Evening Star Newspaper, June 29, 1936, Page 17

FINANCIAL. CURB LIST TAKES UNEVEN COURSE Most Late Prices Tilt Down as Realizing Pressure Increases. By the Assoctated Press. NEW YORK, June 20.—A tendency to betterment in the Curb market was checked around midsession today by rome increase in offerings, and most late prices tilted lower. Certain stocks continued to move ahead. but the general list veered into ireegularity. Oils yielded fractional ground and certain of the industrial specialties fell back 1 to 2 points. Most of the utilities absorbed the sclling and held their early fractional gains. Aluminum Co. of America ap- peared to be in special demand and rose more than 6 points. Aluminum, Ltd. and American Hard Rubber also added substantially to Saturday’s closing figures on small dealings. BONDS ON THE CURB MARKET. DOMESTIC BONDS. P.mh Ln‘l 1 l’ M nm A 2103 1 108 10415 10078 1031y n! ‘wi—When ' i5sued. T stamped sNeZoiiability imnaired by maturity. tCompanies reported in receivership. BOSTON WOOL MARKET. BOSTON. June 20 (#—(United States Déoartment, ‘of Agriculture) —Wool was v slow in Boston. Asking prices on srot wools h!ld steady to flrg\ hul some stern offerings were availabl, prices somewhat lower than recent sell ml quota- t Some users were ain bidding only ocents. for types of f origiral French combing length |err1- tory “weols that were selling at K388 cents_ A little ool was bought at 80aS, but Boston houses refused for the most part to nccevl these prices on spot wools. VI“IBLE GRAIN SUPPLY NEW YORK, June 29 (#).—The visible supply of American grain shows the following changes in bush- els: Wheat decreased 1,452,000; corn increased 947.000; oats increased 71.- 000; rye decreased 46,000; barley de- creased 453,000, scoured basis. »* CRUDE OIL PRICES. GLSA OKla. June 20 (P — Oll prices: M|fl continent l"l orth and ;l.ovrlll: Central Texu amm 08. " East Texas. $1.15 flat .:lln‘L Glr'lvily ouisiana- e 2 18110, ‘Same srade Corning: $1. 45 Zeuii PHILADELPHIA PRODUCE. V‘Hn,mn.PmA .y lung S . By private wire direct to The Siar. Btock anc Dividend Rate. Low Close 3% 34 2 2 67 67h 73% T3% Bales— Add ot;. High ) Alr Inveators Ino. Ala Pwr pt (6) Al m Pw pf(7). 208 73% Allen Indust (1)-. 5 204 20 20 Alum'n Coof Am 20508143 1343140 Aluminum Co of Am pf (13%) 50s116 116 116 Alum'n Ind (40e). 50s 12 12 12 Alum'n Ltd . 4 65 63 B4y Am Book Co (¢4) .. 108 T1% Ti% 7% Am City P&L (B) 2 6 8 Am Cynam B 60c. 15 34lx 33% 344 Am&ForPwww. 7 i 34 34 Am G&B (1.40) 2 38 38 Am G&E pt (6) .- lbflllllh lll\b 1114 Am Gen Corp 2 8% Am General pf 231258 w 40 Am Hard Rubber 2008 381y 38% Am Laundry(40c) 4 22 28 Am Mfg Co: b Am Maracaibo Am Pneu Service. Am Potash & Ch.. 1001 Am Superpower . 25 Am Superpwrpf.. 3 Am Superpower 18t pf (6) 25% 1% 15 24 2% 4 Apex Elec Mtg_ Ark Nat Ark Nat Ark Nat Gas cu pf AssoG&R - ... AsSOG & B (A) . AssoG&ESspf.. Asso Rayon Atl Coast Fisher . Atlas Corp (a4Uc). ww=Ha Auto Products. Bickfords Ine (1). Black & Decker. _. BlissCo (BW).. Blue Ridge Corp Blue Ridgecvpf3 Bohack (HC).... Bower Roll B (1). Bridgeport Mach_. Brill Corp (B).... Brown Fence Wire (A) (2). Brown Forman __ Butler Bros . _ | Cables&Wire(B) . Can Indus Alco B Can Marcont Carib Syndicate ._ Carrter Corp.. Castle (A M) (2) Catalin Corp Cent & S W Util Cent States Elec... Central States ectric 7% pt_ Cl 2o Rivet & | M 1%) | Chief Consol ChildsCopf . 12 PO = @ 2 B RO TN e D 00 e 4% 6214 | 6 64 16 17 Cities Service pf Citles Service (B) City Aut Stpg 60¢ Colon O1) (d) Columbia Gas & Elev ev pf (5) Columb Oil & Gas Com’'with Ed (4) Com'with & S war Community Wat S Como Mines ___ Consol Atrcraft. Cons Copper. .. Censol Gas of 2w 1% | 108 : 3% 104 106 | KLY 104% | & 1062 & ™ & 157 18 | 15% | 1 | Pitts& L B (v:%) 108 81% | Producers Roy___ Balto (3.60) Contl Oil (Mex Cooper Bessemer_ Cord Corp Corroon & R pf A_ Crane & Co Crane Co pf (37) Creole Pet (bz0c) Croft Brewing.__. Crown Cent Petr_ Crown Drug al0c Crown Drug pf 1% Cusi Mex Mining Dayton Rubber..... | Derbyon&r . | Detroit Gasket Detroit Gray iron Foundry (20¢c) | Dictograph(alsc) Distilled Liquors. Duval Tex Sulph. Eagle Picher Lead (al0c) n G&E Dt ) (6) Bastn G&E Prof (4%) ___. 258 7 Easy Washing Mach B (150) Edison Bros(1.60) tisler Elec Corp | Elec Bond&Share Elec Bd&Sh pf(5) Elec Bd&Sh pf(6) El Pwr Asso (A)-. Elec Pwr & Lt optl war Elec Pwr & Lt 24 pf (A) | Elgin Nat W a%7se | Emp G&k 6% of Bmp G&F 6% %pf Emp G&F 7% pf Emp G&E $% pt Squity Corp European Electrie Ltd bd rts Ex-Cel-O A&Tool Fairchild Aviat'n Falstaft Brewery. Fanny Farmer Candy (50¢) .. Fansteel Metal Kisk Rubber Fisk Rubber pf __125 Flintkote Co (1).. 4 FlaP&Lpt ... 1008 Ford Motor (Can) A (a75e).. & Ford Motor Ltd (18 1-10¢) Froedtert Gr & M ev pt (1.20) Gen Electric Ltd reg (b373%c) Gen PubSv pf $5_. | Gen Tel «azbe) ... Gen Tire & Rub Gen T&R ptf A Georgia Pw pf(6) Glen Alden C (1) Godchaux Sug(B) Great Atl & Pac Tea n-v (16) | Great Atl & Pac Tea 1st pf (7) - Gulf Oil (1) _ | Hall Lamp (20¢) -~ Harvard Brewery Hazeltine (3) . Hecla Min (60¢) .- Heyden Chem(11) Hollinger G (165¢) Horn&Hard(1.60) 3258 331% 3 Horn&Hard pf (7) 408 10874 10874 Hudson BM&S(1) 4 23% Humble O1l (1) _. 20 6213 Hygrade Syl (2)- 100s 36% 111 P&L 6% pf ... 200s 49 111 Pw&Lt §6 pf.. 4608 49 (mp O1l Ltd coupen (150¢).. 22 Imp Tob Canada (135c) - Indian Territory Hium O (A) .. 1 ind Pipe Line 40c 1 Ins Co of N Am(2)200s Int Cig Mch 11.80_ int Mining (60¢c).-. int] Mining war_. int) Petro (t13%). Intl Petroleum reg (11%) Intl Vitamin t40c. Inv Royalty a1 - Ital Superpwr(A) P&L 6% % of.. Jersey Central [>! 115 3508 2008 13 1 1 7 2 1 0 5 2 T 1008 18% 193, T4y 198 Tiy 16% 16% 74 T4 95% 95'3 8 85 14 14 15% 16 112 112 126 126 80 BOY% 6% 1 108 3 1008 21% 13% 3% Tl 7213 30 11% 3% 108100 100 100 Y 7 e 1 ™ | Selected Indus _ | Sher Willlams(4) 150813’ | Sonotone | Sterling Br. | Thermotd Co pf__ Svovtepf A_. Kingston Prod.- Kirby Pet (200) - Lake Shore M (4). Lakey Fy & Mach. Lefcourt Realty.. Lehigh C&N(30c) Leonard Ol = Lockheed Afreraft Lone-Star Gas ¢0o Long Island Light Long IsLtpf AT Long Island Light of (B) (6) 1 5% 3 4% b5 3% 2 58 1 7% X =18 B4 THE EVENING NEW YORK CURB MARKET Stock and Dividend Rate 24 00, 00. I.llh Low Olote. Maosnite Corp t1_200s 9 91y 914 Merch & Mfrs(A 1 6% Merritt Chap &S. 1 % Mex-OhioOil..... & 2% Michigan Sugar.. 19 1% Mid] St Pet-vtcA. 3 3 Midvale Co (2)___ 258 41 Minn Min & Mf 1. 508 30% Mohawk Hudsen ist pf (4) 89's Molybdenum Corp T4 Monroe Loan Society (A) afe Mont Ward A (7) Mount Prod (60¢c) Mount Sta T&T 8. Nat Bella Hi Nat Fuel Ga Nat Gypsum (A)- Nat Investors Nat Inv pf (a1.50) Nat Rubber Mach Nat Sugar N J (2) Natl Transit(75c). Nat Union Radio.. Nehi Corp e Neptune Met (A). New Brad O al0c.. N J Zine (72) - N Y Steam N Y Tel pf (6%4). Niag Hud Pwr _ Niagara Shares (Md) B (a10¢) Nipissing (azse) Noma Elee (a40e) 1 NorthAm L& P 1 North AmL&P pf 1608 North'n-Euro Ofl. 1 Northern States Power (A) N W Eng (a2ic) . 1 24 24 2¢h Novadel Ag (2) ... 3 38% 38 38% Ohlo Pwr pf (6).. 5081121 11215 112% O1ll Stocks Ltd (1400) - - — e 13% 13% PacificG& B 18t pf (13%4) e Pae Publie Sve.... Pan-Am Afr (1).. Pantepeoc Of1 . Pat Plymuth M a2 Pennroad (bz0c) Penn GRE(A)1%. Penn P&L pf (6) Penn P&L pf (1) .. Pepperell Mfg(3) Phillips Packing_. Phoentx Secur___. Phoenix Secur Corp pf A (3) .. Pierce Governor . Pioneer Gold Min Ltd (80¢) . . Pitney Bowes PM (32) .. Pittsb'gh Fory 1 3% 3% 3% 20815215 15213 1524 3 5% b% 5% 608140 140 140 18 2% 2% 18% 53 2 65 4 264 10% % 5% 9 3 5508 79 1 lR 1fi 18 508119 118 118 30 11 107 11 4 11% 2 2 3 6 108 1 2 5 1 1 1 8 12 2% L) 4N 48 1% 2% 6 4% 4 L] 28% 6 44 48 28% 28% 17 7 108106 106% 106% 3 1014 110% 110% 808 683 68% 681, 2 10% 10% 10% 17 6 6 1 38% 2 104 38y, 10's 38% 10' 81 8% 9y 81 120 - LE ] 87 91y - 8 9y 81 2120% 120 1 1w 1% 3 4% 4w 2 Pub Sve Ind prpf 70s Pub UtSecprpf 7 Pug S P&L $5 pf 52508 Puget Sound Pwr &Lt36pf ____ 2008 Red Bank Recd Roller Bit new (180c) Reeves Dan (50¢). Reliable Stores . Revnolds invest Root Pet'm(a2c) - Root Petroleum evprpf (1.20) Royal Typewriter Rustless Ir & Stl. Ryan Consol. St Regis Pa St Regis Paper pf Salt Creek P(80¢c) Schiff(The)Co(2) Scoville Mfg (1) _. Segal Lock &H _. Seiberling Rubber Pittsb’gh P G(12). Pleas Val Wine Potrero Sugar Q- o g__ it TS e SelInd all cfs 6% 1508 | Sel ind pr pf(5%) 1008 1 2 7 1 Sentry Safety Con Seton Leather __ Shattuck Den Min 1 Shenandoah ... 7"y 13612 1361y 1z 12 12 2% 2 Sher-Will pf (5).. 20s $c)... 9 Southn Calif E4 Pf(B) (1%) ... 1 Southn Calif £4 of (C) (1%) Spencer Chain St 28% 267% 2 4 | Square D Co DL A (2.20)400s Stand Ol Ky (1) Stand S11&L (ale) Sterchi Bros Strs. 10¢) Stroggk & Co aTie Stutz Motor Sunray Ofl. o 19 Sunshine Min (2) 25 Swiss O1] (t20e).. 103 Taggart Corp .. 2 Tasteyeast(Del)A Taylor Dist (h3) Technicolur Inc Tuk Hughes t40¢ xa8 Gulf Prod Texon O & L (60¢) ‘ 7 2 7 508 1 A% 61 52 3 = 4 1 T 1 s Tob Prod Ext lflc) 1 3 ;Tol Edispf A (7). 20511245 1123, H”‘i Trans-Lux Daylite Plo 8n (20¢) .. Tubize Chatl (4) . Tung-Sol Lamp n. Tung-Sol Lamp pf new (80¢) Twin Coaeh (a10c) Unit Gas Corp Unit Gas C war _ Unit Gas Corp pf.. Unit Lt & Pw (A) Unit Lt & Pw pf __ Unit Shoe M t2% U S Foll(B)(60e). U S & Intl Secur_. U S Lines ot Unit Stores vte Unit Verde Ex(1). ‘Jnit Wall Paper_. Uniy Pictures Univ Prod (1)_. Utah Apex Utah Power & Lt pf (32.331-3) .. Util Pwr & Lt Utll Pwr & Lt pf_ 2¢ Utility & [ndus pt Venezuela Petrol . Voght Mfg Co (1). Walker Mining..... Wayne Pump ___ W Va Coal & Coke Westn Air Ex(n). ‘West Tabulating & Sta vte (11) Westvaco pf (7). Wil-low Cafe pf. . Woodley Pet (40c) Wright Harg 1400 Bb Yukon Gold 1 Dividend rate in doll quarterly or semi-annuy nuai rate— 3 dends - aPaid this year. 1 Paid dCompanies reported \ being reorganized. in stock. 1Plus parcial distribution of assets. Ex-dividend. 1 2 4 20% 9's 4 29 9 ‘ 29 9 2 13y 4 134 22 8% 8u 8% Il 2% 2" g 5113 11"‘.111 Th o 6% b6 un-. 1315 131 1312 13y 54 . 881y 16'a m_ fi 3%, 8 24% BOI 100‘4 100\’ 100'4 lh 1’- % 2 CHICAGO LIVE STOCK. CHICAGO, June 20 (# (United 8t Department ' of Agriculture).—Hogs. 000. including 8.000 direct; unevenly 5a higher than Friday's average: top, 10.8 160a250 pounds. 10. pounds. 140-160 pounds. 10 9.50; few. 9.7 and betts Catlle: 15.000: calves. 2.000: rainfed steers and yeariings bulk desirabi 0,80 B0 strictly strong _to les steers "an choice 1ed Well- arine steer advance: best early, ®rassy heifers and all-grass cows Barely Siosay; bulls strong: vealers steady: practical top welghty sausage bulls. 5. vealers 8.3080.50; selects o 10.00 h 8,004 5.500 direct: including o nw early ulumnlm nmn around 1100 ‘with closely mmg' i fl- roun ® Jambs st 11.25; "’H’Q'fill', buck bs discor ' 03 Sieads’ Bulk handyweishis, 57 "4"6 ki FOREIGN EXCHANGES. 5'\1.‘?-‘ a, | Breater STAR, WASHINGTON, D. C., AIRTRAVEL SOARS ABOVE YEAR AGD Passenger Total Increases 26 Per Cent in First Four Months of 1936. BY J. G. DONLEY. Srecial Dispatch to Thae Star. NEW YORK, June 29.—The air transportation industry is continuing the good gains made last year. For the first four months of this year the total number of passengers carried showed an increase of about 26 per cent over the like period a year ago, while passenger-miles were up 22 per cent, and plane-miles flown were some 20 per cent above the 1935 figure. ‘The number of passengers carried has increased more rapidly than pas- senger-miles flown, which is indicative of a small decline in the length of the average passenger flight. But the increase in passenger-miles than in plane-miles indicates an aver- age increase in the passenger payload per plane flight, and that is important with larger ships winging the heavily traveled routes. Follow Big 1935 Gains. This year's gains, it is worth noting, come on top of an increase of 61 per cent in the number of passengers car- ried for the full year 1935 over 1934. Express poundage in 1935 was 79 per cent above 1934. In the first four months of this year the airlines carried 1,727,000 pounds of express, or more than twice the total for the like period last year. Pound-miles of mail carried in March, 1936, totaled over 900,000,- 000, against only about 650,000,000 for that month a year ago. ‘When the usual peak month for pas- senger air traffic—August—is reached this year, it would not be surprising to find total passenger-miles for that month running at about double the somewhat less than 22,000,000 pas- senger-miles reported for August two years ago. Face Equipment Problem. “Airlines are going to be faced with an equipment problem this Summer,” says Leslie E. Neville, managing editor of Aviation. “Some lines have bought new equipment, but can't get deliveries fast enough. At the peak season it will be necessary to turn passengers away. In some instances some lines have had that experience already. “With planes of new design being delivered, airline operators are very careful about making extensive test flights before putting them into service. Test flving is tedious business, long drawn out, with the weather liable to add to the time required for making thoroughly satisfactory check-ups.” (Copyright. 1936) Washington Exchange SALES, Washington Gas 5s 1960—$1.000 at 120, $1.000 at 120, $1,000 at 120. Washington Rwy. & Elec. pfd.—6 at 111, | Riggs National Bank—10 at 260. American Security & Trust Co.—10 at | 258 cash, 10 at 258 cash, 10 at 258 | cash. Woodward & Lothrop com.—10 at 68. AFTER CALL. | Capital Traction 5s5—s1,0 $1,060 at 911y, > American Security & Trust Co.—10 at at 9115, | cash. | Washington Rwy. & Elec. 45s—$2,000 at | 10614 | Mergenthaler Linotype—10 at 47. | Capitai Transit Co.—10 at 15'4 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Am!! Tel. & Tel -—— Tel & Tel ml n 55 2 79is Wash. Gas Wash. Gas Wash. Gas fis. series B. Wash. Rwy. & Elec. 4 MISCELLANEOUS, Chevy Chase Club 5':5_ Col._Country Club W. M. Cold Storase STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. 9)__ | Capital Transiy Co. - N & W sieamboat 1) i n!n‘u.y & Wash. Rwy. & El pfd BANK AND TRUST COMPANY. Amer. Sec. & Tr. Co. (10) . | Bank of Bethesda (1.50).- Capiial (1) | Com. & sav | Liverty ¢ | Natl Prince Sav. & T, Georses Bk & Tr. . ngton . Loan & Tr. (%) FIRE INSURANCE. American (312) _ 195 Corcoran (3) o9 iremen's (1.60) 38 ational Union (.60) . *1i'% TITLE INSURANCE. olymbia (.3 Estate (6). Mrsch.ANEoUs Carpel Corp. (1.60) 315 Lanston Monotype (4) Mergenthaler Linotyoe (£) FPeopl Security’ Storage (5) ey, & Wh. Corp. Wdwd. & Loth, com. (f Wawd: & ot b1 () *Ex-dividend. Plus extras, —4 per cent exiia U. s TREASURY POSITION By the Assoctated Press. The position of the, Treasury Ju Reazmts $20.213 5 X) rla 26 enditures, A1 net balanice, SE31.715." cusmml receipts for the month, ”‘i 647.711.93, Recums !Dr the fiscal year lsince July l) $4.0 85.00; expend. 03 1'«" 13 l including ok of emergency o( expe! dll\lrel, 54 I?‘ $: Gold assets. Receipts (or .hme _’N joar); 4o oie. ' t . ex; srasicy, sxncndlinces; cfoess, of eXpen §05.551.762.53, Gold assets, $0.113, R40.50. NEW YORK SUGAR. NEW YORK. June 20 (Pl —Raw sugar T et et 'to ToId siga! '-'n?fi;mu a 575 based on last sales Fekinss continued light and the only sugar available was a small quantl 37 0‘ Bilerto "Rcos. Tor July arrival “for which hols askes Futures Were steads n}s fl“" c&tnlnl unchanged bur&ll “3 potnts nofln fl‘er na® vm holdlnl aro these, Leels 2% Unchanied at 5,00 for gzan- ulléz& with a fair -mm---l“&- @'re- NEW YORK BAR SILVER. NEW YORK, June 29 (#)i~Bar sil- ver steady agd unchanged from Fri- 258 cash, 10 at 258 cash, 10 at 258 | Asked. | . MONDAY, JUNE 29, 1936. FINANCIA ‘How the Cigarette Business of the Sonaran 19 B T i o | Nahon Was D|V|ded 1929-1935 L Stock Seat Sold At $125,000 Level, Or 810,000 Higher By the Asociated Press. NEW YORK, June 29—Arrange- ments were made today to transfer a membership in the New York Stock | Exchange for $125,000, an increase of $10.000 over the previous sale and the highest since April 27 when $130,000 was paid. The top purchase price of the vear was paid February 19 when $174,000 was obtained for a seat and the low- est was $100,000 on May 4 DRUG STORE VOLUME WELL ABOVE YEAR AGO By the Assoctated Press. CHICAGO, June 29.—The Economi« cal-Cunningham Drug Stores, Inc., De- troit, Mich., reported sales for April and May totaled $1282888 an in- | crease of 7.27 ver cent, compared with | the same months last year. Others Lumber Output Lags Behind Pace Of Previous Week The lumber industry during 'the week ended June 20 stood at 69 per cent of the 1920 weekly average of production and 65 per cent of 1929 shipments, For the tenth consecu- tive week production exceeded new orders and for the seventh week it exceeded shipments. Reported production during the week ended June 20 of 6 per cent fewer mills was 3 per cent below re- vised production figures of the pre- ceding week:; shipments were 5 per cent below and new orders 3 per cent above that week, according to reports to the National Lumber Manufac- turers’ Association from regional as- sociations covering the operations of important hardwood and softwood mills. Reported new business dur- ing the week ended June 20 was § per cent below production; shipments were 9 per cent below output. Reported new business of the pre- | vious week. ended June 13, was 10 per cent below production; shipments | were 8 per cent below. Production in the week ended June 20 was shown by reporting softwood | mills 61 per cent above corresponding | week of last year, when production in the West was largely suspended by strikes; shipments and orders were each 55 per cent above shipments and orders of last vear's week. 'APPLE PROSPECTS | IMPROVE SHARPLY/ Crop Outlook in South, Central East and New England Is Declared Much Better. | Spectal Dispatch to The Star MARTINSBURG, W. Va, June 29. —The dpple crop outlook for this vear in the South. Central East, and New England is much better than last year, | in the opinion of John W. Willen, of Brown and Willen, fruit handlers here, who has just returned from his annual tour of the principal apple markets. The Midwest States, Illinois, Indi- ana and Ohio, have very short apple crops. of both early and late varie- ties, and Midwest dealers expect to be 2 | consistent buyers of apples from this < | belt, he reports, while the McIntesh | |apple crop in New England is nhnrt‘ | this year, after a big harvest in that | ‘une!v last year which filled all New | | England markets. New England deal- | |ers expect to buy from this section | this year, they indicated. | The export situation is not promis- | | Ing. he found. in New York, talking | | with leading exporters ' and with im- | porters from England. The British Isles have a full crop of apples in prospect, which will curtail the outlet | (of American apples there until the | home crop has been absorbed, while importers’ losses in apples last year were consistent and will have a de- | terrent effect this season. |NEW YORK BANK STOCKS £1eclal Dispatch to The Star NEW YORK, June 29.—New York City bank stocks made further prog- ress in their current upward move- ment during the last week, according to records compiled by Hoit, Rose & Troster. ‘The aggregate market value of 16 leading issues on June 26 totaled $1,752,065,000, compared with $1,738,- 402,000 at the close of the previous week, an increase of $13,663,000, or 0.79 per cent. The current average yield of the 16 issues of 3.69 per cent compares with a yield of 3.71 per cent on June 19. The current market value is now 141 times the known book value, CHECKS ON INDIVIDUAL BANK ACCOUNTS DROP By the Assoctated Press. A sharp decline is recorded in the Federal Reserve Board's weekly report on turnover of bank deposits in lead- ing cities. It followed the midmonth spurc accompanying heavy payments for - subscriptions to Treasury issues and for income taxes. The drop from the preceding week amounted to 20 per cent, but the total retained a gain of 12 per cent over the comparable figure last year. The : check turnover includes large sums o for cash payment of the bonus to war veterans. Checks drawn against individual ac- counts in 273 centers compared as |Business and Markets Pay | factors. RISE AGAIN IN WEEK | 9,959,719,000 Same week last year.... 7,156,385,000 —— e $474,000,000 BONUS BONDS CASHED SO FAR 87 the Associated Press. Treasury figures for last Thursdgy show the Government had disbursed about $474,000,000 on bonus bonds turned in for cash. With the bulk of the bonds yet uncashed, reports received from leading trade centers by the Commerce Department indi- cate business last week did not feel the full potential force of the bonus CAMPAIGN EFFECT ONTRADE AWAITED Little Attention to Infla- tion Warnings. BY GEORGE T. HUGHES, Special Dispatch to Ta NEW YORK, June 20.—Now that the conventions are over, the candi- | dates named and the plaiforms known, the effect, if any, of the open- ing presidential campaign on business | may be expected to appear. | So far, there has been no visible retarding of the progress of recovery that could be ascribed to political | It may show itself later. That remains to be seen. The fact is, however, that the business man | who went ahead with his plans with reasonable conservatism to date has | come out the best. Curiously enough, that is true also of those investors, institutional or individual, who have bought Govern- ment securities in the face of all the | predictions of disastrous 1nflation. ‘These predictions have very recently | been reiterated by Dr. E. W. Kem- merer and Dr. H. Parker Willis in most emphatic form, but neither in- dustry nor the securities markets seem to have taken cognizance of them, Deficlencies Accumulated. | The ability of business to stand up against so much adversity, or rather prophecy of adversity, is doubtless explainable by the necessity of mak- ing up for deficiencies accumulated | over six or seven years of depression. This is notably true of construction. ‘The Secretary of Labor reports that the value of permits for residential construction in May were up 79 per cent over that month a year ago. Non-residential construction is up 45 per cent, and additions, alterations | and repairs to existing buildings up 33 per cent. The aggregate advanced | | 54 per cent. It is true that, because of a sharp drop in the value of non-residential structures for which permits were is- sued, the aggregate value in May dropped below the April level, but the trend is unbroken. Revival in con- struction is firmly established. Index at Peak Since 1930. One of the best known business in- dices (that of the New York Times) is at the highest level since April 12, | 1930, with pronounced gains in all its | components. There may be some reversal in the near future, as for instance in the steel industry, where the weekly sur- vey of the Department of Commerce admits that the present contra-sea- | sonal gain represents, in part, business borrowed from the third quarter. This, however, only supports the prop- osition that as yet there has been | seen no retarding effect of politics. Electric power output continuously expands, & new all-time record having been set in the last report. Auto- mobile production keeps up surpris- mgly well. Finally, retail whether because of the bonus distri- | button or some other reason, moves vigorously ahead. | While, as stated, there has been no! indication of weakness in the securi- ties markets, taking them as a whole, there is some sign that bonds are ap- | proaching a temporary peak. Nzw} offerings last week ran to more than | $180,000,000, and, as a rule, they were | priced to take all the advantage pos- sible of prevailing money rates. Fundamentals Unchanged. | There is no change in the funda- mentals. The greater part of new financing is for refunding purposes and the problem of the investor 1nw combining reasonable safety with -i fair return is just as difficult of so- | lution as ever. | On the other hand, the bond buyer | is becoming a little more fastidious as | to quality. Most recent issues are quoted in the street market at the same price, or a higher one, than at | which they were originally offered, but | there are exceptions. An interesting feature has been the tendency to turn to Governments, on the theory that the price spread between the Treasury obligations and those of municipalities and corporations has narrowed to make the former the better bargain. (Copyright, 1936, by the North American Newspaper Alliance, Inc.) BANK OF NETHERLANDS LOWERS DISCOUNT RATE | By the Associated Press. AMSTERDAM, June 20.—The Bank of the Netherlands reduced its dis- count rate today to 31 per cent from 4 per cent. The new rate will apply tomorrow. Pinancial authorities said the reduc- tilon was made possible by easier monetary conditions. (The bank reduced its-discount rate 1, per cent June 24 to the figure from which the further reduction now is made.) CANNED GOODS ORDERED. NEW YORK, June 29 (#)—Con- tracts for supplies of canned goods, some of them for as far ahead as De- cember, were recorded this week, al- though speculative buying Wwas vir- [LITTLE CHANGE SHOWN | C.R.1. & P.Shows Larger Operating Deficit for May By the Associated Press. CHICAGO, June 29.—The Chicago, Rock Island & Pacific Railway Co. reported net railway operating deficit | |in May was $465665 compared with | $399.855 in May, 1935. | Gross revenue, reported at $6,088 192, exceeded the figure last year by | 17 per cent and was the highest for any May since 1931. Operating expenses, however, ‘ere, increased to $5,708,196, compared with | $4,905,175, due partly to an enlarged | program of roadway and equipment maintenance and other unusual ex- penses. Net revenue from railway opera- tions was $379.996 against $312,492 | in May last year. | BY INSURANCE SHARES | Ereclal Dispatch to The Star NEW YORK, June 29 ~lmurlnct‘ stocks in the New York City market closed the last week practically un- | | changed from a week ago, according | | to figures compiled by Hoit Troster. The aggregate value of 20 !udmg fire and casualty insurance issues on | June 26 totalec $637918.000. com- pared with $637.962.000 at the close of the previous week, a decrease of $44.000, or 0.01 per cent. The current average vield of the 20 issues is 3.26 per cent, and the current market value equals 120 times the current liquidating value, both unchanged for the week. Rose & OUTPUT TO BE BOOSTED BY REYNOLDS SPRING BJ the Assoctated Press. NEW YORK. June 29.—Reynolds Spring Co. is building an addition (o its plant at Jackson, Mich.. to in- crease production 50 per cent. The | company has developed a new seat | frame of steel and fiber construction for use in steel automobile bodies. 729 15th For the eight months of the fiscal vear ending May 30 sales totaled $5. 257,586, an increase of 15 per cent compared with the corresponding per- iod of the previous fiscal year. The company was operating 78 astores as compared with 74 stores a vear ago. ‘ o =ik e |REFRIGERATOR SALES OVER WORLD INCREASE By the Associated Press NEW YORK, June 20.—World re- frigerator sales in May totaled 320,137 units valued at $25,976,350, compared with 237,609 units.at $17,783,417 in May, 1835 the National Electrical Manufacturers Association reported. For the first five months, sales were | 1,175,040 units, valued at $95495.631, | compared with 912587 units at $70,« 366.347 in the 1935 period. Lehigh Valley Railroad—May | railway operating income was $7 615, against $641,158; in five months net railway operating income was 32 711,368, against $2,481 487. 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