Indianapolis Times, Indianapolis, Marion County, 8 April 1938 — Page 24

x

PAGE 20

A. T.&T. ADVANCE PACES UPSWING; TRADE INCREASED

First Hour Sales Equal Thursday's Total.

NEW YORK, April 8 (U. P)— Stocks advanced one to three points today in sharply accelerated trading. Sales in the first hour totaled 330,000 shares, the same as for the full five hours yesterday. American Telephone with a rise of 4 points at 127% featured the upturn. Steel common reached 433, up 17%; Bethlehem 46%, up 3%; Westinghouse Electric 72%, up 3%: Chrysler 43%, up 3%; Johns Manville 65, up 33%; Sears ® ROGbUCE 54, up 33%; Case 73, up 3; Allied Chemical 13515, up 3!%; Du Pont 100%, up 5, and Standard Oil of New Jersey 45%, up 23%. : The market quieted before noon ,and prices eased slightly. # " 2

¥i oday’s Business At a Glance

GENERAL BUSINESS

- Dun & Bradstreet report retail trade this week 2 to 5 per cent over last week and 4 to 15 per cent beJow year ago; wholesale trade 15 to 30 per cent below year ago. Federal Reserve reports gold stock this week $12,803,000,000, up $9,000,000; excess reserves $1,580,000,000, up $20,000,000; brokers loans off $39,‘000,000; circulation up $65,000,000; ratio 80.4 per cent vs. 80.5 previous wee kand 80.2 year ago.

CORPORATION NEWS

Baldwin Co. 1937 consolidated net income $177,634 equal to 52 cents on common vs. $187,841 or 59 cents in 1936. Consolidated Oil Corp. 1937. consolidated net income $20,809,295, equal to $1.47 a common share, Vs. $16,728,930 or $1.18 in 1936. Duquesne Light Co: 12 ‘months ended Jan. 31 net income $9,955,632, equal to $3.98 a common share vs. $9,856,867 or $3.94 in previous 12 months. | Montgomery Ward & Co. March .sales $30,796,876 vs. $34,931,168 year ago, off 11.8 per cent. New York City Omnibus Corp. and subsidiaries (consolidating Madison Avenue Coach Co. and Eighth Avenue Coach Corp.) Feb. net income $177,014 vs. $143,697 year ago. Pacific Power & Light Co. $1.75 on 7 per cent preferred and $1.50 on 6 per cent preferred payable May 1 record April 18 vs. like payments Feb. 1. Russeks Fifth Avenue, Inc. year ended Feb. 26 net profit $180,197 equal to 69 cents a share vs. $401,576 or $3.06 in previous year.

DIVIDENDS

American Cities Power & Light Corp. 37'2 cents or 1-64 share of Class “B” payable May 2 record April 12 on the class “A” stock. Mid-Continent Petroleum Corp. 25 cents payable June 1 record

May 2 vs. 50 cents year ago. (Copyright. 1938. bv United Press)

N. Y. Bonds

By United Press BOND PRICE INDEXES

20 20 20 60 Inds. Rails Utils. Bonds Yesterday ..... 76.2 53.2 88.8 - 2.7 Week ago ..... 4.9 350.5 87.4 50.9 Month ago .... 80.7 61.6 92.6 8.3 Year ago ...... 91.8 945 102.1 96.1 Two years ago. 91.6 92.7 104.9 96.4 1938 high ..... 83.0 70.0 95.4 82.5 1938 low ...... 49 49.8 87.3 70.7 193% high ...... 95.0 101.2 106.0 100.7 1937 low ...... 80.1 693 | 923 81.1 1936 high ...... 94.8 100.4 (106.2 100.2 1936 low ...... 900 84.7 [103.5 93.3 (Copyright, 1938, Standard Btatistics Co.)

NEW YORK, April 8

(U.' P.).—Bonds opened steady: Net

Australia 5s 8 . 04! aie B&O 5s 96 192 — 3p B&O ahs es 16s + 1a Brazil 6s 26 .. 12% + Ya Cin Gas & BL 3s. «-103 Sie Cuba 5's 45 ....... ssnnene -1 N ¥Y Cent sis N seseeiann. 45% vie N Y Cent 5s csssssrenens cen Rem Rand 4% ......ceen.s. 88% - i Ya Youngstown 4s .............. 96 md Curb Stocks Bv United Press NEW _YORX. April U. — stocks opened steady. g P.) cur Am Cran hg Change Cities Bory eR En Bitty Creole Pet ...... ..... “eke 18% a agle Picher Lead..... saves 84 + 1% Tess eae “en . 534 +14 Guif Oil as © Nor Am Rayon A ... vee 1615. Pan Am Air ..... 14% +33 Pantepec oil y « 51% +4 Tn Cas ............onviii 3's ?

FOREIGN EXCHANGE

NEW YORK, April 8 (U. P.).—Forei exchange firm. Following are n ple rates on major currencies: 098 Kable

Cable Enttand (pound) . $4. 9612 ates Fee ghanse Eng. (60-d. b. By 74.95% +.00 316 HE (dollar) .. .9933 +.00 1-16 France (franc) 03071; --.00002 Italy dire) 0. 52635 —.0000'% gium (belga). 168414 1 Germany (marky. .4013'3 000 3 Germany Yiravel : .2415 J Switzerl'd “(franc) .2293'% 00001 Holland (guilder) .5540'% ~+-.0005 Sweden (krona).. .25591% +.00011% Norway (krone) .. .24951; 4.000112 enmark (krone) 22171; 4.00011 Australia (pane, 3.97% 5 = ustria (schilling) .1890 Lzechoslovakia 35005 s (koruna) ... 034815 .......; inland (markka) . 022015 +.0000% reece (drachma) .0091'% +.00001% Jugoslavia (dinar) .0235 = ........ New Zealand (lb.) 4.0012 . iy Pol (zloty) .1890 +.0002 Portugal (escudo) .0451% =0000%3 . Rumania (leu) . QTD eines LE (ofiicial # RE .3310° eestevee Ans (unoff1- 3 cial peso) . «3920 <+.0030 Brazil (milreis) . .0590 See ok . . Chile (peso) .... .0400 sr Evhne Peru (sol) ..... .2413 +.0013 Uruguay (Peso) « 4200 RE Mesieo (silver PIER 2495 —.0193 Hongkong (dollar) .3076 —.0003 Shanghai (yuan). .272 —.005 India (rupee) 750 +.0002 Japan (yen) 2895 = ....... .

BANK STOCKS

Bid Asked ceesnaserss 39Y2 1%

Bank of America .. 202 2

Bank ef Manhattan

PE

ankers Trust 44 ank of N Y Trust ...ee.. 48 Brooklyn Trust 78 Sentral Hanover 3 ree 934 Chemical _..: - 43 Commercial ... . 134 140 Continental .... v¢ae,.0es..++ 102 12 forn JEschante evsenssesessesss 45Y, 5% Fir t "National we .1575 1615 Stugranty cases al 2 Manufacturers 321; 34's National City we 22% 24%, fi aesreavecnsurasress 18 e1 PaB Bal ANB ast t ta 23% 25%; antee 6

S880 ssstntee

Fare Supply Tumbles Gains Of Local Hogs

Top-heavy hog prices were reduced at most points today and locally 15 to 25 cents Was removed from Thursday’s levels, according to the Bureau of Agricultural: Economics. ° : Supplies again the largest on sale aé=the eleven principal markets. Weights scaling above 160 pounds suffered the maximum loss of 25 cents. This put the practical top at $8.80 [for good and choice 210-220-pound butchers, but a load and a few smaller lots of strictly choice hogs scaling up to 230 pounds were included, while an extreme peak of $8.85 was registered on a few outstanding 216-pound averages. Packing sows were slow, with early sales mostly 25 cents lower at $7.25 to $8, mostly $7.75 and below, a few 500-600-pound offerings noted at $7.25 to $7.50. Although the supply of fat cattle hardly offered a test of values, the limited Friday receipts were cleared in a firm manner at fully steady rates, upholding quotations which have advanced materially to date this week. A few good steers ranged downward from $8.65, with most heifers at $8.25 and below. Nothing strictly good or choice was offered in either division. Prime steers have reached $10 this week, scalingi1338 pounds. Cows and heifers are mostly 25 cents up, with many sales of common and medium heifers 50 cents higher. Closing steer values show 25 to 50 cents increase over late last week. Vealers ruled 50 cents higher, with choice at $12. Around 3500 head of lambs sold

at Indianapolis * were

to choice Western lambs at $9.

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Barrows and Gilts— (140-160) Good and (160-180) (180-200) (200-220) (220-250) (250-290) (2390-350)

(275-375) Good (350-425) 5 (425-450) Good . . (275-550) Medium Slaughter Pios— (100-140) Good nd choice. . Mediu

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—Receipts, 446— Choice

Choice

(750-900) (900-1100) 11100-1300) (1300-1500) (750-900) (900-1100) (1100-1300) (1300-1500) (750-1100) (1100-1300) (725-1100) Steers and (550-750)

GIOTTO SOUND

Common Heifers— Good

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or

Heifers (750-900) (550-900) (550-900)

All elnis~ Goo

Good . Medium - Common Cows

n Low cutter and cutter ..... Bulls

’ Yearlings Excluded (all weights) — Good (beef) oy a (All Worn Medium Cutter and common ........

Vealers

(All weights) Choice ......... 1.50@ (All weights) Medium ........ 1 some 9 (All weights) Good ........... 5010.50 Cull and medium ........... . ]

Calves —Recepits, 498— (250-400) Choice Good

Feeder and Stocker. Cattle. St eeb0-800) Ch -800) oleae: ......, ceees. 8.00@ 8.50 (200-1050) Choice cediiiiie E000 £5 (500-800) Good ce.ssenssie 7.50@' 8.00 (800-1050) GOOd .....cecve..y T.50@, 8.00 (500-1050) Medium cevsavaney 0.1.50 omm Celso cea Heifers mmon 6.00@ 8.75 (550-750) Good and choice.. 6.75@ 1.75 Common. medium 6.00@ 6.75 SHEFP AND LAMBS mR i ho Lambee eceipts, 3782 ' Choice 8.00@ 9.25 Good 8.25@ 9.00 Medium 7.75@ 8.25 Common 6.50@ 7.75 Ey : ood and choice ...... ess. 3.50 ; Common and medium . .... 23%a 350

CHICAGO, April 8 (U. P.).—Hogs—Receipts, 11,000, including 5000 directa re ket. 15@325¢ lower: top, $8.90: 170- 240 lbs, $8.60 8.85; + 250-350 1bs., $8.25@ 8.60: 140- , $8. Se Eaas. 75; good 350-550 packing

$7.50@17 Cattle—Recepits. 1500; calves, 500. All killing classes scarce; storm conditions holding down receipts; market, active, steady; few loads good and choice fed steers and yearlings, [email protected]; hest held around $9.50; heifers. [email protected] on some loads; fat cows, [email protected]; cutters. $4.50 @bs. 50: sausage bulls, up to $7.25 or more;

SOWS,

vealers, Sheep—Receipts. 11,000, including 1200 directs, late Thursday fat lambs, 15@25¢c

and more up; bulk, [email protected]: 102-1b. averages, $9.15: today’s trade slow, 25¢ oc; talking, $8. 75@9; on wooled lambs; steady on sheep; ewes. $5.

FT. WAYNE. April 8 (U. P)—Hogs—Mar-

ket, 10 to 25 cents lower; 200-220 lbs, $8.65: 180-200 lbs., 52 55: 160-180 ;bs.. $8.45: 220-240 lbs., $8.55: 10-260 lbs., $8.45; 260280 lbs., $8.30: 28 50.300 1bs., $3. 15; 300-325 Ibs.. $8: 325-350. !bs.. $7. 30; 140- 160 1bs., $8.25: 120-140 lbs. $8; 100-120 lbs., £8; roughs, $7.50; stags, $6. Calves, $11.50. Lambs, $8.50.

MLAPAYEITE. April 8 (U. P.).—Hogs— arket, to 30 cents lower; 200-20 Ibs., 85 601 8. 70. 220-240" 1lbs,, $8.50/ 8.60; 240275 bs. $8. [email protected]; 275-325 1bs., $8. 10@ : 160-200 lbs., [email protected]; pigs, $8.25 own: roughs. $7.50 down.. Calves, $11. Lambs, [email protected].

NCINNATI, April 7: (U, —Hog Re 2400; none direct; Tar 160: market, steady to 10¢ lower: -top. $8.8 950-275" lbs., $8. 60+ 100-140 1bs.. $7.25@8; bulk good packing sows, [email protected]. Cattle—Receipts, 300; ‘calves, 250: market. active, strong: ta‘. -25¢C ups Yop steers, 1355 1bs., $9: odd; =1b. a ice, heifers, $9.25; good beef cows;: [email protected]%. Jow cutJere and utters, 5 a 5: pps top .25; vealers, strong to 2 practical top, $11.50. be e, higher, heep—Receipts. 100; none direét; mar-

ket. slow and steady. very light ‘supply Sut 0

little demand: X00¢ wool lamb from- [email protected] ommon a s te grades. $6.50@8 slgughier ewes Thi nly, £[email protected]: few small lots spring lambs,

$1 down, but outlet a limited and uncertain.

See Final Edition of the Tires for Closing Stock. Quatations

and Other Late. News

actively at steady prices, the run in- | cluding four double decks of good |

‘1 sent actual ‘lindicate the

THE INDIANAPOLIS TIMES

—r - . Net High Low Last Change Addressograph . 18% 18%. 18% — X% Reduc '..... 43 3 43 + Ya Allegh Corp ... 1 1 1 sees Allied Mille eres: On 9% 9% .... Allis-Chal ..... 37 37 $7 + % Am Car & Pdy. 161; 16 16 vanes Am Chain & C. 11% 11% 11% + % Am Meh & Fdy. 1% 1Yy 11% — Am Pwr & Lt . 4 4 SH Am Roll Mill .. 16 15% 16 . + % Am Smelt ...... 33% 33% 332 + bh Am Stl Fdies . 19% 193 19% + 7s Am T & T ....124 24 24 + Am Tob B ..... 67% 67% 673% .... Am Water W .. 7% 712 2 + Ya Am Sroolen il 3% 3% .. . Am Zinc ...... 5% 5% 5% +4 Ys Anaconda 1... 25% 25 25% + Apw Paper .... 2% 2% 2Ys + 1s Armour Ill ..... 4% 45g 4% + Js Armstrong Ck.. 28 28 28 + la Asso Dry Gds . 5% 5s 5% + 1s Atchison ...... 25% 253, 25% + 45 Atlas Corp ..... 6Va 6%a 6a 4 NK Atlas Corp pf . 5% 5 5% 4+ Ya Aviation Corp . 3s 3% 3% + Ys —— Bald Loco ct .. 65 65% 6% + Ya Balt & Ohio ... } 52 51a: .... Barber Co .. 4 133, 1334 + 3%& Barnsdall .. 11% 12 + lg Beth Steel 443g 44% + 13s Blaw-Knox 11 11 alate Boeing Air .... . 24 24 + 34 Bohn Al&Br... 17% 17% 17% +4 Ya Borden ........ 16 16 16 — Borg-Warner . 19 19 19 + 15 Briggs Mfg ... 16% 16% 16% + 12 Bklyn-M T..... 14% 714 Tm + ¥ Bulova W_ .... 18% 18's 18's + Byers AM .... 72 1% Ta eves El ll Calumet & H.. 63% 6% .- eo.e ‘Campbell Wy .. 1034 10% 103 ven Canada Dry ... 13% 13% 13% + 1% Can Pacific «... 5% 5% 5% + 18 Celanese ...... 11% 11% 11% + Ches Corp . 32 32 32 conn Ches & Ohio.. 26%: 26% 26% + % Eos wees 1 41 41 + 1 City I1&PF ...... 5g 10% 10% — Y% Climax Moly Co 3 35 35 + 3 Col Broadcast A 16 16 16 + Com Credit .. 28 28 + Ys Comwlth & So. 1% 1% 13 — Ys Cons Aircraft . 13 + 13% 13% + 3% Cons Edison 18%, 18> 18's + % Cons Edison pf. 90 90 90... Container ...... 7 117% N% .... Cont Oil Del 2412 242 2412 4 Sa Crane Co cv id 87 87 81. +1. Cream Wht 2 ah 99%, 991 ful 8g Cudahy ....... 13% 13's 131% 4 1a Curtis-Wr A ... 151% 15% 15% +4 V2 —D— Deere &-C 1912 19% 19% + Ss Det Edis ...... 8014 801% 80! —_2 Dist Seag ..... 13%; 13% 13% + 3% Dome Mines ... 4812 “ 4812 48'2 .... Douglas Air ... 36 36 36 4. Du Pont ves 96 96 96 + 12 af East Kodak ...135 135 135 . 4 212 Elew Pwr & Lt 74 Va Wa + 1 Eng Pub 8 .... 3% 312 312 sess fl Flintkote ...... 13%2 13% 132 + Y% Gair Robt .... 3. 3 8 eee Gar Wood Ind. 4% 455 45% .... Gen Cable ..... 73s 738 73s + 3% Gen Electric .. 3172 31'a 31l2 4 1% Gen Foods 243, 243, 2434 .... Gen Mills ..... 51 507s 507 +4 8 Goodrich ...... 12'% 12% 128 +4 Yo Goodyear ee AIT 17% + 12 Graham-Paige . 11 11 11 4 1 Greyhound Cp. 9 9 9 + 5 ff Homestake «52%, B52 5214 4 Ya jione Soin is 3lla 31% 31% + 12 Hudson otor . 6 6 0 eee. Hudsn Mav Min 23 © 23 23 + % —f . ’ ’ 4 ind Ravon .... 16%2 162 16%; -+ 35 Inspiratn Cop . 9_ 9 9. + 12 Intercon Rub .. 2% PA 2h a. . -| Interlake Ir . . % 8 8 + Ya Int Harvester.. 55 5434 58 «+ 1 { Int M Marine.. 22 212 215 .... Int Nickel Seis 42%; 4273 + 8 Int Caane 5%% 5% + 3s Int P&P nf... 21% 2ila .... Int T&T For... ee 67s 67% — Johns Man .... 63 62% . 63 + 13 —— . Kennecott 31 307 31 + 34 Kimberly CLK. © 201 2012 20% — Ya Kresge SS ..... 16Vs 16% '16%a + a —fy— Lehn & Fink... TV TY Ys. oi. 9 INVESTING CO.’S (Inv. BES. Conf. Inc.) Bid Bid “Ask Adm Fds 9.29 é 38 Key rs 11.63,12.74 Affil Fd 3.33.3. 86) » CFK 11.54 12.60 Am H Cp 16.5) 182y VV C 7.28. 7.97 Am Bus 2.75. 13) 04 » CFS2 10.93 11.95 Basic Ind 2.52 " CFS4 3.53 3.92 Bos Fd In 12.44 13.30 Md Fd 4.58 5.06 Broad St 19.72 21.09Mss In Tr 16.47 17.47 Cent Trst 18.46 13 80) Mus In Fd 8.59 9.70 Comm Inv 2.66 Nat-Wd sec 2. 36 2.46 Cp Tr Shs 1.80 a vig 97 19 AA 1.95 .... Nat] Invest sae 1 Ace BB ....|N Eng Pd 3.002 ” AA md 2.07 ..IN. Xr Stocks ‘Inc; ” Acc md 2.07 Agri 6.56 ‘i.11 Cumul Tr 3.65 Bhk ®steks 7.13: 4.52 Dep Ins A 2.38 .! Bldg Sp’ 5.65 6.13 B 2.21 |El Eq .65 6.13 Divers D 4.20 4.80 Insurance 7.40 8.01 Shrs 99 1.08) Mac .07 6.58 Eat iw 14.97 16.08! Motals 6.74 17.34 Equity Tr .21 .24| Oils .48 8.10 Fidelity 15.29 16.46 BE Sat 5.33 5.78 Fiscal Fund Inc | Ste 5.84 6.33 Bnk Stck 2.26 2.51/No i Bd 47.63 .... Ins Steck 2.72 3.05 |’ Tr 1953 1.13 Fix Tr A 105 ....|0 2.10 »B 5.46 . INo Am 1956 2.06 Forgn Bd 3.08 6.37 58 1.86 .. . Found Tr 15 3.40/Quar Inc 8.74 9.58 Fd In Ie 2 3 13.99 Rep Tr 7.24 7.74 A 4.38 Sl an Inc 7.83 8.53 nB Et . Sel Income 3.25 \ Gen. Cap 25.12 27.01;Spen Trsk 12.60 13.26 Gn Inv Tr 3.73 4.06iStd Util 8 41 Group Securities Super Cp A255 .i. Agric 890 B 2. evs Food 67 a (Super AA 1.69 Inv Shs .55 61] ” BB 89 i. Petro 89 .98/Supervised 7.62 8.28 RR Eat 55 Sl Tost St Inv 1.91 ..... Steel, 38 HE 1.87 Hur 1A 85.5%... I Sr wis 5 SON B48

Invest Bank Corps: |Trst A Bk .53 59 1 Bos Cp 10.63 12. 2 SELars 1. 33 x i3 Schellkpf 4:30 1.5 Inv Fd C 331) wen" ®ed 11 06 12. 39 Key CFB2 17 83 19.52

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The joiowin quotations do not repres or offerings. but merely approximate market level based on buying and selling inquiries or recent transactions.

BONDS

Bid - Asked American Loan Co 5s 46-51 .. 95 98 Citz Ind Tel (TH) 4Y>s 61 ....102 105 H Tel & Tel Ft W 518 55 . 03 105 H Tel & .Tei Ft W W 6s 43 ...104 106 Ind Asso Tel 4's 65 ......... 104 106 Ind Tel Co 5s 60 .... ........ 95 98 Ind Railway Inc 5s 97 ....... 42 45 Interstate Tel & Tel 52s §3.. 86 89 Indpls Water Co 32s 6 1022 Kokomo Water Works 5s 38 10232 104%, Morris -5 & 10c Stores 5s 50 98% 101 Muncie Water Works 5s 65 102%2 ie Noblesville’ HL&P 51-5 47 100 102 Ohio Tel Service 6s. M1... 98; 100 Pub Tel 4158 65 .... ce.veces. 08 100 Richmond W W BS 57 io rvens 103'%2 105 Sevmour Water Co 5s 49 ..... 100 103 T H Trace & L 44 102 105 : T H Water Works 6s 56 10215 T H Water Works 6s 49 03 Trac Term Co 5s 57 53 STOCKS Belt RR St Yds com |......... 512 Belt RR St Yds pfd i Cent Ind Pwr To pid ........ 1415 Home T&T Ft W 7% pia. 53 Hook Drug Pe cum: [.. 14 Ind Mich 7% . . 107 <a Ind Gen Serv Co 67% nid i 1041 Ind Hydro Blee ch pid eis. 45 Indpls Gas com . | ...e.ee . 20 Indpls Pwr & It. Pi 6%... 73 76 Indpls P&L 6%% ......ccc0n0 78 82 Linc Nat Life Ins .... .... ee 22 25 xN Ind Pub lg Co Bid Ste % [dat 4815 XN Ind Pub Serv 67% 48 52 xN Ind Pub Serv 7% aiaren 50 54 Pub Serv of Ind 67 ... J 1612 Pub Serv of Ind 7% , 272 Progress Laundry Co com ..,. 122 14 Terre Haute Elec Co 6% ..... 93 96 Union Title Co com ....... en BQ 25 Van Camp Milk Co pf ........ 55 0 Van Camp. Milk Co com ..... 10 11%; (By M. P. Crist & Co.) xMarket St. Investment Corp.. 19.69 21.16

xEx-Dividend.

LOCAL PRODUCE

Poultry—Heavy breed hens, 17c; Jegnorn hens, 14c: heavy broilers, 1Y2 to 2% 1lbs., 22¢: Leghorn broilers, 1%2 to 2% T= 18c; old roosters, 9c. Eggs—No. 1 strictly fresh eountry run eggs, 14'2c; (each full case must weigh 55 lbs. gross. A net deduction ,of 15 cents for gach full case under 55 lbs! will be made). utter—No. . 39% @30c; a7he. Butterfat— No. 1, 26¢; No. ‘2, 24c.

RESERVE BALANCES REACH HIGH LEVEL

WASHINGTON, April 8 (U. P)).

serve member bankse rose $20,000,000 in the the week ended April 6 to $1,580,000, highest level since May 1 last, the weekly condition statement to the system disclosed today. Since actual reserve balances were reduced $16,000,000 to a totai of $7,296,000,000, the increase in reserves over requirements indicated a fall of about $36,000,000 in deposit accounts not itemized in the statement. The decline in actual reserves reflected principally a $65,000,000 rise in mofiey circulation, lifting that item to .$6,394,000,000, ‘and an increase of -$15,000,000 in non-mem- | ler deposits and other Federal Reserve accounts to. 000,000,

—Excess reserves of Federal Re-|;

NEW YORK STOCKS

By United Press

GENERAL ADVANCE MARKS PIT TRADE

Concentration on = Wheat, Corn Lags Behind.

CHICAGO, April 8 (U. P.)--In-

| creased buying in Liverpool, where

the market closed 3 ‘to 4 cents higher, steadied Chicago wheat prices at a higher level today. At the end of the first hour wheat was 1% to 27% cents higher, corn was % cent higher and oats were % to: % cent higher. - 4 The sharp advance at the start of today’s session attracted a rmoderate volume of selling for profit but as the session continued demand again increased and the market started back to opening highs. Liverpool was strong at the close and buying here was based on foreign action. Reports from Texas indicated that as high as 70 per cent of the state crop was in danger of serious damage from freezing weather and similar reports came from other scattered points in the ‘belt. Wheat “receipts were 37 cars. : ] Corn prices were steady at the advance. Buying, however, was moderate as corn still failed to detract from the attention being paid to wheat. Receipts were 140 cars.

WAGON WHEAT City grain elevators are paying for No. 2 red, 73c: other grades on their merits. Cash corn new No. 2 vellow. 45c. Oats,

.

ARGENTINE GRAIN BUENOS AIRES. April 8 (U! P.).—Grain futures opened firm Wheat—April, 983sc, up 1'sc; May, 987% up, llc. i

Gorn—May. 64lgc, unchanged: June, 62%sc, unchanged. Oats—April, 3134c. unchanged. Flax—April, $1.24'3, unchanged: May, $1.2414, unchanged.

CHICAGO PRODUCE

Eggs—Market., steady: receipts, 37.424 cases: fresh graded firsts, cars, 17145: less than cars, 17c: extra firsts, cars, 182: less than cars, 1734c; dirties, 14%c: current receipts, 16¢; checks, 14%sc; storage packed firsts, 18'2c: storage packed extras. Butter—Market, unsettled: receipts. 833,771 gross pounds: extra firsts (90-21% score), 2634 @27',>c: extras (92 score), 28c: firsts. 22@%4c; seconds, 20@21c: specials, 28Y3@28" 2c: lands rds. 27c: centralized 3 score), 243ic; centralized (88 score).

Poultry— Market, steady: receipts. 1 car, 18 trucks; ducks, 18@22c: geese, 14c! hens,

201>@23c: spring chickens, 24@26'2¢: Leghorn hens, 20c: roosters, 13!ac: turkeys. 18@@28c: broilers, 23@24'zc; fryers, 23 @25'>c. Cheese—Twins, 1333@14c: daisies, 14% @14'2c: longhorns, 14'i@14%c. Pot atoes—Supplies. moderate: demand,

market, weak to steady; idaho Rus$1 55611.6215: Washington $1.35: North Dakota s1, 25@ 1.35: North Dakota Cobblers, $1.15; Early _Ohios, $1.10: Minn sota Cobblers, $1.10: Wisconsin Roun Whites, U. S. Commercials, $1: Wisconsin Green Mountains, . “New Stock— Supplies. liberal: .. slow: market, weak: (track sales. carlots): Florida Bliss Triumphs, per bushel crates. [email protected]: Texas Bliss Triumphs, $1.30 sae 70: on track, 218;

U. S. STATEMENT

WASHINGTON,” April 8 (U. P.).—Government expenses and receipts for the current fiscal year through April 6, compared with a year ago

slow: set Burbanks. Russet Burbank Bliss Triumphs,

shipments,

is Year zs Year Expenses ..$5,830,321,436.51 $5.705.061.077.50 Receipts .. 4,880,847,853.20 3,83 .558.659.12 Gross Def 9,473,583.31 1.87 3 2,418.38 Net ef .. 2,468,633.31 1.793.055.568.38 Cash Bal.. 3,061,896,480.02 1,80 203310 0.90

91,599,164.98 34,781,465.009.03 1. 3% 433,048.85 1.903, 660. 23 $800.0

Work. Bal 1, Pub. Debt. 37 Gold Res: 12 Custom 795.,113.705.01 Today's Gold Cert. Fund me

0 ~3 w ry © =13 nN © -3 —-

INDIANAPOLIS CLEARING chee

Clearings $3,203,000 Debits 6,035,000

FOOD PRICES

CHICAGO. April 8 (U. P.).—Apples— Michigan McIntosh, [email protected]. Sweet Potatoes—Tennessee, bushel hampers, 90c. Carrots—Illinois, bushel, 3513400, Spinach —Texas, bushel, c@$l. Tomatoes— Florida, lugs, [email protected]., " Cauliflower— California, crates, [email protected]. fornia, hampers, $3. 15@3. 5 Florida, crates, $2.25@2 75. Onions (50b. sacks)-—Illinois Yellows, [email protected] (street sales); cousin Yellows, + $1. 13 | (street sales): a0: Gre Yellows, $1.15; Towa Yelows, $1; 2 ellow Danvers, $1. 35 @1.55; orado Yellow

Danvers, $1.12 BB nsors ows Si. [email protected]%: | ‘Texas Yellow Bermudas, $1.85. ! h

PEASANT REVOLTS SEEN HARTFORD, Conn. April (8 (U. P.).—Dr. Wilbur L. Cross, who will be 76 Sunday and is the oldest Governor in the United States, predicted today that peasant uprisings would overthrow European dictatorships.

9u8 3 o =

ENGLISH NOBLEMAN DEAD

LONDON, April 8 (U. P).—The ‘Marquess . of Milford Haven, 45, brother of Lorg Quis Mountbatten, died today at a RUFsing’ Milford Haven broke his leg last | December and had been ill since. *

1834c.-

DOW-JONES STOCK AVERAGES —f— et 80 INDUSTRIALS : High Low Last Chaitge Yesterday .....ce..vee.e-... 105.43 --0.86| Savage Arms .. 10 10 10 : ; Seabd Oil ..... 17 73% 173 9 Week AO ..c.ocssevecessess 108.02 +4.07| Sears Roebuck lis 51% 51% I 1% Month AO ..cocseevcsescese 122.44 =-2.27|Servel Inc .... i 11 ove Year Ago .................. 118.94 +oag|Shell Un'oil ... 12% 13% 12% + 3 High, 1938, 134.35; low, 98.95. | Socony-Vacuum' 12% 12% 12% + X% High, 1937, 194.40; low, 113.64. So Cal Ed.....21% 21 3 + 0 20 RAILROADS Sop Ee LU, hall Bh Yesterday ........c.cc...... 20.80 .. [South Ry pf .. 10% 10% 10% + Week ABO .....coesveseesees 1081 0.81 (SPlegel Inc... 004 6% SH 3 Month Age ssssshesesssensss 25.06 Ton Std 9, Cal vin 21% ite 31s ‘=p 1a) €Ar ABO ........ccc.e.0... D865 0.15 nd .... 4 8 2 aa High, 1938, 32.33; low, 19.00. Stone «web: Pct i High, 1937, 64.46; low, 28.91, Superior Oil .. 2 2 lem Ya 20 UTILITIES | t & Co .... 16% 162 16%2 =— ¥a Yesterday .................. 16.88 0.13 —=T- : “ers 36Y vs *.361 5 Week ALO ..oronasirnenes 1536 Gomz|dexas Comp .... 363 36) Son 3 Month Ago: .......ec0c0evees 18.54 ==0.29 Thomp, Star pf 8l2 8% 82 + gs Year Ago .......ierov nn... 316 eis(aide W. A ON.. 134 124 Iai oe isk, 1938, 21.86; low, 15.14. Transamerica. 9% sie 3 Sh - igh, 1937, 37.54; low, 19.65. es nn z ’ i iby 85 20th Cent-Fox . 18 18 18 + '% Ue i Yesterday ...........cc0v..0 33.50 -~0.24 r 24] glen & Iw 1% 1% + % Week AO ........eooeene... 32.42 1.32 | Und BN Gosh a1” ee 41° — 1 Month Ago .........cess.... 39.04 —o37(Union BEP .. 34 WM aki ti Year Ago ....... arias 64.26 0.23 | Un Oil Cal .... 18% 18% 18% — % High, 1938. 44.42; low, 31.10, Un Pacific .. 82 8% 2uli’y i . n ircra P 8 4 8 High, 193%, 69.67; low, 38.87. De A aaa hell SR Rai .. —M— United Corp .. 2% 2% 2% + Ye ; met [Un ORWROD i Ba $4 BL Ln High Low Last Change |y Ss Ind 151s 19ls 152 + 12 L-O-F Glass ... 26 26 26 —- 13|U S Rubber ai, 237% 24% + % Toft Inc 1. 1 iq U S Rub 62 61! 3 Mig ors Beil, A... 2% 2% am i: lus Ste 42Y; 42%2 42% +1 Martin Gl .16 15% 16 4 ¥%|U 8S Steel pf..100 99% 100 + Ya aylag ... 4 4 4 TT “MPL LA.. BW %a % .... Mcintyre Porc.. 38% 38% 38% 4 15|Walworth ..... 5% 5% 5% + ¥% Mesta Mach ... 31 31 1 4- 1, | Warner Bros .. 4% 458 458 ..se Miami Cop .... 1% T% 1% .... |Wayne Pump .. 20 20 20 + % Mission Corp .. 12Va 12% 1214 NY West Union 21 21 + 38 Mont Ward .... 28 28 28 1 i, |West Air Bke . 19% 15% 1% a 17 Mother Lode .. Y Ya Wa: dive OS iE : leis 163. 16% + 9 oN ] Willys Ovrld 49, 43 4% 4 Ys Nat Cash Reg.. 14 14 14 4 3 Woodware Iron 1215 1214 1212 4 Is Nat Dairy 113% 13% 13% .... ‘| Woolworth .... 39 39 387 Jo. Nat Distillers C18 19 1, ee Yom at Gypsum 5%. 573 573 4 3plveniow Tr 11% 10% 1n + 1? Nat Sup Penn. . 16% Vi 3, Wd OW Sheet 8 8 1% N Y Central 1215 8 18 x Hh, Younw Rt a “29 2 BL Nycast Sere 8% 3s gh. TY 1; iL ; No Am Av we 670 2 ‘hd 1 JB F Ohi in | Mo Oil... :... 113 111 1h 4 Oliver Farm Eq 22%; 217 23% 4 110 —P | ] Pac G & El ... 24% 54 5 Packard . .i..: 238 248 Hs nC | EN S AID Param Pict ... 6% 67s 6% +4 Ya Peerless. ....... 412 * 4, 402 IT i Penn RR +» 16% 16Y4 163 + VY, Phelps Dodg .. 20% 20%s 20% 4 a Phillips Pet... a, 3, 3... . C oe < Ta aie iY pitts se a B.. % sw sn =u | Smoke Signals to Be Used as Press Stl Car . Sia oll 8 ET : ub Serv pf. 8s 1027 1027 -- 34 i Pullman: ..i... 245 245; S55 ue 3 Pure Oil “..vas ors 915 20 + 13 Means of Sending ; | eRe dio ......... 15% . 5% sy Important News. Radio pf N.... 4 42 42° oA 'y, Badjosg Or 2 2% 2% «+ em-Ran a 103% 3, ala i ‘Mi Republic St... 131% 190 10% 1''y,| SYDNEY, April 8 (U. P.) —~Mis2 1, pi i pai a : Reyn Opting, .-,3¢ Bir 3% + 4 lsionaries stationed at lonely outB 8 37% 38 a

posts along the Arnhem section of the North Australian coast are cooperating with the Australian navy in the defense of that part of the coast. Native smoke signals will be used for transmission of important messages. The missionaries - at the Methodist mission stationed at Goulburn Island, Milingimbi and Yirrakala, have been issued special code books and provided with detailed instructions of actions to be taken should a national emergency occur. Wi Delivered Under Seal

When the mission lugger, St. Nicholas, left Darwin recently its master was entrusted with three sealed envelopes from the Navy Board, which he was instructed to

deliver personally to the missionaries to whom they were addressed. These bulky envelopes contained code books and instructions dealing with the establishment of this new coast watch service, plans for the inauguration of which have been under consideration for some time. Each. of the three mission stations is equipped with “pedal” wireless sets, power which is supplied by aborigines pedaling an apparatus on the push bicycle principle. One of the sets at Milingimbi is powerful enough to communicate with Darwin if required. :

Clearing House for News

If the intention of enlisting the co-operation of the more untamed aborigines for this particular region is realized, the mission statiohs will become the clearing houses for news relayed along the desolate coastline by means. of aboriginal smoke signals—the - so-called “bush telegraph” system which has amazed white men since they first came into contact with it. By means of these smoke signals, aborigines send messages long distances with remarkable rapidity.

PHI BETA KAPPA AT DEPAUW ELECTS 22

GREENCASTLE, April 8 (UP). —Twenty-two seniors, 17 men and five women, were elected to Phi Beta Kappa, honorary scholastic fraternity, at DePauw University today. Those to receive scholarship keys were Robert Anderson, Chicago; Robert Baldwin, Kokomo; ‘Chester Beeman, Kokomo; Roal Bergethon, Brooklyn, N. Y.; Thomas @ochran, Taylorsville, Ill; Norman Greiser, Dayton; Henry Heintzberger, Mishawaka; Curtis Huber, Evansville; Kendall Lappin, Lima, O.; Louise Lindley, Danville, Ill.; Robert Mackie, Harvel, Ill.; Ralph Mann, Robinson, Ill.; James Victor Martin Jr., Japan; Dorothy Moore, Evanston, Ill.; Elizabeth Nichols, Greencastle; Paul O’Brien, Denver; Jack Oswald, Lagrange, Ill; Alan Schneider, Louisville, Ky.; Mary Jane Shideler, Indianapolis; Arthur Sieben, Geneseo, 11l.; Paul Vanriper, Lebanon, and Elizabeth Yount, Bedford.

SAYS U. S. TO BUILD CHICAGO NAVY YARD

CHICAGO, April 8 (U. P.).—Plans to develop a Navy yard in the Lake Calumet region, near Chicago, for construction of small craft contemplated under the billion dollar Naval appropriation bill now be= fore Congress were revealed today in a copyright article in The Chicago Times. The proposal, ‘according to. the Times’ story, has been placed before the War Department engi-

neers who pass on harbor projects.:

If approved, the plan would provide for construction of millions of dollars of fast, light ships, including submarines, destroyers, cutters, coast patrol boats and submarine chasers. ¥ It was pointed out: that steel | plants at Gary, ‘Indiana ‘Harbor and South Chicago were: fully equipped

to handle their part of the proposed

construction program.

5

tla M’ADOO TO RUN AGAIN

WASHING N, Apkil 8 (U. P)—| Senator William GG. McAdeo ®.

»

Cal.) today Ehoupeed he ‘would run 8 th

for re-election in Democratic

i

WHITNEY: SAYS

HIS BUSINESS EARNED PROFIT

Tells SEC He Took Bonds to Stave Off Financial Collapse.

NEW YORK, April 8 (U., P.)— Richard F. Whitney, former president of the New York Stock Ex= change, testified today that the brokerage firm which he plundered of securities and sent into bankruptcy was earning a net profit up to the time it. failed. ‘He appeared at a hearing of the Securities and Exchange Commis=sion, which was attempting to ob-

| tain’ information that may be the basis for legislation designed to pre|vent other brokers from commit-

ting the offenses for which Whitney

‘Iwill be sentenced Monday. He has | pleaded guilty to larceny of secur-

ities owned by the New York Yacht Club and the estate of his father-in-law, George R. Sheldon, which were intrusted to his care. Whitney, appearing at four previous investigations, said he took the securities in an attempt to stave off the collapse of Richard Whitney & Co. which handled the bond brokerage business for the House of Morgan and once was considered to be a Rock of Gibraltar in Wall Street. - Scribbles Notes

Wrinkling his brow over intricate financial questions and scribbling quick notes on a yellow pad of paper, Whitney .said that his firm never had lost money on its brokerage business. “What net profit has your firm made in the last fewa years?” asked Gerhard Gesell, SEC counsel. “Ninety-four thousand dollars as shown on the books in 1937.” “There always has been scme margin of profit hasn’t there?” “Yes, sir.”

Farm Tenants Found to Have

Better Chance

ST. LOUIS, April 8 (U. P.).—The lot of 3,000,000 sharecroppers and tenant farmers in the United States has shown a gradual improvement ‘during the past two years, according to J. R. Butler, president of the Tenant Farmers’ Union, an affiliate of the Committee for Industrial Organization. “Our ultimate aim,” Butler said, “is for every sharecropper to own his own land. When that is brought about the union will naturally have no further justification for existence.” Bujler said there has been ga marked decrease in the frequency with which meetings of the tenant farmers’ union have been disrupted ‘by hostile forces, particularly in Arkansas. “Governor Bailey of Arkansas cooperates by sending state rangers to our mass meetings to prevent disorder,” he said. ‘ Membership in the union, Butler declared, is the “poorest in the world.” He pointed out that only about 2,500 of the 40,000 members regularly pay their 25 cents a month dues. Butler said he drew only $600 in salary as president of the urion last year.

‘LIFE’ CONTROVERSY SPREADS TO N.Y,

Several Cities ‘Strip’ or Ban

Publication. ~~ .|

NEW YORK. April 8 (U. P).— controversy over publication by Life Magazine of photographs from the film “The Birth of a Baby” spreac to New York today when District Attorney Samuel J. Foley, Bronx, threatened grand jury action against persons selling the magazine, Mr. Foley ordered newsstand copies seized on the ground the photographs were “a flagrant offense against good taste.” He showed a copy to members of the April grand jury and said they were ready to return indictments District Attorney Thomas Dewey of Manhattan, however, did not follow suit. Question by newspaper reporters, he said, “No action, no comment.” Several other cities, most of them in New England, banned sale of the magazine unless the four-page section objected to were deleted. The magazine was banned or ordered stripped of the four pages in New Haven, Boston, Pittsfield, Worcester, Springfield, Providence, R. I, and in New Orleans where District Attorney Charles A. Byrne said the pictures were “immodest and indelicate.”’ Roy E. Larsen, publisher of the magazine, said the censorships “apparently resulted from a misunderstanding,” and that a test would be made today in New Haven, Conn. where a newsdealer was arrested last night for selling a copy of the magazine.

JUDGE COX TO NAME 2 TO WELFARE BOARD

Two members of the Marion County Welfare Board are scheduled to be named at 10 a. m. Monday by Circuit Judge Earl R. Cox. Both are expected to take the oath ‘before Judge Cox at that time. They are to serve four years. Terms of two of the Board members—Mrs. Mariah B. Ferger and Mrs. Amelia Hooten—expired March 30. Judge Cox said earlier this week that Mrs. Ferger would not be renamed bécause she “had wanted to get off the Board for some time.” Mrs. Foroor declined to comment:

§ amipitne

‘A SAFE DEPOSIT

BOX IS LOW COST . INSURANCE 9 Different Sizes

$3 to $100 A YEAR ‘Security Trust Go. : 130 E. Washington

| Hotel Association wanted to know.

| men throughout the Middle West

E. |

FRIDAY, . RIL S, ie Midwest Diners Vote Against Qeufs Sur le Plat (Eggs to You)

CHICAGO, April 8 . ‘P.).—Shall a baked

Jbaked potato or become 4 pomme de terre en: Ln chambre? . For breakfast this morning will it be fried eggs or des oeufs sur le

plat? For dinner, loin of beef with string beans or un filet de boeuf au i haricots vert? And for. cocktails, do you prefer oriering champagne or

otato remain just a

veuve clicquot dry, 19282 @ That's what the Greatef ‘Chicago

So it asked hotel and restaurant

Main objections to French menus,

declared Frank W. Bering, chair- 8 man of the Midwest Hotel Show,

whsther they and their patrons Were hth expressed hy Iwo diners prefer menus in English or French.| * «when I want to eat I don’t lk e ‘The verdict was "unanimously in| point, then pray it will be some- : favor of the English. The replies thing I like.” indicated that the restaurant pa- 2

tron may have become accustomed to hors d'oeuvres and crepe suzettes, but calling a baked potato an | “apple of the earth with its skin.on” is toe much. Likewise, gigot d'agneau for leg of lamb, and buvez un verre d'eau .instead of a glass of water, are out of the quetion,

Peacock

Shoes

“Art in Footwear”

28 Monument Circle

/ Tomorrow, N : Saturday -— BRIDAL PAIR fs BOTH RINGS for { | 50c a Week! , —Large, sparkling center dia=EE mond and 2 side diamonds in See the stunning Dia- the engagement ring with a per=monds we're showing fectly matched 3-diamond wedat $10.00 to $500.00. ding ring. | JEWELERS SINCE 1900 = 2 Doors East of 132 Monument: Circle engiish Theater MEN'S SUITS and | re ‘» i VA NY NZ TOPCOATS Cut [|X] To Bock Bottom Prices A US AA 2 ARN Prices Now 7AM RY . That Reduced A No Word for Easter oi VA LN shoo _sQoo | NI | U=-"9=\| \\ i IYI \ | LIKE NEW BR | Ph LIKE NEW | | $ 1 0x sT 50 : ==". p—— ; | » NEW You can get the most complete wardrobe of latest and best styles . here—so plan to visit our store right now. Hundreds of fine garments to choose from. | v & et Sunday From 9-12 CROSSWORD (PUZZLE - HORIZONTAL Answer to Previous Puzzle 13 Snaky fish) 1,5 Pictured CIEINEIRIAILL [GIOERTING 15 Nations’ motion picture [ovIE[RINBIYICIAWE 1 CER] ,, Somes . star. 18 Form of “be ~ EIAREEIRATERBIOB 20 Laughter 12 To restrain EINIRIO|L ENERAL S|TIEIR|N 24 Hi = - R nare. through fear. IMIQIOIR AGUA 26 To revolve, 1¢ Grtenta) nurse | 1 DIEJA|LIMGOERINGIWIRIOING 27 Gossip . E NIL IRIE E] 29 Poems. 17 Sport. RIAGIITIARBSIL]Y AD] 32 Being. . 19 Filled with ERIAIBOREEMF [EIN 35 Device for ( ot aig Sool £4 = : O|C EQN RIA[T|A browning ! . H 1|T : MESH 22 Hazard. t HY I ED bread. A 23 Slightest., 46 Hurls. year 1920-30 38 Honey 25 Rocks. 48 Upon. VERTICAL gatherer, 28 To decay. 49 Small dog.’ 40 To put ony 30 Your mother’s 52 Sound of 1 Nothing. 41 Custom. iY sister, inquiry. 2 Upon. 43 Knife. 31 Ocean. 53 Dye. ~ 3 Ruler in a 44 Region.’ 33 Stir. 54 Nothing more king's absence. 43 To drink 34 To attempt. than. 4 Act of | slowly. ot 35 Light color, 55 Baby carriage. admitting. 46 Animal's, : 36 By. 57 Above. 5 Street. | stomach.’ 37 Within. 59 She was born 6 To cure. 47 Thump. 38 To assist in —, 7 Gaelic. | 50 Before. . over obstacles. Canada. 8 Beams. | 51 Age. 39 Note in scale. 60 She received 9 Type standard 53 Common ver) * 40 College official —— as the 10 Rodent. 54 Mountain, 42 Trees. outstanding 11 She is : —— 56 Mother. 44 Bronze. actress for. actress. - 58 Postscript.\ . I I 15 y 6 : S | . 9 [26 Pe IS . 9 7 . N fe 4 of 0 1 " !