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Business Activity Facing 1940 Test, Bank Survey Says Some Letdown Early In Year Forecast In A. B. A. Review Bv EDWARD C. STONE. "Business continues at a gooc level” says the official November sur vey of the American Bankers’ Associ ation, “but the test will come aftei the first of the year. Experience and, to some extent, statistical evi dence indicate that the autumn anc early winter pace will not carry very far into 1940. “War buying may provide some thing of a cushion, but any period of recovery that has progressed at quickly as this one will need a little while to catch its breath,” the sur vey continues. “The real basis for advance is stil! domestic demand, particularly foi capital goods. Railway equipment plant expansions, new construction increased automobile output and or ders for new machinery are keeping the steel mills going at a high rate Most purchasers are asking for early delivery, indicating that this is noi a case of buying up supplies in an ticipation of higher prices.” The survey adds, however, that "business is getting back to sobei reality after an attempt to concen trate on the war and forget about the skeleton in the closet, a case ol out of sight out of mind.” The publication's cross index ol business opinion shows a slight de cline from that of the previous month. Of the bankers polled. 61 per cent said that business was get ting better, 28 per cent found con ditions about static, and 10 per cenl reported a decline. In the previous month, 65 per cent said business di rection was up. 26 per cent reportec a steady level, and 9 per cent re ported a downward trend. Bank Assets Reach New Peak. Assets of the Nation's national banks on October 2 were the highest in the history of the system, totaling $34,684,676,000. the controller of the currency announces. This represented an increase ol $1,504,098,000 over the assets reported on June 30, last, and an increase ol $3,973,730,000 over the figure at end of September of last year. Total deposits, amounting to $30, 980.693.000. were also higher by $1, 511.224,000 than the deposits report ed on June 30. last, and $3,876,812. 000 more than in September last year. Total loans and discounts as ol October 2 were $8,764,106,000, the controller reported. This represented an increase of $190,493,000 from June and an increase of $465,592,000 from September. 1938. Mead Bill Delay Predicted. The latest Mead bill for small business loans is receiving strong administration support, and officials are planning to seek special consid eration for it early next session However, because of an unusual situ ation which exists on Capitol Hill regarding banking legislation, in which category the small loan issue has been placed, says the Wall Street Journal, there is likelihood that all measures in this field will be delayed until 1941. The Senate Banking and Cur rency Committee was directed bj the Senate to conduct a broad study into banking and credit with a view to determining governmental policy and recommending legislation t< carry the policy forward. Senatoi Wagner, chairman of the committee specifically included the small loar proposal as a part of this broad study some time ago. This study with the necessary public hearings, it is be lieved. will take all of the next ses sion, which would delay actual bank ing legislation until the 1941 Con press New Clubs Open Thursday. The 1940 Christmas Savings Clubs will be opened by 15 Washingtor banks next Thursday, November 30 It was stated in the financial dis trict today. These clubs are launchec every year on the last day of No vember, the date this year falling on the “second Thanksgiving Day.' Within the next 10 days the banks in the Capital will distribute be tween $4,500,000 and $5,000,000 ir Christmas Savings Club funds tt this year's members. This Yuletids money will go to 79.000 members anc will be an important factor in th< volume of holiday trade in th< stores. Bankers predicted today that thf 1940 clubs will have at least as many members as the 1939 clubs registered. Owing to particular^ favorable economic conditions here it is forecast that the amount sub scribed will exceed the record ai the beginning of 1939. On accounl of the bookkeeping involved, a fev of the banks will not maintain clubs in 1940. Popularity of the clubs in subur ban banks spread rapidly in 193J and is expected to go much furthei next year. Financial District Comment. The auditors’ section of the Dis trict Bankers’ Association will sene a large delegation to the 8tn Easterr Regional Conference of Bank Audi tors and Controllers to be held a! the Emerson Hotel, Baltimore. Apri 18. 19 and 20. The program is nov being developed. Oscar A. Thorup. manager, ant the staff of Remington-Rand, Inc. opened for business today in nev and much larger quarters at 1615 I street N.W. The Washington offici has been at Thirteenth and F street: for manv vears. For the first time in history, Nev York Stock Exchange quotations ari being broadcast daily by short wavi to the Far East. Exchanges ii Manila. Shanghai, Hong Kong an< elsewhere have installed receivini sets. Business in stocks and com modities has shown a sharp increase Many Washington shareholders ii Radio Corp. of America commoi stock will participate in the 20-cen dividend just declared, payabl January 16 to stock of record De cember 8. Today's Trading on Exchange. Mergenthaler Linotype openei the week's business on the Wash lngton Stock Exchange with a 10 share sale at 15^. unchanged. Twenty shares of Washingtoi Gas Light common moved at 28 •jj under last week's close. Capital Transit stock came ou on a 10-share sale at 15, up half point from the last previous sale. Capital Traction 5s were strons ft turnover of $10,500 taking plac at 97, up half a point. Mercury will dissolve any com mon metal except platinum an iron. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE! B>- Private Wire Direct to Tlic Star. 2:30 D.m I Prev. 1039 Stock and Sales— Net. i High. Low. Dividend Rate. Add 00. High. Low. Close, chge. 45 334 Abr & Strauss 1.50g 60s 49 48 49 +64 114 64 Adams Exp (.25g) . 3 8% 8% 8% — 4 274 154 Addressog'ph(1.40). 1 184 184 184 68 45V« Air Reduction (la). 1 664 564 564 + 4 14 % Air-Way Elec Appl. 4 1 1 1 10 64 Alaska Juneau ,8ug 2 7 64 64 2 % Alleghany Corp . 6 14 14 14 + 4 204 5% Allegh'.v $30 pf ww. 4 154 144 15 -t- 4 184 44 Allegh'y $40 pf xw 1 13 13 13 - % 18 44 Alleghany pf xw . 2 134 13 13 — 4 284 14 Allcg-Ludlum ,5flg. 6 224 22 224 + 4 114 6% Allen Indust .625g . 2 9% 9% 9% 2004 1514 Allied Chemical (6) 3 17.3 172 173 144 10 Allied Kid (.50)_ 1 14% 14% 14% 154 94 Allied Mills (lg)._. 2 134 13% 13%+ 4 11% 6 Allied Stores 11 10 94 94 + 4 71 544 Allied Stores pf (6). 2 65 65 65 48% 28 Allis-Chalm (la) ... 4 38% 38% 38% — % 194 12% Alpha Port Cmt (1). 1 154 154 154 -4 744 50 Amerada (2) .. 2 574 57% 574 +1 244 16 Am Ag Ch Del (lg). 1 204 204 204 40% 16% Am Airlines_ 4 374 37 37 17% 9% Am Bank Note_ 5 11% 114 114+ 4 8 34 Am Bosch _ 3 64 64 64 67% 31% Am Brake Sh (la).. 1 454 45% 454- 4 1164 834 Am Can (4) .. 6 111% 1114 1114 - 4 404 164 Am Car & Foundry. 7 324 31% 324 254 134 Am Chain & C (lg) . 4 234 22% 234 + 4 132 1094 Am Chicle (4a) 2 126 126 126 +1 184 64 Am Crystal Sugar . 2 124 124 124 + % 864 61 Am Crystal S pf (6) 130s 82 82 82 5% 2% Am Encaustic Til 4 24 2% 2% — 4 J 254 10 Am & For’n P $fi pf. 2 23 23 23 30&. 191/- A w-s. XL TTz-vv-’n r* *7 O Oft 001 001 ft 33 12 Am Hawa'n SS (1). 11 27 26% 26% +1% 8 2% Am Hide & Leather. 1 5% 5% 5% 65% 41*4 Am Home Pr 2.40a 4 54% 54% 54% — % 25 14% Am Ire pf 1 21% 21% 21% -1% 9 3% Am International _ 3 6% 6% 6% 30% 13 Am Locomotive - 3 23% 22% 22% — % 79% 41 Am Locomotive pf 1 57 57 57 -2 15% 11 Am Mach & Fy (.80) 1 14% 14% 14%+ % 40% 24% Am Metal (.75g) _ 2 25 24% 25 + % 26 21% Am News (1.50g) 200s 22% 22% 22% - % 7 3% Am Power & Light 7 4% 4% 4% - % 49 28 AmP&LJo pf (4k). 12 48% 47% 47%+ % 58% 32 Am P&L $6pf 4.80k. 3 58 57% 57%+ 7* 18% 8% Am Radiator ,30g . 12 10% 10% 10%+ % 22% 117* Am Rolling Mills 9 17% 17% 17% 80% 50 Am Roll Mpf 2.75k. 1 71 71 71 15% 11% Am Safety Raz 1.20. 1 12 12 12 20 9 Am Seating (,50e) . 2 12 12 12 - % 46% 25% Am Ship Bldg 1.50g 310a 34% 34 34 63 35% Am Sm & Ref (2a) _ 4 52% 52 52 144 127% Am Sm & R pf (7).. 1 143% 143% 143% - % 69 59% Am Snuff (3a) __ 3 65% 65% 65% + % 41 20% Am Steel Foundry.. 7 33% 32% 33 + % 18% 9 Am Stove (1.55g) 2 16% 16% 16% — % 34% 16% Am Sugar Refining. 1 21% 21% 21% — % 98 75% Am Sugar R pf (7). 1 88 88 88 + % 170% 148 Am Tel & Tel (9)... 1() 169% 169% J69% - %] 87% 73 Am Tobacco (5) 8 82 81% 81% - % 89*4 75% Am Tobacco (B)(5). 6 83 82% 82% - % 8% 4% Am Type Founders- 4 5% 5% 5% - % 14% 8% Am Water Works _ 5 12 11*4 12 + % 15% 3% Am Woolen _ 24 9% 9 9% — % 64% 28*» Am Woolen pf_ 1 47% 47*, 47% + 1% 12 4 Am Zinc . _ 3 7% 7 7% *- % 40 20% Anaconda (1.25g) _ 26 31% 31% 31% + % 105 97 Armour(Del)pf(7). 1 104% 104% 104% +% 8% 3% Armour (111) .. 6 6% 6 6% + % 60 33% ArmourtllDpr pf 4 48% 47% 48% 58 31% Armstrong Cork (1) 1 38% 38% 38% - % 10% 5% Artjroom Corp __ 1 91, 91, 91., 10% 5% Assoc Dry Goods... 2 9% 9% 9% 427* 21 Atch Top & S Fe .. 19 27 26% 26% 71 60 Atch T&SF pf 3.50g 1 56% 56% 56% +1% 30V4 15 Atl Coast Line _ 7 25 24% 25 + % 24% 18% Atl Refining (1) 4 22% 22 22 — % 110% 104% Atl Refining pf (4). 1 108% 108% 108% + % 9% 7 Atlas Corp ( 50g)... 6 8% 8% 8% - % 5% 1% Auburn Auto (r)_ 1 3% 3% 3% -t- % Q.V. Ol: A n *• . „ 21% 9% Baldwin Loco ctfs . 12 17% 17 17 8% 37* Balto & Ohio __ 9 6% 6% 6% 307* 15% Bangor & Ar 2 3?g - 1 16% 16% 16% + % 21% 10% Barber Asphalt 25g 1 lfi lfi lfi 19% 11% Barnsdall (.90g). 12 12% 12% 12% - % 32 27% Beech Creek (2) 20s 31 31 31 33% 16% Bendix Avia(l.oOg) 18 29% 29% 29% 22 177* Beneficial L(1.35g). 5 22 22 22%+ % 1 55% 48% Beneficial L pf 2.50. 1 55% 55% 55% + % 57% 32 Best & Co (1.60a) 5 41 39% 39% -2% 100 50% Bethlehem Stl 1.50g 20 82s* 81% 82% 18% 15% Beth Stl 5'7> pf (1) 8 17% 17% 17% - % 32% 15% Bigelow Sanf'di Ig) 1 27 27 27 17% 8% Blaw Knox 4 12% 11% 11% — % 36% 13% Bliss &-Laug 2.25a- 1 32% 32% 32% -t- % 34% 16 % Boeing Airplane . 11 25% 25% 257* - t* 60 51 Bon Ami(B)2.50a.- 560s 59% 58% 59% + % 22 16% Borden Co (,90g) ... 7 21% 21% 21%+ % i 32 18% Borg-VVarner(.75g) 4 25% 25% 25% 7% 5% Brewing Corp ( .60). 1 6 6 6 15% 7% Bridgeport Brass. - 3 12% 12 12 - % 31% 16% Briggs Mfg (lg) _ 3 23 22% 23 + % 53 41% Bristol-Myers 2.40. 1 49 49 49 + i, | 14% 7% Bklyn-Man Transit. 11 1374 13% 13% - % 48% 27 Bklyn-Man Tran pf. 7 47% 46 46% - % 47 39 Bklyn-Man pf ctfs 2 477, 46% 46v* _ % 13% 5% Bklyn & Queens pf . 6 13 12% 12% - % 117* 11 Bklvn&Qu'ns pf cfs 2 12% 12% 12% +1% j 30% 13% Bklyn Un Gas(.oOg) 1 24% 24% 24% - % j 25% 9% Brunswick-B 2.75g. 6 24% 24 24 i] 13% 7 Bucyrus-Erie(.50g) 4 10% 10% 10% -t % 8 4 Budd Mfg - 13 5% 5% 5% - % 55% 29% Budd Mfg pf- 30s 43% 43 43 -1 6% 3 Budd Wheel_ 2 5% 5% 5% - Vi 30 15% Bullard Co ... 1 23'* 23% 23% -1 34% 21% Bulova Watch (2) . 8 32% 32% 32% + 1* 19% 11% Burlingt'n Mills(l). 2 17% 17% 17% - % 18% 11 Burr's Add Mch .40. 11 12% 12% 12% 7% 1 Bush Terminal . .. 8 5% 5 5 — % 20 6% Bush T Bldgs pf .. 20s 13 13 13 — % 974 5% Butler Bros (,30g) 1 774 774 77, 23% 18% Butler Bros pf 1.50. 1 227* 22% 22% + Vi 16% 7 Byers (AM) Co __ 2 13% 13% 13% + % 1774 11% Byron Jackson (1). 1 16% 167* 16% + % ;j 30 13% California Packing. 1 21% 21% 21%+ % 3% % Callahan Zinc - 32 2 1% 1% 10% 474 Calumet* Hec ,23g. 5 7% 7 7 - % j 20% 12 Canada Dry (,50g).. 4 15% 15 15% - % 6% 3% Canadian Pacific - 26 4% 474 414 — % 1 41% 29% Cannon Mills 1.25g_ 6 37V* 37 37 - 74 85% 77 Caro-Clin & O (5) 20s 84% 84% 84V4 - % 1 33 13% Carpenter Stl(.70g) 5 24 22% 24 +2 9474 63% Case (J I) Co 3 69% 69 69 -1% : 122% 110 Case (J I) Co pf (7) 20s 114 114 114 [ 6474 38% Caterpillar Trac(2) 5 5374 53% 53Vi 29Vi 13% Celanese Corp(.50a) 4 2574 25V* 25% + % , 1097* 84 Celanese pr pf (7) 40s 108 107 107 -1 197* 77* Celotex Corp 5 10% 10% 10% 7274 58 Celotex Corp pf (5). 30s 61% 60% 61% +1% 30% 18% Cent Aguirre (1.50). 5 25 24% 24% + 7« 5V* 2% Central Foundry . 2 3% 374 3% 52% 32 Cerro de Pasco (4) 2 38% 38'* 38% 13 5% Certain-teed 5 7 7 7 — % 47% 22 Certain-teed pf 680s 34 32% 32% —2 29% 17% ChesCorp (1.20s) _ l 28% 28% 28%+ % 47% 27 Ches&Ohio 2.50a) 11 42% 42% 42%+ % 4 1% Chi & Kast 111 pf (r) 1 2% 2% 2% - % 14 9% Chi Mail Order (1). 1 12% 12% 12% % % Chi.M St P & P (r) . 3 % a, % 1% % Chi M StPX-P pf (r). 1 % ■% i4 + % 1% % Chi & Northwn (r) 4 % % % — % 3% 1% Chi & Northwn pf(r 12 1% 1% 1% — Vi % % Chi R I & P <r> 11 % % % 1% % Chi RI&P 6% pf(r). 2 % % % — % 1% % Chi RI&P70 pf(r)_ 2 % % *4 — % 15% 10 Chiekasha C O .25s. 1 11% 11% 11% — % 94% 63% Chrysler Os) 27 85% 84% 85 14% 9 City Ice & F (1.20). 1 12% 12% 12%+ % 97% 79 City I & F pf(6.50)_ 100s 92% 92% 92% - % 34% 15 Clark Equip 2.25s-- 1 32 32 32 -1 39 20% Clev Graphite (1) _. 2 37% 37% 37%+ % 60% 34% Climax Molih 1.20a. 5 46% 45% 46% 36% 21% Cluett Peah 2.75s ... 6 36% 36% 36%-% l 133 105 Coca-Cola (5s) -- 1 122% 122% 122% + % 17% 11% Colsate-Pal-P ,50a. 18 16% 16% 16%+% 107 t01% Cols-Pal-P pf (6) 2 105% 105 105%+ % 24% 11% Colo Fuel & Iron 1 19% 19% 19% + a. , 95, 3% Colo & So 1st pf 50s 6 6 6 + % 8% 3% Colo & Southn 2d pf 20s 5% 5% 5% + % 24% 14 Colum BC(A)1.50s. 5 24% 24 21 -% 9 6V» Columbia Gas & El. 27 6% '6% 6% | 91 74% Col G&E pf (A) (6) . 2 85 81% 81% - % 15% 65. Columh Pic vtc 2%f 4 7 7 7 - % ; 57 3834 Cornel Credit (4) x 5 45% 45% 45%+ % 109% 98% Cornel Cred pf 4.25 x 1 102% 102% 102% +lft 1 60 42 Cornel Inv Tr (4) 5 52% 51% 52%+ % ' 16 8% Cornel Solvents 16 13% 13 13% + % ; 31% 25% Comwlth Ed (1.80). 31 31% 31% 31% 2% lVi Comwlth & South'n. 26 1% 1% 1% r iz^a 40-'* i nmwnn or. o pl lap ^ nti'i no1* hni| — , 304 19 Congoleum (1 a >_ 8 254 244 25 324 154 Consol Aircraft ... 12 284 274 284 - 4 94 54 Consol Cigar (.75g). 1 84 84 84 +' 4 l 11 44 Consol Cop M(.30g) 7 74 74 74 1 35 27 Consol Edison (2).. 26 304 30 304 r 1084 1014 Consol Edispf (5).. 4 1074 1074 1074 - 4 124 74 Consol Film pf(lk). 1 94 94 94 + 4 94 64 Consol Oil (.80) ._ 19 74 74 74 - 4 9 14 Consolidation Coal. 2 44 4 4 — V« 1 164 94 Container Corp .25g 3 154 154 154 — 4 1 224 114 Conti Baking (A).. 3 134 134 134 + 4 t 2 14 Conti Baking (B)... 4 14 14 14 . 514 324 Conti Can (2g)_ 5 434 434 434 + 4 104 5 Conti Diamond ... 4 74 74 74 + 4 384 294 Conti Insur (1.60a). 5 374 374 374 -4 54 14 Conti Motor _ 78 4 34 4 + 4 314 194 Conti Oil (1) _ 11 244 24 24 - 4 1 324 164 Conti Steel (.75g).. 1 284 284 284 -4 ■ 614 49 Corn Exchange (3). 20r 594 594 594 674 544 Corn Products (3).. 7 644 644 644 — 4 44 3 Coty, Inc (,25g) ... 34 44 4 4 44 + 4 24 4 Coty Internatl ,20g. 3 14 14 14 1 38 16 Crane Co .. 3 234 234 234 - 324 264 Cream of Wheat(2). 1 314 314 314 414 204 Crown Cork & Seal. 2 284 284 284 t 404 33 Cr’n C&S pf ww 2.25 10s 384 384 384 +4 i 164 9 Crown Zeller (.50).. 6 154 154 154 + 4 91 75 Crown Zeller pf (5). 10s 874 874 874 -14 524 244 Crucible Steel _ 8 414 404 404 -4 96 62 Crucible Steel pf... 1 88 88 88 - 4 s 84 24 Cuba RR pf_110s 44 44 44 13 3 Cuban Am Sugar 7 64 64 64 — 4 74 34 Curtis Publishing 4 44 44 44 —4 634 38 Curtis P pf 2.375k.. 3 474 474 474 -4 " 134 44 Curtiss-Wright 260 104 94 104 +4 1 324 194 Curtiss-Wr(A) (2g) 12 304 30 4 304 +4 25 134 Cutler Htims'r 75g. 2 214 214 214 — 4 2:30 D m Prev. 1030 Stock and Sales— Net. High. Low. Dividend Rate. Add 00. High Low. Close, chge. 10% 4% Davison Chemical-. 1 7% 7% 7% — Vi 25% 15% Deere & Co (,75g).. 6 21% 21% 21% - Vi 27% 23 Deere & Co pf(1.40) 5 25 25 25 28 12% Dei & Hudson _ 2 24% 23% 24%+% 8% 3% Del Lack & Wn 3 6% 6% 6% + % 1% % Den It Or Wn pf (r) 2 % % % — % 32% 18 Devoe* Rayn (A) 70s 24 23% 23% - % 43% 28 Diam'd Match 1.50 . 1 33% 33% 33% - % 44% 36% Diamond M pf 1.50 3 43% 43% 43% 20% 13% Distill-Seagr (2)_ 15 18% 17% 17% - Vi 34 20% Dome Mines (2)_ 3 23% 23 23 87% 55 Douglas Air <3g)_ 6 76% 76 76% -t % 143% 101% Dow Chemical (3) . 2 136% 135% 136% 16% 6 Dresser Mfg (.75g). 4 16% 16 16 - % 14 10 Duplan Silk (1)_ 1 13 13 13 + % 188% 126% Du Pont <7g> 8 177% 176% 177% + % 124% 112 Du Pont pf (4.50) _ 1 122 122 122 118% 111% Duquesne 1st pf(5). 10s 117% 117% 117% 26% 12% Eastern Air Lines.. 9 25% 25 25 8% «% Eastn Roll Mills 2 6 6% 5% - % 186% 138% Eastman Kodak (6) 1 165 165 165 .3% 1 Eitington Schild 2 1% 1% 1% 40% 22% Elec Auto Lite <2g) 2 36% 36% 36% 18% 8% Electric Boat(.fiOg). 27 16% 15% 15%+% 12% 6% Elec Pwr& Light . 9 7% 7% 7% 38 18% Elec Pw & Lt $6 pf. 2 27 27 27 41% 20% Elec Pw & Lt pf ... 3 31% 31% 31% 35 23% Elec Stor Bat (2) ... 2 31% 31% 31% 42% 28 El Paso Nat G (2).. 3 41% 41% 41%+ % 55 32% Endicott-,Iohn (3)__ 1 40% 40% 40% + % 13% 7 Eng Pub Service_ 0 11% 11% IDs 1% % Equit Office Bldg_ 2 Vi % % 3 1 Erie RR (r) ... 2 2 1% 1% - % 6 1% Erie RR 1st pf (r)_. 4 3% 3% 3% 5% 3% Eureka Vacuum Cl. 2 4 4 4 43Vi 24 Fairbanks-M l.nflg. 3 34% 33% 34% 38% 20 Fajardo Sugar (2).. 1 27% 27% 27% — % 18% 11 Fed Lt & Trac .. 2 16 151, 15% - % 96% 81 Fed Lt & Tr pf (6)__ 70s 97% 97 97% +1% 6% 2% Fed Motor Truck 1 4% 4% 4% 1% % Fed Water Svc (A). 2 % % % uo r luemy i'tioe l.mra. z Ho u« Uo 254 174 Firestone Tire (1) 1 204 204 204 + 4 51 384 First Natl Strs 2.50. 6 474 47 47 -4 314 15 Flintknte Co _ 7 214 204 21 - 4 5 14 Follansbee Bro (r) 1 34 34 34 — 4 374 21 Food Mach <1.125g) 1 324 324 324 - Vi 94 14 Francisco Sugar 1 4 4 4 — 4 65 27 Franklin Simon pf 10s 3414 344 344 — Vi 38 184 Freeport Sulph (la) 5 32 314 32 54 2 Gair (Robert) ... 5 4 4 4 184 74 Gair (Robert) pf. 1 164 164 164 154 9 Gamewell ( 50g)__ 130s 134 13 13 -1 9 54 Gen Am Invest 2 74 74 74. 65 40 GenAmTran 2.375g 5 544 544 544 + 4 11 74 Gen Baking (,45g).. 9 74 74 74 54 24 Gen Bronze 2 34 34 34 — 4 18 9 Gen Cable _ 3 114 114 114+ 4 75 43 Gen Cable pf .261s 56 55 55 -2 254 164 Gen Cigar <1.75g) _ 2 174 174 174 +4 1304 106 Gen Cigar pf (7) 60s 114 114 114 444 31 Gen Klectricl 1.40g) 63 394 39 394 474 364 Gen Foods (2a) 10 454 454 454 14 4 Gen Gas & l-:i (A) . . 1 4 4 4 99 724 Gen Mills (3.75g) 1 884 884 884 - V. 127 117 Gen Mills pf (6) 640s 1244 1244 124V* - 4 564 364 Gen Motors (3.50g). 63 544 534 54 + 4 1264 112 Gen Motors pf (5) 1 1244 1244 1244 - 4 64 34 Gen Outdoor Adv 1 44 44 44 — 4 38 28 Gen Out Ad A ( Ik). 1 35 35 35 104 7 Gen Print Ink .30g _ 4 94 94 94 14 4 Gen Public Service. 6 1 1 1 28 124 Gen Rwy Signal . 7 194 19 19 14 4 Gen Realty & Util _ 8 4 4 4 — 4 41 194 Gen Refractor .50g_ 3 324 32 324 434 16 Gen Steel Cast pf . 130s 314 31 314 + 4 204 134 Gen Telephone* 1 a). 2 194 19 194 154 84 Gen Thea Kq (.65g> 1 12 12 12 274 154 Gen Tire&Rub ,50g. 3 224 224 224 -4 84 54 Gillette Saf R (.60). 11 64 64 64 54 434 Gillette S R pf (5).. 3 474 464 464 +4 134 64 Gimbel Bros_ 8 10 4 104 104 + 4 244 14 (Hidden Co _ 2 174 174 174 + 4 34 24 Gobel (Adolf) 5 34 34 34 - 4 24 14 Gobel Brew ( ,20a) 1 24 24 24 oji ioi / * „ —i n v / 1 — \ o oil oat o a - * 38% 21% Goodyear Rub (1) _ 26 21% 24% 24% - % 5% 2% Gotham Silk Hose 1 3% 3% 3% — % 80 69 Gotham S H pf (7). 10s 69 69 69 1% 1 ■. Graham-Tame 40 1% 1 1 10% 4% Granby Consol .40g 3 8% 8 8% + % 1*. % Grand Union 4 1 1 1 18% 11 Grand Un pf (1.25k) 4 16 16 16 33% 16% Great Xorth'n pf 12 28*4 28 28% + % 22% 12% Great No O cfs 75g 4 17% 17% 17*. + % 37% 23% Great Wn Sup (2) 1 28% 28% 28% - % 141% 129% Great Wn S pf (7) 110s 135% 135 135' 21% 14 i Greyhound (.80) 59 18% 18 18% + % 12% 10 Greyhound pf (.55). 2 11% 11% 11% — % 6 % Guantanamo Sugar. 9 2% 2% 2% — % 37% 32 Hack Wat pf (1.75). 60s 37% 37% 37%+ V. 18% K Hall (W F) Prtg 5 17** 17V* 17V* + % 33% 17 Harb&Walker(lg) 1 28v, 28% 28% -1% 10% 4% Hat Corp(A) (1.10g) 1 7% 7% 7% 4% 2 Hayes Body 7 3% 3% 3% 13% 8% Heeker Prod (,60a). 4 10% 10 10 - Vi 167 148 Helme (G W)pf(7). 20s 161% 161% 161% +1% 18% 10 Hercules Motor . 2 16 15V* 16v* — % 101% 63 Hercules P <1.20g). 2 87% 86% 86%-% 135% 128% Hercules P pf (6) 40s 133% 133% 133% +3 51 29', Holland Furn (2) 2 34 33% 33%+% 11% 7 Hollander (A) ... 22 6% 5% 5% + V* 21% 8% Holly Sugar . 2 12% 12% 12% - % 66v* 47% Homestake (4.50) . 5 59% 59 59 — % 17% 8% Houd-Hersh B ,25g. 3 13% 13% 13% - % 73% 60v* Household Fin (la) 2 66 66 66 + V2 9% 44 Houston Oil 2 6% 6% 6% 57 40 Howe Sound (3a) . 1 52 *2 52 35% 21% Hudson Bay 1.75g . 7 25% 25 25% — % 8% 4% Hudson Motor . . 6 6% 6 6 — % 2% % Hupp Motor 4 1 1 1 20% 9 Illinois Central 9 13% 13 13 29% 16% Indust Rayon(.25g) 2 26 26 26 + % 131 86 Ingersoll-Rand (5g) 2 110 110 110 -4 98% 67 Inland Steel (Ig) 1 87% 87V*) 87% 21 9V* Inspiration Copper 4 14% 14 14 — % 5% 4% Insuranshares .10g 1 5% 5% 5% 9% 2% Interboro R T (r).. 26 4 3% 3% - % 46% 17% Interchem (,40g) . . 1 41% 41% 41% +1% 109 90 Interchem pf (6)... 10s 108 108 108 16% 7% Interlake Iron .. 18 12% 12 12 — % 3% 1% lntl Agricultural . 4 2% 2% 2% — % 195% 145 lntl Bus Mach (6a). 2 179 179 179 +2 71% 45% lntl Harvester 1.60. 4 58% 58 58 —1 8% 3% lntl Hydro-12 (A) .. 4 5% 5 5 — % 17%’ 2% lntl Mercantile Ma. 12 7% 7% 7% + % 10 5% lntl Mining <.30g).. 2 8% 8** 8% - % 55% 36% lntl Nickel Can (2). 63 39% 38*. 38*.-% 14% 6*. Inti Paper & Power. 7 12% 12% 12% 52% 25% lntl Paper* Pw pf. 12 48% 47% 48 +% 6% 3% lntl RvVent Am 1 4 4 4 - 1. 40*» 31V* Inti Shoe (1.50a) 2 37 37 37 94 37* Inti Tel & Teleg . 10 4** 44 44 9V4 4 Inti T & T for'n cfs. 1 44 44 4** - Vi 14% 7:. Interstate Dept Str. 3 124 12 12 lOh 7V, Intertype Co (.20g). 2 7', 74 74 32*4 18 Island Crk Coal (2). 1 25'4 254 25V* 18 13 .Tarvis (W B)(lg) ... 3 15'* 154 15'*- Vi 105 59 Johns-Manv 2.75g . 1 74'a 741 a 744 19', 13 Kalamazoo Stov .50. 3 17 17 17 46', 28 Kennecott Cop(2g). 16 397* 394 3 9 7» + ** 164 8*i Keystone Stl ,80g .. 1 14'* 14V, 144 + 4 4 l** Kinney (GK) . 1 27* 27* 24 + 4 26’* 20 Kresge (SS)(1.20) . 6 25*4 25V4 25V4 - V* 29*4 20V* Kroger Groc(2.50g) 2 29 29 29 184 14 Lambert (1.50) 1 15** 15*4 15*4 — Vi 37*. 25 Lee Rub & T (2.50a) 6 30’* 3O'* 30*,-** 25 17 Leh Port Cmt 1.25g. 2 22 22 22 + 4 34 v* Leh Valley.Coal 11 1V4 1 1 - V* 8*4 1'* Leh Valley Coal pf. 4 3** 3** 3*» + 4 6*» 2V, Leh Valley RR (r). 3 4 3*4 3*4 - Vi 27*4 20 Lehman Corp (.80). 10 23 22V, 224 — *» 13*4 9*4 Lehn & Fink 1.375g. 3 13V* 13'* 134 - V* 56*4 364 Libbey-Ow-F 2.75g. 7 52»4 52V4 524 +4 10 4V4 Libby McX fr Lib 3 64 6 6 - V4 43', 33 Life Savers (1.60a). 1 42', 42', 42', 108', 95 Ligg & Myers (4a) 1 99*4 99*t 99’* 109** 95'/* Ligg & Myers(B)4a .12 1014 101 101', + V, 20v* 10 Linn Oil Ref ( 1 ) 2 124 127s 1274 - *4 54', 30V, Loew's Inc (2a) . 17 35 31V) 34',,- V, 21** 6 Loft Inc _ 35 18'* 17*» 174 + *» 62 381, Lone Star Cmt(3a). 3 464 46 • 461* + 44 614 2 Long Bell (A) 4 34* 3', 34- 4 22V* 16V* Loose-Wiles (1) ... 2 174 174 174+ *» 24*. 194 Lorillard (1.20)_ 12 234 234 234 - V* 1594 138 Lorillard pf (7) . .. 30s 159 1584 159 + *4 204 15*. Louis G&K( A) 1.50 _ 2 20*. 204 20*, + V4 33*. 18 Mack Trucks .. 5 29 4 284 294 + 4 434 254 Macy (R H) Co (2). 5 33 324 324 +4 64 1 Manati Sugar 8 34 3. 3 -4 154 5 Man Rv mod gtd (r) 4 154 15 15 — 4 16 12** Man Ry mod gtd ct. 3 154 14*4 14*4-** 30 9 Man Ry gtd (r) ... 30s 294 29 29 54 44 Marine Midl’cf .32g_. 17 54 54 54 17** 9*4 Marshall Field_ 4 1574 15*4 15*. + 4 oc 1 * vis.tu (CiAeni 10 on?/ or»i Ofii/ _ 1 6% 2 Martin Parry ..._ 5 5% 5% 6% 6714 30 Masonite Corp (1).. 2 38% 38% 38% - V« 37% 20% Math Alkili f 1.50)_ 3 30 29% 30 41 63% 40% May Dept Strs (3).. 6 51% 51% 51%-% 6% 3% Maytag Co _ 1 4% 4% 4% + % 17% 9% McCrory Stores_ 6 16% 16% 16% 4 % 24 15% McGraw Elee (1) __ 1 22% 22% 22%+% 59% 39 McIntyre Pore (2a). 1 46% 46% 46% 18% 8% McKeesport Tin .. 1 12% 12% 12%-% 10% 6% McLellan Strs ,60g. 3 9% 9% 9% 72 46 Melville Shoe (4)... 6 66 65 65 -1% 16% 6% Miami Copper . 2 10% 10% 10% - % 18 11% Mid Cont Pet (,60g) 5 15 14% 14% 37% 18% Mid Steel (1.50g) __ 2 33 32% 33 + % 58% 44% Minn-Hon Ros <2)_. 2 51 51 51 4 V, 6% 2% Minn-Moline Imp 2 4% 4% 4% — % 14% 8% Mission Corp (.65g) 2 10 10 10 — % 2% 1 Mo-Kan & Texas 2 1% 1% 1% 9% 2% Mo-Kan & Texas pf. 6 5 4% 4% - Vi 1% % Mo Pacific (r)_ 1 % % % 2% % Mo Pacific pf (r)_ 2 1% 1% 1% 114% 85% Monsanto Ch (3g) .. 10 106 106 106 +% 57% 40% Montgom W'd 1.25g 23 55 54% 54% 37% 22% Morris & Es (3.875) 40s 32 32 32 +1 17% 10 Motor Wheel (1.60). 1 16% 16% 16% - % 7% 3% Mullins Mfg (B)_ 1 4% 4% 4% — % 9% 4 Murray Corp_ 3 6 6 6 — % 9% 5% Nash-Kelvinator_ 14 6% 6% 6% 18% T% Natl Acme ... 2 15% 15% 15% + W 15 7% Natl Aviation(.75g) 2 12% 12% 12% - % 28% 21% Natl Biscuit (1.60). 11 22% 22% 22% - % 16% 10% Natl Bond & In .60g. 2 16% 16% 16% + % 26% 14% Natl Cash Reg (1).. 7 15% 15% 15%+% 16m 8% Natl Cyl Gas (.50g). '1 13 13 13 + % i 2:.')0 p.m. Prev. 1930 8tock and Sales— Net. High. Low. Dividend Rate. Add 00. High. Low. Close, chae. 18% 12% Natl Dairy (.80) ._* 16 16% 16 16 + * 114 107 Natl Dairy pf B(7).x 70s 110 110 110 + % 8% 4% Natl Dept Stores . 2 674 6% 674-% 6% 4% Natl Dept Stores pf 1 6 6 6 28% 20% Natl Distillers (2).. 8 24% 23% 23% - % 18% 10% Natl Knam & Stpg 1 13% 13% 13%-% 16% 8% Natl Gypsum 6 11% 11% 11%+ % 27% 17% Natl Dead (.50 ) 5 2074 20Vi 2074 + % 145 132 Natl Lead pf(B)(6) 20s 144 143% 144 -% 35% 14% Natl Malleable 1 26% 26% 26% + % 10 6% Natl I*wr& Lt .60 4 8% 8% 8% - % 82 52 Natl Steel (1.20b)— 2 73% 73% 73% + % 15% 5% Natl Supply_ 1 97* 974 974 + Vi 5% 2% Natl Tea Co _ 1 4 4 4 11% 8% Natomas (.80) ... 3 9% 9% 9% + % 29% 18% Neisner Bros (la) _ 1 25% 25% 25% - Vt 87% 73V4 Neisner Br pf (4.75) 1 82 82 82 +3% 17% 8% Newport Indus 5 13% 13% 13% - % 62 27 N Y Air Brake (lg). 2 48% 48% 48% - % 23% 11% N Y Central 67 19% 18% 18%-% 25% 10% N Y Chi & St Louis. 4 22 2174 22 - % 45% 18% N Y Chi & St L pf 10 38% 37% 38% +1% 43% 30 N YCOmnibus (3a) 5 35% 35 35% + V* 1% % N Y N II & H (r) 5 % % % — V* 5% 1% NYNH&llpf (r). 3 1% 1% 1% 1% % N Y Ont & Wn (r) - 1 % % % - V* 217 168 Norfolk & Wn (10). 2 212 210 211 -1 29% 12% Nor Am Avia 1.40g. 37 24% 24% 24%+ Vi 26% 18% Nor Am Co (.90g) 24 22% 2274 22%+% 59 50% No Am 5%% pf 2.875 2 57% 57% 57%+% 59% 52% North Ain 6% pf (3) 1 58% 58% 58%+ % 14% 7 Northern Pacific _ 8 10 9% 9% 112% 100 Nor n Sta Pw pf(5). 1 110'* 110% 110% + V* 6% 2% Norwalk Tire _ 2 5 5 5 + V* 10% 6 Ohio Oil (,20e> 15 7% 7 7 50 14% Oliver Farm Equip 1 22% 22% 22% - % 20% 12 Omnibus Corp 1.20a 1 14% 14% 148* 113% 100% Omnibus pf (8) 60s 105 105 105 7% 15% Otis Klevator !>0g . 11 17% 17% 17% — % 148% 128 Otis Kiev pf (6) 50s 141 141 141 42% 16 7% Otis Steel 4 12 11% 12 51% 40% Outlet Co (3a) 30s 52 51% 52 4 % 70 50 Owens-Ill Glass (2) 5 66 65% 66 4 % 7% 3 Pac Am Fisheries 3 5% 5% 5% + % 7% 2% Pacific Coast . 20s 7 7 7 15% 3% Pac Coast 2d pf 40a 14 13% 14 4 % 34% 27% Pac Gas & Elec (2) . 4 32% 32% 32% - % 21% 9% Pac Mills 3 16% 16 16 - % 132 114 Par Tel A- Tel 5.25c 10s 125% 125% 125% - % 156% 128 Pac Tel & Tel pf (6) 30* 148 14H 148 4% 3 Packard Motor . 45 3% 3% 3% 16% 9% Pan-Am Airways ... 2 15% 15% 15% 14% 6% Paramount (,15g) _ 10 8% 8% 8% + % 13% 7% Param’t 2d pf (.60). 1 9% 9 9% 4 1% Park Utah Mines . 5 2% 2% 2% 47 36 Parke Davist 1.60c) 4 45 45 45 13% 5% Pa the Film . 5 10% 10% 10% 4 % 11% 7% Patino Mines . _ 19% 9% 9% 94% 74 Penney (.1 C) 2.25g. 3 92% 92% 92% - % 5% 2% Penn Dixie Cem . 5 3% 3% 3% — % 16% 11% Penn Glass Sand ct. 1 14 11 14 27% 15 Penn Railroad (lg) 24 23% 22% 22% — % 39% 24 Peoples Drug 1.50* 2 34 34 34 - % 40 13% Pere Marquette pf 190s 30 29 29 — % 45 21 Pere Marq pr pf _ 60s 35 35 35 41 10% 6% Petrol Corp (.30c) . 2 8 8 8 -s % 47% 28% Phelps Dodge l.SOg. 2 39 38% 39 4- % 1% % Phila & R C & I (r) . 6 % % -% 103% 74 Philip Morris (3a) . 3 87% 87 87% 46% 31% Phillips Petrol (2) 8 40% 40% 40% - % 31% 23 Pillsbury FI (1.60). 1 25% 25% 25% 4 % 51 35% Pirelli Corp.10s 47% 47% 47% -1% 12 2% Pitts Coal ..... 2 5% 5% 5% 32% 12 Pitts Coal pf . 5 23 22% 22% -3% 14% 4 Pitts Coke * Iron 19 8% 8% — % 95 60 Pitts C & Ir pf (5).. 10s 70% 70% 70% -1% 11% 4% Pitts Screw _ 3 8% 7% 7% — (4 [ 16% \ 7% Pitts Steel . ... 2 12 12 12 20% 6 Pitts* IV Ya ... 20s 14% 14% 14% 2% % PittstonCo 9 1 1 l + % 24 17% Plymouth Oil 1.40a. 1 2t% 21% 21% — % 16% 7% Poor & Co (R) 4 12 11% 11% - % 2% % Port R Am To A (r) 1 1 1 1 + % 164 6 Pressed Steel Car 1.3 124 124 124 — 4 65 50% Proctor & Cam (2a) 4 63% 63% 634 +1 1194 112 Proctor&Gpf (a) 10s 1184 IIS'* ng4 - a. 414 31% Pub Svc < X.I > 2.50b 9 40% 404 40% ^ 4 114% 1014 Pub Svc( XJ)pf(5 ) 3 110 -, 1104 1104 + 4 166 147 Pub SvctXJ )pf(8) 50s 1594 1594 1594 414 224 Pullman (1) 8 34a 34 34 - 4 114 64 Pure Oil <.2tr > 14 9 84 9 90% 79 Pure Oil pf ifi) 2 85 85 85 4 4 814 634 Pure Oil pf (5) 7 78 774 78 + % 184 104 Purity Bakll .'•Og). ) 15 15 is 84 5 Radio Corp (.20g)._ 46 54 54 54 674 53% Radio cv pf (3.50) 1 604 6O4 60% — V* 24 14 Radio-Keith-Or (r) 10 14 14 14 114 44 Railr'd Sec 111 Stk 20s 7 64 64 - % 174 6% Rayonier Inc 1 154 154 154 - 4 264 124 Rayonier Inc pf __ 1 26 26 26 +4 224 104 Reading Cod) 1 16% 16% 16% - 4 10 64 Reliable Stors .50g 3 9% 91, 9% +. 144 9 Reliance Mfg (.40) _ 1 114 114 II4- 4 174 94 Reming-Rand (.80). 5 10% 10% 10% 75 60 Renssalaer & S (8) _ 50s 75 75 75 24 4 Reo Motor (r)_ 16 2 14 2 284 124 Republic Steel_ 47 234 22% 23 - 4 92 43 Rep Steel cv pf 5 844 844 844 -24 894 42 Rep Stl pf (A )4.50k. 3 71 70 70 -1 204 9% Revere Copper 3 154 154 15% + 4 144 74 Reynolds Metals 1 94 94 94 + 4 45 35 Revn'lds Tob(Bl2g. 11 394 394 394 104 6% Richfield Oil (,50g). 5 9 9 9 174 10 Roan Antelope .40g 2 11 11 11 514 274 Safeway Strs 2.50a 2 49% 49 4 494 + % 109 824 Safeway S pf (5) 50s 103 10.1 103 113 96 Safeway S pf (6) 50s 112 112 112 + 4 1164 1044 Safeway S pf (7) 50s 1144 114 114 -4 494 274 St Joseph Lead 75g 7 40 39% 40 2 % St L-San Fr pf (r) l 4 4 4 +4 23 104 Savage Arms (lg) . 1 20 20 20 174 10 Schenley Distillers 3 134 13% 13% — 4 1 % Schulte Retail S (r) 16 4 % % 104 34 Schulte R S pf (r)._ 2 54 5% 54 52% 444 Scott Paper! 1.60a) _ 1 484 484 484 + 4 1 4 Seaboard Air L (r) _ 16 4 % 4 + 4 24% 154 Seaboard Oil (1) 1 19 19 19 - 4 34 1% Seagrave Corp 2 24 2% 2% + 4 854 604 Sears Roebuck <3a) 15 814 81 814 +4 Ifi’.. 1 IfL. 4? a *< a - a 1 1 < 1 o \ 1 1 4 4 147. H7_ 1 21'* 104 Sharon St. el _ 3 15 144 144 -14 74 34 Sharp & Dohme 3 54 54 54 — V* 114 6'* ShattucktF GW 40) 2 74 74 74 - 4 384 28 Sheaffer Fen 2 7.7c 10s 364 364 364 - 4 174 94 Shell Vn Oil <25g> 4 134 13 134 1074 984 Shell Fn o pf ( 7.50) 1 1064 1064 1064 324 174 Simmons Co (lg) 1 224 224 224 34 24 Simms Petroleum _ 3 24 24 24 — 4 294 154 Skelly Oil (.750 . 2 204 204 204 + 4 174 94 Smith & Coro .375g. 2 10 10 10 24 124 Snider 1'kg . 2 204 204 204 - 4 154 104 Socony-Vac m ,50g 35 124 124 124 + 4 35 4 14 S Porto It Sue 1.25g 2 254 24 4 244 — 4 294 234 Southn Cal Ed 1.50a 10 274 274 274 — 4 214 104 Southern Pacific 20 16V* 154 154 234 114 Southern Railway.. 38 204 19-4 194 - 4 36*. 154 Southern Rwy pf 46 354 334 344 + 4 34 14 Sparks Withington. 4 24 2-4 24 - 4 514 36 Sperry Cnrp <2g) 22 454 444 454 — 4 33V* 11 Spicer Mfg (2g)_ 1 304 304 304 524 42 Spicer Mfg 6f A (3) 340s 52 51V* 514 — 4 2:30 D.ra Prev. 1030 Stock and Sales— Net. I Hiih. Low. Dividend Rate. Add 00. High. Low. Close, chie. 16% 8V4 Spiegel, Inc (.30*) 7 11% 11% 11%+ % 1 76% 60 Spiegel, Inc pf 4.50 110s 61% 61 61 -1 32% 18% Square D Co (.75*)- 2 31% 31% 31%+% 7% 6% Stand Brands .475*. 18 6% 6% 6% i 108 94 Stand Br'ds pf 4.50. 1 99% 99% 99% + % 4% 2% Stand Gas & Elec ... 2 2% 2% 2% — % 10% 4% Stand G&E $4 pf 3 7 6% 7 + % 20% 10 Stand G&E $6 pr pf 1 IK 18 18 - % 25% 13% StandlG&K $7 pr pf 3 22% 22 22 33% 24% Stand Oil Cal (la) . 9 25% 25% 25% 30 22% Stand Oil Ind (la) . 14 26% 26 26 - % 53% 38 Stand OilNJ(la) 12 45% 45% 45% - % 79% 65 Sterling Prod (3.80) 2 76% 76% 76%+ % 12% 6% Stewart-Warner 8 8% 8% 8% — % 7% 3% Stokelv Brothers 2 5% 5 5V» + % 17% 8% Stone&Wehster.25g 7 12 11% 11% — % 10 6% Studehaker_ 6 8% 8% 8% 66 45% Sun Oil(1) 3 60 59% 60 128% 118% Sun Oil pf (6) .140* 122 121 122 -1 11% 7% Sunshine Min 1.60._ 3 9% 9% 9% 38% 19% Superheater (.50)_ 1 25% 25% 25', + % 3% 1% Superior Oil _ 6 2% 2% 2% — % 25% 17 Swift & Co 1.20)_ 10 21% 21'i 21% — % 37% 24% Swift Inti (2) .. 2 30% 30% 30%+% 12% 4% Symlng-fiould ww_. 5 9 8% 9 + V, 9% 3% Symlng-Gould xw._ 1 6% 6% 6% 7% 4% Talcott (J) (,50g)__ 1 5% 5% 5% - % 6'/, 3% Telautograph .30g . 3 4 4 4 9% 4 Tennessee Corp_ 1 7% 7% 7% + % 50% 32% Texas Corp (2 > _ 15 45% 45% 45".+ %! 38% 26 Tex Gulf Sul (2)_ 3 34% 34 34% — % 11% 7 Tex Pae C&O (.40). 1 8% 8% 8% 77 6'H in l,u irust.Itlg 26 6'4 .6', 6 — 14 41 30 The Fair pf . 10s 35 35 35 -1 I 6 21% Thermoid 2 514 51% 514 + y, 32T, 14 Thermoid pf 3.75k - 40s 33 321* 32!*+ y* 4** 2** Thompson (JIl) .... 1 4 4 4 331* 17 Thomp Prod 75k . 2 30 30 30 + t, 3*« 114 Thompson-Starrett fi 214 2'4 2*4 + 1% | 15** 71% Thompson-Starr pf. 2 15 14** 15 + H j 14V* 91% Tide Wat A O ,80k _ 3 10S 10'% 10S + 1% j 23'. 10** Timkin-Det Ax.25g. 5 217* 211* ,21S + 1% j 641 * 34V* Timken II B 2.50k . 4 48', 48 48 - % 8*4 5 Transamerica (.50) 4 fi** fi** 6*4 12*4 6V* Transcontl & W Air 5 10*, 10+ 10;% - y, j 4*, 2 Tri-Continental .. 7 3 2** 3 7** '3 Truax-Traer Coal.. 2 5*4 54 5*4+ 1% 26V* 12 20th Century Fox... 2 13** 13*4 13** 3** 1*4 Twin City Kap Tr 1 2% 2S 2",— S 35V* 17'% Twin City Rap T pf 40s 25 25 25 + '% I 1214 7'% Twin Coach . 5 107, 10", 10:» 4*» IS Flen&Co 1 IS IS IS — S: 12*» 6 T’nion BaK & Paper. 3 111% lit, 11'4+ 1* 9414 65!% Union Carb (l.OOg). 10 87 86', 86S + *. 19** 15S Un Oil (Cal) 1.05k.. 3 16*, 16*, 16** - !, 105 811% Union Pacific (6)... 1 100S 100S lOOS 90 78 Union Pac pf (4) .. 1 86'a 861% 861% 51 31 Unit Aircraft (2g)_ 28 457« 45 45'% 14’% 71% Unit Air Lines ... £0 13S 127, 13 18** 14S Unit Biscuit (1) ... 1 lfi 16 16 - y, 3** 2 Unit Corp 41 2S 2'4 2'% 39:» 30!% Unit Corp pf(3.45k) 5 38*« 38*. 38** 7'% 4'j Unit Drug . 4 5 47* 5 + 1% ! 74 66 Unit Dyew'd pf (7). 10s 58*4 58*, 58S + >% j 95 6214 United Fruit (4)_ 4 81'* 80 81'4 + 14 15 11 Unit Gas Imp (1).. 11 15 I47, 15 + 1’ 14 6*4 Unit Her & Mfg ... 1 11 li 11 — 1, 7S 3*» I'nit I'aperboard_ 2 6 5*4 5** — j 77, 4 US Hoffman 1 5'a 6la 51, — V* ! 29-« 13'% U S Indus Alcohol . 2 22 21S 21*. + si 151* 5** US Leather (A) 1 Iff, 10'% 10', + 1% j 49 32*4 U S Pipe & Friyi 2a) 2 38". 38S 38S + 1* 38 28'a US Play Card (2a) 1 33'.* 33'* 33'* + V, i 6', 11* U S Realty & lm(r) 2 l ' _ l'a l'% 52** 31*4 U S Rubber 10 39** 39 39', — S' 114', 86S U S Rub 1st pf(12g) 12 1I2H 1117, 1117, - *, 82", 41S U S Steel 70 68'a 67s 67'a + '« 120:, 98S U S Steel pf (7) . 2 116 116 116 - S 37'% 30 U S Tobacco 1.76g 6 34'% 34 341a + 46** 39 U S Tobacco pf 1 75 20s 44', 44'a 44'a 2S IS United Stores (A).. 3 2*, 2‘, 2 . 78 45'* Univ Pictu 1st pf .. 10s 68 68 68 1 1% Yadsco Sales 3 S *, *4 21 16 Yadsco Sales pf . 10s 18 18 18 »€lilrtUIUIII lie; c V ,5S S -f- ,4 5*4 24 Va-CaroChem 1 34 3*4 34 33*4 17 Va-Caro Chem pf 3 28 27 27 — *4 118 1124 Va Elec Pwr pf (6) lbs llfi 116 116 —1 0*4 4 Va Iron Coal&Coke 200s 14 14 14 — 4 3 »4 Wabash (r 1 1 14 14 14 34 14 Wabash pf (A) (r) 1 2 2 2 —4 8 54 Waldorf Syst i.60a) 1 74 74 74 — 4 984 85 Walgreen pf (4.507 1 934 934 934 — 4 504 30*4 Walker (H) < 4 > 2 354 354 354 + 4 94 4 Walworth Co _ 36464 64 144 74 Ward Bakins (A) _ 1 84 84 84 24 14 Ward Baking (B1 5 14 14 14 - 4 j 44 264 Ward Bak pf 1.50k 2 26 26 26 —4 64 34 Warner Bros Piet 22 44 4 4 34 14 Warren Bros (r> 18 14 14 14—4* 35*4 19V« Warren F & P (2a) 1 31*4 314 314+ 4 324 20 Wayne Pump l.oOg ] 22 4 224 224 — 4 34 14 Webster Eisenlohr 1 24 24 24 - 4 284 16 Wesson Oil & Snow 5 214 21 21 —4 1054 85 West PennEi A) (7) 10s 105 105 105 -1 105 88 West Penn E pf (6) 50s 1024 102 102 112 95 West Penn E pf(7) 30s 1094 109V, 1094 - 4 164 164 W Va Pulp & P .20 1 16 16 16 - 4 2 *4 West'n Pacific pf 11 1 1—4 37 164 West’n Union Tel 6 27 26*4 264 +- 4 374 184 Westh’se A B ,625g 5 284 274 274 — 4 121 824 Westhse Elec 2.50g 6 U2;, 112 1124 + 4 145 126 Westh'se Epf 2.50g 130s 135 1344 135 -1 284 104 Weston El Inst lg 2 264 264 264 - 4 324 154 Westvaco(la) 6 314 314 314 36 , 29 Westvaco pf < 1.50) 3 36 35*, 354 — 4 97 74 Wheel & LE pf 5.50 10s 96 96 96 +24 384 154 Wheeling Steel 16 344 334 3314 - 4 154 7 White .Motor 4 13 124 124 7 34 White flock M Sp 1 64 64 64 44 14 White Sewing Mch 3 44 44 44 - l, 44 24 Wilcox Oil & Gas 1 3*, 34 34 +4 34 1 Willys-Overland 16 24 2 2 64 24 Willys-Orerl'd pf _ 11 34 34 34 — 4 74 24 Wilson* Co 5 54 54 54 + 4 60(4 32 Wilson A- Cn nf AS 7 EC E7 31% 15 Woodward Iron . _ 1 25 25 25 + % 50% 36 Woolworth (2.40) 24 39% 39% 39% - % 23% 10% Worthington Pump 3 19% 19% 19% + a, 74 47% Worth Pump pf A 10s 67% 67% 67% -6% 33% 18% Yale & Towne .60 2 24% 24 24 — % 21% 11% Yellow Truck .... 32 19% 18% 18% - % 127 98 Yellow Tr'k pf (7). 20s 124 124 124 -2 21% 9% Young Spg & Wire 1 12% 12% 12% + % 56% 30 Ygstwn Sheet & T . 14 48% 47 48% +1 34 17 Ygstwn Stl Dr (lg). 2 28% 28% 28*+% 22% 12 Zenith Radio (lg)... l 17% 17% 17%- % 3% 2 Zonite Products. _.. 2 2% 2% 2% Approximate Soles ot Stocks on the N Y. Stock Exchange. 11:00 A.M- 160.000 12:00 Noon_ 270 000 1:00 P.M- 340.000 2:00 P..\I _ 40o[oOO s Unit of trading 10 shares. r In bankruptcy or receivership or being reorganized under Bankruptcy Act. or securities assumed bv such companies. Rates of dividend in the foregoing table are annual disbur?e ments based on the last quarterly or semi-annual declaration, eluded ot*lcrwise noted- special or extra dividends are not ln xd Ex dividend xr Ex rights, a Also extra or extra-? e Paid last year, f Payable in s'oek. g Declared or paid so far this year . hCash or stock, k Accumulated dividends paid or de clared this year ^ Associated Gas Subsidiary Requests R. F. C. Loan By the Associated Press. The Associated Gas & Electric Co., through the New York-Pennsyl vania-New Jersey Utilities Co., a principal sub-holding subsidiary, has applied to the Reconstruction Fnanoe Corp. for a $26,500,000 loan, one of the largest ever asked of the R. F. C. by a private utility, it was learned today. The big associated gas system is asking the loan to pay the balance of back taxes due the Federal Gov ernment under terms of the recent settlement of a tax dispute with the United States Treasury, and. in addition, for bond redemptions and new plant construction. If the R. F. C. grants the loan, the company said, the money will be used as follows: 1. To pay the Federal Govern ment $3,245,000 owed by the Asso ciated Gas & Electric Corp. as the balance of the corporation's taxes. 2. To pay off $2,535,000 owed by the General Gas & Electric Co. to the Government in settlement of its tax bill. 3. To redeem at maturity the Associated Gas & Electric Corp.s 8 per cent bonds due March 15, 1940; there are $8,500,000, face value, of these bonds outstanding, of which $6,053,000 is held by the public, the balance being held within the sys tem. 4. New construction and improve ment of the system’s plant facilities, extension of transmission lines, and other construction aggregating around $12,000,000. Profiteers Penalized Four Paris tradesmen convicted of profiteering in electric lamps, gummed paper and cheese, in addi tion to paying a fine, were ordered to display the text of the Judgment In their shops. tL New York Cotton By the Associated Press. NEW YORK. Nov. 27.—Following a slightly easier opening in response to foreign selling and scattered hedging, cotton prices steadied as trade interests, spot houses and New Orleans accounts turned to the buy ing side. In the aggregate, operations con sisted chiefly of evening-up and transferring from December for ward, prior to first notice day to morrow. Late prices were 5 higher to 1 lower, with December up 5 at 9.66 and October ofl 1 at 9.51. Cottonseed Oil. Bleachable cottonseed oil futures held steady at declines of 1 to 2 points in small forenoon trade today Commission house liquidation of December and scattered sell ing were absorbed by trade interests. De cember was down 1 at 6.35 and March off 2 at 6.59. Crude oil was bid ft3* cents in the Southeast and valley. Texas. 5.30 bid. depending upon location. New Orleans Prices. NEW ORLEANS Nov. 27 i/P*.—Cotton futures traded quietly at an extremely nar row range yesterday and at noon were net unchanged to 1 point higher. High. Low. Last. December _, _ 9.72 9.70 9.71 March _ 9.57 9.53 9.55 May _ 9.33 9.29 9.31 July __ 9.04 9.00 9.02 October _ 8.56 8.55 8.56 Cottonseed oil opened steady: December. 5.85b: January. 5.94b: March. 6.09b; May. 6.20b; July. 6.31b. b Bid. Lumber Output Rises Far Above Year Ago By the Associated Press. Reports to the National Lumber Manufacturers’ Association showed last night that lumber production during the week ended November 18 was 33 per cent greater than last year’s seasonal weekly average. Shipments were 21 per cent and new orders 2 per cent greater. During the week 530 reporting mills produced 245,454.000 feet of softwoods and hardwoods combined, shipped 220,460,000 feet and booked orders of 189,504,000 feet. Revised figures for the preceding week were 529 mills, 241,117,000 feet produced, 230.508,000 shipped and 185,553,000 feet ordered. A British Embassy Fixes Charge for Navicerts By the Associated Press. The British Embassy announced today that the charge for navicerts had been provisionally fixed at $2 except for those covering consign- ! ments of more than 1.000 tons. These will cost $8. i Navicerts is a sort of commercial passport which American shippers may obtain from British Consulates I before consigning cargoes to neu- 1 ! tral nations. If a consulate finds a cargo “unobjectionable" it will issue a navicert. This is designed to eliminate further inspection and delay at sea or in a foreign port. Lithuania and Spain were added today to the list of countries to which shipments covered by navi certs may be made. The list also includes Belgium. Denmark. Es tonia, Finland. Iceland, Italy, Lat via, Netherlands, Norway and Sweden. Steel Armor Contracts Awarded by Navy By the Associated Press. The Navy awarded three contracts today for steel armor—a $4,855,610 contract to the Bethlehem Steel Co., Bethlehem, Pa.; a $3,436,335 order to the Carnegie-Illinois Steel Corp., Pittsburgh, and a $3,991,879 contract to the Midvale Co., Nicetown, Pa. Guggenheim Medal Goes To Airplane Designer By the Associated Press. NEW YORK, Nov. 27.—Award of the 1939 Daniel Guggenheim Medal to Donald W. Douglas of Santa | Monica, Calif., was announced last I night for his “outstanding contribu I tions to the design and construction of transport airplanes." * 4 Carrier Stocks Lead Selective Rally \fter Decline Losses of Fractions To $1 Changed Into Similar Gains Stock Averages so is is on , Indust. Rails. TJtil. 8tks. Net change —.1 -^.2 unc. unc. Today, noon 72.1 21.1 39.7 51.1 Prev. day 72.2 20.9 39.7 51.1 Month ago 75.0 22.7 40.2 53.1 Year ago... 73.0 199 34.8 50.0 1939 high.. 77.0 23.3 40.6 53.9 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 (Compiled by the Associated Press.) By VICTOR EUBANK, AwoctaV’rt Press Financial Writer. NEW YORK, Nov. 27.—Recently wavering rails worked up a little rallying steam today and encouraged buying in other selected stock mar ket issues. * The list slipped at the start, but firming tendencies of the carriers soon halted the light selling move and initial losses of fractions to around a point were transformed into gains of as much in many cases near the fourth hour. The recovery shift was attributed in part to the belief of some technicians that at least a temporary upturn was in the cards because of the notable drying up of offerings in the past week or so. Tax doubts still permeated finan cial quarters, however, and some * traders were said to have restricted commitments because of the failure of European war purchases to come up to previous expectations and to the possibility the intensified sea warfare might interfere with ship ment of orders already placed. Busi ness news, though, remained an encouraging factor, and the idea seemed to be growing that a pos sible recession next spring might be relatively minor. Stocks given support included Southern Railway common and preferred, New York Central. Great* Northern, Loft. General Electric, U. S. Steel. Chrsyler, Douglas Air craft, Curtiss-Wright. North Amer ican and American Smelting. Inclined to lag were International Harvester. Standard Oil of N. J., U. S. Rubber. Du Pont, Allied Chem- - ical and Sears-Roebuck. Tilting forward in the curb were Grumman Aircraft. Lockheed. Alu minum of America and American Cyanamid "B. ’ Chrysler was bolstered by hopes this company's labor stalemate, nearing its second month, would be settled before the end of the week. The dispute, at the same time, con tinued as a general market depres sant. Although actual figures were un available, liquidation of American stocks and bonds from abroad was reported proceeding at the rate of about $1,000,000 a day. Brokers * suggested this provided one of the principal market brakes. Estimates that October probably was the best earnings month for the railroads since 1930 did much to re vive interest in shares of favored transportation lines. Helpful was the statement of the National Association of Purchasing Agents that inventories, while larger than a month ago, still are not burdensome and are unlikely to become so. Chicago Grain By the Associated Pres*. CHICAGO. Nov. 27.—The hard winter wheat belt drought and un favorable crop reports from Argen tina and Australia resulted in an upturn of wheat prices here today, led by July, 1940. contracts which * advanced as much as 4 cent at one stage. Private cables from Buenos Aires, where prices were up about 2 cents, reported the fourth night of frosts in Southern Argentina in the last six days, but said cold weather is checking spread of black rust. Ex port business in Canadian wheat and flour was estimated at 1.000.000 bushels. Wheat closed ■\ lower to s» high er: December. 88-874; May. 86-861 s. December contracts showed the only weakness in the pit, deu to pre-de livery liquidation. Com closed unchanged to '4 high er: December, 50 ’ 2; May, 524-4; oats. 4-4 higher. WHEAT— Open. Hi eh. Low CIOS'* D-c. .88% .885ii .87 % .88-87% May .853 4 .86% .85*4 .86-86% July .83% .84% .83% .83%-84 CORN— Dpc. _ _ .50% .50% .50% .50% May _ . .52% .52% .52% .52%-% July _ .53 .53% .527* .53-52% CATS— Dec. _ .37% .38% .37% .38%-38 May .35% .36% 35% .36-35% July .32 .32% .31% .32 SOY BEANS— D°c l.oo 1.0034 1 00 1.00% May l.ol 101% 1.01 101% July 1.00% 1.00% 1.00 1.00% RYE— Dpc .52 .52% .515 * .52 May __ .53% 54% .53% 54 Julv .54 .54 .53% .54 LARD— Dpc. 5.82 5 82 5 75 5.75 Jan 5.02 5.92 5.87 5 *7 Mar 6.35 6.35 May 6.50 6 50 6.45 6 47 July _ 6.62 6 65 6.62 6.60 BELLIES— Chicago Cash Market. Cash wheat. No. 2 yellow, hard. RR'j: No. 2 mixed. 87; sampie grade, mixed (tough'. R4'«. Coin. No. 2 mixed. 52**: No. 1 yel low. 52V*-53: No. 2. 51*4-52*.*: No. 1 white. HI-(12; No. 2. Bl'i-01**: sample grade, white. 49. Oats. No. ! feed. .35**: mixed grain. 33: No 3 mixed 3S: sample grade mixed. 34-35: No. 2 white. 40: No. 2 (thin'. 37 V*: No. .3. 39-391*. Barley, maitlng. 50-00 nominal; feed, .32-41 nomi nal: No. 2 barley. 57: No. 2 malting. 55: No 3 malting. 55 Soy beans. No. 2 yellow. 1.01: No. 3. loo-l.oo>/2. Timothy seed. 3 90-4 15 Red clover. 12 50-15.00 nominal. Red top R.50-0 00 nominal. Al sike. 14.00-17 00 nominal. Alfalfa. 17 50 22.50 nomoinal. Winnipeg Prices. WINNIPEG. Nov. 27 .4V—Grain rant* today: Prev. WHEAT— High Low Close, close. December 70 s, 70V* ,70*a .701, May ... .75l# .75 .75 ,74’k July .70s, -76*a .763a .70** OATS— December .32', 32 .32V, 31*4 Wheat. No. 1 Northern. 70*,: No. 2. OR3,: No. 3. 05’,: oats. No. 2 white. 33*k: No. 3, 20s,. _ Baltimore Quotation, BALTIMORE. Nov 27 ./Pi.—Wheat, No. 2 red winter, garlicky, spot, domestic. 98. Failures Total Shown NEW YORK. Nov. 27 (^.—Busi ness failures in the United States during the week ended November 23, which included a Thanksgiving hol iday celebrated by 25 States, totaled 191. Dun & Bradstreet reported today. This compared with a like number in the comparable 1938 week, which included a holiday in all States, and 223 in the preceding full week. 4