Evening Star Newspaper, April 16, 1935, Page 16

FINANCIAL. STOCKS IMPROVE AFTEREARLY DROP Scattered Metals, Chemi- cals and Industrials Stage Substantial Rise. FINANCIAL, THE EVENING STAR, WASHINGTON, D. C., TUESDAY, APRIL 16, 1935. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE :ao pm, 2:30pm, les— et | Prev.1035 Stockand Sales— Mfl 00. High, Low. Close, Chge. | High. Low. Dividend Rate. Md 00. High. u' Close. Onu. 10s 121 121 121 +1 4% 3%SeagraveCorp..... 1 4 81 30 81 + %| 40% 31 BSears Roeb'’k (765¢). 23 9% 7% ServelING......... 22 3!6 + %| 14% 9 Sharon Steel Hoop. 1 5% 3% Sharp & Dohme.... 3 44% Sharp&Dpf (3%).x 1 7% Shattuck(F G)26c.. 5 5% Shell Union Oil..... 63'% Shell Union Ofl pf.. 8% Silver King C (40¢). A—16 sx% BIG GAIN SHOWN INHOUSING LOANS Fifth District Increase Stim- ulatgs Activity in Build- ing Trades. By private wire direct to The Star. 2:30 pm. ot Stock and ‘Bales— High. Lov. Dividend Rate. _Add 00. High. Low. Close. Chee. 363% 32 Abrm Strauss 11.80 Tl 4% Adams Express.... 89’. 843, Adams Expr pf (5). 11% 8 Addressograph..... 115% 104% Air Reduction (3).. 1% % Air-Way Elec Appl. 20% 15% Alaska Jun (11.20).. 1% % Alleg Corp (K)..... 8!5 6% Alles Cp pr pf (k). 24 21 Allegheny Stl (1) 141 125 Allied Chem (6). 17% 12 Allis-Chalmers 3% 213 Amal Leather. 321 26% Amal Leath pf ((32) 58 481 Amerada Corp (2).. 57% 42 Am Ag Chem Del(2) 21% 13% Am Bank Note..... 61% 43 Am Bank N pf (3).. 123 110 AmCan ($5).ceeeus 160% 151% Am Can pf (7)....e 10 Am Car & Foundry. 45» 25% Am Car & Found nx. 12% 8 Am Chain.. 61% 38 Am Chainpf. 66 Am Chicle (13%) 2215 Am Comcl Alcohol.: 57% Am Crystal Sug pf. 11 Am Ensaustic. . 2 Am & Foreign Pw. 9%, Am Hawaiian SS(1) 294 Am Home P (2.40).: 813 Am Ice Co. ) 287 Am Ice Co p: 413 Am Internation 9 Am Locomotive 32 Am Locomotive 181 Am Mch & Fy (80c) 4% Am Mach & Metal 7 4% Am Mach & Met ¢ 18% 131 Am Metals 8612 72 Am Metalspf.. 30 24 Am News (133) 3% 1% Am Power & Light. 157% 8% Am P&L $5 pf (1%) 18%; 10 Am P&L $6 f (1%) 16} 101 Am Radlator....... 140 134'; Am Radiator pf (7). 24 15% Am Rolling Mills. .. 75% 66 Am Saf Raz (15%). 6% 4% Am Seating....oeee 26% 20 Am Shipbldg (2). 40% 315 Am Smelt & Ref. ... 112 103 Am S&R 6% pfj735. 130 121 AmS&M 7% pt (7). 69% 63 AmSnuff (13%).... 181% 125 Am Snuff pf (6). 3314 Am Stores (12%) 5512 Am Sug (2).... 189 Am Sum Tob (1)... 987, Am Tel & Tel (9) 721; Am Tobacco (5)...s 74% Am Tobacco B (5).. 213 Am Type Fdrs (k). Ty Am Wat Wks (80c). 48 Am Wat W 1st (6).. 47y Am Woolen. . . 3513 Am Woolen pf. 3 Am Zinc & Lead.... 8 Anaconda Copper... 36 Archer-Dan M t1%. 97 Armour Del pt (7). 31 Armour of [llinois.. 56 Armour I11 pr pf (6) 85 Armour of Il pf... 4 Arnold Constable. .. 7'2 Asso Dry Goods.... 35% Atch To&S F (h2).. 66% Atch To&S F pf (5). 19'; Atlantic Coast Line. 212, Atlantic Ref (1). 2%, Atlas Powder (2) 15 Auburn Auto. . Prev. 1035 Stock and High. Low. Dividend Rate. 120 113 MacAnd & F pf (6) cCall Cot STOCK AVERAGES Compliled by the Associated Press. Prev. 1035 3% + % 614 MoCrory Strs B (k). 36% Mclntyre Porcu (2) 90% McKeesport T P (4 614 McKesson & Rob. 36% McKesson & Rob pf. 813 McLellan Stores (k) 20% Mack Truck (1).... 30% Macy (R H)& Co(2) 5% Madison Sq Garden 18% Magma Copper (2).. 7 Manati Sugar (k). .. 4 Manati Sugar pf (k) 32 Man Elev gtd (k). 13% Man Elev m g (k| 1 Maracaibo Oi' Exp 4% Marancha Corp. 5% Marine Midld ( % Market St Ry 6% Marshall Fie! 23% Mathieson Alk! 357% May Dept Str (1.60). 33 Maytagpf ww j2%.. 41 Melville Shoe(12%) 20% Mengel Copf...... 2214 Merch & M Tr(1.60) 24% Mesta Mach (1%).. 27 M-G-M Pic pf (1.89) 215 Miami Copper...... 914 Mid-Cont Pet (h50c) 81 Midland Steel Prod. 60% Midl'd Stl 1st pf(8) 540s 58 Minn Hon R (13%). 3% Minn Moline Pow. . 81 Minn Moline Pow pf % Minn & St L (k) 30 15 Indust. Rails. ..Unch. Unch. . 537 208 . 537 208 . 502 191 38.8 27.6 15 60 Util. Stocks. —2 Unch. 260 386 262 386 223 355 352 474 266 416 216 348 406 514 242 349 239 16.9 1843 1577 618 llfik +1% lB’/a -% 2oi1Ge 1 28 m« 13% 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 low ... BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, April 16.—The stock market steadied today after absorbing early profit taking; and scattered metals, chemicals and industrials pushed up for substantial gains in quiet trading. Some of the rails also picked up a little, but the utilities did virtually nothing. Allied Chemical advanced some 4 points, Igternational Business Ma- chices firmed 2 and U. S. Smelting, " | American Smelting, Cerro De Pasco, 7| Standard Ofl of New Jersey, Du Pont, Socony and General Motors improved fractionally to around a point or more. The late tone was steady to firm. Transfers approximated 730,000 shares. Among issues unchanged to & bit lower were United States Steel, Amer- ican Telephone, Inland Steel, Bethle- hem, Westinghouse, Montgomery Ward, Santa Fe, New York Central, Con- solidated Gas, Western Union, North American and Columbian Carbon. Bar silver was lowered 1 cent an ounce to 67!, cents, the second de- cline in about two weeks. The metal was also pushed down in London to an equivalent of 67.68 cents an ounce, London bar gold declined. Analysts pointed out that the mar- ket picture has not changed in any important respect and that a certain degree of optimism for a long-term advance is still warranted. In most of the board rooms it was felt that nothing more serious than normal technical interruptions will intervene between prevailing and higher stock quotations. Some observers expressed the view that the recent firm tendencies dis- | played by leading shares indicated the » | market has been attempting to dis- count a number of more favorable de- velopments, only a few of which have | materialized to date. BY EDWARD C. STONE. * The larger centers in the fifth Fed- eral Reserve District report a marked increase in Federal Housing Admin- istration loans which means a good deal of additional work in the build- ing trades, according to the Reserve Bank of Richmond. The weather last week slowed up retail trade a good deal, leaving a very short time before Easter to make up the loss. The District for the first quarter holds a gain of 3 per cent over the same three months last year, but the March figures were the lowest of any month in 1935. The percentage figures were pulled down by the West Virginia retail sales because of cur- tajled coal production. Washington scored an 11.2 per cent gain for the quarter. Care is being exercised the ordering of Summer goods from wholesalers and warm, dry weather is needed to break the jam. Cigarette production remains high while testile output is still being curtailed. Outdoor farm work has been delayed during the past few days. the Richmond report shows, but this condition is only temporary. In the reserve district to the South comes the report from Atlanta that pre-Easter trade has been the best in the past four years. Explains Steckholders’ Rights. W. H. S. Stevens of the Federal Trade Commission has recently pub- lished the results of a special study on the “Rights of non-cumulative pre- ferred stockholders.” After reviewing many legal cases, he says in con- clusion: When a positive duty is laid upon the directors to pay 1 each year any preferred dividends earned, such con- tracts will be enforced subject, how- ever, to qualifications where the pub- lic interest is involved or where the payment of the preferred dividends might mean financial embarrassment to the company. 1 From the legal point of view, there- | fore. the equities of non-cumulative | preferred stock have givea rise to a real body of doctrine in the courts, but the rules so developed are not de- ductions from the term non-cumula- tive. Rather. they are reducible to the elementary principle that the rights of non-cumulative preferred A shareholders will in general be inter- 36% Austin Nich pt preted according to the terms of each 3 Aviation Corp De contract. e A survey of the various forms o(. 1'; Baldwin Loco (k).. non-cumuiative preferred stock con- | 7. Baldwin Loc pf(k). tracts and of the court decisions | ‘;"aB-Nmore:gg:c»-i thereunder leads to the conclusion | 177 9! Baltimore o 421, 36'% Bang & Aroos (2%) that the best method of protecting| /5™ 102" p) /o e Aroos pf(1) non-cumulative preferred sharehold- 5% 31, Barker Brothers. .. ers and at the same time properly 9 Barnsdall Corp. .... safeguarding the interests of the cor-| g3 72" Beech-Nut P (13%) poration is the “cumulative non-| 1315 113% Beiding-Hem a50c.. cumulative” or “earned cumulative 171 117 Bendix Aviation. ... non-cumulative,” preferred. Because| 17% 15% Beneficial Loan1%. of the advantages of this type of issue | 38% 34 Best&Co (2)...ces it should supersede not only all other | 34% 21% Bethlehem Steel. .. existing types of non-cumulative pre- 1% 55% Bethlehem Stl pf... ferred stock contracts but the cumu- 23:; 14% Bigelow-San Corp.. lative form as well. 9% Blaw-Knox.......e 10915 103% glonfl.:‘g'dl}e of (7) Starkey Returns From Trip. 10 614 Boeing Alrplane.... George L. Starkey, president of the gg % ;g”‘ g::’;fi’“n‘;“"'s‘)”‘ National Bank of Washington, was s L back at his desk today after a 10-day 25u Bore Wacner (157 visit at Atlantic City. He reports 4 5 Botany Mines A (k) the usual Easter throngs at the Jersey 2415 Briggs Mfg (2).... resort in spite of the rather disap- 231 Briges & Strat (3).. pointing weather conditions. 3612 Bklyn-Man Tr (3).. Bankers in New York State are 112 Bklyn & Queens. ... launching a drive to get the Govern- 15 BkIn&Queens pf(2) ment to lower the interest on postal 43 Bklyn Union Gas(5) savings to 1 per cent. At the same 52 Brownabog ():..: time certain members of Congress not g‘”: B;gg: E;':c" ot only want the present interest rate 62% Bucyrus Erie pf (2) left alone, but favor giving patrons of 2% Budd (B Gy MIE. . the postal savings system the right 23 Budd (EG) Mfg pt to draw checks on their accounts and to do without service charges. lll'a 107% Sol Am Inv u!(S%) 20 Sou Por mcosuni) 10% South Cal Bd 134) 12% Southern Pacific. 7% Southern Rallwa: 10 Southern Rwy pf. 59% Spang Chalf pf () 34 Sparks-Withington. 32 Spencer Kellog 1.60. 1935 Stock and Low. _ Dividend Rate. 6% Davega Strs (a20¢) 2l1 Add 00. High. 6% 2T% 22% et Low. Close. Chse. 6% 33% Splcer Mfg pf (3).. 437% Splegel-May-Stern., 14% Stand Brands (1)... 1% Stand Gas & Elec... 1% Stand GE E $4 pf... 6 StandG&ES$7pf.. 2% 27% Stand Ofl of Cal(1). 111 Stand Oil Exp pf(5) 23 Stand Oil of Ind (1) 28 Stand Oil of Kan(2) 35% Stand Ofl N J(11%) 1215 Starrett (L 8) a2bc. 584, Sterling Prod (3.80) 6% Stewart-Warner... 2!; Stone & Webster... 2% Studebaker (new).. 60z Sun Ol (31). . 121 llS‘s Sun Oil pf (6) . 16% 11 Superhu!er (Sflc).. 2% 1% Superior Oil. 9'; 5 Superior Steel 23, 1% Symington (A) (k). 5% 21% 36% 4% 26'5 Diamond M (113% 1 23 343 Dome Mines (2) 6 in B% 5% + % 125% 126% +1' 155 185 +1 19% 19% + % 20 - % 110% 4% 6% % 421 125! 110'% Eastman Kod (5 155 141 Eastm’'n Kod pf ( 207 16% Eaton Mfg (1). 29 19 Electric Auto Lit: 110% 107 Elec Auto Lite pf . 64 3% Electric Boat. 8% 2 3 Elec Pwr&Lt $7 pf.: 33 Elec Stor Bat (2%). 52% Endicott-John (3).. 5 Equit Office Bldg... THEreRR...o..uuns 16% Evans Auto (a75¢). 3 Exchange Buffet... 24% 17 Fairbanks-Morse... 95% 71% Fairbanks-Mrs pf 81y 5% Fed Lt & Trac...... 64 48 Fed Lt& Tr pf (6).. 54 Fed Min & Smelt pf 3% Fed Motor Truck... 23, Fed Screw Works. .. x Fed Water Sve (A). 16' Fed'd D Stores (t1). 28! F1d Ph F Ins(11.35) 13Y Firestone (40c)..... 46 First Nat Strs(23%) 20% Food Mach (1)..... 97, Foster-Wheeler 194, Fourth Nat In h85e. 6% Fox Fiim (A)...... 30'4 Franklin Simon pf.. 17Y% Freeport-Texas (1). 15 Fuller Co pr p! 4% Fuller Co 2d pf. 10% Mohawk C M (h25¢) 55 MonsantoC (1).... 21% Montgomery Ward. 174 Motor Products. 281 —1% 3% 15% — % 18 +% 140 119! 14% 13 2% 2% 6% 6 1 1% 367 Mullins Mg pf. 4% Murray Corp....... 30 Myer(FE)&Co 1.60 11 Nash Motors (1) 43 Nat Acme Co... 6% Nat Aviation.....u 223 Nat Biscuit .2)..... 131 Nat Cash Reg A 60c 113, 12% Nat Dairy Prod 1.20 19% 1% Nat Dept Store (k). 3 2 5 17~ Nat Dep St 1st pf(k) 350s 4 24% Nat Distillers (2).. 16815 145 Nat Lead (5)....... 136 121% Nat Lead pt (B)(6). 8% 47 Nat Pwr & Lt (30c) 50'% 40% Nat Steel (11%) 14% 9 Nat Supply Co 50 36 Nat Supply pf. 11% 8% Nat Tea (60c) 28% 22 Neisner Bros(t1% 52 43 Newberry(J J) 1.60. 4% Newport Industries 4 Tennesses Corp.... 16% Texas Corp (1)....1 28% Texas Gulf Sul (2).. 314 Tex Pao Coal & Ofl.. 815 Tex Pac Land Trust 15% Thatcher Mfg (a25c 2% Third Avenue...... 5t Thomp'n(JR) (50c) . 13% Thompson Products 1% Thompson Starrett. 7% Tide Wat Asso Oil.. 95 84 Tide Wat A O pt(6) 105 100 Tide Wat Oil pf (5). 7% 4% Timken-Detroit.... 36% 28% [mkenR B (1).... 5% 47 Transamerica (25¢) 7% Trans & West'n Air 1% Tri-Contl Corp..... 69 Tri-Contl C pf (6). 36 Trico Prod (23)... 4% Truax-Tra Coal 313 Truscon Steel... 18 TwinCity RT pf 1% Ulen & Co. 53% Und-Ell-Fisher (Z) . 30 Union Bag&Pap (2) 44 UnCarbide&C1.60.. 14% Un Oil of Cal (1) 82'3 Un Pacific (6). 4% 21% 31y 4 11% 1% 4 21% 303, 3% 1 17 FEEF § FEFEFE 1334 188% 5 35 34% 587a 58% 21% 21% 14 107 106% T8% 808, 4% 1% 60 6 17% 315 1015 Am 243 1078 84% 868% 68, 147 61% 9% 45'% 4% 12% 414 106% 614 703 110 6% 13% 5568 8614 L++1++ T 42% 4% & 1113 28 »S w::u-wubn:;mg-m»wu—wm 214 u American Chicle Co.—March quar- ter common share earnings were $1.39 vs. 99 cents LOANS We have funds Trast Loans on lndlnnrbv Md. and Larss amounts at Srevailing rate: asonable commissio ompt attention eiven® snplication BRADLEY, BEALL & HOWARD Phone Na. 0271 Southern Bldg. Established Over 35 Years ~ o 161 6'a N Y Shipbuilding. .. 38« 30% Noranda Mines (h2) 1% 7 Norfolk South'n (k) 175 158 Norfolk & W (110). 103'3 99 Norf & West pf (4) | 4 2 North Am Aviatio 14 9 North AmCo (1). 44 35'5 North Am Co pf (3 724 57 North Am Ed pf ( 217 13% Northern Pacific 38'2 357 Northwest Tel ( —_— 12 9% Ohto Ofl (h45¢). 4% 1% Oliver Farm Equip. 26% 15% Oliver FDrof ... T5% 4% Oppenheim Collins.. 15% 11% Otis Elevator (60¢) 112 106 Otis Elev pf (6) T 4% Otis Steel. 80 Owens-1l1 7 Gamewsll Co. 5'3 Gen Am Investors 843 Gen Am In pf ww 6§ 32 Gen Am Trans(1%) 11% Gen Asphalt. . Tl Gen Baking (60¢! 12 5 “ 115 Gen Baking, pt (8) 7% 5% Gen Bronz 34 2 GenCable 4 GenCable 50 Gen Cigar (17). 135 127'; Gen Cizar pf (7). 25% 201 Gen Electric (60¢) 351: 321 Gen Foods (1.80). % 1% GenGas& Bl (A) 65% 597aGen Mills (3). 11815 116 Gen Mills pf ( 3414 261 Gen Motors (1). 115% 107% Gen Motors pf (| 247% 17% Gen Print Ink 1.20.. 30 15% Gen Ry Signal (1).. 91 80 Gen Ry Signal pf(6) 1% % Gen Realty & Util.. 19% 14% Gen Real&U pf ww.. 19% 163 Gen Refrac ctfs 32 14 Gen Stl Casting pt.. 15% 12 Gillett Saf Ras (1). 82 70% Gillett Saf R D!(‘)-) 214 Gimbel Sros. . . 23% Glidden Co (11.! 30).. 10!% 1047 Glidden Co pr of (7) 8 100 103% + 2% — 1313 — 43% + 7214 + 15% — 37 111% 26% 154 6" 9% 2633 S n @ e 7 United Am Bosch 21% United Bisc (1.60 46 United Carbo FLFEEE ¥ FEIF P 117% 2 21 6 12 111% + 5 — ia 90 +1% 20% United Corp pf (3 913 Cnited Drug. 4% Unit Dyewood. 65 Unit Dyewood p: 71% United Fruit (3)... 9% United Gas Imp (1) 8715 United Gas 1 pf (5). 2% United PceDW.... 1415 United Pce D W pf. 415 U S & Forn Ssl:ur. . 40% U 8 Gypsum (1). 5 USHoffman..., 35% U S Ind Aleohol (2)4 3% U S Leather........ 734 U S Leather (A). 14% USPipe & F' (§0c). 19% U S P&F 1st pf 1.20. 3 USRealty & Impr.. 9% U S Rubber.. . 24% U 8 Rubber 1st pf.. 95 USSmelt&R (16). 27% U S Steel. 73% U S Steel v! T 3% United Stores (A).. 51 Univ Leaf Tob (2). x 1% Univ Pipe & Rad... 1 UtilPwr&Lt (A & e ) 5 +5 | Applications solicited for loans on down- town, centrally located business Droberties at 5% D. F. McCONNAUGHEY Union_Trust Building. National 0827, DIRECTORY COMMODITY BROKERS COTTON Member N. !‘ t Exchan Laidiaw & Co. o wn ..DL au': S ® 2 115‘- 115 23% 21 82 K 15% 19% 15% 14% 81% 25\- 4 277 107 wsv. 107 3 e 115 13% Pacific G & E (1%4). 19 Pacific Ltg (2.40).. 12% Pacific Mills (h50¢) 70 Pacific Tel & Tel (6) Pac W'n Ol (hd0c). 3% Packard Motor..... 613 Panhandle P& R pf 2% Par-Publix otfs (I) 2% Park Utah.. % Pathe Exchange.... 1015 Pathe Exmnu(A) - Lo Boom 000 o-- CIRe Fod ¥ oes o2 osx 3% T+ 4+ 1 ++ - o $ORE FP OFER GRAIN uemben cmcue Board of 'ma- F8F FEE (8 » I ++4 4 15% Goodyear T& R. 213 Gotham Silk Ho: 20 Gotham Silk Hpf.. 1'3 Graham-Paige. ... 234 Grand Unfon. . . 26 Grant (W ’l‘)(fl“) 9% Great Northern pf.. 127% 9% Great Nor Ore (60c) 317 26% Grt West Sug (2.40) 128 119 Grt West Sug pf(7) — 6% 3% Hahn Dept Stores. . 70% 55 Hahn Dpt Storespf 18 Penn Dixie Cpf (A) 17% Penn RR (1).....0 30 Peoples Drug 8 (1). 17% Peoples GasChi.... 7% Petrol Corp (h50¢) . 12% Phelps Dodge(h75¢) 23 Phila Co 36 pf (3)... 1% Phila& Read C& I. 35% Philip Morris (1) ... 133 Pnunpa Petrol (1).. & ME' Members Cummodm Exchan; Harriman & Keec Laidlaw & Co. Westheimer & Co % 815 5 354 17% + I — Established Business Offers Investors 18 * Va-Car Chem 6% ot 7213 Va El & Pwr pf (6). 63!3 Vulcan Detin (a4).. &S @ PROD R T N ARN i 213 Budd Whe: 814 Bullard Ct . % Plerc Pltrnl.\lm... 7 Pitts Coal 1 Wabash (k)..... 413 Waldort Sys (th:) It is announced that Gov. Eccles of the Federal Reserve Board declined an invitation to address the Spring council of the American Bankers’ As- 3 Burns Bros pf 131 Burr Add M (60¢c).. 10 Bush Tr Bldg pf ct. 1'% Butte Copper & Zine (U o [ o Hall W F Printing. Hamilton Watch pf. Hanna (M A)pf(7). Harb Walker (1)... 515 Pitts Screw & Bolt.. 1 PittstonCo........ 615 Plymouth O1l (1)... 1% Porto Ric Am Tob A E 17 6% 1% 1% 9% 213 114 5 Ward Bakifg (A).. 1% Ward Baking (B). .. 281> Ward Baking pf (2) Walgreen pf (634).. % Preferred Stock 35 Butterick (k) 35 11% Byers (A M) % Porto R Am Tob B.. 63 Pressed Stl C pf (k) 42% Proc & Gamb (1%4). 120l, 115 Proc & Gam pf (5).. 275 20% Pub Serv N J (2.80) 9214 73 Pub Sve NJ pf (8). 101% 85% Pub Serv N J pt (7). 112 100 PubServ NJ pf (8). 68~ 397% West Pa Elec pf (1) 52% 41 PullmanIne (3). 108:: 95 West Pa Pwpf (). 7% 6% PureOll.... ’ % 117 104% West Pa Pwr pf (1) 61 49% Pure Oil pf.. ¥ % 13 Western Dairy pf B 10% % Purity Bakerles (1) 7% 2% Western Paciflo pf.. = = SCh 20% Western Union..... 5% 4 Radio Corporation.. 18 Westingh'se AB 50c 50 RadioCorp pf A 3%. 32% Westingh'se Elec. .. 35% Radio Corp pt (B).. 10 Weston Elec Inst. 1% Radio-Keith-Or (k) 29 WestonElec A (2). 4% R R Sec Il Ceat. ... 16% Westvaco Chl (40c) 16 Raybestos-Man (1). 67 White Motor. 3% Real Silk Hosiery. 131 White R’k M sociation at Augusta, on the pending bank bill. He said he felt he had already expressed his views so fully before congressional committees that there would be little more for him to say. Plans for the annual Spring dinner of the District Bankers' Association, at the Columbia Country Club the last of this month, are coming along nice- ly. A large attendance of members is already assured and several prominent Government officials have said they would be present. Gov. W. I. Myers of the Farm Credit Administration has announced a cut into interest rates from 4!: per cent to 4!, per cent physical facility loans to farmers’ co-operative associations. lk 48 94 1)9 1184 2% Warner Bros Pic... 143 Warner Bros Pic pf 21 Warren Fdy&P (2). 30% WessonO &S t1%4. 72 Wesson O&S pf (4). 3¢ West PaElecA (7). 36 West Pa Elec ptf (6) Hat Cpftww (6%) 1% Hayes Body.... 9415 85 Hazel AtlasGl (5).. 150 142'; Helme (G W)pf(7). 16 11 Hercules Mot (60c). 2 15% 15 15% + a 77% 71 Hercules Pw (13%) 1 5% 76% 75% -1 127 122 Herculelclzpt (;;. . 20; l%;‘fn l?’;x 13;“: i 81% 73% Hershey 0¢ (3).a 4 £l o :‘;fl:.fik;: 14104 Hershey Cof ()., 31141 114 " 114 3213 Cap Admin pt A (3) 1 :l,:: :l];; '7]7: s AU o ) 89114 338 Homestake M (135). 2at6 31 318 EDa e 39% 30% Houd-Hirsh A (23) 39 38% 881 — e L T 24 5% HoudailleHeran 5. 9% on — 49 House Finpf (3% 57 57% + e 17% 9 Houston Oll 15% + 11% Celotex Co pf (k) 3% 1% Houston Oil 22% Cent Aguire (1%).. 524 43 Howe Sound (3) 612 Century Rib Mills. . 12% 6% Hudson Motor Car 96% Century Rib M pf 7. 3% % Hupp Motors. [PTSTSE- P Y kil Periodic audiis by Certified Public Accountant Show continual increase in earnings. CHARLES DELMAR Broker Woodward Building OFFICE EQUIPMENT WE SELL, BUY or EXCHANGE Adding Machines Check _Protecto Steel Files Typewriters Steel Cabinets BAUM’S FURNITURE HOUSE 1416 Eye St. N.W. 2 2! 2 92 91 10s 155 155 155 +5 92 5312 58% s 67 65 110% 109% 1171 11714 13 3% 3% 25 20% 37% 10% 3012 10115 1013 13 113 3 9 574 15% 50% — 816 — - 8% Ticker Club Election Today. The annual election of officers of the Washington Ticker Club, an or- ganization made up of New York Stock Exchange brokerage house part- ners and managers, was due to take 38% Cerro de Pasco (2). 23 Certain-teed Ppf... 371 Ches & Ohio (2.80). 36 Chesap Corp (3). % Chi Gt Westn (k) % Chi M1 StP&P... 17% 33 4% 55% 3% 913 I11inols Central 24% Indus Rayon (1. 601; Ingersoll-Rand (3). 46% Inland Steel (1).... 215 Inspiration Copper. 4 Insur Shet Md l4c. 8 Remington-Rand... 71% Remington-R 1st pf 70 Reming-Rand 2d pf. 2% Reo Motor Car, 9 Republic Steel 28% Republic Steel 5% Revere Copper. 37 Wilson & Coal 58 Wilson & Co pf 20 Worth Pump pf B.. 351% Wright Aero....... 73% Wrigley (Wir)t: Ph. NA. 2184 LOANS ON HOMES Monthly Payments % Chi Mil St P & P pf o 2% Chi & Northwestrn. ! e 4% Chi & Northwest pf. 1 5 4% Chi Pneumatic Tool 20 Chi Pneu Tool pf... 1% Chi R 1&P 6% pf( 31; Childs Co 31 Chrysler 20 City Ice & Fuel (2) 87 City lce& Fpf 6% City Stores (new) 12% Clark Equip (80¢c) place at 4:30 this afternoon in the offices of Auchincloss, Parker & Red- path, with Thomas W. Brahany, the retiring president, in the chair. Ralph M. Wolfe is slated to be the next presi- dent. Ny For the first time this year new life insurance written in March showed a decrease over the same month a year ago, the drop being 2.4 per cent, the Association of Life Insurance Presi- dents reports. During the first quar- 5 24 Cluett Peabody (1 T 15 Int Paper & Paw (C) ter, however, new insurance went 10.1 84 161 Colgate-P-P (50¢] 12 4% Int Paper & Pw pf.. per cent ahead of the first three ol " 104 9815 Int Print Ink pf (6). months of 1934. 2 : 7 4% 2% Int RysCent Am... The new call money rate of one-half 31% of 1 per cent on the New York Stock 45% ‘Exchange compares with 20 per cent ?g" in March. 1920, at the height of the L oom. In brokerage circles here today it was doubted if the new all-time low S5 G IntartyPe COID-no=s record would be much of a factor in 57 49 Jewel Tea (3).. increasing the volume of trading. 57% 38% Johns-Manville. Cheaper money, however, is always 73 50 Jomes&Laugh 7%Df. ldfll considered bullish rather than bearish. 4% 2% Yellow Truck.. 21 18 YoungSp&W ¢ 21% 13 Youngstown S&T..: s'a Interboro Rp Tr(k). % Intercontl Rubber. 2% Int Agriculture..... 169% 149% Int Bus Mach (p6).+ 6% 3% lnt-Carriers Ltd 200 33 227 Int Cement (1)..... 43% 343 Int Harvester (60c) 1421 135 Int Harvester pf(7) 27% 1% Int Hydro Elec (A). 2 31, 21a Int Merch Marine... 1 267 23% Int Nick Can (60¢).; 1 130 125 IntNickCanpf (D. 2 1 B OF PFIE SFEEFFTRS as Low as $7.50 r. $1,000 No Commissions No Renewals COLUMBIA BUILDING ASSOCIATION 716 11th St. N.W. Member Federal Home Loan Bank System 55% Reynolds Tob (3)... 43% Reynolds Tob B (3). 21% Roan Antelope Ltd. FEIE FEFE FREFFES 13 3% 3% 8170 168% 4+ 3 4% 4% 4 26% 26% 26% — 21 38w 37% 38y 1141 141 141 + 2 1% 1% - 2% 2% 2% 26% 26% — 1287% 129 o % % 6 6% 64— 10215 103 . 2 2% — % 30% + % 4y 24 —1% 8% - % % + % 815 + % + % 26% 46 37y Sateway Stores(3). 110 104% Safeway Strs pf (6) l;!fi 4% 3 Zonite Products.... 1 3% 3% % Sales of Stocks on the New York Mxchange. 11:00 A.M....... 190,000 12:00 Noon - 310,000 1:00 PM...o000 450,000 2:00 P.M. 550,000 Dividend rates as eiven in the above table are the annus! cash payments based the Tuarterly -yearly b 3P 0% - AUt “".‘»"ai‘fl“',:'.‘}_"?.."‘.‘.m.r e "i’.',m. B roel'cnh‘ arbeing nor- usimn%ex p'”fu # & £r P 2l 284% 4 60 7 28% L.B.A.Chief Finds Business Upturn On National Tour 55 Scott Paper (1.70).. % Seaboard Air L (k). Ofl(Del) (t1) in i 3 nflotlod oy mn idends. k gnuefl. n!lu: wr & OFEEFEEF 2 28 29 IntSalt (1%) 42Y% Int Shoe (2) 17 IntSilver.. 60% Int Silver pt (4) 55 Int Tel & Tel....... 1 ) 5 Colo Fuel & Ir nt(k) 9%, 10% Colo & South. % . 3% Col Gas & Elec. 35%Ccl G& EptA (6).. 341 Colum Pio vto (m1). 67 Columb Carbon (4). 391 Comel Credit (2)... 521 Comel Credit(A)(3) 32% 29 Comcl Cred pf (1%) 114 1097% Comel C 18t pf(63%) NET DEMAND DEPOSITS RECOVER SOME OF DROP By the Associated Press. Member banks of the Federal Re- serve System in leading cities have regained $137,000,000 of their recent CHICAGO LIVE STOCK. CHICAGO. April 16 (#.—(United States Debartment of Asriculture.)—Hogs. 11.000. including 5.000 direct. Market active and 5-15 higher than Monday: 174 top. 9.25; 290-350 pounds. 140-170 pounds, 8.60a9.15; slaughter pigs, 9% AT 57% Traction Bonds in Demand. Capital Traction 5s were in excep- tionally strong demand on the Wash- ington Stock Exchange today, 10 sales taking place at 99, unchanged from other recent transfers. The sales ranged from $3,000 to $500. Washington Gas 6s, series B, were 62‘/4 29% Comcl Cred (B)(2). 56% Comcl Inv Tr 2%+, 17% Comel Solv (t85¢).. % Comw & Southn. ... 29% Comw & Sou pf (3). 27 Congoleum-N(1.60). 9 Congress Cigar...s. 44 Conn Ry&Ltpf ¢%. 7 Consol Cigar....... 71 ConCprpfwwélh. 3% Kans City Southern. 15% Kayser(J)&Co 60c. % Kelly-Spring T (k). 6 Kelly-Sp Tire 6% pf 3% Kelsey-Hayes (B).. 14% Kelvinator (170¢) . 84 Kendall Co pf (6)... 13% Kennecott C (80¢).. }0 Kimberly-Clark [ Special Dispatch to The Star. BALTIMORE, April 16.—Business throughout the country is deflnltdy improving, Ralph T. Crane of the firm of Brown, Harriman & Co., Inc., of New York, and president of the In- vestment Bankers' Association of America told a group of local bankers 8.50 down; good packing sows, 8.15a25; light light. good and choice. 140-160 o Cattle. cl es, aoon Most classes nnevenly strong_to higher. Shippers -omi o a1l graten fed steers and loss, approximating $400,000,000, in net demand deposits. The March de- cline in demand deposits was attrib- uted chiefly to transfer of funds to the Federal Government. e demand deposits of. the banks in 91 leading cities compare as follows: Week ended A Preceeding weel Same week last 9% Kresge (S8)(1). 23Y% Kroger Gr&Bk 1.60. 24 LambertCo (3).... 8% Lee Rub&Tire (50c. 10% Leh Port Cement. .. 6% Lehigh Val Coal pf., 5 Lehigh Valley R R.; here yesterday. Mr. Crane based his report of im- proving business on observations made | § during a coast-to-coast tour which he has just completed. Baltimore is the twenty-second city visited on the tour., | .96 Mr. Crane and Alden H. Little of |17 75 Chicago, executive vice president of the association, were guests at a&|B% luncheon given by the southeastern | mon group of the Investment Bankers’ Association. STEEL BOOKINGS CLIMB. NEW YORK, April 16 (#)—March bookings of fabricated structural steel showed a marked upturn accord- ing to preliminary reports to the American Institute of Steel Construc- shops representing cent of the total industry. 8.8 of bookings was slightly under |7 again popular at 104, while Washing- u“ ton Railway & Electric 4s came out at 103%. Washington Gas 5s, 1958, opened at 104!2 and moved up to 105. In the stock division Mergenthaler Linotype sold at 31, Railway & Elec- tric preferred came out at 104 and closed It 103%. Potomac Electric Power 5!, per cent prelerred opened at 115 md closed at 115%. No sales were reflorded “in Capital Transit stock, the market closing with 18%; bid and 19 asked. The American Stores Co. reported today that for the four weeks ended March 30 sales were off 2 per cent, compared with the like period a year ago. But for the first three months of this year total sales were up 0.6 per cent. The Southern Railway Co. reported & PFebruary net loss of $473,609 vs. net income of $3,104 in February, 1934. eung In the two months the net loss was 184 12% Ludlum Steel. 144 14% 14% — 3 the volume for the same month last | good™and ,..,.,,. oy Antimony, , but were 34 per cent ahead of X $1,014,288 vs. net loss of $336,873 in year, e esdmated rece R emerrow: the first two months of 1934, b - 46 40 MacAndrw &F (13). : 44% 44 4% . | Pebruary bookings. . caflie % ; 000; bogs, 13,000; sheem 1 (;mz.oo. \ 1 4% Consol Film....... 15% Consol Film pf (j3). 15% Consol Gas N ¥ (1). 2% Consol Gas pf (5).s: 1% Consol Laundries. .. 6% Consol Ol (h420) . e 1 Consol Texti] 95 Container Co: . 3% Container Corp (B). 5, Contl Baking (B)... 62% Contl Can (2.40) . 7 Contl Dia F (a160).. 287% Contl Insur (11.36). % Contl Motors....... 15% Cont O(Del)a123e. 1 370-Doun 10.75: U. . TREASURY NOTES. (Reported by Chas. D Blrncy & Co.) Rate—Maturity. -32 Jum lfi. xm_ 12‘1“1]0(_!30 1 14% + T - % 7 -% T4% +2 16 - % 25% — % 24 23% + % 1101 101 101 +1 12102 100% 102 +1% 1163 163 163 +1 20% 20% + % 30 30% — W 3Th 3T — % 1% 1%+ % 1% 1% + % 34% 34% 34% 130 129 130 +1 21 20% 20% 1% 1% 1h+ % 156% 15% 156% — % 40 39% 40 + % e =) choice. = 500-750 common aid medium, 0.00;: com © @ S oRonmmrne olnEFfanmane OU’LL find it is well g worth the very nomi- nal fee to have the e‘penenced management of our Property Manage- ment Department looking after your apartment house and residential properties. B. F. SAUL CO. 925 15th St. Narl 2100 "Mortgage Loans 109% 93% Ligg & Myers B(15) 162 151% Ligg & Myers pf (7) 22 17% Link Belt (60¢). Aan 6.5087.50: cull and 4.50a lmker and leeder cattle: Steers, choice. 500-1050 pounds #5088 mopy and medium. 12,000; fat lambs strone to 18 hi to choice wool ckers; best douhln merely package choice 6 i com= ve and dy ooled hmb-‘?‘f’oouo m local #m‘f..'s' nge 0 AE T e SazEszesscs 2 20s 4 129 126 Loose-Wiles pf 21% - 18% Lorillard P (12.20] % Louisiana Oil. 15% 10% Louisv GEE(A) 47% 34 Louisv & Nash (3 NEW YORK. April 16 (#.—Copper quiet; tlu:tro!vuc spot and future, Blue Eagle, 0. M;’ l"ul,dv spot and nearby. H S e 2 5 2 2 [