Evening Star Newspaper, April 11, 1935, Page 18

FINANCIAL THE EVENING STAR, WASHINGTON, D. C, THURSDAY, APRIL 11, 1935 FINANCIAL. LAND BANK ISSUE TRANSACTIONS ON THE NEW YORK STOCK EXCHANGESI[][}KSB[A]"M[ By private wire direct to The Star. 2:30 pm. Bales— Hign. Low. nmuuan-u Add 00. !Ilh. Jhee. Low. Close. C| 16% IS WELL RECEIVED e e e _— STOCK AVERAGES e T i “‘a%"‘ Bt Tov. Olost e | - Capital Bankers and Brokers Surprised by Rush for New Bonds. BY EDWARD C. STONE. Amazement was expressed in the financial district taday by brokers and investment bankers over the interest shown locally in the $162,000,000 Fed- eral Land Bank Consolidated 3} per cent bonds, due 1955 with a 1945 calling option, and offered at 1003 Investment houses here have re- ceived & host of inquiries about these bonds and a rush of ‘orders resulted. A good deal of switching from other bond issues is reported, such action being forced on holders of the $162,- 515,960 Federal Land Bank 5s which have been called for redemption on May 1. The proceeds from the sale of the new issue are to be used to pay off the called bonds and holders of the old bonds, so far as practicable, are being given preference in exchanging them for the new ones. The new bonds have been more than three times oversubscribed. according to re- ports today, having caught the in- vestment fancy even more than other recent issues which sold so rapidly. While the yield is not all that could be desired, it is enough higher than some other issues to attract attention. Other recent new bond issues have also been popular here and a great many more of them could have been disposed of by investment houses if they had been able to get as many Bs they wanted. Enterprise Officers Elected. James E. Connelly was re-elected president of the Enterprise Serial Building Association at the forty- third annual meeting held last night in the head office of the association, at Seventh street and Indiana avenue. Other officers were also retained, Michael A. Keene, vice president: Martin A. Cook, secretary, and G. Percy McGlue. treasurer. The following directors were re- elected: George I. Borger. Bernard R. Eawards, Maurice Fitzgerald, C. F. Gibson, P. F. Hannan, Ralph A. Judd. Edward T. Kehoe. sr.: Fred Kraus and Frank J. Torrens ‘The report of the association .shoum assets of $1,394.765.53, an increase of $26.620.56 over the assets in April, 1934. The Enlerprise is a serial building association issuing stock | semi-annually, and is now receiving subscriptions to stock in the seventy- fourth series. The directors declared a 5 per cent dividend for the pas! Jear. The association is a member of the | District of Columbia Building and | Loan League and the United States Building and Loan League. Nominees Widely Known Here. J. W. Hanes, who has just been Tnominated as a member of the Gov- erning Committee of the New York Stock Exchange, is senior partner in the brokerage firm of Charles D. Barney & Co. which has had an office in Washington for some years, the managers being Frank P. Morse | and Edward W. Gamble, jr. Mr. | Hanes acquired his Stock Exchange | membership last January and shortly | after that time was selected to fill the | vacancy on the governing board | caused by the death of Erastus T.| Tefft. He is also a member of the | New York Cotton Exchange, New ‘York Produce Exchange and Chicago | Board of Trade. He is an occasional | visitor at the firm's office here. Henry Rogers Winthrop, another | nominee, heads the Stock Exchange | firm of Winthrop Mitchell & Co.. ,which also has a Washington office, Jocated 1n the Woodward Building. He is a director in various industrial rorporations and railroads. ¢ Richard Whitney, retiring president, 1s perhaps the best known broker in dhe governor list. E. Burd Grubb is remembered in Washington as a former president of the New York Lurb Exchange, although he served but a short time. Nordlinger Is Re-elected. Isaac B. Nordlinger was re-elected “president at the annual meeting of the «Citizens’ Equitable Building Associa- stion just held at association head- Mquarters in Georgetown, at 1207 Wis- fonsin avenue. All other officers and JHirectors were also renamed. . The other officers include John | :Hadley Doyle, vice president; Harold . Burnside, secretary: Mrs. Irene B. fArendes, assistant secretary; Harry L. Belby. treasurer, and Bernard I. Nord- dinger. general counsel. # The directors of the building asso- tiation chosen at the meeting are: FPatrick F. Carr, Archer L. Haycock, Robert E. Layton, J. Leo Kalb, jr., and George A. Sheele. The annual report of the asso- ‘riation, which is 52 years old, showed ‘an excellent year's business. It was announced that the organization is now offering its seventy-fourth series of stock. President Nordlinger, who now devotes most of his time to the association, recently retired from other active business after being a shoe merchant in Georgetown for 50 years. Today’s Trading on Exchange. ‘Trading on the Washington Stock Exchange today opened with Capital Traction 5s. selling at 99, off half a point from the last sale. In the stock division, Potomac Electric Power 6 per cent preferred sold at 111, while a single share of the corporation’s 5% per cent preferred moved at 114. Mergenthaler Linotype figured in one transaction today at 30, unchanged, and one small lot of Capital Transit Co. stock changed hands at 20. While traction bonds have been very active Tecently, the stock has been rather quiet. Other bid and asked prices ‘were little changed. New York Stock Exchange offices here today witnessed a jump in at- tendance on account of the advance in the price of silver. The opening ‘was higher and later the market be- came very lively. ‘ The Association of Mutual Savings 'Banks has entered a protest against the Wheeler-Rayburn 1tility holding company bill's passage. Its passage .would react disastrously upon securi- ties of gas and electric operating com- panies, representatives told the House committee. —_— OFFICERS RE-ELECTED BY BENDIX AVIATION By the Associated Press. SOUTH BEND, Ind., April 11.—All officers of the Bendix Aviation Corp. were re-elected at the annual stock- holders’ meeting here yesterday. They are vincent Bendix, president; W. J. Buettner of Chicago, vice president ‘and treasurer; Victor W. Kleisrath of South Bend, Charles Marcus of East Orange, N. J., and W. L. Mc- Grath of Elmira, N. Y., vice presi- *dents, and H. A. Gorssner, South +Bend, secretary; J. N. Camden of «New York and S. C. Down of Wilmer- ding, Pa., were elected directors. All other directors were re-elected. A 36% 32 Abrm Strauss t1.80. 30s 7% 4% Adams Express... 2 89 84% Adams Expr pf (5). 33% 28Y% Adams Millis (3)... 14 Alpha Port Cmt (1). 2% Amal Leather...... 26% Amal Leath pf ((j2) 4815 Amerada Corp (2).. 42 Am Ag Chem Del(2) 13% Am Bank Note..... 124 119 Am Brake Sh pf (7) 123 110 AmCan (15).. 20% 10 Am Car & Foun 8 Am Chain........ 66 Am Chicle (33)... 221 Am Comel Alcohol.: 6% Am Crystal Sugar. . 57% Am Crystal Sug pf. 1% Am Ensaustic...... 2 Am & Forelgn Pwr. 12 Am& For Pw pf (6) 3% Am & For Pw 2d pf. 9% Am Hawaitan SS(1) 17 Am Hide & Leath pf 29% Am Home P (2.40) 813 Am Ice Co. 4% Am Internatio: 9 Am Locomotiv 18% Am Mch & Fv (80c) 4% Am Mach & Metals. ¢ Am Mach & Met ctf. 1% Am Power & Light. 8% Am P&L 85 pf (1%) 10% Am P&L $6 pf (1%) 10% Am Radiator.. 140 134!¢ Am Radiator p ('l) 15% Am Rolling Mills. .. Am S&M 7% pf (1) Am Steel Foundry.. 987« Am Tel & Tel (9). 72!z Am Tobacco (5) 74% Am Tobacco B (5) 9 Am Type Fdrs nf(k" 180s 7'x Am Wat Wks (80c) x 8 4% Am Woolen. .. 352 Am Woolen pf. . % Am Writ Paper (k). 3 AmZinc& Lead.... 8 Anaconda Copper. 16% Anaconda Wire. 14 Anchor Cap (60c). 36 Archer-Dan M t1%. 97 Armour Del pf (7).. 3% Armour of [ilinois. . 56 Armour {11 pr pf (6) 4 Arnold Constable... 715 Asso Dry Goods. 4 Asso Oil (70¢). .. *. Atch To&S F (h2) 3 663 Atch To&S F pf (5 191; Atlantic Coast Line. 21% Atlantic Ref (1).... o P SB I L e BB IS DD O G D 1D Auburn Auto... 3 Aviation Corp Del... Baldwin Loco (k).. Baldwin Loc pf(k). 712 Baltimore & Ohfo... timore & Ohio pf + 36% Bang & Aroos (2%) 106'; Bang & Aroos pf(7) 42, 13 a & .S POPQUTS - S T e Beech-Nut P (133%) 11% Belding-Hem a50c. 117% Bendix Aviation. ... 15V Beneficial Loan 34 Best&Co (2). 21% Bethlehem Stee! 55% Bethlehem Stl pf. 14% Bigelow-San Corp.. 9% Blaw-Knox. .. 615 Boeing Airplane 49%, Bohn Alum&Br (3). 90 Bon Ami (A)(15)... 21 Borden Co (1.60)... 281, Borg Warner (1%). 241, Briggs Mfg (2). 1. Briges & Strat ( 4 Bristol-Myers 12.40 yfi'; Bklyn-Man Tr (3). Bklyn-Man T pf (6) BkIn&Queens pf(2) Bklyn Unton Gas(5) Brown Shoe (3) ... Brown Shoe pf (7). 4% Bucyrus Erie 1. Bucyrus Erie cv pf. 623 Bucyrus Erie pf (2) 314 Budd (E G) Mfz... 23 Budd (EG) Mfgopf 21; Budd Whee 81 Bullard Co 3 Burns Bros 13% Burr Add M (6 114 Butte Cooper & Zine 55 Butterick (k). ”05» 11% Byers (A M) — e 42 36% California Pkg(1%) 1% 1 Callahan Zinc. 41 23 Calumet & Hecla. 11% T': Campbell-Wyant... 83 Can Dry G A (40¢). 50 Canada Southn (3). 9% Canadian Pacific. ... 45% Case (J 1) Co. 84 Case (J 1)pf(4). 36': Caterpillar Trae(1). 195 Celanese Corp . 174 Celotex Co (k) " 114 Celotex Co vte (k).. 1114 Celotex Co pf (k). .. 221 Cent Aguire (1%).. 383 Cerro de Pasco (2).. 3% Certain-teed Prod. . 4 23 Certain-teed P pf... 37% Ches & Ohto (2.80). 36 Chesap Corp (3)... 5 Chi Gt Westn (k). .« 5, Chi Mil St P & P pf. 2% Chi & Northwestrn. 4% Chi & Northwest pf. 45 Chi Pneumatic Tool 20 Chi Pneu Tool pf... 25% Chickasha CO (2) 3% Childs Co. .. 31 Chrysler Corp (1) 20 City Ice & Fuel (2).. 87 City lce& Fpf6%.. 14 City Stores (k). 2 %4 Gity Stores ctfs (k) 12% Clark Equip (80c).. 16%4 Colgate-P-P (50¢) .. 69% Collins & Aik of (7) 15 Colo Fuel & iron(k) 5 Colo Fuel & Ir pf(k) 10% Colo & South..ese.. 3% Col Gas & Elec. 35% Col G& B pf A (6).. 31 ColG&EptB (6).. 341 Colum Pic vte (m1) 67 Columb Carbon (4 39% Comecl Credit (2)... 52% Comel Credit(A)(3) 29 Comcl Cred ptf (1%) 113% 109% Comel C 1st pf(634) 56% Comel Inv Tr 12%.. 17% Comel Solv (t86¢).. % Comw & Southn 40% 29% Comw & Sou pt (3). 27 Congoleum-N(1.60). 9 CongressCigar..... 7 Consol Cigar... 71 ConC prpt ww i%. 4% Consol film 15% Consol Film Di (”). 15% Consol Gas N Y (1) 72% Consol Gas pt (5) 8% 6% Consol Ofl (h42¢). e 112 1081 Consol Oil pf (8)... 3 Consol Textile. 9% Container Corp [N 3% Contatner Corp (B). % Contl Baking (B)... 46Y% Contl Baking pf (4). 62% Conti Can (2.40) ... 7 Contl Dia F (al6c). 287 Contl Lnsur (11.36). % Contl Motors. 15% Cont O(Del)a123e. 41% Corn Ex BE&Tr (3). 62 Corn Prod Ref (3).. 4% Coty Ine........ Wht 13%. - T s o b »'é worBFe ~F 43% Crown C&S pf(3. 0) 48% Cmclgl: Steel pf... Curtiss Wright....: 6% Curtiss Wright (A). 31 22% Deere & Co. 22% 19 Deere&Co pt UIOI)- [ s 31% 113% 113% 113% 5 58% 3 35 +3 5 5 — % 88 88 31 31 +% 10% 10% + % 858 13% o6 Y P t++4+00 i T l++4+ ++1+4+ SEEE F (REZ AN {05 L + | LS AR AR S RE S AR SR 144+ | o N e 60 +l 52% =1% 41% -1% 3% —w. (S‘a e 31‘/-+ % 8% — % BOE iy 1% — % 37% —1% 19 1% 7 8% % 110% 110% % 10% 38 % 48% 71 Complled by the Associated Press. 5 | 182 127 Net change .. Today, 1 pm. . Previous day Month ago Year ago . 1935 high 1935 1934 1934 1932 . 39038 Stock and Low. Dividend Rate. 2% Delaware & Hudson 65 Detroit Edisor (4). 26'; Diamona M (t13%). 34% Diamond M pf (1%) 34'% Dome Mines (2)... 82 Dominion Strs(1.20) 24% 171 Douglas Afrcraft... 9915 #6% Du Pont de N (2.60) 130% 1267 Du Pont deb (6).... 8 3% Eastern Roll Mills.. 125'% 110% Kastman Kod (5)... 20% 16% Eaton Mfg (1)....« 7% 3% Eitington-Schild...s 29 19'; Electric Auto Lite.. 110% 107 Elec Auto Lite pf 1. 6% 3% Electric Boat. ] 8% 6 Elec & Mus Ind..... 3 114 Elec Pwr & Light.. T% 2% Elec Pwr&Lt §6 pf.. 8z 3 Klec Pwr&Lt §7 of 49% 39 Elec Stor Bat (2%). 60% 52% Endicott-John (3).. 130% 125% Endicott-John pf(7) 20% 14 Eng PubSve $bpf.. 21 14% Eng P S $5.60 pf ww 5% 5 Equit Office Bldg... 14 ThErleRR........ 17% 8 Erie RR 1st pf 24 % Fairbanks Co Y% 4 Fairbanks Copf... 24'; 17 Fairbanks-Morse. 1% Fairbanks-Mrs pf. 5% Fed Lt & Trac. 3% Fed Motor Truc! 16% Fed'd D Stores (11). + 28'; F1d Ph F Ins(11.36) 106% Filene's S pf (633).. 3% Firestone (40c). . 85 Firestone pf A (6).. 46 First Nat Strs(21) 2% Follansbee Bros (k) 20% §ood Mach (1)....e 97, Foster- W heeler. 4% Foundation Co. . 19% Fourth Nat In hlso. 65 Fox Film (A) 174 Freeport-Tex Fuller Co pr pf 24 1 Gabriel Co (A) 9% 7 Gamewell Co. . 7% 53 Gen Am Investors. . 38% 32%Gen Am Trans(1%) 18% un Gen Asphait 910 7i; Gen Baking (80¢).. Tia 5 Gen Bronze. £ 19 Gen Cable pfA 50 Gen Cigar (17)..... 2075 Gen Electric (80c).. 11 Gen Elec spee (§0c) 32Y% Gen Foods (1.80) 1. Gen Gas & £1 (A) 5974 Gen Mills (3).. 2 Gen Motors (1) = Gen Motors pf 34 Gen Outdoors Adv. . 9315 Gen Print Ink pf(6) 1's Gen Public Service. 80 Gen Ry Signal pf(6) % Gen Realty & Utll.. 14% Gen Real&U pt ww. 16% Gen Retractories. . 16! Gen Refracetfs. ... 15 Gen Stl Casting pt.. 12 Gillett Saf Raz (1). 70% Gillett Saf R pt(5). » Gimbel oros....... 233, Glidden Co (11.30) . | 108% 1047 Glidden Co pr pt (7) 213 Gobel (Adolf). 1471 Gold Dust (1.20)... 712 Goodrich (B F).... 40 Goodrich (BF) pf 70°x Goodyear $7 pf ( : Gotham Silk Hos Gotham Silk H pf. Graham-Paige..... 26 Grant (WT)(11%) 95, Great Northern pf. . 9% Great Nor Ore (60¢c) 26% Grt West Sug (2.40) 67 48 Gulf States Stl 1st. 82 30 Hack WpfA (1%). 6% 3% Hahn Dept Stores. . 70% 55 Hahn Dpt Stores pf 7% 4 Hall WF Printing. 105' 101 Hanna (M A)pf(7). 86% 81 HatCpfww (6%). 1% Hayes Body 941; 85 Hazel Atlas Gl (5).. Helme (G W) 111% 71 Hercules Pw 1'3!‘1 122 Hercules P pf (7). TT% 6'2 Houdaille-Hersh B. 9'» Houston Oil. . 112 Houston Oil (new) 43 Howe Sound (3 2% Hudson & Manh: « Hudson Motor Car. * Hupp Motors 5 [111nots Central 1674 Illinois Central pf.. 40 111 Cent Isd lines(4) 243 Indus Rayon (1.68). 70% 60 Ingersoll-Rand (2). 3% 2% Inspiration Copper. 5 4 Insur Shet Md 14c.. 16% 8% Interboro Rp Tr(k). 5 2% Int Agriculture.... 169% 149% Int Bus Mach (p6).. 6% 3% lnt-Carriers Litd 20¢ 22% Int Cement (1)..... 34% Int Harvester (60c) 1% Int Hydro Elec (A). 22% Int Nick Can (60c). 1% Int Paper & Pw (A) % Int Paper & Pw (C). 4% Int Paper & Pw pf. . 981% Int Print Ink pf (G) 42% Int Shoe (2). 17 int Silver 6014 Int Silver pf (4 9% 5% Int Tel & Tel —_— 57 49 Jewel Tea (3) 57% 381 Johns-Manville. 73 50 Jones&Laugh 7*9!. 3% Kans City Southern. 65 Kans City South pf. 15% Kayser(J )& Co 60c. % Kelly-Spring T (k). 6 Kelly-Sp Tire 6% pf 6 Kelsey-Hayes (A).. 3% Kelsey-Hayes (B).. 14% Kelvinator (170c).. 8% 13% 19 2%, 13% 12% 12 Laclede Gas St L. 24 Lambert Co (3). 10% Leh Port Cement. .. 89% Leh Port C pf (3%) 6% Lehigh Val Coal pt. 5 Lehigh Valley R R. 674 Lehman Cp(12.65).. 14% Lehn & Fink (1%).. 213 Lib-O-Ford G1(1.20) 21 Life Saver (1.60)... 93% Ligg & Myers B(16) 167% Lily Tullp Cup(1%) /. 24% Liquid Carb (11%). FRFEFEERFEL FEEEFISF R 31% Loew’s Inc (3)..... 103%102 Loew’s Inc pf (6%) 1% 1 Loftine........... 2% 1% Long Bell Lum (A). 36% 33% Loose-Wiles (3)... 129 126 Loose-Wilespf (7). 21% 18% Lorillard P (12.20). 1% _ % Louisiana Oil...... 15% 10% Louisv GEB(A)1%. 120 113 MacAnd &F pf (6). 82 28 McCall Corp (2) T% McCrory Strs A 45% 36% Mclntyre Porcu (3) 37 McKesson & Rob pt 81 McLellan Stores (k) 301 Macy (R H)& Co(2) 18% Magma Copper (3) 15 Rails. —1 20.6 20.7 18.6 395 276 Sales— Add 00. High. 14 10 TS [ o 3 N L s T T Snorrommtcana e S au®arnIn RN TN - o ©rm- 20: 10s 3 3 108 1 2 7 208 1 28 18 54 20 5 19 v 27% 13 2 3% 29% 36 39 9% 213 9214 130% 5 124% 18% 3% 21% 110 4% 615 15 60 Util. Stocks. 23.9 184.3 618 —1 31.7 378 348 479 416 348 514 349 16.9 157.7 618 Net. Low. Close. Chge. 27% 134% 1% 3 2944 36 3815 9% 21% 2T — % 13% - % 1 - 73 29% — = > 91ty 91% — 130% 130% 5 12415 124% 18% rn‘ l.\U Y 64 42 59 5 18 110% 4% 2% 6 64 42 59 128% 128% 18 19% 5 9 10% 1 6 22% 9Ny 3% 18 19% 9 107 92 +l4+++00+ % 168% 168% 168‘4 4% 4% EXCEPT INMETALS 110 107 26Y% 3T 1% 25% 1% SE LIS e 6% 6% 6% — % 102% 102% 102% +1 44% 44% 44w 22 224 +2 67% 69% +1% 6% 6% — 52% 43 51% 26% 36% 1% 25% 1% 26% 36% — 1% 255 + 1% + 23% 69% s 52% 44% 52 52K + % 434% 51% % -% 8 18 % 8 + % 12 1 16% — % 17% 1% + % 20% 20% — % 110 uo 10 -2 24% 13 25% 14 98% T8 7 18 25% 1 98% + 4% %~ % T -1 1% — % 16 + % 25% —1% 23 98% + % 18l 29% 20% — % 38 37w 3T% ’ 107% 107% 107% — % 1% 1% 1h-% 1% 1% 1% — % 34% 344 34% + % 129 129 129 +1% 20 19% 19% 1 1 1 15% 165 15 119 119 19 88“ 0% 30% 42% — % | what over the million - % =% +1 6% 25% 5% Marine Mid14 (40c). 20 Marlin-Rockwell (2 6% Marshall Fleld 6 Martin Parry...... 23% Mathieson Alk(1%) ® S T 41 Melville Shoe( fl% )x 20% Mengel Copf...... 244 Mesta Mach (13%) 215 Miami Copper-...... 915 Mid-Cont Pet(h50¢) 60% Midl'd Stl 1st pf(8) 58 Mina Hon R(13%). 3% Minn Moline Pow. . 31 Minn Moline Pow pt 10% Mission Corp. 25 Mo Kan & Texa: 6 Mo Kan & Texas of 10% Mohawk C M (h250) 55 MonsantoC (1).... 21%, Montgomery Ward. 567 Morrell(J)&Co 3.60. % Mother Lode. ..., 17% Motor Products. [ - o -~ S S - @ - PR e xBarluonnE AT 00 AR 30 Myer(FE)&Co 1.60 _— 11 Nash Motors (1) 413 Nat Acme Co. 6% Nat Aviation. 22% Nat Biscuit 2).... 13% Nat Cesh Reg A 600 12% Nat Dairy Prod 1.20 113 Nat Dept Store (k). 17 Nat Dep St 1st pf (k) 24% Nat Distillers (2).. 231, Nat En & Stpg (h1). 47% Nat Pwr & Lt (80¢c) 40% Nat Steel (11%). 9 Nat Supply Co. 36 Nat Supply pf. 814 Nat Tea (60c) 43% Newherry(J J) 1. 60 ll’W. 109 Newberry(JJ)pf(7) 5 O Tex & Mex (k). 18's N Y Alrbrake. 124 NY Central RR 9% Iv YChi & St L pf 112 NY & Harlem (5).. % N Y Investors (k). . 2% N Y N H & Hartford 6 NYNH& Hart of. 25% N Y Ontario & West 6'4 N Y Shipbuilding. .. 90 N Y Steam Ist (7).. 303 Noranda Mines (h2) 2 North Am Aviation. 9 North AmCo (1)... 35'; North Am Co of (3) 57 North Am Ed pf (6) 13% Northern Pacific. ... 1'% Norwalk Tire&Rub. 9% Ohto Of (h45c). 4% 17. Oliver Farm Equip. 26% 178, Oliver Fprof A.... 155 111 Otis Elevator (60c). uZ 106 Otis Elevpt (6).... 74 4% Otis Steel. 46 223 Otis Steel pr pr 45 38 OutletCo (2). 90% 80 Owens-Ill Glass (¢) 4 1 Pacific Coast 2d 13 Pacific G & 19 Pacific Ltz (2.49) 12% Pacific Mills (h50 70 Pacific Tel & Tel (6) 7 Pac W'n Ofl (h40c). 313 Packard Motor.... 62 Panhandle P & R pf 2% Par-Puolix ctfs (k) 24 Park Utah.. 1; PAthe Exchange 10'; Pathe Exchange(A) 814 Patino Mines. 1% Peerless Motor. 6415 Penick & Ford (3) 574% Penney (J C) (2) 4 Penney (JC) pf ( 31 21 Penn Coal & Coke. . 3 Penn Dixie Cement. 174 Penn R R (1) 30 Peoples Drug 8 (1). 7% Patrol Corp (h50c). 12% Phelps Dodge(h75c) 381 Phila Copf (6) n... Phila Co $6 pf (3) 1% Phila & Read C & I. 351 Philip Morris (1).. ngv,‘ 21% 25 122 10% oA © NEF N R~ R D o 53': Phillips-Jones Cpf7 133, Phillips Petrol (1) s, Plerce Oil. : Pierce Oil . 51, Pitts Screw & Bolt.. 612 Plymouth Ofl (1) 61« Poor & Co (B).. 81a Postal Tel & Ca pf.. 42% Proc & Gamb (1%4). 115 Proc & Gam pf (5). 20% Pub Serv N J (2.80) 62% Pub Serv N J pf (5) 85'% Pub Serv N J pf (7) 99 Pub Sve E&G pf(5). 41% Pullman Ino (3).... 57 Pure Ofl 49% Pure O11 8% Purity Bal - 4 Radio Corporation. 35% Radio Corp pf (B).. 1% Radio-Keith-Or (k) 161: Raybestos-Man (1). 8 Remington-Rand 21 Reo Motor Car. 9 Republic Steel, - 28% Republic Steel pf... 75 Revere Cop & Br pf. 4314 Reynolds Tob B (3) i Safeway Stores(3). 110 104% Safeway Strs pf (6) 112°% 110 Safeway Strs pf (7) 17% 10% St Joseph Ld (40c). 2 1 StLSanFran (k).. 6 Savage Arms...... 22 Schenley Distillers, 8 Schulte Re Strs ptf. 55 Scott Paper (1.70).. % Seaboard Afr L (k). 208 Seab’d Oil (Del) (11) 31 Sears Roeb'k (75¢). 40 Sec Nat Inv pf (32). 7% Servel Inc, 9 Sharon Steel Hoop. 3% Sharp & Dohme. . ... % Shattuck(F G)26e.. 51 Shell Union Oil. ... 6314 Shell Union Oil pf.. 8% Silver King C (40c) 6 SimmonsCo....... 1315 Simms Petrol (1) 615 Skelly O} 13 Sloss-She £(6%) . 20 Sou Por Rloolulfl) 10% South Cal B4 134) 12% Southern Pacific. 7% Southern Railway.. 10 Southern Rwy pf.. 59% Spang Chllf bt (31) 314 Sparks-Withington. 32 Spencer Kellog 1.60 7% Sperry Corp (35¢).. 814 Spicer Mfg.... 33% Spicer Mfg pf (3).. 43% Spiegel-May-Stern. % 14% Stand Brands (1)... 130 123 3tand Brands pt (7) 1% Stand Gas & Elec... 13, Stand G & E 34 pf. .. 4% Stand G&E $6 pf.... 6 StandG& E $7 pt. 27% Stand Oil of Cal(1). 23 Stand Oil of Ind (1) 35% Stand Ofl N J(11%) 1214 Starrett (L 8) a25c. 58% Sterling Prod ( lo) 215 Stone & Webs 215 Studebaker (new). FEL P OFEEFE FEEEE P 7% Teloutograph 80c. . 4 Tennessee Corp.... 16% Texas Corp (1).. 28% Texas Gulf Sul (2).. 3% Tex Pac Coal & Oil. 815 Tex Pac Land Trust 15% Thatcher Mtg (a25¢c 5% The Fair. . 13% Thompson Produ 1% Thompson Starrett. 7% Tide Wat Asso Oil. . 84 Tide Wat A O pf(6) 105 100 Tide Wat Oil pt (5) 7% 4% Timken-Detroit.... 36% 28% imkenR B (1).... . 8% 4% Transamerica (25¢) 8% T4 Trans & West'n Air 8% 5% Transue & Willlams 3% 1% Tri-Contl Corp. . 81 69 Tri-Contl Cpf (6 42' 36 Trico Prod (2%) 5% 4% Truax-Tra Coal 2% 6113 50% 49 18% 1% Ulen & Co....0uu . 53% Und-Ell-Fisher (2). 31% Union Bag&Pap (2) 44 Un Carbide&C 1.60.. 14% Un Ofl of Cal (1).. 2'; Un Pacific (6). 79‘a Un Pacific pf (4) 7 Un Tank Car (1. 20). 9". United Afrcraft.... 4% United Air L vte 21% United Bisc (1.60). 46 United Carbon 2.40 1%; United Corp.. . 20% United Corp pf (3 9'5 Cnited Drug.. 4% Unit Dyewood. . 65 Unit Dyewood pf(7) 33, United Elec Coal. .. 71% United Fruit (3).. .- % United Gas Imp (1) 87!z United Gas 1 pf (5). 1&% United Pce D W pt. 11 USFreight (1).... 40%; U S Gypsum (1). 5 USHoffman.... 35% U S Ind Alcohol (2). 3' U S Leather... 712 US Leather (A). 14% U S Pipe & F (50c). 3 U S Realty & Impr., 94 U S Rubber... o3 USSm&RDPI(3%4). | 27'3 U S Steel..... . | 73% U S Steel pf (2). % 130‘: 119% U 8 Tobacco (VT‘A) T'3 3% United Stores (A). 1403 133% Univ Leaf T pt 8). 49% 40 Utah Copper.. 2% 1 UtlPwr&Lt(A). 19! Vadsco Sales pf.... 13% Vanadium Corp. 91 Van Raaltelstpf? 34 Vick Chem (12.40). 2% Va-Car Chemical... 18 Va-Car Chem 6% pt 7213 Va El & Pwr pf (6). 63'2 Vulcan Detin (a4). 1 Wabash (k)... 41x Waldorf Sys (h20c) 27% Walgreen Co (1.20) 1'% Walworth Co . 2! Warner Bros 141: Warner Bros Pic pf % Warner-Quinlan 213 Warren Bros. .. 77 Warren Bros cv pf. 21 Warren Fdy&P (2). 4 Webster Eisenlohr. 30 WessonO &S t1%. 72 Wesson O&S pf (4). 34 West Pa Elec A (7). 36 West Pa Elec pt (6) 39% West Pa Elec pt (7) 5 95 West Pa Pw pf (§). 104!; West Pa Pwr pf (7) 51 Western Maryland. 7% Western Md 24 pf.. 1% Western Pacific.... 2%, Western Pacific pf. 20% Western Union. ... 18 Westingh'se AB 60c 325, Westingh'se Elec. . 90 Westh'se 1st pf 313 29 Weston Elec A (2). 162 Westvaco Chl (40c) 6x White Motor....... 6 White Sew Mach pf. 1 Wilcox Oil & Gas... 37 Wilson & Coal2%e. 51 Woolworth (2.40).. 113 Worthington Pump 251z Worth Pumppf A.. 735 Wrigley (Wjr)133. 4% 2% Yellow Truck...... ;{ 341; Yellow Truck pt 21% 13 Youngstown S&T.. 56 44 Youngstwn S&T pf. 4% 3 Zonite Products... 11:00 A.M. 240,000 470,000 " 18 YoungSp& W t1%. 64 120 119% 12 2% 6% El 8l 7 4% 14 35 13 314 1031 5% 30% 5 * P L] M SNORNNENND AN DR LN 8l 6% 72 O 1 35 19% 14% 3812 3% 2 41 5 3% i SaEBRE 22, | ++ + B 2% 35 19% 145 381 3% Sales of Stocks on the New York lxcllll-. 0 N [l ayme: deeuur.lom 3 Unit of 9% 1h tock. stock. 20 +1 DEMAND ABSORBS AUTO PRODUCTION Another Wave of Buying Ex- pected to Lift Sales Million More. By the Associated Press. DETROIT, April 11.—Retail de- mand continues to absorb most of the production of the motor car factories, and with another wave of buying about due many manu- facturers already are counting a second million units as the indus- try’s output for the second quarter of the year. The first quarter output ran some- unit mark. The second quarter now is well under way with thc producing units of the unuedamnmmnmtpmm some W] tading less than 100 snares tPartiy m in x Ex-didivend. Dmflenflunus a3 nnn 1o the above table are The’ tatest Tuarierls 'or half-yearly extra. iPius b Payable 1n preferrs ‘special ) Accumullud or Belng reor- © Plus 2% 1 Plus $1 In d this nn recelv % i stock three months of the year. While the industry has been producing at e rate which normally should overtake consumer requirements before many weeks and permit an accumulation of field stocks, the demand in February alone absorbed more than half the total cars and trucks produced. SECURITY LOANS HOLD NEAR DEPRESSION LOW ‘Total loans against securities by member banks of the Federal Re- serve System in leading cities con- tinue to hover around the lowest level of the deflation movement. All classes of security loans show a de- cline in the weekly statement. Security loans of the reporting banks, in 91 leading cities compare as follows: ge!eck ended April 3. Same week last yeaf. MONEY MARKET. NEW YORK. 11 #.—Call steady: 3 per Gent all - P — holly unexpected de- velopmm in the automotive labor .fl"‘ situation or costs of raw materials, no immediate reduction ot produc- circles at the moment evolves from the sustained “initial” demand of the sea- son. which swallowed up most of the ” .&""r”..-’?"“‘fl‘.‘ oni. Burl & @. BA1Y Jeses 16250 & INDIANA STANDARD NETS $18.349680 1934 Earnings of $1.25 a Share Compared With $1.14 Recorded in 1933. By the Associated Press. CHICAGO, April 11.—The Standard 0il Co. of Indiana in its annual re- port made public last night an- nouneed net profits of $18,949,680 for 1934, an increase of $1,275329 over the $17,674,351 for 1933. The 1934 earnings were equal to $1.25 a share on the 15.215.077 shares outstanding, as against $1.14 in 1933. The company said the increased were due principally to re- duction in interest charges on funded debts, which amounted to $43,305 in 1934, against $1,524,722 in 1933. The reduction came from the retirement of $31,820,000 in bonds in 1933. l'edznl mcome nnd State and local taxes the company in 193¢ decl'm W $9,199,25¢ from the $9,758418 in 1933. The com- pany however, that in 1934 with its subsidiaries it collected taxes for Federal, State and local gov- ernments of $65,140,195, an increase of $32,711,758 over the preceding year. Combined sales of 72,936,135 bar- rels of petroleum products were re- vumdtnflm-ninmotx- ‘Total sales, including non- leum products, rose $35,463,147 lfl $276,375,663. Mining Issues Are Pushed Up, but Others Remain in Narrow Range. BY VICTOR EUBANK, Associated Fress Financial Writer. NEW YORK, Aprii 11.—Metal and 4 | day’s stock market following the Gov- ernment’s boost of the domestic sil- ver price to 71 cents an ounce. Fluctuations in other departments of the equity list, however, were gen- erslly narrow and trading quiet. * United States Smelting got up around 5 points in the late dealings, while Cerro de Pasco, American Smelting and Howe Sound gained 1 to 2. Amerada advanced a point and New York Central was slightly higher. Such issues as United States Steel, American Telephone, Consolidated Gas, General Motors, Chrysler, Santa ¥e and many others were unchanged to fractionally lower. The closing tone wes fairly steady. Transfers ap- proximated 700,000 shares. In the early dealings some of the silver section jumped 1 to more than 4 points, but traders were quick to take profits and most extreme gains were soon shaded or pared. Other equities turned a trifle irregular under realizing, At the same time there was little pronounced weakness displayed and the tone was generally interpreted as steady. Shares of United States Smelting ranged between 3 and 4 points higher during the greater part of the session American _Smelting, Howe Sound. Cerro de Pasco, International Silver and Kennecott were fractionally to a point better. In the other divisions Amerada ad- vanced a point and small gains were registered by Case. Johns-Manville, Sears Roebuck, Seaboard Oil, United Carbon and New York Central. The majority of the rails and utilities were virtually unchanged. Macy lost 2 points and Allied Chemical was off nearly as much. Foreign bar silver for commercial use sold in New York at around 66 cents an ounce, an advance of about 1’2 cents over Wednesday's final rate. It was another peak level since 1926. The financial district did not seem to be particularly surprised at the in- crease in the price of the domestically mined metal, inasmuch as, it was pointed out, under the existing manip- ulative silver policy. nothing else could be done. Some disappointment was expressed, though, that other than the silver stocks did not respond so en- thusiastically. A few commenators were disposed to see an inflationary implication in the silver upturn, but there was a divergence of views on this subject. What analysts were trying to figure out was the long-term effect on the general price structure of the silver buying program. It was re- called that the Treasury must still purchase nearly $2,000,000,000 of the white metal in order to bring the country’s monetary base up to con- gressional requirements, Chicago Grain. v the Associated Press CHICAGO, April 1l,—Nearly 4 cents’ rise of wheat values today followed an official report generally regarded as closing the chapter on a domestic Winter wheat crop this year west of the hundredth meridian. Leading trade experts said some vield of Winter wheat was still pos- sible in this great area. but there was not important market interest left from now on as to the crop or weather situation in the territory that is al- ready wiped out, so far as wheat is concerned. It was currently asserted the chief market interest hereafter would shift to the conditions that de- velop east of the Mississippi River and in the Central Plains area, as well as to Spring wheat territory. After much selling to realize profits, wheat closed nervous, 13:a2!; cents above yesterday's finish; May, 977:a 98; corn, > to 1 cent down: May, 87%15a%; oats, unchanged to 13 off, and provisions 5 to 7 cents up. MVHEAT— Open Ay 2 September CORN— May July * | Seprember. ! 1 1655 Chicago Cash Market. Cash wheat, No. 2. red, 99%; corn, No. 3, mixed, 8812: No. 2, yellow, 901 No. 4, white, 94 oats, No. 2, white, 5113254, rye and buckwheat, no sales; soy beans, No. 2, yellow, 1.04: barley, 68al.18; timothy seed. 16.80a 19.25 cwt.; clover seed, 15.00a18.50 cwt. Liverpool Grain Prices. LIVERPOOL. April 11 (P.—Wheat fu- tures closed firm. . Prev. Hmh Low. Close. close. 8ot 8ok 70 A7 Octover * b Exchange, 4783%. | New York Cotton l By the Associated Press. NEW YORK, April 11.—Cotton was strong today in response to silver de- velopments and rising prices in the wheat market. An early advance of $1.50 a bale prompteed rather active realizing, but the market ruled steady in the late trading at net gains of 26 to 33 points. In addition to the President’s de- cree for higher silver prices, such factors as more active cloth buying and firm Liverpool cables contributed v.omxlnore bullish sentiment in trading circles. Liverpool Quotations. LIVERPOOL, April 11 . —Cotton, 1.000 bales. American nil. _Spot good business done; prices 1 point hmm. quotations in_pence: American strict sood middiing. 7.15: o0d middling, 6.83: strict middling. middling. ict_low middling, Tow midalinig. 6.15: Strict '#00d. ordinary. 5.95: good ordinary. 5. Put: sed very llf;fl! 8 LONDON BANK REPORT. LONDON. April 11 (# _—The weekly statement of the Bank of England shows the lolln'lnl emnul in pounds: Total reserve decreased 1376000, ecireulation increased 1.317.000. bul‘l:nn decreased 5% pubiic deposits deci dewll& deculud 71 0. 000. notes serve decreased 00, ' government securities decre: e proportion of the bank’s reserve Liability s 42,57 per cent. compared (i &5t Giscount, 3 per cent.