Evening Star Newspaper, August 1, 1937, Page 61

Classified Ads Pages S to 14. Part 5—14 Pages CLEARINGS STAGE SUBSTANTIAL RISE ABOVE 1335 LEVELS July Total at $110,590,257, Against $100,333,520 in Period Year Ago. D. C. RETAIL VOLUMES SMALLER DURING WEEK | D C. Bankers' Association Picks Homestead at Hot Springs, Va., for 1938 Conclave. BY EDWARD C. STONE. Substantial business gains in the Capital in the first seven months of | 1937 and in July alone are indicated by the Clearing House Association’s latest report on bank clearings, out | yesterdav, Manager George H. Bright report- ed that clearings in July totaled $110,- 590.25797, as clmpared with $100,- 333.520.02 in July, 1936. an increase of £10.256.737.95, and that clearings in Washington in the first seven months of this year amounted to $761.840.193.07, in comparison with $651,229.631.62 in the like period last year. This was an upturn of $10,- 610.561 45 The striking gains in clearings so far this vear, over 1937, are vividly| brought out by monthly comparisons with the corresponding permds in 1936, as follows: 1937, January $100.562.083.00 February 92 70.00 March _. 114,782.918.00 April 115.715.484.00 May June 86.355.879.00 100.389.014.00 104.841.034 71 | 7 100.333,520.02 | NG 1 Sales Slow Up. Retail trade was seasonably quiet in | Washington for the week ending last --- 124,008 FINANCIAL AND CLASSIFIED *F he Sunday Star WASHING FIFTH DISTRICT FACES BETTER LABOR OUTLOOK Improvement in the labor situation in the fifth Federal Reserve district in June over the preceding month was cited yesterday in the monthly review published by the Federal Reserve Bank of Richmond. Scattered strikes were settled and no new ones developed, al- though the ‘“adverse influence” of strikes in other sections of the country has not lessened, said the Associated Press in quoting from the report. There was no increase in the de- mand for workers in this distriet in June and early July, but opening of the tobacco markets in South Carolina in August will give work to several hundred warehouse employves. Busi- ness in June and early July gave evi- dence of the usual Summer dullness, greater this year than last because July, 1936, was “artificially stimulated™ by the veterans' bonus payments. Scattered Strikes Settled and No New Ones Developed During June, Richmond Bank Reports. New. passenger car sales in this ter- ritory in June and early July failed to hold the gains made in the first quar- ter of the year, partly because of de- lays in deliveries. Many customers, the report added, are buying higher- priced cars than a year ago, however. New ear registrations showed a gain of 12 per cent in the first half year. but were off 3 per cent from June, 1936. The fifth district showed a decrease of 7.5 per cent in the number of busi- | ness failures in June compared with a | year ago, the review said, although | liabilities were 66 per cent above June, 1936. Agricultural conditions are good, exdept for tobacco in the middle and upper sections of the district. Other crops show higher condition figures | than a year ago and many are above the five-year average, the report con- cludes. COTTON DECLINES 10 NEW LOWS AT CLOSE OF SEASON |Prices Down 5 to 8 Points Under Hedging and Wall Street Selling. By the Askociated Press. NEW YORK, July 31.—Cotton sold 94.295112.00 | down to new lows in nearby deliveries | on the last day of the season today liquidation December eased from 10.79 to 10.69 and closed at 10.70, with Wednesday, the Commerce Depart- ment reported yesterday, off 16 per cent from the previous week and 62 per cent from the corresponding week | in 1936. Bank clearings totaled $20,- 747171, against the lower figure of £18.065.215 a year ago. | Visitors to the Smithsonian Insti- | tution numbered 70.655, well ahead of | the previous week and last year. The | value of building permits iseued | amounted to $253.000, compared with $1.200.300 a year ago when the figure contained a permit for a $750,000 | department store warehouse . Trade elsewhere in the fifth dis- trict was slow although Baltimore re- ported real interest in wholesale buy- | ing for the Fall season. Charleston, | S C. sent out the best report, an 18 per cent gain over last year in re- tail sales. Bankers Select Hot Springs. Thomas J. Groom. president, Dis- trict of Columbia Bankers' Associa- tion, announced yesterday that the Council of Administration. at its meet- ing on Thursday. selected the Home- | stead, Hot Springs, Va.. as the meet- ing place for the association's 1938 conclave, President Groom convention dates had been set for | June 9-11, inclusive, but that the bankers would go by special train in the late afternoon of June 8, arriving stated that the during the evening, thus affording a | M daylight view of the mountains. The return trip on Sunday, June 12, will also be in the afternoon. This same plan was an innovation of the 1937 convention, and was so heartily received that the council de- cided to adopt it again for the 1938 meeting President Groom also announced that the convention chairmen would be named at the association's Mid- winter meeting in January. Educational Leaders Named. Paul J. Seltzer of the American Se- | {0llow: Bleachable spot. nominal, Sep- | curity & Trust Co.. recently appointed | (€mber. 8.57; October, 8.53: December, | chairman of the Educational Commit- tee of Washington Chapter, American Institute of Banking, has named the committee to assist in planning the program for the coming year, The | other members include: » | Francis E. Robey, Bank of Com- | merce & Savings, vice chairman; | Frances E. Nagel. Riggs National | Bank, secretary; Edward M. Blaik- | lock, Washington. Loan & Trust Co.; John M. Christie, Riggs National; Au- | brey O. Dooley, Hamilton National; George B. Earnshaw, National Metro- politan; Joseph R. Fitzpatrick, Sec- ond National; Margaret P. Hayden, Columbia National; Robert H. Lacey, Columbia National; G. Elmer Flather, Union Trust Co.. T. Hunton Leith, Security Savings & Commercial; Myr- tle P. Lewis, Liberty National; J. Earle McGeary, W. B. Hibbs & Co.; Richard A. Norris, Lincoln National; Frank M. Perley, American Security & Trust Co.; Walter L. Sanderson, Hamilton National, and G. Craw- ford Turnbull, Morris Plan Bank, Announcement that George N. Ray had been elected president of Randall H. Hagner & Co. was received with much interest in the financial dis- trict yesterday. He succeeds the late head of the firm and has had wide business experience. The Securities and Exchange Com- mission is expected to announce adop- tion of over-the-counter trading rules shortly. Investment Banks Confer- ence, Inc., has been working with the commission on the proposed rules, Which have furnished one of the most baffling problems with which the commission has had to deal. The McAdoo branch banking bills came in ®r further condemnation when the Maine Bankers' Association denounced the measures at its annual convention. BANK STOCKS LOWER. NEW YORK, July 31 (#).—New York City bank stocks moved slightly lower during the past week, according to Hoit, Rose & Troster, bank stock deal- ers. Aggregate market value of 16 leading issues on July 30 amounted to $2,003,710,000, compared with $2,- 032,813,000 at the close of the pre- vious week, a decrease of 1.44 per cent. Current average yield of 16 final prices generally 5 to 8 points net lower. ‘The opening was 4 to 7 points lower under week-end liquidation influenced by generally favorable crop advices, but the initial offerings were not heavy and prices soon turned steadier on trade buving and covering influenced partly by early firmness in the stock market. In quiet trading, prices had worked up to or slightly above the previous closing levels toward the middle of the session. Buyers were cautious, however, with a tendency to await further crop esti- mates, which are expected from vari- ous private sources next week. There was a renewal of selling in the late trading which carried prices to new lows for the season A weekly survey of Texas conditions |sald another hot, drv week speeded | | cotton to earlier harvest than usual, pared with yvesterday's finish: Septem- | | with fruiting well above average and | ber, insects largely held in check. Cotton on shipboard awaiting clear- | ance at the close of the week was esti- | cember, 67%;-° mated at 19.000 bales, against 23,000 last year and 30,000 two years ago. The range follows: October December t £ 0 4 R 2 Dwnas3 BRATE2 July Spot Cottonseed Oil. Cottonseed oil futures today re- | mained under pressure, closing off 5 | to 7 points at new season's lows. Turn- | over was 35 contracts. Depressing in- | | fluences were heaviness of lard, cot- | ton and crude oil. Offerings came in | | from scattered sources, with demand | |limited principally to covering by | shorts on a scale-down. Closing prices | 8.54; January, 8.55, and March, 8.57. New Orleans Prices. ORLEANS. July 31 (#.—Cott futures closed steady at net declines o to 11 points, Open. High. Low. 10.78 10.85 5 1083 10 8% 10.86 1086 10.92 1092 May 10.96 1006 July 10.96 11.08 10.96 Cottonseed oil closed steady. Bleachable prime Summer yellow. R.70b-f0a. Prime crude nominal. September. R.08b; October, E.05b: December. 8.05b: Mareh.’ 1.10b. —Bi How Is Qctober December January. March ton | 5 WHEAT DEPRESSED 2 CENTS A BUSHEL Weakness at Liverpool and Winnipeg Brings Early Selling at Chicago. BY FRANKLIN MULLIN, Associated Press Market Writer. CHICAGO. July 31.—Wheat prices "dmpped 2 cents a bushel today in a under hedging, Wall Street selling and | thin, narrow market depressed by | hedging sales that met with little spec- iulam-r buying interest broad enough to support values. Weakness at Liverpool and Winni- | peg. instead of an expected upturn in | the British market. induced liquidation | in Chicago from the opening bell. July contracts were closed out with 3% cents loss at Liverpool and the max- imum 5 cents drop at Winnipeg, but small declines. The market drifted lower steadily rallies on buying partly attributed to removal of hedges against flour sales and export business. Closing prices were at about the low for the day. Most dealers confined operations to evening up for the double holidays at Winnipeg and Liverpool and others were inclined to await private crop re- ports next week the general hesi- tancy restricting buying. ‘Wheat closed 1!2 to 2 cents off com- December, 1.1755-%; Sg: corn was 17 down September, 91%-92; De- 13 May, 68%g; oats lost { 35-1,; September, 29'3: rye. 13g-254: September, 80!, and lard was 7 to 13 | cents off. Just before the close the first of | the private crop forecasts for August |1 was released by James E. Bennett | & Co. based on reports from grain dealers, country elevators and mills and using official acreage figures, this report estimated Winter wheat pro- duction at 665,695.000 bushels, Spring wheat at 197.626,000 and corn at 2.- 756,052.000. The Government's July 1 estimates were 663,641,000, 218,646.000 and 2.571,851.000, respectively. A rally of 2 cents a bushel in Sep- tember corn was attributed to buying of shorts. Deferred corn contracts, (See WHEAT, Page B CLEARING HOUSE ISSUES REPORT AT NEW YORK y the Associated Press. NEW YORK. July 31.—The weekly statement of the New York clearing house shows: Total surplus and un- divided profits, unchanged at $894.- | 463.200. Total net demand deposits (average) decreased $13,082,000. Time deposits (average) increased $11,890,- 000. Clearings week ended today, $3,- 315,164,212. Clearings week ended July 24, $3,252,365,653. | May, 1.191 {to 114 uj Business? Showing Current Business Activity Compared With the Same Week a Year Ago. ‘GENERAL BUSINESS At for -_ Present Business the country indicated by Bank Debits outside N. Y. City. Shaded areas show week of nctlvnyu-,bdn the ponding week of the previous year. Black areas indicate declines from same weeks twelve months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS LEADING Showing Trend of Business in Dollars (Checks Cashed) Employment (Dept. of Labor). ‘Wages (Dept. of Labor). . ... Cost of Living (Ind. Conf. Board) ‘Wholesale Prices (Fisher’s Index). . . Agricultural Prices (Bureau of Labor) Movement of Goods (Car Loadings, Retail Trade (Fed. Res. Board). Building Contracts (F. W. Dodge) Failures (Dun's) Bond Prices (Do Stock Prices (Co Stock Mkt. Vol. issues was 3.29 per cent, against 3.24 per cent on July 23. ~ Dow-Jones) es Traded Important Factors Present Trend Upward Steady Upward Upward Down Upward Upward « Steady Upward Upward Upward Upward Upward Froo et + s g ®eauNOBOuCAD®D TS 1+ 1 +++++++++ gon;gee * All rights reserved, Cembridge Asseciates, Bosien INTHIN MARKET the deferred deliveries showed only | during the session with only transient | TON, D. C, SUNDAY STOCKS EDGE UP, WITH STEELS AND MOTORS IN LEAD Selected Issues Advance Fractions to $3 or More at Week’s Close. MOST LEADERS KEEP BEST LEVELS OF DAY 'Rally Started by Auto Section Following News of Increase in Ford Prices. WHAT STOCKS DID. Advances Declines Unchanged Total issues BY FREDERICK GARDNER, Associated Press Financiai Writer. NEW YORK, July 31.—Buyers put their shoulders to the motors and steels in today's final July market and selected issues were pushed up frac- tions to 3 or more points. Although dealings were compara- tively slow from the start, the steady boosting of bids for the leaders enabled the majority to close at the best levels of the day. The rally was touched off by the automotive group following announce- ment Ford had jumped prices of his cars. This was interpreted as paving the way for the other principal manu- facturers to hoist charges as a means of offsetting expanding costs of la- bor and materials Steels were not slow in stepping into line as early estimates of next | week’s mill operations indicated pro- duction would hold at least even with the current week if it did not show a gain. | In the van also were farm imple- | ments, aviations, a few utilitles and | rails and an assortment of specialties. | Most of these responded to the appar- ently better outlook for business gen- erally over the next several months. Congress Watched. Among other aids to sentiment was the agreement for a quick congres- sional vote on the wage-hour bill with the likelihood other measures would be shelved or passed soon and ad- journment taken by the middle of August. That prices of stocks today exceed- ed the trading pace was shown by | the turnover of 389,590 shares, eom- pared with 505,790 last 8aturday. The Associated Press average of 60 issues was up .6 of a point at 69.5. Principal share gainers included United States Steel at 118!;, Bethle- | hem, 98%: Chrysler. 116Y5: General Motors, 56: Republic Steel, 98%: Sloss-Sheffleld, 164: Westinghouse, | 153';: Boeing., 36'z: Anaconda, 58: | | American Rolling Mill, 383 Pacific | Gas, 33; Consolidated Edison, 38%5,: | Santa Fe, 81; U. S. Rubber, 59';; Douglas Aircraft, 583%: J. I. Case,| 184. Deere, 139';: Vanadium, 31;| Bouthern Pacific, 48',: Standard Oil | of N. J, 70; Texas Corp, 64!y and | Continental Ofl, 487. U. S. Bonds Steady to Firm. After early declines. utilities and second-grade rails rallied to u;ore“ fractional gains in a quiet bond mar- ket. Federal loans were steady to a little higher. The short session closed a month which was marked by the lowest volume since November, 1932. Today, total turnover in all bonds was $2,712,100, face value, compared with | $2,732,500 last Saturday. Utility liens had firm footing. The Associated Press averages for 10 such | issues was up .1 of & point to 98.1. In the carrier division fractional gains were in the majority. The averages for 20 rails showed an ad- vance of .2 of a point to 91.9. A like increase was recorded in the industrial averages which stood at 103.1. Curb Drifts Quietly. The curb market drifted quietly | with utilities and oils coming to the | front for minor fractional gains. American Gas & Electric improved 1 to 36'% and Arkansas Natural Gas “A" ended at 77x, up 'x. Niagara Hudson Power was unchanged at 14% while Electric Bond & Share advanced a minor fraction to 207. In the oil group Humble gained 33 to 83 and Sunray finished at 4!3, up 1x. International Petroleum and Im- perial Oil kept level. Volume totaled 87,000 shares com- pared with transfers of 130,000 shares last Saturday. FINAfii)ING TOTAL RISES IN CANADA July Volume Is Largest for That « Month in Last Five Years, According to Survey. Special Dispatch to The Star. NEW YORK, July 31.—Canadian government, provincial and municipal financing for the month of July amounted to $76,935875 and was the largest for that month in any of the last five years, according to figures compiled by Wood, Gundy & Co., Ltd. All of the financing during the month was placed in the Canadian market, the largest issue being the treasury bills aggregating $50,000,000, consisting of $45,000,000 for refunding purposes and $5,000,000 for new money. Canadian financing in the first seven months of this year was also the largest in any of the last five years, totaling $705,455,510, as com- pared with & total of $663,883615 in the same period last year. Of the seven month total this year, $669,- 937,850 was for refunding purposes and $35,517,660 was for new money. Corporate financing in the seven months through July totaled $1321,- 605,800, of which $76,948,000 was for refunding and $44,637,800 for new capital. This total compares with 708,72¢ in the same period ef 936 and $18,525,000 in 1938, t MORNING, AUGUST 1, 1937. HOW MUCH WILL IT STAND? BEST STORE SALES SINCE 1929 DUE Department and Specialty | Firms Expect Heavy Buy- ing This Autumn. Br the Associated Press. NEW YORK, July 31 —Department and specialty atores throughout the country are expecting the best Fall season since 1929, the National Retail Dry Goods Association reported today after a Nation-wide survey of the prospects for retail business in general. Retail sales volume, department and specialty store merchants in 50 cities estimated, almost without exception, will run 10 per cent better than last year in September, October and No- vember. Such ar increase. Channing E. Sweitzer, managing director, said. | would place volume at least equal to | that of the Fall of 1930, and very | likely the best in eight years. Favorable Factors Seen. Favorable factors in the situation were declared to be better® business, employment and wages all around, heavy gains in farm income, increased | residential building and the prospect | of fewer labor disturbances. Other elements conducive to improved retail- ing included increases in savings, price stability, added leisure, possible modi- fication in the tax on undistributed profits and a more active stock market. Estimates of improved business were fairly even throughout the country. The poll showed expectation of an average increase of 9.3 per cent in New England, 9.8 per cent in the Middle Atlantic States, 9.9 per cent in the Middle West, 10.5 per cent in the South, 10.2 per cent in the Southwest and 9.1 per cent in the Far West. Price advances were considered in- evitable by most of the stores polled, but the majority expected little resist- ance on the part of customers. Many felt that the public was fully aware that price boosts would follow nat- urally increased remuneration and shorter hours for labor. Plan to Curb Costs. However, many reported they planned to cushion the increases and make them gradual, by holding down store expenses, throwing the emphasis of promotion on style, quality and merits rather than on prices and in- creasing the number of price lines. Department stores generally ex- pected the home furnishing depart- ments to continue to lead in sales vol- ume. Next will be accessories, they found, with jewelry and gloves impor- tant* PFurs, coats and suits, house- wares, hosiery, men's furnishings, china and glass,4inens, millinery, cor- | Economist for Savings sets, sportswear and knitted apparel followed in the order named. LOWER ASSETS SHOWN BY GROUP SECURITIES Special Dispatch to The Star. NEW YORK, July 31.—Group Se- curities, Inc, reports total net assets as of June 30, 1937, of $7,007,466, com- pared with $7,156,234 on June 30, 1036, and $7,350,135 on December 31, 1936. Net unrealized appreciation of securities owned at June 30, based on market quotations, is stated at $1,- 460,362, Total income from dividends paid on securities amounted to $113,726 during the six-month peyiod. Net profits of $96,924¢ were also realized on the sale of securities and, by reason of these profits, the di- rectors were enabled to declare extra dividends on each class of the com- pany's stock, according to the report signed by John SBhermah Myers, presi- dent. Airlines Report Big Travel and Express Increases By the Associated Press. America’s 20 regularly operating air- lines carried 110,842 passengers and flew 5.811.404 miles during June. The Air Commerce Bureau said these figures compared with 97.453 passen- gers and 5.619.896 miles flown in the same month a year ago. ‘The lines carried 650.709 pounds of express last month compared with | 701,142 pounds in June, 1936. REDUCTION OF RAIL DEBTS IS FAVORED Banks Urges Greater Emphasis on Stock Financing. By the Associated Press. NEW YORK., July 31 —Consistent, planned, reduction of bonded indebted- ness of railroads. with the emphasis on stock rather than bond financing in the future was recommended by Dr. Irvin Bussing., economist of the Sav- ings Bank Trust Co. of New York. In a report made at the instance of the savings banks of New York State, which have invested heavily in rail- road secucities, Dr. Bussing called at- tention to the differences in capital set-up between American and British roads. In the former, he said. stock ac- counts for only 38 per cent of the total capital with the rest in the form of bonds, while in the latter 71.3 per cent of the total capital is in stocks. “This situation,” he asserted, “may go a long way toward explaining the fact that financial failure is practically unknown among British railroads, whereas almost every American road has been reorganized at least once as a result of financial failure; and in 1935, 82 American carriers, comprising 32 per cent of total railway mfleage, were in receivership or bankruptey.” Other Currencies Drift Lower or Hold Unchanged BY the Associated Press. Leading European currencies slipped lower or were unchanged in terms of the dollar in foreign exchange mar- kets yesterday. In New York the pound sterling was unchanged at $4.973-16 and the Netherlands guilder at 55.18 cents. French francs were quoted off .00lg of a cent at 3.75 cents and the Swiss franc dipped .01 of a cent at 22.96 cents. Canadian dollars worked 1-64 of a cent higher at 99.967 cents. The dollar gained Ys of a cent in London to finish at 4.9713-16 to the pound, the overnight New York rate. There was no trading in Paris because of the Saturday holiday. Weekly Financ B the Associated Prei Brokers' loans._. Holdings United States securities. Gold reserve.__ Rediscounts - Bank clearings Electric output (kilowatt hours) week ending July 24 (Final three ciphers o} Car loadings, week ended July 24_ Crude oil production (barrels)... Stock sales (N. Y. Stock Exchange) Bond sales (N. Y. Btock Exchange) New financing Pederal Reserve ratio. Steel output rate_ Call money rate. CALUMET & HECLA EARNINGS CLIB $707,686 Net in June Quar- ter Compares With $86,- 452 for 1936 Period. By the Associated Press. NEW YORK, July 31.—Calumet & Hecla Consolidated Copper Co., pro- ducer in the Lake Superior district, reported net profit for the quarter end- ed June 30 of $707.686, before Federal surtax, equal to 35 cents a share, against $86,452, before Federal income taxes in the June quarter last year, General Cigar Co. General Cigar Co., manufacturer and | jobber, with principal plants in Eastern and Middle Western States, reported net income for the six months ended June 30 of $473 419, equal after pre- ferred dividend requirements to 63 cents a common share. This compared with $619.750. or 94 cents a common share, in the first half of last year. Fisk Rubber Co. ' ! Part Five ‘ —_—— SUMMER VITALITY AT STEEL PLANTS TOPS TRADE NEWS Other Industries and Store Sales Hold Advances Over Year Ago. BOOST IN AUTO PRICES TERMED SIGNIFICANT Regarded as Indication of Future Price Trends as Result of Mounting Costs. BY THOMAS E. FLANAGAN, Associated Press Financia: Writer Unusual Summer vitality of the steel industry was the high spot of entries on the Nation's trade and industrial ledger last week. Statistics from other divisions ef industry and the retail front showed gains over 1936 still stubbornly held, despite some moderate recessions from the preceding week owing to seasonal influences. For many months business men have said retail prices provide an important hint of trends. Rising operating costs have already brought higher retail prices for some goods. Last week's mark-up of prices ir the low-bracket automobile field, ana- lysts said, may prove an important chapter in the business story which will unfold the next few months. Buying Power Rises. ‘Those who argued this development was a forerunner of price advances in other products called attention to a bright factor in the business equa- tion. Increased purchasing power through improved wages and farm in- come will help consumers abeorb high- er prices without a serious slowing of the purchasing pace, they said “Retail trade throughout the eoun- try continued to show fairly substan- tial margins over the same period last year,” said the Department of Com- merce in its survey of 37 cities. “In addition to the actual gains in the dollar value of sales, merchants generally were inclined to view the future with added optimism. Much the same situation pervades wholee sale markets." The Aseociated Press index of ‘{ne dustrial activity dipped slightly to 104 last week. In the preceding week it was 1047 and in the corresponding week last year 95.3. Steel Rate Advances. Steel operations accelerated to 84.3 per cent of capacity from 825 the previous week and 75 in the like 1936 week, the American Iron and Steel Institute estimated. Steel trade circles expressed eone victions the bottom of the Midsummer recession has been touched. Lending strength to the industry. they stressed, was brisk activity in farm equipment | industries. Although it was said the motor in- dustry has not yet stepped ageressively up to the steel counter for 1938 model | requirements, a good flow of business from this source is expected shortly. | Important foot-note on steel business in the second quarter was given by re- | ports of leading companies. United | States Steel Corp, free from strikes | during this period, reported highast | quarterly net income since 1929. Beth- lehem, though confronted with strikes at its Cambria plant. had the best sec ond quarter net since 1930. It de Fisk Rubber Co., Chicopee Falls,| Mass., reported consclidated net in- | come for the six months ended June | 30 of $435962, equal after preferred dividend requirements, to 74 cents a | common share. This compared with a | net loss of $141,418 in the like 1936 period. clared a common dividend of $1.50 against the previous payment of $1. Republic Steel’s second-quarter net provided a measure of the extent to which strikes had impaired operations. Earnings in the June quarter fell more than $5.000.000 to $487.251. Youngstown Sheet & Tube, another unit affected by strikes, had its earn- ings cut in half. Automobile production slid to 86,403 units from 88,055 the week previous Spiegel, Inc. Spiegel, Inc., mail order house, re- ported net income for the quarter end- | ed June 30 of $872.827, equal to 60 | cents a common share, on 1275658 shares. This compared with $912,238, or $3.34 a share, on 253.000 common shares in the June quarter of 1936, Middle West Corp. Middle West Corp., public utility holding company, reported net income for the six months ended June 30 of $410.620, after charges, equal to 13 cents a share, compared with $275.492, or 8 cents a share, in the like 1936 period. Pathe Film Corp. Pathe Film Corp., engaged chiefly in developing and printing motion picture film at its laboratory at Bound Brook, N. J., today reported net profit for the quarter ended June 30 of $45,- 176, equal to 5 cents a common share, compared with a net loss of $58573 for the 17 weeks ended July 18, 1936. American Bank Note. American Bank Note Co. reported consolidated net profit for the quar- ter ended June 30 of $234.266, equal to 25 cents a common share. This compared with $478.723, or 63 cents a common share, in the June quarter of 1936. 0DD-LOT DEALINGS. The Securities Commission reported yesterday these transactions by cus- tomers with odd-lot dealers or spe- cialists on the New York Stock Ex- change for July 29: 4,246 purchases involving 113,066 shares; 4,354 in- volving 112,431 shares. ial High Lights This week. $1,141,000 2,526,190 8,833,809 15,217 5,451,538 Prev. week. $1,142,000 2,526,190 8,833,905 12,172 5,711,211 Year ago. $938.000,000 2,430,227 8,185,529 3,668 4,637,081 2,099,712 2,258,776 2,298,005 n above.) 170,980 3,576,400 4,116,935 $32,984,200 18,861,000 19.7% 843% - 1% 1%-1%% 1% 770,075 3,520,750 5,500,810 $38,215,500 60,525,000 19.7% 825% 1% 1%-1%% 1% 730,981 2,960,950 9,290,980 $66,277,000 87,207,000 19.2% 5% 1% 14 % %% A and compared with 97.755 in the like | week a year ago, Ward's estimate indi- cated. Production in the near term is expected to hold about even, although many plants are approaching the date | when they will suspend operations in | preparation for the change over to new | models, it was said Electric power output in the week } ended July 24 totaled 2.258,776.000 | kilowatt hours, & modest recession from the preceding week, when pro= duction mounted to a height never before reached | * The total was 7.6 per cent ahead of | the like week of 1936, which compared with a gain of 13.2 per cent over last year, scored in the week ended July 17, Power circles gave close attention | to the statement of the Federal Power Commission that many utilities are now operating wihout sufficient reserve capacity and with no imme- diate provision to meet rapidly ex- panding needs. Loadings Gain Slight. Freight carloadings in the week end- ed July 24 totaled 770.980. The total represented a negligible gain over the preceding week, and a rise of 5.5 per cent over the like week last year. Traffic experts scanning the horizon said the outlook was good for a rise in August Joadings owing to expected up- turn in coal shipments. Shares on the New York Stock Ex- change moved irregularly higher. Re- covery in the latter part of the week was pronounced in steels and motors, two groups which had suffered from profit taking earlier. Modest improvement in United States Government loans and softening of corporate obligations were outstand- ing phases of the bond market. Me« dium and low priced rail liens came under pressure. Although the average of leading commodity prices shifted a little lower, wide swings occurred. Live stock prices jumped to the highest level in 10 years, while grains feil to a new low for the year. District Reports Given. RICHMOND.—Department_stores in_the fifth “Federal 'Reserve district Midsummer drop in sales, lines felt the impetus of Fall buying. leading department store in Richmond reported sales 10 to 20 per cent under the like week last vear. but 5 per_cens Ahead of the preceding week. Bonus meney was at work a year aco. it was stressed PHILADELPHTA.—Retail trade turned up slightly with good demand for clothing. rniture sales were disabpointing. Ree sorts did & booming business.