Indianapolis Times, Indianapolis, Marion County, 23 August 1938 — Page 15

-

Ty -

wy ou?

/ SEVERAL ISSUES

RE . ’ » » - $° < . 8.8 -' =

®-

pe

<r

LY

Wyo 3 Reda

~¢

MAKE NEW 1938 HIGHS IN UPTURN

General Motors Common Up 14 Points; Building - Shares Strong. =

NEW YORK, Aug. 23 (U. P).— General Motors common stock made a new high for the year today at 48%, up 1% ‘points, and led the stock market higher after an irregular, dull opening. All sections joined the rise. Steel shares were strong spots. Coppers turned higher after a lower opening. Building issues were strong, several at new highs. Automobile equipment issues and rubbers followed the motors upward. Rails and utilities firmed small amounts. New highs were made by Bendix at 23%, up %; Celanese 25%, up %, and Penick & Ford 58, up 1%. New tops were made by Certainteed preferred at 41%, up 3%, and National Gypsum at 14% up %. Certainteed common equaled its high at 10%, up 5%. Gains in the list ranged to more than 3 points. Among the best were

\! A. M. Byers preferred at 38, up 3%; 4

du Pont 1323, up 2%: Minneapolis Honeywell 811%, up 2, and U. 8. Rubber preferred 89, up 2. Bethlehem was up more than a point and gains of a point or more were made by Chrysler, American Telephone, American Tobacco, Goodyear, Union Carbide, Union Pacific and Westinghouse Electric.

Rails Lead Bond Rise

At the same time rails led a quiet advance in domestic corporation bonds. Light demand for carrier funds disclosed a scarcity of offerings in

early trade and prices moved up |g

readily. Southern Railway, Mobile

& Ohio 4s touched 'a-new 1938 high | én

at 99%, up 3%, and Southern Railway 61s advanced 2% Other rails gained fractions to: more than a point. Certain-teed 5%s of 1948 were up

21 at 78 and Wilson 3%s rose a | Cons Oil

point to 94, but other industrial company. loans held barely over previous closings. Utilities recov-

ered after a hesitant start and |Curti

turned fractionally higher. U. 8. Government obligations declined 2-32 to 3-32 point in a light

trade. Curb Trade Improves

Meanwhile, curb stock prices firmed in early dealings after a barely steady opening. Gains ranged from fractions to a point. Trading improved on the advance. Industrials were in best demand. Casco Products at 22% made a; new 1938 high before reacting to 22 for a net gain of 1 point. Brown rubber touched a new high at 5%,

p %. In the utilities section, Electric

Bond & Share preferred maintained an early 1-point advance at 55.

Curb Stocks

hn on Am Cyan B..ccececcsss ev 22% Am tts TR ar erneens . 13% BE 13% uper ssssnssa 8 Ark Nash ener We 3 I 8 8 6 5% 5% 14, 1Y 1%, 23% 23% 81: 8 Ve

sesscssnnese

Lockhee

Un Shoe

N. Y. Bonds

BOND PRICE INDEXES

asi series ssncas

20 20 20 60 « Inds, Rails Utils. Bonds Yesterday ..... 85.4 58.9 97.9 80.8 Week Ago ..... 83.3 58.6 98.0 80.7 Month Ago .... 88.1 63.1 98.0 82.4 Year Ago ...... 91.9 90.5 101.0 04.4 Two Years Ago. 91.4 95.1 105.7 97.4 1938 High ..... 865 70.0 98.5 82.8 1938 Low ...... 74.9 47.9 87.3 50.7 1937 High ..... 95.0 101.2 106.0. 100.7 1937 Low ...... 80.1 69.3 92.3 81.1 1936 High ..... 94.8 100.4 106:2 100.2 1936 Low .. ... 90.0 84.7 103.3 93.3 VU. 8, GOVERNMENT BONDS - Treasury Bonds ; iis Low Last 3 18a oo 1S UTS dle 34s 1983-58 ........102.11 102.8 102.8 Home Owners’ Loan Bonds 2%s 1049-30 ......... 102.25 182.25 102.25 FOREIGN BONDS High Low Last Argent 4%s HE censure 902 90% 903% Argent 4s 2h «. 8114 811, 81% Austra, 8: oe eeesed01la 10112 10112 Brazil 5 36.3 rane 13% 13% 1394 Brisba "si +«.100% 100% 1007s Canada s ad cavsesens 00%, 99% 99, Cuba 5%s8 53 .......e. 852 852 65% ] ark sis 2 esee.100% 100 00 Italy 7 revesanes 37s 13 3% Poland "6 80 36%, 36 36 DOMESTIC BONDS f1 hE, 5%, 1085 Bola 100. 88 A ire 8815 9815 981% she o ey +... 15 16% 15% Beth go 4 as 238 +.105% 105%a 1053s + Can R 5 88° «1177 117% 117% Ts 18 | Eudes 9612 06's 08% Canned Stes 48 ...... 8 8 138 Clev Un _ Ter 8 73 80 80 80 om © 3Vas 51 ....101% 135% 101% Com Crdt 2%s 42 ... 103% 103 108% rich 6s 45 ....... 968% 96° 96% N ¥ Cent ref 5s 2013.. 61's 60% 61 Cen 4§l,8 201 847; - 54% 54% Penn RR 45 D 82% 82Y; 82% Penn En en 45 48 ,...110° 110 110 Pillsbury. on 43 +103 03 103 p Sl 4%hs 81 coi. 90 ~~ 89% 90 Stan Li J- 3s 81 102'2 102% 102% eR ais 7 8 Vanadium fs 41... ‘102. 102 102

Young S & T 4s 9 IF

Chicago Stocks

| Hi h Tow Last ofl & Ga i. FY PARE Va gums cpp on MF ST Bliss & Laugh .. 197% 3 7% 18% Borg-Warner 3 2% 3 Bruce E L cece . 13 13 1 3 Chgo COIP .... 2% 2 K Consol Bis . 7 8 § ? 7 Dayton Rubber «sees. 13%; 3 4 ; Dixie-Vorte 12 3; 12 Elec House ah 4% 4% Gt Lakes Dred . 30% 20 20Y2 eileman 8%2 ; 6! € d- Stl’ Pro 4% 4 arvis W 11% 1th 3 Marshall Field bE a 15% 1 Mid West Corp « i i ! iO Nig Shindara 2 . fg 18%. 18 Not tt Boarks . 2 Ye 23 Nowest Bancp rien 7% 9 s 2 ®erfect Circle ..eeese. 8 4 Raytheon Mis rer x . SE seeesune ‘5 Bh J" ané Co Co lili 18% 18: 1% Dian Radio Pred ..... th 8Y% 1 Wise Bk Shrs ..c.....e 412 4 i Zenith Radio ....c..-.- 2012 20%. 201%

FOOD PRICES

CHICAGO, 93 (U. P.).—Apples— Michigan 0: cE: (shel XT “Eweet Poa ts—Ilin unch. pap Hits Soc. no ickisan. os he To-

AT AUT 6 To ‘Business Rises 3 Points in June

to 63%. | 6h

i Bakes, Salts | Ba “Ne, di. Pie. 2.

25 wh J

i HEAL

+o PROGRESS

OF Jury © 20.9 ‘OR CENT SILOW wOmiem 5 COMPARED WITH» 7.6 BELOW A YEA ASO

~

Times Special

Ls BUSINESS

BOSTON, Mass., Aug. 23.—Business progressed considerably in July, raising the index of business activity 3 points. This was a gain of 5%

points over its low at the end of April.

Business activity is now very

close to what it was the first of the year. During the month, adjusted for seasonal variations, there were marked gains in steel and cotton mill

activity. Freight carloadings and

electric production showed gains,

while automobile production dropped. The index of wholesale commodity prices advanced fractionally. In the security markets the DowJones industrial average rose nearly 7% points while ther average of

40 bonds increased 3.3 points.

N. Y. STOCKS

wm An

By United Press ..

DOW-JONES STOCK AVERAGES

Hien Low Lan Change 80 INDUSTRIALS an Allogh Corp - “es Yesterday .....c.ooveicenenen 140.92 —0. Allied Chem indy 179% 179% = # VHeek AGO ...icevievrocsesnen 188.44 +146 Anh 5 of: 13" 18" 3" x i MonthiARo +=. vs onenr.:. 14.38 his Am er .. == 78 ¥ear AGO .ii.ccutiiiiiinnaie 5 8 Am Rad & 88. 15% 15% 15% + 1% 4h Smelt ..... 136 ani 47; L ip | High, 1088, 145.67; low, 8.95. im Suear, % of in 3% 2 she 2 High, 193%, 194.40; low, 113.64. Am a asd Am Woolen pf’. 38% 39% Wh _.. | 20 BAILROADS , ai oa naconda 33, 33% 33% — Yi Yesterday ............c00i0nn 28.2 y Armour SI kc’ ar al Sa T 18 Week Ago ..... ...oiennnnn. 29.95 40.20 Armstron . 2 72 Arnold ise ss I 9 9% — 1 Month Ago .......oico0inine 29.67 —0.47 B— Year Ago ........c...c00ninn 52.01 +0241, co High, 1938, 32.33; low, 19.00. 1t t. 3% 8 8% .... Batnsfan Droit alst 13% alee 4 | High. 108%, 64.46; low, 28.91. 0 I 1s vriiTEs We 0X ..» 8: . Bor I. ei ie 1894 1654 16% + 1p | Yesterday ...... sevens e vous 19.60 —0.10 Bors Warmer . - 330 Lo 33% + Yo | Week AZO .....ccceavcocncens 19.80 Hy Budd MIg pf +. 40 40. 40° IL 17 |Month Age .....cciiienienne 21.72 =e Burroughs ..... 18% 18 1 i oS FYRGRL ABO .oiievnses ssssssces 27.18 +-0.01 Brers, AM .... lk Us UR I ,%| mien, 1988, 22.55; low, 15.14.. BIO PL neh BO Th 00 High, 1937, 37.54; low, 10.65. - Cal Packing ... 20% - 20% 20% — Y% : Net San Pacific. cow Ae .0% 1 ann High Low Last Change elanese ...... 8 eves i IN Celanese pf ..... 93 93 9 + % Motor Whl .... 14%: 14%a 18% Ye Cent Aguirre > 20% 20% 20% — % —N— " rtain-te : rene =KelV ...¢o -— Certain-td 8 ‘bt #; Nn Bit IpjamEl oN. 2 8 = es & | .30% 30% 30% .... i Chi Pneu To 147, 14%; 1 Fin -— Nat Bnd & Sh 7 an 47 + 1 mir fd ff Tf Ged Bu a = Ce Tea 2 33 13 1 1 |NatDistillers’il 24% 24% 24% + % Com Credit .., 4712 47% 41% — 1 MaSppom ola 1% BB — 2 / 1 | Nat Leaqa ...... 4 4 SN aN Tio. Np uu + lnk Ber 4 Lb. 80s 8h en I 1 Cons Eason So. ffs gts afk I 30| Mat ewpp Pemn 1d gh ui Tk ons Oil ....... 9is 9 fa — he Yo = Y Y 13% 1%, 1% — Gon Bak A! 1 Bir BR 7. Ro Amer... 200 0% 20% — fe Cont Samer a aan ah To LT 1208 2 2m t= } 327% /s ac! a a wn Sr Zeller 1 12% 1 i L..."% | Owens TI Glass 69% 60% 60% — Y urtiss- “ide Pas Curtiss-Wr A’ 22% 33% 33% + |, Ps Bi ” —D— Paar atalino on re pf ...... 2Y, 24% 2% .... Packard ir B 5 5 ; Biac bw 72 5 Hea mieten Sh gn gw I D& RCW nt 1 uw pT Pen & Ford . i 58 58 8 ¥i% v “see 4 e Res, Douglas Air... 41% 11% 1% + 4 Phillips Pet’ Ris 11-32 21-64 2164 —1-84 or Proct & G pf.. 118 118 i 53% 5% — 1, |Bure Oil _...... 105% 10% 0% — % Es fon, tg ian 8 ap Tl |PumtyBakTlms 13% 184 Elec Auto'L. .. TY, 27... so Ex-cell-0 ......0 : 3 1504 15% .... Ra dio Koi TT 1% + % fo adio-K-Or 78 78 8a. Rayonier ceambye 125 125% 12% .... Fair, The pf.. 45 45 esos Rem-Rand ..... 151 151 18%, i} Mirst a dirs. 33% 3% 33% + % Repible Psi 189 13° 18 X Flintkote ...... ’ 22 22%... Tob: cons 51% 81% 571% + 1, pdMoty 8 cv pf. 101 101 01 —_ % £0 Df re. 10, 1%, 1 So Freept-Sulphur. 29% 29% 29% — le —G— St Jos Lead ... 41 41 + YY Gen Mills ..... 89 69 9 + 1 {Schenley Dist . 17% 11% 11% — ii Gen Motors ... 47% 49% 47% ~~ Ye |Schulte R ...... 1, 1, Ya vide Gen Refract ... 32 32 23. wee Sears Roebuck 2Vse T2Ys T2Vs — VY, ‘Gen [ & R.... 18% 18% 18% “= 1; | Shell Un Oil 53% 15%4 151, — Gill ette 8 R.... 9% 9% 9% ~— | 8ocony- Syacuum 147% 143, 143; .... Gimbel Bros ... 13% 13% 13% cores South’ Pa pac... Ya 18% 18% — % Pogsicr ret 2 OBR BR o- soun RYO 8% 1 liu Granlte ©" & fa 3% 20 NY —- 1% Sparks With ... 3% 3% 3% 4 Ys Greyhoun Gp: L 16% 16% 16% .... td Brands we 3 3 + Ya —H— 5 Std Ol Ind 3 30 30% i M& 30 udebaker .. - : Bren Hupp Motos Bs Mw 1% 1's guperios = es ) Ya 3% jg + 3% : - lf Insshs ots Md.. 5% 5% 5% + % Int RR Tia ss oy O..%|Mems op... f3 4. 83 a ne. oe 0 ; -— Int Nokel a3 fh an Tt |Thomp Star dn dn in 18 BOP oy ini MTA Wa... 30% CeniFox . 3% Wu Wi —- nl Kennecott ..... 10% 40%; Woz ~~ Y, v, . : wv Kroger G & B.. 5: Be hk i RL a nk United Cp pf .. 30% 30% 30% — 1 20% + Ya United Drug 51; 5 5%, — VY, oe: TIT On Gas Imp pt 109% 10913 109% + i % US Rubber ... 43 45 45% Cg 52%2 + % gS Steel pt 1004 100: 108% — 1, Ut LE. Thre ho 12 aire -—W ; 53% .... Warner Bros .. 5% 5% 5 is tis =v | West Auto Bup T1898 1318 1 Zw, 12% .... | Willys Overin 2 % 2% —,% 48% + pe Woolworth ..... 45% 451s 481 a 8 4 oh 46% — % | Yellow Tr ..... 19% 19% 19% .... 38°... |Young Sheet :l 3815 « 38us + 8 °C

MAJOR STEEL MILLS RECEIVE BIG ORDERS

Awarded Contracts Call for 26,000 Tons.

NEW YORK, June 23 (U. P.).— Leading steel companies in the past few days have received awards of contracts for structural steel amounting to more than 26,000 tons,

and orders of nearly that total are pending, it was learned today. U. 8S. Steel subsidiaries have been awarded contracts for 16,750 tons of structural steel for the Delaware Aqueduct project, 1650 tons for airplane hangers at Rantoul, Ill, and 4250 tons of reinforced bars, also for the Delaware project. Bethlehem Steel Corp. has been awarded 2300 tons for Brooklyn Subway work and is low bidder on 3800 tons for a reclamation project at Odair, Wash. Several .miscellaneous contracts for 1000 to 2000 tons of structural steel have been placed with independent steel interests. Vancouver iron works have received award for 3000 tons of plates for a water project at Vancouver, B. C. Among pending projects are the Navy Department’s inquiry for 7700 tons. of plates for a seaplane tendes and destroyer tender and 1000 tons for a refinery at Spokane, Wash. Four hangars at Ft. Lewis, Wash., will require 4000 tons of shapes and 2500 to 3000 tons will be needed for transmission towers for the Bonneville Dam, Oregon. A number of other projects requiring 1000 to 1800 tons are pending.

Sets 6-Month

Losses at 18 Millions

NEW YORK, Aug. 23 (U. P.).— American steel companies had an average net loss of $1.75 on every ton of porducts shipped to consumers in the first six months of this year, the Ameriacn Iron & Steel Institute reported today. The deficit in the first half of this year aggregates $18,400,000, 50 per cent above the losses for the entire year of 1934, the most recent year of unprofitable operation, according to the Institute,

LOCAL PRODUCE pet RR, a pill fae ers, it 1bs. and ens nggit 4 Ibs. 4°04 on bs, and “over Bole oLeshot ore, 5 os roost

Rs—No. or strict poy 17c. Each fu i rictly jresh a gross; a net deduction Tm Tse 1 or each nder 55 Ibs

hy f 3 NO. 4,

Zi

New Business Books Available at Library

The following new business | books now are available at the business branch of the Indianapolis Public Library:

BRITISH EXPERIMENTS IN PUBLIC OWN! Fas SHIP

Broadcasting Cory ang London Pas-

senger Trans ort Boa DiFFE ENTIA 2 WAGE S’ AND

BN 45 E UNITED STATES, Ae by National Industrial Conference Board. Wags, working hours and costs of living of workers in various occupations and in plants of various sizes. INTERNAT TIONAL TRADE, by Hugh B. Killough. Present-day problems, economic relations, economic theory and fectual information PSYCHOLOGY oF ADVERTISING, by Harold E. Burtt. ‘‘The:need for advertising develops as civilization s.’

PE ERSONNEL ABBHNISTRATION IN A 9 THE FEDERAL. SERVICE by w. Reeves and P. T. Davis. Fant to the vitality of Government services— the quality of the men pad women

ORE OPERATION, by P. H. Nystrom. Fourth edition.

LOFT STOCKHOLDERS ‘PRESENT DEMANDS

NEW YORK, June 23 (U. P.).— The Protective s Committee for Stockholders of Loft, Inc. today .presented James W. Carkner, president, with demands for profitable management and. protection of stockholders’ interests. The committee, stockholders, outlined these points in their program on which they demanded company co-operation: “Reduction of -operating expenses and increase of revenue to the point

verted into operating profit, and

protection of the stockholders’ interests generally in litigation against Charles G. Guth and the

Pepsi-Cola Co. N. Y. CONSTRUCTION UP

NEW YORK, Aug. 23 (U. P).— Residential and nonresidential construction contracts awarded in metropolitan New York and northern New Jersey in July exceeded any month this year and any month in

day. Total for July wes $41,861,000

| compared with a high of $38,381,000

April 1937, and this year’s previous gh ii $37,923,000 established in

4

| BUY AND

i; ry

h Bank of America | Bank of nr

in a letter to

where operating loss will be con-:

1937, P. W. Dodge Corp., reported to~ | Yesterda

TOHOASD WHEAT

STEADY AS CORN VALUES WAVER

Light Trading Continues as Outside Pits Rally; ‘Oats Fluctuate.

CHICAGO, Aug. 23 (U. P)— Wheat prices steddied on the Chicago Board of Trade today aftér an easy opening. Trading; remained

light.

At the end of the first hour of |;

trading wheat was unchanged to off 3 cent, corn was % cent higher to 1 cent lower, and oats were unchanged to % cent higher. Small rallies in the Minneapolis and Winnipeg markets had little effect in Chicago as general interest in the market was lacking. Winnipeg wheat sagged again after the upturn and was % to % cent lower at the end: of the first hour. Liverpool closed 5% to 7% cent off. ‘Export business in wheat and corn was reported to be flat again today. Receipts in Chicago. were estimated at 31 cars of wheat and 99 cars of corn, Corn prices held around previous closing levels in very dull trading, after light buying had erased early losses.

WAGON WHEAT : oy SLain ol Slevators, are paging for No, other grades on their merits, ra corn, new No. 2 yellow, 48c. Oats, 20c.

RPOOL W (U. 8. Eduvalents ted o AT Sterling

Oct. «e.$0. 0.18%, $0.7 $0. 3 4 0; 76% $0.1 7% DEC. ..cvocene 15% J5Ye 757% March ....... 3% “Tan 3% ri

PROPOSES STORAGE “SETUP FOR BRITAIN

Economist Says Surplus ‘Would Be War Chest.

CAMBRIDGE, England, Aug. 23 (U. P.).—John Maynard Keynes, economist, today proposed a plan under which the. surplus produce of Empire countries would be stored in British warehouses to provide'a war chest of raw materials, :

The plan was set forth in a paper prépared by Mr. Keynes, but read by another in his absence because of illness, before the annual meeting of the British Association for the Advancement of Science. : Under the plan, the Government would not become outright owner of the goods which would remain in the ownership of depositors: who would run the risk of price changes and be free to dispose of them at any time. “If, for example, as seems likely, the Canadian Government finds itself faced this year with the

‘I necessity-of -acguiring wheat beyond

what the market can currently ab-

‘sorb, the agreement would make ior

a physical storage of wheat in this country while it remained the property of the Canadian Govern. ment,” Mr. Keynes said. “In war such reserves held in this country would be better than a geld mine. In peace, we might find we had taken the first step toward making possible a steadier scale of output of principal raw materials, thus avoiding extreme fluctuations of demand for our exports from raw material countries.”

BANK STOCKS

Net Bid Asked Change

Cesbesevease

en . Corn a ic . Empire. ........c.oona; First National .. panty AR vue isssienastsess

Tv Manitastiirers vhwso eos Natiogal ou va oe st.

Pa bl CL ena Title

Guarantee U. S. STATEMENT

WASHINGTON, Aug. 23 (U. P.).—Government expenses and Inceints for the current fiscal year through Aug. 20, compared with a year ago:

This ea Last Year Expenses .$1,241,988,871.52 $1,116,100,537.97 Receipts . 721.900,433.50 761.258.989.68 Gross _ Def. 520.088,447.93 333.34134a.20 Net Def. 19,951,047.93 354,810,098.29 Cash Sal. 3.300 Jia 2,830,349.840.32 Work. Bal. 1,664, 493.98 1.920.331. 355.88 Pub. Pe. a 37. 431 386. 909.11 36.061,683,239, a & od Res. 13,064,718.030.34 12,537.425,996.39 stoms .. 2.484,999.84 67,846,715. 03 INDIANAPOLIS CLEARING MOUSE Clearings ............. 000.000 $3,287,000 Debits... ............. 0 i .266,000

FOREIGN EXCHANGE

NEW YORK, Aug. 23 (U. P.).—Foreign exchange irregularly He Following are

noon cable rates on male currencies able Net Rates Change England ound). -: 84, -—.00 3-16 Canada Jgolian) ] 2 11.91 3 3:94 ne TANG) oc... ? a taly (lira) ........ aaats +0008 elgium (belga) .. 1688 +-.0001 Ys rmany (mark) 008 <+-.0001 Ger. Ssraval mark) Ra $000% Holland (gu {guilder) «5471 —.00/ oe 16 0001 Va Norway id, ves 4583 ° -.00 7 Denmark (krone) .. .3178 ~.00(

CORN AND WHEAT REGION OFFICIAL WEATHER

By U. 8 Weathee Rurean a.

-—Aug 23, 1938 ecipi-State of Stations High Low Rin, weather South Bend .... 84 84 .20 Cloudy Angola ....... 83 62 12 Raining Wheatfield ..... a4 62 Cloudy Roc PE iiee 86 62 X Cloudy Marion :........ a3 69 Cloudy Lafayette ©... 8 3 Siondy Cambridge ony - 8 53 0 Cloudy Columbus . 90 64 0 PtCld Vincennes ...... 92 4 Cloud aoli sre wbBeant 22 2 oe . Cloudy: . Wayne ..... 24 01 inin, diana balls wih BE 8 Siondy Evansville “e's 9 B . 08 PtCl

DAILY PRICE INDEX

NEW YORK, Aug. 23 (U.P) — Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press ( 19301032 average 100): y 0008000000000 80000s 104.21

Week BBO scescosccsoscssnsss 102.99 =

Month ago Se00evsscncsesanne 105.08 Year ago Gsssnnsssinensanssse 138.49 High for 1938 (Jan. 10)...c.. 117.06 Low for 1038 (June 2)....... 10293

Indianapolis Power & ENT 6 i 8 gu lo : , ’ orf

Prev. officers prepared for the fifth an-

{| STEEL INGOT OUTPUT

—The Central Greyhound Lines,

0 ; Fy NL

BANK TO RETIRE $50,000 STOCK

American National Observes Fifth Anniversary Tomorrow.

Retirement of an additional $50,000 in American National Bank preferred stock and transfer of the same amount to surplus has been voted by directors, James S. Rogan, president, announced today, as

niversary of the insitution’s founding tomorrow. : Since organization, $1,025,000 of an original issue of $1,800,000 of preferred -stock has been retired, Mr. Rogan said. Deposits have increased from $10,800,000 to $31,700,000. tis “In view of the curtailed demand for bank loans and the unprecedented low yields on loans and investments that have prevailed,” Mr. Rogan said, “our officers and directors are well pleased with the bank’s progress.

Points to Service

deposits reflects an increasing use of the bank's services and its ability to serve satisfactorily not only its growing clientele but the business and financial interests in general of the community. We are naturally very grateful to our depositors and other friends who have cooperated so splendidly in making this growth possible.” The action of the board of directors in adding $50,000 to surplus provides the institution with a surplus account of $750,000 as compared with $400,000 five years ago. The capital structure, which now is in excess of three millions, ine cludes one million in common stock,

plus of $750,000, $283,000 in undivided profits, and a reserve account of $275,000 for dividends payable in common stock.

RETAIL DISPLAY ADS UNDER 1937 LINEAGE

. ‘CHICAGO, Aug. 23 (U. P.).—Retail display advertising in the week ended Aug. 13 was 13.5 per cent under the corresponding 1937 period, Advertising Age reported today. Returns from 79 leading cities revealed that retailers placed a total of 15,108,270 lines ih newspapers of the measured cities compared with 17,461,031 in the same week a Year ago. In the pre eding week. the total was 15,310,093. Lineage for the 33: weeks through Aug. 13 was reported at 571,257,707 lines against 643,822,053 in the similar 1937 period.

BUSINESS FAILURES LESS THAN WEEK AGO

NEW YORK, Aug. Aug. 23 (U. P).— Business failures in the United States in the full week ended Aug. 18 declined to the second lowest

Inc., reported today. « Total for the latest week was 218 compared with 221 in the preceding ‘week, 206 a month ago, and 159 in the corresponding:1937 period. The vear’s low was set July 21 at 206. Insolvencies with liabilities of $5000 or more amounted to 123, compared with 133 the previous week and 91 a year ago.

HIGHER AT CHICAGO

CHICAGO, Aug. 23 (U. P.).—Therate of steel ingot production advanced 2.5 points to 36 per cent of capacity: in the Chicago area this week. Miscellaneous manufacturing orders continue to constitute the major part of the demand. Some of the activity is due to the building up of stocks of raw steel by producers. Local observers foresee no large increase Lj the production rate for several weeks, until fall buying ‘by the automobile industry enters the market.

SEEKS STOCK INCREASE|: WASHINGTON, Aug. 23 (U. P).

Inc. asked the Interstate Commerce Commission today for authority to issue 9500 shares of $6 cumulative pref stock having a stated value of $950,000. The issue would. be used to repay advances made to the line in"1936 and 1937 by its varent company, Greyhound Corp, for property improvements.

SET PLANE TEST FLIGHT

LOS ANGELES, Aug. 23 w. P= Officials of Lockheed Aircraft today announced plans to ob the first of a fleet of 13 transport planes ordered by the U. S. Army into test flight next week preparatory to delivery to Dayton, O. The planes will be used for high speed a tion of personnel and for

. ; ¢ cl Ei

“The substantial’ growth of our |

$775,000 in preferred stock, a sur-| pack

level of the year, Dun & Bradstreet, |

ECEPTS | FORCE HOGS T0 MID-MAY LOWS

{Top en 220 to 230-Pound

Weights. Dips to $8.55 On Local : Market.

Receipt of about 7000 hogs forced ces on most weights 10 10 25 cents ower here today, the Bureau Agricultural Economics reported. The top price on 220 to 230-pound weights was $8.55, lowest since midMay. Extreme heavy butchers over 325 pounds held steady. The last two days’ eit total ing about 17,000 offset gains of as

- > 54

much as $2 in dressed pork markets.

Cattle receipts estimated at over 3000 included approximately 55 loads of beef steers and yearlings and 18 loads of heifers. Steers cleared in a moderately active trade at strong prices, and in many: instances steer prices show an ’advance of 25 cents over a week ago. Both local and shipper buyers competed, but heavyweight middiepriced steers moved with best action. The heifer trade was slow, good fed heifers and mixed yearlings ‘holding steady, but others uneven and weak to lower. - Bulls ruled strong to 25 cents higher. Vealers strengthened, with a top of $10.50 popular on handyweights. Fat lambs ruled steady to strong. Choice ewes and wethers again stopped at $9, bulk better grades $8.50 and above.

Predicts Upturn In Cattle Production:

Times Special WASHINGTON, Aug. 23.—Barring the recurrence of droughts the trend of cattle production in the United States is likely to be upward during the next few years, the Bueau of Agricultural Economics said

The number of cattle in the United States has been declining since 1934, but with more favorable feed conditions since the 1937 harvests there has been a tendency to rebuild herds, especially in the western corn belt, the Bureau said. Marketings of the lower grades of slaughter cattle during the next few months probably will iicrease less than seasonally, the Bureau said.

Seasonal declines in prices of feeder and stocker cattle and the lower grades of slaughter cattle probably will be relatively small. Aug 3 ets ace esse, «$ 3.08 x 5993 ass 3 ’ 5624 9.00 ° 56 is 3.80 9557 .e es 8.55 6776 Barrows and Gilts— (140-160) Good and choice..$ 7.00@ 8.25 (160-180) -Good and choice.. 7.75@ 8.35 ux: ) and choice 8.30 88 (200-220) Good and choice.. 8.40@ 8. (220-250) Good and choice.. 8.40@ 2.55 (250-290) G and choice.. Sle 35 1380-3 DS and choice.. 7.55@ 8. | ais) Medium .......... 7.00@ 17.35 -500) Good . Pi . su 7.10 1380-300) 00d ...... “ve 1 5a al hier ® : et aaa > > : - an choice. ; . oes remy 838g 7:80 —CATTLE~ ~ =—Receipts, 346— ; Steers sa-1100 hoice 3 1 Choice 0.25 . ARIE Sone Ba f 1730 36-900 ) Good 19010. 900) .75@10. (900-1100) Good | 15610. (1100-1300) Goou . .00@10. 11300-1500" Good . 0. (750-1100) Medium .50@ 8.7 (1100-1300) Medium ......... 9. (750-1100) Medium (plain)... 6.35 1. 4 Heifers 750-900). Good ............. 9.78 |. 550-900) Medium ........ .- 5:50 838 (550-900) Common .....:... B5.75@ 7 Cows : All Jreighta— : Geod Li i a... PS . 17.00 aN edium LEE II I ILE SE s% 6.00 IMAGE... icin edhe 4.79@ 5.50 Es cutter and cutters..... 3.15@ 4.75 Bulls

Yearlings Excluded— (All weights) Good (beef) .. 6 (an weights) Medium tter and common".

Vealers

on

ght Fests Scarce, steady; best fed cows scarce,

Delfers - w j18 75; bulls igher: vealers strong: big Share Wai crop unsold; many loads without bids on early fun: late M Monday Texas stock calves went to country at 25, 0 good El

steady;

rangers. . [email protected]; city a Tyas. quotable at 8.708. 75; sheep steady; native ewes, $3.25@3.

Rush Jobs Make Us Smile

Hendren Printing

. Company, Ine. 685 CENTURY BLDG. RI-8533

A SAFE DEPOSIT

BOX MS evRANCE

9 Different Sizes $3 TO $100 A YEAR

Security Trust Co.

130 E. WASHINGTON

multi-engined equipment.

training pilots in the operation of |

of |

(All weights) Choice ...... 1 (All ‘'weights) Good ceiess [email protected] (All weights) Medium ....... 8. g 9.50 Cull and common .,....... «« 5.000 8.00 Calves —Receipts, 680— o (250-400) Gholes eseavs deve 8.000 9.00 7.00@ 8.00 am ialeasleinis 6.00@ 7.00 Common ......... 5.00@ 6.00 Feeder and Stocker Cattle Steers— : $300.00) Choice ..... “es mion 8.00@ 9.25 (800-1050) Choice ...... eseses 8.00@ 9.00 3200-300 sgessensnsee 1.50@ 8.25 {800-1030) Moaqum' 0 tc: 400@ 8.33 (880-180 and ‘choice. 700g 8.00 Comm cee. «4s 6.000 17.00 Hetfers (550-7500 Sood and choice. . 6.008 8.00 Common, medium. 6.008 7.00 Sheep and Lambs —Receipts. 2431— SpHng Lambs— : ; 0ICE ..¢..ietcecenerine 8.75@ 30 od ee 6080000000 caste 8.2 8.7 Medium cocoon svessoseasenes. 1.004 8.25 Common eessiussncontccnsenss 6.00 7.00 ‘BWes— . Good and choice ....... oe 102 3.00 Common and medium RI 1.00@ 1.75 ICAGO. Aug. “a3 (U (U. Pp) ~Hogs—Refoipte. 15,000; directs, sod: glow, mostly 10@15¢ lower on weights over 200 Ibs.: ypcven, 15@35¢ lower on li weights top. $8.85; and choice 200-340 1bs.. 88.55@ She o Fi “good Ii ht ba Ig LI ac SOW, few, $7.10; tn Back hts an heayies, $606.50 .50. Cattle—Beceipts calves, steers 25c wer: ight yearling steers 7 Rn heiters’ and mixed year: jings stea Supply mall; 1a; e EE Tan; ling 3 5 h be = than Monday. e but numerous loads held higher." common and med-

TONIGHT ; 6:00—4 Corners Theater, WFBM. 6:30-~Clifton Fadiman, WLS. 6:30—Wayne King, WIRE. 7:00—~Vox Pop, WIRE. 7:30-~Goodman’s Or, WFBM. 8:00—Hal Kemp's Or. WFBM.

4

Songs from Max Gordon's new musical, “Sing Out the News,” will be introduced by Hal Kemp's orchestra : tonight at 8 p. m. over CBS-WFBM. Mr. Kemp has been given the exclusive right to play them. 8 2 8 Justin McCarthy's “Down East,” adapted for radio by Constance Brown, will be presented on “Four Corners Theater” through CBSWFBM at 6 p. m. The play is a bucolic drammer about vicious villains and stalwart heroes.

® 8 ® Marcus Duffield, day news editor of the New York Herald-Tribune, and Percy Waxman, associate editor of “Cosmopolitan,” will be the guests of Clifton Fadiman on his “Information Please” program: (NBC-WBOW ' 6:30 p. m.).

” 8 rn Glenn Bainum will conduct his band from the Grant Park bandshell tonight at 8 o'clock over WMAQ. The program includes “March of the Steel Men,” the “Toccata Marziale,” and the “Fantastic Polka.” 2 2 »

Newscommentator Gabriel Heatter has been signed to continue

“ON THE RADIO

his “We, the People’ series ovet CBS beginning . 27. : ® 2 8

“Dinner ‘Music for a Pack of Hungry Cannibals” = Raymond Scott's swing novelty, will feature the Vocal Varieties rogram at 5:15 p. m. over NBC-WIRE. Included in the broadcast will be Jerome Kern's “Make Believe.” 8 & = A concert by the newly organized Wisconsin Symphony Orchestra, under Dr. Sigfrid Prager, will mark the opening of the Washington Perk Temple of Music in Mil waukee, Wis, at 8:30 p. m. over

CBS .

“The Nuremberg Doll,” an opers bouffe by Adolphe Adam, will be

heard tomorrow at 12:30 p. m. over CBS-WFBM. The: German cone

ductor Emil Kahn is to direct, as-

sisted by pianists Dr. Paul Berl and Curt Engel. Soloists for the opera include Fritz Lechner, German baritone; Ivan Velikanoff; tenor; Alfred Durra, tenor, and Marguerite Hawkins, soprano.

8 ”® 8 * Other Evening Highlights: Wayne King’s orchestra at 6:30 p. m. over WIRE. . . , Jay Franklin, discussing the “State of the Nation” at 8:45 p. m. through ‘-WENR. « 8 eo Helen

Menken in. “Second Husband” at

5:30 p m, over WBBM. .. William. Montgomery McGovern in his Rove ing Prof series talks on “Head

Hunters of Formosa” at 5:45 p m,

over WMAQ. . . . Eddie Duchin’s orchestra plays at 9:30 p. m. over WFBM. . Gene Krupa's band plays at 10 p m. over WGN.

THIS EVENING . : 4

(The Indianapolis Times is not responsible for inaccuracies in program au. aouncements caused by station changes after ress time.)

INDIANAPOLIS fANAPOLIS CINCINNATI ese | 1280 4 1400 W_ 7 VaR “Eas Plt, 3, “4:00 N bin’ . bin’s Or. Bill A ide Jeni, Matenes ED a Lyon Favor Gilming Airiiners . 1 : w & ol Lowell Thomas Orphan Annie 3 8 % Wi cert Or. 8:18 Siem dionee : Vathetios 3 Soars miley x fines rro 108 OF . ; 5:48 Pos Footlight Parade NS olony Paul Sullivan festas Sports. $12 Theater Johnny Johnny Gould's Or. TN 3 . Locke's Or. Gr ornes «i Reandywine or Wayne Rin James® Or. tn Be : : Don't Believe T¢ . 1:00 Grand Gentss) Vog, Pon, . ves Pop, oe Heidelberx Concert. 338 Goodman's on Attorney, at Law orney, a W . Comorraw's Trib. . ?, y 1 t IB ron pou owe EEE +3 A A r 8:45 we Fraumbaner Or. Don't Believe It hers . - -Andy t Job sie fren Ree fewa on? Piiciien’” Felts or. bias Duchin Bethy 8000 pte Jurgens’ Or. $ 35 » , Salli Barrie’s Or. 10:15 Bavien Or. » » Farbers Or. w a H:3 ‘Long’s Op. Reisman’s Or. Moore's Or. Ayres’ OF. 11:00 Molina’s Or. Dance Of. Review Joy's Or, h:3 1d » Panes or. Livi est ’: Or he Genta )s Or. Bm irro’s Or. ingston’s Or. WEDNESDAY PROGRAMS }3 INDIANAPOL \ INDIANAPOLIS CINCINNATI FOR 78 ! . G! t Woman ON Wikk LS NBO MBS) (MBS Net) 3 > ti Musie Box is Barly i Basten) Clock Severers ple By 3 "= no. Good Morning TE II uw on 74 nn ie » 0 Singer > 148 "i News ywood News - 8: t) s Wi H s Crane-Joyce off Belaaes BRGWER Me. EON 8:48 Stepmother Women in” White Betty-Bob Earl Lawrence t ‘Maxwell Goldbe Get Thin 318 Apron Siriuzs Eovensg 3 Foes Vie-Sade’ - Children 9:45 Real Life Linda's Love Road of Lite Painted: Dreams . 0: Bi la D d Editor’s Daughter Manhatt: othey 10:13 ens Beatles Kidoodrers O'Nelits Fodro's Voit 18:30 Mrs, Farrell Footnotes News Sula Bran 0:45 Grier’s Or. Farm-Home M . i 8 0": a poy Gang ; Hite Dohemians OE fam Hour % ©» Rare 11:30 Parm Circle mtn Live Stock Seryices | 11:45 Markets "an. Unannounced : ; 7 Linda's Love a Turner ji Ba News es da i Goimm TX 's Daushter gs. Like j 12:45 Aw Doers Be Crocker Kitty Lindy Mel :00 + WIRE Reporter Jala man [ff mpm rome Ese Rell HERE, 1:48 Lebrun Sisters te OX Guiding Light ~~ Leadoft Man s Hardin, Wite Baseball in Hee. Samm fells Das bo 10 » 3:45 Leon Goldman Police Court Hatter .- oo. 8:00 Castillian’s Whe Sang Houseboa, ».» 3:30 M oh of Games Rainbow. Trio : Since bgp “ 3:45 Exnloring Space . Rakov's Or. Man of M ». = 4: Hayes’ Or. Hayes’ 1 18 aes BE ne ESR [RAR is Tes, Tung Nola x Lowell Thomas n Annie

. 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; WJR, 750; WHAS, 820; KMOX, 1090; WBBM, 776.

MUTUAL-—-WOE, 710; WHK, 1390; WHKC, 640; CKLW, 1030; WSM, 8a

CROSSWORD PUZZLE

HORIZONTAL Answer to Previous Puzzle _15Affirmaiive 1 Airship vote. named after 18 God of love, its inventor. OTIS 20 Cow-headed . 8 The inventor dess. * Was 8 w= 21 This ship has count. a large cue 13 Opera melody. for storing 14 To hoodwink. freight. 16 Pertaining . 23 To work, to air. 25 The «= lige 17 A wise saw, been spanned, 19 To deposit. ‘many times 20 Within. by this type 21 Fish. ship. 22 Lists of : 2% Hook. officers. 41 Perched, 61 This ship is a 29 Wise men, 2 Wine y : x Bone, _— balloon, 31. Mui B easure o 4 y Stomac area™ 44 Definite VERTICAL 3 God of wap, 27 To skip. article. 1B flat, 38 Agent, 28 Exists. 46 Repetition, 2 Mistake, 40 Plural of thal 30 Preposition. 50 Kind .of snow: 3 Party-colored. 43 Dexterity. 31 Box. glider. 4 Tablet. 45 Water cress, 32 To soften. $1 Couples. 5 Pound. 47 To trudge leather, Varnish 6 Sicknesses. along. 34 Styptie. ingredient, Tidy. 48 Branches.’ 85Gay - _ B54Small 8 Grain, 49 One who ices . celebration memorial, 9 Hastened, 80 Thick slice. Cougar... 86 Dry. .10 Boundary, 52 Small shield, 38 Moisture, _57-Cupolas, 1 Frogram 85 Root point 89 Neuter 89 Chum. covering. pronoun. 60 Antitoxin. 12 Negaiive. B8Tone B. / 0 Ji 16 — wg EHD. JR > & 8 ] 9 ‘ % ’. \ : 9

gai