Evening Star Newspaper, June 3, 1937, Page 18

THE EVENING STAR, WASHINGTON, D. C, THURSDAY, JUNE 3, 1937. FINANCIAL. MOLELLANHALS ITRANSACTIONS ON THE NEW YORK STOCK EXCHANGE By Private Wire Direct to The Star. All New York markets are now on daylight saving time, BIG D. . MARKET Pepco Chief Sees Huge De- mand for Consumer Goods Here. BY EDWARD C. STONE. The business outlook for Washing- ton is “distinctly not unfavorable,” Dr. William McClellan, presidenc of the Potomac Electric Power Co., told a group of Capi- tal bankers the other day. A former educator in the Wharton School of Fi- nance, he has been a close stus dent of econom- ics for many years. While stat- ing that it is ex- tremely difficult and unwise to make national predictions, so B far as Washing- ¥ ton is concerned the problem is relatively simple, though still uncertain. He explained: “‘Washington is a huge market town. We barely more than render each other service. The Potomac Electric Power Co. has hardly a single genuine Industrial customer on its lines. I kaow of no volume of goods manu- factured here that it is not sold in our own general territory. The great industry of Washington is the Gov: ernment, and it is the one industry that increased by leaps and bounds during the depression. Washington is also a tourist mecca. For these three reasons Washington is a consumer goods community. “So far as the banking business is concerned, the volume of genuine commercial loans may never again be what it once was,” said Dr. Mc- Clellan, explaining this by the state- ment that merchants can now get such quick delivery of their goods so that they are no longer obliged to carry large stocks on hand. There is a much larger volume of business due to the wider variety of goods sold, but the stocks are b«"m” carried elsewhere, y on bank credit. Dr ed that bankers here ide angle eyes” and | reach ou the city for some of their future business. He added “I also believe that if pres ten- dencies continue, Washington is bound to grow rapidly in population. This is not only because of increased Gov- ernment employes, hn. also because of greatly increased re '1:”.;7 h tween Government, and business, feel cer- tain that \’\‘ hington busil r(‘“ condi- Wm. McClellan. should Dr. McClellan ¢ which make cult, at the general cc ‘Taxes are can bea mcertain are problems policies furth tion. He co! “The underly 1 the labor moveme ¢ is the adjust- ment of per . property rights. Any reasonz b'.(‘ man is bound to acknowledge . of the growth of hig specialized forms of labor, which prevents mobility, the introduction of non-owning manag ment between labor and the owners of a business and the huge aggrega- tions of labor w h reduce the in- timacy of the emy 11"\9' and employe, collective bargat may be neces- sary for industrial peace in ma | I am not afraid of what collective bargaining will do to business when it gets into smooth working condi- tion, when b t assume the ness responsi ty of a cont held by bo chip-on-t Y r longer conduct the negotiation: Inflation Is Overstressed. Dr. McClellan said there is no sub- fect on which there is so much mis- conception as there is in prices, money —gold—and inflation. Gold is no fonger a necessary basis for money, no matter how desirable it may be or become. Bankers know better than any one else what a huge proportion of payments are made today without he passage of any money, he said. The talk that inflation is under way is hardly true. When it comes there will be no doubt as to its existence Present Government practices may have an inflationary aspect, but they need not produce inflation. Speaking of war threats, the Potomac Power chief said that in the end war always means losses in profits. In discuss- ing the 30-hour week, the hours of toil must pay for complete sustenance and also for a huge amount of leisure, he said. Some people talk of a stock market | break within the next two years, while others say we are on a steady, per- manent rise. The consumer goods Industries are going strong and likely to continue so. After all, the sus- tenance and wear and tear of 130.- 000,000 people makes a huge total, he asserted. Savings Bank Elects Officers, East Washington Savings Bank | stockholders, at their annual meeting | vesterday, elected the following 15 trustees to serve for the ensuing year: John C. W. Becl, T. Earle Bourne, Charles A. Carry, James A. Donohoe, Gratz E. Dunkum, Lewis Flemer, John Ford, W. P. C. Hazen, Edward B. Hughes, jr.; Francis J. Xane, Morris E. Marlow, Henry H. McKee, William N. Payne, jr.: William F. Simpson and Lambert O. Turner. Officers will be elected at the first <neeting of the new board, Tuesday, June 8. Potomac Power Net Mounts. Net earnings of the Potomac Elec- tric Power Co. in April reached $404,- 933.63, an increase of $76,600.42 over April, 1936, or 23.33 per cent, accord- Ing to the monthly statement filed today with the Public Utilities Com- mission. Operating revenues amounted to $1,195948.60, an advance of more than $39,000. At the same time operat- ing expenses were reduced by $22,- 707.27, leaving net operating revenues of $480,688.11, up $61,847.86, or 14.77 per cent, Gross revenues were more than 14 per cent higher than in April, 1936, while deductions for interest payments were reduced by $16,600.42. ‘The power company made a very fine showing in the first four months of this year, net earnings climbing to $1,763,676.46, an increase of $249,- 865.26, or 1647 per cent. Operating revenues totaled $4941535.87, a gain of $202,927.20 over April of last year. Operating expenses were lower and pected and up- , and when the net operating income up more than 10 ‘per cent. Prev 1937 High. 841y 22% 4% 804 803 160 121 71 9915 148 stock and Low. Dividend Rate. 633, Acme Steel (4) 15 Adams Express b30¢ 214 Advance Rumely _ 674 Air Reduction (t1)_ 11% Alaska Jun (t60¢).. 2% Alleghany Corp 434 Alleg pf ww $30 43% Alleg pf ww $40 43 Alleghany pf xw.._. 35 Alleg Corp prpf___. 314 Alleg Steel (b80c) 21% Aliied Mills (b2) % Allied Mills (b: 15 Alllec Stores (L20c) T8 Allied Strs pf (5)__. 57 Allis-Chalm (b50c) . 4% Amal Leather._ 341 Amal Leath pf (3)_. 90 Amerada Corp (2)_. 2114 Am Bank Note (1) 59 Am Bk Note pf (3)._. 571 Am Brake Sh (t2) __ 125 Am Brake Shpf 5%. 95'% Am Can (14)__ . 50'3 Am Car & Fy (b2, 5c) 72 Am Chain & C bly) 115 Am Chain & C pf 5_. Am Colortype __ '- Am Comcl Al a50c. s Sug b2 N- Am Encaustic. T« Am & Foreign Pwr_., 37 Am & For Pw $6 pf_. 45 Am & For Pw $7 pf_ 16% Am Hawaiian (1) __. 6 Am Hide & Leather. 37'2 Am Hide & L pf (3). 4‘.3 Am Home Pr(12.40). 3 Am lce. . _ 's Am Ice pf (2)_ 3'x Am Interntl (a400) Am Locomotive Am Loco pf (a3) .. 20'3 Am Mach & F (t1)_, 9 Am Mach & Met 60c. 45'3 Am Metals (b25e)__ Am Metals pf (6)__. 815 Am Power & Light_. 43% Am Pw & Lt pf (5).. Am Pw & Lt pf (6) . 20'sx Am Radiator 160c__. 2ol Mill (2) fty Raz (12). '« Am Seating (a2%)_. s Am Smelt & Ref (3). 48 Am Steel Fdry (b1). 1091; Am Steel F pf (T) 19 Am Stores (2) 257% Am Sugar pf (T) 21'; Am Sum Tob (1) 160's Am Tel & Tel (9).. 741« Am Tobacco (5) 74« Am Tobacco B (5 128/¢ Am Tobacco pf (6)—. 1315 Am Type Founders_ 16% Am Water W (80c)- 8% Am Woolen ‘s Am Woolen pflb"). ic & Lead % Anaconda Cop bi5c Anaconda Wire bl Anchor Cap (60¢) _ Anchor Cr.p pf 635 __ 1073 Armour(Del)pf(7) Armour of I11(b35¢) Armstrong Cork(2). 15% Assoc Dry Goods 90 Asso D G 1st pf(6)_. 60 Atch T & S Feqa “Atch T& SF pf(5)_ Atl Coast Lineal)_ 1 Atl Gulf & Wst Ind. 28 Atl Refining (11)_._ 107 Atl Refin pf (4)_. 154 Atlas Corp (80c) .. 217 Auburn Auto.__ s Aviation Corp Del.. Baldwin Loco (d) _ Baldwin Loco pf(d) Baldwinasd (d) __. ~ Baltimore & Ohlo___ % Baltimore & Oh pf_. Bangor & Ar (213) . Barber Co (b25¢) ' Barker Bros Barker Bros pf 2% _. '« Barnsdall (1) 2 4 2 lllxlm\uklslp!(n) s Beatrice Cream t1_. Belding Hemin (1) _ Bendix Aviat'n balc 20% Benef Ind Ln (b%5c) hlehem Steel(bl 12 3lumenthal pf(a21) s Boeing Airplane i’x Bohn Alum & B(3)_. 41% Bon Ami (B) (2%) Borden Co (1.60) . Bridgep't Brd‘!(1)< Briggs Mfg (12) _ % Bklyn-Man Tr (4) __ Bklyn-Man T pf(6)- 4 Bklyn & Queens. 3 Bklyn Un Gas(1.60) 17% Brunswick-Balke 157 Bucyru £ Budd (EG) Mfg 8 Budd Wheel b20c__ 25': Burr Add M (80¢) __. : Butte Cop & Z(aje) . 207 Byers (A M) Byron Jackson (t1). I Campbell Wy (11)_. Canada Dry G Ale__ 121 Canadian Pacific_ 141 Cap Adm (A)(al)_. 347wCarpenter St b1.62 X515 Caterpillar Tr (12) % Celanese Corp bli;. 42 Celanese pr pf A(7). 3612 Celotex Corp (b40c) 31 Cent Aguire (1133)- Ti% Central Foundry___. 18 Central RROfNJ_. 101% Century Rib M b20c. 60 Cerrode Pasco (4)_. (15 Certain-teed pf (6). Chesapeake Crp(3). "% Ches & Ohio +2.80__. 67 Chi & Est 11 pf (4) . 2's Chi Grt West (d) Chi Mil St P&P (d) - 414 Chi M St P&P pf(d) 31 Chi& NW (d)_____ 21 Chi Pneumatic Tool 55% Chi Pn T pf b8T %o s Chi R 1 & Pac (d) _. 6'2 Chi RI&P 1% pf(d). 18 Chi Yellow Cab (2)_ Childs Co 4 hille Copper (b75¢) 1064 Chrysler Corp b33 _ 1874 City Ice & Fuel (2)_ 83 City Ice & F ot 6% 78 Cluett Peabody (3)._ 126 Cluett Peab pf (7)_. 19'4 Colgate-P-P(t50c) _ Collins & Aikn (12). 19 Colo & South 1st pf_ 11% Columb G & El(40c) 111 Col Carb vtc (t4) 56% Comel Credit (+4) __ 100 Comel Cred pf (434) 631 Comel Inv T (14) _ 312 Comel Solv (160¢) - Comw & Southern__ 47% Comw & Sou pf(3) _. 35% Congoleum-Nrn(2). 11's Consol Cigar_______ 8313 Con C pr pf ww 6% _ Cons Edis N ¥ (12)_. 103 Cons Ed N Y pf(5)_. 3 Cons Film _ 9% Cons Laundr! 1414 Cons Ofl (80¢) Cons Textile (d) - 20% Container Corp 1.20. Contain rts June 28. 21% Contl Baking (A) 27 Contl Baking (B)-—. 50% Contl Can (3) __ 9% Contl Dlamond (2)~ 5% Contl Insur (11.60). 39% Contl Oil Del (t1)__ 5475 Corn Prod Ref(t3)_ n Coty Inc 2 11&‘1 Crane Co pf (7) 1462 113 % Crane Co (rights).__ 103! Crane Co cum pf(5). 2913 Cream of Wheat(2). 701 Crown Cork & S(2) . 40 Crn C&S pf xw 2% 17 Crown Zellerb. __ 98% Crown Zell cu pf(5). 9 CubaRRopf __ - 812 Cuban-Am Sugar.... 102 Curtis Publishing... €612 Curtis Pub pf (7)_.. 5% Curtiss-Wright _ 1613 Curtiss-W (A)a50c. 48 Cushman Sons pf__. 19 Davegacumpf1% . 104% Deere & Co = 26% Deere & Co pf 1.40 __ 41% Delaware & Hudson 17 Del Lack & West __ 6's Den & RG W pf(d). Detroit Edison (t4). 3615 2814 Diamond Match (t1, 23 17% Diamond T Mot (1) Bales— Add 00 Hl:h. Low. Close. chge. 72! x. 2% 16% 24 685 2% — 16% 2'% 69% e RO B0 D Oy O e - S 2 S O 9 RS T N N @ @ RN I 10 O @ PO =0T YOI 19% 105 109 10% 635 16y 891y 80 308 50 3 5 1 3 14 139 ¢ 10315 3% 104 +1 S 1 17% 17% 1T% — Net 1% % S2EEE s T FESEF Prev, 1037 High, Low. 29 51 TT% 55 180% 115% Stock and Dividend Rate. 20% Distil Corp Seag... 3814 Dome Mines (12) 13 47% Douglas Afrcraft... 68 45' Dresser (A) (a3) 1 148% Du Pont de N(b2%). 5 112 Duquesne 1st (5)__- 108 151 Eastman Kodak (8)x 6 11% Eitington-Schild___ 21% El Paso Nat G 1.60 _. 34% Elec Auto Lite 3.20_ 9% Eleo Boat (a60c) __ 4% Elec&Mus 1 (al8c) 15% Eleo Pow & Light__. 69 Elec Pw & Lt $6 pf_. 87 Elec Storage Bat (2) 1 Elk Horn Cozl (d) .. 3% Elk Horn Cl pf (d) F5'a Endicott-John (3) _. 4 108% Endicott-Jhn pf(5). 59 Eng P S $5 pt (b5) . 18% Eria R R___ = 24 FErieRR1stpf___. 18% Erfle RR 2d pf___. 9% Eureka Vac (80¢)_. 2413 Bvans Prod (1) _..— 3Y% Fairbanks Co.__. 49'5 Fairb’ks-Morse (1) 511 Fajardo Sugar (b2)- 19% Federal Lt & Trac... 881y Fed Lt & T pf (6) 6612 Fed Min & Smelter 7 Federal Motor(40c). 3214 Fed'd Dept Str(2) _. 36 Fidel Phoenix t1.60. 323 Firestone T&R (2) — 40 First Natl Strs t2%. 2914 Flintkote Co (1) 5% Follansbee Bros(d). 3815 Foster-Wheeler 10 Francisco Sugar._.. 241 Freeport Sulph (1) 26 Fuller Co 2d pfe— 433 Gabriel Co (A).. 22 Gamewell Co. 95 Gannett cv pf (6) 6513 Gen Am Trans bl 1215 Gen Baking (160c) 138 Gen Baking pf (8)_ Gen Cigar (4) s Gen Elec (b40c)._. 36 Gen Foods (2). 113 Gen Gas & Elec(A)- 60 Gen Mills (3)______ 117 Gen Mills pf (6) 70% 54y Gen Motors (b1%) 122% 114% Gen Motors pf(5) _. 9 15l Gen Print Ink b30c_. 3'2 Gen Pub Service __. 413 Gen Ry Signal (1) __ 3 Gen Realty & Util__ 57 Gen Refract (b2)._. 22% Gen Thea Ep(b50c)_ 15 Gillette S Raz (t1)_ 20% Gimbel Bros 41 Glidden Co (12) 414 Gobel (Adolf) 5% Goebel Brew (120c). 31 Goodrich(BF) bb0c_ 7913 Goodrich pf (5) ___ 273 Goodyear T & R bl_ 100 Goodyear cu pf(5)._. 904 Gotham S H pf (7) 3 Graham-Palgi 6! Granby Cons_ 31 Grand Unfon ctfs 19'% Grand Union pf b1y 34% Grant (WT) (11.40) 40% Grt Northernpf____ 19 Grt Northn Ore (1) « 34 Grt West Sug 12.40_ 2135 Grt Wst Sug pf(7)_. 274 Green H L (11.60) 12% Greyhound (180c) . 10% Greyhound pf(55c). & 11% Gulf Mobile & N___. 1315 Hall W F Print 11 25!3 Hamilton W (b65c) x 4 98 Hanna (MA) pf(5). 20» 4 Hayes Body._. 101 Hazel Atlas GI (15) 1 11% Hecker Prod (160c) x 7 Hinde Dauch 21 Hollander & Son(1). 3115 Holly Sugar (12) 336 Homestake (112) 204 Houd-Her B (11%4)_ 12 [ S P Y P oo S3 » [T TR ) e ~Znennne = 105 8 1093 157 302 4313 431 240 #7s Hudson & Man pf. 15'% Hudson Motor_. Hupp Motor 2215 Lllinois Central 12% Indian Refin (al1) 364 Indus Rayon (2) 125 Ingersoll-R'd (b1%) 94 Inland Steel (14) 17% Lnspiration Cop 6% Inter Rap Tr vtc(d) 41 Interchem Corp(f2) 1074 Interchemical pf(6) 11%3 4% Intercontl Rubbe: 2813 16' Interlake Iron. 9ix 5 Intl Agricultur: 63'3 42 Intl Agriprpf(b3)- 189 149% Intl Bus Mach(16) . 1115 99' Intl Harvester(234). 167y 87 Intl Hydro El A 15% 6'y Intl Mercantile M_. 78% 55 Intl Nickel (b1)_. 1613 Intl Paper (A) 10° Intl Paper (B) 5% Intl Paper (C).. 90% Intl Paper pf _ » Intl Ry Cent Am 25 Intl Salt (11%) 42'3 Intl Shoe (12) _ 9% Intl Tel & Tel - 20' Interstat Dp St b2 1 Inter DSrtsJune8 2514 Island Creek (2) 5 Johns-Manv (13) _. 120 Johns-Mansv pf(7). 20 Kans City South___ 3213 Kans City So pf(al). 1613 Kelsey-H A (al1%).. 121 Kelsey-H B (al%) 51 Kennecott Cop b1% x BA 513 Kinney (G R) Co. 47% Kinney pf (al) 21% Kresge (S S) b60c. 34 KressS H (1.60) 19% Kroger Groe (11. 25 Laclede Gas pf. 1815 Lambert Co (2)_ 17 Lee Rubber (50c) .. 1% Lehigh Valley Coal. 9% Lehigh Val Coal pf_ 16% Lehigh Valley R R 33% Lehman Cor'n ___ 6115 Libbey-Ow-F b75c_. 9% Libby McN & L(al). 25% Life Saver (11.60)_. 93 Ligg & Myers (14) . 947 Ligg & Myers B t4 151 Ligg & Myers pf(7). 59 Lima Locomotive 51's Link Belt (12)_ 43% Liquid Carb (2.! 6413 Loew's Inc (12) _ 2'% LoftInec _.__ 50% Lone Star Cem (3) .. 613 Long-Bell Lumb(A) 32 Loose-Wiles (2) 21% Lorillard P (11.20) 138'% Lor{llard P pf (7) __ 19% Louis G&E A b37%¢ 86% Louls & Nash b2%4 _. 291 Ludlum Steel (t1)_. 143 McCrory sStores ___ 1819 McGraw H P b27%e 328 Mclntyre Porcu(2). 311 McKeesp’t Tin Plate 12% McKesson & Rob 42% Mack Trucks (1) 44Y% Macy (R H) (12) ___ 45 Magma Copper (2).. 3% Maracaibo Oil Exp.. 10'4 Marine Mid (t40c)_. 187 Marshall Field ____ 23 Martin (Glenn)._. 7 Martin-Parry 544 Masonite (t1)_. 327 Mathieson Alk (1%4) 51% May Dept St (13) _ 9% Maytag Co (a50¢) 35Y% Maytag pf ww (3) 4315 Maytag xw pf (3) 25% Mead Corp. -———-oo 9313 Mead Corp pf (6)_. T0% Melville Shoe (15)_. 11% Mengel Co 58 Mesta Mach (b2%)- 14% Miami Copper % 271% Mid-Cont Pet (b50c) 122 114 Midld Stl 1st pf(8)_ 96 Minn-Hon Ros (2)._. 108 Minn-Hn R pf B(4). 11 Minn Moline Pow__. 8814 Minn Moline Pw pf. 3% M St P&S S Mlsin_. 25% Mission Corp (b1) 674 Mo Kans & Texa. 24‘/4 Mo Kans & Tex of A Mo Pacific pf (d) 28 Mohawk Carp £1.20_ 85 Monsanto Ch b75¢c 48 Montg Ward (12) 59 Morris& Esx (3%).x 50» % Mother Lodeal23%c. 23 807 Motor Prod (b1%5) _. 3 20% Motor Wheel(1.60)_ 1 40 Mueller Brass (1) 6 90 Mullinspf (7)____.. 10s 27% Munsingwear (3)__. 2 11% Murmy Corp(as0c). 58% Myers (F E) (bl) 17% Nash Kelv (1) _ 85 NashvChat& St 18 Natl Acme (b25e)_. 11% Natl Aviation (1)~ 13134 REIN 13% 641 111% 24% 40 9 15% 28% 113% 114 175 8314 61 e T T S S e - » S 3 =3 [ IOy - ST I T ISl P SR TE PRI - @ [T s 3 s [PIOPQPPS-Jor' -~ 21% Md 00, High. Low. 21% 38% 567 46 154% 113 168 12 243 384 103 4% 16% 61 374 1 Net Close. chge. 21% - % 39 69 46 1565 113 169 12 24%, 394 10% + 47 {8 e | LB I EE] + % + % + g 20% — 40% — 15 884 —1% 28% —14% 12 =3 66% — %4 Prer. 1037 Stock and High. Low. Dividend Rate, 33% 24% Natl Biscuit (1.60). 20 167 145 Natl Biscuitpf(T)_. 1 387 29% Natl Cash Reg (1) 7 26'% 21% Natl Dairy Prd 1.20. 12 112'% 107% Natl Dairy pf A (7). 10s 112 107 Natl Dairy pf B (7). 24% 16% Natl Dept Stores 674 Natl Dept Strs pf___ Natl Distillers(t2 143 Nat'l Gypsum Co___. 3115 Natl Lead (t60c) 171 154% Natl Lead pf A (1) _. 617 48 Natl Mall & S C b50o 14% 8% Natl Pw & Lt (60c)_ 9415 70 Natl Steel (235) 130 121'% Natl Supply pf b1% 1214 7% Natl Tea (60c) . __ 28 Newport Ind(b50c). 40 N Y Central 41 NYChi&StL. 83 NYChl&StLpf. 2 808 NYNH&H (d) . 15 NYNH&Hopf (d)_. 2% N Y Ontaro & W_. 815 N Y Shipbuflding__. 75 N Y Steam pf (6) 85 N Y Steam pf A(T) North Am Aviation_ 2214 North Am Co(b30c) 51% North Am Co pf (3). 977 North Am Ed pf (6). Northern Cent (4) __ 27% Northern Pacific 49 Northwest Tel (3)__ 17'% Ohio Oil (b50c) - - 5315 Oliver Farm Equip_ 1615 Omnibus Corp vtc - 9915 Omnibus pf (8) 33% Otis Elevator b40c_. 14',1 Otis Steel ____ - Otis Stl ev pf (5’»,)_ Outboard Mot b75c 8215 Owens-111 Glass (3) 17% Pacific Am Fish 1.20 Pacific Coast___ Pacific Coast 1st pf_ 4 Pacific Coast 2d . 2814 Pac Gas & Elec (2)_ 41% Pac Lighting (3) ... 30 Pacific Mills (b1)__. 13415 Pac Tel & Tel (8)___ Pac Tel & T pf (6)_. 20% Pac West Oil(a65c). 8% Packard Mot (bl6c). 60 Panhandle P&R pf . 100 Paraffine Cos pf (4) 17% Paramount Pic ____ 20013126 Paramnt 1st pf (). 26% 16% Paramnt 2d pf 60c__ 8% 4 Park Utah 447 3;‘-Iarke Davis(bl H»] 3% Parker Rust (t135). “614 Pathe Film Corp 14’5 Patino Mines(t60c). 3% Peerless Corp ._ 38's Penick & Ford 1b1). 87 PenneyJC) (4) ___ 7 Penn Dixie Cement. 22 Pa Glass ctfs h2ic 39% Penn Railroad (a2)_ 44'¢ Peoples Gas Chi_ 34 Pere Marquette 16% Petrol Corp(A) b4le T Pfeiffer Brew bfuc._. 43'¢ Phelps Dodge b80c__ 1% Phila & Read C & I_ 70 Philip Morris(b3%) 495 Phillips Petrol'm t2 50 Phoenix pf (3%3) __ H » Pierce Ofl pt__ 13 Pilisbury Flour 160 131 Pitts Screw&B blsc. 93 Pitts Steel pf_ - 3% Pitts United 31': Pitts & W Va 24% Plymouth Oil b70c__ 5's Porto R Am Tob A_. Pressed Steel Car__. 2 Proctor & Gam (12) 37% PubSve N J (2.60)_. 114'3 Pub Sve N J pf (6)_. 12713 Pub Sve N J pt (1) 3 Pullman Inc (1%) . 17% Pure Ofl ___ 15% Purity Bak (60c &13 Radio Corp __ 6514 Radio pf A (334) 7% Radio-Keith-Or (d) 14% R R Sec 111 Cent____ 29 Raybestos M (1134) Reading RR (2) .___ Reliable Stores (1) Rem-Rand (biic)__ Rem-Rd pf ww 415 1eo Motor Car. ‘4 Republic Steel 19 Revere Copper 13 Revnolds Met (f1)_. Reynolds Tob B (3) Safeway Stores(t2) St Joseph Ld (12) __ Schenley Dist b1y Schulte R Strs (d) . Scott Paper (b63c)- Seaboard Afr L (d)_ Seaboard A L pf(d). Seagrave Corp.____ Sears Roebuck (3)_. Servel Inc (11) _ Sharon Steel (11.2 Shsrpe & Dohme Shattuck F G (60¢c)_ hell Un O1l (aZ5c). Shell Un Ofl pt 6% _. Simmons Co (b50c)- Skelly Oil (b50c¢) ___ Sloss-Sheffield Stl__ Sloss-Sheft pt (6)__ Smith (A Q) .__ Snider Pkg (b1 4 Socony-Vae (b25c)_ 3% South Am G & P 506, 3312 South Port Sug(12). 2215 So Cal Edison 11%-. 10974 28% 49 31 43% 4013 0 105% 5% 60% 197 1)4\ Add UD High. 2474 Low. Close. chn. 243, 24% — % 1531 151‘4 4'4'/: 824 33% 22w 22% 108 108 109 65% 43% 6014 10415 914 23% . 34u Prev, 1937 High. Low. Stock and Dividend Rate, 424 Southern Pacific.. 24 Southern Ry__ 45 Southern Ry pf _ 98 Spang Chal pf (b6)_ 5% Sparks- Withing 17 Sperry Corp vtc(al) 2814 Spicer Mfg (a3) 195 Splegel, Inc (1) 8174 Spiegel cum pf( 37% Square D (B) b25¢c 12% Stand Brands(180c) 7' Stand Com Tobac _. 5% Stand Gas & El (d) - 15 Stand G&E $4 pf(d). 40% Stand Ol Calif(11). 2 tand Ol Ind (11)__ 634 Stand OII N J (t1) __ 3415 Starrett (SS) (b2'3 17% Stewart-Warn t50c. 147 Stokely Bros (t1)__ 19 Stone & Web(a25c). 13Y% Studebaker Corp __ 407 Superheater (113) 414 Superior O1l_______. 23% Swift & Co (11.20) . 30 Swift Internatl (2) 15% Symington ww bl0a. 117 Symington xw bl0c. A Bales— d 00. High. Low. Close ch(e Bl% 49% 5liy + Ay 3T 36% 37 + A 4815 4815 + 1% 80: 50 Talcott x 1001 99 3174 49'% 1914 64'% 16% 23 22 1 21'g -Cor 8 33% 20th Cei 100%4 91t 111 95 2814 pELEN 7613 Und-El 11°% United 1815 Utd Dy 46'3 Utd En 77 United 12% Utd Gas 61y 10 84 Sm 150 169 147 9 S Tot nit St 1'3 Vadsco * 26 41% Vick Ch » Va-Car 51 Va-Car 108 34 43 87 92 Wavne West P West Py 813 Westers Tia Wester: 90 38 99 Wheeli 4'« Wilcox 84, Wilson 683 Wrigle: 0'x Yellow « Young 5% /on)le 11:00 A 1:00 P.M.__ not d Companies X Ex dividend. 244 Vanadium Corp_ 62 W'n Auto Sup 1.60 Wheel Steel pf b21 17 Wihite Motor 14% White Rk M S(1.40) 4y White Sewing Mach 27'3 White Sew Mch pf__ | Approximate Sales of Stocks on ~-300,000 Total Sales for the Day D"D:vmzrd rates as given 1o 'ments based on the iatest -yeariy decla s Unit of trading less th. 10 ST inciuding extras. oh R reported J)pft2% . 10% Tenn Corp (albc) 50% Texas Corp (%) 6% Texas Gulf Prade _ 3515 Texas Gulf Sul (12) 11% Tex Pac C&O bl0c .- 10'; Texas P L T (allc). 4 Third Avenue Thomps'n Prod bilo 5'4 Thompson Starrett. Thompson Star pf . 4 Tide Wat As Oil 800 mien-Detroit(11) 2 Timk'n- Transamerica t40c . 4 Trans Wst Air aZic. Roll Brg(3) vl (b25e) o nt Fox b50c. 913 Twin City R T o 1674 Twin Coach (b15c)— 1-Fish b13, __ Union Bag & P (2) .. Union Carb (3.20)__x 4 Union Oil(Calif)1.20 263 Union Pacific (6) 40% Union Pacific pf(4). ¥ Utd Aircraft(as0c)_ 4« Utd Alr Lines aZ0c_. 2 Utd Biscuit (1.60) « Utd Carbon (4) 4'; Utd Corp (aZ0e). 37% Utd Corp pf (3) Drug (b25c). ewood (1) 5% Utd Elec Coal B & Fy (t2) Fruit (13)_ s Imp (1) _ nit Paper’bd b3oc 11% U S Distributing pf_ 17 U S Freight (11) 1052 U SGYp<um (12).. 2% U S Indus Alcohol - « 1] S Leather(A)vtc_ 51'3 U S Pipe & Fdry(3). U S Realty & Imp_. 44% U S Rubber__ S Rubber 1st pf - elting (b4) el hacco pf (7). k Yds (50c)— 37s Utd Stores (A) ____ 25 Utl] Pw&Lt (A)(d). Sales Corp_. hemical (12). Chemical C6% pfbllg Va El & Pw of (6) _ 6'¢ Va Iron Coal&Coke - 31s Wabash (d) 9 Wabash pf (A)(d) 42'3 Walker (H) (2)_ 11« Walworth Co 5's« Ward Baking (B)_. 11's Warner Bros Pict _ tu War‘ner-Qu!nlanld) 6% Warren Bro. Pump (2) 2 Wesson O&S (130c) enn El pf(6) enn El pf(7) n Maryland_ n Pacific pf 54'« Westn Un Tel (3)__. 417% Westingh'se A B(1) 130% Westhse Elec (b2) _. 2913 Westvaco 5%pf 115 Wheel & Lake Erfe_ 30 108 45% 102 ng Steel Oil & Gas & Co (50c) 44'c Woolworth (2.40) y W ir (13) 487% Yale&Towne(160c). Tr & Coach_. Spré& W(r3). 2 \lensml (bTic) Radio (b1) Produets. the N. Y. Stock Exchange. Noon.__ - 210,000 2:00 P.M - 7 550,000 the above table are the a; S| quarteris or half-; e Tadng = a Pald last year b Paid tl',‘ r. t 0 recelvershid or being reorganizes NEW YORK COTTON By the Associated Press. NEW YORK, June 3.—Cotton sagged slightly today under July liqui- dation and scattered selling promoted by favorable crop advices from fthe South and nervousness over the Eu- ropean political stiuation. Selling was not active and when the market encountered trade price fixing and covering, prices rallied partially from the lows in midafternoon. October, which had dropped from | 12.70 to 12.59, sold at 12.63. with prices | generally 6 to 8 points net lower. Futures closed steady, b to 7 July October December January March May Spot_aujet: n—Nominal. lower. middling, Cottonseed Bleachable cottonseed easy. 1 to 10 lower: . Sajes incliiding, a0 switchies 9.90: ~Octobi January, unh DOLLAR GOES HIGHER IN LONDON DEALINGS | By the Assoclated Press. LONDON, June 3.—As the result of buying with the proceeds of de- hoarded gold, the United States dollar gained 35 cent in foreign exchange | transactions today. Closing quotation was 4.92'4 to the pound. In compari- son, yesterday's final New York ster- ling rate was $4.923 A record offering of £2,533,000 was made in the gold market and absorbed, for the most part, by official exchange control funds. French francs closed at 110.59 to the pound, compared with 110.63 yes- terday. PARIS, June 3 (#)—Rentes, 3 per cent, 62 francs 75 centimes; 415 “A,” 67.90; 415s 1937, 92.30. Exchange on London, 110.62. dollar was quoted at 22.4825. The CHICAGO TRADE BOARD TO PUSH REFINANCING By the Associated Press CHICAGO, June 3.—Board of Trade members voted overwhelmingly yes- terday to assess themselves $150 each for the next four years to carry out a refinancing program for the $10,218,000 first mortgage on the exchange’s towering building at the foot of La Salle street. Kenneth S. Templeton, president, said the program will save $1,700,000 over the period to 1948 when the mortgage is due, Auto Sales Set Record in First By the Assoclated Press. | DETROIT, June 3—Retail sales of | 1.502.963 passenger cars and trucks | topping the record of any previous | corresponding period in the motor | car industry, were reported today to sociation meeting here. The figures do not include sales of the Ford Motor | | Co., only producer not a member of | the association. The association re-elected as its | president Alvan Macauley, president of the Packard Motor Car Co. Highest previous in the first four months of any year, the association members reported, was 1,480,031 units in 1931. sales were reported as 13 per cent above those for the same period in 1936. | Alfred P. Sloan, jr., chairman of the board of General Motors Corp., was | elected first vice president of the as- sociation and William S. Knudsen, | General Motors president, was named | to the A. M. A. Board of Directors. C. & E. I. INCREASES CASH BALANCE SHARPLY Ey the Assocrated Press. CHICAGO, June 3—C. T. O'Neal, the annual meeting the road had a cash balance on May 26 of $2,435,816, a gain of $1,461,498 over last year. The company is in the process of re- amended bankruptcy act. The road’s net railway operating in- come in 1936 was $1,658,301, O'Neal said, the largest since 1929. Operat- ing revenues the first four months of 1937 increased $474,000, or 9.1 per cent, compared with the correspond- ing 1936 period, and net railway op- erating income increased 90 per cent to $636,855. STOCK INCREASE VOTED. NEW YORK, June 3 (#).—At a spe- cial meeting today stockholders of Allis-Chalmers Mfg. Co, voted to in- crease capital stock authorized to be issued by 162,000 shares of $100 par preferred and 500,000 shares of no-par common. Four 1937 Months | during the first four months of 1937, | ©! the Automobile Manufacturers] As- | This year's | president of the Chicago & Eastern | Illinois Railway, told stockholders at | organization under section 77 of the! CHICAGO GRAIN By the Assoctated Press. CHICAGO, June 3 —Wheat prices bobbed above and below Yesterday's close in nervous fluctuations today and wound up with two contracts sl ghtly lower, Pams in the Southwest and weak- ness of foreign markets offset reports of sever duststorms in some Canadian | Spring wheat sections. July rye lost | more than 4 cents, due to selling at- tributed largely to favorable crop prospects, Wheat closed !} higher to 7 8 lower, July, 1.0975-1 10's; September, 1.087 \ 091, and corn was *al3s down; July, | new, 1.22';a33; September, 1.08- 0815 Oats were unchanged to Sg lower. WHEAT—— Open. Hieh. 1. s July L1 001 a0 I e 1015 1/083; 1.087a-00115 LIL" 111% 1.10% 1.1075-11 CORN-— | July. new 1y’ old September 1 083 1005 1 ¢ Décember 707, 8012 DPATS — July September Dcmnmr 192 12314 1.20% 1001, 1.20] {aufy> | October | December | RYE— | Juiy | September December | - LARD— July Sept. October December BELLIES— uly Sept 17.00 Chicago Cash Market. Cash wheat, no sales. Corn, No. 4, mixed, 1.27; No. 1, yellow, 1.30; No. 2, | vellow, 1.29-30; No. 3, yellow, 1.28-29; No. 4, yellow, 1.271.; No. 5, yellow, 1.27!5; No. 2, white, 1.30; No. 4, white, 1.2712; sample grade, 1.22-24. Oats, No. 1, white, 51; No. 2, white, 5012a51: No. 3, white, 49-49%;; No. 4, white, 481;; sample grade, 45. ‘ No rye, no buckwheat. Soy beans, No. 2, yellow, 1.551. Barley, feed, 65-70; malting, 1.00-15. | Timothy seed, 4.25-50. Clover seed, 23.00-30.00. Baltimore Quotations BALTIMORE. June 3 (# —Wheat. No. 2 red Winter. earlicky, spot, domestic. 1.38%; June. 1.38'; 00 Winnipeg Prices. WINNIPEG, June 3 ).—Grain range oday . Prev. Close. July 3 1105, October B 1.12% ATS— Joly=s United Alrcnrt Corp.—Common share earnings, 12 months ended March 31, were 91 cents. EXE| STOCKSTEND UP AT END OF SESSION Selected Motors, Rubbers, Rails, Aircrafts and Spe- cialties Favored. Stock Averages g 15 15 60 Indys. Rails. Util. Stks Net change. +.2 1 Unc. +.1 Today, close 91.8 Prev. day_.. Month ago Year 1937 1937 1936 1936 1932 1929 1927 42.7 426 46.7 340 495 378 435 30.2 434 8.7 239 -146.9 153.9 184.3 15 - 516 953 618 6 418 418 442 60.1 464 605 54.0 .3 40.9 53.7 66.9 66.0 54 28 85.7 6.9 7.7 18 (Compiled by the Assoclated Press.) BY VICTOR EUBAN Associated Press Financiai W NEW YORK, June 3.—Late feeble rallying tendencies appeared in today’s stock market with selected rubbers, aircrafts and specialties 'a ed ‘The recovery pace dragged notal 1es were able to show gaing re than a point in the fin, There wa much ahead of ke session athetic in ound 6 to wilt t and in were fe strike ‘ending pecul okers said, he stecl out. Offse | was the apparent eas tension and the contin | factor. ings reports rmA;'\ nece of satise ufact rcial planes wers a new peak rcraft was prom en new ibstance of line w Posting plus signs before the close— some gave ground in the final few minute: ere United States Steel, Youngstown Sheet & Tube, Bet} General Motors, Y. Goodrich, Goodye. tes Rubber, Central Rail Atlantic Coast lr; W Pacific, v York Steam s. Union nd Sears Roebuck even to a bit General >ctric, Con . American Smelting and Cerro de | Pasco. Washington Exchange SALES. ional Bank of Washington—8 at 0. Mergenthaler 10 at 462 Linotype- +, 25 at 4634, AFTER CALL. & Guaranty 100 at 5'; 65 10 at 467, Power 513% pfd.— 5s, 1958—$1,000 at Bid and Asked Prices. BONDS. PUBLIC UTILITY | Wath: B85 2% 1E M | Chevy chase C W. M. Cold S STOCKS. PUBLIC UTILT T COMPANIES _(e8) 200 308 | 32 1.08-0815 | An 81s 7 TITLE 1 NSURANCE. | Columbia (.30) Real Estate () | | Carpel Lanston Lincoln Serv Lincoln Mergenthaler e Dr St com. D Wawd, & Loth. ‘pid. *Ex. dividena. +Plus_extra DIVIDEND IS ORDERED BY DUTCH PETROLEUM By the Associated Press. THE HAGUE, June 3.—Royal Dutch Petroleum Co. declared a final divi- dend of 11': per cent, making 163 per cent for the year, as compared with 1012 per cent previously. Based on the 100 florin par value subshares on deposit in New York, against which “New York shares” have been issued at the rate of three for one, making their par value 33! florin, the dividend would amount to 3.83 florins, | or $2.11, based on Wednesday's closing foreign exchange. STOCK IS LISTED. NEW YORK, June 3 (£).—The New York Stock Exchange today admitted to the list Wayne Pump Co. capital stock, $1 par, and Western Auto Sup- ply Co. common stock, $10 par value, )