Evening Star Newspaper, July 31, 1937, Page 10

A—10 =x FINANCIAL. THE EVENING STAR, WASHINGTON, D. C. SATURDAY, JULY 31, 1937 FINANCI AL NASHINGTON GAS EARNINGS LOWER Zxpenses Cut Down June and Half-Year Reve- nue Gains. BY EDWARD C. STONE. The monthly report of the Washing- n Gas Light Co. filed with the Public | tilities Commission shows operating >venues of $485.111 for the month of | une, an increase of $2.110 over the ime month last year. Operating cx- onses, Including taxes and uncol- ctible bills, decreased $3.081, from 407,657 in June, 1936, to $404,566 for he same month this year. leaving a et operating revenue of $80.545, hich exceeded the June, 1936, figure oy $5.191. Non-operating revenues for June this ~ear were $13,124, compared with $41,- 55 for June last year. The apparent ecrease of $28.631 is due largely to 1e inclusion of certain non-routine ems in June of this year. After all ‘eductions, the net income is $12.670, | “hich is $19.002 than that for | Tune, 1 Net income for the first x months of the current year is 538.378, against $684.693 a yvear decrease of $46.315 The comp ports "46.921 M f ompared with 631.904 M n June last ye: month there were 14 ervice, 6.615 m late last year Trade Value Up During June. Value of wholesale trade increased | noticeably in June, 1937, from June, 1936, and collections on accounts re- “eivable were made at a higher rate over this period, according to the ‘nonthly jou udy of the National Association of Credit Men and the Department of Commerce. Total net sales of 1,105 reporting wholesalers increased 14.6 per cent in June, 1937, from June, 1936, a con- finuation of a change recorded for | ~very month since the beginning of | (he study in January, 1936 Average daily sales of chain drug stores in June, 1937. were 2.3 per cent aigher than in June, 1936. a o the Bureau of Foreign and Domes- tie Commerce. The greatest gain was shown by tobacco sales, which were 5.1 per cent aigher, followed by fountain sales with a 4.0 per cent increase from last June, while “all other” sales decreased 0.3 per cent. Both tobacco sales and fountain sales increased in relative importance over June of last vear. These two | classifications accounted for 47.1 per cent of total sales this June, as against 45.9 per cent in June, 1936. Loan Convention Delegation. Robert E. Buckley of the National Permanent Building Association and | | {ois less 19 feet of the meters in than on the same | bi i president of the District of Columbia Building and Loan League will head a delegation of building and loan offi- cials to the annual convention of :he‘ United States Building and Loan | League, to be held in Los Angeles | October 6, 7 and 8. E. C. Baltz, sec- | retary of the Perpetual Building As- | sociation, is vice president of the na- tional organization and will be ele- | vated to the presidency at the coming | conclave. Other Washingtonians who expect to attend the convention in- clude: Carl J. Bergman, treasurer of the Washington Permanent Building As- sociation, past president of the Dis- trict of Columbia Building and Loan League: Arthur G. Bishop, chairman of the board, Perpetual Building As- sociation; Samuel Scrivener, director of the same organization: George Em- erich of the Northern Liberty Build- ing Association and C. Clinton James | of the Columbia Permanent Building | Association, attorney and chairman of | the Legislative Committee of the United States league Rail Earnings Ahead of 1936. | Class I railroads in the Southern | district, for the first six months of | 1937, had a net railway operating in- come of $42,067,175, compared with $32,366.970 in 1936, and for the same period in 1930, $42.941,024 Gross operating revenues for the first six months of 1937 amounted 1o | $268,280 411, an increase of 11.8 per cent, compared with the same period in 1936, but a decrease of 216 per cent under the same period in 1930. Operating expenses totaled $198,- | 009,700, an increase of 8.4 per cent | above the same period in 1936, but a decrease of 26.9 per cent under 1930, Class 1 rallroads in the Souther district for June had a net railway operating income of $5.991,725, com- pared with $4,683.952 in June, 1936, and $4,045.590 in June. 1930 Virginia Accounts Insured. The Federal Savings & Loan Insur- ance Corp. has insured the savings of 9,237 persons in 24 savings. b and loan associations Vi to $5,000 on each account, it was an- | nounced here todav. Assets of these institutions total $11,642,634 | Twenty of the insured institutons | in Virginia are Federal savings and | loan associations, operating under charter and supervision of the N tional Government, and required hv‘ law to provide this insurance for the accounts of their investors and savers. The others are State-chartered insti- tutions which have met the require- ments of the corporation The insured assocaitions are located in Alexandria, Bedford, Bristol. Clar endon, r Covington, Hopewell Manassas, N folk, Petersbur ke, Richmond Alta Vista, Salem South Boston, Vi t Falls Church Heard in Financial District. Subscription books have been closed on the Comm Credit Corp.’s $60,- | 000,000 offering of 1 per cent series B collateral trust dated August 2 | and maturing May 2, 1938, Jeese H Jones, chairman of the corporation, announced yesterday. The notes were | ellotted to subscribers the order . that subscriptions were received J. Kennedy Irelan of the Washing- ton Loan & Trust Co. and chairman of the Archives Committee of Wash- ington Chapter, A. 1. B, is leaving here today for his vacation. Mr Irelan is immediate past associate chief counsel of the chapter and plans to divide his time between Virginia | Beach and a motor trip to North | Carolina. | Prices rece! farmers during | the month ended July 15 were only ! elightly higher than a month earlier, | the Departme Agriculture re- | ported yesterday. The July index of 125 per cent of its pre-war average, | however, was 10 points higher than on July 15 last year All employes of the State-Farmers’ Bank & Trust Co. of Richmond, Va., who have been on the pay roll for 15 years or more will receive an extra week's vacation with full pay. This announcement was made by Julien H. Hill, president of the bank. Fifty- one of the 265 persons employed by the bank will be eligible. 1ding iia, up | notes N\ TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Prev, High 8415 63% Acme Steel (4) 224 36 80l 645 Air Reduction (1a)_ By 455 331 20 15 831, 397 11474 41% RO0%, 3815 11y 55% 4 17% 58 293, 683, 1615 o0 By Private Wire Direct to The Star. Stock and Bales— Dividend Rate, 1927 Low. 821y 19 33 1% 3 w24 19 33 1% 27% 358 19 248, 201 15 28 Adams Exp (.30g)_. Addressog (1.40) 2% Alleghany ____ 305 Alles Steel (1.20g 174 Allen Indus (1) _ Allied Mills (2g) __ Allied Stores (.20a). Allis-Chalmers(1g) 23 Alpha Portland (1). 80 Amerada (2) 204 Am Bank Note Am Bank 7 Am Brake D01 Am ( 15215 Am ¢ g 46 Am Car & ¥y (14g)_ 28 Am Chain & C(1yg). )ts Am Comel Alco " Am Crystal S 2% g . 5% Am Encaustic Til 61 Am & Forelgn Pow._ 37 Am&FPSEpr 45 Am & For Pw $7 pf _ 1815 Am & For Pw 2d pf. 6% Am Hide & Leath 6% Am Hide & L pf 213 Am Ice__ 2% Am International _. Am Locomotive _ 8% Am M & Fdy (%g)- 431 Am Metal (% g) 7 AmPow & Lt = 400 AmMP &L $5 pf (5)_ " Am Rad & St S(.60) % Am Roll Mill(1.10g) « Am Seating (34g) " Am Smit & R Am Smelt pt « Am Snuff (3a) CAm St Fdrs (12) ¢ Am Tel & Tel (4) « Am Tobaceo (5) » Am Tobacco B (3) « Am Wat Wks (.60g) 15 Am Wool pf (2k) \AmZine L& S « Anaconda (%g) Anchor Cap ( 106 Armour Del pf (7)_. 7 Armour 11l (55g) _. 54% Armstrong Crk(1g) 8% Artloom 5 15% Asso Dry Goods 69 Atch T& S F 93~ Atchison pf (i = 44'% Atlantic Coast Line. 27l Atlantic Refin (1)__ 15 Atlas Corp (.80) _ 5013 Atlas Corp pt (3)_ 13's Auburn Auto Aviation Corp ___ 4% Baldwin Loco (r) 70 Baldwin Lo pf (r) 4% Baldwin Loc asd(r) 20% Balto & Ohio 2 1to & Ohio pf 35% 19 248 2015 57 681 Fog pf (3) Sh(lleg) n (4a) npf (7) 's Barnsdall (1) 11'% Beldin-Hem (1) 184 Bendix Aviat ( 204 Renef Ln (1 2 Best & Co (2 Bathlehem st Black & Deck (%g). Blaw-Knox (.43g) Boeing Airpl 5 Bon Ami A (3g) Warner (2) Bridgeport Br.40g 91 Briggs Mfg (112g)_ 393 Bristol-My (2.40a)_. 181 BKIy 62% BKly 27 BKIYn & Queens 264 Bklyn Un Gas 2.30g. 14% Bucyrus-Erie______ Tia Budd Mfg = 58 Budd Mfgpf _____ 50 7l Budd Wheel (.20g) - 30% Bullard Co (1) 5 501 Bulova Watch (4a). 2213 Burr Ad Mch(.65g)_ 4'a Bush Term (r). ___ 4'; Butte Copper & Z__. 35% Calif Pack (11za)_. 2% Callahan Z-Ld ____. 7 12 Calumet & H (%g). 16 24 Campbell Wy (1) 2 11% Canadian Pacific.__ 18 44 Cannon Mills (1g) . 1 94 Car Clin & Ohio (4). 208 96 CaroC&ost(5) _. 108 30 Carpenter St 1.35g . 6% Carriers & Gen .10g. 188 Case (JI).________ 85 Caterpillar Trac(2). 26% Celanese (114g)_ 3613 Celotex Co 613 Central Fdy 96 Cent NI LtDf (4%). 60 Cerrode Pasco (4)-. 1113 Certain-teed ______ 4815 Certain-teed 6% pf 5015 Ches & Ohio (2.80 2 ChiGt West (r) 244 Chi Mail Or (13za)_ 34 Chi M St P&P pf(r). Shi&NW (r) - “hi & N W pf (r) *hi Yell Cab(1%g)_ hick Cotton Oil___ hilds Co sler ( = Jce & F (2) ___ 1&F pf (613)_ ores = Squip (1.60) “lev Graph Br (1g). 471 Clev & Pitts sp(2) - 23% Cluett Peabody (1)_ 12213 Coca-Cola (2).____. 17 Colgate-Palm (15) 471 Collins & Aik (2a) . 15 Colo & South.______ 15% Colo & South 1st pf_ 10 Colum G&E (.20g) 281 Col Pict vte (1a) 56% Comcl Credit (4) _ 631 Comcl Invest Tr(4). 13 Comel Solv (.60) Comwlth & Sou “om & Sou pf (3) “ongoleum-Na (2 “onsol Areraft __ “onsol Edi (1.50g) onsol Film pf “ons Laundries “onsol Ol (.50a) “onsol Coal ‘onsol Coal pf ‘ontainer (1.20) ‘ontl Baking B ntl Can (3) _ “ontl Ins (1.60a) ‘ontl Motor 2 “ontl Oil1(Del) 1% g ‘ontl St (%g). . “orn Exchange (3)_ *orn Prod (3)_ oty __ 40 Crane Co z 1815 Crossley Radio__ 68 Crown Cork (2)_ 16% Crown Zeller 9414 Crown Zeller pf (5). 51 Crucible Steel T Cuban-Am Sugar 81 Curtis Pub 5 Curtiss-Wright 16’2 Curtiss-Wright A__ « Deere & Copf(1.40) Del & Hud Del Lack & W Diamond Maj (1 )'e 1rist Corp-Seag 18 Dixie-Vortex (11;) 38i% Dome Mines (2a) 47 Douglas Afreraft 115% Dow Chem (2,60 14813 Du Pont de N(2%g) 1304 Tru Pontdeh <6)__ . 91 Bastern Roll : an Kodak (8) aton M{g (1%g) - itingon Sch 3 21% El Paso N Gs(1.60)_ 345 Elec Auto Lt 1.40%_. 9% Elec Boat _ 5 14'x Elec Pow & Lt __ 3 ecP&L3$6pL lec Stor Bat (2)__. ndicott-Joh pf(5). ngPS1wwbhlk_ quit Off Bldg rie R R rieRR2dpf _ _ ureka Vacuum Cl1_ xchange ¥ rbanks Co Fairbanks pf Federal Motor Federal Wat Sve A 3id Phoenix (1.60a) Firestone (1%:g) jrst Nat Strs(2%) Flintkote (1) < Follanshee Bros 3 Food Mach pf (413). 108 116 Freepore Sul (1g) = 12 30% Fuller 2d pf 20 31 Gabriel A _ Galir (Robert) _ 6213 Gen Am Trns(1%g) 3915 Gen Cable A _ 3414 Gen Cigar (4)_ 49% Gen Elec (80g)____ 86 Gen Foods (2)ace... %) }28)- -5 ~ooaE 0 S -y 33 e 37 30 a). n 113 Net i 0 e Add 00. High. Low. Close. chge. W Prev. 1937 High. Low. an, 65 124 7014 151 19 Stock and Dividend Rate, 114 Gen G & El A 60~ Gen Mills (3) 117 Gen Milis pf (6) 484 Gen Motors (1%g)- 8% Gen Out Adv - 51 Gen Print Ink(.30g) 3 GenReal & Util____ 48 Gen StlCastpf ___ 20'% Gen Thea ¥Kq (14g) . 3412 Gen Time In (1a) Gillette (1ag) - Gimbel Bros.______ Gobel Adolf 3 Goebel Brew (. 20a). Goodrich Goodyear T& IR (1g) &I pf () Graham-Paige Grant (WT) (1.40a) Great M Ry pf Grt Nor Ore et (% g) en (HL) (1.60a) Greyhound (.80) Grevhound pf (.5 Mall Print g Hamilton W (1.25g) Hamil Wath pf (6) - Hayes Body = Hazel-Atlas G1(5a). Hecker Prod (.60a)_ Hercules Mot (1) _. Hershey Choce (3) .. Hershev pf (1a) Holland F (1g) Hollander (1) Homestake ( Houd-Her B (11,) Household Fin (1) Houston Ol Howe Sound (2a) 111 10214 523 303, Hudson M Jupp Motor Illinois Central Indust Ing Tnland Ste 3 17% Inspiration Copper - 11115 1074 Interch Corp pf(6) 28'y 16'31 lake Iron 116 99'% Intl Harvestr (215) 1674 By Intl Hydro-Elec A . 18 10 Intl Mining (.30g) . ‘x Intl Nickel Can(1g) Intl Paper & P’w A Intl Paper & Pw B Intl Paper & Pw C _ Intl Paper & Pw pf_ Intl Silver ___ Intl Tel & Tel Interst Dep S 214 g Island Creck pf(6) Joh'ns-Manville (3) Jones & L pf (312k) Kel-Hayes Wh B __ Kennecott (28) Keystone S&W (.60) Kinney (G R) - Kinney (G R) pf __ Kresge (S S) .40g Krozer Groe (1.60) . Tambert (2) IL.ee Rub & T (1g) T.ehigh Valley Coal. Lehizh Val Coal pt Tehigh Valley R Rt Lehman Corp (1a) 1. 1. 1. L 1 124 erner Stores (2a) - ib-Ow-Glass (3g) - ibby MeN & Lib ife Savers (1.60a). ima Loco (1g) - Link Belt (2) ____ 4 Liquid Carb new ___ Loew's (2a)_ b7 SO EE Lone Star Cem ( Loose-Wil Bis (2) _ sorillard (P) (1.20) im Steel (1) McAndrews pf (6) McCall (2) McKeesport T (2) Mckesson & Rob MeLellan Strs( % g) Mack Trucks (1) Macy (R H) (2 farshal Field artin (Glen) Mead Corp (3ig) Melville Shoe (5)_ Mengel Mesta Mach (2 Miami Copper Mid-Cont Pet (1 Midland Steel (2) Minn-Hon Reg (3) Minn-Mol Imp____ M StP&SS Mar pf Minn StP&SSm LL._ Mo-Kan-Texas_____ Mohawk Crp(1.20a) Montgom Ward(2a) Mother Lode 5 Motor Prod (1%:%) Motor Wheel (1.60) Mullins Mfg B new Murray Corp ___ Nash-Kelv (1) Natl Acme (3ig) Natl Aviation 5 « Natl Biscuit (1.60) - 1818 Natl Dairy P (1.20). 15 Natl Dept 2713 Natl Di = 30% Natl Lead (15) . &% Natl Pw & Lt (.60)_ 70 Natl Steel (13%g)- 39% 31% Natl Supply 132 121% Natl Sup pf (1%k)_ 13% 9% Natomas (.80) __ _ 41% 28 Newport Ind (1%g) 55% 34'4 N Y Central ___ 72 41 N Y Chi& St Lou 100 79% NY Chi & St L pf 9% 3% NYNH&H (1) __. 261 124 N Y N H& H pf (). 102% 6315 N Y Steam $6 pt 272 236% Norfolk & West(10) 17% 9% North Am Aviat__ 347 21 North Am (.60g) 571 481 North Am pf (3)__ 36% 257y Northern Pacific__ % Ohio Ol (348) - Oliver Farm ______ Otis Elevator .80g Otis Steel o Otis Stl1st pf 5t Owens-111 G113, g Pac Coast 1st pf.__ Pac Gias & El (2) Pac Tel&Tel pf (6). Pac West Ol (.63e) Packard Mot (.15g) Pan-Am Petrolm Panhandle P&R (r) Panhandle pf (r)__. Paramount Plet .___ Paramount 2 pf(.60} Park Utah & Parker Rust-Pr 1. Pathe Film Patino Mines__ Peerless Corp z Penick & Ford (1g). Penney (1 C) (2g) Penn-Dixfe Cement. Penn GI §'d et 508 . Penn R R (34%) Peoples Gas Lt & C 'etro Corp (.40%) Peiffer Brew (A0g) Phelps Dodze 1% & Philip Moris(33g) Phillips I'et (2a) Phoenix Hosiery Pitts Coal pf Pitts Serew (.308) Pitts Steel pt Pitts United . Pitts & W Va 3 Mymouth Oil (.T08) Foor & Co B Tressed Steel Car Fress S1C2pf2} Procter & Gam ( Pub Sve N J (2.60) . Pullman (1%) Pure Ol ______ 107% Pure Oil pf (8) __ 137 Purity Bak (.30g) 74 Radio Corp = 63 Radiocvpf (37%) _ 67 Radio-Keith-0 (r)_. 131 R R Sec 111 C Stk _ Raybest-Man (173). 15 Reading 2d pf (2) - 713 Real Silk < 1615 Reliable Strs (1) 174 Reliance Mf (60a) 21 Rem Rand (1.0 80 Ttem R pf ww (415). 5 Rteo Motor x 4 Republic Steel Revere Copper & B_ nolds Met (1) Tla 54 B519 36% E3EN 16% nolds Tob B (3) Ruberoid (.60) 31 Safeway Strs (2) 43% St Joseph Lead 144 Savage Arms(.Tik). chenley Distill(3). Scott Paper (1.058) 14 Seaboard Air L (r) .. 36% Seaboard Oil (1) 81 Sears Roeb (3) 268 Servel Corp (1a). Bales— Add 00. High. Low. Close. chge 2 10 108 71 1 2 5 608 3 SO B B o W A I U 10 00 P IS B 00 F a3t 0 EXSTISE IOT ISP P IS - 2 611y 119% 5615 10 17 an 53 20 611y 54 10 17 24 611y 119% 119 U 0% Net — 5 | eral list was net unchanged to 2 points ot + + 1y % +h | By the Associated Press, | 8. A. There were 4.000,000 shares of | Southern | ly after the first half hour that deliv- | cotton on to an earlier harvest than | tember, 85 | ber. | day notified holders of 65 issues of | ment of interest at rates specified in a previous offer. | Prev. 1937 High. Low. 4215 14 17% 341, Stock and Bales— Dividend Rate. Add 00. Sharon Steel (1.20) . Sharp & Dohme Shattuck FG (.60)__ Shell Union (14g) Iver King (.63g) . mmons (1g) ellv Oil (50g) oss-Sheflield S & T nider Pack (11:¢) - Socony-Vac (%g) 1AM GRP (10g ot (k) erry Corp (le) .. Inc (3z) _. Df (435) D Co B.0g ands (.80) - 2 Tob and G Stand G & 1 pf (1) Stand Oil Calif (1a) and Oil Ind (1a) _. nd OilNJ (1a) erling Prod(3.80) owart-Warn(iga) one & Web____ udebaker Sunshine Mng (3) iperior Oil iperior Steel Wift & Co (1.20) Intl (2) Thermoid Thompson Pr(.9¢ Tide-Water A< in) 1e-W AS Dl (41, mken-Det Ax(le) nsamerica (1) ans & West Al nsue & W (.15g) th Cent-Fox (1g)- Twin € RT - U'n Bag & P (2) - T'n Carbide (2.408) _. TUn Oil of Cal (.858). Un Pacific (6) : Unit Aircraft (%g). Unit Air Lines ____ Unit Carbon (4) ____ Unit Corp Unit Corp pf (3) Unit Drug (%g) __. Unit Dyewonod (l1a). nit Elec Coal ‘nit Fruit (3) nit Gas Imp (1) T Prev. 1037 High. Low. 11374 102% Unit Gas 205 11% 3470 151 137 1031, U S 43% 28 U 15 6y 19% 10 T2% 4414 811, . Low. Close. 36 11 1314 28 14% 487y 60 164 21y Indu S Leat TS Real JSR Rubl Steel nit Stoc nit § P& anadin S F & a Valr Va lron Waldort Walgree: Walwort rner son )& W Penn West A Westing Weston Wheeli Wheel Wh Sty Whit Wil Waolwo, Yellow ' Yollow 'l Youns S 80 Zenith T 11:00 AM. 2Unit of tradin, r In bankruptcy bursements based on tion, tncluded x Ex dividend year. { Pavable h Cash 5 vear. lact vear clared t Stock and Dividend Rate. TS Distrib pf TSFreicht (1%e). 3 ypsum (2)___ 2 ober, S Steel pf (7) W Pen Kl Western Mar West Union Tel (3). Westhse Worthington Pump. Worthington pt A _ Wor P& Mpt B _ 74% Youngstn S, 474 Zonite Prod.__ 5 \ xr Bx or stock. Bales Net Add 00. High. Low. Close. chge 1108 108 108 t 108 165 16 1614 +1 161 1615 161y — 1151 1151 11515 — 32 101 13 59 a3 a 1 1184 135 K7a Imp pf(5) < Alco her = ty & Imp . _. 10 Zt ver 1st pt _ R (6g) 93 | an 1 115 Kyds (13). Lt 30 Ry 2 1107y 31 S 1101 + Chem 2 Kl Pwrpfif) . 10 & Coke _ 1008 oal & Cpt 208 nig) ¥ () vs (1.20) nplww4iy h Ward Baking B Bros Pict Waukesha Mot (1a) Jisenlohr O&S (13a) S pf(4) LA () % pt (7) 0 Sup 1.60. viand . 101 100 101 10: 2 102 hse Air (1) &M El In(1g) stl ' White Mo Sew M pt V& Co (1) 39% 391, 1010 4915 49' 41'a 407, < 109 10815 109 911y 911y rth (2.40) - Trk pe (7 pring ( 2315 1 401 81y 37 B9 4 1% 37 + 5'a tadio(1%4g). % Approximate Sales of Stocks on the N. Y. Stock Exchange, 140,000 & 10 shares. or rceivershin. or belng reorganized under 12:00 Noon ._____ 390,000 bankriptcy act. or securities assumed by such companies. Rates of dividends in the forezoing table are annual dis- the Iast quarterly or semi-annual declara- Unless otherwise noted. special or extra dividends are not *ights, XA O extras. in stock red or paid so far this k Accumulated dividend paid or de- Mailed to Holder of Trans-America| SAN FRANCISCO, July 31.—Bank stock worth $126.000.000 and a $2.- 897,696 cash dividend were delivered to Transamerica Corp. sharenolders today. ‘The mail carried 2,297.840 shares of tock in Bank of America, N. T. & the bank stock. quoted over the coun- ter at $55 bid and $57 asked. With that block chopped out of its assets, Transamerica replaced its 23,- 181.568 no-par shares with 11,590,784 shares of $2 par stock. The dividend rate was boosted to $1 annuall NEW YORK COTTON By the Associated Press NEW YORK, July 31.—Cotton fu- tures opened barely steady, 4 to 7T lower on favorab) weather and hedge selling. October, 10.81; December, 10.72; January, 10.73; March, 10.86; May, 10.91; July, 10.93. ‘Week-end liquidation also had a de- pressing. influence, but offerings were small and the market soon steadied. With the stock market displaying firmness, some covering appeared, and combined with trade buying, Decem- ber sold up from 10.71 to 10.77. Short- ery was ruling at 10.76 and the gen- lower. Trading was not aggressive as terests awaited further private esti- mates on the crop outlook The weekly survey of Texas condi- tions by a Dallas newspaper said fa- vorable growing weather was speeding usual A storm off the Carolina coast at- tracted some attention, although it was not expected to hit the cotton belt. With Liverpool closed today and Monday for bank holidays, foreign participation was limited, although brokers with Japanese connections were credited with buying. Futures closed steady. 5 to R lower. H st October Lo = 1TR December 107 1070 January 10,52 Al 10 60 10 84 10.05 10 8% 1100 1002 Spot quiet: middling. 11.18, Cottonseed Oil. cottonseed oil futures Bleachable 7 lower. Sales, 25 | closed easy. 5 to 7 5 contracts, including 2 switches. Sep- October. 853b; Decem- 8.54; January, 855-36; March, b—Bid. LONE STAR GAS LOAN AUTHORIZED BY S. E. C. By the Associated Press. The Securities Commission author- ized the Lone Star Gas Corp. of Delaware yesterday to borrow $10.- 000,000 from a group of banks and | permitted a subsidiary, Lone Star Gas Co. of Texas, to borrow $6.000,000 Ruling on a request of the Okla- homa Corporation Commission that | nothing be done to affect a judgment which ordered the Community Natural | Gas Co.. another Lone Star subsidiary, to distribute a $168,901 rate reduction to its customers, the S. E. C. decided the bank loans would not interfere with the judgment | The loans, intended primarily for | refinancing old obligations of the two companies, were allocated to the fol- lowing banks: Union Trust Co. of Pittsburgh, $9.120,000: Chase National Bank of New York, $4,000,000; Mellon National Bank of Pittsburgh, $1.600,- 000: Farmers Deposit National Bank, $960.000, and the Union Savings Bank of Pittsburgh, $320,000. 857b. e PLANS PART PAYMENT. NEW YORK, July 31 (#)—The cash office of foreign credits, Budapest, to- Hungarian municipal, ecclesiastical | and private long-term bonds, that it is endeavoring to make arrangements with paying agents for partial pay- CHICAGO PRODUCE. CHICAGO. July #1 ws. 10451 cases Potatoes, Butter. 12.400 | arrivals_ 103 cars 259, total United States cars: slightly weaker: supplies: moderate demand fair. Sacked. mer hundredweight California White Rose. U. 8. No 1. 2.30- 40 U. 8. commercial car. 1.00: Idaho Bliss Triumphs. U S. No. ]’ cotton sacks. L0 burlap sacks. 150-80. Washington Whife Rose. U_ 8. No' I, partly graded. 2.10: Missouri Cobblers U' 8 No. 1 Uy fjaded. 1,00-20" Nebrasks Cobblers. i o. 1.’ 1.20-30, 2 A on track, shipments. 426 Trade Réports at a Glance By the Associated Press, NEW YORK, July Dun & Bradstreet, Inc., in the four retail trade, manufacturing and indust 31.—Tabloid review of business, reported by divisions of wholesale and jobbing, ry, and collections. This week is com- pared with the corresponding period last year: Whol sale, Good Good Good Good Good Good Good Good Good Baltimore ________ Chicago - Cleveland - Detroit __ Kansas City Louisville - Pittsburgh St. Louis Youngstown le- Manufac- turing Active Active Active Fair Active Active Active Active Active Collec- tions, Good Good Good Good Fair Good Good Good Fair Retail. Good Good Good Good Good Good Good Good Good Comments. BALTIMORE.—Clearance promotions or Summer apparel chief factor in bolstering retail sales 12 to 17 per cent over last year's; demand stronger for house furnishings, hardware and groceries. Reorders to wholesalers continued heavy; though still cautious, Fall buying made better progress. Employment in local industrial area rolls 30 per cent. CHICAGO.—Orders to_wholesal deferred buying until opening of semi-: Convention; advance registrations largest since 1929 up 15 per cent from 1936, and pay lers were slower, as many retailers annual Interstate Merchants’ Council Shoppers’ operations retarded by hot weather; gain over 1936 retail sales lowered to 5 to 15 per cent. per cent of capacity, up 1.5 points. CLEVELAND —Visitors to the have kept retail sales from easing to 8 t0 15 per cent from 1936. Industrial restored to pre-strike basis. Steel r: capacity. Lake shipments of iron ore Building work expanding slowly; still Industrial schedules advanced; steel mills to start week at 84.2 exposition and rising tourist traffic the usual Midsummer low; total up operations and employment virtually ate up 32 points to 79 per cent of for half year more than double 1936. behind first-quarter upturn. DETROIT.—Benefited by favorable weather, retail sales went 16 to 21 per cent over the 1936 comparat stores in factory neighborhoods. Off above last year's by 10 per cent: no late August ive, despite poorer showing of small for the week, wholesale orders were surge in Fall buying expected until Closing of some plants for inventory and model change- overs reduced automobile assemblies to 88,055 from 155,380 a week earlier and 99,329 in 1936. KANSAS CITY.—Return of peace to local Iabor field and the flow of cash from the bumper wheat harvest lifted retail sales 8 to 12 per cent from the 1936 total but around 5 per cent more than a Wholesale volume about on & par with previous week's, vear ago. Mounting bank deposits considered forerunner of banner Fall season. Demand shifting to better qualities of merchandise, despite rising prices. LOUISVILLE.—Led by Summer apparel, homewares, and floor-cover- ings, retail sales were larger than during the early weeks of July, and ranged from 12 to 20 per cent ahead of last year's. Furniture lost in the flood apparently replaced, as installment sales dropped from June total; still above 1930 comparative level, schedules above usual Summer positio Unfilled orders keeping manufacturing n. PITTSBURGH —Somewhat cooler weather helped retailers. who sold 2 to 5 per cent more goods than week earlier. per cent over 1936, when spending Forward buying at wholesale retarded by continued difficulties. operations to start week at 85 per cent scrap up to $20.50 a ton; shortage of Rise shortened to 9 to 15 of soldiers’ bonus was at its peak. Steel of capacity, a gain of 1 point. Steel metal acute. ST. LOUIS.—Termination of most of the strikes permitted industrial operations to attain the fastest rate since Spring Shoe factories advanced schedules, as new orders increased. Buying of vacationists and tourists con- tributed to the rise of 12 to 18 per cent in retail sales over last year's Rapid turn-over of stocks in country stores keeping wholesale volume about 20 per cent above 1936. YOUNGSTOWN —Fuller employ sumer buying has increased and outstandings have been reduced. sales ranging 10 to 18 per cent larger Building work recovering from June unchanged at 77 per cent of capacity. strike will keep many mills at high ra Crops abundant throughout district ment benefiting merchants, as con- Retail than last year's, despite hot weather lag. Steel production to start week Replenishing stocks depleted during te for several weeks. TREASURY CASH GAINS AGAIN DURING WEEK By the Associated Press. NEW YORK, July 31—Treasury | cash continued to expand in the week | ended July 28, the credit statement | of the Reserve banks indicated | This was due largely to additions of | gold and silver received from abroad to Government hoards rather than strictly cash receipts Treasury cash compared as follows: Week ended July 28 $3.576.000,000 Previous week --= 3.527.000.000 Same period last year--- 2,441,000,000 CROSLEY RADIO PROFITS FAR BELOW YEAR AGO By the Associated Press. CINCINNATI, July 31.—Crosley Radio Corp. reported net profits of $219.316 for the first aix months of 1937, compared with $1,272.356 for the corresponding period of 1936. COUPONS TO BE PAID. NEW YORK, July 31 (®) —Laden- burg, Thalman & Co., special agent, notified holders of Porto Alegre, Brazil 40-year 7 per cent sinking fund gold bonds. 1928 external loan, that coupons due August 1 will be paid at the rate of $11.37'; for each $35 coupon. . RAIL ORDERS PLANNED. NEW YORK, July 31 (#).—Railway | Age reported today the Illinois Central | Railroad had made inquiries for 500 | hopper cars and the Texas & Pacific for 500 to 1,000 steel-sheeted box cars of 50 tons capacity and 100 steel hop- per cars. Phelps Dodge Co. has ordered aix flat cars from Youngstown Steel Car Corp. ! \ DOLLAR MOVES HIGHER IN LONDON DEALINGS By the Assoclated Press LONDON, July 31.—The United | States dollar was quoted 497 13-16 to | the pound in final foreign exchange | dealings today, a net gain of ! of a cent. This compares with a similar rate for sterling in New York over night French francs closed 13278 to the pound, against 132.81 yesterday. SMALL INCREASE SEEN IN TRANSIT REVENUE | Special Dispatch to The Star NEW YORK, July 31.—Revenues | for the transit industry for the week ending July 24, 1937, based on tele- graphic reports received from a rep- resentative group of transit operating companies, showed & moderate in- crease over last year. Transit Journal's revenue indicator stands at 10113, which represents a gain of 1.13 per cent as compared with the corresponding week in 1936. For the week ending July 17, 1937, the indicator was 100.55. A somewhat higher rate of in- crease in the industry's revenue was apparent for the week. Gains were general for the whole country, and for cities of all sizes. NEW OIL FIELD OPENED. | NEW YORK, July 31 (Special) —A | new oil field about 60 miles below New Orleans near Venice, Plaquemines Par- ish, La.. was opened this week when Tide Water Associated Oil, No. 3 Manhattan Land & Fruit Co. wel came in. The discovery is in a large block of acreage in which Tide Water Associated Ofl Co. owns a 50 per cent interest, Humble and Gulf 25 per cent each. e Paid | | opening bid and asked SELECTED STOCKS SCORE ADVANCES Motors and Steels Lead Rise of Fractions to More Than Two Points. Stock Averages 1518 A0 Net change Today, close 9 Prev. day . 966 Month ago_. 910 Year ago . 900 high___101.6 879 99 444 442 409 520 540 391 537 34 434 557 175 239 169 1469 1539 1843 157.7 516 953 618 61.8 69 5 689 651 5.3 626 728 19 1936 1936 1932 low 1929 high 1927 low. high low.. (Compiled by the Associated Press) By the Assoclated Press, NEW YORK, July 31—Slow, but | persistent buying in motors and steels provided the stock market with ing power in today's final July sion. While the ticker tape jogged along indifferently most of the time, gain of fractions to more than 2 poi were pinned on the favorites Profit taking was present in a sectors, but leaders finished not from their tops. With Ford announcing boosts automobile prices to offset increased labor and material costs, thus paving the way for advances by other manu- facturers, both General Motors and Chrysler were well out in front from the start. Steels responded to brighter ea ings and production prospects. Farm - implements, oils and aviations wers bid up on reports of larger demand {in both fields. Utilities and ra while not buoyant, generally heid their own, Transfers shares Envisaging a quick vote due on thi wage-hour bill in Congress, Wall Street Wwas inclined to feel better because of the possibility adjournment might not be far away. There seemed to be le:s tension over Far Eastern disturbances. Among prominent stock gainers were United States Steel, Bethiehem, Re- public, Youngstown Sheet & Tube, Sloss-Sheffield, Wheeling Steel, Na tional Steel, United States Rubber, Goodyear, J. I. Case, Deere, Boeing,¥ Douglas Aircraft, Howe Sound, Amera ican Locomotive, Cleveland Graphite, Westinghouse, Standard Oil of New Jersey, Texas Corp., Continental o1l Interstate Department Stores Armstrong Cork. Resistant were Santa Fe, New York Central, Consolidated Edison, Southern Railwa Northern Pacific, Yellow Truck, Sears Roebuck, Montgomery | Ward, Studebaker, Packard, Columbia” | Gas, Anaconda, Kennecott and Wal- worth., About unchanged to off a point were | McCall Corp., Union Bag & Paper, American Telephone, Western Union, Electric Power & Light, Great Northern and Chesapeake & Ohio, . ses- tow far in were around 300,000 and Special Dispatch to The Star. ‘.BAL”MORE July 31.— les. STOCKS. Hi, 54 100 Arundel Corp a4 o o Balto Transit pf 5 Black & Decker 277 Consol Pow com Fidelity & Deposit Hston Oil pf vtc Mire Pin 24 pf far T 3 idel & Guar . BONDS. 500 Blto Tns del 2000 Balto Trame e 4 CHICAGO STOCK MARKET CHICAGO. Julv 3t (e eliaon the complete 1o Following 1 official list inystocks on the Chicago oday Sales’ STOCKs 100 Abbot Lab 300 Advance “Alum Aetna B 1s of vrnnur[mnt’ Stock Exchange 100 Brown P & W ,30Bruce (g L) 50 Burd Piston $00Butier * Brog FUPE Butler Bros pt 100 Castle A M ,30 Cen It Pub Sve pt 230 Cen & 8 W 10Cen & S W s; pf 20 Chain_Belt 0 Chi Corp 0 Chi Towel 200 Cities Sery 0 Com Wit 0 Con Biscuit ) Cord_Corp ecker & C Dodge Mz Y Field 100 MCCord Rad A M We s 0 Mid W Corp w ) Midl e ) Mod 50 Noblitt-Sparks 100 Peabody Coa) B 200 Penn Gas CB 20 Quaker Oats 50 Reliance Mig 1830 Rollins B 50 Sangamo. § 130 Serrick Cor 10 Signode © ) Walgreen 10 Wieboldt Stores pf 17, 1 Mat R3g 200 Zenith Rad Total stock sales July YORK 4 F 31 (P —Over-the. market b; and trust companies prices Bank of Manhattan (115)_ Chase (1.40) City (1) Commercial (%) First National (100) Public (1iza) Bankers (3) Brooklyn Trust (4) _ Central Hanover (43 Chemical (1.80) Continental ‘(.R0) "~ Corn Exchange (1) Empire (1) Guaranty (12) Irving 60V _ Lawyers Trust (240) Manufacturers (%) New York Trust (5) Title Guaranty & Trust U s TREASURYiNOVTES (Reported by Chas. D. Barney & Co) Rate. Maturity, Sept 15 Asked, 34 MONTREAL SILVER. ONTREAL. Ju P —Silver futur ed steady B lower Beptembar b December, 44.70b. March. #4.60b. Bid. A