Insurance Partners Dissolve Concern After 18 Years Payne and Lee Will Operate Own Firms In Future By EDWARD C. STONE. Lewis A. Payne, for the past 18 years a partner of Ralph W. Lee & Co., Insurance, today announced j the dissolution of that company I tnrougn mutual consent with Ralph W. Lee, sr. At the same time, Mr. Payne announced the formation of a : new insurance firm to be known as Lewis A. Payne & Co., with offices in the Investment g Building. T h e 1 firm of Ralph I W. Lee A: Co. § win conn nue business without Lewis A. Payne, any change in name. in forming his new company, Mr. Payne announced that a number of his associates would accompany him. These include David H. King, Mrs. F. Evelyn Oliver. Miss Virginia C. Busch, Miss Marie O'Connor, Miss Dorothy Wickline and Mrs. Mary M. McConnell. Mr. Payne, born at Allen Fresh, Charles County. Md„ came to Washington at the age of 4 years. Graduating from St. John's Col lege in 1904, he took his first posi tion with John F. Donohoe & Sons in real estate. After 15 months, he went to Tyler & Rutherford, Inc., and in 1906 joined Ralph W. Lee in the insurance business. Later he was taken in as a partner. He is a graduate of Georgetown University Law School, a member of the University, Columbia Coun try. National Press, and Cosmopoli tan Clubs. Baby Bonds in Lively Demand. The Treasury Department reports that $19 421.145 of savings bonds was sold during the first 12 days of September, compared with $14,206. 049 during the same period of last year. Redemptions of these baby bonds during the first 12 days of the month amounted to $4,066,865, compared with $2,632,264 during the corre sponding period last year. The Treasury pointed out the redemptions early this month amounted to 0.2 per cent of total savings bonds outstanding on Au gust 31. which is on a level with redemptions during the same period of last year as compared with bonds outstanding. Bank Slork Listings l rged. W. W. Mackall, jr.. president of the Washington Stock Exchange, has received a letter from George P. Rea. president of the New York Curb Exchange, pointing out the advantages of listing on the big exchanges bank and insurance com pany stocks. On both regional and metropolitan exchanges there is a maximum of protection under the Securities Exchange Act, he says. Mr. Rea has sent letters to 17 New York banks and 45 insurance companies urging them to give the listing question careful consider ation. His efforts, of course, are to increase the listings on the curb. Many Washington bank stocks are listed on the Washington exchange, but none are at present listed in New York. Sharp Drop in Foreclosures. July real estate foreclosures on other than farm properties declined 5.9 per cent from June this year and 2.4 per cent from July last year, officials of the Federal Home Loan Bank Board said today. Delaware, Pennsylvania and West Virginia, comprising the district of the Federal Home Loan Bank of Pittsburgh, reported an 18.6 per cent decrease from July, 1938, the largest relative drop m number of foreclos ures in the 12 Federal Home Loan Bank districts. The W'inston-Salem bank area, including the seven Southeastern States and the Dis trict of Columbia, followed with a 17.7 per cent reduction. Increases were recorded in five districts, the largest, 21.9 per cent, being in the Chicago district of Illinois and Wisconsin. Banks Purchase Governments. The first statistics of banking conditions during the initial stages of the war crisis have been released. While a portion of the data, says Fitch's Weekly Review, was infla tionary in nature, there also was evidence of support for the present basic structure of easy money. Most significant was the fact that New York banks purchased $6,000. 000 of long-term Government secu rities at the outbreak of the war, and that banks in 100 other cities sold the relatively small amount of $19 - 000.000. This indicates that the liquidation movement did not find its origin in the banking system, but came from other sources to the greater degree. Apparently, banks have not deemed it expedient to strengthen their reserves at this time, the re view concludes. Heard in Financial District. Washington Gas Light common etock came to light on the Wash ington exchange again yesterday when three 10-share sales were re corded at 27V The market closed Wdth 27*4 bid and 28*i asked. Carpel Corp. stock sold at 28 dur ing the same session and a small lot of Lanston Monotype moved at 46 v The exchange has recently been slightly more active. Holders have received word that the General Tire & Rubber Co. has declared the regular quarterly divi dend of $1.50 per share on the pre ferred stock, payable September 30. Edward J. Noble, Undersecretary of Commerce, will address the San Francisco session of the American Institute of Accountants next week. Several other Government officials ere also on the program. Exchange Transactions Resumed by Bolivia Bs the Associated Press. The Commerce Department has received word from the American Embassy at La Paz that Bolivia has resumed foreign currency exchange transactions on a limited basis, after a temporary suspension following outbreak of the European war. The department also received word from Managua that Nicaragua has tightened up its existing system for controlling foreign exchange for payments of imports. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE w am mm m m m ' — - « By Private Wire Direct to The Star. Prev. 19.19 Stock and Sales— Met Hich Low Dividend Rate Add 00 Hith Low. Close, chae 1414 120 Abbott Lab pf 4.50. 20s 140 140 140 -24 504 314 Acme Steel (2)_ 2 49 484 484 -2 114 64 A(\ams Exp (.lOg)_. 7 104 104 104 — H 25 19 Adams-Millis ,75g.. 2 23 23 23 274 154 Addressog’pb 1.40.. 1 18 18 18—4 674 45V* Air Reduction!la.' . 11 644 64 644 -14 10 64 Alaska Juneau .<5g. 2 64 64 64 14 4 Allegnanv _ 32 14 14 14 144 54 Alleghanv $30 ww 28 144 134 14 — 4 134 44 Allegh’y $40 pf ww. 4 124 114 114— 4 124 44 Alleghanv pf xw .. 2 124 124 124 + 4 284 14 AIleg-Ludlum Steel 26 25 244 244 - 4 114 64 Allen Indust .25g... 1 84 84 84 2004 1514 Allied Chemical (6) 5 194 194 194 -3 164 94 Allied Mills (,75g). 1 134 134 134+4 114 6 Allied Stores . 1 94 94 94 71 544 Allied Stores nf (5) 1 62 62 62 + 4 484 28 AUis-Chalm .75g .. 6 45 44 44 -IV, 194 124 Alph Port Cmt ,75g 2 154 154 154 - 4 34 14 Amalg Leather_ 2 24 24 24 —4 744 50 Amerada (2) 2 71 69’•> 694 —14 244 16 Am AgCh Del (lg). 4 23 224 224 + 4 36V* 164 Am Airlines _ 6 314 314 314 - 4 174 94 Am Bank Note ,20g 7 15 144 15 -4 60 494 Am Bank N nf (3) 30s 504 50 50 544 314 Am Brake Shoe .75g 6 49 48 48 —1 1164 834 Am Can < 4) 4 1104 110 1104 -14 35 164 Am Car & Foundry. 22 33 314 324 —14 55 304 Am Car & Fdry pf.. 2 50 494 494 “IV* 244 134 Am Chain & C ,55g.. 10 234 23 23 -1 84 5 Am Colortype _ 3 64 6 6 —4 114 54 Am Corne l Alcohol. 7 10 84 94 -4 184 64 Am Crystal Sugar.. 2 15 144 15 +4 54 24 Am Encaustic Til.. 5 34 34 34 - 4 6 44 Am European Sec_ 2 64 64 64 + 4 34 2 Am & Foreign Fwr. 5 24 24 24 — 4 194 10 Am & Foi-n P $6 pf. 3 174 17 174 -4 244 124 Am & For'n P $7 pf. 5 224 22 224 94 5 Am & For’n P 2d pf. 3 84 84 84 + V* 33 12 Am Hawa’n SS (1). It 284 274 28 -14 8 24 Am Hide & Leather 22 74 7 74 -4 434 254 Am Hide & L nf (3) 1 404 404 404 -4 55 414 Am Home Prod 2.40 3 494 49 49 — Vi 34 14 Am Ice .. 1 24 24 24 + 4 9 34 Am International.. 11 74 74 74 — 4 204 13 Am Locomotive . 11 24 23 234 — 4 794 41 Am Locomotive pf. 1 70 70 70 +14 154 11 Am Mach & Fy .80.. 21 144 134 14 - 4 44 24 Am Mach & Metals. 1 34 34 34 — 4 404 254 Am Metal (,50g)... 9 264 254 26 + V* 7 34 Am Power & Light 59 54 5V* 54 + 4 45 28 Am P&L $5 pf 2.50k 15 384 374 384 +14 504 32 Am P&L $6 pf (3k). 4 444 434 444 +14 184 84 Am Radiator 68 114 11 114- 4 162 140 Am Radiator pf (7) IDs 145 145 145 -(3 224 114 Am Rolling Mills 34 214 20 4 204 - 4 80 50 Am Roll M pf 1.25k. 1 764 764 764 - 4 154 114 Am Safetv Raz 1.20 3 124 124 124 +4 20 9 Am Seating i.50e) . 3 12V* 12 124 — 4 464 254 Am Shlpbuild'g (2) 360s 414 404 41 -2 6,1 354 Am Smelt & R 1.60g 49 58 56 564 -2 41 204 Am Steel Foundry. 23 36 344 354 — 4 144 84 Am Stores (.26g>... 4 12 12 12 344 154 Am Sugar Refining- 3 274 274 274 — Vi 1704 148 Am Tel & Teleg (9) 12 163 1624 1624 + 4 874 71 Am Tobacco (6) ... 2 784 78 78 - 4 894 754 Am Tobacco (B)(5) 3 794 79 79 - V* 84 44 Am Type Founders 6 6 54 54 — 4 144 -84 Am Water Works.. 291 134 124 134 + 4 144 34 Am Woolen _ 65 144 134 144 - 4; 624 284 Am Woolen of_ 39 644 604 62 - 4 12 4 Am Zinc 51 94 84 9 — V< j 54:« 35 Anaconda Wire & C 1 494 494 494 + 4 274 134 Anchor Hoc G1 30g. 1 23 23 23 - 4 37 21 Areh-Dan-Mid .75g_ 1 35 35 35 —1 84 34 Armour (111) 64 64 64 64 - 4 60 334 Armour (ill) prof. 3 484 464 464 —24 ! 68 314 Armstr’e Cork .75g. 13 364 354 364 — 4 13 74 Arnold Const 625g. 1 10 10 10 — 4 104 54 Artloom Corp __ 1 84 84 84 — 4 104 54 Assoc Dry Goods .. 12 8*4 84 84 - 4 424 21 Atch Top & S F 27 304 284 294 -14 71 60 Alch T&SF pf 3.50s 2 60 594 60 304 15 Atl Coast Line _ 19 224 21 214 — Is I 264 54 Atl Gulf & W Ind... 6 214 20 4 21 -14 I .44 184 Atl Refining (1) .. 13 234 23 234 + 4 94 7 Atlas Corp (,25g) 5 84 84 84 — 4 71 50 Atlas Powder 1.50g. 1 66 66 66 —1 54 14 Auburn Auto (r)_ 1 34 34 34 34 2 Austin .Nichols_ 1 24 24 24 — 4 84 34 Aviation Com 91 64 6 64 — 4 194 94 Baldwin Loco ctfs . 59 174 174 174 — 4 84 34 Balto & Ohio _ 66 84 74 74 - 4 104 4 » Balto & Ohio pf 11 9 84 84 — 4 874 65 Bangor & Ar pf (5). 50s 694 694 694 — 4 214 10*» Barber Asphalt_ 6 144 144 144 — 4 194 114 Barnsdall (1) 18 164 164 164 254 154 Bavuk Cigar (.75).. 1 214 214 214 28 17 Beatrice Cre (la).. 1 244 244 244 + 4 94 74 Belding-Hem (.70). 1 84 84 84 314 164 Bendix Aviat'n ,50g 48 304 294 304 - 4 214 177* Beneficial L‘n 1.35g) 2 184 184 184 — 4 574 32 Best & Co (1 60a).. 1 38 * 384 38'*- 4 100 504 Beth Steel (.60g).._ 219 914 884 904 -2 184 154 Beth Stl 6% pf (1). 4 174 174 177* 274 157* Bigelow-Sanford 1 254 254 254 — 4 234 14 Black & Decker (1) 1 23 23 23 -4 174 84 Blaw-Knox 9 15 144 144 — 4 234 144 Bl’mlngdale ,5625g_ 20s 154 154 154 -14 34*4 164 Boeing Airplane .. 21 264 264 264 — 7* 28’* 16 Bon Alum & B .Tog. 3 26 25 25 -2 117 1004 Bon Ami (A) (4a) . 30s 102 102 102 +1 594 51 Bon Ami (B) 2.50a. 20s 574 574 574 — 4 22 124 Eond Stores (.80).. 1 17 17 17 - 4 22 164 Borden Co <.90g)... 31 22 214 22 +4 32 184 Borg-Warner ,75g_ 31 264 254 254 — 4! 44 1*2 Boston & Maine_ 3 34 34 34 — 4 74 54 Brewing Corp .60g.. 1 54 54 54 157* 74 Bridgeport Brass.. 11 144 14 144 — 4 314 164 Briggs Mfg (lg)._. 19 234 234 234 -4 53 414 Bristol-Myers 2.40. 3 454 454 454 + 4 144 74 Bklyn-Man Transit 14 12 114 12 484 27 Bklyn-Man Tran pf 7 42 414 414 — 4 134 54 Bklvn & (Jueens pf 1 11 11 11 304 134 Bklyn Un Gas .25g_ 53 264 244 254 194 94 Brunswick-B 1.25g. 9 174 164 17 - V, 134 7 Bucyrus-Erle_ 7 9*2 94 94 — 4 8 4 Budd Mfg _ 19 64 64 64- 4 554 294 Budd Mfg pf_ 180s 464 46 464 +4 54 3 Budd Wheel _ 6 44 44 44 34'4 214 Bulova Watch (2)_. 2 27 27 27 -4 194 ll'g Burltngt’n Mills (1) 5 19 184 19 -4 184 11 Burr's Add M .30g._ ]6 134 13 13 - 4 74 1 Bush Terminal_ 28 6 4 6 4 54 — 4 94 54 Butler Bros .lag.... 4 7** 74 74 — 4 234 184 Butler Bros pf 1.60. 2 204 204 204 -4 64 2*2 Butte Copper_ 7 54 54 54 — 4 ‘ 134 7 Byers 4 108 107 107 —1 122% 112 Monsanto pf B 4.50 100s 115% 115 115 55% 40% Montgom W'd 1.25g 29 54% 53% 53% -1% 47 31% Morrell A Co 1.50g . 2 45% 44 44 -3 37% 22% Morris A Es (3.875) 80s 33 32 32%+% 19 9% Motor Product* _ 6 15% 15% 15% — % 16% 10 Motor Wheel (1.60) 5 16 15% 15% - % 30 16% Mueller Bras.40g_ 7 27% 27% 27% - % j 7% 3% Mullins Mfg (B)_ 5 5% 5% 5% - % 14% 9 Munslngwear_ 1 12% 12% 12% — % j 9% 4 Murray Corp _ 6 6% 6 6% — % 51 43% Myers(FE) (2.25g). 1 46% 46% 46% 9% 5% Nasb-Kelvtnator... 12 6% 6% 6% — %! 18% 7% Natl Acme .. 7 17 16% 17 — % 14% 7% Natl Aviation 60g.. 5 13 12% 13 + % 28% 21% Natl Biscuit 1.20B-- 60 23% 22% 23%+% 26% 14% Natl Cash Reg <11 13 18% 18 18 -% 13% 8% Natl Cyl Gas (.35g) 19 14 13% 13%+% 18% 12% Nat Dairy (,60b) - 6 15% 15% 15% — % 117% 111 Natl Dairy pf A(7). 10s 111% 111% 111% 114 107 Natl Dairy pf B(7). 60s 110 110 110 +2 8% 4% Natl Dept Stores _ 17 7 7 28% 20% Natl Distillers (2). 19 23% 23 23%-% 16% 8% Natl Gypsum 22 10% 10% 10% 106 81 Natl Gvps m pf 4.50 1 84 84 81 -1 27% 17% Natl Lead (.60) . 9 23% 23% 23% - % 29% 14% Natl Malleable StI.. 6 28% 27'. 27% -1% 10 6% Natl Pwr A L ( 60). 90 9% 8% 9 +% 82 52 Natl Steel (1.20g) 3 78% 78% 78% -1 15% 5% Nall Supply .. 16 13% 12% 12% — % 20 10 Natl Supply S2 pf_. 1 16% 16% 16% — % 11% 8% Natomas(.IO)_ 1 8% 8% 8% + % 17% 8% Newport Indue 32 16% 15% 16'. — % 51 27 N Y Air Brake 50g. 4 48% 46% 46% -3 22% 11% NY Central - 221 19% 19% 19%-% 23% 10% N Y Chi A St L .. 4 19 18% 18%-% 38 18% N Y Chi A St L. Df 6 31 32% 32% -1% 43% 30 N Y C Omnibus (3a) 4 31 31 31 - % 10% 1% N Y Dock _ 120s 7% 7% 7% - % 15% 4% N Y Dock Df_ 70s 11 10% 10% - % 1% % N Y N H A H (r»_ 18 1% 1% 1% 4% 2 NYNHAHpf (r) 3 4% 4% 4% - % 1% % N Y Ont A Wn (r)„ 6 1% 1% 1% 17 8% N Y Shipbuilding.. 7 15 14% 14% - % 89% 70 N Y Shipbldg pf 20s 85 85 85 113 103t* Norfolk A W pr (41 50s 104% 104% 104% +1 21% 12% North Am Avia.40g 100 20% 19% 20 - % 26% 18% North Am Co(.90e> 112 22% 22% 22% + % 59 50% No Am 6%%pf 2.875 4 52% 51% 52%*- % 59% 52% North Am 618 pf<3) 1 54% 54% 54% + % 14% 7 Northern Pacific 21 10'. 10% 10% — % 112% 100 Nor’n St» Pw pf<6) 1 100% 100% 100% + % 5% 2% Norwalk Tire _ 1 4% 4% 4% - % 10% 6 Ohio Oil L20e> 32 9% 9 9 - % 30 14% Oliver Farm EaulP 6 24% 23% 23% -1 20% 12 Omnibus Corp 1.20a 4 13% 13% 13% — % 8% 4% Oppenheim Coll 2 6% 6% 6% — % 27% 15% Otis Elevator!.Bog) 64 19% 18% 19 — % 16 7% Otis Steel 24 15 14% 15 70 50 Owens-Ill G1 1.60g.. 13 60% 58% 59 - % 7% 3 Pac Am Fisheries 8 6% 6% 6% 7 2% Pacific Coast _ 90s 6% 6% 6% — % 24 11% Pac Coast 1st pf_ 10s 23% 21% 23% + % 13% 3% Pac Coast 2d pf 110s 12 11% 11% — % 34% 27% Pao Gas A Elec (2) 2 30% 30% 30%+% 50% 41 Pao Lighting (I) 2 45% 45% 45% - % 21% 9V* Pac Mills 17 21% 19% 20 -1% 132 114 Pac Tel A Tel 5 25b 220s 117 116% 116%+% 156% 140 Pac T A T pf (6) .. 10s 130 130 130 32% 17 Pac Tin spl (.75g> 4 27 26 26 -3 ll1* 7% Pao Westn Ol 50e). 1 10% 10% 10-%+% 4% 3 Packard Motor 35 4% 4 4 16% 9% Pan-Am Airway*... 53 16% 15% 16% -f 1 2 % Panhandle _ 13 1% 1% 1% 60% 35 rarafflne(2) _ 1 38% 38% 38% 14% 6% Paramount (.15g) . 47 7% 7% 7% 13% 7% Param't 2d pf (.60). 5 9% 9 9 4 1% Park Utah Mines... 27 2% 2% 2% + % 47 36 Tarke Davis 1.60e_. 8 46 45 45 -1% 2% 1% Parmelee Trans- 1 1% 1% 1% + % 13% 5% Paths Film _ 9 10% 10% 10', 11% 7% Patino Mines ... 8 10% 10% 10% — % 94% 74 Tenney (JC) 2.25g.. 3 87 86 86%-% 4% % Penn Coal A Coke.. 2 3% 3% 3% - % 5% 2% Penn-Dlxle Cem 15 5 4'. 4% — % 16% 11% Penn Glass Sand ct 1 13% 13% 13% + % '.5% 15 Penn Railroadi.BOe) 47 24 23% 23% — % 40% 30% Peoples G A C 2.50g 1 37 37 37 5 2 Peoria A Eastern 1 4% 4% 4% - % 34 13% Pere Marquette pf 420s 25% 24% 25V* — % 41 21 Pere Marq nr pf IDs 31 31 31 .-I no i SC. -IS 4 r.S 441. AAU. .Ill 4 3 Phila Rap Tr pf (r) 190s 5 44 44+ 4 14 4 Phlia & R C & 1 (r). 27 4 4 4 1034 74 Philip Morris (3a). 3 834 834 834 + V. 7 24 Phillips-Jones_ 1 54 54 54 464 31V* Phillips Petrol (2). 12 444 434 44 -4 34 2 Phoenix Hosiery_ 1 34 3V* 34 + 4 12 24 Pitts Coal _ 6 84 8 84 -4 31 12 Pitts Coai pf ... 1 294 294 294 - 4 144 4 Pitts Coke & Iron.. 6 124 124 124 — 4 114 44 Pitts Screw ... 24 94 94 94 — 4 474 22 Pitts Steel pf (B).. 160s 46 45 45 -24 404 18 Pitts Steel pr pf .. 20s 394 394 394 — 4 244 124 Pitts Steel 5% pf— 10s 234 234 23V* 16 6 Pitts & W Va. 380s 144 134 144 - V. 2V* 4 Pittston Co _ 1 14 14 14 24 174 Plymouth Oil 1.40a 7 224 224 224 — 4 164 74 Poor & Co IB) 5 134 134 134 - 4 24 4 Tort R Am To A(r). 1111 4 4 Porto R Am To (B). 1 4 4 4 —4 144 6 Pressed Steel Car 43 124 12S 124 — 4 144 64 Pressed Stl C 1st pf 2 124 124 124 -4 434 18 Pressed Stl C 2d pf. 1 38 38 38 - 4 644 504 Proctor & Gam (2a) 5 624 624 624 + V* 414 314 PubSvc 1.85* 16 394 384 394 + 4 1144 1024 Pub SvcfN J)pf(5) 1 1024 1024 1024 - 4 143 129 Pub Svo (N J)pf(7) 1 130 130 130 +4 166 148 Pub Svc( N J )pf (8) 100s 150 150 150 -1 394 224 Pullman Co (.75g). 15 354 344 354 — 4 114 64 Pure Oil — _. 31 104 10V* 104 - v* 814 634 Pure Oil pf (6) — 1 774 774 774 + 4 184 104 Purity Baking 65g. 5 134 134 134 + 4 84 5 Radio Corp — 34 64 6 64 -4 674 534 Radio cv pf (3.50).. 2 58 574 574 -14 24 14 Radlo-Keith-Or (r). 3 14 14 14-4 17 64 Rayonler Inc. - 9 154 154 154 -4 244 124 Kavonier Inc pf- 1 234 234 234 - 4 184 104 Reading Co (1)- 5 174 17 17-4 254 20V* Reading 1st pf (2).. 1 244 244 244 +4 224 16 Reading 2d pf (2)— 1 22 22 22 -4 54 3 Real Silk Hose ... 2 44 44 44 +4 54 43 Real Silk Hose pf.. 20s 474 474 474 +14 144 7 Reis & Co 1st pf ... 50s 154 14V* 144 174 94 Rem Rand (,80g).. 20 134 124 124 - 4 2V* 4 Keo Motor (r)- 15 14 14 14 284 124 Republlo Steel . 220 274 26 264 - 4 81 42 Republic Stl pf (A) 2 80 79 79 —2 20V* 94 Revere Copper ... 3 164 164 164 - Vi 81 63 Revere Copper pf— 10s 84 84 84 +34 144 74 Reynolds Metals— 3 104 104 104 - V* 114 54 Reynolds Spring .. 1 8 8 8 —4 45 354 Reyn Tob (B) 1.50* 17 364 364 364 + 4 104 64 Richfield 011 5 84 84 84 —4 174 114 Roan Antelope .40g. 2 104 10 10 -14 484 274 Safeway Strs 1.7og . 12 424 414 424 +4 494 27V* St Joseph Lead .76g 14 46V* 45 45 2 4 St L-San Fr pf fr) 1 14 14 14 224 104 Savage Arms (,25g) 4 204 194 194 -14 174 10 Schenley Distillers 7 134 134 134 - 4 1 4 Schulte Retail S(r). 4 4 4 4 104 34 Schulte R S pf (r)— 1 64 64 64 -4 524 444 Scott Paper (1.60).. 1 454 454 454 + 4 1 V* Seaboard A L (r)__. 12 1 4 1 Prev. J 919 Stock and Sales— Met Hlfh. Low Dividend Rate Add 00. Hlfh. Low Close, cnee. 24% 15% Seaboard 011 (1)_ 7 23% 22% 22%-% 3% 1% Seasrave Corp 1 1% 1% 1% — % 80% 60% Sears Roebuck <*).. 13 78 77% 78 - % 18% 11% Servel Inc (la)_ 6 14% 14% 14%+% 21% 10% Sharon Steel_ 3 18% 18% 18%-% 7% 3% Sharp & Doh*ne 16 6% 6% 6% — % 50% 43 Sharp & D pf (3.60). 1 49% 49% 49%-% 11% 6% Shattuck (FGX.40) 4 7% 7% 7% 17% 9% Shell Un 011 (.26*). 14 14% 14% 14% -1% 8% 4% Silver Kin* .10* 2 8 8 8 32% 17% Simmons Co (.60*). 6 23% 23% 23%-% 29% 15% Skelly Oil (.50*)... 6 24 23% 24 -1 21 11% Smith (AO) ... 1 19 19 19 -1 17% 9% Smith&Corona,375* 1 11% 11% 11% — % 15% 10% Socony- Vac’m .60*. 54 14% 14% 14% — % 3% 1% So Am Gold (.10*) . 12 2% 2% 2% 35% 14 S Porto R Sue 1.25* 7 31% 31% 31%-% 18% 13 SEGreyh'nd 1.60*. 1 14 14 14 + % 29% 23% Southn Cal Ed 1.60a 10 25% 25% 25% + % 21% 10% Southern Pacific 41 16 15% 15% — % 23% 11% Southern Railway.. 23 18% 17% 17% — % 33% 15% Southern Rwy pr... 14 26% 26 26% — %i 3% 1% Sparks Wlthln*ton. 3 2% 2% 2% — % 8% 4% Spear & Co .. _ 3 6% 6% 6% + % 22 14% Spencer Kell .70*... 1 21 21 21 51% 36 Sperry Corp (lE)— 31 49% 48% 48% -1% 27% 11 Spicer Mf* (.50*) 3 26% 26% 26% 16% 8% Spiegel. Ino (.17*).. 34 12% 11% 11%-% 75% 60 Snleeel Inc nf 4 60 20s 66 66 66 30% 18% Square D Co (.75g). 2 27% 27 27% - W 7Vi 5% Stand Brands ,475g. 22 6% 6Vi 6% + % 108 96 Stand Br'ds pf 4.50. 3 96 95 95 4% 2V4 Stand Gaa & Elec .. 3 3% 3% 3%+% 10% 4% Stand Gas & Elec pf 36 8% 7% 8% + % 20% 10 Stand G&E *6 pr pf. 3 18% 17% 18%+*. 24% 13% Stand G&E 17 pr pf. 15 22% 21V. 22%+% 33% 24% Stand Oil Cal (la).. 9 31% 31% 31% - % 30 22% Stand Ol! Ind (1)... 10 29 28% 28% - % i 53% 38 Stand Oil N J (la).. 26 52 51% 51%-% 36 20% Starrett I. S .75g ._ 1 34 34 34 -1 79% 65 Sterling Prod(3.80) 1 74% 74% 74% - % 12% 6% Stewart-Warner_ 6 9% 9 9% — V. 7% 3% Stokely Brothers_ 4 6% 6% 6% — Vi i 17% 8% Stone & Webster—. 62 11% 11% 11%+% 9% 6% Studebaker_ 16 8% 8 8 - % 66 45% Sun 011(1)_ 7 58 57 57 - % 1281.* 119 Sun Oil pf (6) ... 40s 119 119 119 11% 7% Sunshine Min 1.20g. 15 9% 9% 9% + % 38% 19% Superheater .375g_ _ 1 29 £9 29 — % 3% 1% Superior Oil _ 23 3% 3% 3% — V. 22% 10 Superior Steel ... 4 20% 19% 19% - % 25% 17 Swift & Co (1.20)_ 27 24% 24 24 - % 37% 24% Swift inti (2) _ 9 33% 32% 32% - Vi 10% 4% Symington ww . ... 12 9 8% 8% — % 7% 4% Talcott (J) (.50g).. 1 5% 5% 5% + % 43% 35% Talcott! J )pf(Z 75). 10s 36% 36V. 36V.- 4, 6% 3% Telautograph .25*. 3 4 4 4 9% 4 Tenn Corp 8 8 7% 7% — Vi 60 , 32% Texas Corp <2) _. 45 47% 46% 46% -1% 5% 3Vi Tex Gulf Prod .10g 3 4V. 4% 4% - % 38% 26 Tex Gulf Sul (2) .. 13 36% 36% 36% - % 11% 7 Tex Pao C&O ( 40)_ 3 10 9% 9% - % 9 6% Texas Pac Ud Tr_ 3 7% 7% 7% 4% 2% Thermold _ 4 4% 4 4 — % 3 IV, Third Avenue _ 4 2s. 2% 2% 3% 3 Thompson (J R)_ 1 2% 2% 2% — Vi 29% 17 Thomp Prod 75g_ 1 27% 27% 27% -1 3*. 1% Thompson Starrett 1 2% 2% 2% 14% 9% Tide-Water AO .65g 6 13% 12% 12% - % 18% 10% Timken Det Ax .25g 9 16% 16% 16%-% 54% 34% Timkei; Roll B (lg) 2 49% 48% 48% -1 8% 5 Transamerlca (.50) 11 7% 7 7 - % 12% 6% Transcooll & W Air 2 9% 9% 9% — Vi 4% 2 Tri-Continental .. 8 3% 3% 3% 7% 3 Truax-Traer Coal.. 2 6% 6% 6% — % 26% 12 20th Century Fox . 6 14% 14V* 14% — Vi 3% 1% Twin City Rap Tr.. 3 3% 3 3% 35% 17V, Twin Citv R T pf.. 10s 28 28 28 12% 7% Twin Coach ... 15 10 9% 10 - % 4% 1% Ulen & Co . 3 2 2 2 66 34% Underw-Ell-F l.oOg 2 44 44 44 12% 6 Union Bag & Paper 11 11% 10% 11%+ % 94% 65% Union Carb (1.90g) 31 89% 88 88% -2% 19% 15V, Union Oil (Cal).80g 3 17% 17% 17%-% 104 81% Union Pacific (6 > 6 99% 99% 99%+% 23% 20V* Un Tank Car (1.20) 1 22% 22% 22% - % 46 31 Unit Aircraft!.75g) 31 43% 42% 43V* — % 13% 7% Unit Air Ulnes 12 10% 10% 10% - % 18% 14% Unit Biscuit (.75g). 3 15 15 15 + Vi 65% 52 United Carbon i3>. 1 62% 62% 62% — % 20 13% Unit-Carr F (,60g). 1 17% 17% 17%+ V. 3% 2 Unit Coro . 44 3% 3 3% + % 39% 30% Unit Corp pf 2.*0k._ 10 36 35% 36 + % 7% 4% Unit Drug 5 6% 6% 6% + % 8% 4% Unit Dyewood 1 6% 6*. 6% 74 56 Unit Dyew'd pf (7) 10s 59% 59V* 59% + % 8V* 3% Unit Electric Cos) 3 6% 6% 6% 35 25% Unit Eng*Fy 1.50g 1 33 33 33 -1 95 62% United Fruit (4) 19 88 86 87% -1% 14% 11 Unit Gas Imp H).. 64 13% 13% 13%+ % 14 6% Unit Mer & Mfg ... 19 13% 12% 13% - % 7% 3*. Unit Paperboard__ 2 6 6 6 11 5% U S & For’n Secur.. 6 9% 9 9 — % 11% 5% U S Freight ... 3 9% 9% 9% - % 113 65% U S Gypsum (2a)... 6 73 72 72% + % 7% 4 U S Hoffman ... 2 5% 5% 5", — % 29% 13% U S Indus Alcohol.. 11 26% 25 26% -1 10% 3% U S Ueather_ 10 9% 9% 9% - % 15% 5% US Ueather (A) .. 7 14 14 14 - % 49 32% U S Pipe & Fdy (2) 2 36% 36% 36% 6% IV, U S Realty & Im(r) 3 2% 2% 2% 52% 31% US Rubber 52 44% 43% 44%-% 112% 86% U S Rubber let Dfit 2 103% 103 103 -1 65% 48 USSm&RefUg) 2 64% 64% 64%+ % 82% 41% US Steel 320 78 75% 76% -1% 1Qjl. n C Claal of 171 9 1 IQ 1 1 £l . 1 1 Cl_ _ l. 374 33 U S Tobacco .96g.._ 1 334 334 334 -% 4 14 Unit Stockyards 2 34 34 34 - 4 8% 6% Unit Stkyds nf<.70) 1 74 74 74 — 4 24 1% United Stores (A) 12 2 2 85 604 Univ Leaf Tob (4a) 1 69 69 69 -1 163 1504 Univ Leaf T of (8) 110s 150 150 150 40 16 Vanadium Com 32 37 354 37 — % 37 25 Van Raalte <1.50g>. 7 344 334 344 + 4 43 344 Vick Chemical (2a) 1 42 42 42 + 4 54 24 Va Caro Chemical.. 10 44 4% 44- 4 314 17 Va Caro Chem Df... 7 274 27 274 — 4 118 1124 Va El Pwr of (6) 60s 113 1124 113 54 % Va Iron Coal &C_ 60s 34 34 34 + % 3 *4 Wabash (r) ... 8 14 14 14 - 4 34 14 Wabash of (A)(r). 3 34 3 3 - % 74 54 Waldorf Syst .30g . 1 6% 6% 64+ 4 23% 154 Walgreen (1*0)_ 1 204 204 204 +4 94 4 Walworth Co _ 29 7 6% 64 — 4 64 3% Warner Bros Piet.. 19 44 44 44 — 4 34 1% Warren Bros (r) .. 26 24 2 24 -4 134 64 Warren Br cv pf(r) 3 10 94 94 + 4 324 20 Wayne Pump 1.50* 2 244 244 244 — 4 34 14 Webster Eisenlohr 1 24 24 24 + 4 284 16 Wesson Oil & Snow. 6 234 23 4 234 - 4 104 85 West Penn E A(7). 20s 102 1014 102 +2 105 88 West Penn E pf(6) 200s 99 98 99 +2 112 95 West Penn El pf(7) 20s 106 1054 106 1124 1054 W Penn Pw pf 4.50. 1 108 108 108 - 4 34 204 West Aut S 1.05g__. 3 294 29 294 - 4 54 2% Westn Maryland_ 16 5 44 5 84 34 Westn Md 2d pf_ 2 8 74 74 — 4 35% 164 Westn Union Tel... 130 35 33 344 - 4 31% 184 Westhse A B ,50g 26 31 30 304 121 824 Westhse Elec 1.76g 11 1144 1124 114 -24 145 126 Westhse E pf (3.80) 40s 1384 1384 1384 -14 244 104 Weston B1 Inst(lg) 11 24 23 24 90 74 Wheel & L E pf 6.50 10s 91 91 91 +5 324 15% Wheeling Steel 11 30% 294 294 -4 68 45 Wheel S pr pf 2.50k 1 65 65 65 -24 134 7 White Motor ... 13 124 114 124 -% 3% 1-4 White Sew M new _ 14 44 34 4 17% 14 White Sew M pr pf. 2 16% 164 16% — 4 3% 2% Wilcox Oil & Gaa... 2 34 3% 34 34 1 Wlllys-Overland_ 10 24 24 24 64 2% Wlllys-Overl'd pf_ 1 44 44 44 -4 74 24 Wilson * Co _ 45 64 6 64 52 82 Wilson* Co pf_ 3 48 48 48 294 15 Woodward Iron_ 10 294 28% 28% — 4 50% 36 Woolworth (2.40).. 35 39% 394 394 234 104 Worthington Pump 24 204 20 20% - 4 38 234 Worth P pr pf_ 1 324 324 324 -1 334 18% Yale & Towne(.60). 2 26% 264 26% - % 21% 11% Yellow Truck 83 19% 18% 18%-% 116 98 Y'ell Tk 7% pf 5.26k 70s 108 108 108 56% 30 Ygstwn Sheet & T 63 63 4 514 53 - 4 894 74 Ygstwn S&T pf 5.60 1 884 884 884 -1 314 17 Y'gstwn Stl Dr ,60g. 28 304 284 30 - % 224 12 Zenith Radio <1«) 3 18 18 18 - 4 34 2 Zonlte Products_ 13 34 3 34 Approximate Sales of Stocks on the N. Y. Stock Exchange. 11:00 A.M. 580.000 12:00 Noon_ 1.080,000 sUnlt ot trading 10 shares rln bankruptcy or receivership or being reorganized under Bankruptcy Act. or securities assumed by such companies Rates ol dividend in the loregoing table are annual disburse ments based on the last quarterly or semi-annual declaration. Unless otherwise noted. sDectal or extra dividends are not Included xd Ex dividend xr Ex rights a Also extra or extras, e Paid last year, f Payable In stock g Declared or paid so far this year h Cash or stock k Accumulated dividends paid or de clared this year Dividends Announced NEW vork, Sept. 10—Dividends de clared. Prepared by Pitch Publishing Co.: Accumulated. _ Pe- Stock of Pay Rate. riod. record, able. Northw Elec 7% of..$1.75 __ 9-20 10-2 Regular. Am Harfd Rubber ^ Q 9,]R M0 Arundel Corp-25c Q 9-19 10-2 Burkart, F Mfg-70c 9-10 10-1 Do of_55c Q 9-16 10-1 Clipper Belt Lacer. 50c __ 9-13 9-15 q 9:5.3 9:5? pfrMton^Tire Rubl25c II 10-5° 10-20 Florence Stove 50c Q 9-~5 Franklin Telegraph._$1.25 8 10-14 11-1 Grand Rap Varnish 10c <3 9-2.1 10-2 Harshaw Chemical ---25c 9-20 9-2/ Do 7r'r pf_$1.75 Q 9-25 9-29 Hormel Geo /3 20*6: firsts. lS’s-lfi'/?: seconds. 18-1M«; mediums, 17: dirties, 16*6. Whites: Resale of premium marks. 37*6-40: nearby and Midwestern, premium marks. 34*6-37; exchange specials, 34: exchange standards. 28-28*6. Resale of nearby heavier mediums. 29*6-34. Nearby and Midwestern, exchange mediums, '.9; pullets. 20*6-21: peewees 17*6-18. Re frigerator. nearby and Midwestern, stand ards. 23*6-25: firsts. 21-22. Pacific Coast, jumbo and premiums. 38-40; specials. 3. 3834; standards. 30-3016: mediums, 30 3°Browns: Nearby, extra fancy. 29*6-40. Nearby and Midwestern, excbante specials. i 29; exchange standards. 25V4. Nearby, mediums, 24Va-25; pullets, 19. Duck eggs: Nearby. 24-28. Butter. 432.778: easier. Creamery, higher than extra. 28'/«-29: extra (92 score), 28; firsts (88-91). 24-27Vi; seconds 84-87), 22V4-23%. | Cheese, 264,324; firm. Prices un I changed. Dressed poultry generally steady. Fresh 1 and frozen prices unchanged. I Live poultry, by freight, irregular. Broilers. Rocks. 17; Leghorn. 17. Fowls, colored 21: Leghorn. 12-13. Pullets. Rocks, large. 23; small, 22. Old roosters. 13. Ducks. 14. By express, about steady. Chickens. Reds. 18. Broilers. Rocks. 21-22: crosses. 19-20: Reds. 18-1»; Leghorn, small. 18 18'^: large. 17-18. Fowls. Leghorn. 15. Pul lets. Rocks, small. 21; fancy, large 25; Reds, medium. 22: fancy, large. 24. V Stock Leaders Drop $1 to $4 or More in Profit Taking Extreme Declines Cut Later and Volume Dwindles Sharply Stock Averages _ * 30 15 15 30 Indust. Ralls. Util. Stic. Net change —1.0 —.4 +.4 —.5 Todav, close 74.8 21.4 38.9 52.3 Prev day ._ 75.8 21.8 38.5 52.8 Month ago 66.2 17 4 38.5 46 9 Year ago 66.6 15.9 29.9 44.5 1939 high.. 77.0 23.8 40.6 53.4 1939 low .. 58 8 15.7 33.7 41.6 1938 high.. 79.5 23.5 37.8 54.7 1938 low.. 49.2 12.1 24.9 33.7 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 61.8 (Complied by the Associated Press.) Bv VICTOR EUBANK. Associated Press Financial Writer. NEW YORK, Sept. 16—The stock market's war babies were hit by fur ther profit taking today and most dropped 1 to more than 4 points be fore buying support came to their aid. Worst setbacks came in the first hour, w'hen selling pressure was heavy enough to put the ticker tape . behind two minutes for a brief in terval. The pace then reverted to a slow jog and extreme losses were reduced substantially in many cases at the close. Steels, aircrafts, coppers and spe cialties were the principal sufferers in the initial tumble. Utilities con tested the trend, with a number posting modest advances. Rails also were fairly resistant. Most trading contingents exhib ited a disposition to clear the decks for the week end. especially, brokers said, as the European news pre sented little of an outstanding bull ish nature. The Lindbergh broadcast on keep- » ing out of war served to arouse doubts here and there in boardrooms as to whether the proposed arms em bargo repeal would get through the coming special session of Congress without a real battle. Peace Attempt Talked. In addition, financial observers found nothing particularly cheer ing in the Far Eastern peace pact between Russia and Japan, and murmurings from Berlin of a pos- » sible new peace attempt by Mus solini served to arouse the thought that gains based on longldrawm out European hostilities might be nebulous at best. Action of the Canadian govern ment in taking over wide control of foreign exchange, imports, ex- < ports and securities helped depress Dominion stocks and the country's dollar. Sterling was also lower in terms of United States currency. The Amsterdam market, only im portant overseas exchange open to day, displayed heaviness. Good business signs at home were plentiful. Based on word from the main steel-producing centers, next week's mill operations were expected to jump in the neighborhood of 8 to 10 points to 78 to 80 per cent of capacity, a new peak since the fall of 1937. Steel scrap at Pitts burgh was boosted $1 a ton after three previous 50-cent hikes this week. Utilities Helped. Utilities were buoyed by the belief of some analysts that the power companies stand to benefit hand somely by rising industrial trends. This group has been neglected in the run-up of the past two weeks. Transfers approximated 900.000 shares. Resistant were American Tele phone, Consolidated Edison. North American, Public Service of New » Jersey and American Water Works. Investing Companies NEW YORK Sept. 16 —National Association Securities Dealers. Inc.: Bid. Asked. Admin Fd 2nd Inc _ 12.65 13 46 Affiliated F Inc 3.89 4.25 •Amerex Hold 15.875 17.3*5 Am Bus Shrs . _ 3.61 3.99 Am Gen Ea Inc 46 .52 _ Am Ins Stocks 4.on 4.60 •Bankers Nat Inv Corn A 6 375 7.50 Basic Industry 4.0!) •Blair A* Co _ 2.25 3.00 Boston Fund Inc _ 16.32 17.55 Broad St Inv _ 24.86 26.59 Bullock Fund _ 14 75 16.125 Century Shrs Tr _23.4o 25.16 Chemical Fund _ 10 79 11 67 Comwlth Invest _ 3.71 4 04 •Continental Sh Df _ 11.50 12.50 Corporate Trust _ 2.57 _ Corporate Trust AA_ 2.46 _ Corp Tr Accum _ 2.46 _ Corp Tr AA Mod _ 2.98 _ Corp Tr Acc Mod _ 2.98 Cumulative Tr Sh _ 5.21 _ Depos Bk Sh N Y A”_ 1.65 _ Depos Ins Shrs "A"_ 2.8o _ Depos Ins Shrs "B" _ 2.49 - Diversified Tr C _ 4.00 Dividend Shrs 1.31 1.44 Eaton & How Fd •‘A-l” __ 17.96 19 29 Equity Corp S3 pf _ 29.50 30.00 Fidelity Fund Inc _ 19.78 21.£9 •First Boston Com _ 12.875 14.i"! * First Mutual Tr Fd_ 7.4S f.f'? Fiscal Fund Bk Sh _ •’.*!> 2.87 Fiscal Fund Ins _ 3.16 3.52 Fixed Trust Sh A _10.48 Foreign Bond Assoc_ 6.42 7.08 Found Tr Sh A _ 4.15 4.70 Fund Investors Inc _ 18 68 20 31 Fund Tr Shrs A _ 5.30 6.04 Fund Tr Shrs B _ 4.79 Gen Capital Corp_ 31.53 33 90 Gen Investors Tr 4.87 6.30 Group Sec Agricultural 6.95 6 48 Group Sec Automobile_ 4.88 5 32 Group Sec Aviation _ 7.88 8.57 Group Sec Building _ 6.17 6.72 Group Sec Chemical _ 7.11 7.71 Group Sec Foods 448 4 80 Group Sec Invest Shrs 3.94 4.30 Group Sec Merchandising 5.27 5 74 Group Sec Mining 6 47 7.04 Group Sec Petroleum 5.12 5 58 Group Sec R R Equip 4.77 6.2<* Group Sec Steel - 6.39 6.95 Group Sec Tobacco _ 4.84 5.27 •Huron Holding _ .10 ..30 Incorp Investors _17.88 19.22 Independence Tr Sh _ 2.30 __ Insfl Sec. Bank Group _ 1.17 1.29 Instl Sec: Insurance _ 1.30 1.43 Investors Fd "C" Inc_11.26 12.02 Keystone Custodn B 1_ 26 07 28.60 Keystone Custodn B 2 __ 22.05 24.13 Keystone Custodn B 3_14.66 16.00 Keystone Custodn K 1 — 14.15 15.54 Keystone Custodn K 2_10.08 11.17 Keystone Custodn S 2 — 13.86 16.26 Keystone Custodn S 3_11.64 12.88 Keystone Custodn 8 4 __ 4.57 5.14 Manhat Bond Fund - 7.00 7.73 Maryland Fund - 5.33 5.88 Mass Invest Tr - 21.48 23.10 Mutual Invest _11.42 12.48 Nation Wide Sec _ 3.77 __ Nation Wide Voting _ 1.33 1.48 Natl Investors _ 5.77 6 14 New England Fund _ 13 69 14.75 N Y Stocks Automobile _ 6.63 6.11 N Y Stocks Aviation _ 9.98 10.78 N Y Stocks Bk Stocks _ 9.24 9 99 N Y Stocks. Bldg Supply 6.46 7 00 N Y Stocks Elec Itoulp __ 8.22 8 89 N Y Stocks. Insurance __ 9.65 10.43 N Y Stocks Machinery __ 8.62 9.32 N Y Stocks Oils_ 8.71 9.42 N Y Stocks. R R Equip _ 8.21 8 88 N Y Stocks. Steel _ 8.46 9.15 North Am Bond Tr ctfs_ 46.25 -- * Nor Am Tr Shares 1953. 2.44 - Nor Ar Tr Shares 19.55_ 2.96 __ Nor Am Tr Shares 1956- 2.90 __ Nor Am Tr Shares 1958- 2.64 __ Plymouth Fund Inc _ .43 .48 Putnam (G) Fund _14.51 15 62 Quarterly Income Sh _ 9.00 9.90 •Shoellkopf-Hut A Pom, 1.00 2.00 Selected Am Sh Inc - 9.77 10.65 , Selected Income Sh - 4.54 -- ! Sovereign Invest _ .72 .80 Spencer Trask Fund_15.78 16.73 | Stand Util Inc _ 65 .59 Super of Am Tr A- 3.79 -- Super of Am Tr B_ 3.96 -- Super of Am Tr AA- 2.59 - Supervised Shares _10.28 11.17 Trustee Stand Inv C- 2.64 - Trustee Stand Inv D_ 2.58 -- Trusteed Am Bk “B’’ .58 .64 Trusteed Industry Shares .88 .98 Wellington Fund -14.52 15.96 Quotation furnished by National As sociation of Securities Dealers. Inc., which states they do not necessarily reflect actual transactions or Arm bids or offers but should indicate approximate prices, and unless otherwise indicated, art as quoted by the sponsors or isuers. •Not Quoted by sponsors or issuers. k \