Indianapolis Times, Indianapolis, Marion County, 8 April 1940 — Page 15

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PAGE 15

Stocks |

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\NAPOLIS — New York Curb

Bran ids Bape W Virg €4al Rell

THE IN

NEW YORK STOCKS

By UNITED PRESS

DOW-JONES STOCK AVERAGES

, APRIL 8,

, STOCKS TURN

Names Choice -

BUYING OF £0LD

eee

Net High low Last Change .179 Jt 4 + 2% 9% +

lle Alum Co Am .. Been

High Low Last

2 | PROFIT-TAKING

~ IRREGULAR ON

Scandinavian Bonds Break ‘Four Points at N. Y.; G. M. Advances.

| High

Ab att Lab ... 69 1 2 Ex sie An

Ss Hn... essograph . : 15% Reduc ...

PEERED Bb EF =

By UNITED PRESS

Profit-taking brought irregularity | into the New York stock market |

today as the averages approached [4D 2°

their highs for the year.

Al ‘A sizeable group of issues regis-|| including || American Telephone, Loew’s, Mont- |! + gomery Ward, Sears Roebuck, U. S.|! ,- Westinghouse Electric and||

tered minor declines,

Riubb Wool orth. Gains of a point and mote were retained by J. I. Case and du Pont, and i advances were held} S Bethlehem Steel,

Eo 3

high early in ‘the session eld near the top when it

at a record high. Steel Output Dips

d by the Ameri- 4

Institute but it n anticipated in f a 5-point decline at Pittsthe principal center. bonds broke as on the New York on action of the Norwegian terwaters in| extension of the le against| Germany. jegian issues were heaviest Danish issues were easier, 3elgian issues remained steady

trading. . | reactions of the Allied min-

‘burgh, : Scandinavian much: gas 4 points Stock [Exchange Allies | in. mining

on tl In th afternoon trading, however, profit-| It some irregularity. : ir European currencies moved gularly in terms of thé dollar | ench and British units undderate pressure, n. futures were steady in lorenoon dealings.

AT CONTINUES

PAGO, April 8 (U.

Phe close of the first was off 4 to % cent, bushel. Corn was ©

were off %

Ee LIVESTOCK

London Stock Exchange. Ba aking reduced the gains and |!

Bon Ami B .... 6 Bond Stores ... a Borden 23 Borg-Warner ..

LOWER AT CHICAGO Zrii fa

ne co! 31} Anac Wacable Hn Anchor H Glp! 110% Co . 15%

Andes rot si & 4

Armour Ill Armour fil Armstrong Artloom

Aviation Corp. . .

jal Loco ct .

Bdgeot rd oe

Cal Packing... Callahan Zinc » Calumet &

Net ast Change Nat Dairy pfA 114 114 Tas Change Nat paity PIB 111 ni* fi + Y a +1

80 INDUSTRIALS Saturday ...... eesees 15110 40.74 1; | Week 880 .cccoiseencnccanas . 147.726—0.23 Month 8g0 ¢.....c.rs.eeee.. 148.15 40.01} Year ago .....ireificeiens . 124.03 +259 High, 1940, 152.80; low, 144.65. High, 1939, 155.92; low, 121.44. 20 RAILROADS Saturday ......... oo Week ago Month ago .. Year ago High, 1940, $2.67; low, 29.78. High, 1989, 85.90; low, 24.14. * 15 UTILITIES

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40.26 —~0.13 —0.04 | N 40.60

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80:78 . 80.80

teen Air Brk .. N_Y Central .. NYC NYC & StL pt. 3 IE Smuibus

. .

FERRRRRRESSRS SESS

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Satirday Week ago

cevessssiivacassess 25.10 Month 880 «civeicieescecess 24.12 Year ago . . 20.95 High, 1040, 26.45; low, 24.02. High, 1939, 27.10; low, 20.71.

la Clone High

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Jarvis Co. .... 15%2 ee.s T2%8 a p ..127 Johnes Leh . 67%2

IE Kaufmann DS Kelsey-Hayes 8 13% Rosas aves.

7 67

i 2%

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Simmon vi Skelly on’ “aise Socony-Vacuum.

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NEARING CRISIS, FLYNN REPORTS

Believes Foreign Reserves Will Be Depleted in Few Years.

By JOHN T. FLYNN Times Special Writer .

world is drifting into the United States. And many people ask— what is the use of it? What is it doing to us? What is the effect on the rest of the world? And how is it going to end? There is about 25 billion dollars of gold in the world. We have just about 18% billion dollars of it. in this country. There is another billion anc a half, but it is not ours— merely stored here for the account of foreign countries. But with 18% billion dollars you will see that we have around 75 per cent of the world’s gold. Why does this gold come here? First, because trade balances have been in our favor; second, because foreign investors have sent their funds here for investment; but principally because Uncle Sam, under the President's gold purchase plan, literally stands in the markets of the world and offers to buy all gold offered to him at 35 an ounce. The price before we started that strange policy was 20.67 an ounce. As a result we are getting more than all the new gold produced and much of the existing supply.

"But here is an interesting question: Why do we do this? I have many times asked people that question. I seldom can find anyone who remembers why we do it. It was started in 1933 when the President announced that he was going to create a market for farm products. To accomplish that the President took the advice of the late Professor Warren of Cornell. An Englishman, to buy wheat here, must pay for it in dollars. Hence he must buy dollars first. He buys dollars by exchanging his own currency for dollars in the exchange market. The more dollars he can buy for his

2 |pounds the more ‘wheat he can buy.

So by reducing the amount of gold in the dollar the President was toid that foreigners could buy more collars for their currencies and would thus be enabled to buy more grain and this would tend to move our surpluses out of the market. . First of all, we are inflicting a terrible injury upon foreign countries. Their money troubles have much to do with their economic troubles, which are at the bottom of their wars. Second, taking their gold this way tends to make them establish trade barriers in order to cut down the extent of their buying here. Because if they lose gold both by buying and by our gold drainage, they will soon have none. But most serious is the prospect of what will happen when foreign gold reserves, after another two or

Little by little all the gold in the

H. W. Prentis Jr.

Businessman to SEC Post.

Exchange Commission of a “experienced in the

and businessman

business” has been urged upon President Roosevelt by the National Association of Manufacturers. H. W. Prentis Jr. president of the association, in a telegram to the White: House last night asked President Roosevelt to take into consideration such qualifications when naming a successor to George C. Matthews, who has resigned from the SEC. “The existing obstructions to the flow of capital into industry are responsible in large part for the present American anomaly of billions of idle dollars and millions of idle men,” Mr. Prentis said. “Delays, high cost and excessive liabilities involved all contribute to these obstructions. A sound understanding of industry’s problems would mitigate Anse re~ strictive regulations.

PORKER PRICES GAIN 15 GENTS

Top Advances to $5.30 on '210-t0-220- Pounders; Vealers Steady. A 15-cent ‘advance was made in the price of all hogs at the Union Stockyards here today, according to the Agricultural Marketing Service. The top price rose to $5.30, quoted fully steady with a top at $10.

cents.

Prentis Asks Appointment of |X

: Ph . NEW YORK, April 8 (U.P.).—|Bior The appointment to the Securities Fust

financing and operating of private gn

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IGN EXCH elves

(U. P.) ~Pollows are. noon cable ea on major curs

April

on 210 to 220-pounders. Vealers sold ||

Packing sows advanced 10 to 15 | Steers and heifers benefited | most in the small cattle run and |

prices were strong to 15 cents]

higher.

steady to strong. ag. 5 5% Re] is lap

i 515 10.506 S... 5... 515 $566

Barrows and Gilts |

To Rept $s 5.15 5.30

Packing Sows |

Fat lamb prices held fully |

Campbell Wy. Good and Choice— Canada Dry .. 120- 140.§ Can Pacific .. Carpenter sa . Qartiers &

Caterpitiar T.. Solape pie Celot Cent irre Cent Foundry . Cent Viol Sug .

Cerro de Pasco 3994 Certain te -teed ... 7

So Png 8 £1 or 2 So Cal ens South BY TR : Spar arks uh oe Shiegal op. Dbiegsl Inc pf . uare D

e 8 Brands . Std C& BE .. Std G & E

StdG & E Std G &

iy ‘su’ vas

Kimberly Clk. three years, become even more seri-

ously depleted. The only effect will be a currency crisis which we have deliberately created because we are unwilling to look a erazy ‘policy in the face and correct it.

d Cho: 399- 4.9 ..$ 300- 350..

ne DOs an

‘Re eipts, 11,000; active, 10 to 20 gher; good to choice 180- 270 10%; top, $5.35; 270-360 $e 05 ood to choice 1500170 Sibs., ih 400-600-1b. Packing st ‘$4 Receipts, 10,000; “iealyes, 1000; arket much more active in shar with last week's low time; fe Jeatiings and fed heifers genérally

2% 310 RL 2% No

25% 33%.

ns SHED HEE HEE

iis SCOTT a DIDI 4 LS NO Pree

i 5 pfs. 313 Kresge SS 33% s Kroger G & B. 34

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4. 4.25- 4.45 4,00- 4.50 M Medium nd Gog ns um a Last Chote 4.50-'8.08| 90 120." S40- 2.00 Slayshioe Cattle & Veslers (Receipts, 1500)

% | ch | / Bul % = 300 $10.25-11.50 Yearlings gay 50:1109 10.3: 11:20 "$6 % 00-1300. 10.25-11.25 i ge.. 4| 1300-1500. 10.00-11.25| dium. :

7 20a -B =jo.2

9. e 11300. 9.00-10.25 130s: 8.50-10.00| Sood and

= DIO C00 6

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e thing or Spring

Ayreshire “Gs abs” in oh New Spring [Shades

30.1300. 7.50 8.780 - 6.50 *

P3100. 6.50- 7.50 lt 4 Steers, Heifers Choi fo pneits, 528) Bro. ona BO 31% ek a 500+ 750. 8.25- 9.28/G0002., oc ous You'll like gabardine for business—it's s6 comfort. 800-1050. 7.25- 8.25 eh 3d. Heifers Medium— able, good-looking,/ serviceable. | You'll like it for 9.00-10.25! 300-1000. . ; or _sports—the ‘jacket/ goes with odd slacks , . . the slacks with. odd sports jackets. shades are Cobalt blue, Topaz brown and dark brown. Thre double breasted.

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309

cents higher; all tle sold r [last Thursday and Friday; very bre; all interests active (today at ble upturns compared last ThursFriday; supply reductions around circle main stimulating factor; to 25 cents up; bulls, 25 cents ; | vealers, strong; very few stockers also few common killers, bulk steers, 50: 25 top, $11.25; several loads round $12. with nothing strictly here; Colorado fed heifers up to 40; eighty cutter cows to $5.75; heavy el bulls t o $6.85 : vealers, $9. 56 d down, Shee LU Receip 1 ma fe \ estern I not yet established: weak.

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GTON, April 8 (U. P.).—Gov- Gono

t expenses and receipts "for the fiscal year through April 5, com- Sr r 2a

yith a year ago: Col Broadcst

332.0: 625. 2 se. 930 384.738 se Col roadest 4

.454,303,581.6 cal Gas pf A. Col Carbon .... Com (reais

Solvents 3

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Mack Tr Macy 2 H .. Man gtd .. 32 Man By gtd cts 32 Man Ry mod g : ih Man Rm v5 16% | Maracaibo i arire Mi

shall Fd . 15 n (Glenn) 46 artin Fary.. 12, hies 32 nieson ot. D

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[¥) SEIE HR EEL

7.00- 8.00 Common-—

Goo - 500- 900 €.00- 7.00 EE Calves gicers) edi

Ce— 550 down 9.25-11.00

um-— down 8.00- 9.25 Calves (heifers)

5 ) down 8.50- 9.50

[+1 +++

SERRE

he colorful spring

Vayne Pump .-

Pa a 6 ‘pt’ 107% Fest Auto Sup. 40%

tan, Meerschaum

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button single or

4.50- 5.50 . 8.50- 4.50/ 5 SHEEP AND LAMBS (Receipts, 1422) Lambs

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..$10.25-10.40 9.25-10.00 7.00- 9.00 Ewes (on shorn basis) Good and choice

SESS FREE

a SRFIUSS

/ £ or ; May Be Purchased on Ayres! Coat and Suit Budget Account. Ask. Yor r Salesperson,

MEN'S CLOTHING SECOND FLOOR.

Heavy breed hens, 5_lbs. and over, 12c; under |5 lbs. 10c; Leghorn hens, 7c: Barred and White ‘Rock roasters, 4 Ibs. over, 1l¢; under 4 lbs, ac; heavy tags, 7¢; Leghorn stags, 6c; Legers, 2 lbs. and over, 9c. strictly fresh country run eggs. ach full case must weigh 55 : la net deduction of 15 cents for all case JSndet 55 lbs. will be made. Pr=No. 1, 31 1@ase, No 2, 29@30c;

a 1, 25 24¢c tices %qtioted by Wadley Co.)

‘DAILY PRICE INDEX

NEW YORK, April 8 (U. P)—|& r Dun & Bradstreet’s daily weighted - price index of 30 basic commodities < compiled for United Press: y (1930-32 average equals 100) < : e Saturday 511752 Copperweld St.’ i Nock 220 1] SpBerveld pf ~ «Year ago .. : i 1940 high (Jan. 2) ...........

? ® 1940 low (April 2) ...........

FOOD PRICES

CHICAGO, April "8 (U. P.).—Apples— . New York Mackintosh, bushel $1.50. Sweet potatoes—Tennessee; el, [email protected] Celery Florida, Crates, $1.50@3. Tomatoes | Dom 20 S, pinach—Texas, 87% @756, Cauliflower California ow ...169° | 169 [email protected]. Carrots -Oslitomis. ae 25% Cra $3152.50, Onion market (30-15. | Dunhil 8% sacks): Minneapolis Xeliows. ( storage); Oregon Yellow $1.6 fcold storage) ; Idaho res A Spanish, 900 @$1.15.

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IRIN NNER ERS

$4.00- 5.00 2.75- 4.00

OTHER LIVESTOCK

April 8 (U. P.).—Hogs— fou otal S189: Betive, generally

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sdddddd<gs<4d NNS EEEERE 8

¢ hi er, 106-140" bs., & $3. $3034.15 15;

7 ble, 000: total, Joso; calves, nd heifers active; strong to

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Nash-Kelv Nat Acme .... Nat Aviation .. Nat Biscuit ... Nat Cash Reg . Nat Dairy ....

Youn 5 Young Stl Dr.. “th % ver: g. m | Ww! anners and cutters, # $3.78 7

Zenith vo. 17 % 17 o "bulls generally $6@ $n ): i mo 1 hs god a 5

Home Show's Home Takes Shape.

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ot bt DOB pb Simao HN RSS 1+ ae

esse sss ss ssescee ses

ctecesssecenias,...117.92 sve duscrevieony 319-31

300; fu Siead to stron i fy 135 head ye ce 86-1b, vad Westren wooled lambs, oss 0; ® io an lots medium offering. $10; shorn 0;, small sted

: Co $9.25 down; slaughter ewes Ne aad

> Deere & Co.... .123.34 =

117.46 Ind., April 2a

of, mares rei T0015 higher; Bs Ibs., 4.95 350-350 4, s@eg 0 pigs, $4.50 a) roughs, 5 ‘down. sid

Calves, $10 down| Lambs, Ind,, Tam he

0 Joss Ty 0st

6 lg he

ril 8 (OU. 00- 220 1bs: $4. tds

fos sett gs:

5 is: 0-380

CHEERED LEED

3 as. ; igh. pped

126 115% 115% E—

t pf. Duques L pt..

at HEADS NATIONAL SUPPLY PITTSBURGH, April 8 (U. P)|— Vice President and Director A. |E. Walker has been named president 4 of the National Supply Co. it announced today.

3 Corn and Wheat Region

Official Weather

issnetins By UNITED PRESS ———

: Precipi- State of : Stations w “tition a TS

Paro f | ...in Spring Neckties By McCURRACH

1581 156% ote 38 5s

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Roe ion

See Final Edition of the Times jet: 2 for Closing Stock Quotations " and Other Late Nows ||roilsnsiee °°. rrancise co Sug .

"WHAT IS | - al Ea TUT his FHL ALPLAN |

for building homes? You are invited to call at our Mortgage Loan Department for complete detailed information.

“of e Union Trust Company. .

mber—Federal Deposit Insurance Corp

obs iE

Fairbanks of .. 7g, 2 an og 3: a ga “ae

» -

Ear “ie Swe . 60 CO CB DIDI +4 BO 00

SHBRSSSEINRIVIRTA

They re new, these soft, oy tones that, blend so well with the colors of gabardine suits. Right tor now . . . just as smart for all summer. The imported Foulards at 1.50 are greens, browns, blues and reds, " The Cluny Cloth (mohair and goo ol) at | 0. are. in greys browns, blues and reds.

19 2 3648 :

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Some 150 workmen are banging away in the Manufacturers’ ng at the State Fair Grounds En ping the 19th annual Indianapolis Home Show into shape fo Friday night. Center-piece of the show will be this two-story aod wh i 1 by ick