MARKET FOLLOWS LOW TRENDS Dealings Slowest For Three Years; Bonds Were Mixed By VICTOR EUBANK NEW YORK, Aug. 2'.—UP)—The stock market during the past week displayed an irregularly lower trend but bullish contingents de rived some satisfaction from the fact that dealings were the slow est for more than three years. Major commodities hit record peaks, bonds were mixed. Sentiment was chilled bin shares w ere not particularly weakened by the government’s anti-trust and price-fixing charges against the steel, rubber, techni color artd brake lining industries. Light offerings were attributed partly to skepticism regarding the business outlook, with the cloudy export picture stressed following the shift in the Anglo - American loan pact suspending sterling con vertibility temporarily. Dwindling dollar resources abroad, it was feared, would substantially re strict purchases from the United States. Mounting labor difficulties provided a restraint. While some dividends and earn ings were ignored marketwise, special issues exhibited a certain amount of strength. Timid short covering and quick-turn buying provided intermittent support as professional elements felt that the list was in technically good i-hape for a fall rally if the news, war ranted. Modest recovery tenden cies cropped up toward the end of the week but lack of real de mand made these unimpressive. The president’s forecast of a record budget surplus for 1948 and Washington assurances that a re cession was not in sigh: failed as stimulants. The financial sector derived some satisfaction from the S.E.C. report virtually giving the stock exchange a qlean bill of health in connection with the sharp market break of Sept. 3, 1946. A slight [rise in the short interest from July 15 to Aug. 15 was helpful. The Associated Press 60-Stock composite was off .3 of a point at 65.8 on the week. It was the third successive week without a single million-share session. The aggregate for the five days of 3, 073,065 shares compared with 3, 661.660 the week before and watle low for an million-share session. The aggregate for the five days of 3,073,065 shares compared with 3.661.660 the week before and was a low for any 5-day or 6-day stretch since the period concluded April 29, 1944. Monday’s turnover of 7iu,uuu shares was )—Paul Bowen, 20, of Alexander lvulls, died in a hospital last night of injuries suffered in a plane crash. Dial 2-3311 For Newspaper Service 0 Ask us about Deming Water Systems. All sizes and capacities of shallow and deep well systems are ivailable. The MARVELETTE" Shallow Weil Sys tem (illustrated) is low priced but has features you would ordinarily expect in higher MAAVtUTTC priced systems. Quiet operation, dependable performance, low cost maintenance and long life of Deming Water Systems pro tect your investment in running water... the greatest of all modern conveniences! There’s a right type of Deming Water System to meet YOUR requirement!. Ask about it! Mill & Contractors Supply Co. DEMING PUMPS 121 North Water St. Phone 7757 FINANCE, BOND WEEKLY REPORT Treasury Boosts Short Term Rate; Announces Borrowing Plans NEW YORK, Aug. 23——Pri vate industry and the U. S. gov ernment made financial history this week. The Treasury dicisively broke the pattern of its war-time fiscal policy by boosting the interest rate on short - term money, and American telephone & Telegraph Co announced plans for borrow ing money that in size dwarfed all but government financing. Specifically, the treasury ac complished its plan of boosting the short-term rate from 7-8 to one per cent by two steps: First, the treasury will sell notes dutf in 12 1-2 month*, at one per cent interest, in exchange for $1,687,000,000 of longer-term notes due Sept. 15 with a 1 1-4 per cent rate and for $2,707,000,000 of notes with a 1 1-2 per cent rate. Be cause the term of the new notes will be slightly more than a year. The interest rate actually will be a shade under one per cent. Most bankers, though, expected the next step Would be sale of a flat 12-rnontb maturity with a one per cent rate. Second, the treasury will refund $2,341,000,000 of one-year 7-8 per cent certificates due Sept. 1 with a new issue at the same rate but maturing in only 10 months. The effect of »;e shortened maturity will be to raise the annual rate to 1 per cent. A by-product of the new financ ing will be to save the govern ment about $17,000,000 in interest payments annually. The third prong of the treas ury’s program will be sale of a new issue of non-marketable long term bonds with a 2 1-2 per cent coupon. This apparently is in re sponse to the often - expressed wishes of insurance companies and other institutional investors for a government issue at that rate or thereabouts. The announcement also served notice that the treasury has no in tention of swerving from its pol icy, now almost traditional, of selling publicly any securities bearing more than a 2 1-2 per cent rate of return. American Telephone announced a plan would be submitted for stockholders approval in Octber for sale of approximately $354, 000,000 in new bonds, which would be the largest corporate issue ever marketed. Since une last year the com munications company has sold more than $800,000,000 in new se curities and the latest plan would lift the total well over the billion dollar level. No company has ever borrowed so much money in so short a time. The listed bond market dozed along with only minor price 'vari ations, even among the often vola tile rail liens. Sales for three days out of the five-day trading week were well below $3,000,000. CHICAGO GRAIN CHICAGO, Aug. 23—%—Grain range: __ Open_High..__Low_Close WHEAT Sept 2.46% 2.46% 2.45 2.46% Dec 2.44% 2.45% 2.43 2.44% Mch 2.43% 2.43% 2.43% 2.43% Mav 2.41% 1.41% 2.39% 2.40% Jly 2.20% 2.21% 2.18% 2.20% CORN— Sept 2.44 ' 2.47 2.42% 2.46% Dec 2.28% 2.30% 2.25% 2.30 July 2.15 2.17% 2.13% 2.17% OATS— Sept 1.09% . 1.10 1.08% 1.10 Dec 1.07% 1.08% 1.06% 1.08 Mch - --1.05B May 1.00% 1.01% 99% 1.00% July 94% 94% 93% 94% BARLEY— Dec - —— 168B SOYBEANS— Nov 2.81 2.81 2.81 2.81B Mch - - - 2.81B LOW COST INSTALLMENT LOANS # NO MORTGAGE % NO CO-MAKER OR ENDORSERS TO OBTAIN YOUR LOW C OST LOAN To Pa:nt—Repair or Remodel Your Home or Business Property. LOANS UP TO $2500 00 Use Our Installment Plan To Finance. AUTOMOBILES, HOME APPLIANCES, AIR I PLANES, TRACTORS, COMMERCIAL EQUIPMENT THE WILMINGTON SAVINGS & TRUST COMPANY ^|||| I M Established Since 188S MEMBER THE FEDERAL RESERVE SYSTEM MEMBER THE FEDERAL DEPOSIT INSURANCE CORF. Letters To The Editor (Continued From Page Six) I used with Mrs. Bost. At the close of our conversation, Dr. Winston said, and I quote “After all is said and done, whatever system works best for the great est number of people, that is the system that should be used.” I feel that Dr. Winston still believes in private contributions to those in need, because under the date of August 14, 1947, she caused to be issued County Letter No. 125, which went to every county in North Carolina, telling each De partment of Public Welfare how to budget these contributions from private agencies in making up our budgets for Aid for Dependent Children. Dr. Winston is aware that funds appropriated for Old Age Assistance and for Aid for Dependent Children are woefully inadequate, and we must have supplementary funds from every available source if direct suffer ing is to be prevented during the next two years. With the public contributing through the Community Chest, I feel that the following figures show that we are doing a better job than some other comparable counties. These figures are taken from the North Carolina Public Welfare Statistics for June 1947, which is the last month in which the Community Chest contributed to the Associated Charities. The seven counties are known as the Number One counties of the state, based on population and case loads of the Welfare departments. These figures deal only with di rect assistance and not with pub lic assistance, such as Aid for Dependent Children and Old Age Assistance. Average Number Total Per County Cases Spent Case Forsyth —351 $6,266.70 $17.85 Mecklenb’g 242 4,857.35 20.07 Buncombe -166 2,377.23 14.32 Durham ...151 2,481.59 16.43 N. H’over 115 1,478.47 12.87 Guilford ... 81 1,512.82 18.63 Wake _ 78 836.40 10.72 UNLISTED SECURITIES The following bid and asked prices are obtained from the National Association of Securities Dealers, Inc. and other sources but are unofficial. They do not represent actual transactions, they are intended as a guide to the approximate range within which these s.§:urities could have been sold (indicated by the “bid”) or bought (indicated by the “asked”) at the time of compilation on Aug. 21: Descrpition Bid Ask Acme Aluminum Alloys _ 5 5 1-2 Acme Alum A1 Pfd -14 16 3-4 Alabama Gt South Rail _ 85 88 Alabama Mills _13 3-4 14 1-8 American Bakeries Co — 32 34 American Enka Corp_ 75 79 Am La France Foa Corp _ 8 1-2 9 1-2 American Trust Co ——660 - Am Yarn & Pro Co-11 3-4 12 1-2 Am Yarn & Pro Co 4c/c~ 90 93 American Air Filter -13 1-2 14 1-2 Anderson Prichard Oil 4 1-4% Pfd _ 54 3-4 55 1-2 Bassett F> rnitupre Indus. 29 31 1-2 Bausch & Lomb Optical _ 17 18 1-2 Bird & Son, Inc _ 17 3-4 18 3-4 Blue Bell, Inc _ 13 3-4 14 3-4 Buffalo Bolt Co _ 12 3-4 12 7-8 Butler’s, Inc_ 7 1-4 7 3-4 Butler’s, Inc 4 1-2 Pfd „ 21 1-2 22 1-2 darolina Insurance Co _ 27 1-2 29 1-2 Carolina Mountain Tel Co 2 5-8 2 7-8 Carolina Pwr & Lt Co_ 34 1-2 35 1-2 Carolina Pwr & Lt $5 Pfdll7 1-4 119 Chadbourn Hos Mills, Inc 7 1-2 6 Chadbourn Hosiery Mills . Inc. 4 1-2 Pfd_37 39 Coble Dairy Prod 5o/n Pfd 49 1-2 51 1-2 Colonial Stores, Inc _ 24 1-2 25 1-8 Colonial Stores, Inc. 4cfc 50 50 1-2 Dan River Mills _.16 16 1-4 Dan River Mills 4 1-2 Pfdl06 107 Dixie Home Stores_ 22 22 3-4 Drexel Furniture Co_15 15 3-4 Dwight Manufacturing Co 31 1-2 33 Edison, Thomas A. “B” 17 1-4 19 Empire Dist Elec Co — 14 3-4 15 1-2 Erwin Cottc/ Mills _15 1-2 16 1-2 Erwin Cotton Mills 69^ 110 Foremost Dairies, Inc_15 16 Foremost Dairies, Inc 6c/0 Pfd _51 - Funstein, R E _ 5 3-3 6 Gamble Brothers _ 6 1-4 7 3-4 Garfinckel, Julius Sc Co., Inc _ 19 1-4 20 3-4 Garfinckel, Julius Sc Co., Inc., 4 1-2 Pfd _ 23 1-4 25 Garlock Packing Co - 22 23 3-4 Georgia Hardwood -34 1-4 15 1-4 Gleaner Harr Corp - 23 1-2 24 3-4 Gordon Foods, Inc - 7 7 3-4 Great American Industries 2 7-3 3 1-2 Grinnel Corp _ 28 3-4 30 1-2 Hanes, P H Knit Co Par$5 19 21 Houston Oil Field Mat 7 3-4 8 3-4 International Detrola - 8 3-3 8 7-8 International Textbook Co 11 12 Jefferson Standard Life Insurance Co *- 26 27 Kendall Co _ 32 32 3-4 Kingsport Press -10 1-2 11 1-4 Life & Casualty Ins Co __ 22 1-2 23 1-2 McBee Co _ 7 1-4 7 3-4 May-McEwen-Kaiser Co _ 12 13 1-2 Moore Handley Hardware 9 1-4 9 3-4 Mooresville Mills -10 10 1-2 Morganton Furniture Co _ 15 1-2 16 Nat’l Cont Corp 4 3-4<& Pfd _ 65 1-4 66 1-4 New Britain Mach Co — 30 32 1-2 North Carolina Rail Co —195 - Northwestern Nat’l Life Insurance Co.-19 - Occidental Life Ins Co — 5 5 1-2 Ohio Water Serv Co- 19 20 1-2 O’Sullivan Rub Co - 4 4 1-2 O’Sullivan Rub Co. $20. 17 1-2 13 1-2 Peninsular Tel Co - 47 49 1-4 Peoples Sav Bk & Tr Co 80 - Piedmont Sc Northern Rail 60 62 Pilot Full Fash Mills-10 1-4 11 tuegel Textile <_orp -- Riegel Textile Corp $4 Fid 93 96 Rose’s 5-10-25c Stores_49 - Rulane Gas Co_ 4 1-4 4 9-8 Rulane Gas Co 9 1-2 Fid- 90 (2 SaeorLowell Shops_41 1-2 43 Sen Carlos Milling _— 8 1-4 9 Scott & Williams _ 23 1-4 24 Seaboard Finance PM — 37 1-2 -. Sec Lite & Tr Co ._82 ■ Sec Nat'l Bank_28 - Solar Alrcrait Pid-14 1-4 18 Sonoco Prod Co_30 - - ... Southern Fire In Co_30 1-2 - Southern Webbnig Mills _ 9 10 Standard Forgings _I 10 10 3-4 Standard Stoker -xd 21 1-2 23 Stevens, J P & Co- 33 33 1-2 Stonecutter Mills - 7 1-8 7 3-4 Stromberg Carlson 4o/n _ 40 1-2 43 1-4 Talon, Inc _ 40 1-2 42 3-4 Textiles, Inc _15 1-4 18 1-4 Textiles, Inc 4% Pid-24 1-2 - Tidewater Power Co_8 1-2 9 Towmotor Corp -15 3-4 17 1-4 Twin-Coach $1.50 Pid -- 25 1-2 - United Transit_ 5 5 1-2 Victor Prod Corp -10 1-4 10 3-4 Virginia Elec & Pwr Co _ 16 16 1-4 Wachovia Bk and Tr Co - 61 62 Warner & Swasey Co _ 9 1-2 10 1-2 West Point Manu Co_ 29 1-2 30 1-4 Wilmington Sav & Tr Co_ 49 - CASH GRAIN CHICAGO Aug. 23—(A5)—Wheat: No. 1 hard 2.46%-2.47%; Corn: No. 1 yellow 2.50-2.251%; No. 2, 2.50-2.51%; No. 4, 2.44; No. 5 2.38-2.39; No. 4 white 2.72 Oats: No 1 heavy mixed 1.12; No. 1 heavy white 1.12%; No. 1 white 1.11-1.11%; No. 2, 1.11. Soybeans: No. 2 yellow 3.05-10 nominal. Field seed per hundredweight nominal; timothy 4.25-4.75; red top 12.50-13.00. Barley: Malting 2.45 nominal; feed 1.60-1.75 nominal. MARKETS AT A GLANCE CHICAGO: Wheat eased slightly; hedg ing. Corn—new record high; dry w-ea*her. Oats steady with corn. Hogs—Nominally steady. Cattle—Nominally steady” On a basis of population, New Hanover County ranks No. 7 in the above group but m point of assistance we are No. 5 or rank ing above both Guilford and Wake counties. This means one- of two things; people in Guilford and Wake are going without necessi ties or private agencies or mter ested individuals are helpm„ them. I think anyone will agree there are more than 81 needy per sons in Guilfrod county and more than 78 in Wake. If these needy persons are doing without, then my contention that New Hanover is doing a better job. If they are receiving help from private agen cies then our folks in New Hano ver’have the same right. I have talked to the Superintendent m Wake county and I find Wake coun ty appropriated $20,000 for direct assistance, but out of this must be paid boarding home care amounting to $7,200, leaving only $12,800 for direct assistance. You can draw your own conclusion as to how far $12,800 will go in a county the size of Wake, when New Hanover by the most con servative budgeting needs $36,898. New Hanover has appropriated $25,000 to the Associated Char ities, which will leave a shortage of $11,898 that will be needed by our people for the next year. New Hanover’s budget has been set and the tax rate adopted. This budget caries $62,946 to match State and Federal funds for Old Age Assistance and Aid for De pendent Children. It also has ap propriated $8,733.60 to match funds for Aid to the Blind, plus an administrative budget of $45, 61.70. This, together with the $25,000 appropriated to the Asso ciated Charities, makes a total of $142,306.30 for assistance and wel fare’ work in this county. Personally, I think the county has done its part and now that we find this is not enough, I be lieve the general public would rather see the Community Chest continue with its contributions rather than see another increase in our tax rate. I hope very much that the directors of the Chest will see fit to take care of this situation. J. R. HOLLIS, Superintendent of Public Welfare. Wilmington, N.C. Aug. 23, 1947. CITY’S OAKS IN DANGER To the Editor: Wilmington is a beautiful city, well known far beyond its own confines. People from other places comment on its advan tages and frequently in envious tones wish that their own com munities were similarly blessed. Our own people realize and fully enjoy the beauties but perhaps do not realize the elements that con tribute to ite beauty. This being the case, it would be suicidal to lose by neglect any one of these elements. The chief beauty of this city is in the magnificent trees that adorn most of the streets, especially the oaks. These oaks are in danger. They are suffering from some bligint that is probably remediable if some action is taken in time. It would . be tragic to lose any of these oaks. Some weeks ago in an effort to create a sentiment in favor of protecting our 'teeMl used the trite expression Only God can make a tree .” 1 rep that now with special emphasis and call attention to the fact that it requires about one hundred years for an oak to attain any considerable size and if we lose those we now have, no person now living will be here to enjoy the next crop. Whether it be the duty of the municipality or the civic organi zations or individuals, I urge in the interest of the city and ite loyal citizens, present and pros pective, that some steps be taken immediately to protect and pre serve the picturesque and sturdy oaks that entitle us to the soubri quet ‘‘The City Beautiful.” C. C. CHADEOURN 415 South Front St. Wilmington, N. C. Aug. 22, 1947. NEW WAY TO FINANCE WAR? To the Editor: Just as sure as night follows day, the United States will have other wars to fight. It costs loads of mpney to wage modern was as witness the 260 odd billions of car ry-over debt from the last war, plus some six billions of yearly interest to pay on that debi. Future war can be waged with interest free dollar money issued by the U. S. Treasury for direct government spending. The govern ment, in turn, would collect from the people the actual cost of wag Roaches! Roaches! Kill Your Roaches With V SHEPARD’S GUARANTEED ROACH KILLER MANUFACTURED BY JOS. C. SHEPARD Wilmington, N. C. On Sale at These Stores: Jarman Drug Store Lane’s Drug Store Futrelle’s Drug Store Saunders Drug Store^ Greenfield Drug Store T. W. Wood and Sons Seed Store Carl Marshburn Grocery Paul Marshburn Grocery J. H. Herring Grocery Harrelson Grocery Mayban Grocery Overton Grocery George’s Food Store Loveless Grocery L. L. Mills Grocery W. D. Mills Grocery S. D. Bordeaux Grocery Ideal Open Air Market Open Air Market Super Open Air Market Batson’s Grocery. Sunset Park E. C. Robinsons, Carolina Beach Hwy Johnson Drug Store, Jacksonville Ketchan Drug Store, Jacksonville Bunch Drug Store, Carolina Beach Seashore Drugs, Carolina Beach Seagul Drug Store, Carolina Beach Bame’s Grocery. Carolina Beach Jones Grocery, Carolina Beach Piner Grocery, Junction Southland Grocery 7-Mile Grocery Finley Carr, Wallace W’arsaw Drug Co., Warsaw Joe Brown Grocery Guarantee Food Store, Southport Bokenbagon Grocery Ellis Meyers, Fair Bluff—Ellis Meyers, Whiteville, A. A. Hobbs Jot-Km-Down Store, Leland ing war, using the present income tax setup, but with no interest in volved. Such a monetary change is vital for the reason that interest cost alone stands to pyramid the na tional debt to the bankrupting of our economy. W. R. HOWARD Forth Worth, Texas, Aug. 20, 1947. Five different versions of the Gettysburg address were written or spoken by Lincoln. FLA. YOUTH Kiir s rocky mount, a*1? Vernon Peeler IP-year':,^ °f Jacksonville p* ‘ ld ;0j killed here earlv toda in!taS:'r Atlantic Coast Line RaUrS5 i; dola car, loaded with Jr fc was shifted, throw*. 4„a- ‘lit ward the end of the wg the youth, .dice Jt'j Thoma.s revealed today “ l The fierce Tasman*^, not a real wolf at s’- \ Z 0- i ^upial like the kan^ * * REED’S JEWELERS — Diamond Importers _ When you buy your diamond at Reed’s you can be sure of perfection ... a certified and bonded lifetime guarantee goes with every diamond ring we sell. You can buy with utmost confidence at Reed’s! 9950 (Fed. Tax Inc.) Fiery diamond solitaire engage ment ring with gorgeous three diamond wedding band, 14-Kt. goid mounting. Fully guar anteed at Reed’s! V > : More than ever... you want ! j More than ever... you’ll get it at HEED'S WE INVITE YOU TO OPEN AN ACCOUNT No Carrying Charge — No Interest Added "WILMINGTON'S LARGEST DIAMOND IMPORTERS 4 ewe ler inc.3> 7 NORTH* FRONT STREET MEED’S FOR DIAMONDS Not /ust a new model... COMPLETELY NEW DESIGN! -IBi_T i--r Only Advance-Design Chevrolet trucks offer all these NEW TRUCK FEATURES Come in and see .. * NEW Advance Design-NEW cab that “breathes”—NEW Uniweld, all-steel construction—NEW durable, fully ad justable seats-NEW 22% greater visi bility—NEW Flexi-Mounted cab-NEW stronger frames—NEW increased load space in panels and pick-ups—NEW efficient loading in stake and high rack bodies — b&W thorough sealing and insulation—plus scores of other NEW features too numerous to mention. THE CAB THAT “BREATHES” —fresh air is drawn in from the out side-heated in cold weather—and used air is forced out!* The new flexi MOUNTED CAB is cush ioned on rubber against road shocks, torsion and vibration! « DRIVER’S COMPARTMENT IS wider, »' ^ more leg room—the seats are fully ® able, bigger and more comfortable. ’ deeper WINDSHIELD and WINDOWS mere ^ visibility by 22%! Rear corner ton ” permitting even greater visibility, aval as optional equipment at extra cost. r Advance Design in panels and pick ups gives INCREASED ■k/ LOAD SPACE—stake and high rack bodies have MORE EFFICIENT LOADING! stronger FRAMES are uesignea 10 carry greater loads greater distances for a longer time! n! LONGER WHEELBASES assure better load distribu *Fresh-air heating and ventilating system optiono r Famous FULL-FLOATING HYPOID REAR AXLES are geared for the load and the road! CHEVROLET Chevrolet’s VALVE-IN-HEAD TRUCK ENGINES are world’s most economical for their size The hydraulic truck brakes are exclusively designed for greater brake-lining contact! X TRUCKS RANEY CHEVROLET COMPANY Fourth & Princess Sts._* TelephoneJ^^