Evening Star Newspaper, July 1, 1937, Page 17

FINANCIAL. | SHARP GAINS IN JOBS AND FARMERS INCOME CLIMBS 10 BEST THE EVENING STAR, WASHINGTON, STOCKS SLUMP IN LATEST QUARTER LEVEL SINCE 1930 Higher Prices, Larger Crops and Larger Federal Pay- ments Cited. BY A. A. PATTON, A ed Press Statistician. NEW YORK, July 1.—A triple alliance—higher prices, larger crops and bigger Government payments— stepped up the farmer's income in the first half of this year to the high- est level since 1930. Commodity men estimated more than $4,000,000,000 was paid for prod- ucts of the 6,800,000 farms. That would top the previous half-year by 25 per cent and come close to the $4.200.000.000 collected at the pre- vious high point. Approximately half of the annual farm income flows into the till during the first six months. This means cit- rus fruits, vegetables, meat and milk account for the bulk of the income, since the major ps—corn, wheat, o n, tobacco—come along later, Drought Helps Prices. Drought played an important role ous upswing. Lack of 1934 and 1936 left world stocks of major crops at an unusually ebb. expanding Industrial activity had fattened the tbooks of consumers, small stocks and poor harvests had pointed es skyward. The situation was azaravated dur- ing the early months this year by the appearance of another dry spell in the Midwestern “bread basket.” Corn, moving narrowly in the fir: quarter, rocketed 22 per cent to a 1 year top in late May. Analysts ich turned dowm in early it was due mainly feed for immediate deliver, Cotton Up and Down. After several mont from its April n;h to the end June, With industrial use of cott tablishing new high records, quotations began mo in the year. From 13 cents a pound, cotton pushed bevond the 15 cent mark in a few months. An accumulation cloth inventories in mill hands coincided with mounting estimates of the probable rotton har- vest to send prices plunging 18 per cent by the close of the half year. Live stock prices maintained a steadily rising trend. Even in re- cent months, whern every other major commodity group weakened. ciated Press wei nudged ahead 3 per cent. Despite the downturn in some a cultural prices during recent month. grains and cotton remain above levels prevailing at the first of the year. Live stock stands 14 per cent ahead. Cash From Uncle Sam. Government payments have added considerably to the agriculturalist’s in- take. The total reported by the De- partment of Agriculture for the first | four months, the latest data available, was $282,000,000, against $53,000,000 in the same period last year. The following table gives some idea | of the increase in wholesale quotations of farm staples during the past year and compared with the depression low point: Year Depr. Ago. Low -96% § .48 JA179 0 613 241 10.20 3.60 8.75 6.30 OFFICE EQUIPMENT GAINS CONTINUE Further Rise in Earnings and Sales Predicted in Addition to Recent Progress. Brecial Dispatch to The Star NEW YORK, July 1.—The office- equipment indusf still holds pros- pects for further expansion in sale: and earnings, notwithstanding the impressive recovery that has alread: been made, according to Poor’s In- vestment Advisory Service The larger number of persons em- ployed, the shorter hours and the higher wages are all inducing demand for appliances which increase offi- ciency and hold office expenses in check. “Economic and legislative factors suggest that from here on the larg percentage gains will be made in ac- counting, calculating, tabulating, sort- ing and similar machines,” states the analysis. “In addition, the outlock for sales of cabinets, furniture and other supplies is very promising. “Foreign sales, now accounting for practically 25 per cent of total vol- ume of office equipment manufac- tured in this country, amounted to 89,046,000 in the first quarter of 1937. This represented an increase ©of 27.4 per cent over 1936.” CHIEF OF EXCHANGE COMMITTEE RESIGNS By the Associated Press. NEW YORK, July 1.—After seven years as its head, Allen L. Lindley re- signed today as chairman of the Bus ness Conduct Committee of the New York Stock Exchange. He said he wished to devote more time to other interests, though he will continue as the committee’s vice chairman. Lindley recently joined the firm of Bhields & Co. as a limited partner after dissolving his own firm of Lind- ley & Co. Howland S. Davis, formerly vice chairman of the committee, was elect- ed chairman to succeed Lindley. June 1 Wheat (bu.).$ 1.27!; Cotton (pd.). Corn (bu.) Hogs (cwt)._11.75 Cattle (cwt.)_15.00 $ CHINA'S BUDGET BALANCED NANKING, July 1 (#).—China's budget for the fiscal year beginning today was announced as balanced at the record total of 1.000,649.000 Chi- nese dollars of approximately $300,- 000,000. Military expenditures led the budget with an appropriation of 392,- found | 1d peaks at- | ing most of their price gains. 75 70 After rcm‘rmw a hxgh point in March stocks dropped los- SPOTLIGHT TURNS 10 BIG LEADERS IN LABOR STRIFE |Lewis ,Taylor, Knudsen and Girdler Play Important Roles. BY SMITH REAVIS, Associated Press Financtal Writer. NEW YORK. July 1—The first half of 1937 saw events of dominat- ing importance, with strong men lding them into the pattern of finance and industry. As the country swung into consolidation phase of the recovery cycle. a new factor— the Committee for Industrial Organi- ~y cation—wedged into the relation- ship between la- bor and capital. Guided by bluffl, shaggy- browed John L. Lewis, it swept into the automo- tive industry, forced a 40-day shutdown of Gen- eral Motors Corp and finally won recognition as a agency for labor. John L. Lewis, That done, it d toward steel. “Big Steel” Signs. A tie-up of the vital industry seemed certain Lewis promised a to the finish. But in a quiet villa in Florence, surrounded by paint- s of Italian primitiv a s‘udent- lawyer, turned industria d al- ready evolved a formula for at least P al settlement Myron C. Taylor, Quaker, top man of Steel, wrote ¢ S -ompany recognizes the righ ployes to bargain collective!. h representatives freely chosen them without dictation, coercion intimidation in any form or from quiet-voiced United States A few months later Taylor met Lewis casually in a Washington hotel q lunch room. The broad - shoul- dered, rugged- featured former Iowa miner and the tall steel op- erator chatted animatedly for 15 minutes. T hat was the start of negotia- tions that ended March 1 with the announcement U. 8. Steel had rec- ognized the C. I 0. and would sign & contract with it. Girdler Says “No. Huge as it is, “big steel” could not s of the industry. Tom stocky Indianan, who d his career as a heating plant man and mounied to the com- mand of Republic Steel Corp, defied the C. I. O. to force him to sign a contract. On the very day he was elected president of the important American Iron and Steel Institute nearly half of his plants were shut down by a swift surprise strike of the Lewis- sponsored Steel Workers’ Organizing Committee, Several of so-called independent companies had capitulated and signed agreements, but Girdler, known in another sphere as a hard rider to hounds., was adamant. So was the fighting Lewis. Mechanic in the Saddle, In another ficld a strong man to a commandinz position in early months of the vear William S. Knudsen, 58- mer bicycle mechanic, president of General Motors Corp. The one-time Danish emigrant boy steered the big automotive concern to 1.= record peak for a month’s produc- tion in March, after a strike had sterilized output for more than a month. Reticent, deliberate, Knud- sen handled the negotiations with the strikers, then started in to make cars again. No record of the outstanding figures of the Myron C. Tayl, year would be Wm. Knudsen. mention of Rob- ert R. Young, 40-year-old member of & small stock brokerage firm, who 499,952 Chinese dollars or approxis mately $125,000,000. (2 —1929 . bargainin g|s first half of the | complete without | PUBLIC 1S BACK INGRAIN MARKET AS PRICES JUMP Revival of Interest Seen After Two Broad Up- ward Swings. Br the Assoctated Press, CHICAGO, July 1--Soaring grain prices, humming brokers' offices and the roaring pits at the foot of canyon- like La Salle strect were evidences today that the public is back in the grain market Carrying the load of commercial selling that accompanies the harvest of a big wheat crop, speculators re- cently have been giving the world's greatest grain market its biggest business in vears, widening smiles of brokers who fretted through the lean days of the past few years. Revival of public interest in grain, considered by many observers a key to economic conditions, accompanied two wide upward swings in wheat prices since the first of the year. World Supplies Low. The upturn, generated by small world wheat stocks with war- fearing European impoiting scraping exporting nations’ bins for | phlies, got under way early in Marc h | and brought a swelling volume of | trade as speculators all over the world participated. Before the force | of this buying movement was spent wheat had reached the highe pnrv in eight years In Chicago tt peak was $145's a bushel for Bla) Wheat. Then, prospects that the United States would harvest the biggest crop since 1931 appeared. As drought con- ditions n the Southwest were mini- mized by timely rains, this crop be- |came a virtual reality and wheat F ed downward almost 25 cents a bushel. Black Rust Spreads. It the last few weeks, spread of black rust has dimmed crop prospects to some extent, bringing the second broad rise which began in -June. Serious crop loss from draught in Canaaa also has affected the market. July wheat the first of January was quoted around $1.18. Late that month it fell to $1.10, rose again to $1.19 in February and then shot up to an eight-year peak of $1.30 the last of March. By the middle of this month, however, it had worked down to $1.06. The current quotation is around $1.21 Kenneth S. Templeton, pri the Board of Trade, said tod: {for the first time in many ye: country is facing “an old-time export trade in wheat.” He said that * production of normal crops ing: al“d by current forecasts, a brought about the importation of 43.- 457,000 bushels in wheat and 541,- 000 bushels of corn in the 10 months ended May 1, would be changed. Prices Differ Sharply. “Present differences between the United States and foreign wheat prices are the greatest in years. While current exports are light, wheat is being worked from the gulf with every prospect of trade reaching liberal pro- portions. “It is true Argentine corn is being rushed in to supply Summer needs, but with an average crop, corn imports will be & thing of the past.” Generous crops, he said not only would bring prosperity to farmers, but their marketing would accrue to the substantial benefit of all business. Corn and other grains largely paral- leled the price movements in wheat the past six months. Domestic shortage of corn as a result of two droughts in three years caused May corn to soar to $1.40 a bushel, the highest price since 1926. May oats rose to 56'j, highest since 1935, and May rve to $1.2315, highest since 1928. Compared with these highs which were reached the last of May, current prices for the old crop grains are considerably lower. ¢ nations | COTTON CROP OUTLOOK IS CALLED FAVORABLE By the Assogtated Press, The Weather Bureau said yvesterday conditions recentiy were ‘generally favorable” for the new cotton crop. ith two other little-known men, Frank C. Kolbe and Allan P. Kirby, took over from George A. Ball the | control of the huge Van Sweringen rail interests. | Young—slender and with graying \hmr. an art collector and connois- seur—smilingly told a Senate Rail- | road Committee he hoped to liquidate finally the network of holding com- | panies the Van Sweringen brothers had built up, making “something out of it” as he went along. FARM_INCOME RECOVERS SHARPLY $4,500,000,000 $2,100,000,000 $4,000,000,000 - 1933 ) e 1937 e STAPLES RETREAT AFTER SHARP RISE INFIRST QUARTER + Commodity Prices Finish Half Year Near Levels at Close of 1936. s the Assoctated Press. NEW YORK, July 1.—Impelled in part by heavy European speculation, commodity prices surged upward in the first quarter of 1937 and fell back in the second, finishing the half year at approximately opening levels. The general situation at the start of the year was one of light consumer inventories, unusually low world sup- plies and restricted production of many staples, running head on into rising mand Higher quotations stemming from this bullish signal were prodded into runaway advances in several products by Britain's announcement of her re- armament program. Speculators Attracted. This attracted speculators, in London, and especially in metals. Copper soared to 17 cents a pound from the 11°; quoted on December 31 lead boomed to 77 cents, a 32 cent jump from the year's opening tin swept from 513; to 67' s a pound The Associated Press weighted in- dex of 35 important wholesale com- | modities climbed from 89.22 per cent of 1926 levels at the first of the year to 98.14 on April 5. This was an ad- industrial and consumer de- notably { vance of 10 per cent and carried the index to the highest point reached since late 1929 The non-ferrous metal group chalk- ed up the widest gain, 35 per cent at the peak. Other industrial staples, with steel scrap and billets setting the pace, pushed 15 per cent ahead Increases in agricultural prices dur- ing the first three months averaged 10 per cen ‘Textiles managed by a slim margin to string along with the majority, while food prices declined 8 per cent. Roosevelt Halts Rise. The speculative frenzy spread from metals to many other industrial raw and finished goods as companies and individuals bought heavily against future needs. The climax was reached during the first week of April. President Roose- velt's warnings that metal prices had risen too high were credited as being the straw that broke the back of the speculative camel Some time before this point was reached, however, commodity experts saw signs of the impending downturn Gains Wiped Out. Prices plummeted. The Associated Press index tumbled almost steadily during the remaining weeks of the first half of the year. Metals led the decline, the non- ferrous group index dropping 15 per cent. Textiles suffered the second widest break. Cotton cloth fell from a top of 8's cents a yard to 6% at the end of June. Weakness in this staple was credited to a top-heavy inventory position, especially in fine goods lines. Measured by the Associated Press commodity indices, changes in the six-month period found food and textiles down 14 and 11 per cent, re- specti metals and live stock 14 per cent higher; industrial stap] up 5 per cent, and agricultural up 2 per cent, REICH MAY PURCHASE LARGE COFFEE SUPPLY By the Associated Press. SAO PAULO, Brazil, July 1.—The German government has asked the national coffee department for 5000 bags of coffee of 132.2 pounds each for studies which may lead to the purchase of 10,000,000 bags for the extraction of “important chemicals.” Should that purchase be consum- mated at approximately $3 a bag, it was said, it would solve Brazil's crit- ical problem of overproduction in 1937. Otherwise, it was understood the destruction of 70 per cent of the crop is in prospect. It was learned Germany agrees to use prospective purchases only for chemical by-products and not for re- shipment to European markets. NEBRASKA WHEAT CROP EXPECTED TO BE LARGE By the Assoclated Press. NEW YORK, July 1.—A Nebraska wheat crop of from 40.000,000 to 45,000,000 bushels was estimated by Ralph Budd, president of the Chicago, Burlington & Quincy Railroad, who stated before a directors’ meeting the outlook for the road’s agricultural traffic was the best in six years. Budd was also optimistic on the Southwestern cotton crop. This ter- ritory is served by the Colorado & Southern, a subsidiary. He indicated that red and black rust damage to wheat had been exaggerated. IMPORTS OF CANADIAN WHEAT SHOW INCREASE By the Associated Press. The Commerce Department says imports of wheat from Canada for consumption totaled 345,000 bushels during the weef ended June 26, com- pared with 211,000 bushels in the previous week and 1,266,000 bushels in the same week last year. Imports into bonded mills for grind- ing are listed at 252,000, 201,000 and 99,000 bushels for the respective weeks. ,l &3 | Half year's D. C, THURSDAY, JULY 1, l NEW YORK STOCK EXCHANGE SUMMARY FOR HALF YEAR (Continued From Sixteenth Page.) Stocks and dividends in dollars. Paramount 2d pt (60c) _. Park & Tilford (2) Park Utah Consol Parke Davis (b1.40) Parker Rust P (11 Parmelee Trans Pathe Film Corp Patino Mines (160c) Peerless Corp Peuick & Ford (b1)_ Penney (J C) (4) _ Penn Coal & Coke Penn-Dixie Cement Penn-Dixie Cem pf Penn Glass Sand (b Penna Railroad (hioe) - Peoples Drug (1) Peoples Drug pf (6% Teoples Gas Chi __ Peoria & Eastern_ Pere Marquette Pere Marquette pf _ _ Pere Marqu pr pf (a20) .. Pet Milk (71) Pet Corp of A (b40c)_ Pfeiffer Brew (b60c)_ Phelps Dodge (b80c) . Phila Co pf (6) new._ Phila Co 67 pf (3)_ Phila Rap Tr (d) __ Phila Rap Tr pf (d) Thila Read C & T Phillip Morris (h3 %) Phillips-Jones Corp Phillips Jones pf (7) Phillips Petre Thoenix Hosi E Phoenix Hos pf (313) Pierce Oil pf = Pillshury Flour (1.60) _ Pirelli (A)(#3.13)__ Pittsburgh Coal Pittsburgh Coal pf tSFLW & Ch Pitts Ft W & Ch pf (T) __ Pittsh'zh Serew (bisc) Pittsburgh Steel Pitts Stecl pf Pitts Terminal Coal__ Pitts Term Coal pt Pitts United Corp_ Pitts United pf Pitts & West \a Pitts You & A pf ( Pitiston Co Plymouth Ol (b70e) I'ond Creek Poc (2) - Poor & Co B Porto Rican-Am Tob A Torto Ricar Tostal T & High. 1,247,400 3.800 373,000 18,100 54,600 588,100 5,600 860 300 7,400 400 300 40 570 000 300 400 1400 060 K00 420 10 900 K00 2500 21,900 Press Steel 1st pf (25¢) - Press Steel 2d pf (213) . Proctor & Gam (12) Proctor & Gam pf (3) e N T (2.60) Pura Oil 5 Pure Oil 8% pf () Pure Oil 87 pt (%) 200 Purity Bakery (60c) 28,400 Quaker St Oil R (b43c) 268, Radin Corp Radio Corp 1st pt (314) itadio Corp pf B b Radin-Keith-Orph (d)_ R R Sec 11l C stk Rayhestos-Man (t Reading (2) 2 Reading 18t pf (2 Reading 2d pf (2) Real S11K Hosiery Mills. Real S H M pf (al0%) . Reis (R) & Co is (R) & Co 1st pf_ leliable Stores (1) Relianca Mfg Co (160c)_ Remington-Rand (b5 Rem-Rand pf ww (41 Renssel & Sar (8). Reo Motor Car__ Republic Steel Republic St prpf A (5) . Republic Steel pf (h3) _ Revere Copper & Brass_. Revere Copper (A) __ Revere C& Bpfibl13) _ Revera Copper pf (51)- Reynolds Metals (1) Reynolds M v pf (512) - Revnolds Spring (1) __ Reynolds Tobaceo (3) . Revnolds Tobacco B (3)- hine Westphalia er Dental M (11) 800 Roan Antel Cop (h1.11) 60 roid Co (60c) 15,500 Rutland pf 51,400 000 589,900 23.800 260 1,432,600 1900 100 302800 R00 11,300 38 114,200 46 103 113 Safeway Stores pf (3)__. Safeway Stores pf (8)_ afeway Stores pf (7)__ St Joseph Lead (12) St Louis-San Fran (d) __ St Louis-San Frpf (d)_ St Louis Southwn (d) _ St Southw'n pf (4) avage Arms (h2ic) Schenley Distil C(b113)- Schenley pf (512) Schulte Retail Strs (d)_. Schulte Ret Strs pf (d) _. Scott Paper (hfse) __. Seahoard Air Line (d4) Seaboard Air L pf (d) Seaboard Oil (Del) (1) - Seagrave Corp _ Sears Rosbuck (3) _ Servel Ine (11) Sharon Steel (11.20)_. Sharon Steel pf (5) - Sharp & Dohme___ Sharp & Dpf (312) Shattuck (F G)(60c)_ Sheaffer Pen (b11) Shell Union Oil (b30c) Shell Union Oil pf (5'2). Silver King Coal (b65¢) . Simmons Co (b1) e: 0Oil (b50c) .. Skelly Oil pf (6) _ heffield Steel heffield Stl pt(e). Smith (A 0) Corp Smith & C Ty ctfs (12) - Snider Packing C(b133)_ Socony-Vae Oil (h25¢) Solvay A Inv pf (51%%) South Am G & P (30¢) South Porto R Sug (12)_ South Porto R $ pf (8)__ 1 South Calif Ed (f11z) Southern Pacific Southern Railway Southern Railwav pf Southn Ry M&O etfs(4)- Spalding (A G) Spalding (A G) 18t pf. Spang Chalf pf (b6) Sparks-Withington 24,000 300 13,700 461,800 4“ 000 Spicer Mfg (a3) picer Mfg pf A (3) piegel Inc (1) piegel Inc pf (414) quare D (B) (b60c). and Brands (180c) Stand Commercial Tob Stand Gas & Elec (d) Stand G & E $4 pf (d) Stand G & B §6 pr pf(d) - Stand G & E $7 pr pf(d) - Stand Inv Corp _._. Stand Oil of Cal (t1) - Stand Oil of Ind (¥1).. Stand Oil Kans (al) Stand Oil of N.J (11).. Star (L S) Co (b212) . Sterling Prod (13.80) Stewart-Warner (t50¢) - Stokely Bros (+1) - Stone & Webster (a25c)- Studebaker Corp Sun Oil (al) Sun Oil pf (6) . - Superheater (115) 104,500 18,000 599,600 340,700 4,300 1,089,200 18,200 50,000 261,200 309 400 158,900 1 339,200 20,400 3,050 26% 341 31ty 8615 9% 1937, Half year's sales. 1,267,000 Low. Last. 23 4 IOO 16,300 210,800 69,700 302,000 Sy Stocks and dividends in dollars. Superior Ofl. __. KA Superior Steel Sutherland P (+1.60) Sweets Co of Am Swift & Co (11.20) Swift Internatl (2) K nington ww (F 2 155,900 Symiugton xw (b33 FINANCIAL Net chge % "xu —-ln.‘ 31% = 2% 16+ 3 2% | 1% High. Low. L«d 4% 47y 3974 20y 28% 1% —_—— 42,000 Talcott (J) (80c) — alcott (J) pf (12%) elautograph Corp(60c) ennessee Cop (b23¢) Texas Corp (2) Texan Golt Prod (a3 se) Texas Gulf Sul (12) 585,800 208,800 103 504y Texas Pac C&O (blic) _ Texas & Pac RR Texas Pac L T (al0c) - Thatcher Mfg (11) Thatcher Mfg pf (3.60)_ The Fair_ The Fair pf (7). Thermoid Co Third Avenue Ry Thompson (J R) (50c) Thompson Prod (b30c) - Tide-Water As Oil(80c)_ Tid. 306,800 124,500 683,100 274,700 R7.000 00 4,800 R0 12,600 319,000 34,600 74,900 Timk Truax- 104,600 T 60,200 Un 97,100 0,500 2.000 ), 700 2! “nion « 426,900 1 1 1 1 1,000 1 1 811,900 1 t 1 Tn 395.800 881,900 11,600 3,909,300 niv ¥ Vanad 310 136,900 183,200 {1 R T Truscon 20th Century 20th Cent Fox F pf(13z) Twin City Rap Tr = Twin City it T pf (b7) Twin Coach (blic) _— n & Co Union Bag & Paper (2) “ax 3 ion Oil of Cal (1.20)__ Pacifie (5) “nion Pacific pf (4) nion Tank Car (1.60) _ nited Aireraft (hife) nited Air Line (azuc) nited Am Bosch = nited Biscuit (1.60)___ ‘nited Biscuit pf (7)__ “nited Carbon (4) L “nited-Carr Fast (12) “nited ¢ nited ¢ ty Pw & LtA (d) - Vadsco S Corp pf_ Van Raalte (h13) Van Raalte st pf ks Shreveport (5) kshurg S & x'p"\ \1(‘kCh»mu‘al (12) r Chemical ar Ch 6% pf(bliz). L& Pw pf () Valron Coal & Coke Va Iron Coal & Coke pf._. ginian Rwy pf (6) Vulean Detin (h3) Vulcan De W As Oil pf (4%2) . Timken-Detroit A (11) Roller Bear (3)_ Transam Corp (T40c) Trans & W'n Air (a2ic) Transue&&Willms Tri-Continental (h2 Tri-Continental pf (5) _ fic_ o aer Coal (R0c) teel FoxF (h1)_ NN NN SKish(b1%). 1001 9114 111 2814 & C(3.20) O P (Del)pf(2) p pf (Del) (3) 1 1 1 1 United Drug (b23c) . United Dyewnod (11) United Dyewood pf (7) United Electric Coal United Eng & F (12) United Fruit (13) United Gas Imp (1) inited Gas Imp p ed Paperbh'd (b3ic) S Distribut Distribut & Foreizn Secur S & For elght (11) 3ypsum (2) psum pf (7) Hoff Hoft Indi s Leather vte (r S Lea (A) vt Lea pr pf vie f(5) - nz pf V18U (6) - (27) Alcoh w) an M c (new) 5 nvnmsr S Rubber 18t pf_ Smelting (bf) m R&M p(\l 2) Steel Tobacco (+5) S Tohaceo pf (7) ited Stock Yds (5 “nited Stores (A) “td Stores pf(a14.817 ) ‘niv Cyclops Steel (1) . Tniv Leaf Tob (73) “niv Leaf Tob pf (8)___ 0e)- tures istpf ___ 1 Corp._ PO+ 0+ pf (7) Wabash (d) Wabash pf A (d) Wabash pf B (d) Waldorf System (11.20)_ Walgreen Co (2) = Walgr'n cum pf ww 41 Walker (H) G&W (2) Walker (H) pf (1) Walworth Co___. Ward Baking A_. Ward Baking B Ward Baking pf (b2%) rner Bros Pictures W + 1,100 400 + rner Bros Pic pf Warner-Quinlan (d) Pipe (72) . Waukesha ]Ym!< (1) Wayne Pump (2 Webster B xxenl(\hr, [ Wesson Oil & S pf (4) West Penn E1 A (7) . G o B B West Penn El pf (6) West Penn El pf (7)__ West Penn Pwr pf (6) West Penn Pwr pf (7 West Auto Supply 1.60__ Western Maryland Western Maryvland 2d pf_ Western Pacific. _____ Western Pacific pf___ 370,400 301,100 Westin Westn Union Tel (3)_ Westinghse zhse B Air B (1) __ M (b2)__ West E&M Ist pf (h2) Weston ElIns (b 5¢) Weston Elec A (2) Westvaco Chemical (1) Westvaco C Wheeling % pf(ite)- L Erie Wheeling & L Epf(5'3) Wheeling Steel Wheeling St1 pf (h215) White(S S)Dent (1. White Motor Co____ White It S (1.40) White Sewing Machine White Sewing Mach pf__ Wilcox Oil & Gas Wilson & Co (50c) Wilson & Co pf (6)___ Woolworth Co (2.40) Worthington Pump Worth'gton Pump pf A Worth'ston Pump pf B_. 20,000 Wright Aero (al) ___ Wrigley (W jr.)(13) ... 25,100 Yale & Towne M (+60c) - 2,335,500 Yellow Truck & Coach _ 910 Yellow Tr & C pf (b312). 500 Young Spr & Wire (13)_ 513,800 Youngstown S&T ( c)- 6,600 Youngst'nS & T pf5'z ————— 154,200 Zenith Radio (b1) 194,000 Zonite Products.. RIGHTS. 43,700 Oliv Farm Eq - 109,700 Cluett Peab’y Dividend rates as given in the above table are the annual eash on the latest q 38% + 3% 63% — 8% 1T — % 15 18% ~10% 125 = 14 67 39 payments bi tions. b Paid this yeas 371 reorganize FARM MORTGAGE DEBT REDUCED 17 PER CENT By the Assoctated Press. The Commerce and Agriculture De- partments, in a joint survey, report mortgage debt on farm land and buildings totaled $7,645,081,000 on January 1, 1935. This compared with $9,214,278,000 on January 1, 1930, giving a reduction for the five-year period of 17 per cent. Of the 1935 total $4,895,811,000, or 64 per cent, representad debt on hold- ings owned by the operators and the remainder represented debt on rented property and property operated by mansagers, Amang individusl Siates the great- + Annual rate—not d Compantes reported in receivership or being 30 4% Expire. 3 & 2%a * arterly or half-yearly declara- including extras. a Paid lact year. - est 1935 indebtedness was reported for Towa with $809,432,000 and the least for Rhode Island, with $4,526,000. Beatrice Creamery Co.—May quarter common share earnings, after surtax, were 34 cents, against deficit of 9 cents & common share in like 1936 period. SALES MARK BUSINESS PICTURE PAY ROLLS PUSH AEAD STEADILY DESPITE STRIKES Gains in Durable Goods In- dustries Are Above Na- tional Average. BY R. H. HIPPELHEUSER, Associated Press Financtal ; NEW YORK, 1—Labor was on the march to better times in the first six mon f 1937 There were widespread strikes, interruptions of work and strife. Nevertt crease in em well under way steadily into > the ne long mternal the sharp ine ‘ment and pav rolls, ‘936 contt. res are based on tne erage as 100): Employment. Jan. Feb 830 832 929 947 Pay Rolls. Mar. Apl fiwl 05.8 779 99.0 1036 of labor troubles has e. Orzanized ines in panics, ng the leanest years and tional campaign dustries electrical-radio equipment. Unemployment Drops. The estimates of the National Ine dustrial Conference Board show 45. 900,000 persons em: ed in April in 3 ricultural pur- h 47,360.000 in The April total of 11.800.000 wo ers emploved in m UNEMPLOYMENT DECLINES . April, 1936 7,000,000 April, 1937 is half a million above September, 1929, the highest month of employment in the peak times before she Wall Street panic. Then, 11,371,000 workers were engaged i all kinds of manufacturing indus tries. le Behind 18 manufacturin ment is above 1929, t are behind 1929 emplov- the April totals in such industries as construction, agriculture, trans- portation, utilities and mining. The April estimate of unemploy- ment was 6,981,000 persons, as come pared with 9,325,000 in April, 1936, In the march back to work in 1937 the unemployment rolls decreased 1,- 400.000 persons from January through April. In such estimates as those of the National Industrial Conference Board it is generally computed that around five million persons of the total une employed are accounted for by those who came of age, ready and prepared for jobs, in the years after the crash, MANUFACTURERS® SALES WELL ABOVE YEAR AGO Bs the Associated Press. The Commerce Department sayvs May sales by manufacturers and wholesalers increased substantially over the same month a year ago. Sales by 560 anufacturers, it says, increased 20.7 per cent over May, 1936, with increases in individual lines rang- ing from 7.3 per cent for petroleum products to 45 per cent for forest products Sales of 1,179 wholesalers increased 13 per cent in May, the report says, with increases ranging from less than 1 per cent for leather and shoes to 47.1 per cent for jewelry and optical goods. LOAN AND INVESTMENT TOTAL DOWN SHARPLY Br the Associated Press. NEW YORK, July 1—Loans and investments of Federal Reserve mem- ber banks dipped substantially in the week ended June 23, chalking up the largest decline in months. The setback was due primarily, financial quarters said, to the sizable drop in Government bond holdings by members in the wake of the recent Government Hnancing. Loans and investments of banks in 101 leading cities, reported by the Reserve Board, compared as follows! Week ended June 23.-$22,414,000,000 Previous week._.._.._.. 22,573,000,000 Same period last year_. 22,520,000,000 A