Evening Star Newspaper, April 3, 1932, Page 61

FINANCIAL PAYMENT OF RAL LOANS BY .S HT Benate Inguiry Into Advance- ment of Government Funds Is Possible. BY GEORGE E. DOYING. ‘Whether Government money should Pe used to “bail out” Wall Street banks by lending cash to railroads for repay- ment of loans made by the bankers and which they decline to extend has been answered affirmatively by the Re- construction Finance Corporation and “with some reluctance” by the Inter- state Commerce Commission, but it Is apparent that more will be heard on the subject from several members of Congress. During a Senatorial debate, both Senators Borah and Couzens—the lat- ter is chairman of the Interstate Com- merce Committee—declared that “pres- sure” put upon the Interstate Com- merce Commission to approve a loan for the Missouri Pacific Railroad by the Reconstruction Finance Corpora- sion calls for an investigation. Senators’ Contention. In approving a loan of $12,800,000 to the Missouri Pacific, including $5,850,- 000 to repay one-half of loans due April | 1 to J. P. Morgan & Co., Kuhn, Locb & Co. and the Guaranty Trust Co. of New York, the commission “passed the buck” to the Reconstruction Finance Corporation, the Senators asserted. “We are not convinced,” the com- mission said, “that the Reconstruction Finance Corporation should be expected to take up bank loans of this charac- UTILITIES REVEAL BEST INCOMES DURING 1931 The 1,565 large corporations so far reporting income for 1931 netted a total of $1,695,652,000 against $3,062,806,000 in 1930, & decline of 44.6 per cent, says the Standard Statistics Co. Utilities continue to occupy relatively the most favorable position, returns of 170 com- having registered a recession of only 7 per cent as compared with the showing of identical units in the pre- ceding year. Reports of 1314 indus- trial companies showed a decline of 58.8 per cent, while 81 railroads expe- rienced a drop of 77.6 per cent. CRBISSLES OV T0 LOWER EVEL Late Covering Reduces Losses in Some Stocks. Market Dull. BY JOHN L. COOLEY, Assoctated Press Pinancial Writer. NEW YORK, April 2.—There was little change in the character of the | Curb market during today's two-hour | session. A soft tone persisted in util- ! ities, which had some effect on other losses in many instances. American Gas & Blectric was the par- ticular weak spot, losing more than a point under substantial offerings. Elec- tric Bond & Share reacted fractionally but recovered. Commonwealth Edison was supported around the old low. ter. We yield our own views to thoSe | gmas lasses appeared in several other of that body which, as we construg the law, is charged Congress with the | rup?‘mlbimy for determinivg that | At the same time the commission tmpliedly criticized the New York bank- ers for their refusal to extend the Mis- souri Pacific loans, although the bank- ers did recede from their original posi- tion by agreeing to extend half the $11,700,000 April 1 maturities. “The bankers who hold the loans are bankers for the carrier,” said the commission. “As such they have prof- | fted largely in handling its financing in the past. It is often represented to | us that the relation of a banker to a'| railroad is very valuable to it because | of the banking assistance so rendered in time of stress; that a railroad can afford to compensate its bankers well in connection with its regular financ- ing in order to have such support avail- able when it is needed. We have here- tofore thought that theory to have more merit than this transaction ap- pears to indicate.” The loan was approved, however, be- cause the Reconstruction Finance Cor- ition had adopted a resolution set- forth that “all existing uncertain- ty as to the disposition of the April 1 maturities of the Missouri Pacific Rail- road Co. is detrimental to the general credit situation of the railroads,” and that it was the opinion of the boarl “that the said railroad is unable to obtain funds through banking channels or from the general public in order to peay said loans.” Eastman’s Declaration, Joseph B. Eastman, member of the Interstate Commerce Commission, how- ever, declared in a separate opinion ¢hat no good reason had been shown for approving & Government loan to ble the railroad to make a 50 per it payment on the bank loans, and t there had not even been an at- made to show that the loan is led in the public interest. ‘There is no necessity for the loan to mvufl, a Missouri Pacific receivership, . Eastman asserted, because the bankers “would not, so long as the in- | terest on these bank loans is paid, force | Y regelmdnp by refusing an exten- | (Copyright. 1932.) WHEAT PRICES GAIN ON ACTIVE BUYING Reports of Crop Damage and Big‘_' Export Purchases Boost Market. BY JOHN P. BOUGHAN, Assoclated Press Market Editor. CHICAGO, April 2.—Soaring on sen- sational crop damage reports from the Southwest and West, the wheat market | Tose about 3 cents a bushel today. Big export buying of North American Wheat—1,500,000 bushels — accelerated e gains in values. There was also Bggressive purchasing on the part of all iclasses of traders, especially houses with connections Southwest Wheat closed buoyant at the day's top level, 2%-3 cents above yesterday’s finish; corn, %-1 up: oats, %-15 vanced, and provisions unchanged to 15 cents lower. group leaders. Motor shares displayed considerable half a point. Ford of England dipped below 4, but firmed. Stutz and Cord held steady. Specialties had a dull ap- pearance, although a late break in Aluminum of America sent the price points net. Gulf Oil held its ground, finishing at 317, the final quotation of the previous session. Standard of Indiana, however, eased, down less than half a point on the day. Cities Service touched 5, a new minimum for the year, but made up its loss. COTTON VALUES DROP ON HEAVY SELLING General Market Closes Steady at Net Losses of Four to Eight Points. By the Associated Press. NEW YORK, April 2.—The greater part of yesterday's rally in cotton was lost today under a renewal of the re- cent selling movement. After selling off to 6.10 for May, cr about 8 points net lower and within 8 points of the low price touched on the decline of last Thursday, however, of- ferings decreased and there were slight rallies in the late trading on week end covering. May closed at 6.14, with the general market closing steady at net losses of 4 to 8 points. The opening was steady at a de- cline of 1 to 6 points under moderate offerings, which included Southern and Far Eastern selling as well as further liquidation. The contracts were ab- sorbed by trade buying and covering, while there was also a little buying believed to be for Liverpool account. Selling increased somewhat follow- ing the opening decline in the stock market and the recession extended to 6.49 for October, making the general list about 8 to 9 points below Friday’s closing quotations. The market turned steady later with slight rallies encouraged by the devel opment of better tone in the stock market and firmness in grain. Clos- ing quotations were about 3 to 4 points up from the lowest on the more active Dpositions. Market Averages. By the Associated Press. STOCKS. .3 28 5 20 20 Indus. Rails. Util. Tot: Yesterday's close*34 » Previous day... 35 Week ago. 58. Year ago...... Three years ago. Five years ago. E3efasEEEasad setisuieiic: 2 20 20 Indus. Rails. Yesterday's close 65.6 *G6.7 Erevious day... 658 683 R SREIRBRAR=22 t=admat et eateg | v : 80 High (1930) 949 109.8 1014 1019 Low (1930).°)) 833 97.3 96.6 92.6 *New 1932 low (Copyright, 1932, Standard Statistics Co.) HOW IS B USINESS? Showing Current Business Activity Compared With Same Week a Year Age. A [ £ 1 e o oy oy oy o e PP 1 T e 1931 | groups, although late covering reduced ' activity, Ford of Canada “A” rising | down to the new low of 331, off 2! | 4 Cities Service pf (6 GENERAL BUSINESS ACTIVITY for the country indicated by Bank Debits outside New York City. Shaded areas show weeks of activity above the corresponding weeks of the previous year. Black areas indicate declines from same weeks 12 months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with the same week a year Boston | New York | Phllld!l&h\l Cl!v!ll‘gd thhmn‘gd —343% | —se1% 256 et} 5 e T e el LEADING BAROMETERS. Sho Trend eor Important factors. Present trend. Downward Upward Upward Atana | —23.3% IS, Franci: ] ety vl Dallas —23.0% Business I dollars (checks cashed) . t (Department of Labor)... ment of Labor)...... FOR WEEK ENDING APRIL 2, 1932, Stock and dividend. High. Low. Close. Acme Steel (1.20). . 15% 15% 15% Agfa Ansco. . 2% 2 Agfa Ansco pf.... 45 Afnsworth Mfg (k50c) 6 Ala Power pf (6) .. 76 Ala Pwr cum pf (7). . 8 Allegheny Gas Corp. Allied Mills Inc E 3% 1l ++ t1+11 Aluminum Goods (60¢). Aluminum Co. Ltd Am Capital pt (3). Am Capital pr of (5%).. AmCit P& L A (a3) Am Cit Pw & Lt B. Am Com Pow A 11 ++ Am C)l::mld (B) Am Dis Tel, NJ cv pf( Am Equitles. .. Am ForPwr war. Am Founders. . Am Gas & Elec (11). Am Hardware (2).... 4 Am Investment Inc (B). Am Inv, Inc, war. . Am Laun Mch 1.2 Am Lt & Trac (2%). Am Maize Prod (1) Am MfgCo..... Am Mfg Co pf (5). Am Moracatbo. . Am Salamandra Corp. Am Superpower. ... Am Superpwr 1st p£(6). Am Superpo pf (6) 000 tET e % Am Ut&G B vte. Am Yvette Co.. Inc. Amsterdam Trad (p7 Anchor Post Fence Anglo-Chilean Nit. Appalachian Gas Ark Nat Gas. Ark NatGasA. Ark N G cm pf (60c) Arkansas Pwr&Lt pf(7) Armstrong Cork Asso Elec Indus L Asso Gas & Electric. ... Assoc Gas & E A (b5 % Asso Gas&El all ct 1.60 Asso Gas & Elec ctfs(8). Assoc G & El war..... Asso Laundries Vtc. ...« Asso Rayon.. . . Asso Tel Util(b8%). Atlantic Sec Corp. Atlas Utilities Corp. Atlas Utilities(war) Atlas Util pt (3). Aviation Sec,New Eng Babcock & Wilcox (4). Bellanca Alr v.t.c.. Bell Te! of Can (8) Beneficial I L (1%) Bickford's. Inc (1.20). Bliss Co(EW) (b8 %) Blue Ridge Corp. ... Blue Ridge pf (a3) Blumenthal (S). Borne-Scrymser Co. Brazilian Trae Lt&P(1). BATconB (pl13 ). Buckeye Pipe Line (4).. Buffalo, N&EP pf(1.60) Bunker Hill & Sullivan.. Bunker Hill & S v.tc.. Burco, Inc cv pfn (3). Burma, Ltd rcts (4c) Butler Bros. . Bwana McKubwa Corp Cable Radlio Tub vto. Cabl & W Ltd, A re! Cabl & W Ltd. B rets. Cable & Wireless pf rcts Canadian Marconi. Carib Syndicate. Carman & Co A (2) Carnation Co (1%) Carnegie Metals. Caro Pwr & Lt pf (7). Celanese Corp 1st pf Cent Hud G&E ctfs 80c.. Cent Maine P pf (7). Cent Public Service A. Central States Electric. . Centrifugal Pipe (60¢).. Chain Stores Stock..... Charis Corp (2) : Childs Co pf. Cities Service(g30c) NN F OFEFFEF FFEEF R - 8 2 e » FOEFSFES Ul U g B 0 | - Citles Serv. B.B.pf(6)... Cities S Pr & Lt pf (7) Claude Neon, Inc Clev Elec Illum (1.4 Cleveland Tractor. Contl Chi Cp cv pt (3). Colum G&E cv pf(5) | i Columbia Oil & Gas vte. Commwlth Edison (8).. Comwlth & Sou (Wwar). . Community Water Serv.. Comstock Tunnel....... % Consolidated Cop] per. ... Consol Gas Balto(3.60).. Consol Gas Utility A.... Consol Min&Sm (f2%).. Consol Ol Corp. . . . Consol Retail Stores Consol Theaters. . . Contl Gas & El pr pf(7). Cont Shares conv pf. » Cont Shares pf (B). .. Cooper Bessemer pf (A Creole Petroleum. Cresson Consol . Crowley Milner (80¢c). Crown Cork Intl (A).... Cuneo Press pf (6%) ... Cusi Mex Mining. Davenport Hos (2) . Dayton Airplane & Eng. Deere & Co.. Detroit Afrcraft Corp.... Dictograph Prod. . Dow Chemical (2) Driver Harris Co. Dubilier C & Radio. Duke Pow (5). Durant Motors East States Pow B Eastern Util Asso -Eastern Util Asso cv Eastern Uti1 Inv (A). % Edison El of Bos(13.60). 175 Eisler Electric Corp.,.. 1% Elec Bond&Sh cu pf (5) 42% El Bond & Sh of (6).... El Bond & Share(new). . Elec Pow Asso (1).... Elec Pow Asso A (1) 1P & L opt war Elec P&L 2d pf A (7). Elec Shareholding - Elec Shareholdg pf(a6). Emersons B S Inc Em’'son B S Inc B (122%4) Empire Gas&F cm pL(7) Empire Gas&F em pf(8) Europ El Ltd A (30¢)... Euro Elec, Ltd deb rts Fairchild Aviation Fairey Avia Ltd (17c) Fajardo Suga Fedders Mfg A Federated Capital. Federated Metal Fiat Motors........ Foltis-Fischer Corp. Ford Motor, Can., A Ford Motor. Can., B. Ford Mot France 37%e. . Ford MLtd..... Foremost Fabrics. .. Foundation For Shs, Fox Theaters (A).. Franklin Mfg Co. Gen Alloys. ... General Aviation. G El Ltd rets (p36 Gen Gas&El cv pf B (6). Gen Theat Equip cv pf. . GeorgiaPowerpf(6) Glen Alden Coal. . s Globe Undwritrs(k20¢) . Godschaux Sugar B. Gold Seal Electri Golden Center. Goldman Sachs T C. Gorham Inc pf.... Gotham KnitbacMeh. Graymur Corp (1) GtA&PTeanvi6%. Grt A&P Tea pof (7). Greif & Brother. Gulf Oil of Penna. Hackmester Lind. . Hand Page p pf (p10c).. Happiness Candy....... Hazeltine Corp (50c. Hecla Mining (40c). Heyden Che:m (25¢).. PEFF S #FF o T+ +++1+104+1 P Rrexarrsas Stock and dividend. . Hires (CE) Co A(2). Hollinger Gold (+70¢)e.. Horub.flmnrt(l'fir’).’n- Houd-Her cv pfA2 Hudson Bay Min & Humble Oil (2)... Huyler Stores of Del. Hydro Elec Secur (k10c). Hygrade Food Prod. . .. Hygrade Sylvania (13).. I Pwr & Ltpt (6)..... 1llu P&L 6% cum pt(6). Imp Ofl of Can ( Ind Pipe Line (k35c). Industrial Finance ctfs. Indus Finance Co pf. Insull Investment. ,. Insull Util Inv 2d pf.... Insul Invest pr pf xw... Insur Co of Nr Am (2). Insurance Security Intercontl Petroleu Intl Petroleum (1). Int Saf Raz (B)(p2). Intern Superpr (1). Intern Util A. .. Internatl Utilities (B) Inter Utllities war new InterstateEquities. .. Interstate Equity cv pf.. Interstate Power pf (7). Irving Air Ch(40c) . Italian Superpowr A. Johnson Motor Co. Kerr Lake. ... Kirby Petroleum. Kleinert (I B) Ru Kolster-Br(Am shs). Lack Securities (4) Lake Shor Mines (2). Land Co of Florida 4 Lefcourt Realty 1. LefcourtRity pf(3) Lehigh Coal & Nv(1). Leonard 011, Lerner Store: & Libby McNefll & L. Lindsay Light (80c). Lone Star G new (60¢).. Long Island Lt (60c). .. Long Isl Lt pt (7).. Louisiana Lan & Ex. MagdalenaSyndicat Manning Bowman (A).. Mapes Con Mfg(14).... Marconi I M (p87 1-10¢). Mass Util Asso. ........ Mass Util Asso cv pf 2% Mavis Bottling (A) Mayflower Asso (2) May Hosiery M pf w Memph N G Co (60c) Metal & Mining, Inc. Mid Sts Pet v.t.c. B. Midl West Utilities. .. ... Mid W U Co pf n xw (6). Midl W Ut cv pf new xw. Midvale Co (4)....... Minne-Honey pf (6). Mo-Kan Pipe Line. Mo-Kan & Pipe Lt Miss River Fuel bd rts. . Moh Hud P 1st pf(7)... Mohawk Mining (1).... Montgomery WardA (7). Moody’s Inv Svc pt pf. Mountain Prod (80c). ... Mountain St Tel&Tel(8) Murphy Co (1.60) Nat Investors # Nat Investors war Nat Investors pf... Natl Pwr & Lt pt Nat Pub Serv (A) (1. Nat Rubber Mach....... Nat Sh Term Sec A $60c. Natl Steel (war)...... Nat Sugar N J (2).. Natl Transit (1). Nat Union Radlo. Nestle Le Mur..... New Eng Pow pf (6)... New England T& T (8). New Jersey Zine-(2). . New Mex & Ariz Land.. Newmont Mining. . New Process Co (1) Y Shipbldg Corp. N Y Steam (2.60). N Y Tel pf (6%). . N Y Transit new (k10c). Niag.-H. Power (40c) Niag.-H. Pwr A war. Niag Hud Pwr (B) war.. Niag.-Hud Pwr C war. Niag Share(Md) 20c. Niles-Bem Pond (60c). Nipissing......... Noma Elec Corp (40c). Nor Am Lt& Pwr(b8%). Nor Central Texas. Nor European Oil Corp. . Novadel Agene (4). Ohio Copper. Oklahoma Nat Gas pf... Outboard Mot (A). Overseas Sec. Pac G&El 1st pf (135)... Pac P Sn pf (1.30). Pan Am Airways Pandem Of1 Paramount Motor. .. ParkeDavis (11.30) Parker Rust Proof (3) Penroad Corp. .. Penna Gas & Elec A. .. Penna Pwr & Lt pf(7). Penn Wat & Pow (3).. 4 Pet Milk pf (7)... Phila Co (new) f1.60 Philip Morris Inc.. Phoenix Secur Corp. Phoenix Sec pf(6) .+ Pierce Governor. Pilot Radio Tube Pioneer G M Ltd (12c Pitney Bowes P (b4%).. Pitts & Lake Erie(5) Pitts Plate Glass (1) Plymouth Ol (k25¢). Polymet Mfg. ..... coce Power Corp of Can (2) Pratt & Lambert (2 Prudential Inv. . Prudential Inv pf (6) NIl pf (7). Pub Util Hold Corp xw. Pub Ut H Cp cum pf. Pure Oll pf (6).. Radio Products. . % R R Shares Corp. Railway & Lt Sec(2). . Railway & Util Inv (A). Reiter-Foster. . - Rellance Intl (A) Rellance Management. Republic Gas Corp. Reybarn Co. . Reynolds Invest. Rhode Isl Pub Sve pf(2) Richman Bros (3). Richmond Radiator. Richmond Rad cum pi 4 Roan Antelope Mines Roosevelt Field. Ine. Rossia Intl Corp. Royal Typewriter. Rvan Consolidated. St Antony Gela St Regls Paper., Sec Allied Corp (1) Secur Corp Gen (40¢). . Segal L & Hdwr.. .. Seiberling Rubber. Selected Industries. Sel Indus allot ctfs (5%) Sentry Saftey Control. . Shattuck Den Min, Shenandoah Corp. Shenandoah Corp pf. Sherwin-Williams (4). Silica Gel et. . Singer Mfg Co (8). Sing Mf Ltd rets (p28c). Smith (A. O.) 2 Smith-Corona Tpwr vtc. South Penn O1l (1) SoCalEdpfA (1% Sou Cal Ed pf C(1%) So Colorado PwA (2) Southern Corp. Southe: Scuthland Royalty(20c) Sou West Bell Tel p£(7). So West Gas Uil ... Stand Invest cum pf...« Stand Motors. ... Stand Ofl of Ind( 1) cuuas APRIL 38, 1932—PART SIX K] 24% 12% 15% PELEFEPESF EF (SEEETS S uE Ti+bi+010010 9 @ 3 2 -1 (BES EEEE L Iy e FOLLFE L0 EE 4+t L+ L+ 4110 RN EE O#F FFEEFF 1t istitel - = 3 s g2i”" & o 232" 5 . __ Btock and dividend. 12 Stand Oil of Ky (1.60) Stand Pwr & Lt (2). Stand Pwr & Lt (B) (2). Stan Pow & Lt pf(7). Stand Public Srv A. Stand Silver & Lead Starrett Corp. Starrett Corp pf. Stromberg-Carlson. Stroock & Co e ; Stutz Motor Ca Sunray Oil. . Swift & Co (2) Swift Internat’ . Swiss Am E1 Dt (6). ..., Sylv Gold Mine Ltd (4c). Syracuse Wash Mch(B). Taggart Corporation. Tampa Elec (2.24). Tastyeast, Inc.. Technicolor Inc Tech Hughes (60c). Texon Oil & Land (1). Tobacco&Allted Stk: Tob Prod of Del wi. Tobacco Prod Exp (10¢) . ‘vodd Shpyard (2) Trans Alr Trans Trans Lux DL P § Tri-contin’l Corp w: Tubize Chatel, B. . Tusg Sol Lamp (1)..... Tung-Sol Lamp pt (3).. i Union Am Invest. Un Gas of Canada. Unit Car Fast (40¢) Unit Chem pt pf (2) = Unit Gas Corp war, o) United Gas pf (7). b Unit Lt & Pwr (A). 1 . 4 25% Utd Light & Pwr pf (§). 32 Net Low. Close. Chge. 1 12% — % 16 — 1% ¢ United Stock and dividend. Profit Sharing. Unit Shoe Mach (214) T3 U S Dairy (A) () 14 —-2% % % U S Ints % | U S Playing Card (2)... U S Elec Power ww. -1 U S Elec Pwr (war) -1 7 U S Finishing. . % 4 U S Foil Co B(30c) * U 8 & Internti Sec er Sec 1st pf. . e EFEE " 2 Unit Stores v.t.c. % | Unit Verde Ext'n (500).. W 25 % Universal Insurance. & F 5 Utah Pwr&Lt pt (7) | Utica G&Elec pf (7) Ul P & Lt el - 24| Util Pwr&Lt B cfs Utility Utility Utility Utility (RN Wayn (TR &F I+ FEREFT Frr 10% Wilson % % Yukon nual payment. & Payable in ca dividend. { Plus 5% 4 stock. §Plus 2% in % % 25% — 7% stock. nPlus 8% in =3 or stoc! &Ind... & Ind pf(1%)... Equites........ Equity pf (5%) .. Vick Financial (30c). Wagner Electric (50¢) Waitt & B. A (2).. ker, H (25¢) Pump. Wenden Copper. Western T & S (2)... West Cartridge pf 6) . 66% ‘Westvaco Chlor pf (7). 10% Willlams R C (70¢). 2% Wil-Low Cafeterias. 20 15% Wil-low Cafe pf (4) Jones 8 10% 7% Woolwarth L % % “Y” Oll & Gas. Gold Co Dividend rates in dollars based on last quarterly of semi-an- x dividy 1Partly extra. 1Plus 4% in stock. bPayable in stcck. e Adjustment in stock. gPlus 6% in stock. hPlus 1% in stock. kPlus 10% in stock. m Plus 3% in stock. pPaid last year—no regular rate. E SITUATION IN WHEAT DECLARED IMPROVED Y% b ‘(,: Cablegrams to Government De- %! partments Report Better Pros- pect for Market. BY LOUIS E. VAN NORMAN. Signs of an improved world wheat situation were to be seen in infor- mation obtained yesterday from the Departments of Agriculture and Com- merce, based on cablegrams received from representatives in foreign wheat centers. The trend of the world’s wheat sup- plies in recent years has been to in- crease at a much faster rate than its population, but the effect of the recent widespread campaign to reduce acreage and of unfavorable weather and other ixl;ecl.ll conditions is now becoming visi- e. A reduction, as of March 15, of more than 100,000,000 bushels in the sup- plies available for export in Argen- tina, Australia and Canada and a sharply reduced movement of grain from Russia and the Danube Basin are indicated by information received by the Agriculture and Commerce Depart- ments. On March 1 stocks in interior mills and elevators in the United States showed a reduction of nearly 9,000,000 bushels from last year. Making allowances for the unrelia- bility of figures concerning wheat pro- duction in China and Russia, it is still true to say that no one country raises as much as 30 per cent of the world crop. Therefore, it is pointed out by George J. Carr of the foodstuffs divi- sion of the Department of Commerce, in a report on international marketing of surplus wheat, the success or fail- ure any major country’s crop will have a direct bearing on the export rice of wheat. Moreover, since sow- g and harvesting are seasonal, are almost continuously in progress somewhere on the globe. (Copyright. 1932.) CANADIAN ISSUES POPULAR IN U. S. Report Shows People in This Coun- try Hold Largest Share of For- eign Investments. Special Dispatch to The Star. MONTREAL, April 2.—Indications that business men of the United States future were revealed in a bulletin just released by the Department of Immi- gration and Colonization of the Cana- dian Pacific ®ailway, showing that the largest share of foreign investments in Canada are held by the people of the United States. “Figures just made available reveal that total foreign investments in Can- ada as of January 1, 1930, were $6,125,~ 957,000, the bulletin stated. “Of this figure, the people of the United States |held '$3,726,745.000. _ Britishers held $2,228,024,000, and the balance was made up by all other countries. “Investments of the United States were equally divided between govern- ment and private securities, with in- dustrial and mining industries account- ing for most of the investments in pri- vate enterprises. British investments, lon the other hand, showed 67 per cent of them to be in government securities and public utilities, chiefly railways.” The bulletin also revealed that Ca- nadians have a substantial financial in- terest in other countries. The total amount of such investments was said to _be $1,781,345,000, or approximately $171 per capita of Canada’s present population. The national wealth cf Canada is estimated at $30,000,000,000, 1, | making the gross investments of ail foreign countries only slightly more thul;‘ hzo per cent of the national wealth. & O FERTFEE ¥ CHICAGO DAIRY MARKET. CHICAGO, April 2 (#)—Butter, 8446 tubs; weak; creamery, specials (93 score) 20%2a2l; extras (92) 20; extra firsts (90-91) 19%,a193; firsts (88-89) 1812al19; seconds (86-87) 171% al8; standards (90 centralized carlots) 1915, [Eggs, 13,016 cases; firm; extra firsts, 13; fresh graded firsts, 12; cur- rent receipts, 11all'z; storage packed firsts, 13%; storage packed extras, 14. FE Those Loafing Dollars May Be Made to Work Produc- ing a High Return Com- mensurate with Safety BUY OUR FIRST MORTGAGE NOTES Secured on new brick homes in preferred morthwest 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 0 and upwards BOSS & PHELPS 1417 K Bt. Realtors. NAtional 9300 b have confidence in Canada's industrial | FARM MACHINE EXPORTS INCREASE IN FEBRUARY By the Associated Press. Exports of farm machinery in Feb- ruary were 11 per cent greater than in January, on the basis of calcula- tions by the Commerce Department. The total was $990,504, greatest since September of last year. The month’s increase was due prin- cipally to the larger shipments of wheel tractors, parts and accessories for tractors and other cultivating im- plements and parts, the report said. Figures are not yet available as to which markets were concerned. ‘The department regards this in- crease as a seasonal gain due to the fact that the bulk of the shipments was to markets in the Northern Hemi- sphere. It was pointed out that ship- ments to Russia were negligible during the month, whereas a year ago that market took about 90 per cent of the $22,000,000 worth of the farm ma- chinery exports. While the increase was not large, the department said it hoped the gain was indicative of the bottom being reached, and that subsequent months will re- cord mounting shipments. SEES SALES SUCCESS. Developments of the last six weeks have resulted in a sufficient stabili- zation of business and financial con- ditions to indicate success for the in- tensive drive for increased sales of new —automobiles, declared Allard Smith, executive vice president of the Union Trust Co. of Cleveland and chairman of the Industrial Develop- ment Committee of the Cleveland Chamber of Commerce, in a recent radio address. EARNINGS REPORTED. NEW YORK, April 2 (#).—Per share earnings of corporations reporting this week, with comparisons for a year ago, included: Year ended. December 31, 1931. Union_Carbide & Carbon.. X U. 5. smq 19 88 S premuap uE’ wan ot T Chesebroug] 3 7 Plymouth Oil 10;’; Buffalo, Niagara 4.92 gglexs of Delaware $7 pf 196 229223; o uth_Penn. Ol s Loss-Sheflleld Steel & Tron ptd. 18 Year ended 3 Pox Pacognded December 26, 1931. 8258 William Filene's_Son: Associats S Stcial estimage.” ' O OAN For Buying, Building or Refi- nancing Completed Properties, Prompt Attention—Reas Rate Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 Year ended January 31, 1982. 51.86 Secured by First Mortgage Washington, D. C. Real Estate Safe—Conservative Wm. H. Saunders Co. Ine. Realtors Established 1887 DI 1016 1519 K YOU C [MONEY RATES DECREASE DURING MONTH OF MARCH By the Associated Press. A slight easing of the money markets | occurred during March. Weekly statement of the Federal Re- serve Board noted a gain of about $37,- | 000,000 in gold during the period which | aided this ease, while the policy of the reserve banks by open market pur- | chases amounted to $131,000,000 during the month, bringing the total on March 30 to $872,000,000, the largest on record if the temporary certificates of in- debtedness in tax financing are ex- empted. The net increase in funds supplied through the open market is less than the figure states, as in the same period there was a drop of $80,000,000 in hold- ing of bills bought. PARIS DO“fiCES. PARIS, April 2 (#) —Three per cent rentes, 78 francs. Five per cent loan, 101 francs 85 centimes. Exchange on London, 96 francs 69 centimes. The dollar was quoted at 25 francs 40 centimes. 2z 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 25 LOW PRICED STOCKS | Every investor should benefit by our compilation of 25 stocks which | appear to have unusual long term profit possibilities. These 25 rep- resent a careful sifting of the 693 stocks recently selling for $12 per share or less. Recent average price was $10 compared with $88 in 1929. The 25 earned a yearly average of $3 per share in the five years prior to 1931. Each com- pany is in sound financial condi- tion. Besides this list, you will | receive “25 Probable Leaders of | the Next Bull Market”, “Sound Investment Rules” and our next eight issues—§2 value for $1. Return this “ad” with your ad- dress and §1 today. | %FINANCIAL WORLD America’s Investment and Business Weekiy 53-FM Park Place New York MORTGA AN MAKE YOUR OWN PROSPERITY Without self-denial you can easily spare from present income modest amounts for investment in our 6%2% FIRST MORTGAGES Over a Third of a Century Without a Loss 1 National 2100 THERE That means that throughout the period during which the mortgage runs this money so invested will per- sistently and continuously earn this liberal return—with principal se- cured by trust on conservatively ap- praised improved Washington real estate. May be purchased in amounts from $250 up. Consult us about our Partial Payment Plan. It’s a con- venience. SAUL CO. 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY