Evening Star Newspaper, July 9, 1936, Page 18

"A—18 SMITH WILL HEAD (NIVERSAL ATLAS Affleck to Retire as Chief of U. S. Steel’s Cement Subsidiary. Ry the Assoctated Press. NEW YORK, July 9.—A change in the leadership of the Universal Atlas Cement C»., subsidiary of the United States Steel Corp., wili put Blaine S. Smith in the president’s chair to suc- ceed Benjamin F. Affleck. After 40 years in steel and affiliated industries, Affleck today announced his retirement, effective September 1, under the Steel Corporation’s pension plan. He will devote his time to pri- vate interests, he said. An announcement by Willlam A. Irvin, head of the Steel Corp. said | Smith would take the top post of the important cement unit. Heads Pennsylvzma-Dixie. Smith has been president of the Pennsylvania-Dixie Cement Corp. since 1928. With his resignation, John A. Miller, formerly chairman of the board, has been named president of the Pennsylvania-Dixie concern. Born in Belleville, Ill, Affleck in| 1896 began as stenographer for the | Illinois Steel Co., now Carnegie-Illi- | nois Steel Corp, U. S. Steel's major | subsidiary. In 1901 he became branch manager, at St. Louis, of Illinois Steel's ce- ment department, which was absorb- ed as a subsidiary by the Steel Corp. in 1906. He became president of the cement unit in 1915 and saw its busifiess ex- pand from 30,000 to 30,000,000 barrels | yearly. He was president Cement Association 1921 and a leadin crete road: | Smith formerly was sales manager | of Universal Atlas Cement, succeed- ing Affleck when the latter became | president. Active in Association. Smith is a past president of the Portland Cement Association and headed the Cement Institute in 1929. Miller has been in the cement in- dustry 36 years and formerly headed the Dexter Portland Cement Co. and SR | | i | of the Portland from 1916 to advocate of con- ! Paris Bank Cuts Discount Rate to 3 Per Cent Level Ey the Associated Press. PARIS, July 9—The Bank of France lowered its discount rate to- day to 3 per cent from 4 per cent. The discount rate last was lowered on June 24 from 5 per cent to 4 per cent. At that time is was stated decrees against the withdrawal of capital from France had halted the outflow of gold from the bank. Now, with gold returning to the country, the lower figure is intended to relieve business and industry of high interest rates. was lowered to 4 per cent from 5 per cent and the rate on 30-day ad- vances was reduced to 3 per cent from 4 per cent. At the same time, the bank issued its official statement showing 441,000,- 000 francs (about $29,105,000) in gold were returned to the bank in the week ending July 3. It was the second week's gain in gold following three months of heavy losses during the political uncertainty preceding the advent to power of Pre- mier Leon Blum's government. PRIGES ADVANCED ONCOTTON 60008 Upturn in Raw Staple Fol- lowed by Rise in Fin- ished Fabrics. Bt the Assoctated Press. NEW YORK, July 9.—Repercus- sions of the advance in raw cotton were seen in textile quarters today in a sharp mark-up of prices on certain unfinished goods. Marshall Field & Co. of Chicago, a leading textile merchandiser, an- nounced a 2% per cent advance in cotton and part-wool blankets, effec- Clinchfield Portland Cement Corp. Victor N. Roadstrum, a director, | was elected chairman of Pennsyl- | vania-Dixie Cement to succeed Smith. Among other changes. George Kilian, | acting secretary and treasurer, was eppointed assistant the president. ISSUE FOR SOUTHERN PACIFIC IS APPROVED Ey the Associated Press ‘ tive immediately. The company explained that de- mand for these products had been good and that further price boosts may be expected | Mill agents in Worth street, textile selling center, reported withdrawal of price lists was due to the sharp uplift in quotations of the raw fiber above 1 13 cents a pound for spot, the highest since September, 1934 Manufacturers, it was said, were unprepared for the spurt and some predicted a general upward revision The rate of advances on securities finished fabrics and in the action of | many mills in withdrawing prices on | THE EVENING STAR, WASHINGTON, CANADIAN GRA! SALES CONTINUE Wheat Board Will Not Take Advantage of Drought- Threatened Shortage. Spectal Dispatch to The Star OTTAWA, Ontario, July 9.—Canada’s national wheat board, currently pos- | sessor of 130,000,000 bushelis of that i grain, is selling and will continue to sell, it is learned here. It will not take advantage of a drought-threat- ened wheat famine by withdrawing from the market and helping along the skyrocketing of prices. In its attitude the wheat board is backed by the federal government. While official records show that the board disposed of some 2,000,000 bushels last week, it is definitely known that more than four times that amount was sold. Whereas a month ago it was antici- “ pated that the board would have ap- | proximately 125,000,000 bushels on | | hand at the close of the crop year, ! July 31, it was yesterday forecast that the total will be under 80,000,000 bushels and perhaps considerably less if the present drought-inspired mar- ket continues to stimulate demands. Had 300,000,000 Bushels. When J. R. Murray took command of the national wheat board from John I. McFarland last December, he ihad 300,000,000° bushels of wheat to {unload. It was Murray who, counter to McFarland’s policy of holding, initiated that of selling. With temperatures far above normal and precipitation almost lacking, ex- cept in Northern Alberta, t‘he decline in crop prospects in Western Canada continued without interruption during | the past week, according to the Cana- !dian government's telegraphic crop | report. Severe drought conditions extend westward over a wide area from | Southeastern Manitoba to the south- | ern foothills of Alberta, having the greatest width in Western Saskatche- wan. Virtually all of Manitoba is in- cluded in this drought area, excepting | parts of the Red River Valley and extreme northern districts. While the Northeastern and East-Central l.reas‘ | of Saskatchewan have fair prospects | | as yet, the remainder of the provinces | show a steady decline. Conditions Vary. A large Southern and East-Central | area of Alberta is drought-stricken, | but further North and in Wi Central Alberta, heavier June rains were re- ceived and the crops are holding up well under the hot weather. Grasshoppers constitute a real men- ace in Saskatchewan and South-Cen- tral Alberta, especially if the hot, dry Drought Shelves Talk of Northern Pacific Refunding Ry the Assoclated Press. NEW YORK, July 9—Crop fears have been coloring discussion in financial circles as to Northern Pacific Railway's reported plans for an im- portant refunding operation this year. Wijth the improving trend of revenues and favorable Northwestern business outlook before the soil began to dry out, it had been figured the | T road would take early steps to retire its $106,000,000 of series “B” 6 per cent bonds, due in 2047, through is- suance of new bonds carrying a lower coupon. It has been suggested in some quar- ters that any threat of curtailment in revenues as an aftermath of the drought might cause the road to indefinitely postpone whatever action “’Summerize’ your food purchasing, too. D. C, has been contemplated in the field of refunding. The management has not said definitely it proposed to take up the bonds, but for some time Wall Street has felt that the combination of low money rates and rising railroad earn- ings would make the redemption a logical step. PARIS BANK REPORT. PARIS. July ¥ (P).—The Bank of Prance statement for the week ended July 2 (in millions of francs): Gold reserve. 54.340 increase, 342 Sight balances abr unchanged. Bills purchased abroad. Discounted commercial bills 429: decrease, 971 bills, advances to state Advances again: s, ncrease. a6, Circulation. N6.44X Total credits to current decrease 37:4. Thirty-day L government securities. (France). © on treasury ‘empor: crease, 3.5:30: il increase. ounts, 7 ances 1.313: increase. 266. Rate of discount. 4 per cent. (Reduced to 3 per cent July 9.) RUBBER FUTURES. NEW YORK, July 9§ (#.—Crude rubber futures opened hanged to 6 points higher 5 6.65-60; December, 16 THURSDAY, JULY 9, 1936. IMPROVEMENT SEEN IN BANK EARNINGS Analysis at New York Shows Nets for Six Months 7.6 Per Cent Above 1935. £xecial Dispatch to The Star. NEW YORK, July 9.—An analysis of the earnings of 24 New York City banks, comparing the first half of | 1936 with the corresponding period of 1935, has been prepared by Hoit, Rose & Troster. ‘The comparison shows that, exclud- ing recoveries through retirement of Bank and National City Bank amount- ing to $62,020,000, aggregate net earn- ings of the 24 banks totaled $51,074,- 000 for the first six months of 1936, compared with $47,482,000 in the same preferred stock by Chase National |! period of 1935, an increase of 7.6 per cent. Including recoveries, net earnings | in the first half of this year totaled | $113,094,000, an increase of 138 per | cent over the first half of 1935. y 7 c Earnings for the first half of 1936, | tions 563 Sune docrense s b age °2U8 excluding recoveries, are running at an ! e drt"nr 441 X Invest- annual rate of 149 per cent over divi- | goid and foreisn currencies (o motes. 1% dend requirements, which total $68,- | Per cent. 530,000 for the 24 banks, according to | the firm. REICHSBANK STATEMENT. BERLIN, July 9 (#.—The Reichsbank statement 'as of July & (in_thou: Notes in circulation. 177.000. Gold. 71.9: oreign _currency reserve, decrease. 1K0. ~ Other bills of ex< ge and checks. 4.440.390 NEW YORK PRODUCE. EW YORK. July 9 (# NE' LONDON BANK REPORT. |stouy, mixed celors |, LONDON. July % (#.—The Bank of land statement for the week ended J (in thousands of pounds) at 4433.106; increase 3465 Bullion. 4490, Reserves. 4 Puplic_deponits Esgs. 30.382; hanged tlled. Prices tne 10 Prices unchanged By freight: Broii- fowls, 15a19; other hanged Eng- firm uly k. Circu freight prices MONTREAL SILVER. The provor- | MONTREAL. July 9 (#.—8ilver futures v is | opened firmei. 5 to 25 higher. July, 3tb: Sep 44.85b, December, | L o 14 decreas: 3.410; decrease. E tion of the bank's reserve to 5 p'ember, | 44.56b: inst week. Raie of discount. 2 per cent'|45.15. b—Bid. — i -— Woolworth (F. W.) Co—June sales| Western Auto Supply Co.—June were up 10.8 per cent, 6 months up | sales were up 34.7 per cent, 6 months 3.6 per cent. up 12.8 per cent. It can be done economically, efficiently and ably at the GIANT. Exerything for the table and everything of the finest quality; under one roof. Phillips Delicious SPAGHETTI Tall Sc Can___ meals, for formal dinners and for light luncheons. Every one More variety than you'll find anywhere else—good foods for picnics, for home of the ten big depart- ments offers extra-savings for this week end. Buy the GIANT way and save wear and tear on nerves, energy and pocketbook. FREE runc EACH PU MORTON'’S SAL KOREAN Pl CRAB MEAT = Sunpride Alaska SALMON 3an25e cans or lodized - FOOD SHOPPING CENTER4e, H O’ BAG WITH RCHASE OF 6 Fancy Stemmed and Cored Bartlelt Pears reg. box 13 One of America’s Largest Food Markets 2::29¢ Ige. cans A $60,000.000 bond issue by the DEL MONTE SUGAR PEAS in cloth prices. weather persists. Stem rust is de- ,S,Z:[‘i:f,mw:,f C:“,,,E“,:g,;ad operatton | . Cloth business picked up six weeks | veloping and the area of infection has Today recotred. Tntorstates coeratlon | ago following comparative inactivity | extended into Southeastern Saskatche- | i, o proverstate. Commerce | quring the Winter and early Spring. | wan, where a trace was found July 3. Under the authorization, the road | g oearcutives maid that although| 1In the Southern Red River Valley | RIME STEER CHUCK ROAST ™ Giant steaks are tender SIRLOIN and tasty. You'll Ib. ]9c w. 34¢ No. 2 3 o %" | cloth prices are considerably above the | of Manitoba a trace occurs on ap- | Will issue $60,000,000 of 10-year 3% | g | proximately 20 per cent of the stems | |and the infection lessens to the| North and West. Hall damage of the | week was confined to extensive losses | in Central Alberta. ! (Copyright, 1936.) | per cent secured bonds, pledging as! collateral $85,469,000 of its own and subsidiary companies’ obligations. 1 Together with Treasury funds, re- ceipts from the new issue will be used | to wipe out obligations totaling $63,382,250. | Asked. ' INVESTING C Admin Fd_°nd Tnc ___ Am Gen Eq Irc Am Business Shrs | Am Ins Stocks | Basic Industry | Broad St Inv ¢ i | Bullock Fund Corporate Trust ~ - Corporate Trust A A Tr A A d Depos Bk Sh N Y A" 4 | Depos Ins Shrs “A Depos Ins Shrs “B" Diversified Tr € Dividend Shrs Eauity Corp Sit of Fidelity Fund Inc First Boston_Corp Fixed Trust Sh A Fixed Trust Found Tr S| Fund Invest no Sec ‘Buildin Sec Chemical Food Sec Merchan Sec Mining Sec Petroleum Sec R R Equip__ Sec Steel Sec Tobacco Holding Investors nv Tr N Y Coll Investors Fd “C” Inc Investors Fund of Am Keyston_Cust Fund Major Shrs Corp Maryland Pund _ Mass Invest Tr Mutual Invest Nation Wide Sec Nation Wide_vtc N Y Bk Tr Shrs = North Am_Bond Tr ctfs _ Nor Am Tr_Sha; Nor Am Tr Sh 1 jas Plymouth Fund Inc Quarterly Income Sh Selected Am Sh = Eelected Am Sh Inc Selected Cumul Sh Selected Income Sh Selected Indus cv pf tand Util Inc Super of Am Tr A Buper of Am Tr AA _ Super of Am Tr B Bupervised Shrs Trustee Stand Iny C rustee ‘Stand_Inv D rusteed Am Bk Trusteed Industry Shrs Trusteed N Y Bk Shrs pring lows, many manufacturers had not benefited except in a small way because of premiums on desirable grades of cotton. D. & Approve Plan At Special Meeting By the Assoctated Press. NEW YORK, July 9.—Denver & Rio Grande Western Railroad Co.'s reorganization plan was approved by directors at a special meeting today. DIVIDENDS ANNOUNCED NEW YORK. July 9 —Dividends de- clared (prepared by the Standard Statistics | Corp.): Extra, Pe- Stk. of Pav- Rate. riod. record. able Fecol ern Insur N Y__30¢ =a 7-2 Increased. Bank Resgular. g 53 Em m 00000 o © ow A o h Cont Trad'z b: Northern Insurance New York_ Northwestern Fire Marine_Insurance._ series F bearer_ d States Sugar Cor} vte Wilcox Rich Corp American Machine Foundry Co__ Blue Ridge Corp Chase National Bank Dividend Shares. Inc First Boston Corp. B 45 METAL MARKET. NEW YORK. July 0 (#.—Copper quiet: electrolytic. spot and future. 9.50: export. 9,20, Tin steadie future. 4 R G:.Directors ! NEW YORK SUGAR. NEW YORK. July 9 (».—Raw sugar | was quiet and unchanged early today. Vith Fefiners and Sellers aboqt 5 boiats part *No sales were reportec: | Holders asked 3.75 for sugar in nearby | 0sition: For September arrival. 3.50 | wag, asked. with_buvers at 3 i3 ssuance of 47 July notices led to scat- | tered liquidation 'in the spot market at the outset. Initial prices declined 3 | points, but this was later recovered on increased trade buving. as the notices appeared to be promptly stopped. ater months, after D?Enlnl 1 pol nigher, showed additional gains on . in- creased Wall Street and commission house buying promoted by fears of drought dam- ase 0 beet Sugar vanced {rom to 2 2.56 to .59, or 3 to 4 points net higher. | The market at midday was within a point or ‘the best and about unchanged to 3 | points_net higher In refined sood withdrawals were re- | ported stimulated by the continued _hot | weather. Prices were unchanged at 5.00 for fine’ granulated. | i i (Un Ho siow. _early s than Wednesday desirable ited States ogs. 17.000. | average; top. pounds, 10.60a1( few 10.40a10 60; sows steady few ¢ Cattle, 7.000: calves. 1.500; fat steer trade more ‘or less at a standstill: tone weak with Wednesday's nt downturn; prospects still a 'little lower than late Wednesday: most fat cattle carrying better conditio) of value to sell at 7.7 weak to lower on all scarce and steady: by ers steady to weak: stock: 25 lower than Monday, largely with Northwestern lighi-welght grass steers . Sheep, 6,000, including 3,500 direct: fat’ lambs mostly 15 to 25 higher; spots up 50, quality and light shorts consid- gred” other classes strong to, 25 hi bulkc” desirable native Iymbe, 10.00a1 few 11.00: bucks sorted off at 1.00 count; throwouts, 7.5088.00: between grade vearlings, 5.00a8 3.7584.50; few 4 . U. S. TREASURY NOTES. (Reported by Chas. D. Barney & Co.) 70 pour at” 8.0029.00, 2586.50, few 5; most | fat ewes Offer. 100 6-32 2 SEEEREEERERS Fluctuations in Employment and Wholesale Prices in the United States g "’Y". . 1929-1936 Indexes of Employment in Manufac-| turing Industries and Wholesale Prices of All Commodities cans FRESNO FANCY SEEDLESS RAISINS 15 oz. 5c Box Maxwell House CHICKEN SALAD TUNA FISH 2 REX <% b Giunt 24 BACON reg. cans ARMOUR'S STAR SLICED AUTH’S LUXURY LOAF VEAL LOAF PICKLE AND PIMENTO * HAM BOLOGNA MEAT LOAF FRESH SELECT PRS- . - - - =20 WATERMELONS LUSCIOUS BING GHERRIES - HOME-GROWN SUNKIST LEMONS - - - - - PLUMS " oo LIMA BEANS ORANGES .. APPLE o= 19¢ v =14 | Pods Sunkist il of Juice — Large Transparent Finest for Cooking CANTALOUPES 95c | WHEATIES 2 =~ 19¢ LIPTON'S FERR=— 15¢ SWIFT'S PREMIUM DRIED BEEF 1 b, box 1 SLAB BACON In Piece Only BACON SQUARES Cello Pack GIANT HOMEMADE POTATO SALAD CHICKEN SALAD - - CLUB SALAD - - SHRIMP SALAD CRAB CAKES - - 21¢ FRESH SLICED Calves Liver SHOULDER OF Spring Lamb___ ». 19¢ BONED AND ROLLED Rib Roast FRESH Haddock Fil STEAKS them. “* PORTERHOUSE___ » 39¢ MILK-FED VEAL Cutlets__ ». 37c Breast__ ». 10¢ LOIN CHOPS RIB CHOPS BONED and ROLLED For Roasting . 45¢ CHOWDER Clams X in Shell lets ___m 15¢ FRESH WHITE LUMP Crab Meat Crab Meat C We reserve the right to limit quantities SALADS v 24¢ v | Q¢ 1% b, ‘zc 0 Ib. Cello - - 6 25¢ BEN-JO PURE CREAMERY TOMATOES - Full Sweet Pink Meat BUTTER - Fiery Ripe and Sweet ___2m I ____2m-. siaiail ____4m. - --®36¢ ea. 39C - B¢ 16¢ 19¢ 15¢ 19¢ 25¢ ITc 3 = 19¢ doz. for 5 Tall Can of FRESH PICKED CLAW b. 49c { FRESHLY CAUGHT ! Boston Mackerel __ v 10c o SOAP 47519 REGULAR BARS OXHEART ORANGE SLICES 10¢ Clicquot Club Ginger Ale v 50 « v 10¢ Plus Deposit Libby’s Ripe OLIVES 15¢ ces effective till close business Saturday.