Evening Star Newspaper, March 16, 1935, Page 14

A—14 *% BANKERS RECALL | TRANSAC WAR DRIVES HERE Washington Financiers Took Leading Part in Liberty Loan Campaigns. BY EDWARD C. STONE. Bankers in the financial district today were recalling the sale of the first Liberty loan bonds in July, 1917, which have just been called for re- demption to be paid off on June 15, the amount aggregating $1,993,000,600. The bonds were put out as a part of the great Liberty loan campaign in which Washington financiers took a leading part. Special drives were car- ried on in all the banks, bank officers made speeches at public gatherings and urged patrons to buy as many of the bonds as they could, advocating purchase as an investment and also as a patriotic duty to the Government. Several Washington financiers were rewarded with special commendation by the highest Treasury officials as quotas were sold by the different banks. “Over the top” was the ex- pression as the different institutions disposed of more than they were ex- pected or asked to sell. Now this first issue has been called and will soon fade out of the financial picture. But it will long be remembered. The first Liberties are figuring in the Treasury's refunding operations which are designed to save the Government around $100,000,000 a year in interest, according to Secretary Morgenthau. By calling all outstanding first Liberties, the Treasury has only the remaining two series of fourth 4! Liberty bonds to deal with, and these will be called on April 15 for October 15 payment. Huge Interest Sums Saved. Thus far, more than $30.000,000 interest has been saved on converted 4l4s, and another $25,000,000 will be saved on the current exchange offer- ing. Conversion of the last two series to a 27 per cent basis will mean economy of a further $17.000.000. In addition, the Treasury will save $13.- 500,000 a year in interest on the $675,000.000 of 2 per cent consols and 2 per cent Panama Canal bonds called last week for retirement in July ard August The latest call affects all the fi Liberty loan bonds, including $1.39 226,250 of 3 $5,002,450 of converted 45, $532,489, of converted 4'ys and $3,492,150 of second-first converted 415, ora grand total of $1,933.209.950. Refunding of these issues on a 27g ver cent basis would save shightly more than $16,000.000 a year. With the completica of the conver- sion operations already undertaken, the Wall Street Journal points out, the Treasury will have no further opportunities to refund long term obligations until 1940. After that year a large number of Treasury bonds become callable, but many of them bear coupons of 33g per cent or less. About $2,250,000.000 of securities will be left outstanding with coupons of more than 333 per cent. including 41s, 45 and 3%;s. 1t is probable holders of the first Liberties called this week will be | offered a choice between long and intermediate cecurities in exchange. The Treasury will be cautious not to overload the market with long term bonds in view of the indicated future need for borrowing. District Outranks States. An analysis prepared by the Federal Housing Administration of the poten- tial market for all products and services used in the repair, mainte- nane and construction of the home, reveals the fact that the District of Columbia stands ahead of the 48 States in the estimated per capita quota. The total dollar volume of the potential housing market is estimated at from $1,000,000.000 to over $4,000- 000,000 with an average in normal times of $2,500.000,000. Such figures are, however, little more than a guess, but on this per capita basis, Wash- ington leads with $12 per person per year. Maryland has potential building im- provement funds of $8.14 per person, West Virginia, $6.04; Virginia, $5.92; North Carolina, $4.92, and South Carolina, $4.59. The quotas were based on popula- tion; number, type and value of dwellings: purchasing power. and | building group outlets. The analysis | excludes expenditures for housing financed through direct Government subsidy. An analysis also was made of the potential housing market on a per- centage basis, showing that 38.5 per cent of the entire market is con- centrated in the five States of New York, Pennsylvania, Illinois, Ohio and California, New York leading with 11.2 per cent. Financial District Gos The Richmond Reserve Bank has notified all banks in this district of the $100,000.000 offering of Treasury bills, dated March 20. $50,000,000 ma- turing September 18, 1935. and the re- maining half on December 18 of the present vear. Tenders will be re- ceived up to 2 p.m. next Monday. The Securities and Exchange Com- mission has ordered the registration on the New York Stock Exchange of $7,000,000 10-year convertible 6 per cent debentures due January 1, 1945, and 2,800,000 shares of $1 par value common stock of the Studebaker Corp. to become effective upon receipt of official notice of issuance by the ex- change, and upon consummation of the plan of reorganization. The total number of General Mo- tors stockholders for the first quarter of 1935 was 350.663, compared with 350,164 in the fourth quarter of 1934 and 351,949 in the first quarter of 1934. All but 19.466 represent holders of common stock, the other owning the preferred. Col. Ayres of the Cleveland Trust Co., in his monthly review, states that general business activity neither made important gains nor suffered serious setbacks during the first quarter. A deterring influence, he asserts, ‘has been the continuing doubt as to the conditions under which business is to be conducted. He says business can adapt itself to almost any conditions and go forward, once new rules are made definite and constant. FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, TIONS ON THE NEW YORK STOCK EXCHANGE wlrcdlxu to The Star. Stock and Dividend Rate. Prev. Blrh 33’ : Adams Millis (2). 11% 8 Addressograph. 115% 1067 Alr Reduction (3) 17 1 Alr-Way Elec Appl. 20% 15% Alaska Jur (11.20). 1% 1 Alleg Corp (k) i 2% Alleg pf w§30w 141 128Y% Allied Chem (6) 17% 12 Allis-Chalmer: 3% 2 Amal Leather.... 57 481 Amerada Corp (2) 123 110 AmCan (5)... 20% 10 Am Car & Foundry. 6013 38 Am Chainpf....... 33'% 22% Am Comel Alcohol, 10% 6% Am Crystal Sugar £8% 573 Am Crystal Sug 3 113 Am Ensaustic. 5% 2 Am & Foreign Pwr. H 14 Am & For Pw pf (7) 5% 21, Am Hide & Leather., 30% Am Home P (2. do) 315 Am Ice Co. ... 287« Am Ice Co pf (6). ]fi’!fl 3-» 47% 378, 6% 20% Am Locomotive. .. 72 5 AmMach & Metals. ~ Am Mach & Met ctf, Am Metals. . Am Power & 5 Ft. Am P&L $5pf (1%) 10'x Am P&L $6 pf (1%) 174 3, 134 15% 1 24 T5% 40'% 112 69 1(' 10: Am Radiator. .. s Am Rolling Mills. Am Saf Raz (t5%). Am Smelt & Ref.... Am S&R 6% pf (§3). 63 Am Snuff (13%).... 181 12 Am Steel Foundry., 43 34 Am Stores (12%) 701 57': Am Sug (2). 1078 102 Am Tel & Tel 84% 7612 Am Tobacco (5) 86% 78% Am Tobacco B (5) 138 129'« Am Tobacco pf (6). 14°. 7'« Am Water Wks (1). 91, 47, Am Woolen. .. Am Woolen pf . 2's Am Writ Pap pf (k) 3 AmZinc & Lead. . 23, R Anaconda Copper... 7% 103 AnchorCap pf(63%) A7\ Armour of Illinofs. . 60 Armour [11 pr pf (6) 4 Arnold Constable... 29% Associated Oil (h1) % Atch To&S F (h2).. Atlantic Coast Line. 21% Atlantic Ref (1).... 36 Atlas Powder (2)... 15); Auburn Auto....... 40 Austin NichpfAS.. 3 Aviation Corp Del —_— 6% 1) Baldwin Loco (K).. 15 7); Baltimore & Ohlo. ... 105 100% Bamberger pf (6% § 5% Barnsdall Corp. 44% 37 Bayuk Cigar (b4) 19 161 Beatrice Cre(as0c) . 78 13'3 66 32 103 117« Bendix Aviation. . ix Beneficial Loan 1% . Best & Co (2). i\ Bethlehem Steel 9%, Blaw-Knox €35 Boeing Airpl; 494 Bohn Alum&Br (3). Bon Ami (A)(15). < Borden Co (1.60) -x « Borg Warner (1%). 1: Briggs Mfg (2). ~ Briggs & Strat (3).. Bristol-Myers +2.40. 36': Bkin-Man T(a75¢) .. 1% BKklyn & Queens. ... 43% Bklyn Union Gas(5) 4'« Brunswick-Balke. .. 8% Bucyrus Erie cv pf.. Budd (E G) Mfg.... + Budd Wheel . 31, Burns Bros pf 1314 Burr Add M (60¢). . '« Butterick Co. . 11% Byers (A M) .. 3612 California Pkg(135) 4t Canada Dry G A (1) Canadian Pacific 467, Case (J 1) Co. 36': Caterpillar Tra ' Celanese Corp. .. 2214 Cent Aguire (1%) SS°~ Cerro de Pasco (2).. 3%, Certain-teed Prod. .. 37! Ches & Ohto (2. IO)- 36 Chesap Corp (3). “. Chi Great Western.. 13« Chi Grt West pf. 1% Chi MilStP& P 2 ChiMiIStP&P 27. Chi & Northwestrn. 4% Chi Pneumatic Tool 20 Cht Pneu Tool pf 1 ChiR1&P (k). . 1% Chi R I&P 1% nf(k) 5': Chickasha Cot Oil.. 3'2 Childs Co 31 Chrysler Corp (1).. 87 City Ice& Fpf 6%.. 1'% S City Stores (k). % 3 City Stores ctfs 12114 11212 Cluett Pea pf (7). 180"- 1617« Coca-Cola (8).. 167 Colgate-P-P (50¢) 9 Collins & Afkman. .. 69% Collins & Afk pf (7) 1; Colo Fuel & [ron(k) Colo Fuel & It pf (k) % Col Gas & Elec..... 31 Col G & E pf B (5) 3415 Colum Pic vtc (m1 67 Columb Carbon (4). 291; Comel Credit (2)... 291; Comcl Cred (B)(2). 56% Comel Inv Tr (213) 111 Comel In cv pf(e6). 175 Comcl Solv (t85¢) * Comw & Southn. 2914 Comw & Sou pf (3) . 27 Congoleum-N(1.60). 9 Congress Cigar. 7 Consol Cigar. 41, Consol Film. 157 Consol Gas 7214 Consol Gas pf (5). 612 Consol Oil (h42c). 97, Container Corp (A): 3% Container Corp (B). % Contl Baking (B). 62% Contl Can (2.40) 1, Contl Motors 151« Cont O(DeDal23c. 62 Corn Prod Ref (3).. 149 Corn Prod pf (7) 4 96 5 68 154 Cream of Wht 2% . 2315 Crown C& S (1).... 5% Cuban-Am Sugar... 4013 Cuban-Am Sugar pf 41 Cudahy Pkg (2%).. 15 Curtis Publishing... 8913 Curtis Pub pf (7)... 2 Curtiss Wright. 61 Curtiss Wright (A) . 16 Cutler Hammer.. .. Deere & Co . : 24 Delaware& n 11 Del Lack & West... 34% Diamond M pf (134) 34% Dome Mines (2)... 815 Dominion Strs(1.20) 17% Douglas Afrcraft... 3 Dunhill Internatl. .. 2 87% Du Pont de N (2.60) 107 104 Duquesne Lt 15t (5) 8 3%, Eastern Roll Mills.. 123 110’; Eastman Kod (5). .. 207 16% Eaton Mfg (1)..... 20 19% Electric Auto Lite. . 110%: 107 Elec Auto Lite pf 6% 37 Electric Boat. ) 8% 6% Elec & Mus In : 3 1 Elec Pwr & Light 7% 21 Elec Pwr&Lt $6 f.. 813 3 Elec Pwr&Lt 37 pf. 491; 40 Elec Stor Bat (2%). 130 125% Endicott-John pf(7) 2% 1% Engineers Pub Sve. 5% 5 EquitOffice Bldg. .. Uncertainties include rapidly Shift- | o—————mm ing values in the international ex- changes which hamper all foreign trade. They include the prospect that we may have new and radical banking legislation. Finally, a major element of uncertainty is inherent in the fact that the Congress has continued dis- cussing a large number of exception- ally important measures without de- ciding practically any of them, Col. Ayres adds. The Special Committee on Commis- sions appointed by Richard Whitney of the New York Stock Exchange tq study commission rates is asking members either to comment by letter or to advise that they wish to be heard on the subject of higher com- mission rates. Manila. P. is to have a large new motion picture theater.’ 9% 4% FairbanksCopf.... 1% Fairbanks-Mrs pf 5% Fed Lt & Trac... 7 Fed Water Sve (A 17% Fed'd D Stores (11). 281 Fid Ph F Ins($1.35) 131% Firestone (40c). 88 Firestone pf A (6).. 46% First Nat Strs(2%) 2% Follansbee Bros (k) 97; Foster-Wheeler. . .. 20 Fourth Nat In h8be. % Fox Film (A).. 19 Freeport-Texas 9% 8 GamewellCo...... 38% 82% Gen Am Trans(1%) 18% 11% Gen Asphalt... 125 115 Gen Baking pf (8).. 7% 5% Gen Bronze. .. 63% 501 Gen Cigar (17). 13412 127% Gen Cigar pf (7)... 25% 201 Gen Electric (§0e).. 35% 32% Gen Foods (1.30). e « 1708 109% 109 Add 00 High. Low. Close. Chll. 4 4% 4% + % 4 30 = ; Net change . Today, close . Previous day . - 127% 127% -1% 2 13% 13% 13% + % 2% W 52 113% 11% 57% 24 8% 80 115 24, 14% 15 — 14 9 — 10% - % 1% 16% — % 69 +3 33 105 6515 13 34% 60%; 101% B P L e = 3454 60" 101% 6% 7R n 17% 127% 31% 2% - - ITPPR =08 47-. 361 23 6% 0% 75 20 861 T7% 125 'g. % 11 9 174 3% 521 131 et s Tha 18'% 18% 38 22 > 1909 033 i C3 % ek 201 13 1S 4 D 15 it ~am3n o RN RRAW T T+ LI +4+ +4++ + 141+ PRFEEES FESSE B I3 e maloorE s RamsanS s - 8 28% 21% 25 % 815 14% 6 1 16% 36% F f ¥ 11% 341 39 915 184 315 87% 1043 4% 117% 17% 20 3 Qoo an 4 13% 69 21% 3813 2% +i+i4100010 EFEFFOFEE 8% 408 10473 3 4% 3 117% 2 17% 6 20% 104 4% 175 -1 175 20 109 A% + 7+ 1% = 10% 4% lfi"n 4 7 1% 10 9 6 % 7 1% 3 4% 4 4% + 2 4 4 L W 2 40% 40% 40% + 20- 130\6 130% 1305, +2% 14% 23% 21 77 FRe FEEF . 1936 122 107°x 104 104 STOCK AVERAGES Complled by the Associated Press. 30 Indust. o—3 50.0 50.3 54.4 56.3 Stock and Low. Dividend Rate. % Gen Gas & El (A) 26% Gen Motors (1).. 3% Gen Outdoors Adv.. 17% Gen Print Ink 1.20. . 16% Gen Refractories 16'x Gen Refre cctfs 12 Gillett Saf Raz 70% Gillett Saf R pf(5) 2'4 Gimbel pros.. . 23% Glidden Co (11.30).. 212 Gobel (AdOIf).....e 15 Gold Dust (1.20) ... 7% Goodrich (B F) 15% Goodyear T& R.... 71 Goodyear $7 pf (4). 1% Graham-Paig 5% Granby Consol. 2% Grand Union. 17 Grand Union pf l’é . 29% Grant (W T)(11%). 95, Great Northern pf.. 9% Great Nor Ore (50¢c) 26% Grt West Sug (2.40) 1 Guantanamo Sugar. —_— 3% Hahn Dept Stores. . 55 Hahn Dpt Stores pf Hamilton Watch pf. Harb Walker (1)... Hat Cpfww (6%%). Hercules Pw (13%) Hercules P pf (7).. Hershey C pf (15) 5% Holland Furnace. . . 7 Holland & Son (50¢) 6 » Houcaille-Hersh B. « Houston Oil 1'; Houston O] (new) .y 43 Howe Sound (3)... 6': Hudson & Man pf 8ix Hudson Motor Ca: 1% Hupp Motors. ... —— 2 [11inots Central 111 Cent 1sd line: 21, Indian Refining. ... 25% Indus Rayon (1.68). 60': Ingersoll-Rand (2). 4 Insur Shect Md 14e.. 8% Interboro Rp Tr(k). * Int Agriculture. ... 161'7 N“‘A Int Bus Mach (p6) .- 25 Int-Carriers Ltd 200 227, Int Cement (1) 341, Int Harvester (60c) 13 Int Hydro Elec (A). 2'4 Int Merch Marine. .. ‘22\‘ Int Nick Can (60c) .y = Int Paper & Pw pf.. S Int Tel & Tel. 31 Island Creek C (2). 2 Johns-Manville.... 2 Johns-Manv pf (7). — 713 KaufmannDeptS40o 15% Kayser(J)& Co 60c. 1 Kelly-Spring T (k). 6% Kelly-Sp Tire 6% pf 6 Kelsey-Hayes (A) 31 Kelsey-Hayes (B). 14%« Kelvinator (170¢).. 133, Kennecott C (60¢).. 267 Kinney (G R) Co pf 193 Kresge (SS)(1)... » Kresge (S S)pf(7). 23% Kroger Gr&Bk 1.60. — 12% Laclede Gas St L. 26'% Lambert Co (3) 6 Lane Bryant. 105 Leh Port Cement. . 1': Lehigh Valley Coal. 5 Lehigh Valley RR. 23% Lib-O-Ford G1(1.20) 02 Ligg & Myers (15). Ligg & Myers B(t5) Lima Locomotive. .. 174 Link Belt (60¢).... 2415 Liquid Carb (11%). 31' Loew's Inc (2)..... 1 Loftinc..... 3313 Loose-Wiles (2). M Lorillard P (12 ”0! Louisv GEE(A)1%. ouisv & Nash (3). R McCall Corp (2).... 2 McCrory Strs A (k) 7 McCrory Strs B (k). 7% McGraw Hill Pub. .. 36% McIntyre Porcu (2) 9013 McKeesport T P (4) 6% McKesson & Rob. .. 37 McKesson & Rob pf 9% McLellan Stores (k) 35% Macy (R H)& Co(2) 18% Magzma Copper (2).. 1 Mallison&Co...... 13Y% Man Elevm g (k). 4% Marancha Corp.... 6% Marshall Field 23% Mathieson A!kll’;fi) 244 Mesta Mach (1%).. 213 Miami Copper . 913 Mid-Cont Pet(h 81 Midland Steel Prod. 60% Midl'd Stl 1st pf(8) 58 Minn-Hon R (13%). 373 Minn Moline Pow. . 31 Minn Moline Pow pf 14 Minn &St L (k).... 25 Mo Kan & Texas... 6 Mo Kan & Texas pf. 1% Mo Pacifie (kK)...... 55 MonsantoC (1).... 21% Montgomery Ward. 17% Motor Products 1215 Nash Motors (1). 25% Nat Biscuit 2).... 131; Nat C2sh Reg A §0¢ 14% Nat Dairy Prod 1.20 115 Nat Dept Store (k). 17% Nat Dep St 1st pf (k) 245 Nat Distillers (50c) 474 Nat Pwr & Lt (80¢c) 40% Nat Steel (11%). . 4 Newberry(J J) 1. 60 11'3‘/1 109 Newberry (JJ)pf(7) 4% Newport Industries 181 N Y Afrbrake...... 12% N Y Central RR... 91.h YChi&StLopf... % N Y Investors (k).. Y N H & Hartford N H & Hart of. Ontario & West Raflways pf. .. 14 N Y Shipbuilding. .. 30% Noranda Mines (h2) T % 2 6 2 6! N N % N N N 175 158 Norfolk & W (110). 2 North Am Aviation. 9 North AmCo (1)... 57 North Am Ed pt (6) 13% Northern Pacifle. ..« 357% Northwaest Tel (3).. 1% Norwalk Tire&Rub. —————————— 9% Ohto Ofl (h45c).. 21 Oliver Farm Equip. 125 Otis Elevator (60¢). 4% Otis Steel.......... o T8 OAORRTRS e 13% PacificG&E (1%). 20 Pacific Lighting (3) 12% Pacific Mills (h50¢) 70 Pacific Tel & Tel (6) 120 111% Pacific T & T pf (6) 5% 4% 3% 1% 1% 12% 12% 12% + % 123 128 -2 5% & 5% — % 3% Packard Motor..... 2%, Par-Publix ctfs (k) 215 Park Utah... 1; Pathe Exchange.... 12% Pathe Exchange(A) 30 Peoples Drug 8 (1). 17% Peoples Gas Chi.... 13 Pere Marquette pf.. 16% Pere Marquet pr pf. 7% Petrol Corp (h50¢) . 1295 Phelp- Dodge(h75¢c) Phila& Read C&1. ll‘t Phillips Petrol (1). 0 5% Pitts Screw & Bolt.. 14% Pitts Term Coal pf. . 614 Poor & Co (B)... % Porto R'Am Tob B., 15 Rails. —1 19.1 19.2 22.7 383 276 Sales— AsdotE Low. Close. Chge. P T R e T L T } 5 247 103% 1044 1415 19 [ s 0 B ad o - > 0 RO DN IR RN -E MO ANRERADD A BN DI SN & D R 50 30 1913 23 bk U1 1D b 33 1 o 3 @ S w NG MAN eE - S & o aw €060 1t 1ot 2019 0 01 1ok 1okt 14 03 S i bt 1 i R0 2T - I3 ke 15 60 Util. Stocks. —1 219 220 23.6 35.6 26.6 216 40.6 24.2 239 184.3 618 k 2714 3% 23 18 17% 124‘A 107" [ i 4 10 2 45 7 813 1 10 4“ 39% 118 83, lS"¢ 2410 13 26% 6 1 113 6 24%, 102% 1031 -2 352 35.4 388 46.6 416 348 514 349 16.9 157.7 61.8 Net. % ¥ 1241 1074 67n [ 10 21 454 7 815 2 107 4“4 2% 1 +1 +H L+t 118 9% 16% ++ + 4+ 1023, 1031 14 19 19% +1% % + 131 + R R ] SATURDAY, Prev. 1935 Stock and h. Low. Dividend Rate. 8% Postal Tel & Ca pf.. 1% Pressed Stl Car (k). 42% Proc & Gamb (13%). 20% Pub Serv N J (2.80). 99 Pub Sve E&G pf(5). 41% Pullman ine (3). 6 Pure Oll. 3 4 Radlo Corporation.. 35% Radio Corp pf (B).. 1% Radio-Keith-Or (k) 8 Remington-Rand... 71% Remington-R 1st pf 2% Reo Motor Car. . 9 Republic Steel..... 29 Republic Steel pf... 28 Republic Steel pf ct 20% Reynolds Metals1). 46'% Reynolds Tob B (3) 32% 29% Roy’l D h1.35 3-10c. 46 371, Safeway Stores(3).. 110 104% Safeway Strs pf (6) 17% 10% St Joseph Ld (40c) . 28% 22 Schenley Distillers. 20% 104 Schulte Re Strs pf.. 40'; 31 Sears Roeb'k ( 9% 7% Servel Inc... 5% 3% Sharp & Dohme.. 9% 7% Shattuck(F G) 5% Shell Union Oil. 6412 Shell Union Oil pf. 6 SimmonsCo....... 13% Simms Petrol (1). 61 Skelly Oil..... B 11 Socony-Vac (80c). - 20 Sou Por RicoSug(2) 10% South Cal Ed 1%).. 127 Southern Pacific. .. T5% Southern Raflway.. 315 Sparks-Withington. 7% Sperry Corp (25¢).. 54': Spiegel-May-Stern. 15 Stand Brands (1)... 11 Stand Gas & Elec. 13, Stand G & E $4 pf. 4% Stand G&E $6 pt 6 StandG& ES$7pt.. 27% Stand Oil of Cal(1). 2111 Stand Oil Exp pf(5) 23 Stand Oil of Ind (1) 36 Stand Oil NJ(11%) 583 Sterling Prod (3.80) Sterling Secur cv pf 6% Stewart-Warner. .. 2'; Stone & Webster Studebaker (new) un Oil pf (6) uperheater (50¢) 1% Superior Oil. . 5'x Superior Steel. —_— 16'; Texas Corp (1). 304 Texas Gulf Sul (2).. 16 Texas& PacRR... 3% Tex Pac Coal & Ofl, 1; Tex Pac Land Trust Thatcher M{g (a25¢ The Fair 611x The Fair pf ( 2% Third Avenue. 1% Thompson Starrett. 7% Tide Wat Asso Oil. . 84 Tide Wat A O pf(6 4% Timken-Detroit. 284 T'imken R B (1). Transamerica (25¢ 17x Tri-Contl Corp 36 Trico Prod (2%) Net. Add 00. lll'n. Low. oum Chge, | High. Low. MARCH 16, 1935. Prev. 1935 9% 5% 1% lh 6 47 47 5 21% 21% 27% 4 100% 1008 42); .42'% 6115 % 6% + % iz + % + % 49 11 /8% 15% 261 4% 360 1% 8% © FFE s 81’ L RER 31n T4+ 4 414444 441 3 Ed 1 106 12 15 Vadsco 2% Va-Car Va-Car 109% Vulcan 4 147y U440+ 441 ++1+++4 95 Stock and Dividend Rate. 4% Truax-Tra Coal . 4% 4% 3% Truscon Steel. 3% Twin €City R T 18% Twin City R T pf. 54 Und-Ell-Fisher (2). 44 Un Carbide&C 1.6 83'% Un Pacific (6) 793 Un Pacific pf ( 97 United Afrcraft. FINANCIAL. Sales— Add 00. High. Low. Close. e, i 3% ki) 18% bty 3% 1815 5414 451 86'% 301, 5414 237 United Bise (1.f 50).. 46 United Carbon 2.40. 15 United Corp. . . 20% United Corp pf. 9% United Drug. . 3% United Elec Coal, 71% United Fruit (3)... 4« United Gas Imp (1). United Gas 1 pf (5). U S Distributing pt. 1 U S Express. . 40%; U S Gypsum (1) 35% U S Ind Alcohol (). U S Leather........ 73 U S Leather (A). 14% U S Pipe & F (50¢c).. 3 U S Realty & Impr.. 91 U S Rubber........ 241; U S Rubber 18t pf. .. USSmelt&R (9). STOCKS IRREGULAR AT WEEK'S CLOSE Close With Small Gains and Losses After Rise Early in Session. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, March 16.—The stock market lacked the stamina to continue its recovery today and closed with mixed gains and losses, mostly narrow. The list perked up a little in the early trading, helped by a firm wheat market, but soon turned irregular. American Telephone was heavy from the start and mining issues were de- pressed by uncertainties surrounding the gold bloc conference to convene in Brussels Monday. Transfers for 7 US Sm&R pL(334). U S Steel. U S Steel p! United Stores (A).. 4815 United Stores pf. 11 Univ Pipe & Rad. .. Univ Pipe & Rad pt. 1 Ut Pwr&Lt (A).. Sales Corp.. 13% Vanadium Corp. . Chemical... Chem 6% pf Va El1 & Pwr pf (6). Detin pf (7) 110 110 1'% Wabash (k)...... Waldorf Sys (h20c) 2'4 Warner Bros Pic. Warner Bros Pic pf 21, Warren Bros 301, Wesson O & S 11%. West Pa Elec A (7). West Pa Elec pf (6) West Pa Pw pf (6). 5'; Western Maryland. 21, Western Pacific pf. s 20% 1815 Western Union.... Westingh'se AB 50c 4. Westingh'se Elec. . 67x White Motor. .. 1 Wilcox 47% Wilson 51 21 21 181 13 % Woolworth (2.40) » 3% Wrigley(Wir)t21; Young Sp & W t1% Youngstown S& Oil & Gas... & Coail2 184 14 Sales of Stocks on the New York Exchange. 11:00 AM......0 Dividend rates cash payments based on declarations 9% 1n stock b P stock. e Payabl stock dividends ganized in stock s Unit of trading Jess than 100 shares aid last year—no regular rate in cash or stock o Plus 4% in k Com m Plus 5% 140,000 i2:00 Noon as given in the above table are the annual the latest 1uarterly or half-yearly 1Partly extra IPiu b Payable in t Plus $1 in special preferred stock a Palg tnis year ) Accumuiat Ties Teported in recelvership or bein 2 in stock. D Plus 3% ip stock D Plus 2% x Ex-didivend RVE LEADS DAOP IN GRAIN PRICES Sags Much Further Than Other Staples to About 1934 Low Levels. BY JOHN P. BOUGHAN, Associated Press Market Editor. gymnast of the grain trade, rye just at present has the spotlight, and to a considerable extent has stolen the show. With all grains sharply down in | price to around the lowest levels of | the current season. rye has dropped much further to about the inside figures of 1934. Trade experts say extra liberal imports of Polish and Argentine rye are mainly the reason, together with belief the United States may have a big carry-over rye sur- plus this year Compared with one week back, and bearishly affecting other grains, the 1 | Tve market this morning was 64 cents a bushel lower, with wheat 5- 3% down, corn 2%-3; off, oats at 21,-27% decline, and provisions show- ing 50 to 97 cents setback. Imports Maintain Supply. volved persistent sales of rye have plunged all deliveries of that grain | down to below 60 cents a bushel at times. As a result, rye futures now represent a price of less than a cent a pound. This is decidedly cheaper than other grains. Nevertheless, pre- dictions are heard that May rye will yet sell 40 cents under May wheat. Owing to persistent imports of rye into the United States, the domestic only a slow rate. On the other hand, likelthood is pointed out that the do- mestic new crop of rye may prove to small production which has distin- guished the last two vears. So far, however, prospects for the United States new rye crop are by no means definite, as a good part of the acreage is still in a dormant condition. Wheat Margin Narrowed. A feature of wheat trade is narrow- ing of the price difference between July and September contracts. This is regarded as due mainly to a favorable outlook for the soft wheat crop east of the Mississippi, a region which fur- nishes the bulk of the wheat that moves to Chicago. Corn and oats reflect estimates that corn from Argentina could be laid over Chicago May. Provisions are sharply lower, in- fluenced at least in part by weakness ofi the corn market and of cottonseed oil. DOLLAR PURCHASING POWER DECREASING Special Dispatch to The Star. NEW YORK, March 16.—The pur- chasing power of the dollar held in common stocks showed a decline of 3.8 per cent for the first two months of the year, according to the monthly survey of Administrative & Research Corp., New York. During the same period, the purchasing power of the dollar held in cash declined 3.1 per cent. The dollar held in bonds decreased 1.8 per cent. Wholesale commodities, as meas- ured by the Bureau of Labor Whole- sale Commodity Index, stood at 79.6 on March 2, 1935, as compared with 71.1 on December 29, 1934. Thus the purchasing power of the dollar held in cash fell 3.1 per cent during the two months. FEDERAL LAND BANKS March 16 (P).—Federal -31.. 101‘/.‘1‘(5’“ YOl Llnd Bank bond 5s May & Nov. 1941 % o S0 Mp_w 2525% 22228 2322228 RRRRRRSS, EEE F4o0 5555 & FEOFEF ittt AR b E222 [ PTRRE BEESRHE & g & e S Closing of spread trades that in- | rye visible supply has decreased at | be well in excess of the extremely lies northwest, where the planted rye | down in Chicago, duty paid, 2 cents |- 1{FEBRUARY ADVERTISING | | AHEAD OF YEAR AGO By the Associated Press. NEW YORK, March 16.—February newspaper advertising gained over the like month last year, advancing from 69.2 to 73.2 in terms of the monthly | index of Printers’ Ink. The February total was somewhat less than 733 level which ruled in January. The index number on which the compila- tion is based uses 100 to represent the average of newspaper advertising for the 5-year period, 1928-1932. 'FIDEL ASSOCIATION NETS 7.2 PER CENT Average Yield on Investments at Close of 1934 Amounts to 4.53 Per Cent. CHICAGO, March 16.—As premier‘ Special Dispatch to The Star. NEW YORK. March 16.—The Fidel Association of New York, Inc., reports average return on portfolio for the year ended December 31, 1934, including profits taken from the sale of bonds, amounted to approximately 7.2 per cent. Market values of securities held. as of December 31, 1934, were in excess of their cost and total assets at market | valude as of that date exceeded total cash liabilities by approximately 27 per cent. The average yield on total invest- ments as of December 31, 1934, was | 4.53 per cent. | “Resources were distributed as fol- | lows: ©U. S Govt. State and municipal bonds Railroad bonds.’ . Utility bonds. electricity and gas Utility bonds Industrial bonds... . Kecrued initerest on bonds owned.. telephone and teie- 100,00 NEWSPRINT OUTPUT GAINS. NEW YORK, March 16 (#).—Out- put of newsprint in Canada in Feb- ruary totaled 180,305 tons. a gain of 5858 tons over the 174447 tons pro- duced in the same month last year, according to the Newsprint Service Bureau. Production by United States mills at 70,805 tons was off 1,597 tons | from a year ago. CHICAGO PRODUCE CHICAGO. March 16 (®.— Butter, 280; weak: creamery specials (93 scfo\rel E rs tubs extras, 20: 1 ear Egg_sales, 1 car fresh graded firsts, 2034 100 cases current receints. 1012 Potatoes. 04: on track 3i%: total Utiited States shipments. 924: old stock. steady. supplies liberal. including seed stock: de- mand and trading lisht. sacked, per cwt.. 5t nd whites. U 1. 67128 e Zommercial, 65: unclassified. 57 M Tichigan Rus- set Rurals. U. 8. No. 1. few sales. 70: Idaho Russets. U. S. No. 1. few sales. al.8o: few. 1.60; commercial grade. xlo?'k Florida. bushel steady. prices datess B washed. few sales Boutirs: live 5 rucks; unchanged. CHICAGO STOCK MARKET CHICAGO. March 16 (P).—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange s- STOCK: Hish. Low. Last. 150 Ariorier Bros pf. 10 Am Pub Svc pf. 180 Iron Fireman. 0 Katz Drug 4'u Ky e Jr cun’ nl &L BROKER S CLOOMY in Day—Banker Also Badly Puzzled. pecial Dispatch to The Star. NEW YORK, March 16—When a New York Stock Exchange seat sold at $72,000 Wednesday, a member of a brokerage house turned to this department and asked: “What is the outlook for a broker- age firm with three seats, each costing $450,0007 We did exactly 15 shares of Stock Exchange business one day last week. On the following day we handled not one share on the ex- change.” The question was put to a Xra:'mz banker. who made this comment: “You have your broker friend answer my question and I'll answer his query. How can a bank these days, as one radio speaker asserts, earn 60 per cent profits on deposits? If you can show me how to make 60 per cent profits on my deposits, I will pay you 40 per cent for every dollar of deposits you bring in. If a bank receives deposits of $1,000, it cannot, as some assert, lend 10 times that amount or $10.000 and receive interest of $600. or 60 per cent, because a bank knows it must keep a reserve of at least 10 per cent against deposits and it also realizes the average borrower will check out about 80 per cent of his loan can I earn 60 per cent on deposits % |and keep my bank solvent?” G| Staggering under 7| these problems, the weight of this department bumped into an old friend who hap- pens to be in the public utility busi- ness. All the utility magnate wanted to know was:’ whose dividend has been omitted, from writing to their Representatives and Senators? How can I explain to them that the Federal Government is not a holding company? How can I make them realize that the Recon- struction Finance Corp. is not a holding company? How can I tell them that the Government has not been flooding the country v\i(h T.V. A propaganda? How can—-" “How can you do what, Bill?" in- terrupted a lawyer specializing in : | constitutional law. When matters were explained to him. he cited his own troubles. He is busy trying to explain to his corporation clients that they must use a better argument in con- | testing pending legislation than article 1 of the Constitution, which prohibits Congress from *“abridging the free- dom of speech or of the press; or the right of the people * * * to petition the Government for a redress of grievances.” (Copyright 1035.) FOREIGN EXCHANGES. YORK. March 16 (# —Foreign ex- change steady: Great Britain in dollars, gibers in cents. Great Britain demand. 50-day mm cabl 50 Demnnzk Holland, il Hon(konfl 48.50: 27.85: Montreal New York n Mon- n, i8R M City_(silver peso In New York. .0673: 3 treal. 100, NEW YORK PRODUCE. NEW YORK. March 16 (%) —Egss. ; unsettled” mixed colors, special oucka : creamery. higher sioadle: extra (6% score) 1 scores). 20%a30%: llud (90 score), 50 eese, 31.521: quiet: prices unchanged Cive poriltry steady; by freisht, nominal. all prices unauoted: by express. chickens, 20a24; other guotations unchange Dressed poultry steady: all fresh and frozen prices unchanged MONTREAL SILVER. MONTREAL. March 16 (#).—S8ilver fu- tures closed easier. Sales. 20 contracts. Low. Close. Open. High. .. BO.70b 5075 50,57 59.52 60.15b 5! 59.95 59.90b oo 8Ti8h 81 ’5 61.25 61.00b May .. iy, | ar WITHOUT PROFITS One Firm Sells 15 Shares | ow | “How can I prevent the shareholders, ‘ the two-hour session were only about 350,000 shares. Firm spots included American | Sugar, rallying a point, evidently re- flecting short repurchases after its | sag early in the week in response to its earnings report. Columbian Carbon pushed up more than a point, coinci- dent with @ Wall Street ticker report that its gross sales in the first two months of the year exceeded 1934 by 39 per cent American Telephone lost { points, in selling which followed President Roosevelt's signing the resolution appropriating $750,000 for an investigation. Commenting on the investigation in the past, the com- pany’s management has said, how- ever, that it had nothing to conceal was not opposed to it. United States Smelting, Allied Chemical lost ahout as much and shares off a point or so |included Eastman, Air Reduction, | Howe Sound, Liggett & Myers B and a few others. Steels dipped fraction- ally. On the whole, motors, electrical equipments, electric power issues and | rails held about steady. although the | carriers failed to follow the rise in 2 about ¢ | their second-grade bonds. The bond market was generally firm, but commodities turned rather vy. Grains lost their gains toward midday and dipped under yesterday's final prices. Cotton was again de- pressed. Foreign exchanges were quiet | for the most part. but further specu- | lative selling of the Belgian currency S | in advance of the Brussels conference | was in evidence, both in London and | New York. ;NEGOTIATIONS TO MOVE TUBIZE PLANT REPORTED By the Associated Press | ~HOPEWELL, Va., March 16.—Nego- | tiations for the removal of the rayon plant of the Tubize Chatillon Corp. here, closed in most departments since the labor st last Summer, to Sao Paulo, Brazil reported under way. Raymond P. Burrows, manager of the plant here, said however he had not been officially advised of such a | development | Burrows said the plant’s removal, if it develops, would not affect the company’s knitting plant operated ‘hrrr and empla\mb about 300 per- sons. | U.S. TREASURY POSITION. By ury on March i €x- ba! nce. $.- eceipts for the vear isince July | exp: the net balance rec for of ex- as- B11RTF08 excess of I3 25); sold sets, U.S. TREASUBY NOTES. (Keported oy Chas D Barney & Co.) Bia. qfle! DIVIDENDS ANNOUNCED NEW YORK. March 16.—Dividends_de- | clared (prepared by the Standard Sta- tistics Corp.) Pe- Stk of Pav- riod. record. able Rate Extra. ‘lm'm Loan Indus Bk .1 ., Resumed. Filine Equipment ST 08 . .o 4-1 | Bureau L Accumulated. | Dennison Mtz deb. ... Particivating. Family Loan Society part pf.... 7 New Eng do +% ot o Regular. | Am Dairies Md)) ot B Prod Ltd A 0’ Life Ins. .. Srovers N Bk (Chiy 81 Family Loan_ Society do part_pf 871a2c Farmers Deposit Nat Bank _(Pitts) $1.50 Fidelity Tr Co (Pifts). S1 Finance Co of Am A.10c o ¢ do 7% Bf... do pf ‘A First Commonstocks. 1 First Nat Bank (Phila) %4 General Alliance i5 Great West Life Assi Harris TS Bk (Chi) Marlin-Rockwell New Hamp Fire Ins Trust United Loan Ind Bk $1 o0 © 00 © 0DPODOO DOOOOOD We Will Make First Trust Residential Properties Prompt Action on Application Real Estate Mortgage and 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