Evening Star Newspaper, March 12, 1937, Page 18

A—I18 wxkx FINANCIAL. RATES FORECAST Nadler Cites Unsettled Bond Market at A. B. A. Savings Session. BY EDWARD C. STONE. Higher money rates were forecast by Marcus Nadler, professor of finance at New York University, in an address before the Savings Conference, spon- sored by the American Bank- ers’ Association, now in session for two days in New York. Noting that the bond market recently had been un- settled and the banking world agitated by money rate discussions, Prof. Nadler pre- dicted that the United States Treasury before the end of 1936 may be paying from % to 1 per cent on loans maturing in less than a year. The Treasury has recently been bor- rowing for less than !> of 1 per cent and in 1935 borrowed for as little as 1/20 of 1 per cent. Prof. Nadler, however, assured the bankers that there is little chance of any drastic decline in Government or corporate bonds unless the market should be sub- Jected to another attack of fear from other causes than rising interest rates. Signalling a trend away from ex- treme low interest rates, he said, were | the recent moves by the Federal Re- serve Board to reduce the supply of loanable funds. The remaining excess, he said, would be further cut down by expansion in business borrowing and outstanding currency. Philip A. Benson, vice president of the A. B. A, welcomed the bankers at the opening session, Andrew Mills, jr., president of the Savings Bank Associ- ation of New York, being another speaker. Several other prominent bank officials were also on the pro- gram. Variety Store Sales Climb. Daily average sales of variety stores for February, 1937, were about 9o per cent higher than for February of last year and were about 6 per cent higher than for the same month of 1935, according to estimates of the Bureau of Foreign and Domestic Com- merce. Sales increased 1412 January to February or more than the usual seasonal amount. The sea- sonally adjusted index, therefore, rose to 961, for February from 941, for January. The total value of sales for the first two months of the year was about 3 per cent above that for the same Pperiod of 1936. James Cautious in Finance. In the death of George R. James, 79, former member of the Federal Reserve Board, at Memphis the other day, many Washington bankers lost a very highly esteemed friend. He left the Capital a year ago after long and most efficient service in the Fed- eral Reserve System. In Memphis he was a merchant, a manufacturer and a banker, for many years presi- dent of the State National Bank. During the war he was a section | chief in the War Industries Bureau in ‘Washington and in 1919 a member of the Industrial Board of the Depart- ment of Commerce. While a member of the Federal Reserve Board he ac- cepted an invitation to address the ‘Washington Bond Club, when Law- rence M. Proctor was president. In his address he laid down some very defi- nite rules on the subject of borrow- ing money. “When you borrow mouey, make it work for you just as you would hire a certain number of men to carry out some particular job. And when the work for which you hired the money | 1s finished, terminate the loan and pay back everv dollar of the borrowed | funds at once. Make borrowed money serve you, but always keep it under | complete control,” he admonished ms< hearers. Join Alexander Brown Staff. Lawrence M. Proctor announces that | Frank Smith and Peter I. Hamilton | have joined the Washingtor. office of | Alexander Brown & Sons. For the last 18 years Mr. Smith has been with the First Boston Corp., ./hile Mr. Ham- ilton is returning to the Ale.ander Brown organization, with which he ‘was associated from 1931 to 1934. Both have had wide experience in the bond business. Concerted action by world sugar producers to control the production and marketing of sugar is highly prob- able as the result of the coming world sugar conference, to be held in Lon- don April 5, in the opinion of an anal- ysis of “The World Sugar Situation,” prepared by Fenner & Beane, New York Stock Exchange and commodity firm. William Niller, Washington manager for Brown, Harriman & Co., has just returned to the Capital from a tour of Florida, Georgia and Alabama and a visit to New Orleans. He reports that business in the South is booming, building being especially active. Y. E. Booker, head of the investment firm bearing his name, has returned from a two weeks' visit in Florida. He kpeint some time at Miami Beach and visited several other resorts by motor. Company Completes Financing. Charles Delmar, president of Lin- eoln Service Corp.. industrial bankers, Washington, with a chain of operating offices in Maryland, Pennsylvania and Virginia, announces that all of the present issue of stock, consisting of 10,000 shares of 7 per cent cumulative preferred and 30,000 shares of com- mon, has been sold. The compariy reports that earnings and volume of business for January and February of this year show a substantial in- Philip A. Benson. per cent from crease over the corresponding two months of 1936. Bank clearings in Washington for the week ending March 10 totaled $25,146,811.76, & gain of 39.1 per cent |- over the corresponding week in 1936. ‘While the national average was lower than a year ago, Baltimore clearings were up 17 per cent; Richmond, 27, and Atlanta, 35. Members of Washington Chapter, American Institute of Banking, are making great plans for the annual public speaking contest, set for Mon- day, April 12, President Paul J. Seltzer reports. The subject will be “Is the Decline in the Proportion of Com- mercial to Deposits a Perma- nent Condition, and Why?” The win- ner gets into a region contest and, if successful, enters the national con- test, when four prizes totaling $1,100 are distributed. The local chairman is E. Wallace Schreiner, First National Bank, Alexandria, and district chair- man, J. Earle McGeary of W. B. Hibbs & Co. By Private Wire Direct to The Star. 2:15 p.m, Prev. 1037 Bales— High. Low. _ Dividend Rate. 66 583 Abbott Lab (11.60)_.. 2 69 58 Abr & Strauss (bl)__x 108 8014 63% Acme Steel (4) 5 214 16 Adams Expr (abbc).. 244 Adams Millis (a1%). 81% Addressograph (1).. 3 Advance Rumely __. 72l% Ajr Reduction (+1) 4 Air-Way Elec Appl:_. 1434 Alaska Juneau(t60c) 374 Alleghany Corp 433 Alleg pf ww $30 _ 36 Allegheny Steel b40c. 265% 225 Allied Chemical (6).. 274 Allled Mills (b50c) ._ 16} Allied Stores (b20c) - 81 Allied Stores pf (5) 1 7134 Allis-Chalmers(b50c)x 75 803 Alpha Port Cem't (1) 1 4% Amal Leather ] 48% 84} Amal Leather pf (3). 8 114 101 Amerada Corp (2) 19 1013 83 Am Ag Chem(Del)bl x 4134 80} Am Bank Note (1) ._ 80% 69 Am Brake Shoe (12)._ 121 1058% Am Can (t4) 174 156 Am Can pf (7). 71 56 Am Car & Foundry. 1043§ 931 Am Car & Fdry pf __ 90} 72 Am Chain & Cable bl. 13474115 Am Chain & C pf (5)_ 23% 18% Am Colortype 20% 26% Am Comcl Al (a50c)_ 83% 284 Am Crystal Sug (b2). 84 Am Encaustic 7% Am & Foreign Pwr 49 Am & For Pwr $6 pf 58% Am & For Pwr $7 pf_ 204 Am & For Pwr 2d pf_ 18 Am Hawatian(1) . 63 Am Hide & Leather _ 87% Am Hide & L pf (3) 47 Am Home Pr (12.40) x 2% Am Ice o 17% Am Ice pf (2) 13% Am Internatl (a40c)- 43 Am Locomotive __ 114 Am Locomo pf (a3) _ 22% Am Mach&Fdry (11) 11% Am Mach&Met (60c) 604 Am Metal G 62 Am News (N Y)(3) .. 4208 117 Am Power & Light _. 61 60% Am Pwr& Ltpf (5)_. 17 72 AmPwr&Ltpf6)_. 7 24% Am Radiator (160c)_ 41 334 Am Roll Mill (+1.20) x 136 82 Am Safty Razor (12) 4 23% Am Seating (a2l) 4 547% 41 Am Shipbuilding (2) 640s 105% 88 Am Smelt & Ref (3)_ 39 7 8} AmS& Rrts Mar31_ 206 6734 60 AmSnuff (t3) ___. 1 148 14314 Am Snuffpf (6) ___ 1108 78!4 59%s Amer Steel F (b50¢)_x b 263 243 Am Stores (2) 2i7 42 5675 4930 Am Sugar (2) 5 2574 223 Am Sumatra Tub(tl) 187 1744 Am Tel & Teleg (9).. 99 7814 Am Tobacco (5) 997 80)4 Am Tobacco B (5) - 15033137 A Tobacco nf (6) 1 204 1634 Am Type Founders _ 2915 2414 Am Water Wks (80c) 107 102 Am Wat Wks 1st (6). 14% 9% Am Woolen =L 79 64 Am Woolen pf (bl)__ 13 1% Am Writ Paper (d) 9% 6% Am Writ Pap pf (d)- 20 6% Am Zinc & Lead 9% 4433 Am Zinc & L pr pf 6919 624 Anaconda Copper(t1) Y7 84 Anaconda Wire (12)_ 18 Anchor Cap (60c) 5% A P W Paper 46 41 Archer-Dan-M (12) _ 111 107% Armour (Del) pf (7). 13% 7 Armour (111) (bl5c) 993 1% Armour (Il1)pr pf(6). 70} 69 Armstrong Cork (2). 16} 14 Arnold Const b623c. 17% 14 Artloom Corp = 243 19% Assoc Dry Goods 125 114 Asso DG 2d pf(b1%) 87% 69 Atch To& S Fe (a2). 443 Atl Coast Line (al) _ 25 Atl Gulf & West Ind_ 38% Atl Gulf & WIpf (a3) 804 Atlantic Refining(t1) 16% Atlas Corporation 80c 50% Atlas Corp pf (3) ____ 15 Atlas Tack (1) _____ 80 Auburn Auto 6% Aviation Corp (Del)_ 8 Baldwin Loco (d) 7% Baldwin Loco asd(d) 205 Baltimore & Ohio 33% Baltimore & Ohio pf_ 41 Bangor&Aroos (2%). 85% Barber Co (a75c) 25% Barker Brothers 38 Barker Bros of (2%) 26% Barnsdall Ofl (1) _ 17% Bayuk Cigars (75¢). 13 Belding Hemin (1)__ 25 Bendix Avia (b25c) _ 21 Beneficial Lo (b45c)_ 56 Best&Co (123%) __ 73 Bethlehem Stl (al13) 18% Beth St16% pf (1) _. 129% 125 Beth Stl pf (7) 69% 60 Bigelow-San (b50c)_. 38 33 Black & Decker b50c_ 29% 22% Blaw Knox (b20c). 49% 38% Boeing Airplane __ 484 41 Bohn Alum & Br (3). x 93 88 Bon Ami (A)(4) 45% 42 Bon Ami(B)(b62%¢c) 28 264 Borden Co (1.60) 831 7214 Bors-Warner (4) _ 11} 84 Boston & Maine __ 284 16% Bridgep't Brass (60c) 5974 503 Briggs Mfg (t2) 53% 47 Briggs & Stratton(3) 53 40 Bklyn-Man Tr (4) __ 1024 98 Bklyn Man T pf (6) __ ¥ 6% Bklyn & Queens __ 41% Bklyn Union Gas (3). 47% Brown Shoe (3) _ 20% Brunswick-Balke. 20 Bucyrus-Erfe 110 Bucyrus-Erie pf (7)_ i2% Budd (EG) Mfg __. 9% Budd Wheel (a20c)_. 843 Bullard Co (b25c) 51 Bulova Watch (14) 81% Burr Adding M (80c) 7% Bush Terminal (d)__. 27 Bush Term deb (d) 1315 Butler Bros (bl15c) __ 294 Butler Bros pf (1%). 5% Butte Cop & 7 (abc) . 27% Byers (A M) s 8 Byers (A M) pt 27 Byron Jackson (+1)_. 4134 Calif Packing (2) 2% Callahan Zinc-Lead . 15% Calumet & Hec'a (1). 324 Campbell Wy (t1) ___ 27% Canada Dry G Ale 14} Canadian Pacific b4'4 Cannon Mills (b50c). 18% 15 Cap Admin (A)(al)._. 524 B0 Cap Admis pf (A)(3) 8% 7 Carriers & Gen(a35c) 17634 188 Case (J I) Co (4) __ 129% 128% Case (J I) Co pf (7). 100 85% Caterpillar Trac(t2). 36% 26% Celanese Corp(b75c). 118% 10634 Cel Corp prof A (7)._. 48l 361 Celotex Corp - 8214 781 Celotex Corp pf (5)_. 391 33 Centr Aguire (t135)_ 12% 8% Central Foundry Co.. 87% Central RROf NJ 17 Central Violeta Sug_. 10% Century R M (bl0c) - 67% Cerro de Pasco (4) 1614 Certain teed Prod 67 Certain-teed P pf () 86% Champ Pap & F (1) _ 85 Chesapeake Corp (3) 684 Ches & Ohio (+2.80) . 99 Ches & Ohio pf A (4). 2% Chi & East I11 (d) €% Chi & East Il pf lfl). 2% Chi Grt West (d) __ 13% Chi Grt West pf (d) .. 2 Chi Mil St P&P (d) ... 4% Chi M St P&P of (d)_ 8% Chi & N W(d) - 1134 Chi& N W pt (4) 28 Chi Pneumatic Tool._. 613 Chi Pneu T pf (a3%) 2% ChiR1&Pac(d) _. 5% Chi R1&P 6% bf (d). 6% Chi RI&P 7% pf (d). 238 Chi Yellow Cab (2)__ 18% Chickasha Cot Ofl 123 Childs Co 463 Chile Copper (1) 185!4 110% Chrysler Corp (b1%) 213% 18% City lce & Fuel (2) 92 8 City Ilce & F pf (6%) 10% 9 City Stores 38% 382 Clark Equip (t1 60) 113 106} Clev El [1lu pf (4%)_ 41% 85 Clev Graph Br (2) 98% 78 Cluett Peabody (3) 16234 12234 Coca-Cola (12) o 10 24 19% Colgate P-P (160c)... 19 10434 1024 Colgate P-P pf (6) ... 1 62% 65% Collins & Afk (1%, .o 7 87 26 Colonial Beacon. ... 10s 51%4 44} Colo Fuel& iron __. 18 46 80 24 Colo& Southn Istpf. 10s flh 28)% 2014 16% Columb G & E (a40c) 42 1644 108 100 ColG&Epf (A)(6).. 2 100% 100 3934 84)§ Columbia Pic (1)---. I Stock and 6344 6734 8% 21% 25 2784 178 6584 125 293 133 683 [ 163 214 87l 2919 4514 36 29 57 11 26 2 a D= TR = FUPSP TR PPEPAPNoY 245 1034 - e vend RS 535 528 50 614 204 3Th 83% 1734 6134 arnpeBueaBESjooans o 533 10234 5574 35 THE EVENING Net Add 00. Hln’; Low. Close. chge. 634 — 3% 673 = ¥ 8% = % 214 = % 25 -1k 3 + % 8% + 3 % —1% ‘4 1“5 - % 4% 65 129% +1% 204 + % 8 +1 954 8414 — 3 107+ % 1 4 9814 —13 152 2214 102} 6634 + 3§ 85 +1 46 = 3 28%4 = 3¢ 1656 = 3 100 3 sl ¥ 35K + Ml & | 108 Prev. 1037 High, Low. 46% 42 12434 1134 691 68 80} 68 120 1063 21 184 415 8lg 5% 59 19% 13% 45% 868 1834 15% 80 4144 1053 4% 15% 155 ki 22 18% 87 49% 108 5% 18% 17 103 2:16 p.m, 8tock and Bales— Dividend Rate. Colu Piccv pf (2%)_ i Col'bian Carb vtc(t4) Comcl Credit (14) ___. Comcl Invest T (t4) _ Comcl Inv T pf (4%). Comecl Solv (t60c) 12 Comw & Southern 185 Comw & Sou pf (3) . 2 Conde Nast Publish__ 2 Congoleum-Nairn (2) 13 Conn R& Lipf . 90s Consol Cigar E Consol Cigar pf (7 Consol Edis N Y (+2) Consol Ed N Y pf () Consol Film Cy Consol Film pf (a2) Consol Oil (80c) Consol R R Cuba pf__ # Consol Textile (d) 893 23 4014 26% 6374 6524 6 46 215 74 51% 431 i 10074 5615 474 248 17 813 51 3 e 178 124 1435 10 43 1‘7!‘ 2034 10935 wn e fi% 203 1914 9074 82 24 2214 109 10434 13534 1043 2939 122 11815 18014 168 4§ 18135 113 § 1673 159 321 117 243, 387, m Ble Cons Coal (Del) vte.. Cons C (Del) pf vte _ Container Corp(1.20) Contl Baking (A) Contl Baking (B) Contl Baking pf (8 Cont’l Can (3) - Contl Diamond F (2). Contl Insur (11.60)_ Contl Motors - Contl Oil of Del (+1). Cont’l Steel (b50¢) _ x Corn Ex Bk & Tr (3)_ lSOl Corn Prod Ref (13) Coty Inc. __ Crane Co Crosley Radio (ul‘%) Crown C'k & Seal (2). Crown C&S pf ww2ig Crown Ck pf xw(214) Crown Zellerback vte Crucible Steel _ Cuba Co Cuba R R pt Cuban-Am Sugar_ Cudahy Pkg (214) Curtis Publishing. Curtis Pub pf (7)_ Curtiss Wright Curtiss W (A) (a50c) Cutler-Hammer bi0e Davega St ev pf(114) 1 Dayton P&L pf (4%2) 60 Deere & Co LA Deere & Co pf (1.40) - 5 Deisel-Wem-G (11)_. 1 Delaware & Hudson_. 27 Dela Lack & West _ 40 Den & Rio G W pf(d). 2 Det & Mackinac 208 Detroit idison (t4) . 3 Diam'd Match (b30c) 3 Distil Corp Seag Ltd_ 66 Distillers Corp pf(5). 2 Doehler Die Cast (2). 16 Dome Mines (+2) Dominion Stores Douglass Aircraft. Duluth S8 & Atl Duluth § S & Atl pf Dunhill Internatl. 110 { Duplan Silk (1) Duplan & Du Pont de N (b75¢) - Du Pont de N deb (6) an Kod pf (6)_ 100s ton Mfg (+2) __ 8 Schild 4 o Nat G (1.60). 3 c Auto Lite (t2.40 22 uto Lt pf (7) _ 10s ¢ Boat (a6lic) 13 Mus Ind (a18c) 4 Elec Power & Light 70 lec Pw & Lt $7 pf . 3 Elec Storage Bat (2). 3 k Horn Coal (d) 2 Horn Coal pf (d) : § ndicott-Johnson (3) 5 ing Public Service 1 Zquitable Office Bldg 2 e R R Erie R R 1st pf._ Erie R R 24 pf - reka Vac Cl (80¢).x ans Product (1) _ change Buffet Fairbanks Co Fairbanks Copt _ Fairb'ks-Morse (t1) _ Fajardo Sug Co (bl). “ederal Lt & Trac “ederal Mot Tr (40c) Fed Screw Works Fed Water Sve (A) . Fed'd Dept Str (2) Fed’'d DScu pf (4%) Fidel Phoe F [n 11.60 Firestone T&R (2) Firestone pf (A)(6)_ First Natl Strs(t215) Flintkote Co (1) Follansbee Bros (d)_ % Food Machine (1) 16%4 4% 17% 59% 343 36 20% 31 82% 1339 27% 105% 5815 501 17% 15 1063 1034 ¥ 6l 16% 184 166 1493 39% 8314 111 103 52% 47 120% 108 808 21 43% 381% 415" 855 41 39 2% 28% 17% 1234 905 62% 5% 4 23} 184 2% 2 864 2234 72 6 22y 12% 4019 3614 144 130% 131 11234 e 223 5% 1034 4% 16‘4 13'/. 1034 28% 8% 594 42 1113 1021 162 148 16% 8% 9% 634 18% 15% 8% 6214 2134 16% U 104 Foster-Wheeler Foster-Wheeler pt Freeport Sul Co (1) Freeport Sul pf (6)_ Fuller Co pr pf Gabriel Co (A) Gamewell Co Gannett cv pf (6) __ Gar Wood Ind (a55c) Gen Am [nv (a75¢) Gen Am Trans't (a3). Gen Baking (160¢)_ Gen Bronze Gen Cable Gen Cable (A) _ Gen Cable pf (a7) Gen Cigar (14) Gen Cizar pf () Gen Electric (b40c)__ Gen Foods (2) z Gen Gas & Elec (A) .. Gen G&E 6% cv pf A Gen Mills (3) = Gen Motors (b25¢) .. Gen Motors pf (5) ..~ Gen Outdoors Adv. Gen Pub Service _. Gen Ry Signal (1) Gen Realty & Util Gen Realty & U pf. Gen Refractor (a3%) Gen Steel Casting pf Gen Thea Eq (b25c) . Gillette Saf Raz (t1). Gillette S R pf (5) Gimbel Bros Glidden Co (2) 12 Glidden cv pf (2%) 1 Gobel (Adolf) 6 Goebel Brew (t20c) .. 10 Goodrich (B F)(al) . 0 Goodrich (B F)pf(5) 2 Goody'r T & R (b50c) 229 Goody'r T&R cu pf(5)x 12 Gotham Silk Hose _ Graham-Paige Granby Cons (new) Grand Union ctfs Grand Union pf (b1)_ Granite City Stl (1) . Grant (W T)(11.40)_x Grt Northern pf 62 Grt North’'nOre (1).. 21 Grt West Sug (12.40)x 1 Green (H L) (+1.60) .. Greyhound (180c) . 67 Guantanamo Sugar_.. 7 Gulf Mobile & N Gulf Mobile & N pf_ Hackensack W (135). 2 Hack W pf (A)(1%). 20s Hall (W F) Printing 9 Hamilton Watch b25e 1 Hamilton W pf (6) 108 Harb-Walker (12) 2 Hat C'pof Am A b20c 2 Hat Corp nf ww(613) 10s Hayes Body 6 Hecker Prod (60c) .. 24 Helme (G H) pf (7) . 110s Hercules Motor (t1) 1 Hershey Choc pf (t4) 2 Holland Fur (al%) 13 Holland Fur pf (5) ... 20s Hollander & Son (1). 10 Holly Sugar (12) .__. 2 Homestake (t12) . 8108 Houd-Hersh(A)(2%) 3 Houd-Her (B)(113%). 10 Houston Ofl vte ._... 25 Howe Sound (13) ... 13 Hudson & Manhat.... 1 Hudson Motor Car_.. { 16 Hupp Motors 9 Ilinois Central 97 111 Cent Ise lines (4).. 10s Indian Refining (al1)_ 2 Indus Rayon (2) - A Ingersoll Rand (12) 2 Inland Steel (4) _ 9 Inspiration Copper 81 Ins Sh Md ctfs(a20c) 1 Interb Rap Tr vte (d) 2 Intercontl Rubber ._ 12 Interlake Iron = 127 Intl Agricultural . 10 Intl Agricul pr pf 2 Intl Harvester (2%). 16 Intl Harvester pf (7) 1 Intl Hydro Elec (A) 41 Intl Mercantile Mar{. 194 Intl Mining (a90¢c) 20 Intl Nickel (b50c) Intl Paper & Pw (A). Intl Paper & Pw (B)- [ 83 © 43%4 3 113 9 60y 4 0% 12y 5934 7054 106 18% 3 5934 16% 443 19 153 8 40 105% 4% 15% 1734 4 14 1084 2% Net Add 00. High. Low. Close. chge. 4334 43% —1% 105% + % 4% 15% {1 o { % | LEEE XX R ] Prev. 1937 1y 10 674 283 49% 52 110 1674 3614 29 8744 155 136 46 26 35 27Y 23% 19% 6934 2034 % 70 152 29% 4734 24% 24 17% 2774 51% 33 18} 23% 137 2134 58% 79 15% 281 131§ 114 175 23 834 5374 81% 3% 6% 103§ 2854 283 97 ay 36 2414 1061 531§ 2835 1 334 8634 16% % 7214 2615 354 48 122 | 118y 16% 101 272 114 17% 8474 5714 10434 105 36% 6% 21% 653 26% 453 140 2434 97 28 200 STAR, WASHINGTON, D. C., FRIDAY, m Stock and Dividend Rate. Intl Paper & Pw (C)- Intl Paper & Pw pf Intl Print Ink (+2) _. 1094 Intl Print Ink pf (8)_ 8 4“8 2614 g 813 90 1% 29%4 2634 TRYG 134 123 4214 20 284 26 18% 1634 56% 17% 39Y 6% ATY 1% 264 4134 22 1834 15 17 38% 244 133 17% 18 18 52 674 9% 25% 101 1004 161 Intl Ry C Am of (A). Intl Salt (113%) Intl Shoe (12) Intl Silver Intl Silver pf (a4) ... Intl Tel & Tel - Interstat Dpt St b214 Island Creek (2) Jowel Tea (t4) Johns-Manville (+3)_ Jones&L 7% pf b1% Kalamazoo S (11) Kans City Southern . Kaufmann DS +1.60_ Kayser J & Co (2) Kelsey-H (A)(al11;)_ Kelsey-H (B)(al1%) Kennecott Cop(b50c) KeystoneS&W (b15¢) Kimberly Clark (1)__ Kinney (GR) Co..__ Kinney (G R) pf(a Kresge Dept Stores. Kresge(SS)Co(b30c) Kress (S H) (1.60) _ Kroger Groc & B 1.60. Lambert Co (2) Lane Bryant = Lee Rub & Tire c) Leh Port Cmt (1%)__ Lehigh Valley Coal .. Lehigh Val Coal pf Lehigh Valley R R Lehman Corp (3) ___ Lehn & Fink (al%)_ Lerner Stores (12) __ Libbey-0-F-G1(b7ic) Libbv McN & L (al)_ Life Saver (11.60) __ Ligg & Myers (14) Ligg & Myers B (14) Ligg & Myers pf (7) . Lily Tulip Cup(t1%) Lima Locomotive Liquid Carb (2.60) Loew’s Inc (12) Loft Inc Lone Star Cmt b75c... Long Bell Lum (A) _ i Lorillard (P)(t1.20) x & Louisv G. Ludlum Steel (71) MecCall Corp (12) McCrory Stores Strs pf (). McGraw Elec (12) i McGraw-H (b12%4¢)_ Mclntyre Porcu (2) . McKesson & Rob Mc Kess & Rob pf (3) McLellan St (b75¢) { McLellan Strs pf (6) Mack Trucks (1) _ Macy (R H) (+2) _ Madison Sq G (80¢)_. ma Copper (2) Manati Sugar (d) - Manati Sug pf (d) Mandell Bros (b1) Man El md gtd (d) Manhat Shirt (1) ___ Maracaibo Oil Exp _. Marine Midl'd (t40c) Market St Market St Ry 2d pf__ Market St Ry pr pf Marshall Field & Co_ Martin-Parry Corp _ Mathieson Alk (1%)_ May Dept Str (13) Maytag Co (a50c) Maytag pf ww (3) __ Maytag pf 1st pf (6)_ Mead Corp* Melville Shoe (15)_ Mengel Co Mengel 5% pf (215) Mesta Machlne(bl %) Miami Copper - Mid-Cont Pet (al.15) Midl" 1Prod (t2) . Midl'd Stl 1st pf (8)_ Minn-Hon Ros (2) .__ Minn Moline Power _ Minn Moline Pwr pf_ S S S Marie M St P&S S M Is line Mission Corp (a45c) - Mo Kans & Texas Mo Kans & Tex pf A_ Missouri Pacific (d) - Mo Pacific pf (d) Mohawk Corp (1.20) _. Monsanto Chem (11). Montgom \Ward ef2) Morrell J & Co (2. 40) Morris&Essex (3 Mother Lode'a)"‘qr) Motor Products (12) Motor Wheel (1.6 Mullins Mfg B( ¢ Mullins Mfg pf (7) Munsingwear (+3) Murphy G C (2.60) Murphy G C pf (5) Murray Corp (a50c). Myers(FE)&Bro (bl)x ash Kelvinator (1) 4% 303 18's u 31y 5939 184 424 mm 102 1 88% 26% 6% 2414 304 403 Natl Aviation (al) Natl Bond & Inv 1.44_ Nati Cash Reg (al) - at’l Dairy Prod 1.20 at] Dept Stotes atl Dept Stores pf__ atl Distil Prod (12) Natl Lead (t50c) ___ \’l! Lead pf B (6) __. Natl Mal'ble&Stl(a2) Natl Pwr & Lt (60c) - Natl Ry Mex 1st pf. Natl Ry Mex 2d pf. Natl Steel (t21%) Natl Supply Co_ - Natl Supply pf(a3lg) Natl Tea (60c) Natomas (180c) - Neisner Bros (12)_ Newberry (JJ) (12.40) Newport Ind (bi0c)_. N Y Central R R N Y Invesiors (d) .- NY NH& H (d) NY NH & H of (d) N Y Ontario & West. i NY Ryspt (d) NY Shipbuilding ___ 108% N Y Steam lIst (7) 2 Norfolk Southern(d) 253 Norfolk&W'n (b215) 109 Norfolk & W'n pf (4) 13% North Am Aviation 28% North Am Co (b30c) - x 55 North Am Copf (3)_.x 100 North Am Ed pf (6)_ 98 Northern Central (4) 27} Northern Pacific 3} Norwalk Tire & Rub_ 17% Ohio Ol (a60c) 533 Oljver Farm Equip. 18% Omnibus Corp vtc. ... 357 Otis Elevator (60c)_. 185 Otis Elevator pf (6)_ 163 Otis Steel 75 Otis Steel cv pf (534) 23 Outb'd M & M (b30c). 160 Owens-I1] Glass (6)_ 19% Pac Am Fish (1) _ 11% Pacific Coast 25% Pacific Coast 1st of _ 2144 Pacific Coast 2d 28% Pac Finance (11.80)_ x 82% Pac Gas & Elec (2) 45 Pac Lighting (3) 86% Pacific Mills (b50c)_. 224 Pac West O (af5c) _. 10% Packard Motor(a45c) 60 Panhandle P& Rpf_. 76 Paraffine Co (b1) 23% Paramount Pictures_ 21% Paramount 2d pf 60c_x 293 Park & Tilford (2) 4} Park Utah 39% Parke Davis (bl) 247 Parker Rust P (11%4) 6 Parmelee Transport. 8% Pathe Film Corp 144 8% 97 4% % 22 893 49y 4819 34 17% 1% Patino Mines (+60c) - Peerless Corporation Penney (J C)(4) _ Penn Coal & Coke __. Penn Dixie Cement _ Penn G1 S'd ctfs a50c. Penn Railroad (a2) _ Peoples Drug (11) Peoples Gas Chicago.- Pere Marquette Petr Corp Am (290c). Pfeiffer Brew (1.20)_ 62 Phelps Dodge (b35c) 95% Phila Co pf (6) new_ 5% Phila Rap Tr (d) ... 133 Phila& Read C& I 74 Philip Morris(b3%)_ 493 Phillips Petrol (2)... 1634 Pierce Oil pt 3 Pierce Petroleum. 2834 Pillsbury Flour 1.60... ~ Intl Ry Cent Amer . It @ 8 328 128 5 508 108 608 4 7 1 i 8 1008 3 © voranBornoratnafnonnd @ S - mBmave®raN~ RS 8 5 @ ~BenaxnBeRunioaBon: > 808 2408 5308 108 49 31 7 11 1 108 21 3008 10 21 45 14 4 14 3 14 94 18 R4 408 54 90 1 1 508 110 10 247 7 13 7 208 64 4 1 3 2 308 1808 908 1 23 10 1 15 58 MARCH 12 Net. Add 00, High, Low. Clone, chue, % T4 %+ 4% 109 +2%4 50% ~1%4 1104 + 34 -1 <] % { TS TR I D o LA FH1U 44+ Fxssyss x LEY} T BN ¥ R SRR U Gt o ) SRS - sxx | M b3 AUP: U N SFEE B Iy 1937. Prev. 1 High. Low. 183 20 3 122 103 8% 1% 3 3344 110 9k 47% 12044 11044 474 185% 95% 3034 112 b8 8614 9% 6 13 65 4% 11%4 27% 50 98 314 454 17% 44 343 105% 177% 5574 4% 5284 10244 197 404 5414 2934 193 5 5 “lm 2814 1473 993, 31}y 351 243 937 Stock and Dividend Rate. Pittsburgh Coal . Pitts Bcrew (a52%c). Pittsburgh Steel Co.. Pittsburgh Steel pf._. Pitts Unitea Cor Pittsburgh & W V. PittstonCo . Plymouth Dll [239) Poor & Co (B 16 18% 24% Postal Tel & C pt (d) Pressed Steel Car . Press Stl2d pf ‘2%5) Proctor & Gamb (12). Pub Sve N J (2.60) Pub Sve N J #f (5) Pub Sve N J pf (6) Pullman inc (1%) Pure Oil Purity Bakefleslfiflc\ Quaker State R (30c) Radio Corp Radio Corp pt A(3%) Radjo-Keith Or (d) .. R R Sec 111 Cgntral __. Raybestos M (11%5) Reading RR (2) teading 1st pf (2) Real Silk Hoslery. Reis (Robt) Reliable Strs (ab0c).. Rem-Rand (t60c) 100 tensselaer & S (8) - 5 Reo Motor Car __ 27% Republic Steel 109 Republic St pf (b1%5) 99 Rep Stlprpf A (6) _. 33% Revere Copper = 1284 Revere C&B pf(a3) 934 Revere C&B pf (5%) 26 Reynolds Metal (t1)_ 107 Reynolds M pf (5%)_ 50% Reynolds Tob B (3) 72 Roan Antel (al.12).. 7% Rutland R R of 41} Safeway Stores (t2). 110% Sateway Strs pf (7). 43% St Joseph L4 (b50c).. St L-San Fran (d) . 4 St L-San Fran pf (d). Savage Arms (al) _. Scott Paper (1) Seaboard Air L (d) Sears Roebuck (3) _ rvel Ine (11) haron Steel (11.20) haron Stl H pf (5) harpe & Donme harp & Do pf (314) . Shattuck (F G) (60c) - Sheaffer Pen (b1%)_. hell Un Ol (a25c) - Shell Un Oil pf (5%) Silver King Coal b25c 1534 384 2674 10214 1215 Simms Petrol 54 Sloss-Sheffield St1 Smith&Corona cfs(1) Smith (A 0) Snider Packing (1%) & Socony-V Oil (b25e) - 0 Am G & P (a30c) .. outh Port Sug (12) . So Cal Edison (t1%2). Southern Pacific Southern Railway outhern Ry pf _ palding (A G) parks-Withington pear & Co (a50c) - Sperry Corp vte (al). Spicer Mfg (a3) __ Spicer Mfg pf A (3)_ Spiegel Inc (b25¢) __ Spiegel Inc pf (6%)_ Square D (B) b25c Stand Brands (t8Ce). Stand Brands pf (7). Stand Com Tobacco.. Stand Gas & El (d) Stand G&E $4 pf (4) - Stand G&E $6 pf (d)- Stand G&E $7 of (d) - Stand Inv Corp 4 Stand Oil of Cal ('1). Stand Oil of [nd (11). Stand Oil of N J (t1) tewart-Warner t50c tokely Bros (1) Stone & Web (az5e) 4 Studebaker Corp ... Superheater (150¢) Superior Oil = uperior Steel utherland Pap t1.60 Swift & Co (11.20) - Swift Intl Ltd (2) i Sym’gton-G ww bl0c. Sym’gton-G xw bloc_ Talcott (James) b30cx Talcott (J) pf (12%) x Telautograph (60c Tennessee Corp alsc. Texas Corp (2) e Tex Corp rts Mch 19 Texas Gulf Pr (a5c). Texas Gulf Sul (+2)_. Texas & Pac R R Tex Pac C&O0 (b10c)- Texas P L T (a10c) Thatcher Mfg (11)_ Thermoid Co ... Third Avenue Thompson Prod bioc. ‘Thompson Starrett Thompson Star pf ‘Tide Wat As Oil(60c) Timken Detroft (1) Timken Roller B (3) . ‘Transamerica (t40c) Trans&West Air a25¢ Transue & W (t60c) . Tri-Contl (a50¢) - Tri-Cont’l Corp pf(6). Truax-Tr Coal (b25¢) Truscon Steel 20th Cent Fox b50¢) _. 20th Cent FF pf(1%4) Twin City RT Twin CR T of (a14)_ Ulen & Co - Urd-Ell-Fizsher (3) = Union Bag & Pap (2) Union Carb&C (3.20) Union Oil Calif (1) . Union Pacific (6) __ “Union Pacific pf (5) . Unfon Tank Car 1.60 _ United Afrcraft a50c United Air L (a20c) United Biscuit (1.60) United Carbon (4) Unit-Carr Fast (13)_. United Corp (a20c) United Corp pf (3) ___ United Drug (a75c) .. United Elec Coal __ United Eng&Fy (12). United Frujt (3) ___ United Gas Imp (1) ... United Paperboard... 1013 2474 126% U S Hoffman pf (2%). S Indus Alcohol . __ Leather vtc 5 Leather (A) vte. Leath pr pf b1 _ Pipe & Fdry (3) _. Realty & Imp Rubber Rubber 1st pf. Smelting (b2) Steel U S Steel pf (7) U S Stl Yd (a12%¢c) U S Tobacco (5) - United Stores (A) _ Univ Pictures 1st pf_ Util Pw & Lt (A)(d). Vadsco Sales Corp. Vanadium Corp Van Raalte (b62%c¢). Vick Chemical (12) .. Va-Car Chemical acaaacdaaa nununnnnnn Va Iron C&C pf Vulcan Detin (a8) Wabash (d) Wabash pf (B) (d) Waldorf Sys (11.20) Walgreen Co (2) Walgreen Co pf (6%) Walker (H)(2) . Walworth Co Ward Baking (A).. Ward Baking (B) Warner Bros Picture Warner-Quinlan (d). Warren Bros (d) = Warren Fdy & P (11) Waukesha Motor (1) x Webster Eisenlohr ._ Wesson O&S (150¢c). x Wesson O&S pf (4) FINANCIAL. 1 16% 25 19 3914 116 Kiel 25'1 16% 18% 39 115 674 15% — 19% 39 1s 674 65 955 248 49 98 244 4% 13 kiel 463 94 3134 4049 115 1% 6214 158 3744 328 10814 17 54 3% 5074 101 4 185%4 21% 30% 47 2544 35% Add 00. High. Low. Close. chle % =% -2 -1 -% —1% - % TSN PR A1 Lttt FEKFES o + 5 -%| + L, 11k 1% lu». 464 15% “ 1544 46 1554 i - X% -1% - % 1274 12734 12735 + % ZOI ll 165 437 75 6 2 " T4Y 109 2634 145 159 156 3 13 15 b1 9 4 4 11 1 West Penn Elec A (7) 40s 100 West Pa Eleo pf (T)_ 1005 10834 10435 1043 ~13¢ (W‘ on Page A-19.) 43 8% 1073 2614 143 9474 284 3234 2074 28 81 100 11 12% + % -4 i —% 100 -1 +2% STOCKS SELLOFF FRACTIONS TO 83 Drop in U. S. Bonds Brings Retreat—Late Support Reduces Lesses. Stock Averages 15 a0 Immq Rails. Lz! Stks 2 —5 Net change. — Today. noon 100.4 Prev. day. .. 100.6 Month ago_ 100.8 Year ago.__ 79.2 1937 high___ 101.6 1937 low__.. 94.1 993 48.0 482 42.4 346 48.6 318 435 302 434 55.7 175 8.7 239 169 - 146.9 153.9 184.3 157.7 516 953 618 618 484 489 519 46.4 54.0 489 53.7 74 2 745 738 59.8 75.3 69.1 72.8 (Comptled by the Assoclated Pres BY VICTOR EUBANK Associated Press r. NEW YORK, March 12.—Heaviest selling of United States Governmer securities in more than a year helpe to chill stock market sentiment today, but late buying support reduced o canceled early losses of fractions to points. Steels and motors, off during flurry of offerings after noon, ca back for gains before the Leathers and aircrafts pointed ward. The majority of carriers and utilities had difficult going. Except for one or two intervals the activity was relatively slow. Trans- fers approximated 2,300,000 shares Offerings of Governments was at- tributed principelly to the forthcami increase in reserve requirements income tax payments While automobile strike negotiatio were still deadlocked, early settlemer were looked for in brokerage circle Speculative forces were a bit su dued in view of nervousness in cently soaring commodities, the ger eral downtrend in bonds, and sugge tions from Washington the admini: tration might take steps to halt a pos= sible inflationary boom On the other hand, 1936 company statements continued to confirm the recovery trend and current business reports apparently indicated publ close up- | spending is still proceeding at a hig rate. The French franc moved up in for- eign exchange transactions as the new French defense loan was ove scribed. Wheat at Chicago was « 115 to 173 cents a bushel and eorn was 3 to 215 lower Resistance was shown by shares of United States Steep. Bethlehem, L; lum, General Motors, Chrysler, Sea Roebuck. Douglas Aircraft, Western Union, International Paper & Power preferred, American Smelting, Inter- national Nickel. Ohio Oil, Pennsyi- vania, K. C. Southern, Distillers Corp - Seagrams, National Dairy. Newport Industries, International Mercantile Marine, American Hide & Leather and United States Leather Backward the greater part df the | Ahaconda, time were United States Pipe & Four dry, United States Rybber, Goodrich Woolworth, MOntg()n‘P' Ward, Inter- national Harvester, Consolidated Edi- son, North American, Standard Gas Kennecott, Howe Sound Standard Oil of New Jersey, Texas Corp., American Can, Continental Can, General Electric, Johns-Manville, Allis- Chalmers, Santa Fe, New York Ce tral. Southern Pacific, Great Nortk % | and Baltimore & Ohio. ’ ¢ | January L == BY the Associated Press NEW YORK, March 12 —Cotton price movements were irregular today with moderate mallies on trade and foreign buying meeting increased liquidation in the afternoon. Business zapo'ul off later and prices responded to modest orders either wa: May. which had recovered from 13 to 1394, eased to 13.83 by midafte:- ‘noon when prices were 2 to 10 points net m\w steady. higher to 4 Jul December Spot steady. Cottonseed Oil. Bleachable cottonseed oil closed steady. May. 11.13; July, September, 11.: October, Sales, 108 contracts. b—Bid futures 11.22b 11.06b New Orleans Prices. NEW sion house i to 11 toda: Losses were es were a depre May opened Although _speculat little inclination no tendency on staple |y Cottonseed o1 March. 10.5 September, Bid ve int buy 1t part futures 10,55, “octa WELLINGTON FUND A Living Trust Fund Available in units of $10.00 a month and up. o Single deposit and up. PROSPECTUS SENT ON REQUEST. Wellington Foundation, Inc. William Canby, Mgr, Woodward Building National 3717 certificates BUILDING SUPPLY INDUSTRY Survey available on request without obligation. Robert C. Jones & Co. Shoreham Bldg. MEtropolitan 2922 “Complete Investment Service®