Evening Star Newspaper, May 19, 1937, Page 16

A—16 *¥% LUXURY BUYING FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, MAY 19, 1937. : FINANCIAL. — s Ny Sy W D nxy MAY S el o S NaNOIAL., - TRANSACTIONS ON THE NEW YORK STOCK EXCHANGEST[][}KSSE[[[]FF By Private Wire Direct to The Star. Prev. 1037 Stock and All New York markets are mow en daylight High Low. _ Dividend Rate. Prev. 1937 S8tock and Bales— 56% 421 CraneCo.___ High, Low. Dividend Rate. Add 00. Hish. Low. Close. v, 29 Cream of Whe Net Afld 00. Hllh. lo' Close. chge. 2 45% 45% + W 30% 381 — W Prev, 1037 High. Low, 14% 39 Btock and Dividend Rate. 10% Marine Mid (t40¢) .. 24% Market St Ry pr pf.. Sales— Add 00. 7 20s Net | Prev 1037 High, Low. Close. ehu High. Low. 10% 10% 10% + %% 6% 81 271 27 Bales— Add 00. 29 32 Btock and Dividend Rate. Sears Roebuck (3)-. Servel Inc (t1).. ing llnl High. Low. B4Y% Close. thn 83% 84 1% IELRLow - Y% 28% 28% + % MAINTAINS RISE Holds Well Above 1936 De- spite Some Lag i Other Lines. BY EDWARD C. STONE. Mass buying of luxuries and semi- luxuries continues far out in front of last Spring, in spite of a slackening in the gains shown by retail trade as a whole. Compared with an increase of 109 per cent for all retail trade, the public bought 32 per cent more furs, 23.5 per cent more luggage, 32.2 per cent more household furniture and 24 per cent more jewelry in the first quarter of 1937 than in the cor- responding period a year ago, at 236 department stores covered by the cur- rent survey of ‘“‘prosperity goods” buy- ing, made by the Northwestern Na- tional Life Insurance Co. A rapidly mounting proportion of this luxury and semi-luxury buying is being financed on installments; the ratio of time purchases has already far outstripped that of 1929. Time sales were 6.7 per cent of total department store trade in 1929, hit a depression low of 5.95 per cent in 1932, rebounded to a new high record of 9.3 per cent in 1936, and are currently running close to 12 per cent of total department store volume, the report states. Retail prices have slowed their rise in recent weeks; the fear of outrun- ning consumer gains in income is tend- ing to restrict sharp price advances, the report observes. Trade Statistics Holding Up. “No sign of the expected start of a seasonal decline in general business activity has yet appeared in trade sta- tistics,” according to the current issue of the Financial World. “The durable goods industries, as a matter of fact, have recently been showing new ad- vances and now appear to be oper- ating—in the aggregate—on the high- est levels attained in the current re- covery movement,” continues the in- Vestment weekly. “But now orders, particularly in the steel industry where reliable statistics are available, in recent weeks have been coming in at a much slower rate than prevailed several months ago. Nevertheless, the current quarter is sufficiently advanced to permit the opinion that corporate earnings for this period will make very satisfactory comparisons with the results of the preceding quarter and of the second quarter of last year. “So far as the third quarter is con- cerned, this normally is the slowest period of the year, and present indi- cations are that coming weeks will see some seasonal recession from cur- rent high levels of general business activity. A decline to the levels estab- lished a year ago is not expected.” Safe Deposit Drive Planned. Banks and safe deposit companies throughout the United States can employ advertising to rent their mil- lions of vacant safe deposit boxes, William Haas, advertising committee working in con- Jjunction with the National Safe De- posit Advisory Council, said in New York today in revealing that the council’s Executive Committee unani- mously adopted a resolution approv- ing a plan for a co-operative radio advertising campaign. This plan was submitted by McCann-Erickson, Inc., New York advertising agency, at the National Safe Deposit Convention which also adopted a similar resolu- tion at its recent session in Washing- ton. Transfer Firm Votes Dividend. Directors of Smith's Transfer & Storage Co., 1313 U street, have de- clared a $2 dividend on the outstand- ing stock, the regular quarterly meet- ing of the directors being held yester- day. John H. Simon of the Wayne- Kendrick Co., was elected to the board The president and gen- er of the company is Ar- thur Clarendon Smith. Washington bankers will find a number of new instructors on the faculty of the Rutgers University Graduate School of Banking when they reach New Brunswick. They in- clude Kenneth C. Bell, second vice president, Chase National Bank; W. Randolph Burgess, New York Federal Bank; William A. Irwin, Washington College economist; Albert S. Keister, University of North Carolina, and William H. Neal, vice president, Wa- chovia Bank & Trust Co., Winston- Salem, N. C. Modernized Banking Urged. Urging the use of research in the banking fleld, Thomas C. Boushall, president of the Morris Plan Bank of Virginia, told Group IV of the Vir- ginia Bankers’ Association that bank- ers cannot hope for continuing prog- ress and profit unless banking be mod- ernized in keeping with other activi- ties of business, government and so- ciety. “The T-model type of banking,” he said, “cannot hope for continued public acceptance in a day of stream- lined economics.” Stewart McDonald, Federal housing chairman of a joint| administrator, today announced that J. M. Daiger, special assistant to Mar- riner S. Eccles, chairman of the Board of Governors of the Federal Reserve System, had been appointed financial adviser to the Federal Housing Admin- istration. He will enter on his new duties immediately, with offices in ‘Washington and New York. Mr. Daiger, who is 43 and a native of Baltimore, was financial assistant to Frank C. Walker when the latter was executive director of the National Emergency Council and chairman of the President’s Committee on Hous- ing, which developed the program under which the Federal Housing Ad- ministration was established by Con- gress in 1934. Bankers Plan Joint Session. Members of the fiduciaries’ section and the auditors’ section of the Dis- trict Bankers’ Association will hold a joint meeting tomorrow evening at the La Fayette Hotel, starting with dinner at 6 o'clock, at which Millard B. Yeatman of the Hamilton National Bank and chairman of the auditors’ section. will preside. The guest speaker will be W. T. Vandoren, vice president and cashier of the Liberty National Bank, who will discuss “Maintenance of Proper Rec- ords Together With Audit and Exam- inations of Trust Departments.” The subject is one of unusual importance to both sections. About 100 bankers are expected and a general discussion will follow the address. Type Firms Declare Dividends. Directors of the Mergenthaler Lino- type Co. have declared a dividend of 50 cents per share, payable June 15 to stockholders of record May 19. Lanston Monotype Co. directiors have declared the regular quarterly dividend of $1 per share, paying May 31 to shareholders of reeord May 19. Trading on the Washington Stock Exchange today was confined to & $500 transfer in C;mtu 'nu:uon 55 at 90. Other prices firm, 22%, 28% 80% 15% 5% 59% 45% 253 Y 211\ 150 174 1 9915 148 105% 23% 308, 1314 13% 6874 3813 21 - 11% 52% 105% 107 148 3% 2614 567 1433, 2578 187 99 9974 15014 2014 Abbott Lab (11.60)_ 15 Adams Exp (ab5c).. 245 Adams Millis (bl1)_. 6714 Afr Reduction (t1)_ 113 Alaska Jun (160c) . 3le Alleghany Corp._.__ 4314 Alleg Df ww $30____ 33 Alleg Steel (bsoc) == 218 Allied Chem (6) __. 243 Allied Mills (b2)_ 15 " Allied Stores (b20c) 581 Allis-Chalm (b50c). 27% Alpha Port Cmt (1). 4% Amal Leather 341 Amal Leath p: 90 Amerada Corp (2).- 83 Am Ag Chm Del bl_ 21% Am Bank Note (+1). 59 Am Bk Note pf (3)_. 57% Am Brake Sh (12) 125 Am Brake Sh pf 6%. 95% Am Can (t4) . 152! Am Can pf (7)_ 50% Am Car & Fy (b25¢) 72 AmChain&Cabl__ 115 AmChain&Cpt5.. 98 Am Chicle (t4) 13% Am Colortype 22% Am Comecl Al &6 8% Am Encaustic - 7% Am & Forelgn Pwr_. 45Y% Am & For Pw $7 pf_ 18!; Am & For Pw 2d pf_ 16% Am Hawailan (1) . 6% Am Hide & Leather.. 42 Am Home Prod 2.40_ 2% Am lce 17% Am Ice pf (2) 4215 Am Locomotive 20% Am Mach & F (+1)_. 9 Am Mach & Met 60c. 451 Am Metals (b25c) % Am Power & Light_. 46 Am Pw & Lt pf (5)_. 547 Am Pw & Lt pf (6)_ 20 Am Radiator 160c._ 31% Am Roll Mill $1.20__ 28 Am Safty Raz (2)_ 2214 Am Seating (a23)_ 79% Am Smelt & Ref(3). 105 Am Sm & Ref nf(6). 133 Am Snuftpf (6) _ 48% Am Steel Fdry (hl)A 20 Am Stores (2) 431 Am Sugar (2) __.__ 128% Am Sugar pf (7)___. 2115 Am Sum Tob (t1)__ 160'% Am Tel & Tel (9)_ 74% Am Tobacco (5)___. 74'% Am Tobacco B () __ 128% Am Tobacco pf (6)-. 13% Am Type Founders_ 16% Am Water W (80c).. 8% Am Woolen __ 6% Am Zinc & Lead _ 4415 Am Zinc&L pr pf(5) 47% Anaconda Cop (1) 79 Anaconda Wire bllg 18 Anchor Cap (60c) . 40 Archer-Dan-M(12)_ 107% Armour(Del)pf(7)_ 7 Armour of I11(b35¢) 813 Armour(Ill)pr pf 6. 57'2 Armstrong Cork(2). 15% Assoc Dry Goods__. 495 Assoc Invest (3) 96 Assoc Inv pf ww (5). 691 Atch T & S Fe(a2)_. 9712 Atch T& S F pf(5) 2 444 Atl Coast Line(al)_ 30% At1G & W I pf(a3) . 28 Atl Refining (1) 613 1097 Atl Refin pf (4) Atlas Corp (80c) . Atlas Corp pf (3) 70 Atlas Powder bl _. 21% Auburn Auto 613 Austin Nichols 2'> 39 Austin Nich pf (?l) 301 233, 10515 129% 297 106 914 176 138 129% 116 100 40% 5% Aviation Corp Del_. 64 Baldwin Loco (d) _ 86% Baldwin Loco pf(d) 5% Baldwin asd (d) _. 8815 Baldwin pf asd(d)-. 20% Baltimore & Ohfo .. Beatrice Cream t1_. 1914 Bendix Aviat'n b50c x 20% Benef Ind Ln (b95¢) 73 Bethlehem Steel(bl. 115% Bethlehem pf (7) ... 22 Blaw Knox (b20c)_. 315 Boeing Afrplane __. 407 Bohn Alum & B(3)-. 85Y% Bon Ami A (4)_____ 41% Bon Ami (B) (2%)_ 24 Borden Co (1.60)._. 387 Borg-Warner_ 814 Boston & Maine 15 Bridgept Brss(60c.. 41% Briggs Mfg (12) 437 Briggs & Strat (3) .. 41 Bristol-Myrs 12.40_. 2774 Bklyn-Man Tr (4)_. 76 Bklyn-Man T pf(6). 3% Bklyn & Queens 171 Bklyn & Queen T pf. 31 Bklyn Un Gas(1.60) 17% Brunswick-Balke. 157 Bucyrus-Erfe . 8% Budd (EG) Mfg____ 8 Budd Wheel(a20c).. 31 Bullard (b25¢) .__. 2512 Burr Add M (80c) 7 Bush Terminal _ 27 Bush Terminal deb_ 24% Bush T Bldg pf cod_ 13} Butler Bros (60c) __ 4' Butte Cop & Z(a5c). 20% Byers (A M) 27 Bwron Jackso! 37 Calif Packing (1%). 2% Callahan Zinc-Lead. 12 Calumet&Hec b75c_. 26 Campbell Wy (11).. 254 Canada Dry G Ale_.. 12% Canadian Pacific__. 141% Cap Adm (A)(al)_. 50 Cap Adm pf (A)(3). 100 CarClin & O stp (5) 7 Carriers & Genb 5c. Case(J 1)Co (4) .. Case(J 1)Co pf(7) .. 8514 Caterptllar Tr (12)- 26% Celanese (b75¢) __ 106 Celanese pr pf A('I). 8215 39% 125 74% Celotex Corp pf (5) . 31 Cent Aguire (113%). 7t Central Foundry.___. 107% 100% Cent I11 Lt pf(4%4) .. 120 108 5% 26 Central RROf NJ_. 12% Cent Violeta Sug___ 1014 Century Rib M b20ec. 60 Cerro de Pasco (4)._. 141 Certain-teed Prd __ 604 Certain-teed pf (6). 35% Champion Pap (+1). 21 Checker Cab Mfg__.. 77% Chesapeake Crp(3).- 54% Ches & Ohio 12.80__. 2% Chi & East Il (d) ... 67 Chi & Est Il pf () 2% Chi Grt West (d)___ 12 Chi Grt West pf (d) 8 Chilnd&Lpf (d)_. 2 Chi Mil St P&P (d)_ 4% Chi M St P&P pf(d). 3% Chi& N W (d) . 11% Chi & N W pf (d).._. 21 Chi Pneumatic Tool 55% Chi Pn T pf b87%e.. 2% Chi R 1 & Pac (d) .. 5% Chi RI&P 6% pf(d). 6% Chi RI&P 1% p2(d). 12% Childs Co 463 Chille Copper (b75c) 106% Chrysler Corp b3 _ 18% City Ice & Fuel (2)_ 83% City Ice & Fpf 65 7 City Stores 324 Clark Equip(t1.60)- 35 Clev Graph Br (2)__ 78 Cluett Peabody (3)_ 19% Colgate-P-P(+60c) 51% Collins & Afkn (2)_ 464 46% 17 25 6814 124 3% 46% 2 33% 2221‘6 224 26% 19 15% 23 61 28 5 39% 92% 85% 21% 64 5 63 62% 608 127 126% 9 964 95% 8 1565% 1556% 2 54% b4 5 80 88% 1 13214 13214 102 167% 23 o 5] - 1 00 i 1 0109 00 00 = 12 00 4 s B o % W e s 8 BRSO N OW R RS & 9 8 - o NOONTINNTWND T aa 23 n S 101% 101% 26% 26% 13% 13% 10% 10% 63 16% 2% 7 17 3 12% 12% 108 56 55 78 111% 109% 19% 18% Xflfll 85 84% 11 7% 7% 37 8 1 5 4 11% Columb G & E1(40c) 9140s 81 Columb Pic vte (t1) 56% Comcl Credit (t4)_. 63% Comel Inv T (t4)__. 104 Comcl InvTpf4%_ 14% Comcl Solv (160¢) ... 2% Comw & Southern_.. 50 Comw & Sou pf(3).. 36% Congoleum-Nrn(2). 11%°Consol Cigar. 831% Con C pr pf ww 635 34 ConsEdisN Y(12)._ 103 ConsEAN Y pf(6)_. 3 C Film_ 11 (80 R R Cuba | Df—— extile (d) ... oal(Del)vte.. 33 Cons Coal Del vtc pf 20% Container Corp 1.20. 21% Contl Baking (A) ... 2% Contl Baking (B) .. 87 Contl Baking pf(8). 50% Contl Can (3) ____. 19% Contl Diamond (2) . 35% Contl Insur (11.60). 2 Contl Motors. 39% Contl Ofl Del -— 62% Corn Ex Bank (3)... 54% Corn Prod Ref(t3)— 6 Coty INGeeemeeeeaee 5 104 103% 22, 15 14% 424 2 [ 49 38 11% 88 % 34% 3 103% 103% 3 3 3 2 80- 464% — 17 + % 25 + % 68% + % S LA+ 3 Ll o 2 SEFFFE + FEFEFF & FE 1+ & 11% +1% 2% 5 4% — % 18% — % 25% + % 59 +2 18% Crosley Radloalyf . 70% Crown Cork & 8(2). 17 Crown Zellerb_____. 99 Crown Zell cu pf(5). 61 Crucible St 8% Cuban-Am Sugar.. 19% 19% + %5 1% 19% 100% 58 1% M 127 110 Cuban Am Spfb2% 4708 1 20% 109%% 83 23% 137% 313 29 58% 24% 10% 146% 193, 30 % 8% 180% 1351% 115% 17 1754% ’»I‘& 135 18%, 324 48l 126‘ 8 109% 157 39% 185 111 52% 12 Curtis Publishing. 87% Curtis Pub pf (1) 5% Curtiss-Wright_ 16% Curtiss-W (A)ab 1043 Deere & Co 27 Deere & Copf1.40_. 19% Deisel-Wem-G(11). 41% Delaware & Hudson 17% Del Lack & West___ 6% Den & R G W pf(d). 114 Detroit Edison (14). 9% Det & Mackinac._ 20% Det & Mackinac pf. 28Y% Diamond Match (11 173 Diamond T Mot b250 20% Distil Corp Seag___. 381 Dome Mines (12) 97 Dominion Stores. 47% Douglas Afrcraft._. 415 Dunhill Internatl _ 148 Du Pont de N 1313% DuPont deN deb(6) - 112 Duguesne 1at (5)_ 10% Eastern Roll Mills_. 151 Eastman Kodak (8) 150 Eastman Kod pf(6). 31% Eaton Mfg (2) .. 11% Eitington-Schild__.. 21% El Paso Nat G 1.60_.. 34% Elec Auto Lt 12.40_. 9% Elec Boat (a60c) . 4% Elec&Mus 1 (a18¢)- 15% Elec Pow & Lighkt . 59 Elec Pw & Lt $6 pf_. 62 Elec Pw& Lt $7 pf_. 381 Elec Storage Bat (2) 1% Elk Horn Coal (d) - 4% Elk Horn Cl pf (d)._. R-. Eng Public Serv Eng Pb S $5 pf b3%. Equitable Office B__ Erie RR. . __ Erie R R 15t p! 19 Erie R R 2d pf _ 2415 Evans Prod (11— 3% Exchange Buffet___ 31 Fairbanks Co_ 20% Fairbanks Co pf. 49% Fairb'ks-Morse (1) 5314 Fajardo Sugar (b2 19% Federal Lt & Trac 66% Fed Min & Smelter_. 94Y% Fed Min&Sm pf(7) . 7 Federal Motor(40c). 5% Fed Screw Works__. 315 Fed Water Sve A __ 3215 Fed'd Dept Str(2) 36 Fidel Phoenix t1.60. 32% Firestone T&R (2) - 435 First Natl Strs 1214 29%; Flintkote Co (1) __. 46 Florence Stve bs0c_ 61, Follansbee Bros(d). 381 Foster-Wheeler 11214 Foster-WHeeler pf. 10 Francisco Sugar __. 24Y Freeport Sulph (1) 26 Fuller Co 2d pf._ % Gabriel Co (A) Gamewell Co 124 Gar Wood Ind as5e_ 10'2 Gen Am Inv(a75c) . 6513 Gen Am Trans (83). 12% Gen Baking (160¢)_. 81 Gen Bronze. 22 Gen Cable 45 Gen Cable 112 Gen Cable pf ( 39 " Gen Cigar (14) __ 497% Gen Electric (b40c 36 Gen Foods (2)._.__ 1% Gen Gas & Elec(A). 117 Gen Mills pf (6) 54% Gen Motors (b1} 87% Gen Outdoor AdV_ 15% Gen Print Ink new_. 315 Gen Pub Service __. 41% Gen Ry Signal (1)_. 3 Gen Realey & Util 34 Gen Realty & Upf_. 57 Gen Refract (a3%). 60 Gen Steel Cast pt 15 Gillette S Raz (11 201 Gimbel Bros _ 41 Glidden Co (2) 4Y% Gobel (Adolf) 5% Goebel Brew (120c). 31 Goodrich (BF) b50c—. 27% Goodyear T & R bl_. 7% Gotham Silk Hose 3 Graham-Palge 614 Granby Cons__ 3ia Grand Union ctfs 19% Grand Union pf b1l 33 Granite City Stl(1) _ 36 Grant (WT) (11.40) 405 Grt Northern pf____ 19 Grt Northn Ore (1) 30% Green H L (11.60) . 12% Greyhound (+80c) _. 1013 Grevhound pf (55¢) 21 Guantanamo Sug-. 1 Hack W pf A (1%) 4 Hall W F Print _ 25% Hamilton W (b63c). 9% Hanna (MA) pf(5)- 43 Harb-Walker (12) 12% Hat Corp of Am 80c. 4 Hayes Body 101 Hazel Atlas GI (15). 115% Hecker Prod (60c)_. 27% Hercules Motor(t1) 144% Hercules Pwdr (6)_. 102% Hershey Ch pf(t4)_ 35% Holland Fur(al%)- 22 2 1 - S 3 S DB IR MR RNNR SRR A RNE W &~ o S EEF LA+ - o & {5 [ R o FrEFFF +1 e s g it (6 R 431 336 Homestake (112)__.x330! 41 2T 17"1; 23' aL 38 T2 224% 4Ty 144 131% # 33w 13% 111% 11% 2814 9% 631 11114 16% 15% 18% T3% 24% 18 9% 121% 57% 49% 52 15% 36% 1‘41 126‘/7 156 136 137 147% 8% 41% 24% 54% 28% 42% 42% 16% 19 20% 19% Manhat Shirt (1).-. 8% Maracaibo Ofl Exp. 37 Houd-Hersh A(2%) 20% Houd-Her B (t134). 12'4 Houston Oil vte_ .. 3% Hudson & Manhat__ 15'% Hudson Motor. 3 Hupp Motor._ 1 64 Hupp M rts May. 2214 I1linois Central __. 62 IllCentlsin (4)---. 12% Indian Refin (a1)_. 36% Indus Rayon (2) - 125 Ingersoll-R'd (b1%) 97 Inland Steel (t4)___ s Inland St rts June 4 174 Inspiration Cop _ __ 67 Inter Rap Tr vtc(d) 107% Interehemical pf(6) 4% Intercontl Rubber_. 16 Interlake Iron ____. 5 Intl Agricultural . 42 Intl Agricul pr pf__. 99% Intl Harvester(2%). 87% Intl Hydro El A 614 Intl Mercantile M__. 10 Intl Mining (b30c)- 55% Intl Nickel (b1) o 16% Intl Paper (A) ceee 10% Intl Paper (B) ecem 5% Intl Paper (C)ocaae. 90% Intl Paper pf_ 46 Intl Ry C Am p: 42% Intl Shoe (12) 31% Intl Silver. _ 9% Intl Tel & Tel. 20Y% Interstat Dp St b23 1 Inter DSrtsJune8. 25% Island Creek (2) 121 Island Creek pf(6)-. 125 Johns-Manv (13)__. 120% Jon&L 7% Df(b1%). 20 Kans City South___. 27% Kaufmann (11.60)_. 20% Kayser J & Co (2).- 16% Kelsey-H A (a1%)_. 51 Kennecott Cop b1 15% Keystone S&W b30c 47% Kinney pt (al) 814 Kresge Dept Stores. 22% Kresge (S S) b60c 20% Kroger Groo (11.60) 18% Lambert Co (2) .o 17 Lee Rubber (50¢) ... 35% Leh PortCmt 1% .. 1% Lehigh Valley Coal. 9% Lehigh Val Coal pf_ 17 Lehigh Valley R R, 117% Lehman Corp (t3).. 61% Libbey-Ow-F b75c_. 9% Libby McN & L(a1). 9444 Ligg & Myers (14) .. 95 Ligg & Myess B t4.. 59 Lima Locomotive... 643% Loew’s Ino ($2) .—eu 2% LoftInc ____. 50% Lone Star Cmt b7o. 6% Long-Bell Lumb(A) 32% Loose-Wiles (2) 21% Lorillard P (¥1.: 138% Lorillard P pf - 19% Louis G&E A b37%¢ 29% Ludlum Steel (11).. 14% McCrory sStores. ... 40% McGraw Elec (12)_. 19% McGraw H P b27%6. 32% McIntyre Porcu(2)- 31% McKeesp't Tin Plate 12% McKesson & Rob _. 12% McLellan Strs b76c. 44% Macy (R H) (12) __. 45 Magma Copper (2)_. 15% Manati Sug pf (d).. 8% Man El md gtd (d)— L 0 e 2 5 v | 8 B = - - 28R rrr aafannantivonaBnnmann o - -] waSmal 51% 30% 29% 13% 74 41% 15% 44 122 16% 34 34% 6% 145 41 Marlin Rock (12)... 187% Marshall Fleld ... 23% Martin (Glenn)..... 7 Martin-Parry . ooa.. 54% Masonite (t1).____. 33 Mathieson Alk (1%) 9% Maytag Co (a50c) 38 Maytag pf ww (3 25% Mead Corp... 93% M8ad Corp pf 11% Mensel Co. 39% Mengel 1st pf. (2%). 58 Mesta Mach (b1%). 14% Miami Copper._____ 27% Mid-Cont Pet (b60c) 34% Midld 8tl Prod(12). 114 Midld Stl 1st pf(8)_ 11 Minn Moline Pow.__. 25% Mission Corp (b1). 67 Mo Kans & Texas._. 2AV. Mo Kans & Tex pf A 1l Mohawk Carp(1.20). Monsanto Ch-b75¢c._ Montg Ward (12)... % Mother Lode al12%¢. 81% Motor Prod (12) .__. 20% Motor Wheel(1.60).x 40 Mueller Brass (11). 24'% Mullins B (a50c) 90% Mullinn pt (7)_ 11% Murray Corp(ab0c). 17% Nash Kelv (1) ____. 36 NashvChat&StL.. 18 Natl Acme (a76c) .. 24% Natl Biscuit (1.60). Natl Biscuit pf(7)_. 257 Natl Bond & In 1.44. 961 Natl Bnd&l pf A(5). 29% Natl Cash Reg (1) .. 21% Natl Dairy Prd 1.20. 16% Natl Dept Stores 674 Natl Dept Strs pf. 43 43 24% 24% + % 24% - % ™% % 56 — 1 33% + % 9% Sharpe & Dohme._._ 12% Bhattuck F G (60c). 255 Shell Un Ofl (a25¢c)- 12% Silver King (b25c) . 40 Simmons Co (b50c! 1% 12 + % 13% 13% + % 2814 #2814 13% 13% + 43 4 + % % W 9814 Skell; Oll pf (e 85% Sl heffield Stl. 102 101 Sloss-Sheft pt (6 27% Smith & Cof ctts(1) 33 Smith (A O 16% sacony-VAo (b25¢)- 3% South Am G & P 30¢ 33% South Port Sug(t2). 22% So Cal Edison t1% .. 421 Southern Pacific.... 3 9% + % 156% 156% + % 102 102 35% 35% + % 34 34 +1 18% 18% + 3% 3% + 4% 34% + 23% 23% — 55% 654 — 36 36% — 4T% 4T — 5% 31 1% 30 30% 48 48 20% 21 87 87 3915 40% 12% 12% 8% 57 15% 38% 43% 417 42 43% 43% 637 64'n 64% 64% 18 18 14% 14% 19 19% 14% 14% 123 123 42 42 FEFFFFE 17 Sperry Corp vtc(al) 28% Spicer Mfg (a3) 88 Splegel cum Df“%) 37% Square D (B) b25c_.. 12% Stand Brlndl('loc) 7% Stand Com Tobac.-... 5% Stand Gas & El (d). 15 Stand G&E $4 pf(d). 37% Stand G&E $6 pf(d) 43% Stand G&E $7 pf(d) 40% Stand Ofl Calif(11). 42 Stand Oil Ind (11) 63 Stand OII'N J (t1)__ 6314 Sterling Prod 13.80. 17% Stewart-Warn t50c. 14% Stokely Bros (t1) __ 19 Stone & Web(a2bc). 13Y% Studebaker Corp... 119 Sun Oil pf (6) 40% Superheater Co (l)_ 4% Superior Of)_ & {1 19 Net change. Today, close Prev. day-.. Month ago- Year ago... 1937 1936 1936 1932 1929 1927 Able to Gain. Stock Averages 18 60 Tndos. Rale +.1 —, 89.8 44.6*40.9 89.7 448 414 96.8 472 46.0 332 4438 495 54.0 378 409 435 53.7 30.2 434 8.7 239 37 low 3.4 low ... 175 *New 1937 low. (Compiled by the Associated Press.) BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, May 19—A mild dribble of liquidation washed stock market leaders down fractions to a point or so today. Despite farm implements, oils and some rails turned ahead for modest gains. these declines, til. Stks. 5 —.1 66.2 66.3 1.6 59.6 5.3 65.4 728 55.7 16.9 high __146.9 153.9 184.3 157.7 low___ 51.6 953 618 618 FRACTIONS TO §1 Mild Liquidation Affects Leaders—Some Issues coppers 27% Natl Distillers(12)_. 14% Nat'l Gypsum Co. 31% Natl Lead (160c) 8% Natl Pw & Lt (60 1% Natl Ry Mex 1st pl 70 Natl Steel (12%4) ... 62 Natl Supply Cooeuea 8% Natl Tea (60c) 10'4 Natomas (180c) . 5415 Newberry JJ 12.40. 100 Newberry pf (5) .. 19 New Orl T&M (d)_.. 28 Newport Ind(b50c). 40 N Y Central ___ 83 N Y Chi& St L p! 25% N Y City Omnibu: 8 N Y Dock.. 17 N Y Dockpf. 121 N Y & Harlem (5)._ 126 N Y & Harlem pf (5) 5% NYNH&H (d) ... 16% NY NH & H pf (d) .. 4 NYOntarfo& W._.. 109 37 41% 55% 100 317% 127 258 135 137 9%, 26' [BUEE A} SEReE FEEF S FEFFL 30 Superior Steel 321 Sutherland P 11.60._. 23% Swift & Co (11.20) .. 30% Swift Internatl (2)_ 15% Symington ww bl0c 11% Symington xw bl0a. 4 50 Talcott (J) pf t2% _ 67 Telautograph(60c) . 10% Tenn Corp (al5c) 50% Texas Corp (2) . 6% Texas Gulf Pr al 35% Texas Gulf Sul (12) 42% Texas& Pac RR .. 113 Tex Pac C&O bl0c_. 10'% Texas P L T (allc). 35! Thatcher Mfg (11) _ 62 Thatcher Mpf(3. 60) 9% The Fair. __ 87 Thermotd Co 5 5% 32% 32% 35 35 24 24% 30% 30% 16% 174 12% 134 50 50 7 7 124 58 7 121 585 % 35% 367 46 46 13 ) | 10% 1 36 36% 62 62 10% 10% 87 9% Thompson J R 1500 23 Thomps'n Prod b40c 5% Thompson Starrett. ment was Congress around mi umn were shares. Stocks Goodrich, United States Steel, eral Motors, Chrysler, Yellow Truck las Aircraft, Union, Consolidated Edison, Wall Street men said market senti- muddled and buying im- petus had been momentarily dulled by strikes, ministration’s Supreme Court plan and indications the current session of controversy over the ad- would be protracted. A gradual hardening of prices up tc idday was followed by quiet backsliding. Toward the close, how- ever, numerous issues in the loss col- up from earlier lows. Transactions totaled about 750,00¢ which lacked support were Republic, Gen- Montgomery Ward, Doug- United Corp, Westerr Sants 15‘- 9‘A 123 121 287, 200 297 331 11% 37y 151, 31% €51 52% 112% 113% T2% 24% 12% 80 10% 3% 47 22% 29% 94% 91y 4T% 124 49% 815 N Y Shipbuilding. 95 N Y Steam pf (6) 2 Norfolk South (d)_. 236% Norfolk & W'n (10). 102 Norf & W pf (4) __. 9% North Am Aviation. 221 North Am Co(b30c) 51% North Am Co pf (3). 977y North Am Ed pf (6) 27% Northern Pacific ... 314 Norwalk Tire & R.. 26% Norwalk Tire pf. 17' Ohio Oil (b50c) 2 Oliver Farm Equip. 163 Omnibus Corp vtc_ 33% Otis Elev (60c) 1274 Otis Elev pf (6)_ 1415 Otis Steel __ 22 Outboard Mot b75c_ 8214 Owens-111 Glass (3). 254 Pacific Coast 1st pf. 23 Pac Finance(11.80). 2814 Pac Gas & Elec (2). 41’5 Pac Lighting (3) 31 Pacific Mills (b1)_ 138 Pac Tel & Tel (8) . 20% Pac West Oil(aé5c). 8% Packard Mot (b15c) 60 Panhandle P&R pf._ 173% Paramount Pic 126 Paramnt 1st pf ( 16% Paramnt 2d pt 60c. 4 Park Utah ______.. 38 Parke Davis (bl)... 4% Parmelee Trans.... 6% Pathe Film Corp.... 1414 Patino Mines(t60c). 3% Peerless Corp.. . _. 38% Penick & Ford (b1)- 90 PenneyJC) (4). .- Penn Dixie Cement.. Penn Dixie pf (A) . 22 Pa Glass S ctfsab0e. 39% Penn Railroad (a2). 44Y Peoples Gas Chi_. 20'5 Pet Milk (t1) . 16% Petrol Corp(A) b40c T*% Pfeiffer Brew bé0c.. 43! Phelps Dodge b80c_. 44 PhilaCo 6% pf (3)_ 41% Phila Rap Tr (4) . 814 Phila Rap Tr pf(d). 1'¢ Phila & Read C& I.. 70 Philip Morris(b3%) 12Y% Phillips Jones 49 Phillips Petrol'm 12 14°x Plerce Oil pf 1314 Pitts Screw&B bl5c. 24% Pitts Steel _ 3% Pitts United 311 Pitts & W Va. 24y Plymouth Ofl (t1). 22% Poor & Co (B) 5% Porto R Am Tob A_. 1% Porto R Am Tob B_.. 8 Postal Tel&C pf(d). 19Y% Pressed Steel Car__. 55%% Proctor & Gam(t2). 37% PubSve N J (2.60).. 100% Pub Sve N J of (6) .. 111 Pub Sve E&G pf(5). 55% Pullman Inc (1%).. 17% Pure O1l._. 8% Radio Corp 65% Radio pf A (3%)___ 7% Radio-Keith-Or (d). 29 Raybestos M (t1%4) 37 Reading RR (2) ._. 17% Reliable Stores (1) .. 21 Rem-Rand (t60¢c) . 80% Rem-R pf ww(4%). 5 Reo Motor Car 27% Republic Steel _ 109 Republic pf (b13§). 3314 Revere Copper ____ 2215 Revnolds Met (t1).. 60 Reynolds Tob (3). 49 Reynolds Tob B (3). 60 Roan Antel (al.12)_ 34 Safeway Stores(t2) 106% Safeway Str pf(8)_. 110 Safeway Strs pf(7). 43% St Joseph Ld (12)_ 3 St L-San Fran (d) 6% St L-San Fr pf (d) 40% Schenley Dist b11g 93 Schenley pf (5%)_. 1% Schulte R Strs (d) 38 Scott Paper (1) ____ 1% Seaboard Air L (d). 5 Seaboard A L pf(d). 36% Seaboard Ofl (1).... 16% Tide Wat As Oil 80¢ 7 21 Timken-Detroit(t1) 60 Timk'n-Roll Brg(3) 13% Transamerica t40c. 13% Trans Wst Aira25c. 8 Tri-Contl (a50c) __. 814 Truax-Traer(b25¢). 333 20th Cent Fox b50c_ 42% 20thCent F pf(1%). 9% TwinCity RT . __. 66 TwinCRTopfald. . 167% Twin Coach (blée). 25 Ulen & Co = 76% Und-Ell-Fisher (4)_ 63 Union Bag & P (2).. 95 Unfon Carb (3.20) __ 23% Union Oil(Calif)1.20 126'4 Union Pacific (6) .. 26'2 Union Tnk Car 1.60. 23 Utd Aircraft(a50c). 15% Utd Afr Lines a20c.. 23% Utd Biscuit (1.60)_. 693, Utd Carbon (4)____. 29 Unit-Carr Fast(12) 4% Utd Corp (a20c) 38 Utd Corppf (3) _._ 124 United Drug (b25¢). 5% Utd Elec Coal 77 United Fruit (13)__. 12% Utd Gas Imp (1) __ 613 Unit Paper'bd b30c_ 15% U 8 & For’'n Secur_.. 17\ U S Freight (t1) ___ 36% 4415 10% 6815 18'5 27 82 79 Hl‘. 143% 27 27 247a 247, 16 16% 23% 23%, 177 1T 31 415 394 12!y 81 13, 1US Lellher(Alvtc 89 USLhrprpfbly. 52 U S Pipe & Fdry(3). 10 USRealty & Imp__. 44% U S Rubber 84 U S Rubber 1st p: 79 US Smellm‘ lbd) - FEUEL+EE+010 i 6% Unit Stk Yds (50¢)- 37 Utd Stores (A) . ___ 21 TUniv Cyclops Stl(1) 24 Uti] PW&Lt (A)(d). ] ¥ Oil, the 114 Vadsco Sales Corp._. 26 Vi tum Corp ... 73 Va-Car Chemical __ 513 Va-Car Chem 6% pf 108 VaEl & Pw of (6).. 314 Wabash (d) 9 V. abash pf (A)(d)_ 42'; Walker (H) (2)_ 11% Walworth Co __ 5% Ward Baking (B) 11's Warner Bros Pict. 6% Warren Bros (d) 33% Warren Fdy&P(t 13 Weils Fargo 93 West Penn El A (7) 96% West Penn El pf(7) 1151 110% West Pa Pwr pf (6) 123% 118 West Pa Pwr pf (7) 11% 8% Western Maryland._ 11% 7% Western Pacific pf-. 833 54Y% Westn Un Tel (3)__. 57% 4174 Westingh'se A B(1) 167% 130% Westhse Elec (b2) _ 30% 21 Weston El Inst b25¢ 19% Westvaco Chlor (1) 30 Westvaco 5%pf 1% 80 Wheel & Lake Erfe_ 38 Wheeling Steel & 22% White(SS)Den 1.20 217% White Motor _____ 14% White Rk M S(1.40) 4% White Sewing Mach 27% White Sew Mch pf__ 4% Wilcox Oil & Gas __. 8% Wilson & Co (50c) . 44% Woolworth (2.40) ._ 32} Worthington Pump. 81 Worth Pump pf(A). 77% Worth Pump pf(B) 6813 Wrigley W ir (13)_ x 487% Yale&Towne(160c). 20% Yellow Tr & Coach_. 37% Young Spr& W (13). 5% Ygstn S&T (b76¢) ... 40% 31 Zenith Radio (b1) - Approximate Sales of Stocks on the N. Y. Stock Exchange. 10:00 A.M._. 12:00 Noon._ Total Sales for the Day Dividend rates as given in the above table are the annual cash Dayments based on the iatest quarterly or half-yearly declarations. s Unit of trading less than 100 shares. tAnnual rate— not including extras. aPaid last year. bPald this year d Companies x Ex dividend. -4 L % (R T8 | FFEFE £ FEEEFSE Lo+ +4+4414 FE FFE 2% I+ FEFFFE PP - Federal Buying Is Resumed on Butter Market BY the Associated Press. CHICAGO, May 19.—The Govern- ment resumed butter purchases on the Chicago Mercantile Exchange today. The exchange reported Government agents bought 50 tubs of “extras” at 29, cents a pound and 300 additional tubs at 30 cents. This involved ap- Pproximately 22,050 pounds. ‘This was the first Federal buying of butter for relief distribution in almost & year. Government agents, acting for the Federal Surplus Commedity Corp., bought & large volume of eggs in va- rious markets earlier this year. Buying of butter futures was stim- ulated by entrance of the Government ‘The November de- livery rose 7 cents to an early high of into the market. 31%, Butter prices recently have declined to the lowest level since last June, largely because of increased supplies. but then reacted slightly. STUDEBAKER SALES RISE. NEW YORK, May 19 (#).—Stude- baker Corp. sold 2,419 passenger cars and trucks in the first 10 days of May, compared with 2,110 last year. Sales for the yesr to date total 40,340 units, compared with 33,413 & year ago. } STOCK SPLIT PROPOSED |Woolworth Maps BY HOMESTAKE MINING Expansion Plans By the Associated Press. NEW YORK, May 19.—A special . For Coming Year By the Associated Press. stockholders’ meeting of Homestake WATERTOWN, N. Y, May 19— Mining Co. has been called for June 8 in San Francisco to vote on a pro- posal to split the capital stock eight for one. Foreseeing increased sales and profits, Simultaneously with the call for | the F. W. Woolworth Co. feels justified the stockholders’ meeting, the com- |in pursuing a store-expansion pro- pany notified the New York Stock |gram, E. C. Mauchly, vice president, Exchange that it proposed to change | told stockholders at an annual meeting the authorized - capital stock from |today. 251,160 shares, $100 par value, to Besides enlarging and improving 2,009,280 shares of $12.50 each. 163 existing stores last year the com- pany opened 18 new units, he said. This brought stores in operation to 1,998. Woolworth has leased loca- tions for 25 new stores to be opened in 1937, he disclosed. Mauchly said all indications pointed to greater increase in May sales than for any month this year. In four months ended April 30, he said, sales totaled $85,080,931, a gain of 8 per cent over the like period last year. e HEADS KELLOGG CO. BATTLE CREEK, Mich, May 19 P).—W. K. Kellogg was re-elected president of the Kellogg Co. at the QUITS PRESSED STEEL. NEW YORK, May 19 (#)—Pitts- burgh advices to Wall Street quarters said Walter A. Bonitz, president of Pressed Steel Car Co., had resigned as the company’s operating head. He remains as a director. ME‘.I.‘AI. KAB.KET NEW YORK. (/). —Co) steady: electrolytic. IDM lnd future. 1. export. 14.77%. . t and fllt 6.75. Iron. aluminum, mmm Quicksilver. platinum ‘and. wort: reported in recewership or being reorganized. |J! ! Juty Pacific, cross-currents. Pennsylvania, cotton belt. October | December | January March Spot uary. July, 1% sitions were ruling higher Co 9.26b: October. clover seed, weight. BALTIMORE. 2. Winf steady: middiing. 1 New Orleans Prices. ORLEANS. May 19 3 to 6 points hi < ovy opened December at March at t Fe, American Can and Westinghouse Issues which found Case, International Harvester, Amer- | ican Telephone, Kennecott, Cerro D¢ | Pasco, American Smelting, Standarc 1 Oil of Indiana, Skelly Oil, friends were Houstor Southern Pacifiy | Great Narthern prefereed, Northerr Celanese, Laew's, Texas Pa. cific Coal & Oil and United Electric Coal. J. C. Penney slumped about 4. Safd | way Stores, down about 3 during ths | morning, recovered part of the loss by the finish. Chain store issues, 4 |seemed to have been caught betweer ‘ On the one hand, sell- ing was said to have been promptees | by the Supreme Court decision affirm. ing the Louisiana chain store tax. Or the other, Wall street circles pointed tc the opinion in retail trade quartem | that swelling purchasing power, bott in farm and urban regions, would boos' sales during the next few months. NEW YORK COTTON BY the Assoctated Press. NEW YORK, analysts said May 19.—Early ad vances in cotton today on foreigr buying influenced by steadier position at Liverpool were followed by reac, tions under scattered liquidation ow' | ing to favorable weather conditions it October reacted from 12.73 to 12.57 and by midafternoon was 12.61, witl prices generally 2 to 5 points ne lower. Futures closed steady. unchanged to | higher. (). —Cotto; her today on il t buying order B h sheed ' Do ding and nea, Iy 4 to ttonseed oil July. 9.4 9.4%b: 9.34b. b—B CHICAGO GRAIN By the Associated Press. CHICAGO, May 19.—Wheat price were higher today despite transien setbacks on profit-taking sales. Maximum gains for around 2 cents a bushel. was reached shortly before trading ended. At the close wheat was yesterday's finish: May, 1. 33‘.31 3335 T ooff 1.18%1 1.23%4a1.2335; up; May, Corn, 1331 i July, 1.18%, and oaty, ;a7 down. 16.75 ur active po® i points ne wheat wert The top leve 7xal7x above No. 2 hard, 1.39'% malting, 1.00a25, Baltimore Quotations, arlicky. spot, corn, No. 3 mixed, 1.37!2a38; No. ! yellow, 1.39; No. 3 yellow, 1.37%a38'2; No. 4 yellow, 1.361%; 1.22a30; oats, No. 1 white, 55a55!2; No. 2 white, 54%2a55%; No. 3 whita 51%a52; no rye; barley feed, 70a85 nominal; tmothy seed, 4.25a50 hundredweight; 23.00830.00 hundred-s sample grade nominal; ay 19 (P.—Wheat, No domestic, ramite unchanged. annual stockholders’ meeting and other officers also were re-elected. -— Ley, Fred T., & Co.—It was said that within the past month this company has received orders which place the total amount of business on their books at $785,000. \ i Central Ilinois Public Service Co.— March quarter preferred share earn- ings were $1.04, against $1. P A. S. GovLpEN & Co,, INC. Woodward Bldg. New England Fund Prospectus on Request NA. 2000 2