Evening Star Newspaper, March 7, 1932, Page 13

FINANCIA ADVANGE IN BOND MARKET RESUMES 9. S. Issues Continue Upward Trend—Corpora- tion List Gains. in BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, March 7—The bond! ‘market_continued its advance today m ‘moderately active trading. The market opened higher stocks. 000,000 of witn | 7-month bills at 3l was slightly smaller than expected, but the coupons were in line with the +market's estimates. Last the coupon on the mew offering were 3% per cent, but the Government list has advanced substantially since that | time and the announcement today’ caused no unsettlement. In fact, Gov- ernments continued to advance, espe- | clally those Treasuries, which are still | #elling at discounts. Wall Street be- Heves the rediscount rate will be cut | again this weck and therefore time money rates showed an easing tendency. Municipals were firm, without any Il:mt buying interest. New York City ds were quoted on a 510 to 5.15 per cent vield basis. which compares With a 532 basis last week. High-grade corporation bonds were %n good demand. American Telephone 's sold fractionally higher. The gen- level of these and other prime \tilities, like Consolidated Gas 5'ss, New York Telephone 4'.s, Light 4'.s, Utah Power & Dugquesne Light 5s and Western Union 5s, is about 4 to 5 | ints_above the lows of last Decem- Fr. Similarly the best-grade railroad jssues, such as Atchison general ds, Norfolk & Western 4s, Union Pacific first 4s and Canadian Pacific perpet- ual 4s, ranged narrowly higher today. These rails are 6 to 10 points above their 1931 lows. In the industrials, Standard Oil of New Jersey 5s, Stand- ard Ol of New York 4'.s and General Motors Acceptance 65 stand 2 to 3 points above their December lows. s Decline in Dividends. NEW YORK, March 7 (#).—The| pverage rate of cash dividend on 600 common stocks declined 13 cents a share in February, according to a sur- vey by Moody's Investors’ Service. This ! 4 the largest monthly decline since the | ‘beginning of the current depression and reflects a considerable number of divi- dend reductions during the period. At the present level of $1.76, the Moody dividend index is 42.5 per cent below ;g;opeak of $3.06 made on March 31, Washinbton Stock Eichange SALES. Lanston Monotype—3 at 65 Washington Gas 6s “A"—$100 at 997, ~7$1,000 at 100, $1,000 at 100. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer el & Tel 428 %..... 1 An-com & Potomac_ Elec. gt Wash. Alex. & Mt. Vernon ct! Washington Gas 4'a6.. Washington Gas 5s.. Wash. Gas 6s, Wash Gas 65 series B Wash. Rwy. & Elec. 45 = MISCELLANEOUS. arber & Ross, Inc., 6 hevy Chase Club 5ios. . Qolumbia Country Club 5as . M. Cold Storage 5s.. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel (8) apital Traction Co. sb. Gas_Li Elec Power 5 % 2 om. (1) Rwy. & EL pid. (5) NATIONAL BANK. Min. price. Asked. pital (14) il 250 falumbia (12} mmercial mped) (10} istrict : in (10) Ciropolitan " (i4) isgs (15) ashington " (12 TRUST COMPANY. mer. Sec. & Tr. C atl. Sav. & Tr Tnce Georges Bk. & nion Trust (8s) e Wash. Loan & Trust (i4)..... SAVINGS BANK. Bank of Bethesda (6 TITLE INSURANGE. (8h) ate (6 MISCELLANEOUS. 10% 160 Bid. Asked. S 1 FOREIGN EXCHANGE. (Quotations Brussels SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) Allis-Chaimers Co_S5s 1937 American Chain Co. 65 1933 Tel 43 Corp. Reral Petroleum Corb. 5t n Pub Bervice 5i:s 1939 rand Trunk of Canada 65 1936 ouston E. & W. Texas 55 1933 ew York. Chi & St L orthwestecn Telep Penna. R. R. Co. Portland Gener Rerubhc Tron: & stest ss 80 jinclair Crude Oil 51,5 1938 5 5% athern, Pacific 55 193¢ 2 .rll.lM R & G. 45 1933 I L & Pow. 56 1833 nion o‘hcn of Galit, ¢ 1335 . & Fower 5 1034 The Treasury offering of $900.- | per | cent and 12-month bills at 3% per cent | 4 week's predictions were for a| bearish movement in Governments if | ¢ Can Nor 635 db ‘48 b 10113 Received by Private Wire UNITED STATES. (Sales are in $1.000.) s High Low. 98 12 986 1005 1001 100 10 1005 %9 30 8926 916 954 2:55. 98 6 100 2 100 6 R9 26 Lib31s22 List4%s 671 10015 105 291 3 102 991 10415 931 79t 6314 Argentine 6s A Argentine 63 1 Atchison gn 4s Atchiscy 415548, AtICL1st4s’52.. Atl Ref db Australia 4% Australia Australia § Austria 7 Austria 7s ' B&O 45’48 B&O41is B&Ocv 4! B&O1st5 B&OTf lil\l) 5sD Bk Chile 6% s Batav Pet 4 Belgium Belgium 7. Bell Tel Pa5s Bell Tell Pa 5 Berlin Cy El 63 '5 Berlin C E 6 Beth Beth Stlrf Bolivia 7s '58. Bolivia 78 '69. Bordeaux 65 Brazil 6125'26 Brazil 8541 Bremen 7s° Bklyn Elev 6 Budapest 6s Buenos A 65’61 Pv. Buff Gen El 412531 Bush Ter con Bush T Bldg 58 Calif Packin, Canada 4s'60. Canada 4%:s Canada 58 Can Nat 43 Can Nat 41 Can Nat 55 July’69. Can Nat 55 Oct '69. Can Nor 4 Can Nor 7t db '40 Can Pac db 1s. Can Pac §s"44. Can Pac 5s '54. Car Clin & O 6s 32 Cent 11l G&E 55'51. Cent Pac 45 '49 Cent Pac 5s '60 Cen Ry NJ g Cert-t4 db 5% "48. Ches Corp 58°47. .. C&Ogend4ys C&O4%sB CB&Qenis CB&Q4%s'T CB&Q Ildv :u,ns Chi & Est I 58 Chi Grt West 4859, Chi Ind& L gn 58'66 Chi M & St P 4s'89. Chi M & StP 4} Chi M&StP 4 C M StP&P M & St P adj \\'1‘4-0(\37 € 2037, b RI&P 1f 45 34, IRI&P 4 hi RIcv4 * TH&SE in *hi Un St 5544, C& W Inden4 Chile 65 '60 Chile 63’61 I ¢ ¢ « « « b « Lo, « « « « ‘lev Term Cologne 6 Col G&F Calo & Sou 4% “ D& l'f‘ W Det E G&R Deutsche Bk 6s Dodge Brel 65 40, Duquesne 4155 67, 872 38 rie 1St con 48 96 Finland 51 Finland 6 Finland 7& i <k Itub 8s nd J&G 4 French Tis'41 26 116% 2 36 German Bank 7, Goodrich ev Good 1st 645 '47 Goodyr Rub 58’3 GrandTr sf db 65'38 4 Grand Trunk 7s'40. 16 Pac GAFE 5542 THE EVENING STAR. WASHINGTON, D. C. MONDAY, MARCH 7, 1932 N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. | oo e BONDS o weemane ] NEW BOND ISSUES Direct to The Star Office Sales High. I IiCentrfds's5... 3 53 111 Cent 455 '66 Tl Cent 6%s36. ., 111 CCStL&N 68 A 111 Steel 4155 '40 Inland St4ls B Int Rap Tr 6566 Int Rap Tr sta Int Rap Tr 6; Int Rap Tr 7s Int Cement 55 '48. . Int & Gr Nor 55 '56. Int Hydro El 6s '44. Int M Co 55 ret 41, Int Match 58 '47... Int MM col tr 68°41, Int T&T 4%s'52. . Int T&T cv (‘23'19. Int T&T 58'55. Italy 7s '51. Italy Pub S 75’53 Japanese 5148 ‘65, Japanese 6145 ‘54 Jugosl Bnk 7s Kan City Sou 3 Kan City Sou 5. Kan City Tor 4560, Kan G&E 4% s '80 Karstadt 6543, Kend 535 48 w Kresge Found 6 Kreug & Toll 58'5' LacGStL5s'34. . Laclede 5%s C'53. . Lautaro Nit 65 '54. Lig & Myers 5851, Long IsITf 4549, Long Isl db 5537, Lorillard bs '51. Lorillard Ts'44.... La & Ark 55 '60. Lou G & El 55 '52.. L & N uni 4s'40. L&N 1st 1;,;2'\03 Lyons 6s'34....... McKes & R 53%8'50. Manh Ry 1st 4590, l’l\ < INBEITERFAVR :?;:,Dealers Report Decided Turn | in Sentiment in 12 Re- serve Districts. kil 65 Spectal Dispatch to The Sta CHICAGO, March 7.—A questionnaire circulated by Lawrence Stern & Co. among investment bankers throughout at the end of February re- veals a very decided improvement in sentiment on the part of the security distributors of the United States. Eighty per cent of the security deal- ers replying to the questionnaire re- ported definite and substantial improve- Pt in public sentiment, the improve- ment being ascribed to recent construc- tive developments, such as the Recon- struction Finance Corporation. These Teports came from each one of the country’s 12 Federal Reserve districts. However, the replies from all districts were equally definite and conclusive in rting that the improvement in sen- u ent has not been accompanied by any improvement in actual business conditions. Other Points Noted. Other points brought out in the re- turns from the questionnaire which was circulated among representative dealers in each of the 12 Federal Reserve dis- tricts are as follows Retall distribution of bonds in Febru- ary was substantially less than in Jan- uary, and apparen approached the low ebb registered last December. New issues were well received for the most part during February in most of the districts A considerable number of dealers, however, apparently did not | participate in any new financing. The higher grade of bonds continue to be practically the only class for which there is any definite demand, and re- ports of improvement in medium-grade investment bonds are lacking in most districts. Municipals Are Leaders. Municipals continue to lead as the most easily salable type of bonds, with public utilities second. There is some mention of buying in the railroad list in February, and a few dealers report trading activity in lowpriced real estate bonds. About 60 per cent of the bond deal- ers believe that there is a fairly good outlook for the bond market. Some in- creased optimism with regard to stock market prospects is evident. Bond buying on the part of banks continues to be almost entirely absent. A slight change for the better in gen- eral credit conditions is indicated, but a majority still report tight money in their respective localities. U.S. ;I:REASUBY BALANCE. By the Associated Press. Treasury receipts for March 4 were $4.271.86343: expenditures, $14,050,- 259.56. balance, $336,391,346.15. Cus- toms duties for four days of March were $3,884,371.57. 2 P Bam \1 K&T4s B MK & T adj 58 °67. MK&T prIn 55A'62 Mo Pac gn 4s ‘75 Mo Pac 55 A "6 Mo Pac 5s F '77. Mo Pac 58 G "8, Mo Pac 5s H 80, Mo Pacrf 58’8 Mo Pas5i4s A4 Mobile-Ohlo 55 38 Mont Pow 55°43 Mont Tr 1st 5841, @ ~ 282 Bt eRacrrnanla vuSabBe~tntua Y Cent 4155 2013, NYCrf 452013, N Y Crfim 582013 N Y Cent db 6s'35. \\4 LSel3% \\<A'=m 15 aA7| N Y Edison 55 B'44. N Y Ed 1st 6125’41, NY EL H&EP 45 '49. NY ELH&T s '48. NY NH&H 415 NYNH&H cd §5'48. NY O&W 1st 45'02. NY O&W gn 48'55 NY Rys Inc 65 '6 N Y Tel 43539 Nord 6%5'50. Nor & Wn cv 48 No Am Co 55 ‘61 Nor Am Ed bs ("5‘3 Nor AmE5%s'63, Nor O T & L 6547, Nor Pac 38 2047, Nor Pac 4s'97..... Nor Pac 4158 2047 Nor Pac 58 D 2047 Nor Pacr 1 652047, Nor St Pw 55 A 41, Nor St Pw 68 B'41. U.s. TBEASU'BY CERTIFICATES (Reported by Chas. D, Barney & Co) Rate_ Maturizy | 3%es 32 2 3305 Peb, 15, 1933 BONDS ON THE CURB Sales in thousands, A DOMESTIC BONDS. High. 1034 Rl TR% 8 56 58% 99% Oreg-Wash 45'61.. Orient Dev 51 8'58. Orient Dev 6 '53... tat Elec 55 ' it PAL 5138 7 Citles Bervice 5s ' | Pac T&T 1st 58 Pac T&T rf 58 Paramount 6: Paris-L: qu'sn V’\ru» M 7s'58.. 145 '48 sta 1 enn 43 = D81, Penn cv 4145 °60. Penn gn 41 Penn 415570 Penn 4%, < 63 Penn 5564 Penn gen & Peopies G Pere M 1st 4s Pere Mar 4158 | Pere M 15t Pern 6561, Peru Phila €' 5 Phila Elee 4s Phila & Philllp Pet Poland ks« Port Gn E! Porto Alesre K61, Pos Tel & (' PubSv G 41 T'urpnn Queensland fs " Queensia Read gn 41,5 A" Rem Arms Rk A" Rem R Rhinelhe T« Rhine West < Rio de Jan R Gr Do Sul R Gr Do Sul 8= Rio Gr W 1st 4% ‘39 Rio Gr W cit RIAr& T 4! Ron Roy D 45 '45 ww. SIL IM R&G 4533 StL&SF inds A" Sinc 0 7s SincP L Soissons fs 36 Solvay Am is Sou Bell T&T SW Bell T StOHNNTY 41 Sweden 5138 ‘54 Grt Nor 4135 TTE Grt Nor gn 5%s 52 82 Grt Nor gn 7s '36. 95% Greek 68°63 6 4 39 Hud & M ad 62% Hud & M rf 878 Humble Ofl 98 Humble O 5 1001 Hungary 7 481y 100% 544 44 111 Bell Tell 58'56., 11 111 Cent 4s. 24 100% 1 b4y $ou 1NCentds'Siimmc '3 48 48 48 - > Bwiss 513848 Taiwan E P s!,n 71 Tenn E1 P 65 A ' Ter A Ter As S Texas Cor, Tex&P 1st Tex & Pac 5s | Third Av rf 4s Third Av ad, Toho El Pw §s '3, - Toho El Pw 75 '35 Tokio 538 '61. ..., 101% 101 58 99% .9 2 102% 891, 1Cit Serv_Gas 5'ys 1 Comwh Ed 4'3s D '57 3 Comwh Edis 45 F ' 2 Cons Pub 6%s ‘36 8Cont G & E 55 A ' 1Crane Co 55 ‘40 2 Det Int Brdg 6'as, 17 Duke Power 4125 ‘67 T Ban U Tov Sh 54 3 14Blec P & L 5¢ A 2030 2 Empire Dist E1 5 6 1 Pederal Wat 3 Intern Bec Am 1inte:st P 8 41, 17 Jer C PAL 4 h&ll;lLfi T acide GAE 35 C | Sales. High. 54 | Tokio E1 Lt 6s'53.. 91 nPac 1st48'47... 4 : r’:"‘lc 4568 1z Un Pac rf 452003, Un Pac 4% '67. Unit Drg cv 55 '53.. Utd King 5%5'37. U S Rub 1st 554 Un St W 6%s AT, Ud St W 6%S A'51. Uruguay 65 '60. Uruguay 63 '64 Utah P & L 5844, Vtil Pw 58 °'569 ww. Util Pow 5%8'47.. vienna 68 52 Va Ry & Pw ‘Warn Br Pic 6s'39. Warn Quin 6s°39. . 58 West Md 4 West Pac 55 ‘West Union West Union 5 'so West Un 6 ‘36. . WEOG5%s"3T ww Wh Sew Mch 65 '40. Wil & Co 1st 6s'41. Yokohama 6s '61. .. Ygstn S&T 55 A'78. Ygotn S&T 53 B'W. Stocks sold in 100-share lols except these desienated by letter Stock and Sale— Dividend Rate. Add. 00. High. Aluminum of Amer 425- 53 Am Austin Car, Am Cit PEL A (a3) AmCities P& L. B Am Cyanamid B Am Equities. ..., . Am & For Pw war Am Founders, Am Gas & FI ( Am Superpower AmUt&G B vte Am Yvette. Al\m\la( hmn 21 s 10 3% As50 G & B ot (3).. 2008 40s Atlas Utilities Atlas Util pf A (3). Aviation Securities Benef Ind Loan 114 Blue Ridge pf (a3)., Brazil Tr L&D (1). Brit Celanese rets Cable Radio Tube., Canadian Marconi. Cent Ph S A (b5%) Cent & Swn Ut b7 9, Cent States Klec Cities Serv (g3 Citles Sve pt (6) Claude Neon Lis. Colon 0l 1 ColG&Ecv p( (B) 1008 88 Col Oil & Gas vtc. 2 14 Comwth Edison (8) 3950896 Comwlith & Sou war Consol Copper Consol Oil Corp. Copeland Prod ( Cord Corp Creole Petroleum . Crocker Wheeler. Crown Cent Fete. . Cusi Mexicana Min Deere & Co De Forest Duguesne Ga Durant Motors Elec Bond & Sh6% 247 El Bond & Shn w.i. Zlec Pw Asso A (1) Elec P & L op war. Fairchild Aviation Faleon Lead. . Ford Motor Ca F'd M Ltd p 36 3 General Av Gen Pub Sve pf (6). Gold Seal Goldman GUA & P Tea pf 1,)70. |1r.l Gult Otl of Pa.... Hecla Mining (40c) Hudson Bay Min. .. Humble Oil (2). Hydro Elec Secu Ind Terr 11 Oi1 B. . Indus Finance pf. . Insull Inv. Int Petrol (1). Int Util B. Interstate Interst Pw Del pf 7 1008 Ttalian Superpw A. 4 Ital Superpw dbrts 10 Kirkla Kolster-Br Am sh. Lack Sec (4) Lefcourt Rity 1. ne Star G n(60 Long 11 Lt pf (1) 208 Magdalena Syn. Mass Util Ass Muu Uil e su .\Hd “ est Llllh!% 21 Mid W Ute pf xwé, 2 Mid West TH1 A wr 1 Midwest Ut Bw .. 1 Midland Utd b6% .. 2 Mining Corpof Can 1 | Williams R Stock and Sale— Dividend Rate. Add 00, nm- Low. Close. Mo Kans Pipe L. .. Moh Hud P 1st pf 7 Z'u Mont Ward A (7).. 80s Mountain Prod 80c. , 1 qo\' 92ty e 2% Nat Union Radio. .. New Eng Pw pt (6) 208 5215 Newmont Mining..* 1 134 Y Tel pf (63%)... 508 11315 r's 5 Niag H Pw A wr... 1 Nipissing. North Sta 'w Ohio Copper. .. Ohio Oil em pf(6) Outboard Motor B. ac GEE 1st pf 113 Pacif Tin (s . Parker Rust P (1) Penn MexFuel pl? Pennroad (40c) Pepperell (4). Phoenix Fhoenix § FPioneer Gold (12¢). oy Bowes bi%. %n *roducers Royalty P S No 1l no pr (8) 768 Pub Util Hld war.. 2 PubUtil Hldxw.. 4 Pub Ut Holdem pf. 2 2 Rallway & Lt Sec 2 2758 Reliance Intl A. Reliance Manage. Reybarn. Rockland L&P 8ic. St Regis Paper. . .. Salt Creek Prod (1) Secur Allied (1). ... gal Lock & Hrd. Selected Ind. Selec Ind al ¢t Shattuck Den M Shenandoah pt. Silica Gel ct Southern Corp Southland Roy Southwn G&E pf 7, So West Gas Util.. Stand Oil Ind (1).. Stand Oil Ky (1.60). Stand Ol Ohio 2% 150 Stand PubSrvA... 2 Stand Silver & Ld Sunray Oil. . Swift & Co (2) SwiftIntl (14). Tastveast. chnicolor. h Hughes (60c). Tobacco Prod De Tob P'rod Exp(10¢). Trans Air Trans. . TransLux DL P 8. Tubize Chatel B Un Gas of Canada. United Corp war. United Founders United United Gas war United Gas pf United L&P A (1).. United L&P pf (6). Utd Mola: Ltd.. U S Elec Pw ww U'S Foil Co B( U S & Intl 1st pf US Play Card (2) Util Pwr & Lt. Utll & Ind pf 1%. Venezuela Pete. ... Walker (H) 25c. ‘Wenden Copper. West Cartr ln.e S » = o - R b b B S B AN R Bt A 3 Wiwrth Ltd 23 3-5e 10 Oil & Gas. ..... 3 Dividend rates in_dolla uarterly or sem: ayment. iVidend Tharthy exie ipis 3%, 1n stock, 8 Payable in cash or stock. ab) ¢ Adjustment mvmena Plus 6% in stock. instock. n Plus 8% {5 shock p Fald Jadt” vear no” reguiar rate. Grain Market By the Associated Press. CHICAGO, March = 7.—Abnormally low temperatures throughout the entire domestic grain belt gave an early up- ward trend to wheat prices today. Liver- pool reported wheat demand improving. Opening % to ' higher, Chicago wheat futures continued upgrade. Corn started unchanged to !; advance and subsequently rose all around. Severe cold was construed as bullish . regarding wheat, especially on account of coming after recent warm weathen and heavy rains with the crop not hav: ing any snow protection of importance. Reports at hand said no relief from the cold was in sight, with zero tempera- tures prevalent from Kansas to Ohio, and indications pointing to crop dam- age. At above 62 cents for May, how- ever, wheat offerings inwreased, buyers showed reluctance and price reactions ensued. Much of the foreign news tended to favor holders of wheat. Berlin dis- patches said considerable imports of wheat to Germany would be necessary between now and the new harvest and | Buenos Aires official estimates placed the Argentine wheat yield this season at 173,187 tons less than last season. On the other hand, the amount of wheat on ocean passage showed a material in- crease both as compared with a week and a year ago. Corn and oats sym- pathized with wheat strength. Provisions were responsive to market upturns. hog Butcer—One~pound prints, 26; tub, Eap—l-ltnuery 13; current receipts, Poum'y. alive—Turkeys, 15a18; young toms and hens, 20a22; chickens, 3 pounds and over, 22a%3 Z to 2'; pounds, 23a25; broilers, 23a25 Leghorn broilers, 20a22; hens, large, 16 18; small, 16a18; Leghorn hens, 14al$; capons, large, 14a26; small, 20a23; slips, 18. roosters, 10; keats, young, 45a50; old, 25830. Poultry, dressed—Turkeys, old toms, 18a21; young toms and hens, 23a25 chickens, 3 pounds and over, 23a24 2 to 2': pounds, 26a28; broilers, 24a25; Leghorn broilers, 23a25; hens, large, 19a21; small, 19a20; Leghorn hens, 17a18; capons, large, 27a29; small, 23a26; slips, roosters, 13; keats, young, 65a70; old, Sflndfl Meats—Beef, prime, ‘f lamb, top, 16; ,15 veal, top, 15, good, 14; pork loins, 11a12; fresh 13; smoked hams, 16; strip bacon, lS lgd package,’ 734; bulk, 7; compound, Live stock—Hogs, heavy, 3.25a4.00; light, 4.10a4.40; medium, 4.25a4.40; pigs, 3.50a4.15; a7.00; lambs, 4.00a6.50. Fruits—Strawberries, pints, 2215a25; | quarts, 45a50; apples, 75a1.25; fancy box stock, oranges, 2.50a3.50; bushel 150a2.50; lemons, 4.00a4.50; fruit, 1.75a2.50; honeydews, bushel baskets, 1.5022.50; baskets, 2.00; pears, 3.50a4.50; ge-rs. 3.00; pineapples, 4.00; bananas, 00; limes, per 100, 200. rhubarb, hot house, 1.00; plums, 1.75a2.00; nec- tarines, 2.00; cranberries, 4.50. 'Vegetables—Potatoes, pound sacks, 1.25; New Id.nhn hke!'l. 2.27582.50; new, lM-mfl sacks, 1758 tring beans, 2.50a 3.50; cucumbers, dozen, l 25; celery, 2508 3.00; tomatoes, repacks, 3-pan contain- ers, 1.75a2.00; oflgtmlx e-p‘n contain- B e SRS ‘containers, 2.75; 1xmu kale, 40a50. old toms, || roughs, 2.00a3.00; calves, 4.00 | New York Cotton Special Dispatch to The Star. NEW YORK, March 7.—Opening cotton prices were 2 points lower to 1 higher today. Trading was slow. For- | elgn demand was negligible and there were heavy commission house offerings in March and May. Opening prices were March, 6.95, off 7.25, un- changed; October, 7.45, up 1: December, 3; May, 707, off 2; July, 17.62, off 3, and January, 7.69, off 4. FIRST NOT THEORY; BUT We endeavor to surround each of our 6Y2% FIRST MORTGAGES with the fullest protecting security which can be given by conserva- tively appraised improved Washing- ton real estate and this has made them popular with even the most cautious investors for over a third of a century. Throughout the entire life of the Over a Third of a Century Without a mertgage Loss "May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE 92tz rs based on jast *Ex . which giv definite income. FINA CURB SHARES GAIN IN AGTIVE TRADING |Public Utilities and Invest- ment Trusts Prove Fea- tures of Market. BY JOHN A. CRONE. Spectal Dispatch to The Star. NEW YORK, March 7.—The Curb Exchange opened higher today and turned active as the session progressed The betterment of the Insull group of utilities stimulated trading in power and light shares. Electric Bo & Share was a shade | higher, but Cities Service was off a | trifle. Standard Oil of Indiana firmed, following the strength displayed by several other Standard Oils. Niagara Hudson Power eased as American Superpower hardened. The strength displayed by stocks in London was felt here in early dealings in British shares, such as Brazlian Traction, Woolworth, Ltd., and British- American Tobacco. Hard on the heels of this movement came buying, both foreign and domesuc in oils, chiefly the Standard Oil gre Meanwhile, Anves'.ment trusts, under the leadership of Atlas Utilities, Blue Ridge preferred and Shenandoah Cor- poration preferred, pushed ahead vig- orously. Atlas was the most active stock during the forenoon. This fol- lowed publication of its annual report showing that during 1931 capital stock and surplus account had been increased from $15.650,000 to $53.730,000. Atlas Utilities’ report stated that the asset value of the common stock had been fully maintained last year, though general market averages decreased 53 per cent. Capital and surplus account of $53,730,000 represent excess of as- sets over liabilities. The latter are | given as only $3,187.634. After Atlas attained a new high, Blue Ridge preferred and Shenandoah pre- ferred did the same. Hydro-Electric securities duplicated its best previous price. Insull Utility Investment ral- |lied following a 6lz-point bulge in Commonwealth Edison and a 3% -point recovery in Middle West Utilities pre- ferred ex-warrants, U. S. SHOE PRODUCTION INCREASED DURING YEAR By the Associated Press. Per capita production of amounted to 2.6 pairs in 1931, Statistics released today by the De- partment of Commerce showed that a total of 316,239,809 pairs were produced during the year, an ‘increase of 4 per cent over the nrevious 12 months. New England manufactured slightly more than 35 per cent of the total., According to volume, the important| shoe-producing States were New York. | 233 per cent, Massachusetts, 23 per| cent; Missouri, 128 per cent; New Hampshire, 7.1 per cent; Illinois, 7.1 per cent: Maine, 5 per cent; Pennsyl- vania, 4.8 per cent; Wisconsin, 4.6 per cent, and Ohio, 3.6 per cent. In nearly all of the States the output for the year exceeded that f 1930. Massachusetts and New York, the quantity producing States, shared in the increased output. The New York increase of 6.8 per cent resulted in a total of 73,777,340 pairs and the Mas- sachusetts increase of 4.7 per cent raised the total to 72,793,702 pairs. PARIS BOURSE PRICES. PARIS, March 7 (#).—Three per cent rentes, 79 francs 10 centimes. Five per cent loan, 100 francs 95 centimes. Exchange on London, 89 francs 55 centimes. The dollar was quoted at 25 francs 421% shoes Stoek Exthnngs Ofl er. NEW YORK, March 7 (#).— United Chemicals Co. has sent a letter to holders of its $3 preferred stock of- fering to exchange one and a third shares of Westvaco Chlorine Products Corporation common stock, now held in its treasury, for each share of its own preferred. Westvaco is a sub- sidiary. The offer expires on March 31. Microscopes are of the greatest use in steel works for examining castings for possible flaws. WE'RE ONE WITH YOU —and every other red-blooded American, whose “shoulders go readily to the wheel,” to put idle dollars to work and pull busines back to normalcy. | The facilities and service of this 118-Year-Old Bank are available to ALL our cus- tomers. “National etropolitan BANK 15th St. Opposite U. S, Treasury MORTGAGES FACT they pay 674% interest es both a gcmrous and NCIAL. $5,000 Life Insurance for §44,65 Annually (At Age 35) SEND DATE OF YOUR BIRTH FOR ILLUSTRATION $700,000,000 M. LEROY GOFF 1036 Woodward Bldg. Nat. 0340 Insurance Exclusively Over 20 Years Company’s Assets, Flnt Mortgage Lolnl Lowest Rates of Interest and Commission Thomas J. her & Company, Inc. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS On improved District of Columbia Real Estate Security 67th Series of stock now open for subscription James E. Connmelly, James F. Shea, President Secretary Invest in First Mortgage Notes Secured on Individual Homes An inves has pa tected title guar lfum that ed every tes Pro- Denominations of $100 s more @ENON & LUCE] . 1435 K St. N. Washington and Suburban Companies (Washington, D. C.) $%% COIlmrldl Trust s Due March 1, 1941 ‘Tax Refund in Maryland and District of Columbia Secured by deposit with the Trus- tee of approximately 847 of the common stock of Washington Gas Light Company and the en- tire capitalizations of Alexandria Gas Company and Washington Suburban Gas Company. Price on application Complete circular on request Chase Harris Forbes Corporation NEW YORK WASHINGTON OFFICE 922 Fifteenth St. N. W. Telephone National 9046 CONDITION EQUITABLE LIFE INSURANCE COMPANY OF THE DISTRICT OF COLUMBIA December. STATEMENT OF 1§ Of Th day of Sec PR he G $363,650.31 1,993,273.28 23 59 0574 5.8 | New premiur Renewal b Total pren ‘Total intere Other ~ incom Total +2,361.92 3071 income... .902,835.13 DISBUR: Net amount paid red end: $464.817.23 holders . 588.437.64 All other disburser 1 4 Total disbursen ASSETS Gross _mssets...... Deduct assets not Total policy Other ~labilities Capital paid up . | Unassigned Tunds "(sirpiisy, ON YOUR SAVINGS $5 SAVINGS MONTHLY Will accumulate rapidly . . . totaling $339.75 in 5 years—$773.30 in 10 years —and _$203285 in_20 years. Start your savings account today to provide for later years. Open Daily 9 to 5 Saturdays Until Noon 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY [BUILDING ASSOCIAT ION] 232, NINTH ST Mot UNDER SUl