Indianapolis Times, Indianapolis, Marion County, 1 July 1939 — Page 11

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A ol ot i

SATURDAY, JULY 1, 1939

» STOCK LEVELS

PUSH UP WITH

TRADE SLACK |

. » » . A Financial District Is Barren;

All Banks Are Closed; Mart Open Monday.

NEW YORK, July 1

averages today with volume light.

The whole financial district was! i

deserted except for the brokerage offices and three markets—the Stock Exchange, Curb Exchange and the Cotton Exchange. closed and dealings in foreign exchange were suspended for the day. The market will be open Monday as usual and banks will reopen. All

business will close down on Tuesday for the holiday.

Opening Irregular

Opening irregular, the list met|g modest support and leading issues showed small gains. Heaviest trading was done in Sunshine Mining which lost nearly a point on uncer-

tainty over Government purchases)

of domestic silver. Sunshine is the nation’s largest silver producer. Next in volume came U. S. Rubber. Chrysler and Commonwealth Edison were tied for fourth place and a fair amount of business was done in Loft and National Steel. The latter made a new low at 52, off 11: points, and then came back to within a small fraction of the previous close. Chrysler and General Motors had small gains. Coppers were sustained by reports of improving business.

Procter & Gamble Gains

Air Reduction gained 2 points. Procter & Gamble was up more than a point. Fractional gains were noted in American Telephone, American Tobacco issues, Celanese, General Electric, Consolidated Edison, Pennsylvania Railroad, Standard Oil of New Jersey and Woolworth. News of market importance was scarce. European developments were considered less ominous, but market operators continued cautious in making commitments in view of the approaching market shutdown Tuesday.

Stock Advices Continue To Stress Caution

NEW YORK, July 1 (U. P.) —Now |

that the averages have been driven down to levels that prevailed at the] time of the Munich crisis in late September last year, the chart readers are becoming worried over the] future of the market.

HOGS FIRM AT LIMIT OF $7.40

Bidders Press for Decline In Heavy Butchers; Receipts Light. Hog prices held generally steady | B

here today on the usually light Saturday market. The Agricultural Eco-

nomics Bureau reported, however,

that bidders were pressing to lower rates on heavy butchers.

Despite the pressure, the top

stayed at $7.40 for 210 to 220-pound E d Phen

offerings after taking a 10-cent slide yesterday. Estimated salable receipts were 1500 hogs, 125 cattle, 175 calves and 50 sheep. There was no market in veal.

Top Repts. } ane

-...8 3.50 5835

7.40 489 |G

| Te Reps,

Packing Sows 1 275- 350..8% 6.15- 6.40 | 350- 425.. 455- 530.

Barrows and Cilts |

5.00- 5.75

4.75- 5.75 iu ohter Pigs 0!300d and Choice— 5/ 100- 140 § 6.65- 7. 6.15- 6.

w >

3 4 4 4 2

Eh mE ai:

.60| Medium. CATTLE (Receipts Si) 1 WwW ane 10.50 All eights— ’ 3710.%5) G'd bf § 7.25- . 5-10.75! Medium 75-10.50 Cutt.

| 0.75'All Weights— 751 Chnice...$ 9.50

8 3 NE

9.00- 8 9.25- 9.

9.25- . | Medium . y 9. sl Cull and common

8.75 pa Calves { aceidts - 8.251 Feeder and | Stocker Cattle | Steers 9.50 Choice— 500- 300 § 225-9 9. 50! 800.1 1059: 9.00-

Good 9.00. 500- “ | 800- 1999"

9.00) “5:50.

Choice— - 750- 900 $ 8.75- . 9.00- 9. 0

8.258.25-

8.25-

9.00 | 9.00

Low cutter & cutter 4.25- 6 on

SHEEP AND LAMBS (Receipts —) Spring Lambs Good and choice Medium and good Common and good Ewes (on shorn basis) Good and choice Con:mon

$ 9.75-10.25 8.50- 9.75 7.00- 8.50

CHICAGO LIVESTOCK!

Hogs—Receipts, 200; receipts limited: no good to choice light hogs included: market nominally steady: for the week the market moved unevenly higher: weight averages 160-240 lbs. 16@25¢c Rgher: light sows sharing upturn; heavier weight butchers and sows mostly steadv to 15 cents Wee week's top, $7.50. Peak In nearly three months. Cattle—Receivts, 200; no calves; market nominal; for the week choice steers and all yearling steers steady: good grade steers 1100 lbs. and up 25 cents off: others weak to 25 cents lower: heifers and cows 25 cents lower; bulls and vealers closing steady to weak: light stockers and stock calves fully steady; feeders draggv and weak: Duk grain fed steers cashing $8.50 @10; $11.10: yearlings, $10.35: Ses weil ht enters $9. 60: bulk fed kinds, 8. 5 @?9. w beef cows $7.75 and most, tor COW, $6@7; cutters, oA 50 : toh 2 sausage bulls, 7. 60. top vealers. "tio: ulk $8.50%@9.50. eep—Receipts, 300; market nominal; for the week spring lambs and most old crop clipped lambs weak to 25 sone Dy SL: top soringers, $10.40; bulk, $9.25@ 10 35° f lipped California TR ey 89.25% 50: best old crop clipped lambs. $8.90: Sphers 50 ewes strong to 25 cents

sla native 25a3

higher at §

OTHER LIVESTOCK

U.P)

280..30 $6. 0070; 325-380 Jos. $6.60; 140-160 ibs. $6.60! ibs., ought 25; $4: lambs, $9.50

stags, calves,

LAFAYETTE. Ind. July 1 arket a 160- 200 Bee

690; pies. 318 ‘down; a 3 8%

[email protected]; lambs, $9.75 down. N

A (U. P)— A Stocks registered small gains in the

All banks were Am

a Top Repts.

6.40- 6.25 |

2.00- 3.25 |p

N $9. N

FINAL

NEW YORK STOCKS

By United Press

—l— 58 63% 22 47 oh % Ya 3

BD pes et GO

Am Am Am Am Tob Am Am Am

[> 0 OO OF CN bet RIC) bt jot CF ID ot ot - Gh.

A Anchor Hock Armour Ill ..... Atcaison . Asso Inv . ‘ Asso Inv pf ... Atl Refining ... Atlas Corp .... Auburn Auto .. Austin Nich ... Aviation Corp .

Bald Lien et .. B &

B & Bangor & Barber Asohalt Jeatrice Cr .

Beth Steel 5 pt igelow San Black & Decker Blaw-Knox ... on 3 PL mi

orden org-Warner rew ing Cp Am Brass

v Q Bruns-Balke Bucyrus-Erie .. Budd Wheel .. Burlington M . Burroughs 11 Bush TB of ctf

Cal Packing .. 173% Callahan Zine . 1 18% 4 4 42, 41% 2134 21 102% 105% 23, 4 322 8l2 30% 937% 1a

Caterpillar T .. Celanese Celanese pf Celotex . ...... Cent Foundry . 23% Cent RR Cerro de Pasco S258 Certain-teed . Ches & Ohio Ches & vie ot HT Chi Gt W Ry pf 1% Chi Mal Order Ha

I&F pf Climax Moly Co IA Cluett Peab .. 287% Coca-Cola ....123 Colgate-P-P

Col Broadcst Col Broadest Colum Gas Com Credit Com Inv Tr... Com Solvents . Comwlith Edison 2 Comwith & . Cone-Nairn Cons Aircraft Cons Cigar {Cons Cig pr ‘pf | Cons Edison ... Cons Oil | Con RRCuba of Container “i | Cont Bak A ‘o

{Cort Bak | Cont

Curtis Pub .... Curtiss-Wr A .. Curtiss-Wr A .. Cutler-Ham

Deere & Co...

. 26% oo} LoL 241% Diam Match «32% Diam M pf.... 43% Diam T Mot.. 5% Douglas Air ... 65 Du Pont ..149 Du Pont deb..139

Fast Air Lines Eitingon S

Fl Paso Nat G 3 Eng Pub S .... Equit Erie 1 Evans Ex-cell-o

Fair, The

ne ~~ SN

Funikate Food Mac

nd SONNE

8 2Y2 38 1934 J

Francisco Sug .. Frank Sim pf Freept- SUID.

CD ht r- ow OBIT WDD

Gair Roht pf . 8 Gen A 0 pt ww 100 . 9% 33%

86% 417, 3

Electric Foods. .

Milis .... Motors ...

Gen Gillette & R. Gimbel Bros . Goodrich Goodyear . Gotham Hos . Graham-Paige. Grand Un pf.. Grant nf ..... Gt North pf .. Gt Nor Ore Grevhnd Cp 17% Grevhnd 5'2s pf 1134

12% ve 80 A . 111% 1112 10's;

1014 132 132 621: 821% M&S 303% 30'% 412 4%

{Hal Print | Hayes Bdy Hecker Prod | Herc Mot . Herc Pdr pf Homestake Hud Bav Hudson Motor.

12% 1,

0 | Hupp Motor .. 1

Ill Central ... 1034 Ind Rayon ... 2! Inland Stl .... 70% Inland Sti . T0% Inspiratn Cop. 10% Interchem pf . 102: Interiake Ir ... 8 {Int Harvester. 55 Harv pf |Int Hvd El A | Int Nickel Int P&P Int Int T

Int T&T For Island Cr Coal

102 21 70 70

10 1022 8

Johns-Man

Kennecott 312 Kresge S8 C24 Kroger G&B .. 26% we fie 32% NY

2 16

307% 24

Lee Rub

Mack TA Macy R Man Ry ma. Marshall Marine Mid .e Man Shirt .... Martin GI .. Martin Parry. . Mathieson pf..17 {May D S 4 | McCrory | McIntyre Fore:

p Mengel 1st pf. Miami Co MidlandSt MinnHny Minn-Moline Mo-K Tex pf. Monsanto .. 9 Monsanto of A 487% Mont Ward ... 49 Mullins pf .... 8 Murray ....... 4%

Nash-Kelvy .... Nat Aviation .. Nat Biscuit Nat Dairy .... 15 Nat Distillers. 25 Nat Gypsum ed

Nat ad Nat Pwr & Lt HE

: Nat Steel 0 | N

No Pacife

58 be 67s 22 483%

6la

151% Qg 18% 273 57

. 185% % swt ot. 108% I: 108%

Net

. +2

7 +4 4 oh

TA:

+++ | [+4

DHE

Fo | +++

CIT

+444]

High Low Close Change

a “vp U. S. Rubber .

4+: +: 47 +:

tE Hiri:

8 a . 1a 1a a Ye

% Repub Steel ...

[Park Utah .... Pathe Film

{Penn RR

} | Phillips Pet

: WHEAT OFF AT

. [cent lower, July 313%.

1 | liveries of nearly 2,000,000 bushels of

? pressing factor.

+ with Liverpool. Rains in sections of

* |also had a constructive influence.

‘pean political situation. Winnipeg %|was closed for the Dominion Day

lof corn, and 32 cars of oats.

15 MOST ACTIVE STOCKS Net Low Close Change 394 % 105% 3% 5% “ 1h 3%

High .. 393g Loft 105% Sunshine Min . 9% Chrysler .. 683% Com. Edison ... National Steel .433!4 Anaconda 223g General Mot ... 47% U § Steel . . 451s 17% Con Edison .... 29% 2934 Hupn Motors .. 1 1 Packard 3g 3g Aviation Cp 3% 8% Kennecott 31%. 14

417%

t+: LEE E+E

14% Stock sales approximated 190,000 shares, the same as traded a "week ago. Curb stock sales were 28,000 shares, the smallest this year, and compared with 33,000 last, Saturday.

Net Close Change 4 + 8 55

— 3g

High Low Norwalk T ... 4 No Am 5% pf 55% Ohio Oil .. Ys Omnibus .. Otis Bley i .e Otis Stee 8 Owens a Glass 59%

‘Vi 8 3a

1a ls 1g 4 1

Pac G & L... 30'2 Pacific Ltg . 45% Packard . 3) Pan Am Atrwys 12% Paramt Pict ..

HHH HE

Penn D Cem...

he Peoples Gas ... a Phelps Dodg .. Phila Read C I Phil Morris

: Y 38 . 323% 7 J + 3%

CHICAGO CLOSE

Hedge Selling and Week- s

End Liquidation Too Heavy For Demand.

8 CHICAGO, July 1 (U. P).—Wheat =

eased fractionally on the Chicago Board of Trade today, after early firmness. At the close wheat was off 5 to cent, July 697%, corn was unchanged, July 467, and oats were 14 to % Moderate hedge selling and weekend liquidation proved too heavy for the demand in late trading. De-

wheat on July contracts was a de-

Opening quotations in wheat were firm, and gains of !2 cent were registered under buying in sympathy

the winter wheat harvesting region

Liverpool Up

Liverpool wheat closed 3% to 7s|u cent higher, largely due to nervous week-end covering due to the Euro-

holiday. Export business in North American wheat was limited to about 150,000 bushels of Manitobas. Corn futures ruled relatively steady, despite the weakness in wheat. Liquidation of July contracts continued. Shipping sales of 268,000 bushels were reported,r and there

: {was some buying of futures by cash |Va-

interests. Oats dipped slightly under commission house selling in sympathy with wheat. Lard prices sagged to the lowest levels since 1934 as tenders of 3,300.000 pounds unsettled the market at the opening.

Local grain receipts included an \

estimated 94 cars of wheat, 93 cars

Forecasts Unchanged

The Modern Miller Weekly Crop Report, meantime, said private returns indicate there has been little change in the prospective winter wheat crop during the last month. The weekly report of the Canadian National Railways said that as a result of continued cool weather and rains over much of the western wheat area, further improvement in crop conditions is reported.

Market comment: Sincere &

{| Co.—Think wheat should be bought 4

on recessions.

CHICAGO GRAIN

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Today .....ovcvvesssnsnnanss 13133 Yesterday ......oceceveneees 130.638 Week ago .....ecovvenneenss 137.36 Month ago ......ooo0vviuene 137.12 Year ago High, 1939, 154.85; low, 121.44, High, 1938, 138.41; low, 98.95. 20 RAILROADS

Shit eterertant tae

+110 +0.58 —0.06 + 0.38

25.93 25.85 27.78 27.94 MWS

Today Yesterday Week ago Month ago ... Year ago High, 1939, 34.33; low, 24.14. High, 1938, 33.98; low, 19.00. 15 UTILITIES

Cebtsessset Eraser

EEE LEE ER) EEE LE LR

EEE RRR

23.09 WIN terresassasaesies 24.03 «23352

Today .. Yesterday ......ocovvveniennn Week ago Month age )... Year ago High, 1939, 26.52; low, 20.71. High, 1938, 25.19; lew, 15.14.

Ceres aenatae

Net Close Change Ve lg

High Pierce O pf ... 67% Pitts Sc & B... 8a Pitts & WVa.. 8 age Oil.. 19%

Low 87% 5V 84 19% 8% . 3% .. 587% 58 . ee

Reading 1 pf. Rem. Hand Bou

I+4+ + +f

. —- -

Mo Republic Stl Revere Cop .... Reyn Met Reyn Tob B ...

Safeway Safeway 5 Bt St Jos Lea ‘ Savage Arms .. Schenley Dist

Snider Pkg Soconv Vac

-—- ® a

0 South Ry pf . Sperry Corp ... 4 Spicer Mfg .. Spiegel Inc .... gd

Ca Stand hig! Ind . Std Oil N J Bas War Stokely Br Stone & Web Studebaker Sun Oil sun Oil pf .... Sunshine Min .. Superior Oil ... ft & Co ..

Sw Swift Intl

Dh | FR E L

Texas op ‘eee Tex G Sul

Dore Na

SIRENS

Transamerica .. Transew Air .. Tri-Con 20th ent- Fox . 20th Cent-F pf. Twin Coach ....

Fas

| ~ LX C0 S03 M330 Uy me it bt pe a 11

Ulen & Co.....

ft ot C3 pt =]

Biscuit ‘ee United Corp United Cp pt... United Drug . United Fruit ...

CJ et pt CY pt Sa Ld

a3 VEO NG 13 TO ve Ty 03

ta] C3 adres COs]

Rr eee Co are ee C3 FNNDN TED ETN BT

Sw On ID me TI LIBS

Fb re Br C3 SENATE a

ft (ts DD 3

Walgreen .... Walker (H) Walworth .... 4%, Warner Bros. 4, Warren B cv nf ol Warren F & Waukesha Mot. 181 Web Eison ‘e 1 3 S . 1812

—- 8 oN BD

West Auto Sup J8% West Union. .. 18 West Air Bke.. 191% Westing El.... 9515 Westvaco White Mot ... 77% White Sw M Bo! 23, Wilson & Co. 33% Woolworth . 46% Wrigley 81

dF div) |

—Y— 1354 132 10s 10'% 333% 33

is 2%

Yellow Young Ss & Young Shect..

+]:

Atlas Corp wts. Belanca Air . Can Marconi .. Carrier Corp ...

Prev. Close Close |

® WheRtee July

2 11 red. 6512@66%2c; No.

$607: $.70!: | Js 12 7234 13%

467% 48% 50%

313% 301, 314d

30 012 | 312 433%b 4413 .46 4612 4812 501%

90% |

TTL

7514

DBANN DDP®I DPONID

A—Asked; B—Bid.

CASH

Wheat—No. 1 red, old, 74c. No. 2 hard new, 73c; No. 1 yellow hard new, 72'zc: No. 2 yellow hard ne 72@72'%2c; No. 2 yellow hard tough, —No. 1 xed, Wee No. 2 mixed, Most white, she. x samp le, 47c. Oats—No. 2 white, Sa 3314¢; No. 3 @33c: No. 4, 31vi@32%c; sample, 313c. Rye—No_sales Barley—No. x 41c: feed, 35@#5ch; malting, 50@57cn; sampie, 4c oybeans—No sales, Cash Provisions — Lard, $5.02n: leads $5.12n; bellies, n Nomin

LOCAL GRAIN

CASH receipts

iia

$5.75n $6.25n,

loose,

Wheat—Easy, 8 carloads. No. L 3 red, 64! 3a8s)ac: nN,

1 hard, 641 0 855; No. 2 hard, 63'2@ 4'%¢,

Lorn—Steady: Jeceipts. 30 carloads: No. 2 vellow. 42',@43'c; No. 3 allow, 41% @ i5¢; No. 4 yellow, 40'>@41'2¢; white cents over yellow: mixed corn, cents under yellow s—Easy; SEN 4 carloads; No. 20% @31%ec; No. 3 white,

WAGON WHEAT Ingisnspons gran elevators are paying for No. other grades on their rh log corn, new No. 2 yellow, 47c. Oats, 29c.

Corn and Wheat Region Official Weather By U. 8. Weather Burean

July 1, 1939 ecipi- State of

High. Low tation weather . 8 .00 78

Station Notre Dame .. ngola ... ‘

Vincennes ...... 8 Reon “arenas

Ce Tosis This aute ...

Inaian

28 ea No’

y | 25¢:

Celanese 1 pf.. Childs pf 8.... [Cities Serv .... 8 Cities Serv pf .. 5 aude Neon Lts Col BD

18 15-18 w .s 14% 14% — Wright Harg ... 3 8

Chicago Stocks

Low Close 3-16 80, 37a

36 15%% 3%

Aviat Corp rts... Am Pub Jory, 2 “ee Armour & oe Asbestos M2 rae Asso Invstmnt Bastian-Bless Brown F & W Butler Bros

Chain Belt Chgo N W Ry Comwlth Edison Consol Bis Crane Co .... Four Whl Drv Gen Financ Gen Motors ... Hupp Motor ...... Ind Pneu Tool Kellogg Sw Bd Keriyn Oil A McQuay Norris ......... 3

Midl Ut pf A Montg Ward Mt States Pwr pf . Nat Battery pf .

PZ To Zenith Radio

LOCAL PRODUCE

Heavy breed hens, 11c; Leghorn hens, 8c: Barred and White Rock springers, 2% bs. and very oi colored sprin gers, 2% lbs. and up, 1 Leghorn broilers lbs, and over, 13c; re chickens, She and over, 13c; old roosters, 6c. No. 1 strictly fresh country run Ty 11c; each full case gst weigh

utte butterfat—No. 1, 20c; (Prices quoted by Wadley Co.

LIVERPOOL WHEAT (U. 8. Equivalents Based on Biarne at $4.67)

o iE

High Low Cis

THE INDIANAPOLIS TIMES

PAGE 11]

U. S. UNITS PUT $136,068,444 INTO INDIANA

NEC Lists Federal Loans And Spending in State During 1938.

The Federal Government loaned and spent $136,068,444 in Indiana

during the 1638 fiscal year which ended last June 30, Clarence Manion, Indiana Director of the National ‘Emergency Council, announced today. During the previous year the total was $159,394,472. Of the total $13,444,919 covered loans insured by the Federal Housing Administration and $21,903,413 was in repayable loans. Of the $100, 720,112 spent and not to be repaid, $45,715,436 was spent by the WPA and $16,225,588 by the Veterans’ Administration.

U. S. Loans Listed

Federal loans included: Reconstruction Finance Corp. $1,026, 258; Farm Credit Administration, $13,005,537; Commodity Credit Corp., $478,366; Farm Security Administration, $1,504,140; Farm Tenant Purchase, $185,182; Rural Electrification Administration, $3,595,112; Disaster Loan Corp., $649,702; Federal Reserve Banks (industrial loans), $45,066; Home Owners’ Loan Corp, $359,060; HOLC and Treasury (investments in building and savings association), $1,097,000. Expenditures, grants or payments included: Agriculture Adjustment Administration, $6,191,064; Farm Security Administration, $1,107,886; Soil Conservation Service, $209,779; Agricultural Experiment Stations, $137,042; Agricultural Extension Work, $399,014; Colleges of agriculture and mechanical arts, $96,403; Forest funds, $9496, Bureau of Public Roads, $4,744,273; Civilian Conservation

» | Corps, $6,109,187.

Other Amounts Given

Public buildings (Treasury Department), $1,635,763; Public Works Administration (mon-Federal)j, $3,356,074; Public Works Administration (Federal), $43,475; Public Works Administration (housing), $1,034,622; Works Progress Administration, $45,715,436; Social Security Act, $7,677,611; Rivers, Harbors and flood control, $1,446,436; Vocational Education and Rehabilitation, $581,474; U. S. Employment Service; $590,109; books for the blind, $1580; State homes (Soldiers and Sailors),

1197280; Federal Surplus Commodities

Corp., $1,138,000; National Guard, $1022.126; Veterans’ Administration,

21$16,225,588; balance of expenditures

from relief acts, $1,240,394. Mr. Manion said the above expenditures do not include funds furnished by the State or local bodies participating in such projects as the WPA, Social Security, PWA, Bureau of Roads and others.

: CAHN

of 4

2|vice president;

@ Michigan

8333333333333:

ete

R.A HE

3 x

Times Special NEW YORK, July 1.—The Indianapolis Power and Light Co. sells the second largest amount of steam of any company in the Nation, it was reported today to the National District Heating Association here. Only the steam utility serving Greater New York ranks ahead of Indianapolis, the convention was told. Next to Indianapolis in steam sales are Cleveland, Detroit and Milwaukee in that order, all of them larger cities than the Hoosier capital. /

2 2 2

Chevrolet dealers’ retail sales for the first 20 days of June exceeded those for the entire month of June, 1938, the company reported today. Deliveries of new cars and trucks, in the second 10 days of the month, continued at high level. Sales for the period were 22458, a gain of 68.3 per cent over those for the second 10 days of June a year ago. They brought the company’s deliveries for the month to date to 46,111, which is 5.1 per cent above the correspunding 1938 figure.

NEW YORK, July 1 (U. P.).— The color co-ordination commitee of the National Retail Dry Goods Association has selected green, in a wide variety of shades, as the color “most likely to be outstanding for fall,” it was announced today. It is believed that green will replace the various shades of blue which set the style pace in the fall of 1938.

” ” 2 NEW YORK, July 1 (U. P.).—Employment in the steel industry declined slightly during May, according to a report issued today by the American Iron and Steel Institute. Employees on the industry's payrolls during the month totaled 447,000, compared with 452.000 in April, and 436,000 in May, 1938. Payrolls in May amounted to $60,372,000, against $58,517,000 in April and $46,757.000 a year earlier. The industry paid an average of

1,183.5 cents an hour to its wage-

earners during May, against 82.9 cents in April and 83.6 cents in May, 1938. Each worker averaged 32.7 2| hours per week in May, against 32.1 alin April and 24.4 in May of last year, the report stated. 2 ” ” Ralph J. Cordiner, manager of the appliance and merchandise department of the General Electric Co., will become president of

1 ABRICUL

TURAL INCOME

FIVE STATES ELUTE SEVENTH DISTRICY

A f

1 R

A0Ly

seevesnererss EXCLUDING GOVERNMENT PAYMENTS

A AEA br bier AL

“lesa 1935 1936

tion of Indiana and Illinois and and Michigan.

1957 1938 1939 —By Federal Reserve System

Here are indexes of agricultural income in dollars for the seventh Federal Reserve District, unadjusted for seasonal variation, 1923 to 1925 average equaling 100. By months, January, 1934, through April, 1939. The Seventh District is comprised of Iowa, the northern por-

the southern parts of Wisconsin

virtually all the ground lost in April,

industry. New orders received during the

1938, level. Shipments were 5 per cent higher in May, in comparison with a decline of 8 per cent in April. The May level was 17 per cent above a year ago. Unfilled orders rose 4 per cent, and were 17 per cent over the May, 1938, level. The value of inventories rose 1 per cent during May, against a decline of the same amount in April, but still was 14 per cent below a year ago. At the end of May inventory holdings were equivalent to 3% months’ shipments. Holdings of raw materials declined slightly.

CHASE BANK TO QUIT RETURN ON SAVINGS

NEW YORK, July 1 (U. P.).—The Chase National Bank, the largest commercial banking institution in the world, will discontinue interest payments on savings accounts after the close of this month. It is expected that other commercial banks which maintain savings account departments may take similar action since there is a broad move at present by these institutions to lower operating expenses. The Chase bank stated in an announcement that it had maintained the savings account department as a ‘convenience for customers.” The savings department will be continued, however, for those customers “who feel that the convenience of a deposit and withdrawal account outweighs other considerations,” the

bank announcement said.

TODAY'S BUSINESS BRIEFS

Shick Dry Shaver, Inc., on Aug. 1, it was announced today.

s 2 2

MANSFIELD, Ohio, July 1 (U. P.).—Household refrigerator shipments by Westinghouse Electric Co.'s plant here established an alitime high in the May-June period, the company reported today. Retail value of refrigerators shipped since May 1 was estimated at more than $10,100,000 by R. C. Cosgrove, manager of the refrigeration department. “There is some indication that the sales season for refrigerators 1s lengtheneing,” Mr. Cosgrove said, “This means a stabilizing of production as well as sales. The refrigerator industry is in far healthier shape this year than last,” he added. 2 2 =

Livestock prices for the nation declined sharply during the month ending June 15, while grains, cotton and most other groups of farm commodities advanced slightly the Agriculaural Economics Bureau reported today. The drop of 5 points in the group average price of meat animals brought the index of all prices received by farmers on June 15 down 1 point from a month earlier, thereby losing the gain noted in mid-May. At 89 per cent of pre-war, the June 15 index was 3 points lower than on June 15 last year. Hogs and lambs declined niore than other classes of livestock although ail classes of meat animals declined. The group average index for chicken and egg prices also was down, but only 2 points. The Bureau reported that the lower index of prices received by farmers was accompanied by a 1-point advance in prices paid by farmers. » Times Special CINCINNATI, July 1.—A quarterly dividend of 40 cents and an extra dividend of 25 cents a share on common stock of the Kroger Grocery & Baking Co. were announced today. This dividend will be payable Sept. 1 to shareholders of record at the close of business Aug. 8, 1939. At the same time, the directors authorized the regular quarterly dividend of $1.50 on the 6 per cent first preferred stock, payable Oct. 2 to shareholders of record as of Sept. 20. On the 7 per cent second preferred stock, the usual dividend of $1.75 was declared, payable Nov. 1 to shareholders of record Oct. 20.

IS RE-ELECTED

CHICAGO, July 1-—Morton D. Cahn has been re-elected president the, Chicago Stock Clearing Corp., a subsidiary of the Chicago Stock Exchange, it was announced today. C. R. Bergherm was chosen Martin E. Nelson, secretary -treasurer, and R. T. Sundelius, manager and assistant treasurer

FOOD PRICES

HICAGO, July 1 (U. P.).—Apples— Tinols transparents bushel, TBe@ SL, 10. Sweet Potatoes—Tennessee bushel. hampers, [email protected]. Carrots.—California crates, $262.25. Spinach—Illinois, bushel, 35@ 50 Tomatoes—Texas lugs, [email protected]. square crates, Idaho hampers, $1.40@1 sacks): Texas yellows,

90c; yellows, 90c@$1. Texas ives’ 95c@$1.

INDIANAPOLIS CLEARING HOUSE

Sieari s Debi ap ,433,000

Clearings AL

ts sstesenstaneenee shtsesoney 43,

LEE TIRE & RUBBER IN 75-CENT RETURN

NEW YORK, July 1 (U. P).— Directors of Lee Rubber & Tire Corp. today declared a dividend of 75 cents a share on the stock compared with the previous disbursement of 50 cents paid Feb. 1. A. A. Garthwaite, president, said that the company’s business is holding up well. For the seven months’

period ended May 31, sales were 28 per cent better than in the cor-

- | responding period, he added.

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THE

* * INDIANA NATIONAL BANK of Indianapolis

New Trade Is Up Sharply In May, Soars Over 1938

NEW YORK, July 1 (U. P.).—Manufacturers’ new business, shipments and unfilled orders increased sharply in May and recovered

the National Industrial Conference

Board reported today on the basis of a cross-section survey of American

month rose 13 per cent, against a

decline of 15 per cent in April and stood 47 per cent over the May,

RESERVES GAIN; LOANS DEGLINE

Actual 17-Million Increase Shown in ‘Backstops’ Of Member Banks.

WASHINGTON, July 1 (U. P.).— Excess reserves of Federal Reserve member banks expanded 10 million dollars in the week ended June 28 to a total of $4,240,000,000, despite a 17 million dollar decline in credit

in use, the system reported today. An increase of 17 million dollars was shown in actual reserves of all member institutions. Contributing to this rise were a 33 million dollar expansion in the gold stock, a six million dollar rise in Treasury currency, a seven million dollar reduction in treasury cash and a 37 million dollar decline in nonmember deposits and other Federal Reserve accounts. Influences reducing reserves during the week included a 28 million dollar increase in currency circulation and a rise of 21 million dollars in Treasury deposits in the Reserve banks.

Gold Stocks at New High

The increase in gold stocks sent the total to a new high of $15,093,000,000. Gold certificate deposits with the Reserve banks by the Treasury amounted to $40,001,000. Bills discounted for member banks increased $557.000. Loans and investments of reporting banks in New York declined $2,000,000, with loans of $5,000,000 and investments up $7,000,000. Investment purchases were featured by a rise of $32,000,000 in Treasury bonds and $22,000,000 in Government guaranteed issues. This was the largest amount of Treasury bonds purchased by the local reporting banks in two months. Treasury bills declined $1,000,000 and Treasury notes were off $8,000,000. Other securities fell $42,000,000.

N. Y. Industrial Loans Up

Loans placed with industry by New York banks rose $12,000,000 net, increasing total commercial loans to $1,384,000,000, or within $2,000,000 of the peak reached on April 12. Loans to brokers and security dealers decreased $21,000,000. Domestic bank deposits were up $41,000,000, while foreign bank deposits were unchanged at $521,000,000. Ratio of total reserves to deposit and Federal Reserve note liabilities of the 12 member banks combined rose to 85.7 from 85.5 per cent a week ago and 82.5 per cent a year ago.

POSTAL'S REVISION PLAN IS GIVEN 0. K.

NEW YORK, July 1 (U. P)— Federal District Court Judge Alfred C. Coxe today had signed a formal order approving the L.ehman-Stew-art plan for reorganization of Postal Telegraph & Cable Corp. At the same time Judge Coxe set July 18 for further hearing in regard to Postal Telegraph's receivership proceedings and discussion of technicalities arising out of consummation of the plan. Among the matters to be settled, it is understood, are the proposed traffic exchange agreements which Postal Telegraph System has drawn up under the new plan with Commercial MacKay and All America. The agreements are designed to permit the land lines to participate in a merger with Western Union Telegraph Co., and the cable and radio properties to consolidate with other communicatiaons companies, should Congress enact enabling legislation. At a former hearing it was revealed that Edwin F. Chinlund, a partner of the auditing firm of Arthur Anderson & Co. who has served as an executive of International Telephone & Telegraph Corp. for 12 years when it controlled Postal, has been chosen by the reorganization managers to be the first president of the new Postal Telegraph System, Inc.

STORES SALES TOP 1938

NEW YORK, July 1 (U.P.).—The Federal Reserve Board reported today that during the week ended June 24 country-wide department store sales held 3 per cent above year ago against a gain of 6 per cent previous week.

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$3 to $100 a Year

Security Trust Co. 130 E. Washington

BOBBITT RAPS 0 ROOSEVELT ON NATIONAL DEST

Tells New Albany G. 0. P, New Deal Is Moving To Repudiation.

Times Special NEW ALBANY, Ind, July 1— “The New Deal, through its theories on national debt, is moving con= stantly closer to repudiation of national obligations,” Arch N. Bobbitt, Republican State Committee Chairman, said here last night. Speaking before a Republican meeting, Mr. Bobbitt referred particularly to statements made by President Roosevelt and Fred Bays, State Democratic Chairman, to the effect that there actually is no na=tional debt because “the Government owes the people and the people own the Government.”

Hurls Charges

He charged thht that idea was originated by Mr. Roosevelt in an effort to prevent criticism of the mounting national debt, which is now almost double its total in the Hoover Administration, and that it was echoed by Mr. Bays in a series of Democratic meetings here in Indiana. “That man in Washington,” said Mr. Bobbitt, “has a slightly different attitude than he had in October, 1932. In that month he said: “‘I called attention in my Pittse burgh address to the great importance of Federal budget-making as the foundation of the national credit. I pointed out that the Hoover Administration had been re= sponsible for deficit after deficit; that as one disastrous year succeeded another no attempt was made to arrange the finances of the country so that at least the mounting loss of revenue might not be turned into a deficit for the next year. Quotes From Speech

“It is my pledge and promise that this dangerous kind of financing shall be stopped and that rigid governmental economy shall be enforced by a stern and unremitting administration policy of living wjth= in our income.’ “How he changed his mind! Today, with a national debt almost double what it was in the Hoover Administration, with deficits greater every year than they were during the Hecover Administration, Mr, Roosevelt and his echo, Mr. Bays, say that there is no national debt because the Government borrows from the people and the people own the Government.”

RAILROADS’ INCOME BETTERS ’38 MARK

WASHINGTON, July 1 (U. P). —Net operating income of the coune try’s Class 1 railroads rose to $25,= 100,765 in May from $16,665,684 a year ago. Gross for the month was $302,617,948, compared with $272,609, 400 in May, 1938, the Association of American Railroads reported today. Net operating income of the Class 1 roads for the first five months of this year was $126,167,043, against $46,025,993 in the corresponding 1938 period. Gross revenues for the five months totaled $1,482,509.821, compared with gross of $1,353,986,368 in

1938. SUNDBACK, ‘ZIPPER’

INVENTOR, RETIRES

MEADVILLE, Pa. July 1 (U. P.). —Gideon Sundback, inventor of the modern slide fastener generally known as the “zipper,” retired today after 33 years of service with Talon, Inc, and the company’s predecessors. Mr. Sundback, who came to the United States from Sweden in 1903, perfected the “grandfather” of the present slide fastener and designed precision machinery to permit volume manufacture.

INCORPORATIONS

E. L. Cothrell Realty Co., Indianapolis, dissolution. Index Realty Corp., Indianapolis, amend~ oe changing name to Cothrell Realty or er ry E. Paul, Inc., 407 Dime Bank Bldg., Ft. Wayne; agent, Larry E. Paul, same ad= dress; 1000 shares no par_ value; operate insurance agency; Larry E. Paul, Leone . Paul, Fay W. Leas. The Parkersburg Rig & Reel Co., West Virginia corporation, admitted to Indiana to sell oil field equipmen Ritz Laboratories, Chica of trademark, ‘‘Miracle” wall tire cleaner. Indiana Bridge Co., Muncie; pRenamens chatking inte ot directors to four Hamilton Amusement Co., preliminary dissolution. Steeleraft Corp... Thomas, Fairfield Sts. Michigan City: agent, S. Victor Kay, 118 Highland Court, La Porte; 1000 shares no par value: manufacture metal, wood and oth:r Droguets; Cecile Coleman, S. Victor Kav, John Kay Plummer Oil “Co. Carthage: registration of trademarks, ‘‘Clover Anti-Knock’’ and “Cloverbloom Motor Oil,” class 15: oils and

" Samaritan Baptist Church, Inc. est St... Indianapolis; John Edgar Campe

ago; registration Class 48; white

Indianapolis;

19 Thompkins, “Isaac Spencer, bell and othe Foster of Lafayette, Indiana, Inc., alin and Main Sts., Lafayette; agent, ons tle. same address; 1000 shares pa ar value: sell household and office Furr hiney and equipment; L. D. Foster, Jack T. Stern, J. A. Little. Bloomfield Communuity Club, Bloomfield; no capital stock: to promote commercial and civic interests of Town of Bloomfield; John M. Moore, Bertha A. Crane. Oscar R. Bradeweg and others. Rensselaer Ice Cream Co., Inc., Renssee laer: dissolution.

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