Evening Star Newspaper, May 24, 1937, Page 20

A—20 =xxx FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., MONDAY, MAY 24, 1937. FINANCIAL. |NSURAN[}[SA[[S TRANSACTIONS ON THE NEW YORK STOCK EXCHANGESI[][}KSAR[[]U[[ Stock and Prev, 1937 Dividend Rate. Add ao.»m:h. !nv Close. chu. High. Low. 32% McIntyre Porcu(2). 331% 33% —1% 8tock and Sales— Dividend Rate. Add 00, 1% Schulte R Strs (d) .. 2 All New York markets are nmow on Higl lmw Dividend Rl!! Add 00 High. Low, Close. uhll High. law April Gain of 16 Per Cent Prev. 1937 Stock and 26% Contl Steel (1)_____ 1 30 30 30 4214 L Over Same Period in Hixh Low. Dividend Rate. 1936 Reported. BY EDWARD C. STONE. New life insurance sales in the United States during April were the largest for that month since April, 1931, according to figures made public today by the Life Insurance Sales Re- search Bureau. April sales were 16 per cent ahead of those of the same month a year ago end totaled $692,062,000, Hartford dispatches said. In the first four months of this year new life insurance sales in the Nation were 9 per cent above those of the same 1936 period. Every section of the country was represented in the increase in life insurance business during April, with the East South Central States leading the Nation with their gain of 21 per cent over April, 1936. Delaware headed the long list of States recording increases in April new business over that of April, 1936, with its gain of 38 per cent. Maine outdistanced other States in noint of gain in new life insurance business in the first four months of 1937 over the like period of a year ago, its jump being 24 per cent. Forty-five States and the District of Columbua reported increased life insurance sales in April, gains ranging from 1 to 38 per cent over April, 1936. West Virginia reported a decline of 2 per cent, and Nevada 4 per cent, from the new ordinary life insurance sales of April, 1936. Forty States and the District of Columbia registered gains in life in- surance sales in the first four months of 1937 over the same months of 1936 from 1 to 24 per cent. Kacy New Hamilton Director. Howard W. Kacy, vice president and “eneral counsel of the Acacia Mutual Life Insurance Co., has been elected a director in the Hamilton National Bank, President E. C. Graham an- nounced today. Mr. Kacy is widely tnown in the insurance world. In the National Capital he is active in Masonic circles, member of the Con- gressional Country . Club and the American Legion, as well as of two college fraternities. He is a member of the Indiana State Bar, the American Bar Association and the Association of Life Insurance Counsel. He has been admitted to practice before the Indiana Supreme Court, the District of Columbia Su- nreme Court and the Supreme Court of the United States. He has been an active member of the Washington Board of Trade and is a trustee of Group Hospitaliza- tion, Inc. A native of Huntington, Ind, he graduated from Indiana University in the class of 1921. He first engaged in the general practice of law, later entering the employ of the insurance company here as as- sistant counsel. In addition to his other duties, he is a director of the company. U. S. Competition Not Serious. ‘The question of competition with banks from Federally-sponsored lend- ing agencies is a local matter and banks generally are not greatly alarmed by it, the Committee on Banking Studies of the American Bankers' Association declares in the conclusions of its just published re- port covering this question. The report presents factual ma- terial on all Government lending agencies and the results of a State-by- State questionnaire distributed through State bankers’ associations. It finds that competition in the agricultural production credit field is strong enough in many rural areas to war- rant efforts on the part of local banks to meet it. “Certain types of production loans, because of their long maturities or risky collateral, have not been uni~ versally acceptable as bank assets, par- ticularly during the uncertainty of the past few years,” the committee says. “Here production credit asso- ciations have filled a gap in the credit structure. “This does not obscure the fact, however, that many commercial banks jn_ agricultural areas have not been fully alive to their opportunities in de- termining and meeting the credit re- quirements of farmers in their com- munities.” The committee announces that it has no further program to follow in studying Government lending agencies, but will assist in advising State or county associations which desire to pursue the subject further and request its co-operation. W. J. Waller, vice president and cashier of the Hamilton National Bank, is a member of the National Committee making the report. Institute Holds Outing. William H. Laughlin, newly elected president of Washington Chapter, American Institute of Banking, as- sumed his new duties informally at the annual outing of the chapter held Saturday afternoon and evening at Commonwealth Farms. The officers, Board of Governors and committee chairmen were present, a dinner always being a feature of the yearly event, Roderic Peters, regional sales man- ager of Servel, Inc., with headquarters in anhmgmn, has been in Evans- ville, Ind., participating in the cele- dration of the making by his company of its millionth refrigerator. He was among 150 field representatives pres- ent from all parts of the country. New York reports state that Ernest Angell, regional administrator of the New York office of the Securities and Exchange Commission, is slated for appointment to the commission. He 1s called “likely timber” for any va- cancy that might occur. Residents of the District of Colum- bia received cash life insurance pay- ments in 1936 equivalent to $24.27 per capita, according to an estimate made by the Lincoln National Life Insur- ance Co. Total payments to policy- holders and beneficiaries of Wash- ington were $11,820,000, according to the repori of the National Underwriter made some weeks ago. New Service for Banks. Inauguration of an individualized public relations service for banks by the American Bankers' Association as an aid to its members in fostering understanding and good will toward banking in their own communities was announced in New York today by Tom K. Smith, president of the association. In light trading on the Washing- ton Stock Exchange today, Potomac Electric Power 5% per cent preferred stock moved at 109. Lanston Mono- type stock came out on the board at 80 on a nine-share turmover, the stock selling ex-dividend. - 2581 3314 217 83 39% 874 524 11474 1011 418 80% 121 148 105% 3803, 338 131 125 298, 683, 1613 ‘ 257y 187 99 9974 150 201, 2913 14% 79 20 79 15 Adams Express b30¢ 29% Addressog'ph b60c_. 67'% Afr Reduction (+1)_ 2% Air-Way Electric_.. 11% Alaska Jun (160c).. 3'2 Alleghany Corp.._. 431 Alleg pf ww $30__._ 38% Alleg Corp pr pf_ 33 Alleg Steel (b80¢c)-- 218 Allled Chem (8) ... 24% Allied Mills (b2)..__. 15 Allled Stores (b20c) 5815 Allis-Chalm (b50c) . 27% Alpha Port Cmt (1). 43 Amal Leather __ 34% Amal Leath pf 90 Amerada Corp (2) -- 83 Am Ag Chm Del b1_. 21% Am Bank Note (t1). 57% Am Brake Sh (t2)._. 95% Am Can (t4) 5012 Am Car & Fy (b2 ac) 87 Am Car & Fy pf(b4) 72 Am Chain & Cabl__ 115 Am Chain&Cpf 5. 98 Am Chicle (t4) ._ 22% Am Comcl Al a60c_.. 25% Am Crystal Sug b 8 Am Encaustic __ T4 Am & Forelgn PW!' 45 Am & For Pw $7 pf. 18% Am & For Pw 2d pf— 16% Am Hawatian (1)__. 6% Am Hide & Leather. 42 Am Home Prod 2.40. 42'3 Am Locomotive. 107 Am Loco pf (a3) . 20% Am Mach & F (11)_. 45! Am Metals (b25¢c) - 814 Am Power & Light_. 43% Am Pw & Lt pf (5)_. 53 Am Pw & Lt pf (6)_. 2014 Am Radiator 160c . 31% Am Roll Mill $1.20 . Am Safty Raz (12)_ 22Y Am Seating (a235)._. 41 Am Shipbldg (2)___ 9% Am Smelt & Ref (3) 105 Am Sm & Ref pf(6). 13812 Am Sin & Ref pf(7). 57l Am Snuff (13)______ 4§95 Am Steel Fdry (b1). 1091; Am Steel F pf (7) 20 Am Stores (2) 12 Am Sugar (2) 21's Am Sum Tob 160'x Am Tel & Tel () 74% Am Tobacco (5) ... 74}» Am Tobacco B (5) . 1281 Am Tobacco pf (6) . 1314 Am Type Founders_ 16% Am Water W (80c). x 52 8% Am Woolen & 593 Am Woolen pf (b2). 6% Am Zinc & Lead 4413 Am Zinc&L pr pt(3) 47% Anaconda Cop (t1) 79 Anaconda Wire bl 18 Anchor Cap (60¢) - 40 Archer-Dan-M(12). 116% Archer-D-M pf(7) . 7 Armour of I11(b35c)x 2 81% Armour(Ill)pr pf 6. 36% 91y 521y o 12914 38 2974 57! Armstrong Cork(2). 12 Arnold Cnst b62 ;¢ 15% Assoc Dry Goods __ 93 AssoDG 1st pf(6)_. Assoc Inv pf ww (5). hS' Atch T& S Fe(a2) .. 44 Atl Coast Line(al) . 194 Atl Gulf & Wst Ind_ 30% At1G & W I pf(a3)_ 28 Atl Refining (t1)___ 15'% Atlas Corp (80c) _. 5013 Atlas Corp pf (3) 70 Atlas Powder b11j 3% Atlas Pwdr pt (a).. 217 Auburn Auto _. 615 Austin Nichols 32 Austin Nich pf (H.). 5% Aviation Corp Del_. 6% Baldwin Loco (a) ._ 863, Baldwin Loco pf(d) 5% Baldwinasd (d) . __. 88! Baldwin pf asd(d)-. 20% Balllmora & Ohln 29% Barber Co (b25¢) - 24' Barker Bros. 38 Barker Brospf 2% 24'% Barnsdall (1)._ 144 Bayuk Cigar t75c. 111% Bayuk 18t pf (7)_ 12 Belding Hemin (1) _ 19'5 Bendix Aviat'n b50c. 20% Benef Ind Lin (b35¢) 5014 Best & Co (27%) 73 Bethlehem Sl(‘.l(bl 18! Beth 5% pt (1) 115% Bemlehem of (7) 27!3 Black & Deck b50c... 22 Blaw Knox (b20c).. 31% Boeing Alrplan 407 Bohn Alum & B 41% Bon Ami (B) (2%) 24Y Borden Co (1.60) - 387 Borg-Warner. - 81« Boston & Maine___. 15 Bridgept Brss(60c.. 41! Briggs Mfg (12)_ 437 Briggs & Strat (3)_. 253 Bklyn-Man Tr (4).. 3% Bklyn & Queens ___ 17! Bklyn & Queen T pf. 31 Bklyn Un Gas(1.60) 174 Brunswick-Balke__. 157 Bucyrus-Erie _ 8% Budd (EG) Mfg___. 8 Budd Wheel(a20c).. 31 Bullard Co (b30c) _. 50% Bulova Watch (14). 25'3 Burr Add M (80¢)_.. 7 Bush Terminal .__.. 1312 Butler Bros (60c).. 28% Butler pf (1%4) _ 413 Buttacon&z(u: 207 Byers (A M) 37 Calif Packing (l’;e). 50 Calif Pkg pf (2%)_- 2% Callahan Zinc-Lead. 12 Calumet&Hec b7ic.. 26 Campbell Wy (t1).. 25'% Canada Dry G Ale__ 12% Canadian Pacific.. 14% Cap Adm (A)(al).. 7 Carriers & Gen b 5c.. 176’: 138 Case(J 1)Co (4) - 100 414 48% 391 1234 107% 247 8515 Caterpillar Tr (12)_ 26% Celanese (b75¢) ___ 3612 Celotex Corp (b10c) 31 Cent Aguire (11%)_ 714 Central Foundry.__ 10012 Cent I11 Lt pf(43%3) .. 125, Cent Violeta Sug.-.. % 60 Cerro de Pasco (4).. 3% 8% 104 2214 157 ]35‘/4 21% 141; Certain-teed Prd__. 60'x Certain-teed pf (6)- 2 Champion Pap (11). 12 Chi Grt West of (d)v 24% Chi Mail Ord t1% __. 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. 2% Chi R 1 & Pac (d) __. 5% Chi RI&P 6% pf(d). 6% Chil RI1&P 1% pt(d) 15% Chickasha Cott'n Oil 12t Childs Co 106% Chrysler Corp b3%_. 187% City Ice & Fuel (2)_ 3 108 70 92 10% 40% 44% 83% City Ice & Fpf 614 7 City Stores____ 32Y% Clark Equip(t1. GU) 35 Clev Graph Br (2) ._ 50'; 47l Clev & Pitt !pec('.!)_ ' 98% 78 Cluett Peabody (3)- 170% 122'% Coca-Cola (t2) % 19% Colgate-P-P(15 513 Collins & Aikn ('2) 33 Col Fuel & Iron(bl) 20% Colo & South 1st pf. 21% Colo & South 2d pf_. 114 Columb G & El(40c) 87% ColG&EpL A (6)-. 31 Columb Pic vte (11) 125M 111 Col Carb vto (14) ... 69% 56% Comcl Credit (t4).. 80% 63% Comcl Inv'T (t4)._.. 21% 13% Comcl Solv (t60c)... 4% 2 Comw & Southern.. 75% 473% Comw & Sou pf(3).. 19% 13Y% Conde Nast Pub.___ 45% 36% Congoleum-Nra(2). 18% 11 Consol Cigar._.___. 95 8314 Con C pr pf ww 634 49% 34 ConsEdisN Y(12).. 108 103 ConsEAN Y pf(5).. 4 12% Cons Film pf (a2).. 9% Cons Laundrie 14! Cons Ol (80c) 33 Cons Coal Del vte pt 203 Container Corp 1.20. 21% Contl Baking (A)... 27 Contl Baking (B)... 50% Contl Can (3) _____ 19% Contl Diamond (2).. 35% Contl Lnsur (11.60). 2 Contl.Motors. ... 89% Contl-Of1 Del (11 - 3’ Bale: Add 00. H;lh. Low. Close. chu T4 'il‘/n 15 1745 31‘1 90% 907 2 13612 13613 104 104 2414 27 9’/- AR 1058 105481 132 143 143 + 1y 58 BR 56%% % 111y 2()‘/‘ 55 — 14 ll!'l 111ta41 201 47 25% 167 8 80 134 14% 1814 9y 80 134 148 kY t+i++++4+ 417 334 84 101"3 1011 14 16% e 1214 s 13% 114% L e 5 o8 S S s | 34 21% 87% — % 33% — % 1175 11735 3 62% * 63 o & % 141 2% — % 53 .41 15% 374 - % 124 88 61 37 + % 103 12% — % 10% + 1 15% 77 621 Corn Ex Bank (3)__ 71% 547 Corn Prod Ref(t3)_ 171% 153 Corn Prod R pf (7)- 10% 6 Coty Inc.. 5612 421 Crane Co. 121 113% Crane Co pf (7). 37 291 Cream of Wheat(2). 18% Crosley Radloalf . %% Crown Cork & S(2) - 40 CrnC&Spfxw 2% 17 Crown Zellerb__ 99 Crown Zell cu pf( % 51 Crucible Steel . _____ 135 115 Crucibe Stpfb314__ 3 1'% Cuba Co 812 Cuban-Am Sugar. 87% Cudahy Pkg (214) 12 Curtis Publishing_. Curtis Pub pf (7). 535 Curtiss-Wright. 1613 Curtiss-W (A)a50c. 48 Cushman Sons pf._., 109 100 Dayton P&L pf 4% . 1374 104% Deere & Co_______.. 31% 261 Deere & Co pf 1.40__ 29 19% Deisel-Wem-G(t1)_ 58% 41Y% Delaware & Hudson 2412 17'% Dei Lack & West__ Detroit Edison (t4). 9% Det & Mackinac.. 28Y% Diamond Match (11, 20% Distil Corp Seag. 85 Distill Scag ww (4). 384 Dome Mines (12) 47! Douglas Afrcraf 2815 Dresser B (a1) 8% 43 Dunhill Internatl_ mn‘a 148!1 Du Pont de N (b2 3, Duquesne 1st (5) . !0'. Eastern Roll Mills . 21%5 E1 Paso Nat G 1.60_. iy Elec Auto Lt 15% Elec Pow & Light _. 62 Llec Pw & Lt $7 pf_ 37 Elec Storage Bat (2) 4'4 Elk Horn Cl pf (d) _. 108% Endicott-Jhn pf(5). &la Eng Public Serv____ 5% Equitable Office B 13 Erie R R_ 24 ErleRR 115" 17 9 230% 3% I-E:ch;m:a Buffet. 31 Falrbanks Co._. 203 Fairbanks Co pf.. 4913 Fairb'ks-Morse ( 193, Federal Lt & Trac.. 6613 Fed Min & Smelter._. 7 Federal Motor(40c). 3'3 Fed Water Sve A Fed'd Dept Str(2) _ Fed'ted Dep S pf 4% 36 Fidel Phoenix 11.60. 2% Firestone T&R (2) . 02 Firestone pf A (6).. 91s Flintkote Co (1) __. 46 Florence Stve b50c.. 331, Florsheim A (2) .__. 6, Follansbee Bros(d). 2 3815 Noster-Wheeler 106 Foster-Wheeler pf_. 10 Francisco Sugar___. 24'¢ Freeport Sulph (1) . Fuller Co pr pf. Gamewell Co Gannett cv pt ( 2 Gar Wood Ind ad5c. 10'2 Gen Am Inv(aTsc) . 65'2 Gen Am Trans (a3). 12'3 Gen Baking (160¢) 81 Gen Bronze 22 Gen Cable._ 45 GenCable (A) . 134 Gen Cigar pf (7) 4975 Gen Electric (b40c). 36 Gen Foods (2). 113 Gen Gas & Elec 50 GenG&E6% cv DfA 60 Gen Mills (3) 54% Gen Motors (b13) 875 Gen Outdoor Adv... 15% Gen Print Ink new.. 312 Gen Pub Service __. 414 Gen Ry Signal (1) 3 Gen Realty & Util__ 57 Gen Refract (b2) 22% Gen Thea Eq(b25e). 15 Gillette S Raz (t1)_ 80 Gillette S R pf (5)_. 20%x Gimbel Bros.. 8275 Gimbel Bros nt(s) 41 Glidden Co (2) - 5113 Glidden cv pf(2%) 4% Gobel (Adolf) ... 5% Goebel Brew (t20c). 31 Goodrich(BF) b50c. 7912 Goodrich pf (5) . 27% Goodyear T & R bl.. 7% Gotham Silk Hose 3 Graham-Paige. - 613 Granby Cons._. 3'» Grand Union ctfs__. 1914 Grand Union pf b1l 33 Granite City Stl(1)_ 34% Grant (WT) (11.40) 407 Grt Northern pf____ 19 Grt Northn Ore (1) 347, Grt West Sug 12.40- 135 Grt Wst Sug pf(7) 9'; Green H L (11.60) 12% Greyhound (t80c) » Guantanamo Sug-- 1’3'1 Hall W F Print. 108 104': Hamilton W pf (5), 105 98 Hanna (MA) pf(5)- 8 4 Hayes Body._..__ 109% 101 Hazel Atlas Gl (tS). 157 115 Hecker Prod (60c)-. 52% 35% Holland Fur(al%)- 30% 21 Hollander & Son(1). 43% 311 Holly Sugar (12)... 431 336 Homestake (t12)__. 27% 20% Houd-Her B (t1%). 17% 1213 Houston Oil vte .. 90'5 62% Howe Sound (13)... 23% 15'% Hudson MOtOr—cace. 4 3 Hupp Motor_ 22'3 [linois Can!rll_.-_ 62 IllCentlsiIn (4)-a. 36% Indus Rayon (2) ... 144 125 Ingersoll-R'd (b1%%) 1314 97 Inland Steel (t4).._ # s Inland Strts June 4 331 17+ Inspiration Cop.. ._ 13% 67s Inter Rap Tr vtc(d) 111'% 107% Interchemical pf(6) 11'; 4% Intercontl Rubber_. 2813 16!3 Interlake Iron _ 9% 5 Intl Agricultural .. 63'2 42 Intl Agricul prpf_.. 189 151 Intl Bus Mach(t6)_. 111% 991 Intl Harvester(2%4). 162 1447 Intl Harv pf (7)oa 167% 87 Intl Hydro El1 A 15% 6% Intl Mercantile M_ .. 10 Intl Mining (b30c)- 55'% Intl Nickel (b1)_o_o 1614 Intl Paper (A) 10% Intl Paper (B) - 5% Intl Paper (C)acaa 90% Intl Paper pf. 4215 Intl Shoe (12) . 90 Int Silver pf (b4)-. 9% Intl Tel & Tel __ 201 Interstat Dp St b2% 1 Inter DSrtsJune8. 2515 Island Creek (2) ... 125 Johns-Manv (13)__. 120 Johns-Mansv pf(7). 120% Jon&L 7% pf(b1%) 46 33 KalamazooS (t1).. 29 20 KansCity South.__ 23% 16'% Kelsey-H A (a1%)—. 191; 12% Kelsey-H B (alig)._. 109% 102 Kendall pf A (16) -. 693 51 Kennecott Copbl¥% 15% Keystone S&W bitc 47% Kinney pf (al1) 22% Kresge (S S) b60c. 34 KressSH (1.60)___. 19% Kroger Groo (11.60) 16% Laclede Gas (St L). 25 LacledeGaspf_.__. 181% Lambert CO (2) .—ae 17 Lee Rubber (50c)-—. 1% Lehigh Valley Coal. 9% Lehigh Val Coal pf. 17 Lehigh Valley R R... 137 117% Lehman Corp (13)_. 21% 16 Lehn & Fink b62%e. 611 Libbey-Ow-F b76c.. 93 Ligg & Myers (14)_. 9474 Ligg & Myers B t4_. 21% Lily Tulip (11%) ... 59 Lima Locomotive... 51! Link Belt (+2) . 43% Liquid Carb (2.6 64! Loew's Ino (12) . _ 110 105's Loew's Inc pf(6%). 3% 2% Loft Inc ™ 75% 50% Lone Star Cem (3)_. 10% 6% Long-Bell Lumb(A) 28% 21% Lorillard P (11.20) 28% 19% Louis G&E A b37%¢ 41% 29% Ludlum Steel (t1)_. 36 301 MacAndrew&F(t3). 36 27% McCall Corp (13) ... 24% 14% McCrory stores. .. 28% 18% MoGraw H P b27%0. 183 3214 391, 167 41 20% 38 72 47'% 136 65%. 57% 156 ™ 46Y% 117% 30% 65% + % 5% + % 166 +1 % + % ATH% +1% 117% + % 314 + % 22% T6% +1% 41 20 2 100% + % 61 30s 10314 7 134% 8 26% 20% 24 AR 101 17% 6613 BRI nn ll)l lil‘t‘. 1091 2 9 9n 6 6 19 18% 2674 21 1015 7 44 110 1013 27 51tz 24% 100 - 0 D 50 o e o o i e o - S o P - U PO - > 105% 101% 4% 102% 1215 404y 25% 2 33% 384 21% 15% 763 16% 3 4480 80 1= 00 1 =308 10 1 10 13 O bk 1t ok ok 14 1O NS 4 Ot OB B0 17 ’i;-". LIV ++4+48 [ AH10 4% 12! 4014 25% 3314 385 22 L +++ 1 sttt IRl 1+ ES SFESS o U AU s EEEE & # & 20% +1 42% 16% 4T% 19 62% 31% McKeesp't Tin Plate 12% McKesson & Rob_ 44% McKess & Rb pf(3). 12% McLellan Strs b75c. 42% Mack Trucks (t1)_. 44'% Macy (RH) (12)__. 45 Magma Copper (2).. 8% Man El md gtd (d).. 18% Manhat El gtd (d).. 19% Manhat Shirt (1)__. 3% Maracaibo Oil Exp_. 10% Marine Mid (t40c) . 3% Market St Ry 2d pf_ 24Y% Market St Ry pr pf_. 187% Marshall Field _ 23! Martin (Glenn 54% Masonite (t1)__ x 33 Mathieson Alk (l‘,s) 547 May Dept St (13)__. 25% Mead Corp _._. 931 Mead Corp pf (6) .. 114 Mengel Co __ 58 Mesta Mach (b2 14% Miami Copper .. 274 Mid-Cont Pet (b50c) 341 Midld Stl Prod(t2) . 122 114 Midld Stl 1st pf(8)— 120 96 Minn-Hon Ros (2).. 16/ 11 Minn Moline Pow__. 101 8814 Minn Moline Pw pf. 34 25% Mission Corp (b1)_. 674 Mo Kans & Texas__. 24% Mo Kans & Tex of A Mo Pacifio pf (d)___ Mohawk Carp(1.20) Monsanto Ch b75 Montg Ward (12) Mother Lode a123%e. Motor Prod (+2)__.. Mueller Brass (t1).. 4 Mullins B (a50¢) ... 4 Munsingwear (3)__. Murray Corp(as0c). Mvyers (F E) (b1) Nash Kelv (1) _ Nashv Chat & St Natl Acme (a75c) Natl Biscuit (1.60)_ Natl Biscuit pf(7)_. Natl Bond & In 1.44. Natl Cash Reg (1) .. Natl Dairy Prd 1.20. Natl Dairy pt B (7). Natl Dept Stores .. Natl Dept Strs pf __. Natl Distillers(t2). at’l Gypsum Co._ Natl Lead (+50c) .- Natl Mall & S C b50c Natl Pw & Lt (60c). Natl Ry Mex 1st pf_ Natl Ry Mex 2d pf_. Natl Steel (1234) ... Natl Supply Co.. Natl Tea (60c) - Newberry JJ t2.4 New Orl T&M (d) Newport Ind(b50¢c). N Y Air Brake (ll)_ N Y Central . NYChi &St NYChi&StLpf. N Y Investors (d) .. NYNH&H (). NY NH & Hpf (d).. N Y Ontario & W_ N Y Shipbuflding Norf & W pf (4) North Am Aviatio North Am Co(b30c). North Am Co pt (3). Northern Pacific ... Norwalk Tire & R_. Norwalk Tire pf__.. Ohio 0il (b30c) 2 Oliver Farm E; > Omnibus Corp vte__ Omnibuspf (8) _. Otis Elevator hioc_. 713 Otis Elev pf (6) Otis Steel _.___ Owens-111 Glass (3). Pacific Coast 1st pf. Pac Gas & Elec (2)- Pac Lighting (3) ... Pacific Mills (b1) Pac Tel & Tel (8) Pac Tel & T pf (6)_ Pac West Ofl(a5c). Packard Mot (b15c) Panhandle P& R___ Panhandle P&R pf_ Parafiine pf (4) Paramount Pic Paramnt 24 nf 60¢__ Park & Tilford (2)_. Park Ofah: oF o8 Parke Davis (b1) .__ 241; Parker Rust (11%). 41< Parmelee Trans ... 64 Pathe Film Corp.._. 1414 Patino Mines(t60c). 3% Peerless Corp____... 87 PenneyJC) (4)..o 3% Penn Coal & Coke__. 7 Penn Dixie Cement.. 22 PaGlass S ctfsaslc. 391 Penn Railroad (a2)._ 16% Petrol Corp(A) b40c 7% Pfeiffer Brew b60c_. 4314 Phelps Dodge bs0c_. 43'4 Phila Co 6% pf (3)_. 1% Phila & Read C& I_. 70 Philip Morris(b3%) 12 Phillips Jones ____ 4913 Phillips Petrol'm t2 147« Pierce Oll pf_______ 281; Pilisbury Flour 1.60 131x Pitts Screw&B blbc. 24%, Pitts Steel __ = 9313 Pitts Steel pf 2% Pitts Term Coal « Pitts United 'uu Plvmouth Oil bioc < " 22 Poor & Co (B) 51a Porto R Am Tob A._. 19% Pressed Steel Car__. Proctor & Gam (12). 1141 Proc & Gamb pf(5).x 10s 52% 37% PubSve NJ (2.60)_. 14 721 55% Pullman Ino (1%).. 9 24% 17% PureOil ________._. 63 107 99 PureOfl 6% pf_———o 112% 108 Pure Oil pf (8).— 15% Purity Bak (60¢).- 814 Radio Corp — 65% Radiopf A (3%3)___ 7% Radio-Keith-Or (d). 29 Raybestos M (t1%) Reliable Stores (1)_. Rem-Rand (+60c) Rem-R pf ww (4%). Reo Motor Car. 2714 Republic Steel 109 Republic pf (b1%)_ 99 Republic pr pf A(6) 3315 Revere Copper 2: 10215 Reynolds M pt 5% . 49 Reynolds Tob B (3). 31 Safeway Stores(t2) 110 - Safeway Strs p£(1). 43% St Joseph Ld (12) __. 6% St L-San Frpf (d) . 1414 Savage Arms (b25c) 40% Schenley Dist b1 _. 93% Schenley pf (5%)--. S 9% cadannumalBanwerinE e TaoRwaT e o n [T FET~3 - © PRETE 191UV TP SUPAPQA A O. JOo H @ Su i o o0 11% 27% 51% 98% DEBT CONSOLIDATED BY RICHMOND HOTELS By the Assoclated Press. RICHMOND, Va., May 24.—Rich- mond Hotels, operators of the John Marshall, Richmond and William Byrd Hotels here, has announced in a prospectus that the corporation’s bonded debt would be consolidated into & new $2,300,000 issue of first mortgage bonds July 1. The reduced interest rates would save the hotels approximately $50,000 annually. The new bond issue was sold to Galleher & Co.,, Richmond invest- ment concern. — GENERAL TIRE CALLS FOR VOTE ON JUNE 8 NEW YORK, May 24—A special meeting of stockholders of General Tire & Rubber Co. has been called for June 8 to vote on a proposal to in- crease the authorized common stock to 750,000 shares from 500,000, with rights to shareholders to subscribe to 60,000 shares. METAL MARKET. NEW YOI May 24 (#.—Copper steady; elecr,mlync spot and future, 14.00: in firmer; Louls. 3 u h 24 00 ‘Al 20 00 um ic] lll T, 96. 00'9 . ml' ‘nfl’. u%"o.k ivamite. 22 30‘ lonls. 36‘. 13% 445 1314 4% 46% 48 19 20 !6% 13% 44% 13% 46% 4514 48 8% 19 20 116% 107 1314 99% 27% Tha 2% 9 33% 90% 51% 1% 35 36% — U 13% — % 4% — 4% 13% + % AT% + % 46 56 +1% 2912 + 1% 96 +11 1215 + 1 6214 +1% 18% + 8 28% — T 13% — W% 99% + 14 28% +1% TV 2% 9 34 9014 I I I | b e [ b s B 26'% 10519 50% W 34 110% 5519 8% 23 42 9N + % 1 - % £ 11373108 Utd G Imp pf (5) 137 |18 | 105 126%% | 150 12:00 Noon. payments based on the iatest quarterly or not d Companies x Ex dividen 3% 5% 38 Scott Paper (b65c)_. 1108 1% Seaboard Air L (d)_ 4 4% Seaboard A L pf(d) 36% Seaboard Ol (1)_. 81 Sears Roebuck (3 26 Servel Ino (t1) 9% Sharpe & Dohm 59 Sharp & Do pf{z%) 127% Shatiuck F G (60c).. 37% Sheaffer Pen(b13). % 25% Shell Un O11 (l2§c) 105% 102 Shell Un Ofl pZ 5% .. 177% 12% Stlver King (b25¢)_. 68 40 Simmons Co (b30c). 3% Simms Petrol ... 42 Skelly Oil (b50c)__— 9815 Skelly Ol pt (6)_ 101 Sloss-Sheff pt (6) 27% Smith & Cor ctfs t2_ 2 Snider Pkg (bl1%5) _. 16% Socony-Vac (b25¢) .. South Am G & P 30¢. 337 South Port Sug(+2). 2215 So Cal Edison t1%._. 42% Southern Pacific_. 24 Southern Ry. 45 Southern Ry p! 99 Spang Chal pf b1%_ 5% Sparks-Withing_._. 17 Sperry Corp vtc(al) 19Y; Spiegel, Inc (1) 2 86 Spiegel cum pf(4%) 37% Square D (B) b2sc._.. 12% Stand Brands(t80c) 5% Stand Gas & El (d)_ 15 Stand G&E $4 pf(d). 37!5 Stand G&E $6 pf(d). 432 Stand G&E $7 pf(d). 40% Stand Ofl Calif (t1). 42 Stand Oil Ind (11).. 63'4 Stand OII N J (t1)_. 6313 Sterling Prod 13.80_ 174 Stewart-Warn t50c. 14% Stokely Bros (11)__ 19 Stone & Web(a25c). 131 Studebaker Corp. 125 119 Sun Oil pf (6) 61% Superheater Co Supermr Steel ____. 23% Swift & Co (11.20) _. 30'x Swift Internatl (2)- 15% Symington ww bl0a. 117 Symington xw bl0c. 10% Tenn Corp (al5c) 50% Texas Corp (2) 63 Texas Gulf Pr 35'2 Texas Gulf Sul (VZ) 42% Texas& Pac RR_._ 11% Tex Pac C&O b10c_. 10'; Texas P L T (al0c)_ 62 Thatcher Mpf (3. 60) 873 Thermotd Co_ 4 Third Avenue. 23 Thomps'n Prod bi0o 5% Thompson Starrett_ 16% Tide Wat As Oil 806 21'; Timken-Detroft(11) 60t Timk'n-Roll Brg(3) 13% Transamerica T40c_ 13% Trans Wst Aira25c. 8 Tri-Contl (a50c) ___. 33% 20th Cent Fox b50c_ 427 20th Cent F pf(1%). 92 Twin City RT______ 16% Twin Coach (b15c) - % Ulen& Co_._______. 15-,1 nd-Ell-Fish b1% _ 63 Union Bag & P (2)_. 95 Unlon Carb (3.20)__ % Union Oil(Calif)1.20 126% Union Pacific (6) 90% Union Pacific pf(4)_ 23' Utd Aircraft(a50c). Utd Afr Lines aZ0c.. 2312 Utd Biscuit (1.60)_ 69% Utd Carbon (4) 412 Utd Corp (a20¢).. 467 374 Utd Corp of (3) 124 United Drug (b25¢). 1814 Utd Dyewood (1) 5% Utd Elec Coal.__ 467 Utd Eng & Fy (12)_. 77 United Fruit (13)__. el ey EREE-TSIICT-YSTY — — o e SunRsaalunabanrEEaan Seetank 613 Unit Paper’bd b3 24% 15% U S & For'n Secur-.. 347s 1715 U S Freight (t1).__. 1054 U S Gypsum (12)_.. 32% U S Indus Alcohol . 6% US Leather vte____ 13% 1J S Leather(A)vte. 52 U S Pipe & Fdry(3). 10 U S Realty & Imp-_. 44, U S Rubber__. _ 84 U S Rubber 1st 79 U S Smelting (b4)_. 75 131 U S Steel pf (7) 6% Unit Stk Yds (SOC)_ 37a Utd Stores (A) .__. 20 Univ Cyclops Stl(1) 24 Util Pw&Lt (A)(d). 1%3 Vadsco Sales Corp. 48 Vadsco Sales C pf... 26 Vanadium Corp.___. 86 Van Raalte (b13)_ 7% Va-Car Chemical___ 51t Va-Car Chem 6% pf 26 ValronC&Cpf____ 70 Vulean Detin (b3)_ 9 Wabash pf (A)(d)_. 13 Waldorf Sys(11.20). 264 Walgreen Co (2) 42'; Walker (H) (2) 11} Walworth Co. 5% Ward Baking (B 11's Warner Bros Pic 6% Warren Bros (d).__ 33% Warren Fdy&P(t1) 43!z Wesson O&S (150c). 80 Wesson O&S pf (4) - 92 West Penn El pf(7) 118 West Pa Pwr pf (7). 8!3 Western Maryland_. 15!'2 Western Md 2d pf__ 5414 Westn Un Tel (3)__. 417 Westingh’'se A B(1) 130% Westhse Elec (b2) _. 19% Westvaco Chlor (1). 30 Westvaco5%pt 1%. 38 Wheeling Steel ___. 217 White(S S) 11.20 217 White Motor._. 4ls White Sewing Mach 27'; White Sew Mch pf_ 4% Wilcox Oil & Gas__. 8% Wilson & Co (50c).. 44% Woolworth (2.40) __. 32!3 Worthington Pump. 81 Worth Pump pf(A). 4874 Yale&Towne(760c). 20% Yellow Tr & Coach._. 37% Young Spr& W(13). 752 YRstn S&T (b75¢) _ 31 Zenith Radio(b5 5'2 Zonite Product: 161 43% 151 223, 2% 19% 723 72! 10:00 A.M. 210,000 430,000 1:00 P.M. Total Sales for the Day S ERFEIEEFERLE L AR 10014 24'¢ 143% Approximate Sales of Stocks on the N. Y. Stock Exchm 350,000 500,000 Dividend rates as given in the above table are the annusl cash 3 Unit of trading less than 100 shares. Including extras © A Bald Tast var b reported in -yearly declarations. 1 Annual rate— Paid this year, Tecelvershin Gf being. reorganized, NEW YORK COTTON By the Assoctated Press. turned easier today following moder- ate opening advances under liquida- tion influenced by faVorable weather TREASURY CASH TOTAL IS LOWEST IN YEARS NEW YORK, May 24.—Cotton | By the Assoctated Press. NEW YORK, May Treasury has fallen 24.—The cash I working balance of the United States to the lowest % | necott, * | cultural nd | March at 12.97 conditions in the cotton belt, with beneficial rains in Northwest Texas. Trading was limited. October sold off from 12.81 to 12.65 and in midafternoon was quoted at 12.70. Prices generally were 7 to 9 points net lower. Futures closed steads. 4 to & lower, Cottonseed OH. Bleachable cottonseed ofl futures closed steady, 3 to 6 higher. Sales, 95 contracts, including 2 switches. July, 9.89b; September, 9.99; October, 9.97; December, 9.90. b—Bid. New Orleans Prices. NEW ORLEANS. May 24 (9).—A mod- erate trade demand influenced by better foreign cables than expected resulted in slightly higher opening of cotton here to- day, xr:l tal trades showed net gains of 2 to July started at 12.81. October at 12.70, December at 12.87. january at 12.90 and .~ There was some switch- ing_from July to later positions after the start and the near months sold off about 7 points from the initial figures. while October advanced to 12.80. compared with 12.76 at the previous close. Cottonsee: ope! ned steady; May. July, Mb 3 ptem October. 9. nb Du!nber. 8.300; January, 9.36b. b—Bid, level in several years. The $534,~ 000,000 currently reported is $1,400,~ 000,000 under the level a year ago. The decline reflects heavy outlays for the soldiers bonus and sterilized gold as well as an unfavorable money market that made borrowing more difficult than a year ago. The working balance, reported by the daily Treasury statement, com- pared as follows: Week ended May 18 ____ $534.000. 900 Previous month 848,000,004 Bame veriod last yésr . 1.545.000.000 SUGAR OUTPUT SOARS. NEW YORK, May 24 (P —Sugar production in Japen, including For- mosa, for the 1936-7 season has been forecast at 1,194,000 long tons, raw value, Lamborn & Co. reported today. This compares with 1,09_,000 tons last season. FREIGHT LOADINGS. NEW YORK. May 24 (#.—Revenue freight urloldlnn on railroads reporting u‘.)daydl the week ended May 22 in- e Week Previous Year May 22, week, Atchison 3 Rock Island-211 25126 8t. Louis-San Francisco Railway.— March quarter deficit was $2,203,717 against deficit of $§2,464,024. L INNARROW RANGE Market on Dead Center, but Buying Picks Up To- ward Close. Stock Averages 30 18 Indus, Rai Net change. +.1 —3 Today noon 92.8 45.2 Prev. day... 92.7 455 Month ago_. 90.3 43.5 Year ago... 815 33.7 1937 high..101.6 49.5 1937 low... 88.5 37.8 1936 high.. 99.3 435 1936 low ... 73.4 30.2 43.4 1932 low 175 8.7 239 1929 high _.146 9153.9 1843 157 g 1927 low ... 516 953 61.8 61.8 15 80 Ttil. 8tks. +-.2 Unc. 427 68.2 425 682 439 669 46.0 60.7 54.0 40.9 53.7 (Compiled by the Assoclated Press.) BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, May 24—After de- clining in most sectors, the stock market came to rest on dead centey today, but buging picked up a little toward the close. Isolated specialties were wesistant, but other groups were spineless at lim- ited losses after a brief early rally which failed to carry through. The stock ticker stopped frequently during the afternoon. This, brokers said, indicated nothing new had been injected into Wall Street's calcula- tions by the day’s budgét of Washinge ton news. The President’s wage and hour mese sage had been discounted, most agreed. Some suggested the Supreme Court's upholding the social security legis- lation might help bonds, but said it had no effect on shares. Transactions approximated 650,000 shares. Stocks to which Wall Street turned a cold shoulder most of the session were General Motors, Chrysler, Yel- low Truck, Allis Chalmers, United States Rubber, Montgomery Ward, | Deere, Electric Power & Light, Ken- Texas Corp., General Elec- | tric, Atlantic Refining, New York Cene tral, Southern Pacific, Great Northern preferred, Northern Pacific, Internae tional Nickel and Woolworth. Well liked were Nash Kelvinator, Proctor & Gamble, American Agri- Chemical, National Cash | Register, Eastman Kodak and Crane. Financial circles explained the mar- ket stalemate partly as follows: Rela= tively good business news affords much potential support to prices. Nonethe- less, so-called investment funds said to be awaiting buying opportunities | need the incentive of ‘clear-cut symp- toms to dispel fears of a possible abe normal Summer letdown. At the same time, the feeling pre- vails in quarters with foreign cop- nections that some stock recently liquidated has yet to find a relatively permanent home. This, it is argued, is a momentary check to the appetite for equities. CHICAGO GRAIN Bs the Assoclated Press. CHICAGO, May 24 —Wheat dromlgl 23 cents maximum in Chicago today, and in contrast May corn rose 3 of a cent to a new 12-year high price record. Rain reports from Canada largely dominated the wheat market, with some harvesting under way in Okla- homa. Month-end settlement of ac- counts did a good deal to lift cerm prices. At the close wheat was 113-17 under Saturday’s finish; May, 1.26'3- 31 July, 1.19%~7g: corn, 1'4 off to 1 tent up; May, 1.3574-1.36; July, 1.2374- 3g. and oats at !g decline to an equnl advance, Chicago Cash Market. Cash wheat, No. 1 red, 1.321;; No. 1 hard, 1.33; No. 2 hard. 1.32; No. 2 mixed, 131';; corn, No. 1 vyellow, 1.36%;-37; No. 2 yellow, 1.36-37; No. 3 yellow, 134':-36: No. 3 white, 1.36'2; oats, No. 1 white, 55; No. 2 white, 527;-53; No. 3 white, 51-81%; no rye; soy beans, No. 2 yellow, 1.37 barley feed, 65a70, nominal: malting, 1.00-20, nominal; timothy seed, 4.25- 50 per hundredweight; clover seed, 23.00-30.00 per hundredweight. Baltimore Quotations. BALTIMORE, May 24 (#).—Wheat, No. 2 red Winter, garlicky, spot do= mestic, 1.39; May, 1.39. Public Service Co. of Northern Illinois. pril net income was $360,- 593 against $283,389 in April, 1938. In four months net income was $i, 936,690 against $1,405,229, MUNICIPAL, RAIL, INDUSTRIAL, PusLIC UTILITY, FOREIGN AND REAL ESTATE BONDS LOCAL SECURITIES PREFERRED AND COMMON STOCKS BOUGHT » $OLD » QUOTED JoHNsTON, LEMON & Co. MEMBERS WASHINGTON STOCK EXCHANGE SoutHErs BLpe. Dlst. 3060