Evening Star Newspaper, July 10, 1937, Page 12

A—12 D.C. SECURITES ON LEGAL LIST Acceptable Utility Bonds Include Some Leading Capital Issues. BY EDWARD C. STONE. Important Washington issues are included in the legal investments for trust funds in the District of Co- lumbia, just compiled by the register of wills, Theodore Cogswell, with court approval, which went into effect on July 1. Public utility bonds which are legal investments here under Subdivision D include Anacostia & Potomac River Railroad first 5s, due April 1, 1949; Georgetown Gas Light first 5s, due April 1, 1961; Washington Gas Light general 5s, due November 1, 1960, and Washington Railway & Electric con- solidated 4s, due December 1, 1951, ‘The new list includes a host of United States Government obligations, such as all issues of United States ‘Treasury bonds and notes, all issues of Home Loan Owners’ Loan Corp., all issues of Federal Farm Mortgage Corp., while under section 11 are listed the Federal Land Bank bonds. Under section III appears a long list of State, county and municipal obligations given legal investment rating for Washington: the State bonds or obligations, either bearing interest or sold on a discount basis, of any State in the United States, or those for the payment of principal and interest on which the faith and credit of such State is pledged. A long list of county bonds is included, Baltimore, Md., and Richmond, Va., being named here. Naturally, the railroad list is par- ticularly long and comprehensive. It is headed by Atchison bonds and very large number of Chesapeake & Ohio bonds and obligations assumed by the C. & O. Burlington and Louisville & Nashville issues are included and five Norfolk & Western bonds. Among many others are the Virginian Rail- way's first lien and refunding series A 3%s, due March 1, 1966, and Equip- ment Trust series E 425, due to 1940, The public utility bonds, under Sec- tion V, furnish one of the longest lists. Among those bonds are Con- solidated Gas Co. of Baltimore City first 5s end Consolidated Gas, Elec- tric Light & Power Co. of Balumr_‘rre first 4';s, due December 1, 1971: Chesapeake & Potomac Telephone Co. of Virginia first 5s, due May 1, 1943, and the Potomac Electric Power Co.’s first 31,5, due July 1, 1936. The whole st is intensely interesting and was prepared W the greatest possible care by investment experts. It has met a lively demand during the first week of dist Loan Group Elects President. Charles Kattelman has just been elected president of the American Building Association, 300 Pennsyl- vania avenue southeast, to succeed the late William A. Hettinger. He was advanced from the position of vice esident. prO(hrr officers elected included Ar- thur C. Balser, vice president; Wil- fred H. Blanz, secretary, and Guy M. Neely, treasurer. These four offi- cers and the following compose the Board of Directors: John H. Mergner, Clarence F. Donohoe, Chatham M. Towers, Thomas S. Sergeon, Charles H. Rossiter, Milton H. Prosperi and Wwilliam C. Farmer. The new president, Mr. Kattel- mann, has been connected With the association for more than half a cen- tury, and a director for 35 years. native of Washington, he has always lived here, being engaged in the jew- glry business. He also is president of the Mutual Fire Insurance Co. of Washington, member of the Advisory Board of Branches of the American Security & Trust Co. and a member of the Board of Trade. Vice President Arthur C. Balser is president of the Central Armature ‘Works. The s -third annual re- port showed the association’s assets over $9,000,000. Postal Savings Exceed 1936. For the second consecutive month, depositors’ balances in the Postal Sav- ings System have decreased, according to the Federal Reserve Board's bulle- tin for July, just issued. The decrease for May, the last month for which figures are available, is $1.000,000. The April decrease Was $3,000.000. However, May, 1937, as compared with May of last year is greater by $54,000,000. Comparative totals are as follows \ $1,214,000,000 April, 1,269,000,000 May 1937 1,268,000,000 Peoples Drug Sales Increase. Details from the monthly report of Peoples Drug Stores, Inc.. disclose that June sales totaled $1.770,506, against $1.675,€93, an increase of $94.813 or 6.6 per cent. Sales in the first six months of 1937 amounted to $10- 904,610, in comparison with $9.870,173 in the first half of 1936, an increase of $1,034,437, or 10.5 per cent. May sales showed an increase of 11.7 per cent over the business done in May & year ago. The half year gain is considered highly satisfactory. Heard in Financial District, ‘W. B. Fairfax, who now appears in the firm name of McKnew, Fairfax & Co., National Savings and Trust Building, joined the firm in 1936 and was formerly in charge of the stock department "of the Boston office of Hornblower & Weeks. He is the son of Charles W. Fairfax, formerly of Stone & Fairfax, a graduate of Yale and the Harvard School of Business, & member of the Washington Bond Club and the Yale and University Clubs here. The Maryland Public Service Com- mission announced the Conowingo Power Co. has reduced its electric rate for consumers in Harford and Cecil Counties. The new rates will effect & saving of $19,000 a year to customers and will be effective July 15. ‘The Committee on Commissions of the New York Curb Exchange is ask- ing for data to use in a study of the possibility of increasing commissions. Buch a study will take a considerable period of time, and no action is ex~ pected in the immediate future. Florus R. Baxter, pioneer in the development of the oil industry, and “during the World War a member of the Petroleum Board, has been ap- pointed honorary chairman of the ninety-fourth meeting of the Amer- ican Chemical Society, which will be held in Rochester, N. Y., September 6 to 10. el FOREIGN MARKETS. IVERPOOL, July 10 (.—Wheat fu- tures reacied on the bearish American Government renort and closed 1%d to 112d Jower. Good rains were reported in Mani- toba ‘and milling demand was small. Cotton futures closed 2 to 7 points higher, Bombay selling and scattered profit taking encountered speculative outside buy- ing. Week-end realizing developed on the London and Paris—Closed. Al FINANCIAL By Private Wire D All New Prev 1937 High. Low. Dividend Rate 22% 15 Adams Exp (b30c). 4% 2 Advance Rumely_ .. 801 6414 Alr Reduction (Y1) 15% 11 Alaska Jun (160¢).. 5% 2% Alleghany COrp..... 59% 3413 Alleg pf ww $30.e Alleghany pf XW.o.. 815215 Allied Chem (6) —coe 20 Allied Mills (b2) ... 5 Allled Stores (b20c) 57 Allis-Chalm (b1) 4% Amal Leather 80 Amerada Corp 90% Am Can (14) 1523 Am Can pf (7) 28 Am Chain & C bs0c_ 20's Am Comcl Al a50c_. b Am Encaustic ____. 62 Am & Forelgn Pwr_, 18! Am & For Pw 2d pf_ 57 Am Hide & Leather_ 40% Am Home Pr(12.40). l‘gh Am Interntl (a40c). 101'4 Am Loco pf (a3) . » Am Mach & F (t1)._, Am Metals (b25¢) - 60% Am News (N Y) (3). 7 Am Power & Light.. 40 Am Pw & Lt pf (5).. 49 Am Pw & Lt pf (8) . 18% Am Radiator t60c__ 31% Am Roll Mill (2)_.. Stock and 321 804, 131 13% 381, 11k 523 178 26% Am Safty Raz (12). 9% Am Sm & Ref (3)__. 138'4 Am Sm & Ref pf(7). 67!3 52% Am Snuff (13)_____. Am Steel Fdy (b1) » Am Stores (b13)__ Am Susar Ref (2)_ % 12405 Am Sugar pf (1)___. 9% Am Tel & Teleg (9)_ x Am Tobacco (B) 5. e Founders_ « Am Water Wks 80c- 74 Am Woolen 54'2 Am Woolen pt (b2). Am Zine & Lead _ -17‘. Anaconda Cop b75c- 18 Anchor Cap (60c) _ 7 Armour of I11(b35c) 57% Armstrong Cork(2) Armsirong C'k 1% rizhts July 3 11 Arnold Const b7c.. 15% Assoc Dry Goods 691y Ateh S Fe (h2)_ 445 Atl Coast Lineal)_ 22 AtIG& W Ipf(a3)_ '« AU Refining (11) Atlas Corp (80c) 50'z Atlas Corp pf (3) 13'5 Auburn Auto_______ 5% Aviation Corp Del.. 4% Baldwin Loco (d)-- 4% Baldwin asd (d)_ .. 20% Baltimore & Ohfo__. 27% Baltimore & Oh pf. 381y Bangor & Ar (213) 100* Bangor & A pf (5) 27% Barber Co (b25¢) Barker Bros pf 2% 2313 Barnsdall (1) _ 111 Bayuk 1st pf (7) 21's Beatrice Cream t1 11's Belding Hemin (1) 18 Bendix Aviat'n b5(c. £ IndL b1.321, sethlenem Steel (b1, Beth5% pf (1) ___. Blaw-Knox (b45c)_ 's Boeing Airplane _ 37 Bohn Alum & B(3) 2113 Borden Co (1.60) “s Borg-Warner (2) 8l Boston & 1% Botany 15 Bridgep't Brass(1). 3914 Briggs MIg (b1%)_ 17 ‘« Bklyn & Queens._ “ Bklyn Un Gas(1.60) Bucyrus-Erie._ 7's Budd (EG) Mfg_. 74 Budd Wheel b20c 30% Bullard Co (b50c)_ 501 Bulova Watch (14). Burlington Mills 22'3 Burr Add M (80¢) . 4's Bush Terminal __ 24% Bush T Bldg pf cod- 127 Butler Bros (60c)_ 4'2 Butte Cop & Z(a5c) - 17!s Byers (A M) _ 67 Byers (A M) 254 Byron Jackson (1), 2% Callahan Zinc-Lead. 12 Calumet&Hec b7 24 Campbell Wy ($1) 23!; Canada Dry G Ale.. 117s Canadian Pacific 96 Car Clin & O stp (5) 85 Caterpillar Tr (12)_ "4 Celanese Corp b1%4. 362 Celotex Corp b40c_. 613 Central Foundry._.. 18 Central R Rof NJ. 60 Cerro de Pasco (4)-. 11'; Certain-teed Pra. 4813 Certain-teed pf_ 67 Chesapeake Crp(3). 50! Ches & Ohlo 12.80__. 612 Chi & Est 111 pf (4) - #% Chi Grt West pf (d). 3% Chi M St P&P pf(d). 3 Ch&NW @) _____ 21 Chi Pneumatic Tool. 2 ChiR1& Pac(d)._. 413 Chi RI&P 1% pt(d). 9% Childs Co _____ 94 Chrysler Corp b3 ’/x. 174 City lce & Fuel (2)_ 80 City lce & F pf 635 6 City Stores __ 23% Cluett Peab’y b # Cluett P ris Julyls. Coca-Cola (12) Colgate-P-P(t50c) - Collins & Aik pf(5)7. Col Fuel & Iron(bl) Columb G & El(40c) Col G & E pt (5) . Col Carb vic (14) -—— 563 Comcl Credit (t4).. 6314 Comel Inv T (t4)__. 13 Comecl Solv (160c) o 2 Comw & Southern. 1t 92 10% 281, 1 170%2 12 254 1 1123 108 517% 31 20% 10 101 75 125% 111 691 801 21% 4ty T5% 22 Conn R & L pf 83% 197 Consol Afrcraft_ 497 3 108 99! Cons EA N ¥ pf(5).. 5% 213 Cons Film 18 10 Consol Film pf (a2). 177 14': Consol Oil (i80c) s 4% Cons R K Cuba pf. %x Cons Textile (d) _. 33 Cons Coal Del vtc pt 20% Container Corp 1.20. 18'x Contl Baking (A)... 2'3 Contl Baking (B) ... 50 Contl Can (3) 1815 Contl Diamond (Z)- 35% Contl Insur (11.60)- 2 Contl Motors. 393, Contl O1l Del Contl Steel (1) __. Corn Ex Bank (3)__. Corn Prod Ref(13) . Corn Prod R pf (7). 1% 1131 Crane Co p! 107% 100% Crane Co cv pf ( 287 Cream of Wheat(2). 68 Crown Cork & S(2)- 16% Crown Zellerb._. 51 Crucible Steel 7% Cuban-Am Sugar. 8% Curtis Publishing_. 5 Curtiss-Wright __ 161 Curtiss-W (A)a50c. 104% Deere & Co _______. 17% Deisel-Wem-G (1) 33 Delaware & Hudson 13% Del Lack & West. 9% Det & Mackinac.. 26 Diamond Match 20% Distil Corp Seag___. Doehler Die Cast(2) Dome Mines (12).. Douglas Afrcraft.. 3% Dunhill Internatl__. 122 112 Duplan Silk pf (8) 180% 1481 Du Pont de N(b2%). 1351 130% DuPont deN deb(6). 115% 110% Duquesne 18t (5)-. 17 9% Eastern Roll Mills._. 178 151, Eastman Kodak (8) 16 10% Eitington-Schild 34% Elec Auto-L b1.40. 9% Elec Boar (a60c) .__ 41 Elec&Mus 1 (al8¢) 4 14% Elec Pow & Light__. 62 Elec Pw & Lt $7 pf_ 3214 Elec Storage Bat (2) 1 Elk Horn Coal (d) 3 Ek Horn Cl pf (d)_. 7% Fureka Vacuum 18 Evans Prod (1) 204 Euirbanks Co pf. 49% Fairb'ks-Morse (11) 64 Federal Motor(40c). 3 Fed Water SvcA _ 36 Fidel Phoenix t1.60. 31 Firesto R (3)- 264 Flintkote Co (1)_nat 37% Foster-Wheeler..... ct to The Star. Add 00. High. Low. 17% 8 506 10 1 1 00 ek < MO A A D O e - O N TN RO T 20 B S SO RO B 15 FoWNaG e ~0-E -t S w o 3 S PO T PO o) U O eor 2 108 114 14 157% 2 13319 1008 1129 17% 214 72 11% 3% 40 4015 227 2215 18 674 Hlg 918 101v 1554 31 228 8% 8l THE EVENING York markets aTe mow on daylight savinr time, Bales— Net Close. chge. 227 67% 5% 9185 101% 1551 31 22% By 815 244 T 131 3614 1023 31 134 16% 6% 3 404 29% 26% ‘2% —llfi {0 I R o 1 S P R £ mlh 32% T4 1314 8615 19% 3214 5214 6474 4% 3% 65 124 7014 15% 0% £8 33% 207 29% 5113 5015 4Th 11 41 278 475 56% 2815 424 145 3 167 111 171 591 105 5815 8 157% 399 185 111 2778 170 9015 4 118‘/1 112% 2% 24% 12% 10% 13 65 11% 1% STAR, Stock and Low. Dividend Rate, 24Y Freeport Sulph (1) 414 Gabr1el Co (A)cauee 11% Gair (Robert) 22 Gamewell Co_ 10% Gen Am Inv(a76c)_. 993 Gen Am Inv pf (6)_. 6214 Gen Am Trans bl34. 10% Gen Baking (160c)-. 20 Gen Cable_ 3414 Gen Cigar (14). 49% Gen Elertric (bfloc}. 86 Gen Foods (2).___.. 1% Gen Gas & Elec(A). 4 60 Gen Mills (3)_ 117 Gen Milis pf (6) 48% Gen Motors (b13 87 Gen Outdoor Adv.. 55 Gen Refract (b2)_. 48 Gen Steel Cast pf_. 20% Gen Thea Ep(R50c). 14%a Gillette S Raz (t1)_ 20% Gimbel Bros _ 40% Glidden Co (12) -~ 31 Goodrich (BF) bS0c. 27% Goodyear T & R bl _. 100 Goody'r T&R pf(5). 3 Graham Paige Mot_ 17 Grand Union pt b13% 3415 Grant (WT) (11.40) 40% Grt Northern pf___. 17% Grt Northn Ore (1)- 34 Grt West Sug 12.40. 135 Grt Wst Sug pf(7).. 2T% Green(HL) (11.60) 12% Greyhound (180c) 10% Greyhound pf (65¢c). 10 Gulf Mobile & N___, 44 Gulf Mobile & N pf.. 9% Hanna (MA) pf(5)- 40 Harb-Walker (12).. 4 Hayes Body . _ 1114 Heckers Prod (160c) 24 Hercules Motor(t1) 14474 Hercules Pwdr (6)_. 10213 Hershey Ch pf(4)_. 18 Houd-Her B (t134)_ 2'3 Houston Oil vte ___ Howe Sound (13) . Huwo Motor__ 11linots Central.__. 4 Indian Refin (a1)_. Inland Steel (14).__ tnter Rap Tr vte(d) « Interchemical pf(6) Intercontl Rubb Interlake Iron . Intl Agricultural ... 6'2 Intl Bus Mach(16)_. x Intl Harvester(21). Intl Hydro E1 A . Intl Mercantile M_ . Intl Mining (b30c).. Intl Nickel (b1) ___ Intl Nickel pf (1)__. Intl Paper (A) Intl Paper (C) Intl Paper pf______. Intl Ry Cent Am___ Intl Ry Cent Am vte 5 Intl Ry C Am pf A_. Intl Salt (f1%) intl Shoe (12) Intl Silver._. Intl Tel & Tel_ Interstat Dp St b2 Island Creek (2).__. Jewel Tea (14) .o Kalamazoo S (11) 4 Kelsey-H B (all3)_ Kennecott Cop bl%. Keyst'e S&W bisc - Kinney (G R) Co___ Kinney pt (a1) Kresge (S S) b60c__ Kroger Groo (11.60) Lambert Co (2) Lee Rubber (bl Leh Port Cmt 134 Lehigh Valley Coal. Lehizh Val Coal pf_ Lehigh Valley R R Lehman Corp'n(t1) Libbey-Ow-F b75c_. Ligg & Myers B t4_ Ligg & Myers pf(7). % Liquid Carb (2.60) . Loew’s Inc (12) LoftlInc ____ 2 Lone Star Cem (3)_ Long-Bell Lumb(A) Lorillard P (+1.20) - Lorillard P pf (7) .- McCrory stores MclIntyre Porcu(2)- McKesson & Rob___ Mack Trucks (t1)__ Macy (R H) (12) ___ Magma Copper (2)_. Manati Sugar (d) ... Manhat Shirt (1)__. Maracaibo Oil Exp._.. Marine Mid (t40¢) . Market St Ry pr pf_. Marshall Fleld_____ Martin (Glenn)____ Mathieson Alk (1%) Mathieson pf A (T)- Mengel Co__ Miam1 Copper. Midld St1 Prod Minn Moline Pow 5 Mo Kans & Texas Mo Kans & Tex nf A Mo Pacific pf (d)___ Mohawk Carp 11.20. Monsanta.Ch (b1)_. Montg Ward (12) _ Morris & Esx (3%)- Mother Lode al123i¢ Motor Wheel(1.60) _ Murp1y G Cpf (5) _. Murray Corp(a50c). 4 Nash Kelv (1) ____. Natl Acme (b25¢)__ 4 Natl Biscuit (1.60)_ s Natl Cash Reg (1) 18% Natl Dairy Prd 1.20. 15 Natl Dept Stores__. 6! Natl Dept Strs pt 2714 Natl Distillers(t2)~ 8% Natl Pw & Lt (60&). 31% Natl Supply.--. 28 Newp't Indus b1} 34% N ¥ Central _ 41 NYChi&St 6 N Y Dock__ % N Y Investors (d) .. 3% NYNH&H (d)__._ 12% NY NH & H pof (d).. 23 N Y Ontario & W___ 813 N Y Shipbuflding. 633 N Y Steam 6% pf 3 Y Ste'm 7% pf A 9% North Am Aviation 21 North Am Co (b60¢) 257 Northern Pacific.... 17's Ohio Oil (b50¢c) . 5313 Oliver Farm Equip- 13 Omnibus Corp vte_. 333 Otis Elevator b40c._. 126 Otis Elev pf (6) - 1414 Otis Steel 22 Outboard Mar b1% . 8213 Owens-I11 Glass (3) 17 Pacific Am Fish 1.20 23% Pacific Coast 1st pf_ 13 Pacific Coast 2d.___ 2814 Pac Gas & Elec (2)- 40 Pac Lighting (3) - 77s Packard Mot (b15¢c). 2 PanhandleP&R.__. 617 Paraffine Cos (b2). . 16% Paramount Pic.. 4 Park Utah____ 23 Parker Rust (fl%). 6% Pathe Film Corp.... Peerless Corp - 5 Penney JC) (4) 5% Penn Dixle Cement. 34% Penna R R (b50c) . 73 Pfeiffer Brew b60c_. 40 Phelps Dodge bl 4% Phila Rap Tr (4) __ 8 Phila Rap Tr pf(d)- 1 Phila&ReadC&I_. 70 Philip Morris(b3%) 49% Phillips Petrol(12).- 28% Pilisbury Flour 1.60. 12 Pitts Screw (b45c)- 241 Pitts Steel_. 24% Plymouth Oil 21% Poor & Co (B) .____. 55% Proctor & Gam ($2). 114% Proc & Gamb pf(5,_ 99% Pub Svo N J pf (6). 51% Pullman Ino (1%)-. 165 Pure Ofl T% Radlo Corp .. Radio-Keith-Or (d). Raybestos M (t1%) Reading RR (2) - - Reis (Robt) 1st pf. Rem-Rand (b55c) - Rem-Rd pf ww 4% Reo Motor Ca: 21\/: Republic Stee Revere Copper. Reynolds Tob B (3). Ritter Dental (t1).. Safeway Stores(12) afeway Strs pf(5). 104% Safeway Strs pf(7). 43% St Joseph Ld (12) .. 4% St L-San Fr pf (d) .. 88% Schenley Dist bl% . A WASHINGTON, Bales— Add 00. High, Low. Cloll‘ Ghl‘l 28% 284 n @ 2 O O e B N BN D 16% 114 90% 100% 108 3 68% 1 6y 1 42 5% 127 25 124 995 6Tl 58% W FEEFFE FFFEES X =& ¥ OFSF 1+1 1|+l|l| FFIEEEF FRE FIEF & HE - I+ FE ErE EFFFIFeFS 5 20e 107% 107% 107% — % 2 =% D. C., SATURDAY, Prev. 1037 SBtock and High Low. Dividend Rate. 93% Schenley pf (5%) ... 114 Schulte R Stra (d)_. 12% Schulte R S pf (d) __ 38 Scott Paper (bé5c) . 1% Seaboard Afr L (4)_ 4 Seaboard A L pf(d). 81 Sears Roebuck (3)_. 25% Shell Un O11(b50c) 106% 102 ' Shell Un Ofl bf 6% — 12 Silver King (b65e)—. 40 Simmons Co (b1) 9814 Skelly O1l pf (6)_ 85% Slo: heffield Stl_. 16% Socony-Vac (b25¢)_ 3% South Am G & P 300 40% Southern Paciflo_... 24 Southern Ry.. 374 Southern Ry Df-oor. 60 ~ Spalding 1st pf _ 964 Spang Chal pt (b9)_ 16 Sperry Corp vtc(al) 2615 Spicer Mfg (a3)._. 191 Spiegel, Ine (1) 804 Splegel cum pf(43%4) 37% Square D (B) b60c . 11% Stand Brands(180c) 5% Stand Gas & El (d) . 13 Stand G&E $4 pf(d). 3614 Stand G&E $7 pf(d). 39% Stand Ofl Calif(t1). 40'; Stand Oil Ind (1) 631 Stand O1l N J (11)_. 6215 Sterling Prod 13.80.. 17 Stewart-Warn t500. 12 Studebaker Corp ... 17% Sunshine Min (3) _. 37% Superheater (1%) . 4'» Superior Ofl_. 28% Superior Steel .. 21% Swift & Co (11 15% Syming ww (b35c) . Syming xw (b35¢) . 103 Tenn Corp (b25¢) - 50% Texas Corp (2) 6 Texas Gulf Prabc.. 11% Tex Pac C&O bllc.. 3 Third Avenue __ Thompson Starrett_ lide Wat As Oil 806 Tide Wat A O pf 415 "imk'n Roll Brg(3) 4 Transamerica B Trans Wst Air azie. Tri-Cont'l (b25¢) Truax-Traer (80c) 20th Cent Fox (b1). 2 Twin Coach (b30c) - Unton Carb (3.20) __ Union Oil(Calif)1.20 22 Union Pacific (6)__. 90% Union Pacific pf(4). 231 Unit Aircraft b50c_. 143 Utd Afr Lines a20c_. 69% Utd Carbon (4) 4 Utd Corp (a20¢).... B ANE R A AL ADR WANHO RN WD DO RRD P TS 14 Bales— 4dd 60, lu‘h. Low. Close. 1 JULY 10, 1937. Net chse. Prev, 1937 Low. 1% 1% 14% 10% United Di 5% Utd Elec 11 15 US& For 92 US&Fol et IR EREREEEE P 9% 8l 5% Unit Stk 4% 2% 12% 7 T4% 37 10% 18% ]‘0‘ 314 Wabash 8% V'abash 27 Waldort [Fee s 34 7% Western 413 Westn U 40% 4 130% Westhse 38 Wheelin White M T 48 TYale&To 30 11:00 A.M Dividend rates | cash payments based | larations, 5 Unit of tradi not including extras. X Ex dividend. NEW YORK COTTON Es the Associated Press. NEW YORK, July 10.—Cotton futures opened steady, 1 to 9 lower on disappointing Liverpool cables, liqui- {dation and foreign selling. July, 12.47; October, 12.50; December, 12.42; January, 12.40; March, 12.46; May, 12.49. ‘Trading was moderately active, but, | with a noticeable absence of the tated yesterday's rise, the tone was heavy. Offerings came into the market from | Liverpool and Bombay in addition to moderate hedging and realizing. There was liquidation for over the week end. The buying was largely for trade account, although the decline attracted some local support. October eased from 12.50 to 1246, and was at the low shortly after the first half hour, when prices generally were 7 to 11 points net lower. The forecast for fair and continued warm weather in of Texas conditions was given a gen- erally favorable interpretation, al- heavier tone of the wheat opening | later influenced sentiment. advance was attributed to the better | crop outlook. Futures closed steads. 14 to 17 lower. Last. Belier December January March May 13 4 Spot quiet: middiing. Cottonseed Oil. NEW YORK, July 10 (#).—Bleach- able cottonseed oil futures closed easier, 18 to 24 lower. Sales, 72 con- tracts. September, 923; October, 9.20; December, 9.16b; January, 9.19. b—Bid. INVESTING COMPANIES NEW YORK. July 10 (P).- Security Dealers' Association Admin Fd °nd Inc___ Am Business Shrs _ Am Gen Eq Inc Am Ins Stocks ___ Bancamer Blair Bankers Nat Inv Corp Basic_Industry Boston Fund Inc Broad St Inv Bullock Pund Corporate Trust _—_ Corporate Trust AA~___ Corp Tr AA mod Corp Tr Accum Ser Corp Tr Acc mod Cumulative Tr Sh Depos Bk SheN Y A Depos Ins Shrs A~ Depos Ins Shrs B Diversified Tr C__ Dividend_Shrs Equity Corp $3_pf Fidelity “Pund _Inc _ First Boston _Corp Fiscal Fund Bank Shrs Fiscal Fund Insurance. _ Fixed Trust Sh A z Fixed Trust Found Tr Sh A New s B Capital Gen Investors Tr Group Sec Agriculture Group Sec Automobile _ Group Sec Building Group Sec Chemical - Group Food sec Invest Shrs _ Merchandise - Group Group Se Sec Mining Sec Petroleum R Equi _Corp Group Group Group Group Group ron Ho! Incorp Investors Instl Sec, Bank Group. Inst] Sec. Insurance Investors' Fd C Keyotons Cust Pand B Major Shrs Corp TETUE T . Bk Stotks . Blde Supply _ . Elec Equip___ . Insurance . Machinery Wall Street buying that had precipi= | York | CURB BONDS DOMESTIC BONDS. Ala Power Ala Power the eastern belt| was considered favorable. A summary | co, though crop progress was mixed. The 'E‘ PiL Emn Fet At Liverpool hesitancy to follow the | C’ Gen Pb D 625 Gen Vend C iis, W&E Jeoraln B bs Georgla P&L 55 Glen Alden Cl 4s ' Grand Tr We 4s Hall (WF) #is * A Hyerade Fd 6s 40 A Lt 5138 Indiana Ser Indnap P&L Ind Hy-El s Interc Pw fis " Intl P Sec 6135 Intl Py Sec e B Jackson G 53 10475 1047, 10434 10475 104141047, 10812 1081, 841g | ao1e 10875 10618 1087 ‘106 FaEgO, 0 £ Pitts Steel b Potomac E 4',= Fotomac E 55 Pw Cp C 4'.s 50 B Blio Ger N 7s ette Bub SN T dtas w0 B Pug § P&L 5z5 49 Pug S P&L 5s Pug S P&L 4'as 8L O&C 6s | Scripps 5148 Shy WP -)' Starret Corp 5s Super of Il 41as | X Super of 1l 4155 * 5 Texas Elec bs. 60 0074 10013 10072 0412 10412 10432 801 BO0'3 KOl T4l Potrero Su ;s 4 Ruhr G C 65 Russian 6las Terni-Soc 61as Unit B1 Sve 35 6 A Ww—With warrants. xw—Without war- Super Super Super Super Super Sup: Am Supervised Shrs Trustee Stand Iv Trustee Stand Inv. Trusteed Am Bk B Tristeed Tndustry Shri Wellington Fund _ FOREIGN EXCHANGES. NEW YORK. July 10 (.—Foreign ex- change steady: Great Britaln in dollars, others in cents. Great Britain demand. 4 cables, ;5| bills, France de- Italy de- Germany travel, 2400 land. frec. 40, registered. Hollnflnd 4090 Norway. Boland: slayis Rum: rants. n—New. st (stp)—Stamped. §Negotiability impaired by maturity. tCompanies reported in receivership. NEW YORK BANK STOCKS NEW YORK., July 10 (P —New York Security Dealers’ Association: Bid. Asked. Bk of Man (1%2)- Bankers' “Tr '(2) Commercial () Cont Bk & Tr tnn)» Manufacturers’ Tr (2)" Manufacturers: Tr bt ( ) Public_(1'3), Title G & T- MONTREAL SILVER. X Hon| ‘Mexi .85 treal in New York Dfl Bl‘/ 3 New ¥, Nonirgallin New rorc p ominal. NTREAL, July 10 (P —_Silver futur Mg ey and” unchahEed. " Mo Ehn “.Gflb. / 45% Utd Eng & Fy (12) .. 75% United Fruit (13)... Utd Gas Imp (1) ... 15% U S Freight (t1)___. 44 U S Pipe & Fdry(3). S R bber. — 81% U € Rubber 1st pf.. % 75 U S Steel. 150 126% U S Steel pf (7). 37 Utd Stores (A) 164 142% Univ Leaf T pf (8)_. 1% Utl] Pw&Lt (A)(d). 1'3 Vadsco Sales Corp... Va-Car Chemical ... 4813 Va-Car C6% pf bl 20% ValronC&Cpf . 20% Yellow T T4% Yest'n S&T (bl%)-. Zenith Radio (b1)-— 474 Zonite Products___. Approximate Hourly and Total FINANCIAL. TRANSACTIONS ON THE NEW.YORK STOCK EXCHANGE Prev. 1037 Stock and Dividend Rate. 94 94 % 32! Utd Corp pf (3)- Afld 00, Bigh. lml cnou ehn- 38% 3RY rug (b25e). Coal r'n Secur._. r'n 1st ( PR RS EIRY Yds (50c) - S ol [ PR -JUUBYOY: 9% ). pf (A)(d)._. Sys(11.20). 247 Walgreen Co (2) . 19 Walker (H) pf (1)-. 11% Walworth Co.. . .. Ward Baking (B)-—. Warner Bros Pict... 6% Warren Bros (d) ... Wayne Pump (2) . 90% West Penn El pt(1). 24 W’'n Auto Sup 1.60.. Maryland_ n Tel (3)__. Westingh'se A B(1) Elec (b2) .. g Steel - otor new _. M S(1.40) 3% White Sewing Mach White Sew Mch pf__ 4% Wilcox Oil & Gas__. 813 Wilson & Co (50c) - Wilson & Co pf (6) ~. 43% Woolworth (2.40) 307y Worthington Pumj Worth Pump pf(A). wne(160c) . r & Coach... Sales on N. Y. Exchange. 150,000 12:00 Noo: 300,000 as given In the above table are the annual on the latest quarterly or half-yearly dec- tAnnual rate— bPaid this year. ng less than 100 shares. aPaid last yesr. d Companies reported in recelvership or being reorganized. INSURANCE STOCKS NEW YORK. July 10 (P —New York Security ‘Dealers” Assoclation. Aetna Cas Tns (22) (1.40) - paid so far this year. CHICAGO STOCK MARKET 10 P —Followine 1s t of transactions in | ago Stock Exchange CHICAGO. ¥ o o 20 Ha 50 He ) Ind Pneu Tool vtc ) Katz Drug 400 Kellogz _Switch 50 Ken-Rad T & L 550 Kerlyn Oil A ) Leroi Co ) Lincoln Print pf- oil of 30 Nor'west Bancorp 300 Peaboby Coal B 0 Pub_Sve 6 10Ross Gear & nt reen 2 I O1l-O-Mat _ Banisars Sloch sales today. 13.000 CHICAGO LIVE STOCK. CHICAGO. July 10 (P.—(United States Department of Agriculture.)—Hogs. :5,001) including, shipbpers_to 1,500. Compared Week ago hogs and pigs 40 to 50 cents highe pounds. 40 to 45 cents highe steady to 15 cents highe) Eows Ste Cattie: s. 100 compared Friday last 'week: All killing classes spec- tacularly higher on wildest set of markets s : fed steers and yearlinss, d warmed-up offerings; v and fed heifers and 10 higher: grassers after being bear-raided week earfier show- ing most advance: cutter cows, $0-75 hig] er. with fat kinds 1.00 up, frequently 150 higher on good to choict des: bulls 25 higner ‘and vealers 50-75 higher: run emhatically smaller at all markeis. fartner sbridaed by Monday holiday: <'Lrlulv sraine s and better; since 1930: numerous sales at SR 0 a0 Dack Tosds yearlings. heifer yearlings. ‘14 Very fow fat srass steers {n crop: ail except strictly grain-fed cattle topheavily high. heep. 5,500: all direct: for week end- 0.200 directs.’ Compared Pri- Jearlings scarce but augtable 50 up. sheep strong. t: higher: week’s Spring _lamb top, paid by all interests for choice natives atter, midweek, (A fum fed Texas yearlings. & slaughter ewes, 00-4.50 mostly: mp, 1 U.S. TBEASURY POSITION. By the Associated Press. The position of the Treasury on July &: R £16 76; expenditures, T S customs receipts for the month, q 37t thactive zold. METAL MARKET. JORK, July 10 (P -—Copper t, 1 Inc D00 s ‘&}nun 7.00. Other mef hansed. | relatively STOCKS IRREGULAR IN PROFIT SELLING Fractional Losses Numer- ous, but Some Go Down 1 to 2 Points. Stock Averages 30 15 Indus. Rail 3 —4 934 402 937 406 904 415 36.3 495 36.1 435 15 a0 . ULl Stks, -1 —3 421 67.1 422 674 407 65.6 50.8 65.2 540 753 39.1 6256 537 72.8 30.2 434 551 5 87 239 169 high.__146.9 153.9 184.3 157.7 low-... 51.6 953 618 618 Net change. — Today, close Previous day Month ago.. Year ago - 1927 1937 1936 1936 1932 1929 1927 (Compiled by the Associated Press.) BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, July 10.—Stocks en= countered more profit selling in toe day's brief session but, except in a» few instances, it was absorbed with- out any great disturbance. Business and labor news generally was to the liking of Wall Street, al- though many traders evidenced a de- sire to get out from under over the week end While fractional loses predominated in exceptionally quiet dealings, there was an assortment of declines of as much as 1 to 2 points, The current heat wave, brokers said, drove many of their customers from the boardrooms and most of those who put in appearance exhibited little or no buying urge. Transfers were around shares. There was a mild revival of infla- tionary thinking in the financial gector on announcement the Treasury had agreed to exchange some of its sterile ized gold for Chinese silver, but reper~ cussions apparently were small on stocks. Steels moved with the rest of the market, although the price of heavy | melting scrap was given another Lift at Pittsburgh and a new strike called at one of the Republic company's plants seemingly failed to materlize. Optimistic sales reports enabled Graham-Paige to buck thé trend for large turnover at a small advance. Expansion plans of Allis-* Chalmers helped this stock. Sloss Sheffieid, Great Northern preferred, 300,000 | Standard Oil of New Jersey and Doug- as Aircraft also were resistant. POULTRY EXPERTS SEE FAVORABLE CONDITIONS Bs the Associatec Press Government pouitry experts pre-* dicted yesterday that farmers would have favorable economic conditions | for the production and sale of chick- | ens and eggs next Winter. Feed prices probably will decline, they said, and egg prices will advance | in the next few months, The Bureau of Agricultural Eco- nomics reported 15 per cent fewer young chickens in farm flocks now than a year ago. Storage stocks of frozen poultry and of shell and frozen eggs were reported » much larger now than a year ago, but the economists said these stocks should move into trade channels dur- ing the next few months, FEDERAL LAND BANKS NEW YORK, July 10 (#.—Federal Land | Bank bonds (Noon quotations.) November July ay NEW YORK PRODUCE _ NEW YORK. July 10 (¥.—Eggs. 7.+ | 3ti: irregular; mixed colors. white, browns and duck esg’ prices unchanged. 19184, steady: prices un- Cheese.” 130.911; quiet changed. prices unchanged | Live poultiy, by freight and by ex- press. nominal’ No quotations. Dressed poultry, @il Iresh and frozen prices un- changed. CHICAGO PRODUCE CHICAGO. July 10_ (@), GTButter, 10.445; no_session. 17 Eggs. session No butier or exs futures oF live: politry market today Potatoes, 98: on track, 238: total U. 8. shipments.’ §56: California stock slightly weaker, demand light: Missouri and Ka. Cobblers steady. demand . sup; Doderate, | Sacked. '© per ‘Californi 8, 'No. 2 U. e Tostly 1 No. 1 and partly gradec heated. 1.1 tion.” U."8." No. 1 sales. 1.5 U. S. No. umphs. “Arkansas. U 2.40: Louisiana, U. S. 3 mos! “car. "1°65: Cobblers, nd partly graded. : Kansas. U. 8. 1.30-40; showing Virginia. Norfolk showing heated 2. car. .R0; Bliss Tri= S. 'No.'1.'few sales, No_1. car. 2.40. REAL ESTATE LOANS RESIDENCE and 5% SMALL BUSINESS FRED T. NESBIT PROPERTIES. 101C VERMONT AVE. DISTRICT 9393 5% INTEREST CONSTRUCTION LOANS AND STRAIGHT 3-yr. LOANS Prompt Action on Applications Real Estate Mortgage & Guaranty Corporation 1610 K St. N.W. NAtL 1403 few 2|7 MORTGAGE LOANS ON RESIDENTIAL PROPERTY Up to $20,000 Refinancing and Construction attractive interest rates ROBERT PEDDICORD 1713 K St. N.W. DISTRICT 0010 Offica Mowrs, 9-12