Indianapolis Times, Indianapolis, Marion County, 8 December 1937 — Page 8

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MARKET A TWO POINT LEAD OF

CARRIER

Railroad Shares, Gain ! More Than Three "Points.

NEW YORK, Dec. 8 (U. P,).—Railroad ‘shares led a rising stock market today. Gains ranged to 3 points in carriers and to more than 2

points elsewhere.

[Traders hoped for early action on the requested freight rate increase. Louisville & Nashville and Union ‘Pacific rose 3 points. Advances of fractions to more than a point were| noted. in Atchison, Atlantic Coast] Line, Chesapeake & Ohio, Southern | Pacific, New York Central, Great, orthern and Pennsylvania. Steels and motors were fraction-] ally higher in light trading. Avia-| tions extended yesterday's gains by| small amounts. Farm and utility issues were steady. Oils and rubbers rmed. New York shipbuilding issues were, strong with the common at 67%, up 114, and the preferred at 48, up 8. e company has just been awarded $20,000,000 Navy contract.

OW-JONES STOCK AVERAGES 30 INDUSTRIALS 128.31 sveenssanssue- TOLL seeses 132.16 101.16 High, 1937, 194. 40; low, 113.64. High, 1936, 184. ie} low, 143.11. ' AILROADS esterday ....... feos eek ago ' onth ago ear ago | High, 1937, 64. i: low, 29.15. i High, 1936, 59.89; low, 40. 66. Yesterday Week ago

+210 —1.37 +6.00 -+0.59

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High, 1937,

Week ago Month ago Yéar ago High, 1937, High, 1936,

By United Press BOND PRICE INDEXES {20 20 20 nds. Rails Utils. 73.3 94.3 71.3 94.2 1.5 95.0 ;, 165.8 103.4 106.0 92.3 106.2 103.5 1935 103.6 93.1 1935 89.3 83.9 (Copyright, 1931 Standard Statistics Co.)

60 Bonds 83.2 82.3 83.1 100.0 92.8 100.7 81.1 100.2 93.3

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

. 82.8 94.7 o1. 4

NEW YORK, | || Dee, 8 (u. P.).—Bonds opened steady. | ‘Open Change Areniine re -. 88 l.4.. & Int Hyd 5 3s Kresge Found 4 Mo Pac 5's .. Mo Pac 5s 77 J... Tokyo Elec 6s J... Stand Oil N J Un Elec Mo 33%s

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St. Fechuionior

England ( England (

ra Canada (dollar

Germany (mal Germany ttral .2585 Ea lah d(franc). .2314 Holland (guilder 561 Spain (peseta) Sweden (kron Norway (krone Denmark (krg Australia (po Austria (shill Czechoslovakia

— 000175 .0!

. [0351% ka) .. 022% a) .. .0091% ar) « 0235

(pound evs+4.03 soland (zloty \: Sreden .1898 Sortugal (eseiido) .. 0455 Rumania (leu) .007 Argentina ag de .3331 fein (uf ‘mods

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CHICAGO PRODUCE

Eggs—Market, firmer; receipts. 2022 cases. Fresh) graded firsts, cars, 22¢; less than cars, 23c; extra firsts, 23c; less than cars, : rage checks, 16¢; current receipts, 42c:/ fresh checks. 18¢c: fresh dirties, 19c; refrigerator firsts, 18%c; refrigerator extra i Th Fefrigerator standards, receipts,

7554 score), 33@34c; is 0@40%5c: standards, = score), 33c; -cen-

poeeiptE, 34 17%c;

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clas (89

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bblers, tes. $1. Mic U. 8. Comm relals, 1.30 chigan U. S Commercials, $1 050 A ATTivale 101; on tragk, 295; shipments, 629.

See Final Edition of the Times | for Closing Stock Quotations and Other Late News

FOR QUICK TC RI TVA E

Porker Prices

H from $11 down.

; [pared with a yea.

Remain Steady To $8.55 Topi

All weights of butcher hogs and packing sows remained steady in the local yards today, according to the Bureau of Agricultural Economics. Sellers’ efforts to obtain 10 to 15 cents more were frustrated when a lower tendency was reported in nearby centers. © Small premiums were paid for strictly sorted lots on

most weights. Practical top remained at $8.55 on good to choice 14 Oto 180-pound butchers. Most | Packing sows bulked from $7 to 7.50. |

Slaughter steers ruled generally

representative run appeared. The market otherwise ruled active with steady prices on killing classes ‘of || she-stock. Bulls were strong and in instances were higher. Vealer prices remained steady as good to choice offerings sold from $10 to $10.50. Lower grades sold

A moderate supply of native Iagibe sold steady as $9.25 was top choice offerings; other good kinds cashed from $8.75 to $9. Common and medium sorts bulked from $7

$8 60 8.60 8.85 8.85 8.65 8. > 8.

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Slaughter P "ions (100-140) od and choice .

—Receipts, 1100— (550-900) | Goo

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(750-800) . Common, medium.

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Common, medium Low | cutter and cutter

Good (beef) Cutter, common and medium. . Vealers —Receipts, 400—

Good and choice

(250- 500) Sood and choice.. mon, medium. — and Stocker Cattle Steers (500-800) Sood and cho mon, medi (800-1050) Good and cho Common, med Heifers—

Good and choice Common and medium Cows—

7.00 4.50

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100 . Common and medium SHEEP AND LAMBS —Receipts, 1000—

Li "To- ss ® Good and ohoice.. Common, medium. 3.00

ICAGO, Dec. 8 (U. P.).—Hogs—Recel 22,000, including 5000 directs. Marsteady to 10 cents lower, early; closKet market, 10 to 15c off; top, $8.50: most early sales good and choice.” 150-200 1bs., $8. 8.50: some sales, [email protected]; 310250 lbs., [email protected]; packing sows, $7@

Cattle—Receipts, 11,000: calves, 1500. Best steers and yearlings, 5 cents lower; she stock, 25 cent ers and light cows, 25 cents off; bulls, weak at $6.75 down; mostly own; vealers scarce at $10. 9 down; very little done | on steers; $8@10. Be on few early sales heep—Receipts, 11,000, nie *i500 Fat lambs more active; most sales steady at $9 down; early top, $9.25; est on higher; sheep, steady; ewes,

$3. 50 24 NITE. Dec. 8 (U. P. kek § steady,

65; 3. asoai.a0; Yo: Catv es—$0. 560 10 FT. WAYNE, De ec. Market, steady’; 180 lbs., $8.45: 180 1bs., $8.15: 225-250 Ib

$7.85; 275-300 1lbs., $7.7 165; 120-140 Ibs., $8.25: 1 stags, $6;

bs., $8.45 g 200-325 1bs., [email protected]; roughs; $7.35 'd Lambs—$8@8. 50.

. Roughs, 3% lambs, $8.7

DAILY PRICE INDEX

NEW YORK, Dec. 8 (U. P).— Dun: & Bradstreet’s daily weighted price index of 30 basic commodities. compiled for the United Press (1930-1932 RYerage 100): Yesterday . sivsenneas 116.97 Week 320 .:.corvneraneensss 11735 MONth 880 ...o0uee.v0iues. 112011 Year ago cenieass 1137.68 1937 High (April 5) eessess. 158.26 1937 Low (Nov. 30) . 116.80

‘U. S. STATEMENT

WASHINGTON, Dec. 8 :(U. P.).—Government expenses and rece is for the current fiscal Jeodr aroush 6. com

calves, oSi0.55:

This ast Year - .$3,261,117, 998 35 $2. 983, 638, 036. 76 . 2,489.970,052:30 1.708.503,878.20 771,147,046.0 I . 2, -103:202.

0,634 "37,160,081,

0 33, 839.36 261, 3802. 91 12, 769. 140.

1. 3 16.3 Tes. 373 8 11,189,991 38. 3 ve 186. 396.2

or To! Inac gold fi 534. 47 "51, 237, 876. 065. 41 INDIANAPOLIS CLEARING HOUSE

weak to 25 cents lower as a fairly |¢&

NEW YORK

WHEAT PRICES

By United Press,

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Cutler-Ham

Deere & Co ... 2

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93% 12%, 183% 3 eo 173% . 5612 9

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Butler Bros -.. Butler Bros pf.

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Com Solvents .. Common

2% . 1414 . 25% 914

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. Net Last Change

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Hall Print . Harb-Walk .. Hecker Prod . Houd-Her B.

Kennecott Kroger G & B. 16%

Greyhnd Cp .

7 - 23% 8% ces . 10%

III Central . .. 11% Inspiratn Cop.. Interchem 24%; Inter Iron

Int T&T

Int P&P Int P

Johns-Man .... 84

5 133s 3 Ya 3 Y 22 36 Ya 3 22% 28%

5 13% 8 2% 3 1Ys 36% Be

7 231%, 6% 10%

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84 84

——

C Sou pf. 20% & . 313%

Coal

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Lead M&St1 C..

2014 37%

20% 373 165%

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Clearings - ....... Sreverviavias «+. $2,535,000 Debits ... i 835.000

NEW YORK CHICAGO TORONTO SOUTH BEND FT. WAYNE EVANSVILLE BOSTON CINCINNATI

Indianapolis Office

USE

KING BENZOL GAS

200-214 Circle Tower

rr Bk OXES

Reasonable Rental

Security Trust Co. 130 E. Washington St.

Member Federal Deposi Insurance se “Corp. is

THOMSON & MCKINNON

New York Stock Exchange New York Curb Exchange New York Cotton Exchange New York Coffee and Sugar Exchange ‘New Orleans Cotton Exchange Chicago Stock Exchange Chicago Board of Trade Winnipeg Grain Exchange

And Other Leading Exchanges

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EARLY LOSSES

Lead in Bullish . Movement.

re CHICAGO, Dec. 8 (U. P.).—Under moderate buying part of the early losses in wheat were regained today on the Chicago Board of Trade. At the end of the first hour wheat was 1% to 4 cent lower, corn was % to 3% cent higher, and oats were s | unchanged to % cent lower. Commission houses took the lead in the mid-session bull movement and buying was rather general. There was some ' scattered selling which was regarded as spreading beIve Cuieain and Winnipeg. Nat urray’s estimate of the seeded wheat acreage was 57,530,000 acres, heaviest on record. Wheat receipts were 5 cars. The corn market was firm from the opening bell. Support was stimulated partly by reports of renewed export business. Elevator interests were buyers on both sides of the market. Corn receipts were 116

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Walworth | ; 8% Warner pros eo 1% Wayne P os 26% Wes ol 5 ot. 73% West P. West Alr § Bike | 28% Wheel Steel ... 26%

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7s . 38% —Y— 3 i 2

Woolworth

Yellow Tr LIVERPOOL Wi

11% Young S & W .

. 21%

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a ki 19%, 19 : 13%

113%

$1 130 12% I 13%

Slose $1.1415 13

Zenith ‘Rad Jade 1.13%

1.14%

Sperry-Corp .. 14 ; rie 48

Flynn Says Housing Proposal Is Doomed Unléss Prices Are Cut

By JOHN T. FLYNN Times Special Writer NEW YORK, Dec. 8.—There seems to be a pretty well-founded feeling in business circles that all the enthusiasm about housing is doomed to disappointment unless something can be done about the subject of

* WAGON WHEAT City grain elevators are paving for Ni 86¢c; other grades on their merite. Gash corn, new No 2 yellow, 4lc. Oats

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offering, but merely indicate the approximate market ievel based on buying and selling inquiries or recent transactions.

BONDS

Bid Asked Tel (TH) 4%s 61... 103

.100%2 105

prices. Building a house is first and last a business ' proposition. A few people—very few—build homes for themselves and spend money without very much thought of the cost measured against their desire for comforts and luxuries. But the (great bulk of houses in this coun‘try are built by professional house(builders to sell. And this being so (it is a business built squarely on the profit metive. builds a house without being sure he can sell it at a profit is a fool, unless he is a millionaire who "wishes to engage in philanthropy.

Under these circumstances it is now practically impossible to build a, house to sell to people earning under $50 a week ‘at a profit. It costs so much that such people cannot. afford to buy it.

The reasons for the cost are various. Labor is one reason. But also the cost of materials is another. Just take a look at the price of building materials in the building field. Remember in the last five years there has been only a very limited demand for building materials. Yet, in the absence of a spirited demand, prices went up in. a very spirited fashion. In 1932 the price of Building materials was represented by the index number 71.4. By 1935 the demand for building materials had increased only very slightly, and then most of it came from Government orders.

The man who

‘high without a corresponding de-

& Tel Ft W fu ioa1s Yet in that time the price went up ! to 862, That was an increase of about 14 points which measured against the 71.4 average of 1932 represented a 20 per cent rise. A 20 per cent rise without any important increase in demand is pretty good. The same thing was true of metals and metal products. By the beginning of this year, however, there was an. increase in building activity. It was fair, but measured against the capacity of the industry and the activity of really busy years it was negligible. Yet prices had gone up four points. In those first few months of 1937 building contracts began to make an appearance for the first time since 1930. It was not colossal but had a certain promise in it. Then the prices started up again—90 in| January, 91 in February, 96 in Marehy Ang then contracts began Rb Sevorinaie cancelled. The first break |Z 3 om. 2 came in April. Yet the prices rose Smith Alsop. ER i Sais some more—97 in August. They | Jnith Haut A 6% 97%, have eased off a litle since. But | Union Tifly co'com 254 the damage was done—the incipi~ . : 11! ent building boom of 1937 waskilled. | | C hpak Go.com 10 11 The Federal Trade Commission 25.11 has now started after what it calls the cement trust. What it will find remains to be seen. But it does seem odd that prices could rise so

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34 8912 104Y2 25 13% 63Y2 71 18Y2 16

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*Ex-di

: (Of Indianapolis) Established . 1894 DAY AND EVENING DIVISIONS Write or call dieqisirar 303-324 State Life B RI-2890. Complying with as or the Supreme Court and the American Bar Assn.

mand unless there was agreement among manufacturers. If there was, that way lies doom to construction ‘and recovery.

sagan

Atkins Sav. & Loan Assn,

Arsenal Bldg. '& Loan Assn.

Celtic Federal Sav. & Loan Assn. Colonial Sav. & Loan Assn. First Fedegal Sav. & Loan Assn. Fletcher Ave. Sav. & Loan Assn.

“SECURITY

which only your OWN HOME

There is one satisfying safeguard for your future which is available to nearly every one. It means rent-free shelter in future years, freedom from worry, pride of ownership. and permanent independence. {It i owning’ your own > home! It is available to you because saving and loan associatjons are in the: sole business of making this thing possible . . . ON EASY MONTHLY PAYMENTS. The saving-and loan plan has been in successful operation for over 100 years. It has enabled millions in the United States to own their homes. This plan is a tested one. Why not pay rent to yourself and own your home . . with a saving and loan association loan?

THE MARION COUNTY

FITLHING 2 LOAN ASSOCIATIONS

Indiana Sav. & Investment Co. Insurance Sav. & Loan Assn. Peoples. Mutual Sav. & Loan Assn. Railroadmen's Federal Sav. & Loan Assn. Shelby St. Federal Sav. & Loan Assn. Union Federal Sav. & Loan Assn.

REGAIN PART OF

Commission Houses Take!

: Remembering the part the Japanese navy has played.in the invasion of China, the retreating defenders made desperate efforts to prevent the fleet from assisting troops in the advance on Nanking following the fall of Shanghaf. The picture above shows what Japanese warships found when they attempted, to advance up the Huanpukiang —a fleet of junks strung across the river to block the way. The barrier was soon cleared away, however, and the Japanese continued their relentless march into the interior.“ The sun spotlights one of war's grimmest dramas, witnessed by hundreds of men, women and children in Nantao, Shanghai. Half a dozen treacherous Chinese sprawl on the “stage” (below) where a firing squad rang down the curtain on their lives as spies in the employ of Japanese. An officer, revolver in hand, makes the rounds of the bodies to administer the “coup de grace.” ‘Nantao was the last district of Shanghai to surrender to the Japanese, Its defenders put up stubborn resistance.

BANK STOCKS FOOD PRICES

Bid Asked CHICAGO, Dec. 8 (U. P,).—Apples— Ti | Michigan, McIntosh, [email protected]. Sweet Poe

370 tatoes—Tennessee, bushel hsp ers. 8g [81 Carrots — Iilinois, 881; Spinach—Texas, bushel, 32 13 Ys

Bank of Manhattan ..... Bankers Trust Bank of N Y Trust ... Brooklyn Trust ... Cgatral Hanover .

matoes — Celifornia, Cauliflower — Long Peas—California, Hampers, $1.75@3 ery—Michigan squa crates, 25@90c. Onions (50-1b. as Hla yellows, Ine diana yellows and Michi 1.50; Utah Valencias, Washington Valencias, $1.05; Colorado 2 $1.10; Iowa yellows, $1. 12'2; Minnesota yellows, $1.07%[email protected]%

Continental ... Corn 2 hange

Guara, Irvi

IV. ani Manufacturers N Stional City-

What makes A RETAIL CENTER?

Indianapolis ranks 21st in population among American cities, but 13th in retail sales. ~ Although the contrast is partly explained | by a transportation network that consolidates two million people into a trading area of 75 mile radius, it is the alert management of the nearly five thousand retail outlets which holds public patronage with merchandise well chosen, well displayed and honestly sold. The capital city’s outstanding character as a retail center is one of the strongest links binding it to the rest of the State. .

. Benking has helped to make Indianapolis a great retail center and will foster its future growth. The American National Bank takes pride in the important place it occupies in this phase of cooperation with commerce.

AMERICAN NATIONAL BANK

Member Federal Deposit iotuanos Corporation

Ce POEM

It’s probably in the collection of 28 of the world’s famous and_fav vorite poems. en éa in our Washington Service, Bureau's Booklet. Favorite - Poems.”

You wl ind this booklet 1 a handy reference source to refresh your memory of “Send t he coupon bel. PR iw a dime for return postage and handling costs. J CLIP COUPON HEREansn:rtAsrsaansaaaass

The Indianapolis T Nahi ingle n Service rian; Dept. B-112, rteenth S8t., Washington, D. C. Here’s a dime (carefully Wiavped) Jor my copy of the 24-page Dook- | let “Favorite Poems.” Send fi

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