Evening Star Newspaper, December 24, 1934, Page 10

A—10 *#»» FINANCIAL. THE EVENING STAR, WASHINGTON, D. BANK CHECKTAX || TRANSACTIONS ON THE NEW YORK Recelved by Private Wire Direst fo The Evening Star. WILL BE DROPPED Government’s 2-Cent Levy to End When Act Ex- pires January 1 BY EDWARD C. STONE. ‘The Government’s 2-cent tax on all bank checks will be dropped on January 1, 1935, the special revenue law expiring on that date. There is a possibility that the tax will be revived by the next Congress as it has meant nearly $50,000,000 a year in revenues. ‘The charge is made when each check is charged against the deposi- tor's account so that checks not cashed until January will not come in on the revenue tax. ‘Washington bank depositors will get their final charges in this month’s statements except in cases where the statements are sent out two or three days before the close of the month. In such instances, the tax charged during the last days of December will be made in the January statements. Dropping of the Government tax will be a great relief to the bookkeep- ers in the banks as the levy has re- quired considerable extra work, al- though a great many fewer checks have been drawn in an effort to save the cost of the tax. When the tax first went into effect here, many depositors saved enough cash to pay the majority of their »ills without the use of checks. Tt was soon found, however, that the tme and trouble required more than offset the actual money saved, and the num- ber of checks drawn was considerably expanded. The recently adopted uniform serv- ice charges are now a much more im- portant factor in the number of checks drawn by local bank depositors than the 2-cent Government tax. The two charges, however, are making peopl> hold down to the very limit in the number of checks used, bankers re- port. “January Rise” Predicted. While predictions are often taken with “a grain of salt,” the following forecast from United Business Service, Boston, will be unusually interesting to the vast throng of traders in stocks. Purchases of stocks on the last trading day before Christmas have shown a profit at some time in Janu- ary in 35 of the last 37 years. The Dow-Jones Industrial Average, which goes back to 1897, has recorded an advancing trend after Christmas in every year except 1910 and 1926. Even in such definitely downward years as 1931 and 1932, there was a sub- stantial rise in his popular average during the initial month of the year. “The two chief causes for this tra- ditional upturn in security quotations are probably the seasonal peak in cor- porate disbursements, ahd the ten- dency for sentiment to improve at the turn of the year. The January con- centration of dividend and interest payments, as well as bond maturities and redemptions, provide much ‘new money’ for investment. There is also the reinvestment of funds following the December tax sales, which causes a greater demand for securities. “Dividend and interest payments next month should record a substan- tial gain over last January. This factor, together with a general feeling of optimism regarding 1935 prospects, should bring about another good Jan- uary market.” Bus Line Earnings Improve. Net earnings of the Washington Rapid Transit Co. during the first 11 months of this year showed a com- plete turnabout from the 1933 figures, according to the financial statement filed today with the Public Utilities Commission. Net revenues this year were $8,- 431.55, against a deficit last year of $46,284.94. This means a total gain in net in come of $54,716.49 in the 11 months, a really remarkable record. The Rapid Transit Co. reported op- erating revenues for November as $34,- 989.97 in comparison with $33,236.93 in November, 1933, a gain of $1,753.04. Operating expenses totaled $31,069.39 against $30,421.81, or an increase of $647.58. Deduction of operating ex- penses left the bus company an oper- ating income for November of $3,- 920.58, as compared with $2,815.12, a gain of $1,105.46. Net income after all charges and deductions amounted to $1,944.86, against $563.57 in November, 1933, an increase of $1,381.29. New A. B. A. Mortgage Move. Under authorization of the Ameri- can Bankers’ Association Adminis- trative Committee the executive offi- cers of the association have taken steps to promote co-operation by bank- ers generally with the Federal Hous- the Administration in making effect- ive titles II and III of the national housing act, setting up mutual mort- gage insurance and creating national mortgage associations, it was an- nounced today. In a letter addressed to all mem- bers of the association by President R. 8. Hecht, urging them to become approved mortgagees under the act. the opinion is expressed that these sections are “not only effective na- tional recovery measures, but will ex- ert a beneficial economic effect in liquifying mortgages that now are or may become part of the investments of banks.” This action by the association is in addition to its previous activity in co-operation with the housing admin- istration in regard to title I, provid-, ing for the renovation and moderni- zation of homes. Robert V. Fleming, first vice president of the association, and president of the Riggs National Bank, has been appointed by James A. Moffett, Federal housing administra- tor, as a member of the National Housing Advisory Council of 25 and designated on the Executive Commit- tee of that body. Banks Declare Dividends. Directors of the Columbia National . Bank have declared a quarterly divi- dend of $1.50 per share, payable on January 2 to stockholders of record December 31, according to announce- ment by President Frank J. Stryker. The board of directors of the Amer- dcan Security & Trust Co. has voted 8 2 per cent quarterly dividend pay- able on January 10, to stock of rec- ord on December 31, President Cor- coran Thom announces. Several representatives of the Amer- ican Security & Trust Co. attended the funeral of Charles E. Howe at Mifflintown. Pa., yesterday. Mr. Howe ‘was actively connected with the trust company for 42 years, for 20 years as treasurer. Lanston Leads D. C. Market. Lanston Monotype was again in strong demand on the Washington Stock Exchange today. Six 10-share lots and one 40-share block changed hands during the session at 48, same as the last previous sales. Washington Gas 6s, series B, fur- nished the only other business of the day. One $100 bond sold at 103. It ‘was announced that the exchange will be closed tomorrow, Christmas day. ‘Washington banks and all other fin- ancial institutions will also be (closed. ) Previous — 1934 — High. ln". 11% 11% 13 3% 23% % 13 164 Stocks and Adams Express. 6% Addressograph 91% Air Reduct'n t4% 1% Afirway Elec Appli.. 16% Alaska Jun (11.20). 3% Albany Wrap Paper 1% Alleg Corp (k)..... 5 Alleg Cp w$30w (k). 4% Alleg Cp xw (K)..u0 4 160% 115% Allied Chem (6).. 130 122% Allied Che:n pf (’l) . % 10% Allis-Chalmers. . 851 89 13 28% 27% 1% 83% 1T% 50% 17% 24% 39% 6% 1% 8% 18% 83 647 3% baw 16 24 11% Alpha Por Cem 256.. 214 Amal Leather...... 39 Amerada Corp (2).. 256% Am Ag Chem Del(2) 11% Am Bank Note..... 19% Am Brake Shoe 80c. 96 Am Brake Sh pf (7) 90% Am Can (15). 20% Am Comcl Alcohol, 1% Am Encaustic. . 4% Am & Foreign Pwr. 'or Pw pf ) 11% Am & For Pw pf (7) 6% Am & For Pw 2d pf. 17% Am Hide & Leath pt 26% Am Home Prod 2.40, 3 AmlIceCo.... 25% Am Ice pt (6) 4% Am International. 14% Am Locomotive 85% Am Locomotive pt. 12% Am Mch & Fdy (1).. 12% Am Metals. .. . 21 Am News (1%) 3 Am Power & Light. 9% Am P&L 8$5 pf (1%) 11% Am P&L 8 pf (1%) 10 Am Radiator. .. 13% Am Rolling Mill Am Safety Razor(4) 2% Am Seating.... 17% Am Shipbldg (2). 30% Am Smelt & Ref 48% Am Snuff (13%) 87 Am Stores (12%) 65% Am Tobacco (5) 67 Am Tobacco B ( 3 Am Type Fdrs (k) 7% Am Type Fdrs pf (k) 12% Am Water Wks (1), 7 Am Woolen.... 36 Am Wool pf (h2% 2% Am Writ Pap pf (k) 86% Am Zinc & Leadpf., 10 Anaconda Copper..; 13% Anchor Cap (60c) 26% Archer-Dan (11%). 8% Armour of Illinois. . 46% Armour Il! pr pf (6) 3 Arnold Constable. .. T% Asso Dry Goods. . 46 Asso Dry G 1st pf... 36 AssoDry G2dpf... 45% Atch To& S F (h2). 24% Atlantic Coast Line. 5 AtlGulf & WInd.. 7% Atl Gulf & W Ind pf 211, Atlantic Ref (1).... 35 Atlas Powder (2)... 1613 Auburn Auto. N 7 Austin Nichols..... 89% Austin Nich pf A(5) 3% Aviation Corp Del. . ———— 16 21% 4% Baldwin Loco. . 16% Baldwin Loco pf. 13 Baltimore & Ohio.. 15% Baltimore & Ohio pt 353 Bang & Arros (2%) 95% Bang & Arros pf (7) 2% Barker Brothers... 5% Barnsdall Corp. . 10% Beatrice Creamery.. 87 Belding-Hem (h50¢) 9% Bendix Aviation.... 1234 Beneficial Loan 1%. 26 Best&Co (1%) 243 Bethlehem Steel.... 547 Beth Stl pf (31%).. 19% Bigelow-San (hl).. 6 Blaw Knox. 17 Bloomingdal 6% Boeing Aeroplane. . 44% Bohn Alumn& Br(3) 76 Bon Ami (A) (15) 19% Borden Co (1.60)... 16% Borg Warner(f1%) 5% Boston & Maine. ... 12 Briggs Mfg (11%).. 26 Bristol-Myers 12.40 28% Bklyn-Man T (h1%3. 46 Bklyn Union Gas(5) 45 Brown Shoe (3).... 4 Brunswick-Balke... 34 Bucyrus-Erie. . 3 Budd (EG) Mfg. '16 Budd (EG) Mfg pt. 5% Bullard Co... . 4 Burns Bros pf 10% Burr Add M (nfGSe) 5% Bush Tr Bldg pf ct. 1% Butte Copper & Zine 1% Butterick Co. s 13% Byers (A M). . 18% California Pkg(1%) % Callahan Zinc. . 2% Calumet & Hecla. .. 121% Canada Dry G A (1) 10% Canadian Pacific. .. 284 Cannon Mills (2) ... 35 Case (JI)Co.. 567 Case (J I) pf (4)... 23 Caterpillar Tr f1%.. 173 Celanese Corp 1% Celotex Co (k) 634 Celotex Co pf (k. 18% Cent Aguire (1%) 51 Century Rio Mills 30% Cerro de Pasco (2 17% Certain-teed pf.... 5% Checker Cab Mfg... 39% Ches & Ohto (2.80).. 34 Ches-Corp (2%).... 1% Chi & Eastn Il (k) .. 1% Chi Great Western.. 2% Chi Mil St P & Pac.. 3% Chi Mil St P &P pf.. 4 Chi& Northwestern 8% Chi & Northwest pf. 15 Chi R 1 & Pac (k)... 2 CRI1&P 6% pf (k) 2% CRI&P 7% pf (k). 19% Chickasha CO (2).. 29% Chrysler Corp t1%. 17% City Ice & Fuel (2). 67 Citylce& Fpf6%. 14 City Stores........ 247 Cluett-Peabody (1). 9% Colgate-P-P (175¢). 6815 Colg-Palm-P pf (6). 10 Collins & Aikman. . 74 Collins & Aik p£(7). 3% Colo Fuel & Iron(k) 13 Colo & Sou 1st pf. 6% Col Gas & Elec..... 41 Col G & El pf(B) (5) 21% Colum Pic vte(ml).. 58 Colum Carb (13.60). 18% Comcl Credit (2)... 38 Comecl Credit(A)(3) 91% Comcl C 1st pf(63%) 35% Comcl Igy Tr(f2%) 91 Comecl Inv cv pf(e6) 15% Comcl Solv (60¢)... 1 Comwlith & South. .. 21% Comwlth & S pf (6). 22 Congoleum-N (12).. 7% Ceongress Cigar 54 Consol Cigar. 45% Con Cg pr pf ww 6% 1% Consol Film....... 10% Consol Film pf (§2). 19% Consol Gas N Y (2). 76 Consol Gas pf (5)..; 114 Consol Laundries. .. T% Consol Oil (h4Ze)... 21 Consol R R Cuba pf. % Consol Textile... ... 6% Container Corp (A). 2% Container Corp (B). 5% Contl Baking (A)... % Contl Baking (B)... 56% Contl Can (2.40)...- 6 Contl Diamond Fib. 23% Contl Insur (11.35). % Contl Motors. . 15% Contl O Del (hBOc). 40% Corn Ex Bk & Tr(3) 65% Corn Prod Ref (3).. 3% Coty Inc....... 28 Cream of ht 12 8 Crosley Radio 18% Crown Cork & 3% Crown-Zellerback 17 Crucible Steel % Cuba Co 3% Cuban-A I's 20% Cuban-Am Sugar v! 37 Cudahy Pkg (2%2).. 13% Curtis-Publishing.. 43% Curtis Pub pf (6. 2% Curtiss Wright. . 5% Curtiss Wright (A) 11 Cutler Hammi —_——— 34w 18% 8% 3% 10% Deere & Co. . 10% Deere & Co pf (40c) 35 Delaware & Hudson 14 Del Lack & West... 2:30 p.m. Sales. Stocks and dividends. 14 9 8u 8w 4 111% 110% 1 1% 7 19% 5 3% 13 1% 3 % 1% 18% 2% 1% % 6 4% 4 18 132% 131% 1 l§5% 122“ -.S?«._.—Ns . - PI=ET ISP ST @ o el e .o > 83 A~ - o 2 e SR nne NB®S - Nuae uuuNmM.u "o I3 e~ * @ [} ER<TRPSI<IC PRS- OTY- 1P - - LrvoBeSonanBun ® =3 TS+ Bao? onlrocwicasces 16% 37% 31% ™ 2 4 13% 15% 6% 23% 3% 6! 1 2 118% 118% 118% — % ll: 408% lll +2% 16% — % 3% + 31% - % + 2 + = 14% + 16% + 64 - 28% + 30% — 3% - % 29 -1 5% 16% + 47 FEEFFEEEEL FEe & FEREIEFESL EFPEEL FFELEE PFIEFES & ¥ OF FFFEE ¥ [ I44+44 44444 + ++1++ + FEE FEFEE PEFE o bl FEE + ¥ 1+ 5 F 1 + | - & FEFEF FF ~ T+ 01+ 4+4 +4 FEFF F 1 | Previous 2:556 Net | — 1034 — Chge. | High. 18% 107 12% 116% Low. 3% Den&RG W pt.... 29 Dovoo&B(A)("). 31 Diamond Match (1). 28% Diamond M pf (1%) 32 Dome Mines (133%4). 14% Douglas Afrcraft... % Duluth S § & Atl... 80 Dupontde N (13%). 90 Duquesne Lt 1st (5) 4% Eastern Roll Mills. 79 EastmanK (t4%).. 147 120 Eastman Kod pf(6). 22% 19% 31% 110 % % 9% 19% 21 62 63 12% Eaton Mfg (1)...... 6 Eitington-Schild... 15 Electric Auto Lite.. 80 Elec Auto Lite pf 7. 8 Electric Boat...... 4% El&Mus Ind(h19e). 2% Elec Pwr & Ligh 6 Elec PWr&Lt $6 pfo. 6% Elec Pwr&Lt $7 pf. 84 Elec Stor Bat (24). 46 Endicqtt-John (3) 128 120 Endicott-John pf(7) 2% Engineers Pub Sve.. 10% Eng Pub Sve $5 pf.. 23% Fid Ph F Ins(11.35) 13% Firestone (40c) 71 Firestone pf A(6).. 54% First Nat Strs(2%). 2 Follansbee Bros (k) 814 Foster-Wheeler 173 Fourth N Inv(h85c) 8% Fox Film (A)...... 20 Franklin Simon pf.. 50% 211% Freeport-Texas (2). 160% 113% Freeport-Tex pf (6) 4% 20 11% 87 43% 23% 14% 1% Gabriel Co (A)....." 8 GamewellCo..uuuas 5% Gen Am Investors 73 Gen Am In pf ww 6. 30 Gen Am Trams(1%) 12 Gen Asphalt....... 6% Gen Baking (h65¢) « 108% 100 Gen Baking pf (8).. 10% 3% 5 Gen Bronze. 2% Gen Cable. . 27 Gen Cigar (17). 97 Gen Cigarpf (7). 16% Gen Electric (60c).. 11% Gen Elec Spe (60c) .. 28 Gen Foods (1.80)... % Gen Gas & El (A) ... 51 Gen Mills (3).....01 24% Gen Motors (t13%).: 2 Gen Public Service., 23% Gen Ry Signal (1).. 1 Gen Realty & Util... 10 Gen Realty&Util pf. 10% Gen Refractorle: 10 Gen Refracctfs 8% Gillett Saf Ras ( 47 Gillette Saf R pf(6). 16% Gimbel Bros pf.. .. 15% Glidden Co (11.30). 83 _Gliaden Co pr pt (1) 3% Gobel (Adolf). 16 Gold Dust (1.20). 96% Gold Dust pf (6). 8 Goodrich (BF) 35% Goodrich (BF) pf.. 1814 Goodyear T & Rub.. 1% Graham-Paige..... 4 Granby Consol..... 4 Grand Union... 23 Grand Union pr (l) . 12% Great Northern pf.. 8% Grt Nor Oreg(h50¢c) 25 Grt West Sug(2.40) % Guantanamo Sugar. — 8% 9% 4% T 114 6% 818 314 Hahn Dept Stores... 31 Hall W F Printing... 13 Harb Walker (50¢). 1% Hat Corp (A).. % Havana Elec Ry.... 1% Hayes Body........ 59 Hercules Pw (13%) 125% 111 Hercules P pf (7) 10% 13 2% 814 29% 5% 57% 12% 26% 24% T 4% Holland Furnac 5% Holland & Son (. ) 430% 810 Homestake M (130). 11 Houd-Hersh A §2% 2% Houdaille-Hersh 1214 Houston Oil 215 Houston Oil 351% Howe Sound (3). 4% Hudson Manhattan. 9 Hudson&Manhat pf 6% Hudson Motor Car.. 1% Hupp Motor: ———————— 387% 3138, 9% 6% 4% 17% 11% 3T% 124 3% 67 9% 29% 2% 4Th 25% 100 22% 45% 84% 1T% 16% 10 7% 663 10% 18% 4% 20 % 21% 131 13% Illinois Central 19% Indus Rayon (1.68). 34% Inland Steel (h50c). 24 Inspiration Copper. 2% Insur-Sh ct Md(10¢) 5% Interboro RpTr(k). 4 Interlake Iron..... 15 Int Agriculture pf.. Int Bus Mach (p6). 43 Int-Carriers Ltd 20¢ 18% Int Cement (h25¢). 23Y% Int Harvester (60c) 214 Int Hydro Elec (A). 21 Int Merch Marine. .. 21 Int Nick Can (60¢). % Int Paper & Pw (C). 81 Int Paper & Pw pf.. 9 Int Print Ink h50c. . 66 Int Print Ink pf (6). 75 Int Rys Cent Am pf. 21 IntSalt (13%) 19 IntSilve 59 Int Silver pi 7% Int Tel & Tel... 31 Interstate Dept Si 5% Intertype Corp. .. 33 Jewel Tea (13%)... 39 Johns-Manville.... 6 KaufmannDeptS40e 137% Kayser(J)&Co h50c 1 Kelly Spring Tire. . b5 Kelly Sp Tire 6% pf 2% Kelsey-Hayes (B).. 11% Kelvinator (170c).. 16 Kennecott (h45¢C)... 41 13% Kinney (G R) pf. 22% 13% Kresge (SS) (1) 114 101 Kresge (SS)pf(7).. 38% 28% Kroger Gr&Bk 1.60. —_— 31% 22% LambertCo (3)...w 7 Lee Rub&Tire(40c). 11 Leh Port Cement... 2% Lehigh Valley Coal. 5 Lehigh Val Coal pf. 91 Lehigh Valley R R.. 22% Lib O-Ford G1(1.20) 17% Life Saver (1.60)... 110 73 Ligg & Myers (15).. 111% 74% Ligg & Myers B(15) 162% 129 Ligg & Myers pf (7) 36% 15% Lima Locomotive 35% 16% Liquid Carb (11% 37 20% Loew’s Inc (11%) 3 1% Loft Inc 3 1 Long Bel 44% 33% Loose-Wiles (2).... 1281% 119% Loose-Wiles pf (7). 22 15% Lorillard P (12.20 130 102 Lorillard (P) pf (7). 21 12 LouisvG&E(A)1%. 62% 87% Louisv & Nash (h3) 19% 8% Ludlum Steel. . 60 Ludlum Stlpf (6%) —_— 30 Mac Andrews&F 3. 1% McCrory Strs A (k). 1% McCrory Strs B (k). 381 MclIntyre Porcu (2). 79 McKeesport T P (4) 4% McKesson & Rob... 11% McKesson & Rob pf. 1 McLellan Stores (k) 22 Mack Truck (1).... 85% Macy (R H)& Co(3) 15% Magma Copper (2).. 7% Mallison & Co pf..." 10% Man Elevm g (k).. 4% Marancha Corp..... 5% Marine Midld (lfle). 4% Market St Ry pr pf. 17 Marlin-Rockwell(2) 8% Marshall Field. . 23% Mathieson Alk(1%) 30 May Dept Str (1.1 50) 4% Maytag Co..... 10 Maytag pf ww 11% . 26 Melville Shoe (2)... 3% Mengel Co. . 24 Mengel Co pf. Z0% Mesta Mach (1%).. 21 M-G-M Pic pf(1.89). 2% Miami Copper...... 9% Mid-Cont Pet(h50c) 6% Midland Steel Prod. 44 Mid Stl P 1st pf (4) 1% Minn Moline Pow... 16% Minn Moline Pow pf 1% MStP&SSMlisln 23% 14% 20 5 16% 21% 43% 24 42 11% ,. 1 - » 2 0 S @ aBnmeSanneaSan 2:30 p.m. Stocks and Sales. Dlvldcnfl llu Add 00. 3% E&mm 53 s IOSK loflt 104‘6 1 6% 6% 6% 13 111% 110% 111 “0 140 140 T% ‘l% 26% 1084% 6 118% 1% 8% . 6% Samnolocure 2ann [OTSTH PRIVIEINS T TOr 'S RO e en 7 113 28% 27 22 3 101% 35 103 1151 219 10 80% 28 4% - 108% 4% % 2% 6% 108% 4 % 2% 7. 118\/: 1% 8% 64 112% 2T% 27 10% 13% 2% 11% 9% 26% 22 101 102% 151 19 29% 38’/4 ¥ Fefres w2 rer - 118\1 1% 8% 6% bed 14 ] + A+l + S OFEEFE 8 OFE ++4+ - $r8 RESEEES & FSSESPEEE I4¢|l|4¢l+4- + 4l + 444400 FE F FEEF +Fl++4+1+4+ FEFLESTS FEFFFES ERLFE FEES % 70% -1% 7K+’6 B5% — % 53% +1% 8% + % 16% + % 1% - % T% + % % - % 16 163% 3214+% 20% - 13 12 28% + 27 10% + 13% + 2% 1+ o 1 + 22 + 101 102% — 151 19 29% + 34 R 7 Px ¢ w3 sEEx & sE2# ¥ FEEEFEE ¥ 15% 81 Ohlo O1l (h45c).... 7 2 Oliver Farm Equip.. 2% 9 OliverFEqprpfA. 6% 3% Omnibus Corp...... 19% 12% Otis Elevator (‘Oc) . 8 3% Otis Steel.... 94 60 Owens-Ill Gla: i 3% Pacific Coast 1st... 12% PacificG& E (1%). 19 Pacific Mills (h50¢c). 8% Pac W'n Oil (h40c). 2% Packard Motor..... 1% Par-Publix ctfs(k 2% Park Utah... 3% Parmelee Trans; 1 Pathe Exchange 10% Pathe Exchln(l(A) 9 Patino Mine: 44% Pennick & Ford ( 51% Penney (J C) t4.40. 20% Penn R R (h1)..... 21 Peoples Drug 8 (13) 19% Peoples Gas Chi.... 18 Pere Marquet pr p Rate. Add 12% Mohawk C M (h26¢) 39 Monsanto C (11%). 20 Montgomery Ward 87 Morrell(J)&Co 2.60. 58 Morris&Essex(3%). % Mother Lode....... 44% 15% Motor Products.. 6% Motor Wheel....... 5% Mullins Mfg. 3% Murray Corp. . 12% Nash Motors (1)... 8% Nat Acme Co....... 3% Nat Bellas H pf (k) 26% Nat Biscuit (2).... 12 Nat Cash Reg A 50c 13 Nat Dairy Prod 1.20 Nat Dept Store (k). Nat Dp St 1st pf (k). 16 Nat Distillers. Nat Lead (5). 6% Nat Pwr & Lt (lDe) . 9 N Y Chicago & St 16 NYC&StLpt % N Y Investors d IIWNYNH&HDp!.... 4% N Y Ontario & West 9% N Y Shipbldg (40c). 30% Noranda Mines (h2) 14 Norfolk South'n(k) 161 Norfolk & W (110). 2% North Am Aviation. 26% 10% North Amer (1).... 45 34 North Am Co pf (3) 74% 47% North Am Ed pf (6) 36% 14 Northern Pacific. 4% 1% Norwalk Tfire&Rub. —— 4 187 8% walB8nwe oo RealikmaRranBmeoe0 8% Petrol Corp (h50¢). 13% Phelps Dodge(h7:¢) 3% Phila& Read C& L., 11% Philip Morris (1)... 13% Phillips Petrol (1). % Plerce-Arrow (k)... % Pl - ce Petroleum.., ® S ) 11 Pitts & W 1% Pittston Co T4 Plymouth Oil g75¢.. 6 Poor &Co (B)...... 1 Port Ric Am Tob B. 10% Postal Tel & Ca pf.. 1% Pressed Stl Car (k). 3314 Proc & Gamb 11.70. ll'l 102% Proc & Gam pf (5). 25% Pub Serv N J (2.80), 67 Pub Serv N J pt (5). 79 Pub Serv N J pf (6). 8714 PubServ N J pf (7). 59% 35% Pullman Inc (3) 14% 6% PureOil... 80 49 Pure Oil pf. 19% ¥% Purity Bakeries (1) ——— 9% 551 46 4% 56% 60% 13% Fooe e~ 86 97% 106 4% Radio Corporation. 23% Radio Corp pt (A) 15 Radio Corp pf (B).. 1% Radio-Keith-Or (k) 354 Reading (2) 35 Real Silk Ho: 6 Remington-Ran 6913 32% Remington-R 1s 67 30 Rem Rand 2d pf % 2 26% 42% 27% 16 53% 334 15 Reo Motor Car..... 10% Republic Steel..... 391 Republic Steel pf ct 153 Reynolds Metals(1) 614 Reynolds Sp (40c).. 39% Reynolds Tob B (3). 207% Roan Antelope Ltd. 5% Rutland RRpf.... 108 2T% 4% 64 12% 38% 84% Safeway Strs pt (6) 15% St Joseph L (h30c) . 1% St L San Fran (k).. 11; St L San F pf (k).. 514 Savage Arms. . 17% Schenley Distillers. 3 Schulte Retail Strs. 15 Schulte Re Strspf. I % Seaboard Air L (k). 2% Seagrave Corp. 31 Sears Roebuck..... 1% Second Nat Invest.. 32 Sec Nat Inv pf (j2). 4% Servel Inc 4 Sharp & Dol 6% Shattuck (FG) 6 Shell Union Oil 8% Simmons Co. . 7% Simms Pet (h55c) 6 SkellyOil.... 15 Sloss-Sheffield. 6% Snider Packing. 12% Socony-Vae (60¢c).. 20% So Por Rico Sug (2). 10% South Cal Ed (1%). 14% Southern Pacific... 11% Southern Railway.. 14 Southern Rwy pf.. 30 Spng Chifnt pf (j1). 2% Sparks-Withington 8 30% 2 7 BALTIMORE TRANSIT EARNINGS DECLINE $48,108 in November Compares With $56,624 in October. 1933 Level Exceeded. Special Dispatch to The Star. BALTIMORE, December 24.—Net income of the United Railways and Electric Co. for November was $42,- 108.11, an increase of $21,495.94, as compared with the like week last year. That was lower, however, than in October, when it amounted to $56,- 624.09. Revenue passengers carried for the month showed a gain of 124,- 655, as compared with last year. Gross revenues for November totaled $867,617.88, an increase of $15,418.56 compared with the 1933 month. Ex- penses increased $9,207.27 over No- vember last year. Taxes were $12,- 01543 lower. Net income for the 11 months ended b 3 November 30 amounted to $428,876.19, as against a deficit reported last year of $32,298.41. For the 11 months gross revenues amounted to $9,680,484.06, an increase of $672,199.14, as emnp-ud with the a year ago. Ex- penses increased $361,281.28, while taxes declined $70,676.25. Revenue passengers showed s gain of ”,mm unt:’mpued with the correspon pe: a year 2go. Due to the receivership effective January 5, 1933, no provision has been made in the statement for interest on the funded debt. FEDERAL LAND BANKS (Noon quotations.) BRI C, MONDAY, DECEMBER 24, 1934 STOCK EXCHANGE Low. Close. 14% + 564 +1% 28% + % 62 — i 68 +2 1% 2% 26% 147 17 % 17 24% + 1 9% + % + 7+ 1T% + 5% + 47 14K 1us 25% 3 1% 5% 5% M 3% 43% 6% 12 18 524 94 21% 20% 5l FEELEF &FF 68% 50% 20 133% 25 15% 61 29% 50% 8% FRE Fry ¥ 3 + 441+ rEEEEE & +Ill: FELF LI K = 1ile I+44+14+4410 ) P EF FREFFESEES +1 FEF FF FEFE FF¥E FEE EF FE FESIEIEELSE T 47% 22% 33%, 59% 4% % R A L Previous 2:55 Net o—llflq Chbee. 1214 Stand B: % 47% Sterl! 2:30 p.m. ~._Btocks and Low. “Dividend Rate. Add 00. 5% Sperry Corp (26¢)..x 19 Splegel-May-Stern. 17% Stand Brands (1)... pL (7) 3% Stand Gas & Eles. .- 4% Stand G &£ E1 4% p! % Stand Invest Corp.. 2% 26% Stand Of1 of Cal (1). 963 Stand Oil Exp pf(5) 23% Stand Oil of Ind (1) 39% Stand CII N J(11%) 6 Starrett L S (h50c). g Prod(3.80 "Warner 1% Studebaker (k). 10 Studebaker pt (k! 51% Sun Oil (1) 100 Sun Ofl pt ( 11% Superheater 1% Superior Oil 4% Superior Stee 3% Sweets Co of Am. 1% Symington (A)..... 3% Tennessee Corp. .., 29% 19% Texas Corp (1)...0 30 Tex Gulf Sulph (2). 13% Texas & PacRR..4 2% Tex Pac Coal & Oil.. 6% Tex Pac Land Trust 8 Thatch Mfg (hl5e). 39 Thatcher Mf pf 3.60 2% Thermoid Co....... 13% Third Nat In (h85c) 10 Thompson Products 1% Thompson Starrett. 17 Thompson Star pf.. 8 Tide Water Asso... 80 Tide Wat Oil pt (5). 3% Timken-Detroit.... 24 TimkenR B (11%). 5% Transamerica h2se. 4% Transue & Williams 33 Tri-Contl Corp. 83 Trico Prod (2%). 3% Truscon Steel.. 6 TwinCity RTpt... oy - PR L L T T T LT - TenmNeN _— 36 Und-Ell-Fisher (2). 21% Unit Biscuit(1.60).. 36 United Carb (2.40). 2% United Corporation, 22% United Corp pf (3).. 9% United Drug... 3% United Elec Coal. §9 United Fruit (3).... 11% Unit Gas Imp (1.20) 86 Unit Gas Imp pf (5) 4 Unit Piece Dye Wks 30 Unit Piece D W pf.. 6 US&For'nSecur.. 11 USFreight (1).... 34% U S Gypsum (t1%). Serlean - S 7 US Leather (A). 15% U S Pipe & F (50c).. 4 US Realty & Impr. 11 USRubber........ 24% U S Rubber 1st pf.. 96% U S Smelt & R (h9). 541 USSm&Rpf (3%) 29% United States Steel, 67% U S Steel pt (2).. 2% United Stores (A).. 54 Unit Stores pf(3%) 40% Univ Leaf Tob (13) % Univ Pipe & Rad... 4% Univ Pipe & Rad p! 10 1% Util Pwr & Lt (A).. % Vadsco Sales Corp.. 14 Vanadium Corp. 4% Van Raalt - EYT P PN 01 37 7 13 5 2 1 2 1 . 2 6 Va-Car Chem 6% pt 65 Va El&Pwrpt (6). 52 Vulean Detin (h3).. 95 Vulcan Detin pf (7). | 1 1 1 108 30s 208 2 4 Waldorf Sys (h20e) 17% Walgreen Co (m1).. 2% Walworth Co. 2% Wi 0003 0 O B0 10 4 e t Pa Elec pf (6) 51% West Pa Elec ptf (7) 89% West PennPw pf(7) 1% Western Dairy pf A T4 Western Maryland. 4% Western Pacific pt. 29% Western Union.... 15% Westingh'se AB 50¢ 27% Westinghouse Ele 6 Weston Elec Inst.. . 14% Westvaco Chl (40¢) 11% Wheeling Steel..... 34 Wheeling Steel pf. 12% Wilson & Co (A) 53 Wilson & Co pf (; 41% Woolworth (2.40).. 31% Worth Pump pf A.. 2% Yellow Truck. 28 Yellow Truck pf 1 13 Young Sptwnuc) 12% Youngstown S& T.. 34 Ygst'n S&T pfAs%. 1% Zenith Radlo... 3% Zonite Products 1: 00 PH... 4+ FIEEEE 5% % ok 5 Dividend rates a payments siven in the above tabl Tased “on"ule TRt unaiinly in [ L 4 F EFESFFEFFSEFETLEE FEEFER % bushel advance. 19% + 6% + 13\‘ Z 10 123% 122’« 128\. '0 s 870 the ann less than 100 1t Partly extra, A r"-& .m;"-‘éu“-;,:."- A= ‘ mrnmu& lus 2% in -uex. * and tobaccos were BALTIMORE TOBACCO . RECEIPTS ARE SMALLER Special Dispatch to The Star. BALTIMORE, December 24.—Re- ceipts of Maryland leaf tobacco last week showed a decrease with 228 hogsheads compared with 477 the previous week. While sales totaled 314 hogshead, rgainst 295 last week leaving a stock in State tobacco ware- houses of 36,348 hogsheads. T. S. TREASURY POSITION. By the Asseciated Press. The bosition of the Treasury December 21 was: Recelpts, 316,475.257.10; expendi- tures, $9.275,037.09; balknce, $3.015 428, 025.51; customs Teceipts for the month, 24 582,7"3 4 eipts for the fiscal year (since Jul! 1), S$1C0R D58 S0 5. Sapenure: 44 143,385.74' (Including _$1. of ‘emergency expenditures) penditures, $1,6: !D.'A’M 850.3 $8,215,535,071.. Receipts for Deumber 21, 1933 (com- Dlrlhl! date last year), $9.871.700.40; xpenditures, $27,202,840.49; net balance, $10505.581,561 66 Sustoms | receipta for the month, sls.su 890. for . $1,433.110.- 31 expe: res, . $2,306,620.471.11 Uinciuding sazo.r’s 67770 of_emergency nditures); excess ttures, ?3.518-839 87; sold lllfll. 3,'201.107. VISIBLE GRAIN SUPPLY. NEW YORK, December 2¢ (#).— ‘The visible supply of American grain shows the following changes in bushels: Wheat decreased 2,933,000, corn decreased 908,000, oats increased decreased 164,000. IONTREAL SILVER. mber 24 om (12:30 .m. dfl‘}dg:nl“—!‘livfl’ futures closed stea 3 A 249,000, rye decreased 333,000, barley | Irv IMPROVEMENT IS SEEN IN MUNICIPAL CREDIT By the Associated Press. Reports from various sections of the country to the Chamber of Commerce of the United States indicate continued improvement during the last year in the municipal credia fleld. This improvement has been on a selective basis and is indicative of the extent to which State and local gov- ernments have kept or have put their finances in order. Governmental units, with good fiscal management, are hav- ing little or no difMculty in obtaininz both long and short term funds at favorable rates. Considerable progress re| toward adjustment of fiscal Mm of various defaulting municipalities. In November several cities, including Detroit, announced that debt settle- ment plans had been put into effect, clearing up conditions of default. NEW YORK BANK STOCKS mm&:--" Rt SueSas = S Fia FE T FE S fitetent B - oS3 P PRODUCE EXCHANGE m‘)& wllfl. T 24 (P).—Produce “a'nul'mnt P&P. FINANCIAL. STOGKS BEAT TIME AS VOLUME LAGS Few Specialties Attract Following for Gains of Point or So. BY VICTOR EUBANK, Associated Press Pinancial Writer. NEW YORK, December 24.—Finan« cial markets were of the customary Christmas texture today and, while holiday spirits were moderately cheer- ful, there was no rush to buy either stocks or staples. After a fairly active opening, equi- ties trading settled down to a rather dull jog and prices milled about in- decisively. A few specialties attracted followings for gains of a point or so and lane others ylelded as much. Many frequenters of the board rooms, having decided to include Monday in their Yuletide celebrations, did not appear and speculative operations lagged throughout the major portion of the session. Among the commodities, grains were steady to firm in quiet dealings. Corn was in demand at about a cent a Cotton was slightly mixed. Foreign exchanges were nar- row. The recently depressed utility shares showed some resistance. American Telephone got up a point and Con- solidated Gas, Public Service of New Jersey and Western Union were a trifle improved. American Can moved up a point to another new year’s high, Case was up more than a point and Du Pont gained nearly as much. Douglas Aircraft pushed higher on announcement that the War Depart- ment had placed a large order with this company. General Electric was relatively active at a small advance, as were Continental Can, General Motors, Chrysler, Montgomery Ward Sears Roebuck, Bethlehem Steel and J. C. Penney. Issues about unchanged fneludcd United States Steel, Santa Fe, New York Central, Pennsylvania and North American. A loss of about 2 points by Union Pacific restrained enthusi- asm for the rails. The metals, oils virtually un- changed. Another increase in the rate of steel ingot production helped to sustain sentiment. The American Iron and Steel Institute estimated operations this week at 35.2 per cent of capacity, against 34.6 per cent last week. It was the tenth consecutive week in which output of the mills has regis- tered a gain. Notwithstanding considerable skepti- cism was still in evidence as to the ability of the power and light com- pany stocks to overcome the move- ment against existing rates, most brokers felt that recent selling in this group may have been overdone and some near-future recovery was ex- pected. Although of moderate proportions, additional year end tax selling was re- ported. CARRIERS MAKE STUDY OF FREIGHT CARS’ USE By the Associated Press. NEW YORK, December 24.—J. J. Pelley, presidert of the Association of American Railroads, announced today an exhaustive study of the actual daily use of the 2,000,000 freight cars by the railroads of the country. This is the first Nation-wide study of how cars move and why, he said, and is undertaken to see if mprovemenh in present method: can be made. To All SEASON'S GREETINGS Thomas L. Hume, Jr. 1426 G St. N.W. Nat. 0016 BONDS and ANNUITIES We Sell Buy Exchange OFFICE FURNITURE AND EQUIPMENT BAUM’S 1416 Eye St. N.W. National 2184 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & Indiana Ave. N.W. LOANS On Improved District of Columbia Real Estate Security 73rd series of stock now open for subscription Mortgage Money Funds Available for CONSTRUCTION LOANS or LOANS ON IMPROVED PROPERTY Reasonable rates. Prompt action. B. E. SAUL CO. 925 lSth St. Natl. 2100 Trust Loans For Purchasing a Home or RE-FINANCING EXPIRING TRUSTS NO COMMISSION CHARGE NO RENEWALS REQUIKED Terms Arranged on [Easy Monthly Payments