Evening Star Newspaper, March 30, 1935, Page 14

A—14 ** PHONE NET DROPS 12518 IN MONTH Larger Operating Income Offset by Advance in C. & P. Expenses. BY EDWARD C. STONE. Operating revenues of the Chesa- peake & Potomac Telephone Co. were $794,355 for February, 1935, as com- pared with $790,201 for the same month last year, according to the re- port of operations filed today with the Public Utilities Commission of the District of Columbia. Operating expenses, including in- terest, amounted to $647,466, leaving net operating revenues of $146,889, as compared with $159,407 in February, 1934, a difference of $12,518. Taxes for the month of February amounted to $60,586. ‘Washington was served by 191439 telephones on February 28, as com- pared with 180,610 on the same date last year. This was a net increase of 10,829 telephones over the past 12 months. Telephone calls in Washington also increased in February, there having been 19,765,000 calls made during the month, as compared with 18,930,000 calls during February, 1934. For the first two months of 1935 op- erating revenues amounted to $1,628,- 904, against $1,595,076 in the same period a year ago. Operating expenses were also higher, being $1,150,101, as compared with $1,102,713. After all deductions for taxes, interest and other requirements, the company re- ported a net income of $305.818, in comparison with $322,854 a year ago. Sentiment Here for Whitney. A majority of the stock brokers in ‘Washington appear to favor the re- election of Richard Whitney as presi- -dent of the New York Stock Exchange. In the past few days his personal friends have been testing out senti- ment and have become much more active in his behalf. If a vote were taken among local brokers it is prob- able that he would outstrip Charles R. Gay, who seems to be very much in the running. The Nominating Committee can present but one name and must do that in a few days. “Could a new president bring more business to the Exchange?” a local broker was asked. “I do not think so: the president has very little to do with the volume of business transacted,” was the reply. “Could a new man bring the Exe change into greater public favor and win back millions of former traders®” “Doubtful. It takes money to buy stocks and lots of former traders are &hy on funds.” “Then what will bring back the old 8,000,000 or 4.000,000 share days and get trading out of the rut?” “Purther trade expansion, ending of legislative uncertainties, settling of the utility holding company fight, larger corporation gains, steadier for- eign exchange, better railroad earn- ings, and a score of other factors over which the president of the Exchange has no control.” Fertilizer Sales Improve. Prosperity is returning to the fer- tilizer industry, according to a survey made public by the Tercentenary Com- mittee of the American Chemical Society, located in the Mills Building. Without the fertilizer code, it was de- clared, the recovery would have been profitless. Revival of world trade and removal of crop restrictions would bring about further expansion. “After groping its way through four years of depression, due primarily to the low purchasing power of agricul- ture, the fertilizer industry has emerged into a period of reasonable prosperity,” said the survey, prepared by Charles J. Brand of the National Fertilizer Association. “It has recovered a substantial por- tion of its lost tonnage because of the improvement in farm purchasing | power and has attained a degree of stability through the operation of the ‘code that few members of the indus- try thought could be attained only two years ago. In addition, it has made definite progress in technology, “both in production and in the use of its product. “It is not difficult for one familiar ‘with the past history of the industry ito visualize what would have hap- pened without the stabilizing influence of the code. In addition to putting sthe industry on a profitable basis, the code has reduced hours, increased +wages and re-employed a considerable number of persons.” Offer of 5 Per Cent Bonds. The Virginia Electric & Power Co. ’has advised the New York Stock Ex- change that it has extended to all *holders of the 10-year 5!> per cent secured convertible gold bonds, due March 21, 1942, which have been called for redemption on April 1, 1935, the privilege of converting their bonds at any time up to May 1, 1935, into first and refunding mortgage bonds, series A 5 per cent bonds, due October 1, 1955, of the company. Plans for refunding the $162,000,000 Federal Land Bank 5 per cent bonds on May 1 have reached the stage where tentative terms for the new bonds to be offered in exchange have been decided upon, according to re- ports in banking quarters. Present discussions are understood to contemplate an issue of 10-20 year 314s with an offering price of 1003;. As was the case with the refunding of last Summer, when the system’s $131,000,000 43s were exchanged for 4s of 1944-46, hulders of the 5s would be given preferential treatment in allotment of the new bonds. ‘The understanding is, according to the Wall Street Journal, that the 4l5s of 1942, totaling $185,000,000, which could be called on May 1 also, will not be included in the refunding operation Otherwise the combined total would be nearly $350,000,000, which might prove bulky despite the attractiveness of these bonds due to their complete tax immunity. Financial District Gossip. Opinion is being expressed in Wall Street that the directors of the Ameri- can Telephone & Telegraph at their next quarterly meeting will continue the 9 per cent dividend which has prevailed so long. This is a matter of great interest to about 700,000 stockholders, about 10,000 of whom are said to live in Washington. Per share earnings of the Western Maryland Railroad in the first two months of this year were $1.08 on the common against $1.28 in the corres- ponding period in 1934. Stockholders in the Chesapeake & Ohio Railway are receiving the de- tailed annual reports which show $3.65 earned on the common stock in 1934 against $3.67 in 1933. The Securities and Exchange Com- mission has announced appointment of Edward E. Barthell, jr., of Chicago as a member of the legal stafl of the commission. ADVERTISING INDEX GAINS. NEW YORK, March 30 (#).—The High. 141 57 112 43 15 105 110 7 261, 10 341 291 113 129 107 91 6 56 25 26 12 13 30 32 18 general index of advertising compiled by Printer's Ink shows an increase of 83 per cent in February over the same month last year. The increase over January was slightly less than 1 per cent, A Prev. 1935 ke 831% 28Y% Adams Millis (2). €% nflz 104% Afr Reduction (3).." T 20% 15% Alaska Jun (11.20). 3% 1% 18% 12% 41% 106% 614 6% 55% 2 663 Atch To&S F pf (5). 6% 17% 13% 109 10314 Bloomingdale pf (1) 5974 Hu 30% 364 « 36% Bklyn-Man Tr (3).. 20% 42 4 163 133 8% 3T% 41% 24%, 9915 A 2% 1% 11% 54% 26% 5% 34 T 35% 178 12% FINANCIAL By private wire direct to The Star. Stock and Low. Dividend Ra 4% Adams Expres: 4% Advance Rumley. 1 Air-Way Elec Appl. 2 Albany Wrap Paper - % Alleg Corp (k) 125 Allied Chem (6 127 123% Allied Chem pf (7). 17% 12 Allis-Chalmers. 481 Amerada Corp (3).. 57% 45 Am Ag Chem Del(2) 13% Am Bank Note..... 48 Am Bank N pt (3).. 119 Am Brake Sh pt (7) 110 AmCan (5)....... 2213 Am Comcl Alcohol. 612 Am Crystal Sugar. . 57% Am Crystal Sug pf. 2 Am & Foreign Pwr. 1213 Am & For Pw pf (6) 14 Am & For Pw pf (7) 30% Am Home P (2.40). 3% Am Ice Co. . 287 Am Ice Co pf (! 9 Am Locomotive. . 18% Am Mch & Fy (80¢) 13% Am Metals......... 1% Am Power & Light. 8% Am P&L $5 pf (1%) 10 Am P&L $6 pf (1%) 10%; Am Radlator. 15% Am Rolling M 20 Am Shipbldg (2). 317% Am Smelt & Ref. 103 Am S&R 6% pf (13)- 12 Am Stee! Foundry.. 34 Am Stores (12%) 7015 56': Am Sug (2).... 135% 126« Am Sugar pf (7). 107% 8654 147 60 9874 Am Tel & Tel (9)... 74% Am Tobacco B (5) .. 7 Am Water Wks (1), 48 Am Wat W 1st (6). 8 Anaconda Copper... 36 Archer-Dan M t1%. 99 Armour Del pf (7).. 37 Armour of Illinots. . 4 Arnold Constable. .. 35% Atch To&S F (h2).. 19% Atlantic Coast Line. 21% Atlantic Ref (1).... 33 Atlas Powder (2)... 4 Atlas Tack. 15 Auburn Auto. 3 Aviation Corp Del 11 Baldwin Loco (k).. 7% Baltimore & Ohio. .. 9% Baltimore & Ohio pf 100% Bamberger pf (6%) 106% Bang & Aroos pf(7) 5% Barnsdall Corp. . ... 104 100%; Beatrice Cr pf (7).. 175 343 117x Bendix Aviation. 21% Bethlehem Steel. 14% Bigelow-San Corp.. 9% Blaw-Knox. 61x Boeing Alrplane.... 49% Bohn Alum&Br (3). 90 Bon Ami (A)(15) 21 Borden Co (1.60). 281, Borg Warner (1%). 2413 Briggs Mfg (2).... 31% Bristol-Myers 12.40. 31, Budd (E G) Mfg.. 23 Budd (EG) Mfgpf 3 Burns Bros pt 10 Bush Tr Bldg pf ct. 11% Byers (A M 3614 California Pkg(13%) 2'3 Calumet & Hecla. .. 8% Can Dry G A (40¢c)., 9%, Canadian Pacific. .. 45% Case ¢J 1) Co 3615 Caterpiliar Tra l 38% Cerro de Pasco (2 37% Ches & Ohio (2.80). 36 Chesap Corp (3)... % Chi Gt Westn (k). . 1%, Chi Ind&Lou pf (k) 4 Chi MiIStP&P.... % Chi Mil St P & P pf. 2% Chi & Northwestrn. 414 Chi & Northwest pt. 1% Chi R I&P 7% pf(k) 9 Chile Copper....... 31 Chrysler Corp (1).. 20 City lce & Fuel (2).. 15 City Stores (k)..... 200 1617 Coca-Cola (8).. ...« lg" 9 Collins & Alkman... 15 Colo Fuel & Lron (k) 10% Colo & South....... 6% Colo & South 2d pt. 3% Col Gas & Elec..... 3415 Colum Pie vte ( 67 Columb Carbon u). 391; Comel Credit (2)... 1097 Comel C 1st pf(63%) 29%; Comcl Cred (B)(2). 56% Comel Inv Tr 2% . 17% Comcl Solv (t85¢) % Comw & Southn.... 29% Comw & Sou pf (3). 27 Congoleum-N(1.60) 23% Conn Ry & Lt (4%) 7 Consol Cigar.... 15% Consol Film pf (j2) . 157 Consol Gas N ¥ (1). 612 Consol Oil (h42¢)... 213 Consol R R Cuba pf. 15 Consol Textile...... 9% Container Corp ¢A). % Contl Baking (B)... 623, Contl Can (2.40).... 2873 Contl Insur (11.35). 151 Cont O(Del)al2%e. 62 Corn Prod Ref (3).. 3573 Cream of Wht 2% . 31z Crown-Zellerback. « 1 CubaCo..... 5% Cuban-Am Sugar... 40% Cuban-Am Sugar pf ' 41 Cudahy Pkg (2%).. 2 Curtiss Wright.. 6% Curtiss Wright (A). 7 Davega Strs (a20c) 22%; Deere & Co. 19 Deere&Co p! 231 Delaware & Budwn 11 Del Lack & West. 26'; Diamond M (t1%).. 34% Diamond M pf (1%) 34% Dome Mines (2)... 17% Douglas Afrcraft... 86% Du Pont de N (2.60) 1267% Du Pont deb (6)... 104 Duquesne Lt 1st (5) 3% Eastern Roll Mills. 123% 110%; Eastman Kod (5). 16% Eaton Mfg (1)..... 191 Electric Auto Lite 6’2 Elec & Mus Ind. 1% Elec Pwr & Light. 2% Elec Pwr&Lt $6 pf.. 3 Elec Pwr&Lt $7 pf. 39 Elec Stor Bat (2%). 52% Endicott-John (3).. 14 Eng Pub Sve $5 pf.. 14%; Eng P S $5.50 of ww 15% Eng Pub Sve $6 pf.. 7% Erfe R R. 104 Eureka Vac CI( 24% 17 Fairbanks-Mor: 1% Fairbanks-Mrs pf. .. 5% Fed Lt & Trac. 3% Fed Motor Truck... 341 28% Fid Ph F Ins(11.35) 110% 106% Filene's S pf (6%) 18% 13} Firestone (40c). 46 First Nat Strs(2 6% 2% Follansbee Bros (k) 1% Fourth Nat In h85e. 17% Freeport-Texas (1). 4% Fuller Co 2d pf. 7Y% Gamewell Co. . - 32% Gen Am Trans(1 “) 5% Gen Bronze. .. 50 Gen Cigar (17) 20% Gen Electrie (80¢) 11 Gen Elec spee (60¢! 32% Gen Foods (1.30). % Gen Gas & El (A). 11 GenG&E7% pfA. 59% Gen Mills (3)... % 26% Gen Motors (1). 1073 Gen Motors pf (5) 1% Gen Public Servic 15% Gen Ry Signal (1) % Gen Realty & Ut{l 15 Gen Stl Casting pf. 15% 12 Gillett Saf Raz (1), 27% 23% Glidden Co (11.30). 1083% 104% Glidden Co pr of (7) A% 214 Gobel (AdoIf)..eces 147% Gold Dust (1.20)... 7% Goodrich (BF)....: 40 Goodrich (BF) pf.. 15% Goodyear T & R. 2% Gotham Silk Ho: 1% Graham-Paige 5% Granby Consol 26 Grant (W T)( 9% Great Northern pf.. 9% Great NugOre (500) Sales— 13215 102% 6% 1% 581 107 39 98 4 4% 371 " €300 15 53 50 i <1 3 10 =t i D1 I o whenSomn S o eraRBofumnanuneanan o2 Pt o S o ey G N O N A MEANGOANRRTS RN EET =Tt - S MO@ GOl ad @ b 00 03 b > e s oS & Eomee 28% 13 15 1 T 130s 16% - whSNR B BN 16% 234% 334 105% 13 3% 56% 130 102" 10’ 27% 13 1% 18% T 15% THE EVENING STAR, WASHINGTON, -D. C, Fiaer 2 s + A+l e+ HEEAESES * FE+lblE+ +1+010 SEELFE & XK FF ORFEE FEEEEFE FEFEERP [ I - o Net change .. ‘Today. close . Previous day Month ago Year ago 1935 STOCK AVERAGES Complled by the Associated Press. 30 Indust. .41 510 50.9 533 56.7 56.6 1935 1934 1934 1932 1929 High, 32 17% 57 33 4% 16% 48’). Prin 1% 2415 45% 9 T 5T% 3 8% 10 2% 133 184 185 38 65 22 12 69': 28% 185 % 90% 17 8% 3 49% 27% 105 527 2% 9% 281 20% 26% 40% 49% 9% 5% 9% T 10% 18% Prev. 1935 1061 106 102 Stock and Low Dividend Rate. % 26% Grt West Sug (2.40) 19 GuantanamoSug pf. 12 Gulf States Steel... —— 30 Hack WpfA (1%). 3% Hahn Dept Stores. . 55 Hahn Dpt Stores pf 4 Hall W F Printing. 307 Houd-Hersh A (j2). 615 Houdajlle-Hersh B, 9% Houston Oil. 43 Howe Sound 61 Hudson & Man p! 6's Hudson Motor Car » Hupp Motors. . ——e 91 I1linols Central. .. 40 [l Cent Isd lines(4) 243 Indus Rayon (1.68). 4 Insur Shet Md lde.. 8% Interboro Rp Tr(k). 414 Interlake Iron. 227, Int Cement (1) 343 Int Harvester (60c! 1% Int Hydro Elec (A). 22% It Nick Can (60c) ., 14 Int Paper & Pw (C). 21%; Int Print Ink (1) 424 Int Shoe (2). 5% Int Tel & Tel 64 Intertype Corp. ... JE——— L 381% Johns-Manville. 52 Jones&Laugh 1%pf. —— 3% Kans City Southern 7Y% Kaufm'n D S(a40c) 3 Kelly-Spring T (k). 6% Kelly-Sp Tire 6% pt 14% Kelvinator (170¢). . 13% Kennecott C (60c).. 23 Kinney (G R) Co ot 42 Kresge Dept Strs pt 19% Kresge (SS)(1)... Kresge (S S)pt(7). 581 Kress (S H) (1) 23 Kroger Gr&Bk 1 12 Laclede Gas St L. 21% Lib-0-Ford G1(1.20) 9515 Ligs & Myers B(15) 17% Link Belt (60¢).. .., 245 Liquid Carb (11%). 31% Loew's Inc (2)..... Loew's Inc pf (6%) Loft Inc. 42 Loose-Wi Lorillard P (2.2 1 1% 40 MacAndrews&F(2) 715 McCrory Strs A (k) 36% Mclntyre Porcu (2) 6% McKesson & Rob... 37 McKesson & Rob pf 9% McLellan Stores (k) 20% Mack Truck (1).... 331, Macy (R H)& Co(2) 18% Magzma Copper (2).. 13% Man Elev m g (k) 1 Maracaibo Oil Exp. 5% Marine Midld (40c) 6% Marshall Field..... 357 May Dept Str (1.60) 33 Maytag pf ww (3).. 8412 Maytag 1st pf (6).. 41 Melville Shoe(t2%) 20% Mengel Copf...... 24 Mesta Mach (1%).. 912 Mid-Cont Pet(h50c) 37 Minn Moline Pow. .. 2%, Mo Kan & Texas. 1% Mo Pacific (K)....o 1% Mo Pacifis pf (K)... 55 Monsanto C (1) 21% Montgomery Ward. 17 Motor Products. 7% Motor Wheel. 7 Mullins Mfg. 367 Mullins Mfg of. 13% Munsingwear Inc 4% Murray Corp. ... Nat Dairy Prod 1.20 t Dept Store (k). 24% Nat Distillers (2).. t Pwr & Lt (80¢) 403 Nat Steel (11% ).+ 8'4 Nat Tea (60€)...... 12% N ¥ Central R R. 9% Iv YCh! & St L pf 27 N Y N H & Hartford 2% N Y Ontario & West T1% N Y Steam pf (6).. 90 N Y Steam 1st (7). 30% Noranda Mines (h2) 2 North Am Aviation. 9 North Am Co (1)... 351 North Am Co pf (3). 13% Northern Pacific. . .» 9% Ohto O1l1 (h45¢).. Oliver Farm Equip. 5 Oliver Fprpfd... s Omnibus Corp. 12% Otis Elevator (60c). 112 106 Otis Elev pf (6). 4% Otis Steel..... 80 Owens-I1l Glass (4) — . 2208 16 3% Pacific Coast 1st. 13% Pacific G & E (1% 70 Pacific Tel & Tel 46) 314 Packard Motor . 214 Par-Publix ctfs (k) 2% Park Utah... 1014 Pathe Excrumu(A) 1%4 Peerless Motor . 621 Penney (J C) (3) 17% Penn RR (1).. 7% Petrol Corp (h506) . 12% Phelps Dodge(h75¢) 381; Phila Copf (6) n... 1% Phila & Read C& 1 35% Philip Morris (1) 13% Phillips Petrol (1) 3 Phoenix Hosiery. % Pierce-Arrow (k) % Plerce Oil 51 Pitts Screw & Bolt., 615 Plymouth Of} (1).. 1% Pressed Stl Car (k). 42% Proc & Gamb (1%). 120% 115 Proc & Gam pf (5).. 20% Pub Serv N J (2.80) 99 Pub Sve E&G pf(5). 41% Pullman Inc (3). 11 4 Radio Corporation. 50 Radio Corp pf A 3% 35Y% Radio Corp pf (B).. 1% Radjo-Keith-Or (k) 5 RRSeclllCent.... 4 Real Silk Hoslery.. 8 Remington-Rand 70 Reming-Rand 24 9 Republic Steel 20% Reynolds Metalsi). 43% Reynolds Tob B (3) 110 104% Safeway Strs pf (6) 112% 110 Safeway Strs pf (7) 1% St L San Frpf (k). 6 Savage Arms...... 22 Schenley Distillers. 10% Schulte Re Strs pf.. 20% Seab'd Oil(Del) (11) 31 Sears Roeb’k (75¢). 42 Sec Nat Inv pf (J2). 5% Servel ne..... 3% Sharp & Dohme T% Shattuck(F G)26¢.. 63 Skelly Ofl. . 13 Sloss-Sheffield. 24 Sloss-Sheffield p! 11 Socony-Vac (80c).. 20 Sou Por RicoSug(2) 10% South Cal Ba 13%).. 12% Southern Pacific. 7% Southern Raflway. 10 Southern Rwy pf... 314 Sparks-Withington. T% Sperry Corp (28¢).. 814 Spicer Mfg 83% Splcer Mg Bf (3). . 48% Splegel-May-B 15 Rails. +2 190 188 214 318 276 15 +.1 244 243 23.1 35.2 26.6 21.6 40.6 242 23.9 184.3 618 Sales— Add 00. High. Low. Close. C! 1 608 2 2818 22% 12% 28% 23 1058 00 1t b 1 - ") T pSmmw® @ 3 15% 25 603 20 110 56% 234, - PISPNEEI @ & @ s DB LB @ e S oo @ 3 ReE RS - s e anSa ) ) SNt @ v 2 e 10 e o A0 > 9 3 2 3 2 - 60s 6 3 3 44% 308 106% 3208 111% 1% 106% 110% 1% PEEEEXSIS E0 -a 60 Util. Stocks. 41 36.3 362 37.8 46.6 41.6 348 618 28% + 22% 12% + 644 — A 32% T 11% 4T 3% 24 + o+ = L4+ + I+ +4+1+01 1401014+ 106% 110% 1% 9% 25 23% W % " k) % Y % 4| ceipts. I+ i14++100 FEFFEFF IS igh. 19% 14% Stand Brands (1).. 129 123 Stand Brands pf (7) 30! 126 4% 3 3% 5% 12% 32% 25% 43% 5% 3 5% 84 3% 421 Stock and Low. Dividend Rate. 1t Stand Gas & Elec... 1% Stand G & E $4 pf. 4% Stand G&E $6 pf. 27% Stand Oil of Cal(1 23 Stand Ofl of Ind (1) 35% Stand Ofl N J(11%4) 3% Sterling Secur pf... 2% Studebaker (ne 1% Superior Ofl 7% Teloutograph 80c. . 16% Texas Corp (1)....3 29% Texas Gulf Sul (2).. 3% Tex Pac Coal & Ofl.. 85 Tex Pac Land Trust 2% Thermoid Co. .. 13% Thompson Products 1% Thompson Starrett. % Tide Wat Asso Oil.. 84 Tide Wat A O pf(§) 4% Transamerica (25¢) T% Trans & West'n Air. 1% Tri-Contl COrp..... 36 Trico Prod (2%). 53% Und-Ell-Fisher (2). 34 Un Bag & Paper (4). 44 Un Carbide&C 1.60.. 821 Un Pacific (6)...... 7913 Un Pacific pf (4)... 97 United Alrcraft 4% United Air L vte. 7 United Am Bosch 2215 United Bisc (1.60) .. 46 United Carbon 2.40. SATURDAY, TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Prev 1835 Bales— Add 00 mib_ - MARCH 30, 1935. % 21 19% 2 EFOFF 14% 37% A% * 2% 31 + FEE R R PEF R X FE Dlvldonu Rate. Mu 3% United Stores u).'. 140% 133% Univ Leaf T pf /8). 4 1% Univ Pipe & Rad. .. 12 Univ Pipe & Rad pt. 1 UHlPwr&Lt(A).. 11% Van Raalte.......q 344 Vick Chem (12.40) 2% Va-Car Chemical... 72% Va El & Pwr pf (6). —_— 1% Wabash (k)........ 27% Walgreen Co (m1) 1% Walworth Co....... 28'; Ward Baking pf (2) 2Y% Warner Bros Pic... 30% WessonO &S t1%. 34 WestPa Elec A (7). 36 West Pa Elec pt (6) Pa Elec pf (7) Pa Pwpt (6).. Pa Pwr pt (1) rn Maryland. rn Md 24 pf.. rn Pacific.... ern Union.... 18 Westingh'se AB iDfl zzu. Westingh'se Elec.. 7 White Motor. . . 13’, White R'k M § 1.40. 1% White Sewing Mch . 6 White Sew Mach pf. 4% Wilson & Coal2%c. 67 Wilson & Co pf (8) 51 Woolworth (2.40). FINANCIA 00 High. Low. Close. cm 29 28% 28% 2 6% T6% 76% 1 4 4 4 20s 139 139 139 1 1% % 1% 108 164 1 1% 16% 16% + 1% 1% 3 13% + 37 2 3 92 -| Chevy Chase ¢ Eonmwanalnm mannmanmwaanan 115 United Corp. . 203 United Corp pt. . 9': United Drug....... 71% United Fruit (3).... 9% United Gas Imp (1) 87!z United Gas 1 pt (5). 2% United PceDW..., 16 United Pce D W pf. 2 35' U S Ind Aleohol (2). T U S Leather (A).. s b [T 3=1 9 S = 243 U S Rubber lZI‘u 100% US Smelt & R ('fi). 2 27 27 1045 103% 521 35% Wright 4% 11:00 A.M. payments hriiers % ln tm-l dlvidflldl stock 530 xh e 0% oo 103% +1% SUMMERS T0 HEAD NEW CREDIT FIRM| e | Corporation Formed Here Will| Finance Purchases of Automobiles. Evidence of the increased activity in the automotive field is shown in the incorporation of General Credit, | ! Inc, of Wash-| ington. a local au- tomobile finance | concern, designed | to serve the pur- | chasers of medi- | um priced cars! in Washington. | A. Burks Sum- | mers. president | ¢ of the new cor- | poration, has| had wide experi- ence in finance. | For the past four | years he has held the position of vice president of | a large automobile finance corpora- tion operating in New York, Newark, | Philadelphia and Washington. | General Credit, Inc. was formed for the purpose of taking over the | entire business of the Washington area, formerly operated by the Gen- eral Credit Corp. | The activities of the new corpora- | tion will include adjacent territory, | A. Burks Summers. Washington Produce BUTTER—One-pound prints (92 score). 35: tub, 34: 1-pound prints (910 score), 1-pound prints (89 score), veal, 15a17; lamb, ;' fresh "hams. strip compoune Prices by the United States Bureau of Agricultural Economics E ~Market steadv to firm: prices. | higher on U 8. Government-graded | Teceipts senerally light. Ci 19a19';: hennery whites. 20 Government- :rnd!d and dated w U. § la %] Tas. memums 115: U. arg B POUT TR Y Market fall. sieads o unchynesd prices. Fowl: Colored. all sizes. | 19220; Leghorns. 16al7: roosters, 9all. Sprig ehickens: Plymouth Rocks. undet | 31: pounds. a ed hams Tard, 15'2a16: Teaty egas’ ys: Hen: to 6 pcund ) 2 1ips, 151 MONEY IN CIRCULATION TAKES EVEN COURSE | By the Associated Press. Except for minor seasonal fluctua- ticns, the amount of money in circula- tion continues to follow a fairly even course. The total outstanding has declined $42,000,000 the past three weeks, wip- ing out much of the imcrease recorded in February and early March. Comparative figures on total circu- lation, as reported by the Federal Re- serve Banks, follow: Week ended March 27 Preceding week Same week last yei .336.000.000 Wasfiington Exchange: SALES. Mergenthaler Lmotype—lo at 30, 10 at 30, 10 at 30, 5 at 3 BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer, Tel, & Tel 41 Am. Tel. & Tel. T Andcostiy & ot Ana & Por. Guar. & P. Tel. of Va Capital Traction RK. City Suburban 5s.. Georgetown Gas 1st’ & Eot. Elec. Pow. Cons. 155 Wlshlnflon Gas 5 1 Wash. Gas 6s. senseslB'w Wash. RWy. & Elec. 4s.. MISCEL!.ANEOUE Barber & Ross Inc. 6%5s .. Tub st Col. country Club B'c. Paver Ml 65 . Sa T8 IR0 STOCKS. PUBL!O UTILITY. . Tel. [y 2D SBETH Wash: £9° % "Go. (1: ec. 2 Wash. Ry. & EL pfd. (5). NATIONAL BANK. Riggs pfd Weshington (6). !AVING! BANK Com. & Savings (6).. . 150 mu: INBVRANC‘ 2 175 | closed firm. 110.47b; | manager. New York Cotton By the Associated Press. NEW YORK, March 30.—Cotton | | futures opened steady, 3 higher to 5| lower with disappointing Liverpool cables offset by trade and foreign buying of near months. May, 10.98; July, 11.06; October, 10.63; Decem- ber, 10.68; January, 10.68; March, 10.71. The early demand was supplied by | reailizing and selling from Southern or local sources and early fluctuations were irregular. July sold up to 11.11, or 4 points net higher, while December, after selling early at 10.68, declined to 10.63, or about 4 points net lower. - Futures closed bafely steady; lower. High. Low. 1106 10.9% 1112 1108 10164 10.68 10,68 to 9 Close. May 11.04 July . October December January March 1074 Spot steady; middling Cottonseed 10.65-69 5. 0il. Bleachable cottonseed oil futures | May, 10.31b; July, September, 10.47; October, 10.20. Sales, 46 contracts. B—Bid. Liverpool Quetations. LIVERPOOL. March 30 (#).—C 1000 “baie “including 300" American: spot in better demand. improved business done; prices, 3 points higher Quotstions in pence: ~American strict good micdling. .99 g0od middling, 6.60: strict middiing: 6.54: middling, 6.49:_strict low middLn 6.24; low_middline. 5.99; strict good or- din 9: good ordinar: 5 5.49: futures | e clo: fober. 5.81 Offcial’ noon valu g 7 enine. March (19353 R NAMED DISTRIBUTORS FOR AIR CONDITIONING The Hudson Air Conditioning Corp., a subsidiary of the Hudson Supply and Equipment Co., has been ap- | pointed as exclusive dealers end dis- tributors for General Electric air con- ditioning devices, including the oil | and gas furnaces and Summer and Winter air conditioning equipment. | The firm will operate in Washington and adjoining territory from head- | quarters located at 1517 Connecticut | g avenue, where there is a display of | equipment. H. W. Heinie is presi- dent, R. O. Yagel, vice president and | 2 sales | treasurer, and H. F. Ashton, CHICAGO LIVE STOCK. CHICAGO. March 30 (7 (United States calves. 100: compared ‘Friday last week all grades fed \leexs lnd yearlings fully 25 higher: small’ ru some improve. In dressed beei market the. stim but killing margins still unsat| heifers mostly 50 higher. in- break; cows _arow - 'eugtv e Sice Dulls Sieady_biit light kinds and beef bulls 25 lower: veal- es steady: largely o steer and vearling average price around 10.: nst T00" Tast © week: ‘average week below 1.000 pounds in contrast with nearly 1.100 pounds a year ago: best hetfers in load lots. 11.50; 200d_COWS. UD cuter and low cutter cows. most- t close: closing top veale: dian’ cattle eek Theep 2.000: for week ending Friday. G direets: compared Priday last week: slaughter lambs arcund steady. 10 higher. but some late sales weak: and feeding lambs little changed: California Springers arrived on direct_bill- ing Monday: week s top lambs 8 40 Wed- nesday. buik 7.’ with Mverll lnads medium to sood y. 7.00a75: com: mon_killers, downward to 6:50: dzslrlble clipped lambs. 7.008:5 mostly; few loads. 98-103 pounds. shorn: 0: lots. "good_to_ ¢hoice vearlings, bulk native ewes. 4. te around _ 3.00: according Hoxr 6.000. _including market nominally ‘stennsyns :00: eccastemal smies Dere. took 200+ estimated Pordaeer. 1°000: 21 "auotations nomi —_— NEW YORK BANK STOCKS NEW YORK. March 30 (#.—New York Security Dealers’ Association: i quality and flerings lee offerin . 7 Bk of Man (1'2).. Bankers Tr (3). First Boston Corp ( First Natl_(100) . S Hiading . 2% Yellow Truck. . 21% 13 Youngstown S&T.. Sales of Stocks on the New York Iumn. Indl uu than 1 Part) ns ::n 00 mra"v 1y extra. . lhl 5 -tlu. 4%° 0 Stk 8 Paio K3 Aero 2 2% i 14 . 120,000 0 Noon . Dividend Totes 82 Sven, 10 the above table are the_anoust iatest juarterly or balf-yearly 1Plus Tate b Payavie i in special preterred Jear = JAccumulated vership o les reported T el - Par ST Eekin ot veing reor- stock. B Controller Issues Call for Reports Of National Banks The controller of the currency, J. F. T. O'Connor, issued a call today asking for the condition of all na- all the banks in the District of Co- lumbia, as of Monday, March 4. Early indications Were that the Washington banks would show some- | what larger deposits than were re- | ported, following the last call on De- everywhere have a very large amount say they are anxious to lend. Records show that the Treasury has called for bank statements on March | |4 five times since 1914. A call on| the comparable date last year and today’s call will give the Treasury | one and two year records of bankmg progress since the Nation-wide bank holiday. All the banks in the country were | closed by President Roosevelt on { March 5, 1933, the day after his in- n. | Auguration. Over a period of years | most of the bank calls during the first quarter of the year come later | |in March and sometimes even ini | April. = NEW YORK BAR SILVER. silver firm, 13 higher at 611 U. S. TREASURY POSITION. By the Assoctated Press. Th position of lhe Tr!lsur n Recet ury oo March $52.092,081: n aiones lcu:wms receipts for 4 Retexpl; dor the fiscal 902: expenditures. $5.0: 707,114 (including 0608307565 of | | emergency “expenditures: excess penditures. $2.193.796,211; gold $8.563.503.08 $2.433.12 the month, | fetee o “ U. S. TREASURY NOTES. (Reported oy Chas D Barney & Co) te—Maturity | ne 15. 19 % |CHICAGO STOCK MARKET | CHICAGO. March 30 (»—Following is the complete official list of transactions lgflstorn on the Chicago Stock Exchange Sale: High. 100 ADOrEab vuves B _30 Berghofl Bre 500 Borg-Warner 300 Butler Bros I'N'Gen Candy A 50 Godchaux Sug A ) Gt Lakes Dredge ) Houd-Her B Tl Brick ) Kalamazoo Stove 100 Katz Drug 30 Ky Ut gr cum pf 200 Lib-MeN| & 500 Nat 30 Nor Am_G&E ‘A 50 Parker Pen.... 400 Swift Int 40 Viking Pump pt 200 Vortex Cup 190 Walsreen L+ 20 Wiebidt. smm 100 Zenith Rad Total sales—Stocks. 10.000 shares. | Managemént Automobile Insurance APARTMENT Your lparfinent house and residential Insurance properties will tional banks in the United States and | cember 31, 1934. The banks here and | of money on deposit which officials | NEW YORK, March 30 (#.—Bar year (since July | CONFIDENCE RULES STOCKS AT CLOSE Action of Rails and Metals Brings Rise of Fractions to Point or More. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, March 20.—The stock market ended the weck and month with a quiet display of confidence today. Encouraged by such key groups as rails and metals, other divisions had no difficulty in keeping in step and closing prices for active leaders were minor fractions to a point or so higher. Transfers aggre- gated 250,000 shares. The backwardness of cotton caused some concern to commodity markets, but grains pushed higher when more duststorms were reported in the Mid- west, and sugar futures reflected a further strengthening of the spot market. Bar silver was in the van- | guard of other commodities, advanc- ing Y4 cent to 61'; cents an ounce, or within striking distance of the re- | cently established peak. Bonds were enlivened by a substantial upturn in recently depressed foreign issues. A sharp slump in the British exchange sterling featured foreign exchange trading. Among the most active stocks end- ing minor fractions to a point or so higher were Santa Fe, United States Smelting, Coca-Cola, Sloss-Sheffield common and preferred, United States Steel, General Motors, Du Pont, Na- tional Distillers, United Fruit, Chrys- ler, Liggett & Myers, Motor Products, Howe Sound and Bohn Aluminum. Utilities were inclined to be back- ward again and, with the exception of Consolidated Gas, most leaders |ended unchanged to a trifle lower. R. H. Macy was conspicuous on the offside with a drop of around 1'. points. While week end business news wa tinged with some uncertainty, the majority of it was of a constructive | character. Cram’s reported automo- bile production in the current week ,ainzregated 103,286 units, against 100.- 065 in the previous week and 79,913 |in the same week last year. This | continues uninterrupted the trend | started last December 1. when pro- duction began to climb steadily from one week to another, and while the gains, as in the present instance, have not at all times been large, the increase over production of a year ago has been umrormly substantial. 200 TONS OF LEAD SOLD. NEW YORK. March 30 (#).—Th St. Joseph Lead Co. reports that 200 | tons of pig lead from Southeast Mis- souri mines were sold yesterday at $3.50 per 100 pounds St. Louis. | INVESTMENT TRUSTS | NEW YORK. 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