Evening Star Newspaper, May 13, 1940, Page 18

A—18 #x» : Low Money Rates May Become Permanent, ' Statistician Asserts Reserve Board Expert Points Out Changes In Basic Conditions By EDWARD C. STONE. American capital may have to ad- Just itself to a permanent cheap money situation, Dr. E. A. Golden- weiser, director of the division of research and statistics of the Fed- eral Reserve Board, suggests in the May issue of the Reserve Board bulletin. Dr. Goldenweiser, reviewing the recent history of money rates, wrote that the easy money problems cre- ated for lenders of money “are a part of the necessary readjustment of the country’s economy to funda- mentally changed conditions.” Pointing out that this country has passed from an era of active de- mand for capital with abundant op- portunities for investments into a situation in which ever-increasing investment funds are having diffi- culty in finding outlets, Dr. Golden- weiser stated that capital “has lost much of its scarcity value and may have to be content with more mod- erate returns.” “This change in fundamental con- ditions has far-reaching implica- tions, not only for investors but par- ticularly for those who are respon- sible for formulating policies to be pursued by the Government and by private enterprise,” he asserted. Two Sides to. Problem. “There are two sides to the prob- lem of money rates, the borrower’s and the lender’s. From the point of view of the borrower the decline in rates has enabled many debtors to refund long-term debt at lower in- terest rates, with a consequent eas- ing of many debt burdens, especially for farm and home owners and cer- tain corporate borrowers. It has also reduced the cost of borrowing for business purposes. “At the same time it has raised difficult problems for many classes of leaders. For the banks it has dncreased the difficulty of making ssufficient earnings on the capital in- vested in the business. To meet this isituation, many banks have ex- ‘panded their field of operation into “bond investments, other longer-term credit, personal loans, installment financing and in other directons. Real Estate Bonds Steady. ‘Washington real estate bonds changed very little during April, the same being true of about 200 issues in other Eastern cities, ac- cording to the Amott-Baker Bond Price Averages. Hamilton , Realty Corp. first 5s closed the month with 100 bid, un- changed; Mayflower Hotel first 5s stood at 92 bid, off 2 points; Na- tional Press Building first 3-5s car- ried a bid of 73, disclosing a gain of 1. points; National Press Adj., Inc, 4!5s registered 1714, off 1 point, while ‘Washington Properties, Inc., 7s ended the month at 511, bid, down 2 points, the review states. The review says that the average price per $1,000 bond of 200 issues re- mains at $317 per $1,000. So far this year these same bonds have in- creased 1 per cent over the close of 1939, the report states. Boston real estate bonds made the best showing. Upham Lauds National Banks. National banks today are in as sound condition as they ever have been, Cyril B. Upham, deputy con- troller of the currency, told the Kansas Bankers Association. ° “The percentage of classified and criticized loans is small in relation to total volume,” he continued. *“Most of our banks have good securi- ties portfolios and the number is small in which net bond deprecia- tion is of any consequence. The capital position is, generally speak- ing, entirely adequate. Earnings are improving and losses are smaller.” Mr. Upham, speaking on “Banking and Bank Supervision,” traced the growth and increasing effect of supervisory agencies upon banking and declared: “In continuing to in- sist that banks keep in sound con- dition and operate legitimately, supervisors are protecting the in- terests not only of the public, but the banks themselves. Fifth District Sales Gain. The Federal Reserve Board an- nounces that department store sales in the Richmond district, including ‘Washington, ending May 4 this year, were 5 per cent ahead of the like period a year ago, compared with a gain of 3 per cent in the whole 12 districts. Sales in the Richmond district for the week ended May 4 were 12 per cent ahead of the same week a year ago, and for the four-week period ended May 4 were 6 per cent better than a year ago. In this period the national upturn was only ¢ per cent. Philadelphia reported the sharpest advance for four weeks of any of the 12 districts, 10 per cent. Dallas re- ported a 7 per cent pick-up. Chi- cago and Minneapolis had the,same advances as in this territory, 6 per cent. So far this year, up to May 5, sales in the New York area are up 2 per cent, Boston the same as last gear, Philadelphia 1 per cent, Cleve- land 4 per cent, Atlanta 6, Chicago 4, St. Louis 5, Minneapolis 3, Kan- sas City 1, Dallas 3 and San Fran- cisco down 1 per cent, the review states. Loan Leaders on Council 8ix savings and loan leaders were appointed by the Federal Home Loan Bank Board today to be members of the Federal Savings and Loan Ad- visory Council for the fiscal year 1040-1. They are: Joseph H. Soliday, Franklin Sav- Ings Bank, Boston; Ernest T. Trigg of Philadelphia, president of the Na- tional Paint, Varnish and Lacquer Association in Washington, D. C.; Herman B. Wells, president of the University of Indiana; Will C. Jones, §r., of the Murray Co., Dallas; Paul F. Good, Good & Simons, Lincoln, Nebr., and David G. Davis, San Francisco. Trading on D. C. Exchange. - The week's trading on the Wash- ington Stock Exchange opened with 8 single share of Washington Gas Light preferred selling at 1043, first sale since the new stock was placed off the market a few days ago and listed on the exchange. Capital Traction stock sold at 14% today on a 25-share turnover. Other stocks were neglected. Capital Traction 5s figured in two $500 transfers at 100%, off from last week’s close. Washington Gas 5s moved at 129, off from 131%. )~ I‘INANCIAL‘ Prev. 1940 High. Low THE TRANSACTION By Private Wire Direet te The Star. Sales— Add 00. High. Low. Close. enu Bales were discontinued at the omun of the market 'k wil this rorning. the 5:30 edition. 70% 67 Abbott Lab (1.60m) 462 41% Abr & Strauss (2e)_ 5213 45 Acme Steel (3) _._. 9 s Express___. Millts (1) . 16% Addressog'ph 1.40.. 44 Alr Reduction (1a) Al a Juneau .60.. % Alleghany Corp . Allegh’y $30 pf ww. Alleghany pf sw.__. Allegh'y prior pf._. Alleg-Ludium 25e Allen Indust (.25e). Allied Chem 6) _, Allied Kid . lo).-_- Allled Mills Allied Stores Allis-Chalmers .60e Alpha Port Cmt.50e Amalg Leather _ Amalg Leather pf__ Amerada (2) - Am Ag Ch Del .30e. Am Alrlines » Am Bank Note Am Bank N pf (3) .. Am Bosch Am Brake Shoe .30e Am Can «4) Am Car & Fourldry_ 51% 384 Am Car & Fdry pf__ 23% 19% Am Chain & C 80e_. 112% 106 Am Chain&C pf (5). 1402 133 Am Chicle (4a) __. 9% 6 Am Colortype .26e .. 8% 6% Am Comc'l Alcohol. 15% 10% Am Crystal Sugar 91% 81% Am Crystal S pf (6) 3% 2% Am Encaustio Til . 2% 114 Am & Foreign Pwr 24% 18 Am&F P 6% pf.60k 28% 21% Am&F P 7% pf.70k T4 4% Am& For'n P 2d pf_ 28% Am-Hawia'n SS (1) 4'%x Am Hide & Leather 56% Am Home Pr (2.40) x 2% Am Ice - 24% Am lce pf (.50e 5 Am International__ 18%4 Am Locomotive ___ 51% Am Loco pf (1k) ___ 13 Am Mach & Fy:.80) 2% Am Mach & Metals_ 21% Am Metals (le) . 23% Am News Co (1.50). 3 Am Power & Light 43 Am P&LS$5pt 1.875k 51% Am P&L $6 pf 2.25k 7 Am Radiator ~ . 13% Am Rolling Mills 64% Am Roll M pf (3k)- 11% Am Satety Raz 1.20 5 9% Am Seating (.60g) .. 2 29% Am Ship Building .. 150s 46 Am Sm & Ref (le) 147 142 Am Sm & Ret pt (7) 70 60 Am Snuff (3a) 152Y% 149 Am Snuff pf (6 33% 25% Am Steel Fdry .5/ 143% 12 Am Stores ( 2be 17% 15 Am Stove (.50e) 23% 9'} Complete sales of each 116% llll’ 331 231 Am Sugar R pt (7). 14% Am Sumat Tob (1) 175% 167% Am Tel & Tel (9) ... 8915 831 Am Tobacco (5).. 91% 84% Am Tobacco(B)( 151 144% Am Tobacco pf 5% 4% Am Type Foun 12% 8% Am Water Work: 101% 95 Am W W 1stpt (5)4 12 7 Am Woolen 39 Am Woolen pf (3k). 5% Am Zinc 39 Am Zinc prpf 2.! 50k 26'% Anaconda (.2 35 Anaconda Wire & C. 19 Anchor Hoc Gl.15e. 112’*: 110% Anchor H Gl pf (5). 15% 11 Andes Copper .25e_. 4% 2% A P W Paper = 35% 313 Arch-Dan-Mid .70e. 110% 106's Armour(Del)pf(7).. T% 5% Armour (111) 64% 46% Armour (I1l) prpf. 43% 35% Armstrong C'k .50e. 1 9% Arnold Const .375e.. 9% 6 Artloom Corp 101% 96! Artloom pf (7) 9 6% Assoc Dry Goods. 36% Assoc Invest (2) __ 95% Assoc lnvest pf (5). 480x 20% Atch Top&Santa Fe 87 50% Atch T&SF pf 2.60e. 17 15Y% Atl Coast Line 22% 13% AtlGulf & W Ind. 27% 20%; Atl Refining (1) 110 107 Atl Refining pf (4). 9% 8% Atlas Corp (.25e) 51 47 AtlasCorpof (3) _. 79% 63 Atlas Powder 1.50e. 124~. 117 Atlas Powder pf(5) % 6 Atlas Tack 1% Auburn Auto (1. 1% Austin Nichols. 16% Austin Nich pf 6 Aviation Corp 14 Baldwin Loco ctfs 4'% Balt1 & Ohio (r). 5% Balti & Ohio pf (r)- Bangor & Arstook .. Bangor & Ar pf (5). Barber Asphalt .50e ' Barker Bros Barker Bro pf 2.' 75, Barnsdall Oil .30e_. 25% Bayuk Cigar .26e . 26% Beatrice Crea (1a).. 30 Beech Creek (2)__.. 9 Belding-Hem (.40e) 26% Bendix Aviat’n (le) 21 Beneficlal Loan .45 5312 Beneficial L pf 2.60- 39 33% Best&Co1.60a) .. 13 89% 170% Beth Steel (2.25e).. 1075 125! 115 Beth Steel pf (7) __ 23% Bigelow Sanf'd(le) 19% Black & Decker .25¢ 9% Blaw Knox - 137% Bloomingdale .375e. 551% Blumenthal (8) pf- 19% Boeing Airplan 1% Boeing A rts Mi 29% 21% Bohn Alum’'n 123 117% Bon Ami(A)( 70% 62 Bon Ami (B) 2.i 29% 22 Bond Stores (1.60)_ 24% 20 Borden Co (.60e) 25% 20 Borg-Warner(, 508) 2% 2 Boston & Main 87% 31% Bower Roll B (3) 7 6 Brewing Corp (.60). 13% 10% Bridgeport Bra: . 23% 19% Briggs Mg (. ) 39% 38 Briggs & Strat (3).. 53% 50 Bristol-Myers 24% 13% Bklyn-Man Trai sit. 3% 1% Bklyn & Queens 19% 12% Bklyn & Qu pf ctfs. 25% 20 Bklyn Un Gas .50 37% 35 Brown Shoe (1le) 29‘/: 21% Brunswick-B (. 7ae) 10/ 8% Rucyrus-Erfe 111 101% Bucyrus-E pf (7) 6% 4% Budd Mfg 44% 37'% Budd Mg pf—eo__. 1208 6% 4% Budd Wheel ____.. 4 33% 20 Bullard Co (.25e).__. 33 25% Bulova Watch (2a). 18 Burlington M (1)... 9% Burr's Add M .20 3'» Bush Terminal _ 8% Bush T Bldgs pf.._. 6 Butler Bros (.16e).. 20% Butler Bros pf 1.50_ 314 Butte Cooper . 10% Byers (A M) Co 64% Byers AM pf 4.33k._. 21% Calit Packing .25 1% Callahan Zine 615 Calumet & Hec .50e. 13% Campbell Wy .61 16% Canada Dry 4% Canadian Pacific __ 35% Cannon Mills (.60e) 5 Capital Admin (A). 8514 Caro-Clin& U (5) . 108 23 Carpenter Steel 50e 2% carrllrl&G-n 06e. 19 W 1) Co e 1 Cll (J DCopf(7). b0s erpiliar Trac(2) 5214 8% 45'% 32 Al‘m 45 2004 25% 5Tl 231, 508 11 2 3 90s 346 ) 2214 56% 6 25 75 €6 118% 111 56% 4Tw% 35% 26% 12% 8% Celotex Corp ... 26 21% Cent Agulrre (1.50) 3% 2% Central Foundry . 114% 111% Cent [} L pf (4.50). 11% 6% Central Vio Sugar._. 41% 35% Cerro de Pasco (2e) 8% 5% Certain-teed 36% 2T% Certain-teed Df 30% 21 Champ Pap& IF.1%e 106 102 Champ P&F pf (6). 29% 15 Checker Cab Co 4% 4% Chesapeake Corp (r 42% 38% Ches & Ohto ¢2.50)_ 974 93% Ches & Ohio pf (4)_ 2% 1% Chi & East {1l pt (r) 2% 1% Chi Grt West pf (1) 12% 9% Chi Mail Order ___. b % % S 1 160s 42 108 108 24 126 1 12 4 18 17 . 45 . 4 14% 1 50 36% ’ 665 43 49 6% 120% 7 1% 3% 21% % 24 125 11 1 37 5% 284 23 Il be siven in -2 % 7 7 2% 24 111% 111% 0 9% 85% 28 -5% 25% 256% 254 - 2% lfl:% I%V. 104% - 3% 4% 4% 36 93 18 4% 36 93 -3% —~3% =1 1% 1% % W Prev. 1940 High. Low. b b % 114 Stock and Dividend Rate, %ChRI&P(r) .. # Chi RI&P 6% pf(r). 12 Cht RI&P 7% pf(r). 8% Chi Yelow Cab (1). 11% Chickasha Cot Ofl.. 4% Chyids Co 9% Chrysler Corp 2.50e 12% City Ice & Fuel .60e 93 City 1&F pt 16.60) 2% City Stores 28 Clark Equip 1.25e - INV. 111 Clev £l Lliu pt 4.50 434 351 Clev Graphite(.40e) 41% 34% Climaz Molyb 1.20. Cluett Peab pf ™l Coca-Cola (1.50e)__. Colxate-Pal-P ¢.60) Collins & Aik (2.25e Colo Fuel & iron. .. Colo & Southern.... 44 Colo & So 1st pf 23 Columb B C(A) .90e 22% Columb B C (B).90e 5% Columb G & El 20e 86 Col G&K bf (A) 72 ColG&EDpf (5)._. 6 Columb Pie vte 19% Columb Pic of 2.7s. 87% Columb'n Carb (1e) 39 Comecl Credit (4) __ 46 Comecl Inv Tr (4)__. 13 Comcl Bolvents 30% Comwith Ea (1.80 1 Comwith & South'n 624 Comwith & 8 pt 13) 4% Conde Nast Pub__.. 21 Congoleum (1) s Congress Clgar. % Conn Kwy & Lt pt.. 25'4. Consol Alrcraft 7% Consol Cigar (.75¢) 79 Consol Cigar pf (7). 86 Consol C pr pf 6. 7% Consol Cop M s 32% 304 Consol Edison 2) .. 110% 107 Consol Edis pf (B) .. 1 7 Consol Film 10% €3 Consol Film pt 25k 4% 3% Consol Laundries _ 8% 7 Consol U1l 1.80) . 2Y% 1% Consol RR Cuba pf_ 415 34 Consolidation Coal 14; Consolidt’n Coal pf_ 14% Container Corp .50e 10% Cont1 Baking (A) . 1 Contl Baking (B) 86 Cont! Baking pf (8) 41% Contl Can (1e) - 113 Contl Can pt (4.50) 6% Contl Diamond .25e. 38 Contl Insur 1.60a).. 3 Contl Motor - 224 Contl O1) «.26e) .___ 25 Contl Steel 250 15% Copperweld Stl .40e 52 Corn Exchange (3). 56 Corn Products (3) 4% Coty Inc (.25e) . » Coty International 185 Crane Co ‘o cv pf l&). y Corp 4 27 Crown Cork & Seal 47 37 CrnC&Spf ww 2.25 110s 37% Cr'n C&S pt xw 2.25 8 15 Crown Zellerb'k le . 264 89 Crown Zeller pt (6) x 90s 344 Cructble Steel ___. 119 8% Crucible Steel pt. 16 31 Cuba RR pf __ 508 64 Cudban Am Sugar__. 150 12t Cudahy Packing .. 9 26 Cuneo Press (1.50)_ 14 2% Curtis Publishing . 90 40% Curtis Pub pf (2k). 17 914 Curti: - 2024 27% Curti 215 18!3 Cutle: 18 4% Davega Stores .25e. 16 Davega Strs pf 1.25. 613 Davison Chemical.. 19% Deere&Co.. ... __ & Co pf(1.40) 16 Deisel-Wem-G .376e 16 Del & Hudson 5% 4% Del Lack & Wn 125% 118% Detrott Edison (3e) 23% 17 Devoe & Ray A .25e 36% 334 Diam’'d Match 1.50 10% 7% Diam T Motor_ 20 18! Distill-Seagr (2) 14% 11% Dixle-Vortex .25 38 34% Dixte Vor(A)(2.60) 24% ' 16% Doehler Die C .25 23% 15 Dome Mines (2) 14% Dresser Mfg 5% Dunhill Inte 13% 12% Duplan Silk (1 189% 175 Du Pont (1.76e) __.. 126 122 Du Pont pf (4.50)__ 118% 114% Duquesne 1st pf(5). 44% 26% Fastern Air Lines _ 2% 1% Eastn Air rtsMay24 6% 41 Eastn Roll Mills. 166% 145% Eastman Kodak (§) 27% Eaton Mfg (1.50e)_. 15% Edison Bros 8 (1)._. % Eitington Schild 343 Eleo Auto Lite .75e. 12 Electrio Boat 60g... 1t% Eléctric & Music___ 4% Elec Pwr & Light _ 221 Eleoc Pwr & Lt $6 pt 26% Elec Pwr & Lt $7 pt 2814 Elec Stor Bat (2)__. 1 Elk Horn Coal_____ 34% E) Paso Nat G (2)__ 112 107% Endicott-J pf (5)._.. 8 Eng Pub Service . 72% Eng Pub Sve pt (5) 80 Eng Pub Svo pf 5.50 1% Erle RR(r) . ___. 2 Erie RR 1stpf (r).. 1% Erie RR 2d pf (r) .. 3% Eureka Vacuum Cl. 84 Evans Products__.. 20% Ex-Cell-O (.40e)_... 4% Fairbanks Co pt. 34'% Fairb'ks Morse 25 Fajardo Sugar (le) 210s 116% 300 394 22 Fed Min & Sm 25 3 Fed Motor Truck _ 5 Fed Water Sve (A). 20% Federat Dep St .75e 857% Federat'd DS pf 4.25 15% 37% Fidelity Phoe 1.60a. 19 Filene's Sons (1) 16% Firestone Tire .50e. pte6) _. ) Strs 2.50. (1g) - Stove .50e. m (A)(2) . 24 Follansbes Bro (r)_ 26% Food Mach (.25e) ... 16% Foster Wheeler 70 Foster Wheeler pf_. 37 Franeisco Sugar _ 29 Franklin Simon ptf.. 31% Freeport 8ulph (1). x 78 1% Gabriel (A) 4% Gar Wood Indust _. 11 Gaylord Cont (.10e) 6% Gen Am Invest ___ 51 Gen Am Tra 2.375g. 65 Gen Baking (.15e)_. 2% Gen Bronze. ... 6% Gen Cable ...oo.. 18% Gen Cable (A)oaeee 48% Gen Cablept ... 17% Gen Cigar .25¢ 35 Gen Electric (.35 45% Gen Foods (2) - % Gen Gas & El (A) 38 GenGas& Ecvpf. 86% Gen Mills (42) . 180% 126 * Gen Mills pf (5) . 51 Gen Motors (1.75e). 1z'm 123% Gen Motors pf (6)._. 7% 4% Gen Outdoor Adv .. 58% 37l% Gen Out Ad(A) 2k . ) % Gen Public Servic 15% Gen Rwy Signal 14% Gen Shoe (1.20) 24 Gen Steel Cast pf__ 19% Gén Telephone 1.20. 11% Gen Thea Equ .20 15% Gen Time Inst 16% Gen Tire & R .51 5% Gilllette 8af R 44 Glllette 8 R pt (l).. 7 Gimbel Bros 47% Gimbel Bros pf ( 16 GliddenCo .. 2% Gobel (Adolf) - 21 Goebel Brew (.20).. 80% Gold Stock Tel (6).. 20% 15% Goodrich (BF) _.. 62% Goodrich(BF)pf(§) 19 Goodyear T&R .75e. 88% Goodyear vt (5) 3 Gotham Silk Hose. 47 GothamSHpf... 18% Grand Un war ctfs_ 13 GraniteCity8 ___ 86% 31% Grant (WT) 1.20e.. 223 Great North'n pf... 1zsu 122% 3 12% 27 20 3 3% 23% 22% b% A“l)l).llxh H' Q.e- chge. 164% 23% % 121 1804 123 116% 3% 1% 4% 9% -2 20 - % 13 -SK 5% - 43 5% -1% 58% -1% 14% -1% 3 -y -2 =8% -2% —4% - % -8 14 54 17 85 2% 45 il Prev. 1040 . Low. Mllml idend Rate High. ll!s 12% Grl Nnr Octfs.760. 27 Great Wn 8ug (2).. “2 138% Great Wn S pf (7).. 36% 380% 17% 26% 3% 30% 20 4 18 20% 17 13%, 22% 2 3 u 14% 16 105% 101 284 23% 133% 130 67Y% 35% T 61 30% b% Green (HL) ((3a). Greyhound (1) Grumman Afrcraft. Guanianamo Sugar Guantanamo 8 pt Gulf Mob & Northn Guif Mob & Nor pt Hall (WF) Prig (1) Hamilton W (.50e) Hanna(M)pf(5) Harb-Walker (.50e) Hat Corp (A) .30é Hat Corp p¢ (6.50).. Hayes Mfg Corp Hazel-Atlas Gl (5)_ Hecker Prod (60) .. Helme (G Wi(5a) .. Helme (G W)pf(7).. Hercules Mot 25e _ Hercules Powd 60e Hercules P pf (6) .. Hershey Choc (3 Holland Furn .60 Hollander (A) Holly Sugar Holly Sugar pf (7). Homestake (4.50) Houd-Her (A)(2.50) Houd Her (B) 25e Household Fin (4a) Household F pf (5). Houston 011 Howe Sound (3) » Hudson Bay (le) Hudson & Manhat__ Hudson & Man pf. Hudson Motor Hupp Motor t1linots Central [1linots Central p IllinotsC L «4) Indian Refining Indust Rayon 50e Ingersoll-Rand (2e) ‘s Inland Steel (2e) 1914 1724 62% 171 5% 14% 7 3874 534 167% 3% B 5% 27 133 127% 21% 3 5% 5614 Tia 61a 28 10% 504 3l 484 34% 314 231 3 insbiration Copper Insurshares (.20g). interboro R T (r) Interchemical( 80e) Interchem pf 16) Intercontl Rubber.. Interiake tiron __ intl Agricultural intl Agricul pr Inti Bus h Intl Harvester 1.60_ Intl Harvest ptf (7). Intl Hydro-El (A) _. Intl Mercantila Ma_ Intl Mining (.20e) .. inti Nickel Can (2). Intl Nickel pt (7) _ Intl Paper & Power Intl Pap&P pf 1.25¢ Intl Ry Cent Am Intl RyCA pf 3.25k. intl Salt (1.60) _ Intl Shoe (1.50) _ Intl 8ilver Intl Tel & Teleg Intl T & T tor'n cfs. Interstate Dept Str Interstate DS pf(7) 1sland Crk Coal (2) Jarvis (WB)(.375e) Jewel Tea (2.40).__ Johns-Manvilie T liZ 123 Johns-Manv pf (7) 55W 103 57n 90 33% 13% 35 2% 25% 3% 24 25 2814 67 14 15'e 4% 24% 214 % 2% 2% 21 124 26y 46% 614 401 Jones & Lau pf (1k) Kal; 00 Stov .60 City Sou __ Kans City Sou pf _. Kaufman Dept 25e Keith-Al-O pf 3.50k Kel: -Haves (A) Kelsey-Hayes (B) Kendall Co pf (6a). Kennecott Cop .25e. Keystone Steel .25¢ Kimberly-Clark (1) Kinney (G R) Kinney (GR) $5 pf_ Kresge Dept Strs _. Kresge (SS) 1.20a_. Kress (S H)(160) Kroger Groce (2) . Laclede Gas Laclede Gas pf. Lambert (.750) Lane Bryant__ Lee Rub & T (.75e) Leh Port Cmt .75 Leh Valley Coal Leh Valley Coal pt. Leh Valiey RR (1) Lehman Corp (.40e) Lehn & Fink .2 Lerner Stores (2) . Libbey-Ow-F (le) Libby McN & Lib Life Savers (1. 109 105% Ligg & My 1094 105 LIgRg & My 180% 171 231 29% 41 14% 18% Al% 3% 19 231 35 1% 151 27% 31% 10914 106 39% 461y 4 18% 25% 2114 60 35 181 41% 2% 16% 23% 16'4 5414 32% Ligg & Mye; Lily Tulip Cup 1.20. Lima Locomotive. . Link-Belit (1) ___. Lion L1 Ret (1) Liquid Carbonic.60e Lockheed Airc Loew's Inc (2) Loew’s Inc pf (6.50) Loft tne Lone Star Cmt (3)_. Long Bell (A) Loose-Wiles .75e Loriliard (.30e) Louis G&E (A) 1.60 Louis & Nash 1.25¢ MacAndé&Forb (2a) 1361 133 MacAnd&F pf (6).__ 28’». 23% Mack Trucks 2T% 10% 33% 2% 6% 14% 14% Macy (RH) Co (1e) Madis Sq Gar .60e _ Magma Copper .50e. Manat Sugar - Mandell Bros .50e Man Ry mod gtd(r) Man Ry m gtd et(r) Md(lo High. Low. Close. 3 12 1308 34 134 127 52 508 28 10s 15 192 9 kil 4 40 310 17 279 9 868 238 208 1 6 2 206 12 21 20s 3 14 12 30 30s 8 10 2 6 508 112 60 108 271 14 18 4 90s 2 17 47 5 4 55 36 8 11 _IQ 81 2 10 6 20s 62 34 5 7 76 3 17 57 28 Man Ry gtd ct(r) .. 200s 14% 4'q 37a 13 35% THh 30 % 25% l'lg 161% Math Alkali pf (7)_. % 99 50 34 26 Manhat Shirt (1) Marine Midl'd(.20e) Market St Ry pr pf. Marshall Field 40 Martin (Glen) - Martin-Parry Masonite Corp Mathieson Alk 1.60 May Dept Strs (3)._ Maytag Co - Maytag Co pf (3) 98 Maytag 1st pf (6) .. 150- 14% 14% 22% 37 6 25% % Y 64 53% 29% 4% 20% McCall Corp (1.40) MecCrory Strs (1y._. McGraw Elec (1) _. Melnt: McKesson & Rob _. McKesson& Rpf.. McLellan Strs 40e. McLellan pf (6) . Mead Corp Mead Corp pf (6) _. Mead C pf(B)(5.50) Melville Shoe (2)... “Mengel Co . Mengel Co 6% pf . 31 14 .chn 16% 14 14 -1% 27 254 26% -1% 140% 140% 140% + % 32 32 32 1 12% 12% -1 106% 106% 164 164 13% 13% - 88 88 129% 129% 64 64 29% 29% 6 6 13 13 103 103 671 67% 11 111 5 & 40 40 1% 1% % % 4.4 w4y & & 814 18% 814 18% 2% 6% 85 26 1% 40 6214 125 62 1274 6 17 1% 62! 125 62 127% 6 17 12 12 101 101 134% 131 T T 100 100 33% 33% 13 13 40 40 2% 2% 28 28 3 3 21% 21% 27 27 29 29 7 L4 13% 13% 15' 15 4% 4% 224 224 21 21% 1 1 3% 3% 25 . 2% 21y 21Y% 134 134 24's 24% 42 42'% 6% 674 36 36 103 103 103 103 178 178 21 21 19% 20 3412 34% 124 12% 144 14% 34% 35 28% 28% 107% 107% 21 22% 40% 40% 4 135% 135% 20% 21 21 27 10'5 lfl ‘e 3‘1 i O 16 16 30 14% 4% 4% 3v 6 16 16 30 14y 4% 4% 13% 134 40% 41% 9% 10% 29 29 2% 27% 165 165 106‘,’ 106'% 10 bl 135 Merch & Min Trans 2260s 28% 28 8% 13% 33 Mesta Mach (le) __ Miami Copper .20e Mid Cont Pet (.40e) Midland St1 P(le)_. 222 111 Mid Sti 1st pt (8) 47 3%, 37% 9% b 2% Y 14% Minn-Hon Ros (2a) Minn-Moline imp . Minneap-Moline pf_ Misston Corp (.658: Mo-Kan-Texas Mo-Kan-Tex pf __. Mo Pacific pf (r)_ .. Mohawk Carpet .25¢ 119 104 MonsantoCh (2) . 118 116% Monsanto C pf 4.50. 20% 45 26% 10% 5% 21% 10 67% 5% 5% 17 13% 1% 22 19% Montg Ward 2.25e. Morris & Es (3.8' Motor Product: Motor Muell Munsingwear .25, Murphy (GC) (4 Murray Corp . ..... Nash-Kelvinator Nash Chat&StL 1. Natl Acme (.50g Natl Aviation Nat! Biscuit(.8 —m mmus Natl Biscuit pf (7). x Nat’l Bond & S.30e._. 16% 13% Natl Cash Reg (1) .. 13% 10% Natl Cyl Gas (.20e). 18% 16% Nati Dairy «.§0) 2% = % | 116% 110 Natl Dairy pf A(7). 85% — % | 114 109% Natl Dairy pf B(7). 6% Th 5% 6 % 12 39 3% "% Natl Dept Stores Natl Dept 8 pf .30k_ )-. Natl Supply Natl Supply $2pf _ Nat) Supply 6.50 pf. Nati TeaCo _..... Natomas (.80)..... & 6 51 137 80s 19 31 -8 133 508 m- 9 58 42 3 2 49 31 91 1 23 294 11% IG\h 15% —1% 32% ~3% 120 119 119 -3 49 - % 12 12 105% 105% =73 115 115 =-1% 44 44 ~1% 26% 26% - ¥ 12% 16 3 28 IMK 108% mu -1% 4% -% 6% GK % 2% 22% =14 % Th =1 19% 19% - % 20 20 -2% % = % -2% 7 =1% 11% -1 39 -3y 5% =1% i 26% 121 36% 226% 264 23% 58 59 980% % 113 54 8% 23% 14% 112 18% 144 2% 4l 32% 55 645 10% 23% 14 139 % 8% 23% 120 llZ’i 18% %'.19% Snider Pkg 1849 Low. BMMnd Rate. 22% Neisner Bros 83 Neisner Br pf (4.75) 40 berry (JJ) 2.40 856% Newmont Min (le). 10% Newport Indus 41 N'Y Alr Brake (le) 14% N ¥ Centrai 15 N Y Chi & St Louts. 294 NYChi &8t Lpf . 31 NY %‘?mnlbul 3). H & H of (r) 134 N Y Shipbtiding 92 N ¥ Shipbg pf 1.76k 28% Noblitt-Sparks 60e 208 Norfolk & Wn (10) . 20% Nor Am Aviation _ 20% Nor Am Co (1.20) 556 No Am 5%% pf 2.875 56 No Am Co 6% pf (3) 88 North'n Central (4) T% Northern Pacific 110% Nor'n Sta Pw pf(6). 3% Norwalk Tire - 6% Ohilo Ofl (.20e) 1813 Oliver Farm Equip_ 12% Omnibus Corp 1.20. 103% Omnibus pf «8) 15% Otls Elevator .35 1384 Otis Elev pf (6) 915 Otis Steel 35 Otis Steel 18t pf 26% Outb’d M & M .80 54 Outlet Co (3a) 56% Owens-I11 Gl (1 Paec Am Fisher) Pac Coast 1st pf . Pac Coast 2d pt . Pac Finance (1.20). Pac Gas & Elec (2). Lighting (3)__. Mills Pac Tel & Teleg (7) % Pac Tin Consol .20e 6'/- Pac Western O 40g 3' Packard Motor 15% Pan-Am Airwavs 6% Pan-Am Petroleum. * Panhandle Paraffine (.75e) ___ Paramount Plec Param t 2d pt « 60) Park Utah M .10e _. Parke Davis ( 80e)_ Parker Rust (1a) . Parmelee Trans 4 Pathe Film - Patino Mines Penick & Ford (3) .. Penney «JC) (.75e) Penn-Dixie Cement Penn-Dixie Cem pf Penn GJass S ct .75g Penn Railroad (1g) Peoples Drug(new) Peoples GL1&Ctle) Pere Marquette pf Pere Marq prpt __ Pet Milk (1) L Petrol Corp (.70g) . Pfeiffer Brew (1) Phelps Dodge .50e . Phila & RC & 1 (1) Philip Morris (3a) _ Phillips-Jones _ Phillips Petrol (2). Pierce Oil pt Pitts Coal Pitts Coal pt Pitts Coke & ron__ Pitts Ft W pf (7) Pittsbgh Screw .15 Pitts Steel = Pitts Steel prof __ Pitts Steel 5% pf . _ Pitts & W Va __ - Pittston Co 2 Plymouth Oil 1.40 __ 4 Pond Creek (.25e) __ Poor & Co «B) Port R Am To A(r) Pressed Steel Car Pressed Stl C 1st pf Proctor & Gam (2a) Proctor & G pf (5) Pub Sve (NJ) 6be 2 Pub Sve(NJ)pf(8) 742 Pub Svc E&G pf (5) 22% Pullman (.25e) Pure Oil Pure Oil pf (6) .. Pure Ofl of (5) 4 Purity Baking .50e . Radio Corp (.20e) Radio C cv pf(3.50) Radio-Keith-Ur (r) Raiir'd Sec 111 8tk__ ' Raybest-Man 25e _ Rayonter Inc Rayonier pf (1k)__ Reading Co (1) Reading 1st pf (2)_. 4 Reading 2d pf (2) .. Real Silk Hose Real Silk H pf (2k) Reliable Stores Reliance Mfg(.30e) Reming Rand (.40e) Rem R'd pfww 4.50 Reo Motor vtc ctfs. Republic Steel _ Rep Steel pf A (6) _. i Revere Copper _. Revere Copper (A) Revere Cop 6%% of Reynolds Metals Reynolds Spring Reyn Tob (B) (le) . Richfield O11 (.50g) Ritter Dental . ____ Ruberoid (1.10g) _ Rutland RR of (r). Safeway Strs .75e_ Safeway 8 pf (5) St Joseph Lead (1) St L-San Fran (r) Savage Arms (.50e) Schenley Distillers 130 % RSpf(r)_. Scott Paper (1.60). Scott Paper pf (4) - Seaboard Afr L (r)_ Seaboard Oil (1) Sharon Steel Sharp & Dohm: % Shattuck (FG) Sheaffer Pen 2.25¢ . Shell Un Oi1 (.60g) Shell Un O pf (5.50) Silver King (.10e) . Simmons Co 2% Simms Petroleum _ 21% Simonds S & S .40e.. 184 Skelly O1) (.25¢) 105~ Sloss-Sheffield .75¢ 112§ Sloss-Sh pt (6)cald 15 Smith (A O) 8% Smith & Coro .50 10 Socony-Vac 25e 2 So Am Gold (.10e)__ 224 So Porto Sug (1) _. 14% S.B.Greyh'nd 1.60 _ 28% Southn Cal E4 10% Southern Pacific 14% Southern Raflwa; 24 Southern Rwy pf . 35 Southn Ry M&O(4). 1% Sparks Withington. 5% Spear & Co ._ 41 Sperry Corp (2g. 29 Spicer Mfg (1e) .. 50% Spicer Mfg pf A (3) 8% Spiegel, Inc (.30e) .. 60 Spiegel Inc pf ¢.50 29'6 Square D Co (.3 Stand Brands .20e _ -2% 102“% 108% Stand Brds pf ¢.60_ 1% Stand Gas & Elec... 3% Stand G&E $4 pf.__ 10% Stand G&E $6 pr pf. 13% Stand G&E $7 pr pt. 21% Stand Ofl of Cal (1) 25 Stand Ol ind (1)... 40 StandOfINJ (1a 2814 Starrett (LS) .5 76% Sterl'z Prod 61 Stewart-Warner... 5 Stokely Brothers.... 814 Stone & Webster. 9 Studebaker . _____ 56% 8un Ofl (1a) . 124 122 SunOflpf (6).___.. 10% 7!6 l'l% 35% T “u 3 9% Sunshine Min 1.60.. 20% Superheater (.50)._ 1% Supertor Oil .. 13% Superior Steel _ 27 Sutherl'd Pap 1 615 Sweets of America. 22 Bwift &Co (1.20) 27% Swift Intl (3) Corp (2) . 3% Tex Gulf Prod(.10e) 32% Tex Guif Bul (2) -_. T4 Tex Pac C&O (.40 § Tex Pac L4 Tr 10g. 104 Tezas & Pac Rwy.. 10% nu;:n Mtg (1) FINANCIAL. S ON THE NEW YORK STOCK EXCHAN 14% 16% 28% 30% bl 2 9% 9 10s 110 110 1 % % 4 % 215 24 19% 308 113% 113% 4 30 25 8 219Y% 213 267 24 19% 204 19% 55 55v% 89% 7 19 12% 20s 109 44 15% 200- 14215 0% 20! 123% 57 5% 8 8 363 34 306 20 1 M™% 17 5 661y 20s 1144 61 40 508 161'% 1117% 163 24 658 3 36 23 565 29 46 508 9 28 9% 21 21% 30 2 (Continued on Page A-19.) GE 128% 5 8 3 16% ] 39% -1 5% -1 8 2% 41 -2% 20% =1% 1 = W 9 -1 874 — 5518 —1% 89 —3u 3 - % 204 —11 | 11'1 i, e 8ly — % 36% ~1'3 -1% -1% Bty — 43%. —196 ‘llfi “ 5% % = % 10 -3 36% —1% Stock Leaders Slump 1 $210 $7 or More in Heavy Selling Recovery Moves Fail And Prices Close Near Day’s Lows Stock Averages ndust. Ras. 000, 878 Net change —33—1 8—1.5—-27 T'day, close *65.7 *16.2 *36.4 *45.8 Prev.day_. 69.5 17.8 485 Month ago. 725 19.1 39.1 50.5 Yearago... 65.0 180 3 459 1940 high.. 742 205 522 1940 low .. 65.7 16.2 458 1939 high.. 77.0 238 539 1939 low... 588 15.7 416 60-Stock Range Since 1927: 1937-38. 1932-36. 1927-29 High ... 753 128 157.1 337 16.9 618 *New lows. (Compiled by the Associated Press.) By VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, May 13.—Leading stocks hit the skids for losses of 2 to more than 7 points in today's market, the worst slide since last September, as trading forces saw fresh gloom in shifting European war currents. The list got off to a fairly steady start, but prices soon began to tum- ble. In the principal selling wave of the forenoon the ticker tape was 4 minutes behind floor dealings. There were subsequent slow-downs and speed-ups. Recovery moves failed to follow through and clos- ing quotations were not far from the lows of the session. Transfers were |in the neighborhood of 2,500,000 shares, largest in about eight | months. Helping touch off the relapse, it | vas said, was the closing out of a | sizable assortment of Dutch margin accounts by brokers who were unable | to get in touch with customers in the Netherlands and, in view of the recent setback in the market, were compelled to unload clients to | protect themselves. In addition, offerings of American securities | from other foreign sources may have been a factor in morning weakness. Wall Street, which generally feels that allied reverses are bearish marketwise, found little to cheer about in running dispatches regard- ing the overseas conflict. Fears in some quarters that the United States was nearer being “in” than at any time since the outbreak of hostilities were thought to have been a depressing influence. Prominent on the downswing were United States Steel, Bethlehem, Chrysler, General Motors, United States Rubber, Douglas Aircraft, American Airlines, American Tele- | phong, American Smelting, Allied Chemical, Americal Can, Dow Chemical, American Tobacco “B," Loft, International Paper preferred, | Westinghouse and Great Northern. Favorable items on the domestic front, such as a more-than-expected jump in this week's steel mill oper- ations estimate, were virtually ignored. Washington Exchange SALES—AFTER CALL. Washington Gas Light pfd—1 at 10415, Capital Traction 1st 55—$500 at 1001z, 500 at 100 | Capital Transit Co. —25 at 147g. | Wfsmngum Gas 55 1960—$1,000 at BONDS PUBLIC UTILITY, B 0 1 0 03 d. | Anacostia & Pot 55 1048 Ana & Pot Guar 5s 1949 Cap Traction 1st 5s 1947 City & Suburban 5= 1948 Georsetown, Gas 1st 55 1961 Pot Elec Pow 3les 1066 Washington Gas 55 1960 Wash RWy & Elec 4s 1051 MISCELLANEOUS. Chevy Ch Cl 1st 4 1957 103 ol Country Ol 1st 4 57 103 Ter RY & W Op 1st 4145 1038 103 STOCKS PUBLIC UTILITY. Amer Tel & Tel (9) Gapital Transit (t3 W Steamboat (4) Pot™ Elec Pow 67 pfd (8) Pot Elec Pw 52 pfd (5.50) Wash Gas Lt com (1.50) Wash Gas Lt ptd (4.50) Wash Ry & El com (£36) Wash Ry & Elec pfd (5) 3 BANK AND TRUST COMPANY. Amer Sec & Co_(e8) _ 240 k of, Bemgm. 75) - 30 ‘% ‘Bavings 10, 00) Eherty 5 Lincoln (y5) Nat! Sav & Tr (4.00) Pr Georges Bk & Tr (1.60) Riggs (e8) Riggs pfd (5) Washington (6 Wash Loan & ‘Trust (es) FIRE INSURANCE American (16) remen’s (1.40 oy National *vnlon (75) " TITLE INSURANCE. Columbia (k.30) Real Estate (m6) 0 1 1 1 1 12 1 1 1 170 14% 60 5 4 515 . Hi Carpel Corp (2. Tareton Wonotspe._(2.00)" Mtge & Inv pfd (d.35) - Pr, 8 0om pew (11.00) d & Wdwd & Loth ofd (7 *Ex dividend. +Plus exlns vald in 1939, na necembn- Short-Term Securities (Reported by Smith, !lmc‘ f Ala Gt South A Bl '4 Alleshany’ Corp r Tel & Tel M/.A A\lnln & Northwes Central Puundry Ol 'il Central of Geor 3 chfldzuo !Jnlon’stluon h D!n & lld 45743 Long Branch 48 o & Southern ke 65 437 thh 45 '43 TP 65 1945 z =llkn¥°1" & Pa Federol Land Banks m‘m:Mv 13 (M. —Pederal