Evening star. [volume] (Washington, D.C.) 1854-1972, July 25, 1937, Image 53

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Evening star. [volume], July 25, 1937, Image 53
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Evening star. [volume] (Washington, D.C.), 25 July 1937. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1937-07-25/ed-1/seq-53/>

Newspaper Page Text

Classified Ads
Pages 4 to 13
FINANCIAL AND CLASSIFIED
laf
Part 5—14 Pages
WASHINGTON, D. C., SUNDAY MORNING, JULY 25, 1937.
COSTS RISE CURBS
INCREASE IN NEÎ
OF PEOPLES DRUG
Common Stock Earnings Hit
$1.94 a Share, Against
$1.91 Year Ago.
HALF YEAR'S SALES UP
MORE THAN $1,000,000
Volume Reaches $10,882,427,
Compared With $9,870,173
in Same 1936 Period.
BY EDWARD C. STONE.
Net sales of Peoples Drug Stores.
Inc., in the first six months of this
year totaled $10,882,427.83. against
$9,870,173 31 in the first half of 1936,
it was announced at the head office in
Washington yesterday. Other store in
come brought total store revenues to
111.028.389.60, compared with $10,
004.581 80 a year ago.
After payment of dividends on the
preferred stock. Peoples Drug earned
$1 94 a share on the common stock
against $191 in the like period in
J936. While net sale.s scored a gain of
more than $1.000.000 this year over
last, expenses were also larger, result
ing In only a small gain in earnings for
the common stock. The long prevail
ing upward trend, however, was main
tained.
The semi-annual report showed an
operating profit of $576.643 96 in com
parison with $610.065.19 a year ago.
After deduction of estimated Federal
Income and excess profits taxes the
company reported a net profit for the
, eix months of $506.865.46. compared
irith $532.376.23 a year ago.
Preferred stock dividends called for
$30.236.35 this year against $62.741.48
in the same six months a year ago,
leaving a net profit for the common
stock of $476,629.11 compared with
$469.634 75.
The reduction in preferred dividends
was due to the retirement of 10.000
ihares of this stock. Peoples Drug
reported an earned surplus as of June
30 of $2,985,176.27 in comparison with
$2,539,317.20. Total assets stood at
#8.004.150.59, against $7,597,257.01 a
year ago.
Institute Leaders Appointed.
William H. Laughlin. president of
Washington Chapter. American Insti
tute of Banking, announced yesterday
the appointment of committee chair
men who will direct the work of the
local chapter during the coming year.
The new chairmen include 21 of the
most active chapter members, and
they are already busy planinng the
activities of the Fall and Spring
•emesters. The appointments follow:
Administrative. Francis Robey. Bank
ef Commerce & Saving.*, advisory, Hil
leory G. Hoskinson, Riggs National;
archives, J. K. Irelan. Washington
Loan & Trust; athletic*. Raymond
Jones, National Metropolitan; audit.
W. L. Sanderson. Hamilton National;
banquet, R. H. Lacev, Columbia Na
tional; debate. F. U. Rodger, Riggs
National; dollars and sense, A. E.
Henze, W. B. Hibbs & Co.; educational.
Paul Seltzer. American Security &
Trust Co.; entertainment. George M.
Rowzee, Lincoln National; essay con
test, G. Elmer Flather, Union Trust
Co.; finance, Richard Norris, Lincoln
National; forum, T. Hunton Leith,
Security Savings & Commercial; house,
B. Bruce Frentz. American Security &
Trust Co.; membership, George Earn
ahaw. National Metropolitan; program,
Joseph R. Fitzpatrick. Second Nation
al; public affairs, James Dulin, Amer
ican Security <fc Trust Co.; public
education, Stuart Ogilvie, Second Na
tional; public speaking. J. Earle Mc
Geary, W. B. Hibbs fit Co.; publicity,
G. Crawford Turnbull, Morris Plan,
and women's, Myrtle Lewis, Liberty
National.
Reduced Interest in Effect.
The reduced interest rates on Farm
Credit Administration loans, which
were enacted by Congress over Presi
dent Roosevelt's veto, became effective
on July 1 and July 22. Albert S. Goss,
land bank commissioner, announced
yesterday.
Thp 3' 2 per cent rate on Federal
Land Bank loans will be effective as
of July 1. and the 4 per cent rate
on land bank commission loans is
effective as of July 22. The contract
rate on new land bank loans will
continue to be 4 per cent, with '2 per
cent being rebated for one year begin
ning July 1.
Building Revival Forecast.
Building supply companies can look
forward to a renewal of residential
construction activity about September
despite the current lull, according to
experts of the Federal Housing Ad
ministration and the Federal Home
Loan Bank System.
Resurgence of residential construc
tion is expected to develop even with
out any sizable reduction in building
material prices, although officials con
cede that increased prices have con
tributed to the steady decline in such
oonstruction since February. Higher
prices for some material, such as
plumbing and heating apparatus,
are expected this Fall.
Heard in Financial District.
Trust Companies Magazine for July
prints the address given before the
District Bankers' Association conven
tion by W. T. Vandoren, vice president
and cashier of the Liberty National
Bank, on "Protection όί Beneficiaries
and Trustees."
Rutherford J. Dooley, cashier of
the National Bank of Washington, is
taking his annual vacation.
CLEARING HOUSE ISSUES
REPORT AT NEW YORK
8t the Associated Press.
NEW YORK. July 24 —The weekly
statement of ihe New York clearing
house shows:
Total surplus and undivided profits
unchanged at $894.463.200.
Total net demand deposits (average)
decreased $20.247,000.
Time deposits (average) increased
$4.051,000.
Clearings week ending today, $3,
152.365,653.
Clearings week ending July 17,
$8,451,459,538.
à
RETAIL TRADE TURNS UP
AFTER RECESSION HERE
Brisk Advance Boosts Store Sales 14.41
Per Cent Above Previous Week.
%
5.93 Above Year Ago.
I After slowing up for several weeks,
retail trade In Washington depart
ment stores suddenly turned about
during the last week and staged a
lively rally which boosted retail sales
14.41 per cent above the previous
week and 5 93 per cent above the
corresponding week » year ago. This
Improvement was in line with a defi
nite turn in the tide of retail activi
ties in many leading cities all over
the United States, the Commerce De
partment reported.
Bank clearings In Washington sup
ported the upturn in trade, the total
for last week being $25,842,778 in
comparison with only $21,604,789 in
the corresponding week la.st year.
Building permits likewise figured in a
? sharp jump, the value of those issued
during the week ending July 21 reach
I ing $737,400. against the much larger
figure of $449,400 in the previous week
and $344,600 in the same week in 1936.
ί The rest of the fifth district joined
j in the retail trade advance during
the week over both the previous week
and the like 1936 period, the Com
mer ce report said. Wholesale trade
felt the stimulus of retail clearances,
and considerable advance buying for
Pall consumption was recorded. With
the price structure firm, many mer
chants feel justified in buying moder
ately in advance of current needs, the
summary commented.
Coincident with the Commerce re
view came the Richmond Reserve
Bank's summary of wholesale trade
for June which covers 57 firms in the
fifth district. Hardware was in the
best demand with a 30 per cent gain
over June, 1936. Demand for drugs
was up 14 per cent, groceries 12 per
cent, dry goods 10 and shoes 9 per
cent.
In the first six months of 1937 sales
in hardwarp revealed the best gain,
26 per cent over last year. Shoe sales
were up more than 16 per cent, drugs
15, groceries 14 and dry goods 7. At
the end of June groceries stocks were
19 per cent higher than a year ago,
dry goods 57. shoes 26 and hardware
8 per cent, with no report on drugs.
Collections were unusually good, the
Richmond Bank noted.
ABOVE 1936 LEVE
Many Other Companies Also
Report Substantial Gains
in Net Profits.
By th· Associated Press.
NEW YORK, July 24.—Bnggs & j
Stratton Corp., Milwaukee, makers of
automobile locks and small portable
gasoline engines, reported indicated
net profit for the quarter ended June
30 of $471,491. before Federal surtax,
equal to $1.57 a share, compared with
$271,377, or 91 cents a share, in the
June, 1936, quarter.
For the six months ended June 30
net profit was $900,662. before surtax,
equal to $3 a share on 299.996 shares,
compared with $593,227. or $1.98 a
share, in the first half of 1936.
Island Creek Coal.
Island Creek Coal Co. and sub
sidiaries. West Virginia coal producer,
reported net profit for the quarter
ended June 30 of $213,487. equal, after
dividend requirements on the preferred
stock, to 30 cents a share on 593,865
$1 par common shares. This com
pared with $183,405. or 24 cents a
share, in the June. 1936, quarter.
Newport Industries.
Newport Industries. Inc., Pensarola.
Fla., maker of naval stores—rosin,
turpentine, etc.—reported net profit in
the quarter ended June 30 of $356,310
before Federal surtax, equal to 68
cents a share, compared with $94,966.
or 18 cents a share, in the June, 1936,
quarter.
Electrolux Corp.
Electrolux Corp., Dover, Del., maker ι
of vacuum cleaners, reported net ;
profit for the quarter ended June 30
of $843.867 or 68 cents a share, com
pared with $836.286 or 68 cents a
share in the June. 1936. quarter. For
the six months ended June 30 net
profit was $1.612.236 or $1.30 a com
mon share against $1.558,758 or $1,26
a share'in the first half of 1936.
IntorborouKh Rapid Transit.
Receivers preliminary report of In
terborough Rapid Transit Co. for the
year ended June 30 showed β balance
of $2,861,032 after rents and fixed
charges against a balance of $4,155,
287 in the preceding fiscal year.
American Hawaiian S. S.
American Hawaiian Steamship Co.
reported profit in the quarter ended
June 30 of $252.540 before Federal
income taxes, compared with a profit
of $300,643 in the June, 1936. quar
ter. For the six months ended June
30 the company reported a loss of
$336,527 after strike expenses, but be
fore Federal income taxes, compared j
with a profit of $494,843 in the first
half of 1936.
Interlake Iron Corp.
Interlake Iron Corp., Chicago, pro
ducer of merchant pig iron and com
mercial coke, reported consolidated
net income for the quarter ended June
30 of $572,835 after chargée and in
come taxes, but before Federal surtax,
equal to 28 cents a share on 2.000,000
no par capital shares. This compared
with a net loss of $48.978 in the June,
1936, quarter.
Corporate earnings statements re
leased during the week showing profits
per share included:
June 30 Quarter.
193*. 1936.
Acme 8tepl $2.0* $1.56
Amer Brake Shoe 1.33 .<0
Atlantic Refining .49 .38
Atlas Powder 1.68 1.11
General Foods .53 .53
Howe Sound 2.48 1.18
Johns Manvllle „ 1.95 1.56
Lone Star Cement 1.23 1.10
Remington Rand .81 .12
Schenley Distillers 1.07 1.06
Tide Water Assoc Oil 60 .29
Un Carbide A Carbon 1.1 < .88
United Biscuit .54 ·54 ι
Wrigley 1.31 .#6 |
TwelT· Mentha. Jnne 30.
Owens-Ill Glass 4.46 6.84
Pub Service Ν J 2.R2 2.39
WHEAT IRREGULAR,
WITH DEFERRED
CONTRACTS LOWER
Short Covering in July Fu
tures' Contrasts With
Selling Elsewhere.
BY FRANKLIN MULLIN,
Associated Press Market Writer.
CHICAGO. July 24.—Late selling of
September and December wheat
dropped prices of these contracts 1>2
to l7g cents a bushel today while grain
deliverable this month scored a slight
advance.
ι
The two-way market in wheat, re
flesting short covering in July and
quiet but persistent selling of the de
ferred contracts, was paralleled in corn
trade. July corn, on which delivery
must be made next week, fluctuated
rapidly at times over a 3'2-cent range,
but the deferred contracts, on which
delivery of new corn will be passible,
lost almost 3 cents.
The pressure of hedging, represent
ing commercial sales to insure against
possible lass in purchase of grain in
the harvest belt, kept wheat below
yesterday's close practically the entire
session. Trading was listless at times
and the market was thin, with July
showing relatively le» weakness than
the later deliveries, reflecting to some
extent official figures that July 1
stocks on farms and in interior mills
and elevators were the smallest on
record.
Wheat closed higher to l7» lower
compared with yesterday's finish. July
1.20s*. September 1.18'2-sa. December
1.20s8-34: corn was up to 2'* down,
July 1.0814. September 997Λ-1.00. De
cember 74s4-7r: Oats lost 12-1%.
July 33: Rye ■1<-21?. July 90. and pro
visions were unchanged to 8 cents
down.
Loss of about 9 cents a bushel in
wheat this week stimulated domestic
flour business, according to reports,
and led to Increased foreign inquiry
for new domestic grain while at the
same time tending to check heavy
farm sales.
principal markets
Prev
Low. Close. Close,
l.in'j 1.20s·» 1.20**
1.39'» 1.39s, 1 .-Î!»1 «
ι π3, ι ι1.15',
1 4 1 2 1.44 1 n 1 44%
1.4-3' 2 1 .4:3'2 1.41 'a
1 1 R' 2 1.1 S'a 1,10»,
1113Β 1.3I»« 1«
1 .IS'» 1.1S', 1 1HS,
ι. a s ' « i.:is'« i.3fi3«
ι..·ιο3» ι.3»*« î.ss'.j
1-3(15, 1.22·;.
1. *3 8 3 4 1 .'30 1.3 11,
Ι.Ιβ'ι 1 !«', 1.1 κ' 2
1.31 '2 1 .3*3 ' 2 1 33',
1.39s. 1.3»*, 1.38Η
ι oT'i ι os"4 ι os
l.lO'.a l.lOVii 1.14'i
flo'i »9'i 1 oo>«
99U 99s, l.Ol'·,
33 33 3ftV«
3fiV, 3BH 37
113'» «2>/a 02%
Chicago Cash Market.
Cash wheat—No. 1 red. 1.25M>a
1.25··%: No. 2 red, 1.21 Hal.25%: No.
2 hard, 1.25Vial.26^. Com—No. 2
yellow, 1.09al.ll'2. Oats, new—No.
1 mixed, 3212a3312: No. 2 white,
35a36Vi. Rye—No. 2, 90y2a92. Buck
wheat. sample Jfrade, musty, 2.25. No
soybeans. Barley—Feed, 53a70; malt
ing, 71a90.
Winnipeg Priées.
WINNIPEG July -'4 (/P<.—Cash wheat:
No. ι Northern 1.44*»: No 2 Northern.
1.41®·,: No. 3 Northern. 1.38·/».
Oats—No. 2 white. 02'2; No. 3 white,
89 '2.
STEEL SCRAP BOOSTED.
NEW YORK, July 24 <4>).—Dow
Jones & Co. said today No. 1 heavy
melting steel scrap was advanced at
Pittsburgh 25 cents a ton to $20 to
$20.50, with indications that the mar
ket may go still higher.
Grain range at
today:
High.
July wheat:
Chicago _ 1.20',
Minneapolis .
Kansas City. 1 IS'»
Winnipeg 1 45',
Liverpool 1,42 '2
September wheat:
Chicago _ 1.2η
Minneapolis Ι^.Ί'»
Kansas City 1.1H5»
Winnip'g. Ort. 1.:)«'»
Liverp'l. Oft. 1.40'»
December wheat
Chicago 1 .2"33»
Minneapolis 1.31s,
Kansas City. 1.1 8'2
Winnipeg __ 1.3.3'4
Liverpool 14"
Exchange. 4.9ti'4.
July corn:
Chicago 1.11
Kansas City. 1.1 o'-i
September corn.
Chicago 1 02s,
Kansas City. 1.02'a
July oats:
Chicago 3 S
Minneapolis. 38
Winnipeg 82'.
Weekly Financial High Lights
Bt the Associated Press. This week. Prev. wee It.
Brokers' loans. . $1,142,000 $1,147,000
Holdings United States securities.... 2.526,190 2,526,190
Gold reserve 8,833,905 8,835,407
Rediscounts 12,172 15,046
Bank clearings 5,711,211 5,816,126
Electric output (kilowatt hours)
week ended July 17 2.298,005 2,096,266
(Pinal three ciphers omitted in above.)
Car loadings, week ended July 17 770,075 682.205
Crude oil production (barrels) 3,520,750 3,520,750
Stock sales (Ν. Y. Stock Exchange).. 5,500,810 4,595,720
Bond sales <N. Y. Stock Exchange).. $38,215,500 $34,700,000
New financing 60,525,000 17,893,000
Federal Reserve ratio . 79.7% 79.5%
Steel output rate 82.5% 82.7%
Call money rate , - 1% 1%
Time money rate ......... 114-1^%
Commercial paper 1% 1%
U1IIIES CLIMB
FUNS ÎO (1
ON STOCK MARKET
Come to Life in Heavy Trad
ing as Fears of New
Laws Ease.
CHRYSLER AT NEW HIGH
WITH ADVANCE OF 2%
Favorable Profite, Despite Rising
Expenses and Falling Rates,
Also Aid £ower Issnes.
WHAT STOCKS DID
Sa'. m.
Advances . CHf» 311
Declines __ _ 18:;
Unchansed Γ!·> îîfl
Total Issue* SR.'t 81 β
BY FREDERICK GARDNER.
Associated Press rinanciai Writer.
NEW YORK. July 24.—Utilities ran
away with today's brief stock market
session, coming to life in large volume
for gains of fractions to a point or
more.
Fifteen minutes before the close
power and light company issue* were
all over the ticker tape and the mojor
ity finished at the best levels of the
session.
Chrysler hit a comparatively fast
upward pace at the start following the
better than expected earnings state
ment, together with a more generous
dividend than had been looked for.
The issi|p ended up 27k points at
115V a new high for the move.
Spurring the utility section, brokers
said, were revived hqpes of an early
adjournment of Congress and lessen
ing of fears further regulatory laws
would be demanded for these cor
porations In addition ability of the
power contingent to show favorable
profits in the face of rising expenses
and falling rates was said to have
attracted buyers.
The turnover was the best for any
Saturday since May 1, transfers total
ing 505.790 shares. A week ago the
aggregate was 248.340. The As
sociated Press average of 60 stocks
advanced .6 of a point to 70.1.
Prominent on the forward tilt were
Commonwealth & Southern »t 31*.
the fastest mover of the day; United
Corp. 61,. Columbia Gas 15'*. Electric
Power <fe Light 23\, American &
Foreign Power 10%, North American
29 "s. American Power & Light 12.
American Water Worlcs 217g. National
Power At Light. 11V Consolidated
Edison 41 and Standard Gas 9V
Steels tripped over profit selling for
a while, but came back with the rest
on the last lap. Up as much as a
point or so were U. S. Steel at 1175*,
Bethlehem 95'2 and Republic 3912.
Others on the push were Oeneral
Motors, 5634: Westinghouse. 156:
Santa Fe, 84'2: New York Central,
42U : Anaconda. 57s4: Du Pont, 164:
American Radiator, 22*«, and Allis
Chalmers, 697B.
Corporate Bonds Ease.
Secondary rail liens and some utili
ties and Industrials showed a tendency
to grive ground in a quiet bond mar
ket.
Government obligations were steady
on small turnover. Transactions to
taled approximately $230.000.
International Hydro Electric 6s ad
vanced 's to 83. while Utilities Power
ife Light 5s slid down a point to 52 '2. ι
Consolidated Edison 3>4s and North
American 5s gave up minor fractions
The Associated Press averages for 10
utilities showed them unchanged at
98 1.
In the rail category, St. Paul 5s
lost a fraction to 24Λ4 and St. Louis
<fe San Francisco 4'2s dropped '2 to
23 >2.
Also pointing lower were Southern
Railway 4s. Reading 4>^s, New York
Central 3Λ4*, Missouri Pacific 5s, Il
linois Central 434s and Great North
ern 4'is. The averages for 20 rails
were unchanged at 92.8.
Transactions for all bonds totaled
$2.732.500, face value, compared with
$2,324,000 the previous Saturday.
Curb I'tilitie* Improve.
On substantially improved volume
for a short session, utility shares came
forward to score gains of fractions
to nearly two points In curb market
dealings.
Traders have favored these issues
most of the week because, it is be
lieved, impending adverse utility leg
islation may be sidetracked for the
time being by congressional adjourn
ment.
mausiriais ana oils held fairly even,
with small gains showing in many
parts of the list.
Electric Bond & Share advanced'
l*'e to 21 % and American Gas &
Electric ended at 38. up 1%. Niagara
Hudson Power, United Gas and Ameri
can Superpower were fractionally
better. Gulf Oil dropped V4 to 59,
while Humble Oil was unchanged at
84^.
Volume totaled 130.000 shares, com
pared with last Saturday's transfers
of 75,000.
SLOW PROGRESS SEEN
IN SOVIET FARM AREA
Br the Associated Près».
Slow progress In Spring grain plant
ings in the Soviet Union, due to
poor seed, tractor breakdowns and
shortages of parts, Is resulting In de
laying the crops In many areas.
The foreign agricultural service of
the Bureau of Agricultural Economics
in its weekly review of the farm situa
tion abroad added that an early har
vest is expected in southern regions
of Russia, but that "a considerable
lack of preparedness" for It has been
noted throughout the country, Includ
ing those areas where harvesting Is
about to begin.
RETAIL AUTO SALES
RECEDE DURING JUNE
Commerce Department statistics
show retail sales of new passenger
automobiles during June stood at 98
per cent of the 1929-31 average, com
pared with 104 In May and 109 in
June s year ago.
*
Drop $1.50 a Bale on Crop
Reports, but Recover
Partially Later.
By the Associât»*! Pre»».
NEW YORK. July 24 —Cotton lost
$1.50 per bale early today to carry the
market to the lowest levels since
June. 193fi. as large crop views spread,
but partial recoveries followed. De
cember, which had eased to 10.95.
came beck to the early high of 11.14,
and closed at 11.13 with final prices
8 to 18 points net lower.
The market opened 10 to 22 points
lower in response to weakness at
Liverpool. Foreign markets gave a
more bearish interpretation than had
New York yesterday to views attrib
uted to the President that 8-cent
cotton was likely if next year's crop
was as large as the present indications
for a crop this year of 1413 million
bales. Foreign selling was quite heavy
and liquidation became general on the
decline that carried several positions
below the 11-cent level and to net
losses of 27 to 33 points.
Pressure let up and the market
responded to trade buying and cover
ing. There was some buying on a
theory a recovery was due following
losses of $7.50 a bale in two weeks.
The amount of cotton on shipboard
awaiting clearance at the end of the
week was estimated at 18.000 bales,
against 32.000 last year and 24.000
two years ago.
The range follows:
High. Lo* Last.
October 11.23 11.03 11.22-23
December 11 14 10.05 1113-14
January 11.14 10.9R 11.13
March 11.-3 11.01 11.1»
May 11 .27 11.10 11.2ft
July _ 11..5 11.18 11.23-25
6pot quiet; middling, 11.72.
Cottonseed OU.
Cottonseed oil futures duplicated
the trend of cotton, breaking sharply
early, then rallied partially, finally
closing with net declines of 6 to 8
points. Sales totaled 108 contracts.
There was general liquidation early,
promoted by the good cotton weather
and crop reports along with easiness
of lard. Around 8.84 for December,
however, pressure tapered off and
rallies of 4 to S points from the lows
when a covering movement disclosed
an oversold market. Bleachable spot,
nominal; September, 8.97; October,
8.01; December, 8 90; January, 8.93,
and March, 8.95.
NEW ORLEANS. July 24 ι>Γ>.—Cotton
futures closed steady ut net declines of
13 to 16 points.
Open. Hiïh. Low. Close.
October 11.15 J 1.1» 10.H5 11.1 H
December 11.18 11.2.1 10.02 11.20
January 11.17 11.IT 11.IT 11.21b
March 11.25 11.25 11.15 1 1,2!ib
May 11.28 11.28 11.15 11.33 b
July 11.30b 11.35b
Cottonseed oil closed steady: blftichable
prime Summer yellow. A.inb-30a: prime
crude nominal. July. 8.5ob: September.
8.48b: October. 8.45b: December, 8.45b;
January. 8.4Kb: March. 8.48b.
b—Bid. a—Asked.
SLIGHT INCREASE SEEN
IN TRANSIT REVENUES
Crccial Dispatch to The Star.
NEW YORK. July 24—Revenues
for the transit Industry for the week
ending July 17, 1937, based on tele
graphic reports received from a rep
resentative group of transit operating
companies, showed a slight Increase
over last year.
Transit Journal's Revenue Indicator
stands at 100.55, which represent* a
gain of .55 per cent as compared with
the corresponding week of 1936.
For the week ending July 10, 1937,
the indicator was 85.21.
After a marked dip in the indicator
last week, the transit industry showed
a slight Increase for this latest week.
This vh spread evenly throughout
tfa· country,
Ρ
Other Currencies
Quiet and Narrow
At Week's Close
B;· the Associated Press.
Movement of principal world mone
tary units against the dollar in foreign
exchange dealings yesterday were nar
row and quirt With Pans markets
closed the French franc kept even
and the discount on the 90-day for
ward franc shrunk a trifle.
The British pound following it«
precipitate rise last week lost a little
ground. It is believed in foreign ex
change circles the British control
would welcome this unit's return to
around the $4 87 level. Some easing
in the demand for sterling from Chi
nese and Frfnch sources was probably
responsible for its dip
Sterling was quoted at one time at
$4 96"s, lower by of a cent. The
French franc remained unchanged
at 3 7312 cents while 90-day futures
were quoted at .17 of a cent discount
compared with lRU of a cent yester
day. The Netherlands guilder dropped
04 of a cent to 55.16 while Swiss and
Belgian currencies were unchanged.
HIGHER GROSS SHOWN
BY ASSOCIATED G. & E.
Special Dispatch to The Star.
NEW YORK. July 24 —For the 12
months ended June 30. Associated Gai
and Electric Corp. reports total gross
operating revenues of $121,755.300. an
increase of $8.643.086, or 8 per cent
above the previous 12 months period.
Operating expenses and mainten
ance rose $2,799,501 or 5 per cent
higher than last year to $60.780.068.
Taxes increased 23 per cent, or
$2.729.232 above a year ago to a new
high figure of $14.353,204,
After deducting these items, net
revenue of $46.622.028 remained.
This is $3,114.353 or 7 per cent higher
than the previous comparable period.
Further deduction of $10,754.434 for
provision for retirements left operat
ing income of $35,867.594. This is
$1.187.844 or 3 per cent above the 12
months ended June 30, 1936.
BUILDING HOLDS ?
WELL ABOVE 1936
Boom Continued in First
Half of Year, According
to National Survey.
By thf Amocitted PreM.
CHICAGO, July 24—Thf United
State* building boom continued the
first half of 1937, a Nationwide survey
disclosed today, despite rising ma
terial and labor costs.
The National Association of Build
ing Trades Employers' semi-annual
survey showed construction in 44
States the first six months was valued
at $1.558.β 19.517. an increase of 15
per cent compared with the cor
responding 1936 period.
During the first six months of 1936
the increase in building was 85 per
cent compared with the corresponding
1935 period, when the valuation was
only $758.748.922. Current building
operations apparently are at the best
level since 1931. and the association's
report Indicated no signs of a let
down although the rate of improve
ment over a year previous has nar
rowed.
Reeeive High Wages.
Ε M Craig, secretary, said building
mechanics In New York. Chicago,
Cleveland. Cincinnati and Boston
were back to former high wage levels.
Most cities have the 40-hour week and
in a few 30 to 35 hours work weeks
prevail.
"Due to the Activities of dual na
tional labor groups securing collective
bargaining concessions along with pay
increases in many industrial plants,"
Craig said, "building tradesmen are
Inclined to believe they are under
paid and demand higher wages than
the public is able to pay consistent
with current earning power. Increased
ί (See BUILDING, Pa«re~G-4.)
ι
How Is Business?
Showing Current Business Activity Compared With the Same W(*k a
Year Aim.
Juir
Preaent
Bueineu
+9.6%
Above
A Year
Ago
GENERAL BUSINESS ACTIVITY for the country Indicated by Bank Debit· out tide
Ν. V. City. Shaded area· «how week of activity above the corresponding week of tha
previous year. Black area· Indicate decline· from same week· twelve month· earlier·
ACTIVITY BY FEDERAL RESERVE DISTRICTS
Cheek Traataati— eaaiparad with tha »ai· week a year ago
New York
+2.5%
Atlaat·
+ 12.0%
_ jitoa
Philadelphia CUftlead
+11.0% +14.0%'
Riehaoad
+11.8%
Chicago
+10.9%
St. Loai·
Mi··...alii I
-o's* I
K.··.· City
D.ll.·
4-10.3 <
·. Fr.aeU.o|
+9.S%
LEADING BAROMETERS
Showing Trend of Important Factor·
Preaeot Trend
Business in Dollar· (Checks Cashed) Upward ,
Employment (Dept. of Labor) Steady
Wages (Dept. of Labor) Upward
Cost of Living (Ind. Conf. Board)... Upward
Wholesale Prices (Fisher's Index)... Downward
Agricultural Prices (Bureau of Labor) Upward
Movement of Goods (Car Loadings). Downward
Retail Trade (Fed. Res. Board) Steady
Building Contracts (F. W. Dodge).. Upward
Failures (Dun's) Downward
Bond Prices (Dow-Jones) Downward
Stock Prices (Composite Dow-Jones) Upward
_Stock Mkt. Vol. (Shares Traded)... Downward
% Chang·
From Yaar Ago
+
+
+
+
+
+
+
+
9.6
13.8
30.0
4.4
11.0
9.6
S.8
6.8
38.9
22.8
1.6
8.5
46.9
AlI right« nuntdt Cembridg* Auodata, Baton
f '
Steel Operations at High
Levels, Although Down
Slightly in Week.
POWER OUTPUT SOARS
TO RECORD HEIGHTS
Auto Production Reduced Sharply
in Preparation for New Models.
Freight Loadings Gaii\.
BY THOMAS F.. FLANAGAN,
Associated Press Financial Writer.
Trad*1 and industry displayed under
lying vitality last week despite symp
toms of Summer lethargy in some
divisions.
Although down a trifle, st«el op«»ra«
tinns whirled along at a high rate.
Electric power soared to new record
heights. The motor industry cut pro
duction sharply in preparation for
output of new models. Freight cer
loadings gained. Retail sales extended
recent upturns.
The Associated Press index of in
dustrial activity receded to 104' 7 from
1.05 the week previous. In the like
week a year ago it stood at 94.2
Reports to the Department of Com
merce from 37 cities for the week
ended Wednesday "gave further evi
dence of a definite turn in the tide of
retail activities, with sales maintaining
a consistent upward trend.
"While the gains generally were not
large in comparison with the like
period last year, they were universally
consistent and bore evidence of a
reversal of conditions that prevailed
in the early Summer weeks.
Fall Buving Hear}·.
"Wholesale markets largely reflected
retail conditions with considerable
Fall buying beginning to make iti
appearance in substantial volume."
Operations in the steel industry de
clined to 82.5 per cent of capacity
from 82 7 the preceding week and
compared with 70 9 to the like 1935
week, the American Iron & Steel In
stitute estimated.
Reaffirmation of prices on almost
all steel products for the fourth quar
ter was in line with trade expectations.
The industry continued to draw
strength from substantial backlogs of
orders. Slackening of new business
was seen as a purely seasonal phe
nomenon, and some observers said the
new order curve had probably reached
its low for the Summer.
Extension of the rise in scrap «teel
prices was said to reflect both a hope
ful outlook for the industry and an
apparent scarcity of old material.
Auto Rate Slumps.
Motor production fell abruptly te
88.055 units last week, lowest since
February when the industry was afflict
ed with strikes. In the preceding week
the total was 115.380 and in the like
week last year. 99,329.
The sharp cut in operations was
occasioned mainly by shutdowns of one
producer. Trade analysts said they
believed operations would likely hold
around the current level for the near
term.
Trade circles noted a premilinary
adjusted index of the value of retail
sales of new passenger cars had drop
ped more than seasonally from May
to June, according to the Department
of Commerce.
In the week ended July 17 freight
carloadings totaled 770.075. an Increase
of 12.9 per cent over the preceding
week and 6 9 per cent ahead of the
corresponding week last year.
The upturn, analysts said, was a
little less than seasonal. With the
exception of coal, grain and grain
products shipments, all groups of traffic
showed an upturn over a year ago.
Some commentators said grain load
ings were down because farmers were
holding crops on the farm owtng to
surplus production.
Power Gain Is Sharp.
Production of electricity in the week
ended July 17 rose to a height never
before touched—2.298.005.000 kilowatt
hours, the Edison Electric Institute
reported. The total was 13.2 per cent
above the like 1936 week and con
trasted with a gain of 72 per cent
scored over last year In the week
ended July 10. the period including In
dependence dfly.
χ iic CAU auiuinai y viiem-j VI uin
industry at this season, utility men
said, bore witness to both the well
sustained industrial demand ior power
and widening non-industrial uses of
electricity.
The financial scene provided busi
ness observers with evidence of nu
merous good profits in the second
quarter. Although earnings were
generally ahead of the like period
last year, it was noted the rate of
profit gain had slowed down from the
first quarter in some instances. This
phenomenon experts attributed large
ly to rising operating costs.
The stock market, traditional ba
rometer of hopes and fears in business
circles, moved irregularly forward.
Wall Street experts noted demand
had tended to shift from some leader·
to less prominent shares.
In the bond market a rise of United
States Government obligations af
forded a bright spot. Corporate loans
advanced. Foreigns were generally
higher.
Staple Average Down.
Abrupt declines in farm staples
pulled the average of commodity
prices lower despite a rise in hog
quotations to a 10-year peak and fur
ther sharp gains in scrap steel.
As trade and industrial analysts
wound up the week, they said one of
the most important factors remained
the outlook for robust farm purchas
ing power. On this score they noted
cash income of farmers this year wai
estimated at a new top since 1929.
RICHMOND.—Department store sales
and wholesale trade In the fifth rederal
Reserve district showed a substantial in
crease durlns the week over the same
period last year Richmond bank debits
were sllïhtly ahead of the previous week
and the same week a year aio.
PHILADELPHIA —With passlns· of the
heat wave and advent of a normal work
week, retail sales showed considerable
Improvement the Department of Com
merce reported. Bank clearings rose te
5874 000.000 from S3T1.000.000 In ttl·
like week of 1938.
Ψ ■
THE OLD TRAILER DISCOVERS IT HAS POWER OF ITS OWN.
'M4At'/'X
►Vf \bHT

Evening star. [volume], July 25, 1937, Image 53
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], July 25, 1937, Image 53
About Evening star. [volume] (Washington, D.C.) 1854-1972