Evening Star Newspaper, December 15, 1934, Page 12

A—12 ** BANK OPTINYSTIC ON 1935 UTLOOK National City Points to Huge U. S. Outlays and Other Factors. BY EDWARD C. STONE. Huge Treasury and United States agricultural expenditures, encourage- ment to the capital goods industries and the passing of serious uneasiness over inflation, are among the chief factors which make the National City Bank optimistic on the 1935 outlook. The outlook for the first quarter of 1935 is now becoming of chief interest to business men, and some of the fac- tors that will influence the trend are apparent. That the Treasury disburse- ments will continue to supply purchas- ing power is reasonably certain, since the unemployment will call for relief and the payments to agriculture will be heavy. It is estimated by the A. A. A. that $283,000,000 of the rental and benefit payments thus far authorized will re- main to be disbursed after January 1. This is half as great as the total al- ready paid and to be paid during 1934, and it takes no account of the new cotton, corn-hog or other 1935 pro- grams. It likewise appears, the bank forecast adds, that industrial produc- tion on the whole is well adjusted to the markets, and that the inventory situation, as a rule, will not stand in the way of improvement, if purchasing power is maintained. Moreover, there have been develop- ments tending to help the economic system to recover its self-supporting character, which have had a hearten- ing effect. No demonstration is nec- essary to show that one of the factors in the disturbance of the system is the reluctance of capital to seek in- vestment, which is an element in the backwardness of the capital goods in- dustries, the chief area of unemploy- ment. The capital markets have had en- couragement from the action of the Treasury in terminating the controls on purchases of foreign exchange. This is chiefly significant as an indi- cation that no further devaluation of the dollar is at present contem- plated. The purpose of the controls, which in practice were chiefly matters of form, was to prevent a flight of capital from the country during the revaluation process. Also, the new measures designed to Induce a flow of capital into the field of residential construction may prove important in promoting the revival of that distressed industry. The building figures continue extremely backward. The importance of build- ing in the economic life of the country is such that a well-balanced recovery is hardly to be expected as long as 1t continues depressed. In the area of price and wage re- lationships the tendency of the over- head authorities to avoid further dis- turbance of wage scales and hours of labor, and to encourage price re- ductions, seems clearly marked. Stability in wage rates would be a gain, and reduction of costs at every wage level, through the resources of management, plant improvement and technical progress, is unceasing in the business world. Indeed, it is the source of all the progress that has been made, including the gains of labor. Finally, the bank comments, it is notable that business men in their calculations for 1935 are giving little weight to the much discussed possi- bility of “inflation,” using the term to denote expanding credit and active- ly rising prices. Keep Harriman Office. George A. Garrett and Maj. Ferry K. Heath, Washington partners in the newly consolidated New York Stock Exchange firm of Harriman & Keech, have decided to retain the Harriman office, now located at 815 Fifteenth street northwest, and give up the pres- - ent Clark, Childs & Keech office in the Metropolitan Club Building, at Seven- teenth and H streets. The new firm will concentrate its business in the Harriman office, beginning January 2, the resident partners announce, add- ing that the selection was made be- cause of the larger vault and floor space facilities. An automatic teleregister guotation board, such as is now being used in the Keech office, will be installed. The board room will be located in the rear, while the front part of the office will be used for library purposes where various financial publications will be available for reference. The same complete service will be maintained that has been carried on by the sepa- rate firms. Mr. Garrett has become a member of the New York Coco Exchange, re- ports from New York state. Stability Reserve Act’s Name. After stating that bankers widely are of the opinion that the Federal reserve act needs to be changed, to enable the system to function more effectively in co-ordinating the Na- tion's credit and currency, R. S. Hecht, A. B. A. chief, says: “It was not the intention to bring about any form or measure of politi- cal control over the economic freedom of business. It was not intended, either, to facilitate the employment of banking credit in stock market or other form of speculation. It was simply intended as a beneficial influ- ence for business stability in the serv- ice of all the people. “If the Federal Reserve system has failed during its 20 years of operation to attain some of its objectives, or if in some respects it has appeared to cause or help things that were not intended, it must be remembered that during these years the national econo- my on which it was based has passed through some of the most rapid and spectacular evolutionary changes any nation in the history of the world has ever experienced. “The banking act of 1933 has gone far in corrccting the indirect use of the Federal reserve’s facilities in ex- panding credit for speculative pur- poses. It has increased its pewers to promote the practice of higher stand- ards of banking among its members. It gives more effective powers of co- ordination to the Central Board. It is generally agreed that still further changes must be made to carry into the form of law evolutionary develop- ments that have grown out of the Na- tion’s experiences of the last decade.” Mortgage Firm Votes Dividend, ‘The Board of Directors of the Real Estate Mortgage and Guaranty Corp., at its December meeting, declared a dividend of 2 per cent on its preferred stock payable December 31 to stock- holders of record December 20. ‘While Washington is reporting rec- ord Christmas trade, Baltimore seems to be making a similar record. Dur- ing the week ending Thursday, the Monumental City reported bank clear- ings 39 per cent higher than in the same week last year. Richmond clear- ings were only slightly above last year. . It is reported from New York that Curtis B. Dall, who has just retired from the New York Stock Exchange firm of Fenner & Beane, will devote all his time to the Distillers & Brewers’ Corp. of America. Since the firm was started, he has been a vice president and chairman of the Executive Com- mittee, ) FINANCIAL. Previous ~ 1034 — . Low, 66% 12% T0% 6215 314 71 72 24 ks and 6 Adams Express. 3% Advance Rumley 91% Alr Reduct'n t43%.. 16% Alaska Jun (11,20). 1% Alleghany Corp.... 5% Alleg Cp pf $30 ww. 5% Alleg Cp pf $40 ww. 10% Allll-Chllm. 40 Am Bank Nte ) 19% Am Brake Shoe 80c. 90% Am Can (15). 8! 153% 126% Am Can pf (7). 12 Am Car & Foundry.. 32 Am Car & Found pf. 4% Am Chain.......... 46% Am Chicle (13%)..s 20% Am Comcl Alcohol.. 6% Am Crystal Sugar... 46% Am Crystal Sug pf. 1% Am Encaustic. 4% Am & Foreign P 11 Am & For Pw pf (6 11% Am & For Pw pf (7) 8 AmIceCo......... 3% Am La France (k).. 3% Am La Fran pf (k).. 140 143 Am Locomotive. ... 35% Am Locomotive pf.. 12% Am Mch & Fdy (1).. 314 Am Mach & Metals.. 415 Am Mach & Met ctf. 12% Am Metals. . 814 Am Power & Light. 104 Am P&L $5 pf (1%) 11% Am P&L $6 pf (1%2) 10 Am Radiator. . 13% Am Rolling Mills 5 Am Ship & Com 17% Am Shipbldg (2) 30% Am Smelt & Ref.... 71% Am Sm&Ref 6% pf. Am Sm&Ref pf (7). 48% Am Snuff (13%)...3 10% Am Steel Foundry. 46 Am Sugar (2) 13% Am Sum Tob (f 125% 100 Am Tel & Tel (9)... u 1, 10 1 261 “ 16 341 37% 102% 46% “111 384 10 45% 19% 1% 23% 19% 40 49% 82 16% 26 109 564 11% 683 28% 29% 26% 27% 374 “’6 65% Am Tobacco (5) . 67 Am Tobacco B (5).. 7% Am Type Fdrs pf (k) vater Wks (1). oolen 36 Am Wool pf (h @9, 3% Am Zinc & Leaa. 10 Anaconda Copper 18% Anchor Cap (60c). 76% Armour Del pf (7). 3% Armour of Illinois. . 46% Armour 111 pr pf (6) 3 Arnold Constable 36 Asso Dry G 2d pf 45% Atch To& S F (h 241 Atlantic Coast Lin, 21% Atlantic Ref (1). 513 Atlas Tack. . 163 Auburn Auto. 7 Austin Nichols 39% Austin Nich pf A(5) 3% Aviation Cqrp Del. . 4% Baldwin Loco. 16% Baldwin Loco p: 13% Baltimore & Ohio. . 16 Baltimore & Ohio pf 86% Bamberger pf (63) 35! Bang & Arros (2%) . 95% Bang & Arros pf (7) 16 Barker Brothers pf. 5% Barnsdall Corp..... 23 Bayuk Cigar (g1).. 10% Beatrice Creamery.. 87 Belding-Hem (h50¢) 9%, Bendix Aviation. 12% Beneficial Loan 1 26 Best&Co (1%). 2414 Bethlehem Stee! 547% Beth St1 pf (G1%). 6 Blaw Knox...... 17 Bloomingdale (lOc). 88 Bloomingdale pf (7) 28 Blumenthal pf..... 6% Boeing Aeroplane. . 44% Bohn Alumn& Br(3) 19% Borden Co (1.60).. . 16% Borg Warner(t1%). 12 Briggs Mfg (f1%).. 14 Briggs&Stiraton (2) 26 Bristol-Myers t2.40 28% Bklyn-Man T (h75¢) 50 Bklyn Union Gas(5) . 8014 125% 118% Brown Shoe pf (7).. 10% 9% X % 16% 16%s 19% 3% 9 19% v 44% 1% 6% 16% 29'% 18% 86% 92 35% 4% 5% 4 22% 324 12% 43% ™ 48% 1 21 62 4 Brunswick-Balke 314 Bucyrus-Erie. 3 Budd (EG) Mfg..ee 2 Budd Wheel. 5% Bullard Co. 4 Burns Bros 10% Burr Add M (nf 5 % Bush Terminal (k).. 2% Bush Term deb (k). 5% Bush Tr Bldg pf ct. 1% Butterick C: 18% California Pkg(13) 1% Callahan Zine. 2% Calumet & He: 6 Campbell-Wyant 12% Canada Dry G A 10% Canadian Pacific 35 Case (JI)Co.. 567 Case (J I) pf (4) 23 Caterpillar Tr t1%.. 17% Celanese Corp. 1% Celotex Co (k). 1 Celotex vte (k) 614 Celotex Co pf (k) 18% Cent Aguire (13%2).. 513 Century Rio Mills. .. 30% Cerro de Pasco (2).. 3% Certain-teed Prod... 3914 Ches & Ohlo (2.80).. 34 Ches-Corp (232)...: 4 ChiGreat West pf.. 2 ChiInd&Lou pf (k). 3% Chi Mil St P &P pf.. 415 Chi & Northwestern 81 Chi & Northwest pf. 3% Chi Pneumatic Tool. 14% Chi Pneu Tool pf... 19% Chickasha C O (2).. 3% Childs Co.. 29% Chrysler Co: 17% City Ice & Fuel (2). 67 City Ice&F pf6%.; % City Stores. ... % City Stores ctfs 2% City Stores (A).... 8% Clark Equip (80¢).. 95 Cluett-Peab'y pf (7) 95% Coca-Cola (17)....s 50% Coca-Cola (A)(3)... 9% Colgate-P-P (175¢). 74 Collins & Aik pf(7). 6% Col Gas & Elec. 21% Colum Pic vte(m1).. 38 Comcl Credit(A)(3) 9115 Comel C 1st pf(6%) 85% Comcl Inv Tr(t2%) 15% Comei Solv (60¢) ... 1 Comwlth & South. ., 21% Comwlth & S pf (6). 22 Congoleum-N (f2).. 1% Consol Film........ 10% Consol Film pf (§2). 21% Consol Gas N Y (2). % Consol Oil (h42¢) % Consol Textile. 6% Container Corp 2% Container Corp (B) . % Contl Baking (B)... 56% Contl Can (2.40).. 23% Contl Insur (1.20).. % Contl Motors.... 16% Contl O Del (h50¢).. Stoc! Stocks and dividends. - [YYY 0L -198- PRIV " - FwHEpO~E N -3 0 €3 e @ O i 03 5N G0 RO RO O Gea 40% Corn Ex Bk & Tr(3) 150. 55% Corn Prod Ref (3).. 28 Cream of Wht t2%. . 8 Crosley Radio. 18% Crown Cork & 8 3% Crown-! Zellerhlck. . 17 Crucible Steel. 1 CubaCo... 3% Cuban-Am Sugar... 20% Cuban-Am Sugar pf 131 Curtis-Publishing. . 48% Curtis Pub pf (j6). 2% Curtiss Wright.. b4 Curtiss Wright (A) 75% Cushmans pf (7)... 6 Davega Strs (h20c). 10% Deere & Co. 10% Deere & Co pf (40¢c). 35 Delaware & Hudson. 14 Del Lack & West... 4% Den & R G\W pf.... 29 Devoe& R (A)(12).. 21 Diamond Match (1). 32 Dome Mines (133). 11 Dominion Strs(1.20) 14% Douglas Aircraft... b5 Dresser Mfg (B) 80 DupontdeN (13%). 4% Eastern Roll Mill 12% Eaton Mfg (1). 156 Electric Auto Lite. . 80 Elec Auto Lite pf 7. 8 Electric Boat...... 4% El&Mus Ind(h19¢). 2% Elec Pwr & Light... 6 Elec Pwr&Lt §6 pf.. 6% Elec Pwr&Lt $7 pf. 84 Elec Stor Bat (2%). i £ o S OO0 00 OO e DO b e O - COHRNNAR ©- 5 e san Tra - a:noa-o P 7 4 6% 5% 7 5% 109\6 109% 18% 1% € 5% 14% 47 15 6% 6% — % 108% 108% ~2 17 18% 1% 6 5% - 14% 47 1 <o s ' 4 17 I+ 44+t 4t44+4+ +4+ 1444+ + & 1+ + ++++1 %+ * % + + 5 % + ++ 110 Previous Net | — 1934 — Low. Close. Chge | High. Low. + W + % =% 8% 108 27% 10% -4 2% w + % 20 11% 43% 28% W 4% 1 Elk Horn Coal pf(k) 5 Equit Office Bld.... 9 Evans Auto P(50¢c). 3 Exchange Buffet. 1 Fairbanks Co. 23% Fid Ph F In (1. 71 Firestone pt A(6).. 54% First Nat Strs(2%). 2 Follansbee Bros (k) 17% Fourth N Inv(h85c) 21% Freeport-Texas (2). 8% Gamewell Co. . 5% Gen Am Investors. . 80 Gen Am Trans(1%) 12 Gen Asphalt....... 61 Gen Baking (hé5c). 3| 108% 100 Gen Baking pf (l).. w| 6% EE FIF 1+ - s 2" sens sreger £ ¥ ¥ oFe 6314 24% 92 9674 124 3% 10% 324 84 5% bT% 124 26'% 14+ 4+ © w FE OFEFR ¥ ¥ OEFE 440+ - 387% 30% 3% 49% 6% 16% 11% 6% FE F ¥ % % b 12% 45% 1% 66% - kg 4% PEIE FEFEEEE FEFIFE ¥ ¥ o ox 3% 21 19% L+ 1144+ + = FEEE FEFRIFEEL |44+ E3 FEFE & FF P F FFFL * zmilu 170 135 164 131 2% Gen Cable. 4% Gen Cable (A) 14% Gen Cable pf. 27 Gen Cigar (17)..... 16% Gen Electric (60c).. 11% Gen Elec Spe (60¢).. 28 Gen Foods (1.80)... % GenGas & El (A)... 11 GenG&ET% pfA.. 51 Gen Mills (3).... 24% Gen Motors (1134 89% Gen Motors pf (5).. 2 Gen Public Service.. 23% Gen Ry Signal (1).. 1 Gen Realty & Util. ., 10 Gen Realty&Util pf. 10% Gen Refractories. .. 10 Gen Refracetfs.... 8% Gillett Saf Raz (1). 47 Gillette Saf R p£(5). 2% Gimbel Bros. 15%4Glidden Co (11.30). 83 Glidden Co pr pf (1) 3% Gobel (Adolf)...... 16 Gold Dust (1.20). 8 Goodrich (BF). 35% Goodrich (B F) 181 Goodyear T & Rub. . 64 Goodyear $7 pf (4).. 3% Gotham Silk Hose. . 3814 Gotham S H pf (7). 13 Graham-Paige. 4 Granby Consol. 4 Grard Union. 23 Grand Union pf 43)- 28 Grant (WT) (1). 124 Great Northern pt.. 815 Grt'Nor Oreg(h50c). 25 Grt West Sug(2.40). 3% Hahn Dept Stores 25% Hahn Dpt Stores pf. 13 Harb Walker (50¢).. 19% Hat Corp pf........ 74 Hazel Atlas Gl (5).. 5% Hercules Mo (h30c) 481 Hershey Choc (3)... 4% Holland Furnace... 11 Houd-Hersh A j2% 4 2% Houdaille-Hersh B., 215 Houston Oil (new).. 35% Howe Sound (3).... 45 Hudson Manhattan. 9 Hudson&Manhat pf. 6% Hudson Motor Clr.. 13% Illinots Central. 19% Indus Rayon (1.68). 49% Ingersoll-Rand (14). 34% Inland Steel (h50c). 2% Inspiration Copper. 5% Interboro RpTr(k). 4 Interlake Iron 2 Int Agricultur Int Bus Mach (p 415 Int-Carriers Ltd 200 23% Int Harvester (60c) 2% Int Hydro Elec (A). 21 Int Nick Can (60c). 2 Int Paper & Pw (A) 81 Int Paper & Pw pf.. 75 Int Rys Cent Am pf. 21 IntSalt (1%). 38 Int Shoe (2) 19 Int Silver. 71 Int Tel & Tel 39 Johns-Manville.... 121 101 Johns-Manv pf (7).. 45 Jones&Laugh 7%pf 1% Kelly Spring Tire. .. 11% Kelvinator (170¢c) 65% Kendall pf (16.92).. 16 Kennecott (h45c) 13% Kinney (G R) pf. 13% Kresge (SS) (1) 23% Kroger Gr&Bk 1 221 Lambert Co (3)...u 7 Lee Rub&Tire(40c). 21 Lehigh Valley Coal, 5 Lehigh Val Coal pf. 914 Lehigh Valley R R.. 641 Lehman Corp (2.40) 22% Lib O-Ford G1(1.20) 17% Life Saver (1.60)... 74% Ligg & Myers B(t5) 16% Liquid Carb (+1%) 208 Loew’s Inc (11%) 1% Loft Inc. . 1 Long Bell 15% Lorillard P (12.20). % 130 102 Lorillard (P) pf (7). 1 Louisiana Oil.. 12% Louisv G&E(A)1 8% Ludlum Steel.... 24 McCall Corp (2).... 1% McCrory Strs A (k). 1% McCrory Strs B (k). 5% McCrory Strs pf.(k) 3815 McIntyre Porcu (2), 79 McKeesport T P (4) 4% McKesson & Rob... 11% McKesson & Rob pf 1 McLellan Stores (k) 2% Madison Sq Garden. 15% Magma Copper (2).. 1% Mallison &Co...... 7% Mallison & Co pt. 20 Man Elev gtd (k) 10% Man Elevm g (k) 10% Manhat Shirt (60c). 4% Marancha Corp. 51% Marine Midld (4 434 Market St Ry pr pf. 8% Marshall Field..... 23% Mathieson Alk(1%) 4% Maytag Co...u.euus 10 Maytag pf ww ilis. 26 Melville Shoe (2)... 3% Mengel Co - 20% Mesta Mch (1%) n 21 M-G-M Pic pf(1.89). 3 Miami Copper 9% Mid-Cont Pet(h50¢) 44 MidSt1P 1stpf (4). 35 Minn-Hon Reg (13). 1% Minn Moline Pow... 15% Minn Moline Pow pf Stocks and Stocks and dividends. Received by Private Wire - 3 S P T T o s 8 5 RN S 3 wea - LY T 100s lOl% » s R AARENANGNRRRONS © et PRI - 16% 63% 46% 2% 168 5% 4 160'% 6 - =T I C E =T 2 38% 21y 0 S T YO 24 8 we R 26% lflt‘l 4 17% 10% 52% 23% 85% 5 4% 2% 7 5% 30 344 1674 11% % + 104% — 4 174% — 10% 52% — % 24% + 85% 5 48 2% + 7 5% — 30' — 22% 24 + 10% + 15 30 43% — 26% - 8% 51y 119 119 119 + 2 N4 10s 2 67 1% MStP&SSMlisln 800- 4% Mo Kan & Texas. . 13% Mo Kan & Texas pf. 2 Mo Pacific (k). 2% Mo Pacific pf. (k). . 20 Montgomery Ward. 16% Motor Products. 6% Motor Wheel. 5% Mullins Mfg. 12% Mullins Mfg pf. 13 Munsingwear Inc 3% Murray Corp... 12% Nash Motors (1)... 5% Nat Aviation. . 25A Nat Biscuit (2).... Nat Cash Reg A 50c 13 Nat Dairy Prod 1.20 1 Nat Dept Store (k). 5 Nat Dp St 1st pf(k). 16 Nat Distiller: Nat Lead (5) . 121 100% Nat Lead pf (B 6% Nat Pwr & Lt (80c). 34% Nat Steel (1). . 11% N Y Alr Brake..... 18% New York Central. .. 16 NYC&StLpf. 2% New York Dock. % 139 108 N Y & Harlem (5) 1% 24% 3% 99% 5% 8% 26% | 4% 36% 4% 40% 16% 7 % * = B % N Y Investors (k) 7% N Y N H & Hartfo; 11% NYNH&H pf. 78 N Y Steam pf 30% Noranda Mines (h2) 2% North Am Aviation. 10% North Amer (1).... 34 North Am Co pf (3). 14% Northern Pacific. ... 1% Norwalk Tire&Rub. 80 NorwalkT&R pf3% 8% Ohio Ofl (h45c). 2 Oliver Farm Eq 25% 25% + %| 27% 9 OliverFEqprpfA. 4% 6% K 6% Ty 46 4% 3 6% — ™ + % R 47 11% 23% 37 34 -% % kY 3% Otis Steel.... 32% Outlet Co (12%) 8% Pacific Coast 1st... 12% PacificG& E (1%). 20% Pacific Lizhtigg (3). 19 Pacific Mills (h50¢c)s 27% l70 55 1% 157 92 16% 27 20% 28% 28 1 2% 12% 10 T0% 27% 26 170 55 1% 15% — % 92 +1 17 + % 27 -1 204 — % 28% t+ ++'l° +11 FEOEF FEE L3 27% 170 +1 lfllh 121% XZ.IIK + % M% 22% 21% 22% ll% 21% 21% 221 < 4%+ Y 22% + % 21% + % 22% — % 1 3% 3% 3%+ % 119% 119% 119% - % 2 % e k. 5% Q % 124 841 33% 3% 121 39% 20 1% T% — % 12% + 1 84% +1% 4 +% 3% 12% — % TRANSACTIONS ON THE NEW YORK to The Evening Star. Previous —~ 1934 — SBtocks and High. Low. Btocks and dividends. High #5% 70% Pacific Tel & Tel (6) ‘1108 71% 20s 111% 35 4% 116 103 Pacific T & T pf (6). 6% 2% Packard Motor..... 1% Par-Publix ctfs(k). 2% Park Utah.. % Pathe Exchang 10% Pathe Exchange(A) 91 Patino Mihes...... 44% Pennick & Ford (3). 51% Penney (J C) 14.40 20% Penn RR (h1).. 86 Peo Drug S pf (6 19% Peoples Gas Chi.... 8% Petrol Corp (h50¢). 13% Phelps Dodge(h75e) 3% Phila & Read C& I.. 11% Philip Morris (1)... 13% Phillips Petrol (1). 4% Phoenix Hosiery.. . % Plerce-Arrow (k). % Plerce Petroleum. 4% Pitts Screw & Bolt. 25% Pitts United C pf. 11% Pitts & West Va 1% Pittston Co... 8- Plymouth Oil g’ 14% 6 Poor & Co (B) 22 ¢ 5% Pressed Stl C pf (k) 44% #33% Proc & Gamb 11.70.., 45 26 PubServNJ (2.80), 97% 179 Pub Serv N J pf (6). 106 90 PubServ NJ pf (7 59% 35% Pullman Ine (3) 14% 6% PureOil... 80 4% Radio Corporation, 23% Radio Corp pt (A) 15 Radio Corp pf (B).. 1% Radio-Keith-Or (k) 35% Reading (2).......: 38% Reading 1st pf (2) 5 Real Silk Hosiery... 6 Remington-Rand. 2 Reo Motor Car 10% Republic Steel.. ... .. 42% Republic Steel pf ct 15% Reynolds Metals(1) 39% Reynolds Tob B (3). 5% Ritter Dental...... 20% Roan Antelope Lta. _— 113 981 Safeway Strs pf (7). 27% 154 St Joseph L (h30c).. 614 1% St L San F pf (k). 12% 6% Savage Arms... 38% 1734 Schenley Distillers. 8 3 Schulte Retail Strs. 30% 15 Schulte Re Strs pf. 60% 41 Scott Paper (11.95). 2 8 Seaboard Air L (k). 1 Seaboard A L pf (k) 20% Seab'd Oil(Del) (1) 31 Sears Roebuck.. 4% Servel Inc.... 4 Sharp & Dohme. 6% Shattuck (FG) 25¢ 6 Shell Unton Oil..... 8 Silver King C M 40c 8% Simmons Co....... T4 Simms Pet (h55¢).. 6% Snider Packing. ..y 1234 Socony-Vac (60c). 21 So Por Rico Sug (2 10% South Cal Ed (1% 14% Southern Pacific 11% Southern Railway 14 Southern Rwy pf. Spalding (A G).... Sparks-Withington 5% Sperry Corp....... 21% Spicer Mfg pf (3).. 19 Spiegel-May-Stern. 17% Stand Brands (1). 147 121% Stand Brands pf (1) 17 5 Stand Gas & Elec. 54 Stand G & E1 4% pf 11% Stand G & E16% pf. 1314 Stand G & E17% pf. 2614 Stand Oil of Cal (1) 961 Stand Oil Exp pf(5) 23y Stand Oil of Ind (1) 39Y% Stand Oil N J(11%) 415 Stewart-Warner. . .. 4%, Stone & Webster 1% Studebaker (k). 10 Studebaker pf (k 51% Sun Oil ($1).. 100 Sun Oil pf (6). e e Brmresd 13% Brwmnse r T4% 118 DOLLAR MOVES LOWER IN LONDON DEALINGS By the Associated Press. # LONDON, Deceber 15.—The United States dollor declined from a weak opening of 4.49%; to the pound today to close at 495 to the pound after closing yesterday at 4.94 7-16. The French franc closed at 75.03, its opening price, as against an over- night rate of 75.00. The price of bar gold declined 3% pence to 140 shillings 5!2 ($34.75) a fine ounce, at which price £143,000 ($707,520) was purchased. PARIS, December 15 (#).—Three per cent rentes, 76 francs 45 centimes; 41; per cent rentes, 90.30. Exchange on London, 75.07. The dollar was quoted at 15.16%. U. S. TREASURY POSITION. By the Associated Press. The Dflsllmn o! y December expendi- $1.608.~ the al year (since July expenditures. balance, receipts for expenditures. sets. $8,188.44i CHICAGO PRODUCE. CHICAGO December 15 lM —Poultry. live 8 trucks: steady to fAirm; hens, 10%s ns, 912; Rock Springs. 1311578 . 12'2a14: Leghorn, 10 Foosters. %107 hen turkevs. 20, young toms. No. 2. 14 heavy ¢ ducks. 15a16: Dressed turkeys. firm: young toms, 27 young ' hens.” 26%a . 74: on track. 192; total U. 8. dull; supplies moderate. ding very slow. especially quality _ Russets. Wisconsin round fine quality. 85 xu“! no u!es: 1.55; shipments.’ demand and Wiscons .nrf creamery, specials ore). " 207 xtras (9 extn nms (00- kY Vet s tmi- 89 3,a26%2; seconds Mfi- standards (90, _centralized ¢ ._Butter sales. 65 tubs extras. Gars standatds. 371 Bass. ADT extra frsts. cars. 27%2; mc-x 20%; graded fir: receipts. standards, sales. Airsts, No S asiator . . 20, 19%; extras, NEW YORK PRQDUCE. YORK. December 15 (7 —Butter. 93; Creamery. higher than exm 31%; extra (02 score), 30%; other srades uw-n ged. changed. Breued poultry firm; fresh turkeys. 19 : other fresh and frozen unchanged. Eggs. 17.107; steady. Mixed unl ged. Live poultry weak. grades unquoted. RUBBER FUTURES. YORK. December 15 (P, —Crude rubb!r futures eloud qu igher; Taren T5.18810: 5 k:fl arch, I3 ribl spot, i, n—Nominal. — MONTREAL SILVER. MONTREAL. December 15 (. —Silver futures closed steldy sales, 44 cnnlu:ll L% $oio 56.40 firm. Prices un- ors By freight; all closed. " 12.90n." Qpen, Hieh 5.05b 55.00 36506 8640 8630 NEW YORK BANK STOCKS 'ORK, nev:zmher 15 m —New York Becuttty Detlers' Association Bank of Manh (1% 39% + % | Bkin Tt (4 20 Ce 1% - % 3B +1 9% 10s 116"4 116% 116% pence | Previous ~- 1934 — “High. Low. 3! Btocks 3 3% 6% Tex Pac 39 Thatchei EFFFFEFE FES 50 The 24 Timken 1% Twin Ck 35% Un Carb! 90 Union P 86U + % 97% + % 46% + % 6% 51% -2 10% — % 6 =% 55% +1% 44% +1% 2% + 42% + 7 US Leat 4 USReal 11 % Univ Pi 1% Util Pw! 1% 31% 121 98 54l VanRaa 36% 24% Vick Ch 26 10 Va-Car % Vadsco 16% 1% 16% 1% 8% 4 17% W 2% Warner 15 Warner 3% Warren 813 Warren Wells F 15% Wesson 1% White S 41% Woolwo 5415 Wrigley 33% ™ 11:60 A M. declarations, 0%in stock. g Plus 4% in e Payable in c l.dividends paid this year | reorganized. | or being Plus Stocks and’ 26% 11% Superheater (50c).. 1% Superior Oil. . 16% 4% Superior Steel _— 19% Texas Corp (1)..... 30 Tex Gulf Sulph (2). 8 Thatch Mfg (h25e). 4 The Fair. P! 2% Thermoid Co. 4% Thomp'n(JR) 10 Thompson Products 1% Thompson Starrett. 8 Tide Water Asso... 3% Timken-Detroit. ... 5% Transamerica h25c. 3% Tri-Contl Corp..... 83 Trico Prod (2%)... 11% Un Oil of Calif (1). 15% Un Tank Car (1.20). 8% United Aircraft.... 3% United Air Lines&T 21% Unit Biscuit(1.60).. 2% United Corporation. 24% United Corp pf (3).. 9% United Drug. ...... 69 United Fruit (3).... 11% Unit Gas Imp (1.20) 4 U S Distributing pf, 6 US&For'nSecur.. 343 U S Gypsum (11%). 32 U S Indus Alcohol.. U S Rubber.... . 24% U S Rubber 1st pf.. 96% U S Smelt & R (h9). 54% USSm&R L (3%) 29% United States Steel. 67% U S Steel pt (2).... 2% United Stores (A 40% Univ Leaf Tob (13). 45 West Pa Elec pf (6) 51% West Pa Elec pf (7) 78% West PennPw pf(6) 8914 West PennPw pf(7) % Western Dairy pf B 29% Western Union.... 15% Westingh’se AB 50c 27% Westinghouse Elec. 82 WeStingh'se 1st 335 4% Wilson & Co....... 12% Wilson & Co (A). 53 Wilson & Co pf (§7). 16% Wright Aero. .. —— 12% Youngstown S& T.. 3% Zonite Products.... 1 Sales of Stocks on the New York Exchange. nd rates as given in the above table ments based on the latest quarterly or hnu-yur 2% in stocl Net Low. Close. Chge. 15 -% 1% — % % - % 19% — 33% 8k + 15% + 52 + % + n 3% and dividends, High. llb % Land Trust r Mf pf 3.60 FEEF 6 + 15% 2% - 8% 64 — 33 + 5% 31 — 39 — 3% — RB (11%). tyRT... ide & C 1.40, acific (6)... FEEF OER FFF FF ¥ X % % % “ K % L ther (A). 15% U S Pipe & F (50¢c) Ity & Impr. % L) K pe & Rad. r& Lt (A Sal 14 Vanadium Corp 4'% Van Raalte. % % -n -1 lte 15t pe(7) em (12.40). Chem 6% pt 2% Wabash pf (A) (k) algreen Co (m1 2% Walworth Co. . 1% Ward Baking (B, -% Bros Pic.... i Bros Pic pf. -% BN, L <o % 3 % Bros cv pf. 'ATEO0. ... .0 W 0 &S (f1). ‘ + % +h +2% ewing Mch. 1 rth (2.40) (W Jjr)t3 + AL+ 4+ B » % W % % % 18% 18% LR 1Y 190,000 12:00 Noon . 4b0000 he annual S Unit of trading less tha rading less than 100 shares Partly R ear—no recular h Pai r stock f Plus$i in special 2 o ash o lus 5% in sl m k. x Ex dividend. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, December 15.—The | following is today's summary of cor- | poration news prepared by Standard | Statistics Co., Inc., New York: | Sparks Withing Co.—President said that within the past 10 days company closed some of the largest business on | its present products that it has had in some three or four years; current em- ployment is 15 per cent higher than a year ago; referring to the $500,000 loan recently obtained from R. F. C., president said that the losses of recent years, plus need of additional money, made it necessary to secure additional funds; loans are for five years. Patterson-Sargent Co. — Common share earnings, year ended October 31, were $1.36 vs. 93 cents. Dow Drug Co. declared three quar- terly dividends of $1.75 each on 7 per cent cumulative preferred stock; divi- dends were for last 1933 quarter and first two quarters of 1934; on October 1, 1934, a dividend of $5.25 a share was paid on this issue covering the Apnl July and October, 1933, quar- wesfinzhouse Electric & Manufac- turing Co.—Saies biled by company in 11 months ended November 30 are understood to have increased over 40 per cent over like period of 1933; orders hooked are believed to have gained over 50 per cent; it is ex- pected company will enter 1935 with unfilled business about $89,000,000 greater than was on hand at end of 1933. Atlantic Refining Co.—Company advanced gasoline prices in Pennsyl- vania and Delaware by 1': cents a gallon. Chicago, Burlington & Quincy R. R—Company is planning to lay around 100 miles of rail next Spring, requiring 17,500 tons of 112-pound rail; the road has on hand about 7,000 tons of rail. Chicago & Northwestern Railway.— It was said most of the $4,428,000 of company’s underlying bonds maturing January 1, 1935, have been deposited under refunding offer; about 98 per cent of the $3900,000 of Iowa & Northwestern Railway 3%.s have been turned in, together with about 92 per cent ‘of the $528,000 of Minnesota & South Dakota Railway 32 per cent issue; these deposits, it was said, indicated there would be no difficulty in making the refunding plan opera- tive; under plan 50 per cent of the maturing issues were to be paid in cash and remainder in Chicago & Northwestern general mortgage bonds. Pittsburgh & West Virginia Rail- way—Because of refusal of Pennroad Corp. to agree to guarantee a loan of $500,000 by R. F. C. to this com- pany the road requested I. C. C. for a rehearing and reargument on its application; commission’s decision had stipulated the guarantee. Pullman, Inc—Subsidiary, Pullman Co., and Southern Pacific Co. will own jointly a special nine-car streamline train to operate between San Fran- cisco and Chicago; train is expected to cut one-third off the present 60-hour ‘erv‘gfieeeuu Steel Corp.—Company has increased its worm schedules and has 11 open-hearth furnaces op- erating. FOREIGN MARKETS. l’finml‘hflhfl wed slight oo B Boute ™ - un ulge prevailed —E 'mmn.’mu s eneraly es. - were geners lower and closed 8¢ their lowest levels o the Aay. A gains in The BALTIMORE STOCKS Special Dispatch to The Star. BALTIMOR! sefd TG E. December 15. 20°Arundel ~ Corporation, 10 Consolidated Gas com. 20 Fidelity & Deposit Co. . 20 Pidelity & Guar Pire Corp.. 100 Pinance Co of Amer com A 2 Houston 0Nl pid vic. . ew Amste, 508 Flaelity & Guaramy BONDS, 2000 United Rwy & Elec 1st 4s... 1000 United Rwy & Elec tis 1049 3000 United Rwy & Elec_fgd bs 7000 W B & A Railway 5s ctf Last sales E 1613 —_— FEDERAL LAND BANKS NEW YORK. December 15 (#).—Pederal Land Bank bonds: Bid. Ask 10113 10033 1007 10013 July fritw iy PRODUCE EXCHANGE NEW YORK. December 15 (#.—Produce Exchange stock lis g dw! bli lche Ll % Davison Chem 1Dist Liquors . 5 Horn Silver 2 Willys Overl pf. . ‘Total sales stocks, bonds, none. isted. A . 10,000 shares; TOBACCO MARKETS. GR Tenn., December 15 (). —Tobacco sales on Easi Tennessee ware- house floors continued at about half nor- mal volume yesterday. due to dry weather, but held at prices arownd cents & Sales here were completed by noon. cures for the various markets, two incomplete, were given as follows: Greeneville Abingdon. Va. Johnson City. Morristown NASH 'renn December 15 (#).— Reopening after a di S 50.154 difficu market reports for Middlé Ten- ollow: as. SalesTl. Ave unds. Sales Pranklin 52, SRMG llfi41 Hartsville Gallatin Fayettevile Market Aver: S 2 SUFEEE8 ot P PE D 2 3 219923 ™ SEEE _ egts B0 g0k T im b Zaicie e i B3, o ISt ut st % St 2322 = S aTRome EEF 222, pooves *New 1934 high. (1926 average equals 100.) (Copyright, 19734, 8td. Statistics Co.) AT WEEK'S CLOSE Scattered. Specialties Ac- count for Most of Activity. _Tone Fairly Steady. BY VICTOR EUBANK, Associated Press Pinancial Writer, NEW YORK, December 15.—The stock market, as a whole, backed and filled rather listlessly in today’s brief session. Scattered specialties account- ed for most of the activity while the usual leaders duplicated their recent performances by milling about in a narrow range. The close was fairly i steady. Transfers approximated 450,- 000 shares. Some low-priced issues continued to attract the attention of those few traders who apeared in the board rooms. One block of 23,000 shares of % | Radio common came out at a decline of % point. At the same time Radio preferred B moved higher. Reports of recapitalization plans for the Radio Corp. may have had something to do with the erratic tendencies of these issues. Selling dried up in the stocks of Wilson & Co. following their sharp drop yesterday after the approval of the company’s board of directors of the new capital reorganization scheme. It was recognized that the plan has yet to go before the stockholders and that minority interests may succeed in making some changes in the pro- posed set-up. There was little news of an espe- cially stimulating character. Grains were somewhat improved. Cotton did not show any decided response to the heavy Southern vote for retention of the Bankhead restriction act. Only small variations were recorded by the majority of listed bonds. Foreign ex- changes were a bit firmer in terms of the dollar. Philip Morris shares got up about 8 points to another new year’s high and gains of a point or so were shown by Radio preferred B, Wilson & Co pre- ferred and American Woolen pre- ferred. Some of the metals were bet- ter, including United States Smelting, Howe Sound and Cerro de Pasca. A loss of 2 points was suffered by Lig- gett & Myers B, but the other tobaccos did nothing. Du Pont was a bit soft, as some apprehension was shown over the munitions inquiry. United States Steel rallied nearly a point and Beth- lehem firmed. e CHICAGO STOCK MARKET ICAGO. December 15 (#.—Foll is lhe complete official list of lrln!lgl':;:: in stocks on the Chicago Stock Exchange today: hz' Clm! unr Hi Bbat . 200 AR TES - & 10 Am Pub 8 50 Armour & Co. e ) 400 Brach & Sons .. 350 Butler Bros : 0 Cent_Cold Storage ) Cen I1I Puh \c ot 60 Cen & 20 Cen & 600 Chi 300 Cities Service 100 Com'with Edison 50 Consumers 6°c pf 600 Cord Corp 350 0 130 Widsoiat siores Total stock sales, Detfmber Internationally Famous for Nearly a Century é (Since 1858.) 1107 Connecticut We Will Make First Trust Construction Loans on Residential Propert Prompt Action on Applieation Real Estate Mortgage and Guaranty Corporation 1610 K 8t N.W. Printing .. Represents Your Business NAt'l 3065 EYNON Printing Co. REAL ESTATE LOANS MADE ON HOMES OCCU- PIED BY OWNER§ IN OR NEAR 'THE DISTRICT OF COLUMBIA Applications given immediate attention THE = WASHINGTON LOAN & TRUST CO. F Street at 9th 17th Street ac G