Evening Star Newspaper, August 8, 1937, Page 55

" Classified Ads Pages S to 14. Part 5—14 Pages .. STORESALES REGISTER CAN OF 176 PER CENT Rise Carries Department Store Totals 3.81 Per Cent Above 1936. INCREASES ALSO SEEN IN CHECKS, BUILDING Hilleary G. Hoskinson Is Named Chief of Advisory Committee for A. I. B. Chapter. BY EDWARD C, STONE. Retail trade in Washington depart- ment stores took & turn for the better during the week ending Wednesday, August 4, showing a gain of 7.76 per cent over the previous week and 3.81 par cent over the corresponding week a year ago, the Commerce Department reported yesterday in reviewing busi- ness in 36 important cities. Building permits in the Capital in- ereased substantially during the week, totaling $1,166.350, which included $800.000 for a low-cost housing project, as against $826,250 in 1936. Building permits for July amounted to $2.560,- 405, compared with $3,768,010 in the same month last year, Bank clearings gained during the week, $23.694.974, comparing with $22,301.111 a year ago. Visitors to the Washington Monument exceeded the number for the previous week and also for the like week in 1936. The report also states that business got away to a good August start in the rest of the fifth reserve district, retail activity generally registering improve- ment as prolonged high temperatures aided clearance sales of Summer mer- chandise. while some buying for Fall requirements also appeared. This gave an auspicicus lift to Autumn wholesale trade. Junior Bankers' Aides Named. Hilleary G. Hoskinson. first vice president of the District Bankers' As- sociation and vice president of the Riggs National Bank, has been appointed chair- man of the Ad- visory Committee of Washington Chapter, Ameri- can Institute of Banking, it was announced yes- terday by the ehapter president, William H. Me- Laughlin of the ‘Washington Loan & Trust Co, Chairman Hoskinson and his com- | mittee will give important advice and | counsel to the junior bankers during the coming year and help Washingten Chapter continue its very successful work. Other senior bankers on the committee include: Robert V. Fleming, president, Riggs National: Howard Moran, vice presi- dent, American Security & Trust Co.; Harry G. Meem, president, Washing- ton Loan & Trust Co.; John A. Reilly. president, Second National; . C. F. Jacobsen, cashier, National Metropol- itan: Francis G. Addison, jr., presi- denty Security Savings & Commercial; W. L. Koontz, vice president, Ana- costia Bank: J. Frank White, presi- | dent, National Bank of Washington; | James A. Soper, vice president, Lm-] coln National; Thomas J. Groom, vice president, Bank of Commerce & | Savings: Archibald McLachlen. sec- retary-treasurer, McLachlen Banking Corp.; Frank J. Stryker, president, Co- lumbia National: C. H. Pope, vice president, Munsey Trust Co.. Joshua Evans, jr. vice president, Hamilton National; H. Prescott Gatley, president, National Savings & Trust Co.. Ord Preston. president, Union Trust Co.: | ‘W. W. Spaid, partner, W. B. Hibbs & Co.; Willard G. Barker, president, Morris Plan Bank; M. F. Calnan, president, Liberty National; C. F. Burton, president, City Bank: H. H. McKee, president, National Capital Bank, and Paul J. Seltzer, American Becurity & Trust Co. Acacia Staff Lauds Nichols. Completing his thirty-fifth year as medical director of the Acacia Mutual Life Insurance Co., Dr. John B. Nichols yesterday was honored at an informal gathering of officers and staff members at the Acacia Building. President William Montgomery, whose association with Acacia dates back to 1892, ex- tolled Dr. Nichols' “long and out- standing service to the company.” Next to Mr. Montgomery, Dr. Nichols is oldest Acacia official in point of service. ‘When Dr. Nich- ols became medi- cal director of Acacia the com- pany was asmall b struggling local John B, Niekols, L:o‘cfety.ff"“&‘;: were housed in two small rooms and Mr. Montgomery was the sole em- ploye. Today the company owns its beautiful home office building here, has branches in more than 60 leading cities throughout the country, insur- ance in force is above $375,000,000 and assets exceed $70,000,000. Meem Sails for Europe. Harry G. Meem, president of the Washington Loan & Trust Co., sailed from New York yesterday on the steamship Georgic. He is accom- panied by Mrs. Meem and their two daughters and, after landing at Southampton, they will motor through ‘Wales, Scotland and England to Lon- don. After a stay there they will pro- ceed to Paris for a couple of weeks before returning to Washington late in September. Charles Carroll Morgan, one of the managers of the local office of G. M. P. Murphy & Co., has returned from & very enjoyable three weeks' fishing trip to Georgian Bay, Cansda, | | H. G. NMoskinson. . 'AUTHORI *$700,000, is to be distributed Auto Production To Advance With Ford Resumption By the Associated Press. DETROIT, August 7.—Production of the motor car industry, which dropped to 79,736 cars and trucks this week, will be given a substantial boost with the resumption of operations by the Ford Motor Co. next Monday. ‘The plants employ approximately 150,- 000 workers. When the Ford plants-were closed down for the annual inventory taking three weeks ago it was announced that upon their resumption a daily schedule of 6,000 cars and trucks would be carried out. COTTON DECLINES 31013 POINTSAT CLOSE OF WEEK Covering and Trade Buying Bring Some Recovery From Early Drop. B the Associated Press. NEW YORK, August 7.-gCotton traders today evened up accounts for Monday's bureau report. This involved both liquidation and covering and ordinary factors were largely ignored. December rallied from 10.80 to 10.87 and closed at 10.84, with final prices 3 to 13 points net lower. The market opening was 5 to 13 points hour the tone was relatively heavy under domestic and foreign liquida- tion and hedge selling by the South, Covering and trade buying developed later and gave the market a steadier tone toward the close. Liverpool was irregular, and slightly lower owing to hedging against foreign growths and on favorable weather. Spot markets were inactive generally steady. Textile sales im- proved slightly toward the close of the week. Cotton on shipboard awaiting clearance at the end of the week 22.000 balesagainst 22,000 last year and 24,000 two years ago. The range follows: October December January 10.84-85 Cottonseed Cottonseed oil was quiet today but the undertone was steady on week end covering promoted by steadiness of allied markets. Final prices were 2 to 5 points net higher with sales of 30 contracts. Bleachabie spot nom- inal: September closed 8.40. October 8.30, December 8.34, January 8.35. New Orleans Prices, NEW ORLEANS. August ; (#.—Cotton futures closed steady at net declines of 4 to 9 points High. 1087 10,88 1088 1003 10.04 10.96 Low 1080 1080 10.85 1080 1093 10.95 Cotton seed oil closed steady. B able prime Summer yellow. x.38b-; prime crude. nominal. September. 7 ¢ October. December, 7.85b; Jania el —Asked loze. 10.84 10.R65-88 5 ZATION ASKED FOR TERMINAL SHARES By the Associated Press. RICHMOND, Va., August 7.—The Union Terminal Corp. applied mdayi to the State Corporation Commission for permission to issue 700 shares of capital stock. The stock, which has par value of equally | between the Atlantic Greyhound Corp. and the Richmond Greyhound Lines, Inc., in payment of indebtedness for construction of the bus terminal in Richmond. The application was referred by the commission to the engineering and | accounting departments of the com- mission. STUDEBAKER SALES SOAR. | NEW YORK, August 7 (P).—Slles' of Studebaker passenger cars and trucks in the first seven months of 1937 were 25 per cent ahead of the comparable perfod last year, it was reported today. July sales totaled 4.387, against 1,436 in July a year ago. lower and during the first | and | FINANCIAL AND CLASSIFIED he Sunday Stae WASHINGTON, CROP FEARS LIFT CORN QUOTATIONS 3 CENTS A BUSHEL Hot, Dry Weather Brings Complaints of Firing Over Wide Areas. PROSPECTS FOR BUMPER HARVEST STIiLL SEEN Market Fails to Hold Peaks as Result—Wheat Prices Ham- pered by Lag in Exports. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, August 7.—Three cents a bushel jump of corn prices today resulted from the first serious trade concern shown for the safety of the 1937 corn crop. Prolonged hot, dry weather led to. complaints that the leaves of corn are firing throughout widespread areas, Nebraska in particular, and with of- ferings scarce urgent efforts to pur- chase whirled the corn market up fast, besides giving a lift to other grains as well. A majority of traders, however, leaned to belief that despite | lack of moisture the general corn crop | outlook remains favorable, and as a consequence the top quotations reached by corn or any of the cereals were not held in all cases. Contrary to predictions, very little much-needed moisture in the corn belt was received overnight. Further- more, forecasts indicated no pro- | nounced extensive moisture relief for the corn crop as a whole during the coming week. Rise 13 to 2% Cents. At the close corn was 1°:-2% cents above yesterday's finish, September, 1.0175-1.02; December, 6875-69; May, 70-70'g: wheat unchanged to 114 up, September, 1.1275-1.1315; December, 1.13%g-%: May, 1.1534-15; oats, 's-!> | advanced, December, 30%-., and rye showing 3s-35 bulge, December, 8134 Provisions results varied from 5 cents | setback to 15 cents gain. | September delivery, which stands for old ecrop supplies of corn, was at first the leader of price upturns in the corn market, but at the last the December delivery representing the 1937 new corn crop showed the best net gain, 2% cents. December corn contracts closed at the day's top level, and so likewise did May, 69 cents and 70!y cents, respectively. A handicap to friends of higher prices for wheat was persisted lack | of indications of any important export business either United States or Ca- nadian. On the other hand, aside | | from the stimulating effect of corn | prices bulges the wheat market was influenced by an authoritative esti- mate that Argentina’s new wheat crop | | will yield but 200,000.000 to 210.000.000 | bushels, against 250.000,000 bushels | last year, Rre and Qats Follow. Rye and oats largely followed wheat | and corn. Some export business took place both in rye and oats. | | Range at principal markets today: SEPTEMBER WHEAT— Prev. | Chicazo 2 | Minneapolis 131 Kansas City Win'peg. Oct. Liverpool DECEMBER Chicaso Minneapolis _ Kansas City Winnipeg 1.2 Liverpool 1.2 |, MARCH WHEAT. Liverpool 1.26% Exchange. MAY WHi Chicago + Minneapolis _ Kansas City | Winnipeg 1243, 12 | SEPTEMBER CORN-- Chicaro 103 100, Kansas City DECEMBER Chicago | Kansas city SEPTEMBER ‘O | Chicago Minneapolis 1, 3 Winniper. Oct 4734 {67, i3, Chicago Cash Market. Cash wheat—No. 2 red, 1.17-1715; No. i hard, 1.19',-20: corn, No. 2 yellow, 1.15; oats, No. 1 mixed, 312-3%; No. 1'white, 3214-15; rye, No. 2, 86%-89: no buckwheat, no soy- beans; barley No. 3 malting, 80; feed, 45-55: malting, 60-82, nominal; timo- | thy seed, 2.75-80, nominal; no clover seed. | Close 1127 o i | ERT‘ BN .30 a0 WINNTP RS A Tash wheat iust Tfash wheat, No. 1_Northern. 30. No. Northern, 1.25: No. 3 Northern, 1.21'3. . No. 2 white,” 51%; No. 3 white, 50% How Is Business? Showing Current Business Activity Compared With the Same Week a Year Ago. [__{aveserr focr [nov] oec Tian Tres Tuan Tarn Twavone ] Suv GENERAL BUSINESS ACTIVITY for the country indicated by Bank Debits outside . City. Shaded areas show week of activity above the corresponding lous year. Black areas indicate declines from same weeks twelve months earlier. ACTIVITY BY FEDERAL RESERVE' DISTRICTS Cheok Tramsastions compared with the same week a yoar age J ki N. Y previ LEADING BAROMETERS Showing Trend of Important Factors 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 Lal Movement of Goods (Car Loadings). Retail Trade (Fed. Res. Board)..... Building Contracts (F. W. Dodge). . Failures (Dun’s)........ Bond Prices (Dow-Jones). Stock Prices (Composite Dow-Jones) hares Traded). .. Stock Mkt. Vol. week of the | hll;- ,cln Present Trend n&%‘.‘.‘?‘fu Downward 9.5 Steady 12.3 Downward Upward Steady Downward Steady Steady Steady | Downwerd Downward Downward Downward » WO B DamBe somms Donn: bor) T+ Db 4+ -ph o L amhe Al rights reserved, Cambridge Amecisias, Bosion | price D. C, STOCKS EDGE UP FRACTIONS 10 §2 IN SLOW TRADING Demand Centers on Steels, Coppers and Specialties as Shorts Cover. RAIL SHARES IMPROVE DESPITE WAGE BOOSTS L C. C. Expected to Grant Higher Rates—Transfers Dwindle to 314,863 Level. WHAT STOCKS DID. Advances Declines Unchanged Total issues BY FREDERICK GARDNER, Associated Press Financial Writer. NEW YORK, August 7.—Demand converged on steel, copper and spe- cialty stocks in today's brief market and favored issues were lifted frac- tions to 2 or more points. There was nothing particularly prominent in the news from the mar- ket’s standpoint and brokers attributed the creeping rally partly to short cov- ering by traders who wanted to be out | over the week end and to some in- vestment buying based on the theory the list may have dragged bottom in | the past several sessions. Steels had the benefit of optimistic figures on foreign shipments and a sizable upturn in ingot production in July over June and the comparable period last year. The red metal group continued re- sponsive to the hoist in export copper prices and wishful thinking regarding & possible increase in the domestic rate in the event demand abroad keeps up the present pace. Earnings statements again inspired accumulation of individual stocks al- though the listlessness of some issues on publication of excellent profits fig- ures inclined observers to believe con- | GROGERY VOLUMES siderable discounting had already | taken place. Slowest Since July 17. It was the slowest session since July 17, transfers totaling 314,863 shares compared with 389,590 last Sat- urdav. “The Associated Press average of 60 issues recovered .4 of & point at 69.3, the exact amount it lost Friday. Rails made a better showing despite indications wage boosts will cut sharp- ly into net income. At the same time there were thoughts the Interstate Commerce Commission may grant higher freight rates. The automotive division did well, ignoring a drop in output this week and the closing of Chrysler’s Plymouth plant by warring rival unions. Purther General Motors. Principal gainers included United States Steel at 1183 : Bethlehem, 993, General Electric, 57%: Anaconda, 63'x; Kennecott, 633%: American Smelting, 9674 Cerro de Pasco, 757 Miami Copper, 21's; Santa Fe, 78';; | New York Central. 40!;: Southern Railway, 2974 Southern Pacific, 481%; | J. L Case, 184: National Steel, 98%; Consolidated Edison, 37; American Rolling Mill. 40; United States Leather “A”, 20, and Super-Heater, 47';. United States Rubber was off '; at 597%, although the company disclosed best first half earnings since 1926. quarter net against a loss last year, dipped 7g at 243, Bonds Mark Time. The bond market marked time in light dealings with movements both ways restricted to fractions. Treasury issues firmed a little while domestic corporates were generally mixed. For- eign dollar loans moved narrowly. Federal obligations were in light de- mand with dealings at approximately $120.000 face value. Gains, which pre- | dominated, were held to around 3/32. Losses were confined to a similar amount. More than seasonal gains in car loadings were evidently not enough to Jolt rail liens out of their lethargy. Most issues moved irresolutely with gains and losses generally confined to fractions. The Associated Press aver- ages for 20 railroad bonds showed a decline of .1 of a point to 91.1. Industrials showed stiffening ten- dencies as traders scanned current trade statistics, earnings and sales re- ports.. The compilation for 10 indus- trial issues showed an advance of 0.1 of a point to 103.2. Utilities held a fairly unbroken front, with the average for 10 issues unchanged at 98.2. Curb Trading Quiet. Selected mining and specialty shares 8ained a little ground in a lethargic curb market, but most advances were narrow. The session.was the dullest for a Saturday since June 19, with only 68,- 000 shares traded. Last Saturday transfers totaled 87,000. B Among metals Newmont was in de- mand, in line with action on the big board, and finished up 1% at 109%;. Hudson Bay gained 13 at 34 and Hecla added 1, at 203, Bower Roller Bearing led the spe- clalties with a rise of 11 at 33%. CLEARING HOUSE ISSUES REPORT AT NEW YORK By the Associated Press. NEW YORK, August 7.—The week- ly statement of the New York clearing house shows: Total surrlus and undivided profits unchanged at $804,463,200. Total net demand deposits (average) decreased $68,709,000. Time deposits (average) decreased $21,354,000. Clearings week ending today, $3,434,229 818. Olearings week ending July 31, $3,315,164,212. KRESS VOLUME GAINS: “NEW YORK, August 7 (#.—S. H. Kress & Co. reported sales for July totaled $6,558,921, an increase of 0.5 per cent, against $6,524,726 in July, 1936. Bales for the first seven months of the year were 2.4 per cent shesd of * 1IVE GoT A GOOD IDEA IF I ONLY BAD SUNDAY MORNING, AUGUST 8, 1937, NOBODY LOVES HIM. NEAR 7-YEAR HIGH Seven Months’ Sales Rise 7 to 25 Per Cent Above Levels Year Ago. Erecial Dispatch to The Btar NEW YORK, August 7.—Unaffected | by the harassments which have slowed the progress of many of the major in- | dustries since January. the grocery increases were announced by | trade has distributed its products on the most generous scale since 1930, according to a survey by Dun & Brad- street, Inc. “While the rate of movement was less rapid during a part of the second quar- ter, the recovery in July helped to lift retail sales for the seven months 7 to 25 per cent over the corresponding 1936 volume. Wholesale orders went | ahead by 10 to 20 per cent, while most | of the manufacturers of non-perish- able and semi-perishable products operated plants close to capacity. “‘On the basis of the expansion thus far this year, trade estimates have set Canada Dry, with a comfortable second | the 1937 wholesale grocery volume at approximately $4,300,000.000, or & rise of around 10 per cent from the 1936 ' total computed by the Bureau of Foreign and Domestic Commerce as $3,900,000.000. The latter was an in- crease of 54 per cent from 1935, dur- ing which year wholesalers of groceries sold goods valued at $3,700.000,000. Much of the upturn in subsequent months will depend on crop develop- ments, but where early harvests have been marketed, Fall orders have ex- ceeded this estimate. “Canners of food products exceeded their comparative seven-month sales of 1936 by 15 to 20 per cent, with nationally-branded lines booked well ahead. Super-markets have become more numerous, and some of the reg- ular chains have joined the move- ment. More stabilization has been achieved by the constructive efforts of the leading trade organizations to minimise loss leader selling, without applying undue regimentation. “Neither strikes nor threats of im- pending labor disturbances nor rising prices have curbed the expansion on consumer buying of groceries. For the first seven months of 1937, the dollar volume of retail sales ranged from 7 to 25 per cent larger than that for the similar 1936 period, even though distribution was at a steadier rate from May to July, when an un- ekpected upturn occurred. The widest increases were in the South, South- west, Pacific Coast, and districts of the Northwest affected by the drought last year. “Wholesale volume during the same period was ahead of that for 1936 by | 10 to 20 per cent. On first-grade lines of canned goods some of the whole- salers reported increases of 40 per cent. Summer orders were bolstered to unseasonally high proportions by the heavy bidying of resorts, hotels, and restaurants, which handled record vacation and tourist patronage.” SPIEGEL SALES SHOW JUMP OF 16.1 PER CENT By the Associated Press. NEW YORK, August 7.—Spiegel, Inc., Chicago mail order house today reported July sales of $2.868.162, against $2.470,169 for the like 1936 gain of 16.1 per cent. n Co. reported July sales of $5,726,336, against $5,339.736 a year ago, &an increase of 7.2 per cent. KRESGE. DATA CORRECTED. NEW YORK, August 7 (#).—The 8. 8. Kresge Co. has corrected its sales figures as follows: July, $12- 349,003, an advance of 10.5 per cent over $11.169,274 in July a year ago. Por the first seven months $81,025,255, SR increase of 7.3 per cent over §$75,- 600,384 in the m&uu pariod. o Sterling Climbs To Highest Level In Nearly a Year By the Associated Press. The pound sterling worked to the highest level for nearly a year in yes- terday's foreign exchdnge dealings. Other European currencies also appre- I ciated sgainst the doljar, Combination of a thin market, lack of supply and continued transfer of Far Eastern funds into sterling was | given by traders as the cause of the (pound's strength. In New York it gained 3 of a cent at $4.99's, a peak since August 25, 1936. French francs gained .0034 of a cent | at 3.75% cents, Swiss francs advanced | 01 of a cent at 2298 cents and the Netherlands guilder, at 55.17 cents, was | | .02 of a cent higher. Canadian dollars | | were unchanged at 100.00 cents. In London the dollar lost ' of a |cent to close at 4.98 11 16 to the | pound. There was no trading in Paris | because of the Saturday holiday. FREDERICK CORN CANNING STARTS Estimates of New Harvest Vary. Prices Show Gains Over Last Season. By the Associated Press. FREDERICK, Md., August 7.—Fred- erick County's corn crop began to flow to canneries this week amid varying estimates of its worth. Samuel H. Rosenstock of the Fred- erick,City Canning Co. said the corn ““looks good” except for a few spots in low ground where it was too wet. Charles W. Ross, 3d, of the Monocacy | Valley Canning Co.. said the corn had been affected by too much rain and looks disappointing.” The farmers report that their crop will range from good to excellent. Corn prices are higher than they were a year ago. The canneries an- nounced they would pay $13 a ton for white corn, $2 more than last year, and $15 a ton for golden bantam, $1 more than last year. The prices are as high or higher than ever paid before. . STORE SALES SHOW DROP DURING JULY By the Associated Press. NEW YORK, August 7.—July sales of interstate department stores totaled $1,555,676, against $1,649,988 in July, 1936, a decrease of 5.72 per cent, it ‘was announced. Sales for the first half of 1937 were $11,153.120, against $10,650,926 in the first half of last year, an increase of 4.72 per cent. The foregoing figures exclude groceries and leased departments. U. S. DEBT AT NEW PEAK. The public debt reached $36,814,- 414,573 yesterday, a new high. Dy the Associated Press. Brokers’ loans.... Holdings United States securities. Gold reserve._. Rediscounts _ Bank clearings .._ Electric output (ki week ended July 31 Car loadings, ‘week ended July 31. Crude oil production (barrels)._ Stock sales (N. Y. Stock Exchange) Bond sales (N. Y. Stock Exchange) New financing Federal Reserve ratio... Weekly Financial High Lights (Final three ciphers omitted .in-above.) CANADA DRY NETS PROFITOF $24984 Quarter’s Total Compares With $27,233 Loss in Preceding Period. By the Associated Press. NEW YORK, August 7.—Canada Dry Ginger Ale, Inc., today reported for the June quarter net profit of | $249.854, equal to 49 cents a common | share, against net loss of $27,233 in the preceeding quarter and loss of | $7,555 in the June 1936 quarter. Detroit Steel Products. Detroit Steei Products Co., for the six months ended June 30, reported net profit of $521546, after charges, | equal to $2.69 a common share, | against $356,255, or $1.84 in the like 1936 period. Other Reports Listed. Other corporate earnings statements released during the week showing | profits per share included: June 30 Quarter. 36 Amerada Corp 58 American Power & Light 24 American Water Works B4 ristol Mvers Coca Cola Intl. Corp. _ | Commonwealth & Edison 3 28 Liauid Carbonic | Radio Corp. of Amer. S 2| Sharon_Steel 7 58| Skelly oOfl z 3 Standard_Oil of Calif. _ Timken Roller Bearing United Aircraft U. S. Rubber Six Months June 3 Commercial Inv. Trust *On preferred a; 0 1 03 0= FARM INCOME EXPECTED TO TOP NINE BILLIONS Br the Associated Press. The National Fertilizer Association estimates farmers’ cash income for this year will be ‘“well above $9.000,000.000.” This would be substantially above the income for any year since 1928 and would ke more than double that for 1932, “Prices paid by farmers for com- modities bought are still substantially below the pre-depression level,” the association says, “so even though the income received this year will be less than 1929, the smaller number cf dol- lars will buy a larger volume of goods.” . ZINC OUTPUT RECEDES MODERATELY IN JULY By the Associated Press. NEW YORK, August 7.—Production of zinc in the United States in July totaled 48,181 tons, against 50,526 in June and 45481 in July, 1936, the American Bureau of Metal Statistics reported. Domestic shipments in July ag- gregated 49,701 tons, against 50,219 in June and 41,819 in July of last year. Stocks at the end of July totaled 13,561 tons, against 14,081 a month earlier and 88,517 a year ago. Prev. week. $1,141,000 2,526,190 8,833,899 15,217 5,451,538 Year ago. $945,000 2,430,227 8,211,046 3,960 5,449,314 ‘This week. 1,175,000 2,526,190 8,833,399 15,403 5,838,715 .3,258,176 2,088,284 770,980 3,576,400 4,116,935 $32,984,200 18,861,000 19.1% 843% 749,529 2,948,000 7,047,870 $57,146,000 50,904,169 19.2% 11.4% 782,660 3,591,900 4,378,683 $32,170,750 8,515,498 1% 85.5% 1% 1%-1%2% 1% 1% 1% 1%-1%% 1% % 1% %% —3 ADVANCING PRICES CLAIM ATTENTION: WITH STEEL RATE Milk, Beef, Eggs and Butter Boosted—Hog Vaiues Hit 11-Year Peak. 5 PER CENT RISE SEEN IN SEARS CATALOGUE General Motors Posts Increases. Industrial Activity Shows Seasonal Declines. BY THOMAS E. FLANAGAN, Associated Press Financiai Writer. Rising prices for foodstuffs and manufactured products, strength of steel operations and seasonal recese sions in some divisions of industry stood out in sharp relief on the Nae tion’s business horizon last week. In the necessity classification higher prices were posted for milk, beef, pork, eggs, butter and other products in Chicago markets. Hogs rose to the highest peak in 11 years. ' Comprehensiveness of the trend ta higher prices was further illustrated by the 5 per cent price lift shown in the Sears-Roebuck Winter catalogue. On the heels of last week's mark-up announced by the Ford Motor Co. came word of price advances by units of General Motors Corp. A Metal Prices Lifted. w Along the industrial front, where raw material upswings imply the possibility of higher retail prices for finished products from pins to pianos, increased quotations were noted for scrap steel, lead and zinc. The Associated Press index of ine dustrial activity declined to 102.8 from 104 the week previous and compared with 95.8 last year. “The month of August made an au= spicious beginning in the Nation-wida retail field.” said the Department of Commerce in its weekly survey of 36 cities. “In substantially all of the reporting cities business was ahead of last vear, by margins which in general ran from 7 to 10 per cent and in some instances even much more. 1 “Wholesale trade reflected the better situation in retail lines, and expectae tions for a generous Fall business wers widespread. This was substantiated in part by heavy attendance at market week events in different citiss. i “For example, initial registrations for some 10 trade shows in Chicago in connection with the Interstate Mer- chants’ Council indicated approxi- mately 15 per cent more buyers in the market than at this time last year.” . Steel Operations Rise. B The steel industry. unusually beisk for this time of year, stepped up oper« ations to 855 per cent of capacity from 84.3 the week before and 71.4 in the like 1936 week, the American Iron & Steel Institute estimated. . Trade experts said that despits steady declines in order backlogs, enough business was on hand to ine dicate a continued swift output pace through August The motor industry, which has been less active than expected in buying for 1938 models, will likely step up to the steel counter more aggressively bee fore long, it was said. 4 Something unlooked for cheered steel men. It was the development of new inquiries for railroad equipment, both domestic and foreign. Another reinforcement to the business, it was observed, was the revival in general foreign inquiry. 4 The automobile industry showed most clearly the effects of seasonal ine fluence. It dropped production to 79.736 units from 86,403 the week pre< vious. Ward's reported. In the like 1936 week the total was 84.153. The fall reflected further closings in pre paration for the output of 1938 models, Power Output Down. ! Also under the shadow of seasonal factors was the electric power industry. In the week end July 31 production was slightly lower at 2,256.335,000 kilo- watt hours, the Edison Electric Instie tute reported. Some encouragement was derived in power circles at widen« ing of the rate of gain over 1936. In the latest week the gain over last year was 8 per cent. compared with a rise of 7.6 per cent scored in the week ended July 24. Freight carloadings in the week ended July 31 totaled 782,660, the Ase sociation of American Railroads re« ported. This was the third successive rise and took the movement of freight to the highest level since the third week of November, 1936 The aggregate was 0.2 per cent ahead of the preceding week, an upe turn of more than seasonal propor- tions, traffic analysts said. It was 4.7 per cent ahead of the corresponding period last year. A large gain in haulage of coal contributed importante ly to the upturn. The stock market was swept along on a tide of conflicting currents, Much of the week pressure on rails, steels and utilities contrasted with de« mand for metals and specialties. A midweek rally petered out but the clos« ing session witnessed general improve« ment. Trading was quiet. Improved earnings, more liberal dividends and higher prices for metals were among specific influences. Rails were confronted with selling much of the time, although they stiffened in the middle of the week on the report, later substantiated, that a pay rise of 5 cents an hour would be given mem« bers of non-operating unions instead of the 20 cents asked. 4 The bond market was mixed with carrier loans under pressure. Govern« ment obligations were steady. District Reports Given. Reports on business conditions from the 12 Federal Reserve districts follow: ELAND—Retall trade wag up about 10 per cent over the preceding week. Fro Toledo came word of general activity wel ahead of last year. RICHMOND—Retail business continue at a satisfactory pace in the Afth Federa Reserve _district. _ Wholesale business showed moderate expansion over last year. Washington department stores reported rise of 3.8 per cent over the like weel of 1938 BOSTON—Department store sales wers out 10 188, “wool, 4nd 3.2 per cent under a vear s Comme: cial bank loans e up cent from last Cot! lesther markets Wi ¢