Evening Star Newspaper, March 12, 1932, Page 12

1932. FINANCIAL. STOCKS HOLD FIRM AT SHORT SESSION FINANCIAL, THE EVENING STAR, WASHINGTON, D. C., SATURDAY, MARCH 12, A2 NORTH AMERICAN " NETS $341 IN 1531 Stock and Bates— Dividend Rate. Add 00. High. Westvaco Chlor 1.60. 1, White Sewing Mach. 3% Wilcox Oll & Gas. 1% Willys-Overland ~Prev. 1932~ Low. Stock and Dividend Rate. Int Agriculture. ... . Int Bus Machine(n6) Int Carriers (10c). Int Cement (2). . ~Prev. 1933, Stock and Bales— Net. High. Low. Dividend Rate. Add 00. High. Low Close. Chge. 5 3% Yellow Truck....... 1 3% 3% 3w 174 _12% Ygstwn Sheet&Tube. 1 4% 4% 4% - 4 9% 6% Zonite Prod Corp (1) 11 9% Received by Private Wire Direct to The Star Office. 932 Stock and Bales— Net. Low. Dividend Rate. Add 00. High. Low. Close. Chge. 1 2 Abitibi Pwr & Paper. 2% 24 2% — W[ 11T 5 Abitibi Pwr & Pa pf. 8 8 5y —Dhev Sales— Wet. il sy Add 00 Hieh. Low. Close. Ches. -1 15 Report Shows Strong De- " mand for Electricity in Area Around Washington. BY EDWARD C. STONE. The North American Co.’s consoli- dated income statements, made public today, shows 193] gross earnings were $117,621,860. Balance for common stock, after all charges including preferred dividends, amounted to $22,452,917, a decrease of 16.85 per cent from 1930, and was equal to $3.41 per share on the average number of shares of North American common stock outstanding during 1931, compared with $4.53 per share for 1930. The percentage of gross earnings represented by appropriations for depreciation reserves increased from 10.67 per cent to 11.45 per cent and the 1931 appropriations were equivalent 10 $2.05 per share. “The North American Company’s forty-second annual report for the year 1931," said President Frank L. Dane, “‘covers a period in which operations of subsidiaries were somewhat curtailed and revenues consequently diminished, these effects of the general depression having been experienced by practically all business. We express satisfaction with the results achieved under the extremely difficult circumstances and we reaffirm our confidence in the op- portunities for progress in the future. “Under the company’s policy of pay- ing dividends on its common stock in common stock at the quarterly rate of 23 per cent our earnings have been conserved and, together with the liberal provision for reserves, have provided a substantial part of the funds necessary for the development of plant facilities of subsidiaries.” From inauguration of the stock divi- dend policy April 1, 1923 to December 31, 1931, outstanding common stock increased 202 per cent, while net earn- ings gained 232 per cent. Residential Demand Gains. Electric business contributed 86 per €ent of net operating revenues. Output of present subsidiaries which operate in territories centering in Cleveland, Mil- waukee, St. Louis and Washington was 4,829,446,204 kilowatt hours in 1931, a decrease of 4.49 per cent, and customers numbered 1.074,448 at the end of the year, a slight increase over 1930. Although industrial use of electricity in 1931 declined 10.67 per cent and ‘commercial use 3.51 per cent, residential use increased 7.55 per cent. The total pmount paid by residential customers Was only 3.42 per cent greater than in 1930, and average cost for household Tse decreased from 4.72 to 4.54 per kilowatt hour. At the end of 1931 there were 9,503 holders of preferred stock and 53,854 ‘holders of commbn stock, the latter an Increase of 21 per cent over 1930. At the end of February, 1932, common stockholders numbered 55,799, of whom 87 per cent held less than 100 shares each. . North American's local subsidiaries, the Washington Railway & Electric Co. and the Potomac Power Co., made their ‘annual reports several weeks ago, both showing substantial earnings for the Jear. Banking Conditions Improve, Further improvement in banking .conditions all over the country has been reported during the present week. The United Business Service of Boston re- today that conditions are best New England, Delaware, Maryland, istriet of Columbia, Wyoming, New Mexico and Arizona. “ These territories also rank relatively high in general safts results. Other sections of the country are expected Ao show improvement as the Recop- struction Pinance Corporation gets well started and as the Federal Reserve banks are able to aid in the re- opening of closed financial institutions. Such action will make available enor- mous amounts of money now tied up, Business Service asserts. It was reported recently that the first loan of $500,000 by the new Finance Corporation was made in Akron, Ohio, and that since that time bank deposits in that city have in- creased $2,000,000. Bank condition statements as of March 9 showed a continuation of the encouraging trend recently in evidence. Outstanding in importance was the 39,000,000 currency circulation decline, Which is unusually large for this time of year and marks the fifth successive weekly reduction in this item. A year ago the decline was $21,000,000 and in 1930 was $11,000,000. Pennsy Seeks $55,000,000 Loan. ‘The Pennsylvania Railroad has asked Interstate Commerce Commission ap- proval of a loan of $55,000,000 from the Reconstruction Finance Corpora- tion, to be used to partially finance its electric line project between New York and Washington, Other purposes of the loan will be to make terminal improvements at Philadelphia, Baltimore and Newark in this connection. The collateral offered for the loan includes 300,000 shares of Pittsburgh, Fort Wayne & Chicago Railway com- mon stock at $125 a share, or a total of $37,500,000, together with 362,000 shares of Pittsburgh, Cincinnati, Chicago & St. Louis R. R. common stock at $85 per share, or $30,770,000. The total collateral is $68,270,000. U. S. Treasury Issues Listed. The National City Co. has compiled 8 list of 31 United States Government obligations at present in the hands of ‘the public and bearing interest. The total amount outstanding as of Feb- Tuary 29, except the Treasury bills ‘Wwhich are taken as of March 2, is $17459,156,200. The first series of 2 per cent Treasury certificates known as the baby bonds are also listed. The obligations outstanding with ‘Wwhich are given their principal fea- tures, including the tax exemption pro- visions of each, as applied to individuals and corporations, are $13,517,370,200 in 13 issues of Liberty and Treasury Bonds; $2,032,977,500 in 6 issues of ‘Treasury certificates of indebtedness; $600,446,200 in 1 issue of Treasury notes; $518,795,000 in 7 issues of Treasury bills, and $789,567,390 in 7 issues of Consols, Panama Canal, Conversion and Postal Savings bonds. Savings Bank Votes Dividend. ‘The directors of the United States Savings Bank have declared the reg- ular quarterly dividend of 7!, per cent due at this time. It is payable March 31. Norman Call, former vice president of the Richmond, Fredericksburg & Potomac Railroad, has been elected president, to fill the vacancy caused by the death of Eppa Hunton, jr. Controller Pole reports there have been only two national bank failures since February 17, this remarkable im- ovement in banking circles being ly due, he says, to the activities of the Reconstruction Finance Corpora- tion, which has loaned banking insti- tutions more than $65,000,000 in the past month. C. & O. Bond Issue Authoriged. ‘The Interstate Commerce Commis- sfon has conditionally authorized the Chesapeake & Ohio Railroad to issue such an amount of its $28,142,000 42 per cent r!t::dlréx and improvement mortgage, series C, bonds as may as collateral for not exceed- $9,000,000 short-term notes. kholders of the Commercial Credit Co. of Baltimore have voted to reduce the company’s capital of 1,037,~ 083 of common shares to 1,000,000 shares by the retirement of the 37,052 owned by the company and the cost, amounting to $737,~ 26T, o 108 8% Adams Expres: 24 Adams Millis 10% Addressograph (1). 12% Affiliated prod 1.60. . 46 Alr Reduction(t4%) 11% Alaska Juneau (50¢) 1% Alleghany Corp..... 214 Alleg Cp pf $30 ww.. 621 Allted Chemical (6). Allied Chem pf (7). . 10% Allis-Chalmers(50¢) 5% Am Agri Chem(Del). 1214 Am Bank Note. .. 54% Am Can Co (t5).. 25 Am Car & Fdy pf ( 614 Am Comel Alcohol. . 61 Am & Forgn Pwr.... 16% Am&Forgn Pw(6)pf. 17% Am&Forgn Pw(7)pf. 10 Am & For Pwr 2d pf. 417 Am Home Prod 4.20 12 AmIce (2)..... 48 AmPwr & Ltpf (6). 6 Am Radiator (40¢).. . 7% Am Rolling Mills. . .. 12% Am Smit & Rfg(50c) 80% Am Snuff (13%).... 1% Am Solv & Chemical. 21% Am Sugar (4).. 3% Am Sumatra Tob. 107% Am Tel & Teleg (9 105 85 15% 9 122 15% 11% 18 13% 59% 104% 18% 38% 39% 8 1% 107 65 6613 Am Tobacco (16) Am Tobacco B (16 Am Tobacco pf (6).. Am Water Wks (3).. Am Woolen Co Am Woolen Co pf. Anaconda Copper. Anchor Cap (2.40) Armour of 111 (A) Armour of 111 (B, Armour of 111 pf.. 1% Arnold Constable. . 1% Associated Apparel.. 71 Atch To & San Fe(6) 25% Atl Coast Line (4)... 8% Atlantic Refining (1) 83% Auburn Auto (£4)... 113 Autosales pf.... . 2% Aviation Corp (Del). 4% Baldwin Locomotive 12% Baltimore & Ohio. 27 Balto & Ohio pf (4).. Barnsdall Corp. Beatrice Cream (4).. Beatrice Crm pf(7).. Belg N R pt pf t4.81. Bendix Ava (60c) Best & Co (2). Bethlehem Steel. .... Bethlehem Stl pf (7) Bohn Alumn & Brass Borden Co (3).. Borg Warner (1).... Botany Con Min (A). Briggs Mfg (1)..... Bklyn-Man Tran (4) Budd (EG) Mfg.... Burns Bros pf . Burroughs Add(80c) Butte Copper & Zinc. 101 Byers (AM).. 3 Calumet & Hecla.... 10 Canada Dry (1.20)... 10% Canadian Pacific1%. 17 Cannon Mills (1.60). 2215 Capital Ad pf(A) (3) 26i4 Case (JI) Co....... 49% Case (JI) pf (7).... 10% Caterpillar Trac (1). 9% Cerro de Pasco (1).. 214 Certain-teed Prod. 21% Ches & Ohio (2%)... 13 Chesapeake Corp(3). 1% Chi Mil StP & Pac... 2% Chi Mil StP & Pac pf. 6 Chi & Northwestern. 17 Chi & Northwest pt.. 3% Chi Pneu Tool...... 83 Chi Rock 1 & Pacific. 14% Chi R1 & Pac 7% pf. 10 Chi Yellow Cab (2).. 10% Chrysler Corp (1) 24% 3 151 261 Colgate-Pa 7 Collins & Atkman. 9 Colonial Beacon 11% Columbia G&EI(b1% 64 Col Gas&EIpf A (6). 28 Columbia Carbon (3) 19% Coml Credit A (3)... 17 Comel Cred pf (1%). 15% Comel Inv Trust (2). 7% Comm Solv (60c). ... 31 Comwlth & Sou(30c). 8 Congolm Nairn (1).. 52 Consol Cgr pr pf 6%. 3% Consol Film. ... 8% Consol Film pf (2).. 544 Consol GasN Y (4).. 89 Consol Gas NY pt(5) 9 Consol Laundries(1) % Consol Textile 47 Contl Baking (A). 40 Contl Baking pf (8).. 31% Contl Can (23%)..... 19 Cont Insur (2.40).... 10% Crex Carpet. .. 12 CrownCKk &S (1.20). 231 Crown W P 1st pf(4) 1'4 Crown Zellerback. .. 371 Crucible Steel pf (7). 1% Cuba Co. - 1 Cuban-Am Sugar.... 7 Cuban-Am Sugar pf. 80 Cudahy Packing (4). 1% Curtiss Wright 705 Cushmans pf (7) 10 Deere & Co pf (1.40). 413 Denver & RG W pf.. Detroit Edison (8).. 12% Diamond Match (1). 7% Dome Mines (1)..... 13 Dominion Storest1% 7% Douglas Afrcraft (1) 10% Dresser Mfg B (2) 47% Drug Corp (4).. 46% Dupont de Nem (4).. 98 Dupont 681, Eastman 4% EatonAxle& Spr 50c. 3 Eftington-Schild 23% Elec Auto Lite (4 1% Electric Boat 10% Elec Pwr & Lt (1)... 394 Elec Pwr & Lt pf(6). 47 Elec Pwr & Lt pf(7). 44% Eng Pub Svc pf (5).. 7% Erfe R R 1st pf. 3% Fed Water Service A 20 Fid PhFire In(2.60). 6% Fifth Ave Bus (64c). 12 Firestone T&R (1). 411 First Natl Strs (2%) ia Fisk Rubber. ... % Fisk Rubber 1st pt 4 Follonsbee Bros. 8 Foster-Wheeler. 15% Fourth Nat Inv 1 2% Fox Film (A). 15% Freeport-Texas Gen Am Tank Car(4) Gen Asphalt (1)..... Gen Baking (2). 2 Gen Bronze. . 17% Gen Elec (1) 31% Gen Food Corp (3) 31% Gen Mills (3). 19 Gen Motors (2) . 80 Gen Motors pf (5) 3 Gen Public Service. . 19% Gen Rwy Signal (3). % Gen Theater Equip. . 10% Gillette Stf Ras(1).. 50 Gillette Saf R pf(8). 4% Glidden Co. . 5% Gobel (Adolf). 16 Gold Dust (1.60) 12% Goodyear T& R (1). T4 Gotham Silk Hoslery 1 Grand Siver Stores. 16% Great Northern pf(2) 11% Great North Ore(2). 4% Great Western Sug. . 661 Great Wn Sug pf(7). 1 Grigsby Grunow.... 5% Gulf States Steel.... 14 Hahn Dept Stores pf. 61 Hercules Mot (80c).. 783 Hershey Choc pf 15. 5% Hollander So; e 21y Houdallle Hershey. . 55% Household Fin pf 4.3( 16% Houston Oil. . . 3% Houston Oil (new).. 6 Hudson Motor Car. . 9% Illinois Central. 28% Indust Rayon (4)... 27% Ingersoll Rand (3).. 4% Ins Shares(Del) 50c. 5% Interboro Rap Trans IR mwhan~eane . =2e razh Frorvamarnal? & S 699910 1 1t 0 5 19 1 13 8 fore) - B SEvwnowd (RPN B -3 = 5 BRef - a2 8w SIS T T CSTSTRT LTy 0 » 8.2 @ S A& Y o = mrewZeRend 2B ipeamee S = srBornshnaSirne aunan -~ 3 PRITOL . JOUET S UN P DYDYV ION 0 o 117% n 615 7 24% 415 128% 82 86 109% 31w 4 273 10% 5% 108% 104 81% 6% 4% U7 10% 65 154 7 24% 41y 128 811 84 109% 30% 4 1014 5% 108% 15% 10% 16% 109 11% 53% 53% 104 9% 6% ke 30 2 13 4815 531 501 104 8 25% 8 12% 281 11% 15 581 14% 2% 4% + % ke LY % £ [ s+l 4l+ 1141 L +Hl+ 4+ F FEFE FFEPE FE ¥ ] = )+ 4 PERESERES +44 1+ ot S I S IS +1 0+ HilEe EEESE # B3 & 4 +14 & REEF FF 25% 84 9l 2! 2274 4% 144 224 37 10% 5% 1 5% 5l 23% 32 18% g 1% 5% 14 3% 3% 613 400 20% 14 10 314 23 6 4% 56% 36% 18% 94 68 167% 28Y 14 10'y 38y 5 303 21% 94 1 1874 7 Int Combustion pf... Int Harvester (1.80). Int Hydro E1 A (e2). Int Match pf (4). Int Nickel of Can Int Salt (2)... Int Sflver Int Tele & T Interstate Dep Sors 15% Johns-Manville. .. .. 75 Jones & Laugh pf(7) 5 K'mann Dpt Strs(1). 1 Kelly-Spring Tir 6% Kelly-Spr T 8% pf 7 Kelvinator Corp. 87 Kennecott Copper. 15% Kresge (S S) (1.60). 4% Kreug & Toll m 1.61. 12% Kroger Grocery (1). 42% Lambert Co (8). 36 Lehman Corp (2.40). Lehn & Fink (3). Lisg & Myers B ( Link Belt (1.20). Liguid Carbonie ( Loew's Inc (14). Loft Ine...... Loose Wiles 1st (7). Lorillard (P) (1.20). Lou Gas&El A (1%). 1 Louisville & Nash(4) 115 Ludlum Steel 17 McCall Corp (2%)... 6 McGraw Hill Pub. McKeesport TP (4). McIKesson & Rob's pf 12% Mack Trucks (1).... 21 Madison Sq Garden. . 7 Manhat Elev mod gtd 9% Marine Midld(80c). . 9% Marlin-Rockwell (2) Marshall Field & Co. Mathieson Alkili (2) Maytag Co pf (3) Mencel Co. .. leum Midland Steel ¥ Minn Moline Pow Missouri Pacific. 43 10% Montgomery Ward Morrell (J) & Co (3 Motor Products (2).. Murray Cor, Nat Acme Co. % Nat Biscuit (2.8 Nat Cash Reg (A)... Nat Dairy (2.60) Nat Dist Prod (2). Nat Lead pf A (7). Nat Pwr & Lt (1) Nat Steel (2). Nat Supply pf. Natl Tea (60c)...... Nevada Con Copper . Newport Industries. N Y Central. .. 2 NY Chi & St L pf. N Y N H & Hartford. eam pf (6). N Y Steam 1st pf(7). Joranda Mines (2) North Am Avlation. . Nor Amer (b10%stk) North Am Ed pf (6). 14% Northern Pacifie (3). 5 OhioOll... 1 Oliver Farm Equip 113 Omnibus Corp. 6 Orpheum Circult pt. 1614 Otis Elevator (2%). 321 Pacific Gas & El (2). 8 Pacific Mills. ... Packard Motor Car. . Paramount Publix. Parmeles Transport. Pathe Exchange. ... Pathe Exchange (A Penn Dixie Cmt pf. Penna Railroad (2 Peoples Gas, Chi (3). Pere Marquette.... Pere Marquette pr p! Petrol Corp of Am... Phelps Dodge Co. Phila & Read C & I Phillips-Jones Co. Phillips Petroleum Plerce Of1. . Plerce Petroleum Pillsbury Flour ( Pitts Coal pf. ... Pitts Term Coal b Pitts United pt Prairfe O1l & Ga Prairfe Pipe Line Pressed Steel Car % Proct & Gamb (2.40) Prod & Refiners pf. . Public Sve NJ (3.40) Pullman Corp (3) Pure Oi1 50 Pure O1l 22 9% 2% 9% Radio Corp. . = Radio Corp pf A 3%. Radio Corp pf B. Radio-Keith-Orph. . Raybes-Manhat (1) . 2% Real Silk Hostery 10 Real Silk Mosiery pt. 2 Remington-Rand.... 2% Reo Motor Car. 41 Republic Steel. 32% Reynolds Tob B (3). 13% Royal Dutch of NY Safeway Stores (5) Safeway Stra pt (7). St Joseph Lead(60c) . St L-San Fran pf. Seaboard Ofl. ... Sears Roebuck (214) Servel Inc e Shattuck (F G) (1).. Shell Unfon Ofl. ..... Shell Union Oll pf. Simmons Co Skelly Ofl. . Skelly Ofl pf ww. Snider Packing. . Socony-Vacuum (1). South Port Rico Sug. Southn Cal Ed (2). Southern Pacific. Southern Railway. Spalding (A G) (1).. Stand Brands (1.20). Stand Brands pf (7). Stand Gas&E! (3%). &EI pt (4). and Gas&El pf (6). tand Ofl Calif (2).. tand O1l N J (12)... Sterling Secur ev pf. Sterling Stewart 3 Stone & Webster (1) Studebaker Co(1.20). Superheater Corp (1) 10 Texas Co (1) 201 Tex Gul Sulphur (2). 8% Third Avenue. . 65 Thompson Prod 1.20. 2% Tide Water Asso Oil. 16% Timken Roller B(2). 214 Transamerica Corp 215 Tri-Contl Corp. 42 Tri-Contl Corp pf(6) 271 Un Carb & Carb (2) 10% Un Oil of Calif(1.40 65 Union Pacific (10)... 62 Union Paclfic pf (4). 93 Unit Alreraft. . 20% Unit Biscuit (2). 9% Un't Carbon. . . 8 Unit Corp (40c) 31% Unit Corp pt (3). 3 Unit Electric Coal. 20 Unit Fruit (3). 17% Unit Gas&Im (1. 8614 Unit Gas&Im pf(5).. 44 US & For Sec pf(6). 21% U S Indus Alcohol. 4 USLeather (A). 10% U S Pipe & Fdry (2). 5% U S Realty & Imp. .. 14% U S Smtg & Ref (1). 35% U S Steel (2).... 98% U S Steel pt (7) 37 Univ Ple 1st pf 6 Ut Pwr& Lt (A). 8% 11 vanadium Corp. % Va-Car Chemical. 34 Va-Car Chem 6% pf. Wabash R R. Warren Bros....... Warren Found & P. West Pa El pt (6) West Pa Pwr pf (6). Western Union (4). . Westinghse A B(2).. Westinghouse (2%). 508 Sa ~o - AenBanan ki st aameaaE S ~50aR Renanate 5 10s 508 9 2 12 208 16 102 3 3 2 an S mmadinanmone e (SRS, | PO 113 23% 10% 167 814 21% 23y ELY 61 184 75 8 2 20% 9% 9% 15% 5 “LOW-PRIGED BONDS £+ * (e Sl Sl FEES FEFSFEF FEFE 44+ FEE F +1 - % A+ % - W - % - % +1% + % +2% —1% + % + % + % % bd [ +41 4+ Fees sFr bl o+ L+ FESF & § i 1+ k4 57F srew 2 psaxess + + ot e I I 0 162 4‘ FE FEFF gr ¥ £ F FE EE FTaE EEss * I+ 1+ PEEIES + % Wiison & Co. . 24 Wilson & Co (A) 18 Wilson & Co pf. 36% Woolworth (2.40)... 16% Worthington Pump. 24% Worth Pump (B).... Dividend rates as 441+ FEE FEFEF in T |4+ HAVE 600D MARKET Tax-Exempt List Follows Junior Corporation Issues Into Higher Ground. Special Dispatch to The Star. NEW YORK, March 12—The cur- rent market movement in tax-exempt bonds began in the highest grade is- sues and is slowly working down into | the lower groups. On the other hand,: it has been the buoyancy of the in-| ferior types of corporation mortgages that has finally had a stimulating effect | on what are known as “gilt-edge” bonds. | The first group gained encourage- ment from the upward turn in United States Government bonds undm in Treasury issues. So long as these were under pressure it was impossible to move even the highest types of mu- nicipals. Today, the government list is from 2 to 8 points above the low of the year, with Federal Land Bank and Intermediate Credit Corporation obligations following at a slower pflefi. The new 3%3 are quoted Y premium. The break in the impasse on city and State bonds came with the offer- ing of $100,000,000 of New York City one to five year notes at par. At pres- ent the longest maturity in this issue is quoted at a premium of 1'% points. Later, after long negotiations, involv- ing substantial reductions in its budget, the City of Newark. N. J., sold $5,000,- | 000 bonds with a 6 T cent coupon, | of which the maturit] from 1933 to | 1935 were offered on a 6 per cent basis and the remainder, to the year 1972, | at a 5.75 per cent return. The latter are now quoted to yield 525 per cent. Normal Trend Reversed. | A break in the situation with re- | spect to State bonds came this week in the sale by Missouri of & compara- | tively small issue, for which there was | active bidding and which are being | sold on a 4.40 basis. In view of this swift change in the status of such| bonds, borrowers are inclined to take | the attitude that the bankers made | rather higher exactions of them than | market conditions warranted. | Normally the trend in corporation | bonds is from the highest grade down through the lower quality stratas. This year it has been the reverse, owing to | the peculiar circumstances that sur- rounded issues in the latter category. These had been severely deflated be- cause of their failure to meet the tech- | nical requirements of legality and by threatened defaults of interest. It is in this class that the largest amounts | held by commercial banks are to be | found and from it that the heaviert liquidation_originated, where banking | difficulties played a part. With the ex- tension of the legality period and the aid given railroads by the Reconstruc- tion Finance Corporation ard the Rail- | road Credit Corporation, the position of such bonds was improved. At the same time it became apparent that there | would be no further receiverships. For | the first time in many years there has | been a large volume of speculative buy- ing of second and third grade raflroad bonds by individuals who ordinarily would be found in the market for stocks. Aided by this and by relief from further liquidation, numerous Junior mortgages have doubled in price since January. In one notable instanc Nickel Plate 6s of 1932, an nvpreclx-: tion of 400 per cent has been achieved. | It was not until the speculative cor- poration bonds had had a substantial advance that the issues prior to them began to reflect the general change in sentiment and the easier conditions of money. Their strength is now one of the outstanding features of each bond market day. In the latter part of 1931 and well into January public utility companies with maturing obligations were experiencing difficulty in renew-| ing these obligations. Some did so at | a substantial increase in the rate of | interest; others defaulted. When the bond market was beginning to show its first change for the better, a_syndicate brought out an issue of $25,000,000 New York Edison 5 per cents at 97. These were rather grudg- ingly taken, but they never fell below | their fissue price. = Later an issue similar in amount, in coupon rate and In price, was offered in behalf of the Brooklyn Edison Co. It was quickly snapped up. Today both of these bonds are quoted at a premium of about 4 points. A smaller loan to the Duquesne | Light Co. was subsequently sold and on the day of issue advanced 2 points. This week other high-grade public utility bonds have also gone to a good | premium, Banks Encourage Buying. In all, therefore, the bond market has steadily rounded out during thei past month so that domestic issues of | both high and low degree have been | under accumulation by investors and | by dealers, with the latter obtaining the | first encouragement from the banks to carry securities that they have had in over a year. Along with this has come 2 revival in interest in the better grade South American and European loans, whose spirited advances have done much to encourage institutions hold- ing them and which are now able to show quite a different picture with re- spect to depreciation than at the end of last year. While it is assumed that the Fed- eral banking authorities and State ex- | aminers will again permit banks to carry their bonds on the same basis as in the December call when they & Teport for the March quarter, many of them. by reason of the appreciation 'll'.:ly. could afford to show them at cost. (Copyright, 1932.) Markets at a Glance NEW YORK, March 12 (#).—Stocks steady; leaders barely changed. Bond irregular; rail issues under pressure. Curb firm; utilities stiffen. Foreign ex- cl firm; sterling easy. Cotton barely steady; lower cables, Southern selling. Sugar steady; Cuban selling. Coffee quiet; Brazlian buying. NEW YORK BANK STOCKS NEW YORK, March 12 (#).—Over- the-counter market. BANKS. mmercial Nail First Natl N Y.. Asked. 2 42 | $8,428,203.73; ven on the latest “Ex-dividend. s Unit of tradi: in the quarte Trade Reports at a Glance. By the Assoclated Press. NEW YORK, March 12.—Tablold review of wholesale and retail busi- ness conditions as reported to Bradstreet's this week from the follow- ing centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: Wholesale and job trade. Pittsburgh Quiet Retall trade. and indus! Quiet Manufacturing try. Collections. Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Quiet. Slow Slow Slow Quiet Quiet Quiet Suiet e Fair Fair Quiet Shiet e Suiec Quiet Quiet Fair Comment. Pittsburgh—Domestic coal orders increase; retallers feature “sales” to stimulate trade; women's wear sales few. Chicago—Wholesale activity spotted; steel industry gets numerous specifications; auto parts makers active; coal consumption increased. Cleveland—Commercial failures siightly up; approach of Easter stimulates retail buying; building enjoyed good week. Detroit—Cold weather favors coal sales, but retards retail trade; automobile industry awaiting Ford’s announcement, Indianapolis—Retailers continue more active: municipal construction restricted buying; cement plants on. Loulsville—Retailers continue conservative buying; women's apparel volume fair; fertilizer demand increases; building {nactive. Milwaukee—Wholesale trade spotty: hoarding a drawback to general activity: railroads recall men on short schedule. Des Moines—Retallers' featur: increases coal sales; Spring anticipations opti Duluth—Coal sales below normal Spring merchandise; cold weather istic. ; wholesale orders small; manufac- turing curtailed; iron and lumber marking time. Kansas City—Wholesalers' orders for immediate needs; manufacture of workmen's clothes curtailed; apparel sales few. Minneapolis—Severe cold retards both wholesale competitive price cutting apparent in many lines, volume limited; manufacturing curtailed; retail ‘Omaha—Wholesalers’ and retail activity; “sales” meet only fair response; building continues slow. Louis—Severe cold damages St. coal sales increase; shoe factories active. fruit crop; lead and zinc passive; St. Paul—Retall sales materially off; wholesale orders of fill-in nature; grocery and confectionery demand increases, Baltimore—Cold weather favors general activity; textiles active; iron and steel jobbers marking time. Washington Produce Butter—One-pound prints, 26; tub, 25. Eggs — Hennery, 13al4; current re- ceipts, 12a13. Poultry, alive—OIld toms, 15a18; young toms, 22; hens, 23a26; crooked breasts, 20; Spring broilers, 11 to 3% pounds, 24a26; Leghorn broilers, 21a23; Winter chickens, 18a20; stags, 12; hens, large, 15a16; medium, 15a16; Leghorn hens, 13al4; capons, 24a26; small, 20a23; slips, 18; rogsters, 10: keats, young, 45850; old, 25a30. Poultry, dressed—Turkeys, old toms, 18a21; young toms, 25; hens, 26a29; crooked breasts, 23; Spring broflers, 1% to 3! pounds, 27a29; Leghorn broilers, 24a26; Winter chickens, 21a23; stags, 15; roosters, 13; hens, large, 18a19; hens, medium, 18al9; Leghorn hens, 16al7; capons, large, 27a29; small, 23a26; slips, 21; roosters, 13; keats, young, 60a70; old, 30a40. Meats—Bee!. prime, '13; good, 12; veal. top, 14; good, 13; lamb, top, 17; good, 16; pork loins, 16; fresh hams, 14; smoked hams, 16; strip bacen, 16; lard, in packages, 7%; tub, 7; compound, 7. Fruits—Strawberries, pints, 1712a20; quarts, 35a40; apples, bushel baskets, 75a1.25; fancy box stock, 1.502.50; oranges, 2.50a3.50; bushel baskets, 1.50a2.50; lemons, 4.00a4.50; grape- fruit, 1.7582.50; honeydews, Chile, 200; pears, 3.50a4.50; alligator pears, 3.00; pineapples, 4.00; bananas, 75a2.00; limes, per 100, 2.00; rhubarb, hot house, 75a90; plums, 1.75a2.00; nec- tarines, 2.00; cranberries, 4.50. Vegetables—Potatoes, ~Maine, 100- pound sacks, 1.25; New York, 1.15; Idaho bakers, 2.25a2.50; new, bushel, 1.75a2.00; seed, 150-pound sacks, 1.75a 2.25; sweets, 60a85; string beans, 4.00a 4.50; limas, 5.00; spinach, 1.00a1.25; kale, 40a60; peas, crates, 6.50; cabbage, 2.00a2.10; celery, 2.50a3.50; eggplant, 2.50a3.00; squash, 2.00; peppers, 3.00a 3.50; cucumbers, dozen boxes, 1.25; turnips, crates, 3.0083.50; beets, 2.75a 3.00; carrots, 3.50a4.00; tomatoes 6 pans, originals, 2.50a3.00; repacks, 3 pans, 1.75a2.00; mushrooms, 85a1.00; asparagus, 6.00a10.00 U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for March 10 were expenditures, $17,221 - 837.48; balance, $286,618,433.20. Cus- | toms duties for 10 days of March were $7,803,076.37. DIVIDENDS DECLARED NEW YORK, March 12 (#).— Annual. Pe- Pay- Hidrs. of Rate. riod. Bate riod. able. Company. Nord Hallway. Asso Tel Util. Do. 36 pf A Deferred. 2% 8tk. Q Due at this ti 3150 Q Due at this time Due at this time Due at this time Final Underground Elec Ry of London Am Dep Rets Ord (Reg)..005 .. Omitted. Mar. 14 Feb. 16| Art Metal Const. Danish Ford Co Pa Tobacco C Due at this time | Due at this 0 A ‘West Point Mfg.. i @ Rt s e 3¢ Q Due this time -31 Q Due at this time Reduced. Cent United Nat Bk (Cleveland) . 0 Cleveland Trust . Ecua Corp, Ltd, Or First Bank Stk... 13! First Natl Bk Chic...33 Sloat Nt 2 g anycr:lw:stch Mtg ; & Pfandler Co. Wiscon Bans| §=ir'§§s 2ig :.: iflbb 1157775 S5 a3 5 s g F¥RE % PI..31.62 Pdri Steel Ltd pi. - Eamonton Clty 6'27% pf. Dominion EE S Hanes P H xnx'ét'fl. umberman’s i) o31 i £ Marion Wat Maritime T & % Bf... Mar & It Bk (Mil) . Mutual Chem Co of $1%: ¥g NoEes ¥oE & [ ¥ Nat Pr Pro 70 pf 31" New Tamp Pow N Lon & Nor RR Osilvie Flour Milis Pacific Pinance. . Fhil Co 6% cu pf D0 pCABL rov Pa. Gueen Dyelng pf Rem Arms Richman Bros Shawmut Assoc. .’ dard Puel L 6'2% A Tayior-Colaiiitt Do. P e Tri-State T & Wells Fargo Ba: West Hartford West Tns Secur West Md Dairy SEEI & s PR Faanf 2357 33 228 0000000000 ©0OOO: POOOOOOOOD POLEOD OO O O POOOD © OO : POLOOP Do. pf coal sales increase; U. S. INCREASES TRADE WITH INDIA DURING YEAR By the Associated Press. The Commerce Department reports the United States increased its total in India's forelgn trade from 8.2 per cent to 10.5 per cent during 1931. De- spite unsatisfactory world conditions throughout the period our gain was the largest of any major country except Dparental Great Britain Japan's share rose from 9.1 to 10 per cent, Germany's from 7 to 8.5 per cent, and from British countries otg:'r than the United Kingdom, from 8.7 per cent to 9 per cent. 3 The general distribution of India's trade in 1931 changed little from the preceding year, although there was a tendency for her to sell a greater pro- portion of its exports to the United Kingdom and to buy less of its im- ports there. In 1931 only 34 per cent of all tmports originated in the United Kingdom, compared with 40.2 per cent during the preceding year. COPPER PRICE ADVANCED. NEW YORK, March 12 (#).—The price of copper in the export market was restored to 64 cents a pound to- day, marking a recovery of ¥ cent from the price quoted yeserday. Spe- cial offerings at 6 cents were withdrawn, This re:ov;ry te'd“b in response to the agreement effec: v copper producers esterday respecting production control and co-operative action in export selling. Merger Rumors Denied. NEW YORK, March 12 (#)—Rumors st merger negotiations between Mack Trucks, Inc., and White Motor Co. were %:nhd today by an official of the Mack 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. Under Government Supervision SAFE FIRST Covering Purchases Result in Better Tone After Early Losses. BY GEORGE T. HUGHES. Special Dispatch to Khe Star. NEW YORK, March 12 —Narrow and indecisive price fluctuations marked trading in tlle stock market today. The opening whs slightly lower in continuation of Friday's reaction, but, | no increase of offerings appearing, pro- fessionals turned to the buying side. They made little progress here either and the netsresult was, taking the list as a whole, unimportant price changes. Two pending news developments in- terested the Street more than the trendless operations in stocks. One was the German elections to be held tomorrow. On that score there was optimism as to the result. The other was the chances of the sales tax bill being enacted into law at Washington. and as to that doubt was expressed. Traders would be inclined to view de- feat of the tax as bearish. Covering purchases accounted for a good deal of the buying today. They were in evidence first in Auburn Auto, which sold above $100 a share, and in J. I Case. Later they appeared in Alliled Chemical, American Can and Western Urlon. United States Steel sold at a new low on the movement in the first hour and then recovered. The preferred stock was in supply only a point or two above par. In the railroad list the feature was the weakness in Baltimore & Ohio pre- ferred, which made a new low, with a smaller decline in the common, reflect- ing doubt about continuance of prefer- red dividends. The directors’ meeting is scheduled to be held later this month. Otherwise the railway stocks did a little better. The oils continued to display sur- prising firmness. Ohio Oil was turned over in fairly large volume and there was good support in the other Standard Oil shares. All that can be said is that the trade has made progress in cutting down supplies of gasoline. This, taken with the approach of the season of greatest consumption, has probably led to speculative buying of the oils. Next to the ofls, tobacco shares were in favor, although they moved within a narrow range. Trading was in small volume and en- tirely professional. There is not likely to be a broadening ouf of interest until the next dividend meetings of United States Steel and Pennsylvania Raflroad have been held. Bethlehem Steel made :1 new low today on sales of a few e FEDERAL RESERVE RATIO. By the Associated Press. ¢ The ratio of total reserves of the 12 central banks to deposit and Federal Reserve note circulation show a sharp rise during the week ended March 9 as compared with the previous week. The ratio for comparable periods follows, as announced by the board: Week ended March 9. Previous week . Same week last year OANS For Buying, Building or Refl- nancing Completed Properties. Prompt _Aftention—Reasonable Rate Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 140 . 68.8 per cent . 68.1 per cent ._83.3 per cent First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company. Inc. Attention, Attorneys A prominent lawyer now occupy- ing a large, handsome suite in the Shoreham Office call leasing office, National 4750 6 % MO;!;.TZ:ZGE Secured on new brick homes in preferred northwest resi- dential sections. Every mort- gage protected by fire insur- ance and title guaranteed by responsible title companies. Consenvative Appraisals Insur- ing Absolute Safety - IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors 417 K Bt NAtional 9300 MORTGAGES INVESTING—WITH A SURE AND LIBERAL PROFIT No matter what the amount— large or modest—invested in our 6'2% FIRST MORTGAGES —every dollar will earn this liberal Over a Third of a Century Without a Loss May be interest, changelessly, throughout the full term the mortgage runs. You can increase your investment from time to time as you wish—and the same rate of interest begins at once. purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE IS, NO SUBSTITUTE 925 15th St. N.W. FOR SAFETY