Evening Star Newspaper, August 7, 1937, Page 11

FINANGIAL CHANGES SLIGHT ONBOND MARKET All' Sections Hold Within Narrow Limits as Vol- ume Dwindles. By the Associated Press NEW YORK. August 7.--All section: of the bond market moved within nar- row limits in quiet trading today. Government loans were steady, while domestic corporates tended fractional- v higher Rails moved minor fractions each way. Santa Fe 4s edged up around 4, while Rock Island 4s sagged about !>, Great Northern 4s and New York Central 5s climbed a bit Utilities and industrials kept a fairly wven front. Consolidated Edison 3's Improved a major fraction and Mec- Kesson & Robbins 5',s added about <. Western Union and Youngs- town 3'ss advanced a trifle Poreign issues were neglected and price shifts were confined to fractions. German loans gave way slightly, while South American loans followed diver- gent paths. CHICAGO GRAIN he Ascociated Press CHICAGO, August 7 ports that the west whirled corn values skyward 3 cents At times toda Adding to eagerness of demand for forn was the fact that instead of ex- pected general moisture having been received throughout the corn territory, . Startling re- corn crop was firing bttle rain was noted except in East- | ern corn areas. September delivery of corn proved to be the leader of price upturns, and, with offerings” scarce, ¥hot up to $103, as against $6 at yesterday's finssh. December and May deliveries quickly followed suit, the former going up 2 cents to 68%. Forecasts indicating no pronounced widespread moisture relief for the corn erop during the coming week tended to prevent any lasting sharp reaction | in the corn mark Meanwhile, Kansas reports in particular hot and dry damage to corn vields Tlinois advances said corn had ab- korbed 1 all available moisture | and that firing of lower leaves was widely noticeable on high grounds and light soils. Only four cars of domestic eorn were received in Chicago today. Wheat and other grains sympathized with corn price advances. Wheat rose 2 cents a bushel at some stages. Povisions averaged higher grains Around midsession col eents higher with n was 113-2% compared with yester- day's finish: September. 102%: De- cember. 8%, and wheat was T.-11, up: September, 1.13%; 114%. NEW YORK COTTON B the Accaciated Pre NEW YORK tures opened barely st 7—Cotton fu- steady. 5 to 13 lnwer on hedge selling and pre-bureau | D@r‘PmJ lquidation ber, 10.72 October, January, 10.70 1082; May, 10.85. July, 10.84 Trading operations tapered off after the opening 1085 March. posed to take an aggressive position | either way pending publication of the | bureau crop figures on Monday. December sold down to 10.70, and 8! the end of the first hour rallied to 10.74, with the whole list 4 to 9 points net lower Cottonseed Qil. Rieachable cottonseed oil futures elosed steady, 2 to 4 higher. Sales, 30 contracis. September, 840b; Oc- tober, 830b 834: Janu- | December, ary, 835b; March, 837. b—Bid Fut 3 to 14 lower es closed stead Low Botober ecemoer = 1 1 1 1 July Bpot steads BALTIMORE STOCKS &pecial Dispaich to The S:ar. BALTIMORE. August Sales STOC B3 Arundel ¢ 10 Consol Pow com & Dep B30 Mar 1200 Mar Tex Oil INVESTING COMPANIES NEW YORK. Becurity Dealers August 7 —New York Association Admin Fd Am’ Business Am Gen Faq Am Ins Stoc Bancamer Asked and ) Boxton Fund Ine Broad St Inv Bullock ~Fund Corporate Trust Corporate Trust A A Corp Tr A A mod Corp Tr Accum Ser Corp Tr Mod Cumul Depos Bk Sh N Y Depos Ins Shrs Depos Ins Shrs * 4" Fidelity Fund Firet, Boston Fiscal Pund Bank Shrs Fixed Trust Sh A Fiscal Fund Ins Shrs Fixed Trust Sh B Pound Tr 8h A Fund Investors Inc Fund Tr Shrs A Fund Tr Shrs B General Capital Corp _ Gen Investors Tr Group Sec Agriculture _ Group Sec Automobile _ Group Sec Building Group Sec Chemical Group Sec Food : Group Sec Invest Shrs oup Sec Merchandise oup Sec Mining Petroleum _ Sec R R Equip Sec Ste 8ec Tobacco Holding Tnvestors roup Rew Encland Pund Tr Blocks, B 'stocks - Y Stocks, Bidg Supply Y Btocks, Elec Eaquip . Insurance Machinery R R Equip _ Steel or Am Tr_Sh 1958 ymouth Fund Ine Z Quarterly Income 8h £choellkop(-Hutton & Pom Seiected Am Sh_Tnc Eelected Cumul Sh . elected Income Sh _ _ { Sovereign_ Investors Spencer Trask i T SBupervised Shrs & Trustee Stand Inv C Trustes Stand Inv D, | Trusteed Am V\u(”d Im!ufi(rv Shrl ‘ ellington Fund from Omaha across Nebraska told of conditions indicative of | December, | Foreign Bond 238194953 ___ %8 194851 288 1951-54 . 2% 8 1956-59. 278 1955-40. |3%m141_ 3 944-46 |3%8 1941-43 Mar | 43 1944-54 4% 81947-52 (s 1964_ 2348 194244 101, Antioquia 7845 A___. Antioquia 78’45 B____ Argentine 43°12 Argentine 434s°71, Argentine Argentine Argentine 63°61 May_ Australia 4348 "56___. Australia 6865 ____ Austrian 78’57 Relgium 6s '65_ Brazil 6348 '26-'57_ Brazi Brazil Ts Braafl 83 41 Brisbane 5568 Budapest 6s'62__ Buesnos A 35’84 ___ Buen A 4%4-4%8'77_ Canada 25%5°44 Canada 2%3 ‘45 Canada 38 '67 | Canada 3355’61 Chile 63°61 Jan Chile 63 '61 Febr__ Chile 6563 Chile Mtg Bk 63 Chile Mtg Bj 57 Copenhage 4:,- 53_. Cordoba Ts 42 prv.__ Cordoba 7s ‘37 stpd _. Cuba 55 '0-'4 Denmarx 434862 Denmark 5% '55 Denmark 6’42 __ Dominic 2d 515’ 69ext Ger Gov 5%s°65 | Ger Rep7s 49 un s GrtCElJap 6850 |GrtCElJap Ts'44___ | Hatu 6852 | Hungary 734844 Karstadt 6343 ctfs _ Japan 615554 __ Jugos Mte Bk 78 '57__ | Mex 43°10-"45amat sm | Mex Ire 475843 asst_ | Milan 614352 Minas Gers 61:5 ‘59 __ New So Wales 55°58_ orway 4s 63 | Norway 41,65 Norway 432358 _. Norway 63 '44 Norw Hy E1§ Oriental Dev 6553 Oslo 4% 865 ___ Pernambuco 7847 | Peru6s60_ | Peru 6861 Poland 754 Porto Alegre 7% Queensiand 65 °47.. ‘Qucenuand 841 Rhine W il P 68'52_ Riode Jan 6148 '53 Rio Grdo Sul s '66__ Rome 614552 _. | a0 Paulo St 7a"40 | Serbs 7562 0 Paulo St £5'36 _ 66 | Traders were not dis- | & | Tokio E L Litd 6853 _ Un St] Wk 615847 7& Uruguay 6860 Uruguay 6864 Uruguay 8s 46 Migh. 9.4 101.20 101.20 101.20 100.20 100.20 100,20 100.17 100.16 100.17 101.17 101.14 101.12 106.19 106.19 106.19 106.29 106.29 106.29 106.24 106.24 106.24 112,18 11218 112.18 173 FEDERAL FARM MORTGAGE. --- 103.24 103.24 103.24 HOME OWNERS' LOAN. 101. - 10111 101.10 101.11 103.2 103.2 103.2 FOREIGN BONDS. Mieh. Alpine Mont § 78'55_.. 102 1024 102% 500,000 Domestic Bonds_—.. 2,000,000 TREASURY. 120,000 Low. 17, 13 13 107% 10414 1107 434 434 434 10"- 1008 10274 51 29%, 294 891, 954 100' BR1a 574 927y A LY 4 104 100 10284 105 106 Z 101 189 101% 27% 19% 191y 754 274 1124 1097 27 277 26% T5% 97 29%, 40 ‘mv Pron BRI T 113 101. Low. Ciose. 13 13 13 13 3% 4% 102 102 100% 1004 1004 1004 1014 1014 1024 102% 107% 107% 1075% 107% 10415 104% 110% 110% 43% 43% 434 434 434 43% lflt‘ 1001, 100% 814 1012, 2% 190 191 51 2715 112 1097 30% 6% 681 1t DOMESTIC BONDS. | Adm Exp 41,846 std [Alb&Sus 325746 g1d_ Alleg Corp 5844 Alles Corp 55 49_ Alleg Corp bs 50 | Allled Stores 414850 | Allied Stores ¢145°51. Alleg Valley 48342 {Am 1GChbY%e'49__. Anaconda deb ¢33 '50 Armour(Del)1st 48’55 Armour (Del) 45 '57_. | A T&S Fe zen 48’95 A T&S Feadj 43 ‘95 st Atl Coast Lclt 48°52. |AUCLun 43564 \Anlnnuc& D Ist4n'43 B&O 1st 4343 *|B&O4sas0 ! B&O 1st 58’48 : B&Oref5s2000D... |B&O5s'96 F__ |B&Oref 65'95 C B & O PLE&W »’llll B&O'Swnbs'50___ Bell Tel of Pa 6560 C. Beth Steel 3% 566 Beth Steel 4% 860, Bos & Me 58 '55__ Bklyn Man T ¢%s'66 Bklyn Un El 6s°50 __ Bklyn Un Gas bs '45. Bklyn Un Gas 68’50 Bklyn UnG 63’51 B . Buff R&P con 413857 Can’dian NR 4% 856 Can’'dian NR 4%s'67 Can'dian N db 614 8'¢6 Can'dian P db 48 perp Can’dian Pac 54 CaroCl& O 6s'38_ Cent of Ga b3 '59 C. Cent Il Lt 314,866 Cent of N J gen 58’87 Cent Pac 1st rf ¢s'49. Cent Pac 58'60 Cert'd deb 5348°48 Ches & 0 3%ms'96 D_. Ches & O 31,596 B_. C&Ogendln'9s_ C & O con 58°39 CM&StP4s CM&StP6s'75 CM&StP&P 241582000 Chi & NW 4%82037C Chi& NW 4% s'49___ Chi&NW 43 s 87 Chi & NW rf 582037 Chi R I&P gen 45'38 Chi RI&P 4s '88 ctfs Chi R I&P ¢1% 8 52 Chi R I&P ¢ %860 Chi Un Sta 33% 1. Chi UnSta 3% 8’63 E. Chi & W 1n con 4= '52. Childs & Co 5843 Cin Un Term 58°'57 C. CCC&St L gen 4393 CCC&StLrf ¢ 4178 Clev Un Ter 4348°77 Clev Un Ter 6% 8'72A Columbia G & E §s Colum Ry P&L 48°65. Comcl Credit 3% s ‘51 Cons Coal Del 53’60 Coi NY3% as NY 434 Consum P un 34865 Consum Pwr 3%8°70. Consum Pwr 3% 866 Container deb 68'43__ Container 6846 Del & Hud ref 3 Den & R G con 48°36. Des M&F't D 48’35 cfs Det Edison ¢s '65 F_ Dul SS& Atbs’37 Duquesne Lt 348 Erieref 5s'67._. Erie ref 58'75_ FlaECRy S Gen Mot Acc 38°45. Gen Mot Ace 3% s ‘51. Gen St1 Cast 5%s"49_ Goodrich 43856 Goodrich 68 45 .. 102 104 95 86 62 100t 981y - 1081, 107 100%, 100 10415 112 107% 10615 981y IRy, 1111, 105% 93 9y 48 e 1043 % 114% 102% 82 101 104% 1024 104 95 1024 104 95 R6Y% 62 1004 981y 1081 | 107 100% 9975 10415 112 107% 106 988 9834 | 1y | 105% 93 9y 3 104% 107 106 983, LI 1% 105 93 9% 4« 114% 112'% 1241 94, 107 103% 14% 104% 51 1127% 124'% 941y 107 103% 14% 10914 944 85 854 106% 102 a1 102% 110 102% 100% 1084 98y 70 106 106'% 104144 103 1064 1014 108% 86% 26 l10"- 105% 71 704 124, 5 104 102% 102% R2 82 101 101 | Skelly Oil 4s°'51 __ 104% 104% VENING STAR, WASHI NEW YORK BOND MARKET 8y private wire direct to The Star, Approximate Transactions Today. USGov't ’..‘.-vfl Hish. Low. Close. Goodyear T&R bs '§7. 106 1044 106 Grt Nr Ry 3%s°67 5By% 9% 95 Great NRyds'46G._ 125 126 125 Grt NRy4s'¢6 B 108% 108% 108% Grt NRrf 438’6 114% 1143 114% Grt NRE%s'63B .. 118% lll‘t 118% Gulf Sta SU §%s 61 985 Gulf States Uti] 4564 1034 Houston O1] 5% s°40_ 10214 Hudaon Coal 58 ‘52 48 Hudson Co G 1st Hud & Man tnc bs 57, Hud & Manref 53’57 111 Cent ret 4 111 Cent 4% '68 ICC&St L N O 6 Ind & Louisv 48 Int RT 1st rf bn Int RT 63°32_ Interlake Irorfis Int Grt Nraaj 6w A IntPapistbs'47 A__ Int TAT 4%s'53_. Int T&T 6355 — JamesF&Cdn'3y___ JoneskL Stl 4% 61A l'fi% IMW . 12% lm 29 l(Mh 109% 1044 109% 100 105 27 62% 61 3444 9 " 514% 55 105 Leh C&N 63864 A__ Leh Val Coal 6338 Leh V P con 48 2003__ Leh V P con 41482003 Long Islref 4s'49___. Lorillard 6851 __. L&NStL3s'80 McCrory Strs 68°51__ McKess&Rob 51450 MeC RR gn 4%48°60 A Marion Sti Shov 65’47 Mead Co 6845 __ Met Ed st rf 453868 Mich Cent 4540 Mich Cent %879 Mil E1 R&L 5s°61 Mil E] R&S L rt 68'71 Minn & St L 68'34ctfs MStP&SSMcn ¢s°38_ MStP&SSM b3 49 MStP&SSM 5378 Mo Pac 4576 Mo Pac 58’711 F Me Pacific 55' 81 L. Mo Pac 5138 49 Mob & Ohio 448 Monong Pub S 6365, Mont Pwr3%s'66 __ Morris & Es 3%s 2000 Morris&Essex 58'55_ Natl Dairy 3%s'51ww Natl Dis PC 4%8'45_ New E T&T 412561 New E T&T 1st 5553 New Orl PS 5552 A New Or Ter 1 N Y Central 3% NY Central 3% NY Central 3% NY Cent rf 438 2013 NYCrf4%4s2013n_ NY Centrf NYC&St L 18t 43°37_. NY Chi & St L 45°48 NYCASt L 4%s8'78___ NYC&St L6%8'74 A_ NY Chi & St L 6238 NY NH& H 4558 NYNH&Hcv 63 NYQueens con3 1% s NY & Rich G 68’51 NY S&W 1strf 58’37, NY Tel gen 4% °39_. NY W&B 413846 Niag Falls P 315366 North Am Co 5861 rg North Am Ed 6869 C North Am Ed 5%s°63 Nor'n Pac gen 33 2047 Norn Pac4s'97_____ Nort'n Pac 53 2047 C_ 1011 Nor’n Pae 63 2047____ 110'¢ Ohlo Edison 45’65 __ 105 Ohio Pub Sve 78’47__ 1117 Oreg RR&N 45°46___. 111 Oreg W RR 43 61____ 107% PacGas& El13%x'68 100, PacG&E3%s 61 104 PacG&E4s 64_____ 1074 Panhand EPL 45 '52_ Parmelee 6544 Penn Dixje C 65’41 Penn P & L 413881, Penn RRIX8w1_ Penn RR3%s'70C__. Penn RR 433’81 D__ Penn RR 4% 884 _ Penn RR deb 43%s ‘70 People GL&C rf 5847 Peoria & F 18t 48 °40_ Pere Marq 1st 45 ‘56 Phelps Dodge 33552 Phila B&AW 415581 __ Phila Co 5867 ___ Phila & R C&I 63'49_. Philippine Ry 45’37 Pitts&W Va 4138584 Pitts&W Va 4148 Port Gen El 415560 Postal Tel & C 6s'53_. Reading R 4%3°97 A Republic St14%s'50_ Republic St1 4% 3°66_ Republic Stl 4145 °61_ Republic Stl 534854 Safewny Stores 4s'47 St.Jo Ry L T&P 58°37 St L-S F 4850 A ctf! Seabd A L 6345 A___ Seabd A-F16%'35 A ct Shell Undeb 3333 '51_ Silesian Am 7s'41 Simmona Co 4% 5. 103% 11 1944 11' 10455 Rty 9914 981 36 37 1045 106% 30 1071 107 122 10313 10315 10415 105 104 104 1041 1041 TAM 105% 1014 110% 104% 65 1041% T4t 105% 111 107% 100% 104 1074 100" 64 994 101 1055 100 108 108 10278 90 924 1T 102 Socony Vac 3%8°50 Southn Cal Gas 48°65. So Pac 3%s'46 So Pac col é3'49_ So Pacref 43'55._. So Pac 41868 So Pac 4%8°69 80 Pac 41881 So Pac Oreg 4%48°'17_. So Pac S F Ter 4550 So Ry gen 4866 A. So Ry 68'94- So Ry gen 6s 66 SoRy M&O 43’38 S W Bell Tel 3348 °64. Stand Oil N J 3861 Studebaker cv 6845 Swift & Co3%s'60 .. Tenn El Pw 6847 A Texas Corp 3%s'61 Texas & Pac b3 80 D Third A ad in ex 68'66 Tide Wat Oil 33462 Union Pac 3%s'71.__ Union Pac 1st 4547 Un Pao 1at rf 48 2008. 1057 107 1001 9315 1064, 851 851 85 LT 108y 733 104'% 937 93 106 98 10814 106 954 1041, 1031 16% 101% 977 113% 108 1067 102% 49% 48% 103 105% 9 1065 843 95y 50 101% 897y 90 Ry 21% 146 103% 10815 106% 95'4 10414 1034 101% 977k 113% 108 106% - 1028 4915 4918 103 105% 91y 10615 4% Utah P& L 68 "44_ Utl P& L5#'69 ww._. Ul P& LE%s'47 - Vanadium cv 68 '41__. Va Ry 1st 3% 66 A. Wabash 1st 53°39_ Walker H&S 434545 Walworth 4855 X Warner Broscv Warner-Quin 6339 ._ West'n Md 1st 48°62_ West'n Un 4%8'50 Westn Un bs ‘51 .. 105% 9 10615 8414 9514 49 101% 897 90 89 21% 146 143 108% 103% Wis Cent 1st gn s ) Y'ngstn S&T 3%s 61, T'ngstn S&T 4’61 SMALL INCREASE HELD BY TRANSIT REVENUES Bpecial Dispatch to The Btar. NEW YORK, August 7-—Revenues for the transit industry for the week ending July 31, based on telegraphic reports received from a representative group of transit operating companies, showed a moderate increase over last year, Transit Journal's revenue indicator stands at 100.29, which represents a gain of 0.29 per cent from the corresponding week in 1938. TFor the week ending July 24, 1937, the indicator was 101.13. Revenues for the week remained at almost the same level as last vear. Some companies showed slight gains and others small losses, but all held within a narrow margin of change. Pullman, Inc.—Pullman-Standard Car Manufacturing Co., subsidiary, re- ceived an order for 500 36-metric-ton sll-stee]l box cars for Soracabana Railways of Brazil. A L4 , | and $57,885,000 in 1929. 111% | « | Continued gains in business activity 113% | 101% | CHAIN 0UTLOO STILL UNCERTAIN Profits Have Not Reached New Peaks, but Hold at High Levels. Special Dispatch to The Star. NEW YORK, August 7.—Although marRked progress from depression levels has been registered by both variety and grocery chain stores, the outlook for the future is still uncertain, sac- cording to H. K. Hansen in a survey of the chain store business appearing in the current issue of the Annalist. “Sales of limited-price variety chains have risen to a new high level, al- though recent gains have been smaller than those for total retail trade. “Profits,” says Mr. Hansen, “have not broken into new high ground, al- though margins have improved sub- stantially during the last few years and are at a comparatively high level. The dollar volume of grocery chain- store sales has also increased. but has recovered to only around the 1931 level. The most important factor in this recovery has been the upward trend in food prices. Unlike variety chains, grocery chains have been re- ducing the number of stores operated. Fewer Stores Built. “The trend is toward fewer but larger stores, with some companies opening up super-markets. Compe- tition is becoming more severe, partly because of a rapid growth in voluntary chains. Reflecting this rise in com- petition and an increase in costs, profit margins in the grocery field are well below the 1929 level. In appraising the outlook for all chain-store sys- tems, serious consideration must be given te the growth in unionism and to discriminatory tax laws. “It is generally believed that the saturation point is near at hand in so far as low-priced merchandise is con- cerned. Corroboration of this is con- tained in recent developments, the leading system having for some time experimented with the sale of mer- chandise up to $1. There is talk that some chains may adopt a $2 limit. By reaching beyond their traditional low-price field, chains hope to obtain a mucH bigger market, and evidently preliminary experiments have not been a failure, since the movement is | growing. Margins Maintained. “Net income of grocery chain stores | last year showed about the same per- centage increase over 1935 as sales, the total for 12 chains being $33,097.000. | A5 compared with $31,226,000 in 1935 “The decrease from the 1929 level amounts to 428 per cent, although | sales were only 6.1 per cent smalier | than in that year. Severe competition and rising costs have driven down | profit margins, which normally are | | small. Last year profit per $100 sale | amounted to only $1.72, as compared | with $2.82 in 1929. A slight improve- ment occurred in 1936 over 1935, but | the nearby outlook is none too bright. | “Wholesale prices have risen at a faster pace than retail prices, indicat- ing a further shrinkage in gross mar- gins. Moreover, taxes are higher and the wage and salary bill is increasing. and consumer purchasing power, how- ever, should permit adjustments in retail prices to offset higher costs. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, August 7.—The fol- lowing is a summary of corporation news prepared by Standard Statistics Co., Inc, New York Curtiss-Wright Corp. — Preferred share earnings, six months ended June 30, were 78 cents, against 71 cents. Wright Aeronautical Corp—Oom- mon share earnings, six months ended | June 30, were $1.73, against $1.02. Autocar Co.—Common share earn- ings, six months ended June 30, were ! $1.39, against 8 cents. Flintkote Co.—Common share earn- igns, 28 weeks ended July 17, were | 99 cents, against 71 cents in 28 weeks | ended July 18, 1936. Apex Electrical Mfg. Co.—Common share earnings, six months ended June 30, were $2.55, against $2.53. Sonotone Corp.—Common share earnings before taxes, six months end- ed June 30, were 15 cents. Mohawk Carpet Mills, Inc.—De- clared an extra dividend of 30 cents a share and regular quarterly dividend of 30 cents & share on common stock, both payable September 15 to holders of record September 10, 1937. An extra dividend of 20 cents a share was paid June 15, 1937. American Laundry Machinery Co.— 'Common share earnings, six months ended June 30, were 72 cents, against 36 cents. W. T. Grant Co.—July sales were up 8 per cent, seven months up 4.1 per cent. McLellan Btores Co.—July sales were up 6.7 per cent, six months up 8.5 per cent. American Smelting & Refining Co. —Company advanced price of lead 35 points to 6.50 cents a pound, New York. Brunswick-Balke-Collender Co. — Net income, six months ended June 30, was $210,033, equal to 29 cents a common share, against deficit of $118.- 155. Executive vice president said company has on hand a substantial backlog of orders for future delivery and prospects for a favorable showing in the third quarter are promising. Orders received for the year to date exceed like figures for last year by & margain in excess of the increase in sales. United States Envelope Co.—De- clared a dividend of $2.50 & share on common stock, payable September 1 to holders of record August 16, 1837, Similar amount was paid on March 1, 1937, Warner-Quinlan Co.—Referee in bankruptcy, sitting as special master, recommended that the amended plan of reorganization of Warher-Quinlan Oo. be confirmed. He listed assets of the company at $12,398,972 and its liabllities at $18,492,403. He found that the service stations, which under the plan were to be taken over at $4,- 180,750 by a new corporation backed by Cities Service Co., actuslly were worth $3,479,015. International Paper & Power Co.— Common share earnings, six months ended June 30, were $2.21, against def- icit after surtax of $3.49 a common share in like 1936 period. | with & plant at Roby, Ind, { perlod. D, U... RUBBERNETS $4.500, 609 PROFIT Six Months’ Total Compares With $2,187,902 for Same 1936 Period. B7 the Assoclated Press. NEW YORK, August 7--United BStates Rubber Co, a leading tire manufacturer, reported net income for the six months ended June 30 of $4,500,609, equal, after charges and preferred dividend requirements, to $1.29 & common share. ‘This compared with $2,187,902, leav- ing nothing for the common shares, in the first half of last year. P. B. Davis, president, explained the incresse in net income resulted from a change in calculation of in- ventories. Thatcher Manufacturing Ce. ‘Thatcher Manufacturing Co., EI- mira, N. Y, maker of milk bottles, reported consolidated net income for the quarter ended June 30 of $275.236 after all charges, equal, after pre- ferred dividends, to $1.14 a eommon share. This compared with $237,120, or 86 cents a common ahare, in the June quarter of last year. Dixie-Vortex Co. Dixie-Vortex Co., Chicago, manu- facturer of paper drinking cups, re- ported net income for the 12 months ended June 30 of $910,488, equal to $2.28 a share, compared with $875527, or $2.11 a share, in the like period last year. Thermoid Co. Thermoid Co., a maker of auto- mobile brake linings, with principal plant at Trenton, N. J, reported net profit for the six months ended June 30 of $250,281, equal 10 56 cents a share after preferred dividends. This compared with $140,656, or 15 cents a share, in the first half of 1936. Gotham Silk Hosiery. Gotham 8ilk Hoslery Co., Inc., hosiery manufacturer, with principal plants along the Atlantic seaboard, reported consolidated net income for the six months ended June 30 of $190.725 before Federal surtaxes, equal to 24 cents a common share This compared with $150.999, or 14 cents a share, in the first half of last year. Maytag Ce. Maytag Co.. Newton, Iow: facturer of washing machines, re- ported net income for the quarter ended June 30 of $689.064, compared with $754,692 in the June quarter last year. American-Maize Products. American Maize-Products Co., manu- facturer of refined corn products, reported net loes for the six months ended June 30 of $229385 compared with net profit of $369.528 in the like 1936 mapu- Vanadium Corp. Vanadium Corp. of America. a pro- ducer of vanadium, with deposits in Peru. reported net profit for the six months ended June 30 of $612.400 equal to $162 a share, compared witn $41.838 or 11 cents & share in the same | period last year, MIDSUMMER DULLNESS ABSENT AT SALISBURY By the Associnted Press. SALISBURY, August 7.—The usual | Midsummer slump was noticeably ab- | sent in business in Salisbury last | month, figures eompiled by the Salis- bury Chamber of Commerce show. . Cheek clearances during July in- oreased 33 per cent for the largest monthly turnover since September, 1927. The clearance last month to- taled $6,118,469.54. Building permits for the month jumped 25 per cent sbove the value placed on buildings started in July, 1936. Permits were iasued last month for oconstruction work valued at $42,985. Bank deposita increased 15 per ocent over deposits in the corresponding month of last year. There was a total of $6,621,370.30 deposited in July, 1937, HARVESTING STARTED IN CANADIAN PROVINCES 8pecial Dispateh to The Star. NEW YORK, August 7.—Crops in the Canadian prairie provinces are ripening rapidly and harvesting, which has commenced, will be general in about 10 days, according to the Bank of Montreal eurrent crop report Rains, varying from scattered showers to heavy downpours, have been beneficial in Manitoba and Al- berta and at a few points in Saskat- chewan, In Saskatchewan crop conditions remain unsatisfactory over most of the province, with conditions in Al- berta varying from good to & virtual failure and with those in Manitoba on the whole favorable. Improvement has been shown in the feed situation and the condition of pastures in the prairies xenerglly PIERCE- ARROW TO CALL VOTE ON FINANCE PLAN By the Associated Press. NEW YORK, August 7.—A. J. Ohanter, president of Pierce-Arrow Motor Oorp of Buffalo, accounced a epecial meeting of stockholders will be called shortly to consider a plan for ralsing $11,000,000 cash for working capital. The funds will be obtained, the com- pany said, from the sale of stock to underwriters, but no details were given. It was also announced the company will enter the medium-priced car field. U. S. TREASURY NOTES. (Reported by Chas. D. B-mn & Co) ateg daturit i‘ 16, gz (ill N'} -32 :;-a:"w?‘?ww"v'a_o-??l:_ 552533335 553353353, 3322328822 393335553 233333238385 PEEED 332 e SFFESEESIESES S o ar. June Sept. Mar. Jui Dec. Mar. June Mar. June Bept Mar. 83 BOSTON ‘WOOL MARKET. BOSTON. August 7 () (United States Department of _Agricul tare). - Do s were not quite as prices _were nsis. Eltlllatia combglu-len h A :E:ll’l::{ o mbing s ne-d; prices. Tangd =l'n 047 c,fnu i e nta combing lengths Rt ::nl:‘l. for Yn'r':e:uhtu ot e PR for quarter-blood. North American Edison Co.—Pre- ferred share earnings after surtax, 13 months ended June 30, were $34.18, seainst 427.56. [ American Steel Foundries—Com- | Kirby Pet mon share earnings, six months ended June 30, were $1.50, aguinst 83 cents. C., BATURDAY, AUG NEW YORK CURB MARKET nmmm--‘m Steck aad Dividend Rate. AMOO High. Low. Closs. AsroBup MfgB_. 16 3% 8% 3% Als Pow pf (6)_ .110] 5 65 65 Alles & Fisher_ 3% 3% 34 Alum CoAm.___. lfll 151% 15114 151% A CP&L B(.30g). 1 4N 4% 4% Am Cyan B 11 " Am HarA Rul = Am Laun M (.80) Am Maracaibo _. Am P&Ch(1348)_ Anch Post F Apex Electrie. Ark Nat Gas_ 808 1 12 808 At Cst Fish(. 25[) Atlas Corp war_ AtlasPly (1%g _ ¥ Austin Silver M _. Automat Prod. Axton Fis A Baldwin Rub . Barl&Seel A (1.20) 100 Beech Airc Berk&Gey Furn_. BlissBW___ Blue Ridge (.15g) Bow R Bear (1g). Breeze Corp = 00 0 §,.. Rrao-T Fior Brit Celan Brown Copf__ BN&EPpf1.60 Bnk HI & S(1%)- Bur Ltd(.162g) - Cab & Wire A Can Marc Wire Carnegie Met Carrier Corp Carter J W (.40 Catalin Am Cen Me Ppf 2%k CP&LD!(4.81%k) Cen St EI Cities Servic Claude Neon Lt Cleve Tract.____. Club Al Uten . Colon Devlcv pf_ Colum O & G Cons Bisc (.60)__ Cons Cop Min . Con G&E B(3.60) Cons M&S 1.50% . Cons Steel Corp_. Cont Ofl Mex Cont Roll & Stl. Copper Range Cord Corp Corroon & Rey_ Cosden Petro Creole Pet (148 Crocker Wh . _ Croft Brewing Crown C Pet ____ Cuban Tobacco Cusi Mex _ Darby Pet (13) _ Dennigon Mf 1 pf 40, Derby Oil Det Gray Ir (04). Dom St & Coal __ Eagle P 1.4.30g _ )-..ucu &F &K 6% pl(3) 1: G&Fpr pfi4is) ElBond & Sh____ Flect Share _ Emp G&F 7% pf_ Equity Corp . Europ Kl debrt__ ans Walio._ Ex-Cell-O C(.40g) Fidelio Brew ____ Fisk Rub g Fd M Ltd(.213g) - Gen Firepfg 655 Gen T & Rub _ Glen Alden(%g) . Grand Nat Films. Gult Ol (34g).__ Hall Lamp(.20 Hazeltine (3) Hn D Strs(1.65 Hecla Min (.70& Hewitt Rub(ag) Hoe(R)&Co A _ Hud BM&S(%8)- 111 Zine (75%) Imp Of1 Can(3;a) " 300 WA AD ANNE — 108 508 bos 268 ] | Inter Pot(1340) . Ir Fire vte (1.20) Jeannette Gla Ken Rad T(%g) _ Kingaberry Br __ § 508 Lake 8h M (4a)_ Lakey Fdy & M _ Lehigh C&N(.30) 1.8 Tourean (1)__ Lion Oil (1a)_ Lockheed Afre Lone St G (.40g Long IsLt._____ Long I L pf B(6). 100, London Pack Louis L&E(.40) MemphNG (.10 Merritt-C& S Mer-C&Spf A__ Mesabi Iron. Mich St Tu (L g) Midwest Abr Midwert O (Y4 §) Molybdenum ___ Mount City Cop _ Mount Prod (.60) Nat AuFvte 14K Nat Bellas H - Nat Contain . NatOil Prd( 2 1 2 2 2 9 1 « 1 1 1 . ”" M 1 9 2 1 5 2 2 3 2 1 3 1 1 9 1 1 1 1 NavarroOil(. 1008 N J Zinc (2a) ____ 1508 NewmMin(1%§g). Niag Hud Pow __ Niag Hud A war _ Nipl'g Mns(1{g)_ NAmRA (1.50g) Nor KEurop Oil Novadel-Ag (2) Ohio Ed pf (8) 285100 Okla Nat Gas ___ L 18 Pacific € 2 10 5 ™ 20 100 1315 9y T ParkbgR&R 20 Pennroad (¥e)._ Pitts Forg _ _ Pltts PGl (4158) - Powdrell&A .35g Prosperity B_ Red Bank Oil Russeks F A (4) Rustless I & S Ryan Cons _ AVERAGE BOND VALUE SHOWS GAIN IN JULY By the Associated Pr NEW YORK, August 6.—The New York Stock Exchange made public its statement of bond listings as of Au- gust 1, showing a total of 1,381 issues with & par value of $47,158905201, and a market value of $44,206.135,580. The per bond average was $93.93. This compares with 1,397 issues as of July 1, with a par value of $47,321,- 130,777, a market value of $44,001, 162,301, $92.98. On August 1, 1936, there were 1 403 issues, with an average of 36478, & par value of $43,980,902.150 and & market value of $41,685,172818. $374,000 TO BE SPENT BY MISSOURI PACIFIC By the Ansoclated Press. ST. LOUIS, August 7.—Increased business estimated at $1.200,000 in the Rio Grande Valley of Texas brought the Missour! Pacific Railroad permis- slon yesterday to spend $374,000 for improvements of its subsidiary prop- erties there. Lines affected will be the 8t. Louls, Brownasville & Mexico; San Antonio, Uvalde & Guif; New Orleans, Texas & Mexico, and the International- Great Northern. R Sears, Roebuck & Oo.—It is sald new Fall and Winter catalogue of this company is its largest since 1919, showing an & increase in prices of § per eent. i | Joseph Lead Co. | Chi Mid & Il At | Interst Pw 1214 | Interst Pw 63 | Intersc ¢ | intecat and a par bond average o{l INANCLlAL mul Sales— Dividend Rate. Add 00. Wigh. Low. e\uc 8t Regis Pap 84 8% Sampson Unit 1 B4 ba Schiff Co (2)_ 1 21% Segal Lock __ Seiberling Rub Sel Ind prpe 6% Beversky Aire Shattuck De: Sherwin-Wms 4a Simmons H&P Soss Mfg (%) 8o CalEd pf 1508 Sou Un Gas._ Southld Roy .20g. StdCap & S 1.60a. SC&Scvpf1.60_. 8t Pow & Lt St8il-L (.02g) 8td Steel 8p(1g) .. Sterchi Br 8tr Sterl AlamP .50 Sterl Inc (.20a) Stetson(JB) .508. Sullivan Mach __ Sunray Oil .15g Technicolor 5g Trans-Lux (.20) - Union G Can .60 . Unit Gas Unit Lt & PoweA - Unit Lt &P cv pt USFoil B (%g)- US Linespf _ U S Rub Recl __ United Stra vie - Unit Ver Ext 1g . Unit Wall P 15g_ Univ Corp vte . _. Util Pw & Lt (r)_ Utility & Ind pf . Veneziela Patrol Vogt Mfg (.80) Wagner Bak .80g Walker Min__ Wentw'th M .15g. West VaC&C _. Woodley Pet .40 _, 10 Wright Har .40a _ 64 | Yestn S11D 2,50 4 14 T4 Yukon Gold .06g . 24 3 3, r In bankruptcy or receivership or being 808 3 13 50s 1 23 208 1R l!Z 3% 1Rk 132 3% D 3T, ar 100w 234 231y B4 GURB LIST HOLDS ‘| TONARROW RANGE Few Specialty Issues Gain, but Otker Groups Make Little Progress. Bond Averages Rails lrnm 1 1 0 Fan Net change h .2 Today close 9111032 sm Prev. day _. $1.21031 98 Month ago_. 9311029 9638 Year ago _. 943103.4 1026 1937 99.0104 41028 1937 9091022 958 1938 982104.4 1031 1936 8691018 993 1932 458 400 646 423 1928 101.1 989102.9100.5 10 Low-Yield Bonds. Today _.1112 Prev, dav. 1112 Month ago110.9 Year ago_ 1118 1937 high_ 113.7 1937 low__ 108.4 1936 high_ 1135 1936 low__ 1102 1928 high. 1044 1932 low_. 868 735 733 729 6.2 141 705 3.0 67.6 (Compiled by the Asznciated Press) | BY the Associated Press NEW YORK, August 7 A few specialties managed gains in the curb market today, but the balance of the list achieved little progress Interest was apathetic and both of- | ferings and bids were restricted Carrier Corp. was up about a point. following reports of record business in reorganized under the Bankrupicy Aet: of securities assumed by such companies | Rates of dividends in the foregoing table | are annual disbursements based on the las: | Quarterly or semi-annusl declaration Un less otherwise noted. special or extra divi- | dends are not. includ A AlSO exira or ext e Paid last year | f Payable in stock. @ Declared or paid so fa . No_regular rat h Cash k Accumulated dividend paid | tnis year wx —With war. W Without warrants, wAr Wi or declared rants rants MONEY IN CIRCULATION ' GAINS AFTER DECLINE B the Associated Press NEW YORK, August Y —Money circulation picked up in the period | ended August 4 after declining steadily for three weeks. Financial quarters held the upturn | the first marker of a normal Fall rise. | due in part to the heavier flow of funds in farm areas as a result of wide gains in farm income. Cash in use, reported by the Ped- | eral Reserve credit statement, com- pared as follows Week ended Aug. 4 _ Previous week $6.468.000 000 the air-conditioning industry. Soss Manufacturing added a wide fraction and smaller advances were recorded for Consolidated Copper Mines and General Tire. Cord Corp. was unchanged from yes~ terday’s close. Others in this category included American Cysnamid "R Electric Bond & Bhare. International Petroleum, Pennroad and United Gas. Off a trifie were Citics Service and Creole Petroleum. FUNDS TO BE DEPOSITED. NEW YORK, August 6 (#) —Punds will be deposited September 1 with fiscal agepts of the city of Buenos | Aires external sinking fund & per cent goid bonds. eries C-2 and C-3 {or retirement October 1 of all bonds outstanding CHICAGO PRODUCE P —B " A99. No trading --- 6.424.000.000 . Same period last year_. 6,163,000, 000 | e 500 TONS OF LEAD SOLD. NEW YORK, August 7 (&) --St reports 500 tons of pig lead from Southeast Missouri mines sold yesterday at $6.35 per hun- dred pounds St. Louis. Low &4 PIEH 10714 1 Close <4 Acoalach Pw Bs 41 Ark P 0 Bald 1o 68 '8 x Bald L 65 ‘3R xw w stp Birm Kl 4755 68 | Caro Pw&L! hs ‘58 | Cedar R M&P 55 5 | Cent 11 P 8 55 '68 G Cent Pw & Lt 5s Cent Bt Kl A '4% Cent 8t Bl Alzs 'Ad xw 58 B 56 3 D 558 Eirest Tire 83 PaLs all (W F) Bs 4 Heller (W E) 45 48 ww ot Wald Ast s 54 ou Gulf G 65 43°A 3,1 K03, R( 10834 J0RAg L 53 S 55 N 105% 1083 1083 10613 106 % 1047 104 7 104 104 104 104 T Ut bs '57 A Wis P&L 45 '66 A #ita FOREIGN BONDS. Ty 4R 7e 52 8i'z 8ila Cauca Val Nippon E P 615 | arana Braz Riotde Janavs hn ww—With warrani ragte no New. xw_— Without war- U (s1p)—Stamped Property Management Automobile TInsurance tomatoes. watercress, REAL ESTATE LOANS RESIDENCE and 5% SMALL BUSINESS PROPERTIES. FRED T. NESBIT 1010 VERMONT AVE. DISTRICT 2397 OFFICE FURNITURE WE SELL, BUY OR EXCHANGE Chalrs Steel Files Desks Steel Cabinets Tables Safes BAUM'S FURNITURE HOUSE 1416 Eve 8t. N.W, Phone NA. 2184 Money for Construction Loans ing Properties FIRST DEED OF TRUST ONLY GEORGE 1. BORGER 643 Indiana Ave. N.W. Nat'l 0350 5% INTEREST CONSTRUCTION LOANS AND STRAIGHT 3-yr. LOANS Prompt Action on Applications Real Estate Mortgage & Guaranty Corporation 1810 K St. N.W. NAtL 1403 FIRST TRUST LOANS LONG TERM 3% 0 per month per §! udes interest and pay- ment on principal. Pays loan in 20 years. No renewal. ALSO 3-year straight loans and construction loans. 5 incl BOSS & PHELPS MORTGAGE CO. Loan Correspondant John Hancock Mutual Life Ins. Co 1417 K 8t. N.W. NA. 9300 You can be relieved of all the APARTMENT details of management in con- nection with your apartment house and residential proper- AND HOUSE 12 ies by placing them in charge of our Property Management MANAGEMENT Department—with experience and facilities. its wide The fee is very nominal. B. F. SAUL CO. REA] 925 15th St. N.W., Facing MePherson Square L ESTATE NAtional 2100