CURB UNSETTLED
UTE IN SESSION
Wide .Swings of Inactive
Specialties Disturb List.
Utilities Mixed.
By the Associated Press.
NEW YORK, March 29 —The Curb
market was a trifle unsettled by wide
swings in some of the inactive special
ties today. Utilities were mixed and
industrials tilted backward. Trading
was slow.
Chesebro Manufacturing made one
of its rare appearances on the tape at
a decline of 13 V2 points, but Gray
Telephone and Western Auto Supply
each gained around a point. Ameri
can Gas advanced a fraction, but
Electric Bond & Share was neglected
and held unchanged.
Pan-American Airways and Swift
& Oo. were among other industrials
dipping. Creole Petroleum and New
mont Mining were higher.
-•
Dealers Accord
Hearty Reception
To New Offering
By the Associated Press.
NEW YORK. March 29.—Wall
Street investment dealers gave a
hearty reception to the offering of
$45,000,000 Pacific Gas & Electric Co.
first and refunding mortgage 4 per
cent bonds.
Distribution of the issue among the
members of the participating syndi
cate was effected as quickly as was
the case with she $43,000,000 issue of
Swift & Co. 3*15 offered yesterday.
Managers of the Pacific Gas svndl
eate announced before the close of
banking hours that the selling gioup
books had been closed and that no
allotments were being made against
additional subscriptions received.
BONDS ON THE
CURB MARKET.
DOMESTIC BONDS.
High. Low. Noon.
Alabam Pw 4%s '67... 77% 70% 77%
Alabama Pow 5s 4b... Sal * 7» !)934 1)9%
Alabama Pow 5s '51... 95 95 95
Alabama Pow 5s 5b... 93% 93% 933,
Alummm Ltd 5s 4b... 9x% 9x% 9x%
Amtr G&E 5s 205b. . . . loo OH3, lot)
Amer P & L bs 2016... bl bo bl
Am Roll Mill 5s '4b. ... 1)5% 95% 95%
Am Seating bs '3b . .. 87% XT3, 87%
Appalch Pow 5s '5b... 105 105 105
Arkans P A L 5s 'Sti. . . 89 89 89
Asso El Ind 4%s '53... 32!4 32% 32%
Asso G&E 4%s 49 C. . . 14% 14% 14%
Asso G A E 5s '50. ... lb lb lb
1 Asso G&E 5s 9.8. . . 15% 15*4 15%
Asso T 5%s C '44 cod. .17 1? 17
Baldn Lo bs 38 xw.,. 3b% 3b% 30%
Bel Tel Can 5s A'55. .. Ill 111 111
Bel Tel Can 5s B 57.. . 115 115 115
Bel Tel Can 5s C '60. . llb% lib1, llb%
Betmham Gas 5s '59. . 62% )>•_’% H2%
Bull Gen El 5s '39.... lox iiih 108
Can Nt R E 7s E '95. . . ltto% 100% 100%
Canadian Pc bs '42... 107% 107*4 107%
Cent 111 PS 5s G '08. . . 87% 87*2 87%
Cent Pw A Lt 3s '5b.. . 74% 74% 74%
Cn St E! 5%s C '54... 27% 27% 27%
Cnt St P&L 5%s '53. . . 55 35 55
Chi Dis El 4%s '7ti A . . 1imi% 100% 11111%
Chi Pneu T 5%s '47... 95 94*4 95
Cm 8t R 5%S A '57. .. 08 08 08
Cities Service 5s 50... 35% 35% 35%
Cities Service 5s 'bb... 35% 35% 35%
Cit Srv Gas 5%s '42. . . 68% tiS% bx%
Cit Srv Gs P bs '43... 89% 89% 89%
Cit Srv Pw 5%5 ’52... 37% 32% 32%
Cit Srv PL 5%S ’49 .. 32% 32% 32%
Clev El Illu 5s A '54... 108 108 108
Clev El II 5s B bl... 109% 10934 ion3;
Com Ed 4%s D 57.... 108% 108% 108%
Com Edis 4s F '81.... 102% 102 102
Com Ed 5%s G 'H2.... 107 107 107
Comnty P&L 5s '57.. .. 50% 5b 5b
Coni G&E 5 A '58... 52 51% 52
Cudahy Pka 5s '4b_103% 103% 103%
Dallas PL bs A '49 ... 110% 110% 110*2
Det C Gas bs A '47... 102% 102% 102%
Det C Gas 5s B '50... 97% 97% 97%
Duke Pow 4%s '07_108 108 108
E U I 5s A 34 ww. ... 15 15 15
Elec P&L 5s A 2030... 49 40 40,
Elmira N L&R 5s '5b.. 92% 92% 92%
Emp O & R 5%s '42. . . 58 57 58
Erie Light 5s '67.103% 103 103
Fairbnks Mor 5s '42 . . . 101% 101 101
Federal Wt 5%s '54 . . 43% 43% 43%
Firestone CM 5s '48. . . 104% H>4% 104%
Firestone Tire 5s 42 104% 104% 104%
Florida P & L 5s '54 70% 09% 70%
Gary E & G 5s '34 71 71 71
Gatineau Pw 5s '56. . . . 86% 85% 85%
Gen Bronze 6s '40 82% 82% 82%
Gen W G&E 5s A '43 63% 05% 05%
Georgia Pw 5s 07.. 01% 91% 91%
Glen Alden C 4s '05. . 89 89 89
Gt W Pw Cal 5s '40. 108!, 108 108
Gulf Oil Pa 5s 37. . 105*« 105 105%
Hood Rub 5 %s '30 92% 97% 92%
Houst Gif G bs A '43 97 97 97
111 Pw & L Os A '53. . 93% 93 93
111 Pw & L 5s C '5b. 82% 82% 82%
Indiana Ser 5s '50 39 39 39
Int Pw Sc b'/aS '55 C 65 bo 65
Internatl Salt 5s '51 . . 107 106% 106%
Intern Sc Am 5s '47. . Til 09% 70
Inter P S 5s D '56. 01% HI HI
Interst P S 4%s '58 F 55 55 55
Inves Co OS A '47 xw 93 93 93
lowa-N L P 5s '57 A 109% 100% 100%
Iowa Pb Svc os '57 90% 90 90
Jamai W S 5%s '55 107% 107% 107%
Jers C P&L 4%s C bl 99% 99 99
Kns G&E bs A 2022. . 100% inn% 100%
Kentuck U 5s H bl 67% 67% 67%
Koppers G & C 5s '47 102% 102% 102%
Lexington Dt 5s '52 84 84 84
Libby McN & L 5s '42 102% 102*2 102%
Lou K G E 6s A '37 101% 101 % 101 Va
Mass Gas 5%s '46.. 01% 91% 91%
Minn P&L 4%s '78. . 87% 87% 87%
Miss Power os '55.. 78% 78% 78%
Miss Pw & Lt 5s '57. . 70% 70% 79%
Miss Riv Pw 5s '51 107 107 107
Narragansett 5s A '57. 104% 104% 104%
Narragansett 6s A '57 104% 104% 104%
Nat P & L 5s B 2030 72% 72% 72%
New Eng G&E 5s '47. . 52 52 52
New Eng G&E 6s '50. . 52 52 52
New Eng Pow 5s ’48 . 59% 58% 58%
New Eng P 5%s '54 H2% 62% 62%
N Orleans 4%s '35 . . 66% 66% 66%
N Y P & L 4%s '67. . 09% 99% 99%
N Am L&P 5s '36 100% 100% 100%
N Am L&P 5%s 06 , 40% 40'a 40*2
Nor Ind PS 5s D 69.. 93% 9.3% 93%
No In PS 4%5 E '70. . 8?*/, 87% 87%
N Ohio P&L 5%S '51. . 106% 106% 106%
Nor Stat P 4%s 'bl. . 99% 90% 99%
Ohio Edison 5s 60. . . . 104% 104% 104%
Okla G E bs A '40 . . 90% 00% 96%
Okla P W 5s A '48 . . 59 59 59
Pac G & E Os B 41. . 117*% 117% 117%
Pac G&E 5*25 C '52. . 105% 105% 105%
Pac G&E 4%s '57 E . 107 106% 100%
Pac G&E 4%s F '00 107 107 107
Pa C P&L 4*as '77.. 93% 93% 93%
Penn Elec 4s 71 P 80% 86% 80%
Pa O P&L 5%s '54 . 105% 105 105
Penn P 8 Gs C '47. 104 104 104
Peop G L 4s B 81. 75V, 75% 75%
Pitts, Coal OS '49- 100% 100% 100%
Portld G C 5s '40 . . 71 71 71
Pow Sec Corn 6s '49 . 83% 83 83
Pub Sec N J 6s ctf . . 120% 120 120
P S N 111 5s '56 . . 103 103 103
Pu S N 111 4%s D '78. . 94% 94 94
P S N 111 4%s E '80.. 04% 94% <14%
P S N III 4*25 P '81. . 94 94 94
P S N 111 6%s O '37 . . 100% 109% 109%
Pb 8 Ok 5s D '87 , . 101% 101*4 101%
Pg 8 P&L 5%s A '40. . 68% 68% 68%
Pug S P&L 5s C '50. . 65% 65% 65%
Safe H Wa 4%s '79.. 108 108 108
St L G & C 6s '474. . 8% 8% 8%
San An PS 5s B '58.. 97% 07% 07%
Scripps 5%s '43.10] 101 101
Beattie Lt 5s '49. 37% 37% .37%
Sh W&P 4%s A '67.. 9bV, lib1/, 96%
8E P&L 6s A 2025.. 84% 84% 84%
Sou Calif Ed 5s '51.. 105% 105% 105%
Sou Calif Ed 5s '52 . 107% 107% 107%
Sou Cal Gas 5s '37. . 103% 102% 102%
Souw G&E 5s A '57. . 99 99 99
SOU L&P 5s A '57. . 84% 84% 84%
8W Pub Svc 6s A '45. . 96% 96% 96%
Stand Q & E 6s '35... 43 42% 43
Stand O & E 6c '51... 35% 34% 35%
Stand G & E 6s '66... 34% 34% 34%
Stand P & L 6s '57... 33 33% 33
Sup Of 111 4*28 '68.... 98% 98% 98%
Sup of 111 4%S '70.... 98% 98% 98%
Swift Co 5s '40. 102% 102% 102%
Texas Elect 5a '60.... 05v, 95 95
Tex P&L 5s A '37. ... 104% 104% 104%
Tex P & L 5s '56. 99 08% 99
Toledo Ed 5s '62. 106% 106% 106%
Ulen Co 6s '44 st. 46 46 46
Un El N J 4s '40.111% 111% 111%
Unit L & P 6s '75.... 31 31 31
Unit L * P 6%s '74.. 32% 32 32%
Un L & R 6s A 7$... . 32 32 32
U S Rub 8%s '38. 100 100 100
Utah PL 6s A 2022- 64% 64% 64%
Va Pub Serv 6s '46- 70% 70% 70 V,
Va Pb S 6%s A '46... 89V, 89V, 89%
Va P Serv 5s B '50... 83% 83% 83%
Wash Rwy El 4s '51.. . 103% 103 V, 103%
Wash W & P 5s '60... 103% 103% 103%
Wes Tex U 5s A '57... 72 71% 71%
Wl» Min LP 5s '44.... 101% 101% 101%
Wise P&L 5s E '56- 88 88 88
FOREIGN BONDS.
Baden Con M 7s '51. .. 31 31 31
Europ Mtg 7s C '07+. . 41 41 41
Finld R M B 6s '61 Stpd 98% 98% 9S%
Hanov Pro 6%S '49.. 30 30 30
Pomeran Elec 6s '53.. 30% 30% 30%
Tern! 80 6%s A '53.. 66 60 66
Unit E S 7s '56 xw. . 56 56 56
ww—With warrants, xw—Without war
rants. n—New. wi—When issued st
<stp)—Stamped. INegotiabillty Impaired
by maturity. ^Companies reported in re
ceivership.
CANNED MEATS ACTIVE.
NEW YORK, March 29 C4»).—It is
reported *n food circles that producers
of canned meats and some other prod
ucts are booking a substantially larger
l amount of business following a mllA
' slump incident to the Lenten season.
NEW YORK CURB MARKET
By private wire direct to The Star.
Stock and Sales—
Dividend Rate Add 00. Blah Low Cloae
Aero Supply (B).. 3 314 344 844
Allied Mills. Inc.. 3 1444 14 14
Alum’n Goods 40c. 1 944 944 944
Alum’n, Ltd C war 13 3 3
Am City Power
& Lt (A) (a3) 25s 3244 3244 3244
Am Cities Pwr
ALtBtklOc) 1 1H 11* 144
Am Cy nam (B) 40o 5 1614 16 1614
Am Founders
lstpf(D). 100s 15V4 1514 1544
Am Gas & El 1.40. 14 2244 211* 22
Am Gas&El pf(6). 75s 9244 91 91
Am Laundry(40c) 150s 134* 1314 1344
Am Lt&Trac 1.20. 1 914 9»4 914
Am Maracaibo.... 9 14 4s 14
Am Superpower. .12 It 'A TA
Am Sup’pwr 1st pf 6 49 4844 49
Art Metal (k25c).. 1 4 4 4
Asso Gas&El (A). 3 14 ft 14
Asso Rayon. 1 144 14. 144
Atlaa Coro. 24 844 714 844
Atlas Corp (A) (3) . 1 4744 4744 47H
Atlas Plywood... 1 41* 41* 41*
Babcock A Wll 40o 50s 2914 2944 2944
Bower Roll B (1). 1 16 16 16
Brazil Trac Lt*P. 2 914 9% 914
Brlt-Am Tob cou
B(p35 3-5c)_ 4 2744 2744 27H
Brown Forman... 4 64* 6 6
Buff N&EP pf 1.60 1 1614 1614 1614
Bunker Hill&Sul. 125s 3414 34 34H
Butler Bros. 2 61* 614 614
Cables & Wireless
pf (kl) 9-lOc). 1 314 314 314
Carrier Corp. 9 17 164* 1644
Catalln Corp.. 2 5 5 5
Celanese 1st pf (7) 25s 95'* 9544 95’4
Cent States Elec.. 1 tt tt ii
Charts Corp (114) 1 131a 134* 1344
Chesbrough t6 44. 200s 130 115 115
Chicago Mail Order
(tl 44 ). 2 1744 17 17v*
Chief Consol. 3 "* 14 <8.
Cities Service.... 19 It 14 TA
Cities Service pf.. 3 10 91* 10
Claude Neon Lts. . 1 ft ft ft
Colt’s Pat F A 144 125i 26 2544 254*
Columbia Gas &
Eleccvpfi5) 25s 4244 4244 4244
Columb O &. G Vto 8 ft ft ft
Com’with Ed 4). 1 64 64 64
Como Mines.• 18 2 114 2
Cons Aircraft.... 2 8 8 8
Cons Copper. 12 2 2
Cons Gas of
Baltc (3 60) 7 5944 5814 5944
Cons Retail Stores 1 2'* 214 244
Cooper Range.... 1 3ta 344 34*
Cord Corp. 1 21* 21* 28.
Corroon & Reyn.. 2 114 114 114
Creole Petrol'm.. 16 11 10T* 1044
Crocker Wheeler. 2 414 414 444
Croft Brewing.... 7 111
Crown Cork Inti
(A) <m75c) 18 8 8
Cueno Press
pf(6 44)ww. 1 95 95 95
Cusi-Mexlcana M. 6 1% 11, 1*»
Darby Pet (50c).. 1 414 4% 4%
Dictograph Prod.. 1 5% 5% 5%
Distillers Crp-Sea 2 15** 15», 15**
Duke Power (3).. 25s 44 44 44
Duval Tex Sulph. 4 11% 10% 10-%
Elec Bond&Shara. 38 5% 5% 5%
Elec Bd&S pf (6). 3 47% 47% 47%
Elec Pwr As (40c) 13 3 3
Elec Sharhold'g.. 1 1 1% 1%
Equity Corp. 5 1% 1 1%
Fairchild Avlat'n. 2 8% 8% 8%
Fajardo Sugar... 25s 8t) 80 80
j Fatstaff Brewery. 2 2% 3% 3%
I Kannv Farmer
! Candy <t31%c) 3 8% 8% 8%
i Fedder Mfg (A).. 1 9% 9% 9%
Ferro Enamel 60c 5 13% 12% 13%
1 Fire As Phlla ’2). 25s 58 58 58
i First Nat Stores
1st pf (7)- 10s 114% 114% 114%
Fisk Kuhber . 1 7*4 7% 7*«
! Flintcote A p25c.. 7 11** 11% 11%
Ford Mot Can
< A) tkl %>. 3 28 27% 28
Ford Motor Ltd. . 2 7% 7% 7%
Forem'st li pr pf. 1 1% 1% 1%
Garlock Pack'gi 1) 4 25 25 25
Gen Invest corp.. 1 ft ft ft
Gen Invest pf.... 5 15 15 15
Gen Invest war. .. 1 ft ft ft
Ga Pwr $6 pt ... 150s 57% 57 57%
I Glen AlCoal tl% 7 15% 15 15
Globe Und ik50c). 18 8*8
Godchaux SuglA) 1 16% 16% 16%
Gold Seal Electrio 3 ft ft ft
Gorhm vto ex p50e 1 12% 12% 12%
Gray Tel Pay p30c250s 12% 11% 12%
Great Atl & Pac
Tea n-v it7 1. 20s 12314 123% 123%
Greyhound (Del*. 9 35% 35% 35%
Hecla Mining. ... 5 6*4 6*« 6**
i HollingerG t75c. 9 17 16*4 16*4
I Hudson Bay M&S 21 12% 12% 12%
I Humble Oil <11... 2 47 46% 46%
Hygrade Syl <21. . 125s 33% 33% 33%
Imp Chem Indus
i kl9c). 2 8% 8% 8%
Imp Oil Ltd coap
<t*0c). 6 16% 16 *16%
Imp Tob Can
It52%c>. 2 12 12 12
Inti Petrol reg+2. 7 30% 30*. 30%
Irving A C iplOc) 1 6% 6% 6%
Koppers Gas &
Coke pf (6).. 25s 72 72 72
Kress IS H)
special (60c). 100s 12% 12% 12%
LakeSh M »T41... 1 56% 56% 56%
Lehigh C&N(60e>. 1 6% 6% 6%
Leonard Oil. 1 ft ft ft
Lerner Stores.... 4 50 49% 49*4
Libby McNelllAL. 6 6% 6% 6%
Lone Star GlplSc) 4 5 4% 5
Long Island Light
pf A (7)... 10s 49% 49% 49%
Louisiana LA Ex. 10 5% 5% 5%
Lynch Corp. 1 28V* 28% 28%
Me Willems Dr (2) 150a 29% 29% 29%
Mangel St pf ww. 20a 50 60 50
Margay Oil. 1 6% 674 6%
Mead Johnson (t4) 1 61 61 61
Mid West Util
cvpfA(r). 1 % % %
Mock Jud Vo* <1) 1 10% 10% 10%
Mohawk Hud 2d pflOOs 10% 10 10%
Moiyodneum. 23 10% 10% 10%
Mount Prod (60c) 1 4% 4% 4%
^mmm
Nat Bella Hess... 10 1% 1% 1%
Nat Dairy pf A<7) 52e 106 106 106
Nat Fuel Gas (1). 2 13% 13% 13%
Nat Pw&Lt pf (() 100s 48% 48% 48%
Nat Rubber Mach 1 7% 7% 7%
Natomas Co<60e). 1 9% 9% 9%
Neptune Met (A). 18 8 8
NJ Zinc <21.200s 50% 50% 50%
Newmont (pBOc). 5 38% 37% 38%
N V Steam. 1 14% 14% 14%
N Y Tel pf (6%).. 50s 119* 119% 119%
Nlag Hudaon Pwr 10 3% 3% 3%
Niles-Bem-Pond. 1 10% 10% 10%
NorAmL&Ppf. 160s 6% 5% 5%
Northn Cent Tax. 12 2 2
Northwest Eng.. . 1 7% 7% 7%
Novadel Ag <3)... 1 21% 21% 21%
Ohio Edison pf (6) 150s 76 75% 76
Ohio Oil cu pf («) . 200*94 93% 94
Pacific Eastern... 12 2 2
Pae Gas & Elec
1st Df <1 %) 1 23% 23% 23%
Pan-Am Air 1)... 2 40 S9% 39%
Pantapec Oil. 35 1% 1% 1%
Parke Daviatl.T*. 4 86% 36% <6%
Pennroad Corp... H 1% 1% 1%
Pepperell Mfg (() 150a 61% 60 60
Perfect Circle (2) 50s 38 38 38
Phoenix Secur.... 24 1% 1% 1%
Phoenix Secur pf. 3 37% 37 37%
Pioneer Gold
Mines Ltd H0e> 6 10% 10% 10%
Pitney Bo P <20c) 2 6% 5% 6%
PittsB&LE(1%). 50s 36% 36 85%
Plttsb’sh US<2%> 40a 64% 64% 64%
Powdrell & Alex.. 19 9 9
Prod Royalty 2 %e 20 ft ft ft
Prudential Invest 4 5% 5% 5%
Pub Svc Ind pr pf. 50* 10 10 10
Puget Sound
P»LWdI 50b 16% 16% 16%
Reynolds Invest.. 7 1% 1 1
Richmond Rad... 1 % % %
Rike Krumler (1). 26a 21 21 21
Rogers Maj Corp. 16-6 6
Royal Typewriter 1 17% 17% 17%
Saf Car H&LtikS) 25s 60% 60% 60%
St Anthony Gold.. 16 % % %
St Regis Paper... 1 1% 1% 1%
Selected Indus... 1 % % %
Schi(T(Tb*>Co(2). 2 27 27 27
Scovill Mf* (1). .. 26s 19% 19% 19%
Selberling Rubber 1 1% 1% 1%
Selected Indus
allot cfa (>%). 50s 48% 48% 48%
Shattuck Dan Mu 1 2% 2% 2%
Sherwln Will (l>. 200*84% 84% Am
Singer Mfg(t*%). 20*239% 239 2S*4
stock ana Mica—
Dividend Rate. Add 00. High. Low. Close.
Smith i A O*. 300s 66% 56% 56%
South Am Gold
& Plat (40e) 1 3% 3% 3%
Southn Calif
Edla pf A (1% ). 2 24% 24% 24%
Southn Calif
EdpfC(lft) 3 19% 1944 1944
Spteg-M-S pf <6 44 >100* 89% 8944 89%
Stand OKyitl 44) 2 18% 18% 18%
Stand Oil Neb.... 2 8 7% 8
Stand Oil Ohio... 100s 11% 11% 11%
Stand Silver & Ld. 4 ft % %
StarrettCorp. 3 % % %
StarrettCorppf.. 6 ft % ft
Stut* Motor. 1 344 3% 3%
Sullivan Machine. 150a 12% 12 12%
Sun Investing pf.. 2 40 40 40
Sunshine <460... 17 12% 1244 1244
Swift & Co <4750 . 13 16 1644 16%
Swift Inti <21.... 2 33 32% 32%
Technicolor. Inc.. 23 19 1844 18%
Teek Hughes<400 5 444 444 4V.
Texas Gulf
Products<blO%) 1 344 344 344
Texon 0&Ld(600 6 6 6 6
Trans-Lux Dayllte
TrunzPork S <6). 1 8% 8% 8%
Picture Sn <200 1 244 244 2V4
Tublze Cbatllllon. 14 4 4
Tung-Sol Lamp... 3 34x 34* 344
Union Tobacco... 3 44 44 %
Unit Corp'n war.. a % 44 44
Unit Dry Dock<r). 2 % 44 44
Unit Founders... 21 ft ft ft
Unit Gas Corp.... 7 1% 144 1%
Unit Gas Corp war 2 ft 44 44
Unit Gas Corp pf. 1 41 41 41
Unit Lt&Pwr <A). 2 1 % 1
Unit Shoe M<t4% 100s 73% 73% 73%
U S Fol <BH60c). 9 10% 10% 10%
Unit Stores vtc... 1 ft ft ft
Utah Apex. 10 % % %
Utilities PwrALt. 1 % %
Utility & Indus pf 1 1 1 1
Walker <H) pf<l) 1 18 18 18
W Va Coal & Ooka 1 344 344 344
Western Auto
Supply A 12) 5 56% 54% 54%
West Tab & Stall) 1 13 13 13
Woolworth(FW)
Ltd <p46 1-50.. 1 24% 24% 24%
Wright Har<t6UO 13 9% 944 944
Yukon Gold. 3 ft ft ft
Dividend rates in dollars cased on laai
nuartel* or semi-annum) oarment
tPartlr extra tPlus 4% in stock
a Parable in cash or stock, e Parable in
stock f Plus (>% In stock « Plus 0%
in stock h Parable tb scrip ' Plus 8%
in «*ork k Paid last rear—no regular
rate. m Accumulated dlvtdands n Plus
10% in stcck o Paid this rear—no regu
lar -ate r Companies reported In receiver
ship or being reorganized 'Stocks fullr
listed on the Curb Exchance: others are
Oes't In as unlisted issues x Ex dividend
FOG OF FEAR HELD
CURB ON RECOVERY
Uncertainty Over Federal
Policies and Foreign Sit
uation Stressed.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.
NEW YORK. March 29.—The ob
stacles to recovery are partly domestic
in origin and partly foreign.
The domestic influences are. first,
j the fear in the minds of business men
; that the administration at Washington
| is committed to a policy of discourag
1 ing private initiative—the feeling may
! be incorrect, and In the opinion of
; the writer is incorrect, but it persists,
1 nevertheless—and, second, the exces
i sive timidity of capital, which refuses
] to take any risk whatsoever, but in
sists on taking refuge in the most
conservative securities selling on a
price level that could not be main
tained in the event of any substantial
revival.
Obviously these two influences are
one and the same. Remove the first
and the second will disappear.
From abroad, the factors are the
grave political situation In Europe and
the chaos in the exchanges.
The test of the Roosevelt adminis
tration’s attitude, rightly or wrongly,
is the fate of the public utility hold
ing company measure. Any indica
tion that the bill will be modified will
be interpreted as favorable, while de
velopments going to show that it will
; be pressed to passage in its present
foim are held to be unfavorable.
Under this head there is some reason
to hope. A constructive suggestion is
sponsored by Clyde M. Reed, former
Governor of Kansas and former chair
man of the Kansas Public Service
Commission, who says the burden of
proof for the necessity of the disso
lution of any particular utility holding
company should be placed on the Gov
I ernment instead of forcing the com
i pany to justify its existence, as is
I now the case under the terms of the
bill.
Adoption of this suggestion would
go a long way toward dissipating the
fog of fear that overhangs enterprise.
On the other side, the attitude of
capital does not show much improve
ment.
(Copyright 1935. by North American
Newspaper Alliance. Inc.)
AUDIT SHOWS EXPENSE
FOR MISSOURI PACIFIC
By the Associated Press.
ST. LOUIS, March 29.—An audit
filed in Federal court yesterday shows
the expense of carrying on the 1916
reorganization of the Missouri Pa
cific Railroad and subsidiary lines up
to November 30, 1934, was $5,677,645.
The audit, filed by L. W. Baldwin
and Guy A Thompson, Missouri Pa
cific cotrustees, is of the accounts
of Kuhn, Loeb & Co., New York
brokers, as reorganization manager.
Of the total $4,913,825 was com
pensation paid to special masters,
depositaries, counsel, reorganization
managers and underwriting syndi
cates; $414,075 was for corporate
organization, and $349,745 for gen
eral expenses.
SHORT-TERM SECURITIES.
(Reported by Chas D. Barney* Co^
AUis-Chalmers Co Ss 1837. 101% 101%
Amer. Beet Bug. 6s 1940.. loo 100%
Am. Tel. A Tel. 5%s 1943.. 112% 113
Atlantic Refining Ss 1937.. 197% 108%
Bethlehem Steel 5s 1936. .. 103% 103%
allfornia Packing 5s 1940 104 104%
Canadian Nor. Ry. 7a 1940. 106% 106%
Ches. A Ohio Ry. Ss 1939. . 112% 113%
Chi. Gas Lt. A Coke 5a 1937 105% 105%
Chi. Northwest. «%s 1936.. 42 45.,
Colorado & So. 4%s 1935.. 96% 96%
Delaware & Hudson Bs 1935 100% 101.
Den. A Rio Gr. 4%s 1936. 23 38%
Edison El. Ilium. 4s 1939. .. 108 .. ...
Gen. Pub Service 5%s 1939 91 93%
gotham Silk Hoa. 6s 1936.. 79% 88%
rand Tr. Canada 6s 1936. 106% 106%
Great Northern Ry. 7s 1936 84% 86
Illinois Central 6%s 1936.. ...... 92%
Inti. Tel. * Tel. 4%g 1939. 63% 64
Lace Erie A West. 5s 1937. 101% 102
Lehigh Vsller Coal 6s 1938 . 90 94
Louisville A Nash. 5s 1937. 107% 108%
Michigan Central 4s 1940.. 100% 103%
New York Central «s 1034. 98% 99
N. Y.. Chi. A St. L 4s 1937. 101% .
Ohio River R. R. 5s 1936.. 102% 103
Perna. R. R Co. (His 1936. 104% 104*4
Portland Gen Ei. oa 1935. . 99% 100%
Pure Oil Co. 5%s 1937_ 101% 101%
Rep. Iron & Steel 5s 1940. 103*4 104%
Sinclair Cons. Oil 7s 1937.. 102% 103
Vanadium Corn. 5s 1941... 85 86%
Waoa.h Rwy. Co. 5s 1939. . 90% 91
AFFECTED B7 LATE EASTER.
NEW YORK, March 29 OP).—The
late Easter will be reflected in the
March showing of chain store sales,
in the opinion of merchandising in
terests. The month’s volume, lt is cal
culated, will show a decline from the
same month last year, but It is fig
ured that the loss will be made up in
April with the help of thfvEastern
business. _
OBSTACLES ASIDE
Industrial Operations Start
to Rise After Lull of
Recent Weeks.
By the Associated Press.
NEW YORK, March 29.—Dun &
Bradstreet in its weekly trade review
declared today business is pushing
aside decisively the impediments which
have been hindering its progress.
The report sees the Nation’s trade
as “taking full advantage of the
normal seasonal rise to provide mo
mentum which will carry it beyond
the reach of enervating extraneous
influences.”
"Following the more or less static
conditions of the last four weeks,”
the report continued, “industrial op
erations fire starting to rise, as prepa
rations are being completed for new
peaks for the year to he reached in
April, while in distributive branches
the Spring season is off to an auspi
cious start, with consumer buying giv
ing assurance of Easter sales sur
passing the high level of a year
ago. • * *
“To the progress made doubtless
can be attributed the greater confi
dence now being taken in expansion
and long-term planning, as new
financing finally has shown signs of
revival, with new issues running to
the largest total for any week since
the early part of 1933. * * *
“With the allure of fresh stocks of
the most appealing merchandise which
has been assembled in many seasons,
shoppers crowded the stores in the
leading centers of distribution, push
ing retail sales in nearly all districts
higher than a week earlier, with the
gain in some instances rising to 20 to
30 per cent. * * *
‘‘Retail sales for the week, taking
the country as a whole, were higher
by 3 to 10 per cent than for the com
parative period of 1934. • • *
"An actual need for a wide variety
of merchandise is strongly apparent,
and now that the realization is more
generally accepted that no price re
duction of significance .will appear
during the next six months, the re
lease of long-deferred orders may tax
productive capacity well into May.”
STAGE CAMPAIGN
Urge Exchange Re-election.
Committee Is Reported
Favoring Gay.
BY THOMAS E. FLANAGAN,
Associated Press Financlel Writer.
NEW YORK. March 29.—The con
troversy over who shall head the New
York Stock Exchange after Richard
Whitney’s current term appears to
have reached white heat this week,
with the “re-elect Whitney’’ forces
trying to convince the Nominating
Committee of their numerical strength.
It is being bandied about Wall
Street as a sort of open secret that
the Nominating Committee has all
but decided to name Charles R. Gay
for the presidency on April 8.
Little was heard of the stick-by
Whltney movement until the com
mittee's reported attitude became a
chief topic of conversation. Since
then, his supporters have gone to
work with vigor.
Carries Whitney Banner.
Usually reliable sources reported
that the Whitney banner is being car
ried by Herbert L. Wellington, dy
namic, popular and youngish mem
ber of the board of governors and
head of the firm of H. L. Wellington
k Co., with offices in New York and
Pittsburgh.
Another Whitney worker was said
to be Bertrand I. Taylor, jr„ also
youngish, handsome and known as
one of Wall Street’s best-dressed men.
I A partner in the former firm of Logan
& Bryan, with several offices on the
Pacific Coast, he now heads the com
paratively new Wall Street firm of
Taylor k Delany.
Arthur P. Broderick of J. S. Bache
& Co., with offices in several leading
I cities, was said to be another,
i The Gay backing appears to come
chiefly from a number of the large
commission houses, which have long
felt that the exchange was too much
dominated by the specialists and floor
traders.
Known to Favor Gay.
E. A. Pierce, peppery, silver-haired
chief of E. A. Pierce k Co., is among
those known to be agitating for a
change. He has not publicly in
; dorsed Gay.
John W. Hanes, head of C. D. Bar
ney ft Co., who withdrew as a can
didate for the nomination, la said by
associates to be Intending to support
whoever is nominated.
In the Gay camp, Indignation is
expressed over a reported offer from
the Whitney forces to give Gay the
vice presidency, with the understand
ing that Whitney would withdraw
next year. Whitney forces do not
admit such an offer was made.
Persons close to the committee say
the members have been amazed at
the Nation-wide interest.
Should Whitney not be nominated
on April 8 for the May 13 election,
his supporters may run him inde
pendently.
Gay has announced he will accept
the committee’s decision. Whitney
has declined to set forth his attitude.
DIVIDENDS ANNOUNCED
NEW YORK. March 29.—Dividends de
clared (prepared by the Standard Statis
tics Corp.i:
t Extra.
Pe- Stock of Pay
_ _ , Rate. rlod. record, able.
Lamont Corliss St Co..$l .. 3-27 4-10
Towle Mfg.$2. 3-15
Initial.
Canad Insur Shrs A.. .$1 ., 4-15 5-1
Accumulated.
Stearns <F) lf« pf $1 50 .. 3-20 3-30
Reduced.
Telautograph .20c.. 4-15 5-1
raised.
Four M of Am pf A.
Regular.
East G&F A pf $1.50 Q 6-15 7-1
Do. 4'a% of. . .SI.12% Q 0-15 7-1
Fairbnks (E&T) pf .$3.50 S 4-1 4-1
Hercules Power pf $1.75 Q 5-3 5-15
Lamont Corliss Co.$1.5(1 Q 3-27 4-10
Liquid Carbonic.25c Q 4-10 5-1
Lock Joint Pine pf....$2 Q 4-1 4-1
go.$2 Q 7-1 7-1
go.$2 Q 10-1 10-1
Do. ......... $2 Q 1-1 1-1-36
Merchant* Refg pf..$l,T5 Q 4-22 5-1
g£»pi« t?1- •--$1.50 Q .3-31 4-15
Phuaedlphia El.45c Q 4-10 5-1
Reading Co.50c Q 4-11 5-9
Richmond Ins N York . l(lc Q 4-10 5-1
State St Inv.4uc Q 3-30 4-15
Stearns (F> 7% pf . $1.75 Q 3-20 3-30
Towle Mfg.$1.50 Q 4-H 4-15
United Milk Pr $3 pf. ,75c Q 3-28 4-1
—————a
NEW YORK BANK STOCKS
NEW YORK March 29 iJPi.—New York
Security Dealers Association:
• Quotations as of 2 o'clock.)
_ , .... Bid. Asked.
Bank of Manhattan (1%).. 19 20%
Bankers Tr (3). 50 5s
Brooklyn Tr • 4 >. 82 87
Cen Han Bk A Tr («). 100 110
Chase Nat (l.iO). 21 22%
Chem Bk A Tr (1.80). 37% 39%
Commercial <8).. 134 140
Cont Bk A Tr *1 .so 1. In', 11%
Corn Ex Bk A Tr i3). 41% 42%
Empire Tr <1). i«% 17%
Fifth Ave (34ai. 890 1020
First Boston Corp. 294* 30’»
First National <100).1855 1695
Guaranty Tr (20). 239 244
Irving Tr (I). 12% 14%
Manufacturer 5 Tr (1). 19% 20%
Natl City (1) ... 18% 20
N Y Trust 15).. 92 95
Public (1%). 20% 28
Title G A T. 3% 4%
United St Tr <7oa'.1580 1630
(a) Including extras.
INFLATION FORCES
Measure Regarded as Way
to Gain Goal—Present
Prices Deplored.
BY FREDERICK GARDNER,
Associated Press Financial Writer.
Inflationary forces, discontented with
the course of domestic prices, are seek
ing to board the omnibus banking bill
to reach their objective.
All the leading schools of monetary
thought, mostly dedicated to the cause
of boosting prices, have been repre
sented in hearings on the bill before
a House committee and proposed
changes in it to accomplish their
alms.
The proposals range from further
devaluation of the dollar and adoption
of a managed currency system to the
issuance of non - interest - bearing
Treasury notes in payment of part or
all of the Federal debt.
From all indications, administration
forces are opposed to such changes
and will stick by the present bill in
its essentials. It provides for the use
of orthodox central bank methods in
the control of money rates and the
supply of credit to achieve whatever
power over price levels can be exer
cised through them
But the persistent inflation bloc in
Congress is expected to turn its at
tention to the banking bill if it comes
up for a decisive vote in essentially its
present form.
Leading inflation groups have been
; seeking the 1926 average price level
as their immediate objective. Some
j of them want the bank bill to direct
the Federal Reserve Board to use all
its powers to achieve that goal.
Administration spokesmen resisted
efforts to have a fixed price goal writ
ten into the bill.
Aside from the doubt they expressed
whether it could be attained by cen
tral bank action under current condi
tions, they argued stabilization of
production and employment, rather
than a fixed price level, should be the
objective. Gov. Eccles of the Federal
Reserve Board contended that could
; not be achieved by monetary action
1 alone.
In the commodity dollar group, Bel
gium's defection from the European
T • • fl—II I
—^-- I
gold bloc is b’ld to be fraught with
important consequences.
Some of the leading advocates of a
managed dollar have been insisting
the European gold bloc could not
hold out under the pressure of defla
tion against tne depreciated dollar and
the British pound.
Now, with the belga to be devalued. '
they are waiting for confirmation oi t
their propneclas in the belief it may I
precipitate „ decisions on monetary 1
questions.
If a retreat by the gold bloc starts "*
another round of currency deprecia
tion, they see a chance for further
revaluation if the dollar to prevent a
fall in prices in the United States and
of pushing their cause for a managed
currency modeled after England's.
STATEMENT IS ISSUED
BY NEW YORK RESERVE
By the Associated Press.
NEW YORK, March 29.—The state
ment of condition of the Federal Re
serve Bank of New York at the closa
of business March 27 shows; r
Gold certificates on hand
ana due from U. S. Treas
ury .$2,172,726,000'
Total reserves. 2,250.112.000
Bills discounted—
Secured by U. S. Govt, obli
gations . 2.026.000
Total bills discounted 4 414.000.
Bills bought in open market 2.081.000
Industrial advances. 1.847.000
Total U. 8. Govt, securities TOO,318.000
Total bills and securities. .. 747.610.000
Uncollected items. 10lt.813.G00
Federal Reserve notes in ac
tual circulation. 654.338.000
i Federal Reserve Bank note
circulation—Net . None
Deposits—
Member bank—Reserve ac
count . 1.891.700.000
Total deposits . 2.259.707.000
Ratio of total reserves to
deposit and Federal Re
serve note liabilities com
bined . 77.2r«
U. S. BALANCE INCREASES.
MOSCOW, March 29 (TP).—The
United States’ lavorable' trade balance '
last year with the Soviet increased
983,000 gold rubles over 1933, official
figures today ohowed. (The ruble is
currently quoted at 1.13 to the dollar.)
U. S. TREASURY POSITION.
By the Associated Press.
The position of the Treasury on March
27 was: Receipts. $190,026,876; expendi
tures. $143,854,396: balance. $2,413 -
884.741: customs receipts for the month,
$28,531,006.
Receipts for the fiscal year (since July
it. $2,838,686,926: expenditures. $5,027 -
691.250 (including $2,585,341,326 of
emergency expenditures! excess of ex
penditures. $2,189,004,323: gold assets.
$8 563.288.462.
Receipts for March 2*. 1934 (compar
able date last yeari. $6,409,060: expendi
tures. $30,611,463: net balance. $4,863 -
463.697: customs receipts for the month.
$22,220 8()8: receipts for the fiscal year.
$2,294,874,858: expenditures. $4,772.
811.675 (including $2 785.929.585 ot
emergency expenditures!: excess of ex
penditures. $7,477 030.816; gold assets.
§7.668.322.623.
4 %
>
i
The V-type engine has signifi- rriHE ford for 1933 is an 8-cylinder
X car that actually costs no more to
ca nt advantages... Advantages run t],ai) a 4... it develops more power
in performance... Advantages for P<™» you »pond for ga.o!in«
. . . New crankcase ventilation makes
in economy. •. Yet only Ford has lubrication more efficient... New brake
~ , . . r/ n construction lessens brake wear. . .
found a way to bring a V-o en
" jo Aluminum cylinder heads eliminate car
gine within reach of everyone. l»on and give premium performance
★ ; ★ ★ ' rriHE MOST IMPORTANT advance in modern motoring— with regular priced gasoline. Ford valve*
THIS IS AN ENGINE you’d be proud of 1 the new Full-floating Springbase with Comfort Zone re<lu‘re no adjustment . Ford Ex
in a car costing thousands of dollars Seating ... No more riding over the springs or the axle for change parts reconditioned at the
more than a Ford ... 85 miles an hour rear-seat passengers . . . All seats are cradled between the Ford factory cost far less . . . Ford
, , . . . ... . . ... , _ never built a car that costs less to operate
if you want it... Pickup that gets yon springs ... This means “front seat riding comfort” even r
, _ . ,, , . , ... , than this nig. luxurious, powerful V-8.
out of traffic jams easier... enables you for back seat passengers! It means riding ease such as you
to pass other cars on the road with never dreamed possible in a low-priced car ... The exclu- ————————
greater safety... makes all driving sive Ford advantage of free action op all 4 wheels is AND IP, F.O.B. DETROIT
easier, pleasanter and more economical. retained, plus the priceless safety of a strong front axle. including "bimipers^and
spare tire extra. Easy
FORD DEALERS OF WASHINGTON tw—1
""swaBa"- s^assrszva:
Ml Water St. S.W. Betheeda, Md. ISM Nichole Are. and Fall# Church, Va. Connecticut Are. and 1727 Connecticut Are. N.W.
.... „ ... Veaeey St. N.W. 13th and Upehur Ste. N.W.
? LOGAN MOTOR CO. 1132 Connecticut Are. N.W.
BILLHIMER & PALMER HANDLEY MOTOR CO. 31*3 Rhode Island Are. N.E. 1417 Irrlng St. N.W. CHERNER MOTOR CO.
Hyattarille, Md. 3734 Georgia Are. N.W. NORTHEAST MOTOR CO. HILL * TIBBITTS 17*1 Florida Are. N.W.
_ 920 Bladeneburg Rd. N. E. TAKOMA MOTOR CO.. INC. 1114 Vermont Are. N.W.
TRIANGLE MOTOR CO. STEUART MOTOR CO. Bladeneburg Road and 21 Carroll Are., Tekoma SM« Georgte Are. N.W. WALSH MOTOR CO.
New YorkAre. and Sixth and New York Are. N.W. Perching St. Park. Md. 1«3 L St. N.W. „ MM Ga. Are
North Capitol 514 H St. N.E. Cottage City, Md. 4th and Blair Rd. N.W. IgM 14th St. N.W. SUrer Spring, Md.
ON THE AIR —FORD SYMPHONY ORCHESTRA, SUNDAY EVENINGS - FRED WARING, THURSDAY EVENINGS — COLUMBIA NETWORK