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Selected Bonds Up, But General List Is Narrow Few Rail and Foreign Issues Provide Most Of Day's Activity Bond Averages 20 10 10 10 Rails. Induit. Util. F'sn. Net change. —.2 —.1 unc. unc. Today, close 56.8 102.7 06.6 38.4 Prev.day... 57.0 102.8 06.6 38.4 Month ago. 53.4 101.6 94.2 37.6 Year ago... 58.7 100.5 97.1 612 1940 high.. 59.9 103.6 07.5 53.5 1940 low... 48.3 98.9 90.3 35.1 1939 high.. 64.9 102.0 97.5 64.0 1939 low... 53.4 95.8 90.4 41.7 10 Low-Yield Bonds. Close_ 111.4 Prev.day 111.4 M nth ago 111.2 Year ago 112.1 1940 high 113.2 1940 low. 108.4 1939 high 112.6 1939 low. 103.6 (Compiled by the A5*Deleted Press.) Bt the Associated Press. NEW YORK, July 22.—Scattered buying in rails and foreign dollar bonds provided the main activity in today's market. Going into the final hour a se lected few were major fractions to more than a point higher in con trast with the narrow range and mixed trend of the main list. German 54s and 7s and Milan 64s were fairly active and higher In the foreign group. Among the losers were Buenos Aires 44s and Abitibi Paper & Power 5s. Corporates unable to make any headway included Youngstown Sheet & Tube 4s. Shell Union 24s, Missouri-Kansas-Texas 5s, Mon tana Power 33/4S and New York Cen tral 5s. The recently marketed Govern ment 2 Vis of '56-54 were admitted to trading and made their appearance on the tape for the first time at 102.4. Other Governments were ex tremely quiet and only slightly changed. Investing Companies NEW YORK July 22 </P*.—National As aociation of Securities Dealers. Inc.: Bid. Asked. Admin Fd 2nd Inc- 9.74 10-36 Aeronaut Sec - < "P 8.58 Affiliated F Inc.. 2.30 2.52 •Amerex Hold _12.25 13.75 Am Bus Shrs- 2.66 -.94 Am For Inv- 6.00 6.6 Am Gen Eq Inc- -24 -« Am Ins Stocks - 3.00 3.50 •Bankers Nat Inv Corp A-- 5.00 6.00 Basic Industry- 3.16 ----- •Blair A Co __ 1.25 2.00 Boston Fund Inc- 12 85 13.82 Broad St Inv __ 19.44 21.02 Bullock Fund -11.125 12.00 Can Inv Fund- 2.3o 3.15 Chemical Fund __ 9.08 9.8.1 Comwlth Invest -- - 3.00 3.26 •Continental Sh pf_ -- 8 00 9.00 Corporate Trust _ 2.03 - Corporate Trust A A- 2.00 - Corp Tr Accum_ 2.00 - Corp Tr A A mod__2.34 - Pnm Te Aff UaH 2 34 ______ 4.10 1.33 - 2.57 _ ... 3.10 _ Dividend Shrs _ .96 1.06 Baton ft How Fund "A-l"_ 15.93 17.11 Boult* Corp S3 pf_ 19.25 20.00 Fidelity Fund Inc_14.86 18.00 •First Boston Corn_15.50 17.00 First Mutual Tr Fd_ 5.31 5.88 Fiscal Fund Bk Sh- 2J9 2.43 Fiscal Fund Ins _ 2 95 3.28 Fixed Trust Sh A_ 8.05 Found Tr Sh A _ 3.45 3.95 Fund Investors Inc_13.94 15.15 Fund Tr Shrs A_ 4.17 4.91 Fund Tr Shrs B_ 3.79 Gen Capital Corp_ 24.47 26.31 Gen Investors Tr _ 4.31 4.70 Group Sec Agricultural_ 4.26 4.65 Group Sec Automobile_ 3.46 3.78 Oroup Sec Aviation_ 7.01 7.63 Group Sec Building_ 4.49 4.90 Oroup Sec Chemical_ 5.76 6.27 Group Sec Foods _ 3.78 4.12 Group See Invest Shrs 2.44 2.67 Group Sec Merchandising 4 53 4.97 Oroup See Mining _ 4.3n 4.89 Group Sec Petroleum_ 3.53 3.85 Oroup Sec R R Equip_ 3.08 3.36 Oroup Sec Steel -_ 4.52 4.93 Group Sec Tobacco_ 4.54 4.95 tncorp Investors . 12.62 13.57 Independence Tr Sh _ 1.90 2.12 Instl Sec Bank Group_ .94 1.04 Instl Sec Insurance_ 1.15 1.27 Investment Co Am _ 15.02 16.24* Investors Fd “C" Ine_ 8.33 8.88 Keystone Custodn B 1_ 25.89 28.34 Keystone Custodn B 2_20.01 21.96 Keystone Custodn B 3_13.38 14.68 Keystone Custodn B 4_ 6.38 7.02 Keystone Custodn K 1_13.47 14.78 Keystone Custodn K 2_ 7.74 8.66 Keystone Custodn 8 2_10.95 12.08 Keystone Custodn S 3_ 7.25 8.04 Keystone Custodn 8 4_ 2.91 3.29 Manhat Bond Fund_ 8.42 7.09 Maryland Fund _ _ 3.05 4.15 Mats Invest Tr_16.94 18.22 Mutual Invest _ 8.66 9.46 Nation Wide Sec _ 3.15 Nation Wide Voting_ .98 1.12 Natl Investors 5.06 6.45 New England 9.83 10.60 N Y Stocks Automobile _ 3.97 4.31 N Y 8toeks Aviation _ 9.21 9.96 N Y Stocks Bk Stocks_ 7.72 8.35 N Y Stocks Bldg Supply_ 4.43 4.81 N Y Stocks Chemical _ 7.89 8.32 N Y Stocks Elec Equip_ 8..3W 6.93 N Y Stocks Insurance_ 8.93 P.6U N Y Stocks Machinery_ 6.99 7.57 N Y Stocks Oils _ 57 9 6.28 N Y Stocks Railnad _ 2.38 2.58 N Y Stocks R R Equip _ 4.84 5.25 N Y Stocks Steel — 5.61 6.09 North Am Bond Tr clfs _ 45.50 _ Nor Am Tr Shares 1953 - 1.80 _ Nor Am Tr Sh 1955_ 2.4(1 _ Nor Am Tr Sh 1956 _ 2.35 _ Nor Am Tr 8h 1958 _ 1.98 Plymouth Pund Inc_ .32 .37 Putnam (G) Fund _11.95 12.78 Quarterly Income Sh .- 6.15 7.00 •Schoellkopf-Hut * Pom _ .25 1.00 Selected Am Sh Inc _ _ 7.29 7.94 Selected Income Sh 3.59 Sovereign Invest Co new__ 5.33 5.89 Spencer Trask Fund _13.07 13.87 tland Util Inc _ .28 .34 uper of Am Tr A_ 3.04 _ Super of Am Tr B_ 3.20 _ Super of Am Tr AA_ 2.15 Supervised Shrs 8.08 8.78 •Trustee Stand Inv C_ 2.10 2.20 •Trustee Stand Inv D_ 2.05 2.15 Trusteed Am Bk B .48 .53 Trusteed Industry Stirs.- .68 .77 Wellington rund _ - 12.21 13.45 Quotations furnished by National Asso ciation of Securities Dealers, Ine.. whicn ■tales they do not necessarUy reflect actual transactions or firm bids or offers, but ahould Indicate approximate prices, and unless otherwise indicated, are as quoted by the sponsors or Issuers. •Asterisk Indicates, "not quoted by •ponsora or Issuers." New York Bonk Stocks NEW YORK. July 22 UP).—National Association Securities Dealers. Inc.: (Quotations as ot 2 o'clock.) BIO. Asked. Bk of Am NT8 (8F) (2.40). 83% 35% Bank of Man (.80a)_ 15% 17% Bank of N Y (14)_310 319 Bankers Tr (2)_ 49 51 Bklyn Tr (4) 73 77 Cen Han Bk A Tr (4). 90 93 Chase Nat (1.40) 29% 31% Chem Bk A Tr (1.80)- 43% 45% Commercial (8) 105 171 Cont Bk A Tr (.80). 12% 14 Corn Ex Bk A Tr (3)_ 48% 49% Empire Tr new (3)_ 41% 46 First Nat (Bos) (2)_ 41% 43% First Natl (100)_1825 1886 guaranty Tr (12)_272 277 Irvlnt Tr (.80) 11 12 Manuret'ra Tr (2)_ 32% 34% Uanuf'ra Tr pf (2)_ 50% 82% Natl City (1) _ 24% 28 N Y Trust (6). 97% 100% Public (1%) ___ 28% 30 Title OAT. 2% 8% a Also extra or extras. New York Sugar NEW YORK, July 22 OF).—Domestic •user futures rallied sharply today as short covering revealed an absence of selling pressure. Despite profit-taking, midafternoon prices held gains of 2 to 4 points. September at 1.79: January. 1.88. World futures also steadied and after noon prices were up l to 1% points on covering. September sold at .96% and March 1.03% No raw business was confirmed. Of ferings were scaled upwards from a 2.70 cents basis. Refined locally remained 4.20-85 cents • pound. ruturu No. 3 closed l higher to 1 lower. Sales. 6.350 tons. High. Low. Close. September - 1.82 1.78 1.78b January _ 1.89 1.86 1.86b March 1.91 1.89 1.88b No. 4 futurts 1 to 2 higher. Sales. 6.260 tons. September___ .9, .96 ,96b December ___1.00% l oo l.oib March __ 1.04 1.03% 1.04b b Bid. London Tin Prices LONDON, July 22 OP).—Tin steadier: ■not. 1286 10s bid, {266 16a asked; fu ture 1266 10s bid. (266 16s asked. * NEW YORK BOND MARKET Br artntto win On* to fit Mat. Approximate Tfaaaactieai Todap. Demaatle Bonda_ 2,8S0.000 Foralpn Bond*....... SR0.000 U 8 Govt Bonds __, 20.000 TREASURY. Rlih Low. Closa. 2'4 s 1951-51_ 103.5 103.5 108.5 2 >4 *1954-58_ 102.4 102.4 102.4 SHs 1149-63 .. 105.11 105.11 105.11 244s 1945-47 rg- 108.22 108.22 108.22 244*1261-64 ... 107.8 107.8 107.8 344* 1948-49_111.9 111.9 111.9 3 44* 1941 _ 103.13 103.13 103.13 3 44s 1943-47 ... 108.8 108.8 108.8 FEDERAL FARM MORTGAGE. 3s 1942-47 104.4 104.4 104.4 NEW YORK CITY RONDS 8a 19*0. 98 9644 9644 FOREIGN RONDS. Rich. Low. CIom. Argentine 4a 78 Fab 60 694 60 Argentina 4a It Apr.. 694 694 694 Argentina 4Ha 71__ 644 64 644 Australia 4H* *6_ 414 414 414 Australia ts KS _ 484 484 484 Ravarla S 6Hs 46_ 164 164 164 Belgium 6a 66__ 42 42 42 Belgium 7* 66 _ 484 484 484 Berlin City 6s 58_ 164 164 184 Brasil 6Ha 1926-67... 12 12 12 Brasil 6Ha 1*27-67 .. 124 124 124 Brasil C Ry *1 7* II.. 124 114 114 Brasil la 41 . 164 15 15 Brisbane 5s 58 _ 45 45 45 Budapest 6s 42 _ 74 7 74 Buenos Aires 4Ha 77 45 434 45 Buenos Aires 4H* 76 50 50 50 Bulgaria 7s 57_ 104 104 104 Canada 2s 67_._ 714 714 714 Canada 2s 61___ 714 714 714 Canada 4s 60__ 80 794 794 Canada 6s 62 _ 894 884 894 Chile 6s 60 assd .. 114 11 11 Chile 6s 61 Jan assd.. 11 11 11 Chile fis 61 Feb assd 114 114 114 Chile 6s 61 Sept . 124 124 124 Chile 6s 61 Sept assd 114 114 114 Chile Mtg B 6s62 asd 10 10 10 Chile Mtg Bk 64s 57 114 114 114 Chile M B 64s 57 asd 10 10 10 Colombia 6s 61 Jan . 23 224 23 Colombia Is 61 Oct .. 284 234 234 Copenhagen 44* 5* - 24 234 24 Cordoba City 7s 57 st. 49 49 49 Cuba 4 4s 77_ 644 544 644 Cuba 64* 62_ 103 103 103 Denmark 44a 62_ 274 274 274 Denmark 64* 66_ 324 824 824 Denmirk 6s 42 844 34 34 Dominic 1st 5 4s 40 .. 654 664 664 Dominic 1st 6 4s 42.. 654 654 654 El Salvador Is 41 et— 84 84 84 Estonia 7s 67_ 45 45 45 French Gov 74* «1— 474 474 474 Ger Govt 64* 65 _ 18 174 18 GerG 6 4s 66 un at_ 124 124 124 German Govt 7a 49_ 224 214 224 Ger Gov 7* 41 un at.. 16 16 16 Haiti 6s 52 _ 71 71 71 Hung Con M 7a 46_ 64 64 64 Italy 7s 61 - 50 494 494 IU1 P D Crd 7a 12_ 81 804 81 Japan 54* 65 _ 66 664 654 Japan 64s 64 864 854 854 Kreug A Toll 6s 61 ct. 14 14 14 Medellin 64s 64_ 94 94 94 Mendoxa 4s 64 ... 53 63 63 Met Water 64s 60... 45 45 45 Milan 64s 62 ... 824 32 324 New So Wales 6s 67.. 484 484 484 New So Wale* 6s 68 . 464 464 464 Norway 44* 85 . 374 37 37 Norw Mun Bk 6s 70 . 294 29*. 294 Panama 6s 12 st asd.. 524 524 524 Pernambuco 7s 47_ 64 64 64 Psru 1st 6s 80_ 7 7 7 Peru 2d 6s 61_ 64 64 64 Prussia 6s 52_ 15 15 15 Queensland 7*41_ 764 764 764 RIode Jan 6He 52_ 74 74 74 Rio Gr do Sul 6a 61_ 84 8H 84 Rio Or do Sul 7s 66... 9 9 9 Rom* (He 62 - 854 864 864 Sao Paulo St 6a II_ 94 94 94 Sao Paulo St 7* 40_ 814 80 30 Sao Paulo St 7a 66_ 104 104 104 Sao Paulo St Se 26_ 20 20 20 Sao Paulo St ts 60_ 114 114 114 Serb* 7s 62 ... IP. 94 94 Shln'su E P 6Hs 62... 624 624 624 Sydney 54*65 ... 454 454 454 Tokyo City 6 4s 61...* 61 604 604 Tokyo El Lt Is 62_ 584 684 684 DJIgswa El P 7a 46 .. 984 984 984 Westphalia EP Is 52 15 16 15 DOMESTIC IONDS. Abltlbt PAP 6s 63 .. 38% 37% 37% Alleg Corp 6s 44 - 89% 87 89% Alleg Corp 6s 4* ._ 74% 74 74% Alleg Corp 6s 60 std 43 41 43 Allis-Chalmers 4s 62 108 108 108 Am A For Pw 6s 2020 50 49% 50 Am 1 G Cta 5%* 4* 103*« 103% 103% AmTAT 2%a61- 108% 108% 108H Am TA T >%s 66- 108'i 108', 108% Am TAT 6%s 43 ... 106% 106* 106% Am Wat Wks 6a 76 . 106 106 106 Arm'r(Del) 1st 4s 66. 101 101 101 Armour Del 4s 67 . 101 100% 100% ATASFe 4s 1905-65 . 96 96 96 A TAS Fe 4s 1909-55. 96 96 96 A TAS Fe gen 4s 96 105% 105% 105% A TAS Fe 4%s 4t 103% 103% 103% A TAS Fe CA 4%s 62 107% 107% 107% Atl Coast L 1st 4s 52 70% 70% 70% Atl Coast Lclt 4s 52 . 61 61 61 Atl Coast L 6s 45 .. 65% 66% 65% Atl A Dan 1st 4s 46... 33% 33% 33% Atl A Dan 2d 4a 46 .. 30 28 30 Austin A N W 5s 41.. 94% 94% 94% B AO 1st 4s 43 _ 67 66% 66% B A O 1st 48s Std- 67% 67% 67% B A O cv 60s Std_ 12% 12 12 B AO 96 A stamped.. 28% 28% 28% B A O 96 C stamped . 32 31% 31% B A O 96 F stamped 28% 28 28% BAOPLEA WVa4s51S' 57 57 57 Bell Tel (Pal 6s 60 C 131% 131% 131%' Beth Steel Sa 60 ... 100 100 100 Beth Steel 3%s 69 ... 104% 104% 104% Beth Steel 3%s 65... 103 103 103 Beth Steel I %s 52 106% 106% 106% Boston A Me 4%s 61 69 67% 68% Bost&Me 4%s 61 std 54% 54 54 Bos A Me 6s 66 72% 70 72% Boston A Me 6s 66 st. 54% 53% 53% Bos A Me 6s 67 70 68 68% Boston A Me 6s 67 st 54% 53% 53% Bos A Me 6s 67 stdxc. 45 45 45 Bklyn Un Gas 6a 45 111% 111% 111% Bklyn Un Gas 6s 60 . 94% 94 94 Bklyn Un G 6s 67 B 106% 106% 106% BuS Rocb A P 67 std 38% 38% 38% Canadian NR 4%s II 81% 81 81 Can NR 4%s 66_ 81% 81% 81% Can NR 4%s 67 - 82% 82% 82% Can NR 6s 69 Oct__ 84% 84% 84% CanNor6%s46 _ 97 96% 96% Can Pae db 4a perp— 49% 49% 49% Can Pae 6s 64 _ 69 64% 64% Cent Foundry 6s 41_ 75 75 76 Cent Foundry 6s 41._ 97 97 97 Cent of Ga cn 6s 46 5% 5 5 Cent of NJ gen 6s 87 13% 13% 13% Cent N T Pwr »%s 62 108 108 108 Cent Paclfle 6s 60 45% 45% 45% Cert’d deb 6%s 41 74% 74% 74% Cham PAF 4%e 36-60 104% 104% 104% ChesA O !%s 96 D .. 99% 99% 99% Ches A OS%* 96 E... 99% 99% 99% C A O gen 4%s 92 126 125% 125% Chi BAQ gen 4s 66 ... 90 90 90 Chi BAQ 4%s 77 ... 80% 80 80 CB AQ rfg 6s71 A . 87% 86% 86% C BAQ 111 dlv 3%s 41. 95% 95% 95% CBAQ 111 dlv 4s 49_100% 100% 100% Chi A E 111 6s 61_13 13 13 Chi A E 111 6s 6let_13 18 18 Chi Grt West 4a 69... 26% 26% 26% Chi Ind A Lou 6s 66._ 6% 6% 6% Chi Ind A Lrf 6s 47- 16 16 16 Chi Ind ft L gen 6a 66. 64 64 64 C M * StP can 4a !».. 224 224 224 CM&StP 44a St C... 224 224 224 CM&StP 44a 89 E.._ 23 23 28 CMftStP ad) Sa 2000.. 14 14 14 Chift NW e» 44* 49.. 2 14 2 Chi HlftP rf 4a 14 ... 64 6 64 Chi RlftP Ken 4a IS.. 134 184 134 Chi RlftP 44■ 62 A.. 64 64 54 Chi Un Sta S4> 61_ 100 994 100 C C C ft StL gen 4a 9S 664 664 664 CCCftStLrf 4 4* TV 404 494 494 CCC*StLCW*M4s91. 49 49 49 Cletr Un Ter 4 4a 77.. 70 694 694 Clev Un Term 6a 71.. 75 744 76 Colo ft So 44a SO_ 26 26 26 ColGftE6a62 Apr... 1064 1064 1054 Col U ft £ 6a 62 11 ay. 105 1044 105 Col G ft B 6a 61 1044 1044 1044 Cornel Mackay 69 w» 39 284 884 Comw Ed 0 4a 66 1214 1214 1214 ComwEdS4a6l . 110 110 110 Cona Ed N I 64a46 106 105 106 Cona B NT db 84a 48 107 107 107 ConaolUli 8 4a 61 106 1064 106 Conaum PwrS4a 66. 108 108 108 Conaum Pwr 64«*l. 108 108 108 Conaum Pwr 24a 67 1094 1094 1094 Crucible Steal 44* 48 1044 1044 1044 Cuba Northn64a 48. 244 24 244 Cub* RR 4* 46 26 26 26 Cub* RR 74* 46 A— 614 814 814 D*yton P ft L.t 6* 70.. 1044 1044 1044 Delft Hud raf 4a 41 _ 494 494 494 Mtpk. Low. Cioat. Dan AROeon 4a It.. 7 7 7^ Dan A ROW rf is 7* .. 6% 6% 6% Duouasaa Lt I Half. 107% 107% 107% ■rla ay 4a It A_10% 19% 19% Brla 1st 4a 96_... to 68% 69% Brie can 4s 91_ 26 26% 26% ■rla raf is 67_ 10% 10% 10% Bala raf 6a 76 11 11 n Brla A Jersey 6a II_ 62% 62% 62% Fad LtATr fa 41_103% 108% 103% Fed LtATr fa 64 B ... 99% 99% 99% Hraatone T *%» 46.. 104% 104% 104% Fla B C Ry 4%s 69— 64 64 64 Fla BC Ry fa 74 .... 6 6% 6 Goodrich 4%s if ... 103% 103 103 Grt Nor Ry 8%a 67.. 78% 78% 78% Grt Nor Ry 4s 46 0 ... 101% 101% 101% Grt Nor Ry 4s 46 H.. 94% 94% 94% Grt N Ry 4V>s 76 D .. 86% 8f% 86% Grt NRn « %e 77 B. 86% 86% 86% Grt Nor Ry 6a 71 ... 96% 96 96 Grt Nor Ry 6%a 62... 101% 101% 101% Gulf MAN 6%s 60 . >79% 79% 79% Gulf States 8t 4Hall 102% 102% 102% Gulf St Util 2Ha 69.. 110 110 110 Har Rla A P 4s 64_ 67 67 67 Hudson Coal 6a 62 A. 80 29% 80 Hud A Mas Inc fa 67. 11 10% 11 Hud A Man raf la 67. 46 44% 46 111 Cant raf 4a 16- 47 46% 46% 111 Cent 4%a 61 _ 40% 40 40 111 Cent Cairo 4s 50_ 70 70 70 1CCA8T NO 4%s 68.. 42 41% 41% ICCAStL NO laf 2 A-. 46 44% 44% Ind 111 A Iowa 4S10 . 69% 59% 69% Indust Kayon 4%s 46 106% 105% 105% Insplr'n Cop lat 4s If 94 94 94 Int Grt Nor is 61 C .. 7% 7% 7% lnt Grt Nor 1st 6s 62. 9% 9% 9% lnt Hydro El fa 44... 49% 49 49 lnt Paper lat 6s 47_102% 102% 102% lnt Paper raf fail... 101 101 121 lnt TAT 4%s 62_ 27% 27% 27% Int TAT 6S 66 29% 29% 29% lows C 1st A ref 4s 61 1% 1% 1% Kanaw A M 4s SO 86% 86% 86% Hans City 8t rf 6s 50 64% 64% 64% Han City Term 4s 60 107% 107% 107% Kresge Found ts 60.. 102% 102 102 Laclede Gas 6s 42 .. 84 83% 84 Laclede Gas 6 %s 63. 48% 48% 48% Leh Val C 6s 64 std_ 80% 80% 80% Leh Val C 6s 74 std_ 28 28 28 Leh V N Y 1st 4s 4634 34 -34 Leh Val N T 4%s 40.. 87 37 87 L V RR 4a 2003 asd 12% 12% 12% LVRR4%s 1003 asd 13% 13% 13% Libby McNftL4s66.. 102 102 102 Loew s 3%s 48 ... 102% 102% 102% Lon* Star G 3 %s 63.. 108 108 108 Lons isld ref 4s 43 .. 02% 92% 92% Lons 1*1 ref 4s 49 at.. 92% 92 92% Lorillard 6s SI-126% 125% 125% La ft Ark 6s 39 . 88% 88% 83% L ft Nash *%s 2003.. 84 84 84 L ft N 4%s 2003 __ 96 96 96 McKaasft R 6%s 60_. 93 93 93 Manat! Susar 4s 67.. 83 30% 30% MeadCorp 4%s66_106% 105 105% Metrop Ed 4%s 33... Ill 110% 111 Mlcb Cons Gas 4s 33. 103 102% 102% MStPASSM cn 4s 31.. 6% 5% 6% Mo 111 6s 69 - - 76% 75% 75% Mo K ft T 1st 4s 90_ 25 26 26 Mo KftT 4s 62 B_12% 12 12% Mo KftT 4%a73_ 14 14 14 Mo KftT 6s 32 A- 16% 16% 15% Mo Pasts 76 - 1% 1% 1% Mo Pan 6s 77 P-16% 16% 16% Mo Pac 5s 77 F ct_ 16% 16% 16% Mo Pac 6s 78 G- 16% 16% 18% Mo Pac 6 %a 49_ 1 1 1 Mob ft Ohio 4%s 77_ 81% 31% 81% Mob ft Ohio 6s 33 ct.. 38 38 38 MAO Mont 6a 47_ 22% 22% 22% Monons P S 4%s 60.. 110% 109% 110% Mont Pwr l%s 36 .. 101% 101 101 Morris* Es 4%s66.. 81% 31% 31% Morris ft ES 6s 66_ 38% 87% 37% Nat Dairy 3%s 61— 106% 106 106% Nat Distill 3 %s 49_ 104 108% 104 Nat Steel 3s 36 _ 103% 108% 103% New Orl TAM 6%s 64 86 35 86 N I Central 8%s 62.. 66% 65% 65% N I Central 3%s 46.. 80% 80% 80% N Y Central 4s 42_ 92% 92V* 92% N I Cent con 4s 93... 67% 67% 67% N T Cant 4%e 2013 A. 63% 62% 62% N Y Cent rf 6s 2013 69 68% 68% N I Cen L 8h 3%s 91 60% 60% 60% N I ChlftStL 4%s 73 . 65% 66 65% N I CftStL 6%s 74 A. 66% 66% 65% N Y Chi ft St L 8s 41 78% 78 78 N T Conn 1st 4Hi 63. 106% 106% 106% N Y Dock 4a 61 ... 48 48 48 N T Edison 3 %s 66... 108% 108% 108% N Y A E 1st 47 47_ 97 97 97 NY NH ft U 4S 66_ 14 14 14 NY NH ft H 4%s 87.. 16% 16% 16% NY NH ft H cl 6s 40.. 30 80 30 N Y Putnam 4s 93_ 60% 60% 60% N X Tel 3 %s 67 -110% 110% 110% N X WftB 4%s 46 ... 4 4 4 Nlag Falls P 3 %s 36. 109% 109% 109% Norf Southn 6s 41 . 73 78 73 Norf Southn 6s 81 ct. 12% 12% 12% North Am 3%s 49 ... 105% 105% 105% North Am 3%s 64 . 105% 105 105'/* Nor n Pac gn Is 2047. 42% 42% 42% Nor n Pac 4s 97 ... 67% 67% 67% Nor n Pac 4% 2047_ 47% 47 47% Norn Pac 6s 2047 D._ 53% 63% 63% Nor’n Pac 3s 2047 69% 59% 69% Northn Sta Pw 3% 37 108 108 108 Ohio Edison 3%s 72. 109 109 109 Ohio Edison 4s 36_106% 106% 106% Ohio Edison 4s 87... 108% 108% 108% Okie GftE 4s 48 . 106% 106% 105% Ores 8h Lin* 6s 46... 117 U7 117 Orecon W RR 4s 81.. 106% 106% 106% Otis Steel 4%a 62- 71% 71% 71% Pan G ft E 4s 64 113% 113 113% Panhand ET 4*62... 104% 104% 104% Parmele*8s44_ 40 40 40 Penn Cots 61 .. 103 103 103 Penn O ft D 4 He 77.. 100% 100% 100% Penn PftL 3 %s 39 ... 108 107% 107% Penn P ft L 4 %s 74.. 107% 107 107% Penn RR 3%s 62_ 86 85% 85% Penn RR 3%a 70_ 89% 89% 89% Penn RR 4s 43 _ 107% 107% 107% Penn RK 4% 31- 97% 97% 97% Penn RR 4 Its StE_ 97'j 97 97 Penn RR 4 4%s 40 ...US 118 118 Penn HR gn *V*s66 . 103V4 102** 1024* Penn RR deb 4 4*8 70 90 891* 89V. Peoria ft E 1st 4a 40 70 691* 691% Peo ft E 1st 4s 40 cf*. 70 70 70 Peoria A E ino 4s 90. 61% 61% 61* Pare Marq 0* SO ... 671* 671* 671* Phil* B ft W 4s 43_1091% 1091% 1091% Phila Elec 3 4* s 67 ... 110'% 110 110 Pblla RC* Ir 6s 73.. 13 1244 13 Phils RC* Iris 40.. 24* 24* 24* Phillips Petrol Is 41. 1074. 1074* 1074. PCCftStii 6s 70 A. 106 106 106 PCCftStL. 6* 76 B 1064. 1064. 106*4 PittsCft lr 44*s 62.. 981* 981% 981* Pllts&WVa 4 4*s 66 A 621% 621* 521* PittAW Vs 44*s IOC. 621% 621% 621* Port Oen El 44**60 . 701% 701% 701% Reading R 4^%s 97 B. 68'% 681% Rem R’d 4 4*s 61 ww 974* 97 974* Rem Rand 444 *66 zw 96 ^96 96 K*p8te*l 44**61 994% 99 99 Republic 8tl 44**61. 991* 99 99 Roch OftE 34%s 19_ 108 108 108 RUtl'd RR 44*s 41... 614 61* 61* St L IMS RAO 4s 12.. 604% 604* 604* St L Pub 8ve 6s 19 ... 63 63 63 St L. Ssn Fr 4s 60 A.. 10 10 10 St L<-San Fr 44*s 73 . v91* 91% 91% St Li 8 F 4 4*s 73 dt st. 91% 9 9 St Li Ssn Fr 6s 60 B . 101% 101% 101% St L South Wn 6s 62.. 151% 151% 151% St P Un Deprf 6s 72 . 1141% 1141% 1141% Ssn A ft A Pass 4s 43 66 66 66 Schulco 644* 46 A stp 28 28 28 Scbulco 64*s 46 B stp 881* 881* 881* Seabd A Leon 6s 46 44* 44*. 4** Sea-All Fla Is 35 A ct 14* 14* 14* Shell Un Oil 344*64.. 964* 961* 964* Simmons Co 4s 63.... 100 994* 100 Socony Vse Is 64.... 1044* 1044* 1044* So Bsll TAT 8s 79.... 1044* 1044% 1044% So Colo Pwr Is 47 A.. 1051* 1051* 1051% Sooths Kraft 4 44s 46 102 102 102 SoNatlG44*sll-1051% 1061% 1051% So Pac 164s 46_ 624. 524* 624* So Pac rsf 4s 6 *____. 674* 671* 671* So Pac 4 4*s IS- 411* 401* 401* So Pae 4 V*s 19....... 404* 40 401% So Pae 4 4**81_ 401% 401* 401* So PaoOreg 44**77.. 471% 471% 471% So Pac 8 F Tel 4s 60. 734* 784* 734* So Ry 4s 61_ 66V* 544* 644* So Ry Is 94 - 88 871% 871% So Ry gen Is 61...... 7044 70H 701* SoRy 64**56 _ 76 751* 76 8 W Bsll Tsl 8s II .. 106 106 106 Stand Oil N J 34*8 61 1041* 1044* 1044* Stand Oil N J Ss II . 1044* 1044* 1044* 8tudebak*rcv 6* 46.. 951% 961* 951* Swift ft Co 8 4* s 60 1051% 1051* 1051% Tez CorpSs 69 1_. 1044* 1041% 1041% Tez ft Pae 6s 60 D .. 67 67 67 TszftPae 1st 6s 2000 1061% 1061% 106'% Third Avs 4s 10 ... 66** 66 661% Third A vo ad) 6s 60 201% 194* 20 Tids Wat OH 8 V*s 58 107 1061% 107 On Paelfle S4*s 70_ 96M 961* 961* Un Pacific 8 4*s 71 . 971* 971* 971% Unit Biscuit 11%s 65. 106 10544 1051% United Drug Is 68 8414 841* 841* Utd Stkyds444*Hww 87 87 87 Va Ry 1st 94* 66_1081% 1081% 1081% Walworth 4s66...... 661% 65 65 Warren Bros Is 41_ 81 81 81 Wastehsstor L 6s 60.. 124 124 124 West 8h 1st 4S Sill.. 49 Ml* 481* W Sh 1st 4s 2811 r*«. 47 47 47 Loew's, Inc., Reports $7,996,394 Profit In 40 Weeks Result Compares With $8,173,060 Recorded In 1939 Period * By the Associated Press. NEW YORK. July 22.—Loews, Inc., reported today for 40 weeks ended June 6, net profits of $7396394, equal to $439 a share on the com mon stock, compared with $8,173, 060, or $4.62 a share In the com parable 1939 period. Acme Steel Co. Acme Steel Co. reported net profits in the June quarter of $661, 149, equal to $2.02 a share on the capital stock, compared with $259, 969, or 79 cents a share in the second 1939 quarter. General Refractories. General Refractories Co. reported June quarter net Income of $240, 223, equal to 51 cents a capital share, compared with $71,738, or 15 cents a share in the like 1939 quarter. Youngstown Steel Door. Net profit of $886,056 for 1940’s first six months was reported by Youngstown Steel Door Co. In the corresponding 1939 period net profit was 193362. Mengel Co. The Mengel Company, wood prod ucts firm, reported net profit for the second quarter ended June 30 of $17,721 on net sales of $2, 209,131, compared with a net loss of $80,441 on net sales of $1,934,012 for the corresponding quarter in 1939. Western Air Express Reports $71,153 Net Be the Associated Preaa. LOS ANGELES. July 22—Presi dent William A. Coulter reported to day Western Air Express net in come for the first six months of 1940, after all taxes and prior to audit, was $71,153. This compares with a loss of $27, 881 for the initial six months of 1939. Coulter attributed the improvement to increased passenger revenue. Hewitt Rubber Net Ahead of Year Ago Special Dispatch to The Star. NEW YORK. July 22.—Hewitt Rubber Corp. reports for the six months ended June 30, after all charges and reserves for deprecia tion and Federal taxes, net earn ing of $102,371, equivalent to 61 cents per share on the outstand-1 ing capital stock. This compares with net earn ings of $81,053, or 48 cents per share, for the corresponding period last year. For the quarter ended June 30, net earnings amounted to $63,994, or 38 cents per share, compared with 23 cents per share earned In the three months ended March 31. Assets of American International Drop By tbf Auoclkted Press. NEW YORK, July 22.—American International Corp., investment con cern, said net asset value per com mon share dropped to $4.53 on June 30 from $8.05 on March 31 and $6.51 a year ago. Soybean Crush Rises Far Above Year Ago By the Associated Press. Reports to the Commerce De partment from 64 mills show that 387,516 tons of soybeans were crushed during the quarter ended July 30 to produce 121,873,616 pounds of oil. Power Output Gains NEW YORK,, July 22 (Special).— Power output of the electric sub sidiaries of the American Water Works St Electric Co. for June totaled 221,774,391 kilowatt hours, compared with 197,436.066 kilowatt hours for the 1939 month, an in crease of 12 per cent. Visible Grain Supply NEW YORK, July 22 Uf).—Visible supply of American grain showed the following changes from a week ago (in bushels): Wheat, increased 19,797,000; corn, decreased 1,142,000; oats, decreased 89,000; rye, decreased 83,000; barley, decreased 312,000. Failures Total R.ise$ NEW YORK, July 22 (/P).—Busi ness failures during the week end ed July 18 reached the highest total since the week of June 20, Dun ie Bradstreet reported today. The latest total of 288 compared with 261 In the previous week and 291 a year ago. Washington Produce BUTTER—0.1 score, tubs. 20%: 1-pound prints, 10%; %-pound prints. 30%: 02 score, tubs. 28%; 1-pound prints. 20%; %-pound prints. 29%: Ol score, tubs. 28%; 1-pound prints, 29%: %-pound prints, 20%: 00 score, tubs. 27%: 1-pound prints. 27%: %-pound prints, 28%; 80 score, tubs. 27%; 1-poupd prints, 27%: %-pound prints, 28%; 88 score, tubs, 27: 1-pound prints. 27%; %-pound prints. 28. LIVESTOCK—Calves. 0; sprint lambs. 8%: plus. 120-130 pounds. 5.00-5.28; 130 140 pounds. 5.15-5.30: 140-150 pounds, 5/16-5.50; 150-180 pounds/ 8.50-8.00: 170-210 pounds, 8.00-8.50: 220-240 riunds. 6.75-8.00: 240-300 pounds. 6.25 76; sows. 4.00-4.50: calves, 9.00-9.60; iambs. 10.60-11.50. From Agricultural Marketing Service. Trices paid net t.o.b. Washington: EGOS—Market barely steady. Prlcea paid for Federal-State graded eggs re ceived from trading stations (July 22): Whites: u. 8. extras, large. 26-27 cents; U. 8 extras, mediums, 19%-23 cents; U. 8. standards large. 21-23 eenta; U. 8. stand ards, mediums. 18-20 cents; U. 8. trades. 14-17 cents. Browns: U. 8. extras, large, 24-28 cents- U. 8. extras, mediums, 19 23 cents; U. 8. standards, large, 20-23 cents; V. 8. standards, mediums. 18-19 cents; 0. 8. trades. 14-17 cents. For oearty ungraded eggs: Current receipts: Whites. 17-17% cents; mixed colors. 18 18%eents. UVE POULTRY—Fowl; Colored, ell sixes. 15-17 cents; Ho. 2s. 11-12 cent*; Leghorns. 11-12 cents. Roosters, 8-9 cents. Chickens: Virginia Rocks: Broilers and fryers, all slaes, 17-18 cents; No. 2s. 12 13 cents. Pelaware Rocks and crosses: Broilers and fryers, all sites, 18-17 cents: No. 2s. 11-12 cents. Leghorn broilers, all slaea 14-16 cents. Turkeys: Old: Toms. lOgtl cents: hens. 13 cents; No. 2s. hens ang toms, 8 cents. High. Low. Close. WPsPw 1st 5s 81 ... 116 116 116 West Md 1st 4s 13 84% 84% 84% West N TAP m 4s 41 108 108 108 West Union 4 %s 60.. 64 64 64 West Unton is II_ 65% 65% 65% West Union 5s 66_ 65 66 65 Wheel ALE4t4l.... 118% 118% 118% Wheel Steel 4 %s 66 102 101% 102 Wls Cent 1st gn 4s 4t 21% 21% 21% Wls C SAD T 4s 36 6 6 6 Wls Pub Sve 4a II_110% 110% 110% Teumgst'n SAT 48 48. 108% 103% 108% Tonngsfn SAT 4s II. 106% 106 106 Victor Chemical Net Above 1939 Levels In Quarter $258,855 Total Compares With $203,368 for Period Year Ago By the Auocleted Press. NEW YORK, July 22.—Victor Chemical Works reported today for the June quarter net profit of $258 855, equal to 37 cents a share on the capital stock, compared with $203,388, or 29 cents, in the like 1939 period. The company has plants at Chicago Heights, 111., and West Nashville and Mount Pleasant, Tenn. Champion Paper. Champion Paper 8c Fiber Co., Hamilton, Ohio, reported for the fiscal year ended April 28 net in come of $1,731,937, including a non recurring income of $401,756, equal to $2.24 a share on the common stock. This compared with $446, 648, or $5.76 a share on the pre i ferred stock, in the preceding fiscal year. Catalin Corp. Catalin Corp. of America reports for the six months ended June 30, 1940 net profit of $116,406 after all charges, including estimated Fed eral taxes under the recently en acted Federal law. This is equiva lent to 22 cents per share on the outstanding capital stock (536,892 shares) and compares with a profit of $71,494. equal to 13 cents per share for the same period last year. Production and sales for the six months again showed an Increase over the corresponding period last year. General Electric Turbin Orders al New High Special Dispatch to The Star. SCHENECTADY, July 32—Ma rine turbine-propulsion equipments and land turbine-generator sets or dered from General Electric dur ing the first six months of 1040 totaled more than 2.000,000 horse power, according to E. O. Shreve, vice president in charge of sales for the company. “The half-year volume of turbine business exceeds that of any com parable period in the company’s his tory,” Mr. Shreve stated. Slightly more than half of the 2,000,000 horsepower has been or dered by utilities and industrials. The remainder is made up of ma rine equipments ordered to provide propulsion for 25 new Navy and merchant vessels. “The full resources of General Electric’s engineering experience and manufacturing facilities have been enlisted to assure that the orders will all be filled as speedily as pos sible. Normally, 12 to 18 months are required for building such large power-producing equipment,” de clared Mr. Shreve. “Fortunately, General Electric has had many years of experience in producing both land and sea units, which can be put to work on this problem.” New York Cotton By the Associated Press. NEW YORK, July 11.—Cotton fu tures reacted from moderate gains in late trading today when hedge selling and profit taking offset a light trade demand and scattered local support. Final prices were un changed to 2 points lower. Open. Hifh. Low. I*st. Oct. _0 28 9.35 9.28 9.28 Dec._ 9.15 9.22 9.15 9.IS J»n.- 9.06n Mar. _ 8.95 9 0.3 8.94 8.94 M»y - 8.78 8.81 8.77 8.77 July . 8.61 8.68 8.61 8.61 Middling epot, 10.44n. CdlMtHl OU. Bleachable eottonsed oil future* closed 2 higher to 1 lower. 8ales. 3ft contracts. September, (1.12b; October, ft.13b; Decem ber. 6.14b; January. 0.16b; March. 6.20b. New Orleans Prices. . NEW ORLEANS. July 22 i/Pt.—Cotton futures were oulet snd Irregular today. Closing prices were steady. 1 point net higher to 1 lower. Open. High. Low. Close. October 9.30 9.39 9.30 9.24-36 December ... P.lft 9.26 9.18 9.1Pn January_9.08b 9.10b March - 9.03 9 OS 9.03 S.P0b May-... 8 94 8.84 8.80 8.80 July - ftftlb 8.61b New Orleans cottonseed oil closed steady. Bleschable prime summer yellow. 6.0Sn; prime crude. 6.00b. July. S.STb; Septem ber. 5.62b: October. 6.03b; December. 6.64b: January. B.06b. b Bid. n Nominal. Aviation Corp. to Buy Republic Aircraft By the Associated Press. NEW YORK, July 22.—Aviation Corp., a holding company for vari ous aircraft enterprises, announced today it had contracted for purchase of the Republic Aircraft Products Corp, Detroit, maker of motor and plane parts. Aviation C;prp, the announcement said, offered 1\ shares of its capital stock for each share of Republic Aircraft Products, subject to ap proval of the latter's directors and shareholders. The plans call for operation of the Detroit concern under the present management as the Republic Air craft Products Division of the Avia tion Manufacturing Corp, subsid iary of Avlatipn Corp. Boston Wool Market Very Dull in Week By th« Associated Press. BOSTON, July 22 (United States Department of Agriculture) .—The Boston wool market was exceed ingly dull in the last week. Only a few purchases were made in this market and these were to fill urgent immediate needs. Quotations on spot wools were steady to easier but largely nominal because of the lim ited volume of sales. Most holders of spot wools made little effort to. sell because of the indifference of buyers. Greasy combing bright fleece wools were quoted slightly easier at 33 to 35 cents, in the grease, for fine Delaine; at 34 to 36 cents, in the grease, for half bloods, and at 38 to 40 cents, in the grease, for three eighths and quarter-bloods. F. H. A. Home Financing Soars to New Record B1 the Associated Press. The Federal Housing Administra tion reports that during the week ended July 13 work was begun on 4,483 new homes financed through F. H. A.-Insured loans. This was the hignest figure in F. H. A. history, and compared with the previous high of 4,138 for the week ended May 11 and the 3,870 new homes begun in the correspond ing July week of 1919. NEW YORK CURB MARKET if (ftnlt win IkM to The Hu nrtdsnd Bate ^UkToo. High. Low. Ctoae. Alum Co Am (2e) SO* 168 168 168 Am City PAL(B) 1 H % % Am Cynem B .«• 10 82% 82% 82% Am Gee A El 1«« 7 S3 82% 82% Am GAE1 pf 4.76. 126e 111% 111 111% AmUeapt 376a 24% 24% 24% Am Kapubllca . 1 6% 6% 5% Am Superpower 2 % A A Am Superp’r let. 200* <6 65 66 AnehorPoetr— 2 1% 1% 1% Ark Net Gee 8 2 1% 1% Ark Net Gael A > 12 2 2 Ark Nat G pf.90k 1 7% 7% 7% AseoGAB lAlir) 2 % % % Atlas Com war 1 % % % Auto Voting Mch 1 8% 3% 3% Aviation A Trans 4 2% 2% 2% Babcock A W.SOe 2 23% 23% 23% Baldwin Lo war 7 6% 5% 5% Basic Dol (.2Se). 1 4% 4% 4% Bath Iron (,26a). 1 13% ,13% 13% Betlanca Aircraft 2 3% 8% 3% Ball Alreraft 2 16 15 16 Ball T Pa Df 6.60. 26a 117% 117% 117% Bliss (BWI 1 13% 13% 13% Brasilian TrLAF 6 2% 2% 2% Brewster Aero 11 9% 9% v% Biidgp't Machine 1 1% 1% 1% Brill pf - 60s 26% 25% 25% Brown Rubber— 1 1% 1% 1% Burry Biscuit- 1 % % % Caro PAL pf 17). SOe 107 106% 107 Carrier Com 18 8 8 Catlln (Am) ,10s. 8 2% 2% 2% Celen etc pf <1a> 25s 126 125 125 Cent HGAB 1.80) 1 14% 14% 14% Cent NY Pw pf 6 60s 100% 99% 100% Cent Ohio Stl.tOe 1 8% 8% 8% Cent States Elec 3 A A A Cent 8t E (% pf 100* 1% 1% 1% Chi Flex 8 l(a).. 60s 65% 65% 65% ClUee 8ervlce 2 5% 5% 5% Cities Service pf 1 69 69 69 Clark Contr ,50e 60s 13% 13% 13% Clayt A I*am .10* 1*4% 4% 4% Cohn A Rosen .60 1 7% 7% 7% Col Fuel A I war. 14 4 4 Col G A E pf l6> 25s 66 66 66 Columb Oil A Gas 4 1% 1% 1% Comwlth A S war 1 A A A Comun P 8 l.tOa. 100s 25% 26% 25% Cons Steel Com 2 6% 5 5 ContIGAE pr pf 7 40s 93 92% 92% Conti Roll A SU 2 6% 6% 6% Corr’nARpf 4.50k 10s 64 64 64 Creole Petr 60a 2 18% 18% 13% Crocker* Wheeler 2 3% 3% 3% Cuban Atl Sug Co 2 6% 5% 6% Dayton Rub .60s. 100a 10% 10% 10% Dacca Reo .40 4 6 4% 4% De Vllblss pf .70. 100» 10 10 10 Drtver-Har 40s . 60s 25 25 26 Drive-Har pf (7) 20s 109% 109% 109% Dubllier Con ,07e 12 2 2 Eagle Flch L .10e 2 8 8 8 Bastn OAF (pf 300e 21% 20% 20%’ E OAF prpf 2.25k 26s 48 48 48 Bastn Mall Iron 60s 9 9 9 Easy W M(B) .50 2 8% 3% 3% Else Bond A 8b 9 6% 5% 5% Elea B A 8 pf (6) 2 69 69 69 Emp GAF 7 % pf. 25s 72 72 72 Emsco Derrick... 19 9 9 Equity Com 2 A A A Equity evpf <l) 225s 19% 19% 19% Fairchild Av ,25s 1 9 9 A Fairchild E A A 1 4% 4% 4% Fire As Phlla 2a. 10s 62% 62% 62% Ford Ltd «.16g) 1 1% m iH GsnGAEcvpfB 10s 30 30 30 Gen Invest . 3 A A A Glen Aid C 275e 2 7% 7% 7% Harvd Brew 06e 1 1% i% i% HoelRiACo A 19 9 9 Hotltnser G 66s 7 6% 6% 6% Humble Oil 75e 3 53 52% 53 Hygrade Sy 1.25e 50s 34% 34% 34% Ill-la Power pf 1 26 26 26 Imp Oil Ltd 60a. 3 64 64 64 int Hydro El pf 3 8 8 8 Int PaAPwr war 23 24 24 24 Int Patrolm 1.66. 14 9 4 9 4 94 Int Utilitiaa (B) 2 4 A A Iron Fir* vte 1.20 200» 144 14 14 Irvine Air Ch <1) 4 14 134 14 JarCPALpf 6.60 25* 94 94 94 JarCPALpf (7) 20* 1064 1064 1054 Jonaa A Lav Stl 1 204 204 204 Lina Matar .15*. 50* 84 8 4 84 Lon* Star .40* .. 1 84 84 84 Long island Ltg 6 1 1 1 Long 1st Lt pf B 150* 294 294 294 Loudon Paeklng. 12 2 2 6U)*atie Radio 10 A A A Marian 8t Shove) 3 3 3 3 Maad John <Sa» 10* 145 145 145 Memph N G .10* 2 44 44 44 Mar A Mfg A .10* 1 34 34 34 Marr-Cbap AS 3 44 44 44 Marr-Ch A 8 pf A 25* 74 4 74 4 744 Mtdwaat Oil HU 1 64 64 64 MissRPwpf<6> 60*112 112 112 Moljrbdanum .64)* 4 64 64 64 Monogram Pie 14 4 4 Mount City C 1 24 24 24 Nat City L (.50*) 1 134 134 134 Nat Fual Uaa < 1 > 2 104 104 104 Nat P A L pf <•> 50* 894 894 894 Nat TunnalAMin 2 14 14 14 NEPA6%pf 4.60k 50* 63 63 63 - NYAHoaidur 1.50< 50* 164 164 164 NX P A Lt pf (6) 10* 106 105 105 NT PAL pf (7) 20*115 116 116 Nlag Hudson Pw 4 44 44 44 Nllaa-B-P 1.26*. 1 60 60 60 Ogdan Corp a'tlop 1 24 24 24 Ohio Ed)a pf (4) 160* 107 1054 107 Ohio PS 1st (6). 26* 106 106 106 Overseas Seeur.. 3 14 14 14 Pae Uaa A Elea 6V6% pf 1.376 1 294 294 294 Pao uaa* %pf1.60 2 334 334 334 Pantapaa Oil 1 34 34 34 Pander Gr B .60* 2 16 14 15 Pannroad 4 14 14 14 Pa-Cant Airlines 1 154 154 154 Ptnnff AP(4l 100* 60 60 60 Phlla Elecpf (6) 60*115 116 JU5 Phoanis uecur 17 74 74 74 Phoants Sarur pf 60* 304 304 304 Pierc* Gover.60e 1 134 134 134 Pioneer Uold OU 3 14 14 14 Pltney-Bowes 40 3 64 64 64 Pitta ALE (2a) SO* 594 584 584 Pitta Plata G(2*> 1 754 764 764 Pleasant VW .06* 2 2 4 2 4 24 Pb Svo ind 81 pf 60s 464 46 46 P S Ind II pr pf 100* 944 94 94 PugSd $5pf 2.60k 100* 764 764 754 Puget Sd P 66 pf 25* 204 204 204 Quaker Oats (6). 30* 1034 1024 1034 Radlo-K-Or w* . 1 A A A Raym d Concrata 100* 12 12 12 ftapublle Aviafn 5 44 44 44 Figures— V/hat They Mean By JOHN L. BECKLEY, Auocuted Pres* Statistician. NEW YORK, July 22.—Some an alysts believe that industry is cur rently jumping the gun on the arm ament boom. They say that the expansion in factory operations which has car ried the Associated Press index of Industrial activity upward in 10 of the last 11 weeks does not mark the beginning of the armament drive. How can it, they ask, when actual orders for the program have barely begun to be placed. According to these sources, the substantial rise in business activity over the last three months is a sort of anticipatory boom similar to the war boom of last September. At that time, war orders were com pletely absent from this market, but businessmen raced to place com mitments to insure themselves against expected price rises and possible delays in delivery. The same thing, only on a smaller scale, some analysts believe, has been pushing the pace of industrial production upward since the Ger man successes against France made a huge rearmament effort in the United States virtually certain. There has been a definite tendency, they say, to order more supplies than are being used in order to build up stocks against price in creases or delays in delivery. Whether such an impetus will suffice to support business at its present level until the rearmament drive is regjly under way is a moot question. Some feel business now has enough momentum to carry it war, while others think we may be due for a brief lull. Stock and Balsa Dividend Rate. Add 00. High. Low. cioao. Rio Or O vto. 1 ft ft ft Ruotloos 1*8 .tOo 1 10 10 10 Ryan Aeronaut-- 2 15 5 ■t Keg!a Paper - S 2* 2* 2* St Regis Pap pf.. 26a SO 50 50 ■alt Dome OU- 1 4* 4* 4* Seullln Steel_ 2 8* 8 8 Sentry Saf Cob.. 1 ft ft ft ■hor-WUI l.60e.. 100a 73* 78 73* Simmons B * P. 27 8 i ( Singer Mfg if) . 20a 105 103*103* Sonotono (.10e) 0 1* 1* 1* Southed Roy .15a 2 5* 6* 6* Stand Brew .... 2 * * * Stand C * 8 80a. 17 7 7 Stand Utl Oil) 2 81* 31* 31* Stand OI1 Oh pf 6 50a 104* 104* 104* Stand Pwr * Lit 3 * * * Stand Stl Sp (le) 1 24* 24* 24* Starratt via 1 * * * Burling Inc (.20) 3 1* 1* 1* Technicolor 10a. 1 9* 8* 9* Taxon Oil (.20a) _ 2 2* 2* 2* Tito Roof l.66a). 4 7* 7 7 Tob Prod Kxp.40g 2 4* 4* 4* Trans-Lux t.lOa) 1111 Udyllte (.20a)— 6 4* 4* 4* Unexcelled llfg-. 1 1* 1* 1* Unit Cgr- Whelan 1 * * * United Oaa - 1 1* 1* 1* Unit Lit*Pwr (A) 2 * * * Unit LtAPwr pt. 2 24* 24* 24* Unit 8h 51 1.60n 100a 06 04 05 Unit Sh If pf 1.50 10a 44 44 44 Unit Speetaltiea.. 3 6* 6* 0* US* Int) Seeur. 2 * 14 * Unit Wall Paper. 4 1* 1* 1* Utah Idaho Bur.. 6 1* 1* 1* Utility Equities. 4 * * * Vaiapar Corp 8 1* 1 1 Vonexuela Petrol 3 * * * Vultee Aircraft.. 1 6* 8* 6* Wolverine Pt C . 2 4 4 4 Wright Harg.40a 3 4 3* 4 r In bankruptcy or receivership or Mini reoriantied under the Bankruptcy Act. or securities assumed by such companies. Rates of dividends in the foretoMc Uble are annual disbursements bated on the last quarterly or semi-annual declara tion Unless otherwise noted, special or extra dividends are not Included. oAlso extra or extras d Accumulated dividends paid last year e Declared or oaid to (ar this yaar t Payable in stock a Paid last vaar h Cash or stock k Accumu lated dividends oaid or declared this year ur Under rule ww With warrants, xw Without warrants war Warrants $113,803 Net Shown By Birdsboro Steel Special Dispatch to The Star. NEW YORK, July 22.—Birdsboro Steel Foundry it Machine Co, Birdsboro, Pa., for the three months ended June 30 reports net earn ings of $113,803.40 after all charges, Including depreciation, but before income taxes, which compares with $17,425.78 for the first quarter of 1940. For the six months ended June 30, the company reports net profit of $94,845.01 after all charges, in cluding depreciation and income taxes at present rates. This com pares with a net loss of $8,570.80 ( for the first half of 1939. J Curb Bonds DOMESTIC. High. Low. Close. Alt Power 4',s 67-103', 103>, 103', g * Power Ss SI-106', 106'5 106'J power 5. 88 ___ 105*, 105*4 105*2 i ?? 20!5-lni 100), 1004. A, El Ind 4),» 63_ SO), SO1, 50’, As G A E 4',, 48...Z 14'* 14*4 14* As G A E 4),. 49.... 14)1 ljvl 14)4 2 i E 5s SS- 1414 14,4 14^ As G Sc E 5s 6ft _ 141-* 14V« 14*2 Bell Tel C 6s 57 B- 100), 100 100 gem Steel 8s 98-146 146 146 firm El 4*,s 68 - 99 98'4 99 Binning Gas Ss 69_ 97 96*. 96', Centre! Pw 5s 67 D-100*4 100>, khi>. Cent 8t El 6s 48 32*4 32*. .T’», 2fn 8t PAL 6',. 63.... 75*. 75*2 75N Chi Rys 6$ 27 cod- 43), 43*4 43), Sr. 8tf By 6s 55 B- 84'/, 84', 84', Cities Svc 5s 50_ 77)4 77', 77), Cltie, 8tc 6a 58_ 76'/, 76'* 78'. Cities 8ve 5s 66.:.; 79 79 79 Cities 8ve 5s 69 _ 77 77 77 Clt 8 PAL 5V,s 52- 86'. 86*, 86 Clt 8 PAL 5*»s 49_ 96'4 88), 86', Comnty PAL St 67 ... 97 96 97 Con GELAP 3V,s 71_Jll ), 1' 1', l • >. Cons Q Util 6s 43 at... 88 87'4 88 Cont G A E 5s 58 A 91*t 91'. 91', East G A P 4t 66 A .. 794, 79), 79s, Bdls El Ulu 3»* 65 ... 1104, 110'4 11(T)4 g Pw A Lt 5« 2030... 83)4 82*4 83'* 53! Ewr£2'}DB.4*.?8 — 103*. 103*. 103', Florida PAL 5s 64 104*4 104', 104'4 Gatineau P 3>,« 69 .. 66)4 66*4 66', Gen Pub 8v 5s 53 ... 98), 98', 98', Gen Pub Ut 6'4s 56 . inn*', 100 100 Gen W WAI 5s 43 A . 99)4 99 99'4 Georgia Pw 5* 67 _ 105)" ln6)4 ]• Georgia PAL 5s 78_ TO', 70 70 * Hou Gulf G 8s 43 10214 10-", in-', HI Pw A Lt 5*„ 57 __ 97), 97', 97', r. Pwr A Lt 6s 63 A 106'. 106', 100', 111 Pw A L 6'4l 54 B 1054, 105*4 105*. Ill Pw A L 5s 58 C .. 104*4 104*4 104*, Indiana gvc 6s 60 A... 73 73 73 Indiana Ser Ss 63 A_ 70'/, 60'4 70', Indianan Gas 5s 42... 88 88 88 Ind PAL 1st 3s»« 68 ... 105», 105*, 106*, Inti Pw Sec 7s 57 S .. 23*, 003^ Inti Pw See 7s 62 rill 26), 24’. 24’, Interst Pw 6s 57_ 61'4 60*. 81'/. Interst Pw 6s 52 _ 38)4 38V, 38'4 Jackson G 5s 42 sto_ 46)4 46)4 48', Midlan VRR 5s 43_ 60 60 60 MU GAE 4*4* 67_ 103*4 103', luo'i Minn PAL 4V,s 78_ 103*. 103*4 103*4 Miss Pw A L 5a 67_ 104*, 104*4 104*, Mo Pub Stc 5s 60 ... 93 93 93 Nat P A L 6s 2026 A... 112)4 112'4 112'4 Nevad Cal El 5s 56_ 73 72’4 72’* New E OAE 5s 47_ 65), 65 65 New E GAE 6s 50_ 65*4 65 65 New E Pw 6s 48 _ 96 96 96 New E Pw 5)4s 54_ 90', 99*4 90), Nor A LAP 6)4i 56 ... 101*4 101», 101*4 No Con U 5)4* 48 A .. 43 42*4 42', Ohio Pub Svc 4s 62 . 108), 107*4 107*4 Pae OAE 6, 41 B .. 107 107 107 Pac P A L 5s 56 93*4 9:i'4 93'i Penn C IAP 4*4* 77 ... 103), 193*4 103', Penn C PAL 5s 79 ... 104*4 1 04', 104'. Penn Elec 4s 71 P _. 104', 104', 104'. Penn P Svc 8s 47 C .. 107), 107>'« 107'. Penn OLAC 4s 81 B .. 97'4 97*4 97V, Phi)* Ei P 6'4s 72_112*4 112*4 112*4 Phil* Ran T 8s 62 ... 100'4 100', 100', Pub 8er N J 6, ctfs . 150'/. i*0'4 ]*<>>, Put Sd PAL 5'.* 49 ._ 98*, 98 98 P)J* 8 PAL 5s 50 C .. 94'4 93», 94', Pu S PAL 4)4* 50 D .. 92 91 91 Quee GAE 5'4s 52 A ... 92 92 92 Safe H Wa 4'4s 79 ... 106'. 106'. 106', ScuUin Steel 3a 61 _. 64'4 84'4 64', 8hw WAP 4V»s 70 D .. 72)4 72 72 8 E PAL 6s 5025 A... 112)4 U2'4 li‘”4 Sou Cal Ed 3'«s 60 ... 108 108 108 Sou Caro 5s 57 _ 103 103 103 So Co O Cal 4V,s 68 105)4 105)4 10514 gouw PAL 8s 2022 A 99 99 99 2£E 8* *£ ™*4. 69*. 69*4 Std OAE 6s 48 CT st ._ 70'/,* 70', 70', Std Gas B 6s 51 A . 70V, 70 70 Std Gas A El 6s 57... 70'4 69*4 69*4 2“ $ S 2* 87 - 70'^ 8B** 89*» Std Oas A El 6a 66 B . 70 69*', 69*4 Stand Pw A Lt 6s 57 . 89*4 69', 89*4 Twin CRT 5)4* 52 A .. 63 62'4 63 Unit Lt A Pw 6* 75 87 87 87 Unit Lt A Pw 6'4« 74 . 87'4 87', 87)4 Unit LAR D 5‘4a 52 .. 90V. 90)4 90' Utah PAL 6s 2022 A . 92)4 92'4 92'4 X* Ey? S'!,8* 48 BB’« 99*4 99)4 Va Pub 8 5)4s 46 A 102*. 10‘", 102* Va Pub Ser 5s 50 B _ 103*4 lot*, IP— wsld Ast Hot 5s 54 ... 4 4 4 West News U 6s 44_ 64 54 64 FOREIGN. A»r Mort Bk 7s 46 _ 20*4 2o>4 ■ Denm Ml B 5s 72 lx ... 25 25 25 F/co M B 6*4* 53 A .. 45 46 45 Medelln Col 7s 51 . ._ in'4 iov, l"'i Rio de Jan 6*4s 59 ... 7V, 7 7 Russian 5*4s 21 mat... 16 16 16 Terni-8oe 6*4s 53 A 28*4 26'4 26'4 ww With warrants. xw Without war rants. n New st tstpl Stamped ^Negotiability impaired by maturity. V Commodify Prices NEW YORK. July 22 (AO.—The Asso ciated Press welthted wholesale price index of 35 commodities today was un chanted at 70.06. Previous day. 70.06: week ato. 70 49: month ato. 71.98: year ato. 64.07. w 1940 1939 1938 1933-37 Hith- 75.29 75.22 74.37 98.14 Low - 70.06 63.78 03.86 41.44 (1936 overate equals 100.) a Mlscellaaeeas Markets. Additional New York markets (as com piled by the Associated Press): ZINC—Futures dosed 5 hither to 10' lower. July. 6.10. No sales in lead and tin futures. _ COFFEE—Snot quiet. Santos No. 4. 67> 7Vt: Rio No. 7, 5Vs. Cost and frellht of ferlnts included Santos Bourbon 3s and 5s at 6.4(V7.30. Santos No. 4 "D" fu tures closed 7-8 hither. Sales. 5.750 bats. July. 5.62n: September. 5.72n: December, 5.93n. Rio No. 7 "A” futures unchanted. No sales. WOOL TOPS—Futures closed 2 to 8 oolnts lower. July. 89.4b: October. 88.3b: December, 86.2b. Spot, standard tope. 96 0. unchanted. CRUDE RUBBER—Futures closed un chanred to 10 hither. Sales. No. 1 standard. 10 contracts. July. 22.25; Sep tember. 19.40. Smoked ribbed, snot. 22.2Sn COCOA—Futures closed 3 lower. Sales. 450 tons. September. 4.37n: December. 4.50- March. 4B2n. RAW HlbSS—Futures closed 40-44 lower. Sales. 5.680.000 lbs. September. 8.53b; December. 8.71-75: March. 8.91b. Spot. No. 1 Western Utbt native cows. 10‘<n. RAW SILK—Futures No. 1 closed un chanted to 2 hither. Sales, so bales, switches. b Bid. n Nominal. Baltimore Stocks Sales STOCKS. Hldi. Low. Close. 77 Consol Pow aom 77(4 7714 7714 WNrfalslal. 6B500 Salto Ik debisA 34 81 32 11 1 .. ■■ ■ "T Gloom Over Foreign \\ Trade Is Regarded As Excessive Fenner & Beane Finds { * Outlook Far From Hopeless for U. S. By J. G. DONLEY. * A !U1**m4 by Consolidated M*w« Feature*. NEW YORK. July 23.—Not for a number of years have so many prophets been so utterly convinced as to the spreading “inevitabilities” of the situation which confronts the world in general and the United States in particular. The outlook for our foreign trade, for Instance, is being viewed with panicky trepidation, and in the event of a Nazi victory over Great Britain no excuse appears to be seen for anything but the blackest pessimism. Under the circumstances it is re freshing to come across a study of our export trade-in the fortnight ly letter issued by the research di vision of Fenner & Beane, New York Stock Exchange members— which plumbs the depths of the worst that might happen, but is not likely to, and still finds the outlook far from hopeless. In developing the relative im portance of our exports, the study finds that in 1938, a year during which war demand was only a modest influence, our exports were slightly in excess of $3,000,000,000. That figure was about 6 per cent of the aggregate value of manu factured products and farm crops for that year. Measured in em ployment, export trade provided livelihood for about 7 per cent of the number gainfully employed in 1938. In terms of aggregate sala ries, wages and small businessmen’s profits, the potential losses in na tional income in the event all ex port trade is lost, are figured at from 7 to 10 per cent. The higher ratio would be $4,200,000,000. “It is important to observe.” the study comments, "that changes in annual national Income totals, due entirely to business swings, .have frequently amounted to as high as. or more than, $4,000,000,000 from one year to the next.” All Cannot Be Loot. It Is a practical impossibility, of course, for the United States to lose all export trade. The following tab ulation of the dollar value and pro portion of our exports to each conti nent in 1938 makes that rather clear: .. Per cent . V»lue of total „ . (million!.) export' North Amenci_ 5749 23 9 South America_ 299 9 7 Europe - 1-326 42.S uit _ &17 —.----- P4 3 0 Africa - US 3 9 Total! -S3.094 100.0 “In assuming complete loss of for eign markets one must likewise as sume.” says the study, “that a vic torious Germany would be able to capture not only all the European and Asiatic markets now served by the United States, but, in addition, the South American and North American business.” In 1938, as the above table shows, the latter two areas absorbed fully one-third of our export shipments. Regarded as Bugbear. The summary of conclusions in the study is worth quoting in full: "Pos sible loss of United States export trade is no small matter, but its in evitability as well as its importance are assuming the proportions of a national bujmear, probably unneces sarily. in the first place, Germany might not win the war. Even if Eng land is completely defeated, Ger many may for a while find it neces sary to refrain from antagonizing the United States in its own self interests. “Furthermore, such data as are readily available, bearing on the ramifications of the United States export trade, suggest that loss of most of this business would prob ably not diminish national wage payments by an amount greater than the year-to-year variations attributable to ‘normal’ swings in the business cycle. Finally, for the next several years the huge arma ments spending will serve as an off set to such loss of export trade as can be visualized.” There may be added to this the thought that even a victorious Ger many would have its own problems. When we consider that German labor has been sweated and under fed, and has lacked full human sat isfaction with the good things of life for a number of years In order to build up a military machine, may it not be possible that even at this stage there is a growing desire for some of the spoils, benefits or fruits of victory? And will the spirit of conquest survive even a momentary turning from "bullets” to "butter.” Chicago Livestock CHICAGO. July *y* (United fttatee Pfwrtment of Acnculture).—Salable hot* 13,000; totA 18.000: open steady to 10 l®**1' then PWday s average: close at full 10 decline, with snots off more on weishta ®'" 2™ Bounds: ton. 6.757 bulk goSd arid choice. 200-240 pounds, fl.50-75- 240-*70 uouafi*- generally 8.25-00; moat 270-330 pounds, butchers. 8.00-35: some 300-380 pounds, averages. 5.85-8.00: good sows. 3*0 Pounds dhwn. mostly 5.25-80; few 'Ofhs llrht butcher kinds. 5.85-75; most 400-550-pound offerings. 4.50-5.10. Salable sheep. 4.000: total. 4.000: spring LV2bVT^rT ,ct‘r* hither; bulk goo5 o'rn. otl0lCmn4tl',e* *nd Western springers. 5*hh-~5; Westerns moderately sorted: five doubles closely sorted 02-pound Idahos 0.40; mostly native throwouta. 7.00 down; one double dry-fed lamb-weight shorn yearlings. 8.50; medium to good 02-pound *'®r*kes. 7.10; odd lots light-weight crop * round 3.50; medium and heavy weights. 2.00-70. „S»l»ble cattle. 11.000: calves. 1.000; ;si?;,ed,io;teTnd ••ssi smaller: heifers fully steady; cows 0ul“aSd K *.®,n*.t »« week’s losa; yaalera steady: choice to prime, around 11*5: beat yearlings. 1^25. most fed steeri and yearlings, above 9.60-11.00: Kansas graaaert of medium *rade. 850-0.00: beat heifera. 10.65: Siiln.®**?®Hi above 10.7*: weighty sausage bulle to 7.16: choice vealers to 11.00; , Stocker trade alow. ^ U. S.i Treasury Notes . R*W YORK. July 22 dpi.—Prices ousted In dollars and thlrty-aaconds: Rata. Mo. Yr. Bid. Aske^Tweld Dec . 1040. 101*3 10 lF !*. ¥,r- *8*1.101.12 101.14 ... June. 1041.101.13 101.15 ... 1% Dec.. 1041. 101.25 101.27 ... 134 Mar.. 1042_ 102.27 102.20 * Sept.. 1042. 104.3 104 5 .07 P*e” }8}2- 103.25 103.27 .14 ■1*4 June. 1043_ 102.2 102.4 .30 ft*1-’ }8i2-101.18 101.20 .48 114 Dee.. 1043. 102.7 102.0 .45 1 Mar.. 1044_101.18 101.20 .55 % June. .1044- 100.24 100.28 53 1 Scot.. 1044- 101.10 101.22 .60 *4 Mar.. 1045_ 100.0 100.11 .67 Crude Oil Prices TULSA. July 22 UPI.—Baaa crude oil Prices: Mld-eontlnant area. UllnoU, l.Ol* Oklahoma-Kansas, gravity scale. 60 id 1.10; North. North Central and West Central Texas, gravity scale. 71 to 1.08.. Bast Texas. 1.10: West Texas, gravity ) seals. 53 to 06: North Louisian a-Arkan sas, gravity scale. 73 to 1.05: Bothy Mountain arta. Balt Creek. Wyo., gravity /aeale. 86 to 1.10. . 5teAuffl£n,) Pe2n^,V,.B.‘i. graft 1#18* s