The Cincinnati Enquirer from Cincinnati, Ohio on March 12, 1936 · Page 19
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The Cincinnati Enquirer from Cincinnati, Ohio · Page 19

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Thursday, March 12, 1936
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Imf 7bmiwL THE CINCINNATI ENQUIRER (Jnduzbiy THURSDAY MORN INC, MARCH 12. 1036 i WHEAT PRICES Add Fractional Gain.' Trading On Cincinnati Exchange FORECLOSURES KAHN'S PLAN APPROVED. j Cl A Stock To Be Exrhnngrrt ' For 2' j Common Shines. I The table stiuwi the Kales, range or prires, net changes, clotting bid ami auk quota' ttons for regular lots and dividend rate?, in parentheses, of slocks on the Cincinnati Kxchange in W ednesday, March It, IH3fi. fill AW Shorn TVpmoeO t The MlH'k aversion Wnn of the kJllUW unuij' ivuivuou, E. Kahn s Sons Company was ap- INDEXES Show Higher Trend, BUSINESS BRIEFS MART TRENDS European Turmoil Allracls Attention Of Traders. Canada Exports Grain To Foreign Countries Domestic Milling Demand Is Active. Chicago, March 11 (AP)- Influ-fnced by reports that Fiance is threatening- to leave the league of Nations and is backed by RuB.sia, wheat prices displayed stubborn firmness today. Trade leaders said such a course on the part of France would further complicate an already acute trans-Atlantic political situation. Helping to sustain values were estimates that upward of 1,250,000 bushels of Canadian wheat had been taken for export, mainly to European continental countries. WHEAT CTOSKS UNKVKN. Wheat closed uneven c off to Uo up, compared with yesterday's finish; May MSWSiC, July 89 89c. Corn unchanged to c higher; May 60j (jO'-jC. Oats at iS'.,c decline, and provisions unchanged to a rise of 2c. Spreading operations in which May wheat was sought and new crop deliveries sold were a feature of trade during much of the day. On the other hand, there were purchases of Winnipeg wheat against sales of Chicago. An unsettling factor was that an overnight forecast of rains Southwest, where especially needed, failed to be fulfilled, only one spot in Kansas reporting moisture. FLO I'll TRAOK SLOWS. Shipping purchases out of Chicago indicated a persistently active domestic milling demand for wheat, although flour trade sources reported call for flour was slower, consisting mostly of small lots. Many would-be speculative buyers of wheat were cautious on account of assertions that the New York Stock Market displayed little evidence of misgivings In repaid to the European crisis. Besides, numerous traders took their cue from advices indicating every effort was being put forth abroad to prevent ultimate hostilities. Corn averaged a little higher, chiefly responsive to moist weather over much of the corn belt. Oats Bagged owing to increased primary arrivals. Provisions were firm, reflecting Upturns of hog values. Biil. 2J r 1(4 1 in ; ma ' , 4'.! 103 mi i 4 11 I T. 2H V Jli 21 . I AK.J STOCKS. 2ti iAmn 1-aumiry A1aivh(".4(t) .... 2 i Amn Prtxlucts Do part p( (1 Mil 21 iChirop Taper A Fihre ( 2,"ial. 104 I Ho pf (61 i Clnli Ball frank pic 104 t'imi (irt ft t:iee pf i.n 7'";Cinli Slreel rtwy i.IOhi .. ,. fPiCinll Telephone i4.Vll fill Cwa-t'ula A 1 2. .VII 11 l. IV w lirui: (.3na.i 14'., Katle-I'lclier Lend 2fi Formica Innulalmn dual .... ;,0 HihMin Art 1 1 601 UK Julian. Kokeniic il2oal 24 KrupT 11 B (1 601 ft Moures-Coney A Ran.lall B 4, K ipi-l Electpite tfioa" .... (Waco Aircraft T Sale j " Vrice rtang ' Net 'SfmriMl Open. I High.1 Low. CluM.Ch'g. ft i' ... ' . . ' "l 1 i 100 IV I .. I IV 'i i 3!) WV ! II ! 1 H." 2" V 20-1,. 2il i, 20 f hi 103 V 13V 103 1: ItW't.t- ' 7ml 3 V 4', 4 . I 43 103 , 10.1 i So 7 V, j 7 1..- M VO W W tkl, r , 2.'. 6.' ... .' SO II II 1 .. SHI 14 ll' 14 II !, l 22 210 J', 2V 29't 2s , M 26 20 3 2., SI i,- 24 ' 24 24 i . . 10 V, ... .V, I 17.'. 7-, S ! 7 V H i- I.I 4.1 , . ... 43 l . . 10 U't l 94. Homo loan I '.ink. Hoard l!i'iorl- ( incinnnli Pi.strii-t Is Krt'ilion. v proved by a vote of 82. MB to 1M at a meeting of stockholders yesterday. Stockholders also reelected the Hoard of Directors; the board organized and reelected officers. Under the plan the Class A participating preferred stock will be eliminated, present holders receiving. IS shares of no-par common in exchange for each share held. In addition, holders will be given Jti 7S in CHsh. In accepting the plan, nolilers waive claim to tin Hurnett W. Bobbins, President of Traced By Speaker. wcncini wuiuiMir nuvciiiniUK v.iiui- . puny, reported at the annual stock holders meeting yesterday that Total sales were 2.1S7 shms. 'Last pievu.us sale, December 17, IMS. at S',. Idsiii; imt jlicms. , Aluminum InOu.strien (.401.. ! American 1'r.xJ pr p (.3.1). i BaMwin I).) Pf iHl i Burner Brcwma ! Ho pi 14 p ICiirthHte MiIIb 1 Io pi A 16 1 I Do pf B 1 2 401 Cinli AilverllMnc Prod (1) C N O T T Rv pf IM ! Cintl I'ostal Term pf ili.SOi. t'lntl Tnlniccu Whse irinll U Stuck Vaid (l.liOI. Crosley Itaio Crystal Ti.sMie Dan Cohen l.r.Oal Karlv Daniel (.Mi Ho pf (71 Foundation Investment Do pf Fyr-Fyter A ill Gallahcr DruK pf I Ooldsmlth i I'l Pons 1 Halfleld-Campliell .. ! Do- prior pi i. 60) . Bid. i Ask 12 13' i . . 1 4 I, H I Ml 60 4 4 ' S2 20 00 30 i 32 ' 1 .1 . 1 li i US I St lull 7 . 12 20 i 22 ij 16U. 17's 6 1 , 11'-, 12 '3 . . t 2H ' 110 3 'v .. 80 9 V 10 17 ! . . 8.1 . . 6'n 1 'i ' Hohart MlK A (1.511) I 40 Jaener Machine i 12" Kahn'd parlpli; A i 3s ' Do lt pf i7i V'.t', Kroner CAB l.t pf (61....: 1 Hi Do 2d pf (7 1 112t: Leonard T;Olorn i loai , : Lillle Miami Btd i4 30l 102 i Do M.c.1,.1 k'O '2l i 4H l.unkcnhcinier (..M)i 1 21 Mi;liaV'ix I 3 Mamschewli z H Mead pf ( 1 Ada I 99 Mcleor Molor 7' Moorcs-CKncv B I Niillnn.i I'urnpH I ft Procter (lainhle (1..MI) . . . i Itamlill Co A i2l ! Itike-Kllnilcr (Ihl . I Salon Knhl.ina pf 7 ! 101 46 171: 27 14 4.S 101 26 3' 103 h 46 IHl- 1'nltcd Milk Crate V K PliivniK Card i Ihl U H Print Litho . . Do pt Western Bank A Trust Wurlllzrr Do .f ,... ....I 1 2 31 4 1 6', 10 19 S3 ! 8 2K 7 ta) Paid or payable this year, to) Plus .10 cents extra BONDS. CLOSING UUUTAVIONS. I Bid ASK lahlnmin Bureau. I!37 l'l I'ms Hldl. Washington, March 11 -Heal estate foreclosures in January were 29 3 per cent less than in January, ' i(1 bark , j vWleiul.t 193S. according to a compilation by the Federal Home Ijuid Hank Hoard of reports from 8114 identical communities embracing about half the population of the United States, and coveting farm and non-farm homes and commercial property. In the urban communities included in this survey, the decline was 32 per cent. The 12,340 foreclosures reported for January in this cross section of the country constitute the smallest number in any month since Januaty. 1932, which is the earliest month from which continuing figures arc avuilable. The decline of 5 per cent in number of foreclosures from December, 1935, to Janu ary, 193ti, was greater than the usual seasonal recession. j January thus emphasizes the steidy drop in foreclosures which; became pronounced In the lant ; quarter of 1935. All 12 Federal! Washington, March 11- (API-Hon.e U.an Rank districts except i S(,nHte ,. Commpm, Com. the Cincinnati region which in-! eludes Ohio. Kentucky and T(,n. ! tnittec today voted to report to the Arrorililljr, To l!l'lorlS Of T0 business booked by tha company iHimnillt'nt llemirlllli'llls for ,hc "ix months beglimlng March 1 I 1 exceeds by Still, 000 the volume for Slorf Sail's t p l.'t l'er ( fill. I the same jieriod last year. B. T. Iioverldge and King C. Thorn, (in-I ployees of the rompany, were elect ed to the board to fill vacancies. liiilicnlioiis Point To 1'nilialiilily Of I'ranci' l.catins fluid Standard. I . ('. I'mfi'ssor Savs. The change will Increase common stock from tio.OOO shares to 1 2.09r, which will be placed on a Jl annual dividend basts. Stockholders of the A. Nash Company reelected officer! at the annual meeting yesterday. Officers were reelected at the hoard's organization meeting, i WHEELER BILL I Reported To Senate, Measure Kxpandiii); Powers Of Federal Trade Commission Is llilterly Opposed. Champ Paper A Fin i Clnti Street Kwy &is ' Do 6s '.M Early A Daniel 7s '38 Do 7s '37 Do Is '38 50.. IO.'i ! 10.M, . . . I 94 : Vh . . . ! 96 i, 98 . . .1 101 ...I 1014. .. ... 10,'j ! .. Karlv A Daniel 7s Do 7s '40 tlalfleld-Camp fl!--s Kahn Sons 6s '42 . Wurllt.er 6s '38 . . 39 PS V 103 1 69 V IMus Sin.s More Numerous In List Few Soft Spols Appear Hall Crank Is Acti.e. I nessee reported fewer foreclosures 1 this January than in January, 193.'.. j The decrease was particularly striking- in Iais Angeles, Chicago and i Des Moines bank districts, cover- ing, California, Illinois, Wisconsin, ; Minnesota, Iowa, and Missouri, where it ranged from 4C.8 per i cent to 42 9 per cent. An increase i of 10.6 per cent was rcpoitcd for : the Cincinnati bank district. A more generous scattering of ( nati Telephone, and Randall H were fractionally better. Waco Aircraft came out for the first time this year, a small lot going over at 9'i, against the last previous sale price at 5 V plus signs was in evidence yesterday than in the two preceding sessions this week. Gains throughout were held to fiactions, while a few issues sold off a point or more. American Laundry Machinery, j Dow Drug Votes Dividend. Julian and Kokenge, and American A dividend of 15 cents was de-Products Issues were soft upotij. 'clared yesterday by Directors of the. Laundry Machinery sagged a point ; Vn'KZVml ,n .'TLTJ1 J . ; stock, payable May 15 to stockhold- at 26 In the first trade since the ors nf recolA M(ly 4 The quaI.terly sharp rise last week. Julian dip- dividend of $1.75 on preferred stock BORROWINGS Totaled By Treasury. Senate the Wheeler hill to expand power of the Federal Trade Commission over industrial practices. Under the measure the commission would have power on Its own motion to Investigate and eradicate "deceptive acts and practices in commerce" in addition to lis present authority to attack "unfair met hods of competition." Moreover, its authority could b-directed agunmt "persons and Washington, March 11 (APJ -Maintenance (if higher 'business lev- els In the early part of 193H, as com-i paied with last year, was reported trclay by two Uoverninent depart-, loents. "Husiness activity." the Com-' meice Department said, "has declined moderately below the Dp-. cember peak, but the major ln- deses for both January and February wero higher than for the cor- i responding months of 1935." j The Federal Reserve Hoard's i February department store reports showed aides 13 per cent over Feh-I niury, 1935. This was accounted ! for partly by the extra leap year i t reding day. ! ShIos were at about the same 1'vei as In January, and the gains ' were reported general in all reserve diet I Ids. At his press conference, Secretary Roper noted a break In the recent downward trend of automobile sales, with a 30 per cent gain In the week ended March 4 over the previous week. Hotter weather accounted for much of the change, altering a pic-lure that had been regarded with some concern In automobile circles, Roper SHid, The Commerce Department noted that tho January and February re-ccKsion from December was "Influenced by special and temporary conditions," including the severe weather. "The Increase In the volume of industrial production in January," it said, "was less than seasonal, and the Federal Reserve's adjusted Index dropped from 104 In December to 99. "A further recession In the seasonally adjusted Indext Is anlicl- i pated for February, but the Indi- icated change is not large." 1 The department regarded as sig- New York Stock Kxchange has received notice from Federal Min- Ceneral market Indications point to the probability that France will be off the gold standard within 90 Ing and Smelting Company of pro : days, Dr. If. B. Whaling, professor posed change in par value of the common stock from $100 per share to $10 per share, each present shine to be exchanged for one new share. C. C. Conway, Chairman of the Continental Can Company, reports the company's dollar sales for the llrst two months of the year ran more than 19 per cent abend of the same period last year. According to members of the n frigetator division of the Fleet i leal of economics at tha University of Cincinnati, told tho Advertisers' Club yesterday, following a luncheon at the Hotel Gibson. Dr. Whaling Bald gold commitments for 90-day delivery appeared very weak, there being a difference of 17 to 19 points betwen the spot basis and the 90-day futures. In case Franco did leave the gold slumlord, he said, there would have Manufacturers Association, sales to he a readjustment of the British increases made 111 January were exceeded last month by many of the manufacturers. In January the industry showed a 25 per cent gain. Gossip in New York foreign trade circles Indicates that Importers feel comparatively little alarm over the unsettled political situation in Europe, and for the most part are confident that nothing will happen to affect tha orderly movement of the exceptionally large amount of foreign goods on orders. Jewel Tea Company reports sales for (he four veeks ended February 22 amounted to $1,522,355. an Increase of 491 per cent over the similar weeks of the previous year, and for the first eight weeks of 193( the total was $2,992,937, a gnln of 5 17 per cent over the corresponding period a year ago. t.lficant "the substantial increases j u-4 An upturn In gross freight rev-: emie of Class 1 railways from $2.ti3 1,5(15,040 In 1934 lo $2,787.01,- 1X9 las) year was reported today j by the Interstate Commerce Cotn-I mission. Passenger revenue In creased from $345,887,351 to $357.- l""""",m" " !ln both employment and pay rolls j lions. It was the contention of the ltJ tne drble goods Industries In : pound sterling and the American dollar and a further devaluation of the fin nc. The result of this would be a sag In American securities, caused by general selling, which would probahly result from the general market disturbance In world securities. Speaking of general trade conditions the economist said the present hull market la lacking In factors of stability. He said the shaking out process has not yet Deen accomplished. Tho speaker deelared that, although the present recovery is apparently sound and might last for the next five years, It is lacking in permanence because all commitments are for relatively short tims transactions, . Dr. Whaling said the United Stales would have to come back to a gold basis, sooner or later if the country Is to stay under the cap-ilallstic system and guarantee a free market. The speaker was Introduced by C. W. Hrowne, President of the Advertisers' Club, March Unaiieing Xels lilO.VIHIII. 000 ATI or lie lire in en I or $I.iO,-OIIII.IIIIO Hills It v Cash. ChlcaKO, March 11 ( AP) Grain rane: HiBh. Low. I Close. Wheat-May . . July .. Sept. . Corn May .. July .. Sept. . Oats May .. July .. Sept. . Bve . May .. July .. Sept. . Barley-May .. Lard-March May July .. Sept. . Bellies Mutc'a May ! "1 ,99s $ .99 -f .99i,i- .Stl, .88'),: .89', - .S8V .87M .881-1 1 I .SOU .60 .0,-H .6I). ,60 .60'. .60 VI .0I .80 ! .2? .27 i .27'i, .27 V .27 .27', .27 .26". .27 .56',' .5 i .M'i !.vi' "" , .'iv? ! ! I .40 i 10 . ',7 .10 67 ilO.B.I 10, 6.', HI.80 14.10 Cash wheal. No. 3 red touuh f I 111 : corn. No.. 4 mixed .r.6i,c. No. f mixed M til ,S6c. No. 3 vellnw kiln dried Ii2c, No. 4 yellow R7'i.'iBi.c, No. 5 yellow M't'ifiTr, No. 4 white 59c, No. S white .'i 1 1 '" fi7 'i c. sample Krade M'-iWc: oals. No. 2 while ;,ni-.c. No. 3 white 26'J''i3nl.4c. No. 4 white 24 'j it 2nc. sample icrarte 222'1e; rye No. 2 63i,tm64c; soy heans. No. 2 yellow 81Vn83c nominal Chicaso. sample rade yellow 75c; harely actual sales 13 Sc, feed 30344c, maltlne 40":i88c: timothy ieed $3.(15 cwt; clover seed $12 M'u2U cwt. Lard, tierces JJ0.57, loose $10.07, bellies $14.76. Grain Trading. New York. March 11 (AP) Rye steady: No. 2 American, f. o. b. New York Sfi'jc; No 2 Western, c. 1. t. New York 70:.4c. Barley steady; No. 2. C 1. f. New York 527c. Wheat, spot steady; No. 1 dark Northern sprlnu, c. 1. 1. New York $1.32", ; No. 1 Manitoba, f. o. b. New York 94c; No. 2 Seattle soft white, c. I. f. New York $1.06. Corn, spot steady; No. 2 yellow, c. I. f. New York 8:me. No. 3 yellow fi2c. Oats, spot steady; No. 2 white 41i.4c. Tallow weak; special loose 5t-,c. extra loose 6Hc. Other articles quiet and unchanged. PKCIAL CAKt.E TO THB ENgrntFR. Buenos Aires, March 11 Flaxseed futures ranpe of prices: " MONTH- I Close. I Noon, i Pre v. CI April $iri9:$f.llii'i .". June I 1.20l 121 i ped 2 points at 26. Prod let com mon, at l'v, was off a half, while the preferred, at 9, was down a point. Cincinnati Ball Crank preference was the trading feature with vol nine of 700 shares. The price advanced a major fraction to 4!i. Eagle-Picher Lead and Gibson Art also attracted considerable interest. The latter established a high for the year at 29;i, up the fraction. Eagle recovered a half point to 14. ' Champion Paper issues were in I is payable April 1 to stock of rec ord March 21. A dividend of 15 cents was paid earlier this year, while a like amount was distributed in the last quarter of 1935. John W. Cassin, President, announced that the annual meeting of stockholders will be held April 6 at the company's offices. Cincinnati Union Slock Yard Company declared the quarterly dividend of 40 cents, payable March 31 to stockholders of record March 21. Dayton and Michigan Railroad noxi April Washington, March 11 (AP) The Treasury announced tonight it had borrowed a total of $1,900,-20li,950 in its mid-March financing program. Of this amount, $1,355,(553,550 consisted of cash subscriptions and the reniuinder represented securities Issued In exchange for Treasury 2Ts per cent notes which mature commute that "It Is manifest that unfair, detrimental or Illegal prac tices affecting or inteifenng wllh i commerce may be carried on us I well by persons and partnerships us by enrponit Ions." The bill drew protests I io m Harper Sibley, Piesident of th.j Chamber of Commerce of the United Stales, and olher trade bodies, which objected to expansion of the police power of the commission. The bill has been described by the American Newspaper Publishers Association as giving the commission powers equivalent to those of Ogpu, Russian secret police. The National Association of Manufacturers also opposed it on similar grounds. the plus column for the first time ; Company declared the semi-annual this week. The common improved .of 871iJ cents on guaranteed stock an eighth at 20v, while the pre- I and the quarterly $1 on preferred fened was up a quarter at 103Vj. j stock, both payable April 1 to stock Cincinnati Gas preferred,' Cincin- i of record March 15. COMMISSION Denies Million Of Shippers To Dismiss Application Of Kails For Kxtensinn Of Surcharges. Minneapolis, March 11 (AP) Wheat, rash: No. 1 heavy dark Northern sprinc 60 lbs $1.24.4i 1.331.4. No. 1 red durum S2"'c. Flour Hnchanited; csrload lots, fr.mlly patents $7.05'n 7.25 a harrel in 98-Ib cotton sacks; shipments 23,663. Bran $15.50g 16. St. Louis, March II (API-Cash: Wheal. No 2 rrd $l.07'.i 1.07 No. 3 $1 04 'j at l.ofl. Corn. none, oats. No, 2 while 31'(C, No. 3 27U'u29c. Clone: wheat, May fl.02, July 88c. Corn. May 6lis,c, July 61 4c. riululh. March 11 -(API- Flax on track f 1.7.1'.. May $1.73(4. July 1 7.1 'v. OHIO CHARTERS Columbus, Ohio, March 11 (AP). Incorporations tiled today wllh the Secretary of State: Cincinnati Buckeye Audit Company, Inc., 250 shares no par; 1'helma Panler, Hyman Rosen, and Joseph Lemkuhl. Joseph Lemkuhl, 704 First National Building. Cincinnati Farmers' Profit Sharing Corporation, 250 shares no par: George Ces-elhracht, Waltr Llpsky, and Will Partridge. Louis Welland, Liberal Savings Building. Cincinnati J. C. Panford and Company, Inc., $23,000; Ormonde J. Men, V. R. Steward, and J. Carl Danford. J. Carl Danford, 2617 Observatory Road. Cleveland Oindy Furniture Company, 250 shares no par: Jack H. Green, Lawrence S. Sobol, and Edna Anderson. Edward C. Klclnman, 705 Guarantee Title Building. Cleveland Schweitzer Equipment Company, 500 shares no par; L. C. Schweitzer, Loretta L. Schweitzer, and F. V. Schweitzer. H. V. 8chweitzer, 2804 East 130th Street. Akron Summit Bulck Company: J. G. Jenkins, John J. Lakes. Jr., and O. C. Glars. Robert Bard, 556 West Exchange Street, Niles A. R. Totten. Inc., 250 shares no par; George R. Railschenberg, Lena Cara-mella. and A. R. Totlen. David II iold. Toledo Sophia Lustig. Inc. $25.00(1; Otto H. Spenelcr. Lenore Wylle. and F. Hastings. Brown and Sanger, 1007 Nicholas Building. Toledo Stone Equipment Company, 250 shares no par. Harrv H. Crist, Lucille K. Stone, and Evan I), Stone. Harry H. Crist, 1011 Board of Trade Building. I.ehanon -Warren County News Publish ing Company, 250 shares no par; Bernice Dallv. Marian Dlckrrson. and H. 1. Daily, Jr. Nathan Fred, Lebanon. POPULAR VOTE To Decide Whether ( hirapi lie tains Kaslern Standard Time, Council Promises. Washington, March 11 ( AP) Class 1 railroads won an initial victory today in their fight before the Interstate Commerce Commission for indefinite continuance of emergency freight surcharges, estimated to yield $104,500,000 of additional revenue annually. The commission overruled a mo tion by shipping groups to dismiss j the railroads' application and ordered further hearings. Scheduled to expire July 1, ihr. proposed surcharge continuance has been vigorously supported by rail spokesmen and actively opposed by coal and other shipping interests. In denying the dismissal move, the commission said it would hold "further hearings in Washington and at other points throughout the country to enable shippers and others to present evidence, hearings will be held late month, with specific dates places to be announced later. The motion to deny the railroads application was filed by the National Association of Railroad and Utilities Commissioners, the National Bituminous Coal Commission, the Wyoming Public Service Commission, the National Coal Association, and other shipping interests. The this and Chicago, March 11 (AP) A popular vote on what time it should be in Chicago was promised today by the City Council. Reversing itself in an unusual action, in answer to a letter from Mayor Edward J. Kelly, the Alder-manic body adopted a resolution asking the people to decide whether they want to keep the new Eastern Standard Time or to turn back the clocks to the Central Standard basis. Eastern time was made official for Chicago on March 1 under an ordinance passed by the Council last November. At that time, the Aldermen refused to authorize a referendum. "Certain citizens have raised objections" to the time change since the ordinance went Into effect, however, Mayor Kelly said in his letter, and a popular vote is "the one sure way to learn the true attitude of the majority of the people." Petitions for n referendum had already been put into circulation by opponents of Eastern time, who accused the Aldermen of "high handed tactics." Out of the proceeds, $150,000,000 of bills which mature March 16 will be retired with cash, leaving the "new borrowing" of the operation at $905,653,550. The Treasury said prospective purchasers offered to subscribe $8,005,931,550, representing $5,603,-388,750 for bonds, and the remainder in notes. The financing offering consisted of nbout $650,01)0.000 ill 12-15 year 2'i per cent bonds and $600,000,000 in l'j per cent five-year notes. REPORTS OF EARNINGS Weslern Pipe and Sleel reports fur year ended December 31 . net profit afler chaises Bin'. las.'S of $34.'i. .74. equal to $2 4 1 a sharo on common slock, as compared wllh $.118 131, $2 09 a share on common stock for year 1934. American Colons reports tor year ended December 31 net protlt, afler charges and taxes, of $82,771, as contrasted wllh a loss of $62,244. for year 1934 ('ooper-BcsHcnicr Corporation reports for year ended December 31, net profit of $16 415. alter taxes and charges, compiii'i'd with net loss of J147JI03 In 1931. Cliffs Corporation, lor year ended De-co.her 31, reports net. profit of $'.'2.7li. atler Interest and taxes. For year 1934. profit was $37,3110 allcr Interest and laxen. hut exclusive of $314,077 loss on sccunly transactions which was charged to suiplus account. 'C.. f.n.-nl PBi.p at.rl t.iiOtl CimnuilV Cash subscriptions for those nrt subsidiaries report (or 1935 ts Hit' amounts were invited. 1 dated net income of $216,850. compared r ,u j 4 -t e I with $261,271 In 1934. This is equivalent In addition, the department of-, , 7 ,nr. lnf ui,i,,nnK ,,re- fered holders of the $559,000,000 in 27i per cent notes, maturing April 15, the option of exchanging their holdings into either of the new issues. FARMERS Conclude Three-Day Meeting On New Agriculture Program Heroin mcndntioiis Made. DIVIDEND ACTIONS IS. Dividends declared: Air Krduction, quarterly 7."Sc, Ap! March 31. Continental Oil, 25c. April 30, April . Great Lakes KnineerinK Works, quarter. y 10c, dii, exa 5c, May 1. April Harbauer Company, quarterly 25c, April 1, Marrh 24. MahonlnR Coal Railroad, quarterly $6.25, May 1. April. 15. Sincer Manufacturing, quarterly fl.50, do, exa $2.5U, March 31, March 10. United Hhoe Machinery, quarterly 62 'c, April 6, March 17. Weslpolnt Manufacturing, quarterly $1, do, exa $1, April 1, March 14. Rath Packing Company declared a dividend of 50 cents a share on common utocK payable April 1- This is firnt payment since July 1, 1935, when a regular quarterly of 50c was paid. WOOL. Bnslon, March 11 (API (L'nitPd Elites J)epariment of Agriculture, i An net asional small lot of nnany domfpi ic flifiin wool was moved, hut lh entire voiume of thesn salPH was nnt enough to conclusively estahlinh the market. Average French coml'lng 4s a nfl finer terri-t ry wools sold In original hag at around P0 cenls scoured hacis. Strictly combing iSs. Mis, blood territory wonls moved at prices on the low side of the recently quoted renge 74 'i 77c scoured basts. Prices were easier on woolen type pulled wools. CABLOADINGS TO DROP. New York, March 11 -(AP) Total cnrlondinRS will drop contra-sea-sonably for the week ending March 7, an estimate made today by the Associated Press on the basis of the first 16 reporting carriers indicated. Coal toads suffered sharp declines in traffic as weather throushout the country remained moderate. Industrial carriers, particularly those In the Middle West, showed to good advantage, many of them reporting advances against the general trend. Total loadings will approximate 615,000 cars, against 673,123 last week, and 587,-270 In the comparable week a year ago. REPORTS AUTO PRODUCTION. New York, March 11 (AP) February output of automobiles by members of the Automobile Manufacturers Association was placed at 218.270 units in the preliminary estimate released today by the as New York, March 11 (AP) Farmers and farm representatives of 12 Northeastern states concluded a three-day conference on a new agricultural program today wllh a specific recommendation that no benefit payments be made which would keep or place land in a different land use classification from what would be dictated by a sound long-time utilization program. Their recommendations for a program to be developed under the provisions of the soil conservation and domestic allotment act applicable to the Northeastern territory will be consolidated with recommendations made by similar conferences in the West, Mid-West, and South. Secretary of Agriculture Henry A. Wallace, who addressed the meeting yesterday, and H. A. Tol-ley, former Assistant Administrator of the Agricultural Adjustment Administration, who pro ided, termed the meeting "most successful." The conference adopted the reports of six committees presented today. Among recommendations approved were benefit payments to the poultry industry and tho purchase of dairy products for relief purposes. State committees should be non-political, the conference decided. comparison wllh a year ago." SALE OF FIRM CONFIRMED. New York, March 11 ( AP) lie-ports of American Water Works and Electric Company's purchase of control nf Community Water Sim vice Company were today con firmed at the office of Ameriian; Water Works. While a formal announcement was withheld, It was learned that working control of the Community property had been obtained by purchase of a majority of the preferred voting slock, of which there are outstanding 39,078 shares. The Community company controls a group of walei service companies operating in New England, New Jersey, Pennsylvania, Ohio, and Illinois. They Include Peoria Water Works Company, WillianiKport Water Company, Pennsylvania Slate Water Corporation, Ohio Cities Water Corporation, New Jersey Water Company, Bristol County Water Company, and the Lexington, Ky., Water Company. "Ttij-r 1 MARYLAND THE MARYLAND FUND W. L. BUDDE & CO., Inc. Investment Securltlea Union Central Bldg. PArkway 7084 Prospectus and other Information reftardinit shares of this Investment fund may be had on request. BUILDING PERMITS RISE. New York, March 11 (AP) Building permits issued in February amounted to $51,406,138, a gain of 86 per cent over the volume for February, 1935, Dun and Bradstreet renorled today- They were below sociation. It compared with 276.415 ' the January figure, which, based units in January and 220,102 in Feb ruary of last year. For the first two months of the year the output totaled 494,715 units, against 424,177 In the like period of 1935. The re port covers the operations of all the major producers of automobiles in the United States except Ford. on returns from 215 cities, totaled $54,957,904. The permits cover estimated expenditure for new buildings, additions, alterations, and repairs. The hulk of the decline shown in February from January occurred in the Middle Atlantic and East Central group of states. lirred sOm K. compared with 2.0W the pre vlntis year. J. 1. ( nse rompnny reports tor iw.i.- nei profit nf 1.8ll4.:i.'i. equsl to I.'i (111 a shsre on the common stork. This eompsres wllh net loss oi m.va in 1:i4. Union Tank Car Company, fliiraKO, reports for 10:15 net Inrome-of l,4ift.:ia, equal to Sl.W a share on the rapital stork, compared with $1 fiMK. 173, or $l.;ill a slime, in IU:)4. Oranlte City Steel Company of St. Louis reports for 10:15 net profit of JDlH.'t.'iK. eiiual to Si 42 a shure on the rapital stork, compared with 2f8,7fll, or $1.1)1 a share, In l:i4. Bristol-Myers Company and subsidiaries report for year ended Iiecetnhrr 31 net prufit ot $2. 2:12.57:1. equal to $3.25 a share on the capital stock. This compares vlln $l.liH.lH5, or VI S2 a share, in 1:I4. American Suiiar Reflnini! Company. In annual report, showed 1u:t5 net prollt of 13. 57(1. 930. equivalent afler dividends on the preferred stock to D3 cents a share on the common stock. This profit compares with $4,752,353 In 1934, which atler preferred dividends left a balance equal to $3.5(1 a share of common stock. General Foods Corp., In preliminary statement for 1W35, shows net earnings of J11,73(I.7BH, equivalent to $2.23 a share on common slock. This compares v.lth H1.143.S75, or $2 12 a share, earned In 1(134. Profits for the fourth quarter were 5S cents a share aK'iinsl 4t cents In the 193-' final quarler. Columbia Pictures Corporation for six months ended I.ecemtier 2S had net earn ings of $781,27.1. equivalent after dividends on the old prelerred slock In $2 74 a chare on Ihe common stock. Kor the like period last year net Income was $919,0(1(1. r $3.2S a share ol common stock, on Ihe same basis. Transamerlca Coiporallon. hank holdinir company controlling a number of inMltu-llonn In the Pacific Coast region, reports 1935 profits of $2H,3I9,27. equivalent lo R7 rents a share on the capital stock. In 1934 net proflls were $1 1.4.VI.5R7, or 1" cents a share. IRON AND STEEL. New York, March 11 ( AP) Karly (tshlllr.ation of tha irregular price structure In the steel Industry Is looked for at a result of newly published quotations governing second -quarter shipments, Iron Age said tooay In Its weekly nimmnry. Placing of heavier orders for March delivery in anticipation of steadier necond- quartcr quotations Is partly responsible for another rise in ingot production this week. the review says, adding that the gain of 1 point Is ths suih co'secutlve weekly increase and carri-d furace operations to 57 per cent of capacity, the highea level since early lat December. The ad vent of milder weather is beginning make Jtrelf felt hi other linen, the review says. Releases of ct-i'struction steel are heavier and makers of road machinery are j.'ratlng at capacity. These fartors ;ir reflected in the Iron Age Index of rapital goodn activity, which rose sharply last week fr jm 70.9 per cent of the bane period to 75. ft per cent The week's fabricated structural ateel awards of 33, (.00 tons com pare very favorsbly with last wcok's 14,0"0 tons. Th! publication reported scrap prices "'homing their own" in practically all districts, but aoded that only mtn r advances are now being reported. The Ik n Age romnjsits n- rap prict held :it $ H . 7.r a g nsn ton for t h? t hi rd werk . Of the new rl ft-, uriure the revi -w paid: Rn i-fir-lsh 1 rtepj In technically lower. Merchant wire product are laigflv i educed wllh nails off JH a ton. lie vised discount on standard pipe result in net priced avT'if;in; $1 a mn below recent lv ouoted levels. Quotation on rails and I'-ack accesmries and tin plate are mi-changed. New York. March 11 (AP) Rtpel prices per 100 'lb f. o. h. Pittsburgh : blue annealed sheets, hot rolled 'Z; galvanised heits $:t HI. black sheets, hot rolled V2.40, steer bars (1 .8a. CUTTEN EXECUTES BOND. ChicnKo, Miuch 11 (AD Arthur W. Cultrn, ni Mllon Hire g.'Hin HlHTiilfitor, under Fedi h! Indictment with William K. fJatowood, a tax expert, Kilned a $3f,(H0 Htn oty bond today Rt his hotel npni'tment while Deputy Mnrnhnls ntond nt his liedsioe. Federal Judge Chmlen I, Woodward approved tho bond. Cutten wan permitted to accept service of bench warranta Hnd provide the bond in his home an a concession to a erious heart ail ment, with which he baa been confined for Revcral months. nto-wood surrendered to United States MnrshHl William H. McDonnell and pained his releaHe on bond. It is with deep sorrow that we announce the death of jo ii jv i:. l- Manascr of our Dayton, Ohio, office Wesrheimer nd Company Af.'H" ISM I S I'.xrmpt from prininl I'vilvrul liuoine Taxet $1,700,000 Cily of Cineiiiiiali, Ohio 2 and 2VA Komh Dated April , 10:i6 Pup Sr-nlember 1, as shown below; l.rf!nl invvlnn iiln, in our opinion, for Sm infi Itank and Trwtl I'linrfs in Mrw York mul MnnrhuPll These! liuiids, in the opinion of counsel, will lie v;ilid ami legally liiinliti"; oliliH-, tions of the C ily of I'incinnaii, Ohio, which will have jiowcr and he obligated to lew a! valorem ta.es upon all the taxable property within the city for the payment of ihe bonds and interest thereon without limitation of rate or amount. 77ir.ve fcmiiM air nffrn-d u In n. ns hihI if iMcrf anil rrrrirrd by un '"f AW)i''"f appinval nt Iryiililij hij Mrxxru. Siinir; Ftiinilrrt rf llrmiiiril, Clrvrlaml. lo $1,000,000 2 Homls 10,000 Due I in It Ymr line Yield line Ylelil 17 1938 VKi) 1910 1911 1912 19B ,."or .73 1 .00 1.20 1.10 l.r.o 1 .60 19 It 19l. 1916 1917 1.701 1.JS0 1.90 2.00 1918-19 2.0.- 9.'0-."3 2.10 1936-61 2.13 $700,000 2i Rmultf $28,000 Due I Ii Year line YlcM Pile Yield l.BOli 1.90 2.00 1918-19 2.10 1930- 3.1 2.13 1931- 37 2.20 1938 61 2.23 19.17 .30 191.3 1938 .73 1916 1939 1.00 1917 1910 1.20 1911 1.10 1912 1.30 1913 1.60 1911 1.70 (and accrued interest) (and accrued interest) A prospectus is arailahlc at the. offices of the undersiijneil : Lehman Itrolhcrs Phelps, l'Vnn & Co. Field, Kirlianls & Shepanl, I lie. Fox, Finliorn and Co., Ine. Stone & Webster and Blodget Inrorimrated Estabrook & Co. A. C. Allyn ami Company InenriMtrnled A. K. Aul) 5t Co. TVii.i iilferinii is made nnhj by such of the a hare, named as are registered dealers in securities in this stale. March J2, 1

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