Evening Star Newspaper, April 4, 1935, Page 18

FA—I8 ¥¥+ REACH §3.476000 Richmond Reserve Expands Volume of Direct Aid During Month. BY EDWARD C. STONE. In his monthly review of business, credit and agricultural conditions in the fifth Federal Reserve _district, Chairman W. W. Hoxton of the Rich- mond Reserve Bank reports that up to March 15 the Reserve Bank had made $3476,000 direct loans to in- dustry for working capital under au- thority of section 13-B of the Federal Reserve act. This figure covers the period since such loans were inau- gurated. Between February 15 and March 15, the Richmand bank ex- tended these industrial loans by $654,- 000. Chairman Hoxton declares that the outstanding feature in the business picture during February was the in- crease in the volume of retail trade as reflected in department store sales. Not only were fifth district sales 13 per cent ahead of last year, but Feb- ruary sales in 31 leading stores were ahead of January, this year, a most unusual record for this “short be- tween-seasons month.” Another high spot brought out in Agent Hoxton's detailed report, shows that the commercial failure record was the least unfavorable of any of the 12 Reserve districts, 39 business insolvencies being reported with ag- gregate liabilities of only $805,698. Employment conditions failed to re- veal any material improvement in the second month of the year. Coal mined was up 12 per cent over last year; textile mills consumed more cot- ton, but by the middle of March there ‘were signs of restricted operations, the review adds. It was the quiet season in the tobacco markets; tobacco prices continued satisfactory and cigarette manufacturing remained ahead of last year. Bank's Earning Assets Grow. Total earning assets of the Federal Reserve Bank of Richmond increased by $10,682,000 between February 15 and March 15, both this year, of which amount $10,000,000 was the bank’s share in system purchases of Government securities, Agent Hoxton id. *ndustrial commitments on loans made by member banks rose by $185.- 000 between February 15 and March 15, each commitment being an agree- ment to assume liability on a certain loan at the option of the lending member bank during the life of the | e commitment. There was a seasonal decline in the circulation of Federal Reserve notes amounting to $1,267.- 000 between February 15 and March 15. but member bank reserve deposits rose by $1,905000 during the same period. In comparison with condition figures reported for March 15, 1934, the corresponding figures for March 15, 1935, show material increases in most items. Rediscounts for mem- ber banks declined during the year by $1,767,000, and the portfolio of open market paper dropped by $989,- 000, but ownership of Government securities increased by $20,0£0,000. On the 1935 date the bank nad $3,- 476,000 in loans to industry for work- ing capital outstanding, and also had 87,000 outstanding in foreign loans on gold, whereas a year ago the bank had no loans of either type. The changes in earning assets re- sulted in a net rise for the year amounting to $20,727,000. Federal Re- serve note circulation at the middle of March this year showed an in- crease of $6,418,000 over outstanding circulation a year earlier, and mem- ber bank reserve deposits rose by $42,- 509,000 during the year. Total cash reserves of the Federal Reserve Bank of Richmond rose by $32,807,000 be- ;;;en March 15, 1934, and March 15, 5. Banks Gain in Deposits. ‘The 28 reporting member banks, the report reveals, increased their in- vestments i securities by $8,833,000 during the month, but their reserve deposits at the Federal Reserve Bank declined by $4.182.000. Cash in vaults declined $240,000 between the middle of February and the middle of March. Deposits in the 28 banks rose $1,184,- 000 last month, demand deposits falling $135000 and time deposits rising $1,319,000. ‘Time deposits in 28 reporting banks and aggregate deposits in 11 mutual savings banks totaled $335,036,766 at the end of February, 1935, a higher figure than either $333,037,189 re- ported at the end of January this year or $320,697,855 at the end of !‘ebruary last year. Both the reporting member banks and the savings banks gained in deposits during the past month, and both also registered gains for the year. ‘Total debits in reporting cities during the four weeks ended March 13 amounted to $874,206,000, an in- crease of $38,799,000, or 4.6 per cent, over debits totaling $835,407,000 re- ported for the preceding four weeks ended February 13. Closing of tobacco markets tended to decrease debits during the later four weeks, but early bayments of income taxes and pay- ment for Spring merchandise more than offset that adverse factor. Four- teen of the 23 cities, including Wash- ington, show higher figures for the more recent period, Mr. Hoxton an- rounced. Trust Company Votes Dividend. Directors of the Washington Loan & Trust Co. at the monthly meeting yesterday, declared a quarterly divi- dend of 2 per cent, payable May 1 to stockholders of record on April 23, President Harry G. Meem announced today. George L. Starkey, president of the National Bank of Washington, left the city today for a 10-day visit at Atlantic City. He went my motor and may extend the trip before returning to the bank. John M. Riordon, executive vice president of the Bank of Commerce & Savings, who has been taking a rest at the Washington Sanitarium, Takoms Park, is doing well and is glad to see friends. He has been con- nected with the bank ever since it was founded and has an enviable banking record. Richard Hatton, financial editor of the Washington Herald, returned to the banking district today after a trip to Mount Pleasant, Towa, where he was called by the death of a relative. Traction Bonds Lead Trading, Capital Traction 5s sold at par on the Washington Stock Exchange to- day, several $1,000 sales, one $3.000 and two $500 transfers being recorded. The bonds closed with 99': bid and & new high asked price of 100%. Mergenthaler Linotype was again very active today, eight consecutive 10-share lots and one 20-share lot changing hands at 30, unchanged. Capital Transit stocks sold at the low of 20 today for two shares. The Public Utilities Commission end the stockholders are still await- ing Capital Transit's February report ol earnings. ) A FIN ANCIAL. By private wire direct to THE EVENING STAR, WASHINGTON, IN[]USIRlA[[[]ANSTRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Dividend Rate. ’Add 00. Righ. 2: aop.n Stock and Sales— Dividend Rate. Add 00. 3 8 2 Prev. 1035 High. "Low. 74 4% Ada 3315 28% Ada 11% 8 Addressograph.... 8% 6% Affliated Prod (600) 115% 104% Air Reducfion (3).. 1% % Air-Way Elec Appl. 20% 15% Alaska Jun (11.20). 4 2 Albany Wrap Paper 1% % Alleg Corp (K)..... 2; 2% Alleg pf wi30w(k). 141 125 21 Allegheny Stl (1)... Allled Chem (6). 12;‘: 123% Allled Chlm pf (T) 45 Amerads Gorp (8).: 42% Am Ag Chem Del(2) - - BOIRON S Am Brake Sh("sc) AmCan ($5)....... Am Car & Foundry. Am Chicle (13% 67% Am Crystal Sug p?. 1% Am Ensaustic...... 2 Am & Forelgn Pwr, 12 Am & For Pw pf (6) 14 Am & For Pwpt (7) 3% Am & For Pw 2d pf. 9% Am Hawaiian SS(1) . 2% Am Hide & Leather. 17 Am Hide & Leath pt 30% Am Home P (2.40).: 3% Am Ice Co... 2874 Am Ice Co pt (6) 4l; Am International... 1% Am La Fran pf (k). 9 Am Locomotive.... 32 Am Locomotive pf.. 181 Am Mch & F'v (80c) 4% Am Mach & Metals. 4% Am Mach & Met ctf .. §.....:.... ) o " PRUPHIRVE -3 TIOPRNOPN. 19 19 8% Am P&L $5 pf (1 10« Am P&L $6 pf (1 101; Am Radlator % 31% Am Smelt & Ref 112 1038 Am S&R 6% pf j7 12613121 Am S&M 7% pt (1), 18% 12 Am Steel Foundry.. 93 88 Am Stl Fdry pf (2). 43 33% Am Stores (12%). 70% b55'; Am Sug (2)... 138% 129% Am Tobacco pf (6). 19% 9 Am Type Fdrs pf(k) 14% 7% Am Wat Wks (80c) , 60 48 Am Wat W 1st (6).. 9% 4% Am Woolen, 45'4 35%; Am Woolen pf. 612 21 Am Writ Pap pf (k) 4% 3 AmZinc& Lead.... 12% 8 Anaconda Copper... 107% 103 Anchor Cap pf(6%) 41% 36 Archer-Dan M t1%. 6% 3!, Armour of Illinois. . 70% 56 Armour Il pr pf (6) 6% 4 Arnold Constable... 55% 35% Atch To&S F' (h2)., 8613 66% Atch To&S F pf (6). 37% 19'% Atlantic Coast Line 7 3 At1Gulf& WInd.. 6 Atl Gulf & W Ind'pt 21% Atlantic Ref (1)... 106% Atlas Powder pf 16) 63 36% Austin Nichpf A 5.. 5% 3 Aviation Corp Del.. —_— 6% 113 Baldwin Loco (K).. 15 7% Baltimore & Ohto. .. 177 94 Baltimore & Ohio pf 105 100% Bamberger pf (61%) 4214 361 Bang & Aroos (2%) 111 106% Bang & Aroos p£(7) 2 57 Barnsdall Corp. u-.. 371 Bayuk Cigar ( 72 Beech-Nut P (fl% 11% Belding-Hem a50c 117 Bendix Aviatios a1 255, !‘5 179 17% 34% % 26% 14% Bigelow-San Corp. 13% 9% Blaw-Knox. 109% 103% Bloomingdale pf (1) 10 614 Boeing Afrplane.... 59% 49% Bohn Alum&Br (3). 25% 21 Borden Co (1.60)... 34 28y Borg Warner (1%). 30% 24% Briggs Mfg (2).... 36% 31% Bristol-Myers 12.40. 44 369 Bklyn-Man Tr (3).. 96 90 Bklyn-Man T pf (6) 6% 4 BucyrusErfe...... 5% 3% Budd (EG) Mfg... 33 23 Budd (EG) Mfgpf 4% 2'; Budd Whea! 15 81% Bullard Co. 9% 3 Burns Bros pf. . 15% 131, Burr Add M (60c). .. 2 1! Butte Copper & Zine 4214. 36% California Pkg(1%) 7% Campbell-Wyant. ., 8% Can Dry G A (40c) 9% Canadian Pacific. ... 45% Case (J I) Co.....0) 36'; Caterpillar Trae(1). 19% Celanese Corp...... 22 Cent Aguire (1%).« 34 Central RRofNJ.. 385 Cerro de Pasco (2).. 3%, Certain-teed Prod. 23 Certain-teed P p: 37% Ches & Ohio (2. 2 - SRR e m A Do~ 25% Chickasha CO 31 Chrysler Corp (1).s 20 City Ice & Fuel (2).. 87 City Ic % City Store % City Stor 161% Coca-Cc 16% Colgate-P-P (50¢).. 4101 Colg-P-Ppf (6)...s 9 Collins & Afkman... 1 Colo Fuel & [ron (k) 5 Colo Fuel & Ir pf(k) 10% Colo & South 3% Col Gas & Elec. 35%CelG& Epf A ( 31 ColG&EpfB (5).. 150- 34% Colum Pio vtc (m1) 1 67 Columb Carbon (4). 6 3915 Comel Credit (2)... 6 4 521 Comel Credit(A)(3) 1097% Comel C 1st pf(635) 29% Comecl Cred (B)(2). 56% Comel Inv Tr 12%. 17% Comecl Solv (t85¢).. % Comw & Southn. .. 29% Comw & Sou pf (3). 27 Congoleum-N(1.60) 23y Conn Ry & Lt (4%) o 3 508 4% Consol Film... 15% Consol Film pf (j2). 157% Consol Gas N Y (1). 613 Consol Oil (h42¢)... 214 Consol R R Cuba pf. % Consol Textile..... 9% Container Corp (A): 3% Container Corp (B). 4% Contl Baking (A)... % Contl Baking (B)... 46% Cont] Baking pf (4): 62% Contl Can (2.40).... 7 Contl Dia F' (215 28% Contl Insur ($1.35 % Contl Motors, 15% Cont O(Del): ’*G. 41% Corn Ex BK&Tr (3). 62 Corn Prod Ref (3) Sw ouneuuhma HOHE A HARAGNNE ORI RN 8 8 ga: 15 Curtis Publishing. . 2 Curtiss Wright. 6% Curtiss Wright (. 22% Deere & CO......... 2315 Delaware & Hudson 11 Del Lack & West... 261 Diamond M (113%). 34% Diamond M pf (13%) 34% Dome Mines (2)... 8% Dominion Strs(1.20) 17% Douglas Alrmn. . 991 86% Du Pont N 130% 126% Du Pont 107 104 Duquesne M m @) ——e 123% 110% Eastman Kod (5). .. 29 & 110% 107 Elec Auto Litept 7. 6% _ 8% Electrio Bost.cseser . - 100| ‘ 1 Zlh Net mlh Low. Close. Chge. 41 44 25% 29 29% + K 9 — 7!‘ 7% 6= lll 110% lll 4 l 15‘6 16% lS\i 2% 2% 2% % % % 3 3 3 22 22 22 133 132% 133 126 125% 126 13 51% 59% 21 5 115 116% 1% 1 FEEE EErERS LS 33% 57% 128 20 20 102% 10315 + 73 T4 5% 76 4 138% 138% ¢ 104 saFresien 128 5 211 31y ++ K L A & 3 H0 I+4+1 0 ++ & OFEFREEISE o SRS % Y% % - % 197% 197% — 56% 56% + 16% 16% 103% 103% = 9% 1% 9 13 =% 6% + % 57% +5% 49 + 4% 40% + Y% 8% +1% 43 56% + 5 2 113% +1% 31% + % 59 + % 19 + % s FEFELE FEEF th IOCK 106% + % 120% mm 120% + % o!s:o zou+% 109 109 109 - % L 4&4‘ STOCK AVERAGES Complled by the Assoclated Press. 30 15 Indust. Rails. e+l +3 19.1 50.6 18.9 522 19.9 57.6 384 566 276 15 Net change . Today, 1 p.m. +.1 246 1843 ‘618 2:30p.m, Prev. 1035 Stock and Sales— High. Lov. Dividend Rate. Add 00. mm 8% 6% Elec & Mus ind.... 6% 1% Elec Pwr & Light.. 2% Elec Pwr&Lt $6 pt.. 3 Elec Pwr&Lt $7pf. 1 39 Elec Stor Bat (2%). 1% Engineers Pub Sve.. 14 Eng PubSve $5 pf.. 14%: Eng P S $5.50 pf ww 15's Eng Pub Sve $6 pf.. 71 Erfe R R. 16% Evans Au 17 banks-Mol 71% Fairbanks-Mrs pf. .. 7 Fed Water Sve (A). 1614 Fed'd D Steres (11) 13Y% Firestone (40c)....x 85 Firestone pf A (6).. 46 First Nat Strs(2%). 19% Fourth N 17% Freepor 8% 49% 2% 20% FS=r¥¥3. - S 1 GabrielCo (A). 5! Gen Am Investors 32% Gen Am Trans(1%) 11% Gen Asphait... 7% Gen Baking (60¢) 5% Gen Bronge. . 19 Gen Cablepf... 50 GenCigar (17)..... 20% Gen Electric (§0e). . 11 Gen Elec spec (60¢) 32Y% Gen Foods (1.830)... % Gen Gas & El (A) 597 Gen Mills (3)......: 118% 116 Gen Mills pf (6). 34% 2613 Gen Motors (1).. 114% 107% Gen Motors pf (5).. 4 3% Gen Outdoors Adv.. 13 10 Gen Outdoors AdvA 24% 17% Gen Print Ink 1.20. . 100 93'% Gen Print Ink pf(6) 2% 114 Gen Public Service 30 15% Gen Ry Signal (1 20% 16% Gen Refractories... 19% 164 Gen Refrac ctfs.... 15% 12 Gillett Saf Raz (1). 79% 70% Gillett Saf R pf(5)a 3% 2% Gimbel oro 27% 23% Glidden Co (11.30). 108% 1047 Glidden Co pr pf (7) 4% 213 Gobel (Adolf). 18 1472 Gold Dust (1.20 11% 7'3 Goodrich (B F) 5412 40 Goodrich (B F) pf.. 267 15% Goodyear T& R.... 519 50 PR AR O ONWE G MR O @ & 33% i) 61 117% 2T% 115 114% 3% 3% 12y 12% 24 23% 98 9T 1% 1% 20% 2% Gotham Silk Hose. . 20 Gotham S H pf (7). 1': Graham-Paige..... 5% Granby Consol. 17 Grand Union pf 1%. 26 Grant (W T)(11%) 9% Great Northern pf.. 127 9% Great Nor Ore (50c) 31% 26% Grt West Sug (2.40) 128 119 Grt West Sug pf(7) 1 Guantanamo Sugar. namoSug pf. 3% Tl 9% 35 173, 21% Hackensack W(113) 3% Hahn Dept Stores. . 55 Hahn Dpt Stores pf 16 Harb Walker (1)... 85 Hazel Atlas Gl (5).. 1% Hayes Body........ 71 Hercules Pw (13%) 81% 7313 Hershey Choe (3)... 9% 5% Holland Furnace... 8914 338 Homestake (+38).. 36% 30% Houd-Hersh A (§2). 9% 6% Houdallle-Hersh B. 17% 9% Houston Oil. 3% 1% Houston Ofl (new) . 521 43 Howe Sound (3)...3 12% 6% Hudson Motor Car.. 3% 7% Hupp Motors. . 34 34 33% T 12% 2% 45% 6% ™ 10 40 25 4613 % % 4% 3 160% 23 36% 17 24‘\ - 001 m1 0 3 10 1 0310 1 0 4 et it - 17% 9% Illinols Central.... 57's 40 IllCent lsd lines(4) 33 24% Indus Rayon (1.68). 55% 46% Inland Steel (1).... 4% 4 Insur Shect Md l4e. 1 4% Interlake Iron... 16115 149% Int Bus Mach (p6. 33 227 Int Cemmeat (1).. 437 34 Int Harvester (60:] 2% 1% Int Hydro Elec (A). 2413 22Y% Int Nick Can (60¢). 130 125 Int Nick Can pf (7). 1% 1 Int Paper & Pw (C). 12 4'; Int Paper & Pw pf.. 211 Int Print Ink (1) 29 IntSalt (13%) 5% Int Tel & Tel 9 Interstate Dep 7% 64 Intertype Corp..... 36 30% Island Creek C (2). _— 49 Jewel Tea (3) 57% 38'% Johns-Manvill 125 11733 Johns-Manv pf 73 51 Jones&Laugh 7%pf. 8% 3% Kans City Southern 10% 7% Kaufm'n D S(a40c) 2% 12 Kelly-Spring T (k). 13% 6% Kelly-Sp Tire 6% pf 18% 14% Kelvinator (170¢c).. 18% 13% Kennecott C (60¢).. 22 19% Kresge (§8)(1 28% 23% Kroger Gr&Bk 28% 26 LambertCo (3).... 2% 1% Lehigh Valley Coal. 17% 14% Lehn & Fink (1%).. 32% 21% Lib-O-Ford G1(1.20) 109% 95 Ligg & Myers B(15) 157% 151/ Ligg & Myers pf (7) 17% Link Belt (60¢)....: 24% Liquid Carb (11%). 31% Loew's Inc (3)+evve 1 LoftiInec..... 1% Long Bell Lum (A) 331 Loose-Wiles (2).... 18% Lorillard P ($2.20). 135% 126% Lorillard P pf (7).. 14% 10% Louisv GEE(A)1%. 472 34 Louisv & Nash (3). 18% 12% Ludlum Steel. 103 90% Ludlum Stl pf (6’,6) 13 12% 45% 100% 8% 45 15% 284 S KR - 2413 3% 9% 128 30l120 120 0s 61 50 s 10 H 6 15% 16 19% 23% [P SoBnad-m = oy - pS T% McCrory Strs A (k). 61 McCrory Strs B (k). 36% McIntyre Porcu (2). 90% McKeesport T P (4) 6% McKesson & Rob.... 37 McKesson & Rob pf 81 McLellan Stores (k) 20% Mack Truck (1).... 301 Macy (R H)& Co(2) 18% Magma Copper (2) . 4 Manati Sugar pf (k) 13% Man Elevm g (k). 5% Marine Midld (40¢c) 6% Marshall Field. .. & M M NORDU DR D N DE 000 A 53510 9 MR 5% Maytag Co. . 33 Maytag pf ww (3. 84% Maytag 1st pf (6).. 41 Melville Shoe(t2%) 3 Mengel Co. 20% Mengel Co p 243 Mesta Mach ¢ 27 M-G-M Pic pf (1.89) 2% Miami Copper. 9% Mid-Cont Pet(h 8% Midland Steel Prod. 8 58 Minn Hon R(13%). 110 105 Minn H Reg pf (6 3% Minn Moline Pow 2% Mo Kan & Texa: 6 Mo Kan & Texas pf. 1% Mo Pacifis pf (k) 56 Monsanto C (1).... 21% Montgomery Ward. 59 Morrell(J)&Co 3.60.% % Mother Lode 17% Motor Products - S P ) 8 _;Sm.u_w..m,.m.%m 13% Munsingwear Ine... 4% Murray Corp.. 19% 11 Nash Motors (1). 11% 27% 14 NashvChat & S 30% 22% Nat Biscuit .2). llg“ l:llfi Nat Biscuit pf (' 1% z um lu 144 4% 15% 1% 1% 27 % 7 m .hn Steel (11%) en 4% 60 Util. Stocks. +.2 36.3 348 514 349 16.9 157.7 618 117% 28% 115 38, 12 23% 9% 1% 20% + 141444401+ 6% 6% 6% 373 372 372 34 T 12% 2% 45% 6% 1 1013 40%2 257 461 47 4% + 161 233, 36\- FEFF FEE 417%% 120 507% L ) & pFEFEEy £ OFr I4++ +14+10 - SEEREEE 8285 Fraes ++i+i++ © H4EI+ L I F ¥R FOFFFEFF EFEF F3 srey PRESE ERPERER ¥ N b e i 16% + % 23% + % 144 144 + % 13% - % 1% 18 +1 2T% + % % + 4 2% + % D. €, THURSDAY, High. Low. Dividend Rate. mv 1935 Btock and 10'1 le' 9'& NYChi %N N N N &StLpt.. Y N H & Hartford 6 Y NH & Hart pf. 2% N Y Ontario & West 30% Noranda Mines (h2) % Norfolk South'n(k) 2 North Am Aviation. 9 North AmCo (1)... 35% North Am Co pf (3). 57 North Am Ed pf (6) 13% Northern Pacific. . .« 9% Ohilo O1l (hébe) . 2 S bt SO DI b b O » 8. (PP JOPVES. JRCTIT T I 17% 13% PacificG& E (1%). 23% 19 Pacific Ltg (2.40).. 813 70 Pacific Tel & Tel (6) 121 111% Pacific T & T pf (6) 5 315 Packard Motor 2% Par-Publix etf: 13Y; Park & Tilfora 2% Park Utah.. 7 Parmelee Transport s Pathe Exch: 10% Pathe Exchange(A) 8% Patino Mines....... 6415 Penick & Ford (3) 57% Penney (J C) (3)... 2Y% Penn Coal & Coke 17% Penn RR (1). 30 Peoples Drug 8 (1). 116'/4 110% Peoples DS pf 6%.. 23% 17% Peoples Gas Chi. . 7% Patrol Corp (h50¢c). 12% Phelps Dodge(h76¢c) 23 Phila Co$6 pt (3)... 381 Phila Copf (6) n... 1% Phila & Read C & 1. 35% Philip Morris (1)..; 13% Phillips Petrol (1).. % Plerce-Arrow (k) % Plerce Oil...... 31% Pillsbury Flour 1.60 5% Pitts Screw & Bolt.. 12 Pitts Term Coal pf. 25 Pitts United Cpt... 613 Plymouth Ofl (1)... % Porto R Am Tob B.. 16% 84 Postal Tel & Ca pf.. 495 42% Proc & Gamb (1%). 120’2115 Proc & Gam pf (5).. 7% 20% Pub Serv N J (2.80). T4': 62% Pub Serv N J pf (5) 87 73 PubSve NJpf (). 108% 100 Pub Serv N J pf (8) 105 99 Pub Svc E&G pf(5). 52% 41% Pullman Inc (3) T% 5% PureOil.... 61 49% Pure Oll pf. —_— Ggu 4 Radlo Corporation 16% 1% t 331 > 15 37% 8% 115 1% Radio-Keith-Or (k). 3% Real Silk Hosfery. .. 8 Remington-Rand 71% Remington-R Reo Motor Car Republic Steel Reynolds Meta . Reynolds Tob (3).. Reynolds Tob B (3) 29% Roy'l D h1.35 8-10c 4 S 104% Safeway Strs pf (6) 10% St Joseph Ld (40c). 12 StL Southw'n pf. 22 Schenley Distiller: 2 Schulte Retail Strs. 10% Schulte Re Strs pf. 3 Seaboard Air L (k). 20% Seab'd Oil(Del) (t1) 31 Sears Roeb’k (75¢). 7% Servel Inc...... 9 Sharon Steel Hoo] 3% Sharp & Dohme. T% Shattuck(F G)26c.. 513 Shell Unfon Ofl..... 63'4 Shell Union Oil pt 6 Simmons Co.... 13% Simms Petrol (1)... 615 Skelly Ofl.... 13 Sloss-Sheffield 24 Sloss-Sheffield pf. 15% Snider Packing. 147% 11 Socony-Vac (60¢).. lll‘: 107 Sol Am Inv pf(53%) 20 Sou Por RicoSug(2) ld‘q 10% South Cal Ed 1%).. 19% 12% Southern Pacific 16!z 7% Southern Rallway.. 10 Southern Rwy pf. 31 Sparks-Withington. 32 Spencer Kellog 1.60 % Sperry Corp (25¢).. 813 Spicer Mfg 33% Spicer Mfg pf (3)..x 208 2 437 Spiegel-May-Stern. 7 19% 143 Stand Brands (1).. 129 123 Stand Brands pf (7) 4% 1'; Stand Gas & Elec... 18% 84 21% 34% 20 Afld 00 Ill’h 'APRIL 4, 1935. Low. Close. Chee. | High. Low. et | Prev. 1836 10% + %| _ 6% 381 110 | 124 48 +%| 16 2L +%| 1% 13% + % | 32% Th + % | 26% 12 +1%| 82 4 43% 1 +% 643 3% + 14 34% % 2% + % 124 + % 43 42% 661 14% 10 2 18 3% 5 11 4% 313 20% 18% ™% 12 4 +1 7% Teloutograph 80c. .. 4 Tennessee Corp. 18 24% 83 121 38 2% 13% 2% k3 5 27% 2% 6115 49 167 111% 6% FlH++ EER SEEES 41 3 12% 22 20% K 17% 124% 9 73% U 8 81 3% Unit 51 2% 1% 19% 12 2 1% 4% 93 2%, 44+ 1 +141 444+ 9 ceeF s exes 9% 4% 42 21 P4444+++44+4 » a8 + - 11:00 A.M. 1:00 P.M.. declarations 39 + 3 stock. Pt dividends “ 126 - %l HUPP CORP. SEEKS 52000000 LOAN Funds Needed for Expan- sion, Andrews Avers—Move of Exchange Opposed. By the Associated Press. DETROIT, April 4—Archie M. An- drews, chairman of the board of the Hupp Motor Car Corp.. said today the company has made application for a $2,000,000 Federal Reserve bank loan with which to finance expanded Spring business. y July “The company has ample cash,” he said, “but unfilled orders have piled Stock and 1% Stand G & B $4 of.. 4% Stand G&E $6 of... 6 StandG&E$7 pt 114 Stand Inv Corp. . 27% Stand Ol of Cal(1). 23 Stand Ofl of Ind (1) 28 Stand Oil of Kan(2) 36% Stand Of) N J(11%) 58% Sterling Prod (3.80) 6% Stewart-Warner...: 11% Superheater (50¢). 1% Superior Oil.... % Symington (k) 1% Symington (A) (K, 4% Timken-Detroit, 28% imken R B (1) 4% Transamerica (25¢) 7% Trans & West'n Air. 1% Tri-Contl Corp. . 71 Tri-Contl C pf (6 4% Truax-Tra Coal 18 TwinCity RT pf 1% Ulen & Co 79% Un Pacific pf (4) 20% Un Tank Car (1.20). 9% United Afrcraft.... 4% United Air L vtc. .. 21% United Bisc (1.60).. 46 United Carbon 2.40. 1% United Corp... 3% United Elec Coll... 71% United Fruit (3)... 9% United Gas Imp (1) 87% United Gas 1 pf (5). 2% United PcoDW.... maumud Pce D W pf. 413'U 8 & For'n Secur.. 53% 40% U8 Gypsum (1).... 148 143 USGypsum pf (7). 7% U S Leather (A)... 14% US Pipe & F (50c). 19% U S P&F 1st pf 1.20. 3 USRealty & Impr.. 9% U S Rubber........ 96 USSmelt&R (16).x 16 627% US Sm &R pf(3%) .x 27 USSteel.......... el pf (2).... Stores (A).. 46 United Stores pf.../ 59 Univ Leaf Tob (2).. 140% 133% Univ Leaf T pf 8). iv Pipe & Rad... 2 niv Pipe & Rad pf. 20s 1 UHIPwr&Lt(A).. 15 Vadsco Sales Corp.. 21% 13% Vanadium Corp. 14% 11% Van Raalte 2!4 Va-Car Chem! 72!; Va El & Pwr pt Wabash (k)... 4'x Waldort 8ys (h: 27 Walgreen Co(130c). 21, Warner Bros Pic. .. 14; Warner Bros Pic pt 2!; Warren Bros...... 30'; WessonO &S t1%. llZu 104’5 West Pa Pwr pt (7) x 50s 513 Western Maryland. 1 2% Western Pacific pf. 20% Western Union.... 18 Westingh'se AB §0c 32% Westingh'se Elec. . 90 Westh'se 1stpf33; 10 Weston Elec Inst. . 67 White Motor. . 13% White Rk M S 1 Wilcox Oll & . 3% Wilson & Coal2ie. 58 Wilson & Co pt (6).. 51 Woolworth (2. 11% Worthington 25!: Worth Pumppf A.. 20% Worth Pump pf B.. 73% Wrigley (Wir)13%. 2% Yellow Truck. 343; Yellow Truck pf... 18 YoungSp& W 11} 21% 13 Youngstown S&T. Sales of Stocks on the New rm mln‘c. Dividend rates as given in the above tal cash pavments based on the latest iuarterly of s Unit of trading less than 100 shares. | D:c :n stock. hlh P';ld last "“—k“l regular rate. 4 | Stock. e Payable in cash or stoek_ 1 Plus $1 in special prefer: % 1% € Pius 4% 1n stock amtisted Companies reported in receivershi 1, . 3 = sanized. m Plus 6% ln.luet. s'3% o ok "5 Prus % % + % in stock % Ex-didivend FINANCIAL, Low. Close. Chge. Net., %+ % 8% + % 10 +1% 1% 30% + 23% 284% 38 62% T 3% 2% 1 1% ». 1% lclu— 28 45 + +LLL++1+0 FEFREFEEF - WD RN & - - 2 46 12 7 1 2 608 0).. 'ump 100,000 290,000 12:00 Noon. 2:00 P.M. tPartly extra, IPlus b Payable 1n a Pald this year. ) Accumulated nPlus 3% in stock. D Plus 2% Chicago Grain | By the Associated Press. CHICAGO, April 4—Led by corn, the grain markets all advanced briskly today. Chicago handlers said many country shippers of corn had canceled offer- ings and were expecting higher prices, speculative fever to purchase having been aroused here. A contributing bullish influence was that no ship- ments of Argentine corn were in- dicated today as being made to come to the United States. Corn closed buoyant, 2}4-212 cents above yesterday’s finish; May, 855-3;; wheat 3g-112 up; May, 9573-96; oats T8-2% ldvmced and provisions at 10 to 17 cents gain. . Hig up and the company’s business is big, ;m; requiring additional funds to take care of it. Production last month was 1,- 550 cars, four times what it was for | July the same period last year.” Andrews termed the application “in the regular routine of business.” Appeal to S. E. C. Due. y The action of the New York Stock | JUI¥ Exchange in voting to recommend the removal of the Hupp Motor Car Corp. common_stock from the exchange trading list, drew from Hupp counsel last night, the statement that they would present their case to the Se- curities Exchange Commission. The exchange took action against Hupp late yesterday when representa- tives of the company failed to appear at a scheduled conference with an exchange committee which was making an inquiry into the activities of certain Hupp officials. Show Copies of Letters. Counsel for Hupp exhibited copies of letters in which the exchange had been asked twice to postpone the meeting 60 days because of the inter- vention of Federal Court proceedings here began by J. Walter Drake, for- mer chairman of the board against Archie M. Andrew, president chair- man. “The Hupp Motor Car Corp. feels that it complied to the fullest extent possible under the circumstances with the demands of the New York Stock Exchange, the statement said. “The company also feels that what- ever feeling may exist between Archie M. Andrews, chairman of the board and the New York Stock Ex- change should not work a hardship on employes and stockholders.” NEW YORK, April 4 (#).—Minority stockholders of the Hupp Motor Co. are organizing to oppose the removal o( the shares from the New York Stock Exchange list, it was disclosed today. A iting .. 18.5 Soie maa L Chicago Cash Market. Cash wheat, No. 1 dark hard, 1.05%2; No. 2 red, 97%; corn, old, No. 2 yellow, 89; new, No. 4 mixed, 84; No. 3 yellow, 8615-8712; No. 3 white, 95; oats, No. 2 white, 54-55%; No. 3, white, 52; rye, buckwheat, no sales; soybeans, No. 2 yellow, 1.04; barley, 68-1.20; timothy seed, 16.80a18.50 hundredweight; clover seed, 15.50- 18.75 hundredweight. Liverpool Grain Prices. LIVERPOOL, April 4 (®.—Wheat fu- tures closed firm. Prev. 79, TT% 13 823 80% L PO n-.ln-.u nulnhn. No. 2 red wmur llrllfl! lwl dvmmle 96; April. METAL MARKET. {NEW YORK. April 4 (# —Copper eléctrolytic, spot and future. Blue 9.00. “Tin firm; oot and nearby. g,‘,““ it 0. Zi East St d ‘future. 3.90. Aluminum, Antimony, spot. 14.50. NEW YORK BAR SILVER. NEW YORK, April 4 (#).—Bar sil- ver firmer, % higher at 61%2. New York Telephone Co.—February net income was $2,093,977 two months net operating income was $4,961,638 va. $6,262,639, t GAY IS REPORTED EXCHANGE EH(]IBE Whitney May Be Nominated as Governor, Wall Street Hears. By the Associated Press. NEW YORK, April 4—Well- informed quarters reported last night the Nominating Committee of the Stock Exchange has chosen Charles R. Gay, senior partner of the 107- year-old firm of Whitehouse & Co., to succeed Richard Whitney as presi- dent. It was said the committee has noti- | fled both Gay and Whitney of its de- | cision, and the latter may accept| nomination to & position as Exchange governor, thus ruling out the threat of what had promised to be a bitter open fight for the presidency. R. Lawrence Oakley, chairman of the Nominating Committee, declined to confirm or deny the report, while | Gay likewise refused to comment. ‘Whitney could not be reached. The Nominating Committee will post its ticket on April 8. In the past nomination has been tantamount to election. The struggle for the nomination has revolved largely around the Ex- change’s public relations policy. Some members felt good will had faded un- der Whitney, now in his fifth term. ‘They wanted a new president and a new front generally for the Exchange. Whitney’s adherents said public senti- ment toward the Exchange would have been bad no matter who held office. They had urged re-election for Whitney in recognition of his services in a trying period. New York Cotton By the Assoclated Press. NEW YORK, April 4—Opening ad- vances in response to relatively firm Liverpool cables were followed by re- action in cotton today under further :::lzn selling and scattering liquida- After selling off from 11.04 to 10.83 July was holding around 10.97 in the midafternoon market and prices were net unchnnnd to 2 poum higher. l.lunool lholmlnl () —Cotton, »|ican Tobacco | stimulating for stocks, |and the market letter writers com- | alysts suggested STOCKS MOVE UP AT CAUTIOUS PACE Selected Rails, Industrials and Utilities Advance Fractions to Point. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, April 4—Improve- ment was the rule in today's stock market, with selected rails, utilities and industrials moving up fractionally to a point or so. Buying was cautious throughout, however, and there were a few soft spots in evidence. Among the more active gainers were Santa Fe, Union Pacific, American Telephone, Colsolidated Gas, Public Service of New Jersey, United Corp. preferred, Bethlenem Steel, United States Steel, Case, International Busi- ness Machines, Du Pont, National Biscuit, Loew's and United States Smelting. A loss of 3 points was suf- fered by Hazel-Atlas Glass and Lig- gett & Myers “B” and Dome yielded about a point each. The closing tone was steady to firm. Transfers approximated 550,000 shares. Wilson & Co. preferred shares, re- cently heavy, recovered some 2 points. Other gainers of fractions ncluded Santa Fe, Union Pacific, Southern Pa- cific, American Smelting, United States Smelting, American Telephone, 4| Public Service of New Jersey, West- ern Union, American Water Works, Texas Corp., Standard Oils of New Jersey and California, United States Steel, Bethlehem Steel, National Dis» tillers, Westinghouse, General Electric and Chrysler. Hazel-Atlas Glass was an isolated soft spot with a drop of about'3 peints. Hupp Motors was also an ac- tive performer on the downside, fall- ing fractionally to below $1 a share | following the delisting move inaugu- rated by the Stock Exchange. Amer- “B” and Liggett & Myers “B” were also a bit heavy. The news was not particularly as a whole, mented on the fact that great care was being exercised in the modest | expansion of long positions. While sentiment in brokerage quar- ters was decidedly mixed, various an- that recent selling was obviously of an unimportant character. The opinion was also ex- pressed that there may be a much larger short interest than is generally | known, FOREIGN EXCHANGES. EW YORK. April 4 (. .—Foreign x- change irregular: Great Britain in dollars. Britain. demand. : 3 P‘.nl:md Jw Spain. 1:1.09: Po “Yugoslavia. ;' Hungary, LArgentina 2 a ex Montreal in New York in_ Montreal. 100.56* n—Nominal. FOREIGN MARKETS. By the Associated Press. IDON.—A quietly irregular trend iled on the Stock Exchange todey rs showing a disinclination to marketi fresh commitments in view of the new ac- count ‘Monday and the unceriain con tinental outlook. Gilt-edged securities were Dbarely steady. while ofl and _tin shares improved. ~Other sections were neglected and eased. the markes clfsing Irrgularly ARIS.—Trading _was siow om _the Bourse today. with rente< declining frac- International shares held firm while Belgian issues The closing was_irregular —The intention of the United States 1o revise ils trade treaty with Ge:- ad a favorable reaction on the Boerse. 'Which was cheerful throughout the ssion. _despite the very small business done. The closing was steady. Ructhared BER! DIRECT ORY COMMODITY BROKERS COTTON Member N. ¥. Cotton Exchangs Laidlaw & Co. T 2255 GRAIN RUBBER—HIDES METALS—SILK Members Cmn%mdl!! Westheimer & co eserve District No. 5. nl?on'r or co TIION Industrial Bank of Washington ‘Washington. District of Columbia, at e Cone "ot Business on March 4. 1935, SSETS. Ch Loans and dxscoums . $68.957.78 2. Overdrafts # 50.60 Unuhelfl S}ues (‘;IO\E{ l‘llr:él[ tons. direc or fully Fiaraniced” . 3088690 bonds. stocks an O urities 108.651.30 Banking house. $38.559.11 mrnuure and fixtures, “Reserve Bank & Reserve with Bese and bal- Cash in_vault ances with other banks Outside checks and other cash items Other assets ‘Total assets ...$356.613.60 LIABILITIES Demand deposits. _except United States 'Govern- ment bonds. public funds and deposits of other banks . Time deposits. except Pos- tal savings. public funds and deposits of other 104.406.40 Un(led Bla(es Government and postal savings de: posits Deposits ‘of ‘other’ ‘bani including certified :‘nu $153.205.81 28,000.00 gashiers™ checks standin Total of nen!n,s 18 to' 18} (a) Secured pledge 2.271.94 foans and/or investments. $24.668.63 (b) Not secured by pledge of 10ans and/or investments. (c) Total de- posits .8 Other liabilities 320 Capital account: Common stock, 5.000 shlre! Ssfl 000.00 15.000.00 68.592.36 Total liabilities. .. ...$356.613.60 [ORANDUM and Inve utmn Bedied to Secure Libiiifies . United States Government obligations. direct and/ or fully guaranteed. ... . Other boy stocks and securities ‘Total Dlld(ed (excluding rediscoun $10.754.15 51.934.05 $62.688.20, jedged (b) Against United States Government and postal savings deposits . (e) "Against other deposits. (h) For other purposes. . Total pledged 5 :M fec dnbn I my knowledge and belie JAMES E. JONES, Cashier Sworn to and lul;ugrlbed before me thll LIVERPOOL. ril 101000 Bates. faciudbas 500 American. Spot business done; operating vs. $2746,864 in February, 1934; in|na 3rd d.{ of April. s Rotary Pavtic. —Attes! 4 JESSE H. M!