Evening Star Newspaper, May 7, 1937, Page 17

FINANCIAL. CURB LIST HOLDS T0 NARROW RANGE Minor Losses and Gains About Evenly Divided Late in Session. By the Associated Press. NEW YORK, May 7.—Except for a few specialties, curb stocks idled in a narrow range today, with minor losses and gains rather evenly divided in late trading. Aluminum Co. of America, recently hit hard on an anti-trust move against the company by the Federal Govern- ment, extended a previous rally mor than 3 points. Montgomery Ward “A, New Jersey Zinc and Pan-American Airways were up 1 to 2 points. Oils were disposed to go forward, with Gulf and Pantepec up moderate- lv. Utilities were mixed. Newmont Mining yielded more than a point and small losses appeared in Pioneer Gold and St. Regis Paper, CURB BONDS DOMESTIC BONDS. High. Low. Ala Power 4 28 ‘67 Rty K Ala Power + Alfm Co me Alum Co Ltd AmG & E 8 Am P & L 6s Am Rol Mill 5 Atk P& L 10814 10008 1010210112 Gavnwau Pw. Gatineau P s 31~ Georgia Pw 5s_' verade Fd_6is daho Co b il North Uil Bs Pw ntl nterst Pw. Interst P 8§ 5s i““m PS4l Peop L&P 5s Pitts Steel s * ortland G & n EL & P M 5s By 2 10013 10014 10015 10374 10334 10573 1 SN 10013 a5 1063 fs-Min LAP 5 wi 8518 is P&L aranhao Br 7 j0 de Jan 61.s Bantiag _Chil w\l—“’uh “Rrramn ante. n—New. st (stp)—Stamped Negotiability impaired by maturity. Companies reported in receivership. { SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Tel & Tel 5'%s ‘43 A“{mrn Ruto Co 434 139" THE EVENING STAR, WASHINGTON, D. C, FRIDAY NEW YORK CURB MARKET By private wire direct to the Star. All time shown below i daylisht saving on which ke Exchane is new operating. Stockand Sales— Dividend Rate Add 00. High. Low. Close. Alnsw'th MCb25e 1 16 16 16 Air Device Corp_.. 6 84§ 8% 8% Alr Investors Ino. 2 4 4 4 Alr Investcvpf.. 1 29 20 39 Alabam Pw pf (7) 80s 74 12§ 2)4 Alum'n Coof Am b50s 187}4 134 136 Alum (Am) pf (6) 50e 115% 116% 116% Alumn Goods b2 1 17 17 17 Aluminum Ltd 1508 10834 107 Alum Ltdcv pf(6) 2131 180 131 Am Alrlines. Inc_. 1 24 24 24 Am Box B'od (1).. 7 22% 22'{ 224 Am CItP&L Baz0e 13 4} 4} 44 AmCynam B t60c 16 31 80 30 Am Dist T NJ pf 7 26s 127 127 127 Am Fork & H (11) 20 20 Am G&B (1.40) __ 2% 88 Am Gen C'p (a50¢) 10§ 104 Am Hard Rub(al) 21%4 24 Am Mfg Co (a8) .. 51 Am Maracaibo _. Am Meter (75¢)_ Am Superpower _. Am Superpwr pf. Anchor Post F Angostura (120c). Arcturus Radio T. Ark Nat Gas Ark Nat G cu pf_. Ark Nat Gas (A)_ Ashland O&R t400 AsEILtdb36 2-5_ ASSOG & B (A) Asso G & B $5 pf. Asso Laundries. Atl Coast L a2 Atlas Corp war Auto Products Auto Vot Mch 50c. Baldw L bd rts(d) Barlow&S(A)1.20 100s Bellanca Afrcraft. Benson & Hedges_. Berkey&Gay F Co. Berk&GF pur war. BlissCo (B W) _ Blue Ridge (blic) Blumenthal 8 __. Bower Roll B (2)_ Bowman-Biltmore Brazil TL&P 40c. Breeze C Inc a’ Brid'p't Mch b25c. Brill Corp (B) Brill Corp pt _ Br Am Oil cou (1). Brown F&W blbc Buckeye P L (4)_..100s Buff N&E pf 1.60_. Burry Biscuit___. . Cable El Prod vto. Can Car&Fdry pf_ Can Hydr E 1st pt Can indus Alco A Can Marconi__ Carib Syndicat Carnegle Metals Caro L&P pf (6)-. Carrler Corp. Carter (JW) 80c.. Casco Prod b2% __ Iin Corp (asuc) Celanese 18t pf 7. “ellulotd Corp pf_ Cent Ohio Sti b50c. Cent& S W Utll__ Cent States Elec_. Cent St E16% pf_ Centrif Pipe t40c. Charls Corp(13)_ | Chesebrough (14) Chi Rivet & Mach_ Chief Consol Childs Co pf. Cities Service_ Clties Service pf__ Cities Sve pt(BB). Claude Neon Lt Clev Tractor._____ } Clinchfield Coal | Club Aluminum | Cockshutt Plow. Colon Dav Ltd. Colon Dev 6% pf-. | Colo Fuel&Ir war._ Columb O&G b2ic. Comwlth Edis T4 Com'with & S war Com'u’ty P&L 1st. Compo S M stc t1. Cons Alrcraft____ Consol Biscuit 60c Consol Copper____ C GELt&P Bo 3.60 Consol Gas Utll__. Consol Retail Strs Consol Stesi Corp. Cont’l G&E pr pf 7 Cont’l Roll & S Fy Cooper Bessemer._. Cord Corp. Corroon & Reyn Cosden 01l Me (&) Creole Pez (a50c)- Croft Brewing .__. Crown Cent P a6c. Crown Dr (b20c)_. Cusi Mex Mining_ Darby Petr (50¢)- | Dayton Rubber___ Dennison 7% pf. Derby Oil & Ref__ Detroit Gasket t1. Det Stl Prod b25c_ Distill Ltd b2 Domin S&C (8) | Dow Chemical (3). | Driver Har pt (7). 111 Duke Power (3)__. 160s 78 Duro Test (b10c)_ 1 6% Duval TexSaS0c. 8 8i EKag Pit Lead bl0e. 8 20 Bast'n G&F Asso. 2 6% Estn G&F Aspf 3.1008 44} East G&F ppf 4¢3 26s 62 East Mall Ir 21.30. &0s 24 East'n States Pwr. . 6 East'n St Pw (A). & 1 East'n St Pw (B)_ Easy W M(B)b250 Edison Bros(b75c) Klec Bond & Snare 31 ElecB& St (5)_ 1 El Pwr As(A)a25e 1 Elec P&L opt war. 8 Elec P&L 2d pt A_ 208 Elec Shareholding 1 Emp Pwr pt b30c_ 1008 Emsco Derrick t1. Equity Corp(a2sc) Europ'n El bd rts_ Evans Wall Lead Bxcello Air(b20c). Falrchild Av alsc. Falstaff Br (31%). Fedders Mfg b25c. Ferro Enam b75c. Fidelio Brewery. 107 ® 9 PRIt L oS- PO POy 144}4 1 2 3 Ford Ltaa1s Ford (Can) A (1)_ Franklin Ray a60c 1 Froedt G&M(20c). 1 Froedt't cv pf 1.20 100 Gen Alloys___ Gen El Ltd 156%6 Gen Firepr't b2sc_ Gen tnvest Corp Gen Pub Sve pf(6) 40s 17% 214 19 14 % »; | Texon Of] & L 60a. alif Packing Coro 5 Cnrol Clincnh eld 15058 Gen Rayon Ltd A Gen Teleph (b25c) Gen Tire & Rub 1 1 3 31 Ilec Illum 45 il R:m N o;uslon Ofl_5'2s '40 ntern Mer Marine 6s '4 Gen T&R pt A (6). 30s 106 Georgin Pw pf (6) 1268 76} Glen AldenC (1) 8 114 Godchaux S A b2_ 100s 443 AT el & Tel 4% clede Gas Light bs h‘l:h Vllle%'conl 65 Godchaux Sug(B) Gorham M vte 11 Grand Natl Films. Gray Tel P8 (1) 3 3 1 303 264 23 2:30 Stock and Dividend Rate. Add 00. High. Low. Close. Ken RT&L A aTle Kings Co Lt pfD$. Kinsston Prod ¢0e Kirby Petrol (20c) Koppers pt Kreuger Brow t1. Lake Sh M (4)._. Lakey Fy & Mach. Lefcourt pf(a76c) Leh Coal &N 30c.. LeonardOf)._____ Lion O1l Ret (1) Lit Brothers._ Locke 8t1 Ch t80c. Lockheed Atrcrafe Lone Star Gar, 80c Long 1sland Ltg_. Long I L pt A(T)_ Loudon Packing_. La Land (40e) __. Lynch Corp (13)_. McWilllams D (3 Majestio Ra&Tel.. | 1 Marion Steam 8h... | 1 Massey Harri 3 Mass Util Associa. I 5 Mead Johnson(+3) 76s Merch & Mf pf(12)2008 Merritt Chap & 8 2 Merritt C&Spf A 360 Mesabi Iron A Metal Textile 40c.. Met Tex pt pf t33% Mich Bumper C Mich Gas&Of1 . Mich Stl T P b25e. Mich Sugar._____ Mid Sta Pet (A)... Mid Sta Pet (B)__. Mid-W Abras al0e Midwest Oil (11)_. Minn M&M b40c__ 1508 Molybdenum Corp 8 Mont Ward A (7). 10s Moore Distillery_. 11 Moore C Ltd bfl)c. 08 Mouat Prod (60c). & Mount St T&T (8). Murray(Ohio)b30¢ Nat Baking Co___. Nat Bella Hess__ Nat'l Contain’s 150& Nat Fuel Gas (1) Nat Leather_ 2 108 . b= 3 2 O NT o 804 RN » k3 & z g 0 e 0o e e 900 1 g g M N Rub Mch a200 Nat Service Nat Service pf._. Nat Sugar N J (3). Natl Transit bdsc_ Nat Union Radio .. Nelson(H) (at¢5e) NeptuneM (A)a60e N EngPw As pf(6)100s New HavCl (1%) 1 New Jer Zing (+2) ¢00s Newmont Minb756: 8 NY Mer (80c)._._ 1 N Y Omnibus(war) ¢ N Y Tel pf (63) 3508 N Y Water Svc pf. 20s Niag Hud Pwrnew 3 Niag Hud 1st (5)_ 2008 Niag Sh Md Ba60e 7 Nipissing (50c) .. 1 NorthernPL 75¢c. 1 North AmML&P pf 250 No Am Ray Bb50c 1 North’'n Europ O11 1 No IPS 6% pf b75¢ 40s North StatesPA 8 Novadel Agene(2) 1 OhioOflcu pf (6). 1 Ohio Pwr pf (6)__. 25s PacGaE1st (1%) 2 Pac Tin apec (12).150s Pan-Am Afr (t1). & Pantepec Ofl - 801 der Gr(B)as0o 1 ennroad (a26c) _ Penna P&L pf (7).150s Penn Wat & P (4) 1 Peoperell Mfg t6_280s Phoenix Secur __ Pierce Gov (b15c). Pion'r G Ltd b30c_ Pitts & LE b2y __ Pitts Plate G (b1) Potrero 8 Powdrell&A Pratt & Lamb (a2; | Producers Corp__. 19 Propper-McC (d). 1 Prudent Inv pt(6) 100s Pyrene Mfgad0c.. 1 Ry & Lt Secal.55_ 26s Rainbow Lum (A) 1 Raym’d Cono (t1) 504 Raym’d Con pf(3) 1508 Raytheon Mfg vte. & Reeves (Dan) 50c. Reiter-Foster____ Richm’d Radiator. Roosevelt Field Root Petrolm b Root P cv pf 1.20. Ryan Consolid’ Ryerson & Hayn St Anthony Gola_. St Regis Paver 3 Samson Unitd C'p. 1 Scovill Mfg (b50c)5508 Segal Lock & H _. 7 Seiberling Rubher 1 Selby Shoe (1.60) _100s Sel Ind all cfs 53 300 Sel Ind pr of (514 )200s SelInd cv b37l3¢c Seversky Atrcraft Shattuck Den Min Sher-Wiilms (t4)_ Sherwin W pt (5). Simmons HA & P Singer Mfg (16) .. Sonctone C (a10c) 0 1 2 3 2 2 1 1 Eic Southl'd Roy bl0c. Spanish&Gen rcts. Spencer Ch S b75¢. Stand Cap&S t1.60 Stand C S pf1.60_ Stand Dredfln(__ Stand Drev pf.__ Stand O11 Ky (H). Stand Oil Ohio 1. Stand Pwr & Lt __ Stand Prod (b25¢) Stand S11&L4 (4c) Sterchi Bros a30c Sterl Alum (b25¢) Sterling, Inc(20c) Stuts Motor_ Sullivan Mae! Sunray Oil (b5e) _.. Sun:’y O cu pf 2% Sunshine Min (3). Swiss-Am Eleo ot Tampa El (2.24) .. ‘Tastyeast(Del)A - Technicolor aé0e. ‘.-uu-n...un.- W n S g ST T Tilo Roof Ine (1)- Tob&All Stks a3 g Tob Prod Exp 16c. Tonopah M (a6e)- Tr-i,ux DPS t20e. Triplex S G (new). Tubize Chatillton. ‘Tubize Ch A (bl). Tung-Sol Lamp._ . TUn Gas of Can 50¢. United Corp war_. g ._3_.,. Unit Lt & Pw (A). Unit Shoe M 933 _ lfll Unit 8 Mch p?1.50 160- U8 Foll (B) (1) U S & Int] Secur__. US Linespt_____. Unit Verde Ex (1). 21 0 5 u“ 2 2 © 31 SK 1 64 6§ 21 R xm( mu lfl’( ll“ NIAGARA HUDSON EARNS §3.378630 Ouarter’s Net Corhpares With $1,505,266 for Same 1936 Pernod By the Associated Press. NEW YORK, May 7.—Niagara Hudson Power Corp., in a report for the quarter ended March 31, showed net income of $3,378,630, equal after preferred dividends to 32. cents & share on the common stock. This || compared with revised net income of $1,505,266, or 17 cents a share for the quarter ended March 31, 1936. Chicago Pneumatic Tool. Chicago Pneumatic Tool Co. and subsidiaries reported March quarter net profit of $421,137, equal to $1.31 a share on common stock, against $191,427, or 16 cents a share in first quarter last year. Allied Products Corp. Allied Products Corp., producers of machine equipment, with plants at Detroft and Hillsdale, Mich., reported March quarter net profit of $47,851, equal after dividend requirements on class “A” stock to 26 cents a share on common stock. The company filed no report for the first quarter last year. American Maracaibo. American Maracaibo Co., a holding concern for properties with ofl leases in South American fieids, reported for the year ended December 31 net loss of $175,013, against net loss of $137,532 in 1935. Poor & Co. Poor & Co. reported for the March quarter consolidated net profit of $570,000, before the undistributed profits tax, compared with $119,000 in the like 1936 period. For the 12 months ended March 31, net profit totaled $869,000, after provision for the undistributed profits tax. This compares with $176,000 in the pre- ceding like period. Holland Furnace. Holland Furnace Co. reported for the first quarter a net loss of $176,864, compared with a net loss of $188,032 a year ago. For the 12 months ended March 31, there was a net profit of $1,394,265, after undistributed profits taxes, against a profit of $727,476 in the preceding like period. Superior 0Oil Corp. Superior Oil Corp. reported for the March quarter net income of $42,167, before undistributed profits taxes, equal to 3 cents a share on 1,388,979 common shares. This compares with $63,438, or 6 cents a share on 988,979 shares in the like 1936 quarter. General Transportation. General American Transportation Corp. reported March quarter net profit of $1.120,000, tributed profits taxes, compared with $308,025 in the corresponding 1936 | quarter. The company manufactures, repairs and operates various kinds of | railroad cars, Sterling Products. Sterling Products, Inc., and sub- sidiaries, manufacturers of medicinal % products, reported March quarter net Profit of $2,746,676, equal to $1.60 a share on capital stock, compared with $2,706,646, or $1.57 a share, in first quarter last year. Curtiss-Wright Corp. Curtiss-Wright Corp. and subsidi- aries, manufacturers of airplanes and equipment, reported for March quar- ter net profit of $269,251, equal to 23 cents a share on non-cumulative class “A" stock. This compared with re- vised net income of $268.479, or 23 cents & share on class “A” stock in March quarter last year, INVESTING COMPANIES NEW YORK. May P —Ne Security Denlers' Association: T ¢" YOrE (Closing Quotations) Admin Fd 2d Inc__ Am Business 8hr Am Gen_ Eaq Inc. Am Ins Stocks. Bancamer Blai Bankers Nat Inv Corp. Basic Industry Sec Chemical_ Sec Food _ Sec Invest Shr Sec Merchandise. Group Sec Mining Groun Group 8e Group Group Huron Instl 8ec, Insurance. Investors Fd “C" In Keyston' Cust Fund B-3 Major Shrs Corp _ Maryland Fund _ | e P SR e—Dnn, DIeDD] Mo PO before undis- | MAY 7 *¥% A—17 How the Price of Alleghany Corporation Stock Fluctuated During the Last Five Years Prices of Alleghany Corporation Stock, 1933-1937 1933 WK T IIMIIHIIIII T ‘Il In 1935 There Was a Deficit of 97 Cunh por In 1936 0 JEMAMJJASOND JFMAMJJASONDJFMAMJJASOND JFMAMJJASONDJFMAMI JASOND 1934 Leters Above Are Initials of Months: J for January, F for February, Etc. 1935 Was a Deficit of $1.12 per Share IIIIIIIIIIIIIIIIIIIIIHIIFIIIIIIIII TN N I IIIIII There Wy In 1929 Earnings Amounted to 38 Cents per Share. Stock Sold Between 44.74 1936 Washington Exchange SALES. American Security & Trust Co—2 at 295, AFTER CALL. Capital Traction 5s—$500 at 9115, $1,000 at 9112, $1,000 at 9114, $1,000 at 91'%, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4 Anacostis & Pot. & Ana. & Pot. Guar. 5s C. & P. Tel of Va. 58 Gapital Traction R. R. City & Buburban 5s Georgetown Gas 18t 5s Por. Bee. Fo = Wash, 19 Wash: a8 3% 1830 - Wash. Ry. & Flec. 45_ MISCELLANEOUS. Ool. Country Club 5las 105 W. M. Cold Storage 5s 100 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (8) Qapital Transit Co. N. & W. Bteamboal ;ot Elec, Pow. A% 5s C Wash, Rv. & EI. pfd. (5) BANKS AND TRUST COMPANIES. Amer, Sec. & Tr. Co_(e5) 300 Bank of Bethesda (h73) g Capital (4) Com. & Savings (10) Liberty (4) Lincoln (16 National Sav Pr. Georges Bk h Tr Riggs (eR)_ Riggs pfd. (5) ashington = (8) Wash. Loan & Tr. (eR) FIRE INSURANCE | American (6) 1 | Corcoran (8) s Piremen's (1.60 | National Union 1 00— TITLE INSURANCE Columbia €300 ____ 17 Real Estate (5) 170 MISCELLANEOUS. Carpel Corp (2.001) 5D Lanston “Monotspe (+4) Lincoln 8ervice Com. (1.00) Lincoln Eervice pfd. (3:50) Mergenthaler Lino. Peoples Drug §. com. (1 Peoples Drug 8. pld. ( gm Est. 180~ 5) (50) th. om T 1150) &md d. (7). 115 FOREIGN MARKETS. LONDON. May 7 (# —A confident tone prevailed in the stock m today and prices were generally firm following the completion of the fortnightly settlement without any difficulties appearing Beers shares were strong on. favorable dividend forecasts and gold mining issues sold higher. with kaffirs moving upward on Cape Town buyving. German bonds were also strong_and trans-Atlantic se- curities generally higher. In the industrial group oil and rubbers were in demand PARIS.—Closing prices were generally firm_in_the Bou: with rentes showing imes. Bank ancs. Roval Canal was decl; easier, ing FOREIGN EXCHANGES. NEW YORK, May 7 (™ —Foreign ex- change steady: Great Britain in dollars, others in cents. 4.93%4; cables Frlnced demand. 4 40 caples, 4.40. Dem free. 402175 50; Hnllnnd weden, 2547 15 Suunrlnnd registered, ) auo Grel Polan 1%% Cuchnm\nkm 5%, slavia, ARG Rimania 0 New York in Montreal, n—Nominal. MONEY MARKET. NEW YORK. May 7 (®.—Call money steady: 1 per cent all day: prime com- mercial paper. 1 ‘per cent: time loans steady: 60 to 90 days. 1} to 6 months. 173 per cert; bankers' accept- ances easy: 30 davs ' 1z 60_to 90 davs. %-73; ‘4 months, 5 to 6 rediscount rate, New York 12 per cen months, 4-3%: Reserve Bank. - | has declined is a matter for debate, | but the trend is downward both here | Security Offerings Show Substantial Increase in Week By the Assoctated Press. NEW YORK, May 7.—Security financing expanded sharply in the week ended Thursday, investment cir- cles noted today. A special compilation by Poor’s Pub- lishing Co. follows: , Week Ended May 6 Total Municipal Industrial Previous Week. $37.806,911 600,000 tock - $8.B08.011 wooL PRICES EASE IN QUIET MARKET Scattering Small Sales Recorded. Extent of World Decline Is Debated. By the Assoclated Press. BOSTON, May 7.—The Commercial Bulletin will say tomorrow: “Scattering small sales of wool are reported, but the market is generally very quiet and the trend of prices is | easier. Just how much the market and abroad. “London closed with prices under the opening and except for medium and low crossbreds about on par with March closing rates. Medium and low crossbreds were up 2 to 3 cents, com- pared with March, “Western operations are limited. Prices on bright fleeces are said to be down fully 3 cents from the peak. Best territory and Texas woois are being taken at about $1, clean landed Boston. “The piecegoods market is unsettled and disappointing. “Mohair is firm with business chiefly for sampling purposes.” LOCKHEED AIRCRAFT DELIVERIES TREBLED Special Dispatch to The Star. LOS ANGELES, May 7.—Showing substantial gain, deliveries of the | Lockheed Aircraft Corp. for the three months ending March 30, 1937, amounted to approximately $1.000.- 000, according to Robert E. Gross, president. This compares with de- liveries of about $325,000 for the same three-month period in 1936. | The current backlog figure as of | April 30, 1937, stands at $2,972,000, ( compared with $750,000 as of the same | date last year. Present employment of 1,500 work- ers compares with a pay roll of 450 a year &go. CHEESEBOROUGH SALES UP. NEW YORK, May 7 (#).—Clifford W. McGee, president of Cheeseborough Manufacturing Co., told stockholders at the annual meeting today first quarter sales showed a healthy in- crease over the same quarter last year. FREIGHT LOADINGS. NEW YORK. May 7 (7\.—Revenue {reight carloadings on railroads reporting today for the week ended May 1 included: ear Previous week g0 33.149 31,308 | 14019 141435 12.3 12,04t c&o0 Nickel Plate Pere Marqueite May 1. ey $14.700,000 bl 39,07, | 887565 05,28k 51" ot 1 INSURANCE STOCKS NEW YORK. May 7 (®.—New York Becurity Dealers’ Association: Asked. Aetna Cas (2a) Hilg Aetra Ins (160) v Aetna Life (80a)_ Am' Equit (1.80a) Am Reins (.408) Am Reserve (ia) Am Burety (2'3) Automobile (1a) Balt Amer (.20a) Carolina (1.30) City of N Y (1.20)° Conn Gen Lif (&0) Contin Cas (1.20) Glen Falls (1.60) Globe & Rep '(.80) Globe & Rut Great Amer (1a) Hanover (1.60) Hertford Fire (2 ome Fire Sec Home Ins (Ia) Homestead (1) Krickerbocker (807 Lincoln _Fire Maryland Cas, Phoenix (2a) _~ Prov Wash (1) Revere (P) In ( Rossia Ins (.60a St Paul Fire (f) Springfield (4133) Sun Lif (3%g) Travelers (16) _ re () Westchester (1.20a) 8—Also extra or extras. &—Declared or paid so far this year, U. S. TREASURY POSITION. By the Assoclated Press. The, Dosition of t Receipts $127.501 T the fiscal vear (since July 50.667.0%: expenditures. 26 6. including cns ross an increace Cof | previous day: gold 82 inciuding ie hold BANK ACCEPTANCE RATE IS REDUCED Expectations of New Rise in Short-Term Loan Costs Upset. By the Assoctated Fress. NEW YARK, May T—A cut in rates today on bankers' acceptances, a credit instrument used chiefly to finance foreign trade, upset expecta= tlons widely held in financial circles 8 few weeks ago of further advance in short-term borrowing costs. After five increases accompanying Federal Reserve Board moves to cur- tail credit expansion by locking up the bulk of member banks’ surplus reserves, bill dealers reversed the trend and lowered rates on most maturities one-sixteenth of 1 per cent, Many had looked for more advances in short-term money rates after May 1 when the raising of reserve require- ments as a means of reducing surplus | loanable funds became fully effective. Member banks, however, have emerged with a remaining surplus larger than had been calculated early in the vear and heavy liquidation of United States Government loans hy banks this year provided many ine stitutions with extra cash. ‘With the money market thus amply supplied, dealers had noted increasing demand for short-term paper the last few days. When the May 1 boost in Teserve requirements failed to tighten rates, & cut in bill ylelds was cone sidered logical. Another manifestation of easing money tendencies was seen in a re- covery in United States Government | bonds, hard hit by selling last March and early April. Dealers also were said to have been influenced by announcement there would be no increase next week in the amount of Treasury bill offerings. | A steady rise in the rate on Treasury short-term paper in recent months contributed to mark-ups in yields on competing credit instruments. Under the new rates, bills maturing in 60 to 90 days were quoted at 9-16 of 1 per cent bid and !; asked. Four- month bills were % to 9-16 and six- month bills 3% to . | Bills payable in 30 days remained at 15 to 7-16. —_— Grant W. T. Co.—April sales were off 62 per cent, four months up 3.9 per cent. —_— ADVERTISEMENT. DON'T SPECULATE! $50 YOU INVEST IN AN OUTRIGHT PURCHASE WILL EARN YOU 8~ | NOW AND A GOOD PROSPECT OF INCREASED INCREMENT In a 40-year-old Company P‘n R V"'rn t | Astor. Adrian Iselin and as Directors. and which hn\ r'x si. | paid substantial dividends through | and prior subnormal periods. is about three times present ma | We trade in this stock and agr 7Dhrrhl<o within four months at 10 count and will send you & report of 'r'~ | THE WHITELAW COMPANY, | INVESTMENT STOCKS & BONDS, | 8 BROAD STREET, NEW YORK CITY. LOANS ON IMPROVED D. C. PROPERTY Immediate attention on your appli- cation for buying, rebuilding or refinancing. Loans repayable monthly. No charge for appraisal if loan is not made. Interest charged only on unpaid balance ot principal. E QUITABLE CO-OPERATIVE B UILDING 915 F STREET N ASSOCIATION .W. Organized 1879 IF YOU HAVE MARKETABLE STATED in simple terms, it is the duty of bank directors to direct. They are elected by the owners of the bank—the stockholders We assure you who delegate to the board of directors the responsibility of management. The = | | | | \ i and prompt SECURITIES .+« . and need money at any time, you should have no hes- titation in asking us for a loan. courteous attention in turn, hire the officers who, with other employees, carry on the daily work of run- ning the bank. But the final and inescapable ity for the bank rests upon its bonr(i?mnflfll directors. It is their job to exercise control and super- vision of its affairs. It is their duty to know about the important phases of the bank’s business. Our directors actively direct the affairs of this bank. They meet regularl important matters, to make :{vecm i ) establish policies which guide our officers in, the daily management of the bank. McLachlen Banking Corporation Since 1891 TENTH AND G STREETS, N. W. S.W. Branch, 12th and Maryland Ave. S.W. Member Federal Deposit Insurance Corporation 1 16} 502555 Unit Wall Paper. Univ Corp'n v.t.c.. Utilitles P& L (d) 3 Ul P& L pt (d) . 100- Utllity Equities. Utllity Eq of b3, u. Utilities Indust’l. Valspar vt Venesuela Petrol_. Va Pub 8ve pf (7). Waco Afrcraft __. Wagner Bak bé0c.. Walker Mining __. ‘Wayne Pump §0c_. Well't'n Ofl of Del ‘Wntwth Mfg blbe. West Tex Ut pf(6) w Coal & Coke Westn A B (a35¢c). Western Auto Sup ‘Wilson-Jones b1 Willson Prod «11) Wis P&L pf b13%. Wolverine Port C. ‘Wolver Tube b20e. ‘Woodley Pet t40c- Wright Harg t400 Yukon Gold(a13e) Grt AGPTn v 16. 10s 102 Great Nor Pap t1. 50e 41 Greenfleld T & D 6 1634 Gulf Oil (Pa) b2ks 9 66)¢ Hartman Tobacco. 2 2% Harvard Brewery. 1 2§ Hearn Dep8b1.65 2 154 Hecla Mining bé5o 11 173§ Heller pf ww 1% _ 1009 25} Hollinger (165¢c).. 2 12 Horn & Har pf(5) 20s 10734 Hudson BM&S (1) 6§ 30 Pa 45 Eoc 4 Humble Ofl (1%). 6 _ Western Onlon el 54 18 102% Hussm'n-Ligon 1 1 o Huyler's Del pf(d) 30s BOSTON WOOL MARKET, |Hvsrade Food Pr-. Illinois Iowa Pow.. BOSTON., May 7 (P.—(United States |11l Towa Pw pf 2% bennrtme;‘b of (An’nuhurp ’W““'n&““‘w.‘.fi 111 Towa Pw d ctfs. or domestic wools Biita " Today " by'e mew Wools breviousts | Illinois ZIne..._ elll,lht on fonl.l’lcc': ey Ay contracta imp O11 Litd tb0c... Jie08 AN v By cu Ins Coof Nc A t2_ 100s urned over to mills were below cur- e B o Int H B Sep A war ent prices asked on uns !’ Intl Hy £1 8 cv of. Intl Petrolm t1%. Intl Produets Intl Util war new. Intl Vitamin(50c) Interst P(Del)pf_ 50s Inv Royalty (t6c) 7 Iron Fire vtc 1,20 100s Irving AIrCh (1). 1 acobs(FL)Co(1). 2 31 JersCen PAL DL 6. 208 85 _ 86 = B Trusteed Industry 8hi Wellington Fund NEW YORK PRODUCE. mrw Ygrnx May 7mm —n:gt-‘e; 3, n71. S0 lern‘lm"_ acores. 33 33; frsts (ss;f)x - 5 Rio Grande west 4< u Bell Tel & Tel b 5955553 The WASHINGTON LOAN AND TRUST COMPANY F Street at 9th v 17th Street ot G ot s -3 whole held 32213 Rpona, o 151/;-1'7, oy - s N NN RS W broflers, H Crosses, 24 "roosters, 11a1%: turkeys, 14820, Other ‘express prices unchanged. i r:!xo xmxht prices, due to handlers poultn steady lo eln fowls, % m.n A tFaten, 3045 poubs, LTan s -84 pounds, ll’&l2’4 b bounds, 5. Othel’ fresh and frozen prices un- - s d spot supplies. ue to this condition mills owning con- racted wools were not interested in spot offerings. t_quotations on fine original_bags terrltory “Wools ranked mostly $1 to $1.0 red basis, but concessions from these ASking prices were ‘Teported avajlable on nml offering: e, Phelps Dodge Corp.—Declared a dividend of 45 cents a share, payable June 10. On March 10, 1937, a divi- dend of 35 cents a share was paid. MEMBER FEDERAL RESERVE SYSTEM AND FEDERAL DEPOSIT INSURANCE CORPORATION METAL MARKET. NEW 7 (@ —Oopper I steady; uéfié&m Aot and tutufe. 1400, export, i ?m- r ":Z{’" 37° New Yotk sot, 6,00 oF : New . 6. o uts 85 Zinc act, " Danies. 1 3 3 2 5 2 nual 2 Booklets mn‘u this series, i antimony, quic] may de spon request.] lum and 'B]fllfllu unfl: plat