Evening Star Newspaper, March 9, 1935, Page 12

A1z ¥+ FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, SATURDAY, MARCH 9, 1935. FINANCIAL. INSURANBH_IMII TRANSACTIONS ON THE NEW YORK STOCK EXCHANGESI[][‘,KSAR[[ASY OF §5,000 URGED D. C. Financlers Oppose $10,000 Figure Named in 1935 Banking Act. BY EDWARD C. STONE. Leading bankers in Washington ap- pear to be very generally in favor of limiting insurance on bank deposits to protection of accounts up to $5,000 only, thereby limiting the assessments that can be levied to make good any deficiencies in the insurance fund. ‘This phase of the banking act of 1935 1s perhaps causing more discussion in the financial district than any other proposals in the bill, probably because the insurance plan hits every bank's pursestrings so directly. Bankers here agree that the bank- ing proposals now before Congress are as important, if not more vital, than any other legislation of this kind that has come up since the passage of the far-reaching Federal Reserve act over 20 years ago. Local financiers are opposed to giving the Federal Reserve Board too much power and also are against political domination of the Federal Reserve System. At the same time, the opinion is expressed that further control over credit by the board might be wise. The proposed legislation, however, s so controversial that views on many points differ widely. A particularly timely discussion of high lights in the proposed banking act appears in the National City Bank's latest financial review, which is widely circulated among bankers here. In discussing 'Title I, the bank letter says: $5,000 Insurance Favored. “Title I covers principally amend- ments to the Federal deposit insurance law, incliding highly important changes in the provisions of the per- manent plan relating to maximum limits of insurable deposits and as- sessments to which bank members of the insurance corporation would be liable. As the law now reads, bank deposits after July 1 next will be in- sured in full up to $10,000, at the rate of 75 per cent on all amounts between that and $50,000, and at the Tate of 50 per cent on all amounts over $50,000, with no limits on the assessments that might be called for to make good any deficiencies in the insurance fund. Under the amend- ments now proposed, insurance would be restricted to deposits of $5,000 maximum, and assessments would be fixed at not more than one-twelfth of 1 per cent annually of the total do- mestic deposits of bank members of the insurance fund. : “While we do not wish to give en- dorsement to the principle of deposit insurance, we regard the preposal to limit insurance to deposits of no more than $5.000 as constructive, inasmuch as it will limit the liability against the insurance fund, while at the same time covering something like 98 per cent in number of bank depositors. ‘The proposal to fix a limit on assess- ,ments is also constructive, though the plan to levy such assessments on the basis of total deposits, rather than insured deposits, is unfair in that it discriminates against the larger banks which have large deposits in excess of $5,000 on which they would be taxed without compensating insurance pro- tection. “Title III of the proposed ili like- wise presents no fundamental diffi- culties, being composed mainly of amendments sponsored by the Federal Reserve Board and controller of the currency, and designed to clarify and adjust various sections of the banking act of 1933 in the light of experience,” the City Bank states. Title II Is Heart of Bill. Title I constitutes the heart of the bill, containing as it does proposals for fundamental changes in banking con- tral and practice. t is this section in particular which calls for most care- ful consideration. Briefly stated, the changes proposed in this section in- clude: * Title II constitutes the heart of the bill, containing as it does pro- posals for fundamental changes in banking control and practice. It is this section in particular which calls for most careful consideration. Briefly stated, the changes proposed in this section include: “1. Limitation of the self-governing character of the Federal Reserve banks, and the centralization of the control in the Federal Reserve Board and the President. “2. Broadening the eligibility re- quirements of the reserve banks—now restricted to self-liquidating commer- cial paper or member bank notes se- cured by United States Government obligations—to include any “sound” assets of member banks; Federal Re- serve notes to be secured by a first lien on all assets of the issuing bank. “3. Authorization of national banks to invest their entire capital and sur- plus in real estate loans, which, if amortized, may be up to 75 per cent of the value of the property and run for 20 years; such investments in real estate to be in addition to the banks’ own premises. “In so far as the vital provisions of Title II of this bill are concerned, it is difficult to see how anything will be gained by haste. It is easy to see how much might be lost. There can be no doubt but that the coun- try would feel far more secure, and the chances of reaching wise con- clusions far greater, if this section of the bill were reserved for more ex- tended study and debate,” the bank’s review concludes. Heard in Financial District. A record attendance is expected at the debate tonight between Washing- ton Chapter, American Institute of Banking, and the Richmond Chapter, in the American Security & Trust Building. John W. Hanes, member of Charles D. Barney & Co., and a governor of the New York Stock Exchange, states that he will not be a candidate for the office of president of the Exchange. His name had been suggested by the Nominating Committee along with several others. President Walter 8. Gifford of the American Telephone & Telegraph Co. reports a steady increase in new tele- phones during the first two months of the present year. Based on these reports, he states that national eco- nomic conditions are improving. Dr. Prederick D. Rossini of the Bureau of Standards has been ap- pointed director of the American Pe- troleum Institute Research Project 6 on the isolation and identification of hydrocarbons in petroleum. This pro- Jject was formerly directed by the late Dr. E. W. Washburn. ‘The textile industry in the 5th Fed- eral Reserve district operated prac- tically full time under code regula- tions in January, and consumed more cotton than in January, last year. The three cotton textile manufacturing States in the district used 251,186 bales of cotton in January, 45.9 per cent of nnunnn} consumption, totaling 546,787 bales. ‘The Association of Stock Exchange Firms has mailed to the Securities & Exchange Commission its comments on the tentative proposed floor trad- ing rules, us requested by the com- mission. The nature of the comments was not made public by President Frank R. Pope, Prev. High. 7»‘ llS'. 109'; Atr Reduction ( By private wire l.lreel to The Star. 101 235 Stock and Low. _ Dividend Rate. 47 Adams Expre: 8 Addressograpl 20% 163 Alaska Jun (11.20) 1% 63 141 17% 20% 3% 574 1815 1223 123 20% 60 33y, 112 69 1814 135' 24% 107% 86% 138 13 171 34% 7 137. 108 10 974 25% 341 304 317 6% 63y 51 33 4 15 15% 221 > 20% 421 1t 4l » 37% Chesap Corp (3) 421, 224 954 1% 180 18% 15% 31 221 43% 19% 78 17 29% 41% 12% 24% 161 9915 129 8 123% . 20% % 29 110 6% 8% 7% T 38% 8% 1 Alleg Corp (k).. 3 Allegpfxw (K). 132 Allied Chem (6). 14% Allis-Chalmers 15% Alpha Port Cmt (1). 47% Am Ag Chem Del(2) 13% Am Bank Note..... 119 Am Brake Sh pf (7) 110 AmCan ($5)....... 125 Am Car & Foundry. 38 AmChainpf....... 25 Am Come! Alcohol.. 613 Am Crystal Sugar.. 57% Am Crystal Sug pf. 1% Am Ensaustic...... 2% Am & Foreign Pwr. 17 Am & For Pw pf (7) 17% Am Hide & Leath pf 30% Am Home P (2.40).. 313 AmIce Co..... . 5 Am International... 2 Am La Fran pf (k). 107 Am Locomotive.... 19% Am Mch & Fy (80c). 5 Am Mach & Metals. 5 Am Mach & Met ctf. 24 Am News (13%).... 2 Am Power & Light. 11% Am Radiator.... 17'% Am Rolling Mills. .. 67 Am Saf Raz (15%). 4% Am Seating. . 20 Am Shipbldg (2). 32% Am Smelt & Ref.... 103 Am S&R 6% pf (j3). 63 Am Snuff (13%) 125 Am Steel Foundry 126': Am Sugar pf (7) 18'; Am Sum Tob (1 102% Am Tel & Tel (9) 78% Am Tobacco B (5 29'x Am Tobacco pf (6). 13 Am Type Fdrs pf (k) 9'; Am Water Wks (1). 5% Am Woolen. .. 37 Am Woolen pf.... 913 Anaconda Copper 36 Archer-Dan M t1 4’5 Armour of Illinois. . 6412 Armour 11 pr pf (6) 4 Arnold Constable... 83, Asso Dry Goods.... 293, Associated Oil (h1). 37% Atch To&S F (h2).. 23 Atlantic Coast Line 22' Atlantic Ref (1)... 106% Atlas Powder pf «6) 18'; Auburn Auto. . 313 Aviation Corp 1!; Baldwin Loco (k). . 9 Baldwin Loc pf(k). 8% Baltimore & Ohio. .. 10’2 Baltimore & Ohio pf 37 Bang & Aroos (2%). 31 Barker Brothers 57x Barnsdall Corp 40 Bayuk Cigar (bd).. Beech-Nut P (315) 12 Belding-Hem (h50¢) 12'; Bendix Aviation.. .. 245 Bethlehem Steel. ... 63% Bethlehem Stl pf... 10's Blaw-Knox........ 103', Bloomingdale pf (7) 65, Boeing Airplane... 90 Bon Ami (A)(15). 234 Borden Co (1.60).:. 281, Borg Warner (1%). 241: Briggs Mfg (2) 17'; BkIn&Queens PU") 4'« Brunswick-Balke... 47« Bucyrus Erie. . 3% Budd (E G) Mfg 26 Budd (EG) Mfg 274 Budd Whee 9'% Bullard Co 14! Burr Add M (60c! 121, Bush Tr Bldg pf ct. 1'» Butte Copper & Zine 131; Byers (A M) 36’2 California Pkg(1%) 13 Callahan Zinc...... 2% Calumet & Hecla... 8!; Campbell-Wyant... 9%, Canada Dry G A (1) 97% Canadian Pacific. .. 503 Case (J I) Co... 3615 Caterpillar Trac(1). 2313 Celanese Corp. . . 151 Celotex Co pf (k. 221 Cent Aguire (13). 38 CentralRRof NJ, 7 Century Rib Mills. 38% Cerro de Pasco (2) 4 Certain-teed Prod. .. 381: Ches & Ohio (2.80). 72 1% Chi MIIStP&P.... 2 ChiMilStP&Ppf. 3 Chi & Northwestrn. 5 Chi Pneumatic Tool 2 ChiR I&P 6% pf(k) 214 Chi R I&P 7% pf(k) 2612 Chickasha.C O (2. 4% Childs Co..... 323 Chrysler Corp (1). o 20 City Ice & Fuel (2).. 87 City Ice& F pf 6%.. % City Stores (k) 1617 Coca-Cola (8). 16% Colgate-P-P (50¢). 10% Collins & Afkman... 15 Colo Fuel & Ir pf(k) 7 Colo & Sou1st pf... T4 Colo & South 2d pt. 414 Col Gas & Elec..... 45 ColG&EDpLA(6).. 3415 Colum Pic vte (m1). 67 Columb Carbon (4). 3913 Comel Credit (2)... 56% Comel Inv r($2%): 112 Comel Inc cv pf(e6) 18% Comc'l Solv (85¢).. % Comw & Southn.... 29% Comw & Sou pf (3). 28% Congoleum-N(1.60). 71% Con C pr pf ww 6%. 73 Consol Cigar pf (7) 5 Consol Film. 18% Consol Film pf 15% Consol Gas N ¥ (1). 72% Consol Gas pt (5)..: 714 Consol Oil (h42¢). . 5 Consol Textile. ... 10% Container Corp (A): 3% Container Corp (B). % Contl Baking (B) 623 Contl Can (2.40). 7 Contl Dia F' (a16c).: 30 Contl Insur ($1.35). % Contl Motors....... 16% Contl O Del (hSOe). 62 Corn Prod Ref (3).. 4% Coty Inc........ 357% Cream of Wht $23 ., 3% Crown-Zellerback. « 58% Crucible Steel pf. 1 CubaCo...... 5% Cuban-Am Sugar, 41 Cudahy Pkg (2%).. 17 Curtis Publishing.. 9315 Curtis Pub pf (7)... 2% Curtiss Wright....s 6% Curtiss Wright (A). 241; Deere & Co. . 19 Deere&Co pf (floe). 25% Delaware & Hudson 12 Del Lack & West... 66 Detroit Edison (4).. 114% Devoe & R 1st pf(7) 261 Diamond M (11%).. 34% Dome Mines (2).... 8% Dominion Strs(1.20) 18% Douglas Afrcraft... 14 Dresser Mfg A h1% 89% Du Pont de N (2.60) 1267 Du Pont deb (6).... 5% Eastern Roll Mills.. 110% Eastman Kod (5). 16% Eaton Mfg (1).. 3% Eitington-Schild 20% Electric Auto L 107 Elec Auto Litept 1. 5 Equit Office Bld 8% ErleRR. 9% ErieRR 16% Evans Auto (a25c). 17 Fairbanks-Morse... 71% Fairbanks-Mrs pf. . 7 Fed Water Sve (A). 141; Firestone (40¢)..... 471 First Nat Strs(2%) 23 Follansbee Bros (k) 20% Food Mach (a25e).. 11% Foster-Wheeler, 5% Foundation Co. . 22% Fourth Nat In h8se. 6 Gen Am Investors.. 33% Gen Am Trans(1%) 2% Gen Cable..casacam Add ou High. Low. Close. Chse. 5 5 5 Net. L% 10 10% : 2 1128 1125 112% +1% Tho16% 16% — % 1 1+ 3% 3% + 13¢ 134 + o 14% 15% 2% 49% 49% 15% 16% 122 122 122 + 117 116% lld%- 13 60 e 81" 30 Indust. . —2 . 519 52.1 53.6 56.8 56.6 515 61.4 453 175 46.9 51.6 Net change . Today, close Previous day - o) EPEESS @ TR GRARE RO ASE A 1 *New 1935 low. Prev. 1935 Stock and High. Low. Dividend Rate. 7 4% Gen Cable (A)..... 256% 20% Gen Electric (§0¢).. 11% 11 Gen El spec 60s 9 35% 32% Gen Foods (1.80)... 8, % Gen Gas & El (A).. 13% 12 GenG&E 6%cvpfA 65% 59% Gen Mills (3).. 34% 28 Gen Motors (1) 113 107% Gen Motors pf (5).. 2% 1% Gen Public Service. 1% 1 Gen Realty & Util. .. 19% 157 Gen Real&U pf ww.. 197% 16'4 Gen Refre cctfs.... 15% 13! Gillett Saf Ras (1)« 3% 212 Gimbel 5ro; 27% 23% Glidden Co (11.30).. 4% 31 Gobel (Adolf) . 18 15% Gold Dust (1.2 117 8! Goodrich (B F) 45 Goodrich (BF) 18% Goodyear T & R 74%; Goodyear $7 pf 315 Gotham Silk Hos 2 Graham-Paige. 6% Granby Consol. 2% Grand Union. 30 Grant (W T)(11% 10% Great Northern pf. . 9% Great Nor Ore (50c) 26% Grt West Sug (2.40) 58 Gulf States Stl 1st.. 8 PRI SEF Py &8 9 000 0o - S - S e IR DTN LI E b 0O Tk 1O ek O P VS 0 4% Hahn Dept Stor 55 Hahn Dpt Stores pf. 9% Hamilton Watch. 1 53 Hat Corp (A) 37 2V Hayes Body.. 943 85 Hazel Atlas Gl (5).. 125 122 Hercules P pf (7).. 107 104 Hershey Cpf (15).. 9% 6'; Holland Furnace. .. 11 77 Holland & Son (50¢) 3911, 338 Homestake M (136) 36% 31 Houd-Hersh A (J2). 9tx 74 Houdaille-Hersh B. 17% 1% Houston Oil 3% 2% Houston Oil (new).y 52!x 43 Howe Sound (3)...: 128 8% Hudson Motor Car.. 3 2 Hupp Motors.. : 6% 69 93 - - - S O TTSTSTSTSTST- T RS0 Yot 4012 — 61 + ¥ 12% 13% 257 — 64 5 101 106'»2 106‘1 -1 o The— % 97 97 243, 245 — % 315 31% - W 27h% 2Th — % 15% 42 17 574 33 37 9% Illinois Central.... 50 111 Cent 1sd lines(4) 28'4 indus Rayon (1.68). 21y Inspiration Copper. 161 12ix Interboro Rp Tr(k). 42% 33'; Int Agriculture pf.. 161'5 149% Int Bus Mach (p6).. 6% 3% Int-Carriers Ltd 200 33 24% Int Cement (1)..... 437 36% Int Harvester (60c) 14215 135 Int Harvester pf(7) 27y 1'% Int Hydro Elec (A). 24’z 22% Int Nick Can (60c)., 12 612 Int Paper & Pw pf.. 243 21%; Int Print Ink (1) 31's 29 IntSalt(13) 28 21 IntSilver.. 6% Int Tel & Tel. -5 - 5.8 e A DB T DR I & O 974 12% 36 [ S 31 Island Creek C (4). 57% 41% Johns-Manville. . 78 56% Jones&Laugh 7% 115% 115% Kan C P&L 1st pf 6. 1313 7 KansCity South pf. 10 7% KaufmannDeptS40o 2% 1 Kelly-Spring T (k) 8 6 Kelsey-Hayes (A) 51; 31 Kelsey-Hay 15! Kelvinator 1474 Kennecott C (60¢). . 267 Kinney (G R) Co of 42 Kresge Dept Strs pf 20% Kresge (S8)(1) 23% Kroger Gr&Bk 1 26% Lambert Co (3) 10% Lee Rub&Tire ( 69 Lehman Cp(12.65).. 15% Lehn & Fink (1%). 25% Lib-0-Ford G1(1.20) 109', 102 Ligg & Myers B(15) 24'; 14% Lima Locomotive. . 367 31% Loew’'sInc (2)..... 104% 102 Loew's Inc pf (GK) 18, 1% Loft Ine... 36% 341 Loose-Wiles (2).... 21% 19 Lorillard P (12.20). 135'3130 Lorillard P pf (7).. 4713 38 Louisv & Nash (3). 40 MacAndrews & F 13 8% McCrory Strs A (k) 57% McCrory Strs pf (k) 812 McGraw Hill Pub... 365 MclIntyre Porcu (2). 90%; McKeesport T P (4) 7 McKesson & Rob... 37 McKesson & Rob pf. 221 Mack Truck (1).... 36% Macy (R H)& Co(2) 114 Mallison & Co...... 75 Manati Sugar (k)... 17 ManElevmg (K)... 5% Marine Midld (40c). 3% Market St Ry pr pf. Marlin-Rockwell (2 [ 'S @ S €3 100 1 @ 4= T 14 ek ekt O €0 O D ek 00 et D FIF FRFE ES 25% Mathieson Alk(1%) 143 136 Mathieson A pf (7). 84% Maytag 1st pf (6).. 3% Mengel Co. .. 2381 Mengel Copf.... 24% Mesta Mach (1%). . 27% M-G-M Pic pf (1.89) 10% Mid-Cont Pet(h50c) 9% Midland Steel Prod. 60% Mid Stl Pr 1st pf(4) 58 Minn-Hon R (13%) 4% Minn Moline Pow. 6% Mo Kan & Texas pf. s-. EEps 13 MohawkCM (huo) 231% Montgomery Ward. 19% Motor Products. FE & Sy ¥ & 30" Myer(FEYRC 160" 19% 123% Nash Motors (1) 30% 25% Nat Biscuit .2).. 146 141% Nat Biscuit pf (7)., 18% 14% Nat Cesh Reg A 60c. 15% Nat Dairy Prod1.20 1% Nat Dept Store (k). 21% Nat Dep St 1st pt(k) 24% Nat Distillers (50c) 5 Nat Pwr& Lt (80c). 11 Nat Supply Co...... 5 Newport Industries 20% N Y Airbrake 12% N Y Central RR. 12% NYChi&StLpf.. 2% N Y N H & Hartford 6 NYNHG& Hart pf.. 7 NY Shipbuilding. 77 NY Steam pf (6)... 30% Noranda Mines (h2) 99 Norf & West pf (4). 2% North Am Aviation. 10% North Am Co (1) 21% 13% Northern Pacific. 10% 9% Ohio Oil (hd5c) 4% 2% Oliver Farm Eq 26% 16% Oliver FprpfA.... 1 = 3 128% 128 128% + % 3 5% 5 5 - 3 121% 121% 121% - % 15 18% 17% 1Th - % 1 4% 4% 4% 13 21% 21 21% — 405 109 109 109 TR 14% 13% Pacific G& E (13%). 23% 20% Pacific Lighting (3) 21 14 Pacific Mills (h50c) 50 1t 1t 0 b i 0 1 120 111% Pacific T & T pf (6) 8% 7 Pac W'nOil (h40e). 5% 8% Packard Motor..... % 3 Par-Publix ctfs (k) 15 Park & Tilford. 2% Park Utah... 1 Pathe Exchange 13% Pathe Exehnn(A) 8% Patino Mines. 13% Peerless Motor. 70 64% Penick & Ford (3).. 74 64% Penney (J C) (2)... 110 108 Pcnney (JC) pt (6) 5% Penn Dixie Cement. 25% 18% PennRR (1).. 36% Peoples Drug 8 (1). 23% l'lK Peoples Gas Chi.... 9% 8 Petrol Corp (h50¢). 13% Phelps Dodge(h750) s Nusnununnwuu‘ e o Bess L ++ - FEF FREER g Bgd i+ 1 13% 208 125 125 125 +l 8 5% bB% B4 - 1 2% 2% 2% 5 # = 1 5 Rails. —4 *10.4 19.8 233 3.7 276 Sales— Net. Add 00. High. Low. Close. Chge. 1 2 1 16 108 30- 2 10 47y 33 22% 114-32114-32114-32 6 34 34'% k) 103, 1 62% 43 284 2112 12 115 11612 1 T 613 5% 3 105% 1 15 1 85. 108 132 139 0 RO B ke i 3 09 00 80 e R 00 0 b S M - 8 SN marE ~ - S S - o mEramunSaanman e 34% 120; 100!6 100!6 100% STOCK AVERAGES Complled by the Associated Press. 15 Util. Stocks. —1 226 227 24.4 35.3 26.6 223 40.6 242 239 184.3 618 4% 22%% 34% % 108, 62'1- 28% 1% 1'% 157 1% 1165 T 9% 1 8% 5% 15% 15 2813 65 20% 23% 27% 10% 70% 16 25% 105 15 35% 1044 32 1:49. lll‘/: 10“ 14% 9% 2% l'l!i 2 13% 13% 5 20% 20% 3 14 - - 0200 1 4 01 0300 1t bt 0 00 1 - § 74% 70 Pacific Tel & Tel (6) 2508 75 10s 120 120 120 1 8% 8%k 8% 13 4% - w3 z-§°§ Regs 4% + % 22% — % 112 'l"- 15% 31Y% — & % — % 12% =" 2'3 4T+ b Prev. 1035 High. Stock and Low. Dividend Rate. 2% Phila & Read C & 1. 37 Philip Morris (1)... 14'4 Phillips Petrol (1). % Plerce-Arrow (k)... % Plerce Oil.........1 7 Plerce Petroleum. .. 31% Pillsbury Flour 1.60 6% Pitts Screw & Bolt.. 27 Pitts United Cpf... 7 Plymouth Oil (1). 7% Poor & Co (B)....... 2 Porto Ric Am Tob A % Porto R Am Tob B.. 10% Postal Tel & Ca pf.. 15 Pressed Stl Car (k). 8% Pressed Stl1 C pf (k) 42% Proc & Gamb (1%). 120% 115 Proc & Gam pf (5).. 27% 20% Pub Serv N J (2.80) 71 62% Pub Serv N J pt (5) 93 85% Pub Serv N J pf (7) 108% 101% Pub Serv N J pf (8) 102 99 Pub Sve E&G pf(5). 52% 43% Pullman Inc (3).... 7% 6% Pure Oil.... 61 52 Pure Oil pf. 10% 8% Purity Bakeries (1) —_—_—— 5% 4% Radlo Corporation.. 50% Radio Corp pf A 3%. 35% Radio Corp pf (B).. 1% Radio-Keith-Or (k). 18 Raybéstos-Man (1). 8% Remington-Rand... 215 Reo Motor Car 10% Republic Steel 33 Republic Steel 21% Reynolds Metalsl). 4612 Reynolds Tob B'(3). 217 Roan Antelope Ltd. Sales— 12% St Joseph Ld (40c).. 14 St L San Fran (k).. 6 Savage Arms. o 23Y% Schenley Dl!!lllers. 2 Schulte Retail Strs. 12 Schulte Re Strs pf. . % 21 Seab’d Oil(Del)(t1; 3.’!75 Seagrave Corp : 7% Servel Inc.. 93 Sharon Steel Hi Tt Shattuck(F G)25¢ 6'% Shell Union Oil. 8% Silver King C (4 6% Simmons Co. 15 Simms Petr 615 Skelly Oil. 11% Socony-Va; 11'x South Cal Ed 1%) 13% Southern Pacific 81 Southern Railway 10% Southern Rwy pf... 3% Sparks-Withington. 7% Sperry Corp (25¢) .. 60 Spiegel-May-Stern. 16% Stand Brands (1)... 314 Stand Com Tobacco 2% Stand Gas & Elec... 73 Stand G & E $7 pf 1% Stand Inv Corp. 32% 29 Stand Oil of Cal(l) . 1133, 111 Stand Oil Exp pf(5) 25'; 23% Stand Oil of Ind (1) 431, 371; Stand Oil N J(t134) 15% 13 Starrett (L S) a 64% 583 Sterling Prod (3.80) 9% 6% Stewart-Warner...: 5 2% Stone & Webster. 4% Superheater ( 1% Superior Oil 12 Symington. 1’x Symington (A). 9% 8 Telautograph (1).. Add 00. High. Low. Close. cnlr 2% Prev. 1935 Low. 18% Te: 31 Texas G 3% Tex Pac 815 Tex Pac 2% 37% 3T% + 14% — % — % o 32* zm + Th = % — 204 4+ % 1 1% 8% = 481 — 120 21% — 65 87% — % 103 +1% 101 +1 4% - % 6% 52% — % 9%+ % 100 Tid FEAF F O IFEEE F *i‘i‘i 45+ % . —-1% -% 127 924 332 53% 451, 125 22 T 17% 428 =i 4= % %= % 9 S+ % R %+ % 69 62% USSm 94 T 3% United 91 4% 95 110% 104 68 Wilson 51 14% 4% 3 Yellow 4% 11:00 A.M.. Dividend ral cash payments bi declarations in stock. < Plus 4% k Compa Plus 5% w12 4 %5 | i iock Stock and Dividend Rate. Adu '00. High. Low. Close. cnn Corp (1).... 2% Thermoid Ce 2% Third Avenue. 5% Thomp'n (JR) (50¢) « 14 Thompson Products 2 Thompson Starrett, 8% Tide Wat Asso Ofl. . 84 Tide Wat A O pf(6) 40% 29% U S Steel 78 U 8 Steel 21% 15 Vanadium Corp.... 27% 20% Va-Car Chem 6% pf 1 72%; Va E1 & Pwr pf (6). 27 Warner Bros Pic 3% Warren Bros. . 233 Warren Fdy&P (2). 30% Wesson O&S(11.25) 72 Wesson O&S pf (4). 1 38 West Pa Elec pf (6) 100s 397 West Pa Elec pf (7) 1708 West Pa Pw pf (6). West Pa Pwr pf (7) 2% Western Pacific pf. 23 Western Union.... 19% Westingh' 34% Westingh’se Elec. . 29 Weston Elec A (2). 1'2 White Sewing Mch. 5% Wilson & Coal2%e. Woolworth (2.40). .. Worthington Pump 3% Zonite Products. ... Sales of Stocks on the New York luhu s Unit of trading less than 100 shares, h Paid last year—no_regular . ¢ Payablc lnicllh or stock x Ex-didivend 31 18% 3 32% 3 3% 12 10% 1 2% 8 3u 1 5% 5 14% 18% 32% 38 10% 181 — % ulf Sul (2).. 32"1 Lk Coal & Ofl. Land Trust 2‘; 3% + 5% 14y - ‘m by n T 8% — 87% — at O11 pf (5). % 5% Timken-Detroit. ... - 4 5 Transamerica (25¢) 6 Transue & Williams 2% Tri-Contl Corp.. 36 Trico Prod (2%)... 18% Twin City RT pf. 55% Und-Ell-Firher (2). 44 Un Carbide&C 1.60.. 14% Un Oil of Cal (1) 86% Un Pacific (6)... 82 Un Pacific pf (4) 10% United Aircraft. 4% United Air L vtc...; 8 United Am Bosch ll'l United Bisc pf (7).. 46 United Carbon 2. 40. 1% United Corp. . 21% United Corp pf 9% United Drug.. 71% United Fruit (3)... 9% United Gas Imp (1). 88 United GasIpf (5). 18 United Pce D W pf. U SGypsum (1).... 36% U S Ind Alcohol (2). #% U S Leather (A)... 16% U S Pipe & F (50c) . 4 USRealty & lmpr. 124 U S Rubber 29% U S Rubber 1st pf. .. 124% 106'; U S Smelt & R (h?). kL 70- 115’/: xw 524 52w 13 21% 10 81 9% 8 1% 22% 10% &Rpf(3%). " AT WEEK'S CLOSE *|Rail Shares Again Recede. Rest of List Pulled Un- evenly Lower, BY VICTOR EUBANK, Associated Press Financial Writer, NEW YORK, March 9.—Brakes again failed to hold in the rails in to- day's short session of the stock market and prices were pulled irregularly lower, although trading was light. The closing tone was easy. Transfers ap- proximated 280,000 shares. Week end business and trade news was a little more favorable than a week ago, but with the period at hand when industrial production is likely to reach its seasonal peak, Wall Street remained cautious. Renewed selling of the rails was said to reflect the continued unsatisfactory earnings position of the carriers. New developments were lacking. However, it was pointed out that the roads face a 5 per cent wage increase April 1 and yesterday's car loadings report, while showing a better than seasonal gain over the previous week, failed to top the same week of last year. Stores (A). 2! 1% Univ Pipe & Rad... 19% 12 Univ Pipe & Rad pf. 11 508 4 2 3 42 44 408 96% 108 106 © 2 3 9 20s 1 65 AB 50¢ [EERIE R RRRRE: & Co pf (6).. sy Truck..!... 4 5 1 6 4 140,000 12:00 Noon s eiven in the above table on the latest quarterly tPartly extr T ate ble 1 Fis 31 in special preferred n stock a Pald this year ) Accumulated | nies reported in receivership of being reor- in_stock. lus 3% in stock. D Plus 2% FINANGIERS HA REFUNDING MOVES 16} + 25% — 105 15 35% — 101‘4 € S FEFESS Meat Packing and Steel Is- sues to Be Followed by Utility Action. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 9.—A start is peing made on corporation refinanc- ing and refunding, of which there is a great deal to be done—if conditions permit. It ought to have a cheering effect upon sentiment in the Na- tion’s financial center, for i{ means business of a sort. & & The total of two plans announced Friday, one registered with the Se- curities Exchange Commission and the other about to be, runs to $83,- 000,000—in meat packing and steel bonds. A large utility issue is ex- pected to follow. Now that the way has been made a little less painful through the rea- sonableness of the commission in simplifyling requirements, ;t may be that the long stalemate will be bro- ken. With a great many callable bonds commanding premiums, the way is open for corporations to put old debts on a lower interest basis. “The lack of use by business of the superabundant bank credit available” is cited by the chairman of the Guar- anty Trust Co. of New York as the chief cause of deelining bank earn- %|ings. Cause and effect explain the reduction in the trust company's dividend. In other words, it is not deposits that make profits for a bank, it is what Calvin Coolidge called the “hir- ing out of money.” By the same token, it is not the existence of avail- able credit that turns the wheels of business, it is the use of that credit. % | The distinction is simple, but there 257 141% 15% + % 16% + % is no end of confused thinking that ignores it. Plans to force recovery by increasing bank deposits have split upon that same rock. A recent survey by the Guaranty Trust Co. made the point quite clear. “It is interesting to note,” said the survey, “that the average amount of net demand deposits outstanding in this country in 1929 was only 30 per cent larger than the average for 1921, while during the same period, bnnk debits to individual accdunts rose 134 per cent and the rate of turnover in- 1% 22k - % 25% —- % 5% — % 10% —1% 5 20% 13% — % 12% - % -u 14\6-96 MW+ % 2’%—% creased 79 per cent. Similarly, the lowest point reached by demand de- posits during the current depression | Wash. was only 30 per cent below the 1929 average, while the velocity of circula- tion declined nearly 70 per cent from the average for that year.” More encouraging, therefore, than enormous excess reserves, is the in- crease in bank clearances for the week ended Wednesday. A new high mark was made for the year and the total for all centers was 20.2 per cent high- | & er than a year ago. Outside New York City, clearings were the heaviest in more than two years. (Copyright. 1935. by N erican Newspaper Alnlnc:nlhhefn NEW YORK BAB SILVER. NEW YORK, March 9 (#)—Bar ~1% | silver barely steady, % lower at 58%. 20% - % 13 -1 % +% 4 + 3 15% + 2% + gl 325, ++ 4+ FEFER I 8w P n: |+ DIVIDENDS ANNOUNCED NEW YORK, March 9.—Dj . clnred (nrenured by the sunldv:gu gmdlf- tics Initial. Rate. Pe- l ed !tko& Fl{e Norwich Pharmacal. 4-1 Mml Insur. 4-1 4-1 4-1 4-1 41 5-1 8-30 A “3 Clenlnnd !l nhlml I.rll'l 'h Auto Production Mounts Further To 86,973 Level By the Associated Press. DETROIT, March 9.—Cram’s Re- ports, Inc, in a weekly analysis of automobile production estimates out- put for the week ending today at 86,973 cars and trucks, compared with 83,899 a week ago and 73,645 in the same week last year. The analysis says that plants of the General Motors group produced 24,400 cars this week, compared with 23,694 last week and 28,170 a year ago. Ford production was placed at 35.055 cars and trucks for the cur- | rent week, compared with 34,455 a | week ago and 18,675 for the like week a year ago. Chrysler output was given as 18. 881 | this week, compared with 18175 a! week ago and 19,355 during the same | week of 1934. STEEL PIPE ORDERED. NEW YORK, March 9 (#)—The General Petroleum Corp. of Los Ange- les has placed orders for 8,100 tons of 10%-inch seamless steel pipe. Na- tional Steel Tube Co. a subsidiary of the United States Steel Corp.. was awarded 4,100 tons, and 3,200 tons went to the Youngstown Sheet & Tube Co. The balance of the order was awarded ‘o Spang Chalfant Co. CHICAGO PRODUCE. CHICAGO, March & (P —Poultzs, live, 8 Lrucks: s prices unchange firm; creamery specu!s Eggs. 14.005. easy: E fresh :ndefl flrsls H receints, 20; storage packed flrsu 23%; Egg sales. 1 car storage Dacked extras. 53; 25 cases “errent Teo ceipts, 20. Washington Exchange SALES. AFTER CALL. Washington Gas 5s 1958—$1,000 at 1043, $1,000 at 1043, BONDS. -Bid and Asked Prices. PUBLIC UTILITY, Amer, Tel & Tel. 470 Am. Tel. & Tel. Anacostig & Pot = Ana, & Pot. 3 current CtDnlnl Traction R. City & Suburban 5: Georgetown, Gas 1st '3 Wash. Rwy. & Elec. Mlsch.A Barber & Ross, Inc.. Amer. Tel. & Tel Gapital - Transit % & W. Steamboat (6).. Pnt E Pow. A% of (8) Pwr. 512% pf (550 Ry. & EL C 2! Wash: BY. & b ptd. (5. NATIONAL BANKS Capital (4 .. Liberty (3) .0 Lincoln _(5) Bies &) Rig; Ve Simeton o0 TRUST COMPANY Sec. & Tr. Co. (8) 198 N gan. 100 Wash. !nnn k Tr ®). SAVINGS B! Com. & Savings (6) FIRE INSURANCE. American (12) . Corcoran (2.50) Firemen's (1.60) National Union (.60) . TITLE INSURANCE. bia (.30) . for g ) Carpel Corp. (1) ........ aper Mf . B Bresals ' 403 Brome 8l llernnm&leru x’z-'mm Real Est. M. ‘v t) ‘N L. fi"lznlxaé::wfog‘ 58 30 Wawd. & Toth.pfd. ¢i)... 110% Eom«u extrs dividend pavable March 1. 2. | of Argentine wheat at New York, sug- GRAINS DEPRESSED BY MONEY FEARS Prices Turn Down Despite Rapid Decrease in Vis- ible Supplies. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, March 9.—Turmoil re- | sulting from world-wide agitated mon- | etary conditions is just now the main | factor in the grain trade and has been making lower prices the rule. A strange circumstance is that | downturns of values appear to be in virtually complete disregard of the fact | that United States wheat visible sup- plies are decreasing even faster than expected. Furthermore, present stocks of wheat at the four leading domestic centers total only about half what ! they were a year ago. Nevertheless, compared with one week back, the wheat market this morning was 1:a2 cents a bushel lower, corn %a2l> down, oats 113a1% off and provisions showing 10 to 20 | cents decline. Price Changes Sharp. With rapidly varying aspects of the financial situation proving to be more than an offset for influences of supply and demand, it takes but little buying or selling of wheat at times to cause rather violent price changes. Meanwhile, hearish sentiment has been emphasized by arrival of a cargo gesting that the so-called ceiling on price upturns in demestic wheat mar- kets is lower than was generally sup- | showing Liverpool October wheat trades at around 70 cents a bushel compared with Chicago September contracts about 90 cents, whereas in former years Chicago was usually 15 cents or more undar Liverpool. Argentine Corn Arrives. To at least some extent, falling of corn prices to the lowest level since last November is associated with re- ceipt of additional Argentine corn in the United States. Besides, there are hints that some corn from Argentina will be brought to Chicago with the opening of lake navigation. Such an event, however, is looked upon by most traders as like- ly to be a maneuver for market effect alone, nothwithstanding that the pos- sibility has been an influence as to the corn-hog price ratio, which of late was down to around 6 to 1 and has now widened to practically 15 to 1. Despite hog price upturns, the pro- vision market, as well as oats and rye, is sensitive to weakness both of corn and of wheat. REICHSBANK STATEMENT. BERLIN. March 9 (#.—The Reichsbank statement as of erch 7 shows the rollowing changes in reichsmarks: = Gold and bullion increased 37,000. 've in foreign cur- Tencles decreased 70, flon ., Dllls of exchange and cheques decreased 737,000, sliver other coins decreased 0 Col;slderahle significance, too, in va- | rious quarters is attached to cables | Union Pacific lost as much as 2 points. and practional recessions lp- peared in such issues as Santa Fe, N, Y. Central, Pennsylvania and Balti- more & Ohio. g errous metals showed isolated This reflected both the in- r !m London gold price today e in New York of rid copper industry striction negotiations ke Mining jumped es as McIn- m expec. sharp gains barring a sharp of demand from the railroads construction. nc“ar:ged. but miscel- ound half a Sundard of rdmg to inten- Street’s he: tancy. A fur- | ther sag in the pound <terling was considered only natural in view of its recent recovery, but its future remains cloudy. In addition London news of the growing seriousness of the revo- lution in Greece attracted attention. Also it appeared that troubles in the Far East incident to the rise in silver were not ended, as Wall Street advices from Shanghai said securities dealings there had been restricted in an effort to halt the decline in values. . SUGAR OUTPUT LARGE. NEW YORK, March 9 (#).—Produc- tion of sugar in Cuba since the be- ginning of this season’s grinding to- taled 1,224,780 tong tons up to March 1, or 52.9 per cent of the 2,315,000~ ton crop expected this year, according to reports to Lamborn & Co., sugar brokers. Up to this time last year production amounted to only 345,166 , tons, or 15.2 per cent of the total out- turn of 2,274,303 tons. MONEY TO LOAN On First and Second Trusts Quick replies. Reasonable charges. See Harry S. Welch (Formerly trading as WELCH) 927 15th St. N.W. District 4346, LOANS We Will Make First Trust Construction Loans on Residential Properties Prompt Action on Application Real Estate Mortgage and Guaranty Corporation 1610 K St. N.W. Oysters and Ham, Baltimore Style (Since 1858) P __1107 Connecticat Avenae INVESTMENT PROPERTIES Several apartment houses and residences which can be purchased at prices that will return a substantial sum on amounts invested. H. L. RUST CO. 1001 15th St. Nat. 8100 American National Fire Insurance Company ot cfllllmbus. Ohio, on the 31st day of Dece! 4. required under Sec- tion m!lb:; of 3Lht“c¢da of Law for the Dumu of Columl OF THE CONDITION OF THE INCOME. Total tnterest and vents Other income . Total income DISBURSE! All other disbursements. Total disbursements . Bonds and stocks Deposits in banks i | Reeots *nalances uring _ obligatios 742,000, other Hiasiitics das NEW YORK BANK STOCKS NEW Y March 8 ().~ Security De-len Assoclation: e Yt Bk fo Man (1a) Interest and rent di af other ai Gross assets . Deduct assets not *Total admitted assel Oé.l.leh llllhllltll! <SaPoits over % off inisiies 05122007 31, 1934. mrm mommm for all bonds 4 un& stocks ow e total admitted assel 1d be L’?fié""‘ to 8972, 9757997 .-na nn 2 Dotley- ers’ surplus to ACKERM i Nlll City (1) NY 5) B o hok, ‘United 8t Tr (7| (s) Including \ AN, Vlu Prtl!dmt " Asst lmh dly of PFebrua! Public Kings Couny. il ""'" T *New York County No. BRODIE (% COLBERT 1707 Eye . Nw. National 8875