Evening Star Newspaper, August 18, 1937, Page 17

FINANCIAL CLRB ISSUES LACK RALLYING POWER Utilities Lag as Business Horizon Is Scanned for Encouraging Signs. *By the Associated Press. NEW YORK, August 18.—The Curb market lacked rallying power in quiet dealings today. Price shifts were nar- row and plus and minus signs were fairly evenly distributed. Record crude oil production and | demand for gasoline seemed to have | little effect on oil shares. Creole Pe- troleum and International Petroleum elid fractionally low Sunray Oil and Cosden were unchanged. Utilitles lagged as traders scanned the business horizon for encouraging signs. Elec Bond & Share, Amer- ican Gas & Electric and United Gas gave up minor fractions. American Superpower and Niagara Hudson Power improved a little, Losers included Fairchild Aviation, Pennroad, Technicolor, Eagle Picher, | Pisk Rubber, St. Regis Paper Hearns Stores and Hecla, A little on the upside were United Wall Paper, Wright Hargreaves, Pan- American Airways and New Jersey Zine, SEARS, ROEBUCK SALES REPORTED AT $36,266,551 P the Assoctuted Press. CHICAGO, August 18.—Sears, butk & Co. reported today the seventh d of the fis N July 17 to August 13, totaled $36,2 551, an increase of 7.4 per cent, com- pared with the corresponding period last year. This was a new record. Sixth period sales $42,035,960 this yea Sales for the t from January 30 to August 13 totaled $201,648.636, an increase of 161 per ompared with the corresponding period-in 1936. This was also a new record. totaled seven periods MORTGAGE.BONDS SOLD. NEW YO A Cleveland & Mahoning way Co., owner of li land and Youn a to an Erie railroad subs old privately $2.936,000 per cent bo 0d! 15t Valley Rail- leased has all-time | 18 ) TRl iribiNen o THE EVENING STAR, WASHINGTON NEW YORK CURB MARKET By private wire direct to the Star, 2:30 Stock and Bales— Dividend Rate. Add 00. Acme W vic (28) Aero Sup Mfg B Ainsworth (3;g). Air Devices Ala Pow pf (6) Ala Pow pf (7)._ Allied PrA (1%) Alum Co Am_ Alum Ltd__ Am Airlines Am Capital (R) - Am Cit P&L(3h) ACP&L ww 2%h A CP&L B(.30g). AmG & El(1.40)_ Am G & E pf (6) - Am Gen = Am Laun M .80a._ Am L&T(1.20a)., Am Maracaibo Am Seal Kap Am Sup Power. Am Sup P pf_ AmSP1pf( Am Thrd pf(%)_. Anch Post F Ark Nat Gas A Ark Nat Gas pf._. ASG&ELA AsG &El pf_ Asso Laun of Am At Cst Fish(.35g) Atlas Corp war__ Atlas Ply (1%g . Austin Silver M_ Automat Prod Avery&Sons .60g. Axton Fis A_____ Bald Bond rt (r). Baldwin Rub .5 Bardstown D) Barium Sta Bath 1 W (6 Bellanca Aire Bell Afre.______. 1 Can (8)_ Blue Ridge (158) Rohack (H C) Rorne Scrym.75g 1008 Breeze Corp.. Brewster Aero. R dgpt wn‘ns) ht \\lll‘fll’\f irown F Dist Bnk H1 & S(114). Burco Co (war) _ Burry Bise (34g). BN&E P pf 1.60. > 3 es in the Cleve- | | Clin { Col Fu { ColumO &G .__. Cab & Wire A ___ Can Mare Wire 28)-. " - 00 1 00 1 1 5 0 1 3 O €0 10 09 3 O B e ‘en H G&E en & ‘en St g 5 “entrif i (.40) *hi Flex i Riv rilds pf Service erv pf - Cities Sve pf B__, Claude Neon Lt__. 111 (2) Cleve Tract o S v n 5 hfield Coal.. Col Gi (‘rvm\\'\"w Fd new RO 9% T e e T R A Y b e NG&EpTpf (7 t Roll & St1 o | Cook P&V (.60a)_ Cooper-Bess Cord Corp | Corroon & Rey Cosden Petr Creole Pet (1:2g). | Croft Brewing_. | Crown C Pet_ 10874 107 a6ty Wash Gas Lt West T Ut hs FOREIGN BONDS. 45 e Fuls B0 WP With warrants. Xw—Wtthout war- n—New. st (stp)—Stamped. Rotiability ‘impaired by maturity. panies Teported in receivership, OREIGN EXCHANGES. FIW YORK, August 1R () —Foreign exchfinge frm: Great Britain in dollars, in cents, G“g‘ Britsin, demand. Pied wwd 3% an) i 1Co S s 7t 8p. ot A G i Crechosiovakia, 349 Austria, 188 Rimania. .74 Argentina, R014n kio, o Nohireat In New o Rew yore Montreal, 100.01 . B—Nominal. PHILADELPHIA PRODUCE PHILADELPHIA. August 18 (P) poultry. fancy, Plymouth Rocks. ixed colors L B2 18-19 ghorns. fancy vei pullets. Rocks. 29-31; Reds. hickens. Plymouth 'Rocks. orn brojlers. 25-26. essed _poultry unch.n e utter. &% score. 3 T 4018 Casess Arm, unehinged. r Cook Paint & Varnish Co.—July Crown Drug Cusi Mex___ Darby Pet (15) Dayton Ruh A 4 Dejay § Derby Oil _ __ Det Gasket (1) _ Diveo Tw C(.40)~ Dom St & Coal DraperCp (2,40 Dubilier Con Duro Test .37 - )‘amn P Ld 305 El P&L 2d pf A Elect Share _____ 1 Shov Coal pf lectrol vte Isin N W(1l5e). S&F 7% pf- Equity Corp Eureka Pipe (4) .. 50s Evans Wallo _ 23 Evans Wallow pf 100s Ex-Cell-O C(.40g) 3 Fairchild Av Falstaff Brew 508 508 28 5 2 9 1 Ferro Enam(%g) 5 Fire As Phil (2) - Fisk Rub FlaP & Lt $7 pf 2008 Fmrl\ll;anH) 2 10s 6 FroedtGevpfl.20. Gen Alloys D Gen Invest Gen Tel pf (3) Gen T & Rub Gilehrist (.508) Glen Alden(%g). Godchaux Sug B Godchx 8 pf (7) Goldfield Con Gorham Inc (A)- 1 GorhIncpf ___ . 100s Grand Nat Films. 2 GrRapV (1)_ 1 Gray Tel P S (1) 1 Gt A&P nv (6a) . 108 Gt A&P 1st pf(7) 258 Gt Nor Pap(1a) GreenT & D Groc Str Prod Gulf Oi1 (35g) Gypsum L &A. Harvard Brew_. Hazeltine (3) Hn D Strs(1.65g Hecla Min (. Aog). Helena Rubin___. Hoe(R)&Co A Holling G1d(.65a) Horn&Hard(2) Hud BM&S(%g). Humble Oil 13g_ Hummel RF .40g. Hygrade Fd. 111 Iowa Pow._. 1ll1a Pdiv et 11l Zine (.758) 150 Imp Oil Can(%a) Imp T Br(.845s. Ind Serv 6% pf InsC N Am(2a). Inter Pet(1%a)_. Inter Util B _ Int Home E(.44)_ Inters Hos(2%%) _ Inters Pw Del pf. Ital Superpwr A Ital Supdebrt __ Jacobs Co (%8) - Jonas & N (.15g). Jones & Lau Stl-. Kennedys KgsCLtd pfD(5). Kingston Pr(.40) Kirby Pet . Kreuger Br (la Lake Sh M (4a).. Lakey Fdy & M. 108 8 Ssles were up 10.4 per cent, seved| Lehigh C&N(.30). months up 18.7 per cent. A Leonard Ofl ... 4 High. Low. Close. 2315 H 3313 34 4% 362 2t 34 109% 107 304 18% 1% &1, 1% 3215 931, 4% 3% 16% 50% 5% | Noma KL (408) U;‘E\h 1 1215 151 a, 20% 38% 193 67% 35 13 38 9% 1 * 15% 5% 54 5la 11z 112 112 12 404 4% 51 5l 1% 1% B0 50% 5% 1% 12 40 4% 12 4014 47 5% | Mock J Vo(.308)- | Rus I&C Sicckand Belst— Dividend Rate. Add 00. Le Toureau (1).. Lilon Ofl (1a) Locke Stl C 1.10g. Lockheed Afre___ Lone St G (.40g) - LongIsLt ___ Long Is L pf(7).. 20; Louis L&E(.40) _. Lynch Corp(3g) - McWill's D1.25g. Mangel Strs ____ Marton St Shov_. Massey Harris _. Master Elec (1) .. 1 Mead John (3a)_. 258 Merritt-C& S J Mesabi Iron 5 Mich Bumper Mich St Tu (1 Michigan Sug Midland Stl ( Midwest O ( Mining Corp Can. High. Low. Close. 38 3 3 5 8 2 2 1 1 2 1 Molybdenum_ Monros LA(32). 2 Mont Ward A(7). 10s Mon LH&P(135). 2505 Moore Cop (1.60). Moore (T) Dis_ Mount City Cop_. Mount Prod (.6 Nat Bellas Hess_. & Nat City Li(%g). T Nat Contain .T5g_ Nat Fuel G (1) Nat P & Lt pt (6) 300 Nat Service.____. Nat Service pf __ Nat Sug Ref (2) - Nat Trans (.4 {NatUnRad NavarroOil(.40a) N Mex & Ariz _ Y Mer (.80a) g Hud Pow Niag Hud B w or Am L&P pe_ 1005 NAmRA (1. Ohio PS pf A Pac GEE1pf 135 Tac P&LE L (7)- Pan-Am Afr(1)__ Pantepec Ofl Pender Gr A 31 Pennroad (3ie)_. Penn-Mex F .50 Pa P & Ltpf () Pa P&Ltpf (7). 25s PaWat&Po(4)- 1 Pepperell (6a) __ 400s Perfect Circle Phila E1 P pf (2 PhoenixSec(,a) Pierce Gov .30 208 109y 301 | Pitnev-Bow (.40)- Pitts Fo | Pitts P G4 s Minin, ero Sugar Prod Corp | Pug SAPs | Quaker Oats ( Ry & Lt Sec .30 Reed Ro Bit .80a Reybarn Inc .10g. Revnolds Inv ___ eSDG (.758) Richmond Rad.._. stless1& S cv pf2 t Lawrence Ltd. Seiberling Rub Selected Indus _ Sel Ind prpf 515 1Ind(al ct)5% aversky Afrc . Shattuck Denn _ Sherwin-Wms 4a mmons H&EP _. mplic Pat % g_. otone (.10g)_. Stand Brew __ Stand Dredg StOil Ky (1a)-. StPow & Lt __ d Steel Sp(ig)- arrett Cor vtc.. erchi Br Str __ erl AlumP .50g | Sterling Br.10g_. Sterl Inc (.20a) _ utz Mo Am (r). illivan Mach Sunray Oil .15g Taggart - Taylor K D)St 3 Technicolor Thew Shove Tilo Roof (1) Tob Pr Exp.15e_ Todd Ship (2) Trans#ux (.20)_ Transwest Oil Tri-Cont war._. Tubize Chat Tlen&Co 715% pt Union G Can .60-. Unit Gas war Unit Gas & F Unit Lt & Pow A Unit Lt & Pw B _ Unit Lt & P cv pf Unit Shoe M 236a U'S Foil B (%g)- & IntSec & 1S pf 3%k, Linespf . Play Card 1a U S Rub Recl | Unit Ver Ext 1g_ Unit Wall P .1og. Univ Corp vie Univ Prod (1g) Util Pw & Lt (r)- Util P& L pf (1) Utility Equit_ Utility & Ind pf Venezuela Petrol. Virg Pub S pf(7). Wagner Bak .80g Wellington Oil Wentworth .25g West VaC&C_ Wil-Low Caf (r). Wil-L Caf pf ()~ Willson Prod 1a_. Walverine Pt C__ Wolverine T .40g. Woodley Pet .40_. Wright Har .40a_ 6% 6% Yukon Gold .06g- 1 2% 2 2% T Ip bankrupicy or receivership or eing 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 divis dends are not included. a Also extra or extras, 1 Payable in far this year, o1 h Cas] of stock.”" k Accumulatedl_dividend’ paid or declared tnis year. ww—wi rants. xw Without warranta. rants $4,195,000 SUBWAY CAR ORDER IS GIVEN NEW YORK, August 18 (#).—The Board of Transportation has awarded to American Car & Foundry Co., in combination with Pullman-Standard Car & Manufacturing Co., & $4,195,- 000 order for 100 steel passenger cars for the independent subway system at a bid price of §41.950 a car. The award has been submitted to the New York City Board of Estimate for ap- proval. 104 104% 2 1 2 2 x 1 1 1 1 1 1 gt - Pepperell Manufacturing Co. com- mon ahare earnings, year ended June 30, were $21.64, against $11.21. | GOODRICH MAKES b/-YEAR RECORD Net Profit Equal to $1.90 Common Share Reported for First Six Months. By the Associated Press. NEW YORK, August 18.—B. F. Goodrich Co., Akron. Ohio, reported consolidated net profit for the six months ended June 30 of $4,010,697 after charges, equal after preferred dividends to $1.90 a common share. This compared with $2,727,606, or $147 a common share, in the first half of last year. David M. Goodrich, chairman of the board, stated net sales in the first half of this year were the highest in the company's 67-year history and showed a gain of approximately 19 per cent over the like 1938 period. Directors declared & common divi- dend of 50 cents, payable Seotember 30 to stock of record September 18. The last payment was the same amount. A. T. & T. Dividend. Directors of American Telephone & Telegraph Co. declared today the regular quarterly dividend of $2.25 a share on the capital stock, payable October 15 to holders of record Sep- tember 15. The dividend means dis- tribution of about $42,000,000 to more than 600,000 shareholders. C. & 0. Net Declines, The Chesapeake & Ohio Railway Co. anncunced a net income for the first seven months of 1937 of $18,474,- 8 decrease of $2,525,982 under the | corresponding period of 1936. Net operating income for the period was $23,669,123, a decrease of $3,019,028. The railroad declared a quarterly dividend of 70 cents a share on its common stock and a quarterly divi- dend of $1 on its series A preference stock, both payable October 1 to shareholders of record September 8. Extra Dividend Declared. Beech-Nut Packing Co. declared an extra dividend of 25 cents and the regular quarterly dividend of $1 on the common stock, both payable Octo- ber 1 to stock of record September 11. Three months ago a like extra was voted. Natural Gas lm!mw s of El Pe atural Gas ed a qua dividend of 50 cents on the common stock. This | Is an increase of 10 cents over the 40 The latest decla- | able October 1 to holders | ‘p‘v mber 20, {tall and s D. C, WEDNESDAY, AUGUST 18, 1937, FINANCIAL Course of Trade in Germany “RDUSTRIAL PRODUCTION (1920—100 in each ease.) OST OF LIVING I I 0. ‘29 '30 '3I '32 '33 '34 '35 '36 oo 1990 e Cotnen Tt DAILY SHORT STOR RAIN TOMORROW By Richard P ETER, SHANKES { came out of the kitchen door and stood on the back porch and glanced up at the sky. It was still early morning. Leaden clouds hung low over the hills. “Rain today, Peter?” his mother called through the door “Be couple said clear of ope, Peter. in a hours.” Prom the kitchen window Mrs Shankes watched her son and only chid head toward the barn. He was & good-looking boy, aight and clea , she | thought with justifiable She went to the stove and looked at the | e apple pies that in the oven. Peter liked apple pie. He liked othe gs too. Things that | were 5 Leather Dividend. States leather Co., with| in Pennsylvama and West today announced a dividend of $7.75 on the 7 per cent prior pref- erence stock on account of accumu- | | was paid July i | to the 21 4 | Manufacturers’ Association announced | | today. | 12,528,789 units from 7 | final action on the plan and have set | record | 5.351.1 | same period last lations, pavabie October 1 to stock of | September 10, leaying arrears of $14 a share. A dividend of §3 1% Maryland Fund, Inc. Maryland Fund, Inc, investment | company, announced an extra distri- | bution of 2> cents a share in addition regular 5 cent both paya September 15 to holders of record Au- | gust 31, In June the company paid 3 per cent in stock and the regular 5 cents in cash. | Pneumatic Casings. Output of pneumatic casings in June | totaled 5,339,238 units, compared with 28 in the preceding month and 5.612.284 in June last year, the Rubber | June inventories increased to 35,488 in the | same month last year. Auto Sales Abroad. Sales of American motor vehicles in overseas markets during the first six months of this year totaled 376,465 units, a gain of 28 per cent over the vear, the Automobile Association announced. Recapitalization Plan. The stock exchange has approved listing of 929.762 shares of 5 per cent | preferred stock and 5.499.358 shares of | comm the recap- Manufacturers 100 to be issued under italization plan of International Paper | & Power Co. Directors have taken | September 25 for exchange of present shares for the new stock, or at an earlier date if registration with the S. E. C. makes possible, Weston Electrical Net. Weston Electrical Instrument Corp., Newark, N. J., for the six months ended June 30 reported today net profit of $251,150, equal, after class “A” dividends, to $1.34 a common share, against $101.031, or 41 cents a share, in the like 1936 period. $659,814 Net Profit. Garlock Packing Co. and subsid- iaries, makers of mechanical packings, with a plant at Palmyra, N. Y., and branches in the South and West, for the six months ended June 30 re- ported net profit of $659,814. befor re | the Federal undistributed profits sur- | | | tax, equal to $3.15 a common share, against $451,102, after the profits sur- tax. or $2.15 a share, in the like 1936 | period. $2.84 a Common Share. Public Service Corp. of New Jersey, for the 12 months ended July 31, re- ported today consolidated net income of $25,505,542, equal, after preferred dividends, to $2.84 a common share, against $23,174,109. or $2.42, in the preceding 12 months. Debentures Plan Reported. Schenley Distillers Corp. was re- ported in bond circles considering sale of $15,000,000 to $25,000,000 in con- vertible debentures for repayment of bank loans. Coty's Net Profit. Coty, Inc, and domestic subsidi- aries, cosmetics manufacturers, for the six months ended June 30 re- ported net profit of $152,180 before the undistributed profits surtax, equal to 10 cents a common share, against net loss of $7,925 after a reserve of $140,000 for possible additional ex- cise taxes in the like 1936 period. Park & Tilford Net. Park & Tilford, Inc., distributor of liquors and wines, for the June quar- ter reported indicated net profit of $247,341 before the undistributed prof- its surtax, equal to $1.16 a common share, against $134,409, or 64 cents a share, in the like 1936 quarter, —_— Isle Aids Aviation. New facilities for aircraft operation are provided by a radio station opened at Ronaldsway Airport, at the south end of the Isle of Man. It will aid communications and the direction, finding servige for all aircraft nylnz over the Irish Sea. It will be of spe- cial help to the Dublin-Isle of Man and Belfast-Isle of Man lines. At present there are three departures and ar- rivals daily between Baldonnel Air- drome, Dublin, and the Isle of Man. A new communications area for air- planes has also been introduced for alrcraft flying near the Isle of Man. f\ | Struthers, who was a traveling sales- | he wanted | the man who stood there. | broken down. {and if he cou have. Since ther | had died the burden of 1 on his youthf d to be an engineer. He wanted Hapgood, who but Betty hated | on a farm. That was why she displaying an interest in Joel He living was man, Mrs fully. Shankes sighed deeply, regret- She wanted Peter to have what She was the type who believed something good would be bound to happen if you had faith and didn't complain and were thank- ul for your possessions. B right now she couldn’t think for the life| of her what that something would be. | An hour later some one rapped on the front door. “I'm sorry to disturb you” May I use your phone?"” c . Come right inside, youre & mind you can wait hgre where it's cool till the garage man comes.” The stranger was grateful. He said his name was Roberts. He used the phone and then sat down in the kitchen to await the arrival of the | garage car. “Sultry out,” ]:kn rain.” *'Twon't,” said Mrs. nkes. clear in an hour. Peter says £0.” 3 And who is Peter?” son. And a nice boy, | has an uncanny instinct | predicting the weather. Every one around here depends on what he says. Never knew him to fail yet.” “But the official weather forecast | for rain up here today.” “Humph!” said Mrs. Shankes. ok IR ROBERTS glanced from the window. The leaden clouds‘ were thicker. They seemed ready to let loose a deluge. Mr. Roberts sat in the kitchen and drank a glass of milk and waited for the garage car. When it arrived a half hour later and he went out- side he noticed that the weather was clearing. By the time the mechanic had finished his job the sun was out. “of he remarked. “Looks “Be | my is | “otr | How 112 Wilkinson. He paid the man off and then stood staring thought- fully at the Shankes farmhouse. Be- hind the house he could s man plowing. After | a moment, he went around the house and into the field | and waited for the plowman to finish his row. “Are you Peter Shankes?"” “Tha right.” Peter took off his | hat, smiled pleas- antly and mopped his brow. “Going to be hot.” | ‘\, “Is it?” said Mr. Roberts. “I main, | are you sure?” “‘Oh, sure, 1 be around 80, b clear. d heat so much when it's noon Never clear.” “How persisted. Peter mayhe farm M can you tell?” Mr., Roberts. gestured becs 50 long Roberts stroked h s have lived on fa t00. would you like a job predicting the weather for my newspaper?” “What? “I own the Mapl \\’Jud Citizen, circulates all through the farmi country. Now if we had some one who could accurat predict the weather he would be inval us.” 1essw I've S ¢ lived on a chin. | It * x % PETER grinned and shook his head ‘'Wish I could, but I've g stay here and run the farm.” “That’s what I want T'll pay you $10 a week just to pre- dict the weather. You can use the money. Isn't there something special that you want to d “You bet there . “I want to go to an engineeti school. Say, I could predict weather at the State college couldr I main, I could get a man for $8 and his keep to run the farm, and | I could get a man for $8 there and—— Say, mister, the school is ot country. I can predict weather an: where. I tell you. I'm a wonder at! it! Will it be all right if I'm at school, mister?” i Mr. Roberts stroked his don't know why not,” he sa When Peter told Betty about id: “Oh Peter! I'm to said Peter. | it, Il be in school four years, you—I mean, gosh if “Of course I ,” Betty sfild“ “I would have anyhow, but you | seemed to have such a idea about | me and Joel Struthers. “Gosh!” said Peter. “We'll see| each other often. You can come up to the dances and things.” “It'll be grand,” said Betty, “going | to a dance with a man who can pre- dict the weather and tell you “ha[ to wear.” Mrs. Shankes smiled happily she packed Peter's bags. “Som thing’s bound to happen,” she soli- loquized, “if you keep faith—or if vyou know how to do things, like pre- | dicting the weather.” (Copyright. 1937.) as DOLLAR GOES DOWN ON LONDON MARKET By the Associated Press. LONDON, August 18.--In today's foreign exchange market the United States dollar closed with a decline of 9-16 of a cent to 4.9815-16 to the| pound, compared with yesterday's New York sterling rate of $4.98% . French francs finished 132.94 to the pound against 132.87 the previous day. PARIS, August 18 (#)—Rentes, 3 per cent, T4 francs; 4'gs, “A,” 77.65; 4155, 1937, 100.80. Exchange on London, 132.94. dollar was quoted at 26.65%. o FOREIGN MARKETS. LONDON, August 18 (#).—The stock market exhibited a steady tone today as traders paid less attention to the Far Eastern happenings. The giltedge group was mixed, while in- dustrials were firm, with motor and shipping issues in fair demand. Trans- Atlantic securities moved higher and the oil and mining groups were also better. Foreign bonds moved irregu- larly. PARIS.—Dealings were mixed in the Bourse today, with Suez Canal mov- ing up 160 francs and Royal Dutch advancing 87 francs. Rentes closed easier at losses of 35 to 40 centimes. Railroad shares held firm. — Law Dean Is Own Judge. CHICAGO (#)—Dean Leon Green of Northwestern University’s Law Bchool, charged with speeding 58 miles an hour, was invited by the court to judge his own case. He pon- dered a moment, then suggested a conviction, a $5 fine and no costs. But the real judge, J. M. Braude, went one better. He dismissed the case when Dean Green said it was his first ticket in 500,000 miles. e The International Cigar Machinery Co. —Common share earnings, 6 months FEDERAL LAND BANKS W YORK. 18 Bank bo August (&), —Federal CHICAGO LIVE STOCK. CHICAGO, August 18 w Agr.).— Hogs. 9.000. inclu unevenly 10-25 lower than Tuesday's on hogs from 220 Ibs ;_bulk, good and chioice. 40-85: 240-300 1b. 11 most good packing sows. 10°50-11.1¢ Cattie. 8.000: calves. 1.500: market on strictly choice and prime steers firm: 15.00 | above 18.00: several and_sizable sprinkling eer vearlings. 17.00. fed heifers of value .50 upward fully steady and warmed-up kinds selling & little higher than late last week at 925 | down t9 6.50; cows steads: bulls and v ers weak: practical top iweighty sausage bulls. 7.15: vealers. 11.50 down: mostly 11.01, down; stockers and feeders con- tinue active Sheep. & 000. Spring lambs opening ery slow. lower on ali killing_clas: e ¢ Fombe. 10,00 down best herd 15,80 65 and above: slaughter ewes, .50:5.00: aid for only choice lightweights: Othing done ~n feeding lambs. including 5000 direct Wuly BOSTON WOOL MARKET. BOSTON. August 1R (P (United States Department of _Agriculture).—Buvers for wool manufacturers and top makers made a few inauiries and occasionally bid on Jools today. Most offers. however, were below hol ideas of prices and conse- ooy otie, business, develage £n"Onio fleeces a few small. quantities s0ld at prices on the low side of quot ranges generally prevailing last week. Combing medium grades moved at 43 cents in the grease for three-eights blood and at 42 cents for quarter blood. Some houses rejected bids at these levels. U. S. TREASURY NOTES. YORK. August 18 P —Prices quoded in ‘GoNlars and thirts-second Month, Year. Bid 3 2 &3 25000 0D: © o653 ! 23 ended June 30, were $1.21, against $1.05, 50005055535 2333332333222 ot 1L 191 3 s e e S 1B NI By [Sstet 1 RO BN % " 2! bt ot (=4 e a young | Se INDUSTRIAL SECURITY PRICES OIL BURNER OUTPUT RISES 26 PER CENT NEW YORK, August 18 ().—A to- tal of 85.071 domestic oil b Ing units were shippe in_the first half of ", & gain of 26 factories in ted. NEW YORK to | K you to do. |} in (hefi' NEW YORK BAR SILVER. NEW YORK. August 18 (#).—Bar silver steady and unchanged at 443, e —— APARTMENT HOUSE CONSTRUCTION LOANS We hove several sound loan plans for new construction or refinancing apartment properties. SHANNON & LUCHS Mortgage Loan Correspondents Investors Syndicate 1505 H St. N.W. Natl. 2345 5% INTEREST CONSTRUCTION LOANS AND STRAIGHT 3-yr. LOANS Prompt Action on Applications Real Estate Mortgage & Guaranty Corporation 1610 K St. N.W. NAtL 1403 ON IMPROVED AR-CONDITIONING SHBWS BIG GAINS Awakening Public Interest Spurs Rapid Progress of Industry. BY FRANK J. WILLIAMS, Special Dispatch to The St NEW YORK, August 18—Long re= garded with some skepticism, air cone ditioning is now rapidly emerging from its chrysalis stage and shows unmis- takable signs of assuming the stature of an industry in its own right, ac- cording to an elaborate booklet on the subject issued by the New York Stock Exchange firm of Harris, Upham & Co. The new thing about air condition- ing, this firm says, is the magnitude of the awakening public interest. Con- trary to a general impression, the manufacture of air-conditioning equip= ment is not new. It has a 35-year-old background of research and successful trial in the industrial field. The introduction of the American public to air conditioning dates back only a few years, however. Until re- cently its experience with air condi- tioning on any mass basis was limited to theaters, railroads and a few large department stores. A remarkable gain in sales 1€ 1936 and a strongly ac- celerating gain in 1937 indicate that this may not long remain an infant in- Lower Costs Vital. of air conditioning, Har- asserts, appears to arge extent upon the s which the industry makes in g costs. It seems likely that reductions cost and increased vol- me of installations will go hand in hand. Larger e production should lead to some lowering of costs and prices. The industry is still so young that it has had no experience with mass production. Not over 10,000 units of any one type and size have yet been produced by any one manufacturer. In general, it appears sound to as- sume that the industry will grow along two major lines: (1) The commercial 1y self- is; (2) the human com- © economic aspects are e. At least for rx' are, the greatest will be in the com- i l'!a. fields. The so- mmediate | which an comfort” market fis tiallx much greater. It includes ate dwellings, but places whether factory or office. Field Is Outlined. There are only a few companies concentrated a sub- part of their total business in loning. The only major com- pany whose activities are entirely in atr conditioning is the Carrier Corp. There is one other eompany in whose case air conditioning represents a substantial share of total volume, and that is the York Ice Machinery Corp. The remainder of the industry con- sists of a long list of companies whose stake in air conditioning is small in stanti comparison with other interests, | Among the most important of these are the following: Chrysler Corp., Gen- eral Electric, Borg Nash-Kelvinator, American r & Standard Sanitary, West- * e Electric & Manufacturing Co. There are a number of smaller companies now partially engaged in the manufacture of air-conditioning equipment. (Copyright, 1837.) | PROPERTY MANAGEMENT If Your Investment Property Is Not Bfficiently Managed, Consult Us f ROBERT W. SAVAGE 807 l\l"\ TRUST BLDG. NAT. 3630 | Mancgement Speciciisis for 15 Years Money for Construction Loans an, Loans on Existing Properties FIRST DEED OF TRUST ONLY GEORGE L. BORGER 643 Indiana Ave. N.W. Nat’l 0350 LONG TERM Real Estate o 5% Easy Monthly ments. Interest only on Un- paid Balance. Washington, Virginia and land. LOAN Correspondent TRAVELERS INSURANCE COMPANY H.G. Smithy Co. 811 15th St. N.W. NA. 5903 Pay- Nearby Mary- D. C. PROPERTY Immediate attention on your appli- cation for buying, rebuilding or refinancing. Loans repayable monthly. No charge for appraisal if loan is not made. Interest charged only on unpaid balance of principal. E QUITABLE CO-OPERATIVE B UILDING ASSOCIATION 915 F STREET N.W. Organtsea 1879