MART’S LEADERS SUFFER WORST SPILL IN MONTHS
FRESH war fears
GRIP WALL STREET
associated Press Average Of
fifl Issues Drops 1.3
Points To 41.7
y FREDERICK GARDNER
NE\V YORK. Aug. 13.—UPk
k market leaders suffered
fteir worst spill in nearly three
months today as fresh war fears
gripped! Wall street’s speculative
forces
Selling waves in the forenoon
•nandcd volume substantially
recent creeping sessions and
Lses ranged from 1 to more than
- ints for pivotal industrials. The
race slowed after mid-day as at
[Lpts a recovery were made. Fi
Tal prices were a shade above the
lows in most cases.
The Associated Press average of
60 issues dropped 1.3 points to
417 bigget decline for a single
day since May 21. Breadth of the
setback was exemplified by the
fact 773 individual stocks changed
hands against 564 yesterday.
Transfers of 641.350 shares com
oared with 288,240 the day before
and were the second largest since
June 28.
European dispatcnes stressing
intensification of the air battle
ver England indicated to finan
cial observers that the zero hour
for the British might be at hand.
Fears the long-threatened invasion
could not be withstood, brokers
,aid. caused numerous traders to
unload or lighten commitments. In
'view of the "thinness" of the mar
ket. and the withdrawing of many
bids, quotations wilted quickly.
There was plenty of good busi
ness news, and hopes industry
would be spurred by growing de
fense spending still were high, but
all of this was insufficient to offset
nervousness inspired by oversea
development.
Favorable items included action
of the house yesterday in passing
ihe much - debated transportation
bill which is expected to aid the
railroads, an upturn in commer
cial loans by banks after two con
secutive weekly recessions, re
ports of a continued high rate of
automobile sales and sustained de
mand for steel products.
Prominent share sliders were U.
S. Steel. Bethlehem, General Mo
tors, Chrysler. Montgomery Ward,
Sears Roebuck. Douglas Aircraft,
Glenn Martin, United Aircraft,
Westinghouse, Allied Chemical,
Eastman Kodak, Du Pont, Ameri
can Smelting, International Paper
common and preferred, Loft,
Great Northern. J. C. Penney and
-- --
Rails, oils, utilities, and rubbers
were subjected to less pressure
'han other groups. X
, STOCK AVERAGES
30 15 15 60
Indus Rails Util Stks
Net change . d2.0 d.6 d.9 dl.3
Tuesday. 58.4 15.2 35.3 41.7
Prev. day_ 60.4 15.8 36-2 43l0
Month ago .. 57.9 15.7 35.5 41.7
Year ago_ 69.4 18.8 40.1 49.2
1940 high ... 74.2 20-5 40.6 52.2
1910 low __ 52.3 13.0 30.9 37.0
1939 high — 77.0 23.8 40.6 53.9
1939 low .... 58.8 15.7 33.7 41-6
60-Stock Range Since 1927:
1937-38 1932-36 1927-29
High - 73.3 72.8 157.7
Low - 33.7 16.9 61.8
WHAT STOCKS DIO
Tues. Mon
Advances _ 57 215
Declines __ 603 188
Vnchanged _ 113 161
Total Issues_ 773 564
NEW YORK COTTON
NEW YORK. Aug. 13.—«—Cot
ton futures had a steady opening
today but slid down to final losses
of 5 tn 8 points.
Tenor of the market changed
as reports piled up of air raids
on England. War weakness of se
curiities and other commodities
Mtefi as a drag on cotton too.
Most offerings represented hedg
Southern selling, and com
mission house and prfessinal li
quidatin.
A late timid rally cut extreme
sses' Expectations that tomor
row s weekly weather report would
e unfavorable touched off the
ost-minute demand, brokers said.
■ orth street reported scattered
1 * "Oder the market were soon
'•undrawn. Mills, however, clung
•o list pnces for textiles.
xP°rts Monday nil; season so
far (nn r, . . . . .
stocks 2.480.713. 2
« Open High Low Close
‘ — 9.38 9.38 9.26 9.29 off 5
j,', - 9.34 9.34 9.24 9.27 off 7
- 9.23 9.23 9.11 9.15 off 8
- 9.05 9.05 8.93 8.96 off 7
i-' - 8-8‘ -8.87 8.78 8.79 off 6
mch)io.04minal; middlins (15-16‘
r CASH GRAIN
»hea 4?°’ Aufr‘ 13-(7P)-Cash
k’o 1 , 1 hard 75'’ No. 2, 74 1-2;
; 74: No. 2 mixed 74 1-2; No. 1
n°>Uiern spring heavy 75.
™ N°. 1 mixed 65 1-4; No. 1
65-65 1-8.
2S pi Ao- 1 m'xed 29 1-2; No. 2,
10 ij”.' 3- 29: No. 1 white 30—
whited0- 2- 30: No-3-29 x-2; No. 1
l-i v he?vy 30 1-2—31; No. 2, 30 1-4
l'mi‘l l'6d heavy 29 1-2—3-4; No.
»>xe<J heavy 29 1-4—30.
fee,j \eRy renting 50-58 nominal;
48-51-°v ° nomina'; No. 1 malting
“3' No- 2, 52-56; No. 3, 51.
naval stores
Penn, ANXAH’ Aug:- 13-—m—Tur
tles'lV**1"'1’ 21 3-4: offerings 33;
Went °° ?a!l0ns: receipts 138: ship
off_.® 33; st°ck 14,028. Rosin firm,
108- a" s°ld: receipts 1,668;
'nrentS 4'7»0-- stock 166.150.
,1 i T, B ,'15 D 1.22; E 1.34: F G
XMj'x 2^°; N 1871 WG 2'15;
- . ■ ■ _1
Closing Bond Quotations
(By the Associated Press)
GOVERNMENT
Treasury
3%s 43-41 Mch._102.15
3 Vis 47-42 _108.5
3Vis 45-43 _108.12
3Vis 4C-44 _109.fi
3Vis 49-46 ____110.31
4Vis 52-47 _119.25
2s 47 - 104.20
2s 50-48 - 103.3
3Vis 52-49 - 111-20
2%s 53-49 - 105.3
2%s 53-50 - 105.3
3s 55-51 - 109.27
2Vis 53-51 ....___103.9
2Vis 56-54 -' 102.4
2 Vs s 60-55 _ 107.7
2Vis 65-60 -105.31
Home Owners Loan
2Vis 44-42 - 103.12
3s 52-44 - 106.20
New York City Bond
3s 80 - 95%
DOMESTIC
AT and SF 4s 95_104%
B and O Cvt 4%s 60_ 11%
-—-1
Can Pac 4s Perp_ sou,
C and O 4%s 77_ 77
Chi E 111 5s 51 .13y
Chi Gt West 4s 59_ 26
rlev Un Term 5%s 72_IIIH 79
•Tie Rf 5s 67_” j 1
Fla East Cst 5s 74_ ! 5%
Hud Coal 5s 62A_ 29
Hud and Man Rfg 5s 57_I 45%
Lou am. N 4%s 2003 94
NYC Rf 5s 2013 __..I 55%
Nor Pac 6s 2047 _ 58%
Penn RR Gen 4%s 65__ 102%
Phil Read C and I Cv 6s 49 _ 3
So Pac Rfg 4s 55_ 55
So Ry Cn 5s 94 _ 87%
So Ry Gen 4s 56_... 53%
Third Ave 4s 60_ 55%
West Md 4s 52_ 83%
FOREIGN
Australia 5s 55 _ 48
Australia 4%s 56_ 40%
Brazil 6%s 26-57 _ 11%
Ger Govt 7s 49_ 20%
Italy 7s 51_ 49%
Japan 6%s 54_ 84
Rio Gr Do Sul 6s 68_ 8%
Closing Stock Quotations
(By the Associated Press)
Adams Exp _ 5
Adams Millis __18
Air Reduct_...__ 39 1-2
Alaska Jun _ 4 3-8
A1 Chem & Pye___148 1-2
Alleghany _ 1-2
Allis Chal Mfg_30
Am Can ___....._95
Am Car Fdy_22 1-8
Am Corn Alco _ 4 7-8
Am For Pow_ 1 i-4
Am Pow & Lt _ 3 3-8
Am Rad & St S_ 6 1-8
Am Roll Mill_10 3-8
Am Smeit % Ref_ 34
Am Smelt & Ref _12 3-4
AT&T _100 1-2
Am Tob B_ 74 3-4
Anaconda _19
Arm 111 _ 4 1-4
A T & S Fe__ 15
ACL -. 10 5-8
All Ref _21 S-4
Atlas Pow _61
Aviat Corp _ 4 1-2
Baldwin _1_14 1-8
B & O - 3 5-S
Barnsdall _ S 1-8
Bendix Aviat _28 1-2
Beth Steel_74 1-8
Boeing Airpl_13 3-8
Borden _19 1-8
Borg Warner_-___16 1-8
Briggs Mfg_-_18 1-4
Budd Mfg_____ 3 7-8
Budd Wheel_ 4 5-8
Burl Mills _17 1-8
Bur Ad Mach _ 7 5-8
Calumet and Hec__ 5 1-2
Canadian Dry _ 14 1-8
Canadian Pacific 3
Cannon Mills__ 34
Case J I _49 1-2
Caterpil Tractor _ 44 1-2
Champ P and F_....__23
Ches and Ohio__ 36 3-4
Cm St P & P Pf_ 3-16
Chrysler _ 69 7-8
Colum G and E __ 5 3-8
Cornl Credit _30 1-4
Coml Solv _ 9 1-4
Comwlth and Sou_..._1 1-4
Consol Edison _ 27 3-4
Con Oil _ 6 1-8
Cont Can_37 1-4
Corn Prod _ 48 1-2
Curtiss Wright__ 7
Curtiss Wright_24 1-8
Davidson Chem_ 4 1-2
Del Lack and W_ 3 1-4
Douglas Aircraft_67 1-4
Dow Chem_145
Du Pont_162
Eastman Kodak _ 124 3-»
Elec Auto Lt_ 32 5-S
Elec Pow and Lt_ 4 5-8
Firestone _14 1-8
Freeport Sul_29 1-2
General Electric _32 1-8
General Foods _ 40
General Motors_46 1-4
Gillette _ 4
Glidden - 12 1-S
Goodrich _11
Goodyear _14 1-2
Graham Paige - 9-16
Gt Nor Ry Pf-21 1-2
Hudson Motors_ 3 3-4
Huppmobile Motors- 3 3-4
Illinois Central - 7
Int Harvest-42
Int Nick Can- 23
Int Tel & Tel - 2 5-8
t _i_xr. „ F7Q 1 _A
Kennecott _ 25 7-8
Kinney ___23
Kroger Groc - — 29 1-2
Libby O F G1 .. 36 3-4
Ligg & Myers B -96 1'2
Loews _24
Loft - 20 1-8
Lorillard _ 19 3-4
Louis & Nash _52
Mack Truck _21
McCrory stores J- 14
Mont Ward _39 1-4
Murray Corp - 5 1-4
Nash Kelv - 4 1-2
Nat Biscuit _i-..-19 1-8
Nat Cash Reg-11 3-8
Nal Dairy Prod __13 5-8
Nat Dist _ 20 3-8
Nat Lead _ 16 1-2
Nat Pow & Lt- 7 3-8
N Y Central_........... 11
No Am Aviat-15 1-4
North Am —--13 1-2
Nor Pac _ 5 7-8
Ohio Oil - 6
Otis Elev _—-- 13 1-4
Pac G & E-29 1-8
Packard _... 3 1-4
Param Pix __—...- 5 1-4
Pram Pf_-_-_-—-— 75
Penny J C_..._.....-78
Penn Dix_ 2 1-4
Penn Rr_19 1-4
Phillips Pet_32
Pitt Scr and B_ 5 3-8
Pub Svc N J_35 1-4
Pullman _19
Pure Oil_ 7 1-2
Radio _ 4 1-2
Rad K.O -- 2 5-8
Rem Rand _ 7 1-2
Republic Steel _16
Reynolds B_33
Seab A L ... 3-16
Seab Oil _ 8
Sears ....................... 76 6-8
Shell Un . 8
Southern Pacific _ 7 7.-8
Southern Railway _10 1-2
Sperry _ 37
Standard Brands_ 6 1-8
Standard Oil Cal_18 1-8
Standard Oil Ind_ 25 3-8
Standard Oil N J __ 33 1-8
Stewart Warner _ 6 1-2
Studebaker J_ 7
Swift _ 18 1-2
Texas Corp _35 1-2
Texas Gulf Sul _30 1-4
Timken Det Ax_ 22 3-8
Transamer _ 4 3.4
Trans and West Air_16 5-8
Union Carbide _68 1-4
Union Pacific _84
United Aircraft _34
United Corp _ 1 3-4
United Drug___ 4
United Fruit_63
United Gas Imp _11 3-4
U S Ind Alco _17 1-2
U S Pipe _25
U S Rubbed _IS
U S Steel _ 50 7-8
Vanadium _28 1-2
Warner Pic _ 2 1-4
West Mary _ 3
Western Union_16 3-4
West Elec and Mfg_96
Wilson _ 4 1-8
Woolworth_32 1-4
Yell T and C_12 5-8
Youngs S and T_30 1-2
Total sales 641,350.
CURB
Asso G & El A _ 3-8
Cities Service _ 5 5-8
Colon Dvmt ___ 3-4
El Bond & Share_ 5 3-S
Gulf Oil _ 29
CHICAGO GRAIN
CHICAGO, Aug. 13.—CF)—All fu
ture deliveries of wheat and oats
crashed to new low levels for the
season today before rallies set in
and wheat recovered about half
its extreme two cent loss.
Corn displayed independent
strength throughout the session,
but lard futures also dropped to
the lowest prices in seven years.
The market suffered a severe
attack of war jitters and prices
were lower from the start in sym
pathy with sharp breaks in secur
ities. Uneasiness over war devel
opments was the prime market
factor, virtually all other news be
ing ignored.
Wheat finished 3-4 to 1 1-8 cents
under Monday's final quotations,
September 73 3-8 to 1-2, December
74 38 to 1-2. At the extreme low
points, September touched 72 1-4
and December 73 1-4, off 2 and
2 1-4 cents respectively.
Corn was steady throughout the
session, . ending 1-8 lower to 1-4
higher, September 61 to 60 78,
December 56 1-8 to 1-4; oats were
58 off to 1-8 up; soybeans 1-4 to
38 lower; and rye 34 to 1 cent
lower. Lard lost 25 to 30 cents a
hundredweight, the latter on the
March delivery, which 4b;ed at
5.97. 1
Open High Low Close
WHEAT:
Sept _73% 74 7214 73%
Dec _75% 7514 7314 74%
Mav _ 76 76 74% 75%
COHN:
Sept . 60=4 61% 60% 60%
Dec _-_ 56 5614 55=4 5614
May _57% 5714 57% 57%
OATS:
Sept _28% 28% 27% 27%
Dec..28% 28% 28% 28%
Mav .29% 29% 2914 29%
SOY BEANS:
Oct_68% 68% 67% 68%
Dec _ 69 69 68 68%
Afnv _ 7014 - - 7014
RJTE:
Sept .41% 41% 40% 40%
Dec!.— 44 44 43% 43%
May _ 47 47 46% 46%
LARD:
Sept _ 4.90 4.90 4.62 4.70
Oct _ 4.95 4.95 4.92 4.97
Dec II_ 5.20 5.20 4.92 4.97
jan _ 5.30 5.30 5,00 5.07
Mar _ 5.70 5.70 5.57 5.47
May _ 5.97 5.97 5.80 5.85
BELLIES: „ „
Sept _ ®-97
Oci . 7-00
N. Y. COTTONSEED OIL
NEW YORK, Aug. 13.-®—Cot
tonseed oil futures broke into new
seasonal low ground today with
declines of 6 to 7 points, with the
exception of August, 1939, the low
est since mid-1934.
A general liquidating movement
was influenced by a lower stock
market and weakness in lard.
Sales totaled 159 lots; Sept., 5.47
bid, Oct., 5.49, Dec., 5.60 bid, Jan.,
5.62 bid, March 5.71.
Crude oil was quoted nominally
at 4 1-2 cents a pound in the south
east and valley and 4.30 to 4 3-8
in Texas. 1
LARD
CHICAGO, Aujrt 1*.—<*)—Lard
.ierces 4.65; loose 4‘.40; bellies 6.62,
•-——- JC
RAIL AND FOREIGN
ISSUES HARD HIT
Break Sharply As Traders
Follow Selling Trend In
Stock Exchange
NEW YORK. Aug. 13.—(A*)—Rail
and oreign dollar bonds broke
sharply today in the orst setback
in three months.
Bon^. traders follows the selling
whi hit stocks when the finan
cial district became uneasy over
the big German air attacks on
England.
Many corporate issues lost 1 to
more than 3 points. The Associ
ated Press composite price of 20
rails was off a point at the close
and 10 foreign issues were down
.6 of a point
Off about 2 tr more were such
loans as Tleghany 5s of 1950,
stamped, Delaware & Hudson re
fnnHincr 4 s 1 - Vnrlr PAntral 5s
and Nickel Plate 4 l-2s
British Empire issues were con
spicuous losers. Australia 5s lost
2 1-2 at 47 and Queensland 7s
dropped 2 at 82. Down a point or
more were Canada 5s, Australia
4 l-2s an' New South ./..les 5s.
Japan 6 1-zs yielded 1 1-4 at 84.
Domestic utility an! industrial
issues held h-tter than rails but
moderate losses ruled in these
groups, too. Consolidated Edison
3 l-2s, Pacific Gas 3 3-4s and Fire
stone Tire 3 l-2s were off fractions.
Losses in U. S. treasury secur
ities ’-anged from 1-32 to 11-32.
Transactions increased to $5,
107,950, face value, from $2,723,500
yesterday. 1
BOND AVERAGES
20 10 10 10
Rails Indus Util For
Net change _ dl.O d.3 d.3 d.6
Tuesday - 55.4 103.0 96.5 39.6
Prev. day ___ 56.4 103.3 96.8 40.2
Month ago_ 57.2 103.0 96.0 36.2
Year ago_ 57.9 100.8 97.2 T9.5
1910 high — 59.9 <103.6 97.5 53.5
1940 low _ 48.3 98.9 90.3 35.1
1939 high — 64.9 102.0 97.5 64.0
1939 low _ 53.4 95.8 90.4 41.7
10 Low Yield Ronds
Tuesday _111.2
Prev. day_111.4
Month ago_111.7
Year ago-112.3
1940 high _113.2
1940 low _108.4
1939 high_112.6
1939 low _ 103.6
FOREIGN EXCHANGE
NEW YORK, Aug. 13—W—Free
sterling crossed the $4 mark today
in relation to the dollar.
The supply of the free currency
has been steadily contracting since
Britain recently lightened her money
regulations. Official sterling sells
now only a few cents above the free
rate.
The Canadian dollar slipped back
3-16 of a cent to 86 9-16 U. S. cents.
me awiss iranc aaaea .ui or a cent.
Closing rates follow (Great Britain
in dollars, others in cents.)
Canada: Official Canadian control
board rates for U. S. dollars: buying
10 per cent premium, selling 11 per
cent premium, equivalent to dis
counts on Canadian dollars in New
York of buying 9.91 per cent; selling
9.09 per cent.
Canadian dollar in New York open
market 13 7-16 per cent discount, or
86.56 1-4 U- S. cents.
Europe: Great Britain, official,
(Bankers Foreign Exchange commit
tee rates), buying $4.02, selling $4.04:
open market, cables 4.00 1-2; Ger
many 40.00; (benevolent) 18.25; Fin
land 2.05n; Greece .68; Hungary
19.05n; Italy- 5.05; Portugal 3.86; Ru
mania .48n: Sweden 23.86; Switzer
land 22.80; Yugoslavia 2.35n.
Latin America: Argentine official
29.77; free 23.00: Brazil official 6.05;
free 5.05; Mexico 20.35.
Far East: Japan 23.48; Hongkong
22.36; Shanghai 5.55.
(Rates in spot cables unless other
wise indicated.)
n—Nominal.
NEW YORK SUGAR
NEW YORK, Aug. 13.—(A?)—Do
mestic sugar futures trailed the
world contract today as the latter
again reached record low prices.
The world list lost 1 1-2 to 3
points on turnover of 18,150 tons.
The decline in securities outweighs
the effect of a steady raw market.
Refiners bought nearly 10,000
tons of afloat Philippine raws at
the unchanged price of 2.65 cents
a pound. A cargo of Cubas for
September shipment was held at
a basis of 2.70.
Local refiners continued to quote
4.20 to 4.35 cents for tine gran
ulated.
No. 3 range follows: 2
High Low Close
Sept_ 1-72 1.70 1.70B
Nov _ 1.74 1.72 1.74B
Jan _ 1.79 1.77 1.77B
Mch _ 1.83 1.82 1.81B
May _ 1.87 1.87 1.86B
July_ 1.90 1.90 1.89B
B-Bid.
EGGS
Aug. 13—(IP)—Eggs 24,505; firm.
Mixed colors: fancy to extra fancy
20 1-2—25; extras 20; storage packed
firsts 17—17 1-4; graded firsts 16
1-^— 3-4; mediums 15; dirties No. 1,
14 1-2—3-4; average checks 13 1-2—
3-4.
LIVE POULTRY
NEW YORK, Aug. 13—<£>)—Live
poultry, by freight, broilers, rocks
19; colored 16-17; leghorns 16. Fowls,
colored 17, some 16 1-2; leghorns 12.
Pullets, Rocks 23. Old roosters 10-11.
Turkeys, 20. Ducks 10.
N. O. SPOT
NEW ORLEANS. Aug. 13.—(/P)—
Spot coUon closed quiet ten points
lower. Sales 471; low middling 8.90;
good middling 19.35, receipts 2,591;
stock 531,UL
---I
U. S. Revenue
Act Of 1940
BY CHRLES S. LOWRIMORE
C. P. A.
COMPENSATION OF FEDERAL
AND STATE EMPLOYEES
The salaries or other compensa
tion of all employees and officials
of the United States government
arc taxable and should be included
in the gross income of the r—upi
ent as in the case of any other in
dividual. The Public Salary Tax
Act of 1939 amended the internal
revenue code to include -the sal
aries of all judges of the United
States courts regardless of the
date they took office. This pro
vision also includes ; 11 individuals
in the military or naval forces of
the United States.
The salaries and other compen
sation of all employees and offi
rialc i ___-i• x•
_. —-“ yvinaai auo
division thereof are now subject to
federal income taxes, in the same
manner and to the same extent
as compensation received by any
other person.
This means that persons em
ployed in any capacity by the
state, by the city, town, county,
b ard of education, township, dis
trict or any other subdivision must
include in their gross income all
compensatioi of whatever nature,
and file an income tax return with
the Collector of Internal Revenue
annually, provided, if th. individ
ual is sir~le, the gross annual in
come exceeds $800.00, and if the
individual is married the gross
income exceeds $2,000.00.
It is also noted that tho public
salary tax act consents to the tax
ation, by the states, of the income
of federal officers and employees.
The North Carolina Revenue Act
of 1939 provides for the taxing of
all federal officials and employees,
including those in the military and
naval forces, who arc domiciled
within the 'urisdiction of the state.
Federal and state offcials and
employees are allowed the same
personal exemptions, credits for
dependents and earned income
credit, as allowed to any other in
dividual and to the same extent. 1
RICHMOND LIVESTOCK
RICHMOND, Va„ Aug. 13.—!#)
—Livestock. Hogs good and choice
180 to 225 lbs. 6.75. 100 to 120
lbs. $4.75 to 5.25; 120 to 140 lbs.
$5.25 to 5.75; 140 to 160 lbs. $5.75 to
6.20; 160 to 180 lbs. $6.20 to 6.55;
225 to 250 lbs. $6.05 to 6.55; 250 to
300 lbs. $.75 to 6.25; over 300
lbs. $5.65 to 6.15.
Sows under 350 lbs. $5.00 to 5.50;
over 350 lbs. $4.50 to 5.00.
Cattle-fat dairy-type cows $4.50
to 5.50, canners and cutters $3.50
vu uuuu ucci type yo.uv 10
6.50, heavy sausage bulls mostly
$6.00 to 6.50, lights $5.00 to 5.50.
Vealers $9.00 on good and choice
offerings.
Good and choice spring lambs
9.00, mediums $7.00 to 8.00, com
mon $5.00 to 6.00. 2
CHICAGO POTATOES
CHICAGO, Aug. 13.—UPV-OJ. S.
Dept. Agr.)—Potatoes, arrivals 46,
on track 150, total U. S. shipments
192; supplies rather light; demand
very light; for best quality Nebras
ka cobblers and Oregon bliss tri
umphs market about steady, all
varieties other sections market
slightly weaker; a few sales; Ida
ho bliss triumphs U. S. No. 1, 1.70
to 1.75, Idaho russet burbanks U. S
No. 1, 2.15 to 2.20, Oregon bliss
triumphs U. S. No. 1, 1.90, Nebras
ka cobblers good quality 1.22 1-2
to 1.35, Nebraska bliss triumphs
generally good quality 1.40 to 1.50.
Wisconsin bliss triumphs U. S. No.
1, 1.20. 4
STOCKS IN THE SPOTLIGHT
NEW YORK, Aug. 13.—OP)—Sales,
closing price and net change of the
fifteen most active stocks today;
Int Pap and P, 2S.600—15; dl%.
US Steel, 19,100—50%; u3%.
General Motors, 18,200—4614 ; d2%
Loft, 14,000—20Is ; dl%.
Int Pap and P Pf, 13,700 — 53% ;
d5%.
Bklyn Manh Tr, 11.500—23%; d%.
Beth Steel, 11,400—74%; d4%.
Republic Stl, 9,900—16; d 1%.
Chrysler, 9,500—69 "s ; d4%.
General Elec, 9,000—32%; d2%.
NY' Central. 7,500—11; dl.
Y'ellow Truck, 6,500—12%; d's.
Studebaker, 5.800—7; d%.
Am Rad and Std San, 5,700 — 6% ;
no.
Curtiss-Wright, 5.600—7; d%.
LIVERPOOL COTTON
LIVERPOOL, Aug. 13.—(Ab—
Limited demand for spot cotton.
Drices 1 Doint higher. Quotations
in pence: American, strict good
middling 8.62; good middling 8.22;
strict middling 8.07; middling 7.97;
strict low middling 7.87; low midd
ling .67; strict good ordinary 7.22;
good ordinary 6.87.
Futures closed 3 to 6 points high
er: Oct. 7.45; Jan. 7.15; Mch 7.04;
May 6.93; Jly 6.82. 4
COTTONSEED OIL
NEW ORLEANS, Aug. 13.—UP)—
Cottonseed oil closed steady. Bleach
able prime summer yellow E.75 nom;
prime crude 4.37 l-2b. Sep 4.97b; Oct
5.00b; Dec 5.10b; Jan 5.12b; Mch
5.22b.
b—bid.
NORFOLK SPOT
NORFOLK, Va„ Aug. 13. —(*■)—
Spot cotton 5 points lower. Middling
fair 10.60; middling 10.05; good ordi
nary 7.90. Sales none, receipts one;
shipments none; stock 32,528.
BUTTER
NEW YORK, Aug. 13.—UR—But
ter 1,159,765, steady. Creamery:
Higher than extra 28 1-4 to 29; ex
tra (92 score) 28; firsts (88 to 91)
Tubs & Cartons 26 1-4 to 27 12'.
seconds (84 to 87 ) 24 12 to 25 3-4.-1
--—--i
District Legion Rally
To Be Held At Pier
American Legion posts in the Sev
enth district of the state will hold
a meeting at the Atlantic View pier
tonight at 7 o’clock, it was an
nounced yesterday.
Roy McMillian, of Raleigh, will
be the principal speaker at the meet
ing. —
Approximately 100 are expected to
attend.
CHICAGO LIVESTOCK
CHICAGO. Aug. 13— CP) —Hogs
closed 15 to 25 cents lower today, af
ter opening steady to 10 lower. The
top was $6.85. Fed steers sold steady
to a shade lower under increased re
ceipts. but all other classes of cattle
were mostly steady. Spring lambs
suffered the first set back in some
time, declining 15 to 25 cents.
Receipts totaled 15,000 with 3,000
direct to packers. Shippers took
2,000 and 2,000 were held over. Bfest
wholesale pork loins were steady at
yesterday’s 21 cents level.
The fed steers which were weak
today had been selling at very high
prices compared with strictly choice
grades. Several loads of steers sold
at $12.
(U. S. Dept. Agr.)—Salable hogs
12,000; total 15,000; uneven; mostly
steady to TO lower; closed 15-25
lower than Monday’s average; top
6.85; bulk 200-240 lbs. 6.50-80; 240
most packing sows 360 lbs. down
5.35-50; good 360-500 lbs. 4,75-5.45;
shippers took 2,000; holdovers 2,000.
Salable cattle 9,000; calves 1,000;
choice and prime medium weights
and all grades yearlings steady; fair
ly active; but mediums and strictly
fed steers weak to 25, mostly 10-15
off; all such kinds recently selling
very high compared with strictly
choice grades; common killers and
stockers steady; fed heifers fully
steady: cows steady to strong; bulls
10-15 higher: vealers 25 higher;
largely fed steer crop; top 12.00: best
yearlings 11.05: heifers yearlings
11.15; grassy steers 9.25 down to
7.50; ihese going- mostly on Stocker
accounts: most grass fat cows 6.00
7.00; cutters up to 5.50: heavy sau
sage bulls to 7.35: vealers to 11.00.
Salable sheep 5.500; total 7,000;
fairly active, spring lambs mostly
15-25 lower; fed yearlings and fat
sheep strong; bulk good and choice
western and native springers 9.25
75; all lots fat natives 9.85; throw
outs natives 7.50 down; choice handy
weight fed yearlings 8.25; other 7.50
75; few fat native ewes 3.75; bulk
2.50-3.50.
DRY GOODS
NEW YORK, Aug. 13.—(/P)—Buy
ing of cotton goods slackened today
after a fairly good business Monday.
Worth street brokers reported bids
were withdrawn because of declines
in stock and commodity markets.
Sales yesterday, were said to have
been 3,000,000 to 3,500,000 yards of
print and broad cloths, presumably
covering against government orders.
Spot deliveries on lower priced
grades of rayon brought premiums.
Other items remained quiet.
Interest in silk centered on the
decision of women’s full-fashioned
hosiery manufacturers to meet the
Nylon challenge by producing an
all-silk construction to retail at 69
and 79 cents.
Woolen mills are busy on govern
ment orders and demand for civilian
wear was reported improved.
NEW ORLEANS COTTON
NEW ORLEANS, Aug. 13.—(iP)—
Npwk from abroad indicating that
the Nazi blitzkrieg gaainst the Brit
ish Isles was at hand and weakness
in other markets softened cotton fu
tures here today. Closing prices
were steady 5 to 9 points net lower.
Open High Ijow Close
Oct ... 9.39 9.39 9.26 9.33 off 5
Dec .. 9.35 9.35 9.25 9.39 off 7
Jan .. 9.25B_ _ 9.]9B
Mcli ._ 9.20 9.20 9.15 9.16 off 7
May .. S.9S 8.9S 8.94 8-96 off 9
Julv — 8.76 8.80 8.76 8.80B
B-Bid.
BALTIMORE HOGS
BALTIMORE, Aug. 13.-1#)—
(U. S. Dept. Agr.l—Hogs 550. Stea
dy with Monday. Good and choice
170 to 220 lbs. 6.95 to 7.20; practical
top 7.20; 220 to 240 lbs. 6.70 to 95;
250 to 300 lbs. 6.20 to 70; 150 to 160
lbs. 6.55 to 80; 140 to 150 lbs. 6.20
to 45; 130 to 140 lbs. 5.95 to 6.20;
120 to 130 lbs. 5.80 to 5.05. Packing
sows 4.85 to 5.35. 4
MIDDLING COTTON
NEW ORLEANS, Aug. 13.—(A>l—
The average price of middling 15
16 inch cotton at 10 designated
Southern spot markets today was
5 lower at 10.02 cents per pound
average for the past 30 market
days was 10.25 cents a pound.
Middling 7-8 inch averabe was
9.83 cents a pound. 2
BUTTER AND EGGS
CHICAGO, Aug. 13.—(#)—Butter,
receipts 1,002,310; firm; market
unchanged.
Eggs, receipts 12,395; firm; fresh
graded, extra firsts, local 18, cars
1ft firctc Inpal 1*5 1-9 pars; l-2‘
current receipts 15 1-2, dirties 13
14, checks 13, storage packed ex
tras 19 14, firsts 18. 4
bleachable
NEW YORK, Aug. 13. — (JP) —
Bleachable cottonseed oil futures
closed 6-7 lower. Sales 159 contracts.
Sept. 5.47b; Oct 5.49; Dec 5.60b; Jan.
5.62b; March 5.71.
b—Bid.
■-___
POTATOES
BALTIMORE, Aug. 13.—(^Po
tatoes; Md., Pa., and Va. 100 lb.
Sacks cobblers and round whites
U. S. Is 85 to 90, few 95 to l.Op.
Sweet potatoes unchanged. 4
SPOT COTTON
CHARLOTTE, N. C., Aug. 13.—
(£)—Spot cotton 10.10. J
SIDE GLANCES
COP*. 1P4Q «Y WlA WtVtCt. IHC. T. M. MO. U- •TMT- Off. f
“Let’s see that one you’re hiding in the middle of the
pile—who are you saving that for?”
Only Young Men Of Highest
Type Eligible As Navy Recruits
Numerous inquiries have been re
ceived by the navy department in
regard to the enlistment in the navy
ot men with prison or juvenile po
lice records. It. L. Deloach, officer
in charge of the Wilmington dis
trict office of the naval recruiting
service, said yesterday.
Frank Knox, secretary of the navy,
has issued the following statement
of the navy department’s policy in
connection with recruiting, Deloach
said:
“In order that the efficiency of
the navy be unimpaired, it is vital
that only young men of the highest
type physically, mentally, and mor
ally, be accepted for service. The
very close associations and contacts
necessitated by the service of young
men in vessels of the navy require
that all men be of unquestionable
character.
“Thousands of young men are en
listed in the navy each year and
the very high requirements are be
ing stressed constantly. Parents,
school officials, ministers, and the
public in general are informed that
the associations met in the service
will be clean and honorable, and
this assurance, I believe, is directly
responsible for many parents con
senting to the enlistment of their
sons.
"Out of consideration for the par
ents of these fine men, many of
whom are at their most impression
able age, there can be no lowering
of our high standards in the inter
est of any one group or individual.
“Further, in view of the fact that
many excellent boys who have es
tablished their complete fitness for
enlistment have been turned away
each year because there are no va
cancies, I do not believe that if
would be sound policy to lower our
standards in any respect, no matter
how laudable our motives.
“In view of the above reasons I
feel that our policy, as outlined in
instructions to recruiting officers, is
i sound one. Past experiences hav«
made it necessary for us to issu«
the instructions referred to. How
ever, the case of each applicant is
carefully studied, and determinatiol
is made upon Individual merits."
Otts Announces Class
For Adult Education
Mrs. Josephine Gillikin and Misi
Mamie James Fennell will be at th«
Y. M. C. A. from 9 to 11 a. m. Mon
day, August 19, and 3 to 6 p. m.
Wednesday, August 21, to discuss
plans for organizing classes in adult
education.
Jennings Otts, of the immigration
and naturalization service, said yes
terday special attention will be given
to those who desire to prepare for
naturalization. All interested per
sons are invited to attend.
Cooper Orders Raid—
Liquor Cache Found
Police officers and ABC agents
raided 707 McRae street early yes
terday morning and captured 113
one-half gallons of non-t&xpaid
ivhiskey.
The raid was made on order of
Mayor Thomas E. Cooper after he
received information the liquor had
been stored in the house.
PEANUTS
SUFFOLK, Va. Aug. 13.—(M—
Peanut quotations: Jumbos 3.90 to
1; bunch 3 1-2 to 3.60; runners 3
1-4 to 3 3-8. Market quiet. 4
Sugar Loaf mountain, near Rio
3e Janeiro, is some fifty feet
tigher than the Empire State
auilding. 4
DAILY CROSSWORD
ACROSS 5. Small island 21. Belgium
1. Plant juice 6. To assemble marble
4. Border 8. Land 23. Hourly
7. Bulging pot measure 24. Rugged
9. A fixed 9. Greek letter mountain
posture 11. Correlative crest
10. Amass and of drawer 25. Perplex MgiE|c[
conceal 12. Japanese 29. Pretends ^aIRIkI
12. To move coin 31. Haul
sideways 15. Nocturnal 35. Kind of cap | ^
13. To make • birds 36. Moist I I
choice 17 Those who 37. Like a wing 'r . . .
14. Spawn of goby 38. Slothful Teeterd.y i A»*wer
fish 18. Marketable 40. Large 42. Size of paper
16. Egyptian 19. Young cod number 44. Music note
god 20. Backbone 41. Across 46. Close to
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