Evening Star Newspaper, March 5, 1932, Page 12

FINANCIAL. STOCKS IRREGULAR A_12 ** FINANCIA GAS COMPANY NETS $152,6% IN MONTH Stock and Dividend Rate. Shell Union Oil Simmons Co.. ~Prev.1933-, High. Low. 8 Unit Corp (40c. 31% Unit Corp pf (3).. 3 Unit Electric Coal Net. | —Prev.1933~ Low. Close. Chge. | High. Low. LA 4 2% Net. ~Prev. 1932 Stock and Sall Low. Dividend Rate. Chge. % Gen Theater Equip.. 10% Gillette Stf Raz(1).. Received by Private Wire Direct to The Star Office. ; ~Prev.1982— Stock and Sales— Net. | H xln. High Low. Dividend Rate. Add 00. Hig! la”' Close. Chge. 3 9% 5 Abitibi Pwr & Pa pf. 1 ki T 24y . Close. 10 Earnings for January Marred by Warm Weather, Re- port Reveals. BY EDWARD C. STONE. Substantial profits of $152,696.05 were earned by fhe Washington Gas Light Co. in January, although lower than the net income of $172,472 in January, 1931, according to the monthly report just filed with the Public Utilities Commis- sion. Warm weather was one of the big factors in the difference. rating revenues totaled $573,- m against $672,869.86 in the like month in 1931:; operating ex- penses required $314,491.73 in Janu- ary of the present year, compared with $391.148.70 a year ago, this items re- vealing a very marked reduction in operating costs. 3 Taxes ate up $35.481.46 this January, against $38,056.40 in the first month of 1931, leaving an operating income of $221,552.77, in comparison with $241,- 964.76 in the like period last year. Gross income totaled $223.233.17, against $239,613.40. The usual deductions for interest payments and other purposes took $70,- 537.12, against $67.138.40 a year ago. ‘These deductions from the gross earn- ings left the above-mention net of well over $152,000. That another excellent year's earnings is facing the gas com- pany is clearly indicated by the Janu- ary record as well as by the expansion of earnings during the latter part of 1931. 108 107% Am Tel & Teleg (9).. 3% Adams Expres: 24 Adams Millis (2). 10% Addressograph (1).. 12% Affiliated prod 1.60.. 46 Air Reduction(t4%) 11% Alaska Juneau (50¢) 1% Alleghany Corp. 624 Allied Chemical Allied Chem pf (7). . 10% Allis-Chalmers(50c) 714 Alpha Port Cemt (1). 1 1215 Am Bank Note 21 Am Beet Sugar pf... 5414 Am Can Co (15)..... 6% Am Car & Foundry.. 10, 16! 25 Am Car & Fdy pf (7) 2602 29 Am Chicle (13). 64 Am Comcl Alcoh 61 Am & For Power.... 21% Am & For Pwr pf(7). 113, Am & For Pwr 2d pf. 417 Am Home Prod 4.20.. 12 AmIce (2)......... 5 Am International. % Am La France&Fom. 5% Am Locomotive..... 17 Am Mch & Fdy 1.4 2 Am Mach & Metals. . 4% Am Metal Co.. - 13 AmPwr&Lt (3 384 AMP&LtpfA (5).. 48 Am Pwr & Lt pf (6). 6 Am Radiator (40c).. 78 Am Rolling Mills. 21% Am Safey Raz (3). 21 Am Shipbuilding ( % Am Ship & Com. . 12% Am Smit & Rf=(50c) 70 Am Sm & Rfg pf (7). 90 Am Snuff pf (6). % Am Solv & Chemical, % Am Solv & Chem pt. 5% Am Steel Foundry... 29 65 Am Tobacco (16). ... 6614 Am Tobacco B (16).. 505 21 8 0 5 s 8 3 s s 1 1 1 8 5% 28 681 2 6 615 Gillette Saf R pf (5). Gobel (Adolf). Gold Dust (2%). Goodrich (BF). Goodrich (BF) pf. Goodyear T& R (1). Goodyear 1st pf (T). Gotham Silk Hosiery Graham-Paige . Grand Silver Stor jrand Union.. Grant (WT) (1).... Great Northern pf(2) Great Wn Sug p(7). Grigshy Grunow Hall(WF)Ptg (a30c) Hayes Body Corp.... Helme (GW) (17)... Holland Furnace (1) 4 Hollander Sons. Houdaille Hershey. . Houston Oll. ... Hudson Motor Hupp Motors 913 Illinois Central. Illinois Central pf. Indian Motor Cvycle. . Indian Refining. .... Indust Rayon (4). Ingersoll Rand (3).. Ins Shares(Del) b0¢ Interboro Rap T Interbo Rapid T Int Bus Machine(n§) Int Combustion. ... Int Harvester (1.80). Int Hydro E1 A (e2). Int Match pt (4).... Int Nickel of Can. Int Salt (2)... Int Shoe (3). Int Silver. . + % 7 6 —2% + % + % + % +1% + % T I B3 f 4+ bbb I i FEFEEF FESIES Simms Petrol Lee 4% Sinclair Consol Ofl. . 214 Skelly Oil..... % Snider Packing 83, Socony-Vacuum (1). 40%% Solv Am pf ww(534) 6% South Port Rico Sug. 29% Southn Cal Ed (2)... 25% Southern Pacific. ... Southern Railway... Southern Railway pt Spear & Co 1st pf. Stand Brands (1.20). Stand Com Tobacco. Stand Gas&El (3%). Stand Gas&El pf (4). Stand Gas&El pf (7). Stand Oil Calif (2) Stand Oil Exp pf (5 Stand OINJ (12)... 61 Sterling Secur (A).. 10 Sterling Secur pf.... 3 Stewart V 2 Stone & Webster (1). Studebaker Co(1.20). 6 Studebaker pf (7)... 150s Texas Co (1) 33 4 Tex Gul Sulphur (2). Tex Pacific Coal&Oil. Tex Pacific Land Tr.. Third Avenue. ...... Thompson (J R) (1). Tide Water Asso Oil. Timken-Detroit Axle Timken Roller B(2). Tobacco Products. .. 2% Tobacco Products ct. 6% Tobacco Prod A 195¢ 214 Transamerica Corp. . Tri-Contl Corp . Tri-Contl Corp pf (6) Trico Products(2%). Truscon Steel. ...... Twin City Rap Tr pf. 2 Ulen& Co 14'3 Und-El % 2% 23 kbt L g s SR FFEE ¥ EF F FEFETEEPF E¥ | | L+ F&E 57 1003 9 Unit Fruit (3).. Unit Gas&Im(1.30) U 8 & Forn Secur. U S Gypsum (1.60).. U S Indus Alcohol. .. U S Leather (A).... U S Pipe & Fdry (2). U S Realty & Imp. U S Rubber. .. U S Rubber 1st pf. U S Smtg & Ref (1) U S Steel (2).. U S Steel pf (7). United Stores (A United Stores pf (4). Util Pwr & Lt (A) % Vadsco Sales Corp 8% 11% Vanadium Corp. 19% Vulcan D'tinning T'; Wabask RR (A). ... ‘Waldorf Sys (1%).. ‘Ward Baking pf (7. ‘Warn Bros Pictures. ren Bros........ Wesson Oll&Sn (1).. West Pa El pf (6)... West Pa Bl pf (7). West Pa Pwr pf (). West Pa Pwr pt (7). Western Maryland W White Motor. Wilcox Oil & G Willys-Overland. 36% Woolworth (2.40). 15! Worthington Pump. . 45% Wrigley (Wm) (4).. 8% Yale & Towne (1)... 9 7% Young Spring&W (1) 441y 20% 50% % Fl ittt I+ EE 4 LT ++ FRE PEEE FTPEREFETEEEEES ATSHORT ESSION Market Shows Advaneing Tendency, but Gaine Are Mostly Fractional, BY GEORGE 7. BUGHES, Bpecial Dispatch to The Star, NEW YORK, March 5—Stocks elose the week with & further ia plainly on the side of advance. The two groups that made the best showing were the merchandising | shares and the chemical stocks. Rafls %< + % | participated in the recovery omly im +%4 + % Yy —2% + W - % + 7% + % + % + % 1 [T moderate degree, but they were well | supported. The only point of weakness was in Peoples Gas, which sold off to a new bear market low, The market today had entirely recov- | ered from the shock, if it was a shock, | of the reduction in the General Electric | dividend. General Electric itself was | fractionally higher, and Westinghouse, which had sold off sympathetically Fri- day, came back. United States Steel, | as to whose dividend prospects there | did not_disturb traders. | _The leaders today, earlier in the week, were for the most part stocks | Tepresenting companies doing business direct with the consumer. Among the | new highs were Safeway Stores and among the stocks that sold 24% Am Water Wks (3).. | g at their Int Tel & Telog (60¢) 100% 100 Und 170, 12% Ygstwn Sheet&Tube. 15 Georgetown Report Also Filed. According to the January report of the Georgetown Gas Light Co., also filed with the Public Utilities Commis- sion. operating revenues amounted to $119,758.48, compared with the higher figures of $139,847.01 in January, 1931. Operating expenses, however, were lower, totaling $95,692.28, compared with $114,911.90 a year ago. Taxes called for $3,592, against $4,228 in January, 1931, leaving an operating income of $19,983, against $20,506.83. Gross income amounted to $21,638.14, W&“fi; this item last year stood at $22, 040.18. Total deductions consumed $4,562.80, this figure in January, 1931, standing at $4,869.08, leaving net income at al- most exactly the same figure as a year ago, profits being $17.075.34, against $17.171.10, here again the warm weather Preventing increase in earnings. Food Show Opens Tonight. Preparations were completed today for the formal opening of the first an- nual United Food Stores Exposition in the Washington Auditorium tonight at 7:30 o'clock. The show, sponsored by more than 90 affiliated grocers in the District, will continue through next week. Members of the Board of District Commissioners and other high public officials, as well as a group of leading citizens, have been invited to attend the opening ceremonies, which will be marked by a reception and program of entertainment. _ Essentially a constructive and educa- tional movement, the show will be fea- tured by many exhibits designed to ac- quaint houSewives and other visitors with food manufacture and handling, and authorities in the domestic field will give demonstrations and talks on these subjects each day. Starting Monday afternoon with the opening of a baby popularity contest that will continue all week, a series of entertaining competitions has been ar- ranged, with handsome prizes to be given winners. Business Failures Less Serious. According to the Federal Reserve Bank of Richmond, business failures “end to increase in January because of the pressure of year-end settlements, and in the fifth district this year there Was a moderate rise in the number of insolvencies in comparison with Decem- ber, 1931. The January, 1932, record, however, was the best in both number of failures and in total liabilities in- Vvolved reported in any other January in le\_fix;nl vears. ere were 159 bankruptcies in fifth district, compared wltpl’:cllfl in gf cember, 1931, and 203 in January, 1931, ot since 1924 has a lower number of failures been reported for January. Liabilities totaled $2,404,390, a lower figure than either $4.301,830 for Decem- ber or $4339,019 for January, 1931. The month’s liabilities were the lowest for any January since 1929 and, with the exception of that month, were the lowest for any January since 1920. Keech Sees Improved Demand. The weekiy review of F. F. Keech & Co., brokerage house, calls attention to the fact that President Hoover has signed the Glass-Steagall bill. An anti- hoarding drive with banks selling baby bonds is under way. The American Legion employment drive is reported as already having found employment for hundreds of thousands of pegple. These are steps which should and must im- prove confidence in the immediate fu- ture. This confidence will develop de- mand. Even though times have been bad the | individual has still had an eye upon “keeping up with the Joneses.” For the past year “the Joneses” have not bought more than the bare necessities. With the return of confidence “the Joneses” will buy. If “the Joneses” buy, the Smiths, the Browns and the Whites will buy. The slightest buying is re- flected at once in an order to the man- ufacturer. The manufacturer has been pursuing a hand-to-mouth buying policy | and so when he gets an order he must | buy his raw material. This is a chan- nel by which stimulation is reflected in commodities, the review adds. Highlights in A. T. & T. Report. The American Telephone & Telegraph | annual report shows a decrease of 292,- | 000 phones in 1931 against a gain of | 122,500 in 1930. Local calls were off 1 per cent, but long-distance calls in- creased 6 per cent Operating revenues decreased $28,- 000,000, or 2 per cent, during the year, but total expenses were reduced $39.- 000,000. Net earnings were at the rate of 5.1 per cent on the gost of plant and other ‘assets. Earnings per share, as already announced, were $9.05 against $10.44 in 1930 During the year the company's foreign service was greatly extended. Ship-to-shore phone service was ex- tended to additional liners, making seven in all Radio stations and service to airports are being expanded constantly. New installations were greater than in any year prior to 1928 ‘The net loss in telephones was due to diseonnections. U. S. FILLING STATION BECOMES WORLD-WIDE By the Associated Press. A survey by the Commerce Depart- ment reveals that the American filling station has spread from Main street to the far corners of the world. + Information for this study, received from 114 different countries, shows that in some of the most remote parts of the world, whose inhabitants a few years ago viewed with alarm their first sight an automobile, are now found facili- ties to provide service for the growing number who have been converted to the use of the motor vehicle. The department said the American motorist usually can find a service sta- tion around almost any corner. “In the shadow of the Himalayas, in tropical Tahiti, Somoa or Bali, in Bar- Tel, Iceland; in the heart of Africa, on the desert of Australia have been erect- ed stations to repair, equip and service the automobiles which omlue in those regions, where service an almost incalculable value,” the it 19 1% 4 131 204 43% 15 5 15 7 15% 891, 283, . 107 2113 Am Wat Wks ofs(3) 3 Am Woolen Co 3 15% Am Woolen Co pf. 2 Am Zinc & Lead. 81, Anaconda Copper. 13 Anchor Cap (2.40) 374 Andes Copper. . 913 Archer-Daniels (1).. 1 Armour of Tl (A). 13 Armour of 11i (B) . 515 Assoclated Dry Gd 71 Atch To & San Fe( 25% Atl Coast Line (4)... 8% Atlantic Refining (1) 88% Auburn Auto (f4)... 215 Aviation Corp (Del) 4% Baldwin Locomotlv 164 Baldwin Loco pf. 123 Baltimore & Ohio. ... 2714 Balto & Ohlo pf (4). 4 Barnsdall Corp...... 3414 Beutrice Cream (4).. 134 Bendix Ava (60c). Best & Co (2).. Bethlehem Steel. . Bethlehem Stl pf (7) Blumenthal pf (7)... Bohn Alumn & Brass Borden Co (3). Borg Warner (1) Briggs Mfg (1). Bklyn-Man Tran (4) Bklyn-Man Tr pf (6) BKIyn & Queens. ... Bklyn&Queens pf(6) Bklyn Union Gas(3). Bucyrus-Erie. .. Bucyrus-Erie cv pf. Budd Wheel. Bullard Co. Burns Bros pf (7)... Burroughs Add (30c) Bush Terminal (2 Bush Term deb (7).. Butte Copper & Zinc.' 3% Butterick Co. . . 1013 Byers (A M) 814 California Packing. . 3 Calumet & Hecla.... 10 Canada Dry (1.20). 10« Canadian Pacific 1 %\ 2614 Case (J 1) Co 10% Caterpillar Trac (1). 3 Celanese Corp... 9% Cerro de Pasco (1) 4% Checker Cab Mfgr. 21% Ches & Ohio (2%)... 13 Chesapeake Corp(3). Chi Great West pf, Chi Ml BtP & Pac... Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf.. 3% Chi Pneu Tool. .. 7 Chi Pneu Tool pf.... 815 Chi Rock I & Pacific. 11% Chi R1& Pac 6% pf. 14% Chi RI & Pac 7% pf. 5 Childs Company. 10% Chrysler Corp (1 25% City Ice&Fuel (3.60). Cluett Peabody (2).. Coca-Cola (18) Colgate-Pal-P (2%). Collins & Afkman. Colo Fuel & Iron.... Colorado & Southern Columbia G&EI(b1% Col Gas&El pf A (6) . Columbia Carbon (3) Coml Credit (1). . Comel Inv Trust (2). Comm Inv cy pf(eé). Comm Solv (60c). ... Comwlth & Sou(30¢) Comwlith&Sou pf (6) Congolm Nairn (1).. Consol Cigars pf (7). Consol Cgr prpf 6%. Consol Film pf (2).. Consol GasN Y (4).. Consol Laundries(1) Container Corp (B).. Contl Baking (A). Contl Baking (B). Contl Baking pf (8). Contl Can (2%)..... Cont Diamond Fibre. Cont Insur (2.40).,.. Contl Oil (Del)... Contl Shares. ... Corn Products Coty Inec.... Crex Carpet. Crown C'k &S (1 % Crown Zellerbac! Crucible Steel....... Cuban-Am Sugar pt. Cudahy Packing (4). Curtis Publishing(2) Curtis Publish pf(7). 1% Curtiss Wright 3% Davison Chemical. .. 10 Deere & Co pf (1.40). 6515 Delaware & Hud (9) 17% Delaware Lack & W Detroit Edison (8) 12% Diamond Match (1). 7% Dome Mines (1)..... 13 Dominion Storest1 47% Drug Corp (4)..... 4614 Dupont de Nem (4).. 98 Dupont de N pf (6) 3 Eastern Roll Mills 681 Eastman Kodak (5).. 23% Elec Auto Lite (4)... 97 Elec Auto Lite pf(7). 2% Elec&Musical Instru 10% Elee Pwr & Lt (1)... 47 Elec Pwr& Lt pf(7). 251 Elec Storage Bat (3) i Elk Horn Coal. . ' Elk Horn Coal pf. ... 25'% Endicott-Johnson(3) 4213 Eng Pub Sve pt (6).. 5% ErfeRR. 47% Erie R R1st ptf. 1% Evans Auto Prod. 9% Exchange Buf (25 9% 1% 2% 6 17 3% Fed Water Service A 20 Fid Ph Fire In(2.60). 12 Firestone T&R (1). 50% Firestone T&R pf(6) 41'% First Natl Strs (2%) % Fisk Rubber. . . 4 Follonsbee Bros 8 Foster-Wheeler 15% Fourth Nat Inv 1.10. 2% Fox Film (A). 15% Freeport-Texa: 11 Gamewell Co (1).... 28 - Gen Am Tank Car(4) 11 Gen Asphait (1) 11 Gen Baking (2). 28% Gen Cigar (4).... 17% Gen Electric (1.60). 31% Gen Food Corp (3).. 1% Gen G&E A (b6 % stk) 17 Gen Gas&E cv pf(6). 194 Gen Motors (2).. 805 Gen Motors pt (5) 3% Gen Qutdoor Adv. Sm e I e % 10213 5% Sttt 1+ & FER FTEFINT 251 84 13% 38 13 19 9% 18% 68 23'4 62 2 6% 15% 10% Purity Bakeries (2). 105% 18% 42 4 3% 3% 61 15 40% b3 6% 23 56% 94 6% 714 Int Dept Stores (2).. ity Tnvestors 30 157 Johns: 75 81z Kansas City 5 K'mann Dpt Strs(1). 7 Kayser (1)&Co (1).. 1 Kelly-Spring Tire... 6% Kelly-Spr T 8% pf. 3 Kelsey-Hayes Wheel 7 Kelvinator Corp 26% Kendall Co pf (6). 87% Kennecott Copper 151 Kresge (S ) (1.60). 4% Kreug & Toll m 1.61 123 Kroger Grocery (1) 42% Lambert Co (8)..... Lehigh Valley R R. . Lehman Corp (2.40). Lehn & Fink (3) Libbey Owens Gl Ligg & Myers B (16) Liquid Carbonic (2). Loew's Inc (14)..... Loew’s Inc pf (6%). ToftIn6 Ssoct s o teee Loose-Wiles (13). Lorillard (P) (1.20). Louistana Oil....... Louisville & Nash(4) McGraw Hill Pub. .. Meclntyre Pore M (1) McKeesport T P (4). McKesson & Robbins McKes&Rob pt (3% ) McLellan Stores. ... Mack Trucks (1)... Macy (RH)& Co(n3). Magma Copper (50¢) . Manhat Elev gtd (7). Manhat Elev mod gtd Marine Midld (80c). . Marlin-Rockwell (2) Marshall Field & Co. Mathieson AlKili (2) May Dept Stores 1.80 Maytag Co pf (3). Meiville Shoe (2). Miami Copper. . Midland Steel (3). ‘e Minn Moline Pow... Minne & St Louls. ... M StP & SSM Isd (4) Mo Kan & Texas..... Mo Kan & Texas pf.. Missourt Pacific. Missouri Pacific pf. Mohawk Carpet..... Monsanto Chem 1% . Montgomery Ward. . Motor Products (2).. 4 Mullins Mfg. ; Mullins Mg pf. Murray Corp. . Myer (F E) & Br (2). Nash Motors (2) Nat Acme Co Nat Bella Hess Nat Biscuit (2.80) Nat Cash Reg (A) Nat Dairy (2.60) Nat Dept Strs 1s Nat Dist Prod (2) Nat Pwr & Lt (1). Nat Steel (2) Nat Supply Cq Nat Supply pf.. Natl Tea (60c).v. Nevada Con Coppe! Newport Industries. N Y Air Brake...... 4 N Y Central. Chicago & St L.. Harlem (5) H & Hartford H & Hpf (T). Ont & Western.. N Y Railways pf. ... NY NY& NYN NYN NY N 'Y Shipbldg pf(7).. 1008 Noranda Mines (2) .. Norf & Westn (112). 2% North Am Aviation.. 29 Nor Amer(b10%stk) 68 Northern Cent (4) 14% Northern Paeifie (3). 5 OhiOOIl........ .00 1 Oliver Farm Equip.. 3 Oliv Farm Eq pr pf.. 1% Omnibus Corp. 1614 Otis Elevator ( 100 Otis Elev pf (6). 944 Otis Steel pr pf. 20 _Owens 111 Glass (2). 321, Pacific Gas & Bl (2) . 9314 Pacific Tel&Teleg (7) Pacific T& T pf (6).. Packard Motor Car.. Paramount Publix Parmelee Transport. Pathe Exchange. . Penick & Ford (1)... Penney (J C) (2.40). Penney (JC) pL A (6) Penna Railroad (2). Peoples Gas, Chi (8). Pere Marquette pf... 4 Pere Marquette pr pf Petrol Corp of Am Phelps Dodge Co. ... Phila Co 6% pf ( . Phila& Read C&1.. Philip Morris&Co(1) Phillips-Jones Co. .. Phillips Petroleum. . Pierce Ofl. Pierce Oil pf. Prairie Ol & Gas Prairie Pipe Lin Pressed Steel C Proct & Gamb (2. Proc & Gamb pt (5). Public Sve NJ (3.40) Public Sve NJ pf (6) *ublic Sve NJ pf (8). Pullman Corp (3)... Pure Ol Pure Oil pf (8).. Radio Corp . Radio Corp pf A 3%. Radio Corp pf B. Remington-Rand, Reo Motor Car. Republic Steel Republic Steel pf. Reynolds Tob B (3 Richfield Oil. 3% Rossia Ins of A .. 13% Royal Dutch of NY.. 39 Safeway Stores (5).. 7614 Safeway Strs pf (7). 3 St L-San Francisco. . 4% StL-San Fran pf.... 31, Savage Arm. . % 27 Schulte Retall Stores 3 Seaboard Air Line. .. % Seaboard Air Line pf 63 Seaboard Ol 27% Sears Roebuck (2% ) 4 Servellnc...... 4 Sharon Steel Hoop. 32% 7% Shattuck (FG) (3).. 48 5 4 60 20s 33 4+ Frrer 252 —5% + % + % +1% +1% + % + % + % -1 6% + % 58% 591 100% 100% 130% 130% 23% 48 55% 15% 9% 26% R e R e HE+ 4 FEEE bl bttt » 3 % e E I++++ ++++ + 1% +1% + % +1 + W - % 4 + % + W + % 1% —1% +4% +2 - % +1% i 5% +1 +1% + 3 +1% +1 +1% u ++ 1+ + oAbt ot 2 EFEEEE P Lt srrefs #"x 28 2e¥F #re # syws + ot o FETFEFEL F FIFFF t. L] & 10% 350, 13% iy 19% 16% 713 Union Bag & Paper. . 27 Un Carb & Carb (2).. 10% Un Oil of Calif(1.40) 65 Union Pacific (10)... 15 Un Tank Car (1.60). 9% Unit Alrcraft 2814 20% Unit Biscuit 12% 9% Unit Carbon. 1% 1 UnitCigar Stor 9% +1% | + &% Zonlte Prod Corp (1) Dividend rates as given in the sbove table are the annual eash | 154 O T +4 | Payments based on the latest quarterly or half-yeariy declarations. 5 ',:‘, extra. $Plus 4% in stock. m Paid last year—no 4% 1n stock. +1 *Ex-dividend. s Unit ef trading less than 100 shares. t Partly stock. aPsid this year—ne regular rates. | ePayable in cash or stock. f Plus 8% in stock. hPlus 2% i | JPlus $1 in special preferred stoek. k Plus 3% in stock. | regular rate. nPlus §% in stock. » Plus COMMODITY BUYING POLICY SUGGESTED Statistics Company Bulietin Lists Prospects in Various Raw Materials. Special Dispatch to The Star. NEW YORK, March 5.—The follow- ing suggestions as to a purchasing policy for various important commodi- | tles are contained in a current bulletin (‘),( the Standard Statistics Co. of New ork: Barley—Extension of commitments beyond known nearby requirements is not necessary at this time. Brick—Coverage of current needs only is advised. Burlap—Needs should be protected three to six months in advance, utiliz- ing periods of market weakness for this purpose. Butter—Commitments should be con- fined to near term requirements. Cement—A hand-to-mouth purchas- ing policy is advised. Cheese—No present incentive is seen for the purchase of other than imme- diate requirements. Coal, Anthracite—Other than handr to-mouth purchasing is not warranted now. Coal, Bituminous—Coverage of indus- trial requireménts beyond the Spring months is unnecessary. Cocoa—Accumnulation of at least six months’ requirements is advocated, in the event of recurring weak markets. Coffee—Advantage should be taken of possible weak markets to protect three or four months’ needs. Copper—Coverage of industrial needs should be limited to the initial half of the yea Corn—Future contracting should be limited to nearby requirements. Cotton—Consumers who have fol- lowed previous recommendations are amply protected on near term require- ments, Further coverage should be delayed for the present. Cottonseed oil—Needs may be pro- tected three to four months in advance, should weak markets develop. Eggs—Purchases should be made for near term requirements only. Flour—Protection of several months’ requirements would be warranted on any well defined recessions from pres- ent price levels. Gasoline—No more than comfortable coverage of near term needs is advised. Hides—Prevailing low prices provide a favorable opportunity to complete coverage of requirements for at least the next six months. Hogs—A gradual extension of pres- ent holdings is justified, although heavy accumulation is not recommended. Jute—Gradual accumulation of re- quirements for the first half of the vear is advised, during possible periods of market weakness. = Lard—Forward contracting is advised only in the event of well defined re- cessions from current levels. Lead—Coverage of requirements through the second quarter of this year | should be completed. Linseed Oil—Deflated prices warrant a policy of adding moderately to pres- ent holdings, should further weakness occur. Lubricating Ofi—Coverage of require- ments for the next month or two only | is advised. Lumber—Only immediate require- ments need be covered at this time. Oats—There seems little basis for covering other than near term require- ments, Paper—Only kncwn near term re- Quirements need be covered. Paraffin Wax—An extension of com- mitments three to six months in ad- vance of immediate needs is advisable, taking full advantage of any conces- | sions in effecting purchases. Petroleum — Purchases of crude should be limited to nearby require- ments. Pig Iron—Only near term merchant iron requirements should be satisfied for the present. Rayon, Cellulose Acetate—A hand-to- mouth buying policy is advisable. Rayon, Viscose—No more than near term requirements should be covered. « Rosin—Extension of commitments beyond the end of the current season is not advised at this time. m;;l::b;‘er—c?:erlgeu of about three requirements around 4 cents a pound is advised. Rye—Purchases'should be confined to nearby needs. Scrap steel—Coverage of near term requirements is warranted at this time. Shellac—Purchases should be confined to near term needs. Silk—No more than comfortable cov- erage of near term requirements should e oy iver—Current prices wa; - cumulation of six months® mm&fimfi Steel—Only immediate requirements for most products should be filled, since l.l'n:t l’[;nenl price structure is still un- settled. Sugar—Only reasonable near term re- quirements should be covered. Tin—Purchases to cover require- ments six months ahead are advised. 5 Turpentine—Protection of needs be- yond Anlrfl 1 is not wnmnlled now. Wheat—Cov, ook N quirements at Towes prices has been pre- viously advised. Additional commit- ments are not warranted at current ad- levels. Empire Zinc—Completion of - mnhuu for in dustrial second quar- ter of the year is Market Averages By the Associated Press. STOCKS. i 3 50 20 Indus. Rails . 68.8 37. 3 S; 28! || mossy:.......0 Previous day. Week ago . Month ago 5 5 ampwBweaosa 2 g 5 BRE8EE 38 283888528 e T Lhr 23 06 20 N 00 O e 0 09 00 0 0 R bl 8 bashhmanoa, &8s x§ g < 3 Indus. Rails. Today .. 4765 Previous day SRR @ ke i 8228238882333 abuaboomaaam® 8 b < 3 - Low.' 1930 *New 1932 high (Copyright, 1932, Standard Statistics 8 .) |WINTER GRAIN CROPS IN GOOD CONDITION | Reserve Board Reports on Farm Situation in Fifth District. | Special Dispatch to The Star. | RICHMOND, March Little work | is done on farms in January and early | February, but this Winter has been the | mildest one for many years and more outside work has been possible than in| most seasons. Winter grains, says the | Bank of Richmond, have had little or no snow cover, but neither have there | been any severe ice storms or freezes, | and_growing crops are consequently m | good condition. Rains have been frequent enough to supply all the moisture needed by, vege- tation, and the mild temperatures have advanced growth much beyond the nr- mal point for this season of the year. There is danger that fruits may ad- vance too rapidly and be damaged by frosts or freezes later in the Spring. | Indications are that acreage will be | reduced in nearly all crops this year, | partly becduse of unfavorable prices,for | agricultural products and partly be- | | cause of inability of the farmers to finance their usual acreage. DEPOSITS HIGHER IN MUTUAL BANKS Time Deposits Lower in February Than in January, Says Reserve Bank. | Special Dispatch to The Stai RICHMOND, March 5.—Twelve mu- | tual savings banks in Baltimore showed a slight decline in deposits in January, a continuation of the drop | which began last November, but at the end of January deposits were still ma- terially higher than a year earlier, the | Reserve Bank of Richmond reports. | The 12 banks had deposits totaling $212,539,513 on January 31, 1932, com- | pared with $213515,559 on December | 31, 1931, and $200,969,642 on January 31, 1931. Time deposits in 49 Teport. ing member banks declined during the | past ;x;ol}tskazlr?m‘ 2;:324,457,0»0 on Jan- | uary 13, , to 720,000 - |'ary 10, 1932) and on e compared unfavorably ST T e s g e time deposits in r | member banks contain a conalq;e’nble amount of deposits which are not, say- ings. and therefore the figures are more subject to fluctuations than 'posit figures 1n the mutual savings bespc" with deposits ag- | Bank Dividends. NEW YORK, March 5 ( — The manner in' which the :.p:.cen:nhu taken the reduced dividends on National City Bank and Chase Bank stock is | evidence that these cuts had been an. icipated and discounted and, in"some | quarters, were ed a | than had been e; e the old dividends were being earned, it is not improbable that, if business showe a deci improvement to of the year, either the. o1a caie i be re-established or an give the stockholder the |of return for 1932 extra paid to same amount as he had in 1931 the latter date | [l on February 11, ff Inasmuch ac | old rates will | |f NEW YORK BANK STOCKS the-counter market: | Banks, Chase i .ociees Commercial ~Nationai ' '’ i National New York. . Bankers .. Brooklyn "1 Cent Hanover, Bk & & ! NEW YORK, March 5 (#).—over- [} OUTLOOK IN SHOE TRADE 1S BETTER Prices Stabilized at Low Levels and Increased Demand Is Seen. By the Associated Press. CHICAGO, March 5—Shoe retailers are even more optimistic today than at this time last year when their sales were increasing, the National Shoe Re- tailer Association said. Many factors combine to make the outlook more favorable. The retailers say prices appear to be stabilized at the lowest levels in 20 years. Old shoes, accumulated in closets | during the last two and one-half years, have been worn out and must be re- placed. The limit has been reached, the association said, in the lifetime of even the most expensive shoes purchased in late years, regardless of the frequency of their trips to repair shops. Production in January and February was about equal to the 1931 totals for those months. The 3.8 per cent in- crease for 1931, representing 14,000, 000 pairs, is expected to be maintained throughout this year. Packers have disposed of large sur- plus stocks of hides since their dispute with the tanners was settled a month ago. Traders already have felt a firmer undertone in the market. The Department of Commerce just reported increased operations in boot and shoe factories and recalls of many furloughed workers, particularly in the New England States. The United Shoe Machinery Corpo- ration, largest manufacturer of its kind, reports a ‘“substantial” increase in income for the first two months of lbgf over the corresponding period of 19: Even the date of Easter conspires to brighten the retail picture for the association. Easter Sunday, harbinger of a new season in wearing ap 1, falls on March 27, the fifth earliest date in 80 years. Favorable weather of whatever amount will further aid the business throughout the country. T BUSINESS FAILURES FEWER. By the Associated Press. There was a sharp decrease in busi- ness failures during the week ended February 27, as the trend was measured by the Commerce Department. In the table that follows the index is given for comparable periods, based on represent- ing the 1923-25 average as 100: Week ended February 27 Previous week Same week last year. For Buying, Building or Refi- nancing Completed Properties. Prompt At ion—Reasonable Rate Real Estate Mortgage and Guaranty Corp. 1610 K St. | previous highs were Woolworth and J. €. Penney. g 3 ts. In the industrial list, Union Carbide, | Columbian Carbon and Air Reduction were features, the first.and at new tops. Very little stock sale on the way up and, more that was true of other acti General liquidation is no dence even on a International Silver was strong, pre- sumably in anticipation of a further advance in the metal. The local trac- tions went ahead buoyantly, following the bonds, and all of them sold at the best of the year. Markets at a Glance NEW YORK, March 5 (#)—Stocks strong, rails and chemicals lead rise. Bonds steady, United States Govern- ments advanoe. Curb firm, industrials improve. Foreign exchange irregular, sterling at new 1932 high. Cotton quist, lower cables, Southern selling. su&-r easy, Cuban selling. Coffee dull and featureless. T. S. TREASURY BALAN By the Associated Press. Treasury receipts for March 2 $5.313,598.26; expenditures, ~* 488.04; balance, $346,169,742. toms duties for three days of were $2,914,478.95. -— Yields Over 10 Per C NEW YORK, March 5 (T The number of listed stocks showing a yield of over 10 per . |180. This* compares with 230 | early part of Fel , the rec being due to dividen susper: cut on a large number of shares « the month. Out of the 180 stocks ¢ were 21 showing returns in excc 20 per cent and half a dozen v ylelds ranged from over 30 per cent t: in excess of 43 per cent. AMERICAN STORES. Consolidated income account of American Stores Co. and subsidiaries for year 1931 compares with 1930 as follows: 1931, Jo%0. S350 ko nadT0.4ng 15.i0r00 195 Operating profit Other income ral taxes Contingent reservy Net _income. Dividends . Surpl First Mortgage Loans Lowest Rates of Interest and Commission PROFIT BY THE EXPERIENCE OF OTHERS We have a long list of satisfied investors in our 6'2% FIRST MORTGAGES Y ; covering a period of more than a third of a century. who find in them Over a Third of a Century Without a May be return that is most profitable and with the security for principal vested in conservatively appraised improved Washington real estate. purchased in amounts from $250 up. ¢ B. F. SAUL CO. National 2100 925 15th St. N.W.