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Bonds Turn Downward As Treasury Plans Interest Increase By Francis P. Douglas Bond prices were marked down today in an inactive market follow ing the boost to 1', per cent from1 1'* announced yesterday in the one-year Treasury certificate rate. Long term Government issues nat urally were less affected than the short term issues. Railroad bonds also were down' fractionally and some utilities ind industrials also eased lower. Government bonds eligible for commercial bank purchase were quoted lower. In the over-the-coun ter market the 2’-s of September 15. 1967-1972, were quoted at 101 7 32 bid and 101 9 32 asked, off 6 32. The prices of Treasury certificates of indebtedness also were lower. The yields, moving up as prices went down, were .03 to -.05 of 1 per cent higher. The series F l'.s due July 1. 1949. were quoted at 1.16 bid and 1.14 per cent asked compared with yesterday s close of 1.11 bid and 1.09 per cent asked. Termed ‘‘Anti-Inflationary.” Secretary of the Treasury Snyder! In announcing the rate on one-year. Treasury certificates will be ad-( vaneed to l’» per cent from 1>* per cent, explained this is a "fur ther anti-inflationary move ” It will go into effect with the refunding of $6,900,000,000 of certificates and! notes maturing October 1. However, $3,747,702,000 4’?-year Treasury notes, bearing l'i per cent interest mature September 15 and will be replaced with 18-month notes bearing l3* per cent interest, repre senting a substantial increase in the rate because of the shorter term. The 2’? per cent partially tax ex empt Treasury bonds maturing in the amount of $451,000,000 Septem ber 13 will be paid off in cash. Secretary Snyder said no change will be made in the Government's' policy on long-term bonds. The upturn in Government interest rates has been expected since early spring and has been urged by Re serve Board authorities. The Government's action is ex pected to be reflected in commer-1 cial bank credit, but sudden or drastic action by banks was not looked for in the market. One banker said Secretary Snyder has started the parade of higher in-, terest rates and all would prob ably join in. Association Appraisers Named. The Guardian Building & Loan Association, 951 Ellsworth drive. Silver Spring, announced today tire appointment of Robert Ripley. Law-! rence V. Lutes and Walter Miller as appraisers. Mr. Ripley is president of the Real Estate Board of Montgomery County; Mr. Lutes is president of the Junior Chamber of Commerce of Silver Spring, and Mr. Miller is a real estate broker with 14 years' experience in the District area. Merrill Lynch, Pierce, Fenner and Beane h!Ss issued a study of 52 chain store corporations. The com-j panies include those operating, chains of apparel stores, food stores j retail shoe stores, variety and drug stores, and mail-order, auto-supply! chains. The Ford Motor Co., which began last spring the sale in Washington and other Eastern seaboard points of English-made Ford cars, is ex panding this program to the South and West Coast. Twelve direct dealers and 200 associate dealers have been appointed in those sec tions of the country. | Business Briefs | Business and Industrial Failures Increased to 116 in the week ended August 5, highest mark since Feb ruary, compared with 98 in the pre ceding week, and were almost double the total for the like 1947 week.— Dun & Bradstreet. Pennsylvania Turnpike Commis- j sion offering of *134,000.000 of re funding and extension revenue bonds was marketed by a banking group of 217 dealers. General Instrument t'orp. control’ has been acquired by a group headed: bv C. Russell Feldmann, Detroit! industrialist, and Richard E. Laux, executive voce president. Pennsylvania Power A Eight Co. stockholders will vote October 31 on; a proposed increase in the amount J of authorized preferred stock to! raise new money for plant expan sion. Western Maryland Railway was authorized by the ICC to issue *5.800.000 of equipment trust cer tificates. Chicago, Rock Island A Pacific Railroad asked ICC permission to sell *3.420000 of equipment trust certificates. American Viscose Corp. profit for si: months ended June 30 was *15, 628.524 or *7.35 a share vs. *8.705.- j 801 or *3.96 in the same 1947 period., Borg-Warner Corp. earned *14. 587.832 or *6.09 in six months ended June 30 vs. *9.999.606 or *4.13 a | year earlier. F.astern Air I.ines. Inc., net in come for six months ended June 30 j was *1,321.065 or 55 cents vs. $1,318, 117 or 55 cents in the same 19471 period. Pittston Co. earned *2 288.099 or ■ *3.75 in six months ended June 30 vs. *2,550.353 or *4.35 a year earlier ! Mojud Hosiery Co. and subsidi aries had net income of *1,213,246 in six months ended June 30 vs.! *476.073 in the same 1947 period. Superheater Co. and its Canadian affiliate earned *1.166.736 or *1.35 in six months ended June 30 vs. *848.-; 159 or 98 cents. General Cigar Co. net for six months ended June 30 was *480,127, or 64 cents vs. *856,547 or *1 44. Reliance Mfg. Co. reported a lossj of *1.462 for three months ended June 30. vs. *112.226 or 18 cents a year earlier. Foster Wheeler Corp. earned *1 313.721 or *4.40 in six months ended June 30 vs. *90,239 or 10 cents a year earlier. Electric Storage Battery Co. net for six months ended June 30 was *1.865,987 or *2.05 vs. *2,608,415 or *2.87. An inventory reserve of *1. 000.000 was set aside in each period. Great Lakes Paper Co. earned *1. 055.833 in six months ended June 30 vs. *888,951 a year earlier. Noblitt-Sparks Industries. Inc.. net for three months ended July 3 was *467.816 or 79 cents vs. *618, 532 or *1.04. S. H. Kress A Co. sales in July totaled *12.927.770. a jump of 20.6% .front a year earlier: in sever months. *82.679.600. a gain of 1.9%. Grand Cnion Co. sales in four weeks ended July 31 amounted to *8.899.462. a gain of 13.6%. from a year earlier: in 22 weeks ended the; same date, *46.503.505, an increase1 •f 13.6%. 0. N. Y. STOCK EXCHANGE i (Tom label by the tax elate* Preae.) Saiai— Stock and Add Net Dividend Rate 00 fltlb Low 1:80 rhg* ABBOTT LABZa 4 71*4 71*4 71*4 + >4 A C F-BrilJ list. • 414 414 444 - Vi Adtmi Exo *'«• 11 20*4 10 20-/4 Adams-Mll l’ie 1 45 45 45 41 Addresso-Mult * 7 39-4 39*4 3»‘/4 Admiral Cn .30# 3 14 la la - V4 Air Reduction 1 S 221A 2244 2 244+ V4 A’.denalne lsi . « 17 17 17 -44 Alieahany Com 5 344 344 344 Alleghany Co of 17 5 2 5114 5 1 44 - 44 AllegLud 80a . 1 29 20 2t + v* Allied CArDye 8a 1 182>4 182*4 182-4 - >4 Allied Mills 1 Vie 5 28>a 28-4 28*4- 4. 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LouisvilAN 8 62 * 45 45 45 - ‘4 Lowenstaln 2a 1* **4 *•'+ ** - lb MACK TRK Vih * *1*4 *1 *1*4 Macy R H * - 3 341* 34*4 34*4 + *4 Maim* COB 1_ 1 70*4 20*4 20*4 Maanavox 1 * 1* 1* 12 - Vb Manatl But 1148 4 * *** * MaracOil lOx * 101* 10*4 101*+ V* MarineMldl 40a 1* 7 7 7 ♦Mark 8t Ry pr. » 161* 181* 161* Mtrtin O L * 141b 14V* 14*4 - t* Mart Parry 60a 2 16*b 16*4 16*4- *4 Master Elee 2.40 1* 2**4 ** 2* - V4 May Dept Itr 8 142 4* 42+1* ♦MayStra pfn31* *0 *0 88*4 83*4-1*4 MaTtax Co 1-1 11*4 11*4 11*4 + *4 McCall Coro 2 » *71* *7 27 -1 MrCroryS 1 40* 2 311* 31*4 31*4 + >4 'McCTOry pf 3*4 10 *8 38 38 UcKessAR 2 4*» 1 32*4 32*4 32*4+ lb McQuay-N 1 40 1 1*1* 1*1* 1»!4- 1* Mead Corp lVia. 4 18*. 18*4 181* - 14 Melville 8h I 80 1 2**4 22*4 22*4 MenaelCol* * 16*4 16*4 16*4-** MercantStral 1 167a 16'b 161*— *4 MerrkACoZ 40a * 60 3*1* 60 - 1* MerckACo Pf3*4 2 8**4 8**4 8*14-31* •Met Id of 3.80 50 *8*4 * 7*4 *7*4 -1*4 Miami Oop lie 2 16V4 18*4 18*4 Mid-ConPetl!4t 10 57«* 37 37 Mini*-Hon R* 2a 12 431* 45 4914+ *4 ♦Minn H pf 3 20 40 80 8* 8* + V* umn Moline « 1*1* 18V4 1**4 - >4 Minn A St L 14a * 1314 13V4 13*4 - 14 M SPASSMA I* 1 111* HI* 111* - V* Minn Mm A M S 3 88*4 6**« 3**4 - 14 Mission Com 1# * 37 97V4 38 + 14 Mo-Kan-Taxaa 12 8 71* 8 M6-Ken-Teief 20 3014 23V4 30*4+ M Malud HC4 .60*. 3 14 131* 14+1* Monsanto Ch 7 • 34*4 53*4 34** Monsanto pf IVi 1107 107 107 —8 Moms Ward 5a 16 35*4 S3** 53*4- 1* M-MeC Lin 1**8 14 13V* 13 13 MorrellACo 1’»* 1 23** 23>* 24*4 + 14 Motor Prod 1 *s* 3 27 27 27 - 1* Mot Wheel 1 *0t 1 20*4 20*4 20*4 - V* Motoro.a i»t - 4 16 131* 16 Muilina Mfa 16- 1 2**4 2tV4 2**4- >41 •Muilina nf 7 10 106 106 106 - *4 Murnhy GC1 tie 1 *2 42 42 Murray Core I 3 13*4 13*4 13V4 NASH-KELl.06a 26 18*4 16 IS - *4 Nat Airlines 2 7 7 7 Nat Auto Pi 6&0 6 11*4 lit* 11H - V* Nat Aviat .lSe 2 12»4 12*4 12V4 - *4 Nat Battry 1»4* 13* 3* 3* - ** NatBlseult 1 60* 13 2*1* 28** 2**4 — *4 Nat Biscuit Bf 7. *0 1*3*4 165*4 16514 - 4 Nat Can_ 1 TV* TV* 7V4 ujfis&Vki* ■lch. Lew. > 30. ehii I Net City Lib* W > 7 7 7 -3* NetContetn I N 9 113* 1139 11H + 3* Net C7l Gee .80. 20 12'+ 123* 123* Net Dairy 1.80. 10 SO 29'+ 293*- H Net Dtetiller* * 7 1939 19'» 19'++ >+ Nat Gypsum 34* 4 17>+ 17‘+ 173+ Net Lead le 3 323. 323+ 3234 + 34 tNtt Lead ofB 6 10 138 13* 136 - 39 Nat Linen 6 60 1 639 ♦'* 8*4 - 3+ NatPowAL .. 16 3* '+ Net Steel 4 7 9<>* 93'* 963+ - >+ Net Sue Rill 39* 3 2 3 2 239 2 23*- 3+ Net Supply 1 .. « +13+ 213* 21'*+ 3* NatomesCal.. 1 10W 103* 10W NehlCorpl ... 2 13 13 13-3* N Kbi Vi Syst 1 - 2 11 11 11 Newmont M l’«e 2 39'* 39'* 69‘*-1 Newot Indust 2 5 1879 16>e 183* — li Newot KewsS ** 18 30‘* 30 303* — *4 NT Air Brit 13-ae 1 39 39 39 + 3* N Y Cent R R 66 173+ 16W 163* N T Chi A St L. 3 65 84 84 -2 SIC Omnibus. 1 18 18 18 NYNHAR».-t 3 153* 12'9 123* NT Shinbldg *1* 1 167* 1«7+ 167* - 3* NopcoCh 80e 1 29 29 29 -1 tNorlAWeit Pll 10 26 26 26 - 1* No Am Afiation 46 11'+ 10'* 107* — 39 North Am Co lb x« 15'* 153* 157» + 3* NcrKetGes 8I>* 21 31** 313* 31'+- U North Pacific le 19 22W 223* 2234+3* 'XoStPw p!3 60 140 83'* 82+4 8239 Northwest Atrl 4 117* ll»e 117* OHTOKDIS2 1 32*9 32W 327* + >+ 'Ohio £d Pf4 40 20 99'* 9934 99'9- '* Ohio Oil le 25 377* 367# 373*-'* Oliver Corps* . ) 31 32 32 - ** Oppenhetm Col. 4 22'+ 22 2? - 3+ Otis ll«v 13*«_. 8 343* 341* 343*- >* Owens 111 G1 8 8 55 547* 547* - 3* PACAMPSHle. 1 15** 1SW 15s# + ‘1 ’Pec coast 1 10 10*+ 103* 1039 - 3* tPecCoeit 2pf 4 20 37'* 363* 37*4 +2 Pee Pin Cel 1.60 2 20 ;9W 193+-'* 'ac dee A Sir 2 * 34»* 34'i 34'*+ 14 Pee Llehtme 2. 4 53'* 32’* 5339 - 3e Pee Mills 23sb__ 3 423* 42‘* 423* - 34 Pee Tip Cone . 9 53+ 5Vi 5t* Pie We«t Oil 74a 1 48 48 48 - H Packard U 15* 59 5'* 5 53* + ‘4 Pen Am Air 3«*. 28 9*4 939 9'*— 3a Panh lFLi 2 60'* 60' 9 60'. - 3* Penh PAR.SO 11 93* 9 9 - 39 Peref Cos 80h. 3 233* 233* 233* - >* Perem Piet 7 27 ?2«4 22'+ 213*-*+ PerkATllford >. 1 *4 44 44 - v* Psrk Cub 10* 1 2'* 2>* 2'* Parke Dev 1.05* 11 28‘* 27W 273* - V* Perm Trane SO 1 8 6 8-34 Patino Mns l’ab 2 15'* 15>* 153* - ** Pen A Ford .80# 2 50+ 30'+ 303* - 1* Penney iJC» 2a 3 4S‘+ 45 45 - 3* Penn PAL 1.20. 14 19'+ 193* 19'+- 3* Penn R R We .. 19 193* 163* 19 - 3* Penn Silt ,»0e . 3 41 403. 40‘* + •* Peoo Dru* 1.60. 2 S3 33 33 - >+ Peo OLAC 6B«* 1 92'+ 923* 92'* Pepsl-Coia 30e 66 127* 12*4 12'4 - 39 Petrol Com .30# 3 13*4 13*4 13*4 — 3* t*nter catLo 2* 11 so so 30 PhelwDodtSe 17 534 35 33*4 • Phil C 6?. of 3 1 324 534 324 Pbilor.ee 1 20 17 2J 224 23 -4 •Philo SI oM iO 30 108 1074 108 +4 PhllftRdr CAI S 22 18 174 18 - 4 Phllco Core 2.. 5 33 3* 38 + 4 •Pbilco of 34.- 10 88 88 88 PhlllD Mor 14a 30 34 334 3« + 4 Phillips Petrol 3 20 <84 694 694 - 4 Pillaburr Mills 2 1 33 j3 33 -4 •Pills Mills Df 4 40 1014 1014 1014 - 4 PlttCokACh 60s 6 134 134 134+ 4 Pitt Cob Cool 2 22 334 33 33 - 4 PittPllteOlS 4# 7 334 354 354 + 4 Pitts Screw ,30e 4 84 84 84 + 4 Pitts Steel _ 1 184 164 164- 4 Pitts* West V* 3 214 214 214-1 Plttston Co 2 . 1 40 40 40 - 4 Plrm Oil 1.40*. 15 314 494 304 + 4 Pond Creek 2e . 2 444 44 444 - 4 Pot EleePwr 90 12 14 134 134- 4 Pressed Stl Car 5 8*. 8),a 84 - 4 Proct A Gam 3o 1 874 674 674 - 4 PubStcCol 2 20 4 394 384 384- 4 Pub SvEAG.40* 10 224 224 224 - 4 PubSEftGpf1.40 22 274 27 274- 4 Publicker lif 5 224 22 224 + 4 ♦Publicker pf44 20 874 87 874+1 Pullman l’ je— 13 424 42 424+4 Pure Oil lo 73 384 38S» 374+14 PuriWBok 2.406 1 32 4 324 3 24 - 4 RADIO CRP SO* 82 124 12 12 Radio-K-O .45e 10 74 74 74 - 4 •RRSeelCStk 30 334 334 334 - 4 Rajonler *«e 17 324 314 324 + 4 Raronler of 2 _ 3 33 33 33 Rea dins Co le 3 244 244 244 -4 Ree»esBroa la. 7 134 154 134+4 Reisprpflli - < 104 104 104- 4 Reliance Mft 1- « 104 104 104 - 4 Rem Rand lb 17 12 114 12 Reo Motor* 24o 3 194 194 194-4 Rep Aviation 13 104 10 10 — 41 Republic Picture 6 34 34 34 R»PUb Piet pf 1. 13 84 84 84- 4 Repub Steel I*. 15 28 274 28 Revere C A B 1. 2 184 184 184+4 Revali Drue 3 64 64 64 - 4 Rem Mettli 4a « 234 23 234 - 4' Remolds SDrlnt 1 94 94 94 + 41 Rem Tob B1.80 . 3 38 374 38 + **; Rey Tob pf 3.00 1 911* 914 914 - 4 ‘ ~Ihee > Mfr! 6(1 1 22 22 22 + 4, Richfield Oil 2 35 404 394 40 Roen A Cop 33* 1 34 34 34 - 4 Rob-Fulton .TOe 10 104 104 104 RbtlhPlpfl.l 84 1 2* 26 26 -4 RonsonArtl 20a 1 21 21 21 Ruppert J lie.-. 1 124 124 124 3APEWAT8T1 6 174 174 174 - 4 St Jo* Lead 24# 3 334 534 534 - 4 SiLSanPrar 16 134 134 134-4 St L San P of B . 4 43 42 424 St Ret Pap .60a 7 114 114 114 + 4 •StRetls pM.40 130 89 89 89 -1 Savata Arms ’«• 3 134 13 13 — 4 ScbenleyDistil 2 12 294 294 294 - 4 Scott Paper 2.20 1 47 47 47-4 ♦seottp* Bf3.40 10 93 93 9.7 - 4 ♦Scorill pf 8.6B. 10 914 914 914- 4 Scranton Bee 1 3+5 144 13 + 4 Seab Air Line .. 4 214 214 214-4 Seab Pin 1.10* . 12 174 17 174+ 4 Seabrd Oil 1.60 . 3 48 48 48 Rears Roebek la 26 374 364 374 + 4 SeeterRefr *0. 3 114 114 114 Serrei lne 30t * 114 114 114 ShamroekO 1.60 4 32 32 32 -4 «haron Steel 2 4 404 394 394 - 4 ShattuekPO 40 1 11 11 11 Shell Cn Oil le 10 394 39 394 Sheraton Cp 40 3 6 4 « Sllrer Klnt Col. 9 3 5 3 Simmons 14* 1 30 30 30 —4 SimonSaw 2 10* 1 414 414 414 S'nciair 011 2 . 34 274 244 27 Skelly Oil 3>ab.. 3 1334 1334 1334 -24 Smith A O lih . 3 30 30 30 - 4 SmithASona 2a. 3 33 324 324 -14 ♦SmithAS pf3V. 30 824 824 824 -1 Soconr-Vae 1 108 194 194 194 - 4 Solray AM pf 4. 2 1014 101 101 -4 So Am Gold 4*. 1 3*4 34 34 So Caro EAO 4 1 74 74 74-4 SCEAQ crpf24 1 53*4 334 334 - 4 So P Rico 8 Be 2 404 404 404- 4 SoeastGreyl 20 * 7 124 124 124 - 4 Sou Cal Idle 14 3 294 284 284+4 Sou Nat 0*1 14 3 28 28 26 -4 •outherb Par 4 24 364 53 354 Southern Rwv 8 7 454 434 454 + 4 Soarka-W 20e 1 « 6 6 SoearACo .. 2 6 54 34- 4 ♦Spear pf 84 .. 10 69 69 69 Spencer KtU 2 . 3 244 24*+ 244 + 4 Sperry Core 2— 1 274 274 274 - 4 Spietel lne - 21 104 10 104- 4 •Scletel Pf 44 20 704 704 704-14 Sfluar* D Co 4e 7 19 19 19 •SqulbbAS pf 4 60 100 100 100 -1 Stand Brenda? 10 274 27 27 Std Brand Pf34 60 89 89 89 + 4 std G«A-E1 34 pf 8 224 224 224 Std Oil Cal 3e._ 6 67 664 664 -4 Std Oil Ind 2a 16 484 474 474-4 Std Oil N Jer lb 30 80 794 794 - 4 s rt OilOhlo 14 16 294 291* 294 + 4 Std Stl Sprint 1. 3 134 134 134 Sterlln* Drue ? 3 36** 364 364 — <4 SterlintD pf 34 1 944 944 944- 4 Sterens J P 2a 3 304 304 304 + 4 St* wart-War *,*• 3 134 134 134 Stok-V Camp 1 6 14 134 14 Stokler-v C Bf 1 1 184 184 184 - 4 StoneAWeb 4*. 8 16 134 16 Studebaker 10 2534 25 253* - 3* Sun Chem 60.. * 9J* * 9 SunreyOlll *5 14'4 14 la'* + 3* Su.nav of B 1 ’a 12 24>4 23'* 24 «un*hlne BUc 8 2 393* 3*'* 3934 — 34 Sunshine M 60 5 10 10 10 Suoerhearer Is. a 1434 2 434 2 434 - 4* Superior Stl 14- 1 17'* 1734 1734 - 34 Swift A Co ! 60a 3 3334 3334 3334 + 34 Swift Inti 40p 12 15i* 14'* 143* s*t*»n Blee I 40 12 21** 21>* 2134-3* 'Sylrn Elec of 4 70 *0 *0 *0 + 3* Symint-GId 3«t. 5 « • • — 34 TEXAS CCS . II 59*4 9d34 99 - 34 TexGulfPro 8Sa 1 21 21 21 TexGulfSul S'.ia 9 **>* «S'4 d«34 - 34 reirPtrCAOIa 2 4* 48 48 - >4 TexPicLTr 70e 7 3d 3*34 38 Tex & Pae Ry 4- 1 99 99 99 -1 Textron la ... 3 1434 1434 1434 + 3* Textron pflV4 . 2 1734 17>* 17i* - 14 Thatcher SOp 11 7>* 7>» 7>* — 3* tThetchpf 1.208 * !»'* 29** 2934 - 34 Third Are Trans 1 934 934 934 — 34 ThomasStll >0e 2 213* 2134 21*4- 34 ThompProd 2'*» * 98 553* 58 — 34 'Thomp Prof* 190 923* 92'* 92'* - ‘* Thomoson-Star 2 3‘* S3* 534 TideWatOil 1.60 35 27'* 28 28*4 Timk-D Axle le 3 19'* 193* 19'* + 3* Timken RB7'.e 1 49 49 49 - 34 Trtnsamer 3*a 4 11** 11'* ll*a rrsns ft W Air 2 13'* 133* 133* - 3* TramueftW 34# 1 183* 183* 183* - >* Trl-Cont Ue 20 83* 8*4 8<e + 3* i.-uax-Tra 1 20 7 183* 1834 18'* Twent C-Fox 2 11 19'* 18*4 19'* UOthC-Pxnf 134 1 34 34 34-1* Twin Caaak . 9 93* 9** 93*+ 3* ODTEITBI 1 103* 103* 103*+ 3* Underwood 1>4* 8 92* 4 »2'4 92'*- ** UnAtbftRubl 2 13'* 13'* 13'*- '* Union Bit 2a... * 34** 34'* 34'*- 1* Un Carbide V«h 40 403* 39'* 39'* - 3* UnOil Cal 1.32a 8 343* 333* 343* Union Pacific 4 883* 883* 8834- 1* Union Pacific pf 4 493* 49 493* - 3* UuTankCar 2.60 * 33 3*34 39 + 3* Unit Air Lines 1« 123* 12 12-3* Unit Air Line rt 396 34 34* 34 Unit Aircraft la 4 28*4 263* 2634 Unit Biacult la 1 223* 22*a 22** Unit Carbon * 9 343* 343* 343* + 1* •3ott Clear Whal 11 4 4 « - 3*1 *utdcir-wt>f3>+ 10 4* 49 49 + 1*! United Cor* 123 33* 33* 33* Unit Coro et I 10 43'* 45 49'* - 1* Utd Elec Coal la 4 243* 24 9434-1*; United Prult2a 11 51'* 513* 5134-3* UtdGaelmo 1 30 1 21>* 21»* 21'*+141 Unit V 4H II 10 153* 153* 153*- 3*i 09*PSeCl.85f 26 27'* 27 27 - 3* U 8 Gypsum 8 4 9634 96 98'* -2 •US Gvpsm of 7 10 172 172 172 US Hofl Mch U* 2 113* 113* 11**- 3* U P tad Cbm 2a 3 33 323* 323* - 3* U 8 Leather Ha * 6‘* 8 83* U 8 Linas 13* 9 183a 183* 16'*- 3* US PloeftP * 80 4 4834 48>* 483* - >• DS Plywood 18. 2 313* 313* 31'*- '* r 8 Rubber 4 3 453* *53* 4534 +'* 08 Rubber MS 280 1313* 131 1313* - 3* k Stock Market Stages Afternoon Comeback As Buying Revives By Associated Prass NEW YORK, Aug. 10.—Buying interest perked up in the stock mar ket today after a aluggish start. Morning losses of fractions to around a point were either trimmed or in many cases converted into modest gains. The revival in de mand was fairly widespread. Turnover increased as prices ral lied. Gains appeared for General Mo tors. Chrysler. J. I. Case. Douglas Aircraft, American Viscose, Phelps Dodge, Southern Pacific. Southern Railway, Mission Corp. and Plym outh Oil. Still on the losing side, though none by very much, were United States Steel Firestone Tire, Inter national Harvester. Lockheed. American Telephone, Westinehouse Electric. Allied Chemical, United States Gypsum. Santa Fe. Great Northern preferred. Texas Co.. Gulf Oil and Transcontinental & West ern Air. Cities Service and Derby Oil ad vanced in the curb. Lower were Pantepec Oil and American Gas & Electric. Washington Exchange _ SALES Fotomar Electric Power com—ion it 14, 100 *t 14. 40 it 14. National Savings A Trust Co—27 at 430 Washington Loan A Trust Co—10 at 333. Washington Gas 4.30 pfd—10 at 103. 100 at 1.05. Poromar Electric Pow 3.80 Pfd “A''—50 gt 441, BONDS. _ , Bid. Asked Am TAT cv deb 7%t 1947 110% Ill's Am TAT cv deb 23.s 19H! ]04% 105% Cap Transit lit ref 4s 1984 Pit 88 Georgetown Gss 1st 5s 1901 114 Pot Elec Pow 3*4» 1980 108 Pot Bee Pow 3',is 1977.. 10* Pot Bee Pow 8s 1983 .. 101 u Washington Gas 5s 1900 122% PUBLIC UTILITY STOCKS. Amer T A T i9> 152% 153 Cspitil Transit 10% ]•,% N A W Steamboat it4> *108 Pot Elec Power com i 901 ]S% 14 PEP 3.0Or, pfd -A" (1.801 43% 45 PEP 3.00% pfd • B" (1.80) 44 45% Wash Gas Lt com (1.50) 2« 27 Wash Gss Lt cu pf (4.25) 107 103 Wish Gs Lt cu cv pf (4.501 104% 108 BANK AND TRUST COMPANIES Amer Sec A- Tr Newttl 00) 29 31 Bank of Bethcada (tl.60>._ 40 Capital (90) ... 77% an " Com A 8avina« (tlO) ... 350 Liberty (81 . _ 312 Lincoln (+5) 330 National S*v Tr (S.OOl 470 Pr Georges B A Tr (tl.OO) 30 "“.I Riggs (12! . 370 340 Union Trust Co 1 tl.OO) 35 Washington (6> _ 190 Wash Loan A Tr <17) . 330 EIRE AND TITLE INSURANCE. American (+0) _ 100 Columbia (t.30) i;% 131* Firemen's (1401 .30 * National Union (.75)_ IS Real Estate (t6> 190 MISCELLANEOUS Carpel Corp ‘.2 001 25 So Garflnckel com (1.50' 19 20 Garfl 5%%, cu cv pf (1.3751 24% 25% Garfl 4%% cu cv pf (.1.125! 71 72 Hech* Co (1.801 73% 75 Hecht 3%% cu pf (3.76> 88 91 % Lanston Mono (*2.1101 _ 73 73% Meraenthaler Lino (al.oOi 51 63 Nat! Mt» A- Inv of <n 45) 8% Peoples Dr St com f + 1 GO 1 37% 33% Security Storage 03) 115 Ter Ref A Wh Corp (3) 50 Wdwd A Loth com (*3.no) 34 35 Wdwd A Loth pf new (.*>! 104 • Ex dividend, b Books closed t Pius extra or extras, a Paid so far this year p Paid 194;. Chicago Grain CHICAGO. Aug. 10 C4V—Grain futures rallied midway through the Board of Trade session loday Alter liquidation egsed off in the corn pi» there was some active buy ing bv a local trader, and some short covering. A broker with commercial con nections was in the buying side. Wheat worked its way uoward to • round last night's close, but the market was nervous Earlier the market had been easy until some mill buying said 10 reflect sales of flour to the Government, developed. Oats generally followed the lead of corn Lard steadied after considerable liquidation said to be a reaction to the weakness in cottonseed oil. The Government crop estimate, to be issued after the close of trading, is ex pected to be bearish. At noon wheat was % higher to si lower than yesterday's close. September $2.21 V Corn was l’« to S‘i lower. September $1.(18*,. Oats were '2 to ’« lower. Sep tember 71’g. Rye was 2 to 2*« lower. December $1.67 and soybean* were 4'a to 6 cent* lower. Foreign Exchange NEW YORK, Aug. 1*0 (*>.— Foreign exchange rates follow (Great Britain in dollari. others in cents): Canadian dollar in New York open market. 7*a Per cent discount, or 92.871* U. 8. cents, unchanged. Europe: Great Britain (pound) $4.03*4. unchanged; Great Britain 30-day futures 4.03. unchanged; Great Britain 60-day futures $4.02 la* unchanged; Great Britain 00-day futures 4.0134. up 14 of a cent: Prance (franc* .3211 of a cent, up oo,’«: Italy (lira). August fixed rate. .001739: July .001739: Sweden (krona) 27.85. un cnanied; Switxerland (franc) (free) 25.84 up .01 of a cent. Latin American: Argentina (free) 20.88N. off .Oj of a cent: Brazil (free) 5.60, unchanged; Mexico 14.60, off ,21'a of a cent._ Odd-Lot Dealings The Securities tnd Exchange Commis sion reported today these transactions by customers with odd-lot dealers or spe cialists on the New York Stock Exchange for August P: 3,813 purchases involving I Op,584 shares: 3.495 sales involving P*>.35« shares, including 13 short sales involving 48? shares. Melville Shoe Corp. sales in July totaled $6,051,276, a gain of 11.5ri from a year earlier: In seven months, $41,840,105, an Increase of 6%, Sales— Stock and Add Net Dividend Rate. OU High. Low. 2:30. chge D S Smelt 1 Ti»_ 2 47 47 47 - % D 8 Steel 33«e__ 37 78% 77% 77% - % 08 Steel Bit __ 3 135% 133% 133% - % O S Tobac 1 20 1 18% 18% 18% - % Ot Strs2d pf 7*o 3 10% 10% 10% Onlv Lab to 8 8 - % Oniv Pictures 1 1 10% 10% 10% - % VAN NORM T*a. 1 12% 12% 12% Vanadium *«e 3 21 20 21 7ertient-C S 2e 1 1J% 13% 13% Victor Chm .80a 2 38% 38 3* -1 Va CaroUnCbem P 12% 12 12% — % Va B&Pwr 1 20 3 17 18% 17 Va Railway 2%. 3 37 38% 37 + % VaRrllpflT* 1 32% 32% 32%-% WABASH pf 4% 1 58 58 58 -2% Waldorf la * 13% 13% 13% Walker HU 1 %a 2 22% *2% 22% - % Walworth .40e 2 10% 10% 10% — % WardBaklng %e 6 13% 13 15 - % 'Ward Bk cf57» 10 07 *7 37 Warner Bros 1 18 10% 10% 10% warren Phdr» . l 23% 23% 23% - % Warren Pet 80 3 26% 26 26 -1 Wash OasLt 1 % 1 26% 26% 26% - % waukeshaMot la 1 18% 18% ie% Webster lobac 3 3% 3% 5% Wesson Oil 2%h 36 33 32 32% — % Wesson Oil Pf4 1 82% 82% 82% WttllidSual tie * 237* 23% 23% + % W Penn Xlec Tie 7 17% 17% 1774 + % tWs Penn El A T 10 113% 113% 113% + 7a tWVaPAP of474 1 108% 108% 108% 4-' % tWPenPnfB4 20 *0 103% 103% 105% WVaC&C 1.05a 1 20% 20% 20% WVa PulnAP la 1 43% 45% 45% - % WeaternAlr Line 1 7% 7% 7% WeatAutoSup 8 4 371/4 37 37 -1% Weatern Md 1 13 U 13 West Md 2nd nf 1 33 35 33 -1 West On Tel le. 3 20% 20% 20% - % West Air Brk *- s 377* 37% 37%+ % Weatina Eec 1. 23 28% 28 28% - % Westvaco 1 40 1 44% 44% 44%+% , Wstvaco of31* 180 *3% *3 83 — 7* Wheel Steel 2 1 50 50 50 - % ’WheelStl nrnf6 1 88% ae% •«% + % White Mot 1.60 3 1*% 13% 18%-% White 8ewlnt M 2 20 20 20 - % Wilcox OU ,40a 4 14% 14% 14% 4- % wi’iys-Ovenend 14 8*4 8% 87*+ % WUson&Co l»«e 5 14% 137* 14 Wise Elec Pwr l 13 15% 13% 13% — % Woodward Ir 2. 1 33% 33% 33% - % Woolworth 2a 12 43% 45 45% - % Worth Pump Tab 1 20 20 20 — % 'WPMcvprpf4% 30 81% 81% 81% »wthne prof4% 70 72% 72% 72% WyandWor 40a 1 10 10 10 YALE b TWN 1. 1 28 23 23 Yore Corp v* - 3 13% 13% 13% — % Toun«8h«4* 12 00*% 73% 80%- % ZENITH B 17*0. » 32% 32% 32% + % ZOBITE.lOu -- 2 4% 41% 4% Bear It Safe* on >8o Eaabaaaa Tatar: 11 00 a m 200 000 l2:o<> noon 360 000 f'no p m 460 000 C iinom 330 000 tCnit of trading. 10 shares. *In bant ruptcy or receivership or being reorgan ized under the Bankruptcy Act. or secur ities assumed by such companies. Rates of dividend; in the foregoing table are annual disbursements based on the last quarterly cr semi-annual declaration tjnle.' otherwise noted, special or extra dividends are not Included. eld Called x Ex dividend xr Ex rights. a Also extra or extras, b Plus stock dividend, d Cash or stock, e Declared cr DSld so far this year, f Payable in stock, estimated cash1 value on ex-dividend date, g Paid last year b Declared or paid after stock dividend or spllt-up. k Declared or paid this year, an accumulative issue with dividends in arrears, p Paid this year, dividend omitted, deferred or no action taken at last dividend meeting. 1 Payable In mock, exact cash value undetermined on declaration data. $ Western Union Reports Loss Of $220,378 in Six Months ly the Associated Press NEW YORK. Aug. 10.—Western Union Telegraph Co. reported today its operations for the first six months of 1948 resulted in a deficit of $220. 378. This compared with net profit of $6,258,355 in the same period a year ago. which reflected extraordi nary volume arising from the 1947 telephone strike. The 1948 net loss is exclusive of extraordinary income of $24175.937 profit from sale of real estate after deducting estimated Federal in come tax. The wage level through the first half of this year was higher than that in 1947, the report pointed out. Despite the wage increase April 1,! it said, the second quarter deficit was $57,100 compared with loss of $163,268 in the first quarter. Joseph L. Egan, president, said that chiefly as the result of seasonal factors, telegraph volume in June exceeded that for any previous 1948 month, resulting in a June net in come of $689,245. N. Y. Bond Market (Eiraubtt to Ut Pr«M.t SELECTED LIST Ut IBS DEE TREASURY 2:50 2V«S 72-61 Dec 100 • I NEW YORK CITT <s SO 102V* FOREIOS 2::o Antwerp »e 58 . 96 Australia 5s o5 102v« Australla3V4*57 92V* Belttum 6Vis4» 100V* Denmark 6s 43 »2 DOMESTIC 2:«0 Am T&1 2*4*57 111 Am T&T 2»4s61 1031* Am T&T 2*4*75 941* Am T&T 2*4*80 92V* AmTobaeco3s6910J.V* ATS F 4s 05 120 Balt&Oh 5s95G 63V* Balt&Oh 5sM08 63V* B&Ocv 41*2016 32 Balt&Oh 4s75A *9 B&OTC4S85 82 Bell Pa 5s 60 C 120V* BenelndLT’iei 93 Beth Btl 3*4* 70 98 BufRoch&PSTst 63V* Celanese 3s 65 102 Celotex 3'4« 60.100V* Cent Ga 4s 95 66 Cn RR NJ 5s 87 68 Cn RR NJ 4s 87 38 Chi&E I inc 97 48 Chl&L Inc4s83 64 CMStP4lis201B 721* CMStP4i.is2044 36 Chl&NW 4V4s99 641* CRIPln4‘.'1*2019 87 C R I & P 4s 94 1041* alCn St 2’,s63101V* l&W I 4s 52 104*4 Cons Ed ev 3*63107V* Cons Ed 2*4* 82 941* Cods P 2V*s 75 98V* ContBakinx3s6ol01 Deere 2*4* 65 10©i* Del L&W4s2042 63 D&R In 4V42018 67 Dim Lt 5*4* 77 97V* Pla E Cat 5s 74 60 Hud&M rf 5* 57 63V* 111 Bell 2*,4.’81 94i* I C rl 4s 66 104>4 ICCSlL 4 H1 63 88*4 IhtGtNor 61 62 3* Int G N Ht6 = 52 03*4 IntHTdroI)H«44 65W Leh Vtl 4s2003l 37*4 Mich CG 3*2169105*4 M-K-T Al 62 A 77*4 M-K-T tdi6s67 79 M-K-T lit 4s90 74 Mo Ptc 6*41 4M 20 Mo Pee Ai 77 P 02 Mo Pie Al 78 G 02*4 Mo Ptc Si 81 I 82 Mo Ptc in 4i 76 45 N O Term 4s 53 102*4 NYC 4’4l20I3A TOM NYCHR 3>is 87 80*4 NYNHOtH 6i 40 83 |NYNHin4’4s'22 45*4 NYNHH 4S2007 70*4 NYOW rf 4102 0*4 INY 8tm 3'as 63 109*4 NY Tel 3s 81. 100*4 NorflkSo 5s2014 78 Nor Pte 4s 97 103 Pic G&E .'is 74 89*4 Pac T&T 3*4878 102*4 PemRR*4'4s65 105*4 PennRR4’«s84I100>4 PennRR 3*is52 90*.a Phl!i Co 4*«|61 100*4 Phlll Pet 0iis64 101*4 PCCStL 5s 70 A 108*4 3tLStnPrn4l97 84>4 StL SW rl As 80 101H Seth ln4<412016 72 Set A L 4s96 101*4 Shell On 2'4s71 93*4 Socony-V2*4s76 02 SoPtclflc4*4s81 94*4 9oPtc4VaiOr77 102 SoPte 8 C*«s 61 93*4 8o Ry in 4s AS. 97 SoBT&T2*4sP5 03M Texts Corn 8s6A104 Third Ave As 60 55 an Oil Ctl 3i67 102*4 Weit Sh 41 2361 07*4 West Md 4s 52 101*4 Wst*lcv2.65s73 101 Wlic Cent 41 49 08 'N. Y. Curb Market! i LIST INCLUDES ONLY IILICTED lunti J:.W Air Associate* 7‘4 Am UisAIj 1 b 39 : Am General fiSe 2A4 Am Lt AT .Sot 17*4 Am Maracaibo 9>4 Am Superpower 1 ArkNGas A 20e • 684 AshlandOil 1.20 18*4 Atlas Coro w w S‘4 Barium Steel _. S’-a Blue Ride* .. . 384 BrwnP Dlst SOa 13>4 Brown-For Jr bl 584, Buckeye P L so ll‘,4 Bunker Hill la 22 CalliteTunt .. 3‘4 Can Marconi 2 Carr Cons Bisc. 4 Catalln Am 6‘4 Cent * S W SO 10*4 Chief Con:- Mna 1*4, Cities Service 2 S48i Colts Mill Ail 33>4 Corn! A Son war >4l ConWestStll tia 48 Cont FdvAM 1 13‘4 Copr Rant# Aka. 1384 Cosden Patro 7‘4 Crown Cent Pet 7 Dennlaon A .60# 9>4 Derby Oil Hie 28*4 Diana Storet Va VA Domestic Credit 2*4 East GasAPuel 9 El BondASh v,t 13 Empire Mill SO 784 Eoulty Corp V«e 184 Eureke C Ltd 1 ‘Via Fairchild E 8 A 484, PansteelMet'.ia 11*4 Gen Finance 20 8>4 QenPlywood 40 984 Olen Aldcn C 2 2384 Goldfield Coni. '» Hecla Min 1. 134* Huylers..4 ImnOll Ltd 3*_. 1334 Imp Oil Ltd rt_. 14i« Int Fetrol’» 113* Jeff LalceSul .40 7>* Kaieer-Frizer »34 Lone Stir Gail 2134 Long Island Lti 4* Louis LA Fla 203k McClanahan Oil 1‘* Michigan Sugar 134 MdSPArtcl 20e 30 MldStPB etc v48 73* Midi 8tl n-cuml 25 Mid-West Refln 3’4 Mining Cp Can . 734; Molybdenum’i. 71*; Nat Fuel G SO 113*1 N Jersey Zinc 2e #834 Niagara Hud Pr 8‘ 4 No Am Lt A Pwr 71* NorthrooAlr ’4g 1134 Pantepec 1 OS 197* Pennroad .40g. 83* Pepperell 3a __ 66' Pioneer Gold 2>a Pitney-Bow 60» 113* ' R-K-O opt war 13* ■ Rets (R) A Co 13* Richmond Rad 34* Rmn Aero lOe . 534 Schulte (DA).. 23* Select Indue 334 Solar Aire 30e 12>* Std OilKy 1.401 28 Trl-Contl w w 3'* Onerelled Chem 3»« Unit Aire Prod 43* United Corn ww >/* 1 Utd LtARys 69e 203* , Ut-IdahoSu.lS* 23* Writht Hart .18 23* I Chicago Livestock CHICAGO. Auk. 10 (fr fUSDAV—Sal able hogs. 7.500: total. P.60O: butcher falrly active: weights under *?40 pounds. | I 25 lower; heavier weights steady: sows; active and fully steady to strong; top. ‘2P.7o. sparingly: good and choice 170- j 240 pounds, mostly 20.OO-2P.5O; 250-2801 pounds. 28.00-2P.00: 200-310 pounds.; 27.00- 27.25: heavier weights scarcer' choice 346 pounds. 25.75: good and choice, sows under 300 pounds. 20.50-27.00: 326 360 pounds. 24.50-20.00; 350-375 pounds. 23.25-24.50; 37 4-425 pounds. 22.00- 23.50: 426-475 pounds. 21.00-22.25; heavier weights scarce; good clearance Salable cattle—6.500: total. 6.500: sal able calves. 500: total. 600: good and choice grain-fed steers and heifers strong to 25 higher: common to low good grade* steady, slow: high choice steers topped at 41.00; some held higher: choice 025 pound mixed steers and heifers. 3P.00: most good and choice steers and year lings. 34.00-40.00: comparable heifers. 132.00-38.00; beef cows draggy. weak: | canners an* cutters steady, bulls. 50 ! nigher: vealers steady: most beef cow*. I 10.00-23.00; canners and cutters. 15.50 i 18.50; heavy sausage and beef bulls tc 26.00: vealers. 31.00 down. Salable sheep—1.500: total. 2.500; few sales spring lambs steady, small lots good and choice natives sold up to 28.00. but most interests bidding 27.50 and down yearlings scarce; slaughter ewes steady, native ewes. 12*00 down, with common kinds largely P.50-10.50._ Dividends Announced NEW YORK, Aug. 10 Dividends declared: Pe- Stock of Pay Rate. riod Record, able. Irregular. Canid Pacific Ray 50c 8-23 10-1 Tri-Continental Corp -25c __ 8-30 P-8 Extra. Chi Rivert A: Mch.lS^e .. 8-27 P-15 Tex South tern Gai-.C^e _ P-J P-J5 Kendall Co __ ?5c _ 8-18 P-l Arcumalative. Crown Cork Inter A 40c P-10 10-1 Regalar. Chi Rivet A- Mch 25c Q 8-27 0-15 Foster Wheeler Corp 25c Q 0-15 10-1 Jewel Tea HOc Q M-, 0-20 Minn Mng Si Mfg 50c Q 8-25 0-13 Rob tshaw-F’ton Con 20c 0-10 l«»-l Tex S th tern Gas l*c Q P-l 0-15 Charis __ 2<»c Q 8-20 P-l Inti Paper . $1 Q 0-1 0-30 Kendall Co _25c O 8-l« 0-1 Newberry J J_ 50c Q 0-15 10-1 Prentice-Hall _ J/>c O 8-10 o-l Virginian Rwy . - flZVaC Q 0-10 9-.4 New York Cotton NEW YORK. Aug. 10 MP’.—Cotton fu tures were cisy in moderately active deal ing' today under pressure of liquidation influenced by the high Government fore cast of the 1048 cotton crop. There was considerable sentiment among traders that prices will hover around the loan level until the end of the year, when loan accumulations might tighten up mar ket supplies at strengthened prices Offerings were absorbed principally through scale-down trade buying gnd short covering Most traders were hesitant until the trend in spot cotton and textile mar kets Is more clearly defined in the light of the Urter cotton supplies In prospect this season. Southern advices said new-crop cotton was available at the loan level. Late afternoon prices were <0 cents to $1 25 a bale lower than the previous close October. 110.95: December. 31.09. and March. 31.17. Mqrket Averages ITOCKS. 30 1ft IS 60 Indst. Ralls. Util. Btks. Net change-—.4 —.2 —.1 — .2 1 Today noon__ 91.9 44.3 40.8 68.2 Prev day _ 92.3 44.5 40.9 6*4 Week ago_ 91.7 44.5 40.8 68.2 Month ago_ 97.1 47.8 42.1 72.1 Year ago_ 92 5 34 1 42.6 gft 4 1948 high. 98.7 4* 1 42.3 72.4 1948 low_ 83.3 34.2 38.0 60.3 BONDI. 20 10 10 10 10 Low Ralls. Indst OtU. Pin Yield. Net change unc —I unc. unc. unc Today noon 91.5 100.8 99.9 63.4 108.1 Prev. day. 91.5 100.9 99.9 63 4 108.1 Week ago 91.6 100.9 10O.1 6.7.0 108.5 Month ago 92.7 101.2 100.9 62Jf 109.3 Year ago . 94.3 103.6 105.3 70.8 115.0 1948 high 93.7 101.8 102.0 66.9 110.6 1948 low 87.7 99.8 98.0 60.2 107.2 'Compiled by the Associated Preag.i Canadian Pacific Railway declared a dividend of 50 cents, payable Oc tober 1. The road paid 75 cents in March. 50 cents last November 1 and 75 cents in March. 1947. Baltimore Je Ohio Railroad han dled 63.679 cars of freight in the week ended August 7 vs. *67,016 in the previous week and 67.203 in the like 1M7 week. 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