Evening Star Newspaper, July 9, 1935, Page 16

FIRM TREND AIDS FEDERAL CREDIT Demand for New Offerings and Prices of Other Bonds Cited. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, July 9.—Judging by the market price of its outstanding obligations and the ease with which | it is able to sell new offerings, the Government of the United States | keeps its credit unassailably high de- spite the large deficit and the record | high total indebtedness. The latest illustration is the new Treasury issue of $500,000,000 notes running four years and five months at the coupon rate of 13g per cent, the lowest rate for such a mnlufl!yi so far, for which the usual large over- | subscription is expected, with bids | padded accordingly. One dealer said | e had put in a bid for $3,000,000 and | expected to receive $250,000 in bonds. The announcement was made over the week end and Government issues held firmly around their high points in the first session thereafter. these highs being close to the record high. Whatever other worries the Treasury may have, it can have none with re- gard to the marketing of its obliga- tions under present conditions. It may be objected that these con- ditions are artificial. and that is true, but it does not alter the fact. Bank funds go into Governments because there is no other place for | them to go. Insurance companies buy Governments because they must have | some return on their investments. Corporations take Governments be- | cause, in balance sheets, as the equivalent of cash. As long as interest rates remain as low as they are and as long as noth- ing new comes to disturb confidence, the Government bond market can | hold. There is no sign whatever of | any change in this respect now. (Cnnymmv 10375, by the North American Newspaper Alliance. Inc.) CORPORATION they figure | he has become quite a youngster as | and leader of nearly 7,000,000 boys | save him. The officials of the home BY GEORGE HURD. IFTY-NINE years ago the first weak whimper of a boy baby was heard in Columbia Hos- I pital and a short time later this same baby was found on a door- step of the Washington Orphans’ Hoime. Yesterday the boy returned to Washington from New York, where the years went by. He is now Dr. James Edward West, the nominal head and men who have, in 25 years, been members of the Boys Scouts of America. Dr. West, now white-haired, has lived a life closely affecting the progress of the District of Columbia. After spending the first seven years of his life in the orphanage officials of the home despaired of saving the jeans-clad, tow-headed boy, who then had developed “white swelling” in his left hip. One last effort was made to appealed to the Children’s Hospital, but after examination attaches of the hospital decided that they could do nothing for him. Placed in Cast. After much ado the hespital finally accepted the boy under protest and immediately put him in a cast. For 14 months the orphanage foundling lay stretched on his bed. Through the efforts of the hospital doctors the boy, | now one of the most active of the | country’s men in the child welfare and character-building field, is back | in Washineton to arrange for what | is described as one of the greatest; | ventures ever attempted for American youth—the National Jamboree of the Boy Scouts of America, to be neld‘ here August 21 to 30. Except for the fact that when he was left on the orphanage doorsteps | those who left him also tucked the | marriage certificate of the father and mother in beside him, Dr. West never would have known who he was. | From this marriage certificate he | learned, in later years, that he was the | son of Mr. and Mrs. James Tyree West. | & He never has known a single rela- | tive. He did learn that within a year | | from the time he was left at the or-\ THE EVENING STAR, WASHINGTON, DR. JAMES EDWARD WEST. D.C.Orphan, Famous Now, Here for Boys Dr. James Edward West, Boy Scout Godfather, Leading Plans for National Fete. —Star Staff Photo. | and also had himself appointed guard- | allow him to call a White House con- ference for dependent children ian to the son of the lawyer with | whom he had studied. Thus he be- | came the foster parent of two boys. To pay for this added expense he | rented a house and ran it as a club. In 1898 he was offered the first judge- ship of the Juvenile Court of the Dis- trict of Columbia by President Theo- dore Roosevelt. Dr. West declined. He made a counter proposal—that in- stead of the judgeship the President granted. He has been executive secretary of the Boy Scouts of America since the inception of the organization in 1910. ‘Thus it is fitting that he should direct the national jamboree here in August, is the twenty-fifth | anniversary of Scoutdom in the United which, after all, States. He had no trouble having his request DIVIDENDS ANNOUNCED ‘ FOREIGN EXCHANGES. | during the D. C, TUESDAY, JULY 9, 1935. WHOLESALE INDEX STAGES ADVANCE Fertilizer Association Finds Rise to 77.5 Per Cent From 77.2 Level. The weekly wholesale commodity price index of the National Fertilizer Association advanced in the week ended July 6 to 77.5 per cent of the 1926-1928 average, as compared with 77.2 in the preceding week: 775 in the second preceding week; 780 a month ago, and 71.6 a year ago. The rise in the index last week followed five consecutive weekly declines, which had resulted in the index falling off 1.5 per cent. Four of the 14 component groups of the index moved upward and iwo declined. The principal advances occurred in the grains, feed and Jive- stock and textiles groups; the ad- vances in the foods and miscellaneous commodities indexes were small. The rise in the grain, feeds and live- stock index was due largely to higher prices for wheat and live stock: the price decline which occured during the last part of the week took the quotations for corn, oats, and rye to new low levels for the curent year. Higher prices for cotton and wool raised the textiles index to 68.5 irom 67.7 in the preceding week. ‘The trend of foodstuff prices was mixed latest week, with four items in this group advancing and three declining. The slight change occuring in the miscellaneous com- modities index was the result of an advance in leather prices which was not fully offset by a decline in coffee prices. A slight drop in cottonseed meal was the cause of the change in the fertilizer materials index. Price declines last week balanced the advances, with 20 quotations mov- ing in each direction; in the pre- ceding week 18 commodities advanced and 27 declined; in the second pre- ceding week 2 advanced and 36 de- clined. FOREIGN MARKETS. By the Associated Press. Remington-Rand Sees Big Increase In June Earnings By the Associated Press. NEW YORK, July 9.—Net profit of Remington-Rand, Inc., for the June quarter will probably exceed that in the same period last year by 125 per cent, James H. Rand. jr. chairman, told stockholders at the annual meet- ing today. Domestic sales for the quarter were $8,258,848, compared with $7,479.968 in the same period a year ago. This is an increase of 10.4 per cent. The special meeting of stockholders, scheduled for immediately after the annual meeting and lled to ap- meating o8 P” | securities seemed almost as long as | prove the proposed plan of recap- italization, was adjourned to July 23. Rand said proxies supporting the "plan had already been received from | more than 51 per cent of each class of stock. U.S. TBEASUBY PDSITION By the Associated Press. The position of the Treasurs on July was; Recelnts. $170K4 87K expend) . $2R K71.457: balance. '$1.541. customs receipts for the month. 0 Receipts for the fiscal vear (since July 1 054,009 ex) res $366.510.- 1%& Vincluding $155 3401 emergency expenditures). excess 'of _expenditures. $204.4K5.110; gross debt. $28.665. 561,590, a_decrease of $4.600. vious day: gold assets I Receipts for July 14 (comparable date Iast_year). S13.108.5 tures $17.648.710: net balance 5 i3y, Clstom receipts for the month. Receipts for the fi 3. expenditures. LEGAL NOTICES. REPORT OF AFFILIATE OF A NATIONAL bank made in compliance with the require- ments of the Banking Act of 19: as of June 29, 19:35. of Wardman. Corporation. ‘Washington. under the terms of the Banking et ot 1933, is affillated with The Riggs National Bank. Washington. D. C.—Charter number 5046 Federal Reserve district number 5 FPunction or type of business. Apartment building. —Manner in which above-named organization is affiliated with national bank. and degree of control: Control in connection with debt previously contracted. | —Pinancial relations with bank: Stock of affiliated bank owned. none: stock of other banks owned. none: amount on deposit in sfilated bank. $90.00: loans to afliated bank. none; borrowings from bapk’ none 1. J. ROBERTS. Vice President and | Treasirer of Wardman- Alabams - Corbo- ration. do solemnly swear that the above statement is true, to the best of my knowl- edge and belief’ 1°J ROBERTS, Vice President and Treasurer Sworn to and subscribed before me this 6th_day of July. 1935 WM. H DORSEY. Notary Public My com- mission expires July 14 FFPORT OF AFFILIATE OF A NATIONAL nk made in compliance with the require: afliated | MARKET FOR BANK Buyers Forced to Pay Ris- ing Prices After News of Compromise Bill. BY BERNARD S. O’HARA. Asscriated Press Pinancial Writer. NEW YORK. July 9.—The market | for bonk stocks has come to life again | after a sleep which to dealers in these | the legendary nap of Rip Van Winkle | Investors have been sampling the market with orders ranging from | small odd lots to sizable blocks, and in the filling ot the bids most of the buyers have hac to pay rising prices. Revival of interest came rather sud- denly last week with the news from Washington that the Senate Banking promise bill with a provision pen-nu- ting commercial banks to underwrite security issues under prescribed limits. | tutions will be able to return to a field which in former years yielded them very substantia’ earnings. They were | barred from it by stringent provisions | ADVERTISENENTS RECEIVED HERE Rivci offll Fealy’s Drug Store, Is an Authorized circulation of Th EQUITIES REVIVES Subcommittee had reported a com- | If this is effectuated banking insti- | included in the banking act and the securities act ¢ 1933. Both legislative | acts were framed in response to senti~ | ment engenered by alleged abuses in the security distributing activities of certain banks during the bull market period which ended in 1929. This injunction tended to quicken the pace of deflation in bank stocks and pull them down to figures which were but smali fractions of their sen- | sationally high levels of 1929. But with the projection of this ray of hope for re-entry into the security business, bank-stock investors put aside their glum thoughts on low money rates and unsatisfactory earn- ings for the banks. Here was some- thing, they reasoned, which promised | some fattening of banking profits now | abnormally lov because of the small demand for cedit. Last week’s buying movement in the | bank stocks was the most impressive of any witnessed since the start of the | slow recovery from the doldrums of 1932-33, according to dealers. REICHSBANK STATEMENT. BERLIN. July © (. —The Reichsbank statement as of July 6 shows the following changes in Reichsmarks: Gold and bullion increased 211,000, reserve in foreign cur- g R R { exchange | and cheques decreased 262.315.000 and other coins increased notes on other banks increa: advances decreased ments decreased K7 creased decreased obligations de: Liabilities decre 40 per cen 4 per cent. l 11th & Pa. Ave. S.E. Star Branch Office Rate of discount e Star—and the impor- EAKE into consideration the widespread tant interest w Classified Section, as whelming volume of hich attaches to the evidenced by the over- classified advertising LONDON.—Trading was quiet on the Stock Exchange todav. Gilt-edged securi- ties were unaffected by the new ten-million | sterling Indian loan, the former being sup- ported by investors' Industrials and gold mining shares eased. due to lack of sup- port. while strength was maintained in the oils. rubbers and trans-Atlantic issues The closing tone was irregular. PARIS—Rentes improved on the Bourse as anxiety diminished regarding the do- mestic political situation. International shares were strong. with the exception of | Suez. which lost more than a hundred! points. The closing tone improved BERLIN. —Selling in the late hours off- set earlier strength on the Boerse, which closed lower. o rl« Hotel Company bich, undes the term of th which appears daily. It takes pronounced results to create such a preference—and Star Classified Advertisements DO Bring Copy for the Star Classified Section may be left at any of the many authorized Star Branch Offices located at convenient points, in and around Washington, rendering their service without fee; only regular rates are charged. Look for the above sign—it authorized Star Branch Office. NEW change sirong others in cents Great Britain. 4981, 60-cay bills mand. 6.647s cables, N2, cables .gnr&vrB»lumm i YORK. July Great 9 @ —Foreign ex- phanage his mother died of tuberculo- e 2 sis in Providence Hospital clared prepired oy the Siancard Statistics At an early age came the intermit- | Coipos tent pain in his hip. A woman who | | had become interested in Jimmy in- | | sisted that he be examined. The | dread tubercular trouble that had Lucks Tiser coms &3 robbed him of his mother was in his | Regular. bones. He stayed strapped in bed. amer Art w - 3 flat of his back, for 14 months, but Amste: T'lflh'olm i tne “white swelling” had gone too far ‘ Buywl PM it to be cured. He was considered a|Cen Pn“& Lt [} hopeless case. |city of N Electric Becomes Leader. Vional Bar demand. number 4470 () 4,987, cables. S Function o TRENDS AND PROSPECTS OF Rl'sulls LEADING ORGANIZATIONS. Sr"r:fl\gt:t i-10 Pay- n “and degree of Cannection with debt previousi Financial relations with ba afliated bank owned. none. s banks owned. none. smount o afilated bank. none: loans borrowings ROBERTS Vice ‘Treasurer of Washington A | Company. do solemnly Sbove statement is frue. 10 the best of o knowledge and belief. 1 J. ROBERTS. Vice President and Treasurer Bworn to and_ subsciibed before \m:(')‘ < i\nnrlxnd Portugal_ 451%: 'Gre 1800 Crechosiovakia FrTh 31 s ).00n, Hunilr\ Argentina, 3" 3 Shanghai exico City. NEW YORK. July 8—The following 1= today's summary of corporation news prepared by Standard Statistics Co.. Inc., New York Libby, McNeill & Libby—Company filed with Securities and Exchange Commission a registration statement no from bank. 221 Bt 1L President_and Montreal in Montreal. lmlmv . n—Nnmm Erie Railroad—Deficit, identifies an five months| Nash Motors Co—Company an- covering an issue of $12.500.000 first mortgage 4 per cent bonds. due August 1. 1955: public offering is scheduled for around July 28 Marine Midland Corp.—Common ghare earnings. six mcaths ended June 30. were 35 cents, vs. 37 cents Walgreen Co.—June sales were up 47 per cent; six months up 8.7 per cent Western Auto Supply sales were up 13.1 per months up 18.4 per cent. United States Steel Corp.—It was sald indications are that shipments of finished steel products by sub- sidiaries of this company in June, 1935, were in neighborhood of 550,000 tons, compared with 598,915 tons in May, 1935. American Power & Light Co.— Preferred share earnings, 12 months | ended April 30, were $2.96, vs. $2.08. Co.—June cent; six Carolina Power & Light Co.—Pre- | ferred share earnings, 12 months ended May 31, were $7.61, vs. $6.17. Commonwealth & Southern Corp.— Electric output of system for week ended June 29 increased 7.8 per cent over like 1934 period: in preceding week gain was 7.7 per cent. Consolidated Gas Co. of New York— . Electric output of system for week ended June 29 increased 1.8 per cent over like 1934 pericd: week gain was 3.2 per cent. Continental Gas & Electric Corp.— | Preferred share earnings, 12 months | ended May 31, were $12.57, vs. $11.09. Edison Electric Illuminating Co. of Boston—Company invited proposals for purchase as a whole at not less than par of an issue of $53,000,000 first mortgage bonds, series “A,” due 1963, until noon, July 15; interest rate will be determined after proposals are received, but will not exceed 3% per cent. Pennsylvania Power & Light Co.— Preferred share earnings, 12 months ended May 31, were $14.18, vs. $15.40. United Light & Power Co.—Pre- ferred share earnings, 12 months ended May 31, were $1.25, vs. $2.26. SHORT-TERM SECURITIES. (Reported by Chas. D Barney & Co.) Bid Offer Alis-Chalmers 55 19 Amer."Beet Suear ¢ ‘Amer. Tel. & Tel Atlantic Refining Bethiehem Steel Calit, Pack. Corp, Canad Ry Ches. & Ohic Ry. 3 Chi. Gas Lt. & Ct Chi. Northwest. Delaware Hudson n & Rio Gr. 4'as Edison El Illum Gen. Pub. Service : 101% bmy T 1940° 1940___ 39 ¥ 1 New York Dock 55 193 ©Ohio River R. R. 5s 193 Penn-Dixie_Cement 6s 1 Penna . Co. 618 1 Binclair Cons Oil 7 Vanadium Corp Watash Rwy. C Warner Bros 6s West. N. Y & Pa. METAL MARKET. YORK. July 9 uP.——Copper quiet: electrolytic. spot and future. 8.00; 730, Tin “stendier: spot and 5"];!0-5 40: futures, 516285 . unc! spot and future, 2.00. Antimony, MONEY MARKET. NEW YORK. July 9 (. —Call money ateady: 's per cent all day. Time loans steady: 60-90 dlys Vs offered; 4-6 months. 1. offered commercial paper. 3 5» Cent Bankers acceptances unchanged: discount rate. New York Reserve Bank. 1!, per cent B TOURS. Visit Canada’s Maritime Provinces. Planned itineraries. 922 Fifteenth St. N.W., Washington, D. C. in preceding When he returned to the orphanage | the pain was as nothing compared to | the feeling that nobody wanted him, he says. The dregs of bitterness was | reached when he was put with the girls to learn to sew. There was a small library at the orphanage, long unused. He prevailed upon the ma- tron to open it so he could read. Best | of all, he got permission to go to| school, not the orphanage school, but | J8 {in the public schools of the District. | That was when he was 12 years old. | & | By the time he reached 14 yelrs,] Jimmy West, the tow-headed orphan, | was a recognized leader. He had long since outgrown the sewing room, so it fell to Jimmy to take charge of his younger friends of the home. Besides taking care of the children and studying, he also did the | home laundry. Through the influ- ence of Allan Davis, then principal | of the Business High School, the crip- ple on crutches got permission to at- | tend high school. He went to school |only four days a week, his laundr | work taking up his other time. He | | made a “go” of high school, and when he was graduated he was the idol of the other orphans in the home. The institution. which only a few years before had considered him a hopeless case, gave him a job at a salary, in addition to his room and board. Won by Courage. ‘ From this time on the story of | | James West was a story of success, | each upward step won by dint of| | much of the stuff of which Horatio Alger heroes were made. He got his chance to read law with an attorney. He tried for a law course. The first university curtly refused his lpn]i-' cation. He finally induced the head of a private law school to take him in, doing stenographic work to pay his expenses. When West was 20 he took one of the boys at the orphanage, RESORTS ATLANTIC CITY, N. J. Gent® Shoe _Corp Do, HydoEL'S C 5 King Royolty |Kigs (S H) & Co spec I 3 Lucky Theer Comb G M 00’ oRO! n3tag 8 Lst ot M.un McP & Br Ao ide B 10¢ N¥ Benseiic com o Sheaffer (W A) Pen pf_s2 Telephone In Tobufn Gold Vai. Deusen 200 Do FKin Simon & Ce b Vireinin Ray pet D DOOOLDD — INSURANCE STOCKS NEW_YORK. July 9 P.—New York Se- curity Dealers’ Association: Aetna Cas (2':a) Aetpa Pire (1.60) Aetna Life (.6 Agricultural Automobile (1)- Balt Amer (.10g) Boston Carolina City of N Conn Gen Lif «~0) Hartford Fire Home Fire Se Home Ins Homestead Lincoin, Fire- Mass _Bony 2 Nail prre 2 Nat: Liberty N Y Fire (15 Nor River_( Ehoenix 2 Prov B Paul Fire (812 Springfleld (42) Sun_ Life_ Travelers U B Fire (1. Westchester ( (a) Including extras. (%) Declared or paid so far this vear. RESORTS. ATLANTIC CITY, D E. EVANS of the hotel to quote rates and give all MONTICELLO & OCEAN END OF KENTUCKY AVE. DAILY PER PERSON ‘350 ROOM and MEALS A Fetter & Hollinger Hote! s (Two in Room) ATLANTIC CITY FREE BATHING e 5 tunY TENNESSEE A V] Blllylg t Pl' Hot s u,.z':‘,:gs autiful Room for Two__° ATLANTIC CITY, N. J. ATLANTIC CITY N. J.—Brighier and more attractive than ev: Hotel ace oda- tions. cottages and apartments (furnished or_unfurnished) at_very reason: cost. Ocean end Connecticut TABOR INN RV, Reduced rates but same qual table mathtained foF past 40 $3.00 UP. DAILY: $17.50 Ownership Management J P & A. M _Dunn ASBURY PARK, N. J. | Hotel Alameda ASBYRY PARK. N 3. h A Spacious porches overlooking boardwalk and ocean. American - Europeal Popular rates. Week-end special, d-u including meals. $5. t'n STEAMSHIPS. New York to NEWPORT, FALL BOSTON 'on Steamers of FALL BIVEI Ll‘vl'in’)zh the protected INLAND wxs'r ' INDIES AND CARIBBEAN GUEST UISES every week with the Great White $leer 10 fo I8 daye $115 and up, Usiied Frait Co. N. Tel. WHiteha! 4-1880 0 c MEDITERRANEA! rope—1I Luze service on fsmous express liners via thi wooth Southe: e. STALIAN LINE. I State §t, N. Y. G \ WILDWOOD, N. J. RLI ATLANTIC CITY. N. The ideal Summer home on account of 1ts great open spaces and directly facing the Sea. For the convenience of prospective guests from Washington and vicinity, our MR. ROBERT MAYFLOWER HOTEL ON THURSDAY and FRIDAY, July 11th and 12th, WALTER J BUZBY, lnc. PR B R e S R R L T T N R TR T ) Sfotel staff, will be at the information. OCEAN CITY, MD. Board Nl HASTINGS HOTEL 22 Parking !vul‘eg Snnlll rll:s lntll July 25. COLON[AL $13.50 Mr. -nd M From $3.25 Daily. on lolriwlll $3.00 up y Ng_ AN lml Blihln(. " VIRGINIA_ In the Mountains of Virginia. Hotel and Co"ll’!l (nnr) Orkney 9th _se: s the most unique Spri; $2.50 per per week: 2000 things to eat fresh from gEr sargens: swimming. bowling. dancing. of our guests stay all Summer Sy s eat. mosquitos. foul air. Here the air cool and bracing. WERNERSVILLE. PA. /American Plan, 33 Dally, $25 Widy. Teapis Courts always in excellent coudnmn 'l'cummenn nd matches for everybody. Swimmi all other out- door sports. 27 hnln ol Golf, Dancing, Special ized recreation ] ous - Food. ended May. income of $i 31 was $743,906. 885. vs. net nounced & new car, the Nash 400, priced at $675, f.0.b. factory. expires July 11 RICHES > ROMANCE > MYSTERY > ADVENTURE Follow the adventures of Nina Wilcox Putnam’'s charming heroine each Sunday in It may have been Christophine’s good looks. It may have been her charm. But whatever the reason, there was no denying the fact that this capable young business woman had suddenly become involved in a most exciting romance—not to mention a daring jewel robbery . . . and the strangest kidnaping plot the police had ever encountered! Moreover, as traveling secretary o the richest adventures THIS WEEK Join Christophine this week-end in the pages of THIS WEEK. Follow her in America's cities—adventures rich with romance, busiest full of surprising situations, and girl in America, Christophine discovered some amazing facts about her native land certain places of interest right here in this city— . including places which many of us may have overlooked. brightly told by Nina Wilcox Putnam. e Sunday Star