BUSINESS HOLDS U. S. Chamber Finds Trade Momentum Has Offset Many Obstacles. BY EDWARD C. STONE. Business momentum attained in the latter part of 1936 is resulting in still higher records in 1937 in many lines, records covering the first seven weeks of this year demonstrate, according to a report made today by the United States Chamber of Commerce, Harper Sibley, president. The forecast that this momentum would run well into 1937 has now proven correct, the chamber states. The review adds: The strength which was garnered gradually from May, 1935, to Decem ber, 1936, has maintained national indices in the face of adverse influ ences in strikes, floods, and weather conditions of destructive effect in some sections. It is these reserves of strength that have brought about rapid resumption, not only in public services but in industry and distribu tion, in areas of great floods and speedy return to operation after un usual strikes have caused interrup tions. During the seven weeks the volume of movement of goods of all kinds, as reflected in the carloadings of the railroads, kept tvell above the level of last Winter; by the end of the month they may have reached a point better than at this time of year since 1930. The output of electric power nationally has remained at an unprecedented high level. Retail trade, too. is making a good Showing for the Winter months; it is obvious that, if volume continues in its current relation to volume a year ago, the physical volume of retail trade this year will be well over any earlier year. When the main regions of the country are considered, each is found to have as a whole more activity in January, 1937. than in January. 1936, whatever the differences in experience among the communities in the dis tricts. The advances shown by such comparisons are highest in portions of the South and Southwest, the resume concludes. Everett Joins Bank Board. George N. Everett, second vice pres ident and secretary of Woodward & Lothrop, was elected a member of the Board of Directors of the Na tional Bank of Washington at the February meeting today. President J. Frank White announced. He has been one of the city’s leading busi ness men for many years. Capital Traction 5s sold up to 97 on the Washington Stock Exchange to day for the first time in many months. Woodward & Lothrop preferred sold at 125, Capitol Transit at 15'j and Potomac Electric Power 3’iS at 104. Low Interest Here to Stay. Addressing the American Life Con vention in Chicago. Don F. Roberts, treasurer of the Acacia Life Insurance Co. of this city, said it was not prob able that gross interest earnings of life insurance companies could even ap proach the 1929 level for many years. He told the insurance executives that a substantial portion of seasoned in vestments have been and still are be ing refunded at lower interest rates. New money invested is bringing a lower rate of return than the average received from the investment account as a whole, he added. Another speaker. E. C. Wilkinson, Standard Statistics Co., said that bond investors could be counseled to “sit tight” because he believed there would be a good market for some time. Security Exchanges Lauded. Fenner & Beane, New York Stock Exchange firm, has published a 28 page illustrated booklet entitled “Why 40.000 Miles of Private Wires?” which discusses the protections afforded to •investors by organized securities mar kets. The booklet is believed by the firm’s officials to represent the first di stance in which a financial house has discussed the question of securities ex changes purely from the viewpoint of Investors. Among the benefits to investors that are discussed are the financial respon sibility of member firms, speed of exe cution, the concentration of buying and selling orders from all over the world, strict rules of trading that pro tect the investors’ interests, proof of prices, publicity requirements for listed companies, the liquidity of listed se curities and the accounting procedure specified for corporations whose securi ties are listed. Assets Show Large Increase. The Massachusetts Mutual Life In surance Co., John F. Cremen, Wash ington general agent, reported today that new life insurance In 1936 amounted to $141,410,115, an increase of 7 per cent over 1935, and more in surance was sold in every month of 1936 than in the same month of 1935. Fewer policies were lapsed or sur rendered, and the mortaility experi ence, which was 56.3 per cent of the expected, was also an improvement over 1935. Total insurance in force on December 31, 1936. was $1,874, 060,619. a gain of $22,615,000. In its financial operations also the company was most successful. Earn ings on invested assets after deduc tion of expenses were at the rate of 4.06 per cent in 1936, as against 3.70 po¢ in 1935. The assets increased by $38,888,015 to a total of $572,112, 957.60 on December 31, 1936. Close control over operating expenses was Indicated by the reduction in the ex pense ratio. Stone to Address Auditors. The auditors’ section of the District Of Columbia Bankers’ Association has announced a dinner meeting to be held tomorrow evening at 6 o'clock at Wes ley Hall, Seventeenth and K streets. The guest speaker will be Edward Stone, chief of the project analysis. Resettlement Division; a member of the faculty of the American Institute of Banking as well as the Graduate School of Banking at Rutgers Univer sity. His subject will be “World Peace and Our Economic System.” An un usually large attendance is expected of bank officials in addition to the regular membership of the section. Heard in Financial District. Sale of five shares of National J3ank of Washington stock at 135 on the local exchange yesterday was the first transfer in this issue in 1937. It was a nine-point advance over the last previous sale at 126. The stock has climbed steadily since its low mark of 10814 in 1936. The safe deposit section of the Dis trict Bankers’ Association meets this evening in the American Security Building. Mrs. Helen R. Sharpe, ice chairman, presiding. Retail trade in the Fifth Federal Reserve District in the first half of this month was from 15 to 20 per cent better than in February last year, reports reveal. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE By Private Wire Direct to The Star. 2:15 p.m. Prsv. 1037 Stock and Sales— Net High. Low. Dividend Rate. Add 00. High. Low. Close, chge. 80*4 68*4 Acme Steel (4) _« « 77 75*4 78 -2 19*4 15 Adams Expr .. 4 10714 106*4 107*4 + *4 71 56 Am Car & Foundry —. 15 66*4 66 66 +1*4 104*4 9314 Am Car & Fdry pf . 5 99*4 97*4 97*4 -2 87*4 72 Am Chain&Cable(a4) 6 86*4 84 84*4 + 54 23 13*4 Am Colortype - 11 21*4 20*4 2G4 + 24 29*4 26*4 Am Cornel A1 (a50c). 2 27*4 26*4 26*4 3354 29*4 Am Crystal Sug (b50c 25 82*4 31*4 82 + *4 99 96*4 AmCrysS 1st pf (6). 20s 93 98*4 99 + *4 13)4 8*4 Am Encaustic _ 11 11*4 1°*4 11H — M 13*4 7*4 Am & Foreign Pwr... 61 12*4 12*4 12*4 + *4 68*4 49 Am & For Pwr $6 pf.. 2 58*4 52 63!4 - H 68*4 58*4 Am & For Pwr $7 pf.. 1 64 64 64 -1*4 38*4 20*4 Am & For Pwr 2d pf.. .6 85*4 35 35 21 18 AmHawaiianU) .. 2 19*4 19*4 19*4-24 9*4 6*4 Am Hide & Leather.. 14 8*4 7*4 8 4*4 2*4 Am Ice 5 8*4 3*4 3*4 27*4 17*4 Am Ice pf (2) 1 24*4 24*4 24*4 - *4 16*4 13H Am Internatl * 21** 22 + *4 1 37H 30*4 Andes Copper .. 4 34 32 32*4 -2*4 12*4 7 Armour «111) (bl5c).. 364 13 12*A 13 + *4 ; 126 96 Armour (111) pf (7) . 1 104 104 104 +3 | 97 81** Armour! Ill )pr pf 1 6) 2 97*j 96?4 97*j + *» 69*t, 59*, Armstrong Cork (2) 6 68*4 67*» 68*, + *4 16? s 14 Arnold Constr (b50c) 6 14*4 14*4 14?* — *4 17*4 14*4 Art loom Corp - 4 14'* u 14', + *4 97>* 97** Artloom pf (a7)_ 10s 96 96 96 -1*4 | 22T, 19*4 Assoc Dry Goods_ 3 20** 20*4 20** + *4 j 57t$ 60*4 Assoc Invest (t2)_ 1 54V$ 54V$ 54V$ 77** 69 V* Atch To & S Fe 4 8*4 81* 9*4 6*4 Aviation Corp (Del). 25 8*4 8 8 114 8 Baldwin Loco (d) 17 84 84 8', - 4 120 86*4 Baldwin Loco pf (d). 6 1134 112*4 112** - % 94 7*4 Baldwin Loco asd(d) 11 74 74 74 + 4 1 120 884 Baldwin L pf asd (d) 2 114 114 114 2S4 204 Baltimore* Ohio 71 274 26*4 274 + 4' 42 33*4 Baltimore* Ohio pf 10 20 39 40+4 1104105 Bangor&Aroos pf (5) 20* 108*4 108*4 108*4 + *4 424 354 Barber Co (a75e> . 43 41 4n 40’, + 4 32 25*4 Barker Brothers 4 27*, 27*4 27’, + 4 42 38 Barker Bros pf (2%) 80s 39’, 394 394 -4 354 264 Barnsdall Oil (1) - 70 304 294 30!, - '4 204 174 Bayuk Cigars (t75c). 8 184 184 184 28*4 25 Beatrice Cream (tl). 1 264 264 264 — 4 15*4 13 Belding Hemin (1)... 7 144 14 144 + 4! 304 25 Bendix Avia (b25c).. 12 27*4 274 274 - 4 23*4 21*4 Beneficial Lo (b45c). 2 214 214 214 62*4 56 Best* Co (t2 54) . 1 57*4 57*4 57*4 + *4 95)4 73 Bethlehem Stl (al4) 112 93=4 904 93 +14 20 184 BethSti5% pf (1)-.. 3 19 19 19 1294 125 Beth Stl pf (7) .. 6 128*4 128 1284 + 4 69*4 «4 Bigelow-San (boOc) 1 644 644 644 38 334 Black & Decker (25c) 1 34 34 34 +1 284 224 Blaw Knox (a80c) .. 14 26 254 26 46*4 334 Boeing Airplane _ 40 46*4 444 45*4 +14 484 41 Bohn Alum & Br (3). 3 45*4 444 444 93 88 Bon Ami (A)(4) 110s 90 89 90 +2 454 42*4 Bon Ami(B)(b624c) 400s 45 44»* 45 +H 28 264 Borden Co (1.60c) .. 17 26*4 264 264 - % ! 834 724 Borg-Warner (4)_ 1 79 79 79 -14 10J4 84 Boston* Maine ... 6 94 94 94 -4 23*» 164 Bridgp’t Brass(t40c) 51 22», 214 224 + 4 694 514 Briggs Mfg (t2> 9 544 544 544 + 4 j 534 48 Briggs* Stratton<3) 2 50 50 50 - % i 47 424 Bristol-Myers(t2.40) 4 44 44 44 53 46 Bklyn-Man Tr <4> . 6 48 474 474 - % 1024 1004 Bklyn Man T pf (6).. 1 100 100 100 -1 8 6*4 Bklyn & Queens ._ « 64 64 6*4 384 344 Bklyn & Q pf (a3) .. 1 334 334 334 - 4 524 464 Bklyn Union Gas (3). 3 474 46?* 464 - 4 244 20*4 Brunswick-Balke „ 3 21 204 20H - 4 254 20 Bucyrus-Erie ._ 16 224 214 224 +14 117 110 Bucyrus-Erie pf (7). 20s 1164 1164 1164 — 4 144 124 Budd (EG) Mfg ... 33 124 124 124 + 4 13 94 Budd Wheel * 334 334 - 4 11*4 74 Bush Terminal (d) - 2 94 94 94 + 4 454 244 Bush T Bldgs pf (d). 190s 364 364 364 -4 174 184 Butler Bros (bl5c) ... 23 18‘4 18*+ I6H 844 294 Butler Bros pf (154). 8 834 334 334 4- 4 84 54 Butte Cop* Z (aSc>— 16 84 84 84 +4 33 274 Byers (A M) _ 7 294 29 294 + 4 91 834 Byers (A M) pf — 80* 85 844 844-4 314 27 Byron Jackson (tl)-. 4 294 29 294+14 48V* 425* Calif Packing (2) - 4 43'* 43 43 45* 21* Callahan Zinc-Lead . 370 4V> 45* 45* + V* 20V* 15V* Calumet & Hecla (1). 40 195* 185* 19s* + 5* 375* 32V* Campbell Wy (tl)... 7 35»* 35 3554 + V* 32V* 27V* Canada Dry G Ale ... 9 28»* 281* 285* + ** 17'* 145* Canadian Pacific 42 16V* 16s, 16V* + V* 106 103 Car Clin & O stpd (5) 80s 103!* 103H 103V* + V* 8!* 7 Carriers & Gen(a35c) 4 8 75* 75* — V* 1765* 138 Case (J I) Co (4) 4 166 164 166 +1 100 85V* Caterpillar Trac(t2) 2 96 95V* 96 -1 35V* 265* CelaneseCorp * 5V* - V* 19V* 11V* Chi& N W pf (d) .. 10 17V* 165* 17V* + V* 33 23 Chi Pneumatic Tool- 4 295* 29V* 295*-!* 70V* 61V* Chi Pneu T pf (a3 54) 1 635* 63s* 63s* -15* 3V* 2V* Chi R 1 & Pac (d) . 19 3V* 25* 3V* + V* 8V. 55* Chi Rl&P 6% pf (d). 19 7V* 7V* 7V* - V* 10V* 65* Chi Rl&P 7% pf (d). 10 95* 85* 9V* + V* 22V* 195* Chlckasha Cot Oil ... 1 19V* 19V* 19V* - V* 155* 12V* Childs Co 2 135* 135* 135* + V* 64 46V* Chile Copper <1) .. 40s 63 63 63 -1 136V* 1105* Chrysler Corp (bl 5*) 88 1255* 1235* 125 - 5* 215* 18V* City Ice A Fuel (2) 1 20V* 20V* 20V* 92 86 City Ice A F pf (6 54). 160* 90V* 89V* 90V*+1 105* 9 City Stores ... 3 9V* 9V* 95* + V* 88V* 32V* Clark Equip (tl.60).. 2 845* 84V* 84V* - V* 113 107 Clev El Illu pf (454»- 10*110 110 110 +1V* 405* 35 Clev Graph Br (2)... 8 88 87V* 88 + V* 985* 78 Cluett Peabody (3).. 8 92V* 90V* 90V* -IV* 130V* 126 Cluett Peabpf (7)_ 40* 130 130 130 - J* 138 122V* Coca-Cola ... 26 44 44 44 + 4 1094 1024 Conti Baking pf (8).. 2 1094 1084 1094 +1 69,4 694 Confl Can (3) __ 15 614 604 614 + 4 254 204 Conti Diamond F (2). 4 24 234 24 +4 424 394 Conti Insur (tl.60).. 6 414 41 41 -4 34 24 Conti Motors ... 20 34 34 34 + 4 454 424 Conti Oil of Del (tl). 28 424 41H 414 -14 824 264 Cont’l Steel (b50c) .. 6 31 304 31 + 4 77 634 Corn Ex Bk & Tr (3). 80a 73 72 73 714 67 Corn Prod Ref (+3)_ 14 664 654 66 1714 1654 Corn Prod R pf (7)... 1 1644 1644 1644 - 4 84 6 Coty Inc_ 14 7 64 7 - 4 564 46 Crane Co _ 5 604 604 504 + 4 37 354 Cream of Wheat (t2) 2 864 364 364 284 214 Crosley Radio (alt4) 9 254 254 254 + 4 1004 744 Crown C’k & Seal (2) 18 894 854 894 +44 244 17 Crown Zellerback vtc 12 204 204 204 76 51 Crucible Steel .. 10 72 70*4 72 +4 132 1204 Crucible Stl pfbl%_. 1 1314 1814 1314 -14 3 24 Cuba Co 3 24 24 24 -4 144 114 Cuban-Am Sugar_ 6 114 114 114-4 424 394 Cudahy Pkg (2 4).._ 2 414 414 414 + 4 204 18 Curtis Publishing_ 3 194 184 19 +4 10941014 Curtis Pub pf (7)_ 2 105 104 105 +4 74 64 Curtiss Wright _ 55 74 7 7 -4 224 194 Curtiss W (A) (a50c) 25 20*« 204 204 + 4 65 4 49 Cushman Sons pf . 80a 53*4 634 58*4 + 4 24 224 DavegaStcv pf(14) 1 224 224 224 -4 1284 1044 Deere & Co 12 122 1194 122 +2 29 264 Deisel-Wem-G « 464 374 Doehler Die Cast (2). 2 424 414 42 - 4 51 46*4 Dome Mines 4 8*4 174 134 Erie R R 9 16'4 15*, 164 + 4 314 264 Erie R K 1st pf _ 7 294 294 29*4 -4 26 22 Erie It R 2d pf .. 2 23', 23 23'4 -14 144 124 Eureka Vac Ci (80c). 4 134 134 134 334 284 Evans Product (11).. 2 32 314 32 +1 54 34 Fairbanks Co _ 230« 44 44 44 + 4 28 214 Fairbanks Co pf ... 60s 24*4 24 4 244 - 4 714 *14 Fairb'ks-Morse (tl)— 6 624 62 624 +1 2104 183 Fairbanks-M pf (6).. 1 1854 1854 1854 +14 70 56 Fajardo Sup Co (bl). 3 564 66 564 + 4 294 254 Federal Lt & Trac .. 1 254 254 254 - 4 103 97 Fed Lt & Tr pf (6) ... 450s 100 994 99*4 - 4 114 664 Fed Min & Smelter 5 133 118 13:1 +20 114 84 Federal Mot Tr (40c) 36 104 104 104 + 4 9*4 54 Fed Screw Works 49 104 94 104 + 4 6 44 Fed Water S vc (A)_ 87 54 54 5** + •« 424 364 Fed’d Dept Str (2) . 1 38 88 88 -1 10741024 Fed'd DScu pf (4 4) 1 1034 1034 1034 454 424 Fidel Phoe F In tl.60 5 434 43 434 384 324 Firestone T*R (2) 10 37 364 364 — 4 1074 105 Firestone pf (A)(6) .. 3 106 1054 1054 -4 514 484 First Natl Strs(t2 4) 21 504 60 504 + 4 464 41 Flintkote Co (1) 12 424 424 424 -4 584 *8 Florence Stove(a4 4) 1 564 564 664-14 37*» 31 Florsheim (A)(ti > . 1 364 364 3S4 - 4 94 6*4 Follansbee Bros 4 Kimberly Clark (1).. 1 40 40 40 +4 74 54 Kinney (G R) Co _ 1 64 64 64 -4 70 474 Kinney (G R) pf(al) 10» 614 614 614 - H 294 27!4 Kresgret SS )Co( b30c) 13 284 274 274 - 4 474 42 Kress (S H><1.60) 10 414 414 414 -14 244 22 Kroner G & B 4 + 1.60) 15 234 23 23 -4 274 23 Laclede Gas (St L) .. 10* 23 23 23 234 184 Lambert Co (2) _ 3 224 224 224 + 4 164 154 Lane Bryant 1 15 15 15 - !* 27*4 17 Lee Rub & Tire (50c) 13 251* 25 254 - J* 614 88*4 Leh PortCmt <1V4)~ 4 46 45** 46 -4 3*4 24 Lehigh Valley Coal.. 1 24 24 24 184 134 Lehigh Val Coal pf_ 2 134 134 134 + *4 211* 174 Lehigh Valley R R_ 19 20 194 194 + 4 131 118 Lehman Corp (t3>_ 6 126 123*4 124 214 18 Lehn&Fink (tl.20) 14 264 26 4 264 944 884 Louisv & Nash(b2 4) 2 924 92 92 -4 374 294 Ludlum Steel (tl) .. 24 36V, 354 364 + !*' 86 324 McCall Corp . 26 10'* 94 94 40’* 304 Mohawk Corp (tl.20) 7 37 364 36st - 4 101 934 Monsanto Chem (tl) x 4 94 934 934 —14 644 534 Montgom Ward (t2) 72 62 60s* 62 +14 2'* 14 Mother Lode(al24c) 280 24 24 24 + 4 384 334 Motor Products (t2> . 4 35 34 4 35 +14 26 214 Motor Wheel (1.60) . 8 24‘* 234 24V* + 4 364 31 Mullins Mfg BlaOOc) 10 32*4 31s* 32'* +11* 98 93 Mullins Mfg pf (7)... 40* 93 92 9.3 364 27s* Munsingwear (t3) . s 31 31 31-4 204 17 Murray Corn (a50c) 20 ls*8 18s* 184+4 684 584 Myers (F E)& Br (3) 2 68** 68 68s, +ls* 24', 17»* 214 Param Tic 2d pf a60c 21 23 215* 23 +1 4 5* Park & Til rts Mch 15 9 4 5* 5* - 4 74 44 Park Utah 501 74 74 75* + 4 445* 42 Parke Davis (al4) 4 43*4 425* 425* 294 244 Parker Rust P (tl4> 2 27 265* 27 75* 6 Parmelce Transport 2 65* 65. 65* — 4 104 85* Pathe Film Corp 8 95* 84 94 + 4 204 14H Patino Mines (t60c). 86 204 19 204 + 5* 74 35* Peerless Motor 39 64 54 65* + 4 64 691* Penick & Ford (t3)._ 2 584 58 58 -14 1025* 97 Penney (J 0(4) _ 10 98 975* 974 -4 64 44 Penn Coal & Coke_ 1 44 45* 45* - 4 125* 74 Penn Dixie Cement— 57 104 95* 105* + 4 764 64 Penn Dixie C pf (A).. 2 69 68 68 -5 294 22 Penn G1 S d ctfs a50o. 4 27 264 264 - 4 444 394 Penn Railroad .. 20s 38*« 384 38** - 4 344 264 Shell Cn Oil (a25c> . 63 33 4 32 4 33V* +1 1054 102 Shell L'n Oil pf (5*4). 2 1044 1034 1044 +14 16 124 Silver King (60c)_ 18 154 15 154+4 554 444 Simmcfhs Co (a3)_ 13 62 504 52 +14 44 34 Simms Petrol _ 2 34 34 34 47 42 Skelly Oil 3 434 434 434 - 4 1024 99 Skellv Oil pf (6)_ 1 101 101 ini - ». 544 48 Smith (AO) ,_ 6 48 474 48 -14 404 274 Smith* Corona s (1). 1 374 374 374-4 29** 264 Snider Pac k (bl 4) . 1 284 284 284 + 4 194 161* Socony-V Oil (b2oc) 169 184 174 184 64 44 So Am G & P Ca30c) 11 64 5 5 —4 424 34 South Port Sug C t2) 3 35 344 344 + *4 324 29 So Cal Edison (tl ^) 9 29 28*. 28*. - 4 63 424 Southern Pacific . 12i 524 49*. 524 +14 354 24 Southern Railway— 6o 324 314 32** + 4 594 47*. Southern Rv pf _ 18 57 55s* 56V* 104 9 Spalding (AG) 3 104 10 104 + 4 77 684 Spalding (A Gllst pf 30s 76** 764 764 -4 94 74 Sparks-XVithington _ 17 84 8 84 36 33 Spencer Kell (1.6j) _ 2 324 324 324 — 4 23*. 204 Sperry Corp vtc (al). 40 221* 214 224 + 4 334 284 Spicer Mfg 23 254 24** 254 + 4 112 106 Spiegel Inc pf (6Vi > 200s 111 ill ill 47 414 Square D (B) (al 7g ) 6 464 45** 4o** 164 154 Stand Brands (»80c). 22 154 154 154 1284 126 Stand Brands pf (7). 40s 1254 124s* 1254 — 4 124 104 Stand Com Tobacco _ 3 114 104 104 144 8*4 Stand Gas & El (d) . 24 124 124 124 +4 314 254 stand G&E $4 pf Id). 9 28 274 27*. + 4 724 60»* Stand G&E $7 pf id). 3 634 62 634 f 4 1 50 434 Stand Oil of Cal (tl). 32 48H 474 48 -4 50 464 Stand Oil of Ind (tl). 23 484 474 47** - 4 , 754 67*. Stand Oil of N J (tl) 85 12** 71s, 724 + 4! 75 704 Sterling Prod (t3.80) 6 714 71 714 21 174 Steward-War 1 toOc). 10 19+ 19 194 - + 334 284 Stone & Web * 29*. + 4 20 134 Studebaker Corp_ 176 I84 174 184 + 4 774 73 Sun Oil (tl) _* 2 73 73 73 - *» 74 44 Superior Oil _-_ 44 6 4 64 64 + 4 45** 37 Superior Steel _ is 42 My-, 42 tii 28 254 Swift & Co * 41.20)— 13 274 27k 274 -4 32*4 31+ Swift Inti Ltd (2) 8 31 30** 30?, - »* j 234 184 Symington-Gould ww 11 194 194 >94 174 144 Symington-Gould xw 7 144 144 144 — 4 15*, 134 Taloott (James) b30c 5 144 14 144 + 4 574 55 Taloott (J)pf(2 4 > 60s 56'. 56 564 - ** 84 7s, Telautograph (60c) 1 74 7Vx 74 144 H4 Tennessee Corp aloe 41 144 13k 144 + 4 594 504 Texas Corp (2) ue 52*t 514 524-4 24 2 Tex Corp rts Mch 19- 571 2 14 2 — ■* 94 74 Texas Gulf Pr * 284 254 Union Oil Calif (1) . 39 25** 247s 254 -4 136 1264 Union Pacific (6) 1 133 133 133 +34 99*4 974 Union Pacific pf (4).. 1 98 98 98 —1 314 264 Union Tank Car 1.60. 1 304 30'* 307* + ** 324 274 United Aircraft aoOc- 60 304 294 30 +4 244 204 United Air L (a20c) . 27 21 207* 21 + 4 304 28V* United Biscuit (1.60 ) 6 294 284 29 91 79 United Carbon (t3).. 3 81 81 81 -5 334 294 Unit-Carr Fast (t2).. 1 33 33 33 84 64 United Corp (a20c)— 46 7 67* 64 467* 434 United Corp pf (3) 21 44 43 434 — 7* 154 14V* United Drug (a75c)_ 7 144 144 14V* — 4 254 184 United Dye wood (1). 1 214 214 214 106 96** United Dyew pf (7)50s 106 106 106 9 74 United Elec Coal 19 84 8 84 + 4 604 464 United Eng&Fy (t2). 4 584 57 584 + 4 854 804 United Fruit (t3) .. 11 83+ 824 83 +4 17 14** United Gas Imp (1).. 44 15** 154 154 11341117* UnitedGImppf (5).. 1 1114 1114 1114 + 4 167* 67* United Paperboard... 6 144 144 I44 + 4 204 164 U S Distributing pf— 40s 154 154 154 + 4 224 17 U S & For'n Secur_ 11 214 20s* 20**-** 347* 294 US Freight (tl)_ 6 294 294 294 137 122 U S Gypsum (t2>- 10 1254 1254 125 -1 204 17 US Hoffman _ 10 194 19 19V* + 4 437* 374 U S Indus Alcohol- 9 39', 387* 39V* + 4 9 64 U S Leather vtc ... 15 84 8 84 +4 174 184 U S Leather (A) vtc.. 31 174 164 lfi4 + H 104 89 U S Leath pr pf bl 4 - 1 l®3 l®3 103 +1H 714 604 U S Pipe & Fdry (3).. 9 664 654 664 + 4 194 154 U S Realty & Imp- 9 164 154 164 + 4 614 447* U S Rubber 35 574 564 564 ~ 4 118 924 U S Rubber 1st pf- 14 1114 109*4 1U4 +24 934 834 U S Smelting (b2)— 11 92 91 92 +1 1144 75 US Steel . 273 1114 1084 1114^1 150 1394 U S Steel pf (7) - 6 1457* 145 1454 + 4 97* 74 U S Stl Yd (al24c)— 8 84 74 84 + 4 135 1294 U S Tobacco (t5) — 1 1344 1344 1344 - 4 84 64 United Stores (A) .. 10 74 7 74 + 4 47* 34 UtilPw&Lt (A)(d). 8 34 34 34 + H 2*4 154 Vadsco Sales Corp - 6 2 154 2 + H 3454 281« Vanadium Corp 35 3154 30*4 3144 + 54 44*4 3954 Van Raalte (b«254c)- 4 42 4154 42 46 54 4 2 54 Vick Chemical < +2) - 1 4354 4354 4354 + H 954 754 Va-Car Chemical 11 8*4 8 8 — 54 6154 5454 Va-Car Chem 6% pf 1 5454 5454 5454 - 54 1254 954 V’a Iron Coal & Coke 160» 1054 1054 10(4 + 54 76 70 Vulcan Detin ia8) — 10« 71 71 71 554 354 Wabash (d) 7 454 4 54 454 145* 9 Wabash pf iA)(d)_ 10 1254 1054 1254 + 54 12 454 Wabash pf (B) (d)- 10» 10 10 10 -2 19*4 16 Waldorf Sys (tl.20). 2 18 1754 18 + 54 49 3754 Walgreen Co (2) 7 4754 4654 4754 118 114 Walgreen Co pf <654) 110s 11454 11454 11454 1954 1954 Walker pf <1)— 1 1954 1954 1954 - 54 17 1154 Walworth Co _ 59 1554 15 1554 + 54 5054 42 Ward Baking (A)_ 2 4554 4454 4554 + 54 954 654 Ward Baking nai __ 3.r;34 ;t.V, Am Ecuit _ 4x 14 441. Am Ins Newark (’2( 11 l.T1 Am Reins (.;. _ _ s4 88 * Am Reserve 4 Automobile 11 a • _ _ 34*4 30*4 Bait Amer C2(»ai _ .o4 o»4 Carolina <1.30* •>* 2 30 City of N Y (l.Cii. _ 2U‘.4 au»i Conn Gen Lif (.80) _ 43*4 44 Contm Cas (l.20i 3n 32 Fid Dep _ 12:>2 131 Firemens Nwk __ 13 144 Fran* Fire (la) _ 32 34 Gen Reinsur (2* 44 40 Glen Fails (l.ttfit _ 45 47 Globe A Rep (.80) _ 23 253i Globe A* Rut _ 7234 75*j Great Amer (ia> _ 2834 30b Hanover <1.00* _ 37Va 304 Harmonia (1.301 _ 30 32 Har::ord Fire (2) _ 72 74 Home Fire See _ n Tty Home Ins 11 a> __ 38*4 4nty Homestead (li _ 2134 234 Lincoln Fire _ 4s*. 5$i Mass Bona (3*2) _ 68’ 2 71*1 Natl Fire <2* 05 67 Natl Liberty f.2na* _ In llty N Hampshire il.nn)_ 4*1 47*« N Y Fire t.SOa > __ 24* # 27*i Nor River 1 i-4g 1 284 3<» Phoenix «2a» _ 1*3*2 »7*4 Prov Wash «la> 3!»*a 41’* St Paul Fire (6> _ 213'2 218 Soringfi^ld <4,.a» 12s 13l * Sun Life o:34e* _ 7 1(» 7 on Travelers <16* 516 526 U S Fire (2» 5634 58*1 Westchester (1.20a> 36»,4 38ty a—Also extra or extras *—Declared or paid so far this year. METAL MARKET. NEW YORK February 24 .—Net op crating incomes ‘before fixed charges ar.< other income* of railways reporting to day for January included: 1937. 1036 Illinois Cent. System #400.706 #073.78; -• Bangor & Aroostook Railroad— Januarv surplus after charges wa! $119,960. against $123,586. INDEPENDENCE FEND DECLARATIONS OF TRCST Empire Trust Company, Trustee New York City A Living Trust Fund Prospectus on request. Slauson, White & Rowe, Inc. Washington Office 105-10 Peonies Lite Ins. Bid.. Washington. D. C. Tel. Nat. 0631-0033 Maryland Office 430-11 Calvert Bid... Baltimore. Md. Tel Calvert 1433-1434 U. S. Government, Municipal, Public Utility, - Railroad and Industrial Bonds • • • Listed and Unlisted Securities • • • Bank and Insurance Stocks Robert C. Jones & Co. Shoreham Bldg. MEtropolitan 2922 "Complete Investment Service"