Evening Star Newspaper, February 28, 1932, Page 61

FIN UTILITIES FEATURE - TRADING ON CURB Many Power Issues Sell Off, With Remainder of List Irregular. BY JOHN L. COOLEY, Assoclated Press Financial Writer. NEW YORK, February 27.—Trading was very dull on the curb market today. Ecsiness of numerous utility issues was the most noticeable development, changes elsewhere being irregular. Niagara Hu Power new shares, ‘when issued, were admitted to unlisted trading privileges but were inactive. The old stock eased slightly. Electric Bond & Share ruled unchanged from th= previous close. Associated Gas “A” - ged, together with United Light . Middle West and some others, although extreme losses were reduced in several instances. Utilities Power & Light was steady and dull. Very light trading occurred in indus- trials and specialities. Ford of Canada " shaded off, but other motors, in- cluding Cord Corporation, underwent virtually no change. There was a small sag in Aluminum of America. Oils and investment trusts stagnated, transactions in the former group, espec- ially, coming almost to a standstill. Standard of Indiana lost a nominal fraction. RAILROAD EARNINGS. NEW YORK, February 27 (#).—Net railway operating income for Januery of roads reporting today, with 1931 comparisons, included: 1932 $2,672,015 354,916 125,901 ennsylvania R. R. altimore & Ohlo anta Fe . . icago & 273,737 Chicago, ‘St. 148.500 Wheeling & o 7,064 & c. 241973 ficit. Northwestern . P.. M. & O. INVESTMEI\.IT TRUSTS NEW YORK, February 27 (#).—Over- the-counter market: Bid. Asked. | 4ia " 4y 3% 1212 Atl Sec Atl & Pac Int units At & Pac com ww Y 3 Atl & Pac pf war 0 Bancamerica Blal 3 2 kers Nat In 13 Bansicilla Corp . s 4 it 16 01, 1 Cyag e T3 3 CR Tt ottt iatatad T295 5t Y o Ao - Blenesana Select Selected Cumul Sh Selected Income Sh 668 | some instances sold off even more than 21 14 {the highest 50 |lambs rather freely at $6.50 but the | bulk of better grades ranged from $6 ! 35, | Special Dispatch to The Star. | will actually manage instead of merely ANCIAL. FURTHER DEFLATIONS ! HELD IMPROBABLE Special Dispatch to The Star. BOSTON, February 27.—Anti-defla- tion measures are now taking a definite hold on American business, states the United Business Service of Boston. Greater confidence is evident, bank failures are fewer, bonds are firm and prices of securities and speculative commodities have risen considerably. With the passing of the Glass-Steagall banking bill and the operation of the Reconstruction Finance Corporation, further deflation seems unlikely. These measures do not constitute a panacea which will bring back prosperity over- night, but nevertheless they will help in making early recovery possible. LIVE STOCK PRICES IN UNEVEN TREND Heavy Steers Were Only Class to Show Gain for Week. BY FRANK 1. WELLER, Associated Press Farm Editor. Heavy steers constituted about the fonly live stock class to show any upturn for’ the week, after a rather hectic| attempt by all categories to gain higher | ground. | These weighty offerings which made ap only a mmor fraction of the sieer run, ruled active most of the time snd closed at least 25 cents higher, Lut iight | steers were as slow as th: heavy kind | were active and, with the exception of the closing, were at times a drug on the market. Practically all light steers fin- ished 25 cents lower at Chicago end in that. Regardless of this two-way trend the extreme top fell below last week’s, the peak on weighty bullocks standing at $8.50 while the best that salesmen could obtain for yearlings was $8.25. Sevaral | loads of light steers and long yearlings | made $8, but comparatively little sold | above $7.50. The extreme top on weighty steers |was $8.55 last week. During the first week in February the top was $9.55 and the year: opened with weighty bullocks | at $10.65 and yearlings at $11.40. Hence, |it can be seen readily how much pres- |sure the better grades of stecrs have | been under since that time. Meanwhile | common grade steers have worked con- siderably higher than the low point of | the season. Some of thcse common cattle sold off this week but the down- | turn was not general enough to warrant calling kinds selling at $5 downward |last week much lower. Monday’s price risc in hogs at Chi- cago which carried average values to level since mid-]anuury, was erased later and quotations at the end of the week ranged from steady to 10 cents lower than a week ago. The | average quality was plain, particularly |in the lightweight and light light con- | tingent in which the supply of :trictly | choice offerings was limited. The aver- |age cost of butchers on Monday was | $4.10 which dates back to January 18| for an equal. Only once in the interim | has the average been above $4 with the | lowest, cost at $3.75. ‘The market for slaughter sheep and | lambs responded to small receipts early in the week but shortly became top- heavy. The present market is about like last week’s close on all classes and grades. Chicago packers bought choice to $650. NEW YORK, February 27—Smaller | and more active boards of directors who lending their names to an investment trust’s reputation was one of a number of recommendations advanced at a meeting of invesiment trust dealers, bankers and other investment special- ists at the Bankers Club late yesterday afternoon by Hugh Bullock, of the firm of Calvin Bullock, investment trust sponsors 8nd managers. About 200 heard Mr. Bullock speak for half an hour on the subject, “The PFuture In- vestment Trust.” Other recommendations were the pro- hibition of borrowing, short selling and margin trading. Such a policy, the| Selected Manage Trust Shawmut Bank _..... Spencer Trask Fund Stand All Am Tr.... 3. | NEW YORK, February 27 (#)—Both ¢ | changes dropped in number last week. o 1915 3% By the Associated Press. > Brokers’ loans .. Bank clearings. Electric output (k ending February 20.. (Pinal three ciphers omitted in above.) Car loadings, week ending Feb. 23. Crude oil production (bbls.) Stock sales (N. Y. Stock Exchange). Bond sales (N. Y. Stock Exchange).. $ New financing Call money rate.. ‘Time money rate Commercial paper . STOCK STOCKS. 50 Industrials. . 638 2 | the undesirable spzculation noticeable AND BOND AVERAGES By the Associated Press. speaker said, would prohibit much of |in the past. No firm of which any offi- | | cer or director is a member should be | permitted to act as principal in pur- chasing or selling securties for the ac- | count of the trust, as “this would put a legal barrier in the way of the fre- | quent human desire, born of enthu- | siasm or necessity, of placing too much of a good or any part of a bad invest- | ment in the portfolio.” DIVIDEND CHANGES. unfavorable and favorable dividend A compilation by the Standard Statis- i tics Co. shows 54 unfavorable revisions, | compared with 63 the week before, and '8 favorable changes, compared with 14 Last week. $499,000 674 $741,342 2,943,586 845,781 4,992,278 Year ago. $1,798,000 34.1% $599,443 3,081,322 189,847 6,739,976 his week. $489,000 68.0% $740,556 2,937,548 835,243 4,156,537 1,545,459 1,578,817 1,680,029 720,689 2,165,250 19,829,360 $41,600,000 17,061.000 1149 562,465 2,108,050 4,695,797 44,703,000 10,072,000 e 2,138.300 11,478,094 $66,513,000 25,000,000 2149 315-33,7 3%-4% 20 Utilitles. 1038 103.4 104.1 98.4 195.1 20 Rails. 34.6 3id 35.5 —1931— High. Low. 11 108% 3% 54 224 109% 102 69 100 S THE SUNDAY STAR, FOR WEEK ENDING FEBRUARY 27, 1932. Low. Close. 6 6 8 FFEE £ Stock_and dividend. 4% Acetol Prod A. 73 Ala Power pf (6). % Allegheny Gas Corp. 3% Allled Mills Inc.. 48 Aluminum Coof Am.. 56% Alumn Co of Am pf (3) 12% Aluminum Co. Ltd. . 53 Am Capital pr of (5%) 46 Am Cigar Co 19% AmCit P& LA (a3).. 1% Am Cit Pw & Lt B. Am Com Alco (new). % Am Com Pow A.. % Am Com Pow B. 25 Am Cyanamid (B). ix Am Dept Stor 1% Am Equitles 3% Am ForPwr % Am Founders. 3214 Am Gas & Elec (31) 1% Am Investment Inc (B). % Am Inv. Inc, war 14% Am Laundry Mach(1.20) 154 18! Am Lt & Trac (2%) 204 61 Am Mfg Co. . % i Am Maracaibo. i 6 Am Salamandra Corp 6 3 Am Superpower. .. 44 51% Am Superpwr Ist pf(6). 61's 45 Am Superpo pf (6).. 36 1% Am Utll&Gen (B)vte. 3 3 Am Yvette Co.. Inc. 1 Anchor Post Fence. % Anglo-Chilean Nit. %« Appalachian Gas. & Appalachian Gas wr. 114 Arcturus Radio Tub. 1% Ark Nat Gas 1% ArkNatGasA...... 3% Ark N Gem pf (60¢c). 813 Armstrong Cork. I +4+++1l 1 +4++1 o e F2 L4441 01 3 FEE 15% [ I A S e [ ol .3 AssocGas& 10 Asso Gas&El 38 Asso Gas & Elec ctfs(8) ) o Laundries vic. . 0 Tel ULl (b8%) 1A(T6). Atlantic Sec Corp 3% Atlas Utilities Corp. Atlas Util pf (3). 1% Atlas Utilities(war). 1 Auto Vot Machine. 4 Auto Vot M cv pr pf 36 Babcock & Wilcox (4).. 1 Bellanca Alr V.t.C....... 9515 Bell Tel of Can (8). 813 Beneficial 1L (1%). 9% Bickford's, Inc (1.20) 224 Bickford In~ pf (23%) 2 Bliss Co(EW)(b8%). 1 Blue Ridge Corp........ 15% Blue Rédge cv pf (a3). .. 7 Brazilian Trac Lt&P(1). 8% Brit AT cou B (1.13 35¢) 12% Brit Am Tob reg 1.13 3-5 19% Buffalo, N&EP pf(1.60) 204 Bunker Hill & Sullivan. 1% Burma Corp Ltd, rts(2c) 1% Butler Bros. .. : 1 Cable Radio Tub vte. 1 Cabl& W Ltd. A ret 1 Cabl & W Ltd, B ret 234 13 % Carnegie Metal; 97 Caro Pwr & Lt pf (7). 16% Celanese Corp 1st pf. 2 Celluloid Corp. 64 Cent Pub Sve. Del. . 1% Cent Public Service A .. 72 Cent&Sowst Util pf (7). 1% Central States Electric. . 31 Cent States Elec (war). 2 Centrifugal Pipe (60c). 5% Chan Stores Stock. % Chief Consol Minin 45 Childs Co pf .o 5 Cities Service(g30c. 35% Citles Service pf (6). ... 471 Citles Serv P & Lt pf(6) 531% Citles S Pr& Lt pf (1).. % Claude Neon Lights.Inc. 2215 Clev Elec fllum (1.60) 5214 113% 106% Clev Elec Illum pf(6). 3% 7% 22 256% 2% 12% % 3% 101 144 4% 1% 23% 23 260 122% 397% 19% 5% 187 (Copyright. 1932. Standara Btatistics Co.) % Colon O11. . Colum G&E 1 Columbia Ol & G 2% Columbia Pictures vtc 109 Commwlith Edison (8) 13 Comwlith & Svu (war) . 1% Community Water Serv. & Consol Auto Merch ctfs. i Consolidaled Copper .. 57% Consol Gas Balto(3.60)... 54 Consol Miin & Sm (k2%2). 1 Consol Retail Stores. 1% Contl Chicago Corp 11 Cont Shares conv pf. 8l Cooper Bessemer pf 4% Cord Corp. . 1% Corp Secur o 1 Corroon & Reynolds. . 7% Corroon & Rey pf (A)... 4 CosdenOfl ... . .. 5% Court'ds Ltd (p22 3-5c). 1% Creole Petroleum. % Cresson Consol. Crocker Wheeler. Crown Cork Intl Crown Zell pf A 1%.. #& Cust Mex Mining. .. 127% Davenport Hos (2) . & Dayton Airplane & Eng. 814 Deere & Co. . : 1 e Forest Radio. 1% Derby Oll & Refin. ' Detroit Aircraft Co 30% Dow Chemical (2) 30 Draper Corp (2). 114 Dubilier C & Radio. 64% Duke Pow (5)... ' Duquesne Gas Corp. % Durant Motors. . 44 Eagle Picher Lead 1+ o REEEE S UL I o ISP EFFSSE 111+ o FrEE ¥ 2% 1 27z i+ 8% Elec Bond & Sh (b6%) .. 48 E) Bond & Sh pf (6). 38 Elec Bond&Sh cu pt (5) 6 Elec Pow ASS0 (1).... 5% Elec Pow Asso A (1)... il P& L opt war.. Eureka PipeLine(4) 2% Europ El Ltd A (30c 14 Euro Elec, Ltd deb rts ' Evans Wall Lead. 215 Ex-cello Air & Tool. % Fageol Motor 15% Fajardo Suga 3 Federated Capital. Federated Cap cum pf.. 'y Federated Metals Fiat Motogs. .. . X Fire Assi Phila (1.60).. 215 Wuntkote Co (A). . 75 Florida P & L pf(7) 8% Ford Motor. Can., A..... 3% Ford Mot France 37%c. . 3% Ford Mo Ltd (p36 3-5¢). 1% Foundatien For Shs. % Fox TheatersClassA. 1 Franklin Mfg Co 1 Gen Alloys 214 General Aviation. 4 GEILtd rets (p36 . 11% Gen Empire Corp (1)... 7 Gen Fireproof (1) % Gen Theat Equip cv pf. 20% Glen Alden Coal (4) 4% Globe Un'writers (b ' Gold Seal Elec new. # Golden Center. . 10 1% Goidman Sachs T 81§ Gorham Mfg (1.60). 11% Gorham Mfg v.t.c. (£2).. 11 #% Gotham KnitbacMch. 1 130 150 116 12 17 21% 14 Gr'f Bros Co-op A (1.60) 124 25% Gulf Oil of Penna. . 30% 8 Hackmester Lind. '3 Hamlilton Gas v.t.c. % Happiness Candy. .. 4 Hecla Mining (40¢)..... 6% Heyden Chem Corp (2).. 3% Hollinger Gold (170c) 4% Horn (A C) 1st pf 23 Horn&Hardart(2% 1% Hudson Bay Min & 8. 441 Humble il (2). .. 5% Hydro EI Securities 2% Hyxrade Food Prod 46 Il Pwr & Lt pf (6). 7% I[mp Ofl of Can (50¢). 5% Indiana Pipe Line (1) 4% Indian Ter Illu Ofl A. 20 Indus Finance Co pf. 4% Insull Investment. . . 23 Insur Coof Nr Am (2).. 1% Insurance Security..... 1x Intercont Pete new..... 19 Intl Hydro cv pf (3%3).. % Intl Petroleum (1), % [ntl Products. .. 9 Intern Superpr (1). 5 Intern Util A. 1% Internatl Utily Grt A&P' T WASHINGTON, 14 IntersiateEquities..... 9% Interstate Equity cv pf.. 40 Interstate Power pf (7). 2% Irving Air Ch (50¢)..... B €. FEBRUARY SIX. o— AR Stock and dividend. 1 Itallan Superpowr A’ Italian Super deb rts Kirby Petroleum Kirkland, Lack Securities (4). Lake Shor Mines (2) Lefcourt Realty 1.60 LefcourtRlity pf(3). Lehigh Coal & Nv(1). Leonard O1l. o Lone Star Gas n (88c)... Long Island Lt (60c). Louisiana Lan & Ex MagdalenaSyndicate Mapes Cons Mfg(t4). ... Marconi ! M (p87 1-10¢). Margay Mar:on Stm Shovel. Mass Util Asso. .. - Mass Utll Assocv pf 2% Mavis Bottling (A). McCord Radiator B Mead Johnson (15). Memph N G Co (60c) ietal & Mining, Inc. Mexico-Onio Ofl. . Midl Sts Pet vte. A Mid West Utll (b8%). MidWest Ut cv pf(6). Minne-Honey pf (6). Mo-Kan Pipe Line. ..... Mo-Kan & Pipe Line (B Moh Hud P 1st of(7). Mountain Prod (80c) Nachman Spring Nat Amer C3. . Natlonal Aviation. Nat Bd & S Corp (1). Nat Dairy Prod nf A(7). i Nat Food Prod (B) Nat Fuel Gas (1) Nat Investors. Nat Investors w Natl Pwr & Lt pt ( Nat Pub Serv (A) + Nehi Corp..... Newberry (JJ) (1.10). New Eng Pow pf (6) New England T & T (8). v Jersey Zinc (2 N Y Shipbldg Corp. ..... N Y Steam new (2.60)... N Y Tel pf (6%). i New Y Transit (N) 4 Niag.-H. Power (40c) ... Niag.-H. Pwr A war. Niag Hud Pwr (B) war. Niag Share(Md) 20c. ... Nitrate Corp Chile (B).. North Am Util Sec North & Sou AmCor p A. Nor Central Texas...... Nor Kuropean Oil Corp. North Pipe Line new North Stat Pwr A(8) No Sts Pw cv pf (6) N W Engineers (1) Novadel Agene (4).. Ohio Brass (B) (2) Ohto Copper. .. .. Oilstocks Ltd (A). Outboard Mot B. PacG & E1st pf (1%) Pac G & E pf 1.37%. Pacif Tin Corp(spel) Pac Western Oil. . Pandem Oil. .. Pantepec Ofl Paramount Mot Parke D: (1165). Parker Rust Prf (3). Pennroad Corp (40c) Penn Wat & Pow (3) Pet Milk pf (7) Philip Morris Inc Phoenix Secur Corp. Pilot Radio Tube(A) Pioneer G M Ltd (1 Pitts & Lake Erie Plymouth Oil (k2 Sold (12¢) Public U Fub Util Hold Corp xw FPub Ut HCp cum pf. Pure Oil pf (6).. Quiney Mining. Railway & Lt Sec iable Stores (A). Reliance Intl (A). . Reliance Int Corp(B). Rellance Manazement Republic Gas Corp Reybarn Ci Richmond Radlator. Roan Antelope Mines Rockland Lt&Pwr(90c) . Roosevelt Fleld. Inc.y. . Ruberoid Co (4). . Ryan Consolidated y Car Heat & Ltg. . St Regis Paper....... Salt Creek Prod (1). Sec Allied Corp (1) Seeman Brothers (3) Segal L & Hdwr..... Selected Industries % Sel Indus allot ctfs (5%) Sle Ind prior (5%). ¢ Sentry Saftey Conti Shattuck Den Min. Shenandoah Corp Shenandoah Corp pf. Sherwin-Williams (4). Sierra Elec pf (6). Silica Gel et Singer Mfg (8). Smith (A.0.).. i South Penn O11 (1)..... 8o Cal Edis pf (B) (1%) Sou Cal Ed pf C(1%).... Southern Corp SouthernNat Gas Sou Pipe Line (2) : ~o. Union Ga Southea~t G&Wt (A) Scuthland Royalty (20¢) Sou Wn G&E pf (7). So West Gas Util. . Stand Invest cum pf. Stand Notors. Stand Ofl of I ¥s Stand Oil of Ky (1.60) . Stand Ol Nebr (2)..... Stand O1l Ohto(z ). ... Stand Oil of Ohio pt (5). Stand Pwr & Lt (2)..... Stand Pwr& Lt (B) (2). Stand Silver & Le Starrett Corp. . Stinnes (Hugo) Stutz Motor Car. Sun Investing. Sun Investing pi Sunray Oil. Swift & Co ( Swift Internat’l iss Am El pf (6).. Sylv Gold Mine Ltd(4c). Tampa E rastyeast, Inc. . Technicolor Inc. Tech Hughes (60c) Texon Oil & Land (1).., Tob Prod of Del v “vodd Shpyard (2). Trans Air Trans. Trans Lux DL P § Triplex Safety Glass. Tri-contin’l Corp war. Tubize Chatel, B. . Tung Sol Lamp (1) Ungerlelder Fin Corp. Un Gas of Canada. UnionTobacco. .. Unit Car Fast (40¢). Unit Corp war. Unit Dry Dock. Unit Founders Utd Gas Corpn. Unit Gas Corp w United Gas pt (7). Utd Light & Pwr A( Utd Light & Pwr of (§). U S & Interntl Sec. U S Inter Sec 1st pt, U S Lines of Util P&L(B) efs(b10%) Utility Pow & Lt pf (7). Utility & Ind.. L Utllity & Ind Utliity Equitn Van Camp Pack Venezuela Petroleu Vick Financial (30c) Voght Mfg Co (60c¢) » Waltt & B. A «2).. Waitt&Bond B(80c). Walker, H (25¢) . Wenden Copper Western Air Express Wil-Low Cafeter): Wiwrth(FW)Ltd % YU Ol & Gi # 8ix 18'% [ (ESRENES +HEL )+ Vhl+ +11 107% 26 50% 13% 31 6% % 2% % % A x, 1% 10% 1% 38 33 80 1 125 40% 1215 24 22 T+l Fl++140 11+ { i} ++1 2 L N +1 1 ++ I+ (RN L3 10 52 ++1 1+ Pal+ T1i+10 +4+1+ 4+ CANADIAN EXPORT GAIN 1S EXPECTED Better Prospects for Sales of Wheat and Flour Reported. Special Dispatch to The Star. TORONTO, February 27.—Further economies, new mining activities and the better prospects for the Domin- fon’s export wheat and flour are the unrelated topics attracting most at- ix| tention in the Canadian financial world this week. Among the more recent curbings of expenditure Saskatchewan's 25 cent reduction in its estimates as com- pared with those of last year is the most striking. Further cuts affecting the whole country are also looked for as roon as the supplementary esti- mates are brought down in the Do- minion House. Recent mining activity includes a new gold discovery in the Pascalis dis- trict of Northwestern Quebec, which is attracting even more prospectors than did the early rush to Rouyn. The vari- ous staffs for the locations on Great Bear Lake have already started for the North, a small fleet of planes having been commissioned for the final lap of the journey from Edmondton to the sub-Arctic. The output from Ontario’s 15 pro- ducing gold mines reached a value of $3,682,708 in January, or nearly $400,- 000 greater than in the corresponding | month of last year. The higher ton- nage handled during that month is ex- plained by the fact that the mines are taking advantage of the present pre- mium on bullion to use their lower grade ore. The Province of Quebec in Jalx:lulry produced 31,078 ounces of gold. But even more important than the output and the prospects of the mines is the improved European demand for Canadian wheat since the peak of the shipments to Europe from Australia and the Argentine has passed. The dwin- dling shipments from Russia ever since November appear to prove that the Soviet is eliminated from competition in the export trade at least until the end of the present crop year, while that government’s _difficulty in collecting sufficient seed wheat for the coming Spring suggests that it will prove no formidable rival even after the new harvest. The unfavorable reports of the con- dition of Kansas Winter wheat appear to predict a sharp reduction in yield in that State. Another factor exerting a bullish influence on the prospects for Canadian sales is the marked reduction in the usual reserves of various Euro- pean countries. This is indicated by Italy’s increasing the permitted impor- 14 | tation of foreign bread wheats to 50 per 11, | cent and of durum to 80 per cent, and 1, | by the admission of Prance of foreign :‘ll\'helt up to 20 per cent of the total 4| used. Furthermore, India is likely to | be an importer this year since the Feb- t, 1932.) &, | ruary monsoons nllg’d over a wide area. % (Copy | LONGER RECORDS PLANNED. | _ Beginning with the March issue, the Financial Press of New York will in- | clude. for the first time in The Invest- or's Pocket Manual, a four-year high and low price range of every stock listed on the New York Stock Exchange, covering each of the years 1929, 1930, 1931 and 1932 to date. This new comparison is in addition to the long time back records given in the manual for many of the country’s most important railroad, industrial, ofl, mining and public utility corporations. Money on Hand te Loan on First Deed of Trust 6% Interest EXECUTIVE We offer a position to a proven sales executive to take charge of exclusive territory selling proven pharmaceutical product in great demand through reputable physicians. The man accepted should earn 000 and up the first year. Requires moderate investment in established, well financed corporation, fully protected. For interview write stating qualifications and phone num- ber to Box 330-E, Star Office per | FINANC GERMANY’S CREDIT STATUS HINGES ON REPARATIONS PLAN/ (Continued From First Page) | | nounced, the Young plan. It eliminated | all the mechanism of control. The‘ reparations commission was dissolved. ‘The agent general for reparations pay- ments returned home. From then on the reparations pay- ments of Germany were to be com- mercialized—that is, transferred to the people. In May, 1930, the Young plan was formally adopted. It began with the flotation of a large bond issue in | the markets of the world. Things had | changed radically in the meantime. Bonds could no longer be placed suc- cessfully—especially foreign bonds. Since | Germany could not borrow, she could | | not pay. Suspension of payments was | imminent, America came to the rescue. In June, | 1931, President Hoover proposed a one- | | year moratorium on all political debts. | | All nations received it enthusiastically. | France hesitated. She finally yielded, but the damage had already been done. Confidence was destroyed. Balances in Germany were withdrawn. A financial panic in the Reich was the result. The Danat, one of the oldest and most sub- stantial institutions, closed its doors. The Dresdner Bank required govern- mental assistance. The stoek exchanges were forced to shut down. | In November the German govern-| ment requested the Bank for Inter- | national Settlements to have an ex-l amination made of the country’s finances by a committee of experts. | A report was rendered under date of | November 22. It proposed, in brief, a suspension of the transfer of condi- tional annuities and suggested con- certed action for attaining a better settlement of international debts. In July, the one-year moratorium expires. Something will doubtless be done in the meantime. What form such action will take it is difficult to state at this time. | Germany's economic situation does | not permit of the continuance of pay- | ments of both political and wmmercul} | debts. Which come ahead? Legally, the former; but, as a matter of sound business, every effort should be bent to continue payments on account of bonds and other securities of business institutions. If default should be per- mitted to occur in securities of this type Germany's credit will be im- paired to such an extent that, sooner | or Iater, even political debts will have to be suspended. | In other words, those who insist upon the prompt payment of both political and commercial obligations, or upon | the unqualified priority of reparations | over private debts, will bring about the | very situation which they do not wish | brought about—namely, the inevitable | suspension of payment in respect to both categories of debts. (Copyright. 1932. by the N | ‘Newspaper ‘Alliance. ‘The ) A7 erenR | —_ h | ‘With the completion of ekcmflcmon[ of the London-Brighton Railway trains | will leave the city for the coast resort minutes. | NVEST —your savings in 69 First Morteage 0 securities Safe, Sound, Convenlent Demominations Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 IAL. 3 \WHEAT PRICES WAVER IN FINAL DEALINGS Late Downturn Cancels Advance Scored During First Hour of Market. By the Associated Press. CHICAGO, February 27 —Disap- pointment as to new export business in North American wheat led to late downturns in cereal markets today, about offsetting temporary gains. A disposition to await March monthly unofficial crop summaries due next week was shown, especially by wheat traders. Comments were pessimistic as to any large reduction of domestic Spring wheat acreage this season. ‘Wheat closed irregular, at i cent decline to an equal advance compared with yesterday’s finish. Corn, l3-% oats, '.-% off, and provisions unchanged to a rise of 12 cents. WHEAT— March 2 July September CORN— March ... May July 3 September OATS— M g oot Beptember RYE— March ey uly September INVESTMENT A Conservative Washington Enterprise Patronized by families of dis- crimination and culture, is in & position for. modest expansion. It is the of the manage- :::t that $4,000 invested at this Will Yield an Attractive Income. AddressBox 158-E, Star Office 10 Stocks THAT SHOULD DO WELL You will be interested in a new compilation of ten sound com- mon stocks which, in our opinion, will continue to show good earn- ings and dividends. This list should appeal to conservative inves- tors who wish to make long term in- wvestments with profit possibilities but with the minimum risk. For only $1 you may have this valuable list to- gether with "10 Selected Low Priced Issues”, "10 Don’ts for Investors”, besides "Sound Investment Rules” and the next 8 issues of The Fimancial World — $2.00 Value for $1.00. Return this “ad” with $1.00 and full address today. %FINANCIAL WORLID America's Investment and Business Weekly 53-FM Park Place New York MAKE SURE OF THE FUTURE That'’s one of the objects of and purposes accomplished by invest- ment in first mortgages. In the case of our 6%,% FIRST MORTGAGES Over a Third of a Century Without a Less both defini insuring st May be National 2100 1S THERE NO 15th Street, Opposite U. S. SUBSTITUTE the principal is secured by conserva- tively appraised improved Washing- ton real estate; and the interest is te and continuous—thus eady income. purchased in amounts from $250 up. B. F. SAUL CQ. 925 15th St. N.W. FOR SAFETY National Metropolitan Bank OLDEST NATIONAL BANK IN THE DISTRICT OF COLUMBIA Capital, Surplus & Undivided Profits Over $2,300,000.00 Treasury This Bank Has Afforded Service and Protection —to- generations of conservative Washington citizens, demon- strating, for one hundred and eighteen years, the power and prestige inherent in merited public confidence. {“Metropolitan” customers come from every walk of life, and the small depositor is served as readily and as efficiently as the largest depositor. YOUR Payday or other deposits are welcome. Interest Paid on Savings The First National Bank in the United States to be granted Fiduciary Powers under the Federal Reserve Act OPEN UNTIL 5:30 P.M. Feby. 29th and March 1st for Payday Depositors’ Convenience