Evening Star Newspaper, October 18, 1935, Page 18

[A—18 *** FINANCIAL. THE EVENING STAR, WASHINGTON, D. C.. FRIDAY, OCTOBER 18, 1935. FINANCIAL, 1. B. A, WILL HEAR TRANSACTIONS ON THE NEW YORK STOCK EXCHANGESI[][}KSAR[HRM (CAPITAL SPEAKERS = Judge Burns, S. E. C. Coug- i sel, on Program With " P.W. A. Executive. ! BY EDWARD C. STONE. Two speakers from Washington, Judge John J. Burns, general counsel of the Securities and Exchange Com- mission, and Philip M. Benton, finance director of the Public Works Admin- istration, are among the business, professional aand Government officials who will address the Investment Bankers' Association annual conven- tion at White Sulphur Springs, it was announced today. President Ralph T. Crane said that other speakers will include: David M. Wood of Thomson, Wood & Hoffman, municipal bond attorneys, New York; Lewis P. Mansfield, super- visor, bond department. Prudential Insurance Co. of America; Eustace Seligman of Sullivan & Cromwell, New York, attorneys; B. Howell Gris- wold, jr. Alex Brown & Sons, Baltimore: Charles R. Hook, presi- dent, American Rolling Mills Co., Mid- dletown, Ohio, and Dr. Benjamin M. Anderson, jr.. economist, Chase Na- tional Bank, New York City. The five scheduled forums will in- clude informal discussions on the distribution of securities, municipal bonds, Federal regulation of the se- curities business, public utilities and general business prospects. | It was learned in the financial district today that about 10 of the leading investment dealers in the city are planning to attend the ses- sions. More than 700 members from all over the United States and Canada are. expected. Harrison Again Heads Road. At a meeting of the officers and | directors of the Georgia, Southern & | Florida Railway, at Macon, Ga., yes- terday, Fairfax Harrison was re- elected president; E. R. Oliver and John B. Hyde, both of Washington, vice presidents; S. R. Prince, Wash- ington, general counsel; T. H. Seay. Washington, controller; G. E. A. Mc- Carthy of New York, secreta Guy E. Maudlin, Washington, and W. S. Camp. Washington, assistant secre- taries; A E. Tate, Washington, and E. | P. Hunter. also of Washington, assist- | ant treasurers; J. B. Early of Wash- ington, cashier; W. P. Hopper, Wash- ington, assistant cashier, and H. K. Murphy, Washington, paymaster. Directors re-elected include Fairfax Harrison, Washington; J. Triplett Haxall, Baltimore, Md.; Earnest Nor- vis, Washington: T. Nelson Strother, Baltimore. and J. B. Hyde. Vice President Hyde presided at the meeting. American Stores Sales Up. | American Stores Co. sales for the | four weeks ended September 28 emounted to $8.362,032, as compgred | with $8.354.964 in September a year ago, an increase of $7,068, or 0.08 per cent. Sales for the first nine months | of this year amounted to $85,518.802, against $84.907.317 in the like period | ® year ago. an increase of $611.485, | or 0.07 per cent. September sales were | better than in August of this year.| when a slight decrease over Awgust, ! 1934, was reported. Acting Secretary of the Treasury | Coolidge reports that $998,090.050 of the Fourth Liberty Loan bonds, or about 80 per cent of the total called | for redemption. have been exchanged | for Treasury notes and bonds. Of the total, $429,180.000 were exchanged for the 1!, per cent Treasury notes and $568.910050 for the 2% per cent Treasury bonds. The Treasury has announced an offering of $100,000.000 of Treasury bills, $50.000.000 of which will fall! due on March 16 next. along with | $150,000,000 additional bills which have been issued during the past three | weeks. | Registrations Cover Big Sums. y | During August 45 registration state- ments involving slightly more than $257,000.000, became effective under the securities act of 1933, the Securi- ties and Exchange Commission has snnounced. Industrials and com- mercial issues accounted for $139,000,- 000; financials, $28,000,000; foreign governments, $74,000,000, and reorgan- i7atons, $16,000.000. Nine registration statements were suspended during the month, three by stop orders. one by consent refusal order and five by with- drawals. Interest in the coming convention of the American Bankers' Association is increasing. The local delegation will number about 40, perhaps more. Just added to the list is Gerald E. Keene, one of the assistant cashiers at the Second National Bank. He also is ceeply interested in the bank auditors’ convention to be held in New Orleans at the same time. Victor B. Deyber, president of the Second National, was one of the first financiers here to ar- Tange to attend the convention. The current bulletin of the Guar- anty Trust Co., New York, just re- Tecived here, finds further moderate increases in business activity in re- cent weeks. It also reports a more optimistic sentiment due to a belief that normal recuperative forces are in the ascendancy. Heard in Financial District. Capital Transit stock figured in a 10-share sale on the Washington Stock Exchange today at 18':, up from yesterday’'s close. Two 10-share | sales were recorded in Washington Loan & Trust Co. stock at 200%. Other bid and asked prices were prac- tically unchanged. The Fidelity Building & Loan As- sociation announces notable growth in the last six months, an increase of 3.760 new accounts, an increase in assets of more than $1230.000 and the making of loans in the half year amounting to $1,252,050. Daily average sales of chain gro- cery stores for September increased approximately 6!2 per cent, compared with August and showed an increase of 4% per cent in dollar volume as compared with September, 1934, the Department of Commerce reported. ‘Total sales for the first nine months of 1935 were 3':2 per cent above the sales for the corresponding period of 1934. George C. Cutler, president of the Bafe Deposit Trust Co. of Baltimore, has been elected a director of both the Atlantic Coast Line Railroad Co. and the Louisville & Nashville Rail- yoad Co. to succeed John J. Nelligan, deceased. FOOD INDEX DECLINES. NEW YORK, October 18 (#).—The Dun & Bradstreet weekly food index declined 2 cents to $2.74 for the period ended October 15. The latest figure is 3 cents under the five-year top régistered three weeks ago and com- pares with $2.38 for the corresponding ‘week of 1934, dlr-au The Star. Paov. 1035 Stock and -lh Low. Dividend Rate. moo High. Low. Close. cnn 51 AcmeStegl (t3).... 10 70 69% 70 +3% D% 44 Adams Express._.. 9 84 T 8k + % 94 84% Adams Exppf (5)-. 10s 92% 924 92% 3515 28 AdamsMillia(3) . 2 34% 3d% 34k — % 15% 8 Addressog’d (60c).. 18 16% 15% 16 + 'a 15% 4% Advance Rumely... 4 15 14} 1% -~ % 162 1043 Afr Reduction (13)_ s 152 m 161 —l 1% % Air-Way Elec Appl_ - % 20% 13% Alaska Jun (160c)... 2! N.‘h 13% 10. + % 2% % AllegCorp(d)..... 4 1l 1% 1% 30% 21 Allegheny Stl (1)... 9 26% 25% 26% 173 125 Allted Chem (6).... 3 170% 170 170% =1% 7% 3% Allled Stor: 35 ™% Th - % 73% 49 Allled Stores pf (5). 1 73% 3% 73% — % 31% 12 Allis-Chalmers_ 30 30% 29% 30 204 14 Alpha PortCmt (1). 1 15% 16% 15% — 4 71 48'; AmeradaCorp (2)_. 6 69 68% 69 + 57% 41'3 Am Ag Ch(Del)(3). 4 B3 52 53 + % 32! 13'3 Am Bank Note - 2 29% 29% 20% — % 384 21 Am Brk Shoe (1)_ 6 33% 83 33— % 12815119 Am Brk Shoe pf (1) 20s 128 128 128 146% 110 AmCan(v4). ... 71424 142 1424 — % 25% 10 Am Car & Foundry. 120 20 20 —% 2213 8 AmChain__ — 3 22 21% 21% - % 96 66 Am Chicle (18 2 91 90% 90% -1k 33y 225 Am Comcl Alcohol.. 60 30% 29% 29% 1% 6% AmCrystalSugar.. 7 13% 13 13% + % 9% 2 Am&ForelgnPwr. 12 6 % 5% — 4 17 4% Am&ForPwodpf. 1 114 1% 114 + W| 42 14 Am & For Pw 37 pf. 1 30% 30% 30% — % 3% 3 AmHide&L(new). 25 3% 3% 3% + % 83 28 Am Hide& L pf(n). 2 30% 30% 30% — %4 4% 17 Am Ice g 12T Ual i 37% 14% Am Ice pf (2) 5 15 14% 14% + % s 45 Am International 8 8% 84 Bu -4 20% 9 Am Locomotive 1 16% 16% 16% — % 58 32 Am Locomotive pf_ 1 53 53 53 29% 185 Am Mch & Fy(180c). 6 28% 284 28% + % 10%; 4% Am Mch & Metals__ 1 9% 9% 9% — % 10's 4'3 Am Mch & Met vtc.. 1 9% 9% 9% + W 28% 1313 Am Metal % 27 a0 el 121'; 72 Am Metalpf (32)__ 2122 121 122 +1 9y 115 Am Power & Light_ 41'; 8% Am Pw & Lt $5 pf__ 49'; 10's Am Pw & Lt $6 pf__ 18% 10'; Am Kadiator 277 15% Am Roll Mills a30c. 2 2 95% 66 Am Safety Raz (5)- 3 2 145 4!3 Am Seating vte . 3 14 18% 13% — % 53% 31% Am Sm&Refining... 27 524 52 52 b 117% 103 Am Sm&Ref pf (6)- 1 114% 114% 114% + 3 144 121 AmSm&Refpf (7). 3143 143 143 » 76 63 AmSnuft(t3) __.. 1 12 T2 72 20% 12 Am Steel Foundry.. 7 16% 16 16 = 1 106 88 Am Stl Fdry pf (2). 10s 99% 99% 99% 43 3315 Am Stores (12) 1 36 86 36 70 51 Am Sugar(2) _ 9 51% 50% 50% —1'% 27 18'; Am Sumat Tob (11) 2 24k 24 24 145% Y87y Am Tel & Tel (9)... 28 14l% 140' 140% =1 102% 1723 Am Tobacco (6)-—.. 3 105! 74% Am Tobacco B (6) . 9 140% 129'x Am Tobacco pf (6) - 1 6% 23 Am Type Fdrs (d).. 1 19% 7' Am Water Works_. 19 10% 4% Am Woolen._...... 5 624 35's Am Woolenpf_____ 9 3 S Am Writ Pap (d)_. 5 2% Am Writ Pappf (d) 1 3 AmZinc & Lead .. 3 8 Anaconda Copper... 6 164 Anaconda Wire 1 17% 10% Anchor Cap (60¢c)-.. 8 313 11, AP W Paper __ 1 52 36 Archer-Dan-M(t1)_. 4 108 2 61y 70% 56' Arm'r(IL1)pr pf (8)_ 38 16!s Armstrong Cork 50e 8% 4 Arnold Constable. 9ty 3% Artloom Corp 17% 7'3 Asso Dry Goods 109 807y Asso DG 1st pf( U, 48 5Tty 3 91 66% Atch To&S F pf(5). 37% 19'; Atlantic Coast Line T3 3 AtlGulf&W Ind___. 28 °20'; Atlantic Ref (1) 47'; 32% Atlas Powder (2) 115 106% Atlas Pwr pf (6, 8% 4 Atlas Tack._ 44 15 Auburn Auto_ 4% 2% Aviation Corp! 6% lgpBaldwin Loco (d).. 4 2% 2% 24 18 73 Baltimore & Ohlo__ 24 14% 14 14% — % 110 100% Bamberger pf (6%) 308 108 107'3 107}y — % 49'; 36 Bang & Aroos (2%). ? 5% + % 9% 3% Barker Brothers___ + 77 32 Barker Brotherspf 180s 10% 5% Barnsdall Corp 606 19 14 Beatrice Cre (asuc). 95 72 Beech-Nut P (13)__. 145 11's Belding-Hem (1)-—. 24 11% Bendix Aviation 19% 15% Beneficlal Lo (1%). 34 Best&Co(2) .. 5 Bethiehem Steel .__. 55% Beth Steel pf(al%). 143 Bigelow-San Corp... 9% Blaw-Knox _ 16% Bloomingdale (40c) 103% Bloomingdale pf(7) 64 Boeing Alrplane. 90 Bon Ami (A) (14).. 398, Bohn Alum &Br (3) 38% Bon Ami (B) (12).. 21 Boiden Co (1.60)___ 28% Borg-Warner (2)__. 2 13 Botany Min(A) (4). 813 Bridgep t Brass 4V 24'y Briggs Mfg (12) ... 23!y Briggs & Strat (3)_.. 30% Bristol-Myers (12). 3615 Bkiyn-Man Tr (3)_ 90 Bklyn-Man T pf(6). 3% Brunswick-Balke. Blx 4% Bucyrus-Erle ____. 15 8'y Bucyrus-Ecv pf_ T% 3% Budd(kE G)Mig ... 66 23 Budd(EG)Mfgpf_. 9% 23 Budd Wheel. 237% 8% Bullard Co 11 3% Bulova Watcl - 9% 3 Burns Bropf(d)___ 13% Burr Add Mch(60¢) 114 Butte Copper&Zinc. % Butterick Co (d) 112, Byers (A M) . 32 Byers (A M) of_ 3015 California Pkg(1%) 14 Callahan Zinc_..... 23 Calumet & Hecla__. i3 Campbell-Wy ad0e.. 844 Can Dry Gin Ale___ 8% Canadian Pacifio—— 30 Cannon Milis (2)... 3215 Cap Adm pf A (3)._ 45% Ci 363 Caterpillar Tr (1) 19% Celanese Corp... 1% Celotex Co (d) -———— 11% Celotex Co pf (d) . 22Y% Cent Aguire (1%) .. 6% Century Rib Mills. 38% Cerro de Pasco 3% Certain-teed Prod .. 23 Certainteed Pr pf.. 37t Ches & Un1o (2.80)_ 36 Chesapeake Corp(3) 1% Chi & Grt W pf «d)_ 15% Chi Mall Order (t1). % Chi M1l SLP&P (d)_ % Chi M StP&P of (d) 1% Ch1 & N W (d) 4% Chi Pneumatic Tool 313 Childs Co £ 31 Chrysler Corp (t1) 12 City & Fuel (2). 69% City Ice&F pf(6%)- 3% City Stores 12% Clark Equip (80¢) 27% Clev Graph Br (11). 53% Coca-Cola A (3)__ 15% Colgate-P-P (60c).. 9 Collins & Atkman__ 69% Collins & Alk pf (7) 5 ColoF&lpf . 3% Col G & El (a20e)... 31 ColG&EDpt (5)--. 67 Colum Carbon (4) - 56% 39'5 Comecl Credit (2%). 119% 112 Comel Cred pf(5%) 72 56Y% Comel Inv Tr(12.80) 115», 111 Comel 1 T cv pf (6). 97% Comel In T pf(4% ). 16% Comel Solv (160¢).. % Comw & Southern._. 29% Comw & Sou pf (3). 57 Conde Nast Pub. 82 71 ConCprpfwwél. 7% 3% Consol Film 221 14% Cons Film pf ($1%) 34% 15% Consol Gas N Y (1). 101% 72% Consol Gas pf (5). 4% 1% Consol Laundries. 10% 6% Consol O1l (a26e) g 2% Consol RR Cuba pt. " 16% 8% Container Corp 6% 2% Container Corp (B). 9% 4% Contl Baking (A)... 1% % Contl Baking (B)... 91% 62% Contl Can (3) .. 16% 7 Contl Dia F' (abbc)_. 42% 28% Contl Insur (+1.20). 1% % Contl Motors 28 15% Contl O Del a$23%c_. 60% 41% Corn Ex Bk&Tr (3). 78% 60 Corn Prod Ref ll)- 165 148% Corn Prod e (T 6% 4% Coty Ine. . - cooeeen 89% 85% Cream of Wh (12)—. ' 2 e » @ 3 ® CND CRmETE NARO S, h A s D » ] € 3109 & B3 4 1 38 b 1 €3 1 00 O b 03 5 P - 13% 4% 89 58 4 116% 21 0% 1112% ‘3 1006 ER 63% 1 I.Bo 19 5 ll 5 + W 1 11 - 674 67a = 1 57 58% — W 9 % + % 21 214 — % 10% 104 + % ¥ 8 20 20% + W 2% 2% - % TE FREF TEREFFEET 21 42 — 56 + 17 - + 34% + 106% — 14% — 12% 4% +1% + 1 56 6 + % 116% 116 + 7% 681y 68% — 5 1124 1124 + % 1043 10415 % FErEEFes 12% T4% 87 18% 18% + 1% 58 9% + % 39% — % 14 + % 2 -4 8 + % 3% —1% 5% 18 + % 2T% + % 9% + % %+ % Th - % 3% % 15% -1 6% — % 8 1 =% 89 16% — % A%%# % % 21 + % M 61% —24% 165 155 +1 4% 4% 3% 38 + W 2:30p.m. Prev. 1935 Stock Bales— High, ‘Low. Dividend Rate. 00, High. Low. Close. Chgs. 16% 11% Crosley Rad (a260). 14 15% 15 154 — % 86% 23% Crown C&S (1).__.. 4 33% 83 33% + % 5% 31 CrownZelleb'’kvte. 6 5 5 65 + % 28 14 CrucibleSteel..... 3 25% 24% 25% + % 1% 1, CubaCo._._.. ——— 1 1 14 1% 8% 5% Cuban-AmSugar__. 4 5% 5% 6% + % 80% 40'% Cuban-Am Sug pf.. 20s 58% 684 B58% —1% 4T 39% Cudahy Pkg (2%).. 21 424 40% 42 +2 15 Curtis Publishing__ 15 19% 18% 18% + % 105% 89!5 Curtis Pub pf (7). 7104 103 104 3% urtiss Wright..... 22 3 2% 38 + % 10% G’A Curtiss Wright (A) 18 8% 8% 8% —% 88% 73 Cushmanspf(7)... 10s 88 88 88 — % 40 16 Cutler Hammer ___ 4 39% 39 3%+ % 8% 6 Davega Stor . 4 7 474% 22% Deere&Co . 47 49% 4T 49% +3% 28 19 Deere&Copf ($75c). 2 2T% 2T% 2% + % 43% 23% Delaware & Hudson 8 3:! u». 32% 19% 11 Del Lack & West_ . 4 14% + % 103% 65 Detroit Edison (4). 2 102 100% 102 +1 50% 351 Devoe & R (11) A. 2 38y 38% + % 40% 265 Diamond Mtch t1 3 37% a'lv. 3% — W 43'% 34% Dome Mines (12) 5 39 384 38% + % 12% 6% Dominion Stor 2 M TR TR 33 175 Douglas Air (a75¢). 46 32 31% 31% — % 24 1315 Dresser Mfg Abl% 9 23% 23 23% + % 13% 6% Dresser Mfg B__... 4 13% 131 134 19 12% Duplan Silk (1) 117 17 21 —% 1364 86% Du Pont (13.60) 11136 133% 134 — % —— 161 110% Eastman Kod (16)_ 1 156% 156% 156% — % 164 141 Eastman Kod pf (6) 20s 158 158 158 29% 16% Eaton Mfg (t1) .. 13 295« 28% 29 7% 3Y Eitington-Schild___ 6 6 —™ 35% 19% Elec Auto L (a3fc). 79 aslf. 344 34U — % 10% 3% Electric Boat - + % 8% 5% Elec & Mus [nd____ 74 1'% Elec Pw & Lt 32 3 Elec Pw & Lt $7 pf. =% 49'; 39 Elec Stor Bat (2%). + % 66 523 Endicott-John (3) 7% 1% Engineers Pub Sv, 4 s Erfe R R - - % 17% 8!y Erie RR 1st pf. -4 13 6% Erie RRzdpf - + 14% 103 Eureka Vac C(80c). - 23% 15 Evans Products(1). - % 5 2 Exchange Buffe: + 4 _——— 26' 120 2813 122 17 Fairbanks Morse _. 715 Fairb'ks M pf 3% . 5% Fed Lt & Tr 54 Fed Min & Sm pf 3% Fed Motor T(al0¢). 2 Fed Screw Works _ 16 Fed'd D Strs (160c). 28! Fid Phoen F111.20 131a Firestone (40c) 843 Firestone pf A (§).. 45 First Nat Strs (23%) 20% Food Machine (1) 97 Foster- Wheeler _.. 19% Four Nat Iww a1.10. 17% Freeport-Texas (1). 1122 Freeport-Tex pf(6) — 10% 44 20% 13% 146 B4 15% 55 64 145 B85% 37 6014 162 615 31% 3% 18 34 108 36% 28 T6% 12% 16% 13% . 2 107'; Gen Motors pf (5).. 514 Gen Am Investors__ 32% Gen Am Trans(1%) 113 Gen Asphalt - 73 Gen Baking (60c) .. 115 Gen Baking pf (l).. 5% Gen Bronze 4 Gen Cable (A) 19 Gen Cable pf_. 50 Gen Cigar (14)_. 1271 Gen Cigar pf (7). 20'; Gen Eleetric (80c) - 30 Gen Foods (1.80)_ % Gen Gas & El (A) 10 Gen G&E 6%cv pfA. 597 Gen Mills (3) Gen Motors (12) _ 3 Gen Outdoor Adv.. 10 Gen Outdoors Adv A 17% Gen Print Ink(1.60) 931, Gen Print Ink pf(6) 15% Gen Ry Signal (1) % Gen Realty & Util_. 16% Gen Refractories. .. 12 Gillett Saf Ras (1) 70'; Gillett Saf R pf (). 2'x Gimbel Bros 18 Gimbel Bros pf.. 234, Glidden Co (11) 1047 Glidden Co pr df (1) 1's Gobel (Adolf) (d).. 14% Gold Dust (1.20) ... 7'2 Goodrich (BF) ... 40 Goodrich (BF) pf.. 15% Goodyear T&R 5% Granby Consol 2% Grand Union . 14%, Grand Un pf (Hfi),. 184 Granite City St (1) 23% Granite City 8 rets. 26 Grant (W T) (71) 9% Grt Northern pf. 914" Grt North Ore (50c) 26% Grt West Sug (2.40) 20!, Greyhound Corp 1 Guantanamo Sugar. 4 Gulf Mobile& N___. 6 Gulf Mobile & N pf_ 211, Hackensack W(1%) 615 Hamilton Watch 63 Hamilton Watch pf 16 Harbison Walk (1) 81 1% Hayes Body 85 Hazel Atl 11 Hercul 71 Hercules Pw (13) 5% Holland Furnace _. 307x Houd-Hersh (21 ) A 6'2 Hdaille-Hers B(1). 1'; Houston U1l (new)._ 43 Howe Sound (13)_.. 2% Hudson & Manhat._ 6% Hudson Motor Car.. 9'; Illinots Central 231, Indus Rayon (1.68). 46% (nland Steel (13)_ 215 Inspiration Copper- 4 Insur ShMd cfs 15¢. 8% Interboro R T (d) 135 Intercontl Rubber__ 4'4 Interlake Iron 2% Int Agricultural ... Int Agricul prpf __ 3% Int Car'rs Ltd (20¢) 227 Int Cement (1) __ 343 int Harvester 60s) _ 135 Int Harvester pf(7) 1% Int Merch Marine _ 22% Int Nick Can)(80e.. 1% Int Paper & Pw (A) 415 Int Paper & Pw pf . 2115 Int Print Ink(1.40)_ 9815 Int Print Ink pf (6) 28 IntSalt(1%)... 16 IntSilver __ 601 Int Silver pf 5% Int Tel & Tel 8% [nterstate Dept St x 6 Intertype (a20c) .. -_— 67 9% 8d% 49 JewelTea (3). ___. 3812 Johns-Manv (a50c). 50 Jones&Laugh7%pf. 108 1 3 3 11 108 5 1 3 1 108 91 17 11 Hat Co pf ww (6%) 140s 105 1 13 30s 26 245 22% 18% 96 26% 27% 13 32% 7% Kaufmann D S(80¢) 15% Kaynrui&Co a90e. Ao 3% Kelaey-flly (B 10% Kelvinator (t50¢) .. 84 Kendall Co pf (16). 13% Kennecott C (60¢) . 19% Kresge (S8) (1) . 103 Kresge (8 S)pf(7).. 224 Kroger G&B (1.60)_. 281 12% 1% 3% 13% 1115 95% 17% 9% 41% 24% 120 157‘4 19% 24% 43 34% 49 21% Lambert Co (2) 815 Lee Rub&Tire « 105% Leh Port Cement.__. 1% Lehigh Valley Coal. 5% Lehigh Val Coal pf. 5 Lehigh Valley R R 67% Lehman C (12.40) . 10% Lehn & Fink (1%).. 6% Libby McNeill & L. 21% Lib-O-Ford G1(1.20) 21 LifeSaver (160) _ 94% Ligg & Myers (14)_ lm- 93% Ligg & Myers (t4)B 151% Ligg & Myers pf (7) 15% Lily Tulip Cup(1%) 13% Lima Locomotive.. 17% Link Belt (80¢) —eeu 24% Liquid Carb (t1)... 31Y% Loew’s Inc (2) 10815102 Loew’s Inc pf (8%). 1% 41% 26% 1% 144 22% 263 135 35% 13% 97 1 28% 54 87 1 Loftinc . 33 Loose-Wiles (2). 18% Lorillard P (+1.30) % La Oil Ref (d) __. 4% La Oil Ref pf (d) .. 10% Louisv GEEpfA 1%. 12% Ludlum Stasl 90% Ludium Stl of (63%) 28 McCall Corp (3)... T4 McCrory Stores (d). 6% McCrory Strs B (d). 57% McCrory of (d) T% McGraw Hill Pub._. 34% Mcintyre Poreu (2) 5% McKeason & Rob. . 32 McKesson & Rob pf 8% McLellan Stores_ .. 85% McLellan Stores pf 18% Mack Truck (1) _. 30% Macy (R H)& Co(2) 18% Magma Copper - » & SnonamBuamars o) NNEIR coa® 124 8% 40 173 13 140 id 13'3 5943 5413 142 34'y 34 31 1% 20 24% 5% 404 23% E 52l 24% 33 107% 26 22% 5% 14 12 lo!h ID!% + 37% 25 kel ™ 19% 25 129% 34 12% 12% 974 14% 3% T% 44% 3314 107% 24 8'1"4 13% = 110% 110 110% -1% 25 23% 24 52% b51% 52 i + % 574 Pure Oil 34% Pure 0il 6% 72 4 Webster Eisenlohr.. 30% Wesson Q&S (150c) Wesson O&S pf (4). 2:30 p.m. Bales— Net | prev. 202 Hien: ‘0%, Dividend Kate, - 44800, Hish. Low. Close.Chgs.. 'lov. Diviaced Hate. m4a00. High. “66% 29 Man Elev gtd (d).. 508 66 64 5T “3%; sneh Union ol 80 13% Man El md gtd (4).. 2 26 98% 63% Shell Union Ofl pf... 15 10 Manhat Shirt (60c). 2 12% 19% 8% Silver King C(40c).- 814 5% Marine Midld (40c). 21 Th 16% 6 SimmonsCo_.__._ 10% 3% Market St Ry prpf_ 10s 8% 18% 5 Simms Pet (a50c)_ 40% 20 Mariin-Rockwall2) 10 40% 11% 6% Skellyonl . ____ 11% 6% Marshall Field & Co 7 68 24 Sloss-Sheff Stlpf___ 33% 23% Mathieson Alk(1%) 8 .“'n 24% 15% Snider Packing.. ... 54% 35% May Dept Str (1.60) 4 52% 16% 105 Secony-Vac (30c).. 15% 5% MaytagCo _. . _. 5 15% 28% 20 Sou Porto R Sugi(2) 54 33 Maytag pf ww 17 3 49% 150 132 Sou Porto R S pf(8) 103 843 Mavtag Istof (6)__ 508 102 23% 10% South Cal Ed (13%). 60% 41 Melville Shoe (3)._.. 1 58% 21% 12% Southern Pacific.... 6% 3 MengelCo . 97 % 16% 5% Southern Railway.. 48% 20% Mengel Co pf 10008 50% 20% 7 Southern Rwy pf__. 35% 24' Mesta Machine (3). - 5 34 8 5 Spalding (AG) ___ 6% 21 Miami Copper . 5 5% 94 59% Spang Chalf pf 3% 60s 91 91 91 +1 13% 9% Mid Cont Pet(ad0c). 10 11% 5% 34 Sparks-Withington _ 18 4% 4% 4% + % 24% 8% Midland Steel Prod_ 5 221 T% 3% Spear & Co 7% 8 + % 112% 58 Minn Hon R (13) .. 3 119% 76 65 Spear & Co 1st pf_ 80 80 +4 111% 105 Minn Hon R pf (6). 80s 107 86% 32 Spencer Kell (1.60). 4 35% 354 354 — % 5% 3% Minn Moline Pw 4 4u 13% T4 Sperry vtc (a2be).. 27 12% 124 12% + % 67% 31 Minn Moline Pw p 4 554 14% 8% Spleer Mfg..______ 12 13% 12% 13% + % 6% 215 Mo Kans & Texa: 4 3% 47% 33% Spicer Mfg pf 108 45% 45 45 14% 5% Mo Kans & Tex b 11 8y 81% 43% Splegel-May-S (3)_. 10 80% 79% 79% —1% 21 10% Mohawk Carp (1) .. 4 20% 104 80 Splegel-M-Spf(63%) 1104 104 104 90% 55 Monsanto Chem(t1) 9 91y 19% 12': Stand Brands (30¢). 68 14% 14 14% + % 37% 21% Montgomery Ward. 59 325, 5% 2% Stand Com Tobacco. 38 5% 5% 5% + % 66 50 Morrel &Co (3.60)_ 2 55% 9% 1% Stand Gas&El (d) 4 3% 3% 3% 14 % Mother Lode 1N % 11% 1% Stand GRES$4 pf(d 6 4w 4 AW+ % 41% 17% Motor Products (2). 15 46% 2Th 6 Stand GEEFTpf(d). 26 104 9% 9% — % 14% T'a Motor Wheel (60c). 10 14 2% % Stand Inv Corp._. 8 1% 1% 1% 15 9% Mullins Mfg (A)_. 5 . 38% 27% Stand OflofCal (1) 37 33% 33 33 15 91 Mullins Mfg (B)._ 116 111 Stand Oil Exppf(5) 2113 113 113 77% 62 Mullins Mfg pf_ 5 28 23 StandOflofInd (1) 19 25% 25% 25% 20%5 13% Munsingwear Inc__ 19 501 35% Stand OLINJ (t1)_. 12 45% 44% 45 — % 19% 4% Murray Corp 100 18% 25 12'; Starrett (L' S) (1) 3 23% 21% 23% — % 41 30 Myers(FE)&B(2) 1 40 67% 58% Sterling Prod (3.80) 2 63% 63% 635 e — 2% 1 Sterling Secur (A)_. 3 1% 1% 1% 19% 11 Nash Motors (1)._. 41 164 17% 6% Stewart-Warn ts0c. 35 17% 17 17% 104 4% NatAcmeCo______. 2 9y 10% 21 Stone & Webster. - % 1gx. 28% :n Aviation_ . 13 10% 644 2% Studebaker Corp._. 33% 22% Nat Biscuit (1.60).. 25 32 75% 60% Sun Oil (11) +1y 19% 13% Nat Cash Reg(50¢). 9 19 121 115% Sun Oil pf (6) Tl': 18% 12% Nat Dairy P (1.20)_ 37 17% 3 1% Superior Ol ———oo +h 110% 103 Nat Dairy pf A (1)_ 108 109% 12% 5 Superior St i ol Ds Nat DDee?I;:lto;:(ldl’d) uld 21% 17% Sutherl'd Pap t60c. x 15 21% 21% 21% + % 34% p - 9408 30% 5% 19! * 324 231 Nat Distillers (2)__ 107 32 Phie ot L e R B e 186 145 Nat Lead (5) ~ 1186 6 4 Tennessee Corp - 4% Nat Pwr&Lt (60c) . 44 9 23% 16' Texas Corp (1).. 40% Nat Steel (11) 11 72 36% 28% Texas Gulf Sul (2). - 8% 9 Nat Supply Co 4 16 9% 3% Tex Pac Coal & Oil_ + 36 NatSupply Copf__. 10s 66 1215 815 Tex Pac Land Trust \ + 8% Nat Tea (60c) ___. 4 9% 13% Thatcher (1) - 713 Natomas Co (80c)_. 3 9 5% The Fair _ : i 214 Nelsner Bros (t1)__ 24 39% 215 Thermoid Ci 3t ¥ .A 43!; Newberry J J(1.60) 4 57 2 Third Avenu - 4% Newport Industries 245 8y 16 Third Nat In (ad%e). + 124 NYCentral RR __. 48 225, 5% Thomp'n(JR) (50¢c) +1 SR XiChis SUUpc I TN 13% Thompson Products + “ nvestors (d) __ 2 0 S - s 2% NYNH& Hartford 24 4% b ?i’d"e'.“»‘{-’,,‘l"fl?: il e 6 NYNH&Hartfof 5 8 4% Timken-Detroit _. 2% NYOntario& West 1 3% 28% Timpken R B (1) __ = WNYRwysptd) . R 2 47 Transamerica(30c). . 6'» N Y Shipbuilding... 3 11% 12% 5l Transue&Williams. + 1 69 NYSteampf(6) .. 20s 83 T% 1% Tri-Contl Corp..... + Y% 2 North Am Aviation. 21 414 67 3% Truax-Tra Coal 1 9 North AmerCo (1) 45 201 7w 313 Truscon Stesl 9 & 2535 Noxth = E: nrr 1(3‘)) 1 5;*. - 18% 13 20th Century Fox 3 = orth Am Ed p! 3 97w - 2 ot 3 13% Northern Pactflc _ 14 16% 161 16% — 3% | —eronnroin Cetury Foxvf 3 Sy 20 Norwk T&R pf(2) . 208 22 22 22 = 3| 824 53% Und-Ell-Fisher (2). 2 =% _— 133 1263 Und-Ell-Fish pf (7) 20s - 9% Ohto Ol[ (-ISQ) 2 " 50'; 29 Unton Blg&Pan 2) 9 - 16'4 Oliver Farm Equip. 71% 44 UnCarb & C (1.60). 5 = 313 Omnibus Corp vte _ 20% 14% Un Ofl of Cal (1) 3 - 4% Oppenheim Collins . 111 §2!5 Un Pacific (6) ... - 11'a Otis Elevator (60c) 208 9% United Alrcraf + 4% Otis Steel 10% 41; United Air Line vto s 106 80 Owens-IlIG 15% 7 United Am Bosch i 17% 14 Pac Am Fisheries §§" ffj‘ 'i:nma ety 28% 1314 Pacific G & £ (1%)_ & i u::’x:fgrrg::(zm' = 445 19 Pacific Ltg (2.40) | 6% 1 United Corp. Pl 21 12 Pacific Mills _ ___ 441, 208 i % 70 Pacific Tel & Tel (6) 10s 13 "5 Dattoa g‘:;:“ S e 115 6% Pac Wn Oil (bd0c) ] 13 415 United Dyewood.... 4 % 9 31, Packard Motors 92% 60'; United Fruit (3)___ 11 W 1% 13 Panbandle Pro& R. 184 9% United Gas Imp (1) 17 % 12 8 Paramount Pic | 107': 87!; United Gas1pf (5). 1 14% 9% Param't Pic 2d pf 13' 4% US & For'n Secur. 5 e 6 24 Park Utan 2513 11 U S Freight (1) 6 L Tia 474 Pathe Film Corp___ | 79 40% USGypsum (+1)_ 8 et 15 8l Patino Mines .____ | 160 143 USGypsum pf (7). 40s 1581 158!, 1581, 1% %, Peerless Motor 9% 5 USHofftman._____ £ 8 2 g 81 641, Penick & Ford (3)__ 484 354 US ind Alcohol (2) 53 47 84% 5T% PenneyJ C (2) ... 16 7!3 US Leather A vtc_. 4 15 613 2% Penn Coal & Coke _ 22 4% USPipe&F (50c). 10 513 3 Penn Dixie Cement_ 21'; 19% USP&F 1stpf1.20. 1 30 17% Penn R R (ai0e)__ 7 3 USRealty & Imp. 5 395, 30 Peoples DS (11) __ 174 9% U S Rubber_ 7 116% 108% Peoples DS pf(6%) 10s 110 110 110 42% 241, U'S Rubber 1st 10 211; 9 Pere Marquette _ 2 3 20 4+ 13| 1241; 92 US Sm & Ref (al 4 ; 30 13 Pere Marquettepf_. 3 3 32% +24 | 48% 27% U S Sted 105 45 4% 44% — % 43% 161, Pere Maraornf _ 4 46 46 +31: 1131 73% U S Steel pf (2) 4109 108y 109 + 1y 115 7% Pet C'p of Am adte. 8 Q 9 T'3 3% United Stores (A) 3 5% 5% 6% 15% 11 Pfeiffer Brew (11 20 46 United Stores pf___. 1 67 61 671 -1 261 12% Phelps Dodge(a2sc) 10 51 UnivLeaf Tob(t2) 3 63 63% 63% — i 76' 38! PhilaCopf (6) new 3 1 UnivPipe& Radd) 10 1 W W g 313 Phila Rap Trpf(d). 10s 1 UtlPwé& Lt (A) 10 26 2% 2y % 1% Phila & Read C&1 1 5313 354 Philip Morris (1) 3 ', Vadscd SatesCorp_. 1 76 5313 Phillips-J C pf (7). x 108 194 Vadsco Sales pf_ 2 2 30% 13% Phillips Petrol (1)_ 29 11'« Vanadium Corp 9 Vi% 17 8% 3 Phoenix Hosiery.. 1 11% Van Raalte (a25e).. 10 32 31 % 1 Pierce Ofl 3 34 Vick Chem (12) 1 41 41 1ia W Plerce Petroleum 7 213 Va-Car Chemical_ 4 3 3 3w+ w 12’- 4 ;'1:: gou s : 17'; Va-Car Chem 6% Df 11 25% 24 2513 11 9 3 crew = 721; VAE1 & Pw pf (6)_. 50 2 - 55 2214 Pitts Steel pf. 10s Ll st oMo W 174 67 Pitts & W Vi 10s 1% Wabash pf A (d)_. 1 214 2u 2 11% 6!3 Plymouth Ofl_ 11 4ty Waldorf Sys (506). 13 8% 8. S + % 16% 4% Postal Tel&Cpf (d) 6 26 Walgreen Co(1.60)-. 6 29 231, 28, — ¢, 314 5 Pressed StiCar (d). 5 1 Walworth Co. 15 3% 3% 3u+ 53% 42% Proc & Gamble$1 8 i 2 2 2 2 120% 115 Proc & Gam ot (). % 4% M0 G0 20% Pub Sve N J (2.40)_ 9 2% Warner BrosPie... 32 T3 7., T 4+ 62% Pub Sve 1::"9: @ 4 14!; Warner Bros Pic pf 110s 43t 421, 421, — 73 ul ve L3 - 2 L) el 2 291 Pullman. Ine (1% ) P e e LATE IN SESSION Good Demand for Low- Priced Motor Shares Helps » General Market. STOCK AVERAGES 1o et chanes oo e o o8, Today, noon. 69.8 24.1 37.9 50.4 Prev. day... 69.9 242 37.9 505 Month ago. 659 25.6 362 48.4 Year 50.5 263 275 38.7 1935 70.3 27.6 393 509 1935 495 185 216 3438 1934 614 430 406 514 1034 low... 453 228 242 349 1932 low... 175 8.7 239 169 1929 high..146.9 153.9 184.3 157.7 1927 low... 51.6 953 618 618 (Compiled by the Associated Press.) low... high__ BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, October 18.—A heavy demand for low-priced motor shares gave the stock market a firm appear- | ance during late trading today follow- ing forenoon irregularity. ‘Two blocks of 20,000 shares each of Packard Motor changed hands at 6, | up 35 of a point on balance, and blocks ’of 1 to 5,000 shares of Studebaker, | Graham-Paige, White Motors and Nash made frequent appearances on a | utilities were the best groups else- 1 | Where | the tape at advances of Y3 to 'z | point. Chrysler was more than a point higher. Packing shares and Swift was 2 points higher, American Power preferred got up | nearly that much and advances of | around 1 were shown by Western ‘Umon and Wilson preferred. Such standard industrials and farm | implement shares as Westinghouse, U. S. Industrial Alcohol, International Harvester and J. 1. Case were 1 to 2 | higher. The late tone was firm. Sales approximated 1,350,000 shares, The rails just about stood still, * | despite another more than seasonal . | upturn in freight car loadings of 27,397 for the last week to a total | of 734,274, a new peak since October, A 1931. The Associated Press weekly | index of shipments rose to & high wIOr the recovery. Most commission house commenta- tors were moderately bullish, although pointing out that any serious de- velopment in the Anglo-Franco- Italian controversy over the African situation might result in at least a | temporary shakeout of more than | ordinary proportions. Another item, which was not neglected by the analysts, was the Treasury’s report that Government | revenues had fallen behind collections o a year ago, thus enhancing the prospects of higher Federal tax pro- posals at the next congressional session, especially if the Supreme Court kills the processing tax. New York Cotton By the Associated Press. NEW YORK, October 18.—Cotton continued to fluctuate within a com- paratively narrow range during today's trading with the undertone generally steady. Early advances on foreign buying and covering were followed by slight reactions, but hedging was not active and prices worked up again later. December contracts, after selling up from 10.83 to 10.88, reacted to about the early lows and were holding around 10.89 in the midafternoon market with | active months about 8 to 11 points net | higher. Liverpool Quotations. 4 LIVERPOOL. October 1R (#.—Cotton, 18000 bales. including 6.600 American. | Spot in active demand. larze business done; | prices unchansed. auotations” in 'pence zood mics lol tures closed wr! _December. 6 + May, 17% 8% Purity Bakeri, Pa Elec (T)A.. Pa Elec pf (6 8!, 4 RadloCorporation 69 & 90 39% West Pa Elee bt & J Bt 8 seoctatad Erees gg: g(fi)% l;{udal‘o %p of l; ‘(;vn 1)3 55! 114 95 West Pa Pwr pf (6) CHICAGO, October 18.—Despite a 3 % Radlo Corppf B __. 2 120 104'; West Pa Pwr pf (7 transi - 7 ices 2615 16'; Raybestos-Man (1). 10 3% 1iy Western Pacific (d) most of the time averaged lower. 4314 29% Reading (2) 1 T 2% Western Pac pf (d) el ogeerd 11 314 Real Silk Hosiery 1 60 20% Weatera Ublon Speculative sellers of wheat out- 63'3 20% Real Silk Hose pf__ 28'x 183 West'gh'se A B 50c_ numbered buyers as a rule. In some 14% 7 Remington-Rand 3 13| 6% 32% Westinghse El as0e trade quarters selling was associated 23% 21\ Remington-Rprof. 4 22 %| 119 90 Westhse 1st pf 3% - with belief that the Ethiopian war 78 69 Rem-Rand 6% pf... 2 76 22 would have no outcome other than a S T o MG fox Sae ZE | division of Ethiopia between Italy, 19% 9 Republic Steel 21 164 % % 9 P ¥ 784 28% Republic Steel 9 79 % Great Britain and Prance. 8615 78% Republic Stl pf A 3 86% _ Wheat closed irregular, ! lower to 9% 513 Revere Copper_ 7 9% % 7 3 Wilson & Co (50c). ;| " higher compared with yesterday's 23 13 Revere Copper (A)- 7 21% % | 7 58 Wilson & Copf (6). finish; December, * 102',-33; corn, 100 75 RevereC& Bpf___. 190s 100 M| 65% 51 Woolworth (2.40)__ ’s-% down; December, 58's-'4; oats, 24'3 1714 Reynolds Metals (1 64 26% +1%| 2113 11% Worthington Pum, i« off to '« up, and provisions show= 109 101 Reynolds Mof (5% 1 110 +1% | 46% 25's Worth Pump pf A-_ IS Hlie <P'S b 10 Ganke 25% 12% Reyn'lds Spring(1). 35 25% +1% | 82% 173% Wrigley W jr (13)_ i Open. High Tow . Ok 57 43'% Reynolds Tob B (3) 30 56y k) 1.03% 1.01% 1.0V 15 5% Ritter Dental ____ 4 4% 32 17% Yale & Towne (60c) 1 033 1.00% 100 44% 29% Royal Dal.7| 4 4l 14| 6% 2% Yellow Truck .. . 25 % 91 91 | 38% 18 YoungSpr& W (2). 3 46 32% Safeway Stores (3) 2 344 % | 28w 13 YoungstownS&T.. 5 113% 104% Safeway Strs pf (6) 110s 110 | 84% 38's Youngst'wn S&T pt 1 114% 109 Safeway Strs pf (7) 10s 114% 2 % St L-San Fran (d).. 4 1 8% 1% Zenith Radlo__ 9 45‘7’ 2; gt :rSll‘ l;,‘r n:’):d) - 7} ‘;’J'- ‘vfi 5% 2% Zonite Product: 5 % chenley Distillers T 49% “ . Rights Expre. 4 1% Schulte Retatll Strs. 2 2% wl o u B“‘: Mfg. Apr.16 49 20% 8 Schu eStrspf 150s 16% k] iy B % % Seaboard AirL (d). 23 e Approximate Sales of Stocks on the N, Y. Stock Exchange. 1% % Seaboard A L pf(d) 4 % 11:00 A.M...... 330,000 12:00 Noon 560,000 35% 20% Seab'd O Del (160¢) 2 29% % 1:00 P.M...... 760,000 2:00 P.M + 1,100,000 61 = 31% Sears Roeb’k(a75c) 28 58 =1 | pividend rates as given in the above table are the anni i 12% 7% Servel Inc (50¢)._- 17 11% payments based ou the latest quarteriy or Chic o Cash Market. 21% 9 Sharon Steel Hoop. 10 19% of trading less than LOU shar ag A 10 7% Shattuck(F G)(25¢) 9 9% feorsanizéd. xEx dividend i % | 2 mixed, 1.10, 5 per cent hard; corn, GIBSON ELECTED BY V... CHEMICAL Baltimore Man Will Succeed Ivey as President of $30,000,000 Firm. By the Associated Press. RICHMOND, Va., October 18—F. Swift Gibson of Baltimore, who has operated a fertilizer and chemical business there for the last 20 years under his own name, was elected presi- dent of the Virginia-Carolina Chem- ical Corp. at a meeting of the Board of Directors today. Gibson succeeds A. Lynn Ivey of Richmond, who was removed from the directorate at the annual stockholders’ meeting here last week. On the Board of Directors Gibson will suc- | ceed Ross H. Walker of Richmond, who was one of the new members elected to the board by the stock- holders. Since the president must be a ~ member of the board it was necessary for one of the members to resign. Gibson will assume immediate leadership of the $30,000,000 corpon- tion. U. S. RUBBER EXPECTED TO CALL NOTES SOON By the Associated Press. NEW YORK, October 18.—Reports mn Wall Street financial quarters to- day said it was likely that United States Rubber Co. would issue shortly a call for redemption on December 1 of its secured 6 per cent notes, of which $4,225,600 were outstanding on June 30. The notes are redeemable at par and accrued interest on Jan- uary 1, 1936. OIL ALLOWABLE BOOSTED. AUSTIN, Tex., October 18 (#).— The Railroad Commission today set an allowable of 1,047,165 barrels for | Texas oil fields for November, an in- | crease of 36,075 barrels from the September schedule. | Americah Agricultural Chemical Co. deficit, quarter ended October 3, was $109,600, vs. deficit of $102456 in quarter ended September 27, 1934, 1 ADVERTISING INCREASE SMALLER THAN USUAL By the Associated Press. NEW YORK, October 18.—Printes’ Ink reported today that actual news- paper advertising lineage increased in September from August, but that the magazine’s index declined to 75.5 per cent of the 1928-32 average in Sep- tember from 78.6 per cent the pre- vious month. at 71.8. “September newspaper advertising no rs a pick-up over August and, although actual lineage for September of this year exceeds August, the decline in the adjusted index shows that the gain for Sep- temhgr is smaller than the normal seasonal increase,” it said. SRR MAGMA COPPER SHOWS DECREASE IN EARNINGS By the Assoclatec Press. NEW YORK, October 18.—Magma ended September 30 profits of $417,- 021 after expenses and depreciation, but before taxes, compared with profit of $506,151 in the same period last year. In September, 1934, the index was | M: Copper Co. reports for nine months | No. 2 mixed, 88; No. 2 yellow, 88a88'%; oats, No. 3 white, 28a29; sample grade, 23%,a25%, no rye; buckwheat, No. i, 1.16; No. 2, 1.14al15: soy beans, No. 3 yellow, 80!2a81, net track Chicagg; barley nominal; feed, 30a48; malting, 48a73; timothy seed, 2.50a80 hundred- weight: clover seed, 11.50a16.00 hun- dredweight. Liverpool Grain Prices. LIVERPOOL. October 18 (#).—Wheat futures closed_steady. Prev. High. Low. Close. Close. 191, 1003 1 ol 1.00% 063 Al 061 3% Bos 90% 20 Biv Do “Exchange. 4.01%. EXPANSION PLANNED BY MONTGOMERY WARD By the Associated Press. CHICAGO, October 18.,—Plans to expand mail order and retail facili- ties of Montgomery Ward & Co. at Albgny, N. Y., and Portland, Oreg., have been approved formally by the board of directors, officials announced today. At Albany $1,000,000 will be spent adding five floors over one section of a present building and seven floors over another. At Portland a wing consisting of nine floors and a basement will be built next to a present building at & cost of $750,000. . ’