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PATIENCE TESTED BYSTOCK ARKE Investors With Vision Had Opportunity to Buy at Low Levels. BY ARTHUR H. NORRIS. (Cambridge Associates Staff.) *“The vision to see them, the courage to buy them and the patience to hold them.” 1In this concise and lucid manner did the late George F. Baker, who made a tremendous fortune in common stocks, define the essentials of successful investing. Through the see-saw shakeouts and false starts of the 1934 stock market, the vision, the courage and the patience o. most in- vestors were put to an acid test. For those fortuncte few who possessed these qualities of character in abun- dant measure, the 1934 stock market spelled opportunity in large letters— opportunity to pick up stocks at ridiculously low figures in relation to known values—opportunity to dispose of less attractive holdings for others with more favorable futures—oppor- tunity to study the characteristics— technical, emotional and economic— of a typical accumulation period—one in many respects strikingly similar to the 1923 period of preparation just prior to the 1924-1929 “Coclidge bull market.” But to most investors the year just passed has been a nightmare of dashed hopes and headaches. Although the general market averages closed the year fractionally higher than they began it, the average investor may count him- self fortunate if his capital is still un- impaired by the vicissitudes of the 1934 stock market. It was a year of cross-currents. Strong attempts at penetration of previous high points faded out as the critical areas were reached. Conversely, sudden and sharp declines recalling the dark days of the 1929 crash drove Wall Street into a state of blue funk, but petered out on dullness just when talk of the “coming bear market” reached its height. Confusion of Influences. Behind the ups and downs of the stock market curve one saw the con- fusion of influences tugging away at security prices in a New Deal “in- vestment market” characterized by thinness of both bids and offers, wide spreads between bid and asked prices and a consequent extreme sensitivity to concentrated buying, selling, or news influences. Basically, the coun- try was entitled to a continuation of the bull market trend in 1934. Fol- lowing a long bear market deflation cycle to mid-1932 with only a small recovery by 1933, the business back- ground, an enormous amount of idle capital, the favorable action of bonds and commodity prices and the po- tential desires, resources and capabili- ties of the Nation's population all pointed to the inescapable conclusion that there were in this country all the ingredients for a happy and pros- perous business year in 1934. It ‘was on this major premise that most investors based their stock market Ppolicies. Those who had the vision to see these basic elements of pros- perity, the courage to buy stocks, and the patience to hold them through the reactions of 1934 will undoubtedly see themselves rewarded in the fu- ture, but from an immediate stand- point this major premise failed to produce profits. The country’s situation throughout 1934 may be compared to a chemical phenomenon where all the basic ele- ments in a desired compound may be put in a test tube without any reaction taking place. What is needed to effect this reaction and secure the desired compound is known techni- cally as a “catalyst.” Its function is to speed and promote the solution of blending of the elements. Catalyst Is Confidence. Under the capitalistic system the “catalyst” of prosperity is confidence. ‘With capital, labor, natural resources, markets, consumer needs, business ability—all the ingredients of pros- perity—assembled in the great na- tional test tube, the 1934 reaction, lacking this catalyst of confidence, was only dull and imperfect—at times almost suspended. It is perhaps un- fair to criticize the methods of the national administration while it is engaged in the staggering task of leading the Nation out of the morass of depression, yet it is certanly the impression of many disappointed in- vestors that “reform” and ‘“crack- down” measures all too frequently nipped recovery in the bud, discon- certing business confidence at crucial times and promoting uncertainty and fear because of an apparent unwill- ingness to take a definite stand on any given policy. At any rate the stock market seemed to spend most of its time and effort last year in in- terpreting whether the next move of the national administration would be to the mythical “left” or “right” and @s a result getting nowhere. Despite its nerve-racking perform- ance in the eyes of those whose per- sonal fortunes were tied up in the market, one can see in retrospect that the 1934 market pattern had pragti- cally all the characteristics of a major accumulation period. Indeed, if one goes back over the yearly market rec- ord to the beginning of the last bull market, he finds in 1923 a year almost exactly similar to 1934 in price action and performance. The irregularity and sidewise up and down movement of late 1922 and 1923 constructed the strong foundation on which the most potent bull market in history was built. So may the same type of mar- kets in late 1933 and 1934 be building the basis for something important in 1935 and the years to follow. The striking similarity of the market pat- terns in these two “preparation” years 1s set forth in the table below: 1922-1923. Date. Inds. Rallied ... Oct., 103.43 Declined.. Nov., 92.03 Rallied ... Mar., 105.38 Declined.. May, 92.77 Rallied ... June, '23 97.66 Declined.. Aug., ‘23 91.72 1933-1934. Date. Inds. Rallled ... July, ’'33 108.67 Declined.. Oct., '33 83.64 Rallied ... Feb, 3¢ 110.74 Declined.. July, '34 8551 Rallied ... Aug., '34 95.71 Declined.. Sept., '3¢ 86.69 Rails. 93.70 22 l 22 82.17 ‘23 90.63 23 80.13 84.92 76.78 Ralls. 56.53 33.96 52.97 3346 38.42 33.19 MONTH’S STOCK VOLUME IS HIGHEST SINCE MAY By the Associated Press. NEW YORK, January 1—Total transactions of the New York Stock Exchange for December were the highest since May, but were only some two-thirds of the total for the.same month of 1933. Transfers approximated 23,500,000 shares, compared with 20,870,861 in November, and 34,876,456 in December of 1933. The smallest month of the year was September, with a turnover of only 12,635,870, while the largest was January, with 56,829,952, FINANCIAL — THE EVENING STAR, WASHINGTON, D. C, TUESDAY, JANUARY ¥, 1935. FINANCI TRANSACTIONS ON N. Y. STOCK EXCHANGE IN 1934 TOTAL STOCK SALES. January 1, 1934, to date Year ago .....cceeee TWO YEars ago ...... By the Associated Press. NEW YORK, January 1.—Following is a table of transactions in stocks on tne New York Stock Exchange during the year 1934. It gives yearly sales, price ranges and net changes from the previous year on stocks listed prior to January 1, 1934: Year's Stocks and dividends sales. in dollars. High. Low. Last. 2,260 Abram Straus (11.80)... 43 35 40 + 8 840 Abram Straus pf (7). 111 89 110 -+20 554,800 Adams Express........ 6 ™%- % 0 Adams Express pf (5) . 85 +15% 331,200 Adams Millis (2).... 32% +16% 105,000 Addressograph. ... 8- W 45,200 Advance Rumley. . 5% + % 600 Affiiliated Prod (60c) ™%+ % 207,000 Air Reduction ((f4%).. 112% +13% 56,800 Airway Elec Appilance.. 3% — 1,843,900 Alaska Juneau (11.20).. 40 Albany & Susque (10%¢). 13,900 Albany Wrapping Paper 799,800 Alleghany Corp (k) 170,900 Alleg Corp pf w$30w (k) 42,100 Alleg Corp pf X w (K)... 38,800 Alleg Corp pf w§40w (k) 7,200 Allegany Steel (h30c) 30 Alleg & Western (6). 279,500 Allied Chem (6). .. 5 11,800 Allied Chemical pf (7).. 534,400 Allis-Chalmers 50,400 Alpha Port Cement(25¢) 80,700 Amalgamated Leather.. 11,800 Amal Leather pf (32)... 226,700 Amerada Corp (2). . 198,500 Am Ag Chem (Del) (2).. 219,800 Am Bank Note . £,630 Am Bank Note pf (3) ‘Am Brake Shoe (80c) ‘Am Brake Shoe pf ( Am Can (15) . ,700 Am Can pf (7) 264,500 A ‘ar & Foundry. . 51,000 A - & Foundry pf 21,000 8,400 57.100 . 325,419,847 . 654,776,678 . 423,491,342 Net cnge. 1875 — 3% ’202 ‘t32 ‘Am Chicle (133). Am Coal Alleg (h3 %) Am Colortype Am Comel Alcohol. 21,780 Am Crystal Sugar pf. caustic : Suropean 901,600 Am & Foreign Pwr. 67,000 Am & For Pwr pf (6 99,900 Am & For Pwr pf (7) 68,400 Am & For Pwr2d pf.... 86,700 Am Hawaiian SS (1). 44,200 Am Hide & Leather. . 55,900 Am Hide & Leather pf.. 89,600 Am Home Prod (2.40) 178,600 Am Ice Co. . 0 Am Ice pf (6). Am International. Am La France & F (K).. ,770 Am La Fran & F pf (k) 139 700 Am Locomotive 300 Am Locomotive pt Am Mach & Fdry (1). Am Mach & Metals. ... Am Mach & Metals ctfs. Am Metals. . - Am Metals pf. Am News (172). Am Power & Light..... Am Pwr & Lt $5 pf(1%) Am Pwr & Lt $6 pf(132) ‘Am Radiator Am Radiator Am Rolling Mill Am Safety Razor (H.... 500 Am Seating ‘Am Ship & Commerce Am Shipbuilding (2). Am Smelt & Refining. ‘Am Smelt & Ref §6 pf Am Smelt & Ref pf Am Snuft (13%) Am Snuft pf (6) Am Steel Foundry Am Steel Fdy r\f)«.) 50,400 1,650 290,000 6,190 34,000 Am Stores 17,000 Am Sugar pf (7). 238,500 Am Sumatra Tob(t1% 1,343,900 Am Tel & Teleg (9).. 116,900 Am Tobacco (5). . 565,200 Am Tobacco (B) (5). 18,300 Am Tobacco pf (6). 57,000 Am Type Fouders (k) 25,010 Am Type Found pf (k). 887,800 Am Water Works (1)... 17,400 Am Wat Wks 1st pf(6) 339,900 Am Woolen 233,600 Am Woolen pf (h21 178,900 Am Writing Paper (k).. 85.600 Am Writing Pper pf(k). 1400 Am Zinc & Lead. . 000 Am Zinc & Lead pf. Anaconda Copper. Anaconda Wire. ‘Anchor Cap (60c). Anchor Cap pf(6%) Andes Copper. Archer-Daniels Archer-Daniels pf (7) ‘Armour (Del) pf (7). Armour of Illinois. . Armour of 111 pr pf (6).+ Armour of Tl pf. . Arnold Constable. Artloom Corp. 190 Artloom pf (7). 200,800 Associated Dry Goods. . 16,400 Associated Dry G 1st pf. 5,800 Associated Dry G 2d pf 1,830 Associated Oil (1).. 800 Atch Top &S Fe (h2 63,100 Atch Top & S Fe pf (5). 269,900 Atlantic Coast Line. . 6,780 Atlantic Gul & W Ind... 14,100 Atlantic Gulf&W Ind pf. 672800 Atlantic Refining (1). 97,600 Atlas Powder (2).. 6,210 Atlas Powder pf (6) 37,300 Atlas Tack 822,400 Auburn Au omoblle 200,900 Austin Nichols. 3,550 Austin Nichols p: 1,792,100 Avation Corp (Del). Fllizflfl 188,900 551,100 210,600 12,100 1,2 1,338,100 Baldwin Locomotive. 81,800 Baldwin Locomotive pf. 1,176,000 Baltimore & Ohio. . . 126,800 Baltimore & Ohio p( 6,350 Bamberger pf (612) 67,800 Bangor & Arrost (2% 2,810 Bangor & Aroos pf u).. 58,300 Barker Brothers. 12,740 Barker Brothers pf. 700,400 Barnsdall Corp. 93,600 Bayuk Cigar (g1 4,150 Bayuk Cigar 1st p: 166,900 Beatrice Creamery..... 5,400 Beatrice Cream pf (7).. 100 Beech Creek RR (2).... 20,700 Beech-Nut Pack (13%).. 347,100 Belding-Hem (h50c).... 15,900 Belgian Nat pt pf (7. 0") 127 1,652,600 Bendix Aviation... 312,700 Beneficial Loan (1%) 118,900 Best & Co (1%2). 1,822,900 Bethlehem Steel. 132,200 Bethlehem Stl pf ( 30,640 Bigelow-Sanford (hl).. 161,300 Blaw Knox 3,820 Bloomingdale (40c) 2,165 Bloomingdale pf (7). 2,650 Blumenthal pf... 134,000 Boeing Aeroplane 341,100 Bohn Alum & Brass(3).. 8,310 Bon Ami (A) (5).. 859,000 Borden & Co (1.60). 420,500 Borg Warner (11%). 31% + 9% 13,300 Boston & Maine RR 7 =4 12,600 Botany Mines (A) (k).. 1% — 1% 1,564,800 Briges Mfg (11%). 28% +15% 32,700 Briggs & Stratton (2) 247 +105% 121,800 Bristol-Myers (12.40) 34% + 6% 823,700 Bklyn-Man Tr (h1%)... 32,900 Bklyn-Manhat Tr pf(6). 29,200 Bklyn & Queens........ 13,000 Bklyn & Queens pf (4).. 178,000 Bklyn Union Gas (5)... 19,900 Brown Shoe (3).. 1,150 Browa Shoe pf (7). 70,400 Brunswick-Balke Col 92,500 Bucyrus-Erie...... 101,700 Bucyrus-Erie cv pf 4,340 Bucyrus-Erie pf (2). 631,800 Budd (E G) Mfg. 34,550 Budd (E G) Mfg 233,000 Budd Wheel 204,300 Bullard Co 21,000 Bulova Watc! 2,200 Burns Bros (A 5,000 Burns Bros (A) vte 2,960 Burns Bros (B).. 2,270 Burns Bros (B) vtc 19,270 Burns Bros pf. .. 472,800 Burr Add Mch (nf65¢). 30,500 Bush Terminal (k). 7,800 Bush Term deb (k) 4,180 Bush Term Bldg pf ctts. 89,100 Butte Copper & Zinc. ... '53,100 Butterick Co 812,200 Byers (A M) 5,110 Byers (A M) pf.. 869,900 California PKg (13%)..ev 108,300 Callahan Zine. ... 276,900 Calumet & Hecla.sasome: 116,500 Campbell-Vyante fue ss — 5% + 4% +18 =12 59% + 1% 94 +19% 23% + 3% % 1% + 1% g Net Year's Stocks and dividends sales. in dollars chge. Low. Last. Net Year's Stocks and dividends sale: in dollars. Low. Last. chge. High. Year's Btocks l:: dividends sales. in rs, High. Low. Last. thle 205,900 Canada Dry G A (1).. 460 Canada Southern (3). 1,323,700 Canadian Pacific. 3,800 Cannon Mills (2) 22,700 Capital Admin (A)...... 6,200 Capital Admin pf A (3). 50 Caro Ciln & Ohio (4) 755 Caro Clin & Ohio sta 830,300 Case (J 1) Co.. .. 9,105 Case (JT) Copf (4).. 491,900 Caterpillar Trac (11%) 2,463,000 Celanese Corp. 41,000 Celotex Co (k) 66,000 Celotex vte (k). 56,300 Celotex Co pf (k). 192,400 Central Aguire (1%4). 15900 Central RRof N J. . 74,400 Century Ribbon Mills. 1,190 Century Rib M pf (7). 1,801,300 Cerro de Pasco (2) 195,200 Certain-teed Produc 9,860 Certain-teed Prod pf 5,400 Checker Cab Mfg Co 906,800 Che & Ohio (2.80). 200,000 Ches Corp (2%). 9,400 Chi & Eastn Il (k). 37,900 Chi & Eastn 111 pf (k). 79,000 Chi Great Western. 101.500 Chi Great Western pf... 190 Chi Ind & Lou pf (K)...s 234,600 Chi Mil St Paul & Pac... 806,100 Chi Mil St Paul & Pac pf. 1,050,300 Chi & Northwestern.... 121,100 Chi & Northwestern pf.. 134,500 Chi Pneumatic Tool..... 135,300 Chi Pneumatic Tool pf.. 118,709 Chi Rock Isl & Pac (k).. 39,900 Chi RI& P 6% pf (k). 50,200 Chi RI& P 7% pf (k). 6,900 Chi Yellow Cab (1). 123,800 Chickasha Cot Oil (2). 161,600 Childs Co... 4,716 Chile Copper 7,101,100 Chrysler Corp (11%). 300 Cin Sandusky&Cl pf(3). 100,800 City Ice & Fuel (2)... 12,655 City Ice & Fuel pf (63) 300 City Investment (2) 397,900 Ci tores (K)..... . 139,100 City Stores ctfs (k). . 28,900 City Stores (A) (k). . 23,000 City Stores (A) ctfs (k). 30,190 Clark Equipment (80c). 560 Clev & Pittsbgh (3%2)... 350 Clev & Pittsbgh spec(2). 90 Clev Cin C & St L pf (5). 36,100 Cluett-Peabody (1)... 890 Cluett-Peabody pf (7) 93,800 Coca-Cola (7). 95% 161'5 +65% 23,300 Coca-Cola (A) @) 50% 55% + 4% 50 Coca Cola Internat(114) 314 314 314 +134 821,100 Colgate-Palm-P (175c).. 18% 9% 17% + 7% 22,600 Colgate-Palm-P pf (6).. 102’»1 68‘& 100% -+34% 444,500 Collins & Aikman 1 141 — 5% 5,520 Collins & Alkman pt (7). 3,100 Colonial Beacon Oil..... 123,800 Colo Fuel & Ir (k). . . 4,730 Colo Fuei & Iron pf (k).. 8,200 Colo & Southern 9,490 Colo & Southern 1st pf.. 2,210 Colo & Southern 2d pf 163 300 Colum Gas & Elec. 46,400 Colum Gas & El pf Alfi). 2,480 Colum Gas & El pf B(5) . 180,600 Colum Pic vte (m1)..... 332,000 Colum Carbon (13.60) 716,100 Comcl Credit (2).. 29,000 Comel Credit (A) (3). 7,720 Comcl Cred 1st pf (6%3). 110 7,940 Comel Credit pf (1%)... 304 9,130 Comel Credit (B) (2). 30% 505,000 Comecl Inv Trust (t2%3). 24,900 Comcl Inv cv pf (e6). 2,605,500 Comcl Solvents (60c). 2,970,000 Comwlth & Southn. 241,200 Comwlth &Southn VHG) 36,700 Conde Nast Publishers. . 515,500 Congoleum-Nairn (12).. 15,500 Congress Cigar. .. 210 Conn Ry & Lt (4%%). 70 Conn Ry & Lt pf (4%) 145 300 Consol Cigar. Consol Cigar pf (7). Consol Cgr pr pf wwéla. 1,090 Consol Cgr pr pf xw6l3. 130,800 Consol Film. E 267,100 Consol Film 2,551,100 Consol Gas N Y (1 116,200 Consol Gas N Y pt 59,000 Consol Laundries. 2,094,400 Consol Oil (h42¢). 7,300 Consol Ofl pf (8) 90,300 Consol R R of Cuba pf 715,700 Consol Textile. . 218,500 Container Corp (A). 300,300 Container Corp (B). 114,800 Contl Baking (A). 229,600 Contl Baking (B). 23,300 Contl Baking pf (4) 149,100 Contl Can (2.40) 54,200 Contl Diamond F 221,500 Contl Insurance (t1.: 383,700 Contl Motors..... 1,497,400 Contl Oil (Del) (h50c! 10,430 Corn Ex Bank & Tr (3).. 400,900 Corn Products Ref (3).. 10,500 Corn Products pf (7). 348,200 Coty, Inc 224,200 Cream of Wheat 2 133,300 Crosley Radio...... 137,200 Crown Cork & Seal (1) 16,500 Crown Ck & S pf (2.70 440 Crown Wil P 1st p 287,800 Crown-Zellerback 117,800 Crucible Steel. 14,900 Crucible Steel p 131,100 Cuba Co... 4,050 Cuba R R pf. 445,500 Cuban-Am Sugar. 29,590 Cuban-Am Sugar pf 98,400 Cudahy Packing (123).. 37 900 Curtis Publishing. . 147,100 Curtis Publish pf (j6) 2,064,300 Curtiss Wright. 1,098,700 Curtiss-Wright 1,150 Cushmans Sons pf (7 410 Cushmans Sons pf (8) 56,300 Cutler Hammer........ 16,900 Davega Stores (h20¢)... 680,300 Deere & Co....... . 103,500 Deere & Co pf (40c)..... 309,700 Delaware & Hudson. . 956.700 Delaware Lack&West'n. 96,800 Denver & Rio Gr Wn pf. 41,900 Detroit Edison (4) . 50 Detroit & Mackinac. 860 Detroit & Mackinac p! 106,500 Devoe & Ray (A) (12) 55% 880 Devoe & Ray 1st pf (7).. 117 96,100 Diamond Match (1).. 30,900 Diamond Mtch pf (1% ) . 1,000,700 Dome Mines (f3%)..... 78.900 Dominion Stores (1. zu).. 1,939,600 Douglas Aircraft 26,200 Dresser Mfg (A)(h1% ) . 45,200 Dresser Mfg (B)..... 8,200 Duluth So Shore & Atl 8,300 Duluth So Sh & Atl pf 108.700 Dunhill International 18,100 Duplan Silk (1). 1,646,900 Dupont de Nem ( 56,000 Dupont de Nem deb (6). 128’/5 115 7,380 Duquesne Lt 1st pf (5).. 107 90 510 Durham Silk Hos pf(j2). 80 17% 159,900 Eastern Rolling Mills... 12% 4% 249,400 Eastman Kodak (14%)..116% 79 2,880 Eastman Kodak pt (6).. 147 120 533,800 Eaton Mfg Co. 2! 1,896,900 Electric Auto Lit 16.200 Electric Auto Lite pf 445,200 Electric Boat........... 538,000 Elec & Mus Ind (h18¢c).. 740,200 Elec Power & Light. .... 138800 Elec Power & Lt $6 p 92,100 Elec Power & Lt $7 pf... 21 82,800 Elec Stor Battery (2%). 52 68,000 Elk Horn Coal (K).....o 52,600 Elk Horn Coal pf-(k).... 28,510 Endicott-Johnson (3). .. 4,830 Endicott-Johnson pf(7). 128 40,600 Engineers Public Sve... 81,900 Eng Public Sve $5 pt. 87,400 Eng Pub S $5.50 pf ww.. 12,600 Eng Public Svc $6 pf. 127,700 Equit Office Building. 272,600 Erie R R. 12% 16% —10% 52 38 71 24% 95 113% +18% 90%; + 81% + 13 6% — 15 4% + % 22' +11% 17 =13 1815 — 6% 11% — 8% 20% 80 1‘- +i4+ +|I++l1+l+ fddtt |+ttt 5015 +21% 99 17 +18 261 — % 34 +4 39 +4 1% — 973 24% +10% 15 + 44 7+ 7T B+ W %— 3 5 — % 13% 17% + 2% 95% 1281 +13% 104% +12% 21% + 6% % + 1% 12 +31 138 +18% 18% + 4% 6% 28% + 8% 10815 +22% % + 1% T% + 3% Yo | s pf. 210 Erle & Pittsbgh (3%)... 68 173,400 Eureka Vacuum C1 (80¢c) 878,000 Evans Auto Prod (50¢).. * 18,720 Exchange Buffet....... 1 | ——— 8,110 Fairbanks Co. 14,350 Fairbanks Co p: 119,700 Fairbanks-Mor: 7,560 Fairbanks-Mor: Trac 3,340 Federal Lt & Trac pf( 6,300 Federal Mines & Smelt. . 101 3,200 Federal Mines & Sm pf.. 98 82,800 Federal Motor Truck 8% 48,300 Federal Screw Work: 5% 77,600 Federal Water Sve (A 4 37,800 Federated Dep Strs(t1). 81 131,100 Fidel Ph Fire Ins(11.35). 35% 340 Filene's Sons (11.20).... 30 3,030 Filene's Sons pf 06 350,600 Firestone (40c). 35,000 Firestone pf (A) (6) 153,100 First Nat Stores (2% 9, .500 Florsheim Shoe (A) [¢ 155,600 Follansbee Bros (k! 400 Food Machinery (ll !’l 105% +20% 13% 17 - 2% 924 +20% 53% — % 1 % «mn 17% 27% 17% 9% — 5% 25 +5 18% — % 35 Y 25% —19% 119 —26% 20% % — 1 8% Th% 82% 38 140,600 Foundation Co......... 83,400 Fourth Nat Inv (h85c).. 474,200 Fox Film (A).... 60,070 Franklin Simon pf. 340,200 Freeport-Texas (2)... 3,100 Freeport-Texas pf (6). 4,150 Fuller Co pr pf 4,970 Fuller Co 2d p 67,500 Gabriel Co (A). 10,760 Gamewell Co. 188,500 Gen Am Investor: 6,200 Gen Am Inv pf ww (6 322,500 Gen Am Transp't (1% 285,900 Gen Asphalt. ... 270,700 Gen Baking (h65c) 6,140 Gen Baking pt (8). 219,000 Gen Bronze 85,900 Gen Cable. . 36,700 Gen Cable (A) 24,600 Gen Cable pf. 126,400 Gen Cigar (17). 6,920 Gen Cigar pf (7). 3,991,700 Gen Electric (60c). 360,000 Gen Elec Special (60c) 551,800 Gen Foods (1.80). . 463,300 Gen Gas & Elec (A). e 14,600 Gen Gas & E1 6% cvpf A 19 1,470 Gen Gas & E17% pf A. .. 1,000 Gen Gas & E18% pf(A). 6,600 Gen Ital Edis (h3.39) 114,100 Gen Mills (3). . 9,200 Gen Mills pt (6 7.456,000 Gen Motors (114 108,100 Gen Motors pf (5). 35,200 Gen Outdoor Adv. 15700 Gen Outdoor Adv ( 14,640 Gen Printing Ink (11). 2,500 Gen Printing Ink pf (6). 84,900 Gen Public Service. .. ... 100,200 Gen Railway Signal (1). 100 Gen Ry Signal pf (6)... 366,800 Gen Realty & Utilities. . 30,400 Gen Realty & Util pf ww 81,900 Gen Refractories. ...... 194,000 Gen Refractories ctfs. .. 600 Gen Steel Casting pf 800,900 Gillette Safety Raz (1).. 64,000 Gillette Saf Raz pf (5) 167,500 Gimbel Bros. .. 27,400 Gimble Bros pf 631,100 Glidden Co (1.3 13,970 Glidden Co pr pf (7). 441,400 Gobel (Adolf) 2 20 Gold Stock Tele (6). 493,200 Gold Dust (1.2 6,300 Gold Dust pf (). 739,300 Goodrich (BF).... 72,100 Goodrich (B F) pf. 1,050,200 Goodyear Tire & Rub. 44400 Goodyear T&R §7 pf (4). 181,600 Gotham Silk Hosiery. .. 2,410 Gotham Silk Hos pf (7). 541,000 Graham-Paige. 311,700 Granby Consol. 168,300 Grand Union Tea 54,700 Grand Union Tea pf(3). 20,300 Granite City Steel (1)... 123,700 Grant (W T) (1)....... 202,600 Great Northn Ore ( 1,298,300 Great Northern pf. . . 668,800 Great Westn Sug (2.40). 8,450 Great Westn Sug pf (7) 570 Greene Cananea. .. 97,400 Guantanamo Sugar. 1,840 Guantanamo Sugar pf. 26,600 Gulf Mobile & Northn. .. 30,200 Gulf Mobile & Nor pf... 38,600 Gulf States Steel. . 3,090 Gulf States Steel Ist Dl 6% 17% 8% 63 20 50% 21% 160% llflh 8 % 7,600 Hackensack Water(1%) 2,590 Hackensack W pf A 13 809.100 Hahn Dept Stores. 00 Hahn Dept Stores p! 207,300 Hall (W F) Printing 11,800 Hamilton Watch. . 1,840 Hamilton Watch pf. 6,225 Hanna (M A) pf (7). 194,400 Harbison Walker (50c). 730 Harbison Walker pf (6). 45,800 Hat Corp (A) 5.855 Hat Corp pf (6%2) ww 9,000 Havana Elec Railway 1,500 Havana Elec Rwy pf 235,500 Haves Body 63,400 Hazel Atlas Glass (3 9,700 Helme (G W (111%) 600 Helme (G W) pf (7). 13,000 Hercules Motor (.30g) . 106,600 Hercules Powder (13%). 81% 5,280 Hercules Pow pf (7).... 125% 28,700 Hershey Chocolatec (3). 73% 20,600 Hershey Choc pf (15)... 1054 222,700 Holland Furnace. 10% 113,300 Hollander & Son (30¢c).. 13 29,600 Homestake M (130). . 4304 123,500 Houd-Hersh (A) (j2 '6 ) .« 34 492,300 Houd-Hersh (B). 87 14,400 Household Fin pf 130,100 Houston Oil. 158,400 Houston Oil (new) 1,037,600 Howe Sound (3) . 70,000 Hudson Manhattan 14,400 Hudson & Manhat pf. 1,536,100 Hudson Motor Car. 650 400 Hupp Motors. . 609,800 Illinois Central. 14,300 Illinois (‘enlralp{ . 2,220 Tlknois Cent leas lin ) 23,700 Indian Refining 279,400 Industrial Ravon (1.68). 111.600 Ingersoll-Rand (+4) . 240 Ingersoll-Rand pf (6). 76,700 Inland Steel (h30c). 99,000 Inspiration Copper. . 48,100 Insur Shares cfs Md 10c. 432,200 Tnterboro Rap Tr (k). 77,600 Intercont] Rubber. 119,200 Interlake Iron. 280,600 Int Agriculture 39,700 Int Agriculture pf. 78,800 Int Business Mach (p6). 164 169,900 Int Carriers Ltd (20c) 12 108,000 Int Cement (h25c). 993,700 Int Harvester (60c 8,800 Int Harvester pf (7) 310,900 Int Hydro Elec (A). 52,600 Int Merchants Marine. 8,331,500 Int Nickel (Can) (60c) 13,700 Int Nickel (Can) pf (7). 78,900 Int Paper & Pwr (A) 56,700 Int Paper & Pwr (B) 134,300 Int Paper & Pwr (C) 340,200 Int Paper & Pwr pf.. 83,100 Int Printing Ink (h50c). 3,130 Int Print Ink pf (6). 100 4,820 Int Rys of Cent Am. 590 Int Rys of Cent Am ctfs. 2,180 Int Rys Cent Am pf. 64,800 Int Salt (112) 78,500 Int Shoe (2). 43,100 Int Silver. . 9,630 Int Silver pf (4). 2,603,800 Int Tele & Telegraph 225,800 Interstate Dept Stores 15,900 Interstate Dept S pf (7). 11,400 Intertype Corp. 38,800 Island Creek Coal 780 Island Ck Coal pf (‘) . 46,700 Jewel Tea (13%). 20 Joliet & Chicago (7). 1,008,100 Johns-Manville. . . . 7,660 Johns-Manville pf (7).. l21 101 12,800 Jones & Laughlin 7% pf. 77 45 2,680 Kan City P&L 1st pf(6). 114%3 97% 114 93,400 Kan City Southern...... 19% 6% 8 10% 124 6 81 167 3514 + 1 ke 8 4% 167 89 20,900 Kan City Southern pf. 73,500 Kaufmann Dept S (40c). 160,100 Kayser (J) & Co (h50¢c). 3,100 Keith-Albee-Orph pf.. 334,900 Kelly-Spring Tire (k)... 48,400 Kelly-Spring T 6% pf(k) 15,100 Kelsey-Hayes (A). 10,900 Kelsey-Hayes (B). 1,407,000 Kelvinator Co (+70¢c 3,860 Kendall pf (16.92)... 2,338,100 Kennecott Cop (hd5c). 10,600 Kimberly-Clark. 31,700 Kinney (G R) Co 7,730 Kinney (G R) pf. 15,350 Kresge Dept Stores. 2,200 Kresge Dept Stores pf. 909,000 Kresge (S 8) (1). 3,230 Kresge (S S) pf ( 21,000 Kress (S H) (f1) 425,200 Kroger Groc&Bak % 13% 2. lfll 111% +10|/; Y 641 +28% 28% + 4% 21 23 27 —23 21% + 4% % + 4% 11% + 3% 16% + 2% 90 +17 2% + % 1% + 7% 10% — 3% 7% + 6% 16% — 2% 32% — 4% 22% + 4% 15,300 Lane Bryant. 169,600 Lee Rub & Tire (40c) 31,800 Lehigh Port Cement. 2,500 Lehigh Port Cem pf 3%. 145,100 Lehigh Valley Coal. . 145.800 Lehigh Valley Coal pf. 00 Lehigh Valley R R 00 Lehman Corp (2.40) . 700 Lehn & Fink (1%). 61,200 Lib-Owens-Ford G11.20. 170,800 Life Savers (1.60). 34,700 Ligg & Myers (15). 857,400 Liggitt & Myers (B 12,300 Liggitt & Myers pf (7) 166,800 Lily Tulip Cup (1%) (W) 654,100 Lorflllr& (P) (" 20) 6370 borlllud (P)pt (1)«- l» IM IW 2% 79,100 Louisiana Oil... . 2,900 Louisiana Oil pf 132,300 Louisville G&E (A) 1%, 123,000 Louisville & Nash (h3)., 137,700 Ludlum Steel.......... 9,500 Ludlum Steel pf (6%).. -_—— 32,800 Mac And & Forb (13). 916 Mac And & Forb pf (6). 62,400 McCall Corp (2)..... 870,700 McCrory Stores (A) lk) . 219,400 McCrory Stores (B) (k). 132,900 McCrory Stores pf (k).. 12,600 McGraw Hill Publish... 946,800 McIntyre Porcupine(2).. 71,700 McKeesport Tin P1 (4).. 770,800 McKesson & Robbins. . . 260,300 McKesson & Robbins pf. 2,169,400 McLellan Stores (k).... 76,200 McLellan Stores pt (k). 337,880 Mack Truck (1).... . 298,900 Macy (R H) &Co (2)... 62,300 Madison Square Garden. 76,500 Magma Copper (2). 70,300 Mallison & Co. . 8,100 Mallison & Co pf 14,500 Manati Sugar (k). 15,360 Manati Sugar pf (k). 23,600 Mandel Bros 5,830 Manhat Elev gtd (k). 360,700 Manhat Elev mod gt (k) 33,400 Manhat Shirt (60c). 14.300 Maracaibo Oil Expor! 166,200 Marancha Corp. .. . 871,700 Marine Midland (40c) Market Street Ry. . Market Street Ry 2d pf. Market Street Ry pf.... Market Street Ry pr pf., Marlin-Rockwell (2)... Marshall Field 67,500 Martin Parry. 535,000 Mathieson Alkili (1 1,710 Mathieson Alkili pf (7). 193,800 May Dept Stores (1.60). 107,100 Maytag Co 70,600 Maytag Co | Maytag Copfx w uli,) Maytag Co 1st pf (6). 3%, -3 Melville S 2o . +15% Mengel C 5 Mengel Co pf. . Merch & Mar Tr (1.60). Mesta Mach (132) new.. Met-Gold-M Pic pf 1.89 Mexican Petroleum 108,400 Miami Copper 348,700 Mid-Cont Petr 143,800 Midland Steel Products. 7,670 Midland St1 P 1st pf (4). 140 Mill Elec Ry&Lt pf (6).. 49,600 Minn-Honeyw Reg (3). 399,400 Minn Moline Plow. . . 30.400 Minn Moline Plow pf. 46,700 Minne & St Louis (k) Minne StP&SS Marie. .. Minne StP®SS Marie pf. Minne StP&SS Ma lsd in. Mo Kan & Texas. Mo Kan & Texas pf. Mo Pacific (k). . Mo Pacific pf ( Mohawk C M (h25c) Monsanto Chem (f1%) Montgomery Ward. Morrell (J) & Co (3.60). Morris & Essex (37%)... Mother Lode Mine Motor Meter..... Motor Products. Motor Wheel. .. Mullins Mfg Co. Mullins Mfg Co p Munsingwear, Inc Murray Corp M\erl}h)&to(xs Nes 3% 2313 21 'a 2% ¢ 2 — 3l + % 475 +29% Nash Motors (1). Nash Chat & St L. Nat Acme Co. Nat Aviation. . Nat Bellas Hess pf (k). Nat Biscuit (2)... Nat Biscuit pf (7) Nat Cash Reg (A)(50¢). Nat Dairy Prod (1.20).. Nat Dept Stores (k) .. Nat Dept St 1st pf (k).. 3,778,900 Nat Distillers (50¢).... 45,100 Nat Enam & Stpg (h1).. 37,200 Nat Lead (5)... 5,300 Nat Lead pf A (7).. 2,970 Nat Lead pf B (6). . 710,400 Nat Power & Lt (80c) 12,450 Nat Rwy Mexico 1st pf. 34,100 Nat Ry of Mexico 2d pf.. 430,600 Nat Steel (1). 1,341,500 4.320 147,800 102,400 8 15,400 591,100 1,414,000 317.500 59.600 32% 16'% 170 135 146% 122 121 100%: 15% 6 2% 1 58% 189,800 Nat Tea (60c) 106,200 Neisner Bros. 36,600 Newberry (J J) (1) 174,300 Newport Induslries 105,700 N Y Air Brake. 3. 612000 N Y Central. Y Chicago & St L . Y Chicago & St L pf.. 157,400 N Y Investors (k). .... 80 N Y Lacka & Wn (5). Y N H & Hartford. X H & Hartford pf.. ¥ Ontarfo & Western. Railways pf Shipbuilding (40c) . N Y Steam pf (6)......0 y Steam 1st pf (7). §61.800 Noranda Mines (h2). 28,700 Norfolk Southern (k)... 40,600 Norfolk & West (710)... 1610 Norfolk & West'n pf(4). 1,846,200 North American (1). 51,400 North Am Co pf (3) 808,400 North Am Aviation. 34,800 North Am Edis pf (6) 2,300 North German Lloyd. 310 Northern Central (4) 959,700 Northern Pacific. .. 2,120 Northwest Tele (3) 66,200 Norwalk Tire & Rubber. 3,230 Norwalk T & R pf(3%). 910,400 Ohio Oil (h45c).. . 248,500 Oliver Farm Equip. 100,600 Oliver Farm Eq pr pf A. 90,400 Omnibus Corp. . 11,600 Omnibus pf A (8) 104,000 Oppenheim Collins. 375,000 Otis Elevator (60c) 3,755 Otis Elevator pf(6). 353,900 Otis Steel 52,400 Otis Steel prior p 1,230 Outlet Co (12%) 290 Outlet Co pf (7)..... 2,290 N 1 167,100 Ownes-111 Glass (1) ... s 10,590 Pacific Coast..... 1% 8,090 Pacific Coast 1st pf. 6,350 Pacific Coast 2d pf. 410,900 Pacific Gas & El (1 Vz) 209,800 Pacific Lighting (3) 56,400 Pacific Mills (h50c) 15,060 Pacific Tel & Teleg (6).. 3,135 Pacific Tel&Teleg pf(6). 76,400 Pacific W'n Oil (h40c).. 2,423,200 Packard Motor......... 7,400 Pan-American Patrolm. 51,000 Panhandle Prod & Ref. . 2,600 Panhandle Pro & Ref pf. 2,643,900 Param-Publix ctfs (k). . 79,900 Park & Tilford s 1,544,200 Park Utah. ... 25,400 Parmalee Transport 744,800 Pathe Exchange. . 622,100 Pathe Exchange (A 431,700 Patino Mines....... 183,400 Peerless Motor. 74,900 Penick & Ford (3) 446,000 Penney (J C) (14.40). 2,700 Penney (J C) pf (6) 31,200 Penn Coal & Coke. 139,700 Penn Dixie Cement. 15,800 Penn-Dixie Cem pf A. 1,444,800 Penn R R (h1).. 30,900 Peoples Drug St (13). 6 1,850 Peoples Drug S pf(6%). 1124 210,700 Peoples Gas Chicago.... 43% 8,200 Peoria & Eastern. . 20,800 Pere Marquette 15,200 Pere Marquett 16,900 Pere Marquette pr pf. 15,500 Pet Milk (1)...... 267,500 Petrolm Corp (h50cY. ... 796, /000 Phelps Dodge (h75c). 26,900 Phila Co $6 pf (3). 7,100 Phila Co pf (6) new. 7,310 Phila Rap Transit (k) 15,170 Phila Rapid Tran pf(k). 381,100 Phila & Reading C &I. 367,200 Philip Morris (1). 14,300 Phillips-Jones Corp '650 Phillips-Jones Cp pf (7). - 5 211 300 Phillips Petrolm (1) 0,000 Phoenix Hosiery..... 1,236,300 Pierce-Arrow (k). 80,600 Pierce Oil. 15,200 Pierce Oil pf. 149,600 Pierce Petroleum. = 112,400 Pillsbury Flour (1.60) 4 8% 33% + 6,700 Pirelli Co (A) (h4%)... 0% 75 -+ 6% S eonunmlmhn m 2 12% 20% 19 69 llG 103 112% 5% 4 69%, ~r16"1 105‘1 107 + 2% 1% 2L+ % 2% 4 % 1214 17% + 2% 65 +44 110% +26% 21% — 8% M+ % 16% = % 21% + 8% 30 +12 17% + 6% % — % 15% — 1% 261 + 14 55 +15% 3% + 114 6% + 3% 4% + % 47% +35% 10 + 1% 38 43 24% — 5% | than has AL/ IHOLDERS OF BONDS BENEFITED IN "3 Appreciation of 125 Per Cent in Value Is Noted in Securities, BY AARON M. JONES. (Cambridge Associates Stafl.) Most people—particularly investors and business men—if asked to~ éom= ment on the year 1934, would prob=- | ably characterize it as only “s0-and-s0," with actual progress and accomplishe ment pretty disappointing when re- viewed in the light of the hopes and forecasts of 12 months ago. Mr. Aver- {age Bondholder, however, can look back over the past year with cone | siderable satisfaction, noting that his 4 | investments have increased some 12.5 | per cent in value and have continued to pay him a very good return on his money during a twelvemonth period which netted his neighbor, Mr. Avere aga Stockholder, only fractional appre« ciation, a very small income return, and a plentiful crop of headaches and * | dashed hopes. The familiar story of the plodding tortoise winning out against the swift but erratic hare finds a close parallel {in the 1934 chronicle of the security, i markets. Quite undismayed by a) superabundance of “inflation” propa- ganda at various times during th year, bonds pushed persistently and| fractionally forward day by day, hesi tating only for a brief period in Mid. ™ | summer, to win the 1934 pennant i nspectacular yet indisputable fash. ion from a disappointing and laggar | stock market. Off to Fast Start. Tracing the path of bonds we see that, spurred by signs of reviving business and an unprecedented Gove ernment spending program, bonds raced away for a fast start during the month of January, 1934, climb- ing rapidly to their July, 1933, high levels in sensational fashion. Like the legendary hare, the stock mar- ket in this phase of the advance far outdistanced the slower bonds, but was soon chasing backward while senior securities pushed grimly ahead —supported by the pressure of idle ‘| money and sustained corporate busi- ness and earnings. During this first lap of the race, the New Deal “crack= % down” on the air transport companies .|and the stock exchange regulation program put a very effective damper on enthusiasm for speculative com- mon stocks, but hardly hampered the shopping around for purchases of in- | come and bargain-minded bond buyers i anxious to put their dollars to work at 5, 6 and 8 per cent returns instead of drawing ridiculously low rates of interest on bank deposits or Govern- ment bonds. As a result the bond line had pushed up into new high " | territory by April, while stocks wers already panting weakly behind. The months of May, June and July still found the bond market holding firmly in a sidewise movement, while junior issues were being subjected to two sharp waves of selling. At the 2 s | July, 1934, low points the bond market stood 8.5 per cent above January levels, | whereas the stock line had reached 8.5 per cent under its starting point. It was especially during this trying period that the bondholder had great reason to congratulate himself in his choice of commitments. In the stock division a miniature bear market was in progress, with the drought ob- scuring the future of farm purchasing power and with adverse political de- velopments daily chiseling away at common stock prices. ‘Weakened in July. Beginning in July the bond market began to weaken a little from its long- sustained efforts of the previous half year. The President hurriedly signed the railroad pension bill increasing > | railroad costs and the Frazier-Lemke act impairing the value of contracts, Iand both of these measures depressed the bond market. Intensification of the drought and the Austrian crisis threatening a new European war brought on further selling—with even the United States Government join- ing in the downward movement. The President’s Green Bay speech prome ising further progress in socialization, coincident with the nationalization of silver proclamation as a further in- flationary gesture, gave the bond in- vestors little comfort, albeit they lost less than most stockholders. Despite strong Treasury support, the market for United States Governments turned weak on inflationary possibilities, larger Government deficits and un- certainty over how the large refinanc- ing program of the Federal Govern=- ment at mid-September would be handled. Through all this hard going, however, the bond averages yielded only half of their advance from the January 1 level. From mid-September to the close of the year both bonds and stocks gained their “second wind” and pushed steadily forward under the stimulus of seasonal Fall improve- ment, increasing restlessness of idle money and the apparent rapproche= ment between the administration and the banking and business leaders. De=- spite their strong finish, stocks were unable to close up the long lead estab- lished by bonds, ending the year just about where they began. Bond{ shu:\'ed a net gain of around 12.5 per cent. Looking ahead into the new yea one hesitates to forecast that bon will again .arry away the laurel of] superior performance, for to do so would be to anticipate in effect the establishment of a bear trend in the stock market. However, the prospect of better things in 1935 for the stock- holder should be more than pleasing to the holders of many a medium= grade and speculative bond which, given improving business conditions and rising earnings, will undoubtedly show an appreciation during the coming year fully comparable to that which may be expected on the average dividend-paying stock. —_— RAIL OUTLOOK CALLED BEST IN THREE YEARS The railroad industry, which has, perhaps, suffered more than ‘any other business or industry, has a brighter outlook and prospect for 1935 been the case at the begine ning of any of the last three years, according to L. W. Baldwin, president Missouri Pacific. “There s good reason to expect thé Nation to gradually recover from the effects of the depression and, in addi= tion, public and official sentiment seems to be crystallizing in favor of a national transportation policy that will eventually place all forms of com= petitive transportation on a parity— at least so far as regulation is cone cerned,” he states. “Many railroads—the Missouri Pa- cific lines included—have suffered terribly from the dual disasters of de- pression and virtually unrestricted, unregulated—and, in some instances, irresponsible—competition.” TU. S. to Take More Coffee.