Evening Star Newspaper, August 21, 1936, Page 15

4 FINANCIAL. BOND LIST DROPS UNDER PRESSURE| Losses Range From 1 to 5 Points as Trend Follows Big Board. Bond Averages 20 10 10 10 Rails Indus Utl) Por'n. Net change. —4 —2 Unc. Today, close. 93.9103.31025 69.6 Prev. day.-. 94.3103.5102.6 69.6 93.5103.3102.6 69.3 827 99.1 98.0 682 - 94310411029 720 86.9101.8 99.3 B7.6 87.8102.2 998 704 1935 10W.... 764 922 845 65.5 1932 1oW.... 45.8 400 64.6 422 1928 high...101.1 98.9 102.9 100.5 10 Low-Yield Bonds. Close ...-111.8 Prev. day- 112.0 Month ago 111.6 Year ago. 109.4 1936 high. 112.3 1936 low.. 110.2 1935 high. 110.7 1935 low.. 107.9 1928 high. 104.4 1932 low.. 86.8 1936 low._.. 1935 high... (Comptled by the Assoclated Press.) By the Associated Press. NEW YORK, August 21.—Bonds moved downward with the share list today, and in the final hour losses in some of the active corporate issues ranged from 1 to 5 points. United States Governments were fairly steady despite some unevenness o fprice movements. Treasury 33s, 1946, rose about 's of a point but the majority showed minor losses. Allis Chalmers 5s yielded around 5 points under moderately heavy offer- ings. Youngstown Sheet & Tube 3!2s p gave up 3 or so, while declines of xncuons to around a point marked loans of Erie, Great Northern, Inter- national Telephone, Rock Island, Mis- souri Pacific, Nickel Plate, Walworth, Pure Oil and Studebaker. Foreign groups were irregular. Ital- {an municipals improved, while Jap- anese issues lost ground, BOND STEADINESS AIDS NEW FINANCING Total Offerings Jump $100,000,000 in Week on Strength of Gen- eral Motors Issue. By the Assoclated Press. NEW YORK, August 21.—Compara- | tive steadiness in the bond market provided the setting for a sharp in- crease in new financing for the week ended August 20, said today. The total jumped to $131,397,295 in the latest week from $31,497,722 in the preceding week and $38,498.300 in the like week of 1935, a special compila- tion by Poor’s showed. The sharpness of the upswing was accounted for by the industrial classi- fication owing to the issuance of $100,- 000,000 of General Motors Acceptance Corp. 3 and 3! per cent debentures, ! the second largest bond issue ever reg- istered under the Securities and Ex- change Commission. Miscellaneous bond and stock flota- tions increased on the week, municipal loans declined, while there were no offerings of railroad or public utility obligations. Industrial loans totaled $104,750,000, compared with none in the previous week and $5,500,000 in the like week @ year ago. Stock offerings increased to $16,- | 906,295 from $3.952,722 the week be- fore and $10,200,000 in the corre- sponding period of 1935. Miscellaneous bonds rose to $1,125,000 from $340,000 in the preceding week and compared with none in the like week last year. Municipal offerings declined to $8,- 616,000 from $10,205,000 in the week ended August 13 and compared with $7,091,300 in the same 1935 week. INSURANCE STOCKS NEW YORK. August 1 (#.—New York Bec: : tion: urity Dealers’ Association: Agtea Aetna Cas (2a) Aetna Ins N) investment ecircles | THE EVENING STAR, WASHINGTON, D. C. BONDS ON N. Y. STOCK EXCHANGE mmumtwum!fin Approximate 'rnn-utl- ‘Today. U S Gov't Bonds...__., $860,000 Foreign Bonds._...__., 9900005 Domestic Bonds....... TREASURY, Low. 238 1945-4T 2881948-51____ 2%81961-54__. 2%81955-60 ... 27%81955-60 reg... 102,12 102.12 101.21 101.21 102,27 102.27 102,25 102.25 105.27 106.27 1052 1055 106.22 106.22 109.1 109.2 1085 108.6 108,10 108.10 108.31 109. 108.29 108.29 112.7 127 113,28 118.28 41s-3% 45 108 16 108.16 mnwl-sz 11829 118.26 11826 FEDERAL FARM MORTGAGE. 238194247 102.27 102.27 102.27 —meee 1048 1046 1043 103.19 103.19 103.19 —. 104.21 104.21 104.21 HOME OWNERS' LOAN. 2145 1942-44__.. 101.27 101.27 101.27 2%31939-49 .. 101.27 101.24 101.26 3571952 . 103.14 108.10 108.11 FOREIGN BONDS. gn. Low. Close. 5L 61 45 1944-54 =i Abitibl Pa&Pw bs ‘53 Akershus s ‘63 Alpine Mont S 7s '55__ Antioguia 1st 78 '57... Antwerp bs 5! Argentine 6357 A Argentine 63°58 B Argentine 6s *59 Jun Argentine 6s'59 Oct . Argentine 63 °60 Sept. Argentine 6s *60 Oct__ Argentine 6s "61 Febr. Argentine 65 61 May. Australia 4%s 56 ... Australia b Australia bs '57. Austrian 7857 . Belgium 6s ‘65 oo Belgium 6 l&s | . Belgium 7s Belgium 7s '5 Berlin 6s '58 Brazil 6%s '26- Brazil 6% s '27~ Brazil 7s 5. Brazil 8s "41_ Breda Ernest, Brisbane 5557 Brisbane 58 ‘68 _ Buenos A C6%;s Buen A 4%s-4 Buenos A 43 Buenos Afres 4%S-3%8"TT PV Canada 3% s "61.. Canada 4360 ._______ [SLDETT T R —— Chile 6860 - ceeeae Chile 6561 Jan ... Chile 63 '61 Febr, | Chile 6361 Sept. Chile 63°63 __. Chile 7s'42 Chile Mtg Bk 6s 61 Chile Mtg Bk 6s '62 Chile Mtg Bk 6345 '57. Colombla 6s '61 Jan_ Colombia 65 *61 Oc | Col Mtg Bk 75’46 Jopenhagen 43;s '53 Copenhagzen 55 ‘52 | Cordoba 75 '42 Prv. | Costa Rica 7s A '51. | Cuba 412549 Cuba 58 '14-'49 Cuba 5%s"45 _ | Czechoslovakia | Denmark 438" | Denmark 5358 '35 | Denmark 6s * | Dominic 1st 5 Dominic 1st 5138 42 Fiat deb 75 *46 Finland 6s 45 French Gov 73 Ger C Bk A 63’60 July | Ger Gov 516s'65 8t _ . Ger Gov 5%5'65 un st Ger Rep 7s '49 stpd _. er Rep 7s 49 un st__ Greek Gov 6s 68 pt pd | Hamburg St 6846 { 1taly 7851 | Ital Crd P W *37 A_ Ital P U Crd 7s '53... Japan 65%s 65 . | Japan 638 *54 Jugos Mtg Bk 78 °5' unmat coupon .. _. Karst 65 *43 ct st prin_ Kreu&Toll 6’59 A ctfs Medelin 63 s *54 Met Wat 5%s 50 Mex 48’10’45 asst sm Mex 4s 54 asst Milan 6% New So Wales 58 | Nord Ry 634 Norway 4%s Norway 4%s 5| Norway 5s 63 _ Norway 6s 43 _ Norway 6s Nuremberg 6s 52 Oslo 6555 .__ OsloG & E 5s'63 Panama 5s *63 stpas . Paris Orl Ry 5%s 1081 110% 114% 14% 1474 14% 147 14% 142 134 108% 11054 106 106 2835 10034 10034 100%4 10034 Rhine W EI P 65 5. Riode Jan 6%s '53 Aug coupon off. Rome 68 52 Sao Paulo C 8s coupon off _ Sao Paulo St 7s'40___.. Serbs 78 '62 unmeco__ Serbs 88’62 unm co... Stlesia Prov 7s'58 ... 4| Tokio 6348 *61 (3 2 | Tyrol Hy Elec 738 '55 T Paul Fire (6a) jpringfleld (4'2a un it velers (16) re (1.8 restchester (1a) Also extra o -Declared or Dlid sn far this year, SHORT-TERM SECURITIES. (Reported by Chas. D. Bnnzg & Ool Alfantic Refiting 55 103 California Packinj Ehes- & Ohio Ry, 3s Todh y. E;g:l:“l‘.& & Qoke 5s 19 T & lede Gas Light M ‘West Emf' Vailey Goxt 65 1 nd Gen, 48 18 103 Pac. R R. b Bacific Tel. hfl“’i‘n‘l’" i 7 n-Dixie Cement ux] 1941 st 21 m,-’l'hreo ‘;::lnu 70 centimes; D"{fi‘:“: Hiaies on on, unaon 76.42, 'The dolla was dioted at % NEW YORK PRODUCE. NEW v August 21 (P —] = P Y gmov.. d frsts. 2 3. mediums, 2 !llm Packs. 20a27 ‘standards. 200 . 2425 “Other ‘mixed colors un- u:’- 8914, 57 seore). " aS e othar 2534 b: r tter prices unchanged. ' Cheese, 113 266 Bri. rioes Saehaneed, O s LONDON BUYS GOI-D Enciand ontey bust 21 20 su in bar, mf Money and discount rates unt Tokio E L Ltd 68 °5: 80 97 563 55 423 26% 8434 Uruguay 6s ‘60 Uruguay 6s°64.._. Warsaw 7s %58 _ Westphal E1 Pw 68 '53 Yokohama 6s"61_____ DOMESTIC BONDS. Adams Express 4s 47 10135 10134 10114 Adams Express 48°48. 101§ 1013 1013 Alleg Corp b8 “44. 9874 9835 98} Alleg Corp 68°49 _____ 93%5 93% Alleg Corp 68 "50. 83 83 10014 100 163 148 148 70 693 693 1113 1113 11134 . 10534 10534 10534 1133 118 113 18 118 18 108% 108% 10834 11234 11235 11234 1123 112 112 114 1133 113% 10034 Allis Chalmers 48 '45 Am & For Pw 53’2030 Am 1GChb%s 49, Am Int] 6%s*49_ Am Roll Mill 4% s 4! AmMT&T4%s39_ __ Am T & Tcltr5s'46.. Am T & T deb s '60 Am T & T deb 65’65 __ AmT&TE%83 ___ Am T F 23s-53 38-'50 124 12034 1203 Am Wat Wks 63°76 _. 1104 10955 110} Am Writ Paper 68’47 40 40 40 Anaconda deb 4348’50 106} 106 106 Ann A 1stexin4s’95. 714 714 T4 Armour(Del)1st 48°55 9835 933 9815 Armstrong C'k 4s '50 104% 104% A ';g Feadj 45’95 st. 11034 11034 1103 - 11436 1144 114% Au Coast L 1st 9935 99%5 9934 Atl Coast L clt At CLun4¢%s Atl Refining deb n 37 B&O 15t 48°48 caee.. B&O 4%s'60 B&O1st6s’48 . S Bell Tof Pa6s*48 B__ Bell T of Pa 5860 C_. Beth Stl 4%s'60 2. Bos & Me 4%8°61J__. Bos & Me 68’55 128% 128% 128% 106 108% 106% 0% 0% 7034 21% 21% 21% 102 1024 10245 Bklyn Man T 4% 1024 101% 102 Buff R&P con 4 Buffalo R & P & e Bush Term con 68 5. | Cons Gas N ¥ 43s'51 % | Cuba RR 1st 6s 52 % | Fudson Go G 1st b5 43 High. Low. Close. By-Prod Ck 5%8 46— 963 95} 9634 Calif G&E rf 58 '37___ 10534 105§ 10835 Camag 78’42 ctfs. . 'lll'l l:"fll I:M Canada Spu 68’62 A . o 11634 11636 1163 Can'dian N R 4%8'61. 11634 11634 116)4 116% 1165 116% Can’dian N R 6869 Oct 121 12034 12034 %! Carth & Ad 4s'81gtd_ 88 88 Cent of Ga con 5 2 2TH Cent N England 45 '61. 485 2834 Cent of N J 4887 81% 81% 874 8TH 88% 83% - 1104 110 110 101% 10134 101% 92 911 91 106 106 108 18136 1313 18134 10045 99% 10034 12834 1283 12834 1103 11056 1103 110 110 110 53 62 623 us 1% 18 D1z 1% 1y 114% 1143% 1143 21 204 20 86} 84% 384’4 1 19 19 mu 1014 101% Cert’d deb 5%s 48 ___. Champ P& F 4% 850 Cherap Cev b8 4: C&O04%8'93 A C & O PottsCrk 4s "4 Chi & Altref 38’49 Chi B & Q gen Chi B&Q 4%8"77 .. Chi B&Qref 68Tl Chi&BIN 68’51 Chi Grt West 4359 Chi I & L gen 55’66 Chi Ind & So 48 '56_——. CM&StP 4589 CM&StP 418 '89 - CM&StP 6s '76 CM&StP&P ad) s-zooo Chi & NW gen 4s'87__ Chi & NW gen 4s ‘87 st Chi & NW 4%8 2037 Chi & NW 4% 840 _ C&NW Nr W 6%s'36. Chi R I&P rf 4534 __ Chi R &P rf 4834 ctf Chi R I&P gen 48’88 Chi Un Sta 3% Chi Union Sta Chi & W 1 con Childs & Co 58’43 Chile Cop deb b Cin Un Ter 3%s D (td CCC&St L rf 4%s'17 B CCC&St L ref 6363 D. Clev El Illu 3% 8’65 Clev Un Tel 4%8°77_ Clev Un Term 6873 B Clev Un Ter 5%8'12 A Colo Ind ¢l tr 63 "34. Colo & S0 4%s’80 Columbia G & E deb 653 "52 April == 1043 10474 104%5 Columbia G & E 53 *62 May ... .. 105 104% 105 Columbia G&E 5 61 104% 10485 104% Conn R & L 4348’51 sty 10635 10635 10634 Cons Coal Del 65°60._ 46 46 46 Cons Ed NY 3%s°'46n 106 104% 105 Cons Ed NY 3%s'56 n 104’( 1045 1048 10635 106% 1053 1083 10434 105 10734 1073 102 102 1083 1083 106 106 66 56 6% 66 10734 107% ¥234 8234 101 101 30 0 518 185 183 25 25 4 4 1108 110 11634 1163 1085 108% 1y 83 83 107% 107% 215 21 274 274 106%% 108% 112% 112% 10434 10434 10434 824 8215 82 102% 1023 102% 110% llm 11086 103% 1 103% 10774 107% 107% 11034 11034 11034 B4 881 B4} % 18 18 Consum P un 3%s '65. Cons Pwr3%s°70___. Consum Pwr 3%s’65. Container deb bs *43__ Container 6546 Crown C & S 4 50 Cuba Northn 548'42_. Dayton P&L 335 °60... Del & Hud ref Del & Hud 6% Den & R G ref DesM &Ft D Detroit Edis 43 Det Edison 4%s '61 D. Det Edison 58 °52 Dul S S & At 6837 Duquesne Lt 3%4s ‘56— East Cuba S 7%s 37 E Cuba 8 7%s 37 ct: Ed El [11 Bklyn 453 ElginJ & E 554 Erie cons 45’9 Erle gen 4596 Erie ref 58 '67 Erie ref 5876 - e Farb’ks Morse 48 '56.. Fla C & Pen 5843 Fla EC Ry 4%8'59._. FlaECRy5s’T4. _ % | Fla E C Ry 58 "74 ctfs. Fran Sug 71842 Gen St1C 535549 Goodrich 6s *45 Goodrich 6%s *4' Goodyear T&R 68 "57_ Joth Silk H 68 46 ww Gould Coup Gr Tr’k of C 106 108 108 108 1085 106 1051 993§ 993 993 124% 121 - 100 100 - 118 17 117 10834 106% 106% 10834 1083 108} 109% 109 109 11434 11434 11435 105 105 10% 108’ GnNRnnl% "I‘ll:. Grt N R gen 3C.. Grt NRb6% 52 Beaa. Gulf M& N 68l 98 97 974 Gulf M & N5%s 50— 102% 102% 102% Hoe (R) & Co 6%8°34. 77 174 17% Hudson Coal 5s ’52 4634 45 46 12235 12234 12235 34 331 34 81% 80y 80y 10835 108 10814 235 8234 8734 82 88l 8 9 80 83 s 8834 108 108 106 10634 10635 95 9d% 94 5235 61 61 98)5 981 9835 sk 91 91 9915 991§ 99%5 152 150 150% 3534 9% 54 9934 8934 87% 8434 2% 4 9634 963§ 9634 1084 108 103 50 60 50 Hud & Man inc 58 '57_ Hud & Man ref 58 '57... 111 Bell Tel $38 *70.. 111 Cent 3% s '52. 111 Cent col tr e 11l Cent col tr 4853 Il Cent ref 4855 111 Cent 4%s *66. 111 Cent Lou 3 Il Cent St L 38 ICC&StL N O 4% 5°63.. ICC&StL N O 68 *63 Indianap UR 3 Inland St13%8 61 _ Int R T 1strf 63 '66__. Int R T 65’33 IntRT 7832 _____. Interlake 68 51— Int Agrcl 6’42 stp.... Int Cement 48 *46__. IntGreNrés 52 A_._. Int Grt Nr adj 65’52 A. int Hydro E1 6s 44 ___ Int Pap 18t 68°47 A._. Int Papref 6855 . IntRyof CA6s"72._. Int TRT cv 438 '39__. Int T&T 4%8°63 [PYE % T — James F & C 45°39 Jones&L Stl 4% Kan CFS&M rf 4s’36ct 16 | Mil No 1st 4155 ’ex '39. 88} 1105 110 110% 87 86§ 86 94 98 93 . 10834 10835 10835 106 104% 1043 Ky & Ind T 438 '61... 100% 1005 100§ Kresge Found ¢s *45.. 112}§ 112}§ 112)§ 10034 10034 10035 Kan C So 1st 35 '50__.. Kan CSorf in 6s '50 Leh Valley Har 6s *54. LVNY4%e40 gtd__ Leh V Poon 482003 __ Leh V P con 43%s 2003 Leh V RR con 58 2003. Loew's3348°46 ____. Long Islref 45°49____ Lorillard 5851-———___ 1 Lorillard 75 44 .. La& Ark 5869 .. LouG & Eb6s’52 A L&N 1st 452003 . L&Nunif4s°40 . &N 4%82003C &Nrf5%82003 __ 3¢ 9814 10354 mm 122 122 132 132 0% 11034 11085 10234 1025 10214 10834 1084 108! 10835 10734 1073 10234 10214 10214 11234 1124 11234 9 91} 91 9§ 9T 9N 108% 1083 108)4 A. 9% T9 79! L & N So Mon jt McKess&Rob 5% & MIER&SLrf5s'71. 106 106 88! Ml Spa & N W 4s'47_. 32} l!“ Minn&SLrfds’49__. 4% ¢ MStP&SSMcn4s’38.. 35 34)5 343 MBStP&SSM 53’38 gtd. 48} 43} MStP&SSM §%8°49.. 28 27} MStP&SSM 5%8°78__ 913§ MStP&SSMrf6s*46 A 29 29 MoIll§s"69. . ... MOK&T4s'62 B . MoK &T 1st 4s'90___ MoK &T4%s'78 ___ "!( MOK&THs'62A ___ 85) MoK & Tad) 58’67 67% Mo Pac 4876 _. 16% MO P2c 6865 Aeeeuen 3435 MoPacks" TP 84} Mo Pac6s’77Fetfs_.. 33 MoPachs’18 @ ... 34} ¥4 |StLRM&P 45 | Texas & Pac 68 80 D men, Low, Closs lflt M un 823 I Y 18% 18% un 1% 14 92 92 xom 10734 1073 103 Mo Pacific 55 80 H... Mo Pac bs 81 Mo Pacific 6% Mob & Ohfo 48717 Mob & Ohto 58 °38..__. Mohawk & M 48°91___ Mont Pwr ref 68 '43.... Mont Tram 68 41 Morris & Co 4148 °39__ Mor &Essex 3348 20/ Morris & Essex 4 1%4°55. Mor & Essex 58 *56..... Mutual Tel 58’41 Nat Dairy 3%s 61 ww R M 1st 45 °51 asst 9615 963 963 11634 11634 116% 107 10634 106% 2% 2 2% 3 3 3 10634 10634 106% 913§ 91y 9% 100 100 New Or T&M 68 2 New Orl T&M 6%s '5¢ N YCent3%s'97 ... N Y Central 3%s 46— N Y Cent 4s°43. 1 Y Centcon 4s'98.__ Y Cent rf 4%s 2013 YCrfe%s2013n__ Y Cent rf 682013 Y Cent cves'dd . NYCLSh3%s NYC Mich C3%s NYC&St L 1st 4 NYC&St L 4%8'78____ NYC&St L 6%8°74 A NYChi&StLés'38_. Dock 1st 48 51 N N N N N 227 2ZZ2Z2Z g g NY & RichG 6s'5 NY S&W 1strf NY Tel gen 4%s'39__. NYW&B4%8%6 __. Niag L& O P 5855 Norf So 1st ref 58 °61.. Norf S 1st rf5s’61 cfs. North Am Co 58 North Am Ed 5869 C. North Am Ed 5%s 63 Nor'n Pac gen 38 2047. Nor'n Pac 4897 _ ___ Nor’n Pac 4%8 2047__. Nor'n Pac 58 2047 C_. Nor'n Pac 6s 2047 Nor’n Ry(Calif)5s '38. North Sts Pw 438 *61. Nor’n Sts Pw 6s 41 B_ North Sts Pwr 58 '64_. Ogden LC 4848 __. Ohio Edison 4s *65 Oreg Sh L 5s "46 gtd Oreg W RR&N ¢s Otis Steel 6s°41 . PacG & E 3%s 61 PacG & K 43 '64 PacG & Ebs 42 Pac RR Mo 1st 4s°38_. Pac T&T rf 3%s 66 B. Pac T&T 1st 5837 ___. Pan Am PC 6s ™ Pan Am P C 68 40 ctfs Par-B'way 58 '51 Paramount Pic 6s '55. Parmelee 68 "44 - PennO& D 4%3'77... Penn P& L 4%s'81__. Penn RR3%8'70C.. Penn RR con 4548 renn RR 4563 _ Penn RR 4%s 81 D_.. Penn RR4%s "84 .. Penn RR gn 4%s 65 Penn RR deb 413 ‘70 1015 106 1093 101% 102 108 ;| Penn RR gen 58 '68. . Peoria & E 18t 45'40__ Peoria & E inc 45 "90__ Marq 1st 48 '56.. q 4%5 '80 q 1st 6 Phila B&W cn 5 Phila Co 6s *67 Phila Elec Co 4: Phila & R C&l 68 "3 Phila & R C&1 6849 Philippine Ry 45 "37__ PCC&St L 4%s'63 1_ PCC&St L5875 B Pitts&W Va 44858 A Pitts&W Va 41%4s 60 C Port AC& D6s’58 A_ Port Gen El 4%s 60 __ Porto Rico A T 6s°42_ Postal Tel & C 5s°53__ Pure Ofl 4% s ‘50 ww__ Purity Bak 53 48 R-K-O 6s"41_ Reading R 4%s°97 A Rem-Rand 43,556 ww Republic St1 4345 '61 Republic Stl 43455 Republic 8tl 534s ’5: Revere Cop 4% s ’56. Richfield Of1 6s *44 _ Richfield O 6s *44 ct! RG W 1stexin 4s" R1A&L 1st 4355 '34 Rutland RR ¢%s'¢ St L IM&S R&G 45’33 iS—— St L-S Fran 4s 50 A St L-S F 43’50 A ctfs. StL-S Fran 4%s'78 __ StL-SF 4%s 78 cf st. St L-S Fran i B__ StLSW1st4s's StLSWenress'90.. StLS W 18t ter 6853 StPCtRC 58’37 gtd. StPKCSL4Y%s’41_. St P M&M ext 5548 __ St P Un Dep rf b8 '72.. 43, Santa Fe P & P 5842 Seabd A L 43 *50 stp__ Seahd A L rf 48’59 cfs 5 A Seabd A-F16s°35 A ct_ Shell Un deb 3%s 51 So Pac 4348’68 So Pac 434869 ______ %8 '56._. SoRy M&O 45738 .- Sou Ry St L div 4s'51. 8 W Bell Tel 3148 64 Spokane Int 5s '55 Staley A E 48 "4 Stand O N J 3861 Studebaker cv 65 *45__ Swift & Co 3% 850 Tenn Cent 65 47 ... A. 10534 10634 105§ 963 963 963 10034 10034 10034 102%4 102§ 102% 1013¢ 1013 10134 10434 10415 1043 106 105 106 10874 108% 108% 685 68l 6814 102% 102% 1023 38)s 88 38 10134 10134 10134 Tex & PacMPT 5%#8'64 Third Ave ref 4860 Third A st 58°37__ Third Av ad in ex 6s'6( Tol StL& W 4850 UnEl L& P 5857 106% 106% 1053 Un Ofl Cal 65 °42 A.——. 120} 12034 120} UnPac3%8'7T1..coo. 99% 993 993 Un Pac 18t 48 *47oeuae 114% 114% 1145 Un Pac 48 68 108% 108% 108% Un Pao 1at rfis 2008 . xnlu :::u ::aou mu 1063 106% 1045 104 104 70 68} 68y 7 = 89 88} 88)§ 18% 1734 174 1083 10835 108%; VaRy 15t 3%s°66 A Va8 W con 58 58— Wabash ¢%48 78 —com. Wabash 18t 68 ‘39— Wabash 2d 5839 Wabash 5876 B.———- Walworth 4856 - Warner Bros ¢v 68 39 Warner-Quin 6s'39 . W Sh 18t 45 2061 res... West Penn P 31866 West'n Md 1st 48 53 88 883 883 108 108 108 102 10134 102 6% 85 85 ; | the twenty-first century. | tation in all of its phases increasing, 'FRIDAY, JGUST 21, 1936. FINANCIA sxexn A—I§ LONG-TERM RAIL GEMIENT OUTLOOK CAR LEASING FIRM! FINANGE PROBLEM Competition and Improved Methods May Hold Fate of Carriers. Special Dispatch to The Star. NEW YORK, August 21.—An in- vestor, to which a bond salesman ré- cently offered a new railroad 3% per cent issue with a 60-year maturity, made this remark: “Both I and my heirs will be dead in 1996. So why should I buy a bond that does not ex- pire until then? And what will the status of the railroads bé in 60 years with motor trucks and pipe lines stead- ily taking freight business from them, and the motor bus and airplanes cut- ting into their passenger traffic?” These questions have frequently been asked. Of course, the private investor seldom buys a bond expect- ing to carry it to its due date. If it goes up he may sell it and put the proceeds into some other good market possibility. If it goes down and stays down he is quite likely to sell it and take his loss. It was rather a naive idea of the investor that he or his es- tate would be compelled to keep it until its maturity. The life insurance companies do this. So they are not much bothered by the ups and downs of a long term bond. Question More Difficult. ‘The other point—that of future competition—is not so readily an- swered. Just now the statements of the carriers make good reading for their stock and bond holders. Freight 1s moving in the greatest volume since 1930. The June reduction in passen- ger fares in the East has stimulated a larger amount of travel than the Eastern systems have enjoyed since 1929. Benefits from this have also been realized by the Western lines, which reduced fares two years ago. For the present, therefore, the com- petitive factors do not loom so large or seem so0 formidable as they did in 1934 and in 1935, when the carriers, as a whole, failed to earn their fixed charges. It does seem, however, that, in bringing out new issues, the railroads might follow more closely the policy adopted by the public utilities in their refunding operations the last 18 months and keep their maturities down to 30 or 35 years as a maximum. A few of the 1936 railroad loans have even bridged the twentieth century and made their due dates well into It is less than a quarter of a cen- tury since motor competition began to affect railroad earnings and to com- pel a complete readjustment in pas- senger equipment to meet it. And not over 10 years since the receipts of the airlines on the coast-to-coast, the New York-Washington, New York- Boston and New York-Miami routes | first caused the passenger traffic offi- cials of the steam roads many anxious | days and nignts. Trends Alter Values. With the momentum of transpor- what may be the chief medium of travel, say in 1996, when the particu- lar bond issue mentioned above falls | due? Or even in 19662 One of the great problems of those who are at- tempting to reorganize railroads, such as the Missouri Pacific, Rock Island, | Chicago & Northwestern and the New Haven, is the fair disposal of parts of | each system that were money-mak- | ers 25 years ago and now are not worth their salt to the proprietary company. It is obviously to the advantage of the railroad in borrowing today to get the current low, long-term rates for money, and for as extended a period as its bankers will permit. It is not so certain that the investor will get as good a deal as the borrower. He cannot overlook the steady run of spectacular events in the world of transportation. (Copyright, CHICAGO GRAIN CHICAGO, August 21 (#).—Un- easiness over disturbing political de- 1936,) wheat prices today, especially in the late dealings. Commission houses and pit traders were the principal buyers of wheat futures. Considerable notice was taken of unfavorable moisture conditions for domestic Winter wheat seeding. After a maximum advance of 1l cents, wheat reacted, closing nervous at the same as yesterday's finish to 1, cent higher; September, 1.13%-3; December, 1.12%-12. Corn 1 cent to 2 cents down; September, 1.12'5-3g December, 97%-34. Oats, 14-12 off, and provisions at 7 to 15 cents de- velopments in Europe tended to lift | [orovey B oimise w barley. eed, 70a90 nom- timothy new crop. 540- cloverseed, 00n s MONTREAL SILVER. MONTREAL, August 21 (P —Silve ruu mned lrrmhr ';%bhflllg: ew 53‘9 iy 7sb Mabeh 45.60b. boBid, Do BMGTOI BAND GAINS. NEW YORK, August 21 (#).—Rem- ington Rand, Inc., manufacturers of office equipment, report total sales in- voiced during the four months ended July 31, amounted to $13,300,000, com- pared with $11,018,000 in the same pe- riod of 1035. Hign. West'n Pae bi '« Aas 8 34 - 107% 10734 107% Zow. Close. West'n Un 68 60 Wheel Steel 4145 °66_. White Sew M 65’40 ._. l:g% 1003 mo;( 6515 “K uu 102 101% 1015 28 28§ 28% 2 20 20 % 14 14K 125 122 122 lun 102) 1023 4 WisC 1st gn 48’49 ct. Wis C S&B Ter 48 '36. Y'ngstn S&T 33851 Y'ngsto S&T 4861 10134 1013 1013 | by 20 BEST FOR & YEARS 2 Spending by States, Coun- ties and Cities Held Cause of Increased Demand. By the Associated Press. NEW YORK, August 21 —Hailing as i & most encouraging recovery llcn that municipalities were becoming increas- ingly able to finance their own civic improvements, Edward J. Mehren, president of the Portland Cement As- sociation, predicted yesterday me- ments of his industry in 1936 would reach a five-year peak. States, counties and cities, Mehren estimated, had appropriated 113 per | cent more money, exclusive of help from the central government, for con- struction in the first half of this year than for the like period of 1935. “This is particularly important,” Mehren said, “because it gives promise lnd le- olk D) : Ome-pound pr! 'Am mu noni & score) prin lu (92 score). 37: veal. 14815 lamb. oo Sh perk foin "3BK26, Sompasad: b ..“ Jpor! a: poun Egss and Poultry. EGGY—] % - S -Market .um g’ug:': Oovorn Tent, recel Son o T ey m::}’ o "‘l¢ exnu firu s'i 8. extra. thu. hue‘ 2sl¢s Augusi Rote Government ;ua.a ¢ uoted on a Btead of as former ncluded gldl% ln;n ll' prices. “”f I plentiful. l‘lw rns. b re crosses; :_Leghorns, sl mizxed colors, 17a18. Fruits and Vegetables. (Sales to 8 a.m.) CANTALOUPES—No carlot arrivals: one broken car on uqct Maryiand truck re- ceipts moderate: 'supplies de- d light: ma: z'" Calif that expenditures of their own funds | flats. 35a40 by subordinate political jurisdictions next year may more than make up for the expected shrinkage in Federal pub- lic works construction.” ‘The 166 plants of the 91 Portland rement companies in the United States, Mehren predicted, will ship more than 100,000,000 barrels this year, for the first time since 1931. Shipments in 1935 were less than 75,000,000 barrels and in 1934 were under 65,000,000. “Cement shipments this year,” said Mehren, “will exceéd by at least 10,- 000,000 barrels the estimates made at the beginning of the season.” Trade circles calculate the building of streets, sidewalks and highways ac- counts for more than 25 per cent of all cement sold. Awards for that type of work in the first seven months of th:s | on year exceeded those for the like 1935 period by about 60 per cent, Mehren said. one broke; S B umbo crates, 4s to S5 standard crates. 6t Potgs. 55 ad . 12581 50, CARROTE—One "~ California _ arrived: three broken cars on track Supplies mod. erate; demand light; market steady. New York, crates, 4 dozen. 2.252.50. CELERY—One Michigan, two New York three .b‘l;ok n_and one unbroken arrived; rate; demand weak. % ozen., 3 .00: few, 4.25; poorer, oo Nedw York. o:‘ugern crates, Big Boston 2 dozen. b Y SRIONS—Ome New York and one In- diana arrived: one broken and two un- deomana”liemt; oo 'm’"%‘;’.‘n‘x“ B0 pound ; _marl ¥ S Yeriows. U 8. No. 1. New York. 808 196" peomayivanis. 85 A 2 demand minimum, 1 condition. 50a1.00: 1.00a1 25: Indicating gains i almost all classes | ket of construction, Mehren estimated, “residential building will probably show an increase of 80 per cent over 1935.” A substantial improvement had been forecast, but it is being surpassed by a wide margin, he said. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 21.—The fol- {lowing is today a summary of cor- poration news prepared by Standard Statistics Co., Inc., New York. Sperry Corp.—Common share earn- ings including $1,055,204 profit on sale of securities, six months ended June 30, were 85 cents, against 42 cents. Willys-Overland Co.—Empire Se- curities, Inc., owners of over 70 per cent of 61z per cent bonds and more than 97 per cent of unsecured in- debtedmess, promulgated amendments | to the plan of reorganization of com- pany, dated as of July 25, and filed in Federal court, Toledo, in proceed- | ings under section 77-b of bankruptcy | act; amended plan provides that prop- erties and other assets of old com- pany and its subsidaries should be | conveyed to two companies, & real | estate unit and an operating con- cern; new operating company would carry on the business of manufactur- ing and selling automobiles and would be financed through the payment to it by reorganization trustee of $409,- 500 and the sale of units of its pre- ferred and common stock; it would have authorized 350,000 shares of $10 par, 6 per cent cumulative converti- ble preferred stock and 2,850,000 shares of $1 par common stock; of the common 150,000 shares would be reserved for sale to principal execu- tives and employes and 700,000 shares would be reserved for issuance on conversion of new preferred; for each $1,000 of present 6’2 per cent bonds of Willys-Overland Co., including un- paid interest from September 1, 1932, there would be given 70 shares of new preferred or 210 shares of common stock of new operating company and 22 shares of preferred stock of the real estate company. Raybestos-Manhattan, Inc.—Com- mon share earnings, six months ended June 30, were $1.56, against $1.18. General Electric Co., Germany— Company received an order valued at over 1,000,000 marks to erect a com- bined radio telephone and cable plant in Rumania. Morrell (John) & Co.—Declared & dividend of 90 cents a share on com- mon stock, comprising payment at previous rate of 60 cents a quarter for the one and one-half quarters between last distribution on June 15, 1936, and November 3, 1936, payment date of s2 | present declaration. Current declara- tion was made to conform company’s dividend payment dates more closely to its fiscal periods. United States Leather Co.—Prior preference share earnings, nine months ended July 31, were $5.05, against $1.45. rivals: two broken demand ‘hampers. “Callfornia. 1 0: C 60 T AT GRS No carlot arrival on Pack. Buoplies modera flow: “market dull 8. No_ 1. New derse: Pt&ll!"'nnflfl 'ATERM! Televhcms s nd ks. Cob- 10a2.15: receipts equivalent Suppiies light: de- o rsinis, cars on track. Boat to four cars Vlrlmll mand moderate: mlrket steady. $0a50: 2K-: bol receipts. bulk. per 100 melons. Thurmond Grays, culis. 6.00a 1u4m Drimes. 12 50a15.00: selects. 30.00a 35, MIXED VEGETABLES—No carlot arri- vals. two_broken cars on traci LIMA BEANS —Supplies liberal, demand slow: market weak. land. New Jer- d_ Pennsylvania, hllshel hampers. 1.00: SNAP BEANS—Suppiles liberal: demand slow: market weak. Maryland. New Jer- d Pennsyivapia. bushel hampers. No carlot arrivals. no Bupplies light: demand California, crates, ET POTATOES—No carlot arrivals. no cars on track. Supplies moderate: de- mand light: market weak. North Car lina. bushel baskets, Porto Ricans. 1 1.50: Eastern Shore. Maryland. stave b rels, Jerses type U. 8. . ANGES — One Slitor arrived thiee ‘broken and pne. Wnbroken_chrs, oh | track. California, boxes, 3.50a4.75. as to srade and_ size RAPEPRUIT—Cuba. boxes. 4 00a4.75. l::nrd ng to grade and size. ON: e Califor: unbroben ocar on track LI No A cars on track. light: l‘!‘l‘ll‘kll steady. 7582.00. unbroken car on track. | quart climax baskets. stock: Concords. 10a12: Delawares, 13a14: reen varieties. 8a10: California lugs. | Thompson seedless. 1.75: red Malagas. 1 Bennsyivante. 50830 Ber dosen bunches CABBAGE—Pennsylvania. 5-peck ham- pers. Found type 2 00. PEA < prrivalss, broken ci tracl mm. hunhe? bukm. semu 1"5:15 H California. boxes. Bart! 75 ogen. RN AR ersTan acka. & Gate 8—No_carlot arrivals; twe brnken c:on on track. California. ”"S- PPLES-—lhrk!t very Ielk‘ dem-nd o SRt g Virsinia. bushel 1:" Summer 0t ryla; Tancy table gne un- ‘Rambos. 5;, Wealthy: c Higtinch mintmum. 7580 Nonhwuum Greenings. 2%-inch mini- 85a1.00;_ 2% and 3 inches. 1.00a ‘Gravensteins, h T Boa 2Y-inch in] . e Maryland. 16-quart climax bas- i New Jersey. ls-bushel ham- ATOES—Maryland. 2-quart climax bagkets. yelgw 2o P! Niifornia, flats, 1.5081.75. BANANAS—Four cars arrived: four un- broken cars on track. . Exi 20 bushel buskeu bushel bunu lweet Pennsyivania. 145 rooms. Virgini Washington Exchange SALES. Washington Gas 6s B—$100 at 100, $100 at 100., $100 at 100. Wash. Ry. & Elec. 45—$1,000 at 10634, $1,000 at 106%, $1.000 at 106%, $1,000 at 106Y, $1,000 at 106'4. Bank of Bethesda—10 at 30, 10 at 30, 10 at 30. Mergenthaler Linotype—10 at 46, 10 at 46, 10 at 46. AFTER CALL. Lenston Monotype—10 at 85!}, 10 at 85Y5. 5 at 85Y,. ‘Washington Gas 6s B—$500 at 100. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel, & Tel. 4125 Tel. & Tel. TT. Asked. = Buliard Co.—Common share earn- A ings, six months ended June 30, were $1.23, against 12 cents. ¢ Viking Pump Co—Declared the|gel, l)tdl'l usual quarterly special dividend of 25 cents, payable September 15. Texas & Pacific Railway Co.—Pre- ferred share earnings, 7 months ended July 31, were $2.83, against $1.08. Wabash Railway Co.—Deficit, 6 months ended June 30, was $1,449,- 021, against deficit of $1,588,022. Crucible Steel Co. of America—De- clared a dividend of $1 on account of arrears on 7 per cent preferred stock, payable September 30; on June 30, 1936, a similar amount was paid, giv- ing effect to current distribution, ac- cumulations on this issue amounted to $27 a share. Empire Power Corp.—Declared & dividend of 50 cents on participating stock; on July 1, 1936, a dividend of 3 W't ‘Gold ‘storage Wash. R-! n.'mx AND mus'r courluw . & Tr. Co. 40 cents a share was paid on this is- | Nati. Sav. & Tr. sue, giving effect to current distribu- t.inn, arrears on this issue amounted to $6.57% a share. Hoskins Manufacturing Co.—De- clared an extra dividend of 25 cents and regular quarterly dividend of 50 cents on common stock, payable Sep- tember 26; on June 26, 1936, a simi- lar extra dividend was paid on this issue. American Bakeries Corp.—Declared an initial quarterly dividend of 75 cents on $3 Class A stock, payable Oc- tober i; this issue is cumulative only to the extent of $2 per annum, the additional $1 is non-cumulative. Penick & Ford, Ltd, Inc.—Com- un prices on bulk goods 20 cents a cwt., and on packaged goods by 15 cents a case. Transue & Williams Steel Forging —Declared an extra dividend of 5 cents and a dividend of 15 cents & share, payable October 1; on July 1, 1936, Qdmmdo(ll cents 8 share was paid, first since July 15, 1931, when 25 cents a share was distributed. American (XIZ) P 200 g vigo, Clrfll Corp. (1.60) Stcnnaier Linotybe b Peoples Reai Est. M. & G. of Security wt:fl & Toth: ' u :#u l oe wa V-v 15. 1036: 50¢ pald Au- ?’ 456 bald June 30. 1936, ‘BAR SILVER QUOTATION. NEW YORK. August 21 (#.—Bar silve quiet and unchanged at 44%. A l’l Wl :f? 7 enee 120 75¢ exts !mll!-—ln carlot arrivals: Do | mru—one c-mdmn m-h‘mie one | HAS §122.564 NET Virginia-Carolina Chemical Earns 44 Cents Per Share in Quarter. By the Assoctated Press. NEW YORK, August 21.—Gene eral American Transportation Corp.,, with principal activities in building and leasing freight cars of various types, reported consolidated net income of $722,564 for the June quarter, equal ‘e | to 75 cents on 961,000 shares of capital stock, without provision for undistrib- uted profits surtax. Profit in the preceding quarter was $308,025, or 36 cents a share on 848.000 shares, and for the June quarter last year $702,564, or 86 cents a share on - | 818,203 shares. Plants are located at East Chicago, Ind.; Masury, Ohio, and Argentine, Kans. Terminal and storage facilities are maintained at points in the East, West and South. Virginia-Carolina Chemical. Virginia-Carolina Chemical Corp. and subsidiaries, fertilizers and acids, reported for the fiscal year ended June 30 net profit of $93,754, including $59,- 134 realized on securities and re- ceivables previously written off. This was equal to 44 cents a share on the 6 per cent participating preferred stock, which is in arrears on dividends, and compares with net profit of $1,277,578, equal after dividend requirements on the 7 per cent prior preference stock to $4.20 a share on the 6 per cent preferred in the previous fiscal year. During the year the 7 per cent prefe erence stock was retired. Company operates factories in Ohio, Indiana, Illinois, Maryland, Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Missis~ sippi, Louisiana, Tennessee and New Jersey. Chicago Pneumatic Tool. Chicago Pneumatic Tool Co. and subsidiaries, whose products also in- clude Diesel engines, air motors, vacuum pumps, etc., reported June. quarter net profit of $290,405, equal after dividend requirements on the $3.50 convertible preferred stock to 66 cents a share of common against $191427 or 16 cents a share in the, previous quarter and $185,692 or 14 cents a share in the June quarter last year. Company's plants are at Detroit, Cleveland, Franklin, Pa., and abroad. Eagle-Picher Lead Co. Eagle-Picher Lead Co. and sub- sidiaries, producers of lead and zinc products for the paint, plumbing and | other trades, with headquarters and plant at Cincinnati and other prop- erties at Chicago, Argo, Hillsboro and East St. Louis, Ill.; Joplin, Mo, and Newark, N. J., reported for the six months ended June 30 net profit of $338,520, without provision for une-- distributed profits surtax, equal to 36 cents a share on the common stock, against $128,196, or 12 cents s share for the like period last year. —_— DIVIDENDS ANNOUNCED NEW YORK. August 21—Dividends ce- clared (prepared by the Standard Statistics Corp.): Extra. Pe: Stock of Pay- fiod. record. Muskegon Piston Ring_25 8-24" 9-3C Am Dock 8% pf__ Biniers Nat Ll 50¢ - Ches’ pi_$3.23 & Otio Ry Chicago Artificial CD&W1IH Util of A . B, Do; C Morris Finance ! Motkegon Pision R Shepard, Niles Cr & Ruud Mfg__ Do Talcotd (Jame: Slace part | Thate! Umud sn.es Foil A NEW YORK BANK S_TOCKS NEW YORK. August 21 (#).—Over-the counter market, bank and trust com- panies: (Opening uua(lllon\B\d BE of Manhattan (1%)- Ohase (1.40 First Nlnonll (100) Public ) Blnken ( ) T Lawyers Trust ( Mapufacturers ( as’ Title Guaranty —_— LAND BANK BONDS August 21 (P.—Pedera unn Blnk bonds: (Noon qunuuonn 08 Nov. 1958 CHICAGO LIVE STOCK. CHICAGO. August 21 (# (United S!lle- Department of Agricuiture).—Hogs. 6. 00_direct; steady to 10 ursday’ T5%0 1.50; ‘250 to 300 pounds n;u light lights,” 11.00; mos calves, 500; generally ow and uneven. howev ot “Filline: qulity) blll plain weighty fed II anted: =cutter cows, 4.0( fown"t0 .00, Tmostly 3. 50a4 00 with cut ter-grade heifers 4.50 down: several lot: around 4.00a4.25 and supply not depend these prices. which art Food and choice natives, Soous B side to packers. 0.75 sparingly: city butch 7". 10.00; ummn owouts rngnlo% 15 ltrlllht mldpmm‘ldll‘ Sirong T a3 3083.50; “h'g b welghts, 375, o oroo0r € POREIGN EXCHANGES. ORK. Ausust 21, (P & U el 2R . A 60-d 100.60. a—No: