Evening Star Newspaper, July 13, 1935, Page 14

IA—14 ** FINANCIAL, THE EVENING STAR, WASHINGTON, D. C., = SATURDAY, JULY 13, 1935. FINANCIAL. YORK STOCK EXCHANGE ASKS SAFEGUARDS TRANSACTIONS ON THE NEW SUPPORT APPEARS ON UNDERWRITING A. B. A. Committee Opposes Plan to Lift Ban in Present Form. BY EDWARD C. STONE. Rudolf S. Hecht, president of the American Bankers' Association, says that the association’s Special Com- mittee on Banking Legislation does not favor the congressional proposal to allow banks to underwrite securi- ties or to act as distributors of such issues unless granted certain safe- guards. The A. B. A. committee is favor- able only to what is known as “true” underwriting, in other words, the pur- chase of unsold investment securities from investment bankers, thereby being freed from all liabilities of sec- tions 11 and 12 of the securities act of 1933. The special committee has given much careful study during the last week to the proposed banking act of 1935 as it now stands in Congress. The exemption from liability is not in the Senate banking bill, but it would permit in a limited way the underwriting of securities when ap- proved by the controller of the cur- rency. With the liability clause not in force the bankers would be favor- able to the underwriting proposal. The association’s committee as far back as last February decided that the banks should be allowed to en- gage in the so-called “true” or Eng- lish type of underwriting. This re- port was adopted by the A. B. A. Executive Council. If banks took up from the investment houses unissued portions of flotations, or extended temporary loans to underwriters dur- ing distribution, they would neither be issuing nor distributing securities in a manner that would carry any liability. Committee Is Conservative. In short, it appears that President Hecht and his associates are both conservative and cautious. They are bound to keep these institutions out of any possible pitfalls after all the banks have passed through since the Wall Street tumble and its after- math. Other members of the A. B. A. Leg- {slative Committee taking part in the recent discussions are Robert V. Fleming, first vice president and president of Riggs National Bank; Tom K. Smith, second vice president snd president Boatmen's National Bank, St. Louis, and Winthrop W. Aldrich, chairman of the Chase Na- tional Bank of New York. These financiers have avoided con- troversy on this phase of the bank bill, displaying comparatively little concern in the matter, either way, compared with the opposition they developed to that part of the act which would center so much added power in the Federal Reserve Board. New York banks are more con- eerned than any others in the se- curities angle of the proposed bill. It is expected that the banking measure will be disposed of in Con- gress before long. President Hecht is optimistic on the outlook, believing that a bill aimed in the direction of an improved banking system can be worked by Senate and House con- ferences. Investment Field Held Unique. The Securities Commission uses co- gent language when the facts seem to justify it. It says that the object of a proposed stock issue was “pri- marily to extract gold and silver from investors in this country for the benefit of the promoters and only incidentally to eextract gold and silver from mines in distant Mexico. * * * So much is siphoned away by the pro- moters from the money contributed by investors that an almost negligible equity is the return for the cash con- tributed by the public.” So, that particular group will not dip their hands into the Nation’s capital reservoir and mulct the in- nocent, Spere Magazine comments. No outside agency can keep a fool attached to his money, but even the Tool is entitled to some sort of break. ‘Thus, one does not have to know the value of dry goods if he buys from a reputable store. He can have faith in the price and the quality. Only in the investment field, hitherto, have crooks been permitted to operate freely, and they have done more to create radical political opinion and undermine capitalism than all other influences combined. Knappen Discusses Wealth. ‘Theodore H. Knappen of Washing- ton, one of the associate editors of the Magazine of Wall Street and ‘widely known economic writer, dis- cusses “Sharing the Wealth” in the current number of the magazine. In his conclusions he comments: “Income returns show the savings of families having less than $5,000 incomes are comparatively small, and the Nation must depend for its ex- pansion and replacement of capital ‘upon the snvings of those with larger incomes. * * “If the present nlnoml income ‘were evenly distributed the savings would be utterly inadequate for maintenance, to say nothing of growth. * + = “The larger incomes, therefore, are the mainstay of prosperity. Indeed, they constitute the main foundation for the hope some day everybody will have abundance.” Fire Insurance Chiefs Named. At the annual meeting of the stock- bolders of the National Union Fire Insurance Co. of Washington, D. c, the following directors were choun for the ensuing year: William L. Beale, Charles R. Brown, Floyd E. Davis, Charles E. Galliher, Alfred H. Lawson, Walter S. Pratt, jr.; John Saul, James P, Schick and William H. Somervell. At the organization meeting held Yesterday the following officers were elected: Alfred H. Lawson, president; John Saul, vice president; Floyd E. Davis, vice president; Willlam H. Somervell, secretary, and William H. Marbury, assistant secretary. FOREIGN EXCHANGES, NEW YORK, July 13 (#.—Foreign ex- ¢ehange steady; Great Brminmm dollar, i enun'-i nifin 25708 61’ zn'zn nahsl 50,3731 Honskonl sy, Je t} i N k. u '/:. mw York 1 Montrea 100185 wer jom| By the Auocnkfl Press. tinued. s weneral’ Slide downward. re ied. eariler in. the W ssu Towest uontlonl ror the day g :?l.:htly ben was about 1 per her. J:nfi.": lllmd“ h-mmmumlu Prev. 1035 Bigh, Low. _ Diviaend Rate. 7Y% 4% Adams Express.. 33% 28 Adams Millis (2) 12 4% Advance Rumley. 20% 15% Alaska Jun (160c) » % Alleg Corp (d) - 2% Alleg pf w$30w (d). 1% Alleg pf xw (d). 6% Alleg pr pt (d) 21 Allegheny Stl (1) 6% 1 10 26 25% 26% 3 1581 158 158% + 4 00. High. 114 110 Abr & Strauss pl('l) lfil 111% lll% 13 6% 10 4% 13 24% 24% 3 2% 2% 2 6T% 67 41% Am Agri Ch (Del) 28% 13% Am Bank Note_ 33% 21 Am Brk Shoe (1), 144 110 AmCan (14)__ 2 140 20% 10 Am Car & Foundry_ 50% 25% Am Car & Fdry pf_. 21 96 66 Am Chicle (13) il 3% 33% 17% 6% Am Crystal Sugar__. 3 % Am Encaustic (d).. 5% 2% Am European Sec__. 5% 2 Am & Forelgn Pwr._. 22% 12 Amé& For Pw $6 pf. 29y 14 Am & For Pw 37 pf. 37 Am & For Pw 2d pf_ 29% Am Home Pr (2.40). 3 AmIce. - 287 Am Ice pf (6) 413 Am International . 9 Am Locomotive____ 32 Am Locomotive p: 18% Am Mch & Fy (80c). 4% Am Mch & Metals__ 1% Am Power & Light_. 8% Am Pw & Lit $5 pf__ 10% Am Pw & Lt $6 pf__ 10% Am Radiator_.____. 134'5 Am Radiator pf(7) - 15% Am Rolling Mills__. 66 Am Safety Raz (5)- 20 Am Shipbldg (2).._ 31% Am Smelt & Ref 121 Am S&R 7% pf (7)- 12 Am Steel Foundry*.. 88 Am Stl Fdry pf (2)- 181 Am Sum Tob (1)... 9875 Am Tel & Tel (9) 74% Am Tobacco B (5)_. 215 Am Type Fdrs (d)_ 9 Am TypeF pf (d) Tl Am Water Works__ 48 AmWatW 1st (6)- 475 Am Woolen___ 31 Am Zinc & Lead 8 Anaconda Copper. 1214 Anchor Cap (60c) 36 Archer Dan M (1) _ 553 Armour I11 pr pf (6) 4 Arnold Constable__. 714 Asso Dry Goods 807 Asso D G 1st pf(16). 35% Atch To&S Fe (a2). 19% Atlantic Coast Line. 21% Atlantic Ref (1) 4 Atlas Tack. 15 Auburn Auto, 53 Austin Nichols._. 2% Aviation Corp n 57% 1 46 9% 341 4% 37% T8 203 561 24y 9% 419 28% 27% 16% 151 24 87 26Y% 47 144 181 94% 24% 130% 98y 6% 19% 147 [ - - DR 200 TN 1 N s 0 1o 291 8 ek b s 53 1!3 Baldwin Loco (d) — 3 72 Baldwin Loco pf (d) 1 73 Baltimore & Ohio__. 12 9% Baltimore & Oh pf__ 1 32 Barker Brothers pf_ 20s 57 Barnsdall Corp____. 14'5 Beatrice Cre (a50c). 11% Belding-Hem (a50c). 117 Bendix Aviation._. 34 Best& Co (2) 21% Bethlehem Steel _. 55% Bethlehem Stl pt. 14% Bigelow-San Corp_- 170s 9% Blaw-Knox____ 6 615 Boeing Airplane._ 39% Bohn Alum &Br (3) 21 Borden Co (1.60)___ 281 Borg Warner (13)_ 813 Bridgep't Brass 40c. 2415 Briggs Mfg (2) __ 308 Bristol-Myers (12)- 363 Bklyn-Man Tr (3) _ 90 Bklyn-Man T pf(6)_ 43 Bklyn Union Gn(s) 4% Bucyrus Erie 3% Budd(E G)Mfg. 2% Budd Wheel. 8% Bullard Co._ 3% Bulova Watch_ 13'% Burr Add Mch(60c). 11% Byers (A M) _ 4 —_— 4215 33 California Pkg(1%) 21 Calumet & Hecla___ 713 Campbell-Wy (a20c) 8% Can Dry G A (40c)_. 9% Canadian Pacific 30 Cannon Mills (2 45% Case (J I) Co._. 3614 Caterpillar Tr 19% Celanese Corp___. 11% Celotex Co pf (d) 6% Century Rib Mills__ 385 Cerro de Pasco (4)_ 3% Certain-teed Prod .. 37% Ches & Ohio (2.80) . 15% Chi Mail Order (t1). % Chi Mil StP&P (d) . % Chi M StP&P pf (d) 13 Chi & Northwest___ 3% Chi & Northwest pf. 45 Chi Pneumatic Tool. 20 Chi Pneu Tool pf__. 315 Childs Co__ 31 Chrysler Cor‘n ('l). 20 City Ice & Fuel (2). 87 City Ice&F pf(6%) - 27% Clev Graph Br (11). 15% Colgate-P-P (50c) - 9 Collins & Afkman__ 69% Collins & Aik pf (7) 5 ColoF &Ipf(d). 7 Colo & Sou 1st pf__. 3% Col Gas & Elec... 3434 Colum Pic vte (1) 39% Comcl Credit (2) ... 56% Comel Inv Tr (12) .. 17% Comcl Solv (160¢) . % Comw & Southern__ 29% Comw & Sou pt (3)_ 27 Congoleum-N(1.60). 9 Congress Cigar____. 3% Consol Film 14% Cons Film pf(. . 15% Consol Gas N Y (1). 72% Consol Gas pf (5)__ 1% Consol Laundries. 614 Consol Ofl._ 214 Consol RR Cuba pf_ % Consol Textile 8% Container Corp (A). 2% Container Corp (B). 4% Contl Baking (A)-.. 5 Contl Baking (B)... 62% Contl Can (2. 40)..._4 - 19 - 8 oS mannnmnen R i SuTenrannZon manowmmsn = - [9 [ s = - > & B Booan - 'S Sw 1005169 1 1 29 10 00 1+ €100 1 1 1t 1 N ek 3 D 10D 20 10 e Tt 8 1 0 0O 1t e 0000 B9 41% Corn Ex BK&TT (3). 62 Corn Prod Ref (3).. 4% CotyInc.________. % 85% Cream of Wh (12) . 12% Crosley Rad (a26c). 43% Crown C&S pf(2.70) 3% Crown Zelleb'k vte_ 14 Crucible Steel_____. 15 Curtis Publishing_. 89% Curtis Pub pf (7)... 2 Curtiss Wright____. 6% Curtiss Wright 16 Cutler Hammer. 22% Deere & Co.. 234 Delaware & n 11 Del Lack & West__.. 36 Devoe&R (1) A__ 26% Diamond Mat (11) .. 43% Dome Mines (t2) .. 6% Dominion Store: 17% Douglas Aircraft._. 23 13% Dresser M(b1%)A .. 106% 86% Du Pont de N(2.60). —— 152 110% Eastman Kod (5). oy 31 43% 19% 503 36% 43% 125 28% 'y 1% Elec Pw & Lt. 2% Elec Pw & Lt $6 pf_ 3 Elec Pw & Lt $7 14 Eng Pub Svc $5 14% Eng P 8 $5.50 pf ww T% ErieRR. 10% Eureka Vac C (80c). 156 Evans Prod (al).. 2 Exchange Buffet__. 17 Fairbanks Morse... 3% Fed Motor T (al0c). 2 Fed Screw Works. 28% Fid Ph F In (11.20). 841 Firestone pf (6) A__ 45% First Nat Strs (2%) 19 Florsheim (1) A__. 97% Foster-Wheeler___. g ©ORBakn mZarpnrunean FRoRen 8% 5% Gen Am Investors__ 42% 32% Gen Am Trans(1%) 19% 11% Gen Asphalt ... 9% TH Gen Baking (§00) . T% 5% Gen Bronze...e.-- 4% 2 GenCableomoeeuen, A 46 2 21% 2T 2 33% 33 4% — 140 140 + % 127% 127". + % 8 23 28% 30 14% 36 34y 38% 7 28 19% 19% 6 106!( 106 106 2 148% 148* usu % % -1y 4y 15% + 1 10% + 13 T0% — % Th — Y% 405 + & 15% — % 14% o 44 61 =13 5% ' 113 — % 97 4 1 50 + % 22% + 12 251 + 14 6% — % 28 4+ % T 3 +u% 2% 11% 11 12% (e ehoL SBeERZLE & FaF ] & SEFESTE Haoa e S @ 9 J S R T ps 44+ 11 I+44++ 41414411401+ 41 4++ 56% —1% 4% -1 442 + % 24% +1 % % 8 23% + % 28% + % 30% 4% + % 36 34K — % 38% 7 28 —~ % -1% = » FIF (R & wx BT8R FER Eaxs iz + & 83 & Prev. 1935 12% 140 119 Grt West Sug pf(7). 150; 51% STOCK AVERAGES 30 15 Indust. Rails. Net change. —. + Today’s close 62.3 Previous day 62.4 Month ago-- 60.8 Year ago... 53.6 1935 high .. 625 1935 low ... 49.5 1934 high .. 61.4 1934 low 45.3 1932 175 1929 146.9 1927 51.6 Stock and Low. Dividend Rate. 4 Gen Cable (A) 20% Gen Electric (60c) 32% Gen Foods (1.80) _ 265 Gen Motors (1) 17% Gen Print Ink(1.60). 93 Gen Print Ink pf(6). 15% Gen Ry Signal (1) % Gen Realty & Util_. 14% Gen Real & U pf ww 16% Gen Refractorie 14 Gen Stl Casting 12 Gillett Saf Raz (1 70% Gillett Saf R pf (5)- 2% Gimbel Bros.__ 233, Glidden Co (t1) 1'% Gobel (Adolf) (d) 14% Gold Dust (1.20) 713 Goodrich (B F)_. 15% Goodyear T&R. 1% Graham-Paige 14% Grand Un pf (1%3)-- 9% Grt Northern pt 9% Grt North Ore (50c) 20% Greyhound Corp__.. —_— 108 101 Hanna (M A)pf(7)- 22% i 11 2515 854 12% 16% 56 514 128 3% 16 Harbison Walk (1) % Havana Elec Ry__ 85 Hazel Atlas Gl (5) 11 Hercules Mot (60c). 7L Hercules Pw (i3)_- 5% Holland Furnace. 613 Houdaille-Hersh B 43 Howe Sound (3) 2% Hudson & Manhat _ 6% Hudson Motor Car- 4 Hupp Motors. ———— 1% 23% 33 748 16 7 5 6% 33 484 913 Illinois Central___. 15 1llinois Central pf 2315 Indus Rayon (1.68) . 46'% Inland Steel (2) 83% Interboro R T (d) 4% Interlake Iron 2% Int Agricultur: 3% Int Car'rs Ltd (2! 227 Int Cement (1) 341s Int Harvester (60c). 162 135 Int Harvester pf(7). 274 31y 29% 3 12 361 10% 12% 1'% Int Hydro Elec (A). 1% Int Merch Marine _. 22 Int Nick Can (§0c) _. 114 Int Paper & Pw (A). 433 Int Paper & Pw pf 29 Int Salt (13%).-. 5% Int Tel & Tel. 87y Intersttae Dep —_— BTY 73 8% 20% 2% 20% 20% 17% 18% 21% 25 29 2814 17% 11% 87% 32% 115% 33% 3813 Johns-Manv (a25¢). 3 24. 24.0 24. 3 4 18% 21% % 118 131% 5% 4Th o aRmnRamwake 131 4Th 105% 4 105% 2 21% 21‘/! % 108 5 50 Jones&Laugh7%pf- 130s 3% Kans City Southn__ 15% Kayser (J)&Co(50c) 3 Kelly-Spring T (d) - 6 Kelly-ST 6% pf(d. 6 Kelsey-Hayes (A)_. 3% Kelsey-Hayes (B)-. 12% Kelvinator (150¢) .- 13% Kennecott C (60c) 19% Kresge (S S) (1) 22Y% Kroger G&B (1.60) . 24 Lambert Co (3)_ 10% Leh Port Cement.. 5 Lehigh Valley R R 67% Lehman C (12.40) _ 213 Lib-O-Ford GI(1.20) 93% Ligg & Myers (14)B 24% Liquid Carb (11)-—- 31% Loew’s Inc (2) 44% 10813 102 Loew’s Inc pf (613). 22 1% 141 4T 19t 35 13 18% 21% 2% 1815 Lorillard P (11.20) - 12 La Oil Ref (d)__ 4'3 La Oil Ref pf (d) 34 Louisv & Nashv (3). 12% Ludlum Steel 28 McCall Corp (2) 7% McCrory Stores (d). 57% McCrory pf (d) . 36% McIntyre Porcu (2) 57 McKesson & Rob_. 18% Mack Truck (1) 30% Macy (R H)& Co(2) % Mallison & Co__ 5 Mallison & Co pf. 3 Mandel Bros__ 10 Manhat Shirt (60c). 4% Marancha Corp.._. 5% Marine Midld (40c). 20 Marlin-Rockwell(2) 6% Marshall Field 23% Mathieson Alk(1%) 35% May Dept Str (1.60) 915 Mid-Cont Pet(alsc 8% Midland Steel Prod. 6015 Midl'd Stl 1st pf(8). 58 Minn Hon R (13)_. 3% Minn Moline Pw. 1 MStP&SSMpf 1% MStP&SSMlsin. 10% Mission Corp 10% Mohawk C M 21% Montgomery Ward_. 567% Morrel & Co (3.60) _. 17% Motor Products (1). 7% Motor Wheel (50c) . 7 Mullins Mfg._. 74 Mullins Mfg pf. 4% Murray Corp 11 Nash Motors (1) 4% Nat Acme Co 6% Nat Aviation. 22% Nat Biscuit (1.60). 13% Nat Cash Rg A(BBI:) 11% Dairy Pr (1.20). 1% Nat Dept Stores (d) 17 Nat Dept Strs pf(d) 23% Nat Distillers (2) - 21 Nat En & Stpg (2) - 47% Nat Pw & Lt (80c)—. 40% Nat Steel (11)_. 8% Nat Tea (60c) . 7% Natomas Co (80¢) 43% Newberry J J(1.60). 4 New Orl T&M (d) . 4% Newport Industries. 12% N Y Central RR___. 6 N Y Chicago & St L. 9% NYChi&StLpf_. 2% N 'Y N H & Hartford 6% N Y Shipbuilding__. 70 N Y Shipbldg pf(7)- 69 N Y Steam pf (6)__- 30% Noranda Mines (2)- 99 Norf & West pf (4). 2 North Am Aviation. 9 North Am Co (1) 35% North Am Co pf E 13% Northern Pacific. .. 1% Norwalk Tire&Rub. —_—m 14% 4% 26% 20% T 104 9% Ohio Oil (a15¢) ----. 1 Oliver Farm Equip- 13% Oliver FEprpf A . 11% Otis Elevator (60c). 4% Otis Steel. 80 Owens-Ill Glass(4)- — 26% 37% 108% 9% 13% PacificG&E (1%)- 19 Pacific Ltg (2.40)... 70 Pacific Tel & Tel (6) 7 Pac Wn Oil (b40c)-. 3% Packard Motors_. 2% Par-Public cod (d). 7% Peerless Motor. ... 64% Penick & Ford (3)-- 57% Penney J C (2). 17% Penn RR (1) -ccceee 17% Peoples Gas Chi___. 9% Pere Marquette ... 16% Pere Marq pr pf_——— 12% Phelps Dodge(a25c) 23 Phila Co 6% pf (3)-. 3% Phila Rap Tr pf(d)- 1% Phila & Read C&I... 85% Philip Morris (1) 13% Phillips Petrol (1)-. % Pierce Oil. % Pierce Pel 7 Pitts Coal_. == 5% Pitts Screw & Boll— 243 Pitts United C pf——_ 6% Plymouth Ofl. 6% Poor & Co (B)-. % Pressed Stl Car @- A} e N R T P - ~ranZ Y Ty 434 T 3 341 114 16% 103 103 103 98% 98% 98% 4 4% 4 4 3 12% 15 29% 61 30% = O R D00 T bt 1 0000 et A 10s 10s 1 37% 37% 37% 10s 106% 106% 106% 3 3 2% 2% 17% 17% 53 53 19% 19% ptry 1% 1% 1% 18% 1 10096 100% 100% 9 24 23% 23% 5 36% 364 36% 10- 109!4 109% 109% % =3 - C + + + U + % +03 =% ) +% "% + % | De +1% % + % | Fu 4% 4 -u.%" Prev. 1936 Stock and Low. 6% Pressed Stl C pf (4) 42% Proc & Gambl (13%). 20% Pub Sve N J (2.40) 99% 62% Pub Sve N J pf (5).. 73 Pub Sve NJpf (6).. 85% Pub Sve N J pf (7). 34 PullmanIne (3).... 41 2 34% Pure Oi1 6% pf... 1 49% Pure Oil 8% pf._. . 8% Purity Bakeries (l). 4 Radio Corporation.__ 50 Radio Cor pf A(3%) 36% Radio Corppf B___. 1% Radio-Keith-Or (d) 1615 Raybestos-Man (1) High. 17 51% - LT 7 Remington-] 71% Remington-R 18t pt 70 Remington-R 2d pf. 2% Reo Motor Ca: © S NMeAR©ROE W 28 Republic Stl pf cod.. 17% Reynolds Metals (1) 43'% Reynolds Tob B (3). 21% Roan Antelope Ltd _ 29% Roy’'l D(b1.35 3-10¢) 46 36% Safeway Stores (3). 113% 104% Safeway Strs pf (6) 114% 110 * Safeway Strs pt (7) 21% 10% St Joseph Ld (40c). 21 1 StL-SanFrpf (d)_. 9% 6 Savage Arms.__ 82% 22 Schenley Dlltl“erl i % 55 Scott Paper (1.80)_. 1% Seaboard Air L (d)- 20% Seab'd O Del (160c). 31 Sears Roeb'’k(a75c). 40 Sec Nat Inpf($1%) 7% Servel Inc. 9 Sharon Steel Hoop.. 3% Sharp & Dohme 7% Shattuck(F G) (25¢) 513 Shell Union Oil 8% Silver King C(40c) - 6 Simmons Co_- 24 Sloss-Sheffleld pf 11 Socony-Vac (60c)__ 10% South Cal Ed (1%)- 134 Southern Daires B_ 110- 12% Southern Pacific.. 51 Southern Railway_ 7 Southern Rwy pf___ 42 Spalding(AG)1ist pt 313 Sparks-Withington. 65 Spear & Co 1stpf___ T% Sperry vte (a25e) - Rly Spicer Mfg____ 331 Spicer Mfg pf (!) 13% Stand Brands (1) 113 Stand Gas & Elec__. 6 Stand G&E$7pf _ 27% Stand Oil of Cal (1). 111 Stand Oil Exp pfT5) 23 Stand Oil of Ind (1) 35% Stand OIINJ (11) . 58% Sterling Prod (3.80). 6% Stewart-Warner___, 213 Stone & Webster. 603 Sun Ol (11)_ 1% Superior Oil .. 34 Sweets Coof Am___ 14% Swift & Co (750¢) .- 1% Symington (A) (d) —_—— 4 Tennessee Corp 16 Texas Corp (1) 28% Texas Gulf Sul (2). 314 Tex Pac Coal & Oil . 19% 13 Thatcher M (a50c) . 52 213 Thermoid Ce 5 2 Third Avenue 23'3 16 Third Nat In (a50c). 238 365 64 Dividend Rate. MI 00. High. 6 14% 9 b1% 9 37 1 121u 121% 121% — % 42% Net. Low. Close. Chge, | High. 13% 13% 17% 50% b1% — % 3% 86% 36% — 4| 12 102% 5% Prev. 1038 Low. 28% Timken 43% + % 9 9 6914 88% 13 6% b5% 56% 2 194 3214 9 87 86 3 14% 533 53% -% 69% 89 - 13 6% — ERFFFEEE E&F 9% United 85% U S Ind 14% U S Pip FOFFES 4% 21 Va-Car 27% 17% Va-Car 83 63% Vulcan FIEESEL FREFIE FEFE 11+++ 21 4+ 14+ 113% 95 West P: 4 2% 40 27 60 14 23'% 201 7 18% 249 10% 26% 1 Wilcox 7 3% Wilson 654 51 53% 35'% Wright |+ 16% Westva 1+1+ #0111 4% 2% Yellow 42 31% Yellow Approximate Sales 11:00 AM.. Dividend ra lus cxtra. last year. reorganized. 4% Transamerica(30c). 7% Trans & Westn Air. 19 L] 9 1% Tri-Contl Corp. . 3 86 Trico Prod (2%) 2 29 Union Bag&Pap (2) 1 5% 44 UnCarb& C (1.60). 20% 14% Un Oil of Cal (1) 18 18 7 United Am Bosch__. 114 United Corp__ 20% United Corp pf (3) 1% United Plece D W__ 10 United Pce D W pf.. 40% U S Gypsum (1) Univ Leaf Tob (2). 1% Univ Pipe & Rad___ 261 Walgreen Co (1. 1% Ward Baking (B)__. 281, Ward Baking pf (2) 21, Warner Bros Pic___ 143 Warner Bros Pic pf. % Warner-Quinlan___. 213 Warren Bros___ Warren Fdy&P (2)_ 4 Webster Eisenlohr_. 301 Wesson O&S (150c). 34 West PaElec (7)A_ 36 West Pa Elec pf (6) 39% West Pa Elec pf (7) 119'% 104'% West Pa Pwr pf (7). 14 Westn Dairy A_ 20% Western Unlon_ 29%; 18 Young Sp& W (11). 21% 13 YoungstownS&T.. payments based on Unit of tradin 3 Accumu d Companies x Ex dividend. nmw Rate. Add 00 High. Low. Close. C 13% Thompson Products 1% Thompson Starrett. 2 7% Tide Wat Asso Of 84 Tide Wat A O pf 4% Timken-Detroit.. 24 1T% 16% 16% — 2% 2% — % 10% 11 + % 1 100% 100% 100% + 4 109 7% % TR— % 48 43% 42% 43% + )2 11 6% 63 6% — % RB (11). -Y% 4% 4 38 4% + % 37% 37% —1h 33 fillfi 33 6315 33 —n l& 6315 — 8, 2 106% 108 165 16 6 12% 3% 36l 1065 + 14 16 =% 6 12% = % Aty — 1y 36 — % 9% 9 75&. T5% —2% Gas Imp (1). 4= 17 13% 57 45% - Alcohol 7% U S Leather A vtc e & F (50c) % 364 Rfi‘:* 9215 9215 4w 66 + 3678 93 21% 11% Vanadium Corp.. 21% 11% Van Raalte___ Chemical.. Chem 6% pt Detin (a4)_ - M S ARG R 208 60s 30s 10s113 113 1175 117% a Pwr pf (6) 1174 — ¥ co Chi 740¢c). 14'% Wheeling Steel 46% Wheeling Stl pf(31) 67 White Motor__ 1313 White Rk M S(1.40) 6 White Sew Mch pf_. Oil & Gas_ & Co (a25c Woolworth (2.40) Aero. Truck.. Truck pf. 3+ Y% 40 +1 294 29 + 4 20 200 + % of Stocks on the N. Y. Stock Exchange, « 240,000 12:00 Noon..... 440,000 as given in the above table are the annusl the latest quarterly or half-yearly repo xeulvermr rate— b Patd D or being Auto Production Climbs to 83.450 Mark During Week By the Associated Press. DETROIT, July 13.—Cram's Re- ports, Inc., estimates the aggregate output of automotive plants for the week ending today at 83,450 cars and trucks, compared with 59,380 for the week ended July 6, and with 66,632 for the same week lasc vear. Production of the General Motors group this week totaled approximately 35,600 units, as compared with 30,400 for the week ended July 6. A year ago this week the output was 27,197. Ford output this veek was 22,025, compared with 14,020 last week, and with 20,385 this week last year. The Chrysler group had an output of 16,450 units for the week ended today, compared with 9,400 last week, and with 12,510 for the like week of 1934. Placing production for the nm half of 1935 at approximately 2,301,640 cars and trucks, compared with 3,413, 804 in the corresponding period of 1929, peak year, the survey says: “The large volume of production of the industry during the first six rapidly approaching the high totals recorded in former years, the era when conditions were considered normal, according to the average view.” EIGHT NEW BANKING OFFICES ARE OPENED & Special Dispatch to The Star. CHICAGO, July montha of this year shows that it is | Gl 875, P 643 Cor BONDS ON THE CURB MARKE DOMESTIC BONDS. - Alabam Pw 4135 li’il’h ln‘ o abama Pow 55 Alabama Pow 53 Alabama Pow 55 Alsbama Pow 55 Aluminum Co_5: 5 Pz' 55 Am Roll Mlll 5! '4! 65 215 11212 112 : Halk ot ol Com Sub, 6138 A 48 Comnty Pu.. 55 297eme 70 70 T0 Conn LP 5 108 108 108 109% ;ogu mw 13.—Eight new|Davton P & L banking offices were opened in four | pe; States during the last week, according to this week’s Banking Market, issued today by Rand McNally Bankers' Monthly. A breakdown of the report shows that two of the institutions are en- tirely new, five are new branch offices Ger and one was released from conserva- tor. Gen They are located in the States| Seorsl of Florida, Georgia, Iowa and West | G: Virginia. U. S. TREASURY POSITION. By the Associated Press. The position of the Treasury on July 3;::;&:5:3”';9{1” July 11 u‘l zbu} .715; $1.455.1 Cstoms Feceipts Tor the < Skl o, e Ta e, . $200.630.239 of emergency 034 uamn-nue A ; eg;:!eg ditures, customs recels 3 ns recel .:-"'t{:" the monm 0,883 ;1-, eépen%fllgfu 521‘4.463'2” fl-Adc‘l'udln( 03 emergency expen H excess of expenditures. $121 ififl{ 566 |Il'¢l S7.~ debt, S2 sgs o5 7183 o86.197. ®oid assets. INVESTMENT TRUSTS NEW Y July 13 m_ Becurity Denlers' Ansociativn; —New York ts. o0 ! HE3SE " 2 S5 5 s s B lal 20T & B 1im b b o B EER RPSCEUBESRESRSRSY 2B NNRD. HEBUIS, WBLIoH, BI01N BRSYIUSRTIRERR2323 FaD EOLOLIONGIIM b o0 s 321 f St Ut 5.! 10 Houu ou G 6s A 'n_. ml‘é Hous L&P 4les E Hygrade Fd 6s A 1 I Pw &L 65 A I P & L bt B SESRR ' Yt WARR B, 8 1141 80Ys 21:23121&1‘331 DO = 285255823 2 f S e 22y pp ot R TRECRR PR SERS SERRSRERRRRR geos b 233 FRNISSETESE SFEFREE vl fowihel & S5 0we AR 33, SRR RESESSESERSRRSR S [Ty A B R BT R S TRE PR B E B SR (Y £ FaeE o o FERRE 10142 101% 10134 | Penn Penn Peop 1073 10732 1072 24107301073, Power 55 '56 P8 L 3% 32 111 o 94 103% 1032 & 106% lnr( b Wire Service, Blas "4 ¢ Sec N 3 65 ¥ bl 1 bl e Service bs ‘4 ic W10 101, lul’:]lll' ]mc!,]mv 210813 2 82 :s::::gg" o R iy VOV IE L ot PR Pt 1M Vg 2 Baden Con M 7s '51__ 7S '47T M & N Buen A Pr_7s '52 st_. 7ias '47 E Cp 6Y 5. Ger Con Mun 8s Isarco Hyd E .l Ital 8y Pow, 65 A Fied Hlec 8x A 107" Ritssia 5 s Cetes 2 Russian 6ias ‘19 Rus 68 cf N < Tern! 615 A -—wa th warrants. Xw— Without Sarrants, n—N |—wnen Jasued, !Nenmbimy nmnulr:d by maturity. tCompanies reported in receivership. —_— NEW YORK BANK STOCKS ORK. July 13 () Beeurny Deaters Association: Bk of Man l'l‘rfl Bankers Tr ( klyn Tr_( —New York 5 63, 1785 © 1835 © INSURANCE STOCKS NEW YORK, July 13 (#.—New York Security Dealers’ Association: Bid. Asked. Aetna Cas (24 93 " 95 Aetna Fire (1 30 61% Aetna Life Arricuitara (3 Am Rem-urlflz‘l/,) Am Surety (1) Allwmnhllt (1) Balt Amer (.20g)- ton (16 Carolina (1.1 Clly of NY nn 2 255 [2 Qe T3 EREET gizn Qi o ETTREIR e FE 30200 JRRSEEE! FOR RAIL STOCKS Number of New 1935 Highs Recorded by Others at Week’s Close. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, July 13—The stock market ended the week today in a falrly optimistic frame of mind. While there was no buying rush during the brief session, the rails picked up a friendly following and a number of new highs for the year were registered in other divisions. The close was steady. Transfers approxi- mated 550,000 shares. Although motor and electrical equip- ment equities were in demand, price changes, generally, were narrow. Im- portant stimulus seemed to be lacki: for the list as & whole. The customary week-end evening-up operations were also in evidence. Wheat was again in a selling posi- tion, but corn was resistant. Toiton was a little behind most of the time Secondary rail bonds rallied. The leading gold currencies improved in terms of the dollar. Shares registering gains of fractions to around a point included Santa Fe, New York Central, Union Pacific Great Northern preferred, - Westiag- house Airbrake, Timken Roller Bear- ing, Poor, Pullman, Westinghouse Schenley and American Tobacco “B ™ Both General Motors and Chrysler made new 1935 tops, hut they were about unchanged at the end. The steels, aircrafts and utilities did vir- tually nothing. United FPruit lost more than 2 and Loew's was off nearly as much. United States Sme ing, Cerro De Pasco and American Smelting eased. The better showing of the carrt stocks was attributed partly o techni. cal influences—they have been back- | ward for some time—and to report that the President would insist on tk passage of the motor bus and truck regulation bill at this session. Rail officials have claimed that unlicensed truck competiticn has seriously a fected the earnings of many roads. Another drop in world silver prices did not do siiver mining shares ar good. Some selling in this group w: attributed to fears that the Treas may alter its plans for the extensive purchase of the white metal. Silver was quite heavy in London and M treal. Imported bar silver in New York was reduced 1 cent an ounce to 6734 cents, NEW YORK BAR SILVER NEW YORK, July 13 (#).—Bar ver weak; 1 cent lower at 677, FEDERAL LAND NEW_ YORK. July Land Bank bonds s Jan., 1085 STOC! Allied Prod Armour & %0 Coleman L_ 50 Com'with E: 400 Cord " Corp 110Ky Ut Jr cum pf nnxen Rad T & T Nohml smms 100 Public Sve - 50 Public Sve n p_ 10 Pub Sve 1 30 Pub Svc 300 Rellance Mfe 100 Swift Int 100 Utah Radio 110 Viking Pump _ 10 Viking Pump D! 100 Wanl C Waukesha Mot Zenith Radio Stock di MONEY TO LOAN at 5 and 5,9 On First and Second Trusts Quick replies. Reasonable charges. See Harry S. Welch (Formerly tra as WELSH) 15th St. N.W District 4346, 927 :[TDLE FUNDS WILL | SOON BE TAXED Such_funds should now be plac in"a Montgomery County ferm. smail acreage or suburban home at a ba gain price. Pasi_experiences prove that prop- erties in this section increase in val euch year. A small investment w bring “you large returns in a few years. A. H. GRIFFITH ROBERT D. HAGNER Real Estate—Insurance Phone Bradley 10 —OFFICES— SAUL BUILDING 925 15th ST. N.W. Ideal location. opposite McPhe son Square; elevator building, wi and under constant super- _.-$36.00 SUITE oF Fs _nopus 90.00 923 15th ST. N.W. MROE‘REAflm L e £50.00 1621 CONN, AVE. NW. 3 rooms. suitable for professional purposes; elevator service. _s R s_ 1619 CONN. AVE. N.W. First floor with balcony; approx!- mately 1.100 square feet; heat fur- nished. Key with %:mtor 1621, 1621 CONN. AVE. N.W. Ground floor storeroom. heat fur- pished: approximately 800 square i RENT—$100 1621 K ST. N.W. loor contatning lmat ly 130“ square 1!! furnished. onusfieond floor. 1616 K ST. N.W. Ground floor, furnished; ap- proximately 1,100 qiare Teet. B. F. SAUL CO.