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FINANCIAL. STOCKS BEAT TIME INNARROW RANGE Rise of Coca-Cola Shares Is Only Feature of Color- less Session, FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, MARCH 20, 1935. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE A—16 ®+» Net Net 2 ;0 p.m High. Low. Dividend Rate. Add 00. High. Low. Close. Chse. gh. Low. Dividend Rats Adfl 00 High. Low. Close. Chge. Prev. 1935 Stock and i STOCK AVERAGES 815 2% NY N H & Hartford 3% 3% ~—%| b 21 Stone& Webs 3 % By Low, . Diviceodate Ruqoo s Compiled by the Associated Press. % 6 NYNH&Hart ot 6% — | 3 2% Studebaker (new) A ? ams Express. b 5 3 e 4 2% N Y Ontario & West 2% — % | 68% 61% SunOil (31). % Addressograph ‘ 0 15 15 60 T N ¥ Sreom vt (87, T 2| %0 T Saperior it . i 4 5% team p! .. ke ors . % uperior . i Add 4 104% Afr Reduction (3).. Indust. Rails. Util. Stocks. 97\ 90 N Y Steam 1st (1).. 2 +1 915 5 Superior Steel Security S % 1 Alr-Way Elec Appl. 1 303 Noranda Mines (h2) 5 4 21, 1% Symington (A). 15% Alaska Jun (11.20). Net change .+l +.! +.1 +.1 99 Nort & West pf (4) 1 Alleg Corp (K).. Today, 1 p.m. 50.3 192 224 35.6 2 North Am Aviation. 21; Alleg pf w$40w (k) Previous day .. 50.2 19.1 223 35.5 9 North Am Co (1). 125 Allied Chem (6).. Month ago 547 229 228 388 3515 North Am Co pf (3 12 Allls-Chalmers Year ago . 55.2 348 454 57 North Am Ed pf (6) 2!4 Amal Leather. 1935 high . 56.6 i 266 416 217, 13% Northern Pacific 48% Amerada Corp (2). 1935 low .. 495 i 216 348 25 NorwalkT&R pf 3 g i 1313 Am Bank Note 1934 high 614 406 514 BY EDWARD C. STONE. 43 Am Bank N pf (3) 1934 low 5 453 242 349 107 9% Ohto Ofl (h45¢).... Five new members of the advisory| S35 33l A BIake h(18:) 1932 low . 175 239 169 4% 2% Oliver Farm Equip. board of b;an;he[i were elecSL:d bxyt u: 20 10 Am Car & Foundry. lggg :flgh : ‘2‘1"2 l::': 12;,_.8, 26% 1% g:l‘::r\f\s:o‘:ft:llc) directors of the American Security 3 AmChainpf....... 1 low .. X R 2 110'% 106 Otis Elav pf (6). Trust Co. late yesterday—William E. 66 Am Chicle (13%).. 904 80 Ow:ns-l‘l’l?}lhl “w Miller. Dr. A. Magruder MacDonald, | 223 Am Comel Alcohol. Sidney L. Hechinger, John D. Green | : Am Crystal Sugar. . o 14% 13 aindl Gaillert Hahn, 57% Am Crystal Sug pf. Stockand Sales— Net. 19 Pacific Lighting (3) Mr. Miller is president of the Wil- 1% Am Ensaustic. . .... Dividind Rate. Add 00. High. Low. Close. Chge. 70 Pacific Tei & Te) (6) 'E. Miller Furniture Co., located E A m I ERTEEn B Fairbanks-Morse.. 2 zla 21 21 - 7 Pac W Oll (h40c). liam Dlegeadian i ihe trusy| 25 14 Am & For Pw pf (7) 714 Fairbanks-Mrs pf.. 60s 87!y 9 1, Packard Motor Just across the street from the trus 21; Am Hide & Leather. 5% Fed Lt& Trac...... 1 5% % Par-Publix ctfs “‘, company's Southwest branch. He has| 255 17 Am Hide & Leath pt % Fed Water Sve (A). 2 ' 4. Park Utah. been in business in that section of the 2 305% Am Home P ( 00). % 17 Fed'd D Stores (11) x 17 Pathe Exchan, city more than 31 years. For the past 5 Am Ice Co. 3 % 3 E 2815 Fid Ph F 1ns(11.35) 117« Pathe Exchange(A) two years he has been president of the : Am International. irestone (40¢)..... 815 Patino Mines. Southwest Citizens’ Association. % Am Locomotiv Firestone pt A (6).. 114 Peerless Motor. Dr. MacDonald, who was appointed | Am Locomotive 46% First Nat Strs(234) v 6415 Penick & Ford ( District coroner in 1934, practices ¢ Am Mch & Fv (80c)’ 97, Foster-Wheeler. . ... 64% Penney (J C) (2)... medicine in the Northeast section. 1':;, Am Mach & Metals. s, l')’sml' Wheeler pt. 17% Penn RR (1).. Former resident physician at Emer- 2 Am Metals ; 8% Fox Film (A) . 17% Peoples Gas Chl.... 1): Am Power & Light. 171 Freeport-Te: Pere Marquet pr pf gency Hospital and later superintend- + R Am P&L $5 pf (1%) Petrol:Cor mll"c) ¢ ent of Casualty Hospital and a grad- 10'. Am P&L $6 pf (14) 125, Phelpa Dodge(h166) \};ateh of f‘.‘xet:ldl‘gtt‘_lount V{gtl‘llloc‘:l bfi:m‘; {l Am ga]dmnr Phila & Read C & 1. e has found time to d E 5% Am Rolling Mills. .. b 4 Philip Morris (1)... affairs closely, being a member of the | 66 Am Saf Raz (15%). 325, Gen Am Trans(1%) 3 E k 6 13 : phn}l’m ;:u!ol((;). ‘Washington Board of Trade and the 4': Am Seating. 11% Gen Asphalt....... i A 14 Pierce-Arrow (k) Northeast Citizens' Association. 712 Gen Baking (60¢).. ? %, Pierce Petroleum D Mr. Hechinger operates four build- 5'/. Gen Bronz 1 5 5 3 Pillsbury Flour 1 1 22 E 4': U S & For'n Secur ing material sales yards, under his Am S&M 7% pt (7). Gen Cable & E 2 Pitts Screw & iolt.. 20y 5 | 11 US Freight (1). 2815 Adams Millis (2). American Five New Members to Branches’ Group. 52 4 Tennessee Corp. 21% 16'; Texas Corp (1). 3'4 Tex Pac Coal & O1l, 813 Tex Pac Land Trust 213 Thermold Co.. .. < Thomp'n(JR) (50¢ 13% Thompson Products 1% Thompson Starrett. 7% Tide Wat Asso Oil.. 84 Tide Wat A O pf(6) 4 Tide Wat Oil(a35c) . 4% Timiren-Detroit 28% Timken R B (1). 47 Transamerica (25¢) 5% Transue & Williams 17, Tri-Contl Corp. 313 Truscon Steel. 18 TwinCity RT QAT M BY VICTOR EUBANK, Associated Press Financial Writer, NEW YORK, March 20.—All but paralyzed by indecision, the stock market today held close to yesterday's final prices. “ Coca-Cola enlivened an otherwise colorless session by extending earlier | gains to more than 7 points in the late trading, reviving the old discussions in brokerage circles of a possible split- up. 1| “Such shares as United States Steel, | American Telephone and General Mo- tors were virtually unchanged in the late dealings, and the day’s turnover was only about 450,000 shares. Midweek business statistics were bout a stand-off, and shares received 1, | little impetus from other markets « | Grains were a little higher, as dust- storms continued in parts of th | Middle West, and a few of the smaller futures markets worked higher, bu | cotton was unable to extend its re- | covery. Bonds were mixed, with som | improvement in the rails. Foreign ex- | change dealings were calmer, with th | gold bloc holding. firm and sterlin | sliding back a little Steel shares held up fairly well : the face of Iron Age's report of further dip in production and in scrs prices. A little buying appeared : some of the public utilities, includii American Water Works and Publ Service of New Jersey, as Wall Stre: took a slightly less gloomy view o | the Federal regulation proposal Farm implements and mail-order i 51% sues were up a little, in sympathy wi 39 —1%, | the better tone in the grain marke: 1 Motors and rails were about steady. Coca Cola was a strong featur: opening 3 points higher and extendin its gain to 5 in a thin market. Oil were also in modest demand, as crud | futures showed a firm tendenc; | Standard of New Jersey pushed up major fraction. Soft spots included some of non-ferrous metals and tobaccos. recent rise in bar silver appearecc have been checked and gold slif back in London. 0001 SIS b 3 2 PacificG& E (1%). 41% Un Bag & Paper (4). 44 UnCarbide&C 1.60.. 14% Un Oll of Cal (1). 831 Un Pacific (6).. 79!: Un Pacific pf (4). Un Tank Car (1.20). United Aircraft. 4'; United Air L vte 2315 United Bise (1.60).. 46 United Carbon 2.4 1'; United Corp.. . 20% United Corp pt 9'; United Drug.. 5 3% United Elec Coal. : b+ 13 71% United Fruit (3)...x 13 . 9% United Gas Imp (1) g ? 2% United Pce DW. ... 1 GabrielCo (A). 8 Gamewell Co. 513 Gen Am Investors.. Fommm T+14+ - CERBRERD RIS e Fre PRUTTS -JUPRTOP T JOTSURY Y PReS —JOyOres -7 - e tet 4 Radlo Corporation. Vadsco Sales Corp.. 5 i L 50 RadioCorppf A 3% 9 515 s.| 21% 13% Vanadium Corp 5 14' 36% Radio Corp pf (B). ' 3 | 11% Van Raalte. .. « Radio-Keith-Or u() : 34’ Vick Chem (12.40). 15:_ Raybestos-Man (1). : Va-Car Chemical... 1 5~ Remington-Kand. . % Va El & Pwr pf (6). 240s 71% Remington-R 1st pt : 67 Vulcan Detin (a4).. 100s 2'4 Reo Motor Car, public Steel. Republic Steel pf E 20'¢ Reynolds Metalsl). E 2 % 1 124 Reynolds Sp 40¢). .. 2 46 Reynolds Tob B (3) < Roan Antelope Ltd. 29%; Roy’l Dhi.35 3 + 5 J—'l [ (RABEE L ARE 2 3 4'» Waldorf Sys (h20¢) 2 271, Walgreen Co (m1). Ward Baking (B).. Ward Baking pf (2) Warner Bros Pic. : Warren Bros. ... Warren Bros cv pf. Warren FAy&P (2). Webster Eisenlohr. Wells Fargo. . Wesson O & 8 1% ; 3% _1 | Brthe Associated Press. Wesson O&S pf (4) 2 75 5. 75 + & NEW YORK, March 20.—Openi West Pa Elec A (7) 110s 40 + », advances were followed by a mode West Pa Elec pt (6) 42% +1% | ate reaction in cotton today. West Pa Elec pt (7) After selling up to 10.78 at th West Pa Pw pt (6). | start. May eased off to 10.62. or 7 West Pa Pwr pf (7) points net lower. but w: lin: Western Maryland . | e 1060 hite & B TU Wertern PRalAe. .. b 9 late in the session, when the general list was holding at abcut Western Pacific pf. Western Union..... vesterday's closing quotation, Westingh'se AB 50c ROE I L D @ 1 T B e + % s S 1+141 Semme New York Cotton Safeway Stores St Joseph Ld (40c 1'¢ St L San Fr pt (k). Savage Arms Schenley Di Schulte Ret; - . Schulte Re Strs pt. Hercules P pf (7).. . Seaboard Alr L (k). Hershey Cpt (15).. eab’d Ofl(Del) (1) 9% 5% Holland Furnace. .. 67n 67 g | 31 Sears Roeb'k (75¢). 11 7 Holland & Son (50¢) Servel fne. .. .. 361 307« Houd-Hersh A (32). Sharp & Dohme 9'n 63 Houdaille-Hersh B. hattuck(F G 17% 9%\ Houston Oil........ hell Union Oil. 3 1, Houston Oil (new) .y immons Co *» Westingh'se Elec Howe Sound (3). Skelly Oil. .. P ' 90 Westh'se 1st pf31; 41, Sloss-Sheffield 3 16% Westvaco Chi (40c) 67» White Motor 18 White Rock M S (2) Hahn Dept Stores. . Hall W F Printing. Hamilton Watch pf Hat Cpf ww (6%). Helme (G W) 111% Hercules Pw (13%) R ] e petaamnta=San - = Liverpool Quotations. LIVERPOOL. March 0 (.—Cottor 6070 pales. incly 3,400 e Soor moderate American @ o] =t > Freamuiene 3 der Packing Socony-Vac (60c). . 02 &30 8 Hudson Motor Car.. i | Tew 11 iddling. 6 1% Hupp Motor: A middling 540 middiing. ddling. 6.10; low mic: 200d orainary. 505 111inots Central . % 9 indus Rayon (1.68). 26% 2 ,,. ngersoll-Rand «2). 6 6 ] Sromma & © $4.98 A SHA SHARE EARNED BY AIR REDUCTION coO. the Associated Press NEW YCRK, March 20.—Air Re- duction Co., Inc, and whoily owned subsidiaries, manufacturers of oxygen | and other gases and of oxy-acetylene | cutting and welding equipment, re- = o S ~E 2% Yellow Truck. .o ™ By 18 YoungSp& W t1% 2 19 | 13 YoungstownS&T.. 5 14% 137 l 4% 3 Zonite Products. 3% 3% Sales of ltockl on uu New York Exchange. 11:00 A.M. 130,000 12:00 Noon 200,000 1:00 P.M....... 270,000 2:00 P.M. 320,000 Divicend rates as civen i the above table are the annua) | Ported for 1934 net earnings of $4,- cash payments based On the latest tuarteriv or half-yeary | 145416, after all charges, including 1. | declarations | Federal taxes. 1 i { e equal to $4.98 a share 5 Unit of traging nlc_::s‘lg:?;:_:g;:,;figu_;]'f;{;" v ,’,,:‘ ',‘g { The net in 1933 was $3,192,732, equal XD cash or s us 1n special prelerre (2 Slock * Ca Paie this year " Accumuiateq | L 5397 @ share. KCOlemEl renorled ln receivership or Delnz reor- | m Plus 5% 1in stock Pius 3% tn stock D Plus 2 i %= 1 ] INSURANCE STOCKS YORK. March 20 (P —New York Deelers’ Association CORPORATION & cas g = REPOR']‘S Aetna Life o Asricultur. TRENDS AND PROSPECTS OF 3 By the Associated Press. LEADING ORGANIZATIONS. gg;’,‘,“g,; ,_'l,’j", i’ NEW YORK, March 20.—Construc- | g ot x tion contracts let in the 37 States east | NEW YORK, March 20.—The fol- Rnn;\-cfl;rplm. _ of the Rocky Mountains showed & sea- | Jowing is today's summary of corpora- | ofix’,‘ pahrf “; X Special Dispatch to The Star. sonal contraction in February, ac-|tion news prepared by Standard|Gies Amer (1) BALTIMORE, March 20.—Marked | cording to the monthly review of F.| statistics Co., Inc., New York. improvement in business of the port | w pogge Corp, which reports the| ynited American Bosch Corp—1934 Halifax (.00) | Hanover (1.6m of Baltimore for February over the | preceding months is reported by G. H. |total at $75083,500, compared With | pet income was $50,101, equal to 18 cents a common share vs. deficit Hartford Fire (2 L Home Fire . Home Ins ¢ l«lw Lincoln Fire Pouder, director of the export and | $99,773.900 in January. ROT} b“reg‘;d - P | The contract volume for February | 19 667. N slump een noted in i- | last year amounted to $96.716.300. or o g more’s foreign trade during January, | only about half as much as the Jan- 582"’:‘;";:2;?";&92?7‘195“‘ Was 366, B Prov_Wash (1) . Pratt & Lambert, Inc—1934 com- | St Paul Fire (i Bl Am Snuff (13%)... 5 501; Gen Cigar (17). 1% Pitts Term Coal. 40'; U'S Gypsum (1).... own name, having been n; the build- | . ‘Am Snuff pf (‘a)' % 2 1273 Gen Cigar pf (1 1% Pitts United Corp | 148 143 US Gypsum pf (1), 603 ing wrecking business for 24 years. A Am Steel Foundry. . 201 Gen Electric (60e).. 4 6. Plymouth Of1 (1)... : | 35% U S Ind Aleohol (2). native of the Capital, he was gradu- 57': Am SUg (2)......s 11 Gen Elec spee (60¢) 1207 11 e e e : ated from Business and Central High 195 Am Bon Bob (1. : ey ULt 530 RS fod C) N mER R Schools and from Lehigh University. 987. Am Tel & Tel (9) 1005, 1. Gen Gas & El (A).. 4 5 814 Postal Tel & Ca pf v 3 G8Sets iar He is a member of the Board of Trade 4% Am Tobacco (5). 6 73 10 Gen G&E 6%cv pf A 11 6% Pressed Stl C pt (k) 914 U S Rubber. . .. and a member and secretary of the 76% Am Tobacco B (5 51, 11 GenG&E 7% pfA.. 1 Proc & Gamb 11%). 24'; U S Rubber 1st pf National Code Authority for the 9 9 Am Type Fdrs pf(k) % 26% Gen Motors u) “ee 27 8 * Proc & Gam pt (5).. '3 US Smeit & R (R9). Wrecking and Salvaging Industry. He T's Am Water Wks (1). 113 107! Gen Motors pf (5). 1 zd 1125 1124 % Pub Serv N J (2.80) USSm&RpI(3%). is a member of the Northeast Busi- 48 Am Wat W 1st (6).. 31 Gen Outdoors Adv.. 2 8l % 3% s» Pub Serv N J pf (5) 270 U'S Steel Tess Men's Association, also of the 2 Am Woolen. 136 Gien Oirdoons Ad e Pub Sve NJ pt (6). i?':' u ;g;e;n bt (2). Northeast, Southwest, Georgia Avenue Am Woolen pf. 179 Gen Print Ink 1.20.. 14 Pub Serv N J pt (7) 19 :1 :; gsalcco (173%). and Mid-City Citizens' Associations, as R ) 1M G Ry DlEan Q) Al Eullmanine (i 51° Univ Leaf Tob (2).. well as of many other organizations. % 88 AmziioSLeadiafs S et el o ot i 0T IB S oLy, It @ John D. Green is a regional man- % Anaconda Copper. ., 16% Gen Refrac etfs. ..o % Purity Bakerjes (1) 4 3 1 Utll Pwr& Lt (A). . ager for the Continental Baking Co. 16% Anaconda Wire. 12 Gillett Saf Raz (1).. He was formerly associated with the 1414 Anchor Cap (60¢)... 701 Gillett Saf R pf(5).: Corby Baking Co. of this city. 36 Archer-Dan M t1%. Glidden Co (11.20). Gilbert Hahn is a member of the 374 Armour of 1llinois. . 1084 10474 Glidden Co pr pf (7) firm of William Hahn & Co. and a 607 Armour 11 pr pf (6) 2 ‘22.'3,'};.,‘,?‘2’1‘;0 i V! Arnol onstable... e = ::f,b?fsk::f t‘;;es,};’;“{,‘;‘;ni‘;;“;‘i s‘,‘;‘: 74 Asso Dry Goods. 712 Goodrich (B F) th and K streets northwest. He is 37% Atch To&S F (h2).. 40 Goodrich (B F) A il 7414 Atch To&S F pt (5). 15% Goodyear T & R. a member of the Washington Board 1 i 20 Atlantic Coast Line. 71 Goodyear $7 pf of Trade, Advertising Club of Wash- 213% Atlantic Ref (1)... 23, Gotham Silk Ho: ington, National Shoe Retailers As- 36 Atlas Powder (2). .. 5% Granby Consol. sociation, Woodmont Country Club | 1107 106% Atlas Powder pf 16) Grand Union. ... and of Harmony Lodge of Masons. 291, 15 Auburn Auto 29 Grant (W T)(11%). At the same meeting the American | 14 612 Austin Nichols. . 1% Graham-Paige. . Security & Trust Co. directors de- 5% 3 Aviation Corp Del 9%, Great Northern vf . clared a dividend of 2 per cent on 26% Grt West Sug (2.40) the capital stock, payable April 10 to | 6% 1': Baldwin Loco (k). . stockholders of record March 30. ig‘- ;‘a 5:?3‘;’5}:‘? &fn(:_)l. Store Dividend Increased. s 9. Baltimore & Ohfo pt Directors of Woodward & Lothrop | 57« Barnsdall Corp.... have declared a higher quarterly divi- | 20 BRyuECisss w0, dend on the common stock, voting al 1% ‘;{Q““‘f(""“__"“- elding-Hem a0c. B5-cent payment to be distributed to M e e March 28 to stockholders of record 151 Beneficial Loan 1 March 18. ki 21% Bethlehem Steel The directors made no statement | 55 Bethlehem Stl pt whether the increased dividend would | 95, Blaw-Knox . .. be declared regularly in the future. 6's Boeing Alrplane However, the increase is significant of | 90 Bon Ami (A)(15). improved business conditions and | }:1‘~ Borden Co (1.60)... means regular payment of $2.20 a | ‘_’f;;‘ gn'rg “:rner (134). year instead of $1.20 if similar action | S B:';:gs irsgtr(nzt,'i;' is carried throughout 1935. Last year| g 5o° Bflggj_“yers "2 U “l‘- L Sstony vac U e a 60-cent payment was voted during | 90 Bklyn-Man T pf (6) 20~ Sou Por RicoSugi2) 21 2 e el B the year in addition to the regular 474 Brunswick-Balke. . ' South Cal EQ 1%). w113 1 Wilcox Oll & Gas $1.20. 314 Budd (E G) Mfg... 3 2 Southern Dairies B i 4% Wilson & CoalZise The directors voted the regular| 33 23 Budd (EG) Mfgopf. | 7004 60 Southern Picifie. .. 51 Woolworth (2.40).. quarterly dividend of $1.75 per share 2% Budd Whe, 5 : ; % 46'; Inland Steel 1).... oo beia Rl 115 Worthington Pump on the preferred stock. This disburse- 1 Burns Bros (B). % 4 InsurShct Mdldc. Southern Rwy pf... 25'; Worth Pump Dt A.. ment will likewise be made on 3 BurnsBrospA.... 4'4 Interlake Iron. .. 314 Sparks-Withington. 35'; Wright Aero...... March 28. 134 Burr Add M (60c). . 2% £t Apeteulinne 4 i 33 Spencer Kellog 1.60 78% Wrigley(Wir)t3%. The common stock is now quoted 1% B;:r-—t(rA‘?ld)‘_ pfect. 22% [t Cement (1) = :;lecrg\(;«:? 5¢).. : : around 31 on the Washington Ex- 32" Byera (A Myot, ... 344 Int Harvester (60c) 364 36 36k i e R . 2 change and the preferred sells around Z 35 Int Harvester pf(7) 139% 139, el L A 0 1% 110 and 111, with very little offered at 367: Callfornta Prg (1% 1i Int Hydro Elec (A). 7 1 1w | 126% 123 =~ Stana Brands pf (1) any price. 12 Callahan Zinc. 2§§~ :z: g;;';fzfll;:oai g 2% 22% 214 Stand Com Tobacco Tel. & Tel. Eyed Closely. Calumet & Hec! B E 8| 4% 11 Stand Gas & Elec... Y Campbell-Wyant. .. @ INCERpen & Ewur . 5 1% Stand G & E $4 pt... In the Washington brokerage offices Ca e DR e Int Shos (2). -« . : e American Telephone & Telegraph 9%, Canadian Pacifie. .. 751 65 IntSilver pf (4). ¢ 1 - 6 Stand G & E §7 pf. - stock has come to be one of the 32 Cannon Mills (2) Y 5% Int Tel & Tel.... 7 | 274 Stand Oil of Cal(1). most closely watched issues in the en- x‘l'gsm(l?l Agxg]n (A). 124, 9 Interstate Dept Strs Szang 8’: P‘,x{' E;“i’,’ New York Stock Exchange list. 71 Car Clin & O sta (5) —_— Saba Ol or hha i 's‘f:mxy after tl?c congrus'xo:al in- 45% Case (J 1) Co...... 57% 382 Johns-Manville.... 35% Stand Ol N J(11%) vestigation, to cost $750,000 and cover 36:_- Caterpillar Trae(1). 9 1161 115% Kan C P&L 1st pf 6. . x 4 u:\‘ ::::“:g ser::r(::;)) sock < the long period of 18 months, was 19% Celanese Corp...... 8 131 6% Kans City South pt. 3 3 1 s g S 5 dividen ordered, the stock dropped below 100. A= S calotax Co Rtk 1319 KaufmannDeptS400 9z jgs x Ex-didivena ‘ : 6% Stewart-Warner... 7 7. ok The stock has been onc of the steady- 22 Cont AEuiEe (L) 2 19 15% Kayser(J)& Co blc. ing issues on the board all during the S8y Cenndn Eamo (3) Kelly-Spring T (k). SHIPPING VOLUME 3% Certain-teed Prod.. 7 A ression period and had not broken 3 ain-teed P 8. 310 Kelsey-Hayes (B).. g:lpow par stnce early in May, 1933. 374 Ches & ORio/(280). s 38! + 14°. Kelvinator (170¢).. * Chi Gt Westn (K).. 3 Tape followers call attention to the 114 Chi MIISLP & P. ... B L+ W Sors Kinnes & ) Co vt fact that American Telephone has 2 ChiMilStP&Popf. 8 r Zg Kresge Dept Strs pt paid the regular 9 per cent dividend 27 Chi & Northwestrn. 3 > 19% Kresge (S S )(1) throughout the depression, although 4% Chi Pneumatic Tool 231, Kroger Gr&Bk 1. the dividend was not fully earned. 23%; Chickasha CO (). . Exports and Imports Increase, The Government long ago requested 3 rysier Corp (1). . i 33 S D i all corporations to maintain their cur- 20 City Ice & Fuel (2). 271 %)) Lee Rub&Tire (b0e. o, 91 oy 20.8 Per Cent Above Level for January. ! Construction Lags UP AT BALTIMORE During February, | Dodge Co. Reports‘ Asked i rent disbursements in order to assist 5 o éf::f(:‘)‘* 10% Leh Port Cement. .. in fighting disrupting economic forces. ;:C“’ Storés ctts (k) 6'2 Lehigh Val Coal pf.. To comply with such a policy the | joq0%,c 22 @ LY SLOTes S8 () N s 3, Lenigh Valiey R B. company had to draw heavily on sur- | ‘go.0 255 SOCREOIS (e 5135 e plus, a step which has been greatly | 1951, 101 1g-P-P pf (6).... 5S¢ Lifefance 3481 ... appreciated by more than 600000 15, 9 Collins& Atkman... ’ 71 Ligg & Myers (15). stockholders. 85 69% Collins & Atk pf (7) s 697 2102 Ligg & Myers B(15) Business is getting better and better % Colo Fuel & fron (k) I 16% Lily Tulip Cup(1%) every month, but the dividend is not 5 Colo Fuel & Ir pf (k) 13'; Lima Locomotive vet being entirely earned, although 10% Colo & South. 241, Liquid Carb (11%). there were 67,100 more phones in use 3‘;’;‘ gzigg;flr 173 Link Belt (60¢) ... in the first two months of 1935 than 3 A in the like period in 1934. g;”gg}l‘;:bl’g:;:;m’ 102" Losws Inc pf %) stock i ve. cesevesenne Eiery oy e ook Lveny ey 33% Loose-Wiles (2). - » e s Mr. Pouder said, but in February this | uary, 1934, volume. trend was reversed and exports and The shrinkage in construction Spnlwfi!ld 412 14 The high yield at present prices has B Compl e e prevented any sharp fluctuations. Few other stocks on the board would have held as steady under similar condi- tions. It opened today at 101. The stock is widely held by small investors of very limited means. They are even more interested in its action than are the brokerage office fre- quenters. - Today’s Trading on Exchange. Capital Traction 5s were strong on the Washington Stock Exchaage to- day, selling at 97!, Potomac Electric Power 6s were strong, changing hands | at 110, same as other recent sales. Riggs National Bank common stock moved at 212 and Washington Loan & Trust Co. stock also came out on the board, five shares changing owaership at 200. The remaining trading was confined to Mergenthaler Linotype, which was in good demand at 30, unchanged. The exchange is planning to make a temporary trial of remainiag open until 12 ©o'clock every day. This will give local investors a chance to place orders up to that time. Financial District Gossip. The Washington banks today through newspaper advertisements effered special services to patrons in exchanging the called Fourth Liberty bonds for the new 273 per cent Treas- ury bonds. Fourth Liberties having numbers in 5, 6 or 7 may be ex- changed for the new bonds provided 29 Comcl Cred pf (1%) 2912 Comcl Cred (B)(2). 56% Comcl Inv Tr 123%. 17% Comecl Solv (t85c). % Comw & Southn.... 2915 Comw & Sou pf (3). 27 Congoleum-N(1.60). 9 Congress Cigar. 4% Consol Film... l7’>~ Consol Film pt (52) . 7» Consol Gas N Y (1). 72‘/. Consol Gas pf (5).« 615 Consol Oil (h42¢). .. 15 Consol Textile. . . 97 Contalner Corp (A)+ 38 Container Corp (B). 4'; Contl Baking (A) #, Contl Baking (B) 623 Contl Can (2.40). 287 Contl Insur (t1. % Contl Motors...... 151 Cont O(Del)al2%e. 413, Corn Ex BK&TT (3) 62 Corn Prod Ref (3).. 4% Coty Inc. 357% Cream of Wht 'I‘L. 1214 Crosley Radio...... 2315 Crown C& S (1). 312 Crown-Zellerbac! 14 Crucible Steel. 15 Curtis Publishing.. 2 Curtiss Wright..... 6Y% Curtiss Wright (A). 16 Cutler Hammer.... 22% Deere & Co. . 19 Deere&Co pf uzoe). 24 Delaware & Hudson 11 Del Lack & West. 1% Den & RG W pf. 65 Detroit Edison (4). el Li++ +1 TEEe #E FP 19 Lorillard P (12.20). 10% Loulsv GEE(A)1%. 18% 13 Ludlum Steel.. . _— 46 40 MacAndrews & F 13 13 713 McCrory Strs A (k) 12% 7 McCrory Strs B (k) 45% 36% Mclntyre Porcu (2) 99 90's McKeesport T P (4) 8% 6% McKesson & Rob... 45 37 McKesson & Rob pf 15% 9% McLellan Stores (k) 281 21 Mack Truck (1).... 44’0 341 Macy (R H)& Co(2) T 5% Madison Sq Garden 18% Magma Copper (2) . 7 Mallison & Co pf... 4 Manati Sugar pf (k) 13% Man Elev m g (k) .. 3% 11 Manhat Shirt (60c) 4% Marancha Corp.... 5% Marine MidM (40c). 3%, Market St Ry pr pf. 6% Marshall Field. . ... 23% Mathieson Alk(1%) 367 May Dept Str (1.60) 52 Maytag Co......... 41 3 Mengel Co. 22 Mengel Co 24% Mesta Mach ( 914 Mid-Cont PQt(hSOl:) 60% Midl'd Stl 1st pf(8) 58 Minn Hon R (f1%), 3% Minn Moline Pow... % Minn & St L (k). 2% Mo Kan & Texas. 6 Mo Kan & Texas pf. 1% Mo Pacific (k). 1% Mo Pacifis pf (k. 55 Monsanto C (1) 21% Montgomery Wi % Mother Lode + VA 144401004101 4 imports were 20.8 per cent better than during January. An increase of 3.1 per cent was noted in February busi- ness over that of the same month in 1934. Foreign trade in Baltimore during | February was valued at $7,148,338, | compared with $5,919,162 for January and $6, 933 565 for February, 1934, DECLINE TAPERS OFF IN SECURITY LOANS| | By the Associated Press. Liquidation of bank loans against | securities_has tapered off in recent | weeks. Total security loans of re- porting banks of the Federal Reserve System in leading cities. however, are | nearly $500,000,000 behind a year ago, accounted for almost entirely by smaller loans to customers other than | brokers. Comparative figures on total se- curity loans of the reporting banks in 91 cities follow: Week ended March 13. . Preceding ~week Same week last year ot FOREIGN EXCHANGES. YORK. March 20 (#.—Foreign gxchange irregular; Great Britain in dol- lars, others in cents. Britain a7 47612: cables. 4.361; 04 .60 131.000 000 | [125.000.000 | 000,000 . demand. Italy. demand. 8.3 Belgium, d._ 67.70 S s it awards of all descriptions for the first two months this year east of the | Rocky Mountains was reflected by a | total of $174,857,400, against $283,180.- 000 in the corresponding months last year. | e INVESTMENT TRUSTS NEW YORK March 20 (P.—New York Security Dealers’ Association (Noon auotations.) Admin Fund w.w. 1335 | Am Bankstocks | Am Business Shr. | Bullock Fund | Cumulative Tr sh' Corporate Trust .. | Corporate Trust A Corp Tr A A mod Corporate Trust Accum Ser Corp Tr Accum Ser mod. s Bk Sh N Y “A”. Fixed Trust Sh B . Fund Investors | Fund Tr Shrs B Incorp Investors Inv Tr N Y Coll | Investors Fund Mass Invest Tr. Mutual Invest Nation Wide Sec Ve, Bk Tr Shrs Selected Cumyl "sh Seiected Am Sh Inc.. Seiected Dieome Sn Spencer Trask Funl mon share earnings were $1.09. Newport Industries, Inc.—1934 com- mon share earnings were 31 cents vs. 5 cents. | Kellogg (Spencer) & Sons, Inc.— Common share earnings before Fed- eral taxes, 24 weeks ended February 16, were $1.38 vs. $1.02 in 24 weeks to | February 17, 1934. American Smelting & Refining Co.— \ points to 3.60 cents a pound. Hecla Mining Co0.—1934 common share earnings before depletion were | 43 cents vs. 23 cents. Lion Oil Refining Co.—1934 net m-v come was $12,652, equal to 5 cents a | common share vs. deficit $239,505. Pennsylvania R. R.—January net| income was $410,361 vs. $1,266,483 1n‘ January, 1934. Union Pacific R. R.—February net railway operating income was $456,113 vs. $863,390; in two months net rail- way operating income was $1,095414 vs. $1,798,474. Blaw-Knox Co.—Federal Judge Mc- Vicar has granted a perpetual in- junction to this company restraining Koppel Industrial Car & Equipment Co. from further infringements of a patent on wall mold apparatus; no accounting was ordered because parties have agreed on sums to be paid by Koppel Co. to Blaw-Knox. United States Steel Corp. —-Ingot production at plants of subsidiaries in‘ week ended March 18, 1935, was esti- mated at 46 per cent of capacity, com- pared with 462 per cent in preceding | ; e Poveicrs ) k'l e’ (*1.10) | Westchester (*1.10) *Including extras. so far this year. SHORT-TERM ér.cumm:s (Reported by Chas. D. Bll’n? & Co. 37 . l()‘!’. tDeclared or paid Allis-Chalmers Co lulaxmc Refining_ 5 ethlenem Steel 55 Selliorma Packin Canad. 3 or. Rwy Cnu & Ohio Ry. Gas Lt. & Coke cm Northwest. 6! Colorado & So. 4'as o Gr Edison El. Tilum. n. Pub. Service Gotham Silk Hos, 0s 1 nd Tr. Canada ¢ rth 7 Vanadium Corp. 55 Wabash Rwy. Co. 5s 1 Warner Bros. fs METAL MARKET. NEW YORK. March 20 (P —Copper quiel: electrolyiic. spot and future. Blue Y. changed. Lout: » Wt and future. Stand Am Tr Shrs : Antimony. spot. % 116% 116% 115% + Stand Util Inc 39% they are presented on or before March 27. Interest on the old bonds ends after that date. Gov. Eccles of the Federal Reserve Board told the House Banking Com- mittee yesterday that he does not be- 117 114Y% Devoe & R 1st pf(7) 41% 34% Dome Mines (2)... 12% 8% Dominion Strs(1.20) 9 + 24% 17% Douglas Aircraft. .. 19% 19% 19% = Duplan Silk pf (8). 103 103 103 99'% 865% Du Pont de N (2.60) 88% 8T% 87% — 129 126% Du Pont deb (6) ... 17% Motor Products Tl Motor Wh 36% Mullins Mfg pf 4% Murray Cor! _— 12'% Nash Motors (1)... 4% Nat Acme Co.. Spal Porteual. 4 " Greece. fll‘ Czrehoslm--h- 419: Y RGh " Arsentina. o o “Shansnar . Mexico City Montreal in New York m Montreal, 01.1555: week and 46 per cent two weeks ago. | . Tobacco' Products Export Corp.— | 14.50. 1934 common share earnings were 27 cents vs. 14 cents. Callahan Zinc-Lead Co.—1934 deficit was $46,551 vs. deficit $33,346. 1 Ron. FHEEE Super of Am Tr BB! Super of Am Tr C. Super of Am Tr D. GROCERY PRICES CUT. NEW YORK, March 20 (#)—Cut- (giiver | lieve it would be practical at this ime to abandon the present banking eystem. Instead, he favors a greater cegree of “conscious control” over the system now in operation. o U. S. TREASURY POSITION. By the Associated Press. 1 ts for the fiscal vear (since Suly 3.340: expenditures. $4.90: 526.120.1; 23 22 Durham Hos pf(j2) — 1234 110% Eastman Kod (5). 20% 16% Eaton Mfg (1) 3% Eitington-Schild. .. 29 19% Electric Auto Lite.. 110%: 107 Elec Auto Litepf 7. 3% Electric Boat.. . 1% Elec Pwr & Llllt. . 2% Elec Pwr&Lt $6 pf.. 3 Elec Pwr&Lt $7 of. 39% Elec Stor Bat (2%). 7% Erle R R. 161 Evans Auf -8 Exchange Buffet h 128'% 128% 128% + 23 22% 116% 22Y - 3% — 20% - 110 4% — 1% 4% + 5 + 40 T — 18+ 3 “Uee FEP #f*# 116% -1 17% 1% + % 25% Nat Biscult 2) 1315 Nat Cesh Reg A 600 14% Nat Dairy Prod 1.20 1% Nat Dept Store (k). 17% Nat Dep St 1st pf(k) 24% Nat Distillers (50¢) 231, Nat En & Stpg (h1). 151% 150 Nat Lead pf (A)(7) 7% 4% Nat Pwr & Lt (30c) 50% 40% Nat Steel (11%). 14% 9 Nat Supply Co. 47% 37% Nat Supply pf. 11% 8 Nat Tea (60¢). 113% 109 Newberry (JJ)pf(7) 8 4% Newport Industries 21% 12% N Y Central RR. % % NYIav x) 36 12% 129( % U.S. TREASURY NOTES. (Reported by Chas D. Barney & Co.) mle—unturltylm_ 1 o1 z umu 1 Rt oty 1 FOGAN SPGB Eogmepmmmmmannas PORESSSTRRzE=ZE= Trusteed Am Bk GLASS OUTPUT JUMPS. NEW YORK, March 20 (#).—Out- put of polished plate glass by member companies of the Plate Glass Manu- facturers of America in February was 13,723,151 square feet, compared with 13,365,188 in January and 7. 441,278 in February last year. The February production was the highest since October 1929. Gotham Silk Hosiery Co.—Directors of conipany took no action on quarter- ly dividend on preferred stock, last payment on which was $1.75 a share on February 1, 1935. GLASS ORDERS MAINTAINED. NEW YORK, March 20 (P).— Changes in selling terms under which special discounts for volume were dis- continued by glassware manufactur- ers have made little difference in the orders placed with producers during the past week, it is revealed. price competition into which chains and independent retailers have been drawn has broken out in widely scat- tered sections and is causing grave concern among grocery manufacturers and wholesalers. MORE REORDERS PLACED. NEW YORK, March 20 (#).—Re- orders reaching the markets here are said to reflect improvement, with in- dications that greater activity will be seen this week in major apparel accessory lines than has been record- ed in a number of weeks past.