Evening Star Newspaper, July 2, 1937, Page 18

ok FINANCIAL. THE EVENING STAR, WASHINGTON, D. C. FRIDAY, JULY 2, 1937. FINANCIA FLEMNG RS [TRANSACTIONS ON THE NEW YORK STOCK EXCHANGEISTIKS NOIE UP J0TH ANNIVERSARY FRAGTIONS T0 §i Low. Dividend Rate. Ald 00. mn. Low. Close. chse. | High. Low. Dlvldfl u-u AM oo‘ Bigh. 5 16 + % 6! 34 Started Brilliant Banking Short Covering in Some Prev. 1037 Btock and lllh. Low. Dividend Rate 40% Southern Pacifio.. 24 Southern Ry. 37% Southern Ry pf._.. 6% Spalding (A G) - 96'% Spang Chal pf (b9) 5% Sparks- Withing . 16 8perry Corp vtc(al) 19% Spiegel, Inc (1) ____ York markets a Stock snd Dividend Rate 15 Adams Exp (b30c)_ 28 Addressog'ph bé0c._. 6414 Afr Reduction (t1). 2% Air-Way Electric. Alaska Jun (160¢).. 2% Alleghany Corp 34'5 Alleg pf ww $30 uv Close. e.hn 3% + 14 268% + % 6% + % 23% +1 3% — % 6% + 14 911 +1% Afld oo, High. Low. Close. enn 20 42% 431 + % ki 2814 30 40% Bales— 4dd 00. High. Low 3 16% 16% 30 30 0% 69% 2l 24 1% 1% 2% 2% 3T 37 Close. ohu. 16% + % 30 +1 0% + % 2% + % 1% + 3 2% + % 37 +1 43% 60% 117% 104% 9%, 23% 28% +1 7 - 96'% 5% 17% 207 8 o 13% Del Lack & We! 2% MStP&SS Mislin. 120s 26 Diamond Match ('l 28 28 +l 28% Mission Corp (bl).. 8 34 Diamond Mpf(t13%) 3% + % 5% Mo Kans & Texas... 17 +1% Career on July 1, 1907, as Riggs’ Runner. BY EDWARD C. STONE. 14% Diamond T Mot (1). 21 MoKans& TexpfA 21% + % Just 30 years ago, on July 1, 1907, to 20% Distil Corp Seag .. 3 Mo Pacifio (d) . 3% + 4% be exact, Robert V. Fleming started 34 Dixie Vortex A 2% _ 6 Mo Pacifiopf (d) .. 35 Doehler Die Cast(2) 36 — % 85 Monsanto Ch (b1).. 39% — % his financial career as a runner in the Riggs National Bank. He was 17 years 3814 Dome Mines (12)_.. 48 Montg Ward (12) ._ 47% Douglas Afrcraft old, possessed a leaning toward banking and was extra ambitious. In less than 20 years he had ad- vanced to the presidency of the bank and since that time has served as presi= dent of the Amer- {can Bankers As- #ociation, the highest honor that can be be- etowed on any financier in this country by his fellow bankers. His career as a bank messenger was short and he was soon assigned to various clerical positions until 1916 when he was made assistant cashier. He became cashier and secretary of the board in 1920, vice president and cashier in 1921, first vice president in 1924 and president in 1925, which po- sition he now holds. Always keeping in closest touch with every department of the bank, he has also found time to serve many corporations as a director and to ren- der valued civic service to the com- Robert V. Fleming. munity. He is a director of the Chesa- | peake & Potomac Telephone Co., Po- tomac Electric Power Co., Metropoli- tan Life Insurance Co. of New York, Acacia Mutual Life Insurance Co., former president of the Washington Board of Trade and of the District Bankers' Association; is treasurer and tife trustee of the Corcoran Gallery of Art, official of the National Geo- graphic Society, treasurer of the United States Chamber of Commerce and the National Symphony Orches- tra Association. ‘His accomplishments in three dec- ades read like a story book. And Mr. Fleming is still a young man in action end only middle-aged in years. New Investment Head Named. ‘Washington members of the Invest- ment Bankers' Association have been notified that Francis E. Frothingham of Coffin & Burr, Boston, has been nominated for the presidency of the association, subject to elec- tion at the an- nual meeting at £ White Sulphur Springs, W. Va,, next November. Nomination al- ways means elec- tion. During the World War he was well known in Washington as he served as head ¥e B Frothineham. of e public util- ities division of the War Finance Corp. Educated at Harvard, class of 1894, he entered the engineering field and at one time was connected with Stone & Webster. He is now president of the Arizona Edison Co. and the Miami Bridge Co. Mr. Frothingham has been active in the Investment Bankers' Association 34 Alleg pf ww $40 40 Alleghany pf XW ... 30% Alleg Steel (b80¢) ... 253!41 215 Allied Chem (6) ... 334 217 8319 39% 874 1147% 101% 41% 80% 121 174 71 567% 143% 187 l (7'1 117w 14% 13 A5y 65Y% 358 39 for more than 20 years. He has often appeared before congressional commit- tees in utility matters. Hohenstein Made Director. Owen Hohenstein, member of the Yeal estate firm of Hohenstein Bros., 652 H street northeast, has been elected a director in the Columbia Building Association at 716 Eleventh Etreet northwest, it was announced today. He has been in the real estate business in Washington more than 20 years, is & member of the Real Estate Board, and has done a large emount of property appraising for wvarious financial institutions, including the Home Loan Bank. The new di- rector is 8 member of the Columbia Country Club. The building asasociation also an- nounced today that the directors have declared the regular semi-annual dividend of 4 per cent, payable as of June 30. Officials say business was highly favorable in the first half of 1937, MoLachlen Bank Decorated. ‘The branch office of the McLachlen Banking Corp. at Twelfth and Mary- land avenue southwest has recently been given a strikingly artistic atmos- phere by the addition of a copy of the famous painting ‘“The Abduction of Pocahontas.” The picture is 6 feet by 11 and was painted by Royal Stedman of the U. 8. Department of Agriculture after the original painting by Gerome Ferris. He worked about a year in completing the ‘'work, which has re- ceived a great deal of most favorable comment from patrons of the branch, according to President Lanier P. Mc- Lachlen. The wall space lends itself particularly well to the addition of this piece of high art. D. C. Bankers Get Diplomas. Four Washington bankers will be in the first class to receive diplomas from the Graduate School of Banking at Rutgers University tonight. They are George M. Fisher and Ralph Endicott of the Washington Loan & Trust Co. and H. T. Bisselle and R. L. Haycock of the Riggs National, Very elaborate graduating exercises have been planned. The address will be delivered by Dr. Francis P. Gaines, president of Washington and Lee University. Weekly Bank Clearings Advance. ‘The Washington Clearing House re- ports that clearings for the week end- ing June 30 amounted to $29,165,544.73, ps compared with $24,556,000.26 in the previous week, a gain of 18.7 per cent. Clearings also revealed an in- crease of 7.9 per cent over the corre- pponding week a year ago. The Washington offiees of New ¥ork Stock Exchange firms were pre- paring for the three-day holiday to- day. It will not be a complete holiday tomorrow, however, as some of the brokers will be on the job because the Chicago Grain Exchange is open as usual. They will keep just skeleton forces on duty. Governors of the Washington Stock Exchange announced today that the @xchange will be closed on Monday. 3t will be closed tomorrow on the regular Summer schedule. Mergenthaler Sells at 41. Mergenthaler Linotype stock sold at 41 on the Washington Stock Ex- ehange today, a new low for the pres- 176% 129% 100 Alv 48% 12% 107% 41% 24% 863 23% 82 63% 9015 32% 20 Allied Mills {b2) ... 16 Allled Stores (b20c) 57 Allis-Chalm (bl) __. 23 Alpha Port Cmt (1). 4% Amal Leather ___ 80 Amerada Corp (2) ... 83 Am Ag Ch Del b214. 20% Am Bank Note (t1)_ 57% Am Brake Shb1% _. 90% Am Can (t4) 152% Am Can pf (7) _ 46 Am Car & Fy (b25e) 28 Am Chain & C b50c.. 13% Am Colortype 20% Am Comc) Al a50c.. 25 AmCrys Sug b2¥% _ 8812 Am Crys S 1st pf 5% Am Encaustic 6'3 Am & Foreign Pwr . Am & For Pw $7 pf_ 573 Am Hide & Leather. 121 Am Interntl (a40c)- 37 Am Locomotive 183% Am Mach & F (t1) __ 7% Am Mach & Met 60c. 43% Am Metals (b25c) 7 Am Power & Light_. 40" Am Pw & Lt pf (5)_. 9% Am Pw & Lt pf (§)_ 18% Am Radiator t60c. 31% Am Roll Mill (2) 26% Am Safty Raz (12)_ 22!y Am Seating (b25¢)_ 417 Amshipbldg (12). 79% Am Sm & Ref (3) _. 48% Am Steel Fdy (b1)_, 157y Am Stores (b1%) 37 Am Susar Ref (2 124'x Am Sugar pf (7) . 159% Am Tel & Teles (9) . Am Tobacco (5) . Am Tobacco (B) 5. 12814 Am Tobacco pf (6) 11% Am Type Founders. ter Wks 80c Am Wat W 1st p (6) Am Woolen pf (b2) 6% Am Zine & Lead 47% Anaconda Cop b 18 Anchor Cap (60c) 18 Andes Copper__ 5'a AP W Paper __ s Archer-Dan-M(12) 106 Armour(Del)pf(7) 7 Armour of [11(b35c) 57' Armstrong Cork(2) 11 Arnold Const bTsc.. 8% Artloom Corp « 15% Assoc Dry Good: 92 Assoc Inv pf ww (5) 6915 Atch T & S Fe (b2) < Atl Coast Line(al). 7% AU Refining (11) 07 Atl Refin pf (4) 5 Atlas Corp (80c) 6815 Atlas Powder bl 13'2 Auburn Auto 5% Aviation Corp Del _ 4% Baldwin Loco (d) - 4% Baldwin asd (d) _. 7312 Baldwin pf asd(d)_. 20% Baltimore & Ohlo _. 273 Baltimore & Oh pf__ 7% Barber Co (b25¢) __. Barker Bros _ 313 Barnsdall (1) _ 137 Bayuk Cigar t75 11% Belding Hemin (1) 184, Bendix Aviat'n bj0c. 20% Benef IndL bl Bethlehem Steel(bl Beth5% of (1) . Black & Decker (1). Blaw-Knox (b45c) - Bloomingdale b85c_ 7's Boelng Afrplane Bohn Alum & B(3)_. 41% Bon Ami (B) (2%)_ 21'3 Borden Co (1.60) 3873 Borg-Warner (2) Bridgep't Brass(1)_ 914 Briggs Mfg (b13z) _ 39 Bristol-Myrs t2.40 18'3 Bklyn-Man T (b2134. 653 Bklyn-Man T pf(6) 26% Bklyn Un Gas(1.60) 16% Brunswick-Balke 143, Bucyrus-Erfe 102% Bucyrus-E of (7) 75 Budd (EG) Mfg 7% Budd Wheel bz 30% Bullard Co (b50c) 50'% Bulova Watch (t4). 2213 Burr Add M (80¢) _. 15 Bush Terminal deb_ 127 Butler Bros (60c)_- 28 Butler pf (1%) ___. 4's Butte Cop & 7 (abc) .. 17 Byers (A M) 25% Byron Jackson (t1) 2% Callahan Zinc-Lead 12 Calumet&Hec b75c.. 24 Oampbell Wy (11).. 2315 Canada Dry G Ale__ 36 35 36 .’{5 36 +1 35 =5 159% 129 Dow Chemical (13)- 39'% 24'% Dresser B (al1) 344 6 231y 228 8 218 15 17% 60 6214 23% 4% 8612 34% +1% 281 +17 21% + 4% 17% + % 62 +1% 23% — % = 86Y 89 20% 61l 9% 157 49% 29 143 21% 26% 90 T T 50 T 108 115 17 9 10 4 9 14 55 Canada South (3)__ "Sfll 124 Canadian Pacific 96 Car Clin & O stp (5) 6% Carriers & G (b10c) 138 Case(J )Co (4) 112 Case(J I)Co pf(7)_. 85 Caterpillar Tr (+2) 26% Celanese Corp b1%. 36% Celotex Corp b40c__ 614 Central Foundry 96 Cent I1] Lt pf(43%4) - 18 Central RRof NJ_. 11 Cent Violeta Sug. 60 Cerro de Pasco (4) 11% Certain-teed Prd___ 4814 Certain-teed pf _ 35% Champion P&F b1 67 Chesapeake Crp(3)_ 50% Ches & Ohio 12.80. 2 Chi Grt West (d) 7% Chi Ind & L pt (d).. 241 Chi Mail Ord 1% 1% Chi Mi] St P&P (d) _ 3% Chi M St P&P pf(d). 3 Chi&NW(d). 9% Chi & N W pf (d)___ 21 Chi Pneumatic Tool 2 ChiR1&Pac(d) _. 37 Chl RI&P 6% pf(d). 413 Chi RI&P 1% pf(d) 14 Chi Yellow Cab (2)_ 15% Chickasha Cott'n Oil 9% Childs Co 94 Chrysler Corp b3%_ 17% City lce & Fuel (2)_ 80 City Ice& Fpf 6% 6% City Stores . ____ 35 Clev Graph (b1) _ 23% Cluett Peab'y b25c #s Cluett P rts Julyl5. ¥4 12212 Coca-Cola (12) 13% 17% 10% 15 13% 52% 378 5% 69%4 42% 37 47% 35% 7 % 10% 121 10! 137! 104% Deere & Co ent year, Only four shares changed hands, 17% Colgate-P-P(¥50c) 474 Collins & Alkn (2). 31 Col Fuel & Lron(bl) 15 Colo & Southern 10 Columb G & El(40¢c) 2815 Columb Pio vte (1) 111 Col Carb vte (14) ... 56% Comcl Credit (t4).. 631 Comel Inv T (14) ___ 13 Comel Solv (t60¢). 2 Comw & Southern._. 46 Comw & Sou pf(3) 13% Conde Nzst Pub 34 Congoleum Nrn(2)_ 19% Consol Aircraft___. 31% Cons Edis N ¥:12)_ 991 Cons Ed N ¥ pf(6)— 2% Cons Film _ ______ 9% Cons Laundries 14% Consol Ofl (180c)_ 4% Cons R K Cuba pf__. 5 Cons Textile (d) __. 814 Cons Coal(Del)vte 33 Cons Coa) Del vtc pt 20% Container Corp 1.20 21 Cont) Baking (B) .. 50 Contl Can (3) 35% Contl tnsur (+1.60). 2 Contl Motors _. 39% Contl Oil Del (t1). 25 Contl Steel (1) 621 Corn Ex Bank (3)._. 5473 Corn Prod Raf('l) x 12 6 Coty Inc 40 CraneCo R 1131% Crane Co pf (7) 57 100% Crane Co cv pf (5 68 Crown Cork & S(2). 16% Crown Zellerb ... 61 Crucible Steel . oen.. 1% Cuba Co 9 Cuba RR pf % Cul 814 Curt! 71 Curtis Pub pf (7). 5 Curtiss-Wright __ 16% Curtiss- W (A)a50c. 19 Davega cum of 1% 99% Dayton P&L pf 4% 31% 25Y% Deere & Co pf 1.40_. 29 58% 83 Delaware 177% Deisel-Wem-G(t1)_ Hudson 4 { 9 7 11617 108 115 6 91 25 367 2 4 T 608 971, 1 20 113 56 97 3 17T 90s 81 1 % 1 40% 20 56 11% 2 29% 2 120 308 27 2 8 3 13 85 3 108 61% 6% 41 116% 7 1034 73 18% 62 18% 19% 120! 102'5 14 133 1 264% 2 184 7 36 3854 36 1% 180% 1% Duluth S S & Atl 148% Du Pont de N(b2%). 135% 130% DuPont deN deb(6). 17 175% 3T 45 413, 1073 62l 46% 54'¢ 18%, 324 9% Eastern Roll Mills._. 151 Eastman Kodak (8) 29 Eaton Mg (2) - 343 Elec Auto-L b1.40. 9% Elec Boat (a60c) _- 4% Elec&Mus 1 (a18c) 14% Elec Pow & Light . 5814 Elec Pw & Lt $6 pf 62 Elec Pw& Lt $7 pf_ 3214 Elec Storage Bat (3! 3 EIk Horn Cl pf (d) .. 215 El Paso Nat G 1.60.. 4% Equitable Office B__ 13% Erfe RR__ 1913 Erfe R R 18t pf 14% Erie R R 2d pf 75% Erie & Pittsb'gh 313 T4 Bureka Vacuum___. 18 Bvans Prod (t1) 3 Fairbanks Co 4914 Falrb'ks-Morse (+1) 4513 Fajardo Sugar (b2). 64 Federal Motor(40c). 3 Fed Water Sve A 311 Fed'd Dept Str(2) Fidel Phoenix 1.60. Firestone T&R (2) . 101% Firestone pf A (6) - First Natl Strs t2% % Flintkote Co (1) 375 Foster-Wheeler 77 Francisco Sugar .. 241 Freeport Sulph (1)_ 117 105% Freeport Sul pf(6).. 73 4815 131 an ]f\i 105 17% 8 | 1093 100 157 155 136 841 110 5% 103 43% 2 42% 122 120 124 16% 11 120 45 Fuller Co prpf . 25% Fuller Co 24 of -~ 11% Gair (Robert) _ % Gair (Robt) pf (3)_ Gamewell Co ... Gannett cv pf (6) . Gar Wood Ind b25c. n Am Inv(a75c) n Am Trans bl en Baking (160c) - Gen Bronze Gen Cable 1121; Gen Cable pf (a7)__. 3415 Gen Clgar (14) 49% Gen Jlectric (bS0c). 36 Gen Foods (2) 1'; Gen Gas & Elec(A). n Motors (b134) - Sen Motors pf (5) 314 Gen Pub Service _ uu Gen Ry Signal (1)_. Gen Realtv & Util__ Gen Realty & U pf-. Gen Refract (b2) ___ Gen Steel Cast pf . Gen Thea Ep(b30c). Gen Time Instru 1. Gillette S Raz (+1)_ Gillette S R pf (5)_. Gimbel Bros Glidden Co (12). Gobel (Adolf) ____. " Goebel Brew (t20c). Goodrich (BF) b50c.. Goodyear T & R bl _ Goody'r T&R pf(5) Gotham Silk Ho: Graham Paige N 2 Granby Cons Grand {nion ctfs Grand Union pf b1% Granite City Stl(1) Grant (WT) (+1.40) 40%« Grt Northern pf ___ + Grt Northn Ore (1) Grt West Sug +2.40_ Grt Wst Sug pf(7)._. Green H L (+1.60) Greyhound (t80c)_. Guantanamo Sug-- s Hamilton W (b6c). Hamilton W pf (6)- Hanna (MA) pf(5) Hat Corp of Am 80 Hayes Body _ Hazel Atlas Gl (15) Heckers Prod (160c) Helme (GH) (t5) Hercules Motor(+1) Holland Furn (b1) _. Hoiland Fur pf(5)_. Hollander & Son(1) Holly Sugar (b23). Homestake b37 e . Houd-Her B (1134)_ Household Fin (4)_. Houston Of] vte _. Howe Sound (13) . Hudson Motor Hupp Motor 11linots Centr 11l Cent 1s In (4) Indian Refin (a1) Indus Rayon (2) . Ingersoll-R'd (b1%) Inland Steel (t4) .. Inspiration Cop Insur Sh Md (b10c). Intercontl Rubber_. 2 Interlake Iron Intl Agricultural 3 Intl Bus Mach(16) _. Intl Harvester(214) Intl Harv pf (1) .. Intl Hydro E1 A .. Intl Mercantile M_ . Intl Mining (b30c)- Intl Nickel (b1) Intl Nickel pf (7). Intl Paper (A). * Intl Paper (B) ceeee Int] Paper (C) mmme % Intl Paper pf _ Intl Ry Cent Am Intl RyC Am nf A_ Intl Salt (t1%) Intl Tel & Tel Interstat Dp St b2% Island Creek (2) _ Johns-Manv (13) Jon&L 7% pf b3% . isans City South Kans City So pf(al) 123 Kelsey-H A (al%)_ 91, Kelsey-H B (a133) . 51 Kennecott Cop b1% 14% Keystone S&W b3l 5 Kinney (G R) Co. 47Y% Kinney pf (al) 34% Kinney(GR)prpf5. 20% Kresge (S S) bé0c _ 18 Kroger Groo (11.60) 15% Laclede Gas (St L). 18% Lambert Co (2) 17 Lee Rubber (b1) 32 Leh Port Cmt 1% 1% Lehigh Valley Coal.. 8% Lehigh Val Coal pf_ 134, Lehigh Valley R R 36 Lehman Corp'n(t1) 14% Lehn & Fink b62%¢ 4013 Lerner Stores(12). 59% Libbey-Ow-F b75c_ 9% Libby McN & L(a1) 94% Ligg & Myers B t4_. 18% Lily Tulip (+1%)__. 51% Link Belt (¥2) _._ 6415 Loew’s Ine (12) ___ 105% Lioew’s Inc pf(634). 1 Loft Inc 50% Lone Star Cem (3) . 5% Long-Bell Lumb(A) 281 Loose-Wiles (2) __. 20 Lorillard P (+1.20) 129% Lorillard P pf (7) - 8215 Louis & Nash b2%5_. 29% Ludlum Steel (t1)_. 24% McCall Corp (12) 161 McGraw H P bd2%cx 32% Mclntyre Porcu(2) 31% McKeesp't Tin P(2) 12% McKesson & Rob McKess & Rb pf(3). McLellan Strs b750. Mack Trucks (11) Macy (R H) (12) Mad Sq Gard b1.15 Magma Copper (2). Manatj Sugar (d) _. 14 Manati Sug of (d)-. 67% Man El md gtd (6) - 3% Maracaibo Ol] Exp.. 9% Marine Mid (40¢) _. 19% Market St Ry pr pf_ 18% Marshall Field ____ 19% Martin (Glenm) .. 7 Martin-Parry ..o 481 Masonite (1) . 32% Mathieson Alk (134) 51% May Dept 8t (13) _. 25 Mead Corp (b50¢) 93% Mead Corp pf (6)... 9% Mengel Co 34 Mengel 18t pf (2%4) 58 Mesta Mach (b2%)- 14% Miami Copper 25% Mid-Cont Pet (b50c) 33% Midld Stl Prod(12).- 108 Midld Stl 1st pf(8). 96 Minn-Hon Ros (2) - 108 Minn-Hn R pt B(4) Minn Moline Pow... 11 x 25% 117% 15 12% - > o > 5% +1% 140 +3 26 + % Y2 % 152 -1 130% 10% 176 31% 36% 10% % 18 64% 69 A i - o =8 s Easey I+ P NANAHE NS~ A~ AN NS SR AN BN - e ++ * BE SEEERSES T FESFSFS . 2 1 7 8 2 3 7 1 7 1 6 2 2 6 2 1 2 67 13 10 153 2 5 w-l:A:r-N:s_.:.l-—nv&‘n'-vw—;—;a-'«JN“ 1 A —oe e e o - - P O B AT R T T T E T SIS I PE N 36% +1 60 +1 17% + % 28% +1 5 351 34% 35% + % 40s 112 110 110% +1 3101 100 101 +1 50s 112 112 112 T 12% 12% 12% + % 56% Morris & Esx (3%) % Mother Lode a12%8 27% Motor Prod (b1%) . 17% Motor Wheel(1.60). 20 Mullins B (s50¢) 80 Mullinspf (1) 70 Murply (G E) 3.20.. 10% Murray Corp(aS0c). 58% Myers(F E) (b2).. 1614 Nash Kelv (1) 17% Natl Acme (a25c) 11% Natl Aviation (a1). 22% Natl Biscuit (1.60)_ 295% Nat] Cash Reg (1).. 18% Natl Dairy Prd 1.20 11215 107% Natl Dairy pf A (7) 112 107 Natl Dairy pf B (T). 24% 15 Natl Dept Stores 614 Natl Dept Strs pf_ 35 27% Natl Distillera(t2). 18% 12 Natl Gypsum._ 44 303 Natl Lead (t50c) 8% Natl Pw & Lt (80c)_ % Natl Ry Mex 2d pt. Natl Steel (1213) _. Natl Supply (new) _ Natl Supply pt b1% Natl Tea_. Natomas (+80¢)_. Neiser Bros (2) . Newberry JJ 12.40 Newp't Indus b1l N ¥ Central N Y Chi&StL pf A N ¥ City Omnibus, 6% N Y Dock (new) 3% NY NH & H (d) 12% NY NH & H of (d)_. 814 N Y Shipbuflding.. 6314 N Y Steam 6% pt__ 1870: 73 N Y Ste'm 7% pf A_15308 102 Norf& W pf (4) __. 1108 9% North Am Aviation 31 21 North Am Co (b60c) 48" North Am Co pf (3). # Northern Pacific ._. 31 Norwalk Tire& R 17' Ohio Of1 (b50c) - 5313 Oliver Farm Equin. 274 Oliv F Eq rts Ju 12_ 13 Omnibus Corp vtc__ 33% Otis Flevator bd0c_. 1415 Otix Steel = 22 Outboard Mot b5c _ 8215 Owens-111 Glass (3) 17 Pacific Am Fish 1.20 6% Pacific Coast 2814 Pac Gas & Elec (3)_ 405 Pac Lighting (3) .. 25 Pacific Mills (b1)._. 13415 Pac Tel & Tel (8) 20% Pac West Oil(a65c) 71 Packard Mot (b15c) 11 Pan Am Pet (a60c)_ 60 Panhandle P&R of_ 6174 Paraffine Cos (b2)__ 16% Paramount Pie 121 Paramnt 1st pf (8 1514 Paramnt 24 of 60c __ 27 Park & Tilford (2).. 4 Park Utah 2 365 Parke Davis(b1.40). 23 Parker Rust (t1%4). 61 Pathe Film Corp 1474 Patino Mines a60c . 384 Peerless Corp 3814 Penick & Ford (b1)- 85 Penney J C) (4) 314 Penn Coal & Coke __ 45 Penn Dixie nf (A)__ 341 Penna R R (b50c) __ 4315 Peonles Gas Chi____ 31 Pers Marquette _ 16!% Patrol Corp(A) bd0c 73 Pfeiffer Brew boc._ 40 Phelps Dodge b80c _ 3815 Phila Co 6% of (3)_ 76 Phila Co pf(6)new_ 4% Phila Rap Tr (d) . 8 Phila Rap Tr pf(d). 1 Phila& Read C&1. 70 Philip Morris(b3%) 4915 Phillips Petrol(12). 14% PierceOflpt ____ 28% Pillsbury Flour 1.60 10% Pittsburgh Coal 12 Pitts Screw (b45c)_ 1814 Pitts Term Coal pf_ 33 Pitts United _ 29 Pitts& W Va 24% Plymouth Oil b700_. 7 Postal Tel&C pf(d). 1715 Pressed Stee) Car 6115 Press St] 2d pf 23 _ 5514 Proctor & Gam (+2)._ 36% Pub Sve N J (2.60) . 1124 100 Pub Sve N J pf (5)._. 7214 51% Pullman Ine (1%).. 24% 165 Pure Ofl 1128 107 Pure O1l pf (8)_. 235 15 Purity Bak (§0c) 7% Radio Corp 63 Radio 1st pf (3%) 47 Radlo-Keith-Or (d) 29 Raybestos M (t13) 32 Reading RR (2)_._. 2 Reis (Robt) 1613 Reliable Stores (1) 21 Rem-Rand (b55c) . 97 Rensselaer & S(3)_ 5 Keo Motor Car.____ 2715 Republic Steel 109 Repub Steel pf(b3) . 4 97% Republic pr pf A(6) 213 Revuolds Met (11) 49 Reynolds Tob B (3). 60 Roan AnC (b1.11) . 30 Ruberoid Co (60c)_ 315 Rutland R R pf 31 Safeway Stores(t2) 106'4 Safeway Str pf(6) 1041 Safeway Strs pf(7) 43% Bt Joseph Ld (12) _ 38% Schenley Dist b1 .. 1% Schulte R Strs () . 38 Scott Paper (b65c)_ 1% Seaboard Air L (d). 4 Seaboard A L pf(d). 36% Seaboard O11 (1) 81 Sears Roebuck (3)_ 26 Servel [n¢ (1) 29 Sharon Steel (+1.20) 95 Sharon Stl pf (5) ... 9% Sharpe & Dohme __ 12 Shattuck F G (60c). 34% Sheaffer Pen(b1% ) i, 25% Shell Un Oil(b30c) x 102 Shell Un Ofl pf 6% . % 12 Silver King (b6sc)_. 40 Simmons Co (b1)_ 42 Skelly Oil (b50c) 854 Sloss-Sheffield Stl._ 27 Smith (A O) 27% Smith&Cor cfs 2_ 18% Socony-Vac (b25e)_ 313 South Am G & P 30¢c 3213 South Port Sug(12) 22! So Cal Edison 1% - 14% ;| 70 31% 121'% 6% 9%, 387 50 28 34% 794, 21% e 9 3 BT R eTe~ave N oo - s B g . S M @ S 3 R RNP VS -V NP o PPy 2 aBnwTe 95% 81 Splegel cum pf(43%4) 80% 37% Square D (B) b60c 113 Stand Brands(t80c) 39 117 13 17 14 17 12 65 'a Superior 28% Superior 10 23 31 91% +9% 17% 99 +11% 5 104% + 2 1% + % 24% +1% 5215 28% 3 2014 + Truax-T Una-Ell Unit Dy, Utd Eng Utd Gas Lea Pipe S Real bR 14541 Unit Stk Univ Pi Va-C Virginia Wabash Viabash Waldort Warren R41, | 1004 109 | 12312 30" 1% West Pa 6% Stand Com Tobac _. bl Stand Gas & El (d) - Stand C&E $4 pf(d) 3612 Stand G&E 37 pf(d) 2% Stand Inv Corp 39% Stand O11 Calif(t1). 40'% Stand Of] Ind (11) __ 631 Stand O11 N J (1) __ Stewart- Stokely Bros (t1) __ Stone & Web(a2sc). Studebaker Corp Sun Ofl (11) 118% Sun Oil pf (6) 37% Superheater (1%) 21% Swift & Co (11.20) .. 297 Swift Internat) (2). yming ww (b35c)_ yming xw (b33c) . 10% Talcott (J) 60c 613 Telautograph(60c) . 103% Tenn Corp (b25¢) _. 50% Texas Corp (2) 6 Texas Gulf Prabe__ 33% Texas Gulf Sul (12) 425 Texas & Pac R R 11% Tex Pac C&O bl0c.. Texas P L T (al0c). % Thermold Co _ 3 Third Avenue_____. Thomp Prod bd0c . Thompson Starrett 15% Tide Wat As O] 80a Tide Wat A O pf 41, Timken-Detroit(t1) Timk'n Roll Brg(3) Transamerica t40c Trans Wst Alr a2ic. 3 Tri-Cont’l ( Tri-Contl pf (6) _ 20th Cent Fox (b1)_ Twin Coach (h30e)_ Ulen & Co = -Fish b1% Union Bag & P (2) "nlnn Carb (3.20) nion Oil(Calif)1.20 l,nion Pacific (6) . Union Tnk Car 1.60_ Unit Aircraft bi0 Utd Alr Lines a20c. Utd Am Bosch Utd Biscuit (1.60) Utd Carbon (4) Utd Corp (a20c) Utd Corp pf (3) United Drug (b25e). Utd Elec Coal United Fruit (13) Ussleelnffi) = Utd Stores (A) Utd Strpfals$1% Univ Cyclops Stl(1) » Utl) Pw&Lt (A)(d) 2 Vadsco Sales Corp.. » Vanadium Corp Van Raalte (b1%) . Vick Chemical (12) r Chemical Va-CarC6% pfbli; Va El & Pw nf (6) Va Iron Coal&Coke can Detin (b3) Walgreen Co (2) Walgr cupf ww 472 Walker (H) (2) Walker (H) pf (1)._. Walworth Co Ward Baking (B) ... Warner Bros Pict Warner-Quinlan(d) Warren Bros (d) __ Warn t50¢ ofl . Steel . e 9 ER T T LT - IOR =] s 25¢) _ raer (80c) E) wood 1) _. & Fy (12)_ | Electric Power & Li Sections and Better News Help Prices. Stock Averages 0718 Rajls —2 374 316 434 35.1 49.5 36.1 435 15 60 til. Stks. Unc. 642 64.2 67.7 64.0 75.3 62.6 128 Tndus. Net change. Unc Today, noon 89.9 Prev. day-.. 899 Month ago- 93.1 Year ago. 859 1937 high.__101.6 1937 low.. 87.9 1936 high. 993 1936 low. 734 302 434 55.7 1932 low. 175 8.7 239 169 1929 high...146.9 153.9 184.3 157.7 1927 low. 516 953 618 618 405 40.3 417 49.3 54.0 39.1 53.7 (Compiled by the Associated Press.) BY VICTOR EUBANK, Associated Press Financiai Writer, NEW YORK, July 2.—Short cover- ing in some sections and a better news . | environment aided the stock market to gains of fractions to a point or more today More auspicious news, brokers said included further abatement of strike worries, momentary stability in the French currency difficulty and a lift of 50 cents a ton in steel scrap at Pittsburgh. Short coverings reported in some | brokerage circles was termed a normal occurence holidays. Industrials pushed out in front, w demand centering on oils, steels, coppers, store shares and aircrafts Rails were inactive but generally higher. Transactions approximated 800,000 shares. tocks well liked a good part of the day were United States Steel, Bethle- hem, Republic. Youngstown Sheet & Tube, General Motors, Chry; States Rubber. Goodye: Ward, Sears-Roebuck. Deere, Inter- national Harvester, Boeing. Douglas, United Aircraft, Amer: Telephone. Consolidated Edisor rth American, ht, Public Servics preceding long market Imp (1) Utd G Imp pf (5 Unit Paper’bd b3oc U S Distributing pf. U S & For'n Secur U S Freight (t1) U S Gypsum (12) .. U S Hoffman _ 81— 1 164, +1 50 — 1 1115 + 0y 587 +21 90%, - 88ty -4 1014 = 1 132 5% + 1 (A) vten & Fdry(3) ty & Imp__ 222 Yds (50¢) - tures1stpf [ Bam R G e 1073 Ry pf () 128 80 5% 9 13 @y - ____, Pt (A)(d) Sys(11.20) | of New Jersey, Anaconda, Kennecott, Smel American Can, | General Electric, Continental Oil Standard of New Jersey, Texas Corp., Pure Oil. Phillips Petroleum, Santa Fe, New York Central, Great | Northern prefer Loews, Philip Morris and National Supply. Allied Chemical had a wide gain on limited volume. Shares lacking e day were Westing Union Carbide, CHICAGO GRAIN Bv the Associated Pre: CHICAGO, July 2.—A drawn battle was the final outcome of Chicago wheat trading today, with July con- tracts lower, but September and De= American ng, (34 ouse most of the Du Pont and | cember higher. The more distant Chicago deliveries of wheat—September and December— reached new high-price records for the season. In large measure, this was at- | tributed to reports that owing to high emperatures and drought, 50 per cent of Canada’'s wheat acreage this seasop would yield only seed. At the close wheat was 2'g lower tc « higher, July. 1.24%;-1.: September 1.2514-'2; corn. Sg-17. down: July 1.26.-% ; September, 1.12's-14, and Fy&P12__ Wayne Pump (2) Weils Fargo - Wesson O&S (150c) Wesson O&S pf (4) . \West Penn EI pf(6) West Penn El pf(7) Pwr pf (7) W'n Auto Sup 1.60 . Western Maryland._ Western Pacific pf_. Westn Un Tel (3)__ Westingh'se A B(1) Westhse Elec (b2) Weston Elec(A)(2) Wheeling Steel \Wheel Steel pf b2%; White Motor new White Sewing Mach White Sew Mch pf_. Wilcox Oil & Gas __ 2 Wilson & Co (50¢) .. Woolworth (2.40) _ 5 5 iy - Worthington Pump. | Worth Pump pf(A) Worth Pump pf(B) Wright Aero (al) __ Wrigley Yale&Towne(160c). Yeliow Tr & Coach - Young Spr& W(t3). Yest'n S&T (b113) Zenith Radio (bl)_. Approximate Hourly and Total Sales on N. Y. Exchange. | 11:00 A M. 1:00 P.M. Total Sales for the day. Dividend rates cash payments based larations 8 Uit of trading less than 100 shares. including _extras. reported not d Companies TEx dividend Woir (13) . 140,000 390 000 S4r| 000 as given in the above table are {he annual | on the latest quarterly or half-vearly dec- tAnnual rate— b Paid this year. being reorganized aPald last year. in receivership or INTERBANK DEPOSITS OFF SHARPLY !N WEEK B the Associated Press. NEW YORR, July 2,—The move- ment of funds between Federal Re- serve member banks in leading centers was heavy during the week ended June 23, with halances held in so- called country being drawn down. Pinancial circles hold the movement was an aftermath of the recent size- able investment placed in the new issue of Government bonds. Inter-bank deposits between domes- tic banks, reported by members in 101 cities to the Reserve Board, com- pared as follows: ‘Week ended June 23 Previous week___ _ Same period last year.. STONE & WEBSTER ASKS VOTE ON POWER MERGER B> the Assoctated Press. NEW YORK, July 2.—Elimination of the Sierra Pacific Electric Co. from the Stone & Webster, Inc. system, as a simplification step in that company’s utility holdings, will be voted on at a special meeting of stockholders on July 23. It is proposfd to merge Sierra Pacific Electric into its subsidiary Sierra Pacific Power Co. $4,907,000,000 5,041,000,000 5,447,000,000 PHONE NET INCREASES. ST. LOUIS, July 2 (#).—Aor the five months ending May 31 Southwestern Bell Telephone Co. reported today net income of $7,558,905. This compared with $7,121,893 for the same period in 1936, A NEW YORK COTTON | By the Associated Press. NEW YORK, July 2.—Although cot- | ton prices were generally heavy today | under scattered selling promoted by | easier cables and favorable weather reports, changes were irregular in a narrow pre-holiday market. October sold off from 12.15 to 12.03, and in midafternoon was quoted at ! 12.07, with the market generally 9 to| 14 points net lower. Futures closed barely steads. 2 to 19 lower. High, 10 Close 0 Low July 12.00 October ~ 5 17 December 10 11 January 1 March 1 M 1 12 12, 1 1 1 ay i Spot quiet; 1 Cottonseed Oil. Bleachable cottonseed oil futures closed steady, 2 higher to 2 lower. Sales, 59 contracts. July, 9.10b: Sep- tember, 9.10; October, 9.05b: Decem- ber, 9.03; January, 9.05b. b—Bid. New Orleans Prices. NEW ORLEANS. La.. July 2 (P.—Lowe foreign markets than due and some liquid tion in advance of the triple holiday caused an opening loss of 5 to 8 points in the cotton market here today. Ost traders assumed a more favorable attitude on the Far Eastern situation and the European diffculties, ned at 014 f’é" October &t . y t 12 Fowara. the "end of the Arat near positions gained 1 to 2 points from the opening lows. but most positions re- mained at their {nitial figures. aottonseed ofl opened stady. _Jul 60b: tember. 8.61b: October. 8.6 Deumber. H55b: Jaruary, B60b" b B Republic Steel Corp.—Three Re- public Steel mills at Canton, Ohio, [ INTERBOROUGH HOLDERS were reopened to non-striking em- ployes. a8 SILVER IMPORTS RISE SHARPLY DURING WEEK B the Associated Press. The Commerce Department report- ed today that silver imports increased sharply during the week ended June 25. For the week, imports were listed at $2,241,184, compared with $880,140 in the week ended June 18 and $996,- 958 in the week ended June 11. Officials said they attached no especial significance to the increase, asserting it probably was due to move- ment to the United States of silver stocks acquired aboard over the last several months. Of the total imports during the week ended June 25, $1,229,898 came from the United Kingdom. For the week, gold imports totaled $60,826,934, compared with $86,797,~ 543 in the previous week. Gold and silver exports were neg- ligible. —_— TO RECEIVE INTEREST By the Associated Press. NEW YORK, July 2—Bankers Trust Co. has been authorized, as trustee, to distribute funds received as interest on bonds pledged as se- curity for 10-year secured convertible 7 per cent notes of the Interborough Rapid Trancit Co., which became due September 1, 1932. Payment will be paid at the rate of $41.55 per $1,000 note and appurtenant September 1, 1932 coupon, and $1.45 per $35 coupon unpaid and outstanding prior to Sep- tember 1, 1932, | 1.31% oats, 33-7; off High Low 18 Chicago Cash Market. wheat, new crop No. No. 2 red, 1.32-35; No. 2 gar- : No. 3 red. tough, 1.27: old cr "p No. 1 hard, 1.38'2; No. 2 hard 1.29%: corn. No. 5 mixed, 1.16; I No. 1 yellow, 1297, : No. 2 yellow, 1.29%,-30: No. 2 white. 1.29'2; oats, No. 1 white, 52!2: No. 3 white, 5115« ‘. no rye: barley feed. 53-71 nomi- nal: malting, 71-97 nominal; timothy Cash 1 red, | and clover seed unquoted. Winnipeg Prices. BALTIMORE, July 2 | [ed Winter. garlicky, id. HUDSON MOTOR SALES JUMP 49 PER CENT By the Associated Press NEW YORK, July 2.—Hudson Mo- tor Car Co. shipments for June to- taled 16,700 units, a 49 per cent gain over the same month last year, a 9 per cent increase over the previous month and the largest for any month since February, 1930, W. R. Tracy, vice president in charge of sales announced today. Shipments for the first half of this year were ahead of the same 1936 period. BROKERS’ L6ANS DROP 11 MILLIONS IN WEEK By the Associated Press. The Federal Reserve Board reported that last week's loans to brokers and dealers on securities held by report- ing member banks in New York City totaled $1,206,000,000. The week ended Wednesday and the total rep- resented & decrease of $11.000,000 when compared with the previous week. Loans for the corresponding week s year ago totaled $1,004,000,000. WELLINGTON FUND A Living Trust Fund Available in units of $10.00 a month and up. Single deposit certificates $300.00 and up. PROSPECTUS SENT ON REQUEST. Wellington Foundation, Inc. William Canby Mar. Woodward Building National 3717 —Wheat. No. 2 . domestic, 1.23