Evening Star Newspaper, December 22, 1934, Page 12

A—12 *» SOUND RECOVERY IN 1935 FORECAST Edie, Economist, Calls Out-l look Most Hopeful in Past Six Years. BY EDWARD C. STONE. ‘Winslow B. Van Devanter, vice presi- dent of Edie-Davidson investment counsel firm and former president of the Washington Bond Club, is dis- tributing a pamphlet on the New Deal written by Lionel D. Edie, in which the economist says he is more hopeful for a realization of the beginning of natural recovery in 1935 than he has been at any time in the last six years. At the same time Dr. Edie cautions against expecting too rapid a pace of improvement. Dr. Edie declares that the drought saved the day in 1934 and expresses the belief that recovery will save the day in 1935. “I think recovery will come,” he explains, “not in an ex- travagant way, not in a way that is pictured by super-optimists, who think thet overnight like a flash everybody can ‘change his psychology, his temper and his mental attitude. But I think it will come gradually.” He adds: “I do not subscribe to the theory that we are headed inevitably for wild runaway inflation in this country. I think it is beyond the power of any one to say that it is inevitable, to say that it is even probable.” Dr. Edie is awaiting the President’s budget message, due in the first week in January. He guesses it will be a budget “message with a surprise on the conservative side.” Continuing, he says: “I think those people who today are tempted to depart widely, radically and viclently from everything they have hitherto considered conservative in the investment of their savings are likely to make a very serious mistake. Those people who adhere to the traditional, tried and proved principles of diversi- fication and safety will come out ahead in meeting present-day problems. “It is necessary to make a new orientation of our minds and to recog- nize that many of the things that were true of the first 18 months of the New Deal are no louger true. ‘There is a mood that is less experi- mental, less disturbing. The leader- ship of the country is sobered with a great responsibility. It is trying to exercise that responsibility in the direction of developing confidence, old-fashioned confidence, the kind of confidence that is the mainspring of a natural business recovery.” Great Decrease in Hoarding. Figures compiled by the Federal Re- serve Board indicate that currency hoarding has decreased greatly, but that a considerable amount of it still exists. The reported circulation of bills of denominations of $50 and more on September 30 was about $600,000.- 000 greater than in October, 1930, before the hoarding movement beg: It is believed that the $655,000,000 in currency denominations of $50 and more in circulation in October, 1930, represented approximately a normal amount and that the excess over that sum now in circulation is held by hoarders.. The movement reached its peak in March, 1933, says the Guaranty Trust Co., when the paper currency outstanding in the larger denominations amounted to more than $1,900.000,000. During the year ended September 30, the amount of money in circula- tion—that is, outside of the Treasury and the Federal Reserve banks—in- FINANCIAL, THE EVENING STAR, WASHINGTON, D. C., SATURDAY, DECEMBER 22, 1934, FINANCIAL. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Evening Star. Previous — 1934 — . Low. Stocks and 6 Adams Express 6% Addressograph. 474 Affiliated Prod( ) 91% Air Reduct'n t43.. 1% Airway Elec Appli.. 16% Alaska Jun (11,20). 1% Alleg Corp (K)..eee 115% Allied Chem (6) % 16 B41e 37% 10% Allis-Chalmers 113 Alpha Por Cem 25e 25 Amal Leathr pf (2). 39 Amerada Corp (2).. Am Ag Chem Del(2) 11% Am Bank Note. 19'; Am Brake Shoe BQC. 901 Am Can (15). - 126% Am Can pf (T)..... 12 Am Car & Foundry. 82 Am Car & Found pf. 464 Am Chicle (133 20% Am Comel Alcohol. 46'¢ Am Crystal Sug pf. 1% Am Encaustic. . . 414 Am & Foreizn Pwr., 11 Am & For Pw pf (6) 11% Am & For Pw pf (7) 17% Am Hide & Leath pf 26% Am Home Prod 2.40, 3 AmlIceCo.... 25% Am Ice pf (6).. 43, Am International 14'3 Am Locomotive 12% Am Mch & Fdy (1).. 3% Am Mach & Metals. » Am Metals......... 31 Am Power & Light. 9'; Am P&L $5 pf (1%) 11% Am P&L $6 pf (1%) 10 Am Radiator... 131% Am Rolling Mills. .. 86 Am Safety Razor(4) 21 Am Seating 17% Am Shipbldg (2)... 30% Am Smelt & Ref... T1% Am Sm&Ref 6% pf. 48% Am Snuff (i3%)...: s Am Steel Foundry.. Am Stores (12%)... 13% Am Sum Tob (11%) 100% Am Tel & Tel (9)... l'-JL. Am Tobacco (5) . Am Tobacco B (5).. s Fdrs (k). ter Wks (1). Am Woolen Am Wool pf (h2 ‘). Anaconda Copper 44 Archer-Dan (11% ).. Armour Del pf Armour of Ilinois. . Armour 111 pr pt (6) Artloom pf (J7).ves Asso Dry Goods. ... 5% Atch To & SF (h2). Atch To&S F pf (3). 3 Atlantic Coast Line, c Ref (1)...: Powder (2). + Auburn Auto. . Austin Nich pf A(5) 4 Aviation Corp Del 4% Baldwin Loco 16% Baldwin Loco pf. 134 B.\lllmux\ & Ohio.. 95 S vt fh bl Bflrx'sd\ll L orp 874 Beldi 9% B 2% Beneficial Loan 1 26 Best &Co (132) 2414 Bethlehem Ste 547» Beth Stlpf (J . 19% Bigelow-San (h1). 6 Blaw Knox........ 88 Bloomingdale pf (7) 6% Boeing Aeroplane. . 441 Bohn Alumn& Br(3) 197 Borden Co (1.60)... 161 Borg Warner (11%) 7 Botany Mines A (k) 12 Briggs Mfg (11%).. 26 Bristol-Myers 12.40 281 Bklyn-Man T (h1l4. 31 Bklyn & Queens. 4 Brunswick-Balke. 35 Bucyrus-Erie. Bucyrus. ie cv pf Budd (E G) Mfs. Budd (E G) Mig pf. Budd Wheel. . Sal Stocks «nd dividends. 6% - - e -3 B L e N LA T B LT T PN O PR S = P O e - S B G " PR TSI N TOT CUPYS - Uy " S - = 9 2 8 o e 3 W 131 6% 8‘- alos— High. Low. Close. Chge. 6% — W 8%+'/- llOK 1 10% 1% 18% 1% ll% 367 2915 €6 2214 9% 104 94 lE"A - 1% + 1314 + 14% + 17 F OFEFFESE 4 ) ‘ L e R FFLFLFEIFE F FEFE - Pl <o 14+ 374 291 FE OFEFEF Previous ~— 1934 — High. 108 24% 27% 10% 18 5 11% 62 4 31 35% 25% 69% T17% 22 2T% 17% 5034 4% 11% 43% 235 14% 58 26% 35% 42 Stocks and 84 Low. Stocks and dividends. 5 Equit Office Bld.... 9% ErleRR..... 9 Evans Auto P(50c). 3 Exchange Buffet... 7 Fairbanks-Morse. .. 80 Fairbanks-Mrspf.. 4 Fed Lt & Trac.. . 34% Fed Lt&Trac pf(6). 1 Fed Water Sve (A). 20 Fed'd D Stores (11) 28% Fid Ph F Ins(11.35) 13'% Firestone (40c).... b4Y First Nat Strs(2%). 2 Follansbee Bros (k) 81 Foster-Wheeler.... 17% Fourth N Inv(h85c) 8% Fox Film (A).. 213 Frecport-Texas (). 1% Gabriel Co (A). 5% Gen Am Investors. 30 Gen Am Trans(1%) 12 Gen Asphalt 615 Gen Baking (h65c) w 27 Gen Cigar (17).. 16% Gen Electric (60c). 11% Gen Elec Spe (60c).. 28 Gen Foods (1.80) % Gen Gas & El (A) 51 Gen Mills (3). 245 Gen Motors (1134) o+ 89% Gen Motors pf (5).. 3% Gen Outdoors Adv.. 7314 Gen Prtg Ink pf (6) 2 Gen Public Service.. 281 Gen Ry Signal (1).. 1 Gen Realty & Util.. 10 Gen Realty&Util pf. 10 Gen Refracetfs. ... 17% Gen Sti Casting pf.. 814 Gillett Saf Raz (1). 15% Glidden Co (71.30).. 83 Glidden Co pr pf () 3% Gobel (Adolf). 16 Gold Dust (1.20). 8 Goodrich (B F) 18% Goodyear T & Rub., 64 Goodyear $7 pf (4).. 87 Gotham Silk Hose. w 1% Graham-Paige..... 4 Granby Consol.. 4 Grand Union. .. 3 Grand Union pf (3) 8 Grant (W T) (1) 12% Great Northern pf. 815 Grt Nor Oreg(h30¢c) 25 Grt West Sug(2.40). 102 Grt West Sug pf(7). % Guantanamo Sugar. 5 Gulf Mobile & N.... 12 Gulf Mobile&N p!. . 16% Gulf States Steel. —_— Ry 17 4304 9% 130 315 Hahn Dept Stores. 3% Hamilton Watch..u 13 Harb Walker (30c).. 115 Hat Corp (A) 194 Hat Corp pt 14 H s Body T4 Hazel Atlas Gl (5) 59 Hercules Pw (13%) 4% Holland Furnace 5% Holland & Son (50c) 310 Homestake M (130), 11 Houd-Hersh A j2 2% Houdaille-Hersh B 213 Houston Oil (new) 35's Howe Sound (3).... 4% Hudson Manhattan. 9 Hudson&Manhat pf 614 Hudson Motor Car Hupp Motors. 13% Iilinols Central. . 22 Illinois Central p 19% Indus Rayon (1.68). 341 Inland Steel (h50c). 51 Interboro RpTr(k). 4 Interlake Iron...... 2 Int Agricultur Int Bus Mach (p6) 415 Int-Carriers Ltd 20e 18% Int Cement (h25c). 23% Int Harvester (60c) 244 Int Hydro Elec (A). 21 Int Nick Can (60¢). 115% Int Nick Can pf (7). 2 Int Paper & Pw (A) 3, Int Paper & Pw (C). 814 Int Paper & Pw pf 9 Int Print Ink hi0c 714 Int Tel & Tel 314 Interstate Dep 5% Intertype Corp..... 28 Lt B 200 b b 10 o O e o ae O e e 1 e O 00 Dk e O3 00 0O = M S EICT IS CARRNOR RGO RO® s S [ T R T e N L - oS RS nmeamt b 128 207 3% 16% ales— High. Low. 6 b 5 123 20% 3% 16% 72 5% 50% 1 Close. Chge. 5 128 20% 3% 16% 72 5% 50%% 1 21 28% 15% 55 4% 13% 25 128 23 1% 6% 36 15% 674 57 . % % FEF +HILL+++0 - FES FIFER £ EF 1 e Previous — 1934 — Stocks and High Low. _ Stocks and dividends, 2b% 10% North Amer (1).... T4% 4T% North Am Ed pt (6) 88 81 North'n Central (4). 36% 14% Northern Pacific 16% 8% Ohlo O1l (hd5c).... 7 2 Oliver Farm Equip.. 27% 9 Oliver FEqQprpfA. 19% 13 Otis Elevator (60c), 8 3% Otis Steel. . 94 60 Owens-Ill Gla: 12% PaciicG& E (1%). 20% Pacific Lighting (3). 19 Pacific Mills (h50c). 2% Packard Motor 10% Pan American Pet. 1% Par-Publix ctfs(k). 214 Park Utah......... % Parmelee Transport % Pathe Exchange. ... 10% Pathe Exchange(A) 914 Patino Mines...... 1% Peerless Motor 51 Penney (J C) 14.40. 20% Penn R R (h1). 19% Peoples Gas Chi. 131 Pere Marquette pf. 814 Petrol Corp (h30c).. 13% Phelps Dodge (h75¢c) 3% Phiia & Read C& 1., 11% Philip Morris (1)... 13% Phillips Petrol (1).: 7 Plerce Petroleum. 715 Pittsburgh Coal. .. 41 Pitts Screw & Bolt.. 1% Pittston Co.. 71 Plymouth Oil gTsc 2% Port Ric Am Tob A. 1 Port Ric Am Tob B. 10% Postal Tel & Ca pf.. 334 Proc & Gamb 11.70., 26 Pub Serv N J (2.80), 79 Pub Serv N J pt (5). 8715 PubServ N J pt (7). 35% Pullman Inc (3). 614 Pure Oil. . s34 Purlty Bakeries (1) 12 1 10s 5 @) Wro NN OIS 00 » - - D Do i O N O D 00 D et i O O T BT O b 82 o & - o o 41 Radlo Corporation 23% Radio Corp pf (A).. 15 Radio Corp pf (B).. 1% Radio-Kelth-Or (k) 5 Real Silk Hoslery. 6 Remington-Rand. .. 32% Remington-R 1st pf m Rand 2d pf. €0 Motor Car. 39% Reynolds Tob B (3). 28% Royal D(h1.35 3-10) 5% Rutland RRpf.... 38 39% 15 57 6in 12% S8 38'4 Safeway Stores (3), Schenley Distillers. Schulte Retail St rs Scott Paper (1 Seaboard Air L (k). Seab'd Oil(Del) (1) Sears Roeb! Second Nat Invest Servel Inc » Sharon Steel Hoop. Sharp & Dohme Sharp & D pf (3 attuck (FG) hell Union Oil. Simmons Co. Simms Pet (h35c) Sloss-Sheffield Snider Packing. Socony-Vac (60c) . So Por Rico Sug (2) outh Cal Ed (133). Southern Pacific Southern Railway Tk b[ vicer \XIL, pf(3). S;nectl-.\[a\‘-Slern. Stand Brands (1)... Stand Com Tobacco. Stand Gas & Elec. .. 110 1100s 1100 16 25 < "4 bl'\nd 0il 0! Ind (1) High. Low. Close. chll 12% 12% - 128 56 92% 19% 9% 3% 20% 12% A% 83% u 21% 56 144 Sun, 144 295 247y 24 924 +6% 19% + % Previous ~- 1034 — Stocks and High. Low. Stocks and dividends, 39% Stand OIIN Jet1%) 47% Sterling Prod(3.80). 1% Sterling Secur (A). 4% Stewart-Warner. .. 4% Stone & Webster... 1% Studebaker (k).... 10 Studebaker pf (k).. 51% Sun Ofl ($1)... Now —l\fi 1% Superior Oil 6% 3% Tennessee Corp. 29% 19% Texas Corp (1) 43% 30 Tex Gulf Sulph (2). 12 6% Tex Pac Land Trust 814 4 Third Avenue . 10 Thompson Products 1% Thompson Starrett. 8 Tide Water Asso... 64% Tide W A pf (j8%)e 3% Timken-Detroit. ... 24 TimkenR B (11%). 5% Transamerica h25c. 3% Tri-Contl Corp. . 1% Truax-Traer Coal. 9% 3% Truscon Steel. 5874 50% 20% 133% 24 15% 36 Und-Ell-Fisher (2). 35% Un Carbide & C 1.40, 111 Un Oil of Calif (1).. 90 Union Pacific (6)... 15% Un Tank Car (1.20). 81 United Aireraft. ... 6l3 8% United Air Lines&T 29% 21% Unit Biscuit(1.60). 120 107 Unit Biscuit pf (7). 50% 35 United Carb (2.40). 8% 2% United Corporation, 37% 22% United Corp pt (3).. 18% 9% United Drug 10% 3% United Dyewood 77 B9 United Fruit (3).. 11% Unit Gas Imp (1.20) 86 Unit Gas Imp pf (5) 20 Unit Piece DW pf.. 6 US&For'n Secur.. 34% U S Gypsum (t1%). 4% U S Hoffman. .. 82 US Indus Alcohol.. 7 US Leather (A)... 4 U S Pipe & F (50c) ./ 4 U S Realty & Impr. u 96°% U S Smcll& R (h9). 29% United States Steel. 674 USSleel oL (2).... 99 U S Tobacco (17%) 21 United Stores (A).. 40% Univ Leaf Tob (13). 1% Ctil Pwr & Lt (A) _— 1% % Vadsco Sales Corp. 31% 14 Vanacium Corp. 12 4% Van Raalte. . 5% 1% Va-Car Chemical. 82 52 Vulcan Detin (h3) ° 5 12 Wabash (k). . 23 Wabash pf (A) (k). 845 Walgreen pf (625). 2% Warner Bros Pic... 1 Warner-Quinlan 3% Warren Bros..... 813 Warren Bros cv pf 3 Webster Eisenlohr.. 15% Wesson O & S (11).. 52% Wesson O & S pf(4) :‘. West PennPw pf(6) 9 13 714 Western Maryland. 4% Western Pacific pf.. 29!; Western Union. ... 1574 Westingh'se AB 27% Westinghouse Elec. 14% Westvaco Chl (40c) 2 Wilcox Oil & Gas. 12% Wilson & Co (A) 53 Wilson & Co pf (j7) 41%4 Woolworth (2.40)., 54% Wrigley (W jr)13%. 14 Yale & Towne (60c) 2% Yellow Truck. 128 Youngstown S& T 34 Y'gst'n S&T pfAst 333 2 5% - [ e Rn Ttk r» 2 A ®n o h D e R B O 8 7 4 Y- 3 OV 08 1S ARl ST N0 et o2 Nes High. Low. Close. Chge. 17 42% 4z 58% 15 8 4% 1% 11% 64 58% 1% 8% LI+ + ++ I E3 (Pt 1 FEFECRFFF FES {181 811 1 I R Ta% 2014 3% 1814 381y Sales of Stocks on the New York Ixchanae. 11:00 A.M. 70,000 12: Dividend rates as given in the above table are the annual 00 Noon. 500,000 cash payments based on the latest quarterly or h: declarations. 3Unit of tradine less than 100 shares t Partly extra. 1 Plus a Paid o res ate. 2id This. vear 97 in stoc) stock. in stock Stock. ¢ Payable In cash Of stock dividends paid this year or being reorganized. Stock Pius Ses in siock last vear— 2 Fius %50 5% in lus x Ex dividend. stock. nPlus 3% - 3 Accumulated 1 Plus$1 in special preferred ktomnlmes reported in luelvershln ISTOCKS IRREGULAR AT SESSION'S END Few of Utilities Resist Sell- ing and Specialties Are Active. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, December 22.—Cross- currents of buying and selling gave the stock market an uneven appear- ance during today’s brief session. Spe- cialties provided most of the activity, however. A few of the utilities re- sisted selling pressure. The close was irregular. ‘Transfers approximated 490,000 shares. While Public Service of New Jersey broke through to a new low for the year or longer, it later met moderate support and shaded its extreme de- cline of around a point. A number of the other power arrd light issues were unchanged to slightly down. A sharp decline in Radio Corp. preference stocks, and an advance in the common shares, furnished the principal excitement of the day's pro- ceedings. The gyrations of the radio group, though, seemed to be only mildly unsettled to the remainder of the list. The news was not especially bearish, but traders were cautious and many were inclined to await further economic and political developments before expanding commitments. Shares of Radio preferred B yielded about 5 points, the preferred A was off more than a point and the com- mon advanced nearly as much. Amer- ican Can made a new year's high before dropping back. American Tele- phone and Allied Chemical improved, J. C. Penney and National Distillers moved forward a point or so each, while Loew’s and American Commer= cial Alcohol steadied. Losers of 1 to more than 2 included Manhattan Railway, Interboro Rapid Transit, U. S. Smelting and Eastman Kodak Consolidated Gas held about even, and fractional recessions were shown by Public Service of New Jersey, North American, American Water Works, U. S. Steel, Sears-Roebuck, Case, Liggett & Myers B, Santa Fe and New York Central. The fall in the Radio preferred is- sues followed the announcement of a directors’ committee that no steps toward capital readjustment would be taken at this time. Considerable short covering was reported in Radio common, which apparently had been sold on the belief that this issue would not fare very well under a recapital- ization plan. Recent strength of the preferred stocks was based largely on the un- | derstanding that dividend arrears would be cleared up if a reorganiza- tion were effected. A block of 4,000 shares of Radio B appeared on the tape at the opening with a loss of more than 4 points. o Market Averages By the Associated Press. in b Bullarg Co. coe 66 39 Johns-Manville. creased by nearly $100,000,000. The increase, however, was in currency of small denominations and is believed to reflect an expanded volume of gen- eral business activity and higher prices, rather than an increase in hoarding. Bills of larger denomina- tions in circulation decreased by more than $100.000,000 during the 12 months, the trust company review adds. Financial District Gossip. Dividends will be paid in a few days by Lincoln National Bank, the Bank of Commerce & Savings, Woodward & Lothrop on both the common and preferred stocks and by the Real Estate Mortgage & Guaranty Corp. These issues are all listed on the ‘Washington Stock Exchange and are now being quoted without the dividends. In case of sales, the pres- ent holders will get the dividends. Baltimore reported a gain of 21 per cent in bank clearings during the week ending December 19. Clearings in Richmond were up 14.5 per cent. Atlanta reported 2 20 per cent up- turn. Retail sales in the Fifth Federal Reserve District, including Washing- ton, maintained their exceptional pace during the past week. During only one way did the weather slow up trade. Washington Chapter, American In- stitute of Banking, will hold its an- nual Christmas party at the Beaver Dam Country Club tonight. An elab- orate program has been ararnged. Over 1,000 Loans Approved, Up to December 12, the industrial advisory committees in the 12 Federal Reserve districts had recommended approval of 1,055 applications for in- dustrial loans amounting to $51.000,- 000. The Reserve banks had already passed favorably on most of these re- quests. It is expected that many of the future applications can be taken care of by the banks in the places where the money is needed. Arundel Corp.’s latest earnings reports reflect better conditions in the building industry. In the first 11 months of 1934 the sand, gravel and contracting company earned $1.46 a share against 87 cents last year. November net was over $63,- 000 against $28,000 a year ago. November earnings' of the Capi- tal Transit Co. will be reported to the Public Utilities Commission very shortly. The report will reveal an- other big gain in earnings as traffic was very heavy all the month. It will also show the total net earnings for the first full year under the merger. Liberty Votes Dividend. Directors of- the Liberty National Bank have ueclared a dividend of $1.50 per share on the stock, pn\able December 31, to shareholders of record at the close of business December 27. Action was taken at the regular monthly meeting, President Rolfe E. Bolling announced. —_— PARIS GARTER CO. PLANS TO BOOST ADVERTISING Bpecial Dispatch to The Star. CHICAGO, December 22.—“More advertising during 1935 than we have undertaken in many years will help us effectively to do our part to ‘dress up America,’” declared Joseph M. Kraus, advertising manager of the Paris Garter Co., addressing the clos- ing session of the company’s annual sales convention at the Hotel Sherman yesterday. One hundred and fifty sales representatives of the United States and Canada were in attendance for three days. Newspaper advertising will form the backbone of the 1935 cam- paign. 10%; Burr Add M (nt65¢c) % Bush Terminal (k).. 5% Bush Tr Bldg pf ct. 1'; Butte Copper & Zine 1 Butterick Co. , Byers (A M). 14 Callahan Zinc 121 Canada Dry G A (1) 107% Canadian Pacifie. .. 35 Case (J 1) Co. 23 Caterpillar TF t1% - 17% Celanese Corp. 1 Celotex vte (k) 614 Celotex o pf (K). 18% Cent Aguire (1%). 514 Century Rio Mills. . 82 Century RibMpf(7) 30% Cerro de Pasco (2).. 3915 Ches & Ohio (2.80).. 34 Ches-Corp (2%)...: Chi Great Western Chi Great West pf. 18% 3% 33% 13% 28% 341 46% 23 28Y% 11% 108% 23, Chi Mil St P & Pac 35, Chi Mil St P &P pf. 4 Chi & Northwestern 3% Chi Pneumatic Tool 14Y% Chi Pneu Tool pf... 1% Chi R I & Pac (k). .. 215 CRI& P 7% pf (k) ysler Corp t1% « 17% City Ice & Fuel (2). 15 City Stores. ... 3 City Stores ctfs. 2y City Stores (A) 95% Coca-Cola (17). 9% Colgate-P-P (175¢). 10 Collins & Aikman. . 3% Colo Fuel & Iron (k) 13 Cole & Sou Istpf... 0] Gas & Elec. 41 Col G & Elpf(B)(5) 21% Colum Pic vte(ml).. 58 Colum Carb (13.60). 18% Comecl Credit (2)... 9113 Comel C 1st pf(6%) 35% Comel Inv Tr(t21) 156% Comcl Solv (60c)... 1 Comwlth & South. . 21% Comwith & S pf (6). 22 Congoleum-N (12).. 45Y% Con Cg pr pf ww 613 31 Consol Cigar pf(7). 1% Consol Film. .. 10% Consol Film pt (j2). 19% Consol Gas N Y (2). 76 Consol Gas pf (5).a 114 Consol Laundries. T Consol Oil (h4Ze). 14 Consol Textile. . 6% Container Corp (A). 2% Container Corp (B). 5% Contl Baking (A). 7% Contl Baking (B). 56% Contl Can (2.40) . 23% Contl Insur (1.3 % Contl Motors. . 16% Contl O Del (h50¢) 551 Corn Prod Ref (3) 38 Coty Inc. . 28 Cream of Wht 12% . 18% Crown Cork & S (1), 3% Crown-Zellerback. s 17 Crucible Steel. 7 Cuba Co..... 31 Cuban-Am Sugar. 131 Curtis-Publishing. 43% Curtis Pub pt (36) 214 Curtiss Wright. 5% Curtiss Wright (A) 11 Cutler Hammer.... 10% Deere & Co 10% Deere & Co pt (40¢). 35 Delaware & Hudson. 14 Del Lack & West 3% Den & R G W pf. 21 Diamond Match (1). 284 Diamond M pf (1%) 32 Dome Mines (133). 11 Dominion Strs(1.20) 14% Douglas Aircraft. 3 Dunhill Internatl. 80 Dupontde N (13%). 128 115 Du Pontdeb (6).... 107 90 Dugquesne Lt 1st (5) —— 116% 22 31% 110 % 9% 954 21 52 79 EastmanK (14%).. 12% Eaton Mfg (1)....u 15 Electric Auto Lite. . 80 Elec Auto Lite pf 7. 8 Electric Boat . 4% El&Mus Ind (h19e). 23 Elec Pwr & Light. .. 6 Elec Pwr&Lt $6 pf.. 6% Elec Pwr&Lt $7 pf. 34 Elec Stor Bat (2%). % Elk Horn Coal (k). > L N N L L =T @ CU ST oS- SRSt 3 e 13% i 46 370 1% 3% s 109% 56% 21% It 30% @ oS S& 22 110s 93% 127% 104% 10 1 111% 17% 26% 108% b % 234 6% 7 45 1 1% 12 109y 5574 20% 1 20% 334 127% 104% 110‘/5 '46 108% 5 5% 2% 6% 7 45 1 11 1243 ErEL FEE ¥R 1% + % 1233 —1%¥ 7 45 Jones&Laugh 7%pf — 14% 141 111% 35% 37 3 44% 12814 119% Loose-Wiles pf ( 22% 6% Kans City Southern 11% Kans City South pf. 6 KaufmannDeptSilc 1 Kayser(J)&Co hioc. 1 Kelly Spring Tire. 11% Kelvinator (170c). 651 Kendall pt (16.92) 16 Kennecott (h45c). 3 Kinney (G R) Co 131 Kinney (G R) pf 19 Kresge Dept Strs pf 13% Kresge (SS) (1)... 23% Kroger Gr&Bk 1.60. b5 Lane Bryant 7 Lee Rub&Tire(40c). 215 Lehigh Valley Coal. 5 Lehigh Val Coal pf. 915 Lehigh Valley R R.. 641 Lehman Corp (2.40) 221 Lib O-Ford G1(1.20) 73 Ligg & Myers (15).. 74% Ligg & Myers B(15) 16% Liquid Carb (113%) 20% Loew's Inc (113 114 Loft Inc...... 331 Loose-Wiles (2) 7). 15% Lorillard P (12.20) %, Louisiana Oil T4 Louisiana Oil pf. 121 Louisv G&E(A)1%. 814 Ludlum Steel. . 60 Ludlum Stl pf (6 — 49% 28% 18% 3% 284% 31% 15% 58 18% 49% 13 26% 45% 26% 43% 24% 37% 11% 22% 45% 4% 1% McCrory Strs A (k). 5% McCrory Strs pf (k) 4 McGraw Hill Pub. .. 381 MclIntyre Porcu (2) 79 McKeesport T P (4) 414 McKesson & Rob... 11% McKesson & Rob pf. 1 McLellan Stores (k) 22 Mack Truck (1).... 35% Macy (R H)& Co(2) 25 Madison Sq Garden. 15% Magma Copper (2). 784 Mallison & Co pf. .. 10% Man Elev 11 g (K)... 10% Manhat Shirt (60c). 414 Marancha Corp. 5% Marine Midld (40c). 17 Marlin-Rockwell(2) 8% Marshall Field..... 4 Martin Parry...... 23% Mathieson Alk(132) 30 May Dept Str (1.60). 4% Maytag Co...... 10 Maytag pf ww jllg. 49 Maytag 1st pf (6) 26 Melville Shoe (2). 263 Merch & M Tr(1.60) 20% Mesta Mach (132).. 21 M-G-M Pic p£(1.89). 9% Mid-Cont Pet(h50c). 6% Midland Steel Prod. 36 Minn-Hon Reg (13). 1% Minn Moline Pow ... 16% Minn Moline Pow pf % Minn & St L (k) . 4% Mo Kan & Texas. .. 12% Mo Kan & Texas pf. 1% Mo Pacific (k).... 2% Mo Pacific pf (k). 121 Mohawk C M (h25¢) 39 MonsantoC (11%). 20 Montgomery Ward. 87 Morrell(J)&Co 3.60. 1% Mother Lode 15% Motor Products. 6% Motor Wheel 5% Mullins Mfg 3% Murray Corp, 12% Nash Motors (1) 26% Nat Biscuit (2).... 12 Nat Cash Reg A 50c 13 Nat Dairy Prod 1.20 1 Nat Dept Store (k). 6 Nat Dp St 1st pf(k). 16 Nat Distil 6% Nat Pwr & Lt uoc) . 14 34% Nat Steel (1).. 9 Nat Tea (60c). 17 Newberry (J J)(1). 5% Newport Industries. 9 N Y Chicago &St L. 16 NYC&StLpf.... 6% N Y N H & Hartford 1% NYNH&Hpt. 4% N Y Ontario & W 9% N Y Shipbldg (46c). 30% Noranda Mines (h2) 1% Norfolk South'n (k). 187 161° Norfolk & W (+10). % 2% North Am Aviauon. ¥ / ) o =S o JEPHINN 3 -~ TUTTURS I OR ) St of- SR rh)- PN e e T TS o S =S e Ch B o 8 o S " 28 onancmShinradavunnwnos ag o B o =3 5 e Sfooe 1+ SEFEEFELIF F ‘ L ++1) (RO o & EF O OEFE £ ES TREASURY ISSUE CUTS By the Associated Press. The recent offering of Treasury se- On Con]moll Shal'eS | curities “for cash” caused a neavy | shrinkage in the reserve balance ac- | count of weekly reporting membflr‘s”"““ Dispatch to The Star. as the| banks in 91 leading cities, change was measured by the Federal Reserve Board. follows the total of In the table that| such balances | is given for ccmparable periods, as announced by the board Week ended December 1 Preceding week 5 Same week last year 57000000 000.000 [Swift & Co. Votes BALANCES OF BANKS pop of 95 5> Cents CHICAGO, December 22 —The di- rectors of Swift & Co. at their regu- | lar monthly meeting yesterday, having | available the final audited result of the operations of the company for the fiscal year ended Oc;ober 27, declared | ¥ a special dividend of 25 cents per share, payable February 15 to share- holders of record January 25. This is the earliest date practicable for the payment of this dividend be- cause the stock transfer books will be FEFFE PFEEFE F R FRES ™ o New York Cotton By the Associated Press. NEW YORK, December 22.—Cotton futures opened steady, 2 to 7 points advance on higher Liverpool cables, favorable textile market reports, and foreign buying. December, 12.52; | January, 1252; March, 12.62; May, | 12.69; July, 12.70; October, 12.56. The opening advance met further | January liquidation as well as some pre-holiday realizing. The demand from the trade continued, however, while there was comsiderable buying through houses with foreign connec- tions and prices held steady during the early trading. After selling up to 12.53 January reacted to 12.50, but was ruling around 12.52 at the end of the first half hour with the general list hold- ing initial gains of about 2 to 7 points. The market for Indian cotton at Bombay closed 4 rupees higher for Oomra and Broach and 1 rupee higher for Bengal. Futures closed steady, 3a9 higher. Liverpool Quotations. LIVERPOOL. December 22 (#).—Cotton, 3,000 bales, including 200 American Spot in limited demand; prices unchanged. in _pence: ' American ict d_middling, .50 middiing, low middling. 6.60: ®ood Closed steady. 6.85; March, 6.79; October, finaj Futures January. 81; July, FOREIGN EXCHANGES. NEW YORK. December 22 ().—Foreign exchange firm; Great Britain in dollars, olhen in cents: GH’E[ Britain demand, c 60-day _ bills: Za: cables! 8.55'2; cables. 3 swnumnu Portugal, 4.4910; ‘Czechoslovakia. 4 18 T fionukong. 5 peso). 27.85: Montreal 101.00: "New York in Montreal n—Nominal. City (siiver New York, 99.00. U. S. TREASURY NOTES. (Reported by Chas. D. Barney & Co.) _-g’»-,.. - vl o GRS 2z closed from January 17, purposes of the annual meeting. GOLD STATEMENT. NEW YORK. December 22 (P).— The New York Federal Reserve Bank yesterday reported gold arrivals as| From France, Canada, $1,675.800; England, $1.560,-; The bank also | receipt at San Prancisco of $340,000 | gold from China. vorts and monetary stocks showed a gain of $287,100 resulting from a net decrease in gold held under earmark for foreign account. follows: 700. U. S. TREASURY POSITION. By the Associated Press. ‘The position of the Tru.‘iury‘l)e‘cember W i 60,54 6. of ‘emergency expenditures) expenditures. assets. $K8.200,68¢ Receipts for December 20, FEDERAL LAND BANKS NEW YORK. December 2 Land Bank bonds: 4 414s July 4s May 45 Nov. 4s July DIVIDENDS ANNOUNCED NEW YORK. December declared (prepared by the Standard Sta- tistics Corp.): Bollrbfln Stekyds. $1.00 Idah Md Cons Mines . Burkart »f Stetson (JB) pf. . American ork. 6 News rp . December 23, 1934, to| 1935, inclusive. for the | $1,951.300; reported There were no ex-| . X0 Ll exc 4.808.280.06; 6768 1933 (co of lolfl 100% —Dividends Extra. Pe- Stock Pay- Rate. riod. record. able. Accumulated. Mig $1.10 .. Resumed, 00 Regular. New 25¢ BI-M _1-! 0 12 12-31 12-31 12-19 12-26 12-22 12-20 12-20 12-26 12-20 LX IR E ] the | § CHICAGO LIVE STOCK. CHICAGO. December (® (United States Department of “Agriculture) —Cats le. 300 commercial. “100 Governmen: 400_commercial. 100 Gover: d Priday last week. bette steers and_yearlings strong_to veighty offerings mostly 25 up 5250 higher, mostly up: me- dium weicht and weighty steers scarce. steer crop runnine to light cattle. better grades of which weakened late in Week to | close lower than week's high time: sha abridgement locally and at other large ma! kets & stimulating factor. principal redu tion coming in common grade steers and she stock. mainly cows; all cows advanced 50: undertone on better grade heifers dull. lower ‘grades very uneven, steady to strone: bulls, 10a25 higher; vealers firm: very narrow trade on stockers and feeders: spread between heavy and comparable Light-weight steers and vearlings tended to wide asbirlnrhnl market closed rather - i mer erade high- lower & Lon B 502 relutivels o relativel Cattle tended to feature the ..3.?5‘1‘":‘&.‘“ Sheep. 3.000: for week ending Friday 18 doubles from feeding stations. 4.400 di- rects; compared Friday last week: Strictly %‘.’é’r‘,‘er‘“"x cholttfl fat lambs 75a1.00 plainer offerings ities; . 3 d yearlings higher lower; since’ mid. early bu! frequently seiling bulk prices: native around” .00 yearlings, pound _clipped jlaughter ewes mbs, S00as Hogs, ki highest bulk. 7:75a8.00: llers lacking finish 50 and more under throwouts mainly 5 t)o‘:fl 85; 14.000. including 13.000 direct: nominally steady: few weights be- pounds. 6.25 downward: quof Srouna (6401 fos yhoice heavy. took 3 estimate holdover, 1.000; all quotations nominal. - NEW YORK BA.B SILVER. NEW YORK, December 22 (#)— Bar silver steady, ’s higher at 53%, BALTIMORE STOCKS Special Dispatch to The Star. snBALTlMOREs December 2 z Houston Oil pfd vte 0 New Amsterdlm Cns Co nite: ail \ly: L Electric 100U 8 Pidelity & Gusranty. . BONDS. 300 Baltimore City 4s 19 ]‘ "Last sales. 317 CHICAGO STOCK MARKET CHICAGO. December 22 () .—Follow- ing is the complete official list of trans- actions in stocks on the Chicago Stock High. Low, Close. 60 P P () Berghoff Brew Borg-Warner . s 100 Cen 1ll Pub av v( 100 Cen l'll Sec 600 Cen & Co 200 Blgin Nat Watch 100 Gen Household 50 Gt Lakes Drtdl! 400 Houd-Her B . 100 Il Brick . : 50 Ind Pneu Tool. . 50 Iron Fireman 250 Katz Drug & Kingsbury B;.“ 90 Mor 100 Nat Gyp: 50 No ‘Wee Ot ,% nt 100 Prima C Total stock sales, 24.000 shares; bonds, 34 101 (1926 average equals 100.) (Copyright. 1934. Std. Statistics Co.) EXehance Maiched Ofce Suites OFFICE FURNITURE AND EQUIPMENT BAUM’S 1416 Eye St. N.W. National 2181 ‘We Will Make First Trust Construction Loans on Residential Properties Prompt Action on Application Real Estate Mortgage and Guaranty Corporation 1610 K 8t. N.W. Commercial Printing . Represents Your Business NAt'l 3065 EYNON Printing Co. | REAL ESTATE | LOANS MADE ON HOMES OCCU- PIED BY OWNERS IN OR NEAR THE DISTRICT OF COLUMBIA Applications given immediate attention THE WASHINGTON LOAN & TRUST CO. F Street at 9th 17th Street at G