Evening Star Newspaper, July 25, 1937, Page 66

G—14 SHOE PRODUCTION REACHES NEW HIGH Dun & Bradstreet Reports First Half's Output 20 to 25 Per Cent Above Year Ago. recial Dispatch to The Star. NEW YORK, July 24¢.—Even though new records were set down in 1936 for the production and distributior. of footwear, the peaks are being left be- hind as 1937 progresses, according to & survey by Dun & Bradstreet, Inc. “For the first half of the current year output has widened 20 to 25 per cent from that of 1936. Consumer de- mand, however has been keeping sev- eral steps ahead of it, as retail sales were 15 to 30 per cerf over last year's, with interest definitely in the better qualities. Wholesale volume averaged 10 to 25 per cent larger, as heavy gtocks were accumulated on a rising market for a banner ¥all season. “Continuing the ris)ng trend for the fifth consecutive year, shoe production for the first six months of 1937, with June estimated at 32,000,000 pairs, es- tablished an all-time high at 229,351,- 895 pairs by surpassing the peak of 1936 at 194,266,675 by 18.1 per cent. Based on the increase made thus far, preliminary trade figures set total 1937 output at 455,000,000 pairs, or 9.6 per cent more than the 415,227,276 turned out in 1936. If this total be reached, it would be 26 per cent above 1929 at 361,407,000 and 49.7 per cent over the 1930 low of 304,168.000. “Leather markets have been strong, with no surplus of hides, while con- sumption has been running ahead of the 22,610,000 hides used last year. | Total visible supply of all cattle hides and leathers at the close of May amounted to 15.439.000 hides, the low- est number since August, 1934, and a reduction of almost 1.750,000 hides since the first of the year, according to the statistics of the Commodity Ex- change, Inc.” PIANO BUSINESS BEST IN 15 YEARS 1937 Sales Expected to Climb Above 100,000 Mark for First Time Since 1929. B the Assoclated Press. CHICAGO, July 24.— Reporting plano business the first half of 1937 was the best in 15 years. L. P. Bull, president of the National Piano Manu- facturers’ Association, predicted today #ales by American manufacturers this year would exceed 100,000 units for the first time since 1929. He said enough orders should be placed at the annual music industries’ convention in New York next week to keep all plants of the 37 manufac- turers in the United States working at full capacity for the remainder of the year. Bull indicated prospective increases in piano prices effective August 1, the third this year, will give impetus to convention buying. The first six months’ shipments totaled 49,595 units, an increase of 34 per cent compared with the corre- sponding 1936 period and 352 per‘ cent compared with the first six months of 1933, the industry’s low point. “Production always runs much heavier during the second half.” Bull said. “If the normal ratio prevails shipments for the entire year will total 121,000 units.” Last year shipments totaled 90,358; in 1931 the volume was only 51.752. and in 1932 only 27,274 units were eold. INVESTMENT COMPANY STOCK INDEX CLIMBS Epecial Dispatch to The Star. NEW YORK, July 24—Investment eompany common stock prices ad- vanced last week, according to the averages compiled by Distributors Group, Inc. The average for the common stocks of 10 leading management companies | influenced by the leverage factor stood at 23.32 at the close of July 23, com- x pared with 22.29 on July 16. The average of five mutual type in- vestment funds closed at 17.07 on July 23, compared with 16.67 on July 16. . Growth of Naval Stores Industry Described in Talk Members of Sir Walter|- Held First Discoverers in 1584. ©One hot July day in 1584 two mem-. bers of an expedition headed by Sir Walter Raleigh were landed on the North Carolina shore. They crossed the sandy beach, headed inland and found a forest of great pine trees, strange to them in character. Their discovery marked the be- ginning of an American naval stores industry which today has a produc- tion value of $40.000,000, employs 50,- 000 workers and pays more than $15,- 000,000 in wages annually. The wel- fare of 350,000 people depends di- rectly upon the naval stores indus- try. The story of the growth of this in- dustry was told yesterday by Harry R. Daniel of the Commerce De- partment in his weekly Saturday aft- ernoon broadcast on American in- dustries. The United States now produces more than half of the world’s naval stores, and more than half of this production is marketed abroad. Tur- pentine, constituting one of the most important of the naval stores prod- ucts, is used in the paint and var- nish industries, which consume about 80 per cent of the output; in the manufacture of shoe polish, ahstter- proof glass, synthetic camphor and insecticides. Rosin goes into manu- facture of soap, paper sizing, greases, printing ink and linoleum, Daniel said. Worth of Realty, And Why, Becomes Subject of Probe Uncle Sam and Private Experts to Delve Into Appraisal Puzsle. By the Assoclated Press. The business of figuring out how much real estate is worth, and why, will be gone over from end to end in November. Plans were announced yesterday for & national forum on real estate ap- praisal and mortgage analysis to be held, at a place yet to be decided upon, on November 19 and 20. It will bring together a wide group of experts from private and governmental organiza- tions under the auspices of a joint committee set up by the Central Hous- ing Committee, a governmental agency. The committee will outline what it has done toward compiling material on appraisals and in cataloguing data on urban and rural appraisals. Ap- praisers, bankers, insurance and mort- gage company officials, educators and economists will point the way toward & scientific method of estimating the worth of real estate. Frederick M. Babcock of the Fed- eral Housing Administration is chair- man of the committee. Commodity Price Changes for Week BY A. A. PATTON, Associnted Press Btatistician. NEW YORK, July 24.—Commodity prices fell heavily this week; wide declines in grains more than off- setting advances in live stock, food and industrial staples. Commodity men added a substantial margin to harvest estimates, as weath- er continued favorable over most of the farm belt. This led buyers to withdraw from the market and forced sellers to make big concessions. Bpot quotations were drastically reduced: Corn lost 9 per cent of its quoted value, wheat 4 per cent, cotton 6 per cent and oats almost 30 per cent. Rye also sold off. Agricultural staples, excluding live stock, fell to a new low for the year. On the other hand, comparatively limited supplies and strong consumer demand sent other staples kiting. Steel Scrap Is Leader. Steel scrap paced the gainers, bids in Chicago and Pittsburgh being raised almost $2 a ton to $20.25 as reopened steel mills scoured the mar- ket for metal to feed their furnaces. Hides, bituminous coal and anti- mony were sought at hjigher prices, while tin rubber and turpentine slipped fractionally. The upturn in hides stemmed from the same factors boosting live stock. Heavy shipments earlier this year cut a big chunk from available supplies and foreshadowed lighter shipments later on. Hogs, cattle and lambs were all buoyant as buyers sought to cover needs at current levels rather than take a chance on future prices. quotations hit a new high for the year. The Associated Press weighted index of 35 important wholesale staples dropped to 90.87 per cent of the 1926 average this week from 91.99 last week, and compared with 77.31 a year ago. Cotton Cloth Down. | Cotton cloth weakened another | fraction as heavy inventories con- tinued to exert a depressing effect on sentiment among wholesalers. Food prices rallied strongly as fatter industrial pay envelopes boosted retail demand. Eggs, coffee, cocoa, lard and butter advanced, flour alone falling back. The index with its' components, based on 1926 as 100, compared as| follows: Previous Year ek - A 5 Jul 35 commodities Industrial = 3 Food Live stock” Agriculture _ Textile on-ferrous metal *New 1937 high, TRUCK CROP SHIPMENTS FROM SOUTH NEAR END Ey the Associated Press. The American Retail Federation re- ports shipments of commercial truck crops from the South are about fin- ished for this season, with the ex- ception of watermelons, cucumbers, tomatoes, green lima beans and canta- loupes. Tt adds: “Crop products in areas which will supply the city markets during the remainder of July and Au- gust are good in the North Central States, very good in Pennsylvania- New York-New Jersey, and good in Central California and the Pacific Northwest.” FIRST TANK SHIPMENT OF TUNG OIL MADE ‘Word reached Washington yesterday of the first tank-car shipment of tung vegetable oil from Picayune, Miss., to the O'Brien Varnish Co., South Bend, Ind. The oil was pressed from tung nuts raised on Lamont Rowland's plantation. The Picayune area in Pear! River County, Miss., has recently witnessed extensive planting of tung trees, grow- ers hoping to develop a new industry in the cut-over pine country along the Gulf Coast. Two score Capital resi- dents are said to be interested in the movement, 6460 “tNew 10’;7 low. MILK SALES JUMP. NEW YORK, July 24 (#).—Sales of fluid milk in June were the highest in 15 months, according to monthly re- ports from 136 leading markets to the Milk Industry Foundation. The in- J crease in daily average sales was 377 per cent over June, 1936. The daily average totaled 6,884,218 quarts, against 6,633,821 quaris in the same month last year. Daily average sales for June were 1.3¢ per cent higher than May. STUBBORN RHEUMATISM Rheumatic Gout Neuritis—Sciatica Most of the aches. o1 and lameness pains, ltmness of _stubborn UmAtism, neuritis. sciatich and Theu | matic gout are caused or aggravated by excess uric acid. ‘This being the case, one cutlllndml swift and aafe prescrij tion, ern ‘druggist can_tel Ailenty Detles——little green. easiiy swallowed fapsules that are powerful yet harm- ess. Take these highly eflective capsules as directed—often the pain and a q THE LONDON MARKETS READY FOR RALLY Technical Conditions Favor Sharp Advance When Foreign Un- certainties Ease. By Cable to The Star, LONDON, July 24.—Although the last week saw little increase in the volume of business in the security mar- kets, the last few days proved the ex- istence of technical conditions in most SUNDAY STAR, WASHINGTON, D. C, sections’ conducive to a rapid and sharp response of quotations to a sud- den and moderate demand, because the markets are short of a floating supply of stock. The Spanish danger still creates a severe restraint, and this condition is likely to continue until the holiday season is over unless some promise of solid European peace dawns. It is noteworthy that Thursday's late rally was due largely to an un- founded Tumor that a peace confer- ence was being sumrmoned. Discussions on trade outlook are still vigorous, but the pessimistic view that a recession is near is now flouted by the best authorities. Investors, both private and professional, are mostly persuaded that expansion in home and foreign trade and increase in the earn- ing power of industry, despite rising costs, will continue for possibly sev- eral years, after which a repetition of & major slump is held unlikely. However, foreign uncertainties cause brokers to advise their clients to wait until the international sky is clearer, although new issues of all classes are still being well absorbed. Speculators in the commodity mar- kets are also holding off through ap- prehensive uncertainty, but the out- JULY 25, 1937--PART FIVE. look for wheat, tin, copper and also rubber, despite the recent setback, is interpreted as brightening. (Copyright, 1837, by the North American Newspaper Alliance, Inc.) TOBACCO AVERAGE HIGHER. NEW YORK, July 24 (#).—The price of United States type 12, grade B4F, flue-cured tobacco averaged 19.1 cents & pound last week, againat 18.9 cents | in the previous week and 17.6 cents in the corresponding period last year, the Stich Tobacco Index reported. REICH GRAIN CONTROL WILL BE TIGHTENED By the Asscciated Press. Germany is reported to be intensi- fying and expanding her stringent grain control regulations for the com- ing year. To discourage consumption of bread, bakers will not be allowed to sell loaves containing 20 per cent or more of rye flour until the day after it is baked. No grain of any kind may be used for distilling purposes, high milling extraction requirements are to be re« talned, and as much corn meal and potato flour will be mixed with wheat and rye flour as is possible. Price fixing will be continued. EXECUTIVE PROMOTED 3 NEW YORK, July 24 () —E. 8, Crosby has been appointed president of Johns Manville International Corp., of which he had been vice president and general manager since 1929. In his new post he succeeds W. R. Seigle, chairman of the board of Johns Mane ville Corp., the parent company. OIL RANGE Regular $42.95 529.95 Valxe .. %0 in 48 hours—you won's be di pointed. Save this notice. No Money Down! Regular $109 9-Piece Dining Room Suite Comprising a buffet, china cabinet, extension table and six upholstered seat chairs. ably built and richly finished in walnut. Dur- ! Easy Terms. 'Reg. $79.95 2-Piece Living Room Suite Here’s a fine Moderne style suite with Sofa and chair, as pictured. 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