Evening Star Newspaper, July 3, 1935, Page 9

CURB LIST TENDS T0 HIGHER LEVELS Utility and Oil Shares Lead Late Rally—Small Gains Recorded. By the Associated Press. NEW YORK, July 3.—Curb market stocks rallied during the final hour of trading today, enabling the majority of shares to end the session unchanged to modestly higher. Power and light holding companies and some of the oil stocks made the best showing. Trading was more active during the last hour. BONDS ON THE CURB MARKET. DOMESTIC BONDS. High. Low. Close. 4104 4 873, 10915 102 983; ¢ Aboott's Dair m ‘42 Alabama Pw 4! &E m G & Pow 5s Amerd’ s Pow b Amer P & L 63 2018 AR Rell M a< i Am Seatine 65 Appalach Pow Arkans P & L El Ind 47 40 103 . 10% 71013 100% 6R1: 67 P Eon"Gs Bito 4s Con Gs Ut fis A € GU Consm Pow 412 Consm_ Power Cont G&E, Crane Co_5s = Crucible Steel 5s “40_ Cub Tel = Cudahy Pks “ 100% 100 211 903, 4 | Celluloid Corp | Cent Hudson G & % | Columb O&G vte. By private wire direct to The Star. Stock and Sales— Dividend Rate Add 00 Bigh Low Close Afnsworth (a1%). 1 28% 28% 28% AirInvIncwar.. 20 % % % Ala Gt South (b2) 50s S1% Als Pwrpf (7). 1108 75% Allted Mills Ine. . 18% Alum'n Coof Am. 850- 5 Alum'n pf (1%)..150s 85% Alum'nLtdcupf. 1 Am Beverage. . 1 Am Cty P&L A (318758 Am CitiesP&L(B) 12 Am Cynam 40c B. 34 Am & For Pw war 4 AmGas& E1.40. 25 29% 29% 20% Am G & E pf (6).. 50s104% 104% lom Am InvestInc... 1 3% 3% Am Inv Inc war. & & Am Lnundry(mc) 1608 15% 16% AmLt& Tr1.20.. 23 123 .12 Am Maracaibo 2 Am Meter Co Am Supefpower. . Am Sup'pw 1st pf Am Sup'owrof... Appalachan Elec Pwrpf (7)... Ark Nat GasA. .. Armstr Cork(50¢) Art Metal W(40c) AsS0G & E (A) Asso Elee Ind Lta Asso fln; & Elec.. Atl Coast Fisher. Atlas Cerp.. Atlas Plywood Auto Vot M t50¢) Bellanca Aircraft Bliss Co (EW)... Blue Ridge Corp. . Bower Roli B (1), Brill Corp (A)... Brill Corp (B) Brillo Mfg (60c).. Brit-Am Oil coupon (80¢). Ruff N&EP pf 1.60 12 23 Buffalo Niag & Eastpt 1t pf 5. 4505100% | Bunker Hill&Sul. 75s 43 | Butler Bros Cables&Wire (A). Cables&Wire (B). | Can Indus Alco A. Can Marconi. Carrier Corp. Caralin Corp 22% 23 98% 100% 424 42% 6 6y 1% 1% bl ke 8% 84 2 2 16% 15% % 1% Ectfs (80¢) Cent States Elec. . Cent States Elec 7% of... Charis Corp (114) Chesebrough (14) | Ch1 Riv&M (1%). Childs Copf. ..., 190s 2 Cities Service 99 Cities Service nf.. 5 Cities Sve pf BB. 208 Cities Sérvice Pw & Lt $6 nf 5 | Clev Elec L1lu «2). Cleveland Tractor Colt's Pat F A 1% Columbia Gas & Elec cv f (6)1000s 69% n % 12 831% 3 & 14% 2Ty 1 508 Com'with Ed (4). Com'with&So war Community P & Lt | dst pt: To00 | Como Mines.... | Cons Aircraf: | Cons Cobpe Cons Gas of Balto (360)., Cont GRE pr of 7. | Corroon & Reyn. . | Crane & Co.... | Creole Petroleum. | Crocker Wheeler. | Croft Brewing. .. | Crown Cent Petr. | Cuban Tob vtc. .. Cusi-Mexicana M. Distillers C-Seagr 9 804 258 71 16 3u ..2008 13% 4 1% ¢ | Doenier Die Cast. % | Dow Chemical (2) Intersta Pw Intersta Pw L Inter D !nterl! PS. Co 5 B PSR 3 Nat P § 55 '78 codt___ Nelsner Bros fis '48_ Nevl'i:‘ Callf 55 "5 45 1003 10014 1003 1003 1 i 0t 104% uu a3 2 o & a5 ] a8% o 95 0812 1081 108 108 " Joa 3. i 5 W S92 _wiao o o Y 0> alimg= Q o = o G’ o g 2 FE ot LM EE e H S - Iy 53 C 5 t > o -, o = g0 g L) Duke Power (3).. 2 Duval Tex Sulph. | Eagle Pitcher Ltd 1 5% Eastn G&F A of 6 4758 46 | Edison Bros (1).. 2 31% Elec Bond&Share. 299 915 Elec Bd&Sh pf (6) 2 56 Elec B4&Sh pf (6) 7 63 Elec P Asso (32c). 8 34 ElecPAsA (32¢). 5 2% Elec Pw & Lt opt war % Elec Share pf ww.100s 73% Emp G&F 6% of. 50s 22% Emp P part ($50¢) 1 17 Equity Corp. ... 1% European Elec Ltd (A)(60c) Ex-Cell-O A&Tool Fairchild Aviat'n. Falstaff Brewery. 12 | Fed Bake Shops. . Ferro Enamel fe Fidelio Brewery. . | Fisk Rubber ... 4 €1 Fisk Rub pf (6).. 100s 67 Flintkote (A) (1). 1 18% | Ford Mot (Can) T 2% -48 0a 10% llI:‘z l""z 103 100 10i%a 108 iR 10 10% Dl bev e 103 7103 103 5 : E s 5100 Stand G & E 65 'd6 Stand Invest 3 Stand P & L 6 Sup of 1i 4720 68 Sup of 1Il 4125 70 Tenn El Pow 5s Tenn Pub Ser 5s '7 Texas Elect 503,60 Tex P & L 55 '56_ Tex P & L Therm 48 342 10 103%; 2103% 103% 103% S+ T 'a R4 995 00y % 104% 104 ° 1044, 10212 102% HI"‘r: B0 80 B0 96% York Rwy bs 47,,_.102'/4 lO?h FOREIGN BONDS. s Tel Dlnllh Con 04 nid RMB 55 61 e B Stlnnfl l! o 'm “g.’l BALTIMORE STOCKS Special Dispatch to The Star. BALTIMORE. July 3.— Sales. STOCKS. High. Low. Close. 505 Arundel Co: 240 Black & Decke; zb Oon.%llcfi‘l oi D lli'a 11'5% 113 13 De & i-,"' e 603 Howsteon BV 200 Maryland cas - 10 Merch & Miners. W P8 7 610 U 8 Pidel & Guar 10 100 welt Md Dairy pt $2000 Utd R & E 18t 45 1000W B & A 5s cti_ 313 io; 02 12 5 U. S. TREASURY POSITION. By the Associated Pnu The Douflon Mlfl 6875, 3‘52. customs receipi Excess of m#‘a&""fi" assets, SB.!U.W!.‘IL THE EVENING STAR, NEW YORK CURB MARKET Stock and Ssles— Dividend Rate Add 00. Hieh. l"nrdIl.ldll'l'll 6 8% ' N “ Froedtert Gr & M conv Df (1.20)300s 16% 15% 15% 26% # Garlock Pack (1). ; 2:% 26% u 12 81 19 9% 144 4 6% 3 Gen Elec Ltd reg 114 14 conv pt (B) 6 19 JE% Globe Under (50c) 1 Great Atl & Pac Hall Lamp (al0c). 7 6% 6% Harvard Brew.... 8% 14 10% 10% 14% 99% | Stand C&S (2.40). Gen Alloys. . # (b30%c). ... Gen Gas & Elec 50s 12 12 Georgia Pw f (6)200s 81 80% Glen Alden C (11) 9% 9% Goldfield Consol.. 10 & Gorham vtcextal 1 uu 4% Tea 1st f (7) Wll%% 125% 126% Gulf Oflof Pa.... 63% 63% 1 4 4 Handley Paige prpf (a21 9-10c) 7 3% 3 Huzeltine Corpt1) 1 8% 8% Hecla Min (a10c). Hollinger G(1650) 6 1i% 14% Horn&Hardt 1.60. 258 24'¢ 24% 24% Horn&Hardt pf(7; 20s 106 10b ms Hudson Bay M&S. 16 14% Humble O1l (1) 16 57% Food.... 2 de Syl 508 11l Pw&Lt 36 pt.. 1008 Imp Oil Ltd coupon (t60c) 25 Imp Tob Can t35e 1 Imp Tob Grt Brit & Ire (a71%c) Insurance Co of North Am (2) Int Cigar M (180) inu Hydro Elec | System cv pf 225s Int'l Mining a30c) 2 Int'l Petm (11%). 20 intl Util (B). 3 Interstate Power Delpf.... Jersey Central P&L pf (5%) 60s Jones & Laugh St1100s Kirby Pet (al0e). Klein (DE) "t1). Kreuger(G)Brew. Lake Shore M(12) Lefcourt pf m1%. t.eonard Oil Lerner Stores (2) Libby McNeill&L. Lion Oil & Ref... Loblaw Groceries Ltd (A)(1).. Lone Star G alse. Long Island Light Long Island Light of A (7). Loag :lllnd L bouhlnnl L&Ex.. Lynch Corp (3).. McCord Rad (B). McWil Dredge(t2 | Marion Steam Sh. Maryl'd Casuaity, Merritt Chap & S. Mich Gas & Ofl... Michigan Sugar Mich Sug pf...... Mining Co (Can).. Minn Mining & Mfg (t60c). 758 16 Mohawk Hudson 18t-pf (4)....300s Monawk H 2d pf. 200s Molybdenum..... 2 Montreal HLt & Pw (1%).... Moore Drop Forge A (b1.50).... Mount Prod (6uc) Nat Bella Hess. . Nat Container (2) 1008 Nat Contain PE(2) 508 3 Nat Fue' Gas 1 NitP& L of ( 1 2008 14% 57% 1% 36 29% 19% 13% 34% 2 3 1 30 12% 108 258 5 1 708 79 t 268 67 69y 31 10% 29% 31 258 59 70% | 4 2% | 1 2 5 1 2% | 4415 | Stan, Nat Service...... 57 Nat Sugar N J (2) 2 Nehigh Corp'n pf. 100s New Brad Ol 20c. 4 NJZine (2)..... 1508 New Mex&ArizLd 3 Newm Min (al).. 5 N Y & Hond (11). 100s 541y N Y Tel pf (6% ). 200s117% 1178% Niag Hudson Pwr 54 7 6% Niag Shrs(Md)B. 7 5% 5% Niles-Bem-Pond. 3 22 22 Nor Am L&P pf.. 1508 15 14 Nor Am Util Sec.. 14 3% 2K Northam Warren conv pf (3).. 41% 4% Northern States Power (A)... 1 13y I:N Novadel Ag (2)... 1 21% 213 ©Ohio Power pf (6) 508106 xosu. 106 Outhoard Mot (A) 1 6% 6% 6% Pac Gas & Elee istof (1), 3 Pasific Public s Sve pf (320c). 8 13% Pac Tin spec (1). IOOI 30 Pantapec Of1. 1% Parke Davis l'l Farker ftust P(3) 2008 Pennroad Corp... Penn W & P (3) Phila Co (80c) Phoenix Secur . Pines Winterfron't Ploneer Gold Mines Ltd (80e)... 1 Pitnev Bo P (20c) 1 Pitts& LE (2%). 508 56 Pitts Plate G1(12) 7 | Premier Gold (12¢ 15 Prod Royalty 2%e 5 Prop’ties Real vte Prudenvial Inv... Puget Sound P&LS$50t.. Puget Sound 758 15% 12% 1% 8% 6112 1% 7 1 64 64 64 66 65% 66 1 16% 16% 16% 3 1003, 100% 100% 108270 270 270 3 58% 68 58 6 4 3% 4 258 38% 5 1 Square Deal A 2.20200s 258 23 1 Roosevelt Field. . Root Ref ev pr pf. Ruberoid Co (1) St Regis Paper. .. Salt Creek P (80c) Selected Indus. . Selected indus allot cfs (3%) 508 Select Ind pr(3%)150s Shenandoah pf. Sherwin- Wil ¢ Singer Mfg (16) Smith (A ). South Am Gola & Plat (40c). Southn Calit Edis of (1%)..... Southn Calif Ed pf B (1%) Southn P L (30c). 38y 25% 4% 32% 34 21% 10 16 95 Stand Oil Ky (1) Stand Oil Nebr Stand Oil Ohio 1 Stand 0il O pf (5) 1008 Stand Stiver& L. 15 Starrett Corp pt 2 Sunray Ofl.... 20 Sunshine M (1.20) 28 Swift int) (3) k2 Swiss Ol (40c). Tampa Eleo (2.24) Technicolor Inc. . Teck Hughes( 40 2 Texas Gulf Prod.. & Tezon O&Ld(60c) 13 Thermoid cum of. 258 ‘Tob Prod Ex(10e) 1 Tobacco Secur Ltd (k75 4-6¢) Tobacco Secur Ltd def k17%c. . Trans-Lux Laylite Pz 8n (20c). Unit Carr F (1).. Unit Chem pt pf. . Unit Founders, 1% 1% W 1 1 116 30% (Unlx Gas Corp pf .. Unit Lt&Pw (A). Unit Lt & Pw of. . Unit Milk Prod... 25s Unit Molasses Ltd (a63-5¢) 4 Unit Shoe M 123 .125s Unit 8h M pf(1%) 110: U 8 Dairy (B). U S Foll (6ve) U S & Internat’l Sec 1st pf ww Unit Stores vte... 4 Unit Verde E(40¢) 10 Utah Pwr & Lt of (31.16%c) 268 2! Utle G&Elec pf(7) 10- Utilitles P& L. ... Otilities P& L pf . loo- Utility Bauities. . Utllity Eq pf(33%) 25- Venesuela Petrol, 2 Wa.ker (Hiram).. 13 W Va Coal & Coke Woodley Pet(30c) ‘Woolw (F W)a73e. Wright Har 140c. Yukon Gold...... aDividend rates tn doliars mly I-I-oln De! Bavommnme ~ WASHINGTON, Heavy Demand Expected to Follow Recession of Holiday Week. By the Associated Press. NEW YORK, July 3.—Sharply cur- tailed production schedules feature the steel industry this week, due to the holiday, but a substantial demand is looked for next week, said Iron Age today in its weekly summary. Ingot output on the eve of the holiday shutdown was 32 per cent of capacity and the average for the period may fall well below 30 per cent. according to the review. In the previous week production was rated at 38 per cent. “A low operating rate is in line with seasonal expectations,” it said. “The Summer recesstion, however, will be less severe and of shorter duration than in 1934, according jo prevailing views in the trade. Auto Orders Foreseen. “The automobile industry, in keep- ing with its plan to start production of new models in September, will doubtless resume the placing of sub- stantial steel orders in August. “Agricultural buying power, thanks to ample precipitation, is the best in four years; farm equipment plants remain active, though in & between- season period, while tractor manu- facturers are still falling behind in their efforts to catch up with back orders, “The nascent revival of residential building, the growth of factory con- struction, the appearance of inquiries from the oil industry for pipe lines and refineries, and, finally, the in- creasing diversification of miscel- laneous orders for iron and steel, are also suggestive that the basis is being laid for a broad business improve- ment. Scrap Points to Rise. “Scrap, always a sensitive barometer, likewise points to early trade im- provement. A Youngstown district mill has closed for upward of 50,000 tons of steel-making scrap without developing further price weakness, and at Chicago a consumer purchase has resulted in an advance, raising the Iron Age composite from $10.71 to $10.75 a ton.” Pig iron production in June was 1,552,514 tons, or 51,750 tons a day, compared with 1,727,095 tons, or 55,718 tons daily, in May. INVESTMENT TRUSTS NEW YORK. July 3 Security Dealers' ‘Association (Noon quotations.) Bid. _ 148 7 Corporate Trust A Corp Tr A_A mo Corporate Trust Atenrgd!er 'giab-’.i%ki-bg;-;'fiie'—b-b‘ BRI gt 235 2% | 8 Super Super Superleed 8hrs Trust Fund Shrs Trusteed Indusiry [3 Trusteed N Y Bk Trusteed Am Bk . —New York Asked. | D. C., WEDNESDAY, Expenditures for New Roll- ing Stock Increase Far Above Last Year. Bpecial Dispatch to The Star. NEW YORK, July 3.—Expenditures for new rolling stock announced by transit companies during the first half of 1935 were greater than those made during the entire year of 1934, ac- cording to information compiled Ry the publication Transit Journal. The total value of orders placed and bids asked this year amounts to approxi- mately $42,500,000, as compared with about $18,500,000 spent last year. More than 2,500 vehicles of various types are included. A total of 1251 electric rail cars are included in the orders already placed and those now pending. One large operating company has asked for bids on a lot of 500 street cars and another on a lot of 100 street cars, In the rapid transit field an order has been placed for one lot of 26 cars and another order for a lot of 125 cars will be placed as soon as ap- proval is obtained from the regulatory authorities. Another large rapid transit system has asked for bids on a lot of 500 cars. In the first six months of this year, ‘Transit Journal continues, 130 trolley busses were ordered, as com| with 58 bought during 1934. The high record of trolley busses bought during any previous year was 116 purchased in 1830. Motor bus orders placed by transit companies during the first half of this year total 1,205 vehicles. Should this rate of buying continue through the remainder of the year the total for 1935 will be 2,410 vehicles of this type as compared with 2,087 bought in 1934. The high record of motor busses bought by the transit industry in any one year is 2,125 purchased in 1928. Among the companies which have been particularly active in the pur- chase of new equipment are the East- ern Massachusetts Street Railway, United Electric Railways of Provi- dence, R. 1.; the Brooklyn-Manhattan Transit Corp., Public Service Co- ordinated Transport, Capital Transit Co., Washington, D. C.; Indianapolis Railways, International Railway, Byf- falo, Columbus Railway Power & Light | Co., Chicago Surface Lines and Kans- as City Public Service Co. NEW YORK BANK STOCKS YORK. July 3 #.—New York | Security Dealers’ Association: (Quotations as of 2 o'clock.) Bk of Man (1'2) Bankers Tr () & Corn Ex Bk & T (3)_ Empire Tr (1) Pilth Ave (34%) Pirst Boston Corp (12 Farst Nau (100) Guaranty Tr (12 Irving Tr (.60)_ Manufacturer's “Including extras. FREIGHT LOADINGS. ORK. July 3 (#.—Revenue WY froeht cariondines. on. rallroads TCPOTIIAE wi today for week ended June 29 included: Week Prev. June 0. week, N, Y Eentral 0" 66.540 urling Pénneivanty Missourt ipo =0 Norfolk & West'n 093 01 | BIDS FOR BALTIMORE TUBE. NEW YORK, July 3 () —It was re- | ported in Wall street that Revere Cop- | per & Brass, Inc., has submitted a bid | JULY 3, 1935. Despite XTENSION of recovery move- ment this year in the distri- bution of goods has been dis- appointing, according to the Alexander Hamilton Institute. The index of the value of wholesale trade, based on 1929 as 100, averaged 54.3 during the first four months as com- pared with 50.3 for the corresponding reriod a year ago, an increase of 8.0 per «cent. This increase in value, however, was more than ofiset by the higher price ievel and the quantity of goods sold was apparently lower than a year ago. The index of the value of retail trade for the first four months was 56.8 as compared with 55.9 last year, an increase of 1.6 per cent. The quantity of goods sold this year was apparently at a new low for the dspression. NEW HIGH REACHED BY POWER INDEX Week’s Total Holds Near Same Level Despite Seasonal Trend. By the Associated Press NEW YORK, July 3 —The Associ- ated Press adjusted wrekly index of clectric power production advanced 0.4 of a point for the last week to 99.3, & new high for 1935. The level for the wek ended June 29 also was above a year ago when | the index stood at 37.0 The index, based on 1929-30 as 10C, is adjusted for seasonal and long-term trends The range of recent years follows: 1935 1934 1933 High 995 974 91.9 Low 94.9 91.9 80.2 The Edlmn Electric Institute today placed the power outpu’ in the United States for the week ended June 29 at 1,772,138,00C kilowatt hcurs. This was 0.1 of 1 per cent unde- the previous week and 5.0 per cent over the same | week of 1934. For the week ended | June 22 the gain over the same week | of 1934 was 6.0 per ent. All sections of the Nation reported gains last week over a year ago. They were New England, €.7 per cent: Middle Atlentic, 4.4 per cent; Central Industrial, 2.3 per cent: West Central, | 3.3 per cert; Southern States, 6.8 per cent; Rocky Mountain, 28.4 per cent, and Pacific Coast, 2.1 per cent. FEDERAL LAND BANKS NEW YORK, July 3 (7 .—Federal Land Bank bonds (Quotations as of 2 o'clock.) Bid Askee uly. 16554, July, FOREIGN MARKETS. By the Associated Press. LONDON. —Gilt-edged _securities tinaed aa ihe_Teaturs on change today with big Industrisls. West Australian miring shares Qrmed. while bujiness ] PA -Rentes moved 1"!!“[“11 on the Bovrse today. while industrials were ' generally lower in an idle and listless market Suez issues were strong. while con- X~ 6,976 | other international shares were irfegnlar 1K2 BERLIN —Prices on the Boerse were firm. with _automobile and_ electric shares selling at higher prices. The closing was quiet after a small turnover. TWIN CITIES DEPOSITS UP. ST. PAUL. July 3 (#).—National banks in St Paul reported deposits | as of June 29 at $157,556,921 an in- Increase in Value Export trade was less favorable than domestic trade. During the first four months, not only the quantity of goods sold abroad was lower than last year, but the value of exports declined from $705,000,000 in 1934 to $689,000,000 in 1935. The apparent curtailment of the quantity of goods distributed this year suggests the sccumulation of a sur- plus, in view of the relatively high rate of manufacturing activity. The existence of this surplus is one of the important factors foreshadowing an eventual set-back to the recovery movement. While a larger harvest this year will be favorable in so far as the long term is concerned, it is likely to be an unsettling factor in the immediate future, according to the institute. Cement Producers Lose Part of Gain Recorded in 1934 By the Associated Press. NEW YORK, July 3.—Reports in well-informed trade quarters indicate cement producers are losing part of the advantage gained in 1934. May shipments amounted to 7428.- 000 barrels compared with 8,748,000 in the same month last year and ship- ments in the first five months aggre- gated 24,302,000 barrels, a decline of more than 8 per cent from the same period a year ago. Delay in getting the work-relief pro- gram going has been a prime factor Jn the adverse turn, according to | trade observers. SHORT-TERM SECURITIES. (Reported by Chs. D. Barney & Coy. Allis-Chulmers Co. 5s 1937.. Amer. Beet Sugar 6s 19402 1 Am. Tel. & Tel 538 104 Ausntc Refining [ Be}hleh Steel Ca 78 1040 Ches & Dhlo Ry. 6! 1939 | Chi Gas Lt. & Coke bs 1 En1 Northwest @ias 103 Delaware Hudson blss 1 a Dep & Rio Gr 4155 ‘10 2 | | Bdfson E1. Titum. 481036 Gen. Pub. Sei g | 10 Grell Northern .y 93 | | Hlinoly Centzal o%s '3 Intl el & Tel 41z 1 Lake Etfe & West. 45 1 Lebion Valiey ¢ con Sl Lovisvile & Nash 5% Michiean Cznu-l 45 194 NY &St'L 4s New ‘Yor¥ Dock 5s Toak- - Ohio River R R. 58 1937_ _ Fenn-Dixie Cement fs 1341 Penna R R. Co. 6ias 1936- Pute il Co iz 163 = Rep Iron & Steel 58 1940" Rio Gr Western 4s Sinclair Cons. 01 78 1 | Vanadium Corp. 53 l'ul | Wabash Rwy. Ci | Warner Brod West. N. Y. | | . U. S. TREASURY NOTES. (Reported by Chas. D B-rney & Co) Rate- Maturity 5 Anz. NEW YORK PRODUCE. NEW YORK. July 3 (. —Butter, 17.985; smdy. creamery, extra (92 score), 233: | s (88-01 scores), 22a23'z; other les tnchange quiet; prices un- 37 l 260; Rl gs. ' 34,308; trregular, g Standards "and 25%a: 1= pound: | Taixed ealnu wiichas wed Live poultry firm | 14a22: fowls, 14a19; | unchanged. Mixed colors: relal standards, 1 other eight: Broflers. | other reight grades e i United States Finishing Co.—Final | decree in reorganization plan of com- | for the purchase of the Baltimore Tube | crease of $24.622,448 over the same | pany and its subsidiary, Queen Dyeing Co. The latter has total assets of date a year sgo. Minneapolis banks Co. under section 77-B of smended around $6.250,000, according to the | reported deposits at $341,689.154, an | bankruptcy act, was signed by Federal December 31, 1934, balance sheet. increase of $41.264,220. Judge Mahoney, Providence, R. I A9 STEEL RATE SHOWS | SPENDINGBOOSTED| Trade Volume Shouws Decline (7| 40K REMAINS SUBSTANTIAL DROP/BY TRANSIT FIRMS DARK FOR UTILITIES Market Displays Languid Gratification at Defeat of “Death Sentence.” BY GEORGE T. HUGHES. fpecial Dispatch to The Star. NEW YORK, July 3.—The response of the stock market to the news of the defeat of the administration in the House of Representatives on the- “death sentence” in the public utility bill was not particularly impressive. Even after the President’s wishes had been overridden more decisively- on a record vote, the market evidenced - only languid gratification. It would be unsafe to assume that this attitude will be maintained. The present market has a record of re- flecting news after the event rather than discounting it in advance, and it may yet initiate a broad upward movement in the public utility stocks. However that may be, it is in order to point out that conditions con- fronting the utilities, entirely aside from the proposed legislation, whether modified or not, are unsatisfactory. The situation is that utility man- agements are forced to pay a steadily increasing tax bill, to provide for con- stantly rising costs, both for labor and materials, and to take into con- sideration the prospect of reduced rates. There is no reason to believe taxa- tion will become any less burdensome, but quite the contrary. The trend of costs is upward and there is no sign of any reversal there. The best that any utility can hope for is that the charges it makes for services it sells will be unchanged; the worst, that they will be reduced. Then the utility executives know that public regulation, whether im- posed by the States or the Federal Government, is destined to become . | more rigid rather than less. Under the circumstances it would be logical to exercise a degree of discrimination with regard to the utilities. The cutting out of the “death sen- tence” in the House bill is not to be minimized. It is important not only with regard to the utilities, but in that it testifies to a more conserva tive treatment of other controversial New Deal proposals. To that extent . it is constructive and ought to be helpful to the market as a whole, but it does not change the immediate outlook. (copyrignt. Yo35 by the North American Newspaper Al | See Me e o or ” fl ! Los Angeles, $39.50 Richmond, $3.00 NEW YORK (Six Thru Expresses) 5.50 NORFOLK (Stops U.S. Naval Gate) 4.20 Phone District 5600 INANNAPOLIS HOTEL &23° %l BET. 11thend Also ticket orders at Western Union offices GREAT EASTERN = bus system CELEBRATES INDEPENDENCE! ® Again ARROW BEER celebrates its independenee by being entirely different from any other beer in Washington. ARROW is premium beer at the regular'price. It looks different - tastes different - is different. The people who drink ARROW won’t drink any other beer. Only in ARROW do they get the real beer flavor. Make this test: Drink ARROW for two weeks yourself and you'll never be satisfied with any other beer. Globe Brewery, Balto., Md.