Indianapolis Times, Indianapolis, Marion County, 22 September 1937 — Page 16

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-31 output 1,216,834 short tons;

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PAGE 16

STOCKS

Market Gains Under Lead of Chrysler and U.S. Steel.

NEW YORK, Sept. 22 (U. Chrys-

ler led the stock market high- | &

er today. Volume Shtaned

small.

Irregular trends ruled in domestic bond and curb stock trading today. U. S. Government liens were mixed. Steel and Chrysler made 2% poini gains to 91 and 97%, respectively. Bethlehem had a 212 point rise at 1. Atchison reached 623%, up 21 | Allied Chemical had a 5-point rise to 193. Gains of more than 2 points were noted in Allis Chalmers and Deere. Railroad shares were higher, with exception of Union Pacific, which dipped 12. to more than a point. Farm stocks and mail orders were better. American Smelting led a recovefy in coppers. Loews was up 1

FIRST HOUR A fairly firm opening developed in dull trading, after which all is-

sues advanced steadily. Rails attracted attention. Atchison gained

more. than 2 points, while gains of | wd

a point or more appeared for Southern Railway, Southern Pacific, New York Central and Atlantic Coast Line. Chrysler, at 97, was 2% higher. TU. S. Steel went to 903% for 2% gain and Bethlehem was 15% higher at 763%. Metals also were strong, Anaconda

and American Smelting: gaining |

more than a point each. Consolidated Edison. led utilities with almost a point gain. Volume approximated 200,000 shares, compared with 330,000 in the first hour yesterday. DowJones. averages—Industrial 158.12, up 1.56; railroad 42.78, up 0.47; utility 24.89, up 0.26.

SECOND HOUR

U. S. Steel reached 91 for 212 gain, Chrysler 97% for 22 gain and Bethlehem 177 for 22 gain, but the improvement did not attract interest and the market was extremely dull. Atchison continued to lead rails with more than 2 points gain but Chesapeake & Ohio and Baltimore & Ohio had fractional losses. Canada Dry was active and gained a point to 181z. Utilities were extremely dull and remained firm. Volume. approximated. 120,000 shares compared with 170,000 in the second hour yesterday. Dow-Jones averages—Industrial 158.31 up 1.75; railroad 42.68, up 0.37; utility 24.89,

up 0.26, zn n 4

Today's Business At a Glance

GENERAL BUSINESS

World tin production totaled 15,900 tons in July compared with 17,100 tons in June, while world consumption declined from 14,990 tons to 14,700, the Hague statistical bulletin of international tin research and development council revealed. In 12 months ended July 31 world consumption increased nearly 12 er cent over preceding 12 months.

National Lumber Manufacturers’ Association reports week ended Sept. 11 lumber production by 536 mills 231,823,000 feet vs. 258,913,000 feet by 553 mills previous week; shipments 199,529,000 vs. 235,831,000; booked crders 178,008,000 vs. 209,416,000.

American Bureau Metal Statistics reports August world zinc production 156,152 short tons vs. 156,648 in July; eight months ended Aug. U. S. August output 48,309 tons vs. 49,181 in July.

. American Bureau Metal Statistics reports August world refined lead production 158,373 short tons, excluding Spain, vs. 156,583 in July; eight months 1,211,695 short tons; U. S. August output 42,460 vs. 42,480 in July. American Petroleum’ Institute reports week ended Sept. 18 crude oil output averaged 3,671,000 bbls, up 28,880 over preceding week; gasoline stocks off 399,000 bbls. to 66,057,000. Edison Electric Institute reports week ended Sept. 18 electric output 2,230,792,000 kwh vs. 2,154,276,000 previous week and 2,028,583,000 year ago. Rubber Manufacturers Association reports July shipments of pneumatic casings 5,190,107 units vs. 5,389,274 in June and 5,743,867 year ago; seven months 36,181,409 vs. 33,218,456 year ago; July production 4,291,660 vs. 5,339,238 and 5,466,252; seven months 36,854,048 vs. 32,707,450; stocks end July 11,654,114 vs. 12,528,789 end June and 7,749,847 year ago.

CORPORATION NEWS

. Brooklyn & Queens Transit Corp, August net loss $47,743 vs. net Income $20,544 year ago. Brooklyn = Manhattan - Transit Corp., August net loss $27,840 vs. net income $323,039. year ago. American - La France - Foamite Corp., eight months ended Aug. 31 net income $101,052 vs. $78,411 year ‘ago; August net $18,363 vs. $8705

in July.

Chesapeake & Ohio Ry Co., eight months ended Aug. 31 net income $21,569,683 equal to $2.76 a common share vs. $24,887,453 or $3.25 year ago; August net $3,095,230 vs. $3,887,018 year ago. '\ Florida Power & Light Co. 12 months ended Aug. 31 net income $1,696,285 vs. $984,964 in preceding ‘12 months. Minnesota Power & Light Co., 12 months ended Aug. 31 net income $1,361,261 vs. $1,304,322 in preceding 12 months, Nebraska Power Co., 12 months ended Aug. 31 net income $1,790,628 Vs. $1,972,208 in previous 12 months. Public Service Corp. of New Jersey 12 months ended Aug. 31 nat income $25,554,695 vs. $23,386.658 in preceding 12 months; August net $1,424.821 vs, $1,375,668 year ago. Texas Power & Light Co. 12 ‘ended Aug. 31 net incon

ADVANCE I

VOLUME;

Rubbers rose fractions | i

Curb Stocks

By United Press

Am Maracaibo Am Super ... Ap 5 Pwr p Ark N Gas A.... Bld Loco bd ws. Carrier Corp . Centrif Pipe .. Cities Serv .. Cities Serv pf Col O&G .... Con Cop Mns ..ie.ies Cooper Bes .. v Creole Pet ..

Humble Oil ones & Lau Su. cWms Dre esabi Iron . olybdenum .. ont aid A. t Rub M

NER Je

n Gas Cp pf .. Un Lt 7% Pwr A....Md

Chicago Stocks

High Low Last Asbestos Mfg 12 1% 1% Barlow & sig A 2 : Bw

13% 358 27 3a 16Y2 22

o. |

Stan Dredging Thom son (JR) k Shares

7 Zenith Radio 35%

NEW BOND ISSUES

Bid Ask Allis- Chalmers Cv 4s '52 102% Atl Ci 64 6 B&O jr 39 B F Avery Sons 5s ’47 Calif Oro Prw 4s ’66 .

CMO 2%s *42 Fla Power 4s ’66 Fla Power 5s ’66 Houston Lt & Power Ses 58. Indpls Water 3%s ’6 . Los Angeles Rev Se "7. Ne Slee hg ’66 N Y City "1 N Y State Elec Gas 4s

Ohio Public Service 4s 62 Pac Lighting 4%s ’45 . Scott Paper Co Lk ’52. Union Elec 3s

10 104%,

$2,106,099 vs. $2,202,366 in preceding 12 months.

RAILROAD REPORTS

Erie R. R. Co., August net operating income $1,109,791 vs. $1,366,457 year ago; eight months $10,750,013 vs. $10,061,103 year ago. Southern Pacific Co. week ended Sept. 18 carloadings 36,289 vs. 31,902 previous week and 32,726 year ago. Wabash Ry. Co., week ended Sept. 18 carloadings 5958 vs. 4782 previous week and 6220 year ago. DIVIDENDS

Atlas Corp., semi-annual 40 cents on common, payable Oct. 15, record Oct. 1, vs. like payment on April 15. Emerson Drug Co., regular quarterly 50 cents on Class “A” and Class “B” common, payable Oct. 1, record Sept. 26. Emerson Electric Manufacturing

arrears and current quarterly $1.75

payable Oct. 1, record Sept. 24.

Empire Trust Co., regular quarterSept. 24.

common, payable Sept. 30, record Sept. 25, vs. like payment June. Gimbel Bros. regular quarterly $1.50 on Preferred payable Oct. 25, record Oct. 9

40 cents on common, payable Nov. 1 record Oct. 15. National Casket Co., semi-annual $2 on common, payable Nov. 15, record Oct, 30, vs $1.50 May 15. Northern Trust Co., regular quarterly $4.50, payable Oct. 1, record Sept. 21. Pubic Service Co. of Northern Illinois, regular quarterly 75 cents on Semmen, payable Nov. 1, record c Skelly Oil Co., $1.50 on preferred, payable Nov. ! record Oct. 4. Springfield Fire & Marine Insurance Co. regular quarterly $1.12% payable Oct. 1, record Sept. 20. Standard Wholesale Phosphate & Acid Works, regular quarterly 30 ceats, oJ alls Oct. 15, record Sept. opr Stockyards Corp. regular quarterly 1215 cents on. common payable Oct. 15 record Oct. 1. Will & Baumer Candle Co. 10 cents on common payable Nov. 15 record Nov. 1. Crown Central Petroleum Corp. 10 cents on common payable Nov. 10 record Sept. 23 vs. Initial 6 cents on Dec. 21, 1936. Davenport Hosiery Mills, 25 cents on common payable Oct. 1 record Sept. 24 vs. like payment on July 1. Ohio Leather Co., 35 cents on common payable Oct. 1 record Sept. 24 vs. 25 cents in June. U. 8. Hoffman Machinery Corp., regular quarterly 683. cents on 5% pes cent cumulative preferred paye Nov. 1 record Oct. 20. ierce Governor Co., 15 cents on common payable Oct. 11 record Sept. 28 vs. like payment on July 15. (Copyright, 1937, by United Press)

PRICE INDEX

Week ago

daily price index.

Today $L10% 1.06% 853% 3434 6.875 1130 .09 .0342 353% 11825

Commodity— Wheat, No. 2 red (bu.) ..c...oe Corn, No. 2 vellow (bu.) ...... Rye, No. 2 (bu.) Oats. No. 2 white bu.) Flour. Spg. vat. (196-1b. sack).. Lard, prime steam spt. (1b.) Coffee. Ric 7s spt (1b) ......... Sugar. raw 96 test «Ib. .. .. Butter. 92 score (lb.) ....

Hogs, a. mo sales (Ib.

Co. $3150 on preferred clearing |NY ly 25 cents, payable Oct. 1, record Qhio oil

Garlock Packing Co. 75 cents on otis

H. L. Green. Co., regular quarterly |!

Following are the commodity prices used in compiling the

THE INDIANAPOLIS TIMES

EARLY NEW YORK STOCKS

By United Press

Net Last Change Ya Ys EA a

~ High Adams Exp . Allegh Corp . Allen Indust . Allied Stores .. Am B

THE

a Bald Loco ctf .

FLFR LE

Barnsdall Bendix Avn .... Beth Steel rts . Beth Steel ....

Bklyn-M_T Bucyrus-Erie Butte Cop

Can Pacific ... Cerro de Pasco.

{ide + Rib +]

Container Cont Can ..

2 | Cont Oil Del .

Crosley. Rad ... 14 Curtiss-Wr .... Curtiss-Wr A .. Cutler-Ham ..

17% 117% 1734 39% 3Va

Deisel WG. 11% D Lac & W ... Dist Seag ..-. Douglas Air ... Dunhill

East Kodak ...175 175 8Y2 Ya F 16% El Bw Vv 1% pf 59 59 oo, . 3912 26%

39% 26%

Food Mach .. Foster Wheel ..

Gen Am Inv . 10% Gen Cable .... Gen Electric .. Gen F he Gen Motors ... Gen Rty & U .. Gen Refract ... 40 Gillette S R .. Gimbel Bros ... Goodrich Goodyear Graham-Paige .

+i HbR

I+:

2Y2 8%

HS Hecker Prod.... 10% 10% Hercules Pdr rts ‘5 5% Hershe 55 55 Homestake . 45%, 45 Howe Sound ... 662 66% Hupp Motor ... 3% 3

Grey. GI1f Mobile & No 8%

m Contra] raise In

d Rayon .... Inspirtn Cop .. Inter Iron Int Harvester . ot Nickel

1+1+]

£2: 2

Johns-Man Kennecott .... Kroger G & B..

| +:

Libby Mc & L.. Lige & My B..

Lo Lone Star Cem Lorillard

Mack Tr Marine Mid . Martin GI .... 16 Mathison . McGraw EI ... McKesson & R Mead Corp... Miami Cop .... Midcent Pet .... Mo Pacific ....

Mullins. Mfg B Murray

Nash-Kelv .. Nat Biscuit .... Nat Cash Reg. Nat Dairy .. Nat Distillers. .

flip Lop

$11]

163% 16% 5012 50% 312 31% 15% 15%

163% 5072 312 15%

Pac G & El.. 28% Pacific Ltg .... 32 3

Packard

“oe &

False

Phelps Dodg .. Phillips Pet ... Pitts Stl hain press Stl Car...

Public Pullman

CHICAGO PRODUCE

Eggs—Market, steady; receipts. £449 vase Sesh graded firsts, 24%c; extra firsts, 24%c: nt receipts, 21%ec; checks, 18%c; dirties, 19c. Butter—Market, unsettled; receipts, 9942 tubs; extra firsts (90@91 15’ score), 34Vi@ 415C; (92 ore, 343c; seconds, eae Sirsts, 33% @33%ac] standards, 340: specials, 35Ya@35%c; centralized 32% score), 33%c; centralized (88 score), ec.

24 38% 04%2

: Store bal

24 EN: ducks, 14@19¢; geese, ibe) hens 20% @33%c; Leghorn hens, - spring chickens, IC: roosters. 15¢; broilers, 180246: turkeys, 16@23c. Cheese—Twins, [21aR18%¢; daisies, 18% @19¢ longhorns, 18% @19 Dofatoes Supplies Bercy: demand light; mark eal Idaho Russet Burbanks, $1. Son, 60; g” No. 2, [email protected]; rado Bliss rlumols, © 90c@$1; Red McClures, $1.20; North Dakota Bliss

87% @90c; Nebraska Bliss Triumphs 90c; Minnesota Cobblers, 75@80c; Wisconsin Cobblers, )95¢c; Wisconsin Bliss Triumphs, 85@90c; ano Cobblers, 70@80c.

Ar vals, 120; on track, 426; shipments,

LOCAL PRODUCE

(The prices quoted are paid for stock gathered in the country, while for deliveries in Indiana ff ca the prices are 1 cent higher. Each case of eggs must weigh 55 pounds ban

de Begs—No. 1 strictly fresh, loss off, 19¢

Heavy breed hens, 5 Leghorn ets, 13c; 1837 stock, 2 I broilers, 1937 stock. lbs. and over, 3 b: ’k broilers, 1937 stock, 5 lbs. and , l4c; old roosters, 9c: ducks, tullfeathered and fat, 5 lbs and over, 5c; geese. full-feathered and fat, 9 to 14 Ibs.,

tter—No., 1. 38%2@39¢c: No. 2. 3 ie son: No, SO

Bu 37c.

Commodity—

.137.05

Lead. Zinc, spot (1b.)

Week Ago $1.07%% 1.073% 831% 331% 6.975

Year Ago $1.195% 1.1034 95% 451% 5.875 1135 0734 0340 34

Silver. comml. bars

oultry—Market. Steady: receipts, 1 car, ]

Triumphs, 90@95c; North Dakota Cobblers.

DOW-JONES STOCK AVERAGES

Yesterday Week ago .... Stee sas heirs Month ago .... Year ago High 1937, 194.40; low, 155.60. High 1936, 184.90; low, 143.11.

20. RAILROADS

+1.00 —0.05 —0.69 —0.46

Yesterday Week ago . Month ago ..... Year ago High 1937, 64.46; low, 40.77. High 1936, 59.89; low, 40.66. > 20 UTILITIES Yesterday ..... coves 24.68 Week ago ... + 25.36 Month ago Year ago 34.05 High 1937, 37.54; low, 24.39. High 1936, 36.08; low, 28.63. 70 STOCKS Yesterday .......... eee Week B80. :.....cc.civvv0. a Month ago ........ errs rae Year ago High 1937, 69.6%; High 1936, 66.38;

tresses

erent anrrnn

low, 52.48. low, 51.20.

High: Low

15%2 15% Ya

Reyn Met Reyn Tob B.. St Jos Lead .. Seabd Air L Seagr

ears ervel

[+++ LHe + Hog

bill:

Studebaker ab Sunshine Min .. Superior Oil ...

N. Y. Bonds

By United Press BOND PRICE INDEXES

20 20 20 Inds. Rails Utils. 90.0 84.9 97.7 . 90.2 85.4 98.7 . 91.9 90.4 101.0 98.8 105.7 99.7 100.5 101.2 106.0 81.7 oY 100.4 106.2 84.7 103.5 1935 . 86.4 103.6 93.1 1935 71.0 89.3 83.0 (Copyright, 1937, Standard Statistics Co.)

60 Bonds 90.9 91.4 94.4 99.0 89.9 100.7 90.8 100.2 93.3

Yesterday Week ago Month ago ... Year ago Two years ago. 89.4 1937 1937 1936 1936

U. 8S. GOVERNMENT BONDS Treasury Bonds Low 3Vss 3 2%s 4Yis 294s 99.24 99.24 27s 1960-55 100.17 100.16 Home Owners Loan Bonds 1949-39 100.16 100.16

DOMESTIC BONDS

Abitis 5s 53 (M) t Wks Ses

Contain Cor” 546 00 Del & H ref 4s 43

Nat D Nat Steel 4 nee NY Edison, Vis 6. No Pac B

fa P&L 4%s 81..... Lene n RR gn 4%s 65...1 penn, T&C 5s 53 Rear 415s A 97.. is 56

Pitt pedi edd ed

Pid bpd fed fod pk pb

5 d

y Japan 6lzs 54 Japan 5's 65

LOCAL ISSUES

(By Indianipolis 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 hquiries or recent transactions. BONDS

Ask itz, jad Tel er 4%s 61 ... 103 Tel & Tel Ft W 528 5 oon 106 1 Tel Tel Ft W 6s 43 . ..104%2 106% [Ind Asso Tel 4Y,s 65 04 §98%

o Tel Si Sun Tel 52s oe Richmond W W 5s «108 ie Water Co 5 49... 3 H Trac

a sion T H Water Works Ss 49 .....103 Trac Term Co 5s 5

xBelt RR St Yds com . sneerss D512 xMelt RR St Yds 5 pid crs vense 33% Cent Ind Powder > d 8 ceiver Home T Wis ..ooe: So

PR Mallory N Ind Pub TGerv "Co pid Sus. 88% N Ind Pub 8 fd 6 Ya

. 82 ver 18Y2 18

xEx-dividend. (Bv M. P. Crist & Co.)

AND COMMODITY QUOTATIONS

DAILY PRICE INDEX

NEW YORK, Sept. 22 (U. P.).~Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average 100):

....138.02 | Year ago ceeesss..13823 | 1937 high (April 5) .158.26 Month ago ........138.24 | 1937 low (Sept. 1).

Lambs, good (1b.).... % Hides, native hvy. steers (l1b.).. Wool. fine unwash. comb. Cotton, Midupland (1b.) Silk. 13-15 deniers Jap (Ib) ... Rubber, spt. smk. rib (1b.) ..... Copper. electrolytic (1b.) ...cfee spot AD) .cieveecessnapes

Tin, Straits spot (Ib.).

Steel Scrap. Chi. (ton) ..... ee Pig Iron, Iron Age comp. (fon). Coke, Connellsville (ton) Cement. dom. Portland (bbl.).. Yellow Pine, 6-in. base (M le . Douglas Fir. rough (M ft.) Gasoline, tank wagon (zal) ., fos Crude oi. 40 gravity (bbL).....

Source of quotes: Chicago: and hides, “Boston:

Market St. Investing Corp 28.83

Year Ago $ 0875 13% «35% A224 197°

Week Ago $ .1078 11% 41 0921 1.87 .1881 a4 065214 .0687% 59% 4434 18.25 23.25 4.25 2.23 60.00

Today

$ 1075 A815 © Al .0893 1.89 1844 14 065214 068714 S59% 44% 17.75 23.25 4.25 2.25 60.00 52.50 - : 095 095 1.27 1.27 1.18

ot Te, livestock, lard, steel Con-

ab.).

sesso

(02) ....ee

; Net Last Change Suth Pap 26 3 Swift Intl 2i 28% Sym-Gould xw. 10:

Texas oS Tide wa oil. Timk-D A Timken R %8; Transamerica. T rans Af

[ri-Cont 20th Cent-Fox..

1% —V— 26% - 25% 5% 5%

Vanadium Va-Caro Ch ...

Wabash Walgreen . Walworth ..... 1 West Union...

Net Last Change | wilcox O

Young Sheet ... 84% 64% Te

Zonite

STEEL OUTPUT

DROPS IN WEEK

Production Forecast for

Week by Review Declines 4 Points.

PITTSBURGH, Sept. 22 (U. P.) — Steel consumption in nearly all lines outside of the automobile industry has been declining, the American metal market will say in its weekly iron and steel review, forecasting production of steel ingot this week at 77 per cent of capacity. The rate is four points lower than last week’s forecast and the lowest of the year with the exception of about three weeks when steel strikes were responsible for the decline, the review will say. “In many lines new business is heavier than 30 days ago but this does not mean increase in consumption because formerly many consumers were taking deliveries on old orders and now that these are exhausted they simply have to buy,” the review will say. “Automobile assemblies this week will probably mark the low point in the transition period from old to new models but manufacture of parts is sustained if not increase so that consumption of steel by the industry is not less than recently and is probably a shade greater. The industry has some stocks of steel as many parts show no changes on account of. the switch in models."

“Railroad shops are taking less steel for freight car repair work but the car building shops are well supplied with old orders to run them well until nearly the close of the year. Rail deliveries recently dwindled to almost nothing. “The rail buying season is expected to open later than usual but may round up a good tonnage. Little freight car buying is to be expected in the next few months. Traffic does not justify buying and the railroads have poorer prospects than three months ago but there are chances that increases in freight rates may be allowed. “Tin plate mill operations have declined a few points. In nearly all cases deliveries on old contracts will be completed by the end of the month. A fair amount of business is on books for the fourth quarter including a large tonnage of export business.”

BROKERS’ OPINIONS

NEW YORK, Sept. 22 (U, P).— Brokerage opinion today— SHIELDS & CO.—The market is entitled to a much better rally than it has enjoyed. It is as thin on the buy side as it proved itself on the selling side, so that it can appear more promising at intervals than the facts warrant. While the political and legislative outlook remains completely in doubt any comeback probably will be a jittery affair so that it will be dangerous to climb for stocks. With nothing in sight to stimulate renewed long pull buying, a careful trading policy should be maintained. REDMOND & CO.—We believe that the market will continue to move in irregular fashion around current levels for a few days and then extend its recovery through yesterday’s high points. E. A. PIERCE & CO —When some of the sore spots in the foreign situation are eliminated, as might be the case with the passing of settlement day in. London, our stock market may be given an opportunity to reflect the domestic psychology which appears to be leaning toward the constructive side. LAMBORN, HUTCHINGS & CO. —We estimate the market is ih the last phase of its current decline.

ATKINS, HAMILL & GATES—We doubt that there can be much improvement in the market until the business picture clears, or at least something occurs to lift the prevailing pessimism.

BANK STOCKS

Bank of Manhattan Bankers Trust Fank of New York Trust Brooklyn Trust Ceniral Hanover .e

Chemical Commercial Continental

Empire Firs ational

sesssesesssens.

anklin even ioraitar re and Mar. one Glenn Falls Gt Amer Gt Al . Hartford Fire ...

CORN FUTURES JUMP 6 GENTS IN GHIGAGO PIT

Wheat Futures Advance Fractions in Small Trade.

CHICAGO, Sept. 22 (U. P)—A sudden boom in the price of September corn futures, which carried the old crop to $1.11% a bushel, turned renewed attention to the corn pit of the Board of Trade to-

ay. i At the end of the first hour wheat was % to 3 cent higher, corn was 3 to 63 cents higher, and oats were 3s to 5 cent higher. The sudden splurge of buying on old crop futures carried September sharply higher in the face of CEA orders to brokerage houses to report all dealings in that month up to the close of business Monday. Such selling as appeared was attributed to long holders. So marked was the attention given September futures that new crop months were ignored. Corn receipts were 194 cars. Wheat climbed fractionally in small- trade, mostly in. sympathy with the bulge in corn. Very little was done in midsession. sion houses were most active in the light trade. Wheat receipts were 41 cars.

WAGON WHEAT

City grain elevators are paying for No. 2 red, 96c; other grades on their merits. Soh corn, new No. 2 yellow. 86c. Oats,

ARGENTINE GRAIN

BUENOS AIRES, Sept. 22 (U. = k — Grain futures opened firm. Whea Yembern $1.22%, off Vac; bru TON 3c. Corn—October, 557%scC, unchanged: Noverber, 56c, unchanged. Oats—S8po 28%c, unchanged. Flax—November, $1 35%, off ‘5sc; February, $1.29, up zc.

WINNIPEG WHEAT Change October —3c December

STOCK EXCHANGE ANNOUNCE LISTINGS

NEW YORK, Sept. 22 (U. P.)— The committee on stock list of the New York Stock Exchange announced today that it has authorized listing of the following securities: E. I. du Pont de Nemours & Co., 500,000 shares of preferred stock, $4.50 cumulative, without par value. Bethlehem Steel Corp., 436,363 additional shares of common stock without par value. Cutler-Hammer, Inc., 399,999 additional shares of common stock, without nominal or par value. The Liquid Carbonic Corp., $3,500,000 of 10-year 4 per cent convertible sinking fund debentures, due June 15, 1947. Republic of Uruguay, $44,839,000 of 33%-4-4'5 per cent external readjustment sinking fund dollar bonds of 1837, due May 1, 1979; and $1,248,000 32 per cent external readjustment sinking fund dollar bonds of 1937, due Jan. 1, 1984; and $6,868,500 of 4-44-42 per cent external readjustment sinking fund dollar bonds of 1937, due Feb. 1, 1978.

ELECTRIC OUTPUT RECOVERS IN WEEK

NEW YORK, Sept. 22 (U. P.).— Electricity production for the week ended Sept. 18 recovered sharply from the preceding holiday week, the Edison Electric Institute revealed today in its weekly report. Production in the latest week totaled 2,280,792 kilowatt hours, compared with 2,154,276,000 kwh in the preceding week. It was an increase ‘of 124 per cent over the 2,028,583,000 kwh produced in the corresponding 1936 week. The percentage increase over a year ago in the preceding week was 2.6 per cent. However, adjusted to include the week following the holiday in both years, the gain for the week ended Sept. 18 was only 5.1 per cent, compared with a gain over last year of 6.2 per cent for the week ended Sept. 11.

GERMAN EXPORT BALANCE GAINS

BERLIN, Sept. 22 (U.P.).—Germany had an export balance of 79,000,000 marks in August, foreign trade figures released today revealed. That compared with an export balance of 30,000,000 marks in July and with one of 63,000,000 marks in August, 1936. Following are comparisons of trade figures for August and July, 1937, and August, 1936, in millions of marks:

—38C —3%sC

1937 1936 Besos .r Imports . Expt. Bal.

FOREIGN EXCHAN GE|}

NEW YORK, Sept. 22 (U. P.)—Opening foreign exchange steady. Toh Rates Net Change

r.). 4.95 ( y.. 1.00 (franc) .. .034214 .0526% 1684

4013 229744 . 052315 . unquoted 255612 1249172 2 13

U. S. STATEMENT

WASHINGTON, Sept. 22 (U. P.).—Government expenses and receipts for the current fiscal year through Sept. 20, compared with a year ago: ‘

Last Year Expenses -..$1, 25%) 022, 358 is $1,4715,022,658.09 oe 06,830, 039,146,153 Defenes 12 258,191, "380 + 435,876,504. 5 10. a. 99 3 273,856,553.

A 5.56 1,805,393,282.8 ,9 67. ait. 33 33, 311. 1237,635. 41, 3 10,771,191,209.42 626, $05 2 B81 110,853.96

5. . Customs ..

> dey's rch. al Purch, Inactive Gold $10,522, 980. 5 81.945, 772,001.26 ———————————————————

LAND BANK BONDS Bid Ask Yield .. 100% 100% 2.91 Jan. ... 100% Bh Hey Jae iin aS a; “es 4s July 1 ...108% 4s Nov. we May 4Y4s May 4Yss Nov.

Issue 3s July 3s

1958-38 ...103%

Commis- |.

a WEDNESDAY, SEPT. 2,

Porker Prices

‘Remain Steady

In Local Yards

Following the Tuesday's sharply lower market, the supply of hogs declined today, according to the Bureau of Agricultural Economics. The abbreviated run put the market in a healthier condition than at the close yesterday. Trading was established at fully steady figures. However, there were instances of 5cent gains on weights above 300 pounds. Top on the market held at $1240 for 210 to 225 pound weights. Fed steers and yearlings moved readily into killing channels at fully steacy to strong prices, with instances as much as 25 cents higher on the longfed kinds. Even shortfeds and grassers were -taken at steady rates. Heifers and cows moved slowly, but as a general rule were steady. Bulls were unchanged. Two loads 1081 pound steers topped at $18.30. Early attempts to lower vealer prices $1 failed despite a declining dressed trade. Competition on shipper account limited the loss to 50 cents, steady prices at nearby centers also tending to limit the decline. Top on choice offerings was $12.50, but bulk comprised kinds selling at $12.00 downward, with most mediums from $9.50 to $10.50. Lambs suffered another 25 to 50c loss today as eastern dressed values were lowered further. While the top at $11 was in line with most sales Tuescay, only strictly choice sorted offerings made that figure today, quality also showing some improvement... Bulk of the good to merely choice ewe and wether lambs cleared at $10 to $10.50, with common to medium kinds from $6 to $9.00, some on the good order at $9.50. Slaughter ewes showed little change at mostly $3.50 downward,

Steer Prices Reach 18-Year High in Chicago

CHICAGO, Sept. 22 (U. P)— Steer prices touched an 18-year high today at. the Chicago Stockyards at $19.50 per hundredweight. Today’s high price aiso was within 10 cents of the record high for the month of September in Chicago. The new high was reached on choice weights around 1225 pounds, on good demand. Back in December, 1919, prices reached $21.50, the all-time high.

HOGS

32. 5a12. 35 [email protected] a [email protected] [email protected] 12. nals 40 5 [email protected] [email protected] ty [email protected] {iene Lights— (140-160) Good and [email protected] Medi [email protected] Lightweights—- . (160-180) Good aud . 11,[email protected]

Mediu (180-200) Good vr] Medium Medium Weights— (200-220) Good and (220-250) Good and Heavyweights— (250-290) Good and (200-350) Good and Packing Sow (275-350) Good

. [email protected]

[email protected] [email protected]

10. [email protected]

choice. . choice. .

choice. . cohice. .

[email protected]

[email protected] [email protected]

( Slaughter Pigs— (100-140) Good and choice.. Medium

-~Receipts, 1400— Steers

[email protected] [email protected] [email protected] 6.75@ 9.25 .. [email protected] [email protected] [email protected] Medium §23012.50 Common (plain) . T.25@ 9.50 prime 7.75@19 .00 [email protected] [email protected] . [email protected] «oo [email protected] . [email protected] [email protected]

(550-300). OF

C (900-1100) - Ch

(1100-1300)

Mi (1300-1500) C

(550-750) 4.00@15 Good

i 75@14. 00

Cc [email protected] Good and choice . [email protected] Common. medium. [email protected]

(750-900)

7.25@ 8.75 Common, medium 5. ND isi)

Low cutter and cutter

Good (beef) Cutter, common and medium.

Vealers —Receipts, 700— Good and choice

Medium Cull and medium

Calves 3 (250-500) Sond and choice.. 9. ommon, medium.. 6. Fe and Stocker Cattle

Steers (500-800) Good and choice.. mon. medium. (800-1050) Good and choice. . mmon. medium.. Heifers—

Good d and choice Common and medium Cows—

toby oa1 Dalaba Sh Ten CASIO

SHEEP AND LA --Receipts, 2500— Spine) Lambs—

Shas orn E (90-115) ® Good and choice. . Common, medium.

(Reprinted From Late Times Yesterday)

8 Yusteg Press . CA i one py Reseinis: udin| marke even: i hdown., €15 0 25¢ lower. others

steady to onl top, J%

12. largely, 11. 15:59 e—Receipts, 3 NY ves: 1500; ain fed WL and yearlings very m; selling at $16.50 up; top, $18: medium to good grades slow. steady to weak; cows and heifers :

0 ulls and vealers steady: sausage bulls, $7.50; vealers. $13.50. Stockers and feeders fairly active Sheep_-Rec eipts, 10,000 Ineltiding 300 diringers mostly Sieady; natives 25 Jor: top, $11.50: talking to

-on_ ¢ 1} 50 Montanas: | - D,

steady; ewes, $3. Nal 15:8 vr. A 91.—Ho| s—M Market, 15¢ lower’; 200-225 Ths: . $12.15; 12.05; 180-200 1lbs..

12.05: 85: 25: .90;

10.65; 1 bs. x Jbs., Roughs, So 75: stags. $8.50; calves, 12.50; lambs, $10.

SAFE DEPOSIT BOXES

Reasonable Rental

Security Trust Co. 130 E. Washington

Member Federal Deposit Insurance Corp.

Div Shrs 0 uity

F. D. R. IGNORES: NEUTRALITY AGT, FLYNN CHARGES

Roosevelt Has Made Up His Mind to Defy Law, He Says.

By JOHN T. FLYNN Times Special Writer

NEW YORK, Sept. 22—On April 29, 1937, Congress passed what is called the Neutrality Act. It is called a joint resolution “to prohibit the export of arms, ammunition and implements of war to belliger=ent countries.” Its opening section reads: “Whenever the President shall find that there exists a state of war between or among two or more foreign states, the President shall proclaim such fact and it shall thereafter b e unlawful to export, etc., arms, ammunition or implements o f war, ete.” The act does not say t he President shall do this: when foreign nations “declare” war against each other. When the original act was passed in 1935 that phrase was delibérately avoided, be= cause Congress knew that nations now do not declare war against each other. They just make war. Also the law uses the word “shall.” The President “shall” proclaim such fact, is the way the act reads. Later in the original act the word “may” was used. And that was amended to read “shall.” This is the law of the land. If is like the law against murder, trusts, tax evasions. You may not agree with it but it is the law. The President may not agree with it, but it is binding upon him as any other law. On Aug. 14 two armies—Chinese and Japanese—faced each other in China. The Chinese had divisions—at least 100,000 men. Japanese had -enough to push them back. By Aug. 19 ‘the Chinese had lost /6000 men, the Japanese 600. The ‘Chinese had lost 40 planes, the Japanese 25 in Shanghai.

Mr. Flynn

troops to China—a nation with which it was supposed to be at peace —was 50,000 men. Today it has 180,000 men in North China and about 50,000 around Shanghai. They are equipped with field artillery, tanks, airplanes and are supplemented by the Japanese navy which has been pumping shells into peace= ful Chinese cities. Japan has blockaded all Chinese ports and has notified foreign vessels that they cannot land munitions in China. The word war means, according to Webster's dictionary, “a contest between nations or states or between parties in the same state carried on by force of arms for various persons to conquer territory, etc.” Is Japan engaged in a contest with China by force of arms to conquer territory or to settle a dispute? Does any man in his right sense believe that there is no war going on in China between Japan and China? What we should do about this is a matter on which intelligent men may differ. But the body set up under the Constitution to determine our course is the Congress. It has passed, and only recently, a law laying upon the Preisdent a solemn duty, in the event such a war breaks out. The Président of the United States has practically taken the position that he doesn’t believe in this law and he has made up his mind to defy it. (Copyright, 1837, NEA Service. Inc.)

INVESTING CO.’S

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