Evening star. [volume] (Washington, D.C.) 1854-1972, June 14, 1938, Image 15

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Evening star. [volume], June 14, 1938, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 14 June 1938. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1938-06-14/ed-1/seq-15/>

Newspaper Page Text

LATE IN SESSION
Industrials Refuse to Join
Rally After Early Market
Decline.
By the Associated Press.
NEW YORK. June 14.—Curb mar
4ket prices perked up in late trading
today following an afternoon rally an
the big board.
Reversing a downward shift in list- !
less forenoon trading, such issues as
Newmont Mining, Electric Bond &
Share, Mead Johnson and American
Cyanamid 'B," both ex-dividend, and
Pantepec Oil gained fractions to more
than two points.
A group of industrials refused to
Joint the parade. Losses of a point
or more were shown by Jones & Laugh
> lin. American Meter and Van Norman
Machine Tool.
CURB BONDS
DOMESTIC BONDS.
. High. Low. Noon.
Ala Power 5s 48 A }»«', lit. S*H
Am G A E 5s 2028 _. _ Ins 107", 108
Am P A L tis 2018 Til', 78>2 78*%
»Am Real 6s 46 cv St_ 8.1 8.1 83
Ark-L* Gas 4s 51 _loo", loo", loo".
Ark P A L 5s 56 ... .94 , 94", 94",
As n Ind 412s 53 ... 38sa 38 38
A* G A E 5s 50 _ 27", 27s, 27"',
Bell Te C 5s 55 A 3 1 1 ', 1 1 1 *, 11 1 12
Caro Pw A Lt 5s 56 K9"i 89*2 89',
Cent 111 PS 5s 68 G 99 99 99
Cent Oh L A P 5s 50 95 95 95
Cent Pw A U 5s 56 . 92', 92 92',
Cent St El 5s 48 lit'.* 29', 29*,
Cent St El 5>,s 54 3o"« 29*, 29',
Chi J RAUSY 5s 40 105", 105", 105",
Chi Rys 5s 27 cod ... 45‘, 45*, 45V,
Cin St Ry 5Vis 52 __ 75 75 75
Cities Service 5s 50_ 58', 57", 57’*
Cities Service 5s 58 _ 57", 57', 57',
Cities Service 5s 66_ 62'2 62', 62',
Cities Service 5s 69 __ 58'2 58 58',
Cities S Gas 5'2S 42 98 98 98
Cities S Gas P 6s 43 . 101", loi loi
Cit 8 PAL 5l2S 52. 55", 55', 55',
Cit 8 PAL 5',s 49 _ 56 56 56
Comnuty PAL 5s 57 72'. 72', 72',
Com Pb Sv 5s 60 A _ 99 98", 98",
Cons Gss Bal 4*.as 54 122", 122", 122 ,
Cont G A E 5s 58 A 78% |8'.j 78‘,
Denver G&E 5s 19 1 08", 1 os", 108",
Detroit C G 6s 47 A 104 103', 103V,
Det Cit Gas 5s 50 B loo", loo", loo".
East G A F 4s 56 A 7o 69", 69'',
Edis El Ulu 3'as 65 Ion 109 109 |
El Pw A Lt 6s 2030 60", 06", 66’,
Elm WLARR 5s 56 10.3 lo.'i 103
Emp OAR 5',s 42 90'.. ,9", 90
Fla Pwr coupn 4s 66 84', 84', 84',
Florida PAL 5s 54 87 80 87 i
Gatineau Pw 5s 50 lo.tV, 103", 103", ■
Gen Pub Ut 0'2S 50. 7 3 7.3 7.3 i
Georgia Pw 5s 67 90', 90 90
Glen Alden Cl 4s 65 67*2 07'2 07 'a I
♦Houston Gull Os 4.3 lol'a lu"'a 10", '
Houst LAP 3',s 06 100’, loo*, loo’, ’
111 North Util 5s 57 107', 107 307
111 Pwr A Lt Os 5.3 A 96 06 96
111 Pw A I. 5s 56 C 86', 80', 80',
Indian El C Os 47 A 87'. 87'2 87",
Indian E C 5s 51 C . 78'- 7 8*, 78',
Indiana Ser 5s 50 54'a 54'2 54 >8
Indnap PAL 5s 57 A 105', 105', 105',
Interst Pw 5s 57 48', 48', 48'i
Ky Utilities 5s 01 so 80 oo
Libby McNAL 5s 42 1 0.3'2 1 03' a 1 0.3*4
La Pw A Lt 5s 57 10.3’. 10.3% 103’.
Memph PAL 5s 4s A 89', 89', 89",
Mid S Pw H'.,s 45 A 78V, 78*, 78"i
Miss Pow 5s 55 99", 99s, 99",
Miss River P 5s 51 11 o'. 110', 110*4
Mo Pub Svc 5s OO 01 61 61
’ Mont-Da P 5'2S 44 94 94 94
NaSS A Su L 5s 45 S.i', 83', 8312 t
Nat P A L 6s 2026 A so", so', so',
Nat PAL 5s 2030 B 75 75 75
Nat Pb S 5s 78 cod 44", 44", 44s,
Neb Pwr tis 2022 A 115 115 115
Nevad Cal El 5s 56. 7 5 75 75
New E Pw SV,s 54 . 85', >5*, 85 V,
New Or Ps 6s 49 A 7 5 75 75
£ £ £ * Lt 4'"5 HU'S 107 107
N Y S EAG 4 2s 80 91'2 91 "2 91'2
No Ind P S 4'as 7o E 94', 94', 94',
Ogden G Co 5s 45 KM', 104*2 104*2
Ohio Pwr 4',s 50 D 105", 105s. 105s,
Okla N G 4',s 51 A loo", loo', loo",
Okla PAW 5s 48 mi so so
Pac P A L 5s 55 09", 69'i 69",
Penn C LAP 4'a-s 77 80 , mi", so",
Penn El 4 s 71 F 8 7 87 87
Penn P Svc 6s 47 C 103 10.3 103
Penn Wa A P 5s 40 lofi", J 06s. 106",
Peop GLAC 4s 81 B 89*2 89', 89V,
Potomac E 5s 56 E 1 07 ', ] 07', 107 V,
•Pub S Okla 4s 66 A. 103 10.3 10.3
Safe H Wa 4',s 79 ] os j 08 108
San An PAS os 5b B IOS',2 10.3', 105*2
Scripps 5'2 s 4.3 IOO liHI loo
ShW WAP 4'aS 67 A. 103*2 103', JHI'a
S E PAL 6s 2026 A. 92", 91',. 91'»
Sou Cai Ed .3 ,s 45 1 06 lo« 106
Sou Cal Ed ;i*,s 60 107s, 107S 11*7*",
So Co G of Cal 4 08 1 04 1 04 104
Sou Ind Ry 4s 51 37 37 37
Std G, A E 6s 36 cod 48 48 48
Std Gas A B 6s 66 B 49', 49', 49",
Stand Pw A Lt 6s 57 48 48 48
Super of H 4'2S 68 305s, 105% 105H
Tenn El Pw 5s 56 91", 91 91
Texas Bee 5s 60 10.3 102", 10i",
Toledo Edis 5s 62 107 107 107'
Twin C RT n'as 52 A 54*2 54>2 54*2
Ulen f. Co 6s 50 IV st 36 36 .36
Unit Li A Pw 6s 75 7 1 "2 71*, T1 *,
.Unit lard 5*2s 52 7.3*, 7.1*, 73*21
Unit L A R M 6s 52 A 105", lo5>, 105", I
wash Gas Lt 5s 58 too t oti 106
Wash W x- P 5s HO 104*2 lol'a ItM'i
West News U 6s 4 4 .33 .3”, 3->',
Wast Pa Tr 5s 60 ]02s« ltr", ltr’*, I
West T Ut 5s 57 A 88", 88', 88", i
We UG A E 5' as 55 A 105 105 105
Wis P A L 4« 66 95’, 95 95
York Ry 5s 37 Mat 76 76 7d
FOREIGN BONDS.
Danish Con 5s 5:* t»K i>x «»s
Danzicr Port H*2s 5! 4*’ 4” 4*’
First Bo G W 7s 57 ho 7Hj« ho
Hanover Citv 7s :»* -1* **:>iB I
Nippon E P 6‘as 4.5 54 54 54
• ww—With warrants xw—Without war
rants. n—New. st istp'—Stamped
f Negotiability impaired by maturity.
tComDanies reported in receivership.
INVESTING COMPANIES
NEW YORK. June 14 <;p).—Investment
Bankers’ Conference. Inc.:
(Noon Quotations *
Bid. Asked.
Admin Fd 2nd Inc _ 9.60 10.21
Am Bus Shrs (new) _ 2.76 3.04
Am Gen Eq Inc _ .52 .59
Am Ins Stocks _ __ 3.75 4.00
Bancamer Blair __ 3.50 4 50
Bankers Nat Inv Com 1.45 1.95
Basic Industry _ _ 2.64
Boston Fund Inc . 12.69 13.57
Broad St Inv __ 20.72 22.16
Bullock Fund _ 11 .on 12.00
Continental Sh pf __ 4.75 5.50
Corporate Trust ____ 1.92
Corporate Trust A A . . 1.89 _
Corp Tr A A mod __ 2.21
Corp Tr Arcum Ser 1.89
Com Tr Acc Mod 2.21
Cumulative Tr Sh 3.82 4.38
Depos Bk Sh N Y ‘ A”_ 1.26
Depos Ins Shrs “A" . 2.64
Dcdos Ins Shrs B" _ 2.42
Diversified Tr C . _ _ _ 3.on
Dividend Shrs ___ _ l.oi 1.10
Equity Corp 53 pf . . 19.25 22.25
Fidelity Fund Inc 15.76 16.‘*6
First Boston Com 15.125 16.625
Fiscal Fund Bk Sh 2.18 2.41
Fiscal Fund Ins 2.95 3.28
Fixed Trust Sh A 7.36
Fixed Trust Sh B 5 so
♦Foreign Bond Assoc 6.55 7.11
Found Tr Sh A . 3.40 3.65
Fund Investors Inc 13.58 14.68
Fund Tr Shrs A _ -4.H? 4 .63
Fund Tr Shrs B 3.65
Gen Capital Corp 26.3! 28.2!)
Gen Investors Tr 3 91 4.26
Group Sec Agriculture . _ .89 .98
Group Sec Automobile .61 .68
Group Sec Building _ l.o2 1.12
Group Sec Chemical _ .99 1.08
l»Group Sec Food .74 .82
Group Sec Invest Shrs _ .56 .62
Groun Sec Merchandise .79 .87
Group Sec Mining 1.03 1.13
Groun Sec Petroleum .93 1.02
Group Sec R. R Equip .55 .61
Group Sec Steel .86 .95
Group Sec Tobacco .92 1.01
•Huron Holding .40 .80
Incorp Investors 14.81 16.01
Instl Sec Bank Group .92 1.02
Instl Sec Insurance I 16 1.28
Investors Fd •C" Inc _ 8.19 8.76
Keystone Custodn B 2 19.34 21.15
Keystone Custodn B 3 12.66 13.84
Keystone Custodn K 1 12.16 13.25
Keystone Custodn K 2 _ 8.16 8.94
Keystone Custodn S 2 ll.no 12.07
Keystone Custodn & 4_ 3.65 4.05
Major Shrs Corp 2.00
Maryland Fund - 4.57 5.oi
Mass Invest Tr._ 17.42 2 8.48
Mutual Invest _ 9.08 9.88
Nation Wide Sec _ 2.55 2.65
Nation Wide Voting_ 1.06 1.17
Nati Investors _ 4.35 4.63
New England Fund _10.16 10.93
N Y Stocks, Bk Stocks _ 6.65 7.20
N> Y Stocks. Bldg Supply _ 5.93 6.43
N Y Stocks. Elec Equip_ 5.88 6.38
N Y Stocks, Insurance_ 7.84 8.48
N Y Stocks, Machinery_ 5.89 6.39
N Y Stocks, Oils. 7.81 8.24
N Y Stocks, R R Equip_ 5.09 5.53
N Y Stocks, Steel. 5.77 5.86
North Am Bond Tr ctfs 49.375 _
Nor Am Tr Shares 1953 1.86 _
Nor Am Tr Sh 1955 _ 2.21 _
Not Am Tr Sh 1956_ 2.17 _
Nor Am Tr Sh 1958_ 1.92 __ _
Plymouth Fund Inc_ .31 .38
Quarterly Income Sh 8.12 8.90
Schoellkopf-Hutton A Pom 1.125 2.125
Selected Am Sh Inc _ 8.12 8.85
Selected Income Sh_ 3.46
Sovereign Invest _ .57 .64
Spencer Trask Fund_12.94 13.62
Stand Am Tr Shrs_ 1.60 2.00
Stand Util Inc -- .42 .45
Super of Am Tr A_ 2.65 _
Super of Am Tr AA_ 1.80 _
8uper of Am Tr B_ 2.78 _
fjuper of Am Tr BB_ 1.80 _
Super of Am Tr C_ 4.82 _
Super of Am Tr D_ 4.82
Supervised Shrs _ 8.0£ 8.72
Trustee Stand Inv C_ 2.04 __
Trustee Stand Inv D _ 1.99
Trusteed Am Bk •’B"_ .52 .58
Trusteed Industry Shrs_ .75 .84
Wellington Fund 11.55 12.75
MONTREAL SILVER.
MONTREAL. June 14 tin.—Silver fu
tures opened 80-flO lower. Bide June.
42.00: July. 41 78: Bentember. 40.26.
t
NEW YORK CURB MARKET
(By private wire direct to The Star.)
Stock and Sales—
Dividend Rate. Add 00. Bitrh. Low. Close.
Ainsworth Mfg__ 2 6 6 6
Air Invest war_ S it <4 14
Alum Co of Am.. 150s 71 70*4 71
Alum Ltd _100a 7914 79*4 ?»*4
Am Airlines_ 1 12 12 12
Am Centrifugal . 2 14* 1*4 1*4
Am City Pwr A L«
(A)wwl.72h __ 1 23 23 23
AmCyn (B).«0.. 6 17*4 17V4 17*4
AmGAEpf <«)_ 50s 109*4 109'a 109H
Am General _ 1 3*4 8*4 3*4
Am Meter (,30e) . 1 19 19 19
Am Seal Kap ,10e 6 3*4 3*4 3*4
Am Superpwr_ 6 ii (4
Ark Nat Gas . _. 2 2*4 2*4 2*4
Ark Nat Gas (A). 10 3*4 3*4 3*4
As El Ind .362e . 1 8*4 8*4 8*4
Assoc G A El (A) 1 *4 . *4 *4
Atlas Corp war 3 ’4 *4 ’4
Austin Silver M . 1 *4 *4 *4
Auto Vot Mch .50 2 8 8 8
Barium Stain Stl 6 1*4 1*4 1*4
Bath Iron(6%f). 6 5*4 5 6*4
Berk & Gay Fur.. 1 4 4 fj,
Bliss (EW) ... 9 6'4 6*4 6*3
Bliss & Baugh — 25s 14 14 14
Blumenthal (S) . 1 6** 6*4 6*4
Brewst Aero ,10e 23 6S 6 6*4
Brown Co pf 50s 17>4 17*? 17*4
BX&EPpt 1.60 1 21*4 21*4 21V4
'"arib Syndicate.. 1111
Carnegie Met 1 % % %
Caro P&L pf (7). 20s 69% 69% 69%
Carrier Corp 2 22 22 22
Cent NT Pw pf 5 10* 84% 84% 84%
Central States El 6 % % %
Cities Svc (new). 4 8% 8 8%
Cities Svc rf — 1 37% 37% 37%
City Auto Stpg— K 1 4'. 4% 4%
Claude Neon L- — 1 1% 1% 1%
Clev Tractor .. 1 3% 3% 3%
Colon Devel <A).. 2 2% 2% 2%
Columb Oil&Gas 5 3% 3 8
Com with & S war 2 % % %
Cons C Min 5 4% 3% 4%
Cons G&E Bo 3.60 2 67*4 67% 67%
Copperweld 80e_. 1 18% 18% 1*i%
Creole Pet 50a 6 19% 19 19
Crocker Wheeler. 1 544 5=4 5%
Crown Cent Pet __ 1 3% 3% 3%
Crown Drug_ 1 1% 1% 1%
Derby Oil 12 2 2
Dubillier Conden. 1 1% 1% 1%
Duro Test .40 ... 1 4% 4% 4%
Eagle Pitcher Ld 3 8 8 8
Eastn Gas & Fuel 2 1% 1% 1%
E G&F 6 % pf 100* 13% 13 13
E G&F prpf 4.50 25* 33% 33% 33*,
Eastn States pf A 25* 16% 16% 16%
Eastn States pf B 25s 15% 15% 15%
Easy Wash M(B) 3 2% 2% 2%
Economy GS ,25e 50* 13 13 13
Elec Bond & Sh 19 7 6*4 6*4
Elec Bd&Sh pf 6 4 49% 48 49%
Elgin Nat W ,25e 50s 16% 16% 16%
Emp G&F 7*5, pf. 50s 49% 49% 49%
Equity Corp 2 % % %
Esquire (1.20e) .19 9 9
Fanny Farm ,50e. 1 18 18 18
Ferro Enamel_ 2 14% 14% 14%
Fidelio Brew_ 1 % % %
Fisk Rubber 12 5% 5% 5%
Fla P&L J7pf.88k 50* 41% 41% 41%
Ford Ltd (.17e)_. 2 4 4 4
Gen Firepr .20e _ 1 10 80 10
Gen Tele <1> _ 1 11% 11% 11%
GaPwrpf(S)- 50* 73 72% 73
Goldfield Cons_ 1 % % %
Grand Nat Films 2 % % S
Gt A*Pnv (2e) . 125* 43 42% 42%
Grum'n A K .25e.. fi 10 10 10
Gulf Oil (,50e) ._. 4 36 35% 36
Helena Rubenst.. 1 3% 3% 3%
Hewitt Rub .35e .. 2 7 7 7
Hollinger 6ia . 1 14% 14% 14%
Hubbell(H) ,30e_ 1 8% 8% 8',
Humble Oil .75e_ 2 60 59% 60
Imp Oil Ltd 50a. 3 15% 15% 15%
Ins Co No Am 2a 100* 60% 60% 60%
Int Pa&Pwr war. .2 2 2 2
IntPet 1.50a 2 23% 23% 23%
IntVitam.20e_ 5 3 3 3
Tnv Royalty .06 . 5 & i &
Iron Fire (1.20).. 50* 12*, 12*, 12*»
Jacobs Co 4 2*, 2*4 2*4 1
Jones * I^u Stl.. 2 25 «25 25
Kennedy’s _ 1 4% 4% 4%
Lake Shore M(4) 11 51 % 50% 51%
T jtkey Fdy & M _ 1 1*, 1*. 1%
Leh Coal & Nay.. 1 3% 3% 3%
Lockheed Aire . 37 11% 11% 11%
Lone Star G ,20e. 2 7% 7% 7%
Long Island Lt... 2 1V« 1% 1% 1
Massey Harris 1 6% 6% fi*, '
Mead John (3a) . 25s 104 104 104
MerAM ptc pf 2a. 25s 23% 23% 23%
Mich Gas A Oil __ 1 2% 2% 2V,
Mid West Corp— 1 5% 5% 5%
Molydenum _ 1 4V, 4% 4%
Monogram Pic_ fi 1% 1% ]■,
Mount City Cop.. 6 4% 4% 4%
Nat Baking .25* . 1 4 4 4
Nat Bellas Hess.. ISSN
Nat Cont’r ,375e . 1 fi fi fi
Nat Oil Prod ,4«e 1 17 17 17
Nat Sll Car (le) 50s 40 40 40
N J Zinc (le) 150s 50 50 50
Newmont (le) ... 1 53 53 53
NYCOmnfbwar. 1 1 r*% )o% in%
N Y PAL pf (S) . 10s 88% 88% 88%
Niag Hud Power 5 7 6% 7
Niag H 1st (5) 25s 76% 76% 76%
Niag ShiMd) (B) 1 4I% 4N 4%
Nor Am Lt & P _ 1 H, 1% p,
Okla Natural G . 6 8% 8% 8%
Okla Nat Gas pf 150s 29% 29 29
Oldetyme Dist 1 1% 1% 1%
PacGAElstl.no. 1 29% 29% 29%
Pan-Am Air ,50e. 1 13% 13% 13%
Pantepec Oil _ 84 5% 4% 5%
Pennroad 25g 4 1% 1% 1%
Pa Cent Airlines. 4 5% 5 5%
Pepperell Mfg... 100s 57 56% 57
Phila Co (.45e)__. 1 6% 6% 6%
Phoenix Secur .. 1 2% 2% 2%
Fioneer Gold .40. 17 3% 3% 3%
Titts A L E-50e.. 80s 40 40 40
Pitts FI G1 .50e .. 5 66 66 66
Powdrell A Alex 1 3% 3% 314
Premier Gold .12. 13 2% 2 2
PSlndSSpf . -130s 17% 17% 17%
P S Ind $7 pr pf _ 220s 33 32 33
Reiter-Foster 3 %« % %
Roch GAE pf D 6 60s 93% 93% 93%
St Regis Taper _ 1 2% 2% 2%
Samson United _ 1 1% 1% 1%
Serant SBWs pf 25s 20 20 20
Scullen Steel war 2 '4 % %
Seiberling Rub.. 1 2% 2% 2%
Seversky Aire 6 2% 2'4 2%
Sher-Will 1.50e_. 200s 79 79 79
Si lex Co (1) 1 914 914 914
Simmons H A P_. 1 1% 1% 1%
Singer (6a) 10s 235 235 235
So Penn O 1.50a.. 3 33% 32% 32%
S C Ed pf (1.50a). 20s 37% 37% 37%
S C Ed pf B 1.50 .. 2 26% 26% 26%
Southld Roy .20e. 16 6 6
Stand Dredg. . 2 2% 2% 2%
Stand Oil Ky (1) . 1 16% 16% 16%
Stand Oil Ohio(l) 1 18 18 18
Stand O Oh pf<5) 2bs 91 91 91
Stand Pwr A Lt.. 2 tf {]
Stand Prod _ 16 6 6
Starrett Cor vtc_. 2 3% 3% 3%
Sterling Alumn1 4% 4% 4%
Sunray Oil ,05e _ 23 2% 2% 2%
Sunray O pf 2.75. 1 31 31 31'
Taggart _. 1 4% 4% 4%
Tampa Elec 2.24. 3 30% 29% 30%
Technicolor .50e. 9 22% 22% 22%
Teeh-Hugh .3(*e . 6 4% 4% 4%
Tenn E P 1st (7). 25s 64 64 64
Tex PAL pf (7) 10s 92% 92% 92%
Todd Shipy’d(2e) 150s 56 54% 54%
Trans-Lux .12 2 2
Tri-Conti (war).. 1 & A li
Tung-Sol Lamp.. 1 2% 2% 2%
GENERAL FIREPROOFING
REDUCES DIVIDEND
By the Associated Press.
YOUNGSTOWN. Ohio, June 14 -
General Fireproofing Co. today de
clared a dividend of 15 cents a share
on the common, 5 cents less than the
previous quarter. The regular $1.75 a
share preferred dividends also was de
clared. Both dividends are payable
July 1 to stock on record June 20.
_
F. S. TBEASFBY NOTES.
NEW YORK. June 14 i4n.—Prices quoted
in dollars and thirty-seconds:
JJ". „ Approx.
Mo Cent. Year. Bid. Asked. Yield.
Sept. 2S 10.(8 __ 100.18
Dee IV. 10.18 _ _ _ 101.10 101.21 I_
Mar. IS 10.10 _ 101.27 101.20
June 2S 19:10_ 102.24 102.20
Sept. IS 19.19_ 102.7 102.0 I
June 2S 19.19_ 102 24 1 02 2 6 I
Sept. IS 19.20 . 102.7 10‘\0
Dec IS 19.19_ 102.11 102.1.1 "
Mar. Is, 1040 _ .. 102.27 102 20
June IS 1040 _ 102.27 102 20 04
Dec. taS 1040_ 102.2 10.1.4 .25
Mar. IS 1941_*10.1.2 10.14 16
June IS 1041_ 102.22 102.24 45
Dec in, 1041_ 102.17 102.19 .50
Mar. IS 1942_ 101.30 1 04 .66
Sept. 2 1942_105.12 105.14 .71
Dec. IS 1942 - 104.14 104.16 .73
June IV. 1943 wi___ 101.20 101.22 .78
Stock and Sales—
Dividend Rate. Add 00. Hlah. Low. Close.
Unit A Ire war ... 3 8*4 8V* 8*4
Unit Cg-Wh Sts.. 20 *4 ft ft
Unit Oorp war_ 1 *4 *4 *4
Unit Gas- 6 SH 3H 3*4
Unit Gas pf (7)— 2 81 81 81
Unit Lt & r»'i' A. 1(1 214 2Vi 2*4
Unit Lt ft P ct pf 3 20*4 20 20*4
Unit Shipyds(A) 5 8*4 8H 8*4
Unit Shipyds(B). 8 ft {ft
Unit Sh M (2.50). 100s 63 68V* 68V4
USFoH(B)- 1 3*4 3*4 SH
U S Stores_ 1 H *4 *4
Unit Verde Ext._ 16 IV* 1*4 1V4
UnivCorpvtc ... 7 2 2 2
Uth P*L pf 2.J3k 25s 33 33 33
Van Nor M T .30# 1 17V4 17*4 17*4
Walker Mining11 11
Wellington Oil... 1 3*4 3*4 3*4
Wentworth Mfg_. 4 2*4 2*4 2*4
West VaC/tC... 1 114 1*4 1*4
Western Air Exp. 1 2V4 2V4 2*4
Wolverine Tube.. 1 4*4 414 4*4
Wright Harg 40a 15 8 7»» 7*4
r In bankruptcy or receivership or being
reorganized under the Bankruptcy Act or
securities assumed by such companies.
Rates of dividends in the foregoing table
are annual * disbursements based on the
last quarterly or semi-annual declarations.
Unless otherwise noted special or extra
dividends are not included,
a Also extra or extraa. e Declared or
Fald so far this year, no regular rate.
Payable in stock. g Paid last year,
n Cash or stock, k Accumulated dividend
paid or declared this year, ww With war
rants. xw Without warrants, war War
rants.
CHESAPEAKE CORP.
TO BEDISSOLVED
Board Moves to Distribute
C. & 0. Holdings to
Stockholders.
Bv ihe Associated Press.
BALTIMORE, June 14.—Acting
swiftly just a few minutes after three
new members were named the Chesa
peake Corp. Board of Directors voted
today to dissolve the corporation at
the • earliest practicable moment.”
The move came at regular meeting
of the middle holding company of the
Van Sweringen rail empire. At the
special meeting just prior to the reg
ular a group including the Guaranty
Trust Co. of New York, third largest
bank in the country, took control of
the corporation from Robert R.
Young, Cleveland financier.
Holdings to Re Distributed.
The resolution adopted by the board
added "that pending the legal steps
requisite to carrying out such dissolu
tion in accordance with the Maryland
law. the principal holdings of the cor
poration in the Chesapeake & Ohio
Railway should be distributed to the
stockholders of the corporation; • *
The action, at a much-adjourned
special meeting of the corporation,
centered about election of one director
to fill a vacancy and creation of two
new directorships. Men opposing Mr.
Young filled all three posts—Earle
Bailie, New York investment banker;
John B. Hollister, Cincinnati attor
ney, and John L. Dickinson, Charles
ton (W. Va.t banker.
Mr. Young's group held 184.350
shares, representing 1.324 stockholders,
while the group headed by Mr. Bailie
had 1.305,819 shares, representing 12
proxies and 2 individuals here for the
meeting. The vote on Mr. Bailie's
election to the regular vacancy was by
that margin.
Included in the proxies held by the
Bailie group were 780,100 shares of
Chesapeake stock held by Guaranty
under the indenture as security for
bonds of Alleghany Corp , top holding
company in the financial structure.
Young Loses Court Fight.
Mr. Young controls Alleghany and
last week lost a New York court fight
to prevent Guaranty voting its stock
at today’s meeting.
Mr. Young proposed Col. Leonard
P. Ayres, Cleveland, for the post to
which Bailie was named. Young pro
tested elections of persons nominated
by the opposing group, saying he
hoped and believed that “this corpo
ration will have but a short life, per
haps two or three weeks.”
The Cleveland financier added he
felt those proposed by him knew af
fairs of the corporation better and
would be able to expedite its disso
lution.
Chesapeake Corp. held nominal
control of the Chesapeake & Ohio
Railway, mast profitable of the Van
Sweringen set-up, through the 34 per
cent of stock it owned.
Both sides indicated, however, that
the Chesapeake Corp. fight had be
come largely academic since Chesa
peake Corp.'s minority holdings of
C. <fc O. stock were rendered at least
temporarily impotent by an unprece
dented vote of individual stockholders
of the road in favor of management
control.
On May 19 Messrs. Bailie, Hollister
and Dickinson were elected to the
railway board.
NEW YOBK LIVESTOCK.
NEW YORK. June 14 opi <State Dept.
0,„ Jersey City and New York
livestock markets!.—Cattle, 250. includ
'nK'-t1 direct. Buyers showing practically
no interest, on meager supply „f cattle Late
Monday s cow trade closed slow, fully "5
lower than Friday: bulls slow and steady
f ®-'1 °*Tr _ tow cutter and cutter cows
i MJn?e shelly kind down
„ J ™.. common and medium fat cows.
6.0O-..O0; few weighty stable fed. 7 50
?est sausage bulls. ti.75-7.iM>: few at
4=*i. 1,I*h.t 'iut*r down to 5.INi and below,
small lots of steers, good l.lim and 1.527
i£d uni?Id 'W he“d mrdlUm !, 50:
I c»lves. 4.270. including
-uV 5 Fr- tra?F uneven, opened
^Ith Monday s advance: small lots
Southerns Hum): choice selected
Michtgans held around 10.75: few common
herns at x.:>n Calves nominal.
riiSt Pt,ndJa7lbsJ ” ? including R.RW)
[JirHade slow, undertone weak
II """"e not enough to make
??rly on Sfewrash«pat * 75 nothin* done
M.”K? l<j‘hTher:,ni^odiSf., ^
NEW YORK PRODUCE.
NEW YORK. June 14 UPI.—Eggs. 38.122
gUP-. Mixed colors, speeigl packs. 22%
nndl' fa* on ar daLi ? ~ h'" ' ’ firsts. 21: see
?gds’ ‘''--O. mediums and dirties. No. 1.
firsts**>ir*4**a Check*’ 1S; *tor»«e-P»d>red
hbXer^'than "extra5’ 2^-27 SSTSi
seconds
changed* ®~®®37; firm. Prices un
fr.5,re!5f.? wpoultrr to weak. Boxes,
wltt—,turkSTl; breeders. Northwestern,
*nd Southwestern. 18-26. Frozen
f?o«^;ir2a5t,rsi 15-33- other fresh and
frozen prices unchanged.
„ Live poultry, by freight, weak. Broilers.
Rocks. .1-22. Fowl, colored. 20-21. mostly
-1 • Lckhorn. 1 .-18. Old roosters. 12-14,
Dt?cksy iV Turkeys- hen‘ ~'5; toms, 20.
®y ex?r,es,a ,we*k Broilers. Rocks. 17:
crosses, 1 i-20'a. mostly 18-20: Reds. 16
rU°s.! ,y >7L Leghorn. 13-16. Fowl,
colored. .10: Leghorn. 17'a.
*-—-•—_ •
NEW YORK SUGAR.
mo?E^i„yORIS June 14 (fl’l.—Raw sugar
was ouiet, and unchanged early today at
~’vti*S£ spots* with.no sales reported.
Futures were quiet and steadier on
scattered local covering in July and com
mission and trade buying oi later posi
tions. July No. 4. after selling at 1.00
was ruling at imn, at midday, while
March was .98'a. or to 1 point net
higher. In the No. .3 July sold at 1.84
and September at 1.86. or 1 point net
higher.
Refined was unchanged at 4.40-50 for
fine granulated, with a moderate with
drawal demand reported. According to
latest reports the trade contracted for
enough sugar In last week's buying move
ment to take care of requirements up until
the end of Septembag.
DEPOSITS CLIMB
SHARPLY IN WEEK
1
Demand Accounts Increase
445 Millions—Loans
Continue to Sag.
hi the Associated Press.
Banks deposits Increased last week
by one of the largest amounts in
many months.
The Federal Reserve Board said
banks in 101 leading cities reported
their demand deposits increased $445,
000,000 to a total of $15,034,000,000.
The increase was due to an almost
equivalent increase in the loans and
investments of banks.
Loans to securities brokers and deal
ers who needed the money for cus
tomary trading activity in connection
with the June 15 Treasury refunding
operations increased $270,000,000 and
the banks also increased their own
securities portfolios. The brokers’
loan item, however, is expected to
decline in the next week when the
refunding is completed.
For the eighteenth consecutive week,
commercial. Industrial and agricultural
loans declined. Banks in 101 cities
reduced their business loans $30,000,
000 to $3,961,000,000.
The board's statement gave the fol
lowing summary of assets and liabili
ties on June 8. together with changes
for the week and with the same week
last year (in millions erf dollars):
Loan* and invest
• „ _ June 9,
_ Junes. June 1. 1937
ments—Total 2<».!M4 ^ 40* — l T74)
Loans—Total 8,6^5 -* 291 _1 O*7**
Commercial in
d u s t rial and
aaricult u r a 1
loans
On securities ftftp 4- ft _ 4
Otherwise se
cured and un
secured 3403 — 30 — 316
Open-market pa
, Per 301 — 4 — 120
Loans to brokers
and dealers in
Kcurtiie* 873 X *70 — 400
Other loans lor
purchasing or
carrying securi
ties 583 — 1 — 137
Real estate loans 1,150 x 3 _ 7
Loans to banks 107 x 53 x 44
Other loans
On securities 807 — 1 _ 21
Otherwise it
eured and un
cured 024 X 1 + 35
Got emmem di
rect obligations 7.001 x 47 — 387
Fully guaranteed
Government ob
ligations 1.434 X 23 X 28R
Other securities 2.004 x 47 — 140
Reserve with Fed
eral Reserve
Banks — 8.355 x in.7 x 088
Cash In vault 404 x 14 x 07
Balances with do
mestic banks 2.388 4- IS x 837
Demand deposits
•—Adjusted . 15 034 X 445 — 472
Time deposits 6.230 — 14 — 3
Gov emmem de
Posits 620 — 13 X 417
Interbank depos
* Its:
Domestic banks 5.908 x 74 x *07
Foreign banks 312 — 3 — 287
Borrowings 24 + 23 X 8
CHICAGO LIVESTOCK.
CHICAGO. June 14 (United States
Department of Agriculture)—Hoe values
settled back some today, but the top re
mained above 59. Moderate supplies of
fat steers held rhe market to fully steady
levels and little change was noted on
fat lambs.
Hogs 16.000. including 5.000 direct,
moderately active. 10 to 15 lower than
Mondays average: top. 9:15: good and
choice 170-230 pounds. 9.00-1 ft: 240-2X0
pounds 8.80-9.00: 290-35)) pounds. 8.50
80: 140-160 pounds. 8.50-9.00; good 400
450-pound packing sows. 7.60-90. under
weights 8.00-35.
Cattle. 6.(XX); calves. 2.000: supply
longfed steers and yearlings hardly broad
enough for trade requirements, market on
such kinds strong, well-finished yeardings
especially active both on steers and heif
ers; early top-fed steers. 10.60, but
10.85 bid and refused; mostly 8.75-9.76
market; shippers after steers and yearlings
of value to sell at 9.50 upward 8tockers
and feeders steady at 8.00-9.00 paid for
Southwest calves and light yearlings, best
fed heifers. 9 66; common and medium
heifers and all grades cows extremely
scarce, weighty sausage bulls. 6.95 down:
vealers. 8.50-9.25; odd lots. 9.50 on strong
market.
Sheep 7 000 including 6 500 direct:
late Monday old crop clipped lambs and
springers weak to 25 lower, spring lambs.
9.00-50 to small killers, but medium Texas
clipped lambs. 4.75-5 25 small lot good
to choice 6.25 old crop clipped lambs
and springers mostly steady: Idaho spring
ers. 8.90 straight few native 9 00 and
9.25; medium Texar capped lambs. 5.15.
slaughter ewes steady 3 00-50.
CHICAGO PRODUCE.
CHICAGO. June 14 (.pi.—Poultry. liTe.
43 trucks hens firm chickens weak Hens,
5 lbs. and under IN1 a broilers, colored.
17*2: Plymouth and White Rock. 18**:
Leghorn, under 2 lbs.. 15: 2 lbs. up. 16:
fryers, colored. 17*2; Plymouth and White
Rock. 18* : springy colored IX1 j‘. Ply
mouth and White Rock. 19’^; bareback
chickens, 15; other prices unchanged.
Butter. 1.482.052 lbs.: firm Creamery,
specials (93 score). 25*2-26; extras (92).
25*4: extra firsts (.90-91), 24*4-34 firsts
(88-89). 23-23*4! seconds (84-87**). 20
21; standards (90. centralized carlots). 25.
Eggs. 24.179: firm. Fresh-graded, extra
firsts, local. 19*4". cars. 20: firsts, local.
19: cars. 19**: current receipts. 18**;
storage-packed extras. 20*4: firsts. 20*4.
Potatoes 147: on track 453: total U. 8.
shipments 593; new stock supplies rather
heavy: demand slow. California White
Rose, slightly weaker: North Carolina Cob
blers and Southern Triumphs, best stock
about steady, fair showing heated, weak:
wide ranre in rendition of Southern Tri
umphs and Cobblers, many showing heated,
spotted sacks and decay: sacked per cwt..
Bliss Triumphs. U. 8. No. 1. Arkansas.
1.80-2.10: Louisiana and Oklahoma show
ing heated and decay. 1.60: Mississippi.
1.87*4: Texas. 1.80-2.05: North Carolina
showing heated. 1.80-95: California fine
Quality, washed. 2.75; North Carolina Cob
blers. U 8 No 1 few good condition.
1.90: showing heated and decay. 1.50-00;
California White Rose. U S No. 1. 2.10
25: old stock steady, supplies nght. de
mand light; sacked, per cwt.. Idaho Rus
set Burbanks. U. S No. 1. 2.05: Wash
ington Russet Burbanks. combination
grade. 1.80.
FOBEIGN EXCHANGES.
NEW YORK. June 14 OP).—A weakening
tendency ol major European currencies
in terms of the dollar was evident in
foreign exchange dealings today.
At the same time the continued fear
of currency revaluations was high-lighted
by the largest demand for gold in the
London free market seen thus far in the
An exception in the down drift of lead
ing monies was a gain of .03 of a cent
in the Swiss franc, explained in banking
circles as due to the underlying stability
of the Swiss exchange
Sterling dipped % of a pent and the
French franc .00% of a cent. Guilders
lost .04 of a cent and the belga .01 of a
cent.
Noon rates follow: Great Britain in
dollars, others in cents. Great Britain,
demand. 4.0641: cables. 4.9Ha4: 00-day
bills, 4.96: France, demand 2.78,*,: cables.
2.78,*.; Italy, demand. 5.26%; ' cables,
5.26%.
Demands—Belgium 16.98: Germany.
40.35: benevolent. 20.95: travel. 23.45;
Holland. 55.46: Norway. 24.96%; Sweden.
25.61%: Denmark. 22.18: Finland. 2.20;
Switzerland. 22.94: Spain unquoted: Por
tugal. gd.51%: Greece. .91: Poland. 18.90:
Czechoslovakia. 3.47%: Yugoslavia. 2.35:
Austria unquoted: Hungary. 19.85: Ru
mania. .75: Aiwentina. .33.1 In Brazil
ffree). 5 90n: Tokio. 28.97: Shanghai.
18.15: Hongkone. 30.96: Mexico City.
22.00n: Montreal in New York. 98.78%;
New York in Montreal, 101.21%. n Nomi
nal.
SHORT-TERM SECURITIES.
(Reported by ffcnith, Barney & Co.)
Bid. Oder.
Amer Tel ft Tel 5%s 1943._ 113% 113%
Auburn Auto Co 4%s 1939 _ 15% 17%
Austin ft Northwest os 1941. 77
Baldwin Loco Works os 1940. 99% 100 '
Calif Packing Corn 5s 1940. 101% 101%
Central Foundry 6s 1941 95 96
Chesa ft Ohio Rwy 6s 1939. 108% 104
Container Corp fts 1943 . 89 90
Suba North Rwys 5%s 1942. 32% 32%
ela ft Hudson 4s 1943 . 31% 32
Edison Elec Ilium 4s 1939. 101% 102%
General Pub Sent 8%s 1939.* 96 98%
Houston Oil 5%s 1940 _102% 103
Illinois Steel 4%s 1940 . 106% 106%
Inter Merc Marine 6s 1941. 38 40
Inter Tel ft Tel 4%a 1939.. 93% 93%
Laclede Gas Light 5s 1939 . 80% 81%
Lake Erie ft West 5a 1941. 50 90
Lehigh Val Term Ry 5a 1941. 40 45
Louts ft Nash RR 4a 1940. 100% 100s,
Michigan Cent RR 4a 1940 70 04%
Midland RR'of N J 5a 1940. 15% 17%
Milw ft North RR 4%s 1939. 20 52
New York Tel Co 4%s 1939. 105% 105%
Pennsylvania Co 3%s 1941 99 103
Penn-Dixle Cement 6s 1941 _ 841, 86
Penna RR Co 4s 1943 106 107
Phila Balt ft Wash 4s 1943 107V, 108%
Rio Grande Western 4s 1939 33 34
Term RR Er St L 4%s 1939 . 104 104%
Texas ft N Orleans 5s 1943. 81 %
Vanadium Corp 5s 1941.. 85% 90%
Warner Bras 6s 1939 . 68 69
Western N Y A Pa 4s 1943. 101% 104%
White Sew Machine 6s 1940. 98% 100%
RUBBER FUTURES.
NEW YORK. June 14 I/Pi.—Crude rub
ber futures opened 9 higher to 8 lower.
July, 11.85; September, 11.97; December.
12.13-18.
i
Employment Changes Reviewed
Trends in Durable and Non-Durable Goods Industries Shown.
**“ 1923-1925” 100
»20|----------|-J-——-r----rt?0
100 ^ ^^^ ^~\\a-1\Nf> - 00
70 Indexes of Employment m tke Durab e end'. . ”_/\ f__3 yn
Nondurable Good* Group* ' V . J \g
' ■ ■' Durable Good* Group \ I
......Nondurable Goods Group ** ^ ———- 50
401___1-S-1—_1--1-1 J- 1,11^
1923 24 25 76 '27 78 79 *30 31 32 '33 34 35 36 37 35
SOURCE OF OW&elAi DATA: U. S. RUREAU O* LAIO# STATISTICS . . -y fr/C,/
CONDITIONS FAVOR
FINANCING PLANS
Some Borrowers Advised
3 Per Cent Bonds Can
Be Marketed.
By the Associated Pres*.
NEW YORK, June 14.—Gossip on
money market conditions is hearten
ing to corporations of good credit
ratings which are awaiting favorable
"spots” for placement of new security
issues.
Some prospective borrowers were
said to have been told by their bank
ers the market would be receptive to
bonds with a 3 per cent coupon if
they otherwise met the requirements
of buyers.
Since the capital market began to
stir again about a month ago after a
year of inaction upwards of $200,000 -
000 of corporate bonds were marketed 1
in highly successful fashion, accord
ing to the underwriters.
A substantial majority, including
United States Steel Corp.’s $100,000.
000 debenture issue, carried a 3', per
cent interest rate. One or two Issues
were mortgage 3’*s. They were avidly
taken by dealers and investors.
Absorption of these investments did
not cause any perceptible slackening j
in the rise of idle bank funds, and '
market watchers think the reservoir j
of investment money will continue to ,
the spillover stage as a result of the
credit expansion steps taken by the
Federal Government last April.
Bank Reserves Saar.
The rapid accumulation of bank
reserves is bound, as some see it. to
put a little pressure on the already
low-term interest rates. Moody’s In
vestment Service refers to it as ‘‘a
great squeeze downward” on money
rates, well exemplified by conditions
governing interest terms on Treasury
bills.
“For all practical purposes.” says
the Moody survey, “yield on Treasury
bills has ceased to exist and short
term notes have come to have attrac
tion, as compared with cash only as
a speculation on rights on future new
offerings. * • • Easy money in this
field may be said to have become vir
tually to mean 'free money,’ a
phenomenon not previously known.”
It is on this picture of redundant
credit supply that banking and under
writing circles predicate the sugges
tion "good name” corporate borrowers
could finance themselves on a 3 per
cent basis through the medium of
long-term bond issues.
The present era of easy money was
marked by a brief period in which
the market showed willingness to
absorb 3 per cent bond issues. That
was two years ago. It ended with a
decline in prices of high-grade bonds.
Effect la Uncertain.
Whether industry Ups the capital
market in a big way, as many expect,
or just moderately, there is no indi
cation now it will meet with any im
portant competition from those who
use borrowed money for speculation.
Credit at work in the stock market
has also been under a squeeze for a
long time as a result of steady con
traction of trading. At the end of
May collateral borrowings of New
York Stock Exchange members, a good
index of the speculative credit posi
tion, toUled $459,363,000. This was
the lowest since records have been
compiled, with the exception of some
months in 1933 and 1933.
It was in marked contrast with the
boom period, especially in the frenzied
days which ushered in the 1939 col
lapse. In October of that year
brokers’ loans reached unprecedented
heights—more than eight and a half
billion dollars.
While this huge amount of credit
was being drawn into the speculative
vortex interest rates were high and
still mounting, and business borrow
ers were heard to complain of having
to bid for credit against speculative
forces. This was particularly true in
1929, when the call-money rate on the
stock exchange got as high as 20 per
cent.
$2,468,000 TENNESSEE
BOND ISSUE OFFERED
Special Dispatch to The Star.
NEW YORK, June 14.—A banking
group headed by Halsey, Stuart &
Co., Inc., and including Bancamerica
Blair Corp., Hemphill, Noyes A Co.,
E. H. Rollins A Sons. Inc.; Kelley,
Richardson A Co., Inc.; Morse Bros.
A Co, Inc.; Ward, Sterne A Co. of
Birmingham, Schmidt. Poole A Co.
of Philadelphia, J. C. Bradford A Co.
of Nashville and Piper, Jaffray A
Hopwood of Minneapolis is offering
$2,468,000 State of Tennessee 2% per
cent bonds, due $401,000 December 1,
1948, and $2,067,000 December 1, 1949.
The bonds maturing 1948 are priced
to yield 2.50 per cent and those ma
turing in 1949 to yield 2.60 per cent.
The bankers regard the bonds as
legal investment for savings banks in
New York, Massachusetts and Con
necticut.
CONSOLIDATED MINING
VOTES 50-CENT EXTRA
By the Associated Press.
MONTREAL, June 14.—Directors of
Consolidated Mining & Smelting Co.
yesterday declared an extra dividend
of 50 cents, together with the regular
semi-annual dividend of 50 cents, on
capital stock, payable July 15 to hold
ers of record June 20. On July 15 last
year company made an extra payment
of $1 a capital share.
Jersey Standard
To Register Large
Debenture Issue
By the Associated ness.
NEW YORK, June 14.—It was re
ported in financial circles today that
an $85,000,000 debenture issue of the
Standard Oil Co. of New Jersey would
be registered with the Securities and
Exchange Commission at an early date,
possibly tomorrow.
Such a step was forecast by W. S.
Parish, president of the company, at
the annual meeting about a week ago,
when, in answer to a stockholder's
question, he said the company "was
not long on cash."
MI BILL SENT
10 IK HOUSE
President Has Been Seeking
Methods of Disposing
of 1938 Crop.
Bv the A.siiociAted Press.
A bill to regulate next year’* wheat
acreage was sent today to President
Roosevelt, who has been studying
methods of disposing of part of the
large 1938 crop.
Both the Senate and House ap
proved legislation yesterday fixing the
1939 acreage under the crop control
law at not less than 55.000.000 acres,
compared with 79,000.000 acres this
year.
Congressional farm leaders told
their colleagues that unless the floor
were fixed a complicated formula in
the law would compel the Agriculture
Department to fix the 1939 acreage
at about 44.000,000 acres, much less
than normal.
Representative Lamneck, Democrat,
of Ohio, told the House:
"This proves our farm program
hasn't worked in practice. I still think
the agricultural program is a cock
eyed proposition.”
The Agriculture Department fore
; cast Friday that the current wheat
crop would be 1.020.633,000 bushels—
| the largest an record. The closest
approach was in 1915. when farmers
harvested 1.008,637.000 bushels.
Reports have come from the South
west. however, indicating rust and
other unexpected damage may reduce
the yield.
The prospective record crop promp
i ted President Roosevelt Saturday to
discuss with Secretary of Agriculture
Wallace and Assistant Secretary of
State Sayre the possibility of dis
posing of a surplus of perhaps 500,
000.000 bushels.
Later the President ordered a sur
I vey of world wheat supply conditions.
I but it was not learned whether the
i inquiry would lead to special methods
of selling the surplus abroad.
Chairman Jones of the House Agri
culture Committee suggested that
Secretary Wallace use part of a spe
: cial $100,000,000 fund set aside in the
crop-control bill to meet the unprece
dented situation.
The money, equal to 30 per cent
of the Government's tariff receipts, is
intended to help the Government dis
pose of crop surpluses either at home
or abroad.
Washington Exchange
SALES.
Real Estate Mortgage * Guaranty pfd.
—*1,000 at 43i.
AFTER CALL.
Capital Transit Co.—8 at 8 >4, 2 at 8^.
Potomac Electric Power 5*4% pfd.—
8 at 113H. 2 at 113.
Bid and Asked Prices.
BONDS.
PUBLIC UTILITY
Anacostia A Pot. 5s _ 69' 66*'
Ana A Pot. Guar. 5s_108
CAP. Tel. ol Va 5s _107
Cap. Traction R R. 6s_ 81
City A Suburban os _ 59 85
Georgetown Gas 1st 5s_113
Pot. Elec. Pow. 3V»S_ 105 107%
Wash. Gas 5* 1958_108 107
Wash. Gas 6s I960 _116%
Wash. Rwy. A Elec. 4s 107 _
MISCELLANEOUS
Chevy Chase Club 1st 4V«s. 104
Col. Country Club 1st 4V«s 103 _
STOCKS.
PUBLIC UTILITY
Amer Tel. A Tel. (9)_*129% _
Capital Transit Co._ 8% 9%
N. & W. Steamboat (6) 60 80
Pot El Pow 6«5. old (6) 113
Pot. El. Pwr 6%% pfd (5 50) 113 ,
Wash. Gaa 14. new (1.20) er 20'4 25
Wash. Gas pfd. (4.60) 97% 100
Wash. Ry A El. com («36> 586 _
Wash. Ry A El. pfd. (5)_110% _
BANK AND TRUST COMPANY.
Amer. Sec. A Trait Co. (e8) 240 250
Bank of Betheada (.75)_ 25 30
Capital (4)_m 140
Com. A Sayings (elO)_230
Liberty (5) _150 160
Lincoln (f5) 190
Natl. Sav. A Tr_ 209 220
Pr. Georges Bk. A Tr. (.80) 17 25
Riggs (e8)7 265 285
Rlgss pfd. (5) _102 _
Washington (6) 125 „
Wash, loan A Tr (e8)__ 228 * 240
FIRE INSURANCE
American 06) _115 _
Firemen's (1.20). ___ 28 _
National Union (.75)_ 15 _
TITLE INSURANCE.
Columbia (k.30)_ 12
Real Estate <m6>_ 165 190
MISCELLANEOUS
Carpel Corp 02.00) _ 21
Lanston Monotype (4)_ 50 62
Line. Sery. com. (hi.00) 18% 22%
Line. Serv. prior pfd. (3.60 >- 50
Mergenthaler Lino . 18% 22
Peoples Dr. St. com. 01.00) *24 30
Peoples Dr St. old (6.50) *110
Real Est. M. A G. pfd. (.50) *4% 5
Security Storaxe (5). 108 125
Ter Ref. A Wh. Corp (3) 66 80
, Wdwd. A Loth. com. 01.50) 50 68
Wdwd A Lothrop pfd (7)-- 115 _
*• Ex dividend
tPlus extras, a 2% extra, f 2%% ex
tra. h 7Se extra, t S14 extra paid No
vember 30. 1937. k 30c extra, m S3 extra.
1 er Ex rights.
I
Long-Term Co-ordination of
Plant Expansion Will
Be Sought.
Ey the Associated Press.
RICHMOND. Va„ June 14—State
Corporation Commissioner Thomas
Ozlin said yesterday that the com
mission will call a conference of
utility executives of Virginia to dis
cuss possibilities of a long-range plan
for power developments.
Such a course was recommended
in May by Allen Saville and Leonard
Blackburn, engineers, in a report of
a power survey made for thrf com
mission over a period of many months.
The engineers, in suggesting some
co-ordination of utility expansion
plans, particularly mentioned the Vir
ginia Public Service, the Virginia Elec
tric A Power and the Appalachian
companies.
Ozlin said, however, that other com
panies—including the Northern Vir
ginia and the East Coast—would be
invited to the conference.
Under the plan as Ozlin considered
it one utility might wish or be per
suaded to purchase available excess
power from another company in lieu
of constructing another generating
unit.
Saville and Blackburn asserted that
"it is evident that each of the com
panies in Virginia will have a problem
in the next 10 years as to sources
of additional power.
"If eaclf company solves its own
problems without particular reference
to what is being done by the others,
there might develop conceivably a
situation where each of the com
panies had. say. 30 per cent excess
or reserve capacity; whereas if all of
the companies were considered to
gether with the already built trans
mission lines used, it would not be
necessary to build all this plant at
the same time.’’
Ozlin said he believed that the
public would gain through this quasi
curtailment of new plants and equip
ment, which necessarily figure in rates.
No definite time has been set for
the conference, but it may be held
within a week or 10 days the com
missioner said.
B. & 0. LOADINGS GAIN
MODERATELY IN WEEK
Special Dispatch to The Star.
BALTIMORE. June 14.—Carioadings
on the Baltimore & Ohio Railroad for
the week ended June 11 totaled 35,160.
comprising 21,692 cars loaded on line
and 13.468 received from connections.
For the same week last year the
total was 52.263. consisting of 34.757
cars loaded on line and 17,506 received
from connections; while for the same
week of the year 1930 the total was
66.233, including 43.508 cars loaded on
line and 22,725 received from connec
tions.
During the previous week of this
year (the week ended June 4>. total
loads were 32.139, of which 19,952 cars
were loaded on line and 12,187 received
from connections.
SAFETY STRESSED
IN BANKREVIEW
Maryland Commissioner
Cites Slump in Securities
During 1937.
By the Associated Pres*.
BALTIMORE, June 14 —State Bank
Commissioner Warren F. Sterling as
serted in his annual report yesterday
that "declining security markets dur
ing 1937 have specifically brought to
our attention the absolute necessity of
an investment program involving the
safety of the principal invested, re
gardless of the income returned
thereon.”
Sterling informed Gov. Harry W.
Nice the recession in business “has
not seriously affected the general
banking structure of this State.” based
on conditions as of December 31.
1937.
Declining security markets, he said,
showed clearly the "fallacy of any in
stitution investing its funds in low
grade securities for the purpose of se
curing higher yields.”
An "adequate capital structure"
must be maintained in the State’s
banking picture, he warned, because
of the wide fluctuation in the invest
ment market.
"This means.” he said, "that our
institutions must curtail their divi
dend payments in order that their
net earnings may be applied to their
capital accounts * *
Sterling said the advent of deposit
insurance, through the medium of
the Federal Deposit Insurance Corp.,
"has not in any great degree simpli
fied the task of banking supervision,”
but has enabled the State "to sim
plify and strengthen the capital struc
ture of some of our institutions.”
"I believe,” he added, "there is an
absolute necessity for the Govern
* raent to encourage the business leaders
1 °f this country to co-operate in their
| several fields of endeavor if we are
to preserve the important gains which
| have been realized in the strength
i ening of our general banking structure
.since the late depression of 1930-32"
Maryland's 121 State banks and
! trust companies and their branches
had total resources of $324,200.522 40
| at the end of 1937. The 12 mutual
savings institutions and their branches
j had resources of *249.068.459.06.
INERIM DIVIDEND VOTED.
NEW YORK, June 14 (Special).—
Directors of the Cleveland Graphite
Bronze Co. today declared an interim
dividend of 25 cents per share on the
common stock, payable June 30 to
stockholders of record June 23.
ipeciaRsf**^^:::::::::
for Business Records^ : ■
and Equipment > ; ■
FILES 1|
STEEL & WOOD
cUte
^aicottlaylorCali
MILLS BLDG
MEtro. 5846
I Property Management
>2* jess:
3ft UT your apartment house
"1^ and residential properties
under the experienced rare of
our Property Management De
partment and spare yourself all
worry with details.
B. F. SAUL CO.
925 15th St. Natl. 2100
Mortgage Loans
5% HOME LOANS 5%
District of Columbia, Nearby Maryland and
Virginia—3 to 15 Years
also
MONTHLY PAYMENT LOANS
AT $6.60, $7.50, $8.00 and $10.00 PER MONTH PER THOUSAND.
INCLUDING INTEREST AND PRINCIPAL
Other Lams Payable Quarterly or Semi-auuually'
F. H. A. INSURED MORTGAGES
Randall H. Hagner & Company
fNCOBBOBATCD
Mobtoaob loan cyu—hw—«rr
^nauranee^S<m^etmy%
1321 Connecticut Avenue N.W. Telephone Decatur 3600
Monthly Payment
REAL ESTATE
LOANS
On Improved Property
INTEREST
No Renewals
Consult Real Estate Department
American Security
AND TRUST COMPANY
MAIN office: Fifteenth St. and Pennsylvania Ava.
Branch Office*
7th and Mass. Ave., N. W. Seventh and E St, S. W.
Eighth and H Sts, N. E. 1140 Fifteenth St, N. V.

Evening star. [volume], June 14, 1938, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], June 14, 1938, Page A-15, Image 15 About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], June 14, 1938, Page A-15, Image 15
About Evening star. [volume] (Washington, D.C.) 1854-1972