Evening Star Newspaper, September 22, 1936, Page 18

"A—i8 wwkx FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., TUESDAY, SEPTEMBER 22, 1936. \ - e e R ol FINANCIAL BENSON SLATED [TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE By Privite Wire Direct to The Star. FORA. B. A. POST Brooklyn Banker Expected to Be Named Second Vice President. BY EDWARD C. STONE. Latest dispatches from San Pran- cisco indicate that Philip A. Benson, president of the Dime Savings Bank, Brooklyn, will be the choice of the American Bank- ers’ Association e for second vice president. There have been many rumors of a pos- sible contest. but reports today seem to indicate anagreement among the mem- bers of the Nom- inating Commit- tee, which may spread through- out the organiza- tion. Mr. Benson has served the association during the last year as president of the savings di- vision, having been elected to that Philip A, Benson 245 29 16915 50 89 6013 136 34 . 1938 Stock and Low. Dividend Rate. 110% Abr & Straus pf (T) 59 Acme Steel Co (13). 9% Adams Exp (a20¢)- 177 Adams Millis(a75¢c) 224 Address’'graph(1)_x 30 1'4 Advance Rumley _. 58 Air Reduction (11). 2 Alr-Way Elec Appli 13 Alaska Jun (160¢) 2'4 Alleg Corp (d) 12% Alleg of w330w (d). 1214 Alleg pf wS40w (d). 1213 Alleg pfXW (d) oo 27 Alleg pr pf (d) ..o 267 Alleg Steel (11)_ 98 Alleg & West (6) 157 Allied Chem (6 23 Allled Mills (a30c)- 6% Allled Stores = __ 69 Allied Stores pf (5) 35% Allis-Chalm (13%)_. 2% Amal Leather___ 34 Amal Leather pf 12 49 Am Ag Chm Del(3). 37 Am Bank Note (1)_ 40 Am Brake Shoe 1.60 115% Am Can (t4) _ 162!« Am Can pt (7). 30 Am Car & Foundry.. 5T% Am Car & Fdry pf.. 31 AmChain.__ . 114% Am Chain pf $16%_ 29 Am Coal of Alleg 7l Am Colortype 2013 Am Comel Alcol 16% Am Crystal S(a50c) 89 AmCrysS Ist pf(6) 3% Am Encaustic 6 Am & Forelgn Pwr_ 29% Am & For Pw $7 pf. 12 Am & For Pw 2d pf.. 5'5x Am Hide & Leather. 323 Am Hide & L pt (3). Sales— Add 00. High. Low. Close. Chge. 608 1114 2 6l% 9 134 12 24% 3114 111% 6l% 13 24y 28% 2% 111% 614 +1% 131 + % 247 +1 +21% 2 + % 13 + % 3 3% 3 + % 33 14 T 2 3 1 8 30s 106'3 H2'U 277 67 131 1 8l 57 215 578 6013 32 43% 1 60 6 125% 1167 48 51% 7 89 3 bH8Y% 5 126 20s 29 3 1% 49 29% 1 28% 20s 100 4 4n Prev. Net |digh 123 122 24% 109 1036 Stock and Low. Dividend Rate. 110% Comcl 1 T cv pf (8) 97 Comel In T pf (43%) 14% Comel Solv (60¢) .. 2% Comw & Southern_. 59% Comw & Sou pf (3). 7 Conde Nast Pub___. 307 Corgoleum-N(1.60) 15 Conn R & L pf.. 27Y% Consol Edison ( 102 Consol Ed NY DI(S) 4% Consol Film 15% Cons Film pf (31 37 Consol Laundries... 111 Consol Ol (160c) 6% ConsolR R Cuba pf. % Consol Textile (d). 2 Cons Coal (Del)vte. 12Y Cons C (Del) pt vie. 153 Container Corp (1), 10% Contl Baking (A)... 1% Contl Baking (B) 67% Contl Baking pt (8). 67 Contl Can (3) 17! Contl Dia Fibr 354 Contl Insur (t1.. 21 Contl Motors _ _ 28w Cont Oil of DPI('I). 27 Contl Steel (2)..__. 63% Corn Prod Ref (l) 4 Coty Inc. e 35 Cream of Wh (2)... 15% Crosley Rad (a50¢). 43% Crown C& S (2).__. 46% Crwn C&S pf ww 2% Th Crown Zelleb'k vte.. 63'3 Cuban Am Sug pf__. 167 Curtis Publishing._. 9915 Curtis Pub pf (7). 4 Curtiss Wright____. 10% Curtiss Wright (A) 86's Cushman Sons pf .. Add 00. High. Low. Close. Chge. 3120 119 120 +1% 1 120% 120% 120% +2% 10;. +% 71h -1% 2 & > J B |+0’|I+IL*++4+ EFTFEREEETES & +4+1 E5E ] ~ Pm High. 126 108% 3% 8% 45 13 1936 Stock and Low. Dividend Rate. 113 Island Creek of ( 88 Johns-Manville 2. 75% Jones&Laugh 1% pt 29% Kalamazoo Stove 1. 13 Kans City Southern. 19% Kans City South pf_ 20 Kelsey-Hayes (A).. 18 Kelsey-Hayes (B).. 14% Kelvinator (150c) - 28% Kennecott C (1.20) . 17% Keystone S&W (2). 18% Kimb Clark (t50c)._ 4% Kresge Dept Strs__ 74 Kresge Dept Strs pf 2015 Kresge (S 8) (1) 35% Kress(SH)&Co new 19% Kroger G&B (1.60). 15% Lambert Co (2) 12 Lee Rub&Tire(50c). 15% Leh Port Cmt a25c.. 941 Lehigh Por C pf (4) 2 Lehigh Valley Coal. 9% Lehigh Val Coal pf. 815 Lehigh Valley R R- 3713 Lerner Stores (2)._. 47% Libby-Ow Gl(a2%). 7 Libby McNeill & L. 25 Life Saver (1.60) . 97% Ligg&Myers B (14) 19 Lily Tulip Cup(1%) 257% Lima Locomotive.. 86 Link Belt (11.20) ... 32% Liquid Carb(1.60)_. 43 Loew'sInc (12). _._. 104% Loew's Inc pf (6%2). 3% Long Bell Lum (A). 40 Loose-Wiles (2) . 107 Loose-Wiles pf (5). 214 Lorillard (P)(1.20). 13 La Ofl Ref pf (d)__. 20 Loulsv G&EpfA 1% 57'% Lou & Nash (a4%). Bales— Add 00. High. 108 36 5108 s rorTwmeRTaanon~ 10 708 4 1 Net Prev. 1936 Low. Close. Chge. 122% 122% 122% 121 118 120% +2% 116 114 116 +1% 4l 41% 22% 22% + % A4% 4% —1% 25% 234 20 20% 20 20w 49% 49 21% 21% 25 25 % 8% 8% 100 100 27 27% 46% 20% 18 14% 28% 116 3% Hizh. S FE FEFFEIEL 1+ 4++ 14+ 117% 35 112 114% 30 3% 68, 16% 52 101% 4% EFE F EPR &8 Stock and Low. _ Dividend Rate. 12% Reliable Stores ... 17% Rem Rand (160c) . 21 R'm-R5% prpf 1% 85 Rem-Rand pf (6)... 4% Reo Motor Car.... 16% Republic Steel . 77 Republic Steel pf. 78% Rep Stlprpf A (6). Copper (A)- C&Bpf _.. 22% Reynolds Met (1)__ 25 Reynolds Sprg (1) 50 Reynolds Tob B (3) 19% Ritter Dental 32 Roan Ant C op 74% Ruberoid Co (1) 27 Safeway Stores (1) 108 Safeway Strs pf (6) 110% Safeway Strs pf (7) 22 St Josepr L4 (80c). 13 St L-San Fran (d).. 2% St L-San Fr pf (4) - 11 Savage Arms 378 Schenley Distill (3) 97'2 Schenley D pf (5%) 1% Schulte R Strs (d) .. 7% Schulte R S pf (d).-. 531 Scott Paper (2) . 7 Seaboard Alr L (d). 2 Seaboard A L pf(d). oil (l}--- . High. 9 16 61! Sec Nat Inv pf $2.90 310s 15% Servel. Inc (60c) . 20% Sharon Steel Hoop . 89 Sharon Stl H pf (5). 4% Sharpe & Dohme._ 11'4s Shattuck F G (50¢c). 30% Sheaffer Pen (2) 14% Shell Union Oil_ 8% Silver King (60c) ... 19% Simmons Co (as0¢). 19% Net Low. Close. Chge. 18% 18%% — 34 19 19% — % 226 24% <2 86 86 + 4 5% 5% + W 24% + ¥ 114% +2% 9812 — ha 50 127% + % +1k -3% + b — % + % W +1% 1 + 410+ FEFPFFE ¥ VA o) S ) STOCKS ARE FIRM ATEND OF SESSION Specialties Lead Advance of Fractions to Two or More Points. Stock Averages 1ndus, RANs. 001 B0 Net change. + .4 Unc. Unc. +.2 ‘Today, close 90.9 41.1 518 Prev. day... 905 411 518 Month ago. 883 38.7 515 Year ago... 67.1 258 37.0 1936 high... 920 415 534 734 302 434 76.3 312 44.7 495 185 216 343 5 87 239 169 146.9 153.9 184.3 157.7 51.6 953 €18 618 68.6 684 66.6 49.3 69.6 55.7 56.1 (Comptled by the Assoctated Press.) BY VICTOR EUBANK. Associatea Press Financiai Writer. NEW YORK, September 22 —Led by specialties, the stock market pushed forward for gains of fractions to 2 or more points today, kicking into new high ground in some"instances. 3% Simms Petrol._. 1915 Skelly Ol ____ . 112 Skelly Ofl pf(17%). 65% Sloss-Sheff pf(a3%. 40% Smith (A O) e 21 Snider Packing_ The late tone was firm. Transace tions totaled about 1550,000 shares. As the session progressed, traders | escaped the mood which had producea a faltering early advance and moved 12% Socony-Vac O (50 1 | more aggressively to the buying side. 3% So Am G & P(a2(g). ‘ | Among reasons cited for the buy- 26 South Port § (12) . 1. | ing, analysts said, were the encourage- 25 South Cal Ed (134). *+ | ment derived from higher prices in the 2315 Southern Pacifie___. " | band market. the recent disposition of o et BT | trading to slacken an price declines 34 So Ry M&O eotfs (4) and continued accumulation of favor- 63! Spalding(AG)1st pt | able business news. 5% Sparks-Withington. Among issues which rose briskly to 6% Spear & Co ____ « | new highs were Douglas Aircraft, In- 29% Spencer Kell (1.60). by ternational Harvester and Interna- 15% Sperry C'p vte (a1). 2 | tional Paper & Power preferred. Tha i T % |latter issue, according to Wall Street 63 Spiegel-May-S (3)_ — 1, | Bossip, had the benefit of concentrated 21% Square D(B)a62ie +23, | demand said to have come from Can- 14% Stand Brands (80c). + %4 |ada. There was also talk of a nearby 129 1207% Stand Brands pf(7) plan to recapitalize. 9% 5 Stand Gas & El (d)_ Prominent in the advance were e CAEMat Chrysler, Auburn, Woolworth, United P e LR States Smelting, Phillips Petroleum, Continental Oil, Westinghouse, Allied Chemical, Allis - Chalmers, United States Rubber, Certain-teed. American 2 Stand Inv Corp____. 35 Stand O of Cal (1) Locomotive and Electric Auto-lite, . position at ‘New Orleans last year. He was president of the National Associa- tion of Savings Banks from 1933 to 1935 and is still a member of the Executive Committee of that organi- zation. He also is prominently con- nected with the New York State Savings Bank Association. One of the best-known bankers in the East, his friends have made a lively campaign for him. He was born in New York City, educated at New York University, lives in Brooklyn and is a Republican in politics. Tom K. Smith, president, Boat- | man’s National Bank, St. Louis, is| slated for the presidency of the A. B. A. and it is anticipated that Orval W. Adams will be advanced to the first vice presidency. He is from Salt Lake City. 22% Ludlum Steel (1).. 26 29 McCall €orp (2) . 12% McCrory Stores . 92 McCrory Strs p£(6). 39% McIntyre Porcu (2) 85 McKeesp't T P (14). 854 McKesson & Rob _. 37% McKess&Rob pf(3). 1113 McLellan Stores .. 974 McLellan Strs pf(6) 27% Mack Truck (1).__. 40's Macy (R H) Co (2). #% Madison Sq G t60c.. 3 7% Manati Sug pf (d)_. 120s 14% ManEl md gid (d). 2 3213 Man Elev gtd (d) _. 208 17'; Manhat Shirt (60c). 2' Maracaibo Oil Exp_. 37 Am Home Pr (2.40). 434 Cutler-Hammer t1. % Davega Stores 130c. 52 Deere & Co. 19'4 Deisel-Wem-G (11) 36% Delaware & Hudson 147 Del Lack & West___ 4% Den&Rio GW pf (d) 128 Detroit Edison (t4). 18% Dist Corp Seag Ltd.. 19' Dixie Vortex (1%). 41'; Dome Mines ("‘}__. 7% Dominion Stores .. 50% Douglass Atrcraft.. 29 Dresser A (bl13) 13 Dresser Mfg B. 474 Dunhill Interna 167% 133 Du Pont de N 3. 133'5 129 Du Pont deb (6)_ 115% 111 Duquesne Lt 1st (5) 25 13 Durham Hosiery pf. 513 Eastern Roll Mills_. 156 Eastman Kod (15).. 2814 Eaton Mfg (2) ... 5% Eitington-Schild 30% Elec Auto Lite (a2) 10 Electric Boat._ 514 Elec&Mus In(b2dc). 6% Elec Pw & Lt 291; Flec Pw & Lt 36 pf_ Elec Pw & Lt 37 pf_ FElec Stor Bat (12)_ 2 Elk Horn Coal (4) . 1'2 Elk Horn C pf (d) .. 5313 Endicott-John (3).. I1+4++ 144010 31 132 0 23!s Am Locomotive.. 66 Am Locomotive pf_ 21 Am Mch&Fy (80c)_ 10 Am Mch&Met a40c_ 27 Am Metal _ 35% Am News (NY) 13) Tl2 Am Power & Light_ 36% Am Pwr&Lt pf (5). 43 Am Pwr&Lt pf (6). 18% Am Ragjator(alse) 23% Am Rolling M(1.20) 36 Am Safety Rn (2)_ 18 Am Seating_____._ 25% Am Shipbldg (2) ... 56% Am Smelt&Ref (2). 20'2 Am Steel Foundry.. 24% Am Stores (2)._. 484 Am Sugar (2) . FES PEFFEFECIEF 6'4 Martin Parry .. 27l5 Mathieson Alk 1%5 .. 43% May Dept Strs (2) .. 1313 Maytag Co - 46 Maytag pf ww (3) .. 12% Mead Corp. - 9715 Mead Corp pf $4% 50 MengelCo pf _____ 108 3113 Merch & MIn T 1.60_ 1008 40% Mesta Mach (a3%). 6 5% Miami Copper_____. 4 17% Mid-Contl Peta40c. 58 21% Mid Stl Prod (a2).. 5 110 T08 Am Tobacco (5) ... Standardized Taxes Urged. 3's Am Tobacco B (5) In his address to the A. B. A. con-| 15 ’s Am Type Founde: vention today President Robert V. S Wt ks Ml Fleming urged that taxes be placed on e e g a sounder basis, be standardized and 5413 ‘Am Wor that a better tax understanding be . Am Writ Paper (d). reached between the States and the £+ Am Writ Pap pt (@) National Government. Individuals and 7% 3% Am Zinc & Lead.. big corporations need to know exactly L1444+ rEEEE Fe £° 1+101 1 32% Stand Ofl of Ind t1_ 511 Stand Oflof N J (11 24% Starrett(L 8)11.40. 65 Sterling Prod (3.80) 23% 321, 24 AmZine & L prp &% what their taxes are to be when they make future plans, he said. The Washington banker was en- thusiastic over present industrial re- covery, but added that he considered the unemployment situation still seri- He advocated closer control of Federal, State and municipal expendi- Referring to the present status of banking, he declared that com- | mercial loans cannot now be relied | upon as the chief earnings Bankers must look to other fields to employ loanable funds, such as instal- ous. tures. assets. ment credit and home financing. Assessments for Federal deposit in- surance and increased costs present a | 28 Anaconda Cop (1)_. Anaconda Wire(2)._ 3 Anchor Gap (60¢) __ Anchor Cap pf(6%) 3 AP W Paper. 105'% Armour Del p! 4% Armour (Illinols)_.. 47l Armstrong C (1% ) 7is Arnold Const (50c)- 8!y Artloom Corp 12% Asso Dry Goo 36 Assoc Oil (a2 59 Atch To& S FeaZ_. 903 Atch To&S Fe pf(5) 21% Atlantic Coast Line 11 AUGuUIf& W Ind__ 13153 AU Gulf&W Ind pf_ 26% Atlantic Ref (1)___ 109 Atlantic Ref pf (4)_ 112 Atlas Powder pf (6) ll“'- 38ty dicott-J pf (5) ... 4512 Eng P S $5 pf (110). 48 EPS$550 ww 211 5% Equit Office Ba2lc. 11 ErieRR._. 16 Erle RR 1st pf.. 11% Erfe R R 2d pf. 2314 Evans Products (1) 4% Exchange Buffet___ £13 Fairbanks Co pf_ 34% Fairb'ks-Morse(t1) 31% Fajardo Sugar (2)_. 18% Federal Lt & Trac . 37 Fed Min & Smelter_ 7% Federal Mot Tr 40c. 21; Fed Water Sve (A) 2013 Fed'd Dept St +1.40_ 38 Fid Phoe F 1 (11.20) 110 Filene's S pf (612) . 1314 109 98 12% 1% 23, 1 41y 228 291 Mid Stl 1st pf (8)__ 88 Milw El R&L pt (6) 65 Minn-Hon Ros 11%. 614 Minn Moline Pw % Minn & St L (d) 1% M St P&S S Marie. 2% M St P&S S M s in. 16% Mission Corp_ 5'3 Mo Kans & Te: 14's Mo Kans & Tex pf __ Missourt Pacific(d). Mo Pacific pf (d) . Mohawk Carpet (1) Monsanto Cheg (11) 35% Montg’y Ward 80c_. 44 Morrell J & Co 2.40_ * Mother Lode_ __ 28% Motor Prod (12)___. 15's Motor Wheel (1)._. 11% Mullins Mfg (B) 108 250- 1”4 1615 Stewart Warn(50¢c). & Webster. 91a Studebaker Corp. 72 SunOfl (11)... 118 Sun Oil pt (6) 27 Superheater (50c) 23 Sutherlnd Pap 11.60 6% Sweets Co of Am_ 201 Swift & Co (1) 28% Swift Intl Ltd 14 Symiggton (d) . 5% Symington A (d)_. T see Corp .. 2875 Texas Corp'n (11) . 33 Texas Guif Sul (2)_ 7% Tex Pac C & O a2ic. 9% Tex Pac Land Trust L4441+ 144+ * Bond Flotation For Gulf States Utilities Likely 8y the Assoclated Press. NEW YORK, September 22 —Wall Street investment quarters heard todaz that two new bond issues of Gulf States Utilities Co., aggregating $21.- 300,000, probably would be offered publicly tomorrow. With approval of registration by the Securities and Exchange Commission, 247 Firest T&R (adic) 40 First Nat Strs (233) 32% Flintkote Co (1).__ Follansbee Bros (d) Food Machine (1)_. 8% The Fair__ 89 The Fair pf (7).. 813 Thermold Co... 23% Third Nat Inval.l5 81 Thomp'n(JR)(50c). | there will be offered by a syndicate, composed of Stone & Webster and | Blodgett, first Boston Corp. and Brown, |Harriman & Co. $17.300,000 first 961y 22% 54 21% 33 70 Mullins Mfg pf (7). 1208 14 Murray Corp._. 20 43 Myers (FE) (1)~ 1 15 Nash Motors (1) ... 15 14 Atlas Tack (ai0c) 26% Auburn Auto. ... 5% Austin Nichols. - 2913 Austin Nichols pf A serious problem, he said, In this period of low earnings. He stressed public relations, warned against over-charter- ing of banks and touched on the com- 108 petition between the banks, Savings System and other Government lending agencies the Post Insurance Stocks Reviewed. Mackubin, Legg & Co., New York Stock Exchange firm, which has a ‘Washington office in the Woodward Building, is distributing to clients a 4% Aviation Corp (Del) 213 Baldwin Loco () 29'; Baldwin Loco pf(d) 23 Baldwin Lo asd(d). 33% Baldw L pf asd(d)— 157 Baltimore & Ohio ... 21 Baltimore & Oh pf. 417 Bang & Aroos (2 13% Barker Brother: 821, Barker Bros pf. 108 ll\‘s% 106 Food Mach pf(4%). 24'x Fost Wheeler new_. 95% Foster-Wheeler pt 301y Fourth Nat 1a1.45. 63 Frank Sim pf (37) _. 2315 Freeport-Texas (1). 31' Fuller Co 2d pf.. 3% Gabriel Co (A) 11': Gamewell Co_ +1 FEEr 18% 15% 388, 164 30 2844 112% 112 18 2013 Nashv Chat & St L. 12’3 Natl Acme (a25¢) - 915 Nat Aviation ... 30'; Nat Biscuit (1.60)_. 153 Nat Biscuit pt (7) . 213 Nat Cash Reg (50c) 21 Nat Dairy P (1.20) . 10814 Nat Dairy P pf A(7)" 1073 Nat Dairy P pf B(7) 10 Nat Dept Stores 10 30 208 24% Thomp'n Prod a60c. 473 Thompson Starrett. 26 Thompson Star pf__ 14% Tide W Ass0 O 60c. 124 Timken Detroit(f1) 56 Timken Roll B (12) 11 Transamerica t40c. 14%; Trans & Westn Air_ 10% Transue &W (160c) - 7's Tri-Cont Corp a2ic.. mortgage 4s. due in 1966, and $4.000,000 42 per cent debentures, due in 1946. It is expected that the mortgage issue will be priced at 103 and the debentures at 102';. Proceeds will be used to refund existing issues carrying 4'2 and 5 per cent coupons.” The company, a part of the ene gineers’ public service—Stone & 8!z Gen Am Investors_. 97 Gen Am Inv pf (6)_. ' Gen Am Trans 1% _. 21 Gen Asphalt (b25c). 10% Gen Baking (60c)_.. 7'z Gen Bronz 5% Gen Cable. 17 Gen Cable A 3414 Gen Electric 33% Gen Foods (1.80) _. s Gen Gas & Elec (A 14 Gen G&E 6%cv pfA 19 GenG&ET% pt A_. 58 Gen Mills (3)___.__ 537 Gen Motors (12 118 Gen Motors pf (5) . 5% Gen Outdoong Adv_. 18% Gen Outdoor Adv A_ 105 Gen Print Ink pf(6) 32!; Gen Ry Signal (1 2 Gen Realty & Util 264 Gen Real&U pf w 331 Gen Refrac (al%). 3213 Gen Stl Casting pf_ 390. 17 Gen Theatre Equip. 30% Gen Time Inv (1) __ 13% Gillette Saf Raz (1) %0 Gillette SR pf (5)-. 6% Gimbel Bros 69 Gimbel Bros pf(a3). 394 Glidden Co (2) 52y Glidden cv pf(2%)- 37 Gobel (Adolf) = 67x Goebel Brew ( 12% Gold Dust vte (60¢) 13% Goodrich (BF) .- 74 G'drich(BF)pfn(5)x 16 21% Goodyear T & R._.. 53 87 Goodyear $7 pf (4)- 814 Gotham Silk Hose_. 77 Goth Silk H pf (7)-. review and forecast of casualty and | surety insurance stocks. Interest has | grown in =all classes of insurance stocks in recent years, this survey containing 42 pages of very inter- esting matter. The publication says there has been & fundamental and probably per- manent improvement in the under- writings of casualty-surety companies. Net premiums written by these com- panies from 1901 to 1935 revealed & very heavy increase. An average of about 80 per cent of the total | assets of casualty-surety insurance | companies is represented by cash and marketable bonds and stocks, the survey says. Investment Care Stressed. Great care in maintaining reserves well invested and investing of surplus funds conservatively were two points made by Edwin Hyde in addressing the Morris Plan Bankers’ Association at Hot Springs, Va.. yesterday, accord- ing to the Associated Press. “If the bond account is looked upon as a side- car, a blow-out is likely to jar the entire financial structure, he declared. Lewis F. Gordon, vice president and director of public relations of the Citizens & Southern National Bank, Atlanta, told of “dangers” which he sald might arise from the lack of ap- Ppreciation of the need of public re- 14'% Barnsdall Ofl ( 163 Bayuk Cigars (75¢) 100 Beatrice pf ww (5). 85 Beech-Nut P (13)_— 1314 Belding-Hem (1) __. 213 Bendix Aviat'n (al) 20 Beneficial L (t133). 48 Best&Co (12)——- 45% Beth Steel 16 Beth St1 5% 32 Bigelow-San (1)._ 14’5 Blaw-Knox (40c) 109% Bloomingdale pf(7) 167» BoeingsAirplane___. 41 Bohn Alumé&Br (3). 804 Bon Ami A (4)_____ 3y Bon Ami (B) (234)_ 25% Borden Co (1.60) _ 64 Borg-Warner (13)._. 1% Botany Min A (d) _ 125 Bridgp't Brass t40c 43Y Briggs Mfg (12) _ 474 Briggs & Strat (3).. 41 Bristol Myers (12)_ 40% Bklyn-Man Tr (3) . 413 BKlyn & Queens ___ 33% Bklyn & Qns pf(13). 443 Bklyn Un Gas (3)-. 45 Brown Shoe (3) . 814 Brunswick-Balke__. &% Bucyrus-Erle__ 10714 Bucyrus-Erie pf(7) 15% 9'a Budd (EG) Mfg. 1% % Budd 2d pd..Oct 1 2 86 Budd (EG) Mfg pf. 8% Budd Wheel 20% Bullard Co (a50c)_ 11% Bulova Watch____.. 25 Burr Ad Mgh(160c). 81 Bush Term deb (d)_ 16 18 11 1814 1 1004 3 94 14% 30% 221, 59 1% 18% 4313 19% 110! 111% “Webster Utility System, operates 1 the Gulf Coast territory. NEW YORK COTTON By the Associated Press. NEW YORK, September 22.—Cot- ton rallied today following early de- clines. Hedging wes absorbed by trade buying and covering. December advanced from 11.77 tp 11.88, with the general market show- ing net gains of about 6 to 8 points in late trading. Futures closed steady. 4-8 higher. 93 Tri-Contl C pt (6) 47 Truax-Tra Coal- 2213 20th Cent Fox F 31% 20th Cent Fpf133.. 8% Twin City R T__ 65% Twin City R T pf_. 274 Ulen & Co 74% Und-Ell-Fisher (3). 38'3 Union Bag&Pap (2) 71% Union Carb&C 2.80_ 20% Union Oil of Cal (1) 1493 108'; Union Pacific (6 100 90'4 Union Pacific pf (4) 31% 22% Union Tank C 1.20_. 323 20% United Afreraft_. 21 13 United Air Line vte. 2815 241 United Bisc (1.60) __ 33% 22% Unit-Carr Fast (2). 87% 68 United Carbon (3) 9% 5% United Corp.._. 487 40% United Corp pf (3)_ 16'y 10% United Drug (a50c) 29'3 15 Utd Uyewood (a1%: 105 93 United Dyew pf (7) 7% 4 United Eléc Coal. 47 324 UnitEng & F (2 8514 66's United Fruit (3)_. 19'3 14% United Gas Imp (1). 127 64 United Paperb'd(d). 5 2 USDistributing___ 10 U S Distributing pf. 13 U S & For'n Secur. 241 U S Freight (1) 80% U S Gypsum (2) 8% U S Hoffman__ U S Hoffman pf 2% 814 U S Indus Alcohol ... 54 U S Leather vte.__. 10% U S Leather A vte__ 71 U S Leath pr pf vtc. " SPFPESFEEE 26% Nat Lead (150¢) ... 137% Nat Lead pf B (6) _ 9‘- Nat Pwr & Lt (60c). Nat Ry Mex 1st pf_. 10' Natomas (180¢) 10% New Orl T&M (d) 9 Newport Industries 3213 N Y Alrbrake aslc.. 27% N Y Central R R 17% N Y Chicago & S 363, NYChi &St L pt. 10% N Y Dock pf__ 1 N Y Investors (d).. 3 NYNH&H (@) __. 7% NY NH & H pf (d) . 913 N Y Shipbuilding .. 9313 N Y Steam 1st (7). 300 210 Norfolk & W (i8)_. 108, 6% North Am Aviation. 2314 North Am Co (1) __. 52% North Am Co pf (3). 23% Northern Pacific 50 Northwest Tel (3) 2 Norwalk Tire&Rub. 1244 Ohio Ofl (50€) - 17 Omnibus Corp vte_. 8 Oppenheim Collins_ 2414 Otis Elevator (60¢c). 1215 Otis Steer___. 70 OtisSteel prpf____. 164 128 Owens-11l Glass (5) 13 Pac Am Fisher (1). 0t+ll|4*l F RN FEELELS S Qctober December January M r “ (S0 Rl Spot_steady; middiine. e ¥ Cottonseed Ol Bleachable cottonseed oil futures :lnue steady. September. 10.30. October, 10. ember. 10.20b: ~ Januars, m:]h Mareh 10.32.7 Sales, 114 contracts VEl++1 401 ++ ¥ FEFIEETEFTF + ~ EESEF 19% 20 394, 1101 17 541y 59 9% 11 1 18% 17 112 4+ 000+ L L3 o NEW ORLEANS. September 22 /& Cotton futures closed steady at net ac- vances of 6 to 11 points. ® b3 L3 1w . FES [ EEEE A Z % 30% PacificG&E (1%). 47% Pacific Ltg (2.40)_.. + A LI IEI AT+ +1 440 + ® lations eounsel and building good will. The chief difficulty, he said, was to see banks and bankers as the public The people make the zees th 14% Bush Term B pf cod 2% Butte Copper&Zinc. 16'% Byers (A M).. 54 Byers (A M) pf_ 22 ByronJackson t1.. & 2 Graham-Paige.__.. 1% Granby (2 stpd) —— 34 Grand Union ctfs__. 24% Granite City Stl (1). 32% Grt Northein pf... T RS FREFEESF FE PP OrE TIv 14% Pacific Mills 11% Pacific W'n Ol b2se 6% Packard Mot(a25c). 1% Panhandle Pro & R. 1814 Panhandle P&R pf.. 744 Paramount Pict__.. 1 176 2 408 21% USPipe & Fy(13%). 7% U S Realty & Imp_. 16% U S Rubber________ 47 U8 Rubber 1st pf__ 72% U S Sm & Ref (a8). prime Summer vellow am R.6215 se»t-mbev December. Ob b u.nn 21k Tias, ' .Kob. * L] FEEE TS g banks, he said, and whether right or wrong, their ideas govern the banks’ % Callahan Zine_____. success or failure. 6 Calumet&Hec a50c_ Willard G. Barker, president of the 30 Campbell Wy (11)— Morris Plan Bank of Washington, P e spoke on “Public Relations.” 31, Cannon Mills ) Washington Office ®pened. 12% Cap Adm (A) ab0 President P. G. Mumford of Ameri- 0::« g:DHAdm&DfGA ‘;0) can Machine & Metals, Inc., an- e nounced today that offices have been zi:’ ?'::r(':ul.)rc'x?ne(z_) opened in the Washington Building, 215 EelancneCorpaton. with Vice President Joseph S. Jones 19 ' Celotex Corp. 2 in charge. Mr. Jones has been the 54 Celotex Corp pf. company’s vice president in charge 35 Central RRofNJ.. of manufacturing operations and 9% 6% Century Rib Mills_. comes here with a background of B8 47% Cerrode Pasco (4).. wide business experience 19% 8% Certain-teed Prod > 67% 57% Certain-teed 6% pf. 240s ] " Celebrating its 91st anniversary, the | 115, 80% Certain-teed 7% pt. 280s 116 1123 Washington agency of the Mutual Benefit Life of New Jersey also re- ports the best new business for the 21 19 Champ Pap & F (1). 7 20 20 1044101 Champ Paper pt(8). 1208 103% 1034 %6 59 Chesspeake Corp(3) 8314 third quarter of the year which it | 69% 51 Ches& Ohlo (2.80)_ e history. |- O 26 CHI&Nast Il pE(d) The first agent for Mutual Benefit in | 15° 4 Goi ot west (4)—. the District was appointed in Sep- tember, 1845. Several Home Office officials will visit Washington next 12 4 ChiGrtW pf (d)- 1 31% 25% Chi Mall Ord(11%). week to help the local agency cele- brate. 3 0 3 2% 11 Chi MilStP&P (d). & 5% 2% ChiMStP&Ppf(d) 7 4% 2% Chi&NW (d) 8 ‘Z;xh :g;/z ghl h.“"’x"ml‘ Tool 3 'hi Pneu Tool pf___ 1 Bank Stock Sales Improve. 3% Chi RI&P6% pf td) 2 Yesterday's sale of Norfolk & Wash- 3% Chi R I&P 1% pf(d) 1 ington Steamboat Co. stock at 105 was 17% Chickash Cot Oil___ (3 at & new 1936 peak. The low for 2'; g::l‘flzc" the year on this issue is 88. Several 85% Chr;n:x?‘(’ o sales of Lincoln National Bank stock 15% City Ice & Fuel (2). at 205 showed a gain of 2 points over the last previous transfer and were in line with the increased interest in all Washington bank stocks in recent months. Mergenthaler Linotype sold st 46% in Boston yesterday, the same 1 F¥EE ¥ 16 Grt North'n Ore ( 31 Grt West Sug (2.40) 14914 136 Grt West Sug pf(7). 82% 22 Green (HL)Co(t1). 801% 48% Greyhound C'p 3.20. 39 24 Guantanamo Sug pf 19% 9% Gulf Mobile & N___. 85 30'% Gulf Mobile & N pf. 63 28% Gulf States Steel___ 129% 105 Gult S Stl 1st pf14. 11% 6 Hall(WF)Printing- 21% 14 Hamilton Watch_ 47% 30% Harbison Walk(2)_. 16% 12 Hat Corn o: Am (A) 9 4% Hayes Bod 133 102 Bnol Atll.l GI (16). 35% 25% Hercules Motor (1). ]15 126 Hercules P pf (7).— 5915 Hershey Choe (3) .- 30%4 Holland Furnace__ 9 Hollander (t50¢) 19% Holly Sugar (2) 39% Houd-Hersh (A) 22% Houd-Her (B) Hh. 54% House Fin A (13).—. 6% Houston Ofl vte____ 48% Howe Sound (13)__. 3% Hudson & Manhat__ 131 Hudson Motor Car— 1 Hupp Motors_ 185 Illinols Central_. 30 Illinois Cent pf (A). 44 Indian Refining. 25% Indus Rayon (1.68). 885 Inland Steel (3).-__. 6% Inspiration Copper. 5% Ins Sh Md ctfalfc.. 11% Interboro R T (d).. 215 Intercontl Rubber_. 95 Interlake Iron..... 2% Int Agricultural.... 41 22% Int Agricul prpf__o 185% 160 Int Bus Mach (16)— 563 35% Int Cement (2)__——. 90% 565 Int Harvester 3% . 160 148% Int Harvester pf(7) 2% Int Hydro Elec (A). 30% California Pkg(1%) 6612 U S Sm&R pf (3%)- Liverpoel Quotations, LIVERPOOL = September ) .—Cot- ton. 16.000 bales. including 2.700 Amer- ican. Spot quiet: prices 11 points lower quotations in pence: = American strict good middling. 7.40: good middling. 7.19: sirict middling. 6.09: middimg. 639: striet 10w middiing. 6 54; low middling. 6.14; stries €00d ordinai 5 6 59 Paramount 1stpf__ 84 Paramount P 2d pf. 171 Park & Tilford 2% Park Utah__ 40% Parke Davis (al%). 23 Parker Rust P1%._. 4% Parmelee Transp't.. 6% Pathe Film Corp-... 10% Patino Mines.. 60 Penick & Ford l!) 69 Penney(JC) (a2%). 344 Penn Coal & Coke _. 4% Penn Dixie Cement. 281 Penn Railroad (al). 38 Peoples Gas Chi 25% Pere Marquette 12% Pet C'p of Amas0c. 101 Pfeiffer Brew (1.20) 26% Phelps Dodge a75¢c 45% PhilaCo 6% pf (3)- 2 3% Phila Rap Tr (d)-_. 3108 8% Phila Rap Tr pf (d) 820s 1% Phila& Read C&I1. 19 384 Phillips Petrol (t1) 149 hilli 930 5'9 Phoenix Hosiery __ 70 Phoenix Hptf (3%3). 10s 1% Plerce Petroleum_.. 27 Th Pitts Coal . 5 £ 48 110s 1 80s 2 | 7% 5 United Stores (A)_. 13 165 153 Univ Leaf T pf (8). x 108 115 50 UnivPiotlstpf___. 30s 7 3% Util Pwr &Lt (A)_. 2% 1 Vadsco Sales Corp.. 164 Vanadium Corp.... 28% Van Raslte (al%)- 28% Va-Car Chem 6% pf 4 Valron Coal&Coke. 5 Wabash pf A (d) 4% Wabash ptf B (d) 9% Waldorf Sys t1.20 30 Walgreen Co (3) 26% Walker (H) (3).. 17% Walker (H) ot (1)- +11 FEF +1+ FEL FEFREEFESSET S S | TWO VIRGINIA BANKS DECIDE TO COMBINE Special Dispatch to The Star. MADISON. Va. September 22— After several conferences between committees of the two banks, the State Bank of Madison has purchased the assets of the State Bank of Rapidan and will operate a branch bank at Rapidan. Rapidan stock will be exchanged for stock in the Madison bank. As stated in the articles of agree- ment, the two banks believe that a union between them would be con- ducive to the best interests of their communities and will result in s larger and stronger bank. e JEWEL TEA SALES RISE 11.26 PER CENT 8peelal Dispatch to The Star NEW YORK, September 22 —Jewel Tea Co., Inc. reports that its sales for the four weeks ending September 5, 1936, were $1506,248.36, as com- pared with $1,353,787.41 for parallel 4 6 104% 104 ]04% + % 29% 28% 28% — W 126 -1, 59'% 36% 22% 34 41% 29% 631 9% 5214 4 L+ - SG’A 21% 34 41% 4"’6 2315 37% 33 70% 12% +1l++i+1 001+ £ & fi_‘ *x 47% Ward Baking pf 3!. 9% Warner Bros Pict_ . 44 Warner Bros pic pf. 1 Warner-Quin (¢)-—. 4% Warren Bros. 15% Warren Bros cv pf_. 21 Warren Fdry&P(1). 19% ‘Waukesha Mot (1) . ster Eisenlohr_ Pa Elec pt () Pa Elec pf (7) 116 111% West Pa Pwr pf (6) 124'% 116% West Pa Pwr pf (7). 124 8% Western Maryland. 23% 15 Western Md 2d pf_ 9% 5% Western Pacific pf_ 95 72 West'n Union (a2) .. 48% 34% West'gh'se A B (1). 147 941 Westingh'se Bl (4). 33% 22% Weston El 1 (a25c). 32 19% Westvaco Ch t40c_. 33% 32% Westvaco 5% pf 1%. 21% Wheeling Steel..._. 2% rEF (K I3 F RS EEEgL Il 1 + o+t A+ © + 49 Pitts sml n! 1% Pitts Term Coal 14 Pitts Term Coal pf. 8 Pitts United Corp... 584% Pitts United C pf... 21 Pitts& W Va. 1% Pittston Co. 11% Plymouth 20 Pond Creek Poc fl). 12 Poor &Co (B)...... 4% Porto R Am Tob A_. 6% Postal Tel&C pf (d) s 4 4% City Stores_ 8 8 + 23% Clark Bquip (1.20)- 37% 37% — 33 Clev Graph Br (2)_. 39% 40% + 48 Cluett Peabody (1) 61 61% — 84 Coca-Cola (2) 4122% 122 122 1 40% Proct & Gam(11%). 49% 39 PubSveNJ (3.40)_ 3% White Sewing Mch. 1 727% City Ice&F pf (6%) 82% 82% ®s it did here. The New York Stock Exchange is putting out an illustrated booklet for the public, describing in detail the facilities and purposes of the ex- change. The exchange plans to ad- vertise the 37-page booklet in 200 newspapers, the first advertising that has been done since the Liberty Bond sales many years ago. On the Washington Stock Exchange today Riggs National Bank preferred stock sold at 101 and Washington Gas 58, 1958, moved at 107. Other prices were firm. > 15 lllV. 8% 81% ll! 82% 13 Colgate-P-P ( 391 Collins & Alk 12 107% Collins & Aik pf (7). 8% Colonial Beacon ... 3% Colo Fuel & Ir (d) 28% Col Fuel & Ir (new) 23% Colo F &1 pf (d). 21% Colo & Southern. 19% Colo & South 1st pf. 14 Columb G&E (a20c) 90% Col G & EpfA (6)-. 80% Col G & E pf (5)__. 31 Colum Piet vto (11) 42% Colum Piccvpf 2%. 94 Colum Carb vte(t4) 44 Comcl Credit (14)_. 100% Comel Credit of ¢%. 55 Comel [nvx Tr (4)- i 14 14% 14% 14% — 39 58% 57 57w + 00- 112 112 112 2T% 27% S'A 30 & Ry FEIR lfl 2501 26% [ 28 308 29% 89 20% 19% 19% 4 107 106% 106% — 10s 101 100% 101 +1 6 38% 38 38 — 1 3 4T%h 1‘74‘ 4T% 4- % 1126 10 80 80\( + !& 6113 1124 112% -1 % 5% 8 62% % 4 49% 44 12 7 414 Int Mercantile Mar. 43% Intl Nickel (1.40) 3% Int Paper & Pw (A 2% Int Paper & Pw (B). 1% Int Paper & Pw (C) 201 Int Paper {t Pw pf. 37 Int Print Ink (1. 107 Int Print Ink pf( 3 Int Ry Cent Am vto 46% 19% Int Rwy Cent A pf.. lol“ 22% 35 80% 79% 80% +1 /(29% 47% Int Shoe (12) e 15 IntSilver__. 50 Int Silver p! 12 Int Tel& Tel..... 10% Interstate D Sa50c. 82 Int Dept Strs pf(7). 15 Intertype Corp (1).. 24% Island Creek (2).—- fl% 1 ltfi l% S, ‘l‘t M!fi +%\i' 3 408 llIWn !10% uou +.% 2508 6 + % 160s uu 4“ 43% + % 2 48 48 48 1 18% 184 184 + % 20s 63% l!"fi 2% 3 308 101“ 101% 10!* + % 12 204 19% 20 +1 4 2T% 2T% 2Th+ % 113 130 60 24% 18 17% 14% 80 9% 19% 108% Pub Sve N J pf (5)_. 1184 Pub Sve N J pt (6) - 3% Pullman Ine (1%)_. 16 Pure Of Pure Of18% pf_____ 9% Purity Bakeries 400 17% Quaker Sta Oil Ref_ 38% 28% 49 88 3% 22 1% Reis (Robt) ... mqmn (Robt) 1stpf_. 45% - 106% 105% 106% + % 118 118 118 + W 61% 59% 61% +24 17% 17% 17% + % 9% 9 U — % 109 107% 109 +2 1% 17% 17% — % 17 10% 8% 7 16 White Sew Moh pf_. 2% Wilcox Oil & Gas_.. 6% Wilson & Co (50c).. 44% Woolworth (l.«)__ 23% Worthington Pump. 56 Worth Pump pf A 47 Worth Pump pf B 63 Wrigley W ir (13)-. 62% Wright e 33% Yale & Towne (60c) 8% Yellow Truck....... 83% Yellow Truckpf___ 42% Young Spr&W (13). % 41% Youngs'tn Sheet&T 9% L 11% Zenith Radio. ... 5% Zonite Products..... EF FEES FEEFETress ™% ™+ % Total Sales for the day. 1,550,000 weeks in 1935, an increase of 1126 per cent. Sajes for the first 36 weeks of 1936 were $13,655,446.81, as compared with $12,752,587.58 for a like period in 1935, an increase of 7.08 per cent. —g ORDER EXTRA DIVIDEND. CHICAGO, September 22 (#). Directors of the Independent Tool Co., voted a quarterly dividend of $1 per share and an extra dividend of fifty cents, payable October 1 to stock- }_mlderu of record Septemhcr 24, .