Evening Star Newspaper, July 2, 1936, Page 20

A—20 RRR FINANCIAL. FORBANK SYSTEM Moulton Calls [t Absolute Essential in Financing of Government. BY EDWARD C. STONE. The commercial banking credit system of this country is an absolute essential in facilitating financial operations of Government, Harold G. Moulton, president of the Brookings Institution of Washington, told 400 bank officiuls last night at the Gradu- ate School of Banking at Rutgers University. “If the flexibility and expansibility provided by commercial banking credit were eliminated,” Dr. Mouiton declared, “it is scarcely too much to say that the economic system itself would shortly be destroyed.” Speaking from charts to illustrate his points, Dr. Moulton asserted that “even in normal times commercial banks facilitate the financial opera- tions of governments and in times of emergency they play a role of vital importance “But in periods of war and acute depression, when the financial re- quirements of government expand with great rapidity, the expansion of commercial bank credit is on a tre- mendous scale. Such is, of course, the case at the present time. “It is not true that the world de- pression was caused by a breakdown of the American banking system— which did not, in fact, occur until the depression had been under way more than three years. Nor is it true that the world maladjustments existing in 1929 can be explained simply by undue extensions of commercial banking credit in the preceding years. The maladjustments involved world sgriculture, industrial, commercial and financial relations.” Taking up the question of interest rates, Dr. Mgulton said that the real cause of low interest rates and yields on securities is the large volume of investment money available as com- pared with the volume of new se- curities available for purchase. This situation will continue until such time as the increasing flotation of new securities for private capital develop- ment furnishes a normal outlet for corporate and individual savings. As soon as new corporate issues reach considerable volume. interest rates will begin to rise and the prices of high grade securities—and of Government bonds—will decline. In view of still existing business uncer- tainties it may be quité some time before a significant change occurs, he asserted Booker Firm 10 Years Old. Y. E. Booker & Co., investment firm in the American Security Building, was 10 years old yesterday, having opened for business on July 1926. It has been a decade of steady business ex- pansion and the members deserve many congratulations. ! Since the concern was organized | the country has passed through the | greatest stock market boom ever known and also the most far reaching | world depression in all history, two most interesting, exciting and trying financial periods. The partners in Y. E. Booker & Co. | are Y. E. Booker and Harry W. Finney, | and George Hewitt Mvers, <pecxal partner. It is worthy of special note | that all the members of the staff| who went with the company at the | time of organization are still connected | with the firm today. Y. E. Booker, head of the concern, | is president of the Washington Stock Exchange and is also on the board‘ of governors of the Investment | Bankers Association of America. being | especially active in the southeastern | group Market Trend Still Upward. In a mid-year appraisal of business | and security market prospects, pre-4 pared for E. A. Pierce & Co. New | York Stock Exchange firm with a ‘Washington office, by Standard Sta- tistics Co., it is held by Lawrence H. Sloan that the upward business trend which started in 1933, should con- tinue for the next two or three years. That does not mean, he says, that there will not be temporary setbacks. He says the recovery in the demand for new automobiles has been the greatest single factor in the recovery in aggregate business activity. He thinks it is time to quit talking about the capital goods industries being “permanently stymied” because of po- litical conditions, although the con- sumer goods industries have played the stellar roles in the business re- covery so far. In his opinion the main trend in the stock market should be toward further expansion. This cannot be guaran- teed, the writer adds, although he be- lieves it the safest premise for the common stockholders. If this is a valid premise, he comments, “larger corporation earnings. larger corpora- tion dividends and enhanced common stock prices should logically follow in due course. “Honestly managed, competently dperated American business enterprises still have a period of growth ahead of them,” the author declares in con- clusion. Sales and Collections Up. Market gains in total net sales and a slightly higher rate of collections on accounts receivable in May, 1936, as compared with May a year ago, are reported by manufacturers to the Na- “tional Association of Credit Men and the Bureau of Foreign and Domestic Commerce. Total net sales of 588 magufac- turers throughout the country report- ed an increase of 18 per cent in May over May, 1935. Eight of the 14 in- dustry groups reported higher aver- age collections, the meat packing in- dustry having the highest percentage. Another joint report from the Na- tional Credit Men’s Association and the Commerce Department states that while wholesale trade was better in May this year than last, collections ratios were practically unchanged. Collections were the best for electrical goods, furniture and other house fur- nishings. On the aversge, accounts receivable are now being paid in 30 days. Capital Transit Crosses 16. Capital Transit stock made a new high mark today on the Washington Stock Exchange when it sold at 16% for the first time on the present move, on a turnover of about 120 shares. ‘The last previous sale was made at 16. The final bid today was 16, with 17 asked. Riggs National Bank common sold at 265 and Potomac Electric Power 6 per cent preferred at 110%. In the bord division, Capital Traction 5s moved at 91%. Directors of the Firemen's Insur- ance Co. of Washington have de- clared the regular semi-annual divi= dend of 80 cents a share, payable today. \ Prev. High. Low. 18 13% 35% 28 0% 644 1% 4% % 27' Alleg Steel (1).caee vate Wire Direct $o The Star. Ttock and Sales— Dividend Rate. 111% Abr & Straus pf(7).. 9% Adams Exp (a20c)_. 177 Adams Millis(a75¢c) 22% Address'graph 60c... 58 Air Reduction (1). 2 Alr-Way Elec Appl. 13% Alaska Jun (160c).. 215 Alleg Corp (d) 12% Alleg pt w$30w(d). 27 Alleg pr of (d) 1936 30s 1 157 Allled Chem (6) __. % 23'% Allied Mills (b25e). 28% 63% 631 551 507 133 135% 116% Am Car (t4) ... 6% Allied Stores 69 Allled Stores pf(5)._ 36% Allis-Chalmers (1). 19% Alpha Port Cmt(1). 27 Amal Leather .__ 34 Amal Leath pf (fl) 50 Am Ag Chm Del(3). 39 Am Bank Nots (1)_ 40 Am Brake Sh(1.60). 124 Am Brake Sh pf 6%. 166'; 162% Am Can pf (7). 73‘/1 58% 32% 28% 99 5 148 9% 10815 152% 33% 125 36 61 178 102% 104 150 11% 25% 107t 14% 20% 121 157 3% 14 28% 33% 9 24% 6% 4 20 ChickashaCO (2).. 11% 114 19% 8613 464 70% 102 20 1061 51% 34 108% G 15% 1% 4% 20% 26% 19% 2% 8T% 24% 4 381 46 69 30 Am Car & Foundry. 57% Am Car & Fdry pf._. 31 205 Am Come) Alcohol-. 16'% Am Crystal Sugar. . 89 AmCrys S 1st pf(6) 315 Am Encaus Tiling_. 9% Am European Sgc_. 6'9 Am & Foreign 25 Am & For Pw $6 pf_ 29% Am & For Pw $7 pf_ 12 Am & For Pw 2d pf. 13 Am Hawailan (1) . 5% Am Hide & Leather 36% Am Hide & L pf (3). 37 Am Home Pr (2.40). 17% Am Icepf (2) ... 9% Am International... 23t Am Locomotiv 66 Am Locomoti 21 Am Mch & F (80c) . 10 Am Mch & Met a26e. 73 Am Power & Light 36% Am P&Lt $5 pf(2%) 43 Am P&Lt $6 pf (3)-. 18% Am Radiator £ 25% Am Rolling M(1.20) 18 Am Seating 56% Am Smelt & Ref (3). 104 Am Sm&Ref pf (6). 13613 Am Sm&Ref pf (7)_ 20's Am Steel Foundry .. 107% Am Steel Fy pf (2). 26 Am Stores (2).. 484 Am Sugar (2) _ 149% Am Tel & Teleg (9). 87 Am Tobacco (5)- 8814 Am Tobacco B (5) . 136 Am Tobacco pf (6)_ 9% Am Type Foundry._. 19'4 Am Water Works 92% Am Wat W 1st (6 7% Am Woolen = 54% Am Woolen pf (X.i. 3% Am Zinc & Lead 28 Anaconda Cop(a50o 85 Anaconda W (a5Uc) 37 Archer-Dan-Mid 1. 4% Armour (Iiitnots) - 66'« Arm'r(I1])pr pfi6)_ Armstrong C (1%) - Arnold Constab 60c. Artloom Corp . . Asso Dry Goods Asso D G 1st pf(26) Ateh To & S Fe(a2) Atch To&S Fe pf(5) Atlantic Coast Line Atl Gulf & W Ind : Atl Gulf&W Ind pf. Atiantic Ref (1) Atlas Powder (12) Atlas Powder pf (6) Atlas Tack (a50c) Auburn Auto Aviation CorD(Del) Baldwin Loco (d) _ Baldwin Lo asd (d) Baldwin Loco pfid) Baltimore & Ohto - Baltimore & Ob of Bang & Aroos pf(7) Barker Brothers._.. Barker Bros pf . Barnsdall Oil (80c) Bayuk Cigar (75e) - Bayuk 1st pt (1) Beatrice Cream (1). Beatrice Cr pf (7). Beech-Nut P (13)_. Belding-Hem (1).. x Bend!x Aviation(1). Beneficlal Lo(t1%) Best & Co (12) . ... Bethlehem Steel ... Beth Steel 5% (1)... Blaw-Knox (40c) Blumenthal pt Boetng Alrpla: Bohn Alum & Br(l) Bon Ami A (4)_ Borden Co (1 60) Borg-Warner (3) 213 Bridzep't B 40c xris 13 Bridgep't B, July 23 Briggs Mfg (12) Briggs & Strat (3) . Bristol-Myers (12). 40'% Bklyn-Man Tr (3)__ 97% Bklyn-Man T of(6). 4’3 Bklyn & Queens 50 Brown Shoe (3) 8% Bucyrus-Erle 134 Bucyrus-Erfe cv of. 100 Bucyrus-Epf33%.- 9% Budd (BEG) Mfg 2% Budd Mf 1pd,July16 8% Budd Wheel __. 11's Bulova Watch_ 25 Burr Ad Mch(160¢). 2'3 Bush Terminal (d)._ 1415 Bush Term B pf cod 2% Butte Copper&Zine.. 165 Byers (A M) ___ 541 Byers (A M) pf. 22 Byron Jackson 30% California Pkg(13%) % Callahan Zino.. .. 6 Calumet&Hec a250. 30 Campbell Wy (t1).. 10% Canada Dry G A . 54 Canada Southn (3)- 107 Canadian Pacific_. 37 Cannon Mills (2)... 12% Capital Admin (A). 91 Car-Clin&O sta (5). 6% Carriers & Gen 200_ 9214 Case (J 1) Co 54% Caterpillar Trac(2). 21% Celanese Corp a50c. 19 Celotex Corp. 54 Celotex Corp pf 25% Cent Aguire (11%). 47% Cerro de Pasco (4). 8% Certain-teed Prod 80% Certain-teed pf (7). 19'2 Champ Pap & F' (1). 59 " Chesapeake Corp(3) 51 Ches & Ohio (2.30). 4 ChiGrtWof(d) . 25% Chi Mail Order t134. 1'; Chi Mil SIP&P (d) .. 2"- Chi ¥ StP&P pf (d) 2Ch1&NW @) . 6'4 Chi & N W pt (d) - 125 Chi Pneumatic Tool 40% Chi Pneu Tool pf__.. 1'2Chi R 1 & Pac (d) .. 31 Chi R 1&P 7% pf( 19% Chi Yellow Cab (Z)V - 7 208 10 3 8 24 7 Childs Co = 85'5 Chrysler Corp (6).. 15% City Ice & F'ue! 72% City Ice&F of (6%) 23% Clark Equip (80¢) . 48 Cluett Peabody (1)- 84 Coca-Cola (2) ... .. 13 Colgate-P-P (50c).. 102% Colgate P-P pf (6).. 39% Collins & Atk (2)__. 8% Colonial Beacon .... 5690s 24 ColoF&Ipf(d)... 10s 21% Colo & South 908 14 . Columb G&E(a20c). 94 Colum Carb vtcit4) 44 Comcl Credit (3)__. Comecl Credit (3) __ Comc! Cred pt (6% ) Comel Inv Tr $3.60. »7 Comel In T pf(4%) 14% Comel Solv (60¢) ... 2% Comw & Southern._. 59% Comw & Sou pf (3). 325 Congoleum-N 1.60_. 10 CoonR& L ... 8 Consol Cigar ._.__. 72% Con C pr pf ww 63 65% Consol Cigar pf (7) 274 Consol Edis N ¥(1) 102 Corsol Ed NY pf(5) 37 Consol l.aundrias._ 11%3°Consol Ofl (60c) _. % Consol Il extile «d) 2 Cons Coal (Del) vte 12% Con C’l (Del) vte pf 15% Container Corp (1)- 10% Cont) Baking (A)- 1% Cont! Baking (B)... 67% Contl Can (3) ___.. 171 Cont’l Diam Fib(2)- 214 Contl Motors = 28% Contl Ol of Delt1) 28 Cont! Steel Corpt2) 12 Corn Ex Bk&Tr (3). 2708 - I » 3 EPYE R PASIITEE FRE - 112% 112 1% 11% £ 202 200% 26% 10% 80 47% 22% 25% 9% 7815 25"6 26% 20 THE EVENING Net Add 00. High. Low. Close.Chge. 1121 + ‘n FEEFF #F P E o FESERFFOEF P+l I+ 1+ +4++ 1 or ,‘:. e, SEEPEF FEFP +11l++1+ - &F 62% + % Prev. High. Low. B82% 163'4 Th 28%, 63% 4T% 10% 41 115 14% 102 445 153 133 1036 Stock and Dividend Rate. €84 Corn Prod Ret (3). 162 Corn Prod R pf (7)- 4 Coty Inc 15% Crosley Rad(a50c). 43% CrownC &8 (1) . 45% Crown C&S pf(2.70) 7% Crown Zelleb'k vto_. 28 Crucible Steel _. 95*, Crucible Stl pf (32). 6l Cuban-Am Sugar ._. 631 Cuban-Am Sug pf__ 35'% Cudahy Pkg (23)_ 167 Curtis Publishing_. 9915 Curtis Pub pt (7)_. 4 Curtiss Wright____ 10% Curtiss Wright A__. 43% Cutler-Ham (11) 52 Deeres & Co 13 Det & Mackinac pf.. 42 Devoe&Rey(A) (2). 33% Dlamond Mteh 1% 18% Dist Corp Seag Ltd. 41'; Dome Mines (12)___ 50% Douglass Alr 13 Dresser Mfg B_ 1% Duluth S S & Atl pf. 5 Dunhill Internat'i__ Dupont de N 13.60_. 133% 129 Du Pont deb (6) __. 974 172 87 16% 700 TN 55% 3 114 15% 33% =17 95 1201, 361x 11 | 105% 41% 16% 9 35% 1083 135 80 119 4474 112y 14% 19% 3% 28% 45 34% 114% 13% T 15% 41 185% 498, 9014 5% 8 54u T 4 314 36% 111 8ty 6% 41% 67 19% 15% 964 129 90% 26 22% 1% 24% 8% 2614 151 51% 244 7% 35 42 32% 15% 49% 18% 11% 46 1% 156 5'% Bastern Roll Mills_. Eastman Kod (15) .. 28'; Eaton Mfg (2) ... 5% Eitington-Sehid ... 30% Elec Auto L (1.20)_. 10 Electric Boat_ . 5% Elec&Mus In(b24c) 6in Blec Pw & Lt 29'; Elec Pw & Lt 36 pf. 32% Elec Pw & Lt $7 pf. 43 c Stor Bat (12) .. 4 Horn C pf (d) 1 ". Endicott-Joh pf (5) 13 Enginee 4"; Eng Pub Sve $5 pt 48 Eng P S $560 of ww 55 Eng Pub Sve 36 pf__ 5% Equit Office Bal0c_. 1 e R R 16 ErieR R1stpf..... 11% Erfe R R 2d pt 26 Evans Produc 4% Exchange Buffet_ 2% Fairbanks Co 8'3 Fairbanks Co pt 34% Fairbanks-Morse 31% Fajardo Sugar (2).. 18% Federa) Lt & Trac.. 84 Fed Lt & Tr pf (6)_. 40 Fed Min & Smelter.. 21, Fed Water Sve (A). 20'; Fed'd Dept Stra(l)._ 38 F1d Phoe F 1(11.20). 2474 Firestone T&R 1.20. « 1005 Firestone pt A (6) .. 40 First Nat Strs(234). 4's Follansbee Bros (d) 32 Food Machine (1).. 24!« Foster-Wheeler % Foster-Wheeler pf_ 25 Freeport-Texas (1) 47% Fuller Co pr pf._. 31'3 Fuller Co 2d of.. 3% Gabriel Co (A).. 11'; Gamewell Co - 8'3 Gen Am Investors . 4 Gen Am Trans(1%) 22 Gen Asphalt(b25c) . 10% Gen Baking (60c) . 141 Gen Baking pf (8).. 7% Gen Bronze 5% Gen Cable _ Gen Cable (A) 70's Gen Cable pt 34's Gen Mlectric (1 * Gen Foods 1180 s Gen & El (A) 14 Gen G&E 6%cv pfA 59% Gen Mills (3) 117'; Gen Mills pf (6) .. 537x Gen Motors (12)_ 115 Gen Motors pf (5) .. 5% Gen Outdoor Adv _. 18 Gen Outdoor Adv A. 38 Gen Print Ink ($2).. 2 Gen ilealty & Utll_. 33% Gen Refraec (1)-_. 32!3 Gen Sti Casting pt. 13% Glllette Saf Raz(1). 74 Glllette SR pf (5)-. 6% Gimbel Bros .. 39% Glidden Co (’)._.—- 37 Gobel (Adolf) .. 67 Goebl Brw C(120c) 13% Gold Dust vtc (60c), 13% Goodrich (B F) 78 Goodrich (B F) pf_. 21% Goolyear T&R . 87 Goodyear $7 pf 815 Gotham Stlk Ho: 2 Graham-Paige 113 Granby C (24 16 Grand Un pf 36215 25 Granite City St (1) 2813 Grant (W T) (1.40). 3214 Grt Northernpf___. 16 Grt North'n Ore(1). 31 Grt West Sug (2.40) 136 Grt West Sug pf(7) 22 Green(HL)Co (t1) 48 Greyhound C'p 3.20 30'; Gulf Mobile & N pf. 28% Gulf States Steel . 33 Hack WptA(1%).. 6 Hall W F Printing. 100 Hanna (M A)pf(5)- 3014 Harbison Walk(t1) 12 HatCorpof Am(A). 4% Hayes Body ... 2515 Hercules Motor (1). 84 Hercules Pow (5) _ 128 Hercules Pdr pf(7). 71': Hershey Choc (3) ... 113 Hershey C pf (14).. 30's Holland Furnace 108 Holland Furn pf (5) 9 Holland & Son (50¢c) 19% Holly Sugar (2) . ___ 397 Houd-Hersh A(2%) 2213 Houd-Hers (B)1% 54% House Fin (A) (13) 6% Houston 011 vte. .. 48t Howe Sound (13)__. 13’3 Hudson Motor Car.. 1 Hupp Motor: 18% I1linols Central. 30 Illinois Cent pf (A). 25% Indus Rayon (1. 90 Inland Steel (3) 614 Inspiration Coppet 5% Insur Sh Md ct 18c 9% Interlake lron . 25 Int Agricul prpf._ 160 Int Bus Mach (16 3515 Int Cement (1%) - 56% [nt Harvester 1.20 2% [nt Hydro Elec (A). 4' Int Merch Marine - 43Y% Int Nickel(Can)1.20 3% Int Paper & PW(A). 214 Int Paper & Pw(B). 1% Int Paper & Pw(C). 20'¢ Int Paper & Pw pf.. 107 int Print Ink pf(6). 3% Int Ry Cent Amer 3 Int Ry Cent Am vtc. 19% Int Ry C A ptf. 50 Int Silver pt 12'4 Int Tel & Tel . 10% Interstate Dept Elr. 82 Int Dept Strspf(7). 88 Johns-Manville(2) 5% Jones&Laugh7%pf Kalamazoo Stove Co Kans City Southert. 17 Kaufman Dep S (1) 80 Keith-A-O pf (3%)- 18 Kelsey Hayes (bB) . 14% Kelvinator (750¢) ._ 281 Kennecott C (1.20) .. 17% Keystone Stl & W. 37 Kinney (G R) Co. 20% Kresge (S 8) (1 19% Kroger G&B (1.60). 19% Lamoert Co (2) 12% Lee Rub&Tire (50c) 15% Leh Por Cmt(a25c) 9414 Lehigh Por C pf(4). 214 Lehigh Valley Coal. 9% Lehigh Val Coal pf. 81 Lehigh Valley R R 89 Lehman Corp (18).. 12 I:ehn & Fink (HU_ 3714 Lerner Stores 47% Libbey- Owenl 21 7 Libby McNeill & L. 97% Ligg&Myers B(14). 257 Lima Locomotive... 36% Link Belt (11.20) .. 32'5 Liquid Carb (1.60).. ‘13 3% Long Bell Lum (A). 21% Lorillard (P1(1.20) 142 Lorilard Ppf (7). 13 La Oll Ref of (d).. 20 Louisv GEEDfA 1% 5715 Louis & Nash (a2). 22% Ludlum Steel (1) _.. 385 - MacAnd & For 12).. 29 McCall Corp (2).. 12% McCrory Stores 39% Mcintyre Porcu 97% McKeesp't T P (14) 8% McKesson & Rob . 37% McKesson&R pf(3). 11% McLellan Stores... \ Sales— Add 00. High. Low. 28 1 19 9% 164 4% 27% 60% 45% 8t 35% 104% 104 9214 36% 17% 104% 6 o STAR, WASHINGTON, D. C., VITAL ROLE SEEN TRANQACTIONS ON THE NEW YORK STOCK EXCHANGE Stock and Net 1% 164 164 4 4 27 964 106% +1'% 9% - 424% 20 22 90% 3 101% 14% 53 58‘& 3 109 anh = 107% 107% 2 2% 4% 4% 23% 234 144% 145 34% 36 T4% Close.Chge. | High. Low. 7% ~1% | 37 -% - % w iy % W L » % W 53». +1 FEEFRE FEOMERES 2R THURSDAY, JULY 2, 1936. Sales— Add 00. 3 11 Prev. 1936 Stock and Dividend Rate. 27% Mack Truck (1).... 40% Macy (R H) Co (3). 8% Madison 8q G t60c_. 344 Magma Copper (3). 49% 14% 44 10'% 28% 57% 6% N 321 Man Elev gtd (d)... 304 21 Maracaibo O1) Exp_ 815 Marine M1dld (40c). 11% Marshall Field & Co 614 Martin Parry 2715 Mathieson Alk 13 _. 43% May Dept Strs (2)_. 55 49 Maytag pf ww (3)_. 110'5 103 Maytag 15t Df (6) - 19 - oA AD S - 20 I S T am 50 Mengel Co pf.- 40% Mesta Machine (3). 12% 5% Miami Copper 23 17% Mtd-Cont Pe 4715 21% M1dr'd Stl Pr 131'3110 M1d Stl 1st of (8) 75 65 Minn-Honey R 11% 12% 6% Minn Moline Pwr.. 76'4 57% Minn Moline Pwr pf 26% 16% Mission Corp - 9% 53 Mo Kans & Texas... 267 14% Mo Kans & Tex pf__ T8% 3% Mo Pacific pf(d)_.. 20% Mohawk Carp (1)_.. 79 Monsanto Chem(11) 35% Montg’y Ward(80c) % Mother Lode . 28 Motor Products (3). 15'4 Motor Wheel (1)__ 11% Mullins Mg (B) Munsingwear a1l . Murphy (G C) 1.20. Murray Corp Myers(FE)&Bro 13 Nash Motors (1).... Nat Acme Co.. Nat Aviation. Nat Biscuit (1 68% 51% 45 25 7 2 10715 15% 10 335 250 31% 26'; 143 137% 98y 5% 19% T4 l’ pf H\ n lfln t Dept Stores __. 1 t Distillers (2)__ 18 t Lead (50c) s t Lead pf (B){fi) 10s t Pwr&Lt (60c) . vat Steel (113) Nat Supply Co Nat Supply Co p! t Tea (60c) Natomas (18u¢) Neisner Bros (13) Newberry J J(1.60). Newport (ndustries N Y Alrbrake N YCentral RR. N Y Chicago & St L. NYChiasStLopf N Y Dock pt N Y Investors NYNH&H () .. NY NH & H pf (d).. N Y Shipbuilding 11 N ¥ Steam 18t (7). 80s Norfolk & W (18) __ 1 North Am Aviation. 14 North Am Co (1) North Am Co pf(3 Northern Pacific Norwalk Tire&Rub. Ohio O1! (50e) . Oliver Farm Equip. Omnibus Corp vte _ Omnibus C'p pf (2) 8 Oppenheim Collins_ 24% Otis Elevator (60c) 13 Otis Steel 727 Otis Steel prpf __ _. 128 Owens-11l Glans(5). & Owenc 111 G.July 24 13% Pacific Am Fish (1) 4% Paclfic Coast 2d_. . 1108 30% PacificG& E (13%). 6 5 --eee 208 d).. 2 20 2 608 185 108 140 Pacific T&T pf(6) 67a Packard Mot (a25c) 18'3 Panhandle P&R pf 67 Paraffine Co (2).__. 7% Paramount Pictures 59 Paramount 1st pt. &% Paramount 24 pf. 3 Park Utan 40% Parke Dav; 23 Parker Rust P(l’n) 4's Parmelee Transp't.. 6% Pathe Film Corp.. 10 Patino Mines. .. 64'3 Penick & Ford (3).. 69 Penney (J C) (13).. 31y Penn Coal & Coke. 4'; Penn Dixie Cemen 28% Penn Dixie C pf(A). 18 Penna Glass ctfs 281 Penn Rallroad (al). 30 Peoples Drug(t1).. 38 Peoples GasChi _ 12% PetC'pof Am a25c_ 10's Pfeiffer Brew(1.20). 25% Phelps Dodge a50e... 1% Phila & Read C&1__ 66 Phillip Morris (1)_. 384 Phillips Petrol(t1). 8 Plerce Ol pf 113 Plerce Petrole 307 Piisbury F1 (1.60) _. 713 Pitts Screw & Bolt_ 2 49 Pitts Steel pt_ 5814 Pitts United pf. 21 Pitts& W Va 11% Plymouth Oil (1) 12 Poor & Co (B) 6% Postal Tel&C pf(d). 2'4 Pressed Sti Car (d). 40% Proctor&Gam(1%).. 39 PubSveNJ (2.40)_ 103'% Pub Sve NJ pf (6) - 113% Pub Sve N J pf (6).. 146 PubSve NJ pf (8). 367 Pullman Inc (1%)_. 16% PureOn _ . 58 32 103 Pure Oll pf (8)_ 9% Purity Bakeries 400 9% Radlo Corp 6815 Radio cu 18t pf 3% 82'% Radio Corp pf (B).. 5 Radlo-Kelth-Or(d). 11 RRSecIlCent____ 28% Raybestos-M (1%). 35'3 Reading (2) 9% Real Silk Hosfery. 70 Real Silk Hos pt. 17 Rels (Robt) ___ 18's Remington-R (60c). Rem-Rand ex rts 85!3 Rem-Rand pf (6)... Reo Motor Car..... 90 " Revere C& Bpf____ 221 Reynolds Met (1) _ 50 Reynolds Tob B (3) 5% Rutland R Rpf____. 30 Safeway Stores (2). 22% St Joseph Led(80c). 1! St L-San Fran d) 38% Schenley Dista75 4 Sc. 5314 Scott Paper (1.80) . % Seaboard Alr L (d). 30% Seab’d Oil(Del) (1). 33 Seagrave Corp____. 59% Sears Roebuck (2)_ 61% Sec N Inv of 31.65. 15% Servel Inc (60c) 20% Sharon Steel Hoop. 4% Sharp & Dohm 150- 2 2 1 60 10s 28 4 16 High. Low. 33w 109% 109% 14 14 57 488 21'% 34% 11815 1% 643 Prev. 1936 High. Low. Net Close.Chge. 33% 42 —-% 10% — % “ o+ % 1 33 42 10% 4" 34 19% 120% 1103 Shell Un 14% 9% Siiver K 16% 32% 35 31 9 14% 4 SoAmG & PaZlc _ 26 So Porto R Sug (3). South Cal Ed (1%). 2314 Southern Pacific__. 12% Southern Raflway. 19 Southern Ry pf. 7' Spalding (A G) ... 25 K B4 5%, 484 5% Sparks- Spear & 29% Spencer 874 31% 29 12074 Stand B: 8% 21% Square 10 Stand Com Tobaccs 54 Stand Gas & El (4) 9 Stand G&E $4 pf (d) 118 243 Stand G&E $6 pf(d) 26% Stand G 356% Stand O III+ 65 Sterling 16! Stewart 14% Stone & 9% Studeba! 72 SunONl 3 +1 4+ 23 Suther)’ 20% Swift & 28% Swift Intl Ltd (2) 57 Symington A (4).. 6% Telauto, 28% Texas Corp (1) . 33 Texas Gulf Sul (2)- 28 Texas&PacRR _. T4 Tex Pac C & O alie 9% Tex Pac Land Trust 59 Thatcher pf (3.60).. &'4 Thermo! 821 8y 17% 721 14% 27% 12 1074 7 56 Timken 11 T4 Tri-Cont 93 Tri-Con 10% 41 12% 83 84 29 # 528 92 - 31% &% Twin Cl 100 90'% 31% 22% Unfon 21 2813 17 2974 13 113 68 40% 14%, 19 10 20 397 | 169 160 33% USInd 11'¢ U S Lea: 47 84'3 USSm 167 5% 160% 160 115 153 50 Univ Pl Untv Py Utll Pw adsco 40 Vick Ch 70’3 Vulean 9% 261s Walker 173 Walker 9% Warner 4% Warren 21 Warren 33% Wesson 12 47 Worth P Wrigley uu Young S 9% 11:00 AM._ - 1:00 P.M. cash payments b; declarations s Uni | not_including _extras | year. b Paid or being reorganized. Dividend Rate. 16% 11% Shattuck F G (500). 30% Sheaffer Pen (2)_.. 14% Shell Onion 0N 19% Simmons Co-oen-.. 4% Simms Petrol.. 19% Skelly O11 58 Sloss-Sheffl 22 Snider Packing .. 15% Sperry C vte b2ic 13% Spicer Mfg 63 Splegel-Ma 14% Stand Brands(80c). 2 Stand Inv Corp- 321, Stand Oll of Ind(11) £1% Stand Oilof N J t1_ 2% Sterling Secur (A)_ Superior Oll. 9% Superior Steel 's 23% Third Nat In 24% Thompson P a3 4% Thompson Starrett. 19% 14% Tide Wat Asso 60c._. 106'5 100% Tide Wat A O pf(6). 12% Timken-Detroit Transamerica a30c. 147 Trans & Westn Alr. 47 Truax-Tra Coal T4 Truscon Steel 20th Cen Fox pf 1%. 65!« Twin City R T pf. 2°» Ulen & Co 74% Und-Ell-Fish (3)_ # Und-Ell- 38'3; Union Bag&Pap (2) 71% Un Carb&Carb 2.40 20° Unton O1l of Cal (1) 2 . lfé’. 108'; Union Pacific (6) .- Un Tank Car (1.20). 1 32% 20% United Afrcraft. __ United Air Lines vte 24% United Bise (1.60) _ United Bisc pf (7) . 22% Unit-Carr F($1.20)_ United Carbon 2.40_ 5% United Corp._ United Corp pf(3) 10% United Drug .. 15 United Dywood (al) 4'3 United Elec Coal 6613 United F 2 United Gas Imp (1) 109 United Gas 1 pf (5) U S Distributing pf 13 US& For'a Secur__ 241 U S Freight (1) 11033 80'; US Gypsum (2)___ U S Gypsum pf (7) & U S Hoffman _ 21 USPipe &F (1%). 7% U S Realty & Imp 16%s U 8 Rubber___ U 8 Rubber 1st pf 46°. U S Steel 132% 115’5 U S Steel pf (2)_ U S Tobaceo pf (7). United Stores (A) 72's 5% Univ Leaf Tob (13). Univ Leat T pt (8) anadium Corp.... . Van Raalte (1) .. 'y Warner-Quin (d)... 19'y Waukesha M(t60¢). 6'a Webster Eisenlohr. 913 West Pa Eleo (7)A. 87 West Pa Elec pf(6). 96 West Pa Elec pf(7) 12214 116! West Pa Pwr pf(7) x 10s 1. Western Maryland. - rn Pacific pf. Unilon (a2)__. 941 Westingh'se E1 (4) 1974 Westvaco Chlo t40c 21's Wheeling Steel. 18% White Motor. 2% Wilcox Ol & G 6% Wilson & Co (60¢) .. 44% Woolworth (2.40)._. 23's Worthington Pump. 62% Wright Aero____ 33% Yal &Townouo:) 41% Youngstn Sheet & T 26'a ,11'a Zenith Radlo 57 Zonite Products Approximate Sales of Stocks on the N Y. Stock Exchun. Total Sales for the day. ], Dividend rates L= Sher In the above table are the a of trading less than 100 shares year. FINANCIAL. Net Add 0. High. Low. Close Che. 6 14% 14 14% 308 315 31% & 20 17% 17% Opfi5k). 1 120 120 Ing (40c).. 1 9% 9% 29 28% 29 2 5 5 24 60 23 134 4 24 60 23 13% 4 27% 28%, 33% O1) (40¢). 27% 28% Withington. Co Kell (1. 80). D (B) (u'JC) 21 108 3 73 124'5 1245 124% 10% 10 8 % 18 17% 42% 45t 3 3% rands pf(7). 9 &E $7p2(d) 41 6% 4T 14 3 3 371 37% + 34% 3% + % 5% 58% + 69'5 69% + of Cal ( Prod (3.30) Warn (50¢). Webster. ker Corp... 1) e a4 Paper = Co (1) 21 3015 10% Ta 358 358, 413 305 10% T 36 35% — 415 10 - % % - % 10% 74 364 358 graph(60e). 1d Co 105' 1054 + 16% 168% — 13 59 59 + 147 13% 13% — 18% 184 83 8% 102% 102% — 6 6 RB (12)_ tl Corp t] C pf (8) T4 33% — % 33% 9y 69 343, 1015 14‘ ty R T T4's +5% 3 3 76 77 632 632 44 445 + 1| 891, 89 22ia + l"!! s 128% + F___July § Pacific pf (4 31 104 +1% | | ket today e STOCKS IRREGULAR ATEND OF SESSION Farm Implements, Granger Rails and Others Hit by Drought News. Stock Averages 30 Ind Net change. — Today close. 855 Prev. day .. 859 Month ago. 81.0 Year ago .. 60.3 1936 high .. 874 1936 low.... 734 1935 high... 76.3 1935 low.. 495 185 216 348 1932 low.., 175 8.7 239 169 1929 high...146.9 153.9 184.3 157.7 1927 low.... 51.6 953 61.8 61.8 (Compled by the Associated Press.) 15 18 680 Ralls. Ul Stks =Rl 350 48.7 353 488 340 464 235 329 39.7 5038 302 434 312 447 636 639 60.5 443 648 §5.1 56.1 BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK. July 2—Drought new: crashed into an advancing stock mar- and put sizable dents in farm implement, Granger rail anc other issues. At the same time a number equities held gains of fractions to & | or more points as business and indu trial developments maintained buy- ing support. The close was irregu- lar. Transfers were around 1,150,00( shares The steels led an upturn in the morning, despite darker clouds ove: the labor situation, but they yieldec their improvement in the final hour Grains soared the iimit permittec in a day's trading at Chicago, Wher advices from growing crop districu indicated severe losses due to lack ol rainfall. General Motors took the leadershi) away from Chrysler, which had diff culty with profit-taking. The lat'e was soft at the finish. Stocks in demand included Lerne Stores, Allied Mills, Johns-Manville | Paramount first preferred, Monsantc Chemical, Auburn, American & For | eign Power preferreds, Peoples Gas Stone & Webster, Owens-Illinois, P lic Service of New Jersey, Norfolk & Western, Underwood-Elliott Fish | Hollander & Son, Douglas Afrcraft an¢ | Foster Wheeler Off as much as 5 points or so wer J. I Case, Deere, Oliver Farm, Cater | pillar Tractor, International Harv ter, Northern Pacific, Great Northe o! 14 6 308 SFE FITES 1t (3) 1215 = 1 15% + 1214 15% 100 164 134 3415 10% 100 1 164 1313 341 10% —1% 40 40 -y 8% 8% 28% 29 108 Alcohol (1) 2 ther(A)vic. & Ref (a8) x 84 84 584 588 — 3 124 124 -1 6615 1661y ‘1‘: 5 184 21 208 5 2 2 508 158 408 99 68 1 18 4% 4 1y 10 178 5 38 o 18t pt pe&Rad (d). r& Lt (A).. Sales Corp. em (12). irginta Ry pf (6)_ Detin (a4) ldorf Syst (80c). 115« Walgreen pf (6% ) (H) (2) ___ (H) ot (1) a 513 Walworth Ce.___. 107 Ward Baking (A).- Bros Pie. Bros Fdry&P(1). 22 224 — % 6 6% — % 345 348y + & 102 102 97% 9Ti4 106% 106% 1204 120% — 3 B 8% + 1 5% 5% — 14 85 851 4212 43% + 1 = 121% 121% —214 19% 198 — 1y 21% + % 22% 3% - T + % bZ2a — &% 251 - 13 5313 —214 M +1 69 69 358, 3';‘ 17% 17 1321 133 + h 10 440 441, 4dis + 15 42 61's 60% 614 + L3 1. 26l. 25% 25% 8" 6 0&S(150c). 10s 208 308 ump pr(B). W ir (13)_. + \l ]4\ p& W U) 280,000 640,000 12:00 Noom... .. 2:00 P.M. 490,000 760,000 70.000 on The latest Quarterly ‘or half-yearly fAnnusl rates— #Accumulated dividends. a Pald this 4 Companies reported in receivership xEx_dividend NEW YORK COTTON B the Associated Press. NEW YORK, July 2.—Cotton ad- vanced today on trade demand and covering. Reduced estimates of acre- age and reports of continued activity in the cloth market prompted the buy- ing. October sold up to 11.80 and was ruling around 11.77 in the midafter- noon market when active months were 6 to 8 points net higher. Futures closed steady, unchanged to 2 gher. e Cottonseed Oil. Bleachable coftonseed oll futures closed strong. 9.46b; September, §.45-46: October, December. 9,24; January. 9.233b. 170 contracts. New Orleans Prices. RLEANS. July = (&) —With the st reporting crop 'damase from { Tains and'the Southeast stll drogent stricken. cotton futures gained from 5 to {polnts, at the opening today. 1t was & typical “weather” mal with the pre- carious condition of the crop. in" wide- spread areas bringing increased specula- d trade buying. October opened at compared with the previous close of 11:65. while December ) and Janu- ary st T171 Rhowed sxmm- ‘davance fuf ned steady. September. 8H5D; R.H5b: _Octobe: ember. 865 January. 8 66b. Liverpool Quotation: -Y\Rg! m—%ofi fair demand: prices 12 points higher. Quo- tations in_pence: American strict £ood middling. 795 good midd midy hidgih low m: Tood ordinary, 64: good crdml tober. 6 March, VOLUME UP SHARPLY ON COCOA EXCHANGE By the Assoclated Press. NEW YORK, July 2.—Trading vol- ume in the New York Cocoa Exchange for June reached a level exceeded only three times in the history of the exchange. June volume totaled 7,238 lots, equivalent to 217,140,000 pounds, an increase of 110 per cent over the May total and comparing with 4.677 lots in June, 1935. The heavier trading accompanied a substantial increase in the price of cocoa futures. DIVIDENDS RESUMED. NEW YORK, July 2 (#).—Engi- neers Public Service Co. announced today resumption of dividends on three classes of preferred stock on which no payments had been made since July, 1933. The board ordered a disbursement of $4 on the $5 con- vertible preferred, $4.40 on the $5.50 cumulative pnlerred and $4.80 on the $6 cumulative preferred. The divi- dends, which are on account of ar- rears, are payable August 1 to stock of record July 15. A Dividend Boosted By Transamerica, Special Declared By the Associatea Press. SAN FRANCISCO, July 2.—Trans- america Corp. has boosted the divi- dend rate te 40 cents per share a year, and in addition declared a spe- cial dividend of 5 cents a share for the half year just ended. The new regular dividend of 20 cents, semi-annual, and the special of 5 cents, will be paid July 31 to stock- holders of record July 15. President John M. Grant indicated the regular dividend would be “permanent.” A year ago the directors placed the stock on an annual basis of 30 cents a share, and in January this year they declared an extra dividend of 10 cents in addition to the regular semi-annual payment of 15 cents. — MEETING POSTPONED. NEW YORK, July 2 (#).—The spe- cial meeting of stockholders of Skelly 0il Co. called to act on a proposai to + 1,/a bushel. 72l 72% - % | drought from the United States Spring Evans Products, Standard Gas 7 pe cent preferred, Montgomery Ward Sears-Roebuck, Philip Morris, Pull and Westinghouse. On the dow also were United States Steel Bethlehem. CHICAGO GRAIN BV the Associated Press CHICAGO, July 2—Wheat trad ing halted abruptly late today in e 26% 263, — ', North American grain exchange, price: having skyrocketed 5 cents overnight | exchange rules prohibited additiona | rises for the day. Simultaneous with suspension o business in wheat, corn values alsc | soared to the allowable limit, 4 cent: Alarming extension o wheat belt into Canada and like | wise menacing this country’s corr | crop led to the unu.sual rise of prices | Wheat c vanced, and pro Tise of 17 cents Qpen, Hih Low ot 8743 1 %n(fm T Sent % | December BARLEY— | Juiy 7 September 10.5¢ 108¢ 10,87 10024 Lemvember 10 October___10. December 10 BELLIES- July S - Chicago Cash Market. Cash wheat, No. 1 red, new, 1.03s 0334 No. 2 red, new, 1.0273a03% ; No 3 hard, old, 1.03; sample grade hard new, 1.00; No. 1 and 2 red, garlicky 1.02;: No. 1 mixed, new, 1.03'2; corn No. 3 mixed, 70':: No. 4 mixed, 69';; No. 1 yellow, 72'2a73; No. 2 yellow 72':a73'4: No. 3 yellow, 7112a72; No. 4 yellow, 70a71: No. 5 yellow, 69: No. 1 white, 841:a85; No. 2 white, 8315a84; No. 3 white, 83: sample grade, 65266 oats, No. 3 white, 33a34;: No. 4 white 311:a32; sample grade, 31a333;; nc soy beans, No. 2 yellow, track Chicago, 1.02; barley feed. 35a50; malt- ing, 55a94; both nominal; timothy seed, 4.40a65 per hundredweight; clover seed, 10.50a16.50 per hundred- weight. 13.0¢ IIVHDMI Wheat Prices. LIVERPOOL. July 2 (#.—Wheat futures closed strong. July October December Exchangt altimore Quotations, BALTIMORE ™ Tty 2 red Winter. spot. (not quoted) Vheat. No. nrhrky domestic July. e g NEW YORK SUGAR NEW YORK Juls 2 (P.—Raw sussr was quiet early today. No sales were reported. although the undertone was a little easier. A parcel of duty frees I mid-July arrival wa< available at 3.7 3 points under last paid orices Putures opened unchanzed to 1 boint lower. he July, position was relatively easy under liouidation promoted by cir- curlation of duty-free notices. Later de- liveries were steady on trade and com- , mission house buying. July sold off from 270 to 2.7%_or points net lower and held around tha ievel at midday September was 281 and March. 2.47 r 1 to 2 points net higher Refined was unchanged at 5.00 for fine granulated. Moderate withdrawal demand Wwas reported —_—— NEW YORK PRODUCE. NEW YORK. July 2 P —Esss. frm: el coles) 2 ok 1t : firs core &4 87 scores). unquoted:’ wls, rooaters 14: tu other freight Drices unchanged. SR e RUBBER FUTURES. NEW YORK. July 3 (P-—Qrude rubber {utures opened quet, 1 hishef o 5 Tower. July. 16187 September, 6. ember, 200 TONS OF LEAD SOLD. issue preferred stock for use in refund- ing the present issue of senior stock outstanding, was postponed yesterday until September 1. This is the third NEW YORK, July 2 (#).—The St. Joseph Lead Co., reports that 200 tons’. of pig lead from Southeast Missouri mines were s0ld yesterday at $4.45 time the meeting has been postponed. | per 100 pounds St. Louls. ) '