Evening Star Newspaper, June 24, 1936, Page 21

’ FINANCIAL, THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, JUNE 24, 1936. FINANCIAL. **8 A_2] NEW YORK CURB MARKET CURB LIST TAKES UNEVEN COURSE Gains Outnumber Losses in Most Groups, but De- clines Are Wider. By the Associated Press. NEW YORK, June 24—The Curb Market got off to an irregular start to- day and the uneven pattern of price movements continued into the late trading. Advances overbalances declines in various groups, but the losscs were steeper. Aluminum Co., Gulf Oil and Mead Johnson gave up 2 to 22 fractional recessions marked ‘such sues as Pantepec Oil, Pioneer Gold, Pittsburgh Plate Glass, United Light & Power “A,” and American Gas & Electric. Sherwin Williams was a strong fea- ture of industrials with a gain of around 1%. Shares up % to around a point included Creole Petroleum, In- ternational Petroleum, Lake Shore Mines, Newmont, United Gas and Wayne Pump. \ MecInnerney Hails Favorable Trend In Dairy Industry 2w tne Assoctated Press. NEW YORK, June 24.—Thomas H. | McInnerney, president of N.—Jmna“ Da Products Corp., said today the | dairy ndustry in the first five months | of the year experienced fairly favor- able conditions in spite of milk short- age in some areas due to drought. Supply and demand conditions are fairly well balanced and the industry’s | price structure is reasonably firm, he added. He also asserted, prior to his de- parture for Europe, that dairy farmers’ income is larger than last year “and promises to increase further since fluid milk is definitely on the upgrade.” FOUR UNITS MERGED BY ASSOCIATED GAS | By the Assoctated Press. NEW YORK, June 24.—Associated | jas & Electric Co. announced today | he merger of four subsidiary operating | electric companies into the Ohio-Mid- land Light & Power Co. The con- s ated units are: & Power Co.. New Washington Electric Co., Paint Township Light & Power Co. and Hilliard Light & Power Co. The action, it was stated, consolidates all of the electric properties of the as- | sociated system in Ohio into a single unit. BONDS ON THE CURB MARKET. DOMESTIC BONDS | Bridgeport Mach_ Wayndot Light | C | Corroon & R pf A~ Stock and Sales— tvidend Rate Add 00 High Low Close. By private wire direct to The Star. Stock ano Sales— Olvidend Rate. Add 00. High. Low Clcse Aero Supply (B) 3% 3% 3% Alr Investors Inc 26 2% 2% Alabam Pw pf(7). 3% T3 3% Allen [ndust (1).. 20% 19% 19% Allied Intl Inv __ & & & Allied Pro(A)1% 2 22 22 22 Alum'n Coof Am 2008120 120 120 Aluminum Co of Am pf (13%) 2005[[0’4 115 1i5 Alum’'n Ltd cu pf_ 9l 9[" Am City P&L (B) 5 6 Am Cynam B 60c. 16 84% Am G&E (1.40) lX 381y Am Gen Corp _ Am Hard Rubber_ 50|| Am Lt&Tr (1.20). 7 Am Mtg Co 258 Am Maracaibo 29 Am Meter Co 1 Am Potash & Ch..800s 2 Am Superpower . 16 Am Superpwr pf.. 4 Angostura (20¢c) .. Ark Nat Gas Ark Nat Gas (A)_ Ark Nat Gas cu pf Atk P& L pf (7) Asso Elec Ind Ltd (a29 7-10c) ASSOG & E (A) Asso Invest(113:) 50s Atl Coast Fisher 1 Atlas Corp (ad0c). 26 Atlas Corp war. Atlas Plywood. Austin Silver. Babcock& Wil (1). 258 Bellanca Afreraft. 1 BlissCo (EW)__ 45 Blue Ridge Corp 1 Blue Ridgecvpf3 1 2 1 20s 7 6‘1 34% 39 94 Bth 381 % 37 23 23 | Borne-Servsm 50c 100s | Bower Roll B (1) 8 12 3 Braz T,Lt&P adlc Brill Corp (A) Brillo Mfg (60c). British-Am Ofl coupon (80¢)__. British-Am Oil reg (80¢) Brown-Co pt Brown F&WB Brown Forman __ 4 Buckeye P L (3)_. 508 Bunker H&Sul(12 1008 Burco Inc Burco cv pf (3)_. Butler Bros. Can [ndus Aleo A Can Marcont % Capital City P 60c. 15% Carib Syndicaty 21y Carrier Corp 107 10% Catalin Corp _ 1% 1% 11% Celanese pr pf (T) 255110 110 110 Cont HG&E vtc (80c) Central Pwr & Lt 7% pf (333)--.1508 Cent&SW Ut _ 4 Cent States Eiec_. 10 % 161 65 16% 16 26 | Cent States Elec cv pf (new) Central States Electr1c 7% pt. 503 4 Charis Corp (1%) 1 100s 2t | Chief Consol .. 2 4 4 30s Cities Service Cities Service pf s Service (B) & Lizht $6 pf__ Cities Sve P& L Stpt City Aut Stpg 60c. Claude Neon Lts Clev Elec Illu (2) Clev Tractor _ Colon Ofl (d) Col's PF A (1%) Columbla Gas & Elev cv pf (5) Columb Oil & Gas Com'with Ed (4) Com'wlith & S war Como Mines Compo Shoe Mach ste (50c) Consol Afrcraft_ Cons Copper . _ Censol Gas of Balto (3 60) Cons Min & S Cons Retail 50s 50s 3 1 3 1 49 11 9 2 3 14 1 16% 16 37 4 90% (1) 258 54 1 5 | Contl Gas & Elee s 2 BErmmneg prpt (1) - Cooper Bessemer Cooper Bess pf A_ Cord Corp 25 Corroon & Reyn Cosden 01l 3 Crane & Co Crecle Pet (b20c) Crocker Wheeler_ | Croft Brewing Crown Cent Petr. Crown Cork Int (A) (31) | Darby Petr (50¢). Dayton Rubber __ Derby U1l & R Derby Ol Detroit Gray Iron Foundry Dictograph(alse) Distilled Liguors. 1 Doehler Die Cast. 5 DominS&C (B). 1 Duke Power (3) .. 100s Duval Tex Sulph. 1 Eagle Picher 11 1 3 Lead (al0c) Eastn G&F Asso | Eastn G&E pt A) (6) Easy Washing Mach B (75 Econom G S a! -~ 150s " 1008 % | Kisler Elec Corp 3 10514 10613 1 1047 1042 entucky U c 1 G&C N&L ronmcm BONDS. Box MB s &N 1av 10y 1on h 08" O | Fairchild Aviat'n Elec Bond&Share 136 Elec BA&Shpf(6) 1 El Pwr Associates 1 Elgin Nat W a7ic 1508 Emp G&F 6% nt 1758 Emp G&F 6% %pt 25s Emp G&F 7% pf 600s Emp G&E 8% nf 100s | Emp Pwr pt a80c_100s 25 | Emsco Derrick(1) 1 Equity Corp 5 European Electrio Ltd bd rts Ex-Cel-O A&Tool. Fedders Mfg(1%) Ferro Enamel (1) Fidelio Brewery Ftra As Phila (2) IEOI Fisk Rubber k Rubber pf___ lintkote Co (1) P&Lpt rd Motor (Can) A (a75e).. Ford Motor Ltd (18 1-10¢) Gen Alloys . Gen Electric Ltd reg (b37%c) Gen Firep't (40c). Gen Out Adv pf_ Gen Tel (az5e) Gen Tire & Rub_. 200s Glen Alden C (1). 1 Gray Tel PS (1).. 4 Great Atl & Pac Tea 1st pf (7)- Gulf 0il (1)._. Hartman Tob____ Harvard Brewery Hazeltine (3) . Hecla Min (60c) Heyden Chem(t1) Hollinger G(166c) 2 Hormel & Co (1) .. 508 Horn&Hard(1.60) 1008 Horn&Hard pf (7) lOllOB 108 108 Hudson BM&S(1) 6 24% 24% 24% Humble O1l (1) 9 60% GO‘/I 60% I P&L 6% pf__..400s 47 45 47 Il Pw&Lt $6 pf_. 1550849 46 49 Imp O11 Ltd coupon (t50e) 5 214 21 InsCoof N Am(2)100s 74% T4% intl Hydro Elec System cv pf 2 8% Int Mining (60c).. 4 11% intl Mining war_. 2 3% intl Petro (t1%). 22 864 Intl Ut} (B) - 1 1 Intl Vitamin t40c. Interstate Power (Del) pt 160s 23% Inv Royalty all . 12 % iron Fireman (1) 200s 25 Irving AIrCh (1) 1 21% Ital Superpwr(A) 2 1% Jersey Central P&L 5% % pf_.. 1258 86% 85% Jersey Central 108 92% 92% 2 4 4 2 g 1 Fi 2 48% F 201 12 % 3 2ly 1 1 258 3 194 16 8 1674 7 14% 18% 258 1?.6% 126% 126% 5 8312 83 83 1 14 4 13 2 1% 2 1 21% T4% 8% 11% 3% BGK G’h 23% % 24% 1% 86 92% P& Lpfi6).._ Jersey Central 10s102 102 102 1 W %% Kans City P8 vte Stock anc Sales— Dividend Rate. Add 00. High. Low. Close. Kansas City Pub SvevtepfA.. 1 5% B% 5% Kingston Prod - 3 4% 4% 4% Kirby Pet (20c).. 2 3% 3% 3% Koppers Gas & Coke pt (6) Kreuger(G)Br(1) Lake Shore M (4). Lakey Fy & Mach_ Lehigh C&N(30¢c) Leonard O11 Lockheed Afrcraft Lone-Star Gas 400 Long Island Light LongIsLtpf AT llOl 86% Long Island Light of (B) (6)._ Loudon Pk n t60c. La Land (40c) - McWms Dredg(4) 1000886% Masonite Corp t1. 200- 93'& Massey-Harris Mass Util Asso Mead John (18) Memphis N G a20¢ Merch & Mfrs(A Mich Gas & Ol __ Michigan Sugar__ Midl St Pet-vic A_ Midvale Co (2)__ 20' Minn Min & Mf 11 1258 Mohawk Hudsen 1st pf (4) Molybdenum Corp Mount Prod (60c) Mueller Brass 80c Nat Auto Fibre1% Nat Bella He! Nat Fuel Gas (1) Nat Gypsum (A)-. Nat Investors Nat [nvest war . __ Nat Inv pf (a1.50) 10i Nat Rubber Mach Nat Sugar N J (2) Nat Unton Radio Nelson(H) (a25c) N J “Zinc (2) New Mex&ArizLd Newmont Min (2) N Y & Hond (11) NYP&L 6% pt 6 N Y P&L pf (7) - N Y Shipbldg N Y Tel pf (6% ) North'n N Y Util 3 23 6 584 2 3 22% 5T% 67!& 13 84 Th 9 & 2 % 1 10"4 1 1 505 26! 208102 lUnllU 263 102 7 7 an 1lb 1175 118 106 106 10% 11 12 2% 413 4Ty 53% L 258106 45 11w Niagara Shares (Md) B (al0c) Nipissing (az5c). 6 2% NorthAmL&P.. 53 4% North AmL&P pf. 1500847 Nor Am Mat (1)_. 258 53% North'n-EuroOfl. 7 & Northern Statel Power (A) 3 28% Northwest Eng_ 3 2415 508 284 112 281 24% 28% . | Pantepec 011 | Propper McCali m | Salt Creek P(8uc) | St egis Paper | Scoville Mfg (1)-.100s | Ohio Brass(B) (1) cupf(6). 1109 at Gas Co. il me Distil__ T | Qutboard Mot (A) 14% | Outboard Motor B pti Y | Pactfic Eastern__. Le PacificG& E 1st pf (134) Yactic Gas & Eleo pr(137i) Pac Public 8ve. Pac Tin spec (VZ) 100s Pan-Am AIr (1) . 1 24 uth M a2 10s nt Light & Power pf (5)- Pennroad (p20¢) | Penn P&L pt (6). 1005107 benn P&L pf (7). 305110 Pepperell Mfg(3) 210s Phillips Packing. 2 Phoentx Secur 1 | Phoenix Secur Corp pf A (3)._ Ple Bakeries(60¢) 2 Pie Bak pf(7) 50s Ploneer Gold Mines Ltd (80¢) EE Pitney Bowes PM(32e)___ Pitts& LE (12%) Pittsb'gh P G(12) Potrero Sugar.. . Powdrell&Al +1%. Premier Gold t1ze Pressed Met(13) 109 1% 14% 8/ 4 109 324 32 28% 50s 17 3 Prudential Invest PubSve Ina pt___ Pub Sve Ind pr pf Pug S P&L $5 pf 5 | Quaker Oats (14) Quenec Power (1) 235 16% d Concrete. 125s eon Mfg lea Bank | Recd Roller Bit new (180¢c) | Retiable Stores._ eytarn Co __ e Xchfl 101ds Invest__ d Oil of Caitt pt (8) Root Petroimeum Royal Typewriter ustiess Ir & SU af Car H&L (4) 15 1 4 100s 1 1 St Rexts Paper pf 30s Segal Lock &H 4 Selected Indus 5 Sel [nd all cfs 5% 4508 Sel Ind pr pt(5%) 100s Seton Leather 11 10% Snattuck Den Mip 6 6% Shenandoah pf___ 1 493 Sher Willlams(4) 2008136 Sonotone (abc) Cal Ed pt pt 133 Spanish&Gen rets Spencer Chain St 30s 37ia | Stana Vit Ky (1) - 11 | Stand 01 O bt (5) 25510: | Stand Pwr & Lt _ 7 Stand SH&L (a Sterchi Bros Strs Sterling Br(altc). ) Stroock & Co Stutz Motor Sunray Ol Sunshine Min ( Swiss-Am Elpt__ Swiss Oll (120¢). Tampa Elec (2.24) Tasteyeast(Del)A Taylor Distili____ Technicolor inc - Teck Hughes t40c Tenn Products___ Texas Gulf Prod_ Tob Prod Ex(1Uc) Trans-Lux Daylite Pic Sn (20¢) Tri-Contl C war__. “Lubize Chatillion. Tubize Chatl (A)_ Tung-Sol Lamp n_ ‘Twin Coaeh (a10c. Unit Corp war.. Unit Gas Corp.. Unit Gas C war. Unit Gas Corp pf-. Unit Lt & Pw (A). T T Unit Lt&Pw (B). 2 8% 84 84 Unit Lt & Pwpt . 26 554% B4 b55% Unit Milk Pra25c. 25s 16 16 16 United Molasses Lid (a1l 5¢) 1 6 6 United Shipyds, B 5 2l 215 Unit Shoe M 123 1758 88% 88% 40 : 29 9% 13% 1% 2 2 109! 108% 109 6 213 | 88% | 40 16% 2 Unit Shoe Mach 210s 40 US Fou(B)(6te). 3 165 US Lines pt_ 2 2 U S Radiator. U S Radiator pt.. U S Rub Reclaim.. Jnit Wall Paper.. Utah Apex 4 25 31 4% 1% 1008102 102 102 L | to declare extra dividends | n (3 Firemen's (1 DIVIDEND BOOSTED BY WESTINGHOUSE Board Orders $1 -on Com- mon Compared to 75 Cents in Preceding Quarter. Ry the Associated Precs. NEW YORK, June 24.—Directors of Westinghouse Electric & Manu- facturing Co. today boosted the divi- dend rate with declaration of a $1 payment on the common stock. In the preceding two quarters divi- dends of 75 cents were declared. In August and November, 1935, pay- | ments of 50 cents were made. The latest disbursement is payable August 31 to stock of record July 31. Directors also ordered a regular quar- terly dividend of 87!2 cents on the preferred with the same record and payable dates. Consolidated Oil Corp. Directors of Consolidated Oil Corp. inaugurated today a new dividend policy with respect to the common stock by declaration of an expressly designated quarterly dividend of 15 cents, payable August 15 to stock of record July 15. In April, 1936, and in October, 1935, interim dividends of 25 cents a share were paid, cents was distributed. A statement accompanying today's declaration said “it is the intention tion to this established rate when earnings justify additional payments.” The two payments authorized so far this year total approximately $5,- 600,000 and earnings for the first five months substantially exceed this total, the statement said. The company's operations are na- tional in scope and embrace produc- tion, refining and marketing of oil and gasoline products. Gold Dust Corp. Directors of Gold Dust Corp. de- clared today a dividend of 15 cents a share on the common stock, payable August 1 to stock of record July 10. Previously the stock had been paid at the rate of 30 cents quarterly. George C. Morrow, chairman of the board, in a statement to stockholders | called the reduction “necessary and in | the best interest of the corporation.” of securities,” he said, “the net earn- ings of the corporation will not equal the dividend of $1.20 on the comthon stock.” S. Smelting, Refining. & Mining Co. declared a dividend of $2 on the common stock, doubling the amount paid last March. Six months | ago the company paid a dividend of $5 and in June a year ago $2 was ordered on the stock. The present dis- tribution is pavable July 15 to stock of record July 3. . Washington Exchange SALES. Capital Traction 55—8$1,000 at 91, AFTER CALL. % | Riggs Bank com.—7 at 270. Capital Transit Co—10 at 14'3. 10 at 1 Washington Gas 6s B—8$5,000 at 1007 4. Mergenthaler Linotype—10 at 453%, 10 at 45%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. 1. & Tel Tel col ash! Ga Wash. Gas | Wash. Rwy. T 105 T77 100 STOCKS PUBLIC UTILITY. Amer. Tel. & Tel al Ti L Cy & Tr. Co . Sec. 40 “of *Bemeadn 1.50) (112) o American 0) R inal” Union (00 TITLE INSURANCE. Columbia (.30)._. Real Estate (6)_ MISCELLANEOUS. Carpel Corp (1.60) Lanston Monotype (4 nt Linotype “(5) Mergenthaler Linotyp 1o Ter. Wdwd. & Loth. com. Wwd: & Toth. Drd. *Ex-dividend. Plus extra: per cent extra §500 paid May 15 a—4 per cent extra. SHOBT-TEBM SECURITIES. (Reported by Chas. D. Blrng‘d&s cefl) Amer, Beet Sugar 03 1940 ants o 2 1047 1936. Bt ) Efllifln El Illum. 4s : ) 102% g T 3122 1041 108 28 1940 1 Util Pwré& Lt ... Utll Pwr & Lt pf_. 150: 22‘ Utility & Indus pt 3% Utility Equities Wil-low Cafeteria Wil-low Cafe pf _ ‘Woolworth (F W) Ltd A (a943sc). Wright Harg t4v Yukon Gold . 3 33% 4 B 2 2n 33% | wi 8 2% 214 |, ePayanie ih siock, istributs B-dmdzna.d“ ribution of assets: FOUNDRY ACTIVITY UP. NEW YORK, June (#)24 .—The New York district pig iron market has shown improvement in recent weeks indicating increased foundry activity in the area, trade sources say. More than 4,000 tons are estimated to have changed hands last week. A 1 {‘ Wi A Pa, W::urn Unlon Tel 5 U. 8. TREASURY NOTES. « Chas. D. Barney & Co.) Reported by 7 oter 7:32 i-32 38 lOb‘m e = =3 s dds™ o8 135335352555555505 Rmo3y s 222203333338 SE2222323R22233 b1 otk o e the latter marking the | first disbursement since 1939 when 75 | in addi- | “Notwithstanding large non-recurring | | profits realized this year from the sale | Directors of U. 8. Smelting, Refining | Ups and Downs of the Sfock Market 1907-1936 Figh and Low Prices for fhe Dow- Jones Thirty Loading Indusrial Stecs BIG GAIN SHOWN BY ZENITH RADIO Each of 12 Months Shows Profit—Plans Face Back- log of Orders. Br the Asscciated Pr CHICAGO, June Radio Corporation has show: in each of the last 12 mont | holders were told by E. F. jr.. president, at the annual meeting. McDonald said that was unprece- dented in the corporation’s history. It was due, he said, not only to results of an advertising campaign, but also to the shift in automobile production, which has tended to elim- inate the dull season in radio. He added that although Zenith was work- ing at capacity, it would not catch up on the backlog of orders, referring particularly to farm business. McDonald said that by transferring manufacturing operations to the re- cently acquired Grisby-Grunow plant, consolidating work done in three sep- | arate units, a saving of ten cents a | set would be effected. The company proposed to spend between $150,000 | |and $200.000 for alterations on the | ‘Gngsb) property, acquired in bank- ruptey proceedings for $410,000. Berghoff Brewing. Berghoff Brewing Corporation re- ported that net earnings for the five | months ended Mey 31 totaled $177.278, after all charges, compared with | 846,510 in the same period last year. | | These earnings were equivalent to 65 cents a share on the capital stock, compared with 17 cents. Net for May was $60 681, equal to 22 cents a share, against $18,356, or 7 cents, in May, 1935, a profit stock- International Hydro-Electric. NEW YORK, June 24 (#.—Inter- national Hydro-Electric System, oper- | ating power and light companies in New England and Canada, reported | consolidater net income for the first | quarter of $141,290, equal to 17 cents a | share in the class “A" stock, against $597.536, or 56 cents in the comparable 1935 period. American Car & Foundry. American Car & Foundry Co., with principal plants in the East and Mid- west, reported a net loss for the fiscal vear ended April 30, 1936, of $582;; 515 compared with a net loss or | $1,968.514 in the precedmg period a year ago. e CHICAGO PRODUCE. rnia. White Rose. 5a60; partly graded, 3.00al15. . CHICAGO LIVE STOCK. CHICAGO. June 24 P (United States Dep: nt of Agriculture) —Hogs. 13.000. 0 direc irly_active average s 10 ioa 250~ 29.40; top. 1.500: vearlings pounds. Clllle strictly grain-fed fully teady: light offerings active: demand con- uing broad for steers and yearlings scaling 1.000 pounds downward: only lot kinds getting dependable outlet. ever. all grass cattie tending to draw away from grain-fed kinds: best weishty steers 00: 10500045 9.000: steers sows, calves, and dr: £rassy kinds selling at 7 and below: fed heifers ss cows and grass hel l(\alx lower at 3 strong at tontinues aun n 5 aoRn 0 8 ctive: b Cymipathy” with lower trend on grass steers. Sheep. 8.000. including 6.000 direct: fat lambs fairly active. best kinds aro: nd 10 higher: others mostly steady: top. 11 shippers: bulk lighter weights. 11 throwouts. 8.30a9.( buck: 100 Tat sheep Tully steas weight fat ewes quu bulk. NEW YORK SUGAR. NEW YORK. June 24 (P).—Raw sugar was a little steadier early today with re- finers showing more interest. but only in shipment positions. A sale of 21 000 bags o Cubas for Ausust shibment was con firmed at a sugars. Able at the same level, found R Duying interest. Futures opened 1 points_higher but firmed up sharoly on trade and Cuban buying, which seemed to center principally in_the July and Sep- tember positions. Renewed activity of refiners in the raw market and the ab- sence of notices_encourased buvers. Juiy t0 2.85 and September or 8 points met higher. round these levels at New crop positions showed gains nts with Merch and May selling &t the noon hour. efined was unchanged at 5.00 for fine eranulated, with a moderate withdrawal demand reported NEW YORK PRODUCE. NEW YORK. June 24 (#.—Butter. 17, 560: nrm firsts ores) . 2054 (8487 ugrex). Foas0%; centralized (0 score) Seese 451,550, firm. Pricss unchanged steady to firm. ixed S0 discount w_hand point lower to 1 colors: Special fresh receipts. and commercial stand: other mixed colors unchanged Live poultry uldy By freight: Broil- ers 'Rocks 24 fowls. 18 ers. 13; other fre JOBS UP 126 PER CENT. CHICAGO, June 24 (#).—Employ- ment in the Bloomington, IIl, plant of the Willlams Oil-O-Matic Heating Corp. is more than 126 per cent great- er than at the corresponding time in 1929, C. U. Williams, president, said. Spring sales set a new high record, he zaid. NEW YORK BAR SILVER. NEW YORK, June 24 (#).—Bar sil- ver steady and unchanged at 44%. Y afiangers 24.—The Zenith | McDonald, | | interfered with.” iot of nearby | i i R S Lo JM'_ Strawn Is Ngmed Electric Household Utilities Chairman Py the Assoctated Press. CHICAGO, June 24.—Silas H. Strawn, Chicago attorney, has been elected chairman of the Executive Committes and chairman of the board of the Elecfric Household Utilities Co., it was announced today. Edward N. Hurley, jr., was named vice chairman of the Executive Committee and vice chair- man of the board. These positions are new in the or- | ganization. Hurley continues to hold the office of president | Directors declared a 25 cents dividend payable July 25, the same as voted the preceding quarter, NATIONAL SURETY SHARES SALE VALID New York Appellate Court Up- holds Commercial Investment Trust Purchase. By the Assoctated Press. NEW YORK, June 24—Sale of the | | full 100,000 shares of the National | | Surety Corp. for $10,031,000 to the | Commercial Investment Trust was upheld yesterday by a 3-2 decision | of the appellate division of the New | York Supreme Court. The decision upheld the sale b) Louis H. Pink, State superintendent | of insurance, and reversed an order | of Supreme Court Justice Louis Valente rejecting the bid .and au-| thonzmz the sale of 70 per cent of the stock to the Bancamer-Blair Corp. for $101.50 a share. The National Surety Corp. was organized by the State Insurance De- partment in 1933 after it had taken over the old National Surety compnny for rehabilitation. In the prevailing opinion Justice | Edward J. Glennon said that “we do not believe that the discretica of the superintendent of insurance should be He found also that | Pink “was actuated by no other mo- tive than to see that the best in- terests of the creditors and the suc- | | cessful bidders were safeguarded.” INVESTING COMPANIES NEW YORK. June 24 (#.—New York Security Dealers’ Association. (Noon Quotations.) Bid e irc Steel Tobacco- Hiron H Incorp Investors Inv Tr N ¥ Coll ‘A" Investors Pd Investors Fund of Am_ on Cust Fund B and Tav T Trustecd Am Tensteed Tnd Trusteed N Y Bk € RANKS (). —Federal EFDERAL | AND NEW YORK. Land Bank bonds (Quotations as of 2 June 24 o'clock.) Bid. As 10015 10013 1004 100%3 ADVANGE SCORED BY COMMODITIES Prices of Major Products at or Near Highest Levels of Season. By the Associated Press. CHICAGO, June 24.—Prices of major farm commodities today were |at or near the highest levels of the season with few exceptions. ‘The menace of drought overspread- ing the farm bekt has been a major factor in a steady rise of prices in the last few days, market authorities said. Some competent agricultural observ- ers believed the drought was the most serious experienced in some sections in many yars, excepting possibly the his- tory-making 1934 drought. A compilation of Chicago prices of major commodities showed Week Yesterday. ago. Wheat. 253y % July__ Corn, = Butter. November Esgs October | Cotton. "July Hogs Cattie, top ) to0p 13.00 ‘Wheat prices, which have shot up sharply in the last few daps with the 9.00 increase of reports of drought damage | |in spring crop areas, were 10 cents or more below top levels reached in 1935. Butter futures prices were the high- est for June since 1930. Hogs, while worth more than triple | record-breaking low values reached in 11932 and 1933, were about $2 per | hundredweight below the 1935 peak. Choice and prime steers averaged $5 | to $6 below the top levels reached | | last year. BANK OF NETHERLANDS | CUTS DISCOUNT RATE | By the Associated Press. AMSTERDAM, June 24 —The Bank of the Netherlands today reduced its discount rate to 4 per cent from 4!z per cent. Bank officials said the cut was caused by a halt in the recemt with- drawals of gold reserves from the bank. The Bank of France reduced its dis- | count rate yesterday to 5 per cent from 6 per cent, also because of a stop in the outflow of gold. . CUBA SHIPS MORE SUGAR. NEW YORK, June 24 (#).—Cuban exports of sugar from January 1 to June 20 totaled 1,352,406 long tons, raw value, compared with 1,121,160 tons in the comparable 1935 period, Lamborn & Co. reported. Shipments to the United States were 1094.246 TAXES ARE AIMED AT HOLDING UNITS Pressure for Simpler Corporate Set-Ups. BY FREDERICK GARDNER, Associated Press Pinancial Writer, Tax authorities expect the revenus bill signed yesterday by President Roosevelt to bring many changes in corporate set-ups. Full implications of the bulky measure, with its new principle of graduated levies upon undistributed profits, are not clear to most students of taxation. Controversy centers on the profits levy, with some contending it would foster monopoly by hampering growth of small units and others arguing it | would check monopolistic tendencles resulting from accumulation of wealth and business control in a few hands, But there was general agreement that it increases pressure for sime | plication of holding companies, a cone sistent New Deal goal. 1934 Action Recalled. Previously action had been taken toward that end in the abolition in 1934 of the privilege of making con- solidated tax returns, in the utility holding company control act and the levy on intercorporate dividends in the 1935 revenue bill The new law stiffens the penalty on | intercorporate dividends by lowering | exemptions on them to 85 from 90 per cent and seeks to encourage liquidae tion of complicated structures by pere | mitting transfer of properties free of the capital gains tax. In provisions aimed at holding come panies, some saw echoes of charges that they had become vehicles for ac- cumulation and control of gigantie aggregations of wealth, > | Supporters of the tax reforms maine tain the old system, including console idated returns and 100 per cent ex= emption for dividends received by one corporation from another, operated as a sort of “subsidy” for the holding company. Opposed to Concentration, | Robert H. Jackson, until recently | general counsel of the Bureau of Ine | ternal Revenue, insists Federal tax laws for many years had encouraged concentration of capital and pyramid- ing of corporate set-ups “in which 8 | little investment would control a vast | amount, of wealth.” Under the old laws there had been rapid increase in the use of the core { porate form for transaction of busie i ness. ‘Treasury experts say the revision brmga more tax equality into business | done through a corporation as againsy individual or partnership business. EARLY APPLE SHIPMENTS 'EXPECTED ABOUT JULY 1 | erectal Dispateh to The Star WINCHESTER, Va., June 24 —Fresh apple pies and apple sauce will be in order by the Fourth of July in home and hotel menus, shippers indicated | today, saying the season for the move- ment of such varieties as Yellow Trans- parent and Duchess will begin about . the first of July. Some of the early varieties from Lower Virginia were already moving into Eastern consuming markets, and were bringing anywhere from $1.25 to $1.75 per bushel, according to quality, | but growers of Northern Virginia said | they did not intend to be stamj into rushing their unripened fruit market until another week, claiming that the green fruit was not fit for any | one’s stomach. ON IMPROVED D. C. PROPERTY Immedi cation ate attention on your appli- for buying, rebuilding or refinancing. Loans repayable monthly. No charge for appraisal if loan is not made. Interest charged only on unpaid balance of principal. EourrasLe Co.oPERATIVE B UILDING ASSOCIATION 915 F STREET N.W. REAL ESTATE FOREIGN EXCHANGES. NEW YORK. June 24 (.—Foreign e change steady: Great Britain in doll gihers in cents: Great Briiain deman 5.02%4; cables. 5.021: B0-day bill France. demand_ 6.601 Italy. demand mands—Belgium 40.26; B e 201 T3 E6in: Tokio Z Hongkong. 32.4%: M %fln‘re-] in New Yark FOREIGN MARKETS. LONDON, June 24 (P—The closing tone of the stock market firm, with Foneral busing throushout the ehiire lise. The industrial group was dema espectally sicel and. rubber ssues. ASias from strength in International Nickel. trans-Atlantic stocks gave ground. Strengih developed in Mexical Eagle Oil, while min- ing shares moved irregularly, West Wit easing under profit-taking. PARIS. —French rentes closed a franc e higher in today's irrerular ses- Slon *Tnternational ' shares declined. ai- though the remainder of the list main- tained a steadier tone. MONTREAL SILVER. INTREAL. June 24 (P.—Silver fu- — opened steady unchanged to 10 g fi‘n Sentember. 44.83b; LCTANER i zmd, LOANS on Improved Property Monthly Payment Loans or Straight Three Year Loans 3% INTEREST Consult Reat Estate Department AMERICAN SECURITY AND TRUST COMPANY Mam Office FIFTEENTH STREET AND PENNSYLVANIA A ENUB Branches 7th and Mass. Ave., N W Seventb and E Sts.,S. W. Eighth and H Sts., N E 1140 Fifteentb Sc., N. W. MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION MEMBER FEDERAL RESERVE SYSTEM