Evening Star Newspaper, August 15, 1937, Page 57

FINANCIAL AND CLASSIFIED Che Sunday Stare WASHINGTON, D. C, Classified Ads Pages 5 to 15 Part 5—16 Pages D. C. STORE SALES SHOW RECESSION, HEAT IS BLAMED Trade Down 9.67 Per Cent From Previous Week, Lags Behind 1936. Survey Compares Dividends And Profits With Year Ago Compilation of Leading Stocks Indi- cates Payments May Be Increased in Many Cases Before 1937 Ends. In a special tabulation prepared for The Star, per share earnings of a | representative group of stocks listed on the New York Stock Exchange and on the Curb, for the second quarter of this year, are summarized and compared with the like period in 1936. Earnings for the first half of 1937 are also compared wjth the corresponding period in 1936. Dividends paid so far this year have been included and are of vital in- terest to security holders, as they disclose ‘that, in a good many instances, the prevailing dividend rate must be increased before the end of the year, or extra dividends declared, the only other alternative being the payment of higher taxes, unless plant expansion should be undertaken. The compilation: Dividends xPaid and declared in 1937 to date. $2.00 2.00 1.00 125 4.00 0.30 1.10 6.75 0.60 0.75 2.50 0.561 0.50 0.75 2.50 1.50 1.50 CONSULS BOARD NAMED FOR A. I. B. CHAPTER Earnings Per share, second quarter, 1937, 1936. $2.04 $1.57 0.90 0.75 149 0.99 1.33 0.70 Earnings Per share, first half, 1937. 1936. $5.38 $2.76 1.67 1.32 2.34 1.55 2.29 1.26 4.06 3.32 0.35 0.14 2.30 5.59 0.41 118 2.78 0.83 0.76 0.78 4.57 1.87 3.00 0.53 0.52 do0.14 1.86 1.94 3.27 0.61 6.31 2.75 0.33 0.11 111 1.50 1.69 ad0.45 1.68 1.38 2.41 *0.92 331 246 John Christie Names Birgfeld and Gallher as Assistant Leaders of Institute Group. TIssue, Acme Steel ____ Air Reduction__ Allis-Chalmers Amer. Brake Shoe__ Amer. Chicle 221 1.80 Amer. Radiator __ 0.20 0.10 Amer. Rolling Mill__ 1.50 0.68 Amer. Tel. & Tel... *2.72 *2.42 Amer. Water Works_ 0.72 0.64 Atlantic Refining 0.49 0.38 Atlas Powder 1.68 111 Bayuk Cigars - 052 0.49 Belding Hemingway. 0.35 0.27 Bendix Aviation 0.39 0.48 Bethlehem Steel 2.56 049 Borg-Warner 0.93 0.81 Briggs & Stratton 157 091 Budd (E. G.) Mfg.__ 0.34 0.17 Budd Wheel 0.26 0.31 Byers (A. M.) d0.29 d0.35 Byron Jackson 1.06 0.88 Campbell, Wyant ___ 1.28 0.70 Caterpillar Tractor . 1.84 1.35 Century Ribbon Mills 0.23 0.11 Chrysler Corp.._..._ 3.80 418 Coca Cola__ -- 1.80 137 Commercial Solvents 0.14 0.18 Com'wealth & S'th'n 0.04 0.01 Congoleum-Nairn T T Consolidated Edison. 0.47 0.54 Container Corp. - 0.96 0.44 Continental Baking. a0.71 a0.16 Continental Oil_____ 0.90 0.48 Corn Products -- 087 0.84 Doehler Die Casting_ 1.16 121 Douglas Aircraft *0.47 *0.38 Du Pont.. ___ 2.01 2.02 Eaton Mfg. 1.25 1.08 Electric Auto-Lite __ 0.97 121 BY EDWARD C. STONE. Hot weather was assigned by the Department of Commerce as the chief eause of a slump in retail trade in Washington during the past week, trade running 2.67 per cent below the previous week and 3.51 per cent behind the same week in 1936. The unusual lheat was also given as the reason for 8 let-down in trade in other parts of the fifth Reserve district, although Richmond, Norfolk and some other eities reported more business than last year. Bank clearings in Washington totaled $21.881.168 for the week ending ‘Wednesdar, an increase over the week's total of $19.851.308 last year. Building permits in the Capital also ran higher, $398.000, comparing with $361,356 a vear ago. Tourist busines (was also betier than in the previous week, but not quite up to a year ago, the Commerce report said. The southern part of the fifth dis- trict continues to enjoy extra good business, retail sales in Charleston. §. C., being 11 per cent over last year. Emplovment also registered a marked upturn. Marvland's prosperity | jis reflected by Baltimore's report of 0.20 1.00 0.75 1.50 0.30 7.00 1.75 SUNDAY STOCKS MOVE Up FRACTIONS 10 §1 AT WEEK'S CLOSE Selected Steels, Specialties and Oils Take Lead—Vol- ume Improves. PROSPECTS FOR EARLY END OF CONGRESS HELP Wall Street Hails Possibility That Some of Opposed Legislation ‘Will Be Shelved. WHAT STOCKS DID. Sat. Advancts Declines Unchanged Total issues BY FREDERICK GARDNER, Associated Press Financiai Writer. NEW YORK. August 14 —The stock market added fractions to a point or 50 to its recovery stature today. On volume a little larger than has been witnessed during recent Satur- days, selected steels, oils and special- ties were the principal performers on the upside. Best advances were in evidence at the start when blocks of 1,000 to 5,000 shares appeared on the ticker tape at frequent intervals. Traders | were inclined to cash in some of their | profits, however, and top gains were reduced or cancelled in many in- stances before the close. With Congress expected to adjourn shortly, and the possibility a number of measures not to Wall Street's liking will be shelved, brokerage sentiment seemed to have undergone further im- provemnt. Transfers totaled 467,030 shares compared with 314683 a week ago. The Associated Press average of 60 stocks edged up .3 of a point to 70.6, Steels Forge Ahead. Steels leaned forward notwithstand- MORNING, AUGUST KIDNAPER REPORTED 15, 1937. L] 7 IN WASHINGTON. perceptibly in recent weeks culty getting out of the Summer rut. This did not among business analysts about the oute look for the rest of the considering the of trade and industry to loaf through Midsummer. surge of bu. Federal bonus money and ind revival helped upset the tradit a seasonal letdown, was emphasized by latest trade figures | recovery march was evident in textile, building, machine tool and other lines, of the main movement | year under impetus of ret | prosperity and a slow | urge through industry to s | plant Big crops, while not an unmixed blesze ing for the farmer since prices tended to suffer, promised to make business history in the second half of 1937, m BRIGHT OUTLOOK PERSISTS DESPITE. TRADE SLACKENING Lag Contrasts With Surge From Bonus Spending in 1936 Period. RESUMPTION OF RISE LIKELY LATER IN YEAR Bumper Crops and Need for Huge Industrial Expansion Bolster Hopes of Observers. BY THOMAS E. FLANAGAN, Associated Press Financiai Writer In the grip of the August dog days, the Nation's business moved at a rather lazy pace last week. The recovery march, slowed down had diffie cause much concern ar, howeve! al traditi tendency A contrast with the counter-; last Summ asonal when strial n of Slackening of tha But hope ran high for resumption later in the ning farm akening nd for pansion. re; improvements and Farm Income Jumps. Despite lower prices, it was figured in business circles spending power of S 2 4, /}’.’.4’1///}5;:)? (Copyright, 1 & moderate increase in trade in the | first half of August and a jump in bank clearings and debits during the | [week. Chapter Consuls Appointed. Electric Power & L't 0.22 d0.04 Fairbanks Morse. v Food Machinery ____ 1.49 0.88 Freeport Sulphur_ __ 0.90 0.65 Gen. Amer. Transport 1.36 0.75 General Cable _. 080 d0.40 the farmer after completion of the har- vest would be the highest since 1929 and perhaps since early war days. The whole Nation. moreover, stood to bene- fit from handling of rich crops of wheat, cotton, corn, oats, fruits and ing indications of a decline in next | week's mill operations. Steel buying by automobile makers, it was thought, would bring a pick-up in the near future. + New York Tribune, Inc.) | 5 S | Columbian Carbon John M. Christie, Riggs National| [Bank, chief consul of Washington | hapter, American Institute of Bank- ing. yesterday announced appointment | of the new Board of Consuls to repre- | nt their banks for the coming year. | JHis first assistants will be Kenneth | [Birgfeld, American Security & Trust | Co., and George R. Galleher, !.,in(‘fllnl [National. The other appointments, hich include many branch bank em- | ployes, follow: L. T. Savage, Donald W. Mowbray, Merrill W. Drennan and York Hol- ingsworth, American Security & Trust ; John Eising. Anacostia Bank: | William F. Russ, James B. Ahalt, City | ank; Joseph Buscher, Columbia Na- | ional; Philip Grave, Thomas J. Nor- ! Jris, Bank of Commerce & Savings: M.| [Elizabeth Rowzee, Hamilton National; | illiam Armstrong, W. B. Hibbs & Co.: inship Wheatley, Liberty National; [Howard H. Alderson, Lincoln Nation 1; Fred Harriman, McLachlen Bank: mond L. Jones, National Metro- [politan; John Wilson. Morris Plan Voodrow W. Long, Munsey Trust; [Neal W. Wells. National Savings & st; Luis F. Corea, Robert V. Melle- | font, Harry Bergman, Riggs National; | [Richard Copeland, John M. Weidman, | cond National; John F. Spitznas, | Becurity Savings & Commercial; John | Warner, Union Trust: John Tripp. Na- | ional Bank of Washington: Jeanette | chs, Lloyd S. Carey. Washington | oan & Trust; C. Rudolph Schreiner, | itizens’ National, Alexandria; E. Wallace Schreiner, First National, exandria, and Guy Ridgley, Alex- | ndria National Bankers to Study Advertising. ‘The program of the four-day session | pf the Financial Advertisers’ Associa- | ion at Syracuse, N. Y., next month | ontains the unusual announcement | pf a daily class for delegates on “Meth- | pds of Molding Public Opinion.” It | 1l be conducted by Dr. H. W. Hep- | er, professor of psychology at Syra- use University. ; Speakers and subject already listed | for the general sessions include R. A. [1g, vice president, Shawmut National Bank, “Equipping Ourselves for the ob”; Paul Albright, secretary, Savings Bank Association of New York, ub- c Relations and Legislation”; Wil- am A, Thomson, American News- paper Publishers’ Association, “News- papers as Molders of Public Opinion,” nd Benjamin Buttenweiser of Kuehn, oeb & Co., “Investment Public Rela- ons.” Advance reservations are reported | o be 30 per cent above last year and nclude Robert L. Flather, American urity & Trust Co., and Eliot H. | [Fhomson, Washington Loan & Trust 0., both of whom are members of the dvertising Committee of the District pf Columbia Bankers' Association. It s likely that several other local banks vill send representatives. Heard in Financial District. National banks increased their loans nd discounts by $1,048,633.000, or ore than 13.5 per cent, during the jear ended June 30, Controller J. F. T. General Electric _.__ 0.51 General Foods ..._ 0.53 General Motors 148 General Refractories 0.78 Harbison-Walker ___ 0.64 Hercules Motors ____ 1.45 Hercules Pow Houdaille "Hers, Howe Sound .. Inland Steel Johns-Manville Jones & Laughlin. Kimberly-Clark Kroger Grocery Lehn & Fink Libbey-Owens-Ford _ 144 Lone Star Cement.__ 123 Lynch Corp. Magma Copper Marshall Field Mathieson Alkali__ Minn.-Honeywell Motor Products_ Mullins Mfg. National Biscuit = Nat. Cash Register _ National Distillers . National Steel Niagara Hudson 5 New York Air Brake. Noblitt-Sparks North Amer. Rayon Paramount Pictures Parker Rust Proof __ Penick & Ford Phillips Petroleum_ Pittsburgh Screw Pullman Remington-Rand - Ruberoid - Safeway Stores Schenley Distillers Sharon Steel Simmons Company. Skelly Oil < South. Calif. Edison_ Spicer Mfg. Standard Brands Stewart Warner Stone & Webster _ Studebaker __ Sullivan Machinery _ Superheater Sutherland Paper __ Texas Gulf Sulphur _ Thermoid Company Tide Water Asso. Oil Timken Roller Bear'g 1. Twin Coach = Underwood Elliott Union Bag & Paper__ Union Carbide Union Oil of Cali United Aircraft._ United Biscuit United-Carr Fastener 0.96 United Corporation.. 0.05 United Fruit - 144 U. S. Hoffman Mach. 1.20 U. S. Indus. Alcohol T U. S. Pipe & Foundry t U. S. Realty do.14 U. S. Steel -~ 343 Wayne Pump..... . t West'house Air Brake 0.44 Westinghouse Elec. . 2.25 Wheeling Steel _____ 4.87 Wrigley (Wm.) Jr... 1.31 Y'gst'n Sheet & Tube 1.14 Young Spring & Wire 1.76 0.33 0.53 2.00 0.69 0.55 0.44 1.39 bl.15 119 229 1.56 0.15 0.42 t 0.24 1.24 110 0.89 + d0.28 0.47 0.73 1.36 0.33 0.42 0.50 0.69 130 0.16 0.03 156 0.68 d1.09 0.66 0.82 101 0.23 0.39 0.12 0.63 1.07 0.59 T 1.29 0.59 112 0.28 0.50 0.07 0.42 0.30 0.37 0.34 0.70 0.14 0.29 1.05 0.38 0.91 0.04 0.89 0.36 0.08 0.60 0.83 0.05 145 1.03 i + d0.19 0.75 t 0.27 1.58 0.77 0.96 2.02 1.81 1007 stk 1.20 0.75 1.50 125 1.50° 1.00 1.50 1121, 1.00 2.00 0.30 11214 1.05+2% stk. 0.45 1.00 1.50 0.60 1.00 0.50 1.25 0.60 0.50 227 1.42 2.03 4.49 b1.82 6.45 5.20 3.00 413 1.90 0.77 0.60 2.25 1.99 3.38 1.58 022 1.10 €222 3.72 0.76 0.72 1.23 1.37 5.40 0.57 3.53 227 3.14 112 1.56 0.10 2.85 0.69 1.73 *1.83 1.19 1.59 232 271 1.85 322 0.96 2.04 0.44 1.24 0.33 0.54 1.02 e1.70 1.71 1.54 0.40 0.99 2.82 0.91 3.51 2.41 230 111 0.67 1.04 1.79 0.08 2.61 1.94 0.77 1.95 do.28 5.99 *2.58 11.28 4.26 6.77 222 4.08 2.94 dl.43 1.24 1.87 177 0.35 0.71 *1.01 0.53 1.26 2.53 1.03 1.25 1.99 1.05 1.97 0.57 0.84 0.19 0.47 0.56 0.61 137 1.26 0.17 0.60 1.91 0.60 2.08 0.26 1.73 0.45 0.22 1.20 1.56 0.08 2.37 1.45 0.23 1.84 d0.32 0.42 *2.41 0.43 2.98 d0.68 1.75 345 2.85 With the heavy gasoline consump- tion season approaching its peak, sev- eral oils issues were given a play. Rails were resistant as high hopes continued for a quick settlement of the wage problem. Business prospects spurred specialty favorites Eastman Kodak was the day's wid- est jumper, getting up 7'4 peints to 1973 on top of a 3-point advance vesterday. ahead about 17 points. Favorable earnings and talk of a split-up in the shares was believed to have motived the move. . Federal Bonds Improve. Government bonds braced a in quiet bond trading erals ranged up to 6-32 while losses which were in a minority were confined | to around 5-32. Domestic corporate issues moved | narrowly in light turnover. Carrier | liens perked up here and there, but | there was no definite trend. Indus- | trials were about unchanged. Practi- | cally all sections of the list were | marked by a lack of aggressiveness. The Associated Press averages for |20 rails showed a gain of 01 of a | point to 91.3. Buying in this group was apparently cautious and selective with some of the lower priced and | defaulted issues recording modest | gains, In contrast to the up trend in the carrier averages, the compilation for 10 industrials showed a drop of 0.1 of a point to 103.1. The averages for 10 _utilities was unchanged at 985 The foreign dollar loan section was inactive with most price shifts re- stricted to a narrow range. Japanese issues showed sagging tendencies and German bonds were inclined to falter. Total turnover for all $3,175.850 face value, compared with $2,616,600 last Saturday. Curb Activity Jumps. Trading on the Curb Exchange was the heaviest for any Saturday of the little erally showing fractional gains. Niagara Hudson Power closed at 13%, up %; American Super Power, 1%, up 4 Cities Service, 315, up Is; American Gas & Electric, 341, up %; Arkansas Natural Gas “A,” T, up . changed at 201, inactive, Volume was 116,000 shares, com- pared with 68,000 shares last Sat- urday. Ofl shares were o DECLINES APPEAR IN COTTON GOODS Prices on Most Types of Cou}se Yarn Gray Goods Reduced After Crop Report. By the Associated Press. NEW YORK, August 14—A Gov- ernment estimate putting the Ameri- can cotton crop at 15,593,000 bales was regarded as bearish by the cotton On the week the stock was | Gains in Fed- | bonds was | past month, with utility shares gen- | K; Electric Bond & Share was un-| WHEAT FOLLOWS NERVOUS GOURSE Disappointing Export Sales and Liverpool Weakness Bring Recession. BY FRANKLIN MULLIN, Associated Press Market Writer CHICAGO, August 14, — Wheat prices fluctuated nervously today, | declining & maximum of 1 cent a bushel at one time. Trade was thin and the market quiet. Weakness at Liverpool and disappointing export demand were bearish factors along with a less pessi- mistic survey of Canadian wheat pro- duction. It was reported Italy bought a few loads of domestic hard Winter wheat for September shipment, but this failed to excite traders. Cables indicated India, Italy and Rumania were producing larger crops than had been expected and that Germany |should be able to meet home bread | needs | Wheat closed 5-1 cent lower, com- ‘pnred with yesterday's finish; Sep- | tember, 1.1134-7x; December, 1.12%- {34 and corn was unchanged to 7 higher, September, 98!4-3%: Decem- | ber, 6614-3. Oats were unchanged | o 14 off. ‘ Grain range at principal markets | today: SEPTEMBER WHEAT— High. Low _-1.12% 1.1 | Minneapolis .~ 1,24 ° 13 | Kansas city n | Win'pee.” Oct. 1307 Liv'pool Oct: 1281, DECEMBER WH Chicago g Minneapolis ansas City Winnireg Livernool | Chicago isiaoi R TE P e . T Liverpcol Exchange. 4 MAY WHEA’ Chicago Minneapolis Kansas City Ghicago ¢ ansas City SEPTEMBI Chica2o BRle 84", ER OATs— o 2 3 Minneapolis i Oct, Win'pes, n 4R Chicago Cash Market. Cash wheat: No. 2 red, 1.16%5: No. 2 dark, hard, 1.18; No. 3 hard, 1.15- 15%%; No. 2 mixed, 1.15. Corn, No. 1 yellow, 1.06'4: No. 2 yellow, 1.06-07%4. Oats, No. 1 mixed, 30-31: No. 1 white, 313,-32. Rye. No. 2, 90: No. 3, 87- 8815. No soy beans. Barley, feed, 48- 55; malting, 65-84. Winnipeg Cash Market. WINNIPEG. August 14 (#.—Cash wheat: No. 1 Northern. 1.351s: No. 2 Ne North 1.30% 3 No. 3 a: No. 3 No. 2 white, 54 CHICAGO LIVE STOCK. CHICAGO. August 14 (# (United States bl S Earns $1,072,149 ‘ In June Quarter By the Associated Press. ‘ NEW YORK, August 14 —Columbian | Carbon Co. with principal plants in | Louisiana, Texas, New York, New Jer- |sev and Pennsvlvania, for the June | quarter reported today consolidated net income of $1.072.149 before the Fed- eral undistributed profits surtax, equnll to $1.99 a common share. This compared with $1.448.536, or $2.69 a share, in the preceding quarter | ' and $816.194, or $1.52 a share, in the ' | June, 1836. quarter. For the first six ! months net income was $2.520.686, or $4.68 a common share, against $1.843.- | 305. or $343 a share, in the like 1936 period. | 'NEW PEAK IS SET | | AT COTTON MILL Consumption for Year Ended July 31 at 7,944,803 Bales, | All-Time Record. By the Associated Press The Census Bureau yesterday re- | | ported that cotton consumed during | the cotton year of 1936-37, which | | ended July 31, totaled 7.944.803 bales, | breaking all previous records. Heaviest consumption in any year previously was 7,189.585 bales in 1926- 127. Last year 6,351,160 bales were con- | sumed. The year's carry-over—cotton on | COTION DECLINES AFTER EARLY RIE Futures Close 3 Points Off to 6 Higher as Result of Late Selling. By the Associated Press. NEW YORK, August 14.—An early advance of 18 to 21 points in cotton | futures, prompted by a show of strength abroad and on a constructive interpretation of the reported assur- ance of a crop loan, was followed by a sharp reaction under heavy hedge selling as well as profit taking. De- cember sold down from 10.60 to 10.37 and closed at 10.40, with final prices ranging from 3 points net lower to 6 higher. The market opened 11 to 20 points higher in' response to an advance in Liverpool, where prices were influenced | by Bombay and general buying and covering, with sentiment favorably affected by improved prospects for a crop loan and continued unfavorable weather. Foreign buying as well as price fixing caused a slight further | gain, but subsequently the demand tapered off to await definite develop- | ments on the loan terms, and prices reacted under liquidation and more pressure from the South. Weather conditions were considered unfavorable and there were private complaints of crop deterioration both (See COTTON. Page G-2. hand at the end of the year—was ' 14,497,505 bales, compared with 5,409.- %1389 bales a year ago, 7.208477 two 3| years ago, 9677754 in 1932, and 4,- | | 530,429 in 1930. | The total supply for the year was | | 17,900,009 bales, compared with 17,- | 730,424 in the previous year, 23,169, 405 for 1932, the largest on record, and 12,725,286 for 1924. The supply comprised cotton on | hand August 1, 1936—the carry-over— | totaling 5,409,389 bales, net imports of | foreign cotton totaling 247,381 bales, and ginnings during the year endirig July 31 totaling 12,243,229 bales. NATIONAL STANDARD VOTES EXTRA DIVIDEND By the Associated Press. NEW YORK. August 14.—National Standard Co. wire manufacturer with principal plant at Niles, Mich., an- | nounced today an extra dividend of 221, cents and a quarterly dividend of 50 cents, both payable September 24 to stock of record September 10. On July 1 the company paid an extra of 10 cents and a quarterly dividend of 40 cents. How Is Showing Current Business Activity Compared With the Same Week a Year Ago. Business? vegetables Meanwhile the trade stream ap= peared slugg sh in contrast -with its brisk flow a year ago “Hot weather in many sections of the country slowed down the move- ment of retail trade durin week,” said the United S partment of Commerce in its sume mary of reports from 36 key cities, “Trade in many reporting cities ran well behind the same period last year. “In wholesale markets, Fall goods were moving well and merchants con- tinued to declare themselves as opti= mistic over the coming season. “Agricultural areas generally re- ported good crops and satisfactory prices.” TWwo recent stalwarts in the recov- ery drive—home building and tex manufacturing—threatening the main push as they eased further. The As- sociated Press index of industrial ac- tivity showed only a small recession at 102.4, based on 1929-30 business a3 100. The figure compared with 10 the preceding week and 95.1 a yea: ago. Auto Upturn Expected. But it relied on a steep rebound in automobile production to offset los: in steel. cotton manufacturing, re: dential building and railroad carioac- ings, allowing for seasonal variatio: Only electric power output, on th basis of latest figures, supported mo- tor production on the upside. Mainly the result of resumption of assemblies by Ford, automobile out- put jumped to 103.250 units from 78,- 736 the preceding week and 55,329 the 1936 week, as compiled by Ward" automotive reports. Railroad carload- ings were moderately higher at 736.« 497 and held a large lead over last year. The traffic gain was less than usual for the season. Steel production for the week also stevped back a little at 84.6 per cent of capacity after a rally from a June and early July decline. On a longer perspective gains of the key steel in=- idustry were high lighted by the United States Steel Corp.’s July report on shipments, making the best showing for the month since 1929, Against tangible evidence of Suma mer slackening, Wall Street weighed prospects for an Autumn upturn. A disposition to construe the outlook optimistically was seen in a week-end advance in stocks. But speculative ace tivity, except in some commodity mar- kets, remained small. Financing at Low Ebb. New corporate financing also ree mained at low ebb for the year, al- though hints of more activity came in reports Bethlehem Steel was plan- ning a $40,000,000 financing opera- tion and a growing list of corporations projecting plant expenditures. Government estimates of bumper grain and cotton crops, together with the reported administration agree= ment to resume Federal loans on cot= ton, contingent on congressional co= operation in working out crop con= trols, turned the spotlight on the change in the farmer's fortunes. p'Connor announced yesterday. The | harp gain in loans was accompanied | by a slight reduction in holdings ol; ponds other than Governments, the | port says. *Three and six months ending May 31. b—On “B” stock. c—Includes National Regulator division from March 15, 1837. d—Deficit. e—Includes non-recurring income of $0.47 a share. f—In- cludes non-recurring income of $0.49 a share. x—Includes dividends actually declared payable in current calendar Yyear and extras, tNot reported. a—On “A” stock. | goods trade, with the result that trad- ing during the week was slight and prices on most types of coarse yarn gray goods were reduced. Reports of a Federal cotton loan Department of Agriculture).—Hogs. 2,000, including 1.900 direct: nomi; hippers took 150: estimated holdover, 1.000; com- 50 lower. compared Fri- in-fed steers and er, short-feds and After the meager drought years, it appeared, Nature had raised the horn of plenty over many sections. Oppor= tune rains in the Middle West and parts of the South diminished threat ‘Bank Debits outside GENERAL BUSINESS ACTIVITY for the country Indicated by Bank Debits outaide areas show week of activity above the correspon: ‘week . N e T sar Black areas indicate declinee from same weeks twelve moaths earlier; ACTIVITY BY FEDERAL RESERVE DISTRICTS Cattie, 700 day last week Johnston, Lemon & Co., which re- ntly sponsored sale of San-Nap-Pak tock here recentl”, reports that the porporation earned 36 a share on the ommon stock in the first half of this fear against 10 cents a year ago. Mackubin, Legg & Co. announce that he recently offered Midwest Piping & Bupply Co. common stock will appear | pn the New York Curb Exchange to- Weekly By the Associated Press. Brokers' Gold reserve. Rediscounts .. Bank clearings ‘This week. $1,143,000 2,526,190 8,832,398 16,697 Prev. week. $1,175,000 2,526,100 8,833,399 15,403 Financial High Lights Year ago. $943,000 2,430,227 8,225,038 7,863 agreement failed to stimulate business in cotton goods at the end of the week and prices continued to show an evening tendency. Buyers continued to bid under the market. Prices on a number of finished cotton goods were revised downward. The reduction, however, were ac- complished in orderly fashion and y steers steady to 25 lower, light grass steers 25-40 lower, unless suit- able for repiacement buyers: stockers and feeders strong. active: light-weight fed heifer and mixed yearlings strong to 25 higher. but all arass and warmed-up heifers and grass cows 25-50 lower: cutter grade cows strong; bulls and vealers fully steady; grassy ne stock in liberal supply. and grass steers more nitmersus. but still com- paratively scarce. compared vear ago: fed steers of valve to sell at 15.00 uoward showed most advance: extreme top. 17.80, 1.150-pound steers, up Cheok Transaetions sompared LEADIN BAROMETERS Showing Trend of Important Factors with the same week & g ‘ha: Prom Jearto 7.1 Present Tread Upward of late damage to growing corn. On the other hand, trade prospects were obscured somewhat by additional announcements of higher prices for manufactured goods, including auto- mobiles and radios, and the retreat in farm prices before upward ree visions of harvest figures. The ques=- tion rose whether the return from highest since 192R: to 17 R75-pound _yearlings. 797-pound heifers, 16.25 14.00° best grass steers. 13.00: Montana grass heifers. wp to 11.10. and_Montana grass cows, to 9.50: choice to prime fed steers and stockers and feeders closed firm. 7,000 directs. 22600 _directs. Compared Friday last week, Spring steady to 15 higher. slaushter sheep 25-30 lower’ week's 8pring lamb top. 11.50. paid for choice natives to yard traders and small killers: packer top. 11.35: bulk na- tives, 11.00-11.25: top Westerns. 11.35. aid for long strings choice ate: week’s bulk. 11.00-11.35: 85-pound Idahos, 10.50. sorted fop oh ewoe B35 clooh 1 i m; ‘.20 choice 14 10.28-10. Business in Dollars (Checks Cashed) Employment (Dept. of Labor) o Wages (Dept. of Labor). . Cost of Living (Ind. Conf. ) ‘Wholesale Prices (Fisher’s Index). . . Agricultural Prices (Bureau of Labor) Movement of Goods (Car Loadings). Retail Trade (Fed. Res. Board). ... Building Contracts (F. W. Dodge).. Failures (Dun’s)....... aeee O eaoetee Do Joies) Stock Prices (Composite Dow-. Stock Mkt. V(ol. Shares Traded)... Upward Al rights reserved, Cembridge Awociiiss, Bosien . 5,067,245 5,838,715 4,785,771 | toward the close of the week the mar- ket exhibited a moderately good tone as bidding increased and sales showed slight gainseover the totals reported for the first two days of the week. Sales for the week, however, were estimated at only a small percentage of production. Inquiry for print cloths was some- what broader, but buyers consistently bid under the market and mills turned them down. Sheeting, drills, Osna- burgs and other coarse goods moved in small volume at lower prices. ¥ 12.3 larger farm marketings would out- balance lower prices for major crops and higher prices for manufactured goods in Autumn trade. District Reports Given, RICHMOND—Wholesale and retail trade nerally well maintained. Baltimore bank- ng clearings up 12 per cent. compared with last year. Checks cashed up nearly 11 per cent” Washington department store sales were down nearly 10 per cent from preceding week and 3.5 per cent under 1938, DALLAB- —Cotton stirred optimism. over preceding week. busy Autumn.Extremely ho bit cotion. Bank clearings up 1 per cent. compared w.th 193 Iy Steady norrow. P. J. McMahon, vice president of the unsey Trust Co., leaves here today or a three-week vacation at Atlantic ity. & B. M. Grant, in charge of the South- Electric output (kilowatt hour week ended August 7 2,261,725 (Final three ciphers omitted in above.) ~~L Jsn3ny papua j39m ‘s3ujpeo| sy 769,706 Crude oil production (barrels)...... 3,851,150 Btock sales (N. Y. Stock Exchange).. 4,311,520 ast office of the City Bank, staits a | Bond sales (N. Y. Stock Exchange).. $35.012,900 hree-week vacation tomorrow. T. E.|New financing .. 10,655,073 Figin, in charge of the bank’s Georgia| Federal Reserve rai T 19.6% venue office, is also on a vacation. 84.6% A. H. Cannon, sssistant cashier of 1% 1%-1%% 1% wnal 2,256,335 2,079,137 Upwa: Downward Downward 782,660 3,591,900 4,378,683 $32,170,750 8,515,498 19.1% 85.5% 1% 1%-1%% 1% 726,371 2,963,800 6,534,400 54,941,000 27,545,000 9.3% 70.0% 1% 1%% %% [} ! by Washingtons Soper dem s top E;g ® saxabe. » unoanpqwug corn prospects 1+ [ ++4+ttt+ (3 e o VORANWEAN r dry weather he Anacostia Bank, 18 away on a more than 8. fnonth’s vacation. [ ~ ewes, 28;