Evening Star Newspaper, December 5, 1935, Page 18

FINANCIAL FLEMING OPPOSES EXCESS OF BANKS Warns Against Overcharter- ing When Business Gains Further Headway. BY EDWARD C. STONE. Warning against overchartering of banks when business again gets to booming was sounded by Robert V. Flemming, president of the American Bankers' Asso- ciation and Riggs National Bank, in an address this noon before the New York Chamber of Commerce, ac- cording to dis- § patches received here. Mr. Fleming also issued a ‘WArning on grow- ing taxation when he declar- ed that “while a large measure in Rt V- Fleming. the burden of taxation has been caused by efforts to relieve misfor- tune and human suffering, our peo- ple must recognize that there are limits to the extent to which the public debt can be allowed to mount if we are to keep our economic struc- ture sound.” ‘The Washington banker referred to the recent report made by the Eco-| nomic Policy Commission to the American Bankers’ Association show- | ing that marked rTecovery progress now is being made; spoke of the ris- ing confidence and said that industry must be given sufficient freedom so that business will continue to expand and keep on absorbing unemployment. As head of the A. B. A. he said he would heartily support all constitu- tional measures considered sound and just as strongly oppose all measures that bankers did not consider sound. Stresses Safeguards. He stressed the safeguards that the banks have under the banking act of 1935, adding that if these safeguards had been used in 1929 the stock mar- ket would not have reached such top- heavy proportions. He spoke of the Reserve Board's power to increase re- quired reserves and in other ways place a curb on too rapid expansion of bank credit, although the board has nothing to do with the buying of securities with cash by corpurmons or individuals. He asserted that the banking act of 1935 has the best machinery yet devised to cope with conditions as they are presented today. Expressing the hope that Congress will pass a pension law for the benefit of gov- ernors of the Federal Reserve Board, in order that the best possible type of men may be secured for this im- portant work, Mr. Fleming named the qualifications he considers necessary for Reserve Board service. He pointed to the need for men of great banking and business experience. In face of the revival of confidence, there are many problems yet unsolved which will require rare ability, he added. In expanding his views on the danger of the over-chartering of banks, Mr. Fleming declared that promiscuous chartering of banking institutions is as important to busi- ness as to banks already in existence. Professional bankers can do little with the problem. If bankers oppose an over-chartering mania such as that which afflicted the country in the 1920s, they would be accused of sel- fishness and desirous of opposing oompetiuon, he said. Only a few years ago there were 30,000 banks in the country. It was impossible for that number to render service which would have justified their existence. Many were “charter failures” at the start. “The situation brought on unsound practices and made competition run riot. As busi- ness gets better there may be another undue clamoring for more banks. The ultimate responsibility is with the Government, but the A. B. A. will not shirk responsibility in helping to solve the problem.” he stated. Pennebaker Adds Partner. C. B. Pennebaker, president of Pennebaker & Co., investment deal- ers in the Southern Building, an- nounced today that T. S. Grape, presi- dent of the Bearing Sales Corp. of ‘Washington, has been made vice pres- ident and treasurer of the invest- ment company as the result of re- cent reorganization. The company as it now stands pro- poses to continue to specialize in real estate mortgage bonds and a general unlisted securities business in all markets and to augment its fa- cilities through the participation in such new issues as may be presented | by its correspondents. Theodore S. Grape, the new part- ner, is a graduate of Bryant & Strat- ton Business College and after gradu- ation was connected with the New York Central Railroad for eight years as an efficiency expert. He joined( the Felt & Tarrant staff in the same capacity in 1916. He was one of the first to enlist in the World War, | returning to the same firm after- | ‘ward. In 1921 he started the business here' under the name of the Bearing Sales Corp,, still being the head and the principal stockholder. He is a mem- ber of the Society of Automotive En- gineers, member and former director of the National Standard Parts As- sociation, member and former direc- tor of the Mid-Atlantic Jobbers, mem- ber and treasurer Washington Auto- motive Wholesalers’ Association, mem- ber and past president Central Busi- ness Men's Association, member of ‘Washingtoh Board of Trade, chairman of Depositors Committee, United States Savings Bank; member of Press Club, B. P. O. E. and Cengressional Country Club, of which he is one of the governors. Mergenthaler Leads Market. Mergenthaler Linotype was the leader on the Washington Stock Ex- change today, selling at 37 and 38, a new high on this move, the day's turnover reaching 100 shares. It sold in Boston yesterday up to 41%. The final bid here today was 38, with 40 asked. Lanston Monotype sold at 66, Cap- ftal Transit at 15, Prince 'Georges Bank at 17 and Riggs National Bank common at 208%. In the bond divi- sion, Potomac Electric Power Consoli- dated 5s moved at 101% and City & Suburban 5s at 89. Announcement was made today that approximately $62,000,000 of 4% per cent Federal Land Bank bonds will be THE EVENING STAR, By private wire direct to The Star. 2:00 p.m. Sales— A4d 00. High. 68% ~= 1035 — Stock and High. Low. Dividend Rate. 74% 51 Acme Steel (12) 10% 4% Adams Express 96% 84% Adams Exp pf (5) 371 28 -Adams Millis (2) 20% 8 Addresso Mul(60c). 18% 4% Advance Rumley . 8% 6% Affiliated Prod(60c) 173 104% Air Reduction (13). 2% % Air-Way Elec Appl. 20% 13% Alaska Jun (160c)._. 8% % Alleg Corp (d) .. 14% 2% Alleg pf w$30w (d). 32% 6% Alleg prof (d) . 3015 21 Allegheny Stl (1).. 173 125 Allied Chem (6) 314 Allfed Stores 49 Allled Stores pf (5). 12 Allis-Chalmers 14 Alpha Port Cmt (1). 214 Amal Leather . 48% Amerada Corp (2) . 411 Am Ae Ch(Del)(3) 1315 Am Bank Note a25e 21 Am Brk Shoe (1)___ 110 Am Can (t4) £z 10 Am Car & Foundry_ 25% Am Car & Fdry nf__ 8 Am Chain 38 Am Chain pf (15 66 Am Chicle (13) 23 Am Colortvpe ___ 2215 &m Comcl Alcohol . 612 Am Crvstal Sugar 72 Am Crys S 1st pf(8) % Am Encaustic (d) 2 Am & Foreizn Pwr 12 Am & For Pw $6 pf._ 14 Am & For Pw 87 pf. 3% Am & For Pw 2d pf 3 Am Hide & L (new) 29% Am Home Pr (2.40) 17 Am Ice 4'z Am International_. 9 Am Locomotive 32 Am Locomotive pf.. 18'4 Am Mch & F (180c). 4'i Am Meh & Metals _ 415 Am Mch & Met vtc_. Am Metal = . 72 Am Metal pf (14) _ . Am Power & Light m P& $Epf(al Y )x Am P&T. $6nf(alle)x ; Am Radintor 11 Mill(1.20) 4'; Am Seating vte __ 20 Am ShinbldA=s (2) __ 31% Am Sm & Refining .. 102 Am Sm&Ref nf (8)_ 121 Am Sm&Ref pf (1) 125 AmSnuftof (6) __ 12 Am Steel Foundry .. &2 Am Stl Fdry pf (2)_ 507 Am Surar (2) 1812 Am Sumat Tob (+1) 987, Am Tel & Tel (9) __. 1n4‘ 7212 Am Tobacco (5) . 107 74% Am Tohacco(B)(5). 141 129% Am Tobacco pf (6)_ 215 Am Tvpe Fdrs (d) 9" Am Tyve F of (d) 2 Tk Am Wat Works . 10% 47 Am Woolen 68% 35': Am Woolen nf 1% * Am Writ Pap (d) 613 21 Am Writ Pap pf (d) 3 Am Zinc & Lead 21 Am Zinc & Lead nf. 8 Anaconda Copper. 1614 Anaconda Wire 107 Anchor Can (60¢) 31 Andes Conper 26 Archer- W'tn»‘\]ltl) 97 Armour Del nf (7). 2% Armour of Minofs < §51 Arm'r1pr pf (6) 16: Armstr's Cork (+1) 4 Arnold Const (30c) 3% Artloom Corp = 713 Asso Drv Goods 35% Atch To&S Fe (a2) 66% Atch To&S Fe nf (5) 1915 Atlantie Coast Line 3 AtlGulf & W Ind 6 At] Gulf&W Ind pf. 2016 Atlantic Ref (1) __. 4 32% Atlas Powder (2)_ u% " 106% Atlas Pwr pf (6 4 Atlas Tack _ 4su 15 Auburn Auto 14 5% Austin Nichols _ 63 3512 Austin N nf(A)(2)_ 4% 2% Aviation Corp(Del) 6% 112 Baldwin Loco (4) 36% 7t Baldwin Loco pf (@) 18 71 RBaltimore & Ohio 247 9% Baltimore & Oh pf 110% 100% Bamberger pf (61,) 4912 36 Banz & Aroos 213) i 34 Barker Rrothers 32 Barker Brothers pf Rarnsdall Corp +60c 3715 Bavuk Clgar (1) 14 Beatrice Cre (a50c) 72 Beech-Nut P (+3) __ 1114 Belding-Hem (1) ] a B a 2Rl R sunBuRuluen~ 11% Bendix Avia (a25c). 24 8 15% Beneficial Lo (134)_ 24 Best &Co (2) S 215 Bathlehem Steel 55% Beth Steel pf ($214)x 9% Blaw-Knox (10c) _. 612 Boeing Airplane 3 39% Bohn Alum & Br (3) 9 90 Bon Ami (A)(t4) _. 30s 38% Bon Ami (B)(42)_. 21 Borden Co (160) 28Y Borg-Warner (2)_. 3% Boston & Maine __ 81: Brideen't Rrass 40c 241% Briges Mfg (12) 30% Bristol-Myers (+2)_ 3612 Bklvn-Man Tr (3) 90 Bklyn-Man T pf (6) 1% Bklvn & Queens _. 2 43 Bklvn Un Gas (3)_. 53 Brown Shoe (3) ___ 3% Brunswick-Balk 4‘¢ Bucyrus-Erte - % Bucvrns-Erie cv pf_ 4 Budd(E G)Mfg _. 23 Budd(E GYMfg pf. 212 Budd Wheel 8% Bullard Co . 3% Bulova Watch % Burns Bros (A)(d) _ 1 Burns Bro B (d) 3 Burns Bros pf (d) 13% Burr Ad Mch (160¢) 1 Bush Terminal (d)._ 5% Bush Term deb (d) 10 Bush Term B pf cod Butte Copper&Zine. % Butterick Co (d) .. 11% Bvers (A M) 32 Byers (A M) pf 301 California Pke(1%) 14 Callahan Zine __. 215 Calumet & Hecla T13 Campbell-Wy (1) ... 814 Can Dry Gin Ale 8% Canadian Pacifie 30 Cannon Mills (2) __ 3% Carriers & Ger 20c_ 45% Case (J I) Co o~ Caterpillar Tr (1) ‘elanese Corp lfih Celotex Corp 55 Celotex pf (new) 22% Cent Aguire (1%) .. 38% Cerro de Pasco (4). 3% Certain-teed Prod _ 3 23 Certain-teed Prpf_. 250s 4% Checker Cab Mfg _ 1 371 Ches & Ohio (2.80). x 44 36 Chesapeake Corn(3)x 26 1 Chi & East Il (4) 3 74 Chi & East 11 of (d) 5 Chi & Grt West (d)_ 1% Chi & Grt W of (d). Y4 Cht M1l StP&P (d) .. 5 % Ch' M StP&P of (d) 10 1%Chi&NW(@ .. 22 3% Chi & N W pf (d) ._. 4% Chi Pneumatic Tool 20 Chi Pneu Tool pf___ % Chi R 1 & Pac (d) _. 1% Chi R I&P 6% pf(d) 15 Chi R I&P 7% pf(d) 3% Childs Co 9 Chile Copper (a25¢) 31 Chrysler Corp (3) .. 12 City Ice & Fuel (2} 31 Citv Stores B 124 Clark Equip (80c) _ 27% Clev Graph Br (t1). 20 Cluett Peabody (1). Coca-Cola ___ 15% Colgate- P-P (150c) 9 Collins&Afk (a50c) 69% Collins & Aik pf (7) % Colo Fuel & Ir (d).. 5 ColoF &1 pf (d) 10% Colo & South 7 Colo & South 1st 6% Colo & South 2d pf. 3% Col G & E (a20c) .__ 35% Col G & B pf (A)(6) 341 Columb Pic vte (11) 4 119‘6 Low. Close.Chge. 681 68U — % 9% 9% — % 96 96 35% 35% 20% 20% 1711 +4% T% % Th 169% lGfl% —1% % 15% 15% - 9- 8% 3% 13% 13% — % 32% 32% + % 29 29 161 161 8% 8% 731 78% 33% 33‘/1 21% 4% 72 51% 431 41 & - b FORRF FORERF EF R @R WASHINGTON, 2:00 p.m. = 1035 == Stock and Sales— Net Dividend Rate. = Add 00. High. Low. Close.Chge. High. Low. 45% 27 Congoleum-N t1.60. 49 14% Comn R&L. oo 8!0- 58% 24 Conn R& L pfocee-. l'l,% 22% 14% Cons Film pf @1%) 84% 15% Consol Gas N Y (1). 189 lflgh 72% Consol G N Y of (5) 3] 104 1 Consol Textile._ .. 8% Container Corp (. 2% Contalner Corp (B) 4% Contl Baking (A) ... % Contl Baking (B)... 62% Contl Can (3) ... 7 Contl Dia Fibal.05. 287 Cont] Insur (11.20). % Contl Motors - 15% Contl O Del a62%e¢c_ 41% Corn Ex BK&Tr (3) 340s 60 Corn Prod Ref (3).. 8 4% Coty Inc 12 31 Crown Zel 'k 116 14 Cructble Steel .. 6 1 CubaCo .. - -oomme 5 51 Cuban-Am Sugar—.. 9 40% Cuban-Am Sug pf.. 208 39% Cudahy Pkg (2%).. 1 15 Curtis Publishing.. 891 Curtis Pub pf (7) 2 Curtiss Wright__ 6% Curtiss Wright (A). 16 Cutler-Ham (a25e)- 223 Deere & Co 18% Deisel Wem G t50¢- 23% Delaware & Hudson 11 Det Lack & West. __ 1% Den&R10GWp £ (d). 2 5% Det & Mackinac pf_. 10s 13% Dist Corp Seag Ltd_ 105 34% Dome Mines (12) .. 20 6% Dominion Stores.__. 2 17% Douglas Air (a75¢). 40 13% Dresser MfgA al 2 2 Dunhil Internatl 8 86% Du Pont (13.60) 14 115 104 Duaquesne Lt 1st(5). 10s 23 12 Durham Hpf ($2)-. 10s 172% 110'%: Eastman Kod (15) 12 164 141 Eastman Kod pf (6) 110s 30% 16% Eaton Mfg (t1) & 6 38% 19% Elec Auto L (a30c)_ 19 11313 107 Elec Auto L pf (7). 10s 117 3% Electric Boat ~ 5 5% Elec&Mus Ind a24c. 2 laklec Pwa Lt .. 14 213 Elec Pw & Lt 36 pf_. 3 Elec Pw & Lt §7 pf.. 12 58% 39 Elec Stor Bat (12)_. 2 % % Elk Horn Coal (d)—. 2 1 S ElkHornCpf(d).. 1 66 52% Endicott-John (3).. 3 132 125% Endicott-J pf (T) 100 14 Eng Pub Svc $5 pf_ 14); Eng P S $5.50 pf w 413 Equit Office Bldg TwErteRR __ 82 Erie R R 1st pf. 6% Erie R R 2d pf 10%: Eureka Vac C (80¢). 15 Evans Products (1) 2 Exchange Buffet. 4 Fairbanks Co pf_. 17 Fairbanks Morse 5% KFederal Lt & Trac 40 Fed Min & Smelter... 54 Fed Min & Smelt pf 3% Fed Motor T (a20¢) x 2 Fed Screw Works _ 7, Fed Water Sve (A)_ 16'x Fed'd Dept Strs(1) . Fid Phoe F 1(11.20) « Firestone (40¢) . ?«4' Firestone pf(A)(6). 44% First Nat Strs (2%) 19 Fiorshelm S (A)f1 214 Follansbee Bros (d) 20% Food Machine (1) 974 Foster-Wheeler _ 60% Foster-Wheeler pf 19% Fourth N 1 ww a1.10 30% Frank Sim pf(35%) 17% Freeport-Texas (1) 15 Fuller Co pr pt 4% Fuller Co 2d pf. 74 Gabriel Co (A) 52 Gen Am Investors. . 325% Gen Am Trans(1%) 2213 11% Gen Aspbalt (a25c). 13% 7% Gen Baking (60c) .. 146 115 Gen Baking pf (lL 10% 5% Gen Bronze 6% 2 GenCable 1!‘: G4‘r4 4 Gen Cigar (t4) 407% 20'; Gen Electric (80c) 37'2 30 Gen Foods (1.80) 1'% 1, Gen Gas & El (A)-. 721 597 Gen Mills (3) _ 593 263 Gen Motors (12) 2 107%; Gen Motors pf (5) 3 Gen Outdoor Adv 17% Gen Print Ink 11.6 931 Gen Print Ink nf(6) 1% Gen Public Service. 15% Gen Ry Signal (1)_. %, Gen Realty & Util . 305 14% Gen Real&U pf ww._ 10 16% Gen Refrac (a50c) . 11 12 Gillett Saf Raz (1) x l9 70% Gillett Saf R pf (5). 2% Gimbel Bros _ 18 Gimbel Bros pf. 23% Glidden Co (2) 1047 Glidden Co pr p! 1% Gobel (Adolf)(d) .. 14% Gold Dust (1.20) 7% Goodrich (B F) ... 40 Goodrich (B F) pf._. 15% Goodvear T&R ... 70 Goodyear $7 ptl(4)_ 215 Gotham Sflk Hose_. 20 Gotham Silk H pf_. 1% Graham-Paige_ 5% Granby Consol. 5 2% Grand Union . 294 14% Grand Un pf (1% 38% 26 Grant (W T)(11) 3413 9% Grt Northern pf. 15% 9% Grt North Ore (5! c) 347 26% Grt West Sug (2.40) 140 119 Grt West Sug pf(7). 27 25% Green (HL) Inc __ 82 34 Greene Cananea({3) 7415 20%; Greyhound Corp 2% 1 Guantanamo Sugar. 10 4 Gulf Mobile& N .. 31% 6 Gulf Moblle& Npf. 108 48 Gulf States Stl1st_. 8 4 Hall W F Printing.. 14% 6% Hamilton Watch __ 105 100% Hanna (M A)pf(5)- 28 16 Harbison Walk (1) 120 99% Harbison W pf (6).. 137% 5% Hat Corp of Amer.. 6% 1% HayesBody _. . .. 141 127 Helme (G H)(15) 33% 11 Hercules Motor (1). 90 71 Hercules Pwr (13)_. 128 122 Hercules Pw pf (7). 813 73% Hershey Choc (3) 118 104 Hershey Cpf (14)_. 30% 5% Holland Furnace ._ 21% 20% Holly Sugar 7% pf_. 42 307% Houd-Hersh A(2%) 6% Houd-Hersh(B)1%. 114 Houston Oil (new)- 43 Howe Sound (13) .. 2% Hudson & Manhat_.. 6% Hudson & Man pf_.. 6% Hudson Motor Car.. % Hupp Motors 9% Illinots Central 15 Illinois Central pf._ 40 111 Cent lse lines (4) 2% Indian Refining ___ 231 Indus Rayon (1.68). 601 Ingersoll-Rand(12) 46% Inland Steel (12) - 21 Inspiration Copper 4 Insur Sh Md cfs 15a 23% 8% Interboro R T (d).- % 4% interlake lron ..... 5 2% Int Agricultural ... 42% 26 Int Agricul prp! 187 149% Int Bus Mach (16 - 36% 227 Int Cement (1).. .. 65% 34% Int Harvester 1.20_. 4% 1% Int Hydro Elec (A). 6% 17 Int Merch Marine__. 43% 22% Int Nich Can(a7c). 4% 1% Int Paper & Pw (A). 2% % Int Paper & Pw (B). 2, 2, Int Paper & Pw (C). 24 4% Int Paper & Pw pf.. 42'% 21% Int Print Ink (1.40). 4% 2 Int Ry Cent Amer__ 36% 25 IntSalt(1%) 49% 42% Int Shoe (12) 78 57 Intl Silver pr. 13% 5% Int Tel & Tel .. 16% 8% Interstate Dept Str. 90 70% Int Dept Strs v! (7). :: 6% 1 i 67 49 Jewel 99% 38% Johns-] ville(2)- — l'l! —_ High. 2 104‘4 104 104'/4 +l§i lfl% 10‘/- -3 1 410+ ++% #4344 # C., THURSDAY, DECEMBER 5, 1935. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGESIU[}KS]MPR[W[ 2:00 p.m. Low. Dividend Rate. 80 56% Kress (S H)(11)___ 32% 22} Kroger G&B (1.60). 27 12 Laclede GasSt Li... 281 21% Lambert Co (2) .. 13% 8% Lee Rub&Tire (50c) 10% Leh Port Cement. _. 3% 1% Lehigh Valley Coal, 5% Lehigh Val Coal pf. 5 Lehigh Valley R R- 67% Lenhman C (12.40) 10% Lehn&Fink Prod(1) 6% Libby McNeill & L 21% Lib-O-Ford G1(1.20) 94Y% Ligg & Myers (14)_ 93% Ligg&Myers (t4) B 151! Ligg&Myers pf (7). 15% Lily Tulip Cupt1%) 13'3 Lima Locomotive... 17% Link Beit<80c) 24'% Liquid Carb (11) 31% Loew’s Ine (2).. 1 Loftinc ... 1% Long Bell Lum ( 33 Loose-Wiles (2). 18 Lorillard P (11.20). ldfi 12( Lorillard P pf (7) % La Ol1 Ref (d) 4% La O1l Ref pt (d 34 Louis&Nash (a2% 12% Ludlum Steel. 2 28 McCall Corp (2)- T% McCrory Stores (d). 622 McCrory Strs B (d). T4 McGraw Hill Pub__. 33% Melntyre Porcu(2) 90 McKeesport T P (4) 575 McKesson & Rob . 'y 32 McKesson & Rob pf. 83 McLellan Stores 85! McLellan Stores pf. 18% Mack Truck.(1).... 30% Macy (R H)& Co(2) 5'%2 Madison Sq G (a30c) 18% Magma Copper (2)_ 4 Manati Sug pf (d) - 13% Man El md gtd (d)-. 10 Manhat Shirt (60c). 1 Maracaibo Oil Exp.. 5% Marine Midld (4uc). 5 Market St Ry .- 3% Market St Ry pr pf 2': Market St Ry pt 20 Marlin-Rockwell(2) 6% Marshall Field & Co LA Martin Parry 23% Mathieson Alk 1% x 4 357 May Dept Str (1.60) Maytag Co - : Maytag pf xw 84!; Maytag 1st pt (6) .. 3 Mengel Co.. 203 Mengel Co pf_. 2435 Mesta Machin 23 Miam1 Copper 91 Mid Cont Pet (a40c) 84 Midland Steel Prod. 60's Midl'd Stl 1st pf(8) 37 Minn Moline Pwr 31 Minn Moline Pwr pt 2 M St P&S S Marie - 1% MStP&S S MlIsin. 10% Mission Corp 212 Mo Kans & Tex: 57% Mo Kans & Tex pf.. 1 Mo Pacific (d) .- 1o Pacific pt (d) 10% Mohawk Carp (1) - Monsanto Chem(t1) Montgomery Ward Morrell (J)&Co 2.40-. Mother Lode___ 174 Motor Products 2). Tix Motor Wheel (60¢) - 9% Mullins MIg (A)-—e 913 Mullins Mg (B) .- 13% Muasingwear Ine.... 4% Murray Corp. - - ccee 11 Nash Motors (1) 14 Nashv Chat&St L... 4% Nat Acme Co 6% Nat Aviation._ 221 Nat Biscuit ( 1312 Nat Cash Reg(50¢)- 20% 127 Nat Dairy P (1.20) 113'% 103 Nat Dairy P pf A(T) 5% 114 Nat Dept Stores (d) 17 Nat Dept Str pf (d). 233 Natl Distillers (2)_. 21 40% l\l! Steel (11) 9 Nat Supply Co. 36 Nat Supply Co p! 81 Nat Tea (60c) 7% Natomas Co (80c).. 43, Newberry J J(1.60). 2109 Newberry J J pf(7) 4% Newport Industries 1812 N ¥ Airbrake. .. .. 12% N Y Central R R 6 N Y Chicago & St L. 9 112 N Y & Harlem % N Y Investors (d)-- NYNH&H W) o I\Y NH & H pf (d).-. ¥ Ontario & West N Y Rys pf (d)- ¥ Shipbuilding 69 N Y Steam pf (6) 79 N Y Steam 1st (7). 2 3 Norfolk Southn (d). 209 158 Nortolk & W (18)__ 108 99 Norf& West pf (4). 3 2 North Am Aviation. 9 North AmCo (1)... 13% Northern Pacific__. 1% Norwalk Tire&Rub. 9% Ohio Oil (a30¢) .. 16% Oliver Farm Equip- 3'2 Omnibus Corp vte.. 4% Oppenheim Collins.. 11’ Otis Elevator (60c). 4% Otis Steel. . 223% Otis Steel prpf . 80 Owens-1ll Glas 14 Pac Am Fishalsc). 3's Pacific Coast 1st. . 13’ PacificG & E (1%)- 19 Pacific Ltg (2.40) 12 Pacific Mills __ 70 Paclfic Tel&Tel - 6% Pacif West Ofl a25e 3's Packard Motors . 1; Panhandle Pro & R_ 612 Panhandle P&R pf_ 72% Paraffine Co (2)-__.x 8 Paramount Pictures 67 Param't Pic st pf.. 91 Param’t Pic 2d ptf 2% Park Utah s, Parmelec Transp't— 47 Pathe Film Corp-.—. 8% Patino Mines______. 3 Peerless Motor—___. 643 Penick & Ford (3) - 57% Penney J C (2) ..o 3 Penn Dixie Cement. 18 Penn Dixie C pf(A). 17% Penn R R (ablc) - 17% Peoples Gas Chi 9% Pere Marquette 18% Pet Milk (1) __ 75k Petr C of Am(a3dc). 11 Pfeiffer Brew (t1)_. 12% Phelps Dodge a50c_.. 381 Phila Rap Tr pf (d) 1% Phila & Read C&l__. 35% Philjp Morris (1) 13% Phil¥ps Petrol (1) 3 Phoenix Hostery. 1 Pierce Oil _ 2% Pierce Oil pf- Pitts Coa - 180 172 Pitts PW&C of () 9 5% Pitts Screw & Bolt_. 55 221 Pitts Steel pf 62 243 Pitts United C pf. 25 67 Pitts& W Va 12% 12% 16% 4% Postal Tel&C pf @ 4 5 Pressed Stl Car (d). 19% 6% Pressed Stl C pf (d) 53% 42% Proc&Gambl (11%4) 121 115 Proc & Gam pf (5)-. 46% 20% Pub Sve N J (2.40).. 1034 62% Pub Sve N J pf (5)-. 116% 73 PubSve NJ pf (6).. 130% 85% Pub Sve NJ pf (7). 147 100 Pub Sve NJ pf (8)_. 52% 29% Pullman Inc (1%)_. 5% Pure Oil 34% Pure 011 6% pf - 495 Pure 01l 8% pf 8% Purity Bakeries (1) 4 Radio Corporation 50 Radio Corp pf A 3% 85% RadioCorppfB.__. 1% Radio-Keith-Or(d). 4% R R Sec Ill Cent_.... 29% Reading (2) .. 36 Reading 1st pf (2)_. 33 Reading 2d pf (2)... 3% Real Silk Hoslery... 8% + 6915 + :: 126% 1173 Johns-Manv pf (7)- 7 Remington-Rand.__. Stock and Sales— Ada Mi) High. 7643 26% 22 23% 12% 15 15% 6% 26% 22 23% 12% 14% 2% 145% 145% 1 1 14% 62% 24% 341 - 300s 5108 150s 2 39 3 5 13% 61% 1sv- 108 30s 102 10 2" 2 8 208 584 12 5 5 35 1008 114 508 1 18 7 3408 46 91 81 53 7 40s 20 99 8 40s 1 15 6 EenBenia oo LTS S e 61 10s 11 30 40 15 108 llfl'n 20 45 6 1031 2 116% 3131 2 145 15 105 10 140 12 1 8 10 m. 18 ™ 58% JA “ 16\. 2210 111 44% 145 381 13% 95 7 9 96 . 120s 115% 115 1156% + % 14% 14 14 - % 10" 6% + % + +1414+1 % 53‘1 38 16% L I L 12% — 35| 86% +1% 98% +1% | 2 | 2091: +21% 1% - % 10 -3 4% + % 22% +4% 4% + % llw 119% — % 44% — 103 103 +K 116 116% +1% 130% 131 +1 145 8% — % 13% + % +3 1% - % 554 ~ 1035 Low. MCW Hieh, sla' Stock and Dividend Rate. 58% 4314 Reynolds Tob B (3) 32% 21% Roan Ant Ltd a76c 48% 29% Royal D(a1.70 1-10) 6% 3 RutlandRRpf.___ 46 31% Safeway Stores (2) 1141 109 Safeway Strs pf(7) 24% 104 St Joseph Ld (40c). 2 % St L-San Fran (d) .. 3 1 St L-San Frof (d). 14 8 StL Southw'n 13% 6 Savage Arms 564 22 Schenley Distilicrs. 4% 1% Schulte Retall Strs 8 Schulte R Strspf__. 55 Scott Paper (1.80) ... % Seaboard Alr L (d). % Seaboard A L pf(d). 20% Seab'd O Del (160c). 2% Seagrave Corp . 31 Sears Roebuck (12) 114 Second Natl Invest. 40 Sec Nat Inv pf $27% T% Servel Inc (a12%c) 9 Sharon Steel Hoop... 4 SI 63% Shell Union Oil pf__ 8% Silver King C (40¢). 6 Simmons Co 4% Simms Petrol 613 Skelly O11 13 Sloss-Sheffield St 24 Sloss-Shef Stlpf___ 29 Smith (A O) - ' Snider Packing _ 10% Socony-Vace (30¢) 20 So Porto R Sug (2). 10% South Cal Ed (1%). 12% Southern Pacific___. 5% Southern Railway.. 7 Southern Ry pf ... 314 Sparks-Withington. 3% Spear & Co - 31 Spencer Kell (1.60). 1 % Sperry vte (a25c)... 18 334 Spicer Mfg pf (3)... 20s 43% Spiegel-May-S (3) 1214 Stand Brands (80¢) x 2% Stand Com Tobacco 1'% Stand Gas & El «d) 1% Stand G&E $4 pf (d) 4% Stand G&E $6 pf(d) 6 Stand G&E $7 pf (d) 74 Stand Inv Corp . 27% Stand Ol of Cal (1) 23 Stand Ofl of Ind (1) 20 Stanl Ol of Kans___ 53% Stand OIl N.J (11) _ 1215 Starrett (L §) 1.40 583, Sterling Prod (3.80) 1t Sterling Secur (A) 36 Sterling Secur cv pf 6% Stewart-Warn t50c. 215 Stone & Webster_ 214 Studebaker Corp-__. 6012 Sun Oil (1) 2 115' Sun Oil pf (6) S 11 Superheater (50c).. 13 Superior Ofl 5 Superior Steel 177 Sutherl'd Pa t60c 14% Swift & Co (1) *14 Symington (d) _____ 1'% Symington (A)(d)_. 61 Telautograph(60c) . 4 Tennessee Corp._.. 1613 Texas Corp (1) 28% Texas Gulf Sul (2) . 14 Texas&PacRR . 3% Tex Pac Coal & Oil 8'2 Tex Pac Land Trust 13's Thatcher (1). - 21; Thermoid Co 2 Third Avenue 13% Thompson Pro 1% Thompson Starrett. 17 Thompson Star pf .. T3% Tide-Wat Asso Oil. 4% Timken-Detroft ___ 28% Timken R B (12) T4 Trans & Westn Air_ 47 Transamerica (30¢c) 1% Tri-Contl Corp ___ 69 Tri-Contl C pf (6) 3% Truax-Tra Coal 3'; Truscon Steel 13 20th Century Fox . 22 243 20th Century Fox pf 19 21; TwinCity R T 2 18 TwinCity RTpf.. 110s 1% Ulen&Co ... 2 20 53% Und-Ell-Fish ("‘a) 29 Union Bag& Pap (2) 44 UnCarb&Co(2) x 14% Union Ofl of Cal (1) 82'; Union Pacific (6) 79%: Union Pacific pf (4) 20% Un Tank Car (1.20) 9% United Atrcraft _ 4': United Air Line vte 4 20% United Bisc (1.60) .. 14% Unit-Carr F(11.20) 1': United Corp __ 20% United Corp pf (3). 8% United Drug b 4'; United Dyewood 65 United Dyew pf (T) ’0. 314 United Elec Coal_ 601 United Fruit (3)___ 9% United Gas Imp (1) 66 87%% United Gas 1 pf (5) 2 United Paperb'd (d) % U S Distributing 5 U S Distributing pf 330s 413 U S & For'n Secur 65% US&For S 1stpf 6 11 U SFreight (t1)___ 401 U S Gypsum (+1) 2 143 U S Gypsum pf (7) x 205 5 US Hoffman ___. 35% U S Ind Alcohol (2) IZ Tz U S Leather (A)vte 4 14% U S Pipe & F (50¢)- 8 3 USRealty&Imp... 133 9% U S Rubber____ 31 24': U S Rubber 1stpf__. 56 1241 92 U S Sm & Ref (a8)_ 49 73% 627% U S Sm&R pf (3%)- 1 50% 273 U S Steel . __ 6 119% 73% U S Steel pf (2) 140% 119% U S Tobacco (15) 715 31z United Stores (A)__ 15 7312 51 Un'v Leaf Tob (12) 3 | 159 1334 Univ Leaf T pf (8). 30s 2% 7s Univ Pipe&Rad (d) 16 19% 9% Umiv P&R pf (d) . 20s 4% 1 UdlPwr&Lt(A).. 7 2 13 Vadsco Sales Corp.. 49 56!z 19% Vadsco Sales " pf.. 80s 21% 11% Vanadium Corp - 8 11% Van Raalte (a50c)-. 34 Vick Chem (t2) .. 1 213 Va-Car Chemical __. 23 17% Va-Car Chem 6% of 16 85 Va-Car Ch 7%p£(7) 1 7215 Va E1 & Pwr pf (6). 20s 63% Vulean Detin (a4).. 40s 1 Wabash (d) - 1 1% Wabash pf (A)(d).. 11 415 Waldorf Sys (50¢) . 26% Walgreen (al.30) 1% Walworth Co (d)--.. 5 Ward Baking (A) 1% Ward Baking (B) .. 28': Ward Baking pf (2) 2% Warner Bros Pic._. 5 Warner-Quin (d) 2'3 Warren Bros __ 7% Warren Bros cv pf_. 20% Warren Fdry&P(1). 27% Waukesha M(160c). 4 Webster Eisenlohr_ 30% Wesson O&S(t50c). 22 34 West Pa Elec (T)A. 20s 36 West Pa Elec pfi6). 10s 99% 39% West Pa Elec pf(7). 60s 120 104% West Pa Pwr pf(7). 20s 10% 5% Western Marylan 20 i3 Western Md 2d pf. 1% Western Pacific 2% Western Pacific p! 20% Western Union 18 West'gh'se A B50c. 32% Westingh'se El(al) 10 Weston Elec Ins 16% Westvaco Chl (40¢) 14% Wheeling Steel 46% Wheeling St1 pnz - 67 White Motor 12% White Rk M S(1.40) 1% White Sewing Mch_ 6 White Sew Mch pf_. 3% Wilson & Co (50c) _. 58 Wilson & Co pf (6)- 51 Woolworth (2.40) _ 11% Worthington Pump 25% Worth Pump pf(A) 20 Worth Pump pftB) 35% Wright Aero s 3% Wrigley W ir (13).. 7 2% Yellow Truck. ... 75 81% Yellow Truck pf.... 110s 18 YoungSpr& W (2). 2 13 Youngstown S&T... 28 1% Zenith Radio_ ... 2 2% Zonite Products.... 40 1 Allis-Chalm Dec. 11 884 B6Y BB +1% 32 46% 6 54% T6% T% 85 43 35% 13% 5% 1% I++1't e +1 +000 000 SR 4 FINANCIAL. AFTER HESITANCY Firming Tendencies Appear, but Railroad Shares Remain Backward. Stock Averages 30 15 60 Indus. Ralls. Util. Stks. Net change Unc. +.2 Unc. Today, noon 73.9 9 436 556 Prev. day. .. 739 312 434 55.6 Month ago__73.7 T 418 537 Year ago... 55.2 275 269 41.1 1935 high___ 763 312 446 56.1 495 185 216 3438 614 430 406 514 453 228 242 349 175 8.7 239 169 1929 high ..146.9 153.9 184.3 157.7 1927 low... 516 953 618 61.8 (Compiled by the Assoclated Press.) BY VICTOR EUBANK, Associated Press Pinancial Writer. NEW YORK, December 5.—Firming tendencies came back to the stock market during late trading today after a period of irregularity before noon. Rails alone of the major groups were recalcitrant. An assortment of motors, mining shares, oils and spe- cialties worked small fractions to around a point higher. An outstand- ing feature was an 8-point rise in | A. O. Smith, one of the Midwest auto- mobile equipment stocks recently brought to the big board from the % | curb. Prominent shares i the upwamd | cvcle included American Telephone, ¢ | Chrysler, Standard Oil of New Jersey, | Johns-Manville, | Atlas Tack, Inter- national Nickel, Schenley Distillers |and United Corp. preferred. Among | losers were such rails as New York Central, Union Pacific. Southern | Pacific and Great Northern. Sales ap- | proximated 2,500,000 shares. New York Cotton By the Associated Press. NEW YORK, December 5.—Cotton was quiet today, turning easier in the late trading under liquidation and scattered selling. December sold from 11.83 to 11.72, but met trade buying on the decline | and was ruling around 11.75 in the midafternoon market, which was abo.it 5 to 7 points net lower. Futures closed steady. 1-6 lower. High Low December January | March ~ | May July Cetober 119 Spot auiet; middling. 1 Liverpool Quotations. FREEST | December | M ! auiet; mgk-:w LIVERPOOL. December 5 (#.—Cotton, 14.000 bales. including 6.400 American. fair demand; . quotations stric:' good middling. 7.3% 7 strict _middii £ trict low middling. strict good or ary, 577, Futures cluled and steads. December. 645 o i Sarch, 6.4%; May. 6.3%; July. 655; | October. 6.15 e Chicage Grain | By the Associated Press. CHICAGO, December 5.—Offerings, of wheat futures became scarce late’ rica 0od middling, middling, low _\v.oday and prices mostly recovered 1, | from earlier losses. The new-crop delivery, July, dis- played comparative strength and scored a moderate advance. A good deal of notice was taken of the cire | cumstance that no wheat has been des livered on December contracts so far and that none will be tendered toe morrow. Wheat closed irregular, ; off to 3g up compared with yest.erdnys finish, May 95%;-3: corn 4-* advanced, May 58%-7; oat at 33 decline to 14 gain, and provision unchanged to l | rise of 5 cents. pIVHEAT— Open. Hish. Low. Clgse, 9514-3 89891y Chicago Cash \hrket Cash wheat, no sales reported. Corn, No. 4 yellow, 52!5-54; No. 3 white, 56%. Oats, No. 3 white, 29-29'y; sample grade, 26-267;. No rye. Soy beans, No. 2 yellow, 8215; No. 3 yel- low, 80-81%2; No. 4 yellow, 79; all net track Chicago. Barley, nominal, feed, 30-42; malting, 40-81. Timothy seed, 3.00-3.25 cwt. Clover seed, 12.00- 17.00 cwt. ! Liverpool Grain Prices. LIVERPOOL, December 5 (9).—Whest futures closed znsl o High. Low arch _ May = xchange, & Baltimore Quotations. BALTIMORE. December 5 (#).—Wheat, No. 2, red Winter, garlicky, spot, d 94%; December, .94 S e CHICAGO LIVE STOCK. CHICAGO. December 5 (# (U. S. De- partment of Agricuiture).—Hogs. 16,000, including 6.500 direct: rather uneven: strong to 10 h than Wednesday's average: bulk 180-320 pounds. 9.85a10.00: ; few 0 _pounds. 9858 : better grade 140-170 pounds, 9.55a est sows. early. 9.60; e. 5.000; calves. 1.200: limited crap Ted stecrs and Jearlings setting re- liable support and trade fairly active and fully steady: heifers rather siow by steady: cows steady to 10a15 higher: beel ofterings uho!lmLunLurn bulls active and strons and_ veal 0 1650° praceical top extreme top vealers. 11. feeder trade duiet, but pri line with nrly in ' eek. Sheep. fat - 'ei[hl !Rd‘nl lambs, lf B i ‘.h KETAL KARKET ot nd. tdgice rely steady: ha Hearby. 51 "s. Prutare. 4880, fron quiet. unchang Lead stéady; spot ! New I fln‘nwlb‘n Bt Louis sot-and tus s 3 85 Aluminum, 19.0 )0.22"!)0& .Anflmln"- 5% + % spot, 14.75 RUBBER FUTURES. 21% Rem-R'd 5% pf 1%... ; 214 Reo Motor Car . 5% 9 Republic Steel called tomorrow, and it is contem- [3 t4 Slatod thatanes of $106,000.000 !.g%u 7 Colum Carb vte(t4) N +l 12% 3% Kans City Southn.. 391 Comicl Credit (23%) . 50% 50 21% 6% Kans City South pf_ will be offered to the public Tuesday,| 119% 110 Comcl Cred pf (5%) 114 lll _+2\6 20% T% Kaufmann D S(80c) December 10. 72 56% Comel Inv Tr (1) .. 64% 64% — % | 31% 6 Kelsey-Hayes (A).. 115% 111 Comel | T cv-pt (6) 1117% 11215 +1 28% 3% Kelssy-Hayes (B)_. 105 97% Comel In T pf (4%) 101 101 — 5| 18% 10% Kelvinator (t60c) . 23% 16'% Comel Solv (160¢) % 21% 21% — ‘ M 13% Kennecott Cop 80c.. 110 3 % Comw & Southern 2% — Kinney (G R) Copf. 10s 29% Comw & Sou pf (3).x M m—n 6% Conde Nast Pubeaa. 0.0 = % Budd Mfg. ADr.i6 10 2% 2% 5 s Approximate Sales of Stocks on the N. ¥. Stock Exchange. | rubter fuies Spened ":uhy""z—cz? 28% Republic Steel p: 8 ---_ 600,000 12:00 Noon. TIONMD | BN L Dy 1SN | Mt 11,300,000 2:00 P.M. _____ 1,710,000 Dividend ra NEW YORK BAR SILVER. @iven 1n the above table are the annual cash based on the hun -umfly or uu-mm declarations. NEW YORK, December 5 (/.—Bat ‘payments -om-nnm-- 100 reorsanized. | giiver quiet and unchanged at 65 « 5% Revere Copper - 13 Revere Copper (A)- 26% 17% Reynolds Met (1)._. 29% 12% 1ds Spring (1) 23 6% & 16% Krosge (B0 Al MONTREAL SILVER. MONTREAL December, 5 . —Silver| 71 Eum onnm &II& 1 S