Evening Star Newspaper, April 24, 1937, Page 13

FINANCIAL, AUDITORS STUDY BANK RELATIONS Chester Hoyt of Albany Speaks on Subject at Session Here. BY EDWARD C. STONE. Relations between the bank presi- dent, the directors and the auditor were taken up at the second day’s ses- sion of the National Association of Bank Auditors and Controllers at the Wardman Park Hotel this forenoon. The speaker on this subject was Chester W. Hoyt, controller, State Bank of Albany, N. Y, with Herman L. Pritchard, Second National Bank, Paterson, N. J., presiding. L. R. Pennington, special agent accountant, Federal Bureau of Investi- gation, Department of Justice, was the second speaker, his subject being, “Bank PFrauds and Defalcations.” Six subjects of deep concern to big banks were discussed last night at a forum led by Arthur K. Schulz, Chase National Bank. The subjects in- cluded the definition of control, how can broader recognition of control be obtained, rotation of clerical staffs, virtues and vices of instruction manuals, distribution of expenses in- curred by one department or office to another and sources of greater income and extended service. Other Problems Discussed. Six other subjects of special concern to the smaller banks were fully con- sidered at another group round table, with W. T. Vandoren, vice president and cashier, Liberty National Bank, Washington, presiding. The given particular attention covered the value of an actuarial system in a small bank, benefits derived from monthly reports of operations, advisability of rotating employes, maintaining of gen- eral ledger for trust department, daily collection of interest in note depart- ments and some of the fields for further extension of banking service. Bankers at both foruths heard many eonstructive ideas presented. The convention program was concluded late this forenoon. Delegates and guests were to spend the afternoon on sight-seeing tours. The two-day con- ference will be concluded this evening with an informal dinner, Strickland Gillilan acting as toastmaster. The guest speaker will be Edward Stone, &n economist who is chief of the com- munity organization and maintenance section, management Resettlement Administration. Nine special exhibits of office equip- ment have been on display at the hotel during the meetings and have drawn much attention Members of sauditors’ section, District Bankers’ Association, received general acclaim from visiting financiers for the suc- cess of the program. Committee Heads Lauded. Chairmen of the leading committees included R. Earle Haycock, Riggs National; William B. Mehler, jr., City Bank; H. Norman Glasco, Union Trust; Harry L. Downey, Washington Loan & Trust; Gerald E. Keene, Sec- ond National; Millard S. Yeatman, Hamilton National; Bank; Willlam S. Harris, Lincoln National; Arthur J. Hamilton, Na- tional, and Raymond G. Marx, general chairman. The address yesterday afternoon by John Driscoll of Philadelphia on “Comparative Costs and Operating Efficiency,” was read by Paul Williams, Corn Exchange Bank & Trust Co., Philadelphia, the writer being de- tained at home on account of illness. The address of H. H. McKee, chair- man of the Washington Clearing House Association, was considered one | of the finest made during the con- ference. A special committee was named to eonsider the future of these confer- ences. The committee consisted of Raymond G. Marx, chairman; Charles | L. Brown, Baltimore; William E. Westman, Boston; Millard S. Yeat- man, Washington, and James H. Lawrence, New York. The recommen- dations will be forwarded to all the cities in the Eastern region and be acted upon later. Commercial Loans Increase. The volume of outstanding loans of insured commercial banks in the Fed- eral Deposit Insurance Corp. as of December 31, 1936, was 8.6 per cent above that reported for the 1935 year end, while holdings of commercial or “other securities” increased 10.4 per cent, statistics compiled by the F. D. I C. of 13974 insured commercial banks show. Despite the increase in these assets o F. D. I. C. members, holdings of United States Government obliga- tions, direct and fully guaranteed, con- tinved to increase at a much faster pace, rising 11.8 per cent in the same period. Loans outstanding were $1.300,000,- greater, totaling $16,000,000,000 on December 31, 1936, compared with $14,700,000,000 year before and were higher than they have been on any previous F. D. I. C. “call date.” Dur- ing 1935 loans increased by only 694,000,000, Heard in Financial District. Robert V. Fleming, Sidney F. Talia- ferro, Wilmer J. Waller and E. E. Mountjoy have returned from the Executive Council meeting of the American Bankers’ Association at Hot Bprings, Ark. Mr, Fleming left Wash- ington last night for White Sulphur Bprings, W. Va, to attend the annual convention of Reserve City Bankers. ‘The District Life Underwriters’ As- sociation has nominated six directors, three of whom will be elected at the -« May meeting, the nominees being John E. O'Brien, Connecticut Mutual; Richard W. Griswold, Guardian Life; Graham E. Wilsin, Massachusetts Mu- tual; Garland M. Terry, Equitable of New York; James A. De Force, Mu- tual Benefit Life, and H. Gordon Ed- monds, State Mutual Life. Those olected will serve three-year terms. The final session of the public speaking elass, Washington Chapter, American Institute of Banking, was held in the form of a dinner meeting at Wesley Hall. Past and present members of the class were present and all were called upon for a few words. Dr. Elmer Louis Kayser, instructor, delivered the principal address and ‘Wallace E. Schreiner, chairman of the Public Speaking Committee, acted a5 toastmaster. Transit’s March Net Picks Up. Although indicating no immediate dividends for stockholders, the March report of the Capital Transit Co., filed today with the Public Utilities Com- mission, revealed a net income of $17,~ 731.33 against a deficit in March 1936 of $5,614.50, thereby placing the improvement for the month at $23,345.83. While first quarter figures were in the red by $2,513.89, they compared with a deficit in the same quarter of 1936 of $84,662.38, making an im- provement for the quarter of $82,- topics | division of the | A. S. Offutt, City | Stock and Low. Dividend Rate 491 Abbott Lab (11.60). 63% Acme Steel (4) .. 15 Adams Exp (IBSG) 247y Adams Millis (bl1) 2% Advance Rumely 68'2 Air Reduction (t1)_ 3% Air-Way Electric... 127 Alaska Jun (1600).. 37 Alleghany COrp..o 4315 Alleg pf ww $30.... 43% Alleg pf ww $40____ 361 Alleg Steel (b40o) - 258’- 226 Allied Chem (6) __. 334 251 Allled Mills (b50c).. 21% 161x Allied Stores (b20c) 835 63% Allis-Chalm (b50c) - 394 30% Alpha Port Cmt (1). 874 Amal Leather _ 52% 34% Amal Leath pf (3 1147% 984 Amerada Corp (2)-. 101%; 83 Am Ag Chm Del b1_ 41% 251x Am Bank Note (t1). 75% 59 Am Bk Note pf (3).. 80% 58 Am Brake Sh (12).. 121 99% Am Can (t4) 174 152} Am Can pf (7) _____. 71 56 Am Car & Foundry_ 1041 92% Am Car & Fy pf(b4) 99%2 72 Am Chain & Ca bl.. 115 Am Chain & C pf 5. 263% Am Comci Al a50c.. 27% Am Crystal Sug b2 9412 Am Crys S 1st pf 6 84 Am Encaustic T% Am & Foreign Pwr. 54 Am & For Pw $7 pf_ 20% Am & For Pw 2d pf._ 18 Am Hawaiian (1) ._. 62 Am Hide & Leather_ 373 Am Hide & L pf (3). Am Ice s 1714 Am Ice pf (2) 135% Am [nterntl (a40c)— 43 Am Locomotive 112 Am Loco pt (a3) Mach & F (11 Metals Metals pt (6) Power & Light_. Radiator 160c - ttoll Mill $1.20 Am Shipbldg (2) 87% Am Smelt & Ref ( w. Am Steel F (b50¢) 3% Am Stl F rts May 15 'S Am Tel & Tel (9) Am Tobacco (5) . 80% Am Tobacco B (5) '2 128%: Am Tobacco pf (6) .. 14% Am Type Founders_. 20% Am Water W (80c)_ 9% Am Woolen ez 64 Am Woolen pf (bl)._ 6% Am Zinc & Lead __ 4413 Am Zinc & L pr pf__ s Anaconda Cop (11) . Anaconda Wire (12) 18 Anchor Cap (60c) __ 106 Anchor Cap pf 6% 512 AP W Paper 41 Archer-Dan-M(t2) 7 Armour of Ill(b35c) 591, Armstrong Cork(2) 1315 Arnold Cnst b62}e. 125, Artloom Corp 183 Assoc Dry Goods b59% 5& the | | i 99 Assoc Inv pf ww(5) 691 Atch T & S Fe(a2) . 997« Atch T & S F pf(5) 4415 Atl Coast Line(al) Atl Gulf & Wst Ind_ 3014 Atl Refining (1) 111 Atl Refin pf (4) 16% Atlas Corp (80c) 36% 28! Auburn Auto __ 9% 6% Aviation Corp Del.. 114 ~ Baldwin Loco (d)_ 9y Baldwin asd (d) ._. 20% Baltimore & Ohfo % Baltimore & Oh pf__ s Barber Co (aTic) 1161 1815 16'» Bayuk Cigar 175c. 24 Beatrice Cream t1_. 125 Belding Hemin (1) « Bendix Avia(b2 20°« Benef Ind Ln (bY5c) Bethlehem (a1%) _ 30 Black & Deck b50c_.. 22% Blaw Knox (b20¢)__ 33% Boeing Airplane s Bohn Alum & B(3)_ 85« Bon Ami A (4) ___ 41% Bon Ami (B) (234)_ 25!z Borden Co (1.60) 41 Borg-Warner (new) 81 Boston & Malne 16" Bridgept Brss(60c 2 Bridep't Br rts Ap29 4.» « Briggs Mfg (12) s Briggs & Strat (3) _. 'ur Bklyn-Man Tr (4) _ 34 Bklyn Un Gas(1.60) 20'; Brunswick-Balke__ 18% Bucy fe 10% Budad ( 9% Budd Wheel(az0c)_. 501 Bulova Watch (14)_ 287 Burr Add M (80c) __ 7s Bush Terminal (d)- 24 Bush T Bldg pf(d) . 131 Butler Bros (bl5c)_ 29% Butler pf (1%) 5% Butte Cop & 7, 25% Byers (A M) _ Byron Jackson (1) 3814 Calif Packing (1%) 2% Callahan Zinc-Lead 141 Calumet&Hecla (1) 29'3 Campbell Wy (11)__ 27!3 Canada Dry G Ale._. 13% Canadian Pacific __ o 7 Carriers & Gen(bsc) 612 138 Case(J [)Co (4) ... 85 Caterpillar Tr (12)_ 26% Celanese (b76¢) ___ 10613 Celanese pr pf A(7). 834 Central Foundry._. 67! Cerro de Pasco (4) 16% Certain-teed Prd __ 677 Certain-teed pf (6). 35'3 Champion Pap (11). 108'5 Champion P pf (6) _. 78% Chesapeake Crp(3)_ 57% Ches & Ohio 12.80 __, 91 Ches&Oh pf A (4)_ 674 Chl & Est [11 pf (). 2% Chi Grt West (d)__ 1312 Chi Grt West pf (d) 27% Chi Mail Ord t1% __. 2 Chi Mi) St P&P (d). 43 Chi M St P&P pf(d) 11% Chi & N W pf (d) ... 23 Chi Pneumatic Tool 61'3 Chi Pn T pf b87 ¢ 2% Chi R 1 & Pac (d) _. 5% Chi RI&P 6% pf(d) 18 Chickasha Cott'n Oil 12% ChildsCo___ 110% Chrysler (b1%;)_ 187 City Ice & Fuel (2). 78 Cluett Peabody (3)_ 126 Cluett Peab pf (7) 12214 Coca-Cola (t2) 191 Colgate-P-P(t50c) .. 53 Collins & Afk (12)__ 39 Col Fuel & Iron(bl) 22 Colo & South 1st pf_ 13% Columb G & El(40¢c) 9013 ColG & Epf (5) ____ 32% Columb Pic vte (1) 1124 Col Carb vto (t4)_ 56% Comcl Credit (t4) 64 Comel Inv T (14)_ 16% Comcl Solv (160¢c) 2% Comw & Southern. 55 Comw & Sou pf(3) 1312 Conde Nast Pub _ 36% Congoleum-Nrn(2) . 13% Consol Cigar . - 3813 Cons Edis N Y (12)._. 104} Cons Ed N Y pf(5).. 4 ConsFilm_____ 14% Cons Film Df (32)_< 9% Cons Laundrie: 15% Cons Oil (80c) _. 7 Cons Textile (d) __.. 814 Cons Coal(Del) vto_ 33 Cons Coal Del vtc pf 20% Container Corp 1.20. 27% Contl Baking (A) 3 Contl Baking (B) 100 Contl Baking pf(8). 55% Contl Can (3) ___ 37 Contl Insur (11.60). 2% Contl Motors __ __.. 40% Contl O1] Del (t1).. 637% Corn Ex Bank (3)_. 60% Corn Prod Ref(t3). 6 Coty Inc '_... 46 Crane Co 2915 Cream of Wheat(2). 21 Crosley Radioal 70'% Crown Cork & S(2) . 47% Crn C&S pf ww 23 _ 17 Crown Zeller(new) 99 Crown Zell cu pf(5). 51 Crucible Steel 10 Cuban-Am Suga 39% Cudahy Pkg (213) 15'% Curtis Publishing.. 92% Curtis Pub pt (7) 612 Curtiss-Wright _ 1845 Curtiss-W (A)ab0c. 80 CushmanSpf3%._. 15% Davega Stores(t1).. 19% Davega cum pf 13 - 137% 1043 Deere & Co. - 31% 29 Deere & Copf 1.40.. 508 804 THE EVENING 9% 91 Bales— Add 00. High, l..ow Close. 1 91y ~1% 91 =14 1 )'fi‘s 13515 186%—11% 4 27"! 97y 10% 1 108 = - Taaabanon~ - © S panas 83 2 163 3 19% 31 367 26% 27% 9% 10 9% 574 26 19 8% 45% 3% 24 14% 49 111 22% 53% 116 105 467y 861 53% 201y 10ty 68 14% 61 56% 813 207 110 81, 41 11% 61 13 127 181 99 824 100 48% 287 3215 112 173 30 81 61, 347y 39 37 39 30% 161¢ 25 125 221 211 88 3014 250 381y pris 90 441 411 11% 16% & 484 4T 34 35 20 18% 101 9%y 55% 29 8 35 158 3138 5% 25% 29y 41 4 14 30 30 1315 Rlg 162 91 136y 267 — 27% — % 97 10% — % 9% — K 574 =14 26 19 B ke 454 3 24 14% 49 111 5 116 10% 47 861y 54 2% 147 61 557 811y 20 110 81 411y 11% 62 1314 127y 18% 99 834% 100 481, 237 321 112 174 303 8y T 61 35% 39 374 39 30% 164% 25 13 224 211y 8874 30 25% 39 4415 90 4415 25% 421 113 16 5 48% 4T 34 354 2018 184, 11 9%, 56 30 814 35 15% 31% 53 259 29' 41 41 14% 30 30% 131y 8% 163 91 364 1 11135 111% 1114 14 9% 5 73 10 18%; 1208 74‘0 2 108 108" IDB % 10875 3 833, 60 9515 10 2% 14 284 2% 5y 131 Gl 116%5 8% 72 7'1'1 50”- 951y 10 27 14 28% 2 5% 1345 25% 1154 19% 91 127 1567 22 57 39 138 381 105% 11 1908 52 5 3% 141 10% 16% T 11% 47 34% 26% 3 68 10% 39% 197 833 60 9513 10 27 14 284% 28y 58 134 254 638, 2% 6% 18 141 116% 19% 91 127 167 22% 57 40% EFE E EFIFFE FEFT 58 i T EE ¥ 38% 138 381 105% 35 14Y 103 16% K 11% AT 34% 10% 391 15% = % 19% — & ll 129 128 127 1 30 30 30 Prev High. 29 180% 136% 115% 17 175% 3 391y 58 541g 321 191, 86l 19% 153 14 3214 65 125% 424 391, 641, 167 17, 208 31 5819 8 109%, 157 166 185 303, 43h | 431 2778 178 901y 189 11114 167y 15% 188, T3% 24% 1565 136 51y 3% 1814 24% 187 58% 9 15%; 28% 114 175 58% 8414 3% 6% 10% 28% 99 41% 24% 106% 541y 42 42%% 16% 19 621 584 15% 29% 8! 122 120 16% 34 9% 345 6% 12% 40% 101 69 1837 Stock and Low. Dividend Raf 22 Delsel-Wem-G(11). 424 Delaware & Hudson 174 Del Lack & Wes 7% Den& RG W Df(d). 9% Det & Mackinac. 20% Det & Mackinac 30% Diamond Match (11, 21% Diamond T Mot b2se 23 Distil Corp Seag. 36% Doehler Die Cast(2) 413% Dome Mines (12)___ 10 Dominion Stores._. 54% Douglas Afrcraft... 164 Du Pont (b7bc) 1314 Du Pont deb (6) 112 Dugquesne 1st (5) 11% Eastern Roll Mills_. 168's Eastman Kodak(6). 31% Eaton Mfg (2) 1174 Eitington-Schila 28% E1 Paso Nat G 1.60 87% Elec Auto Lt 12.40_. 11% Elec Boar (a60c) __ 5% Elec&Mus I (al8c). 197 Elec Pow & Light _ 389% Elec Storage Bat (2) b4 Elk Horn Cl pf (d).. 55} Endicott-John (3) .. 6% Equitable Office B__ 137 Erie RR__ 26 Erie R R 18t 22 12 Eureka Vac (IOC)... 28'4 Bvans Prod (11) ___. 4% Exchange Buffe 31 Fairbanks Co 20% Fairbanks Co pf_ 66 Fairb'ks-Morse (t. 53% Fajardo Sug Co (b1) 663 Fed Min & Smelter_. 94! Fed Min&Sm pf(7) - 813 Federal Motor(40¢). 5! Fed Screw Works 36' Fed'd Dept Str(2)__ 77 Fidel Phoenix t1.60. 32% Firestone T&R (2) _ 46 First Natl Strs 1234 37 Flintkote Co (1) 46 Florence Stve bi0c_ 34 Florsheim A (2) __. 61, Follansbee Bros(d). 47'3 Food Machine (1) _. 43 Foster-Wheeler 26% Freeport Sulph (1) 14% Gar Wood Ind as5e. 693 Gen Am Trans (a3). 13% Gen Baking (160c)... 145 Gen Baking pf (8)_ 974 Gen Bronze_ 25's Gen Cable 52% Gen Cable (A). 114'; Gen Cable pf (a7)... 43 Gen Cigar (14)_ 517y Gen Electric (lec) 39's Gen Foods (2) .__ 2% Gen Gas & Ellc(A)- 50 Gen Mills (3) _ 57% Gen Mo[orl(blfie)- 11413 Gen Motors pf(5)._. 4 Gen Pub Service __. 46 Gen Ry Signal (1)._. 3% Gen Realty & Util__ 37% Gen Realty & U pf_. 60 Gen Refract (a3%). 274 Gen Thea Eq(b25c). 154 Gillette S Raz (t1). 20% Gimbel Bros 43 Glidden Co (2).. 5% Gobel (Adolf) - 6'2 Goebel Brew (t20c). 31 Goodrich(BF) (al)— 79'3 Goodrich pf (5) 27% Goody'r T&R b0 10% Gotham Silk Host 3 Graham-Paig 6'3 Granby Cons 132 Granby rights Ap 26 21's Grand Union pf(bl) 381y Granite City Stl(1)_ 40% Grt Northern pf____ 19 Grt Northn Ore (1) 35 Grt West Sug 12.40. 32Y Green H L (11.60) 60 Green Bay&W bilg 13% Greyhound (180c) 12!; Gulf Mobile & N_. 13'4 Hall W F Print 25'; Hamilton W (b65c). 45 Harb-Walker (12)_. 5% Hayes Body 101 Hazel Atlas Gl (15)- 13 Hecker Prod (60c) _ 149 Helme (GH) pt (7). 150%; Hercules Pwdr (6) - 21 Hollander & Son(1). 311 Holly Sugar (12) 3556 Homestake (112) __ 213 Houd-Her B (1134)_ 12'5 Houston O1l vtc 623, 184 3% 224 123, Howe Sound (13)... Hudson Motor. .__.. Hupp Motor (new). {1linois Central Indian Refin (a 36% Indus Rayon (2) 1293 Ingersoll Rand(t2). 22% Inspiration Cop ... 5 Insur Sh Md (bl0c). 8% Inter Rap Tr vtc(d) 4% Intercontl Rubber. 16% Interlake Iron 5 Intl Agricultural 1697% Intl Bus Mach(16) _. 9914 [ntl Harvester(233) 8% Intl Hydro E1 A 612 [ntl Mercantile M_ 12% Intl Mining (a80c) 61% Intl Nickel (b50c) 1613 Intl Paper (A) 10% Intl Paper (B) 5% Intl Paper (C).-. 90% Intl Paper pf 41 Intl Print [nk 1085 Intl Print Ink of(fi) 7% Intl Ry Cent Am_ 615 Intl Ry Cent Am vtc 267 Intl Salt (t134) 31% Intl Silver. 11% Intl Tel & Tel Interstat Dp St b2% Johns-Manv (13) __. Jon&L 7% pf(bl%). 38 Kalamazoo 8 (t1).. 20 Kans City South ... 231 Kayser J & Co (2) .. 17 Kelsey-H A (a1%)_. 14% Kelsey-H B (al3).. 55% Kennecott (b50c) . 17% Keystone S&W b3lc 8813 Kimberly Clark(1) . 47% Kinney pf (a1) _ 2413 Kresge S S (b30¢) 39 KressS H (1.60) 22 Kroger Groe (11.60) 18% Lambert Co (2) ... 17 Lee Rubber (50c) ... 38% Leh Port Cmt 1% _ 2 Lehigh Valley Coal. 11 Lehigh Val Coal pf_ 17% Lehigh Valley R R.. 118 Lehman Corp (13)_. 48% Lerner Stores(t2)_. 66% Libbey-Ow-F b75¢c 9% Libby McN & L(al). 25% Life Saver (11.60)_. 97% Ligg & Myers B t4 . 156 Ligg & Myers pf(7). 43% Liquid Carb (2.60).. 641 Loew’s Ino (12) ... 2% Loft Inc 56 Lone Star Cmt b75c. 6% Long-Bell Lumb(A) 22% Lorillard P (+1.20) . 87% Louis & Nash b2% . 29% Ludlum Steel (t1) 18 McCrory Stores 982 McCrory Strs pf(6). 40% McGraw Elec (12) .. 35% Mclntyre Porcu(2). 833% McKeesp't Tin Plate 12% McKesson & Rob 16% McLellan Strs b75e.. 42% Mack Trucks (1]) 49% Macy (R H) (12) . 11% Madison Sq G(80c). 10% Man El md gtd (d) .. 21% Manhat Shirt (1)_. 4% Maracaibo Oil Exp.. 10% Marine Mid (t40c)_. 18% Market St Ry pf__. 28% Market St Ry pr pf- 18% Marshall Field. 58 Masonite (t1).. 86 Mathieson Alk (1 ‘/.) 591% May Dept 8t (13)__. 121 123 72 Melville Shoe (15)_. 11% Mensel Co 36 Merch&Min (11.60). 59 Mesta Mach (b1%)_ 16% Miami Copper 29% Mid-Cont Pet a1.15_ 3814 Midld Stl Prod(+2). 11614 Midld Stl 1st pf(8)._ 102 Minn-Hon Ros (2).. 11 Minn Moline Pow ._ 267 Mission Corp (a45c) 67 Mo Kans & Texas 24% Mo Kans & Tex pf A 3 Mo Pacific (d) ... 7 Mo Pacific pf () _. 80% Mohawk Carp(1.20) 89 Monsanto Chm(t1). 81% Motor Prod ('IL.-— 21% Motor Wheel(1.60)_ 30% Mullins B (a50e)... 91% Mullins pf ( 70 Murphy G C 13.60) A 1 - s N S . 4 o LT T T Tt TS e S-S S Z e e 9 EXISEERE 2 ATa e = 27 308 1 3 . 280» s AR RS R AR [PIPP TP PR P NTRE T TR PR AT © S Bales— Add 00. High, Low. Close. chge. 234 1484 159 27% 33% 375 223 14%, STAR, WASHINGTON, Net 23 45% 815 U B (o 0 ) 59% -3k 14% 13% 17% 29 441 58, 106% 14 1 2 1484 - 360 22 141 R0l 20t 3% 324 15% 424y 12814 24 4% 81% / { '81% — % D. C., SATURDAY, Prev 1937 8tock and High. Low Dividend Rat 2532 18 82 Murphy rts May 10. 20% 15% Murray Corp(as0c). 24% 17% Nash Kelv (1) 38 NashvChat& - 1814 Natl Acme (a76c)... 13% Natl Aviation (al).. 26'4 Natl Biscuit (1.60)_ 26% Natl Bond & In 1.44. 29% Nasl Cash Reg (1)_. 23% Natl Datry Prd 1.20. 17% Natl Dept Store 7% Natl Dept Strs pf. 27% Natl Distillers(t2).. 30 Natl Pn & Stpg (2) - 17 Nat'l Gypsum Co 33% Natl Lead (150c) . 10% Natl Pw & Lt (80¢. 70 Natl Steel (123%)_. 62 Natl Supply Co.. 913 Natl Tea (60c) 10% Natomas (t80c) 47Y% Neisner Bros (12) .. b4% Newberry JJ $2.40._. 19 New Orl T&M (d) __. 31%4 Newport nd(b50c)_ 78% N Y Air Brake (al)_ 55% 40 N Y Central = 916 1382 N Y Cent rts Mayl.. 72 41 NYChi&StL. 100 83 NYChi&StLpt. 31% 27% N Y City Omnibu; 21% 17 N Y City Omnibp w. 25% 17% N Y Dock pt.___ 185 129% N'Y & Harlem (5)._. 1% N Y Investors (d) .. 5% NYNH&H (d).___ 16% NY NH & H pf (d)._. 5 NYOntarlo& W 'I% N Y Shipbuilding. N Y Shipbldg pt. N Y Steam pf (6) Norf & Wst (b234)_. North Am Aviation. North Am Co(b30c). Northern Pacific .. Norwalk Tire & R__ Ohio Oil (ab0e) __. Oliver Farm Equip_ Omnibus Corp vte_- Otis Elev (60c) Otis Steel __ ____ Otis Stlev pt (51).- Outlet Co (3) g Pacific Am Fish 1.20 Pacific Coast 1st pf_ Pacific Coast 2d____ Pac Finance(11.80). Pac Gas & Elec (2) Pac Lighting (3) Pac Mills (b50c) _ Pac West Ojl(a65c). Packard Mot (b15c). Panhandle P& R __ Panhandle P&R pt. Paramount Pic__ Paramnt 1st pf (6) .. Paramnt 2d pf 60c_. Park & Tilford (2) Park Utah_.___ Parke Davis (b1) Parmelee Trans Pathe Film Corp.... Patino Mines(160c). Peerless Corp - '3 Penick & Ford(13) Penney J C) (4) Penn Coal & Coke Penn Dixie Cement.. Penn Railroad (a2)_ Petr Corp Am aj0c.. A Pleiffer Brew bé0c . 32 Pfeift Brrts May 13. Phelps Dodge b: Phila Read C&T (d) - Philip Morris(b3%) 313 Phillips Jones ____. 2 Phillips Petrol (2) 2 Pilisbury Flour 1.60 Pitts Screw&B blbsc. « Pitts Steel Pitts United _ 5 Pitts & W Va__ Plymouth Ol ( Pond Creek Poc (2). Poor & Co (B) Porto R Am Tob A Porto R Am Tob B_. Postal Tel&C pf(d). Pressed Steel Car Press St 1st pf 25c. Press Stl 2d pf 23 .. 5513 Proctor & Gam(t2). 42 PubSve NJ (2.60).. 58 Pullman Ine (1%) 1915 Pure Oil - % 108 Pure Oil 8% pf. 18% Purity Bak (60c 16 Quaker State O bise 10 Radio Corp 72'% Radio pf A (3%) 7% Radio-Keith-Or (d). 31 Raybestos M (t134) 391; Reading RR (2). 274 Reis (Robt) 23 Reis (Robt) 1st pf. 211 Rem-Rand (160c) . 5 Reo Motor Ca 27Y% Republic Steel _ 109 Republic pf (b135)_ 99 Republic pr pf A(6) 3313 Revere Copper. . 1283 Revere Cop pf bl% _ 24'3 Revuolds Met (t1) . 50 Reynolds Tob B (3) 381 Safeway Stores(t2) 110 Safeway Strs pf(7) 1 43% St Joseph Ld(bb0c) 6 3 St L-San Fran (d).. 6% St L-San Frpf (d).. 11 StL Southwn (d) .. 4213 Schenley Dist(b75¢) 2 Schulte R Strs (d) - 38 Scott Paper (1)___. 11 Seaboard Afr L (d)- 6 Seaboard A L pf(d). 40% Seaboard Ol (1) __. 81 Sears Roebuck (3).. 28 Servel Inc (t1) 29 Sharon Stl (+1.20 120 102 Sharon Stl pf (5)-_- 17% 14% Shattuck F G (60c)_. 44 37! Sheaffer Pen(bl% ). 343 2674 Shell Un O1l (a25c) . 105‘u 102 Shell Un Oil pf 5% . 1214 Silver King (b25¢c) . 5S 441, Simmons Co (b50c)- 4% 313 Simms Petrol 60% 42 Skelly Oil 197 85Y% Sloss-Sheffield Stl_ 371 Smith (A O) . 217 Snider Pkg (b133) 1614 Socony-Vac (b25¢c) - 4% South Am G & P 30c 34 South Port Sug(t2). 237 So Cal Edison t13 4215 Southern Pacific 1 22 17 1 4 2 . 2 12 8 4 3 108 23 61 37 20013 161 26% 204 34w 284 84 5% The 24 10 23'% 24 66 54 1308 1 29 Adfl 00, High, Low. Close. cn 48% — 277 N 32 l.\! 32 1332 —132 801 10s 130 63 408 10114 1 2497 APRIL 24, 1937. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE By Private Wire Direct te The Prev 1937 High. Low. Divide: 43% 24 Southern 6015 32 2232 2232 16% 5% Y% 20% 40 19% 40 + % 19% 14% 281 Spicer M 94 Spiegel c 14 Stand Br: 44% Stand Of 31 6714 Stand Oi 65 Sterling 17% Stewart- 22% Stone & 10% 48% 55% 28 31% fil" —1% kid 4% Superior 37 Superior 69% 684 91 914 27 17 19% 130 1% 7 19% 4% 11% 63 101 249% 13 26 31% 5% 20% 681 —14 13 9 —2% —1% 18% Symingt 14 Symingt 1% Th 20% 5 11% 4314 Texas & 13% Tex Pac 113 Texas P 134 26Y% 32% 5% 214 6814 24 18% Tide Wa 22 Timken 61'% Timken 19% Transue 814 Truax-T' 3% 20th Cen 74 TwinCH 63 97 24% Union Of 17% Utd Air 23 Utd Am 13% Utd Dru 184 Utd Dye: 4613 Utd Eng. 13% Utd Gas U S Dist. rel U S Hofty 53% U S Hofr" 72% 118 105 44} U S Rub 9215 U S Rub 83% U S Sme 1261 75 US Stee 150 139% U S Stee ] 9% 7 UnitStk 8y 28% Vanadiu 115 108 VaEl& 8% Va Iron 2613 Va Iron 21 101 18% 1T 104 24 9 34 Wabash 9 Wabash 15% Waldort 29 11% 6% 132, ’. 6% 351 Warner Warren Warren 46 93 Wesson West Pe: 90 West Pe 103 West Pe: 874 Western 1713 Western 213 Western T4 Western 641 501 39 10% 130% Westing! 1494 We 241y Weston 38 Wheelin, 15} White RI 12% 65% 47 1124 6215 3433 Worthin, 81 Worth P 3% | 142 125 YelTr& 46% 40 40% 381 9% 11:00 P.M.._.__ Dividend rates | cash payments based larations { s Onit of tra not including TEx dividend 8tock and 47% Southern Ry pfo.... 19 Sperry Corp vtc(al) 22% Spiegel, Inc (1) . 40% Square D (B) b25c... 8% Stand Gas & £l (d) . 24 Stand G&E $4 pf(d) 57% Stand G&E $7 pf(d) 43% Stand Oil Calif(t1). Stand Oil Kan(al).. 13% Studebaker Corp.. 68 SunOfl (t1) 46 Superheater Co 324 Sutherland P t1.60... Sweets Coof Am_.. 25% Swift & Co (11.20) .. 30% Swift Intl Ltd (2) 11% Tenn Corp (a15¢) . 0% Texas Corp (2) . 7% Texas Gulf Pr abe.. 38% Texas Gulf Sul (12) 10 Thermotd Co 6 Thompson Starrett. Thompson Star pf _ 126 Union Pacific (6) . 26% Union Tnk Car 1.60.. 27% Utd Afrcraft(able). 80% United F! 63 Utd Paperboard 3 & For'n Secur . & For'n 1st (6) 513 Utd Stores (A) 7712 Utd Str pf a14.81% _ 27 Util Pw&Lt (A)(d). 1% Vadsco Sales Corp.. Walgreen Co (2) Walworth Co.. Ward Baking (B)- Warner-Quinlan(d) 1% Weils Fargo Westn U 4513 Westingh'se A B(1) hse 1st pf (b1) 303 Westvaco 5%pf 1% 23% White Motor 512 White Sewing Mach 35 White Sew Mch pf_. 43 Wilcox Ofl & Gas___. 8% Wilson & Co (50c)_. 513, Woolworth (2.40) __. 49% Yale&Towne(160c)- 20% Yellow Tr & Coach._ Young Spr& W(t3). 101% 75% Ygstn S&T (b76¢) Zenith Radio (b1)._. 6% Zonite Products._ Approximate Sales of Stocks on the N. ¥. Stock Exchange. i} extras. d Companies reported FINANCIAL. A—13 Bales— Add 00, Hign, 39 38% nd Rate, Ry ceeee Low. Clnue 608 2314 33 19% Alia 2444 1g (a3) um pf (4%) -ands(130c) 11ind (t1) .. INJ (11) Prod t3.80_ Warn t50c. Web(a25c)- ofl__ Steel on ww bl0a. on xw bll0c. PacRR.__ STOCKS RECOVER SOME OF LOSSES Mild Support Reduces De- clines of Fractions to $3 or More. Stock Averages 30 Indus —8 93.0 938 96.6 814 1016 928 99.3 80 Net change. Today, close Prev. day.. Month ago- Year ago- 1937 high 1937 1936 1936 1932 1929 —6 69.0 69.6 16 609 5.3 68.7 7238 3.4 55.7 - 175 .9 16.9 ,1469]519!84"1577 516 953 618 61.8 (Complled by the Associated Press.) BY VICTOR EUBANK, Associated Press Finan: C&O bllc._. LT (allc). t As Oil 80c Detroift 11 . Roller B(3) 15% Transamerica t40c_ 163 Traus Wst Afra2bc. & W (160c). 87 Tri-Contl (a50c) raer(b25c) t Fox bslc. RT pfald . 167 Twin Coach (bl5c) 3% Ulen & Co 85% Und-Ell-Fisher (3)4 Union Bag & P (2)-. Union Carb (3.20) - 1(Calif)1.20 Lines a20c. Bosch_ 26% Utd Biscuit (1.60).. 1132 Utd Biscuit pf (7)_— 513 Utd Corp (az0e).. 41'a Utd Corp pt (3) g (a75c) .. wood (1) 6% Utd Elec Coal &Fy (12) ruit (13) Imp (1) ributing pf. L L$+d ght (11)_ U S Gypsum (12) man an pf(2%). 87'3 U S Indus Alcohol . 6% U S Leather vtc. 13% TJ S Leather(A)vte_ 593 U S Pipe & Fdry(3). 13% U S Realty & Imp ber ber 1st pf__. 1ting (b4)_. 1 = 1pf (7) Yds (50c)- m Corp . .. 39% Van Raalte(b623%c) 4215 Vick Chemical (12)- 7% Va-Car Chemical __ 541 Va-Car Chem 6% pf Pw of (6) - Coal&Coke. C&Cpf 70 Vulcan Detin (a8) .. {7 124 (A)(d).. Sys(11.20). Bros Pict__ Bros (d) __ Fdy&P(t1) O&S (t50c) nn El A (7) nn El pf(6) nn E1 pf(7) Maryland. Md 24 pf_. Pacific Pacific pf. n Tel (3) _ h'se El (b1) El Inst b2ic g Stel k M S(1.40) gton Pump. ump pL(A). Cpf(bl%) 6% 510,000 12:00 Noon 810,000 as given in the above table are the annual on the latest quarterly or half-yearly dec- less than 100 shares. _tAnnual rate— aPald last year. bPaid this year in recetvership or being reorsanized DIVIDENDS ANNOUNCED NEW YORK. April 24 _Dividends d clared, prepared by the Standard. Stat tics Corp.: Exive * Pe- Stk.of Pav- Rate. riod. X’QCDYd le. Eaqui Tr Co, Wilm, Del 25c 24 Pl e on wk‘ Lawson Real 7% p{ $1 Mallory Hat 7% pf _$1.75 Peninsular Sherman Clay Co 77 pt Stamfara Water Tyer Rubber FOREIGN EXCHANGES, EW YORK, April 24 (P).—Foregn ex- change mixed: Great Britain in dollars. others in cents: Great Britain, demand, 4.0 3 383 bills. +9114 les, 40 : Ttaly, de Germany, 80:" travel: 18; Qunted Panukll.hi.? vul‘(ll hn N nicrin. '5n; Hungary, R " T Kl 28.7 L51“.8 ::‘ 4 o, 28.7 P Heed o 50,18 ‘ 7 R, ontreal in New York, . s New orm Montreal. 00.8174. ‘n—Nominal. CHICAGO PRODUCE. CHICAGO. April 24 (P —Poultry, live, frucks. auiet: prices unchang ® By 067 Wffll{lmfl rices anchanged. i ettled; extra B % etk irated firsta: local current - receipts. 34 storage DleE Potatoes. 48. on track 137. total U ;mp?n:nu’ 604: °old_ stock. "supplies u;m for Idaho russets, demand good. market firm. other stocks demand slow. market dulli sacked per " hundredweight', Idsho pussets Burbanks, U, S 301 Wisconsin' round car, 1.90. New stock. whits U 5 ‘mppnu iaht, Seimand sood, market siightly ronger. Bliss_Triumph Texa; 3.75a1, 10 Bmomy ‘aTound 3.75¢ SELBY DIVIDEND CUT. PORTSMOUTH, Ohio, April 24 (#). —Citing flood losses and higher ma- terial and labor costs, the Selby S8hoe Co. directors reduced the quarterly dividend from 50 to 40 cents. FOREIGN MARKETS. LIVERPOOL, April 24 (P.—Wheat fu- tures closed quiet today, up 1d to 1lad. The market's firmness followed sharp ad- vances at Buenos Aires yesterday, stronger Argentine and Canadian c.if. offerings and | continental buying of nearby positions. Cotton closed quiet and steady. 3 to 4 points higher. Most traders were await- ing fresh incentives and the market Wi sensitive to small orders. Selling in sym- rathy with a reaction in Egyptian cotton was followed by a recovery on scattered buying. Offerings were light. A good busi- ness was done in Brazilian cotton. London and Paris closed. —e U. S. TREASURY NOTES. (Reported by Chas. D. Barney & Co.) Rate. Maturi 34 Sept, 15 [eToTon jeceeEr S Homes Apartments 1321 Connecticut Ave. N.W. First Mortcace Loans District of Columbia, Nearby Maryland and Virginia 5% Terms from 3 to 15 years Also Monthly Payment Loans RANDALL H. HAGNER & COMPANY INCORPORATED MORTGAGE LOAN CORRESRONDENT DOLLAR GOES HIGHER IN LONDON DEALINGS | By the Associated Press. LONDON, April 24—Making a further recovery of ! cent, the United | States dollar was quoted at 4.93 to the | pound at the end of foreign exchange dealings today, closing New York quotation yesterday was $4.93'5. An improvement. was registered by the French franc, which closed at | 111.06 to the pound compared with | 111.22 yesterday. FEDERAL LAND BANKS NEW YORK, Avril 24 (#.—Federal Land Bank bonds. 4Ys Nov., At May. b Business Properties Telephone: DEcatur 3600 + | rather slow *| most of which were un +|hem, Youngstown Sheet NEW YORK, April 24 —Stock mar= ket prices crumbled in an ear! | rush today, but met mild support fore the close At the worst numerous leaders were off 1 to more than 3 points, some at new lows for r or longer. E: | treme declin pared in many in- e final hour Slipping tendencies were in evidence the opening, but dealings were A flood of offerings ap- peared later and for a brief interval | the ticker tape was behind. Activity | dwindled quickly as the list was given a moderate lift from bottom levels. | No help was accorded the stock | division by bonds or commodities, en Among principal losers were Bethlea & Tube, National at | Crucible Steel, Republic, »‘Slfl‘vl, United States Rubber, Monte | Romery Ward, Sears-Roebuck., Mar shall Field, Macy, American Tobacco “B” Oliver Farm, Boeing, H Sound, National Lead Amer] Smelting, Homestake Mining, Ce: de Pasco. Texas Corp., C Oil, Westingho G Du Pont, Phillips Petroleum ley, Standard Oil of Indi ‘P‘P, Delaware & Huds: | Pacific, Loew's, Foster tainer Corp., Indus tional Cash Reg and Johns-Mansvi Touching botto: American Telephone American Ca t | mount for 1937 were Western Union, tal Can, P: resistant States Steel, C craft, Interna rich, Chesapeake & Ohio, Railway, Illinoi area were ican, Eaton M Public Service of N. J. METAL MARKET 25% net return en in 13-unit apartment house. just off 16th Street. Statement on request. Call, write, or see Stanton T. Kolb J. LEO KOLB, INC. 1237 Wisconsin Ave. West 0002 Second Trust Notes We will buy monthly payment deferred purchase money second trust notes, secured on owner-occupled dwellings in D C. and nearby Md. & Va. Union Finance Co. 016 Woodward Bldg NAU 7938 5% INTEREST CONSTRUCTION LOANS AND STRAIGHT 3-yr. LOANS Prompt Action on Applications Real Estate Mortgage & Guaranty Corporation 1610 K St. N.W. NAtL 1403 FIRST MORTGAGE FUNDS Lowest Interest Rates Conitruction Loans 3 to 5 Years Straigit Loans Long Term Amortized Loans @ Consult Us /e have sav for others gage problems E. Quincy Smith, Inc. Arthur C. Houghton, President in solving their m Mortgage Loan Correspondent THE PENN MUTUAL LIFE INSURANCE CO. 909 15th St. N.W. DL 9057 Ameortized L(LQNS for buying, building or refinancing loans on your home, made under Federal Hous- ing Act, Title 2. This Bank Has Made Over $2,000,000.00 of These Loans SECURITY avings & Commercial BANK Two Conventent Branches: Sh &G o 1518 K Sts. N.W. St. N.w. Member Fgderal Deposit Insurancd Corporation