INSURANCE SALES CLIMB IN YEAR

Gain of 700 Millions Over 1936 Total Forecast by

Roger B. Hull. By EDWARD C. STONE.

New life insurance placed by all companies during 1937 will approxi- mate $15,000,000,000, an increase of $700,000,000 over last year’s total, ac-

cording to Roger B. Hull, general counsel of the National Association of Life Underwriters.

At the close of December this year 84.000. 000 Americans will own life insurance aggregating $110,000,000,000, the largest amount ever held in United States legal reserve companies.

And the accumulation of policy- holder payments, represented by the assets of all the United States old- line companies, will amount to $26,- 850.000. 000, which is $1,600,000,000 more than was reported last December.

In an address in Boston, the na-

tional official said that the average aize of tne 120,000,000 policies out- standing is about S825 and the aver-

age coverage per policyholder is just above $1,700.

Life insurance has developed more

rapidly in the United States than ip any other country in the world, Mr. Hull asserted. With less than 7

per cent of the world's population, people in the United States own more

than 70 per cent of the world's life Insurance. Canada comes next in per capita ownership, Great Britain third, he said.

Merger Now Four Tears Old. The Capital Transit Co. recently

noted the fact the Capital Traction and Washington Railway & Electric Cos. were merged just four years ago on December 1, 1933. Washington Rapid Transit's bus lines were ab- sorbed in 1936. During the four years marked progress has been made by the unified system, Transit officials claim- ing that the major objects of the merger have already been attained. Their statement says:

“In December, 1933, Capital Transit end W. R. T. together paid $308,742 in wages to 2,728 employes; carried 12,739,742 passengers, earned $687,286 passenger revenue, average fare, in- cluding transfer users, was 5.4 cents e ride. In October, 1937, Capital Transit paid S509T510 in wages to 3.681 employes: carried 18.509,128 pas- sengers, earned $904,254 passenger revenue; average fare, including trans- fer users, was 4 9 cents a ride.

“From December 1, 1933, to Octo- ber 1, 1937, gross additions and im-

provements to the unified system cost 19.836,000.

“Our customers have got more and better service at a lower average fare. Our employes have got higher pay. Washington's business and property values, dependent on good car-bus service, have been substantially en- hanced and safeguarded by Capital Transit’s growth.

“Our stockholders, who have, put into new cars, buses, trackage and other betterments nearly all we had in our treasury, plus nearly all the lines earned above running costs and interest on debt, plus a million of borrowed capital, are still waiting for the fair return which public policy declares, and company credit requires, that they should receive.”

Lynham Heads Trade Group. C. B. Lynham of the Office Machines

Co. has been elected president of the Washington Typewriter Dealers’ Asso- ciation for the coming rear, it was learned today. C. H. Davidson. Dis- trict Typewriter Exchange, was elected vice president and Frederick Kehew, Central Typewriter Co., secretary- treasurer.

The association is made up of the typewriter and office appliance dealers cf Washington, including the local representatives of typewriter manu- facturers, the purpose being to main- tain high standards and fair practices In the trade and to co-operate in the prevention of abuses in extending time payment credit.

The association was formed m 1932 and now includes 90 per cent of the typewriter and office machine dealers in the city. The annual dinner and election were held at the Ambassador Hotel.

Accounting Changes Stressed. John L. Carey, national secretary of

the American Institute of Account- ants, told the Washington group last right that new responsibilities are being placed on the profession. Pres- ent-day readjustments between the Government and the people have as- sumed newer and greater importance, he said. To meet these new needs, accountants are now better organized than ever, the national association having nearly 5,000 members. The rational association is also keeping in closer touch with all the State or- ganizations.

Harold S. Roberts, president of Washington Chapter, presided at last night's meeting held at the Hay- Adams House.

Banks Declare Dividends. Directors of the Lincoln National

Bank have declared the regular semi- annual dividend of 2>2 per cent and an extra dividend of 1>2 per cent, payable January 3 to stockholders of record December 20.

Bank of Bethesda directors have declared the regular semi-annual dividend of 1'2 per cent on the out- standing stock, payable December 27 to shareholders of record December 15.

The Carpel Corp.'s dividend of 25 cents a share will be paid December S3 to stock of record December 17.

Today’s Tradirg on Exchange. Bonds came to life on the Wash-

ington Stock Exchange today when two $1,000 transfers took place in Potomac Electric Power 3Us at 104. The last previous sale was recorded at 102%. Washington Gas Light preferred stock appeared on the board in a small-lot sale at 98 U. unchanged.

Bank clearings in Washington for the week ended Wednesday totaled $23,161,68^39, against $24,505,302.60 in the corresponding week last year, a decrease of 5.4 per cent. Clearings of $24,964,833.49 in the previous week were about 7 per cent better than the last returns. The showing here was better than in Baltimore or Richmond.

The main office at Hartford of the Aetna Insurance Co. will present three-fourths of one month’s pay as a Christmas bonus to 1,000 employes.

The Chemical National Bank & Trust Co.. New York, will pay 5 per cent of yearly salaries as Christmas bonus and the Continental Bank & Trust Co. will pay hall a month's •alary, the Wall Street Journal says.

MONEY MARKET. NBW YORK. Dec. IT —Call money steady; 1 per cent all day: prime com-

mercial paper. 1 per cent: time loans steady; 60-90 days. l‘«: 4-6 months. l>i per wnt: bankers' acceptances unchanged; rediscount rate. New York Reservg Bank, l per cent.

TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE * B» Private Wire Direct to The Star.

Z;30 p.m. Prev 1937 Stock and Bales— Met High Low Dividend Rate Add 00 High. Low. Close, chae 55 36 Abbott Lab (1.60a) \ 2 38% 88 38%+ % 22% 7% Adams Exp (,60g) .. 7 9% 9 9 28% 17% Adams-Millis <2a)_. 1 20 20 20 + fa 36 16% Artdressog (1.40) ... 2 22% 21% 21% +1

4fa 1% Advance Rumley_ 1 lfa lfa lfa 80% 44% Air Reduction (la)_ IS 62% 61% 62% + fa

6% % Air-Way El Anpl __ 19 1 1 1 15fa 8 Alaska Jun L60a)__. 21 12 11% 11%-% 5fa 1 Alleghany _ 4 lfa 1% lfa

59fa 11 Alleg pf *30 ww_.._ 4 17% 17 17 % 69 11 Alleg pf *40 ww_ 1 17 17 17 52% 10% Alleg pr pf 2 16% 16fa 16fa % 45fa 13 Alleghany Stl 1.60.. 7 18 17fa 17% 27% 6% Allen Indus (1) ... 2 8 8 8 + %

268% 145 Allied Chem & D 6a. 3 163 162 162 % 17% 8% Allied Kid (la * ... 1 9 9 9 31% 10 Allied Mills <2g) 7 12% 12% 12fa fa 21% 6% Allied Stores (,20a). 16 7fa 7% 7fa 85 49% Allied Strs pf (5) 1 54 64 64 83% 34 AUis-Chalni(3.50g). 36 47% 47 47% 3Wfa 8% Alpha Portland (1). 4 12V* 12% 12% %

8% 1% Amal Leather_ 1 2% 2% 2% — % 114% 61% Amerada (2) _ 11 63 62fa 62fa fa 41fa 10 Am Bank Note(lg). 5 13 12fa 13 76% 52 Am Bank N pf (S) 70s 52 6lfa 62 80fa 26 Am Brake Sh 3.40g x 7 43% 42fa 43% +lfa 121 72% Am Can (4) 10 74% 72% 73 -1

174 151% Am Can pf 17) x 3 164 163% 164 + % 71 15V* Am Car & Fy (%*)_. 4 26% 26% 26%-% 104% 36 Am Car & F pf (4g). 1 50 6n 60 _iy 33fa 11% Am Chain (1.50g)... 13 16fa 16% 16fa — V* 112 90 AmChicleMa)_ 1 95 95 95 2SH 5% Am Colortype _ 2 7% 7v* 7% _ % 30** 8% Am Com Alco(.50a). 10 ISfa 16% 16% — % 33% 12% Am Crys Sug 3.7o« x 2 15% 15V* 15V* + ». 13% 2 Am Knraustic Til 3 4V« 4 4 — y lSfa 2% Am & Foreign Pow. 7 4% 4% 4% V 58% 17 Am & F P $6 pf .. 1 18% 18% 18% +1 68% 19 Am & For Pw *7 pf.. 19 22% 21fa 22% + % 38% 6% Am * For Pw 2d pf. 5 11 10% 10% 21 7fa Am Hawilan SS la.. 6 11 11 n 11% 2% Am Hide* Leath .. 4 3fa .3% .31* _ ,,

52% 32% Am Home Pr 2.40a.. 2 35fa 35s, ss«t _« 4

27s* 14 Am Ice pf (2.50g) ... 1 1R ir jg +JW W** 6fa Am International... 1 7% 7% 7% 58% 14% Am Locomotive 4 22 21% 21% — % 29s* 10% Am.Maeh & Fy (1). 11 14s* 14% 14% 13% 3 Am M & Met (.60) 1 4% 4% 4%+ u 68% 24% Am Metal <3s) 5 31 30% 30% _ * 31% 27% Am News Del 1.75g. 20s 28 27% 27% -1

4

16% 3 Am Pow & Lt 6 7 6% 6% _ u 72% 26 AP&L*5pf 4.68.'ik- 2 35% 35 35 fa 87% 31 A P& L $6pf 5.62 % k 2 44% 43% 43x1 x y 29% 9% Am Rad & St S(.60). 41 13 13% j2% _

45% 15% Am Rolling M (2g). 34 19% 19% 191, 101% 66 Am Boll M pf 4.50 x 7 67s* 66% 67% 4 2 36 16% Am Safety Bax (2) 5 16% 16% 16% 29 7% Am Seating (1.25g). 1 11 11 u

58 24% Am Shipbldg (2a) .. 140s 27% 26% ‘>fil4 _

4i Am Smelt & R(og). 15 49% 48*, 48s, _i 67% 46 Am Snuff <?,a) ... I 49% 49% 49a, _ u 73% *22% Am Steel Fdy (2)— 15 33% 32% 32% it 26% 8% Am Stores __ 4 8% 8% 8%-% 56% 24% Am Sugar Ref (2) 8 25 24% 24% — u

187 14" Am Tel & Tel (9) 12 146% 146 146% + % 99 60% Am Tobacco (5) ... 2 62% 61% 61% _ tu, 99% 61% Am Tobacco R (5).. 14 64% 63% 64 i.. 150% 128% Am Tob pf (6) 2 139 t38% 13g% _ u 20% 4% Am Type Fdrs .. 1 6% 6% 6% 29% 8 Am Watr Wks( 80). 22 13% 13V* 13% % 107 82 Am Wat W 1 pf<6)_. 1 87% 87% 87% +eu 14% 3% Am Woolen _ 3 4% 4v4 41., 79 25% Am Woolen pf- 6 28 27% 27% % 20 3% Am Zinc L & S 7 6% 5% 5% _ % 69% 24% Anaconda Cop 1.75g 9* 32% 31% 31% -1 10% 2% A PW Paper ... 1 3% 3% 3% % 46 25% Arch-Dan M (2) ... 1 25 25 25 — u

111 93 Armour Del pf (7)_ 1 97 97 97 _2 *

13% 4% Armour (111! 70g__. 13 6% 6 6 99% 64% Arm 111 pr pf (6) ... 2 62% 62% 62% -3% 70% 30 Armstr'g C'k 2.50g_. 9 37% 36% 37 16V* 4% Arnold Constab lg.. 2 6% 6% 6% 17% 2% Artloom 12 3% 3% 3% 24% 6% Asso Dry Goods 4 7% 7% 7% _ % 67% 35 Associates Inv(3a). 3 35% 35 35 _5 88 70 Assoc Inv pf xw(5). 60s 70% 70 70 94% 32% Atch T & S F (2g) 16 40% 40 40 % 55% 18 Atl Coast L <1.50g). 3 27 26% 26%-% 29 6 Atl Gulf* Wind 1 6 6 6 -% 44 9 Atl Gulf&W Ind pf.. 2 10% 10% 10% _ % 37 18 Atlantic Refln (1)_ 11 20% 20% 20%+ % 18% 7% Atlas Corp < 80)_ 7 8 7% 8 % 52% 39% Atlas Corp pf (3) .. 1 41 41 41 94 38 Atlas Powder 3.75g. 1 43 43 43 _ j 18% 4% Atlas Tack (,50g)... 3 5% 5% 5% — u 36% 3% Auburn Auto _ 6 3% 3% 3^

9% 2% Aviation Corp _ 5 3% 3% 3^ 23% 6 Bald win Loco ct_ 6 8% 8% 8% — % 40% 8%Balto&Ohio _ 26 11% 11% 11% —

47% 10 Balto&Ohlopf_ 2 14% 14% 14% — % 45 30 Bang* Art 2%)_ 1 32 32 32 43% 10% Barber Co < If) 4 17% 17 17 *2 8% Barker Bros < 75g) 2 10 9% 9% -1% 42 20 Barker pf <2»*) .. 110s 28% 28% 28% 35% 10 Barnsdall(l) 6 14 13% 14 20% 9% Bayuk Cigar (,75a). 1 10% 10% 10% — U

105% 92 Beat Cr pf ww (5) 1 94 94 94 +31., 43% 30% Beech Creek RR (2) 10» 30 30 30 — % 16% 7% Eeldin-Hem <1) 6 7% 7% 7%— % 30t2 8% Bendix Aviation(l). 4 12% 12% 12% — % 28% 15 Beneficial Loan(2g) 4 17% 17% 171, _ % 62% 82 Best & Co <2%a)... 1 33% 33% 33% -1

105% 41 Beth Steel (5g) ... 66 56% 65 55% % 129% 85% Beth Steel pf (7)_ 2 92 91 91 38 13% Black & Deck (la).. 1 13% 13% I3vt _

29% 9 Blaw-Knox (1.20g).. 4 12% 12 12 % 49% 16 Boeing Aero < 40g). 27 28% 28% 28% % 48% 21 Bohn Al&Br (4g) ... 4 28 27 28 +1 93 76% Bon Ami A (4a) .. 30s 87% 87 87% _ 1 25 12 Bond Stores (1.60).. 4 12% 12% 12% 28 17% Borden (1.60) 22 17% 17 17 _ i<, SOii. 24% Borg-Warner (2a) 9 25% 24% 25 — %

4% % Botany C >1 (A) (r). 1 % % % + % 23% 7 Bridgep't Br 75g— 6 8% 8% gi4 _

69% 18 Briggs Mfg <4g) ._ 4 22% 21% 21%-% 47 29 Bristol-My (2.40a).. 2 30 29% 29% 53 8 Rklyn-Man Transit. 28 8% 8 8%

102% 26% Bklyn-Man pf < 6)_ 2 25% 25% 25%-% 8 1 Bklyn & Queens 2 1% 1% 1% 38% 6% Bklyn & Queens pf.. 4 6% 6% 6% — V*

52% 19% Bklyn L'n Gas(l 60). 4 19% 19% 19% 24% 6 Brunswick-B (lg) 1 8% 8% g% _ u 25% 6% Bucyrus-Erle<,75g). 7 8 7% 8 14% 2% Budd Mfg .. 6 5% 5% 5% n, 13 2% Budd Wheel (,20g).. 9 4 4 4-1, 45% 10% Bullard Co (2g> 4 19% 19% 19%+ 1, 65% 26 Rulova Watch ((a) x 2 32% 32 32 18% 5% Burlington Mills(l) 22 6% 6% 6% — % 35% 15 Burrgh Add M (la). 25 17% 17', 17% _ % 11% 1% Bush Term (r) 1 2% 2% 2% 39 7% Bush T 7 G, deb (r).. 2 8 7% 77. _ v. 18% 5% Butler Bros (.60) .. 5 7% 7% 7v* % 36% 16% Butler Bros pf (1 %) 1 19% 19^ ]<p,4 _ ^

9% 2% Butte Copper(.lOg). 4 3% 3% 3% + % 33% 6 Byers & Co .. 4 9% 9% 9% _ v. 91 24 Byers AM pf 2.50k 20s 33 32% 32% 34% 12% Byron Jackson(2a). 3 16% 16% ifi% _ i* 48% 20% Calif Pack (1 %a)... 3 20% 20 20 _t hb 1 Callahan Zinc _ 10 lb lb 1*4

20b 4 Calum & Hec 1.10g_. 10 8b 7b 7b — b 37b 10b Campbell Wyant la. 2 12b 12b 12b 38b 9b Canada Dry G Ala.. 10 16 14b 14b — b 17b fib Canadian Pacific_ 12 8 7b 7b— b 61b 28 Cannon Mills (2) ... 1 30b. 30b 30b + b 35b 13b Carpenter Stl 1 85g. 2 15b 15 15b + b 9b 2b Carriers & Gen ,35g. 2 3b 3b 3b — b

191b 80 Case tj [ 1 <6g) 1 93b 93b 93b b 129 b 97 Case(J Dpt (7) __ 50s 97 97 97 IO11 40 Caterpillar Tr (2a). 7 51b 50b 50b + Vi 105b 97 Caterpillar T of (5). 9 100 99b 100 + b 41b 15b Celanese Corp 7 16b lfib lfib b 39b 24 Cent Agulre(3.38g). 3 28 28 28 + b 12b 2 Central Foundry 5 3b 3b 3b 41b 8 Central R R of N J 1 9b 91, 9b 86b 35b Cerro de Pasco< 4a)_ 8 38b 37b 37b—lb 23b 3b Certaln-teed 2 8 8 8 82 18b Certaln-teed 6% pf. 100» 29b 28b 29b -IV* 48 5 Checker Cab Mfg_ 1 7b 7b ~7b — l, 90b 40 Chesap Corp (3a)_ 16 47 46V* 46b — b 68b 31 Ches & Ohio (3a)- 26 37b 37V* 37V* — b 4 1 Chi Gt West (r) ... 3 lb lb lb + b 18b 3 Chi Gt West pf (r)_. 1 4% 4b 4b 32 10b Chi Mail Ord l.BOg _ 2 10b 10b 10b — U 7b lb Chi MSt P&Ppf(r). 3 lb lb lb U fib 1 ChlftNW(r) .... 9 lb lb lb 19b 8 Chl&NWpf (r)_ 1 4b 4b 4b

33 6b Chi Pneu Tool _ 2 11 Vi 11 11 _ u 3b 1 Chi R l&Pac (r) .. 1 lb lb lb_ u 8b 1 C R 1 & P6% pf (r). 12 2 2

22b 12 Chic Cotton Oil 4 12b 12b 12b — V 135V* 52b Chrysler Corp 10g._ 70 56b 65 65 _iu 21b 11 City ice & F (2) .. 1 12 12 19 92 60 City 1 & F pf (6V4) 40s 63 62b 62b +1

11.3 102b Clev El lllu pf(4b> * 10» 108 108 108 +1 48b 23 ('lev Graph Br 2.80g 2 25b 25b 25V* + H 31 24b Climax Molyb 1.70g 7 33 32b 3.3 29b ISbCluett Peabody (1). 2 15b ]5b 15V* + b

170b 93b Coca-Cola (3a) ... 4 115 114 115 + b 25b 8b Colgate-P-P .50) ... 15 9b 9b qu _ y. 62b 20V* Collins & Aik (5g) 7 23b 23b 23b b 51b lib Colo Fuel & Ir (lg). 4 16b 16 16b + b 27b 5b Colo & South lo§ gu* gi_i gv* + y, 30 9 Colo & South 1st pf. 70s 12 lib l]v* _J 29 8V» Colo & Sou 2d pf .. 10s 9b 9b 9b — b 32 17 Colum B C(A)1.95g. 2 17b 17 17 _ 1* 20b 4b Colum G & El 45g._ 28 9b 9 9 _ Vi 39b 10 Col Piet vtc (la)_ 2 14 14 14 — y* 125b 65 Col Carbon (4a)_ 1 66 66 66 -2 69V* 33b Comcl Credit (4a)_ 9 37- 36b 36b— b 80b 37b Comcl Inv Tr (4a).. 18 40 38b 88b b 21V* 6 Comcl Solv ( 60)_ 20 7b 7b 7b — b 4b 1 Comwlth&Sou .... 20 2b 2 2 — b

75b 34 Corns* Sou pf (3)... 2 43 42b 42b b 19b 4b Conde-Nast .. 17 7 7+14 45b 21 Congoleum-.Mrn(2). 4 £2 21', 21b — b 33b 8 Consol Aircraft .SOg* 6 14b lib 14b— S 49b 22 Consol Edison 12> 33 24b 24 24b

108 92 Consol Edis pf (6).. I 9« 98 98 b 5b 1 Consol Film _ 2 lb lb lb — b

18** 4b Consol Film pf_ 10 7b 7b 7H — b 13b 3b Cons Laundries _ 4b 4b 4b — b 17b 7 Consol Oil < 80a) 21 9 » 9b 9b 10b 2b Consol RR Cubs pf. 1 3b 3b 3b H lb b Consol Textile ir> 7 b b b

13b 3 Consolidation Coal- 2 4b 4b 4b F b 37b 10b Container 1120) 9 12b 12b 12b + b 37b 7b Conti Baking A _ 6 13b 12b 12b b 6b 1 Conti Baking B 4 lb lb lb — b

109V* 65 Conti Baking pf (I). 2 75 74b 74b 69b 39b Conti Can (*)_ 16 42 40b 40b -lb

2:30 p.m. Prev 1837 Stock and Bales— Nat Hlgp. Low. Dividend Rate Add 00. High. Low Close chge 108% 107 Conti Can pf (4.80). 1 106% 106% 106% H 26% 6% Conti Diamond_ 2 7% 7% 7% — % 42% 23 Conti Ins (1.60a).__ 12 28% 28% 28%

3% % Conti Motor__ 8 1% 1% 1% 49 24 Conti Oil Del (la)._ 21 31% 30% 80%-% 71V* B0% Corn Prod (3) 12 60% 60 60%-%

171% 163 Corn Prod pf (7)_ 2 166% 166 166 10% 3 Coty (,10g)_ 2 4% 4 4 -% 66% 22% Crane Co (lg)- 10 27% 26% 27 + Vi

116 88% Crane Co cv pf (5).. 2 90 90 90 —1 37 21 Cream of Wheat(2) x 1 22% 22% 22% 28% 7 Crosley Radio _ 4 8 7% 7% — %

100% 28% Crown Cork (2) 9 32% 32 32 — % 66% 36% Crown Ck pf ww 2 *4 1 36% 36% 36% — % 25% 8% Crown Zeller(.75g). 14 11 10% 10% — %

108% 64% Crown Zeller pf (5), 1 66 65 65 — % 81% 21 Crucible Steel_ 2 31% 31% 31% — V*

3 % Cuba Co _ 1 % % % + % 17% 3 Cuba R R pf _ 110s 6% 6% 6% + % 14 % 2% Cuban-Am Sugar 6 4% 4 4 — V*

127 75 Cuban-A Sug pf 18k 140s 75 75 75 -5 43 15% Cudahy Packing_ 3 15% 15 15 — % 20% 4 Curtis Pub ... 5 6% 6% 6%

109% 44% Curtis Pub pf 6.25k. 7 44% 43% 44V, — M 8% 2 Curtiss-Wright 19 3% 3% 3%

23% 8% Curtiss-Wr( A) .5ng 11 1414 13% 14 _ % 27 18% Cutler-Ham <.25g) 2 £3% 23% 23% — % 24 12% DavegaSt pf (1%) x 2 14 13% 14 *

109 96% Dayton P&L pf 4%. 30s 101% 101% 101% +1 27 19% Deere & Co .. 27 24% 24 24% 31% 20% Deere & Co pf(1.40). 4 22 22 22 % 29 8 Peisel-Wem-G(2g)_ 1 13% 13% 13% + % 68% 13 Del & Hudson_ 5 16% 16 16 — % 24% 5 Del Lack & W _ 20 7% 7% 7% % 10% 1% Den&Rio GW pf(r). 1 2% 2% 2% %

146% 88% Detroit Edison (8g) 1 94 94 94 +1 76V, 33% Devoe* Ray A(3a) x 1 32% 32% 32%-% 36% 18% Diamond Mat (la)-. 3 21% 21% 21% 23 6% Diamond T Mot (1). 9 7 6% 7 + W 29 10 Dlst Corp-Seag 60g 4 15% 14% 14%-% 96 T0% Dist-Seag pf ww(5). 3 70 68 70 +1 41% 27 Dtxie-Vor A (2%),. 10s 31% 31% 31% 46% 16% Dochler Die (2g> 3 19% 19% 19%-% 63% 35 Dome Mines(4.60g). 45 64% 63% 53% 12% 5 Dominion Stores ... 3 6 6 6 77% 26% Douglas Aircraft_ lfi 37% 36% 36% — Vi

159% 79% Dow Chem (3 35g)_. 2 101 96 101 +6 39% 9 Dresser Mfg (B) 3 9% 9% 9%

8% 1% Dunhill lntl ... 2 2% 2% 2% — % 180% 98 Du Pont de N «.25g.. 23 116 114% 115% % 135% 130 Du Tout deb (6)_ 1 131% 131% 131%

17 2% Eastern Poll ... 2 5% 5% 5% % 198 144 Eastman Kodak(Sa) 2 161 160% 161 + % 37% 15% Eaton Mfg (2.Tag).. 10 18% 18 18 -% 16 3 Eitingon Sch 13% 3% 3% +, % 45% 15% Klee Auto L (2.60g) 6 18% 18% 18%+ % 16 3% Elec Boat (.60g)_ 4 6% 6% 6% — % 26% 6',. Elec Pow & Et _ 33 13% 13% 13%—% 87 24 Elec P & L $6 pf_ 2 42 42 42 92% 27 KlecP&Lpf _ 1 44% 44% 44% -1 44% 22 Elec Stor Bat 2%g_. 2 26 25% 25%-%

8 1% Elk Horn Cl pf (r)_ 1 2% 2% 2 .-% 29 14% El Paso Nat G <2a). 3 17% 17% 17%-% 60 33 Endicott-John (3) .. 2 34 33% 33% -1% 17% 3 Eng Public Service. 1 6% 6% 6% — % 81 45 Eng P S pf ww 6% __ 1 60% 6<l% 60%—%

9% 1% Equit Office Buldg.. 12 2 2 23% 4% Erie R R _ 1 7% 7% 7% 35% 8% Erie 1st pf .. 3 11% 11% 11%-% 14% 3 Eureka Vacuum Cl.. 2 3% 3% 3% 34% 7 Evans Prod (1) _ 6 9% 9% 9% — %

6% 1% Exchange Buffet_ 4 1% 1% 1% 28 7% Fairbanks Co pf .. 10s 9% 9% 9% — % 71% 23% Fairbanks Mrse(la) 4 28% 28% 28% — % 29% 7% Federal Lt & Trae .. 7 12 ■ 12 12 11% 2 Federal Motor_ 5 3 .3 3 11% 2% Federal Screw 3 3% 3% 3% — %

6 1% Federal Wat Svc A- 1 1% 1% 1% — % 43% 16% Fed Dept Strs (2) .. 1 17% 17% 17% + % 45% 22% Fid Phoenix! 1.60a). 16 29 28% 28%+% 41% 16% Firestone T&R (2).. 1 20% 20% 20V* 62% 28% First Nat Strs(2V4). 6 28% 28% 28%+% 46% 11% Fllntkote (1) 17 16% 16 16%+ %

9% 1% Folianshee Bros 2 2% 2% 2% — % 68 27 Food Mach (2.50a).. 3 30% 30% 30%-% 98 80 Food Mach pf ( 4 Vi ) 240* 85% 85% 85%+% 54% 11 % Foster Wheeler 8 18% 17% 17% — % 48% 6% Fuller (GA) 2d pf.. 100s 12% 12 12%-%

7% 1% Gabriel A _1 1% 1% 1% % 15% 3% Gatr (Rohert) ... 3 4% 4 4 39% 14% Gate f Rohert) pf 5 14% 14 14 % 19% 4 Gar Wood Ind('%g). 4 5% 5% 5% % 15% 5Vi Gen Am Invest ._ 1 6% 6% 6% 86% 31% Gen Am Tran 3.SOg. 6 43 42V* 42% — % 19% 5 Gen Baking ( 60a).. 4 7% 7% 7% + %

153 117 Gen Baking pf (8).. 10s 118 118 118 -1% 32% 6% Gen Cable _ 2 11% 11% 11% % 62% 22% Gen Cigar (3g) _ 2 24 24 24 64% 34 Gen Elec <2.20g)_ 101 43% 42% 43% 44V* 28% Gen Foods (2)_ 16 31% 31 31%+%

3% % Gen G & El A_ 8 1% 1% 1% 65% 48 Gen Mills (3) _ 4 61 50% 61 V, 70% 31% Gen Motors (3.7Sg). 200 33% 32% 32%-%

122% 111 Gen Motors pf (5).. 1 115% 115% 115% % 15% 3% Gen Out Adv _ 6 6% 5% 5% — % 19 8Vi Gen Print Ink ,90g_. 2 10 10 10 — % 65% 17 Gen RySignal (1)_ 4 23% 22% 22% -1

5% 1 Gen Real & Util ... 6 1% 1% 1% 70% 18 Gen Refract <2h).._ 6 26% 25% 26 88 13% Gen Stl Cast pf 60s 28 27% 27% % 33% 9% Gen Thea Eq(1.2Sg) 4 12% 12 12 -1 38% 8 Gen Tire & R .SOg... 6 11% 11% 11% % 20% 8 Gillette Saf R (1)_ 6 10 9% 9% 88% 56 Gillette pf (5)_ 5 58% 56% 57%+% 29% 7% Gimbel Bros ... 6 8% 8% 8% — % 90% 49% Gimbel Bros pf (6).. 1 53 53 53 51% 20% Glidden Co (2a)_ 10 23 22% 23 -%

6% 1% Gohel (Adolf) ... 4 2% 2 2 — % 8% 2 Goebel Brew (,20a). 3 3% 3 3 — %

50% 1.3 Goodrich (B F) lg 17 16% 16 16 _ % 87% 50 Goodrich (BF )pf( 5) 3 55 63% 53V* —1% 47% 16% Goody'r T&R 2.50g.. 19 20 19% 19%-% 13% 3% Gotham Silk H _ 1 4 4 4 % 4% 1% Graham-Palge_ 15 1% 1% 1%

15 3 Granby Consol_ 4 4% 4% 4% + % 6% 1% Grand Union _ 1 1% 1% 1% — %

27% 10 Grand Un pf 2.50k I 13% 13% 13% V* 48% 14% Granite C S 1.12%g. 4 15% 14% 15 -% 56% 23% Great Northn pf 2g. 21 24% 24% 24% — % 28% 10 Gt Nor Ore ct l.SOg. 6 13% 13% 13% V* 42% 23% Grt West Sug 2.40a. 1 27% 27% 27%+ V. 39% 15% Green (HLl (1 60a). 11 17% 17% 17% + V* 16% 7% Greyhound ( 80a) 14 10% 9% 10 11% 7% Greyhound pf (.55). 8 9 9 9 — % 59 12 Guantanamo pf 10s 21 21 21 + % 34** 25 Hack \Yater( 1.50g). 1 25 25 25 20% 4% Hall(\YT) Printing. 2 6% 6% 6% f % 58% 18 Harb-Walker (2)_ 4 22V* 21m 21% — Vi 174* 5 Hat Corp (.80g)_ 4 7 6% 64* + v*

8 1% Hayes Body _ 5 2% 2 2 — % 15% 6 Hecker Prod (,60a). 23 6V* 6 6%

126 89 Helme (GW) 5a ... 1 90m 90m 90m + »« 39% 11 Hercules Mot (1) x 2 14% 14V* 14% + % 64 50 Hercules Powd .75g. 3 57% 57 574*— %

111 83 Hersh cv pf (4a) ... 1 86 86 86 -1 52% 15% Holland Furn (2g)_. 3 21% 21% 21% 30% 9% Hollander&Son (1). 2 9% 94* 9% + % 43% 15% Holly Sug (2V*g) 2 19% 19% 19% _ % 63% 394, Homestake Min 4% x 24 53 52% 62% — % 27% 6 Houd-Her B (1 %) 7 9% 9V* 9% _ % 73 44 Household Fin (4a). 1 50 60 50 + % 94 79 Househld Fin pf(5). 1 80 80 80 +1 17% 4% Houston Oil _ 11 7% 6% 7 90% 37 Howe Sound (3a)... 3 46% 45% 45%-1%

5% 1% Hudson* Man _ 2 1% 1** H* + % 23% 4 Hudson Motor ,25g.. 16 6% 64* 6%

4% 1% Hupp Motor _ 5 1% 1% 1% + % 38 8 Illinois Central_ 5 11% 11 11 % 72 39 111 Cent LL (4) _ 60s 39 39 39 47% 16 Indust Rayon (1).. x 3 17% 17% 17% + %

131% 58% Inland Steel (4a) .. 8 72V* 70 70 -2% 33% 6% Inspiration Copper.. 4 11% 11% 11%— %

6 3% Jnsuransh ct .20_. 1 3% 3% 3% 13% 1% lnterhoro P,ap Tr_ 1 3% 34* 3% + % 64% 20 Interchem Corp(2). 2 21% 21% 21%

111% 95 Interchem pf (6)_10s 94 94 94 —1 11% 2% Intercontl Rubber.. 1 3% 3% 3% + V* 28% 6 Interlake Iron .65g. 7 9% 9% 9m — Vi

9% 2 Inti Agricul _ t 2% 2% 2% 120 53% Inti Harv (2.50a) .. x 27 68% 65% 66 -1%

16% 3 Inti Hydro-Elec A.. 4 7% 7 7% % 15% 1% Inti Mer Marine ... 3 4 3% 34* % 18% 6 Inti Mining (.90g).. 1 8% 8% 8% % 73%"87 Inti Nickel (2a) 69 44% 44% 44%-% 19V* 7% Inti Paper & Power. 15 94* 9% 9% — % 68% 36% Inti Pap& P pf (5). 3 39% 89% 39%-% 10 2% Inti Ry Cent Am.... 160» 3% 3 3 V* 49% 30 Inti Shoe (2) 2 32% 32% 32% % 15% 4 Inti Tel & Tel — 103 7% 6% 6% %

8% 6% Inti Tel & T for ct 13 7% 74, 7%-%. 36% 9% Interstate DS 2.75g. 2 11% 11% 11% + V, 87% 49% Jewel Tea (4a) ... 1 61% 51% 61% 43

155 65% Johns-Manv (3a) 7 83 80 80 -2% 136 64% Jones&Lau Df 5.25k 130s 68 65% 66 —2 46 15% Kalamazoo S&fr 2g. 4 17% 17% 17% + % 29 6 Kansas City Sou .. 3 9 8% 9 — % 44% 14% Kan City S pf 1.50g. 2 20% 20% 20% 23% 7 Kelsey-Hayes A ... 2 8% 8% 8% _ % 19% 4 Kelsey-Hayes B- 1 5% 5% 5% 69% 28% Kennecott (2a) 66 38% 37% 37%-% 20% 5% Keystone S&W .70*. 2 7% 7% 7% % 464* 19% Kimb-Clark (la)... 1 20% 20% 20%+%

9% 1% Kinney (GR) 8 2% 2 2 % 35% 12 Kin’y GR prpf 1.50g 80s 17% 16% 16%-% 16% 4 Kresge Dept Strs I 6% 5% 6% 29% 15% Kresge (SS) (1.20). 12 16% 15% 16% + Vi 24% 14% Kroger Groc (1.60). 10 16 15% 16% 27% 6 Laclede Gas _ 60s 18% 17 17 % 41% 8 Laclede Gas pf ...140s 33% 32% 33 + % 24 11% Lambert Co (1.50).. 10 12 11% 11%-% 61% 14 Lehigh Port C (1 %) 1 17% 17% 17%+%

34* % Lehigh Valley Coal. 1 % % % — % 18% 3 Lehigh Val Coal pf_ 1 3% 3% 3% % 24% 4% Lehigh Valley R R.. 7 6%‘ 6% 6% 43% 23% Lehman Corp (la).. 3 26 26% 26%-% 21% 8 Lehn & Fink (1%).. 2 10% 10% 10% 68% 23 Lerner Stores (2a).. 6 23% 23% 23% — % 79 34 Llbbey-Owens G( 4). 8 38 37% 38 15% 5 Libby McN&L 1.40h 10 7% 7% 7% % 29 23 Life Savers (1.60a). 3 26% 26% 26%+%

113% 82% Ligg* Myera (4a) 1 86 86 86 114 83% Ligg & Myers B(4a) 6 89% 89 89% +1% 88% 18% Lima Loco (2.60g).. 13 32% 30% 30% -1% 63 33 Link Belt (2a) ... 2 38% 38 38 87% 45% Loews, Inc (7.50g)_. 13 48% 48 48%

110 99% Loew’s pf (6%) ... 2 104% 104 104 -% 3% 1 Loft, Inc 7 1% 1% 1% + %

76% 82 Lone Star Cem(3a). 2 87% 86% 86%—% 48V4 17%Looie-WlleetL*Q»). 12 18% 17% 18 %

2:30 p.m. Prev 1037 Stock and Sales— Wat High. Low Dividend Rate. Add 00. High. Low. Close, chge. 28H 15T* Lorlllard (P) (1.20) 7 16t* 16M. 16V*

147% 126 Lorlllard pf (7) 10* 135% 135% 135% 28V* 14% Loulsv G4EUI114. 2 16% 16% 16%-% 99 48% Loulsv & Nash (6*). 7 64% 64 64% 41V* 13% Ludlum Steel (1)... 3 17% 17% 17%+% 36 12% McCall Corp (1%) 3 13 12% 12% -1% 24% 7% McCrory Strst.BO*). 2 9% 9% 9% — % 21 12% McGraw Elec (1) ._ 1 13% 13% 13%-% 28% 7V* McGraw-Hill .726*. 2 8% 8 8% + % 42% 30% McIntyre Poro (2).. 43 39% 38% 38V* % 42% 19% McKeesport T <2)_10 21V* 21 21 -% 16% 5% McKess & Rob (d)... 17 7 6% 6% % 47% 32% McKess* R pf (3).. 3 31 30% 30% -1% 19 6 McLellan Strs .95*.. 1 7% 7% 7% + % 62% 18% Mack Trucks (la)._ 10 20% 20% 20% -( % 68% 27 Macy (R H) (2a) .. 9 f.9% 28% 28% -% 15% 8% Mad Sq Card 1.35* 1 10% 10% 10'%— % 63 18% Ma*ma Cop <2.75g). 3 24% 24% 24% % 16% 4% Man Ry mod *td(r) 11 6% 6% 5% % 29% 9% Manhat Shirt (1) .. 1 10 10 10 14% 5% Marine Midi (,40a) 27 6% 6% 6% — % 6% 1% Market St Ry 2d pf. 10s 1% 1% 1%

39 7% Market St Ry pr pf 60« 7% 7% 7% 1- % 30% 8% Marshal Field_ 19 8% 8% 8% + % 29% 10 Martin (Glen)_ 6 17% 16% 16% % 13% IV* Martin-Parry- 1 3% 3% 3% % 74 20 Masonite (la) .. 4 35 34% 35 + % 4iv* 22% Mathleson Aik 1.65* 4 23% 23% 23% 66% 34 May Dept Strs (3a). 7 38% 37% 37%+ % 15% 4% Maytag Co (.50*) ... 2 6% 5% 5% + % 44 23% Maytag pr ww (3)._ 1 23% 23% 23% % 34% 11% Mead Corp (1.50*).. 2 12% 12% 12%-% 86% 37% Melville Shoe (5)... 1 41% 41% 41%+ % 16% 3 Mengel 9 4% 4% 4% 47% 18 Mensel 5% pf(2%). 380* 19 18% 19 41 14 Merch&Mln Trans 70» 16% 16% 16%+1 72% 33% Mesta Mach(4.75g). 4 38% 38% 38%-% 26% 4% Miami Copper .15*.. 4 -8% 8% 8% — % 35% 14 Mid-Cont Pet 1.50*. 16 19% 18% 19 % 48% 15 Midland Stl P (5*).. 5 23% 21% 21% -2%

120 53 Mlnn-Hon Reg(3a). 6 64 61% 63 16% 4% Mlnn-Mol Imp_ 2 6% 6% 6% — % 9% 2 Mo-Kan-Texas_ 2 3 2% 2% — %

34% 5% Mo-Kan-Tex pf_ 5 10% 10% 10% — % 6'* 1% Mo Pacific (r) 4 1'* 1% 1% — %

12% 1% Mo Pacific pf (r) _. 5 3 2% 3 40% 14% Mohawk Crp( 1.20a). 3 15% 15 15% — %

107% 71 Monsanto Ch (3*) 3 86% 86% 86% +2% • 69 30 Montgom Ward(2a) 43 34% 34% 34%

46 21 Morrell Co _ 4 22 21% 21% + % 66% 37% Morris & Esx (3%). 70s 40 37% 37% -2%

3% % Mother Lode (.45g). 63 % % % 38% 12% Motor Prod <5g) .. 11 18% 17% 17% % 26 8% Motor Wheel (1.60). 1 11% 11% 11% _ y* 54 16% Mueller Brass (la). 3 17% 17 17%+ % 15% 4% Mullins Mf* (B) ..2 5 5 5 36% 9% Munsingwear 1.50*. 3 11 11 11 +% 20% 3 Murray Corp(.25*)_ 6 5% 5% 5% — % 71 46 Myers (F E) 4.75s._ 1 46% 46% 46% — % 24% 5 Nash-Kelv (1) 45 10% 10% 10% 47% 10 Nash Chat & St L... 70s 13% 12% 12% -2% 24 8 Nat Acme (1*) _. 2 11 11 11 % 33% 17% Natl Biscuit (1.60).. 25 18% 18% 18%+%

167 145 Natl Biscuit pf (7).. 1 156V* 156% 156% + % 33V, 15% Nat B'd & Inv 144a.. 5 15 14V* 14% — % 59 39 Natl Bond & Sh la 1 42% 42% 42%+1% 38% 13 Natl Cash Re* (la). 10 17% 16% 17 — % 26% 12 Natl Dairy P (1.20). 32 14 13% 14

112 104% Natl Dairy PnfR(7) 10s 108 108 108 V. 3b 1. Natl Distill (2a)_ 15 21 204 204 184 44 Natl Gypsum_l. II 74 7 74 — 4 44 18 Natl Lead (4) 10 274 274 274 + V* ;

171 153 Nall Lead pf A (7).. 2 155 155 155 150 127 Natl Lead pf B (6)_. 10s 1364 1364 1364 +14 ! 614 18 Natl Mai & Stl (2) ._ 2 234 22 22 -14 j 144 5 Natl Pw & Lt (.60)_ 3 84 84 84 4: 994 55 Natl Steel (2.50a)... 10 66 644 644 4 264 194 Natl Supply (b) _ 10 201* 194 ]04 — 4 804 65 Natl Sup pr pf (5%) 1 65 65 65 124 34 Natl Tea Co .. 16 34 34 "'j — 4 134 64 Natomas 1.80) 5 94 94 94 + 4 574 224 Neisner Bros (2)_ 1 23 23 22 + 4 414 104 Newport Ind (2g)... 26 154 144 ] 44 + a, 984 29 N Y Air Brake (2)_ 2 38 374 38 -1 654 154 N Y Central ... 53 19s, 184 184 4

100 304 X Y Chi & St L pf 1 454 454 454 -14 314 15 N Y C Omnibs 4.50g 3 21 20-4 20s, — 4 124 2** N Y Dock 32og 4 34 34 — 4

2 5XT Investors (r)_ 15 4 4*, 94 2 N Y N H & H <r) ... 13 24 24 24 — 4

264 44 N Y N H S H pf lr). 3 64 64 64 64 1 N Y Ont & West (r). 3 14 14 14

154 3 N Y Shipbldg _ 8 6 54 54 — 4 764 30 N Y Shipbldg pf_ 20s 41 41 41 + 4

1124 73 NY Steam $7 pf 10s 100 100 100 272 180 Norfolk & West 10a 1 189 189 189 +1 114 102 Norfolk & W pf (4). 40s 1054 1054 1054 +14 174 3 N Am Avlatn .12 4k 9 8 74 74 — V, 344 144 Nor Am Co (1.60g). 53 224 214 22

1044 93 North Am Ed pf(6). 1 964 964 964 — 4 364 94 Northern Pacific. .. 31 124 124 124 — 4 64 14 Norwalk Tire & R.. 4 24 2 2 —4

224 9 Ohio Oil <lg)_ 21 13 124 124 4 73 24 Oliver Farm _ 6 304 30 30 +4 264 64 Omnibus (l.SOg)_ 7 104 94 9*, — 4 19*. 54 Oppenhelm Col 4g. 1 64 6’, 64 4 454 204 Otis Elevator 1.40g 12 24 234 24 + 4

140 125 Otis Kiev pf (6) 80s 128 128 128 244 64 Otis Steel ... 10 104 10H 104 4

1034 514 Ow’ens-IU G1 2.50g .. 7 664 65 664 +14 23 94 Pac Am Fish (1.20). 8 104 10 104 154 24 Pac Coast 40s 44 4 4', + 4 40 74 Pac Coast 1st pf_ 70s 154 15 154 38 22 Pac Gas & El (2) .. 21 27 264 26*,- 4 534 344 Pac Lighting (3a)3 374 374 374 — V* 124 4 Packard Mot(.25g). 151 44 44 44 44 1 Panhandle P&R (r). I 14 14 14

121 29 Panhandle pf (r)_ 20g 45 45 45 +4 90 324 Paraffine Co Mg)_ 3 38 374 38 — 4 284 84 Paramount Plct 36 11 104 11 +4 264 8 Paramount 2 pf(.60) 16 11 104 11 +4 84 1 Park Utah (.log) 4 24 24 24

44', 28 Parke Davis (2.30g) 7 31 304 31 — 4 294 12 Parker Rust( 1.50a). 4 18 174 18 — 4 74 14 Parmelee Trans _ 2 14 14 14 _ vs

234 8 Patino Mines (2g)_ 5 114 104 104 — 4 64 31 Penick&Ford l.SOg.. 2 424 42 42 — 4

1034 674 Penney (J C) (4a) 2 64 4 634 634 — 4 124 24 Penn-Dixie Cement. 1 * 44 44 44 + 4 294 14 Penn G1 Sand ct 1g. 3 15 144 15 — 4 504 2n Fenn R R (1.25g) — 24 214 214 214- 4 91 35 Pere Marq pf .. 30* 37 36 36 —2 87 35 Tere Marq pr pf(5). 10* 36 36 36 +1 214 94 Petrol Corp (1.27«). 5 114 104 104— 4 134 3 Pfeiffer Brew! 90g). 1 54 54 51, 694 184 Phelps Dodge l.fiOg 27 274 264 274 — 4 74 2 Phila P.ap Tr (r) 100s 2 2 2 —4 34 4 Phila Read C&I (r)_. 9444

954 65 Philip Morris (3)_ 5 81 80 81 +14 64 304 Phillips Pet (2a)_ 20 404 40 404 94 24 Phoenix Hosery_ 13 3 3—4

204 4 Pierce Oil pf- 1 64 64 64- 4 18V* 44 Pitts Coal __ 17 7 7 _ 4 764 25 Pitts Coal pf- 1 344 344 34*, 4 20 44 Pitts Screw (,65g)_. 5 74 74 74 _ 4

122 40 Pitts Steel pf ... 60s 40 38 38 -4 80 25 Pitts Steel 5% pf_ 10* 23 23 23 -2

4 % fius erm c.oai_ 11 i i 8% 1% Pitts United- 2 1% 1% 1%

47V* 8% Pitts & W Vt 280s 15 14% 14%-% 29% 13 Plymouth Oil 1.40a. 3 17% 17% 17% — v* 38% 7 Poor & Co B ... 1 11 li u _ ** 11% 1% Porto Ric-Am T A._ 1 2% 2% 2% + % 15% 24 Postal T & C pf (r)_ 8 3% 3% 3% _ % 31% 5% Press Stl Car .25g 2 9% 9% 9% — *, 31 5% Press St C 1st pf .25 1 9% 9** 9^ _ 14 66% 43% Procter & Gam (2a) 8 45 44% 45 + %

118%.114% Procter & G pf (5).. 100s 115% 115% 115% % 62% 30% Pub Svc N J (2.60).. 16 33% 33% 331*

162% 132 Pub Svc N J pf (S).. 120s 139 137 137 +2 113% 110 PubSvE&Gpf (5)_. 1 112% 112'/* 112% +1%

72% 25% Pullman (1.50a)- 14 35% 34% 34%-% 24% 8% Pure Oil (,25g)- 45 11% 10% 10%-%

107 85 rure Oil pf (6)_ 931,* 931* 934 _ % 23% 5% Purity Bak (.60)_ 7 7% 7% 71, 18% 13% Quaker St Oil 1.10g. 2 15% 15 15%+% 12% 4% Radio Corp (,20g)._ 70 6% 6% 6% % 80 48% Radiocv pf (3%)__. 2 49% 48% 48%-% 10% 2% Radio-Keith-O (r)__ 5 4% 4 4 — v* 26% 6 R R Sec 111 Stk 60s 6% 6% 6% — % 37% 19% Rayhest-Man 1.75g. 1 21% 21% 21% % 47 18% Reading Co (2)- 2 20% 19% 20% +1 13% 3% Real Silk 1 3H 3^ S* 29% 8% Rem-Rand (1.30g).. 14 13% 13 13 -% 94% 61% Rem-R'd pf ww 4%. 1 65% 65% 65% + %

9% 1% Reo Motor _ 17 2% 2% 2% 47% 12% Republic Steel 35 18s* ig ig _ 44 110% 65 Republic St pfA(6)_ 2 64% 64% 64%-% 49% 9 Revere Copper & B.. 5 13% 13% 13% 98 26% Revere Copper (A) _ 1 28% 28% 28%+% 30% 12% Reynolds Met (1)... 17 15% 15 15—14

112 80 Reynolds M pf 5%.. 1 85 85 85 -5% 34% 7% Reynolds Spring _ 7 7% 7% 7% — % 67 65 Reynolds Tob 3.60g 1 40s 68% 57% 57%-2% 58 40% Reynlds Tob B S.gOg 11 43% 42% 43%+ %

6% 4% Richfield Oil (,25g). 11 5% 51* 54* _ % 46 21 Safeway Strs (2a) 4 21% 21% 21%+ %

103 80 Safeway Strs pf(5)_ 90s 80 78 80 -3 113 98 Safeway Strs pf(7). 10s 101% 101% 101% +1 66 26% St Joseph Lead(2a). $ 33% 33% 33%—%

4% 1 St L-San Fran (r)_ 1 1% 1% 1% 11% 1% St L-San Frn pf (r). 2 2% 2% 2% — % 20% 3% StL Southw’n (r)... 10s 6% 5% 5% 61% 24% Schenley DistllK*). 10 25% 25 25 ..

2:30 p.ra. Prev 1037 8toclc and Bales— Nat High. Low. Dividend Rate. Add 00. High. Low. Close, chgg 94% 8% 7Schenley pf (6%)... 1 76 75 76

3V* % Schulte Ret (r) _T 13 % % % 23% 3% Schulte Ret S pf(r). 3 B% 6 6-1 45% 34% Scott Paper 1.55g _. 40a 87 36% 37 — 14

8% 1% Seaboard A L. pf(r)_ 3 2% 2% 2% — % 64% 16 Seaboard Oil (1) ... 6 23% 22% 23% — % 98% 49% Sears Roebuck(3a). 28 69% 68% 59%-% 34 12% Servel Corp (la) 17 13% 13% 13%+ % 42% 15 Sharon Steel (1.20). 1 18% 18% 18%

120 60 Sharon Stl pf (5).__ 1 61% 61% 61%+% 14 3% Sharp & Dohme _ 2 4% 4% 4% — % 17% 6% Shattuck (F%) ,60a. 7 7% 7% 7% — % 84% 14% Shell Union OllUg). 15 17% 16% 16%—%

105% 91 Shell Un pf (5%) .. 2 97% 96 97% +1 17% 5% Silver King C 1.15g_ 4 7% 7% 7% — % F8 17% Simmons Co(2.25g). 7 21% 20% 21% — % 26 17% Simonds Saw 1.30g.. 2 18% 18% 18% — % 60% 26% Skelly Oil (1.50g)__. 7 31 30% 30%—%

102% 88 Skelly Oil pf (6) ... 1 92% 92% 92% +2% 197 67 Sloss-Shelt (1.60g). 10s 74% 74% 74% -1% 54% 13 Smith (AO) ... 4 20 19% 19% — % 40% 12% Smith&Cor 1.62 % g. 1 12% 12% 12% — % 29% 9% Snider Pack (l%g)_ 6 11% 11 11%-% 23% 13 Socony-Vac <.80g)._ 100 15% 14% 14% %

6% 1% Sou Am G & P 20g 27 2% 2% 2% — % 42Vi 20% South P R Sug (2a). 1 24% 24% 24%-% 32% 17% Sou Cal Edis (l%a). 20 21% 21% 21% % 65% 17 Sou Pacific _ 34 22% 21% 21% — % 43% 9 Southern Ry _ 14 13% 13% 13% % 60% 15 Southern Ry pf 7 22% 21% 21% — % 11% 1% Spalding 1 3% 3% 3% 77% 35% Spalding 1st pf_ 10s 37 37 37 — %

9% 1% Sparks With _ 4 2% 2% 2% — % 23% 10 Sparry Corp 1.20g._ 30 14% 14% 14% % 35 13% Spicer Mfg (2g)_ 6 14 13 13 % 28% 8% Spiegel Inc (1)_ 26 10% 10% 10% 95% 49 Spiegel pf (4%)_ 170* 64% 63% 53%-% 48% 16 Square DCo (2g).__ 1 20% 20% 20%—% 16% 7% Stand Brands (.80). 55 8% 8 8% 12% 2% Stand Com Tob _ 21 3% 3'^ 3% 14% 2% Stand Gas & El (r)_. 8 6% 4% 4% — % 32% 5 Stand G & K pf (r) .. 4 11% 11% 11%-% 65 10 Std G&E *6 prpf(r) 1 23% 23% 23%+ % 72% 14 Std G&E $7 pr pf (r) 2 26 25% 25% % 60 28 Stand Oil Calif (la) 27 30 29% 29% 50 26% Stand Oil lnd (la).. 17 34% 34% 34%+ % 76 42 Stand OH N J (la) 105 45% 41% 45%.+ % 75 54 Sterling Prod 3.80a 2 57 56% 57 + % 21 5% Stewart- Warn( V2a) 3 10% 10% 10%—% 17% 7 Stokely Bros 1.20g_. 1 7% 7% 7% 33% 6% Stone & Webster ... 11 14s. 14% 14% + % 20 3 Studebaker _ 33 5% 5 5% 77% 44% Sun Oil (la) _ 7 45% 43 45% 4 1% 22% 9 Sunshine Mug (3)_ 12 12% 12% 12%+ % 61% 18 Superheater 2.75g__ 4 28% 28 28% — Vi

7% 1% Superior Oil 13 2% 2% 2% 39% 18 Sutherlnd Pap 1.60a 1 20 20 20 — % 28% 15% Swift* Co (1.20) .. 13 16% 16% 16% 33% 22% Swift inti (2) 6 23% 23% 23%-% 23% 4% Symints'n vvtv ,85g. 10 9% 10 + Vi 17% 4% Symingt’n xw ,8.3g 6 7% 7% 7% 15% 6% Taleott (J) ,60a ..17 7 7

8% 4 {Telautograph (.60). 1 4% 4% 4% + % 15% 6% Tenn Corp <..35g) .. 3 6% 6% 6% — % 65% 34% Tex Corp (2a) 65 41% 40% 40%+ %

9% 2 Tex Gulf Prd(.lOg). 7 3% 3% 3% + Vi 41 23% Tex Gulf Sul (2a) 7 27% 27 27 % 16% 5% Tex PacC&O ( 40) .. 3 8% 8% 8% % 15% 5% Tex Pac I/d Tr £0g. 43 7% 7% 7% + % 48 19 Thatcher Mfg (la).. 1 22% 22V* 22% 8% l%ThirdAve ... 1 1% 1% j%

28% 10 Thomp Prod 1.70g). 3 13% 13 13 V* 10% 1% Thompson-Star 4 3% 3% 3% + % 21% 13% Tidewater As (la) 6 15V* 15 15V* 98% 77 Tidewater As pf 4 <4 1 84 84 84 28% 8% Timken-Det 1.50g ... 8 11% 11% n% _ % 79 36 Timken Roll Bi 3a). 6 41% 41% 41% — V* 17 10 Transamerica Corp. 7 11 10% 11 — % 22 « 4 Transcontl Wn Air. 2 6% 5% 5% — % 27% 5% Transue & Wil ,60g 1 7% 7% 7% — % 11% 3% Trl-Cont Corp (%g) 9 3% 3% 3% + %

P'9% 82 Tri-Conti pf (6) 1 83 83 83 +1 12 4% Troax-Traer (.80).. 1 6% 6% 6% + Vi 40% 18% 20th Cen-Fox 2.50g_ 6 21% 21% 21% 50 25 20th Cnt-Fox pf 1 % 4 27% 27 27%+ % 26% 7 Twin Coach (.85g) x 3 8% 8% 8%

14 Ulen & Co 2 1*. 14 is, _ v» 1004 464 Underwood-E 4.50g 2 54 54 54—4 184 9 Un Bag* P(.l24g) 1 94 94 94 -4

111 614 Un Carbide (3.20)__ 24 764 754 754 — 4 284 174 Un Oil (Cal41.20a_ 9 194 194 194 — 4 1484 80 Un Pacific (6) 6 84 4 834 844 + 4 994 78 Un Pacific pf (4) ... 1 82 82 82 4 354 104 Unit Aircraft (lg).. 21 234 234 234 — 4 244 54 Unit Air Lines _ 8 74 74 74 — 4 804 15 Unit Biscuit! 160)_ 3 17 164 17 91 394 Unit Carbon (4a)- 8 384 364 38 -14 84 2 Unit Corp (,20g)_ 95 34 34 34 4 464 254 Unit Corp pf (3)- 6 324 32 324 + 4 16 6 Unit Drug (,50g) ... 13 74 74 74-4 26*, 64 Unit £>yewood (la). 1 84 84 84 + u

1064 80 Unit Dyewd pf (7)_. 10s 82 82 82 +14 94 24 Unit Elec Coal- 2 54 54 54 4 864 52 Uni. Fruit (3a) ... x 6 56 554 56 + 4 17 9 Unit Gas Imp (1) 45 104 104 104 4 164 34 Unit Paperhd(.30g). 1 44 4*, 44 4 4 244 64 U S & Foreign Sec 3 64 64 64 -t- V» 1004 70 US* For 1st (6)_ 1 70 70 70 344 54 U S Freight _ 1 74 74 74

137 57. US Gypsum (2a)_ 3 674 67 674 434 164 U S Indus Alco_ 3 21 204 21 — 4 154 34 U S Leather _ 7 6 6 6—4 224 64 U S Leather A _ 1 84 84 84 — 4 724 24 U S Pipe & Fdry(3). 13 284 28 284 — 4 194 3Vi U S Realty & Imp 5 54 54 64 — 4 724 20 U S Rubber It 274 264 264 — a,

118 454 U S Rubber 1st pf 4 554 544 544-14 105 524 U S Smelt &R(12g)_ 3 62 614 62 +1 1264 484 U S Steel (lg) 75 584 574 574 -It, 150 1004 U S Steel pf (7) 8 1074 1074 1074 — 4

94 24 Unit Stockyards 50 3 44 44 44 84 1 Unit Stores A 14 24 2 24 + 4

21 104 Univ-Cyclops St(1) 3 104 104 104 164 135 Univ Leaf T pf (8) 10s 138 138 138 -2 108 29 Univ Pictures 1st pf 10s 33 33 33

44 4 Util P & Lt A (r)_ Z 1 1 1 24 *, Vadsco 10 ** a4 4

394 94 Vanadium Corp lg _ 3 16 15*. 154— 4 47 35'. Vick Chemical (2a). 3 40 394 40 12s* 24 Va-Caro Chern 10 34 34 34—4 744 184 Va-Car C 6%pfl.50k 1 244 244 244 + 4 124 34 Va Ir Coal & Coke 10s 3V* 34 34 —14 37 8 Va Ir Coal & Coke pf 10s 16 16 16 — 4 104 2 Wabash Ry (r) _ 5 24 2 2 184 24 Wabash pf A (r)_ 8 34 3 34 + 4 194 64 Waldorf Sys (lg)... 2 74 74 74 + 4 51s, 32 Walker Hiram (4) 14 404 404 404 — Vi 184 34 Walworth Co(.2og) 19 84 8 8 —4 504 74 Ward Baking A _ 2 104 104 104 104 2 Ward Baking B _ 4 3 2*. 2'. — 4 18 4Warner Bros Piet... 20 7 6 4 64 — 4 694 33 Warner Bros P pf... 2 344 344 344 +1 12V. 24 Warren Bros (r) 2 44 4 4 —4 46 16 Warren Fdy &P(2a) 1 194 194 194 384 114 Waukesha Mot (la) 1 144 144 144— 4 50lt 20 Wayne Pump (2a).. 3 254 25 254 + 4 56 234 Wesson O&Sn 50g .. 2 29 284 284 -4

103 76 W Penn El pf (6) .. 60s 86 84', 86 +2 1234 1174 West Penn P pf(7) 10s 119 119 119 304 16 West Auto Sup 1.60. 6 16 16 16 Vi 114 24 Western Marylata.. 6 4', 44 44 — 4 4'* 1 Western Pacific_ 1 14 14 14 + 4

114 14 Western Pac pf_ 2 24 24 24 834 234 Western Un 2.25g__. 18 24 234 234 4 574 17a* Westhse Air B( la). 9 254 244 25

1674 874 Westhse E1AM 6g 25 108 106 1064 170 113 Westhse E&M pf 6g 60s 1284 1284 1284 + Vi 274 10V4 Westvaco Chi (1)... 4 13 12'. 13

115 75 Wheel & Lake E_ 10s 70 70 70 65 19 Wheeling Steel_ 5 24 234 234 —1 904 67 Wheel Stl pr pf (5). 1 574 57), 574 + 4 334 6 White Motor 6 104 104 104 — 4 184 84 White Rk M Sp 1.40. 1 10 10 10 4 64 14 White Sew Mach_ 1 2 2 2 +4

464 11 White Sew M pf-- 2 144 144 144 + 4 64 14 Wilcox Oil & Gas_ 6 3 2*, 24 + 4 54 2Vi Willys-Overiand 3 24 24 24 +4

12 54 Willys-Over pf (.60 ) 4 5 4 5 4 54 — Vi 124 44 Wilson & Co (V4 > -- 9 54 54 54 +4 134 124 Woodward Iron Co. 1 124 124 124 — 4 654 35 Woolwortb (2.40)... 21 364 354 36 +4 47 12 Worthington Pump. 8 164 164 16a. — a.

128 38 Wright Aero (2g)„ 10s 72 72 72 -3 76 584 Wrigley Jr (3a)-x 1 61 61 61 + 4 624 224 Yale* Towns 60a— 2 244 244 244 -4 374 74 Yellow Truck 16 10 94 94

142 80at Yellow Trk pf (7)... 20s 804 804 804 -4 464 164 Young Sprg & Wire. 2 16 16 16 — 4

1014 344 Youngst S&T 3.25g. 40 39V* 384 384 -4 43a* 12 Zenith Radio (2g)._ 10 164 154 154 -14

9Vi 24 Zonite Prod _ 8 3 24 3 4

Approximate Sales of Stocks on the N. Y. Stock Exchange. 11:00 A.M_ 220.000 12:00 Noon_ 370.000 1:00 P.M_ 490.000 2:00 P.M_ 570.000

s Actual sales: unit of trading 10 shares, r In bankruptcy or receivership or being reorganized under

Bankruptcy Act. or securities assumed by such companies. Rates of dividends In the foregoing table are annual dis-

bursements based on the last quarterly or semi-annual declara- tion. Unless otherwise noted special or extra dividend* are not included.

x Ex dividend, xr Ex right*, a Also extra or extras, b 1-10 share of $2 preference stock, d 1-25 share of *3 preference stock, e Paid last year f Payable in stock, c Declared or paid so far this year, h Cash or stock, k Accumulated dividend paid or declared this year

Auto Production

Drops to 82,025 Level for Week

B» the Associated Press.

DETROIT, Dec. 17.—Ward’s Auto- motive Reports, Inc., estimated auto- mobile output for the current week at 82,025 cars and trucks, compared with 85,763 units in the previous week and 122,960 for the corresponding period a year ago.

Further contraction of output was

forecast for next week, Ward’s said, as more plants close for the year-end shutdown period.

BIG SUPPLY OF FATS AND OILS PREDICTED

The situation with respect to fats and oils promises abundant supplies for this season, the Bureau of Agri- cultural Economics said in a summary report.

Cottonseed oil should, be available in large supply. World production of cotton for the 1937-8 season is ex-

pected to be about 38,500,000 bales. This is a fourth larger than the record world production of the previous sea- son and a third larger than the five- year average, 1928-32.

Production of flaxseed from the small 1937 crop—the source of linseed oil—1s still estimated at 7,884,000

bushels, compared with 5,908,000 in 1936 and 14,520,000 in 1935.

Total beef fat supplies for con- sumption next year may be nearly as

large as in 1937. Fewer cattle will be slaughtered, but they will run heavier in weight than last year.

PHILADELPHIA PRODUCE. PHILADELPHIA. Der. 17 up>.—Live

poultry.—Fowls. Plymouth Rocks, mixed colors, fancy. 21: ordinary. 19-20; White Leghorns, fancy. 17; ordinary, 14-10; staggy young roosters. 18-19.

Cheese and dressed poultry unchanged. Wheat—No. 2 red. garlicky, domestic.

December delivery. 94. Butter—Top grades, 413«-45ti: 92.

40*2-41 Va. Eggs, 6.186 cases: weak ar.d irregular:

extras, whites. 33-35: browns. 32-34: standards. Nos. 1 and 2. 30-31: Nos. 3 and 4. 20-29: trades. 20-25: medluma. extra* or better, whites. 26-30: standard*.

STOCKS GO DOWN .

LATE IN SESSION Leaders Generally Decline

Fractions to $1 or More in Slow Trading. Stock Averages

80 15 15 50 ..

Indust. Rail*. Util. Stock Net change —.1 -.2 Unc. —.1 Today, noon 63.8 21.2 33.3 45.4 Prev. day... 63.9 21.4 33.3 45.5 Month ago.. 60.2 19.9 33.0 43.2 Year ago... 95.0 38.1 51.1 69.1 1931 high—101.6 49.5 64.0 15.3 1931 low- 51.1 19.3 31.6 41.1 1936 high— 99.3 43.5 53.1 12.8 1936 low- 13.4 30.2 43.4 55 1 *

1932 low- 11.5 8 1 23.9 16 9 1929 high ..146.9 153.9 184.3 151.1 1921 low_ 51.6 95.3 61.8 61.8

(Complied by th* Associated Press.)

By VICTOR EUBANK, Associated Press Financial Writer.

NEW YORK, Dec. 11.—The stock market lost rallying interest today and leaders generally took the back track •» for declines running to a point or more.

Although dealings were apathetic from the start, steels, motors and cop- pers gave ground without jnuch re- sistance. There were occasional re- covery intervals, but these failed to attract any important buying support. Closing quotations in the majority of instances were around bottom levels of the day.

The gold mining group and a hand- ful of specialties performed on the up side, but they failed to get far out in front.

The upturn of the past two session* inspired some cashing of profits, and^ year end tax selling continued to drib- ble into the list.

Transfers were around 800,000 shares.

Washington developments, including disapproval by a House subcommittee of a propose 1 for repeal of the corporate surplus tax, failed to disturb thelnarket unduly.

Some financial quarters apparently still were of the opinion business re- cession may be flattening out and that chances are good for betterment after the turn of the year. Aggressive demand on this thought, however, was notably lacking.

Down most of the day were United States Steel, Bethlehem. Inland Steel, General Motore, Chrysler, Interna-% tional Harvester, Douglas Aircraft, Anaconda, American Smelting, Johns- Manville, American Can, Southern Pacific, International Telephone and United States Rubber.

Another new high for the year was posted for Dome Mines. McIntyre and Homestake also were favored. Contesting the trend were Texas Corp., Westinghouse. Newport Industries and^ Owens-Illinois.

Security Offerings Continue at Low Mark During Week By the Associated Press.

NEW YORK. Dec. 17 —New fecunty offerings continued at a low level this week with municipal financing ac^ counting for a major part of the ac- tivity.

A compilation by Poor's Publishing i Co. today placed the total at $33-

053.947, compared with $35,151,385 in the preceding week and $157,627,600 in the corresponding period last year

By groups the figures compared as follows:

This week. Previous wk Municipal $29,203,467 $20,832,721 Industrial 400.000 10 000.000 Publity utility 1.800.000 Srocks 1.650.480 3 933 664 Miscellaneous 385.000

NEW YORK COTTON '

By the Associated Press. NEW YORK. Dec. 17 —Cotton _

turned slightly reactionary today, but trading was quiet and offerings were absorbed on slight declines by do- mestic and foreign trade buying.

March sold off from 8 30 to 8.20 and in midafternoon was selling at 8.25^ when the list was 2 to 5 points net* lower.

Futures closed 5 to 6 lower H18 h. Low. clo«e.

January _ $.20 $.13 $.13 March $ 30 S CO $ Cl May _ $.35 $.22 $ 26 July *_ $.30 $.CP $.31

I October $ 44 $ 36 $ 37-38 December $ 40 $.46 8.40n

Spot ouiet: middling, 8.31. n—Nominal.

New Orleans Price*. NEW ORLEANS Dec. 1? uP>.—Cot'on

futures opened unchanged to 3 points higher today on steady cables and mod- erate trade calling.

Hedginc continued dormant In aplt# of an increase on spot sales.

January opened at $.30 bid March at $.4o. May $.43: July. $45. and Octob*r^ at 8.53. Prices eased later and toward the end of the first half hour thp general market was selling l to 3 points net lower.

Liverpool cables said hedging and liQUt- dation encountered speculative buying

Cottonseed oil opened steady: Decern* her. 6.H7b; January. o.68b. March, 6.?4b; May. 6.80; July, 6.8ob. b—Bid.

chicagoIrain By the Associated Press.

CHICAGO, Dec. 17.—Late rallies of wheat prices today overcame earlier losses after a mixed trade within a

range of 1% cents. Helping to Impart late firmness to

wheat prices was an authoritative unofficial report estimating the con^ dition of all Kansas wheat at but 70* per cent of normal, and stressing need of timely moisture to permit plant de- velopment. Notice was also taken. Washington official statements that downward revisions of Argentine gov- ernment wheat production figures ap- peared probable.

At the close Chicago wheat futures were Vi off to % up compared with yesterday’s finish. May 907*-91, Juj^ 85%-%; corn unchanged to % lower, May, 58 \ July 58% and oats % advanced.

WHEAT— Open. Hieh. Low. Close Dec. -.94% .94% .93% .84%-% May .81% .91% .90% ,90%-Pl July .. .85% .85% .84% ,85S-%

CORN— Dec .57% .57% .57 .57’. May -.69% .59% .58% .58%-% July .59% .58% .68% .58%

OATS— Dec. -.31% .31% .31% .31% May -.30 Va .30% .30% .30% July _ .28% SOY BEANS— Dec. -.94% .84% May _.94% .94% July _ _ .95% RYE— Dec. _,H8% .88% .67% .67% May _.70 .70 .68% .68% July .66 Vi .66% .85% .65%

LARD— Dec. _ 8.12 8.12 8.05 8.05 Jan. _ 8 32 8.32 8.27 8.30 May _ 8.70 8.70 8.85 8.67

— .-•■■■■

NEW YORK BAR SILVER. NEW YORK, Dec. 17 OP).—Bar

silver, 44V4, unchanged.

Pond Creek Pocahontas Co.—Coal output in November totaled 130,115% tons against 164,703 in November, 1936. In 11 months total was 1,572.- 634 tool against 1,599,864.