Newspaper Page Text
Market Again Shows Gain
Jn Day Of Mixed Trends - ^ pealings Small Through out; AP Average Up .1 For The Week By FREDERICK GARDNER ^jryv YORK, June 29—VP)—While ■tie stock market, for the third suc sjve week, managed to shorn- a c,j‘„llt gain on balance, the list mud dled through today’s brief session „.ith mixed trends. The rally of yesterday brought inor advances at the start. Many " these were soon erased and, at ?he close, gains and losses ranging to a P°int or so W6re pretty ever>ly hVided Dealings were small through out. Fear Hitler Attack Traders, while generally cheerful regarding home politics, lightened here and there on fears of a near bv Hitler blast at England or an early peace which could drastically jitei- export policies of the United crates. At the same time, business re«s continued hopeful, with scat (’ered exceptions. Rearmament spending still was viewed as the principal industrial prop. The Associated Press average of 60 stocks was unchanged at 41.3, but on the week was up .1. For lbe month the composite showed a net upturn of 2.8 points. Transfers lor the two hours amounted to 170,130 shares, smallest volume since July 8, last year. It compared with 204,340 a week ago. The June stock trading aggregate was the lowest since February, while the month’s bond sales touched a bottom since 1018. isteels were under water during the greater part of today’s proceed ings'as doubts were expressed re -arding expansion of next week’s ° iil operations. Rails held fairly well on encouraging traffic and earn ing reports. Oils improved in the wake of signs the gasoline price structure was firming. Coppers, rub bers. motors, aircrafts and utilities were narrow. Up a shade at the close were Gen eral Motors, Santa Fe, Pennsylva nia, Great Northern, Standard Oil of N. J., Texas Corp., Sears Roe buck, Boeing, Sperry, American Telephone. Consolidated Edison, Anaconda, Phelps Dodge and Inter national Mercantile Marine. U. S. Steel Down Down were U. S. Steel, Bethle hem. Douglas Aircraft, Lockheed, Glenn Martin, American Gas, West inghouse. General Electric, Allied Local Stocks And Bonds (Quoted by Allen C. Ewing & Co.) STOCKS . Bid Asked A. C. L. Co. of Conn. _ 13% 14 Car. Ins Co. of Wil._ 26 28 Car. Pow and Lt. Co. Preferred_104 108 Car. Pow and Lt Co. $6 Preferred-100% 102% Mass. Inv. Trust_16.96 18.24 Peo. Sav. B. and T. Co. 30 32 Sec. Nat. Bank___1514 17 Taylor-Colquitt Co._ 26 29 Tide Water Power Co. ?6 Preferred_ 35 40 Wil. Sav. and Tst. Co. .. 30 32 BONDS Bid Asked A. C. L. RR., 1st Cons. Mtg. 4’q due 1952 _ 63% 68% A. C. L. RR, L. and N. Coll. Tr. 4’s due 1952 60% 61% A. C. L. RR., Gen. Mor. 4%’s due 1964 _ 48% 49% A. C. L. RR., Coll. Trust 5’s due 1945 _ 62% 70 C. and W. Caro. Rwy. First 5’s due 1946 ... 98 101 (All quotations nominal and sub ject to change without notice). CASH GRAIN CHICAGO, June 29.—UP)—Cash wheat, no sales reported; corn No. 1 yellow 65. Soy beans No. 2 yellow 79; No. 3, 77 1-2-78 3-4; No. 4, 78 1-2. Oats No. 2 mixed 33 1-2; No. 2 white 35 1-2; No. 3, 34 1-4; No. 4, 33-33 3-4. Barley malting 49-F6 nom; feed 35 43 nom. BALTIMORE HOGS BALTIMORE, June 29.—(A>L-<U. S. Dept. Agr.)—Hogs—625. 15 high er; practical top 6.10. Good and choice 170-210 lbs. 5.85-6.10; 220-240 lbs. 5.50-85; 250-300 lbs. 5.10-65; ISO 160 Sib. 5.45-70; 140-150 lbs. 5.20-45; 130-140 lbs. 4.95-5.20; 120-130 lbs. 4.80-5.05. Packing sows 4.00-50. Com pared with week ago 50-60 higher. Chemical, Eastman Kodak, j. C Penney and Loft. Bonds were a trifle uneven and commodities irregularly lower. Wheat at Chicago conceded 1 5-8 to 2 cents a bushel and corn was off 1 1-8 to 2 5-8. Cotton lost 5 to 40 cents a bale. “Free” sterling fell 7 cents to $3.80. Aluminum of America dropped 3 1-2 in the curb. Lesser declines were posted for American Gas, Brewster Aero, Electric Bond and Share and Republic Aviation. Gain ers included Bath Iron Works, N. J. Zinc and American Cyanamid “B.” Owing to the sale of a 40,000-share block of Central States Electric, un changed at 1-8, transfers in this market totalled about 87,000 shares against 46,000 last Saturday. AVERAGES SO 15 15 60 Indus Rails Util Stks Net change _ d.l a.1 unch unch Saturday_ 57.5 15.2 35.4 41.3 Prev. day_ 57.6 15.1 35.4 41.3 Month ago_ 54.6 13.6 31.5 '38.5 Tear ago_ 64.8 16.7 36.4 45.5 1940 high_ 74.2 20.5 40.6 52.2 1940 low_ 52.3 13.0 30.9 37.0 1939 high_ 77.0 23.8 40.6 53.9 1939 low_ 58.8 15.7 33.7 41.6 60-Stock Range Since 1927: 1937-38 1932-36 1927-29 High - 75.3 72.8 157.7 Low _ 33.7 16.9 61.8 What Stocks Did Sat. Fri. Advances_ 133 496 Declines _ 161 87 Unchanged_ 127 144 Total Issues _ 421 727 CLASSIFIED DISPLAY PR ES OF BONDS C INGE SLIGHTLY Foreign Dollar Department Posts Best Gains In Dull Session NEW YORK, June 29— (£>>—'The bond market underwent only minor changes in today’s brief session with the foreign dollar department post ing the best gains. Trading was light in all sections, indicating, brokers said , transac tions were mostly of an evening up nature for the week-end recess, especially by those who thought im portant developments affecting fi nancial trends might crop up in Europe before Monday. Total sales of $1,556,600, par val ue, were the smallest for a Satur day since last August 12 and com pared with $1,893,000 a week ago. Foreign issues closing up 1 to 3 points included Frankfort 6 l-2s at 19 1-2, Denmark 4 l-2s at 26 3-4 Canada 4s at 77, Australia 4 l-2s at 38 1-2 and Hungary 4 l-2s at 21. Domestic loans ending up a shade included Western Union 5s at 63, Montana Power 3 3-4s at 101, Shell Union 2 l-2s at 96 1-4 and Baltimore & Ohio 4 1-2s at 12. Unchanged to lower were, among others, International Paper 5s, Port land General Electric 4 1-2 s, Nation al Dairy 3 3-4s, Southern Pacific 4 l-2s and Bethlehem Steel 3 l-2s. U. S. governments were extreme ly quiet but the new issues that did change hands were substantially higher. Treasury 2 3-4s of ’51 bound ed up 22-32 of a point on sale of 2 bonds. __ AVERAGES 20 10 10 10 Rails Indus Util For Net change . a.l a.l unch a.l Saturday_ 54.6 101.9 94.9 37.3 Prev. day_ 54.5 101.8 94.9 37.2 Month ago __ 49.1 99.0 91.1 36.8 Year ago- 55.1 100.0 95.8 60.3 1940 high_ 59.9 103.6 97.5 53.5 1940 low- 48.3 98.9 90.3 35.1 1939 high- 84.9 102.0 97.5 64.0 1939 low_ 53.4 95.8 90.4 41.7 10 Low Yield Bonds Saturday_111.1 Prev. day_111.0 Month ago_108.4 Year ago_111.9 1940 high_ 113.2 1940 low_108.4 1939 high_ 112.6 1939 low_103.6 CHICAGO GRAIN CHICAO, June 29. — UP) — Wheat prices fell two cents a bushel, corn as much as 3 cents and rye more than a cent today in general liqui dation of grains prior to the deliv ery period next month. Wheat closed 1 5-8-2 cents lower than yesterday, July 74 1-4-1-8, Sep tember 74 5-8-3-4; corn 1 1-8-2 5-8 off, July 59 34-7-8, September 57 3-8 14; oats 1-8-3-8 lower. Open High Low Close WHEAT: July -75% 76 74% 74% Sept -76% 76% 74% 74% Dec _77% 77% 75% 76 CORN: July _61 61% 59% 59% Sept _59% 59% 56% 57% Dec -57% 57% 54% 54% OATS: July _30% 31% 30% 30% Sept _28% 28% 28% 28% Dec _29% 29% 29% 29% SOY BEANS: July _77% 77% 77 77 Oct.72% 72% 72 72 Dec _72% 72% 72 72 RYE: July _39% 39% 38% 38% Sept _41% 41% 40 40% Dec _43% 43% 42% 42% LARD: July _ 4.72 5.75 5.72 5.72 Sept _ 5.92 5.92 5.90 5.90 Oct _ 6.00 Dec _ 6.25 6.25 6.17 6.17 BELLIES: July _ 5.85 Sept _ S-75 Lil A IW A WL11 CHICAGO, June 29.—CSO—(U. S. Dept. Agr.)—Salable hogs 300; total 7,300; generally steady; several lots good to choice 210-240 lbs 5.60 and 5.65; few 280-295 lbs 5.25—30; ship pers took none; estimated holdover 500; compared week ago: Barrows and gilts 25—40 higher; packing sows 20—35 up. Salable cattle 100; no calves; com pared Friday last week: Fed steers and yearlings 50 higher; active at advance which exceeded 50 in in stances; all other killing classes un evenly higher, heifers 25 up; beef lows correspondingly high; light manner cows steady; desirable weight manners and cutters strong to 25 ap; bulls 15—25 higher, and vealers 25—so over late last week; largely fed steer and heifer run; all classes grass cattle scarce; practical top fed steers 11.25; strictly choice offerings 11.50 and prime steers 12.50; numer ous loads 10.25—11.00, best yearlings making 11.00, light steers 11.15; heifer yearlings 10.00; both thin as well as fleshy stocker and feeder cattle got better action late in week; some advance buying due to next week’s holiday apparent in highly competitive fat steer market but generally trade more active than any time since last September. STOCKS IN THE SPOTLIGHT Sales, closing price and net change of the fifteen most active stocks to day: Packard, 5,500—3%; no. Callahan Zinc, 5,200—1; d%. Comwlth and Sou. $,100—1%; d%. US Steel, 4,000—52%; d%. Colum G and El, 4,000—6%; no. Int Mer Mar, 3.600—6%; a%. Loft, 3,100—23%; d%. United Corp, 2,900—2%; d%. Int Pap and Pow, 2.800—12%; d%. Am Rad Std San, 2.700—6: no. Woolworth, 3.700—30% ; d%. Elec Pow and Lt, 2,600—5 /s : d%. Gen Motors, 2,100—43%; a%. Stand Oil Cal, 2,000—18; d%. Am Wat Wks, 1,900—9%: d%. Stand Oil N J, 1,900—38; a%. N. O. SPOT NEW ORLEANS, June 29.—(A1)— Spot cotton closed quiet, unchanged. Sales none. Low middling 9.80. mid dling 10.80, good middling 11.25. (Receipts and stocks to come). - — — ' ’ “rf* » » * li ’ VI A V* *11 W» |--- ■———_— | Closing Bond Quotations (By the Associated Press) GOVERNMENT Treasury 4s 54-44 ___ 113.18 3%s 56-46 _114.3 2%s 48-108 3%s 52-49 _111.28 2%s 54-51_107.10 2%s 60-55 _ 107.18 2’/is 65-60 _ 106.12 Home Owners Loan 2%s 44-42 _103.22 Pinal bond sales. 31,556,600. DOMESTIC ' - AT and SP 4s 95 .. 103% Can Pac 4s Perp_ 43% C B and Q 4%S 77 _ 76% Chi E 111 5s 51 _ 13% Chi Qt West 4s 59 _ 26% Cri and p Rfg 4s 34_ 5 Clev Un Term 5%s 72 _ 82 Clev Un Term 4%s 77C_ 66 D and RG West 5s 55_ 1% Erie Rf 5s 67 _ 10% Hud Coal as 62A__ 28 Hud and Man Rf* 5s 57_ 39% Int Mer Mar 6s 41___... 55 Lou and N 4%s 2003 __ 90 NYC Rf 5s 2013 —_ 55 Nor Pac 6s 2047 _ 66% Penn RR Gen 4%s 66_101 Purity Eak 6s 48_..._104 So Pac Rfg 4s 55- 54% So Ry Cn 5s 94_..._ 88 So Ry Gen 4s 56____ 52% Third Ave 4s 60_ 53% West Md 4S 52_ 80% FOREIGN Australia 5s 65_ 43 Australia 4%s 56_ 38% Ger Govt 7s 49 __ 23% Italy 7s 51_.. 58% Closing Stock Quotations (By the Associated Press) Adams Exp_ 5% Adams Millis_ 18% Air Reduct_ 39% Alaska Jun _ 4% A1 Chem and Dye_148 - Alleghany _ % Allis Chal Mfg_ 27% Am Can - 96% Am Car Fdy_ 23 Am Pow and Lt_ 3% Am Rad and St S_ 6 Am Roll Mill _ 11 AT and T-160% Am Tob B_ 77% Anaconda _ 19 % Arm 111_ 4% AT and SF_ 16 ACL_ 11% Aviat Corp _ 5% Baldwin _ 14% Barnsdall_ 8 % Bendix Aviat_ 28% Beth Stl_ 75% Boeing Airpl_ 13% Borden _ 19 Borg Warner_ 15 Briggs Mfg-_ 17% Budd Wheel_ 5 Bur Add Mach___7% Calumet and Hec_ 5% Can Pac_ 3 Caterpil Trac_ 45% Ches and O_ 36% Chrysler_ 62% Colum G and El_ 6% Coml Credit- 28% Coml Solv_ 9 Comwlth and Sou_ 1% Consol Edis_ 28% Con Oil.. 6% Cont Can_ 39 Corn Prod _ 49% Curtiss Wright_ 7 Davison Chem_ 4% Doug Aire_ 68% DuPont_ 158 Eastman Kod_120% Elec Auto Lt_i_81% Elec Pow and Lt__ 57s Freeport Sul_ 30% Gen Elec_ 31% Gen Foods _ 41 Gen Mot _ 43% Gillette _ 4 % Goodrich _—-—-i 12% Goodyear _ 14% Grahar.i Paige- % Gt Nor Ry Pf - 22% Hud Mot- 3% 111 Cent_ 7% Int Harvest_ 43 Int Nick Can_ 23 -r i. rr» _ i 3 rn^.1 Kennecott _____ 25% Kroger Groc___ 30 Libby O F G1_ 35 Ligg and Myers B —- 98% Loews___—- 24% Loft - 23% Lorillard_ 21% Mack Truck - 20% Mont Ward___—- 38% Murray Corp -.- 5% Nash Kelv- 4% Nat Biscuit- 18% Nat Dairy Prod- 13% Nat Dist- 19% Nat Pow and Lt- 7% NY Cent- H% No Am Aviat- 16% North Am_ 20% Nor Pac_ 6% Pac G and El_ 29% Packard - 3% Param Pix- 5% Penny J C- 80% Penn Dix- 2% Penn RR- 19 * Phillips Pet- 31% Pub Svc N J- 37 Pullman - 20% Pure Oil_ 7 k Radio - Rem Rand- 7 Rep Stl_ 16% Reynolds B- 37 Seab A L- 4 Sears - ‘2% Shell Un - |% Socony Vac- 8 4 Sou Pac - ° ,s Sou Ry --- 11% Sperry- % Std Brands -- 6 Std Oil Cal-—.- 18 Std Oil Ind- 22% Std Oil N J- 33 Studebaker _ 6% Swift -j- 19 ^ Tex Corp - 38% Tex Gulf Prod- 2% Tex Gulf Sul- 30% Timken Det Ax- 23 Transamer_ 4% Trans and West Air- 18% Un Carb- 68% Un Pac- 78% Unit Aire_ 34% Unit Corp- 2% Unit Gas Imp--— 12 US Pipe- 25% US Rub _ 19% US Smelt and Ref- 51 US Steel _ 52% Vanadium_ 30 4 Warner Pic_ 2% West Mary_ 3% Western Union _ 17% West Elec and Mfg_ 91% Wilonn 4^/4 Woolworth_ 30% Yell T and C. 12% Young S and T_ 31% Total sales, 170,130. CURB Asso G and El A- % Cities Service_ 5% El Bond and Sh_ 6% NEW YORK COTTON NEW YORK, June 29.—(<P)—Cot ton futures fell back to net losses of 1 to 8 points today after a half hearted try at higher prices fell through. The list started lower in the wake of a decline at Bombay and mild hedging pressure. Trade and local support soon ap peared and a spattering of plus signs dotted the quotation board. This demand was apparently based on unfavorable interpretation of the weather forecast for the coming week which called for further un wanted rains through most of the belt. Last-minute liquidation in July &nd hedging by a leading spot in terest accounted for a setback and final prices were around the day's lows. Worth street ended the week in a little more optimistic frame of mind as several million yards of print and broad cloths sold to con verters at steady prices. Total sales for the week, however, were esti mated at below current output. Exports Friday 5,318 bales; season so far 6,287,732. Port receipts 6,050: port stocks 2,505,354. Range follows: New: Open High Low Close July ~ 10.12 10.42 10.42 10.42 off 8 Oct_ 9-20 9.24 9.17 9.19 off 1 Dec __ 9.05 9.10 9.02 9.04 off 2 Jan 8.92 8.92 8.92 8.94N off 2 Mch .. 8.76 8.81 8.75 8.77 off 2 Mav __ 8.60 8.62 8.58 8.61 off 3 Old: July __ 10.25 10.26 10.19 10.20 off 7 N-Nominal. Spot nominal; middling (%Mnch) 1 A <70 COTTONSEED OII NEW YORK, June 29—UB—July liquidation and switching opera tions made up most of 24 contracts traded in cottonseed oil futures to day. Final prices were 2 lower to 1 higher; July 5.98B; October 6.14B; December 6.18B; January 6.21B. (B-Bid). Crude oil in the southeast and valley was 5 3-8 cents nominal; Texas 5 1-8 nominal. METALS NEW YORK, June 29—W—Cop per steady; electrolytic spot, Conn, valley, 11.12 1-2 to 11.50; export, fas NY, 10.80. Tin steady; spot and nearby 52.75; forward 50.25. Lead steady, spot, New York 5.00 to 5.05; East St. Louis 4.85. Zinc steady; East St. Louis spot and forward 6.25. Pig iron, aluminum, antimony, quicksilver, platinum, Chinese wolf ramite and domestic scheelite un changed. NEW ORLEANS COTTON NEW ORLEANS, June 29.—(JP)— Cotton futures traded quietly over a narrow range here today. Closing prices were steady, 2 points net lower. Open High Low Close July .. 10.17 10.17 10.15 10.12B Jlv (N) 10.21B-.- 10.16B Oct 9.23 9.27 9.20 9.22 off 2 Dec 9.05 9.07 9.05 9.0GB Jan „ 8.93 8.93 8.93 8.93 off 2 Mch „ 8.78B_ _ 8.79B May — 8.G6 8.66 8.66 8.63B B-Bid. AVERAGE NEW ORLEANS, June 29.—(S’)— The average price of middling 16-16 inch cotton at 9 designated south ern spot markets today was 3 lower at 10.61 cents a pound; average for the past 30 market days was 10.39. Middling 7-8-inch average was 10.42 cents a pound. LARD CHICAGO, June 29.—<A>>—Lard tierces 5.77: loose 5.00: bellies 6.00. U. S. INDUSTRIAL BAROMETER RISES With Arms Spending Still To Come, Index Reaches New High By FRANK MACMILLEN NEW YORK, June 29—(Ah—With vast United States defense exi>endi tures still to come, the nation’s in dustrial barometers today were the highest for mid-year in a decade. For the June-end, the Associated Press index of industrial activity stood at the best level since' 1929 after recovering the last two months the greater part of the loss in the winter and early spring slump. Rising Steadily While short of the ten-year rec ord attained on the initial war-time upsurge last autumn, this gauge of factory operations has risen steadily since the German blitzkrieg in the west quickened arms spending and defense plans on both sides of the Atlantic. In part, analysts said, the rise has been traceable to anticipation of a war industry boom, causing buyers to lay in stocks before gov ernment orders occupy factory ca pacity. The Associated Press index has risen to 105.4 per cent of the 1929-30 level compared with the year’s low of 93.6 late in April and with 88.6 a year ago. The December peak was 112.1. Fourth of July holidays in 3teel and other industries may halt the expansion trend in the coming week, analysts said, but in many machine and metal-working shops vacation schedules were adjusted to expecta tions of an increasing flow of arms orders from Washington and a ,busy summer for the heavy industries. The belated spring upturn showed signs of tapering the past week as the Nazi conquest of France closed to American trade the biggest re maining continental market in Eu rope. Financial and commercial rela tions with the continent were prac tically at a standstill, except for a trickle of business by way of Spain and Portugal. The tie-up in trade with the continent surpassed any thing comparable in the memory of veteran business observers, exceed ing World War disruption of Euro pean trade. Hardest hit by loss of European markets were farm products, notably cotton. POTATOES CHICAGO, June 29.—(iP)—(U. S. Dept. Agr.)—Potatoes 915; on track 413; total U. S. shipments 1131; new stock—supplies heavy; Missouri cobblers demand very good; Califor nia long white demand slow; offer ing other sections demand fair; about steady; sacked per cwt. California long white U. S. 1, 2.05-2.10; California bliss triumphs U. S. 1, 2.26; North Carolina cob blers U. S. 1, 1.50; Arkansas bliss triumphs generally good quality 1.60-65; Oklahoma and Arkansas cobblers fair quality 1.16-20; Ala bama bliss triumphs U. S. 1, 1.70 2.05; Missouri cobblers fair quality .90-1.40; Missouri bliss triumphs fair quality 1.00-25. BOND ISSUE WASHINGTON, June 29. — CP) — International Paper company, New York, filed with the securities com mission today a registration state ment covering $32,000,000 of first mortgage bonds, due in 1955. The in terest rate will be filed later. N. O. COTTONSEED OIL NEW ORLEANS, June 29.—— Cottonseed oil closed steady. Bleach able prime summer yellow 5.96n. prime crude nominal, July 5.50b, ept. 5.62b, Oct. 5.64b, Dec. 5.70b. b—Bid; n—nominal. BLEACABLE NEW YORK, June 29. — (£>> — Bleachable cottonseed oil futures closed 2 lower to 1 higher. Sales 24 contracts. July 5.98b; Oct. 6.14b; Dec. 6.18b; Jan. 6.21b. b—Bid. NORFOLK SPOT NORFOLK, Va„ June 29.—<A9— Spot cotton: Middling fair 11.20; middling 10.65; good ordinary 8.50. Sales none; receipts none; ship ments none; stock 33,799. Answers To Cranium Crackers (Questions on Comic Page) 1. Michelangelo. 2 Peter Paul Rubens. 3. Jean Francois Millet. 4. Rosa Bonheur. 5. Leonardo da Vinci. 1 East Indies Rubber Vital To Defense Of America^ BY WILLIAM FRYE WASHINGTON, June 29. —(*)— The Netherlands Indies, straddling the equator on the opposite side of the world, are more important in the life of the average American than many a territory closer home and better known. When the peril of the Nether lands in Europe was becoming evi dent, Secretary Hull notified the world that any change in the sta tus of the Dutch East Indies would jeopardize the peace of “the entire Pacific area.” Why? One reason may be found in the army-navy list of strategic war materials. One of its most impor tant items is rubber—rubber for adhesive tape and hot water bot tles, battery cases, raincoats and machine belting, engine mountings and insulators; rubber, above all, for automobile tires and inner tubes. This country is by far the largest consumer of rubber in the world, but 97 per cent of world production is concentrated in the East Indies —Dutch, British and independent. The tree which supplies the bulk of the world supply, hevea brasil iensis, is a native of tropical Amer ica. But two events changed the history of the rubber trade: far sighted British took seedlings to the Asian islands by way of Lon don’s Kew gardens, and a disease unknown in the East attacked He vea in tropical Arperica. President Roosevelt asked con - , i __e 1 000,000 program of intensive re search and experiment looking to reestablishment of Latin American rubber production. But it takes rubber trees five years to begin producing, so new plantations in tropical America cannot be de pended on in an emergency. What would happen if this coun try were deprived of its East In dian supply? E. G. Holt, expert of the bureau of foreign and domestic commerce, says that by rationing, -by reclaim ing from ditches and junk heaps our old tires and other used rubber articles so that crude rubber con sumption could be cut down, “we could save a lot of rubber for a year.” The United States, said Holt, uses an average of approximately 500,000 tons of rubber a year. Last year the figure was 592,000 tons. Reclaimed rubber in 1939 amount ed to 170,000 tons; synthetic rub ber production was 1,700 tons “as far as we’re able to judge.” Production in Latin America last year amounted to about 19,000 of the world’s 1,104,000 tons. Holt said the best production which could be expected from Latin America un der present conditions is about 35, 000 tons a year, even then, it takes a year or two of sustained high prices—with the news slowly seep ing back to natives in the interior who will go out and tap wild trees —to achieve this level. So "Latin America is out of the question for an emergency.” The process of reclamation, how ever, could be stepped up consid erably if necessary, Holt said. Last year the reclaimed product repre sented about 28 per cent of the United States’ consumption. But in past crises—"scarcity of r u b b e r and resulting high prices — tms country’s use of reclaimed rubber was over 50 per cent. This was true, he said, in 1928-29. Presumably, also, the output of synthetic rubber could be stepped up enormously if necessary. Un der normal conditions, Holt said it cannot compete in price with the natural product. Unless costs were reduced sharply through mass pro duction of synthetics, the price might force people to give up using rubber for some things. The production cost of plantation rubber from East India is approxi mately five cents a pound. Nor mally, the planter makes a profit when the New York price is 12 to 14 cents a pound. Against this, the government estimates a cost of about 30 cents a pound for syn thetic, or for production from such plants as guayule and goldenrod which grow in the United States. Even with such added costs as increased ocean freight rates re sulting from the war, the highest price this year was 24 cents on May 10. The agriculture department which has been experimenting with western hemisphere rubber pro duction for many years, has no in tention now of trying to develop an American supply that would sup plant East Indian rubber. 1 “That,” says Loren G. Polha mus, “is neither necessary nor de sirable." But as a matter of common sense, he adds, the world and par ticularly the United States, should not denend on a single comnact region for its supply of an essen tial raw material. Polhamus has direct charge of the bureau of plant industry’s rub ber experiments, and that has been his work for 18 years. Pleased that something has directed atten tion once again to the possibility, of developing American rubber, he maintains that everyday business judgement lends more support to the undertaking than the possibility of a military emergency. “Anyone who has had anything to do with tropical agriculture knows that the possibility of plant disease is a reality just as menac ing as war,” he explained. “So ar the East Indies seem to be free of disease which attacks he vea seriously, but a new blight might appear which inside of a year would threaten the existence of the entire East Indian rubber industry.” For example, he said, Ecuador lost her position as a leading pro ducer of cacao when a brief at tack of witches broom disease wiped out the cacao plantations de spite the work of the most eminent pathologists. Lost Colony* Opens For Fourth Season MANTEO, June 29—UP)—1The 353 rd aniversary celebration of the settling of Roanoke Island opened tonight with the first performance of the fourth season of Paul Greene’s historic extravang'anza, “The Lost Colony.” On the program of ceremonies formally opening the celebration was a prayer by Bishop W. W. Peele of Richmond, Va., presiding bishop of the Methodist church in Virginia and Eastern North Caro lina, and a talk by Greene on the significance of his production in the light of the international situa tion. The opening night crowd includ ed numerous notables. 2 FOREIGN EXCHANGE NEW YORK, June 29.—(£’>—'The free British pound declined 7 cents in relation to the dollar today. The loss, secon din a row, wiped out all but 6 cents of Thursday's abrupt Jump. Foreign money dealers said the spasmodic fluctuations of the past week were largely the result of ru mors and counter-rumors concern ing peace efforts between England and Germany. Closing rates follow (Great Brit ain in dollars, others in cents.) Canada: Official Canadian con trol board rates for U. S. dollars: Buying 10 per cent premium, sell ing 11 per cent premium, equiva elnt to discounts on Canadian dol lars in New York of buying 9.91 per cent, selling 9.09 per cent. Canadian dollar in New York open market 16 7-8 per cent discount, or 83.12 1-2 U. S. cents. Europe: Great Britain, demand unquoted, cables 3.80, 60 day un quoted, 90 day unquoted. Belgium unquuiea, uenmarK un quoted, Finland 2.05n, France un. quoted, ermany 40.10n, (benevo lent) 18.95, Greece .69 l-4n, Hun gary 17.65n, Italy 5.05, Netherlands unquoted, Norway unquoted, Portu gal 3.92n, Rumania .52n, Sweden 23.89, Swtizerland 22.64, Yugoslavia 2.35n. Latin America: Argentine official 29.77, free 21.65, Brazil official 6.05, free 5.10, Mexico 20.35n. Far East: Japan 23.48, Hongkong 24.18, Shanghai 6.25. (Rates in spot cables unless oth erwise indicated.) n—Nominal. , N. C. HOGS RALEIGH, June 29.—(A>>—(N. C. D. A.)—Hog prices ruled steady at Rocky Mount today with a top of 5.SO, which was up 30 cents from last Saturday. RM unquoted). RUBBER NEW YORK, June 29. — JJP> — Crude rubber futures closed 3-5S higher. Sales No. 1 standard, 44 contracts. BUTTER AND EGGS CHICAGO, June 29.—(AO—Butter 1,234,010; firm; market unchanged. Eggs 16,701; steady; market un changed. PEANUTS SUFFOLK, Va., June 29.—(AO— Peanut quotations: Jumbos 3.90 to 4; bunch 3 1-2 to 3.60; runners 3 1-4 to 3 3-8. Market quiet. CHARLOTTE SPOT CHARLOTTE, June 29—UP)—Spot cotton 10.55. CLASSIFIED DISPLAY Feed-U-Need FEEDS Starting Mash, 100 lbs. __$2.76 Growing Mash. 100 lbs. .—.$2.60 Laying Mash, 100 lbs. _$2.85 Baby Chick Scratch, 100 lbs $2.25 Medium Scratch, 100 lbs._$2.15 Hen Scratch, 100 lbs._$2.00 Broiler Mash, 100 lbs. _$2.70 18% Hog Ration, 100 lbs. ._$1.85 16% Dairy Ration, 100 lbs. $1.75 20% Dairy Ration, 100 lbs. $1.90 24% Dairy Ration. 100 lbs. $2.00 See Us For Sour Feed Needs J.J. ALLEN & SON Dock & Water Sts. Dial 5762 Open Today 9:00 A. N. To 6:00 P. N. 709 Central Blvd., Snrisei Park Home has been remodeled and is in the very best con dition. Contains 6 large rooms; garage. Situated on large lot. Inspect This Home Today MARSHALL REALTY CO. 216 PRINCESS STREET DIAL 5093 NOW IS THE TINE TO CLEAN REPAIR INSTALL heating equipment hanover iron works H. T. KING & SON 1]1 N. Water St. Dial 3257 Paint a single room or an entire home on our , EASY PAYMENT PLAN Becker Coal & Bldrs. Supply DIAL 7761 I BB— Electrical Contracting. We carry a complete line of Electrical Fixtures and Supplies and are equip ped to do nil classes of Electrical Work. Get our estimate on your next job. A. B. BLAKE & COMPANY 123 MARKET ST. DIAL 5189 ——a Atlantic Paint & Varnish Works WILMINGTON, N. C. Manufacturers tenacity 40 - 40 ■ 20 "The White Paint That Slays White" jj? Marlin St. Dial 4576 Rebuild Inside and Out with L 0 M B E B We Handle Only Tbe Best! CASTLE HAYNE LAND & LUMBER CO. Plant at Hilton Dial 9675 MOON MULLINS ★ ★ ★ ★ By Willard -> I DON’T KNOW THAT EITHER/ MY DEAR. I WAS MINDIM6 MY OWN BUSINESS/ THE FELLOW WALKED OP MD~PO W) J liiilitlll .1111111 T RIDICULOUS! ! perfectly preposterous! j A UTTER STRANGER SOCKIN' YOU IN THE »1 EYE AND YOU DIDN’T EVEN ASK HIM WHY! NATURALLY NOT'. ^ WHY SHOULD I BUTT INTO A STRANGER'S BUSINESS? \ Rtf. U. S. Pat OH.: i \ Copyrifht, 1940, by News Syndicate Ct. Inc.