Evening Star Newspaper, March 26, 1935, Page 16

FINANCIAL, STOCKS BEAT TINIE LATE N SESSION Coca-Cola Becomes Active With Rise of 3 Points. Others Narrow. A—16 *%% FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., TUESDAY, MARCH 26, 1935. DLOLETNS TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE High. Low. Dividend Rate. ?d.;.(; High. Low. Close. Chge | High. Lov. Dividend Rate. :‘d‘d 00. High. Low. Close. Lnl‘ 176 158 Norfolk & W (110). 160 160 160 +1% 9% 6% Stewart-Warner. . 4 T T T% + % 2 North Am Aviation. 2 2% 2 5 21, Stone & Webste) 1 3w Total Below Nearby Cities. Sales Gain Over 1934 Far Above Others. By private wire direct to The Star. STOCK AVERAGES Complled by the Associated Press. Prev 1035 Stock ana m.n Low. Dividend Rate. 4% Adams Express. 3‘i 281 Adams Milll (’)- . 114 6% 4'y Advance Rumley... 1% 1 Alr-Way Elec Appl. 20% 15% Alaska Jun (11.20), 1% 1 Alleg Corp (K)....o 23 21 Allegheny Stl (1)... 141 125 Allied Chem (6).. 12715 123% Allled Chem pf (1), 17% 12 Allis-Chalmers..... 57% 45 Am Ag Chem Del/2) 1813 131 Am Rank Note. ... 29'¢ 22 Am Brake Sh(t85c) 122% 119 Am Brake Sh pf (7) 123 110 AmCan (t5) 204 10 Am Car & Foundry. 12% & AmChatn.. 60'; 38 Am Chain pf 76% 66 Am Chicle (+3%%) . Am Coal Alleg h3%. 3% 2% Am Colortype . ... 831 22! Am Comel Alcohol. 10% 65 Am Crystal Sugar. s;». 575% Am Crysta) Sug pf . 5% 3u 34— w/. 9 North AmCo (1)... 3 2% Studebaker (new),, 27 2% 2% 2% - % 69 57 North Am Ed pt (6) 64 6814 60 Sun Oil (21) 1 62 62 62 21% 18% Northern Pacifle. .. 121 115% Sun Oil of (6 2 0 - 38% 357% Northwest Tel (3). 2% 1% Superfor Of1 . 00-2 13 1% ua‘;{ m}% % % Symington (K), L 10% 9% Ohio Ofl (hébe). 4% 2% Oliver Farm Equip. ™ 26% 15% Oliver F prpf A. 1% 5% 37 Omnibus Corp 3018 ™ 38 15% 815 Tex Pac Land Trust 104 112 106 Otis ot 15% Thatcher Mfg (a25¢ 16 7% 4% Otis Steel. 2'3 Thermold Co. 3 3 46 22% Otis Steel pr pf 13% Thompson Products 14% 90% 80 Owens-1ll Glass (¢) 1% Thompson Starrett. 2% 7% Tide Wat Asso Oll. . T 4% Timken-Detroit . 5 28% Cimken R B (1) 291 47 Transamerica (25¢) 47 14 Tri-Contl Corp..... 2% 414 Truax-Tra Coal 45 18 TwinCity RT pt 18% 30 Indust. —3 50.4 50.6 53.0 54.9 56.6 495 614 453 15 Ralls. —2 19.1 15 60 Util. Stocks. -1 =2 238 359 36.1 374 453 416 348 514 349 - 169 11 208 n 10 3 Net change . Today, 1 pm. . Previous day Month ago Year ago 1935 high . 1935 low . 1934 high . 1934 low 1932 1929 1927 8 Tcllu!oxugh .. Corp (1).. s Gulf Sul (2).. 3% Tex Pac Coal & O1l. ™ - > BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, March 26.—The stock market continued fo display reac- ticnary tendencies at the beginning .| Of the final hour today. Early losses of minor fractions to a point in most all active shares except a few specialties and metals, were neither canceled nor extended and the market backed and filled in a narrow trading area. Coca Cola became more |active in late dealings and was run BY EDWARD C. STONE. Collections n:ld up well in Wash- ington department stores during February, according to information received from the Federal Reserve Bank of Richmond this noon. Of the receivables due at the beginning of the month 27.1 per cent were paid before March 1. Washingtonians, however, did not pay their bills quite as rapidly as the buying vublic did in some other cities =8 @S F S ssmne 2% 16% 23% 113 Pactfic Coast. 13% Pacihe G & 1 tl%) 19 Pacific Ltg (2.40).. 70 Pacitic Tel & Tel «6) 314 Packard Motor . 10% Pan American Pet.., 2% Par-Publix ctfs (k) 2% Park Utan 1 Pathe Exchange. .. 117 Pathe Exchange(A) 844 Patino Mines. S S . 1935 Stockand Sales— Low Dividi nc Rate. Aduluu uun 1 FalrbanksCo...... 17 Fairbanks-Mors 71% Fairbanks-Mrs pf.. 5% Fed Lt & Trac. 54 Und-Ell-Fisher (2). 37% Un Bag & Paper (4) 44 UnCarbide&C 1.60. 14% UnOllof Cal (1)..4 54 a8 & @ & we - S 1% Am Ensaustic. . ... 2 Am & Forelgn Pwr, [ i W in this district. In Richmond, collec- tions were 29.9 per cent of receiv- ables; in Baltimore, 27.6 per cent; in a group of other cities, 28.9 per cent, while the average for the whole district stood at 27.8 per cent. Department store sales in this city were 19.2 per cent better than in February a vszar ago, compared with 12.7 per cent for the fifth district. For the first two months 1935 sales were 15.9 per cent ahead of last year, which was well above of the fifth dis- trict average of 9.3 per cent. The Richmond bank reports that stocks on hand at the end of Febru- ary in the stores in the Capital were 2.1 per cent 'ower than at the same | time a year ago. Compared with January 31, this year, stocks were 11.1 per cent nigher here and 9.8 per cent larger for the 31 department stores reporting in this trade area. Stocks were turned .584 times dur- ing February in the local stores, against a fifth district average of 528 times. Western Electric Turns Corner, For the first time in five years the business of the Western Electric Co. in 1934 showed an improvement ove: the previous year. Sales for the year amounted to $91,807.000, an increase of 32 per cent over the sales of $69,- 511,000 for 1933. Notwithstanding this increase, the company. operated at less than 20 per cent capacity and showed a loss for the year of § 548, which compares with a loss of $13,772,504 in 1933. An important result of the improve- ment in the business during the year was an increase in the number of employes from 18446 at December 31, 1933 to 20,416 at December 31, 1934. | From June, 1933, the month in which our employment reached its lowest level, to December, 1934, there has been an increase of 3.268 employes. of | whom approximately 95 per cent were | former employes. The net loss for the vear after in- | terest charges, $7.751,548, includes a Profit of $849,941 from subsidiary and associated companies. After crediting | profits of $2.036,073 on sales of mar- ketable securities and other surplus adjustments (net) of $11,093, the | balance in surplus at December 31, | 1934 was $12579,222, a decrease of | $5.704,382 for the year. Western Electric maintains a ware- house in Washington from which it | supplies equipment to the Chesapeake & Potomac and other Bell te'ephone | companies in Maryiand, Virgin‘a, | West Virginia and other nearby | States. . | Economic Crisis Held Ended. | | ‘The current number of Sphere. a| financial magazine, declares that the | national economic crisis is over, that | standards of living are now normal | and that a condition of normaley really exists. The magazine says: “The emergency should be officially | declared ended and a condition of | normalcy proclaimed. Then we could' be basing policies on facts mstead; of maintaining this monstrous fiction | that the Treasury must contribute to the support of from 29 to 40 millions of people. 1 “What was our gravest problem? The insolvency of the banks. The | banks are not insolvent ncw, but are | bursting with excess reserves. | “What was our second grave prob- lem? The ruin occasioned by specu- lation. But there is now a Securities Exchange Commission, with compre- hensive authority over all exchanges | end over the issue of securities. Unless the administration of that commis- sion is utterly futile, the public has| adequate protection. “What was our third great prob- lem? Mortgages on farms and homes. But the Government, throu two great funding corporations, and! through minor agencies, has sub- | stantially rescued that position. and | offers the means for any additional salvage work that may be requisite.” A. B. A. Recommendations Printed. “Printed copies of the recommenda- tions of the special committee of the American Bankers’ Association on the Pproposed banking act of 1935 were re- ceived here today from headquarters in New York. This is the report pre- sented to the House Banking Commit- tee last week which urged the reduc- tion of the Federal Reserve Board from eight to five members, and sug- gested ways of making the system es non-political as possible. The report favored title 1 as beneficial to the operation of the Federal Deposit In- surance Corp. but urged more con- sideration which would make all non- member banks join the Federal Re- serve System by July 1, 1937. The committee said it should be provided in the act that members of the Federal Reserve Board, including the governor, should be removable during their term of office only for cause. If a new President should ap- point a new reserve governor the re- tiring governor would be allowed to remain as 8 member of the board if he wished to do so. The committee @50 feels that in order to preserve the independence of the governors of the Federal Reserve Banks, the term dur- ing which they may serve, without having to be reapproved by the Fed- eral Reserve Board, should be as long as possible, certainly not less than three years. The special A. B. A. committee favors an open market committee made up of the Reserve Board (five members) and four Reserve Bank governors, to handle “open market policy, change in discount rates, or change in member bank reserve requirements.” ‘The report contains & host of other recommendations and reflects great care and study in preparation. Bank- ers declare that every suggestion should be incorporated in the bill. The special committee contained five members, including Robert V. Flem- ing, who has already taken such an active part in other banking legisla- Traction Bonds at New Peak. Capital Traction 5s sold at 98 today on the Washington Stock Exchange, the highest price in many years. They have been climbing steadily since the street car line merger went into effect & year ago last December. The last previous sale was made at 97%%. Mergenthaler Linotype moved at 30 sgain today on three small sales. Potomac Electric Power 512 per cent preferred stock sold at 1143. Capital Transit stock closed with 20% bid and 21% asked. 28% 13 53, 321y 4% 378 6% 6 20% 23%, 17% 831y 15% 164 138 24 6% 40' 1381 14 Am & For Pw pf (7) 10 Am Hawaiian SS(1) 21 Am Hide & Leather, 30% Am Home P (2.40), 315 Am Ice Co. 287 Am Ice Co pf (6). 412 Am International... 1% Am La Fran pf (k). 9 Am Locomotive. ... 181 Am Mch & Fy (30c) 13! Am Metals 72 Am Metalspf.. 1'¢ Am Power & Light. 8% Am P&L $5 of (1%) 10'x Am P&L $6 pf (1%) 1012 Am Radtator ., 134'; Am Radiator pf (7) 15% Am Rolling Mill 4': Am Seating . 31°x Am Smelt & Ref. 63 Am Snuff (+314) 12 Am Stee: Founa 126': Am Sugar pf (1) 987 Am Tel & Tel (9). 72% Am Tobacco (5) 74% Am Tobacco B (5) 129« Am Tobaceco pf (6). 2'; Am Type Fdrs (k).. Tix Am Water Wks (1). 4's Am Woolen ....... 21, Am Writ Pap pf (k) 31 Am Zinc & Lead pf. 8 Anaconda Copper. 31< Andes Copper. . 375 Armour of Illinols 60", Armour (11 pr pt 37 Atch ToRS F (h2).. 74 Atch To&S F pf (5) 20 Atlantic Coast Line 21% Atlantic Ref (1).. 36 Atlas Powder (2). 15 Auburn Auto . .. 36% Austin Nich pf A 5 3 Awiation Corp Del. . 1'; Baldwin Loco k). T13 Baltimore & Ohvo. . 914 Baltimore & Ohto pt 100% Bamberger pf (635) « Rarnsdall Corp *\ Beatrice Cre(as0c). 117, Rendix Aviation. . 15 Beneficial Loan 1%. 34 Best&Co(2) .. s Bethlehem Steel ‘. Bethlehem St pf. .. 14, Bizelow-San Corp. . 9%, Blaw-Knox 813 103'¢ Bloominedale pf (7) 18 an 5% Th 261 1% T% 4213 224, 96 113 82 19015 1814 158 85 514 T 59% 51% 45% 4T 574 321 . 33 62'¢ 287 h's Boeing Alrplane. .. 49% Bohn Alum&Rr (3). 21'. Borden Co (160) .. 28% Borg Warner (1%). 4 Boston & Matne.... 2413 Briggs Mtg «2) .. 32 Bristol Mvers 12 40 361; Bklyn-Man Tr (3). 90 Bkivn-\ T pt (6) 41 Briunswick-Balke. . 31 Budd (£ G) Mfg. "? Buda 1k G) Mfg Df 2 Budd Wheei . Burns Bros pt. . 13 Burr Add M -60e).. s Bush Terminal (k). 12 Bush Tr Ridg pt et 1'x Butte Covper & Zine 4'1Clmnhell Wyant. .. 95, Canada Dry G A (1) 9% Canadian Paeific. .. 32 Cannon Mills (2). 4% Capital Admin (A). 3213 Cap Admin pt A (3) 45% Case (J 1) Co 36'; Caterpiliar Trac(1) 19% Celanese Corp ... 111 Celotex Co pf (k).. 21 Cent Aguire (114).. 8% Cerro de Pasco (2). 374 Ches & Uhe 12 80), 36 Chesap Corp (3) 1% Chi Gt Westn pfik) 1% Chi Ind& Lou pf (k) 1% Chi M1 NP & P 1% Chi MiI St P& Ppf. 27 Chi & Northwestrn, 4% Chi Pneumatie Tool 20 Chi Pneu Tool of .. 10 Chi Yellow Cab (1). 13 Childs €O ..vu.tnee 31 Chryster Corp (1).. 20 City lce & Fuel (2). 87 City lce& F ot 6%. 1; City Stores (k)..... 80% Clev & Pitts (315). | 121% 112'2 Cluett Pea pf (7) 1617 Coca-Cola (8).:.eee 1614 Coigate P-P (50¢).. 9 Collins & Alkman. . 69% Collins & Afk pf (1) % Colo Fue! & iron (k) 3% Col Gas & Elec. . 351 Col G& Enf A (8). 31 ColG&EDpfB6).. 3415 Colum Pie vte (m1) 3915 Comel Credit (2)... 5215 Comel CredittA)(3) 29 Comcl Cred pf (1% 1097 Comel C 18t pf (6% 91; Comcel Cred (B)(2) 56l Comcl Inv Tr 123 175 Comel Solv (185¢). 1, Comw & Southn. ... 291x Comw & Sou pt (3). 27 Congoleum-N(1 £0) 23% Conn Ry & Lt (4%) 7 Consol Cigar...... 1614 Consol Film pf (32) 157 Consol Gas N ¥ (1). 72% Consol Gas pt (6).. 6'2 Consol Ofl thé2¢)... 13 Consol Textile. ..o 9% Contatner Corp (A). 3% Container Corp (B). 41 Contl Baking (A) % Contl Baking (B) 2 62% Contl Can (2 40) . 99! 107 8 123w 152% 20 T% 29 110% '/- 1% 8% 2% 20% 17\& 12% %% 86% Du Pont de N ( 7 Contl Dia F (al6c) 28% Contl Insur (11 35), % Contl Motors . 15% Cont O(Del)a12%c. 62 Corn Prod Retf (3).. 44 Cotv Ine . . 35% Cream of Wht 33 . 1214 Crosley Radio .. 231, Crown C &8 (1).... 312 Crown-Zellerback. . 14 Crucible Steei. 1 CubaCo . 5 CubaRRDpf. 8914 Curtis Pub pf (7)., 2 Curtiss Wright..... 614 Curtias Wright (A) 16 Cutler Hammer.... 22% Deere & Co. 19 Deere&Co p! 24 Delaware & Hudson 11 Del Lack & West 65 Detroit Edison (4). 26% Diamond M «t1%). 34 Dome Mines (3)... 17% Douglas Aircraft 13% Dresser Mfg A 0) 104 Duquesne Lt 1st (5) 34, Eastern Roll Mill 110% Kastman Kod (6) 141 Eastm'n Kod pf ( 16% Eaton Mtg (1) 354 Eitington-Schild. 19% Electric Auto Lit: 107 Elec Auto Litepf ¥, 6% Elec & Mus Ind 1% Elec Pwr & Light.. 2% Elec Pwr&Lt $6 pf.. 3 Elec Pwr&Lt $7 pf, 1% Engineers Pub Sve.. 14 Eng Pub Sve $5 pf.. % Erfe R R. 9 ErfeR 10% Eureka Vu QU (806) A 'y S S aFon - S AN aBrRraBnnam ww -~ [ s S B RO O N 1D = & 0 Savonens [ TP ST YOI IUR= ST = o = - BRI AR AN SN DO AL S 2 1 1k 17 'm 21- 10 4 323 21% 931y ¥ 80 119 1891 Ao 16% 9% 73'% 88% 104% 4% 104% 4% 3 1181 117% 165 166 17% 17% 3% % 20t 19% 110% 110% 4 6% 6% 2 5% 5 1% 15% 8 8% 1% i+ 441000 + N Uk ] 4 ESEEES LEFEEL £ - FORSEISE FOPF 110 13%, 3% Fed Motor Truek... 17 Fed'd D Stores (11) 281 Fid Ph F Ins(11.35) 1314 Firestone (40c)..., 85 Firestone of A (6).. 46% First Nat Strs(2%) 21 Follansbee Bros (k) 20% Food Mach (a25e). . 1¢%, Fourth Nat In h86o. 6% Fox Film (A)..... 174 Freeport-Te: 4% Fuller Co 2d p: 2%, Gen Am Trans(1%) 11% Gen Aspnalt “ee Tl Gen Baking (60¢).. 51 Gen Rronze . 41, Gen Cable (A). 19 Gen Cable pf 50 Gen Cigar «17). 20% (ien Electrie «60e) 11 Gen Elec spec (60c) 321 Gen KFoods (1801 .. 4 Gen Gas & El (A). 10 Gen G&E 6%cv pr A ten Motors (1).... « Gen Print Ink 1.20.. 15% Gen Ry Signal (1).. 16' Gen Refrac ctfs.... 12 Gillett Saf Raz (1), 70 Gillett Saf R pf(6). 23m0 1063- 10474 Glidden Co pr pf ('l) 213 Gobel (Adolf). 147+ Gold Dust +1 20). 712 Goodrich (B F) 15% Goodvear T & R 2%, Gotham Silk Ho: 21, Grand Union . 19%. Granite City St (1) 264 Grant «W 1) (11%) %, GGreat Northern pf . 0y Gireat Nor Ore 150¢) Giri West Sug 2 40) 1f Mobi 1 States Stl 15t Hack Wpf A (1%). s Hahn Dept Stores 55 Hahn Dpt Stores pf 4 Hall W F Printing 63 Hamilton Watch pf 101 Hanna (M A)pf(7) 99% Harbison & W p(tv’) 2 Hat Corp (A) ... Hat " pf ww (634). % Havana Elec Ry. 1% Haves Body § 11 Hercules Mot (60¢). 73'2 Hershey Choe «3) . 7 Holland & Son (50¢) 307 Houd-Hersn A 112). 615 Houdallle-Hersh B. 9 Houston Ol 11y Houston Uil (new). 43 Howe Sound «3) Hudson & Manhat.. Hudson & Man pf.. 6's Hudson Motor Car. 1% Hupp Motors 81 25% Indus Ravon (1 68). v 605 Ingersoll-Rand (2). 47 46 inland Steel (1) 215 Inspiration Copper. 4 InsurShct Md l4c. 8% Interhoro Rp Trik) 1« Intercontl Rubber. . 41 Interlake Iron. 2% Int Agriculture. 161‘9 149% Int Bus Mach (p6). 5T 116 184 32 13 12% 8% 45% 8% 45 284% 44v 3% Int-Carriers Ltd 20e 227« Int Cement (1) 34'% Int Harvester (60c) 1% Int Hvdro Elec (A). 22% Int Nick Can (60c). 125 Int Nick Can pf (7). '3 Int Paper & Pw (C) 17 intSftver> ..o .o0 5% Int Tel & Tel . 9 Inrerstate Dept Strs 6% Intertype Corp . 38' Jonns-Manville ... 115"« Kan C P&L 1st pf 6. 712 Kaufm'n D S(ad0c) " Kellv-Spring | (k). 14% Kelvinator (170e). . 13% Kennecott C (60¢).. 3 Kinney (GR)Co... 25% Kinney (G R) Co of 19% Kresge (SS)(1)... 23% Kroger Gr&Bk 1.60. 12 Laclede Gas St L. 20Y% Laclede Gas pf. 26 Lambert Co (3) 1% Lehigh Valley Coal. 5 Lehigh Valley R R. 674 Lehman Cp(12.66).. 14! Lehn & Fink (13%4). 2313 Lib-O-Ford G1(1.20) 21 Life Saver (1.60)... 99 Lige & Myers (15). 96Y% Lige & Mvers B(16) 174 Link Belt (60c) 24'; Liquid Carb (t1 31% Loew s Ine (3). 1% Long Bell Lum (A) 18% Lorillard P (12.20). % Louisiana Ofl.. 10% Loulsy GEE(A1%. 37 Louisv & Nash (3). 13 Ludlum Steel.. ... 28 McCall Corp (2)... T' McCrory Strs A (k) 7 McCrory Strs B (k) 7% McGraw Hill Pub.. 36% Mcintyre Porcu (2) 6% McKesson & Rob... 37 McKesson & Rob pf 21 Mack Truck (1).... 3414 Macy (R H)& Co(2) 18% Magma Copper (2).. 1 Mallison&Co.... 13% Man Elevm g (k)... 5% Marine Midld (40c). 23% Mathieson Alki13%) 32 148 136 Mathieson A pf (7). 514 Mavtag Co . 33 Mavtag pf ww 41 Melville Shoe(t21 241x Mesta Mach 11%) 23 Miami Copper 915 Mid-Cont Pet(h50c) §0% Mid1I'd Stl 1st vhll 5% Minn Hon R(+3% 110 105 Minn H Reg pf 1() 5% 6% 161 60 19% 3% Minn Moline Pow. ., 2% Mo Kan & Texas 10% Mohawk C M (h2 55 Monsanto U (1). 21% Montgomerv Ward. 61 Morrell(J)&Co 3.60. 1 Mother Lode . 17% Motor Produets.... 7 Mullins M?g. . 367 Mullins Mg pf. 13'; Munsingwear Ine. 4% Murray Corp. . 12% Nash Motors (1) 6% Nat Aviatiom. 24% Nat Biscuit 3)., 12% Nat Dairv Prod 1.20 11 Nat Dept Store (k). 17% Nat Dep St 18t pt(k) 24% Nat Distillers (50c) 2315 Nat En & Stpg th1). l'/n Nat Pwr & Lt (80¢) 4% Newport Industries 124 N Y Central RR... 7 © B Investors (k).. N H & Hartford N H & Hart pf. Ontario & West Shipbuilding.. Steam pf (§).. 9 = 2o &5 “?a 22y 222227 53 i 0000 N0 bt 1 h 1t =3 L 4 - Pon b B 100 T a0 S - s o - 10 b a3 0O 100 B 10 NI B e 00 N9 €1 00 NS A 18 e 0 aGane aasmemcBoones 104 116 fa 15% 33, +4+ 414 £ ik S +1 +1 4+ A 1444+ 144 R 1% Peerless Motor. 64% Penney (J C) (3).. 3 Penn Dixie Cergent. 17% Penn R R (1). 12% Phelps Dnanm"e) 1% Phila & Read C & 1. 354 Philip Morris (1), 5% Phillips-Jones C... 57 Phillips-Jones Cpf7 13% Phillips Petrol (1). s Plerce-Arrow k).. * Plerce Petroleum. , 314 Pillsbury Flour 1.60 25 Pitts United C pf 1 Pittston Co 615 Plymouth O 42% Proc & Gamb (1%). 20% Puh Serv N J (2 80) 74 Pub Sve NJ pf «6). 10814 100 Pub Serv N J pt (8) 52'» 41% Puliman Inc «3)... T 5% PureOll ... 61 49% Pure Ofl pt.. 10% 8% Purity Bakeries (1) 574 62'3 453 4 Radio Corporation. 50 Radio Corp pf A 3% 35% Radio Corp pf (B).. 1% Radlo-Keith-Or (k) 32 Reading (2).. 1'2 Reis (Robert) 8 Remington-t 2% Reo Motor Ca 9 Republic Steel 28% Republic Steel pf. 6 Revere Copper. . 44 Heynolds Tob B (3) &'y Ritter Dental + oan Antelone Ltd, 1oyl D h1.35 3-1ve. 21y iy 281, L San Krpf (k). ge Arms. .. Scheniey Distiliers, Schuite Retail Sirs. Sears Roeb'k (7ic). T% Servel Inc......... 310 Sharp & Dohme.... T4 Shattuck«F G)26e. . 204, Shell Trading h7sc. '3 Shell Union 011 8% Silver King C (40c) 6 Simmons Co. Simms Petrol Skelly 011, Skelly Oil pf ww Sloss-Sheftield . ... Socony-Vac (60¢). 20 Sou Por RicoSug(2) 10% South Cal Ed 134, 123, Soutnern Pacific .. 1 31 60 13 11 7' Southern Raliway. uthern Rwy pf .. Jarks- Withington pencer Kellog 1 60 perry Corp (25 Spiezel-May-Stern. ana Brands 1) 274, Stand Oil of Cal(1). 3 111 Stand Oil Exp pf(5) 1 23 Stand Oll ot ind (1) 1 297 Stand Oil of Kan(2) 1 35% Stand Ol N Jir1y) 8 121z Starrett (L S) a25c. 1 58% Sterling Prod (3.80) 4 - 83% Un Pacific (6).. 794 Un Pacific pf (4) . 20% Un Tank Car (1.26). 97 United Afrcraft.... 4'4 United Air L vte. .. 2314 United Bisc (1.60. 46 United Carbon 2. 114 United Corp. . 20% United Corp pf. 9'; Cnited Drug. 3% United Elec Coal, 71% United Fruit (3)... 9% United Gas Imp (1) 4'3 U S & Forn Secur.. e @ 16% (ESERRE AR AR IEE NN 35U 3 S Ind 461 i 3 231, R6 1063 | 12 106 a2 4z 69 62% U 'S Sm 511 s 4% 51 T 14% 37 4% 91 13 Vadsco Wilcox Wilson Wilson Woolworth (2 40) . 40'; U S Gypsum ¢1)... US Leather 714 U S Leather 14% U S Pipe & F (50¢) . U S Realty & Impr. 9% U S Rubber......., 24'; U S Rubber 1st pf. 2 US Smeit& R (h9). Y 6 | 27': U S Steel..... . | 73% U 8 Steel pf (2) 119'4 U S Tobacco (1734) 3% United Stores (A).. Univ Leaf Tob (2).. 1% Univ Pipe & Rad. .. 12 Univ Pipe & Rad pf. 1 UtilPwr&Lt(A).. Alcohol (2) L LU CE TSR PO S SR VPRI - O Cperpity P &Rpf(3%). LU R SRR ST Sales Corp. 13% Vanadium Corp 11% Van Raalt 34's Vick Chem 213 Va-Car Chemieal... 72'3 Va El & Pwr pf (6). 1% WalworthCo ... ... 5 Ward Baking (A).. Wara Baking «8) Warner Bros Pic. .. Warren Bros . ... Wesson U&S pf (4), West Pa West Pa West Pa West Pa s West Pa Western Western Western P Western Union Westingh'se AB 50c Westingh'se Elec Weston Elec Inst.. White Motor » White R'k M S 1.40. White Sewing Mch lec A (7). c pf 16) slee pf (7) Pw pf «6) Pwrpf (1) Maryiand Md 2d pf .. citie pf. Lo o 1 b= e » . 2 BN E . N AL il & G &Coalzisc & Co pt (§). L 4 Worthington Pump : Worth Pump ot A T3% Wrikley tWir)t34s 24 Yellow 341 Yellow 13 3 Zonite Truek. ‘Truck pt. . Youngstown S&T * Products 11 3% 3% 3% + & Sales of Stocks on the New York Exchange. 100 A M 100 PM.... Divicend rates ' cash Dayments based on declarations s Unit of trading less than 100 shares | % in stock + b Paid iast year—no reguiar ePayabi In euh 0!; stock Loc! — %l & ok m Blu: Y Ex-cidivend iZz.om Noon. . 210,000 2:00 PM....... 310.000 as eiven in the above table are Lhe annua: the iate: tPartiy extra 3pius rate b Fayabie in 1 Plus $] 1n special preferrea a Fale this year — J Accumuiated Teporteq in receivership or being reor- n stock lus 3% in stock D Plu e ‘\ small 1 | Mississippi uarterly or half-yearly | s 2% | J! up 3 without difficulty. Leading commodities which had cheered financial markets earlier with substantial gains in cotton, silver, ruk;lber. wheat and sugar, held up well. While selling pressure was relaxed % | in rail shares, utilities Jagged behind. *|and industrials lacked the support ' | necessary to lift them out of a nar- | row range. Non-ferrous metals and * | sugar stocks were again resistant, but | buying orders were scarce and only progress was made. Active shares leaning to the off- side included American Telephonn. Public Service of New Jersey. Santa Fe. Union Pacific, New York Cen- tral, United States Steel, American Can, Du Pont, Sears Roebuck, Mont- gomery Ward, Chrysler, American To- | bacco and Spiegel-May-Stern. Bethlehem Steel parted company with its usual running mates and | Joined such sugars and metals as Cerro de Pasco, United States Smelt- ing, Cuban-American Sugar pre- ferred and American Crystal pre- ferred, in modest advances. Failure of the utilities to carry | through with the improvement which | gave them market leadership in the previous session was a disappoint- ment to followers of these shares, and while the selling was never great there was a disposition to stand on the side lines and await developments in Washington before resuming ag- gressive operations. IR G ) Chicago Grain % LY 14 % % W By the Associated Press, CHICAGO, March 25~AI!1‘40::‘\ speculative activity the grain market | most of the session prices at Liverpool rains that fell was today. and failure n{ mostly east of the River to spread into drought sections of the Southwestern s | wheat belt prompted buying. Hesitancy hampered the trade, how- ever, with attention centered on po- litical and monetary development= abroad. Wheat closed unchanged to % cent hlgher May, 93%-7,, and corn was s down to 1 cent up, May, 77 Oau were unchanged to !4 u 4 off to 14 up, and May barley zunrd 4'4 cents on buying that disclosed a scarcity of sellers. Open. High. Low 3 ha e {OEN September. | OATS— May : au September. | CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, NEW YORK, March 26—The fol- | lowing is today's summary of corpora- tion news prepared hy Standard Statistics Co.. Inc., New York: Hall (W. F) Printing Co. deficit, year ended January 31, was $304,582 | vs. net income $132.400. Sperry Corp. 193¢ common share earnings were 96 cents; in 10 months ended December 31, 1933, company earned 23 cents a common share, Thermoid Co. 1934 preferred share earnings were $3.61 vs. $3.66. Aliha Portland Cement Co. 1934 deficit was $162,767 vs. deficit $604,961. ‘Warren Bros. Co. 1934 deficit was $880,321 vs. deficit $661.208; about $4,150,000 of 1934 contract awards have been carried over for construc- tion in 1935. Advance-Rumely Corp. 1934 defldt was $41,307 vs. deficit $51,041. Naticaal Pumps Corp. 1934 deficit | was $89.689 vs. deficit $136.,166. 1934 common share earnings were $1.61 vs. 84 cents. Anaconda Copper Mining Co.—1934 net income was $1926,706, equal to 22 cents a common share vs. deficit $6,822,373. Chile Copper Co.—1934 net income before depletion was $2,560,572, equal to 58 cents a common share vs. deficit $339,260. Derby Oil & Refining Corp.—Sub- sidiary, Derby Oil Co. filed suit against Universal Oil Products Co., controlled by Standard Oil Co. of California and Shell Union Oil Corp., for $8.623,125, alleging discrimination in royalty agreement. railway operating income was $35,884 vs. $14.929 in February, 1934; in two months net railway operating income was $55,523 vs. $22,739. St. Louis Southwestern Railway February deficit after charges was $68,081 vs. deficit of $148310 in February, 1934; in two months aeficit after charges was $121,830 vs. deficit of $327,376 in like 1934 period ‘Wabash Rallway—February net rail- way operating income was $396 666 vs. $373,132 ‘n February, 1934; in two months net railway operating income was $583,554 vs. $531,033 in like 1934 period. westem Pacific Railroad Corp.— February net railway operating ceficit of Western Pacific Railroad Co. was 479,985 vs. net railway operating de- ficit of $6,666 .n February, 1934; in two months net railway operating de- ficit was $88,655 vs. net railway cper- ating income of $31,379 h‘; 1934 Montgomery #ard & Co.—F. E. Mc- Allister, a small stockholder, filed suit in Chicago, asking that this company be restrained from disposing of any stock to S. L. Avery president, under option agreement. National Bellas Hess deficit, six months ended January 31, was $58,- 364 vs. net ‘ncome $110,143. Steel ingot production in the United States for the week beginning March 25 is scheduled at 46.1 per cent of capacity, according to American Iron & Steel Institute; this compares with 463 per cent & week ago. United Engineering & Foundry 00.: Ann Arbor Railroad—February net | |Rubber Futures Stage Advance of | 1.30 Cents a Pound By the Associated Press. NEW YORK. March 26— Rubber futures pushed up around 1.30 cents a pound in the Commodity Exchange today, staple in some time. Its rise came on the heels of a sharp upswing in London in response to further production curtailment an- | nounced by the Insernational Rubber Regulation Committee there. The May delivery, in crude rubber | futures, reached 11.80 cents a pound. —_— PHELPS DODGE REPORTS $3,224,914 EARNINGS | By the Associated Press, NEW_ YORK, March 26.— Phelps Dodge Corp., one of the three largest domestic copper producers, reported a net income in 1934 of $3.224914 after charges, including operating expenses, taxes, depreciation and expense of | shut-down properties, but befqre de- | | pletion, against a net deficit in 1933 | of $83,569. The corporation, which last month | | acquired the United Verde Copper Co., gave 1934 production from its own mines, together with metals produced from purchased ores treated at the | Douglas smelter, at 101,814,629 pounds of copper, 3,247,718 ounces of silver and 68,889 ounces of gold. NET DEMAND DEPOSITS DROP SHARPLY IN WEEK By the Associated Press. A drop of more than $300,000,000 in net demand deposits, wiping out about | one-third of the gain since the turn of the year, is shown in the weekly report of member banks of the Fed- eral Reserve System in leading cities. The decline was ascribed to trans- fer of funds to the Federal Govern- ment, chiefly through payment of in- come taxes. Comparative figures on total de- mand deposits of reporting banks in 91 cities follo March 20 .. Preceding W Same week lai CORPORATE MATURITIES TO TOTAL $38,655,933 By the Assoclated Press. NEW YORK, March 26.—Corporate bond maturities during April will total $38,655,933, according to Standard Statistics Co. The number of bonds and notes making up the total is 144, of which 13 amount to $1,000,000 or more, POWER EARNINGS DOWN. NEW YORK, March 26 (#).—Amer- ican Light & Traction Co. reports a net profit in 1934 of $4,420,816, equal to $1.30 a common share, compared with $5356,782 net profit in 1933, equal to $1.64 a share, - McKesson & Robbins, Inc.—A spe- cial directors’ committee has been ap- pointed to study situation in respect the sharpest gain for that | New York Cotton | By the Associated Press. NEW YORK, March 26.—After sell- | In8 5 to 10 points higher on continued | trace buying and a good spot situa- tion, cotton vielded under realizing today. July, which had advanced to 11.20, was selling around 11.09 in the midafternoon, with active months generally 2 or 3 points net lower. At 2 pm. quotations were 11.05; July, 11.10; October, 10.69; De- cember, 10.80; January, unquoted; March, unquoted. New Orleans Prices. NEW ORLEANS, March 26 (P).— Cotton futures today held from 2 to 7 points above the previous close in a | market of dull trading and ncghglblel price movements. The opening was steady, with fu- tures off from 1 to 2 points, but these | early losses were quickly substituted, | for gains at one time during the morning were as high as 9 points for | active futures. But the volume of dealings declined and May eased off to 11.08, July to 11.15, October to 10.72 and December to 10.86 Speculative interest was at a low | ebb during most of the session, and | | the sidelines position was taken by the majority of traders. Exports today were 6511 bales, of which 5310 bales left New Orleans. At 2 pm. quotations were: May, 11.03; July, 11.08; October, December, 10.78; January, unquoted. Liverpool Quotations. LIVERPOOL. March 26 P.—Cotton, 2,000 bales, including 1uo0 American: spot in limited demand: prices 5 poin higher. Quotations hee: . American strict good middling. 7.0:: xood middling. 77: strict middling midd!ing. 6. | HERCEE LT L 5 N7 good or- 607 strict_good ordinary. dinary. res ~ closed _steady. July. 6.21;_ Oc: | Mareh: 61 | tober., |COAL MOVEMENT RAISES WEEK’S RAIL LOADINGS By the Associated Press. NEW YORK. March 26.—Continued he: loading of bituminous coal in the past week on fears of a national : Janvary, o | mine strike are said to have brought an advance in carioadings over the 597,432 cars loaded a week ago. The total is estimated at about the same as in the correspanding week of last year, when 608.462 cars were handled. BIG LOSS DISCLOSED BY UNITED AIRLHVES By the Assoclated Press. May, | 10.70; | BARLEY- ay s Cash Grain Market. Cash wheat, No. 4 hard, 93%: Nn 2 mixed. 97-97",: corn, No. 2, yellow, 82’4 oats, No. 3 white, 47!, rye, soy- buckwheat, no sales: barley (‘5120 timothy seed, 16.80-1800 hundredweight; clover seed, 15.50- 19.00 hundredweight. Liverpool Grain Prices. LIVERPOOL. March 26 #.—Wheat fi- tures closed firm: Prev | March Sy July ! { October "' | Exchange. 4.8 | U.s. TREASURY NOTES (Reported by Ch r \R!lej\lnlu‘n y Chas. D, Barney & Co) une 15. 19 Close. | 13as MASSACHUSETTS INVESTORS TRUST Prospectus Will be Sent on Request Natl. 2000 DIRECTORY COMMODITY BROKERS COTTON Member N ¥ Cotton Exchange Laldlaw & C.n ° DI 2‘26‘5 GRAIN Members Chicago Board of Trade Harri & Keech %A 1600 Laidl 1 2258 A 5500 RUBBER—HIDES METALS—SILE Icmbfil Commnfllly I!flllflx' gn SMALL FIRST TRUST LOANS CHICAGO, March 26.—United Air Lines Transport Corp. today disclosed | a loss of $2.283,525 on operations in 1934, attributing $1.117.567 of the deficiency to the 90-day period dur- | ing which the United States Army carried the mail. | Further loss was occasioned by car- | rying mail at the reduced rates per- mitted when the work was turned back to private carriers, the report said. The company reported passenger traffic had increased from 127,693 in 1933 lo 147,139 last ynr. NEW YORK BAR SILVE& NEW YORK, March 26 (#).—Bar to dividend arrears on outstanding stock. silver firm, 1% cents higher at 61%. 3 On Improved D. C. REAL ESTATE At Current Rates of Interest UNION TRUST CO. 15th & H Sts. N.W.