Indianapolis Times, Indianapolis, Marion County, 9 June 1938 — Page 22

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THURSDAY, JUNE 9,

STOCKS STEADY;

RANGE NARROW: |

TRADE IS DULL

Limited Buying Centers on Industrial Shares; Steel Up.

NEW YORK, June 9 (U. P).— Stocks steadied on narrow opening gains around midsession today. volume was extremely small. Limited buying interest centered on high-priced industrial shares. Westinghouse, Johns Manville and du Pont had gains of more than a point. / Steels were moderately active at slightly higher prices, while motors and oils hovered around previous closings. Gold mining shares were strong on rumors of further dollar devaluation. Homestake and Dome Mines had advances ranging to more than a point. Rails and utilities were neglected.

Curb Stocks

An irregular tggnd prevailed on the Curb Stock Market today, with trading continuing at a restricted pace. Price changes were small. In the industrial group, Babcock & Wilcox was up almost a point, while Aluminum Co. of America lost part of an early 1l-point advance. Firmness in gold shares featured mining issues, with Lake Shore and Wright-Hargreaves both advancing fractionally. Humble & Imperial Oil of Canada eased slightly in an otherwise steady oil group. Utilities were steady and quiet.

Net High Low Close Change Ala Pow 6 pf. 6034 603; 603% .... Alum Co Am .. 73 #3. TJ eve Am Cyan B 1% 1M 17% eee Am Super . 13-16 13-16 13-16 ... Ark N Gas A 3 3 3 ve. Child ftp BV 8% BY cece Eagle Picher L. 8 8 8 are Equity Cp ......11-18 & 11-16 .... ulf ge sneeia 37 37 37 econ Humble Oil 60 60 60 .... Lion OH ....... 19% 19% 1934 «cee Lockheed Air .. 11% 11 ~~ 1l'a .... McWms Dredge 1334 133% 133%; .... Mont Ward A .14234 1423, 1423, ... Pantepec ...... 43s 43g 438 ceee Prudential In . 4'2 412 412 [ee PS Ind wv pf.. 29% 293% P34 cere Sherwin- cess TB 08% NBL seve Singer Mig ....238 38 238... Std Gil Ky .... 16% 1612 62 .... Technicolor .... 23 23 23 ven n Gas Cp pf. 82% 82% B2M .... Wright Harg .. 7% 3s 934 oe

N. Y. Bonds

Bonds moved irregularly through a narrow range in dull early trading today. New York City Traction Co. issues provided the only feature in a quiet corporate list, Manhattan Railway liens were up as much as 4 points, Interborough Rapid Transit more than a point and Brooklyn-Man-hattan Transit issues more than 3 points. Other utilities worked irregularly higher. Rails sold off fractions to nearly 2 points under lead of secondary carrier issues. Industrials were mixed in a light trade. : U. S. Government funds were quiet and narrowly irregular. Latin-American obligations were strong and moderately active, while Japanese issues eased. Other foreign dollar bonds were mixed.

BOND PRICE INDEXES

20 20 20 60 Inds. Rails Utils. Bonds Yesterday ..... "94 51.6 93.6 49 Week Ago ..... 79.2 52.2 93.7 "5.0 Month Ago .... 80.6 5.3 93.9 1.3 Year Ago ..... 914 946 1014 95.8 Two Years Ago 90.3 92.3 105.5 96.0 1938 High ..... 83.0 70.0 95.5 82.5 1988 Low ...... 71.9 49.8 89.3 50.7 1937 High ..... 95.0 101.2 106.6 100.7 193% Low ...... 80.1 96.3 92.3 81.1 1936 High ..... 94.8 100.4 106.2 100.2 1936 Low ...... 90.0 84.7 1035 93.3 (Copyright, 1938, Standard Statistics Co.) U. 8. GOVERNMENT BONDS Treasury Bonds oat 10731 rss : -41 Mar .....107.31 1. . ine 1040-44 eae. 110.2 10.2 10.2 4s 1954-44 ......... 114.19 114.19 114.19 3s 1948-46 ......... 108.2 08.2 08.2 27%s 1960-55 ......... 103.29 103.29 103.29 Home Owners’ Loan Bonds 14 43 ceiver 104.10 104.10 104.10 jv 1959-44 nie ee 106.11 106.11 106.11 FOREIGN BONDS HEL Rn Gon 1a8 BY .iiesivins Ye Va % a ys 58 ...ove. 76s 76 6% Japan 5's 65 ......... 62% 61% 62 DOMESTIC BONDS 0 .. JE fT. Pn C 4'as ver Ja a a APE en 45 95 ..s.. 101% 101%, 1012 B & O 4's 60 cv ..... 143 14% 14% Cen Pac 55 60 ........ 4113 41% 41% Chi Bur Q 5s T1 78 kid ™ Ch M St P&P 5s 2000 3_ 3 3 Chi Un Sta 33s 63 103% 1032 103'2 Crane Co 32s 51 10234 102% 102%: Goody T & R 55 57 103 106 106 Hous 0Qil 5'2s 40 ..... 102 102 102 Inland Stl 334s 61 107 107 107 Int T& T 55 5% ...... 60's 69 69 Int T & T cv 4125 39 . 93% 93% 933 Leh VR R 4s 2003 16% 16 16 Long Isl ref 4s 49 il iT 7 Lou & Nash 40 1005s 100'%2 100'z MSPSSM cn 4s 38 st.. 1l'2 11% 11; Mont Pow 3%s RE Nat D P 33s 51 ww ..1003% 10034 100% N.Y Cent ref 5s 2013 . 492 492 49%; N Y Cent 4'2s 2013 . 45 45 45 3% hus cre 3 0 Bot 30° Ny t L 4%s ; X 3 Ger 4158 30 er 105% 105% 105% No Pac 8s B 2047 ...... 58 57 57 Pa P & Y 4lss 81 . 973s 97 97% Penn R R 33s 70 ..... 812 81% 81 Pen R R 4las 84 . 87 ~~ 86% 86% Philippine R 4s 37 . 1B. 17% Y%% Port G E 42s 60 . 58% 58'%a 58% a K O 6s 41 pt pd 6635 66% 669, St LSF 45s AS50 ... ..... 91, 91 9, Shell Un O 3%s 51 ...102% 102% 102% So Pacific 42s 81 Ma. 37 3TVa Stan Oil N J 3s 61 103% 103 103% W Mary 5'28 TT «.eee. 81%. 81% 81% West Union 58 ........ 57% 57% 57% Wheel Stl 42s 66 .... 87 87 87

Chicago Stocks

CHICAGO, June 9 (U. P)— Stocks were irregularly higher in quiet trading today on the Chicago Stock Exchange. - Chicago Towel touched a mew high for the year at 70, a gain of 11; points. Fractional gains were registered in Abbott Laboratories, Adams Oil & Gas, Commonwealth Edison, W. B. Jarvis, Midwest Corp. and Trane Co. Small losses were noted in Great

Lakes Dock #& Dredge, Lion Oil and Borg Warner. High Low Last 2, 42% 52% ‘ 4% 4% 18% 187 4312 53% 12 12 1% 1% 25 25 24 27 14% 14% Va T% 11 11 3% 3% 19% 19%: 1, 1, 7% 7% 5% 3% 74 7 7 95 95 7 7 15% 1%

Se ——— DENIES INTERRUPTION NEW YORK, June 9 (U. P.)— Officials of Schenley Products Co. denied today that there has been any interruption in general operations at the company’s plants, beyond the usual seasonal suspension

of |

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Local Porkers Hold $9 Top; Vealers Firm

Theer was only a steady outlet for hogs-on the local market today despite slightly higher levels at nearby points, according to the Bureau of Agricultural Economics. Several premiums of mostly 5 cents, however, on outstanding consignments of different weights were not difficult to get and accordingly the trade had more of an upward slant than otherwise. The top held at $9 for 10 to 180pound averages. Packing sows on the other hand ruled weak to 10 cents lower from their recently high levels, good sows bulking from $7.60 to $8.35, heavy roughs occasionally down to $7.50. ; ' Extremely light receipts left the various classes of cattle untested, but the undertone in all depariments was again firm and the yards were cleared easily about in line with the week's previous advances on all classes. There was some difficulty moving plain grassy and warmedup light steers and these cattle are selling unseasonably high against strictly grain fed sorts.

Heifers Scarce

A car of choice 936-pound yearlings made $9.75, with plain 850pound grassy steers at $8 and common underweights not suitable as stockers or feeders down to $7 and under. No strictly good or choice heifers were available, sales ranging from $7.50 for grassers in medium fles hto $9.15 for good shortfeds. Around 200 medium and good stock steer heifer calves are being peddled out in a slow trade from $7.75 to $9. Vealers pulled up steady after many lower early bids, with the top again at $9.50. Spring lambs lost mostly 50 cents under some expansion in supplies, the practcial top of $10 being exceeded only by small lots at $10.25 to $10.50. Most of the crop was kinds selling from $9 to $10, with common lightweights down to $7.50. Bucks were usually discounted 350 cents to $1 under comparable grade ewes and wethers. Best sorted yearlings at $6.75 were in medium to good flesh and unevenly lower.

HOGS

8.90 6338 9.00 6845 8.90 1500 8.65 10651 8.75 5534 8.90 599 8.80 12807 8.90 4797 9.00 6363 9.00 7819 9.00 7089 choice. .$ 8.35@ °.00 ice.. 8.60@ 9.00 i 8.75@ 9.00 8.70@ 8.95 8.60@ 3.85 8.40@ 8.75 (290-350) Good 8.35@ 8.65 Packing Sows— (275-350) Good . 8.10@ 8.40 (350-425) Good . 7.90@ 8.15 (425-550) Good .. 7.85@ 8.00 (275-550) Medium .......... 7.50@ 8.10 Slaughter Pigs— (100-140) Good and choice 7.90® 8.60 editin aa 7.60@ 8.35 CATTLE —Receipts, 558— Steers (750-900) [email protected] (900-1100) [email protected] (1100-1300) [email protected] (1300-1500) [email protected] (750-900) 8.50@ 9.50 (900-1100) 8.75@ 9.75 (1100-1300) 8.75@ 9.75 (1300-1500) « B.75@ 9.75 (750-1100) “ .75@ 8.75 (1100-1300) um oe ha 8.75 (750-1100) Common (plain) .. 7.25@ 8.00 Steers and Heifers— (350-750) Good ... ..... ces 8.500 9:25 Heifers (750-900) (GO0A ....c...coue 8.25@ 9.00 (550-900) Medium ....... eve 1.75@ 850 (650-900) Common ..... we oe 8.75@ 7.75 Cows All Weights— 2 EER RCE ERR cesses 6.75@ 7.25 RISIUIN 'ooivs ivr imran 6.00@ 6.75 COMMON... ... .in.: vp vvretene 50@ € 00 (All weights) Medium ...... 6.25@ 7.00 Cutter and common ........ 4.00@ 5.50 Bulls Yearlings Excluded (all weights) — Good (beef) .. iva iwesnees. 0.900 7.25 (All weights) Medium ...... 6.25@ 7.25 Cutter and common ........ §.50@ 6.25 Vealers (All weights) Choice ......... 8.00@ 9.50 (All weights) Medium ........ 8.50@ 9.00 (All weights) Good ........... 7.50@ 8.50 Cull and medium ........... «« 5.00@ 7.50 Calves

—Receipts, 723— (250-400) Choice Good ....

Feeder and Stocker Cattle Steers—

(500-800) Choice (800-1050) Choice ( nN. {50

-105(

pt wo

Common, medium. 6.00@ SHEEP AND LAMBS —Receipts, 1136— Spring Lambs— 0ICR «erstersravennseevnae [email protected] BOA reiterate 9.00@ 10.00 RIGAIUM evo viivaiivsisivine 8.50@ 9.00 COMMON vive veees cesessesse 1.50@ 8.50 Ewes— Good and choice ........... 2.00@ 3.00 Common and medium ...... 97.75@ 8.25 CINCINNATI, June 9 (U. P.).—Hogs—

Receipts, 1800, none direct; holdover, 315; fairly active, generally steady; top, $9: 225-250 Ibs., $8.85; 100-140 lbs., [email protected]; bulk good packing sows, [email protected]. Cattle—Receipts, 350; calves, 250: slow: steers and heifers about steady: few head and small lots around 900-1075-1b. yearlings and steers, $9.25: near load good 650-675-1b. heifers, $9.50; good beef cows to $7; practical top bulls, $6.75; vealers barely steady: top, $9. Sheep — Receipts, 2100, including 1100 direct: market, slow: spring lambs gZenerally 25¢ to mostly 50c lower; choice spring lambs, $9.50@10; scattered small bunches strictly choice ewes and wethers to city butchers, $10.506@'10.75; buck lambs discounted 50-@$1 under ewes and wethers.

WHEAT IS IN GOOD CONDITION, REPORT

Outlook Here “Normal Better,” Abbott Says.

Wheat throughout the State is in good condition and now is headed in all sections, the Weather Bureau reported today. Although the Bureau reported that -cutworms, army worms and rust have appeared without extensive damage in “scattered localities,” Horace E. Abbott, Marion County agricultural agent, said this region has escaped these pests so far. “The outlook here is normal or possibly better,” Mr. Abbott said. However, “there was some damage last week caused by rains,” he said. Mr. Abbott reported the oats crop “much beiow normal. At best, we will have a poor crop.” Early planted corn is up in many sections of the State and some cultivating was done in many sections last week, according to the Bureau. Outdoor work was retarded, however, because of wet soil.

or

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

BANK CLEARINGS PASS '37 MARK FOR FIRST TIME

Highest Since Dec. 22, Dun & Bradstreet Figures Disclose.

NEW YORK, June 9 (U. P)— Bank clearings for 22 leading cities for the week ended June 8 were the highest since Dec. 22 and crossed the total for the previous year for the first time in 30 weeks, the Dun & Bradstreet compilation reveaied today. The total, swelled by end of the month settlements, reached $53887,185,000, against $5,552,249,000 for the corresponding week of 1937, an increase of 6 per cent. This contrasted with a drop of 23.1 per cent in the similar comparison for the June 1 week. New York City clearings jumped to $3,946,156,000 from $3,464,132,000 last year, a rise of 13.9 per cent.

Total for 21 cities outside New York, |;

however, remained under that of a year ago, the respective figures being $1,941,029,000 and $2,088,117,000, a difference of 7 per cent. Clearings for the June 8 period expanded $1,839,180,000 from the revised total of the previous week. Between the two similar weeks of 1937 the gain was only $275,953 000. Among the outside centers, Chicago and Philadelphia reported larger clearings this week than a year ago, the respective increases being 6.0 and 1.1 per cent. The more important declines of other cities were: Pittsburgh, 229 per cent; Buffalo, 22.6 per cent; St. Louis, 18.5 per cent; New Orleans, 18.2 per cent; Portland, Ore. 17.1 per cent; Seattle, 15.0 per cent; Kansas City, 147 per cent, and Detroit, 13.3 per cent. Average daily clearings of the 22 cities for the first eight days of June totaled $956,684,000, against $957,846,000 in 1937. The average for the month of May was $806,.756,000, against $958,000,000 in 1937, and April, $833,840,000, against $1,003,300,000.

: WHEAT GOES UP;

CORNIS STEADY

Traders Watch Action at

Kansas City; Rust

Is Reported. CHICAGO, June 9 (U. P).—

Wheat prices advanced fractions to more than a cent on the Chicago Board of Trade today as Liverpool closed higher and Kansas City displayed strength. At the end of the first hour of trading wheat was up % to 1%, corn was unchanged to up %, and

_oats were unchanged ot 1% lower.

Local traders watched the action of the Kansas City market where gains of about 1 cent were recorded in all wheat futures. Scattered buying led to covering by shorts as continued reports of black rust damage came in. Stem rust was reported to be in five counties in Nebraska. Corn Exports Slow

Only fair export business was reported in wheat, while receipts in Chicago today were estimated at five cars. Corn prices steadied under the influence of the advance in wheat, but trading was light. Corn was reported to be in poor condition in parts of Kansas and Nebraska, which also was a constructive influence on the market. Receipts of corn in Chicago were estimated at 215 cars. Export business was slow with only a few loads reported worked in scattered business.

WAGON WHEAT City grain elevators are paying for No, 2 red, 62c; other grades on their merits. gash corn, new No. 2 vellow, 49c. Oats, IC.

ARGENTINE GRAIN BUENOS AIRES, June 9 (U. P.).—Grain futures opened steady today. Wheat—Jun,e 80%c, up 3c; July, 81,

p Ya. Corn—June, 61'ac, July, 587ac, unchanged. Oats—June, 28%ac, unchanged Flax—June, $1.13'%2, unchanged; July, $1.13%2, unchanged.

U. S. STATEMENT

WASHINGTON, June 9 (U. P.).--Govern-ment expenses and receipts for the current fiscal year through June 7, compared with a yeer ago:

unchanged;

Last Year $6.985,636.780.17 4,555,216,583.37 2.430,420,196.80 2.328,028,946.80 1.762,662,897.51 400,859,842.08 35,272,618,587.79 12,098,366,985.58 455,281,221.03

This Year Expenses .$7,094,987.680.44 Receipts .. 5,557.704,147.05 Gross Def. 1,537,283,533.29

Gold Rsrv 12,932660.218.98 Customs .. 342222 882.57

INDIANAPOLIS CLEARING A HOUSE

Clearings $2,461,000 Debits 5,337,000

DAILY PRICE INDEX

NEW YORK, June 9 (U. P).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 equals 100): Yesterday ......ceiveiveiis. 103:232 WERK BBO «cover iveiiveneiee 10243 Month ag0 ......vevesiveeess 107.65

Serer esets rte

¥earago .......... A 1938 high (Jan. 19) ......... 117.06 1938 low (June 2) ........... 102.43

FOREIGN EXCHANGE

NEW YORK, June 9 (U. P.).—Poreign exchange steady. Following are noon cable rates on major eurecles: al

Rates England (pound) 4.95%

Canada (dollar). .983% +-.00 1-16 France (franc) . .0277 11-18 —.0000 3-16 Italy (lira) ..... BY: ema ieveve Belgium (belga) .1692%; ~-.0001 Germany (mark) .4013 ~-.0001 eer, (Grvl mk) 2365 20 Ll. ileeie Switzrld (franc) .2279 i acd Holland (guildr) .5526 -— 0002 8 en (krona) .2553 Aga nv Norwa, (krone) ,2488% -+.0000'2 Denmr! tkrone) 2210% i... .

CORN AND WHEAT REGION OFFICIAL WEATHER

eee By U. S. Weather Bureatl ee

7 A. M., June 9, 1938 Precipi- State of

Stations High Low tation weather South Bend N23 51 0 Clear Angola ........ 72 51 0 Clear Wheatfield . 75 48 0 PiCldy Rochester 1 48 0 1dy Marion i 75 1 ¢ Cloudy Lafayette ....... 78 0 Cloudy Cambridge City.. 75 0 Clear Columbus ....... 80 55 0 PtCldy Vincennes ...... 81 83 T Cloudy Paoli o.oeceniviee 81 59 0 Cloudy Ft. Wayne ..... 74 58 0 tCld) Hdiang its 16 60 : Soudv a ware udy ivr Bg 8 oF

faresa

PAGE 21)

Ne High wow Last Chenge Addressograp 19 18 19 + i Air Reduc ..... 3% 46% 46% + Alaska Jun 10%a 10% 10% + % Allied Mills 10 10 10 -— ly Allied Stores pf 42'z 41%; 41% — 3% Allis Chal ..... 413% 41s 41% 4+ % Am Bk Note 163% 18% 16% + 2 Am Can ....... 87 87 87 + a ne rie 3" 3 ge. m . cone Am Hide & L .. 2% 2% Seven, Inter ..... 5% 5 5% — 3 Am M&F 12% 12% 12% + 3% Am Metal ..... 29 29 + 3% Am Rad & S8 . 10% 10% 10% + Js Am Hn 35% 35% 35% + Am Pdies .. 18% 18% 18% — % Am ar pf ..105 = M5 = 105 .... Am Tivuus 130% 130% 130% + 3 ob .eve.. 66% 66 66% + Ya Am bB ....68% 68% 68% + Ya Am Water W 8% 8% 8% ...: Bier: & Ek 38 Am Woolen Anaconda ii 24% 24 4% + Anac W & C.. 31 31 31 + Armstrong Ck . 28 28 28 cern Asso Dry Gds . 5% 53 5% — a tl G&W 1 pf. Tha 7% Ta + % Atl Ref 2 A Tos Tog “e “% Auburn Auto .. : ,— Aviation Corp . 3% 3% 3% ..ee i Bald Loco ct . 6% 63% 634 ieee Balt & Ohio .. 5% 5% 5k «ie. Balt & O Dp 8% Ck Gla ov, Barnsdall ..... 12% 12% 12% + a 3endix Avn 10% 103% 10% nd 7 n Ind a 18 18 18 + 3s Seth Steel ot 45 44% 44% + Yh Steel een JME Air In 12% Py + % d vid V2 9 cere 3org- Warner « 18 18% 18% — Ya Bdgept . 6% 67s 6% ... ‘ Briggs Mig ... 18% 18% 18% + hs Bklyn-M + ' 93s 9% + Bklyn-M T pf. 27% 27% 27% + 2, Bruns-Balke Th 3% 3% + Ya udd Mfg ..... cere Ee wo 15 15 15 -— all Ci a Dry .. 16 18 16. ween. Scie 5 5% 5% — kL Caterpillar T 40%, 403: " 40% + YA Celanese . 11 11% 11% a Cent Foundry 23, 23, 2% ag TT Cerro de Pasco 34'%, 337% 34'a -- Ja Ches & Ohio 237 233%. 23% + oe Ch St P 1 vz 12 — YW Ch & Nw Ry Ts Ta i Chrysler .... 42! 41% 41% — YW Climax Moly Co 39% 39% 39% ern Cluett Peab 13% 13% 13% + : Colgate P-P ... 8% 8% 8% + Colum Gas .... 6 I 8. ewes Col Carbon .... 69% 691%; 6%'2a — Ya Com Credit .... 31% 31% 314 + J Com Inv Tr ... 362 36'a 36> + Wn Com Solvents .. T's Va Ve iu. Comwlth Edison 2'a5 25% 25% + % Comwlth & So. 1% 1% 1% ee, Clwith So pf.. 41 40% 41 + % Com Edison rts.17-64 Vo 17-64 --1-64 Cons Edison 24% 23% 24 veo Cons Edison pf 95 95 95 . Corns Im pf 5% 5% 5% — % Cons il eens Va 8Ya 8 Va . Con Textile or We wt “ere Container ..... “e. Cont Can ..... 38% 38% 38% + % Cont ‘Mot ...... In Vs Bien Cont Oil Del 27% 27 27% + Corn Prod ..... 63%: 63a 63% + Ya Crown Cork 25 35. a5. YF i» Crucible St 233% 23% 23% — % Curtis Pub .... 43 43, 3 une. Curtiss Wr .... 4% 4% 42 4 Ye Curtiss Wr A... 19% 19% 19% + w— i Deere & Co ... 157s 15% 15% — ¥% Dome Mines .. 59% 59 59% 4 "a Douglas Air ... 45% 45% 45% + 2 Dow Chem «9 » 3 + 2% lan Silk 10 nv Bm ‘eevee 981% 97% BU + % ff East Kodak ...154 154 154 -1 Elec Boat *.... T% TVs 3% + W% El & Music Ind 23 23% 2% — Y% Elec Pwr & Lt 97s 955 9% ++ Ye Eng Pub S . 5% 5Ya 5% ve... ie va 3 3 3 mR Fair Morse .... 213: 213 21% 4 4% Flintkote i 13 Ye 13% 137 — % | Prancisco Sug. 23% 25g 2% — cll ne Gen Electric... 34'4 34a 4 + 3% Gen Foods .... 283% 283% 283% +4 W Gen Motors .. 29% 29% 29% + 35 Gen Out A... 2 26 26 + 13% Gen Ry RU... "1% "1% "4 .....° Gillette SR ... 67s 6% 6% — Gillette S $5 pf 53% 53% 533% + 13% Gimbel Bros . 69% 64 63% 4 Wi Goodrich ..... 233 12% 12% + 3 Goodyear vou 18 115s 18. .... Gt North pf ... 15% 15% 15% + 3 Greyhound Cp.. 8': 84 8a — 3 — Homestake .... 62% 62% 62a 4+ 3% Houd-Her A... 18'a 18's 18's — M4 Houston Oil .. 6% 6'% 6% + W .

Today's Business At a Glance

GENERAL BUSINESS Dun & Bradstreet reports week

ended June 8 bank clearings $5,- |

887,185,000, highest since week ended Dec. 22. Engineering News-Record reports construction awards this week $47,437,000 against $45,250,000 last week and $42,883,000 year ago. Federal Housing Administration reports May mortgages selected for appraisal $96,111,000, a new high record. ’ National Coal Association estimates week ended June 4 bituminous coal output was about 4,810,000 net tons compared with 6,596,000 year ago.

CORPORATION NEWS

Indianapolis Power & ‘Light Co. 1937 consolidated net income $1,856,839, equal to $1.50 a common share, as compared with $1,598,194 or $1.05 in 1936.

Pullman Co. April deficit $345,457 as compared with profit of $108,387 a year ago, first four months deficit $311,216 against a profit of $1,739,408 vear ago.

INVESTMENT NOTES

NEW YORK-—Investors were offered $27,750,000 of Mountain States Telephone and Telegraph 3% per cent 30-year debenfures in the only item of new financing announced today. The total issue was for $30,000,000 with $2,250,000 sold privately to the Bankers’ Trust Co. as trustee of the pension funds established by the company and certain affiliates. Morgan Stanley & Co. headed the banking gfoup which made the public offering at 102 and accrued interest to yield 3.147 per cent to maturity,

GRAIN BRIEFS

CHICAGO—The Government weekly weather and crop report states that harvesting has begun northward to extreme southeastern Kansas while the crop is ready to harvest in southern Kentucky. In Texas harvest and thrashing have advanced well to the northwestern part with the crop heading generally in the Panhandle. Favorable weather for maturing was noted in Kansas with condition now fair to very good, according to the report, although it states that damage is showing from late spring frosts, leaf rust, and wet weather. Harvest is expected to be general in the eastern two-thirds of this state in about two weeks.

COTTON NOTES

NEW YORK-—Most brokers today regarded the cotton futures market currently as a training affair, but viewed the longer terth trend more favorably. ome attention has been attracted in” the trade by reports that the

Federal Surplus Commodities Corp. |

would buy some $7,000,000 to $9,000,000 in cotton goods. . Fertilizer tag sales in the nine principal cotton growing states totaled 222,000 short tons in May compared with 178,000 tons in May, 1937, according to the New York Cotton Exchange service.

Colonial

Savings and Lean

N. Y. STOCKS

By United Press

|

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

Wj How Savings

'WHEAT ADVANCE

FEATURES DULL

NORBPBRY ~+eovessersissess 113.75 40.63 Week SEO ..co..eos reves 110.68 0.07 Month #80 ...cociceveese.. 118.55 0.03 : Fear MPO «.ootvierisniniene 172.82 —0.65 High, 1938, 134.35: low, 98.95. in v5. 30%: Jovian, Rubber Futures Advance 5 Yesterday ....... eee 20.48 0.0% ¢ i . Week ao ................. ms ces| 10 17 Points; Sugar Month A880 ..ccccivivenrees 23.48 “re 3 CT sivnr 56.88 —0.65 Is Firm. High, 1938, 32.33: low, 19.00. High, 1037, 64.46: low, 28.91. 15 UTILITIES NEW YORK, June 9 (U, P.).—An ROlBARY ooo. ovr irerion 18.82 9.06 advance of more than a cent a Week ago ......... eras + 18.9 40.23 | bushel in the price of Chicago wheat HUKT, Wve freeupeny 2030 Too [today provided the only feature in gh A SE ON 3 2 High, 1938, 21.86: low, 15.14. SW Wading In major commodity High, 1937, 37.51; low. 19.65. utures markets. ¢ 65 STOCKS Scattered wheat buying around PESTRRY —o..rivrvrssrreivn 37.07 -e.1|DOON was based on short-covering Week ARO .....ovee — w 36.35 ... | which followed firmness in Liverpool Month ag6 ......... vires 38.06 —0.06 | and reports of serious threat of io REY ov riers weed 61.28 —0.22 | black rust damage in spring wheat igh, “1988, 44.43: low. 31.10. territory. At noon prices 1% to 1% High, 1937, 69.67; low, 38.87. cents higher; corn was unchanged net | to 34 cent higher and oats were unHigh Low ‘ast “hange | changed to 3% cent higher. Hud Bay M & 8 25 24% 25 + % | Other commodities generally firmed ear 13% 1% by J Hud & Man ot $e .“ = — si |in desultory trading. Rubber fuudason otor. . cone Hoo Mo oe rt 3s -."'y | tures advanced 5 to 17 points at — te noon on buyihg orders from dealers Il Central .... 7% 7% 7% 4+ v, |abroad. Black pepper gained 1 to 2 In ersoll Rand 0a We 0 Ri 1 points. nian “ee — 1% Inter R T ... 5% 35% Sis + 5 Sugar Futures Firm ol Te MB WE gE I Dh s fut firmed indi n ckel .... 43% Ls ugar futures firmed on indicant P&P pf ... 38%; 28 28 . nt T&T ... 8% 8% 8% tk tions of good refined business today. - Covering and trade buying were the Johns-Man .... 673% 67% 67% + % |principal activities. At noon world B " 2 o futures were 2 point higher and Kevstone Sti .. 8% 8% a% > domestic futures 4 to 5 points highKresge S 8 ... 17% 17% 17% — % |er. The American Sugar Refining bamibabt 2% Co. announced the price of refined Leh V Coal 1:0. asi or ” : sugar will be advanced 10 points ~O- ass .. 2 bo 1 Lora MB 38” oe Soe. = to 4.50 cents tonight to bring the Loew's. .cv..... : 41% 42 4 "1; | company in line with competitors. Lorillard. 0:5 16° 16° 18° i (SIDpce Sulires piites Weis ui ih change poin gher on the Magma pitas 9]. 93 WB. uv, moderate activity in spot copper. ER Rg FE a + ER Cotton futures advanced 10 to 11 Marshail Fid > gis? ot? nl +++, | points at noon. r ‘oa. a i McCall Corp i! 10W lo Toi; + 3i| Cocoa futures advanced 3 points yr tO. 2 13 12 ++ |at noon on steadiness abroad. Melville Sh 40 40 0 .... |Cottonseed oil firmed at an advance I... 5 oF J% .... lore © 9 points on commission Mohawk Cp... 11% H% 113% — 3 house buying. ) 4 of yy + Mont“Wara 11 Ji 3s f04 © 1i| Hides, off 2 to 8 points in response Mueller Br .... 13% 13% 13% + 3% |to overnight news of a chain store Welk i} ore cutting shoe prices, was .the chief as elv Kb TVs . y Nas AViahon or 3% Tha .-9wp T.% weak spot. Santos coffee futures Nat Biscun “ 23% 23% 23% .... |sold 3 points lower in light mid-day at Distillers .. 19 19% 19Y > i Nat Gypsum 3% 8% Bn ay liquidation, but Rio contracts were Nat Lead ...... 20 19% 20 + 1 | irregular 2 lower to 3 points higher. Nat Steel ..... 50% 50 50% + % Nat Sup Penn . 16 152 151 — i Nat Sup 5% pf. 71 71 71 —Q Nat Sup 2 pf.. 25% 25% 25% 4 I, Nat Tea vee BY, BY, 03, wm Newport Ind .. 12% 12% 12g — 1 NY Central .. 3% N% N% + ¥ NYC & St L pf 17 17 17 1 NY NH & ve 8h M3 CY 4 N Y Ship ..... 7% TV Ta + Y% . No Amer ...... 19% 18% 19% — No Amer pf ... 54 54 54 vein i, No Am Amn Fars 3 9% 9% + 1, o Pacific Ta TV Ts + Ya : — First Reports Show Sharpl Qhio of... 9% 9% 9% 4 3, y i 3 3 3, Je Ee Suili, 2 W % Lower Trend. Owens Ill Glass 49%; 49% 49% - 3, —P Pac Finance vere 10 10 = V, NEW YORK, June 9 (U. P.).— ac Rl ae. 26% 263; 26% 4 3 i i i Pac West Oil .. 10% 10% 10a + it Revenue freight car loadings in the Rackard he 3% 3% 35% + 1,| Week ended June 4 were sharply ark ta 1% 1% Yo w— 3 i Ponney o>: Bn” a? i = lower than in the preceding week Penn D Ce 3%2 3% 3% ... ‘lon a more than seasonal decline, enn C pf A115 15 15 -— 1 - Pea RR A By Bw Bw I " reports of the first 21 carriers re Phil Morris eves 1% Y-16 1% .. vealed today. eiffer Brew .. v 7 7 ve i helps Dodg .. 20% 19% 20 © '% Loadings of these roads amounted Phil Morris 913, 913, 91% + 1, | to 256,279 cars in the latest week Pitts Be xem Su 3212 3s + % | compared with 290,173 cars in the Bitts Term C, % 3 a, ll |preceding week, and 355,578 in the Public Serv ... 291s 2914 291s '.: | corresponding 1937 week. Pure “Oil ...... 9% 9% 9% — % Sharpest declines were reported Radi ~ by the large eastern railroads. Cdal RHO vias 5! 51% 515 4 : Pullmen ''''... 233, 9231. 933. s. loadings, which have been making Radio 2H ee 49% 40, 49% + lla fair showing in recent weeks, apReading | 3 20° 20 20" + %| pear WA have declined more than els 0 ey } A 3 3/ — Republic Stl .. 12% 123% 12% + 1p | casonaly Ronereh dE MOM oT ichfie ve i) Va 's + — — LOCAL ISSUES Saf sie v; st AY Lea “ av Ja. I. * 1 a (By Indianapolis Bond & Share Corp.) St L-8 Fran .. 7 8 Ta + W The following quotations do npt repreSeab'd Oil .... 18%2 18'; 18'> + Ys [sent actual bids or offerings, but merely Sears Roebuck. 5534 55% 55% -- 1 | indicate the approkimate market level Serve] Inc ..... 11% 11% 11% .... |based on buying and selling inquiries or Simmons ...... 6 16 16 — 14 | recent transactions. Skelly 0il 23 23 23 + 34 \ BON Socony Vac 12% 12% 12% + % i DS Asked Rp - he Ie 10% + a limeresn Loan Co 53s 46.51.. 35 100 So Cal Ed 1% 211, 211 w merican an Co 25 1 ‘103 105 South Pac 11% 11% 11% + 1, [Citz Ind Tel STH ls 3....08 1% Sperry Corp 203, 20% 20%: -- 1 H Tel & Tel Ft Vo ! +108 & Std Brands TV Tis TVs H Tel & Tel Ft wv 4 . 1% Std O Cal 27 27 27 : Ind Asso Tel 4'2s 65......... 104 3% Studebaker .... 4 4 4 . Int Tel Co Bega: HH 44 Sunshine Min . 11%: 11% 11% ... [100 Raib¥ay IOC doi digs 6s. 30 0 SWIlt & Co ... 16% 16% 16% .... [HR ee Cu 33s 00 vss 103 205% " 5 wh Ws v Kokomo Water Works Ss 3...102% 1041, exas orp .. g uhner Pa 0 4s Sigs #e Tex Gulf Prod. 3% 3° “31 .."%| Morris 5 & 10c Stores 5s 50... 98% 101 Tex CG Sul ... 03% 30'2 303% -— 15 | Muncie Water Works 5s 65...102'% er T & PC & O 9 8% 9 4 1; | Noblesville HL&P 5%s 47. ..... 100% 103% Tex Pac LL T 9% 83; 9 + 1; | Ohio Tel Service 6s 47....... 98 100 Thompson Pr . 10% 10% 10% — ¥ |Pub Tel 4'as 65.........00... 98 100 ide Oil . 122 12% 12'%2 .... |Richmond WW 5s 5§7.-.......103% 105 Timk D Ax ... 8 8Y4 8% iv Seymour Water Co 5s 49..... 100 108 Timken R B .. 35% 35% 35% + 1% |T H Water Works 6s 56......100 102%; Tei Cont .-.... 3% 3 3% +4 3% |T H Water Works 6s 49......101 103 20th Cen Fox . 21% 21 21 ivy Trac Term Co 68 57.......... 49 52 20th Cen F pf . 29 29 29 vede STOCKS enfin Belt RR St Yds com.......... 49 S14 Union B & P.. 83% 8% 83% ee Cent RR St Yas p SEs Le Ty 50% ..... Union Carb ... 653% 65% 65's — 3 | Home T&T Ft 7% pid 502 53 Un Pacific .... 61% 61% 61%. =— 1% | Hook Drug Inc com ......... 12 14 Un Aircraft Cp. 26> 26% 26% - xInd Mich pfd 7% ........... 106 ae Un Air Lines .. 8% 8% 8'% - Y% |xInd Gen Serv Co 6% pd Ya 100 103 United Corp 2% 2% 2% + Y% |Ind Hydro Elec 7% pid ..... 44 48 United Cp nf . 25 25 25 ‘een Indpis Gas com ...... 0. ou... Un Gas Imp 9% 934 93% ‘cus xIndpls Pwr & Lt 67% ....... 80'2 84'a Un Gas Imp pf.107 107. 10% +1 xIndpls Pwr & Lt 62% ...... 852 89% US eight . 6% 6a 612 -—— 33 | Linc Nat Life —s bn Fae. 21%a 24 U S Gypsum .. 69 89 80 4 ¥% [N Ind Pub Serv Co pd. 5'2%.. 54 58 U S Pipe & F 321; 32% 32!2 -- 3% [N Ind Pub Serv pfd 6% . 62 8512 US Realty ... 43% 4% 4% .... N Ind Pub Serv 7% .......... 69% T3%2 U S Rubber .27% 26% 27 + % [Pub Servof Ind 6% .......... 1413 173 US Rub 1 pf . 65 64% 64% + 1 | Pub Serv of Ind pfd 7% ..... 27 30 US Steel ... 4235 41% 42 ..e._ |S Ind Gas & Elec 4.8% pid... 83's 81% U S Steel nf .. 95% 95% 95% + % Terre Haute Elec Co 6% . 93 96% — nion e o com ‘ f : Va-Caro Ch ... 3% IV 3% enn yan Camp Milk oo ao hee 10 11% w Van Camp M > (By M. P. Crist & (0.) s .. 2 2 2 were Walgreen”... 1 i 3 =, Market St. Investment Corp..20.35 21.86 alworth ..... Va et Warner Bros .. 43% 43, 3h “.. 8 Warren Br .... 3% 3 3 3 ’ -— 1 LOCAL PRODUCE Wayne Pump A 2 21Ya 4 VW Wes Oil & 303% 3034 303% .... Chickens—Heavy breed hens, 15c; legWest Air Bke 18%, 18'2 18'2 +4 1 [horn hens, 12¢c; heavy breed broilers, 1%: Westing El 76% 75% 75% — 3 | Ibs. and over, 17c; leghorn broilers, 1% Weston El In . 13 = 13 3 + 12 | lbs. and over, 15c¢; bareback broilers, 12c; White Mot, ne ja 3% + % | old roosters, 9c. tous e 0C. . 8 /8 «0 —NoO. count n, Woolworth an an as 1575 (each dy rea weigh 35 The. —Y— gross; a net Seguetion 15 Sos a 3, 3 25% 1, | each full case under 5 S. Wi e made). Yellow® Tr Toe oss 30a *..% | ““Butter—No, 1, 261@27c; No. 2, 4G Young 8 & vv 12 12 “eve 24%c; butterfat, No. 1, 22¢; No. 2, 20c. Young Sheet .. 28'2 28% 28% ve (Prices quoted by Wadley Co.)

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TONIGHT 6:00—Rudy Vallee, WIRE. 6:00—Kate Emith, WFBM. 6:00—~Alfred Wallenstein, WGN. 7:00—~Good News, WIRE. 8:00—Pulitzer Plays, NBC. 8:00—Bing Crosby, WIRE. 8:15~Music Essays, WFBM. 8:30—Americans at Work, WFBM.

Bill Tilden, who used to play a little tennis himself, will be at a CBS microphone tomorrow and Saturday to bring you news of the Wightman Cup matches in Wimbledon, England. This is Mr. Tilden's second year as Columbia tennis commentator. Scheduled broadcast times are noon tomorrow; a stroke-by-stroke story from 8 to 9:30 a. m. Saturday, and a later summary at 11:15 a. m. Golf fans may tune in WFBM for Ted Husing’s summaries of the National Open golf matches in Denver at 5:30 p. m. today, and 1:30 and 6 p. m. Saturday.

Por the second successive week. the Rudy Vallee program will feature a short play by Milton Geiger on tonight's broadcast. This time it's “The Lamplighter of Queer Street,” featuring Frank Craven of the Broadway hit, “Our Town.” Last week the Geiger opus was “The Shape of Darkness,” with Sir Cedric Hardwicke as the star. Rudy usually presents a “commencement speaker” about this time of year for the graduates in his radio audience. Columnist Franklin

ON THE RADIO

The movies’ summer reissue policy, has even affected their air shows, Tonight “Good News,” with Robert Taylor at the helm, will revive “Hell Divers,” in condensed form. , . . Bob Burns is back from his vacation and, unless he’s changed in the past fortnight, will have something to say about it on his return to the Bing Crosby program tonight. Claude Rains and Gladys George, film players, and Efrem Zimbalist, the violinist, will be on the welcoming committee. . . . It will be “Anna Christie” for the second in the NBCBlue Pulitzer Prize Play series—8 o'clock tonight. Barbara Weeks will play the O'Neill heroine.

» n ®

Due to a special Pennsylvania State broadcast, Victor Bay’s musi cal essay will be cut down to a quarter hour tonight (8:15 p. m., CBS-WFBM). The brief program will be devoted to the pavane, an ancient dance form, and the polka, a more recent one. Like his fellow-conductor, Andre Kostelanetz, Maestro Bay is a recent bridegroom (May 31). He's scheduled to do a program devoted to wedding music in two weeks. ” » ”

Grace Panvini, radio and light opera soprano, will be soloist with the Toronto Symphony Orchestra at 7 o'clock tonight, NBC-Blue. She is to sing “Una voce poco fa” from “The Barber of Seville.” Reginald Stewart will conduct the orchestra in Tschaikowsky’s Fourth

P. Adams (F. P, A) is the 1938 choice, and will be on hand tonight. ® 8 =»

Symphony and the Prelude and | Love Death from Wagner's “Tristan and Isolde.”

THIS EVENING

(The Indianapolls Times Is not responsible for Insccurach TORTAID Ale nouncements caused by station changes after press time.) ee Ua, 98

INDIANAPOLIS INDIANAPOLIS CINCINNATI CHICAGO iM 1550 IRR 1400 700 UN 130 ‘ Net.) (NBC-MBS) (NBC-MBS) (MBS Net.) 4:00 Organ - Rakove's Or. Rakov's Or, Bill An: 4:15 Doris Rhodes News Happy Gilmans Weber's" Or. 4:30 Tea Tunes Crook-Braine Paul Douglas Rophisticated 4:45 Audition Book Lowell Thomas Orphan Annie 5:00 Christ. Sei. Easy Aces Don Winsi “ 5:15 Boake Carter Varieties A. Frankiin © Berane 5:30 Golf Tourney ews Hatterfields Bob Elson 5:45 News Orphan Annie Paul sullivan Heidelberz Or, a Kate Smith Rudy Vallee Rudy Vallee Sinfonietta x wu i. Greg Bornes 3190 Major Bowes Good News Good News Crosby's Or. 7:30 "Ym "w wm ". Teidelberg Or. 7:45 " - " " " " Tomorrow's Trib 8:00 Scenic Show Musie Hall Musie Hall De , . 8:15 Musical Essays - vi 3 EY, 3 At Work " » = =» Weber's Or. 9:00 Entertainment Amos-Andy Amos-Andy " " 9:15 Sereenscoops ews Varieties Croshy's Or. 7:30 Sports Review Baseball State Fair Hill's Or. 9:45 Gasparre’s Or. " ” i. id " " 16:00 News " " P. Sulliva K , . | 10:15 Long's Or. " " Sweet Adeline Tiers or 10:30 Roger's Or. Payne's Or, Eastwood Or. Denny's Or, 10:45 . - Owen's Or. " n ." - 11:00 Molina's Or. Bourdon’s Or, Review Agnew's Or. 11:15 Kirk's Or, hd " Agnew's Or, Aan 11:30 Gendron’s Or, Pirro's Or. Pirro’s Or, Pirre's Or. 11:45 Noone's Or. Harrg’s Or. " " " ’ FRIDAY PROGRAMS INDIANAPOLIS INDIANAPOLIS CINCINNATI CHICAGO WFBM 1230 WIRE 14060 LW _700 WGN 720 (CBS Net.) (NBC-MBS) (NBC-MBS) (MBS Net.) 6:30 Early Birds Devotions 0 Mus 6:45 " - Market-News Hush Crom jie ‘ngs 5:00 o Musical Clock Merrymakers Good Morning i: J v ospel Singer 7:45 . - News Exvorienee i a 8:00 itty Kelly Mrs. Wiges Betty Crook - as Myr Maree Piher Wie Mvel-Marce a rine Jgves i ndup ai i t H I 8:45 Stepmother Woman in White Betty Bob’ 0" ogg Lg 9: Ruth Carhart David Harum Goldbher yet Thi 4 Apron Strings Lorenzo Jones Vie-Sade Children” 9:30 Big Sister Melodies Short Story Painted Dreams 9:45 Real Life Linda's Love Kitty Keene Harold Turner 10:00 Marv McBride Dessa Byrd Editor's 10:15 Towertown i Oikos Doctor rae violin 10.30 Mrs, Farrell News News-Weather Quin Rvan 10:45 n " Farm-Home Mail Box 11:00 Music Hall Touring Stores id " State St, Man 11:15 n ” Snging Sam " " Melodies 11:30 Farm Circle Farm Hour Livestock Services 11:45 Farm Bureau .. Thomas Sawyer " - 12:00 News Betty-Bob " Linda's Love Harold Turner 12:15 Bohemians Grimm's Daughter Grimm’s Daughter Musical 12:30 Harrisburg Valiant Lady Valiant Lady une Baker 12:45 y ” Betty Crocker Kitty Keene elody Time 1:00 Summer Theater WIRE Renorter Mary Marlin omances 1:15 " Nn Headlines Midstream usical Moods 1:30 Kate Smith Varieties Young's Family Stokes’ Or. 1:45 Minstrels " id Guiding Light Leadoff Man 2:00 Varieties Backstage Wife Harding's Wife Baseball 2:15 Clev, Choir Stella Dallas Ma Perkins 9" " 2:30 Eton Bovs Hughesreel Julia Blake " » 2:45 Economics Auction Block Unannounced - " 3:00 Crossroads Hall Police Court Houseboat " " 3:15 id Top Hatters Mary Sothern » " 3:30 Mausie for Fun Variety Show Pioneers oe " 3:45 " " " " Unannouneced - " 4:90 Light's Or. Tune Twisters " " Bill Anson 4:15 Earl Gordon News Happy Gilmans Melodies i Tea Tunes Johnnie Johnson Paul Douglas Airliners 4: . ” Singing Strings Lowell Thomas Orphan Annle

NBC-RED—WEAF, 660; WTAM, 107

KEY NETWORK STATIONS (Subject to change): NBC-BLUE-WJZ, 760; WOWO, 1160; WENR-WLS, 870; KWK, 1350.

0; WWI, 920; WMAQ, 670.

CBS—WABC, 860; WIR, 750; WHAS, 820; KMOX, 1090; WBBM, 776. MUTUAL—WOR, 710; WHK, 1390; WHKC, 640; CKLW, 1030; WSM, 650,

CROSSWO

RD PUZZLE

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Answer to Previous Puzzle

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