Evening Star Newspaper, April 1, 1935, Page 14

FINANCIAL. STOGKS TURN DULL AFTER EARLY RISE Carrier Shares Give Up Part of Morning Advance. Close Is Steady. A—14 ¥¥% FINANCIAL THE EVENING STAR, WASHINGTON, D. C, MONDAY, APRIL 1, 1935. BANKERS PREPARE TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE o Ldopm. e Stock an o HT:::' 1o, Dividend Rate. ey m:h !a' Close. Chge. 18% 9 NorthAmCo (1)... 27 12~ % 69 57 NorthAmEdpf(6) 1 % e o + % 217% 13% Northern Pacific...; 29 14% 13% 14% + % 38% 385% Northwest Tel (3).: 37 37 31 ——— 9% OhIo O11 (h45e).... 9% 9% 1% Oliver Farm Equip. 2% l},’h 4 By private wire direct to The lo.- 2:30 p.m. Pre ook es— et FUR m-flPERATIUN High ‘Low. _ Dividend Rate. T.‘m. High. Low. Close. Chge. T4% 4% Adams Express.... 4% 4% 3315 28% Adams Millis (2)... 28% 28% + 1 28% ) it g % % 110% 111 + 1 1 16% % Prev. ms Stock and e Lov. DivideadRate. Ada00. High. Low. Close. chee. 6815 60% Sun Oil (31). 1 62 62 115% Sun Ol pf (6) 1308115 198 1% 1% Superior Oil. . 1 1% 1% 1% 2 6% 6% 6% + % % 1% 1% 4% 17% 30 3% 10% 16% bl 2% 14% 24 T 88% 5% STOCK AVERAGES Compiled by the Associated Press. 10s 13 30 15 Indust. Rails. +.1 +.8 51.1 19.8 51.0 18.0 53.0 21.0 563 3719 276 15 60 Util. Stocks. Unch. +.3 244 36.6 244 36.3 23.0 315 352 466 26.6 41.6 216 348 40.6 51.4 242 349 239 16.9 1843 157.7 618 618 2% 1% Symington (A) (k). 5% 21% 36% 4% 11 19% ™ 9% 1% 17 - ) 115% 104% Air Reduction (3).. 1 Air-Way Elec Appl. 5% Alaska Jun (11.20).. % Alleg Corp (k). 6% 2 Alleg pf w340w (k; Much Closer Relationship With Business Seen by A. B. A. Chief. BY EDWARD C. STONE. President Rudolf S. Hecht of the American Bankers’ Association sees much closer co-operation between 4 Tennessee Corp.... 16% Texas Corp (1)....3 29% Texas Gulf Sul (2).. 3% Tex Pac Coal & Ofl. 8% Tex Pac Land Trust 15% Thatcher Mfg (a25c 5% The Fair.. . 2% Thermoid Co. 13% Thompson Products 13 Thompson Starrett. 7% Tide Wat Asso Oil.. 84 Tide A O pf(6) 4% Timken-Detroit.... 4% 18% 30 3% 10% 16% 5% 2% 14 24 8 Net change ... Today, 1 p.m. . Previous day Month ago Year ago . 1935 high 1935 low . 1934 high 1934 low . 1932 low . 1929 high 1927 -% + BY VICTOR EUBANKS, Associated Press Pinancial Writer, NEW YORK, April 1.—After a mode erate upward flurry in today's early 19% 13% Am Bank Note. 61% 43 Am Bank N pf (3).. 123 119 Am Brake Sh pt (7) 123 110 AmCan (45)... 158 Oliver FpropfA... 3% Omnibus Corp. 5% Oppenheim Collins.. (o 12 Otis Elevator (60¢). 1% 12 112 106 Otis Elev of (8). 110 110 45 38 Outlet Co (2) 38 38 90% 80 Owens-111 Gl Bd% B4% + % e 215 1 Pacific Coast 2 16% 13% PacificG& E ( 16% 78 70 Pacific Tel & Tel (‘) 1+41000 010+ FEEFEERFIE OF banking and business in the future. ‘Writing in the association’s magazine for April, he says: “Bankers are often asked, and ask each other, just what place their pro- fession is likely to occupy in the period of national development which lies immediately ahead of us. “My belief is that this era will be characterized by close co-operation— closer than ever before—between banking and business; that bankers will maintain closer contact with business problems and that business men will know more about banking than heretofore. “As I see it, our best ally toward bringing about this better mutual understanding and closer relationship is education. In this connection I wish to speak of two things: The im- portance of the step just taken by the American Bankers’ Association in or- ganizing the Graduate School of Banking, and my belief that the basis of public education in economics should be broadened to include stu- dents in high schools and other sec- ondary institutions of learning. “A few years ago the depression was the big news of the day, just as today the big news is the effort of Govern- ment and business to speed recovery. A whole new literature covering all phases of the question and a multi- tude of suggestions for the return to equilibrium has circulated among peo- ple whose recent experiences have stimulated them to study eagerly every constructive plan or suggestion. “In all our history no severe depres- eion has left the country unchanged. Each has caused people to think, and the effect of their thinking in the long Tun hes been a shift in the direction of national progress. The present in- stance, I believe, will prove no excep- tion,” Mr. Hecht concludes. Fifth District Trade Good. Retail trade, coal production and cigarette manufacturing led activity in the fifth Federal Reserve district in February, according to the Federal Re- serve Bank of Richmond’s monthly review. Heavy advertising campaigns are being carried on the leading cities In anticipation of an Easter trade rush. Rediscounts increased between the middle of February and the middle of March. The Richmond Bank in- creased its direct loans to industry to supply working capital and also added to its holdings of Government se- curities. Debits for the four weeks ending March 13 were 12 per cent greater than in the same period a year ago, a development cited as an indication of business expansion in the district. Because of the curtailment in the tex- tile mills, employment was lower up to the middle of March than a year ago. The automobile industry, how- ever, is absorbing some extra workers. The Richmond Bank states that the agricultural outlook for 1935 appears favorable, with farmers in a better financial position to carry on their work. The weather delayed work somewhat early in March, but Winter crops have done well and conditions are unusually favorable to Spring planting. The review covers Washington and five States, Maryland, Virginia, West Virginia and the Carolinas. ‘Why Pensions’ Are Popular. ‘The low cost of money may be a fine business stimulant, says Sphere magazine, but it means that the life insurance companies have to charge larger premiums and the man buy- ing insurance has to provide for a much larger principal amount for protection of his family. A policy calling for $100,000 for which a safe return of only 3 per cent can be had is merely the equivalent, in income, of what $50,000 in prin- cipal amount used to be when 6 per cent and safety could be had in mort- gages. Building up security for one’s old age is just about twice as difficult as it used to be. No wonder proposals for old-age pensions are so popular, the magazine comments. ‘The _executive council of the Amer- (can Bankers’ Association will hold its Spring meeting at Augusta, Ga., April 14 to 17. Aside from the an- nual convention, this is the most im- portant meeting that the association members hold during the year. The coming sessions should prove un- usually interesting because of the extremely important banking legisla- tion now before Congress. Among the Washington bankers attending will be Robert V. Fleming, first vice president of the A. B. A. and president of Riggs National Bank, also a mem- ber of the Special Committee which recently presented some most im- portant recommendations regarding the pending banking act of 1935, New Peaks on D. C. Exchange. ‘Trading was very quiet on the Wash- ington Stock Exchange today, but prices were particularly strong. Po- tomac Electric Power 5, per cent pre- ferred stock sold at 115, a new high mark for the present year. Two small sales were recorded. Capital Traction 5s, which have been climbing steadily toward par in re- cent months, reached 99 today for the first time in several years. One sale, a $500 transfer, was made at that price. The bonds closed with 981, bid and 100 asked. Stock of the Capital Transit Co. was quiet, closing with 20 bid and 211 asked. Up to noon today the Publk: Utilities Commission was still await- ing the February report showing how much the street car company earned in the second month of the year. All the other reports for February have been filed with the Commission. Heard in Financial District. Norman E. Towson, assistant treas- urer of the Washington Loan & Trust Co., will address the annual conven- tion of the American Academy of Political and Social Sciences in Phil- adelphia later this week. He will talk on “The Pattern of Financial Con- trol.” ‘The Women's Committee of Wash- ington Chapter, American Institute of Banking, will hold a fashion show at the Raleigh Hotel, Wednesday eve- ning, April 10. In addition to the dis- play of latest fashions, there will be fortune telling, bingo, prizes and re- freshments. No men will be allowed anywhere near the party. The Staunton, Va., National Bank recently elected Duncan Curry pres- ident of the bank, lsllwcmee(m'n: L;;rlgte Estes Vaughan. e an af ey and best known in the Shenandoah Valley as referee in bankruptcy for the district of Virginia. 1567% 151% Am Can pf (7) 20% 10 Am Car & Founé; 761 31 33U 10%, 90% 5% 23% 13 5% 25% 3215 37% 6% 20% 23% 7% 84 66 AmChicle (13%) 23 Am Colortype. . 22% Am Comcl Alcoho! 2 Am & Foreign Pwr. 14 Am & For Pw pf (7) 9% Am Hawaiian SS(1) 30% Am Home P (2.40).: 1% Am Power & Light. 8% Am P&L $5 pf (14) 10% Am P&L $€ pf (1%) 10% Am Radiator... 15% Am Rolling Mill. 20 Am Shipbldg (2). 31% Am Smelt & Ref. . 126% 121" Am S&M 10 pf . 12 Am Steel Foundry.. 98’/& Am Tel & Tel (9)..e 72% Am Tobacco (5) 74% Am Tobacco B (5).. 9 Am Type Fdrs pf (k) T4 Am Water Wks (1). 48 Am Wat W 1st (6 0 4 35% Am Woolen pf. 107% 8614 3% 25% 29% 5% 6% 26% 15 17% 7 3 Am Zinc & Lead 8 Anaconda Copp 16% Anaconda Wi 103 Anchor Cap pf( 3% Andes Copper. . 98 Armour Del pf ( 3% Armour of Illinol: 60% Armour Il pr pf (6) 35% Atch To&S F (h2).. 66% Atch To&S F pf (5). 197 Atlantic Coast Line. 21% Atlantic Ref (1).... 15 Auburn Auto. . 3 Aviation Corp 1% Baldwin Loco (X).. 8% Baldwin Loc pf(k). 7% Baltimore & Ohlo. .. 9% Baltimore & Ohio pf 5% Barnsdall Corp..... 15% Beatrice Cre(a50c) . 72 Beech-Nut P (t33%) 11% Belding-Hem a50c.. 117% Bendix Aviation. ... 15% Beneficial Loan 1%. 21% Bethlehem Steel.... 553; Bethlehem Stl pf... 14%, Bigelow-San Corp.. 9% Blaw-Knox..... 614 Boeing Airplane.... 49% Bohn Alum&Br (3). 90 Bon Ami (A)(15)... 21 Borden Co (1.60)... 28% Borg Warner (13). 243% Briggs Mfg (2).... 23% Briggs & Strat (3).. 31% Bristol-Myers $2.40. 36% Bklyn-Man Tr (3).. 90 Bklyn-Man T pf (6) 53 Brown Shoe (3) 4% Bucyrus Erie 8% Bucyrus Eri 3% Budd (E G) Mfg. 23 Budd (EG) Mfg 2% Budd Wheal.. . 13% Burr Add M (60c)... 6 Bush Term deb (k). 11% Byers (A M). . 361 California Pkg(1%) 15 Callahan Zine.. 215 Calumet & Hecla. 8% Can Dry G A (40c).. 9% Canadian Pacific. ... 32 Cannon Mills (2)..s 45% Case (JI) Co....ve 361 Caterpillar Trae( ) 195; Celanese Corp. . 1% Celotex Co vte ( 22% Cent Aguire (1%).s 38% Cerro de Pasco (2).. 37% Ches & Ohio (2.80). 36 Chesap Corp (3)... 1% Chi & East Il pf(k) % Chi Gt Westn (k).. %Chi MilStP&P % Chi MilStP& P Df. 2% Chi & Northwestrn. 4% Chi & Northwest pf. 4% Chi Pneumatic Tool 20 Chi Pneu Tool pf. ChiRI&P (k). Chile Copper... Chrysler Corp (1)« City Ice & Fuel (2).. City Ice& F pf 6% .. % City Stores (k)..... % City Stores ctfs (k) 69% Collins & Afk pf (7) 15 Colo Fuel & [ron(k) 67 Columb Carbon (4 3915 Comel Credit (2)... 5215 Comel Credit(A)(3) 32% 29 ComclCred pf (1%) 113 109% Comel C 1st pf(63%4) 33 62% 29% Comcl Cred (B)(2). 56% Comel Inv Tr t2%. 115% 111 Comecl In cv pf(e6). 28% 1% 4% 17 29% 12% 24% 9914 107 llfl% 17% Comel Solv (t85¢).. % Comw & Southn.... 29% Comw & Sou pf (3). 44 Conn Ry&Ltpf 4%. 1% Con C pr pf ww 6%. 4% Consol Film....... 15% Consol Film pf (j2). 157 Consol Gas N Y (1). 72% Consol Gas pf (5).. 615 Consol Ofl (h42¢)... 2% Consol R R Cuba pf. 15 Consol Textile. ... w 9% Container Corp (A): 3% Container Corp (B). 435 Contl Baking (A) ... % Contl Baking (B)... 62% Contl Can (2.40)...: 7 Contl Dia F' (a15¢).: 28% Contl Insur (11.35). % Contl Motors....... 15% Cont O(Dfil)lll*c. 62 Corn Prod Ref (3)..x 4% Coty Ine.......oeue 35% Cream of Wht t3% . 12% Crosley Radio...... 431% Crown C&S p£(2.70) 40% Cuban-Am Sugar pf 41 Cudahy Pkg (3%).. 15 Curtis Publishing. 2 Curtiss Wright, 6% Curtiss Wright 73 Cushmans pf (7) 16 Cutler Hammer. 114% Devoe & R 1st pf(’ ) 26% Diamond M (1134). 8% Dominion Strs(1.20) 17% Douglas Afreraft... 86% Du Pont de N (2.60) 104 Dug it 18t 3% Eastern Roll Mill 107 Elec Auto Litept ¥. 3% Electric Boat...... 39 Elec Stor Bat (2%). % Elk Horn Coal pf (k) 1% Engineers Pub Sve.. lmml'lu.nptvv Equit Ofice e 12% 10% m Vu 0“0‘) g - - BE DR Ao A 0o & 910 0 23% 3314 3! 125% 125% 13% 131 33% 33% 105 . 100% Bamberger pf (§}%) 120s wm 5 lS 41 4% S1+41 1+ © S +t++ i EFFFE EFE 3 1 12 2, 2 1 1 2 1 s 2 1 1 2 1 2 1 - ~ 0 o 690302 00 4 00 9 20296 201'4 202 163 !0- 2% 4 30s 1% 30s % 72‘ 1% + 13% — 10% + 18% 10% 10 5% 49% 41 2% 42% 56 308 30% 108 112 1908 5 4 59 58% 59 21!3 112‘/3 113 +1% 19% 19% - % 19 1 4 26 = 37% 108 31 112 "/fi 36% 36% + % 45'% +1% 1 - (SIS & OFES 801D 4 1= 63 00 O O 09 b O 0 bk M N OO 710- F OFERRLEFEESES 2 1% 1% 1%+ % 108 116% 116% 1164 +1% 1 29% 29% 29% 1 e o9 7 20% 20 20 + % 18 90% 89% 89% + 408 105% 105% 105% 2 4% 4% 4% — T 120% 119% 120% + 4 18 18 18 + 20% 19% 20% + 80- 110 109% 109% — 3 M 4% 4% - 4 8 2 1 1 1 2 s 2 1 Prev. High 23% 5 1935 Stock and Low _ Dividend Rate 16% Evans Auto (a75¢). 3 Exchange Buffet 5% Fed Lt & Trac. . 61 Fed Min & Smelt 3% Fed Motor Truck. .. 164 Fed'd D Stores (11). 281 Fid Ph F Ins(11.35) 13% Firestone (40c 46 First Nat Strs(2 20% Food Mach (1) 6% Fox Flim (A) 17% Freeport-Te; 5% Gen Am Investors. . 32% Gen Am Trans(1%) 19 Gen Cable pf. . 50 Gen Cigar (17) 20% Gen Electrie ( . 11 Gen Elec spee (60¢) 32% Gen Foods (1.80)... % Gen Gas & El (A)... 597% Gen Mills (3)... % 2613 Gen Motors (1). 19% 32 15% 78 2T% lflfl% 2% 15 24 32 6% 0% T 20 B6% 9% 91 91 521 1315 12% 3 17% 5T 161‘0 6% 83 28 9% % 57% 73 38 22 112 28% 2134 135% 1% 14% 4% 18% 13 12% 45% 100% 8% 45 15% 28% 4% 22% 36% 22 5% 6% 1% 9% 32 148 8 110 5! lfll 107' Gen Motors pf (5) 3% Gen Outdoors Adv.. 10 Gen Outdoors AdvA % Gen Realty & Util.. 16% Gen Refrac ctfs.. 15 Gen Stl Casting pf 12 Gillett Saf Raz (1).. 701 Gillett Saf R pf(5). 23% Glidden Co (11.30). 104% Glidden Co pr ptf (7) 215 Gobel (Adolf).. 147 Gold Dust (1.20) T3 Goodrich (B F). 15% Goodyear T & R.. 2% Gotham Silk Hose. 1!2 Graham-Paige. 4 Granby Consol.. 26 Grant (W T)(11%). 9% Great Northern pf.. 26% Grt West Sug (2.40) 119 Grt West Sug pf(7) 1 Guantanamo Sugar. 742 Gulf Mebile & N p! 12 Gulf States Steel. 30 Hack WpfA (1%). 3% Hahn Dept Store: 65 Hahn Dpt Stores 4 Hall W F Printing.. 16 Harb Walker (1). 81 HatCpfww (63%) 85 Hazel AtlasGl (5) 11 Hercules Mot (60¢). 5% Holland Furnace. .. 338 Homestake M (136) 615 Houdallle-Hersh B 43 Howe Sound (3) . 61: Hudson & Man pf. Hudson Motor Car.. Hupp Moto! 933 1111nols Centra 40 Il Cent Isd lines(4) 24% Iudus Rayon (1.68). 60'2 Ingersoll-Rand (2). 46% Inland Steel (1).... 2% Inspiration Copper. 4 Insur Shct Md l4c. 8% Interboro Rp Tr(k). 31 Int Agriculture pf.. 149% Int Bus Mach (p6).. 3% Int-Carriers Ltd 200 22% Int Cemeat (1).... 3434 Int Harvester (600) 1% Int Hydro Elec (A). 22% Int Nick Can (60c).: 4%; Int Paper & Pw pf.. 21% Int Print Ink (1)... 121 Int Rys Cent Am pf. 42% Int Shoe (2) ; 17 int Silver. 5% Int Tel & Tel... 9 Interstate Dept §trs 6 Intertype Corp..... 381 Johns-Manville. ... 52 Jones&Laugh 7%pf. 6% Kans City South pf. 72 Kaufm'n D S(a40c) % Kelly-Spring T (k). 6% Kelly-Sp Tire 6% pf 6 Kelsey-Hayes (A).. 31 Kelsey-Hayes (B).. 14% Kelvinator (170¢) 84 Kendall Co pf (6). 13% Kennecott C (§0c).. 23 Kinney (G R) Co pt 19% Kresge (SS)(1)... 106'; Kresge (S S)pf(7). 23% Kroger Gr&Bk 1.6 12 LacledeGasStL... 8% Lee Rub&Tire (50c. 5 Lehigh Valley R R. 674 Lehman Cp(13.65).. 14% Lehn & Fink (134).. 21% Lib-O-Ford G1(1.20) 21 Life Saver (1.60)... 95 Ligg & Myers B(15) 167 Lily Tulip Cup(1%) 2435 Liquid Carb (11%). 126% Lorillard P pf (7) % Loulsiana Oil.. 10% Louisv GRE(A)1% 34 Louisv & Nash (3).: 12% Ludlum Steel T% McCrory Strs A (k). 7 McCrory Strs B (k). 36% Mclntyre Porcu (2). 901 McKeesport T P (4) 6% McKesson & Rob... 37 McKesson & Rob pf. 9% McLellan Stores (k) 20% Mack Truck (1).... 31% Macy (R H)& Co(2) 18% Magma Copper (2).. 32 Man Elev gtd (K)... 13% Man Elev m g (k) 412 Marancha Corp..... 5% Marine Midld (40c). 6% Marshall Field. 6 Martin Parry.... 233 Mathieson Alk(13%) 136 Mathieson A pf (7). 35% May Dept Str (1.60) 5% Maytag Co...e..uue 33 Maytag pf ww (3).. 41 Melville Shoe(t2%) 20% Mengel Copf....... 24 Mesta Mach (1%).. 2% Miami Copper...... 913 Mid-Cont Pet(h50¢) 58 Minn Hon R(13%).. 105 Minn H Reg pf (6). 3% Minn Moline Pow. .. 1% MStP&SSMlisln 25 Mo Kan & Texas... 6 Mo Kan & Texas pf. 1% Mo Pacific (k). 21% Montgomery Ward. 60 Morrell(J)&Co 3.60. 13% Nat Cesh Reg A 12% Nat Dairy Prod 1.2 13 Nat Dept Store (k). 17% Nat Dep St 1st pf (k) 24% Nat Distillers (2).. 121% Nat Lead pf (B)(6). 47 Nat Pwr & Lt (80¢) 0% Nat Steel (tl%)..- 2 17% 308 17% 3% SO IR O 107 o 2% 15% 844 43% 17% 2% 1% 674 26% 10% 2814 123% 1% 7 12% 31 4 644, S 4 157% 4 - - T =T TSI 1) » - E T 1 3 © S 5 23% 12 - I3 ® P - s 1 53 OB et b R 00 35% 63% 163% i Net., es— Add 00. High. Low. Close. Chge. 1% - % -4 Fi+dise N ++1 010 12% % 17% 15% 14% 79 25% 107 2% 15% 84 43% 17% 2% 18 67 26% 10% 28% 123% : ™ e 128 31 4% 645 4% 17% 85 921y 1314 6% 380 46% Th 7 1% G +410++2444+ 10% 157T% 4 23% 37w 2 24% 5% 22% 10% LT+ 44144+ 2 ++1000 52% T8 5% 62% 45'% 2% 4’!' 314 Packard Motor..... 24 Par-Publix ctfs (k) 14Y% Park & Tilford 2y Park Utah. .. 7% Parmelee Tra: % Pathe Exchang: 10% Pathe Exchang! 8% Patino Mines 1% Peerless Moto! 62% Penney (J C) ( 2% Penn Coal & Cok 17% Penn RR (1)...... 30 Peoples Drug 8 (1), 7% Petrol Corp (h50¢) . 12% Phelps Dodge(h75¢) 23 Phila Co $6 pf (3) . .. 3% Phila Rap Tr pf (k) 1% Phila & Read C & 1. 35% Philip Morris (1).. x -~ 1 1 1 23 00 001 0000 14 09 80 4 I N 0 D - 5414 Phillips-Jones Cpf7 30s 13% Phillips Petrol (1). % Plerce-Arro® (K)... 62 Plymouth Ofl (1). 6% Poor & Co (B)...... 6% Pressed St1C pf (k) 42% Proc & Gamb (1%). 20% Pub Serv N J (2.80) 623 Pub Serv N J pf (5) 73 Pub Sve NJ pf (). 85% Pub Serv N J pf (7) 108\4 100 Pub Serv N J pf (8) 41% Pullman Inc (3).... 5% Pure Ofl.... ——————————— 4 Radio Corporation. 50 Radio Corp pf A 3%. 35% Radio Corp pf (B).. 1% Radio-Keith-Or (k) 4% R R Sec 11 Ce 297 Reading (2). 25 Real Silk Hos of. 8 Remington-Rand.. 71% Remington-R 1st pf 2% Reo Motor Car.. 9 Republic Steel. . 17 66 28% Imken R B (1) 4% Transamerica (25¢) T Trans & West'n Air. 1% Tri-Contl Corp. 31 Truscon Steel 53% Und-Ell-Fisher (2). 34 Un Bag & Paper (4). 44 UnCarbide&C 1.60.. 14% UnOilof Cal (1)... 82% Un Pacifio (6) . . 9% United Afrcraft.... 415 United Air L vte. .. 22% United Bisc (1.60).. 46 United Carbon 2.40. 1% United Corp. oo 20% United Corp pf..... 9% Cnited Drug....... 65 Unit Dyewood pf(7) T1% United Fruit (3)... 9% United Gas Imp (1) 2% United PceDW.... 16 United Pce D W pf. 45 U 8 & For'n Secur.. 40% U S Gypsum (1).... 35% U 8 Ind Alcohol (2). 314 U S Leather.... 71 U S Leather (A). 14% U S Pipe & F (50c). 3 U S Realty & Impr.. 9% U S Rubber........ 24% U S Rubber 1st pf. .. 124% 100% US Smelt & R (16). 40% 27% U S Steel...... - | 94 73% U S Steel pf (2).... | 130% 119% U S Tobacco (17%). Ty 3% United Stores (A).. 65%; 481 United Stores pt... FFEOFRIFESE 21% 14% 37% A% 2T% 13% Vanadium Corp.... 11% Van Raalte.... 34% Vick Chem (12.40). 2!4 Va-Car Chemical... 18 Va-Car Chem 6% pf 29% 5 Pt 4 28% Republic Steel pf. 20% Reynolds Metalsl). 43!4 Reynolds Tob B (3) 46 37y Safe Sto! 110 104% Safe Strs pf ) 112% 110 Safeway Strs pf (7) 17% 10% St Joseph Ld (40¢c).. 2% 1 StLSanFran (k) 9% 6 Savage Arms... 2813 22 Schenley Distillel 2 Schulte Retail Str: 55 Scott Paper (1.70).. 20% Seab’d Oil(Del)(t1) 31 Sears Roeb’k (75¢). 7% Servel Inc . 714 Shattuck(F G)25c. 513 Shell Unton Oil. ... 6314 Shell Union Oil pf.. 8% Silver King C (40c). 10% 6 SimmonsCo . 8 613 Skelly Ofl. 21% 13 Sloss-Sheffield 34% 24 Sloss-Sheffield pf 20 16% Snider Packing. 147 11 Socony-Vac (60¢c).. 25 20 Sou Por RicoSug(2) 133 10% South Cal Ed 1%).. 19% 123% Southern Pacific. .. 16: 7% Southern Raflway.. 20% 10 Southern Rwy of... 50 45% Spalding(AG)1st pf 5% 3's Sparks-Withington. 9%, 7% Sperry Corp (25¢).. 11% 8 Spicer Mfg - 403, 33 Spicer Mfg pf (3).. 79': 437» Spiegel-May-Stern. 19% 14% Stand Brands (1)... 4% 1 Stand Gas & Elec... 5% 1% Stand G&ES$4of... 16 6 StandG&ESTpf.. 115 1% Stand Inv Corp..... 323 27% Stand Oil of Cal(1). 115% 111 Stand Oil Exp pf(5) 251 23 Stand Oil of Ind (1) 431 35% Stand Ofl NJ(11%) 4% 58% Sterling Prod (3.80) 65 Stewart-Warner... 215 Stone & Webster 214 Studebaker (new).. 4 60 267 401 9% 9% T4 8% 1o 722 Va El1 & 1% Wabash 274 Walgree: 1% Walwort 5% Warner- 4 Webster 34 WestPa 36 West Pa 39% West Pa 2%, 95 WestPa | 111% 104's West Pa 9 3% T 1% Western 23, Western 20% Western 18 Westing 32% Westing| 67% White M. 131 67 57 51 44°% 25'%: Worth P 4% 42 21 18 YoungS 213 4 11:00 A.M . J o aeipariiiel declarations | s Unit of trading 9% in stock. ++++ 01001+ < Plus 4% in anized m Plus n stock 2% 214 6312 Vulcan Detin (a4).. 2'% Warner Bros 2's Warren Bros.... 30% WessonO &S 11%. 72 Wesson O&S pf (4). 5'2 Western®Maryland. White R’ 1% White Sewing Mch 1 Wilcox Oil & Gas... 4%, Wilson & Coal Wilson & Co pf (6).. Woolworth (2.40) .. 2% Yellow Truek...... 341, Yellow Truck pf... b Pald last e Payabl. in Gash of stock k Companies rmomd 5% In & x Ex-didivend W o es0o e Pwr pf (6). e 83 (k). n Co h Co % -Quinlan 3 Eisenloh; s 5! B 0 1 Elec A (7). Elec pf (6) +243 Elec pf (1) 1% Pw ptf (6). 23, + Pwr pt (7) 4 Pacific.... Pacific pf. Union.... h'se AB 50¢ n’se Elec. . otor. . ... kMS 140, % % % % 4441+ 44444+ ump pf A.. = P& W t13% 1% Zenith Radio.. 3 Zonite Products Sales of Stocks ox the New York Exchang 120,000 300,000 12:00 Noon 2:00 P.M. 200,000 Dividend rates as eiven in the above table are the annual | cash payments based on the Iatest 7uarterly or half-yearly less than 100 sberes. year—no _re tPartly extra. 3Plus r rate. b Payable in 1Plus $1 in special preferred a Pald this year. J Accumulated receivership or being reor- lus 3% in stock. D Plus 2% stock. Chicago Grain By the Associated Press. CHICAGO, April 1—Uncertainty 32| over 1935 domestic crop prospects and in regard to foreign political and monetary affairs gave a general down- | ward trend to wheat prices today. There was a decided absence of ag- | 14 | gressive buying. Houses with South- 23% 12 9% 7 67% I++11+1 1 +4 4+ 35% 163% +2% -4 western connections were conspicuous as sellers of wheat in small lots. Wheat closed easy, 7-1l% under Saturday’s finish, May, 9434- s. Corn was % off to 3g up, Mey, 80!2-3g. oats unchanged to s lower, and pro- to 5 cents advance. Chicago Cuh Market. Wheat, No. 2, red, 96%; No. 3, mixed, 97; corn, old, No. 2, yellow, 86; new, No. 4, mixed, 81; No. 2, yellow, 84a85; No. 4, white, 85%;; oats, No 2, white, 49'%; no rye; buckwheat, No. 2, 1.09; soy beans, No. 2, yellow, 1.04 net track country station; barley, 68a1.207 timothy seed, 16.80a18.50 hundredweight: clover seed, 15.50a 19.50 hundredweight. Liverpool Quotations. LIVERPOOL. April 1 (#.—Wheat fu- tures closed firm. Pro High. Lov. Close. Close! May s et 5% 76% 7 October Wi &0 B0Te s0% Exchange, 4.79. LEHIGH & NEW ENGLAND REFUNDING IS EXPECTED By the Assoclated Press. NEW YORK, April 1.—Public of- fering is expected this week of a new issue of $6,400,000 in 4 per cent general mortgage bonds of the Lehigh & New England Railroad Co. to re- fund $6,000,000 in 5 per cent bonds outstanding. The offering will con- stitute the first refunding into lower interest rate obligations by an op- erating railroad company in the cur- rent move of refunding by private corporations. —t Life Saveres Corp. 1934 common share earnings were $2.33, vs. $2.16. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & Indiana Ave. N.W. LOANS On Improved District of Columbia Real Estate Security 73rd series of stock now open for subscription visions varied from 15 cents decline | ev. | shares. TAYLOR HOPEFUL ONU.S. PROGRESS Chief of Steel Corporation Holds Nation Is Coming Out of Depression. | By the Associated Press. HOBOKEN, N. J., April 1.—“Our course is out of the depression rather than deeper into it,” Myron C. Taylor, | chairman of the United States Steel | Corp., told stockholders at the annual | meeting today. To back up his statement, he said | the corporation’s orders in the first| three months of the year totaled| 1,774,272 tons, an average of 26,482 tons a day and a rate of 41.9 per cent of capacity. This compares with 1,504,015 tons in the like quarter of 1934, an average of 22,448 tons, or 3515 | per cent of capacity. In the same| quarter of 1933 orders were only 631,000 tons, an average of 9,292 a day or 14.9 per cent of capacity. “The forward movement already be- gun is plainly gathering impetus,” Mr. | Taylor said, “and it should, when it advances, sweep away all unsound pol- icies which our great prosperity in the past has engendered, and many quack notions which have been born of our adversity. “This, in time, will be forgotten and the real America in its simple, straight- forward way will again lead world | progress.” The total stock represented at the meeting in person or by proxy was 5,864,513 shares of which 4,126,314 were common and 1,838,199 preferred Retiring directors were re-elected, SAFEWAY SALES HIGHER. NEW YORK, April 1 (&) .—Safe- way Stores, Inc., reports sales for the four weeks ended March 23 of $20,~ 770,761, against $17,810,088 in the like period last year, an increase of 16.6 per cent. —_— Eastern Utilities Associates common share earnings, 12 months ended January 31, were $2.47 vs. $2.75. First Mortgage Money For CONSTRUCTION LOANS and LOANS ON IMPROVED RESIDENTIAL PROPERTY in the District of Columbia. 5%% Promp: action B. F. SAUL CO. 925 15th St. Natl. 2100 New York Cotton | By the Associated Press. NEW YORK, April 1--Early de-| clines of 18 to 20 points, attributed | | to hedging and liquidation, were fol- lowed by partial recoveries in cotton today on trade buying and covering. July contracts, after selling off to 10.91, rallied to 11.01 and were holding around 1098 in the midafternoon market. Liverpool Quotations. LTYERPOOL. April 1 (#).—¢ bales. including 9.500 Ameri erate business done; prices 3 1 Gotations in pence, American ~tr.cv. 0od 6.9 od_middli; 51 74: good ordinary Futures cloa!d barely steady. May. | July. 508 October. 5.70; December. : January. March. 5. INDUSTRIAL ALCOHOL NETS $4.03 PER SHARE| By the Associated Press. NEW YORK, April 1.—United States Industrial Alcohol Co. reported today net earnings in 1934 of $1,580,- 067, after all charges, compared with 1933 earnings of $1,392,062. Based on 391,238 shares of out- standing stock at the end of both years, the 1934 earnings were equal to $4.03 a share, against $3.56 in 1933. A non-recurring profit of $722,467, which was included in net operating income, was -realized last year in the sale of the company’s investment in Penn-Maryland, Inoc, the report stated. The report pointed out, however, that the provision for renewals and | replacements set up during the year, and charged to operating expense, was gsg;m‘ooo. compared with $300,814 in 1933. —— VISIBLE GRAIN SUPPLY. NEW YORK, April 1 (#).—The visi- ble supply of American grain shows the following changes, in bushels: Wheat decreased 2,443,000; corn de- creased 2,074,000; oats decreased 1,- 019,000; rye decreased 446,000; barley decreased 744,000. First Trust Loans For Purchasing a Home or RE-FINANCING EXPIRING TRUSTS NO COMMISSION CHARGE NO RENEWALS REQUIRED Arranged Eass Sonthiy Fayments % | +1% | stock marke; dealings, the equities list turned extremely dull in late trady ing. Initial improvement was led by the rails which reflected the granting of rate increases by the Interstete Commerce Commission. In the final hour most of the car= riers pared morning advances of frac= tions to a point or more. Santa Pe, Union Pacific and New York Central were among the best. Coca-Cola got up a point, but Na= tional Biscuit lost as much. The closing tone was steady. Transfers approximated only 450,000 shares, With the reopening of the Brussels Bourse the belga quickly dropped to . | just above the official devaluation y | figure. The pound sterling also sagged in foreign exchange transactions, but the French franc rallied along with the other currencies of the gold bloc. Commodities were restless. The grains and cotton pointed downward. Secondary carrier loans gave a lift to the bond market, but here, as in stocks, there was no rush to get on the buying side. Among the more active carrier shares were those of Santa Fe, Dela- . | ware & Hudson, Union Pacific, N. Y, Central, Southern Pacific, Pennsyl- vania and Baltimore & Ohio. Others up fractionally to around a point in- cluded American Telephone, Western | Union, Du Pont, U. S. Steel, General Motors, Chrysler, Johns-Manville, | American Tobacco “B”, Allied Chemi- cal, U. S. Industrial, Alcohol National Distillers and Bohn Aluminum. | Commission houses, still hoping for | the best, despite the obvious trading timidity, were watching Washington as well as foreign fields for develop- * | ments which may give stocks a whirl {in one direction or the other. Fore- ~ | casts, however, were decidedly of the straddling variety. PARAMOUNT-BROADWAY HOLDERS SUPPORT PLAN | Special Dispatch to The Star. NEW YORK, April 1.—The commit- 14 | tee representing Paramount-Broadway | Corp. bondholders, of which Peter Grimm is chairman, has announced that more than 70 per cent of Para- mount-Broadway Corp. First Morte gage 5'2s, due 1951, have been either deposited with the committee or as- f | sented to the plan of reorganization approved by the committee. Subject to final confirmation of the plan by the court, the present pere centage of deposits and assents is in excess of the amount required under section 77B of the bankruptey act to declare the reorganization plan effec- tive. The committee has been advised that the New York Stock Exchange has authorized trading in the stamped | certificates of the Paramount-Broad=- way Corp., commencing today. U. S. BONDS T0O BE TRADED. NEW YORK, April 1 (Special).— Announcement has been made today by Brown Harriman & Co., Inc, of the establishment of a special de- partment to deal in United States Government securities. The new de- partment will maintain net markets in all United States Government issues, including Federal Farm Mort- gage Corp. bonds, Home Owners’ Loan Corp. bonds, Federal Intermediate credit bank debentures, and will also deal in Federal Land Bank bonds. FURNITURE IN DEMAND. NEW YORK. April 1 (#) —Promo- tions of Summer furniture, just opened here and in New England, have already brought a surprisingly good response fromn consumers, it is revealed. WE PURCHASE Small Second Trusts on Business and Residential Properties and Chattel Mortgages SECURITY-REALTY CORP. Earle Blds, Met. 1177 OFFICE EQUIPMENT WE SELL, BUY or EXCHANGE Desks Adding Machines b Check _Protectors Steel Files Typewriters Steel Cabinets BAUM'S FURNITURE HOUSE 1416 Eye St. NW. Ph, NA, 218¢ O Greater Earnings wft\'\ The Building & Loan Plan of Saving ... Is Without a Peer THERE is, admittedly, no Savinge Investment field for small invese tors to compare in Safety, Yield and Convenience with the Building and Loan Plan! @ Look at the prosperity its members have enjoyed, during “good tin'h ...Look at the impregnably safe pasi= tion Building and Loan investments’ and institutions have enjoyed dur(n: times of great stress. @ Come in and learn fully about the' "ldewl Plan” of saving. We Pay 5% Compound Semi-Annually from the date of payment to the date of withdrawal ® You can open a Savings Account with ONE DOLLAR, or more...and you'll always find at “The Pidelity,” & friendly spirit of helpfulness and co- operation. The Fidelity Building & Loan Association MAIN OFFICE, 610 13th St. N.W,