Indianapolis Times, Indianapolis, Marion County, 2 June 1938 — Page 19

THURSDAY, JUNE 2,

1938

N. Y. STOCKS HOLD MODERATE GAINS IN LIGHT VOLUME

Steel and Copper show! [Local Porkers

Small Advances; Rails Steady.

NEW YORK, June 2 (U. P.).—The stock market opened fractions to more than a point higher today, eased slightly and around noon held moderate gains in light turnover. High-priced isgies rose as much as 3% points in Eastman, which

Hold Advance; Vealers Firm

A 15-t0-25 cent advance in hog | prices here today put values mostly lon a par with the close last week, according to the Bureau of Agriculj tural Economics. Some of the | lightweight hogs and pigs worked

Adam A

Allied Allis

od Allied Millis

Am Ag . Am Bank Note . Am C & C .... 1 Am Com Ale ..

Net High Low Last Change

A 5% 44, 10% 1 143% 10% Stores 5% Chal ..... Y 40° pel .... > ‘

s Expres

13 44);

Am Crys Sug .. A& FPP 3 pf.

An Anaco

ad & SS..

Roll Mill ,.

{

Water w..

nda

Atchison caved Atl Refining ... Aviation Corp

Barnsdall

Beth

Steel. ..;

7% 441, 10%

144 10%

5% 40%

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS

Yesterday . 110.61 Week ARO ....viesvssnsaenes 108.28 Month Ago .....vvvvuevienss 113.46 Year Ago High, 1938, High, 193%,

42.8% -2.32 -.42 40.19 134.35; low, 98.95. 194.40; low, 113.64,

20 RAILROADS

Yesterday Week Ago Month Ago Year Ago .. High, 1938, High, 1937, 61.46; low, 20 UTILITIES

Yesterday Week Ago

High, 1038,

High, 193%, 37.54; low, 10.65.

70 STOCKS

Yesterday Week ago Month ago Year ago High, 1938, 44.13; lew, 31.10,

THE INDIANAPOLIS TIMES

N. Y. STOCKS

By United Press

PAGE 19

WHEAT SHOWS GAIN IN CHICAGO TRADE

Corn Prices Remain Firm on Light Offerings.

CHICAGO, June 2 (U.P) —Wheat prices eased slightly after a strong opening on the Chicago Board of Trade today, but remained above yesterday's closing levels. At the end of the first hour of trading wheat was up '2 to 3, corn was up 9% and oats were !s to 9 higher. The reaction from the extreme high prices in wheat due to the private estimates, which indicated a record crop for the United States this year, was fairly mild on the whole, indicating that this factor had been mostly discounted. Some of the early buying was credited to mills. Prices rose more than a cent before the decline. The setback in Winnipeg July wheat had some influence in the selling here.

U. S. HONORS PURDUE UNIVERSITY R. 0. T.C.

| LAFAYETTE, June 2 (U, P.).— |

For the 18th consecutive year, Purdue University’s R. O. T. C, has received the rating “excellent” from the War Department following an inspection here May 12 and 13, it was announced today. The rating is the highest given by the War Department, with the corps numbering more than 2600

men, the university has the largest | R. O. T. C. field artillery unit in the

country.

LOCAL PRODUCE

Heavy breed hens, 15¢; leghorn hens, 12¢c; heavy breed broilers, 112 Ibs. and over, 17c¢c; Leghorn broilers, 1'5 Ibs. and over, 15¢; bareback broilers, 12¢; old roosters, 9c. eggs, , 55 Ibs gross. A net deduction of 15 cents for each full case under 55 lbs. will be made). Butter—No. 1, 27@27'2¢c; No. 2. 24':@ 25¢; butterfat—No. 1, 22¢; No. 2, 20c. Butter—No. 1, 27@27'2¢; No. 2. 242:@ 25¢; butterfat—Ne. 1, 22¢; No. 2, 20c, (Prices quoted by Wadley Co.)

Boys’ Speaker

Harold Miller,

3016 Broadway, has been chosen the boys’ speaker at the Shortridge High School commencement to be held June

8 at Cadle Tabernacle.

Radio News, Sched ules, Page 16.

G-MAN CLAIMS HOT DAYS SPUR CRIMES

HOUSTON, Tex. June 2 (U, P), —Don’'t provoke your friends during the hot summer months if you think they have homicidal tendencies R. T. Harbo of Washington, ade ministrative assistant of the Federal Bureau of Investigation, ofe fers this advice, In an address to a civic group here, Harbo said that people are more likely to commit murder in hot weather than at any other

time. Harbo further advises husbands not to taunt or tease wives une necessarily. “If you examined the records of 100,000 killers at large,” he said, “you probably would find that more of them were women.” The G-Man said that less than

High, 1937, 69.6%; low, 38.87.

sold at 129%, exdividend. Allied qo" oo higher than late in the |B dd Mow 33 Chemical was at 145, up 3, and |previous period. y :

Dow Chemical 98, up 3. Gains of a| Weights above 160 pounds today

point or more were made by Amer- |t00k the 15 cent upturn, with lighter weights at the maximum gain of 25

ican Metals, Lima Locomgtive, cents. Light receipts Cerro de Pasco

: : : here and io en aon Carbide | around the circle largely forced the il

Steel and copper shares gained | advance, dressed prices again showi it ul ing lower. i ils were : ona: Ween ol Ye The top was carried to $8.90 for 3: ew 160 to 180-pound averages. Packing

Ny Suis steady a hy ' . slightly higher in spots. ulk o Today's Business At a Glance

the good medium and heavyweight GENERAL BUSINESS

sows cashed at $7.50 to $8, with smooth light butcher types $8.15 to $8.25. Curtailed receipts of cattle found buyers anxious to take advantage of American Petroleum Institute re- | the relatively low price list and the ports week ended May 28 crude oil | market ruled active on all classes. production averaged 3,098,650 bar- | A few loads and lots of steers and rels daily, off 77,100 from previous heifers did not test these classes week: gasoline stocks 87,964,000 bar- | thoroughly but sales were plainly rels, off 229,000. Sons with YoYo sieves on ries etal Sta- light heifers and lower grade steers i Rg pay ST gold pro- slightly higher. Cows moved generduction (excluding Russia) 2,498,000 fine ounces vs. 2,539,000 previous month and 2,374,000 year ago; first four months output 9,900,000 ounces vs, 9,462,000 year ago.

ally steady but fat cows were diffiDun & Bradstreet reports week

cult to sell late there was some weakness here and in plain and medium lightweight bulls. Vealers Unchanged Vealers went uchanged. No choice ended June 1 bank clearings $4,056,- | steers or heifers arived and $9.25 105,000 vs. $4,435.8557,000 previous week and $5,276,296,000 year ago. Edison Electric Institute reports week ended May 28 electric output 1,973,278,000 killowats vs. 1967,807,-

topped best yearling steers and $9 was the outside on good heifers, 000 previous week and 2,206,718,00¢ year ago.

both weighty and lightweights. Engineering News - Record re-

Plain and medium grassy lightports construction awards this week

weight steers went at $8 to $8.50, comparable heifers $7.50 to $8.25. $45,250,000 vs. $32,850,000 last week and $35,606,000 year ago, May

Top vealers rested at $9. Good stock steer calves returned to the country at $8.50; awards $183,806,000 vs. $193,374,000 previous month and $235,012,000 year ago; first five months awards |

stockers $8.00. Hardly enough of any class was $1.031.865,000 vs. $971,029,000 year ago, up 6'> per cent,

on hand in the sheephouse to accurately test values. Most of the supply which figured less than 200 head comprised spring lambs. Local CORPORATION NEWS National Power & Light Co. March quarter net income $2.431,095, equal to 37 cents a common

killers paid $9.50 for the best of these, which was 50 cents higher. share, vs. $2,596,669, or 40 cents year ago; 12 months ended March °C1

However. most of this class comprised kinds from $8 to $9, with {common lightweights $7 to $7.50. | Other classes were too few mention. consolidated net income $8,969,138, equal to $1.33 a common share, vs. $7,591,190, or $1.08 year ago. Pennsylvania Railroad Co. week Nat Biscuit ... ended May 28 carloadings 48,608 vs. X 9. 5| Nat Dairy 46,709 previous week and 72,218 year [3] -::ciieieeieiiiennnnn A 200 | Ra} Distiners .. | ago. Nat Steel “un : : Nat’ Sup Penn . Southwest Pennsylvania Pipe Nat Sup 2 pf... Lines 50 cents, payable July 1, rec- N ¥ Central ord June 15, vs. like payment April 1.

N Y C Omnibus ; DIVIDENDS

No Amer No Pacific Fanny Farmer Candy Shops, Inc., regular quarterly 25 cents on common, payable July 1, record June 15. General Time Instruments Corp. regular quarterly $1.50 on preferred, payable July 1, record June 16. Directors took no action on common due at this time. Loew's, Inc., 50 cents on common, pavable June 30, record June 16, vs. like payment March 31. Sylvania Industrial Corp. directors took no action on common due | at this time. Universal Products Co. 15 cents on common, payable June 30, record June 16, vs. like payment March 31, (Copyright,

INVESTING CO.

Bid Ad Fd 2d 9.57 Af Fd 3.40 Am Hd Cp 17.00 Am Bus 4

half of the nation’s killers ever have served prison sentences for their crimes. “Last year there were murders,” he continued. “Police took into custody 9000 men. Half of this number was not punished at all, Half of them was convicted to serve less than four years in prison.”

Export business was reported to be fairly small, total sales reaching around 300,000 bushels.

JUDGE'S FATHER FINED

PAINESVILLE, O, June 2 (U, P.).—C. P. Baker, whose son— Charles P. Baker Jr.—is a Municipal Court judge, was given a ticket for parking overtime. He paid the $2 fine and waived a hearing, eliminating the necessity of appearing in court before his son.

FOOD PRICES

Corn prices remained firm under | cuicAGO. June 2 (U. P.).—-Apples— Michigan McIntosh, $1.75@2. Sweet Po-

fair export demand as offerings re: tatoes—Tennessee, bushel hampers. 90c@

mained rather light. $1.05. Carrots—Iillinois, bushel, 75c@8$1. Spinach—-Illinois, bushel, ?25¢. Tomatoes—Texas lugs, [email protected]. Cauliflower — California, [email protected], fornia, . [email protected]. Florida, $2.50@4. Onions sacks) —Texas Yellow Bermudas, 1.20; Texas White Wax, $1.35@ 1.40,

Net High Low Last Change St] ... 12 12 12 + 3% b» B .. 374% 37% STR... 5% 5% 5% wn

St Jos Lead .. 27% Sears Roebuck .

Sal euine anads ie. Republic an §6C ) Caterpiller T .. Reyn To

Richfield Oil ...

12,000

272 WAGON WHEAT elevators are paying for No. other grades on their mois. ats,

Chrysler 4 Col Fuel & Iron ’ ’ Column Gas -... s fe § Com Inv Tr ... 38 5V 8 “4 Nh Com Solvents .. 7 ; Va ous So Por R Sug . Comwlth & So.. South Pac ... Cong Nairn .... Scuth Ry ... .-» Cons Edison ... South Rv nf .. Cons Oil ‘al Sperry Corp Con R RCuba pf 3 Spiegel Inc ... Container are 3 Std Brands Cont Bak A ... Std O Cal .... Cont Oil Del Std Oil Ind .... Crane Co ...... 237 Stew War el Crucible St .... Stone & Web ..

Curtiss Wr "a Curtiss Wr A...

City grain 2 red, 59c; Cash corn. new No. 2 vellow. 48¢c. 5

This is not an Offering Prospectus. The offer of these Debentures is made only by means of the Offering Prospectus, and such offer will be made by the undersigned in this State only to registered dealers in securities in this State, This issue, though registered, is not approved or disapproved by the Securities and Exchange Commission, which does not pass on the merits of any registered securities,

19% wn Deere & Co ... 15% Dist Seag pf ... 66

Dome Mines ... 58%

: Union Crh .... 8B Domin Strs .... 4% Va Un Aircraft Cp Douglas Air ... 43% 43%

Nn ERE $100,000,000 United States Steel Corporation

El Pw&L $7 pf 3 U 8 Pipe & dy 32 Ten Year 34% Debentures

Interest payable June 1 and December 1

Texas Corp . Transamerica .

we Flee

Fajardo Sug ... Fed Screw .... First N Strs .. Freept-Sulphur

3 23 2% 2%

27 25

Un Stk Yd

25% Vanadium

Dated June 1, 1938 Due June 1, 19/8

Gen Cable .... Gen Electric Walker (H) of . Ward Bak B . Warner Bros .. Wayne Pump ..

Semi-annual sinking fund of $2,500,000 payable each June I and December 1 commencing June 1, 1939, te be applied to the purchase of Debentures if obtainable at or below the redemption price applicable on the next ensuing interest

West Air Bke .. payment date and, if not so obtainable, to the redemption of Debentures drawn by lot.

Westing El . White Sew M Willvs Ovrld »f Woodward Iron Woolworth

LOCKHEED EXPORTS | NEAR 85 PER CENT

Times Special LOS ANGELES, June 2.—“Nearly 85 per cent of the airplanes delivered by the Lockheed Aircraft Corp. during the first four months of 1938 were for purchasers outside the United States,” Robert E. Gross, | president, said today. For the period ending April 30] total sales of airplanes by Lockh2ed | amounted to $2.560,000. Of this amount $1,968,000 represented export business, Mr. Gross said. Poland and Holland were the principal customers, each purchasing nearly a half-million dollars’ worth of equipment. Other, countries which have received Lockheed airplanes this year include Canada, Rumania, England, Australia, Jugoslavia, Argentina, Dutch East Indies and the Dutch West Indies. “A majority of the planes we have delivered are for air line operation,” Mr. Gross said, “with a few for private buyers and governmental agencies.”

Ft ot Nt WPDDDOMID aaa

Hecker Prod ... Here Mot ved Houd-Her B Houston Oil

a Wu 3 =

a3 4 - ; Redeemable at the option of the Corporation in wholz or in part, on any interest date on 30 days’ notice, or on any other - | date on 60 days’ notice, to and including June 1, 1941, at 103%; thereafter, to and including June 1, 1944, at 102%; | thereafter, to and including June 1, 1947, at 101%; and thereafter, at 100%. Also redeemable through the

Inspiratn Cop operation of the sinking fund on any interest payment date on 30 days’ notice at the same prices.

im Harvester : t icke medium 500-pound Int P & P : Py.

Int P & . . ’ s . , . s ’ ’ In ER Feral The following is merely a brief outline of certain information contained in the Offering Prospectus slan Tr oa

and is subject tothe moredetailed statements in the Offering Prospectus and the Registration Statement, which include important information not outlined or indicated herein. The Offering Prospectus, which must be furnished to each purchaser, should be read prior to any purchase of these Debentures,

The Corporation, incorporated in New Jersey in 1901, is a holding company owning a controlling stock interest in various subsidiaries which principally conduct integrated operations for the production and sale in competitive markets of a wide variety of finished and semi-finished steel products. Collectively the subsidiaries constitute the largest domestic producer of steel. Operations include the production of most of the coal, substantially all of the iron ore, limestone and coke, and part of certain other raw materials used by the subsidiaries. Steel products (other than rails) and cement are generally quoted for delivery at place of destination. The Federal Trade Commission has attacked this price basis as to cement in a now pending proceeding and has recommended that steel products be sold /. 0. b. manufacturers’ mill. The Corporation and certain subsidiaries own all of the capital stock of 15 common carrier railroads which operate approximately 1,315 miles of road. These railroads are important by reason of the transportation facilities made available to the subsidiaries and the dividends received from the large investments therein. The properties of the subsidiaries consist principally of iron and steel manufacturing properties, coke plants, railand water transportation properties, and oicned and leased iron ore and coal properties. The plants and facilities vary in age, condition and operating efficiency. Substantial expenditures may be required during the next few years to replace or rebuild various plants and facilities.

3 85%

Int TX 17%

3 177 — . 64a 64% ll Kennecott .... 29 Kroger G&B ... 13'2 wef Lambert vv 1054 L-O-F Glass ... 25» Loews Vaasa BY oft, Ine ..... Ludlum Stl

Johns Man

2874

13%2 THE CORPORATION

105%

Macy RH 2 Man El mod gtd Martin Gl 2 MeIntvre Pore . Mo-K Tex pf Monsanto veh Mont Ward .... Murray

Outstanding as of

, i CAPITALIZATION (The Cerperatien and Subsidiaries=~Conselidated) December 31, 1937

Long Term Debt: : Funded debt of Corporation. 53 sensimrisesessessesrsynmiabytstntbiectncessesse terete 3 Funded and long term debt of subsidiaries—consolidated ............oo00vvennnnnns Subsidiaries’ stocks not held by Corporation (Book vEIUE) ........eeeeeeeecncscssscssns Capital Stock of Corporation (Par Value $100): Preferred Stock, 7% Cumulative (3,602,811 8RATes) ...oovtverereeeeesesssassesssessns Common Stock (8,703,252 shares) . ..

tincludes $66,059,749.77 guaranteed by the Corporation, less $114,000 in treasury.

*Funds sufficient to discharge the $279,000 funded debt of Corporation are on deposit with the respective trustees. Subsequent to December 31, 1937, the Corporation borrowed $50,000,000 from banks and a subsidiary issued $30,000,000 First Mortgage 32% Bonds due October 1, 1962. On April 4, 1938, the shares of outstanding common stock of $100 par value were changed, share for share, into common stock without par value of a stated capital of $75 per share, thus decreasing the common capital stock liability to $652,743,900.

279,000.00 120,293,207 .00%t 5,287,623.33

360,281,100.00 870,325,200.00°

Barrows and Gilts— (140-160' Good (160-180) Good (180-2001 Good (200-220) Good 1220-250) Good (250-290) Good 1290-350) Good Packing Sows— (290-350) Good (356-425 (425-450) Good (375-550) Medium Slaughter Pige— 1100-140) Good ard choice . Medium “ CATTLE ~Receipts. 691— Steers Choice Choice

choice choice . choice . choice. . choice choice . . choice . .

Ohio Oil ... Packard ....... ES IEEE EERE P RINNE RRARENIARIRDS Phil Morris rts Phelps Dodge . Press Stl. Car... Procter & G.. Public Serv Pullman Pure Oil "aah Purity Bak ...

choice .

MINES ORDERED CLOSED

SALT LAKE CITY, June 2 (U. P.).—E. T. Stannard of New York, president of the Kennecott Copper Corp., said today that closing orders

had been issued for all copper mines controlled by the corporation.

FOREIGN EXCHANGE

NEW YORK, June 2 (U, P.).exchange steady able Rates $4,945, 4.937; 98 3

Radio va Radio nf N .. Radio K Or ... Rem Rand . : 115%

The following condensed income statement has been summarized from the Offering Prospectus and should be read in conjunction with the Condensed Consolidated Income Statement and Condensed Statement of Consolidated Earned Surplus for the years 1928-1937 and the other financial statements and related notes appearing in such Prospectus, particularly as to the adjustments at December 31,1935 aggregating $270,000,000 for increased reserves for depreciation and obsolescence which were charged to a special earned surplus account segregated prior to 1928. No allocation can be made of the portion of such $270,000,000 which applies to the years 1928-1935 and which would reduce net income for these years. All of the financial statements referred to in the foregoing have been reviewed by Messrs. Price, Waterhouse & Co., independent public accountants. “——

8.50@ 925 EARNINGS 0010.00 Bo 10 25

(750-900) 1900-1100 11100-1300) (1300-15000 1750-900) (900-1100) | 11100-1300) (1300-1500) 1750-1100) (1100-1300) (750-1100) Steers and (550-750)

9 Choice 9 Chnice . 8 Good . 8.2: Good . BE Good 8 Good Medium Medium Common Heifers— Good

Heifers

Good Medium Common

NOW 3399

By United Press BOND PRICE INDEXES 20 20 20 60 Indus, Rails Util. Bonds . M3 3 93.8 5.1 80.0 3.5 23.5 IER 99.5 33.4 0g TL 91.6 94.2 101.2 95.5 920.0 92.0 105.4 96.0 83.6 70.0 95.5 82.5 74.9 19.8 R7.3 0.5 95.0 101.2 106.0 100.3 80.1 69.3 92.3 81.1 . MB 100.4 106.2 100.2 90.0 34.7 103.5 93.3 1938, Standard Statistics Co.

«IW a> NN DJJ Louw» =

(plain) - . Special income and net @djustments of various accounts $ 6,170,788 9,972,161 10,901,556 19,341,659 124,016 1,335,411 92,114

Income or loss after taxes and before special income, depreciation, depletion and interest $200,986,299 265,838,932 157,710,232 46,484,000 25,666,466* 10,912,418 27,870,467 63,907,877 110,968,550 158,929,876

» > D

Interest and amortization of debt discount $25,746,009 14,944,870 5,640,097 5,469,624 6,313,461 5,164,453 6,051,052 4,959,780 4,918,431 6,141,088

Net income or loss Jor year $114,173,775 197,592,060 104,421,571 13,038,141 11,175,705" 36,501,123* 21,667,780* 1,146,708 60,583,357 94,944,358

Yesterday Week ago Mmth ago... Year ago Two years ago. 5 | 1938 1938 193% 1937 1936 1936 Copyright,

Depreciation and depletion

$67,237,303 63,274,163 68,550,120 47,317,894 40,319,794 43,584,499 44,579,309 47,801,389 655,466,762 69,589,159

Foreign (750-900) Net (550-900) (650-900)

1938, by United Press)

Year 1928 1929 1950 1831 1932 1933 1934 1935 1936 1937

® Loss.

During the quarter ended March 31, 1938 when the subsidiaries operated at 32.3% of their rated capacity for rolled steel products, as compared with 71.2% for the year 1937, the consolidated net loss was $1,292,151 after providing $11,534,937 for depreciation and depletion.

Change 00 1-

England (pound) [-.00 1-16

Eng. (60-d. hill rate) Canada (dollar) ... France (franc) Italy (lire) rere Belgium (belga) Germany (mark) . Ger. (travel mark) Switzerland (franc) 1.0000" Holland (guilder) .. : i 0nn1t, Sweden (krona) ... 25° .0001 Norway (Krone) . Denmark (krone) Australia (pound) Czechoslovakia (koruna) “ Finland (markka) Greece (drachma) . .00003% Jugoslavia (dinar) 0235 New Zea. (pound) . 3.987% Poland (zloty) .1887 04495; 0075

-.0000'% 0001; 00022

All Welghts— Good ...... Medium Common .. . venue (All weights) Medium . Cutter and common ........ Bulls Yeariings Excluded (all weights) Good (beef) . > . Rls (All weights) Medium .... Cutter and common ... Vealers tAll weights) Choice (All weights) Medium (All weights) Good Cull and medium

Ask) Bid Ask 10.18 Invest Bank Corps: 3.73 1st B Cp 13.74 .

dS ES) > a.

744,729

8 —

034734 0220

00's 17.22 ut In Fd 9.04 / sec .

NEW YORK, June 2 (U, P.). — Bonds opened higher. Net Open Change Allis Chal 4s . wer -3043%4 .... Atch Top S Fe 4s 95 . .e + } Beth Steel.-3'%s .. ... . : - 3

-.0000'2 4.00% --.0000'% £.0002

rt — SID OID 0 in DL

Portugal (escudo) —Receipts, Rumania a: o rgen. (offl, peso) 1250-400) Choice 1. ) 4 Argen. (unoffl. peso) Sod , I. 45s § “ee ‘ee t y Brawn tmilreis) . hile (peso) Common Peru -h Feeder and Stocker Cattle Uruguay (peso) Steers— Mexico (peso) . (500-800) Choice ..... Hongkong (dollar). (800-1050) Choice Shanghai (yuan) (500-800) Good India (rupee) (800-1050) Good ... Japan (yen) .. (500-1050) Medium (n)Nominal;

Heifers— CHICAGO PRODUCE

(550-750) Good and Choice. . — Market, easy: receipts, 28.066

8. Common, medium 8. SHEEP AND LAMBS 8. —Receipts, 247— fresh graded firsts, cars, 19¢: less -— Lambs (shorn) . than cars, 18'c: extra firsts, cars, 19%e¢; 6 Choice ...... less than cars, 19'c; checks, 16c; current 1 | receipts, 18¢; dirties, 16'2¢c; storage-nacked | firsts, 19% c: storage-packed extras. 20c. | Butter—Market, easy: reecipts, 1.303.904 gross Ibs.: extra firsts 90-91'% score) 23'% extras (92 score), 25%e: firsts,

690— - The net proceeds from the sale of these Debentures (estimated at $97,870,000 after deducting expenses) are to be used lo the extent of $50,000,000 for the repayment of bank loans. The remainder will be added to the cash funds of the Corporation, as were the proceeds of such bank loans. Cash funds have been and are to be called upon, among other things, for expenditures for modernization, extension and replacement of various manufacturing plants and facilities of the subsidiaries. Such expenditures which have been substantial during the past 3 years aggregated approximately $135,000,000 during 1937, and at December 31, 1937, authorizations for contemplated additional expenditures of this nature after that date aggregated approximately $80,000,000 of which approximately $46,500,000 was for the completion of a hot strip mill and cold reduction sheet and tin mills near Clairton, Pa., and a new slabbing mill at Bessemer, Pa. It is contemplated that most of such work will be completed by the end of 1938. Approximately $45,000,000 of such unexpended authorizations at December 31, 1937, will have been expended up to June 1, 1938.

PURPOSE OF ISSUR

WIIDIB MR BWIIDDDDWID

cDNA LWT GI] = 00 ID I DNT~]

5 5 1

Seiescantcen

Bos Curb Stocks

By United Press

NEW YORK, June 2 (U. P.), stocks opened steady.

! ; .2884 6.75@ (0)Offered. 6.00@ ~

6.75@ 6.00@

By et bt NS Is

Ot pt UD ON is Dh =T I DD os Hoo335~0a 1

ans oon wooues

Fiscal Fun tk — Curb

Net Open Change Vv 16% 4

Eggs

6.4! Fd Tr A 335 cases,

I Inc 13.39 "A 4.02

Am Cyan B .... Am Sup Pow ... Cities Service .. Eagle Picher Lead El B&S shu Pes any Lake Sh Min .. Lockheed Air *......... McWilliams Dredge

Paniepee Oil aaa : 1 Yai WdVee: Technicolor ... 1 Nm22'%e; seconds, 20@21'5¢: specials,

on —————————————— 25156 26¢c; standards. 24@24'4c: centralLOCAL ISSUES

ized (88 score), 21%ec; centralized (89 score), 22'se. Poultry -- Market, steady; receipts. 47 trucks: ducks, 13':@14'5¢: geese, 1lc: (By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings. nut merely indicate the approximate market level

hens, 19@2lc: Leghorn hens, 17¢; spring chickens, 21@ 23¢; roosterg. 13@ 14c; broilbased on buying and selling wmqguiries or recent transactions

ers, 176@20c; fryers, 19@20c; turkeys, 15@ BONDS

19¢. Cheese—-Twins, 13@1314¢; daisies, 133% @ American Loan Co 5'2s 46-51 Citz Ind Tel (TH) 42s 61 H Tel & Te

The Debentures are unsecured and are to be issued under an Indenture dated as of June 1, 1938 between the Corporation and The First National Bank of the City of New York, as Trustee. No additional Debentures may be issued under the Indenture. Other indebtedness may be incurred by the Corporation or any subsidiary. Indenture provisions and Debentu~e holders’ rights (with certain exceptions and limitations stated in the Offering Prospectus) may be modified by vote of holders of 66%,% of outstanding Debentures.

DEBENTURES

9 2 2 1 8 3

Da LOO

C ‘aveaaee. 6.50@ 7.0 | Good . 00a 6.5 Medium . @ 6.0 Common Aq 0 6 Ewes 60 . Good and choice

3.87 6: Group Securities Agri .88

8 7 12 1 5

Nemo,

3.6 2.0¢ 4 3 9.0 . 2.00@ 4.00@

CHICAGO. June 2 (U, P.).-Hogs—Re-ceipts, 13.000: 4300 directs; market, active, 166 15¢ higher; top, $8.85; good and choice 160-240 los., 38.70428.85: 250-300 ibs., $8.55 8.70: 310-400 lbs., $8.35@ 8.55; good pack= ng sows, [email protected]; lightre kinds, $8@

! Of 02... Cattle—Receipts, 6000: calves, 1500: fed 915 | steers and yearlings, fully steady; strictly

v.00 4.75

Subject to certain terms and conditions, the Underwriters, including the undersigned and the others named in the Offering Prospectus, have severally agreed to purchase the Debentures from the Corporation at 98',%, or a total of $98,250,000, plus accrued interest. Such Debentures are to be offered to the public at 100%, or a total of §100,000,000, plus accrued interest. The underwriting discounts are 19,%, or « total of $1,750,000. Payment for and delivery of the Debentures are to be made on June 7, 1938, but may be postponed to not later than June 21, 1938.

Price 100% and Accrued Interest

UNDERWRITING

DmonDDHG SSTHS3IBN-T PT

Huron Cp 14.75 { el Or Ues M0siusELAPA 11:60 k Gp x 05/US J 2 5 or choice and prime offerings, Ins Grp 1.14 126 ©" B 1.11 ‘86 | $10.40; best held above $10.65; long yearlings, $10; light yearlings, $9.75; several loads weighty steers, $10.40: best weighty heifers, $9.60; light kinds, $9.40; most fat cows, [email protected]; cutter grades, $4.75 5.75: bulls, steady to weak; mostly $6.90 down; few beef bulls to $7; vealers, 50c lower; practical top, $9; few, $9.50. Sheep—Receipts, 6000; 5600 directs; late Wednesday fat lambs and springers strons to shade higher; spots on springers, 15 Ny 73 7 25¢ up; choice native springer lambs, $9.75 Cooorat Hanover oer 1, | 19.85; double Texas offerings, $9.50: bulk Choos i medium Californias, $8.10 straight; clipped Chemical ......e00 lambs, [email protected]; bulk, $7@?7.35; top CaliCommercial fornia ewes, $3.50; today’s trade. active; Continental spring lambs, 25c higher; natives, $9.75@ Corn Exchange . 10: clipped lambs steady, [email protected], Empire “vs CINCINNATI, June 2 (U. P.).—Hogs— First National Receipts, 2200, including 125 direct; holdGuaranty .... over, 90; active, 106 25c higher; op, $8.95; 225-250 lbs., $8.85; 100-140 Ibs., [email protected] bulk good packing sows, [email protected]. Cattle—Receipts, 325; calves, 250; fairly active, steady to strong; two loads 1092-1b. steers, $9.60; few merely good heifers, $9.25; beef cows, largely [email protected]; cutter grades, $4.50@ 5.50; top bulls. $7; vealers, practical top. early, $9. com Sheep--Receipts, 2175, including 1180 Ind Mich 7% . directs: most good spring lambs, $9.25 | Ind Gen Serv Co 6% pfd 9.75: choice ewes and wethers to $10; bucks | Ind Hydro Elec 7% pfd ...... discounted. £0c@$1; shorn slaughter ewes| Indpls Gas com vee mainly $23.50. Jiuinis Pwr & 1a Se Is Last Ye PT. WAYNE. June 2 (U. XIndpls Pwr bt 62% I EL 86.80% sot 40h 26 | Market, 20c higher: 160-180 Linc Nat Life ns oon. 3 Bay tou ien en Te | 180-2 ... $8.75: 200-220 Ibs. N Ind Pub Serv Co. pfd 5'2%. > 2.3% : Fe] 2.27 1

scarce; top,

y 3

| vig Well Pd

BANK STOCKS

Bid 39

14c: longhorns, 133447 14c. Wo 11.64 1 Pt. W 5%s 55...

Potatoes—New stock. supplies. moderate: demand. moderate: nwrket, steady: Louisiana Bliss Triumphs, [email protected]. Alabama Bliss Triumphs, $1.82'[email protected]: Mississiopi Bliss Triumphs. [email protected]: California Bliss 1 Ft W W 6s 43.. Triumphs. [email protected]: California White 4l%s 66 ........10 Rose, £22.05. Old stock, supnlies, moders 60 wv ate; demand, good: market. stronger; Inc 5s 97 Tho Idaho Russet Burbanks, $1.90#2.25: MichInterstate Tel & Tel 525 63.. igan Green Mountains and Russet Rurals, $1.65. Arrivals, 72; on track, 272; shipments, 1097.

The Underwriters have agreed to purchase these Debentures when, as and if issued, and subject to the approval of Messrs. White & Case and of Messrs. Davis Polk Wardwell Gardiner &§ Reed, counsel for the Underwriters, and to certain further conditions. It is expected that delivery of Debentures in temporary form, exchangeable for definitive Debentures when prepared, will be made at the office of J. P. Morgan & Co. on or about June 7, 1938, against payment therefor in New York funds. The Underwriters have authorized the purchase and sale, in the open market or otherwise, of these Debentures for their several accounts, either for long or short account, within the limits and during the period set forth in an agreement referred to in the Offering Prospectus.

Asked 41

2134 41; 38

Bank of America .... Bank of Manhattan Indpls Water Co 3'2s 66 .. Kokomo Water Works 6s 38 Kuhner Pack Co 4s 49 . sale Morris 5 & 10c Stores 5s 50.. Muncie Water Works 5s 65 .. Noblesville HL&P 5Y%s 47 Ohio Tel Service 6s 47 .. Pub Tel 4's 65

ARGENTINE GRAIN BUENOS AIRES. June 2 (U. P.).—Grain futures opened higher Wheat—June, 79%c, up %e; July 80%ec, up 3e. Corn—June, 62%e, up %c: July 59%ec, up Yc. Oats—June, 277%e, Flax—June, 11le, $1.11%, unchanged.

6s 56 ......100 T H Water Works 6s 49 ee Trac Term Co 5s 57 “en STOCKS Belt RR St Yds com Belt RR St Yds pfd . Cent Ind Pwr 7% pfd ... Home T & T Ft W 7% bpfd. Hook Drug Jne or,

unchanged.

Irving unchanged;

Manufacturers National City

July,

Cr sasnsaterene

Further information, particularly financial statements, is contained in the Registration Statement on file with the Securities and Exchange Commission, and in the Offering Prospectus which must be furnished to each purchaser and is obtainable from the undersigned, who, however, will offer these Debentures in this State only to registered dealers in securities in this Stats.

LIVERPOOL WHEAT equivalents based on sterling at 94). rev. High Low Close Close «8 BB'a 8 8612 8 87% $ .R5Y ur WB0%.C BI Tog gl 82% 80% .80% .80%

(0. 8.

U. S. STATEMENT

WASHINGTON, June 2 (U. P.).—Government expenses and receipts for the current fiscal year through May 31, compared with a year ago:

MORGAN STANLEY & CO.

Ho I Incorporated

P.).— E 1bs., 85; $8.65; 22 260-230

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

2 oe S855: $8.45 N Ind Pub Serv pfd 6%.... 64,010.12 | ie. $335: 280-500 hs. $395: : N Ind Pub Serv he, ves 2 2:03 | $3.15: 325-350 Ibs. $8.05: 140- Pub Serv of 10d 6% +

4 3 2 19.2 7 47 3650.07 > . 500.853 021 61 | 120-140 Ibs. $8.25; 100-120 Ibs., $8 Pub Serv of Ind 7%... oS “ a 4

2 3 547 3

. ‘807087 6a | | Roughs, $7.25: stags. $6; Progress Laundry Co co 3 Tana 30k 0a 25 | lambs. $8.50: clipped amb, $6.50. Dated June 2, 1958. 44,641,051.61 LAFAYETTE, June 2 (U. P.).—HogsMarket, J5@20c higher; 160-200 Ibs. $8.75 INDIANAPOLIS CLEARING HOUSE | 005 000, hs Oe : rouaia | Van Camp Milk Co com ’ earings pers 8 A PS down. ‘By M. P. Crist & Co!

DitS cecoocsesessencerscessocsss 8,208,000 Calves, [email protected]; lambs, [email protected]. Market St; Investment Corp.. 10.92

3 me 12 8S ind Gas & Elee 4.8% pfd... Terre Haute Elee Co 6% ..... 93 Union Title Cc eom Van Camp Milk Co pf

Customs