Evening Star Newspaper, July 17, 1937, Page 10

A—10 * FINANCIAL. THE EVENING STAR, WASHINGTO D. C., SATURDAY, JULY 17, 1937. Bl TRATEA CHIONG 0N I YEY TORK STOCK - BY STATE BANKS &% 22" FINANCIAL. EXCHANGEWALL STREET DRAB 4 et Dividend Rate. Add 00. High, Low. Close. chge. 42% Walker HG&W(2). 27 50% 49 50% +1% 11% Walworth 4% + % Add 00. Prev. 1937 T 5 o d Rate, High. Low. Close. chgs High. Low. Dividend Rate, Add 00. High. Low. Close. chge. | High. Low. e B 23660, High. Low. Close. enee. | P41 31 Gootycer T onr (15) 39% + % | 10% 3 Thompon-Star_._ - B e O | M o 1 48l 48% 48 18% 18% — % Special Survey Discloses Sharp Rise in Deposits, 8 Graham-Paige 16% Tide-Wat As (.35g). 18% 6% Granby Consol 91% Tide-W As pf (4%). 96% 96% + 18 Loans and Profits. BY EDWARD C. STONE. Continued improvement in the con- dttion of State-chartered banking in- stitutions, with an increase of about $3,000,000,000 in a year in total re- sources, is shown in the annual sur- wey of resources and liabilities and earnings and expenses of State banks, Just issued by the State bank divi- sion, American Bankers’ Association. Resources of 10,209 State-supervised banks in the Nation amounted to $38,- 652,726,000 at the end of 1936, a gain of 8.2 per cent over 1935, and total deposits were $33,184,292,000, a gain of 8.7 per cent,” the report says. Loans and discounts for the first time in five years increased during 1936, showing a gain of 3.5 per cent over 1935. Investments, steadily in- creasing during recent years, rose by 9.7 per cent in 1936, 12.6 per cent in 1935 and 14.5 per cent in 1934. Total deposits in 1936 aggregated $33,184,292,000, representing a growth of 8.7 per cent, in comparison with an increase of 11.8 per cent in the preceding year, an increase of 8.9 per cent in 1934, and a decrease of 7.4 per cent in 1933. The survey of earnings and ex- penses revealed that in State banks ‘which do a commercial business gross earnings from current operations ashowed an increase of 13.4 per cent in 1936 over 1935 and that more than 15 per cent of gross earnings was turned into profits after current op- erating expenses in 1936, compared with 2.3 per cent in 1935. Net profits before dividends in 1936 ranged between $1.65 and $0.37 per 8100 of deposits. After dividends, Average net profits for 1936 amounted to $0.57 for each $100 of deposits, eompared with $0.38 for 1935, the survey says. Richmond Bank Deposits Up. Twelve Richmond banks and trust eompanies had total deposits of $173,- 640,659 at the close of business June 30, according to figures compiled from industrial statements published in conformity with the national and State bank ecalls, Deposits of the 12 institutions were approximately $4,000,000 higher than the $169,635852 reported a year ago by 13 institutions, one of which has given up its banking charter. This i » gain of 2.4 per cent. Loans and discounts by the bamks and trust companies also showed a healthy increase, mounting to $68,- 900,054, for the 12 institutions, as ogainst $62,180,766 for 13 a year ago. Aircraft Earnings Rise Rapidly. Billings of aircraft manufacturing eompanies this year are likely to total well over $100,000,000 to compare with about $77,000,000 last year and & previous peak of $71,000,000 in 1929, acoording to an analysis of the avia- tion ndustry published by Fenner & Beane, New York Stock Exchange Grm. . ‘With greatly incrased facilities and Improved operating efficiency, which eomes with volume production, the air- eraft industry should carry down a farger portion of these sales to profit, acoording to the study. Sales billings for the industry in the first five months already total roundly $40,000,- 000, up 56.6 per cent over the same period a year ago, the survey says. Rail Revenues Exceed 1936. ‘Twenty class 1 railroads, represent- ing 66.8 per cent of total operating revenues in the Southern district, had estimated operating revenues in June of $27,005,152, compared with $25,- 678,760 in June, 1936, and $33,112,694 m June, 1930, 5.2 per cent above the same month of 1936, but 18.4 per cent below June, 1930. Freight revenues in June amounted %o $22,159,393, compared with $21,- 860,526 in June, 1936, and $26,012,- 246 W June, 1930, 3.7 per cent above 1936, but 14.8 per cent below the wsame month in 1930. Passenger revenues in June totaled 42,593,202, compared with $2,338,214 in June, 1936, and $4,465,903 in June, 1980, or 109 per cent above June, 1086, and 41.9 per cent below June, 1990. Heard in Financial District. Floyd K. Davis, president of the Linocoln National Bank, recently com- pieted his twenty-fourth year as head of the institution which has pros- pered 20 steadily under his leadership. He was elected president of the bank on July 10, 1913. - A. E. Hense, head of the order department at W. B. Hibbs & Oo., and editor of Dollars and Sense, pub- tished by Washington Chapter, Amer- doan Institute of Banking, is taking his annual vacation. . Dewey Everett of Hornblower & ‘Weeks has been appointed as a gov- eming member of the New York Stock Exchange to fill, until the next annual election, the vacancy created by the death of Thomas H. Gammack. The Virginia Co-Operative Crop Reporting Bervice has announced that the total acreage planted in tobacco this year is estimated to be 140,700 aores, an increase of 12 per cent over the 125,100 acres harvested last year. The Federal Reserve Board reports the average yield on Government bonds during the week ended June 23 ‘was 3.65 per cent, compared with 2.64 in the previous week and an average ©f 350 during June a year ago. Migh-grade municipal bond yields Averaged 2.69, 2.66 and 2.72 per oent, Jor the respective periods, and cor- mfl bonds 3.93, 3.92 and 3.94 per e BODY FIRM SHOWS PROFIT. NEW YORK, July 17 (P.—E. G. Budd Msnufacturing Oo., maker of profits surtax, equal after quarter dividend requirements on preferred 45% 268% 33% 21% 83% 24 Air-Way El Ap 11 Alaska Jun (.6 215 Allied Chem (8 20 Allied Mills (2g) - 15 Allied Stores (.20a). 57 Allis-Chalmers(1g). 23 Alpha Portland (1). 4% Amal Leath 20% Am Bank Note(%g) 59 Am Bank N pf (3)__ 0% 57% Am Brake Sh(1%g) 90% Am Can (4a) 28 Am Chain & C(3%g). 98 Am Chicle (4a)_. 13% Am Colortype. 6% Am & Foreign Pow.. 18% Am & For Pw 2d pf. 5% Am Hide & Leath_. 37 Am Locomotive 18% Am M & Fdy (%g)- 7 AmPow&Lt _____ % 18% Am Rad & St S(.60). 170 153 AmRad Stpf (7). 45% 81% Am Roll Mill(1.10g) 26% Am Safety Raz (2)- 22Y% Am Seating (%g)-- 41 Am Shipbldg (2a)__ 79% Am Smit & R(2%g) 48% Am Stl Fdrs (1g) -_. 37 Am Sugar Ref (2) 187 159% Am Tel & Tel (9)_ 20% 11% Am Type Fdrs 29% 15% Am Wat Wks (.80)_ 14% 7% Am Woolen____ 79 54% Am Wool pf (2k)_. 20 6% AmZincL&S__ 69 47% Anaconda (%g) 24% 18 Anchor Cap (.30g) 111 106 Armour Del pt (7) 13% 7 Armour 11l (.65g)_ 99% 81% Arm I1l pr pf (6).__ 70% 54% Armstrong Crk(1g) 2! 1% Armstrong_ July 30 16% 11 Arnold Const (%g). 9% 69% Atch T&SF (2g)_. 104 93 Atchison pf (5) 44% Atlantic Coast Lin 27% Atlantic Refin (1) __ 116% 107 Atl Refining pt (4 18} 15 Atlas Corp (.80) 94 6814 Atlas Pow (1%g).. 133 113% Atlas Pow pf (5)-. 36% 13'5 Auburn Auto. 9% 5% Aviation Corp. 11% 4% Baldwin Loco (r) _. 9% 4% Baldwin Loc asd(r). 40% 20% Balto & Ohio ... _ 110'% 100% Bang & Ar pf (5)_. 43% 27% Barber Co (% g) 42 34 Barkerpf (23%)_ 35% 2314 Barnsdall (1) 20% 137 Bayuk Cigar (%g 28% 2113 Beatrice Cr (1a) 114+ 105 Beech-Nut P (42) 80 184 Rendix Aviat (34g). 20% Benef Ln (1.3234g)_ 73 Bethlehem St (18)_ 513 Bigelow-San 1% g 24 Black & Deck (%g 2T% Boeing Airpl___ 41% Bon Ami B (1%g) 21% Borden (1.60)__ 387% Borg-Warner (2) _ 1% Botany C M (A) (r). 15 Bridgeport Br .40g._. 4 39% Briggs Mfg (1%g)_ 41% Briggs & Strat (3)_. 18!% Bklyn-Man (2%g)_. 64% Bklyn-Man pf (6)__ 26% Bklyn Un Gas 2.30g. 16% Brunswick-Bal.. 14% Bucyrus-Eri; 7% Budd Mfg__ 7% Budd Wheel (.20g)_ 30% Bullard Co (%g)-._ 50% Bulova Watch (4a) . 17% Burlington Mills(1) 22% Burr Ad Mach (.80). 12% Butler Bros (.60)___ 284 Butler Bros pf(1%) 41 Butte Copper & Z_ 17% Byers Co_____ 25% Byron Jack (%, 2% Callahan Z-Ld ____, 12 Calumet & H (%g)- 2315 Canada Dry G Ale. 11% Canadian Pacific 6% Carriers & Gen .10, 112 Case (JI) pf (7). 85 Caterpillar Trac( 26% Celanese (134g) 6% Central Fdy__ Cerro de Pasco 483 Certain-teed 6% p! 67 Ches Corp (3) 50% Ches & Ohio (2 i Chi Gt West (r)____ 3% Chi M St P&P pf(r). 21 Chi Pneu Tool 35 ChiPneuT cvpf(3) 3% CRI&P 6% pf (r). 94 Chrysler (3%g) 17% City Ice & F (2) 40% 32% Clark Equip (1.60) _. 113 102% Clev El Illu pf(43;) 44% 35 Clev Graph Br (1g). 29% 23% Cluett Pea new (1)_ 25% 17% Colgate-Palm (3).. 62% 47% Collins & Aik (2a) . 112% 107% Collins & Aik pf(5). 30 15 Colo & South 1st pf._ 20% 10 Colum G & E (.20g). 125% 111 Col Carbon (4a) 69% 56% Comcl Credit (4) 804 63% Comcl Invest Tr(4). 21% 13 Comcl Solv (.60) 4% 2 Comwlth & Sou._. 5% 46 Com & Sou pf (3)_ 45% 34 Congoleum-Na (2)_. 88% 19% Consol Aircraft ___ 49% 313% Consol Edison (1g).- 108 99% Consol Edis pf (5)._. 5% 234 Consol Film__ 18% 10 Consol Film pf. 17% 14% Consol Oil (.80a) 1% % Consol Textile 37% 20% Container (1.20) 87% 18% Contl Baking A. 5% 2% Contl Baking B. 69% 50 Contl Can (3)._ 256% 18% Contl Diam Fi 2 Contl Motor _ 89% Contl Ofl Del 25 Co p 100% 68 Crown Cork (2)-. 561 41% Cr'n C'k pf ww 2 8% 5 Curtiss-Wright_ 238% 16% Curtiss-Wright A_. 80% 73% Cutler-Ham (1g)___ 18% 12% Davega Stores (1a). 141% 104% Deere & Co__ — 81% 25% Deere & Co pf(1.40). 29 17% Deisel-Wem-G (1) . 58% 33 Del& Hud._ 146% 110% Detroit Ed (5g) _. 36% 26 Diamond Mat (1a) 29 20% Dist Corp-Seag_ 46% 35 Doehler Die C (1g) 77% 47% Douglas Afrcraft_ 135% 130% Du Pont deb (6). 115% 110% Duquesne 1st pf (). 9% Bastern Roll 32% Elec Stor Bat (2)_ 21% E1 Paso N Gs(1.60 115% 105% Endicott-Joh pf(5 23% 13% ErieRR. 20% Fairbanks pf_. 49% Fairbanks Mrse(la. 86 Fid Phoenix(1.60a) 81 Firestone (1%g)_. 393 First Nat Strs(234). 68 47% Food Mach (1) 128 108 Food Mach pf (4%). 24% Freeport 8ul (1)___. 87% Gair (Robt) pf (3 11 Gar Wood Ind (¥%g) 99% Gen Am Inv pf (6)_. 62% Gen Am Trns(1%g) 7% Gen Bronse_ Brew (.20a). 31 Goodrieh (%! % Goodrl"{ [{) B, 4 Y 2384 — 23% + 18% — 69% + 25 + b% + 26% + 64 +2 % 63% — 4 102% + % 31 102 — Y% 15% + % 8% 28% = % 1% 2% - % 19% + % 9 — 3 36% 233% % 28 18% 691 25 % % % W % W Y% a S = T O ST L - =7 SO T T T ey VY Y% 21% 21% + % 108% 109% +1% 12% 12% + % 89 -1 55% — % 1% 12% — % 81% + % 981 + % 50 -0 30% - 4% 110 +1 > - FE FIF FFE F V¥ - > CRA M MHINANRERSNON=RA SN TN S AN G~N NN FEFESTSE - .8 S.e CrrBa nrnrRuPunenS 0 A% 4y -y 100% 101% +1% 18 18 40% 40% 10734 108 +1% 42 42 281 284 — % 19 19 533 109 18% 184 12% 120% 120% 62% 62% 67 67 13% 244 52 300~ 53% +1 109 18% + % 128 120% —17 62 67 + % 135 52 37 1% % 16% 16% 16% + % 137% 137% 137% — % 15% + % 112 112 112 - ErT TP LT TOR N 37% 374 374 + % 3 58% B8 68% — % 8 159% 158% 159% — % 2133 138 133 + % 108 113% 113% 118% +1 ¥ 29 12% — % 38—y 12% + % 374 + % 10% 4% + % 20 + % 36 4% 24% 24% 108% 108% 108% —2% 18% 15% 16% 3% 3% 3% 25 56 — 3 89% — % 326 — 3 40% — % B1% + % 112% ~1% 28% + % 15% + % 3t 124 - % 9 9% 69% + % 8% — % 38 -1 B6% + % 3% - % 2 52% 652 52% + % 1118 118 118 + % 1 B4% B4% B4% 208 108% 108% 108% +2% 1 47 47 4T -1% &9 59 24 14% 108 2 1 61K Bl% 308 112K 1121 10 283 “27% 8 14% 3 31 12% 99% 9% (3 28 B6% 3% 2 » Runlernm~ R ANNANS 24 + % 14% 23% + % 53 53 8% 5% 37% [ 38% + 80 + 3 111 120% 30% 50% 21% 1% 5% 234 4 38 4T% 144 131% 33 11y 2819 9% 114% 162 16% 15% 3% 243 18 9 121% 57% 493 15% 46 29 23% 69% 20 463 9y 157 147 2445 24 3% 245 431 79 28% 114 5374 8415 3'a 5% 10% 110 41y Bbaiy 424 42 16% 68 63 14% 307 29% 1% 163% 26% 35% 4813 164 95 6% 101 69 314 3815 393, 36% 3874 26% 112% 24% 1023, 272 17% 2% Grand Union_ 17 Grand Un pf (1%k). 40% Great Nor Ry pf. 17% Grt Nor Ore ct(%g) 27% Green (HL) (1.60a). 12% Greyhound (.80)___. 10% Greyhound pf (.56). 10% Hat Corp A (.608) . 91% Hat Corp pf (6% )__ 11% Hecker Prod (.60a) - 9% 24 Hercules Mot (1).._. 102% Hersh cv pf (4a) 101% Holland F pf (5) 21 Hollander (1)__. 47% Homestake M(%g. 18 Houd-Her B (1%) 121 Houston Oil__. 2% Hudson & Man. 131 Hudson Motor. 3 Hupp Motor.__. 21 Illinois Central_ Indust Rayon (2 124 Ingersol Rnd(1%g; 94 Inland Stl (2%g. 17% Inspiration Copper. 107% Interch Corp pf(6) 16% Interlake Iron 5 Intl Agricul_. 99% Intl Harvestr (2% 144% Intl Harv pf (1) ___ 8% Intl Hydro-Elec A_. 6% Int Mer Marine____. 55t Intl Nickel Can(1g) 16% Intl Paper & PW Aa.. 10% Intl Paper & Pw B__ 5% Intl Paper & Pw C_. 904 Intl Paper & Pw pf_ 4314 Int Ry Cent Am pt_, 41% Intl Shoe (2) 9% Intl Tel & Tel_ 28 Kalam Stove (la. 15 Kansas City Sou 12% Kelsey-Hayes A. b1 Kennecott (1%g)_. 14% Keystone S&W (.60) 874 Kimberly-Clark (1), 5 Kinney (GR)._____ 814 Kresge Dep Stores . 105 Kresge D S pf(20k) . 18 Xroger Gro: (1.60)_ 18% Lambert (2)_______ 15 Lehigh Valiey Coal_ 134 Lehigh Valley RR_. 86 Lehman Corp (1a) _. 58'4 Libb-Ow-F G1 (3g)_ 25% Life Savers (1.60) - 93 ' Ligg & Myers (4a) . 941 Tiggett & M B (4a)_ 43% Liquid Carb (2.60) . 6415 Joew's ( 1 Loft_ E0 504 Lone Star Cem (3) _. 5% long-Bell A __ 106 Loose-WB 5% pf(5) 29% Judlum SU (%g)__. 40% McGraw Elec (2) . 32% Mcintyre Pore (2) . 314 McKeesport T (2) 12% McKesson & Rob._. 44 Macy (RH) (2a)___ 42 Magma Cop (1%g) - 95 Marine Midl (.40a) _ 18% Marshal Field 19% Martin (Glen)__ 32% Math Alkali (1%) - 9% Mengel = 14% Miami Copper______ 25% Mid-Cont Pet (%g). 33% Midland Steel (2) 11 Minn-Mol Imp 5% Mo-Kan-Texas 3 Mo Pacific (r) 85 Monsanto Ch (1g) _ 48 Montgom Ward(2a) % Mother Lode___ 27% Motor Prod (1%g)- 20 Mullins MfgB_____ 24 Munsingwear (3). . 164 Nash-Kelv (1)__ 175 Natl Acme (% g) 22% Natl Biscuit (1.60) 29% Natl Cash Reg(%&) 18% Natl Dairy P (1.20)_ 107% Nat Dairy pf A(7) 15 Natl Dept Strs 27% Natl Distill (2)_ 12 Natl Gypsum_ 30% Natl Lead (%4)__ 8% Natl Pw & Lt (.60) . Natl Steel (1%g)_ 31% Natl Supply____ 9% Natomas (.80) 28 Newport Ind (1%g) 34% N Y Central __ 21 NYCOmnibu 33 8/ N Y Shipblds._ 631y N Y Steam $6 pf _ 236% Norfolk & West (1 48% North Am pf (3) . 257 Northern Pacific 3% Norwalk T& R. % 17% Ohio Oil (% g) 118% 52% 162% 5313 Oliver Farm __ 33% Otis Elev (.40g) 14% Otis Steel ___ = 22 Outboard M (13%g)- 82Y% Owens-111G1 (%g)- 284 Pac Gas & El (2) ___ 20% Pac West Oil (.65e). 7% Packard Mot (.15g). 2 Panhandle P&R (r) 60 Panhandle pf (r)___ 16% Paramount Plct ____ 121 Paramount 1 pf (6). 4 Park Utah__. 3% Peerless Corp____ _ 38% Penick & Ford (1g). 85 Penney (J C) (28) 34% Penn R R (148) - 164 Petro Corp (.40g) 70 Philip Moris(3% 49% Phillips Pet (22) 14% Pierce Oil pf 52 Pitts Coal pf 12 Pitts Screw (. 84 Pitts Steelpf __ 17 Pitts Term Coal pf_ 3% Pitts United____ 974 Pitts United pf. 24% Plymouth O11(.70g). 7 Postal T & Cpf (r)- 553 Procter & Gam (2a) 114% Procter & G pt (5)_. 36% Pub Sve N J (2.60) 147% Pub 8ve N J pf (8) 16% Pure Oil 99 Pure Oil 6% pf (8 " 16 Purity Bak (.30g) 7% Radio Corp___ 6% Radio-Keith-O (r) 7% Real Silk. = 20 Reis&Colstpf __. 16% Reliable Strs (1)._. 21 Rem Rand (.70g)-. 5 Reo Motor__ 27% Republic Steel 223% Reynolds Met (1) _ 16% Reynolds Spr (1)_. 59% Reynolds Tob (3) 49 Reynolds Tob B (8). 43% St Joseph Lead(2a). 4% St L-San Frn pf (r). 14% Savage Arms (%§). 38% Schenley Distill(3). 1% Schulte Ret (r)_ 38 Scott Paper (.658) 1% Seaboard Air L (r) - 6% Seagrave Corp.____ 25% Shell Union (3%g)-- 40 Simmons (18) 42 Skelly Oil (3%g)-—-- 85% Sloss-Sheffield 8 & I 96 Sloss-Sheffield pf(6) 18% Socony-Vac (%)~ 315 Sou Am G&P (.10g). 22% Sou Cal Edis (13%48). 40% Sou Pacific.. 24 Southern Ry. 37% Southern Ry pf. 87% Square D Co B.60g .. 11% Stand Brands (.80)- 6% Stand Com Tob. 54 Stand Gas & El (1) 39% Stand Ofl Calif (1a) 40% Stand Oil Ind (1a)-. 63% Stand OIINJ (1a) . 623 Sterling Prod(3.80). 17 Stewart-Warn(%a) 17 Stone & Web_.. 12 Studebaker._ 17% Sunshine Mng (3) 4% Superior Ofl .. 21% Swift & Co (1.20)-. 29% Swift Intl (3)—___- 16% Symington ww .35g. 11% Symington xw .36g. 0% Texas Corp (2)-. 6 Texas Gulf Prod 83% Tex Gulf Sul (2a)_ 11% Tex Pac C&O (.40)_. 10 Tex Pac Land T 2 1 15 1 5 L] 1 1 508 3 1 1 29% 29% 102% 102% 10% 12% + % 92% 11% 20% + % 102% —2% 100s 105'% 105% 106% 25% 25% 1 10 1 49% 49% 20% 20% 186 " 15% 3 3 14% 4% 3% 3% 23% 23% 39 88% 39 131% 131% 131% 26% — % 49% — % 20% + % 16% + % +2 1118 118 118 1 24% 24% 24% — % 10s 111% 111% 111% +1% 10 20% 20% 20% + % 2 5% 5% 5% — % 3 113% 1133 113% — % 1147 147 147 @ [ - - S NN AN A =B NN - S S S 5 OB WD i T g RN DO D D1 08 80 B 9 S s - > [ CETOL PNV PR - PR~ NONARD WO AR — o 1 SomaN~mna - P =ty 100s 10s 8 4 1 . 7 2 1 1 2 2 10s 8 3 8 1 2 8 3 1 . . 50 280 26 Ye 25% 541 29% 4% 20% 58 172 % 3814 23815 12! 2 12 9% 613 164 12 6% 7% 49% 42% Ve 1 25% 117% 89l 238% 12+ % % W FE FFEFS FEFES Li++1 1441 FPE FFE F FFITEEFITESE FEFFTET | A e X3 IS ) | | FEEr ¥y & 3 12 25% — b4l 29'% — 4l 201y — 69% + 42 18% — 268 + 94y — 30% 26 +1 £ FIESEE & FPELIFIELERLTES 215 923 FEF S EF FS 117% 41% 41% — % 150 20% % 102 15 111 150 +23 21% 102 15% 9% + % 8% + % 8% — 3% 21% + % 19% + % 24% 5% 40% + % 26 20 -1 66 +1 50% — % 69% + 3% 6 + 4% 21% + % 29% + % 50 — 3y 58 ~—1 171% + % 106 104% 106 +1 20% 20% 20 % 4% 24% 4% 24% 45% 311 45% % 4% 24% + % 45% + % 32% +1% 45% + % 9:% - % % 49 +1% 28% + % 87% +1 41% —-1% 12% ~ % 8% T+ % Py 45% + % 17% Timken-Det Ax(2e). 12% Transamerica (%) 744 Tri-Cont Cory (% 8) 30% 20th Cent-Fox (1g)- 95 Un Carbide (2.408) . 8% 22% Un Oil Calif (1.20)_. 148% 122 354 24%, 84 46% 6 13% 8% 35% 25% Unit Corp.__ 82% Unit Corp pf (3) 10% Unit Drug (%g)--. 184 Unit Dyewood (1a). 11 Unit Gas Imp (1 11% U S Distrib pf_ 16% U S Hoftman Mach . 53% U S Hoft M ptf (2%). 28 U S IndusAlco. 13% U S Leather A 44%°U S Pipe (3) - 1 26% 17 20% PR AN RN RO NN 14 60 59 153 1161 114% 1134 134 30s 66 180 126% U S Steel 108 63 Univ Pictures Ist p 4% 1% UtIP&LtA(r)-—. 1 26 1 5814 39% 24% Vanadium Steel_ 44% 32 Van Raalte (1%g) 115 105 Va El& Pwr pt(6) 10% 3% Wabash Ry (r) 2 18% 74 Wabash pf A (r)_ 4 33 24% Walgreen (2)______ 87 BAwmWalgreen pf ww 4% 23% 23% + €9% 130% 1 30% 102 101 26% 30% 30% 1% 5 384 12% 21 13% 8% + 35% — 101% — 25% 130% — 5’ 16 3 7! 7! % Warner-Quin (r)__. 28% Waukesha Mot (1a) 3¢ Wayne Pump(1%g) 43% Wesson O & S (%a) 81 Wesat Penn El pf(6). 90% W Pen E17% pf (7) 7% Western Maryland_ 5% Western Pac pf.____ 41% West Union Tel (3). 40% Westinghse Air (1). % 130% West El & M (25) . 0% 21 Weston El In(%g) ... 38 Wheeling Stl__ 25 White Sew M p! 815 Wilson & Co (%) 77 Wilson $6 pf (6)___. 438% Woolworth (2.40) _ 30% Worthington Pump. 81 Worthingtonpf A__ 76% Wor P&MpfB ___ 20% Yellow Trk pf (7)__. WITH FEW RALLIES Mild Frofit-Taking Marks Opening—One of Slowest Days of Year. Stock Averages 3 15 18 60 Indus. Rails. Util. Stks. Net change. -+.2 Unc. ‘Today, close 94.7 39.7 Previous day 945 39.7 Month ago. 89.3 393 Year ago__ 382 =% 421 4232 405 51.8 +.1 676 67.5 644 67.0 30s 49 36 108 110% 110% 1 28% 28% 1 87% 87% 66 2% 2% 1% 1% 49 11:00 A M. W 3y 8% 8 x Ex diyidend. last year. year. 87% + 3l Clared this vear. 35% Youns Spring (3). .. 74% Youngstn S&T 128 30 Zenith Radio(1%g). Approximate Sales of Stocks en the N. Y. Stock Exchange, aUnit of trading 10 shares. rIn bankruptcy or rceivership. or bankrupicy act. or see Rates of dividends in the forezoing tabl bursements based on the ast quaTterly or Bemsi-snaue) e o Unless otherwise noted, special or exts xr Bx rights, 1 Pavable in stock. g h Cash or stock, 3914 8913 3% T 1 3% 39% 8! 93 -2h 37% 100,000 12:00 Noon. 250,000 being reorganized under urities assumed by such companies. 8 Also extra or extras. e Paid Declared or paid so far this k Accumulated dividend paid or de- CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, July 17.—The follow- ing is today’s summary of corporation news, prepared by Standard Statis- tics Co., Inc.: Libbey-Owens-Ford Glass Co.— President stated company has worked out a program with its principal cus- tomer which may allow it to main- tain operations at the present high level for the remainder of the year. He said the program has been worked out to insure steady employment. Alpha Portland Cement Co.—Com- mon share earnings, 12 months ended June 30, were $1.07, against 40 cents. Dow Chemical Co.—Common share earnings, after non-recurring charge of $311,851, year ended May 31, were $4.17, against $4.42. Mathieson Alkali Works, Inc.—June sales of company were largest in its history. Export business, it was said, should be of increasing importance, due to the fact that within a short time company will be able to ship direct from their Lake Charles, La., works, located on tidewater, thareby saving the heavy inland raflroad freight on export shipments. 8quare D Co.—First half shipments of company were considerably ahead of the like 19368 period. He added that incoming business was continu- ing on a satisfactory basis. Stock- holders of company formally ratified capital changes. Walker, Hiram, Gooderham & Worts, Ltd —Common share earnings, 9 months ended May 31, were $6.69, against $5.02. Reliable Stores Corp.—Common share earnings, 6 months ended June 30, were $1.03, against 54 cents. Hollinger Consolidated Gold Mines, Ltd.—Net income before depreciation, six months ended June 30, was $2,- 706,329, against $3,084,213. Kennecott Copper Corp.—Company, through its subsidiary, Nevada Con- solidated Copper Co., will construct & smelter at cost of $5000,000 at Hurley, N. Mex. The new plant will be in operation by the end of 1938 and will be of sufficient capacity to convert the entire production of the company’s Chino mines into blisted copper. ‘Wolverine Tube Co.—Common share earnings, six months ended June 30, were 77 cents, against 67 cents. Moody's Investors’ Service, Inc., de- clared regular quarterly dividend of 75 cents a share and an additional dividend of $1.25 a share on account of all arrears on $3 preferred stock. Both dividends are payable August 16 to holders of record August 2, 1937. Simms Petroleum Co. declared a liquidating dividend of 50 cents a share, payable August 3, to holders of record July 26, 1937. On April 30, 1937, a similar distribution was made. Central R. R. of New Jersey—Deflcit, five months ended May 31, was $595,- 534, against deficit of $1,377,346. Chicago & Fastern Illinois Ry— Deficit, five months ended May 31, was $209,833, against deficit of $523,- 958. Illinois Central R. R.—Deficit, five months ended May 31, was $1,962,750, against deficit of $1,921,262. Reading Co.—Common share earn- ings, five months ended May 31, were $1.64, against 90 cents. Superheater Co.—Common-share before non-recurring profit of $4325115, in six months ended June 30, were $1.23, against 61 cents. ‘Hanne, M. A, Co.—Common-share earnings, six months ended June 30, were $1.05, against 57 cents. ‘Woodward Iron Co.—Common-share eamnings, six months ended June 30, Were $2.38, against 97 cents. Dominion Textile Co.,” Ltd.—Book- ings of company for first half totaled $11,064,000, against $9,189,000 in like period of 1836. Manhattan 8hirt OCo.—Common- share earnings, six months ended May 29, were 91 cents, against 72 cents in six months ended Msay 30, 1936. Technicolor, Inc.—Company signed & contract for production of six fea- ture motion pictures in color by Lon- don Films, Inc. Detroit Edison Co.—Common-share earnings, 12 months ended June 30, ‘were $8.52, against $8.53. International Telephone & Tele- graph Corp.—A contract for what will be the world's longest complete com- munications system has been placed by Soviet government with Standard Telephones & OCables, Ltd., British subsidiary of this corporation. Order called for equipping telephone and telegraph lines from Moscow across the U. 8. 8. R. to Khabarowski, near the Manchukuoan border, a distance of 5,300 miles. System will be equipped with specially designed transmission apparatus providing several telephone circuits, numerous telegraph channels | gqj; snd a provision for a radio broad-|Gen Pul casting channel and one for trans- mitting photographs. Northern States Power Co., Del— Olass B share earnings, five months | [ob ended May 31, were 17 cents, against | Loni 9 cents. Public SBervice Electric & Gas Co.— | Midl A program involving the expenditure of about $12,000,000 is being launched by this company for the enlargement and improvement of electric generat- ing and transmission facilities in the southern portion of New Jersey. American Colortype Co. — Sales, three months ended' June 30, were up 11.8 per cent. In six months gain | Warner ‘Was 20.4 per cent. Great Atlantic & Pacific Tea Co.— Judge Hargest in Dsuphin County Mw.mhdfim- pany a preliminary injunction against collection of the new Pennsylvania chain store tax pending trial of a suit contesting constitutionality of the levy. Lehigh Valley Coal Corp.—Deficit, six months ended June 30, was $200,- 792, against net income of $572,132. Barker Bros. Corp.—Common share earnings, six months ended June 30, were $1.20, against 23 cents. , F. W., Co—Judge Har- gest in Dauphin County Court, Har- risburg, granted this company a pre- liminary injunction against collection of the new Pennsylvania chain store tax, pending trial of a suit contesting constitutionality of the levy. International Salt Co.—Common share earnings, six months ended June 30, were 72 cents, against 63 cents. Btein, A, & Co.—Declared a divi- dend of 40 cents & share on common stock, payable August 14 to holders of reoord July 30, 1937. Alabama Great SBouthern R. R.— Common._share earnings, 5 months ended May 31, were $1.85, against 23 cents. Atchison, Topeka & Santa Pe Ry.— Net income, § months ended May 31, Was $483,834, equal to 39 cents a pre- ferred share, against deficit of $2,815,955. Chesapeake & Ohio Ry.—It is re- ported R. R. Young and F. F. Kolbe, new owners of the Van Sweringen land and rail empire, stated they are planning & merger of Pere Marquette and Chesapeake & Ohio Railways in the immediate future. Chicago and Northwestern Ry.— Deficit, 5 months ended May 31, was :I.OM,'IPI, against deficit of $8,164,- 12. Erie R. R—Net income, $ months ended May 31, was $1,210,608, equal to 10 cents a common share, against deficit of $28,171. Long Island R. R—Deficit, 5 months ended May 31, was 31,263,408, against deficit of $542,365. Louisville & Nashville R. R.—De- clared s dividend of $2.50 a share, payable August 25, to holders of rec- ord July 28, 1937. On December 23, 1936, an extra dividend of $1.50 a share was paid and on February 27, 1937, a dividend of $2.50 & share was distributed. Minneapolis & St. Louis R. R— Deficit, 5 months ended May 31, was $1,330,930, against deficit of $1,113,- 446, Missouri Pacific R. R.—Deficit, § months ended May 31, was $4,797,331, against deficit of $5,796.415. Pennsylvania R. R—Common share earnings, 5 months ended May 31, were 74 cents, against 71 cents. . Wheeling & Lake Erie Ry.—Com- mon share earnings, five months ended May 31, were $4.18, against $2.06. Republic Steel Corp.—It is reported that steel-making capacity of company is being increased at a rate which will amount to 73,400 tons monthly by the end of 1937, when annual capacity will stand at 6,653,000 tons. A new 98-inch continuous strip mill will be placed in operation early in the Fall. While & 50 per cent increase in the open hearth and sheet mill capacity at the Gulf States plant in Gadsden. Ala, is in . U. 8. Pipe & Foundry Co.—Common share earnings, six months ended June 30, were $1.95, against $1.84. Chicago Yellow Cab Co. declared & dividend of 25 cents a share on eom- mon stock, payable September 1 to holders of record August 20, 1937. On June 1, 1937, a dividend of 50 cents a share was distributed on this issue. Deficit after non-recurring losses and expenses of $215,948, in six months ended June 30, was $29,534, against net income of $295,487. Today’s Financial Barometer. NEW YORK, July 17 (P).—Excess reserves jumped 9 per cent in the week ended July 14, the Federal Reserve Board credit statement indicated. The upturn was the result primarily, bank- ers said, of a substantial reduction in currency circulation, Reserves above the legal minimum compared as follows: Week ended July 14.___ $960,000,000 Previous week - 880,000,000 Same perlod last year_. 2,923,000,000 SUGAR CONSUMPTION. NEW YORK, July 17 (#).—Sugar consumption of 14 principal European countries from September, 1936, through May totaled 5,859,702 tons, Taw sugar value, against 5,520,060 tons in the same period last year, an increase of approximately 6.2 per cent, Lamborn & ©Co, sugar brokers, SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Amer Tol & Tel Bi4s 1943 o A% Auburn Auto Co % Baldwin it SRSNRBR335R 38 SRS # T BESEEES oy So & o 22383 " & 232252§=8333°° Py F & R2EER353! =t SREOSRR oy ¥ £ l Baltimore Markets BALTIMORE, Md., july 17.—Po- tatoes, barrel, 1.00a1.75; 100-pound sack, 50a1.00; sweet potatoes, old, bushei, 60a1.25; new, bushel, 1.50a 2.25; beans, bushel, 40a60; nearby, bushel, 75a85; beets, nearby, buch, 16a2; cabbage, round type, bushel, 25a40; carrots, California, crate, 2.50 & 4.25; Pennsylvania and New Jersey, dozen bunches, 25a40; nearby, buch, 3a4; caulifiower, crate, 2.25; celery, crate, 75a3.50; corn, sugar, crate, 1.00a 1.25; field, crate, 75a1.00; nearby, field, dozen, 17a20; sugar, dozen, 22a25; cucumbers, bushel, 35a50; nearby, hailf bushel, 20430; egg plants, nearby, half bushel, 1.00a1.35; lettuce, California, Toeberg, crate, 2.00a3.25; Eastern, Big Boston, crate, 25a60; lima beans, bushel, 7582.00; onions, 50-pound sack, 7521.00; peas, bushel, 1.00a2.10; peppers, bushel, 50a1.00; nearby, hailf bushel, 50a65: spinach, nearby, half bushel, 35a50; squash, nearby, half bushel, 20a30; tomatoes, lug, 50890; 12-quart basket, 35a75; nearby, half bushel, 1.00a1.25; apples, bushel, 25a 75; cantaloupes, crate, 75a4.25; near- by, half bushel, 60a1.00; honey balls, crate, 3.00a3.50; honeydews, crate, 1.35a1.65; huckleberries, quart, 10a15; peaches, bushel, 1.00a4.00; half bushel, 1.50a2.25; raspberries, red, pint, 6a10; black, quart, 11al3; watermelons, each, 20a25. Dairy Markets. Live poultry—Broilers, Rocks, pound, 20a23; mixed colors, 20a22; Leghorns, 17a20; fowl, Rocks, 21a23; mixed colors, 18a20; Leghorns, 15a18; roosters, 10a12; ducks, 12a14. Eggs—Current receipts, dozen, 21a 22; hennery whites, large, 25a26; me- dium, 22a23; receipts, 881 cases. Butter—Prints, pound, 34a35; good to fancy, creamery, 31a32; packing stock, 16a17; rolls, 19a20; receipts, 412 tubs. Live Stock. Cattle—200; compared with Friday 1ast week; steers, 50 to 75 cents lower; cows and bulls, 25 to 50 cents off; bulk steers, 9.40a12.50; latter price week's top; few heifers to 10.00; good grade cows, 6.5027.50; plain and medium fat cows, 5.00a6.00; low eutters and cutters, 3.5084.75; plain and medium bulls, 5.2586.75. Calves—100; vealers, 1.00 lower than week ago; good grade late in week, 9.00a9.50; plain and medium, 6.50a 8.50; odd head culls down around 6.00. Hogs—75; mostly 15 oents higher than Friday, compared last Saturday; weights from 250 pounds down, 30 cents lower; weightier butchers and packing sows off 45 to 55 cents; good and choice 170 to 210 pounds, 12.835a 13.10; practical top, 13.10; 220 to 250 pounds, 12.40812.80; 260 to 300 pounds quoted 13.65a12.20; 140 to 160 pounds, 12.65a12.90; 120 to 140 pounds, 11.90a 12.40; good sows, 10.35a10.85; stags quoted from around 9.50 downward; hogs from doubtful areas not repre- sented in above prices. Sheep—25; Spring lambs, 1.0081.50, lower than Friday last week; meager supply aged sheep, steady; late sales good and choice ewe and wether Spring. lJambs, 9.50810.50, mostly 9.75 810.00, and comparatively few above 10.00; bucks, 1.00 less; plain and medium grades, 7.5029.00; fat shorn slaughter ewes from 4.00 down; oid thin sheep, 1.00a1.50. Grain Prices. Opening prices were: Wheat, No. 2, red, Winter, garlicky, spot, domestic, 1.26%4; July delivery, 1.26%. 8ales of cargoes on grade at 127%, 1.25%, 1.23% and 121, re- spectively, for Nos. 2, 3, 4 and 5 red, ‘Winter, garlicky. Corn, No. 2, yellow, 1.20; Western billing at & premium over this price; cob corn nominal. Oats, No. 2, white, domestic, 62a72; No. 3, 61a71. Except grain on track there is an additional charge of 113 cents per bushel for storage and eleva- tion on all sales of oats. Rye, No. 2, 90a95; barley, 65a70; hay and straw unchanged. SALES OF CRUDE RUBBER . 51,798 TONS IN JUNE Consumption of crude rubber by manufacturers in the United States during the month of June is estimated to be 51,798 long tons, which compares with 51,733 long tons during May. June consumption shows an increase of less than 1 per cent over May, but is 1.8 per cent under June a year ago, according to statistics released by the Rubber Manufacturers’ Associs- tion today. - Consumption for June, 1936, was 52,722 (revised) long tons. This organization reports gross im- ports of crude rubber for June to be 48,956 long tons, a decrease of 3.7 per cent under the May figure of 50,840 Iong tons, but 17 per cent over the 41,835 long tons imported in June, 1936. This association estimates total domestic stocks of crude ruber on hand June 30 at 169,646 long tons, which comperes with May 31 stocks of 172,985 long tons and 245544 (revised) long tons on hand June 30, 1936. £ June reclaimed rubber consumption is estimated at 14,414 long tons; production, 16,062 long tons; stocks on hand, June 30, 14,535 long tons. TOBACCO EXPORTS FALL. Commerce Department statistics show tobacco exports of all types totaled $37,253,000 during the firat five months of this year, compared with $43,552,000 in the same period last year. Leaf tobacco exports this year are set at $31,443,000, compared with $39,- 016,000 in the same period & year ago, f 49.5 36.1 435 537 728 30.2 434 55.7 Movement in Recent Years. 1932 low.___ 17.5 87 239 169 1929 high__146.9 153918431577 1927 low... 516 953 6138 6138 54.0 39.1 5.3 626 (Complled by the Associated Press.) BY VICTOR EUBANK, Associzted Press Financmi Writer, NEW YORK, July 17.—Feeble ral- lies in some of the steels, rails, mo- tors, coppers and specialties punc- tuated today's drab stock market ses- sion. Mild profit selling at the opening put prices down fractions to a point or more, but offerings were so lighi bids were later hoisted in numerous Instances. It was one of the slowest days of the year, transfers running to around 250,000 shares for the two hours. The French franc, reflecting & new flight of capital from the republic, broke to its lowest level in terms of the dollar since 1926. Bonds developed no definite trends and commodities were uneven. Ahead most of the time—some slipped at the last—were Chrysler, Goodyear, Sears-Roebuck, United States Rubber, United Aircraft, Con- solidated Edison, International Tele- phone, Kennicott, Cerro de Pasco. International Nickel, Westinghouse, Crown Cork, Warner Bros., Hiram Walker, Gair Co. Allis Chalmers, Armour, Spiegel, Inc.; Motor Prod- ucts, Santa Fe, New York Central and Southern Pacific. Santa Fe was enlivened by prospects for heavy crop movements over its lines. Indications of expanding profits for Warner Bros. helped this issue. Unchanged to lower were Youngs- town Sheet & Tube, General Motors, Du Pont, Standard Oil of New Jer- sey, International Harvester, Ameri- can Telephone and General Electric. U. S. TREASURY POSITION. By the Associatec Press. The position of the Treasury July 15: Receipts, $13,021,576.77; expendi- tures, $24,850,121.40; balance, $2,514.- 947,207.85; customs receipts for the month, $17,838,292.00. Receipts for the fiscal year (since July 1), $218,623,233.06; expenditures, $422.987,223 44, including $102,217.- 144.33 of emergency expenditures; ex- cess of expenditures, $204,363,990.28: gross debt, $36,597,383,374.35, a de- crease of $142,416.70 under the previ- ous day; gold assets, $12,427,449,168.79 including $1,196,049,442.75 of inactive gold. Receipts for July 15, 1938 (eom- parable date last year), $60,845210.41; expenditures, $5,115,192.24; net bel- ance, $2,424,081,841.23. Customs receipts for the month, $15,387,894.80. Receipts for the fiscal yoar, $154,- 802,637.08. Expenditures, $212,466,781 38, in- cluding & credit of $6,280,880.04 repre- senting an excess of repayments ic lending agencies over emergency ex- penditures; excess of expenditure:. $57,654,144.30; gross debt, $33,521.- 458,174.73; gold assets, $10,629,068,- 710.03. CANADA BEST SINGLE BUYER OF U..S. GOODS Br the Assoclated Press. Forelgn trade statistics for the firat five months of this year show Canada replaced the United Kingdom as the largest single purchaser of Americar good: 8. Canada imported $196,885,000 of United States goods this year, com- pared with $173,589,000 for the United Kingdom. In the period a year ago. the totals were $147,875,000 and $161,- 094,000, respectively. AUTOMOBILE PRODUCTION. DETROIT, July 17 (A .—Ward's Reports, Inc., estimated that the cur- rent week’s output of automobile plants would reach 115,380 cars and trucks, compared with last week's 100,031 units. For the week ending July 18, 1936, it placed output at 97,768 assemblies. A sharp drop is indicated next week, when Ford sus- pends operations and certain makers complete their 1937 model production, the survey says. Air;;lane Sales In’37 May Top $100,000,000 Total 1937 sales by American air- eraft and airplane engine manu- facturers appear likely to exceed $100,- 000,000, which would better by some 41 per cent the previous peak output in 1929, according to Poor's Industry and Investment Surveys. Continued sharp profit gains are in prospect over the coming months. “Under present conditions, aircraft actually become obsolete long before they can be worn out in service, due to kaleidoscopic transitions in techni- cal developments,” continues the survey. “This factor is vital in stimu- 1ating militery requirements since no major power will long remain satisfied with an out-of-date air force. Like- wise, bul to & lesser degree, the air transport companies demand the latest equipment. “To:llq sales of aircraft, engines and parts reached $39,436,000 in the first five 1937 months, a 56.6 per eent gain over comparable 1936 figures. Furthermore, it is significant that while military business rose 29 per cent, commercial volume jumped 92 per cent over the equivalent 1936 level. An important contributory factor in the situation is & sharp in- crease in exports to foreign com-< mercial transportation companies, which have necessarily turned to the American market since their own manufacturers are currently engaged in & feverish struggle to il orders for nearmament purposes. The demand for privately owned airplanes is as yet of no consequence although it does Tepresent s fleld for potential ex- "