Evening Star Newspaper, March 23, 1935, Page 13

FIN BANK BILL HOLDS FINANCIAL STAGE D. C. Bankers Keep Ears Attuned to Testimony Before Congress. BY EDWARD C. STONE. Washington bankers continue to lisen in closely on the hearings be- fore the House Banking Committee on | the proposed banking act of 1935. Much progress has been recorded during the week now closing. While some local bankers express fear that private banking may be doomed to pass out of the picture and become wholly under Government control, others are less worried about the out- look, especially after Gov. Eccles of the Federal Reserve Board testified that he favored retention of the present system, with certain changes. The testimony of T. Jefferson Cool- idge, Undersecretary of the Treasury, was also reassuring. He told the com- mittee that the proposed banking act of 1935 is designed to adjust the bank- ing laws to meet new conditions which have developed since the creation of the Federal Reserve System. He added that the banking bill was not aimed to assist the Treasury in financing Government deficits and in fact would not facilitate financing. “We have always sold our bonds to | those who wanted them,” he said. “Interest rates are falling lower and lower and maturities are getting longer. The Treasury does not need the bill, although supports its gen- eral purposes. To my mind the money available at banks is of an enormous amount, either for businessl or for the Treasury.” 1 Mr. Coolidge asserted the main purpose was to set up control over the rate of money and the money markets which does not now exist. He denied the bill gave the Government any greater control over the banking sys- tem than it now has. ‘The Undersecretary stated that open market operations can exert only a slow influence over wholesale prices and that the rate for money is only one of the many factors in deter- mining prices. Growing U. S. Control Seen. The Bankers' Magazine devotes & good deal of attention to the banking bill, in the current issue. In con- clusion, the magazine says: “Should the proposed banking law be enacted, it will mark a consid- erable step in the absorption of bank- ing by the Government. Paradoxical as it may seem, while the banks own the Federal Reserve, the Government, under this bill, will greatly enlarge its control over the system, and thus indirectly over all member banks. That, from its enactment, the Fed- eral Reserve act made possible too much political interference with banking, with unhappy results, is something clearly revealed by a care- ful study of the original act and of what has happened in our recent| banking history. That this interfer- ence may be extended, is a matter of deep pubuc concern.” The magazine quotes from a New York daily, which said that “inroads already made by the Government into the field of private banking are too fresh in the minds of most per- sons to require recapitulation. So far as the commercial banks are con- cerned, the Government has become a competitor to the extent that its agencies have upward of $7,000,000,- 000 in loans outstanding, while it has obtained a substantial voting interest in about half the banks. ‘A big stride has been made in this direc- tion,’ says a recent study of the Brookings Institution, ‘as part of a broad movement toward public own- ership and control being extended on many fronts.’"” Additional to this governmental competition with the banks of the country, there are a number of in- stitutions now doing a large volume of business heretofore done by the banks. It must not be hastily con- cluded, however, that this loss of business is lacking in compensation. In some cases it represents a class of transactions which the banks were not properly equipped to handle, and of which they are glad to be freed. But, on the other hand, both the Gov- ernment and some of the institutions mentioned are encroaching on de- sirable banking business, the bank- ing publication asserts. Money Velocity Held Vital. The Federal Reserve System as it stands is adequate to control Federal monetary policy and nothing would be gained by requiring the 15,000 odd banks of the country to main- tain full reserves, Robert B. Warren of Case, Pomeroy Co. declares. “In the current issue of the Ameri- ean Scholar, Mr. Warren claims that bankers far from exercising control are “hardly more than intermediaries between Federal policy on the one hand and the limitations of our econ- omy on the other.” The function of the commercial bank, Mr. Warren holds, is not to de- termine the amount of “money” in the country, but to give it velocity of turnover and this they can do if the general economy is in smooth work- ing order, but here the control is| limited, for “while the Reserve Board | can make credit available it cannot compel the community to use credit in excess of the demands of its econ- omy; nor can it compel the posses- sors of money, whether that money is currency or bank deposit, to spend money except as their collective judg- ment, good or bad, may dictate.” The State of Maryland will receive bids on April 11 on the $5500,000 3 per cent emergency bonds to be dated April 15, 1935, and due serially from 1938 to 1950, the State controller announces. The financing represents the first installment of an $8,500,000 loan authorized by the Legislature. ‘The second installment will be floated next October, while the final install- ment will come out in October, 1936, according to present plans. The proceeds of the present issue will be used as follows: $2,300,000 for meeting the anticipated deficit for the 1935 fiscal year, $1,500,000 to pro- vide working capital surplus, $700,000 for miscellaneous construction work, $500,000 to be credited to the annuity bond account and $500,000 to be set up as a reserve fund for budget pur- poses. ’rhe last Maryland sale was in August, 1934, when bids were sub- mitted by syndicates on $2,350,000 4 per cent bonds. These bonds were awarded to the First National Bank of New York and associates on a bid of 109.079. Gleaned in Financial District. The, special committees arranging the annual convention of the Dis- trict Bankers’ Association will include more members from the same banks than they have in the past. Years ago there were 43 banks in the city to draw from. With the number cut to 22 the committee situation has un- dergone a marked change. J. 8. Bache & Co. has prepared & booklet on market regulations on trading in crude oil and gasoline fu- tures now beipg carried on by the hoduoe Exchenge in New York. ANCIAL, T Prev. 1035 Hllh Low. 81‘4 By private Stock nnfl 1 Alr-Way Elec Appl. 15% Alaska Jun (11.20), 1% 1 Alleg Corp (k) 141 125 Allled Chem 6). 17% 12 Allis-Chalmers. 3% 215 Amal Leather. 57 48% Amerada Corp ( 18% 131 Am Bank Note. ... 29% 22% Am Brake Sh(t85c) 122% 119 Am Brake Sh pf (7) 20% Am Car & Foundry. 12% 8 Am Chain.. . 604 38 Am Chainpft.... 76% €6 Am Chicle (13%).. 10% 63 Am Crystal Sugar,. 884 57% Am Crystal Sug pf. 3 1% Am Ensaustic. 2 Am & Forelgn 14 Am & For Pw pf ('” 3% Am Ice Co.. . 4% Am Internation l"m 20% 5t 235 A% 6% 32 Am Locomotive pf. 184 Am Mch & Fy 30c) 5 Am Mach & Metals. 13% Am Metals. ... 24 Am News (134). 1% Am Power & Light. 8% Am P&L $6 pf u!u 10% Am P&L $6 ot (1 10% Am Radiator. 15% Am Rolling Ml 66 Am Saf Ras (15% 413 Am Seating......e. 20 Am Shipbldg (2)... 3174 Am Smelt & Ref. 103 Am S&R 6% ot (38). 63 Am Snuff (13%)... 12 Am Steel Foundry.. 57% Am Sug (2).. 185 Am Sum Tob 987 Am Tel & Tel (9). 72% Am Tobacco (5). 74% Am Tobacco B (§ 1381 129% Am Tobacco pf (6). 19% 9 Am Type Fdrs pf(k 14% Tt Am Water Wks (1), 60 48 Am Wat W 1st (6).. 45% 351 Am Woolen pf. .. 8 Anaconda Copper. 14 Anchor Cap (600) 3% Armour of 1lino} 607, Armour 111 pr pf 4 Arnold Constabl T'4 Asso Dry Good 37% Atch To&S F th2).. 20 Atlantic Coast Line 21% Atlantie Ref (1)... 36 Atlas Powder (2)... 110% 106% Atlas Powder pf 16) 293, 15 Auburn Auto....... 5% 3 Aviation Corp Del.. 6% 15 17% 110 14 Baldwin Loco (k).. 713 Baltimore & Ohto. . 914 Baltimore & Ohfo of 106! Bang & Aroos pf(7) 57 Barnsdall Corp 371 Bayuk Cigar (bé).. 157 Beatrice Cre(a0c). 72 Beech-Nut P (13%) 11% Belding-Hem a50c. 117% Bendix Aviation, ... 15% Beneficial Loan 1%. Bethlehem Steel. ... 06"‘ Bethlehem St! pf... 14% Bigelow-San Corp.. 9% Blaw-Knox 61» Boeing Alrp! 49% Bohn Alum&Br (3). 90 Bon Ami (A)(16).. 21% Borden Co (1.60)... 281 Borg Warner (1%). 24y, Briggs Mfg (2) . 23'% Briggs & Strat (3).. 36% Bklyn-Man Tr (3). 43 Bklyn Union Gas(§) 31 Budd (E G) Mfg. 23 Budd (EG) Mfgpf. 3 Burns Bros pf. 13% Burr Add M (60¢). 67 Bush Term deb (l). 12 Bush Tr Bldg pfet. % Butterick (K).ouuee 42'; 36'; California Pkgtll) 1% % Callahan Zine. . 215 Calumet & Heela. .. 9% Canada Dry G A (1) 9% Canadian Pacifie. 32 Cannon Mills (2 45% Case (J I) Co. 361; Caterpillar T 19% Celanese Corp. 2 Celotex Co (k) 11% Celotex Co pf ll). . 221 Cent Aguire (1%4).. 38% Cerro de Pasco (2). 374 Ches & Oho 12.80). % Chi Gt Westn (k. 1% Chi Ml StP&P. 1% Chi Mi1 St P & P pf. 2% Chi & Northwestrn. 4% Chi & Northwest pf. 1 ChiRI&P(K).... 10 Chi Yellow Cab (1), 25% Chickasha CO (2). 31 Chrysier Corp (1).. 14 City Stores (k)... 3 City Stores ctfs (l) 1614 Colgate-P-P t50¢).. 9 Collf Alkman 15 Colo Fuel & lron(, 10% Colo & South. . 7 Colo & Sou 1st pf 3% Col Gas & Elec..... 36%CclG& KDL A (6).. 31 ColG&EpfB (§).. 341 Colum Pie vte (m1) 67 Columb Carben (4). 39% Comecl Credit (2)... 1097 Comel C 1st pf(8%) 56% Comel Inv Tr t2%. 17% Comecl Solv (t85c). % Comw & Southn.... 291 Comw & Sou pt (3), 27 Congoleum-N(1 60) 23% Conn Ry & Lt (4%) 7 Consol Cigar. 4% Consol Film.. 16'5 Consol Film pf (fl) 15% Consol Gas N ¥ (1). 615 Consol Oil (h42¢c) 3 Consol Textile 3% Container Corp (B) 165 13% A5% T9% 4% 113 624 23'% 1% 408 34% 42 10% T 22, 22% 8% by 5% 8% 9 13 15% Cont OlDol)uzv.o. 62 Corn Prod Ref (3).. 41 Coty Ine...... 0000 35% Cream of Wht +2%. 31 Crown-Zellerback. » 14 Crucible Steel 5% Cuban-Am Sug: 15 Curtis Publishing.. 2 Curtiss Wright 61 Curtiss Wright (A) 73% Cushmans pf (7) 16 Cutler Hammer. 7 Dlvegl. Slrs (a20c) 22%; Deere & 19 Deere&Co nf ijz0e). 24 Delaware & Hudson 1% Den& RG W pf.... 2615 Diamond M (t134), 34% Dome Mines (2)... 8% Dominion Strs(1.20) 1715 Douglas Afreraft... 3 Dunhill Internatl 86% Du Pont de N (2. 107 104 Duquesne Lt 18t (5) —_— 8 3% Eastern Roll Mill 123% 110% icastman Kod (5) 20% 16% Eaton Mfg (1). 29 193 Electric Auto Lit 110% 107 Elec Auto Lite pf ¥. 6% 3% Electric Boat.....e 8% 6% Elec & Mus Ind 3 1% Elec Pwr & Light.. 8% 3 Elec Pwr&Lt $7 pf. 130% 125% Endicott-John pf(7) Equit Office Bldg... u 7% Erle R R. 17% 9 Erie RR Istpf 23% 16% Evans Auto (a75¢). 17 Fairbanks-Morse. 37% Fed Motor Truck. .. 7 Fed Water Sve (A). 13% Firestone (40c) 20% Food Mach (a25e! 60% Foster-Wheeler pf. 4% Foundation Co. 19% Fourth Nat In h! Hl 8% Fox Fiim (A) 173 Freeport-Texas (1) 1201,- 114 Freeport-Tex pf (6) 5% Gen Am Investors.. 11% Gen Asphalt. ... T% Gen Baking (60¢).. T% 18% 9% 3% 27% 63 pee 35% 32% Gen Foods (1.30).., %% % GenGas& Kl (A).. 5% '59%6”! Mills (3). .o 118% 116 Gen Mills pf (I)_ THE EVENING STAR, 1% 1% 1% 13 16% 18% 16% ¥ Lo Tl 1Y 1130% 130% 130% 3 uu 4% 4% + 1 3 L 1 51% 51% bl% <1 39 17% 17 23 122 12% 9 58 » S e ® -3 3 ST T o O TP T YOIV - = g s SRER FESEFFL TEE R EFF FIREEREES o S e e RN BB e G e e e e (A8 8 FEEFE? FEFE FIES Y ERESEFEFEF T F REEEIFE tei++0000 1 FEF & FFEF ¥ IEANE S ENE 3 Behas SBusicunnusn ERERFERESE 8 REFERREER [ 53 6 6 - 130% 130% + 5 5 8% 8% 104 10% + 18% 18% + % 21 3% = 21 -1 3% — % 1 s = % -4% 0 uan»—gflnuun NN R 2 62% 62% 62% - 1117% 117% 117% +1% FS FERESFFREES 344 STOCK AVERAGES Compiled by the Associated Press. 30 Indust. oW ...... ow ... high 1935 Stock and Low. Dividend Rate. 26% Gen Motors (1) ... 113 1073 Gen Motors pf (6). 10 Gen Outdoors AdvA 1% Gen Public Servic 16% Gen Refractories... 164 Gen Refrac ctfs.... 156 Gen St Casting pt.. 12 Gillett Saf Ras (1), 70% Gillett Saf R pf(5). 214 Gimbel oros. . . % 23% Glidden Co (+1.30) 108% 104% Glidden Co pr f (1) 4 11% 26 3 T 36% 17% 12% 31% 67 6% 0% 106% 20 86% 9 ) 17% 33 52 134 12% 3 2% Gobel (Adolf).. 147 Gold Dust (1.20). 5% Granby Consol . 2715 Grant (W T)(11%) 9% Great Northern pf.. 9% Great Nor Ore (60¢c) 26% Grt West Sug (2.40) 50 Gulf States Stl 1st. 3% Hahn Dept Stos 56 Hahn Dpt Stor 101 Hanna (M A)pf(7). 16 Harb Walker (1)... 81 Hat Cpfww(6%) 5% Holland Furnace. . 615 Houdaille-Hersh B. 9% Houston Oll. . 113 Houston O11 (n") - 43 Howe Sound (3). 6% Hudson & Man pf... 8 Hudson Motor Car.. 1% Hupp Motor! 25% Indus Rayon (1.68). 60% Ingersoll-Rand «2). 46% Inland Steel (1).... 23 Inspiration Coppe: 4 Insur Shct Md 14 8% Interboro Rp Tr(k). 4% [nterlake Iron.. 21, Int Agriculture. 161% 149% Int Bus Mach4p6).. 6% 33 43% 2413 57 5T 3 3% Int-Carriers Lid 200 227 [nt Cement (1) . 344 Int Harvester (60c) 13 Int Hydro Elec (A). 22% Int Nick Can (60¢). 4% Int Paper & Pw pf. . 13 Int Rys Cent Am pf 17 intSilver. . 2 5% Int Tel & Tel. 9 Interstate Dept Strs 6% Intertype Corp 49 Jewel Tea (3) 383 Jon! anvill 52% Jones&Laugh 'Npl —_— 10 28% 31 28% 12% 99 11% TA% 17% 13 3% Kans City Southern 7% Kaufm'n D S(a40c) Tw Kelly-Spring L (k). 34 Kelsey-Hayes (B). 14% Kelvinator (170¢).. 13% Kennecott C (80¢). . 25% Kinney (G R) Co of 19% Kresge (S S (1) 23% Kroger Gr&Bk 1 20% Laclede Gas pf. 26% Lambert Co 13).... ¥'4 Lee Rub&Tire (60¢ 89% Leh Port Cpf (3%) 5 Lehigh Valley R K. 674 Lehman Cp(12.65). 14% Lehn & Fink (1%). 23% L1b-O-Ford G1(1.20) 96'% Ligr & Myers B(15) 24% Liquid Carb (t1%). 31'% Loew's (ne (3) 1% Long Bell Lum Loose-Wiles (2).... G&E(A)1%. 71 McCrory Strs A (k) 5% 36% Melntyre Porcu (2) 158 % 50% 14% 11% 52 284 21% % 81 1m 18% SU’K. la% 42% 21% 90% McKeesport T P (4) 6% McKesson & Rob. .. 37 McKesson & Rob pf 9% McLellan Stores (l) 4 Manat! Sugar pf (k) 18% Man Elev m g (k).. 10% Manhat Shirt (60¢) 4% Marancha Corp. 6% Marshall Field. 23% Mathieson Alkn%) 5% Maytag Co......... 33 Maytag pf ww (3).. 3215 Maytag xw (3). 84! Maytag 1st pf (6 241n Mesta Mach (1%) 27 M-G-M Pic pt (1.89) 91 Mid-Cont Pet(hboc) 60% Midl'd Stl 1st pf(8) 68 Minn Hon R(13%). 3% Minn Moline Pow., 2% Mo Kan & Tex: 6 Mo Kan & Texas pf. 1% Mo Pacific (K)..... 1% Mo Pacifis pf (k. 56 Monsanto C (1) 21% Montgomery Wi % Mother Lode 17% Motor Products. T Motor Wheel....eo 367% Mullins Mfg pf.... 12% Nasb Motors (1)... 4% Nat Acme Co. » 6% Nat Aviatiom. 25 Nat Biscuit 2 13% Nat Cosh Heg A 12% Nat Dairy Prod 1. 17% Nat Dep St 1st pf(k) 24% Nat Distillers (50¢c) 231% Nat En & Stpg (h1). 160 Nat Lead pf (A)(7) 4% Nat Pwr & Lt (80¢) 40% Nat Steel (11%) . 9 Nat Supply Co. 8% Nat Tea (80¢) 43% Newberry(J J) 6 NYNH& Hart pt. 2% N Y Ontarfo & West 6% N Y Shipbuilding. . 72 N Y Shipbldg pf (1) 30% Noranda Mines (h2) North Am Aviation, 9 North AmCo (1). 35% North Am Co pf (3 13% Northern Pacifie. .- _— 10% A% 26% 12 % 46 90% 9% Ohto Oil thebe).... 2% Oliver Farm Equip. 184 Oliver F pr pf A, 106 Otis Elev pf (6) 4% Otis Steel.... 22% Otis Steel pr pf. Outlet Co pf (7) 80 Owens-11] Glass (¢ 13% PacificG& E (1%). 19 Pacific Lighting (3) 7 Pac W'n Ofl (h40e), 315 Packard Motor..... 10% Pan American P 2% Par-Publix otfs 35% Philip Morris (1).. 18% Phillips Petrof (1). Plerce-Arrow (k) 5% Pitts Screw & Holt.. 1% Pitts United Corp. . 25 Pitts United C pf. 1 Pittston Co... 6% Plymouth Oil (1)... 6% Poor & Co (B)....en 8% Postal Tel & Ca pf.. 1% Pressed Sti Car (k. Proc & Gamb (1%). Pub Serv 5 20% NJ (2.30) 62% Pub Serv NJ pt (§) 15 Ralls. 5 Bales— Add 00 16 3 1 2 1 2 308 1 15 28 60 Util. Stocks. —4 363 36.7 381 46.5 416 ll'h Low. Close. unn. 284 - % 112% 112% ¥ 11% 1% 18% 18% 16 13% 6% 2% % 25% 108 2% 18% 111 u 31 1% + % 1% + % 18% — % 18% + % 16 13% — % 6% + % 2% + % 25% 106 — % 3%+ W FF EFEE TR FEIE P o FryFE FEFEEF F FEF FEFFFE FEFF FoEAE ¥ FERFRE F2E o FEFFEREFEFF 18% 111 5 — % 32 +2 ll‘% 114% 114% 43% 85 3% % - % 16% — % 23 WASHINGTON, D. Prev. 1935 gh, 9% C. Stock and Low. Dividend Rate. 85% Pub Serv N J pf (7) 108% 100 Pub Serv N J pf (8) 82% T% 61 10% 5% 45% 2% 11% 834 3% 16% 49% 24% 51% 26 46 17% 2 9% 28% % 41% Pullman Ino (3).... 5% Pure Ofl... LT 49% Pure O1l pf, 8% Purity Bakeries (1) 4 Radie Corporation. 35% Radlo Corp pf (B) 1% Radlo-Kelth-Or ¢ 8 Remington-Rand.. 71% Remington-R 1st pf 2% Reo Motor Car. 9 Republic Ste 28% Republic Steel pf... 20% Reynolds Metals1). 44 Reynolds Tob B (3) 21% Roan Antelope Ltd. 374 Safeway Stores(3)., 10% St Joseph L4 (40c) 1% St L San Fran (k). 6 Savage Arms . 22 Schenley Distillers, % Seaboard Afr L (k). 81 Sears Roeb'k (75¢c). % Servel Inc......... 9 Sharon Steel Hoop. T4 Shattuck (F G)26e. . 5% Shell Unton Ol. ... 8% Silver King C (40¢). 6 Simmons Co. . 18% Simms Petrol (1). 11 Socony-Vae (60¢).. 20 Sou Por RicoSug(2) 10% South Cal Ed 13%).. 12% Southern Pacific. .. T% Southern Rallway 10 Southern Rwy pf... 314 Sparks-Withington. 70 Spear & Co 1st pf... 33 Spencer Kellog 1.60 7% Sperry Corp (25¢).. A“W High. Low. 1 93% 93% 95%— % 1107 107 6 44% 44 [ 1) FOTPTRITIN - TP STOTVIY 8o oS Ramno - e BE SATURDAY, MARCH 23, 1935. RANSACTIONS ON THE NEW YORK STOCK EXCHANGE Net. = Prev.1 16% 107 43 “ -% G I=—=15 51'% 41 9% - % 4% - % 15% 6% 26% 63% 3 20% 81% 12% 10 53% 6% 12% 20% 6 51% 7 17‘A A2% 124% 1 40% T4 59 140% 1 2% 19% 2 1% 213, 37 A% 2T% 91 2% 1 Close. Chse. | High. Low. 035 Stock and 14% Un Oil of Cal (1)... 16% 111% 83% Un Pacific (6).. 9% United Afreraft 4% United Air L vte. . 23% United Biso (1. CO).. 46 United Carbon 2.40. 1% United Corp. . 20% United Corp pf. 71% United Fruit (3). 9% United Gas Imp (1) 7 U S Distributing pt 40% U 8 Gypsum (1). 3% U 8 Leather... 7% U 8 Leather (A). 19% U S P&F 1st pf 1.20. 3 USRealty & lmnr. 9% U S Rubber 24% U S Rubber 1st Df. . 06'% U S Smelt & R (h9). 27% U 8 Steel. 3% United Stores (A).. 51 Untv Leaf Tob (2).. 33% Univ Leaf T pf '8). 1% Univ Pipe & Rad. .. 12 Univ Pipe & Rad pf. 1 Ut Pwr& Lt (A).. % Vi 0 Sales Corp.. 13% Vanadium Corp.... 8414 Vick Chem (12.40). 2% Va-Car Chemical... 18 Va-Car Chem 6% pf 2% Va El & Pwr pf (). 1% Wabash (k) - 4% Waldorf Sy, ) 14 Walsreenpf (636). 1'¢« Walworth Co. . 1% Ward Baking (B)... 24 Warner Bros Pic... 145 Warner Bros Pic pf 4 Webster Eiseniohr. 3015 Wesson O & S 1% . 34 West Pa Elec A (7) 2% 16% 41 32% 41 Net. Dividend Rate. Add 00, High. Low. Close. Che, 2 16! 16% 88 -1y 1% - 13 23% — Ead EF FEEFEEF Cesasnss | prevailed b P s per cent. 541 Spiegel-May-Stern. 14% Stand Brands (1). 1% Stand Gas & Elec... 1% Stand G & E $4 pf. .. 27% Stand Ol of Cal(1). 23 Stand Oil of Ind (1) 35% Stand Ol NJ(11%) 58% Sterling Prod (3.80) 6% Stewart-Warner. 21 Stone & Webster. 2% Studebaker (n 120% 115% Sun O11 pt (6 2% 1% Superior Oil 21% 36% 4% 16% Texas Corp (1)..... 301 Fexas Gulf Sul (2).. 3' Tex Pae Coal & O1l. 815 Tex Pac Land Trust 51 Thatcher Mf pf 3.60 5% The Fair. ... . 213 Thermoid Co. . 13% Thompson Products 7% Tide Wat Asso Oll. . 84 Tide Wat A O pf(§) 103% 100 Tide Wat Ofl pf (6) T% 4% Timken-Detroit. 28% Mmken R B (1). 4 Transamerica (2 1% Tri-Contl Corp 4% Truax-Tra C 313 Truscon Steel.... 18 TwinCity RTpf... 44 Un Carbide&C 1.60. 6% 3% 5l 6 2% 49 36 West Pa Elec pt (§) 6015 39°% West Pa Elec pf (7) 6% White Motor . . 13% White R’k M S 1.40. 45 49% 4 110% 110% 6% 6% 3% 34 23% 23% 19% 19% 35% 8 % 49% S 1 34 24% 20 h 4% Wiison & Coalilze 51 Woolworth (2.40).. 11% Worthington Pump 25'; Worth Pumppt A. . 35t Wright Aero. . 73% Wrigley (Wir)t3%. 100 — % | 13| 21 18 21% 18 21 4 Divicend rates as eiven in the above table are Lhe annusi = '\ cash payments based on the la declarations s Unit of trading 9% in stock stock stock. « Pl dividends | sanized m Plus 5% stock b Paid la Payabl. 1o cash or stock s 4% 10 stock k Compan! Young Sp& W 113 Youngstown S&T. . 114 Zenith Radio.. 3 Zonite Products. . 160,000 1 . 30").000 it uarterly or half-yearly IPius adle In 1 Plus $1 in special preferred a Palg this year. ) Accumulsted ported in receivership or being reor- in stock. o Plus 3% (p stock D Plus 3% lesy mln 100 anares. TPartly extra. st year—no regular rate. b P x Ex-didivend ADVANCE STAGED BYREALTY BONDS . Watson Index, Based on 250 Issues, Up 8.8 Per Cent in Two Months. Special Dispatch to The Star. NEW YORK, March 23.—Bonds se- cured by Eastern real estate, based on | 250 issues included in the Réal Estate | Bond Index compiled by Eli T. Wat- | son & Co. covering 40 cities in 12| States and Canada, increased in mar- ket value 4.4 per cent in February, continuing the upward trend which during January and, throughout 1934. For the first two months of this year prices rose 8.8 per cent. Of the 250 issues, le'l’ gained in price during February, 43 remained stationary and 40 decreased, while for the two months, 196 issues gained, 25 showed no change and 29 e types of issues covered in the price average, housekeeping apart- ments led with a gain of 6.6 per cent in February and 11.4 per cent for the two months. During February apart- ment hotel issues were second with | a 6.1 per cent gain, followed by hotels, | 5.7 per cent; office buildings, 2.9 per | cent, and theaters, 21 per cent. For the two-month period hotel issues came second, rising 11.2 per cent; apartment hotels third with 9.1 per cent gain; theaters next, 8.7 per cent, and office buildings, 7.2 per cent. In February the largest gain among the cities was shown by Brooklyn, where 10 issues gained in price 8.5 ‘Washington issues were second, increasing 7.2 per cent, and Buffalo and Miami followed in that order with gains of 6.4 and 6 per cent, respectively. Miami issues led the list for the two-month period with a 159 per cent gain, followed by ‘Washington, 12.7 per cent; Brooklyn, 122 per cent; Philadelphia, 11.1 per cent, and New York City, 8.8 per cent. ‘The Watson Index includes 123 New York issues, 16 in Pittsburgh, 13 in Philadelphia, 12 in Westchester and 10 each in Boston, Brooklyn, Buffalo, Miami and Washington, as well as 36 scattered issues in various Eastern cities. LINEN SHOW ARRANGED. NEW YORK, March 23 (#.—A linen and domestic show is scheduled to be held here in August, according to reports, despite some opposition voiced by the Linen Trade Associa- tlon. —_— NEW YORK BAR SILVER. NEW YORK, March 23 () —Bar silver steady, unchanged at 59. U. S. TREASURY POSITION. lv the Associated Press. ition of the Treasury on March me ts. $95.122,303: expendi- %o balance, $2.314,145- 55. 3 g"'m}ia for the fiscal year (since 76,6’ es, xpenditure 01 /847,250,871 gl emer expen urn‘ excess N !“r’:: sz.’i‘u.ms.z"e ts, 88, Gold puRict 1‘4“0.-'1 o Nereh i '}%‘mfl: ex- ast year 437,808 ex- ’"fififm'. sus.' 06.770: . net ' balance, toml rectipts Tor the ol year, S2.24n501,- .810: includ- % i afiffr:"nse Pt eoenaltures, 3535, S cxeein of exmendliuset 3o: gt o FEDERAL LAND BANKS h 23 (). —Federal u}g:w YORK. Marc Q R | oy, BALTIMORE STOCKS Special Dispatch to The Star. United Railways Brings $5,950,000 | At Baltimore Sale Special Dispatch to The Star. BALTIMORE, March 23.—The | United Railways, which controls the | trolley systems of Baltimore, capital- | ized at $85,000,000, was sold by public | auction yesterday for $5,950,000. The company has been in the hands of receivers since January 1, 1933, and was sold under an order of the United States District Court. There was only | one bid, made by a lawyer represent- ing the first lien bondholders of the company, and after vainly trying to | get another bid the auctioneer de- clared the company sold. Previous to the sale here two lines operating in Baltimore County were sold at Towson for $320,000. PACIFIC WE*STERN OIL REFUNDING IS TALKED| By the Associated Press. NEW YORK, March 23.—Wi Street banking circles hear that plan for refunding $10,597,500 Pacific | COTTON IMPROVES NEAR WEEK'S END Rally From Monday Lows | Accompanies Firm Spot Markets in South. By the Associated Press. this week, but not until prices suf- | fered a secondary slump to new low | levels on Monday. This break was attributed to re- newed liquidation and hedging prompted by nervousness over the European situation and uncertainties | in various directions at home. The tone improved near the end of the | week, with July closing yesterday at | 1099 compared with 11.19 a week | ago. The rally from Monday lows was | FINANCIAL STOCKS REGISTER UNEVEN DECLINE Market Shows Heavy Tone at Week’s End—Volume Is Moderate. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORX, March 23.—The stock market received no fresh inspiration to bolster it today and prices were pulled irregularly lower. Trading was about the average for the Saturday short session. The closing tone was heavy. Transfers aggregated 300,000 shares. Indifferent week end trade reports, coupled with sagging grain prices, the congressional snarl over the work relief bill and week-end adjustment of accounts, the share market was hesitant from the beginning and with the exception of a few bright spots in non-ferrous metals and isolated cases of strength in other groups, leaders | went along easily with the downward | current. Cotton futures recovered sharply following the announcement of Sen- | ator George concerning the probabil- ity of the President continuing the 12-cent loan plan, but the time was | too short to allow full recovery, and | final prices were 15 cents to 50 cents a bale net lower. Foreign exchanges were more stable | following a sharp recovery in the Bel- gian currency which has kept interna- tional dollar rates on edge for sev- eral days. Sterling was about un- changed, and francs only a trifle lower. Metal stocks were the only group showing resistance, and leaders had advanced nearly a point before yield- ing part of the gains when it was announced that Senator Thomas' | sllver “inflation” amendment to the work relief bill had been cast aside in the Senate. Howe Sound and Roan Antelope retained advances of about % point, but United States Smelting and Cerro de Pasco were unchanged to a trifle lower. Other divisions also produced a few firm spots. American Crystal Sugar ‘pre!erred was bid up 3 points, Simms | Petroleum, Freeport Texas and Amer- ‘lcun Shipbuilding got up around one and fractional advances were shown | by Liggett & Myers “B” and American Bank Note Renewed selling in rails and util- NEW YORK, March 23—The cot- ton futures market became calmer ! | ities placed the brunt of the decline |in these groups. Losses of a point | or more were shown by Union Pacific, Santa Fe and Radio preferred “B.” | while smaller declines occurred in | American Telephone, Consolidated | Gas, American Water Works, Penn- | sylvania, New York Central and | Southern Pacific. Motor shares received little en- uragement from the slightly higher . youlpuz during the current week, and | such leaders as General Motors and Chrysler were among others slipping around half a point along with such ]mher trading favorites as U. S. Steel, J. I Case, Du Pont, Westinghouse, ‘th;{ol;lzomer) Ward and Sears-Roe- ucl APPLE PACT T0O LATE TO AID GROWERS MUCH By the Associated Press. | . WINCHESTER, Va., March 23.— | Virginia apple growers were quoted | today as feeling that the exchange greement with France whereby a 22,000-ton increase in the French im- port quota for the fruit would be made in exchange for American consump- |tion of large quantities of French wheat for feeding, would do little to boost sales this year. Export fruit, | they said, were not in large quantities now, but they were hopeful that a Western Oil Co. sinking fund 6145 pe,‘lccompnmzd by talk of an improved ] similar agreement as regards next cent debenture bonds may be an- nounced in the near future. A deal has been virtually consummated, is said, whereby Pacific Western's properties in the Kettleman Hills and Baldwin oil fields of California | will be transferred to Shell Oil Co.| of California for a consideration of | | $12,000,000. The Pacific Western bonds have been assumed by Shell in part payment, and the latter is be- lieved ready to convert into a new issue bearing a lower rate of interest. ISSUE SOLD QUICKLY. NEW YORK, March 23 (#).—Yes- terday’s offering by a banking syn- dicate of $7,000,000 Wisconsin Public Service Corp. first refunding 5% per cent bonds was quickly snapped up by | the participating dealers, and Wall Street saw in this action a reflection of confidence that the bonds would meet a ready sale. Washingtol; ahange SALES. Capital Traction 55—$1,000 -at 97%, $1,000 at 9715, $1,000 at 97’5, $3,000 at 97}, $2,000 at 97%. Washington Ry. & Elec. pfd—9 at 10312, 1 at 1031;. AFTER CALL. Mergenthaler Linotype—10 at 30, 10 at 30, 1C at 30, 10 at 30, 10 at 30. BONDS. Bid and Asked Prices. Asked . & 'l ‘pfd. (3).. NATIONAL BANK Capital (4). Liberty (3 Riges ptd. ‘(5 Washingten (6) ... Amer, Sec. & Tr. Co. (8 Natl. 8av. & Tr.. Wash. Loan & Tr. (8). SAVINGS BANK Com. & Savings (6) . FIRE INSU American (12) Coreoran 4"50) PFir 1 60) National Union (.60). TITLE Dllumhh (30).. Estate (6). A Fn?ln #fuul St, D! Security Blorase [3)" Cflm. wa'd & Lot Wawd. & Loth. sfa. 'go. lMd-‘ pald March 1% it | | technical position and firm spot mar- | | kets in the South. Reports from Worth street have indicated that except for spurts of \buyin( in certain constructions, the | primary cloth market has remained | generally quiet. There was further talk of probable mill curtailment. On the other hand, there have been reports of a gen- erally very firm spot situation in the | the 12-cent loan following the recent decline in futures. The report of the Census Bureau placing ginnings from the crop of 1934 at 9,469,338 running bales or 9,- 633,879 bales of 500 pounds gross was | closely in line with the Government estimate of last December. Reports of floods in the Mississippi {land had been inundated and farm | work naturally delayed, but prelimi- nary preparations for the crop at- tracted comparatively little attention. Weekly Cotton Statement. | NEW_ ORLEANS. March 23 (P).—Sec- | retary Plauche’s weekly New Orleans Cot- ton Exchange statement, issued today, shows that the amount brought into sight during the past I’!ek has been 10 920, sgainst 145033 for days and 147 In" 7935 and for of ‘March Tt has bess 4on.s ":'5'1‘34 25.062 last year and 452.783 The movement since Toceipts at_all Oni dun g16.455 against 1 shows ited, States ports 4.- 090" Grertand abeats Tha Riftssaibpt "onlo” sna CPormnac “Sivers i 1lls and Canada, 564 818 against ?&’u’ng }:oflé ”E‘lr and 488,346 19; Intérior stocks in excess oglmm helfl‘ at b = lhem mlll ullnll net 240,000 last year .mon"m’?n"ku.‘\{’s‘z o0 BTt ;g‘-lnu 3,500 Iast year and 11, Fore!| n exports for the week have 150 .nlnst 110771 last year, Lotal thus ar for the season 2 decronse S b0 ast “year, of American orld spiners takings cnnon durr the week were 263.000 ast; 97,000 agal year lnd 96,000 yesr berore exclusive of’ Canada and against 114,000 last nnr and T befo! 6.050. -simt Orient, lw 300 lut vear and 17.000° year before 'rom oiakings of American cotton for the, set e oa alnst 10.282 000 of “which X 5t ¥4 Joar belore last; 0000 10 South 3, 1 000 inst 1. 5"‘07 vear wnd 1007000 year Stocks st the teaboard and ihe 102 l.lfllnl solllh!"l mteflor centers have de- creased during the week 112.720. l'lllll‘ ll..fltw‘l;!.l‘;.nfll;fln the :oldrupondln' smaller than at ihis date 6":33'.8"“80 FOREIGN EXCHANGES. YORK. March 23 (#).—Foreign exchange steady; Great Britain in dollars, U Great” Britein demand, 477: cabl lemand 7 Ccables, 437; 60-day mlu i R 8503 50%. Italy demand, .26 : . 22.60 62 " N 0.04; "Poland, l r"Yuln:llvll. 1.01 Arg Bulll 318 H. Brasil, Toklo, 5505 Shanghal 38.98: .1 "5 - co Eity treal New th in w' !ort in Montreal, 100.62' (stiver RUBBER FUTURES. YORK. lllrch 23 P —Crude rub- ver Tutures closed 10814 Jower; lks No. tanda; rd fl“ ‘contracts. HI July m"d September. | i0 Decemier 13 14b; omb'v' 1.21; omoked vipbed. apot, L0.bR. uary. i smoked ri b—Bid. a—Nominal. South with eligible cotton going into ! Valley indicated that considerable | | year's crop would be made. GROUP FIGHTS RULING FOR CHEMICAL FIRM By the Associated Press | RICHMOND, Va. March 23.—Four directors of the Virginia Carolina Chemical Corp.—Mason B. Starring, | George E. Warren, Harry Bronner and Alfred Levinger, all of New York City | —have flled a petition for a writ of | error in the Virginia Supreme Court of Appeals here, in which they ask that the decision of Judge Ernest H. Wells of Hustings Court, requiring the directors to pay a $7 dividend on the company’s prior preference stock, be reversed. Should any member of the appel- late court grant the writ, a hearing by the full court would be assured. The corporation itself is not a party to the appeal, although it contended before Judge Wells that the dividend ‘ should not be paid. !CRUDE OIL SUPPLIES GAIN 128,000 BARRELS By the Associated Press. The Bureau of Mines reported yes- terday that stocks of domestic and foreign crude petroleum on March 16 totaled 322,176,000 barrels, an increase of 128,000 over the preceding week. Domestic crude stocks declined 36,- 000 barrels and foreign crude in- creased 164,000. | Daily average production for week was 2,655,000 barrels, an crease of 70,000. All major producing States the in- in- ' | creased their output, the largest gain being registered in Oklahoma. | Daily average imports were 64,000 | barrels, compared with 53,000 for the preceding week. Daily average crude | runs to stills was 2,540,000. REBATE HEARING PLANNED. NEW YORK, March 23 (#).—Rug manufacturers and group buyers, it is reported, will renew their feud over the volume rebate allowances at an N. R. A. hearing in Washington, scheduled {or Apru 17, Second Trust Notes We will buy monthly payment de- hrn‘ nluilu money s it on dn lm l nlon F inance Co. 918 Woed Nat’l 7936 'SOUTHERN LOBSTER Steamed or Broiled (Since 1858) ece rus owner - occupled 1107 Connecticut Avenue LOANS We Will Make First Trust Coulnennl s ntial Properti Pn-m Action e Avolication Real Estate Mortgage and Guaranty Corporation 1610 K St. N.W.