Evening Star Newspaper, March 19, 1932, Page 14

TAR, WASHINGTON, D. C., SATURDAY, MARCH 19, 1932. “ATWOOD PCTURES || TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Do, A met. | ~Pre es— Bates— Net. . SBe 0. High. Low. Closs. iy e e >l Dreriead, Rate. A4400. High. Low. Close. Chee. | Hish. Low. Diorecrd ate. Add 0. Hieh. Low. Close. Chae. NEw B”SlN[SS ERA 9% b " Abitibi B :;:'pr - S e R TR ) T nouzg::?f:gi.?::éy“‘“ i T % + % - B an!e'rnT'nxn o 40 3 I as ) B aes Worthington Pump.. 10 16% 16 16% — % 8 0 K s —t Worthingtop ER: . . 10% Addressograph (1) 2 1% 114 11% 574 B5Y% Household Fin pf 4.3¢ e ). as 35 T R TaiTree - L6 0Re W W% 5 A e o 5 ?I‘x:(;;o;h?::::r = N el o mmm“ ot i h-ul uu-’ ’m 'v-l:n: |Price Ch Hold in N — Weston Elec Instru,, end rates jven in the a! are the ann . 11 Aisien Juminn (666 A A 3% Tiinots Central White Rock (4) . e ety & Tall-searty rstime || 1100 LNANGES n Nar row Range as Selling FINANCIA Better Social Conditions to 1% Alleghany Corp..... 1% 1% 1% Indian Refining. Oil & Ga 25 Alleg Cp pf $40 ww.. oy 3 S35 Toauat Rugon o0« Wilcox 624 Allied Chemical (6).. 6% T6% Interboro Rap Trans Wilson & Co. . . seenessrs Temper Piling Up of Wealth, Editor Says. BY EDWARD C. STONE. “The new ecénomic order will not be concerned so much with the piling up | of new fortunes, the building of vast profits, or the emphasis upon prosperity only, but rather with the improvement of social and governmental conditions , and the solution of the problems that .+ “go with them,” according to Albert W. Atwood of Washington, financial edito) of the Saturday Evening Post. “This, he adds, “is not to underrate the im- sortance of economics in the future, as wealth of this country will continue %0 grow. Men will continue to strive for greater wealth, but even more than that, they will have to learn to live to- “wgether if they are to live at all.” In further explaining his views, Mr. Atwood said: “I have been making a study, an ap- e{'aisal of the 11 years which Andrew Mellon has just finished in the Treasury portfolio. The conviction that comes from that study, and it is besed upon much authoritative infor- mation, is that the passing of this great figure marks the end of one expanding era and the beginning of a new recon- struction period. “I saw Mr. Mellon sworn in as Am- bassador to Great Britain, and & mo- ment later Mr. Mills, his junior by 30 years, inducted as Secretary of the Treasury. It will not do to stretch too far the identification of these two men with different eras, but no one with the slightest imagination who witnessed that ceremony could fail to realize that currents are running deep these days and changes coming thick and fast.” Notes Country’s Present Needs. ‘What the country needs most at a time like this, in Mr. Atwood's opinion, 1s not grandiose schemes, panaceas and plans, nor even supermen in the field of ‘economics, as sanity, poise, security, steadiness and reasonable order. It is apparent to every one that the discus- sion of unemployment reserves, of plan- ning by single industries, whole indus- tries and nations, and of all the other devices to mitigate the evil effects of depression, invariably point to the idea of security and stability. That there can be no new economic order unless we get out of the depres- slon, is self evident. Mr. Atwood is sure, however, that the country is al- ready on the way out, although it is a hard, slow task. What is especially seri- ous about this depression, the financial editor continues, what has made it dan- gerous beyond all others in the past, is the complexity of the modern economic structure. In certain respects the pan- ics or depressions of 1873, 1857 and 1837, may have been worse, but at least more people lived on the farm and could support themselves, no matter what happened on the Board of Trade, the stock exchanges and in the banks. “Today we are all tied together in the financial and credit system and have to keep it going,” Mr. Atwood- asserts. “Bending, But Not Breaking.” Mr. Atwood addressed the Ohio Un- derwriters’ Association in Cleveland the other day, on “Life Insurance in the New Social Order.” In summary up his remarks he said: “This depression has developed and disclosed a great multitude of cowards, but I am convinced that we are going to get through in spite of them, and no class of men can help more than the life insurance salesmen. One of the first citizens of the country in position and achievement said in a private con- versation & few weeks ago that if the people in the main could keep possession of their homes, their farms and thelr tools, they would soon forget the de- pression. “I recently interviewed a high Gov- ernment official con the thought back of the Securities Finance Corpora- ‘break or bend, and that this emergency measure was an effort to bend before the storm rather than to break down our system of Government. Unlike a good many other countries we fortu- nately are yielding where necessary, but not breaking down or discarding our constitutional system. “1 believe we have the elasticity in this country to bridge the gap safely from the old order to the new. We have great strength also in many of our institutions, a far-flung free press, and the even more pervading system of public schools. “The spirit of the hoarder is that of defeatism. Rich men and women may put gold in their safe deposit boxes, but it will do them no more good than the priceless crown jewels proved to the family of the Russian royal family, un- less we carry on our essential institu- tions, of which life insurance is one,” Mr. Atwood concluded. National Dairy Reports 1931 Net. ‘The annual report of the National Dairy Products Corporation and sub- sidiary companies, which include Chest- nut Farms Dairy and Chevy Chase Dairy in Washington, for the year ended December 31, 1931, shows consolidated net profit of $22,547,973, after depre- ciation, interest, Federal taxes, sub- sidiary preferred dividends, etc., equiva- lent, after National Dairy Products Corporation preferred dividends, to $3.47 a share on 6,263,150 no-par shares of common stock outstanding at end of year. This compares with consolidated net profit reported in 1930 of $26,254.- 326, equal to $4.10 a share on 6,202,177 common shares. “The year 1931,” says Thomas H. McInnerney, president, “saw a further decline in the price level of all dairy products. The reduction in price to the farmer producers was not in pro- portion to the extreme reduction in price of other farm products. “This fact, combined with the ad- vantages to the farmer of a continuous och income, resulted in the greatest production of milk in the history of the country. “In order that it could absorb its proportionate part in the decreased sales price, not passing the entire de- crease on to the farmer-producer, your corporation concentrated its efforts throughout the year on plant effi- clencies and economles, increasing de- livery load factors and consolidating operations with gratifying results “The list of stockhoiders,” the repert states, “is now in excess of 61,000, or an increase of about 15500 over the previous year, and we are pleased to observe that the number of employe | stockholders has likewise increased ™ Local Bank Clearings Fall Off. Bank clearings in Washington for thr week ended March 16 totaled $20,106 - 000, against the unusually high figures last week of $20.516,000 and a decrease of 25 per cent from the corresponding week a year ago. Dallas, Tex., was the only city In the United States to re- port an increase this week, a gain of 19 per cent. Washington held that distinction last week. #ngineering Contracts Gain. NEW YORK, March 19 (#).—Heavy engineering contracts in the United States for such undertakings as indus- trial buildings and highways increased to $21,532,000 for the past week from the $14,232,000 total reported for the week g s 10% Allis-Chalmers(50¢) 12 Amerada Corp (2)... 5% Am Agri Chem(Del). 13 Am Beet Sugar. 54% Am Can Co (15) 25 Am Car & Fdy v 29 Am Chicle (13). 615 Am Comel Alcohol. . 4'% Am & Forgn Pwr.... 15% Am&Forgn Pw(6)pf. 15% Am&Forgn Pw (T)pf. 9 Am & For Pwr 2d of. 4% Am Haw St'ship (1). 4174 Am Home Prod ¢.20.. 12 Am Ice (2) . 5 Am International.... 30% Am Locomot pf(T).. 12': Am Pwr & Lt (21). 6 Am Radiator (40c). 100 Am Radiator pf (7) i3 Am Republics. . 7% Am Rolling Mill 20 Am Shipbuilding (5) 12% Am Smit & Rfg(50¢c) 60 AmSm & Rfg pf (1). 90 Am Snuftpf (6)..... 1 Am Solv & Chemical. % Am Solv & Chem pf.. 21% Am Sugar (4).. 67% Am Sugar pf (7). 8814 137% 107% Am Tel & Telex (9 86% 89% Am Tobacco (16) 66% Am Tobacco B ( 110% 105 Am Tobacco pf (6).. 3415 5% 307 2% 1% 144 8% 12% 79% 151% % 2 314 B 8 2% 120 311 12% 16% ki) 41% 2T% 7 10% 4% 9% 11 11% 68% 95 1% 24% Am Water Wks (3). 3 Am Woolen Co. 15% Am Woolen Co pf... $% Anaconda Copper. .. 1 Armourof Il (A)... 15 Armour of 11l (B)... 6% Armour of N1 pf.... 5 Associated Dry Gds. T4 Assoclated Ol . 71 Atch To & San ) 8% Atlantic Refining (1) 7214 Atlas Powder pf (6). 83% Auburn Auto (£4) % Autosales. N 115 Autosales pf 21 Aviation Corp (Del). 4% Baldwin Locomotive 16% Baldwin Loco pf.... 12%, Baltimore & Ohlo. ... 181% Balto & Ohio pf...... 85 Bamberger pf (6"5)..‘ 4 Barnsdall Corp.....» Bayuk Cigars. .....s Bendix Ava (60c) s Best & Co (2). . Bethlehem Steel..... Bethlehem Stl pf (7) Bohn Alumn & Brass Borden Co (3) Borg Warner ( Briggs Mfg (1)..... Bklyn-Man Tran (4) Bruns Term & Rwy: 4 Bucyrus-Erle cv pf. Budd (EG) Mfgof.. Burroughs Add(30c) Bush Terminal pf(7) Butte Copper & Zinc. 10% Byers (A M) . 50 Byers (A M) pf(7).. 814 California Packing.. 2% Calumet & Hecla. ... 5% Campbell-Wyant Fy. 10 Canada Dry (1.20)... 10% Canadian Pacific 1%. 17 Cannon Mills (1.60. 2614 Case (J 1) Co. Celotex Co. . 11% Cent Aguirre (1% 5 Century Rib Mills 9% Cerro de Paseo (1)..1 214 Certain-teed Prod... 4% Checker Cab Mfgr. 17% Ches & Ohlo (2%) 12% Chesapeake Corp(3). 1% Chi Mil StP & Pac... 2% Chi Mil StP & Pac pf. 6 Chi & Northwestern. 3% Chi Pneu Tool. . 6 Chi Pneu Tool pf. 815 Chi Rock I & Pacific. 11% Chi R1& Pac 6% pf. 10 Chi Yellow Cab (2). 63 City Ice&Fuel pf 6% % City Stores. . . . 973 Coca Cola (18) . 264 Colgate-Pal-P (23). 6% Colo Fuel & Iron 11% Columbia G&EI(b1% 64 Col Gas&Elpf A (6). 28 Columbia Carbon (3) 15% Comel Inv Trust (2). 58 Comm Invcv pf(e6). 7% Comm Solv (60¢). ... 31 Comwith & Sou(30¢c), Ti4 Congress Cizar (1).. 8 Conmgolm Nafrn (1).. 8% Consol Film pt (2).. 5434 Consol GasN Y (4).. 89 Consol Gas NY pf(5) 9 Consol Laundries(1) % Conso] Textile...... % Container Corp (B). % Contl Baking (B). 40 Contl Baking pf (8) 31% Contl Can (2%)..... 19 Cont Insur (2.40). 1 Contl Motors. .. 5% Contl Oil (Dsl). % Contl Shar Corn Prod 12 CrownC'k &S (1.20). 30 Cudahy Packing (4). 1% Curtiss Wright. .. 1% Curtis Wright (A).. 9% Deere & Co pf (1.40). 17% Delaware Lack & W.. 12% Diamond Match (1). 7% Dome Mines (1) . 13 Dominion Storest1% 7% Douglas Aircraft (1) 47% Drug Corp (4)...... 1% Dunhill Internatl. 46% Dupont de Nem (4).. 681 kastman Kodak (5).. 514 Eitington-Schild pf.. 23% Elec Auto Lite (4). .. Elec Auto Lite p£(7). Electric Boat. ...... Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt p{(6). Elec Pwr & Lt pf(1). Elec Storage Bat (3) Elk Horn Coal pf..... Eng PSpfww (5%) Equit Office Bldg 2% Eureka Vac Cleaner. 3% Fed Water Service A 20 Fid Ph Fire In(2.60). 4115 First Natl St % Fisk Rubbe; 8 Foster-Whee 2% Fox Film (A). . 15% Freeport-Texas (2). 11 Gamewell Co (1).... 28 Gen Am Tank Car(4) Asphait (1)..... Gen Baking (2) . Gen Baking pf (8) Gen Cable (A)...... 11% Gen Cable pf 28% Gen Clgar (4). 17% Gen Elec (1) en Elec spec (60c).. 21% Gen Food Corp (3)... 1% Gen G&E A (b6 %stk) 24 Gen Gas & ElecA(7) 31% Gen Mills (3).. 1814 Gen Motors (2)..... #0% Gen Motors pt (5).., 10% Gen Printing Ink(1). 44 Gen Prtg Ink pf (6). 19% Gen Rwy Signal (3). 9 Gen Steel Casting pt. % Gen Theater Equlp. . 10% Gillette Stf Rax(1).. 50 Gillette Saf R pf(5). 1% Gimbel Bros . 42 Glidden Co prpf (1). 5% Gobel (Adolf). .. 16 Gold Dust (1.60) 3% Goodrich (BF). 12% Goodyear T & R T4 Gotham Silk Hoslery 215 Graham-Paige. 5% Granby Consol Co; 1 Grand Silver Stores. 23% Grand Union pf (3) 25% Grant (WT) (1).... 16% Great Northern pf(2) 11% Great North Ore(2). 1 Grigsby Grunow.... s as 8 wannBlarnnbalrvadfeofanfnbrusnnannBor 1 308 7 104 3 4 4 3 4 1 3 1 Ed 2 10 8 4 1. 13 5 2 1 2 1 1 15 10 2 5 3 9 3 30 3 40s 6 908 14 2 39 2 3 35 5 9 3 4 1 10s 3 108 6 0 1 1 8 1 1 4 1 2 1 7 1 2 1 2 ke 2 2 3 2 . 8 s 1 1 1 1 1 6 2 5 1 3 1 4 6 1 1 8 3 1 5 8 2 2 1 2 1 1 s 3 5 65 4 5 % 119 8 10% 14 5% ia 64% 30 34 4% 15% 17 9 18% 6% 42% 1314 6% 110 % 9% 20 18% 60 100 W % 24% 73 0 81% 107% 29 315 23% i 1% i 1 5 8 75 11 73 894 10% 20% 18% 55 13 38% 9% 9% 45% 1 61 10% 11 80 1 14% 60 9% 2% 6lg 12% 14 18% 33 2% 1% 5 10% 2% 5% 19% 13% 2% 3% 8 3% 6 10% 13% 1% 4 10% 25 65 = i i % 113% 113% 28 28 6% 50% * 9 3% 1% 121 3% 113 16% 103% 4% . 10y 14 5% % 65 30 18 17 9 18% 6% 42% 13% 6% 110 % 10 20 13% 60 100% % 24y 73 119% 80 82 107% 29 3% 23% 8% — 1% % 1% 5% 8 ki 11 10% 20% 55 134 38% 10 9% 45% 1 614 10% 11 80 1 14% 60 9% 25 614 124 14% 18% 33% 214 1% 5 10% 2% 5% 19% 131 2% 3% 8 3% 7 10% 18% 1% 4 10% 25% 65 % 6% 18% T54% 8% 50% % 9 3% 17% 11% 32 11% 17 103% 44 18% el -% +1 @ & R U T+ FE FEEE FE FERERE |4+ & EEFE BF | © EF FEFEF 2P EFEFE F FES [ 3 25'% 84 1% T 6 9% 22% 42 37 104% 5% 16% 11 13% 13% 26% 6% 3 34 284 9 23 6 4 3% 65 36% 13% 941y 16% 10244 1% 10% 38% 5 18% 4% 2% Int Bus Machine(né) Int Combustion. Int Combustion pf. .. int Harvester (1.80). Int Hydro El A (e2). Int Match pfd . Int Nickel of Can. ... Int Printg Ink pf (6) Int Salt ( Int Sflver... Int Silver pf (4). Int Tele & Teleg. 41% Intertype Corp. 40 Interst D S pf xw 157 Johns-Manville. 6815 Jomes & Laugh pf(7) 1708 15 Kansas City Southn Spring Tire. .. 6% Kelly-Spr T 8% pf.. 7 Kelvinator Corp..... &7 Kennecott Copper. .« 10 Kinney (G R) Copf. 14% Kresge (S S) (160). 1 Kreug & Tollm 1.61. 3641 12% Kroger Grocery (1). 42% Lambert Co (3) Lee Rubber & Tire Leh Port Cement. ... Ligg & Myers B (15) Link Belt (1.20)..... Liquid Carbonie (2). Loew's Inc (1€)..... Loft Inc . Lorillard (P) (1.20). 4 Lou Gas&El A (1%). Ludlum Steel....... 4% Melntyre Porc M (1) 43 McKeesport T P (4). Macy (RH) (n2).... Manhat Elev gtd (1) Manhat Elev mod gtd Marine Midld (80c) Marmon Motor Car. . 4 Mathieson Alkill (2) Dept Stores 1.1 Mengel Co.......... Met-Gold Pic pf 1.89. Miami Copper. ...... Mid Continent Petm.. Midland Steel Prod. . M StP & SSM1sd (4). 4 Mo Kan & Texas 5% Missouri Pacific. . 12 Missouri Pacific pf 20% Monsanto Chem 1%, 67 Montgomery Ward.. 1 Mother Lode 4% Motor Wheel 5% Murray Corp 15 Nash Motors (2) 1 Nat Bella Hess p! t Biscuit (2,80 Nat Cash Reg (A). Nat Dairy (2.60) 4 Nat Dist Prod (2). 4 Nat Pwr & Lt (1). Natl Steel (1). Natl Tea (60c) Nevada Con Copper.. N Y Central. .. N Y Ch! & St L pf. N Y N H & Hartford. NYNH&Hpt(T).. N ¥ Shipbldg pf(7).. Noranda Mines (2).. North Am Aviation. . Nor Amer (b10%stk) North Amer pf (3).. Northern Pacifie (3). 26 Northwest Tele (3).. % Norwalk Tire & Rub. 5 Ohlo O1l 8 Oliv Farm Eq prpf.. 7 Oppenhm Colljns(1). 1614 Otis Elevator (2..... 40 Outlet Co (4).. 321, Pacific Gas & Bl (2). 9314 Pacific Tel&Telez(7) 315 Packard Motor Car.. 3% Panhandle P & R pf., 6% Paramount Publix. .. 1 Parmelee Transport. % Pathe Exchange. ... 1% Pathe Exchange (A 23 Penick & Ford (1)... Penney (J C) (2.40 Penna Rallroad (2). Peoples Gas, Chi (8). Pere Marquette pf... Pere Marquette pr pf Petrol Corp of Am... Phelps Dodge Co. ... Phila Co 6% pf (3) Phillips Petroleum.. Plerce Petroleum. Pitts Screw & Bolt. .. Port Ric Am Tob(A). Prairie Oll & Gas.... Prairie Pipe Line, Pressed Steel Car. Proct & Gamb (2.40) . 481 Public Sve NJ (3.40). Public Sve NI pf (5). Public Sve NJ pf (6). Pullman Corp (3)... Punta Alegre Sugar. Pure Ol pf (8)...... 10% Purity Bakeries (2). Radio Corp. . Radio Corp pf A 3%. 9% Radio Corp pf B. . 2% Radio-Keith-Orph. .. 9% Raybes-Manbat (1).. 2% Real Silk Hoslery 2 Remington-Rand 214 Reo Motor Car... 4% Republic Steel. . 32% Reynolds Tob B (3)., % Richfield Ofl. ....... 2 Rio Grande O1l 3% Rossia Ins of Amer. 13% Royal Dutch of NY.. Safeway Stores (5).. 761 Safeway Strs pf (7). 4% St L-San Fran pf.... 1 Seaboard Air Line pt 6% Seaboard Ofl........ 27% Sears Roebuck (2%), 4 Servellnc... 2% Shell Union Oil 7 SimmonsCo... 4% Sinclair Consol Ol 8% Socony-Vacuum (1). 29% Southn Cal Ed (2). 6% South Port Rico Sul 231 Southern Pacific 7% Southern Railway... 10 Southern Rallway pf 11% Stand Brands (1.20). 25% Stand Gas&El (3%). 31% Stand Gas&El pf (4). 2215 Stand Ol Calif (2)..: 25% Stand OLI N J (12)... 5 Sterling Secur (A) 20 Sterling Secur cv pf. 4% Stewart Warner..... 9% Stone & Webster (1). 9 Studebaker Co(1.20). 9% Sweets of Amer (1).. 11% Telautograph (1.40). 10 TexasCo (1).. 20% Tex Gul Sulphur (2). 415 Tex Pacific Land Tr.. 20 Tide Water As pf(6). 71 Tide Wat Ofl(a25). 16% Timken Roller B(2). 214 Transamerica Corp. . 214 Tri-Contl Corp. . 1 Truax Traer Coal 5 Truscon Steel. Un Carb & Carb (2).. Un Oil of Calif(1.40) Union Pacific (10)... Unit Afreraft. .. Unit Biscuit pf (7).. Unit Cigar Stores. ... Unit Corp (40¢) . Unit Corp pf (3). Unit Electric Coal... Unit Fruit (3)... Unit Gas&Im(1.20).. Unit Pice Dye W(1). U 8 & Forn Secur.... U S & For Sec pf(6) U S Gypsum (1.60) S Indus Alcohol. .. S Pipe & Fdry (2). S Pipe&Fy 1st 1.20 S Rubber 1st pf. .. 4 US Smtg&Ref pf 3% U S Steel (2).. . 954 U S Steel pf (1)... 27 United Stores pf (4). 4% Util Pwr & Lt (A)... % Vadsco Sales Corp 11% Vanadium Corp. 3% Va-Car Chem 6% bf. U U U U 1% Walworth Co....... 1% Ward Baking (B). FE EFEEF FIT R EEF rE & 3 " S PR AN AW LA NN DN E © ® @ 2 .e_ - __ e e e e e R e FE FF - L 100 FRESEE EESEF 8 - S an e = o PmBrmteeh i Da » 2 S 1 2 3 Willys-Overland. g 6 9 214 Wilson & Co (A). 36% Woolworth (2.40) AUTO PRODUCTION GEARED TO DEMAND Producers Control Output in Accordance With Number of Dealers’ Sales. BY DAVID J. WILKIE. Written for the Associated Press. DETROIT, March 19.—Although the Ford Motor Co. has announced plans for swinging into heavy production, ¥ith the objective of creating a renewed de- mand for automobiles, the remainder of the motor car industry continues to ad- here strictly to its policy of bufilrflngI | Indicate that the astonishing export bal- only for existing demand. It was this policy that figured largely in the successful weathering of the ad- verse conditions .of the last two years, and it undoubtedly will be continued throughout the remainder of the cur- rent year. Even the imminence of what (the trade calls “the Spring buying sea- son” is not likely to cause a sudden ac- celeration of production. Guard Against Overproduction. ‘This does not mean that the motor | car manufacturers are not looking for a general upturn in retail demand with + 14 | the approach of the better driving sea- son. The industry, as a matter of fact, is prepared to take advantage of and meet any condition that might develop. What it does not want to do at this stage is to load up its dealers. While the industry has been reducing factory inventories and otherwise curtalling ex- penses in the production division, the dealer organization has not been re- duced in keeping with the retail distri- bution of automobiles. Without some marked improvement in sales during the next few months and definite indication of an approach to normal conditions in the industry, not a few of the present retail outlets must be dropped. Many of them, of course, will drop out voluntarily if busi- ness conditions do not justify their con- tinuance. The industry’s sales executives are perticularly gratified with the condition ol dealers’ stocks throughout the coun- try. In some instances these have been held down to the point where they zerve{anly t1;:1' dls;g:y pumbe p-::‘d or- ers from buyers have to on immediately to the factories. While this condition is far from gen- eral, it indicates the steps the industry has taken to get production under ab- solute control, and, just as it has taken a firm grip on this phase of its prob- lems, s0, too, has it dealt firmly with all other factors its leaders have felt stood in the way of a return to normal con- ditions, New Car Sales. Here and there throughout the in- dustry reports are coming out of slightly increased production in one line and a falling off in another, or in- dications of a slightly improved de- mand in certain price classes. In a general way, however, new car sales 50 far this year, even with the advantage of virtually all the new models off the assembly lines, have been below the total of the comparable period of a year ago. Sales directors have attributed this condition to various factors, but the conjecture receiving the most consider- ation in trade circles is that the delay in bringing out the new Ford cars was the chief reason for the failure of re- tail demand to respond to the presen- tation of new models by other markets. With the introduction of the new Ford models and the fact that all other makers have definitely determined to make no further change in their pres- ent types during the coming Summer months, automobile executives believe the industry faces the best prospect it has had for a steady upturn beginning within the next few weeks. Most of these executives appear to agree with Ford that all that is needed is to “get things started.” e CONTROLS GAS STOCK. BALTIMORE, March 19 (Special).— With the approval of the petition for authority to acquire two shares of the cepital stock of the Washington Gas Light Co. of Montgomery County, the Washington Gas Light Co. now controls all the outstanding stock of the power company. The approval for the acquisition of the stock was granted by the Public Service Commission following a hearing ou the case yesterday at which there was no_protest against the application. The Montgomery County utility com- pany is incorporated under the State laws of Maryland and the new shares were acquired at a price of $150 each. Baltimore Market: Special Dispatch to The Star. BALTIMOE, Md., March 19.—Wnhite (It Pul potatoes, per 100 pounds, 90a1.20; sweet potatoes, bushel, 35a60; yams, barrel, 1.00a1.50; beans, bushel, 2.00a 3.75; beets, crate, 2.00a2.10; cabbage, hamper, 2.00a3.00; carrots, crate, 3.75 24.25; caulifiower, crate, 1.50a1.75; cel- ery, crate, 2.25a4.00; eggplans, crate, 1.75a2.75; kale, bushel, 25a35; lettuce, crate, 2.0082.75; onions, per 100 pounds, 3.90a7.00; peppers, crate, 2.00a3.00; spinach, bushel, 1.15al.2! uash, bushel, .00; tomatoes, crate, 1.25 23.00; turnips, hamper, 25a40; apples, bushel, 1.00a1.75; grapefruit, box, 1.50 a2.50; oranges, box, 2.50a4.25; straw- berries, pint, 20a25. Dairy Markets. Chickens—Young, 24a27; Leghorns, 22a24; old hens, 18a20; Leghorns, old, 17a18; roosters, 1lald; ducks, 12a22; pigeons, pair, 25a35; turkeys, 18a35. Eggs—Receipts, 1,749 cases; current receipts, 13; duck eggs, 18a22. Butter—Good and fancy, creamery, 22a25'5; ladles, 15a16; process, 19a20; store packed, 11a12. U. 8. TREASURY BALANCE. By the Assoclated Press. Treasury receipts for March 17 were $49,463,464.03; expenditures, $73,170,- 034.36; balance, $736,222,672.91. Cus- toms duties for 17 days of March were $12,632,020.75. NEW YORK BANK STOCKS NEW YORK, March 19 (#).—Over- the-counter market. Bd. Asked. 9 41 153 1 17 GERMANY'S CREDIT PROBLEMS ARE PRESSING FOR SOLUTION Prospective Re-election of Hindenburg Is Looked Upon as Auguring Well for Public Economy Program. Special Dispatch to The Star. NEW YORK, March 19— litical results of last Sunday'l:‘e::ng:; those who are concerned with the Ger- man economy program continue to find satisfaction. They believe that the re- | election of President Hindenburg in April will lead to closer relations be- tween Germany and France as soon as the May French elections are out of the way. It is, however, the credit prob- lems that face Germany in the next three months that most concern them. The latest retuns of German trade ance which prevailed in the latter part 40( 1931 is not being maintained. This | ments for goods purchased ‘on long- represented in considerable part pay- term agreements which were then be- coming due. They were negotiated be- fore the currency situation in countries | where Germany has had good customers became demoralized and when buying power was much greater than it is to- day. The difficulties which impose themselves on the German industrialist and banker are those of securing ex- change with which to meet obligations abroad. Outlook Improved. American bankers who have returned from Germany in the past two weeks are of the opinion that there is & 50-50 chance of that country getting through to the end of June without declaring a moratorium. The improvement in the political outlook since their return is more in favor of maintenance of finan- cial stability in Germanv, for it means assistance will be given to a conserva- tive government that would have been withheld from a radical oae. It does not, however, guarantee relief from the pressing conditions surrounding nearby payments on long-term dollar loans and on short-term credits that are due in the months of April, May and June. In this period the semi-annual inter- est on 70 of the 120 German dollar loans had to be paid. The amount involved in interest alone exceeds $22,000,000. It includes the half yearly interest, on April 15, on the German 7 per cent government loan and on 515 per cent international loan on June 1.7 1t also takes into account several German state loans and the interest on a large number of German municipali- ties, on the bonds of the state agricul- tural banks and mortgage institutions, as well as on the issues of the leading German public utilities and industrial corporations. Quite a high proportion of the total interest payments falls due April 1. It is understood funds to meet these have been accumulating in New York and that it is reasonable to expect all | of these current orbligations will be met. Normally the moneys to cover the German government loan are remitted over a considerable period prior to pay day and are held by the paying agents well in advance of their disbursement. ‘The problem of the debtor governments or corporations will be more acute in connection with payments due in May | and June, since the supply of exchange is dwindling and the position of the Reichsbank is not greatly improving. In addition to these public dollar loans ‘there are credits of a private na- ture negotiated in 1930 by American bankers in connection with French as- sociates. It is understood a portion of these credits matures in the next three months, although the larger amount falls due next September. There is considerable interest in banking circles as to the position of this credit, which is for a respectable amount and is rather closely held. Critical Period Ahead. Altogether, the next three months promise to be the critical period in the German financial situation. If Ger- many is able to meet her obligations up to July 1 on her dollar loans and credits, it is a fair guess she will, by that time, have secured terms from her creditors that will give her a sufficient period in which to recover and to es- tablish her ability to meet interest and. probably, sinking funds on her external loans. The period is also a critical one for other countries in Central and Southeastern Europe on which pressure has been intense for nearly a year, compelling Bulgaria this week to an- nounce her possible inability to meet interest on her American loans. (Copyright. 1932. by the North American P ewspaper Alliance, Tnc.) | DIVIDENDS DECLARED NEW YORK, March 19 (®).— Cent Penn Natl Bk Phils) ... la) Mar. 31 Mar. 26 Apr. 1 Mar.31 Deferred. Eery Register A...50c Q Dueat this time Final. Imp Ch Ind (Ord).37% .. June 1 Apr. 18 Bo. & Dep rots. 3% . June 8 Apr. 15 Omitted. Ams'sche Bk (Ger).8¢ Yr. Due at this time Exch Tr (Bos) .83 Q@ Due at this time Pirst Nat Bk (Wells- ton. Mo)..........33 S Dueat thistime 14th St. Bk (Pittsi. .31 Q Dueat this time Glen Alden Coal... 31 Q Due at this time Robert Mitchell Col35c Q Due at this time Reduced. Abstract Title & Mtge (Buffalo) 25c Grace (W R} 50c Miss Val Tr (8t L).$2.25 Muskegon Pist Ring.35¢ People's av k ‘(Chicago) ..31.50 Rumford Printing..$1.50 Resum Hydro-Elec Secur...10¢ Regular. Ark P & L 16 pf.3150 . 37 D . 3175 Atl Ice & Coal pf A.%5¢ Bourbon Stockyds .31 Cent Penn Natl Bk (Phila) i City Invest pf. Citiz Wtr Co (Was] a) 7% Pf...... Clev Un Stkyds. .. Curtis Publ Bf Delaware Tr ( ton. Del) ......$1,80 Empire Dist Ei . . 80c Fifth Third Union Tt e 00 00O 0O it (Balt) (31 First Nat First Nat Bk (Phil) $5 Prick Co, Inc. pf...75¢ General ital £d.40 lire General Stockyds ._75¢ Do. $6 conv pf..31.50 Giss (WH) & Co n Hartfora Nati Bk i Cifarth Bt o Loomis-Sayles Mufd.§0c and & Por pf.§1.50 PELEE BReeReEE G Do. Mountain St T Natl Carbon v P 2.40 pf_A North_British Rovalty Tr Shrs A.. ...l Northwest Naf Tns 3§15 Ohio Loan Dl Perfection 8t Co_1§3sc Ehilip Morrls & Co_a! Pirelli Co.. Italy 50 lire Preferred Accid Ins.15c Putnam Trust (Green- wich. Conn) . W e ey c] Reliable Fire Rhode Isl Savings Bk & Tr (Rich) SEmiar | Savers & Scovifl. 11,50 . of __......3180 o Selit Edison uthern Com (St_Loui: =] 4 02000000 D000 00O B DEODX 0OOOOOOOOOO O DOOOLOOD DOOLPOOLEOOWH OO O O O O & DOOO OO POOL Washington, D. C. Real Estate Safe—Conservative Wm. H. Saunders Co. Ine. U. S. EXPORTS $4,000,000 OF FURS TO GERMANY By the Associated Press. . American furs and skins, chiefly un- dressed, exported to Germany in 1931 amounted to well over $4,000,000, a fragmentary report by the Commerce Department, said, recording a decline of of about 124, per cent as compared with the previous~year. This drop was a] .cflmy less than suffered in other important American export items, the report said. Opossum and muskrat continued to be | the staple articles in this trade, while skunk diminished greatly in relative im- portance when compared with the years prior to 1928. , on account of its much higher price, which is many times that for opossum and muskrat, was taken in comparatively moderate quantities, as was also otter. New York Cotton Special Dispatch to The Star. NEW YORK, March 19.—A continua- tion of yesterday's selling movement carried July contracts within a point of last month's low figures on the Cot- ton Exchange today, but the market | Subsides. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, March 19.—Prices held fairly steady in the week end stock market. Changes were mostly frac- tional and trading was very slow, but there was an abence of liquidation and the market held on an even keel. Probably the reassuring statement of President Hoover with regard to the railway situation was one reason for the relatively firm tone. At any rate, the railway shares were better sup- ported today than the industrials. The sharp break in wheat and the unset- tlement in that market seemed to have no effect on stocks. The latest devel- opments in the tax legislation at Wash- ington were followed closely, but they, too, were not a market factor. Perhaps the most interesting inci- dent was the flood of selling in Kreu- ger & Toll, which carried that stock down to another low. The turnover in this stock accounted for a large pro- portion of the transactions, but be- cause of the low price did not involve any great amount of money. The sell. ing was doubtless inspired by the Stockholm ' report that the company had requested all foreign exchanges tc discontinue dealings in its securities No official notice to that effect had been received by the New York Stock Exchange up to the close today. Beside the President’s statement with regard to the raflways, the carrier shares were helped by further evidence that the wage cut and other measures to reduce expenses were converting de- creases in gross into increases in net ‘The New York, Chicago & St. Louls in its February report today gave net op- erating income as $216.950 $15480 in February, 1930, and this while gross had from $2,913.- 873 to $2,542,024. This is the same trend as revealed in the Chesapeake & Ohio and Illinois Central reports. Standard industrials fluctuated with- in an extremely narrow range. Prob- ably the declines predominated, but they were so small as to be of no sig- ficance, There was evidence of liquis dation in some preferred stocks. for United States Steel preferred and Beth- lehem Steel preferred made new lows, Public utilities made a better showing than yesterday, rally to any great extent. Electric Power & Light preferred went to a new low, but the common was little changed NEW YORK, March 19 (#).—Stocks: Easy; Kreuger & Toll lssues heavily liquidated. Bonds: Irrégular; Unite¢ States Governments _firm. Curb; Foreign exchanges: Irregular: sterling strong. Cotton: Barely steady; south- ern selling; lower cables. Sugar: Steady; commission house buying Coffee; Steady; trade buying. TWO-DAY BANK HOLIDAY DECREED IN MARYLAND By a Staff Correspondent of The Star. HYATTSVILLE, Md, March 19.— Banks throughout Maryland will by closed next Priday and Saturday, whiet have been decreed legal holidays b) Gov. Ritchie. . The banks of the State always clost on Good Friday, whil: Maryland da) will be observed on Saturday. FEDERAL RESERVE RATIO. By the Associated Press. The ratio of total reserves of the 1% central banks to deposit and Federa Reserve note liabilities combined rose sharply during the week ended March 16. The ratio for comparabie weeks follows, as reported the Reservt Board: Week ended March 16, 70 per cent; previous week, 68.8 per cent; same week last year, 84.3 per cent. met resistance and a recovery of vir- tually all the early decline left the list unchanged to 2 points lower than yes- terday. | Doubts regarding the feasibility of establishing foreign credits for the Farm Board's surplus, together with specula- tion on final census ginning figures of the season, due on Monday, caused active covering before the close. Spots were unchanged at 6.85.. Cotton range: January Canned Fruit Price Cuts. NEW YORK, March 19 (#).—The | Dec. 28 | California Packing Co. appears to have taken the canned fruit market some- what by surprise with its announce- ment of price reductions on its principal | lines. Price revisions were look: around March 1, to mm’l in the trade, but the unfinz out of a new list last week led the trade to be- lieve that the c ny in ’ ‘maintain the old p AP FLR'S'T which you ver a Third of a continues t loan. Century The prin Without a . servatively Loss May be B. F. SA National 2100 FIRST 6 % MORTGAGE NOTES 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. Conservative Appraisals Insur- ing Absolute Safety -* IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors 417 K St NAttonal $300 MORTGAGES ONE OF THE FIXED INVESTMENTS can make relying upon unchanging return—is in our 6'2% FIRST MORTGAGES As liberal as, the interest is it o the end of mortgage cipal is secured in con- appraised improved Washington real estate. purchased in amounts from $250 up. UL CO. 925 15th St. N.W. Protective Committee Formed. NEW YORK, March 19 (#)—A com 14 Hahn Dept Stores pt. mittee has been formed for the protec- 1% Hayes Body Corp. .., tion of the Republic of Salvador “A,” 11% 10 Holland Furnace (1). “B” apd “C" bondholders. F. J. Lis- 10% 5% Hollander Sons..... /0AD is-the chairman. 180% 110 Homestake M 15.80. . 1% Hahn Dept Stores. Realtors Established 1887 DL 1016 R o S 4% 2 Warn Bros Pictures. 15 7 3% Warren Bros........ 1% 9 Warren Bros cv pf 15% 11 Wesson Ofl&Sn (1).. 1 70 B8% West Pa Elec A (7).. 30s 16% T0% Western Dairy (A).. 1 FEE F EEFTEFT FEFEF FFFF w0 8 H 1+ + 1519 K THERE IS NO SUBSTITUTE FOR SAFETY 8 4 2 1 8 1 6 1 4 1 3 8 1 1 1 1 2 1