Evening Star Newspaper, July 3, 1936, Page 12

A—12 %% CURB LIST HOLDS AT HIGHER LEVELS Oils Maintain Advance and Other Sections Add - Fractions. Ry the Assoclated Press. NEW YORK, July 3.—With trading light, prices held steady at moderate- 1y higher levels in the curb market today. Oils maintained earlier gains as the session moved into its final hour and other sections added minor frac- tions. Margay Oil was up about 3 points and Creole, International Petroleum =na Pantepec stood fractionally high- or. Gulf Oil sold about a point lower. Utility and mining stocks took on a stronger tone, with gains ranging to nearly a point. New York Phones Reveal Decrease Of 1,745 in June 1 the Assoctated Press. NEW YORK, July 3—New York Telephone Co., largest member of the 21l System, reported today a net de- crease of 1,745 stations in June against | ioss of 1,335 in June, 1935, and a| s of 4,903 in June, 1934. For the first six months there was a in of 42,405 stations, against a gain of 8318 in 1935 and a gain of 12,771 in 1934. - BONDS ON THE CURB MARKET ST e DOMESTIC BONDS 107 2 Toaizion: 10314 1044 wu st 105 106 16 Am Seaiing Avpalch Pow ;] 8 103 10134 101 " 101 1033 1033, 3 Catiean Pow bs Gitineau P #s B Gen Pb Ut 6l A Gen Vend FINANCIAL. NEW YORK CURB MARKET By private wire direct to The Star. Stock anc Dipidend Rute Add 00. Hieh Ala Gr Sou (alz) 25s 61 Ala Pwr pf (6) 10s 69 Alabam Pw pf(7) 50s T7% Allen Indust (1).. 3 20 Alum'n Ltd 1 63 AmCitlesP& L (A) (3).._.._..100s Am City P&L (B) B Am Cynam A 60c_. 258 Am Cynam B60c 15 Am Fork & H (1) lOUl Am G&E (1.40) . Am G&E p? (6) . Am Gen Corp Am Gen C'p $2 pf_ Am Lt&Tr (1.20) - Am L&T pf (1%) Am Mfg Co Am Maracal Am Superpower Am Superpwr pf.. Am Thread pt (25¢) ._ Angostura (200)_. Apex Elec Mfg._ . Arcturus Radio T Ark Nat Gas Ark Nat Gas (. Ark Nat Gas cu pf Ark P& L pf (7). Art Met Wks 60c- AsSOG & E ASSOG&E(A) - 19 Asso G & E $5 pf 6 Asso Invest(t1%) 50s A Coast Fisher 1 Atlas Corp (adVc) 14 Atlas Corp war. E Atlas C pf A (3). Atlas Plywood Austin Silver { Auto Vot M(150c) 4 | Ax-Fisher(3.20)A 10s Babcock&Wil (1) 150s | Baldw L bd rts(d) 50 Benson & H pt 508 Bickfords pf (2% 1008 38 Bliss Co (E W) 4 Blue Ridge Corp . o Blumenthal S 1 Bohack (H C) | Bower Roll B ( Bridgeport Mach Brown F&WE 1.20 Buffalo Niag & E P pt (1.60) Bunker H&Sul(12 Butler Bros Calamba Sugar Estate (71.60) . Carib Syndicate _ Carrler Corp Catalin Corp Celanese pr pf (7) Cont HG&E vtc (80c) Central Maine Pwr ot (312) Central Pwr & Lt 7% pt (312) Cent & S W Util Cent States Elec Cent States Elec cv pf (new) Cent States Elec 6% pt ~ Central States Electric 7% pt Childs Co pt Cities Service _ Citles Service pt Citfes Service (B) Cities Sve Pwr & Lizht $6 pt City Aut Stpg 60c Claude Neon Lts Clev Elec I1lu (2) Colon Of1 (4) | Colt'sPF A (1%) | Columbia Gas & Elevcv pt (45 Columb Oil & Gas | Com’with Ed (4) Com'with & S war Community PL 1stpt Como Mines Consol Aircraft__. Cons Copper Conso! Gas of Balto (3 60) Consol Retail Strs 8% pf (34) | Cooper Bessemer Cora Corp | Corroon & R pf A C'taulds a22 9-10c Crane & Co | Crane Co pt (37 Creole Pet (aZ3c Crocker Wheeler Low Close. 51 51 €9 69 6% TI% 19% 63 63 75: 113 (’\a 6 508 10 2 258 14 10 508 & 11 11% 10 109% 10t 109% 758 109% 162 23 | Croft Brewing y Koppr. G&C Lohigh P S 6 d L Nevaga Calil New Eng G&E New Eng G&E New Eng Pow 10092 1095 1005 cod K11 8lla R1'3 2 4155 nn’E1 Pow 535, = 141; ot 1ot 113 9014 9012 9013 0510 05 0314 9435 94 ' 94 o3, KO3 9% 1047 1047 1047 911, o= 1mm 10013 10034 50 961 961s 961, 7 104% 10435 10435 1073 1074 1073 5012 59 z - D43, ‘Ml 0413 York Rwy S '37..._0 103% 103 103% FOREIGN BONDS. Den Mtz Bk 55 6 ww—With warrants. “xw—Withou w- sants. n—New. wi—When issued. (s !Nelo!llh\?fly impaired +Companies Teported in. secelvership, r- st maturity. BOSTON WOOL MARKET. BOSTON. July 3 P—(United States Department of Agriculture).—The situa- tion in the Boston 'Dol market changed yery little since the early part of the week. Demand was slow ahd_consisted Iargely of purchases of moderate guantities of scattered grades for immediate require- ments. Occasional small lots ol inferior wool were moved at prices somewhat below the recent peak. Quotations cn sizable offerinegs _were mostly steady to firm. Graded Ohio fleeces were nuoted at 35-36 for fine delaine and 8-30 cents for comb- nts for Ve ket 'lll be closed tomor- — e METAL MARKET. NEW YORK. July 3 (.—Copbr auiet; electrolytic spot and future, ); export, 9 ‘l‘ln te-dy. spot and nearby. Iron guiet un- Lud sicady; spoy New YOrk. Louts, 4.43. Zirc dull St imony. 4 " Maulckeitver, 735081 50, market will be closed tomorrow. A > | Dist Lid a2 Crown Cent Petr ! Crown Cork | int (A) (21) | Cueno Press(1.20) Cusi Mex Mining | Davenport H (1) | Dennison 1% of _ Derby O11 & R ef pt 1508 Douu:x Gray lron Foundry (20c) Dictograph(albc) 1-10c Doehler Die Cast Dow Chemical (2) a? | Dubelter Condens ) | Duval Tex Sulph. E’l;.le Picher Lead (al0c) Jastn G&F Asso tn G&E pf (A) (6) | Bastn G&E prof (41%) | Eastn States Par astn Sta Pw (A) Eastn Sta Pw (B) Easy Washing Mach B (50) Edison Bros(1.60) Eisler Elec Corp Elec Bond&Share 36 Elec BA&Sh pf(6) El Pwr Asso (A) - Elec Pwr & Lt 24 pf (A) Elec Sharehold’g. Elec Sharehold Df ww (13) 258 Emp Dis Elec pf. 100s Emp G&F 6% vf 253 Emp G&F 6% %pf 50s Emp G&F 7% ot 200s Emp G&E 8% pf_. 50s Equity Corp Ex-Cel-O A&Tool Fairchild Aviat'n. Fansteel Metal __ Fedders Mfg(133) Ferro Enamel (1) Fisk Rubber Fisk Rubber pf ___125s Flintkote Co (1).. 2 FlaP& Lot 100s Ford Motor (Can) A (a75e).. Ford Motor Ltd (al8 1-1 Froedtert Gr & M ev pf (1.20)__. 50s Gen Alloys. - 2 Gen invest Corp.. 6 Gen Out Adv pf . 1258 Gen Pub Sv pf 15_ 40s Gen Tel (a2be) ... 2 Gen Tire & Rub__ 258 Georgia Fw pf(6) 50s Glen Alden C (1) 2 14% 14% Grand Nat’'lFilm.. 1 2% 2% Great AUl & Pac Tean-v (t6) __ 70s113 112 113 Great Northern Paper (1) ____ 50s Greenfield T & D. Gulf Ofl (1) Hazeltine (3)_. sen B0 5 1 1 2 3 1 4 4 2% 1% 84% 74 161 74 87% 8215 3% 16% 74 871 283, 6% 9% 14 28% 6% 9% 14 1 Hecla Min (60 1 Hollinger G (165 15% 15% Horn&Hard $1.60_ 50. 36% 36% 36% Horn&Hard pt (7) 108 107% 107% 107% Humble 01l (1) _. 5 63 I/) Huyler's of Del.. Hygrade Food _ Hygrade Syl @)- 325- 111 P&L 6% vt 508 i1l Pw&Lt $6 p! 4508 Imp O] Ltd coupon (t50e).. 6 Imp Tob Canada (t35¢) InsCoof N Am(")ZOOl intl Hydro Elec System cv pf_ Intl Metals Inc A. 1255 Int} Petro (113%)_ 13 Intl Petroleum reg (f13z) Intl Product: Intl Otil (B) - Int] Vitamin t40c. Interstate Hos (2) Interstate Power (De)pt .. 10s Iron Fireman (1). 50s Irving AtrCh (1) 2 3 125 12% % 4 36% 508 51 2% 13% 2 9 % 35% 36 3% 1% 21 13% 72 9 % 85% 36 3'« 1 2 9 3 i 30 26 | Okla X | Pac Publte Sve_ THE .EVENING . STAR, WASHINGTON, D. p., Stock and Iividend Rate Add 00. High. Low. Closs. Jersey Central P& L of (6 40s 91 89 Jersey Central P&L(7) ____ 508 9 4 6 Jonas & Naum ___ Kans City ¥ 8 vte Kansas City Pub Sve vtepf A Kirby Pet (20¢) Kreuger(G)Br(1) Lake Shore M (4). Lakey Fy & Mach. Lehigh C&N(30¢c) Leonard Of1 Lockheed Afrcraft Lone-Star Gas 400 Long Lslard Light Long Is Lt pf A 7 2008 Long Island Light of (B) (6)_____ 2768 La Land (40¢c)_ 10 McCord Rad (B).. 10 Mangel Stores pf. 40s Margay Oil (50¢). 1 Marion Steam Sh. 1 Maosnite Corp 11_4508 Massey-Harris 17 Mercantile Stores of (7) Merch & Mfrs(A Mich Gas & Ofl . Mich Sug pf Minn Min & Mf 11 25| Mock Jud Voe (1) 1 Mohawk Hudsen ist pf (4) . 900s Mohawk H 2d pf_ 775s Molybdenum Corp 30 Montreal HLt & Pwr (1%) Moore Dist (150c) Mount Sta T&T 8_ Mueller Brass 80c t Auto Fib(f1) Nat Bella Hess Nat Inv pf (a1.50) Nat Leather Nat P & L nf (6) t1 Transit(75¢) 1son(H) (a25¢) ptune Met (A)_ 1 New Brad Oal0e. 1 N J Zine (12) __.__600s New Mex&ArizLd 1 3 Newmont Min (2) 1 8 831y NYP&L 6% pf6 10s103 103 N Y Tel pf (6%).. 5081193 119" Niag Hud Pwr 45 11% 1'% Niagara Hudson Pwr (A) war __ Niagara Shar 265 98 6715 T% 30% 8 208140 140 140 2 31% ! 136 36 21 24 208 65 4 300s 1 1 13 Niles-Bem- Nipissing (a25¢) Noma Elec (240¢) North Am L&P . North AmL&P pf North'n-Euro Ol | North Pipe L(30¢) Northern States Power (A) | N W Eng (a23c)-. | Ohto Brass(B) (1) 50s 2 29 12 6% % Okla Nat G Co nf 1008 t GasCo. 3 Oldetyme Distil_. 7 Pactfic Eastern__. 3 | PaclficG& E 5 32k 324 106 6% 1stpf (1%) _ _ Pac Light'g pf (6) 252106 1 6% 7 5% 108 4% 10510612 1008 110% 5051"« 1 708 10 106 65 Pantepec O11 5l Pennroad (b20c) Penn P&L pf (6)- Penn P&L pf (7) Penna Salt (13) .- Penn W & P (4) _ Pepperell Mfg(3) Phila Co (80c) ... Ple Bakeries(60c) e Bak pf(7) Pines Winterfront Pioneer Gold Mines Ltd (80¢) lOG‘x 1065 110% 110% "~ | Pitney Bowes P M (32e) Pitts& L E (12 | Phillips Packing. | Ryan Consol . | Spencer Chain St 241, | Wil-low Cafeteria 20% Yukon Gold. ... Pleas Val Wine__. Potrero Sugar Premter Gold t12¢ Propper McCall'm Prudentfal Invest PubSveInd pf___ Pub Sve [nd pr of Pub Ut Sec pr pf PugS PEL $5pf5 T Puget Sound Pwr & Lt 36 pf Pyle National (1) | Quaker Oats (14) “| Quebec Power (1) Ry&Lt Sec(az5c) Raym'd Concrete Raytheon Mfg___ Ratnbow Lum (A) | Red Bank 3 Reed Roller Bit new (180c) Reliable Stores 1ds Invest ichfield Oil of Calif pf (d) e Russek 5th Av(1) Rustless Ir & Stl. St Regis Paper. St Regis Paper D( 410s Salt Creek P(80c) 1 Schiff(The)Co(2). 2 Schulte Real E(d) 1 Scranton Spr B Water pf 100s Segal Lock &H __ Selected Indus Sel Indall cfs 6% Seton Leather__. Shattuck Den Min Shenandoah .. Shenandoah pf—__ Sher Willlams(4). Singer Mfg (16) - Sonotone (abc) .- South Penn O t1% Southn Calif Ed pf(B) (1%) ... Southn Calif £4 pf (C) (1%).__ Southn Colo Pw A Spanish&Gen rets. 49% 132 343 508132 132 108343 343 2% o1 384 38% 38% 28% 28% 28% 267% 26% 6 5% 267% 6 & b 9% 9% Square D Co pf A (2.20)100s 31% Stand O1l Ky (1) 5 1T Stand Oil O (a25¢) 1 26% Stand Oil Nebr __ 11% 4 4 Stand S{I&L ( Sterchi Bros Strs. Sterling Br(al0c) Stroock & Co a7ie Stutz Motor Sunray Oil_ Sunshine Min (2). Swiss Ofl (t20¢) .. Taggart Corp. .. Tasteyeast(Del)A ‘Taylor Dist (b5) .. Technicolor Inc . Teck Hughes t40c. Texas Guif Prod.. Thermoid Co pf. ‘Tonapah Min a3c. Tol Edis pf A (7)- 105112% 112!4 1!2% Trans-Lux Daylite Pie Sn (20c)- Tri-Contl C war__. Tubize Chatillion. Tung-Sol Lamp n.. Tung-Sol Lamp vt new (80c) Onit Corp war.. Unit Gas Corp Unit Gas C war. 2 2 2 2 Unit GasCorppf.. 8115 113% 115 Unit Lt & Pw (A). 169 7% 7% % UnitLt&Pw(B). 1 8 8 Unit Lt & Pwpf__ 87 63% 60% Dnlt Proflt Share Unll shoo Mt2%. 275! 89 Unit Shoe Mach 608 40% 1 16% 1 K] 2 3% 37 4% 8 63% 9 89 40% 16% % 4% 24% 1 Utah Power & LC pf (32.381-8)__. 258 66% 66% 66% Utica G&E pf (7)- 10' 100 100 100 Utll Pwr & Lt_ Util Pwr & Lt »! Utility & Indus Venezuela Petrol.. Wayne Pump.___. Westn Air Ex(n)_ Western Auto Supply (3) A__. 508 43 9 88% 40% Unit Stores vte__.. Unit Verde Ex(1). "Init Wall Paper_. % 43 43 m Westvaco pf (7)..100s 101% 100% 101% Williams 0i1-0 Matic (a25c). 1 12% 12% 12% 1 1% 1% 1% 14 8% 8% 84 Wright Harg t40o ) ADVANCE SCORED BY RETAIL TRADE Some Divisions Report Best Showing in Month, Wholesalers Busy. By the Associated Press. NEW YORK, July 3.—Some divi- sions of business made the best show- ing in more than a month this week, according to the weekly review of Dun & Bradstreet, which reported the general trend was upward in all lines. “Despite the smaller gains in the drought districts,” the review stated, “retail distribution was advanced by the cashing of bonus bonds and the stronger demand for apparel and va- cation goods. “Wholesale markets were more ac- tive, as reorders increased and Fall buying gained momentum. Most merchants prepared for the largest trade since 1930. While schedules were set higher in some industries, there were indications of seasonal slackening in others.” Favorable Signs Cited. On the advancing side of the busi- ness ledger the trade organization listed electric power output, steel production, freight car loadings and new orders for lumber. Production of bituminous coal was about un- changed, crude oil output was 130,850 barrels daily over the calculations set by the Bureau of Mines and bank clearings dropped 11.6 per cent below the 1935 levels. “The movement of merchandise in retail channels was more vigorous,” the summary stated, “due to the strong revival in the demand for Summer apparel, which had lagged during the two weeks preceding. Sheer dresses, white coats, millinery, shoes and white dresses were out- standing. Sizable gains were recorded in sales of men’s light-weight suits, straw hats, polo shirts and slacks. “More bonus money spending was evident in the purchases of furniture, homewares, radios and automobiles. The closing of schools for the start of the vacation season combined with preparations for the Fourth of July celebration to lift sales of sports- wear, luggage and camping outfits.” Up 12 to 18 Per Cent. The estimated volume of retail sales for the country as a whole was 12 to 18 per cent over a year ago, the agency said, adding that in New Eng- land, where resort bookings were the largest since 1929, an especially good showing was made. Distribution in the Middle West, severely affected by high temperatures and crop devas- tation, was 10 to 12 per cent ahead of a year ago; in the Northwest sales averaged 8 to 12 per cent higher and in the South they exceeded last year’s | by 15 to 20 per cent. On the Pacific Coast there was a rise of 14 to 18 per cent. Reflecting seasonal influences, the survey reported manufacturers of farm equipment, paint and hardware revised their schedules downward, but a number of lines ordinarily hit by off-season activity kept on going up- hill, including furniture manufac- turers, household equipment makers | and sporting goods concerns. Washington Exchange SALES. American Security & Trust Co.—5 at 258, 5 at 258, 5 at 258. National Union Fire Insurance Co.—6 at 1435, Notice—This exchange will be closed on Saturdays during July and August. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel & Tel 4 c. Capital Traction R. R. Clty & Suburban 58 Georgetown Gas 1s Potomac Electric 6s._. Wash. G Gas 65, series B . Rwy. & Elec. 4s5____ MISCELLANEOUS. Chase Club B untry Club 5 Cold Storase 55 STOCKS. PUBLIC UTILITY. & Tel ©) Chev; Col. W. M Amer. Tel. 2% |N. & W. Fnz Elec. Pow. 6% pf El_Pw. 512% DI, (5 Wash: Gas Lt. Co. BANK AND TRUST COMPANY. - Sec_ & Tr Co. (10) Ak ot Bethesda (i 50 Capital (4) Com. & Savings (a6) Liberty () Lincoln (5 25] Sav. & Tr. Prxnce Georges Blgus « Riggs ptd. (5)- Washington (67 Wash. Loan & Tr. American (212) .. Corcoren (3) Firemen's (1.60) National Union (. TITLE IN! Columbia (.30) Real Estate (6) _ MISCELLANEOUS. | Carper Corp. (1.60) Lanston Monotype (4) Mergenthaler Linotype ¢ Peoples Drug S. com. (1.00) 3 % Feoples Drus S, pid, (6,500 114, Leigdis & Corp 54 Wawd & Loth. com. (1150 6 Wdwd. & Loth. pfd, (7)--- 120 *Ex-dividend. 1Plus extras. 6 per cent !XM'I. 3 §50¢ paid May 15. 1 a—4 per cent extra. U. 5. TREASURY NOTES. (Reported by Chas. D. Blrnk! & Co.) Offer, Rate—Maturity, e . 15 3 ) 9 o1 1013132 103 3% 108 1553 03 153 105 1732 102 15. 103 o 3 - 43 i [ pfc - S Seeesoss 22SRERRRE VI RR At 4. 101 4-32 412 100 20-3% FOREIGN EXCHANGES. RE (). —Foreign ey O 1% reat Thrriatn. dnl- fareSStnars, “in"cents: - Great Britain, mand, 5.02%; cable 2 sy bu 6. 6222 Taly, Deriands—Belg! free. 4 l‘lflllll’lflv 25.9 e " SORAANR AR 1% 26% | 4.57: 1oo,ooo To)u of Peat. More than 100,000 tons of peat have been gathered in the Shetland Islands this year to provide fuel for 3,000 small farmers. 4 2 | serts that about $13,000,000 is needed 2 | week ended June 29, was placed at FRIDAY, JULY 3, 1936. FINANCIAL. Extent of Concentration in 3 Leading Fields in 1935 AUTOMOBILE TIRES Goodyear Tire & Rubber Co. BASED UPON REPLACEMENT SHIPMENTS OF THE INDUSTRY CIGARETTES American Tobacco (Lucky Strike) 238% P. Lorillard (Old Gold) 43% Lo 0 8y T s T | FREIGHT LOADINGS RISE 22,923 CARS 713,639 Total for Week Is 96,776 Ahead of Same 1935 Period. NEW YORK. July clated Press seasonally luluhl”clr 03 3.—The Asso- adjusted weekly ading. o a n 436 high. compared with (he Drevious week and 63.1 & year previously. The range of recent years: 1936 1935 19 % 118 By tne Associated Press. The Association of American Rail- roads reported today loadings of rev- enue freight for the week ending last Saturday totaled 713,639 cars. ‘This was an increase of 22,923 cars, or 3.3 per cent, compared with the pre- ceding week; an increase of 96.776, or 15.7 per cent, compared with a year ago, and an increase of 67,636, or 10.5 per cent, compared with two years ago. The week’s loadings of various classifications, giving comparisons with preceding week and corresponding week a year ago, follow: Misc. Forest prod ore s Coke CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, July 3.—The following is today's summary of cnrporalmnl news prepared by Standard Statistics | Co., Inc, New York: Freeport, Texas Co.—Lower Hou.se! of the Louisiana Legislature has| passed a bill increasing the se\ernuce, tax on sulphur to $2 a ton from present | rate of 60 cents, Anheuser-Busch, Inc.—Declared di- vidend of $2 a share, of which $1 was distributed June 30, 50 cents will be‘ paid September 30 and 50 cents a share on December 30, future pay- ments will be made quarterly. United States Hoffman Machinery Corp.—It is proposed to offer the| newly-created 30,000 shares of $50 par cumulative convertible preferred stock to holders of common stock at $50 a share at rate of one new share for each seven common shares held. McWilliams Dredging Co.—Stock- holders will vote on increasing author- ized no par capital stock from 100,000 to 200,000 shares and distribution of | a 100 per cent stock dividend. Standard Oil Co. (New Jersey)— Company has filed a registration statement covering shares of it cap-| ital stock as a preliminary to a pro-. posed offer of exchanging for minority | shares of Colonial Beacon Oil Co. on basis of one share of its stoc! for 27 shares of Colonial Beacon. Warner-Quinlan Co.—With the ap- pointment of trustees by Federal Judge Hulbert, New York, in the re-organization proceedings of War- ner-Quinlan Co., the proposed plan of Cities Service Co., to take over the assets of the company was withdrawn; no other plan has been submitted as yet, but court intimated that there might be other oil companies operating on the Eastern Seaboard interested in | formulating a plan in view of Warner- | Quinlan’s service station outlets. Keeshin Transcontinental Freight Lines, Inc.—Company has applied to L C. C. for authority to issue 6,000 shares of founders’ stock for sale to Lehman Bros. at $100 a share. Western Pacific Railroad Corp.— May net railway operating deficit of Western Pacific Railroad Co. was $149,599, against net railway operating income of $149,422; in 5 months net railway operating deficit was $510,- 344, against net railway operating deficit of $119,526; further hearings on plan of reorganization of Western Pacific Railroad Co., operating sub- sidiary, have been delayed by I. C. C. until August 25 at the request of in- terested parties; R. F. C. report as- for rehabilitation and new equipment. United States Steel Corp.—Ingot production at plants of subsidiaries in 66l per cent of capacity, compared with 66 per cent in preceding week and 65 per cent two weeks ago, sub- sidiary is participating in rail order | date passed without action. | of “approximately $2.800,000" | for the addition of another unit to | American | panies. Utilities Power Holders Complete Election of Board P3 the Associated Press. RICHMOND, Va., July 3—After two and a half months' delay, stock- holders of the Utilities Power & Light Corp. completed their annual meeting yesterday with the election of directors. They are Harley L. Clarke, Morris E. Feiwell, Harry M. Hope, Archibald L. Jackson, Ronald R. Monroe, Henry A. Stix and Phillip B. Shaw. Clarke, of Chicago, is president of the corporation, a holding company and controlling several public utilities in the United States and foreign coun- tries. The meeting had been postponed three times previous to yesterday with- out action, due, stockholders said here, to opposition to Clarke's admin- istration. Adjournment was taken April 22 to June 3 and again on the latter date to June 24. Today's meet- ing was scheduled after the June 24 TUBIZE PROPOSES $2,800,000 OUTLAY Corporation Will Ask Stockhold- ers to Approve Large Expansion | Program at Plants. £ the Associated Press. HOPEWELL, Va, July 3.—The Tubize Chatillon Corp. will ask stock- | holders’ approval for an expansion program calling for the expenditure on fts | plants here and at Rome, Ga., it was announced today. | B | Bty bought The plan, as outlined in an open letter to stockholders by Roland L. Taylor, chairman of the board, calls the viscose plant at Rome and the re- vamping of equipment in the present mill there. Additional equipment would be in- stalled in the knitting and dyeing| plant here at a cost unofficially esti- mated at nearly $500,000. The proposals will be placed before class A and preferred stockholders at & joint meeting in New York City July 30. Taylor said in his letter that ‘a number of substantial holders of preferred stock and class A stock have already expressed their approval of the proposals.” Replacement of dilapidated ma- chinery in the Hopewell plant has been under way about a year, with most attention being given to the knitting equipment. I. PEFFER RESIGNS FROM SEAGRAM POSTS By the Associated Press. NEW YORK, July 3.—H. I. Peffer has resigned as chairman of the board of Joseph E. Seagram & Sons, Inc., and as president of Seagram Distil- lers Corp., effective July 31, it was announced. He has been elected chairman of the Executive Committee of Sylvania In- dustrial Corp., which produces cellu- lose wrapping material. The Seagram companies from which he will withdraw as an officer are subsidiaries of Distiller Corp.-Seagrams, Ltd. of Canada. He will continue as a director of the com- INVESTING COMPANIES NEW YORK. July 3 ) —New York Security Dealers’ Association: (Noon quotations.) Basic_Industry Broad St Inv Buliock Pund Corporate Trusi Corporate Trust A AA mod, Corp Tr Acc_mod Lul\'ultllnr Tr %h Pos s Ins Sm'( B. fied Tr First Boston Corp_ Fixed Trust Fixed Trust B Found Tr Sh nd Tr S! Gen Investors T roup Sec Agricul Group Sec_Automobile Group Sec Building Group Sec Chemical. NEW GAIN SHOWN INBANKRESERVES, $281,000,000 Rise in Week Ended July 1, Brings $5,- 589,000,000 Total. By the Associated Press. The Federal Reserve Board reported | last night another heavy increase in member bank reserve balances during the week ended July 1, bringing the excess to $2670,000000 above legal requirements. A $281,000,000 boost brought the total to $5,589,000,000. Money in cir- culation rose $77,000,000 during the week, while the Treasury saw fit to withdraw from Reserve institutions | ¢ $345,000,000, which was deposited in | commercial institutions. Monetary gold stocks rose $12,000,- 000, the smallest increase in recent days. The condition statement said: “The daily average volume of Fed- eral Reserve bank credit outstanding during the week ended July 1, as re- ported by the Federal Reserve banks, was $2,473,000,000, a decrease of $5,- 000,000 compared with the preceding | week and of $2,000,000 compared with the corresponding week in 1934. Changes in the amount of Reserve | bank credit outstanding and in re- | lated items during the week and the year ended July 1, 1936, were re- | ported as follows: July 1. June 24, 1936." 1936, dn n discounted S Government securities Industrial ank cre 2.473 Monetary stock 10.612 'I"r*asurv and Na- tional bank Member bank re- serve balances Treasury cash and deposits with Pederal Reserve, bi Non ember and other Federal Reserve accounts. FEDERAL LAND BANKS NEW YORK. July 3 P.—Pederal land | Bank bonds (Quotations as of 2 o'clock.) 4'as dles 41s 45 OUTLOOK CLOUDED BY UNCERTAINTIES Drought Damage and Fears of Labor Troubles in Steel Mills Cited. Srectal Dispatch to The Sta. NEW YORK, July 3.—Drought dame age to crops has joined with threate ened labor troubles in the steel indus- try as a factor working to depress | business sentiment. Grain prices have | soared, partly on the drought condi- | tions and partly on the report of tha Bureau of Agricultural Economics pute ting the world wheat surplus at the smallest total in nine veers. If rains come in time to be of much benefit to grain, and if with prospects of improved yield the diminished world | surplus proves a factor sufficient to maintain prices, then some farmers may profit from price advances. But there is no prospect of gain in higher prices for lower quantities of produc- | tion. rmers with no grain to sell | have no concern with prices. Other than a striking of attitudes by the opposing sides through formal | statements and comments, there has been no new development this week in the steel labor situation. Few obe servers believe that it will be possible for the organizers to take aggressive steps until they have made some real progress in unionization of steel work« ers. Until they have lined up their team they cannot piay ball. In fact, some observers go so far as to say that no decisive struggle is likely until next year, and that the move at this time is designed to emphasize and give point to the administration’s sup- port of labor and thus win votes in November. Others look upon the present mae neuvers of the labor organizers as dam= aging to the administration in power, and contend that no determined steps | will be taken until aftet election day. (Copyright, 1936, NEW YORK BANK STOCKS NEW YORK. July 3 . —New Yorkc Security Dealers’ Association (Quotations as of 3 o'clock.) Bk of Man (1'2) Corn Ex Bk & T (4) Empire Tr (1 First Nat (Bos) (2)_] Pirst Nat! (100)________ Guaranty Tr (13)___ Irving Tr (60) N Y Trus! Public (1 Titie G a—Including RUBBER FUTURES. NEW YORK. July 3 (# —Crude rubbep futures openec "steady. unchanged to 3 hisher July (828 September .35b; December. b—Bid For CONSTRUCTION LOANS and LOANS ON IMPROVED PROPERTY in the District of Columbia, Nearby Maryland and Virginia 52% Prompt Action B. F. SAUL CO. 925 15th Street Natl. 21600 ON IMPROVED D. C. PROPERTY Immediate attention on your appli= cation for buying, rebuilding or refinancing. Loans repayable morithly. No charge for appraisal if loan is not made. Interest charged only on unpaid balance of principal. E QUITABLE C O0-OPERATIVE B UILDING ASSOCIATION 915 F STREET N.W. Organized 1879 Announcing the removal of our Southwest Branch from Chesapeake & Ohio Railway to | M extent of about $750,000. American Water Works & Electric Co.—Electric output of system for the week ended June 27 increased 25.1 per cent over like 1935 period: in preced- lng week gain was 29.3 per cent. Interborough Rapid Transit Co.— Bankers’ Trust Co., as trustee for 7 per cent notes, which became due September 1, 1932, is notifying hold- ers that it has been authorized b; court order to distribute funds nceived as interest on bonds pledged as se- curity for the notes. Italian Superpower Corp.—Net asset value on March 31, 1936, equaled $140.74 A preferred share, $127.63 on December 51, 1935. Belecw Sellmp encer “Tr Shrs... Stand ‘?J't’ll e Super of uner o! Am '_l".rr %A. per o( Am "lr‘rrncl!... of Am Buner A s);r! 3 DT vited Bhrs '?"::me stand Inv € Trustee Stand Iny D tee - “Trusteed lnd\l!!ry Sh Trusteed N ¥ Bk Shrs_ A From 310 1 4th St. SW. to our new home corner Twelfth and Monday, July Maryland Ave. S.W. the sixth, 1936 McLachlen Banking Corporation Main Office: Tenth and G Sts. N.W. Washington, D. C. Member Federal Deposit Insurance Corporation