Indianapolis Times, Indianapolis, Marion County, 10 March 1938 — Page 15

THURSDAY, MARCH 10, 1938

STOCKS REGISTER « GAINS AS MARKE

RESISTS SELLING:

Irregularity Gives Way to Slight Advance,

NEW YORK, March 10 (U. P).— Stoc zs displayed continued reRistance to selling today, rallying to mod:rate gains after initial irregularit, Trading was quiet. Se acted issues in the steel, motor, merc 1andising and chemical groups led “he recovery. Rails rallied to smal gains. Be hlehem Steel gained a point after an early loss, but held only point advance to 561% around id--assion. . S. Steel roseymore than = point from its low to a!fractions ‘gain, but reacted again below 53 where it held a small loss. Crucible Steel maintained a full point:

Chrysler maintained most of an early gain of more than a point and cther motors steadied. Sears. Roebuck was up a point. Mathieson Alkali also was up 1 point to a new high #5 27%. : Cop ers, agricultural equipments and utilities were firm. General s dipped 2%: points to a new low at” 27%. Philip Morris, ex-divi-dend, 2nd Allis Chalmers both were up & point each. Gold mining shares softened. 7 2 a

Today's Business At a Glance

GENERAL BUSINESS

Corn Industries Research Foundation reports February domestic corn grind <.997,122 bushels vs. 5,759,732 year ago.

Dun’ & Bradstreet reports week ended March 9 bank clearings $4,748,227,000 vs. $5,227,478,000 previous | to week and $5,950,467,000 year ago. Engin eering News Record reports construction awards this week $80,524,000 vs. $41,552,000 last week and $41,088,000 year ago. _ National Coal Association reports week ended March 5 bituminous * coal production about 6,400,000 net tons vs. 11,105,000 yaer ago. ,

CORPORATION NEWS

-American Encaustic Tiling Co, Inc, 1927 (first full year of operation), n-t loss $71,494 vs. net loss $100.14 from April 28 to Dec. 31,

‘Border: Co 1937 consolidated net income 56,290,652, equal to $1.42 share, v=. $7,921,490, or $1.80 in 1936. .Cadillz c-La Salle division of General Motors Corp. reports February retail sales 1816 units, third best February on record, vs. 2089 previous month and 1650 year ago. Crucible Steel Co. of America 1937 consolidated net profit $4,017,931 equal to $5.21 a common share best” since 1929 vs. $3,067,156 or $3.10 in 1936.

Diamond Shoe Corp. 1937 con- | ‘(73s

.solidated net profit $695,351 equal to $2.5¢ = common share vs. $807,716 or $2.04 in 1936. Ex-Cell-O Corp. 1937 net profit

“- $655.618 -qual to $1.69 a share vs. /- $413,214 or $1.08 in 1936.

. Fairbarks Co. and subsidiaries 1937 net income $97,741 vs. $31,340 in 1936. ID ora Light & Traction Co. 1937 gross earnings $9,459.615 vs. $8,751,078 in 1936, an increase of 8.1 per cent. Genera! Telephone Corp. subsidiaries T“ebruary company-owned telephone gains 799 vs. 2,334 year

ago. . Godchaux Sugars, Inc. fiscal year enided Jan. 31 net income $795,446 equal to 33.19 a share on class “B” vs. $857,6<2 or $3.92 year ago. < Merriti-Chapman & Scott Corp. and subcidaries 1937 net income $379, 521 vs. net loss $66,335 in 1936. N.Y. Central R. R. Co., January net loss 32,895,463 vs. net income $187,741 ear ago. “Pittsbu~gh & Lake Erie R. R. Co. Jan. net loss $5955 vs. net income $261,684 year ago. Rutland R. R. January net loss $118,752 vs. loss $40,608 year ago. Studebaker Cord. ruary sales 3118 units vs. 7971 year ago. Tilo Roofing Co. Inc. 1937 net inSome $522,702 equal to $1.82 a com-

share vs. $423,783 or $1.50 in| Receipts,

998, ceed Mfg. Co. Inc. andj;

wholly owned subsidiaries 1937 net profit $30.338 vs. net loss $34,282 in

“United Chemicals, Inc. 1937. met

| COWS .

Recent Gains Suffer as Hog

Another 15 cent decline on- hogs weighing above 160 pounds wiped out much of the recent improvement which sent values: to a $10 limit on Monday, acording to the

Subsequent: drives for lower costs on the part of killers resulted in a od of ‘$9.65 ‘today for best 210 to 200 pound .averages. Lightweight hogs and pigs scaling under 160 pounds held steady in today’s session. Packing sows were around 10 cents: lower, bulking at -$8 to $8.50, with some heavy rough offerings as low as $7.75. ‘All slaughter classes of cattle again sold on the strong side, with

divisions. There was some unevenness in steer and ‘heifer sales, with instances showing higher. Two loads: ‘of ‘choice 1316-pound longfed steers went on packer-shipping account at’ $9.25, with around 10 other loads of medium and good steers, $7.50 to $8.75.

$8, with nothing choice offered. Beef, ulked at $5.25 to $6.25, cutter grades $4.25 -to $5.25. Stockers and feeders were too scarce to warrant lengthy mention. Vealers opened 50 cents higher and closed strong at the advance, although medium grades were little changed, the top $11.50, odd head, $12. An uneven lamb trade saw declines of 25 to 50 cents enforced, most sales showing a 25 cent loss. Relatively few choice western and native were on hand at $9.50 top taking what was unloaded, a double of near-choice '95-pound Westerns maging $9.40, with others from $9 $9.85. Most of the natives made $7 to $9. Best clipped lambs cleared at $8.50.

HOGS ..$ 9.40

d choice. . choice. .

wooOBOD

83 ashy Zhabbey 99 P09 9990989

2D md we oS

( 425 (339-430 Go od op siamo) p] Medium a er (100-140) "dood And choice...

S3ms00e

2% a8 8a

NNO Dao Dal 2aas388a38355

OQUUOo OW

8 01300000030 0 0B ER

nN wo

(550-750)

(750-900) Good (550-900) (550-900)

80 9H SPLHEILOL

S13 ow 338 0 Da Sao

All Weights Good .

Soan enabat BANS

0008

sooo ro SGan

mmo fom cutter and cutter...... Bulls Yearlings excluded (all we! isle Goo a (b ef) i

BEET) +... renege Au. weights) Medium... ." utter and SOM MOR. ee vive oe

gon! So od ona ono Suna

Veal —~Receipts, r*500— (All Reigns) Choice (All we 38his) © Choice ... (All weigh Cull: an

338 999 fet pd het

32 Ohi S832 edo

Calves —Receipts, 441 — (250-420) Choice . Good

SR mage

8322

Commo! : Feeder wen Stocker Cattle

Choice Choice . Good ..

ma3a3s200 0 RT sionen

gia

Common .....

Good and choice.. Common, medium.

oR ORIIIN a3 SdRaao D3 tncn oS

SHEEP AND LAMBS —Receipts, 1958— Lambs— Choice

7.750 8.18 enum Tvviy tiv and choice

Good Common and medium

CHICAGO March jo, DL P.) ~—Hogs— includ 4000 Qirects. Market, fairly active; 5 Js %s cents high 0; 180-220 lbs. [email protected]; 23 “370 .50; 280-350 1bs. [email protected]; 150ood medium weight and 2 Ov

[email protected]. e—Receipts, 4500= calves, 1500. Good steers and active steady to : hade oH 5.38 | B

4.003 0 3.00@ 4.00

profit $92,086 equal to 5 cents a com- oy

mon share vs. net loss $4,694 in

we, Products Inc. Feb. sales E

$1.33 vs. $110,872 year ago. % DIVIDENDS

Se *Burrey Biscuit Co. regular quar-

terly 75 cents on $50 par 8 per cent erred payable April 1 record

18. Chicago Title & Trust Co. reglay quarterly 5150 payable April 1 ord March 19. Grank rapids Varnish Corp. regu-Barte-ly 12% cents on common arch 31 record March 21. Na four quarterlies of 25

cents each in 1937. Houston

oil Field Material Co. |}

"cents on common payable April 1rarch 15 vs. like payment

_ of Canada, Ltd. regular 13% cents on common ay 2 record April 7. * Chemical Works 20 cents n payable March 31 record

PORE] GN EXCHANGE |

“ORK, March 10 (U. P.). French Pranc broke 2%

3.15% cents, & new low | opening f

Ls g $ .40; toaarts tr 5 3 moderJali" steady good choice lambs, early ton oday, $9.50; Shep

Romar March 10 (U. i he 1750, ae

eipts, holdevers, 130; ao Sn steady to cents

on to goo gutters and Son 5.50; 28: sau-

“Beep ge 30, including 260 d nclu i= rect. Steady, good native ewe nd wethSul ble. 4 sell [up to 7 >, with choice ve: choice ah ewes eissible fo 3 4.50 o above ©

( 2). 10 to 20 cents lower. 200 69, $9; 0ge30; Pa 328 ins > $0¢ = 9.. - S., [email protected]; pigs, o down;

roug! own. Calve §[email protected]; 1 Jax , Maoh lo eB Market, 200-220 1 $9. 5; | 1805 S300

45; 940-260 Ibs. : Soo 60-280 3002825 5 ibs. Sons 5 2.1 19 108, $8 $90; tho'lta

EX ugHs, 87.75: Yh so: 25; calves, $11;

Prices Decline|g

Bureau of “Agricultural Economics: aa

an early clearance reported in all;

Most heifers ranged from $7.25 to Gen

Py.— 145 direct tly 15

1bs., Hy 2180 1bs., ss; 320-240 oo 3

THE INDIANAPOLIS

mms

I BY United Press

Air Reduc .....

Am Pwr & Lt . 4% Am Rad & 88.1

4 4

las Corp ....

Balt & Ohio . Day uk Cig

2 Beth See! 7 pf. 3 Borde, 17

Bulova W

Callahan Zinc . Can Pacific ...

ey Inv Tr . Com Solvents ..

Oil. Ye on RR Cuba pf § Gon Tetxlle wes nO Conta

Cuba Co Curtiss Wr A..

Deere .& Co ... 22Ya 22Y% 22%. 22% 117V, 117% Du Pont pf ...115% "115% —E— Elec Pwr & 9% 9% 9% E P wa 1805 31° ie aut Bldg . 2% 2% 2% Jo P— Fair ‘Morse ".... 30 30 Flintkote 15% . 15% Freept- ESaTphur, 26% 26% —C— 33% 3%

17% 115%

Gen Electric ... en Foods ..... en otors ...

n -Refra a: con Mette SR ilidden

+l I+10:

drich raham. Paige . Grand Union Gt North pf ...

. . . .

Harb-Walk .... 20% 20% Househd F .... 51 Hupp Motor ... 1% 1%

tf Ill Central .... 10% 10 Int Agric 2h nu, Int Nickel + 43% 4915 nt T&T 5% 1% Int T&T For... % % oR Kalamazoo Stov 17 . 17 Kroger G&B .. 15 15 l= I2 BOY fret nu, [eh & Coal.... 3, Le pe ‘ ehman 1 Link Belt

25% 39% 39% —M— adison Sa G. 1% 1% t Cees / 3 ARID ort ve 81% 18% clellan St ..

177% 17% 341; 34% eNom it ...20% 20 Nat Dairy cee 14 14Y, Nat Sump apt 2B Hi p N°Y General... 16% 16% Y % 10%

N Inx No Pacific we ide 10%

Mident Pet ... Mont Ward ...

cee 12% 12%

Ohio Oil ...

4% Packard 9% Park | . ; CoaldC - 2% Penn CoalsiC +. 812 20%

INVESTING Co. ’S

(By the Inv. Bankers Conf., Inc.) 300 31 2 Bn Fd C D6 10.95 2 0 v Am Bus 2| Key C C FB2 20.34 22.74 Ins i 2 3 5 13. sid on 5 37 6.25

13.64 3.06 9 1 Bos Fa %e 14.87 15. 20

13.60

Fdity Fizea} Fund, Inec.: Bnk Stk 2.47 * 1 Fxd 1° A 899

Frgn Bnd 17.38 8 100 N nd Iv Ic 15.38 16.61 Fd Tr 4.42 5.00 1 Gen Cap 28.66 30.82| “ 1958 9 Gn Iv Tr 4.36 4.7 gar Inc 10.50 11. Groap tines Am Incp 8.72 9. Agr 1.09 1.19|Slct Inc 3.81 hg 13 132 en Trsk 14.02 14.76 18 1.27

. 1.28|S .03 LI 08 1.18 .65 17.37 ecurities Ltd: Ins Grp 1.23 1.36 Invest Bank Corps: Ban Bl 4.00 5. .00|

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The following quotations €o not represent actual bids or offerings, but merely e approximate market level based on buying and selling inquiries or recent transactions.

n Co

cesses sess

SRT reeves [168

Belt RR gt. Yas com .. Belt RR 8 pd ...cevee EL Cent Ind Pur Ye Prd evans 19 T Ft BW I% pfd: conse + 201 CO! s

co! PII an Camp Milk Co pt “ene Van Camp Milk Co com «By M. P. Crist & Co.)

LOCAL PRODUCE

Heavy breed hens. 4% bs. and up. J3¢: under 4% Ibs. 4c; horn heavy broilers, 2 ‘the. an

roosters, 9c. _ Eggs—No. 1 strict] 3 each fu “fail case Y a ES Tos.

ras

THOMSON &

NEW YORK CHICAGO TORONTO SOUTH BEND FT. WAYNE EVANSVILLE

; |. New York stock Exctisnge

fl New York cotton Exchange ft New York. Coffee and Sugar Exchange

Orleans Cotton Exchange k Exchange

Last Chaz Be Nh

te St Iv 73.50 78.50 4 3 9.77

Market St. Investment Corp... 23.14 23.79 ¢*Ex-Dividend. g

Oe D Toc: ke” horn broflers; 1% lbs. and over, oe d

DOW-JONES. STOCK AVERAGES Yesterday .. Week Ago Month ‘AO ..ccccsesess Year AGO ....vcdecgporesvas High, 1938, 134.35; low, 118.49. High, 1937, 194,40; low, 113.64.

20 RAILROADS

sesestspssvessosans

teesssssessssess

seasesccesans

2.21 29.36 29.11 62.61

Yesterday Week Ago Month Ago . Year Ago High, 1938, 32,33; low, 2% High, 1987, 64.46; low. 28.91,

20 UTILITIES

ssscsssnsssssssense sesssesevsessecse

tes sassesasse ese

Yesterday ... 18.98 Week Ago 19.50 Month AO ...ccoeecsesencee 18.85 —0 Year Ago 33.22 High, 1938, 21.86; low, 18.25. High, 193%, 37.54; low, 19.65.

70 STOCKS

Sessseessosencenne

sesesssncessserens

sessesesssessee ces

40.31 41.62 40.78 68.84

Yesterday Week Ago Month Ago Year Ago High, 1938, 44.42; low, 38.51. High, 1937, 69.67; low, 38.87.

ssesescesssnsssene

ssssescecsecsacse

{ . Net Last Change

High . 24%

Pure Oil vi Pure O 6 pf .... 87%

49 one 3Va + 8% 13% Reo Mot .... Rutland pf .... 2% -—S— - 22%

§ johentey. Dist bd A ‘ 167 Y%

Sunshine: Min.. on Superhtr ...... Swift Intl ..... 24

Texas corps . 40% 40% Texas & as .. 19% 19% Tex Pac L T 9% 9% - Rom] Son. 4 J R.. « b 0 11% 11%

Und El ‘Fish.., 52% nion 4% oe 1 23% 17 2% . 28% . 10% 1% . 2%

307 70% 5!

Warner Bros .. 5%

N. Y. Bonds

By United Press BOND PRICE INDEXES

i 20 20 20 60 ! Inds. Rails Utils. Bonds Yesterday ..... 80.7 60.8 92.6 %8.1 Week ago ..... 81.0 64.2 93.3 9.5 Month ago .... 4 65.6 92.0 9.3 Year ago 94.1 99.7 104.2 99.3 Two years ago. 92.0 92.8 105.0 96.6 1938 high ..... 83.0 70.0 95.4 82.5 1938 10W cece. 19.6 60.8 91.4 TT 1937 high ..... 95.0 101.2 106.0 100.7 1937 low ...... 80.1 69.3 92.3 81.1 1936 high ..... 94.8 100.4 106.2 100.2 1936 low ...... 90.0 84.7 103.5 93.3

nm—— NEW YORK, March 10 (U. PemBOnds, opened ‘irregularly. lower.

Atch Top 8 Fe 4%28 «vcocee. SE B&O 58 96 % 2h

rave esdessessees 23%

Tul

Erie 5s 75 german 5%

128... Tn hh, Sal Svs Canrsannrarsn 108 Util P&L 50

Curb Stocks

By United Press

NEW YORK. March 10 (U. P.),=0uth stocks a steady. 0 ey en Cl! I SUP POW v.iceesssvssssee ha Be ange

Cord Distited Lid’ 3 Int Petrol .. . 30%

Oil we oe » 40 Leh Coal & NaV cceveevsaes Y Panteécpec Oil Technicolor ...........

BANK STOCKS

Bank of America Bank of Manhattan ..

Centra Borer ais

Manufacturers National City . ~-New York Trus

U. S. STATEMENT

WASHINGTON, March 10 (U. P.) ernment expe: rent fiscal year through rch 8 pared th a Year, Soo:

Expenses $5, 128.078" 346.79 $4 4004. ott 972.87 i + 3984816140123 2.873,652,725.20 »160,561,945.56 2.120,419,247.67 rt 1107,289,995.56 2 044,144.97 87 man Lm Pub Debt 37.754.581.431.99 34 4,692,095,361.90 God, net ILI TTL Today’s Gold Cert. fund incr. .$1,500,000.00

, COMe=

. INDIANAPOLIS CLEARINGS

CleATINES +e ssesinnersnarovinis, Debits 88 ett. seessnssissesennes -33:3%.000

La, INDUSTRIALS. oo ad

~Govnses -and receipts for the cur= |

NEW YORK STOCKS

Net High Low Last Chang" es Bio Sone 23% 23% yaa

G : Co... 4% ty 4, Cie. 42% an 42% Ye Young Sheet .. 36% 36 Young St L dr 16% 100

Zenith Rad .... 15 15 18 SE

=""%

36Y4 1 on Xi

+ %

FARM PRODUCTS CONTINUE DROP

Purdue Monthly Survey Shows 3.3 Per Cent Fall in February.

LAFAYETTE, March 10 (U. P.)— The monthly report of Purdue University showed today that Indiana farm prices continued to fall during February, declining 3.3 points from the January index of 103.8. The United States farm price index fell five points during the same period, according to the report. : Horses, hogs and potatoes registered price increases, while oats,

. | €88s and apples made no change.

The remainder of the 17 common products showed price declines. - Purchasing power of Indiana farm products during February was 80 per cent of the 1910-14 base period, two points lower than the January

js | figure, according to the report.

Average 1938 Indiana price comparisons follow: Feb. 15, Jan. 15, 1938

1938

.| Corn (bushel) ...$ 45

Wheat (bushel) . Oats (bushel) ... Rye (bushel) .... All hay (ton) ... Potatoes (bushel) . Apples (bushel) . Horses (each) ... Cattle (hdwgt.) . Calves (hdwgt.) . Sheep. (hdwgt.) . Lambs (hdwgt.) . Hogs (hdwgt.) . Chickens (pound) Eggs (dozen) -... . Butter (pound) . 32

Wool (pound) ... 325 26

GRAIN FAILS TO HOLD, EARLY PIT ADVANGE

Temporary Corn Liquidation Pushes Prices Lower.

- CHICAGO, March 10 (U. P.).— Despite fair mill buying, wheat on the Chicago Board of Trade today failed to maintain early advances. At the end of the first hour wheat was 1% cent lower to % cent higher, corn was % to*l4 cent lower and oats were % to % cent lower. Buying lacked aggressiveness and prices receded under small pressure. Seaboard points reported a small export demand and local shippers reported 140,000 bushels of red and

hard wheat sold for outside accounts, the best in four months. Weakness in Buenos Aires also had some bearish effect here. Wheat receipts were 15 cars. Corn prices were lower in sympathy with wheat. There was very little export demand and traders were inclined to liquidate temporarily in anticipation of better market news. Receipts were 144 cars.

* WAGON WHEAT C1 in elevators are paying for Sy 836; other grades “on their mer rit. gash Fs id

DAILY PRICE INDEX

. P.).=—Dun & price index of compiled for : the average equals 100) : : 112.40

(Feb. 15)

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

Colonial Savings and Lean

‘Association = 28 South Nlinois St.

Make Surplus Funds Earn With INSURED Safety

Growth of _ Surplus F unds

Dividends :

Al Accounts iE Insured Up to $500000.

Weekly and Monthly Savings Accounts Invited

‘Funds. Invested by 10th of Any Month Earn Dividends from Ist of That Month -

Wit fr oder explaining INSURED, acon.

(ESET)

Bw = % i

‘Frederick C. Beier, 5115 Hovey St., diemaker by trade and designer of novelties, has just completed a fabricated metal model of the sky ride which was a feature at the Chicago World’s Fair. He said he

Times Photo. Erne the model for four months and that it took “him five months to make it. ‘His model is scaled : down. to one inch for every 320 on the original Chicago sky ride.

Couple Married 51 Years

Times Special

WALTON, March 10.—Mr. and Mrs. Allen Snider celebrated their 51st wedding anniversary here this week. They lived with Mr. Snider's parents, pioneer settlers, over 50 years. The couple has five children: Eddie and Raleigh, Walton; Howard, Plymouth; Maryin, Newcastle, and Mrs. Vera Spangler, .Carroll County.

School Speaker

on Shooting Stars, or What's in a Universe,” at the school librsey Tuesday night.

Walter G. Gingery, Washington High School principal, will speak

BUSINESS EDUCATION

Strong _ Accounting, Bookkeeping.

FEAR LOST AIRLINER IS BURIED BY SNOW

headquarters. { Tracy and Mary Lou, aboard the plaine en route to their father’s bedside.

Stenographic’ and. Secretarial courses. Day and evening sessions. Lincoln 833 Fred W. Case, Principal. entral Business College Architects and Builders Building. Pennsylvania & & Vermont Sts., Indpls.

Her two children, who were

FRESNO, Cal., March 10 (U. P.). —-Air and ground parties planned today to continue the search for a T. W. A. plane . missing in -the Sierras for the past 10 days, despite a conviction that the airplane was buried by heavy snows. The ship, en route from San Francisco to Burbank. when it vanished the night of March 1, was believed to have crashed within 60 miles north and east of Fresno.

Meantime, Mrs. Jay N. Dirlam. of Mansfield, O., left her home there for Fresno to be nearer to search! |

ot, vay pi RENT

local "associations

ue to offer pros-

contin Pective home owners the’ tested,

¢ SoRvenient Ts and loan service geyelopeq by save and associa

‘This Advertisement by Following Members oh“

Prepare NOW for independent, care-free shelter in future years. The security of a home of your own can be so easily assured for your family with the aid of one of the associations named below. . . , If you have no down payment begin builds ing one in an investment account. lis safety is proven. When you are ready for your loan, obtain the help of one of these ‘associations’ officers. He will advise with you and help arrange i a plan of loan repayment best suited to your financial needs Regardless. of ‘what type of loan you obtain, you will pay for

your home in easy, “rent-like," ‘monthly payments . « « pays

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EE ——

a SER RRA ”