Evening Star Newspaper, February 17, 1931, Page 14

‘FINANCIAL. rocx exemer] |BEARISH OUTLOOK “THE EVENING STAR; WASHINGTON, D. C. TUESDAY, FEBRUARY 17, 1931 NEW YORK STOCK EXCHANGE | |PRIME BOND ISSUES | Coxev vorx BONDS S & SR Received by Private Wire Direct to The Star Ofice CALI4 wEw - FINANCIAL. STRUGGLE FOR O1L TARIF 15 STARTED Independent Producers Are Determined to Obtain Pro- tective Legislation. BY JOHN F. SINCLAIR. Special Dispatch to The Sfar. NEW YORK. February 17.—The vet- | terans’ certifiate .loan bill, which raises the loan privileges on the certificates from their present rate to 50 per cent, experienced no difficulty in passing the House of Representatives yesterday. Neither will it have difficulty in passing the Senate. So. unless the Senate decides on a long-speaking campaign for and against_the bill, it should be laid on the President’s ow much money the Government will have to raise. depends upon how many veterans ask for loans. Possibly $750.000,000 is the outside figure. What will the President do? He sees a deficit of $500,000,000 staring him in the face in this year's budget. ending June 30, and Secretary Mellon has told the dountry that any such Joan arrangement as is not contem- plated would disrupt the orderly financing of the Treasury. So there is a general belief that the President will veto the bill, and the question will then be, can it be passed over the President’s veto by the nec- essary two-thirds vote of both houses? At this writing. it looks doubtful. Fight for Oil Tariff. The skillful and experienced hand of Ralph Arnold, New York and Cali- | fornia ofl geologist, is seen in the fight which the oil independents are making for a tariff on oil. Few oil men in the world have the theoretical knowledge, plus the practi- cal experience, which he has in this field He has discovered many of the richest oil fields. He has visited nearly every oil field of consequence in the world. Just now, he is writing a monu- mental work on the oil industry of the world—a work to which he has given a Jarge part of his spare time during the Jast 10 years, He has lectured on the subject of oil at many of the leading universities of the country, including Harvard, Chicago, and the Massachu- getts Institute of Technology. Some weeks ago, Secretary ‘Wilbur of the Department of the Interior, an- nounced his opposition to any tariff on oil imports. A few weeks later he changed his position and announced that he was in favor of a plan of pro- rating oil imports—another way of levying a tariff: Many oil men believe that this change of front was the work of Ralph Arnold. The fight for a tariff on oil has all the appearances of & monumental struggle. It involves hundreds of mil- lions of dollars. Mr. Arnold believes that from his in- timate survey of the oil fields of the United States, there is no danger that we will exhaust the oil supplies for cen- turies to come and that a tariff on oil must be put on if the industry is to keep on a sound and healthy basis. Stock Price Level. David Friday, well-known American economist, thinks the average stock prices will not fall to the level attained in 1921. He points out that in 1920-21 the decline was from 94, in January and February, 1920, to 64, in March and April, in 1921. Whereas, the present decline was from a peak of 127, in June, 1929, to 82, in June, 1930. But Dr. Priday, while admitting that unemployment is fully as bad now as it was ;10 yedrs ago, thinks that the figures Yor 1930, based on profits and dividends, show up very much better. He con¢ludes that those investors who are waiting for stocks to drop to the 11’::‘ levels are going to walt a.long time. - Col. Leonard P. Ayres, Cleveland economist, "while not as specific as Dr. Friday, ‘says,” for the first time since Jast Summer, some of the composite indexes are pointing to a stiffening and even an advance in industry and trade. He believes that the bottom of the depression has been reached, even although the decline in the prices of commodities at wholesale still con- tinues. ‘While the great fall in prices of securities has been the most spectacular feature of the depression in the United States, Col. Ayres believes that “it is the long ‘drop in the prices of com- modities here and abroad that has made the depression truly serious and brought stagnation to business.” | This constant dropping in the price | Jevel is what worries not only the | economists, but bankers and bunnua; en. | & probably is not too strong to say that the business recovery will not be rmanent until the wholesale price P:‘"l has become stabilized. (Copyrizht, 1931. by North American News- paper Alliance.) CAN MANUFACTURERS | REPORT GOOD YEAR! Leading Firms Show Excellent Earnings During Trade Slump. B the Associated Press. | NEW YORK, February 17.—The tin | can makers have turned in their creden- | tials and stepped up alongside electric | power producers, cigarette manufactur- | and others who kave been able to | off business depression and come | thr-ugh 1930 with little if any diminu- | tion of profits. ; The American Can Co. reported 1930 net pront of $22.883,940, actually $159.- 138 more than it cleared in that banner | vear of industrial earnings, 1929 This amounted to $8.08 per share of common | £tock outstanding, or 6 cents more than for 1929 | The Continental Can Co. cleared Jast | vear net profit of $8,738.094, which was about $229,000 less than its profit for 1929, but since it had retired its pre- ferred stock during the vear and had no preferred dividends to pay during the latter portion, it was able tc report profit equal to $5.04 per share of com- men stock. or 2 cents a share more than | for 1929 | American Can’s 1930 sales were re- | ported at a new high record. While earnings statements from food manu- facturers have done much to scout the theory heard a year ago, that the in- dustry as a whole is depressicn-proof, the growth of the package food busi- ness has at least placed the container makers in that enviable category for the present. American Can is the world’s largest enterprise of that sort. Ameridan Can was able to carry more than $7.000,000 to surplus, despite the fact that it spent about $11,500,000 for new construction. Its total assets at the enc of the year were carried at $198.- 422.360. H. W. Phelps, president, said, *“Business conditions and prospects for 1931 do not invite prophecy, but we do not consider them discouraging ™ TOBACCO MARKET EXTENDED. (Continued From Page 13.) Stock and Sales— Dividend Rate. Liquid Carbonie (4). 45% Loew’sInc (3)...... 5 2% LoftIn 5 4 3'4 Long Bell Lumb A. 531 43% Loose-Wiles (12.70). 17% 11% Lorillard «F) Co. 33 27 LouG&EA (%) 4% 81 Louisiana Ofl. 111 90's Louis & Nash 18 11 Ludlum Steel. . 52 25% Ludlum Steel pf.... 23 19 MacAn & For (2.60). 34 McCrory A (2)...... 20% MclIntyre Pore M (1 1% McKeesp T P (14%). 13 McKesson & Rob (1) 31 McKes&R pf (3%). 7 McLellan Stores. a5% Mack Trucks (4).. 83 Macy & Co (nt3). . 20% Mazma Copper (3). 225 Man Elev mod g (45) 19% Marine Mid (1.20). s Market St Ry.. Market St Ry pf.... Market St Ry pf 15 Market St Ry prpf. . 2% Marlin Rockwell (14) 51 Marmon Motor Car.. 2314 Marshall Fleld (23) 214 Martin Parry. 2315 Mathieson Alkali (2) May Dept Strs (234). Maytag Co pf (3). 29 Melville Shoe (2). 6 MengelCo........ 265 Met-Gold nf (1.89).. 10% Mexican Seaboard . 7% Miami Copper. 1815 Mid-Cont Pet (2).... 21 Midland Steel (3) 86 Midland Steel pf (8). 415 Minn Moline Pow. .. 40 Minn Moline pf (613) 20 Mo Kan & Tex (a3).. 70 Mo Kan & Tex pf (7) 8615 Missouri Pac pf (5). 10% Mohawk Carpet 20 Monsanto Ch ( 15% Montgomery Ward. 1, Mother Lode. ..... 213 Motor Meter G & El. 30 Motor Products . 14% Motor Wheel 11;) - K% Mulline Mfg. 36 Mulline Mfg pf (7 115 Murray Corf....... 30 Myer (FE)&Br(2). 274 Nash Motors (4).... Nat Acme (80c). 34 Nat Bella Hess 76 t Biseuit (2.80) 29 Nat Cash Reg A (3). 384 Nat Dairy (2.60). 4% Nat Dept Store. at Dist Prod (2) 21 at Enam & Stamp. 11814 Nat Lead (5).. 26% Nat Pow & Lt (1). diator 43 Nat Steel (2) 59 NatSupply (5). 107% Nat Supply pf (7) 41% t Surety (5) 151 NatTea (1). @ 19! Neisner Bros (1.60). 10% Nevada Copper (1).. 421 Newport Co A (3) 14% Newton Steel....... 21 Y Air Brake (2 40) 113 N Y Central (3).. 165 N Y & Harlem (5) 10% N Y Invest (1.20). 75 N YN H & Hart (6). 110 NYNH&HDp(T) 5% N Y Ont & Western 100 N Y Steam pf (6).. 89% Norf & West pf (4). % North Am Aviation. 2 Nor Am (b10% stk). 53 North Amer pf (3).. 47% Northern Pacific (5). 43 Northwest Tel (3).. 14 Norwalk Tire & Rab. 15% Ohio-Oil (1)... > 3% Oliver Farm Eq new. 3% Omnibus Corp. 5 5214 Otis Elevator (2%) 10 Otis Steel. . # 334 Owens 11l Glass (3). 45% Pacific Gas & El (2). 50% Pacific Lighting (3). 16% Pacific Mills 116% Pacific Tel & 8% Pack Mot Car (60c). 25 Panbandle P & R 36% Paramount Pub (4) 5% Park & Tilford 1% Park Utah. . 2 Parmelee Transport. 1% Pathe Exchacge. . 3 Pathe Exchange A. 10% Patino Mines. : 3% Peerless Motor Car. 37% Penick & Ford (1) 2814 Penney (J C) (3). 315 Penn Dixie Cement. 17 Penn Dixfe Cmt pf.. 55% Penn RR (4) 20013 Peop Gas Ch (8) 77 FPere Marq pf (5).... 6% Fetrolm Cp of Am1) 19% Phelps Dodge (2). 7% Phil Read C& 1. 12% Phillips Pet (2). Pierce Oil. . 15 \Pierce Petrolm (10c) 26 Pillsbury Flour (2).. 13 Pitts United Corp. .. 8% Poor & Co (B).. . 16 Porto Ric Am T( A) 4% PR Am Tob B. . . 25 Postal T & Cpf (1) 12% Prairie Oil & Gas (2), 17% Prairie Pipe Line (3) 4 Pressed Steel C: 3515 Pressed StCpf (7).. 63 Proct & Gamb (2.40) 21 Prod & Refiners. 72 PubSvNJ (3.40) 95 PubSv N Jpf (5) 109% Pub Sv N J pf (6) 49% Pullman Corp (4) 8% PureOil. .. 95% Pure Ofl pf (8).... 38 Purity Bakeries (4). 12 Radio Corp. 3415 Radio Corp B (5).. 16% Radio-Keith-Orph A. 18% Raybestos Man 2.60. Real Silk Hos (3)... 1% Jtem Rand (1.60).... 8% Reo"Motor Car (80c) 12 Republic Steel 2915 Republic Steel pf. 7% Revere Copper & Br. 11's Reynolds Metals (2) 70 Reynolds Tob A (3) 40% Reynolds Tob B (3). Richfield O, ..... 5% Rio Grande O1 16' Rossia Insur (2.20) . 37% Royai Dutch m1.3404 b1l 41 6315 7 51 8 ] 1008 18 8 62% 25 2 Safeway pf (6 2974 24% StJoseph Ld (2). 43 St L-San Fran (8). Add 00. High. ~Prev. 1931~ High. Low. Prev. | .76 . Close. Close. 49%5 597 4% 33 52 16% 30% 4 109% 16% 50 23 Y% 13 Sinclair Spang-C 104 19 52 26 2 s Starrett b 18% 25 1% Ther Tri-Cont Unit 1 U Stock and Dividend Rate. 637% St L-San Fran pf (6) St L Southwestern Savage Arms (2).... Schulte Retail Strs. . Seaboard Air Line. .. Seab Air Line pf. Sears Roebuck 12% .. Second Nat Inv Second Nat Inv pf. Servel Inc Sharon Ste Sharp & Dohme Shattuck F G (1 Shell Union Oil. Shell Un Oilt pf (5 4 Shubert Theaters. Simmons Co. .. Simms Petroleum . Skelly Of! Skelly Oil p Snloer Packing . Solv Am pr ww 5% Sou P Ric Sug (1.40) South Cal Kd (2)... South Pacific (6).. South Ry (8)..... South Ry pf (5). Spang-Chal pf (6). Sparks Withing (1) . Splegel-May-Stern. . Stand Brands (1.20). Stand G & K (3%)... Stand G & K pf (4) Stand Oil Cal (h23) . Stand Oil Exp pf (5). Stand Oil of Kan (1) Stand Ol N J (12). Stand Ol N Y (1.60). Sterling Sec A. Sterl Sec cv pf (3). Stewart Warner..... Stone & Webster (4). Studebaker (1.20) . Superheater uperior O11 perior Steel ; | Sweets of Amer (1). 2 2 Texas Corp (3)..... Tex Gulf Sulph (4) Texas Pac Land Tr 134 Thatcher Mfg (1.60). 21% The Fair oid Co. 'hird Nat Iny ‘hompson (J I ) Thompson Pr Thompson Sta 'homp-Star pt (3%) Tide Water As (60c). Tide Wat As pf (6)./ Timken Det Ax (30c) Timken Roller ( Tobucco Prod A t95¢ Transamerica (1). Transue & W (1). Tri-Cont Corp pf (6) Trico Prod Twin City R Tr Und-Ellot-Fish (5). Un Carbide (2.60) Un O1l of Cal £2). Un Pacific (1 Un Pacific pf (4). Unit Atrcraft. . 3 Unit Aircratt pf (3). 2 5 | Utd Am Bosch UnYt Biscuit Unit Carbon (1) Unit Cigar Stores United Corporatio Unit Corp bt (3). ewood pf Umit Electric Coal Unit Fruit (4)... Unit G & Im ( Unit G & Im pf (5). it Piece D W it Piece D pf 6% U S & For Secur. . 18 & For Sec pf (6). | U S Freight. . 2 2 | U S Gypsum (1.60) U S Hoftgan Sales— Add 00. High. 2 Prev Low. Close. Close. 2% 2% 2% 32% 32% 33% 16' 16'a 17's B i) 1 = SeulereZcans %) & Fari n Ofl (1).. halfan 121 (LS) (123%) 2 3l | ot | 38 | a2 i 15 | 0). 40). ett. . Corp. .. 2%4).. 22 49% 4015 7 60% 293, 3 100k | 26l 2 E 105 10% | 20). 2) S Indus Alco USPipe&F (2). U 8 Realty & Im (3). U 8 Rubber. ; U S Rubber 1st pf. U S Smelt & Ref (1). U S Steel (7). U S Steel pt (7. 1 Unit Stor it Stores Univ Leaf Tob (3). Univ Pic 1st pf (8). Univ Pipe & Rad. Utah Copper (8) . Util PEL A (e12.15). Vadasco Vanadium Corp (3). 1005 Van Raalte....... *hem. Va-Car ( 5% | e 14% | 207 | 1464, | 146% T 47 227 A 10 1 1 % | 108 341, | H { 108 247 | 4“ 28 6 1% | 660n 10 | (2%). Sales Corp.. 1008 iz Va Car Chem p Vulcan Det (4). Wabash RR..... Wabash RR (A). Waldort Walworth Co (2). Ward Baking A. Ward Baking B. Warner Bros Pict Sys (1%).. 185 27 254 br 60 Y ! 608 22 2 | s 5 6| 19% | Warren Bros (3).. 4z | War Bios v pf (3) Warren Kdy & P (2). s | 2 Wess Oil & Snow Wess O & Sn pf (4) West Pa West Pa Western Western Western Western Westing Westing Westing ELpf (6). ELpf (7). Dairy B. Md - Pacific. .. 3 Union (8) 3 142 | AB(2) 5 3 E&M &M pt (5) 10415 Weston El Instr (1). Westvaco Chlor (2). Wextark Radio Strs. White Motors (2)... White Sewing Mach. E 3 3 | Willys-Overland. . Wilson & Co Wilson & C 0 Wil b | 3t A 10024 ol (T) Woolworth (2.40)... 130 63 617 { W orthingion Pump. Wrigley Yellow Truck (Wm) (4).. Youngs Spring (3). 2 5 240, | Zenith Rado. ... : an! RIGHTS—PXPIRE. | | 2 PacGas &ElL.Marll 23 2w 24 20 Sales of Stocks on New York Exchange. | 10:30 AM. 2% 0 P.M. : 280 Dividend rates 41% vayments based on 611 stock. §! 92 | no regular 29 2% | nPlus 2% in 59 | mPaid this ye 92 60 rate. tock *Unit ot trading le yable in scr b Payable in | e Pavakle in cash or stock. 900,000 | S 87200.000 re the annual cash early declarations. 1Partly extra. iPlus 4% in e In stock. a Paid last year— | OCk. d Payable when earnea | s 8% in stock.” g Plus 6% in stock. in <tock. nPlus 8% in stock. | 600,000 00 Noon 2,700,000 2:10 P.M B1ven in the above table test quarterly or hal 100 shares. lus 1 Pl k Plus 0o regul CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, February 17.—The fol- | lowing is & summary of important cor- | poration news prepared by the Stand- ard Statistics Co., Inc., New York, for the Associated Press: News Trend. The extent to which all railroads o(‘ the United States were affected by 1930 | business conditions is clearly reflected | in the combined operating statements of 171 Class 1 carriers as announced {by the Bureau of Railway Economics. | Last Year's aggregate net operating in- come amounted to $885.000,000, a de- | cline of 30.5 per cent from the total| of 1929. ~Although operating expenses were reduced by 12.8 per cent, the in- creasing competition from motor trans- portation was responsible in a large measure for a serious contraction in | | | DANVILLE. Va., February 17 (Spe- cial).—The - Danville tobacco market season has been extended another week and will be closed March 6 instead of February 27, as previously decided. The decision to keep the market open longer was made yesterday by the sales com- mittee of the Danville ToBacco Associa- ticn, because of the continued dry weather, 'l'hllch 15 prev;nmu m:lnr‘r:‘enl: frorp stripping out their a curings and bécause of considerable ill- @es§ throughout the section, passenger revenues. Gross income from this source totaled $729,635768, repre- rnuu a decrease of 16.5 per cent from he previous year, and, according to the statement of the. railway assoclation, accounted for 63 per cent of the 1930 drop in gross receipts. Last year's gross revenues were 16.5 per cent beneath the $6.360,303.000 reported in 1929. “Numerous® exceptions ‘to the unfavor able trend of industrial earnings state- this group of companies that have ex- | hibited singular comparisons with the | returns of 1929 are American Can, Westinghouse Air Brake, Indiana Pipe Line, Simpson’s, Ltd, and Western Auto Supply. The Companies. American Metal Co., Ltd., 1930 com- mon share earnings $1.63 against $2.23 Armour & Co. (Tll.) not affected by | Government retailing of meats in Ar- | gentina at low prices. Aviation Corporation-Universal di- vision of American Airways operating three round trips daily on Chicago-St. Louis line; fare cut to $16.50 one way. Baltimore & Ohlo Rallroad 1930 com- | l‘n&nsllxhlrz earnings $7.44, against $10.31. Bendix Aviation 1930 net estimated | $1,600,000. against $7.416408 in 9. Briggs & Stratton 1930 common share earnings $2.94, against $5; reported out- look is for higher earnings in first quarter than in final 1930 period: - | Buckeye Pipe line January pipe line deliveries up 4.1 per cent. Canada Power & Paper—Pixed charges reported not to have been cov- ered by earnings in 1930; operations in 1930 averaged over 55 cent. Canadian Pacific Rallway subsidiary, Slnudllln Pacific S:mlhlfl Co., re- luces transpacific rates: Chicago, Burlington & Quincy Rail- road—Savings of $100,000 annually- re- m from replacing local trains with Cl Evening Post to be sold at e Cockshutt Plow Co., Ltd-—Reported offer from Soviet to purchase seeders and pay in coal. oColumbia Gas & Electric 1930 com- mon share earnings $1.76, against $2.49 ments for 1930 have been reported ‘n the past few days. Outstanding among | earnings $1.26, against $2.66. adjusted for 25 per cent stock dividend in 1928, Continental Can expenditures for plant betterments in 1930 totaled $4,- 265,013, { Courtaulds, Ltd., 1930 net income, £1,- 349,070, against £2,091,972. Eitingon-Schild obtains control major part of Soviet fur exports. Fageol Motors Co. 1930 deficit $181,- 490, against net income before Federal taxes $153,658, equal to 47 cents com- mon share in 1929, Fourth National Investors—Reduction in par value of common to $1 from $40 proposed. General Baking Co. preferred share earnings, year ended December 27, $56.91, against $79.75. Great Atlantic & Pacific Tea reduces price of wholewheat bread 2 cents a loaf to 8 cents. X Great Lakes Dredge & Dock 1930 common share earnings $4.01, against $2.72 adjusted for 8-for-1 split in 1929. Greyhound Corporation ~half-hourly service to Philadelphia planned by sub- sidiary, Pennsylvania Greyhound lines. Hanna (M. A.) 1930 common share of Interborough Rapid Transit—Assem- blyman Moffat drafting plan for own- ership and operation of rapid transit lines by transit authority. Indiana Pipe Line—Januafy pipe line deliveries off 63.3 per cent. Intercontinental Rubber deficit in 1930 final half reported larger than $91,273 shown in first six months. Kinner Airplane & Motor first quar- | Northern Adjustments. | masvor & Row | Corcoran ter deliveries to approximate 75 en- gines, against ‘45 in “like 1930 period. Heavy sleepers in Germany are tak- ing to a new alarm clock, which at any given hour explodes s cartridge con- ining a_pungent gas, causing the jeeper to sneeze violently, INSTEADY AN Market Apparently Has Dis- counted Any Action on Soldiers’ Bonus. BY F. H. RICHARDSO! Special Dispatch to The Star. vestment market's reaction today to thn passing by the House at Washingici of the Bacharach bill to extend the bor- 10wing power on soldiers’ bonus certifi- cates from 22': to 50 per cent slight dip in long-term United Stat Government bonds. The selling was in negligible quantities and prices fell off only Iy to 14 point. Undoubtedly the market had discount- ed in advance most of the adverse ef- fect of the bill, but what, tempercd more than mmything else the disposition to liquidate Government bonds was the|p.emen 753 declaration in authoritative quartcrs that it would probably be more than a year, and likely as much as two years, before any large Government financing would have to be done to meet the new borrowing on the certificates. High-grade corporation bonds held firm. To some extent, the move to sup- port second-grade and semi-speculative issues was resumed. Forgign dollar bonds had a strong tone. Money rates were unchanged. Volume was moderate- 1y heavy. Notable in the day's trading was the strength of the municipal market. Pes- mistic utterances as to what would happen to this market if the bonus bill were passed. even in modified form, were not justified on today's perform- ance. Undistributed portions of recent | loans were moving rapidly, and private dealer discounts were narrowed almost | to the vanishing point. Arizona disposed of $2.000.000 of some four-month tax anticipation notes carry- ing a 2 per cent coupon at par, the en- tre issue having been placed privately. San Prancisco sold $2.975.000 of 4!, per cent bonds maturing 1932 to 1953 on a bid of 102.859. The Canadian province of Saskatchewan sold $3,000,000 of one- year 315 per cent notes at prices to war- rant their re-offering on a 3% per cent yield basis. All these prices come closer to setting records for the particular class of bonds offered. ‘The upturn of speculative types was evidenced by substantial advances in Shubert Theater 6s, Chicago & Eastern Tllinois 5s and International ‘The last-named bond is now selling 15 points above its level of a month ago and 28 points above its 1930 low. The road's position has been reported improved by the de- velopment of carrier merger proposals in its territory. Foreign issues were led in activity by German bonds. still reflecting the bull- ish interpretation placed on the grant- ing of an international credit Morday. Young Plan 5'is recovered most of their recent loss. Reparation 7s were again above 102. Some South American | bonds. such as Brazil Central Railway 7s. Montevideo 6s and 7s, Tolima 7s and dc:in:oo.; of various maturities re- spon mproved crop prospects i those countries. G Washington Stock Exchange SALES. Capital Traction Co.—10 at 34, 10 at 34, 10 at 34, 10 at 34, 10 at 34, 6 at 34, 8 at 345, 20 at 345, . Potomac Electric 6°- pfd.—1 at 110, Washington Rwy. & Elec. pfd.—10 at 9814, 10 at 987,, 10 at 981,. Columbia Sand & Gravel pfd.—10 at 94'-, 10 at 94, 5 at 93%, 30 at 93, 10 at 93, Federal-American Co. com.—10 at 27. Woodward & Lothrep pfd.—10 at ;07. AFTER CALL. Capital Traction 55—$500 at, 815 Washington Rwy. & Electric 45—$1,000 { at 87. Capital Traction Co.—5 at 35. Washington Gas §s B—$200 at 104 Cnptn:; Traction 55—$2,000 at 82, $1,000 at 82, Union Trust Co.—10 at 210. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 425 '33 Amer_ Tel. & Telga. 4'7s '30 Am. Tel. & Tel ctl. tr. 58 Anacostia & Pot. R. R Ana. & Pot. guar. 55 C & P. Tel. of Va. 55 Capital Traction R. R. City & Suburban 55 Georgetown Gas st 56 Potomac Elec. cons, 57 Potomac Elec. 65 1953 Wash. Alex. & Mt. Ve Washington' Gas 4! Wathingion Fvsta e 4 MISCELLANEOUS. Inc. 625 Chevy Cnase Club 8 | Columbia Country Club D. C. Paper Mfz. 6s M. Cold Storage 55 Wash.' Cons. Title 6s.. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9). Caital_Traction Co i Wash. G ht Co 'iidi Nortolk & W. Steamboat (i2) Pot. Elec. Power 6, pld Pot Elec. Power 827 pfd Wash. Ry, & Elec. com. 7). Wash. Rwy. & EL pid. (5).... *08 NATIONAL BANK. Capital (14) ... Cofumbia (12} Commercial (siamped) (10) District (8) Fed.-Am. Natl. BK. & T Liberty (781 Lincoln (12 5 Metropolitan (i4) Riggs (155 ... Second (9e) Washington 19314 D3 120 190 10, 21082 > . 224 380 219 i3)] ol TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust (6) 2 National Sav. & Trust (12 Prince Georges Bk. & Tr Union Trust «8s) 5 Washington Loan & Trust (i4). 435 SAVINGS BANK. Bank of Bethesda (65) Commerce & Savings (10} | East Washington (12) . Potomac (10)... . Security Sav.'& Com. Bk Seventh Street (12). . United States (301 Washington Mechanics ‘(20) FIRE INSURANCE. American (12)..... . 280 10y 5 Firemen's (8) National Union (15)." TITLE INSURANCE. Columbia (6h) 2 Real Estate (6h) Title & Inv Co. Md. com’ . MISCELLANEOUS, Barber & Ross. Inc.. com z Col. Medical Bidg. Corp. (6)... Col. Sand & Gravel pld. (7).... Dist. Natl. Sec. pfd, (1) Emer. Bromo-Selz, “A" (2 Federal Storage pid. (8) Fed.-Am. Co. com. 1) Ped.-Am. Co. pf % Lanston Monotype (8) Mer. Tr. & Stge. com. ( Mer. Tr. & Sige. pfd. | Mergenthaler Linotype ¢ Natl: Mtge. & Inv. pid Peoples Drug Stores pid Real Est. M & G. pfd. Security Storage (4e) Ter. Ref. & Wh. Corps The Carpel Corp. (1.50c W. Mech. Mtge com. (6 Wash. Med. Blds. Corp. Woodward & Lothrop com. = . Woodward & Lothrop pfd. (7). *Ex dividend 8200 extra b Books closed. y20a%e extr nibe extra. 372 extra. 130¢ extra. hatl extr §177 extra. elta% extia. FOREIGN EXCHANGE. (Quatations furnished by W. B. Hibbs & Co.) Nominal gold Sellin checks Value today $4.8511 an [ Y. @ 30 107 5% extra c12isc extra. London, pound. Paris. franc......0 Brussels. beiga.. Berlin, mark. Rome.' lira Zurich, tranc. Athens, drachma Madrid, peseta.. .. vienna, schilling Budapest. pengo. . Prague. crown (nom.) v zloty . i 2673126 2673%¢ 28.75%0 Great | Lib Lib Lib USs us Ar | Ar | | Bat Bel o | Belgium 635549 o5 | Belgium 75755, | Belgium 75 '56. | Bol Bol Bor Bra; Bra; Bra {can | Chi: Chi Chi Dut, Dut Fia Fin Fin Fin Fraj Kre) Iore, Ger Grey Ital Ital Jap: Jap: Mil; Nor Nor No» Ori Per) Per Pol Rio Sao Shi Uni Uru Vie wa Abi Am Am Am Am Bet RBet Cer ¢ Con ‘(‘Dn ! Det ;llel | Det c Hun Int Int Int Int int Int Lac Lac Lau Loe: Loe Lo Lor! Lou Mid Nat Nat N Eng T 1st 55 '52 NY NY N Y Edison 5s B ‘44 NY NY NY S3%e'4T.. Arzentine May '61. Argentine 6 B Argentine 6s Ju NEW YORK, February 17.—The in- Australia 4}s's6 Australia 58 '5! Australia 55 Austria is “olomb 6 5 Copenha® 434553, . Copenhag 58 '52 Cuba 5%s '45. Denmark 4%s '62 | Denmark 53 55 Denmar 51 Salvador 85 '48., Yokohama 65 '61. MISCELLANEOUS. Kan C P&L 5s A Kan G & E 4%s "80. Kend 5155 '48 ww. Mont Pow 58 43 Mont P db 5s A '62 UNITED STATES. (Sales are in 31 Sales. High. 6 10117 7 10228 169 103 20 41 10122 150 101 28 5 107 6 20 111 FOREIGN 3w, 1stdls. . 4th4ys.. B%s43.. 4x 44 45" Sales. High. 1 9 entine 5158 "62.. entine 68 A '57. » Rz av Pet 4155 "42.. gium 68 '55. ivia 7s ctfs ivia 8545 deaux 63 '34 - i1 615 211 7s. .. 7il 85 41 ARAN e RaRmSnaNERANS ARARE ada 55'52. le 6560 le 65 °61. 1o 78°42..., Jan P o5 4z 21 ch Kast [ No 5 1 Dutch East 16547, 1 ch East I 6562, 1 1 t 75 ex land 5% land 65’4 land 7s *50 m1D7%s'42 nch 7s '49. nch Gvi 7% ar '46. . ‘man 7 ek 6363 Hungary 71844 y 78%51. .. y Pub Sv 78 anese 555 65 anese 6148 ‘54 Jugosl Bank 75 '57. Karstadt 6s'43 IKreug & Toll 55 5! Lyons 6534 Mex 45 ass an 6% s Montevideo 65 Montevideo 7s New S Wales 65 New S Wales 65 rway 5s ‘63 Norway 5158 '65 rway 6543 way 63 '44 Norway 6s '52 Orlent dev 5%s ent dev 6s 53. Paris-Ly M 68’58 Paris-Ly M Peru 6560 u 65 '61 u 7% '5Y9 Poland 6540, Poland 7s "47... and 85 °50.... Queeniand 65°47. .. Queenland 7s*41... Rhinelbe 75 46 Rhine Weast 7s Rhine West 65 Rhine West 6s '3 deJan 6% Rio de Jan 85 '46. .. R Gr De Sul 6368 . R Gr D Rome 6338%2. .. Roy D 4545 ww. Sao Pau7s'40 rets. Sao Paulo 85 '36. 8546 Paulo 8s Saxon 7s '45 nyetsu 6% " Swiss 5%s'46... Toho El Pow 65°32. Toho El Pow 7s Tokio 5% : Tokio 5%38°61..... Utd King 5%5 '37 20 55. tSS Cop 65'37.. 1 1 1guay 85°46. 1 nna 6s '52 reaw 7s '3 9 e tibl P & P bs Adams kxp 45 '48 Allegheny o5 “44. Allegheny 5s '49 Allis-Chalm 58 AgChTis41. Beet Sug 68 '35. F P 55203 1GCh5%s’ Tap 6547 Arm & Co 4%s Bell Tel T'a bs C "60 h Steel pm 55’36 h St rf5s 42 Bk Ed gn A 55 i Bush T BIdg 55 '60. t-td deb 545 *43 Chile Co Com Inves 5138 Md 1st rf 55 '50. GNY5lhs" sum Pow 58 Kd G&R4%s'61 Fdison 55 °40. BArf6s B 40, Dodze Br cl 65 '40. . Duquesne 4 %25 " n nPSvd n St Cas 5 n Th kq 6540 Goodrich cv 6845, o 15t 6% Goody'r Rul Motors 6s ‘37 53 5’49, 857, mble Oil 55°37.. 1 1 Hum O&R 5%s 62. 1 1B T 15t pf 58 A 111 Steel 4 Inland St 4 540 518 Cement 5 '48. . Hydro El 65 41. Maich 5847 MM col tr 65 Pap 6s A Pap 6s” lede 5% s C '53 lede 5%s D "60 taro Nit 6s.'54. . w's 6s war 41.. w's 65 ex war. . illard 5%8 '37. . fllard 75 '44. ... G & El 5882, vale St 68 '36. s pam veiilce~ m3e o 2 Dairy 53,8 "48. Rad §%s'47 BLH&P 4549 ELH&P i 48, . id 150 6% s "41. Tel 41;8 39 Tel 6541, 000s P e 110 105% 105% 105% T14% 114% 114% 108 107 .000.) Low. 10116 102 22 103 14 1017 10120 107 110 27 H Low. 911g 85% 91%a 86% 91ty 91 a1 10115 06 0114 0215 02 00% 86 814 101% L9815 9% 94 1047% 80% 6715 9% 104% 06% 01 0214 87% 63 98 1T T4 017 028 1097% 103 106% Close. 9116 864 91, 91 9014 6014 64 64 106% 955 1031 10914 1131 110 27 41 104% 63 62 6 &5 101% 102% 105 100% 109% 103 106% | Grt Nor 55 P Sales. High. Low. Close. 111% 1 11y 3 103t 103% 103% 1027 102% 102% 105% 105% 105% 102% 102% 102% 106 106 106 103% 1034 103% 10415 1045 104% 109 109 109 100% 100% 1004 8215 81w 81% 88 88 88 105 105 105 7 70 10 103% 103% 103% 102% 1023 102% 87% 87% 87% 64% 64% 6% 85 84% B4% 95% 96% 95% 994 99% 99 102 101% 102 100 100 100 76 T5M 5% 103% 1035 103% 99% 99% 99% 106% 106'5 106% 9% 99% 994 9 9 bid % TG TI% 1017 101% 101% T 3% 3% 804 80k 8OW 37% 37w 3% % 15 0% 69 6044 0 106% 106% 105% 104 104 104% 103% 103 103% Bl 8% 84 N Y Tel 6540 Nor Am Ed 5s° Nor Am Ed NorOT & L 6s Nor St Pw 65 A *41. Nor St Pw 6s B '41. PacG & Kl 6842 © T&T Ist 58 '37. Peoples’ Gas bs. Phila Co 53°67. Pnila & Read Phila Pet 51 Pillsh F M 63 PosTél &C 5 PubSv G 43 Pub Sv G 433870, Rem R 5%s A "47. Rich Ofl cal €x "44. . Shell Un Oil 58 '47. . Sinclair Oil 6352'38. SO Tscv A'37.. Sinc Cr O 5%n'38.. Sinc P L 58 *42. Skelly Oil 5% St Oil N T 5546 StOINY 4% '51. Tenn El P 65 A "47 Tex Corp cv 58 '44 Unit Drug cv 68 53 U S Rub 18t 55 '47 Utah P& L 6844, . Ut1] Pow 58 '59 ww, Util Pow 53847, Vert Sug 1st 75 '42. Walworth 63 A "45 Warn Br Pic 69 Wick Sp S ct 7s " Wil & Co 15t 6541, 100 100 100 Ygstn Sh&T 58°78. 5 1034 103% 103% RAILROAD. Atchis 48 1905-55.. 2 96 Atchisonadj4s'95. 2 95 95 95 Atchison gen 48°95 11 991k 99 99 Atchiscv 4%s 41.. 25 1205 119% 119% AtCL1st4s'52... 10 96% 96 96 AtCL4%s'64..... 5100 100 100 B&O4s'48....... 97TH 9TH 9TH B&Ocv43;s°33 « 101% 101% B&O4%s'60.... % n Be& O ref 5895, 315 10815 B & O 6s'95 z 109% 109t 1091 B&O P&WV 48’41 97% 97 978 E& O Swdy 58'50. 104 104% 104% B & O Toledo 43 '50. 86 86 86 Ban & Aroos 4% ‘51 8815 87% 87% Bos & Me 58°55. ... 101% 101 101 Bklyn Man 8. . 101% 100% 100% BR&Pitt 413 '57. 8874 88y 88% Bush Ter con 55 '55. 1 101% 101% 101% t4ths'5e 98% 98% 98% 9% 99 99 99% 994 994 101% 1013 101 105% 108% 105% 1114 111% 111w 87u 87Ty Bg; 103% 103% 103% 106% 106% 106% 10215 102% 102% 108% 108% 108% 9913 991 99 96% 96% 96% 112% 112% 112% 100 100 100 104% 104% 104% 101% 101 101% 7 7 974 98 4% adn 68 684 88% 88u 95% 954 % 1% 30% . 284% 28% 9215 9215 92% 91% 90% 91 102 102 102 1084 108% 108% 6515 654 65% 9% 99 99 96 96 EE TS oo ANW N NEL RN e~ Can Nat 55 Oct "69. Can Nor 7s deb "40.. Can Pacdebds..... Can Pac & . Can South 55 '6; Car Clin & O 58 Cent of Ga 514359, ‘en Ry NJ g 58 '87. Ches Corp 55 '4 Chi& Ogn4ls Chi&O4%sB'95.. Chi & Alt 3s. CBé&Qgends Chi & Eas 111 55 '51. Chi Grt West 45’59 Chi In&L gn 58 °56. Chi M&StP 4%3 E. Chi M StP&P 55°15 75 Chi M & St P adj 58 191 Ch&Nwn 4%52087. 4 Chi & NW con 4%s. 16 Chi&NW rf 58 2037, 7 Chi & NW 6%3°36.. 5 Chi Rwys 68 27.... 3 ChiRI& Prf4s’34 59 ChiRIcv4l%%'60.. 19 90 8915 89% ChiRI&P4k%sA. 22 925 92% 92% Chi Un Sta 4%5'63. 10 103!5 103% 103 hiU'n St5s°44.... 10 106 105 105 ChiUnSta5s B'63. 5 105% 105% 105% ChiUnSta6%s'63. 3 115% 115% 115% C& W Ind 5%s '62. 106% 105 105 Clev & Pitt 415577 104 104 104 CCC&StL4%sE. . 100% 100% 100% C U Ter 4% 202 104 104 104 Cuba RRrf 734 2% 2% 2% Cuba Nor 5%s 42, 46% 45% 45l Del & Hud rf 4543, 96% 967 96%4 Del & Hud cv 55 '3 101 101 101 D& R Grgn 45’36 97% 974 9T D &R Gr 4%s '36. 908, 99% 993 D&RG W 5s'55. 82 82 8214 Det Unit 4%s '32 98y 98K Erie 1st con 4596 87 87 Erie Gen 4s 7% 5 Eriecv 58’67 82 82 Erie 5875 81l 80N 803 Erie Gen R 109 109 109 Erie & Jer 65’55 110% 110% 110% GrtTrsfdb6s'36. 107 107 107 Grt Nor 413877 E. 98% 98 98% 106% 105% 105% 109% 109% 109% 111% 111% 111% 25% 251 264 103% 1031 1031 % % T 1 %3 ISR 3 2 5 3 5 1 1 4 1 8 2 3 1 981 | 828 Grt Nor gn 51852, Grt Nor gen 7s°36.. 43 HavEI Ry 5%8'51. 5 Hock Val4l,s'98.. 2 Hud & M adj 55'57. 6 Hud & Mrf5s'57.. 22 991, 99% 99y IiCent4s’53...... 10 881; 88 88 I Cent4%s°66.... 5 974 97% 971, 111 Cent 58 '55...... 1 104% 104% 1047 11 Cent 655°36. ... 33 109 108% 108% MMCCStL&EN 58 A.. 3 10135 101% 10115 Int Rap Tr 5566 6 69 69% 69% Int Rap Tr 7s'32 1 90% 90% 901 Int & Gr Nor 6x " 3 88 88 88 Int&G Nad 63" 15,65 65 65 Kan CFtS&M 45°36 7 984 98 98 Kan City Sou 53’50 5 101% 101% 101% Kan City Ter4s'60. 1 95 95 95 Lake Shore 3%5°97 5 8515 851 85% Lake Shore 43'31.. 2 100% 100% 100% L& N uni 43 *40. 984 98 984 L &N 4%s 2003, 100 100'% 100% L&N1strfsls.. 1063 106' 106% Market St 7s°40. 96 96 Mich Cen 4155 °79. . 1021 102 M &SL 18t rf 48 ‘39 7 7 Mil E Ry & L 5561 101 101 M StP&SSM con 4s. M StP&SSM 61;s. . MK&T4%s"78... MK&Tprinbs A. M K & T adj 58 °67. Mo Pac gen 45 '75. . Mo Pac 58 A-'65. Mo Pac 58 F 17 Mo Pac 58 H '80. Mo Pac ref 55 '81 Mo Pac 528 cv '49. Mont Tr 15t 58 '41.. Nassau Elec 4s '51. N&T&Mbs B 54. 9 10215 ¥ 101 997n 9615 103% 10315 1035 94 94 94 72 TI% TI% 954 954 95l 94 94 94 % 94 94 95 95 95t 99% 995, 993, M 9% 99 521 524 524 93% 934 98y 855 85l2 85la 96 95% 96" 100% 100% 100% 100%2 100% 10035 107% 107 107 84 83 83 99% 99% 99y 9% 91 91 101% 101% 101% 86% 86% 86 YCreim bs 2013. Y CLS ¢l 333893, & St L 4s'37. L NYC&StL6s'32. NY NH&H 45°56... 1 INWHEAT IS NOTED Market Observers Are Look- ing for Irregular Prices in Near Future. BY FRANK 1. WELLER, Associated Press Parm Editor. The slight hardening in the stock, cotton and grain markets has turned attention to the bright side of wheat and corn, although any upward trend in values for the time being likely will be an irregular affair. It looks as if the country were trying ise tax money by selling corn and rs are holding off expecting a larger movement and lower prices. Mild wi is reducing farm consumption of and releasing larger amounts for market, while slow inquiry for man- ufactured feeds is curtailing industrial buying at terminals. Shipping demand reflects a lack of funds and a generally slow demand for corn in consuming areas. Elevator stocks at Kansas City bave been increased 165,000 bushels. Commission House Policy. Commission houses have been on both sides of corn, with professionals fighting the advances. Unsettled weather ll"h indications for lower temperatures en<— couraged some buying last week. Shorts covered freely. Some say the short in- terest in corn has been well eliminated and the market will require a complete reversal in the cash situation to en- courage new buying. However, any reasonable strength in wheat would influence corn. Statistics continue to be bearish in the bread grain. Primary receipts are very big and stocks in Minneapolis. Duluth and Kansas City have increased about 1,000.000 bushels. Chicago traders say they believe the wheat market has bhad about all the advance it is entitled to on short cover- ing and that maintenance of values will require broad buying power. ‘World shipments of wheat were above 17,000,000 bushels last week, indicating an increase in the stocks of wheat afloat. What that and increased ship- ments from the Southern Hemispherg may do to world prices has no encourag- ing aspect. Chairman Legge of the Parm Board says wheat prices at Liver- pool never have been lower in 337 years, ‘The Argentine government is - ed to have formulated a plan for direct lelnn& to European millers. Australia is offering freely in n and Oriental markets. Russia is said to be offering wheat in Central European markets for shipment up the Danube. Prellh(t rll:fir'hl‘vle ldvlnceld on boat space from Argentina to England. For- emn buying of Argentine wheat has been more ggl’eulive ‘with the import- ers paying 6. '1 cents a bushel c. 1. ., as compared with 59!; the first of the month. Foreign Selling. European and Canadian traders have s0ld wheat so freely at Winnipeg that declines have run into m loss orders. Seaboard exporters id “not buy enough to sustain values. Advices from Winnipeg indicate there is evidence of large quantities of wheat coming into that market on the selling side, which is looked upon as realizing sales. Foreign buying of domestic wheat was shut out by the advances last week, but the subsequent break attracted con- siderable outside interest. There has been some buying on reports from im- portant Southwest sections of low tem- peratures with no snow covering. Taken as a whole, the Winter wheat crop is ln‘{ood condition. Scattered rains over the Ohio Valley have sup- led sufficient surface moisture to re- lieve apprehension of to Win- ter wheat for the time being. Soak rains are necessary to replenish subsof reserves, which have been materially below normal over a wide area from Missouri eastward. Western and Cen- tral Kansas and Nebraska need surface moisture. No rain or snow of conse- quence has been reported for, some time in_the Spring wheat territory. Predicting an enormous accumulation of wheat in July, some Chicago traders believe September wheat finally will s¢ll at a fair carrying charge over July. VALUE OF EXCHANGE SEATS IS INCREASED Advance of $20,000 Brings Cost TUp to $295.000, High Mark T of Year. By the Associated Press. NEW YORK, February 17.—Coinci- dent with the bull stock market, the value of a Stock Exchange membership has jumped $70,000 in a week to $295,000. That was the price a seat sold for yesterday, an advance of $20,000 from NY NH&H 4%s'67. Y NH&H cv db 6s. Y O&W gn 4s NY St Ry 628" NY S&W gn 58 " . NY S&W 15t 58 '37. Norf South bs 41 Nor & Wn cv 48 '96. Nor Pac 3s 2047 Nor Pac 48°97.. . MTx 9d'n 94Ty 116 116 116 B6% 36% 368 10 10 10 60 60 60 M W 40% 40% 40% 981 98 98 68 68 68 94% 94ks 94% Nor Pacri 65 2047. Oreg-Wasgh 4s '61.. Penny 4% '60. Penn gen 4 112' 1121 112% 95 4w 94! 105% 105 106 98 97N 98 Penn 55 ‘64 Penn gen b : Pere M 1st 55 '5f P CCRStL 4%8'77. P& W V434sC60. Por R L&P 7%5'46 Read gn 4%s A '97. Reading 4%s B. Read Jer Cen 4s 51 1 95% 951 Rio Gr W 1st 45°39. 10 95% 95 RIAr& L 4%s"34. 1 100% 100% StLIrM'ntbs'3l.. 7 100% 100% StL IM R&G 48°33. 5 99% 99% StL&SFindsAl, ¥ 6% 86 StL&SF, . StL&SK StLS Wev4s'sz.. StP&RCS L 4%s. San A & A Pis'4d.. Seab A Lrf 45’49 Seab A L 4% st ‘50 Seab A L oy 68 '45. . Sea All Fla 65 A '35 11 105 105 105 1041 104'% 101% 101% 93% 9315 1074 107% 1015 101% 102 102 93le 107% 102 /2% 101 i 451 431 By 17% 17 L e Sou Pac ref 4s55.. 102 101% 10214 | Sou Pac 4% SouP ks 101% 101% 101% | Sou P&Or 434 Sou Ry gen 45 '56. . 109% 109%2109% | Sou Ry 6894 ... 10434 | Sou Ry 6%s 101% | Tor As St L 45" Tex & Ark 5343 Tex & Pac bs B '77. 1015 | Tex & Pac 58 C*79. Texas Pac 65 D'30. 53 95% | Third Av adj 55 °60. 100% 1 g pac 15t 48 '47 1005 | Un Pac 4s 99% | Un Pac 438 '67 86% | Un P 1st re Va Ry 1st 55" 9774 | Wabash 5s D '80. 1a | Wabash 515 West Md 45 5. West Pac 58 46. ... Wt Sh 1st 45 2361, the previous sale, and a new high for the year. At the turn of the year seats were selling for $189,000. Thz present demand represents a startling reversal from the conditions existing in Decem- ber. The advance was given a measure of comfort to some of the young bloods on the exchange who bought their seats when they were selling around $500.000 during the 1929 bull market. It reduces their “paper” loss just that much. ‘The number of member's branch offices, however, continues t7 shrink. ‘The number of offices on February 1 stood at 1,484, eight less than at the turn of the year, and compares with 1,644 a year ago. LUMBER ORDERS EXCEED OUTPUT DURING WEEK By the Associated Press. For the seventh consecutive week lumber orders continued to exceed pro- duction by a substantial margin, re- ports from 787 hard and softwood mills to the National Lumber Manufacturers’ Association indicate. + For the period ended February 7 these mills’ reported orders were 17 per cent above a total production of 187.- 443,000 feet, while shipments were 16 per cent above production. While reports since the beginning of the year probably reflect some im- provement in new business, the favor- able ratios maintained have been due principally to curtailed production, the association says. Sales. High, 2 968, 4 98y 37 98 14 100% 27 88l 4 109 1116 92% 105% 9814 97y Low. Close. 968 96% 98% 98% 981y 981 100% 100% 88 109 116 923, 105% 981, 9715 974 481 30% 100 4 934% 101% 111% 106% 4 103% 92 99% RO 68... ww. 2 3 ‘75.