Indianapolis Times, Indianapolis, Marion County, 25 September 1937 — Page 5

he NEW SELLING WAVE BREAKS STOCKS AT

‘- CLOSE OF MARKET

' Leghorn hens 13c: hea

Volume Goes Higher With Sudden Decline.

NEW YORK, Sept. 15 (U. P.) .—Stocks were hit by another selling wave just before the close of the market today. Prices’ were forced to new lows since 1935.

During most of the session the market was steadier, with irregular rallies noted. Some traders believed the market was oversold, but feared there was too much momentum on the downside. At the close trading was heavy and tickers ran 10 minutes after the close to catch up. U. S. Steel hit 79%, off 1% net, and closed at 80, after touching a high of 817% earlier. Bonds declined. Cotton futures broke to new lows since 1933 and then rallied to gains ranging to 85 cents a bale. Net operating income for the first 15 railroads to report for August showed a decline of 149 per cent from 1936.

DOW-JONES STOCK AVERAGES

80 INDUSTRIALS TORRY cceveeverssroreassnsse.}

Yesterday ocoeecocscceccccess. 147.38 Week 280 «.coseessecrsessess 157.83 Month 220 sccvvsesscosccenes. 175.93 Year ago .....cevvaveee.ee..168,0% High, 1937, 194.40; low, 147.38, High, 1936, 184.90; low, 143.11.

29 RAILROADS TOAAY .iioesssrresassasennves 3893

Yesterday oeccessccocccscecssss 39.67 Week R80 .cccsesesscccssscsse 41.80 Month ago essesrsescecnconcs 49.46 YeAr RF0. +c.scccnssaassananes 56.30 High, 1937, 61.46; low, 39.6%. Hizh, 1936, 59.89; low, 40.66.

20 UTILITIES Today .........

Yesterday Week azo ....

40.09 —6.60 —4,32 40.02 +1.51

€sesesessesssssence

Year ago .... : Saar High, 193%, 3. 54; low, 22.96, High, 1936, 36.08; low, 28.63. “0 STOCKS WOARAY cvcvrrncerenrsnssssos 49.44 Yesterday ec.ossrsesecccessess 49.69 Week 220 ..ioevcssnsssssssses 52.99 Month aZ0 «ccssrcscsessese.s 59.87 Xear age ..:.......c0i0vihin 62.06 High, 193%, 69. 6%: low, 49.69. Hizh, 1936, 66.38; low, 51.20.

Curb Stocks

Net High Close Change Aero Sup B ... 3% 3Ya Ya Ala Pow 6 pf’ . Sav

Am Airlines . Ya Am Box Brd .. 12% Am Cyan bP ... 26'2 Am General ... 7% + Am Maracaibo lia Am Super 1% App El Pwr pf. 192% Ark N Gas A .. 4% Austin Silver .. 7a Bald Loco bd ws 51 Barium Stl ... Bellanca Air ..

Centrif Pipe .. Cities Serv .... Cities Serv pf. 25 Colon Dev 144 ‘ Col O.& G Con Cop Mns . Con Ret St ...

= 2 Cooper Bes .... 9% Cord Corp ..... 3 : Creole Pet ..... 252 Cusi- Mexic .... % Ds ton Rub . 13 Gry Ir Fdy. Eagle” . Equit, Fisk Rub |

alam «oa

—- 7] i

Stumble Oil Imp O Can .... Iron Fireman .. Jones & Lau Bil 8 Lion Oil . Lockheed Air 2 McWms Dredge 14%a Mesabi Iron ... Sa Mich Pumper . 11, Molybdenum ... 62 Mont Ward a 138% Nat Rub M . 7a Nat Sug Ref .. 209 Sig H Pwr .. 103s Pantepec . Ya Pitts 1G .... PS Ind 6 pf ... 16 4 435

Ss . Seiberling R ... Sherwin-W ....104 Singer Mig Std Oil Ky -... Std Oil Ohio .. Sterl Brew .. Stutz Motor ... Sunray Oil .... Technicolor

Waco Aircraft . Wright Harg ..

BANK STOCKS

Bank of Manhattan

sessasen

Brooklyn Trust Coaual Hanover

Empire First National’ Guaranty ....csoescevcsrecnes rving erases ere reans Ma nutacturers 4 National City .ccceecsnieeveees 31h N. 5: Trust ... . 120

Public . Title °Guarante e Insurance Stocks Aetna Fire

City cons Connecticut General ss esnasesy Continal taetnee Firemen’ s of ® Newark sents vsie

Great America Great Ae Ind ax Hartford Fire Home Fire Sec Homaste ad a ryland Casuality anal Liber Faul Revere Fire Ins ..

U.S. STATEMENT

WASHINGTON, Sept. 25 (U. P.).—Government expenses and receipts for the current fiscal year through Seo 23, compared with a year ago:

This Yea Last Yea Expenses $ 1, 823, 027, 479. 16 $1, 548. 007, 333. 39 Receipts. . 1,577,585,327.79 1,082,355.620.91 Deficit _... 245,442,151.3

sesseas

Customs. . "106 CSL s Pur Total Pur. Inac. Gold. $18. $99, 994, 88 $1,180,151,431.38

INDIANAPOLIS CLEA CLEARING HOUSE, Clearings .§! Debits Clearings for Week . Debits for Week

1 ] 1 LOCAL PRODUCE (The quoted are paid for stock gathere Te the country, while for deliv. eries in Indianapolis the prices are 1 cent Rl, Ju case of eggs must weigh

5S.) “Eggs—No. T strictly fresh, loss off, 19¢

“Heavy breed hens, 5 Ibs. gha over, 18¢; eavy breed oroiler. 1837 stock, 2 lbs. and over. 19c; broilers, 1837 stock, 2 lbs. and over. 17¢: bareback - broilers, 1937 stoc ck, 5 lbs. an over 1l4c; old roosters. Se: ducks, tullfeathered and fat, 5 and over, Sc; er full-feathered and tat 9 to 14 Ibs.,

er—No. 1. 38%@39¢: No. 32. 36%@Q

1935 low ......

N. Y. Bonds

By United Press BOND PRICE INDEXES

20 20 20 60

Inds. Rails Utils. Bonds Today ........x880 x825 x96.3 x89.1

Yesterday 83.8 83.1 96.5 Week ago ..... 90.2 85.3 98.3 Month ago .... 91.9 90.6 100.9 Year ago ...... 923 98.7 105.6 Two years ago.. 89.9 80.6 100.8 193% high ...... 95.0 101.2 106.0 1937 low ...... 88.8 83.1 96.5 1936 high ...... 94.8 100.4 106.2 1936 low .....e. 90.0 84.7 103.5 1935 high ..... 91.4 86.4 103.6 83.6 0 89.3 -

91.2 94.5 98.9 90.4 100.7 89.5 100.2 93.3 93.1 83.0 xNew lows, 3 Bond transactions approximated $6,449,000 compared with $3,360,000

last Saturday.

10 MOST ACTIVE BONDS

Net Month Change Ago -— dg 11

213%

9 22 % 9%

MoPac 5's 49

ATA Se 6i.. 39% ‘9914

..U. S. GOVERNMENT BONDS Treasury Bonds ’ High Low. +108. 108. 3

ceeesenns 1062 sseceses 111.6 .102.9

1945-43 1946-44 1954-44 1947-45 1948-46 1949-46

1954-51 1955-51 1960-55 .100. 1959-56 .........106.7 106.7

U. S. Certifitates

2%s Ask 100.29 101. 14

Yield February 2%s 1938 ... 100, Ge . March 3s 1938 101.12 June 27ss 1938 September 2'2s 1938 : December, 1vas 1038 ....

..10 September 1%s 1939 ... December 13s 1939 ....

: 99.29 December as 1041 .... March 134s 1942 September 2s 1942 Federal Farm Mortgage 1047-42 . ..102.28 102.28 1947-42 .... ..101. 117 101.17 1964-44 ....

1949-44 1027 102°

Bonds

100.4 101.28 Land Bank Bonds

Bid Ask 3s July 1855-45 .. 100% 100% 3s Jan. 1956-46 .. 100% 3s, May 1956-46 .. 10094 3%is May 1955-45. 102 } 4s July 1946-44 .. 109

Yield 2.89

4%s May 1957- 37. 4%s Nov. 1958-38 .

DOMESTIC BONDS

High Abitibl 5s 53 QM) ..... 7 : y i Alleg ©

.e0e.10134 Anaconda C 4's 50 ...105 Arm Co Del 48 55 ..... 943 At TSF cv 4%s 48 .... 110774 4 =F gen 4s 95 .....109%

Cons Qil 3's 51 Cons Edis 3's 56 .... Cons Edis 3%s 2 .

Kresge Fou 4s 4 Lag Gas 5s 39 V RR 4s 2003.. #i Isl ref 4s 1. Lorillard P 5s § Lou Ark 5

47 Nor Pacif 3s 2047 Ohio Edison 4s 65 .

Penn RR gn 44s 65 . Penn RR 4%s D 81 ....1 Penn RR 4%s 84 ..... Ete Marq 5s ‘A 56 .... 95% i Rd Coal 6s 49 .... Philippine R 45 37 .... 15% Pillsbury Fl 6s oF Hees --107)%

Port G E Shes

Rem Rd Wis aie St LSP 4s A 50 ....... Seab Ri “Lin 6s 45 ...

Wi Union 5s 60 WheelStl Tas Se 95% Young 8 & T 4s 61 ...1013 ToL BONDS High Argent 4%5 T1 ......... Australia 5s 55 ..» Brazil 8%s 26- 3Y d 60

eevee BBY: Assesses «31a

Peru 6s 60 14%;

FOOD PRICES

CHICAGO, Sept. 25 (U. P.).—Sweet Poatoes—Tennessee, u, hampers, 75@90c. Carats Himol, bunches, 1¢ 2c, Spinach— Michigan, 1. matoes—Michigan, 12-qt. Bs 40750, NF Caniiflower Colorado; crates, [email protected]. Peas—Colo rado, hampers. $2.15, Celery — Michigan, flat crat es, 25@40c. Onions (30-1b, ehigan, | Ene Minnesota Yellows. 72%c; Iowa Yellows,

tessa

Fie, VB utterfat, ‘No. 1, 84c; No, 2, 32,

85¢c; oo asessn Yellows. 80c; 5 $1; Utah Valencias, oie, ano, Whites

89.5| Am

Am &

Anchor

Armour

Artloom

Auburn

Canada

Cannon

‘Celotex

Century

Ch M S Ch & Chi_Pn Chi R

Clark

Col Colum Col Carb

Ioco ctf .. & Ohio ... : O of

RB soos 2 w Buroughs Bush Term ... Bush Term deb. Butler Bros ... Butte Cop Byers, A M Byron Jackson.

Can Pacific

Close Change - 60 5 Ya

Am Am Fur oe ‘es

& PP Am&F Pwr "6 f Am&FPwr $7 pf Am&RPWr 3 pf

Loco BE io: Mach&Met.

ad & i " Roll Mill . Safe Razor. 24 Sez ing 19%, Roll Mili ‘pf 35h Smelt .. 693 m Snuff is Stl Fdies .. 35% Stores ..... 12

Sugar . Sumat . T&T

Am Am Zing pr pf. Anaconda . . $v * | Anac W&Cable. .

Cap ... iv

Apw Paper .... rch D-M .... A Im Ya

. 33% Ill pr of 71%

1: Armstrong Ck . Arnold Const ..

Asso Inv .... Atchison ..... Atl C Line . Atl G&W I

Auto .. 1gns

Austin Nich ... 1a Aviation Corp .. 3:2

Be 111% 17%

So ry

2 in oe 1 CD C0 0 1s 3 03 G1 1 1k <1 O> DG be . : a Ne

BE a =~ o

Pt br fod fo fh ot 05 10D fet pt

Dr eB £5 mil 160 U0 mn] ft m3 0 =I ED EM are

D200

— rd

® DED A A

SHELL TELE

—- Po hd SCT 0 et fd fa fh fd fh eb 00 ND et fet

~~.

beans

Cal Packing ... Callahan Zinc . Calumet & H .. Campbell Wy ..

Dry ... 15

Mills

Capit Adm A .. Carpenter Stl . Captions & Gen 5% Case, J I 130% Caterpillar T Celanese

Cent Aguirre .. Cent Foundry . Cent RR N J .

Rib ...

Cent Viol Sug . Cerro de Pasco Certain-teed Champ Paper .

ChicGtWest Ry ChicGtWRy_ pf. Chi Mit Order

t P&P

Ch M St ap pf w Ry . Chi & Nw Ry pf u'r 1 ChiPnTool w ‘pf RI&P Chi R 1&P 6 pf

Chi R I&P 17 pf Chickasha C ..

y 1& City Stores ...

Cleve Graph Br Cluett Peab .

A Col Fueld&Iron. . 1972 Gas 93a Col Pictures ‘vic 19

on .... 95

Col Broad A ... 24Y2 Com Credit .. Com Inv Tr ... 51 Com Soivents Commonw & So Commonw So pf 3 Conde Nast .... 7% Cong Nairn .... ; Cons Cigar

. 48%2 : 10%

i son ..

Son “BR

Conta

Dome

Dresser Dul 3 D

| East R : East Kodak .. 113% Eaton Mf 26? Eitingon Elec Auto-L ... n

Elec Boat ElecaMusic’ ‘Ind pt 3 & Lt

Elec St

Erie 1

Film

Con Textile .... Cons Coal vte . 17 Cons Coal pf nie G28 2

Cont Bak A ... Cont Bak B ... Cont Can 5 Cont Dia F. hes Ha

Cont Mot Cons Aircraft .. 3 Cont Oil pa - Cont Steel . Corn Prod . Coty

ag . Doehler D Cast. Min

AD Eauit ms see Erie .... pf

104%2 Cuba pf 44

LON -— > ®

14Y, 2% 2

COMO bd BD

Cutler Ham ....

Deere & Co ....

Douglas Air ... 35

Bi..... & At. At pf. = 12 141 138% —f 1%

/2 Ya 7

Mill

ha 8%

1.36 4 El PwaL $7 #4,

Bat of

3% HL 14%

Net

+++ 1)

HELL LLL)

LHLEELE +++ LLL

eh pap

SanReR

. .

eo en. RN

CI BR a

- 0

NEW YORK Frey

8v United Press,

15 MOST ACTIVE STOCKS

Net Close Change 8% 80 465% 25% 81 87 23 17%" 16% 3%

High Radio ...cce000 9 U 8 Steel ..... 81% Gen Motors ... 483% N Y Cent ..... 26% Anaconda Cop . 91 Chrysler ...... 91 Rep Steel ..... 23% Commonwith So 2 Par Pict ...... 175% ‘United Corp .. 3% Int Nickel ..... 51% 50% Gen Elec ...... 43 415% 41% Curtiss Wright 4 3% Pure Oil ...... 14% 14% M% Socony Vae ... 13a 11% 17%

Transactions “approximated 1,470,000 shares compared with 700,000 Qu shares last Saturday. Curb transactions approximated 410,000 shares compared with 163,000 shares last Saturday.

Low 8% 9%

Net High Low Close Change

5 5 Ya 13%; 13% Ya 2Ys 2%

Eureka Vae ... 5% _— Evans Prod ... 14

Exchange Buf . 2's —— 41% 38?

—

— Ya

Morse .... 41 8 38% 12%a 4

41 38%

Mach . See Wheel ..

Sug . Ya Freept-Sulphur 24%

Gabriel A ..... Gair Robt ..... Gair Robt pf .. 3 30 Gar Wood Ind . 84 Gen Am Iny ... 9 8% Gen Am Tr .... 48 48 Gen Baking ...

3% 2

RR ER

a nN

SHIELD

a a

Ry eG

Fees .e nT R ves en Ther Eq .. illette RR. 12 lette 8 Ss pf mkt=21 Bros ... mbel pf ....

id iaden

id obel, toebel Brew ... 3 ;oodrich 2 oodyear .... toodyear pf ... Gotham Hos ... Graham-Paige .

200000000

QAR

yhound 2 bi1cé:No Va Gute, Mo 9574

M&No pf -

Hall punt sesve 3% V4

aze . Hecker Prod . “es Herc Mot Herc Pdr Hercules pdr rts 5 Hershey ....... 50 Hottie Pars: 381s ollan Hollandr & son 6% Holly 8 . Homesta! e .

Hupp Motor ...

15% 28Y2 6

11 Central .... nd Rayon ..... Inland Stl -.... nspiratn Cop . nsshs cts Md. . nter R T new.. [nterchem Inter Rub ..... nter Iron .....

nt Ag pr pf ... 33% [nt Buisiness M 145% Int Harvester .. 91 Int Hyd El A .. in :

ntertype raaane

Jewel Tea ...... Johns Man ....

Kan C Sou_.... Rotman DS .. Kayser Jul . Kelsey Hayes A Kelsey Hayes B. Kennecott Keystone Si. Kimberly C Kinney Kresge D S . Kresge . Kroger G&B . ver

I tle

Dl Nae a

. Qu a o>

ct Nad NY

ass

ie fal'Sp va Lima Loco . 40

Link Belt esse 49 Lig Carb sesees 3) Lo as

Lone Star Cem. Long Bell, A .. Loose-W Bis .. Lorillard

us Crd CODD FRE EE

. . . .

SRE ER Rey

LELLEL ++] »

. bpd

th Rely ee a ‘Agtion .. Biscuit oie

at Dept St pf. bt Distillers .. t Enamel ... Gypsum ... at Lead ...... Nat Pwr & Lt..

; Supply cass

23030 +

Neisn RCH Nev"E"% snare 41

ALLE LIE L+H

High. NYA $ Ind as 20% ¥ Sentral oo 28 &SL

sense

eel ona Marine. . Owens Ill Glass

Pac Am 3 Fish oe Pac G & El Pacific Lie Pacific Mi

nn R Cem Penn ny Sand. nn ae oan Be Gas i Pere Mat pf ..

Pet Corp Am .. eiffer-Brew ..

vv OUT 2

Stl tts United . ttston

ymouth oil . .e or B

ort Ric-Am Port Ric Am Postal Tal pf .. ores Stl Car ... Proctor & ‘ Public Serv ....

SaSLnE

Purity Bak ooo.

Quaker St Oil...

ok COs i OBO CI nT a JO 0 oe

oh -

ONT Nee

tot 1

£ £ Seagra Sears Roebuck. 14% Servel Inc Sharon S H .. 25!

Sperry-Corp Tas Spicer Mfg .... 23 Spiegel Inc ...

Syming G xw ... Sunshine Min

R Cie Transamerica . Trans West Ajr. Trans & Wi Tri Cont Truscon Stl .... 20th Cent Fox . 20th Cent F Twin Cv RT . Twin Coach ...

Ulen & Co . .... Und El Fish .. 68Ya Union B&P .... 15

Un Pacific ....10 Un Tank Un Aircraft Cp. Un Air Lines Un Biscuit

Ty es WD 8 on - s, a8

BO btw] bd bb

hs FR

bd adaJadCd CORE BI tolis FREE

0 o 0 ow = = » Laie tt D9 00 «J «380 ord RES or

a aE

Warner Bros ve 1d a1l1iCIil

arren Br cv ‘of a! PF

A A Wes Oil & 8 ... Wes Oil & 8 pf. 75 West Auto Sup. 23 West Md .. ... West Md 2 pf. 3 West Pac . ...

x O&G Wills. Qverland 4 Wool a 41 40% or semen i rthington «oe 2512 25% ye

& TT aasved NN Yelow TL eeenes 15% Nn

COJaJCI CONS ROFdaTidisd iD M4

= BI 00 = &

nL © a

Net hi Close. Change. 13 Ya

-—'8 — 3 — 1% a + Ya

+ 11

ERE EERRE SIRE!

. .

L414]

PULLER EE Ls

| steady to 25 cents ‘lower.

PORKER PRICES

GAIN 10 CENTS IN LOCAL YARDS

Sows Steady With Top Figure at $11.50 as Light Receipts Prevail.

Hog prices worked higher again today to climb within 10 cents of

7 | the week’s peak of $12.70 paid on

Monday. A run estimated at 1500 head found shippers again in need of supplies and clearance was completed readily, according to the Bureau of Agricultural Economics. Choice 210 to 225 pound weights sold _at $12.60. Sows had a bulk

3% 4 | spread of $10.50 to $11.25, while good : light sows reached $11.50.

There was no trading in cattle today. Compared with the close of last week good, choice and prime steers and yearlings are fully 25 cents higher, instances up more. The supply-of longfed kinds was very meager most of the time. Common and medium grades, especially weights below 950 pounds, were dull throughout and closed fully 25 cents lower. Common and medium heifers predominated in the week’s crop and ended 25 to 50 cents lower. Good and choice kinds were very scarce and are quotable steady. Cows wound up the week Vealers finished 50 cents off, while bulls declined 25 cents. Stockers and feeders closed generally steady, but trading was dull late. The practical top on steers was $18.50. Trading in sheep and lambs was on nominal basis today. Compared with the close of last week spring lambs are $1 to $1.50 lower, spois|s off more on medium and throwout offerings. The week’s top was $12, while the closing bulk on good to merely choice springers rested at $10 to $10.50. Lower grades sold down to $5. Slaughter ewes closed steady, with a quotable top of $4 on choice lightweights:

HOGS $1 Ja) 58

25. Light Li fh 140-1 eo Soo and e

Dr 160-180) Gone

ium (180-200) Gout Mediu

m Medium Weights— (200-220) Good and (220-250) Good Heavyweights— 250-290) Good Good Sows— Good ..., 250. GOOd ...eeisssiens (375-520) Megium Slenghet Pig (100-140) Good and choice.. 10.60

edium 10.35@ —Receipts. 600— CATTLE . -—Receipts, 50— Steers

choice. choice. .

choice. . choice. .

asesessne

ov. Gh ft Pb ph fh pd ed fod fk lh i STR

sessssinns

11.60 11.35

(550-900) CholCe® ....ceseess 13.00@17. py Good 1

C (900-1100) Prime Choice Good . Medium .e Common (plain) Prime Choice GOOd ....secssrnes Medium eccessncee Prime Choice od

25@ 17 5@19. 00 [email protected] [email protected] [email protected] [email protected] vessesesss [email protected] . [email protected]

(1100-1300)

ssscsssssens

(1300-1500)

cesssssssses

Heifers

(550-750) Choice J3.00

(750-900) Good nd choice".

ommon, medium.

Common, medium oe Low cutter and cutter vessnee

Good (beef) Cutter, common and medium. . . Vealers —Receipts, 25— Sood and choice [email protected] [email protected] oat a medium ......... ee... 6.00@ 9.50 Calves (250-500) Good and choice.. [email protected] Common, medium... 6.00@ 9.00 Feeder and Stocker Cattle

Steers (500-800) Good and choice. . mon, medium. (800-1050) Good and choice.. Common. medium.. Heifers

Good “and choice ee Common and medium ....... Cows—

— to o

I) Ob =aboa3dd 93 £9 9989

So 23 nse or OW

Good . Commond and medium ..... SHEEP AND LAMBS Sing 1 Lambs—

Good .... sesssecngare. a Medium

C Shorn EW (90- 175) Good and choice... Co mmon, I medium..

SeeBscse reset esescssvesssecest as

AFAYETTE, Se pt. 25 (U, P.)— Aa hi i Buk, S

’ $10. 75 an: ughs S, tia; down. Calves, $11@12. down AYNE, Sept. 20 1 P 10c shi! 10

$12. $12. 08: 1bs,, $11.35; Je. ., $10.85; $10.35;

100 -12 $8.50. Cotves-$i2, $0. Lambs—310.

COMMODITY PRICES

October December .... January «..eee March May ..

Corn Futures

Gain 2 Cents; Wheat Eases

CHICAGO, Sept. 25 (U. P.) —Suspension of trade in September corn today removed the distorting element from the grain market on the Chicago Board of Trade and focused attention on the other deliveries. At the close corn was 7% to 2% cents higher, October 73%; wheat was 12 to 3% cent lower, September $1.05%, and oats were 4 cent lower to 142 cent higher, September 32% cents. October corn showed early firmness but December and May were not long in following its lead until a substantial advance was recorded. It is understood. that “shorts” in the September corn situation will demand an investigation by the Commodities Exchange Administration of elements which resulted in suspension of trade in this contract and the placing of a settlement price at $1.10%5.

WAGON WHEAT City grain elevators are Da ing for No. 27 98c; other grades on their Merits, Cash ‘corn, new "No. H Yellow. 86c. Oats,

LIVERPOOL WHEAT

Close Clos 06k. siiaree. 3 af’ $1. on $1.313; $1.333% 4 Dec. 3 3 1.30% 1.30% 1. 32% March . 3 357 a 1.24% 1 247 a 1.26%

WINNEPEG WHEAT Open Change October . $1.28 —7e

Decmber . Hay =I May . 1.24%

GRAIN

CHICAGO

oa Tht May

Fre ven $1 | si 04ts si. BY $1 hose 04% 05% 05%

grrr 105% 1.08% 1067

Oats— Sept. ..cc0000 Dec.

Soy Beans— Oct.

ec. May .cccveese Lard—

Sept. ecee.o0 10.80 Oct, ssssve, 10.70 Nov. ... .

Dec 10.45 10.4 a Ask: b bid; n nominal.

CASH Wheat—No. 3 hard, $1.09%; No. 4 har $1. 01% @1. 07; No. 5 hard, sample grade hard, 82@91c; 98> @98 Yac; sample grade mixed, 86c. Corn (old crop)-—No. mixed, 10: mixed, $1.05; No. 1 ye yellow, $1.11; No. 3 ye 1 white, ‘$1.11; No. 3 white, $1.08%; sampl

8@53 2 white, SVs ado; 3c; sample Satie: No. 2 mixed, 2%c: ' No. 4 mixed, 33c, 0. 15 asc. Ba ox cad, Ho 57c; 2@ 93 Beans—Unquoted. Timothy Qos: sa 2% Bai. 75. Pipvees ore Cash Provisions—Lard,

loo 11 nominal; leaf, $11. ns nominal; bellies, 16.32 ask. CASH Yuest Marist, a, “SF obia receipts, 2 carloads; No. 1 @1.02%2; No. 2 red, 99%c@$l. oesh hard, $1.00%2@

No. 1.03%; No. 2 hard, ticast: Gals” Ci ips, 6 car-

mix 3 mixed, 86@88c; No. 4 mixed, Oats—Market, steady: a loads; No. “white, 29% @30%c; white, 289:@ 20%c.

. Chicago Stocks

High low Close q,.

No. 3

Abbot Lab ............ 414 Adams Royalty e.ceecee 8%- > Advance Alum ........e 52 5Ya Aetna Ball PB) .c.ce0eeee 9%2 91, Allied Bis seccess 13 13 Am Pub Serv pf ...... 53 Armour &

Sie 9% 13 53 8%s

9 1% 5

ceseenees 8%

g Autom Washer pf «c.ce Bastian-Bless .. 1 Bendix Aviat, . Berghe Brew Bin Mfg Bis & Laugh Brown Bruce E FLY Butler Duos Butler B 5 cv pt cesses 24 Cent & SW Ut 2Y

Chgo Corp Chgo Cor & PL coves 0 Chgo casssecee 214 Cities Neri sve Es Comwlth Edison Comp Ind G

CP vionsense 20 « 372

“sssspgaree

cesses sads

ne Gen Hshld Ut Goldblatt Bros ........ 3 ard

J - ~~

SRR 3 ae re

Js CID rt iB oJ LE

ld NR BRR 0 & a ENA

— a

-—

Lincoln Print ...eccceee Lion Oil Ref Loudon Pack

BO BR —— SN

October ...... December .... January esses March

NEW YORK ‘COTTONSEED on,

Close 7.07 7.07 7.18 7.18 7.20 7.22 7.26 7.27 7.33 7.36

FOREIGN EXCHANGE

Cable Rates 4.95 Ya rate) 4.947; 1.00

Prev. Clos 7.17 3 22 25 7 31 7.37

Low

Net Change +.0 0%

--.0000% -+.0000%% .0000%

+ aig” +0002

Young S&W ... 32 31% 31% — 3% Youre Sheet .. 56% 55 55 —_ Ys oo

31 3a

sess

Zenith Rad ... 31 Zonite .. 315

verses

Rant

West pf ww land United

n i Df .e 1 Ut per lien ... fer & Hart pf ...... Stand

aaa

Ni Oshkos! deabody Coal B dict Paper .. drima & C Process Corp 2 Pub Serv N NT (no par) 76 Pub Serv NIl6Dpf...»1 Oats -........-1 Hoon Mfg Raytheon pf .. ns Hos ..

sssesssnnes

0 cocasssiaes

Oe RO @ >

i TS

Signode St Str «c.eo..0 2 Bend La

SAFE DEPOSIT BOXES

% The *

Indiana National Bank of Indianapolis

angemo El .. Schwivzer-Cu . erick Corp B .....ee00 1

pe NTN

Lath .ccececee 17%

t oe Thom (JR) . Utal h Radio Prod eu... Utility & Indus satenene Ut&In _C “asasesees

as 8 reves 3W8

¥ Wm Zz

BROKERS BEGAN MARKET RULES, FLYNN ARGUES

When Rigid Regulation Comes They Will Like It Less, He Asserts.

By JOHN T. FLYNN Times Special Writer

NEW YORK, Sept. 25.—Whils

Wall Street is whimpering over the

regulation of security trading it might be well to remember that Wall Street has always believed pas« sionately in the regulation of security markets. What is a stock exchange? If is a security market, of course. But it is a security market brought under regulation. In the past, how ever, this regu= lation has al« ways been supplied by the members of tha

stock exchange .

themselves. But who and what do they regulate? They regulate the business of buying and selling stocks and bonds, In doing this they assume powers of the utmost importance, They say what stocks may be traded in that regulated market, They lay down the rms on which e | they may be admitted to trading. They make extensive rules affecte ing accounting, balance sheets, distribution, reports, etc. They formerly fixed margins and made an elaborate set of rules respecting

Mr. Flynn

those margins. They made elaborate

rules governing the rights and duties and conduct of those who bought or sold stock. If you will examine all this you will see that the rule governed corporations ‘and corporation management, corporation shareholders and bondholders, banks, money. lenders, investors and speculators—several millicn people who had no voice whatever in the making of the rules. : Rule Makers

I estimate that there were at the

most some two million persons who took part in the trading of the stock exchange. But the rules were made by some 1100 persons whose sole role was that of broker and speculator. It would not be right to permit bankers to make the rules of the security market, They could be could be counted on to make the rules with an eye well fixed on the interests of the bankers. It would not be fair to permit corporation executives to make the rules. They would lean over too far to the special interests of corporation mane agement. But it was equally unfair to permit brokers—particularly brokers who were primarily speculators—to make the rules. It is from

. that bad situation that most of the

bad regulations and bad ethics of the market have sprung.’ And so it is plain that there has been plenty of regulation of security markets in the past. But the regulation has not been made in the interest of the public and, particularly, not in the interest of the economic society as a whole. Now we have for the first time regulation which is designed to look out for the public stake and the social stake in security markets. Naturally those kinds of rules are not the kind the brokers would ‘make. And therefore, quite -naturally, the rules irk them. But in all fairness it must be conceded by them that the ‘rules have been very moderate, extremely timid, very hesitant. Mr. Landis was very tame and they have admitted that by expressing their great admiration for him. One of these days Wall Street will get real regulation. Then they will like it even less. (Copyright, 1937, NEA Service, Inc.)

BROKERS’ LOANS DECLINE

WASHINGTON, Sept. 25 (U, P.. —Loans to brokers and dealers in the week ended Sept. 22 totaled $1,074,000,000 down $44,000,000 from the previous week and compares with a total of $997,000,000 in the same week a year ago. Other loans for the purpose of

purchasing or ‘carrying of securities amounted to $243,000,000.

NEW BOND ISSUES

(By W. L. Lyons & Co.)

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Notice of Extra Distribution

QUARTERLY INCOME SHARES, Inc.

The Board of Directors has au thorized an extrs distribution of $1.00 per share payable Oct. 13 to stockholders of record Oct. 1, 1937. This distribution will be payable in five-year 5% debentures with cash adjustments for odd denominations. <+* EDWIN J. REIMANN Secretary

September 22, 1937

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