Evening Star Newspaper, August 11, 1937, Page 18

A—18 xxx FINANCTAL. LIQUIDATED BANK TOTAL INCREASES Completion of 26 More in July Lifts 4-Year Volume to 735 Mark. BY EDWARD C. STONE. Controller of the Currency J. F. T. ©'Connor today announced the com- pletion of liquidation of 26 bank re- ceiverships in July. This makes a total of 735 receiverships finally closed or restored to solvency since the bank- ing holiday of March, 1933. Total disbursements, including off- sets allowed to depositors and other creditors of these 735 receiverships, exclusive of the 42 restored to solvency, aggregated $249,982,631, or an average return of 79.11 per cent of total liabil- ties, while unsecured creditors re- ceived dividends amounting to an aver- age of 66.39 per cent of their claims. Dividends distributed to creditors of all active receiverships during the month of July amounted to $6,339,402. ‘Total dividends paid and distributions to depositors of all receiverships from March 16, 1933, to July 31, 1937, amounted to $869,226,221. The July list includes one bank in the fifth reserve district, thfie Citizens’ National Bank, Prosperity, S. C. De- positors and other creditors received, including offsets allowed, $206,398, representing 92.09 per cent of total lia- bilities. Unsecured depositors received 89 per cent of their claims. Board Rules on Interest. The Federal Reserve Board has put out a ruling on interest payments on savings deposits received during the first five days of the month, according to the August bulletin. The board's regulation @ provides in section 3 (d) that “a member bank may pay interest on a savings deposit received during the first five days of any calendar month at the applicable maximum rate prescribed pursuant to the provisions of subsection (a) of this section, calculated from the first day of such calendar month until such de- posit is withdrawn or ceases to con- stitute a savings deposit under the provisions of this regulation, whichever shall first occur.” The board has taken the position that where the fifth day of any calen- dar month is a Sunday or a full holi- day, a savings deposit received on the next business day after the fifth day of the month may be deemed to have been received during the first five days of the month within the meaning of this provision of the regu- lation. U. S. Now an Economic Unit. ‘The United States is being trans- formed into one economic whole, in; which State boundaries have little sig- nificance, declares Dr. F. D. G. Ribble, professor of law at the University of Virginia, in a study published by the Columbia University Press. “The striking growth of commercial enterprises in Amer: involving the | widespread interchange of goods and | ideas, has constantly tended to make State lines of less importance for the purposes of commerce and trade,” says Dr. Ribble. “The economic unity of the country precludes action by one State to gain commercial advancement at too great cost to other States. It gives reason for the insistence upon an absence of trade barriers and a freedom of com- mercial intercourse among the States.” Virginia Employment Rises. Virginia employment in manufac- furing was 12 per cent heavier in July than in that month last year, the Industrial Commission reports Construction employment was 15 per cent heavier and in commercial enter- prise the increase was 24 per cent The next meeting of the Govern- ing Committee of the Investment Bankers' Conference Committee is expected to be held in Washington late this month, it was said today in the financial district. Since May, meetings of dealers and conference members have been held in many dif- ferent ci . Problems of self-reg- ulation and legislation within the in- vestment business are the two big- gest issues now under consideration. The National Retail Federation es- timates that there will be a gain of from 5 to 10 per cent in general re- tail sales in Washington this Fall, an increase of 10 per cent in Baltimore and 8.5 per cent in Huntington, W. Va,, all cities in the fifth Reserve dis- triet. Atlanta is expected to have an 11 per cent Tise. Vacations Lure Financiers. Gerald E. Keene, assistant cashier of the Second National Bank, at the Seventh street office, has returned from Cape May, where he spent a three-week vacation. Joseph R. Fitz- patrick, another assistant cashier, left Washington yesterday to pass his va- cation at Rehoboth Beach. J. C. Perry, one of the partners in the brokerage firm of W. B. Hibbs & Co., is now at Atlantic City on his vacation. He will be away two weeks. Charles H. Doing, first vice presi- dent of the Washington Loan & Trust Co. and manager of the West End branch, will make his headquarters at the main office while President Harry G. Meem is touring Europe. It is reported from New York that Willard I. Hamilton, vice president of the Prudential Insurance Co. of America, has resigned his position after 52 years' connection with the company. Financial District Notes. Potomac Electric Power 5!, per cent preferred stock sold at 1121, in very quiet trading on the Washington Btock Exchange today. Other bid and asked prices were practically un- changed. Hemphill, Noyes & Co., New York Btock Exchange firm which has a ‘Washington office, is one of the firms in the syndicate f.o which the State of Maryland awarded the issue of $3,- 408,000 23 per cent general con- struction bonds. The August Federal Reserve Bulle- tin estimates that less than $500,000,- 000 of gold remains in hoarding in London, at the same time intimating that privately hoarded gold is no longer a serious threat to a stable gold price. DOLLAR GOES DOWN IN LONDON DEALINGS By the Assoclated Press. LONDON, August 11.—The United Btates dollar declined one-sixteenth of & cent in the foreign exchange market today, closing 4.985/16 to the pound, compared with $4.98% for sterling in New York dealings yesterday. French francs were unchanged at 132,84 to the pound in final trading. PARIS, August 11 (#).—Rentes, 3 er cent, 74 francs 95 centimes; 412s ‘A,” 18.50; 425 1937, 102.50. Exchange on London, 132.85. The dollar was quoted at 26.65%. THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, AUGUST 11, 1937, TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Prev. 1937 Stock and High. Low. Dividend Rate 55 4415 Abbott Lab (1.6087- 8415 633 Acme Steel (4) 224 15 Adams Exp (.30g. 2214 Adams-Millis (2) 28 Addressog (1.40) 2 Advance Rumley 4 Air Reduction ( Air-Way El Ap- Alaska Jun (.60a)__ 4 Alleghany = 304 Alles Steel (1.20g) . 27% 174 Alleh Indus (1) 25815215 Allied Chem (6) 3314 Allied Mills (2g) _ 217% Allied Stores (.20a). 85 Allled Strs pf (5) . Allis-Chalmers(1g). Alpha Portland (1)~ Amal Leath__ Amerada (2) _ Am Bank Note &g Am Brake Sh(1%8) Am Can (4a) . Am Can pf (7) Am Car & Fy (%)~ Am Car & F pf (4g). Am Chain & C(%g). Am Chain pf (5)_ Am Chicle (4a)_. 4 Am Comcl Aleo _ Am Crystal S 2% g _ 4 Am Crys Sug pf(6). % Am Encaustic Til__ Am & Forelzn Pow_ Am & For Pw $7 ptf_ Am & For Pw 2d pf. Am-Hawaiian § (1) Am Hide & Leath _ Am Home Pr (2.40). Amlce __ Am Ice pf (1g)_ Am International Am Locomotive Am Loco pf Am M & Fdy ( Am M & Met (. 4\18). 4 Am Metal (% g) __. Am Metals pf (6) Am Pow & Lt Am P & L $6 pf (6)_ » Am Rad & St S(.60) » Am Roll Mill(1.10g) Am Safety Raz (2)_ Am Seating (%g) - Am Smlt & R(2%E8) Am Smelt pf () __, Am Stl Foun 1.50g . Am Sugar Ref (2)_. Am Tel & Tel (9) Am Tobacco (5) Am Tobacco B (5)_- Am Tob pf (6) Am Type Fdrs Am Wat Wks (.60g) Am Wat W 1 p£(6)- Am Wonlen Am Woolen pf (3k AmZincL&S 2 AmZ&Ld prpf 1% 8 Anaconda (%g) .. Armour Del pf (7)_ Armour 111 (.558) Armst'z Ck (1.50g)- Arnold Const (%g). Artloom = Asso Dry Goods Atch T&SF (28) - Atchison pf (5) __ Atlantic Coast Line AtLGulf & W Ind . Atl Gulf&W Ind pf_ Atlantic Refin (1)__ Atlas Corp (.80)_ Auburn Auto Aviation Corp Baldwin Loco (r)__. Baldwin Loe asd(r) Balto & Ohio Barber Co (48)- Barnsdall (1) Bavuk Cigar .5 1381y 48% 37 1594 KER T4l 1284 11% 15% Beth Stl 5% Bigelow Black & Blaw-Knox (A3§)-. Boeing Airpl Bohn Alum (3) _ Bon Ami B (17%8) - Borden (1.60) _ ___. Borg-Warner (2) Boston & Maine ___ Bridgeport Br 40g Brigss Mfg (13 g) Bklyn-Man Bklyn-Man pf (s) Z & Queens Brunswick-Bal Bucyrus-Erie Budd Mfg Budd Mfg pf Budd Wheel (.20g) - Bulova Watch (4a). Burlington Mills(1) Burr Ad Mch(.65g) Bush T Bld pf ct(r) Butler Bros (.60) _. Butler Bros pf(113) Butte Copper & Z_.. Byers Co Byers Co pf- Callahan Z-Ld ____ Calumet & H (%)~ Campbell Wy (1) Canada Dry G Ale (Canada South (3) Canadian Pacific___ Cannon Mills (1g) _. Carpenter St 1.35% Carriers & Gen .10g. Case (JT)___ 1298 112 Case (J 1) pf (7) - 100 85 Caterpillar Trac(2) 105 10214 Caterpillar T pf (5). 411 26% Celanese (13;g) 115 1061 Celanese pr pt (7). 481, Celotex (.80g) 821, 73% Celotex pf (5) 391, 30 Cent Asuir (1%a)_ 614 Central Fdy.____ 60 Cerro de Pasco (4)-. 113 Certain-teed 4815 Certain-teed 6% pf- 67 Ches Corp (3) - 501 Ches & Ohio (2.80 24 Chi & East 111 (r) 241 Chi Mail Or (1%a)_ 3% Chi M St P&P pf(r). 3 Chi&NW (r) 21 Chi Pneu Tool 35 ChiPneuT cvpf(3) 2 ChiRI&Pac(r) _. 14 Chi Yell Cab(1%g)- 9% Childs Co __ 5 94 Chrysler (7g) _ 174% City Ice & F (2) 8 City I&F pf (6%)_ 6% City Stores __ 321 Clark Equip (1.60)_ 98 Clev CC&StL pf (5 35 Clev Graph Br (1g). 47% Clev & Pitts sp(2) _. 23% Cluett Peabody (1). 125% Cluett Peab pf(7) __ 17% Colgate-Palm (13)._. 10415102 Colg-Palm pf (6) 623 4T3 Collins & Aik (48) . 51% 81 Colo Fuel & Ir (1g)- 15 Colo & South _____. 284 Col Brdcstg A .40%_. 10 Colum G&E (.208)-. 80 ColG&Epf A (6)-—. 3914 28Y Col Pict vte (1a)-—— 125% 111 Col Carbon (4a)_--- 69Y% 56% Comcl Credit (4) 80% 63% Comcl Invest Tr(4). 13 Comecl Solv (.60) .- 2 Comwlth & Sou 46 Com & Sou pf (3) 34 Congoleum-Na (2)_-. 197% Consol Aircraft . __ 831 Con Clg p pf ww 614 313 Consol Edi (1.508)-. 9914 Consol Edis pt (5)-_. 191% 138 3% 1% 214 Consol Film__ 10 Consol Film pf_ 8% Cons Laundries. 14% Consol Oil (.80a. 5 Consol Textile._. 33 Consol Coal pf_ 20% Container (1.20).. 18% Contl Baking A —. 214 Contl Baking B ___. 81 Contl Baking pf(8). 50 ContlCan (3) . 18% Contl Diam Fib(1g 35% Contl Ins (1.60a) 2 Contl Motor ._ 39% Contl Oil(Del)1%g. 25 Contl Stl (%g) 547 Corn Prod (3) 171% 153 Corn Prod pf (7). 10% 5614 6 Coty...... - 40 Crane Co 11414 100% Crane Co cv pt (5) 28% 1007 25% 81% 3 14% 18% Crossley Radio 68 Crown Cork (2)-e-a 16% Crown Zeller ... 51 Crucible Steel. 1% CubaCo. ... 7% Cuban-Am Sugar. 127 109% Cub-Am S pf (10k)- 43 205 109% 8% 37% Cudahy Pack (2%)- 813 Curtis Pub__ __ 71 Curtis Pub pf (7). 5 Curtiss-Wright__.. ) [ =3 e - P 5 B [OIC T P - R N D O N T i ) I 3 50 1 D 00 1 108 00 10 0 D <1 D e i 3 57 10 11 00 ki 10 ik O3 1O TV IO 5000 90 @ 80 50 1t X 1t 10 00 00 it Ot 1 =1 00 1t =239 €0 8D 1 14 0O RS RO L o e ro ro - 4913 B3% 18% 248 33 2% 2% 2% 12% 3 By Private Wire Dirsct to The Star. Add 00, High. 49'% B33 18% 24% 33% 2% 494 B3% 18% 2 179 120 997% 105% 110 Net Low. Close. chge. [ FEEF FEFREX FEF FEEFEF 2 FF OFE Prev, 1937 Stock and High. Low. Dividend Rate, 28% 16% Curtiss-Wright A._ 18} 12%4 Davega Stores (1a). 24 18% Davega St pf (1% )- 109 99% Dayton P&L pf 4% . 14315 104% Deere & Co (18) . _. 81% 25% Deere & Co pf(1.40) 58% 33 Del& Hud.__ 24 13% Del Lack & W 10% 4 Dené& RioG W pt l‘fi‘q 1107 Detroit EA (5g) .-~ 59 Devoe & Ray A (3a). 33 Diam Mat pf(1%a). 20% Dist Corp-Seag . ___. 18 Dixie-Vortex (1%). 38% Dome Mines (2a)_. 47% Douglas Aircraft__. 159% 115% Dow Chem (2.60g) . 55 45 Dresser A (3e)____. 8% 3% Dunhill Intl__ 10 1804 148'% Du Pont de N(2¥%g) 13515 130% Du Pont deb (6) __. 115% 110 Duquesne 1st pf(5). 17 9% Eastern Roll _ 184 151 Eastman Kodak (8) 291 Faton Mfg (1%g)-. 10% Eitingon Sch 21% El Paso N G5(1.60). 343 Elec Auto Lt 1.40g. 9% FElec Boat ___ 415 Elec & Mus (.18e)__ 14!% Elec Pow & Lt 581 Flec P & L $6 pf___, 62 ElecP&Lpf 324 Elec Stor Bat (2) 1 Elk Horn Coal__ 194 Erie 1st pf T Eureka Vacuum Cl- 3 Falrbanks Co.. 20% Fairbanks pf_ 4915 Fairbanks Mrse (1a)x 45'4 Fajardo Sugar(3g)_ 16% Federal Lt & Trac-. 6l Federal Motor 3113 Federat D St (1%g) 36 ¥id Phoenix(1.60a). 31 Firestone (1%g)___ First Nat Strs(2%). Flintkote (1) ___ Follansbee Bros __. Food Machine (1a) - Food Mach pf (433) 130s Foster Wheeler . _ 3 Foster-Wheeler pf_. 408 Francisco Sugar 6 Freeport Sul (1g)_- Gabriel A___ Gair (Robert) Gamewell __ Gen Am Inv_ Gen Am Trns(11%g) Gen Baking (.60) . Gen Bronze. Gen Cable . Gen Cigar (4) Gen Elec (.80g) GenFoods (2) GenG & El A_. Gen Mills (3) Gen Mills pt (6)___ Gen Motors (2%g)_x 109 Gen Mot pf (5) - Gen Out Adv. GenOutAdvA ____ 1 Gen Ry Signal (1)_. 3 Gen Real & Util _ 5 Gen Refract (2h) 0 Gen Stl Cast pf . Gen Thea Eq (}28). 4 Gillette (14 R Gimbel Bros __ 23 Glidden Co (2a) 2 Gobel Adolf 2 Goodrich (1 14 Goodrichpf (3) ___ 1 Goodyear T&R 1505 50 Goodyr T& pf(S) 3 12 9 1 2 5 2 1 4 1 1 & 1 » Y% 4% 58 4Tiy 128 108 5415 37l 135 100 18% 7% 32% 24% Tia 44 15% 11% 33 22 1513 8613 19% 14 3214 521 647y 44 3% 657 124 117 0% 484 122% 113 15% 874 6015 4215 65k 41k 8 EX PP YN 104 6215 10% % 20 341 49% 36 1 60 Graham-Paige . Granby Consol Grand Union Grant (WT) (1. Great Nor Ry pf Grt Nor Ore ct(%g) Grt Wst Sug(2.40a) Green (HL) (1.60a) Greyhound (.80) __ 2 Gulf Mob & Nor pf_ Hall Print_________ Hamilton W (1.25g) Hamil Wath pf (6)_ Harb-Walk (1.50g)- Hayes Body __ Hazel-Atlas G1( Hecker Prod (.60a)_ Helme (G W) (5a) _. Hercules Pow (3g)- Holland F (1g) - Hollander (1) & Holly Sug (2% Homestake (. Houd-Her B (1‘1).. Houston 01l Howe Sound (3a) Hudson & Man Hudson & Man pf. Hudson Motor. Hupp Motor. Illinols Central Illinois Cent pf A Indust Rayon (2) Ingersol Rand (3g)_ Ingersoll R pf (6)__ Inland Steel (4a) _. Inspiration Copper_ Inter Rap Tran (r)- Interch Corp pf(6)_ 208 Intercontl Rubber_. 1 Interlake Iron 25 Intl Agricul__ 2 Intl Harvestr (235).+ 7 Intl Hydro-Elec A_. 11 Intl Mining (.308)_. 9 Intl Nickel (1.508) _. 62 Intl Paper&PwA_. 6 Intl Paper&PwB_. 2 Intl Paper & PwC.. 10 Intl Paper & Pwpf. 9 Intl Ry Cent Am_ Intl Silver Intl Silver pf (6K)_- Intl Tel & Tel ____. Interst Dep S 2%g- Intertype (.30g)_ 671 Jewel Tea (4) 155 120 Johns-Manvill 136 1174 Jones & L pf (314k) 109% 101 Kendall pt (6a) 69% 51 Kennecott (28)_ 2013 14% Keystone S&W (.60) 29% 20% Kresge (S S) .90g _ 24% 18 Krozer Groc (1.60 Lambert (2) ___ Lane Bryant(142) . Lee Rub& T (1%) . Lehigh Val Coal pf_. Lehman Corp (1a)_. Lehn & Fink (13%)_ Lerner Stores (2a) - Lib-Ow-Glass (3g) - Libby McN & Lib 25% Life Savers (1.60a). 94Y Liggett & M B (4a). 59 Lima Loco (1g)-—-- ' 511 Link Belt (2) ___. 25% Liquid Carb (2.60) _. 6415 Loew’s Inc (6g)-—. 1 Loft._ 50% Lone Star Cem (3) . 5% Long-Bell A___ 20 Lorillard (P) (1.20) 82Y% Louisv & Nash(5g). 29% Ludlum Steel (1) 301 MacAnd & F (2a) 21 McCall (2). 14% McCrory Strs_ 161% McGraw-H(.42%58). 32% Mclntyre Pore (2)-. 31% McKeesport T (2)-- 12% McKesson & Rob__. 42% McKess & R pf (3)— 40% Mack Trucks (1) 44 Macy (RH) (2a) 3% Manati Sugar (r) 14 Manati Sug pf (r)__ 170s 6% Man Ry mod gtd(r). 30 581 40 8 4 1174% 100 157 114 126 997 185 1 52% 30% 4315 = DA R N R O 8 38 6715 4T 144 143 131% 331x 13% 5 111% 107% 1Ml 4% 2819 16‘ 9y 120 167 ——o 124 13313 94 508 13 15 ws. 55 1613 10% 5% 90% 1 608 e Iy 0909300 1 O O s 0009 53 1 et O D I 1D I et 89 G0 b 90 €0 - - (99 39 Marlin Rock (2)_. 187 Marshal Field 122 19% Martin (Glen) 32% Math Alkali (1%)_. 51% May Dept Strs (3a). 25 Mead Corp (18) 9% Mengel __ _ 34 Mengelfi% nl(l%). 108 58 Mesta Mach (2%g). 7 14% Miami Copper._. 9 25% Mid-Cont Pet (%‘) 12 33% Midland Steel (2) - | 108 Midland Stl 1 pf(3). 10s 96 Minn-Hon Reg (3)- 1 11 Minn-Mol Imp - 5 237 Mission Corp (l')_ 34 513 Mo-Kan-Texas _ 1 21 Mo-Kan-Tex pf 6 Mo Pacific pf (r)__. 28 Mohawk Crp(1.20a) 3 85 MonsantoCh1%g _ 6 48 Montgom Ward(2a) 44 31 Morrell & Co. - 1 % Mother Lode - 3 277% Motor Prod (1%g) - 7 17% Motor Wheel (1.60). 2 37% Mueller Brass (1a). 1 12 Mullins Mfg (B)..- 3 80 Mullins pf (7) - 208 67 Murphy (G C) 3.20_. 10% Murray COrp._ . ——-. 58% Myers & Bro (2g)-- 16% Nash-Kelv (1)._... 17% Natl Acme (%§)--- A 1 5 3 8 1 204 19% 15 15 18% 136% 7 36 19% 15 Tl ++ 41+ 00440400 1+ Net | Prev.1937 Add 0. High. Low. Close. chee “CerssFaes ~ FEEFF % Stoek and Dividend Rate, 11% Natl Aviation Bales— High. Low. 18% 33% 33% 25 38% 29% 26% 184 112% 107% SHPaT _ 10 Natl Bnd & Inv 1.44 Natl Cash Reg(%g) Natl Dairy P (1.20). Natl Dairy pf A(7) - N 30% 134 39% Natl Gypsum . Natl Lead (%) Natl Malleable (1g) - Natl Pw & Lt (.60) - Natl Ry Mex 1st pf_ Natl Ry Mex 24 pf . Natl Steel (1%g) 4 Natl Supply (315k) . T21'4 Natl Sup pf (1%k)_ 6% Natl Tea (.308) .. 9% Natomas (.80) _ 28 Newport Ind (1%‘) N Y Central Y NH&Hpf (r). N Y Shipbldg 5 N Y Shipbildg pf._ N Y Steam $6 pt N Y Steam $7 pf Norfolk Sou (r) North Am Aviat North Am (.60g)_ 4 North Am pf (3) _ Northern Pacific._. 4 Norwalk T & R 4 Norwalk Tire pf. Ohio Ol (%g) Oliver Farm Omnibus _______ Otis Elevator .80g Otis Elev pf (6) Otis Steel _ Otis Stl 1st pf 515 __ 5 Owens-TI1 Gl 1% & - Pac Am Fish (1.20). $ Pac Coast 1st pf Pac Coast 2d pf _ Pac Gas & El (2)_ Pac Lighting (3)___ Pac Tel & Tel (8) Ofl (.63e). Packard Mot (.15g). Panhandle P&R (r) Panhandle pf (r)__. Paramount Plet ___ Paramount 1 pf () Paramount 2 pf(.60} Park Utah & Parke Davis(1.40g). Parker Rust-Pr 175 % Pathe Film Patino Min Peerless Corp _ Penick & Ford mz) Penney (J C) (2g)- Penn Coal & Coke Penn-Dixie Cement. Penn R R (%g) . _ Peoples Gas Lt & C- Pere Marp prpf ___ Petro Corp (40g) _ Pfeiffer Brew (.60z) Phelps Dodee 13 g - Thila Co pf(§)new_ Phila Rap Trans Phila Rap Trans pf Phila Read C& I Philip Moris(3%g)_ Phillips Pet (2a)___ Pitts Coal S Pitts Coal pf Pitts United pf. Pitts & W Va_ PittstonCo _ - Plymouth Oi1(.70g) Pressed Steel Car 5 Procter & Gam (2a) Procter & G pf (5 Pub SN J $5pf (5) Pub Sve N J pf (6) Pullman (133) Pirs Ol e Pure O1l 6% pf (6) Quaker St 011 (.70g) Radio Corp ___ Radio cv pf (313) _ Radio-Keith-0 (r)_ Rayhest-Man (133). Real Silk _ Rem Rand (1.05g Reo Motor ___ Republic Steel __ Rep Stl cv pf (3k) - Revere Copper & B_ 215 Revnolds Met (1)__ Reynolds Spr (1) _ Reynolds Tob B (3) Ruberoid (.60) . Safeway Strs St Joseph Lead(2a) St L-San Fran (r) . St L-San Frn pf (r). Savaze Arms(.7 Schenley Distill(3). Schulte Ret (r)__ Schulte Ret pf ____ Scott Paper (1.058)- Seaboard Air L (r) _ Seaboard A L pf (r) Seaboard Oil (1) Seagrave Corp Sears Roeb (3) Servel Corp (1a) Sharon Steel (1.20) Sharon Stl pf (5).. Sharp & Dohme ___ Shattuck FG (.60) . Sheaffer Pen (1% g) Shell Unfon (3%g) - Silver King (.658) . Simmons (1) .- Simms Petroleum Skelly Oil (.50g) _ Smith & Cor (%g) _. Snider Pacis (1348)_ Socony Vac .508) - Sol Am pf ww % Sou Am G&P (.10g) Sou Po Rico Sug (2) 5 Sou Cal Edis (114a) Sou Pacific Southern R 4 Southern Ry pf_ Spalding Spalding 1st pf_ Sparks With Sperry Corp (1e) ___ 40% 29%, 22% 115 6% 421 321, 65% 43%, 6015 117 TT% 91y 23% Add 00. High, 12% 23% 27% 3619 20% 112 1 18% 7 4814 1001 1812 Prev. 1937 High. Low. 4“4 Btock and Dividend Rate, Spicer pt A (3) Spiegel Inc (%g)-. Spiegel pt (4%) Square D Co B.60g. Stand Brands (.80). Stand Com Tob_ Stand Gas & El (r) - Stand G & E pf (1) . St G&E 7% p pf(r) Stand Ofl Calif (1a) Bales— Add 00, mrh Lo' Close, chn 10s 49 -1 48 - % 808 Low. Close. ehes, 12% 12% + W[ 50 234 23% 28% 2% 2Th 357 36 204 112 i 184 2 = S B Sterling Prod(3.80) Stewart-Warn(%a) Stone & Web. Studebaker un Oil (1a Sun Ol pf (6)__ ___ Sunshine Mng (3) _ Superheater (1. .5;) Superior Oil_______ Superior Steel _____ Sutherland P(1.60). Swift & Co (1.20)__. Swift Intl (2) . ___ ymington ww .35 ymington xw 35§ Tenn Corp (%g) Texas Texas Gulf Prod Tex Gulf Sul (2a) __ Tex Pac C&O (.40)_. Tex Pac Land Tr___ The Falr _ Thermold 3 Thompson Pr(.90g). 15% Tide-Water As(1a). 91% Tide-W As pf (47 17% Timken-Det Ax(2e) Timken Roll B(3a)_ Transamerica new Trans & West Alr__ Transue & W (.15g) 2 Tri-Cont Corp (1% g) 20th Cent-Fox (1g). Twin City R T Twin City pf (Tk)_ 'a Twin Coach (.30g) _ Underwood (1%g)_. Un Bag & P (2) Un Carbide (2.40g) _ Un Oil of Cal (.85%) Un Pacific (6) Unit Afrcraft (14g). a2 Unit Air Lines Unit Corp Unit Corp pf 13) Unit Drug (% Unit Dyewood ( 11a). Unit Elec Coal 5% Unit Eng&Fy 1.50g. Unit Fruit (3) Unit Gas Imp (1) 1315 Unit Gas Imp pf(5). 10815 U S Distrib 8 2 & Foreign Sec_ 178 ypsum (2) _. 117% 1815 5 S Hoffman Mach _ Hoff M pf (2%) Indus Alco___. S Leather A FINANCIAL. STOCKS GO DOWN FRACTIONS 10 81 0il Group Joins Declifie After Making Good Forenoon Showing. Stock Averages 30 Indus. Net change. —.1 ‘Today, close 98.2 Prev. day... 983 Month ago. 945 Year ago._. 918 1937 1937 1936 1936 1932 1929 1927 rafls. ol o0 S 389 39.0 400 a1 495 361 35 302 434 557 81 239 169 high___146.0 1539 1843 157 low-__ 516 953 618 613 432 434 42.1 53.2 54.0 39.1 53.7 69.4 695 675 69.4 5.3 626 728 (Compiled by the Assoclated Press.) BY VICTOR EUBANK, Associated Press Financiai Writer, NEW YORK, August 11.—A thin stock market wilted today as shares | dropped fractions to a point or more. From the start skimpy activity and the uneven behavior of stocks pro- + | vided a yardstick of traders' lethargy and the dampening influence of pend- ing legislation, brokers said. During the first half of the session moderate gains and losses were about evenly divided. Recent reductions in | gasoline inventories for a time in- | spired oils, but as the afternoon wore on this group came under the shadow of declines in other sections of the list. In the absence of more satisfactory explanations of the market's lack of stamina, some observers attributed jt {to the decline in wheat and cotton. » | Losses in wheat were recouped later. Relieving the drab color of trading were gains in some amusemen | sugars, rails, aircrafts and special- ties Transactions approximated 550,000 shares apf pf 56k, Pipe (3) Realty & Imp Ruober ______ " Rubber 1st pf. 2 Univ-Cyclops St(1). Univ Leaf Tob (3a) Ut P& Lt A (r)___ Vadsco : Vanadium Steel Van Raalte (2%4g) .. Va-Caro Chem VaEl& Pwr pf(6) - VaIr Coal & Coke _ Virginia Ry pf (6)_ Vulcan Detin (3g) _. 2 Walgreen pf ww 4% Walker H G&W (2) - Walworth ___ Ward Baking A Ward Baking B Ward Bak pf 2 Warner Bros Pict Warren Bros (r) Warren Fdy &P (2a) Waukesha Mot (1a) ne Pump(13g) Webster Eisenlohr Wells Fargo Wesson O & S (14a) Wes O &S pf (4)_ West Penn El pf(6) 4 W Pen E1 7% pf (7) West Auto Sup 1.60. Western Maryland - Western Pac ______ West Union Tel (3). Westinghse Air (1) Westhse E1&M (32) Westhse Elec pf ig Westvaco Chl (1) Wheeling Stl Wheel Stl pf 2 Wheel St pf ret Dental (1.2 +1y iy X Wilcox Oil & Gas. Wilson & Co (13) - Woolworth (2.40) _ Worthington Pump. Worthi Wor P& Wor P&) Wrigley Yellow Truck Yellow Trk pf (7).~ Youns Spring (3) - Youngstn S&T 1%4& Zenith Radio (1} g) 36t Zonite Prod--_. 3 5% Bl + % Approximate Sales of Stocks on the N. Y. Stock Exchange, 11:00 A.M. 140,000 12:00 Noon_ 60.000 330 000 2:00 P.M. - 410000 Total Sales for the day, 570,000 sUnit of tracing 10 shares. T In bankruptcy or rceivership. or being reorganized under bankrupicy act. or securities assumed by such companies. Rates of dividends in the foresoing table are annual dis- bursements based on the last quarterly or semi-annual decl gegrless otherwise noted. special or extra dividends are not X Ex dividend. xr Ex rights. a Also extra or extra: last year. fPayable in stock. g Dec % i vear. ~hCash or stock, clared this vear. 4013 913 e Patd lared or paid so far this k Accumulated dividend paid or de- £ “+ 4 RAILROAD ASSOCIATION FORMS RESEARCH UNIT Establishment by the Association of American Railroads of a division of engineering research to expand and co-ordinate research work now being carried on by the railroads of this country in so far as it affects the physical properties, was announced today by J. J. Pelley, president of this association. The division of engineering research will have jurisdiction over all re- search relating to cars, locomotives, track structures, buildings, electrical, shop and maintenance of way equip- ment and the materials and supplies used in connection therewith. PREMIUM IS RECEIVED FOR MARYLAND BONDS By the Assoctated Press. ANNAPOLIS, Md., August 11.—The State yesterday received $3,635,040.96 for its 23 per cent bonds having a face value of $3,408,000, through a sale to a syndicate of 18 firms on a bid of 106.662. The $227,040.96 premium was paid by the syndicate headed by Halsey, Stuart & Co., New York, for a $900,~ 0Q0 issue dated June 15, and a $2,508,~ 000 issue dated August 15. The premium cut the rate of in- terest the State must pay to 1.97 per cent. The sale compares with the $1,500,000 in 23, per cent bonds sold on October 15 last for 107.889, cutting the ,interest to 1.80 per cent. .. MAR-TEX PROFITS UP. NEW YORK, August 11 (Special).— Mar-Tex Oil Co. reports net profit for the second quarter of 1937 of $78,547, after depreciation, depletion and re- serves for normal Federal taxes, equiv- alent to 153 cents per share on 500, 000 shares. This compares with $23,~ 896 for the first quarter. 2 Tobacco Prices Continue Strong In Carolina Belt By the Associated Press. RALEIGH, N. C, August 11.—To- bacco prices on the 16 markets of the North Carolina and South Carolina flue-cured belt continued strong in early trading today as officials figures showed averages of $25 a hundred or better for opening sales yesterday. Mullins, S. C., largest market in the belt, reported an average of $25.05 for 1,047,140 pounds auctioned yesterday. Other official averages included: Timmonsville, S. C., $26.96; Dillon, S. C., $28.12 at one warehouse and $27.10 at another, and Fairmont, N. C., $26.89 for 894,374 pounds. ADVANCE IN BROKERAGE NEW YORK COTTON By the Associated Press. NEW YORK, August 11.—An early advance of 5 to 7 points in eotton to- day based on steadier Liverpool cables and continued high temperatures in the West was followed by a severe break of over $1 a bale*to new low levels for the life of the contract. Apparent controversy over the ques- tion of legislation on a loan in Wash- ington undermined confidence and prices broke under renewed general selling. December, after selling up to 10.37, declined to 10.11, and at the beginning of the last hour was selling at 10.12, with the entire list showing net losses of 16 to 22 points. Futures closed steady, 2 to 4 loger. Low. 10.16 Spot steady: middling, inal, Cottonseed - n| 3| Some reaction from | 15-1.14% \‘.1141111;. FEES TO BE WEIGHED By the Associated Press. NEW YORK, August 11.—Proposals for upward revision of commission rates on the New York Stock Exchange advanced a step further today with the law committee expected to present its report on the question of the governing committee. If the proposal is approved by the law and governing committees, under the exchange machinery it would be placed before the membership for final determination. U. S. TREASURY POSITION. By the Assoctated Press. , The, Dosition of the Treasury on, August 7R, xpendi- N155: - Dalngee. STSI: customs receipts for the th. $1 P Receints fof the foeal vear (since July ) 621 428.401.95: zxnznduurn $R78. - including $253,456.889.20 of nditures: exces of expendi- 20 Bleachable cottonseed oil futures closed steady, 1 higher to 2 lower. Sales, 213 contracts. September, 8.13- 14; October, 8.05 bid; December, 8.06; January, 8.07 bid; March, 8.09. New Orleans Prices. NEW ORLEANS. August 11 (#).—Cotton opened steady today at net gains of 1 to 3 points. Foreign markets were fa- vorable and tner was some scattered buy- ng, Continued agitation in Washington for cotton loans discouraged any speculative sentiment and induced a little covering by short after the start December 2. January May at 10.5 and July at 10.58 Prices gained an addi- tional point or two, and toward the end of the first_halt-hour active positions were 3 to 4 points net higher. b Cottonseed oil npenm steady. er. 7.58b; January, b—Bid. Septem- December, 7.60b. 7.67b: Oct 55D March. METAL MARKET. NEW YORK. August 11 (P.—Copper i (Slectrolytic. ‘spot and_ tuture. 1400 Tin steady: spot and nearby. Equities drifting lower much of the '1me were United States Steel, Bet | hem. Goodyear, Sears-Roebuck, Wo ‘“Orlh Boeing, Consolidated Edison, | North American, Electric Power & | Light, International Telephone, Ana- conda, Kennecott, ional Lead, Amehcm Metals, American Can, Westinghouse, Allied Chemical, Pen sylvania, Radio, Columbia Gas | Electric, Allied Stores, Copper, Greyhound and Steel. Chrysler and Genemal most of the day, showed signs of staye ing in the final hour. The Fall in wheat and cotton seemed to prompt offerings of Deere, Case and Oliver. Farm Equipment. A fair demand was maintained for Twentieth Century, R-K-O, Loews, Paramount, Fajardo Sugar, Holly Sugar, New York Central, Atlantic Coast Line, Southern Railway, United Aircraft. Douglas. National Acme, Armstrong Cork and International Nickel. CHICAGO GRAIN By the Associated Press CHICAGO. August 11.—Sudden late right-about-face action of wheat values today hoisted the Chicago market 4% cents from earlier bottom levels and much more than wiped out losses. The late rally of wheat prices in | Chicago was influenced largely by a steep upturn of the Winnipeg market | It was reported that the Saskatchewan | wheat pool had purchased 7,000,000 | bushels of Canadian wheat for relief | purposes & National Motors, soft the top toox place in the final dealings. At the close, wheat futures in Chicago varied from *; cent net lower to s advance, September 1.13':-1.13',: December, corn, S5 off to 75 up; September, 1.00% ; December, 67-6714, and oats at !¢ decline to an equal ad- | vance. WHEAT— Open | September 1.1075 December May CORN— September December May OATS— | September | December 1001, 1017, 5 w8 - SOY BEANS Octo mumbnr Maw RYE— | September December. May LARD— sept 1 | October ~ 1 December 11 January = 11 BELLIES. Sent 3 17.10 17 Chicago Cash Market. Cash wheat, No. 2, red, 1.15; No. 2» hard, 1.15-16':; corn, No. 2, mixed, 1.03: No. 1, yellow, 1.10; oats, No. 1, mixed, 30%-13: No. 1, white, 31-32 rve, No. 2, 823,a87: No. 3, 803 ; barle; | No. 3, malting, 81-82; feed, 48-55 nom- inal; malting, 65-82 nominal; tim- othy seed, new crop, 2.50-60 per hun- ‘ dredweight. 17.05 Baltimore Quotations NGBALTIMORE. Ausust 11 2 —W) red Winter. garlicky. 8p . 1.18; August. 1.18 Winniper Prices. WINNIPEG ~ August 11 (®.—Grain Prev. Low. i 13 3t 1 301 1.23% 483 46% =L October ___ 484 PHILADELPHIA PRODUCE. PHILADELPHIA. August 11 (P —Live poultry: Fowls. fancy. Plymouth Rocks. 24-25: ‘mixed colors. 1 average. 16-18: old flroofiurs s 45'% horn roosters. 27-30: Reds. !Angy Plymouth ? old ducks, : Fowls. fresh-killed, tn chickens, Western, = in firm: mediums, ex- 2713-30. REGISTRATION STATEMENTS. By the Associated Pr.ss. Registration statements for new securi- ties filed today with the Securities Com- mission included Garford Corp. Marion. Ind.. manufac- turer of trucks and trailers. $K05.000 01 <1 Par value common stock. for orking can- ital Underwriter. F. A. Brewer & C Nancy ‘Lee Mines. Inc.. Kellose. Jaano. $185.750 of 25 cents par value common for development and working cap- No underwriter named. New England Fund Prospectus on Request A. §. GouLpEN & Co., INC. Wi ure. “7.25. Tron. mi . quicksilver, Dllflnnm and scheelite un- changed. 4 oodward Bidg. NA. 2000 ] Inspirations