Indianapolis Times, Indianapolis, Marion County, 22 September 1937 — Page 17

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PAGE 16

~ STOCKS ADVANCE

IN LIGHT

VOLUME; |

BONDS IRREGULAR

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

NEW YORK, Sept. 22 (U. P.).—U. S. Steel and Chrysler led the stock market higher today. Volume continued small.

Irregular trends ruled in domestic bond and curb stock trading today. U. 8. Government liens were mixed.

Steel and Chrysler made 2% point | ;

gains to 91 and 97%, respectively. Bethlehem had a 2%; point rise at 77. Atchison reached 623%, up 2%. 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. Rubbers rose fractions to more than a point. Farm stocks and mail orders were better. American Smelting led a recovery in coppers. Loews was up 1.

FIRST HOUR

A fairly firm opening developed “in dull trading, after which all issues advanced steadily. Rails: attracted attention. Atchison gained more than 2 points, while gains of 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 76%. 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 21% gain, Chrysler 97% for 21% gain and Bethlehem 77 for 2% gain, but the improvement did not attract interest and the market was extremely dull. Atchison continued to lead rails with more than 2 peints gain but Chesapeake & Ohio and Baltimore & Ohio had fractional losses. Candada Dry was active and gained a point to 181s. 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, ” n ”

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. 31 output 1,216,834 short tons; TU. 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. 8. August output 42,460 vs. 42,480 in July. American Petroieum’ 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,-

anufacturers 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 in-

come $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. Clapeake & 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,-

{257018 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 net income $25554,605 vs. $23,386,658 in g 12 months; August net

. precedin $1 424 821 vs, $1,375,668 year ago.

Texas Power & Light Co, 12

Curb Stocks

By United Press

Sunray Oil .. Technicolor .... Un £28, Cp pf. Le Un Lt 7 Pwr A

Chicago Stocks 5 High Low Aa be alr 1317 30 B! . 42

3 re 1.133

Chgo Cor .. 3% Comwlth Tedison va 21 Cord Corp 3s Dayton Rubber A a Dodge eI Cp .

Rate I Tish NR Midland Coniied A Peabody Coal B .. Pines Wfront ... Stan Dredging . Thompson WR) . wes Wise Bk Shares Zenith Radio

Last 1% 13%

4 13% 3%

5 35%

NEW BOND ISSUES

Bid Ask Allis-Chalmers Cv 4s ’52 102% Atl city Blas ‘64 B & o.4 3) ’39 BA A Yoon 3 47. . Calif or Tre ’66 . Cent Maine Swe i ’60. . Cent Maine Pwr 32s ’66 Cinti G & E 3%s '67.... CMO 23s '42 Fla Power 4s ’66 Fla Power 5s ’66 Houston Lt & Power. Sys ’66. . Indpls Water 3%s ’ Los Angeles Rev Ss. i Narra Elec 3's ’66 N Y City 3s °77 N Y State Elec Gas 4s ’65. Northern State P 3%s ’67 Ohio Public: Service Fi '62

104%;

$2,106,099 vs. $2,202,366 in preteding 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 quar-

Class “B” common, payable Oct. 1, record Sept. 26. Emerson Electric Manufacturing Co., $31.50 on preferred clearing arrears and current quarterly $1.75 payable Oct. 1, record Sept. 24. Empire Trust Co., regular quarterly 25 is, payable Oct. 1, record Sept. 2 fh Packing Co. 5 cents on 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 3 50, payable Oct. 1, ‘record Sept. 2 le Service Co. lof Northern Illindis, regular quarterly 75 cents on } common, payable Nov. 1, record

Skelly Oil Co., $1.50 on preferred, payable Nov. 1 record Oct. 4. Springfield Fire & Marine Insurance Co. regular quarterly $1.12%, payable Oct. 1, record Sept. 20. Standard Wholesale Phosphate & Acid Works, regular [auartesty 30 ceats, payable Oct. | 15, record Sept. 27. United Stockyards Corp. regular|{m quarterly 12%; 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, 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% per cent cumulative preferred payahle 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)

Yesterday . Week ago .........13

——

daily price index.

Today $L10% 1.06% 853% 3434 6.875

Commodity— Wheat, No. 2 red (bu) .eeoe.es Corn, No. 2 vellow (bu.) ... Rye, No. 2 (bun.) Oats.’ No. 2 white (bu.) Flour. Spg. vat. (196-1b. sack). Lard, prime steam spt. (1b.) . Coffee. Ric 9s spt (1b.) Sugar. raw 96 test lb.) Butter. 92 score (lb) ....

‘Hogs, avg most sales (Ib.)

% | Bendix

63s | Can Pacific ...

® | Elec B

terly 50 cents on Class “A” and|y

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

THE INDIANAPOLIS TIMES '_

EARLY NEW YORK STOCKS

By United Press

. Net Last Change 14%, Ya 2 Ya “1h 2 % 3 Ys "7 1 Ja

--

Aviation orp . 4 Bald Loco ctf .

1 ee Te 0

Barnsaall |

Beth Kteol rts Beth Steel .... Briggs Mfg .... Bklyn-M T Bucyrus-Erie Butte Cop

Cerro de Pasco

TELE ath

Eq Colgate-P-P ... Colum Gas .... Com Iny Tr ... 52 Com Solvents .. ‘Commonw & So Cons Cirer avant Con Cont Con Con Cros Curtiss-Wr .... Curtiss-Wr A .. Cutler-Ham

Deisel W G ... D Lae & WW ... Dist vs Douglas Air ... Dunhill

East Kodak . 118 2 Elec Pwr & Lt 16% El Pw V L 87 pf 59 a Food Mach ...-39% Foster Wheel .. 26% Gee 1015

5 » 812 16%, 59

39%; 26%

Gen Am Inv .. Gen Cable ....

Goodyear Srahamepaige . anby

Greyhound p 12)2 GIlf Mobile & No 8Y Hecker Prod.. Hercules Pdr rts Hershey § Homestake | 45%, Howe Sound ... 66% Hupp Motor ... 3%

10% 10% 5 5% 55 45 662 3a

Ill Central .... 163% Ind Rayon .... Inspirtn Cop 0 Inter Iron 1 Int Harvester . B Nickel n

Johns-Man .... Kennecott

Kroger G & B.. 18%

fl Libby Mc & L.. 13%; Lige & ve. 04 . 32 N% 39%, 197%

18%

Lone Star Cem Lorillard

3334 8%

29%

J a

Martin GI .... 16 Mathieson .... McGraw El :... 21 McKesson & B iA Mead Corp.... 2 Miami Cop ..:. Mident Pet .... Mo Pacific ....

DERE HE

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hs

ce 20 : 19% Mullins Mfg B alt Murray 9% : —N— Nash-Kelv .... 153 7 153% Nat Biscuit .... 23 2 2534 17% 27Y2

+t

63% 5012 ou is 1%, Otis Steel 15% 15%

Pac G & i Pacific Ltg ....

Phelps Dodg -r Phillips Pet ... Pitts Stl “i Press Stl Car... Proctor & G .. Public Serv ... ¢ Pullman

CHICAGO PRODUCE

Eggs—Market, steady; receipts. £449 cases; fresh graded firsts, 24%c; extra firsts. 24%c: current receipts, 21%c; checks, 18'ze; dirties, 19c.

Butter—Market, unsettled; receipts, 9942 jabs; extra Sess (90@91'2 score), 34Vi@ 34Y,c; extras (92 score 434c; seconds, 3212 G31 The: Sire 32% @ @331:c) standards, 34Ysc; Shecis 1s, 35% @35 3c; centralized (89 score), 33%ec; centralized (88 score), 32% ne

ouliry~Market, gieady receipts, 1 car, EY: ducks, 14@19¢; geese, 16¢c; hens 201 acs Leghorn hens, 16¢c; - spring chickens, 19@22% roosters, 5C; broilers, 18@24c; turkeys, 16@23c.

Cheese—Twins, Jnai1se: daisies, 18% @19¢ longhorns, 18% @19 Potatoes—Supplies Docs: demand light; arket weak; Idaho Russet Burbanks, 5 [email protected]; U. S. No. 2, [email protected]; Colorado Bliss Triumohs, 90c c@$1; 1 as Red McClures, $1.20; North Dakota Bliss Triumphs, 90@95¢c; North Dakota Cobblers, S7sahnc; Nebraska Bliss Triumphs, 75@ sin Cobblers. 90@95c; Wisconsin Bliss Triumphs, 85@90c; Idaho Cobblers, 70@80c. FrTivals, 120; on track, 4268; shipments,

13%

38%

a 40%; "042

LOCAL PRODUCE

(The prices quoted are paid for stock gathered in the country, while for deliveries in Indiana apolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.) as Eses—No. 1 strictly fresh; loss off, 19¢ Heavy breed hens, 5 lbs. and over, 183c; Leghorn Des 13c; heavy breed broilers, 1937 stock, 2 Ibs. and gver, 19¢; Leghorn broilers, 1937 stock, s. and over, 17c: bareback broilers, 1937 oe 5 lbs, and over, 1l4c¢; old roosters, 9c: ducks, f feathered and fat, 5 lbs and over, 5c; geese, full-feathered and fat, 9 to 14 Ibs.

| 1937 high (April 5) .158.26 Month ago ........138.24 | 1937 low (Sept. 1)..137.05

Following are the commodity prices used in compiling the

er—No. 1. 38%: @ 30: No. 2 ae

Butt 37c. Butterfat, No. 1, 34c; No. 2,

PRICE INDEX 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):

LL 138, 2 | Year ago

Commodity—

132.27

Week Ago $1,093 1.07%

Year Ago $1.195% 1.103% 95% 45% 9.65 1188 0734

Silver. comml. bars

Cement.

8 | Week ago

Val owe 78

Minnesota Cobblers, 75@80c; Wiscon-

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS Yesterday ......... ceieeess.156.56 Week ag0 ......co000000....162.85 Month ago ................:18L%0 Year ago .......... Dales isies High 193%, 194.40; low, 155.60. High 1936, 184.90; low, 143.11, 20 RAILROADS Yesterday ....... revises . 42.31 Week ago .. Month ago ........... Year ago A High 1937, 64.46; low, 40.7%. High 1936, 59.89; low, 40.66.

20 UTILITIES

-+1.00 —0.05 —0.69 -—0.46

Yesterday Week ago Month ago Year age .......... 00. 34 High 1937, 37.54; low, 24.39. High 1936, 36.08; low, 28.63. 70 STOCKS Yesterday Week ago ... Month ago ........ essen sins Year ago High 1937, 69.6%; High 1936, 66.38;

low, 52.48. low, 51.20.

High Low 15% 15% Re R 93% RA «.. 67% R 4Ys R « 2TY 19% . 50

Pure Oil ...... 9% 67s! 4Yg 27g 19% 58

RE Bae HE

#1:

Ft

31,

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 92.4 98.8 105.7 . 89.4 9.7 100.5 95.0 101.2 106.0 89.9 84.7 9.7 94.8 100.4 106.2 . 90.0 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

Month ago ... Year ago years 1937 1937 1936 1936

U. S. GOVERNMENT BONDS Treasury Bonds

1960- 3 Home Owners Loan Bonds 1949-39 100.16 100.16 DOMESTIC BONDS

Abitibi 5s 53 (M) Am Wat Wks 55s 75

Nat Steel 4s 65. nies Edison 3%s 65 ...

TR a TR a

Taly TE BY cerrriannns Japan 62s 54 Japan 52s 65

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations do not represent actual b r offerings but merely indicate the approximate market level based on RVING and selling inquiries or recent transactions. BONDS 0

4%

Works 5s 65 ...103 L & P 6%s 41.. 163

xBelt RR St Yds com xMelt RR _St Yds $i Cent Ind Powdery pid Ts en

esses

Co pfd 5s atl Lite oh) Co com. P' R Mallory

N Ind Pub Tero "To nid 5s. N Ind Pub Serv pfd 6s... N Ind Pub Serv ha Ts Progress Laundry Co com 88. Pub Serv of Ind pfd 6s . Pub Serv of 1 Smith Alsop Smith Alsop P &

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

Lambs, good (1b.)... Hides, native hvy. steers (1b.).. unwash. comb.

Copper, electrolytic (1b.) ......c Lead. spot (Ib) .... Zine. spot (Ib.) .... Tin, Straits spot (1b.)....c.e000

Steel Scrap. Chi. (ton) Pig Iron, Iron Age comp. (ton). Coke. Connellsville (ton) om. Portland (bbl.).. Yellow Pine, 6-in. base «M ft.).. Douglas Fir, rough (M ft.) Gasoline, tank wagon (gal.).... Crude Oil, 40 gravity (bbl).....

Source of quotes des.

Market St. Investing Corp .83

“Year Ago $ 0875 13% 351% 1224 1.7 1650 093 © 0460 0485 445% A4% 16.25 18.73

Week Ago $ 1073 J7% 41 0921 1.87 .1881 Jd4 065214 .0687% 59% A434 18.25 23.25 4.25 2.23 60.00

Today $ 1075 © J1814 Al 0893 1.89 1844 14 065214

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Net High Low Last Change Suth Pap . 2. 2. 26 seine Sym-Gould xw. 10 . 10 a "Pe

50% 50 Bi it 30

Texas Corp Tae w AD

Fransamerica Tren

Vanadium Va-Caro Ch ...

Walgreen Walworth

Ts Willys Overld pf 9% Wilson pf 0%

Young Sheet ... 64% 64%

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 farecast 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 increasex 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 toa 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 i§ 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

. Bid Bank of Manhattan . 28Y, Bankers Trust .. 60 plank of New York Trust. Brooklyn Trust Qeniral Hsnover weavave

essen PRE a ssseasssssnnes

PP 7

Continental .... : gorn Exchange . oe . 58%;

mpire “ee First National". cesssseesneasns Figg

essa caacnnses 4

Commercial

Irving : Manufacturers

escsscsssccsses

cesvesasessanass 8° +:132%4 EH ig City of N Y . Firemen's of Newark....eeses

anklin Gibraltar Sienp Fall

er at Amer r In Hartford Fire i

resseesenensanss

ire. and Mar....... 25 Fire 4

ssesessessensns

sesfnsessauvssne Py veeen esssenneenn

GORN 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%4 a bushel, turned renewed attention to the corn pit of the Board of Trade ioday. At the end of the first hour wheat was 3% to 3: cent higher, corn was 3% to 63 cents higher, and oats were 3s to % cent higher. The sudden splurge of buying on old crop futures carried September sharply higher in the face of CEA orders to brokerage houses fo report

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, 96¢c; other grades on their merits. Casa corn, new No. 2 yellow. 86c. Oats, C.

ARGENTINE GRAIN

BUENOS AIRES, Sept. Grain futures opened firm. | Wheat—November, $1.22%, off Yac; February, 973sc, off 3gc. Corn—October, 557sc, unchanged; November, 56¢, unchanged. Oats—Spot, 28%c, unchanged. Flax—November, $1.33%. off "5szc; February, $1.29, up Jac.

WINNIPEG WHEAT Ch ange ; October —YC Poromber May

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 ad-

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 3%-4-41% per cent external re‘adjustment sinking fund dollar bonds of 1937, 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 4-4%-4%:2 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 59,000,000 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:

1937 1936 EXpOrts .....oco00000. IMpPOrts oii aennr. 483 Expt. Bal. . 59

FOREIGN EXCHANGE

EW YORK, Sept. 22 (U. P.)—Opening foreign exchange steady. Ca he Rates Net Change Englang {pound $4. ng

) ] - 4.9 Canada ionaty 3. : France (franc) . , Italy (lire) 0526%

953 0 wil . 0: a i o +.0000% el I (belga) . .1684 2 5 u 2

Ger (mark). .4013 Switzerid (franc) .2297% Holland fgullger) . .5523%2 ta a

+-.0000% _, —.0000%

+.0000%2 —.0000%2

er. io Norway (krone).. .2491% Denmark (krone). .2 Japan (yen) .289

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:

This Yea hast Year .$1,765, gas ass. ia $1,475,022,658.09 1,506, 330, a: 13 bf 039.14 936. 153.25

3 76, 504.34 Cash Bal. a 44, { 0; 1779.99 2, 273, 238. -553.45 Work. Bai. or 179, 742. 625.56 1, +805,3 93,282.80 Pub. Deht.36,864,967,837. 3 33.811.237.635.73 Gold Res. 3 377.4 a1. 5 10.771,191.209.42 Customs .. os 02, $26.3 96

Tot Inactive Gold § 910.523, 522, 980. 75 $1, 16. 13, 01; 126

LAND BANK BONDS

Ask Yield 100% 2.91

Expenses . Receipts . Deficit

Issue 3s July 3

Jan. May Shs May July y 4Y4s May

ais 1 ...100 5-16 100 5-16 5 4Y;s Nov. 104 60

1958-38 ...103%

all dealings in that month up to the

Commis- |.

ditional shares of common stock 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 steady 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 Tuesday, 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 12.85

$12.45

12. 10@12. 40 Font Lights— (140-160) Good and choice. [email protected] Med [email protected] Lightweights— . [email protected]

(160-180) Goc Me [email protected] (180-200) Good and’ . [email protected] Medium [email protected] Medium Weigh

(200-220) Good [email protected] (220-250) Good [email protected]

Heavyweights— choice.. [email protected]

(250-290) Good ” (200-350) Good cohice.. 11,[email protected] 10. Ba) 25

choice. . choice: .

and

Packing Sows— (275-350) Good

( 9. 75@10. 75 Slanghter Pigs (100-140) awe 2nd choice.. [email protected] Mediu [email protected]

—Receipts, 1400— Steers

(550-900) .. [email protected] .. [email protected] [email protected] 6.15@ 9.25

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

Ch G C (900-1100) - Cc

dium Common (plain) . 3 5 (100- 1300) Prime [email protected] C HS als 00 [email protected] . [email protected] . [email protected] [email protected] [email protected]

M (1300-1500) C

(550-750) 00

(750-900) Good" and choice .

Common. medium.

tb po bd pb = OY ps i OY aoe Sons

Qd

Common, medium Low cutter and cutter

10 hay Sua

Good (beef) Cutter, common and medium. Vealers —Receipts, 700— Sood and choice

0D 8933

am a8

oo

Calves (250-500) Sod and choice.. [email protected] ommon, medium.. 6.00@ 9.00 Tenet and Stocker Cattle

Steers (500-300) Goud and choice.. mon. medium. (800-1050) Good and choice. . mmon., medium.. Heifers—

Good “and choice » Common and medium Cows

SHEEP AND LAMBS —Receipts, 2500— bs— Spring 1 Lambe [email protected] [email protected] 7.50@ 9.50 6.00@ 7.50

3.00@ 3.50

Shorn @ 1.75@ 3.00

(30-175) "Good and choice. . ommon, medium. .

(Reprinted From Late Times Yesterday)

By Huner press CHICAGO, ept. 21,—Hogs—Receipts, 125000 "cluding 1800; market uneven: 200 1 dow: 1 25¢ lower,

strictl pid i rm; a at $16.50 up; top, ‘10: grades slow. steady to

heifers

.40 steady; ewes, $3. 50@4. 75; ton. Sept. 21 oho s—Ma rket, 15¢ lower; 200-225 1bs., Hs 15: 12.05; 180-200 Ibs.

y 12 Re. 31 S., $v Roughs, So 75: ah $8.50; calves, 12. ‘30: lambs, $10.

SAFE DEPOSIT BOXES

Reasonable Rental

Security Trust Co. 130 E. Washington

Member Federal Deposit Insurance Corp.

WEDNESDAY, SEPT. 2.

F. D. R. IGNORES: NEUTRALITY ACT, 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 deliberately 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. It 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 seven divisions—at least 100,000 men. The 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. The Japanese’ first dispatch of 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 peaceful 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, 1937, NEA Service, Inc.)

INVESTING CO.’S

Bid Ask Bid Ask Adm Pd 15.62 16.51/Invest. Bank Corps. af Fl 73! 8.05| Banc Bl 8.00 ¢ Basic’ Ind $33

Mr. Flynn

Nat VE. 8 PH

AN

Eq 32.5 Fidelity 23.16 92.94 Fiscal Fd., Bk Stk

- o

0 85 99 So Trask 17.82 18.76 Std Am Tr 3.75 3.95

Std Util .67 2 State St 97.00 101. % Sup Cp A 3.84 = 3... ” 6.87 82D 6.87 .. Super AA 2.40 » BB 240 .... Sup new 11.86 Ir = In C 267 . S 0A 1

group 1.49 1.61 vig 88 96 Ins Tour 1.4 Well Fd 15.95 17.52

INDIANA LAW SCHOOL

(Of Indianapolis) Established 1894

DAY "AND EVENING DIVISIONS

v ite Call 0-5 8 tate Tite Blaz =" p 1.2800.

I"WASTE-PAPER

AMERICAN PAPER STOCK COMPANY