Indianapolis Times, Indianapolis, Marion County, 18 December 1937 — Page 11

SATURDAY, DEC. 18, 1937

“STEELS SHOW WAY [ \S MARKET RISES; ..... "VOLUME IS SMALL 2

THE INDIANAPOLIS TIMES

FINAL NEW YORK STOCK QUOTATIONS

By United Press

15 MOST ACTIVE STOCKS Wah MARKETS AT A

’ : x R L : 3 . et Floss Change Net oa ; : " : er ESFREREET SSE THADNGIS DULL 38 2 + % | Gen Motors ... 33% 38% + %* athe ! ; 8 3% ; § higher in light in 10 : j 42 42

GRAINS ADVANGE Few Hogs Sell

NARROWLY, BUT | To $8.25 Top | In Dull Trade

: Hogs sold in a dull uneven mare : ket today, according to the Bureau Government. Crop Report| ;¢ its Top was Fails to Influence established sparingly at $835 on good to choice 150 to 180-pound

ii'"1y | Beth Steel .... B1% + 2% 4 4 7% U S iteel ..... i% 58% Bonds firm and quiet: Be “8.

i Chrysler 5834 17 is | Cons Aircraft . seis Anacenda Cop Boeing Air .... Stand Oil N J..

AR Peta ftartet FERRER + - »

enn € Coal & C 2 jenn D Cem -... 4 Chicago stocks higher. Foreign exchange steady in terms of the dollar.

- -

Traders Think Stocks May Continue To Rise.

NEW YORK, Dec. 18 (U. P.) —Stocks gained fractions to more than 2 points in dull trading today. Bonds were mixed with U. S. issues higher. Grains firmed and cotton

futures were steady. Steel shares led the upturn in

stocks. United States Steel reached 5834, up 13%; Bethlehem 57%, up 1; Inland 71%, up 1%, and Youngstown Sheet & Tube 39%, up %. Inventories of steel were ‘reported worked off to the level where new orders must be forthcoming soon. W n news provided another bullish item in that the street was pleased with the House action in voting down the A. PF. of L. wages and hours hill. Buying was noted in various sections of the market, but orders were small. Traders believed the tech-

nical position of the"market war-|3

ranted further advances.

Best gains were made by Westing- | 4

house Electric which reached 109, up 2; Johns Manville 82%, up 2%, and: du Pont 163, up 3's. | Dome Mines featured the gold mining section, rising to a new high

at 55%, up 2 and holding half the | am

gain.

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS [+165 —0.77 4011 +2.32 —1.81

Yesterday ...oceev0000000000c Week ago .....cocev0ee Month ago Year. ago High, 1937, 194.40; low, 113.64. High, 1936, 184.90; low, 143.11. 20 RAILROADS

sessesgesssessane

Today . Yesterday ..cccoccccccccccen. . Week ago Month ago Year ago High, 1937, 64.46; low, 29.15. High, 1936, 59.89; low. 40.66. 20 UTILITIES Today ..oseeoscsccesacveecse Yesterday ..coecoesesecsccace Week ago ... . Month ago .. Year ago High, 1937, 87.54; low, 19.65. |High, 1936, 36.08; low. 28.63. 70 STOCKS a veetrisnssreve sarees . 42.59 42.06 42.88 41.10

+0.19 +0.99 -1.53

sesssssessscaanens 31.06

. 21.56 21.42 ssesssssessrss BLOT «oe. 21.85 34.44

Today Yesterday .cccccecccecsscsces Week AZ0 ..cosscvsesscccccne Month ago Year ago High, 1937. 69.67; low. 38.8%. High, 1936, 66.38; low, 51.20. ee

Week's Business At a Glance

ADVERTISING—Advertising Age: Week of Dec. 4 retail advertising placed In newspapers of 79 major | cities 25,573,312 lines vs. 21,668,324 previous week and 27,782, 385 - year ago; year to date 981,263,618 vs. 952,491,678 year ago.

AUTOMOBILES — Ward's Automotive Reports: Production this week 82,025 units vs. 85,763 last week and 122,960 year ago. R. L. Polk & Co., November new passenger car registrations 195,000 units vs. 197,391 in October and 223,732 year ago, | November sales 40,125 vs. 44,624 in October and 43,251 year ago. :

BANKING — Federal Reserve: Gold stock up $1,000,000 to $12,765,000,000; excess reserves up $10,000,000 to $1,060,000,000; circulation up $5,000,000; brokers loans off $38,000,000! ratio 79.8 per cent vs. 79.9 last week and 80.2 year ago. Dun & Bradstreet: Week ended Dec. | 15 bank clearings $5,474,706,000 vs. | $5,501,480,000 previous week and $7,230,853,000 year ago. CONSTRUCTION — Engineering News-Record: Awards this week $35,706,000 vs. $31,873,000 previous

.. 40.48 | Equity > —o0.25 | Fid

| N.Y Bonds

By United Press + BOND PRICE INDEXES 20 20 20+ 60 Inds. Rails Utils. Bonds Today ........ 81.4 72.6 94.2 82.7 Yesterday ..... 81.3 2.4 94.3 82.6 Week ago 81.9 73.4 94.8 83.4 Month ago .... 83.5 2.1 95.3 83.7 Year ago 94.5 99.9 105.6 100.0 Two years ago. 91.0 82.8 103.1 92.3 193% 95.0 101.2 106.0 100.7 193% 80.1 69.3 92.3 81.1 1936 eo. 948 1004 106.2 100.2 1936 3 84. 108.5 93.3 1935 » i nr 103.6 93.1 1935 71.0 89.3 83.0 CCapyTnt, 1937, Standard Statistics Co.)

11 MOST ACTIVE BONDS

Net Month Year Close Change Ago Ago CMSLP&P 5s 2000.. 3% — 4 3% Phelps Dod 3%s 52.100% ..... Postal T&C 5s 53.. 10% + % Chi Rock Isl 4s 88. 173 + % Den Rio Gr.4s 36.. 1216 — 3 NY NH&H 6s 48.... 203 — 5 Chi Nor W 43s 49. 6 + % Bklyn MT 4%s 66.. 493 + 3 Chi MStP&P 5s 75. 11% + 3s Penn RR 3%s 52... 88% + % NY Chi StL 4's 78 65% 1 _

Federal Land Bank Bond

3s July 1955-45 ........ Jan 1956-46

Bid _ Ask Bid 11.94 12.70| Inv Fd C 422 4.64/Ke B 7 18. 5 Key 1 B31 Cc

Key “13 Key 3.25! Key 16.79 3 24.52| M 14.50 21.20 2 3.42 Natnvd sec

22 «es.| Natl Inv iD . New, En .

93 3. 30 .05

a on Fd Inv 15.76 16.76 Fd Tr A 465 525/Rep Tr B 4 Se

4 Gen Cap 28.60 30.75 Gen 4.60 5.00 Grou > Securities Au .83

Bldg 3| Sup 9.3 ; Chem . .261 St oll A 633 .... Min 13 1.23 5.68 .... t 19 87 Tr 94 1 Steel 1.13 135/58 LiF A 138 Inc Invs 16. 3 = 1. 2.03 Invest. Bank C Ty vig Banc Bl 3.87 Bi wen d 12. 8 1st Bos 12.00 1

BANK STOCKS

Bank of Manhattan Bankers Trus Bank of New York Trust Brooklyn Trus Coniial Feil coe

Chemical . Commercial ......co000000004.130 Continental .....ccooceseeecees 11% Corn Exchange ....cccococo.e. 48% cevassabence. lV

.. 85 «so 30%2 41

Guar Ly ving. Tving 1.00 ational City New York Trust ..c.... . BHC ives: crore LL ae Title Guarantee 6%

U. S. STATEMENT

WASHINGTON, Dec. 18 (U. P.).—Government expenses and receipts ‘for the current fiscal year a Dec. 16, compared with a year a

his st Yea Expenses $3,510, 325. S12. 39 $3. 34. 736, 806. 25 Roce) ts .. 3 862,934,703.03 1,943,922,316.82 De felt . "647 1,305,814,289.43

Customs .. Inac. Gold

INDIANAPOLIS CLEARINGS Clearings ........... ee. “sieves $2,799,000 Debits

Week’s Clearings ann Week’s Debits

FEW Sorin BONDS TO APPEAR |:

NEW YORK, Dec. 18 (U..P). — Tax exempt issues again will pro-

s Pur.

market next week.

Bid A Asked } Vie Atl C

41,3 3 138: S673. 29 $1, 395 022 012. 84 | 6

0! 0 vide chief activity in the investment Gorn Prod y

\m Hide & L m 2s & Loi at Am Ice 1a

Ro R Mill cvpf T Safe Razor. . Seating .... 11 Smel 40% Smelt 7 “pf. 126 Stl Fdies . 3 at

9 14

Q 3ulova W urlington M . urrou, ane ush ush Term deb. utler Bros .. utler Bros pf. utte £3 yers 0 yron Allon; s 16%

Cal Packing ... 20 Callahan Zinc. 1% Cal t & H .. bell Wy .. 123% . 14% «<8 . 30% . 15% - 0

Cent RR N J... Cent Viol sug’. 6 Cerro de Pasco. 38

aA0anaa0000a0aaa0aa0000 rer — ;

Pea imax Moly Co 3 oca-Cola Coca-Cola AL. Colgate P-P ... Colgate pf Col & Ai

Col Broadcast a Col Broadcast B Colum Gas .,.. Col Gas pf A.. Col Pictures vie Col Carbon 6!

Cons Edison ... Cons Edison Bf | Eons Film pf .

Ya. Ya 64

LHe: +412 +]

+1;

Dhl 0 ra aia

Pa - . - SaaS RE SRR SRR

- >

shi LE EE HE

SHELLED ey

FERREIRA

- Qn GD = BO - “oe

SLE EI EE fl

. RS

Gen Elee Un Aireft Corp 24% N Y Cent 193% Kennecott Cop. 38% CurtissWright A 14% 13% United Gas Imp 105% 1032 Dome Mines .. 55% 5iy

EEE EE EEE

+ -

Transactions approximated 500,000 shares, compared . with 390,000 shares last Saturday. Curb transactions; approximated 112,000 shares, compared with 76,000 shares last Saturday.

Net High Low Close Change Hark-Walk .... 21% 2p c— Ya Hat Co vee. 6% 6% ig Hay 2 2 PE, Heck or Prod . Herc

Hupp Motor ...

[11 Central .... 1 [11 Cent pf .... i Ind Rayon .... Inland Stl [nspiratn Cop.. ter RT NN...

n . [ntertype ".... Johns-Man_ .... 80

Kalamazoo Stv. 17% 17% Kan C Sou pf. . . 20% i

38%

| ++ +++ SE SERS

52 5% | 5% aie Nt . 10% 10% in 11% 18%, 15 116% Ze 113% Dept St ... 6% Distillers 20% G; 7 Ys Lead 28 Mal & St C 21% 21% Lt. 8%

98% 65

15 . 3% XY a0 . 19%

YC & SL ... 28 YC & St L pf 45 I[YNHE& . 2%

{+1

oo oo

+141 HES

Oil 12% Oliver Farm Eq Sou 30 Omnibus 10% 3

Bipspeissss

| Quaker St Oil .

oy ull

an re Oil Durty Bak” .

Radio Radio HEE Re Rem-Rand

Republic Stl. 1 A os Sp Sn |

hid ra Le DOWNIE Fan YS SR

SU ame a Emer samen

GH EHF HH + HELE Pe de HE HE

ony >= >

Ro ASRL.. Richfield oii". A

Wb WH

- Hn ND heh un pet

i 2

BD) CO Fe ++: +]

Saray lower aaeaat

poms

Dis . 25 ia f 78 Dist ©» Ls

12% — 15 + 11% + 3% 11% +

+ FALL OF IMPORTANT REBEL CITY IS SEEN

Loyalists Say Capture of Teruel Is Certain.

HENDAYE, Franco - Spanish Frontier, Dec. 18 (U. P.).—The {fall of the ancient walled city of Teruel, spearhead of the Rebel salient in Eastern Spain, is “inevitable,” the Loyalist Government asserted today. Bitter street fighting broke out in

the city after the Loyalists com- 18%

pleted its encirclement, according to Government radio . broadcasts. The heaviest fighting was said to be taking place in a cemetery in the southwestern tip of the city. Teruel was cut off entirely, official | 3 Loyalist advices said. The Govern-

3 |ment held all roads leading from

the city and took over control of the important railroad line running to Zaragoza, Generalissimo Francisco Franco's stronghold in ‘eastern Spain, from where he planned to open ‘a crushing, “final” offensive tory. remaining Loyalist terriThe Loyalist offensive, engineered with unusual secrecy, so surprised

Cotton futures steady on gains of 1 to. 5 points. : Grains in Chicago: Wheat up 3% cent; corn up % to 3% cent. Rubber futures slightly easier. Silver off ‘i penny in London at 18 15-16 pence an ounce.

. Net High Low Close Change Trans West Air. 5% 5Ya 5% seve & Wms.. 7% 3 3% 3% 398

6 21% 21% 27 27

SENSES

Und Ell Fish. Union Carb .

FREESE

Pac p: Un Aircraft Cp Un Air Lines... Un Carbon ..... 3 Un Carr Past .. 18

[440 H+ + HEHE

Wana

PEE Eso er

«ve 36% . 16% 61 12%

; un, w. - Young Sheet .. 39%

Zenith Rad ... 15% Va

:|N. CAROLINA POWER INQUIRY IS ORDERED

U. S. Body to Determine if License Is Needed.

; WASHINGTON, Dec. 18 (U. PJ. —The Federal Power Commission ordered an unprecedented investigation of five multi-million dollar power developments in North Carolina today while President Roosevelt planned further conferences with utility officials in the near future, The commission acted under the 1935 Public Utilities Act for the

River between Salisbury, N. C., and Cheraw, S. C. Three developments are operated |x by the Carolina Aluminum Co. a subsidiary of the Aluminum Company of America, while the others are maintained by the Carolina Power and Light Co. Observers believed that the prin-

Short Session.

CHICAGO, Dec. 18 (U. P)— Wheat futures firmed narrovily in

‘a session of listless dealings cn the

Chicago Board of Trade today. At the close wheat was %'to % cent higher, December 944 cents, corn was % cent higher, December 58 cents, and oats were % cent higher to % cent lower, December 313% cents. Apparently there was no outside interest the market at all while pit traders were hesitant about making committments. The final crop report of the Government for the year had no influence. -Dullness checked activity in corn but prices recorded. fractional gains. Speculative operations were seriously impaired by a feeble ciemand for export. Demand for cash corn in the domestic market was light. In the year’s final crop report,

estimated production was cut down |

about six million bushels, leaving a yield of 2,644,955,000 bushels. ARGENTINE G BUENOS futures closed ber, $1.05 he: nea h cembe r. 14%e. oft ol OFebrus ats—S)

Tithe. up : Ry 20%ec, February, de 3s, up Yac.

up Flax. up vac: arch, $1. 20%, LIVERPOOL FORT Wages

ol eeseevs $i Ten $11 14% sf 1h si 193 J sssssesse {13% 112% 1.12% cennsnia-l 12 113% 1.12 seesanns Lid IE 113% 1.12% 1.12%

WAGON ON WHEAT 2 Sit y grain slevasors are n° thet for 2 red, 84c; other grades on their gash corn, new No 3 vellow. 4lc. = Oats

27c.

LOCAL ISSUES

(By Indianapolis Bond & Shar: Corp.) The Jollowing quotations do not represent actual bids or offering. but merel indicate the approximate market level based on buying and selling inquiries or recent transactions.

BONDS Bid Asked Tel TE 4s 61....100%2 103 Te) 5%2s 55....103% 105 104% .106% 103%

Belt RR St Yds com ....cc... 3 . 33%

«| first time to determine whether a |H 1, | Federal license is necessary for power projects along the Yadkin

ub Serv “co oid 5%2%. 62 N Ind Pub Sve pfd 6% 66a N Ind Pub Se oe . 14

ciple used against the North Caro- | Terre iina power developments could be | yo O0. ©

applied against hundreds of hydroelectric projects now unregulated by the Federal Government. A court test of the Commission’s power to take such action is believed almost certain.

LOCAL PRODUCE

Heavy breed hens, 4'2 lbs. and up, 17¢; under 4% lbs., 14c: leghorn hens, lic: heavy springers. 1% lbs. and over, 18c; leghorn spriffers 1% lbs. and over. l4c; bareback broilers, 15c; old roosters, 9c. ou k bs. and yet,

41, 1bs., full feathered and fat, llc; Indian Runner ducks Bn Beis Ibe and up. full feathered and fat C. ggs—No. 1. strictly | frean. ge fun. ee Each h full case a, A net detaotion uel a Bn is each full case Under 55 1 be made.

oi 9%4¢; No. 2, re

Butter—No. 37%ec. Butter] Fat—No, 1, 35¢c: oe 2, 33c.

rices by Wadley

COFFEE SHIPMENTS

FROM BRAZIL RISE |s™

DIC DE JANEIRO, Dec. 18 (U. P.) —The improved competitive position in world markets of Brazilian

(By M. P, Crist & Co. Market St. Investment Corp. . 02 24. n xEx-dividend.

CHICAGO PRODUCE’

Market, Snsettied; recei ts, 4176 fi adc: less than | 2,.¥

cases; ke rsts, cars, 26¢; fresh giaded "firsts, es 22¢; less than cars, c Storage ¢ hecks, 16c; current receipts, 22%2c;qfres bh Checks, 18¢; fresh dinties, 19c; storage dirties, 17c; refrigerator extras, 20c; refri rH firsts, 19%ec; = standards, 19%c. Butter — k easy: i tubs; exira firsts’ 90-9112 Score extras da score She: firsts, onds, 3 fad Vac; )ipootals, 3672000 aR

ar uitry—Market. steady; receipts, § EL ducks 6@30c; geese 1835c 8] ring chickeds, S0@ 230 hens 11% Broil ers, 21@2 4, turkeys, ict A era

ens, . Chee, Twins, 18% 2 13c: Daisies, 19@ 19 fae: onghorns 19019 tat Ges 8 mo ates demand,

CPR es, ull; aho Russet [email protected]: Colorado Red McClures, iumphs, 20;

3. liss a Russet Burbanks 8. Commercial, $1.25: Minnesota Biss’ 3s Triumphs, niin Round Whites, $1.02%;; 1 Cobblers, $1.02 Track sales, motel Florida, bushel crates, Bliss Triu A, 1.95. vals, 65; on i 204; shipments,

COMMODITY PRICES

RAIN De 18 (U. ip —~—Grain Lig 5s, off act February, $1 ro off Corn—De- |

weights, 15 cents above yesterday's close. Packing sows sold at steady prices. Practical top was $6.50. Cattle trading was quoted at nominally steady prices. Compared with the close last week slaughter steers were steady to weak as heifers moved at steady rates. Fat cows lost 95 cents and cutter grades were 25 cents higher. Bull prices were weak to 25 cents lower compared with last week. > Vealers were $2 higher than the close last week as late bulk on good to choice offerings sold from $12 to $12.50. No lambs appeared in the market today. Compared with the close last week, native and fed Western kinds were mostly 25 cents lower. Years lings and slaughter sheep prices were steady.

(Reprinted From Late “Late Times Yesterday) HOGS

2000 10000 4500 10500 9000 1500

..$ 1.15@ 8.25

7.85@ 32 nal

§33

am aaa: 93 S0® 35 £8g3 BR E36

38 ha

Slaughter Pigs— \ (100-140) and choice. . .

g 38s 03 9988 09

be oa

—Receipts, 25— (550-500) Choice Good .

- 3505 (nh +359 bo oy3ba a ANNA IMINO

C (900-1100) M C (1100-1300)

ed CO =300 4

S22ageaasshy

g2zhia3

-9900000900R0 - he

pt PLO 00 4

( 1300-1500) CF Good

-3 on

(550-750)

SH i and choice

ommon, meduim. 65.256@ 7.25

Good 5. i 6.75 Common, med oe 18 Low cutter a Poutter + sevens 3750 8:00

Good ( veef) 6.50@ 17.25 Cutter, ‘common and medium. . 5.00@ 6.50

Vealers

[email protected] 50@11.

9. 6.00 .50 Cal (250-500) Good a Shoice. .e Th0@10-20 Common, medium. 1.50 Feeder and Stocker Cattle

(500-800) Goa ay Chotee... 6.55@ 8.00 mmon, medium. 5.00 2 (800-1050) Goog | 3nd choice.. 17.00 medium. 5.50@ 0 Heifers— Good and choice Common and Met Cows——

ps oa on 82 8% 3 oe [LS EH

09 9080 op

po on 32

SHEEP AND LAMBS —No Receipts— Lambg— : Choice sesseesscuingbarssens

on sess Common

spo men . . (90-178) G Good and choice.. Common, medium.

BW 13000 83 238

88 usa

CHICAGO, Dec. 18 (U. P.).— - a 16.8%, Including. Soo 9000 6 directs: mar supply; 170-185 1b. ee rome as; top,

Cattle—! R—Recalnis, 00; calves, 100; . (mare ket, steady; all grades unevenly average cost fat Steers, is ag 208: xii and $10.28 two galnn 803

up and vealers Foi] I0 jor Neck ies and earings: s .50; a $7.25 and vealers $12. YY Sausage

Shes Recents S, 2000; market, steady: d medium weight lambs, 25@

handy a , | lower; weighty es fully os do owns

oR - A $8. re i Os h op, 0 U ewes, $135; Teeding’ lambs. a ughtef

CINCINNATI, Dec. 18 (U., P.).— Receipts, 450, jneluding 161° direct: A over, 160; 15@35¢ lower: top, $8 .20; 250 300 1bs., $7.30@17. good pac cking SOR, [email protected]. Cattle—Rece pts; 15; Rives es, eep—Receipts, 150, eins 120 het

LAFAYETTE, Dec (U. P).—: Market. pe LE 150170 Ibs. Tipo: 1.30. 315.365 Too di Sea fia hie as: 05 de 8 do ohn. “Gatve oughs, 46,

NE , Dec. I “wo Py. Market orendy; 140-160 1 $8; 1605150 $7.90; 180-200 lbs. $7. Bs: 200-225 1bs., 0: 225 280 1 Ibs. $7.40; 250-375 1 $7.30, 15-300 1bs. 737-30 300-350 1bs. an 10: $7. 100-320 1bs., $7.80; 838; Sings, Ts. 25. Calves—$11.50, Lambs

FOOD PRICES

Cran week and $39,853,000 year ago. There is a total of $54, 700,000 in

ELECTRICITY—Edison Electric | new corporation issues pending be- oh Jer .- J0% Institute: Week of Dec. 11, output | fore the Securities and Exchange ub-Am Sug ve 8 2,196.105,000 KWH vs. 2,152,643,000 previous | week and 2,243,916,000 year ago.

the Reebls that it may virtually | coffees as result of removal by the dine have broken up Franco's intended | Government of most control fea-| gy Ay “big push,” according to military tures is swelling shipments of the * 35 TE at the border. staple, official figures disclosed to- Con, It began three days ago and, ac- | day. New Orleans cording to official Government re- Coffee exports for the first two High Low

CHICAGO, Dec. 19 (U. 3s —A a McIntosh, [email protected]. PPIs Tennesse2, bushe

teel 0% 10% Outbd Marine 141% Owens Ill Glass 67%

+H: HEE

. — No

. Ce. »

Commission, but only a few will Gurls” Pi “Pub oo aa

reach the market in the next few | urt iss We or

on PEELE EEE EE 0’

square crate,

FAILURES—Dun & Bradstreet: Week ended Dec. 3 highest since Jan. 21, 1936, at 234 vs. 208 previous week and 154 year ago.

INDEXES—Dun & Bradstreet: Week ended Dec. 15 business activity 75.1 per cent of estimated normal, first increase in 10 weeks, vs. 74.0 previous week which was lowest since July 31, 1936, and 101.9 year ago; food index off 2 cents in week ended Dec. 14 to $2.65, low since June 15, 1936, vs. $291 year ago. Moody's: Week of Dec. 11 business activity 80.2 per cent of 1928 . average vs. 79.2 previous week which was lowest since March 14, 1936, and 1103 year ago.

OIL—American Petroleum Institute: Week of Dec. 11, crude output averaged 3,414,500 barrels daily, up 27,450 over. previous week; gasoline stocks 70,513,000 barrels, up 320,000.

RAILROADS—Assoclation of American Railroads: Week of Dec. 1 carloadings 622,131 vs. 623,337 pre-

Institute: scheduled at 274 per cent of capacity, low since Dec. 3, 1934, vs. 275 last week and "79.2 year ago. United Press estimate: Steel ingot output this week 360,000 gross tons vs. 362,000 last week and 1,047,000 year ago. TRADE—Dun & Bradstreet: Retrade this week 4 to 10 per over lash week and 3 5 12 per er year ago; wholesale 1 to Syl cent over year ago. WHISKY—T1easury Depart-

‘ment: Total - U stocks of at close of year, June

‘CORPORATION NEWS—American Car & Foundry Co. and whollysubsidiaries, 6 ended

| cago Railway Equipment Co.,

scheduled next week is $3,900,000 of 21 per cent equipment trust certificates of the Atchison, Topeka & Santa Fe Railroad.

the total of new state and municipal financing next week was $11,403,746 which compared with a revised total of $46,285,000 for this week and a weekly average for the year to date of $23,773,263.

NEW ACCORD REACHED THE HAGUE, Dec. 18 (U. P.)— A new Dutch-German clearing agreement has been reached, im-

proving upon the old pact which hampered the free movement of goods, it was officially announced today.

months; Atlantic Coast Line Railroad Co., first 10 months, net $2.66 a common share vs. $1.08 year ago; Detroit Edison Co., 12 months ended Nov. 30, consolidated net $8.15 a Share vs. $867 previous 12 months; New York Central Railroad Co., first 10 months, net $1.15 a share vs. $1.22 year ago; tal Telegraph Cable Co., land lines system October net loss $300,264 vs. $32,187 year ago; ‘10 months, net los $2,725,223 vs. $1,200,449 year ‘Union Pacific Railroad Co., ar 10 months, net $12,326,712 vs. $14,144 786 year ago; United Light & Power Co. and subsidiaries, 12 months ended Oct. 31 net 45 cents a share on combined Class “A” and “B” common vs. 24 cents previous 12 months; Western Union Telegraph Co., first 10 months, net $282 a share vs. $5.54 year ago. DIVIVDENDS — Autesjean Metal Co., $1.75 on common vs. previous of 50 cents; Arkansas Natural Gas Co., 60 cehts on preferred, first since 15 cents in April, 1932; Barker Bros. Corp. common, first since Jan. 1931; Chi-

The Daily Bond Buyer said that Be :

Cu weeks. The only corporation issue | Cutler-Ham ... 23%

Davega et or .14 Deere & | «oo 25% 2 : 9%

34 Dist 15% Dist Ei ww 3 Doehler Cast 20

Du Pont pf .. LI110%%

East R Mill . 5% Fast Kodak ...163 Eitingon Sch ow. 3% Elec Aufo-L ... 18% Elec i

Elec Pwr & El Pw &L $

common share vs. $1.65 previous 12 | Fair Mer

"ood Mach . Foster Wheel . . Freept-Sulphur. 3

briel A ...... eat obt . Gar wood

280s B

SST g

£ a

98 £2

special 75 cents onm|gg

$n! a

Fb EE LE] LH

.. 33 - . 21%

pot

8 aan

tHE =

BE ER

SHE ELELEELL

. - . .

on SS

++: +4 +

yn <3 orf IR mt fot} > Ferg PY I~

uh oa

® +H

«ow oe “. ve

F itll +

Ua Tame wows as i =

. .

oo .

REE

ackar araffine Co .. 38% daramt Pict ... 10% para Pic 2 pf.. 10%

Se | 14: +++]

ceptions a Congress. South. Th weapon in larly at big business. In the first place there are, in}. actual n rs, as many people working ow decent living wage standards the North as in the South. There are great numbers of people in New York City and Philadelphia who work for less than 40 cents an hour and less than 30 cents an hour The State Department of New York has just informed “the State Laundry Board that 73 per cenf of the women in New York who .are employed earn less than $15 a week and a very large number less than $13 a Wook. ht In the next place the greatest spread of low wages will be found in small industries rather than large ones. This is not meant as an argument for big business, ‘but is

e of them is that all

‘benefit of a good many are fooling themselves about this law.

ports, jogresind entirely successfully.

Wage Law Won't Win Union Labor’ s Battle, Flynn Writes

By JOHN T. FLYNN foi Times Special Writer NEW Y RK, Dec. 18.—There seem to be two widely held miscont the minimum-wage law which now agitates the mind of

the low-wage standards are in the

other is that a inimum-wage law will put some sort of the hands of organise | labor and that it is aimed particu-

| workers in the mass production in-

dustries who are not skilled workers are seeking the protection of organization. But: as yet the number measured against the total number of workers is small. Outside these organized groups are vast numbers of people who are employed in marginal ‘industries, sweatshop industries, in little ind es of all kinds huddled away in city districts who work for shamefully small wages. The most a minimum-wage law can do is to protect these employees at the very bottom of the scale of wages. Beyond that, labor will find that it will have to depend upon its own organized power to get, not EE wages, but proper liv-

merely a statement of fact for the|ing w people who |

Ti is pretty certain that no man or woman can live decently on less

it is very easy to expect | year

| Dec. seveseenieniian. rs

weeks of this month were reported May lat 1,054,000 bags, compared with

394,000 bags in the last two weeks of November. The S. S. Western World left foe New York with approximately 100,000 bags of coffee from Santos.

TELEGRAPH HEAD HAS APPENDIX OPERATION

NEW YORK, Dec. 18 (U. P).— Clarence Mackay, 63-year-old head of the Postal Telegraph Co. underwent an “emergency appendectomy at Roosevelt Hospital early today.

. Russell, who rushed him to the ospital in a private ambulance at midnight. “His condition is as good as can be expected,” the physician said. :

C. A. LEVINE OUT ON BAIL

NEW YORK, Dec. 18 (U.P).— Charles - A. Levine, the first trankAtlantic airplane passenger, was a liberty under $2500 bond today pending sentencing for smuggling. He was convicted in Federal District Court yesterday.

SHIRT TAILS SHORTENED

BERLIN, Dec. 18 (U.P.).—Germen men must wear shirts with shorter tails the Ministry of Economics announced today. The Ministry approved an application of the textile in to

shirt tails fiv€ centimeters (about 12 inches) in order to conserve material under Germany's economic fouryear plan.

Dec. 3 nt Ae

i: was operated on by Dr. James h

shorten men's|’

a 19% SAFE DEPOSIT BOXES SE Nl

: ; sa acks)— Colorado valencias, y : 8.38 34 ; Colorado Yellow Danvers, $1.15. Id Spot. 8. 8.33, 9 | Valencias, $1.15. Idaho Whites, $1.25. ORK COTTONSEED OIL High Low Close

BUSINESS EDUCATION Stro. Accounting, Br oth ohio and sessions. Lincoln 8337 Fred W cip "Coniral Business College

Perna ts > Svprmont St Indpls. ®

7.08 1 7.09 7.10 7.13 7.14 7.13 17.18 AR

mg Low c.iesnsee 2.35 235 Bid.

Prev. Close close 2.34h 2.34

’

join our 1938 CHRISTMAS SAVINGS CLUBS

THE ~ MERCHANTS - NATIONAL BANK THE INDIANA TRUST COMPANY FOUNTAIN SQUARE STATE BANK

MEMBERS EDERAL DEPOSFT INSURANCE CORPORATION

Open Your Account Now With One of. The Above ALLIED INSTITUTIONS