Evening Star Newspaper, July 18, 1932, Page 14

14 #%% EMPLOYMENT GAIN INU. 5. FORECAST Use of Trade Acceptances on Larger Scale Expected to Aid Business. BY EDWARD C. STONE. * An increase in employment through- out the Nation is likely to be one of the outstanding results of the cam- paign now under way by leading bank- ers and industrialists to broaden the use of the trade acceptance in business transactions, according to E. B. Moran, executive sales manager of the Brad- strect Co.. New York Mr. Moran says that not only will the wider use of the trade acceptance by merchants in the purchase and sale of merchandise as a substitute for their open book accounts stimulate employ- ment, but it will bring out important constructive developments aiming at the solution of the problems facing the business of the Nation today. Through turning the trozen capital now tied up as accounts receivable on the books of business men into an_established and recognized form of liquid com- mercial paper, readily discountable at the merchant’s bank. millions of new dollars will become immediately avai able for use in commercial transac- tions. “The movement will undoubtedly Jead to an immediate stimulus to busi- ness in all parts of the country,” said Mr. Moran, “The caliber of the men promoting the plan to reintroduce the frade acceptance in domestic commer- cial financing assures its success. It is an opportune development of the pres- ent economic period. A general Nation- Wide utilization of trade acceptances will unquestionably lead to greater reg- ularity _and order and will greatly increase the volume of commercial paper of short maturity. Such paper is recognized as an ideal investment for commercial banks and is eligible for rediscount with the Fed- eral Reserve banks. ; “Both from the commercial and banking viewpoint, the trade accept- ance permits a broader and wider e tension of credit than any other instru- ment of credit. The concerns which can show the indorsement of a highly or well rated corporation with whom they transact business, has an irresist- ible argument for their banker who may be inclined to tighten credit lines. The banker realizes that the paper has been placed on a muci higher credit basis by the indorsement of two or more solvent concerns, while its eligi- bility to rediscount at the Federal Re- serve banks wiil prevent the possibility of any bank being lcaded up with these trade bills,” he acded. Today's Trading on Exchange. The Washington Stock Market opened the week today with Potomac Electric Power 5'; per cent preferred stock sell- ing in small lots at 103. Washington Railway & Electric preferred sold dur- ing the session at 79 on a very small rmover DO he bond division $1,000 Ana- costia & Potomac ilroad s came o_ul at 40, and $1,000 Washington Gas Light 55 moved at 1003, There were no les today in Capital Traction stock, The market closing with 7 bid and 8 asked, the same quotations that pre- vailed at the close of last week. Much disappointment is heard in the financial gistrict over the failure of the Senate to act on the merger pro- posal, before adjournment. Many local financiers believe, that in spite of sev opposition in some sources, the merger bill would have passed the Senate had the matter come to a vote. N The bill now remains as unfinished busmess and may come up for a vote before next March. Passage of the merger is consicered of special impor- tance to the holders of Capital Traction stock. The economies that ev merger makes possible, would naturally help Capital Traction. The consolida- tion would be certain to turn the stock upward, how far it might go being hard to say. Credit Situation Reviewed. Evidences of a slight d®cline in Na- tion-wide sales and collections condi- tions stimulated by the usual seasonal influences, apparently, are noticeable in the monthly survey of collection and sales conditions compiled by the Na- tional Association of Credit Men, from reports by correspondents in 109 cities throughout the country Fifty-two per cent of the correspond- ents reporting ted collections in their particular areas to be slow and 55 per Cent found sales in the same classifica- tion. Two cities achieved a place on the honor roll for the month, both be- ing in the Eastern section of : try. New York was the only city re- porting good collections while Spring- field, Mass., once again rose to a rank- ing of good In the 108 fom Massachusetts the Teports as a whole were encouraging with Boston reporting that national distributors in | e noting an upturn in sales and coliections. It is felt that business may turn the corner and people are decidedly optimistic compared with a few months ago. The rise in hog prices is expected to stimulate conditions in Iowa, while col- lections and sales were stimulated in Arkansas by fair prices for an abundant that city strawberry crop. $1,.250,000 having been | received for 1,500 carloads. Gleaned In Financial District. Maurice Otterback, president of the Anacostia Bank, has been in Sibley Hospital for about 10 days, suffering with a threatened attack of pneumonia. He was reported as much improved to- day and expects to be back at the bank in a few days. Charles H. Doing, District Bankers' Association, today an- nounced the appointment of Miss Gladys M. Keer as assistant secretary of the association to succeed Mrs. Grace Bromley Bailey, who resigned follow- ing her recent marriage, and will soon take up her residence in Alabama. Miss Keer is a college graduate, has been connected with the American Forestry Association and has had considerable experience with the kind of work called for in her new position. Miss Clara F. McGrath, who has been acting manager of the District Bankers’ Association Credit Bureau, has been appointed manager of the bureau, Sec- retary Doing also announces. Miss Mc- Grath has been handling the bureau work most acceptibly for several months. Richard Hatton, financial editor of the Washington Herald. is on his an- nual vacation. Mr. Hatton is dean of ‘Washington’s_ financial editors, is a graduate of Princeion and has a very wide circle of friends in the District. The RKO Theaters Corporation and Fox Film Corporation have just en- tered into an agreement whereby the formed obtains a 5-year franchise em- bracing 100 per cent. of the Fox pro- ecretary of the in trade financing | FINANCIAL, TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE THE EVENING STAR, WASHINGTON, D. C, MONDAY, JULY 18, 1932. Daylight Saving Time Is Used in All Market Editions. Net. High. Low. Close. Chge, ~Prev.1932~ Stock and High. Low. Dividend Rate. §% 1% Adams Express.. 22 Adams Express pf. 12 Adams Millis (2). Addressograph...... Afr Reduction(t4%). Alaska Juneau (50¢). Alleghany Corp. . Alleg Cp pf $30 xw. Allegheny Steel. . Allied Chem ¢ D (6). Allied Chem pf (7). .. Allis-Chalmers Mfg. Amerada Corp (2) Am Bank Note Am Beet Sugar Am Brake Sh&F (60¢) Ami Brake Sh pf (7) Am Can Co (15). Am Can Co pf (7). Am Car & Foundry . Bales— Add 00. 108 i 3 19 94 32 1t 10s 101 Am Car & Fdy pf (7). 1508 Am Chain. Am Chain pf. : Am European Secur., Am & Foreign Pwr. .. Am&Forgn Pw pf(6). Am&Forgn Pw pf(7) Am & For Pwr 2d pf., Am Hide & Leath f. Am Home Prod 4.20 Am Ice (2).. Am Internationa 2 Am La Fr & Fom pf. Am Locomotive. ... .. Am Mach&Fdy (80¢). Am Pwr & Lt (1). AmP&Ltpf A (3). Am Radiator. . Am Rolling Mills Am Safety Raz (3). Am Ship & Com. . Am Smelt & Ref. Am Smelt & R 2d pt Am Smeltg & Ref pf. Am Steel Found Am Sugar (2). Am Tel & Teleg Am Tobacco (16) . AmTobacco B (16). . Am Type Fdrs pf. Am Water Wks (2). Am Wat W 1st pf(6). 4 Am Woolen pf. Am Writ Paper p. Anaconda Copper. Andes Copper. Armour of Del pf(7). Armour of 111 (A) Armour of I11 (B).. Armourof 1li pf. ... Asso Dry Good: - Atch Topeka & S Fe Atchison pf (5). Atlantic Refining (1), Atlas Powder (1)... Atlas Powder pf (6). Auburn Auto (f4) % Autosalespf........ 1'3 Aviation Corp (Del) . Baldwin Locomotive. Baldwin Loco pf.... Baltimore & Ohlo. . Baltimore & Ohio pf. Barnsdall Corp. Beatrice Cream (2). Beech-Nut Pkz (3). Bendix Aviation..... Bethlehem Steel Bethlchem Stl pf (7). Bohn Alumn & Brass. Borden nhat Tran Bklyn Union Gas(5). Burns Bros (A) . Bui s A M (80c) Bush Terminal. Bush Term deb s! Tfornia Packin Campbell-Wyant Fy Canadian Pacific 1% . “apital Admin (A). .. J Dt (7). erpillar Trac 50c. Checker Cab Mfgr Ches & Ohio (22) i Mil StP & F Chi & Northwe orthwe: Chi Pneu Too 5 Chi Rock I & 3 C low Cal Childs Company. ... er Corp (1) Coca Cola (18)...... Colgate-Pal-Pete(1). “olo& pf (4). Columbia Gas (b1). . Columb Carbon (2). Comel Solv (60c) . Comwlth & Sou(30c). Comwlth&Sou pf (6). Congolm Nairn (1).. Consol Gas N Y (4).. Consol Gas NY pf(3). Congol Laundries(1). Consol Oil COTp. ... Consol Textile. Container Corp (A). Container Corp (B Contl Baking pf (6) Contl Can (2). Cont Insurance( ‘ontl Oil (Del). . Corn Products (3) Coty Inc Crown C « g Crown Cork pt (2.70) Crucible % Cuban-Am S Cudany Pack ( 7 Curtiss Wright. 15% 6% Deere & Co pf (40c) 89% 3z Delaware & Hud (¢ 28% 81 Del Lack & Western. 22 54 Detroit Edison (8)... 115 Denver & RG W pf., Dome Mines (11.20) .. Douglas Afrcraft (1) Drug Corp (4).. Dupont de Nem (3) .. Dupont deN db pf(6) Duques Lt 1st pf (5 astman Kodak (5).. lec Auto-L (1.20).. lectric Boat. . : lec&Musical Instru, Elec Pwr&Lt. .. .. = r & Lt pf(6). lec Pwr & Lt pf (7). ans Auto Prod Fed Wat Service A.. Fidelity-Phoen 1.20. . Firestone T&R pf (6). First Natl Strs (2%). Foster- Wheeler. Fourth Nat Inv 1.20 Fox Film (A). Freeport-Texas M Gen Am Investors. .. Gen Am Tank Car(1). Gen Asphalt (1). Gen Baking pf (8) 4 Gen Cable (A). Gen Cigar (4). Gen Electric (40c) Gen Elec spec (60c. 19% Gen Foods (2) % Gen Gas & Elec (A).. 3 Gen G&E cv pf A(p6) 7% Gen Motors (1). 56% Gen Motors pf (5)... Gen Public Service. . Gen Rwy Signal (1)t Gillette Saf Raz (1).. e - 2 2 EX I S -PE P - 5 37 5 10s 154 3% 96508 24% 42 12% 8 5914 50 1 31 10 61y 81y 4 177y 214 27 +5 % - [ s5"s8s T+ 14414001 - +11+ 1L+ LU+l +44+ % S8 F ~Prev.1932— High. Low. 4% * 4% 2% 17 521 5% 1% 3% 13 10% 68% 314 20% 26 2% 10% 35 154 25% 10 991 48 84 30 10 19 187 % Leh Port Cement 20% Stock and Dividend Rate. Inspiration Copper. . Interboro Rap Trans. Int Bus Machine(né), Int Carriers Ltd 20c Int Cement..... Int Combustion.....; Int Harvester (1.80).. Int Harvester pf (7). Int Hydro-Elec (A).. Int Nickel of Can. ... Int Paper & Pwr pf. . Int Rys Cent Am pf. Int Shoe (3)... Int Silver pf (4). Int Tele & Teleg. Island Creek Coal(2). Jewel Tea (14%).... Johns-Manville. ... Johns-Manv pf (7). & Laugh pf(4). 1208 Sales— Add 00. Kelvinator Corp. Kennecott Copper. Kresge (SS) Co (1). Kroger Grocery (1).. Lambert Co (13) (311 Leh Port Cmt pf (7) Lehman Corp (2.40) Lehn & Fink (2). Libbey Owens Glass Agg & Myers B (15)., Liquid Carbonic (1) Loew’s, Inc (t4 S e o McCrory Strs pf (6) Mclntyre Pore I3 . McKeesport T P (4).. McKesson & Robbins McLellan Stores Mack Trucks (1) Macy (H 1) (n2). Magma Copper (50¢). Manhat Elev mod gtd nhattan Shirt Marine Midid (80c Marshall Fleld & Co Mathieson Alk (133). May Dept Stores 1.80, Melville Shoe (1.20) .. Mid Continent Petm. Minn-H'well Reg (2 MStP &S S Marie Mo Kan & Texas pf.. Missouri Pacific. Missouri Pacific pf. Mohawk Carpet. ... Monsanto Chem Montzomery Ward. .« Morrell & Co (2 Motor Products Mullins Mfg pf. Murray Co s =3 N w AR of rrCruarsanntmrmnamr RS - - o e Nash Motor Nat Biscuit (2.80) Nat Cash Reg (A) Nat Dairy (2.60) at Dist Prod (2 Nat Lead pf A (7) Nat Pwr & Lt (1). Nat Supply pf. Nat Suret 1) rer o i & Hart pf. ¢ St L pf. . Western. . Norfolk & West (8) North Am Aviation. . Nor Amer(b10%stk). North Amer pf (3)... North Am Ed pf (6) hern Pacifi Ohiio Ol (a20e). Omnibus Corp. ... Otis Elevator (113). Otis Elev pt (6).. Otis Steel. ... Packard Motor Car. . Lan Am I'ete Bn(1) Paramount Publix Patino Mines. Penney (J C) ( ailroad. Pere Marquette pr p Petrol Corp of Am Phelps Dod; Phillips F Pierce O Prairie Pipe Line. Pressed Steel Car pf. Proctor & Gamble(2) Public Sve N J (3 Pullman Corp (3).. Pure Oil pt (8). .. Purity Bakeries (1) 2 Kadio Corp. W Radio Corp pf B 13% 104 32 adio-Keith-Orph Reading Rwy (1). teal Silk Hosiery. . Silk Hosiery pf. niton-Rand. Reo Motor Car. Republic Steel. . Republic Steel pf. Reynolds Met (1 io Grande Oil...... Rossia Ins of Amer.. afeway Stores ( Safeway Strs pf (7) St Joseph Lead t L-San Fran pf cott Paper (1.40) aboard Oil Del 40c. Sears Roebuck. ..... Shattuck (FH) 50c. Shell Union Oil..... Shell Union Oil pf... hubert Theaters. mms Petroleum. . ony-Vac (80c: outh Port Rico Sug. Southern Cal Ed(2). Southern Pacific Southern Railway Southern Railway pf. Stand Brands (1.20).. Stand Gas & Elec (2). Stand Oil Calif (2) tand Oil Exp pf and Oil Kan: and Oil N J (12) terling Secur (A) ewart Warner. . tone& Webster (g udebaker Corp. Studebaker pf (7 18% 6l 13% 9% 26% 12 615 2% 85 40 315 2 30% 20 23 6 2y 4% 1% 36% 154 13% 8 27% 40 615 30% Telautograph (1). Texas Corp (1). . Tex Gulf Sulph (2).. Tex Pacific Land Tr The Fair pt (7).. Tide Water Asso Oil. Tide Water As pf (6) Timken Roll B1%... ‘Transamerica Corp. . Tri-Contl Corp. B Un Carbide & C(1.20) Un Oil of Calif (1) Union Pacific (6).... Union Pacific pf (4). Unit Afreraft. .. Unit Aircraft pf (3) Unit Biscuit (2). 17nit Corp (40c). 1% 5 59% 2% 6 % 12 3 1% 13 59% 2% 6% % 1z 84 . Low. Close. Chie. -2% | special Dispaten to The Star. ~Prev.1932~ High. Low. Dividend Rate. 17% 9% Westing'se Air B(1).. 10 36% 15% Westinghouse Elec.. 54 12 67 White Motor.......«s 2 §% 2% Wilcox Oil & Gas.... 4 3 % Willys-Overland. 4 45% 22 Woolworth (2.40).... 73 3% 5 Worthington Pump 2 10% 6% e & Towne (1). 1 5 1% Yellow Truck..... 11 25 12 Yellow Truck pf.. 1T 4 Younzstown Sh&Tu., i Stock and Bales— Add 00. 25 6% ~Prev.1932— High. Low. 9% Net. . Low. Close. Chse. 10% 10% 17 17% -1 ™ Th 3 3% — 15 1 26% 25% 12 124 Col 4% 1 stock. 1% 2 stock. . 4 245 25 I Peid ast 6% 6% 'in serip. x 0 AM. cash payments rations. Stock and Dividend Rate, 4% Zonite Products(60c) 3 b6 5 b Sales of Stocks on New York Exchange. as given in the above t: sed on the latest quarterly or b *Unit of trading less than 100 shares. tPartly extra. :Plus a Paid this yesr—no_regular rate. ¢ Payable in cash or stock. {fPlus i Plus 31 in specjul preferred stcck. ear—no regular rate. x-dividend. FINANCI Bales— Net. Add 00. High. Low. Close. Chge. 100,000 b Payable in ll; ;'iock.:”h‘l’lus 2% us 3% 1o stock, B FIus 5% In stock. - B Payable FALL MERCHANDISE SALES SHOW GAIN New York Wholesalers Re-! port Improved Inquiry and Demand. BY BRADLEY W. TRENT. NEW YORK, July 18.—While manu- | facturers, jobbers and distributors today discussed selective distribution plans, out-of-town buyers continue their pur- chases of Autumn merchandise and | business executives emphasized the im- | provement in inquiry and demand. In_Chicago clothing manufacturers have been predicting a shortage of early Autums clothing. They are unable to | make prompt deliveries,” as the seasonal manufacturing operations sev- eral weeks late because cloth mills opened their lines later than usual this year. Whether or not this state of affairs has any direct bearing on the boys’ clothing market here could not be ascertained, but pre.ucers of boys' wear in the last few days have been re- ceiving _increased orders for woolen suits. Such manufacturers, therefore, suits. Such maiv‘acturrs, therefore, are increasing cutting operations. The bettered demand for various types of yarn—one underwear mill Thursday placed a contract for 75,000 pounds, or several months’ supply—cpuses manu- facturers to believe that their dollar volume in July will be much above that of June. Incidentally, from pres- ent indications the regular range basis of $475 for a 12-pound union suit, with the 10-pound from $3.75 to $4, will be announced. With prices vir- tually unchanged, various factors in the underwear business can purchase their raw materials with greater as- surance. i The entire upholstery fabric business feels more cheerful, because one of the largest factors bought 14.000.000 pounds of adult mohair from the Na- tional Wool Marketing Corporation, thereby removing from the market the entire stock of Government-owned mo- hair, the existence of which had a de- pressing effect on quotations Along Worth and Thomas streets, where many of the shoe wholesalers are located. there was a better feeling to- day because of the success of the Thir- teenth Annual Boston Shoe Fair. which closed Thursday night. The volume of orders booked ran ahead of expecta- tions. Nearly half of the total volume of business for the three-day fair was signed up after noon Thursday. Meanwhile, various sections continue to report increased or resumed opera- tions. American Bemberg Corporation and American Glanzstoff Corporation, both of Elizabethton. Tenn.. are calling back some workers, The Harvard Knit- ting Mills at Wakefield, Mass., are re- opening. Duplan Silk Mills of Hazel- ton, Pa. are coubling their rate of operations, while operations at_ the B. B. & R. Knight Corporation Royal Mill at Riverpoint are being resumed. (Copyright. 1632) STOCK PRICES OF N FIVAL TRADING N Profit Taking on Recent Ad- vances Given as Cause of Reaction. BY GEORGE T. HUGHES,, Special Dispatch to The Star. NEW YORK, July 18—Stock Ex-| change prices reacted today, presumably on realizing, with Icsses of 1 to 2 points in the more active speculative issues and smaller declines elsewhere. Prices held steady all the morning, turned irregular in the early afternoon and make their lows in the last hour| after the du Pont earnings statement for the second quarter appeared. According to the preliminary esti- mate, earnings for du Pojnt were equal | | to 27 cents a share fcr the three months ending June 30, compared with 74 cents a share in the preceding quarter and $1.23 a share in the June quarter a year ago. Inasmuch as this year's re- sults included dividends from General Motors, the disbursement on which the Street is uncertain about, du Pont broke to its old bear market low The market had the adjournment of Congress, supposedly a favorable in-| fluence, to reflect at the start. Worry about legislation was over for the pres- ent. On the other hand the trend in commodities was in doubt, particular- Iy in wheat, where the prevailing low price had brought no increase in specu- lative buying. It was restrained by ex- pected poor second quarter statements and by continued dividend doubts. Nevertheless sentiment in the Street was a /little more optimistic. Groups that had been bearish were inclined to restrict operations on that side. They were mainly influenced by the showing made by the railway stocks, which had been creeping upward most of last week and which were still surprisingly firm in the early trading today. No adequate explanation was offered for this sup- port for the rails, but of the fact there was no doubt, The better market for preferred is- sues also restrained offerings for short account. It was evident in General Motors preferred and in some of the better railway preferred stocks. United States Steel preferred advanced during the first hour, but then reacted. Maintenance of the regular rate on that issue at the meeting on July 26 will be a constructive influence all through the market. That the regular rate will be paid is expected in the best informed circles, but the market price indicates that doubt still exists among investors. NEW YORK BANK STOCKS NEW YORK. July 18 (#).—Over-the- counter market: Bid Aski 233, 2 90 CHICAGO LIVE STOCK MARKET ¢ July 18 (#).—(United States Department of Agriculture. Hogs 28.000, including 8,008, direct very slow, mostly 10-15 below Frid 18-240 pounds, 4.8525.00: top 5.05 5 pounds, 4.70a90 140-170 peunds 4.65a90; Pigs 4.10a50; Packing Sows 3.3524.00; light weight. good and choice, 140-160 pounds, 4.60a90: light weight, 160-200 pounds. 4.75a5.05; me- dium weight, 200-250 pounds, 480 a5.05; heavy weight, 250-350 pounds, 4.35a90: Packings Sows, medium and good, 275a500 pounds. 3.25a4.40: Pigs, good and choice, 100-130 pounds, 4.10 a6d. Cattle, 16.000; calves 2000; very little done; few early sales fed steers and yearlings weak to 25 lower: most bids 25 and more off: butcher she stock weak; bulls weak to 10 lower; vealers | about steady: two loads outstanding | medium weight beeves 9.60; slaughter | cattle end vealers, steers, good and choice, 600-900 pounds, 7.25a9.25: 900- 1100 pounds. 7 : 1100-1300 pounds. 7.50a9.40: 1300-1500 pounds, | 7.75a9.50; common and medium, 600- 1300 pounds, 4.25a7.50. Heifers, good and choice, 550-850 pounds, 6.50a8.00: commcn and me- dium, 3.75a6.50. Cows, good and choice, | 3.7525.50; common and medium. 2.75a | 375; low cutter and cutter, 1.7523.00. | Bulls (yearlings_excluded), good and | choice (beef), 3.50a5.00; cutter to me- dium, 225a340. Vealers (milk fed), good and chcice, 5.50a6.50; medium, 5.00a5.50; cull and common, 4.00a5.00. | Stocker and feeder cattle: Steers, good | and choice, 500-1,050 pounds. 5.25a6.25; | common and medium, 3.50a5.25. l Sheep—Receipts, 112.000 head; steady | to strong, tendency higher; quality very | plain: few desirable native ewe and| wether lambs, 5.75a6.00 to packers; | closely s:rted kinds, 6.25a6.50 to out- | siders; holding good rangers around | 6.00. Lambs, 90 pounds down, good | and choice, 5.50a6.50; medium, 4.50a | 5.50; all weights common, 3.00a4.50. | Ewes, 90-150 pounds, medium to choice, 1.0022.25; all weights cull and ccmmon, | 50a1.75. 3 POTATO MARKET. CHICAGO, July 18 (#) (United States Department of Agriculture).—Potatoes— Receipts, 174 cars; on track, 397 cars; total United States shipments, 719 cars | Saturday, 9 Sunday: steady on good | quality; trading moderate; supplies heavy; Cobblers, Missouri, 70a80; a few | fine quality, 85a90; decayed. 50a65; Kansas, 65a75; decayed, 50a55; Illinois, a few sales, 90; Virginia, barrel, 2.35. e Organized 1879 Empire Guaranty (20) Irving (1.60) - Manufacturers’ (2} = New York Trust (5) Title Guaranty & Trust (480). 23 25 “Includes extra Washington Produce Butter—One-pound prints, 93 score, 22; 92 score, 21: standards, 20; tub, 93 score, 21; 92 score, 20; standards, 19. Eggs — Hennery, 15a16; current re- ceipts, 13al4: Western, fresh, 14al6. Poultry, alive—Turkey hens, 12; toms, 1 10; crooked breasts, 10: Spring broil- ers. Plymouth Rocks, 21 pounds ana over, 19a21; 2! pounds and under, 16a 18: Rhode Island Reds, 15a17; mixed colors, 14al6; Leghorns, 14alé: hens, colored, 13al15; Leghorns, 12; roosters, 8. Poultry, dressed—Turkeys, hens, 15 toms, 13: crooked breasts. 13; Spring broilers. Plymouth Rocks, 2!; pounds and over, 22a24; 21, pounds and under, 19a21; Rhode Island Reds, 18a20; mixed colors, 17a19; Leghorns, 17al19; Leg- horns, 15; roosters, 11; Long Island ducks, 14al15; hens. colored. 16al18 Meats—Beef, 1615; lamb, 16; veal, 11; pork loins, 16al7: fresh hams, 13 smoked hams, 15: strip bacon, 15; lar¢ 7l2; compound, 7. Fruits—Watermelons, Icupes, California, Carolina, 1.75a2.00; 25a60; canta- 2.75a3.00; honeydews, | (93 score), North | (88-89), 15a16; seconds (86-87). 1.75a | standards (90 centralized carlots), 18'» 2.00; honeyballs, 2.50a3.00; pears, 3.25; Eggs, 11,657 cases, steady: CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, NEW YORK, July 18.—The follow- ing is today's summary of important coperation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: Advertising, Printing and Publishing. Lincoln Printing Co. took no action on quarterly dividend on preferred stock; paid 87!, cents May 2. Aireraft. Aviation _Ccrporation—Revenue pas- sengers carried by American Airways in June up 80.4 per cent; six months up 97.6 per cent; mail carried in June up | 169 per cent; six months up 101 per cent, Building, Real Estate and Related Lines. Alpha Portland Cement—Deficit 12 months ended June 30, $1,193 449 vs. net | income $546,583. Devoe & Raynolds Co., Inc.—Net in- | come six menths ended May 31, $13,548 vs. $199,377. Otis_Elevator—Common share earn- ings six months ended June 30, 1932, 19 cents vs. $1.33. Electrical Equipment a.d Radio. Westinghouse Electric & Manufactur- | ing deficit, six months ended June 30 | $3.202,127 'vs. deficit $1,959,341; orders | received in three months ended June 30 totaled $20,343.216 vs. 314,827.759; | six months were $40,73187¢ vs. $74,- 928,169. = Food Products. | Armour & Co. (Illinois)—Operations reported profitable for first time in 11, years as a result of appreciated inven- tory values and greater price stability. General Baking Co. common share earnings, 27 weeks ended July 2, $1.09 vs. _SI 46 in weeks ended July 4, 1931, United Biscuit Co. of America com- mon share earnings, six months ended June 30, 91 cents vs. $1.68. Investment Trusts. Graymur Corporation Jiquidating value, June 30, $16.78 a capital share vs. $23.96 December 31, 1931. Leather and Shoes. Endicott-Johnson Corporation plants operating at about 95 per cent of capacity. | Metals (Non-Ferrous). Mohawk Mining Co. cuts wages 1623 per cent further, effective July 1. Paper and Paper Products. American Writing_Paper deficit, six months ended June 30, $246,615 vs. net | income $12,648 Hammermill Paper Co. passed quar- terly dividend on common stock. Railroad and Railroad Equipment. Revenue freight car loadings in week ended July 9, which includes July 4 holiday. totaled 416,950 cars, a drop of 72,323 cars under previous week and 345,494 under like 1931 week, according o American Railway Association. Retail Trade. | Montgomery Ward & Co.—Prices in new Winter catalogue show reductions of 18 to 25 per cent, compared with a | year ago. Theaters, Etc. Fox Film Corporation—RKO thea- ters has contracted to iake company'’s cture output for a period of nive ars. Utilities. Associated Gas & Electric Co.—Cur- ren. cbligaticns of sysiem reauced to about $12,000,000 from some $42,000,- 000 as of January 1. Cincinnati Street Railway common share earnings, six months ended June 30, 87 cents. Federal Water Service Corporation.— Consolidated _operating revenue, 12 months ended May 31, up 1.6 per cent; net income off 40.2 per cent. New England Telephone & Telegraph Co.—Net loss in number of stations in | first half totaled 47,946. New York Telephone Co. net earnings in first five months off 104 per gent; net loss of instruments for period to- taled 80,000. U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for July $4.255,538.48; expenditure: $20,140,- 344.92; balance, $247 91 Cus- toms_duties for 15 days of July were $3,597,691.38. | CHICAGO DAIRY MARKET. ‘ CHICAGO, July 18 (#) —Butter, 13,141 tubs unsettled; creamery, specials 181:a19; extras (92), 18; (90-91), 17a17l.; firsts 13a14; 15 were | extra firsts extra first, apples, bushel, 1.00al25; Transparents, | 15; fresh graded first, 14'z; current re- 50a75; 5.00; oranges, 3.50a4.00; 8.00; bananas, 1.25a2.25; grapes, Thomp- son seedless, 2.00; Malaga, 1.75; black- berries, 3.00a4.00; raspberries, red, 9.60; cherries, 2.00a2.2: 1212a15; currants, 3.00; alligator pears, 1.50a2.00: limes, per 100, 2.05. 5 Vegetables—Potatoes, barrel, 1.5022.00; sweets, bushel, 50a75; tomatoes, 2-peck baskets, 1.00a1.25; string beans, 1.00; 4.00; New York, dozen, 1.00a1.25; cucumbers, Eushel. 1.0021.25; okra, 2-peck baskets, 75; peas, 2.00a2.25; carrcts, per 100 bunches, 2.00; beets, per 100 bunches, 2.00; asparagus, 1.75a2.50; . eggplant, 2.0( pound boxes, 50; co: 60; peppers, 50a75; cabbage, mushrooms, 1- , 1.25. Cherbourg, France, ranks first among | the ports of Europe in number of | transatlantic passengers embarked and disembarked. ¢ 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’'n JOHN JOY EDSON, President WALTER S. PRATT, Jr., Secretary cauliflower, | | limas, 1.50a2.00; lettuce, Iceberg, 3.75a | peaches, 3.00a3.50; grapefruit, | ceipts, 12a13. lemons, 4.50a | SILVER QUOTATIONS. | NEW YORK, July 18 (#)—Bar silver huckleberries, quart, | quiet and unchanged at 267g. PR ST | kind: AL. LOW WHEAT PRICE MAY START BUYING Grain Traders Say Any Con- structive News Will Aid Market. |, By the Assoclated Press. With wheat values bumping along on the bottom, any constructive develop- ments, grain traders say, should be a healthy influence for a rise to some- what higher levels. So the keenest attention is paid the weather, rust and other plant and in- sect damage and any favorable Eu- Topean news. Some hold the cheap- ness of wheat should attract buying, possibly some new export business. ‘The grain markets turned easier last week with improved crop prospects re- flected in upward revisions of forecasts and continued slack inquiry for current market offerings. Domestic markets weakened with a dull export demand although a moderately active local milling inquiry was apparent. United States crop prospects were re- ported by the Agriculture Department last week as having brightened in June, the estimate now being for a production of 736,971,000 bushels against 894,204,000 last year. Harvesting of Winter wheat has been largely completed in many central and Southern sections. The critical period is just ehead for Spring wheat. Grass- hcppers damage very likely will not be as great as feared. The Agriculture Department, however, has warned of | lagsmut spreading persistently in Ili- nois, Missouri and Kansas. Corn last week showed some inde- pendent strength under the more fa- vorable feeding situation. but the fa- vorable crop outlook was a weakening market factor. Rye was easier with wheat and oats and barley weakened. Baltimore Markets’ Speclal Dispatch to The Star. BALTIMORE, Md. July 18—White potatoes, old, 100 pounds, 80a1.00; new, barrel, 1.65a2.00; sweet potatoes, bushel, 40a75; yams, barrel 1.00al.25; aspara- gus, dozen, 50al.75; beans. bushel. 40a 50; beets, per 100 pounds, 1.00a150: cabbage, bushel, 50a75: carrots, per 100 pounds,1.50a3.00; cucumbers, bushel. 25 al.00; corn, dozen, 6al eggplant, crate, 2.25: lettuce, crate, 25a60; onions, per bushel, 50a60: peas. bushel, 1.00a 1.75; peppers, crate. 1.00a3.00; spinach, bushel, 50a75; squash, bushel, 30a50; cantaloupes, crate, 75a2.50; tomatoes, hamper, 1.00a1.25; apples. bushel, 75a 2.00; blackberries, crate, 2.00a3.00. Dairy Markets. Chickens—Young, 15a23: leghorns, 13a16; old hens, 13a16; leghorns, old, 11a12: roosters. 8al0; ducks, 12a16; pigeons, pair. 20a25. Eggs—Receipts, 2.156 cases; current receipts. 12a13; hennery whites, 15a17; Western firsts, 14al5; Southern current receipts, 1112, Butter—Good and fancy. 16a20; ladles, 12al3; process, store packed, 9. Hay and Grain. Wheat—No. 2 red Winter, garlicl spot, new, 48: July, 48; August, 48 Cargoes on grade, No. 2 red Wint garlicky, 50; No. 3, 48; No. 4, 46; No. 5, 44. Corn—No. 2 yellow 43244; cob corn, new, barrel. Oats—No. 2, white, domestic. 30a32; No. 2, white, domestic, 29a30 Rye—Nearby bag lots, 40a42 Hay—Receipts, none. General hay market is quiet. Recepits ample of timothy, but good mixed hay scarce and bringing a premium. Prices range from 12.00 to 16.00 per ton, as to grade and latter figure for choice clover mixed. The poorer grades of timothy are irregular in price. Live Stock Market. Cattle receipts, 750 head, steady. teers, good to choice, 7.00a8.00; mea- ium to good. 6.75a7.25; fair to medium, 6.2586.75; plain to fair, 5.5026.25; com- mon to plain, 4.25a5.25. Bulls, medium to good. 3.5024.00; fair to medium, 3.00 a3.50; plain to fair. 2.75a3.00; common to plain, 2.50a2.75 Cows, good to choice, 3.75a4.25; medium to good, 3.25a3.75: fair to medium, 2.50a3.25; plain to fair, 2.00a2.50; medium to good. 5.50a 575 fair to medium, 4.7585.25; plain to fair, 4.00a4.75; common to plain, 3.2584.00: fresh cows and springers, 30.00260.00. Sheep and lamb receipts, 2.200 head. Steady. Sheep. 3.50a3.50; buck lambs sold at discount ‘Hogh receipts, 150 head Lights, 5.40a56>: heavies, 4 medium, 5.4025.75; light roughs. 3.25a4 50; pi . and Western hogs, 10a20 higher. Calves, receipts, 500 head. Steady. creame: 14al5 spot. domestic, 1.7522.00 per | Calves, good to choice, 5.50a6.50; com- mon to medium, 3.00a4.50. Foreign Buying of Securities. NEW YORK, July 18 (#.—Wall Street has been skeptical of the reports of heavy foreign buying of American securities, but now is more willing to concede that such buying has taken place in view of the assertion of foreign exchange experts that recent weakness of several European currencies resulted from purchase of dollar exchange to finance the deals. The weakness of sterling in particular last week was at- tributed to operations of this kind. Lead Price Reduced. NEW YORK, July 18 (#).—American Smelting & Refining Co. today reduced the price of lead 5 points to 2.65 cents a pound. MORTGAGES PREPARE FOR TOMORROW, TODAY That, you will agree, is good ad- vice—and the carrying out of it suggests investment in our 61,9% FIRST MORTGAGES In them you are making the most Owver a Third of a profitable provision for the future in this generous interest which your money earns and there is genuine " security of principal represented by conservatively appraised improved Washington real estate. duct in all of the 48 RKO theaters operating in the greater New York area. Total money in_circulation on June 30 was $5,695,031,717 or at the rate of $4555 per capita on an estimated population of 125,036,000, against $5.- 19% Goodvear 1St pf (7). 479,626,520 or $43.85 per capita based 74 Gotham Silk Hoslery on population of 124,956,000 on May 1 Gransni-Datee: 31, the Treasury Department reports. 14% Grant (W T) (1) No Bids for Power Co. g!, Great Northern pf... Great Nortaern Ore.. No bids were received at Annapolis IR et WA Saturday for the property. franchises e and business of the Annapolis & Ches- o Bay Power Co. offered for sale pmar lic auction by Albert G. Powers, 7% Hahn Dept Stores pf. 431 Hershey Choc (6).... 83 57 Hershey Choc pf t5.. 1% 7% Holland Furnace (1). 131% 110 Homestake Min (9). Sh WL Hontaille Hegey, & | 4% % warn Bros pictures. 24% 8% Houston Ol. .. S 5% 1% Houston Oil (new). . 1% 2 Warren Broscv pf... IS H wiac niMafor Car 15% 8% Wesson Oil &Sn (1). BX0 S 1 HuynMoiors. 70 25 WestPaElecA (7). 8% 4% Iilinois Central 65 70 20 West Pa Elec pf (6). 38% 7w Industrial Rayon (2). 1% - % 76 22 West PaEIpf (1)... 39% 14% Ingersoll Rand (3) 9% 1% 50 Western Union.. Gillette Saf R pf (5). Gimbel Bros pf Gobel (Adolf). .. Gold Dust (1.60) Goodrich (B F). 514 Goodyear Tire&Rub. Unit Corp pf (3). 4 Unit Fruit (2). Unit Gas&Im(1.20).. Unit Gas&Im pf (5) J S & Forn Secur. U S & Forn Sec pf. U S Gypsum (1.60). .. U S Hoftman........ U S Indus Aleohol. .. U S Leather (A)..... J S Leather pr pf(7) US Pipe & Fdry (2). U S Pipe 1st (1.20) U S Realty & Imp. Assets. .. .....$6,237,762.31 Century Subscriptions for the 103rd Issue of Stock Being Received FINANCIAL SUCCESS THROUGH SYSTEMATIC SAVING Those who have learned the lesson of systematic saving are always prepared for every emer- gency. Join the Equitable and save something each pay day. 915 F St. Without a May be purchased in amounts from $250 up. B. F. SAUL CO. ational 2100 925 15th St. N.W. U S Steel pf (7). Univ Pic 1st pt (8 1% 1Jtil Pwr & Lt (A). 18% 5% Vanadium Corp... 29% 7% Vulcan Detinning. 19 83 Cotton Exchange Seat $9,500. NEW YORK, July 18 (#).—A New York Cotton Exchange membership was sold today for $9,500, unchanged from the previous transaction. THERE IS NO SUBSTITUTE FOR SAFETY An extensive coal bed has been found Dear gape San Juan, Spanish C%Lnel. .