Indianapolis Times, Indianapolis, Marion County, 29 June 1938 — Page 17

WEDNESDAY, JUNE 29, 1938

NUMEROUS STOCKS SET 1938 MARKS BONDS ALSO GAI

UD iii

Dow-Jones Industrial Mark |

Highest Since Last November.

(Latest Market Details, NEW YORK, June 29 (U. The stock market resumed in early afternoon trading today, bringing the Dow-Jones industrial | stock average to the highest point since Nov. 1, 1937. Higher priced industrial issues had advances ranging to 15 points while

the main list was up 1 to 4 points. Tickers lagged.

Page One)

its

Interstate Department Stores, pre- | ¥ McCrory |

ferred, reached 75 up 5'%; Stores, preferred 7 up 4; General Railway Signal. picferted, 91 up 7 Du Pont, 117s up 4%: U.S Gypsum 84 up 8%; Johns Manville 91'z up 4%. International Paper preferred, 38 up 3%, and Columbia Gas, preferred A, 672 up 4 Chrysler spurted 3°: points to 58% and other leading industrials were strong, U. 8S. Steel and Bethlehem gained more than points. Case was up more than and advances of 2 points or more were noted in Santa Fe, Union Pacifi

9 < Y <

buck, Union Carbide, Youngstown Sheet & Tube and Inland Steel.

Rails Lead Bond Rise

Meanwhile rails and industrials led a moderate advance in domestic corporation bonds. Carrier liens were about steady at the outset, but demand quickened in early trade i gains were extended to near 2 poi at the start of the sec ond hour. High grade rails were favored, pa: ticularly Pennsylvania, Southern Railway, Great Northern, Chicago, Burlington & Quincy, Northern Pacific and New York Central Steel bonds were moderately higher iz of 195 feat point to 953i: on 8356.000 in the first hour. Other dustrials had gains ranging to about a point. Western Newspaper Union 6s of 1244 on the Curb Exchange, jumped &¢ points te a new 1938 high at 53. Postal Telegraph rose 1's poit o 14'4, while other utilities improved fractionally. U. S. Government bonds recovered after a hesitant start and worked irregularly higher in a light trade. Gains were limited to 4-32 point. Deutsche Bank 6s of 1935, stamped certificates, advanced to points to 97 to feature a quiet advance in foreign obligations

nt nis

active

risin

ured, A L213 g csales of aro

4 ind

in-

Curb Advance Fractional

Curb stocks likewise advanced Srachions to 2 points in moderately ctive trading after an irregularly hi gher st New Jersey Zinc was 1 po at 59. to 67,

art

ail int highNewmont Mining gained and Lake Shore Mining was 5 point higher at 493%. In the utility section United Gas gained !{ point to 4's. United Light & Power “A” gained i to 23% and American Gas & Electric, !2 point 0 294 Pittsburgh Plate opened 1!{ point higher and widened the advance to 2 points at 91. Pepperell Manufacturing was up about a point Oils firmed under lead of Creole Petroleum, Standard Oil Kentucky and Cities Service

¥ oi

N. y. "Bonde

BOND PRICE INDEXES

{Cope gh t on Util. Bonds 23.0 94 83.3 92.3 185.8 93.5 1.3 106.0 73 106.2 103.5

Yesferday Week Age Month Age Year Azo 2 Years Ago 1938 High 1938 Leow 1937 High 1937 Low 1 1936 High LER 1936 Low %.0

Wi 10 al wh We p.m

0 9 2 3 i 84.5

. GOVERNMENT Treasury Bonds High eer. 108.3 ...109.21 «++ 109.21 ..106.12 ..10%.2 108.14 118.2 101.28

BONDS

Low

3 ..103.23 Federal Farm Mortgage Bonds 1947-42 106.2 106.2 i 1340-44 105.31 0 Home Owners Loan Bonds 1949-39 103 102.28 1944-42 1045 104 FOREIGN BONDS

54 DOMES ric ‘BONDS

Japan 6'as

Allis Chal as Fy Bald Loco 3s - - BS ret 5: 55 D_2000 B

100 .

wl O08 tO ON dn Cw CO IS NOS I

UD DD en

FOREIGN EXCH ANGE |

NEW YORK, June 29 (U. P.).—Foreign exchange barely steady. Following are cables on major currencies: Hyon Cable Rates Net Changs $4 95! 2 — h

4943, 9-18 —. 0000’:

o *

England found) Bogland (60-d. b. r.) Canada (dollar) France (franc) Italy (lira) Belgium (belga) Germany imark) Germany (trav. mk.) Switzerland iiranc) Holland (guilder) Spain (peseta) . Sheden (krona) Norway (krone) Denmark (kron {Rrone) .... =

U. S. “8. STATEMENT

WASHINGTON. June 28 (U. P.).—Government expenses and receipts for the current hiseal year through June 27 omwith a year age. pared This Ye Las oar $7,627,713. 213.08 $8.021.191.974.75 6.204,966.141.90 3 248.378, 854 65 133 747.001 18 2772,512,193.10 357.750.121.168 2.668,774,743.10 300.841.002.571 2.569.837.466.41 713.371.741.74 1.015.800.383.00 121.538.483.01 126.397.924.213 3 960.458.096.277 12,289,261 912.77 357,167.375.00 481,573,054.49

INDIANAPOLIS CLEARING HOUSE

CleaTINgS «..oovsesesessenes a huas $2,938,000 | DeBItS +evssssnsasssssanseccsasess 1,085,000

ox 3.

0000° 0000! 6001 0002

06001 50003

Expenses .

Customs

P)—| rise |

{ Con G Balt pt A

Inland | Steel, Montgomery Ward, Sears Roe- |

and | Bethlehem Stee] |

{ xInd Mich oid 7%

; Ad Fds 2 5 ! Fd Am H vi 2

1D AILY ,PRICE 1

—A—

High Low Last chars |

| Adams Exp .... 9% : 10%

’

R & hee Roll Mill .. Smelt ..... Am Stl Fdies .. i T&T .... Am Tobacco Am Tob gos Am Water W .. Am Woolen ... « | Am Woolen pf . | Anaconda 2 Armour Ill | Armscirong Asso Dry Atchison | Atchison pf .... Atl C Line .... } Atl GEW I pf | Atl Refining ... Auburn Auto .

Curb Stocks

Cran General

LL -

al A,

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Cooper Bes . Creole Pet . ! Bigelow San ... 2 : Biaw Knox Boeing Air Borden . Borg Warner Bower R B .... | Bdgept Brass .. | Bristol My .... Rucvrus-Erie Budd Mig . Burlington M Burroughs

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Callahan Zine Calumet & “oe Can Pacific .... Celanese .. | Cerro de Pasco. | Certain-teed ... | Ches & Ohio. .

15 A) Dee FANE 15 03 pw. i” ” oe » La owes

| Chi RI&P ..... Chi Yel ad ‘he

“ “a priged -

DI DN Pat ND D dn er DI ah dn LI NNR =

«4 -3

Climax Moly Co Colgate-P-P .. Col Broadcast B Colum Gas .... Com Credit | Com Inv Tr ... | Com Solvents Comwlith Edison | Comwith & So Comwith & 8 pf Cong-Nairn Cons Edison Cons Oil Con Textile .... Consum Pw pf . Container ot 3 Cont Bak A .. Cont Can Cont Ins a Cont Oil Del .. Corn Prod .. 6 Crane Co Crane C cv pt Crosley Rad Crucible St 3 Cub-Am Sug ... Curtis Pub Curtiss-Wr Curtiss-Wr AN 2"

Chicago Stocks

High ‘ 130 28%

Low 5 2

~ g pee <1 Oy ww

pot POLARS INS) 0 wT CD

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NSW BIS ONG 1005

Mid West Mid West ay Bancp Ro {fos

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33 10034 . 5

POG D hr uy ~~ a De uy | gr or » pe SID ry o -

LOCAL ISSUES

(By Indianapolis Bond & 8hare Corp.)

The foll lowing quotations do not repreactual 8 or offerings. but merely | the approximate market Jeve] buving and selling inquiries or recent transactions BONDS

American Loan £3 [$ias 48- 3. Citz Ind Tel (TE 4128 61... H Tel & Tel Ft W 5izs 55 .e H Tel & Tel Ft W W 6s 43.... i Asso T 428 63... .....10 el Co 35 60 .. Lhtiae wa Inc 358 87. ...0:0 in rel & Tel >'28 63.. Indpls Water Co 3a8 66..... Kokomo Water Works 5s 38... Ru vd Pack Co 4s 40 io.

Davega Sirs ...

w -~

fr Cl en 1D 0D

Du Pont . Du Pont deb

PBDI

NNN

Asked 1672 188'% 100 Li 111: 11 1 3512 na

_ Cn WEIS DD Se

| East Kodak

WN NN

Bldg . rie . | Ex-cell-o0

Eaquit

Fair Morse .... | Fid Phe en 0 & 10c Stores 35s nele Jal er Works 5s Food Mach i HL& 1

Gen Am Inv ...

a 63 Sam - WW 5s 57 ir Water Co 5s 49 .e T H Water Works 6s 56......100 I' H Water Works 8s 49 Irac Term Co 5s 57 STOCKS xBelt RR St Yds com xBeit RR St Yds pid Cent Ind Pwr & It 7 xHome T&T FF. W xHook Drug Inc com .

C3 CID wd I pot 5 UY | bt I OY LCE

Wr LC et id

Graham- Paige . Granite Stl... Gt North nt .t Gt Nor Ore Green H LL . {| Greyhound Co . | specner Prod .. | Holland Furn Hud Bav M & 8S 2 Hudson Motor . Hupp Motor ..

—- CR - ® a

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xInd Gen Serv Co Ind Hydro Elec Indpis Gas com . xIndpls Pwr & Lt 67 xh 3ndpls Pwr & it 62

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1 Central | Ind Ravon_.... ! Inspiratn Cop Interlake Ir 3 Int Business M 148%, | Int Harvester .. 641; Int Nickel . Ry Int P&P ....... 8 Int P&P pf 3312 ist & Co.) Int T&T .. 93, Corp...

NK STOCKS

Bid Asked Change . 48 43

OR RIO OO LMI WT OD wh) w]e) »

— -

Market i Johns-Man ...

| Kennecott . | Keystone stl . Kresge SS . Kress

? Lee Rub | Lehman

Lorillard ...... 17

¢ [POWs -JONES STOCK AVERAGES

| Year

1a |

30 INDUSTRIALS Yesterday Week Age

Ago High, 1938, High, 1937,

134.35; low, 98.95. 194.40; low, 113.64, 20 RAILROADS Yesterday Week Aro Month Age ... Year Ago High, 1938, High, 1937,

32.33; low, 19.00, 64.46; low, 28.91, 15 UTILITIES Yesterday . Week ARG ....oocvviis beatin Month Age Year Ago High, 1938, ! High, 1933,

: low, 19.85,

Net Last Change 18 “eee

High Low

Ludium Stl 18

3574

Mullins Mig B

Nash-Kelv Nat Biscuit

Ohlo Oil . Oliver Farm Eq. Otis Elev

1 | Otis Steel | Owens Ill Glass

Packard ........ Paramt Pict

. | Para Pic 2 pf. 10 + | Parke Davis Prf 3 . 143

Peoples Gas

vas 33 V2 { Phelps Dodge ..

* | Phillips Pet

| Public Serv

Pullman

Pure Oil |

Radio-K-Or .... | Reo Mot

| 8t Jos Lead

} 3, h Cent-Fox .

i Un Aircraft

Republic Reyn Tob B ... Richfield Oil ...

Stl

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LIDIA DD

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BG et bh OD fk ot fl fd ft BD bt OD et bk ek WS rt rt GY OLS =)

{Union B & P.. | Union Carb | Un Oil Cal | Un Pacific

BS wf bot Jb

Cex 3 Cp 8s

| Un Air Lines ..

United Corp ... United Cp pf ..

; Un Dyewood

! Walworth | Wayne Pump | West

| White Mot

| "Zenith

Un Gas Imp .. Un Paperbd ... US

2 | U BR ]

uU u uU U Ut P&

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Union Westing El

Willys Overind Willys Overld pf Wilson & Co .. Wilson bof Woodward Woolworth . Worthington

Iron

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Yellow Young Young Young

Tr, S & W Sheet Stl Dr

Rad

THE INDIANAPOLIS TIMES

N. Y. STOCKS

vy United Press

Baw E a

8 | QL

s | BF.

| Celery |

PAGE 7.

CHICAGO WHEAT FOLLOWING DIP

Corn, Oats Prices Steady; Winnipeg Firmness Is Influential.

CHICAGO, June 20 (U. P).— Firmness at Winnipeg and the stock market advance reversed the downward trend in wheat prices on the Chicago Board of Trade today. At the end of the first hour of trading wheat was up 's to 4, corn was unchanged to up '«, and oats were unchanged to '¢ lower, Early selling influenced by the easiness in Liverpool and the favorable weather in the Northwest had lowered prices about ': cent before the upturn. The sharp rise at Winnipeg and | firmness in otehr American market's started some buving at Chicago. Short covering was noted on the rise, The Government weekly report | mentioned the presence of rust in the Dakotas which also was a constructive influence. Receipts of wheat in Chicago today were estimated at 48 cars. Corn prices closely reflected the action of wheat. Buving through houses with export connections was noted on the early dip. Receipts of corn in Chicago today were placed at 281 cars,

LOCAL GRAIN

Wheat— Weak: receipts, one carload: No. 0c: No. 2 red, 68@69¢c; No. 1 ; No. 2 hard, 68@60c. 4 ICceipts, 38 carsloads: No, 2 white, 51@52¢c; No. 3 white, 49: @ 50'qc. No. 4 white, 47:@ No. 2 yellow, 50 50%4c; w white, 9 yellow, ; No No. 4 yellow, 48'2@49%¢: No. 3 Nived, 46": mixed. wo hak s—EBasy; receipts 10 carolads: HY 25@26¢; No. 3 white, 24@25e¢.

WAGON WHEAT City eran elevators are paying for No. 2 red, 65¢c: other grades on their merits, Cash corn, new No. 2 yellow, 49c. Oats, 23c.

No. No. 2

@48' ac;

LIVERPOOL WHEAT

(Today's American Equivalents Based on Sterling at $4.95)

Prev Close Close $ 95'2 8 07% 87% 9 86's

High Low 52 § 95's Tz 86% 8¢ 85'2 RYE

WINNIPEG WHEAT

Low Close $1.03

Prev Care

Oct oher

ir December B12 |

CHICAGO PRODUCE

Market, unsettled: receipts, 1.ross lbs extra firsts (90-91'z 43,@25'4C.; extras (892 score), 2535c; firsts, 23@24c: seconds, 22@22'zc: "Eh 26@26' 2c: standards, 25'3@25'.c; | centralized (88 score). 23c; centralized (89

score), . oR -Market, steadv: receipts, 14904 cases; Tresh graded firsts, cars, 19'%¢: less than cars, 19%sic: extra firsts, 19! 2c; { less than cars, 19c. checks. 16¢; current | receipts, 18':c: dirties, 16'3c: storage | packed firsts, 20c; storage packed extras 20'4c Market, steady: receipts, 1 car, ducks, 12126 14c; geese. 1lc: » dseghorn hens, 14e¢; spring Cc: roosters, 13a 14c; 16@18'z2c; turkeys,

Cheese—Twins, 13'.@13° iC: 14'% 12¢; longhorns, 14',@ 14! tatoes, New Stock Supplies, moderate; { demand, moderate; market, slightly strongArkansas Bliss Triumphs. $1.70; Ala- { bama Bliss Triumphs, $1. 35 Calitornia { White Rose, [email protected]; U. Commercials, 133 [email protected]; California Bites Friwmnbhs, .35; Mississippi Cobblers, $1.15: OKklaas Bliss Triumphs, $1.65: Virginia Cbo- { blers, [email protected]; Louisiana liss Triumphs, $1.50. Arrivals, 75; 44,

LOCAL PRODUCE

breed hens, 14c: Legheavy breed broilers, 2lbs Barred and White Rock ‘er, l4c¢; colored 13¢; Leghorn 11c; bareback broilers, 9c: old roosters, 9c. Eggs No, So strictly fresh country run Each full case must 5 A net deductoin of 15¢ for each full case under 55 Ibs. will be made Butter -No, 1, 28': a 20 No. 2, 26626" zc. Butterfat No. 1, 21 No (Prices quoted by

I 374 | IRAN

cars,

i 4C. | Poultry— 48 trucks: hens, 17'ac; | chickens, @ | brolers, 15@ 11e; 16%@ 18c.

fryers,

guises,

on track, 295: shipments,

Poultry—Heavy ! horn hens, llc; and over, 13c: | springers, 2 | springers, 1'2

{ broilers, 1': Ibs,

weigh 35s Ibs.

19¢ Ww adley _Co.)

| | | FOOD PRICES | CHICAGO (U.P. low Twigs, $1.40. Sweet Pota see, bu. hampers, 90c@$l. | nots, bunch, 17 1'sc bu., 25@40c. Tomatoes | @2. Cauliflower @ 1.75. Peas- California hampers, California crates, $1.75@2

June 29 wil

Apples toes—Tenn Carrots— Thi - Spinach - Jurnois Texas lugs, $1 Washington crates, 75¢ asl,

Hogs Up. 25 Cents Here As Lambs, Cattle Gain

INVESTING CO.’s

el the Inv, Ask 12.29}

Bkrs. Conf.) Scant receipts

a oo a BLESS”

tw: 2 0 pot Cd

LG over w > » Bo

Wen wr .

| Bureau of Agricultural Economics |

1 Re RD wt en gy wl o8us 13 aN CD - bt 3 Gab ee BS 0S ts UR rr tt ft pt BS BS pal,

$9.20. | Packing sows also recovered from ‘an earlier downturn to bulk from $7 to $8. in gains ranging from 15 to 25 cents. Improvement here ran in advance of gains at other key markets, and for this reason buyers

paid few premiums, the Bureau said.

YU or pt 1 18 S130 SD

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10 .88 t 24 N 42 Quar Inc 32: Si A Incp 21 Sel Inc 10, Spen ha 1

Std Inc invs 15.65 17.90 Sprysa Inst] Securities L td: Tr St Iv Bonk Grp 193 1.14 D Invest Bank, Corns: LE. Bnem | BI 4. 3.12% well Fd

Gen Cap 2 Group, Secu Agr

GF AD | on SD ad le SRD rN

br © OO ON 00 00 10 OY Gd per £315 15 RS RI ONS Lo

8s Dr

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13.88

Oher classes were scarce. N Practically all ND EX moved at steady to higher levels in NEW YORK. June 20 (U. P)— | dependable trade. Approximately Dun & Bradstreet's daily weighted | 13 uae of Ssughter steers and price index of 30 basic commodities, | ye a ne Jen in receipts esticompiled for United Press (1934- 32 | mated at 1100 head, some unevenly equals 100): | strong to 25 cents higher, with all Yesterday 105.71 | other classes of cattle fully steady | Week 480 A 105.64 and heifers almost too scarce to test | Mor NN o III Joao | that class. Strictly choice steers Year a ZO féluatisbniscncess 145 49 and heifers grading strictly good or 100 oe srerreeet 0708 | better were lacking, while common 1938 oh Tttttttt 02.43 |and medium grades of steers were

extremely scarce. The steer showing comprised OTH ER LIVESTOCK mostly good grade yearlings and light CINCINNATT, June 29 (U. P).—Hogs— Weights ranging from $9 to $10.25, a s, 3100, fhe, Siefad 1a 356 “higher: | few lots of grassers and a car of Ibs. bso 8 £58 1 70; i00- | distillery fed steers $7.75 and under. [email protected]. Catlle— ceipts, 3 | The upper crust of the heifer crop : fed cattle scarce, fully steady; | graded only merely good at $9 to $9.35, with choice quotable to $9.75

(Jan. 10) (June 2) .....iccec..

Merely Soa mixed steer an Reiter vearlin $3.40. odd fed heifers, 39 | i i are A plain Tow arn £3 down; or $10. Plain grass heifers were bulk plain to medium bulls, $5.50@ 6. 50; noted at $850 to $7.50. Good fed vealers, strong; top {} cents higher; choice sorted Sirerings to $9. Sheep—Re- | cows with weight are in demand, 2400, including 600 direct: active, | ht others moved slowly, odd head to strong, most to barely ! y J . cheice Dearby (RE nd ‘Wethiers $9.356 | 0 weighty cows $650 to $7, bulk n i il e y 550 hong hall er ewes mainly $263 | fleshy cows $5 to $6.50, cutter grades FT. WAYNE, June 29 (U. P.). —Hogs— | $3.75 to $5. Some strength in bulls Markel, 28 cents hightr. 10,200 oe. $9.15; | pushed a few to $6.75, others down : -220 lbs. lbs. $8.95: 240-260 lbs. $8.85; 580 | to $5. Vealers cashed at yesterday's s.. $8.75 280.300 Les: sds: 300.328 be. | low time or close, which was 50 55: 325-350 Ibs. $8. . : 120-140 Ihe. 100.120 Ibs. $8.40; roughs, si. cents lower than the opening mar stags, $6: calves, $8.50; lambs, $8; clipped | Ret esterday, good and choice Inne $3. $8 to $8.50. A aTHITA June 29 (U. P.).—Ha - i Nar 2° Be SRE noc 3.15 260-325 Ibes 88.28 igs. i roughs, $7. ves, Sie cents Sesseisassscil $88" ‘Lambs, did,“ aH RGN ii an [f= HEN a died

| A strong to 50-cent higher spring |

forced killers to] 18. | replace yesterday's decline in hog | 1 prices as the prices on all weights | 21. |advanced 25 cents here today, the] i

| reported. The best 200 to 210- -pound | EEN ‘averages brought a top price of |

. | lambs sorted out around $6 to $6.50. |

underweight |

classes of cattle |

CODNIVPND

wOLoOOCOD 1360 Gd BG eb et ft bt

»o Ss no

| Barrows and Gilts—

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

woron 0M WNP =) 92853838 BRD0OROO N00 et 15 BG rt rt IPpooUYL

Gi (290-350) Good Packing Sows— (275- 350)

WH ~1-1-7 ®.1-1-100 *5g23

Slaughter Pigs— (100-140) Good and eholes ‘ edium .. caves CATTLE —Receipts, 1060

Steers

» 3

33 99999 S999999

«Ted

Ed wn

D =

(900-1100) (1100-1300) (1300-1500) 750-900) Go (900-1100)

Ph fh ot pt

wdelad=Itd 2383333338

g $83388uuuut

Steers and 1550-750) Good

» BRIBCEROOSe

bo ie wo

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

999 § 92939933939 © VEEBCEEs50

ole woes Dow

Common ..

Cows All Weights—

3333

Bulls Vesting, Fxciuden (all weights) Good (All ea) ‘Medium Cutter and common Vealers (All weights) Choice {All weights) G (All oi Seed rum Cull and medium

-3 wo ada

on-10000 3838 annn ao. g828 323

—Receipts, 801 - (250-400) Choice Good

8383 uss

am-100

8. Feeder and Stocker ‘Cattle

NIB edd Sg SS Un

93 SI0909 8399 29939 e883

@3 00-308.-30008 aa 288638

-1050) Good (500-1050) Common Heifers—

(550-750) Gooa and cholce..

CGommon, medium SHEEP AND LAMBS —Receipts, 923 - Lambs—

8a 3

ints

Fests nscentntneL.

Srsnien Sasa

Era

000 | Rochester

CORN AND WHEAT REGION OFFICIAL WEATHER By U. 8S. Weather Bureau

—7 A. M., June 29 1938

Precipi- State of tation weather Clear Clear Clear Clear Clear Clear Clear Clear Clear

Stations Low

outh Bend Angola ness § Wheatfield Ki

Marion .... Lafayette . Cambridge City. Columbus Vincennes

Evansville

ORGAN ‘SUSPICIOUS’ OF NEW PRIGE GUT

Believes “Steel Producers | Will Reduce Wages.

sooo0sz002000

PITTSBURGH, June 29 (U. P).— The reduction in steel prices has | left “strong suspicions” that moves in the direction of wage cuts will | be made, the American Metal Market said today in its weekly iron and ! steel review. Production of steel ingots was forecast this week at 29 per cent, up one point in a week and four points in three weeks. The review said: “Steel prices are in a transitionary stage and reduced prices having been announced while various others are in prospect. “Inasmuch as steel makers have been saying right along that prices comdd not be reduced without reductions in wages there are strong suspicions that moves in that direction will be made. Steel producers are noncommittal on the subject. “The continued slight rise in mill operations may be due to further exhaustion of stocks of buyers but there are possibilities that actual ultimate consumption has been rising. Price reductions may slow down buying for a few days.”

WASHINGTON, June 20 (U. P.. —The Bureau of Mines announced today that pig iron production in 1937, exclusive of ferro-alloys, was 36,145485 gross tons, the largest output since 1929 and a 19 per cent increase from 1936. Pig iron shipments from blast furnaces totaled 35,224 347 gross tons valued at $731, 139,435 in 1937, a 14 per cent increase in quantity and a 35 per cent increase in value over 1836.

SHOWS ADVANGE

$163 |

| PIG IRON OUTPUT IS UP

| Corporates Dip

| TOTAL CORPORATE FINANCING (COMMERCIAL & FINANCIAL CHRONICLE) a»

SAA

MAY EACH YEAR

1932 1933 1954 1935 1938 1937 938

CORR GENERAL DISTRIBUTORS «INCORPORATED INVESTORS

Times Special BOSTON, June 29—In symspathy with the general apathetic feeling toward corporation securities up to this recent boomlet, corporation financing has been running below a year ago. Total corporate financing in May dropped 20 per cent from May, 1937, and in the first five months of this year the total was 63 per cent under that in the same 1937 months. Refunding operations are not bulking quite so large as in the past and in May accounted for only 17 per cent of the total new financing.

SAYS IMPROVEMENT PLANS USE PROFITS

‘Rail

Committee Member Lists Expenditures.

CHICAGO, June 29 (U. P.).— Railroads of the nation last year expended approximately 90 per cent of all earnings in excess of operat-

ing expenses and taxes for improvement purposes, Z. G, Hopkins of the Western Railways Committee declared today. Addressing the Central Lions Club here, Mr. Hopkins said that capital expenditures for railroad improvement in the last three-year period amounted to more than 60 per cent of the total margin of railroad revenues over operating costs and taxes. “In the light of these facts it must be conceded that the right of | investors to either interest or dividend return has not been given consideration by railroad management ahead of the public interest,” he said. “Improvement in service has had primary consideration.”

QUIZ TWO SUSPECTS

Officers Hold Pair in Probe of Cement Coffin Death.

SOUTH HADLEY, Mass, June 29 | (U. P.)~—John Paul Bathelt Jr. of New York and his business associate, Alfred Chretien of Lynn, Mass, were questioned by police today in connection with the murder of Charles Morris, 48-year-old race track follower, whose wire-trussed skeleton, which had been encased in a cement coffin, was found floating in the Connecticut River a week ago today. Bathelt, 26-year-old son of a Massachusetts manufacturer, waived examination and was held on a murder charge yesterday. He came here voluntarily from his park Ave. hotel apartment in New York City. With no show of emotion, he pleaded | not guilty and was held without bail. Chretien, a manufacturer of beercooling equipment who has had close commercial relations with Bathelt, surrendered to State Police last night. He was questioned jal night in the Northampton State | Police barracks. New Jersey State Police at New York reported they had found an automobile believed to have been owned by the slain man. Another car, a sedan found at Bellows Falls, Vt, and allegedly the property of Bathelt, was brought here to ascertain if its upholstery was stained. State chemists also examined supposed stains in a summer camp near here where Bathelt and his wife were said by police to have stayed. Morris was last seen in Holyoke, Mass, in August, 1937. He lived in a hotel there for several months and when he checked out he said he was going to rent a cottage near Agawam Park, West Springfield.

DEPARTMENT STORE INVENTORIES DOWN

NEW YORK, June 29 (U. P).— Merchandise stocks held by depari- | ment stores in the New York district at the close of May were 8.9 | per cent smaller than on the same Baie a year earlier, the Federal eserve Bank of New York said Roser in its monthly business re- | view, The review pointed out, however, that the sharp downward movement of inventories which was noted | during the closing months of 1937 has not been followed by any fur- | ther reductions since the beginning of this year. In the country as a | whole stocks have continued to ! move somewhat lower, but at a | much less rapid rate than in the | last four months of 1937.

NAMED TO YALE FACULTY

WASHINGTON, June 2f (U. P). —Allen E. Throop, general counsel for the Securities and Exchange Commission, resigned today to join the law faculty of Yale University. He will be succeeded by Chester T. Lane, now assistant general counsel. Both men are from New York.

TONIGHT

The “Question Mark” Limited Arrives 7:45 P. M. AT Station WFBM With The “Old Brakeman” Conducting a program of musie and interesting facts, with opportunity to test your knowl-

edge — with rewards for the well-informed.

Presented by

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ON THE RADIO

TONIGHT 6:00—Cavalcade, WFBM. .6:30—Tommy Dorsey, WIRE. 7:00—Fred Allen, WIRE, 8:00—Alfred Wallenstein, WGN.

8:00—~Goldman Band, WFBM.

President Roosevelt, one of the week’s busiest broadcasters, will be heard twice tomorrow in broadcasts over the three major networks at noon and 1 p. m. WFBM will be the local outlet. The first address will come from the New York World's Fair «site, where the President will be dedicating the Federal Building of next summer's extravaganza. Other participants will be Secretary of Agriculture Wallace, representing the Government; Governor Lehman of New York, representing the State; Mayor Fiorello La Guardia, the City, and Edward H. Flynn and Grover Whalen, who will appear for the fair, Mr. Flynn will preside. Mrs. Roosevelt will join the President in the second broadcast, introducing him to the final session of the National Education Association's five-day convention. This program likewise will come from the fair site. Most of the convention's 50.000 delegates are expected to be present in the new stadium,

” ” »

Tomorrow also marks radio's beginning of a commemoration of the Battle of Gettysburg's 75th anniversary. President Roosevelt will

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climax the activities with an address on July 3, the date which marked the three-day conflict’s end in 1863. Tomorrow you may hear Charles Stark in a broadcast from the old dormitory of Gettysburg College on CBS-WFBM at 12:45 p. m. The dormitory, built in 1832, was used as an observation post and base hospital by both armies. In the succeeding days, NBC and CBS plan to bring listeners interviews with some of the 3000 Union and Confederate veterahs gathered for the celebration.

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There's no need to worry about an increase in the country’s une employment lists when the Fred Allen show goes off the air tonight for the summer months.

Fred's “Mighty Allen Art Players” will split up and go to work on other programs. The Town Hall Quartet also is promised some odd radio jobs. Recordings and a tour will kill time and increase the ine come of the show's Merry Macs. Fred and Portland have saved up enough for a Maine vacation.

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For those who take their serious music in and out of season, there Is the “Symphonic Strings” program tonight, which Alfred Wallenstein will conduct on NBC-WGN at 8 o'clock, The program’s highlight is Wage ner’s “Siegfried Idyll,” and there will be other music by Rameau, Jarne= feldt and Granados.

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KEY NETWORK STATIONS (Subject to change):

NBC-BLUE—WJZ, 760; WOWO, 1160; WENR-WLS, 870; KWK, 1350. NBC-RED--WEAF, 660; WTAM, 1070; WWJ, 920; WMAQ, 670.

CBS-—WABC, 860; WIR,

MUTUAL-WOR, 710; WHK, 1390; WHKC, 640;

750; WHAS, 820; KMOX, 1090; WBBM, 770,

CKLW, 1030; WSM, 650,

CROSSWORD PUZZLE

HORIZONTAL

.Answer to Previous Puzzle

20 Intention.

1 Fruit of the genus ananas. 9 It has wee leaves. 14 Presses. 15 To assist. 16 To concur. 17 Paid publicity.

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22 These fruits are ewes throughout the world. 23 Strong wine, 25 Spilled. 271t is 3 cwmae fruit.

18 Biased.

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21 Each. 2% Half an em. 23 To liquefy.

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29 Rumanian coins. :

24 Sesames.

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26 Right.

33 To be

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indebted, , 34 Matter, 33 To perform. 37 Sun. 39 Jokes. 40 Year. « 43 Swamp rabbik 45 Satirie. 49 Boundary. 52 To lease. 54 Modern. 56 Aurora.’ 58 North America. 60 Company.

2 Persia, 8 To bow. 4 Measure for type. 5 Turkish coins. 6 Portion. 7 Kindled. 8 To redact.) 9 Helmet. | 0 Portugal,’ 1 Wrath, 2 Close. 3 You, 9 Beer.