Evening Star Newspaper, October 10, 1935, Page 18

A—18 *%3 FINANCIAL. THE EVENING STAR, WASHINGTON, D. C. FINANCIAL. TRANSIT EXPENSES TRANSACTIONS ON.THE NEW YORK STOCK EXCHANGE[STOCS ANANE ' INCREASE SHARPLY 170 §3 OR MORE THURSDAY, OCTOBER 10, 1935. 2:30 pm, PM' 1938 Stockand Seles— High. Low. Dividend Rate. Add 00. High. 35% 20% Seab’d O Del (t60c) 18 29 61% 31 Sears Roeb’k(a75¢c) 42 5% 2% 1% Second Nat’l Invest. 2% By p! nh-lnll-u‘ S0 b Stock and Sales— High. Low. Dividend Rate. Add 00. High. 654 51 AcmeSteel (t2)o.. 2 64% 9% 4% Adams Express.... 44 8% Net. Low. Close. Chge. 39% 39% — % 23% 23% 2:30 p.m. Stockand Sales— wet. | Prev. 1035 Stock and Dividend Rate. Add 00. High. Low. Close.Chge. | High. Low. Dividend Rate. 101% 72 Consol Gas pf (5) . 5 99% 98% 40% 21% Lib-O-Ford G1(1.20) 4% 1% Consol Laundries. 2 3% 3 lgah Net. | High. Low. Low. Close. Chge. 627 64% +3% % 8% + % Prev. 1035 10% 114 43 8% Bales— Add 00. High. 2 40 Y. E, Booker & Co. Analysis Points to Huge Gain 1 "23% in Pay Roll. 2 114% BY EDWARD C. STONE. For the period from December 1, 1933, through August 3, 1935, or since the street car merger went into effect here, the Capital Transit Co. showed net earnings, after interest and taxes, of $1,442,155.50. Of this amount only $240,000, representing a dividend .of $1 a share paid on December 15, 1934, has been distributed to the atockholders. An analysis just completed by Y. E. Bocker & Co. of operations of the company during the 21 months shows that while there has been a heavy angl continuous upward tread in revenues, * there has been an even heavier per- centage increase in expenses. This in- crease is expenses, the review says, is due first te the fact the great increase ¢ in traffic has necessitated the employ- ment of approximately 600 additional men. Secondly, the basic pay of the men has been increased very substantially since the merger became effective. The first of these increases in pay became effective April 1, 1934, and amounted to approximately $300,000 2 year. The second pay increase pas agreed upon in July after prolorged arbitration, and is retroactive to April 1, 1935. This latter increase, after ailowing for income tax adjustments, will cost ap- proximately $600,000 per annum, the Booker review states. Recent action of the Public Utilities Commission correcting th. deprecia- tion accrual for busses will add ap- proximately $200,000 per annum to the company’s expenses for this class of property alone. The request of the company for an upward revision of sccruals for other classes of property has not yet been acted on by the com- mission. Showing Held Favorable. The review calls special attention to the August report which included $242.266.53 expenses which are prop- erly charged to previous months. Con- tinuing, the summary says that analy- &is of the August report, however, on a basis of charging against August operations only that portion of the -increase of wages and_depreciation properly attributed to August, shows a net figure of $7,805.92 for this month instead of the deficit of $234,- 460.61 as shown by the report filed. s When it is remembered that the street railway business is seasonal, and that August always is one of the leanest months of the year, the fact that the company was able to show even a modest profit after absorbing the additional charges, is encuurag- .ing, the analysis says. The record for this month indl- cates that despite the great increase in costs the company earned its in- terest payments. Particulgrly en- * couraging is the fact that gloss reve- nues for August were over 12 per cent more than last year and that this increase has been fairly steady throughout recent months. Whil further increases in expenses ar inevitable to take care of the increased business, it is not likely that the o company will, in the near future, be compelled to face such a large in- crease as the one to which it was recently subjected. After all reductions for the in- ereased wages and depreciation charges, the company's net, earned for the eight months ended August 31, was $347,656.65, the review points out. Trust Company Votes Dividend. At the regular monthly meeting yes- terday afterncon the directors of the Washington Loan & Trust Co. de- clared a quarterly dividend of 2 per _cent, payable November 1 to stock- holders of record October 23. It was announced the books would be closed for the transfer of stock from that date until November 2. Directors of the Fidelity Storage Co. at their regular meeting declared # quarterly dividend of $2 per share, payable October 15 to stockholders of 35% 14% 8% 28 Adams Millis (3)_.. 4% Advance Rume)y. .. 61 .iffliated Pro (60c). 152% 104% Afr Reduction (t3). 20% 215 8% 29% 4% n 321 65% 381n 146% 110 Am Can (14) . 25% 5714 22 96 381 1% 3 9 38%\ 12 1171 103 121 144 76 204 106 145% 1028, 105'3 15% Alaska Jun (163¢) .. % Alleg Corp (d)..__. 2% Alleg pf w330w (d). 13% Am Bank Note 43 Am Bk Note pf (3).. 21 Am Brk Shoe (1) 10 Am Car & Foundry.. 25! Am Car & Fdry pf.. 8 AmChaim..__ 66 Am Chicle (13)____. 2215 Am Comel Aleohol_. 62 Am Crystal Sugar... % Am Encaustic (d)-. 2 Am &Foreign Pwr_ Am & For Pw $6 pf. 14 Am & For Pw $7 pf.. 3% Am & For Pw 2d pf. 8% Am Hawailan §8(1) 2% Am Hide & Leather. 17 AmHide&Lpf_ . . 29'4 Am Home Pr (2.40). 2% Am Ice - 4'3 Am International _, 9 Am Locomotive. ... 32 Am Locomotive pf_. 1813 Am Mch & Fy (80c). 4% Am Mch & Metals__ 4'2 Am Mch & Met vte... 1313 Am Metal 72 Am Metal pf (12).—. 24 Am News (1%3)_ 115 Am Power & Light— 84 Am Pw & Lt $5 pf__ 10 Am Pw & Lt $6 pf__ 10', Am Radiator. 15% Am Roll Mills a30c. 66 Am Safety Raz (5). 4! Am Seating vte___.. 20 Am Shipbldg (2) .« 31% Am Sm&Refining._. Am Sm&Ref pf (6) . Am Sm&Ref pt (7)- 63 AmSnuff (13). ___ 12 Am Steel Foundry . 88 Am Stl Fdry pt (2). Am Sugar( 2)__ 18'; Am Sumat Tob (+1). 9875 Am Tel & Tel (9).-.. 725 Am Tobacco (5) ... 74% Am Tobacco B {5) .. 140% 129's Am Tobacco pf (6).. 26'e 191 83 10% 61 18, 231y 28 17% 9 Am Type F pf (d) 7% Am Water Works_. 48 Am Wat W 1su8)_ 4’3 Am Woolen.__ 35's Am Woolen pf._ . % Am Writ Pap (d) 8 Anaconda Copper. 16'5 Anaconda Wire.___ 10% Anchor Cap (60¢)-—. 36 Archer Dan M (t1)_ 52 12214 117 Archer Dan pf (7). 108 6% 70%, 38 8 15 109 895 5T 91 37% 44 6% 26% 18 23 97 Armour Del pf (7).. 3% Armour of Illinofs.. 55' Arm'r(I11)pr pf (6). 16%: Armstrong Cork 500 4 Arno)d Constable. 75 Asso Dry Goods 807 Asso DG 1st pf(39). 48 AssoDG2dpf. _ 35% Atch To&S Fe (l’). 66% Atch To&S F pf(5). 19'; Atlantic Coast Line 3 AtUGulf&W Ind.. _. 6 Atl Gulf&W Ind pf_ 20'; Atlantic Ref (1) ... 32% Atlas Powder (2)._.. 15 Auburn Auto. 53 Austin Nichols..... 35'; Austin Npf A (2)... 2% Aviation Corp(Del) 1'; Baldwin Loco (d).. 7'; Baldwin Loco pt (d) 7!z Baltimore & Ohio_.. 9% Baltimore & Oh pf.. 110 100% Bamberger pf (6%) 115 106% Bang & Aroos pf(7) 1 108 51% 19 4% 23% 19% 5215 4113 103% 27y 14% 23% 32 Barker Brothers pf. 5% Barnsdall Corp t60e 37!, Bayuk Cigar (11)__. 1414 Beatrice Cre (a50c). 11% Belding-Hem (1)... 117% Bendix Aviation___. 15% Beneficial Lo (1% ). 55% Beth Steel pf(a1%). 14% Bigelow-San Corp... 9% Blaw-Knox 16% Blooniingdale (40c) 613 Boelng Airplane. . _ 39% Bohn Alum &Br (3) 90 Bon Ami (A) (t4).. 38% Bon Ami (B) (12).. 21 Borden Co (1.60)... 28% Borg-Warner (2). 12 Botany Min(A) {d). 814 Bridgep't Brass 4va. 243 Briggs Mg (12) __.. 2313 Briggs & Strat (3) _. 30% Bristol-Myers (12)_ 36%3 Bklyn-Man Tr (3)__ 90 Bklyn-ManT pf(6). 14 Bklyn&Qopf (2)._. 43 Bklyn Union Gas(5) 3 83% 33 33 + % 14 14 13% 13% + % 12 17 o 7 +W 11473 147% 1471 +1% 9 15% 151 154 + X 8 s 1% 1k 3 4% A% A%+ % 3 4% 4 4% - U 6 27 26% 27 + % 2 168'5 167'5 16814 +3's 6! 6% 6% 6% + U 69% 70% +1% 28% + W 3% + % 66% + 14 29 63 3 311 A 1415 ‘@ 21% +3‘,fi 48% +3% 21 -lbu-l-lntl”‘?' bt tbbas FrassEs, - ey - FiEF PP PN OPY - - oo +4+44+44+ 144+ 14+ +10 Fisry ¥ & 4213 374 ™ 41 3n 2% 194 13% 1Ty 108% ll;‘a 112 112‘ 915 45 14% EHEEE R4 FREPEEFEIEEELRE ! 2 245 62% +4+ EE 62 65 Consol O1] (a256)_o. 112 108% Consol Ofl pt (8) ___ l 5 2% Consol RR Cuba pf. 1% % Consol Textile_..._ 13% 8% Container Corp (A). 515 2% Container Corp (B). 9% 4% Contl Baking (A)_.. 1% % Contl Baking (B)... 91% 62% Contl Can (2. “).-- 15 7 Contl Dia F' (a55c). 42% 28% Contl Insur ('l.l.). 1% % Contl Motors ___. 23 * 15% Contl O Del a62%c_.. 60% 41% Corn Ex Bk&Tr (3). 78% 60 Corn Prod Ref (3).. 165 149 Corn Prod pf (7)... 6% 4% CotyIne. . cooeoen 39% .'(6'& Cream of Wh (+2)_. 11% Crosley Rad (a25c). 233 Crown C&S (1) + _ 43'3 Crown C&S pf(2.70) 3!3 Crown Zelleb'k vte. 14 Crucible Steel...... 5 CubaRRpf ... 5'4 Cuban-Am Sugar_z. 4015 Cuban-Am Sug pf.. 394 Cudahy Pkg (2%).. 15 Curtis Publishing.. 89% Curtis Pub pf (7). 2 Curtiss Wright___. 6% Curtiss Wright (A). 16 Cutler Hamme: 22% Dees Co._ 231 Delaware & Hudson 11 Del Lack & West .. 65 Detroit Edison (4).. 35'3 Devoe & R (1) A__ 26'; Dlamond Mtch 1. 34 Diam Mat pf (t1%) 34'%x Dome Mines (12)__. 6% Dominion Stores _. 17'3 Douglas Alr (a75c). 6%y Dresser Mfg B 86% Du Pont (13.60)_. 115 104 Dugquesne Lt 1st(5) 8 3% Eastern Roll Mills_. 161 110); Eastman Kod (15) . 164 141 Eastman Kod pf (6) 29% 16% Eaton Mfg (t1).... 7% 31 Eitington-Schild.__ 3215 193 Elec Auto L (a30e). 11813107 Elec Auto L of (1) 10% 3% Electric Boat _ 8% 5“- Elec & Mus Ind. 75 1% ElecPw&Lt ... 28 2', Elec Pw & Lt l‘ ot 32 3 ElecPw&Lt$7pf_ 493 39 Elec Stor Bat (2%). 1'» Engineers Pub Sve. 14 Eng PubSve$pf.. 14'; Eng P S $5.50 of ww 15's Eng Pub Sve $6 pf 7 R 11 5 12 pt 2! 10 15 Evans Products(1). 2 Exchange Buffet. __ *, FairbanksCo __._. 17 Fairbanks Morse __ 71'3 Fairb'ks M pf 1313 5% Fed Lt & Tr 2 3% Fed Motor T(al0c). 73 Fed Water Sve (A)_ 16!s Fed'd D Strs (160c). 28'; Fid Phoen FI $1.20. 13'x Firestone (40c) . 8415 Firestone pf A 45 First Nat Strs 42'4) 214 Follansbee Bros(d). 20% Food Machine (1) . 97, Foster- Wheeler 19% Four Nat Iww a1.10 30% Frank Sim pf $3% 17% Freeport-Texas (1) 112'; Freeport-Tex pf(6) 4% Fuller Co2d pf____ 7 Gamewell Co 5‘, Gen Am Investors._. Gen Am Trans(1%) 20% 11% Gen Asphalt 13 T*x Gen Baking (60¢) ... 145 115 Gen Baking pf (8).. 19 Gen Cable ptf_ 50 GenClgar (t4) ___. 20's Gen Eleetric (80c) .. 30 Gen Foods (1.80) .. 1 Gen Gas & El (A)__ 597 Gen Mills (3) . ... “ 26% Gen Motors (12) ... 107's Gen Motors pf (5).. i 3 Gen Outdoor Adv... 10 Gen Outdoors Adv A 17% Gen Print Ink(1.60) 15% Gen Ry Signal (1).. 3 Gen Realty & Util__ 14% Gen Real & U pf ww 16% Gen Refractories _. 14 Gen St Casting pf.. 12 Gillett Saf Ras (1)_ 70; Gillett Saf R pf (5). 2% Gimbel Bros. ... 18 . Gimbel Bros pf..... 23% Glidden Co (1) .. 104% Glidden Co pr pf (7) 114 Gobel (Adolf) (). 14% Gold Dust (1.20) 713 Goodrich (B F) 40 Goodrich (B F) pf_. 15% Goodyear T&R_____ 70 Goodyear $7 pf (4).. 2% Gotham Silk Hos: 20 Gotham Silk H pf... 110% 110% 110% + lfi 122 19% " 39% 34% 45% 1% 2% Al% 26% " 22% AT 26% 35% 13 12% 91 45% 127'% 8% 4% 15% 110 284 10% 10 46 4% 25% T4 6 6455 am 16% 1039. 108 = 37 42'5 324 4% 984 AT 374 16% 105‘- 87% 421 32' 13% 98'3 3T 40 T% 130‘4 1284 114 114 3 6'. 1374 24% 111% 5'4 LI 154% 154 154% 160% 159- 159 28% 27% 284 U A 3215 111 314 1m % 3214 111 103 6 10% 3313 187 1713 108 4% 348, 317% % 11% 123, 33% 61 118, 8 27'% 13 SEREFESELS EEIFEE 21% 124w 8'y 22 125 1% 8413 104 +++++4+0 rErEFEE 93% Ligg & Myers (14)B 16 Lily Tulip Cup(1%) 17% Link Belt (800) - 241 Liquid Carb (1) l‘/i Lonl Bcll Lum (A). 33 Loose-Wiles (2).... 18! Lorillard P (1.20). 10% Loulsv G&EDfA 1%4. 3¢ Louis&Nash(a2%). 12% Ludlum Steel 28 McCall Corp (2) ... T% McCrory Stores (d). 6'5 McCrory Strs B (d). 57% McCrory pf (d) ... 347 Mcintyre Porcu (2) 90'5 McKeespert T P (4) 5% McKesson & Rob. . 32 MeKesson & Rob pf. 8'4 McLellan Stores... . 85'4 McLellan Stores pf.. 18% Mack Truck (1)____ 30% Macv (R H)& Co(2) 5% Mad'n Sq Garalbe.. 4 Manati Sug pf (d).. 3 .Mandel Bros_.____. 29 Man Elev gtd (d) __. 13% Man El md gtd (d) . 10 Manhat Shirt (60c). 1 Maracalbo Oil Exp._. 5% Marine M1d1d (40c). 20 Marlin-Rockwell(2) 6% Marshall Field & Co 23% Mathieson Alk(1%) 36 Mathieson A pf (9). 357 May Dept Str (1.60) 53 MavtagCo ... _. 31 Maytag pf ww 1715 '3 Maytag Ist pf (6)__ u Melville Shoe (3) 3 MengelCo 20% Mengel Co pf 1 1 24'a Mesta Machine (2). 23 Miami Copper___ ___ 9'3 Mida-Cont Pet(albc) 8% Midland Steel Prod. 105 Minn Hon R pf (6)- 3% Minn Moline Pw..., 10% Misston Corp______. 215 Mo Kans & Texas .. 574 Mo Kans & Tex nf _ 10% Mohk Carpet(a50c)_ 55 Monsanto Chem (1) 21% Montgomery Ward. % Mother Lode _____. 17's Motor Products (2). 7' Motor Wheel (60c) . 9% Mullins Mfg (A) 9'3 Mullins Mfg (B) 62 Mullins Mfgpf ___. 13'4 Munsingwear Inc... 4% Murray Corp....__. 11 Nash Motors (1) 43 Nat Acme Co. 22'¢ Nat Biscult (1.60’ 1313 Nat Cash Reg(50¢). 12% Nat Dairy P (1.20) . 106 Nat Dairy P pfB(7) 14 Nat Dept Stores (d) 17 Nat Dept St pf(d)_. 231 Nat Distillers (2)_. Nat Lead pf (§) B _ Nat Pwr & Lt (80¢) 40% Nat Steel (11). 9 Nat Supply Co.. 36 Nat Supply Co pt 814 Nat Tea (60c) ___. 7' Natomas Co (80c) ... 21'¢ Neisner Bros (t1)__ 4313 Newberry J J(1.60). 109 Newberry J J p: 4% Newport Industries 12'4 N Y Central RR hipbuilding _. Shipbuild’g pf.. N Y Steam pf (6) ... N Y Steam 1st (7). Norf & West pf (4)_ North Am Aviation. North Amer Co (1) North Am Ed pf (6) Northern ifie __ s Northwest Tel (3)_. 914 Ohto Ol (a18e) 161 Oliv Farm Bq(new) 3!3 Omnibus Corp vte._. 4% Oppenheim Collins. 11'» Otis Elevator (60c). 106 Otis Elev pt (5).--. 4% Otis Steel._ 223 Otis Steel pr pf--_. 80 Owens-1l Glass(4). ——— 174 28% 44% 138 5% 12 1% 19% "3’-. +1% 14 Pac-Amer Fisheries 13% PaclficG& E (1%). 19 Pacific Ltg (2.40) _ 11115 Pac.fic T & T pf (6). 3'3 Packard Motors ... 10% Pan American Pet_. 2 Panhandle Pro & R. 6'3 Panhandle P&R pf.. 8 Param’t Pic (new 1, Parmelee Transp’ 4% Pathe Film Corp. 81 Patino Minés _ _ 64!3 Penick & Ford (3 57% Penney J C (2). 115 16% 3% 31k 443 1% 114% 16% 36% 30% 4% 1% 2 38'% 24% 19'5 4l 24% 32 e + % 115, - +1 16% + % 3% +1% 31% +1 4% +1% 1% + % 2 -+ W 384 - % 24% + % 19% 42% +1% 24% + % 32 + 4 4 +1 + % +8 +2 + 1 +1% “+ % +1% +1% +1% +1% 65 12% 2 50 9% 11% 985 19% 16% 18% 11% 42'5 68 23% 15% 28% 150 23'% 21'y 16'4 20% B 7 36% 1313 47's 79's 103' 94 40 BSeo Nat Inv pf 123, 7% Servel Inc (50¢)_.. 9 Sharon Steel Hoop.. 42'% Sharp& D pf (3%)._ 7% Shattuck(F G)(25c) 5'5 Shell Union Ofl____. 631 Shell Untion Ol pf__ 8% Sllver King C(40c). 6 SimmonsCo._______ 5 Simms Pet (al0c).. x 6% Skelly O .. 18 Sloss-ShefMeld 24 Sloss-ShefMeld pf... 15% Snider Packing . 10% Secony-Vace (30¢) .. 20 Sou Porto R Sug(2) 132 Sou Porto R S pf(8) 10% South Cal Ed (134). 12% Southern Pacific 53 Southern Railway. 7 Southern Rwy pf__. 3' Sparks-Withington 3% Spear & Co.__ 32 Spencer Kell (1. (0). 7% Sperry vtc (a26c)._. 331 Spicer Mg pf (3) _ 437% Spiegel-May-S (3) . 80 Splegel-M-S pf(6%) 12'; Stand Brands (30¢). 7 308 .63 6274 130 122% Stand Brands pf(7). 100s 126% B% 116 28 50 154 214 19% % 214 Stand Com Tobacco. 114 Stand Gas&El (d) . 1% Stand G&E$4pf(4)_ 4% Stand GRE$6pf(d)_ 6 Stand G&ES$Tpf(d). 7 Stand Inv Corp_.__. 27% Stand Of) of Cal (1) 111 Stand Oil Exp pf(5) 23 Stand Oil of Ind (1) 35% Stand OIINJ (11).. 58% Sterling Prod (3.80) 114 Sterling Secur (A)_. 6% Stewart-Warn 150 2y 18, Sutherl'd Pap t60c_. 3% Sweets Co of Am__.. 14% Swift & Co (1500) - Symington (A)(d) - 6'% Telautograph (60c). 4 Tennessee Corp. 16'; Texas Corp (1). 28% Texas Gulf Sul 34, Tex Pac Coal & OIl_ 8'3 Tex Pac Land Trust 13'a Thatcher (1) ..___ 50 Thatcher M pf(2.! 60) 5'% The Fair __ 2 61'y The Fair pf ($1214) 2!3 Thermoid Co. . 2 Third Avenue 16 Third Nat In (a%e). 13% Thompson Products 1% Thompson Starrett. 7% Tide Wat Asso Ofl . 84 Tide Wat A O pf(6). 4% Timken-Detroft ... 28% Timken R B (11)__. Tl Trans & Westn Air. 47, Transamerica(30c). 5'5 Transue&William: 1% Tri-Contl Corp 4 Truax-Tra Coal 313 Truscon Steel 13 20th Century Fox_.. 24% 20th Century Fox pf 18 TwigCity RTpf._ 1y Ulen& Co . 53% Und-Ell-Fis] 29 Union Bag&Pap 42) 44 UnCarb&C (1.60). 14% Un Oll of Cal (1) 82'5 Un Pacific (6) 207 Un Tank Car ( 9% United Alrcra! '3 United Air Line 7 United Am Bosch _ 20% United Bise (1.60) 60'3 United Fruit (3) 9'¢ United Gas Imp (1). 87! United Gas I pf (5). 2's United Paperb'd (d) 5 U S Distributing pt. 4'; US & For'n Secur.. 40's U S Gypsum (1) __. 143 U SGypsum pf (7)_ 5 US Hoffman. 35' U S Ind Alecohol (2). 34 U S Leather vte... T3 U S Leather A vte_. 14% U S Pipe & F (50¢) 3 US Realty & Imp-—. 915 U S Rubber 24% U S Rubbe 92 USSmé&Re (ll).. 62% USSm& R pt (3%) 275 U S Steel 73% U S Steel pf (3) 3! United Stores (A). 46 United Storespf__ 133% Univ Leaf T pf (8)- 1 Univ Pipe&R(a50c). 915 Univ Pipe&R pf(d)_ 1 Ut Pw& Lt (A) ————— 11 21% 283 39'y 4% '3 Vadsco Sales Corp.. 11% Vanadium Corp __.. 11'¢ Van Raalte (a25c).. 34 Vick Chem (12)_.. 2!3 Va-Car Chemical. 165 6‘ lOl 153‘. 10 1 20s 11 21 2% 3 3 9 1 2 Inflationary Warnings, Trade Gains and Less Wan 11% + 15 +14 5 — % 104 Net change. +.8 Today, 1 p.m. 67.7 Prev. Month ago. 68.2 Year 1935 1935 1934 1934 1932 1929 1927 ous Tension Factors. STOCK AVERAGES Indust. mm 23,7 234 26.9 26.9 216 185 43.0 5 60 Util. Br'ks. +.3 +. 371 36.8 385 288 39.3 21.6 40.6 228 242 349 . 8.7 239 169 high..146.9 153.9 184.3 157.7 low... 51.6 953 618 61.8 49.0 485 50.5 408 50.9 348 51.4 day.. 66.9 53.7 68.8 495 614 45.3 (Compiled by the Associated Press.) BY VICTOR EUBANKS, Associated Press Financial Writer. NEW YORK, October 10.—Rallies of 1 to 3 or more points brought renewed life to today's stock market. ‘The upturn was attributed partly t¢ inflationary warnings voiced both by Chairman Landis of the §. E. C. an¢ President Gay of the New York Stoc Exchange, partly to a better brand o business news and to the apparen) lessening of war tension in the finan: cial district. While the trading pace was not un. duly fast after the first half hour, ¢ number of new highs for the yea: were recorded. Among the conspicu- gainers | Case, American Can, Allied Chemfeal | Westinghouse, General Motors, Chrysler, Congoleum Consolidated Gas, Schenley, States Industrial Alcohol, buck, Santa Fe and Great Northern The late tone was strong. approximatec 1,800,000 shares. Shares of Chrysler others reached new highs for the yeal or longer. gainers were U. S. Steel, Telephone, General Motors, Americat Can, Allied Chemical, Johns-Manville Consolidated Gas, Case, du Pont, Manufacturing, Great Northern, Santa Fe, Schenley American Commercial Alcohol, Sear Roebuck and Montgomery Ward. Market analysis were incliined t concur with Mr. Gay's thesis that thi principal basis for inflation lies in thi huge excess reserves of the banks. While it was oot overlooked tha the exchange official had pointed ou he was not predicting that stock prices | would become inflated, especial atten: , were Johns-Manvillg United States Stecl Unitet Sears-Roé Transfen and severs Among the more activi Americat Western Union Congoleum, Bud¢ Consolidated Gag tion was paid to his statement thal | “we should not close our eves to thy inflammability of the material we art '« | dealing with and to the fact that in | flation, if it should once get started 1% | might ‘sweep through the markets a | houses.” | wheat, 153% — 4 1 11 2% + a fire sweeps through a city of wooder Chicago Grain By the Assoclated Press. CHICAGO, October 10.—Readjust ment of accounts so as to prepar for any surprise in Government ero estimates led to material late reac tions today from Z cents bulge 4 The wheat market bulge was dul chiefly to war talk. amount of export business was sai¢ to have been done in Canadian wheat SR e A fairly larg High. Close 2 1.06% 3t . gecord September 30. ‘The Washington branch of the New fork Life Insurance Co. has just com- 'yleted its twenty-first consecutive Jmonth in which the agents paid for jore business than the corresponding onth of last year. Earl D. Krewson, agency director, reports that the local Joffice is at the present time 28 per 3% 53 Brown Shoe (3)_ 125% 121's Brown Shoe pf (7 7 3% Brunswick-Balke. 83 4% Butyrus Erie. 15 8\ Bucyrus E; 91'; 62% Bucyrus Erie p 6% 3% Budd(EG)Mfg.____. 58/ 23 Budd(EG)Mfg pf.. 9% 2'; Budd Wheel. % 8% Bullard Co. 1% Graham-Paige.. 5% Granby Consol ... 14% Grand Un pf (13%).. 18!+ Granite City Stl (1). 23% Granite City S rets.. 26 Grant (WT) (t1). 9% Grt Northern pf____ 1313 9% Grt North Ore (50c) 32% 26% Grt West Sug (2.40) 140 119 Grt West Sug pf(7). 29% 173 Va-Car Chem 6% pf 109 72 Va E1 & Pw pf (6)-- —_—— 8% 41, Waldorf Sys (50¢) 32% 26 Walgreen Co(1.60 120 114 Walgreen pf (8% 3% 1% Walworth Co.. 104 5 Ward Baking 2l 1% Ward Baking (B. 3 Penn Dixle Cement. 1§ PennDixieCpf A._ L EE Cash wheat No. 2 hard, 1.25a1.26'; No. 2 mixed, 1.10; corn No. 2 mixed 88, lake billing: No. 2 yellow, 88'.4 89; cats No. 2 white, 33':a34: sample | grade. 25a27; no rye; buckwheat Nq |1, 1.15a1.16; No. 3, 1.04; soybeans Nq {2 yellow, 71, net track country stas ¢|tion; No. 3 yellow, 70! net trach 62 121% 121% 121'4 6% 6% 6% 6 6 107 11% 208 109 29's 24% 381 27% 4 % 6 11% 291n I+++++++ 1414+ FErE oples Gas Chi Plre Marq pr pf 7% Pet C'pof Amaslc x 11 Pfeiffer Brew (11)_ 12% Phelps Dodge(az5c) cent ahead of the same time last year. Mr. Krewson says there were 24 suc- Jcessful club members from the Wash- ington office this year as compared With 13 last year. Pitman Heads Morris Bankers. Ralph W. Pitman of Richmond was selected president of the Morris Plan Bankers’ Association at the closing ‘pession at Virginia Beach. ‘Joseph E. Birnie of Baltimore was re-elected secretary and treasurer. Gov. Peery of Virginia told the “bankers that “the success of this na- tion rests not upon the rich man, nor upon the poor man, but upon the ‘middle classes.” William H. Kuhns, managing editor %of Banking, declared that “business and financial success in the recovery period ahead depends absolutely on &n individual’s ability to keep abreast ©f what is going on.” The same speaker said that com- mercial banks all over the country are turning to the small amortized loan, this being one of the greatest changes in banking principles for some time. Exchange Closes Saturday. ‘The Washington Stock Exchange will be closed Saturday, Columbus day, it was announced following today’s trading. The Washington office of New York Stock Exchange houses will also be closed, but the local banks will 3% Bulova Watch-__... 3" Burns Bro pt (d) = 13% Burr Add Mch(60¢) 10 Bush Term B pf cod 1's Butte Copper&Zinc. 11% Byers (A M) 301 California Pkg(1%) 1 Callahan Zine. . ceen 24 Calumet & Hecla__. 713 Campbell- Wy a40c-. 8% Can Dry Gin Ale___ 50 Canada Southn (3). 8% Canadian Pacific_.. 30 Cannon Mills (2)._. 4% Capital Admin (A)_ 32'% Cap Adm pf A (3).. 45% Case (JI)Co. 8315 Case (J 1) pf ($) - 36% Caterpillar Tr (11). 19% Celanese Corp....... 1% Celotex Co (d) - eee 11% Celotex Co pf (d)-.. 22% Cent Aguire (1%)._. 34 Central RROfNJ_ 38% Cerro de Pasco (4)- 3% Certain-teed Prod... 4% Checker Cab Mfg_.. 37% Ches & Ohio (2.80). 36 Chesapeake Corp(38) % Chi & Grt West (d). 15% Chi Mail Order (t1). % Chi Mil StP&P (d). % Chi M StP&P of (d) 1% Chi&NW ) ... 3% Chi & N W pf (d)__. 4% Chi Pneumatic Tool 20 _ Chi Pneu Tool pf-.. 5TChi R 1&Pac (@) .. 1% Chi R I&P 1% pf(d) 25 ChickashaC O (2).. 14 +h4gtetes FE ReEFoEseE 88 84% 824 83y 10s 118% 118% 1184 8 51% bl% 30 27% 26% 12 5% 5 36 35% 26 50 26% 50 59% 59% 6 6 000 1kt 00 10 D 1 1 e 00 bt 0 i 8O 72!a 203 Greyhound Corp..- 384 30 Hack WpfA (1%). 10s 12'% 63 Hamilton Watch__ 1 26 16 Harbison Walk (1). 3 18! 5% Hat Corp of Amer.__ 4 109 81 HatCo pfww (6%) SOI 6% 1% Haves Body 141 127 Helme(Geo H)(15). 1 25% 11 Hercules Motor (1). 1 128 122 Hercules Pw pf (7). 40s 118 104 Hershey Chpf (t4). | 1 19% 5% Holland Furnace... 17 6% Holland & Son (50c) 7 30% Houd-Hersh (2%) A 1 6% H'daille-Hers B(1). 29 49 House Fin pf (3%). 1 1% Houston Oll (new). 161 43 Howe Sound (13)_.. 1 6% Hudson Motor Car. 49 % Hupp Motors____. T 9%nillinois Central.___. 13 15 Illinois Centralpf.. 1 T DI O 33 4 19 60% Ingersoll-Rand (3)_ 46% Inland Steel (13)_.. 2% Inspiration Copper. 4 Insur ShMd cfs 16e. 8% Interboro R T (d) 1% Intercontl Rubber.. 4% Interlake Iron. ... 2% Int Agricultural ... 3% Int Car'rs Litd (20¢) 22% Int Cement (1) _. 34% Int Harvester 60e) 4% 1% Int Hydro Elec (A). 1% Int Merch Marine__ 31% 22% Int Nick Can)(80e.. 32% 103% 94% 28 +1% \56% +1' 1% Phila & Read C&1__. 35% Philip Morris (1)___ 531 Phillips-J C pf (7)_. 13% Phillips Petrol (1) 3 Phoenix Hosiery_ .. % PlerceOl).__. ____, % Plerce Petroleum__. 31 Pilisbury Fl (1.60) 7 Pitts Coal 26% Pitts Coal pf_ 515 Pitts Screw & Bolt_.. 22% Pitts Steel pf._____. 1% Pitts United Corp... 24% Pitts United C pf... €' Plymouth Ol ______ 6% Poor & Co (B)__ 4% Postal Tel&C of (d). % Pressed Stl Car (d). 615 Pressed St1 C pf (d) 42% Proc & Gamble 313%. 20% Pub Sve N J (2.40).. 8514 Pub Sve N J pf (7). 81'3 Pullman, Inc (1%)- 57 Pure Ofl - 343 Pure Ol 6% pf--.. 49% Pure O11 8% pf_____ 8% Purity Baki ——— 4 Radlo Corporation.. 50 RadloC'ppfA (3%) 35% Radio Corppt B___. 1% Radio-Keith-Or (d) 1613 Raybestos-Man (1). 29% Reading (2) 20% Real Silk Hose pf.... 7 Remlagton-Rand... 69 Rem-Rand 6% pf-.. 2% Reo Motor Car_.... 9 Republic Steel...... 28% Republic Steel pf... 78% Republic Steel (A). 123 128 4 202 2 26 55 24 2 308 87 2 13 48 12 5 + W !23 +2 30% — 8 + u 70 + % 895 +1 15% + % % + % +2 s s +1 +1 + % + % + % 164 + % 7214 +1% 80% + % 43' 28'3 Ward Baking pf (2 120 9% 15 314 6% 38l 2% ner Bros Pie___ 14!s Warner Bros Pic pf. % Warner-Quinlan. 2'3 Warren Bros 7% Warren Bros ¢ 20% ‘ren Fdry&P 1= 30'3 Wesson Q&S (160c). 72 Wesson O&S pf (4). 34 West PaElec (1)A. 36 West Pa Elec pf (6) 39% West Pa Elec pf (7) 95 West Pa Pwr pf (6) 104's West Pa Pwr pt (7) 5% Western Maryland.. Ti; Western Md 2d pf.. 20% Western Union_ 18 West'gh'se A B 60c. 32% Westinghse El a50c. 10 Weston Elec Ins._. 29 Weston Elec (2) A 16% Westvadb Chi ‘40c) 14% Wheeling Steel ___. 46! Wheel Stl pf(31%). 6% White Motor._ 12% White Rk M S(1.40) 1% White Sewing Mch.. 6 White Sew Mch pf_. 1 Wiicox Oil & Gas__. 3% Wilson & Co (50¢).. 58 Wilson & Co pf (6). 51 Woolworth (2.40)__ 11% Worthington Pump. 25% Worth Pump pf A__ 20 Worth Pump pf B__ 3% Wrigley W jr (13).. 35 Wright Aero....... - 17%"Yale & Towne (60c) 2% Yellow Truck._._ 18 Young Spr& W (2)- prices: October day. 61% +1% 18% 44l + 5 37% +11y 8% + % 48% + % 6.19: country LIVERP futures closed firm. arch = Exchange. 459’z LIVERPOOL. receipts: low’ middiing. ordinary, > Futures Closed qu m 2nd steads. De 6.09: Ji station; barley, clover seed, Liverpool Grain Prices. 0OL. October 10 P —Wheal Prev, 995, Sine New York Cotton By the Associated Press, NEW YORK. October 10.—A reac- tionary tone developed in cotton to- Trade buying was somewhat less general and scattered hedging way * supplemented by some local realizing or_liquidation. December contracts sold off to 10.90, with the midafternoon market ruling about 2 to 8 points net lower, Liverpool Quotations. October 10 (#.—Cotton spot. good business done Quotations in g00d middling, 5% Srict middiing: trict fow middling, 6.07: strict good ordinary. 8 October, 6.088 58T cember. anuary. March, 6.09; May. 6.10: July. 6.09, nominal feed, 33a48: malting. 42a73; Timothy seed, 2.50a2.80; 11.50a16.25. ot 04 ¢ 923 90% » 13 Revere Copper (A). & 28% 13 YoungstownS&T.. 1714 Reynolds Metals (1) 14 12% Reyn’lds Spring(1). 43% Reynolds Tob B (3). 217% Roan Antelope Ltd. 29% Royal Dal.70 1-10c. be open for business as usual. 21 +1 26% +2% On the Washington Exchange today 25 shares of Woodward & Lothrop common stock sold at 40, unchanged. The remaining trading was in Wash- ington Gas 5s, 1958, five consecutive $1,000 ulu taking place at 10613. This was % foint above the final sales ofhnmk The final bid on Capital ‘Transit stock was 17 with 18 asked. No sales. W. 1. Myers, governor of the Farm Credit Administration, announces that the Federal Land Banks will not call for redemption at this time the $185,~ 31 ChildsCo. . ______ 31 Chrysler Corp (11). 12 City Ice & Fuel (2)_ 69% City Ice&F pf(635)_ 35 City Invest (al%)__ 100s 3% City Stores..... ... 18% 12% Clark Equip (80c).. 36% 27% Clev Graph Br (11). 248 161% Coca-Cola (8) e 57% 53% Coca-Cola A (3).... 19% 15% Colgate-P-P (50¢c).. 105% 101 Colgate-P-P pf (6). 33! 9 Collins & Alkman.__ 69% Collins & Ak pf (1) 6% Colonial Beacon Oil. 150s % Colo Fuel & Ir (d) .. 2 5 ColoF&1pfd)... 40s 3% Col G & K1 (a20¢) __. 130 123% Int Nickel pf (7)___ 3% 1% Int Paper & Pw (A). 1% 3 Int Paper & Pw (C). 17% 4% IntPaper&Pwopf.. 69 17% 32% 21% Int Print Ink(1.40). 10 33% 9% IntRYCAPL-.caae 308 11 601 Int Silver pf (0).... 825 0% 4 14\6 13 3% 5 1t 22y 4 24 20 28 4 14 4219 FLOUR PRODUCTION LAGS BELOW LEVEL OF 1934 By the Associated Press. NEW YORK, October 10.—Flour production in the principal milling centers in September totaled 5,603,158 barrels, against 5,846,613 barrels in September, 1934, General Mills, Inc, reporu. 7% 1 Zenith Radto__.__. 100 5% %hflumwfl—_.. 93 Sy %+ % £ % Budd m‘..ADI‘. 16 169 mmnusuusnmnmn.!.mmn 11:00 A.M - 560,000 12:00 Noon. 850,000 1:00 P.M « 1,110,000 :u pu. 1310.000 Dividend rates as gives m ts based on t-h- huu uumfly o -.I.O.!:l.ll BURLAP TRADE BRISK. 113% 104% Safeway Strs pf (6) 10s 108! 1081 108'4 1141 110 Sareway Strspf (7) 20s 112% 112 112 fi:fi lgu g:.lounhu (40c). 24 23 22 f‘ - % T 'VAge ArmS ... 2 11% 11% 11% + % cash paymen 42 22 \Schenley Distillers. 135 44% 41% dd}s +2% mnona. 20% 8 Schulte ReStrspf. 150s 16 15% 16 # ‘fi 70 55 Scott Paper (1.80).. 60s 65 64 64 BITUMINOUS OUTPUT 67 * 49 Jewel Tea (3) 1 67 51 77% 38% Johns-Manv (aS0c). 31 78 125% 117% Johns-Manv pf (7).. 10s 124 lu . 124 84% 50 Jones&Laugh7%pf. 50s 79% 79 - —————— 8% 3% KansCity Southn.. 7% Kaufmann D 8(80c) 1,662,000 for the week ended Sep- (KIRE ERONUCE tember 28, 1935. 000,000 of ll,afir cent Federal Farm Loan bonds ich are callable on November 1 next. FOOD INDEX RISES. 85% ColG& Epf A (6). 31 ColG&EDpf (5).. 34% Colum Plo vto (11). 67 Colum Carbon (4).. 39% Comol Credit (33).. 6% Comel Inv Tr(13. 218 5 80s 8 18 15% Kayser(J)&Co a90c. 6 Kelsey-Hayes (A).. 3% Kelsey-Hayes (B).. 10% Kelvinator (150¢)... 26% 13% Kennecott C (60¢).. 2% Kinney (G R) Co... STAGES SHARP UPTURN The National Coal Association, from | 5, 1935, 269,473,000 tons*; incoraplete car loading reports from | 490,000 tons. 3 +%thenflrmfi,uflmnesmmmlnml 32 +3 Production calendar year to October *Subject to revision. 1934, 269, NEW YORK, October 10 (#).—A substantial volume of business on bur- lap has been placed within the last few days, according to reports from trade sources, with prices advancing | > i aeu 956 705 NEW YORK. October 1 13,702: unsettled. ards and com: rsts, 263 5 i other mixed clors un~ ; steady. Creamery, ext Y Centralized (00 scorers T jgrades unchanged. 28 Kinney (G'R) Co pf. 00- 27% Kresge (88) (1) 138 10@ Kresge (8 8)pf(7).. 32% 22% Kroger G&B (1.60)_. &Lt . o o Las RenTine (06 i ’}2 4% 12% ul mg:::o‘)té;u( * 2 1% lflilnl?an t._. 9 12% 71 Con Cpr pf ww 6% 3 Lehigh m Cigai 7). 208 * Northern Pacific Railway deficit, b L o A (u&«")_ : : m“ o eight months ended Amgust 81, was 11% ‘aun Fink ) = s ! $7.409,086 va. defcit of $2476.286, | 34k _15% Consol Gar 3 ¥ ¢ K BRAW W ) 97% Comel In T pf(4% ). 30.5a firm. Pflcn unchanged. 16% Comecl Solv (160¢).. thern.. Doultry—Stea to firm. By trelght: Duoks, Toa1n: ‘Other redht §rades unchanged METAL MARKET. NEW_YORK. October 10 (®—Copper frm: lectrolytic, “shot. ang. future. 3 05, NEW YORK, October 10 (#).—The Dun & Bradstreet weekly food index Tose 3 cents to stand at $2.76 for the period ended October 8. This fol- Jowed a drop of 4 cents for the week ended October 1. A year ago the index stood at $2.29. coal production in the United States for the week en October 5 as ap- proximately 7,000, net tons. Pro- { duction for the corresponding week: 1934, 'IM.M tons; 1933, 5,783,000 tons.” The n 26% 25% 26% + % 50. 110 lll) 110 -1 10 27% 27% - % 20 to 40 points. GLASSWARE IN DEMAND. NEW YORK, October 10 (#).—De- mand 18 glass dinnerware sets rose sharply in the wholesale market this mm“m week as buyers continued to place or- of 7,693,000 tons for | ders mn.uddm SOVIET BUYING MOUNTS. NEW YORK, October 10 ().—Under 27 Congoleum-N(1.60). 9 Congress Cigar..... 22: B 1% + % 1% 8 . 8% % the week .l.:-d easier; 2.