Evening Star Newspaper, March 5, 1932, Page 13

FINANCIAL BOND PRIGES HOLD | Covee ome- BONDS s e ] BANKS ARE UREED ADVERTISING USED Received by Private Wire Direct to The Star Office - . 1T HGHER LEVEL Market Ends Week With Con- tinuance of Recent Ad- vancing Trend. BY F. H. RICHARDSON. Epecial Dispateh to The Star. : NEW YORK, March 5.—The bond -market ended the week at its best price Tlevel of the year, a shade above the top jstablished in early January, The vol-| ume of trading today was indicative of @ brisk demand for sound bonds. The market opened higher, with good ‘buying of United States Government dbonds the most significant phase of early trading. Because of the steady advance of Governments the Street re- aised its estimate on the Treasury's financing plans and it is now believed that Secretary Mills can dispose of $1,000,000,000 or more of one-year notes #t a rate somewhere between 31 and 3% per cent. The 3% notes which mature in February, 1933, are today quoted around a 3.40 per cent yield DPasis, which lends color to the revised opinion. However, it is thought the Treasury will likely offer some added dnducement and most traders cling to ibelfef that the notes will carry & 3% T cent coupon. u’.\'od&y'u ld‘:‘;nces in governments car- ried with them the municipal market, -although in price improvement this sec- +ion of the high-grade market has some distance to go to equal the recovery of governments. On the other hand, cor- poration bonds of the best quality, such as Atchison General 4s. Norfolk & SWestern 4s, Union Pacific first 4s, American Telephone 5s, Consolidated Gas 5'zs and other prime utilities ~ THE EVENING STAR, WASHINGTON, D. €, SATURDAY, MARCH 5, 1932 UNITED STAT! (Bales are in $1,000. Sales. High. Low. Close. 7.. 41 9810 981 9810 100 1004 1005 89 24 8923 8925 9110 915 94 26 95 9326 94 100 6 100 102 22 108 Lib3%s 32-4 Llst 43%832-47 15 100 2 L 4th 43 s 33-38 357 100 6 i8S 38 51-55. 85 US3hs'4s. 88 US3%{s M4l US3%sJ40-3. 3 US3%s43-47.. 4 US3% 46-56. U 8 4s 44-54. UB4%s47-62 1 91 39 108 Bales. Abitibl P&P 55 °53. Ab& St5i4s 43... Alleghany 58 '49. Alleghany 58 '50. Am Chain 6s '33 AmF P 5852030, AmIGCh5%s Am Metal 5158 '34. I R A-PY Am Sug Ref Am T&T cv AmT&T58'65... Am T&T c tr 58’46, Am T&T 5s s £'60.. 6s°37. 4148'39 20 0 Am Wat Wks 6s 75 Argentine 5%s 62, Argentine May '61. Argentine 6s Ju' Argentine 6s Oc’59. Argentine 6s A '57. Argentine 65 B '58. Arm & Co 413839, Arm Del 515'43 As=oc Ofl 68 '35.. Atchison gn 4s'95. | atchiscv 48548, | AtIC L 1st 45'52.. , At Gulf 6559 Australia 418 Australia 5s | Australia 5s Austria 7s'43., B&O4%s'33..... B&Ocv 41:s'60.. B&O1st5s'48. touched new: 1932 tops. © The junior railroad list was firm, with fractional gains in some of the more active and speculative favorites such as Rock Island refunding 4s, Chi- cago & Northwestern 6135, Nickel Plate 4158, -St. Louis-Southwestern Consoli- dated 4s, Southern Pacific 4!2s, and Western Maryland 4s. Among indus- #rials, Dodge Bros. 6s, B8, McKesson & Robbins 548, Youngs- town Sheet & Tube 5s, Texas Corpora- tion 55, United States Rubber 5s and Armour of Delaware 5l;5 were firm to a point higher. c.nmldhn &d& paritcularly those of the. Canadian Pacific Railroad, moved substantially higher. The perpetual 4s of the Canadian Pacific were a point higher. Canadian Northern 7s, Grand Trunk 6s and Canadian national obli- gations were firm. Canadian exchange was at its best on the recovery. Great Britain 5l2s were firm with sterling exchange. Australian issues advanced narrowly. Most European bonds were little changed, but trended higher. South Americans were mostly up, the Argentine group advancing & point with the commodity markets. —— e Baltimore Wheat Exports. BALTIMORE, March 5 (Special).— rts of wheat through the port of imore last month totaled 409,087 bushels, compared with 504 858 bushels during February, 1931. This is a de- crease of 185,771 bushels and was the only grain shipped during the month. Exports of flour, on the other hand, showed & slight increase, totaling 5.331 barrels, compared with 2,504 barrels in February, 1931. ST Washington Stock Exchange SALES. ington Rwy. & Elec. pfd.—$500 at 83, $1,000 at 83, $1,000 at 831~ ¢1,000 at 8315, Mergenthaler Linotype—10 ¢ Jat 42, 10 at 42, 10 at 42. Capital Traction Co.—10 at 18!, 10 at 1813, 10 at 18%. AFTER CALL The Carpel Corp.—25 at 10%. BONDS. Bid and Asked Prices. " Bid. Asked. 108 100% ] 52 oot 108 100% 101 e Barber & Ross, Inc., 6'2s. Chevy Chase Club 5'zs Columbis Country Club 5'zs. W..M. Cold Storage 5s... ’ STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (5) tal Traction 107" t. Elec. Power 8927, pid b Rwy. & El com. (7) Wasb. Rwy. & EL pid. (6) 3 NATIONAL BANK. . M tal (14), umbia (1 mercial ‘(stamped) (16} trict .- Amer tropolitan (14) g8 (15) ond (9e) ! ‘sshington ' (12). TRUST COMPANY. B&Ort5s'95 B&O6s’'95. B & O Sw dv 55'50 Bk Chile 6% s'61. Batav Pet 4355 '42 Belgium 68’55 Belgium 6% s " Belgium 75’55 Belgium 7s '66 - EX T TS - Beth Stirf 51 Bolivia 7s '58. Bolivia 88'47.... Bos & Me 55 '67, Brazil 6%s'26 Brazil 6145 '27 Brazil 7 Brazil 85°41.. Bremen 7s'35. Bk Ed gn A 5549, Bklyn Elev 6%s... BkIvn Man 65 '68. . Bklyn Un 58'45.... Bklyn Un 1st 5850, Budapest 65 ‘62, Buenos A 6561 Pv. Buff Gen El 4145’31 Bush Ter con 5855, Canada 45 °60. Canada 4145 '3 52, Sonafanaannnaxmne anE = Can Nor 7t db'40.. Can Pac db 4; Cent Pac 4s " Cert-td db 5%s. Ches Corp 5s°47... C&Ogen 4138’92, CB&Q4%S'TT... C B&Q 1st rf 55’71 CR&Q Il dv 45’4 Chi & Est Il 58'51. Chi Grt West 45’59, Chi & NW 615 '36. Chi RI&P rf 48 '34. ChiRI&P 4%s'52 ChiRIcv43%s'60. 5 Chi Un Sta 6355'63. C TH&SE in 58'60. . C & W Ind cn 4s'52, C& W Ind 5148'62. Chile 75 42 E Chile Cop - CinUnTrust 58 2020 CCC&StL 4%s E'T7 Clev Term 4%s8'77. Clev Term 58'73. .. Clev Term 5%5'72. Cologne 635 °50. ... Colomb 6s Jan "61. Colomb 6s'61 Oct. . Colo & Sou 48 '35. Col G&E cou 55 '61. Com Inves 5% 8’49 C CMd 18t rf 58'50. Con G NY 4%s'51. Con G NY 5%8'45, Con Pow Japan 7s. Cuba 5%s '45... Del & Hud 5148'37. Denmark 4%s ‘62, Denmark 5%s '55. . Denmark 6s'42.... 10 Denver Gas 58 '51.. D&RG W5s'55.. Det E G&R4%¥61. Det Edison rf 5549 Deutache Bk 65 Dodge Brcl 68’40, Duquesne 4%s '67. Dutch East I 6s'47. Dutch East I 65762, Erfe 1st con 43 '96., Erfegends.. Erfecv 5867 Erie 58°75. er, Bec. & Tr. Co. (15) atl. ‘Sav. & Tr. (1), 3 ince Georges BK. & Tr. (6)... nion Trust 1 ‘ash. Loan e SAVINGS BANK. k of Bethesda (6%). . & Bavings (10). . Bav. & Oam. Bi yenth Btreet (12). fted States (30" Wash. Mechanics (20) ! FIRE INSURANCE. iremen’s (8) . ational Union (18) TITLE INSURANCE. Golumbia, (sn 2 .\ Estate (6h) MISCELLANEOUS. r & Ross, Inc, com... ] 145 180 Bid, Asked. Barbe e ol 108 ) 15 38 110 Am. Co. a1 d.-Am. Co. pfd. nstgn Monotype (6) er. Tr. & Stse. com. r. Tr & Stge. D Yerpenthaler atl Mige. & 1 ny feopies Drus store al Est. M. & G throp com, ( vdwd. & Lothrop pfd. (T) REx-dividend, 52% extra. Books closed. y2la% extra. % extra. Unlisted Department. Aske .=':=s=s§ 58 : ShuvE Savi nk 1 Insuranice Co.. s Bank........ .l Cent 635 °36 Fisk Rub 88 '41 Fram ID 74542, French7s French 7% Gen Baking 634840 Gen Motors 6537, Gen P Sy 53%8°39.. Gen Th Eq 6540 5%s'65... German Bk 6s'38. . Ger Cen Bk 6s'60 J. Ger Cen Bk 6560 O German Tsrep'49.. Ger Gen E17s'45. . German Bank 7s'50 Goodrich cv 6s '45. Good 1st 6547, . Goodyr Rub 58’57, , GrandTr sf db 65'36 Grt Nor 4%s'17TE, Grt Nor gn 7s'36. ., Greek 6s'63. . Hud & Mad) 5s ‘bR Hud & M rf 5557, Humble Ol1 58 '37. Humble O 5%s 32, 111 Bell Tell 58 '56. . 111 Cent 4 111 Cent 45 '53. 111 Cent rf 4s 111 Cent 4% 66 W s ND T 111 CCStL&N 58 A 111 Steel 4%s 40 Inland St 4%s B Int Rap Tr 58 66... 27 Int Rap Tr ata '66. 121 Int Rap Tr 65 '32.. 106 Int Rap Tr7s'32.. 36 Int Cement 5s'48.. 1 Int & Gr Nor 6s'52, 5 Int Hydro El 68’44. 9 Int MCoBsrct'4l. 8 Int Match 5847 Int MM col tr 68'¢1. IntT&Té%s Int T&T cv 4% IntT & T 58°55. Italy 7s '51. Italy Pub S 78 '52 Japanese 58 " Japanese 6348 ‘54 Jugosl Bnk 78 '57 Kan C FtS&M Kan City Sou 3s'50. Kan City Sou 5s'50, Karstadt 65°43.... 21% Kend 6%s'48 wwa. 6 65 " 39 8014 2815 28 83% 43% 68 2 1002 915 9428 95 1006 60% 7014 42% | California | Low. Close, 55 65 10 10 89 89 88 104% 467 Sales. Kreug & Toll 58'59. 44 Lautaro Nit 54.. Loew’s 65 ex w '41. Lorillard 5s '51. Lorillard 7s 44. La & Ark 5s '60. L&NG5sB2003.. LouG &El §s High. . Midvale Stl 55 36 Milan 635’52 MIIERy &L 5s'61. M StP&SSM 55 gtd. MSP&SSM 515849 MSP&SSM 58’7 Mo Pac gn 4s '75... Mo Pacbs A6 Mo Pec 5s F '77. Mo Pac 58 G '78. Mo Pacrf 5s°81... 134 Mo Pas5%s A '49..109 Mobile-Ohio b5 '38. 2 Mont Pow 5843 Mont Tr 1st 58 '41. . Mor&Co 18t 43839 2 Nat Dairy 53 s'48.. 23 NYCrf4%s2013. 7 NYCrfim5s20138 14 NYC&StL 4%s'78. 55 YC&StL5%sA'T4. 1 YC&StL 6s'32... 35 Y Edison 5s B'44. 17 Y EBdlst6ls'4l. 4 NY EL H&P 4549, 3 NY O&W gn Y Tel 4% rAmE5%s'63, r Pac 35 2047..., Nor St Pw 6s B'41. 11 Norway 5%s'65..., 8 Norway 6s'43. 3 Orfent Dev 5%s'58. 10 Pac GRE 58'42. Pac T&T 1st Penn 4848 sta Penn 4145 D81, Penn cv 4345 60 Penn gn 41 Penn 438’63 Penn 5564 Penn gen 5568, Penn 61836, Penn PAL 4%s Pere Mar 4%5'60.. Pere M 1st 55'56 Peru 63 '60. Peru 65 '61 Phila & Read 6849 Public Serv 4s 'T1 PCCESIL 4% 8 PCC&StL 5sB 5. 3 Poland 78 '47 Poland 85 50 Port Gn El 4% Pos Tel & C bs . Pub 8v G 414867, Pub Sv G 4348°70.. Pure 011 5%8°37... Queensland 65 '47. . Read gn 4168 A '97 Rem R5%%s A" Rhinelbe 7s°46. Rhine West 65 Rhine West s '50. ., Rio de Jan 61553, R Gr Do Sul 6s '68. 6. Rome 6%8°52. ... Roy D 4s '45 ww StL IM R&G 4s'33. StLSWen4s'32., 40 Sao Pau 78’40 ret 6 Seab A L 4s st'5 Serbs-Cr-S175'6 T- Shell Un Oil Shell Un Oil Sinc O 7scv A'37... Sinc CrO 5%s'38.. Skelly O] 5% '39., Sou Bell T&T 6s '41 30 Sou P 4% ‘69 Sou Pac 4%s Sou P&OTr 4% Sou Ry gn 45 5574 85 Y 43%s°51. 12 Sweden 5%8 '54.... b Taiwan E P 5%8'T1 15 Tenn E1P 68 A '47. 22 Ter AsStL5s’44.. 2 Texas Corp 58 '44.., 68 Third Avrf 45'60.. 22 Third Av adj 65 '60. 81 Toho El Pw 75 °65., 4 Tokio 5%s 61, 4 Tokio EI Lt 6 Un Pac 1st 4547 UnPac4s’6s...... Un Pac rf 45 2003.. Un Pac 4%5'67. 53.. 11 Utd King 5%5'37.. 95 US Rub 1st 58 *47.., 17 TnStW6ls AT, 1 UdSt Welss A5l 9 Uruguay 6 '60 Uruguay 65’64 Util Pw 58 '59 ww. . Utll Pow 5%8°47. . Vienna VaRv & Pw 58’3 Va Ry 1st 5862, Wabash 414578 Wabash 24 5539 Walworth 6s A '45. Warn Br Pic 65'39. West Eldb 5544, West Md 45 '52 West Md 5145 West Pac s . West Unfon 58 '51. . 1 West Union 5& 60, West Un 63, 1 14 5 -0 15t 6148 Wil & Co 1st 65 Yokohama Ygstn S& Ygstn S& 81% 6215 698 69 5s E OIL PRODUCTION GAINS ARE REPORTED IN WEEK By the Associated Press. TULSA, Okla., March 5.—The third break in the downward drift of crude ofl production since early in December came last week. when pools of the United States were reported by the Oil and Gas Journal to have increased 1theu- output 32839 barrels in dally average to flow 2,139,056 barreis @ day. The previous week's average Was 2106217 barrels daily, The down curve began the week ending December 3. 1931, when production sveraged virtually 2450,000 barrels a day. Slight increases 'were registered the Weeks eng:lrég January 9 and 31. d eases were greatest in Texas BN Oklahoma, the fg;m!l"l flelds an average of daily, against 17430 19 ook Ay d the latter's producing m,a;o bar- rels daily, in contrast with s previous pm!f;:‘ctl? of 413565 barrels. from. exas it) creas 011 barrels Sty to ?M‘zl hareale. T WL S barrels daily a¢ "n%n‘?fimw:mh- Eanees a:ogaxg!‘lgn b:lll up from 98,980 barrels .S rrels a day. Eastern production decreased 3,000 barrels to average 117,000 bars filll.“flo:ky Mountain pools 83,639 barrels, TOADU.S CTES Credit Relief Declared an Obligation Upon Financial Institutions. Special Dispatch to The Star. NEW YORK, March 5.—Ample means for the unfreezing of credit made available by Congress place squarely up to the banking interests the obligation to relieve American municipalities of the threat of insolvency which menaces their credit, ties up public works im- vements, and threatens civil em- Pioves throughout the country with unemployment, according to the cur- rent Engineering News-Record. Sum- marizing the initial results of a Nation- wide study of the municipal credit situ- ation, the publication states that the border line of insolvency has been reached in many American communi ties almost wholly because of collapse of the country’s money system, rather than essentially through the faults and shortcomings of municipal governments. “Credit unfreezing is the intent of the measure recently enacted by Cong- ress, and it should tend to ease the severity of the 1932 municipal crisis,” says the engineering publicatiop. “Congress has now placed ample means in the hands of the banking establish- ment, and if the latter lives up to its essential responsibilities those means will become available to permit normal continuance of city operations as well as improvement works. Certain it is that no change in city operating meth- ods—such as tax collection in advance of expenditure—can be accomplished rapidly enough to save the day. The danger is two-fold: Complete stoppage of public works construction and crea- tion of a disastrous tidal wave of un- employment in the ranks of public serv- ice, an eventuality that can make an utter wreck of the reconstruction for which everyone is laboring just now.” Funds Sharply Reduced, ‘ Cities in all sections of the country, the survey reveals, are struggling to continue operations with sharply re- duced funds. The morale of their em- ployes has been badly shaken; staffs have been decimated. Salaries are re- duced or remain unpaid. Improve- ments have been halted. Properties are being neglected and valuable facil- ities left unused. “These evil effects, though due to the money and banking system, were accelerated by certain municipal prac- tices,” says Engineering News Record. “It has been the almost universal cus- tom of cities to spend money before they collected payment for their serv- ices in the shape of taxes. Short-term bank loans secured by future tax pay- ments made this possible; and banks, indeed, were by no means hostile to this procedure, for it meant a sizable income for them. But today the secu- rity of future taxes on which the prac- tice rested is under a cloud, and since at the same moment the desire for almost complete liquidity of bank funds has risen to astonishing heights, usual short-term loans are difficult to obtain; even on usurious terms they have been extended only reluctantly, “Tax payments are in a bad way. Delinquencies have increased to the highest point in history. Not only does the average home owner find tax pay- ments at this time very hard, but even those owners who are able to pay look with such ill-favor on taxes that some of them deliberately withhold their tax payments. Naturally, then, the banker feels doubtful whether his loans are likely to be repaid promptly. Naturally, also, he seeks to impose con- ditions on the city in order to make repayment surer; and this means first of all such reduction of city expenses as will make the budget balance. “Balancing budgets these days means not increasing the income, but cutting down on the expense side. Moves of this nature are hampered, however, by the number of irreducible items. A large part of the budget is for debt charges, which cannot be ‘cut without destroying the city's credit.” Much of the remainder is for mandatory items, such as salaries fixed by legislatures for police, fire and school department employes. ; With so many inflexible items, to make the cuts demanded en- tails measures that are doing much to cripple the vital service functions of local government. Further, this de- velopment comes at a time when greater demands than ever before are being made for unemployment relief funds. “No immediate solution of the dilem- ma is apparent. Now is the time when sound local governments are greatly needed to maintain healthful com- munity life. They are in danger of being wrecked. Funds are needed but are not forthcoming. When the present pressure is relieved it will be found that the reconstruction of damaged municipalities will cost many times the amount required now to keep them functioning.” Unpaid taxes, sarcastically referred to as the “golden assets of accounts receivable,” are shown in the survey to be at the bottom of the financial dif- ficulties of large cities as well as small ones. New York, Chicago and Phila- delphia are cited as among communi- ties which have been forced through financial straits to take on in recent months the appearance of insolvency. Budgets Attacked, ‘Municipal budgets, the survey report points out, have been mercilessly at- tacked by bankers, business men and organized tax payers, and although no rational study has been made of the reasons for the present scope of mu- nicipal services or their efficiency in operation, the cities have been forced to institute drastic reductions in oper- ating costs. In this process the techni- cal services have suffered most. “A municipal corporation,” says En- ineering News-Record, “is a co-opera- ive enterprise charged with the duty of supplying at cost the services de- manded of it. Years ago those de- mands had largely to do with the maintenance of law and order, the pro- tection of life and property. Today the education, health and convenience of the urban population bulk largest among the demands. Municipal gov- ernment also has Become charged with many technological services that were undreamed of when Andrew Jackson rode his horse over the mountains to Washington. It is these services that have made urban civilization possible. “As oustodians of the public's inter- est, city officials have the primary obli- gation of defending and upholding the community services and opposing at- tempts to restrict them. They know the essential character of these serv- ices; they know how imperative is the maintenance of their operating pro- grams_especially in times of depressi and how closely their construc ‘-orkl is rel:cedTIfi) amelioration of £ employment, ley may concedy Gestrability of "economizing, byg (1Y can insist that economy at t] increased unemployment a. municipal services is un “Such defense of the may not always prove those who control the go far toward combat; financial circles thal 10 BUILD MARKETS Trade Association Finds Budgets Have Grown Rapid- ly in Recent Years. By the Associated Press. Millions of dollars in national news- paper advertising are expended yearly by trade associations in an organized effort to extend the markets for the products of their industries. The trade association department of the Chamber of Commerce of the United ~States points out that the amount spent annually in co-operative advertising has multiplied many times in the last 10 years. Co-operative ad- vertising, both in financial outlay and direct results, is now one of the im- portant functions of many trade or- ganizations, it said. Trade promotion plans for 1932 just announced by the National Electric Light Association call for the expendi- ture of more than $300,000 in national advertising, supplementing the large volume of local advertising by individ- ual utility compantes, The Association of Hawaiian Pine- apple Canners also has announced that it will resume national advertising. This association, it was said, was obliged to discontinue its earlier ad- vertising campaign about three years ago because it proved so successful members were unable to meet demands. Also, the Window Shade Institute has just made public & new trade pro- motion service to its members consist- ing of newspaper advertisements, di- jrect mail letters and folders. This par- ticular campaign will be devoted ex- clusively to replacement business. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md.,, March 5—White tatoes, per 100 pounds, 75a1.00; yams, arrel, 1.25a1.50; beans, bushel, 1.50a 3.00; beets, crate, 2.25a2.50; brussels sprouts, quart, 12}2a15; cabbage, hamp- er, 1.00a2.00; carrots, bushel, 1.50a1.75; cauliflower, crate, 2.00; celery, crate, 15023.25; eggplants, crate, 1.5082.50; kale, bushel, 30a35; lettyce, crate, 2.50 a3.25; oyster plants, 100, 4.00a5.00; onions, per 100 pounds, 3.00a4.00: pep- pers, crate, 1.50a2.50; spinach, bushel, squash, bushel, 1.00a1.25; toma- crate, 50a3.00; turnips, hamper, 25 apples, bushel, 75a1.50; oranges, box, 2.25a4.25; strawberries, quart, 20a 30; tangerines, box, 2.00a3.50. Dairy Markets. Chickens—Young, 22a23; Leghorns, 18 a20; old hens, 15a18; Leghorns, old, 15 al6; roosters, 12a13; ducks, 12a22; geese, 11a18; pigeons, pair, 20a25; tur- keys, 15a32; guinea fowl, 30a65. Eggs—Receipts, 2,042 cases; receipts, 12%; duck eggs, 18a: Butter—Good and fancy creamery, 21 a24; ladles, 15216; process, 19a20; store packed, 10all. current COMPANY SHOWS GAINS Special Dispatch to The Star. BALTIMORE, March 5—The annual report of the Consolidated Gas, Electric Light & Power Co. of Baltimore just made public shows that in 1931, despite unsatisfactory business conditions gen- erally, the local utility had an increase in net revenue and only a small falling off in gross. The report shows that gross revenue for the year amounted to $28,499,247, as compared wnh‘lxo:g.zsag.z%zsv in 1930. Net Tevenue was $10,227,727, against $10,- 040,363 in the preceding year, a1 crease of $187,364, or 1.87 per cent. Net available for dividends and sur- plus was $6,074,076, or $5.21 per share on the common as compared with $5.42 the year before. Total surplus as of December 31, 1931, was $15,811,308.57, compared with $14,802,555.17, at the end of 1930. The consolidated balance sheet shows that the company’s total fixed capital amounts to $125913,628.46. Total as- sets as of December 31 amounted to $156,307,202.22, Construction Contracts. NEW YORK, March 5 (#).—Con- struction contracts in the 37 States east of the Rocky Mountains for the first three weeks of February amounted to $70.564,900, the F. W. Dodge Corpo- ration reports. Figures for this 17-day period compare with $84,798,400 in con- struction contracts for the 25 business days comprising January. CHICAGO STOCK MARKET By the Assoclated Press. CHICAGO, March 5.—Following is the complete official list of transactions in stocks on the Chicago Stock EX- change today: Sales STOCKS. 50'All-Am Mohawk \ . 30 Am " Equities 20 Am Pub Ser pi. 200 Am Ra B :sygghlx‘n Alu{: 0 Coleman Lam 9400 Gom with “ b, & o 5B & B B Grigiby-Git 18 Frint...... 200 Hart-Carter pf. 300 Houd-fer A et & FosaBrsBmn R s fory \g“ l. o il 50 Insull Util 15t Bi, 000 Tasill ' pe 3nd. 3 on Elec e 58218 ) W W FRAER ) Sotidh manand Feg o s& L3 Lo S == - Lot O g2 Sezsaseaty cyzge i TEEEE S8E S S8 G8EL- S22 P T <acaade: =@ 11 Uil 8 1940... 10% x ok it BALTIMORE STOCKS. Special Dispatch to The Star. FINANCIAL N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. Stocks sold in 100-share lots except these o— Dividend Rate. Add.00. High. Low. Ciose Aluminum of Amer 1758 52% 5l 52% Alum Ltd C war..., 9 6 6 6 Alum Ltd Dwar.., 12 Am CitiesP& LB, 17 Am Cyanamid B.... 33 Am & For Pw war.. 4 Am Gas & El (31)... Am Lt &Tr (2%4).. Am Maracal Am Superpower, Am Ut & G B vte. Animal Trap. Appaiach 41 5 8 12 1 Arkansas Nat Gas.. Arkansas Nt Gs A.. Armstrong Cork. .. 4508 Asso Gas & Elec. ., Asso G&Ect (8).. 2568 AsG&Eallct1.60.. 1 Atlan*ic Lobos. 2 Atlas Utilities..... B4 Atlas Util war..... Bell Tell of Can (8) 50s Blue Ridge. o Elue Ridge pf (a3). Brazil Tr L&P (1).. Brit-Am Oil C 80c. . Brt ATbrpl.133-5 16 Bunker Hill & Sull. 255 Cable Radio Tube Cables & Wire A nadian Marconi, Celanese pf (7) Cent PbS A (b5%) Cent States Elec. .. Cent Sta Elec war. . Cent & Swn Ut b7% Cities Serv (g30c). Colombia Synd. ... Col G & E cv pf (5) Comwth Edison (8) Comwlth & Sou wat Consol Aircraft. ... Consol Oil Corp.... Cont Shares cv pf.. Cooper Bessemer. . Copeland Prod (n). Cord Corp. . Corroon & Rey pf A Cusi Mexicana Min, Dayton Air & Ei De Forest Radio. ..« Deere & Co. . Detroit Aircraft. s Derby Oil & Rpf... Eisler Elec Corp... Flec Bond & S b6% ¥l Bond & Shn w.i.. Elec P & L op war. Falcon Lead....... Federated Metals. . Ford Motor Can A.. ¥'d M Ltd p 36 3-5¢. Fox Theaters A. .. Gen Empire Cp 40c. Gen Pub Sve pt (6). 20s Glen Alden Coal(4) 1 Goldman Sachs.... § Gt A &P Tea pf (7) 508 Gulf Oil of Pa. Happiness Candy. . Hecla Mining (40c) Holling Gold t70ec.. Hydro Elec Secur.., Hygrade Food. .... Imp Oil of Can 50¢. 2 i 5 1 4 Imp Tob G Bpli2. 1 Insull Inv vos 18 1 1 0 1 1 9 InsCoN Am (2)... Insurance Se . Intercont Pete..... 1 Int Petrol (1). Int Superpows ) Int Util B - Interst Pw pf 7 508 Irving Air Ch(40c). 2 Lake Shore M (2).. 4 Lefcourt Rpf (3).. 2 Lone Star G n(60¢) 2 Magdalena Syn.... 42 Stock and Sale— Dividend Rate. Add 00. High. Mavis Bottling A.. 8 % Mead Johnson 3% . Mem Nat Gas (60c) Metscto50c St B.. 2 Midland Utd b6%.. 1 Mid West Util b8% 128 Mo Kans Pipe Les 15 Natl Aviation...eu 8 NatElPw A 1.80..: 4 Natl Investors..... 2 2% Natl Pw&Lt pf (6). 80s 69 NatPubServA 160 2 5% 9 1IN 7 9y 3 1% Y Tel pt (6%)... 258 1 Niagara H Pw(40c) 34 Niag Sh Md (20c).. 15 trate Chile Bo... Nordon Ltd.....em Novadel Agne (4).. ©Ohio Ofl cm pf(6) e Pacif Tin (spel)... Paramount Motors Parker Rust P (3) .. 2508 Pennroad (40¢). 8 Phoenix Sec. Phoenix Sec p Plymouth Ol k: Premier Gold (12¢) Pilot Radio Tube A. 1 Pioneer Gold (12¢). 6 Pitts & LE (5)....100s Pub Ut Holdem pf.. 1 Pure Oil pf (6).... 408 ®Reliance Intl A.... Root Refining cv pf. Rossia Intl..... St Regis Paper. Salt Creek Prod (1) Secur Allied (1).... Segal Lock & Hrd. Shenandoah pt. Silica Gel ct. . Singer rets (28¢). South Penn Oil (1), South Cal Ed pf(2), SouCalEd pf B1lg Southern Corp Stand Ofl Ind (1). Stand Oil Ky (1.60) . Stand Pub Stand Silver & Ld. Stromberg Carl 1. Stutz Motor Car...,. Swift & Co (2) Swift Intl (14). Tech Hughes (60c), Tobacco Prod Del.. Trans Air Trans. .. Trans Lux DL P 8. Tubize Chatel B.... Tung Sol Lamp (1), Un Gas of Canada. . Utd Chem pt pf (2). United Corp war... United Founders United Gas.... United L&P A (1). United L&P pt (6) US&Intlistpf... U'S Lines pf. United Stores vtc.. United Verde Ex 1. Util Pwr & Lt. Utility Equities. Waitt & BA (2).... Walgreen Co. ..... Walker (H) 25¢.... ‘Wenden Copper. ... West Cartridge pt. Western Md pf. Williams R C ( Wlwrth Ltd 23 Dividend rates uarterly or ividend. 0 1ttt 00 0O 1 B et 0O - IS » B Beo woar are mBeRReNaRRR e AN~ 5 in_doliars Washington Produce Butter—One-pound prints, 26; tub, 25, Eggs—Hennery, 13; current receipts, 2 Poultry, alive—Turkeys, old toms, 15a18; young toms and hens, 20a22; chickens, 3 pounds and over, 22aZ3; 2 to 21, pounds, 23a25; broilers, 23a25; Leghorn broilers, 20a22; hens, large 165 18; small, 16a18; Leghorn hens, 14al5; capons, large, 1482 1 Poultry, dressed—Turkeys, old_toms, 18a21; young toms and hens, 23a25; chickens, 3 pounds and over, 23a24; 2 to 212 pounds, 26a28; broilers, 24a25; Leghorn broilers, 23a25; la 19a21; small, 19a20; 17a18; capons, large, 23a26; slips, 21; roosters, a, 3.00; limas, 3.75a4.25; peas, Califet~ crates, 7.00; Florida, b?:keu.cd.,ln.flh tuce_, Iceberg, 3.00a3.50; ers, 2.50a3.50; squash, 1.5, dozen containers, New Yor’Cotton 7 Star. Special Dispatch t March 5.—Cotton NEW YOI, an extremely narrow prices held gy after advancing 10 range todiow levels of yesterday, the points frme under increased selling market : close, which left the list un- towardto 6 points lower than yester- chans dayaally all of the day's business ransacted above previous closing Wis, helped by the strength in the young, 65a70; old, 30a40. Meats—Beef, prime, 13; lamb, top, 16; good, 15; veal, top, 1 g00d, 14; pork loins, 11ai2; fresh hg? 13; smoked hams, 16; strip bacond, lard, package, 7'%; bulk, 7; comr 4 «4.00; Live stock—Hogs, heavy, 3; pigs, light, 4.10a4.40; medium, 4 25e/es, 4.00 3.50a4.15; roughs, 2.00a3.00; a7.00; lambs, 4.00a6.50. ,ts, 22%; Fruits — Strawberries, el baskets, quarts, 45; apples, I, 1.50a2.50; 75a1.25; fancy boX §hel baskets, oranges, 2.50a3.50; 0a4.50; grape- 1.50a2.50; lemons, peydews, Chile, fruit, 1.75a2.50; ,n4.50; alligator 2.00; pears, jles, 4.00; bananas, gears, 3.00; pine“100, 2.00; rhubarb, 5a2.00; limes, slums, 1.75a2.00; nec- hot house. 1.0fnberries, 4. tarifes, 2.00;s0tatoes, ~Maine, 100- Vegetables 125; New York, 1.15; pound sags 225a2.50; new, bushel, Idaho bgeed, 150-pound sacks, 1.758 ;Z"’?i‘_’fls, 60a85; string beans, 2.50a I_ Trade Reports By the Assoctated Press. Ja market and steady buying for iraddle account by arbitrage interests. good, 138pots were unchanged at t1?15. Cotton range: High. 7.02 1 731 753 nuary K General Foods Report. NEW YORK, Merch 5 (Special).— Net earnings of General Foods Corpora- tion and subsidiary companies for the year ended December 31, 1931, amount- ed to $18,153,719, according to the annual report of the company made public by C. M. Chester, jr., president, today. share on 5,275,66 stock outstanding, there being no bonds or preferred stock. This compares with 1930 earnings of $19,085,595, or $3.63 per share on 5,256,843 shares outstand- ing at that time. This is equivalent to $3.44 per shares of common at a Glance. NEW YORK, March 5—Tabloid review of wholesale and retail busi- ness conditions as reported to Bradstreet's this week ing centers, on the basis of comparisons wi in the corresponding week last year: Wholesale Pittsburgh Chicago . Cleveland Detroit .. Indianapolis Louisville .. Baltimore ...eeeceee d Jjob trade. Retall trade. and industry. 04 Quiet ‘Quiet Quiet from the follow- th conditions in the same areas Manufacturt 7 Collections. Slow Slow Slow Slow Fair Slow Fair Comment. Pittsburgh—Retail sales fairly successful, but dollar volume below Jast ; coal price and produc pects more favorable; CIavcldeMuuu leather purses incre Dn':olt—Auco oglfllna on conservativ assembly on new jobs next week; retail Indianapolis—Cement and merchants' buying_ limited; ment_somewhat relieved. v Merchants buying conservatively; resj mode e manufacturers receiving more active. Milwaukee—Millinery sales active; natural ice harvest light o leather production, e schedules; Ford expected to séart business t. limestone ' business slightly increased; manufacturers still in part time; unemploy- to “sales” only orders; lumber in- shoe manufacturers fairly oy ouaky Door; mid weather ecards roads retard show successful; hwble general trade; whoiesale orders of fill-in nature; situation unim-~ below normal; building in- ated on moderately-priced ‘'sales” only fair] drawback to trade. e reapelis—Retail trade a shade I; e oommen“hnggemnd for” Spring Tetail, price-seeking Louis—Irot unemployment somewhat relieved. o ymed go? increases PAna steel industrics resume activity: hardware and better; flour market quiet; whole« wholesale activity; in ries and meats fair. umt’:lmnd increasing; sales of wearing apparel below normal; crops 1 R0 oy s sl ‘with advent of 8] - by retail trade. 3 goods ) fill-in 3 3 dry mmn!:ctrxr-n:r:.e w . Cas successful; retall trade im| ; mild ties Featured in Modesate Frading. BY JOHN A. CRONE. Spectal Dispatch to Fhe Star. NEW YORK, March 5.—Public wtili- ties and miscellaneous _industrials formed the backbone of trading on the Curb Exchange today. Prices trended higher, but dealings were only moder- ately active. Electric Bond & Share was up slightly, but utilitles generally receded & | as Middle West Utilities and Common- wealth Edison touched new low levels on selling from Chicago. American Gas & Electric rose a point. Cities Service was up a shade, as was Standard Oil of Kentucky. Strength of the London markets was mirrowed here in British-American Oil, British-American Tobacco, Imperial Tobacco, Ford Motor, Ltd.,, and Brazi- lian Traction. International Super- power firmed and Bell Telephone of Canada turned active. A slightly better tone to copper prices hardened the quotation of Newmont Mining. Teck-Hughes and Lake Shore Mines made the best showing on the upside in gold shares. Bunker Hill- Sullivan Mining turned easy despite the activity in silver futures here. New York Steam resumed its advance. Western Maryland prefetred opened up 71> points at 30. Parker Rustproof in the motor accessories and Mead-John= son in the food specialties were a trifie higher. Shenandoah Corporation preferred and Insull Utility Investments afforded sharp contrasts in the investment trust list, as the former climbed to a new peak and the latter dived to a new bottom. Atlas Utilities was still in demand. Stutz Motor featured the motor shares just after a flurry in the aviation group, which brought out on the tape Con- solidated Alfrcraft, Detroit A Irving Air Chute and National Aviation. Glen Alden Coal continued its forward movement. Memphis Natural Gas at tracted attention by its strength ar activity in a market notable for / dullness of natural gas shares, pipe line group likewise lagged. BONDS ON THE CUF’ MARKET. Salesin ~ DOMESTIO BON' Low. i ¥ !'fatfiu!.‘:; FOESF & rkans B 4% 25 49 © 8 ASe0 &L EI'ss 150 & El 55 68 R38ELLELESER S 24 Tel Can 55 B 157 9 nNatRE7s E '35 sarolina P &L 5 Caterpillar Tr 5s 4Cent TIPS 4los P8 5s G 68 pe 2885 3ms B8R84 FESER =9 2 WV nE 8523 Eria SIREaEER. R 3 ¥ 5 Pid 4Florida P & L 35 Gatineau Pow 3s en Mot Acc 5e ' n Wat Wk 6s B =t & 3. & 2 LS (55 BRI RBELRERBL W RAR 3 FERE A b It T bt o ESsS 32 - 'z & R R SRR R SREe S IR 85 SRR R 22 RNRY: = BEORGEGE S¢ '45.... 1Kresge 5s '45 cf dep 1Lehigh P 8 6s 2026 1Lone Star Gas 5s 42 1La P & L 58 '57,.... 1Mass_Gas 5's '48 1Mid St Pet 6las A '45 31 80Mid West U 53 132 ov 2 Narragansett 5s 1 National Food 6, 7Nat P & L 65 A 2026 Nat P & L 5s B 2030 S 5s '8 79705 ) i 0, o L) la_Elec 5 4 Ohio P&L 51as '34 953 135 '72., 108% omac Ed 55 E REETITISITEY & oN RXB24 33! SIIRR2S i S &’gfi; e T PP CIUPRENTSIISIN -~ e ERSTES ek 1 EE £, » - SRR F i per of Illin 4%s ‘68 Co 5s '40" wi L T T 282! * 5B0ana, ESSIBIBR2: - REEAR EERR 1353 2B BRE SRS RIRIBRIBITIRR IRV RS sFog e (55 < O Braommmsoal S 22, = R opmeleLNY o PO - i o i mee §5E38 ] SRR 150-3-sHoora 2 Q! L] BEERUEY: