Evening Star Newspaper, September 4, 1935, Page 15

o « ~ DIVIDEND IS ANNOUNCED « FIN 1. BONDS CLIVB IN DAY'S TRADING Governments and Rail Loans Make Better Market Showing. BOND AVERAGES 20 10 10 _10 Rails. Indus. Util. Por'n. Net change +.5 —2 +.2 98.5. 98.7 98.9 88.0 99.1 92.2 92.9 97.6 91.71 97.3 84.5 98.6 845 88.9 73.7 68.2 60.2 1932 low-.. 400 646 422 1928 high.. 98.9 102.9 100.5 10 Low-Yield Bonds. Close-_-- 109.3 Yesterday 109.3 Month ago 109.9 Year ago. 106.5 1935 high 110.7 1935 low.. 107.9 1934 high 108.3 1934low.. 99.1 1928 high 1044 1932low.. 8638 (Complled by the Associated Press.) 67.6 674 68.5 63.2 0.4 65.5 70.0 Yesterday -- Month ago- Year ago- By the Associated Press. NEW YORK, September 4 —United States Governments showed advancing tendencies today on a moderate volume of transfers. In the late trading the general run of Treasury issues showed gains rang- ing from 1/32d to 9/32ds of a point. Federal Farm Mortgage and Home Owners' Loan Corp. obligations were §/32ds to 11/32ds higher. Rail loans made the best showing in a somewhat spotty corporate list. ‘The movement here was led by obli- gations of Southern Railway, Nickel Plate and New York Central, which tmproved around a point. NEW YORK BANK STOCKS REACH HIGHS IN AUGUST @pecial Dispatch to The Star. NEW YORK, September 4.—New York City bank stocks in August again reached new 1935 highs, Hoit, Rose & ‘Troster report. From the month's low of 52.62 on August 1, the weighted average of 17 leading issues reached the new 1935 high of 57.35 on August 19. The previous 1935 high of 53.21 had been reached on July 29. However, the list declined in the last half of the month, although the close, August 31 of 5498 showed a moderate net gain for the month. BY ALUMINUM COMPANY By the Associated Press. PITTSBURGH. September 4—The Aluminum Co. of America’s board has | announced the declaration of & 37}2- cent per share dividend on outstanding ANCIAL. BONDS ON N. Y. By private wire direct to The Star. Approximate Transactions Today. U. 8. Gov't Bonds...... $3, ,000 LII!HTV. 4th 4% = 1933-38 100 2! 100 22 10023 4th 38 33-38 rg 100 24 10024 10024 TREASURY. 2%51955-60. 1005 9926 9926 35 194648 - cuew. 10222 1022 10222 38195166 - —emwe. 10216 1027 10216 3348 1946-49_.. 10318 1086 10317 8% 1949-52_—. 10312 1033 10312 3381941, _caa. 10717 10718 10717 318 1944-46 . 10424 10419 104 24 33,8 1940-43 June 106 28 106 25 10628 3%81941-43 Mar 1072 10830 107 flt- 1943-47 ... 10612 10528 10612 3% ® 1946-56. 10917 10917 10917 48 1944-54 11020 11012 11020 4%s-3%s 1943-46 1057 10429 1057 418 1947-62 11517 11512 11616 FEDERAL FARM MORTGAGE. 238 1942-4T.coo. 9922 9922 9922 - 10115 :g&fs ig; 15 FTRLLT JU————— 1)} l:fil 1964 --——-- 10210 10129 10210 HOME OWNERS' LOAN. 288 1939-49..... 9928 9914 9928 381963--ceennnn 10028 10015 10015 FOREIGN BONDS. High. Akershus 58 63 ... Argentine 6s Australia ¢%48 Australia 6s 66 Australia 68 67 cceea. Austrian 78 87— Belgium 6355 Belglum 7s i Beigium 78 ‘56, Berlin 65 '58 Berlin klec 65 55 - % 103% 103%5 1031 103% 91l 91l 102 102% 1114 112% 106 106% Bogota 8s 45 Bolivia 78 ‘69 Bolivia 85 '47_. Budapest 68 unmat cou on____. 1045 101% 11l 12% Chi 8 4L Chile Mtg Bk 68 '6: Chile Mty Bk 6% 1le Mtg BK 6% | Chinese Gv Ry 58 '51. | Cologne 6348 ‘50 Colowbia 6s ‘61 Copenhagen 4%8 53. | Covenhagen 6s 52 - Copenhagen T | Costa Rica 78 '51 A May couponon .. Costa Rica 7851 Cund'amarca 63869 Czechoslovakia 8362 Dbenmark 438 Denmark 548 ‘6. Denmark 6s 4. Dominic 1st 638 40_ preferred stock, and an additiondl| pominic 3d 5348 40-- dividend of 25 cents a share on ac- count of the unpaid portion of quar- terly dividends accumulated. Payment will be made October 1 to stockholders of record at the close of business September 14, 1935. ARMY DEMAND TO RAISE FLOOR-COVERING PRICES | By the Associated Press. NEW YORK, September 4—With various foreign Army sources bidding against American rug producers in all | world carpet wool markets, the rug | industry in this country, it is said, 1s faced with the necessity of advancing floor covering prices within the next few months. INVESTING COMPANIES NEW YORK. September 4 (P.—New York Security Dealers' Association: (Noon quotations.) Bid. Admin Fund ww. 15.30 g:u Business Shr. Asked. asic Industry llock Pund Corporate Trust « Eorporate Trust AX €orp Tr AA mod gurp Tr Accum Ser orp Tr Accum Ser mod. . Cumulative Tr Sh enos Bk Sh N Y. epos Ins Shrs * iversified Tr C ividend Shrs BT &) f A !ubcnised "Bnrs Trust Pund Shrs.. Trustee Stand In TIrustee Stand Iny 5 Trusteed Am Bk ° | Ger Gov 558 65 Finland 6s '45 Finland 6% Frencn Gov 7 104% 104% 104% 102% 102% 102% - 399 1T 1IN 59's 59% 59% 37 3T 29% 29% 4% ATY% 25% 333% 110 90% 93%4 Ger Gen El Ger Rep 78°49 GrtBr& Ir5%s'37 . GrtC El Jap 6% GrtCElJap 7s 44 | Hung Con M 732845 unmat coupon on. Ilseder Steel 63 48._. ltaly 7851 1talCrd P W 7s'4 Japan 5% €6 A Japan 638 ‘54 Karst 6s 43 ct st prin Kreu&Toll bs'6YA cfs Lombard El 78 ‘62— Medellin 6358 ‘54 .o Met Water 518 '50.. 110% 110 90%a n 93% 313 3312 57% 53 36 98% 2% 341 42% T4 9% 46% 100% 100% 100% - 100% 100% 100 152 152 152 821 82% 82% 101 101 101 101% 101% 101% 1043 104% 104% 104% 104% 104% 102% 101% 102% 95% 95% 95% 24% 24% 24% 83 83 31% 334 57 53 85 98% 2T% 3415 42% T% Nor Ger Lioya 6841 Norway bs '63 Norway 6s Norw Hy El1 & Oriental Dev & Panama 55’63 _ Poland 8860 .. Prague Gtr 71,8 '52_. Prussia 6s ‘52 and 7s "41. Rhein-Rhur 6s°51 Rhine W K1 P 6s Rhine W E1 P 6s "55._. Rio de Jan 6%s ‘53 Aug coupon off ... Riode Jan 85°46 April coupon off.. Rio Gr do Sul 63 63 June coupon off __ Rio Gr do Sul 78 '66 May coupon off Rome 6%s '63. Santa F Arg 7052 st Sao Paulo 8t 7 Sao Paulo St 7s ‘56 Sept coupon off __. Sao Paulo St 8s '50 July coupon off Serbs 7s '62 un Silesia Prov Sydney 6%s Tokio 63%s ‘61 107% 107% 107% 28 28 28 32 32 32 82 382 32 12% 124 12% 15% 12% 14% 43 55% Trusteed Industry S Trusteed N Y Bk 8 COMMODITY PRICES ieptember 4.—The Asso- gll!d Pnu wholesale price index ! asic commodities today advanced to Previous day, 'eek avo. month ago. ar ago. 68.48. Range of res TS 5 16933, 84.10 38.: .}7{ 1035, 1034, 7548 7258 69.14 56.61 41096 average equals 100.) Additional New York markets (compiled Y the Associated P: CRUDE nvnan.—nnure- closed steady. %3 higher: sales No. 1 standard. 170 tracts. September, 63 tobe! }70b; December. 11.68. reh, 12.07b: May, i okea riibed. spot. uary. 11.02; uly, 12.34n. 7 |AmlGCB5 4! W HIDE_rutures closed Srm, 1119 ales. 2,400,000 DO Decem. gis x'mf.' et 1180 Sne, 11815, 3 Rio No. 7. 6%: ‘/A: Cflll ll'ld lrel'hl ofl!Y- nml ‘Bourbo! io-futures cxug“muy. oSty 13,00 htr N 4 mcluded i BAG PRICES ADVANCE. ‘NEW YORK, September 4 (P)— List prices of paper bags for retail tdade use have advanced an average of ' approximately 5 per cent. Union & Paper Co. and Continental & Paper Co, a subsidiary of International Paper Co., are among 1l jor units in the industry which n{:nhedumrlhtwm Tokio El Lt Uligawa EP 78¢5 Un Stl Wk 6%8°47 A UnStlWk6%s'51C. 33 383 Un Sul Wk Brb 78'51. 137% 137% Uruguay 6s ‘60 38 38 3T% 8TW 86% 86% 69% 69% 32% 82% Wuoruemberg 1866 80 29 DOMESTIC BONDS. Abr & Straus 5%8 '“ mau 102% mzu Ala Grt Sou 99% Alleg Corp b Alleg Corp bs Alleg Corp b8 505ses Alleg Corp b8 ‘50 l!D- bs 73 2% Al 11% 11" 111 9% 9 9% 99% 49 110% 109% 110% 100% 100% 100% Am Int] 6%8'49 Am Roll Mill 4 Amn Smelt & R 101% 101% 101% | Lo: 109% 109% 109% 112 1114 112 A T&S Fo 4148 48 AT&SFeCA 4% AtiCoast L 1st 48 62 92% 92 92% AtlCoast Lelt 48’52 73% T73% 73% AtlCoast Leltss¢s 91 91 91 Atl Refin deb 55 °37. 107 107 Aust & Nor bs ‘41 .. 100 -100 100 n‘amwuwl. 104 104 104 1| Cin H&D2d 4% THE EVENING STAR, WASHINGTON, D. C., STOCK EXCHANGE DWEDwEw (IIIT I LT 00000C0O T1% 70% T1% T0% 80% 79% 98 101% 101 117 116% C.. 124 124 111% 111% 108% 108% T 3y 3w Bklyn Edis 58 ‘53 E... Bxlyn M T 63 ‘49 Bklyn M T 6; Bklyn Un E! b Buff R&P con 418 B! Bush T Bldg 65 '60 Calif G&E ref 5s '37 Calif Packing Can'dian Nt R4 6 112 Cnn 'dian Nr db 7s ‘40 Can’dian Pc db4sperp Can’dian Pe ¢%s ‘60 4. s Can'dian Pe b Can‘dian Pc Cent of N J gen Cent Pao 1st rf 4849 Cent Pac 68 '60 Cent RR B Ga Cert'd deb 638 Chesap C cv cl bi Chesap Corp 6s ‘47 C&04%s8'95 B Chi & Alt ref 3549 _. Ch1 B & Qge 68 ChiB&Q4%s 17 Chi B&Q ref 63 '71 Chi B&Q | dv 3% Chi B&Q 1divés'4d Chi & E 111 68 51 Chi & E 111 58 '51 ctfs Chi & E 111 con 65 '34. CM&StP 4s 89 CM&StP 68 '78 CMStP&P adj bi Chi & NW gn ¢ Chi & NW 4% 2037, Chi & NW 4%s'49 T CM RI&P rf 4s'34 __. Chi R I&P gn 4s'88 Chi T H&S 1st 5860 Chi T H&S Inc 58 '60.. Chi Un Sta ¢8'63 Chi & W 1 con 4 Chi& W 15%8°62 | C&W1 1st rf5%s'63C Childs & Co 5843 . Chile Cop deb 65 *47_. |CinGasEl 48’68 A . ‘37 CCC&StL rf 438'17E s CCC&StLStL dv4s'90 CCC&StL rf 68'63 D CCC&SILCW&M4s'91 Clev Un Ter 4 %877 Un Ter63°73 B Clev Un Ter 5%#'72A Colo Fuel & Ir bs'43_ Colo Ind ci tr 68 34 ColumblaG & B 53’52 May % | Columbla G&E ColRPL1st4 ColRP&L5% Con Coal Md rf 58 '50 Con Coal Md 68'50 cfs Con Gas N Y 4%s'51 ConGNYdbsy Consumers Pw b8 ‘52 Crown C& S 68 Cuba Nor RR 6 Del & Hud ref 4 Del & Hud 5%8°37.. DenG & E5s’51 & Den & RGen 48°36 _ Den&RGW 68°65 asst Des M&F'tD 4s'35ctfs Det Edison 43561 D | Det 1dison 53 ‘62 Donner St ref 7s ‘42.. DulSS& At5s'37 . Duqu Lt 1st 43867 Fed Lt & Tr Fla EC Ry 68°7¢ Fla EC Ry 58 74 cfs Fond J&R 4s'82 filed Fonda J & It 2s-48 '82 ct! Fran Sug 1%8 43 o.. Gen Am Inv 68°53._. Gen Cable 5%s ‘47 Gen Pub Sve 5%8'39 Steel C 535849 T! Eq 68 40 Gulf Sta 8ti 6 Hack Wat 1st 111 Cent ref &i ICCAStL NO 4%8'63 ICCaSt L NO Inland 8t) 4%s°78 A Inland 8t1 C%I'll B Int RT1strf IRT1st rof’h lldl K Interlake 6s°51 .. Int Cement 6848 ... Int Grt Nr b Int Grt Nr b Int Gt Nor 68°52 A Int Gt Nor ld! 68'52A Int Hydro E| Int Mer Mar Int Pap 1st § % | Int Pap ref IntRyof C IntRT Int T&Tcy 4% IntT&T4%s 52 Int T&T 68°66 Towa C 1st&rf 4s Kan G & B 434080 Kinney(G R)7%s 36 Laclede Gas 63’39 ... LVNY4%s 40 gtd. Leh V Pa con ¢s 2003 L V Pacon 4%s 2003. ‘Ter 68’41 __ Ndiys 200G N Atl K&C 4s'58. Ml E R&S Lt MStP&SSM cn 48 us:ns&u cn b8 pzruu 3t . 106 Col & So 4% 880 . 108% 108% 106 106% 106% 108 107% 63% 63% 60 60 108% 108% 1044 104% 110% 109% 109% 109% 109% 108% 111% 112 112 114% 114% 114% 114% 123% 123% 103% 103% 86% 86% 100 99% 111% 111% 105 104% 108% 108% 108% 108% 9% 9% 96% 96 101 101 2 105% 105% 105% 105% 4 116% 109 110% 427 106% 106 4 111% 102% 108% 118 CM&StP gn 438 '89 c 108% 89 27T% 5643 954 94% 9 10614 106'5 111% 111% 364 36 36 36 107% 107 106 105% 105% 105% 1051 105' 49 49 41% 41% 34% 34% 85% 85 70% T1% 80% 98 102 101 117 124 111% 108% 3315 108% 105 106% 108% 63% 60 108% 104% 110% 109% 1087% 1117% 112 114% 114% 123% 103% 86% 99% 111% 104% 108% 108% 9% 96 101 101% 86% €3% 85% 105% 106% 116% 109% 110% 427% 106' 106 111% 102% 108 1% 1074 41% 34% 85% 1081 108Y% 108% 2 12 12 60% 50% 87 59 61 61 61 105 104% 105 106% 106% 106% 90% 89% 89% 88% 90% 89% 36 36 36 112% 112 112% 61 60% 60% 107% 107 107 108% 108% 103% 104 103% 104 101% 101% 101“ 'IM 'l!‘/i 100% 106% 106% 48% 1058 108% 105% 104% 104% 10415 104% 104% 104% 108% 108% 108% 1 130 130 | Penn RR con 4 mn:. Low. eh-. luu’unuu-'n 81 MoK & T 1st ¢8 '90. i CONTINUE T GRO 1“ Decline in Ratio of Borrow- % Nassav El48°51 gtd. 60% 60% 60'% Nat Dairy 6% 108% 103% 103% 991 99% 99% 2% 2% 2% 104 103% 104 118 117% 117% 104% 104% 104% 7 70 70 81% New Or P8 68 'l‘ B New Or T&M 4%s ‘56 New Or T&M 68 °'64 B New Or T&M 5%s ‘54 N Y Cent 3%s°97 N Y Cent con 43’9 NYCentrfek%s 2013 NYCrf4%s2013n.. # ; Cent ref bs 2013 107% 106% 107% 180! !lrlfl lll!fi 111% 111% 98% z77772zzz SeZZEzaz :E;EE drprrrred 2 =3 - L2227 22227 LT Pl Niag Sh 5%8s Norf&W 1st 4 North Am Co Nor'n Pac 4338 2047 Nor'n Pac 68 2047 ._ Ogden L. C 48 '4i Ohio Pub Ser 714846 Old Ben C 1st 6544 Ont Pw Niag 65 "43 .. Ore RR & N 4846 Ore WRR&N 61 Otis Steal 6341 Pac Coast 58 '46 PacG & E5s'e2 Pac RR Mo Ist 4538 ‘P’“ T&T ref 68 52 n Dixie C 6s 4 | PennRR 333241 B Penn R R con 4348 _ Penn RR ¢%s 81 D.. Penn RR 4%s 1 Phila&RC& 1 Phillips Petr 6 PCC&SLL 45" PCC&StL 4% Port G E 5835 lsud Porto Rico A T 6s°42 Postal Tel & C 5s ‘53 PubS El &G 4%8'67 Purity Bak 58 43 Reading Jer C 4s 51.. | Reading R 414597 A Reading R 4%8°'97 B | Rem-R 64847 A ww Rep 1&Stl 534863 A Richfield O 4 ofn RG W 1stexin 4s’3) | RloG W col 4549 A | Rutiand Can 4549 | StJo Ry L T&P bs ‘37 St L IM&S R&G 45’33 StL-SF4s’'50 A 8t L-S F 4850 A f: StL-SF 4%s'78_ Seabd A L 6s ‘45 cfs Seabd A-F] 68'35A ct. Shell Pipe L 5i Shell Un /)il b Siet a#8F P Skerty O11 5% So Bell T&T bs fl... So Pacref 48 56w 3% 3% 103 103% 4 10214 103% 103 103 108 108 96% 2% 72 72 85% 1% 85'% ms. 105% 38% 38% 81% 81 49% 48% 501 49% 72 % 72 109 108% 108% 10 9% 10 101% 101% 101% 50 49 80 So Ry gen 6 T So Ry 6%8°56 Z So Ry St Ddiv 1. Southw Bell T h 4. Spokane Int 58 Stand OIIN Y l‘fi 51 Studebaker cv 6 Swift & Co3%s ‘Tenn C&C 6s * Tenn E] Pw 63°47 A_ Term As con 5s '44.. Tex Corpcv 6s 44 Tex & Pac 58’77 B... Tex & Pac 6819 C Tex&P MPT 5%5 '64. Third Av ref 4s "60 e 103% 103% 103% 100% 100's 100% 100% 99% 100 1141 114% 114% 104 103% 103% 91‘/) 100 100 100 120% 120% 120% . 111% 111% 111% 102% 102% 1025 107 106% 107 106 106 106 1064 108% 106% 92 9% 96 18% 88% 7% 61 80% 80% 80% 105% 105% 105% 111% 111% 111% 7 % 67% 20 20% 21 93% 21% 62% 61% 9 32% Util P& L 68 '69 ww_ UHIP&LEWs 47 .. Vanadium cv 6s 41 Va E&P 1st rf 6866 A VaRyl1st6s'62A__. Va8 W eon "1':. - "~ 10T 107 d0hs | 18 EXRE & Bon .- 119 119 119 9% 8% T9% ’EK 95% '5% 035 1 9% 98% . 102% 102% 102% 68 101% 101 101 bot 14% 14% 14% Set 14% 134 14 10% 10% 10% ings to Value of Shares Pronounced. Specipl Dispatch to Tae Star. NEW YORK, September 4.—The steady decline in the ratio of bor- rowings of Stock Exchange members to the total market value of listed shares, in the face of rising activity and prices of stocks this year, is one index to the predominance of cash transactions in the present market. ‘Total market value of listed shares August 1 was $38,913,092,273, which was about the same as in the first quarter of 1927. If the later period be considered as fairly normal in market and credit conditions, then total net borrowings of Stock Ex- change members on collateral nor- mally would be slightly above $3.- 000,000,000 for & market at the pres- ent value level. Instead, the loans are under $800,000,000. Continuous Drop. ‘The ratio of net borrowings to mar- ket values has dropped almost contin- uously from 3 per cent August 1, 1934, to 1.98 per cent at the first of this month. Since March 1 the decline has been uninterrupted while market val- ues have risen and trading volume has increased. Exchange member borrowings have not simply risen at a slower rate than market values; they have actually shown a downward trend during the last year. One reason for the failure of loans to follow the trend of the market may be the employment of brokers’ own capital to finance margin transactions of the customers. However, against a few firms -that have capital in ex- cess of current requirements of the firm, there are many that are scrap- ing along with capital tied up in se- curities that would have to rise sub- stantially to release funds for financ- ing customers. Influence of Margin Requirements. Another explanation might be the margin requirements of the Federal | Reserve Board, that prevent the use of paper profits to pyramid stock holdings within a certain price range. Yet margin speculation on a rising market would increase loans in spite of this restriction. The answer, confirmed by exchange members, is that the active rising market represents switching from bonds into stocks or from one stock | 58 to another by strong holders of securi- | ties and the withdrawal of stucks to deposit boxes by cuh buyers. (Copyright. 1935, the North American Newsoaper Alliunce "Fnt.} “IHUPP MOTOR CAR CORP. PROXIES BEING ASKED By the Associated Press. NEW YORK, September 4.—A. M. Andrews, former chairman of the board of the Hupp Motor Car Corp., | S disclosed today that he was soliciting stockholders for proxies to be voted at the company’s annual meeting Sep- tember 11 in Richmond, Va. He will oppose re-election of the present man- agement. Recently a number of the directors sent a letter to shareholders asking for proxies, stating that Andrews “will undoubtedly seek at the annual election to prevent the re-election of those directors whose terms of office are about to expire.” Andrews, in his letter, said that for 20 years he has been the largest individual stockholder of '.he Hupp company. —_— {CHICAGO STOCK MARKET CHICAGO. September 4 (#).—Foll is ‘The complete oMGIal st of iransactions m uoen on the Chicago Stock Exchange STOCKS, Hlxn Lov L Olse. 30 Cherry Bn:ml o 250 o0 &t o Goro vt 150 Chi Flex Sh 850 Cities Serv - 4 111% 1113 | 200 G 20 Dexter 1 ‘l\n El Househol 250 Gen Household . oo Solablatt ez 10 600 Morch 20 Merch 100 )llckclb!l’ru P 150 Mid 20 Midana Onte ST et e D 30 il PEFEEIES, 30 300 Nt Oy - A9 2omon BB DI ot 1oome gt g 1398008 TR S e ta Ry, B BEER RS, Quaker Oats nuo Rellance Mix 700 Ryerson 100 Sangamo 350 €td Dreds pf_ Switt & Oo- 198 h st FEEE BBz Ron R B REE GRS i s o32: & AR 3530 Zenith Foter salos—Btock BALTIMORE STOCKS Special Dispatch to The Star. BALTIMORE. September 4.— Sales. 3 1ow. . 115 Arundel .3 ) gfll‘lck & ‘a% H § 232 13k bfi Go u shares. .’! 3 rldem.y & “Ml.. 0 Fidelity & Guar-. 19 New Amsterda: u% MONEY MARKET. R "“x"&nl ol o ered: "4 mon! m g-mm?'m" paper. ? per cent cent. anged. Bank, 1% per cen! ork ~ Reserve MONTREAL SILVER. MONTREAL, September 4 (™ .—Silver tures a 10 lower to 45 u% 14| in the late trading. WEDNESDAY, SEPTEMBER 4, 1935, GASH STOCK DEALS CAUTION 1S SHOWN By the Associated Press. CHICAGO, September 4.—Wheat prices went moderately higher tqday In a m«vm more Ium-lve tnde ‘Was promj] by mnh at L\verpool. Prlvne elu- mates on the Spring wheat crop, while construed as bullish, failed to bring in any sdditional purchasing power worthy of note, After the crop figures were given the trade, ihe market was inclined to sag & bit. The average placed the crop at 151,000,000 bushels, or 21,- 000,000 bushels loss during the month of August as compared with Govern- ment estimate. Based on reports of Chicago statisticlans, the Canadian production is 289,000,000 bushels. Liverpool wheat strength was trace- able to a scarcity of sellers, insufficient deliverable stocks and an improved demand for Canadian wheat. In commenting on the Spring wheat crop both in our Northwest and in Western Canada, H. C. Donovan of Thomson & McKinnon says: “The big problem that remains is that of using the poor quality wheat being harvested. Much wheat will be need- ed for mixing, with the most likely solution the importation of substan- tial quantities of last year's Canadian crop.” The Snow-Bartlett Frazier report for September 1 confirms the wheat crop losses shown in the special sur- vey of August 15 as having occurred after the regular monthly report of August 1. The condition of Spring wheat at time of harvest dropped to 399 with one exception the lowest ever reported. Threshing returns to date indicate & rate of yield when apportioned to the seeded area of about 7.2 bushels per acre, or a total | Spring wheat crop of 151,000,000 | bushels. This may be roughly re- garded as representing 128,000,000 of bread wheat and 22,000,000 of durum. The milling value of the crop is much lower than mere production figures would show, as the weight of bread wheat is far below normal and a ccn- siderable part of the reported crop only represents animal feed. Final threshing returns for Winter wheat vary but slightly from the fig- ures reported a month ago standing at 13.1 bushels per acre and making a crop of 411,000,000 bushels. There has been heavy damage in the shock from excessive rain and sprouting | grain, especially marked in Ohio and Michigan, with enough damage in the aggregate to lower milling value ap- | preciably. | Corn was heavily damaged by heat and lack of moisture irregularly in Towa and Missouri and generally and severely west of the Missouri River. WHEAT— Onen. High. Low. Clote DL, E RR% &R a1y w23 Cash wheat, No. 2 hard, 104%:a 1.05%; corn, No. 2 yellow, 76%a77; | No. 4 yellow, 75'2; oats, No. 4 ‘white, tough, 23'(a23!3; sample grade, 20a; 24; no rye: buckwheat; soy beans,| No. 2 yellow, 62, nominal, net track, country station; barley, nominal, feed, 35a43; malting. 50a70: timothy seed, | 2.50a2.85 hundredweight; clover seed, | 10.25a16.35 hundreweight. Baltimore Quotations. BALTIMORE, September 4 (#).—| Wheat, No. 2 red Winter, garlicky, spot, domestic, 81%; September, 81'. | Liverpool Grain Prices. Hish. uv Close. R4 R3% 833, 12 R13, 813, 80% .80% New York Cotton By the Associated Press. NEW YORK, September 4.—Cotton was generally steady today with prices working higher on trade buying combined with covering and a scat- tering demand promoted by reports of unfavorable weather for further development and movement of cotton | in the South. October sold up to 1041 and May to 10.57, making net | advances of 10 to 16 points, and prices were within a few points of the best Liverpool Quotations. LIVERPOOL, September 4 W).—’ Cotton, 13,000 bales, including 5,700 American. 8pot in fair demand; prices two points lower; quotations in pence; American strict good middling, 6.64; good middling, 6.34; strict mid- middling, 5.94; low middling, 5.69; strict grod ordinary, 549; good or dinary, 5.19. Futures closed steady. October, 5.63; December, 5.57; Janu- ary, 557; March, 6.59; May, 5.59; July, 5.58. M‘Cho:::on futures closed steady, 7-16 ; mmunm 1000+ Cottonseed Oil. Bleachable enuonued ofl futures closed September, §.85b: Octobe: 'l mbe: i) Janusry. 963 1. Sal contracts. including 2 iwitches: Ba — SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) ot 1937, Allls chdmu Ouuzl““"_- NEW YORK. September 4 —cflfl ! auiet: eloetro.yuc. spot and hmm export. & i nearby, 4 dling, 6.19; middling, 6.04; strict low | | FIN BY OIL INDUSTRY Disturbed Price Situation in California and Tapering Demand Watched. Dy tho Assoclated Press. TULSA, Okla, September 4.—The disturbed crude price situation in California and the tapering demand for refined products caused the oil in- dustry to proceed cautiously this week. The refined market held up well under the circumstances. Neither the coast disturbance nor the decline in demand for refined products came unexpectedly. Bad weather in some sections over Labor day week end caused the buying to drop rather more than usual. Prices Generally Unchanged. Third grade gasoline gave way an eighth of a cent a gallon on the lower | quotations on the Chicago tank car | market. Otherwise gasoline prices were unchanged, with third grade 4%a% at Chicago and the regular 5%a. Condmon: favorable to Fall plow-| ing strengthened the demand in this | district for kerosene with the result that the prices held steady despite sales pressure. The California crude price cut still was being watched with interest. The most optimistic observers called it a “local situation,” and cited a previous instance when crude price reductions were restored after a few weeks when production was brought down. These observers predicted an early end to the difficulty and said the price would be hiked to its former level soon. Attempt to Cut Prices. The Independent Petroleum As-| sociation view was that the move is| a plan by the major companies to force prices down and fill their !&nh with cheap crude. 8o far, however, the mid- cnnunent price level has reflected to almost no | extent the California disturbance and | there are no indications that it will | unless the low-price condition on the coast persists over a period of several weeks. MORE SHIPYARD ORDERS. NEW YORK, September 4 (#).—On August 1 American shipyards were building or had under contract to build for private ship owners 60 ves- sels aggregating 30,686 gross tons, compared with 49 vessels aggregating {20,202 tons on July 1, according to reports compiled by shipping interests for Government bureaus. HOUSEWARE LINES ACTIVE. NEW YORK, September 4 () —Ac- tive housewares lines of every descrip- ! tion are in active demand by retailers, who are launching promotions on small home furnishings items within the next few days. NANCIAL. Available At 57,2 and 6% —for Pirst Mortgage Loans on C. vesidence o¢ small peoper- 8. loans bfl,anp e Wm. 1 'l'. - Ballard 1221 Eye St. N.W. First Mortgage Notes 60/0 Interest Secured on homes in the District of Columbia. Wm. H. Saunders Co., Inc. 1519 K St. N.W. Dist. 1015 Massachusetts Investors Trust Prospectus on Request William W. Mackall, Jr. Investment Securities 218 Woodward Bidg _ Dlstrict 8431. ENTERPRISE BUILDING ASSOCIATION 7th St. and Ind. Ave. N.W. LOANS Made on Improved District of Columbia Real Estate Security Monthly payments as low as $7.50 per $1,000 First Mortgage Money CONSTRUCTION LOANS AND LOANS ON IM. PROVED RESIDEN.- TIAL PROPERTY in the District of Columbia and Nearby Maryland. 5Y2% Prompt action B. F. SAUL CO. 925 15th St. Natl. 2100 First Mortcace Loans District of Columbia, Nearby Maryland and Virginia 5% Terms from 3 to 15 years RANDALL H. HAGNER & COMPANY INCORPORATED MORTGAGE LOAN CORRESFONDENT NewZYork Lofe Iusurance Conpany 1321 Connecticut Avenue W. Telephone: DEcatur 3600 ‘ Equitable Co-Operative Bldg. Ass'n| ASSETS $6,492,976.24 ORGANIZED 1879 85th YEAR COMPLETED Subscriptions for the 109th Issue of Stock Being Received Do You Desire a Loan —on Real Estate or to Take Up First Mortgage? Taos:mmmwm.nome. refinance present indebtedness or improve property should consult us. will receive prompt and courteous attention. Loans Repayable Monthly Applications Take 12 Years to Repay Your Loan 915 F St. N.W. Nat. 1741 REAL ESTATE LOANS on Improved Property Monthly Payment Loans Straight Three Year Loans 3% INTEREST Consult Real Estate Department AMERICAN SECURITY AND TRUST COMPANY Masn Office FIFTEENTH STREET AND PENNSYLVANIA AVENUE | Branches 7th aod Mass. Ave., N. W, Seventh and E Sts.,S. W. Eighth lnd H Sts., N. E. 1140 Fifteeach Sc¢.,N. W.