The Brooklyn Daily Eagle from Brooklyn, New York • Page 21

Brooklyn Daily Eagle Financial Section COMMODITIES BUSINESS REAL ESTATE SHIPPING BROOKLYN, N. WEDNESDAY, AUGUST 25, 1937 21 Today's Market Air System Sales Gain 52 in July Lift Dividend Of Briggs and Stratton Corp. Eccles Admits Using Psychology to Lift Low Interest Rates Slocks Make Little Progress in Slow Seion as Industrial Stocks Ixe Karlv Cain Hails Are Soft Spot-l'tilities Hold Steady PSYCHOLOGICAL' Bulova Watch Profit Doubles During Quarter IVrShare Earnings Equal 81.71 Vs. 72 Cents' in Like Period Report of Bulova Watch Company for the June quarter shows earnings more than double thae of the comparable period a year ago. Net profit for the quarter was $566,351, equal to $1 74 per share.

This compares with $233,530 in the June quarter of 1936, equal to 72 cents a share, CONSUMERS POWER For 12 months ended July 31 net income $9,867,912 against $8 289 686 in preceding 12 months. OHIO EDISON' For 12 mo ths ended July 31 net inonv $4 804 637 against $3,761,810 in preceding year. NEHI ORPORATION And subsidiaries for first half net income Claims Losses Would Follow Rail Pay Rise Enochs Sees l'rofitaMe Operations Cheeked if Increases Given Chicago, Aug. 25 04) Railroad union representatives engaged in a wage conference today studied a contention by railway operators that many roads which wound up 1936 with net incomes would have suffered losses had the proposed salary increases been in effect. H.

A. Enochs of Philadelphia, chief of personnel of the Pennsylvania Railroad and chairman of a committee of 15 men representing 86 railway systems in the nation, presented figures on the estimated cost of wage increases already given and those under consideration. Ask 20 Percent Increase Operating workers are demanding a 20 percent salary increase. Enochs said that the net income of the Baltimore fc Ohio in 1929 was $30,000,000. and in 1936 it was AVKRAGKS Cumpilnl by Itinc August 25 INJH STRIAI.S 1937 High, 194 Low.

165 31 i 1 a m. 2 30 .09 m. 181i 2 1 ir. 1 RAILROADS 1937 High, 64.46; Lou. 00.17 am.

5J 0. .01 m. 51 77 12 m. 51 9 .12 i m. 1 78 rTII.I I IKS High, 37.54; Low.

VzAG 1937 11 am. oi .3 2pm 12 m. 27 S5 .17 3 m. 1 7 'jG ibee later tdiMor. for do-ink aseranes 1 Stock market made little progress today, failing to carry through the upward movement of the preceding session.

An early period of strength wis followed by several hours of backing and filling, then a sell-off forced prlces back t0 aroum, closing levels. Rails were a bit weaker, industrial stocks were steady and the public utilities were steady to firm. The monotonous trend of low volume continued, with the total again the neighborhood of a half million shares. There was not much feature to yW.iS: Mm House Committee Hears? Details of Move to Reduce Idle Funds Washington, Aug. 25 (UR Federal Reserve Board Chairman Marriner S.

Eccles was revealed today as advocating steps to create a "psychological effect" that would tend to increase interest rates. These steps involved increases in the required reserves of Federal Reserve member banks, resulting in reducing the large volume of excess reserves or idle funds, it was disclosed in a transcript of Eccles' testimony before the House Banking and Currency Committee. Fear that the huge reservoir of idle funds existing several montlis ago would depress interest rates to a point where insurance companies, mutual savings banks and other fiduciary institutions would be unwilling to buy long-term Government bonds was a compelling influence in the Reserve Board's action, Eccles said. First Increase The last six months saw the first mcrease ne lme. new cent years.

Inasmuch as Federal Reserve officials are invariably consulted before the Treasury carries out a financing program, it was believed that Eccles might have influenced the higher rate. Eccles also informed the that the board has to act promptly because "there was a huge credit expansion under way which would have such repercussion as to practically paralyze the country." Rep. T. Alan Uoldsborough Md.) suggested that the increase In required reserves was ordered "partly so that the psychological effect would be to increase interest rates to a sufficient extent to prevent a disastrous inflation." "Yes." Eccles replied. "I say that interest rates due to the huge excess reserves had gotten down to such a low rate that they could not be expected to be sustained there for any reasonable length of time, that they had reached a point where Power Output Sets New Peak Continues to Expand Sharply Cain Over' 1936 Week Was 10 Production of electric energy by th liohr onrl rrer Indite irv r.r the TinitpH K'ate fnr week Aug 21 WM jjo4.032.000 kilo- waU a hi rpcord, the early trading except a fairly i static group.

good undertone in the industrial list Despite the steadv tone of the and a flurry of interest in radio day's session, the volume continued stocks and a few selective motors. 1 at its usual low level. Traders Chrysler started off with a gain blamed the dullness on lack of pub-of l'a. a strong contrast to the lie interest. No deep study but onlj usual fractional range.

Bethlehem a glance at the crawling ticker was picked up of a point and U. S. necessary to confirm this belief. Commodity Markets $1.2. Quarterly Voted Previous Payments Were 75c.

a Quarter Briggs Stratton Corporation declared a quarterly dividend of $1.25, payable Sept. 15 to record of Sept. 3. In previous quarters dividends have been 75 cents. General Theatres General Theatres Equipment Corporation declared an interim dividend of 25 cents, payable Sept.

28 to record Sept. 17. Petroleum Corporation Petroleum Corporation of America declared a dividend of 50 cents, payable Sept. 14 to record Sept. 3.

The previous pavment was 40 cents on May 29, 1937. Detroit Paper Detroit Paper Products Corporation declared an initial dividend, accrued since the date of Issuance, July 19, 1937, on the 6 percent pre: ferred stock of the company, payable Oct. 1 to record Sept. 20. A regular quarterly dividend of 6'i cents per share on the common stock was also declared, payable Sept.

10 to record Sept. 3. Abraham Si Straus Abraham Straus, declared dividend of 75 cents on common, payable Sept. 30 to record of Sept. 20.

A similar payment was made June 25. Mueller Brass Co. Mueller Brass Company declared extra dividend of 10 cents and regular quarterly dividend of 25 cents on common, both payable Sept. 29 tj record Sept. 14.

American Ice Companr American Ice Company declared dividend of 50 cents on preferred, payable Sept. 25 to record Sept. 7. Paid same amount June 25. Art Metal Works Art Metal Works, declared regular quarterly dividend of 20 cents on common, payable Sept.

21 to record 10. British Tobacco British-American Tobacco Company declared an interim dividend of 10 pence on the common stock, payable Sept. 30. Hall Lamp Company Hall Lamp Company declared dividend of 10 cents on common, payable Sept. 15 to record Sept.

4. Paid same amount June 15. Paramount Pictures Paramount Pictures, declared dividends of $1.50 on $6 first preferred and 15 cents on 6 percent second Dreferred. both oavable Oct -cord sept. is.

similar divi- Canada Northern tion declared regular quarterly div- idend of 30 cents on common. iav- able Oct. 15 to record Sept. 30. Connecticut I.icht Connecticut Light fc Power Co.

oeciarea regular quarterly oiviaena of cents on common payable ble Sept. no to record aept. la. ram same amount. June 30.

I'nion Carbide Union Carbide Carbon Corpora tion declared dividend of 80 cents, payable Oct. 1 to record Sept. 3 Paid same amount July 1. Mathieson Alkali Malhiesoti Alkali Works declared regular quarterly dividend of 37 'j cents on common, payable Sept. 30 to record Sept.

7. American Safely Razor American Safety Razor Corporation declared regular quarterly divl- dend of 50 cents, payable Sept. 30 to record Sept. 10. Cnited Elastic United Elastic Corporation de- clared a quarterly dividend of 20 rent.s, payable Sept.

24 to record Sept. 3. Dividends previously have been 15 cents quarterly. Yellow Truck Yellow Truck Coach Manufiic- luring Company declared a ciivi- dend of $1.75 on preferred, navable Oct. 1 to record Sept.

15. The same amount was naia on arrears Julv 1. I'FcJersl RcSCFVG $4,500,000, while if the wage boosts 1 already granted and under discussion had been in effect the road would have had a deficit of last year. Enochs told the union leaders yesterday that the combined net income of the 86 carriers dropped from $869,000,000 in 1929 to in 1936. Hp contended virtually all railroads would have suffered "heavy last year if they had been lorced to pay wage boosts of 5 cents an hour already granted the 14 non-, operating railroad brotherhoods and the 20 percent boost asked by unions of operating employe the engineers, firemen, conductors, trainmen and switchmen.

Income Shrinks Enochs said 29 Eastern railroads had a net income of $373,000,000 in 1929 and a profit in 1936. but would have lost $9,000,000 last year under the proposed pay hikes. For 34 Western railroads, which reported $350,000,000 profit in 1929, Enochs claimed their deficit of in 1936 would have increased to S94.000.000. Of 23 railroads in the South. Enochs said, one incurred a deficit in 1929.

five lost money in 1936 and 13 would have had deficits if the waee boasts h.d been in effect lost year. Warner Quintan Plan Confirmed Federal Judge Murray Hulbert has: confirmed a plan of reorganization for the Warner-Quinlan Company under Section 77-B of the bankruptcy act. The new plan gives creditors a larger payment than offered in the first draft. Unsecured creditors and stockholders arp to receive 70 percent of their claims in bonds of a new company or they have the al ternative of accepting 55 percent cash within 60 days. Secured creditors will be paid In full in cash.

Warner-Quinlan's service stal ions. numbering over 200. are to be sold to the Cities bervice Company tor Steel, although fairl ar-ive. had a smaller gam. Ha'iio.

Zenith. Borg Warner and other securities representing the ra industry were in fairiv good demand, reflecting unusually heavy demand for Fall lines ot radio receiving sets. A price increase of 5 to 15 percent has apparently no ef-ect deterring buyers. Nrtf Highs Borg Warner continued active and ha a new high for the year. Other issues in new territory included Radio.

Parker Ru.st Proci and Anient an China issues. The rest of the list muddled alonj with steady price patterns. U. Steel held most of iis early ttdance. Chrysler eased trom i's first strong" move but later met support around it previous closing leel.

Oils were firm but dull. Some selling appeared in the coppers, particularly Kennecolt. al- though price recessions were usually in a tractional range. The railroad shares were again reluctant in making appearances on the tppe. usually dipping slightlj when did appear Utilities were lairlv steadv.

Amer'. can Telephone picked up a largv fraction and the low-priced issue were receiving support. Selected coal stocks were another group to attract more interest than usual. Brokers said that approach of the Fall and Winter season had. helped revive interest in this usually Cotton Futures Lose Karlv Gain The rotton market opened steadier, 5 to 10 points higher.

Buying appeared to be heaviest in the distant months, particularly May. Some of the buying was attributed to the growing belief that crop control would become effective later in the year and influence distant months, Octobei opened 9 68. December 9.70, January 9.74. March 9.86, May 9.95 and Julv 10.01. Quotations sagged slightly from the best after the opening call, but the undertone stenri'.

December sold off from 9 71 to 9 68 shortly afer the fuvt. half hour to leave the 2 to 6 points net higher. The market, turned easier fol lowing publication of the wpc-kly weather report. Hedging, liquidation and local selling appeared and carried December off to 9.58 with the market showing net losses 5 to 9 points al mid-dav. Hawaii to Offer Two Bond Issues The Territory of Hawaii w.ll offar $4 .500 000 of bonds, two bv request mg scaled bids in New Yolk City about the middle of September, aicon.ing to word received New York todav from W.

Con. iile. Treasurer of Hawaii. One issue to be offered will comprise short-term bonds for the purpose of refunding the 1917 w-ue ten years prior to maturity. The second i will comprise? $3 000 000 public iiniroenier.t; bon; the' 1933 Legation and appi ov eri bv he fluted Coiur-.

and he of the S-a'es. w.ll tc da-ed 1. an will leal if" i. eq lai amouu's 1939 to 1966 I)F I I I I HI Jacob t)u: Brooklyn, his hc (iahticd to acce)' liii'tt-r. eg' ac.ii ica'o it'ip's for K.

a n.ei Macdcd ent i leal-Ma I- C.et com litre. was $410,198, against $178,496 in like periou. COMMONWEALTH EDISON For seven months ended July 31 consolidated net income was 633, or $5.38 a share, aeainst $5 496. or $3.65 a share, in like period year ago. THOMPSON PRODl'CTS For June quarter consolidated net profit was $459,774.

or $1.53 a against $284,230, or 95 cents a share, in preceding quarter. MEAD JOHNSON And subsidiaries for first half net profit was $759,827, or $4.10 a share, against $691,599. or $3.77 a share, in like 1936 period. LOCKE STEEL CHAIN For fiscal year ended June 30 net profit was $190 494, or $173 a common share, against or $1.60 a share, in preceding year. YOl NGSTOW.V STEEL DOOR And subsidiaries for 12 months ended July 31 net profit was $2,397,748, or $7.20 a share.

STANDARD GAS ELECTRIC And subsidiaries for first, half net $2,614,823. against 026,789 in like period of 1936. Sugar Treaty Not Ratified Only 3 Nations So Far Report Acceptance of World Agreement London, Aug. 25 (U.P Only one negligible complaint regarding non- conformity with the transitory pro- visions of the International Sugar Agreement nas been received, al- though it is believed that, only three of the 21 na -ions which signed the pact, have thus far nrificd it, it was learned today. Prompt ratification by the United States and other nations was hardly expected, it was underwood, since the pacf was signed too late to obtain action of the various Spring legislative Ratification It is expected the transitory provisions will continue alter Sept.

1, the date the pact was scheduled to go into effect, pending aciion by the various signatories which thus fur; have not completed ratification. If any of the signatories have not ratified by Jan. 1, 1938, it Is ix-pected that those nations participating In the nttrceinent will meet to decide future status of the The International Sugar Council said that official information regarding lhe nnmlx-r of ratifications was not available at present. It pointed out, however, that, the only complaint renin -dim: non-conformity i Total Installed Cost of Equipment for 7 Months Soars Washington, Aug. 25 Installed cost of equipment sold by members of the Air Conditioning Manufacturers Association In July totaled $7,508,778, an increase of 52 percent over July, 1936.

Continuation of hot weather Is kepeing single-room unit sales at unprecedentedly high levels, the Association said today. July sales were greater than for any month last year and brought the year's total to $68,306,175. which is 37 percent higher than the volume attained for all 1936. Steel Orders Fail to Show Further Gain Improvement Moderate at Best Backlogs Largely Worked Off The improvement In steel orders noted a week ago, has not carrlec through In an Impressive manner, Iron Age finds In its weekly summary of the industry Issued today. While there is improvement this month over the same July period, the gain is moderate, the review states, and most of it has come from the automobile industry.

Some of the major industries upon which steel companies rely for a large vol ume are showing little or no indica- tions of substantial ordering at present. Railroads and building construction are two leading examples, the review states. The Government's shipbuilding program, which the steel industry hoped would get under way soon enough to aid this Fall's steel volume, has been postponed at least two months because of continued labor strife. Negative Factors "These are the negative factors that must be reckoned with in any appraisal of Autumn steel prospects. On the more favorable side are the i probability of a large automotive i output in the last four months of the year and good mLscellaneous de- raunu ira itti uiuukih uum uy crensed arm spending power and "s- io, v.

swucn, continuing "Still pointing to heavy consumption of steel, production of ingots at 83 percent of capacity stands out as the most important element in the present situation, as there is no evidence that consumers are adding to their steel inventories, but, on the contrary, are reducing them, while at the same time there are no important accumulations of either semi-finished Or linished steel at the mills. Rail Orders I-ag "Meanwhile, mills are reaching the end of their backlogs in many items, excepting plates and sheets, and from now on will be more dependent upon day-to-day business. The Ensley rail mill of the Ten- nessee Coal, Iron Ar Railroad Com- pany has been shut down and other rail mills will complete their orders within a few weeks. No additional rail business of importance is in 1 sight -Ingot output In the Pittsburgh district has been advanced three points to 83 percent by the starting up 0f a mill there, but there have been rwilmv: of two nnints in thp Cleveland-Lorain, YouiiRstown and eiem PonncvK.ania ftitii, urwi five points in the St. Louis district.

while elsewhere production is virtually unchanged. CROWEI.L PROMOTION'S The Crowell Publishing Company announced today that James A. Welch, advertising director of the i Crowell group, has been made a vice flirectors. Mr. Wflcll is aLso a mem.

ber of the board. ODD LOT TRADING Washington, Aug. 25 The Se- rurities Commission reported todav these transactions bv customers with odd lot dealers or specialists on the New York Stock Exchange for Aug. 23: 4.898 purchases involving 122.416 shares; 3,694 sales involving 95,329 shares, REFEREES Itv Jusllre DoitH Brnnktvn Rnvings Bank Dn ho.onk HOI.C vs. Hirker: J.

P. Netll. HOLO u. CannellK A. Vosn.

Si. Brooklyn Savings Bank vs. Pugll.l Campion Dutrher vs. Summon; J. Hrown vs.

Fallen: .1. Metropolllan Cias Ins'iranre vs. Str.Eer: A. Pokornv. Dime Savings Bank vs.

Savino: St ramlelto. Fetlel vi. Slealns- Marks. MvDermott vs. Walsh (i Connolly.

Tassie vs. Asrhltto Ft Sheik Rosen vs. Cohen M. Ambtosio. BAN'KRl'PTCIES prnnoNs Fii rn by HARRY RUBIN.

nesi)aoer rlerV nt delivery man. fifll Deeatur SI ies. tS TRft IT. assets. ST2S IRVINO MILLER, retail m'at sasman.

E. t'M SI. Liab.llies, 98.31. against 2,093.928.000 kilowatt hours Oct. 1 to record bept, 15.

in the like 1936 week, an Increase Allis-Chalmers Manufacturing Kuberoid Co. of 10 percent, according to Edison Company in a letter signed by Otto i Ruberold Company declared divl-Electric Institute. H. chairman of the board, and dend of 15 cents on common, paya n.iinni in etirlert An UwaslMax W. Babb, president, to Marriner your Insurance companies, your mutual savings banks, your trustees and others were unwilling to buy long-term securities from the Government down to a 2.2 average the low point they reached." Investment Danger And the low point, Eccles added, was touched after the first of a series of increases In required reserves had been ordered.

"The danger of investing funds in long-term securities at excessively low rates," the chairman said, "is that if rates go up through a restrictive policy, there would be terrific losses and depreciation of those securities, and the Reserve System has some responsibility, particularly when you take into account the public interest, the mutual savings bank depositors and the holders of insurance policies, as well as your fiduciary institutions generally. It is true that debtors would like to see interest rates vanish to a point where you would have no interest." Allis-Chalmers Terms Issued Subscription Rights Will rviure SniiliMilliPr" J.2. I 1 New Debentures! I on I The proposed new issue of Allis- I'hlmrr Manufartiirinr Conioanv i ri wnen issued, 110 bid, offered common stockholders states that it proposes to olfer to them the right to subscribe to an issue of 3 U-fai pnu-ut luiiinuuic sinking fund debentures at the rate of $500 of debentures for each 35 shares of common stock held. The subscription price of the debentures Wl" lu2 pllls aKvueti interest, Subject to the effectiveness of a registration statement now on tile Willi cue oeciuuieN anu r.AciiauKr commission, stockholders of record Sept 2 wiu be t0 subscribe. ju expire 0 sept.

22, and it ls expectcd that trading in these subscription rights on the New York atot-k Exchange will be authorized. Convertible The debentures are convertible common stock of the Allis- Chalmers Manufacturing Company at $75 per share on or before Sept. 1939, at $80 thereafter and on or before Sept. 1, 1941; at $85 there- after and on or before Sept. 1.

1943 at $90 thereafter and on or before Sept. 1, 1945, and at $95 thereafter and on or before Aug. 1952. The letter to stockholders fur- ther stai-es that the company has i-iucreii lino an aii i-cmu'iil wan un-' derwriters for the purchase by them of any of the debentures not subscribed for by common stockholders. Gasoline Slocks Below Demands Total inventories of gasoline amounted to 67.260.000 barrels at the end of the wppk under review.

This is more than 14.000.000 barrels under the peak readied at the end March Productlon of crude oil continued at a new high level, although the latest gain was small. Runs of curdp oil to stills averaged 3.415,000 bare Is daily, nn increase of 75,000 compared villi the week ended Aug. 14 Refinnrv onerntions- eaiopd '2 Points to 85 percent. Production of cracked gasoline show.sd a reduction of 15.00" barrels to 730,000 daily. Cias and fuel oil stocks continued to accumulate in anticipation of Fall demand and stood at iiu.493.(juu oarreis on Aug.

21. a gain of 849.000 for the week. Crude oil production of 3.729.350 barrels set a new high for the week, 1 the gain being 10,750. Texas had a gain of 10,000 barrels, accounting for the largest gain. TREASIRY STATEMFXT Washington.

Aug. 25 (id The po- sit ion of the Treasury on Aug 23: S. Eccles a I i 1 i i 1 i Short Covering Bolsters lieatl Chicago, Aug. 2,1 Short covering and investment buying encouraged by apparent, checking of the wheat market's sharp decline the past month bolstered prices on the grain market here again today. Opening- li lower to higher.

September lOS'i-1, December 1.07-07', all wheat futures later advanced a major fraction. Corn started lower, September 96T, December Wheat futures mirchases vesterdav totaled 32,167,000 bushels and corn I 6.260.000. Open interest in wheat 1 was 137 6P9.000 bushels, and in corn 49.285 000. GKAIX AM) PROVISIONS Wheat F'tc llrch T.o- 1 ('. 104-', 105', 104 108's 106 107', 1067, 108 109' lOO'i Corn Sep Dec.

May. May 105 107 109 96 65 66 98 96' 66' 65' 67 66' OATS 98 1 65 66 97 65 66 28" 28 7 30' 29', 28'; 29', 28 30'. 30', 28' 28 3D- 29 30 Dec May Dee. KVK 79 i 77' 78 75', 78:, 7u'j I Alii) 10 32 10.32 10 25 10 00 It) fid 10 52 May. Dec.

78' 10 25 10.35 10 62 IJeiclishank Cold Stocks Increase sands of reichsmai ks Notes in circu.a'.ion, 4..90 0IM), ue- crease 166.01)0. (told, 69.5.'9. Iik reuse 217. Foreign currency reserve. 6 2HH, increase 227.

O'her bills of and checks. 4 696,045, decre.i. 175 6J(I daily in.itunim obli'MVMis. 682 895, increase 57.836. Advances, 33.739.

mrre.ise 3 1114 217. incn a 21 Ratio of gold and i-irt'-ii. notes. 1 6 percent. Rate of 4 percent.

rviu.H nun Morvi's Washington. A-ig. 25 The rose to a iiigli of $36 964 477 on Auc 23. Down the suuieci cu exiMuifc niun- gages of $1,950,000. The proceeds auction tor week ended Aug.

15, l9Jb, are to go with the remaining War- 1 1 or comparison. Had output been ncr-Quinlan assets to the new rom- compared with week ended Aug. 22, panv. all the common stock lhe percentage increase would which is to be held bv Cities Service. liave bmi 82-5 Pent.

On the Cities Service claims of over same basus. when adjusted to show 2 300 547.000 kilowatt hours, against tit.it i ti. 1936 periodi ail of tll Week ug 7 2.261.725.000 kilo 1 'l' 'rta -e nf 8 iV cent V-t 1 1 i tt- tl i ir-e t-a e- in- I Edison Electric Institute used pro- cnange iroiu ne wees. iasi, jrai.i 'hf. week ellded Au- 14 1937, was 9 9-10 percent higher than for the seven days ended Aug.

15, 1936. Percentage increases of major geographic regions compare as fol lows: Week Auk. 1 5.3 6 8 12.3 Week Ait. 14 72 9.0 14 0 4 1 9 8 16.7 89 10 6 New England Mid-Atlantic Central Industrial West Central 0 9 Southern States 7.5 Rocky Mountain 20.2 Pacific Coast 8.1 Total United States. 10.0 Weather Helped Apparently climatic conditions, rather than increased industrial activity, were responsible for the new peak reported in Electric output last week by Edison Elc-trir In- stinitp.

Power for rpfriirprat ion. u-a- i I i 1 I I had come from the Netherlands which contended that small Philip-' Berlin, Aug. 25 (4-T1ip shipments were being made bank as of Auis. 24 shows to Hongkong. II is understood offi- the following chamtet (in thou- 000.000.

or about 50 percent of the claims filed, are to be subordipated under the plan to claims of all other creditors. Previous plan proposed by Cities Service was tossed out. by Judge Hulbert. Under that plan creditors would have received between 30 and 35 percent on claims. Trustees appointed by Judge Hulbert proposed Hie plan which has been confirmed.

Various groups of creditors have given unanimous approval to the plan. Foreign Money Parity of nirrfurirs nn Bold si anrlards is ftuotfd at prpspnt until riMallt-mhiD in dnilars; aU others Koid rin.iar pantv Cable Quotations to 2 p.m. nnninio I On lr "Steel scrap at Pittsburgh has ad-iippOlIllS llCai)C vanced 50 cents a ton. reflecting The. board of governors of the 'sales in the past week, but the tone Federal Reserve System announced 'is now weaker, a situation also pre-yesterday the appointment of vailing in other centers.

The Iron Thomas Bayard McCabe, president Age. composite scrap price has risen of the Scott Paper Company, dies- to $20.58." ter, Pa as a Class director of I the Federal Reserve Bank of Praia- I for the unexpired portion of the three-year term ending Dec. 31, 1939. ter pumping in the agricultural Despite increased refinery opera -areas, where artificial irrigation is continued heavy demand reused, and the general domestic load d'1 stocks of finished and un-duriiiK Hie last week's countrywide finished gasoline 1.827.000 barrels vir.m nhmt fr duruiE the week ended Auk. 21.

1i Tij president and Lee Brantlv, adver- 'OrClgll iVIarkOlS Rising manager of Collier's, a member of the company's board of undertook prevent repetition oi me ai ion French Council Sets Crop Price Paris. Aug. 25 -The Council of Ministers today fixed the wheat price for the 1937 crop 180! rune, ifj.75i per quintal '220 46 pounds', effective as of month. The Council also pruvaicd Mia' the price shall be mcT'a e.i one friinc rents' ei.i month af'er September 1 1 cilcil month after Febn.ary. 193H.

1 i BROOKLVN BANK WOOKiyx PEOPLt CAPITAL $500,000 SURPLUS $6,000,000 342 Lk-. personal, Trust a counsel Kings of the avail through years Prevloua Close Today BicrliDK $4 086 $4 9B2 Ciuotalioni in Cents France, franc is 63" 3 7S3 3.7$ I'alr. lire IS. 91 i 5 Ufi 5 :6 Belgium. 1 1 1 1 B4S 1BB4 Germany, mark i40 3.li 40 22 40 Switzerland, fianr i31'fi7) 222 "2 97 Holland, t-nlder iliK06i 55 IR Sweden, krona '21'.

81 "25 25 TO Noray, krone 126 i 25 07 25 05 Denmark, krone 126 R) ....22.273 22 25 Minor European Excbanie Austria, scliillir. 114 069 i IR 69 18 11 kur (2 96'). 3 49 3 492 Finland, markka (2 .2 2 2 21 Clreere. drarlima (1301 .915 .920 flunsarj. per.so (17 491 19.75 19.75 Jugoslavia, dinar (1.76M..

2 33 2 33 Poland, zlotj (18 99) IR 93 18 93 escudo '4 421 4 532 4 534 Rumania, leu (0 59HI 74 .74 Far Eastern Exchange Yokohama, yen .49 8S 29 13 .9,10 iombay, rupee (36 44' 30 44 30 25 Cnnnghal. dollar 30.25 30 25 Hongkong, dollar 31.25 31 25 Canadian Exchange Canadian dollar (1 OOi tl 0000 $1 0000 South American Exchange Argentina (tree peso) 30 20 30.20 Frazil (11 96') 6 50 6 55 Chlia 15 19') 4 00 4.00 IVru 1 28 101 26 00 26 00 Uruguay 11.0342) 60 00 60 00 far glicn represents old dollar parity. the industry. In the industrial sections of the country, viz. New England.

Middle Atlantic and Central Industrial States, the margin of improvement over last vea.r nar rowed. Only in the RockyMountatn area did the output gain over 1936 widen. Cantonese Ship CiK'A ill iJH.l 1JU1JIU11. Imrion. Aug.

2.5 Weakness in silver markets is attributed to a message from Hongkong which states that owing to the apprehension in Canton, millions of dollars worth of bar silver is being shipped to Hongkong. Hundreds of cases of bullion have been received in the latter city, $80,000,000 worth already being stored in warehouses, and further quantities are arriving hourly by river steamers. So-called foreign silver was quot i uincion. Aug, jo ifl'i prices maintained a steadv trend todav and sentiment was more cheerful, Rayon, steel and shipping issues were in demand and gilt-edged se curities and foreign bonds held steady. Far Eastern bonds regained about half of their recent 4-point decline and the mining group moved higher.

Home rails and transatlan- tic shares were mixed. Paris. Aug. 25 Price movements were mixed in today's Bourse, rentes closing 25 centimes lower to 50 high- er- Bank of France shares ad- vanced 125 francs and Royal Dutch was up 28 francs. International securities were generally higher.

Liverpool. Aug. 25 Ideal harvesting weather and the disappointing Enslish demand for foreign wheat caused futures to sag and close pence to pence net lower. Cotton futures closed 1 to 2 points lower. Bombay buying and trade calling was offset by hedging, while traders were awaiting the American cotton loan developments.

JOINS FRAZHF. CO. Harold M. Thomas is now associated, with. E.

P. France Co. Threading its way through our 48 years ol existence Is the interested bankinq service symbolic of Kings County Company. Down through the years this service has been shining light to the people of Brooklyn a source of helpful in banking and financial problems. County Trust Company offers you the experience of a 48-year-old bank and the wisdom of mature executives in the administration of estates, the setting up of trust funds, and all many services of modern banking.

We invite you to yourself of our facilities. KINGS COUNTY TRUST CO. FULTON STREET in ed here today at 44 unchanged, Receipts $24,864.233 39; expendi-while the London prirpon bar sil- tures $27.044 623.39; balance was down 1-16 pence to 19 13-16 169.450.33. Customs receipts for the pence. 1 month $28,717,723.87..