Indianapolis Times, Indianapolis, Marion County, 19 August 1938 — Page 23

STOCKS VARY A NARROW RANGE ‘AS TRADE DRAGS

Selective Demand Boosts |* Some Shares 1 Point; Bonds Unsteady.

- NEW YORK, Aug. 19 (U. P)— Stocks fluctuated in a narrow range above the previous closing levels in slow, featureless dealings today.

Sales to noon were 240,000 shares

against 220,000 yesterday.

Selective demand lifted some issues a point and more but the main list was little changed. Afr Reduction and Allis-Chalmers ran up almost 2 points each in forenoon dealings and then lost about half their gains, but Westinghouse Electric maintained a 13% point gain at 102%. U. 8. Steel moved narrowly and met support just above its previous close, while Bethlehem pushed up 1% points to 563% and other steel shares had small gains. Motors were fairly active and slightly firmer. General Motors héld around 47, up % point, and Chrysler was up % point at 71%. Johns-Manville led its group |E higher with a point gain to 94%. Rails steadied on moderate advances, Santa Fe meeting support at 36, up %. Utilities also held small gains in most of the leaders. American Can, Union Carbide and

U. 8. Rubber preferred were up|g

about a point each. Common stock | G of the latter held a fractiongl advance. Low-priced rubber shares met fair buying.

Bonds Advance Irregularly

* Meanwhile, firmness in utility and industrial issues featured an irregular quiet advance in the domestic corporate bond list. Rail liens pushed up irregularly. Mobile & Ohio issues led the upturn with advances ranging to more than 2 points on reports of a planned merger with Gulf, Mobile & Northern. On the downside, however, N. Y. Central 4s, new, featured with a loss of more than a point. Local tractions, although less active than yesterday, fractionally extended the sharp rise which developed in the previous session. U. 8. Steel rose to a new 1938 high on 2 small gain in a moderately improved industrial list.

Foreign funds. were narrowly

. mixed. U. S. Government obliga-

tions were steady in dull trade, Curbs Fractionally Higher

At the same time curb stocks turned -fractionally higher in‘ moderate trading after an irregular start. Among ' industrials, Aluminum Limited moved up 2 points before meeting pressure while Aluminum Co. of America, another high priced issue extended an early gain of more than 2 points to 31s. Pan American eased fractionally among aviation issues, while Lockheed turned higher. Grumann Air reacted to its previous close after an early gain. - In the oil section Gulf lost 1% ‘points and International Petroleum eased fractionally. A Electric Bond & Share common was firm but the preferred eased % point. American Gas & Electric sold off fractionally.

Curb Stocks

A n Hie I un ero SUD B ce cevans con 5 , 7) Alum 5 A. “e113 111 113 Am Cyan B ........e.. 22% 22% 223; Am Li& Tr .......... 1372 1372 13% Am Rep Cp .. ......00 1 11 11 Atk N Gas cu of ...... 8% 8% 6Ys Bath Ir Wk = ........ Tia The la rewster A€ro ........ 5% 334 53% Carnation CO ...ce.s.. 2312 2312 23%2 Carrier Corp .......s.s: 233% 23 233 Cent St Ele: 9-16 -9-1 9-1 Cent:St El 7 pf ...... 12%2 1212 12%, Cleve El Ilum . ..... 36 38 36 Colon Dev Ltd ....... 2% 2% 27s a Gas Fuel «...... 2V, 2Vs 2Y, Bd & Sh .. ...ceo0 Va TY TV El Bd & Sh 6 pf ...... 85 7/55 55 Ford Can ‘A ........... 19% 19% 193% Gulf Ol: .......cc.u0.. 2 42 Hollinger .....i...<..0. 1433 14% 143% Humble Oil .......e...! 70 69% 70 jenigh QC &N ¢cocovess 43% 434 43% Lockheed Air ......... 1434 14% 143% McWms Dredge ec..... 19% 19% 19% Nat P&L Df ...co0000 . 81 61 61 N J Zin sess 64 64 64 Niag:H PWr ....vceneees 7% 7% 7% Niag HP 1 pf eec.ivee. 81 81 81 Pac G E 6 . 30Y, 30V S0Y Pan Am Air 14% 14% 14Y Pennroad ....... 2 2 2 Technicolor 23 23 Un Gas Corp «.,...... 3% 3%. 3% N. Y. Bonds ! BOND PRICE INDEXES - 20 20 20 60 Inds, Rails Utils. Bonds Yesterday ..... 85.y 58.7 982 80.9 Week Ago ..... 85.6 59.2 98.1 81.0 Month Ago .... 85.5 60.6 97.6 81.2 Year Azo ..... 92.0 91.0 101.2 94.7 Two Years Ago. 91.5 95.8 105.9 97.7 1938 High ..... 86.3 %0.0 98.5 82.8 1938 Low ...... 49 479 81.3 70.7 1937 High ..... 95.0 101.2 106.0, 100.7 137 Low ...... 80.1 69.3 92.3 81.1 1936 High ..... 948 100.4 106.2 100.2 1936 Low ...... 90.0 84.7 103.3 93.3

(Copyright, 1938, Standard Statistics Co.)

U. 8. GOVERNMENT BONDS Treasury Bonds

High Low Last 23%;s 1947-45 .........106.22 106.22 106.22 © 2% 1963-58 .....e0 ..102.11 102.11 102.11

Federal Farm Mortgage Bonds 1949-44 ..... ... 106.12 106.12 106.12 ‘Home Owners Loan Bonds cesses 104.6 104.6

104.8 DOMESTIC BONDS

High Low Last Am TT 3%s 6 .104 04 104 B & O ref 5s A 88 .... 19%: 19% 19% B&O 425 60 cv ....... . 16 15% 15% Beth Stl 3%28 52 ..... 95% 951s 95s Can Na Ry 5s Jul 69 ..116% 116% 116% Certn-td 3%s 48 ...... 76 5% 176 resge aS 47 ........ 91a 891s 991 Nat Steel 45 65 ....... 73a 107% 107% Y Cen 4'2s 2013n 52Ys 52 52 Penn RR 5s 68 .. ..... Ble 10438 1043 Bn SR Gp 0 BE HL 8 28 OF ...e4.. a a Stan Oil N'J 3s 61 ....102% 1022 102% FOREIGN BONDS : A 4s 72 Feb ai: n 8iva A rgent 4s 72 Feb ..... a la a Attrelia 4155 56 ..... 101% 101%s 1013 Berlin C El 6s 56 ..... 27 27, 27% Canada 3s 67 .... . 99 9 99 Cuba 5%s 45 872 672 bilsh Denmark 4'28 62 . 997% 997% 99% Japan asd eo eas ee. B3% 53% R34 Poland Ts 4 escsene DD 55 55 Tokio Stas a Ee 47 47 47 High Low Last Bendix Aviat «.....e..t 29% 33% 33%h Bore Ware aueinve nen 2% 31% iin ruce BE L ....eovessse. . Cent & SW Ut........ 1% 15% 134 Elect Household ...... dy 4%, 4%, Great Lakes Dredge ... 19% 193% 193s Hupp Motor «...sceees 1 14 i Jarvis W B ruicaens 15 15% 13% Libby MCN&L .......e Penny Merch & Mig A....... 5% 5% 5% Mickel Food ........... 3 3a 3va = Ward & Co..... 46% 46%: 46% Nobli si "Banco aiveneans 22 22 22 No'west Bancp .....eee 7 9 7 So Bend th 18 18 Stan Dfeduing owes 2 3% vevesenss 181; 8 Boat Radio Srnec anne 19% 20

FOOD PRICES

CHICAGO, Aug. 19 (U. P.). — Apples— Michigan Duchess, bu, Toc Gel. Sweet Potatoes—Tennessee, bu. “hampers, fe See. 1 chigan, Bde skets, 1 30a 135,

somaney en 106.11 106.11 106.11 |.

s | For the year through Aug.

1-+it was: ‘announced today.

; with the institntion since Js, | 1929 Mr; Fisher since Septem- amounted; to i

N. Y. STOCKS

how ted Press

— Net - RAGES High Low Last Change Dow JONES Prov AVE Adams 3p cess 11Y% 11% 11% +4 Yi IND iy 80%; 6072 60% -- % | Yesterday ......c.........o. 139.33 40.30 Allied “Sigres «10% 10% 10% + Yo) Week Ago ................. 136.51 —281 Am CAf ....i:s 11 + 4 Month ALO i.iiiiiiiiiiiiase 142.25 40.88 Am Ene TH... J 4% 3 i | Yesr Age Li... coe 182.95 ~2.88 Am Water Wg Bp Fp] Med uss, dase; lew, 98.95. Abseopas ey 3h 2 i I Righ, 1087, 104.40; low, 113.64. : feRison ox. ; a ais 8804 =" RAILROADS Yester@ay ....c.ovoi0 ciiiie 21.70 0.24 > y = Week Ago Sessntevosatsnin 27.68 slid 3 Enda". IT tty, | Month Age .......iieiiis 2088 40.00 a g rr Year AO ...:.i.i...ons ces BLT 051 ath teel 8”; T | mien, 1088, $9.08; low, 19.00 sin RE 164 i Soa ure, ; Dy, Soe i L4H : ept Brass “i A i ete Yesterday hisriiiranenas on 19.68 =H18 1 BS Mig, os a a he % Week ARO «....civocveriiees 19.62 «021 a... B58 7..7 [Month Age ........ iiiii.. 2185 0.82 ¢ Year Ao ......... i500 27.65 «0.34 » a Y 8% High, 1688, 22.55; low, 15.14, Pan SED send 8 0% ey | migh, 198%, 31.56 low, 19.88. Caterpt ar. T . 4 Ly . — Net Ger riain:tess od ! Hy R 2 : 3 2 man Low Last Change C a 4 sae ns Nis Chrysler ...... 7 nia 1 + : Glimax Moly Go 38% Ri ne oi Nash Kelp suns aa On at vw Com dit i$ 46% HA vis ® a AT Reg. . 28 4 an; as Com vente ‘v1 10% 100 4+ % hs ash Reg 1 an Mn on ie Be Goll IRE i cone” | NOE Deh Ji lin Mam = Cons Sigar ... i) adh a = % | Nat Gypsum ... 13% 3 13% 4 Cons Sige . 28% 3 3 so 4 Nat Lead ...... 24 43, 24 son Cons Sdison pf pt § % i bh th NY Central .“ 18% 1 18 + i Cont Gan pi’. a m3 1 is —0— . Cone Go'Lo te adih di 3% + 1] ots mev ...... Wh BR NR + Grown Cork .. 33 3 3 -3 Ps oA Grown eller .. 12% 13% 12% + Coast 4 4 ah + Curtiss-Wr .... wh se § vere did 8 3 deh dt dR df oe 4 / EET vasa ene oo 8 g » Paviton one Chem ‘ J ¥ 1 ie 8 83 3 Y, % A -— Vy ss - a ' ait + 1a WH fa dt BE Douglas Air ... a — Feus # : i J 117 11988 1 ul Elec Auto-L . 28% . { Bi dika HEB fo, Eee RR HE HE 4a 1 Br Eo EEL si fils =" 5'nt.. 88% 8812 #8844 .... Bureka vac .... 4 = % " "a 3 wl % ~— jo-K-Or ©: Wo oi an L..8 Sines y -— {lable Stores. 3 i 2 = Fid Phen 33% 33% 33% Ya Re ubiie si! : itis 1th Ri I # Gair Robt ..... 4% 4% 4% — Y% (Sh Ton BR 48” 10° ie re Gen Electric 41 40% 41 ~~ + 3% | Shattuck ...... 10% / 10% } 4 9® Gen Motors ... 46% 46% 487% 4 _!a | Simmons . $# 2 Bla + en Ry Sig 1016 19% 10% = 1 conv-Vae aah Ie 14% Gen Rty&U 15% 1% 1% «4 1 Am go ses 37 2a 2% “hen n TAR pi 19% 19% 10Ys 4 14 Cal Bd ..... 22% 22% 2%... Gil t Y 3 4, i uth Pac ..... 18%, 18% 18% 4+ Slligtie BR... 3A JU om tT BIEN By on 12% 13% 12% + % Goodrich '5111 1: 24% 241s 24% .... |SPerrv-Corp ... 33% 23 23 + % Goodyear [1.1.1 27% 21% it + BJ Brands... Th give wi [iu TANPDY .....c000 ls } — ry: ’ ee Grant pt ian 23 23% ghd + HlEMOUNJ...H N. H + it North pf ... 21 = 30% 21 + 9 Gut! nh in Gt Nor Ore « 12% 12% 12% .... Superior Nw 3 gh 3 a ne ST ireyhound Cp.. 17 18% 17 + Yi |Syming-Gould . 5% 5% 5% — % oe oe Tm Erbaiod. 25° 24 24 Td od gw 3 Houd Her B ... 143 14% 14% + i |Thermoid ...... 0 4 oor. Hupp Motor ... 1% 1% 1% .... hemp Star of. 3 1 an + % —— a - sean ‘8 Vs 78 eeu Inspiratn Cop .. 14% 14% 1 -Y% [ransamerica .. ls Ms 10% Ys I iavestor 03 On 2” : lynn card .. 81 8 BH + % Int Hyd El A .. 6 6 8 ulin Pacific... int Nickel ...... 48% 48% 48% + iu |PR Alreratt Cp. 27, 21 27 + # Int P&P ...... . 9 8% 9 RAir Sines... 2% 373 "eh 4 ha Soe gaan Corp _. 2% 25 2% i. Johns Man .... 83 BE ot nlf 5% 4) 1 ohns Man .... 03 03 = 1 1 V2 2 eee een i ws — FEET nn cboan lo 4 ee B% 30% 30% % y yt Rubber 1 of 3 . a 8 , : L, Leo Bub ........ 19% 19% 19% + HiT : : L-OF Glass |. 4°. 45° 49° 1 af —-y— : Toews... ess Th 4h 1 + | Walworth .... % 8%. 8% .... — arner Bros . 8 6 6 cone Ma 20% 20% ov WE : i den den TM pBgmes 0 HOH Ce BERD rent arine 5Y ls Ue .... s 8 / . | Wasting EI ....100% 100% 100% + 1 Market St Ry ot 14% 1h 4s + 2 white Root 1.0090 090; ae © oa McIntyre Porc.. 46% 48% 46% 1 Ys Yo Mont Ward .... 467: 48 46% -- Ja! Yellow Tr ..... 19%: 19% 19%: 4+ ¥%

STUDY ADVISES

Economist Believes Area Must Be Curtailed

To Demand. Times Special

CHICAGO, Aug. 19.—America’s agricultural corn belt must grow | smaller and numerous changes must be made in the country’s agricultural setup because of a downward |’ curve in consumption of leading: farm products, according to Dr.

t | Henry Schultz, University of Chi=

cago economics professor. In a .book on supply and demand

said the downtrend ‘began shortly after the World War and still continues. Dr. Schultz said an unmistakable decline was apparent in the con-

sugar, “The decreasing per capita demand for some of the basic crops,” he said, “coupled with the significant technical changes which American agriculture has witnessed since the war and which will probably lead to a veritable agricultural reve olution, have an important bearing

on farm policies behind the AAA and the ‘ever-normal granary’ program. .

“As long as these demand curves

1 continue to drift downward, crop

restriction programs will give only temporary relief “for it is only a matter of a few years before the downdrift will counteract the gain obtained from artificial scarcity. “If this downdrift is not retarded, we shall in the future need relatively fewer farmers and probably fewer farms.”

BUILDING AWARDS DIP 42 PER CENT

NEW YORK, Aug. 19 (U. P).—

. Engineering construction awards for

the week ended Aug. 18 dropped 42 per cent below the previous week, | but showed an increase of 3 per cent over the corresponding 1937 week, Engineering News-Record reported today. ", Awards for the latest week amounted to $44,479,000 compared with - $76,431,000 in the preceding week, and $43,341,000 a year ago. 18 awards aggregated $1,656,628,000, a gain of 1.1 per cent; over the cor-

responding 1937 period’s total. 4 —————————————————————

OLD WHEAT TOTALS 154 MILLION BUSHELS

WASHINGTON, Aug. 19 (U. P). —The Department of Agriculture reported today that stocks of old wheat on hand July 1 totaled 154,072,000 bushels. The stocks were composed of 59,258,000 bushels on farms, 31,033,000 in country elevators and .mills, 22,190,000 in commercial stocks and 40,791,000 in merchant mills. Adding the Aug. 1 crop forecast of 955,989,000, this would give the United States a current supply of 1,110,061,000 bushels, the Department said.

{EXCHANGE AIDS RESIGN

NEW YORK, Aug. 19 (U. P)— Dean K. Worcester, vice president of

ert L. Fisher, secretary, have submitted res. tions effective Oct Tr Worcester. has been associated

‘CORN BELT CUT

in 13 farm products, Dr. Schultz also |i

sumption of corn, wheat, cotton and |]

the N. Y. Stock Exchange, and Rob-.

LOCAL ISSUES

The Ollgwing quotations do not represen — s or offerings, but mereil indicate the approximate market based on buying and selling inquiries of recent transactions: Stocks

Bid Ask Belt RR & Stk Yds com ..... 49; 52 Beit RR & 8fk Yds ptd ..... sap ¢. Cent Ind Power 7% ord ye snad 20 23 Home Tel&Tel Ft. Wayne T%vtd 52 54 Hook Drugs. Inc com ........ 11 13 nd & Mich Eleg 7% pfd ..... 1961 Lark nd Gen Svs Co 6% bpfd ...... 101% 104 nd Hydro Elec Cc 7% £4 vivvee 54 57 os Bs © Co Ko, pid oo... 2 D514 pls 0 8% pfd ..... 82% 951 ndpls P & L Co 642% ....... 28 nr ndpls Water Co 5% ge Sp 102% ew incoln Nat Life Ins Co com.. 22 24Y, N Ind Fub Serv Co 52% bpfd. 65 68 N' Ind Pab 8ve Co 7% ........ 76 79 N Ind Pub Sc Ce 6% “pid tees 70 73 TORY undr: Co com... « 14 Pub Sve Co of Ind 6% pfd.... 1 22 ub Svc Co of Ind 7% pfd ... 35 38 30 Ind G & EI e id ..... 862 89% I Haute Elec pfd ........... 97 00 Union Title Co ‘com ......... 24 21 an Camp Milk Co pnfd ..... 60 63% Van Camp Milk og COM vueae 10% 11% : nds ‘Amer Loan 5s ‘46 tess 95 100 izens In Sil 4lhs 1 .es.102 106 ome T & T Wt F 5% 103 105 ome T & T Ft W 6% % 104 106 iad Asso el Co 4% '65 ..... 105% 107% nter Tol & Tel 597% '53 90 93 . hapls Sule 37 11, 8 pls Wat Co 2 "88 ius 06% nter Tel & Tel 5% % '53 .. 93 Kokomo Water Kks 5% ‘58 ..102% 104% Kuhner Packing Co 412% '50.. 98 101 Morris 5 & 10 Strs 5% '50 931, 101 Muncie Water Wks 5% 1025 divi Noblesv Ht Lt & Pr 615% '47..100% 103% io Tel Svs 6% 47 .. ...... 98 00 Public Tel Co 41%9% °55 .. .... 97 140 Richmond t Wks 57% °'87 103% 106 eymour Water Wks 5% °49..100 103 T Haute Water Wks 5% '49..100% 103 [ Haute Water Ss 8% '49 ..1 ie [rac Term Corp 5% 57 ...... 60 63 (By M. P. Crist & Co.) : Market St. Shen Corp. 23.95 25.89

FORESEES ‘BRIGHT’ BUILDING OUTLOOK

Surveys Cite Business Upturn, Federal Aid.

NEW YORK, Aug. 19 (U. P).— Development of a favorable business outlook, the liberalized FHA, and the Government's “pump-prim-ing” program have brightened prospects for building material and construction companies, Poor's Surveys

s@id today. “With building construction, modernization and repair work

headed upward, the industry's earning power has passed the low point for the year,” the analysis stated. “Encouraging was the fact that the June residential construction awards

totaled $85,682,000, the\highest level reached this year. This figure was only 8 per cent below high level

reached in June of last year. “Total construction activity for the last six mo hs of this year promises to show a good gain over last year, as well as over the first six months of 1938.”

DAILY PRICE INDEX NEW YORK, Aug. 19 (U, P).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 equals 100) :

Yesterday .................. 103908 Week 880 ..icciesvenvecess. 102.55 Month 880 .e.ivvveveeenees. 105.33 Year ago -............ craves 130.50 1938 High (Jan. 10) ........ 117.06 1938 Low (June 2) .......... 102.43

CARLOADINGS INCREASE : NEW YORK, Aug. 19 (U. P.).— Revenue freight carloadings in the

seasonally over the preceding week, reports of the first 17 carriers indicated today. of the 17 roads amounted to 286,204 cars.in the latest week compared with 280,978 cars in the preceding week and 371,339 cars in the corresponding 1937 week.

BROKERS’ LOANS INCREASE WASHINGTON, Aug. 18 (U. P).

the week ended Aug. 17, totaled $508,000,000, an increase of nine milHons, from the previous week and compared with a total of $1,136,000,000, - in the like | Other loans for the purpose of purchasing or a securities - millio

level |

week ended Aug. 13 rose contra-.

Own ‘line loadings |

—Loans to brokers and: dealers for:

week year ago.|-

CHAGO WHEN |

WAVERS BELOW PREVIOUS CLOSE|

Corn Prices Independently ‘Unchanged to 1/4 Cent Higher.

CHICAGO, Aug. 19 (U. Pl Wheat prices fluctuated fractionally below previous closing levels on the Chicago Board of Trade today with demand insufficient to maintain rallies. At the end of the first hour of trading wheat was off 1 to % cent, corn was unchanged to up % cent, and oats were i cent higher. ‘Corn. “prices remained independently steady due to reports from the seaboard of improved export business. Offerings were light. Advices from the East indicated that export sales of U. 8. corn amounted to around 500,000 bushels. Some milling demand and resting | orders sieadied takes aftes [4 e Op! p, bu gs the face of discouraging export news depressed prices again. Liverpool wheat closed 4 to 3% eon lower, Winnipeg eased 3% to cent after opening firm, and domestic. markets outside Chicago tended to lose ground slightly. While it was intimated that some Pacific Coast wheat had been sold abroad actual export business in U. 8. wheat was reported to be small. A better inquiry for corn was indicated overnight. : Receipts of wheat in Chicago

were estimated at 58 cars, of corn

147 cars.

Somme WAGON WHEAT

ony $a oi Slevators are DB Jagd hg 10 othe eir herita: Cash corn. new To. hy 48¢. Oats, 20c.

RETAIL VOLUME BROADENS LOSS

Gains Are Offset by Other Forces.

NEW YORK, Aug. 19 (U. P)— Retail trade, harassed by unbroken heat waves, broadened the decline from a year ago in the past week, although “industry continued to move ahead,” Dun & Bradstreet, Inc, said today. Retail trade slumped 8 to 15 per cent below the corresponding 1937 week in the latest period. The decline in the previous week was 4 to 12 per cent. idwest trade was down 8 to 30 per cent, the impetus afforded by increased employment in automobile linds being more than offset by continued seasonal dullness -in other important industries and by poor shopping weather, Wholesale - trade stretched last week’s decrease of 6 to 20 per cent from a year ago to 10 to 22 per cent. - Hardest hit by the record-break-ing heat spell were fur and winter coat sales. Furniture promotions were less affected, with some stores reporting sales up to or ahead of

last year.

The weather played a brimarys part in affecting consumer ‘buying

[in almost every section of the coun-

try. Pew cities reported favorable comparison with a year ago. .

FOREIGN EXCHANGE

NEW YORK, Aug. 19 (U. P.).—Foreign exchange easy. Following are noon tabi raees on major currencies:

Cable Rates Clio ge » England Spa ..$4.81% -—.00 3-18 Canada .. J995 —.00 1-64 ance (fra 02727; -—.0000%s ealy (lira) ...... .0526% . Belgium -(belga) ... .1683% —.0000%4 Germany (mark) .. .4010%2 —.0000%2 Ger, (travel mark) .2325 Jen. Switzerland {rane 232622 —.0001Y Bolland (guilder) .. .5469 —.0005 5 wegen tional. + Baio —.0001%, orway rone —.0001Y Denmark (krone) .. .2178 —,0001 .

LOCAL PRODUCE

Heavy breed hens, 14c; Leghorn hens, 12¢c; heavy breed Dpoilers: 2 ibs. and over, 13¢; Barred and White Rock springers, 1%a lbs. and ove, 5 colored springers, 1la lbs. and up roilers, 1%2 lbs. and aver, ioe: Samora. b broi 9¢; old roo ; Stet tly fresh t o 1 stric resh country-run eggs, 17c; each full case must weigh 55 Ibs. gross; a net deduction of 15¢ for each full case ee wi 1 3g3iac oN 2 25%; QT . 2C; 0. 26¢; butterfat—No. 21¢c; i9¢c. “8 (Prices ced by Wadley 2

TAKES REO PRESIDENCY |}

NEW YORK, Aug. 19 (U. P.).— Rowland Campbell today assumed the presidency of the Reo Motor Car Co., following the resignation of Ferd Glover as president and Earl Goodnow and M. D. Harrison as directors. :

ADVISES MORE U. 8S. TRADE BERLIN, Aug. 19 (U. P..—Carl Brinckmann, Secretary of State of the Economics Ministry, indicated in a speech to the American Chamber of Commerce last night that both

| resumption of debt service and large purchases of cotton and other goods | Mar

from the United States depended upon American willingness more goods from Germany.

Dips Slightly

TREND OF HOUSE RENTS fuaTionaL. wDUSTRUL CONFERENCE BOAR

INDEX FIGURES.

THE PARKER CORR GENERAL INGORSOR TED INVESTORS

Times Speciat BOSTON, Mass., Aug. 19.—The general. trend of house rents iy been slightly downward. The peak in house rents during

cent from : their depression low in January, 1934. Since last October, house rents have drapped | 3 per cent and are now very close

The National Indus ‘ence Board a

Li vel

Midwest Auto Employment,

‘| unevenly steady to 50c high [email protected];

to: buy

: Glearings

recent years was last October at |vear basis which time rents were up 42 per | ;

bo i eT vee

Gon to $9.10

Little change appeared mn hog prices here today, the Bureau of The matket held siaady on all weights. The practical top was $9, with a load of strictly choice 222-pound averages reaching $9.10 in premium sales in various weight groups. Generally, 230-t0-230- pound a aver‘ages made the $0 top. Limited week-end receipts of cat tle failed to test The price structure with the trade largely a steady cleanup affair. Several short lots i strictly good and choice light yearlings, fed club calves, were sold to local killers this morning at $10 to

from $6 FTA. Gouney bers bough shat no.vay Bn os. iin

ers rue oul, the sop of 10 was ngly, a popular figure on choice yesterday. All grades fat lambs were unchanged. A ow sorted choice reached 8. i ;

Au, : 2. 5 ses eatbostbecsis. npr 2:9 2 ?

3 S0s0b ssboboncinboin 15. deveabBes seen Baan he GH «IN

i: Gevcbsodinetainciiiae CE vente spends, “assess ainen

tsecsse

gg8ssss

sa ; | -1 y 04 “snd choice. .$ 38 18,80 hi ) and choice.. 8. 3 4 and choice. . a8 ; i Good 2 nd choice.. 8.85 R i 1 Sod Me ghotee.s 3.4 10 2 -350) Sood Sod and choice... $5 2

Packin (275- 80, Mea

tia ge

(275-350) a0 Slaughter Pigs

ass

383 TAs Ie 00000000

100-140 S00 hoice.. 7.00 8 : ! Mediu a Sole. 6.500 7.50 —CATTLE— | —Receipts, 373— Steers (750-1100) Choice ......ecc.0 [email protected] (900-1100) Choice ....ccieanee [email protected] (1100-1300) ~hoice .e.... sees 10.38 33 1300-1500) cases 10.50 50 1750-900 ivasesscenss 8:[email protected] (900-1100) iisssseness . [email protected] (1100-1300) csscssnsans [email protected] 11300-15001 ee coon [email protected] (1100-1300) sree 1200 300 (480-1100) ipiaini... 6.25@ 1.50 Heifers g 1750-900) Good ........... - #8 an 550-900) Medium ....... ees 1.00 50 (830-900) Common serves B.5@ 1.00 All ‘Weights— Cows e Ge Ae SE EE see 800 7.00 e a vase sisnesy. 8. ! Common .........0..cves . in ER | Br Low utter and cutters..... 8.7 4 Bulls Yeariings Excluded— . (All we : Felts) Qood (beef) .. 6.50@ 1.26 (All weights) Medium ...... 5.78 3 Cutter and common ........ 4.75@ 8.7 Vealers . (all Yeights) Choice ..coooe. 10.00 (All weights) Good ........ 9.00@ 9.50 (All weights) Medium ...... 9.50@ 9.00 Cull and common ..:.cceecn 5.00@ 7.50 Calves —Receipts, 518— : (250-400) Choice ........... 8.00@ 9.00 Good: . ih ve eves 7.00@ 8.00 Medium .......... 6.00@ 1.00 Common ......... 5.00@ 6.00 Feeder and Stocker Cattle . Steers— | 500-800) ChOIC® .......... « 8.00@ 9:25 (800-1050) ChoOIC® ....coaveevee 8.00@ 9.00 $3%0.800) GOOd .ui.ceeenees T.50@ 825 1800-1050) Good ..........nn. 7.00@ 8.25 (500-1050) Medium .......... 6.75@ 17.50 (550-750) Good | nd choles . 7.00@ 8.00 Belt Com « 8.00@ 7.00 ers wr (560-750) Good and oe na 8.00 : Common, medium 6.00@ 7.00 Sheep and Lambs —Receipts, 1622— Spring Lambs— : nr holce vse esunebtasies 8.50@ 9.00 Good aasiseus Seatesssensass 8.00 340 Medium ....ciocuine0ienes. 1.00@ 8.00 Common .e eecseses 5.75@ 7.00 Ewes— $ Good and choice ....... «ses 150@ 2.00 Common and medium ...... 1.00@ 1.75 HIC Aug. 19 08 P. ).~Hogs—Rehi A: da I et. 3 ma. ark slow, mostly stea ia r500 0d good snd choice 180-240 ibs. 5@9; -280 1bs., $8.50@ 8.85; 290-325 $3 Sas 0: ; good 140-170 Ibs. [email protected]; most Jdght sows, $182. 35; medium weights and heavies, 36@6 5. Sheep—Receipts, 5000; directs, 1200; spring lambs ,active, strong ‘to iS¢ hi gher} eep,

firm: bulk native and West ern spring las, [email protected]: native slaughter ewes, [email protected]: load Westerns, $3.65; few choice, $3.75. Cattle—Receipts, 1000; calves, 500; all killing classes airly active and fully steady; steers and yearlings very oa e; one outstandin dus steer, bulk of grob. best load iot. So. 50° no choice hei ie I except indiv:duals up-to $10.25; Mixed steer and heifer year. ngs, fl .30@10. 5; Pa Re? cows, $5.25@ 6.58: tter I @5; strona) eights to $5. 15: sausage bine; “mos, 30 5 down; vealers weak at $11

CINCINNATI, Aug. a (U, P.) —Hogs—Receipts ,2400.none direct; holdover, 280: gher: op, $8.9 250-275 1bs., 100-140" bs. $6.80 @7.35; most good packing sows, $5.75@8, Cattle Receipts, 300: calves, 250; most ac» tive of the week. some e ales "heifers strong. bulls 25¢ higher: individual head baby bef type offerings, $0.50@10; short load light~ weight steers an dheifers, $8.50: g eel cows quotable [email protected]: low cutters and cutters. $3.25@5; practical top sausage bulls, $6.75: vealers steady. good and choice [email protected]. Sheep—Receip 1600; direct: steady: sales good trucked-in spring lambs, $8@9; common and medium. [email protected]: buck jambs discounted 50c@$1; Sug ewes. $2@3.

FT. WAYNE, 19 (U. DoE Market. Seats: 20:2 40 ¥

Ka. $8.007 200-2 lbs.. $8.70; 180-200 Ibs. ,$8.55: 240-260 ibs. oy $8. 60: Tan100. Des $8.45; 250,280 Ibs.. $8.45;

280- 300 lbs. $8.15: 300-325 $7.90: 3253 $7. 70: 140-160 ug 8. 60; lag 7. ‘10: 100-120 Ibs., $6.85: roughs, $6

down: stags. $5. ToAmbS. $8.50, Calves, £9.50. LA A La , Aug. Ms ark Steady to 15¢ lower: £8.90: 250-280 lbs.. $8. 5.458.60; 200: [email protected]: pigs. $7.50 down; Oe $6.75 down. Calves, $8.50@9. Lambs, § so@s 25.

CORN AND WHEAT REGION OFFICIAL WEATHER

By U0. 8 Weather BUread cmc

—Aug. 19. 19: ecipi- State of Stations h Low tation weathes South Bend ...... 85 0 PtCldy Angola sens as 80 64 0 Clear Wheatfield ....... 88 58 0 Clear Rochester EA 89 62 0 Clear rae vse. 86....60 0 Clear Tote oie shia h 20 62 0 PtCldy Cam Tage City .. 85 54 0 Clear Columbus ........ . 87 57 0 ear ni NN... 87-63 0 ear Pao °F... .c.....» .8 57 0 Clear Ft. Wayne ..88 68 0 Clear Indianavplis aa 8% 66 0 Clear { Terre Haute ..... 86: 66 0 Clear Evansville ........ 68. 0 Clear

WASHINGTON, —Gov-

.ernment expenses

Aug. 10 (U. P.). and Jeceipis for ‘the current fiscal year through Aug. 17. com= pared with a year JE:

Last ¥ 1.181 305.052.08 81,085.038. ‘084 4 dent, was the first public indication

Rebeipts. $22. 3 a3 a8 ros 3 336.323. 337.390,150.02 337,359.600.02 ¥ ,847,202,063.68 1679.652.276.47 1.038,707,%78.09 Gold Res’ 13.03:617; Le 13.337 123.299 54 0! S. Customs . 39, 099,185.79 25 .103,%

INDIANAPOLIS § CLEARING. HOUSE

Sess seas

Gearing ream ON

| | REPORTS SALES BEST

SINGE EASTER PERIOD

CHICAGO, Aug. 19: (U. Py Sales of Sears Roebuck & Co. in

A scattering of plain lightweight steers ranged

lished’ resale prices

the four ‘weeks ended Aug. 13 made | _

"SEES CONTINUED]

STEEL UPTREND,

iron Age" Prediots Placing * Of New Business in September. %

NEW YORK, ‘Aug. 19 (U. Pom Fundamental conditions ‘still point

activity, although the recovery pace in opera and new business has slackened “slightly, The Iron Age said today. 3 Estimating this rate at 41 per cent of capacity, up

1 point over last week, the magazine

| ry movement,

week's operating |

nationalism in science.

“ON THE RADIO

TONIGHT

3: 30—Science Adventures, WFBM. :00—Lucille Manners, WIRE. 130-—Death Valley, WIRE.

2 Ww. =

Lord: Rayleigh and Sir Richard Gregory, British scientists, will be interviewed by Hdward Murrow during = the “Adventures in Science” broadcast over CBSWFBM at 5:30 p. m. The program from Cambridge, Mass., is the second in the group devoted to inter-

will & woo 13 1310 0 Kioayoies.

Chicago Opera soprano, Il what they would ike to bs y. (NBCe

8:00—First Nighter, WIRE, ’£ 5." Tomorrow at 10 a. m. the Perole 590, Gutrigam) dinner, bl © | string Quartet will play Dvorak's day Pr li “Ww gion News. Piano Quattet in E Fat, Opus 87, | paper correspondent, will interview Sune ne : iy el “| Governor Philip M. La Follette of | © “nna wi BM (Columbia Ooncert Wisconsin during the “The Stat | pr. gehuberts Quartet, 2, of the Nation” broadcast at 8:45, "A miner and Beethoven's BB Ny em Madison, Wis. in G nino, Opus 18, No 4, wil bo Fotlette yecently launched a third Played. : s # =

A interview with Ray Kaufman 2 Towans

and Jerry Mefford, young who have returned from a year cruise in & 45-foot boat, will be heard over MBS at 10:45 a. m. to morrow. The boys will describe their adventures in tropical storms and South Sea waters. ~~

sn * A resume of the interzone Davis,

Cup finals to 10 Seweemine ast nae tion United

“to make quick deliveries. a wil i Sh uf the slow imp b sot. A shot In the dark with a infra- States the th cup jp wil be given by somes in small lots” it said. “In red camera will be the method used | over NBC-WENR-WOWO. specitic - items, s ietural 1 to convict a murderer in the “First ‘S.ow showing a ater gain than other | ERE Play aL 8 p. m. over NBO- Albert Stoessel will conduct the products, ihrengh Se im- ih 5 eo. Chautauqua Symphony Orchestra. petus of Government-financed proj- Thurman Arnold, assistant U. |i it8 young people's concert at 8: 30

ects, as’ private undertakings are tly in a minority.” : Production of automobiles is expected to. start on an ascending scale beginning with this , week. teel order from Detroit are gaining, but no further placing of new business is expected until September when initial runs on new models will have n nearly completed.

Rail Purchasing Negligible

Rail buying was reported negligible, hut better demand was noted from the machine tool industry. The magazine, detailing some of the new “pump-priming” projects which will take good lots of fabricated steel, said that there was keen price ‘competition on that type of steel and on reinforcing bars. “On the latter product concessions of several dollars a ton below pubhave heen given,” the summary said. Pointing out that fourth quarter steel prices may be announced late this month, the magazine asserted

2 | there is no positive indication that

prices will be raised. In addition no further discussion of industry-wide wage discussion was noted. With scrap prices easing in some districts, the Iron Age scrap composite prices dropped to $14.41 from $14.83 a week ago. re Iron age called attention to falling steel rate in Great Britain, asserting that the recession there was causing anxiety and the realization that armament busi-* ness alone is not sufficient for maintenance of the present British operating rate.

PREDICTS PICKUP IN ELECTRIC SUPPLIES

Survey Reports Trade 41 Per Cent Under ’37. NEw YORK, Aug. 19 (U. P).—

The electrical supply trade, which had one of the sharpest breaks in

its history in the first six months of |.

this year, entered the last half of 1938 with prospects for a gradual resumption of activity, a Dun & Bradstreet, Inc., survey said today. “Chief incentives toward in-

creased activity,” the survey said, |

“are ‘low inventories and the increased demand arising from revival of residential building and industrial expansion, in addition to the Government spending problem.” New orders were 41 per cent under the corresponding period of 1937, when volume was the best since 1929. The minimum volume of unfilled orders forced manufact to slash production schedules 30 to 45 per cent from 1937 levels. The average drop for all wholesale volume was about 30 per cent, and for retail about 26. Although activity remained far below 1937 levels during the second quarter, evidence of a slight quickening in demand made manufacturers more cheerful about the trend than in many months.

SECURITY TRADERS DRAW UNIFORM CODE

NEW YORK, Aug. 19 (U. P).—

20 | The National Security Traders Ase sociation has submitted a plan to]

the members whereby over-the-

qs | counter trading practices will be re-

duced to a uniform code, it was learned today. If the plan is approved, it will cover intercity deals of the association’s 2100 members, who represent 1400 security houses throughout the country. It also covers delivery of securities, description of securities, dividend claims, computation of interest, units of delivery, buy-in procedure, shipping charges, compari-

sons, and ex-dividend rates. !

:/C. & S. TO PURCHASE

MIDWEST UTILITIES

NEW The Ci

ORK, Aug. 19 (U. P).—

ity properties in Michigan and Ohio to the Commonwealth & Southern Corp., it was learned today. A preliminary conference “between W. Alton Jones, Cities Service vice president, and Wendell L. Willkie, Commonwealth & Southern presi-

on the part of two of America’s largest public utility holding companies of their desire to comply

7.54 with the integration provisions of 35 | the Public Utility Holding Com-

pany Act.

[B. & 0. REVENUES RISE|

, 19 (U. Po—|

BALTIMORE, A Revenues of the ore & Ohio | | Railroad currently are ‘running

slightly ahead of those in the prevjous month. Daniel Willard, president, stated today. :

District Attorney General, will be

heard over OBS at 8:30 p. m., speaking on “Antitrust Laws—Their Past and Future.” » o * At 6:30 p. m. on the “If I Had the Chance” program Ely Culbertson, bridge champion; Graham MecNamee, radio announcer; Richard Himber, orchestra leader; Adele Rogers St. John, author; and Jean

a. m. tomorrow through NBO« WIRE. Stoessel has listed the Overture to Thomas’ “Raymond,” followed by a demonstration by the: brass choirs, “In Festive Mood” by Carl Busch and Maganini’s “Suite of Music by Royal Composers.”

Le os Brian Field will call the Whitney

_ THIS EVENING

eo Indiana

not res: BOR oa

"Ri HE RR

lis 3 Times ts ot, res o usible for uinaceuracies in orerram ase

oes

Stakes from Saratoga at 2:30 p. m, tomorrow over CBS-WFBM.

. 1 i's Bore Be Bde EES fis Ov mmy per well Thomas Annie 5:00 Rav Heatherton adition Book n Winslow Sergnadg, 8:18 ollace Shaw fies Era Ly 8 lebrate b Elson 8: Soiits Carter asonology 8 Hoan Bikes Loa, 6:00 Me 4 Concert. My Name? My * 6:3 Jorgen omer. “HH os nip 6:45 News on & Nn Carnival " , ie 3 ym” § 3 or. pe 3 : a i ee Valley ho Or 5:45 » " : at plley : » » / Qarisen's | s Ted. | a a a Ian $30 James Melton esse Crawford Jimmy Fiale aw 0 y ports o Amos-And ra’s On 9:18 B e's 2 fendiines” Bouauet y Fate di 44 MecCune’s Or. ge! wi Playhouse urgen's, Or, 10:00 N : nd P. Sullivan Kyser's Or. : ? Or. "' Ami 8:28 Eire on Barron's Or. Baron's or. Crogby’s, Or. ; 11:00 Meljug's, Oe i Pans 0: EB Fis, On ls > f HH Geparanss re Haug’s Or. ar * rs SATURDAY PROGRAMS SE : TANAP IAN as CINCINNATI Re oa fa Re) ) (NBC-MBS) (MPS Net.) : ti h © Musie Boz RE on Eayly Bits a Re ” oe ude : ”" ho... 08 Good Morning ia nw . » Bete grant a I 5 "i. News Iipiitiey “cl : ‘Sweethearts Crane-Joyce TRC sis oom, WWUANIS Symagorue Bitar a ighlight: WLW Mail Bag 8 Ee da Birimns, on A AH Band Rand Batic, oo ai Musical ( medy bi nr : rn ”» Alice SEG v 1 Poetry - ; 8: 1] hig Ju TE Rigs J niaiteny ! 10:45 Light's Or. Gypsy Trail Farm-Home Bal Bo 4 ie ath alt Gordon's, or. oh Mel on Po 3 ’ 28 r PERS, wae ae. Es 12:00 Meditations Buffalo Krens' Or. Varfeties, I zi fe Time Golden Melodies Italian Program Bagsball : 1.00 Merrymakers u Berdines Renorter Rakov's or. : " . 1% Gertrude Lutsi Desga Byr | Ricardo - -» “2:00 Organ Club Matinee Club Matinee hw 2:15 Dancepators » " » > . - 3 w itney Race ”» ”» ”» » ”» ”» 3.00 Concert Or. Green's Or. Trig Time h =n i Amgrica Dances Ei i or. Sabin’s Or. hy Aeon ‘ : phen p at Truly Ameri nil 2 330 Rmshencither Bows Matenm ir American cenemes 3 4:30 McCune’s Or. Barron's Or. Paul Douglas Millar’s Or. ’ 4:45 ” » . ” " Barron's Or. io

KEY NETWORK STATIONS (Subject to change): NBC-BLUE--WJZ, 760; WOWO, 1160; WENR-WLS, 870; EVE 1350. NBC-RED—WEAF, 660; WTAM, 1070; WWJ, 920; WMAQ, 67 CBS—WABC, 860; WIR, 50; WHAS, 820; KMOX, 1090; WEEM, 776. MUTUAL—-WOR, 710; WHK, 1390; WHEKC, 640; CKLW, 1030; WSM; 850,

CROSSWORD PUZZLE

HORIZONTAL Answer to Previous Puzzle

Wer ep

wi oS

hectare 1 Pictured land fC a mark. SIATVISIEICEC || LIDILIOLT] jo 0nd: 6 It was built TToMIE AlolElS 17. Ambition, by order ; 18:Cylindrical, PE NIWIRHODES (= ITLL [S Of win, 23 It Was w= 13 Solitary. OINERH A SEENICI out of an 14 Ratite bird. B1OIVECIAID THRH] immense rocly 15 Strainer. E ClOlL|O|R 25 Goddess of 16 Steeped grain. [REM TIAIL |O LIV L peace. 17 Rendering of {FIAJMLIA|P td MIA} 27 Fo ents, accounts, UILIEJREIPWIEITIlPIUIR] 28 It is one of 19 To eat spare LI [RIEJNSIAITIAINIRPIE[T|S] the =~—s of ingly. Bll |L LIN [o/NIP[A[R[E the world. 20 Golf device, [Bi AMOINIDITIEINIG 30 Portuguese 21 Tasteless me. coin. from age, | 42 To harden. king's «mee 81 Eccentric 22 Being. 43 South (pl.). ~~ wheel, 24 Mature, - Carolina, , VERTICAL 34Sur. ~28 Ages. ~ ° '45Short seam. 1 To soften - 5 Deity. 29 Circle part. 48 Far away. leather, 42 Abrupt. 32 To free. 51 Driving order. 2 Chart. 44 Carved gem, ‘33 Debutante; = 52 Blemish, * 8 Cavity. 46 Vigilant. ‘34Since, 83 Serious. 4 To bury. 47 To depend. 36 Peruser, 55 Rest house in 5 Northeast. 49 Agricultural 37. A sinew. “the east. 6 Musical term. tract. 38 Vigor. §71t is located 7 Greeted. 50 Arabian. 39 To doze. « near the Pyre 8 Postscript. 53 Southeast, 40 Still. amids in «=, 9 Secretes. 54 Mountain, 41O0pposed to S58It was = 10 Bridle strap. - 55 Street, even. planned as a 11 Nights before. 56 Exists. 1S | | T 3