The Los Angeles Times from Los Angeles, California • 27

FINANCIAL 00 Angeles SATURDAY MORNING. FINANCIAL AUGUST 27, 1938. National Trade Trend of Wheat Chart Followers Sight Stock Mart Reaction Pace Speeds Up THE MARCH OF FINANCE Tax Experience of Coast Concern Affords Stockholders Example of Problem Faced by Management BY WESLEY 8.MITK Stronger Tone in Coast Trade Reserve Bank Retail Field Survey Shows Long Decline Halted Stock Trading Tone Irregular Profit Selling Halts Advance of Leaders After Opening Upturn Weekly Review Notes Retail Buying Volume Close to 1937 Mark Prices Lower Lag in Export Sales and Uncertainty Over Subsidy Plan Factors Commodity index on Pago 13 CHICAGO, Aug. 26. (JP) Corporate managements continue to be perturbed over NEW YORK, Aug.

26. (JP)-r Failure of Industrial Averages to Break Through Old Highs for Year Held Temporarily Bearish BY GKORCK T. HUGHES Copyright, 19J8, by the North Ameririo Newspaper Allinre. Ine. NKW YORK, Aug.

26. (Exclusive) Stocks spent the week flirting with the old highs, but always backing away when they came too near, On the week, the list made a gain," but it was not a large one and it did not hold all the advance. SAN FRANCISCO, Aug. 26. the menacing burden of taxation as evidenced by the fre pP) New evidence of the steady-; quent reference to taxes in reports to stockholders.

Retail buying, aided by better Markat oTraga on Pag 11 NEW YORK, Aug. 26. (JP) The stock market took profit shopping weather, picked up this Wheat prices sagged almost a cent a bushel in a nervous, er week, and for the country as a The pamphlet report of the Paraffine Companies, Coast concern manufacturing floor coverings, building materials and ing of Pacific Coast business during the last few months came to hand today in the retail trade analysis of the Federal Reserve Bank of San Fran whole sales were only 2 to 9 per selling punishment in fairly good order today but many recently strong leaders fell back fractions to a point or more. In early dealings the list acted as though it might success paints, just issued for the fiscal It was a much more irregular ratic today while traders exercised extreme caution pending disclosure of the government's export subsidy program. A few moments after the final cisco.

The bank found department p'ear endcd June 30- last Presents performance than that of the Atlantic Refining Plans Offering WASHINGTON, Aug. 26. (JP)-The Atlantic Refining Company of Philadelphia filed with the Securities Commission today a tore inventories had completed figures to give its stockholders two preceding periods. Last cent under a year ago, Dun Rradstreet reported today. Last week volume was 8 to 15 per cent under the comparative 1937 week.

Wholesale trade also stepped ahead, with volume running only 8 to 15 per cent under last year, contrasted with a lag of 10 to 22 per cent behind 1937 in the pre Motor Industry Output Lower DETROIT. Aug. 26. Automo- "some idea of the increased Federal, State and local taxes and the effect upon individual incomes." HEAVY TOLL OS NET Total ascertainable taxes, including the company's propor the long decline started a little less than a year ago, and for the last three months had stabilized at a level about 13 per cent under the peak. Value of inventories carried during recent years has been low, retailers remembering les registration statement covering week, stocks went higher in every session, and, the week before, they lost ground consistently.

The year's high for the Dow-Jones industrial averages was on August 6. Thursday they managed to close at 141.07; only a point and a half from thej old top, but right there they I the intended issuance and sale bell the first step in the program was announced. Timed apparently so as not to disturb the market, an official announcement said the Federal Surplus Commodities Corporation would buy wheat for export trade and the amount to be purchased was not disclosed. Moderate hedging pressure from the Northwest that met with only quiet mill and commercial buying accounted for bile production in the United of $25,000,000 of fifteen-year de tionate share of the taxes pay sons learned from losses taken ceding week. WEATHER AIDS "Profiting from the slow buying of the two previous weeks, trade managed to chalk up im-.

bentures. The interest rate on the de- during the long slide of prices abl bv companies in which it States declined during the past week as the result of a temporary discontinuance of operations by one large producer. fully assault the portals of the mid-year recovery peak, but sufficient offerings appeared to discourage the attempt and irregular price movements ruled throughout the remainder of the proceedings. Steels, motors and rubbers were among the first to go baA a way. A little buying attention was given selected amusements, rails, utilities and motor equipments, several of which edged into new high territory for the year hefore being thrown for a loss.

A number, however, managed to emerge with modest advances. ALOOFXKSS NOTED The day's business news, on the whole, was still of a character to keep trading forces cheerful, but some in Wall Street had beginning in 1929. Last year's owns more than 50 per cent of hrntnroa vHll ho annntinrwt in peak of department store in-, the stock, the percentage of amendment to the statement. posing sales totals in several im ventories was less than three ie.s to net profits before taxes, The statement disclosed thatportant lines," the credit agencv' of the net proceeds Kaid. "improved weather condi faltered.

The close Fridav was at 142.91. SKK.V AS BKARISH This hesitant movement at the top had the effect of mak tions made retailers more active the lower trend. The corn mar- IVUiUlJ V'l Vtltt w. 1 j. goods held in stock during theiand 1axes Per snare f.

outstand-. 1923-1925 period. Now the inven-jinj? common stock are shown for tories are 36 per cent, or welljthe last four years as follows: in advertising fall merchandise, Production of cars and trucks this week aggregated 18,700 units as compared with 23,940 in the preceding week and in the corresponding week of 1037, Ward's Automotive Reports, estimated. Ward's expressed the belief Ket, on tne outer nana, was will be used to repay present bank loans. The balance will be added to the company's cash fund.

The company said that dur- steady, being strengthened by over one-mira lower man in Tot.i p.rrenu txm perl EndfH Asrertam- share ofi further export business estimat taxM tn net ing the chart followers bearish for the time They were common and stimulated buyers' interest in coats, and other apparel items. "Sales of cotton dresses and yard goods for school costumes ran even with a year ago in the ed at 300,000 bushels, bringing the year ended June 30. 1938, June 30 able taxes 11.1R SRM.703 19T7 070.995 192(1 6SR.138 468,170 proms 49.91", 27 31 21 24 24.20 that a solid foundation has been 1923-1925. BOTTOM INDICATED The leveling-off of ries at 64 per cent of the 1923- 9 n-frn era inipatoH A Vrvitnm sales this week near 3,000,000. RANGE Of PRICKS i.3 it spent anout :j.u,;Mi,!Hiu 10 ac- ouire and develop crude oil pro- built for steadily gaining ac tivity and estimates that approx- -Fieiired on net nrnflt, h.fnr.

I. re, 1 v.i 1 vy 1 1 ii 1 1 1 i v. v- ami VU it li- "Rugs were slightly more ac imately $60,000,000 has been prove refining, marketing and of the adjustment was reached ADDluo.vih I.IAES The report explains that this i transportation facilities The company also said it in includes only such taxes as are definitely ascertainable and does predicting a reaction, not necessarily a severe one, but enough to correct what seemed to them a temporarily overbought position. They may be right, or then they may not. A point in their favor is the reduction in the short interest.

It will be remembered that, back in June, before the sudden upturn made its appearance, the market was full of shorts, so much so that it was calculated, on the basis of the volume then being registered, that it would have taken the bears three davs tive, with increased demand for higher priced merchandise in evidence. "Furniture volume, though still below 1D.T7, showed the smallest decline recorded so far this year." Of wholesale buying, the agen spent by the auto producers alone to retool factories for 1939 model production. General Motors production the past week was 500 units, against 30,300 in the preceding week and 29.100 in the like 1937 week. Ford Motor output was 14,000 units, against 11,000 and 26,000, while Chrysler produced 1950 units, against 900 and 23,950, tends to continue spending for such purposes, but that the total amount to be spent, its allocation and the sources of additional cash fund, if any, are not now determinable. Smith, Barney Co.

of New York City was named as the principal underwriter. the idea stocks might, have discounted the expected fall eco-nornic improvement to a great extent. The warier ones, therefore, stepped over into neutral territory to await more stimulation from the industrial front. The pace was rather brisk in the first hour. Volume dwindled thereafter and transfers for the session totaled 821,810 shares, against 826,570 the day beforp.

The Associated Tress average of sixty stocks was off .3 of a point at 49.5. While the principal automobile stocks dipped easily, some equipment shares in this line were lively performers on the Whet Open Hlah low Clone September .82 .83 V. .82 December .83 .84 March S84 Mav 87'. .67 Vi .66 .66 Va Corn September .51 'i .57 December 4f March 51 Oot September Decwnber 28 .25 .24 So ben i October 77 .77 .76 .78 December .78 78 .76 .77 .77 September .41 .42 .41 .41 December 42 .43 .42 42 48 .46 .45 .45 PROVISIONS L.rrl Open Hlh Low Clo.e September 7.77 7 85 7.77 7.77 October 7 85 7 92 7 85 7 87 December 7 95 8 05 7 95 8 00 Juniurv 8.02 8 05 6.02 8.02 Bellies September 9 20 CASH CRAIM i Cnh het. No.

2 red. 66- No. 2 hrd. not include taxes included in the prices paid for materials, supplies and equipment or taxes amounting to $111,072 collected on behalf of State and Federal governments from employees. It does not by any means represent the total tax bill.

For the fiscal year just closed, the company's net profits were In May the month previous to the record-breaking rise in the stock market, which many observers remarked was associated with definite improvement in the inventory position of the nation generally, so far as most lines of manufactured goods are concerned. Heavy inventories of many farm products remain to plague producers in that general field. There has been general stability In department store sales for an even longer period six months, in fact. Fluctuations in cy added: RUSH OR KKS SPUR "While future commitments continued light in the principal to cover if they bought-all the I The price at which the bonds are to be offered to the public, the names of other underwriters and details are to be furnished $1,255,001 after Federal taxes, de stocks sold. That is not the sit-! uatlonnow, Just an an example iUAn I DIICIMCCC (the figures are the latest avail YYUUL uUjIINLJJ able.) the short interest in! Chrysler was reduced from Iff hi II I preciation and all other charges.

In the preceding year the com- by amendment. Robert H. Colley of Philadel phia is president of the com values of goods sold, after al- pany reported net profits of upside in th? forenoon on the lowinz for seasonal variations, The decrease in net No 1 h.rd tou.h. 63: No 2 TellowKXHI SIlHrPS On .111 1 tn Dfifil I I IIUIIIUI IT III II I theory the predicted jump in motor sales and production this h.rd. 63 6S-.

NO. 3 mu.d. 67; m.ln.T snarp, Of). There noj UULL wholesale markets, heavy demand from retailers who found original orders insufficient to cover more active consumer buying gave the much needed support to volume. Prices were strong, and in many quarters there was evidence of a resistance to accepting orders for future delivery at present prices.

Mail orders, particularly from the West and South, were more numerous, stressing rush shipments of blankets, flannels, and fjorn. NO 2 mixed. 5JWSji: no. 1 nffin i nfn.mni i autumn would aid the parts com ROSTON', Aug. 26.

(JP) The low. 5354; No. 4. 53. No.

1 54i; IO now 54 have been inconsequential. The profits, the report stated, can be Panv- bank's seasonally adjusted in-jattributed to a decline in sales' dex of sales stood at 90 per cent I volume accompanying the I AiniklPC of the 1923-1925 average in Fcb-ieral business recession, AN I I IAIJINIm ruary. In July it stood at costs arising from Commercial Rulletin will say to- panies materially. The majority, though, were under water i ue account now stands, hut the probabilities are that it is lower. at the finish.

morrow: The wool market continues x- LOXfi TKIOl JU'LLISH Volume indications are not il- tremely dull both in the East and IMCrlllVYlUie It imu in-rn iiii I nit-inn Willi vat lUUIi II due UI1IUIIS, III fs 111 II IP ri 91, and never lower than somewhat generally lower iU If iHrlr IM WrrK RAILS BOLSTERED Rails did rather well com- Iuminating. The largest ad- in the West. The few sales report Oats. No. 1 Thite.

28: No. 3. 25936; No 4. 224 23'i Barley, feed. 33150 nominal; maltlni 50166 nominal.

Timothy eed. country run. 2.75 9 2 80. Clover, red too. 7.0047.75 MINNEAPOLIS MINNEAPOLIS, Am.

26 Wheat, clone: Scotember, December. May. Cash. No. 1 heavy dark northern.

7JSO dark northern. No. 1. No 2. No.

3. 65a fancy No. 1 bard Montana. 74-'78S No 1 dark hard or No. 1 hard Montana I II VI la.IV IM II La.l i 1 TI-I- other dry goods." OAKLAND LEADS Oakland was the only western IMPORTANT FACTOR city doing more business on a I It will be noted that while the dollar measure than in the 'company 's total ascertainable varue mis weeK was scored on ed are for smalt quantities and! Tuesday, when the turnover' iful here were the official figure, crossed a million Zv'T fT lag last week's freight first In seven full five-hour Soft sule' loadings were up more than Little Change Seen in Local Picture seasonally.

Operating income "normalcy" period of 1923-1923. Oakland's July index based on Los Angeles trade activity the taxes for the fiscal year ended June 30, last, were $128,292 below he total of $979,995 reported for the previous year, the past week held close to the lev the "normalcy" period as 100 was 104, This was a come-down sions, but, on the succeeding 1 day, it was over a million shares MedUim briht woo, also and stocks were fractionally I from M'dwest have shown the lower at the end. The best that inost easinff and merchantable can be said is that, taking trad- quarter and three-eighths with diftl-ing hour by hour, activity picks 'cultv to bring 29 cents, delivered, up on the advance and drops offj interest is pointed towards the On the decline. looenine of th new Australian WASHINGTON, Aug. 26.

(JP) The Association of American Railroads reported today 597,918 cars of revenue freight were loaded during the week ending last Saturday. This was an increase of 8357 cars, or 1.4 per cent, compared with the preceding week; a decrease of 179,232, or 23.1 per cent, compared with a ypar ago, and a decrease of 321,905, or 35.2 per cent, compared with 1930. The report classified the loadings as follows: company was nevertheless work from 111 scored in June and from 117 in July last year. San statements of the larger roads also testified to expanding traffic and the reduction of maintenance charges. Amusements were dropped by thoughts this department should do better as the dog-day dullness ends and new moving pictures bring better attendance at the ing harder for the tax collectors winter, b.i-.wat".: hard arc durum No.

1. No 2. 7: No. 3. 56'.

t)70'; No. 1 red urum. 55 V. LIVERPOOL. Au.

26. Spot wheat. No. 1 dark winter. 6 8'id: RiiMian.

5. 7'jd; Au.trallan 6. 2d, Future' doted tead; October. December. 73U; March.

71. WINNlPtG WINNIPEG. Am. Hleh Low Close October 65 V. KSt December SS1.

.83. May 88', 67. .87 Wheat. No. i northern.

66S: No 2. 64: No. 3. 83 Oau, No. 1 white.

30 No. 3. I ri.AXAKF.D Francisco's index was 98, off during the year just closed be- els of the preceding week with retail volume, as measured by department store sales, averaging 10 per cent to 12 per cent under the dollar volume of last year, Dun Rradstreet reported yesterday in their weekly business review. Wholesale trade was spotty and restricted cause 40.01 per cent of its net profits before taxes went for tax Asitie from the followers of the season at Sydney on Monday. Most bills as against 27.31 per cent In ly, predictions favor a firm market on parity with European markets.

charts, the predominant sentiment in the street is bullish, es the previous year. Sales of crtitchings in Xw Zea- pecially for the Inneer null Under the most favorable circumstances, taxes for years to There has been nothing in rfrvllanfl however, have A fear ato operations were prevalent in ween tn'Z ot aW)Ut Pr 11 lw cent hPraiicA crmu or amM mestic business developmf suggest a rhansre of trend mestic business developments come most likely will prove to be a sizable item in corporate earn Thla wer MiteellinMiii frtitht 23S.7M Lem-i hrni riot mtrchandiwt. 149 307 Col 95.393 a. r. ntvvtlU IIWl meet buvers' ideas of, value 4 Ml 771 17, MO i 3,77 20,840 September Opn High low Cloe Mlnneapolla 70 1.70 UT, 167 Dulu'h 1.68 1.68 168 168 October Duluth 188 1.68 168 1.68 December Mlnneapolll 1 69 1.6ft 1 66 1 68 DlllUth 1.68 1.68 1.68 1.66 Ca.h: Mlnneapolla, 1.701.74; Duluth.

1.74. ings statements, but unless con the local garment manufacturing industry. Ruilding activity continued Impressively with the issuance of 737 permits valued at $1,165,862, Oram ana train ditions permit corporations to improve materially their net product 45.777 2.119 4- 2.398 from 102 in the month and from 105 in the year. Los Angeles rated 88, up 2 for the month and 8 lower than a year ago. The Pacific Northwest scored 68 for its July index, against 69 a month earlier and 78 a year ago.

New stores, not in business when the indexes were set up, have taken some of the trade, old stores have dropped out. So the Pacific Northwest showing is better indicated for short periods than long ones. DECLINES SHOWN Sales levels compared with last year showed these declines by cities: Phoenix, '6 per cent; Los Angeles, 10; Oakland, 12; San Francisco, 10; Portland, 12; Seattle. 15; Spokane, 15; Salt We.tern dicta. 33.136 2.006 earnings and thus keep within Llventock 12.059 114 2,950 We.tern ril.ti 09 i hi as compared with 605 permits The domestic pieregoods market is rather dull and the trade Is watching the response to openings of tropical Roods at 30 to 40 cents a yard under the level of a year ago.

Mohair It slow and hardly changed. Knreu product. 30.075 301 havine? a valuation of S923.704 for theaters. Loews, raramount, Pathe and Twentieth Century-Fox were moderately up at the finish. Some power and light stock! were supported on the belief they were hehind the mirkt and were due to take up the slack.

Bond Values Show Irregular Trend NKW YORK. Aug. 2fl. (T) Bonds moved in both direction, today without getting anywhere. At the finish gains and losses, appeared to be about evenly divided, with few changes exceeding fractional limits in the active group.

Some miscellaneous in Ore 4.392 164 49.9561. ing fill I r.liunuillK wi-i-iv ui ijoi, reason the percentage "take" of the tax gatherers, we may witness a new example of killing the goose that lays the golden Smith Interstate Aircraft Head Don P. Smith, formerly vice-president of Aviation Corporation of Delaware, and in charge of operations of Vultee Aircraft Corporation, a subsidiary of Assets of Mines Holding Unit Gain NEW YORK, Aug. 26. (JP) International Mining Corpora- the review stated.

Business failures In Southern California during the month of The Bulletin will publish the1 eggs. July, said the review, were about Pacific Distillers Operates in Red Tacific Distillers. Inc. yester 12 ner rpnt less than in each otln, an investing concern, re- iuiiuMjriK quotations: Donif.tle.- Ohio and Pf nn.ylvaala rtc Delimit, tin titled. JHV30; u.

blood eoinbnii. nviO: comblnt. 30 31: -blood comblnt. 30. Mirhn.n and Nw york flwrr.

Drlainr. J7j29; blood con'blnt. 2itil: -blood comblnt. i i the two preceding months. Last ponea touay nei asset vaiue as of June was $13.42 a share month fatalities, not including Barron's Business Index Turns Up Aviation Corporation, has been elected president of Interstate compared with on March JuJi: -a-DIOOQ Climb IIO vom petitions filed under the Rusi day repotted for the fiscal year Lake City, 9.

Tacoma gained 14 per cent, having been slowed ness Reorganization Bankruptcy afl at the end of 1937. The figure for the current pe ended June 30, last, a net loss of after all charges, com Act, involved liabilities of Mmourl tnd Indltii. and Ntw blood comblna. 2flTJ 27: blood combtnv. UHftzw; romhlnt.

21V J. common and braid, 2-27; black, burry. ciay aoi21 Sroui.d b.rt.: Truai rin Iwtlvt monih. r8: Ana ihort tlt NEW YORK. Aug.

pared wfth a net loss of $12,137 riod does not include dividend distribution of 10 cents a share to be paid September 20. leal volume of business in the 011, as compared with thirty-one failures and liabilities of for Julv, 1H37. in the preceding fiscal year. Sales niuinni. ijgii: nn tiani mont hi, MWM.

totaled $217,419, against v.morni. Northern. tr4: middle week ended August 20, last, ad vanced to fit.f) per cent of nor and cost of goods sold amounted ouwoi; touintrn, 5SSBO: fine acourtd, (lli3: tarbonlerf fin. Mm Aircraft and Engineering Corporation, it was announced yesterday. Associated with Mr.

Smith in an executive capacity, are W. K. Hirtenstelner and L. R. Cameron, both well known in aviation circles, and also formerly associated with the Vultee Aircraft Corporation.

Interstate Aircraft and Engineering, said to be the largest aircraft parts manufacturer in Southern California, has made Orrion-Fine and r.M. Maple, 660 67; fine OIL FIELD NEWS ma I from 58.6 per cent In the preceding week, according to iio cioinini. atlST, Territory: Montana and almllar-FInt c.holc'' -btood comblnt. 7rH: -blood comblnt, 71r: Harron's Index. This compares rwiiii.iii., afn ji, iu inii am, ikhi.

BV HOWARD KG LEY A A. fine A anpera. 664 68: A itinera'. active recorded wider moves on both sides. In United Slates governments interest remained at low ebb.

Some Treasuries sagged and the close was lower to higher. Foreign were mixed. Cuban 5V4s and Japanese fi's scored gains of a point or more. Trading on London Market Curtailed LONDON, Aug. 20.

In view of the uncertain political situa. tlnn and possibility of develop, ments over the week-end, trading In the stock market today with SS.fi a year ago. to $208,503, against $191,933. Selling, general and administrative expenses were $08,238, against $39,575 in the preceding year. Current assets as of June 30, last, were carried at $88,347, against current liabilities of A year earlier current assets were against current liabilities of $11,877.

n.iwoa, u. n. aiiprra trnotre.) 60tr62: mittr twniir.l BIT. It lll.ln.rf Apparently searching for an iavcraie.1 otiffrs.i Mohair: Domeatle. od reiional bar.

TVxai 4347 tenti; Tetai kid. B7 60: Arlrona and New Mexiran. tnttti: nrm. extension of the productive area arrangements whereby it will a year ago by labor troubles. Smaller city groups South-trn California down 8 per cent; Central California.

11: San Francisco Ray area, 11; Washington, 15; Idaho, 3. Imports of Gold Heavier in Week WASHINGTON. Aug. 20. (JP) English and Japanese shipments pushed United States gold imports to the highest, total since April 1 in the week ended August 19.

The Commerce Department aid $49,839,395 of the yellow metal came to this country during the week, compared with less than $20,000,000 in most of the preceding weeks of recent The current increase was due largely to the sharp rise in automobile production but steel and oil output and miscellaneous car-loadings also registered gains from the preceding week. Rar- ton, 4.1 4.1. Dome. tie traded- rim comb- found by retroleum Securities In Its Gatchell No. 2 well on receive an additional $100,000 In working capital funds, it was stated.

kid, S.HiOO: lerond kid. 7o7.1. C.oe win. lr flrnti. nominal.

41 4.1: jtltmmt A rata Coaling.i Nose, Tide Water As 4M7: Ciw klda. AM7; Tur sociated has just gotten under ron's Index Is corrected for nor rr.idir, vrrmr, iV3i. tmreitn prlc way with an interesting explora in uunn.i mal seasonal change and is ad- tory job eight miles almost due Financing of Hupp Motor Assured DETROIT, Aug. Youngstown Steel Operating Rate Up Justed for longterm and popu Jatlon growth. north from the Gatchell area.

which some time ago was heralded as the discoverer of a new zone below the Rio Bravo Vedder sand, and which continued drilling on down after the second zone proved to be unproductive, Is now reported at a depth of 13,755 feet and still going. Getty's Ramsey No. B-2 well, completed at Rl'o Bravo a few days ago with a potential of 10,000 barrels at feet, made an initial flow at 470 feet, with 5,500,000 cubic feet of gas. The company Is getting ready to start Ramsey No. 3 next week.

MOt'XTAIV WORK was restricted, but the general This well Is known as Fleish- haker No. 57-1 on Sec. 1. 1915, Davis, president of Hupp Motor Car Company, stated today that tone was firm. Interest centered In Iron and steel shares, and In Rail Heads Hold Montgomery Ward Pays Dividends CHICAGO, Aug.

2d.I)irectori Of Montcomerv Ward and Cnm. YOUNGSTOWN. Aug. 2. Carnegle-Illlnois Steel Corporation has lighted a sixth open hearth furnace at Its Karrell (Pa.) plant, lifting Youngstown The section it occupies is just east of a section on which there are a lot of old pumpers, at the nearly $2,000,000 of new funds have been assured him from three sources for the financing the aviation, brewing and do-mestic rail sections.

Gilt-edged Issues and foreign liens re- mained quiet. Outlook Uncertain northeast corner of the Coallnga field. Unofficially it is reported district, sieei output anout a or 1939 model production. Decision of directors will be made Ttoint to around 45 per cent of nanv todav divtHnrt nt that the Job Is to be a deep test for that area and that it will WASHINGTON. Aug.

Closing stock market averages capacity, rrelinilnary operating! 2." tents a share on the common In the next week or ten days on Lcading rail executives attend schedules indicate that this rttte search for the Avenal sand which the method of financing to be stock, payable October 15. to ing the regular monthly meeting Petroleum Securities found at used, he said. Tooling on the of the Association of American In the Round Mountain field Brown and Saffold's Newberry Mock of record September 9, and the regular quarterly dividend of of the l)iidon Financial Times showed Industrials up 0.2 to 101.2 and rails up 0.7 to llfl. The Paris Bourse closed lr regular with a heavy tone, new models Is about 90 per cent will continue next week with forty-one open hearth furnaces, two Hessemer converters and ten blast furnaces In operation. Railroads' board of directors were conservative In comments completed with the first cars of No.

1 wildcat on Sec. 32, 28-2), a share on the Class A stock, payable October 1, to stock two of the new models scheduled Is down 1575 feet, drilling in hard shale. On Sec. 8 the Crest-mont Oil Company has finished or record September 16. to be finished on September 8, next.

The common stock received the same amount In the preceding Staley No. 1 for 465 barrels of C800 feet. RKADV TO HKT IMI'K Late yesterday the retroleum Securities Company was putting the finishing touches on a reaming Job in its Grimes No. 88 well, just north of its Gatchell No. 2 producer on Coallnga Nose, preparatory to setting casing a cement Job.

The company topped the Gatchell zone at fi780 feet and Net of Bunker Hill quarter when the rate was re duced from 50 cents a share. crude at 1610 feet. Honolulu Oil Corporation Is preparing to bring In Its No. 4'J on Sec. 20, Exchange Member Trading Declines WASHINGTON.

Aug. 2(1. -Members of the New York Stock Kxchange In the week ended August 6 traded 2,056,877 shares and Sullivan Told regarding their roads' operations. While they noted a little Improvement in business they declined to be ovcroptlmlstlc concerning prospects for the latter part of the year. For the most part carrier officials noted that while there had been a slight upturn In traffic, carloadings were Ftlll far below last year and said they could seo no prospects of a material upturn In the near future.

months. The shipments included $24,041,933 from England. from Canada, $17,022,751 from Japan, and $2,109,011 from Colombia. Sliver imports declined meanwhile to the lowest level In many weeks. Mexico sent $199,501 and Canada FOREIGN UNITS SHOW DECLINE AGAINST DOLLAR NEW YORK, Aug.

20. (JP) -Most European moneys declined today In terms of the dollar In quiet exchange dealings. Sterling lost 716 of cent at 4.87 918 and the French franc .00 31ft of a cent at 2.73 7-16. Guilders dipped .01 of a cent to 54.67 and the Swiss franc and bclga were each .01 of a cent lower at 22.91 and 16.88, CONSOLIDATED OIL PROFITS SHOW SHARP DROP NKW YORK. Aug.

2. W-Consolidated Oil Corporation which was drilled to 1805 feet. Its No. 58 on the same section SAN FRANCISCO. Aug.

20. Davics to Address Life Underwriters WV-Bunker Hill Sullivan has rigged tin but has not spud ded. On the same section the for their own account, or 19.76 per cent of total exchange trans cored seven feet of It. This, according to field scouts, was Members of the Life Under Mining Concentrating Company reported to stockholders today It made $388,281 net profit In the first seven months of this year. Shell Oil Company's Freeman No.

17 is idle, last depth renort- writers' Association of Los An actions, against 20.00 per cent more thoroughly saturated than the upper cored from the same in the preceding week and 20.R3 geles wilt hear John p. navies ed being 1931 feet. and subsidiaries reported today for the six months ended June This was $318,510 over dividend of the Northwestern Mutual IJfe per cent In.the week ended Julv 2.1, the S.E.C, reported today. requirements on the employee Canada Loadings Up zone in the Gatchell well. It Is said that the Grimes well top.

ned the Avenal sand ninety feet higher on structure than the 30 net profit after all charges of $1,000,311, equal to 28 cents a share of common stock, ronv pared with OTTAWA (Can.) Aug. insurance Company discuss "An Insured Investment" at a luncheon meeting to be held Tuesday noon. August .10. at the Clark Hotel. Mr.

navies Is a former Carloadings In. the week ended Rubber Srocks'Gain LONDON. Aug. 2(lStoks of Gatchell well. Oil Vacancy Filled rillLAnEMMlIA, Aug.

Joseph W. Mcintosh, former comptroller of the currency, to-day elected a director of Pure Oil Company to fill the vacancy resulting from the death of Warren Fairbanks. August 20 totaled 47,216 ears. preferred stock, which Is gradually diminishing In outstanding amount. No dividends have been paid on common this year.

While no parallel figures were given for last for the full year were $3,103,947, and In 1D38 $2,241,612. RKACHINO PKKP rubber were estimated tnrlsv to educational director of his com against 43.rnn In the previous week and M.761 a year ago, the cents a share, In the comparable 1037 period. Company production rom. principally from Texas and mid. 1 In the Rio Rravo field the Su show an Increase of 600 tons pany and has also served ss sales perior Oil Company's Helbling Dominion nureau of Statistics re this week and at Liverpool manager for the Curtlss Airplane decrease of 350 tons.

'Company, Nil. 1 well on Set. 1, 29-23, ported today, continent fields. i.