Evening Star Newspaper, January 7, 1935, Page 14

_A—14 #x= FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, MONDAY, JANUARY 7, 1935. FINANCI AL, LB.ATODISCUSS TRANSACTIONS ON THE NEW YORK STOCK EXCHANGESTOCKS AREFIR Received by Private Wire Direct to The Evening Star. MUNIGIPAL DEBTS Capital Bankers Interested in Forum Meeting at Chi- cago Next Week. BY EDWARD (. STONE. Members of the Investment Bank- ers’ Association in Washington are deeply interested in the program on Mmunicipal finance which will be dis- cussed at a national forum meeting in Chicago next week. D. T. Richard- son, chairman of the association’s Municipal Securities Committee, will preside at the five sessions. Relief and efficient methods of handling emergency financing will be one of the principal subjects. Tax limit legislation will also be the sub- ject of special talks, because the de- mand for tax relief has also fostered a movement for legislation to limit taxation, in contrast to the generally accepted principle that the sound way to limit taxes for payment of debts is to limit the power of taxing bodies to create debt. Parts of the program will be devoted to consideration of new sources of municipal revenue and to revenue bonds, which are payable from revenues received by a com- munity. The experiences of West Virginia and North Carolina in supervising credit operations of municipalities have attracted wide interest among investors and investment bankers. Two parts of the program will dis- cuss the West Virginia Sinking Fund Commission and the North Carolina Local Government Commission. Ready for Annual Meetings. All the national banks in the Cap- -ital and several trust companies and savings banks were completing the final stages today for the election of directors at tomorrow's annual meet- ings. Some new directors will be elected, as is always the case, but in some banks the old board will be returned to office without change. Some of the banks will also organize and elect officers tomorrow. Very few official changes were anticipated today, offi- cials said. A number of building loan and loan associations are scheduled to hold their annual meetings tomorrow. Other important annual meetings are due later this month, among them the Washington Clearing House As- sociation and the Washington Stock Exchange. H. H. McKee, president of the Na- tional Capital Bank, is present chair- man of the Clearing House Associa- tion, and C. H. Gockeler, official in the Hamilton National Bank, is presi- dent of the exchange. National Dairy Improves. Thomas H. McInnerney, president of the National Dairy Products Corp., in a letter to Washington stockholders, reports that the company’s sales of cheese and cream showed sizable in- creases in 1934. The year 1934, he says, marked the first improvement in the oversupply condition which had troubled the in- dustry for four years. Milk produc- tion as a whole actually dECreBsed (but not of bottled milk) increascd. The resulting improvement in prices ‘was particularly noticeable in butter and cheese, and average wholesale prices for these products in 1934 were ‘between 12 per cent and 16 per cent higher than in 1933. These higher prices added materially to dairy farm income. Mr. McInnerney looks forward with some optimism, stating, “It is probable that there will be a better adjustment of supply and demand in the dairy in- dustry in 1935.” Changes in Bank Figures. Twenty-eight member banks in 10 leading cities in the fifth district re- ported material changes in items to the Federal Reserve Bank of Rich- mond during the year between De- cember 13, 1933, and December 12, 1934. In summarizing the reports, the Richmond bank says: Total loans declined $4,170,000, an increase of $2,163,000 in loans on stocks and bonds being more than offset by a decrease of $6,333,000 in all other loans. Aggregate deposits in the 28 banks rose by $43,504,000 during the year, demand deposits gaining $38,059,000 and time deposits rising $5,445,000. ‘The reporting banks were unable to lend these additional funds to com- merce and industry, and therefore they increased their investments in securities by $25,386,000 during the year, and also raised their reserve deposits at the reserve bank by $17,~ 433,000. Higher prices for agricultural prod- ucts and increased demand for money in retail trade caused a rise of $2,- 129,000 in cash in vaults between gecember 13, 1933, and December 12, Landis to Explain Rules. Rules and regulations of the Se- curities and Exchange Commission governing practically all phases of permanent registration statements will be interpreted by James M. Landis, member of the commission, at a meeting of the New York State So- ciety of Certified Public Accountants to be held at the Waldorf-Astoria Hotel on Monday evening, Janu- ary 14. ‘The Wall Street Journal reported today that the late Harley P. Wilson owned 1,204 shares of the 6 per cent preferred stock of the North American Co., and 10,540 shares of the common stock, on September 30 last. He was a director in the Potomac Electric Power Co. and in the Washington Railway & Electric Co., as well as being on the board of the North American Co. Prices Steady on Exchange. Capital Traction 5s opened the week's trading on the Washington Stock Exchange today with $3,000 and $1,000 bond sales being recorded at 80. This was the day's only bond trading. National Capital Bank stock ap- peared on the board today, 10 and 5 share lots changing ownership at 90. The next sale was a small lot of Mer- genthaler Linotype which moved at 30, the price prevailing at the close of last week. After call, Potomac Electric Power 51 per cent preferred stock came out in three 10-share sales, all made at 111, price unchanged and strong. Stocks on the exchange which will make dividends in a few days include American Security & Trust, Norfolk & Washington Steamboat Co., Secur- ity Storage and Terminal mlrlcent~ ing & Warehousing Corp. Carpel Corp. also pays a 25-cent quarterly . dividend shortly. LUMBER OUTPUT DROPS. NEW YORK, January 7 (#).—Lum- ber output declined for the week ended December 29, although the drop wuleumnunufl:tt.hufimo( the year. According to reporting mills, production for the past 13 months was 5 per cent ahead of 1933. A 2:30 p.m. ~— 1934 — Stocks and High. Low, _ Dividesd Ra 11% 6 Adams Express.... 34% 16 Adams Millis (2). 11% 6% Addressograph..... 9% 4% Affiliated Prod(60¢c) 113 91% Air Reduction (3).. 3% 1% Airway Elec Appli.. 237 16% Alaska Jun (11.20). 7% 2% Albany Wrap Paper 5 1% Alleg Corp (k) 16% 4% Alleg Cp w$30w 14% 4 Alleg Cp w§40w (k) 23% 15 Allegheny Stl h30c. 160% 115% .\llied Chem (6).... 130 122% Allied Chem pf (7). 10% Allis-Chalmers. ... 11% Alpha P Cem (a25¢) 21 Amal Leather...... 89 Amerada Corp (2).. 25% Am Ag Chem Del(2) 11% Am Bank Note..... 19% Am Brake Shoe 80c. 90% Am Can (15) 12 Am Car & For 82 Am Car & Found pf. 46% Am Chicle (13%) ... 20% Am Comel Alcohol.. 46% Am Crystal Sug pf. 1% Am Encaustie... 8% Am & Foreign Pwr.. 11 Am & For Pw pf (6) 11% Am & For Pw pf (7) 6% Am & For Pw 2d pf. 17% Am Hide & Leath pt 26% Am Home Prod 2.40. 8 AmIceCo... 25% Am Ice pf (6). 4% Am Internation: % Am La France (k).. 3% Am La Fran pf (k) 14's Am Locomotive. 36% Am Locomotive pf. 12% Am Mch & Fdy (1).. s Am Metals. 63 Am Metals pf 8 Am Power & Light. 91 Am P&L $5 of (1%) 11% Am P&L $6 pf (1%) 10 Am Radiator. . 13% Am Rolling Mills 2% Am Seating. . 20% 125 100 Am Sm&Ref pf (7).: 71 48% Am Snuff (13%) ... 12714 106 Am Snuff pf (6). 26's 10% Am Steel Foundry 44% 37 Am Stores (12%). 72 46 Am Sugar (2). 129% 10315 Am Sug pf (7). 24 13% Am Sum Tob (1 125% 100% Am Tel & Tel (9) 8515 65% Am Tobacco (5).. 89 67 Am Tobacco B (5) 3 Am Type Fdrs (k).. 7% Am Type Fdrs pf (k) 27% 12% Am Water Wks (1), 80 54 Am Wat W 1st (6).. 17% 7 Am Woolen........ 83% 86 Am Woolenpf...... 174 2% Am Writ Pap pf (k) 17% 10 Anaconda Copper. 17% 9% Anaconda Wire. 13 28% 76% Armour Del pf (7) 315 Armour of Illinois. . 46% Armour 111 pr pf (6) 3 Arnold Constable... T4 Asso Dry Goods. 46 Asso Dry G 1st pf. 73 36 Asso Dry G 2dpf.. 45% Atch To& S F (h2). 70% Atch To&S F pf (5). 243 Atlantic Coast Line. 5 AtlGulf & W Ind. 211 Atlantic Ref (1) 5!3 Atlas Tack 163 Auburn Au 39% Austin Nich p: 5) 10% 8% Aviation Corp Del.. — 16 4% Baldwin Loco. 64% 16% Baldwin Loco pf... 12% Baltimore & Ohio.. 15 Baltimore & Ohio pf Bales— Add 00. High, 14 8 3 1 11 12 BRe A BhenBrabcEfoannaaman oo o L S Eoniuoamms aama - rSreronmt 3 861 Bamberger pf (6%) 100; 2% Barker Brothers.... 163% Barker Brothers pf. 5% Barnsdall Corp..... 23 Bayuk Cigar (hl). 10% Beatrice Creamery 58 Beech-NutP (13% 8% Belding-Hem (h50c) 9% Bendix Aviation.... 121 Beneficial Loan 1%. 26 Best&Co (1%). 24% Bethlehem Steel 54% Bethlehem Stl pf. 19% Bigelow- 6 Blaw Knox..... 6% Boeing Aeroplane. 76 Bon Ami (A) (15) 19% Borden Co (1.60) 16} Borg Warner(t1 12 Briges Mfg (1). 26 Bristol-Myers 12.40 28% Bklyn-Man T (h1%. 3% Bklyn & Queens.... 3‘1 Bucyrus-Erie. .. Bucyrus-Erie cv pf. 50 Bucyrus-Erie pf (2) 3 Budd (EG) Mfg... 16 Budd (BG) Mfgpf. 5% Bullard Co. 4 Burns Bros 10% Burr Add M (40 % Bush Terminal (k). 1% Butte Copper & Zine 14 Butterick Co 13% Byers (A M) 40 Byers (AM) pf. 14 Callahan Zinc. 2% Calumet & Hecla. .. 12% Canada Dry G A (1) 10% Canadian Pacific. .. 28% Cannon Mills (2) 5% Capital Admin (A). 26% Cap Admin pf A (3) 190! 35 Case (JI)Co... 56% Case (J I) pf (4) 28 Caterpillar (1). 17% Celanese Corp. 1% Celotex Co (K).. 1 Celotex vtc (K)..veon 63 Celotex o pf (K)... l'IOl 18% Cent Aguire (1%). 5% Century Rio Mills. 30% Cerro de Pasco (2) 3% Certain-teed Prod.. 22 171 Certain-teed pf.... 1060 4% Checker Cab Mfg... 39% Ches & Ohto (2.80) 34 Ches-Corp (2%) 1% Chi & E 111 pf (k). 1% Chi Great Western.. 2 ChiMilStP & Pac.. 3% Chi Mil St P &P pf.. 3% Chi & Northwestern €%, Chi & Northwest pf. 3% Chi Pneumatic Tool 14% Chi Pneu Tool pf... 1% Chi RI & Pac (k)... 2 CRI&P6% pf (k) 2% CRI&P 7% pf (k) 19% Chickasha C O (2).. 3% ChildsCO....cocnue 29% Chrysler Corp (1). % City Stores (k).... 24% Cluett-Peabody (1) . 95 Cluett-Peab’y pf (7) 95% Coca-Cola (17) 50% Coca-Cola (A) 9% Colgate-P P (50c 6814 Colg-Palm-P pf (6) 10 Collins & Atkman. . 3% Colo Fuel & Iron(k) 10% Colo Fuel & Ir pf (k) 6% Col Gas & Elec..... 52 ColG & Elpf A (6). 21% Colum Pic vte(m1).. 58 Colum Carb (3.40).. 18% Comel Credit (2)... 913% Comecl C 1st pf(63%) 38 Comcl Credit(A)(3) 24 Comecl Credit(B)(2) 35% Comcl Inv Tr(t2%) 91 Comcl Inv cv pf(e6) 15% Comcl Solv (60¢).,. 1 Comwlth & South. 21% Comwlth & S pf (6 22 Congoleum-N (1,60) 54 Consol Cigar. . 45% Con Cg pr pf ww 634 1% Consol Film....... 10% Consol Film pf (§2). 181% Consol Gas N Y (1). 71 Consol Gas pf (5) 1% Consol Laundrie: \ T4 Consol Ofl (h4Ze)... 1% Consol Textile : 6% Container Corp ( 2% Container Corp (B) 5% Contl Baking (A).. 7% Contl Baking (B).. 443 Contl Baking pf (4) 56% Contl Can (2.40)... 6 Cohtl Diamond Fib. 23% Contl Insur (11.35). % Contl Motors... 15% Contl O Del (hlioe).. 55% Corn Prod luf @).. 3% Coty INC..g.eoeceee 28 Cream of ht 12%. 18% Crown Cork & 8 (1). 85% Crown C&S p£(2.70) 4 o Nes | — 1034 — % IS% 7 llfi!fi 114% 115% +1% 1% l% 1% 6 22% 23 +4% 140% 140% + % 124 124 17 1% + % 19% 20% 3% + % B2% +17% 5lu + % 164 + % 29% 116% + % - - £OPEFE e SE R e R R R £ I SENEECEEE RS M ¥ 7% 16% 101% 101 5% lOX IG‘)- 67 SeFEsssSaes Frlsass I+ 14+ 441+ 44404011 ++++ FEF N FEOFF ;*;‘If#####i;’# FIE 14+ 44+ dd+tttbt bbb+ % 28% + % 112% 112% 112% —-1% 168 165 168 +3% 55% 55% 18% 17% FHEEFFELPEREFE = 1 3 53 ‘ ‘< Sy s e I R T S R N e : 5 - 3} % J > 12% 116% !‘7'. 3% Crown-Zellerback. . 17 Crucible Si .44 Crucible Steel Df- . 7% Cuba Co 3% Cuban-Am Sugar... 20% Cuban-Am Sugar pf 87 Cudahy Pkg (2%).. 13% Curtis-Publishing. . 43% Curtis Pub pf (J6).. 23 Curtiss Wright..... 5% Curtiss Wright (A) 64% Cushmans pf (8). 11 Cutler Hammer 10% Deere & CO.,v.u.t 10% Deere & Co pf (40c) 385 Delaware & Hudson 14 Del Lack & Wes 3% Den& RG W pf.... 6313 Detroit Edison (4). 5 Detroit & Mackinac. 21 Diamond Match (1). 28% Diamond M pf (1) 82 Dome Mines (13%). 11 Dominion Strs(1.20) 14% Douglas Afrcraft... 8% Dresser Mfg A hl 80 Du Pontde N (2.60) 90 Duquesne Lt 1st (5) 4% Eastern Roll Mills.. 79 EastmanK (t4%).. 147 120 Eastman Kod pf(6). 224 31% 123% Eaton Mfg (1)....00 156 Electric Auto Lite.. 80 Elec Auto Lite pf 7. 8 Electric Boat, 4% El & Mus Ind. 2% Elec Pwr & Light... 84 Elec Stor Bat (2%). % Elk Horn Coal (k). . Elk Horn Coal pf (k) indicott-John pf(7) 10% Eng Pub Sve $5 pf.. 13 Eng Pub Sve $6 pf.. 5 Equit Office Bld. ... 9‘5 hrl. RR. Erie R R 2d pt 9 Evans Auto P(50¢). 3 Exchange Buffet... 1 Fairbanks Co. 3% Fairbanks Co pf 7 Fairbanks-Morse 80 Fairbanks-Mrs pf 4 Fed Lt & Trac.. 34% Fed Lt&Trac 01(6). 2% Fed Motor Truck... 2 Fed Screw Works. .. 1 Fed Water Sve (A).. 20 Fed'd D Stores (t1). 23% Fid Ph F Ins(11.35) 134 Firestone (40c).... 71 Firestone pf A(6).. 53 First Nat Strs(233). 15 Florsheim (A)(1).. 2 Follansbee Bros (k) 10% Food Mach (a2ic).. 813 Foster-Wheeler.... 55 Foster-Wheeler pt. 6% Foundation Co. . 17% Fourth N Inv(h85c) 8% Fox Film (A)...... 20, Franklin Simon pf.. 2134 Freeport-Texas (2). 5 FullerCo2dpf..... l 824 16% 5% 1% Gabriel Co (A)..... 5% Gen Am Investors.. 30 GenAm Trans(1%) 2 Gen Asphalt. 6i¢ Gen Baking (h 5 Gen Bronze. 2% Gen Cable..... 4% Gen Cable (A). 1435 Gen Cable pt. 27 Gen Cigar (17). 97 Gen Cigar pf (7)... 16% Gen Electric (60c). 11 Gen Elec Spe (60¢c). 28 Gen Foods (1.80)... % Gen Gas & El (A) 51 Gen Mills (3).. 24% Gen Motors (1) 89% Gen Motors pf ( 3% Gen Outdoors Adv.. 8% Gen Outdoors AdvA 2 Gen Public Service., 23 Gen Ry Signal (1).. 1 Gen Realty & Util. .. 10 Gen Realty&Util pf. 10% Gen Refractories. .. 10 Gen Refracctfs.... 814 Gillett Saf Raz (1). 2% Gimbel Bro: 15% Glidden Co 83 Glidden Co pr pf (1) 3% Gobel (Adolf) 16 Gold Dust (1.2 8 Goodrich (B F) 35% Goodrich (BF) pf.. 1812 Goodyear T & Rub.. 3% Gotham Silk Hose. . 1% Graham-Paige..... 4 Granby Consol. 4 Grand Union... 23 Grand Union pf (3). 28 Grant (WT) (1)... 12% Great Northern pf.. 815 Grt Nor Oreg(n50c) 25 Grt West Sug(2.40) 118% 102 Grt West Sug pf(7). 3% 42 Bl 631 9% 65 101% 4% 100 T 6% 967n 813 3% 1064 10% 13 % Guantanamo Sugar. 15% Gulf States St 3'4 Hahn Dept Stores.. 26% Hahn Dpt Stores pf. 32 Hall W F Printing.. 25 Hamilton Watch pf. ¥4 Hanna (MA) pt 11) 13 Harb Walker (50c). 87 Harbison & W pf(6) 115 Hat Corp (A) 14 Hayes Body 74 Hazel Atlas 59 Hercules Pw (13%) 48% Hershey Choc (3) ... 83 Hershey C pf (15). 4% Holland Furnace... 5% Holland & Son (50¢) 430% 310 Homestake M (130). 34 8% 54 29% 5% bT% 124 24 G 11 Houd-Hersh A j2%. 2% Houdaille-Hersh B. 43 House Finpf (3%).. 12% Houston Oil 2% Houston Oil 85% Howe Sound (3). 4 Hudson Manhattan, 6% Hudson Motor Car.. 1% Hupp Motors....... l 38% 50 82% 3% 13% Illinots Central..... 21 lllinois Central pf.. 19% Indus Rayon (1.68). 491 Ingersoll-Rand (2). 116% 1056 Ingersoll R pf (6).. 56 6% 17% 5% 11% 614 37% 164 131 12% 3T% 46% 54% Inland Steel (h50c). 2% Inspiration Copper. b1 Interboro RpTr(k). 214 Intercontl Rubber.. 4 Interlake Iron. 2 Int Agriculture 15 Int Agriculture pf.. Int Bus Mach (p§).. 4% Int-Carriers Ltd 20¢ 18% Int Cement (h25¢). 23Y Int Harvester (60c) 137 110 Int Harvester pf(7) 9% [3 29% 2% Int Hydro Elec (A). 2 Int Merch Marine... 21 Int Nick Can (60¢).. 130 115% Int Nick Can pf (7). 6% 31 2% 24% 100 22% 841 57% 66% ki 2 int Paper & Pw (A) 7 Int Paper & Pw (B) % Int Paper & Pw (C). 81 Int Paper & Pw pf.. 66 Int Print Ink pf (6). 7% Int Rys Cent Am pf. 38 Int Shoe (2)....ecn 59' Int Silver pf (4).... T34 Int Tel & Tel 33 Interstate Dep 21% Int Dept S pt (7).« 24% 1sland Crk Coal (4). 33 Jewel Tea (f31%)... 39 Johns-Manville 45 Jones&Laugh 7%t —_— 6% Kans City Southern 10% Kans City South pf. 6 KaufmannDeptS40c 13% Kayser(J)&Co h50c. 1 Kelly Spring Tire... B Kelly Sp Tire 6% pf 11% Kelvinator (170¢).. 65% Kendall pt (16.92).. 16 Kennecott (h45c)... 13% Kresge (SS) (1). 22% 114 101 Kresge (S S)pf(7). 65% 33% 36 Kress(SH)(f1)... 23% Kroger Gr&Bk 1.60. 31% 22% Lambert Co (3) 4| 14% 1 Lee Rub&Tire (508) 20 11 Leh Port Cement. .. 73% Leh Port C pf (3%) 21 Lehigh Valley Coal. 5 Lehigh Val Coal pf. 9% Lehigh Valley R R. 64% Lehman Corp (2.40) 11% Lehn & Fink (1%). 221 Lib O-Ford G1(1.20) 17% Life Saver (1.60)... 743 Ligg & Myers B(15) 111% % | 162% 129 Ligg & Myers pf (7) % 86% 15% omotive. . Lima Loc: 86% 16% Liquid Carb (11%).. 87 20% Loew's In¢ (1) . «cce Dividend Rate, Add 00. Bll'h. 5 240- 1 15 4 EFEP IRarsa s HEFIF - FEFE OIS 110- I [ & +FA N+ - i & 5% 105‘1 % 3 1 JNK 391 391% +16% 4 33% 34 +1u 8l 524 17 3 51% 4% 3% 904 +1% 18% + % 7 21y 112 uz 12 69% 69% +2% 28% + % 2% - % 12'A+ % %+2§h llVa % 11% +1 3% +1% 16% + % 31% - % 22 -3 E 109% 109 109 2 152% 151% 152% +1% 27% 118 33% 32% 382% -1% ~— 1034 High. Low. 106 3 3 44% 22% 3% 23% 21 624 19% 97 2:30 o.m.. Stocks and 72 Loew’'s Incpf (6%). 1% Loft INC.vcveveeene 1 Long Bell Lum (A). 334 Loose-Wiles (2)...3 16% Lorillard P (12.20).. % Louisiana Oil. 7% Louisiana Ol pf. 12 Louisv G&E(A)1%. 37% Louisv & Nash (h3). 81 Ludlum Steel. ... .. 60 Ludlum Stl pf (6%) 42% 32 12% 30 Mac Andrews&F 13, 24 McCall Corp (2). 1% McCrory Strs A (k). 1% McCrory Strs B (k). 381 McIntyre 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(2) 2% Madison Sq Garden, 15% Magma Copper (2).. 1% Mallison & Co. 7 Manati Sugar ( 1% Manati Sugar pf (i 10% Man Elevm g (k) 10% Manhat Shirt (60c). 4% Marancha Corp. .... 5% Marine Midld (40c). 1% Market Street Ry... 3 Market St Ry pr pf. 17 Marlin-Rockwell(2) 8% Marshall Field 4 Martin Parry. 233 Mathieson Alk(13) 30 May Dept Str (1. eu) 4% Maytag Co.. 10 Maytag pf ww i1 ‘& . 9 Maytag xw (j112). 26 Melville Shoe (2). 3% Mengel Co..... 20% Mesta Mach (1%) 27 Miami Copper...... 9ia Mid-Cont Pet(h50c) 634 Midland Steel Prod. 44 Mid St1 P 1stpf (4). 36 Minn-Hon Reg (2).. 1% Minn Moline Pow. 16% Minn Moline Pow % Minn & St L (k) . 1% MStP&SSMI 4% Mo Kan & Texas 12 Mo Kan & Texas pf. 13 Mo Pacific (k)....s 2% Mo Pacific pf (k)... 121 Mohawk C M (h25¢) 39 MonsantoC (1).... 20 Montgomery Ward. 37 Morrell(J)&Co 3.60. % Mother Lode. . 15% Motor Product: 6% Motor Wheel 5% Mullins Mfg 12% Mullins Mfg pf... 3% Murray Corp... — 12% Nash Motors (1) 3 Nat Acme Co. 6% Nat Aviation, at Bellas H pf (k) at Biscuit (2)....- Nat Cash Reg A 50c Nat Dairy Prod 1.20 Nat Dept Store (k). Nat Dp St 1st pf(k). Nat Distillers (50c) 319 121% 100x Nat Lead pf (B)(6). 15% 58% 21% 60 108 ¥ 25 94 6% 11k 6% Nat Pwr & Lt (80c). 3415 Nat Steel (1). 10 Nat Supply Co 331 Nat Supply pf 9 Nat Tea (60c). 61 Neisner Brothers. .. 92 Newberry (JJ)pf(T) 51 Newport Industries 11% N Y Alr Brake 18% New York Central 9 N Y Chicago & St L. 16 NYC&StLpt. 3% N Y Investors (k). . 6 NY N H & Hartford 10 NYNH&HDS.... 4% N Y Ontario & West 94 N Y Shipbldg (40¢). 72 N Y Shipbldg pf(7). 30% Noranda Mines (h2) 82 Norf & West pf (4). 2% North Am Aviation. 10% North Amer (1).... 34 North Am Co pf (3) 471% North Am Ed pf (6) §1 North'n Central (4) 14% Northern Pacific. .. 814 Ohto O1l (h45c).... 2 Oliver Farm Equip. 9 OliverFEqprpfA. 123 Otis Elevator (60¢). 3% Otis Steel. 9 Otis Steel pr pf. 60 Owens-Ill Glass (4 1% Pacific Coast. 3's Pacific Coast 1s 2 Pacific Coast 2d. 12% PacificG & E (1%). 20% Pacific Lizhting (3) 69 Pacific Tel & Tel (6) % Pac W'n Oil (hi0c). 2% Packard Motor..... &% Panhandle Prod&R. 7 Panhandle P & R pf 1%, Par-Publix ctfs(k). 213 Park Utah 13 Parmelee T P 1, Pathe Exchange.. . 10% Pathe Exchange(A) 932 Patino Mines... 1 Peerless Motor. 44% Pennick & Ford (3). 513 Penney (J C) 1.2 1% Penn Coal & Coke. .. 27% Penn Dixie Cement. 12% Penn-Dixie C pf(A) 20% Penn R R (h1) 2 Peoria & Easte) 9% Pet Milk (1).. 8l Petrol Corp (h5! 13% Phelps Dodge(h7ic) 24% Phila Co $6 pf (3)... 3% Phila& Read C& I 11% Philip Morris (1)... 13% Phillips Petrol (1). % Plerce-Arrow (k). . % Pierce Ofl. 4% Pierce Oil Df % Pierce Petroleum. 1814 Pillsbury Flour1.60. 415 Pitts Screw & Bolt. 15% Pitts Steel pf 25% Pitts United Cpf... 7% Plymouth Oil g75¢. 6 Poor&Co (B)..... 2% Port Ric Am Tob A. 10% Postal Tel & Ca pf.. 33% Proc & Gamb (1%2). 1% Pressed Stl Car (k) 5% Pressed Stl C pf (k) 25 PubServNJ (2.80) 67 Pub Serv N J pf (5). 78 Pub Serv N J pf (6). 87Y% PubServ N J pf (7). 90 Pub ServG&E pf(5). 35Y% Pullman Inc (3) 6% Pure Oil. 49 Pure Oil Df. - Sales— Dividend Rate. Add 00. High. 2 104% 104 1 1% 1% 2% 86% 21 1 1 13% 46% 17% 93 41 - CREEORN aNG® » o S s @ 0 00 BB N ED 9 10s 508 1 6 4 10 2 4 80 1103 100s 7 10s 20 40 1 % Purity Bakeries (1) _— 4% Radio Corporation.. 23% Radio Corp pf (A).. 15 Radio Corp pf (B).. 13 Radio-Keith-Or (k) 141, Raybestos-Man (1). 5% Reis (Robert)1st pf 6 Remington-Rand. .. 32% Remington-R 1st pf Z Reo Motor Car..,.. 10% Republic Steel..... 3314 Republic Steel pf.. 391 Republic Steel pf ct 15% Reynolds Metals(1) 89% Reynolds Tob B (3). 207% Roan Antelope Ltd. 28% Royal D(h1.35 3-10) —_— 7 108 2T% 4% 6% 12% 38% 38% Safeway Stores (3). 44% 84% Safeway Strs pf (6) 120- wsu 108 103% + 15% St Joseph L (h30c).. 1% St L San Fran (k) .. 1% St L San F pf (k). 5% Savage Arms. 17% Schenley Distiller: 3% 19 17% 1 1% 2 2% 1 6% 36 27% 17 1% 2% 27 Low. Close. Chge. | High. Low. 104 8 ISOIHII. Stocks and Dividend Rate. 3 Schulte Retall Strs. 80% 15 Schulte Re Strs pf. 2 1% Seaboard Air L (k). 38% 20% Seab’d Oil(Del)(t1) 61% 31 Sears Roebuck..... 4% 1% Second Nat Invest., 4% Servel Inc..... 5% Sharon Steel Hoop. 4 Sharp & Dohme.... 38% Sharp & Dpf (3%). 6% Shattuck (FG) 25c.. 19 Shell Transp't h75c, 6 Shell Unton Oil. 57 Shell Union Oil pf 8 Silver King CM 40¢ 8% Simmons Co..... = T% Simms Pet rolm(i). 6 SkellyOil..... 51% Skelly Ofl pf ww. 184 Sloss-Sheffleld pf. 6% Snider Packing. ... 12 Socony-Vac (60c). . 20 So Por Rico Sug (2). 10% South Cal Ed (1%). 14% Southern Pacific. 11! Southern Rallwa; 14 Southern Rwy pf 5 Spalding (AG) 30 Spng Chifnt pf (31). 2% Sparks-Withington 2 Spear&Co... 39 Spear & Co 1st p! . 16% Spencer Kellog 1.60 5% Sperry Corp (25¢).. 21% Spicer Mfg pf (3).. 19 Spiegel-May-Stern, 17% Stand Brands (1).. 121% Stand Brands pf (7) 3 Stand Com Tobacco. 3% Stand Gas & Elec. . 13% Stand G & 7% Stand Inv 2614 Stand Oil of Cal (1) 9615 Stand Oil Exp pf(5) 22% Stand Oil of Ind (1) 39% Stand OII N J(11%) Net | — 1034 — - % 1% + % 21 4 5% + % 21 -% 1% + % 14% +4% 13% + % 47% +2 17% + % 9G% +3% 41% +1 30% + % 1% = % 10% — % 3% Stone & Webster... 1% Studebaker (k).. 1% Superior Oil. . 4% Superior Steel % Symington. 1% Symington 7% Telautograph (1) 3% Tennessee COrp.... 19% Texas Corp (1)..... 30 Texas Gulf Sul (2), 131 Texas & Pac RR... 214 Tex Pac Coal & Oil. 6% Tex Pac Land Trust 8 Thatch Mfg (h25c). 39 Thatcher Mf pf 3.60 50 The Fair pf (j3%). 215 Thermoid Co. . ..... 13 Third Nat In (h85c) 4% Thomp'n(JR) (50c). 10 Thompson Products 1% Thompson Starrett. 8 Tide Water Asso... 3% Timken-Detroit. ... 24 TimkenRB (1).... 5% Transamerica h25c. 3 Tri-Contl Corp. 33 Trico Prod (2% 3% Truscon Steel . 6 TwinCity R T pi Hl40 0+ + + +1) . 1 Ulen&Co 36 Und-Ell-Fisher 12) 39% Un Bag & Paper (4) 57 Un Carbide & C 1.40 11'% Un Oil of Calif (1). 90 Union Pacific (6).. 71% Union Pacific pf (4) 84 United Aircraft... 3% United Air Lines&T 214 Unit Biscuit(1.60) . | 120 107 " Unit Biscuit pf (7). 50% 35 United Carb (2.40). 21% United Corp pf (3). 9% United Drug....... 3% United Dyewood 3% United Elec Coal... 59 United Fruit (3) 11% Unit Gas Imp (1. 86 Unit Gas Imp pf (5) 4 Unit Piece Dye Wks 1%3 U S Distributing... 6 US&For'n Secur.. 631 U S & For 1st pf (6) ll U S Freizht (1).... S Gypsum pf (7). 4% U 'S Hoftman 82 US Indus Alcohol. . 5W U S Leather. 7 US Leather (A). 151 U S Pipe & F (50c 16'3 U S P&F 1st pf1.20. 4 US Realty & Impr. 11 U S Rubber.... Smelt & R ( 54‘,[} SSm&R h‘(a J es Steel eel pf (2). P ATIA0). -Car Chemical. .. -Car Chem 6% pf Detin (a4).. Pt (A)(K). rf Sys (h20e) een Co (m1). 2% Walworth Co . 24 Ward Baking pf (2) 2% Warner Bros Pic... 15 Warner Bros Pic pf. 1 Warner-Quinlan... 3% Warren Bros. 8 Warren Bros cv pf. 131 Warren Fd 3 Webster 15% Wesson O&S 187%¢ 521 Wesson O & S pf(4) 45 West Pa Elec pf (6) 51% West Pa Elec pf (7) 8% West PennPw pf(6) s Western Dairy pf B T Western Maryland. 2% Western Pacific.... 4% Western Pacific pf. 29'% Western Union. ... 15% Westingh'se AB 60c 27% Westinghouse Elec. 82 Westingh'se 1st 33 14% Westvaco Chl (40c) 24's Wheel & Lake Erie. 21% White Rock M S (2) 1% White Sewing Mch. 2 Wilcox Oll & Gas 4% Wilson & Co... 124 Wilson & Co (A)... 53 Wilson & Co pf (j7) 41% Woolworth (2.40).. 131 Worthington Pump. 31% Worth Pump pf A. 23% Worth Pump pf B.. 16% Wright Aero....... 54% Wrigley (W ir)13 +4+ 1+ 144144+ L4+ 44441441 14 Yale & Towne (60c) 2% Yellow Truck 1, 28 Yellow Truck pf. 13 YoungSp& W (1).. 128 Youngstown S&T.. 84 Y'gst'n S&T pfA5% 33% 59% 4% % 1% Zenith Radio. i 3% Zonite Products.... 11:00 AM 0 P.M + 390,000 800,000 s Unit of ll‘ldln lm than 100 shares 1% stock. s Pai P L R 2% + % |stock. e Payable in cash or 2T% + % o buus 2% 1o sicck. x Ex 1T% + % ey 6 Starrett LS (h50c). 47Y% Sterling Prod(3.80). 41 Stewart-warner. .. 10 Studebaker pf (k) .. 6415 Tide W A pf (i8%). 4's Transue & Williams 15% Un Tank Car (1.20). 2% United Corporation, 59% Tnit Dyewood pf(7) . 841 Walgreen pf (613). * % c°"‘§ ni 2 208 5 408 21 1 20 48 2 11 208 208 2 43 408 12 38 208 22 . 290s 1 208 < 5 30 308 6 29 1 2 1 Paid 'v.'x:“h"n"“ ula ar. 3 Accumi mel ffl u!go xm wocul nrner;:g a2, ma. Md 00 High. Mw Close. Ch(l; 3% 19 % 27 40% 2 2 % 3% — 19 + % — 26% + 39% — 2+ 8% + 12+ EEFEEFFIIEEF INACTIVE TRADING Rails Join in Advance—Mo- tors Win Support, but Utilities Sag. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, January 7.--The stock 4| market firmed in more active trading " wul % % | 1, | of the New York 41 "m = e + 4% L% 421 Ah +1% 21% 22% +1% 4%+ % 40 -1 0% - 4% 21% + % 49 421 2 2 -y % -n 40 20% 20% 49 Sales of Stocks on the New York Exchange. 12:00 Noon. 2:00 PM... . 660,000 1,030,000 Partly extra. 3 Plus b Payable in nPl\u !i | y HOSIERY STOCKS SHOW INCREASE IN NOVEMBER By the Associated Press. NEW YORK, January 7.—Stocks of hosiery on hand at the end of Novem- ber were 15940,269 dozen pairs, as compared with 15,808,097 dozen pairs at the end of October and with 15,473,394 dozen pairs at the end of November, 1933, the Hosiery Code Au- thority reported Full-fashioned hmu stocks de- clined from 4,229,891 doz. prs. at the ) Al end of October to 3,868,486 doz. prs. at November 30. Stocks of women's seamless hose declined from 1,711,086 to 1,691,774 dozen pairs in the same period. Production in November—9,239,590 dozen pairs—was virtually unchanged from October figures. November ship- ments totaled 9,107,418 dozen pairs, against 9,611,408 in the previous month. e Hudson Motor Car Co—Value of export shipments in 1934 was reported as $6,750,000. ~ HIGHER FURNITURE DUE. NEW YORK, January 7 (#).— Price advances averaging around 5 per cent, it is said, are due to be announced by Summer furniture man- ufacturers, who are opening 1935 lines at trade shows next week. The increases are cxpected chiefly on the low-end merchandise. —— Celotex Co.—Deficit before forelgn exchange adjustments, year ended October 31, $192,689 vs. deficit $664,122. today. Forenoon linprovement was led by active buying in steel shares, but later rails recovered. Motors were ac= tive. Utilities were easier. Loew's was an isolated soft spot. Advances of sizable fractions to a point or more were shown by Auburn, du Pont, Union Pacific, Santa Fe, Bethlehem, United States Steel, Pullman, American Tele- phone and Westinghouse, Tranfers approximated 1,350,000 shares. Shares of Coca-Cola got up more than a point to a new high for the past year or longer. Similar gains were recorded by United States Steel preferred, A. M. Byers, United States Smelting. Air Reduction, American Shipbuilding and Auburn Automobile. An advance of 3 points was shown by Bethlehem Steel preferred while the common was up nearly a point. United States Steel common and American Rolling Mill were in de- | mand at better prices, as were Amer- ican Telephone, Case, Western Union, Foundation Co., Cerro de Pasco and National Cash Register. Most of the motors were about unchanged after early firmness Power and light | stocks were a trifie easter and Loew’s vielded more than a point. The rails and oils were about unchanged. Various specialties were said to have |been under accumulation on | strength of increased earnings a: . | optimistic prospects for the coming ket commentators, however, v bullish and expectations of huge profits by some corporations that ma participate in the Government's pub- {lic works program might not be ful filled, owing to the high cost of erations and th prices upon which the administration may insis: | Wall Street’s sound money force | were cheered by the President’s state- ment that the budget would not in- volve so-called “inflation” and that the money needed would be borrowed That drastic currency expansion is not contemplated was believed to have been shown by foreign exchanges most of which continued to decline in terms of the dollar. GARDNER IGINS A. P. FINANCIAL STAFF HERE A Washington column of business and financial news and interpretation | will be written and signed beginning today by Frederick Gardner, forme financial staff of ;| Associated Press .| Chas, P. Schaeffer, who has been | writing this column, hes been trans- ferred to other important news work in Washington, where he will econ- | tinue to contribute to the Associated Press dispatches on financial subjects. Gardner, who has had wide experi- ence in general and political as well as financial writing. has served on newspapers in Texas, Missouri and | New York City. He was for several years on the financial staff of the New York Evening Post and prior to that on the financial staff of the New York World. First Mortgage Money Funds Available for CONSTRUCTION LOANS or LOANS ON IMPROVED PROPERTY Reasonable rates. Prompt action. B. F. SAUL CO. 925 15th St. Natl. 2100 BAUM'S—1416 Eye St. N.W. HEADQUARTERS For Office Furniture and Equipment NAt. 2184 R An Old and Tested 5ain3" Pla The Bun|dmg & Loan Plan of Saving « « « is Sure as Time URE as Time fitself is the Building and Loan Plan of Saving . . . partly because it utilizes Time—em- ploys Time for your profit, while safeguarding your accumulating prin- cipal! @ Saving, “The Fidelity” way, is as easy as watching the clock’s hands go around . . . and as inevitably cer- tain! ® Come in and learn fully about the “Ideal Plan” of saving. We Pay 5% Compounded Semi-Annually from the date of payment to the date of withdrawal ©® You can open a Savings Account IN ANY AMOUNT . . . and youll always find at “The Fidelity” a friendly spirit of helpfulness and co-operation. The Fidelity Building & Loan Association MAIN OFFICE, 610 13th St. NW. ~