Indianapolis Times, Indianapolis, Marion County, 30 September 1937 — Page 26

| PAGE 26

INDUSTRIAL ISSUES LEAD STOCKS UP IN MODERATE TRADE

: r . . & Shares Gain Fractions

To More Than 3 Points.

~NEW YORK, Sept. 30 (U. P.) —Stocks advanced fractions to 3 points in moderate trading today, industrial issues leading the advance.

U. S. Steel was a fairly active issue, reaching 83% for 1% gain. Bethlehem had 1% gain at 713%. American Can jumped 3 points to 101%, Chrysler had 1% gain at 93% while General Motors: advanced fractionally. ! : Gold mining issties again were in demand. Alaska Juneau rose to 113% for. 7% gain and Dome Mines had 1% gain at 433%. 3 Atchison gained a point to 59% and New York Central. almost a point to 2815.to feature:the railroad section. Utilities were ‘quiet and fairly steady while most: of the nonferrous metal shares gained frac- » »

tionally. Today’s Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet’s, week ended Sept. 28; food index, off 4 cents to $2.88 vs. $2.75 year ago. Dun & Bradstreet, reports week ended Sept. 29, bank clearings $5,221,571,000 vs. $6,500,527,000 previous week and $5,547,785,000 year ago. Engineering News-Record reports construction awards this week $42,494,000 vs. $42,177,000 last week and $57,070,000 year ago. . National Coal Association esti-4 “ mates week ended Sept. 25 bituminous coal production at 9,485,000 net tons vs. 8,794,000 year ago.

RAILROAD REPORTS

Chicago, Burlington & Quincy R. R. Co., week .ended Sept. 25; carloadings, 18,379 vs. 18,023 previous week and 18,457 year ago. Gulf Coast Lines, week ended Sept. 25; carloadings, 2840 vs. 2816 previous week and 2214 year ago. International-Great Northern R. R. Co., week ended Sept. 25; car-

loadings, 2881 vs. 2756 previous week g

and 2704 year ago. Missouri Pacific R. R. Co. week ended Sept. 25; carloadings, 10,046 vs. 17,631 previous week and 18,929 year ago. New York Central R. R. Co., week ended Sept. 25; carloadings, 45,160

vs. 44,047 previous week and 42,570 | F

year ago. Norfolk & Western Ry. Co, week ended Sept. 25; carloadings, 26,701 vs. 25,493 previous week and 24,982 year ago. Pennsylvania R. R. Co, week ended Sept. 25; carloadings, 72,876 vs. 72,784 previous week and 72,773 year ago. Pittsburgh & Lake Erie R. R. Co, week ended Sept. 25. carloadings, 7719 vs. 71466 previous week and 7829 year ago. : Wabash Ry. Co., week ended Sept. 25; carloadings, 6029 vs. 5958 previous week and 5939 year ago. CORPORATION NEWS National Radiator Corp., (Maryland); first half net loss $358,293 vs. $308,272 year ago. : : Southern New “England “Telephone Co., August net operating income, $326,603 vs. .$346,373 year ago; eight months $2,818,626 vs. $2,481,009 year ago. : Coast Breweries, Lid, and subsidiaries, year ended June 30 net income $247,510 equal to $137 a capital share Vs. $200,060 or $1.11 previous year. gs : Consolidated Edison. Co., of New work, Inc. (parent company only), 12 months ended July 31 net income $41,837,619. : 3 Endicott Johnson Corp., awarded contract for 599,502 pairs of service shoes at $1,617,824 by U. S. Army base at Boston for Civilian Conservation Corps. John Irving Shoe Corp., first half net profit $156,239 equal to $1.12 a common share. No direct comparison available. : Maple Leaf Milling Co, Ltd, fiscal year ended July 31 net profit $14,850 vs. net loss $128,701 previous fiscal year. . Ohio Edison Co. August net income $321,565 vs. $287,068 year ago; 12 months $4,839,135 vs. -$3,839,231 previous 12 months. A. O. Smith Corp., fiscal year ended July 31 net income $16,655 vs. $862,659 previous year, DIVIDENDS

Modine Manufacturing Co., regular quarterly 75 cents on common payable Noy. 1, record Oct. 20. Sundstrand Machine Tool Co., 50 cents on common payable Oct. 15 record Oct. 5 vs. two payments of 25 cents each previously this year. U. S. Plywood Corp., initial quarterly 25 cents on common payable Nov. 1, record Oct. 15. Moody’s Investors Service, 50 cents on common payable Oct. record Oct. 6, first since 1931. Royal Typewriter Co., 75 cents on common payable Oct. 15 record Oct. 8. Previously this year two interims of 75 cents each were paid in ad-

MARKETS AT A GLANCE

Stocks higher in quiet trading. Bonds higher; U. S. Government issues irregular.

Curb stocks higher and quiet. Chicago stocks higher.

Foreign exchange firm. Call money 1 per cent.

- Cotton futures steady and quiet.

Grains in Chicago: Wheat up to 7% cent a bushel; corn up 1% to 3% cent. Rubber futures lower. ‘Silver unchanged in New York at 443% cents a fine ounce.

N. Y. Bonds

By United Press BOND PRICE INDEXES

20 20 20 60. Inds. Rails Utils. Stocks Yesterday «.... 82.8 96.7 89.3 Week ago 84.6 97.0 90.3 Month ago . 89.9 100.4 94.0 Year ago 99.1 105.8 99.2 Two years ago 89.8 80.4 100.7 90.3 1937 high ... 101.2 106.0 100.7 1937 low 82.0 96.3 88.8 1936 high 100.4 106.2 100.2 1936 low 84.7 103.5 93.3 1935 high 86.4 103.6 1935 low : "1.0 89.3 (Copyright, 1937, Standard Statistics Co.)

NEW YORK, Sept. 30.—Bonds - steady. P ends opened

% Alleghany 5s ‘50 ... Argentine 4lzs Can Pac 4s . Cent Ga Ry 5s ’45 oe Chi M Stp & P 55 ’75 ....... 16%; N Orleans Pub Serv 5s ’52 ... /s 997;

Warnér Quin 6s Youngstown 4s

Curb Stocks

NEW YORK. Sept. 30. — Curb stocks opened irregular.

Am Gas & El ... Am Sup Pow Cities Serv E S

1 B & Hud Bay Min .. Niag Hud . Pennroad Corp ... United Gas Cor Un Lt & Pow Wright H

INVESTING CO.’S id

Bid Ask B As Adm Fd 15.06 18.02|Key cf K1 19.40 21.17 Affl Fd 6.93 7.63|Key cf K2 14.44 15.80 1.03| Key cf S2 20.60 22.55 ....|\Key cf S4 8.256 9.

Open cessaane eeses 29 8

csvs0s sss sesso

...:|Natnwd sec 4.04 wes) 2 vi 1.6 es.{Nat Inv 6 ...|New Eng. 15 IN ¥ BKS 00 .. tocks, Inc. ks 9.58 10.35 Sup 8.79 9.51 wk 9.55.10.32 9.95

26 6. 43 16.16

BON NEIL BIRR 1 00 Ob

Ob OM 00D WB bY =I DB it is

Nabari . sie aw OD. +.» -_ NWO O © thd Oe

13 .04 95

= .

ro =A VO0

.* N%. Pew WOT] DD 00D tah Odi. =o hoe » Sook ON Wh oi esse .

60 © 71 14.74 16.15 11.39 11.89

1.11 1.56 1.40 1.06 1.16 1.36

97 1.55

[Rowd CORON RWW

I = - = [=5 3 » © wo a

o 2 WHEE w < . B - @o ©w aN 8 LE on «©

- id > 0 —- © wn

as 2. Tr St Oil A 6.97 .... ”B 46 o.:. Tr Am Bk B .76 _.84 Tr Ind 1.21

US: L&P vig .88 Well Fd 15.38

Tob Inv. Ban C Is 1.32

.96 16.90

Sept. 1. Stock exchange seat $75,000, new low since April 9, 1935. St. Louis and Boston reserve banks cut discount rates) to 1% from 2 per cent. ; 2. President Roosevelt signs Sugar Bill, Submarine sinks British tanker in Mediterranean. Bank of France cuts discount rate to 4 from 31% per cent. San Francisco and Kansas City reverse banks cut rale from 2 to 1% per cent. 3. Philadelphia bank rate cut to 11; per cent. 7. Russia accuses Italy of sinking two ships; Italy sends hot denial; Germany sides with Italy. Stocks in worst break since July 23, 1934. 8. Heavy marginal selling. Cotton crop estimated at 16,098,000 bales as of Sept. 1, new high since 1931, fifth largest in history. 9. Francs at 10-year low. DowJones estimates 60 per cent margin accounts in restricted area. Electricity output ®t record high. August steel output at new high since 1929. Eight months auto output new high since 1929. 13. Federal open market committee releases $300,000,000 gold from sterilized fund, decides on open market. operations on Government bonds. : 14. Farm income for 1937 estimated by Department of Commerce a billion dollars over 1936. Western Union defers dividend. James M. Landis’ resignation from SEC aeccepted. : i 15. U. 8S. Steel estimated operating above industry for first time in seven years. Roosevelt bans arm shipments to Orient in U. S. owned ships. 16. Secretary Morgenthau invites Sir Frederick Phillips, British Under-Secretary of the Exchequer to Washington to discuss economic situation. Treasury begins negotiations looking toward continuance domestic silver buying in 1938. 20. Cudahy Packing omits dividends on common and preferred. Morgenthau-Phillips conferences be-

dition to a distribution of $2.50. (Copyright, 1937, by United Press)

gin.

93.1] Child 83.0| SP

D Lac & W ‘| Diam T Mot ..

214 | Douglas Air s.. 3

‘| Elec Auto-L

k| El Pwr&L $7

{ Francisco Sug

co's) G eees | Gt West Sug see | Greyhound Cp . 13

H -|H H H

September Financi

NEW YORK STOCKS

fps.

High . 107%,

Alaska Jun ..

m A 1 Mill. . A R Mill cv pf 90 Am Stl Fdies..

2 A A os Amour Il .... Armstrong Ck.. A 60

Atl C Line At

A a ves Auburn Auto .. 13% Aviation Corp..

Bld Loco ct wi . Balt & Ohio.... 13

Burroughs Butler Bros ... Butte Cop ...

Callahan Zinc . Calumet & H Canada Dry ... Can Pacific ... Carriers & Gen Caterpillar T . Celanese Cent Aguirre .. Cent Foundry . Certain-teed .. Ches & Ohio _.. h M StP . hMStP&P pf . hickasha C ..

a3 16% 7

927s « 14% 97s 1¥s 5

Colum Gas ..-. Col Pictures vic 2 Com Inv Tr ... 5 Com Solvents ..

Deere & Co ...104 Deisel W G ... 15% . 117% 12 Dome Mines . j2%

10% 107% ++ 2 + 2212 22% 2012 20% 14 14 127 12% 55% 55% 17 1

SHE AE

9 Ys 48Yz 48'z — 60 60

D+ 22 F

36 36 24Y2 24%

13% 13% 4% 4%

B— 12% 12% 18 18

20 20 18% 18% 21 21 15%

4% 4%

22 10% 16%

Ps.

21; . 10% © 16%

30% 30% 5 5

104 15% 11%

12 42% 38

Eitingon Sch ... 7% ees 3134

& i El Pwr&L $6 pf 52%

Elec St Bat

Fl Paso Nat Gas 23 rie

127%

2 pf 56% 30

10%

Buf.. 2% wel

5 19%

«25 Freept-Sulphur.

Gen Am Inv ...

0 H Houston Hudson

111 Central

SEC.

22.Sugar price cut to 5 cents from

1312, 13% « 9% ‘9% « 5Ya 5% 2412 24%; 161 464 ofl ... 10 Motor.. 11%

free 16% 16%

5 19% 25

513 25%

13% 9

5 24Y2 462 0

11%

+ HEHE HE ED

16%

al Chronology

21. American Smelting dividend | South $1.75 vs. previous of 75 cents. William O. Douglas elected chairman of

5.15 cents for refined.

23. Fortnightly settlement in Lon-

don passes with one small failure.

24; Lead cut 25 points. Car loadings at new high since 1930. Stock new low Industrial average at new low for year at 147.38, against year’s high of 194.40

Exchange seat, since April 8,

made March 10.

25. Trading in September corn stopped, Board of Trade fixes settlement price for shorts at $1.10% a Railroad average at new low since 1935 at 38.93, against year’s high of 6446 made March Utility average new low since

bushel.

17.

$72,000, 1935.

1935 at 22.77, against year’s hig of 37.54 made Jan. 13. ;

26. Edward A. Filene dies. eral Reserve expands list of discountable paper to include instalNew York Stock Exchange announces questionnaire to members asking all trading data on U. S. Steel common stock between Sept. 7 and 25th, inclusive to obtain cross-segtion of market. 27. Domestic ‘copper down a cent at 13 cents a pound. Lead off 25 points. Steel operations 74.4 per cent, against 75.4 year ago, and 84.1 per cent at beginning of month; first time this year under 1935. DowJones average of 40 bonds at 97.04, | new low since 1935, against year’s | Nobi Ohi

ment paper.

high of 105.89 made Jan. 16.

28. U. 8. Treasury studies economies; President at Bonneville Dam, Ore., says budget will be balanced in next fiscal year and restates his policy for 7 or 8 regional power | get st Yds bony.

commissions.

29. Domestic copper sells at 12 cents, off 2 cents for month, metals break sharply in London. Pitts- ad en burgh steel scrap $17.50 to $18 a ton, off $4 a ton on month. Commodity indexes at new lows for

year.

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX

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

Yesterday oceoe....13651|Year ago .......... 138.49 1937 high (Apiril 5) 158.26

daily ~ compiled

Week 380 ccocccee.

: “Month A800 ceccooe 137.70 1937 low

“daily price index. ‘" Commedity— “Wheat, No. 2 red (bu.) coccocee “Corn, No. 2 yellow (bu) cc...

Today $1.13% . 1.08% - £3% 34 6.875 .1110

0320

Flour, Spg. pat. (196-1b, sack).. Lard, prime steam spt. (Ib.) ... “Coffee, Rio 7s spt (1b) «eooeeves ; 4 , raw 96 test (b.) seswssen ‘Butter, 92 score (Ib) .........0 290-350, good-choice (Ib.)

Following are the commodity prices used in compiling the

Commodity— Lambs, good (1b.)....

(Sept. 29) 136.51 | Rubber, spt. smk. rib Lead, spot (Ib.) ... Zine, spot Ib.) ...

Week Year Ago $1.16% 1.0734 921% A415 7.475 1155

07% | Crude Oil 40 gravity

scrap and hides. aellsville;

Hides, native hvy. steers (Ib.).. Wool, fine unwash, comb. (ib.). Cotton, Midupland (1b.), Silk, 13-15 denlers Jap (Ib) ...

Boston: Wool.

Today

$ .0070 18% 4014 .0850 1.81

ssecvese

(1b.) essen

Copper, electrolytic (1b.) cccovee

Tin, Straits spot (Ib.). Silver, comml. bars (o0z.) Steel Scrap. Chi. (ton) ... Pig Iron, Iron Age comp. (ton). Coke, Connellsville (ton) Cement. dom. Portland (bbl.).. Yellow Pine, 6-in. base’ (M ft.).. Douglas Fir, rough (M ft.) ..... Gasoline, tank wagon (gal)....

(bbL)..... 127

Week Lear Ago Ago $ .10125 § .0900 18% 135% 41 «3514 0874 1.89 1832 J4 © 068714 593% 443% 16.75 23.25 4.25 2.25 60.00 52.50 095 1.27

1.78 .1656

87 1.18

Source of quotes: Chicago: Grains, livestock, lard, steel East ‘8t. Louis: Zine, Con-

7 v

~ Net Low - Last Change

+ +3

Pte heb

Fed-

A264

By United Press

/ 30 INDUSTR! 3 Yesterday :

Week ag0 «cooeee eessssene cies Month 280 ...cccvviesencenncs Year ago High, 1937, 194.40; low, 147.38. High, 1936, 184.90: low, 143.11. 20 RAILROADS

Ys 31 Ys Ya

Va +0.

Yesterday Week a0 c.ocecoens Month ago . Year ako High, 1937, 64.46; low, 38.93. High, 1936, 59.89; low, 40.66. 20 UTILITIES Yesterday ........ vesasuiaves Week ag0 «coc. Sesasssessnyien Month 280 ...cscocceesccnsss Year ago High, 1937, 37.54; low, 22.97. High, 1936, 36.08; low, 28.63."

: %0 STOCKS. ; 4 | Yesterday ...... eae eee . 52

Week ago Month ago «.cco.. { Year ag0 .....ce0 eseisasenses : High, 1937, 69.67; low, 49.44, High, 1936, 66.38; low, 51.20.

og =

sssesssscse ssscsess

DOW-JONES STOCK AVERAGES

-—3.47 —2.24

+0.48 -—1.08 -1.08 -=0.12

; High Inspiration Cop 15% Inter Iron .... 15% Int Business M.146% t ST oe ” + Ri as 2307 .. 63% 18%2 ——

Kayser Jul .,... 19 19 46%; 45% Lr

Kennecott

Leh P Cem .... Leh V Coal ... Lehman Libby Mc & Ja . 11 LO F Class .... Life Savers wes 8

193% . 25% —M . 391%

8309 iB INBIUTLI BD

NOD O fg x

Porc . 364s & Robb 10% Sh 56

ed Vy

Fara a 8

= D3 het NS ORO ONOWD ESOS

Nash-Kelv ,.e0. Nat Eiscals oss

BD won

Nat Gypsum ee Nat Pwr&Lt ...

nN Saar [oy

P+ HH + TT al

No Pacific Norwalk T

Ohio Oil

v3 - =

Plier dL

14+++++1

? | Reading ...:. ho Rem Rand sess. 1

Safeway St L-8 Fr Schenley Dist .. Schulte R . eabd Air. L pf. a Sears Roebuc wo = ervel Inc .... 21 Shell Un~Oil.. 21 3 Silver-Ring ove

| Simmons g “l Sim Saw & St L 25 ; 78 | Smith- A O .... 20% ° Smith«Cor-T cts .20 Socony-Vaculum . So Am Gold... So Por R Sug.. So Cal Ed.... South Pac «eee thh RY...»

Tree tas 23

., (mb . TNR NESEREE

FI EE REE

[2X Pac hermoid

ompson To. dt W A Oil... mk-D Axle... [imken R B.... 5 ransagmerica .. [rs & W A....

Tres & Wms .. 20th Cent-Fox .

HHH 4 Hel +

Und Ell Fish..

+1 +++

U: a Un Aircraft Cp

21 21 Un Air Lines.. 117% 11% 117%

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.)

The followin, sent actual bids

recent transactions. BO.

Bid Citz Ind Tel (TH) 4Vs 61 ...100%2 1 H Tel & Tel Pt W 5%s 55 ...103% H Tel Tel Ft W 88 43 Joo.0...104% Ind Asso Tel 4125 65 «...:...104% ndiana Tel Co 55 60 ..ocvveee 98 Ind Ralways Inc 5s 67 vw 51 [nterstate Tel & Tel 5's 54 .. 97 -Indpls Water Co 3's 66 99 Kokomo Water Works 5s 58..103%

seese. 104% ses.:108 1

ce Heo d VB

“5 is T H Water ‘Works ‘8s 49 Trac Term Co-5s: 57

RR _ . Melt RR St Yds pfd 7... Cent Ind Power pfd Ts Home T& T Ft W's

Co com ..... as & Lt bed 6s FE xIndpls Pwr&Lt pfd 6l28......

R Mallory com XN Ind Pub Serv Serv

Co com ... 22 Van Camp Milk Co pfd ..... 48 van Camp Milk Co com ec... 11 Exdivided

ed. xEx-dividend. By M. P. Crist & Co.)

LOCAL PRODUCE

e prices quoted are tial the country, Ww eries in Indianapolis the bigher, Each full case of eggs mus

0Z. . Heavy breed hens, 5 lbs. and over,

tock, 2 lbs. 1037 Dn

over, l4c; old rooste feathered’ and fat, 5 lbs. and over, Tull-teathersd Sits 10 ie

Pibbh HERE

18¢c horn hens. 13c; heavy breed broilers,

% | Yellow Tr

ud LC

quotations do not repre= or offerings but merely indicate the approximate market level based on buying and selling inquiries or

gn stn xIndpls Water: Co ptd 58 .. ~102%; *106% Lincoln Natl Life Ins Co com. 25% N%

aid for stock e for delivprices aie 1 cent

pounds gross. Bggs—No. 1 strictly fresh, loss off, 2ic

. ’

Ds 3 The. Ly over: We: bareback broil 1937 stock, 8 Ibs, and profless: oc: ducks,” full5c; bs.

i. High nited Corp ... 4 United Cp pf... 34% United Drug ... 8%

aadddac « nnnnnnn .

HELL] HEH aR a :

GLOOGHGC

. . . .

Vadsco Sales ... Vanadium Van Raalte .. Va-Caro Ch ....

[+++ fl SEs

N N A Nard Bak AL 18 arner Bros ... arren LT cece Jes Oil & S.... Jest Union ... Jest Air Bke... PER eel ... t Bek Jee 12% vilson & CO ... Ta ° —Y— 15% 15% Young S&W ... 32% 32% Young Sdeet ... 60% 60

. .

Sl papas’ aie

1+: HHH HH

est Nhee White

. .

++: a o

BUSINESS INDE STILL ON RISE

Stock Market Drop Causes Fears as New Deal Curbs Spending.

By MARSHALL McNEIL Times Special Writer

WASHINGTON, Sept. 30.—Recent shadows in the business picture have been bothering Government agencies here, but figures released today by the Federal Reserve Board tended to brighten a few corners. » At the same time the Roosevelt administration’s new zeal for economy and budget-balancing was emphasized in several quarters. The Federal Reserve figures showed slight declines in several lines of

July, but pretty general gains as

important, because a year ago some $2,000,000,000 in bonus money was out over the land and relief expenditures were greater than today. But the declining stock market has some of the experts worried. So has the dip in the New York Times’ business index. i :

Market Often ‘Wrong

On the other hand, one top Government economist said privately that the stock market has been wrong 50 per cent of the time as an [index to business. : The Reserve Board reported that

| the volume of industrial production

in ‘August, as measured by the Board’s seasonally adjusted index (which uses the 1923-25 average as 100) was 117 per cent in August, compared with 114 per cent in June and July and 118 per cent last ‘spring. : : Manufacturing was up 4 points as compared to July and up 8 as compared to a year ago. The value

up 3 points as against August, 1936. Freight car loadings were down 1 point :compared to July and up 3 points compared to a year ago. The

4 | value of department store sales was

down 3 points compared to July but up 5 points in a year. The sharp recession in stock prices and the nervousness in some quarters over business prospects have not affected the determination

its “pump-priming’ outlays. ‘Morgenthau Backs Economy

The President on his current trip has been breaking the news to the West that Federal spending must now be slackened. Secretary Morgenthau, taking the same tack, last night pooh-poohed a story in one of the financial journals that some of

ing further pump-priming. Mr. Morgenthau said he didn’t know who these advisers were, but they “apparently haven't talked to the President.” He said the Admin-

* | istration was bent on cutting : ex3 | penditures. ;

The Roosevelt-Morgenthail view—

% | already visible in the order shutting 3 off further PWA financing of public

works—is also apparently shared by Marriner S. Eccles, chairman of the Board of Governors of the Federal Reserve System and a pioneer cru-

1 | sader for public works spending dur=-

ing the depression. A close associate said today that

s | Mr. Eccles had not changed his po-

sition, as explained last March, that the time had come to balance the budget—with the aid of higher income and profits taxes and not at the expense of the unemployed. Predictions Break Out

The stock market decline has resulted in a rash of predictions. The Magazine of Wall Street, for instance, will.say in its forthcoming issue that “we believe there will be

business activity during the next three months and that average volume for the quarter will be slightly

i0"" larger than in the fourth quarter of

last year, although the trend will certainly not be upward as strongly

and may, indeed, point downward.”

‘be. rationally expected in the near future, the prosperity peak is not to be expected in less than a year. On

| the other hand, it seems likely that 4 [i6 Will appear in less than four

| ; Ernest 'T. Weir, National Steel

Jorp. board chairman, in an interview Sunday with Richard Gridley,

| Market St. Investing Corp.... 28.08 20.86] en —————————————

tions, which he believes are good.

activity in August as compared with 34 compared with a year ago. That is| 28

‘of total construction contracts was | 4; | down 3 points compared to July but

of the Administration to taper off | Yo

the President’s advisers are support- |

no important recession in aggregate |

as during the closing months of 1936 2

PORKER PRICES REMAIN STEADY INLOCAL YARDS

Light Receipts and Fairly Good Demand Firms Hog Trade.

Hog prices failed to lift ‘above a steady level, the influence of light receipts being offset by further declines in the fresh pork trade,:according to the Bureau of Agricultural Economics. - Sellers at the outset tried for a 10 to ‘15 cents upturn, but steady bids were the best they coax from the buying side. Some shipping interests even went so far as to withdraw the steady bids, but local interests came'to the support of the market and all buyers were forced to follow along. Top of the market held at $12.25 on choice 210-225-pound weights. Sows continued to move within a spread of $10.25 to $11.00. Estimated receipts were 4000 head. ; ¢ No changes of consequence developed in the cattle trade, supplies being almost too light in any class to make a fair test of trends. What

few steers and heifers were offered}

sold on the weak side and cows were barely steady at the week’s sharp decline. Odd head of yearling steers reached $13.75, but little was here of quality to better the $11 figure. Heifers sold generally at- $6.50 to $9, with eligible to $7.25. Stockers and feeders continued dull. : Vealers lost 50°cents mostly as an adjustment from mid-week levels which rose $1 to put local prices in a relatively high position. At today’s decline, good to choice offerings bulked at $11 to $11.50, with most mediums from $9 to $10. Culls sold as low as $6.: : Light lamb receipts offset bearish dressed trade reports and prices in this section held fully steady. Good to choice ewe and wether spring lambs cleared from $9.50 to $10,

Receipts 3000 4000 4000 100 500! 7000 3000 3000 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

[email protected] [email protected]

[email protected] i032 10.00

10.75 9.50 1

30; : Light Lights— (14-160) -

Lightweigh § 160-180)

edium . (180-200) Good and.choice. ’ Medium eececos eee Medium Weights— (200-220) Good and (220-250) Good and Heavyweights— (250-290) Good and choice. (290-350) Good and choice. Packing Sows— (275-350) GOOd eeccesee (250-425) Good .... ve (275-550) Medium Slaughter Pigs ~ (100-140) Good and choice.. Medium

choice. . choice.

10.7% 11.35

10.25 0.35 CATTLE ~—Receipts, 700— Steers Choice cccccescccs Good -

(550-900)

PAR0OD 233883

C (900-1100) sssssssecs ChoiC8 seccccecsse Good eecsss sane Medium : Common (1100-1300) hme

ess

. od bed ped

et heh NRO oJ 3 Sons

Medium EH 9. Prime . « 18.00

[email protected] 13.30018.3

. [email protected] [email protected] 5@11 5.0

83 99

, (1300-1500)

(550-750) Good Common (750-800) Good and choice.. Common, medium.. Cows GOOd cccceiesicsiisrsoces sense Common, medium Low cuter and cutter cccscese

Bulls Good (beef) Cutter, common Vealers —Receipts, 900—

Good and choice 10.50 9.00

alves (250-500) Good and choice.. [email protected] Common, medium. 5.50@ 8.50 Feeder and Stocker Cattle

teers -(500-800) Good and choice.. ommon, medium. (800-1050) Good and choice... Common, medium . Helfers— Y

Good and choice . Common and medium seseees Cows— Good s0ssc00 Comm Cevisee SHEEP AND LAMBS —Receipts, 1500— Spring Lambs— Choice esssesvens Od <seseee Medium Co! ON scssessssssesses Shorn Ewes— (90-175) Good and choice... : Common, medium..

(U. P.).—Livestock: including 3000 dito 15 ce 2 ons 180 1lbs.; $11.65 sows, $10.40@ $10.85; top,

1200. Steer and prime early) $117.35;

8 SoBe all 75 cents lower all grade $14.50;

sesesse

ut) S00

a 3 on o 3

~NEW BOND ISSUES (By W. L. Lyons & Co.) 3 Allis-Chalmers Cv 4s 52 cove 108% i git, ie

Atl City 3%s_64 oe &

In Water 3l.s 66 Incols a Rev Net ss ate Elec G

rn Sta 158 67 ..eop of b Service 44:52 esvaverl Scott faper oq 14s 53 raianet Union Elec 3s 42... eater 3 re g6 oo ns ue 101% 101% Wise SE i. 0e 105

Bid Al Bank of Manhattan Sees 27% 20 4 nkers Trust .. 56 58 ank of New York Trust rooklyn Trust Central

enough to actual business condi- Sing , i nufacturer. He expressed fears about the re-| New York

Colonial : Savings and Loan Association

+ ]&

‘months by 26 per cent. One thing I about electric power, it has to be Si v|i used as ) “108 | problem of stocks on hand.

Wheat Prices Gain Sharply ~ In Chicago Pit

CHICAGO, Sept. 30 (U. P)— Wheat prices turned sharply higher today on heavy bull movements in Winnipeg and Liverpool. 3 At the start on the Chicago Board of Trade wheat was 1% to 1 cent higher, corn was % to 1 cent higher and oats were 14 to 3% cent higher. Reports from Calgary today inicated a serious loss in grade of Alberta’s unharvested crops because of a heavy snow which blanketed a large portion of the province Monday and Tuesday. : J. M. Gilbert of Winnipeg, Searle Grain Co. vice president, said that despite the loss of grade through bleaching in moisture soaked grain, the precipitation may prove of untold value in furnishing a reserve for next year’s crops and to the fall rangelands.

ARGENTINE GRAIN IRES, Sept. 30 ( Grain futures opened higher. November, $1.30%, up Sic: $1.04%, up C. up Yc; February, t, 29%ec, unchanged. Flax—November, $1.36%, up Jac; February, $1.20%, up Jc. . WINNIPEG WHEAT Open Change October $1.36 +1%z¢ December ceecssscsccsancnne 1.28% + "sc WAGON WHEAT

ain elevators ars paying for No.

Cit 2 os 1.01; other grades on their merits. Oats,

Sash corn, new No. 2 yellow, 8lc. C.. x

. BROKERS’ OPINION NEW YORK, Sgpt. 30 \U. P)— Brokerage opinion today: J. S. BACHE & CO.—In view of the severity of the August-Septem-ber decline, the rebuilding of market confidence may well be a slow process, but with any continuation of the type of favorable action witnessed yesterday, such confidence is likely to be cumulative as time goes on. HORNBLOWER & WEEKS—We continue of the opinion that the market is in process of forming a broad base for a decisive recovery, which, when it is under way, should last for several weeks. LAMBORN, HUTCHINGS & CO. —Judging solely by price action, we are still of the belief the current downtrend has not been reversed, and that buying can therefore be deferred for probably more advantageous levels. SHIELDS & CO.—While recent efforts to rally the list have proved feeble, the market is entitled on technical grounds alone to a more vigorous snap-back than so far witnessed. Such a rally appears in the making but does not alter the factors dictating cautious trading policy.

RETAILERS ATTACK U.S. OIL CONTROL

ROCHESTER, N. Y. Sept. 30 (U. P.) —Delegates to the annual - convention of the National Association of Petroleum Retailers began a vigorous drive today against Government regulation of the petroleum industry. Wilmer R. Schuh, Milwaukee, association president, led the attack on Government control. “The National Association of Petroleum Retailers will continue its fight for a voluntary marketing code in the oil industry or get a satisfactory explanation why it can’t

uv. P.). Wheat—

o | have one,” he said.

The Federal Trade Commission on Sept. 5, rejected a code submitted by a committee of the industry, branding it as “contrary to law and public interest.”

U. S. STATEMEN

WASHINGTON, Sept. 30 (U. P.).—Gov= ernment expenses and receipts for the current [ical year through Sept. 28, comarea w a year ago: D ; his Year. Last Year. $ 1,893,520,507.64 $ 1,635,909,816.44 1.627,836,470.35 1,119,196,888.8 ..s _ 265,684,037.25 516,712,927 Bal. 2,858,543,053.68 Bal 1,133,321,933.58 debt 36,867,609,913.52 resv 12,733,963,730.27 10 113,216,040.29

Today’s Pur. Total Pur. Inactive Gold $13,020,478.93 $1,202,479,9746.9 ———————————————————————————

FOOD PRICES

CHICAGO, Sept. 30 (U. P.).—Apples— Michigan, McIntosh, 65c@$1. Sweet Potatoes — Tennessee, bu., hampers, 80@90c. Carrots—Illinois, bunches, 2@2%z¢. in unquoted. Tomatoes . Cauli.85. Peas 25@3. Celery— ks) —1I ee ai: 1b. sacks)—Iowa, yellows, 2C: nnesota, yellows, 70c; Idaho, whites. 90@ 950; - ington—Utah, Valencias, 97%¢.

Electric Gains

ELECTRIC POWER PRODUCED (u.S. DEPT, OF THE INTERIOR)

1° AUGUST EACH YEAR

1931 1932 1933 1934 1935 1936 1937 |

[7 {NCORPORATED INVESTORS

“BOSTON, Mass, Sept. 28.—Rec- - ord performances continue in electric power production. August production exceeded a year ago by 7

| per cent, being the largest August

Total electric power production in the first eight months of this year was also a record, exceeding - the same months of last year by 103% per cent and the same 1929

produced, and there is no

MARKET TREND ISNOTBUSINESS ACTIVITY GAGE

Stocks Conditions Are No Industry Barometer, Flynn Declares.

By JOHN T. FLYNN Times Special Writer NEW YORK, Sept. 29.—There is nothing man is more interested in than the future. For that reason he pays out huge sums of money to astrologers, palmists, fortune tellers of every variety and once upon a time invested them with the character of priests. Concerning Concering this future there is no part of it which men are more interested in than speculators are about the future of stocks. And, therefore, they have invented all sorts of symbols, signs and portents which va‘rious schools hang onto with religious fervor. Once upon a time the back-log of United States Steel Corp. was regarded as an unfailing sign and was religiously published monthly in all newspapers. On the other hand, while one group of investors and speculators took various business signals as portents of coming market action, businessmen themselves got into the habit of regarding the stock market as the perfect mirror

of business. J But behold the market in the last year. From September to December, 1936, business activity went upon a very energetic scale climaxing in the greatest business season in many years. The stock market ave erages rose just about the same. In January, business suddenly dropped rather decidedly, but the stock market averages increased their upward flight. That is, during January and February business activity went down while stock ave erages went up.

Stocks Decline

Then in the latter part of Feb ruary business activity bounded up. A few weeks later stock prices’ be gan to sag. And while business rose right on up to the end of June to the highest level since the recovery movement began, stock prices as steadily declined. At the end of June business ended its rise. It did not go down. It merely oscillated around the same line, But at this moment stock prices started to go up again and this they continued to do until the early part of August. And then, just as business was ready to shake off the summer lethargy, stock prices took another header. If you will examine charts of the two lines of activity, business and stock prices, you will find that the stock movements came after the business movements and not before them. : on Now the market is in a state of utter jitters. Does this mean that we are on the high road to the bonfire? Or are we to conclude that the market is hopelessly wrong and that we are going in exactly the opposite direction? The answer is that we should conclude nothing. The market is not a barometer of business and is not to be accepted as such in any way. Just don’t pay any attention to it. The guiding facts lie in another and different quarter.

BANK STOCKS of MashettaB covery al 442

Mr. Flynn

FOREIGN EXCHANGE

NEW YORK, Seok 3) (0 P.)—Foreign y 2 . exghangs open Cable Rates Changs ) 5-16 -—.00 3-16 -—.00 3-16

.$4.94 5. T.) «. 494 3-1

Sseveveng

-—.0000? +.0001 Je

CHICAGO PRODUCE

Eggs—Market weak; receipts, 6549 cases; fron graded firsts, 23%c; extra -firsts, 23%,c; current receipts, 21%c; checks, 17c; dirties, 19c. : Butter—Market firm; receipts, 9299 tubs; extra firsts (90-91% score), 34@34%c; extras (92 score), 34%c; fi 2Ys@32%¢; seconds, 28@30%c; specials, centralized (89 score), (88 score), 34Yzc; standards, Poultry—Market steady; ‘ 49 trucks; ducks, 17@ulc, geese, 16¢; hens, 18%2@322c; roosters, 4@isc;. Spring chick SUS, FAQ broilers, 18@24c; ' turkeys, Cc. x 2 e— Twins, 18v.@18%c; daisies, 18% @19¢; longhorns, 18% . : Potatoes—Supplies liberal;” demand _fair; market dull to slight} shronge Tdah Russet Burbanks, [email protected]; U._ @1.25; Idaho Bliss Priguphs rcials :15; North

90c; Wisconsin Triumphs,

Arrivals, 85; on track, 232; Pe ments, . .

Large or _ Small

z *

ici | $2 a Week Pays $1,000 Loan!