Evening Star Newspaper, August 5, 1933, Page 7

FINANCIAL. STT03 NET BARED) BY PEOPLES DRUG Earnings on Common Shares for Half Year Amount to 85 Cents. BY HAROLD ROGERS. Peoples Drug Stores, Inc., and affil- fated corporations in its statement for six months ended June 30, 1933, made public today, show total assets of $7,- 116,468.57, with earned surplus at June 30 of $2,041,128.03. Preferred_stock dividends amounted to $68,129.74 during the period and common stock dividends $59.693.50, making a total of $127,823.24 in divi- dends. The net profit for the six months period ending June 30 was placed at $170,328.88. The number of common stock shares outstanding was placed at 118,837, mak- ing earnings per share on this stock at 85 cents. Improvement Shown. Total stores’ income was placed at $7,608.951.54, with the cost of sales, stores operating, warehouse, general and administrative expenses, including de- preciation and amortization, $7,400,- 646.52, leaving an operating profit of $208,305.02. y The showing made during the last six months is favorable for the com- mon stockholders as it indicates a gain over the first half of 1932. The net of 86 cents a share on common stock for this last six months compares with a net earning of $171.976 or 80 cents 8 share on the 122,737 common stock shares in the first half of 1832. The quarter ended June 30, this year, shows earnings of $65,048 equal to 27 cents a share on the 118,837 common outstanding, as compared with $105,- 281 or 59 cents on 119,937 common ares in the preceding quarter, and to $70,483 or 28 cents on 122,737 shares in the June quarter of 1932. Bank Funds Listed. Among the total assets of $7,116,- 478.57 the statement lists cash in beanks under reorganization at $19,121.39 and cash in unlicensed banks at $79,542.41. Total current assets are listed at $3,- 605,551.07. Total preferred stock 6'2 per cent cumulative issued and outstanding in the volume of 22.750 shares, par value $100, is listed at $122,250, while the total equity in no-par common stock is placed at $3,659,803. Dividends payable are listed at $29,- 09.25. The Peoples Dru{n Stores are well known here in Washington, where there are 34 stores, but units of the organiza- tion are also scattered through Mary- land, Virginia, Pennsylvania and Ohio, with 81 stores outside of the District of Columbia, making a total of 115 stores in all. Stock is widely held here in the National Capital. M. G. Gibbs is presi- dent and N. H. Churchill controller. Both the common and preferred stock is listed on the New York Stock Ex- change and the preferred stock is listed on the local exchange. U. S. Books Finally Closed. ‘The Treasury has finally closed fits books on the $850,000,000 recovery se- curity issue, after it had been oversub- | scribed six times. The offering had been held open to receive subscriptions in which Treasury certificates maturing in Secptember were offered in payment. ‘The issue, consisting of $500.000,000 in elght-year 3l4 per cent Treasury bonds and $350,000,000 of two-year 155 per cent Treasury notes, was over- subscribed in less than six hours after it went on the market Monday morning. The Treasury, however, held the books open until Wednesday night to receive cash subscriptions for $10,000 or less of the bonds to insure that small investors had their orders filled. It kept them open until last night to receive subscriptions in which Treasury certifi- cates maturing in September were of- fered in payment. Dean Acheson, Acting Secretary, in announcing the final closing, said that details as to total subscriptions and allotments would be announced later. Daniel J. Callahan, jr., assistant cash- fer of Riggs National Bank, has re- turned from an extended vacation. Baldwin Loss Is $4,273,983. NEW YORK, August 5 (#).—The Baldwin Locomotive Works reports for the 12 months ended June 30 net loss of $4,273,983. A net loss of $4,080,571 was reported for the 12 months ended INUTE ) YSTERY §anYou, ¢ Class Day. BY H. A. RIPLEY. €« , well, my dear,” Prof. Fordney said to his young friend and hostess, Lynn Hall, as he handed his hat and stick to the butler, “how charming you look this evening!” Slim, blond, blue-eyed Lynn had worked with hiri on several cases where judgment, discretion and the feminine touch was called for,and she had come through with fly- ing_colors. “None of your blarney, now, Uncle Joe” she banteréd, taking him by the hand. “From here,” he said, as they walked down the long hall of the luxurious apart- ment, “it appears as if you've round- ed up all the social lions of the North Shore.” “Indeed? Well, Mr. Professor, you eagerly awaiting the great criminola are the lion tonight. Every one’s eagerly awaiting the great criminologist and to hear some of his exploits, Now don't say no!” As Fordney wes ready to depart, Lynn pleaded, “Just one more before you go . . . please.” Pl | ‘The professor couldn't resist the ug- H e peal of his little friend. “Well, said, “we've had enough of crime to- night, so I'll explain s little game, Lynn, that may amuse you and your guests. Select three of them,” he con- tinued, “turn out the lights and I will | lace a little red mark on the fore- gefids of two . . . quite without their knowledge. ~ When the lights are turned on each of the three who sees one of these marks will start whistling and continue to do so until the first one realizing he bears & mark will stop whistling.” “Now, Uncle Joe,” exclaimed Lynn, “how in the world can that be done?” HERE'S A CLASS DAY PROBLEM FOR YOU! DO YOU KNOW HOW IT CAN BE DONE? (For Solution See Page 9.) The above was sent to the professor by Lynn Hall for a class day problem. Thank you, Lynn. Perhaps you have one you would like to submit. If so, send it to the professor, care of this paper. He will be delighted to re- ceive it. 3 False Hope Raised When Trader Calls During Gas Flurry Special Dispatch to The Star. NEW YORK, August 5.—A stock trader who is somewhat hard of hearing telephoned his brokerage office yesterday just as it was announced that the Stock Exchange had been “gassed” and trading had been suspended for the day. The first report given out was that a leak in an am- monia pipe had caused the fumes that were later found to have come from tear gas bombs. “I can’t give you any quota- tions right now,” a customer’s man told the trader. “The ex- change has just closed because an ammonia pipe busted.” “Oh, that's fine,” sald the trader. “You say that the mini-- mum prices have been boosted?” (Copyright, 1933.) CARLOADINGS DROP TO 638,396 LEVEL Deorease of 10,518 Leaves National Total Still 127,293 Ahead of Figures Last Year. By the Associated Press. The American Railway Association today announced carloadings for the week ended July @9 totaled 638,396 cars, a decrease of 10,518 below the preceding week but an increase of 127,- 293 over the corresponding week last year. Loadings for the week were: Mis- cellaneous freight, 228,592, decrease of 6.482 below the preceding week and an increase of 50,886 over 1932; less than carload freight merchandise, 172,407, increase 939 and increase 5,537; grain and grain products, 33,365, decrease 15,539 and decrease 7,139; forest prod- ucts, 27,567, decrease 1,137 and increase 12,158; ore, 26,633, increase 385 and in- crease 20,186; coal, 128,006, increase 11,607 and increase 40,663; coke, 6,759, increase 205 and increase 4,440; live stock, 15,067, decrease 586 and in- crease 562. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., August 5—White potatoes, new, barrel, 1.75a3.50; sweet potatoes. bushel, 75a1.75. Yams, bushel, 1.00a1.12 *Beans, bushel, 35a75. Beets, per hundred, 1.00a1.50. Cabbage, bas- ket, 40a75. Corn, dozen, 5a10. Carrots, per hundred, 1.00a1.50. Celery, crate, 1.00a1.50. Cucumbers, hamper, 15a40. Eggplants, hamper, 35a50. Lettuce, crate, 25a65. Lima beans, bushel, 50a 1.00. Onions, per hundred pounds, 1.00 al25. Peppers, hamper, 15a25. Peas, bushel, 50a1.50. Tomatoes, hamper, 30a 65. Squash, hamper, 10a20. Spinach, basket, 25a40. Apples, bushel, 25a1.00. Grapefruit, box; 2.00a2.25. bushel, 1.00a2.00. Blackberries, crate, 2.00a2.50. Watermelons, each, 10a25. Huckleberries, crate, 1.50a2.50. Canta- | loupes, crate, 50a1.00. Dairy Markets. Poultry, live—Young chickens, 12a 20; Leghorns, 10a13; old hens, 10al3; Leghorns, 10; old roosters, 7a9; ducks, | 7al2; pigeons, pair, 10al5. | Eggs—Current receipts, 13a14; nearby | firsts, 15a16; hennery whites, 15a20. | Butter—Good to fancy, creamery, | pound, 20a24; ladles, 17al8; store packed, 14al5. CHICAGO LIVE STOCK. CHICAGO, August 5 (/) (United States Department ' ‘of Agriculture) —Hogs—Re- i ceipts, 11.000 head. including 1.000 dire | trade’ down. fully” 10c Jower than o 50-320 pounds. 4 25a4.50: top. 4.50: pack | Ing sows 3.50a3.80: shippers took 700: es- | timated holdover. 2.000; ago. market steady to ? 8] lights. good and choice, 140-160 pounds. 0: light weight' 160-200 pounds. 00 g 50 packin ), pound -130° por Cattle—Receipts, close last week. strictl fed steers and yearli grades steady to 25c I common grassy kinds 25240c_down, general market closed ve:; fed heifers’ steady: grassy kinds, along ‘with grass cows. weak to 25c lower: . 10a15c lower: 'bulls steady and shipper demand nar- d beef trade sluggish, relatively y end warmed-up steers and she un:_extreme top. 7.50 paid for medium weight and long yearlings; best heavy steers. 7.40; veal heifers,” 6.15: bulk” fed steers. 550675 average price most stockers. 3.5 in 0 head: for weel 82 doubles from feeding sta- i 11.000 direct. Today's market- nom- Compared close last week. fat lambs weak to 25¢ and more lower: native throw- regained midweek losses: week’s top. top. 8.00: also on both nal late bulk natives. 7.50a i ely: 2, common to choice ewes. 150a3. lambs _strong to higher: bulk, 6.2 ate sales toward outside. Market Averages By the Assoclated Press. 20 20 90 Rails. Utl). Total 1 47.6 918 80.5 Previous Week ago . Month ago Year ago . woDDD~DE R =] 23 2 3 5 2. 2oF £ r-é" w0200 SRAE5E £ frat=aR =4 - BIRISZEE 9232 3 3232 250 aaoaepaaaaal SRR otator omonts S Ao NN D A0 @1 Don-3: B 208 (1932) .. 83 g X (1931) 0.4 105.7 101.5 Low (1931). 623 62.3 80.2 (Copyright. 1933, Stand. Statistics Co.) ! &: o Property Management ‘Automobile Insurance Consult Us on Insurance Peaches, | THE EVENING STAR, WASHINGTON, FEARS ARE EASED | [askington roduce BY MARGINS CURB New Rules Expected to Prove Safeguard Against Wild Speculation. BY GEORGE T. HUGHES. Special Dispatch to The Star. - NEW YORK, August 5.—If the new rules promulgated by the Stock Ex- change with regard to margins deter speculation by those financially un- equipped for it, “rrut good will have been accomplished. ‘The best essay on speculation ever written was the work of D. G. Watts, who was sident of the New York Cotton Exchange from 1878 to 1880. In it the author laid down as the first ciple of trading, never to be vio- ted, that one must not assume a risk greater than the capital available warranted. To ignore this &rimry Te- quirement is to invite disaster. In so far as raising margin minima prevents speculation those lacking the necessary means, a beginning has been made to eliminate the unfit and thereby to protect both them and the market. But that is only the first step. One may be financially able to assume a risk and not fitted for it mentally. For it is not enough to possess the tools of the trade, art if you will; one must know how to use them. If speculation is not to degenerate into gambling, something which the senatorial critics of the stock market apparently be- lieve to be impossible, it must be founded on accumulation and inter- pretation of all the facts pertaining to the economic situaiion as a whole and to the particular problem involved in a specific commitment. Prefer to Take “Tips.” That is a large order and few specu- lators have time or inclination to make the research for themselves, or even to consult those who have made it. Instead they take “tips” br “pointers, as they are now called. However, granting that a speculator has the means and the information, there still is something else needed. He must control his emotions, and it is right here that most of them fail. A professor in a teachery’ college was quoted the other day as estimating that the odds against the “average man” in the stock market were more than 12 to 1. stated it. The much odds are larger than that against success. The 7. reason is that once a commitment has been made, fear and hope alternately supplant judgment in the mind of the trader. ‘The professor complained that spec- ulators fail to take profits. Some of them do, of course, but more of them fail to take losses, and that is an even greater mistake. The main handicap to success, however, is in allowing the matter of profit or loss to enter jnto the calculation at all. Let us look into this aspect of the matter a little more closely. Suppcse that one has the money needed for a speculative operation, has examined all the facts obtainable with regard to it, and has come to the decision that the venture should be entered into. Sconer or later he finds himself faced with a paper profit or a paper loss. Now in reaching a conclusion as to the fu- ture of the market for a security or a. commodity, the fact that an individual speculator has a profit or a loss is no help. On the contrary, it is a hindrance, and unless the trader can divorce from consideration the effect on himself he is hopelessly handicapped. Concrete Case Cited. ‘To make it simpler, take a concrete case. A speculator has purchased, on margi nor outright—it makes no dif- ference—100 shares of United States Steel common stock at $50 a share. He | has made diligent inquiry into the status of the steel trade and familiar- ized himself with the financial back- ground and outlook for the steel cor- poratios ‘The market for Steel com- mon advances to $54 a share and the trader has a paper profit of $400. Now, in arriving at a decision as to what is likely to happen after the stock The professor under- |} has reached this point, the fact that this trader has the profit is immaterial. It will not influence the market a par- ticle whether one individual has a loss or a profit. It may distort the judg- ment of the one person concerned, but it will have no effect on the future of the stock. And no one can permanent- ly remain solvent as a speculator un- less he “lets the profits run and cuts the losses short.” So far we have taken it for granted that a profit is indicated on this sup- posititious trade. The case is much stronger if there is a loss. Nine out of ten inexperienced speculators will weigh against every outside develop- ment that indicates a turn for the worse in the steel business, or in the affairs of the Steel Corporation, or even in the general industrial situation, the fact that the stock in which he is in- terested is selling below the price he originally paid and that to liquidate now would be to realize a loss. Once again, that fact has nothing to do with the matter. It will not revive failing business prospects nor turn a declining market into an advancing one. All it does is to make the individual incapable of analyzing for himself or permitting any one else to analyze for him. No rules that the Btock Exchange may make or enforce can save an; speculator from himself. 2 (Copyright, 1033.) Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Replies to JAMES F. SHEA 643 Indiana Ave. N.W. Mortgage Loans Fire Insurance There are many questions of coverage, etc., connected with property and automobile insurance in which our advice will be profitable. Consult us . freely and if we write the insurance, it will be in companies offering maximum protection. B. F. SAUL CO. 925 15th St. N.W. Facing McPherson Square Nat’l 2100 'WHOLESALE PRICES. Butter—One-pound prints (93 score), 26; tub, 25; one-pound prints (93 score), 25; tub, 24; one-pound prints (90 score), 24; tub, 23. Eggs—Government graded, extras, 221;; mediums. 19%,; standards, 19%5; hennery whites, 6a18; fancy No. 1, 14; current receipts, 42a13. Poultry, alive—Turkeye, hens, 10; toms, 8; chickens, Plymouth Rocks, 14a 18; mixed colored, 13al4; Leghorns, 10al1; hens, mixed colored, 9all; Leg- horns, 7a8; roosters, 5a6; capons, 25a28. .Poultry, dressed—Turkeys, hens, 13; toms, 11; chickens, Plymouth Rocks, 17a21; mixed voloréd, 16a18; Leghorns, 15a16; hens, mixed colored, 12a14; Leg- ggr;u, 13al4; roosters, 6a7; capons, a31. Meats—Beef, 11; veal, 10; lamb, 16; rk loins, 12; fresh hams, 14; smoked ams, 16; strip bacon, 16; lard, 9; compound, 8%, Fruits—Watermelons, 15a50; can- taloupes, 50al 00; honeydews, 1.00a1.75; honeyballs, 1.2581.75; apples, 75a1.00; peaches, 100a2.25; pears, 3.25a3.50; oranges, 3.50a4.00; lemons, 4.50a6.00; limes, Persian, 2.00a2.2! huckleberries, 2.50a3.00; quarts, 30; grapes, Thompson seedless, 2.2582.5 Malaga, 1.25a1.50; 3 ; pineapples, 3.00. Vegetables—Potatoes, barrel, % 4.50; sweets, new, barr€l, 2.25; tomatoes, bushel, 1.25a2.00; onions, 50-pound sacks, 1.25; beets, per 100 bunches, 2.00; carrots, per 100 bunches, 2.00; turnips, per 100 bunches 2.00; squash, tring beans, 40a75; limas, 1.25a1.50; spinach, 75a1.00; kale, 50; cucumbers, 50; pep- pers, 50; peas, 1.50al.75; okra, 1.00; cabbage, 65a75; lettuce, Iceberg, 3.50a 4.00; New York, 50a75; corn, 75a1.25. Markets at a Glance By the Associated Press. NEW YORK, August 5.—Foreign ex- changes heavy; sterling sags. Cotton quiet; hedge selling: pre-bureau liqui- dation. Stocks, coffee and sugar closed. SILVER QUOTATIONS. NEW YORK, August 5 (4).—Bar sll- ver quiet, unchanged at 35 CHICAGO PRODUCE. CHICAGO, August 5 (#).—Poultry, live, steady; 9 trucks; prices un- ;. feconds (86-KT) centralized carlots), sted prices unch: D. €., QUIETNESS MARKS WEEK ON EXCHANGE Five Days’ Volume Smaller Than for Some Recent Single Sessions. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, August 5.—The stock market took its second Saturday vaca- tion of the Summer today after a week of major price changes and ex- tremely apathetic trading climaxed by Friday's tear-gassing. Market temperatures were in distinct contrast to the weather. Sales for the five trading days made a total that was below the aggregate for some of the recent single sessions, which offered testimony to the change that had come over speculative spirits since the big shake-out. The undertone was fairly firm. Wall Street sat back to watch the N. R. A. campaign and business trends. Whether industrial production will now be tapered off pending the in- crease in purchasing power which is the Government’s goal becomes a ques- tion of wide interest. As the financial community sees it, the Government’s activities toward re- covery* are switching from the price- lifting phase to that of improving pur- chasing power before Winter comes. Inflation bobbed up during the week and gave a little stimulation to lagging speculative markets. There was, how- | ever, a marked tendency here to be- lieve that the Government will at least sostpcne this part of its recovery sched- ule until it sees how other measures | work. Meanwhile, Federal Reserve open market operations—purchase of Gov- ernment securities—is running along at a nominal rate. Member banks have excess reserves of around $450,- 000,000, much of which now is outside of New York City. Pacific Building Climbs. SAN FRANSCICO, August 5 (#).— Construction projects on the Pacific Coast have been awarded at a rate 152 per cent above that for last year| during the first seven months of 1933. 140,119 for the ‘same period in 193 | Excess of expenditurd | gentine, Figures assembled by Gilbert Darwin, | construction trade publication editor, | 32.25; Mexico City (silver peso), 28.4 listed total awards in 1933 to July 31| Montreal, in New York, of $146,839,048, as compared with 352,-: Yo}:k. in Mcntreal, 106.81%. SATURDAY, AUGUST 5, 1933. By the Associated Press. CHICAGO, August 5. — Decidedly mixed sentiment prevalled among wheat traders today, but buyers were in a ma- o’:‘tly at the last and the market closed er. Lack of a broad speculative interest was largely responsible for rapidly shift- ing wheat fluctuations. At no time, however, did prices of any grain threaten to drop to fixed minimum limits, and there was fair buying support on all setbacks. WHEAT— Open. September . .97 December . 1.00%2 May 1.04% 105 COR! September December May . Low. Close. 98 093 98% 3 093 1.01%-13 1.03% 1.05%~3% .Bbzfi-’ ek 40 A46% OATS— September . December . May ... RYE— September i .73 December : 781 78% May .. : 81 83 SUGAR MELT RUNS AHEAD OF FIGURES FOR 1932 By the Assoclated Press. NEW YORK, August 5.—The sugar melt of 13 United States refineries from January 1 to July 29 totaled 2,315,000 long +tons, compared with 2,250,000 in the like period of 1832, according to the Sugar Institute, Inc. Deliveries totaled 2,085,000 long tons, against 2,105,000 a year ago. U. S. TREASURY BALANCE. The_position of the Treasury August 3 was: Receipts for August 3 e $12,108 - F15.08; expenditures - $15.804.868.13: bal~, N9, flxl.'.’hfl 31. Customs duties for month. $2.805.118.31. Receipts for fiscal year, (since July 1) were $1£0.124.834.06: expehditures | 321.8R5.554.67 (including SHA.575 550 00 eme: dzluriul. 20.61. FOREIGN EXCHANGE. NEW YORK, August 5 () —Foreign exchange weak; Great Britain in dol- lars, others in cents: Great Britain—Demand, 4.50; cables, 4.50; 60-day bills, 448 13-16. Prance— Demand, 5.33; cables, 5.33. Italy—De- cables, 7.1 19.00; Germany, 32.50; Holland, 54.95; Norway, 22.6: , Denmark, 20.1 Switzerland, Spain, 1136; Portugal, 4.15] Greece, .7TN; Poland, 15.40] slovakia, 4.08%N; Yugos! Austria, 155N; Rumani 34.60N; Brazil, j 27.311,: Shanghai, 28.60%,; Hongkon, 93.62%3; New % | cording to B. A. Brennan, president of |into the black in May and earned -Nominal. WoobDwARD & LoTHROP W™ U™F anD G STReEETS Proxe District 5300 FINANCI ANCHOR POST FENCE SALES STILL CLIMB Company Reports Earnings for Both June and July, With 35 Per Cent Gain Over 1932. Special Dispatch to The Star. BALTIMORE, August 5.—Sales of Anchor Post Fence Co. have increased steadily in the last three months, ac- the company. After operating at a loss | in the first quarter, the company broke money in June and July, he stated. Sales for July were 35 per cent over the like month of last year, compared with a 25 per cent increase in June and a volume about equal to last year in May. The Baltimore plants now are operat- ing at 100 per cent of capacity. Mr. Brennan said sales of the oil burner division have improved substan- tially in recent weeks. MONETARY G(:)LD STOCKS UNCHANGED FOR WEEK By the Assoclated Press. Monetary gold stocks of the United States remained unchanged during the | week ended August 2 as the record was tabulated by the Federal Reserve Board. } In the table that follows the w!al‘ stocks are given for comparable periods, as announced by the board: Week ended August 2. Previous week. Same week la: 000,000 000,000 000,000 Phone Decline Smaller. NEW YORK, August 5—In July the New York Telephone Co. had a net loss of 20,402 stations, compared witn a loss of 42953 in the same month last year. For the seven months ended , July 31 the net loss amounted to 120,177 stations, against 158,952 in the like period of 1932. NEW YORK PRODUCE. NEW YORK, August 5 (#)—But- ter, 11448; weaker. Creamery, higher than extra, 211,a22; extra (92 sccre), 21; first (87-91 scores), 20a2034; sec onds, 1912a19% ; centralized (90 score), 20%. Packing stock, current make No. 1, 14%; No. 2, 131, Cheese, 141.819; quiet, unchanged. Dressed Poultry, steady, unchanged. Live poultry, steady to firm: unchanged. Eggs, 14,737, steady. Mixed colors, | special packs or selections from fresh receipts, 17',-21; standards and com- AL, ¥ A7) Dollar Sells Off ! Slightly in Quiet London Dealings By the Associated Press. LONDON, August 5.—The American dollar depreciated 2 points today, close ing at $4.50% after opening at $4.51%. The final quotation yesterday was | $4.48Y,; to the pound. | The French franc opened at 8443 to the pound and eased a little to 84.53. The exchange market was quiet and business was of a holiday nature. There was little movement in gold currencies, New York Cctton By the Associated Press NEW YORK, August 5—Cotton futures opened barely steady, 6 to 12 lower under week end liquidation and on favorable crop news. October, 10.20; December, 10.42;" January, 10.51; March, 10.62, May, 10.80; July, 10.98 A little more hedge seiling was also reported, while there was some selling here through houses with Liverpool con- nections, with December easing off to 10.40 right after the opening and with active months generally showing net losses of 9 to 12 points. Offerings were taken by covering com= bined with some trade and commission house buying at the decline, however, and the market at the end of the first half hour was fairly steady with prices showing rallles of 4 or 5 points from the lowest. Another private crop report issued this morning placed the indicated crop at 11,065,000 bales with allowances for acreage removal. Owing to the bank holidays there were no Liverpool cables and the market there will remain closed until next Tuesday morning. Cotton futures closed barely steady, 10-14 lower. Open. Hish. Close. w. Cctober 10.16- Decemter " 58 ) 10.84 10.75 uly . 1098 11.00 10.91 8pdt quiet; middiing. 10.05. - . METAL MARKET. NEW_ YORK, August 5 (#).—Metals nominally unchanged. Glass Outlook Improves. NEW YORK. August 5 () .—Ac- cording to the American Glass Review, the glass industry finds itself at bet- ter levels generally than in like sea- sons of the last two years. The month just completed has been one in which accumulated gains have been steadily mercial standards, 15a17! e —— retained O —" D Briefly—this is FASHION HEADLINE NEWS—and here you will find the fash- ions themselves. No more - huge shoulders—moderation in shoulder width is the cry now—but there is something very important happening to shoulders, just the same—do notice the new higher necklines—the way necklines are closed by a collar, scarf, or a touch of fur—and do notice, too, that “chests must be flattered.” Black has simply tremendous importance—there is a new “‘mouth-watering color of Russian caviar” that is slated for a brilliant future—and deep browns and a grand new green are with us. Nothing is ‘newer than satin—there are numbers of distinctive new crepe- weaves—woolleris delightfully different—often sheer—and it is smart to con- trast fabrics—but to keep a monotone effect. As for hats—some squared effects—folded crowns—four-cornered toques— draped berets—peaked crowns—many types of trimmings—but terribly smart ones. FAsEIONs, THTRD FLOOR.