Evening Star Newspaper, March 11, 1932, Page 15

FINANCIAL. U. 5. BOND ISSUES MAINTAIN ADVANGE Other Parts of List React Following Recent Gains. BY F. H. RICHARDSON, Specisl Dispatch to The Star. NEW YORK, March 11.—While thcl general bond list reacted today, follow- ing the maintenance of the New York | Federal Reserve rediscount rate when a cut had been expected, United States Government bonds ccntinued their fm- | Trading was slower than|am Metals provement on_Thursday. The market had a steady tone at USs3 Uss US3%s43-47 Uss3 6. US4 US4 Abitibl P&P s '5: A'leghany Cp Alleghany §s J0N Recetved by Private Wire UNITED (Sales are Bales. High. Lib 3% s32- 7.. 85 992 L1st4%s32-47 16 L 4th 4% s 33-38 235 7S 3851-55 US3ks'49.... 3 Beddin 63 s J 40- 90 22 92 17 95 29 % 46 s4 %s4 AmN Gas 6 Am S&R 1st the opening and for a while junior | Am Sug Ref 6s°3 securities advanced along with Govern- ments, but selling came into the mar- ket and prices trended lower. A cut in bill rates, which was interpreted to preclude a lower rediscount rate next week, was followed by fresh buying of Governments and prime corporation bonds, but the profit-taking in second and third grade securities continued. It was the first reaction the market has had in over three weeks, however, and it was regarded as a temporary phase. Consequently when railroad is- sues of a speculative nature, such as Missouri-Pacific_5:s, Erie Nickel Plate 41is and Western Maryland 528 had drnppod a point or two, support was encountered. Among industrials there were early losses of a point or more in Interna- tional Match 5s, Dodge Brothers 6s and Texas Corporation 5s. These de- clines were partially retraced. In the lesser rated utilities there was also & tendency toward lower levels. Western Union 6'4s and Utilities Power & Light 53¢s both lost a point. Small declines appeared in International Telephone 5s, American & Foreign Power 5s and American International 5':s. How= ever, high-grade utility and carrier ob= ligations, which have in the last few days had a broad improvement, held thelr gains. This applied to Atchison General 4s, Norfolk & Western 4s, American Telephone 5s, New York Telephone 4':s and others. The foreign list was disturbed by heaviness in the German group, reflect- ing uneasiness over the possible outcome of next Sunday’s elections. Young plan 5148 sold down more than a point 10 a * price about 3 points under their recent fl Great Britain 5':s were frac- llonally lower, mirror\ng somewhat easier sterling quotations. Most other Europeans had small, but unimportant, declines. The South American list con- tinued steady. Japanese issues were * unchanged. There was again considerable atten- tion paid to the new capital market. New York City borrowed another $20,- 000,000 out of the $151,000,000 revolving credit arranged earlier in the year. ‘The money was borrowed at the ra which is constant with the credit, of 53 per cent. This is mow somewhat above the market's appraisal of New York City obligations. P PARIS BOURSE PRICES. PARIS, March 11 (#).—Three per cent rentes. 79 francs 20 centimes. Five per cent loan, 100 francs 85 cen- times. Exchange on London, 92 francs 1215 centimes. The dollar was quoted at 25 francs 40%; centimes. Consolidated Gas Sales. BALTIMORE, March 11 (Special Industrial power sales of the Cons dated Gas, Electric Light & Power Co. of Baltimore in January, exclusive of power supplied to the Bethlehem Steel Corporation Pa ‘and the Baitimore Copper Smelting & Rolling Co., totaled 34,480,- 291 kilowatt hours, as compared with 34,754,253 kilowatt hours in January last year, a decrease of 0.79 per cent. Sales of gas for industrial and com- mercial purposes were 240,037,900 cubic feet, compared with 299,025,600 cubic feet in January, 1931, a decline of 19.73 Company Retires Stock. NEW YORK, March 11 (#).—Stock- holders of the Commercial Credit Co. voted at a special meeting in Baitimore to reduce the corporation’s capital by retiring 37,052 of its 1,037.052 shares of d_and outstanding common stock and charging the cost, $737,576.54, to capital. H i ) 1 H H H H H H H H H H H 3 H H H H 1 H H H H : Washington Stock Exchange. 3 SALES. | & Electric 45—$1,000 gto at 84, $1,000 at 84, $1,000 at 84. 3 Washington Gas 55s—$500 at 101. BONDS. Bid and Asked Prices. PUBLIC UTILITY. ouj Georgetown Gas 1 Potomac Elec. Con: 5 Potomac Elec. 65 19 S Alex. & Mt Version cit, Washington Gas 4'zs ¥ Cli (" Cold Storase o STOCKS. Am T&T cv 412539 AmT & T 5s'65 Am T&T c tr 5s '46. Am T&T 588 1'60.. Am T&T 5%s'43.. Am W Wks 58'34.. Am Wat Wks 6s ‘75 Argentine 5%s '62 Argentine Ma; Argentine 65 Ju Argentine 6s Oc'59. Argentine 65 A Argentine 6s B '58 Arm & Co 41 Arm Del 53s Assoc O11 6835 Atchison gn 4s 95, atchis cv 4158 s Atch Anzfl,u 62.. 5 Atl Ref db 58 ° Australia 43585 Australia 58 '55. . Australia ss 51 Bl of Chile 61555 Bk Chile 6% s '61. Batav Pet 41s 42, Belgium 6s '55 Belgium 63;s "49. Belgium 78 '55. .. Belgium 75 56, Bell Tel Pa 55 B Bell Tell Pa 53 Berlin Cy El 65 '55. Berlin C E 6%5'50, Beth Stl pm 55 '36. Belivia 75'69. . Bolivia 85 '47. Bordeaux 6s ‘34 . Bost & Me 4% 561, Bos & Me 58’55 Bos & Me 5567 Brazil 63s'26. Brazil 6%s°27. Brazil Brazil 8541 Bremen 7s'35 Bk Ed gn A 55 '49 Bklyn Elev 6%s Bkiyn Man 68 '6 Bklyn Un 5545 Bklyn Un 1st 58 Buenos A 6861 Pv. Buff Gen El 4%8'31 BR & Pitts 438 57 Bush Ter con 58'55. Bush T Bldg 55'60. Callf Packing 5: Canada 4s'60 Can Nat 4%s'57 Can Nat 4%4s'68. . Can Nat 4% °5: Can Nat 5s July" Can Nat 5s Oct '69. Can Nor 414s'35... Can Nor 6%s db 46 Can Nor Tt db 40 Can Pac db 4 Can Pac 4% s CarClin& O 6s ' C&O4%sA'9 C&O4%sB '35 C B&Q 1st rf 58'71. CB&Q Il dv 33849, Chi & Est 111 68°51. Chi Ind&L gn C M StP&P 58 7. C M & St P ad] 6 57 C&NW 43%sC2037. 6 Chi & NW cn 4%s. .144 Chi RI&P rf 45 '34. 20 Chi RI&P 4%s'52 27 ChiRIecv4%s’60. CL1T H inc 65 '60 Chi Un St 58 "44 Chi Un Sta &8 B'63. C& W Ind cn 4s'52, C& W Ind 5%8'62.. Chile 63763, Chile 78’42 Chile Cop db 58 '4 CinUnTrust 58 2020 “olomb §s Jan '61.. Colomb 68 °61 Oct Col G&E 58 May'52. Col G&E cou 5861, Com Inves 534849, C C Md 1st rf 58'50, Con G NY 4145 '51 Con G NY 53845, Consum Pow 5852, Cuba 5348 "45 Cuba IR R 58 '5! Cuba Nor 5% '42 Del & Hud rf 45'34. Denmark 4148'62.. 3i 37% a7 26% 86 70“) Denmark 6s Denver Gas 58 '51 D&RG W 58" DRG& W 55'7 PUBLIC UTILITY. td Elec. Power 8iice p Waih. Rwy. & Ei com Wash. Rwy. & EL pfd. 5 NATIONAL BANK., Capital (14) Columbia (12 Commercial (stamped) (10) District (8) Fed -Amer. Nati. Bk. & Tr. Liberty (78). Z Lincoin (10) opolitan ( (18) 8 | Wasmington (12 TRUST COMPANY. umer. Sec. & Tr atl. ‘Bav. & T Frince Geores B Qrton Trust () Wash. Loan & Truj 4 oo Bk Wash. Mechanics (20) FIRE INSURANCE. American (12) Corcoran (10) Firemen's National U TITLE INSURANCE. a (6h) : Real Estate (6h) MISCELLANEQUS, Bid. Asked. Barber & Ross, : § Gol, Medical Bid d Emer. Bromo-Sels, A Federal Stocare ptd 8) Fed.-Am. Co. com. 1.20f) -Am. Co. pfd. (6).... Lanston Morotype (6). 1‘.""“ s . elia®% extia, French 74541 | Det E G&R4Y STATES. m $1.000.) Low. 98 30 100 10 100 8 100 23 100 19 100 19 9012 9215 95 28 95 28 956 97 28 98 4 100% 1041 100% 102% 100% 104 9% 824 5815 66% 661y 65% 6674 65 76% 66% o 101% 90 93% 13% 18% 13% 18% 59 98% 24% 244 854 83 1% 21 95% 3% 37 25 8614 6! 82 854 90% 31% 40% 94 2:58. 99 100 10 90 14 9215 95 29 9528 956 97 28 1 100 29 14 102 28 10228 . High, Low. 2:58. 1 41 314 100% 106 1004 102% 100% 104% 94% 82% 581 67 6614 67 671 664 6% 674 101% 90% 93ty THE EVENING STAR, Sales. High. Low. 6 5 50 Int T&T ev n.s-’n. 1 Int T&T 6s°55, Kan G&E 4%s 'ln Karstadt 6s°43 XKresge Found Lig & Myers 7s '44. Lorillard 58 '51. Lorillard 7s *44. La & Ark 55 '60. 5 LouG & El s '52,., L & N uni 4540, McKes & R 5%a'50. Manh Ry 1st 45'90. Market St 78 '40. . . Marsellle 63 ‘34, Midvale Stl 58’3 Milan 6%s'52 7. MK&T prIn 58A'62 Mo Pac gn 45’75 Mo Pac 5s F 17, Mo Pac 58 G "78. Mo Pac 5s H '80, Mo Pac rf 58 '81 Mo Pas 5148 A ‘4 Moblle- Mont Pow 6843, .| Mont P db SSA"I. 8514 13% 144 13% 18% 60 98% 24% 24% 85% 83- 1% 21% 9574 ™ 6 104% 1043 104% 1 100% 100% 100 'l 101% 101% 101% 665 66% 95% 87% . 90% Finland [ FlaE( nCablesi4s'47. 1 n Motors 6 . 21 102 GenTh Eq6s'40,., & , % German 538" 109 “41% German Bk 6s°38.. 21 Ger Cen Bk 65°60 7 1 r Cen Bk 65'60 0 12 rman Tsrep'49.. 49 T2% 726 82% 961y 654 631 G'IM orgniis 51 Grt Nor gn 7s '36. Haiti 6s'52. . 5 Hud & M adj 5857, Hud & M rf 55 '57.. Humble Of1 58 '37. , Humble O 53832, 111 Bell Tell & 111 Cent 4553 Il Cent rf 4555, 111 Cent 4% . mc Tl C¢ Inland St 4145 4 Inland St 4% = B'S1 Int Rap Tr 5s '66. { Int Rap Tr sta '66. Int Rap Tr Iut Rap Tr Int Cement 58 '48 . Int & Gr Int & G Int Hydro E1 0s-4¢. 30 Int M Cobsret'4l. 82 Int Match 68'47... 49 IanIDSIA 470 1= s 'S IntT&Tl%l 52.. 10 T2% 47 41% 41% 80% 5l 52% 102 1% 4T% 54 41% 957 884 90% T2% 47 41% 42% 80% 51% 53 .1 8 5 5 15 1164 116% 116% 55% B5% B5% 102 40% 40% 37 37 61% 4l% 4w 81% 96 9844 72 T2% | Mor&Co 18t 4135'39 Nat Dairy 534 #'48. . Nat Steel 58 ‘56 NOT&MGs B '54. NOT&M5%s’54, Nw S Wales 5857, Nw S Wales 58 '58.. NYCgn3%s'sr.. N Y Cent 48 '98. N Y Centdb 4s5'34.. N Y Cent 4%82013, NYCrfimb6s2013 NYC&StL4s 1.. YC&StL 63 '32 Y Edison 58 B'44. NYNH&H cd 6848, NY O&W 1st 48'92. N Y Tel 4155'39 NY W&B 4%s Nia Sh Md Nord 6% s "5/ or & Wn cv 45 '96. No Am Co 55'61. .. Nor Am Ed 55 C'69. Nor Am E 5% '63. Nor Pac 48'97 Nor Pac 55D 2 Nor Pacr1 63 2047, Nor St Pw 55 A *41. Nor St Pw 6s B 41, Norway b5 6 Norway 5%8 65 Norway 6s'43. Norway 8544, Norway 6s'52. . Ogden&L Ch 4 Oreg-Wash 4s Orfent Dev 5%s'58 Orlent Dev 65 '53. .. Pac G&E 5s'42 Pac T&T 1st 48, Paramount 6s ‘47. . Paris-Ly M 6s'58. Pathe Exch 7s '37. Penn 43,5 D '81. Penn gn 415565 Penn %570, Penn 4%s'63. A M 68743, .+ PCC&St L8 A 'T0.. PCC&St L 58 B'75. P&WV4usC Poland 75 '47 Port Gn E14%43'60. Pos Tel & C 58°53. Prussia 63 '52, Public Serv 4s'71. Pub Sv G 4148'70. Pure Ofl 6%43'37... Queensiand 6s ‘47 Queensland 15 '4 Read gn 4148 A Rem Arms 63 A '37. Rem R 5338 A '47.. Rhinelbe 75°46. ... Rhine West 63 °'52. . Rhine West 6s'53. . Rhine West 65 Rhine West Rich Of1 Cal 65 ‘44, Riode Jan 614553, R Gr Do Sul 65 '68., R Gr Do Sul 85 '46., Rio Gr W 1st 4s’ RIAr&L 4l Rome 6348°52, Roy D 4545 ww StL 1M R&G 48’33, St L&SF in 48 A ‘50 StL&SF4%s'Ts. StL&SF pl15s B '50 St L 8W cn 4s 32, StL SW 5852, SIP&KC SL 415841 SanA&A D 4s'43, Sao Pau 75’40 rot . . Sao Paulo 8s '36 Saxon W 614851 Saxon 7s'45 SeabA L 4 Serbs-Cr-§1 7 S18s B8hell Un Oil Shell Un O11 & Shinyetsu 'iimmrmxsl,.'u Sinc O e cv A'37, Skelly O11 514833 Solvay Am 5842, Sou Bell T&T s '41 SW Bell T 53 A '54. Sou Pac col 4s 'l"a Sou Pacref 4s* SouP 4%s’'60 " SouPac4i4s'sl.., Sou P&OT 448 77, Sou Ry gn 4x 56 Sou Ry 58 '94. Sou Ry 65 '56. Sou Ry 6%8'56. StOIINJ5s'¢6 S8t Oil \Y‘Kn'il 82% | Sug Es Or 7542 96 65% 6348 8% 988 98% 17 mots loov. 1004 + 15 101% 101% 101“ 6 4% 5( A1% 584 46% 97% Sweden 543 '54 Swiss 534546 Talwan EP § Tenn EI P 63 A 'u Ter As St L 4s ‘63, Texas Corp 5s 44 Third Av rf 4s'60 ‘Third Av 1st 55°3' j 5 Toho El Pw 65 '32 Toho El Pw 78 65 Tokio 51%s 61 e hio 58 '38. =..?2..-.-m.e;.a RITETY o i anBakGembraboniBaannn 2:88. 50% 464 90 72 61 045 6215 6814 86% B4y 211 o115 49% CHANGE S 0PPOSED Virginia State Auditor Sees Discrimination Against National Banks. By a Staff Correspondent of The Star. RICHMOND, Va., March 11.—State Auditor T. Coleman Andrews last night issued a statement explaining his nppu. sition to the Senate Finance tee's amendment to the bill whlch would require banks in which county funds are on deposit to give bond or pledge securities for their protection. The amendment would allow banks to make county funds a preferred claim. Referring to the bill as it passed the House, Andrews said that it s the same requirements that is in effect with re- spect, to funds of the State received by the State treasurer, except for the fact that a much wider range of securities is acceptable under the provisions of the House bill than under the provisions of m“‘nhe law with respect to the securing of 47| State deposits. 91 “The amendment proposed by the P'l.nsnce Committee of the Senate,” he said, “would give the deposits of coun- ties preferred status to any deposit. The amendment would apply only to State banks, hence the amendment would put State banks in the position to bid for county funds on a much more attractive basis than the national banks. So it may be properly said that the amendment is a gross discrimination against the natlonal banks. “‘Proponents of the amendment urged its adoption by the committee on the ground that country banks needed the money. It strikes me that if this were true it would be the very reason why the amendment should not be adopted, because it hardly can be argued suc- cessfully that & bank which needs de- posits so badly that it will urge a vio- lation of the long-established principle that deposits of public moneys should be secured, should be entitled to re- ceive such deposits unless they are se- cured by the deposit of liquid secur- ities.” The bill is one of two which bonding companies have informed the auditor and the Governor would be necessary if the companies are to continue to write bonds for Virginia treasurers, or to re- main on the bonds of a number of in- cumbents. The other bill was to pro- hibit county treasurers from holding out tax tickets, Failure to report delinquent taxes is made & misdemeanor and malfeasance in office under another bill passed by the House, while still another empowers the Governor to remove an officer for malfeasance. It was explained in the House that the shortages of treasurers usually re- sult from the official failing to report delinquent taxes in order to save tax penalties for political friends. ® Over a period of years the taxes not collected reached into large totals in some in- stances. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., March 11— White potatoes, per 100 pounds, 75a 1.05; sweet potatoes, bushel, 35a80; yams, barrel, 125a1.50; beans, bushel, 1.5023.50; bteh crate, 2.2582.50; cab- bage, 1.00a2,00; carrots, bush. el 1. NCHE crate, 1.75a ; celery, crate, ; kale, bushel, 35a50; Brussels sprouts, 12}2a 15; lettuce, crate, 2.00a3.00; onions, per 100 pounds, 3.5084.00; Fppm, crate, 1.50a2.50; spinach, bushel, 1.00; squash, bushel, 1.00a1.50; 'tomatoes, crate, 1.00 22.75; turnips, hamper, 25a40: apples, bushel, 75a1.50; grapefruit, box, 1.25a 250; oranges, box, 2.2584.25; straw- berries, quart, 25a30. Daily Markets. Chickens, young, 22a24; Leghorns, 21 a22; old hens, 15al8; Leghorns, old, 12a16; roosters, 11a12; ducks, 12a22; geese, 11al8; pigeons, pair, 20a25. Eggs—Receipts, 1,570 cases; current receipts, 13; duck eggs, 16a20. Butter—Good_and fancy, creamery, 21a24; ladles, 15a16; process, 19a20; store packed, 10all. Hay and Grain. Wheat—No. 2 red Winter, garlicky, spot, domestic, 583;; March delivery, 58 April, 59% Corn—No. 43a44; cob barrel. Ol No. 2 white, domestic, 34':a 3515; No. 3 white, domestic, 33'4a34%%. Rye—Neurby. bag lots, 45a50. Hay—Receipts, none. General hay market is quiet. Receipts ample of timothy, but good mixed hay scarce and bringing a premium. Prices range from 12.00 to 16.00 per ton, as to grade and kind; latter figure for choice clover mixed, The poorer grades of timothy are irregular in price. Straw—No. 1 wheat, 8.50a9.00 per ton; No. 1 oat, 9.00a10.00 per ton. Live Stock Market. Cattle—Receipts, 800 head; strong; good to choice, 6.25a7.50; medium to good, 5.0086.00; fair to medium, 4.00a 5.00; plain to fair, 3.50a4.00; common to plain, 3.00a3.50; bulls, medium to good, 3.75a4.00; fair to medium, 3.50a 3.75; plain to fair, 3.25a3.50; common to plain, 3.00a3.25; cows, medium to good, 3.50a4.00; fair to medium, 3.25a 3.50; plain to ‘fair, 2.5083.50; common to plain, 1.50a2.50; heifers, good to choice, 5.0085.50; medium to good, 4.50 25.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.5083.00; fresh cows and Springers, 30.00260.00. Sheep and Lambs—Receipts, 125 head: higher; good to choice lambs, 7.50a.25; sheep, 1.00a3.50; lambs, com- mon to medium, 4.00a6.50. Hogs—Receipts, 600 head; higher, lights, 5.10a5.80: heavies, 4.80a5.35; medium, 5.2586.80; roughs, 3.25a4.35; light pigs, 4.5085.00; pigs, 4.8585.50° Western hogs, 10a15 higher than quo- tations. Calves—Receipts, 50 head; higher; calves, 4.00a8.50. 2 yellaw spot, domestic, corn, new, 2.00a2.10 per General Foods Earnings. NEW YORK, March 11 (#).—Earn- ings of the General Foods Corporation for 1931 declined only 4.88 per cent below those of 1930, the concern’s an- nual report showed today. Net profits were $18,153,719, equivalent to $3.44 a share on 5275667 shares, against $19,085,595, or $3.63 a share on 5,256,843 outstanding shares in 1930. The balance sheet reveals an im- proved liquid position. Japanese Blnkixate Cut. TOKIO, March 11 (P).—The Bank of Japan_ lowered its discount rate today from 657 to 5.84. e Colombia exported 17,000,000 barrels of petroleum last year. Lows 611 99% 91 Sales. High. 2! 624 Vienna 68 ‘52 VaRy & Pw Va Ry 1st 58 Wabash 4148°78.... Wabash 24 55°39.. Warn Br Pic 65'33. Warn Quin u"u. 5 West El db s West Md 4s West Md 53%s West Pac 55 '46 West Union 5; w Wil-O 1st 645 ‘Wis Cent gen 45'36. Yokohama WASHINGTON, D. C, FRIDAY, MARCH 11, oo voue- BONDS o wemna ] (QUNTY FUND BILL (GOLD-BASE URGED AS AID TO TRADE Chamber of Commerce Com- mittee Makes Plea for In- dustrial Stability. BY CHAS. P. SHAEFFER, Associated Press Business Writer. The American Committee on Inter- national Settlements of the Interna- tional Chamber of Commerce believes & return to the gold standard by those countries that have abandoned it is necessary to restore the stability of industry and finance. In a report to the chamber it urged that every effort be made to br! nbour. 8 prompt return of the gol tendard, although it was suggested l.hlt special llbenl.lnn be given to the requirements of each country in de- termining the time and level at which a return to the standard should be taken. The report said abandonment of the standard by Great Britain and 14 other countries, and the precarious condition in which a number of other govern- ments, still nominally on the stand- ard, find themselves, have given rise to great uncertainty throughout the ;orld with regard to monetary poli- les. ‘The committee does not consider that blame for these conditions can be placed upon defects in the gold stand- ard or its operation. The standard, it was pointed out, for nearly two decades has carried the burden of the greatest upheaval and readjustment in inter- national finance the modern world has ever seen, and the present maldistribu- tion should be attributed to the shifts accompanying war and reconstruction, the subsequent weakening of the world's credit structure, and to the lack of balance in international trade rela- tionships, rather than to a failure of the old standard itself, or to a short- n the world uupply of gold. Actlon of Great Britain and Japan and other countries that have gone off the gold standard has been involun- tary; they did not abandon it from choice, but rather on account of cir- cumstances considered by them to be beyond their control. The balance of payments on their debts with the rest of the world was constantly against them in such volume that they were losing rapidly their reserve of gold which was the basis of bank credit. thus bringing about a contraction of credit with its consequential depress- ing effects on business and price levels. In great measure a continuance of the standard appeared to be the way of losing their entire gold supply. e e o Export Copper Price Drops. NEW YORK, March 11 (#) —Copper in the export market today dropped 4 cent a pound nearer to its recent low lovel. Metal was offered at 6 cents & pound on “special offering” of a lim- ited tonnage through Copper Exporters, ‘This quotation is % cent below the price prevailing the last two or three days. BONDS ON THE CURB MARKET. n Ol & Ariz L&P 5 8 X ¥ ot b o n ugé’?_ 'u ,, ! ., ': SI2ITABIEVSIIILES ’.r B 2% lmmu mnu S5 B 4 Int Sec 75 E " It ermatl Sait 5 10 Intern Sec Al s 15" (53 en Utilit Ist 55 ‘69 7 10 Koppers G&C 55 '47 § Kopper G&G 5'as '50 s iss Pow&Lt 5s '87. iss River Pw 58 '51 9 on L H&P 5 Wes 3 0% 28 P2 Ohio PAL 8145, ‘54 10014 I1Phila Elec 5‘" '72. 104 |P1=dmtb i s A 67 gD 1 <<qaagaada Fasgacs EEE! TV 85 -Astor 7s .‘lln Alr Pr 'l'1l Kd 5 Cent Bk Co 3 21 Cflm P 1 Cuban Tel 1Eur E1 L] 8 Europ Mt 1 First Bo G 2 Ger Cons_M: s”lfl‘m‘“’ h: :' g HEE Bec 4 5 ummgfi?m' 10 s 48 xw. ww— Wi ‘warrants. g wi—When issued. o Bgumnmresusgsns ¥ E R TS 1932. FINANCIAL. N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. Dividend Rate. Add. 00. Alabam Pw pf (7). 40s Alabam Pw pf (6) Allied Int Inv ¢ pf Aluminum of Amer 150s Aluminum Ltd. ... 2 Am Capital pf (3) AmCitlesP&LB. Am Equittes. . Am & For Pw war Am Gas & El (31).. AmInvestB...... Am Invest B war. Am Laun Mch 1.20. 50- Am Maize (2) Am Manufacturing IBOI Am Superpower... 18 Am Super pf (6). 2 Am Transformer. 1 Am Ut& G B vte. 5 Am Yvette 2 Appalachian Gas... 2 Asso El Ind Ltd 1 Arkansas Nt Gs A 8 Asso Gas & Elec... 2 AssoGEEADI%. 29 Asso G&Ect (8).. 508 Plywood 1 Utilities Utilpt A (3). Benet Ind Loan 1% Blue Ridge. Blue Ridge pf llIH ‘Brazil Tr L&P (1). Brit-Am OI1 C 80c.. Canadian Marcont. Carib Syndicate Carnegie Metals Cent PbS A (b5%) Cent States Elec. .. Citles Serv (g30c). Cities Sve pf (6).. Clev El 11lu pt (6). Colon Ofl « Col Pletures vte 3 7 Col G & Ecv pf (5) 180s 89 Comwth Edison (8) 18 943 Comwlth & Sou war 7 Comunty Wat Sve. 1 Cons Gas Bait 3.60. 3 Consol Oil Corp. 25 Cont G&E prpf(T). 1 Cont Shares cv pf.. 50s Cooper Bess pfA.. 1 Cord Corp Corroon & Rey pf A Creole Petroleum. . Curtiss Mfg A Curtiss-Wrigh Cusi Mexicana Min. 1 1 2 1 5 Darby Petroleum., 2 1 2 1 1 2 1 208 100% 2 » Dayton Air & Eng. Deere & Co. ... - De Forest Radio. Derby Oil & Refin Duquesne Gas. . Durant Motors. 1 G&F Aspf (6) 2 East States Pw A.. 258 Elec Bond &S b6% 340 ElecB&Spf (6).. 13 Elec B&S cm pf(5). 7 1 Bond & Shnw.i. 85 c Pwr Asso (1). 1 ec Pw Asso A (1) 1 lec PRL 24 pLAT. 1 Slec P & Lop war. 10 Europ Elec debrts. 10s Faleon Lead. . . 13 Ford Motor Can A. 2 Ford Motor Can B. 258 F'd M Ltd p 36 3-5¢, Foundation For Sh. General Aviation. . Gen Theat Eq cvpf. Georgia Pw pf (6).. Glen Alden Coal(4) Golden Center. .. Goldman Sachs. ... Gorham Inc pf.... 50s Gorham Mf vic1.60 1 121 GtA&PTn v 16%. 1508146 Grief Br Coop A 1.61 258 9 Guilf Oilof Pa... 6 30% Hecla Mining (40c) 3 Hudson Bay Min... 15 Humble Oil (2) 2 Imp Ol of Can 50c., 4 Ind Terr I1OH1 A. 1 Insull Iny 8 Insull Util2dpf6.. 1 InsCoNAm (2)... 1 Insurance Sec. 3 Int Petrol (1) 1 Interstate Eq M 2 Int Superpower (1) 2 i 3 4 2 Ital Superpw dbrts 11 Kolster-Br Amsh., 10 1% LehCoal &N (1).. 2 11% Libby McNeill& L. 1 3w Lone Star G n(60c). 2 6% Long Isl Lt pf (7). 308 101 Long [ Ltcm pf B'6 255 86 LouisianaL&Ex.. 5 &% Magdalena Syn Margay Oil (1). Mavis Bottling Mead Johns (133). Mem Nat Gas (60c) Mid West Util b3 % Mid W Ut ¢ pf xw§. Midvale (4).. Mo Kans Pipe L. Miss R Fuel db rt Moh Hud P 1st pf 7 50 Mont Ward A (7).. 108 Mountain Prod §0c. 8 Natl Fuel Gas (1). 17 Natl Investors. 3 Natl Invest war. tl Pw&Lt pf (). 3508 7 2 atl Sugar NJ (2) 1 22w Neptune Mtr A 1.20 4 7 w Eng Pw pt (§) 105 52 'w Eng T&T (8). 2110 New Mex & A Lnd. 1 ¥ N Y Tel pf (635)...175s114 Niagara H Pw (ll\c) 27T 6% Niag HPw A wr. .. 1 Niag Sh Md (20c).. 3 Stock and Dividend Rate, uaw High. Low. Olose. Nipissing.... Noma Elec (40¢). Nordon Ltd. . . North Europ Of1... 1 North StaPwA (8) 1 Nth Sta Pw cm pf 6 108 North S Pw pf (7). 50s Ohio Ofl em pt(6).. 42 Pac G&E 1st pf 114 Pennroad (40¢). Penn W & Pw (3 Philip Morri Philip Morrii Phoenix Sec Pioneer Go Premier Gold (1 Pub Util Hld war. Pub UtHlHdx w.. Pure Oil pf (6).... Relter Foster. .. Reliance Intl A. . 12 20s ockland L&P 90¢. oosevelt Field Rossta Intl. .. St Anthony Gold. St Regis Paper. Secur Allled (1) Segal Lock & Hr Selby Shoe (1.40). . Selec Ind al ct(512) Shattuck Den Min. . Shenandoah pf. So Am Gold & Plat. South Penn Oil (1). Sou Cal Ed pf A 1% Sou Cal Ed pf B 13 Sou Cal Ed pfC1% Spieg May Stern pf Stand Ot Ind (1) and Oil Nebr (2). and Pub Srv A .. Stand Silver & 1d. . utz Motor Car Swift & Co (2) Swift Intl (14). Tastyeast. Tech Hughes Texon Ol & Ld u) Tobacco Prod Del. Trans Lux DL P §. Tubize Chatel B Un Gas of Canada Union Tobacco. United Corp war United Founders. United Gas United Ga: ) United L&PA (1). United L&P pt (G) . US & Int] Sec. . U S & Intl 18t pt US Linespf. . United Stores vtc. United Verde Ex 1. United Wall Paper. Util Pwr & Lt n Camp Pack \\.In&BB(!Uc) 3% Walgreen Co. 10% Wenden Copper. & West Cartridge 52% 52% Willlams R C (70c) 10% 10% 10% Wiwrth Ltd 23 3-5¢. M 9 9% Yukon Gold. . .. %W % Diridend raies i doliars based on iast, dividend vp.m z s 4% i stock. & Payable ash " ey uc;“' o b"‘“ k. !Afl]u‘kmnt divid t Sock” 5 Bhen 5% in siod nnu: G R stock. m Plus 3% in stock n Blua 3% 1n Stock Patd st nn—nn TeRuAr Fate, 3*— ven 1% m 3% 10 & b2y R-K-0 Report. BALTIMORE, Marcl — delo-xelthgpheumh ét}rp(;ml.) n its first statement of earnings issued since its reorganization here last year, reports a net loss of $5,660,770, after “extraordinary charges” of $2,577,834 and dividends of $461,473 pald on the preferred stocks of subsidiary companes. This compares with the net profit of $3,385,628 in 1930, before non-recurring profits, equivalent to $1.40 a share on the company’s old class A stock. Pres- ident Hiram S. Brown states that under the plan of refinancing, which was ap- proved by stockholders at a special meeting held in Baltimore in December, Lhe purchase price of debentures and $5081.007 By w"m E n 3 e ice being payable on call. Market Averages. By the Associated Press. 13 Yesterday 233 3 SachaBaL-aonn” Month ‘seo Yeur aso ree yea Five q.,.,,, 9§'7 gogies a2=35850e S22 # %o SRCESERCRERts 3 = Fy s Yesterday . Previous” da. 22382IZIVIRI-E Prppeseatstanas s82832888a gExSepegSnnnsty STATEMENT OF THE CONDITION See Us About FIRST MORTGAGE LOANS —for buying —Ffor building —for refinancing com- pleted properties If you desite a Real Estate loan, talk with us first. We have money available for any size loan. l;rnmpl decision; low FOR OVER 40 YEARS THE_ CONSERVATIVE POLICIES AND CAP- ABLE MANAGEMENT OF THIS INSTITUTION ELCOME YOUR UERIES. Open Daily 9 to § Saturdays Until Noon IN- Northwestern M Mutual Life Insurance Co Of Milwaukee. Wis., on the 3ist day of De- cember, 1931, as required under Code of 'Law for the Districs of Cofum: INCOME New premiums Renewal premiums 88350 IR 1=." “A—-15 CURB SHARES DROP ON DIVIDEND CUTS Market Breaks Through Narrow Range ‘to Reg- ister Decline. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, March 11.—Breaking through the narrow range at the open- ing, pivotal stocks on the Curb Ex- change declined today. Electric Bond & Share present and when-issued common shares broke to new low levels for the year. Cities Service was down only a small frac- tion. Standard Oil of Indiana was more acfive ‘than usual, but virtually un- changed. Dividend omissions by foreign oper- ating companies or principal subsidi- arfes to American concerns within the past few days have served to empha- size to the investing public the eco- nomic and financial difficulties abroad. ‘Today Fckl Motor of Denmark omit- ted its dividend and consequently its parent concern, Ford Motor, Limited, reacted. Much of the selling in Electric Bond common and preferred stocks mday was_directly attributable to the omission of dividends on the two senior preferred issues of American & Forelgn Power, which is Bond & Share’s chief foreign operation subsidiary. Danish Ford in previous years paid a dividend of 10 per cent. The com:- pany, however, in 1931 transferred the year’s net profit of 4,000,000 kroner to the reserve account. Ford Motor of Canada A and Stutz Motor were rela- tively stable today. Ohlo Oil preferred falled to appear on the tape in the forenoon. This was in marked contrast to Thursday, when more than 20,000 shares changed hands as a result of crossed sales by brokers who ordinarily act for the Rockefeller interests. Perhaps some of today's ac- tivity in Standard Ofl of Indiana, with more than 10,000 shares changing hands within a few hours, resulted from crossed sales. Under the new tax propcsals the Gov- ernment would increase its impost on gifts. Estates therefore have been mak- "‘ { ing gifts of securities to various philan- throphies in anticipation of the new gift tax as well as the new and higher Fed- eral stock transfer tax. Imperial Oil, a luhldhry of Standard Ol of New Jersey, was up slightly today on the remarks of Vice President Victor jRoss, who sald, in Ottawa, that the 26,500,000 outstan shares were “far too many.” The itting-up process, he sald, was carried too far, so that the stock is in weak hands. Grain Market By the Associated Press. CHICAGO, March 11.—Influenced by big shipments of wheat from the southern hemisphere, prices mztd lower early y. Moderating ratures in domestic Winter wheat lewmm :l.l:;‘!; bearish factor. n] unc! to down, wheat n!terwn.rd held near u‘:e initial also started unchanged ofl and subsequently kept lutdy New York Cotton Special Dispatch to The Star. NEW YORK, March 11.—Opening cotton tods: hl(hzrmn y'mlw‘m" mand was good. ally in ll.l.rch and May. Commission house offerings were ; Opening were: March, up 4; May, r;s up 3: July, 732, u;’zs 743, up 2; December, 7.58, up 1, and JlnuAry 7.64, up 1. thin American Loans. CHICAGO ‘March 11 (#). — Thomas F. Lee, economist and stock broker, said in a survey made public yesterday that about 200,000 persons have more than $1,400,000,000 invested in Latin Ameri- can securities, the value of which have greatly decreased. Lee sald that most of the loans, made to Central and South American govern- ments at the rate of $1,000,000 a day in 1926, 1927 and 1928, were based on in- adequate knowledge of conditions. Sta- tistics on exparts and imports of the g:untlr;u involved also were often faulty, sl He suggested that similar conditions could be avoided in the future by rigid investigation of the purposes of such loans, careful supervision to see that the money is properly spent, Rledm of net incomes until the bonds have been re- tired, and use of United States mate- rials wherever feasibl $5, 000 Life Insurance for $44,65 Anmually (At Age 35) SEND DATE OF YOUR BIRTH FOR ILLUSTRATION Company’s Assets, $700,000,000 M. LEROY GOFF 1036 Woodward Bldg. Nat. 0340 Insurance Exclusively Over 20 Years Total premium income. Total interest and r Other income e $47.892,908.23 095.23 27.733,885.73 puuéy Total disbursements . Real estate office) . n: 202,360.39 . 408,737.473.80 U a15,012.340.78 (stocks, SiBc Deposits in_banks Total interest and rents due and accrued Net amount of uncoilected and deferred premium. All other assets ... 17,171,503.96 18,205.948.24 71.206.53 Gross assets ...... $983.800,843.3 Deduct assets not admitted 5 595.013.75 Total admitted BILITIES. Net peserve reatired by Taw; $802.999.526.00 Other policy Serves - (reserv e Instaliments, $53300.087.00) . 60.244,280.00 Total palicy claims (osses and ndowments, unadjusted, etc.) other liabilities (annual’ divi- o000, 10, 10 4,031,978.10 55.393,314.04 | $922,669,008.14 Reserved for contingenies (as- i depreciation. mortality fluct te. 54.506,731.44 $977,265,829.58 jnt of ordinary business pald for during the year in Fie ‘District. of Columbis. Amount of ordinary halnm the DI S $3,507,875.00 30,722,249.00 206,258,502.00 Amount of ordinary’ business paid for during the year. .. Amount ol ul’dmri Ilulnen fagiena b 4,006,140,160.00 ' ;uvw‘u:)h STATEMENT OF THE CONDITION » OF THE Lincoln Fire Insurance Co. of New York, N. Y. the 3st day of December, 1931, a Craulrea ‘inder: sction 847.0f the Cod of “Law for the District of Columbia. INCOME. Net premiums Tot: interest and ‘Tents Other incoms .. Total income -$1,724.676.19 . '347.47039 326,200.10 .$2,398,355.68 ers for losse: All other disbu; Real estate ... Mortgage loans’ ‘on’ xul ‘est 799,943 © 5,608,018. .00 303.422.48 19,799.04 87,432.67 238.897.87 Gross assets -37.035.014.43 Deduct assets not admitied.. 1.746.177.08 Total admitted assets ..$5,288,837.37 mmu Net unpaid ciaing Total unearned Other liabilities Capital paid m Surplus over all flabilit; Agents’ balances Interest and rents due’ ‘or accrut % All other assef +$5,288,837.37 NET PREMIUMS WRI U8 WRITTEN DURING