Evening Star Newspaper, August 9, 1937, Page 17

THE EVENING STAR, WASHINGTON, D. C, MONDAY, AUGUST 9, 1937. NEW YORK CURB MARKET|RSH S FXPECTED - B LT M Mid St Pet A vte. Mid 8t Pet B vte. Air Devices o 1 2% Alles & Fisher___ G | 2508 154 Will Tax Ability to Fill Requirements. Midwest O (3%E). Alum Co Am. 118 @pecial Dispatch to The Star. Mining Corp Can._ Molybdenum __ 14 Monros LA(32). 1 AlumLtd __ Mont Ward A(7). 100s Am Airlines_ 5 25 Mon LH&P(13;). 200s Am Book (4) 63 Am Box Bd(.95g) 20% Am Centrifugal . 3% 4% CLEVELAND, August 9.—All signs point to heavy steel buying for the re- maining months of 1937 and steel- makers are acting on the general belief that requirements will tax their ability Moore (T) Dis __ Mount City Cop.. A C P&L B(.30g) Am Cyan B (.60). 34% 34y to produce sufficient to meet needs, says Steel. Mount Prod (.60) [ Am G & E1(1.40)_ 10934 Every effort is being made to bring Mur O M(.60g) . 18% Nat AuFvte 14§, 27 Nat Bellas Hess . 2 AmG&Epf (6)_ Nat Bd&Sh(%g). 57 Am Gen i 108 Am Laun M _80a 27% Am L&T(1.20a) _. 18 1% down sufficient iron ore from the Lake SBuperior fields to tide over the months when navigation is closed. Mills are being operated, for the most part, at FINANCI1AL. Labor Gets Larger Part of U. S. Income \WAGEH(|IR BILL MAY START BOOM 1936—Total $62,056,000,000 Standard Statistics Believes Plan Could Create Buy- ing Rush, Bpecial Dispatch to The Btar. NEW YORK, August 9—In {ig weekly summary of the general busi- ness situation, the Standard Statistics Co., of New York, currently comments a8 follows: “With Congress anxious to adjourn and under pressure from the adminis~ tration to enact the latter's program, hearings on the wage-hour control measure have been 0 limited that there has been no attempt to make a thorough examination of the potential s of Paymonf=Source: U. S. De, 1935—Total $54,645,000,000 artment of Commerce” 1934—Total $51,004,000,000 High. Low. Close. A% 4% 4% # M 3% 3% M 9 A4 44 145 145 33u 3% 117 H H 9% 9% 3% L2 4% 45 33% 815 11% 6% 3% 15214 154 117% 118 23 23 63 63 204 204 3% 3% h 3% 344 34 34y 10915 1094 108 10% 271y 274 187, 18%% 1% Specialties Are Out in Front. Technicolor Advances Around 1V4. By the Associated Press. NEW YORK, August 9.—Practically all share groups in the curb market | joned in an upward swing today, | with advances ranging from fractions | to a little over a point. Specialties | were out in front | Technicolor jumped ahead 1% and | Singer Manufacturing added a point. | Con:olidated Mining and Detroit Steel | Products advanced about the same amount. Youngstown Steel Door im- | proved a point and St. Regis Paper was fractionally better Nat City Li(%g) 174% Nat Contain .T5g. 124 Am Maracaibo .. Am Seal Kap __ 87 Nat Fuel G (1) 18k Am Sup Power Nat Service pf Ark Nat Gas __. Nat Un Rad Ashld O&R(.40) Y Omnib wars Nat Rub Mch - Nat Service Appal E1 P pf (7) Nat Sug Ret (2)_ Arctur Rad Tube Nat Trans (.438). Ark Nat Gas A . N Eng P A pt(6)- Ark Nat Gas pf __ J Zinc (2a) - ASG&EIA Y Transit.15g AsG & Elpt Creole Petroleum, Electric Bond & | hern States Power i Gas and International Petro- d forward. Lag- iagara Hudson Pow- Oil and Arkansas Natural Corp. extended its recent gains fraction following the week cement that control had | om E. L. Cord to a Wall l CURB BONDS | DOMESTIC BONDS Hign. Low Nty AR N N N X N X N o P F P E £ G COMPANIES Asked AAN At bt 32> Qg g 0 Group Sec Group Sec Ch Group Sec Group Sec In Group Sec N Group Sec Bank Group ¢. Insurance Elec Insurance Machinery Equip terly Tncome Sh Selected Am Sh Inc Selected Income Sh Sovereign Stand Am 1 Super of Am Tr A Super of Am Tr AA Super of Am Tr B Super of Am Tr BB Buper of Am Tr Super of Supervi, ‘Trustee S'and Trustee Stand Trusteed Am Bk Trusteed Tndustry Enrs__ Wellington Fund Inv D, B As G&El war ___ At Cst Fish(.35g) Atlas Corp war _ Atlas Ply (1% g - Austin Silver M_. Automat Prod __ Avery & Sons ___ | Axton Fis A - Bald Bond rt (r)_ Baldwin Rub .50 Barium Sta Stl__. Bath 1 W(6%{)_. Beech Airc Bellanca Aire_. Bell Airc = Bell Tel Can (8)_ Rerk& P Rliss B W Blue Ri Rlumen Row R Bear (1g) Rraz T&L (.90g8). Brewster Aero Rrown Co pf Bron F&W 1.05g Brown F Dist BN & EPpf1.60 Bnk HI & S(115)_ Rurco Co (war) . Bur Ltd(.1625) - Cah & Wire A Cab & Wire B ___ Ccah & W pf.195g ‘an Ind Alc A *an Mare Wire _ rib Syn (1328) “arnation (1)_ “hief Cons “hilds pf “ities Service it Serv pf = iesSvenf B erv B R pf Autn St(.30g) tide Neon Lt - e BLTI (2) e Tract “alon Develop Fuel&1 war PatF (11 5) Colum 0 & G Comlth & So war “ons Risc (.80) _ ns Cop atin Cons M& Cons Ret § teel Corp S&Eprpf(7) 011 Mex Cont Roll & §11 Cook P&V (.60a) Cooper-Res Copper Range Cord Corp Cosden Petro Cosden Patro pf Creole Det (1% { Crocker Wh Croft Brawing Crown Pet = 101 Regn tal OF nf Darby Pat (13) Davton Rub Derby 011 Dot ( Ir (.04) Det Mich Stove _ Dat St1Pr (%g) Dom St & Coal p(240a) ¢ 3238 Nawmn Br Strs (1) isler Bl (37 1) Bl Rond & Sh 21 BA&Sh pf(§) 1 Pow A= (.152) el1-0 C(.40g) airchild Av alstaff Brew Fedrs Mfg(15g) Ferro Enam( % g) Fidelin Rrew Fisk Rub 1a P& Lt $7 pf ord M Can A (1) Fd M Ltd ( 213g) Gen Alloys N Gen Firenfg 558 Gen Tel (Yag) __ Gen T & Rub Gen WG&EDPSf(3) Glen Alden( %g) GodchauxSA (3g) Godehx S pf (7) Goldfield Con Grand Nat Films GrRap V (1) Gray Tel PS (1) Gt A&P nv (6a) _ Gt Nor Pap(ia) . Green T&D ___ Groc Str Prod Gulf oil (15g) __ Hall Lamn(.20g) Haloid (1) Hazeltine (3) Hecla Min (.70g) Hewitt Rub(14g) Hoe (R)&Co A Holling G1d(.65a) Horn&Hard (2) Hud BM&S(%g) Hussman L(1a) _ Huyler's (Del) _ 111 Towa Pow pf__ 11l Ta P div ct 11l Zine (.75g) Imp Chm T.197g Imp Oil Can(1a) Tnd Serv 6% pt TnsCN Am(2a) Int Holding Intl Metal Ltd A Tnter Pet(1%5a) .. Inter Prod Inter § Raz B Tnter Ttil A Inter Util B Tnter Vita (14 Tnters Hos(2 2 Ir Fire vte (1.20) 50s Jacobs Co (1) 5 Jonas& N (.15%) 2 474 Jones & Lau Stl 2113 112% Kingston Pr(40) 3 5 4% Koppers Copf(6) 25x 1081, 108 Kress(SH)pf .60 1 1% Lake Sh M (4a) 5014 Le Toureau (1) Lehigh C&N(.30) Leonard Oil Lion Ofl (1a) Lit Bros i Lockheed Afrc Long Is Lt Long I L pf B(6) Loudon Pack Louis L&EE(.40) . Lynch Corp(3g) McWill's D 1.2! Marion St Shov_ Massey Harris _ Merritt-C& S . Mesabi Iron Mich Bumper Mich G & O . Mich St Tu (%g) Michigan Sug .- 241 151 241, 15 4% 4% 13 4% 1081 111y 501 10 NgShMAB(.158) - Niles-Bem-P (1g) Nipi'g Mns(1%&) NAmR A (1.508) | Pitts P Gl1(412%) . | Quaker Oats (5)_ | St Regis Pap _ | st'oit | StOil Neb (1,g)_ Sterl AlumP 50g | Sterling Br .10 | Technicolor .5 | Tech-H G (.40a) - | Wentw'th M 158 NAm Ray B1%g Nor Europ Oil 11 & % NIPS6%pf(2%k) 508 81, NorPipe L(%g)- 1 8% 8% NorStPA__ . 1 244 24% Ohio Pow pf (6) . 208 110% 110 110 Ohio PS pf A (7)_ 308 109% 108% 1093, Okla Nat Gas ___ 13% 131; 13% Okla Nat Gas pf_. 29% 29t 294 Oldetyme Dist __ 3% 3w 3% PG&ES 1Dl (1%) 274% 27% Pac G&E Pac Pub Pac Tin spl (2a) - Pantepec Ofl ParkbgR&R .80g Pender Gr A 31y Penaer Gro (B) _ Penin Tel (1.60) Pennroad (1;e) Pa P&LEpf (7) Pa Salt (5%g) Pepperell (fa) __ Pharis T & R .60 Pierce Gov 308 _ Pioneer Gld (.40)_ Pitney-Row (.40). Pitts&LE(41g) - 113% 113% T 7 21 3%, L 92 120 120 Pow Cor Can €. 24 24 ProdCorp .—.. 7 % Y% % Prosperity B__ 16 16 Pruden Iny 3 12 12 Pug Sd P §6 pf___ 82 82, 32 113 113 113 5 55 26 1% Raytheo Reli'ce K& E 128 Reynolds Inv ___ RioGr VG vte _. Rome Cable Co Royal Type (42) Russeks F A (1) Rustless [ &S __ Ryan Cons - Ryerson& H ___ St Lawrence Ltd ~ 15% 941y 14% 15 5a 5 an 4y 1212 12! A R St Regis Pap pf _ 109% 1003, Savoy Oil 3 37 covill Mfg (18) 46% Seiberling Rub _ Selby Shoa 1.60 Sel Ind(al c1)31; Seton Leather Seversky Airc.__ Shattuck Denn _ Shaw W&P(.80) Sherwin-Wms 4a Silex Co Simplic Pat %g . Singer Mfg (6a) Sonotone B Soss Mfg (1) So Penn Oil 113 So Pipe Line 458 Sou Un Gas Std Cap & S 1.60a tand Inv pf (A8)e.. Btg 31y 18ty 20% 29% 133 133 10% 10% 10y 104 1810 t Oil Ohio (1) St Oil Ohio pf 5 - tPow & Lt __ 3t Sil-L (.02g) __ H td Steel Sp(ig)- 33 arrett Cor vie Sais 100 10315 3 St 20 15 - om B Taxlor K Dist .30 184 an 30 Texon Oil (.60) Thew Shovel Tishman Realty Todd Ship (2) Tonopah Min Trans-Lux (.20) - | Transwest Oil ___ Tri-Cont war____ Tubize Chat ___. Union G Can .60 Unit Corp war Unit Gas Unit Gas war Unit Gas pf (7) - Unit Lt & Pow A Unit Lt & P cv pf Unit Pr $h (.10g) Ttd Prof S pf(1). Unit Shipyds B _ Unit Spec (1.40) _ U'S Foil B (%g)- J S & Int Sec S&LSpf S s S Stores = nit Ver Ext 1g nit Wall P .15g. Univ Corp vte Univ Prod (1g) _ Util Pw & Lt (r). Utility Equit Utility & Ind pf_. Valspar Corp vte Venez Mex Ofl Venezuela Petrol Virg Pub 8 pf(7). Vogt Mfg (.80) _ Wagner Bak .80g Walker Min U v U o O 5 U 3 = 4% 34 1% 881y 14% 23 3 > 43 West Air Exp Western Md 1 pf Wil-L Caf pf (r)_ Woodley Pet .40 _ Woolw Ltd .539% Wright Har .40a Yestn St1 D2.50g 10 76% Yukon Gold .06g 4 s r In bankrupicy or receivership. or being reorganized under the Bankrupicy Aet. er securities assumed by such companies. Rates of dividends in the foregoing table are annual disbursements based on the last quarterly or semi-annual declaration Un- less otherwise noted. special or extra divi- dends are not included. A Also extra or extras. 1 Pavable in stock & Declared or paid so far this year. no regular rate. hCash or stock. 'k Accumulated dividend paid or declared tnis year. ww—With war- ants xw Without warrants. ~ war War- N &% 100 @ S RO 3 0000 KR (O NN0S 10%¢ 181y 63 x e Paid last year U. S. TREASURY NOTES. NEW YORK. August 9 (#).—Prices quot- ed in dollars and thirty-seconds. Approx. Bid. Asked. Yield. Mo. Year Se ettt - (#.—Stocks, closed the beginning of the new account today. Industrials and mines were rominent gainers. Demand improved for trans-Atlantics foilowing the rise in New York last week. Gilt-edged issues were PARIS.—Government bonds led the Bourse in s general rise of domestic issues todav. The upturn foliowed Premier Chaitemps. expreseion of optimism regard- ing » cettlement of capital and fabor dis- agreements, ternation issues were exceptions, displaving irresularity st the 3 5t | 5% 264 | 64 | 61| practical capacity to clear as much as possible of present bookings before new begins to appear. Stocks of scrap are being replenished, even at rapidly increasing prices. The national production rate last week stood at 84!z per cent of capac- ity, up !.-point. Necessity for repairs to open hearths in a number of centers held the rate below the level it would have reached to meet market require- ments. No change was made in the rates at Pittsburgh, 83 per cent; East- ern Pennsylvania, 71; Youngstown, 80; and Birmingham, 86. Chicago gained 1 point to 86 per cent, Wheeling 1 to 93 and Cleveland 3 to 85. Buffalo de- clined 2 points to 86, Detroit 2 to 90, Circinnati 4 to 89, St. Louis 3 to 77 and New England 25 to 65 per cent. General adoption of revised allow- ances and quantity deductions on galvanized sheets announced by & Southern producer recently, has been followed by reaffirmation of the base price for fourth quarter. This clears the price situation to the end of the year, with the exception of pig iron Revival of pipeline inquiry promises some substantial tonnages of plates for Fall rolilng. Pig iron production in July regained most of the ground lost in June, when labor trouble reduced output. In July production totaled 3.501 tons, increase of 124 per cent over 3,115,302 tors made in June. the second highest month this year. being exceeded only by May, with 3,545,180 tons. The present rate of ore movement | on the Great Lakes makes probable | & new season’s record, exceeding the 1929 total of 65.204.600 tons. July shipments were 10,704.457 tons, an excess of 596.574 tons over June. For the season of August 1 ore moved to lower lake ports was 34626751 tons compared with 32,910,820 tons in 1929 to the same date. Steel and iron exports in June, ox- | cluding scrap, were 306,237 gross tons which exceeded by 51 per cent the total | in June, 1929. For six months this vear the total was 2.3 per cent larger than in the corresponding period of 1929. Scrap exports in June amounted to 520,297 tons. For six months they were 2,172,660 tons, which 200.000 tons more than total exports in all of 193€. Continued advance in prices of steel- making scrap, though at a slightly slower rate, brought an increase cf 33 cents in the composite for scrap to $20.33, close to the level of the end of | April. Prices at Pittsburgh and in | the East continue to advance while |little change is noted at Chicago. the scrap | Scrap advance has raised the iron and | steel composite 5 cents to $40.32. The | finished steel composite is steady at | $61.70. AUTO PRICES INCREASE | SEEN TEST FOR PUBLIC | By the Associated Press NEW YORK, August 9 —The motor industry, which has been jacking up automobile prices to cover increas>d production costs, is counted upon in | financial circles to provide one of the best coming tests of the ability of the | public to stand higher prices for man- | ufactured goods. Automobile price boosts announced so far are small compared with total costs of cars. Nevertheless, the motor car user has been confronted with rising costs in many directions, includ- ing rents, taxes, clothes and house- hoid goods. The “typical motorist” in the United States, says the American | Petroleum Industries Committee, earns $25 to $30 a week, owns a second- hand car valued at $200 or less and pays $50 annually in automotive taxes, including moere than $30 in taxes on gasoline. CHICAGO LIVE STOCK. | By the Associated Press. CHICAGO, August 9 (U. S. Depart- ment of Agricuiture).—Hogs, 10,000, including 2,500 direct; market gen- erally steady with Priday's average; top, 13.70; bulk good and choice, 180~ 230 pounds, 13.35a60; 140-160 pounds, scarce but in narrow demand, mostly 12.50a13.25; butchers from 240-300 | pounds, 12.50a13.25; most packing sows, 11.50a12.25; lightweights on butcher order upward to 12.35. Cattle, 15,000, calves 2,500; strictly 17.25, new high; kinds of value to sell at 15.00 upward comparatively scarce; medium to good grade weak to 25 low: er; common kinds holding steady if tive, southwest and heifers 25 lower; strictly grain-fed heifers steady; best 823-pound heifers, 16.00, new high on crop; general Killing quality only medium to good, crop run- ning very freely to grass cows and | heifers; 200 head Montana grass cows, 8.50a9.50, these scaling 1,100 and 1,040 pounds, respectively; bulls steady to 15 lower; practical top weighty sausage bulls, 7.35; vealers scarce, but barely steady at 12.00 down, mostly 11.50 down. Sheep, 8,000, inéluding 5,500 direct; Spring lambs moderately active after slow start; most sales around steady to 25 lower; bulk natives 11.00 down to larger interests; top, 11.25 paid by shippers and small killers; sheep about | steady; native ewes, 4.00a5.50. BASIC DOLOMITE OFFERING. NEW YORK, August 9 banking group headed by Hall-Garten & Co. will offer 140,000 common shares of Basic Dolomite, Inc., at {$12.50 a share. The company, a Cleveland concern, produces granular dolomite refractories used principally in the steel industry. Proceeds of the financing will be used by the company to retire outstanding funded debt and for other corporate purposes. MARYLAND OFFERS ISSUE. NEW YORK, August 9 (#).—The State of Maryland today offered for sale an issus of $3,408,000 of 234 per cent of general construction bonds, the | Daily Bond Buyer reported. ‘ an| This is | is about |t grain-fed steers steady to strong; top, | suitable for stockers; stocker trade ac- | bred yearlings and | calves selling at 9.00a10.25; grass cows | P)—A | Entrepreneurial Withdrawals Represent the Amounts Taken by the Operators Out of Small Busi- nesses, Including Farms But Not Corporations., .. ... 90 1500 8B vaen Sy ISSR00 BALES COTTON ESTIHATE Condition of Crop August 1 81.3 Per Cent of Normal, U. S. Says. By the Associated Press The Agriculture Department nounced today this year's cotton orop would total 15,593,000 bales. The forecast was based on condi- tions prevailing August 1 and on an- the area in cultivation July 1, less the 10-year—1927-36—average aban- | donment, announced as 33429000 acres. The Crop Reporting Board | | said the final output will depend upon whether the various influences af- fecting the crop during the remainder | | of the season are more or less favor- | | able than usual. Last year’s crop | | was 12,398,882, equivalent 500-pound | bale: that of 1935 was 10,638.391 i bales and the 1927-36 10-year aver- | age was 13.200,857 bales. 30,028,000 Last Year. | This vear's acreage compares with the harvested acreages of 30,028,000 | last vear; 27,640,000 in 16 and 35,- | 496.000 the | | The condition of the crop on August 1 was 81.3 per cent of a normal, com- pared with 723 a year ago and 67.7| the 1923-32 10-year average. | | The indicated acre-yield is 2:33‘/- pounds, compared with 1976 pounds produced last year and 169.9 pounds, 2 average Cen: Bureau announced | simultaneously in its first report of the | wason that 142983 running bales, | counting round as half bales, of this | Av ust 1, compared with 41,130 bales Cultivation Average. This year's acreage in cultivation, less than 10-year average abandon- L ment, the condition of the crop on | August 1 and the indicated production, | acreage 64000, condition | 1 90 per cent of a normal and indicated productian, 42,000 bales; North Caro- lina, 1.068.,000; 85 and Carolina, 1618000; 74 and 863,000, Georgia, 2.607.000; 75 and 1.282,000; | Florida, 112.000; 86 and 40.000; Mis- souria, 488,000; 82 and 367,000; Ten- nessee. 935.000; 85 and 508,000; Ala- { bama, 2,542,000; 82 and 1,302,000; Mis- sissippi, 3,334.000: 82 and 1,917,000; | Louisiana, 1.530.000; 83 and 864,000; | Texas, 125 82 and 4,314,000; | Oklahoma, 2511,000; 76 and 891,000; | Arkansas, 3.040.000: 84 and 1,493,000 Mexico, 133,000; 89 and 118.000; | Arizona, 269.000; 91 and 239.000; Cali- fornia, 610,000: 85 and 606,000; all other States, 30,000; 87 and 20.000. Lower California (Old Mexico), 137.- 000; 87 and 66,000 (latter not includ- | Virginia | States total.) Sharp Break in Prices. NEW YORK. August 9 (A —A sharp break in prices of cotton futures today echoed the Government's esti- mate of a 1937 crop of nearly 15 600,000 bales. The market was down as trading was resumed after an inter- ruption while the report was being received. October contracts dropped below 10.50 cents a pound. | The bureau crop estimate of 15, 593.000 bales was larger than gen- erally expected and when the market reopened after the report was pub- | lished prices experienced a perpen- dicular drop of 32 to 44 points from | the 11:55 prices under an avalanche of general selling. ¥ The December position sold down from the early high of 10.83 to 10.38, with the entire list at new low levels for the life of all the present con- itrams and at net losses for the day | of 28 to 43 points. Breaks $2 a Bale. ' NEW ORLEANS, August 9 (&)— Cotton broke more than $2 a bale here today on selling induced by the Gov- ernment estimate of 15,592,000 bales for the 1937 crop. First trades after resumption of bus- iness following the report showed losses from 41 to 45 points compared with | prices ruling just before the estimate | was issued. INSURANCE STOCKS HOLD | STEADY DURING WEEK Special Dispatch to The Star | NEW YORK, August 9.—Insurance | Stocks in the New York City market held steady: during the past week and closed practically unchanged com- pared with the previous week’s clos- ing, according to records compiled by Hoit, Rose & Troster., The aggregate value of 20 leading fire and casualty insurance issues on August 6 totaled $609,054,000, compared with $609,- 492,000, at the close of the previous week, a decrease of $438,000, or 0.07 per cent. WORTHINGTON PUMP NET. NEW YORK, August 9 (#).—Worth- ington Pump & Machinery Corp. re- ported for the six months ended June 30 net income of $900,775, equal after dividend requirements on the pre- ferred stocks to $3.37 a share on common stock. This compared with $162,529 in the first half of last year, 10-year average o vear’s crop had been ginned prior to | to that date last year and 94,346 in| | 1935. | by States, follow: | 7,000; South | | ed in california figures nor in United |1 from around $1.25 to nearly $2 a bale | or $3.02 a share on Class “A” 7 per |3 cent cumulative preferred stock. Washington Exchange SALES. Washington Rwy. & Elec. 45—8$5,000 at 106', Potomac Electric Power §'27 pfd—6 at 113 Lincoln Service pfd. —10 at 43, 11 at 42 Mergenthaler Linotype—15 at 43, 13 at 43. AFTER CALL. Potomac Electric Power 67, pfd—1 at 113. Washington Rwy. & Eleetric 45—$3,000 at 106%. Woodward & Lothrop pfd.—10 at 122 Mergenthaler Linotype—2 at 43. Bid and Asked Prices. BONDS. PUBLIC UTILITY Amer. Tel. & Tel . Anacostia & Pot ! su Georgetown G: Pot_ Elec. Pow Wash. Gas 3 Wash Gai Wash. R; MISCELLANEOUS. Chevy Chase Club st 4145 Col. Cou Club 1st 4145 W. M. Cold Storage 5s STOCKS. PUBLIC UTILITY. e 12 112 2615 111 BANK AND TRUST COMPANY. Amer Sec & Tr Co Bank of Bethesda (h Capital 4) 10010 (eR)__ Sav. i orges BK. & Tr. (.50)_ Rizes (#8) : Riges pfd (5) Washineton (R) Wash. Loan & Tr. (% FIRE INSURANCE American (8) _ -~ 100 Corcoran (3) n's TITLE INSURANCE Columbia (301 _ 50T Real Estate (6) _ Z 150 MISCELLANEOUS. Wdwd. & Loth. pid “Ex_dividend paid June SHORT-TERM SECURITIES, (Reported by Chas. D. Barnes & Co ) Bid O Susa & W 35 940 N Y Tel Co 4'ss 1838 Pac R R of Mo 4s 1038 Penn-Dixie Cement 65 1941 Penna R R Co 4s 193 Rjo_Grande Westn 0 io 45 Tt R 125 1001 101t 110 FOREIGN EXCHANGES. NEW YORK, August @ (@ Great Britain in dolla others in_cents Great Britain 40811, Bi-day bi mand. 3.75%: cables. mand. 5.9R'2. cables, 3 Demands— Belgium free. 4 registere: demand. 49812 lls. 4 France. Finland, Spain 913,: Poland. 1R.96 Yigoslavia 19.75: Rumi Brazil « ania, w 100.00. n—Nominal. NEW YORK SUGAR. NEW YORK. August % (.—Except for | liquidation in September No. 4. which cansed a slight set generally steady today on covering and trade buying promoted by the firmness of the spot market Trading was still restricted by uncertainty over the suzar auestion at Washinston. and price changes | were narrow, September No. 4 sold off to 12 point net lower and sbid at 1.2 pm.. or '3 point net lower. Later m were 12 point net higher at 1:30 for March. In the No. 5 contract September ruled around and March 24]. the best of the day, or 1 to 2 points net higher. METAL MARKET. aeNEW YORK » E and future. 1400 export, 1380 Tin stead by. 60.50-60.62'2 Lead steady: & Lo nd future. 7.2 2 b. Eastern Pennsylvania, Buffalo. 24.00: Alabamag 20.00. num, virgin 99 per cent. 20.00. Antimony. spot. 15.371;. Quicksilver. 94.00-06.00. Platinum. 51.00. Tungsten 22.00, nominal. BOSTON WOOL MARKET. OBTON. August 9 (P (United States Department of Agriculture) —Firm quota- i sted on fine Western grown wools Hough trade slackened: French combing lengths. fine Ter- ritory wools and 12-month Texas wools Prench combing length were being ld at 85 cents. scoured basis, and above. Sdt %015 of these kinds of wool at prices below 95 cents. scoured basis. Were re- stricted as a result of buying by several users during the last two or three weeks. o G MONEY MARKET. NEW YORK. August @ (. —Call money stead: 1 per cent all day. prime commer- al paper. 50-00 days. Te: 4-6 mon bankers' - acceptances days. .+ months. ta-la; : Fediscount rate, New vork Y per cent. 1 per cent: time loans steads 1le: 4-8 hs Reserve Banz. | pledge 87 101% | Italy, de- | e paa S| ack. sugar futures held | —Copper | scheelite. | LEHIGH VALLEY SEEKING TO READJUST FINANCING By the Associated Press. The Lehigh Valley Railroad Co. asked Interstate Commerce Commission au- thority today to pleage $11,200,000 of bonds in a readjustment of its short- term financing. The railroad said $2,000,000 of Le- high Valley general consolidated 5 per cent mortgage bonds due would be pledged as collateral se- curity for a six-month note of $1,-| 000,000 to the Philadelphia National Bank. Another $1.200.000 of the mort- gage bonds would be pledged with the Marine Trust Co. of Buffalo as security for a six-month note for $500,000. Proceeds of these loans, the rail- road said, would be used to pay $§1.- 500,000 to the Equitable Trust Co. on account of a $4,000,000 loan due | September 10, The railroad said 000.000 of its consolidated mortgage bonds and $1.000.000 of Le- high-Buffalo Terminal Railway Corp. first mortgage 4'; per cent bonds as collateral security for a $2,500,000 gix- | month renewal note facturers' Trust Co. w0 the Manu- GENERAL MOTORS SALES| ESTABLISH NEW MARK | By the Associated Press. NEW YORK, August 9.-—General Motors Corp. July sales to consumers and dealers established new high records for that month, the corpora- tion announced today. Sales to consumers in the United States totaled 163,818. The previous record was 163.459 units in July, 1936 June sales amounted to 153,866 units OFFICE FURNITURE WE SELL, BUY OR EXCHANGE Chalrs Steel Files Desks Steel Cabinets Tables Safes BAUM'S FURNITURE HOUSE 1416 Eye 8t. N.W. Phone NA. 3184 HOME in 2003 | it proposed to | ramifications of the bill “As the basic aim of the bill, like | that of the N. R. A., is to raise tha | national pay roll, it is entirely con- | ceivable that a situation similar to that which developed in the Spring of 1933, might again be witnessed. At that time, when the codes were under discussion, it was recognized that higher prices would be inevitable, 8o buyers throughout the country | placed heavy orders, in an attempt to accumulate inventories of low-cost merchandise. “In other words, it is possible that another artificial industrial boom, such as that immediately preceding the N. R. A. era, may be witnessed. It would be featured by a scramble for goods, followed by & severe drying up of new orders coincident with the advance in prices. Congress will force this dangerous and temporary business expansion on the country unless it circumscribes the power of the Labor Standards Board or it be- comes clear at once that the board will exercize restraint in setting labor standards.” LUMBER ORDERS RISE ASSOCIATION REPORTS B the Associated Press. ‘The National Lumber Manufacturers Association reported today increases | in orders and shipments of lumber and ! a slight recession in production dur- ing the week ended July 31 During the week, 519 mills produced 266.041.000 feet, shipped 266.735 and booked new orders of 250, Revised figures for the preceding week were: 561 mills. production, 286.344 - 000. shipments, 257,463,000 and orders 236,736.000. — Hog Eludes Slaughter. SCOTTSBLUFF, Nebr. (A —H D Heintz, farmer near here, is look: for a hog with horse sense. Heintz purchased the porker, laid out his butcher tools and heated a tank of hot water. Then he went for the hog. The porker jumped from Heintz's truck and disappeared. He | hasn't faund him yet — Money for Construction Loans and Loans on Existing Properties 5% FIRST DEED OF TRUST ONLY GEORGE 1. BORGER 643 Indiana Ave. N.W. Nat’l 0350 LOAN TO PURGHASE, _ BUILD OR REFINANCE Interest as Low as 3% Easy Monthly Payments as low as $7.50 per $1,000. No commissions or renewals. may be paid monthly. Taxes Investigate our economical loan plan. COLUMBIA BUILDING ASSOCIATION 716 11th Street Opposite Palais Royal Consider These Facts When You Wish To Arrange A RIEAL ESTATE LOAN [ LOANS on improved or to be improved real estate— as low as PERPETUAL Building Association is the largest in Washington, and one of theleadersintheentire United States. PERPETUAL has over 55,000 bor- rowing and savings members. $7.50 . per thousand per month including’ interest and curtail No commis- sions . No renewal fees. Let us help you solve you: problem with a Perpetual loan. Il k] by PERPETUAL'S Board of Directors keep in clo officers and materially assist in contact with the the speedy handling of loans. PERPETUAL'S regular examinations the U. S. Treasury Dept. sup- plemented by special C.P.A. audits wall as its own Auditing staff. PERPETUAL has always had a rep- utation for sound, fair appraisals. Over 200 borrowers per month were advanced loans last year, totaling over $12.000.000 for the year. PERPETUAL BUILDING ASSOCIATION 11th & ESTREETS,N.W. ESTABLISHED 1881 Largest In Washington—. ARTHUR G. BISHOP Chairman of The Board MARVIN A. CUSTIS President Assets Over $43,000,000 EDWARD C. BALTZ Secretary