Evening Star Newspaper, September 14, 1935, Page 14

A—14 *¥* 12 SPEED INVESTING Better Feeling Is Based on Optimistic Reports Along Many Lines. BY EDWARD C. STONE. That the business recovery now under way is having an effect on the investment market is plainly in evidence, the Bankers' Magazine de- clares in a current review. Bond offerings continue to increase, and while they still largely represent re- funding operations, nevertheless are of great importance for the savings effected in corporate operations and the reduction of fixed charges. This conservative magazine adds that as an indication of the better| feeling regarding the investment sit- uation, the renewed activity in the stock market is not without signifi- cance. Average prices of late have reached the peak for the present year, and profit-taking hrs only occasioned moderate recessions for brief periods. ‘The magazine concludes that “easy money” has been a prime factor in recent investment developments, but believes unmistakable signs of busi- ness recovery have probably been chiefly responsible for them. These signs are so widely spread as to warrant the belief that the country s now making substantial advance out of the slough of depression en- countered shortly after the stock mar- ket collapse nearly six years ago. “Best Records” Coming Rapidly. Right along this line comes the weekly business report from Standard Statistics which is crowded with optimism. It says: “Recent news has included several ftems in which the phrase ‘the best since—' occurred. In the aggregate, they make an impressive showing. A few follow: “Railroad carloadings for the last week of August were the best since November, 1931. “This week's steel rate was best since early February. “Average stock prices this week reached the best levels since Febru- ary. 1934 “Industrial production for Septem- ber is estimated at the best level for any September since 1930. “There were fewer unfavorable divi- dend revisions last month than in any previous month since January, 1929 “August building since June, 1931 “Power production has had the best Summer in the history of the industry. “Machine tool orders in July were at the best levels since late 1929. “Cigarette withdrawals in July reached an all-time record. “Income tax collections for the fiscal year ended June 30, 1935, were up 35 per cent from the preceding year and were the best since 1931.” Labor Heads Very Optimistic. Substantial business gains are re- corded in the monthly business review of the American Federation of Labor, the report arousing more than usual comment in the financial district. Business is now well over half-way back to normal, the report states, but employment still lags. Prospects for the remaining months of 1935 are brighter. The last four months of 1935 may well bring the highest level of indus- trial operations and earnings for any similar period since 1931. The pres- ent business upswing is the healthiest thus far, not due to Government | spending or currency action, but to| inherent economic strength. Dividend payments in August ex- ceeded last year by $11,000,000 or 4 per cent, the report adds, and the steel industry is out of the red for the first time since 1930. Buying at retail stores has continued steadily through the eight months of 1935 until a shortage of goods has devel- oped and this Fall's orders to manu- facturers are in large volume. Orders for farm machinery in the first half of 1935 were 75 per cent above last year. The automobile industry sold 599,000 more cars this year than last, in the first seven months, raising its total sales to 2,054,000. As a result of increased buying and production and growing confidence, in- dustry is beginning to order new machinery; machine tool orders in the first half of 1935 were 47 per cent above last year. All these lines of activity have continued at a high level through July and August. The automobile industry is spending $100,- 000,000 on production equipment; the steel industry $130,000,000, it is esti- mated. This new life in the heavy industries should mean more jobs where unemployment has been par- ticularly severe, the review asserts. Car Loading Reports Better. “Analysis of the figures,” says the Railway Age in its current issue, “shows that never since the depression began has there been an increase of car loadings so impressively indicat- ing, as does the increase in the eight weeks ending August 31, the beginning or renewal of improvement in busi- ness, especially ot increased production in the durable goods industries. “After having declined until in the two weeks ended July 13 they were relatively the smallest in two years, they increased 15 per cent in the eight weeks ending August 31. This compared with an advance in the same period in 1930 of 7.3 per cent; a de- cline in 1931 of 2'; per cent; an ad- vance in 1932 of 12 per cent, and de- clines in 1933 of 3 per cent and in 1934 of 5 per cent. The improvement looks like the real thing. If it con- tinues unabated car loadings in the last one-third of 1935 will be the largest since 1930.” The above reports were picked out | at random. They show how much optimism has been floating around this week and why. The President's breathing spell utterance is another much-discussed factor. There are plenty of handicaps yet to be over- come. But the latest financial sum- maries are certainly interesting read- ing. The host of General Motors stock- holders in Washington received divi- dend checks this week in payment of the regular quarterly dividend of 50 cents per share and the extra of 25 cents a share, this week. The letter of transmittal stated that the policy of the company will continue to be just as generous as possible in divi- dend payments. Referring to the re- cent past, Mr. Sloan said: “It may be interesting to point out that if we consider the 10-year period, beginning in 1925 and ending in 1934, five years fairly representing s period of unusnal prosperity and five years representing & period of unusual depression, there was dis- bursed to the stockholders 77 per cent of the earnings, leaving 23 per cent for the purposes of th2 business it- the in the smallest unemployment industry was the ANCIAL. 87 private wire direot to The Star. Stock and Sales— Dividend Rate. Add 00. High. Acme Steel (12).. 2 0:: 31% 31% + kel 13 13 -4 Prev. 1035 Net. High. Low. 65% 51 144 8 Addressog’h(a3c)- 141 415 Advance Rumely - 14 14 149% 304% Alr Reduction (13). 146 146 1% % Afr-Way Elec Appl. 1 1 20% 15% Alaska Jun (160¢)_. 164 244 % Alleg Corp (d) 1% 8la 2% Alleg pf wi30w (d). B% 7. 1% Alles pf XW (d) - —we. 4% 30'; 21 Allegheny Stl (1)_.. 28% 171'2 125 Allted Chem (6) - 169% 7 3% Allled Stores 6% 73% 49 Allied Stores pf (3). 5% 29% 12 AllisGhalmers_____ 2814 415 214 Amal'Leather _ 4 83 26 Amal Leath pf (§2). 3214 71 48; Amerada Corp (2) . 64% 57% 41% Am Ag Ch(Del)(3)_ 5215 31% 131 Am Bank Note _ 3% 12814 Am Brk Shoe pf (7) 128 146% Am Can (t4) 144 Am Car & Foundry. 23 Am Chatn 2014 Am Chain pf($1% ). 1034 2% Am Colortype.. .. .. 225 Am Cémel Alcohol.. 6 Am Crystal Sugar . 72 Am CrysS 1st pf 6_ % Am Encaustic (d) . 2 Am & Foreign Pwr_ 14 Am & For Pw §7 pf. 4% Am & For Pw 2d pf_ 8% Am Hawalian S$(1) 17 AmHide& Lpf_ . 29'i Am Home Pr (2. 10). 2% Am Ice. 18 Am Ice pf (8) 4 Am Internationa 9 Am Locomotive 1814 Am Mch & Fy (80¢). 4% Am Mch & Metals __ 415 Am Mch & Met vte_. 13'3 Am Metal 113 Am Power & Light_ 8% Am Pw & Lt $5 pf 10'« Am Pw & Lt $6 p: Baoumm - FESEER I+ + +1+1+ +11 £ e 103 w 2T% 15% Am Roll Mills a3oc 41 Am Seating vtc _ 20 Am Shipbldg (2) 315 Am Smelt & Ref self. If we take the first five years, the proportion disbursed as dividends was 63 per cent; for the second five years, 113 per cent.” 15 4 144 20'% 701% 463 114 | 115 612 10% 115 19 143 23% 19% 405 103% 26% 121 Am S&R 7% pf (T)- 12 51 Am Sumat Teb (1), 9875 Am Tel & Tel (9)__. 721 Am Tobacco (5) .. 74% Am Tobacco B (5) - 2 Am Type Fdrs (d) .. 9 Am Type F pf (4) __ T's Am Water Works__ 48 Am Wat W 1st (s)_ 4x Am Woolen__ 35% Am Woolen pf._. 5 Am Writ Pap (d) 8 Anaconda Copper: 16'x Anaconda Wire__ 1213 Anchor Cap (60c) . 100 Anchor Cap pf(6%). 3tx Andes Copper_____ 3l Armour of [llinois_. 5515 Arm'r (I11)pr pf (8)_ 163 Armstrong Cork 506 7'3 Asso Dry Goods. _. 5% Atch To&S Fe (a2). 1915 Atlantic Coast Line. 1% Atlantic Ref (1) ___. 321, Atlas Powder (2) 106% Atlas Pwr pf (6) Atlas Tack 5 Auburn Auts 5'; Austin Nichols__ Aviation Corp(De! 1'; Baldwin Loco (d) 713 Baldwin Loco pf (d) 7' Baltimore & Ohfo... 91x Baltimore & Oh pf 106 Bang & Aroos pf(7) 31 Barker Brothers_. 57 Barnsdall Corp 107% Bayuk C 1st pf 1414 Beatrice Cre (a50c). 11% Belding-Hem (1) 117 Bendix Aviation_ 514 Beneficial Lo (1%). Bethlehem Steel __. 55% Beth Steel pf(al%) 143, Bigelow-San Corp.. 16% Bloomingdale (40c) 65 Boeing Airplane. _ » 39% Bohn Alum &Br (3) 90 Bon Ami (A) (t4).. 21 Borden Co (1.60) 2814 Borg-Warner (2) 3% Boston & Maine 8'; Bridgep't Brass 40c. 24'; Briggs Mfg (2) 23'x Briggs & Strat (3) . 30% Bristol-Myers (12). 3613 Bklyn-Man Tr (3) ... 14 Bklyn& Qpf (2)__. 815 Bucyrus Eriecv pf_. 62% Bucyrus Erie pf (2) 3% Budd(E G)Mfg.___.. 23 Budd(E G)Mfg pf.. 2'; Budd Wheel.oceeae 8% Bullard C 3% Bulova Watch_ % Burns Bro B (d).__ 3 BurnsBropf (d)... 13% Burr Add Mch(60¢) 1 Bush Terminal (d)._ 10 Bush Term B pf cod 11< Butte Copper&Zinc. % Butterick Co (d) 11% Byers (A M) 3014 California Pkg(1 ’A) 1 Callahan Zinc. . 21; Calumet & Hecla 8% Can Dry G A (40c) 9% Canadian Pacific__ 4% Capital Admin (A)_ 3213 Cap Adm pf A (3) .. 45% Case (J 1) Co 363 Caterpillar Tr (1). 19'% Celanese Corp... 174 Celotex Co (d) . 11% Celotex Co pf (d)—. 34 Central RROfNJ_ 38% Cerro de Pasco (4)- 23 Certain-teed Prpf.. 3714 Ches & Ohlo (2.80) _ 36 Chesapeake Corp(3) % Chi & Grt West (d). 15% Chi Mall Order (t1) % Chi Mil StP&P (d). 3, Chi M StP&P pf (d) 1% Chi & N W (d) 4% Chi Pneumatic Tool 20 Chi Pneu Tool pf___ 1% Chi R 1&P 1% pf(d) 312 ChildsCo _. . 31 Chrysler Corp (11). 14 City Ice & Fuel (2)_ 124 Clark Equip (80c) .. 275 Clev Graph Br (t1). 15!y Colgate-P-P (50¢c) .. 9 Collins & Afkman _ 6% Colonial Beacon Ofl 12 Colo Fuel & Ir (4) .. 3% Col Gas & Elec. 35'2 Col G & Epf A (6)_. 3413 Colum Pie vte (1) 67 Colum Carbon (4) . 3913 Comcl Credit (2%) . 56% Comel Inv Tr(12.80) 97% Comel In T pf(4%)- 17% Comecl Solv (160c) .. % Comw & Southern__ 29% Comw & Sou pf (3)_ 27 Congoleum-N(1.60) 23% Conn Ry&Lt (4%) 14% Cons Film pf(1%) 157 Consol Gas N ¥ (1). 72'% Consol Gas pf (5)__ 613 Consol Ofl (a25¢) . 13 Consol Textile __ 8% Container Corp (A). 27 Container Corp (B). 413 Contl Baking (A)._. 5 Contl Baking (B)._.. 62% Contl Can (2.40) 7 Contl Dia F (asbc)-. % Contl Motors - 15% Contl O Del a62%c_. 41% Corn Ex BK&TT (3). 62 Corn Prod Ref (3).. 4'4 Coty Inc. 35% Cream of Wh ('l)_. 3% Crown Zelleb'k vte. 14 Crucible Si 1 Cuba Co 5 CubaRRpf.. 5'4 Cuban-Am Sugar... 40'; Cuban-Am Sug pf.. 15 Curtis Publishing_. 891 Curtis Pub pf (7). 2 Curtiss Wright.___. 6% Curtiss Wright (A) 16 Cutler Hammer._ .. 22% Deere & Co 19 Deere&Co pf (375C)~ 231 Delaware & Hudson 11 Del Lack & West. 1'% Den & RG W pf. 65 Detroit Edison (4). 35 Devoe & R (11) A . 26% Diamond Mtch t1%. 34% Diam Mat pf (t13%) 34 Dome Mines (12) .. 6% Dominion Stores . 17!2 Douglas Alr (a75¢). 108,113 2 & 1111, 1 13 1 95 15% 144 22% 103% .'{9 39% H'i' 6 9% 11119 15% 14% ZZ‘A +1 FEFELEETEEEIR & FF T+ +1+01+ (el L4114+ 1+ FES FF OFFIE FIF mm 103': + 4% 1 —2 39 89 -% 39% 39% — % 40% 41l 8y 8% — % 31 31 -% 12% & Prev. High. 126% 1935 Low. 86% Du Pont (13.60) . 16% Eaton Mfg (11)-... 19% Electric Auto Lite.. 3% Electric Boat____. 5% Elec & Mus Ind..... 1'% Elec Pw & Lt 2% Elec Pw & Lt $6 vf 3 Elec Pw & Lt $7 pf. 39 Elec Stor Bat (2%). 52% Endicott-Jonan (3) 1's Engineers Pub Sve. 14% Eng P S $5.50 pf ww T Erfe RR. — 83 Erfe R R 1st pf_ 10% Eureka VIcC (lfle) 15 Evans Produets(1).- 2 Exchange Buffet___ Stock and % Fairbanks Co 17 Fairbanks Mors 71'; Fairbanks M pf a% Fed Motor T (al0c). 2 Fed Screw Works... 20% Food Machine (1).. 9% Foster- Wheeler__.. 60% Foster-Wheeler pf_. 17% Freeport-Texas (1). 4% Fuller Co 2d pf.. 7 Gabriel Co (A).. Gamewell Co_. 514 Gen Am Inves 32% Gen Am Trlnl(l*) 11% Gen Asphalt - 73 Gen Baking ( 5% Gen Bronze.. 4 GenCable (A). 19 Gen Cable pf_ 50 Gen Cigar (t4 20'3 Gen Eleetric ll'c)—- 317 Gen Foods (1.80) ... % Gen Gas & El (A) 597% Gen Mills (3) _ 26% Gen Motors (t! 119 107'4 Gen Motors pf (5) . 4% 13% 38 4% 2% ———— 12% 108 127 109 45 117l 25% 881 128 81% 118 15% 17% 3 130 3 1t 15% 107 125 165 6 3 Gen Outdoor Adv_.. 10 Gen Outdoors Adv A 17% Gen Print Ink(1.60). 400; 15% Gen Ry Signal (1).. % Gen Realty & Util_. 12 Gillett Saf Ras (1) 2!% Gimbel Bros. 70 Goodyear $7 pf (4) 213 Gotham Silk Ho: 20 Gotham Silk H pf_.. 1% Graham-Paige. ... 5% Granby Consol.. 18's Granite City Stl (l) 26 Grant (W T) (11) 9% Grt Northern pf. 9% Grt North Ore (50c) 26% Grt West Sug (2.40) 34 Greene Canan (12).. 20'5 Greyhound Corp. 615 Hamilton Watch__. 101 Hanna (M A)pf(7). 53 Hat Corp of Amer__ 81 HatCo pf ww (6%) 1% Hayes Body. 85 Hazel AtlasGl (5)_. 11 Hercules Motor (1) 71 Hercules Pw (13)__ 122 Hercules Pw pf (7). 73Y% Hershey Choc (3) . 104 Hershey Ch pf (14). 5% Holland Furnace___ 6'x Holland & Son (50¢) 307 Houd-Hersh (234) A 63 H'daille-Hers B(1). 9ia Houston Uil __ - 112 Houston Oil (new)._ 43 Howe Sound (13) .. 6! Hudson Motor Car. * Hupp Motor: 945 I1linois Central. 23'; Indus Rayon (1, 46% Inland Steel (12) _. 2!3 Inspiration Copper. 8% Interboro R T (d)-~ 4'¢ Interlake lron. 3% Int Car'rs Ltd (20¢) 22% Int Cement (1) _. 34 Int Harvester 60¢ 14 Int Hydro Elec (A). 22% Int Nick Can) (80¢ 123% Int Nickel pf (7). 1's Int Paper & Pw (A). % Int Paper & Pw (C). 4%z Int Paper & Pw pf__ 9815 Int Print Ink pf (6). 5% Int Tel & Tel $7% Interstate Dept St . 3815 Johns-Manv (a50c). T3 Kaufmann D S(30¢c) 15% Kayser(J)&Co a30¢. 6 Keisey-Hayes (A).. 3% Kelsey-Hayes (B).. 10% Kelvinator (160¢) .. 134 Kennecott C (60¢c).. 193, Kresge (S8) (1).... 223 Kroger G&B (1.60)_. 19% Laclede Gas pf_. 22% Lambert Co (2) 10% Len Port Cement__. 513 Lehigh Val Coal pf_ 613 Libby McNeill & L. 21%3 Lib-O-Ford G1(1.20) 21 Life Saver (1.60)_. 93% Ligg & Myers (14)B 163 Lily Tulip Cup(13%) '3 Lima Locomotive.. 174 Link Belt (80) —emu 4 31% Loew's Inc (2)._. 33 Loose-Wiles (2)_._. 18'2 Lorillard P (11.20). 90% Ludlum Stl of ( 28 McCall Corp (2) 7% McCrory Stores (d). Th McGraw Hill Pub__. 36% Mclntyre Porcu (2) 90%s McKeesport T P (4) 5% McKesson & Rob__. 3015 Macy (R H)& Co(2) 18% Magma Copper (2). 29 Man Elev gtd (d) . 13% Man El md gtd (d) _. 10 Manhat Shirt (60c). 1 Maracaibo Oil Exp_.. Y% Marine Midld (40c). 20 Marlin-Rockwell(2) 6% Marshall Field & Co 4 Martin Parry...__. 233 Mathieson Alk(1%) 357 May Dept Str (1.60) 513 Maytag Co.—_____. 845 Maytag 1st pt (6).. 3 Mengel Co._ - 203, Mengel Co pf_ 2414 Mesta Machine (3)- 213 Miami Copper. 9% Mid-Cont Pet(albc). 8Y% Midland Steel Prod. 601s Midl'd Stl 1st pf(8). 58 Minn Hon R (13) 3% Minn Moline Pw.__.. 10% Mission COrp-———-en 213 Mo Kans & Texas._.. 5% Mo Kans & Tex pf.. 1 Mo Pacific (d) . 114 Mo Pacific pf (d)__ 10% Mobawk C M (a25¢c) 55 Monsanto Chem(t1) 21% Montgomery Ward. % Mother Lod: 17% Motor Produ - 714 Motor Wheel (60c)—. 9% Mullins Mfg (A) - 62 Mullins Mfg (new). 13Y% Munsingwear Inc._.. 4% Murray Corp.. ; 11 Nash Motors (1)__. 31 140% 14% 1% 20% 14 NashvChat&StL._.. 4% Nat Acme Co... 6% Nat Aviation._. 22% Nat Biscuit (1 131 Nat Cash Rk A(50¢) 12% Nat Dairy Pr (1.20). 17 Nat Dept Strs pf(d) 7 23% Nat Distillers (2)_. 121% Nat Lead pf (6) B_. 4% Nat Pw & Lt (80¢).. 40% Nat Steel (1) e 431% Newberry J J(1. 0). 4% Newport Industrit 12% N Y Central RR___. 9% N YChlhfltlan._ PR R%2222227 hipbuilding. . hipbldg pf(7). team 18t (7). & a2 ®3a - Sales— Dividend Rate. Add 00. High. Low. Close. Chge. 10126 124 124 21 PO T 1 B 1o 130 B 10 0330 'S - ua:n.aagw—mumvnmusmhv- e 0 @S - 1 108 0 = HOBNNNNO bt DR B O R BN WA= - - M 8.8 - O TUPATS [P TOREPRPOIEE- 8 ) 0 SOP O T THE EVENING STAR, WASHINGTON, Net. % 27% lm % 107 245 36 26 12% 294 55 59% 12 Y12 104% lrm. +i4 + ++ Pl +b 4+ 111+ 014+ + IL+++1 1+ +1 E EEE §F OEEFF FE FIrEEVESE ¥ e + 4400+ I+ +1 F5 I+1 1 144++ ¥ €114 b FEF OFF IE 1 9ol FIEF FFEE P FFEEFEFELESE FEFESFES 4 o+ I+l++l 1+ + ++11 - TE OFFEE P OFE FEFE & i FREEEF EF FEEPEIFIF - D. C, SATURDAY, SEPTEMBER 14, 1935, RECOVERYGANS TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE oDrev. 198 5o Sterting Pro (5.80 Prev. 1035 High. Stock and 1% % Norfolk Southn (d). 4% 2 North Am Aviation. 24% 9 North Amer Co (1) 53% 35% North Am Co pf (3). 21% 13% Northern Pacific... ©14% 9% Ohilo Ol (a18e) . 21% 16% Oliv Farm Mq(new) 8% 3% Omnibus Corp 22 11% Otis Elevat: 17% 844 104 17% 14 Pac-Amer Fisherles 2's 1 Pacific Coast._ 28% 13% PacificG & E (1%). 44'% 19 Pacific Ltg (2.40)_.. 21 12 Pacific Mills. 136 111! Pac.ic T & T pt {'). 1 6% Pac Wn Oil (b40c)... 13 Panhandle Pro & R. 8 Param't Pic (new)_. 2% Park Utah __ % Parmelee Transp't.. 5 Pathe Film Corp.... 8% Patino Mines_ 57% Penney J C (2) 2% Penn Coal & Coke__. 17% Penn RR (1) 17% Peopl: 194 Pere 1613 Pere Marq pr pi 12% Phelps Dodge(a25c) 1% Phila & Read C&1... 35% Philip Morris (1) ... 13% Phillips Petrol (1).. 3 ' Phoenix Hosiery.... % Pierce Oil___ 31 « Pillsbury F1 (1.1 '0)_ 3 - PittsiCoa) .~ 10% Pitts Term Coal P 6'3 Plymouth Oil. 6'x Poor & Co (B) 4% Postal Tel&C pf @). 17 6'3 Pressed Stl C pf (d) 53% 42% Proc & Gambl (1%). 120% 115 Proc & Gam pf (5) .. 45 20% Pub Sve N J (2.40).. 12% 16 11% 11y 16% Sales— Dividend Rate. Add 00. High. 1 32 36 & 10% 20 9% + 20% — 16% + 7% —1 884 + 15% - % 1% 28 43 5 15% 136 * FE 4+ i+t 4 I BE REE FEES 1 ++1 FESE - % k] “ % % % 28% Timken R B (11) . Stock and 6% Stewart-Warne. 215 Stone & Webster. 2% Studebaker Corp. 1% Superior Ol . 14% Swift & Co (150¢) .. 6% Telautograph (60¢). 4 Tennessee Corp.... 161 Texas Corp (1).._.. 28% Texas Gulf Sul (2). 14 &PacRR. _. 3% Tex Pac Coal & Oil.. 814 Tex Pac Land Trust 13% Thatcher (1) - 2)3 Thermoid Co . 13% Thompson Products 1% Thompson Starrett. T% Tide Wat Asso Ofl .. 84 Tide Wat A O pf(6). 4% Timken-Detroit - oo 7% Trans & Westn Afr_ 47 Transamerica(30c). 1% Tri-Contl Corp_ . __ 69 Tri-Contl Cor pf(6) 20th Century Fox __ 20th Century Fox pf 53% Und-Ell-Fisher (2). 29 Union Bag&Pap (2) 8 e VR S 0130 DTN LG e e 0 VN D 8215 Un Pacific (6)_ 207% Un Tank Car (1. 9% United Afrcraft____ 4'; United Alr Line vte 20% United Bisc (1.60) _. 46 United Carbon 2.40_ 113 United Corp . .__ .. B¢« United Corp pt (3) '« United Drug .. 4'3 United Dyewood 3% United Elec Coal 65 United Fruit (3) 9% United Gas Imp (1) » United Paperb'd (d) b U S Distributing pf. 4'; US & For'n Secur_.. 403 U S Gypsum (1) __. 5 US Hoftman 35'% U S Ind Alcohol (2). 3% U S Leather vie ____ 14% U S Pipe & ¥ (50¢) .. R R BN 52% 34 Pullman Ing (3).... 57 Pure Ofl____ 344 Pure Of1 §% pf--._. 49% Pure Oi1 8% pf 8% Purity Bakeri 4 Radlo Corporation.. 50 RadioC'pPpfA (3%) 35! Radio Corppf B___. 1% Radio-Keith-Or (d) 16's Raybestos-AMan u), 2974 Reading (2) 3's Real Silk Hoslery__ 7 Remington-Rand... 2'4 Reo Motor Car. 9 Republic Steel 28% Republic Steel 28 Republie St pf cod-. 1744 Reynolds Metals (1] 121 Reyn'lds Spring(1). finynnm. Tob B (3). 7 1134% )0“& Slfe'ly S 22% 10% St Joseph Ld (40c). 2 % St L-San Fran (d).. 1 St L-San Frpf (d)_ 6 Savage Arms___ 22 Schenley Distiller: 1% Schulte Retail Strs. 8 Schulte Re Strs pt_ 4 Seaboard Air L (d)_ 204 Seab’d O Del (t60c) 31 Sears Roeb’k(a7sc) 1% Second Nat'l Invest. 40 Seo NatInvpf32%. 7% Servel Inc_____ 9 Sharon Steel Hoop.. 314 Sharp & Dohme___ 20% Shell Trad (al.23.7) 5'3 Shell Union Oil ___ 8% Silver King C(firc). 6 Simmons Co. 5 Simms Pet ( 13 Sloss-Sheffield... 24 Sloss-Sheflleld pf. 10% Socony-Vac (30c) 20 Sou Porto R Sug(2) 10% South Cal Ed (1%)- 12% Southern Pacific 5's Southern Railway 7 Southern Rwy pf. 59!, Spang Chalf pf $3% 3ls Sparks-Withington Spencer Kell (1.60). Sperry vtc (a25e) . Splegel-May-Stern. 13is Stand Brands (80¢). 2'; Stand Com Tobacco. 1'y Stand Gas & Elec 1% Stand G & E $4 pf__ 27% Stand Oll of Cal (1) 23 Stand Oll of Ind (1) 354 Stand OIINJ (11)_. 1215 Starrett (L 8) (1) .. 5015 247y 92 + 44+ 4+ 2% W, w 36l 537w 3813 281 FEFSSS 13 & THI+ 144010 l++4+ + Frsesa + deciarations. s Unit of tradin; lus extra. ast year Teorganized. 24’2 247 %s 2% Yellow Truck .. _ 18 Young Spr& W (2). 2% Zonite Products Rights Expire. % % Budd Mfg. 1% Granite C § Approximate Sales of Stocks on the N. Y. Stock Exchange. 3 Accumulated dividends. d Companies x Ex dividend. 3 USRealty & Imp_. 9'3 US Rubber.___ 24'3 U S Rubber 1st pf USSmelt &R (a6). 27'5 U S Steel ____ 73% U S Steel pf (2)_ 313 United Stores (A) 1 Univ Pipe & Rad... 1 UtlPwé&Lt(A) . 11'¢ Vanadium Corp .. 11% Van Raalte (a2se) .. 34 Vick Chem (12)_ 213 Va-Car Chemical __ 17'3 Va-Car Chem 6% pf 1 Wabash (d) = 4's Waldorf Sys (50¢c) 261 Walgreen Co (1.40 5 Ward Baking (A)__. 11 Ward Baking (B)_. Warner Bros Ple___ Warner Bros Pic pf 320s varner-Quinlan arren Bros . Warren Fdy&P (2). Wesson O&S (150c) son O&S pf (4). Pa Elec (1)A Pa Elee pf (1) Western Maryland Western Pacific (d). Western Pac pf (d) Western Union West'gh'se A B50c. Westinghse El ai0¢ West'h'se 15t pt 315 Weston Elec Inst.__. Wheeling Steei Wheel Stl pf(3l113)_ White Motor. __ White Sew Mch pf_. Wilson & Co (a2ic) Wilson & Co pf (6)- Woolworth (2.40)__ Worthington Pump Worth Pump pf A__ Worth Pump pf B_ 35'; Wright Aero______ 262 41 311, 11 58 Apr B % % % Sept s 1 1% 280,000 12:00 Noon. . 630,000 iven in the above table are tne annua: | on the iatest quarterly or haif-yearly less than 100 shares. t Annua) o a Paid this year. reported In receivership or s | corporation loans ‘x| guilder steadied in foreign exchange “* | dealings. W 497 + & e, Youngstown S & T. 2 27 * % The European war situation held M+ h FINANCIAL., STOCKS IRREGULAR AT WEEK'S CLOSE Only Metals and Scattering of Specialties Firm—Re- alizing Apparent. STOCK AVERAGES dus. Rail Net change_ -‘zu Ani! Today, close 68.1 26.7 Prev, day... 63.3 268 Month ago. 65.1 27.0 Year ago__. 463 235 1935 high_. 68.7 27.6 - 495 185 - 614 430 - 453 228 242 349 - 1715 8.7 239 169 -1469153.9 1843 157.7 - 516 953 618 618 (Compiled by the Associated Press.) 38.1+ 50.2 383 504 393 49.1 26.0 355 393 509 216 3438 406 514 BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, Scptember 14.—The stock market side-stepped gingerly today with only the metals and a handfull of specialties showing firm propensities. Profit taking was in evidence at | times, although the majority of losscs were held to minor proportions. The close was irregular. Transfers ap- | proximated 600,000 shares. | The market seemingly could find . | little stimulation in the movement of grains, cotton and the general run of 1, | commodities. U. 8. Government se- | curities again slipped downward and were mixed. The U. S. Smelting Advances. . Shares of U. S. Smeiting got up 3 ' | points on top of its yesterday's spurt of more than 6, but yielded part of ¢ | this gain in the final hour. Ameri- can Smelting, Cerro De Pasco. Howe Sound, Kennecott and Anaconda gave a good account of themselves. Ameri- | can Telephone was resistant, as was Purity Bakeries, Warner Bros,, Loew's, N. Y. Cen‘ral and Auburn Western Union and Case sagged about a point each and U. S. Steel, General Motors, Chrysler., American Can, Westinghouse, Consolidated Gas, Santa Fe, Union Pacific and numer- ous others were about unchanged to moderately in arrears. Bullish forces were somewhat lest vociferous than ustal. but they did not appear to be especially down-hearted so far as selected stocks are concerned. Com ion houses reported in-and- cut dealings increased durinz the past several sessions, while investment de- mand had slackened appreciably Many operators were said to be stand- !ing aside awaiting a reaction suf- ficiently sharp to permit them to get back in with prospects of substantial profits later. Inflationary Psychology. A smattering of inflationary psy- chology was in evidence as metal is- sues continued in demand, and the Tyiy| further decline of the Netherlan currency aroused thoughts that the Dutch Parliament, meeting next week. might change its views regarding guilder devaluation. much attention, but was not consid- ered as yet a prime market influence | except in the instance of scattered | stocks whose companies stand to profit by the export of military materials. The coppers were in this category Another fall in automobile produc- tion this week was expected by fol- lowers of this industry, the slowdown being attributed almost wholly to a oem; halt in manufacturing of old models . |CHICAGO STOCK MARKET CHICAGO. September 14 (. —Following s the complete official list of transactioms ks on the Chicago Stock Exchange 100 Autom Prod 1400 Bendix Av__ y mu Ken-Rad T & L. h 450 Keystone Stl____ wszswne su pf Im ERt 10 & Co 100 L & 600 Lincoln’ Pr__ 50 McGraw Elec 100 Merch & Mfrs A 150 Mid Wes Util 100 Midland " Unit Midl Ut 7 100 Nachman ' Spre 2 50 Nat Battery pf_ 1100 Nat Gypsum____ 300 Noblitt-Sparks 100 Nor'west Bnncorn 10 8¢ L Nat S v 150 8angamo El ____ 4 300 Zenith Ra Btock sales today. INSURANCE STOCKS NEW YORK, September 14 (.—New York Security Dealers’ Assoclation: Bid. 4% 4 18,000 shares. Aetna Cas (3122) - Agricultural Am Ins New Am_Surety Automobile (1) Nor River (Ko Phoenix (2':a) y a—Including extr: S Declared or paid so far this vear. R A S AT MONTREAL SILVER. NTREAL. Septemher 14 (™ —Silver futeae Slosed easler, 34 to 65 lower. Sales. conlr Lo se. W R S5t 38788 omnbtr et _E‘.._:::: g6 i NEW YORK CURB BON S | DOMESTIC BONDS. High. Low. Close. Alabam Pw 4135 '87 Alabama_Pow 5s Am El Pow S41; R4l 100 * s Lo_fis 38 Bel Tel Can 55 A ° | Bel Tel Can 5s B ' Carolina P&L 53 Gedar Rat 3 A Cent 1l P§ 4‘;.= P 0(’ Cent 1l PS 5 Pw Cudahy Pke Denver GAE Florida P&L Gatineau Pw Gen Pb Ut 615 A en Ray_#s | Georgia Pw ws ' Glen Alden C 45 ' 3 35 106 9814 amy So% 8ol 8oy 112 - 101% 1011 83l & 1 any i 10612 ts 108 100 100 107 104 a4 104 1041, 1 81 211813 107 X234 10513 X 108 1021, 103 * 3103 104121041 Con Mun 7s Isarco Hyd E s Pled Elec fias ‘A * st WW—With warri xw—Without n—New. ——Whell issued. (s5tp)—Stamped. §Negoriabinty Impaired by maturity 1Companies reported in receivership. FOREIGN EXCHANGES. | in order to prepare new ones for early showing. Offsetting the motor factor was the estimate of the Department of Commerce that both wholesale and retail business registered a broader volume during the week. The Asso- ciated Press weekly index of indus- }mal activity, due to the back-sliding mctor output, was nfl to 70.2 from 72.7 FEDERAL LAND BANKS NEW YORK. September 14 (P —Federa Land Bank bonds, Bid 11as 4725 | 4152 Nov s ) {418 4las s s | 4s 103 10014 P U.S. TREASURY POSITION. By the Associated Press The position of the Treas | tember 1 was: “Receipts. 13 unrndnum $17.457.001 $1 4114 455.20 customs ST0O81 41804 for, the fiscal vear (sinc 743553 expenditures 1 430 including $729.005 of itures: excess of expen. 440 1N: gross debt. Six. A decrease of $3005 - he previous daxi gold ¢ balance. receipts for the month Receipis ' for sepnmhn {comparable ds 50425 expen s3] se40000000000000000sns & FIRST and SECOND TRUST 4 REAL ESTATE LOANS D.C. MD. VA, 51/2470 interest t-Term Collateral Loans tes Bouzht and So ‘NATHAN LEVIN 3 336 Southern Bldg, Natl 0647 1st MORTGAGE LOANS! Avpplications for conservative first mortgage loans are solicited by nh office. Interest and copmissi prevailing rates Robert W. Savage 807 Union Trust Blde. Nat. 8630 *es000000 = 3 { —OFFICES— SAUL BUILDING 925 15th ST. N.W. Ideal ocation. opposite McPher- son Square: elevator building well kept and under constant super- vision. SINGLE ROOM SUITE OF 4 ROOMS___ 90.00 923 15th ST. N.W. ELEVATOR SERVICE 614 SQUARE FEET____$5000 1621 CONN. AVE. N.W, 3 rooms. suitable for professional Durposes; elevator service. RENT—S$65.00._ NEW YORK, September 14 (#) —For- & exchange’ steady; Great Britain in n Mars, ‘others in’ cerfs. zmnn‘ 4 943 tlh‘!S i, | Ttal, nd cables, Semena: W 0 a-uum-m al 449150 Greece [ 4.14: H Honlkonl lnw fi,‘{",’; Montreal. 100. i Mexi X el in " New \.'ork naa# 1621 CONN. AVE. N.W, Ground floor store room. heat furnished: approximately %00 square feet RENT—$100. 1616 K ST. NW Ground floor. heat fu- approximately 1.100 rqua:: RENT—S00 B. F. SAUL CO. WNational 2100. 925 15th 8. N.W.