Evening Star Newspaper, August 18, 1937, Page 15

FINANCIAL. THE EVENING STAR, WASHINGTON, JAPANESE LOANS DECLINE FURTHER Losses Range From Two to About 10 Points—Break Severest Decline. Bond Averages 20 10 10 10 Rails Indust. Util. F'en Net change. —2 +.1 —1 —5 Today noon. 90.8103.1 98.2 Prev. day 91.0103.0 98.3 Month ago. 9291029 975 Year ago 94.2103.5102.5 1937 high .. 99.0 104.4 102.8 1937 low-... 9091022 985.8 1936 high... 98.2 104.4 103.1 8691018 993 458 400 646 1928 hlgh_,.lfll 1 9891029 100 5 10 Low-Yield Bonds. Today ...110.9 Prev. day. 110.9 Month ago 110.6 Year ago - 112.0 1937 high. 113.7 1937 low.. 108.4 1936 high. 1135 1936 low.. 110.2 1928 high. 1044 1932 low.. 86.8 (Compiled by the Associated Press.) By the Associated Press NEW YORK. August 18+-Losses in Japanese loans widened in the bond market today after a short-lived show of resistance in early trading. In late dealings losses ranged from 2 to about 10 points in Japanese gov- ernment, City of Tokio and public utility issues. pan 6':s were off more than 5 at 65'¢ and Great Con- solidated Electrical Power 6,5 down about 10. The break was the severest of the decline since hostilities in the Far East precipitated selling American & Foreign Power 5s dropped about 5 at one time along with the break in Japanese issues The company controls the Shanghai Power Co., operating in the Inter national Settlement. United States Treasury issues also slipped a cog or two after holding ground the last few days. Losses ranged to 5-32 Corporate loans generally were nar- Tow and uneven. Small losses in Armour 4s, Erie 35 and Pacific Gas 3%s were offset by minor gains in Banta Fe 4s, Bethlehem Steel 4%;s and Illinois Central 43;s, Container Trade Seen Increasing Brewers’ Sale Erecial Dispaten to The Star. NEW YORK, August 18.—The next two or three years may see a radical change in the brewing industry, in the opinion of Schuyler Patterson of the Brewers' Board of Trade, in New York City. Brewers are beginning to apply to their sales the merchandising methods | used by the purveyors of coffee. tea and other beverages. The greater sales trend of beer is toward con- tainer trade and therefore i increase the grocery essen distribution co ) Should this tendency toward tainer beer continue to grow at the same rate of it probably will bring greater prosperity to the breweries and offset to some extent the increases in the prices of grains and other raw materials which | are beginning to make an impression. It is estimated that beer sales in| the United States will approximate | 56,000,000 barrels during the calendar vear 1937, and container beer, sold in oottles and cans, will reach an all- e record in sales of 24.640,000 ba about 44 per cent of the total. | his is a reversal of the f‘i(ab]'SnEd istory of the brewing business, con- SOUTHERN PACIFIC NET. NEW YORK, August 18 (#)— Southern Pacific Co., first major rail- road to report Julv revenues, showed today a moderate drop in net opera- ing income for the month despite a gaimn in gross. Net was $2.060.562, a decline of $314,437, compared with July last year. Gross income totaled $19,547,- 798, a gain of $2,398403. For seven months net operating in- come was 814,042,275, an increase of $1.862,404 over the like 1936 period, and gross was $132,025,773, a gain of | $24,639,343. DIVIDENDS DECLARED NEW YORK. August 18 —Dividends _de- | elared (prepared by the Standard Sta- | tigtics Corp.). Initial, | Pe- Stock of Pay- | Rate riod. record. able. | Pyridium Corp __ 2 L P .Hll Extra. Kimberly-Clark Kysor-Heater United Dyewood Corp Auto Finance of Piits 5¢ __ Interim. Amer T G Chemical A $3 =55 £1800 Arrears. U 8 Leather pr pf $7.7 Rerular, m 8hipbuilding adger Pap Mills Carnation Co 5% pf § Gen Pub- Util Grn Mount P Harrisbe Gas 77 Kimberly- 911 10-1 Do. s Kysof Heater Mergenthaler Linotpe Behenley, Distiliers P i Do. ot United ‘Dyewood Amer Cig & Cigar Auto Finance of Fiits Chesapeake Cor, 00 DO | DOOOOOOOOODOOD! | 5 9-10 9-10 T w” Asso " oL ater Asso” %el 1d 1.12% Q 9-10 10-1 “One-. loéllflh share of.. Amencm Tobncco on B for each share of American &liTetle & Claar common. NEW YORK BANK STOCKS YORK. August 18 (F).—Over-the- ler "market bank and trust com- anies: ' (Noon Quotations.) Bid, Bank of Mannatten (1%).- ::,11', Asked. rn Trust (4) Hanover (4) ol R Continental Guaranty Irving (.60) Lawyers Trust (2.40) Manufacturers (%) . Trust (5) Title’ Guaranty & Trust NEW YORK PRODUCE. YORK, August 18 (m—Ecks. th No. 1, Other mixed lrlden unchanged. . 7,089, Creamery,” firsts ‘icores). 30-301: seconds (R4-87 27-20%. Centrilised (90 score), ‘Other prices unchanged eese. 249.300. firm and unchanged. | Ulgawa E P 7s'45 8y private wire direct to The Star. Approximate Transactions Today. U S Gov't Bond 450,000 Foreign Bonds 1,040,000 Domestic Bonds... 4,500,000 TREASURY. 218 1049-53_ 23,8 1948-51_. z%a 1951-54.., 2% 81956-59_. 27%8 1965-60... 38 1946-48 33 1951-65 High 126 958 1034 114% 107% 101 15% 10274 507 Can'dian N db 6% s'¢6 Can'dian P db 48 perp Can‘dian Pac 4%s ‘60 Can'dian P 5544 cfs. Can'dian Pac 58 '54 Car & Gen 68’50 ww. Cent of Ga 6869 C___ Cent Il E& G 68°61_ Cent of N J gen 68’87 Cent Pac 18t rf 4a'49. Cont Pac 65 °60 < Cert'd deb 5% 8’48 __ Ches& 033596 D_o Ches & O 3%8'06 B__ C& O gen 4%8'92 Chi B&Q gen 4s ‘58 Chi B&Q 416877 _. Chi B&Q ref 65°71 Chi B&QI div 314849 Chi& BINEs'51 .. Chi Grt West 48 '59__ Chi I&L gen 5566 CM&StP4s'89 CM&StP6s'6 CM&StP&P adi582000 Chi & NW 4158 2037 Chi & NW 438 49 _ Chi & NW rf 6s 2037 . C&NW Nr W 6%s 36, Chi R I&P rf 4s 34 Chi R I&P rf 4w'34ctt. Chi R I&P gen 48 '88... Chi R I&P 4%8°52 ChiR I&P 4148°60 _ Chi T H&S 18t 6560 _ Chi Un Sta 3% s ‘63 E Chi Un Sta 45'63.___. Chi & W In con ¢s '62 Chi& W Ind 438 62 CinG & E3%s 66 Cin Un T 3%s Dgtd_. CCC&St L gen 4893 CC&St L rf 4% '17E 9 Clev El 1113%5'65 __ 1 Clev Un Ter 414517 Clev Un Ter 6873 B | Clev Un Ter 6155724 Colo & S0 4348 ‘80 Columbia G & E deb 55°52 April Columbia G & E bs ‘52 May Columbia G&E 6881~ Comel Credit 3% s '61 Com Inv Tr 33851 Cons Coal Del 5560 _ Cons KA N Y 31,8 '46. Cons Ed N Y 31,556 Cons Gas NY 414s ‘61 Consol Of1 315851 Consum Pwr 3145 66_ Consum Pwr 3168°70_ Consum Pwr 8%s '65. Container deb 55 ‘43 Container 6546 Crane Co 318 ‘51 Crown Will P 6s Cuba Northn 6% Cuba RR 18t 5852 _ Dayton P&L 318 '60. Del & Hud ref 45 43 Den & R G con 48'36_ Den& R G W 58°55__ Den & RGW 5855 D&RG Wrf5 Det Edison 48 65 F__. Det Edison 5s'52____ Eleo Auto Lite 4853 I rie cv 4s'53 Close. 98.24 101.3 100.2 100.2 101, 2 104.12 103.5 105.11 105. 106.16 106.19 106.14 100.2 100, 101. %8 1941 3145 1944-48 33 1941-43 Mar 315 1941-43 March reg.__. 48 1944-54 4145-3% 84345 418 1947-52____ 6 106.16 106,19 106.14 106.14 106.12 106.12 106.12 112.8 106.20 116.21 116.21 FEDERAL FARM MORTGAGE. 31049 - 102,30 102.28 102.28 HOME OWNERS' LOAN. 2 1942-44_ 100.19 100.15 100.15 2%81939-49_ 100.30 100.28 100.30 351952 102.22 102.20 102.22 FOREIGN BONDS. High Abitibl Pa&Pw 5853 Adriatic Elec 7s ‘52 Agr Mtg Bk Col 6s'47 Agr Mtg Bk Col 6848 Argentine 48°72 ___ Argentine 4138 71 Argentine 6s ‘60 Sept Argentine 6s 60 Oct Argentine 65 61 May Australia 414 ‘56 Australia Australia §s | Beletum 6 Berlin E| Brazil 618 '26- Brazil 6135 '27. Brazil 7s ‘62 Brazil 8s 41 Buenos A C 6s Buenos A C 61, Buesnos A 3 Buen A 414-4%877__ Buenos Alres 4%3-45%8'76 April Buenos A 4158’76 Aug Buenos A41,8-43,8 | Bulgaria 7567 Canada 23,845 Canada 3s 67 Canada 3 s Canada 4s ‘60 | Canada 6s 52 Chile 6560 ._ Chile 68°61 Ja Chile 65 '61 Febr | Chile Mtg Bk 6562 _ | Chile Mtg Bk 63561 Colombia 6s 61 Jan__ Colombia 6s 61 Oct _ Copenhagen 435 '53_ Copenhagen 5s ‘52 Cordoba Ts 42 prv _ Cordoba 7s '37 stpd Cuba 58'14-'49 Cuba 515" 65 Cuba 5 Cz«hoslo\a}\h 85 Denmark 51 Denmark 6542 ____ Dominic 1st 51,842 _. | Dom’'c 1st 53, s'6%9ext Dominic 2d 53;5'6%ext Finland 6545 Frankfort 614 = French Gov 71;s (1 French G 7s'49 un st Ger C Bk A 6560 Oct_ (}Pr Gov 5'%s 65 st | Ger Gov 512565 un st | Ger Prv & City Bank con Ag 6.8 GrtCElJap 6%s" GrtC ElJap 7s'44 Hait! 6552 Helsingfors 6 Hung Con \1: | Laly | narpu Crd 7862 Japan & Low. Close. 9814 99y 83 23% 23% 94y 102 100 % 1001, 10038 10314 109 | 10815 | 109 26 41 41 41 501, 1001 i) 941, 1017 1004 1001, 100 103 109 1081 1091 102 100 % 1000, 10033 103 109 108! 109! 1071, 10914 6514 1011 10114 100 1004 10135 1041, 104 5. B 10214 10614 Francisco § Gen i'able 51,847 Gen Mot Acc 38°45___ Gen Mot Acc 3% s '51. Gen St Cast 515549 Goodrich 43 56 3 1081 | 101 40'% Goodyear :r&n 55 °57. Grt Nr Ry 3%s '67 Great N Ry 48 46 G __ Grt NRy4s'46 H Grt NRgn4%s'77TE GrtNRgn5s'73C__. |Grt NR5%s 62 B Gulf M & N 55 50 Gulf M&N6%s’ Gulf Sta Stl 4358 ‘61 | Gult States Util 4566 Hack Wat 1st 45'52__ Hoe (R) 18t mtg 44 __ Houston O1] 5358 40 Hudson Coal 63’52 __ Hud & Man fnc §s 57_ Hud & Man ret 53 °57. 111 Bell Tel 334870 __ 111 Cent col tr 45 '53_. 111 Cent 4%5'66 ____. 111 Steel deb 4% 40 ICC&St LN O 4158'63 | ICC&St LN O 6863 Ind & Louisv 48’56 Ind'polis U R 3155 '86 Inland Stl 3% s 61 IRt RT st rt 5866 . IntRT78'32 ____ IntR T 732 ctfs Interlake Iron 4’47 Int Grt Nr 58 56 B___ Int Gyt Nr6s'52 A___ Int Grt Nrad)j 68'62 A Int Hydro Elec 65 '44 Int Mer Marine 63’41 Int Pap 1st 6347 A__ Int Pap ref 6865 ___ Int Ry of C A 55'72_. Intl Ry C A 6168 °47_. | Int T&T cv 4% m°39__ Int T&T 4%s'52_. Int T&T 5s '55._ Jones&L St1 4% 8'61A Kans C F S&M 48 '36 Kan CFS&M rf4s'36ct Kans C So 1st 38 '50 _ .| Kans C Ter 1st 45 '60 Kans City So ref 58'50 Kelth's 65°46_____ Kings Co El 45 '49 Kresge Found 4s 45 Laclede G 5%5 53 C_. Laclede G 53,860 D_ Laclede Gas 6342 A_ LE& West'n 3s"47_. Lautaro Nit 19758 Leh Val Coal 5574 E RR 45 '65. 435854 A 10215 43 v l\'reu:&'loll 5559 cfs Lombard Elec 7852 .. Met Wat 515550 _ Milan 6325 | Minas Gers 614558 Minas Gers 61;s " Montevideo 6s New So Wal Nord Ry 6128 Norway 45 63 orway 418 '65_. 1 1061 725 623 107% 9 7415 2913 1011, 10514 68 701 28 65 104 101% 1005 1020+ 107% | 100% | 102% 25% 60 64 1028 Norw Hy orw M Orlental Dev 57 Oriental Dev 6553 Oslo 435555 _ Panama 5s'63 stp as_ Pernambuco 7s'47 Peru 6360 Peru 6s°61_. Peru 78 '59_ Poland 6340 Poland 7s 47 Poland 8s 50 Prussia 6s 52 Rhinelbe Un Ts '46 Rio de Jan 6135 ‘53 Rio Gr do Sul 7s "66._. Roumania 78°59 _ Sao Paulo St 65’68 Sao Paulo St 7s 40 Sao Paulo St 7s ‘56 Sao Paulo St 83’36 Sao Paulo St 8s 50 Serbs 7862 Serbs 8s'62 . _ Shin'su EP 6%48'52_ Stlesia Prov 7s '58___. Sydney 528 '55 Taiwan Elec 5%48°71_ Tokio 5%s'61 Toklo E L Ltd 102% 621 264 182 18%¢ 211 611 30 3015 | 21 7205 | 54 105% 60 60 60 7914 311 31% 674 5414 25% 63 Un Stl Wk 616547 A_ Un Stl Wks 635851 A Uruguay 6s°60 Warsaw 7s ‘58 Westphal E P 68°53__ Yokohoma 6x '61 DOMESTIC BONDS. Adm Exp 4%s'46 std. 104 104 Alleg Corp 58 ‘44 94l 93% Alleg Corp 53 '49_. 86% 86 Alleg Corp 68°50 stp_. 57 57 Allied Stores 4358°50. 99% 99% Allied Stores 4%4s°51. 97% 97 Am & For Pw 652030 71%) 70 Am Icecv 5863 _ 100 100 Am1GChbis 49 107 106% Am Intl 634849 105'% 105% AmT&T 3%s 100% 100 AmT & T 3%s 6! 9914 AmT& T 4%s°39 104Y AmT&TE%s 43 __ 112 Am Wat Wks 6s°75__ 108 Anaconda deb 43860 106'; Armour(Del)1st 4566 9815 Armour (Del) 4s'67. 983 A T&S Fe 4s 0 - 106} A T&S Fe gen 48°95_. 1114 A T&S Fe 4%s 48 1087% Atl Coast L1st 48°62. 1034 Atl Coast L clt 4s°53. Leh Val Har 58 '54___ Leh VNY 4% 840 gtd Leh V P con 48 2003 _ Leh V P con 4%s 2003 Long Isl gen 45’38 Long Isl ref 4s'49_ Lorillard 7s'44 _ 7 541% 25% 5d1x 25% L& N 522003 B McKess&Rob 5% 8’60 Market St Ry 78°40 A Mead Co 6845 Met Ed 1st rf 435868 Mil E1 R&L 6s'61_ __ Mil E1 R&S L rf 53’71 MStP&SSM cn 4s°'38 MStP&SSM 6s "38 gtd MoK&T4s 62B Mo K & T 1st 45 °'90 MoK&T6s 62 A Mo K & T adj 58 '67_.. Mo Pac 48°76 . _ Mo Pac 58’17 F Mo Pac §s 77 F ctf; Mo Pac 58'78 G- Mo Pac 5s°80 H._. Mo Pacific 5 81 Mo Pac 5%8°49 A. Mob & Ohilo 41587’ Monong Pub S 4% Mont Pwr3%s'66 __ Morris & Es 3148 2000 Nashv C&St L 4s'78_. Nassau Elec ¢5'51 std Natl Dairy 3% s'61ww NatlDisPC4%s"45_ New E T&T 1st 6852 Natl Steel 4865 _ New Jer P&L 415’60 NewOrlPS6s'62 A_ NewOrlPS6s'55 B._. N Y Central 3% s'52_. NY Centra)3%4s '97 NY Central 3% NY Cent con 4598 _. NY Centrf 4335 2013_ NYCrf4%s2013n_ NY Cent rf 582013 NYCLSh3%s'98 NYC&St L 1st 4537 NYC&St L 4%58°78 L &N 4%s2003 C_.-. 1 Atlantic & D Jstes’48. 1, AllGlWlltL;l'fifi STA 9% 40% 104% 106 124% 106% 107% 99% 98% Beth Steel 3%s Beth Steel 438 60, Bos & Me 68 '65 . Bos & Me 53 °67___ BotCon M 6%s 34 Bot Con M 638’34 ct. Bklyn Ed con 3%s'66 Bklyn Man T 43%s ‘66 Bklyn Un E168°50 __ Bklyn Un Gas 6s '45.. Bklyn Un Gas bs '50 .. Bklyn UnG 6s 67 B Bklyn Un G ref 6s'47 BufGE4%s'81B__. Buff R&P con 4%58'57 Calif Packing 55 °40_. Camag 78 42 cifs. Can'alan NR 438 °51. Can'dian N 58°69 July Can’dian NR5s'69 Oct ’ 116% 116% 110% 110% 8% T8% T8y 1044 104 104 26% 25% 254 113% 113% 113% 117% 116% 1174 | NY NH & H cv 68 48 119% 119% 119% NY O&W ref 4s 98__. . 101 101% 114% 65 NY Edisref 81(s '66._. NY G El H&P ¢s'49__ NY NH & H 3%, NYNH&H ¢ d . Low. Close. 3 10915 117 1081 10915 654 101% 1011 101 9974 9814 10214 697, 1040 101% 100 9814 10215 69 1034 1003, 1021 106% 10175 105 102 105% 474 5l 104 8614 67% 103% 1064 2% 6215 1075 109% 841 99 97 105 6513 % 105% 9515 87 9% 40% 104% 106 124% 106% 107% 9% 988, 101 101% 114% | So Pac S BONDS ON N. Y. STOCK EXCHANGE High, 105% 105% 106% 12 104% .~ 101% 25% 104% Low. Close. 106% 105% 105% 105% 4 10614 12 104 101% 254% 4 104y 105 T4% 104y 96 100% 110% 20 998, 1054 1113 1091 103% 118% 106% 91 998 10374 107% 101 100% 67% 931, 10015 118 102% 102% 106% 99% 118% 110% 102 112% 94%, 100% 117 112 NY & Rich G 63’51 NY Steam 65 '56 - NY Steam 1st 6847 NY W&B 4%8°48 Niag Falls P 314566 Niag Sh 6% s '50 _ Norf So 1st ref 5s'61. North Am Bd 6s'69 C North Am Ed 6%s°'63 Nor'n Pac gen 33 2047 Nor'n Pac 4s'97 __ Nor'n Pac 4158 2047 _ Nor’'n Pac 68 2047 D_, Nor’'n Pac s 2047._. Ogden L C 4s 48 _ Ohio Edison 3% s 13- Ohio Edison 4565 . Ohio Pub Sve 78’47 Ohio Pub Svo 718 46 Okla Gas & El 45 '46 . Oreg Sh Line 68 '46__. Oreg W RR 4s 61._ Otis Steel 434362 Pac Gas & E131%s'66 PacG&E3%s"61 PacG & E 4564 Pac T&Trf3%s'66 B Panband EPL 4s '62 Para Broadway 3s ‘55 Param’t Pic 834847 ... Paramount Plo 6s '56. Pat& PG Ebs’'49.. Penn Co 45 ‘63 Penn P& L 414881, Penn RR 3% 8 w1 Penn RR 3% 8'70 C Penn RR con 45’48 Penn RR gn 414865 Penn RR deb 4158 '70 Peoria Pek U 5155 *T4 Pere Marq 41 s ‘80 Pere Marq 1st 55 '56 Phelps Dodge 3%s '52 Phila B&W 45743 Phila B&W 41 Phila Co 55 '67 Phila Elec 31586 Phila & R C&1 bs Phila & R C&1 6549 Philippine Ry 4137 . PCC&S PCC&St L 557 Pitts C & 141 PItts& W Va 4345'60 C Port Gen El 4168 60 _. Postal Tel & C 6358 _. Purity Baking 58’48 R-K-O 68 "41_ Reading Jer C 48 '51.. Reading R 415897 A_ Reading R 4%5°97 B_ Rem-Rand 43, 8 56ww Republic Stl 438 '50_ Republic Stl 4148 *56_ Republic St 4158 *61_ Republic St1 51,8 *54_ Revere Cop 41856 RG W 1st ex in 48’39 Rio G W col 4345 A _. Roch G&E 58 ‘62 E___ R1IA&L 1st438°34_ Saguenay Pw 41568 StJo Ry L T&P 5537 St L-S Fran 4550 A _. StL-S Fran 4%s'78 1034% 10274 105% 998, 113% 1107 1024 112% 943, 1003, n7 SF58°'50 B ctfs LIM&SR&G4s'33ct S W gn rf5s 90 | San An P Sve 6s 52 A Seabd A L ref 4s'59__ Seabd A L 4s '50 stp Seabd A L adj 58’49_ | Seabd A L6545 A __ Seabd A L 6s 45 ctfs_ Seabd A-F1 65'35 A ct Sharoh Stlcv 4 | Shell Un deb 33 | Silesian Am fmmons Co 4s'52___ | Skelly 011 4551 | Socony Vac 3 115850 Sou Bell T&T 3% s'62 Southn Cal Gas 4565 | Southn Cal G 415861 S0 Colo Pwr 65 47 A_ | southern, + | interest. | | Aetna Ins | above | South Craft 41,846 South Nat G 41s'51_ SoPac3%s 46 _ So Pac col 48°49_ So Pac ref 48°55_. So Pac 41,868 So Pac 4138 '69_. So Pac 4128 '81_ So Pac Oreg 43817 Ter 48 '50_ So Ry gen 48’66 A___ So Ry 63’94 _ So Ry gen 6s 56._. So Ry 6328°56 SoRy M& O 4s'38 | So Ry St L div 4s'51_ | Southw'n GRE 4360 104 Staley A E 4s 48 Stand OfI N J 3861 __ Studebaker cv 63 '45_. Tenn El Pw 68 47 A__ Term As St L 4853 __ Texarkana 53;s 50 __ | Texas & Pac 58 Texas & Pac 53°80 D Tex & Pac 1st 55 2000 Third Av ref 4s°60 Third Av 18t 5837 Third A ad in ex is’ ‘Tide Wat Oil 3335’ aZ Union Pac 31;,8°70 Union Pac 3%8°71 Union Pac 1st 48 '47 Un Pac 1st rf 4s 2008. United Drug 6s°'53 U S Rubber 58 '47_ UtilP & L 58 Vanadfum cv 5s°41__ Ver Sug 1st 7s'42 ctfs VaE& P 1strf 4s'55 VaRy 1st3%s 66 A_ Wabash 4158'78 ____ Wabash 4155 '78 ctfs_ Wabash 1st 6 '3y_ Wabash 2d 5539 Wabash 5876 B._ Wabash 5128 75. Walker H&S 43845 Walworth 48’55 Warner Broscv 6s 39 Warner-Quin 6s°39__ Warren Brev 6s°41__ W Sh 1st 45 2061 gtd._ West'n Md 18t 4s'62 West'n Pac 6546 A as West'n Un 4%s 50 Westn Un bs ‘51 West'n Un 58°60. Wheel Steel 4158'66 White Sew M 6s'40__ W Sp Stl 1st 78’35 ct_ W Sp Stl con 7535 et. Wilkes B&E 1st 5842 Wilson & Co 48°55___ Wis Cent 1st gn 45’49 Y'ngstn S&T 3%s'51. Y'ngstn S&T 4s°61 104 4215 428 14% 1038 22% 148 103% 22% 14614 103% PITTSBURGH FIRM GETS PAPER MILL CONTRACT special Dispatch to The Star. PITTSBURGH, August 18.—The Rust Engineering Co. of Pittsburgh has been awarded a contract for the construction of a 180-ton paper mill at Fernandina, Fla., by the Fernandina Pulp & Paper Co. The mill, which will be built at a cost of about $6,000,000, will be the first plant of commercial size designed for the manufacture of pulp from Southern woods by the use of the bleached sulphite process. The plant will be ready for operation about Au- gust 1, 1938, and will employ 400 men in addition to those engaged in wood- cutting operations outside the plant. — L RAILROAD BONDS SALE AUTHORIZED BY I. C. C. By the Associated Press. The Interstate Commerce Commis- sion authorized the Buffalo, Rochester & Pittsburgh Railway Co. today to issue $5,183,000 of consolidated mort- gage 412 per cent bonds to be sold at not less than 85,3 per cent of par to the Baltimore & Ohio Railroad. ‘The proceeds will be used to pay and retire or to acquire and deposit with the road's trustee $4,427,000 of general mortgage 5 per cent bonds, due 103% - 105 5% 1058 | 1. September 1. Interstate Hosiery Mills, Inc., eom- mon share earnings, six months ended June 30, were $3.03, against $1.89. ,‘, ELECTRIC OUTPUT SETS RECORD HIGH Gain of 1.7 Per Cent Over Previous Week Shown in Index. By the Associated Press. NEW YORK, August 18.—Produc- tion of electricity in the United States crossed the 2,300,000,000 kilowatt-hour mark for the first time last week, to set a new high record, the Edison Electric Institute announced today. For the week ended August 14 out- put was 2,300.547,000 kilowatt hours, & gain of 1.7 per cent over 2,261,725,000 kilowatt hours the previous week and an advance of 10.6 per cent over 2,079,149,000 in the like weck last year, the institute reported. The advance carried the Associated Press index of power production, with 1829-30 taken as 100, to a record high of 123.8 from 122.1 the previous week. The index, which is adjusted for sea- sonal and long-term trend, stood at 115.2 a year ago. The range for recent vears follows: 1937 1936 1935 1934 1933 1238 1198 1055 974 919 Low.. 1165 1020 941 919 802 The institute’s report showed the following per cent increases for major geographical areas: New England, 7.2; Middle Atlantic, 9.0; Central in. dustrial, 14.0; West Central, 4.1 9.8; Rocky Mountain, 16.7; Pacific Coast, 8.9. LOUISIANA RAIL COMPANY | TO CUT INTEREST RATE The Interstate Commerce Commis= sion authorized the Louisiana South- ern Railway Co. today to reduce the par value of its first mortgage refund- ing gold bonds from $1,000,000 to $200,000 and the interest rate from 6 | to 4 per cent. The bonds were dated September 1, | High 1911, and originally matured Septem- | ber 1, 1931, but the commission has | authorized extension of the maturity date to September 1, 1941. No inter- est has been paid on the bonds since | September 1, 1914. The commission said the reduction in par value in- volves the renunciation as of Decem- ber 31, 1936, of all accrued and unpaid MILL ACTIVITY UP. NEW YORK, August 18 (&) —"Tex- tile World index of mill activity for the first half of the year shows a rate | approximately 2. like period last year and 35 per cent the first haif of a “normal” year, based on the 1924-31 average. Washington Produce 1 ; sow. fob. Wash Bureau ordi- ment graded extras Deiaware c to 24 1 receivers \ B Do cars on | No 3 idenblush -inch minimu, m, 1.00 ni ) inch minimum, 1 s-inch minin h minimum CABBAGE—No carlot & on “track. Truck r plies “moderate: demand Steads. 1 5 ushel ampers. domestic. fint spe. Pmnwm.m- )-60: New York, 50- eck hampers, do- arrivals: 1 Yor dozen. 1 Michigan highballs. COl moderate: light: market s v. Sacks. Prnmyl\a i 1. TETTUCE—No cariot arrivals: six broker and one unbroken cars on track Sunplies moderate. demand light. market steady. California. Western crates, Ice- berg type. 5-dozen. 3.75-4 00; mostly 4.00 New York. Eastern crates. Big Boston 2-dozen demand 5-dozen + mearby sections, 65- carlot arrivals: one broken Supplies moderate: demand market, ste pound sacks, s. i "Pennsyivania, 90 Yo S 10158 CHES N0 calot” hrrivals: ken car on track Supplies moderate: de- mand slow: market dull. Virginia. bushel kets, Elbertas and Belles. U. S No. 1 minimuj 75-3.00° 13%-inch bushel bas- 4-inch min- imum | aimeh ‘minimum. 150 \(uyhnd bushel baskets, Elbertas, U No jinch minimum_ordinare to T au.lm and condition. 75-1 Hales, U. 2-inch minimum. rdm.n to fair «;u-mv and condition. 1.00-1.25: few best. PEAS—One Colorado arrived: three bro- ken cars on track. Supplies moderate; de- mand light: market steady e one bro- sacks. ol Pennsvl\smn, 90 few 1.00 New Jersey. 1.00-1 SWEET POTATOES Supplies moderate: demand light: market steady. North Caro- lina. bushel baskets. vellow yvams. No ‘1. 1.10: red_yams. U. 8. No Nancy Halls, 0s Mor1%3 S0} land. bushel baskets. Goidens. WATERMELONS_Boat receipts lent to two cars. Virginia: truck receints moderate: sunplies moderate: demand light market steady. Vireinia. boat receipts. 100 melons. various varieties. 00-25.00: primes, 10.00-15.00" 00: truck receipts. Thurmond 0 " pounds, average. 30-40. ea. TIMA BEANS—Supplies moderate: de- mand light: market steady. Connecticut, bushel _ boxe: 00: ' Pennsylvania. bughel bnskns 1.50-2.30: ‘Doorer. 75-1.00. SNAP BEANS_—Supnlies moderate: de- mand Heht: marker steady. Pennsylvania. Dushel baskets, - green, fiat and round ypes. 75-1.0 SPINACH—No _carlot _arrivals: two broken cars on track. Supplies light: de- mand light: market steady. Bushel bas- kets, Savoy type. Pennsyivania. 75-85: New Jerser 50:75. OR. earlot arrivals: two broen sbd one unbroken cars on track. California, boxes. 4.50-6.00. as to srade and_size L!Mogvs—c-luornv.7 boxes. No. 1, 20-25, 7.00-7. Al Pennsylvaria’ per dozen bunches, crates. 8 donen: lifornia, 30 per dbzen 3 25 Colorado. 2 50-2.75 Pennsylvania, PES—No carlot arrivals: an aer Callfornia Malagas, " 1.7 PL.75: cluste; 3 kefs” North ~Carolina, Maryland. Moores early. 10-12 bushel CUCUMBERS — Pennsylvanis, baskets, No.'2 ; pickels, PERSIA no_cars lug boxes. white hompson _seedless. -quart climax bas- Concords, 12-15; B0: Standars, 3005 ‘ponys. The 'BA No oarlot’ arrivais; no Arizona. jum| 5. ES — C.n(omu. Salmon Mests, jumbos. 485, WS-t earlot arrivals clr aivecred: o broken car on tr rrivals; no ca; & | BE Gebtes B, & Tr. (50) | Security” Storage (5) large. | U u. s | steady D. C, WEDNESDAY, AIj'GUST 18, 1937 Washington Exchange LES. Potomac Electric 6% pfd—10 at 113, 10 at 113, 5 at 113, 5 at 113, AFTER CALL. Potomac Electric 6% pfd.—5 at 11!. Anacostia & Potomac 5s—$1,000 at 70. Potomac Electric 8% % 110%2. Capital Traction 5s—$1,000 at 86, $1,000 at 86. Bid and Asked Price BONDS. PUBLIC UTILITY, Bid - 10474 [:{ pfd—16 at Asked. Amer. Tel. & Tel. 4'as_ o Anacostia’ & Pot. 73 Ana. & Pot. Gu: . C. & P. Tel. of Va. asitai Traction . R b 88" City & Buburban 55 ki Washington Gag 55 mfio Wash. Rwy. & Elec, MISCELLANEOUS. Chevy Chase Club 1st 4'4s_ 104 Gol. Country Club 13t 4%s- 103 W. M. Cold Storage 5s_.___ 100 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Transit Co. N. & Wash, 28 110% | Wash: By & 1 com ' (36) Wash. Ry. & Elec, pfd. (5) *108'3 BANK AND TRUST COMPANY. Amer. Bec. & Tr Co. (eR)__ 295 Bank of Bethesda (h.7 Capital (1) Com. & Savings (e10) Liberty (4) Lincoin ({6 Natl, Sav 305 Riggs (eX) Riges pfd. (5) Washington () Wash, Loan & Tr. (e8) FIRE INSURANCE. American (6) ___ Corcoran (5) Firemen's (1.20) National Union (.60) __ TITLE INSURANCE Columbia (.30) 10 Real Estate’ (6) =5 190 MISCELLANEOUS. Carpel Corp Lanston Mon Lincoin Serv Lincoln Servic Mergenthaler Peoples Dr. St Peoples Dr. 8t Real Est. M &G com. (+1.00) e pld 0) Lino pid. (**.30) Ter. Ref & Wh.Corp. (3 Waud. & Loth. com, (1150 vdwd. & Loth. pfd. (7) INSURANC.E STOCKS NEW YORK. August 1R (P.—New York | it alers’ Association e Bid Asked. Aetna Cas 100 Aetna_Life (S0a) Am Equit (1.60a) Am Ins (Nwk) ('za) per cent above the | Cit: Contin_Cas Fid & Dep (ia) Firemen's (Nwk) (.30 F Revere (P) In h 1sl Ins ¢ batd 0 far this year. . SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Asxed §—Declared 0 Py 5 G'nd Rapids & Tnd 1 2s 1930 3s 1941 Houston Oil 1 25 1940 St. L 6% notes 10:% Dock 55 1938 N Y Sus & Western 5s 1940 Penna R R Co 4s 1943 Rio Grande Western 45 1 Warner Bros fis 1939 Western N Y & Pa 45 1043 Western Union Tel 55 1938-- 101% 1011 METAL MARKET. NEW YORK. August 18 P .—Copper electrolyt spot and _future. export. 14 Tin steady; spot 50.62%5. future. 50.25. Lead | steady; spot. New York. 8.50. East St. Louis, 6.35. Zinc steady. East 8t. Louis, E fll\d future, Iron. aluminum. ny. auicksiiver, ~ platinum and sche!h{e unchanged. . FREIGHT LOADINGS. NEW YORK. August 18 (.—Revenue freight carloadings on railroads reporting today for the week ended August 1% in- ded: o Aug. 14. Prev.Wk. Yr. (ARO Ghesap, & Ohio. 331468 37,549 K Central 14.00 and nearby Pennsylvania Eere “Maraute 0 Pitts. e 15418 REPAY YOUR MORTGAGE LIKE RENT 8% Interest No Renewal Fees Up to 20 Years to Repay v setting up your mort- age on a long-term basis, you avoid the worry and expense of periodic re- newal or ar- rangements. You pay off the principal in monthly installments, like rent, or in any way that is most con- venient for you. Tell us about your requirements. Learn how our Mortgage Loan Plans can save you money. WEAVER BROS ¢ | ing_mutual tariff conc | ments act mediate and effect | of coaltar colors, FINANCl1A L. B A—15 TRADE PACTS AID CHEMICAL FIRMS Recovery and Arms Pro- grams Also Boosting Ex- ports, Study Reveals. Bubstantial increases in the chemi- cal foreign trade of the United States since the series of reciprocal trade agreements with foreign countries went into effect are cited as an in- dication of the “stimulating effect” of the agreement in a report to the American Chemical Society by Otto Wilson, statistician, of Washington, to the American Chemical Society, which holds its ninety-fourth meeting at Rochester, N. Y., September 6 to 10. By checking import and export figures for 1936 against earlier figures, Mr. Wilson finds a starting point for judging the results of mutual tariff concessions. Trade agreements alone are not responsible for the changes, he points out; continued business re- covery here and abroad, political crises, big rearmament programs and comparative stability in exchange have also affected the trade. The trade returns, nevertheless, do have signifi- cance in adjudging the eflects of the agreements, most of which have been in operation for at least a year, he says. Trade Gains Sharply. Imports from Canada in 1936 were | higher by 32 per cent than in rhv‘ preceding year and exports by nearly 20 per cent, declares Mr. Wilson “The trade in both directions was | about twice as great in value as it had been three years before. With the | trade agreement with Canada going | into effect January 1, 1936, we have | had one full calendar year in which to test its provisions. “In 1936 Canadian the United States, according m\ Canada's own figures, showed an 18 | per cent increase, while the imports | from all other countries increased only 12 per cent. And, on the other hand, the 32 per cent gain in United States imports from Canada com- pared with a gain of only 17 per cent in imports from all other countries. Cuban Volume Soars. “Concluding an agreement which went into effect in September. 1934, Cuba was the first of 16 countries to join with the United States in mak- imports from sions in & cordance with the new trade agree- | There llowed an im- | enormous increase in Our exports to Cuba in a year grew 60 per cent in value ports from Cuba more than | “TWo years ago, a trade agreement when the terms of with Switzerland | were being discussed, there was much 2 apprehension in United States chemi- < cal circles over the possible effect on | our dye industry of lowering of our duty on coaltar dves and colors. The reduction of this duty nevertheless was made a part of the agreement with Switzerland, which went into February 15, 1935. “Trade figures for last year indicate that for the present, at least, the, fears were hardly justified. They show an actual falling off in imports dyes, and stains as compared with 1935, both from Swi erland and from Germany, the two big sources of supply.” O0DD-LOT DEALINGS. he Associated Press MONTREAL SILVER. MONTREAL. Au 18 0 —Silver fu- ep hange Decemibe; RUBBER FUTURES. ¢ York. #,.—Crude rub. s Sole 10 nigh August 18 teady OFFICE FURNITURE WE SELL, BUY OR EXCHANGE Chatrs Steel Files Desks Steel Cabinets Tables Safes BAUM’S FURNITURE HOUSE 1416 Eye 8t. N.W. FIRST TRUST LOANS LONG TERM 3% $6.60 per month per $1,000 includes interest and pay- ment on principal. Pays loan in 20 years. No renewal. ALSO 3-year straight loans tnd construction loans. BOSS & PHELPS MORTGAGE CO. Loan Correspondent Jahn Hancogk Mutual Life Ins. Co. 1417 K St. N.W. NA. 9300 | Philadelphig, UPTURN FORECAST IN STEEL VOLUME Principal Stimulus Comes From Car Makers After Production Delay. By the Associated Press. NEW YORK, August 18.—An indi cated turning point for the better in the volume of new steel business was noted today by Iron Age in its weekly review. The trade publication said that although the improvement was moder- ate, it extended to all territories, Principle stimulus came from auto- mobile makers and replenishment orders from miscellaneous users who have been drawing on inventories recently. The review said: “Considerable more tonnage will be required to bridge the gap between shipments and new business. Production Delayed. “The automobile industry appears to be the key to more pronounced resumption of steel buying for Autumn requirements. It was expected that volume steel orders for new models would come earlier than this, bug the motor car compa have been delayed in g 0 production of 1938 cars. Current output of cary is higher than was ever before reachec in the final month of a model year It being estimated that 375,000 uni'y be assembled during August, las* week's total having risen above 100,000. “There is no let-up in the pressure for tin plate for can making; farm equipment makers have closed for some of the steel required for ma- chinery to be built for 1938 delivery, while the demand for oil country pipe is holding at a good level. Manu- | facturers of power shovels and cran are also very busy and are taking steel in substantial quantities. Shell Order Placed. “The Shell Petroleum Corp., Louis, has placed an order for miles of 8-inch pipe requiring 15,000 tons of steel. “Present pig iron prices have beer reaffirmed for the fourth quarter b; a number of the leading producers in the North and South. “Strength in steel scrap continues but no further advances have oc- curred in Pittsburgh, Chicago leaving the composite price unchanged However, a le of 25,000 t Youngstown mill brought 5'22 50 fc the No. 1 grade, a rise of $1 a ton. U. S. TREASURY POSITION. The position of the Treasury on Au- FIRST TRUST LOANS Reasonable Rates and Commissions Tyler & Rutherford, Inc. 1512 L Slrae: NW National 0478 n_Correspondent Matuas Benens fife Insurance Ci We Are Specialists in Writing Complete INSURANCE 1t will pav you to consult us regarding full protection. because we write all kinds of policies. May we arrange a complete coverage for you? J. Blaise de Sibour and Company INSURANCE BROKERS 1700 Eye St. N.W. Met. 3998 CONSTRUCTIO® LOANS and LOANS ON IMPROVED PROPERTY in the District of Colambia Nearby Maryland and Virginia Prompt Action B. F. SAUL CO. 925 15th Street Natl. 2100 TO PURGHASE, Wllnfifi REFINANCE lmrect as Low as Easy Monthly Payments as low as $7.50 per $1, REALTORS Mortzars Loan Correspomdont Maroplitan Lifs Innerance Compeny o carlot a cmrornh, Doxer, Mountain York, orates, -3.98. -4.75, trace let 5! 2 Clt klll ucllcn l 78 2’“' : P ba, erates, l a8 to size. WASHINGTON BUILDING DISTRICT 9486 000, No commissions or renewals. Taxes may be paid monthly. Investigate our economical loan plan. COLUMBIA BUILDING ISSOGIITIOI 716 11th Street Opposite Palais Royal