Evening Star Newspaper, July 20, 1937, Page 16

A—16 D.C.POWER SALES FAR ABOVE 1335 Increase for Six Months Re- garded as Sign of Trade Advance. BY EDWARD C. STONE. Further evidence of constant busi- ness improvement in the first half of 1937 in Washington, in comparison with the like period in 1936, is brought to light in the latest report of the Potomac Electric Power Co. on kilo- watt hour sales. Kilowatt hour sales in the six months this year totaled 313,771,912, against 300,814915 a year ago, or a ‘gain of 12,956,997, which is an excel- lent advance. Comparisons reveal a stepping up in sales every month this year above the records in the corre- sponding months in 1936 With the June report of 51,279,267 kilowatt hour sales, against 50,372,105 a year ago, the half-year figures are now complete. By months, they com- pare as follows with the same 1936 periods: Month. January February March April k% 1937. - 55,008.550 - 776,655 - 52,704,429 - 51,393,092 May . - 50,609.919 48,655,771 June 1,279.267 50,372,105 The haif-year's rise is in line with &imilar advances reported at this time over a period of several years. It also supports reports of notable gains in bank clearings and other business barometers in the Capital. Corcoran Votes $50 Dividend. Directors of the Corcoran Fire In- gurance Co. of this city have declared & dividend of $50 per share, according to notice sent to the Washington Stock Exchange today. The dividend is pay- able July 31 to stockholders of record July 19. The disbursement will be paid out of surplus, officials announced. Trading was very dull on the Wash- ington Exchange today, the only trans- action being a sale of four shares of Riggs National Bank preferred stock at 100 against the last previous sale at 1011, United States Steel, who led the New York Stock Exchange yesterday, at- tracted a great deal of attention in the board rooms here again today. Business Impresses Heimann. In his monthly review, sent to the Washington Association of Credit Men, Henry H. Heimann, manager of the national organization, says that resistance to the drastic decline which business has shown in the past few ‘weeks, despite labor troubles, provides testimony to the “strong fundamental which has been and still is current.” The decrease in general business during the last few weeks is traceable to three major causes: Seasonal in- fluences that are generally operative in the early Summer, labor disturb- ances and their implications, and a natural reaction to the optimistic ad- vance buying in the early months of the year. Manager Heimann notes that elec- trie power production at the end of June was 10 per cent ahead of last year. Automobile output early in July was exceeding last year's total. Altogether, he adds, capital goods ac- tivity early in July was about 15 per eent ahead of 1936. He continues: “In the past few months, coinci- dent with the rise in residential build- ing. there has been a decided increase in construction costs, both materials and labor. In some sections, within the three Spring months, construction eosts have risen br 10 to 15 per cent. Injudicious advances in build- ing costs will have one inevitable re- sult: A decline in the demand. Firms active in the building or related fields should watch this trend closely,” the official asserts. " Fifth District Building Off. Building permits in the Fifth Fed- eral Reserve District in June were lower than the total for the same fmonth a year ago, this being the first time in more than four years that a decline was reported by the Richmond bank. The total of per- mits was $7.602,196 for the month against $8,558,629 in June, 1936. It is estimated that retail trade in the Fifth District last week was about 4 per cent better than in the comparative week a year ago, al- though dollar volume was off in Wash- ington. A good many retail orders are now being placed for September delivery, the Richmond Reserve Bank says. High operations are reported in cigarette, paper, rayon and textile lines, with very littl~ labor unrest in these important industries, Wholesale trade in this district is picking up rapidly as Fall stocks are being accumulated. Several lines re- port volume 10 per cent ahead of last year. Salesmen on the road are un- usually optimistic, the bank report says. Traction Stock Moves Oddly. The market for securities of any eompany, particularly the common usually closely follows the earning record. In the case of Capital Transit Co. stock, the rule at present appears to be working backwards. A year ago this stock was selling on the Wash- ington Stock Exchange at 17. Today it is seliing around 10, a decline of almost 50 per cent. Gross earnings of the company for the five months ended May 31, 1937, were $£4,619,000, as compared with $4,242000 for the same period last year, while net earnings for the first five months were approximately $85,- 000, as compared with a deficit of 410,500 for the first five months of 1936. Apparently the explanation of this rather unusual situation is the fact that for several months the com- pany has been in the midst of its fight for higher fares and for final settlement of its valuation. Public hearings on rate cases and valuation invariably bring out criticism and this causes prospective purchasers to adopt a waiting attitude pending the outcome. The company’s first mortgage bonds also have suffered, the Capital Trac- tion first 55 having dropped from around 92'; last year to 86. Insurance Sales Increase. Sales by the New England Mutual Life Insurance Co. in the first six months of the year totaled $83,547,000 for the whole country, an increase of 16 per cent over the same period in 1936, according to Earle W. Sapp, general agent in Washington. The gain in the Middle Atlantic States was 19 per cent and in the South Atlantic Btates 12 per cent, the report states. Agents from all parts of the United States report steadily improving busi- ness conditions as the main reason for the record in new policies. 1936 52,964,846 49,674,319 49,961,534 49,186,340 N NEW YORK BAR SILVER. NEW YORK, July 20%).—Bar sil- Wer steady and unchanged at ¢4%. FINANCIAL.’ Prev. 1937 Stock and High, Low. Dividend Rate, 63% Acme Steel (4) 15 Adams Exp (.308)__ 2214 Adams-Millia (2) 28 Addressog (1.40)___ 641 Air Reduction (1a)_ 24 Air-Way El1 Ap_____ 11 Alaska Jun (.60a)._ 2% Alleghany ___ 3414 Alleg pf $30 ww 34 Alleg pf $40 ww__ 35 Alleg pfxw__ 35 Alleg prpf 30% Alleg Steel (.80g) Allen Indus (1) Allied Chem (6) Allied Mills (2g) Allied Stores (.20a). Allied Strs pf (5) Allis-Chalmers(1g). Alpha Portland (1). Amal Leath Am Ag Ch Del 2135 Am Bank Note(1:g) Am Bank N pf (3)__ Am Brake Sh(1% g) Am Brake S pf § Am Can (4a) Am Car & Fy (%g)- Am Car & ¥ pf (4g). Am Chain & C(1g). Am Chicle (4a) Am Colortype _ Am Comel Alco . Am Crystal S 2X g . Am Encaustic Til _ Am & Foreign Pow_ Am & For Pw $7 pf Am & For Pw 2d pf. Am Hide & Leath 86% Am Hide & L pf (3). 40% Am Home Pr (2.40)_ 213 Am Ice 17ix Am Ice pt (1g) 2% Am International Am Locomotive 18% Am M & Fdy (%g) T Am M & Met (.45g)- 43% Am Metal (4g)____ 7 AmPow & Lt = 40% Am P & L 35 pf (5) 49'a Am P & L §6 pf (6) . 18% Am Rad & St S(.60) " Am Roll Mill(1.10g) 6% Am Safety Raz (2)_ 'e Am Seating (348) - 41 Am Shipbldg (2a) _ 79% Am Smit & R(2%g) 18813 Am Smelt pt (T) __. 7314 48% Am Stl Fdrs (1g) . 672 37 Am Sugar Ref (2)__ Am Sumatra (1a)__. Am Tel & Tel (9) Am Tobacco (5 m Tobacco B (5) - Am Type Fdrs Am Wat WKs ( fiflg) Am Woolen Am Wool pf (2k)__ AmZine L& S An onda (3 g Anacond W&C 135 Andes Copper _ Arch-Dan M (1g) . Armour Del pf (7). Armour 11 (.358) Arm I1l pr pf (6) ___ Armstrong Crk(1g) Armstrong_ July 30 Arnold Const (%g). Artloom Asso Dry Goods ___ Atch T &S F (28) - Atchison pf (5) Atlantic Coast Line Atlantic Refin (1) _ Atl Refining pf (4) - las Corp (.80) Atlas Corp pf (3 Atlas Pow (1125) Atlas Tack (%;g)__. 2 Auburn Auto _ Austin Nichols __ % Aviation Corp. Baldwin Loco (r) Baldwin Loc asd(r) Baldwin pfasd(r).. x Balto & Ohio Balto & Ohio pf _ Barber Co (148)-. Barker Bros Barker pf (2 Barnsdall (1) Bayuk Cizar (3%g)_ Bayuk 1stpf (7)_ Beatrice Cr (1a) Beech-Nut P (4a) __ Beldin-Hem (1) ___ Bendix Aviat (J2g)- Benef Ln (1.32 Best & Co (2 Bethichem Stl s Beth St15% pf (1) _. Beth St17% pf (T)_. Bigelow-San 1% g Black & Deck (%g). Blaw-Knox (.458) . Boeing Airpl __ Bohn Alum (3)_ Borden (1.60) Borg-Warner (”) Bridgeport Br .4 Briggs Mfg uw:L Bklyn-Man (214g) _ Bklyn-Man pf (6)__ 23 BKlyn & Queens____ 15% BkIvn& QT pf _ __ 26'% Bklyn Un Gas 2.30g 16% Brunswick-Bal_ Bucyrus-Erie Budd Mfg_ Budd Mfg pf. = 4 Budd Wheel (.20g)_ Bullard Co (1) _____ Bulova Watch (4a). Burlington Mills(1) Burr Ad Mach (.80). Bush Term (r) Butler Bros (.60) Butler Bros pf(11;) 4's Butte Copper & Z__. 171 ByersCo _____ 25% Byron Jack (128 35Y% Calif Pack (13;a) 2% Callahan Z-Ld 12 Calumet & H (%g)- 24 Campbell Wy (1) 23% Canada Dry G Ale 115 Canadian Pacific___ 44 Cannon Mills (1g) __ 106 96 Caro C&o st (5) 915 6% Carriers & Gen . 17614138 Case (J 1) 129% 112 Case (J 1) pf (7)_ 100 85 Caterpillar Trac(2) 41% 26% Celanese (1%g) _.. 115 106! Celanese pr pf (7)_- 481, 365 Celotex (.40g) _ __. 39% 30 Cent Aguir (1%a)_. 12% 61 Central Fdy. 413% 18 Central RRN J__ 24% 11 Central Violeta Sug. 814 Cent Rib M (.30g) _ 606 Cerro de Pasco (4)_. 111 Certain-teed __ 20% 59 57 125 90% 6ly 45 18 57 11106 991, 7013 R3¢ 543, 127 o= 281 6n 204 37% 384 174 6115 35l Champ Pap & F (2). 1414 Checker Cab Mfg__. 67 Ches Corp (3) . 50% Ches & Ohio (2.808). 91 Ches&OpfA (4)__. 614 Chi & East I11 pf(r). 2 Chi Gt West (r)_ 8% Chi Gt West pf (r) 24% Chi Mail Or (1%a)_. 3% Chi M St P&P pf(r). 3 Chi&NW (r) 94 Chi & N W pf 21 Chi Pneu Tool - 35 ChiPneuT cvpt(3) 3% CRI&P 6% pf (r). 4% CRI&PT% pf (r). 15% Chick Cotton Oil_. 9% Childs Co ___ 94 Chrysler (3%g) 174% City Ice & F (2) 6% City Stores___ 32y Clark Equip (1.60)_. 102% Clev El Illu pf(4%) 35 Clev Graph Br (1g)- 224 157 135% 21% 10% 4% 113 44y 297 1701 1223 Coca-Cola (2)___ 25% 17% Colgate-Palm (%) 62% 4T% Collins & Aik (2a) 112% 107% Collins & Aik p£(5)- 15 Colo & South 15% Colo & South 1st pf_ 10" Colum G & E (.20g). 80 Col GEEptA (6) . 75 Col G&E 5% pt ©)- 28% Col Pict vtc (1a)_ 1255. 111 Col Carbon (4a) 69% 56% Comel Credit (4) 114 100 Comcl Cred pf 4% - 80% 63% Comcl Invest Tr(4). 120 103% Comel Inv T pf 4% 21% 13 Comel Solv (.60) 4% 2 Comwith & Sou 75% 19% 45% 33% 19% Consol Mrcrntt. 9% Consol Cigar___. 1% Consol Edison (1g)- 99% Consol Edis pt (5) 14% Consol Oil (.80a) % Consol Textile_. 33" Consol Coalpf ___o. 20% Container {1.20) ... 18% Contl Baking A Add 00. High. Low. 4814 Certain-teed 6% pf- 110 23% Cluett Peabody (1).x THE EVENING STAR, WASHINGTON, Bales— Net . Close, chge. 78 18% 24% 4 16 5% @ EE TR +1% —1% + % = P ~HR AN I AR~ i —1% + 5 + - % 1% +1% +1% + % % L k) 15 1 Ed o o P o AR L O E NP OB AA A W AN AR D= N~ FEF FFLey & + 4 o o FFEEFFEFTS s A AN ] s ) & e H L4+ t++ +++4++4+ FESEEHTEr FEFFIESE 18’1 10% 108‘/. 110% +4% 18 18 Th + W 42 44y +2% 107% 108 + % 443 45% +1% 28Y% 28% — Y 161 1681 +3 18% 19 + % 544 55% +1 s 1081 108% — 17% + % 17% — % 13k + % 85% +11% 78 —1% 30 +1 122% 12214 +2 621 62% — % 106 i ® EYS STHOTAN-PY P PINHING: IO S-S ONOPQUpe - 30 308 21 8 3 31 12 208 1508 130s 9 1 70 39 G 10296 102h 102% % 3% — W 13!/, 13% 13% + % 16% 15% 16 + % % % % 404 40% 40% 324 {31% . 32 +J4% !l% 58% 25% 24% 24% — % Prev, 1937 High. 3 109% 69% 26% 42% 1713 10% 7614 1117% 28% 100% 56% 47% 26% 108% 81% 17% 14% 43 20% 8% 23% 907 18% 24 109 141% 31 29 58% 2415 1464 22 6% 3613 23 29 25 4% 465 51 124 T 55 39% 1804 135 17 180 375 16 29 921 44 115% 173% 8% 93, 235 35% 281 141 34% 1098 15% 166 395 135% 111 37 52% 120 303 501 277 17% 90 574 15% 115 162 167 15% 18% 3% 24% 18 874 155 46 29 23% 19% 693, 20 9%, 35% 15% 147 ~ 43% Stock and Low. 244 Contl Baking B_ 81 Contl Baking pf 50 Contl Can (3) . 18% Contl Diam Fib(1g) 385% Contl Ins (1.60a)__ 2 Contl Motor__ 39% Contl Oil Del (%) 25 Contl Stl (%g) 6214 Corn Exchange 54% Corn Prod (3) 153 Corn Prod pf (7)_ 6 Coty__ 40 Crane Co 100% Crane Co pf new 181 Crosley Rad (1%e). 68 Crown Cork (2) 41% Cr'n Ck pf ww 2% _ 39 Cro'n C'k pf xw 2% _ 16% Crown Zeller___ 9734 Crown Zeller pt (5). 51 Cructble Steel 7 8% Cuba R R pf 7% Cuban-Am Sugar__. 87% Cudahy Pack (2%)- 814 Curtis Pub___ - 5 Curtiss-Wright. 16 Curtiss-Wright A. 734 Cutler-Ham (1g) . 127 Davega Stores (1a). 19 Davega St pf (1%)- 99% Dayton P&L pf 4%; - 104% Deere & Co 254 Deere & Co pf(1.40) 17% Deisel-Wem-G (1) . 33 Del& Hud____ 13% Del Lack & W 110% Detroit Ed 9%, Detroit & Mac ._ 59 Devoe & Ray A (2a). Diamond Mat (1a)_ Diam T Mot (‘n)_. Dist Corp-Seag. ortex ll’a) Vor A (2%5) . Doehler Die C (1g) - Dome Mines (2a) Dominion Strs 4 Douglas Aircraft 45' Dresser A (3e)_ 247 Dresser B (1e) 14815 Du Pont de N(2%g) 130% Du Pont deb (6)__- 9% Eastern Roll ______ 151 Eastman Kodak (8) 2915 Eaton Mfg (1g)____ 103 Eitingon Sch 215 El Paso N Gs(1.60)_ 343 Elec Auto Lt 1.408 9% Elec Boat S 413 Elec & Mus (.18¢) __ 141 Elec Pow & Lt Elec P & L $6 pf. Elec P & L pf_ 4 Elec Stor Bat (2) Endicott-Joh pf(5)_ Eng Public Service Eng P S §5 pf (5k) . % Equit Off Bldg Erie R R Erie1st pf _ 143 Fureka Vacuum Cl_ Tvans Prod (1) Exchange Buffet_ ¥airbanks pf Fairbanks Mrse(1a) Fajardo Sug (2g) _ Federal Lt & Trac - Federal Mot (.10g) - Federal Screw __ Federal Wat Sve A Federat D St (14g) Fid Phoenix(1.60a). Firestone (133g) . First Nat Strs(213) Flintkote (1) _ Food Mach (1) Food Mach pf (41z) 2 Foster Wheeler __ Francisco Sugar__ Freeport Sul (1)_ Fuller ¢ Fulle = Gair (Robert) _ Gair (Robt) pf (3)_ Gamewell Gar Wood Ind (%&) Gen Am Inv Gen Am Trns(113g) Gen Baking (.60) Gen Baking pf (8) - Gen Bronze Gen Cable Gen Cable A Gen Cigar (4) _ Gen Elec (.80g) Gen Foods GenG & El A~ Gen Mills (3) Gen Mills pf (6) Gen Motors (1% Gen Mot pf (5)- Gen Out Adv___ Gen Out Adv A ___ Gen Print Ink (.30g) Gen Rwy Signal____ Gen Real & Util Gen Stl Cast pf _ Gen Thea Eq (%g)- Gillette (12g) Gimbel Bros Gimbel Bros pf(6) . Glidden Co (2a) .___ Gobel Adolt __ __ Goebel Brew (.20a) - Goodrich (128) ____ Goodrich pf (5) _ Goodyear T&R (1g) Goodyr T&R pf (5) - 7% Gotham Silk H_. 3 Graham-Paige 614 Granby Consol_ 215 Grand Union__ 17 Grand Un pf (13k) 32 Granite Cit Stl (1) . 3414 Grant (WT) (1.40a) 405 Great Nor Ry pf _ 174 Grt Nor Ore ct(%g) 34 Grt Wst Sug(2.40a) 2714 Green (HL) (1.60a) 651 Greene Canena(3) 12% Greyhound (.80) 2 Guantanamo Sug 10 Gulf Mob & Nor__ 43% Gulf Mob & Nor pf_. 26% Hack W pf A 1%g - 13 Hall Print 9% Hanna 35 pf (5) 40 Harb-Walk (1g) 10% Hat Corp A (.608) - 4 Hayes Body __ 100 Hazel-Atlas Gl(5a). 11% Hecker Prod (.60a) . 140 Helme(GH)pf(7)__ 24 Hercules Mot (1) _. 125 Hercules Po pf (6) 102'4 Hershcv pf (4a) - 3215 Hinde & Dauch(1g) 351 Holland F (1) 101% Holland F pf (5)__ 21 Hollander (1) 47% Homestake M(%g). 18 Houd-Her B (1) - 12% Houston Oil _ 62% Howe Sound (3a) 2%, Hudson & Man . 67 Hudson & Man p: 13% Hudson Motor. 3 Hupp Motor. Tllinois Central 43 Tllinois Cent pf A 58 Il Cent LL (4)_ 12 Indian Refining 33 Indust Rayon (2) 94 Inland Stl (2%g) 17% Inspiration Copper_ 4% Insuranshar (.108)- 57 Inter Rap Tran (r)- 4% Intercontl Rubber_. 1614 Interlake Iron. 9914 Intl Harvestr (2%4). 1447 Intl Harv pf (7). 87 Intl Hydro-Elec A_. 6% Int Mer Marine _ 10 Intl Mining (.308) . 55% Intl Nickel Can(1g) 16% Intl Paper & Pw A_. 10% Intl Paper & Pw B_ 5% Intl Paper & Pw C_. 90% Intl Paper & Pw pf_ 5% Intl Ry Cent Am___ 43% Int Ry Cent Am pf._. 8- 21 88 Intl Silver pf (6k)- 9% Intl Tel & Tel.__ 201 Interst Dep S 2% g-. 6914 Jewel Tea (4) 120 Johns-Manville (3). 28 Kalam Stove (1a) - 15 Kansas City Sou. 12% Kelsey-Hayes A _ 913 Kel-Hayes Wh B 51 Kennecott (1%8&) 14% Keystone S&W (.60) 5 Kinney (G R) 314 Kinney pr pf_ 8% Kresge Dep Stores_ 105 Kresge D S pf(.20k) 20% Kresge (SS) (.608)- 31% Kress (S H) (1.60)_. 18 Kroger Groc (1.60)- 18% Lambert (2)- 17 LeeRub & T (1g) 22 Lehigh PortC (1%) 1% Lehigh Valley Coal. 85 Lehigh Val Coal pf_ 13% Lehigh Valley RR_. 36 Lehman Corp (12)_, 14% Lehn & Fink (%g)-. 40 Lerner Btores (2a) - 1001 Bales— . High. Low. Close. en 3% 3% 34 — 80% 90% — 68 B9 + 19% 38% 2% 48% 30% 63% 63% 157% 1567% % 1% 4TH 46% 1104 21 83! 46% 40% 17% 95% T 10% 8% 38% 10% 6% 20% 7% 16% 20 l()z% 102% 1411 140 2 28% 28 22 21'% 39% 37 16% 16 1134 113% 18% 62% 26% 17% 23 20% 36% 37 394 9 b8Y% 48% 2 26% 1621x 161 133% 133'% 13% 13% 1818 180", 33% 334 124 124 24's 24 387a 3813 107 10% 4'n 4% 215 214 2% 12 T T6' 36% 39 + 2% 48% 30% 64 637% 157% %4 4% 112 21% 84% 46% 40% 18 95% 1% 10% 8% 38% 10% 6% 20w 1% 16% 20 102% 14043 28 214 39% 164 11315 1815 61% l7¥l 23 o o0 |4||++4+44|++4|ll+ll 133% 13% 181 333 12 241 385 10 4 21% 72 7614 361 108 10% 60 5% 16% 254 181 8% 23 - 34 5T 50% 197 Tha 7 44 34 40 39% 331 328 40's 9% 30% 30 51 5013 1125 112 43 bl 20ty K Ta 4% 35 127 691y 5 128 13415 13415 81y 25 50 38 577 F+14 4000 I 1244 110% 124 155 31 132 1037x 324 1037 3213 44 % 105% 254% 49 204 158 61 16% 39 4 38% 119 118% 119 257 25% 25% 5 5 8 115% 114% 114% 148% 147 8 13 1215 1 67 33 108 100% 6% . 408 49% i 43 42 98 12% 25% 2 2% 131% 130% % 114 11% + 137% 137% + 22% 23 + 33% 34% + 21% 21% 19% 20 25% + 34 2 10 16+ 41% + A1 16 154 16 P44 (43 44 + 3y + ' W el % 19% — % [ 114 Y Y W " » 1 n 1w W oy 1481 +1% 1 RS ¥ o2 Ky 1 D. C, TUESDAY, Prev. 1937 High. Low. 79 15% 28% Btock and Dividend Rate. 5814 Libb-Ow-F Gl (3g)- 9% Libby McN & Lib__. 25% Life Savers (1.60) _ 94y Liggett & M B (4a). 69 Lima Loco. . - 51% Link Belt (2) __ 53% 43% Liquid Carb (2.60)_. 84!s 64% Loew's (2a)._ . 3% 1 Loft. 75% B0% Lone Star Cem (3)_. 10% 6% Long-Bell A __ 43% 28% Bales— 23 9 834 61 Loose-Wil Bis (2) _ 28% 20 Lorillard (P) (1.20) 147% 127 Lorillard pf (7) 28% 19% Louisv G&E A 1% . 99 824 Louisv & Nash(5g) - 41% 29% Ludlum Stl (%&)__. 36 30% MacAnd & F (2a)__. 24% 14% McCrory Strs__ 54% 40% McGraw Elec (2) 2814 16% McGraw-H(.42? 424 32% Mclntyre Porc (2) . 42'% 31% McKeesport T (2)_. 16% 123 McKesson & Rob . __ 474 42% McKess & R pf (3) 19 12 McLellan Strs(%s) 40‘. Mack Trucks (1)___ Macy (R H) (2a) __ Mad Sq Gar (1 Masma Cop (1 Man Ry mod gtd(r). 23 Manhat Shirt (1) _ 1 Marine Midl (.4va)_ 19 Market St Ry 1008 Market St Ry prpf_ 108 Marshal Field 7 Martin (Glen) Masonite (1a) . Math Alkali (1%) - May Dept Strs (3a). Maytag =i Maytag pf ww (3) . Mead Corp (%28) - Melville $hoe (3) Mengel____ Mengel 5% pf(2%2)- Mesta Mach (2 Miami Copper Mid-Cont Pet (! Midland Steel (2 Midland St 1 pf(s)_ Minn-Hon Reg (3)_ Minn-Hon pf B(4) . Minn-Mol Imp_ _ Minn-Mol Imp pf _ Mission Corp (18) .. Mo-Kan-Texas ___. Mo-Kan-Tex pf____ Mo Pacific (r) . Mo Pacific pf (r Mohawk Crp(1.20a) Monsanto Ch (1g) Montgom Ward(za) Mother Lode Motor Prod (17;&) Motor Wheel (1.60) Mullins pf C Munsingwear (3) _ Murphy (G C) 3.20 . Murray Corp g x Myers & Bro (2g) - Nash-Kelv (1) Natl Acme (icg) « Natl Aviation & Natl Biscuit (1.60) _ Natl Biscuit pf (7) Natl Bnd & Inv 1.44 Natl Cash Reg(3¢g) Natl Dairy P (1.20). Nat Dairy pf A7) Natl Dept Strs Natl Dept Strs pf__ Natl Distill (2)_.__. Natl Gypsum _____ Natl Lead (32) 10% 42 67x 18% 9 1% 194 187 19% 48'y 32% o R 8815 5 237 5'y 21 3 2 = Sacehiazan » X ) - ORI B o 54 10s 5 208 Nat Mal& s Natl Pw & Lt (.60) Natl Steel (1%g) . \auwpp\y p pf (130K) Kkl 121 6le 131y 9% 109 415 981y Natomas (.80) Newberry 5% pf(3) Newport Ind (1%g) \ Air Br (1338) ntral hi & St Louis ‘hi & StLpf _. Omnibus Y Dock ¥ Dock pt__ NH&H (r) North Am Aviat_ North Am (.60g)_ North Am pf (3)_ Northern Pacific Norwalk T& R__ Ohio Oil (*28) - Oliver Farm__ Omnibus Oppenheim Col 128 Otis Elev (40g) Otis Steel Otis Steel prpf (7) Otis Stl1stpf 3y - Outboard M (1128) Outlet (3a) Owens-111 Gl (%8)- Pac Coast Pac Coast 1st pt_ I‘acGafi&El (2). s Pac Lighting (3) Pac Mills (1) Pac West Oil (.65e). Packard Mot (.15%) Panhandle P&R (1) Panhandle pf (r) - Paraffine (2g) Paramount Pict Paramount 1 pf (§) Paramount 2 pt(.60) Park & Tilford Park Utah Parker Rust-Pr 113 Pathe Film 1415 Patino Min 3% Peerless Corp 384 Penick & Ford (1g). 85 Penney (J C) (28) . 5% Penn-Dixie Cement. 4314 Penn-Dixie pf A 22 PennGlSct (%8)-. 34% Penn R R (}28) - 47 Peoples Drug (1a) . 431 Peoples Gas Lt & C- 41% Peoria & Kastern . 30% Pere Marquette 16% Petro Corp (.40g) 7% Pfeiffer Brew (.60g) 40 Phelps Dodre 1% - 3814 Phila Co 6% pf (3)- 1 Phila Read C &1 70 Philip Moris(33%g)- 4915 Phillips Pet (2a) .-~ 14% Pierce Oil pf_ 10% Pitts Coal 12 Pitts Screw (.308) - 2413 Pitts Steel 84 Pitts Steel pf_ 33 Pitts United 97% Pitts United pf_ 29 Pitts& W Va __ 24% Plymouth Oil(.708) 21% Poor & Co B £ 4% Porto Ric-Am T A . 7 Postal T &Cpf (r)- 1714 Pressed Steel Car _. 18 PressSC1pf (%) 6515 5514 Procter & Gam (2a) 118Y% 1143 Procter & G pf (5) _. 523 36% Pub Sve N J (2.60) - 112% 99% PubSN T $5pf (5)- 12813 1135 Pub Sve N J pf (6) . 72% 51% Pullman (1%) 24% 16% Pure Oil__ - 126 107 99 Pure Oil 6% pf (6)_. 1 23% 15 Purity Bak (.30g)-- 11 12% 7% Radio Corp.__ 80 63 Radiocvpf (3%) - 10% 6% Radio-Keith-O (r).. 25% 13% R R Sec1ll C Stk __ 37% 29 Reybest-Man (133). 22% 16% Reliable Strs (1) .. 29% 21 Rem Rand (.708) 9% b5 Reo Motor _ 47% 27% Republic Steel 124 109 Rep Stlcv pf (3k) - 110% 97% Republic St pf A(6) 49% 32 Revere Copper & B_ 30% 22!% Reynolds Met (1) 17 60 Y w Smww—SamaS=Reiian 3l 17 2 24 508 19 1 1 5 Add 00. High. 67 13% JULY 20, 1937. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE By Private Wire Direct to The Star. 1937 lnw‘ Close. ch Hu . Low. 34 12’ 27% 99 66 56 b1 81 60 Roan A 80 Rubero 31 Safewa 95 Safe St 99 Safewa 43'/. St Jose 2 56% T 308 21% Schulte Scott P: Servel Sharon Shell U @ FEES FEFES Simms bbbttt 'y Snider Socony- Southe Southe Sparks Sperry Spicer Spicer Square Stand € Std G& St Stand ¢ 4 Stand ( Std Oil a Sterlin Stewar Studeb: Sunshi Superh Swift 1 Tenn C Texas ( Tex Gu Tex Pa Tex Pa Tha The Fa Thomp 31 Thomp: 15% Tide-W Timken Timker Transa Trusco Oth Ce thC- Twin ( Twin ( Twin Ulen & n Car n 0il “n Pac ‘n Pac nit Ai nit Ai ‘nit-( “nit D; TS Gy TS Hof S Py Ru S Rul 7S Sm 7S Sm Ste Ste nit St nit St niv L 150 9ie * 1268 U 5lael’ Vadsco Vanadi Va-Cary Va-Car 11% Walwor 6 26% Wauke: Wayne W Pen W Penn Wester:! 4 Wester ‘Westin, Wheeli Wilcox 's Wilson Worthi 1124 Worthi 100 128 76 37% 46% Wright 20 Yellow 357 T4% Youngs FEFES 044+ E2 Appmxlmu Sales 1 5 sl FTEL L + 3 + W + 5% 115% 1% 106 +1 36% + 4% 26 + W vide: tion. Unl included x Ex dividend. 115% 105 36% 25% last year, ear. Clared this vear. Btock and Dividend Rate. 16% Reynolds Spr (1) .. 6913 Reynolds Tob (3) 49 Reynolds Tob B (3) 19 Ritter Dental (2%) 35 Rutland pf.__ Schenley Distiil(3). Seaboard Air L (r) Seaboard A L pf (r) Seaboard Oil (1) eagrave Corp Sears Roeb (3) .. Sharp & Dohme Shattuck FG (.60) _ ver King (.65g) . immons (1g) - Skelly Oil (%%g) 4 Sloss-Sheffield S & I 200 Smith (A 0) Sou Am G&P (.10g) Sou Cal Edis (1za) Sou Pacific ear & Co .. % Spiegel Inc (1) Spiegel pf (413) Stand Brands (.80) and G & E pf (r) &E Stand Oil N J (1a) Stone & Web Sun Oil (1a) 4 Sun Oil pf (6) Superior O11 Superior Steel Swift & Co (1.2 '« Tide-W Uil P& LtA(r)___ Va El & Pwr pt(6) Wabash Ry (r) Wabash pf A (r)__ Wabash pf B (r) Waldorf Sys (1.20) 12 84!3 Walgreen pf w + Y 4213 Walker H G&W 5a Ward Baking B 11} Warner Bros Pict__ Warren Bros (r) Wesson O & S (13a) Wes O & S pf (4) 3 | W Penn E1A (7) West Penn El pf(6) 9 9 9 '3 | Directors of Victor Chemical Works, West Auto Sup 1.60. Western Maryland . West U West El ‘Westvaco Chl (1) 4 Westvaco Chl pf 113 White Motor. White Sew Mach_ ‘White Sew M pf __. Woolworth (2.40) WorP&MpfB ___ 65% Wrigley Jr (3a) Young Spring (3) 47 Zonite Prod____ Total Sales for the day, 1,200,000 3Unit of trading 10 shares. T In bankrupicy or rceivership. or being reorganized under bnnkr;::u act, or securities assumed by ‘such companles. of c on i Tast SUATIerTY S semi-annual declara- otherwise noted. special or extra dividends are not { Payable in stock Cash or stock. FINANCI Bales— Add 00. 3 200 13 2 2 4 High. Low. Close. chu Y 1 Zl‘q -~ ntelope 1.11g id (.60) 2 12 108 608 1 v Strs (2) . 5% pf (5) .. v 6% pf (6) ph Lead(2a) 14 8 208 Ret (r) aper (.65g) _. 1) Steel (1.20)- nion (%g) Petroleum Pack (11:%)_ Vac (4g) - 121 4 11 2% + W 4 2514 + 49 34'% +214 46% +1 rn Ry rn Ry pf = With_ Corp (le)__. Mfg PLA (2)_ . 68 - 4708 D Co B 60g . AL. STOCKS CONTINUE BROAD ADVANCE Motors, Rails, Specialties and Utilities Lead in Brisk Upturn. Stock Averages * Indis. RAf, O 80s. Net change. +5+12 +6 .8 Today, close 96.6 435 69.4 Prev. day._. 96.1 429 686 Month ago. 89.2 404 642 Year ago._. 902 520 677 1937 high -__101.6 540 753 1937 low-... 879 39.1 626 1936 high-_.. 993 537 728 1936 Jow.... 73.4 30.2 434 557 1932 low.... 175 8.7 239 169 1929 high__146.9 153.9 184.3157.7 1927 low_.. 516 953 618 6138 415 403 387 389 495 36.1 435 | (Compiled by the Associated Press.) BY VICTOR EUBANK. ’: Associated Press Financial Writer. NEW YORK., July 20.—Buying forces were in the ascendant in today’s stock market, and motors, rails, utilities and specialties were given a brisk forward push While profit-sellers cut down early gains of fractions to 3 or more points jas & El (r)_ 1 $6 prpf(r) % ppiir) )il Calif (1a) )il Ind (1a) . Kansas g Prod(3.80) 2! t-Warn(lza) 184 + 1 23+ aker 68 124 18% — 1 +h PALH 1 ne Mng (3) _ eater (11z) . ntl (2) - 134 + 3 | in many instances before the close, fa= vorites held most of their morning improvement. Business optimism, brokers said. was the main market motivator. although the new turn in the administration’s court bill fight was believed to have furnished ammunition to those traders opposed to the measure Chrysler was the star performer of the day, jumping nearly 4 points at one time to cross 110 at a new high for the move. Santa Fe and Consoli= | dated Edison carried the banners of their departments Steels took a rest, along with & nume ber of other recent sprinters. Symington ww orp (Y g) lorp (2) Texas Gulf Prod If Sul (2a) _ Tex & Pac Ry c C&O (40) cLand Tr__ er (z8) s Thermoid Third Ave son Pr(.90g) son-Star at As (35g). Aspf (4'2) n-Det Ax(Ze) 1 Roll B (3) . merica (1z) Trans & West Air Activity was pronounced at the start, with blocks of 1,000 to 4,000 shares appearing on the ticker tape. There was a subsequent slow-down. Trans- fers were around 1.100.000 shares. Among popular shares were General Motors, Mack Truck, Motor Products, Montgomery Ward, New York Central, Pennsylvania, Southern Pacific, South= ern Railway, Great Northern, Illinois Central, Atlantic Coast Line, North American, Electric Power & Light, Ine | ternational Nickel, Brooklyn-Manhate |tan Transit, International Hydro- electric, Freeport Sulphur, California Packing, Canada Dry, United Stales Pipe & Foundry and Howe Sound. Narrow to down & point or 50 the greater part of the session were United States Steel, Bethlehem, Republic, | Crucible, Sloss-Sheffield, United States | Rubber, Woolworth, Oliver Farm, In- n Steel - nt-Fox (1g). FEFpf1, ity R T ity pf (Tk) oach (.30g) . Co.. nderwood (13z) bide (2.408) _ Calif (1.20) ific (6) __ ific pf (4) = reraft (zg) r Lines “nit Biscuit (1.60) - nit Carbon (4) ‘arr Fast (2) - nit Corp__ nit Corp pf (3)_ ‘nit Drug (3¢g) vewood (la) . nit Elee Coal___ nit Fruit (3 nit Gas Imp (1) nit Paperbd (.30g) 'S & Foreign Sec S Freight (13.e) psum (2) ffman Mach Indus Alco Leather Leather A pe (3) Realty & Imp _. bber s bber Ist pt__ elt B (62) elt pf (31z) el __ el pt (7) ockyds (12)- 7 % ores A 3 5 ) eaf Tob (3a). 5 1 5 y « “ um Steel 0 Chem = 06 pL(lik). 2oz 30 Ny 5ot 11015 30 8iy 558 1104 + 5, 1| u, [y » s I réhoo 3w v 2 sha Mot (1a) Pump(Llag) EL7% pf () n P 6% prf) % tn n Pac nPacpf . nion Tel (3). ghse Air (1). 1&M (28) - ng Stl_ b Oil & Gas__. & Co (J2) ngton Pump. ngton pf A Aero Truck_ tn S&T 1128 of Stocks on the N. Y. Stock Exchange. 370,000 12:00 Noon_. 770000 2:00 P.M. nds in the foregoing table are annual dis- xrEx rights. 8 Also extra or extras. & Declared or paid so ‘far this k Accumulated dividend paid or de- e Paid FAR WESTERN BUSINESS SCORES GAIN IN JUNE Epecial Dispatch to The Star. NEW YORK, July 20.—Far Western business in June registered a gain of 1.5 per cent over May, scoring the first advance this year over the preceding month, according to the current Bank of America Business Review. The bank’s index on June 30 was 179.7 per cent of normal, surpassing the figure for the corresponding month in 1936 by 8.1 per cent and attaining the level since 1931. led the upward move with a gain of 8.2 per cent over May, reaching the best level since January of this year. Contrasted with June, 1933, the increase was 15.1 per cent. Bank debits, making the sixth con- secutive gain this year, exceeded the ‘May figure by 2.2 per cent. Building activity receded 6 per cent from its May figure and 15.6 per cent from the high level of April. Bank debits and permit values for the first half of 1937 rose 13.8 per cent and 21.3 per cent, respectively, above the corresponding period in 1936. Sperry . Corp.—Subsidiary, Sperry Gyroscope Co., received a $638,085 con- tract from War Department for pilot assembliss. WOODWORTH TO HEAD UNITED CIGAR-WHELAN By the Associated Press. NEW YORK, July 20.—Allen L. ‘Woodworth, formerly president of one of Socony-Vacuum Oil Co.’s retail distributing companies, has been elected president of the United Cigar- ‘Whelan Stores Corp., the reorganized United Cigar Stores Co. of America, it was announced. o United Aircraft Corp.—Pratt & ‘Whitney division of company received 1% | | 1| W | a | | ternational Harvester, Deere, Douglas | Aircraft, Boeing, Kennecott, American | Smelting, Westinghouse and General Electric. NEW YORK COTTON By the Associated Press. NEW YORK, July 20—Cotton slumped this afternoon following early steadiness. Prices reacted about $1.50 a bale from the highs to net losses of 15 to 20 points under renewed tized, long liquidation Wall Street and New Orleans offer- ings increased and as prices eased rather general selling developed to carry December down from 12.04 to 11.85 Putures closed steady October December January Marrh May Spot aquiet Future. 16450 440 :owmbpr Cottonseed Oil. Bleachable cottonseed oil futures closed barely steady, 4 to 6 lower. Sales, 79 contracts, including 2 | switches. September, 9.18; October, | 9.12b; December, 9.13; January, 9.15b; March, 9.18b. b—Bid. New Orleans Prices ORLEANS. July 20 P —Coiton to 6 points net higher NEW opened steady and 1oday on better Liverpool cables and liberal trade buving and cover Early weather advices were favorable but appeared 1o be discounted for the time being. Liverpool reported Bombay selling was offset by local covering, presumably on | a “bullish “interpretation of the Sino- Japanese developments October opened at 12.03 % January at 12.08. March at 12 % “Additional new buying | orders near positions were executed after the start. and toward the end of (he first half hour October and December showed gains of 10 1o 11 points, respective- iy. over the previous close Cottonseed oil onened R75b. September, X.74b December. 8.66b. January. steady October R.0D. July. 870p b—Bid. DIVIDEND IS ORDERED. NEW YORK. July 20 (Special).— Chicago, have declared a dividend of | 20 cents a share on the new $5 par | value common stock. payable July 31 | to stock of record July 21. Prior divi | dends for the year 1927 paid by the company on its old stock were equiva- lent to 37'; cents per share on the new stock and were paid one-hall March 31 and one-half June 30, TOKIO MART NERVOUS. TOKIO, July 20 (#.—The Stock Market opened nervously today, ine fluenced by the North China crisis, and stocks dropped 1 to 4 yen (the yen is 28 cents). SHORT-TERM SECUR.ITIES (Reported by Chas. D. Barney & Co.) Am Tel & Tel 538 '43_ Auburn Auto Co 42 Baldwin Loco works O3 140 Calif Pack Corp 5 Caro Clinch & &Sy &9 Eafs Brec. tum Lebigh V: Lehien Val Term Ruy 6”4 Long Island Gen 4s Louls & D Mich Term R R As st c'u 38 Vanadium Corp b3 '41 Vertientes Sugar Co Wabash Rwy Co 5 Warner Bros 6s = N Y & Pa 43 '4 2 1084, Western Unfon el 53 88 - 10114 . SHORT INTEREST DECLINES. NEW YORK, July 20 (#)—Total short interest existing on the New York Stock Exchange as of the open~ ing of business on June 30 was 944 957 shares. This compared with a total s $470,000 contract for parts and tools for navy yards. short interest of 1,049,964 as of ‘ May 28.