Evening Star Newspaper, February 25, 1932, Page 15

FINANCIAL. i i ' BOND PRICES EASY IN QUIET TRADING Y. S. Issues Continue to Climb—Rail Reports Are Disturbing Factor. { BY F. H. RICHARDSON. Bpecial Disp:tch to The Star. NEW YORK, February 25.—With the exception of United States Government bonds and a few selected domestic and foreign issues, the investment market was easier today. Trading was quiet. The market opened with a firm tone. - the upward movement in Government bonds continuing. This convinced Wall Street that a cut in the rediscount rate ‘was imminent and there was some sup- port for all types of bonds on the as- ; sumption thet the rate cut would be : followed by a general upturn. However, it was hard for the market to ignore earnings reports of the rail- © roads just coming out, such as those of the Texas & Pacific and the St. Louis- San Francisco. In the former there was & deficit of $80,165, after charges in January, against a surplus of $14,119 a uary, 1931. In the ease of the Prisco the January deficit was $1,125.- - 273, compared with a deficit of $357,253 in January, 1931. ‘There were declines of & point or more in the junior securities of these . two roads and also in bonds of other roads whose January earnings were 5 not expected to be much better, for in- - stance New York, Ontario & Western refunding 4s, Southern Pacific 4ls, and Alleghany Corporation 5s. At the same time there was a firm tone in bonds of the same class, such as Chi- cago & Northwestern 43;s and Illinois Central 4%s. - There were small declines in_most Junior utility issues, including Inter- . national Telephone 5s, Western Union " 5s and Postal Telegraph 5s. Associated , Gas & Electric 5s and 4'.s, traded on the Curb Exchange, were heavy fol- lowing the announcement of a $40,- ,000 of guaranteed 8 per cent - gold bonds due 1940. The difficulty of | refunding in the present market was illustrated by the high coupon placed on these bonds and the provision at- tached that additional interest up to . 2 per cent must be paid on these bonds before there can be dividend payments on the company's preference, class A or common shares. The new 8s, which will pay 81, per cent for the year end- 4ng March 15, 1933, are senior in lien to all of the holding company's secur- ities, but will be junior to certain of the underlying obligations of subsidi- Grain Market By the Assoclated Press. CHICAGO, February 25.—~Grain prices underwent an early setback today, in- fluenced by weakness of Live Wheat quotations and by New York stock market declines. A further increase of 5 5 per cent in the Prench quota of foreign wheat permitted to millers was virtual lly ignored. Opening % to 3; lower, wheat after- ‘ward sagged further. Corn also started ¥ _to 34 off and continued to recede. Failure of the Liverpool wheat mar- ket today to rmnd to strength shown yesterday on side of the Atlantic gave a decided check to bullish enthu- slasm here. Price declines at Liverpool were associated with forecasts of con- tinued large shipments of wheat frorh am:fim. :'haenw of fresh 'Ilh'- ive buying was a feature, rathér than Bhlfil?mui! to sell. Moderate rallies after early down- turns In wheat accompanied announce= ment that wheat exports from the Black Sea region, including South Rus- sia, amounted to only 344,000 bushels this week, compared with 616,000 & rlr 2go. There were also advices that in Southwest Kansas, Southeast Colo- rado and Northwest Oklahoma, a ter- ritory which produced 70,000,000 bush- els of wheat last year, the present out- look was but for 45 per cent of & crop. Conditions in Northwest Kansas and in the Texas Panhandle ‘were reported as less unfavorable, although far be- * low last r. Corn and oats were bearishly lected by big receipts of corn here, 347 cars. Provisions duplicated steadiness of hog values. Washington Stock Exchange SALES. Potomac Electric 5% % pfd.—5 at 1033}, Washington Gas 6s “A"—$400 at 100, $400 at 100, $200 at 100. Bid and Asked Prices. BONDS. PUBLIC UTILITY. £ Bid. Asked. Amer Tel, & Tel 418 '30..... 105% ..... Am. Tel & Tel. ctl tr.s.. 000 100 ° . Andcossip, & Pot. R Rs % & 50 G, . el ok rban Ss i : | i | | i | | [ lec. Cons. ec. 65 1953. . Mt. Verno Y 5 & Ross, Inc.. evy Chase Club '5ias try Club § age 8. . lumbis Coun W5 Gola’ Bloras op. Pomer 527 Bl WY, d. . . & EL ([‘um. M. h Rwy. & EL pfd. (3)... NATIONAL BANK. Capital A0 e cemm‘ém (12) Commercial (staimped) (10) » District (8) b § Fed-Amer. Nail B & Tr. (). | (78). .. 4 Lincoln (10)... 3 Metropolitan’ (14) % Rives (18) Sesona 50) . Washington (12 ! TRUST COMPANY. Amer, Sec. & Tr. Co_(15)... Natl. Sav. & Tr. (133)... . Prince Georges BX. & Tr. (6). Union Trust (8s) 2 Wash. Loan & Tr. (i4).. SAVINGS BANK, Sav. & Com. (i%). Beventn Street (12).... United States (30) Wash. Mechanics (30).. FIRE INSURANCE. American (12) i . Jusos w men's (8).. o Nationsl Union (18) s 18 TITLE INSURANCE. olumbla (8h). .. S al Estate (68000 D15 MISCELLANEOUS. r & Ross, Inc.. eom 10% 160 Bid. Asked. ash Med. i dwd. & Lothrop. com. (1. ‘Wdwd, & Lothrop pfd. (7).. *Ex-dividend, 2% ext bBooks closed. extr: i i elian extra. —r——. December &M output in the Trans- vaal totaled 909,873 fine ounces. - [Ton wew vorx BONDS srocx excn Received by Private Wire Direct to The Star Office UNITED STATES. wg.. :igl:‘h. (Bales are 1n $1.000) i es. Low. 2:55. Lib314832-47.. 45 4 9714 9724 L 1st 438 32-47 400 99 15° 99 20 L 4th 43¢ s 33-38 329 99 30 100 2 33 896 - 8921 914 ‘914 9419 9419 9420 9420 9326 942 9624 9624 99 30 100 2 711038 103 1034 Bales. High. Low. 2:55. 5 39 39 1 83 67% 34 30 viell IntT&T 5s°55. Italy 78 'G1. Italy Pub S 7s pi Jugosl Bnk 78’5 Kan City Sou 35'50. Kan City Ter 4s'60. 4 Kan G&E 4%s'50 Karstadt 6s'43.... 12 Kreug & Toll 58'59. 53 Laclede 53 s C' Lautaro Nit 63 '54 4 Leh Val cv 4s 2003, 5 Lig & Myers 7 Long Islrf 4x'49.. Lorillard 7s'44.. Alleghany S La & Ark 55 60, Allegh AmFF Am1GCh Am S&R 1st Am Sug Ref 6s°'37. Am T&T cv 414839 AmT&T 5565 Am T&T c tr 55 '46. Am T&T 5ss1'60. . Am T&T 5%s'43. . Am W Wks 55 '3 Am Wat Wks 6s Argentine §s Argentine 535 Argentine May '61. Argentine 6s Ju's Argentine 6s Oc'59. Argentine 65 A '57 Argentine 6s B '58. Arm & Co 4%8'39.. Arm Del 614893 .. Atchison gn 4 '95. AtICL 1st 48'52.. At Gulf 55°59. Australia 4% Australia 5s s Australia 5857, . Austria 7s . Austria 7857 ctfs. 58'50, 42 McKes & R 515550, Man 8 1st 714842, Manh Ry 1st 48'90 Market St Marseille 6s Midvale St1 5 Milan 6% Mil EI Ry&L M StP&! MSP&SSM 53 MEK&T4%s8T8. Mo Pac gn 4575 Mo Pasiles A4S, Mobile-Ohio bs '38. Mont Pow 5s'43 Mont P gb 5 A "62 Mont TF 1st 55 '41. . Mor&Co 1st 4%48'39 1 Nat Dairy 514 8'48. . Netherlands 6s '72. Eng T 15t 68°52. OT &M 58 B'54¢ w S Wales 58 '57 v 8 Wale: T 1 10414 5858, N Y Cent 45'98. N Y Cent db 4834, . Y Cent 4482018, 2013 50. . B & O Toledo 4559 Bk Chile 6%s61. .. Belgium 6s . Belglum 6145 '49 Belglum 7855 Belgium 7s '56. . Bell Tel Pa §s . Bell Tell Pa 55 C'60 B Ind Loan C 6s'48. Berlin CE 6% Beth Stl pm 58 Beth Stirf 5% Bolivia 78'69. Bolivia 85 '47 Bordeaux 6s 8 H&H 4556 6 H&H 4148'67. 15 NY NH&H clt 68'40 9 NYNH&H cd 65'48 NY O&W 1st NY Rys6s A 6. NY Tel 4% Nord 613 No Am Co 5s°61. .. Nor Am E 515563, NorOT & L 6547 Nor Pac 38 204 Nor Pac 4158 2047, Nor Pacr i 63 2047. Nor St Pwfis A "41. Nor St Pw 68 B '41. Norway 6% 6! Norway 6s'43. Norway 6s'44. Ore Sh L 58 gtd 46 Oreg-Wash 45 °61. . Orient Dev 5 Orlent Dev 6s Pac G&E 5542 Paramount 6 Paris-Ly M 68 Paris-Ly M 7s ", Parls-Or 5%8 '68 Penn cv 4%8'60. Penn gn 4 Penn 43870 Penn 4% '63 Penn gen bs '68 Penn 6% 36 Penn P&L 4% '81. Peor & E 15t 4540, Peru 6 Phila C 586 Phila Elec 4s Phila & Read 6 Philippine R 48 Phillip Pet 5% 5°39 Pillsb F M 6343 Pirelll 78’52, PAIW V 4148 B'EY Poland 75 '47... Poland 8 '60 . Port Gn El 414560, 1 Porto Alegre 8s'61. Por RAm T 65’42, Pos Tel & C 55'53.. 1 Prussia 655 - Public Serv 4s Pub 8V G 4%s Pub Sv G 4%s°'70. Pure Ofl 5%5'87 Queensland 7s'41.. Rem Arms 6s A '37. Rem RG}48 A4 Rhinelbe 75’46 Rhine West 6s Rhine West 65 '53 Rio de Jan 615553 Rio de Jan 85 '46. .. R Gr Do Sul 8546 RIAT & L 43534, Rome 833852, ..., Roy D 4s'45 ww... 16 St L&SF in 45 A '60 12 Brazil 613826 Brazil 6%s Brazil 78 964, Bremen 783! 10114 11 % Bk Ed gn A §s49. Bklyn Man 6568 Calif Packing 58'40 Canada 4s'60. Canada 438 Canada bs '52. at4les’s Can Nat Ry 4% 8 e Can Nat 434557 1 s Can Nor Tt db 40, . Can Pac db 4s. Can Pac 5844 Cent Pac §s 60 Cent Ill G&E 65’51, Cert-td db 68 '48. Ches Corp 5s'47. C&O0 gen 414592 C&O4%sB'S Chi & Al 38 I TOPa s C B&Q 1st rf 58'71. CB&Q 111dv 45749, Chi Grt West 45'59 . Chi M & StP 4%sC Chi M&StP 4%s E. CM&SL P 4% 589 CM StP&P 58" . CM&StPadjbe.. Chi&NW 438 2037, Chi & NW cn 4%s.. Chi RI&P rf 45°34. ChiRI&P 41552 ChiRTcv4%s60. C TH&SE in 58'60. Chl T Sta 448" Chi Un Sta 55 B'63. ChiUn Sta 6145’63, Chile 65 '60... 63 aBrewemo roce L e e Clev Term 51¢8°72, Colomb 6s Jan '61.. Colomb 6s ‘61 Oct. % u 43880, Col G&E 5s May' Col G&E cou b StLSWen St L SV Sao Pau 7 . S 1o 0. ConGNY 534845, ;:::,’, ”:‘ § Consum Pow 58 '52, Con Pwr Jup 6%s Con Pow Japan 7s Copenhag 4145 '53 Copenhag 5s ‘52 Cuba R R 585 Cuba RRrf 748 Czecho 88'52. . Del & Hud rf 4='34. Del & Hud 5% s'37. Denmark 4%s'62.. D& RGren 48’36 D&RGW 5s'55. DRG& W 5578, Det E G&R4 %861, Det Edison rf 55'49, Deutsche Bk 68 '32. Dodge Br cl 68 ‘40 Donner St 7s '42 Duquesne 4348 Dutch East I Nov. . Dutch East I 6847, Erie 1st con 48 '06. . Erie gen 4s. Erie cv 68’ Erie 53 '75. Fiat 7s wa Finland 6155 '56. .. Fla E Coast 55 '74 Fram 1D 7154 French7s 49, French 7is41. Gen Baking § Gen Cable 538 Gen Motors 6 Gen P Sy 5ia 3 Gen Th Germa - i German Bk 6538 . . Ger Cen Bk 6560 J Ger Cen Bk 65 '60 O German Ts rep '49. German Bank Goodrich cv 6s " Good 1st 645 '4 Goodyr Rub 5 GrandTr sf db Grand Trunk 7 Grt Nor 43 Grt Nor is 'T. . Grt Nor gn 5%s '52 Grt Nor gn 7536 Greek 65°63. Halti 6s'62. Hud & M adj 5s '57. Hud & M rf 55 '57. Humble O 514532 Hungary 7 111 Bell Tell Shell Un Ol 5 Shinvetsu 61 Sinc O Tacv A'S7 8ine Cr 0 5% s Skelly L%x'39. Solssons 6s'36. ... Sou Bell T&T 58 '41 SW Bell T Sou Pac col Sou Rac 4155 " 2 Sou P 434569 ww. Sou Pac 4%s'81.., Rou P&Or 414 Sou Ry gn 4s Sou Ry 5894 NA mO—BANATN R RRNR S AN AR BN Sou Ry 6 e Sou Ry M&O 4838, StOINJ6s'48 StOIINY 41%='51. Sweden 5145 '54. Swiss 5%s '46. Taiwan E P 53871 Tenn El P 65 A "47. Texas Corp 5s°44.. 3 000 101% 5114 100 TT% 93% xnee D Third Av rf 4s *60 Thir Avad) 6 Tokio 5348 '61. .. .. Tokio E1 Lt 6s'53.. 6 Un Pac 1st 4547 Un Pac rf 41 200 Un Pac 4% Unit Drg cv 5s Utd King 6358 U S Rub 18t 55 '4 bi: 60. 33 3 115% 9315 55'% 100 78 Utah P & L Util Pw Util Pow . Vanadium St 55’41, Vienna 6s '52..... Wabash 4148 78 ‘Wabash 1st 58 '39. Wabash 24 5s'89.. Wabash 518 7. . Walworth 6%s '35, Warn Br Pic 6s'39. Warner Sug 7s '41 Warsaw 7s'58 40. Fax HanS~ aomome S - 588 ona 111 Steel 435 40. .. Inland St 45 A'T8 Int Rap Tr 55 '66. Int Rap Tr sta '66 Int Rap Tr 6s°32.. Int Rap Tr7s'32.. Int Cement 58 "48 Int & Gr Nor 65 '52, Int Hydro El 8s '44. 47 Int M Co 5 ret "41. 1 Int Mateh 5a 47 Int MM col tr 6x°41. Int Pap 55 A 47 Int Pap 6s '56. IntT&T4%e's2 Int T&T cv 4%’ Yokohama 6s'61... 3 Yestn S&T 5s A'78. 10 Ygstn S&T 5s B'70. 26 54% ! 53 484 (Reported Rate—Maturity 3tas Aue. 13 1 230s June 18, 2" Mar 1 by Chas. D. Barne Bid. 100 3-33 00 3-32 10 33 1 1 2 3 28. 4 6 0 5-32 100 8 31-32 " 30-33 ANGE 102% 57 8 38 8414 10214 92% STEEL PRODUCTION [SHANGHAI TRADING | Per Cent of Capacity, Says Trade Journal, By the Associated Press, NEW YORK, February 25 __gteel in- got production’ declined nnemcreepailxx‘u his week to 26 per cent of the coun- capacity, despite the obvious im- provement in business sentiment re- sulting from Government efforts to bring about economic recovery, says the Iron Age in its weekly review of the iron and steel trade. The sharpest drop in producing op- erations has occurred in the Wheeling district, which is at 35 per cent of ca- pacity, against a recent rate of 50 per cent. Only at Cleveland has there been a gain and that is small, “Expectations of the steel industry that a belated seasonal rise of some 5 | proportions will occur,” states the re- 54 39 18 89 8015 73, 91% 104'% 10 997y 331y 494 49 74 90 69 8715 967 o1 96% 10114 5414 97 51% 98% 02 102 94y 94y 92% 92 8% T8N 4 Tl 6% 77 871 88% 100 85% B¢ 98 52% 984 6714 73 291 22% 36 8% | 45 6014 16% 2814 38 42y 0% T0% 464 82% 831 95 50 85 85 101% 101% 51 514 100 7% 93% o] {U. 8. TREASURY OERTIFICATES y & Co) Otter 100 4-32 100 5-32 i 100 7-32 | caution of tocl N Montreal, 1 " year view, “are borne out by announcements | of leading producers of bars, plates and ’shapes of & $2 a ton advance in prices of these, products effective on second quarter business. This move follows closely efforts of the flat-rolled branch of the industry to stabilize prices of sheets and strip steel with some grades now firmly quoted at higher levels. “Failure of the steel industry to maintain this month the rate of im- provement that occurred in January is manifestly due in large part to;the the automobile industry pending public showing of new Ford models. “The effect of the recent Ford announcement has been virtually to paralyze sales in the low-price group. “Meanwhile, steel orders from the Ford Co.. have not reaghed steel mills in significant volume, while specifica- tions from other automobile companies have declined. February automobile output may be less than January, while the March outlook will remain uncer- tain until Ford schedules are known. “A slow revival of buying interest now apparent among railroads assumes an importance at a time like this great- er than the actual tonnage that has been placed. There are no new rail orders of importance but the Milwau- kee road will buy 16,000 tons of rafls and 4,000 tons of accessories, and the Alton will take 7,000 tons of rails. Of even greater interest is the fact that the Alton will dismantle 8,000 freight cars, 116 locomotives and 100 passenger coaches. “The Wheeling & Lake Erie is in- uiring for 50 to 100 steel gondola cars, e Belt Line Railway of Chicago has contracted with a car builder for re- pair of 100 hopper cars and Kansas City Southern may rebuild 25 hopper cars in its own shops. While these would be small items in & normal pe- riod they signify greater activity than has been observed in the railroad equips ment fleld in many months. “Building _construction is not yet showing evidence of se2sonal accelera- tion. Private bullding work, both in contracting and formative stages, is at low ebb. but the Federal building pro- gram will be pushed ahead and projects that soon may be closed call for 75,000 tons of structural steel.” Baltimore Markets Speclal Dispatch to The Star. BALTIMORE, Md. February 25— ‘White potatoes, per 100 pounds, 75a1.0f sweet potatoes, bushel, 35a80; yams, barrel, 1.25a1.50; beans, bushel, 1.50a 3.00; beets, crate, 2.50a3.00; cabbage, hamper, 1,00a1.50; cargots, bushel, 1.00a crate, 2.00a2.15; celery, 4 kale, bushel, 25a30; Brussels sprouts, 10a15; lettucé; crate, 2.50a3.50; onions, per 100 pounds, 3.00a 4.00; peppers, crate, 1.50a2.50; spinach, bushel, 85a1.00; squash, bushel, 1.00a 1.50; rate, 1.00a3.75; turnips, pples, bushel, 75a1.50; grapefruit, box, 1.25a2.50; oranges, box, 2.0084.00; strawberries, quart, 25a30. Dairy Markets. Chickens, young, 20a21; Leghorns, 17a18; old hens, 14al18; Leghorns, old, 15a16; roosters, 11al3; ducks, 12a22; geese, 11a18; pigeons pair, 20a25; turkeys, 15a30. Eggs—Receipts, 3,044 cases; nearby | firsts, 1434a15; Western firsts, 143;a15; | duck 'eggs, 17a20. Butter, good and fancy, creamery, 21a25; ladles, 15a16; process, 19a20; store packed, 9a10. Live Stock Market. Cattle—Receipts, 100 head; market steady: good to_choice, 6.00a7.00; med- ium to good, 4.75a5.75; fair to medium, 4.0024.75: plain to fair, 3.50a4.00; com- mon to plain, 3.00a3.50; bulls, medium to 3.7584.00; fair to medium, 3.50a 3.75; plain to fair, 3.25a3.50; common to plain, 3.00a325: cows, medium to good, 3.5024.00; fair to medium, 3.258 3.50; plain to fair, 2.50a3.25; common to plain, 150a2.50; heifers, good to choice, 5.0025.50; medium to good, 4.50a 5.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.5003.00; fresh cows and springers, 30.00260.00. Sheep and Lambs—Receipts, 175 head; market steady; good lambs, 7.00a 7.40; sheep, 1.00a350; lambs, common to_medium, 4.00a6.50. Hogs—Receipts, 1,000 head; market lower; lights, 4.30a4.75; heavies, 4.15a 4.40; medium, 4.40a4.80; toughs, 2.75a light pigs, 3.50a4.15;. pigs, 4.00a -45; Ohio and Western hogs 10 to 20 cents higher than quotations. Calves—Receipts, 75 head; market steady; calves, 4.00a9.00. Hay and Grain, Wheat—No. 2 red Winter, garlicky, spot, domestic, 61',; February delivery, 31 March delivery, 613, Corn-—No. 2 yellow, spot, domestic, 42 a43; cob corn, new, 2.00a2.10 per barrel Oats—No. 2 white, domestic, 35a36; No. 3 white, domestic, 34a35. Rye—Nearby, bag lots, 40a45. Hay—Receipts, none. General hay market is quiet. Receipts ample of timothy, but good mixed hay scarce and bringing a premium. Prices range {rom 12.00 to 16.00 per ton, as to grade and kind: latter figure for choice clover mixed. The poorer grades of timothy are irregular in price. Straw—No. 1 wheat, 8.5029.00 ton; No. 1 oat, 9.00a10.00 per ton. - New York Cotton Special Dispatch to The Star. NEW YORK, February 25.—Opening cotton prices today were about 50 cents a bale higher in an active trade. For- elgn demand absorbed virtually all of- {:{:f”bm er;:h,ley and July. Specu- e buyers took car in more distant months e Opening prices were: March 6.96, up 8; May 7.17, up 11; July 7.32, up 10; tober 7.51, up 9: December 17.67, Up 8, and January 7.4, up 8. A FOREIGN EXCHANGE. (Quotations turnished by W. B. Hibbs & C0.) Nominal gold Selling checks vals today. cro 26 197 discount. ‘Of 3,633 school c'hlldrcn of Ferman- agh, England, that were inspected last 54 had defective 07 de- fective vision and 1,009 adenoid and tonsil trouble. REPORTED LOWER SHARPLY REDUCED Mills Now Operating at 26/U. S. Commercial Attache Reports Restrictions Placed Upon Imported Goods. The Commerce Department today has been advised that all exports to| China from the United States and Other countries arriving at the port of | Shanghai are under the restriction of being placed in bonded warehouses dur-} ing the present emergency. In a cabled report, Julean Arnold, the department’s commercial attache at Shanghai, asserted that importers are further embarrassed by the temporary closing of the old-style Chinese banks, making difficult the negotiation of na- tive bank orders, which normally con- stitutes the paper offered by Chinese | dealers in payment for goods accepted. !’y War risk insurance continues almost prohibitive, Arnold further advised, and | banks are reluctant to accommodate importers unless cargo is covered by such insurance. Decline in Customs Receipts. Shanghai customs revenues during January, based on the former tariff rates, show a decline of 40 per cent from one year ago, he said. The decrease for February is expect- ed to be greater, the attache asserted, as the bulk of imports received thus far | during February is being stored in| bonded warehouses. Moreover, consid- erable quantities of imports destined | for Shanghai are being withheld at | ports of shipment or discharged at | Hongkong or Kobe. South China trading was reported by Arnold as being quiet, with the Shang- hai situation tending to restrict larger transactions. Manchuria trading continues low, he added. = The department was also stivised by its Tokio attache, H. A., Butts, that Japan's foreign trade continues to be hampered by the Chinese situation and yen fluctuations, but domestic business has been stimulated by rising prices. Other cabled reports received by the | department today from all sections of the world are, in part, as follows: “The adverse balaiite of payment of the United Kingdom last year was estimat- ed at 110,000,000 pounds sterling, ex- clusive of actual gold movements; a small credit balance has been reported for 1930 and a larger one for 1929; | the reduction of the Bank of England's rediscount rate last week is generally regarded as indicating increased confi- | dence in the country’s financial posi- tion. German Trade. “The decline in German foreign trade continued during January, with a | sharp fall in exports and a smaller | drop in imports. The outlook in Bel- gium has become less favorable, al- though there has been no definite change. “In visible items which usually offset the unfavorable balance of Spanish trade declined greatly last year, espe- cially remittances from Spaniards abroad. Egyptian foreign trade in De- cember was smaller than a year earlier and the export surplus declined some- | what. “Although the general situation is| little altered in Canada, some reports are more encouraging and Government | estimates for Government expenditures a decrease of about 10 per cent.” BONDS ON THE CURB MARKET. Salesin DOMESTIC 10 As G&E 5%s '3 24550 G & E 10 As_Tel 1Bell Tel Ut 5158 Can 35 A ’85 s m ‘33 5 Comwh Ed 4'25 C 15 Comwh_Edis 4s F 3 Comnity 3 156 86! ‘81 t C_Gas 55 B''50 X GG 625 A 37 ww T ast Ut Inv 58 A ° 33 55 A 2030 42 lin P & L 5is B 5 rcon_ Pw cv 65 c 75 P | niern Sec Am 55 1 be Intersta Power 35 ERERRERBES] 2800 13100 i uth Cal Gas uthern N G 6s ‘4 uthw G&E 55 A South L&P 51,5 A * thw P&L 65 A 20: Staley Mfg 65 '42 Stand G&E cv 38| 22 s Ut 65 'S5 2 NJ 635 2023 38 "9 cv.... 3 1Union Guif b '50 1Uni Lt & Ry 65 A '3 1Unit P & L 6lys 1United P BAL 4l 2Va Pub Sery 55 B '30 1 Wash W & Pow 55 '60 9 2Wes Tex Ut 5s A '57 FOREIGN BONDS. 2Ghile Mtg B 6s 31 FRe gy o T | Am Super pf (6)... in 100-share lols except those ed by letter “s." | Stock and Sale | Dividend Rate. Add. 0 Low. Close | Alabam Pw pt (6). 30 80 s | Aluminum of Amer 8258 481y 471 484 Aluminum Ltd. 19 Am Cigar. ... 150 AmCitles P& L B. 2% Ain Comwlith Pw A. % Am Comwlth Pw B. %l Am Cyanamid B | Am Equities. .. ‘Am & For Pw war Am Founders. . Am Gas & El (31) Am Invest B Am Invest B war. Am Lt & Tr (2%) ¢« Am Superpower... 4 24 4 : 2 | | 351.; bl 20 | 4 | 36 | Am Super 1st pf(6) 61% Am Yvette 1 Anchor Post Fence. Appalachian Gas. . Appalach Gas wr. . Arcturus Radlo T.. Arkansas Nat Gas. Arkansas NtGS A Ark Nt Gs pt (80c). 0 Gas & Elec 1% * & | 1% | 2 2% | 54 | Atlas U Bellanca Aireft. Blue Ridge. Blue Rodge pf (a3) 475s Brazil Tr L&P (1), 5 Buff N&E pf (1.60). 1 Bunker Hill & Sull. 358 L. B ) 2 1% | 1% | 1% | 22% | 14 22 | 234 | 1% | | 1%, 1% 20% 35 anadian Marc Carnegie Metals. .. Cent Pb S A (b3%) Cent & Sw Ut pf (7) B Cent States Elec. 1% a Elec war., 2 | Centrifug Pipe 60c. 3% Chief Consol Min.. . 1% ] ok | Cities Sve pt (6) ... 52 | Clev Elec 111u 1.60. T 2 | Col G & E ov pf (5) 708 8 s ColOll & Gasvte.. 2 14 1% | Comwth Edison (8) 25s 106 106 Comwlth & Sou war 14 Cons Gas Balt3.60. 4 63 Cont Shares cv pf.. Cord Corp........ Corp Sec Chi(b6%) Creole Pétroleum. . Crocker Wheeler. . 3 2 18 1 1 3 10| 1| 9% | Davenport H (2).. Dayton Air & Eng Deere & Co. .. 1 Detroit Alrcraft. .. 2208 Durant Motors. 6 isler Elec Corp... 1 183 30% 50% 008 Fiat Motors. . i Fire Asen Phila 1.60 Ford Motor Can A. Ford M Ltd p3é%ec. ox Theaters A General Aviation. . Gn E Lt ret p36 3-5¢ Gen Empire (1).... Gen Theat Eq cvpf. Glen Alden Coal(4) Golden Center. Goldfield Consol . Goldman Sachs Gorham Inc pf. Gotham Knitbask. . 1 GtA &P Teapf (1) 108 116 GUAGPTnv16%. 30s 149% Gulf Oil of Pa 3 28 1 1 C 1 8 | 4 10 3 10 % | Wl 2% | 8% x| 116 | 148 28 2% 81y 1 116 148 28 Hackmester Lind. 12% Hamilten Gas.. Happiness Candy. . Hecla Mining: ¢40c) Heyden Chem (2 Horn & Hard (215 Hudson Bay Min. Hydro Elec Secur. . 10 | Union Tobacco. ... Stock and Sale— Dividend Rate. Add 00. High. Low. Close. Imp Oil of Can 50c. 25 9% 9 9 Indus Finance pf.. 200s 1813 18% 184 Insull Inv.... 4 2% 2% Ins Co N Am (2). 384 Int Petrol (1)..... 9% Int Util A. 6% Int Util B.. 2 Interst Pw Del pf 7 208 42 Jtalian Superpw A. 4 1% Lefcourt Rlty 1.60. 1 5% l.eh Coal & N ¢1).. 2 10 Lone Star G n 88¢c 3 Magdalena Syn.... 26 Mavis Bottling A 3 Mexico-Ohio Iil 3 Mid West Util b8% 13 Minn Honey pf (68). 30s Mo Kans Pipe I, in Prod 44 68 1 2% 3% 1w 664 atl Invest waj 2 atl Pw&Lt pf (6).700s *ub Serv A 1.60 at S T Sec A 360c. atl Transit (1J... 3 New Eng Pw ptf (6) 10s ( Shipbuild.. 1 [ Tel pf (6%). iagara H Pw(40c) Niag Sh Md (20¢ Nipissing North Europ Ofl. . . Pac GRE 1st pf 113 Pacif Tin (spcl)... Paramount Motors Parker Rust Pf (3) Pennroad (40c).. Philip Morris Phoenix Se Pilot Radio Tube A Pioneer Gold (12¢ Plymouth Ofl k25 Premier Gold (12¢) Pub Util Hid war.. Pub Util Hid x w Pure Oil pf (6) . Quincy Mining. Raitway & Lt Reliance Intl A. Reliance Manage. Republic Ga: Reybarn s AR EARARH I A = b S B o Selec Ind al ct(5l% Sentry Saf Control. Shattuck Den Min. . Sherwin Williams 4 2 33 nger Mfg (3).... 508 125! West Gas Util.. 3 and Invest cm pf. 50s Stand Oil Ind (1). . Stand Oil Ky (1.60). Stand Silver & Ld Stinnes (Hugo). Stutz Motor Car Sun Investi 1 1% % L 6% 13 15% 4 13% 59° % 3 “Tung Sol Lamp (1) 2 United Corp war., United Founder: United Gas. United L&P A a) United L&P pf (6). Utd Shoe Mch 131 . US Lines pf.. J 8 Radiator. til P&l (b10%) . . til P&L B ct b10% Util P&L pe (7). ... 50 Van Camp Pack. . Vick Financ (30c). Walker (H) 25¢ Wenden Copper Woolwth Ltd 23%¢ “Y" Oil' & Gas 1 Dividend, rates tn dollars based on last quarteriy br semi-annual pasment. *Ex divi Partly extra. 3Plus 4% 1 stock. a Payi in cash or stock. b Payable m | stock. e Adjustment dividend. in stock. gPlus 6% in stock. in stock, jPlus 2% in stock. in stock. m Plus 3% in stock. n Plus 8% in stock. p Pald last year—no reular rate. 1 1 1 1 3 1 s 2 & 50 5 1 '| CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, February 25.—The fol- lowing is a summary of important cor- | poration news prepared by the Stand- ard Statistics Co., Inc, New York, | for the Associated Press. | News Trend. Electric power production continues to make unfavorable comparisons with last year. According to the National Electric Light Association, electric out- put in the week ended February 20 totaled 1,545.459,000 kilowatt hours, which compares with 1,680,029,000 kil- owatt hours in the corresponcing week of 1931, a decline of 8 per cent. In the previous week output was 6.2 per cent below the like week of last year. The Companies. Central Illinois Public Service 1931 combined preferred share earnings $10.08, vs. $12. Colgate-Palmolive-Peet Co. 1931 com- | mon share earnings $3.12, vs. $3.76. Consumers’ Power gross, 12 months to January 31, off 5.1 per cent, net in- come off 12.3 per cent. Eaton Axle & Spring 1931 common share earnings 35 cents, vs. $2.10. Mangel Stores 1931 deficit $255,465, Vvs. net income $26,921, equal to $1.54 a preferred share. Minneapolis-Moline Power Implement 1931 deficit $1,534,074, vs. net income £1,043,940, equal to 56 cents a common share. Public Service Corporation of New Jersey 1931 common share earnings $3.85, vs. $4.01. Secgrave Corporation 1931 deficit $60,346, against net income $109,937, | equal to 39 cents a common share. | Socony-Vacuum subsidiary advances gasoline prices 1 cent a gallon in Northern New York State cities. | Bullard Co. 1931 deficit $369,421, against deficit $241,630. | American Commercial Alcohol 1931 | deficit $597,651, against deficit $478,022. | American Laundry Machinery has made drastic cuts in expense items salaries and wages redu Walworth Co. 1931 deficit $2,062,555, STOCK AND BOND AVERAGES By the Associated Press. STOCKS, 50 Industrials. Yesterday 64.6 Previous day. Week ago. Month ago, Year ago... Three years ago Five years ago. High, 1932. . Low, 1932, 3 - 1Fnld R M 4 Ger Cons M x Con M n—New wi—When issued. 1930, Low, 1930. | bined preferred share earnings, $12.93 against net income $163,613, equal to 32 cents a common share. Ford Motor—Received Post Office contract for 2,000. automobile chassis, 500 to be supplied at $215 each and 1,500 at $352 each. General Motors awarded contract to supply 1,500 bodies at $149 each to Post Office Department. Commonwealth Securities liquidating value. Decémber 31, 1931, $201 a preferred share vs. $142.15 - ber 31, 1930. ~ Transcontinental Air Transport 1931 deficit, $90,666 vs. deficit $895,059. Bucyrus-Manighan Co. 1931 common share earnings, $3.74 vs. $2.98. Maine Central Railroad January. after charges, $3,847. January net operating defiicit, $17,027. Pirelli Co. of Italy.—Ten per cent dividend declared for 1931 vs. 12 per | cent in 1930. H Union Carbide & Carbon declared 50 cents quarterly dividend; formerly paid 65 cents. United Railways & Electric of Balti- more—January deficit, after charges, $90,032 vs. surplus, after charges, $7,388. Hayes Body—-1931 deficit, $880,299 vs. deficit, $852,607. New York Transit declared initial gxiend of 10 cents on new $5 par Pacific Power & Light—1931 com- vs. $12.11, Public Service Co. of Colorado—Den- ver electric rates reduced, to cut rev- enues over $400,000 annually. Standard Oil of California—Federal Land Office decides against Govern- ment in Elk Hills title case; involved $10,000,000 tract which Government sought to recover. Texas Electric Service—1931 preferred share earnings, $84.92 vs. $44.51. ‘Washington Water Power—1931 com- blnedmp’l:forl’!d share earnings, $28.89 vs. $ Wheeling _ Steel—Passed dividend on 6 per cent preferred stock; paid 75 cents January 2, 1932. | Fanny Farmer Candy Shops—1931°* common share earings, $1.22 vs. $2.98. Texas Power & Light—1931 combined ;;;;f;e;red share earnings, $18.59 vs. Western Pacific Railroad Corporation —January net operating deficit of West- ern Pacific Railroad Co., $119,388 vs. net operating deficit $27,803 20 Rails, 34.9 342 36.4 36.9 106.2 135.6 111.6 wing 18243 1n 1930. % Y i | k Plus 10% deficit after charges, $174,988 vs. surplus.|| Minneapolis & St. Louis Railroad— || quarterly || N NARROW RANG Leading Stocks Are Slightl Lower, but Offerings Con- | tinue Small. BY JOHN A. CRONE. 1 | Spectal Dispateh to The star. NEW YORK, February 25—Re ing the market trend of the prec session, the Curb Exchange open lower today, rallied slightly, and then/ eased off again around midday. The downward trend was not accompanied by_an immediate increase in offerings. Electric Bond & Share was not much influenced by its 1931 income state- ment sho $1.15 a share againsy Cities Service around 6% and Standard Oil of Indiana at 15% weré slightly lower, as were - ara Shares, American Gas & El American & Foreign Power warrants, n: sctr:ndnd oll olt Kentucky. ‘oss-gection of trading injon today revealed that one l?evllanl that all the efforts n,m Jegisla~ tion, along with an improved publig psychology, will push securities fore ward long before business shows signg of Al:fi:gtum4 - T group, almost equal in ime portance, tgmn lecurm: should ba purchased only when earnings improve and emphasizes that stocks -sh Teflect rather than discount trad bezurgxham. third group, mostly professional— until recently bears—be'ieves that the contraction of the short interest bas left the market in a weakened technica] oondition, making it vulnerable to un< expected adverse news. A fourth grou; which appears to be larger than th other three combined, is content (o req main on the sidelines until presenf legislative proposals and business in. dications point to more definite trendg than are now visible. ings of $1.15 a share on Electril Bond & Share common were in lin with expectations. Net assets behf these shares, after deducting $100 share on the preferred stock, approxi mate $10.65 a share, against $39 a shary on the common at the 1930 year en Associated Gas & Electric issues eas: following the company's offer to stocl and bond holders of rights to subscril to $40,000,000 of the 8 per cent eigh year bonds with warrants. North American Light & Power ang nounced the offering of rights to hold+ ers of record March 5 at $15 a sharg for the new common in the ratio of cight new shares for each 100 shareg now held. Proceeds of the offerin which is being underwritten withoul commission by Middle West utilities an; the North' American Co., will pay of $2,000,000 of 4% per cent notes that S e e of tl refe: dividen Alumium Co, of America by ? Sorling - into the common shares and the capfta] stock of Aluminum, Ltd. Singer Manus r;:;;; as xtx::re ;c&ve than usual eating ting en; -' spurt of 7 points. b b VIRGINIA COAL OUTPUT. RICHMOND, February 25 (Specigl), | —Production of bituminous coal in Vire ginia for the week ended Jamuary 3( | Was 167,000 tons, compared with 163, | tons the previous week and 199,000 tong for the corresponding 1931 week. , Tidewater shipments from Hamptoy Roads for the week of February 6 to- taled 340,838 tons, a decline of almos| 34,000 tons ‘rom the previous week. Foj the year to date, Ham Roads ship« ments have totaled 2,1#".“1_ tons, f&mpnel:d with 2,585,147 tons for thi e & year ago and 3,008,029 tox for. tfir corresponding peridd ‘two yi —— $7,870,000 @as Project. SAN FRANCISCO, February 25 (). Pacific Gas & Electric Co. Innfll'l? today it would begin construction im mediately of a supplementary 45-mil gas main to supply San Prancisco wit natural The line, to run froi Milpitas, tying in there with Kettls Hills mains, will cost $i,870,000. . West Virginia Bank Closed, BENWOOD, W. Vi bruary () —The Union Bank of :‘mvwfl closed Tuesday by order of the of directors. J. J. Nash, assistan commissioner of West Vlmm:! . 2 banking announced that J. W. Johnson, 35, Wheeling, the cashier, had been a rested on of embessling $5,000 Increase Your Income By Investing In 6% 1st Mortgages —on conservatively ap- praised Properties in the District of Columbia and Maryland. . Low Demominations May Be Purchased For Further Particulars Apply EAVE WEREERS Washington Bldg. Di. 9486 Mortoage Loan Correspondent, Metropolitan Life Insurance Co. Guarantesing Satisfaction Vertical Folders For “heavy correspondence” equip your files with verti- cal folders The correspondence of | &ctive accounts accumulates rapidly and the usual manila folder does not perform an efficient job —it becomes bulky—and wears rapidly. Vertical folders are neat— more efficient and econom- ical. They encourage ac- curate filing. 97.3 (Copyright. 1032, Standara Statistics Co.)