Evening Star Newspaper, May 12, 1937, Page 19

FINANCIAL. THE EVENING STAR, WASHINGTO D. C, WEDNESDAY, CORB LIST MIXED "IN LATE TRADING All time shown 8tock and Afnsw'th M C b25¢ Air Device Corp Aflr Investors Inc. Afr Inv Inc war _ below is daslight saving on which the Exchange is now operating. Sales— Dividend Rate. Add 00. High Low. Close. 114y 1434 16 8% 3 1 3% 1 % Small Losses and Gains Di- vided About Evenly. Specialties Rise. By the Associated Press. NEW YORK, May 12.—Curb stocks straggled listlessly along an uneven course today, with moderate gains and losses about evenly divided in late trading. Some industrial specialties rallied to recover part of losses earlier in the week. Aluminum Co. of America spurted nearly 4 points at one time and Creole Petroleum, Gulf Oil and Wayne Pump were up about fraction- ally to a point or so. Most of the usually active iavorites, however, were beclamed in a narrow range. Utllities were disposed to back away, small losses showing in Elec- tric Bond & Share, American Gas & Electric and Niagara Hudson. CURB BONDS 5 DOMESTIC BONDS ‘Ala Power 51 Ala Power 4 10434104, 35 10038 10038 1030 ISR 2106 " 106 © 101 10:1a 105318 101 2 2 100 100 s 7018 2108 ° 108 a1 T10714107% 10 R1L T 108 106v 1061 0113 101 1m, .l_a...‘,__‘ S8 e £ arr; . nNew. St (5tp) e Stamped. §Negotiability impaired by maturity. tCompanies reported in receivership. INSURANCE STOCKS NEW YORK. May 12 (@ —New York ' Association: @ecurity Dealers oL AT .Aetna Cas (2a) Aetna Ins (1.60)° Astna Life (x0a)" Am Eaquit (1.60a) Sien Falls 11150y = Globe & Rep (.80)_ Globe & Rut Great Amer (1a Hangver 01.60) | artfora Fire (2)7 it Fire Sec sh Sere 1B) 1n’(1.30 wle Ins (.600) !rlnLfleld H’yl) rlvelru (161 = . ntehumr 1! 208) 8—AlSo extra or extrs g—Declared or paid !o !lr this year, U. S. TREASURY NOTES. NEW YORK. May 12 (. —Prices n " doliars and thiriy-seconds T oo duoted Month. Year. T b it ::=:=a> 229552555 . BIG RAIL ORDERS PLACED. NEW YORK, May 12 (#).—Loco- motives ordered by railroads in April numbered 84, according to Railway Age. Freight cars ordered were 13,046 units, and 52 passenger and mail coaches were ordered. f o) Ala Grt Sou (13) . 100s 77} Ala Pwr pf (6) 40s 66 Alabam Pw pf (7) llfl| 2% Alles Fisher 3 Alum’'n Co of Am REB 187 Alum (Am) pf (6) 1t 11634 Aluminum Ltd __ 300s 102 Am Afriines (nc 1 Am Box B'd(b45c) 6 Am Capital (B) Am CitP&L B a20c Am Cynam B t60¢ Am & For Pw ww. Am G&E (1.40) _ Am Gen pf (235)_. Am L &T (11.20)_ Am Mfg Co (a3).__ Am Maracaibo Am Pot & Ch a2y Am Superpower Am Superpw 1st 6 Am Thread pf 25¢. Anchor Post F Angostura (120c Arcturus Radio T. Ark Nat Gas _ Ark Nat G cu pt._. Ark Nat Gas (A) .. Ashland O&R t400 A830 Gas & Elec__ AsSSOG & E (A)_ A830G & E $5 pf. Atlas Corp war. __ Atlas Plywd(1%) Austin Silver Auto Products. Auto Vot Mch 50¢ Axton-Fisher (A) 100 Baldw L bd rts(d) 6 Bardstown Dist__ 2 Rarlow&S(A)11.20 3008 Beech Aircraft 2 Bell Afrcraft 5 Bellanca Afre; - 8 Berkey&Gay FCo 9 Bliss Co (E W) 2 Bliss & Laugh (2). 1 2 3 1 8 1 3 BonoNa R R aanw e~ o Sl Blue R1dge cv pr 8 Blumenthal8 __. Bower Roll B (2) . Bowman-Biltmore Brid'p't Mch b25c. Brill Corp pt _ Brill Corp (B)_. Brown Co pf e 860. Brown F&W b30c. 11 Brown Forman Bunker H&Sull n_. Burco cv pf (3)-__ Can Hydr E 1st pf Can Marcont_ .. _ Capital City P 60c Carib Synd (b50c). Carnegie Metal. Carrier Corp _, Carter (JW) 80c_. Casco Prod b2% Catlin Corp (asic) Castle (A M) Co__ Celanese 1st pf 7. Cen Hud G&E 80c Cent Ohio Stl b50¢ Cent &S W U1l _ Cent States Elec._ Centrif Pipe t40c Cherry Burrell (4) 25 Chief Consol Childs Co pf_ Cities Service._. Cities Service pf. Cities Sve pf B___. Cities Sve pf(BB). Cit Sve P&L $6 pf. Claude Neon Lts. Clev Tractor _ Clinchfield Coal.. Club Alumfnum_ Colon Dev Ltd __ Celts PFA b37%e¢. Columb O&G b20c. Comwlth Edis t4_ Com'with & 8 war Community PS t1 Consol Biscuit 60c Consol Copper C GELt&P Bo 3.60 Consol Gas Utll __ Consol Steel Corp. Cont’'l Roll & S Fy Cook P & Var 1600 Cooper Bessemer.. Cord Corp Cosden Ofl Me (&) Creole Petrol 150¢ Crocker-Wh al0c_ Croft Brewing.... Crown Cent P a6e. Crown Dr (b20c) . Cuast Mex Mining_. Darby Petr (50c). Dayton Rubber.... Derby Ofl & Ref_ Det Gas pf (1.: 200~ Det (Mich) Stove. Det Stl Prod b25c.. Domin S&C (B) Driver Harris 1%. Driver Har pf (7). Dubeiict Condens. Duro Test (b10c) - Duva: Tex Sa5ic. Eag Pit Lead bl0c. Easy W M(B)b250 East'n G&F Asso East G&F p pf 4% 2508 East Mall Ir a1.80 100s Edison Bros(b75¢) 1 Eisler Elec (abc)- 6 Blec Bond & Share 100 ElecB&Spf (5).. 1 ElecB&Spf (6).. 1 Elec P&L 2d pt A_ 108 Elec Shareholding El Shov C 1at pf__ Electrol Inc v.t.e.. Equity Corp(azbe) 10 Evans Wall Lead_ 6 Ex-Cell-O Corp'n_. 1 Fairchild Avaléc. 6 1 2 3 100 LA B EE HONNE L ONN SEaa® 3 1 808 Falstaft Br (313%). Fanny Farm C(1). Fldello Brewery Fire As(Phila.)t3. 80 Fisk Rubber. FlaP&Lopt_ Ford Ltd a181. Ford (Can) A (1) Froedt G&M (20c) 1 Froedt't cv pf 1.20 150s Gen Alloys. 2 Gen Invest Corp Gen Teleph (b25¢c) & Gen Tire & Rub 19 Gen WG & E (80c) § 2 Glen AldenC(11) 2 Goldfield Consol 2 Grand Rap Var (1) 1 Gray Tel P8 (1).. Grt A&PTn v 6. 208 Greenfleld T& D .. Gulf Ofl (Pa) b2be Hall Lamp (80c) ... Hartman Tobacco. Harvard Brewery. Hazeltine (b75c)_. Hecla Mining b4sc Hudson BM&S (1) Humble Of (1%) Hussm'n Ligon(f1 Huyler's(Del)(d). Hygrade Sylv (3). 1llinois Iowa Pow. 11l Iowa Pw pf 2% 11l Iowa Pw d ctfs. Illinois Zinc b25c. 1008 lmp Ofi Ltd t6Vo. 1 Imp Ofl reg (150c) 1 BN 0 g ST -gor Indiana 8ve 6%pf. 108 Ind'ap P&L pf 6% 28 Ins Coof No A 13.150s Intl Hold&Inv Ltd Intl Hy E1 8 cv pf. Intl Petrolm t1%_ Intl Utdl (A)-. IntlUth (B)..___. | Intl Utllities war. Int] Vitamin(50c) Interst P(Del)pt. 1008 Irving AIrCh (1)- 1 Jacobs(FL)Co(1) & JersCen P&L pf 6. 108 Knnl G&E of (7)- on Prod 400 Klrb'! Petrol (20c) Kirkland L G (6c) Lake Sh M (14)._. Lakey Fy & Mach. Leh Coal &N 30c.. Leonard Of1 Lilon Ofl Ref (1) . Locke Stl Ch t80c.. Lockheed Afrcraft 12% 12 Lone Star Gas 80c 1Y% 11y Long lsland Ltg-. 4 3% Long 1 L of A(7)_ 80 80 Loudon Packing.. 4 4 La Land (40e) 12 12 Lynch Corp (12)-. 895 39y McWilllams D (13 274 27 MK Majestic Ra&Tel 8 8 Marion Steam 8h.. 18§ 18 118 134 513 634 fi% 2 ;235 (22% (] A 15 144 NEW YORK CURB MARKET By private wire direct to the Star. Stock and Bales— Dividend Rate. Add 00. High. Low. Close. Merc Stores (b3) 2 45% 46} Merritt C&Spf A ZE- L Mesabi iron k] Mich Bumper C. 2% Mich Sugar _ 14 Mich Sugar pf... Mid Sta Pet (B Mich Stl T P b260. Mid-W Abras alOo Midwest Ol (11)_. Minn P&L pf (7)_. Minn M&M b40c__ Miss Riv F pf (6). Mock Judson 60c.. Molybdenum Corp Mount Prod (80c) Murray(Ohio)b30c Nat Bella Hess Nat Contalner (1). Nat Fuel Gas (1) Nat Leather _ Nat Mfg & Stores Nat Oil (160c) xrts Nur Rub Mch a200 Natl Transit bé5c_ Nat Union Radio Navarro Oil (40c). Neisner Br pf (7). 758 New Jer Zing (t2) 4560s Newmont Min b76: 1 N Y Auction a25c. 2 N Y Tel pf (6% ) 8008 Niag Hud Pwr new 387 Niag H P(A) war 2 Niag Hud 1st (5) 2508 Niag Sh Md B a60e Niles Bm Pnd b500 Nipissing (60c) - Noma Elec (b40c) North Am L& P__ North’'n Europ Of1 No IPS 6% pf b750 20s North Statea P A 2 Nor TexEl16% pf. 1 Okla Nat Gas Co 2 Okla Nat Gas pf__ 8508 Pac GEE 18t (1%) 2 Pacific Ltg pf (6) 1768 Pac Public Service 1 Pac Tin spec (12) 200s Pan-Am Afr (t1). 2 Pantepec Of1 96 Patchague Ply a7. 80s Penin Tel pf (7) -_100s Pennroad (a26¢) 4 Penna P & L pf(6) 10s Penna P&L pf (7).1608 Pepperell Mfg t6_ 175s Phoenix Secur Phila Co (b4bc) Phillips Pkg a50c_ Pioneer Gold (40c; Pittsbgh FOrging._ Pitts & LEb23% __ Pitts Plate G (b1) Pleas Vall W(b5e) Potrero Susar____ Premier Gold t120 Producers Corp _. Prudent’l Inv a50¢ Pub Sve Ind pr pt. 20s Pug Sd P&L pf b5_ 608 Pug Sd P&L $8 pf. 25 Quebec Power (1) 1268 Ry & Lt Secal.55. 26s Raytheon Mfg vte. 1 RedBank. _._.___ 1 Refter-Foster __ 12 Reybarn Co bllc.. Reynolds Invest_. Rossta Intl Corp.. Rustless Ir&Stl Ryan Consolid" Ryerson & Haynes Saf Car H&Lt b1 26s St Regis Paper Samson Unitd C'p. 1 Scovill Mfg (b50c)600s Scrant S B Wat pf 76s Segal Lock & H.__. 6 00 19 b 80 OV 0 0p e OO 34 | Setberling Rubber 8 Selected Indus ... 3 Sel Ind all cfs 6%.100s Seversky Afrcraft 8 Shattuck Den Min 6 Sherwin W pt (5).100s Simmons HA & P. 11 Soss Mfg (50c) So Penn O11(t1%) Southn Union Gas Southl'd Roy bl0e. Spencer Ch S b75¢ Stand Cap&sS t1.60 Stand Ofl Uhio T1. Stand Oi1 Oh pf 5. Stand Pwr& Lt _. Stand Prod (b25¢) Stand S11&L4d (4c) Starrett Corp vtc Sterl Alum (b25c) Sterl'’g Brew altc. Sterling, Ine t20c_ Sullivan Machine. Sun Ray Dr t80e.. Sunray Oil (bSc).. 15 Sunshine Min (3). 4 Superior Port C B. 258 TaggartCorp .__. 6 Technicolor a50e_. 13 Tech Hughes t40c 3 Texon O11 & L 60c 2 Todd Shipyd (t2) 100s Toledo Edis pt (6) 108 Tr-Lux DPS t20c. & Transwest Oil Co_ Tubize Chatiliton_ Tubize A (b1)_ Unexcelled Mg Unit Alr war United Corp war_. Unit Gas Corp Utd Gas war Unit Gas pf b3 14 Unit Lt & Pw (A). Unit Prof Shallc. Unit Shoe M 12% _ 1 U S Foil (B) (1) U S & Intl Secur_.. Unit Verde Ex (1) Unit Wall Paper.. Univ Corp'n v.t.c... Utllities P& L (d) 8 Utl P & L pf (d)..160s Utility Equities__. Valspar vte - Van Nor Ma b40c.. Venezuela Mex O Venezuela Petrol._. Walker Mining Wayne Pump 50c... Weisbaum B B 40¢ Well't'n Ofl of Del Wntwth Mfg blsc W Va Coal & Coke Westn A E (a26c) Western Auto Sup Westn Md pf (a7) Wil-low Cafeteria Wilson-Jones b11; WisP&LpL b1.31% Wolverine Port C ‘Wolver Tube b20e. Woodley Pet t40c. 8% Wright Harg t40c 20 634 Yukon Gold(al3c) 6 3 Dividend rates in dollars based on quarterly or semi-annual payment. nual “rate—not ‘includin cumulated dividends. b Paid this vear. s being {n bankruptcy or in receivership. or being_reorganized under the bankruptey nczlor securities assumed by such com- oA Stock Seat Price Slumps to $96,000, Or Drop of $4,000 By the Associated Press. NEW YORK, May 12.—Arrange- ments were made today for the sale of a membership in the New York Stock Exchange at $96,000, the lowest since December 1, 1936, and & decline of $4,000 from the previous sale. ‘The high this year was $134,000 on 9% 29% 107 % 49y 81 4% 1634 A PNy L] S 5 January 8. The sale on December 1, | Bf 1936, was at $89,000, the low for that year. MILL SUPPLIES INDEX UP SHARPLY IN MARCH Special Disbatch to The Star. NEW YORK, May 12.—Sales of industrial supply distributors for March were the highest they have been for the last five years, according to the current issue of Mill Supplies. The indicator registered 121.8 for March, as compared with February's 103.8. Most outstanding increases were re- ported from the Southern States, go- ing to 137 from 108 in February. Orders averaged $17.40, an increase from February’s $17.06 average. Num- CENTRAL REPORTS EARNINGS JUMP March Net at $3,485,637, Against $50,936 for Same 1936 Month. By the Associated Press. NEW YORK, May 12.—The New York Central Raflroad reported for March net income after fixed charges of $3485,637, equal to 59 cents a share on the capital stock. This compares with $50,936, or .01 cent a share, in March, 1936. Net railway operating income, be- fore fixed charges and other income, for March totaled $6,284,476, com- pared with $3,398,320 a year ago. Net income after fixed charges for the three months ended March 31 was $5,205,094, equal to 90 cents a share, compared with a deficit of $1,041,181 in the same period last year, The railroad announced that of $59,911,100 of its 10-year 6 per cent convertible secured bonds, $58,198,400 has been presented to the close of business May 10 for conversion into capital stock at the rate of $40 a share. The balance of $1,712,700 will be called for redemption June 30 at 102, unless converted into capital stock at $50 before that date. New York Air Brake. The New York Air Brake Co. with plants at Watertown, N. Y., reported for the first three months of the year net income of $412,692, equal to $1.59 a share. This compared with $87,716, or 34 cents a share, in the compar- able period last year, Noranda Mines. Noranda Mines, Ltd, a Canadian copper producer, for the March quar- ter estimated net income at $2,623,- 930, equal to $1.17 a share, compared with $1,952,288, or 87 cents a share, in the comparable period last year, Hecla Mining. Hecla Mining Co, with properties principally in Idaho, reported today March quarter net profit of $519,585, including income tax credit of $196,- 535 for the years from 1928 to 1931. Profit equaled 52 cents a share and compared with $176,660 before pro- vision for Federal taxes in the first quarter last year. Cushman’s Sons. Cushman’s Sons, Inc., reported for the 16 weeks, ended April 24, net loss of $51,177, after all charges, com- pared with a net loss of $334,975 the corresponding 1936 period. Processing tax refunds not included in the result reported for the 1937 period. The company is a subsidiary of Purity Bakeries Corp. Atlantic Coast Line. Atlantic Coast Line Railroad Co. for the first quarter showed net in- come of $2,717,604 after charges and taxes, equal to $3.30 a share of capital stock. This compared with net in- come of $1,392,008 in the first quarter last year, or $1.69 a share. Atlantic, Gulf. Atlantic, Gulf & West Indies Steam- ship lines reported for quarter ended March 31 consolidated net income of $414,242, equal after preferred divi- dends to $1.93 a share on common stock. This compared with $379,209, or $1.60 & common share in the March quarter last year, THE WEATHER District of Columbia—Cloudy, with showers beginning late tonight or to- morrow; warmer tonight; cooler to- morrow afternoon or night; moderate southerly winds, shifting to northwest tomorrow afternoon. Maryland and Virginia — Cloudy, with showers in west portion tonight and tomorrow and beginning in east portion tonight or tomorrow; slightly warmer tonight; cooler tomorrow and in the interior tomorrow afternoon. West Virginia—Showers tonight and tomorrow; cooler tomorrow and in west portion late tonight. River Report. Potomac River little muddy Shenandoah clear today. and Report for Last 24 Hours. Temperature. Barometer. Degrees. Inches. 3016 3016 3018 Yesterdu—- \mnum = 30.18 1 3015 Record for Last 24 Hours. (From nunnaye;lemly to noon today.) 51 Highest, p.m. yesterday. Year ago. Kb, Lowest. 52. 6 a.m. today. Year ago, 61. Record Temperatures This Year. Highest. 93. on_April 18. Lowest. 19, on Pebruary 28 Humidity for Last 21 Hours. (From noon yesterday to noon today.) Highest. 91 per cent. at 4:30 a.m. today. Lowest, 22 per cent. at 5:30 p.m. yes- terday. Tide Tables. (Furnished by United States Coast Geodetic Burvey.) and Tomorrow. 10:00 a.m. . 424 am 10049 pm 5:05 p.m Sets. Yun, today et 11 8un. tomorrow ___ 3 11 Moon. today 4lam. 9:53pm Automobiie n?mx s et one-half hour after sunset. Precipitation. Monthly orecipitation in inches in the g, Capital (current month to da Month. 19: January 7. February March September October Novemper December Weather in Various Cities. Raln- Tem Stations. Baro K. "Low.all. Weath'r ex. c Cago. 111, Gincinnatt. Ohto Cleveland.” Ohio 29: Columbis. 8.0.- 3 Denver, ' Col P DD LD D] PRSI RIRSRE g - 1903 ullh WnT Tex. ves Hel sfont. . Dal EPIRAF e weled Lmlllvllle Miami, Minneapolis New Orleans New York. N.Y. Qkiahoma City - Biinteionta Phoenix. Ari: >0 pDm: EEEFEINS 23 OIS T DD RINAIATAD) Eie 2232522 £ 3 e RERRERT "~ 54 iR Pan American Airways Corp.—1936 common-share earnings were $1.39, aguinst $1.85. Department Stores Continue to Carry Small Stocks INDEX (1923-25=1000 120, ASSOCIATED GAS SHOWS BIG GAIN Reports $2,656,111 Bal- ance After Interest for 1936 Months, By the Associated Press. NEW YORK, May 12.—Associated Gas & Electric Co. and subsidiaries today reported balance after interest of $2.656,111 for 1936, compared with $308,813 in 1935. The statement for 1936 includes about $950,000 resulting from inclu- sion in the consolidated statement of an investment company and its sub- sidiary, which theretofore were con- sidered as investments. The balance of the increase, the report sald, is due to improved busi- ness, growth of properties owned and acquisition of new properties. The statements of consolidated in- come do not incluude charges which were made against surplus. J. I. Mange, president, said, “Elec- tric and gas output reached new highs and revenues showed encouraging in- creases.” Progress was made in sim- plifying corporate structure and in assimilating new properties acquired in 1935, he said. Operating revenues were $118,119,- 484, up 7.2 per cent over 1935. Op- erating expenses increased to $50,325,- 671 from $46.447.960 last year. Op- erating income was $35663,843, or $2.193,048 greater than 1935 The company is a holding concern, with electric, gas, water and other properties in 26 States, principally along the Atlantic seaboard. INVESTING COMPANIES NEW YORK. May 12 (@.—New York Security Dealers’ Association (Noon Quotations ) B! Admin Fd ond Ine.______ 1R Am Business Shrs _ = Am Gen Eq Inc . Am 1Ins Stocks - Bancamer Blair B\hkrri Nat Inv COYD Basic Industry - Broad St Tnv _ Bullock Fund Corporate Trust Tr sh Depos Bk Sh N ¥ A" Depos Ins Shrs “A Depos Tns Shrs “B' sified T 8h Fund Investors Inc - Eund Tr shrs A p Sec Agriculture Group Sec Au omobile Group Sec Bi Groun Sec Chemical Group Sec Food Huron Holding _ Incorp Investors _ Instl Sec: Bank Group Inst] Sec: lns\lrlm:e Investors Fd *'C'" Keyston Cust F‘und B-s Major Shrs Corj Marviand Fund - Mass Invest Tr _ Mutual Invest Nation Wide Sec Nation Wide Voting Natl Investors New, l-‘nclnnd Fund N Y Bk Tr Shrs Ste Nor Am Bond Tr ctfs Nor Am 'I‘rSShlrefl Dy Nor Am T &' 105N Plymouth Fund Inc Super of Am 1 A uper of Am Sliber of Am T BB Super of Am Tr C Superof Am Tr D _ Supervised Shrs Trustee Stand Inv O Trustee Stand Iny D Trusteed Am Trusteed fndustry Shrs Wellington Fund - D 132800 AR RRDBEINS % AT CHICAGO LIVE STOCK. CHICAGO. May 12 (P (United States Department of Agricuiture) —Hogs, 11,000, including 3,500 direct: market strong to an Tuesday's best time: top 200-300 commrlble 150-190 few choice strong- bulk good packing 7:000: calyes. 1.500; fod steers and " Fearings 25ed0 " nigher: good Ehotce Rinds up most. these eolng iarsely on shipper account: market lgrgely a forced affair. killers buying for next 1y slaughter following kosher of next week: largely with sprinkling at Dot [uch shove 14.00. ai- though load or a0 held around 15,00 best 7%5-pound light nnrlln: steers 75: heifers, 11 all ll‘ldes he“en strong to 25 hi OWS Very scarce. steady but Siow: Bulls and veslers gheady; bulls Tuling 25 under recent high time at 6.75 down Ol’l weighty uunle o!ennn velhu 8. flO- 5.00 down EE— FREIGHT LOADINGS. NEW YORK. May 12 (#.—Revenue frelgnt, carioadings on raiiroads reporting today for the week ended May 8 includ Prev. Year ago, 2 e BRI Db 13 35 o 21900 DT Py brey [ 3 = MAY 12, 1937. Index of Department Store Stocks in the United States, 1929-1937 (Without Seasonal Adjustment) 1932 1933 1934 Dividend Is Cut By Penick & Ford, Loss Anticipated By the Associated Press. NEW YORK, May 12—Penick & Ford, Ltd, Inc, producer of corn products, with plants at Cedar Rapids, Iowa, and New Orleans, La., an- nounced today a dividend of 25 cents a share on the common, compared with 75 cents paid last March. ‘The cut, the company explained, waé in anticipation of a second-quar- ter loss from operations as a result of higher corn prices and competitive selling practices permitting customers to order ahead at prices in effect be- fore an advance. The dividend is payable June 15 to holders of record June 1, RAIL CHIEF HAILS FARM PROSPECTS M.-K.-T. President Expects Best Crops in Seven Years Along Railroad. By the Associated Press. NEW YORK, May 12.—Prospects for the best crops along the Missouri- Kansas-Texas Railroad lines in seven years were seen today by Matthew 8. Sloan, chairman of the board. Supplementing the road’s annual report, showing expansion in shipments of oil and manufactured goods last year more than offset drought- shrunken crops, Sloan said gross earn- ings of the road in the first three months of this year increased more than $283.000 over the comparable 1936 period. He noted the company's shops had been ordered to operate full time to put equipment in order to handle in- creased traffic. For 1936, the “Katy” reported gross operating revenues of $31,307,598, an increase of $3,885,245, or 14.7 per cent, over 1935. Net operating income rose to $8,645,897-from $5,905,706, up more than 46 per cent. Passenger revenues increased $486,363, or nearly 25 per cent. But after allowing for taxes, interest and other payments, there was a de- ficit of $138,208. The deficit for the preceding year was $2,449,077, N VOLUME OF BUTTER AND EGG FUTURES UP By the Associated Press. CHICAGO, May 12—Volume of trading in butter, egg and potato fu- tures on the Chicago Mercantile Ex- change so far this year was the largest for any corresponding period since 1928, Lloyd S. Tenny, business man- ager, reported. Transactions in these commodities for the first four months totaled 20,274 carlots, compared with 13,041 carlots the same months last year. Dealings in potatoes established an all-time record, involving more than 1,263,500 100-pound sacks, compared with 33,840 the first four months of 1936. Volume of trading in April was more than double that of April, 1936. DIVIDEND INCREASED BY TUBIZE CHATILLON By the Associated Press. NEW YORK, May 12.—Directors of Tubize Chatillon Corp. declared a dividend of $1.50 on the class “A" stock, payable July 1 to stock of record June 10. The previous pay- ment was $1 on April 1. The regular dividend of $1.75 on the 7 per cent preferred stock, payable July 1 to stock of record June 10, was also de- clared. e RADIO ISSUE OFFERED. NEW YORK, May 12 (#).—Public offering of 75,000 shares of common stock of Belmont Radio Corp. of Chicago was made today by Stemmler & Co., New York, at $9 a share. The offering does not constitute new financing for the company, the shares being sold for certain stock- holders to widen distribution and facilitate listing on a national securi- ties exchange. NEW YORK PRODUCE. ORK. May 12 (®). —hll 50, 76 L Ay LS i, No. ecki l! (92 soore] n: unchanged, By aapress. e ’4-"0’ “Rocks. S, 25 r 234,03 Dpoultry. e Lelh%l‘n. Brollers. orn. T iutks, 15 otations account handlers’ ‘Dressed_poultry steady. Pre Xes) “broilers 2275 forthwestern. T’ and Virainie) 16 frozen, prices unch-nud PARIS HONEY RATES. 12 (A.—Rent 3 per cent. g i gentimen: 4%43 A" 60.05; " unge on mndm&ouo .18. ‘The dol- lar was quoted ern. other fresh. all PHILADELPHIA PRODUCE. e ry—Powle. fresh killed. 18 Ml.l l."yun‘ - » NCIA L. ¥#x A—19 INCREASE IN RAIL PROFITSFORECAST Brookmire Service Predicts 1936 Upturn Will Extend Well Into Future. Epecial Dispatch to The Star. NEW YORK, May 12—In 1936 railroads on the whole earned 25 per cent over fixed charges, and, in the opinion of the Brookmire Eeconomic Service, favorable factors indicate that an uptrend in reilroad business and earnings should extend well into the future and thus further improve the position of railroad bonds While operating efficiency and econ- omy will play a part, future freight and passenger traffic will mainly de-\ termine the soundness of railroad | bonds. Freight traffic constitutes the mainstay of railroad revenues, though on many roads passenger traffic is a oconsiderable factor of substantial im- portance. Consequently, the sharp acceleration in the rise of both types of traffic which took place in the past year is of vital significance to investors who hold railroad bonds. Brookmire's study of the trends of railroad freight traffic during the years from 1905 to 1929 reveals that freight traffic in- creased per centagewise much more rapidly than population and notes that this trend has been re-estab- lished since the sharp setback in the three depression years of 1930 to 1932. Evidence from a 31-year record of | railroad traffic, population and indus- trial production points strongly to further expansion of freight tonnage. The acceleration in the rise of freight traffic in 1936 indicates the impor- tance of heavy industries in producing freight tonnage. Operating economies and greater efficiency, including pick- up and delivery by owned motor- transport, are likewise strengthening competitive positions of railroads as freight carriers. DIVIDEND ORDERED. CHICAGO, May 12 (#).—Chicago | Rivet & Machine Co., directors voted a dividend of 30 cents a share on the new capital stock, payable June 15 to | stockholders of record May 25. Last year, before the two-for-one stock | slipup, 50 cents was paid in each of | the first three quarters and $1 for | the final quarter. MONEY MARKET. NEW YORK. May 12 .—Call money steadv: 1 per cent all’ day: prime com- mercial paper. Der ceni: time loans. steady. 60-00 days 114" 4o6 monihe. T Der cent: bankers acceptances unchn"l?fl Remscoum rate, New York Reserve Bank. _“_-, — = REFINANCE YOUR APARTMENT HOUSE On a convenient, sound loan plan at a reason- able interest rate. SHANNON & LUCHS Mortgage Loan Correspondents Investors Syndicate 1505 H St. N.W. Natl. 2345 Office Space For Rent 1,300 square feet of exception- ally desirable front space in modern elevator building in heart of business and financial district. Apply Wm. J. Flather, Jr. 1508 H St. N.W. 1753 PRICES DEPRESSED BY FOREIGN CORN Shipments From Argentina and South Africa Dis- turb Trade. By the Assoctated Press. CHICAGO, May 12.—They're carry- ing foreign corn to Chicago—coals to Newcastle—and it has the grain trade in a quandary today. Corn gleaned from the fertile Middle West normally flows into this market, the world's corn capital, and from here is distributed by rail and lake boats to consumers in many sec- tions of the globe. But two serious droughts in the United States in three years have helped reverse the process, cutting two corn crops to the smallest pro- portions in half a century. Now, vast quantities of the grain are moving in unprecedented volume from fields in the southern hemisphere—some from South Africa, but mostly from Argen- tina—through the lakes and by rail to Chicago, to be redistributed to dis- tillers, processors and even farmers fattening live stock in feeding pens. Domestic corn prices have col- lapsed. In three days the price of corn on the Board of Trade has tumbled almost 10 cents a bushel from a peak of $135';, which was the mgh%t price quoted for corn here in a dozen years. Yesterday May corn broke 6 cents a bushel within a few minutes, but even this brought no big rush of buying Rules prohibit delivery of the bulk of imported grain on Board of Trade contracts because it is of the flint variety. However, traders said, the foreign corn has been taken by com- mercial interests, in effect diverting their demand from the domestic corn which can be delivered on the Board of Trade. e MORE COTTONSEED REPORTED CRUSHED | Total for Nine Months Reaches 4,279,306 Tons, Against 3.669,931 Year Ago. By the Associated Press. The Census Bureau reported today that cottonseed crushed in the 9- month period, August 1 to April 30, totaled 4,279.306 tons, compared witi 3,669,931 in the corresponding period 8 year ago. Cottonseed on hand at mills April 30 totaled 157,613 tons, compared with 97,884 a year ago. Cottonseed products manufactured in the 9-month period and on hand April 30 were: Crude oil produced, 1,291897,528 pounds, compared with 1,114,161,379, and on hand, 68,186,016 pounds, com- pared with 85,655,583 Refined oil produced. 1.182,224,126 pounds, compared with 980,501,236, and on hand, 586,597,235 pounds, com- pared with 487,994,299, e 150 TONS OF LEAD SOLD. NEW YORK. May 12 (#).—The St. Joseph Lead Co. reports that 150 tons of pig lead from Southeast Missouri mines were sold vesterday at $5.85 per 100 pounds, St. Louis. —_— FIRST TRUST LOANS Reasonable Rates and Commissions Tyler & Rutherford, Inc. 1812 L street N.W. National 0475 an_Correspondent Mutual Benefll Life Insurance Co. Money for Construction Loans and Loans on Existing Properties 5% FIRST DEED OF TRUST ONLY GEORGE1. BORGER 643 Indiana Ave. N.W. Nat’l 0350 Investments an mortgage notes 67 urvuhvu appraised, new buildings in Washington and near- $500 up. Interest 6% per annum. Bradley, Beall & Howard, Inc. Southern Bldg. Phone Nat. 0271 5% INTEREST CONSTRUCTION LOANS AND Prompt Action on Applications Real Estate Mortgage & Guaranty Corporation ON IMPROVED ed on con- by Maryland. Denominations of Established Nearly 40 Years STRAIGHT 3-yr. LOANS 1610 K St. N.W. NAtL 1403 D. C. PROPERTY Immediate attention on your appli- cation for buying, rebuilding or refinanci Loans re ng. payable monthly. No charge for appraisal if loan is not made. Interest charged only on unpaid balance of principal. E QUITABLE CO-OPERATIVE B UILDING ASSOCIATION 915 F STREET N.W. Organised 1879