Indianapolis Times, Indianapolis, Marion County, 10 June 1938 — Page 25

FRIDAY, JUNE 10, 1938

STOCKS SLIP IN DULL TRADE; CURB IRREGULARLY HIGHER; BONDS MAKE SMALL GAINS

Mining Stocks, Oils, Rails Ease Narrowly; Steels Slightly Down.

NEW YORK, June 10 (U, P).— The stock market drifted uncertainly into a dull and routine trade today, limited selling holding |

prices slightly under previous clos- | 4

ing levels. Aviation shares were under mod- |

erate pressure, particularly Douglas | 44

Aircraft, Boeing, and Curtiss Wright | issues. Mining stocks weakened, although losses generally were restricted to les sthan a point. Steels and motors displayed moderate resistance, recovering slightly from earl ylows and steadying on fractional losses. Oils and rails eased narrowly. Utilities held around previous closings in a small trade.

Curb Stocks

Curb stocks moved irregularly higher today under the active leadership of aircraft issues, Lockheed Air established a new | 1938 high at 13's on a gain of 1% points before meeting pressure. Grumman Air and Bell Air rose fractionally. New Jersey Zinc advanced more than a point in an irregularly higher mining group. Oils and utilities also gained irregularly, High 37

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N. Y J Bonds

Railroad funds led a quiet irregular advance in domestic poration bonds today. Price changes in the carrier group mostly were fractional, but the list | maintained a firm undertone, read- | ly absorbing scattered early selling. | Oils and steels led the industrial | group higher, while utilities moved | irregularly in a narrow range. Trading in U. S. Government! bonds was extremely limited. Only four issues appeared on the tape in | the first hour, with prices holding | 2-32 point lower to 4-32 higher. ! Foreign obligations firmed under lead of Czechoslovak, Italian and South American issues.

BOND PRICE ICE INDEXES 20 20 Inds. Rails 05 51.6 9.3 51.9 6 3i.5 91.5 94.6 90.5 1

| Dist

cor-

80 U a Bonds | 93 93 94. 101 105

Yesterday Week ago Month 2go .. Year ago «.... Two vears ago 1938 High .« 83 1938 Low on 13 1937 High .« 95 1937 Low . RO 1936 Hizh « 9 1936 Low « 90.0

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DOW-JONES STOCK AVERAGES 30 INDUSTRIALS «135.74 tavesseseses 109.71 ...116.87

41.99 8.87 -—1.68 —2.05

Yesterday Week ago Month ago | Year ago High, 1938, High, 1937,

134.35; low, 98.95. 194.40; low, 113.64, RAILROADS

| Yesterday | Week ago

Month ago Year ago High, 1938, High, 1937,

42.83; law, 19. 61.46; low, 28.91, 10 UTILITIES Yesterday av.coccscecreincees 1995 Week B80 .otcssvssssntanserss 13.45 Month 280 «ivccvicssnansssee 19.93 Year ago 26.78 High, 1938, High, 1933,

--0.43 i). 31 wd} 31 =). 10

21.86; low, 15.14, 37.54; low, 19.635. STOCKS

65 37.73 35.96 37.52

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| Times Special

WASHINGTON, June

{ ana farmers dealing with the Fed-

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Insurance Corp. will be the Kansas City branch Roy M. Green, corporation announced today. ARGENTINE GRAIN UENOS AIRES, Jun futures opened lov .Wheat—June,

eral Crop office, manager,

835sc

1l3¢c Corn—-June, 62isc 597zc. unchanged. Oats—June, 28!i¢ Flax—June, $1.18,

“aC.

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

. | found: From June lows, vt trials have sustained a worthwhile |i

* | movement

10. —Indi- |

I | cotton

Below Par; Also Fears For Late.

CHICAGO, June 10 (U. P)—B. W. Snow of Bartlett Frazier and Co., reporting from Wichita, Kas., today said: “Spent four days checking the wheat crop in south central Kansas, north and south central and western Oklahoma, the Texas Panhandle, and west and central Kansas. “Wheat prospect has gone back heavily in the past two weeks with earliest fields now harvesting far below expectation. The crop shows lack of strength resulting from freeze and black stem rust on an east and west front from Wichita to Scott City, or 200 miles more than I found this time last year, “The late crop still looks better than the early, but the straw is breaking down. And if it goes no better than that now harvesting it will be little short of a calamity. “The test weight will be low as the grain is shriveled with a large

‘oy | part still in the milk stage. The rust

is a menace, but the geratest damage is from breaking down of the straw as a result of freeze. Continued rainfall is very injurious.” Mitchell Hutchins and Co.—“We feel the wheat market will continue | to show good rallying power from | the dips temporarily until something | definite from Washington is given out on the base rate for loans.”

"| State Corn Output Low,

Declares Abbott

Central Indiana corn production

2 | will be about 70 per cent below nor-—1-16 | mal this year, Horace E. Abbott,

| County Agricultural Agent, esti-

mated today. He attributed the decline to the

| dry period and seed rotted in the

i os 1 | ground.

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet reports retail trade this week 2 to 5 per cent above

| i |

THE INDIANAPOLIS TIMES ° Wheat Prices Decling Harvest Prospects Poor, Reports Crop Expert

Early Fields Called Far | Corn

| receded fractionally.

PAGE 25

Is Slightly Off on Fairly Light Trade; Oats Firm.

CHICAGO, June 10 (U, P).— Scattered selling cancelled early gains in wheat prices today on the Chicago Board of Trade. At the end of the first hour of trading wheat was off 7s to 9%, corn 1, to '4, and oats were unchanged to 4 higher. Firmness at Liverpool and Winnipeg had a steadying influence on the Chicago market at the start, as well as the early advance at Kansas City which encouraged buying. The setback at Kansas City, however, induced scattered selling and prices

Export business was disappointing, but a fair milling demand was indicated. It was reported that sales of wheat to milling interests since late yesterday totaled about 135,000 bushels, Wheat receipts in Chicago today were estimated at three cars.

Corn prices weakened on the setback in wheat as commission house | sajaple

selling was noted. Trading in corn | was fairly light. Receipts of corn locally were estimated at 243 cars.

WAGON WHEAT

City grain elevators are paying for No. red, 65¢; other grades on their meri Cash corn, new No. 2 vellow, 49¢. Oats, 3c.

)

FARM PRICES STILL DECLINING, REPORT

Indiana Products | Show Gain.

Only 5

Times Special

LAFAYETTE,

[ing 96.6

{ Purdue University a | tistician

las t week, but 12 to 21 per cent un- |

der vear ago; wholesale 8 to cent below year ago. Federal Reserve reports gold stock this week up $22,000000 to a rec- | ord high at $12940,000000; excess reserves $2,710,000,000 highest since

| loans up $242,000,000; circulation | off $32,000,000; ratio 82.5 per cent

CORPORATION NEWS

Ry. Co. April net loss $168,192 vs. | $161,668 year ago; first four months | net loss $865,256 vs. $391,386 year

* | ago.

Special and annual meetings of | Chesapeake Corp. stockholders scheduled for today were postponed i until June 14.

STOCKS STUDY

| Shearson, Hammill & Co, | exchange house, has just completed a study of seasonal market ior, entitled “Midsummer Rall Stocks.” “A substantial rally from {June lows seems to be the thing in the stock market the summer months,” the study gins. The house {tions in the Dow-Jones averages during the 20 years, 1918-1937, and

ies

the usual

20 per | farm products dropped

* | Aug. 12, 1936, up $70,000,000; brokers vs. 82.4 last week and 79.6 year ago. |

Chicago, Indianapolis & Louisville |

stock |

behav- | nl

during | be- |! studied fluctua-|

the indus- |

| intermediate upward movement in|

16 out of 20 years and the ra

ils in |

18 out of 20; average dates the June |

lows have been made were the in industrials and 13th in rails; the failed in both averages in 1923 and 1934; it failed in the industrials, but occurred in the rails in 1920 and 1921 PITTSBURGH REVIEW PITTSBURGH.—Business in | Pittsburgh area showed a further decline last week, the Bureau of | Business Research of the Universit of Pittsburgh said today in it weekly business review, The Bureau's index of dropped from 59.7 in the fina of May to 56.8 in the week June 4 The decline was felt in all { lines of economic activity except j partment store sales, which showed | a slight gain, according to view. Steel mill activities dropped stantially, the operating rate being reduced to near the low levels of the first week of January, the | said.

busin week

ended

1088

maim

3 Cle

the

COTTON TRADING

NEW YORK—Sentiment th utures market appears t have taken a more favorable turn, traders believed today. Recent weather details shown unfavorable growing tions for the new crop. Somewhat | of a better inquiry has been noted in Worth Street, where prices irm. The spot basis in the South reported firmer, particularly ow grades. Strengthening in low grades was believed to be the | result of trade reports that the Gov- | ernment would purchase a larg | volume for relief purposes.

f i 1s 1

the

sub- |

have Son ly

are |

12th | 1

{ moderate

re- | New

| fact that the corn was planted in a | 12rm | downward swing during May, reach-

1910-14 equalling |

prices continued on their (with which was month, M.

2.9 lower than the M. Justin,

100), preceding

working in co-operation S. Bureau of Agricultural Economics, reported today. Only five of the 17 Hoosier farm commodities any price increases, Justin They were corn, hay, apple and wooly Oats showed no change from 28 cents a bushel The pufchasing power of Indiana two points from April to 77 (with 1910-14] equalling 100), while the figure for | the country as a whole dropped a point to 74. index of prices paid by U. ers jumped from 125 in April to 134 for May. The U. S. wholesale price index for May was point lower than that for April. Following are the prices recorded:

May 15 A 1938

with the U. showed | stated.

price |

rages

(bu.) .. (hu.).

Carn Wheat Oats (ton) 7 {by )

th \d ) (cwt.) (cwt (cw

Horses Cattle Calves

95 "114 7.1¢

v ool

CHIC AGO Pl

firm: receipts (90-915 score), 24, 19@20c; centraliz (89 sc ore), 3 receipt S. 2

3 ra firsts extras (92 J second 24} 4C; zed

sto1 ag

receipts 29 geese, llc; hens spring chick broilers, 16@ 18¢ Daisies, 13 Supplies, moder=about

steadv:

demand Tdaho Rus Burban 8 NY

weaker

gon Russet

BANK S

Amer

tee

S. STATEMENT

“es penses

report | cu

4.683,039.67 6 390 689.63

CLEARING HOUSE £2 359.000

PRIC CES -

INDIANAPOLIS

rings

F 00D

Only Skirmish.’ Savs Alleghany’s Chief of Ruling Denying Injunction in C. & O. R.

NEW YORK, Robert R. You board of

June 10 (U. P).—; ng, chairman of the; Alleghany Corp., said today that the decision of the U. 8S. Circuit Court of Appeals denying the corporation an injunction to restrain Guaranty Trust Co., from voting stocks of Chesapeake Corp. was only “skirmish” in Alleghany’s struggie with the bank over control the Chesapeake & Ohio Railroad. Judge Augustus N. Hand issued denial yesterday, affirming the Federal Judge Albert C. S. District Court but basconclusions on different from those of the lower ruling. Despite the denial of the injunc- | on, Mr. Young said the decision |

“ ie

~§ O01

the 01 nis arounas

”»

would be ‘helpful” to Alleghany The ruling he continued, upheld many of Alleghany’s contentions. Guaranty holds 1,278,000 shares of Chesapeake stock as collateral for Alleghany bond issues. The struggle over authority to vote those shares has been wag in the courts since last March and has deepened the deadlock the two rival factions on the Chesapeake board. Chesapeake, as an holding company controlled Alleghany, in turn owns about 30 per cent of the common stock and 39 per cent of the pre =rred stock of the Chesapeake & 210 Railroad, oncg part of the Van Sweringen” Railroad empir. Yesterday's decision Ww.s

con-

intermediate | by |

| only with the contention | that Allegheny had failed to satisfy | the collateral requirement of 150 per cent of the face value of the bonds The finding was based on the gudit of last March Under the dentures, if Allegheny had not met the collateral requirement at that time, Guaranty automatical was empowered to vote the | Ch ee stock it held as trustee. The injunction separate action controversy, stil District Court

| cerned

2 “i. ill

h litigation from the pending

was or 1 in U,

her Yesterday's decision, howeve clears the ground in the respect the the frequently postponed special and

regular etl

gs of Chesapeake's| be elected.

HOG PRIGES UP 10-20 CENTS: VEALERS FIRM

Top for Heavyweight Swine

Goes to $9.10; Pigs Are Steady.

Local hog prices were anywhere from steady to 10 cents higher in today’s trade, according to the Bureau of Agricultural Economics. Weights scaling 180 pounds and upward were unevenly 10 to 20 cents higher, with lightweights and pigs steady. The price spread was widened as the weight schedule on 160 to 400-pound hogs was revised. These weights are selling now within a 50-cent range from $8.60 to $9.10, with the top of $9.10 on best 200 to 210-pound averages. Lighter weights and pigs from 100 to 160 pounds cashed from $7.85 to $8.85. Packing sows advanced mostly 10 cents, good offerings selling from $7.75 to $8.50. Cattle Receipts Limited Limited receipts of around 400 cattle included a sizable consignment of stock heifers and a load of Western grass steers, leaving the supply hardly sufficient to { make a market. Low-priced plain

TONIGHT 6:00—Lucille Manners, 6:30—~Paul Whiteman, WFBM. 7:00—Hollywood Hotel, WFBM. 8:00—Symphony Orch.,, WOR. 10:30—~Bob Croshy Orch.,, WGN,

WIRE,

For the second time within the week an Indianapolis clergyman is to be a featured network speaker. Last Sunday it was Dean Frederick Kershner of the Butler University | School of Religion. And tomorrow | Rabbi Morris M. Feuerlicht is to talk on the NBC-Blue “Call to Youth” program at 10 a. m. Rabbi Feuerlicht is to speak from | WFIL in Philadelphia. His an-| nounced subject jis “Ideas of Democracy as Exemplified in the Bill of Rights—A Challenge to Youth.” The “Call to Youth” sum- | mer series is being presented by the Union of Hebrew Congregations in Cincinnati, in co-operation with NBC. | n n u | “White Banners,” a film made from Lloyd C. Douglas’ recent serial magazine story, will be previewed on tonight's “Hollywood Hotel,” with Claude Rains, Fay Bainter, Jackie Cooper and Bonita Granville in the cast, Mr. Douglas, a Columbia City boy who made good in big-town literary circles, will return to his birthplace for the picture's premiere a week from tomorrow. »

” »

7 4

| and medium grass heifers and cow | stuff predominated and cleared in a

cleanup

{to local | lings

important |

eRes |

$1.75@ 2.05; | D

[ $10, with others

June 10.—Indiana |

gricultural sta-|

114, a |

1 (1100-1300)

At the same time the |S S. farm-

score). | @?243;c;

| (All weights) Choice

packed |

manner at unchanged prices. A few lots of plain grass steers ranged from $7.50 to $8.25, common lightweight steers and heifers as low as $6.50. Medium and good stock heifers went to country buyers at $7.75 to $8.50, Vealers recorded no price changes, with $9 to $9.50 taking the good and choice grades. Spring lambs sold steady mostly killers, but old crop yearagain were sharply lower on shipper account, Better grade spring lambs cleared from $9.50 to from $7.50 to $9, according to weight and condition. Best sorted Northwestern yearlings in good flesh cashed at $6, with other lower grade yearlings, including some Texas offerings, from $5 to $5.75.

aq 10. . Barrows anc (140-160) Good (160-180) Good (180-200) Good (200-220) Good (220-250) Good 1250-290) Good (290-350) Good Pac] K Lng Sows 50) Good yy Good ~550) Good gu3- S50) Mediu

Gilts and and and and and and and

Pig Hen 110) Good Medium

(750-900) (900-1100)

[email protected] [email protected] 9.506 10.50

Choice Choice Choice Goo Good Good Good Medium Medium Common Heifers— Good Heifers

(1300-1500) (750-900) (900-1100) (1100-1300) (1300-1500) (750-1100) (1100-1300) 1750-11900) Steers and (550-750)

8.50@ 8

i5@ 9.75

(plain) ",.

(750-900) (550-900) (650-800)

Good Medium Common All Weight Cows Il Weights Good ree Medium Common (All weights) Medium Cutter and common Bulls Yearlings Excluded (all Good (beef) .e (All weights) "Medium Cutter and common

ealers

(All weights) Medium tAll weights) Good Cull and medium

-Receipta, 250-400) Chor ce Good . Medium Common 23 Feeder and Stocker Cattle Steers— 1500-800) Choice (800-1050) Choice (500-800) Good (800-1050) Good (500-1050) Medium Common Heifer

(550-

Sesciannann

750) Good and choice... Common, medium SHEEP AND LAMBS

Common and mediu

June 10 U 4500 direct 230 1b down packing 2ood ana cno

Py moderately

strong

CHICAGO, ceipts, 8000 weights

300-350 20038 30 , calves

pac Che $ 38

CINC INNATTI, Re ts 2300 top.

none dir $9.25

87.75%

$8.65 8." $8.50

$8.50 down

R. Struggle ;

during management

stockholders, struggle over will be decided, may now Those meetings will be held timore next Tuesday Charles L. Bradley, Chesapeake, and John secretary—comprising opposed to Mr. Youu peake board alled the meetings cision on nounced. TI

Young

which the | control be held in Ballent Murph: faction the ChesaBaltimore Hand's

presid P

the

g on

de-

tion was an-

and Al P board of di {on A new five members, designed to

impasse, is' scheduled to

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and len Kirhy on

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break the

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[PRO

A SAFE DEPOSIT

BOX IS LOW COST INSURANCE 9 Different Sizes

$3 to $100 A YEAR

Security Trust Co. 130 E. Washington

Probably spurred on by inspiration, Dr. Howard director of the Eastman School Music, has composed a “Hymn the Pioneers,” commemorati the Swedish seltlement Delaware 300 years ago. The new work will have "8 8

ancestral Hanson Ol for

(The Indianapolls Times is not resp

INDIANATOI WIRE 1100 (NB( -MBS)

INDIANAPOLT, 18 WEFBM 1230 (CBS Nel.)

Lights’ Or. Karl Gordon Tea, Tunes

1 nannoanced News

| program, ip. | Quartet

| ute

| where

Johnnie Johnson

ON THE RADIO

its first performance by the Eastman

{ School's symphony orchestra and { male chorus { work broadcast at 6:30 p. m. today.

:n an NBC-Blue net-

Also on the program will be the last movement of Dr. Hanson's Third Symphony, likewise new and dedicated to Swedish pioneers. Com= pleting the half-hour will be “Mide summer Vaka" by Hugo Alfsen, director of the Royal Conservatory at Stockholm. " n

Rudolph Reuter, who is an old musical friend of Indianapolis audi=

| ences, is to be guest soloist with the

Bamberger Symphony Orchestra to= night. He will play the first move= ment of the Rubinstein Piano Cone certo in D Minor. Music by Weinberger. and Rabaud also are on the which Milton Katims will conduct The broadcast is at 8 —-MBS-WOR. Tomorrow the Kreiner String will return to CBS at 10 They will present a 45-min-program which includes the Haydn Quinten” Quartet and Schumann's Quartet, Opus 41 No. 2,

a. Nn.

ou When Wayne King played a Lyrio gagement here this spring he said he'd like a change of pace and a new sponsor. Now rumor has it that Guy Lombardo will replace him the cosmetic-sponsored spot Wayne has held forth so long Another of those “unusually unimpeachable sources” says that a matter of a few days unRathbone signs a radio for fall. Providing perthat the wages of sin—if it be screen villainy-——aren't so bad. o ”

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INS (Subject to change): WENR-WLS, 870; KWK, 1350. WWI, 920; WMAQ, 670, 820; KMOX, 1090; WBBM, 7 640; CKLW, 1030; WSM, 650,

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