Evening Star Newspaper, March 6, 1932, Page 64

MARCH 6, 1932—PART SIX ANCIAL. :mdfl__mmmb——_ NEW YORK STOCK EXCHANGE FRENCH REDUCE DEBT ISSUES IN DEMAND $800,000,000 IN 5 YEARS Stock and V. S. List Continues to Move BY A. R. DECKER. les— Net Dividend Rate. Add 00. High. Low. Close. Chge. at Higher Prices—Rails (Continued From Page 2.) Special Cable to The Star. Weston Elec Instru.. 7 8% 7% 8% — % Irregular. Bales— Net Add 00. High. Low. Olose. Chge 27 26 26% +1% 69 69 2% 4 16% 2 Net “mem T Stock and 1% —1932 — e sfu, + 3| Hih. Low Dividend Rate. S ¥ 29% 19% vulcan D'tinning (2) 280s 1 — %! & 66 Vulean Detinpf (7). 30s o Ton h R R T0% +2% 1 Wabas vees ssh +58 1% Wabash R R (A) ‘114 Waldort Sys (1%) T 15 Walworth Co... 4% 7% Ward Baking (A)... +91y Ward Baking (B)... +11 Ward Baking pf (7). q Warn Bros Pictures. - % Warren Bros. . : Warren Found & P Wesson O11&Sn (1).. West Pa EL pf (6)... West Pa EL DL (T)... West Pa Pwr pf (8). West Pa Pwr pf (7). Western Dairy (A).. ‘Western Dairy (B).. UNITED STATES GOVERNMENT. Net High. Low. Close. Chge. . 9820 9730 9810 +.04 9722 Lib 15t 4%51932-47..1008 9925 1002 +.08 988 Lib 4th 414 1933-38. 100 12 100 1005 8724 US3%s1940-43..... 954 9416 9428 8720 US3%s1943-47..... 948 9318 941 —08 8916 US3%s1946-56..... 9714 9612 9712 +.08 US 45 1944-54. .1006 9912 1006 +.07 US4%s1947-52.....1084 10216 103 +.01 High. 52% 55% 1% 884 T2% . Stock and_dividend. Inter Paper 58 A'47...... Int Tel&Tel cv 4145°39. Irish Free State 55 '60. Italy 75°51.. Japanese 64 s '54 Kan City South 3s & Kan City South 5 '3 Kan City Ter 1st 45 ‘60 Kan Gas & Elec 4135 '80.. Kendall 5138 '48-(war)... Kreug & Toll 58 '50.. Laclede 51:s D60 Lehigh Val cn 4s 201 Liggett & Myers —1931— High. Low. Stock and dividend. 9820 942 Lib3%s1932-47. PARIS, March 5—During the last L 3 five years the Prench public debt has w;?:::g};:lorl 60. 12 been reduced by about $800,000,000, White Rock (4) with a corresponding reduction in fixed White Sewing Mach. — 4 | charges, computations today reveal. Wilcox Oil & Gas. + ‘a‘ Of the debt reduction, the figures Willys-Overland show, $32,000,000 is accounted for by Wilson & Co. .. | amortization of the 7 per cent and Tl Wilson & Co (A} per cent_loans con in the United Wilson & Co pt States. It is thought that other French Woolworth (2.40) . purchases of French dollar bonds have 15' Worthington Pump. . +1% been made. ::m Worth Pufnp (A) " The $24,000,000 French loan for 24% Worth Pump (B) + % Czechoslovakia, to be guaranteed by 45% Wrigley (Wm) (4 | the Treasury, is about completed. Part i Oh Tk ETonne Gy | of the loan was originally intended to 3% Tollos Booekr o 1 |be used to retire Czech loans con- % Yo pring& W (1) 91, + 14 | tracted in the United States and reim- 12% Ygstwn Sheet&Tube. 87 17 15% + % bumbxlcl in F;brunr}" but the changed R T e e —— el | - e e financial conditions will probably re. 9% + %| Dividend rates as given in the above table +1% + 3 10t 95 4 94 30 97 14 100 18 103 16 94 =5 98 30 o ~—1931.— 84 Btock and dividend. Abram & Straus 5345 '43. High. 2 8014 + 311y 19% 83% 691y 0% 25% 5l 9% 4 +1 BY VICTOR EUBANK, Associated Press Financial Wirter. NEW YORK, March 5—The bond market maintained its quiet strength today and high-grade securities, espe- cially, were in demand at moderately better prices. ugar 68 '35 Am Chain 68 '33 Am1G Chem 5% Am Internation 5% Am Natural G 6348 "42... 3 f 1st ugar Ref 68" Am Tel cv 41 + % +1 +8% 1708 1408 1508 106% 16%% 4% 9% 9015 100% 16% 4% 7 % * | quire the Czechs to use all the loan ¢ Midvale Steel . Sdme sections displayed an irregular trend at times, but there was a scarcity of offerings at lower quotations. Spo- radic declines in issues that have re- cently recorded sharp advances were attributed to week end profit taking. United States Government obliga- tions were active and higher. All of the Treasury list was in demand and some of them reached new highs for the year. Liberty first 47;s and fourth 4%s extended their rally. Most of the local traction liens climbed to higher levels, some of them ascending to peak prices for 1932. Man- hattan Elevated first 4s were up more than a point and Third Avenue re- funding 4s gained more than 2. There were ups and downs in the railway department. Atchison ds, nadian Pacific debenture 45 Chicago & Northwestern 4335, Great Northern 4%m New York Central 55 and South- ern Railway 4s advenced moderately. Erie 55 and Missouri Paclfic 55 were heavy. The utilities and industrials gener- ally were steady. Among some of the modest_gainers were American & For- eign Power 5s, Detroit Edison 415s, North American 5s, Utility Power & Light debenture 5'.s, International Match 55 and Western Electric 5s. Argentine bonds continued the strong feature of the foreign group. British 5155 and most of the German loans ad- vanced. Other changes were limited mostly to fractions. Japanese issues were somewhat lower in dull trading. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, March 5—The follow- ing is today'’s summary of important corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press. News Trend. According to the weekly mercantile re- views there was little actual change in business conditions, although senti- ment- continued to improve. Retail trade and light manufacturing were slightly better last week. Whole- salers are receiving orders, but only of the hand-to-mouth variety, while the heavy industries continue at a very slow rate. Collections remain unsatisfactory as no greater promptness is noted and credit is still restricted. The Industries. Copper—Copper price for export ad- vanced % cent to 6l cents a pound cif. European base ports; domestic price advanced from 53; cents:to 6 cents a pound, with some sellers ask- ing 6% cents. The Companies. Allis-Chalmers Manufacturing aver- age wage cut of 10 per cent placed in effect. General Electric declared 25 cents quarterly common dividend; formerly paid 40 cents. Grant (W. T.) Co. February sales up 11.3 per cent; two months up 10.3 per cent. Kellogg (Spencer) & Sons declared two quarterly dividends of 15 cents each on common stock for two remaining quarters of fiscal year; for- merly paid 20 cents. Kresge (S. 8.) Co. February sales off 7 per cent; two months off 8.5 per cent. McCrory Stores’ February sales up 4.1 per cent; two months up 2.3 per cent. United States Rubber 1931 deficit be- fore inventory and other adjustments, $9,042,066 vs. deficit $6,980,142. Waldorf system February sales off 2.4 per cent; two months off 4 per cent. Coca Cola Co. 1931 class A earnings, $11.82 vs. $11.15, American Equities 1931 net income, $612,805 vs. §779,042. Barnsdall Corporation 1931 deficit, net income, $5,130,891, $3,268,637 vs. equal to $2 a common share. Engineers Public Service—Gross 12 months to January 31, 1932, off 4.4 per cent, net after taxes off 1.5 per cent. General Electric 1931 common share earnings, $1.33 vs. $1.90. Hackensack Water 1931 net income, $990,209 vs. $1,057,820. Homestake Mining 1931 common share earnings, $9.70 vs. $5.94. Laclede Steel 1931 common share earnings 72 cents vs. $2.19. McKesson & Robbins, Inc.—Takes no action on quarterly preferred dividend; paid 873 cents December 15, 1931, Nehi Corporation 1931 $8 convertible preferred share earnings, $1.68 vs. $11.63. Taylor Milling—Declared 15 cents quarterly common dividend; paid 25 cents January 2. 1932, and 62!z cents quarterly prior thereto. Unjon Twist Drill 1931 deficit, $70,179 vs. net income $418,288, equal to $1.80 & common share. Young (L. A) Spring & Wire 1931 common share earnings. $1.26 vs. $3.14. American Rolling Mill 1931 deficit, $3,098,445 vs. $114,094, equal to 3 cents a co New Jersey Z y 2 carload price of zinc oxide « cents a pound. Radio Corporation of America—Post- pones_action o d A dividend; paid 87!2 cents J: 1 Burco Incd Declared 75 cents back dividend and 75 cents regu- lar_dividend on Passed dividends tocks; paid respectively, Janu- nt Stores 1931 $1.02 vs. $1.81. ins 1931 common 24 cents vs. 96 cents. v Ward & Co. February per cent, two months, off McKesson & Rot share earnings Montgom sales off 215 24.7 per cent CHICAGO DATRY MARKET. CHICAGO, March 7,993 tubs; stead (93 score). 213 extra firsts ; 88-89 score) i sec- onds (86-87 score), 19a19',: standards (90 score centralized carlots), 21. Eggs, 14,907 cases; steady; prices unchanged INSURANCE STOCKS. NEW YORK. March the-counter market: nes exXtras specials 92 score), 5 (#) —Over- Bid. Asked. 38 43 Aetni Agricultural Boston, E City of New York Conn Gen Lif 'd & Dep. Great anover . Hartford Fire 20':a | #).—Butter, | lower due to lower prices in the chemi- Home Insurance.. City Mass Bond. Natl Fire Nor River ‘(new) Wash... 107 9914 26% Am Tel & Tel s £ 5 Am Writ Pap 68 Argentine 55 Ju Argentine 6s A’ Armour & Co 41 Armour of Del 5 AtchT&S dj 4 Ah T & SF gen 4895 AN T & 415548, Atlantic C L 1st 4 Atl Coast Line 4% s "4 Atlantic Ref deb 55 Austria 78'43. ... B & O gold 4548 B&Ocv4l4s'd B& O bs '48. B&Oref 58'95. . B & O ref 53 D 2000 B&O 6s = B&OPLE& W Vais B&OS W Div5s 50, Bangor & Aroos 4 Bank of Chile 633 . Bank of Chile 6%s'61. Belgium 6855, ....... Bell Tel (Pa) ref 5s '48 Beth Steel p m is '36 Bolivia 7s ct'6: Bordeaux 6s'34 Boston & Maine Brazil 612s 1926-5 Brazil 85’41 . Brooklyn Manh 1s Brooklyn Union 5 anada National 4155 "54. Canada Natl 41585 Canada Natl 4346 Canada Natl 5s July Canada Natl 5s Oct '69. Canadian Pacific deb 4s. Central Pacific 45" Central Pacific 5s Certain-teed 5%s " Chesapeake Corp bs " Ches & Ohio gn 4%s '92 Ches & Ohio 4128 A 4 Ches & Ohio 434S B ChiB& Q4%s Chi B & Qref 5571 Chi & East 111 gn 5551 Chi Great West 4s'59 4 Chi MStP & P b8 Chi M St P & P adj 5s. Chi & Nwn v 43549, Chi & Nwn 6% 8’36 Chi Rys 5827 Chi R1& Pac r Chi Rock 1s1 4345 '60. Chi Rock Is1 418 A... Chi Unlon Station 43 Chi Union Station 63%s Chi & West Ind con 4s. Chi & West Ind 54862, % Chile Republic 6s '60 Chile Copper 55 47 CCC&StLrf4% CCC&StL6sD. . Cleveland Term bs B '73.. Cleveland Terminal 5%8.. Colombia 6s Jan 61 4 Colon Oll 65 '38.. . Colo & Sou ref 4148 '35 Columb G & E deb 55 '52. Comm Invest 53,5 '49. Con Coal (Md) 1st ref b8 Copenhagen 58 '52. Cuba R R 5852 Cuba North 5%s'42. Czechoslovakia 8s'51 Del & Hudson 53%s'37 Denmark §%s '55 Denmark 6s '42 Den & Rio Grande cn 4s. Den & R G West 58’55, Den & R G West 6578, Dodge 65 40. . Duquesne 435 '67 Dutch East Indies 65°47. Dutch East Indies 6s ’6: East Cuba Sug 7%s 37 Erie 18t con 45 °96. Erie gen lien 4s°96. Er.eref 5867 Erie 58'76 4 Finland 78'50........ Flor East Coast 58°74. French 78’4 French T4%s . Gelsenkirchen Min 6s'34. 51 General Cable 5% s 47. Gen Motors 68°37 German Intl 5%8’65..... German Bank 6s'38. German 7849 Goodrich (B Goodyear Rubber 55°5 Grand Trunk s f deb 65 Grand Trunk 7s '40 Great North 41457 Great Nor gen 5 %8 '52 42 Great Nor gen 7s '36. Greek 65 '68.... Hudson & Man adj 58 '5 Hudson & Man rf §s" Humble O & R 53532 Illinois Cent rf 45’55 Tilinois Cent 4% & Inland Steel 415578 .. Inter Rapid Tran 5s'66. Inter Rap Tr 55 '66 sta 4 Inter Rapid Tran 6s'32 Inter Rapid Tran cv s Inter Cement 55'48. . Inter Gt Nor adj '65. Inter Match 55 '47. Inter Mer Marine 65 80% 59 59 4314 Milan 61455 Mil EI R & L 1st ref 58. Mo Kan & Tex 1st 45°90. Mo Kan & Tex adj 58 Mo Kan & Tex pr In 58 i Mo Pacific gen 45 '75. Mo Pacific Mo Pacific Mo Pacifi Mo Pacific 5s H '8 Montana Power herlands 65 '72 ew England Tel 2 New South Wal Y Cent deb 4s'34. Y Cent rf imp 6 N Y Cent deb 6s Y Chi& St L 4% N 41 e N ¥ Wes & Bos 4158 '46. Norfolk & W cn 45 '96. 4 North Amer Ed 6857, North Pacific North Pacific 58 D rth Pacific r 1 6s orthern States Pow Norway 5%8...... Ore Wash 1st ref 4s'61 Orient Dev 55 ‘57 Pacific Gas & E1 5s 42 Pacific Tel & Tel 5552 Pan-American 65 '34. 4 Para-Fam-Lasky 6s Paris-Lyons-Med 6 4 Paris Orleans 5%s Penna cn 414560 Penna gen 41456 Penna R R 4 Penna 43 6. 4 6 Peru 65 Phil & R Philips Petrolm 5 Pirelli Co of Ttaly 7s'52.. Pittshgh&W Va 4% C'60. Poland 85 '50 . Postal Tel & Cab 5533 Queensiand 6547 Queensland 7s '41.. Reading 4} Reming-Rand b 4 Rhinelbe 7s. . Rhine Westphalia 6s StL& 116% 3514 s Urug West § 161 +6%5 % +24 +4 55 +1% 48 4 StL&S St Louts § StPKCSLine4% SaoPaulo State of 85 Seaboard A L con Serbs Croats Slov 7 Serbs Croats Slov 85 '62. . Sinclair Oil 78°37. .. Sinclair Crude Ol 5% Sinclair Pipe Line 5 Southwes Bell Tel 58 South Pacific col 45’49 South Pacific ref 4 South Pacific 434 South Pacif 4%5'69 w South Pac Ore 4138 T Southern Ry gen 4s Southern Ry 1st b3 Southern Ry gen 65’56 South Ry dev 6% Stand Oil N J 58 Stand OIl N Y 4 Sugar Est Oriente 5342, Swiss 534 '46.. 4 Texas Pacific 5s B '77. Texas Pacific 55 C Third Ave 1st ref 4s Rio de Janeiro 8s 46 Rio Grande Do Sul 6 # RIArk& L Rome 648 . SLIM&SR&G4s'33.. prin 4s A '50. F 435878, F 58 B'50. W con 4s 4 '55 68 56. = 100% 1% 2% 101% & Unlon Pacific 1at 4s'47 Union Pacific 48’68 Union Pac rf 45 2008. United Drug 5s '63. . Utd Kingdom 5% " Ruboer 1st ref b 6560, . Utah Power & Light 58 Utilitles P & L 5% 47 Vienna 6s 4 Va Ry & Pow 3 Virginia Ry 1st 58'62. 4 Wabash 4 Wabash 1sL 3s *39 Wabash bs B '76. Wabash 5%s 75 Walworth 65 °45. Warsaw 73 °58. rore 1st 48 236 West Maryland 48 '52 West Mar. Western acific 55 '46. Western Union Tel 63 Wilson & Co 1st 68 '41, 5 Yokohama 6s'61. .. 63% Youngstown Steel 58 58734 land 5345 '7 Commodity Price Trends of Week BY H. N. McGILL, Bditor of the McGill Commodity Service, Inc. ?}'BURNDALE, Mass., March 5 (®). —Commodity prices continued to ad- here to the influence of actual business transacted. Speculative activity seems wholly absent in the markets and | prices during the past week continued their sagging tendenc | All commodities index, although reg- | istering a small decline from the pre- | ceding week, was influenced in its | downward trend mainly by two groups, | agricultural angd non-ferrous metals. A | gain was shown in the number of groups showing an upturn. Out of four- teen individual groups, six were lower, five higher, and three remained the same. Industrial Prices. Industrial prices were fractionally cal, fuels, non-ferrous metals and fine textiles groups. Fractional upturns were registered in bullding materials, fer- rous metals, paint materials and vege- | table oils. Hides and leather, paper and | pulp, d coarse textiles remained the same as in the previous week. Actual business activity continues at the same low rate, although more optimism pre- vails as a result of the great improve- ment in the financial situation. There have been evidences of an improved financial status in Europe, and the events in this country during the past week have clearly demonstrated that more stable conditions are rapidly ap- proaching, due to the workings of the administration program of reconstruce tion. Bank failures are rapidly contracting, money is gradually being returned from hoarding, and greater strength in the hond market presages more favorable opportunity for financing new business. Tangible evidence that the easy money policy of the Federal Reserve Banks is being carried forward is shown by the fact that purchases of Government bonds were made during the past week in the open market. A substantial foundation is being built for the ex- pansion of credit and the elevation of commodity prices. Non-ferrous metals was the only group in the industrial list to show more than a fractional change. Cop- per prices receded to a new low point, influenced by the fact that even with the low rate of production that is in effect, the present drastically low rate of consumption has made & new agree- ment among _producers imperative. Antimony, lead, silver and zinc also depressed this group to & new low level. Agricultaral Prices. Agricultural prices dropped to & new low point after recording stability for a period of several weeks. The grains were all lower with the exception of rye. Although cotton reached the high- est point in the present movement, yet the advance was not sustained. Most important price changes in the McGill weekly commodity price indices | 1926—100. Previous Year week. All commoditie: Industrial .. Agricultural Non-ferrous metals.. 466 46.0 “s Market Averages By the Assoclated Press. 8 ] =] o3 32 {3 Yesterday Previous da: sEiguenaly DWW IO st RETE E afast¥zase )0 00 0 00 © e 1 00 00 00 24 s Bt a b OR 228332 oy 8! 2 Euge <, =8 3 Yesterds . Previous day... Week B2J822R233 wouamasooac 2232222333822 S e o ard Statisties Co.) 2 D. C. BANKERS PUSH PLANS FOR ANNUAL GATHERING IN JUNE (Continued From First Page.) fuel and heavy clothing costs have been relatively low, thus allowing a larger proportion of reduced incomes to go for food, housing and other necessary expenses. Unemployment is widespread among all classes of workers, probably being more extensive in building trades and industrial groups than in other fields. There is less unemployment in tobacco and textile flelds than in others, al- though many textile workers are work- ing on reduced time schedules. A. T. & T. Earnings Off Slightly. Earnings of American Telephone & Telegraph Co. in the current quarter, usually the smallest revenue producer of the year. are not quite covering the $2.25 dividend requirement. There has been no consideration of a change in the dividend rate, according to the Wall Street Journal. The com- pany had the large total of $289,000,000 cash assets at the close of 1931, and a surplus of $325493,926 at the close of 1931, 50 that unless a radical decline in business should occur it appears likely the management will dip into the P company'’s large resources to some small extent to take care of the dividends for b the time being. On the 18,658,000 shares outstanding on December 31, 1931, total in the company's history. cs assets ag- gregated about $16 a share, the Journal conmments. - S. S. KRESGE CO. SALES. Sales of S. 8. Kresge Co. for February and two months, without consideration of change in number of stores during the year, compare as follows: 1932 February .... . $9,080,214 Two months . Changes Dec. $689.780 . Dec. 1,669,320 ...... At the end of February the com Eny was operating 673 American and Canadian stores, a total of 712, o 7.0 .17,925,608 | 4iDe! % | Vi Western Maryland. . Western Md 2d pf.... Western Paaific Western Unfon (6).. Westinghse AB(2).. 4 Westinghouse (2%). 1766 Westinghse 1st (3%) 90s 46% 157 334 kit 7 6% 6% 5 5 *Ex-dividend. “w extry 15% 324 71 stock. +2 | 218% in stock. | Payments based on the latest quarterly or half-yearly declarations. | s Unit of trading less than 100 shares. $Plus 4% in stock. aPaid this year—no regular rates ¢ Payable in cash or stock. f Plus 8% in stock. hPlus 2% ia JPlus 31 in special preferred stock. k Plus 3% in stoek mPaid last year—no regular rate. nPlus 5% in stock. BPlus 1 Partly l Everybody’s Business Financial Assistance to Rail- ways and Other Business Enterprises Through Re- construction Corporation Has Produced More Con- et Fesling: BY DR. MAX WINKLER. Special Dispatch to The Etar. NEW YORK, March 5—The credit situation seems to have undergone a marked change for the better. This applies not alone to the United States, but to many European countries. It is especially true of Great Britain and the Scandinavian kingdoms. While it must be admitted that fundamentals have not as yet improved sufficiently to warrant unqualified en- thusiasm, it cannot be denied that sen- timent has changed materially and that, as a result of such change, a much better feeling prevalls all around. Considerable satisfaction is derived in the United States from the actual ald which is being extended the rall- ways and various financial enterprises. On former occasions, many instru- mentalities were brought into being to afford financial assistance, but only in rare instances was such aid forthcom- ing. The latest measures, including es- pecially the Reconstruction Finance Corporation, are not merely theoretical enterprises. The recent constructive activity of the corporation amply dem- onstrates this point. Stock Market Inquiry. The United States Senate committee operations has before it a thankless task. It may be seriously doubted whether the committee will succeed in discovering all it expects to find. At any rate, the program is a most ambitious one. The committee is de- sirous of finding out not only those al- legedly responsible for the setback in prices, but also those who helped boost the market to record heights in 1928 and 1929. The committee may be interested to learn that large earnings and corre- spondingly large profits in a measure, were responsible for rising quotations three yeers ago and that declining profits and poor business . conditions were the chief cause of the decline in prices during 1930-1. Of course, the pendulum, as a rule, swings too far in both directions. Senatorial investiga- tions are not likely to change this. Dividend Cut Expected. With earnings of General Electric falling short of dividend requirements, $1 a share, as compared with $1.60 paid formerly, was in line with expectations. ‘Those who antincipated maintenance of the old rate based their views upon the very strong flnancial position of the company, as evidenced from the report, which shows current assets of more than $219,000,000, or almost eight times current liabilities. Banking Situation, Considerable improvement may be assumed to have taken place in the banking situation. Reliable reports are to the effect that in a number of in- stances where financial institutions ob- tained accommodations, loans have al- ready been liquidated, while in other instances applications for loans have been canceled. Commenting on these developments, Wilson W. Mills, chairman of the De- troit branch of the National Credit Corporation, predicts that before very long, banks will feel the effects of the new confidence inspired by construc- tive movements now well under way to the extent of no longer needing * | money. Metal Prices. The outlook for the future price of metals would seem encouraging in the opinion of Simon Guggenheim, presi- dent of American Smelting and Refin- ing. It is probably for this reason that Mr. Guggenheim states that the man- agement has no intention of selling all or any portion of excess metal stocks, adding that if the company holds these stocks until the return of more normal conditions, the metal losses written off in 1930 and 1931 will be regained,in some subsequent year. (Copyright. 1932. by the North American Newspaper Alliance, Inc.) 6. C. MURPHY SALES. G. C. Murphy Co. reports total sales of $1,221,£02 for February, 1932, against $1,204,188 for February, 1931, an in-| crease of 14 per cent. Sales for the | first two months of 1932 aggregated $2,332,195 against $2,425,502 for the same period last year, a decrease of 3.8 per cent. 2 e SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Bid. Offer Allls-Chalmers 55 1037 897 American Chain 6s 193 34 American Tel. & Tel. 5135 1943. 103% Am. Wat. Wks. & EI 55 1934.. 092! Baltimore & Ohio 4’35 1933, Belding Hemnaway Co. 65 Bethlehem Steel Corp. 55 1936 Canadian Nor. Rwy. 4'2s 1935. Chi. N w. Ruy, 88 1083 i Chicago Rock Island 4s 1934.. .. Gl . Wheeling RR. 55 1933 Squthern Ry. 41;s 1938 5ias 19! 089 Grande 47:s ‘1936 Gen. Mot. Accep. Corp. 65 Gen. Petroleum Cory Gen’ Pub. Bervice 55 1t Grand Trunk of Canada 6s 1936 Houston E_ & W. Texas bs 1933 Humble Oil 5':s 1932... ... 1 Laclede Gas Light Co. 5s i934. Louisyille & Nashville 55 1934 New York Cent. & 1937, N. Y.. Chi. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks today. 835100 39313 13.9; 237 5.18%¢ 19.29¢ London, pound Paris. 5| W saw, aloty. ... Copenhagen, crown. Wi o, crown. . . i Stocknoim, crown... 26 Montreal, 1034% discount, charged with investigating stock market | || Otner income .. Special Dispatch to The Star. NEW YORK. March 5—X faint line of resistance has of late appeared in the market for real estate securities. This is the first encouraging sign that has developed for several years in a group in which deflation has been the equivalent of that in listed corporation bonds. ‘The average bid price on a list of 75 New York real estate bonds, carrying coupons ranging from 5 to 7 per cent, is now approximately 38. This represents a depreciation of 60 per cent from the original selling values. It covers mort- gages on hotels, apartment houses, of- fice buildings, theaters and clubs. Not a few of the bonds involved are in de- fault. In others suspension of interest payments is pending. A portion of the issues are in_ process of reorganization and already the terms of their exchange into new securities have been indicated. Second and Third Mortgages. With the better tone in such issues there is also evident a gradual clearing up of the mass of second and third mortgages which were imposed on prop- erties during the boom period and where the speculative element has been elimi- nated. Institutions that make large in- vestments in real estate, such as insur- ance companies and savings banks, say that they are now dealing with prop- erties that are in strong hands. While they expect additional foreclosures, these will not involve the losses that have already been taken and written off on | the more inflated type of real estate. Sentiment with respect to the general real estate mortgage situation has been 'COTTON PRICES MOVE IN NARROW LIMITS | Rallies Fail to Hold as Week End [ Profit Sales Prove Heavy. By the Assoctated Press. NEW YORK, March 5—Price move- ments in cotton were narrow today. | situation, but _pri | realizing. May contracts, after selling | up from 7.06 to 7.15, closed at 7.09, with | the market closing barely steady net | unchanged to 6 points lower. The opening was steady at a decline of 3 to 5 points under Southern selling and liquidation promoted by weakness in Liverpool and reports of a decline in the Alexandria market for Egyptian cotton. July sold off to 7.24 and Octo- ber to 7.46 under the initial pressure, but this was only a partial response to the decline in Liverpool, and prices soon steadied on trade buying and covering. This was accompanied by the reports of a steady spot situation in the South, and the early action of the stock mar- ket may also have been a factor. Offer- ings were not particularly heavy, after the initial selling had been absorbed, and prices worked up to 7.31 for July and 7.53 for October during the middle of the morning, or about 3 to 5 points above Friday’s closing quotations. The demand then slackened somewhat, while offerings increased, with closing quo- tations showing reactions of 4 to 9 points from the best. Reports of lower temperatures with rains in portions of the Western and Central Belts were considered unfa- vorable for the movement of cotton and farmwork in these sections. Liverpool cables attributed the de- cline there to local and Bombay liquida- tion and the weakness in Alexandria where the futures market for Egyptian cotton was 9 to 48 points net lower, with Ashmouni showing losses of 32 to 38 points. Sales of fertilizer tags in the 13 Southern States for the month of Feb- ruary, according to a report published this morning, amounted to 60 per cent of last year. The amount of cotton on shipboard awaiting clearance at the end of the week was estimated at 217,000 bales, against 115,000 last year. High. 7.02 15 31 5 8 7. 7 k2 STATEMENT OF THE CONDITION OF THE ‘ Capital City Ufe"lnaunnce Co. | Washington, D. C. On the 31st day of December, 1931, as required "under Section 647 of ‘the Code of Law for the District of Columbia. | INCOME. Tota] premium incom Total interest and ren: . $98,250.90 8.456.48 195.00 Total income .. §106,902.38 | DISBURSEMENTS Net amount paid for losses and matured endowments........ $12.609.06 Ofher payments to policyholders *27.605 60 All other disbursements. . 6837371 Total disbursements. ...3108,588.37 | Real estat | Mortgage Collateral loans Bonds and_stock: Cash in office... Deposits in banks. .. Total interest and rents due and accrued ... Net amount of uncoilect deferred_premiums All other assets . Gross assets .. ‘Total admitted assets , L. 34150 estate. 79,37 e EX ,856.38 1,629.29 1,536.69 3,204.96 .3154,851.20 5.-3154,851.30 LIABILITIES Net reserve. required by law.. $65,177.00 Other - policy rescrves, adv. payments ... 6.363.44 Other Liabilities 1,366.75 37290719 . $80,000.00 | 1,944.01 $154,851.20 Capital paid up .. Goassiened funds (surpii Total .. Amount of industrial business written in_the District of Columbia during the year 1. $986.956.00 outstanding Decem : \MUEL H. W, R, President. ARTHUR B. W, Secretary. Bubgeribed and_sworn to before me REAL ESTATE MORTGAGE BONDS SHOW IMPROVED PRICE TREND New York Realty Securities Are Slightly Firmer After Long Period of Defla- | tion—Losses Written Off. Small opening declines were followed | by rallies on rePom of a firm spot| ces eased again later | the reduction in the quarterly rate to | under Southern selling and week end| helped by the formation of a strong committee to deal with defaulted bonds and to take these out of the hands of promoters of the original issues. A great deal of quiet work has been done | in this connection. While there has|| been no pool formed to support the market for real estate issues, as was | done in connection with corporation | bonds, the effort to obtain an equitable settlement for a large number of d]s-! organized and demoralized bondholders | has materially benefited the entire real | estate mortgage situation. ! Advantage also has been secured | through the more liberal provisions of the new banking law, which are ex- pected to give additional values to real | estate securities that are in the “frozen” | class, but which may now be treated || with greater consideration. | The change in attitude toward real | estate securities with a public market, || as well as to direct mortgages, reflects | improvement in sentiment just as it | does in listed corporation bonds. It | does not suggest any improvement in | the earnings of properties involved, for || these in many cases are still decreasing rather than increasing, since rents are! being adjusted to conditions of supply | and to the ability of the tenant to pay. | It is all a change in attitude or in || mood, rather than in intrinsic values. | Supplementing this, however, is the feeling that, with a recognition that | commodities, securities and business | generally have been deflated as much | as_they were inflated in 1928 and in | 1929, there will gradually be a like ap- | preciation on the part of the investing | public of real estate values. Bargains in Market. These have been abnormally de- pressed, so today there are bargains in the market for real estate securities, as well as in property that has not been promoted by high-pressure salesmen, the equivalent of those spread over the railroad bond list a month or two ago. While progress here is likely to be slow and at times imperceptible, there is reason to believe that among the sev- eral constructive developments of the early part of this year will be a check in the deflation of real estate securities and of real estate values. The impor- tance of this in re-establishing confi- dence in the entire business and credit situation is obvious. (Copyright, 1932) . WESTERN MARYLANDR.R. | SEEKS BOND AUTHORITY | ‘Western Maryland Railway has asked | Interstate Commerce Commission au- | thority to issue nominally $1,384,000 of | its first and refunding mortgage 52 % gold bonds, series A, dated July 1, 1927. The road will hold the bonds in its treasury subject to further order of the | commission before selling them. ‘WOOLWORTH SALES. Sales of the F. W. Woolworth Co. for | February totaled $18,793,418, compnredi with $19,385,731 in the same month last year, a decrease of 3 per cent. Sales for the two months of the year were | 4.7 per cent below the corresponding period of 1931. [T OANS For Buying, Building or Refi- nancing Completed Properties. Prompt Attention—Reasonable Rate Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 EXECUTIVE Broad Administrative Experience Plant Management General Office Address Box 475-E, Star Office the annual eash | at home to refund the Csech govern- ment's borrowings at the national bank. (Copyright, 1932.) STATEMENT OF THE CONDITION Guardian Life Insurance Co. of America . IN THE City of New York, N. Y. On the 31st day of December, 1931. required under Section 647 of 'the Code of Law for the District of Columbia. ING New premiums Renewal premiu Total premium incom Total interest and rents. Other income Total income ~ D RE o otsen et amount paid for loss and matured endowments. $4,104,805.74 Other payments to policy Real estate . $5,146,243.38 Mortgage lo el T 83.470,%48.88 v “ioans ‘and ‘premium " 19,709.008.77 H e 63,293 61417417 Polic: Deposits in banks. Total interest and and accrued . 5 Net amount of uncoliecied and deferred premiums .. 3,076.839. " e All other assets 992, . not admitted 445,398.64 91,819,757.98 Gross assets Deduct assets Total admitted assets . Net reserve. required by law.3$75.8! Other policy reserves < Total policy claims Other liabilitles ... Capital paid up Unassigned fund: Total lunumc. of dord,l.n yhbuxmm written during the year, outstanding December 31.368,878,084.00 Amount of ordinary business written in_the District of Columbia during the year, oustanding December 31 CURTIS ROBER . Secretary. Subscribed and_sworn to " before me this 29th day of Pebruary. 1933, (Seal.) . A Notary Public. New York County No. 183: Register No. 3-M-43. Cert. ed in Kings Co., No. 19; Register No. 3123, Cert. filed in Bronx Co., No. ter No. 1-M-33. Cert. Al Co., No. 108: . No. 6111, in Westchester County. Term exp! March 30, 1933, 10 Stoeks THAT SHOULD PO WELL . You will be interested in a new compilation of ten sound com- mon stocks which, in our opinion, 1; Regis- girgfi COLUMBIA BUILDING ASSOCIATION PAYS 5% New Accounts Solicited No Commissions Charged for Loans Open Until 5:30 Government Pay Days 716 11th St. N.\W. pder Government Supervision MORTGAGES NVEST IN OUR 6,9 FIRST MORTGAGES It is pu circulation, Ower a Third tion of con of a Century Without a May be from $250 tting money into active with the proper protec- servatively appraised im- proved Washington real estate, and for the use of the money you are paid this liberal interest. purchased in amounts up. B. F. SAUL CO. National 2100 this dny o “m"lnll%g’ (Beal) Notary Public. 925 15th St. N.W. SUBSTITUTE FOR SAFETY