trading before the close.

Losses - extended fo more than 3 points in the main list and in some high-priced shares to 9 points. A long list of issues made new lows for the year or longer. Heaviest losses were in metal shares. Motors weakened after resisting pressure. Farm shares, chemicals and rails lost 1 to 3 points.

; High Adams® Royalty e..ecee. 73% 7 Advance Alum ....ecc.. 6% 6% Aetna Ball B .......... 1034 3 10% Allied Bou covesene 14% 1 Am Pub Serv pt. . Armour & Co . Athey Tr Whi Autom Prod .... Autom Washer 2

Low © Close

on CO pe - aN

Cities Service . Comwlth Edison Com ind G Cor orp . Cunningham Drug’ vases Elec Househd .... Fuller Mfg Co .. Gardner-Denver «....... 16% Gen Cand “sess vienna 13%

DOW-JONES STOCK AVERAGES

30 INDUSTRIAL Today ..coscsceccscssssnes...157.88 Yesterday . 162.15 Week ago cecesecsssnsscias 159.96 Month 880 ..iccesesss.... 183.74 Year ago ......s.. 162.14 — High 1937, 194.40; low, 157.98. High 1936, 184.90; low, 143.11. 20 RAILROADS svssssssseesirssracees 11.30 42.72 42.34

ye.

—4.27 —2.60 +1.98 +0.79 +1.34

ssc

LOoOWhNMNC

Gt Lakes Dredge Heileman Drew Hein-W Mot P «....... 11 No Util pf «cca. nd Stl Prod Jarvis W B Katz Drug Kelloge Sw Bd.. Ken-Rad Tube A Ky Util cu pf... Roi Co

Today Yesterday ...coc0c000000000 Week 280 ..cccoscovvsnceses Month ago. 52.10 Year ago ..... 52.44 High 1937, 64.46; low, 40.77. High 1936, 59.89; low, 40.66. 20 UTILITIES

“sess .ss0000s0000 000s

sess esssnens

ion Of Marshalt ® Field cCord Rad A. Merch & Mfg pf. Mid West corp. Mid Un pf. . Nat Stananrd

Noblitt-Sparke No’'west Bancp

Today * Yesterday Week ago Month ago 27.83 Year ago . 33.78 High 1937, 00.00; low, ‘1. 38. High 1936, 36.08; low, 28.63. ° 70 STOCKS

24.50 25.05

24.97

—0.55 —0.60 +0.14 +0.18 +0.27

sscgesssssssces

1734 Pub Serv N Ill no par) 2 Quaker Oats .. 108

» 53.00 Raytheon pf

54.34 53.74 62.47

Week ago .cc..o Month age Year ago 62.40 High 1937, 69.67: low, 52.70. High 1936, 66.38; low, 51.20

BANK STOCKS

(By Atkins, Hamill & Gates)

Sears Roebuck ........ tan Dredging ...ese.. Stan Dred pf .....e00e0 Susie 1 Meh T conn]

Se ar GR Ly Utah Radio Pred

reseses

S Zenith Radio ..

Curb Stocks

Net | High Low Close Close 4 4 4 .

Bank of Manhattan sesisnsarene 20% Bankers Tru . . 6 Bank of N. Y, Trust Brooklyn Trust Central Hanover .

xChe Commercial itil Continental ...cceesreeccsiss.. Gorm E Exch .

mpire . Sst as ousl ve Sues . Irvi

Aero Sup B Alumn_ Ltd Alum Co Aim ..12 Am Airlines .... Am ‘Book Am Cyan i Am General ... Am Maracaibo .

| hd

T+11

ublic . Tite “Guarantee sesatnvaeenrense 1

INSURANCE STOCKS

Aetna Fire .. fetpa ie allimore e Con Cop, Mas’ te Corn Re Cent St oN ‘pf Centrif Pipe ... Cities Serv .... Cities Serv pf . Can Barconi .. Carrier Corp .. 4 Cooper Bes .. . Cord Corp ..... Creole Pet Cusi Mex Eagle ener L. Equity Cp

Continental TCasuait Fireman’s of Newar Franklin Gibraltar Fire .. Glenn Falls Fire American .

PLE rrrerreet:

esssense

sessestcstrssere

csssesessssstscnnes

Humble Oil ... Imp O Can .... Iron Fireman Jones & Lou Stl 65 Lion Oil Lockheed Air ..

I: ¥: >

= PRICES

COTTON NEW YORK

0 6

Pt pd DN ON et bY on

WK) Ces oo @ - ~

July 9.09 Spot 9.08, up :

NEW ORLEANS Hi h low Close ‘October ...ee.. 8. 8.8 8.83 re 8.81 . 8.89

December 8. 8 : 8. 97 3 ] : 2.06 02 ‘06 : Tilo

January March Un Gor Ci f 105 D Dp 2%

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.)

The following quotations do not represent - actual bi or offerings but merely indicate the approximate market level based on buying and selling inquiries or recent transactions.

BONDS

Bid 4%,5 61 ...100% 03a 415 la

LEED:

see

11:

Un Lt & Pwr A 7

- ‘High October ....... 7.40 December ..... 7.42 January 7.43 March cesesess 7.51 MAY ceccessses 1.55

BUTTER

esses

November. eta . EGOS Ask 103

Ind & 106 106%

Hi October ..ceeeou.vees. 23%

CHICAGO GRAIN RANGE Low

99% Prev.

Close Close

$1.023% . 1.03% 1.05%

$1.02% 1.03% 1.05% 1 94%

1.04% 1.12% 0% .72

a .63 63% 63% 31Y

.303% 3112

Belt RR St Yds com Belt RR St Yds pfd Cent Ind oar wi Ts Home TA TFt WTS ....cc000 50%2 H%ok Drie Inc a oe Ind & Mich ETS ....c..00. oa Gen Co = Ind Hydro Elec Co 78 «.vvune. Indpls Ga xin CASH xIn

Wheat—No. 3 red, $1.08; No. 8 re ndp's 1.07; sample r 91c; No. ; o. 5 hard, 36¥sas1. 013%: 9lc. Corn_No, 2 xed, $1. yellow, - $1. No. 3 pw yellow, J. 10%: No. 4 —No. white, 33%

31%a

* Rye— Sept. .. Dc. ee.eo May ve ab) BM.

81% 19% 8%

.80%a 18% 78%

“ee see sss

0 (3) Reked, 36

o pid . n Natl Life fos Co com. P R Mallory c ; : N Ind Pub Beret Co pfd 5%s. $1. 12" No. 3 N Ind Pub Serv pfd gs cenes oe i $1.07%. Oats | N Ind Pub Serv pfd 7 0. whit Progress Laundry Co conn 66. . Pub Serv of Ind pfd 6:

ellow,

93c; malting. Clover 8 od Ung uoted $11.65; Totes $12; leaf, | $12.25 nomLord: weilies, $16.37.

WAGON WHEAT

ain glevators, are. payin, 1: 3 §ic: other grades on thelr Gash corn, new No. 2 vellow, 90c.

53 Van Camb M Cocom ....... 11 11%

xEx-dividend: (By M. P. Crist & Co. Market St Investing Corp.... 29.71 31.59

NEW: BOND ISSUES (By W. L. Lyons & Co.)

id Allischaimers Lr 41s 52 ...103% 973,

for No. merits. Oats,

WINNIPEG WHEAT

Pre Vv. $1 RIE 3 28% sf’ 28% $1. Tis 1.24% 227% 1.231; 1 25% 1.2 i 3 i 237 1.24%

BE7SRFO0g POOL WHEAT

Pre STI $1907 sl. rats (clase a 131% 129% 7 .

1.29% cesseavs 35% 1.23% 1350 1.24

FOOD PRICES

CHICAGO, Sept. 18.—Sweet Potatoes— Tennessee, bu. hampers, Carrots FR, ois, buncl iy: Gs. .Spinach— igan, bu., [email protected] Tomatoes—Michi . . 6750. crates, [email protected]. , California. hampers, $2.75@3 : Higan, flat crates, 35@55c. Union Elec voavss10 . Sac —Washin , Valen West Chester 3s ‘61 iii 100

; lows, Spanish G8 E igs 86 LL. 010%

Power 5s 66 ton Lt & Power 3% 66 dpls Water 3%s 66 . Cis s Angeles E mm’ wire

"NEW YORK STOCKS

Net | High , Low Close Change

\cme Steel .... \dams Ex) dams-Mil .... r Reduc. ..... Wey El vies aska Jun ....

Leese

ied Stores ... ied Stores pf is-Chal is-Chal riwi. |

pha P Cem .. ied Kid Co.. 1

OCOD BCI LY

Coa CW

Woolen wikis Yioeleh oi pf..

Zinc pr pf.. amzing Anchor Cap .... Apw Paper Armour Ill Armour Ill pr 4) Armstrong .. 92 Arnold Const - Artloom Asso Dry ‘Gds..

Atl Refining ... Atlas Corp .... 1 Atlas Tack .... Auburn Auto .. Aviation Corp . Bald Loco ctf.

Balt & Ohio.... Balt & O pf .. Barber Co Barnsdall

k & Decker 23% Blaw-Knox .... 18% io

Ww. 46 Burgington Mills Burroughs .. 25 Bush Term .e Butler Bros .. Bulle: Bros pt. Butte Co Byers A Byron Jackson.

Callahan Zine . Calumet & H... 1 Campbell Wy .e Canada Dry Canada Dry rts. Can Pacific ... Cannon Mills .. Cartiers & Gen.

Cas! Caterpiliar T .. 83% Celanese 3 Celotex 3 Cent Aguirre we Cent Foundr; t RR N . Cent Viol Sug. . Cerro de Pasco. Certain-teed ... Champ Paper ..

| Ches Cor

Ches & Ohio Chic E 111 pf . Chic Gt Wst Ry 1 Chi G W RY 2 pf Chi Mail rder. 20 Ch M St P&P . 1% Ch M St P&P Dts 2% Ch & Nw R 2%

Com Solvents . CommnW & So CommnW&S bi is Cong-Nairn . 2% Cons Aircraft. . fo Cons Cigar ... 9% Cons Pion “ed : 32% Cons 2%2 Cons Laundries Ys Cons Oil Con RR Cubapf 5% Con. Textile .... - Container Cont Bak Cont Can Cont- Dia PF. Cont Ins . Cont Mot ..... Cont Oil Del .. Corn Prod Soy Cran 41 Grane Co. cv Bf 108 Cream Wht 26%2 Crosley Rad .. 15 Crown Cork ... 55 Crown Zeller e jis Crucible St

4 Curtiss-Wr A. 15% Cutler-Ham ... 66

Deere pf .

Dist Seag Doehler 5 Cast. A Dome Mines ... 39 % Douglas Air ... 42 Dunhill ou . 3,

Du Pon Du on deb ..134

East R Mill .... East Kodak ... Eaton Mig ... Eitingon Sch .. Elec Auto-L ... Elec Boat Elec & Mus nd 4% Flee Pwr & Lt 167 Pw & L $6 pf 5542 5 Pw & L- HM ot 60%2 St Bat 32%

« 11 1 pf. 3% 1 oe Nat Gas . 8% 61 vine 38 «oo 10%

Evans Prod

fair Morse ....

"ollansbee food Mac cen foster Wheel .. 2 "reept-Sulphur. 26%

Gabriel A 3% Gair Ro 9a 10%; 3

3 Cigar 28% Electric 41% Fi 3a

G&E Sa 1 lis :

[oy Pt Bt JT eh pd uJ ICO A COUN =TO I B UT WB DIR) BGS Cd - <

39, 40%, 3%, 148Y, 134

14% o—

23Y; é, 10% 20%

19. 1

Bet BN = 4S DI ON CI OVO UID OO Jt bd ps om

OWN BC =

DI BCD BI Fle ue

SUH

Lili itt

LULL

ELLIE

1:11

Lendl

Crit

Hebe ELLY

ELE rts

ret

[ELT FT TT

FLTTEEEELTT+I

-—-

vs | Lehn & Fink ..

~By United Press

16 MOST ACTIVE STOCKS

Net High Low Close Change U S Steel ..... 93 9015 901 — 4% Anaconda ..... 45 421, 43 -— 23% Elec P&L 167 1512 16 -— 114 Radio ......... 10 9% 91% — ¥ Gen Motors ... 503; 49% 49% — 1% Rep Steel 2812 2% 273% — 13% Socony Vac ... 18% 1815 18! — % Chrysler 9612 933: 943 — 3's N XY Central .. 277s 271s — 11% Int Nickel 55 54 — 178 18% 18 -—1 513% 4915 — 2% 473% 457% — 23 13 1218 — 1a . 231% 2233 — 18

Kennecott ..... Gen Elec ...... Cons Oil Nat Biscuit

Transactions approximated 700.000 shares compared with 1,400,000 shares last Saturday. Curb transactions approximated 163,000 shares compared with 366,000 shares last Saturday.

Net Low Close Change 2% 29% 2 25

Glidden Gobel PAdolt , Goebel Brew Goodrich Goodyear Sooayenr pf Gotham Hos .. Graham Paige. Granby HE Gas Union Se Grant W T Gt North pf . Gt Nor Ore. ...

Greyhound Cyp.. Greyhound of. Gu M & No pf.

13 9% 31

Hall Print ... Harb Walk ... Hat Corp ... Hayes Bdy Hecker Prod . Herc Pdr Hercules Holland Holly Sug Homestake ... Houd-Her B .. Houston Oil ... How= Sound ... Hudson Motor . Hupp Motor ...

. 10% 38

3% Ro

Ill Central .... 16% Indian Ref ... 0% 307%

Ind Rayon .... Inland St 101 Bsation Cop 19% terch 40%,

OGY AD

Ors 00 cn

DS Johns-Man

....106% + a ork 11 .. 25% A 14 10%

Kan C Sou . Kaufman DS Kelsey-Hayes Kelsay-Hayes Kennecott .... Keystone Stl .. Kimberly C .... ‘Kresge SS

Kress: ......... Kroger G&B ..

Tt BI DD C0 bd 1B ft eb BS fd al -.

. 29 : 1915

Lambert 177%

13 8 10% 35 12% . 354%

Leh Val RE. Izhm

Lerner Strs ... Libby Mc & L . 132 [, O F Glass ... 602 Life Savers ... 26% igg & My B . Lima Loco ..... 43% Link Belt . . 92 Lig Carb .e Loew’ i Loft,

Lo 4 Ludlum Stl .... 2

acAn & F ....

aracaib 5 ae

il Fld . artin Gl ..... artin Parry ve asonite Corp. athieson

LL a

hire Bort . cKesson 11 cLellan St .. ead Corp welanie

es#h Mach ... iami Cop ras ident Pet inn Hny .. ihn-Moline oes

ission Corp . ve 0-K Tex ..... 0-K Tex pf o Pac pf ....

ow ORIATN Bd id COA 4 BID) td eet

od ~3. @ Gea aes

otor Prod .... ueller Br ... .. ullins Mfg’ B urphy C. ULTAY oe.ossen

ash Rel “Rely Aviation “e

ewport Ind X Y Ai.Brk ...

ois Si VV 1 pf Owens Ill Glass

Pam an Fish Pac G & Pacific Ro Is

812 Penn D C pf A 2973 Peni GlSand cts 19 Penn RR

Poopjes pL ve e orp Am .. 18% ai .e 2d {39%

a Phil Morris ee 8g Phillips 7" Phillips Pos Pitts Coal nf Pitts Sc & B tl...

9%2 ee 513, . 50

Poet Ric-Am A 2 Press Stl Ser . 14 Press Stl 1 14 Press Stl 2 ow 28% Proctor & G .. Public Service . Pub Dery 8 nt 133% Pullm Fann 40S Pure oll an Purity Bak ;

Stores.

Real Sill Reliable Rem Ra

High.

=== 8." Neb Low. Close. change.

re ;

sss

ad 78 4

Talcott J Tenn Corp .... Texas Sob 513 Texas Gul Prod 5Ya Tex G Sul . 34% Texas & Pac .. 32 T & PC & O.

[ex Pac L el Ae1inoiQa hird Av R

iompson

ompson Pr . :

homp Star p S WA

Transamerica . Trans West Air Trans & Wms.. Tri Cont 20th Cent Fox.. Twin Cy R T.. Twin Coach es

Union B&P ... 173, Union Carb ... 91% Un Oil Cal | 22%

n Alona tt C 343 Air Lines 0: 17

Vadsco Sales. Vanadium Van Raalte ....

1% . 29%

Ward Bak B .. Warner Bros .. Yar-Quin Warre ne "Mot Web-Eisen .... Web-Eis Pt. ARE

lcox O&G Willys. Overland 15 ‘Wilys Oyerid pf 10%

Worthington Ye ay

31 48% A -— iy 4 4

ORI GILIDICY BILAN Ne 3

2474 >

BI ps OO bt —- -

DIO TJuIi iiai= BIps 00 — o. a.

J DID =TJuFib (Patt

42%, 31

—

Yellow Tr .... 17% Young S & W . 34% Young Sheet .. 66%

Zenith Rad ... 35% Zonite ......... 4

16%

INVESTING CO.’S

Bid

Ad Fd 2 16.08 Affli Fd 17.73

Ask] 17.11 8.58 i 11 7.31

22.05 52 32.52 10.87 4.50 40.00 Cen Tr 23,73 25.5 Com Inv 4.56 4.88 Con Shr 13.25 14.25 Ir Shr

» ‘Acc’ 2. m

” »”

cm 3. Diysi B i . D :

7.40 ” ges Divi Shr 1.67 Eq ity 33 23 Fidelity 24.3 Fiseal Fung Bnk St 3.

Ins St 3.44 . Fix Tra 4 43

Found... 4.4 Fd Inv "20 .60 2 Fd Tr Tr A 5.

gen Cap 3%. i Groun a AL Ato...” 1:24 Bldg... 1.69 Chem. . 1.44

Foo Inv Sh 1.21 Merch 1.21 Mining 1.52 Pet. ..'1 RR Eqt 1.05 Steel 18 47

Huron Cp Inst] Nsenrities 18d, 1.851

2.001

wn OS. Or

rata as gy a oe bd

1 Invest ‘Bank Co 1t- Bos 20.50

Bop Inv .75| Sel Am I 28 Select Inc 4.95 Severeign _ .93

Ze a = =

WO oe Oo nnn o c+ ® 0 c+ = o — = >

Wo 0109 BI 0 =3 wn

Bid

6.00( N.Y. 3

Plym Fd

15.60 11.99 .80 12.38

17.09 12.49 .90 13.49

uar Inc ep Tr

1.03 19.29 68.73 104.00

18.33 68.73

Sup Cp A 3.74 Pp

9 Cc

’”

Trst Imd 1. io 15. 33

93 Well Fd 16:20

U. S. STATEMENT

WASHINGTON, Sept. 18 (U. P.)

ernment expenses an

rent fiscal year throught Son! o Year, ago.

s Yea ast Year 1645, 715, “61. 3 $1. 304 2 '854,236.9 91"

pared with a

Customs . 98,174, Inac. Gold

Today's P ..$2,714,16

).—Govreceipts for the cur16, com-

447,

51,931,433.49 3,423.133.09 ur. Total Pur. 1.01 $1.122,537,723.06

INDIANAPOLIS CLEARING HOUSE

Clearings eae swe

.$ 3,165,000 ,000

Clearings for week .c.eeee.ceiase 21, 1085.000

Debits for week

teeesesaes 55,063,000

LOCAL PRODUCE

rices quoted are paid for

stotk

saad in the country, while for deliv-

Bos in Andlans higher. Ei 55 pounds gross.) Eggs—No. 1 strictly

2. Heavy breed hens, 5 Leghorn fens: 1937 stock,

broilers, , l4c; old feathered and

reese full-feat:

—No. 1, Pr Buttertat, No. 1

LOCAL

fosters,

38@38%ac:

najolis the prices are 1 cent

of eggs must weigh fresh, loss off, 19¢c

5 lbs. and over, 18c;

13c; heavy breed proilers, 2 lbs. and 1937 stock, 2 1b!

over, 20c; Leghorn s. and over, 18c 7 er 5 lbs. ot

No. 2, , 33c; No. 2, 3lc.

GRAIN

CASH

Wheat—Market, eal receipts, $ 1%%,9

x red, 9 c; No. 1 0 98

car9V5¢: No. 3 red. ra OT Ge: Nod

Corn—Market,

962 @ ipts, 6 ritads: No. 2 Ww w. 9 ;

4 | 84 | (250-500)

HOGS ADVANCE 10 TO 25 CENTS IN LOCAL TRADE

Porker Prices Advance as Light Receipts Appear In Market.

Hog prices staged a week-end rally, values ranging unevenly 10 to 25 cents higher than Friday, according to the Bureau of Agriculture Economics. :

Demand for weights above 300 pounds, however, continued of a very undependable character and no schedule was established. Top of the market was $12.40 on choice 200 to 210-pounds; weights between 160 to 300 pounds showing the 10 cent rise, while light lights and pigs gained the quarter. Compared with the close of last week hog prices are unevenly steady to 35 cents higher, weights above 300 pounds being exceptions, finishing about steady to 15 cents lower.

The week’s top was $13 paid ‘Tuesday for outstanding offerings. Sows closed 25 to 50 cents higher, the trade at one time approaching runaway proportions. About half of the extreme advance was lost before the close.

Cattle trading was on a nominally steady basis. Compared with the close. of last week fed steers and yearlings of values to sell above $14 are fully 25 to 50 cents higher, while short-fed and grassy offerings are strong to mostly 25 cents up. Good to choice heifers closed fully 50 cents higher, spots up more. Medium and lower grades finished around 25 cents .higher. Cows and bulls advanced 25 to 50 cents, while stockers and feeders made upturns of 25 cents. The week's top on steers was $19 for prime weighty bullocks and bulk choice to prime steers. and yearlings sold at $16.50 to $18. Best heifers reached $14, with most fed offerings $12 to $13.50. Grassers bulked at $7 to $11.

There was no trading in sheep or lambs today. Compared with a week ago slaughter lambs are 175 cents to $1.25 higher, with good to choice grades up most.

18. 12.05 12:3 Light Li hts— eR (140-160) Good and ium

e Lightwel hts— (160-180) Sood an

ium (180-200) Goss ediu

m Medium Weights— 00-220) Good and (390-2200 Good and Hesvywe hts— (250-290) Good and (290-350) Good

choice. choice. .

choice. . choice.

Slanghie Pigs— (100-140) Good and choice. ; Medium —Receipts, 75— Steers

eecissnnnn.

(550-900 )Choice Good ...... 00... Medium (900-1100) C

i 9S

svesssas.

dt ph Uo

& (1100-1300) Prime

03999

Poh fh oh ph fh fk fd fh fh pd fk Fd pd SIDR IR DR NID OD

(1300-1500)

SLaUIb BIBI mI mI D DID QO UII NUD BID Ba LN =TT

BOOBS IONE BROS UIOOOoUIOOOWM

Pod publ fund fk fe Q

(550-750) Go 2

Dr Orsin gaan

oD O90 99998 ©

Soo i (150- -900) Good Sn A choice. . mmon, medium.

th ot fd pt anion gO J0 OD QUOUOO

4 Png oun oom 0-300 and -3 Sura

ediu. Low cutter ri Cutter .

Good (beef) Cutter, common and medium.

Vealers —Receipts, 50— Good and choice

Say 20 1-3-1 = 20 oO

Good and choice.. Commen, medium.. Feeder and Stocker Cattle . > Steers (500-800) ood and cho mon, med; (800-1050) Good and cho Heige Common, mediu e

Good 3 and choice ass Common and tedium reves oo

—

ce.. lum . ce. . m.

—- mm. =I ONO obs M1 Da-gbaid

pon 23 awn

ah Ob SIb9aab DG Ow aahaI ar

29 99 99 On wien crear

SHEEP AND LAMBS —Receipts, 100— Spring. lambs

Shorn Ewes— (90- 115) ® Good and choice. . Common, medium.

CHICAGO, 18. — Hog: —Receipts, 2000, including R60 directs; not enough cn hand to make a market; nominal to or 65. Cattle—Recelpts, 1000; calves, 100; steady; fed steers and yearlin S, 25@50¢ higher; she stock, 25@50c higher; bulls, 50@70c up and vedlers, $1 higher; stockers

and feeders showing 25c¢ advance;

eipts 00; st S140 higher; ishers lamb to 410.25 G11 15; esis feeding lambs, $10.25

or Sent

12. 0; 0- 8}: $10. 50@ lbs.. [email protected]: roughs, down. Calves, steady at su down.

Lambs,

WAYNE—Hogs 10c Bishiers 200-225 Toa $12. 10; 225-250 ibs 1 $352 180-200 1bs., $ 160-180 1bs., 11.90: 250-275 - 1bs., 150-160 1bs., $iLig: iE i Bsr os .60; S., 8. %os 2 Ds $1230: lambs, $11.

CHICAGO PRODUCE

as 8: oe Market, steady; receipts, 4457 fresh graded firsts, 23%c; extra firsts. 24c; current receipts, 21%c; checks, 17%ec; dirties, 18%c. Butter—Market, steady; receipts, 10,888 Subs: extra firsts (90-9132 score), 34V4@ 34%c; extra (92 score). 34%c: firsts. 32% @ 33146; seconds, 28Y> @31%c; standards, 34c; specials, 35Y4@35%¢; centraita ized = (89 score), 33%c; centralized, 32%c. ry — Market, steady; Tecelnts, 14 ducks, 14@19c; geese, 1 eles: c; honr hens, 17c;/ spring chickens, 19@24c; roosters, 13%2@ Teises broilers, 19@25c; turkeys, 15@17c; fryers, 19@24c. Cheese—Twins, senses Satsles, 18%4@ 18%¢; longhorns, 18%. @18 ais ;

0.3 stags,

Poult trucks; hens,

SAFE DEPOSIT [BOXES

* The * Indiana National Bank of Indianapolis

ooo ur

Argon) ds 1 7 .

N.Y. Bonds By United Press BOND PRICE INDEXES

20 2 2 Inds. Rails Utils. Today .scoeeee. 90.2 85.3 98.3 Yesterday ..... 90.3 85.8 98.5 Week ago ..... 90.2 86.2 99.2 Month ago .... 92.0 91.4 101.6 Year ago ...... 92.3 97.9 105.8 Two years ago.. 89.6 80.8 101.2 1937 high ..... 95.0 101.2 106.0 1937 Jow «e000 90.1 85.0 98.5 1936 high ..... 94.8 100.4 106.2 1936 low ....... 90.0 84.7 103.5 1935 high ..... 91.4 86.4 103.6 1935 low ...... 83.6 1.0 89.3 (Copyright, 1937, by United Press)

60 Bonds 91.2 21. 91.9 95.0 98.7 90.5

91.3 100.2 93.3 93.1 83.0

‘ 10 MOST ACTIVE BONDS

Net Month Year Change Ago Ago —1% 11838

Close Grt Nor 4s G 46.115% AT&T 4%s 39.103% NYChiStL 4s 37..101% ChiMSt P P 5s 75 18 Cons Oil 3%s 51.1013% N Pac 6%s 2047.1073% Ph Ddge 3%s 52 110 Balt & O 5s 48.1041 Penn RR 3%s 52.101% West Md 4s 52... 993%

sss sess

102%

Transactions approximated $3,360,000 compared with $5,487,000 last Saturday.

U. S. GOVERNMENT BONDS

Treasury Bonds

Ju '......108.35 Mar 10.106. aye 106: i108! = 111

85 1943- 2 43-4

sesapene: Becassnes 5ecineise sscasanen sesabeses

Seca beses

1959- -56 SIE U. 8. Certificates

B 2%8s 1038 . . s 1338 oof

adsense

Februar March June 2%s 8 September 5 December 14s 1938 .

3zs 1941 ala December 1Ys 1941 March 1%s

September 2s 1942 0.

Land Bank Bonds Bid

OF b= 1a 1 UT =I DIO 00 1 1 4 HP COW +

3s July 3 Jan. 3s May $%s May July 1

1955-45 ..c0000. 9 hiessnes

Becesoe.

I Rome

ses000ss

41% May 19574Yss Nov. 1958-38 .... Home Owners Loan Bonds 2%s 1949-39 | ....,....100.20 100.20 2748 1944-42 100.10 100.10 1952-44 102.13 102.13 TOMERTIO Bowps Abii Ss 53 a...

cess 1

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100.7]

BUSINESS WiLL REGAIN LOSSES FLYNN SES

Widespread Collapse of

Market Is Unlikely, He Thinks.

By JOHN T. FLYNN Times Special Writer NEW YORK, Sept. 18.—Everybody has a theory about what is wrong with the world and everyone sees in the current market break another proof of his own pet theory. Those who think Roosevelt is ruining the country are sure it is his policy which deflates stocks. Those who attack high taxes say the cause is in Government ext ravagance. Those who oppose the money policies of the President lay the trouble to the gold experiment. Those who think our salvation is in foreign trade say the crash is the logical result of the fail ure of foreign trade. Those who hate the SEC think it is all the natural outcome of the restrictive policy of that body. And of course Administration supporters. fix the war scare as the cause. Mr. Hoover blamed Europe for our troubles in his day. The Democrats will do. the same thing.

So-Called Economist Worry

The market break is the work of the optimists who got the public ear last winter. A very large and vocal school of so-called economists began talking about our great recovery. There cannot be any doubt that business has been recovering. But also there can be no doubt that the recovery has been the result of forces which cannot be called healthy. Business recovered in 1915 to 1919—recovered amazingly. Bub it was the result of a Government credit inflation, built on war expenditures. The recovery we have been having 1s precisely the same, save that it has been built on Gov= ernment credit nsstion for peacetime activities. Whatever the cause, however, the external efforts on business have been the same. Production, employment, profits, wages, spending has increased. Looking over this scene the sober-minded realist had a right last winter to say that this improvement in business would continue. But he did not do this. He seemed to ignore completely the precise character of the recovery and he proceeded to proclaim the . coming of a vast boom. This prophecy was widely accepted and on the faith of it a large number of buyers came into the market. This army ‘of buyers was supplemented by another group which has been convinced that inflation is certain and it has been accumulating stocks against ‘that event.

Mr. Flynn

No Boom

All this resulted in creating for stocks a demand which carried prices higher than was natural or sound. And now, curiously, both these groups have revised their opinions. The boomists have finally come to realize that there is going to be no such’great boom. This does not mean that business will not improve. But it does mean that it is not going to improve on the vast scale which the prophets of boom held out to us. On the other hand the inflationists have . begun to revise their estimates. They are impressed by the widespread demand for a recession in Government borrowing, and if this demand is heard they feel the inflation movement is off for the time being. The inevitable effect of this would nécessarily be to bring about a decline in the market. That decline has been due for some time. The downward movement simply awaited the appearance of some event to precipitate it. It is possible the Eastern war furnished this slight push and the Mediterranean incints added to the push. But if hey had not invited it, something else would have very soon. To all this must be added another factor—that is the growing bewilderment of financial experts about so many factors in our world situation. But this, it would be more proper to say, is a part of the general revision of opinion about the state of the world rather than a separate influence. The break comes at a ime when business has been moving 'up. There is a good probability that business will continue to move up—not at any breathless space and maybe a little slower than it had been doing. Under the influence of: that any further widespread, collapse of the market is unlikely. And whatever happens to it, it is due to recover some of its losses. As matters stand most of the gains of 1936 have been wiped out. Some of them, at least, will be re= covered.

(Copyright, 1937, NEA Service, Inc.)

Adapted to Business

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