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Evening star. [volume] (Washington, D.C.) 1854-1972, March 08, 1938, Image 18

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Towson Urges Great Care
and Expert Advice Before
Taking Action.
By EDWARD C. STONE.
Addressing a general convocation at
the Wilson Teachers’ College yester
day afternoon, Norman E. -Towson,
assistant treasurer of the Washington
Loan & Trust Co., urged great care
and the consulting of financial experts
in connection with the investing of
money.
Investing money is not even half the
problem, he said. Getting back the
money you have invested is by far
more difficult. To save out of income
constitutes a sacrifice of current en
joyment of something which might
have been purchased, in order to build
up safeguards against the slings and
arrows which the future may have in
store.
Careful distinction should be made
between Investing, speculating and
gambling, he said. People invest money
when they buy property or lend to a
responsible borrower. In speculation
less stress is placed on safety, "chance
gains’’ being a greater object, while
gambling is the risk of money, the
outcome of which cannot be foretold
by information or calculation.
Too many people use their imagina
tions when they invest or speculate, in
stead of their reasoning powers and
their judgment, and too many invest
ment programs seem to be based on
sentiment and emotion. Instead of
using great care in obtaining advice,
many people ask none at all. If they
do seek guidance, it is usually with
the idea of buying something ’’to put
away and forget about.”
There is absolutely nothing one can
buy, put away and forget about, Mr.
Towson asserted. Whether you put
all your eggs in one basket or employ
diversification, "you must keep your
ej’e incessantly cn the basket,” he said.
And in this day of speculation, why
not consult a person who may be ex
pected to know something about
finance when a financial transaction
is involved? Personal tastes and the
suggestions of friends do not always
produce the best results, he concluded.
Lively Demand for Bonds.
Oversubscription of the new-v$800,
000 Terminal Refrigerating & Ware
housing Corp. 10-year first mortgage
4>4 per cent bonds gave a clear picture
of the demand for sound investments
by Washington banks, other institu
tions and individuals.
To investors here it was pleasing
that the Terminal Corp. offered the
bonds in Washington. The action
followed ,the sale not so long ago.
of fair-sized bond issue by the Po
tomac Electric Power Co. and another
by the Washington Gas Light Co.
to big New York insurance companies,
as well as a large mortgage issue sold
by Woodward & Lothrop in connec
tion with the construction of a new
warehouse.
The Terminal company has an in
teresting record. The firm has out
standing $1,000,000 capital stock—
20.000 shares of $50 par value—on
which it is currently paying 6 per
cent, which rate it has paid since
1923 with extra dividends of 1 per
cent in 1930 and 1931. The company
and its predecessors have an unbroken
dividend record since 1876.
Endicott Explains Tax Law.
Ralph Endicott, assistant treasurer
of the Washington Loan & Trust Co.,
appearing as a member of the speak
ers’ unit of the District of Columbia
Bankers’ Association, addressed the
Civitan Club today on "The Effect
of the District of Columbia Revenue
Act of 1937.’’ Mr. Endicott covered
many provisions of the act and ex
plained the regulations governing its
administration.
The speakers’ unit of the bankers’
ecsociation was organized this year
and, according to Thomas J. Groom,
president of the association, was for
the purpose of acquainting Washing
ton citizens with some of the phases
of banking and the laws and regula
tions under which banks operate.
Frederick P. H. Siddons, secretary
of the American Security & Trust
Co. and a former president of the
association, is chairman of the unit.
Bank Plans Business Drive.
At a dinner held at the Ambassador
Hotel last evening, attended by the
directors, officers and employes of the
Security Savings & Commercial Bank,
plans were formulated for a new busi
ness campaign among the -lirectors
and personnel of the bank, for the
month preceding the silver anniversary
on April 7.
Three teams have been formed, the
directors’ team, headed by Benjamin
Ourisman as captain and Samuel S.
Blick as lieutenant; the officers’ team,
headed by Fred McKee, vice president,
as captain, and J. O. Lehmann, as
sistant cashier, as lieutenant, and the
employes’ team, headed by Frederick
E. Daum as captain with lieutenants
Eleanor L. Dankmeyer and James E.
Lunsford. The contest is for new
savings accounts, checking accounts
and safe deposit boxes.
T. Hunton Leith, cashier, presided
at the dinner and outlined plans for
the campaign. Speeches were made by
officers and directors, including Col.
Julius L Peyser, chairman of the
board; Francis G. Addison, jr., presi
dent, and Fred McKee, vice president.
Air Traffic Up 144 Per Cent
Passenger traffic i on the routes of
American Airlines. Inc., hit an all
time February record, carrying 17.341
revenue passengers, as compared with
15,929 in February of 1937, an in
crease over the 16,599 passengers car
ried in January. 1938, according to
C. R. Smith, president of the com
pany.
Routes through Washington for the
third consecutive month showed the
largest increase during February, as
compared with the same month of
1937, with Washington-Chicago traf
fic up 144.9 per cent and the south
ern transcontinental route increasing
19.9 per cent.
Passenger business in February on
the various routes of the company
showed the following percentage of
increase over February of last year:
Washington-Chlcago, 144.9 per cent;
New York-Washington-Los Angeles,
19.9 per, cent; Cleveland-Nashville,
13.6 per cent; Boston-BufTalo-Cleve
land, 12 per cent; New York-Cbicago,
3 per cent.
Sadd to Address Bankers.
( Victor Sadd. manager of the Wash
ington field office of the Social Secur
ity Board, will address the joint meet
ing at the Lafayette Hotel tomorrow
night of safe deposit section of the
District Bankers’ Association and the
Maryland State Association. This
meeting will be the largest of the year
as more than 80 Washington bankers
have made reservations for the dinner
and a large delegation from Baltimore
is assured. ^
By Print* Wit* Direst to The Mu.
Prev. 1938 Stock and Sale*— Met
High. Low Dividend Rate. Add 00. Sigh. Low. Clot*, ehge.
10% 8% Adame Exp (.60s).. 4 8% 8% 8% - %
20% 19 Adams-MIllla (2a). 1 20% 20% 20%-%
23 19% Addressograph 1.40 6 21% 21 21
68% 45% Air Reduction (la). 17 64 62% 63%-%
13% 10% Alaska Jun (.604).. 62 11 10% 10%-%
1% 1% Alleghany.. 2 1% 1% 1%
17% 11% Alias *30 ww_ 6 13% 12% 13%+%
21% 16% Alleghany Steal,;... 6 16% 16 16%
9% 7% Allen Industries_ 1 7% 7% 7% - %
176% 164% Allied Chem (6)_ 7 165 166 165
9% 6% Allied Stores .... 49 7% 6% 7 - %
63% 42 Allied Stre pf (5)... 1 48 48 48 - %
51% 38 Allls-Chaim(.37%e) 43 46% 44% 45%
3% 2% Amal Leather .. .. 6 2% 2% 2% - %
72% 57 Amerada (2) 4 64 63% 64 -2
66 65 Am Ag Ch Del 1.25e 1 60 60 60 -1
16% 11 Am Bank Note .50* 2 14% 14% 14% - %
65 49% Am Bank Not pf (3) 10s 14% 54% 54%
42% 30% Am Brake Sh 3.40s. 3 36 35% 36 — %
91% 70% Am Can (4) 10 86 85 86 +%
27% 19% Am Car & Fy 25g . 6 22% 22 22% - %
17% 12% Am Ch&Cable .25e _. 21 14V* 13% 13%-%
104% 95 Am Chicle (4a) _ 1 104 104 104
8% fi Am Colortype ... 1 6% 6% 6%
16% 13% Am Crys Sue .75e .. 1 12% 12% 12% - %
83 78 Am Crys Sug pf (0) 30* 80% 80% 80%^
4% 3% Am Encaustic Til 5 3% 3% 3%
4% 3 Am & Foreign Pwr. 6 3% 3% 3% - %
25% 16% Am & For Pw $7 pf.. 2 20 19% 19% -1%
4% 3 Am Hide & Leather. 3 3% 3% 8% + %
2% 1% Am Ice 6 2% 2 2% + %
23% 16% Am Locomotive_ 6 19% 19 19% - %
74% 56 Am Loco pf (7s) - 1 61% 61% 61% - V*
14% 12% Am Marh & Fy 20e. 1 13% 13% 13% + %
6% 3% Am Mach & Metals.. 2 4 4 4
38% 29 Am Metal (3g) .... 2 31V* 30% 30%-%
29% 25 Am News «.25e).__. 100* 26 26 26
7% 4 Am Power ft Light 21 4% 4% 4%
33 22 AmP&LISpf 93%kx 5 25% 25 25 -1*
40% 26 Am P&L $6 pf l%k x 6 30 28% 29 -1%
14V* 11% Am Rad ft St .60 ... 27 12% 12 12%
22% 17V* Am. Rolltng Mill .. ^25 18% 18 18%
<8 66 Am Roll M Of 4.50 . 4 74 71 71 -3 ;
20% 17 Am Safety Raa (2). 1 19% ]ft% 19%
14% 10 Am Seating l.25g . 5 10% 10% 10% - %
35% 28 Am Shlpbuldg (2) 220s 28% 27% 27% — %
56% 44% Am Sm & Ref 1.25e. 33 48% 45% 48V* +1
52 50% Am Snuff (3a> . 1 51% 51% 51%+%
34% 22% Am Steel Foun 25e 30 27% 25% 27% — %
,H'4*J’/‘AmStores - 1 8% 8%
115% 108% Am Sug Kef pf (7) . 1 116% 116% 116% + %
149% 127V, Am Tel & Teleg (9) 26 134 132% 133% -1%
71 60% Am Tobacco (5) 6 67 66 67 + %
72% 63V, Am TobaccoiB) (5) 10 68 66% 66% — %
139% 138% Am Tobacco pf (6). 1 139% 139% 139% + %
7% 5% Am Type Founders. 5 5% 5% 5%
13% 8% Am Water Works . 16 9 8% 9 — %
86 76 Am W W 1st pf<6).. 3 79% 79 79 +1
35% 27 Am Woolen pf .. 5 31 30 31 -1%
8% 4% Am Zinc Lead ft Sm 15 6% 6% 6%
36% 27% Anaconda Cop.25e. 125 31% 30 31%+%
18 16% Anchor Hock G 60a 2 16% 16V* 16% -1%
107 101% Anch Hoc G1 pf 6.50 90* 105 105 105
6% 6% Armour(lll) .. 13 5% 5 5%
72 41% Armour (111) pr pf. 4 41 40 41 —Vi
39 30V* Armstrong (.25® > 4 32% 32 32 -1
7% 6% Arnold Const .37%e 5 7 6% 7 — V*
5% 3% ArtloomCorp . ... 2 4 3% 3% - v*
8% 6% Asso Dry Goods ... 8 7 6% 6% - %
42 32 Atch T & S F I2g)_. 31 34% 33V* 34%+%
27% 20% Atl Coast L l.SOg . 8 23 21V* 23 +1%
7% 5% Atl Gulf & W Ind 1 6 6 6 -1
14% 9 Atl Gulf ft W Ind pf 2 10 10 10 -2
24 20 Atl Refining <1) 20 22% 22 22%-%
107 104% Atl Refining pf (4). 2 106 106 106 - %
9% 7% Atlas Corp (80) ... 24 7% 7 7 - %
43 39% Atlas Corp pf (3) . . 2 40% 40 40 — %
48 42 Atlas Powder <.50e) 3 47 44 44 —3%
6% 3% Auburn Auto _ 3 4 4 4
4% 3% Aviation Corp_ 12 3% 3% 3% - %
103* 7% Baldwin Loc ct__. 33 9% 8% 9%
"0% 7% Balto&Ohlo _ 41 8% 8 8% + %
13% 9% Balto & Ohio pf__ 8 10% 10 10% + %
19 14% Barber Co fig) - 9 16% 16 16%
10% 8 Barker Bros 75g . I 8% 8V* 8V« - %
30 27% Barker Bros pf 2.75 20* 29V* 29 29 r %
16% 13 BarnsdallU) ... 15 15 14% 15 - %
14% 10% Bendix Aviation ... 5 12% 12 12 — %
, 19 16% Beneficial Ln ,45e._ 1 18% 18% 18%
40% 29 Best & Co (2.50a>_. 1 37 37 37 —1
65’* 50% Bethlehem Steel... 97 56 53% So'* + V,
16% 14% Beth 5% pf (1 > _ 2 15% 15% 15%
98% 89', Beth Steel pf (7)_ 4 .92% 92V* 92V*
28 20V* Bigelow-Sanford... 1 22% 22% 22% — %
17% 12% Black & Decker_ 6 13% 13V* 13%'
15% 11V* Blaw-Knox 1.20g .. 13 14% 14 14 — %
35% 25% Boeing Aero (.40g). 34 28V* 26% 28V* + %
30 23V, Bohn AlumftBr(4g) 1 25% 25V* 25% - V*
92% 86 Bon Ami (A) le . 90* 87 86 87 + Vi
13V* 12 Bond Stores (1.60). 5 12% 12% 12%
19% 17V*. Borden 11.60) .. 13 17% 17% 17% - %
28V, 21% Borg-Warner (2a).. 15 25% 24% 25 + %
4% 3 Boston & Maine . 1 3% 3% 3% — %
22V* 16% Bower Roller!.50e). 2 18 18 18 — %
10% 7% Bridgeport Brass... 11 8% 8% R% — %
26V* 19% Briggs Mfg Mg) . 10 22V* 21% 22 — %
34 28 Bristol-Myers 2.40. 1 31 31 31 — %
13% 8% Bklyn-Man Transit. 6 9% 9% 9% —
9** 6% Bklyn & Queens pf. 2 7 7 7 — %
21% 14% Bklyn Union Gas... 3 15% 16% 15%
10 7% Brunswick-B (lg)_. 5 7% 7% 7% — %
97* 7% Bucyrus-Erle .75g.. 5 8 8 8 — %
6% 4% Budd Mfg. _ 10 5% 5% 5% - %
54% 40 Budd Mfg pf_ 90s 46 45 45 -1
5% 3% Budd Wheel .20*_ 1 4% 4% 4% - %
20 15% Bullard Co ,25e_ 4 18 17% 18 — *«
32% 24% Bulova Watch <4).. 4 29% 29% 29%+ %
9% 7 Burlington* Mills(l) 4 8 8 8
20V* 16% Burr's Add M t.20e) 8 17% 17 17% - % !
11 7 Bush T 7% deb (r) 1 7% 7** 7% - %
16 12% Bush T Bid pf ct(r) 20s 15 15 15
8% 6% Butler Bros ( .60) 3 7% 7% 7% - %
22 19 Butler Bros pf (I %) 3 21 20% 21 - %
4% 3 Butte Copper .10g . • 1 3% 3% 3% — %
11% 8% Byers* Co . 1 9% 9% 9% + %
19% 15% Byron Jackson 50a. 1 18 18 18
24% 19 Calif Pack (1.50a).. 2 21 20% 20%-%
2% 1% Callahan Zinc . 11 1% 1% 1%
10% 6% Calum & Hec 1.10g. 12 8% 8% 8%+ %
15% 10 Campbell Wy II). .. 5 14 13% 14
19% 13% Canada Dry G Ale... 24 17% 16% 17%+ %
8% 6% Canadian Pacific_ 19 6% 6% 6%
36 29 Cannon Mills(.50e.. 1 34% 34% 34% — %
18 15% Carpentfr Stl .10e_. 3 16% 16 16 — %
4% 3%Carriers* Gen 36g. 4 3% 3% 3%
97% 79 Case <J I) (6g> _ 9 85% 83 85%- %
109% 98% Case (J I) pf (7)... 40* 108% 108 108 -1%
55% 39% Caterplll Trae .50*.. 12 46 44% 45%+ %
187* 14 CelaneseCorp ..... 22 16% 14% 15%+ %
4% 3% Central Foundry__ 5 3% 3% 3% — %
105 100% Cent 111 Lt pf 4.60 ... 10s 101% 101% 101% -1%
5!4 4 Cent Rib Mills ,10e. 3 4 4 4
48% 35% Cerro da Pasco (la) 9 39% 38% 39%
8% 6 Certaln-teed . 7 7% 674 7 - %
32% 22% Certain-teed pf . 210s 275* 27% 27%
30% 27 Champ Pap&F ,25e.. 2 27% 27 27 — %
12% 7% Checker Cab Mfg— 2 10 9% 9% - %
4874 37V* ChesCorp (3) 7 44% 43 44 - %
38% 31% Ches & Ohio l.BOe.. 25 34% 33% 34 - %
1% v*a Chi Great Wn (r)... 1 % % %
1 %Chi M StP* P (r) .. 3 % % %-%
1% 1% Chi M StP* P pf(r) 7 1% 1% 1%
1% 1 Chi & North wn (r) 9 1% IV* 1*4
4% 3 Chi & Northw pf (r) 1 3% 3'% 374 - %
12% 9% Chi Pneu Tool 7 10% 10% 10% + %
274 1% Chi RI&P 6% pf<r). 3 1% 1% 1% - %
.16% 12% ChlckashoC 0,50e. 2 14% 14% 14% - %
5% 3% Chi Ids Co 2 4% 4% 4% - %
37 32% Chile Copper l.BOe) 220s 33 33 33 -2
63% 46% Chrysler Corp . 180 51% 49% 51% + %
13% 10% City Ice* Fuel (2). 13 11% 11 11%+%
67% 59 City tce&Fpf 6%. 30s 66 66 66 + %
3% 2% City Stores .... 13 3 3
110 106% Clev El Illupf 4%.. 20s 110% 110% 110% + %
41 33% Climax Molb .80e ... 3 38 37 38 + %
126 112 Coca-Cola ( 50e) ... 4 121 11874 118%-3%
11% 8% Colgate-Palm-Pete. 18 9% 8% 9% + %
95% 87% Colg-Palm-P pf (6) 1 93 93 93 -1
27% 20% Collins ft Aik ,50e 1 22% 22% 22% - V*
96 90 Collins ft Aik pf (6). 20s 95 9474 95 + %
20 15 Colo Fuel ft ir (lc). 2 14% 14% 14%-%
11% 8 Colo ft South 1st pf 20s 9% 9 9—1
9% 9 Colo & Sou 2d pf 20s 7% 7% 7% —1%
22V* 17% Columb BC(A) .40* 1 17%' 17% 17%-%
9% 6% Columb 6 ft El 46g 24 7% 7% 7% - %
65 57 Col G ft El pf (6)... 20s 60 58 58
76 6274 Colum Carbon (4).. 16 67% 67 67
38% 31% Cornel Credit (4) .. 18 36% 34% 35%+%
88 86 Cornel Cred pf 4.25. 2 95 94% 95 +7
44% 36 Cornel Inv Tr (4)... 6 4074 40 4074 -1%
10 7% Cornel Sole 1.50) .. 21 8 7% 7% - %
27% 22% Comwlth Edia 1.25. 19 23% 23% 23% + %
2 1% Comwlth A South'n. 17 1% 1% 1% + %
42% 30 Comw &So pf 1.50k. 3 37 36% 36% -1%
7% 6 Conde-Nast Pub .. 1 6 6 6 — %
24% 20% Congolaum-N .25a . 2 21% 21% 21%—%
19% 13% Consol Aircraft SOg 18 15 14% 14% — %
8 6% Consol Cigar (.76a). 1 7 7 7 — 74
25% 2074 Consol Edia (.60*).. 23 21% 20% 21%+ %
1% 174 Consol Film' ... 1 1% 1% 1%
5% 4% Consol Laundries.. 2 4% 4% 4% - 74
10% 8% Consol Oil (.80) — 45 9% 9 9
7% 3% Consol RR Cuba pf. 3 5% 6% 6% - %
% % Consol Textile (r).. 9 % % %
5% 3% Consolidation Coal. 3 3% 3% 3% — 74
22 13% Consolidatn Coal pf. 4 16 14% 15 -1
16% 12% Contain Corp 1.20..' 7 1474 13% 1474 +%
16% 10% Conti Baking (A>._ 6 13% IS 18%
2% 1% Conti Baking <B)— 1 1% 1% 1% + %
45% 3874 Conti Can ( 60a) . 14 42% 42 42% + 74
110% 107 Conti Can pf (4.50). 2 109% 109% 109%
9% 7% Conti Diamond 2 7% 7% 7% — %
32 27% Conti insur (160a). 2 80 30 30
1% 1% Conti Motor 10 1% 1% 174
34% 27% Conti Oil (Del > 26# 56 29 27% 28 -174
56 '49% Corn Exchange (8) 100s 49% 49% 49% — %
65% 58% Corn Products (8) . 12 64% 68% 64%
4% 3% Coty I.10g) ... 1 374 374 374 -%
29% 19 Crane Codg) . 24 27% 25% 26% -1%
98 90 CranaCocv pf (6).. 3 9274 92 92 - 74
10% 8 Cros’ey Radio . 2 8 8 8
3974 3174 Crown CorkftS .60* J 4.32% 32% 32%-%
12% 974 Crown Zeller .50* . 16 ’ 10% 10 10% - %
72% 66 Crown Zeller pf (6). 1 69 69 <9 -3
44% 31% Crucible Steal _ 22 33% 32V4 83%
1% % Cuba Co (« . 3 % % % + %
13% 6% Cuba R R pf ... 70s 9% 9 9 -%
6% 4 Cuban-Am Sugar.-} 6 4% 474 4% - %
18% 15 Cudahy Packing_ 1 16 16 16 - 74
774 5 Curtis Publishing.. 8 6% 6% 6% - 74
6074 80 Curtis Hah pf (Ik). ' 4 47 *6 46 —
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
Prev. 1S38 Stock and Sale*— - Net
Hlth. Low. Dividend Rata. Add 00. High. Low. Gleet, ehaa
5% 4 Curtiss-Wriaht ... 16 4% 4% 4%
18% 13% Curtiss-Wr( A l.JOf- 36 16 16% 16 + %
24V* 16% Cutler-Hammer ... 17 20% 19% 19%
15% 13% Davera Sta pf 1.25.. 1 15% 15% 16% + %
25% 18% Daara 4k Co . 80 22% 21 22% + %
25 21% Daara A Co pf (1.40) 1 22% 22% 22%-%
16% 12 Delsal-Wam-G 2*.. 2 12% 12% 12% - %
17% 13% Dal & Hudson .... 5 14% 14% 14%
8% 6% Dal Lack A Western 10 7% 6% 7% - %
108 89 Detroit Edison (2e) 1 91 91 91 - %
39% 29% Devos A Ray (A) 8. 40s 33 82 33 -2
9% 6% Dlamon T Mot (1). 2 7 7 7 - %
16 12% Dls Corp-Seag .60a 7 14 13% 14 — %
75 66 Dlat-Seag pfww(5) 1 74 74 74 -1
22% 17% Doehler Die (2g>... 2 19 18% 18%-%
60% 53% Dome Mines 2a_ 24 65% 54% 54% - %
46% 35 Douglas Aircraft_ 27 39 36% 39 + %
112 87% Dow Cbem <.7oa>... 4 107 106% 107 -1%
123% 106 Du V'ont de N 50e._ 35 116 112% 115% - %
135% 132 Du Pont deb (6) 1 134% 134% 134% + %
114 111 Dupont deNpf 4.50 1114 114 114
116% 111% Duquesne 1st pf <6) 50s 116 115 115
7% 5 Eastern Roll Mills 1 5% 5% 5%
167 149% Eastman Kod 3.50e. 8 154% 152% 154%
21% 16% Eaton Mfg (.26e)._. 5 16% 16% 16% - %
4% 3% Eitingon Schlld ... 3 3% 3% 3% - %
21% 15% El Auto Lite (,25e)_ 5-18 17% 18 + %
10% 8 Elec Boat (,60g) .. 37 8% 7% 8% + %
^ 13% 8% Elec Pwrft Light 30 9% 9% 9% + %
40 26 Elec Pwrft Lt SB pf 2 30% 30 30% -1%
43 30 Elec Pwr ft Lt pf . 5 33% 33 33 -1%
31% 26 Elec Stor Bat (2) x 3 30% 29% 29%-%
22 17 El Paso Nat G (2a) 2 20 20 20 - %
106% 104 Endlcott-John pf 6) 10s 106% 106% 106%
6% 3% Ens Public Service. 22 4% 4 4 - %
6% 3 Erie R R _ lt 3% 3% 3%
9% 6% Erie 1st pf.. 4 6% 6% 5%
10% 7% Evans Products_ 1 8% 8% ~8% — %
2 % Fairbanks Co _ 500* 111
11% 5% Fairbanks Co pf_ 30* 6 6 6 — %
33% 24 Fairbanks-M (1) .. 8 30 29% 30 + %
33 28% Fajardo Sugar (Is) 2 31% 31 31%+%
10% R Fed Lt&Trac (lg) 6 10%- 10 10%-%
75% 71% Fed Lt&Trac pf <«) 10* 71% 71% 71%-3%
4% 2% Federal Motor_ 1 3% 3% 3%
4H 3 Federal Screw . 2 3% 3% 3%
2 1% Federal Wat Sv(A). 2 IS 1% IS
33% 27 Fid Phoenix 1.60a.. 5 30 29V, 30 -%
25% 18% Firestone t.50e> ... 10 19% 19% 19%-%
92 , 88% Firestone pf (61 ... 1 87% 87% 87% - S
34% 28 First Nat Sts 1.25e_. 2 31S 31% 31% -IS
IRS 14% Flintkote tig) . 39 16 14S 16 - S
29% 23% Florence Stove ,50e. 2 26 26 26
3 2% Follansbee Brostr). 22 2% 2 2 — %
33% 26% Food Mach (2.60).. 1 28 28 28 -1
20% 14% Foster Wheeler' . 9 17% 16% 17% + %
65 56 Foster Wheeler pf . 10* 59 59 59 +*
6% 3% Francisco Sugar _ 1 4 4 4 — %
28 22% Freeport Sulph (2). 7 26% 25S 26
214 1% Gabriel (A). 12 2 2
16% 13% Gamewell_ 20* 15 13% 15 + %
90 87 Gannett Co pf (6) - 10* 87 87 87
7% 6% Gar Wood Ind ,25g 2 6 6 6
7% 6% Gen Am Investment 2 6% 6% 6% — %
45% 35% Gen Am Trans 3.60g 3 40V, 40V, 40% —1%
9 7% Gen Baking (.60s) 5 7% 7% 7% — %
5% 3% Gen Bronze_ 2 3% 3% 3% — %
13 8% Gen Cable_ 8 9% 9% 9%
25% 17% Gen Cable (A)_ 2 18 17% 17%-%
72 58 Gen Cable pf (Tg).. 1 63 63 63 -2
45% 36% Gen Electric (,30e). 78 39 38 '38%
33% 30 Gen Food* (2) . 7,32 31% 32 +H
IS 1 Gen Gas & Elec (A) 6 11 1
57% 50% Gen Mills (3) 2 56 55% 56
122 118 Gen Mills pf (6) ... 10* 122 122 122
38% 29H Gen Motors (.25e>— 89 34% 33 34%+%
116% 112% Gen Motors pf (5).. 1 115% 115% 115% - %
5% 4% Gen Outdoork Adv.. 2 5% 5% 5%
9% 7% Gen Print Ink ,10e.. 9 9 8% 9
264 184 Gen Ry Slg (.50*) 1 21 21 21 -4
2 14 Gen Realty & Util . £ 14 14 14-4
204 15 Gen Realty & Ut pf. 1 184 184 184 -4
28 194 Gen Refract (2r) .. 17 224 21 224 +4
284 194 Gen Steel Cast pf . 540» 234 214 234 +14
14 104 Geq.Thea Eq 1.25* 2 11 11 11
144 104 Gen Tire* Rub 60* 5 124 12 124 +4
114 94 Gillette Saf R.25e.. 6 104 10 10-4
94 64 Gimbel Bros_ 3 74 74 74 + 4
274 20 GliddenCo 16 20 194 20
514 38 Gliddencvpf (2.25) 2 38 38 38
34 3 Goebel Frew .20_ 2 34 34 34
194 134 Goodrich (B F)_ 20 16 154 16
574 464 Goodrich pf (5) . . 3 494 48 48 -1
24 174 Goodyear Tlre(.25e) 53 21 20 204 -4
89 76 Goodyear pf (5) ... 2 83 824 83 -2
44 34 Gotham Silk Hos.„ 1 34 34 34-4
2 14 Graham-Paige_ 27 14 14 14
64 44 Granby Consol_. 2 44 44 44 — 4
14 14 Grand Union Tea... 1 14 14 14 — 4
274 224 Grant (WT) *5e .. 1 244 244 244 - 4
23 20 Grant (WT) pf (1). 5 224 224 224 +4
264 19 Great North'n pf 2g 30 224 204 22 +4
154 114 Grt Nor Ore ct ,75e 5 124 114 114-4
32 264 Great Wn Sug 2.40* 1 28 28 28 - 4
214 16 Green (HL) 1.60*._ 11 174 174 174
104 84 Greyhound ( 80) — 6 104 10 104 +4
84 74 Greyhound pf .55)_ 1 8 8 8 +4
28 174 Guantanamo pf_ 10s 21 21 21 -2
254 25 Hack Water 1.50g . 7 254 244 244 - 4
214 17 Hamilton W (,25e). 1 17V* 174 174-4
100 95 Hamilton W pf (6). 10s 98 98 98
25 20 Harb-Walke .25e... 10 214 204 214 +4
74 6 Hat Corp A(.20e).„ 2 64 54 54 - S
27* 14 Hayes Body — 2 14 14 14
95 86 Hazel-Atlas G1 (6). 1 92 92 92 -3
74 6 Hecker Prod ( .60 ) 3 6 4 6 4 64 - 4
1524 140 Helme (GW) pf (7) 10s 148 148 148
17 124 Hercules Mot (1).. 1 14 14 14 -4
58 494 Hercules Pow.40e . 8 54 53 53 -1
93 844 Hershey cv pf (4a). 1 924 924 924 -4
234 17 Holland Furn (le)_. 10 224 22 224 -4
11 84 Hollander* Son .. 1 84 84 84 -4
254 184 Holly Sugar 2 25e . 2 184 18V* 184-4
654 524 Homestake Min 4 4 14 594 59 59 -1
25 214 Houd-Her (A) 24 .. 1 214 214 214 -4
114 84 Houd-Her B (14)- 1 94 94 94 +4
84 64 Houston Oil ._ 23 74 ”4 74
534 414 How# Sound (3a) . 7 46 4t 46
24 14 Hudson & Manhst.. 12 2 2
10 64 Hudson Motor 25g. 19 74 74 74 — 4
14 14 Hupp Motor _ 8 14 14 14
124 84 Illinois Central . 24 104 94 104 +4
38 29 Illinois Cent LL (4) 20s 33 33 33 - 4
22 16 Indust Rayon ,25e .. 6 194 194 194 — 4
86 734 Ingersoll Rd(l.aOe) 1 76 76 76 -2
784 61 Inland Steel (4) ... 4 -704 70 70 -2
154 94 Inspiration Copper. 38 124 12 124 + 4
44 34 Insuransh ct (.20).. 2 4 4 4
25 17 Interchemical Corp 3 214 20 20 -2
44 34 Intercontl Rubber.. 2 34 34 34 - 4
134 9 Interlake Iron .65g. 24 104 104 104
34 24 lntl Agricultural 8 3 3 3 -4
1544 140 lntl Bus Mach (6a). 2 1514 151 1514
70 554 lntl Harvest (2.60). 24 644 614 634 - 4
150 1424 IntlHarvpf (7) ..-. 2 1454 145 145 -7
74 44 lntl Hydro-Elect A) 13 54 54 54
44 3 lntl Mer Marine 1 34 34 34
114 74 lntl Mining (.15e)_. 7 10 94 97* - 4
524 434 lntl Nick Can 50e._ 97 494 484 49 -4
94 64 lntl Paper & Pwr... 26 7V* 74 74
394 274 lntl Pap* Ppf<5). 28 304 284 304 +4
6 34 lntl Ry Cent Am , 220s 34 34 34 -4
484 384 lntl RC A pf 1.25k. 70s 40 40 40 -4
224 20 lntl Salt (1.50a) .... 4 204 204 204 -4
354 314 lntl Shoe (2)_ 1 324 324 324 -4
20 16 lntl Silver .. 2 184 184 184 - 4
684 62 lntl Silver pf (2k).. 20s 654 65V* 654 +4
84 54 lntl Tel & Teles 71 74 64 74 + 4
84 6 lntl Tel & Tel for ct 1 7 7 7 —4
134 94 Interstate DS 2.75g 7 104 10 104 — 4
24 20V. Island Crk Coal (2) 1 21 21 21
514 464 Jewel Tea (♦) 1 524 524 524 +4
86 664 Johns-Manvllle_ .14 737* 71 737* - 7*
78 62 Jones &L St pf 5.25 120s 62 62 62
11841184 KCP&L 1st pfB(6) 70s 1184 118 1184
97* 64 Kansas City Southn 6 84 84 84 —4
184 164 Kaufmann Dep ,40e 1 154 164 154 — 4
97* 64 Kelsey-Hayes (A).. 3 74 74 74
64 44 Kelsey-Hayes (B)_. 1 44 44 44 — 4
434 324 Kennecott (.25e) - 86 364 354 364 - 4
94 74 Keystone Steel & W 6 8 74 74 -4
24 14 Kinney (GR).. .._ 1 14 14 14-4
164 12 Kinney pr pf 1.50g., 100s 144 144 144
184 154 Kresge (SS> .30# . 5 174 174 174 - 4
174 144 Kroger Groo (1.60). 4 15 15 15
18 12 Laclede Gas. 20s 134 134 134 -14
30 19 Laclede Gas pf_ 30s 21 204 204 -14
124 104 Lambert Co .375e .. 5 11 11 11—4
197. 144 Lehigh Port C .25# 1 164 164 164 - 4
14 7* Lehigh Valley Coal. 1 7* 4 7*
67. 44 Lehigh Valley R R. 2 64 54 64+4
284 224 Lehman Corp (1)... 6 254 264 254 -4
11 84 Lehn & Fink .30# .. 1 9 9 8 -4
274 224 Lerner Stores (2)— 2 26 2574 2574 + 7*
42 31V* Ltbby-Ow-Fd .25e.. 11 3374 324 324 - 4
274 25V* Life Savers (1.60).. 1 264 264 264 -4
100 88 Ligg* Myers (4a). 2 90 88 88 -3
1024 90 Llgg* Myera(B)4* 6 914 91 91 -14
347* 224 Lima Loco (2.50g).. 1 28 28 28 -1
424 344 Link Belt (2) . — 4 414 41 41 -14
20 164 Liquid Carbon .60*. 1 164 164 164 - 4
624 444 Loew’s. Inc (.50#)— 16 474 464 474 + 4
14 14 Loft, Inc . 6 14 14 14
394 314 Lone Star Cem (3). 3 367* 354 354 -1
44 34 Long-Bell (A) — 4 34 34 34
21 174 Loose-Wiles (,30e). 1 174 174 174 - 4
106 103 Loose-W Bis pf(6). 10s 103 103 103
18 154 Lortllard (1.30)_ 6 164 16 164 4+
187 1294 LorillardPpf (7)., 60s 140 140 140 +3
564 44 Lou * Nash 2.60e—. 3 464 457* 46 - 7*
214 154 Ludlum Steel .25s— 4 177*' 174 174 -4
144 10 McGrawElee (1>—. 1 14 14 14-4
104 84 McGraw-Hill 16e— 2 84 87* 87* - 4
454 40 McIntyre Pore (2).. 8 41 407* 404 -1
264 174 McKeesport Tin — 4 184 18 18-4
84 64 McKeas* Kob (d) 5 64 64 64
354 30 MoKess&Knb pf (2) 1 337, '337* 334 -4
84 64 McLellan Strs .40# 2 64 64 64 -4
247* 18 Mack Truck (1) - 3 240 204 204 -4
324 26 Macy iKHi Co (2) 12 31 304 307* - 4
134 104 Madison Sq Gar 20« 3 114 114 114-1
9 64 Man Ry mod«td(r> 1 74 74 74-4
124 10 Manhat Shirt (1) . 1 117* 117* 114-4
74 54 Marine Midland .40. 15 6 4 64 64 -4
14 14 Market St Ry 2d pf. 80s 14 14 14
124 7 Market St Ry pr of. 20s 114 114 114 - 4
29 267* Marlin-Rock «.75g.. 1 28 28 28
94 74 Marshall Field- 4 84 8 84-4
214 154 Martin (Glen)- fl 174 164 174 +4
44 24 Martin-Parry-— 1 84 84 84 - 4
874 29 Maaonlte Corp (1), 8 884 88 884
Prtv. 1938 Stock and Sales— Mat
Hlkh. Low Dividend Rat*. Add 00. Hlsh. Low. Close, chat.
27 22% Matbleson Aik 1.60. 4 26% 26% 26% - %
42% 84% May Dept Strs (2).. 1 38% 88% 88%-%
«% 6 Maytag Co (.60s).. 4 4% 4% 4% - %
26 22 Maytag pfww (*).. 2 21 20% 20%-2%
81% 80 Maytag let pf («).. 10* 87 87 87 +1
16 11% Mead Corp. 8 11% 11 11 -1%
81 60 Mead pf B ww 6.60. 1 58 53 63
48 40% Melville Shoe (1*).. 1 43% 43% 43%-%
6% 4 Mengel Co _ 1 4% 4% 4% - %
23 17% Mengel 6% pf (2%) 60s 20% 20 20 -1
43% 35 Mesta Mach <2e)... 5 40 38% 40 +%
11% 7% Miami Copper .15g. 11 8 8% 8
22% 17% Mld-Cont Pet 1.60g. 6 18% 17% 18
27% 20% Midland Stl P <5g). 6 23% 21% 23%
67 46% Minn-Honey R (3). 6 61 60% 61 -3%
7% 6% Minn-Molln* Imp... 18 6% 6% 6% - %
3% 2% Mo Kan A Texas . 3 2% 2% 2% - %
11% 7% Mo Kan A Texas pf. 6 8% 9 9% - %
17 13 Mohawk Carp ,25e . f 15 14% 14%-%
91% 77% Monsanto Ch (2) .. 3 82 81% 81%-1%
87% 29V* Montgom Ward le 62 34% 32% 34 + %
39% 31 Morris A Ess 3.78% 10s 36 35 35 - %
. % % Mother Lode <.45f) 9 % % % + %
21% 15% Motor Prod (6gi . 1 17 17 17 -%
14 10% Motor Wheel(.20e). 3 11% 11% 11%-%
21% 16% Mueller Brass (la) 2 16 15% 15%-%
7% 4% Mullins Mfg (B) . 4 6% 5% 5% + %
64% 50 Mullins Mfg pf (7) 20s 51 50% 51 + %
14% 11% Munsingwear ,25e . 1 13% 13% 13%—%
67 48 Murphy (GC) (4) . 1 46% 46% 46%-1%
104 101 Murphy (GC) pf (5) 110s 103 102% 103 + V*
7% 6 Murray Coro(.25g). 3 6 6 6
12% 9% Nash-Kelv (.12%). 13 8% 9% 9%
16% 11% Nash Chat A StL... 20s 11% 11% 11%-1%
13% 8% Natl Acme (lg) ... 8 12 11% 12
20% 17% Natl Biscuit (.40*). 5 19% 19% 19%
17% 13% Natl Bd A Inv 1.44 4 15% 14% 14% - %
80 74 Natl Bd&In pf ww 5 1 75 75 75 -2
18% 14% Natl Cash Reg .50e 6 16 15% 16% - %
15% 13% Natl Dairy (1.20) 14 14% 14 14 -%
110 106 Natl Dairy pf B (7) 90* 110 109 109%-%
7% 5% Natl Dept Stores 6 6 6 6 — %
23% 19% Natl Distillers (2a) 6 21% 21% 21% + %
20 if Natl En AStpg (2). 1 17 17 17 -2
7% 5% Natl Gypsum _ 23 7% 6% 6% - %
29% 20% Natl Lead (.60)_ 11 22% 21% 22%-%
136 130% Natl Lead pf B (6). 60* 133 132 132 -1
24 16% Nall Maleable 2 18% 18% 18% - %
8% 6% Natl Pwr A Lt (.80) 3 6% 6% 6%
% % Natl Ry Mex 2d pf.. 1 % V* %
62% 50 Natl Steel (2.50a)._ 29 55% 53 54% -1%
23 14% Natl Supply (b) ... 40 21 19% 21 +%
29% 21 Natl Supply $2 pf.. 2 27% 27 27 - %
4% 3% Natl Tea Co . 2 3% 3% 3%
10V* 8% Natomas (.80).. .. 9 9% 9% 9% + %
106 100 Newberry (JJ) pf 5 60s 105 105 105
19% 12% Newport Ind (2g> 30 16 16 15%
39 29 NY Air Brake .25e. 4 34% 33% 33V* -2%
19% 15% NY Central .. 83 17% 16% 17%+%
22% 13% N Y Chi A StLouls.. 1 15 15 15 -1
38% 23% N Y Chi A StL pf _• 3 25% 25 25% -2%
26% 20 NYC Omnibus 4.90g 2 23% 23% 23% - %
4% 3% N Y Dock _ 90s 4 4 4
11% 7% NY Dock pf_ 230s 9% 8% 8% -1%
2% 2 NYNHAH(r) .. 5 2% 2 2
6% 4% N YNHAHpf (r) 3 5 5 6
10% 6% N Y Shipbuilding 15 7% 6% 7% + %
198 ISO Norfolk A West 10a 2 175 172V* 172% - 10
106% 104 Norfolk A Wn pf(4) 120s 104% 104 104
10% 7% No Am Avia .12% 63 8 7% 8 + %
22 16% North Am Co (,30e) 40 18% 17% 18%+%
54% 50 Nor Am pf (3) l 50 50 50 -%
99 92 North Am Ed pf (6) 1 93% 93% 93%
13% 9% Nor Pacific _ 26 11% 10% 11%+%
14% 11% OhloOil (IS) .. 14 12% 12% 12%-%
32% 22% Oliver Farm Equip. 30 29% 27% 29%-r %
12% 9% Omnibus (1.80g)... 4 10% 10V* 10%
95% 91 Omnibus pf (8) . 10s 95V. 95% 95%
7% 5"* Oppenheim Col .50g 3 6% 6 6 — %
24% 19** Otis Elevator .15e.. 7 20% 20% 20%-%
12 8% Otis Steel . 10 9% 9% 9%
16 12% Outboard MAM .30e 1 14 14 14
66% 48% Owens-Ill G1.25e .. 9 51V* 61 51%+%
11% 8% Psc Am Fish (1.20) 1 9 9 9 - %
5% 4 Fac Coast _ 30s 4% 4% 4% - %
18 13 Pac Coast 1st pf_ 20* 17 16 16 -1
28% 25% Pac Gas A El (2)_ 3 26 26 26
4(1 34% Fac Lighting (3)... 6 37 36% 36%—%
16% 13 Pacific Mills .. 3 13 12% 12% -1%
116 109% Par Tel A Tel l.BOe. 20s 110% 110% 110% -1%
140 134 Tac TelATel pf (6). 20* 136 136 136 t%
5% 4 Packard Mot .25g._. 17 4% 4% 4%
55% 40 Panhandle pf (r)_ 60* 45% 45 45 -2%
42 35 Paraffine Inc .50e ._. 1 38% 38% 38% -2%
12% 9 Paramount 47 9% 9 9% + %
12% 9 Param't 2d pf (.60). 7 9% 9% 9% - %
3% 2% Park Utah (,15g) .. 1 2% 2% 2%
37% 31% Parke Davis (,90e). 7 36% 36%; 36'*
20% 17 Parker Rust (1.50). 1 18% 18*, 18%-%
2%. 1% Parmeiee Tran ... 3 2 1% 1% — %
12V* 9%'Patino Mines (2g).. 5 10% 10% 10%
5% 4% Peerless (.30g) ... 3 5% 5 5 — %
,73% 62 Penney (JC) (le).. 10 66 64% 66 -1
2% 2% Penn Coal A Coke .. 3 2% 2% 2%
5 3% Penn-Dixle Cement. 1 4 4 4 — %
24V, 17 Penn-Dixle pf A_ 1 19 19 19 -2%
24’- 19% Penn RR (1.25g) .. 37 21 20 20-% + %
34% 30 Peoples GLAC <2g) 6 29% 29% 29%-%
4V* 3% Peoria A Eastern .. 1 3% 3% 3% + V.
37V, 28 Pere Marq pr pf (5). 20s 30% 29% 29% -1%
13% 10% Petrol Corp <1.27g). 7 10*. 10% 10%-%
7% 4% Pfeiffer Brew ,25e.. 6 6% 6% 6%
31% 22 Phelps Dodge .10*.. 34 25% 24% 25%
37% 34 PhilaCo6% pf(3)_. 1 34% 34% 34%-%
% % Phila Read CA1 (r). 4 % % %
95% 81 Philip Morris 5.25e. 9 90% 88% 90%+%
42V, 34% Phillips Petrolm(2) 10 36% 36% 36% - V,
7% 5% Pitts Coal ... _ 1 6% 6% 6% - %
8% 6** Pitts Screw (.65g)_. 5 7% 7 7% — %
20 16% Plymouth Oil 1.40.. 4 19% 18% 19%
11 9 Pond Creek (2g) ... 1 10% 10% 10% + %
3% 2% Porto Aic-Am T A .. 1 2% 2% 2% - %
4% 3% Postal T A C pf (r). 4 3% 3% 3% - %
10% 7% Press Stl Car 25g . 21 8% 7% 8% + %
10% 6% Press St C lstpf .25. 1 8% 8V* 8% - %
50-% 45% Proctor A Gam (2). 7 49% 48% 49% + %
118% 117 Procter AG pf (5) . 50* 118*. 118% 118% -1%
35V, 30 Pub Svc N J (2.SO). 18 30 29% 29%-%
36% 28% Pullman Cn U.50).. 10 30 29% 29',-%
13% 10% Pure oil (.25g)_ 81 11% 11 11%+%
98% 90 Pure Oil pf (6) _ 1 89 89 89 -1
10% 7% Purity Bak (.15#)._ 5 9% 8% 8% - %
16% 14% Quaker Sta Oil U)_. 1 14% 14% 14% - %
7% 5% Radio Corp (.20g)_. 65 6% 6% 6% - %
63 44V, Radio cv pf (3%) x 9 48% 46% 47 -1%
5% 3% Radio-Keitb-Or (r). 24 3% 3% 3% - %
23% 19% Raybest-Man .37 V4- 2 20% 20 20 - V,
24% 14 Ravonier Inc_. 2 14 13V* 13% — %
29',* 24% Rayonier pf (2) .... 1 24 24 24 —1
27V, 24 Reading 2d pf (2).. 1 24 24 24
9% 8 Reliable Strs (la).. 1 8% 8% 8%
15% 12% Rem Rand (.50a)._. 11 13% 13 13%
3 2% Reo Motor ___ 6 2V, 2% 2%
20% 15% Republic Steel .. 60 17 16% 17 + %
75% 61 Rep Steel cv pf (6). 1 61 61 61 -4
73 60 Republic St pfA(6). 2 61% 61 61 -1
17% 11% Revere Copper . 4 13% 12% 12% — %
17% 14% Reynolds Met(. 16*) 7 16% 16 16 -%
10% 6% Reynolds Spring . 2 7% 7 7 — %
46% 39 Reynolds T(B)1.20* 10 39% 38% 38%—%
7% 5% Richfield Oll(.25g). 9 6% 6% 6%
11% 10 Ritter Dental (1)... 1 10 10 10
23% 17 Ruberoid Co -- v 1 17vi 17% 17%
23% 18 Safeway Stores!2a) ^2 17% 17% 17%
81 72% Safeways Sts pf (5) 10s 74V, 74% 74'-* — %
93 84 Safeway Sts pf (6). 10s 87% 87% -87% +3%
105 98% Safeway Sts pf(7) 120s 100 99 100 +1%
40% 29% St Joseph Lead .25* 11 35% 34 35%+ %
IV, . 1 StL-San Fran (r) _. 9 1% 1% 1%
3 2 StL-San Fran pf (r) 1 2V* 2V« 2% — %
19% 15 Savage Arms- 3 14V, 14% 14% — %
27% 21% Schenley (3) _, 7 23% 22% 23'-* — %
1 % Schulte Ret Strs(r) 4 % % %
42 37% Scott Paper (.40*).. 20s 39% 39% 39%-%
27% 20 Seaboard Oil (1) 3 23% 23 23%+ %
65% 53% Sears Roebuck(3a). 42 59 67% 58V, — %
16% 13 Servel Inc (1) - 20 14% 13% 14% - V,
6% 4 SharpADohme_ 1 4% 4% 4% - %
9% 7% Shattuck FG .10*_ 1 8 8 8 + %
18% 14% Shell Un Oil (lg)— 11 14% 14% 14%-%
Prev. 1938 Stock and Sales— Net
High. Low. Dividend Rato. Add 00. High. Low. Close, elite.
9% 6% Silver Kin*C.35e_. 3 7% 7% 7%-%
24% 18% Simmons Co 2.26g— 12 19% 19 19%-%
84% 24% SkotlyOil <1.60*).. 2 27% 27 27 -1%
82% 56 Sloee-Sheff (1.50*). 60s 67 66 66 -4
20% 15% Smith (AO).. 1 16% 16% 16%-%
13% 11 Snider Pk* (.75e>„ 3 11% 10% 11 - %
16% 13% Bocony-Vac .50_ 67 14% 13% 14% - %
3% 2% Sou Am GAP .20*... 5 2% 2% 2%
28 22 Sou Porto R 8u*(2 ) 6 24% 24% 24%-%
24% 20% Sou Cal Bdla (l%a) 2 21% 21% 21%
22% 16% Southern Pacific ... 84 17% 16% 17% + %
13% 10 Southern Railway.. 25 11% 10% 11%+%
21% 16% Southern Rwy pf... 19 17% 16% 17%+%
32 24% SoRy MAOct (4).. 1 28 28 28 -2
46 37 Spalding' 1st pf .. 30a 42% 42% 42% + %
4 2% Sparks Wlthlngton. 7 2% 2% 2% - %
9 7 Spear A Co (.50*)_ 3 7% 7 7 — %
21% 18% Sperry Corp l.?0g._ 27 18% 18 18%+%
15% 12 Spicer Mfg Co_ 1 If. 12 12 - %
11% 8% Spiegel. Inc (1) 20 9% 9% 9% - %
61 50 Spiegel. Inc pf (4%) 120* 66% 56 56 -%
21% 16% Square D Co <.15e). 4 18 17% 18 +%
9% 7% Stand Brands (.60) 21 8 7% 7% - %
107% 97% Stan Branda pf 4.50 3 97% 96% 97 - %
3% 2% Stand Com Toh .. 1 2% 2% 2% - %
5% 3% Stand Gas A El (r). 2 3% 3% 3% - %
11% 6% Stand GAE pf <r) 9 8% 7% 8
26% 16% StdGAE}7 prpf(r) 2 20 20 20 -%
33% 28% Stand Oil Calif (la) 29 30% 30 30%-*,
35% 31% Stand Oil Ind (1) .. 20 31% 31 31%-%
64% 44% Stand Oil N J (la). 62 49% 47% 49%+%
69% 54% Sterling Prod 3 *0 . 3 58% 68% 68%-%
11% 8% St#w-Warner(.50a) *2 9 8% 8% - %
' 11 7% Stokel.v Brothers... 1 7% 7% 7% — %
11% 7% Stone A Webster... 23 8% 8 8% - %
7% 4% Studebaker _ 20 5% 5% 5%
14% 11% Sunshine Min (3) . 14 13% 13% 13*,+ %
29% 21 Superheater!.375e). 9 25% 24 25% + %
3% 2% Superior Oil _ 8 2% 2% 2% — >4
17% 13 Superior Steel ... 8 13% 13 13% — %
18% 16% Swift A Co (1.20) .. 16 17% 17 "17 -%
10% 7% Symington ww.25e. 7 8% 8 8% — %
8% 5% Symingtmf xw 25e. 7 6% 6 6%
7 6% Talcott (J) .60_ 17 7 7
8 6 Tenn Corp .35*_ 25 6% 5% 6% — %
44% 37% Texas Corp (2) .. 66 40% 38% 40%+ %
4% 3% Tex Gulf Prod 10*. 8 3% 3*. 3%
34 27 Tex Gulf Sul 50e .. 4 31 30% 31 -1
24% 17*4 Tex A Pac RR .. 5 20 20 - 20 -1
10% 7% Tex PaoCAO (.40'. 12 8% 8% 8%
11% 8% Tex Pac Ld Tr 20«. 29 9% 9 9% - V,
24% 19 Thatcher Mfg .25e . 1 23% 23% 23%-%
56 50 The Fair pf (7)_ 10s 52 52 52
5% 4% Thompson (JR)_ 1 4% 4% 4% - %
15% 12 Thompson Prod . 3 12 12 12 - %
3% 2% Thompson-Starrett. 1 2% 2% 2% — %
13% 10 Thompson-Starr pf. 1 9*, 9% 9% — %
15% 13% Tide-WalerOil (1). 16 14% 13% 14 - >4
13% 10% Timken-Det 1.50* . 8 11% 11 11 - %
48% 38 Timken Roll B 25e. 8 42% 41% 41%-%
12% 10% Transamerlca .75 .. 15 10% 10% 10%+%
7% 5% Transcontl Wn Air. 4 5% 5% 5% — %
4% 3 Tri-Continent 25g.. 7 3% 3% 3%
83 80 Tri-Conti pf (6) .. 1 82% 82% 82%+%
6% 5 Truax-Traer (.SO).. 2 5 4% 5
24 19% 2«th Cent Fox .50e .. 9 21% 21% 21*4-%
44 36 Twin City pf (7g)._ 10s 38 38 38 +1
10% 7% Twin Coach .*5g_ 3 8% 8% 8% — %
2% 1% Ulen A Co ... 2 1% 1% 1% - %
59% 47% Undwood-E-F (le). 8 56% 56% 56%
12% 9% Un BaaAPap ,12%e 6 9% 9% 9% - '4
‘80^ 67% Union Carh 1.60e 39 74% 71% 73 -1%
21% 18% Un Oil of Cal (1.26) 3 20% 20% 20%-',
88% 72*. Un Pacific (3e) 12 73 71% 73 -1%
27% 20% Unit Aircraft (lg). 70 24 22% 24 +%
8% 6% Unit Air Lines .. 23 7% 7% 7% -r %
19*a 16% Unit Biscuit (40e)_. 1 18% 18% 18% - %
49% 39 Unit Carbon (4) 3 46% 46% 46%-%
3% 2% UnitCorp'n (.20*).. 39 2% 2% >2%+%
32% 26% Unit Corp'n pf (3).. 3 29 28% 28%
7% 6 Unit Drug (.60g)... 9 6% 6% 6% — %
9% 7 United Dvewood 1 7% 7% 7% — %
80% 70 Unit Dvewood pf(7) 30s 71 70% 70%—4%
6% 4% Unit Electric Coal . 5 4% 4% 4% — %
35 30% Unit Eng A Fy ,50e. 2 31% 31% 31% - '4
65% 56% Unit Fruit (3a)_ 2 64 64 64 - %
11% 9% Unit Gas Imp (1>... 19 10% 10 10%+%
5% 4% Unit Paperbd .30g 1 4% 4% 4% — %
7% 5% U S Distributing pf 20s 6% 6% 6% — %
8% 5% U S A Foreign Sec.. 4- 6% 6% 6% + %
10 8 US Freight _ 2 8% 8% 8%
72 57 U S Gypsum (2). ... 7 66 63% 64%—1%
8% 6% U S Hoffman Mach- 6 6% 6% 6% — %
23% 17% U S Indus Alcohol— 3 18% 18% 18% — %
6% 5 US Leather _ 1 5% 5% 6% — %
10% 7% U S Leather (A)_ 4 8% 8% 8%
32 26 U S Pipe A Fy (2).. 15 27% 26% 27% - %
6% 4% U S Realty A Imp.. 16 4% 4% 4% — %
35% 22% U S Rubber .. 190 30% 28% 30% + %
75% 45% U S Rubber 1st pf . 54 68% 63 68 +1
70% 57% US Smelt A R (le). 11 71 69% 71 +2
70% 63 U S Smelt pf (3%). 1 70% 70% 70%
62% 49% U S Steel ... 140 52% 51% 52% + %
114% 104% U S Steel pf (7) .. 5 106% 106 106 -%
34% 34% U S Tobacco (new). 3 34 32 32 —2%
5 4% Unit Stockyds (.50) 2 4% 4% 4% — %
2% 1% Unit Stores (A) 5 2 1% 2 + %
60 50 Unlv Leaf Tob (3a) 1 57% 57% 57% -2%
1% % Util Pwr A Lt (r)._ 11 1 % %-%
20% 15 Vanadium (lg)_ 9 17 16% 17 + %
5% 3% Va-Caro Chemical.. 8 4% 4% 4% — %
32% 22% Va-Caro Cb pf 1.50g 2 25% 25% 25% -1%
4% 3 Va Iron Coal A Coke 90s 3 8 3
8% 6% Waldorf Syst ,20e . 1 7% 7% 7% — %
20% 18% Walgreen (2) . 3 18% 18% 18% — %
81 74% Walgreen pfww 4*4 2 79% 79 79*,— %
44% 39% Walker (H) (4) ... 2 40% 40% 40% — %
19% 18% Walker (H) pf (1).. 1 19 19 19
S', 6% Walworth Co (lg).. 13 7% 7% 7% — %
16% 9% Ward Baking (A)_ 1 12 12 12
3% 2% Ward Baking <B)__ 1 2% 2% 2% — %
7% 5% Warner Bros Piet_ 28 5% 5% 5%
4% 2% Warren Bros (r)__ 5 3 2% 2% - %
29% 24 Wayne Pump (2).. 6 25% 24% 25*,+ %
1% 1% Wells Fargo _130s 1% 1% 1%
35% 27 Wesson OAS 1.25e . 3 33% 33 33 — %
102% 84 West Penn El (A) 7 70s 90', 89 89 +3
97% 84 West Penn El pf(6) 30s 89 88% 88% + %
102% 91 West Hfenn El pf (7 > 80s 96% 95% 96%
19 14% West Auto Sup 1.60 4 17% 17 17%
9 7 Wetsern Md 2d pf . 3 7% 7 7 — *,
28% 23% Western Union Tel. 5 25% 24% 25% + %
27% 20% Westhse Air Br (1). 5 23% 23% 23% — %
109% 87% Westhse E1AM (le) 62 91% 88 91% + %
140 132 Westhse EAM pf le 40s 137 137 137 +1
32% 31% Weston El Ins(A) 2 10s 31% 31% 31%+%
27% 21 Wheeling Steel 7 20% 20% 20% — %
59 51 Wheel Stl pr pf (5). 1 51 51 51
15 14 White Dental 1.20._ 2 14 14 14
13% 8% White Motor .. 8 10 9% 9% - %
11 10 White Rk M Sp 1.40. 1 9% 9% 9% - %
2% 2% Wilcox Oil A Gas... 8 2% 2% 2% - %
6% 4% Willis-Over pf .60.. 4 5 4% 5
5% 4% Wilson A Co _ 7 4% 4% 4% — %
60% 45 Wilson A Co pf (6). 1 45% 45% 45% + »,
19% 13 Woodward Iron — 2 15% 15% 15% — %
43% 36 Woolworth (2.40) . 14 43% 43% 43% + %
20 14% Worthington Pump 8 18 17 18 + %
68% 62 Wrigley (3a) .. 1 68% 68% 68%
27% 20% Yale A Towne ,60a.. 1 27 27 27 - %
15% 8% Yellow Truck .. 110 13% 12% 13%+ %
93 80 Yellow Tuck pf(7). 10s 91% 91% 91% — %
43% 31% Ygstwn Sheet AT.. 36 36 34% 36 +%
22% 15 Ygstwn Stl Dr .25e. 2 16% 16 16%-%
17% 12 Zenith Radio _ 9 14% 14 14% + %
5% 2% Zonite Products_ 66 5% 4% 4% — %
Approximote Sales ot Stocks on the N. Y. Stock Exchange.
11:00 a.M_180.000 12:00 Noon .. 420.000
1:00 P.M. 500.000 2:00 P.M . _670,000
Total Sales for the day,740.000
(Actual sales: unit of trading 10 shares,
x Ex dividend xr Ex rlahts a Also extra or extras, b *>10
share of 92 preference stock d 1-25 share of S3 preference
stock, e Declared or paid so far thla year t Payable In stock,
g Paid last year, h Cash or stock, k Accumulated dividend paid
or declared this year
r In bankruptcy or receivership or being reorganized aader
Bankruptcy Act. or securities assumed by such companies
Rates of dividends in the foregoing table are annual dig
bursements based en the last quarterly or semi-annual declara
tion Unless otherwise noted special or extra dividend* are not
included.
Bliss & Laughliu
Fails to Act on
Common Dividend
Br the Associated Press.
CHICAGO, March 8.—Bliss &
Laughlin, Inc., directors today took no
action on a common stock dividend,
but voted the regular quarterly pay
ment of 37 V& cents on the 5 per cent
cumulative preferred, payable March
31 to stock of record March 18.
The common stock has been on a
$2.75 annual basis. C. O. Kalman,
chairman, said action on the dividend
was deferred "until toward the end of
the second quarter."
The company makes cold-finished
bar steel products and has plants at
Harvey, HI., and Buffalo, N. Y.
LUMBER EXPORTS RISE
WELL ABOVE YEAR AGO
By the Associated Press. "
The Commerce Department says ex
ports pi lumber from the United States
in January totaled 90,062,000 board
feet compared with 77,423,000 feet in
January, 1937, and 148,589,000 in De
cember. ,
American Writing Paper Corp.—
Deficit before interest on general
mortgage bonds, nine months ended
December >1, Yeas 881,906.
U. S. NOTEHOLDERS
ACCEPT NEW BONDS
Bulk of Issue Reported Taken
* by Owners of 3 Per Cent
Obligations.
Secretary Morgenthau indicated
today that more than 90 per cent of
the new Treasury bonds being offered
in exchange for $455,175,500 of 3 per
cent notes maturing March 15 would
be taken by the note holders.
He said the exchange offer would
be held open until Wednesday night.
The note holders were offered 10Vi
year 2 <4 per cent bonds. Those re
fusing the offer will be paid in cash.
Morgenthau said success of the offer
was indicated by today’s market quo
tations of 101 and 18-20-32ds for rights
to the new bonds.
The Treasury's week end sale of
$50,000,000 worth of 91-day bills
brought an average price of 99.982
yesterday, compared with 99.978 a
week ago.
Today’s price was equivalent to bor
rowing money at .073 per cent, com
pared with last week's .086 per cent.
Average bids accepted on today's sale
of 99-day Mils was 99.984, equivalent
to borrowing money at .059 per cent.
Bulova Watch Oo.—Common share
earnings, nine months ended Decem
ber II* were $8.16 against 87.46.
Structural Steel
Demand Displays
- Seasonal Gains
Br the Associated Press.
CLEVELAND, March 8.—Daily metal
trade today says:
Structural steel and reinforcing bar
inquiry is somewhat broader, indi
cating that some degree of seasonal
improvement will accrue to the steel
industry from construction.
Pig iron producers report fractional
increase in shipment but as in the
case of steel there is no incentive
for consumers to cover more than fill
in requirements.
MIDLAND STEEL VOTES
50 CENTS ON COMMON
Br the Auoclated Preu.
CLEVELAND, March 8.—Directors
of Midland Steel Products Co. today
declared ^dividends of $2 per share on
the company's 8 per cent cumu.e.tive
first preferred stock, * 50 cents per
share on the non-cumulative dividend
shares and 50 cents per share on the
common stock, all payable April 1 to
shareholders of record March 19.
American Smelting A Refining Co.—
1917 common share earnings before
surtax were $6.61 against $6.97. Earn
ings are baaed on 2,191,669 shares In
4937 and 1,839,940 In 1936. ,
LATE RECOVERIES
Whitney Suspension Causes
Drop for Time, but
Losses Are Cut.
Stock Averages
30 15 1* 80
„ , , Induet. Rails, mil. 8tk*.
Net change.—1.1 —.7 —.4 —.8
Today, nooa 61.9 17.7 30.3 42.8
Prev. day... 63.0 18.4 30.7 43.6
Month ago. 63.2 18.4 30.9 43.8
Year ago...101.1 47.3 50.4 74.8
1938 high... 68.2 21.6 34.9 47.9
1938 low... 59.2 17.6 30.0 41.3
1937 high...101.6 49.5 54.0 75.3
1937 low... 57.7 19.0 31.6 41.T
1932 low... 17.5 8.7 23.9 16.9
1929' high...146.9 153.9 184.3 157.7
1927 low... 51.6 95.3 61.8 61J
(Complied by the Aeeoclited Preee.)
■ ——I
By VICTOR EUBANK.
Associated Presi Pinaneiai Writer.
NEW YORK, March 8.—Failure of
the Stock Exchange firm of Richard
Whitney St do. today put only a mo
mentary dent In the market and early
losses running to 3 points were re
duced or replaced with gaina at the
close.
The list, down from the opening,
suffered a further relapse when it was
announced the Whitney firm had been
suspended by the exchange governors
for insolvency.
Wall Street seemed particularly
shocked by the denouement in view of
the fact Whitney, head of the com
mission house, until about two years
ago was president of the exchange. He
also is a brother of George Whitney,
a partner of J. P. Morgan St Co.
Volume picked up a bit on the
morning sell-off, but offerings soon
dried up and a slow recovery got un
der way which generally carried
through to the finish.
Transfers were in the neighborhood
of 700,000 shares.
Financial observers expressed the be
lief the Whitney suspension was an
isolated case and did not reflect the
position of most brokerage houses.
Speculative circles watched Wash
ington closely and seemed to find a
measure of comfort in the action of
the House in defeating the proposed
amendment to continue the corporate
salary publicity provisions in the tax
revision bill.
Business developments still lacked
stimulating qualities, on the whole, al
though there were those who said they
saw signs of a break in the recession.
Favored in the belated comeback
were United States Steel, Bethlehem,
Youngstown. General Motors. Chrys
ler. Yellow Truck, United States Rub
ber, Montgomery Ward, Deere, Doug
las Aircraft. Boeing, International
Telephone, Anaconda, American Smelt
ing, American Can. Westinghouse,
Texas Corp., Standard Oil of New Jer
sey, Santa Fe„ New York Central,
Great Northern and Allis Chalmers.
Backward were American Telephone,
Chesapeake & Ohio. Johns-Manville.
Union Carbide, Goodyear, Howe
Sound, Public Sendee of New Jersey,
Homestake and Dome Mines.
CHICAGO GRAIN
By the Associated Press.
CHICAGO, March 8.—Despite tem
porary sharp tumbles, the Chicago
wheat market rose a cent a bushel In
late dealings today.
The late upturns of wheat were
based a good deal on liberal buy
ing of futures credited to milling in
terests and to exporters. A strength
ening factor both as to wheat and
corn was a statement that 5.000,000
to 6,000,000 bushels of com has been
sold out of Duluth for shipment at
the opening of navigation.
At the close Chicago wheat futures
were 4 to 1 cent above yesterday's
| finish. May, 90'*->*; July. 85>2-\;
com, up; May, 59>e-V»; July, 61,
and oats, 'g-*, advanced.
WHEAT— Open High. Low. Close.
May -- .89*4 .90*, >8»« .90',
July - >4’, .85*4 .84*, .85',
S<CORN-— -*5'‘ •88 '84’« '85’*
May - .58’, .591, .58’, .59',
July - .HO', ,K1 .no', 80’,
Sept. - .61', .62 .61', .63
OATS -
May- .29*1 .29’, .29*, ,29’4
July _. .29 _ __ .29
Sept. _ _ _ .28*,
SOY BEANS—
May .99*4 .99*4 .99?, ,99'i
July _ _ _ _* .98
October- .93*, _ _ .95H
RYE—
May - .Tot, .71'/, .69’, .70’,
July - .66 .67 .65’, .86’,
Sept. - .66 .66 .65*, .65*,
LARD—
March _ _ _ 8.83
May _ 9.65 9.05 9.00 9.02
July - 9.25 9.25 9.20 9 25
Sept. 9,43 9.45 9.40 9 43
BELLIES—
May ... - - - 11.42
Chicago Cash Market.
Cash wheat, No. 4, red, 86; No. 3,
hard, 94’2-95; com. No. 4. moxed, 54;
No. 3, yellow, 56 Vi-5712; oats. No. 1,
white, 32*4; No. 2, 31VS-32**; rye,
sample, 66; soy beans. No. 2, yellow,
98: No. 3, 97’i; No. 4, 94>2; barley
sales, 87; feed, 48-60, nominal; malt
ing, 68-88, nominal; timothy seed,
2.90-3.00: red clover, 32.00-37.00; sweet
clover, 10.00-50.
__Winnipeg Price*.
WINNIPEG. March 8 t/P).—-Grain rants
today:
WHEAT—
High. Low.
May_ 1.22*, 1.20'/,
July .. 1.14’, 1.12*,
October _ .94'a .92’/,
OATS—
May- .47 .48'a .AAV, .46*
_ _Baltimore Quotation,.
BALTIMORE. March 8 i/Pi.—Wheat No.
L, "d »inter garlicky, ipot domeatie,
90Y«: March. 96li.
NEW YORK COTTON
By the Associated Press.
NEW YORK. March 8.—Cotton
eased today under nervous liquida
tion and foreign selling. Partial ral
lies developed in the afternoon when
pressure tapered off, and May recov
ered from 9.01 to 9.05, leaving quota
tions at net losses of 4 to 7 points.
Futures closed 3-7 lower.
„ . Hi«h. Low. close.
March - 9.09 8.97 9.04
May - 9.10 9.01 9.0«,
- 0.1« 9.07 9.10-Hl
October - 9.28 9.10 9.20
December- 0.28 0.18 9.20
January . 9.27 9.20 9.2211
Spot steady; middling. 9.12.
Cottonseed OO.
Bleachable cottonseed oil futures
closed 1 higher to 5 lower. Sales, 198
contracts, including 44 switches. May,
8.18; July, 8.20b; September, 823b;
October, 8.20. bBld.
New Orleans Prices.
NEW ORLEANS. March 8 wFl.—Cotton
futures opened :t points higher to l point
lower today. Foreign markets were steady,
but partially offset by long liquidation
and hedge selling.
March contracts opened at 9.23. May at
0.23. July. 0.28: October. 9.35; December,
9.37. and January. 0.38.
Selling continued in mild trading after
the start and toward the end of the first
half hour the market was quiet. 2 to S
points net lower.
Cottonseed oil opened steady: March.
7 72b; May, 7.71b. July. 7.71b: feptembtr:
7.81b; October. 7.82b. b—Bid.
International Salt Co.—1937 com
mon share earnings before surtax war*
83.39 against 93 cents. f

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