Evening Star Newspaper, April 3, 1932, Page 62

FINANCIAL. 4 ' THE SUNDAY STAR, WASHINYION, D. C, APRIL 3, 1932—PART SIX : % BONDS ARE LOWER AT SHORT SESSI0 Rail List Bears Brunt of Sell- ing—Utilities Group Heavy. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, April 2—The bond market continued its limping gait today and even the United States Govern- ment section, conspicuous ny its recent strength, turned somewhat mildly ir- | Tegular, The rails, as usual, bore the brunt of she selling wave, with the low-priced bpeculative mortgages suffering most. At the same time some of the higher-grade carrier bonds displayed moderate resistance and refused to shade their prices beyond fractions. Losses of 13 to more than 2 points ‘were recorded by Missouri Pacific 5s of 1977, Baltimore & Ohio 4!2s, Chicago & Northwestern 43;s, Erie 5s and South- ern Railway 4s. Some of the Atchisons steadied, as did Canadian Pacific de- benture 45 and St. Paul 5s. Nickel Plate 6s, & conspicuous mover, dropped around 5 points at one time and then | rallied slightly. The utilittes generally exhibited a heavy tone, although there were some firm spots in this group. Cincinnati Gas & Electric 45 ran up 3'; points on the sale of two bonds. Steadiness | was shown by Duquesne Light 4!.s,| Consolidated Gas and Pacific Gas is- ! sues. American & Foreign Power 5s slipped more than a point and Utility Power & Light debenture 5!.s, Western Union 5s and Colorado Gas & Electric | 58 were off moderately. International Match 5s and Kreuger & Toll 55 declined and Shell Union Oil 5s sold lower, but various other indus- trials moved in a narrow range. Foreign government obligations were mixed, the Argentines being especially in demand, while the Germans turned heavy. The Brazilians advanced and Japanese issues were steady. CANADA ATTEMPTING TO BALANCE BUDGET Increases in Taxation Will Be Necessary to Meet Expenses of Dominion. Special Dispatch to The Star. TORONTO, April 2—For the bal- ancing of the Dominion budget sev- eral increases in taxation will he necessary, including an advance in the sales tax. Canada's experience with this tax is expected to encourage the legislators at Washington, as the Ini- tion objections to its imposition here have been forgotten dur the last decade, while its operation proved the most equitable and the most prac- ticable method of securing the neces- sary revenue. In the heavy increase of taxation imposed this week by the Ontario gov- ernment upon truck operators this province is attempting the solution of a problem common to both sides of the international boundary. For an excess of highway building is one of the extravagances for which both countries have been criticized. The difficulties at Ottawa resemble those at Washington in one respect. Increased taxation alome is not ex- pected to be sufficient to provide all the necessary ‘revenue for the @d- ministration of the Dominion gov- ;:Klment‘s 'lfihflrg g’l the fiscal year S uonm‘xphn 1932, e Stock Situations, NEW YO April 2 (Special).— ‘There are always many stocks whose r.rtxces are diffi to understand in re- ion to the values that the market places an other 'stocks similarly placed. Many such situations now appear in the daily quotation lists. point is Northern Pacific, which has Just sold close to $10 a share. Northern Pacific is undoubtedly one of the strongest finaneially of the smaller sys- tems. It will not be a petitioner for ald to the Reconstruction Finance Cor- Doration, yet its stock is selling below Baltimore & Ohio, Illinois Central, Northwestern preferred, Rock Island 6 and 7 per cent preferred, Great North- ern preferred, New York Central and Southen Pacific, all of which, except | Great Northern, have passed their dividends. Steel Plant Operations. NEW YORK, April 2 (#).— Steel plant operations in the Youngstown dis- trict rose this week to 25 per cent of capacity from 19 per cent a week ago, according to reports from that center. Commodity Price Trends of Week BY H. N. McGILL, Of the McGill Commodity Service. Ine, AUBURNDALE, Mass., April 2 (#).— Nothing of a constructive nature has occurred during the past week to halt the | UNITED STATES GOVERNMENT, 942 Lib3%s1932-47 9722 Lib 1st 41 s 1932-47 988 Lib 4th 474 1933-38. 8724 US3%s1040-43 8720 US3%s1943-47 8916 US3%81946-56 94 US481044-54 9880 US43s1947-52 High 843, 231, 2 68 69 878 10174 Abram & Straus 5543, . Alleghany Co 58 '44. . 4 Am Beet Sugar cv 65 '35 Am Chain deb 6533 . AmIG Chem 5%s'4 Am Internation 5%s 49 Am Sm & Ref 554 Am Sugar Ref 68 Am Tel & Tel deb Am Writ Pap 6s " Argentine 65’59 June Argentine 6s A '57 Armour & Co 415 ‘39 Armour of Del 515543, Atch T & 8 Fe adj Atch T & S F gen 48 Atch T & 8 Fe 41518 Atlantic C L 1st 48 Atlantic Ref deb 5s '37 Australia . Austrian 7s "43 B&O 1st 4s'48.. B&O4ys . B & O 1st 5s 48 B&Oref is A” B&Oref 5s D 2000.. B&O6sCu5 B&OPLE&W Va is B&OS W Div ss i Bangor & Aroos 4s Bank of Chile 6 Bank of Chile 638 Eelgium 6 LT Bell Tell (Pa) s B 48 Beth Steel p m 55 '36.. Bolivia 7s " Brooklyn Un Canad; Canada Nat Canada Nat Canada Na Canada Canada Natl § Canadian Pacific deb Cent Pacific 1st rf 4549, . Central Pacific 5 Certain-teed deb Chesapeake Corp Ches & Ohio gn 4 Ches & Ohio 435 / Ches & Ohio 4125 B ChiB&Q4%s 5 Chi B & Qref 58 '71. Chi & Eastn 11l is Chi Great West 4s Chi MStP& P Chi M St P & Padj Chi'& Nwn 13549, Chi & Nwn 6155 '36 Chi Raflways 1st § Chi RI& Pacref 4s’'34... Chi Rock Isl 455 '60. .. Chi RI4%s" Chi Union Station 44’63 Chi Un Station 63 s Chi & West Ind con 4s 5 Chi & West Ind 535 Chile 65°60....... Chile Copper deb 55 47. Chinese Govt Ry 55 '51 CCC&StLrf4%sE"T CCC&StLEsD Cleveland Term 5 B Cleveland Terminal 5% Colombia 6561 Jan. Colon Oil 6s '38 Colo & Sou ref 4} Columb G & F Comm Invest Con Coal (Md) ref 55 50. Copenhagen 55 'G Cuba R R st 58 '5 Cuba North 513 s Czechoslovakia 8s ' De) & Hudson 5%s '37 Denmark 58 '55. Denmark 65 '42. . Den & Rio Grande cn 5. 4 Den & RG West bs '55 Den & R G West ref 55'7 Dodge cv deb 65 '40. Duquesne 1st 41,5 '6 Dutch East Indies 6s'4 Dutch East Indies 6s 6 Erie con 4s'96., Erie gen 4s '96. e ref 5s'67 4 Erieref i . 4% Finland 7s'50. .. Flor East Coast 5s French 7s " French 7% Gelsenkirchen 6 4 General Cable § Gen Motors German Go German Bar German Rep 7s’ Goodrich (BF) 6 odyear Rubber and Trunk 6s " Grand Trunk Great North 4 Great Nor gen 7s'36. Greek 63'68...... Havana Elec R Hudson & Man Humble O & R 514532 Illinois Cent rf 4s " Illinois Cent 4% s ' Inland Steel 434 s A Inter Rap Tran ref 5 Inter Rap Tr 55 '66 sta Inter Rapid Tran 6 Inter Rap Tran cv Inter Cement 55 48 Inter Gt Noj Inter Match 5s ‘4 Inter Mer Ma Inter Paper the downward trend in commodity prices, All commodities index declined to a new low point with the industrial, agri- culturai and live stock groups all lower. ‘The number of individual groups re- cording an upturn continues to be small. Only three were higher, three remained the same and eight were lower. Industrial prices still maintain the glowly declining trend, and those groups which do show an upturn recorded only moderate strength. Ferrous metals, paint materials, and coarse textiles were the only groups to go higher, building materials, chemicals and fuels remained the same. The balance were all lower. The uncertainty prevalent during the ast week regarding such factors as alancing the national budget, the Glass banking bill, the effects on vari- ous industries of special excise taxes, and the possibility of the passage of the $2,600,000 soldiers’ bonus bill, as well as increased taxes on sales of stocks and commodities has not been conducive to & strengthening market. Industrial activity has shown no re- sponse thus far to the credit expansion program inaugurated by the Federal Reserve banks. Still operations con- tinue at a particularly low rate, but the fact that Ford has now introduced the new models should be a stimulating factor from now on. The trend of car loadings during the past two weeks has given rise to some optimism that & delayed seasonal improvement may occur Agricultural prices were affected by the adverse influences, consisting of heavy supplies, the attitude of the Fod- eral Farm Board toward selling hold- angs to foreign countries and the pro- posed taxes on sales in produce ex- shanges. The recent statement of Sec- tary of Agriculture Hyde, deploring {Re Yattasion for additional Joans o farmers, brings out the fact that further aid simply encourages greater produc- ton at a time when supplies are bur- densome. His point is well taken that markets for farm products are the imary need. An improvement in iness conditions would be the best remedy for this: situation. Most important price changes in the Inter Ry Cent Am 61,547 High. Low. Close. Chege. 100 24 952 94 26 97 22 100 13 1034 821, 100% 100% 100% 521 et Int Tel 9923 100 +.03 Irjah 9928 10010 +.07 100 10022 +.10 944 9428 9324 9420 9620 9714 995 1007 10214 10231 Kan Cit s Kan Ga Kendal Low. Clos 83l 16 Loew's 841y 101 10114 % Market Midval Milan 6 10135 - 97 Mil Mo Kan Mo Pac N Y Centrt5 N Y Cent deb 6s ree State 55 '60. Ttaly 7s'51 Japanese 8128 '54. .. Kan City South 3s '50. Kan City Term 1st 4s Kreug & Toll 55 '59 Lack Stl 1st 5s Laclede Louis & Nash uni 4s '40. .. Mo Kan & Tex 1st Nassau Elec cn gtd 4 3 Nat Dairy Prod 53s '48. . etherlands 6s 7 High. Low. Close. Ch 41 31 34u 76 T4% 91 88% 67% 60 & Teleg 4%s'39 -3 —8% —1% —5% + % + % 88 +1 65 —5% 391512 100 —1% 81 -6 82 3% 89 -1 2% —2% y South 58 '50 624 83 9% 611y 16 5 & Elec 434 1515548 ww. . 0. 6s1941.. s & St Ry 7s A *40. St& '36 15852 R&L 1stref 5s 1 & T 55 A6 ific gen 4, 34%—1014 34% —T% 34w —8 34y-12 88 —4u -2 oy - 1% - 35 +1 —41 645 —3% 871 —3g 21 -12 30 -5 a1 17y 109% — % 66 -5 88 -5 8 5% 14— W 934 470 941, 1004 ific 65 2047 Pwr 1st 53 524 100% 99 1004 10134 421y Paris-Lyons. 2 Paris Orle Penna c cn 4 Penna gen 415576 Penna RR 4 Penna 4% '63 D 631 Penna 55 ‘64 Penna gen Penna 6145 '36. Peru 65 Peru 7s " Philad, Iphia Co 5s Phil & Read C &1 65" Philips Pirelli Co of Italy Pitts & Poland Postal Queens: 4 Queens adin -R: 351y 90 90% 110% 110% 7 70 845 Rio de Rio Grande Petrolm 5%s & Tel & land land g4 and Rhinelbe Union 7 Rhine Westphalia 6 '46 Janeiro 8s '4 - Sul 6s 68 Rio Grand West 4s RIATk & L 1 Rome 6 s StL& StL& StL & St Lou a0 Paulo State 88 eaboard A L A Sinclai Sou'we. South I South I South I South I 5 tand ¢ 5 5 tand ¢ 114% 114% 17 1% Union F LIM Sinclair Pipe Lin Swiss 55546 .. Texas Pacific 55 Texas Pacifi st4 &SR&G s 25 -3 66% —15% 50% - 174 -3 - 8% T Sinclair Oil 7s A *37. r Crude O 4! st Bell Tel s A "acific col 45 "4 ific ref 4s *acific 415 '68. 5 93% + % 101 - 54%—107% 5 ~—3% Southern I ty 15 )l 102% — 1 64 62 —5i 431 —2% Union Pac *ac Union P | Zou| + 4| 7915 80 Virginia Ry 1st 55 A ’6 Wabash 41 Wabash 1st Wabash 5s Wabash Wabash Wilson Yokoha 2 4% | 21% - Youngst & Co 1st 6; ma 6s 61 67% —1 Baltimore Markets Speclal Dispatch to The Star BALTIMORE, Md, April 2—The general live poultry market, with the exception of turkeys, has taken on a an improved demand, espectally for fat, young broiling chickens, which are scarce and meet with ready sale, and values show a slight increase over last Wweek on both young chickens and old hens. Seasons for turkeys practically over, but some demand still noted for medium size fat birds, hens preferred, for young gobblers, but old hens, toms and large gobblers, move slow, at 23 and 24, and crooked breasts hard to place at 18 to 20. Mixed colored young top prices of 23 to 25, with other young chickens selling mostly 22 to 23, but Leghorns will not bring over 20 to 22 and stock weighing less than 1!, pounds pounds not wanted at any price. Mary- land and nearby old hens showing best fat quality and are now preferred to Southern fowls at 15 to 17 for stock weighing 3); pounds and over, but Leghorns are discriminated against and will not bring over 13 and 14, with all slow to move out at 10 to 12. Young good demand and under light receipts market holds steady at 18 to 22, but all poor thin ducks are neglected at 12 and 14. Capons in light receipt and all desirable birds, 6 pounds and over, meet with ready sale at 26 to 30, but smaller as well as slips not so desirable at 23 to 25. Guinea fowl holding steady at 160 to 65 each for birds weighing 2 pounds and over, but smaller as well as old fowl will not bring over 30 to 40. Pigeons holding steady under & fair demand at 30 to 35 a pair for old and 20 to 25 for young. Egg Prices. McGill weekly commodity price indices ~—1926=100. - & i VAR P 93, ol 19 ther ls.. ide an Vegetable oil )3 8 0 4 1 @l i but egg market continues to fluctu- ate due to some extent to weathcr col ditions as well as to unsettled condi- | tions in other m&n; markets. Re- fi&% for 3. demand, sales the of the transactions slightly firmer tone the past week under | at 30 to 32 cents a pound and 25 to 27| broilers, 2 to 2!, pounds, are bringing | poor, thin fowl as well as old roosters | ducks, 41> pounds and over, in fairly | k continue light, | there and few on | | |being confined to street sales, and | prices show a slight decline from last | week at 143; and 15 cents a dozen for | current receipts, but offers of doubt- |ful quality have to be sold at dis- | counts. Duck eggs in more liberal re- | ceipt and market rules easy and val- ues lower at 18 cents a dozen for large, clean stock and 14 for small, | dirty eggs. Demand for old potatoes shows a decline and market rules easy and | lower, especially on poorly graded na- |tive and nearby stock. Only well graded No. 1 potatees attract attention at 75 to 90 per 100 pounds, and mixed, ungraded, as well as No. 2 potatoes are |not wanted. Sweet potatoes and yams in moderate receipt, but ample for the |demand at 1.00a1.25 a barrel for the | former and 1.00a1.76 & barrel for the latter, but ungraded as well as over- | large stock hard to move at 50a75. The market for native and nearby | garden truck holds steady on all lines, and prices show little change from last | week at the following quotations: Kale, 25a50 bushel; onions, 5.00 and 6.00 per 100 pounds; Spring onions, 73 21.00 per hundred; oyster plants, 6.00 a8.00 per hundred; spinach, 75290 bushel, and washed turnips, 25a40 hamper. Live Stock Market. The live cattle market on the wharves continues dull and quiet un- der a general light movement, and only choice, fat cattle attract atten- tion. Arrivals on the wharves mostly of common rough stock, which are hard to move at inside prices. Quo- tations today at Light Street Whart: Beef cattle, first quality, pound, 6a7; common to medium, 3a5; bulls, as to quality, 215a4; cows, choice to fancy, a5; common to fair, 2a3. Oxen, as to_quality, 3ltad: calves, | veal, choice, 086%; , fat, 0a6; | large, rough, 0a5; common, thin, Oa4. Sheep, 1'.a3; Fall lambs, choice, 7 a8; fair to good, 4a6. Spring lambs, 8a10; hogs, straight, 5a5!;; sows, 3ladlp; stags, 272a3; lve pigs, 8a10; shoats. 8a8. Closing grain quotations: Wheat, No. 2, red, Winter, garlicky, spot, domestic, April delivery, 561 ; May delivery, corn, No. 2, yellow, spot, domesti No. 2, white, domestic, white, | lots, 40ad5, Business Notes By the Associated Press. NEW YORK, April 2—1If the auto- | mobile industry is successful in its pres- ent drive to stimulate buying of its products the results should be highly | beneficial to glass manufacturers spe- | cializing in automobile glass, says the | American Glass Review. | Manufacturers of home electrical ap- | pliances will next week launch a coun- | try-wide campaign to increase sales of |all types of equipment, including re- | frigerators and air conditioners. Proposals for solving the international | exchange problem and obtaining finan- cial assistance for exporters from the | Reconstruction Finance Corporation are | being considered by a special commit- |tee of the American Manufacturers' Export Association, it is reported. Prices on staple worsted and woolen suitings are expected to be opened offi- | cially to the trade by leading mills early next week at reductions of from 7 to 10 per cent below the opening quotations of last seasom. SR AT 0dd Lot Trading. NEW YORK, April 2 (Special).— Brokerage houses that specialize in odd | lot trading have already experienced the effect on their business of the increased State taxes. It is understood that this has caused a decline of about 20 per cent in odd lot transactions. In view of this they fear that the much higher taxes proposed by the Federal Govern- ment will make the cost of by or selling odd lots of stocks in the - priced brackets almost prohibitive. In eat deal of the pub- iic “trading has been i umte | lic trac units of less |than 100 shares. A feature of this | trading not before known was the amount of short selling of odd lots of stocks. The percentage of tax on the | very cheap shares will be extremely | high. 1If it is carried out to the maxi. | mum in the so-called “penny stocks, |1t might be found that the tax was in | excess of the price of the stock itself, SILVER QUOTATIONS, NEW YORK, April 2 (P).—Bar siiver \easy and ¥ lower at 20%5, 3 | i | | the combined supply. (Continued From Page — Stock and Low. Dividend Rate. 8% 1 Truax Traer Coal... 6% b6 Truscon Steel....... 24% 12 Twin City Rap Tr pf. 220 1 _Ulen & Co. 14% Und-Ell-Fisher (2). 984 Und-Ell-Fish pf (7). 7% Unlon Bag & Paper. . 25 UnCarb & Carb (2).. 10% Un Oil of Calif(1.40) 6415 Union Pacific (10) 15 Un Tank Car (1.60) 9% Unit Afrcraft, 41% Unit Aircraft pf (3) 51 Unit Am Bosch. 2015 Unit Biscuit (2) 90 Unit Biscult pf ( 9% Unit Carbon. . % Unit Cigar Store 6% Unit Corp (40c) . 31% Unit Corp pf (3) 1 Unit Dyewood. 3 Unit Electric Coal 20 Unit Fruit (3) 17% 864 8 ~—1032. Hih. Sales— 13 5 s 3 33 10s 5 1029 Unit Gas&Im(1.20).. Unit Gas&Im pf(5). 6 UnitPiceDye W(1). 9 Unit Plece DWpf 6% 200s US & Forn Secur. .. 5 U S & For Sec pf(6). U S Freight : U 8 Gypsum (1.60).. US Gypsum pf (7). U S Hoftman. .. U S Indus Aleohol US Leather. .. U S Leather (A) . U S Leath prpf (7). U 8 Pipe & Fdry (2).x U 8 Pipe&Fy 15t 1.20 x U S Realty & Imp... U S Rubber. .. 6% U S Rubber Ist pf... 14% U S Smtg & Ref (1). 36W U S Smte&Ref pf 31, 351 U S Steel (2).. 88 USSteel pf (7)..... 59 U S Tobacco (4.40). . 1% United Stores (A) 27 United Stores pf (4). 37 Univ Pic 1st pf (8).. % Univ Pipe & Rad 3% Util Pwr & Lt (A) 4 Vadsco Sales Corp 18% 10% Vanadium Corp. K 3 Va-Car Chemical. 34 Va-Car Chem 6% pf. e 20% Va Car Chem 7% pf. 6 834 Va Elec&Pw pf (6).. 150s 19% Vulcan D'tinning (2) 310s 1 Wabash R R.. 22 348 85 2 44 by 181 104 3 21% 1% 4 55% 10% 131y 515 Bl 4 25 100s s 1 25234% . s 4 L j124 ¥y n 29% 4 Add 00. High. Low. Close. Chse. 2) —1932— . Hish. Low Net [ 1 Waldor? Walwort Ward Ba Ward Bal Ward Bal Warn Br 1 5 14 1% 14' 981y o z 5 U+ 1% + % 150 —1% ¢ Well Wess: We: : West Pa West Pa West Pa West Pa West Pa Western Western Western Western Western Western Western : Westing Westing 2 Westing| Westvac White M White Rock (4) White Sewing White Sewing M pf.. Wilcox Oil & Gas Willys-Overland. ys-Overland pf., Wilson & Co. Wilson & Co ( Wilson & Co pt Woolworth (2.40 3 25% Wil Worthin Worth P Worth P 40% Wrigley 54 Yale & Towne (1). 2% Yellow Truck. .. Yellow Truck pf. . 20 124 Ygstwn 7 Young S 4 Zenith R: 6% Zonite P Dividend rates as given in the above table Payments based on th 4 *Ex-dividend. o extra. tPlus 4% In ~, | ¢ Payabla in cash or = | e 1 | M Paid ‘lastsear—no bl R 17 in stock. Stock and Dividend Rate. Warner Quinlan Warren Bro Warren Foun: Weston Elec Instru. Weston Elec (A) (2) Wright Aeronautical s Unit of trading less than 1 3 Plus $1 in special preferred stoek. FINANCIAL Sales— Net ‘Add 00. High. Low. Close. Chge. 21 3 3 2k — Wl Sys (1%). hCo.. king (A). king (B)... king pf (7). 0s Pictures. 104 10 47 -y 60 -3 24 —T% 6113—101% | W EIpt(D... Pwrpf (6). Pwr pf (7). Dalry (A) Dairy (B) Maryland Md 24 pf. Pacific. Pacific pf. Union (4).. *se Alr B(1).x house (1)... 1390 hse st (3%) 140s o Chlor 1.60 ottt e, o fach. 24% —2% 397, —1 111 -5 30% —d% 20 -bu 5 -2 41 -7 9 +u 2% — % 20 —4 125 +1% ™ — % ™o+ % Tho— % re the annual eash rly declarations. gton Pump. ump (A) . ump (B) (Wm) (4).. Sheet&Tube. pring&W(1) adio rod Corp (1) e lates quarterly or hal stock & Paid t) stock. f Plus 8% in stoek. hPlus 2% ia k Plus 3% in stoek. Tesular rate. nPlus 8% in stoek. » Plus PRODUCE MARKETS 70% —bh | SOMEWHAT LOWER Price Level Shows Only Slight Decline in Latter Part of March. The produce markets during the last | 10 days of March lost part of {he sharp general advance made earlier in the month, but the price level is still some- what higher than before the freeze, says the U. S. Department of Agricul- ture, Bureau of Agricultural Econom- fcs, Market News Service. The spell of colder weather had helped to reduce supplies on hand. Carlot shipments have not yet returned to recent volume and new supplies of many products were expected to remain moderate for some time because of crop delay and damage. There is only a light carlot movement of string beans, strawberries and Southern produce of most kinds except tomatoes, which are coming lib- | erally from Southern Florida and from Mexico. Northern onions and cabbage are in ~ 3, | very light supply, but selling below re- cent top prices. Potato shipments are fairly large; that is, about as usual for the time of year, and not far below 1,000 cars daily, and the price has sagged away from the high points of the rise, but is showing some resistance to further declines because of holders' present expectations of a rather long market season with possibly favorable developments in a market way. Apple markets have been showing strength throughout the past month, and most varieties are holding at the higher price level reached. Potato Market Hesitates. The most generally interesting fea- ture is the potato market, which con- cerns numerous growers North and South. Remaining holdings in storag> are probably ample for market needs, even if an important proportion of the Scuthern crop is lost, but the prob- .| ability of a sustained active demand for the Northern product has been in- | creased by recent developments. Maine, Idaho, and the upper Great- Lakes region are principal sources of supply during the last two months of the ac- tive season. At present these sections are shipping much more than half of Prices have sagged away considerably from the top level reached after the freeze, but have been holding well lately, and the tone strengthened a little, especially in the East, near tMe first of the month. The ! price level is within & narrow range from :Maine to Idaho, mostly between 60 to | | | | 70 cents per 100 pounds for sacked stock of the round white varieties. Prices are firm in the East, but dull |and steady in the Middle West and —1'4 Rocky Mountain region. Haulings are |Standard Baldwins still light in most producing sections on account of the condition of the roads, but daily shipments from all sections average around 900 carloads per week day owing to liberal stocks in dealers’ storage. The expected shortage of Southern potatoes certainly does not show in the shipments, which have been much larger so far this season from Florida and Texas. owing to the earliness on the part of the crop, which matured before the freezing weather. Maine growers and shippers who owned potatoes stored in the trackside warehouses have been somewhat re- luctant to sell as prevailing prices and since the roads have been blocked only | moderate supplies have been available. Some shippers expect the market to show stronger action during the last part of the season, when supplies in other sections have been cleaned up. They point to the smaller Southern crop and its delayed maturity and also to rumors that potatoes in some of the Western States must be shipped soon because of keeping conditions. Maine stocks on hand are probably consid- erably heavier than they were a year ago. Shipments from the State are about 7,000 cars_behind those of last season to date. If total shipments are to equal those of last season. which many shippers consider improbable under present market conditions, it would be necessary for the movement from now until June to average about 300 cars daily, compared with recent averages not much above 200 cars. Prices in Northern Maine around the first of the month range 55 to 60 cents per 100 pounds at shipping points. Haulings in Western New York were hindered by heavy snowfall and prices were holding fairly well around 70 cents, compared with a level about 15 cents higher at the height of the rise. Growers were receiving mostly 25 to | 30_cents per bushel in bulk. The large Eastern markets report moderate supplies and slow to_fairly active demand. eipts in Boston were limited and market rather firm. Elsewhere the tone near the first of the month was a little weaker, although price changes were small. Maine stock for jobbing sales brought $1 to $1.25 100 pounds, with top of $1.35 in 'ashington. New York round whites sold around $1 in Eastern markets, and | Pennsylvania stock ranged 85 cents o 81 in Baltimore and New York. Chi- market is liberally have held about . Bales for later delivery range 10 cents or current level. bove the, 5 Pm-' of swel potatoes are holding lied and | B! about steady at the slightly higher job- | bing range prevailing during the sec- |ond half of March. Supplies are mod- | erate, demand rather siow, and the | markets mostly reported dull. Dela- ware and Maryland stock of the Jersey type brings 50 to 75 cents a bushel, | | with tops of 80 to 90 cents in Boston | |and Pittsburgh. Virginia white yams ld at 35 cents to 50 cents at Phila- | l Iphia, and Maryland yams ruled 50 cents in Baltimore. Virginia stock in | barrels brought around $1.50. North Carolina Porto Ricans ruled 80 cents in Washington. Highest prices were for New Jersey sweets of the Jerses | type, which brought $1 to $1.15 per | bushel at Pittsburgh. Onion Supply Lower. | | Prices of onions, although holding fairly well at the slightly lower levels recently prevailing, have made a few further declines in some markets around the first of April. Several cities formerly quoting best lots $4 per 50 pounds now report top prices at $3.75 and $3 to $3.50 was the standard range |on New York yellow onions in New | York, Boston and Philadelphia. Shi ments are extremely light, even if th~ few cars of nmew Southern onions are |included. but the sudden advance | retail prices seems to have slowed down !the consuming demand. The South- ern crop has been considerably delayed |and was injured to some extent by | weather conditions. and is likely to | | afford only moderate new_ supplies for | several weeks to come. Texas onions | started the season at $5 per crate, but are now down below $4 in several mar- | kets and ruled $3.50 in New York. | Egyptian onions have appeared in a 'few Eastern markets. Argentine onions of the Spanish type sell at $3.25 per 50 pounds in Boston, which is close to the price of Egyptian onions and a |little below best native yellow stock. | Cabbage and Carrots. | considerabie Northern cabbage appears in the markets, although the bulk of | the stock now is from the South. The | general shortage has led to marketing | some low-grade cabbage from storage ‘lnd prices show a wide range. A range of $1.75 to $2.50 per 100 pounds covers most jobbing sales in Eastern cities. Prices dropped $5 per ton in New York. Demand slowed down considerably in the producing section around Rochester and bulk of sales ranged $35 to $4C per ton, although a few good lots brought more. Probably most of the stock wiil be shipped out by the middle of the month. | The season for old carrots is nearly | ended in producing sections and only a limited number of sales are reported. | Some washed stock brought $2.50 a | bushel and 100-pound sacks for future | delivery were quoted at $5. A few car lots from New York and Michigan are | still being shipped daily. Southern ship- | ments are not as liberal as they were | a year ago. Prices are higher this sea- son and are being fairly well sustained | in most markets. Apple Prices Hold. A slightly better tone | apple-producing sections around the | | first of thé month and prices advanced | 5 cents more in the Rochester district. | brought mostly | around $1.15 per bushel, with occasional rsales as high as $1.20 and some ship- | pers asking $1.25. A few sales of bar- | reled Baldwins were made at £3 to $3.35. The improvement in the apple | market during the past month or so has | been quite general through the East and Middle West. Car lot arrivals have been | | rather light at New York and Philadel- | | phia and moderate elsewhere. Demand | has been only fair at best. Sales of | barreled stock of such varieties as Ben Davis, Baldwin and Greening ranged $250 o $3.50 in Eastern markets. Bu- | shel pack sold at $1.10 to $1.50. The top price in this range prevailed at | several markets for New York Green- |ings, West Virginia Romes. Eastern | Staymans and Delicious. Not many | Yorks or Baldwins brought more than | | $1.25 in any market and Black Twigs | | sold around $1 in Baltimore and Wash- | | ington. Advances of 5 to 15 cents a | | bushel occurred in many Midwestern markets near the first of the month, Dividend Changes. NEW YORK, April 2 (#).—Standard Statistics Co. reports that dividend changes both favorable and unfavorable, dropped in number from those of the preceding week. Unfavorable changes numbered 81 in comparison with 100 the week before, while the favorable ones numbered 7, just half of the preceding week’s total. Dividends were reduced in 40 instances and passed in 41. U. 8. TREASU_BY CEBTI;’ICATES (Reported by Chas. D. Barney & Co.) Bate-Maturity Bid Ofter, | | FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value today. London, pound | ranc. . Berlin, Rome. lira | Zrich, trane Athens: drachmi Madrid, peseta. sclill aest. penso. ... ;,r.’.ille. cn{l‘n (nom.) rsaw, zloty Shutt o, crown Stockholm. et Montreal, prevailed in|$ lea mark . 23 IN CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, April 2 ().—The fol- lowing is & summary of important cor- poration news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: News Trend. The weekly mercantile reviews report that the arrival of Spring has stimu- lated retail trade and accelerated pro- duction in some of the related lines, | but in general industry continues to be quiet. With Ford and Plymouth show- ing new cars and General Motors start- ing on an intensive sales campaign, at- tention is centered around the automo- bile industry. It is expected that April | automobile production will show an in- crease, with a consequent advance in steel orders. The Industries. Copper—Major copper companies re- ducing production to 20 per cent of maximum rated capacity The Companies. Aluminum Co. of America 1931 $6 preferred share earnings, $3.12 vs. $7.93. Appalachian Gas Corporation—Re- ceivers appointed for Ohio-Kentucky | Gas Co, a subsidiary. | Associated Telephone Utilities 1931 common share earnings $1.45 vs. $2.01. Central States Utilities Corporation— | Deferred quarterly earnings, $1.45 vs. $2.01 Central States Utilities Corporation— Deferred quarterly dividend on $7 pre- ferred stock; paid $1.75 January 1, 1932. Chrysler Corporation—Plymouth | prices for its new 1932 line unchanged, | except for business roadster, which was reduced $40 to $495. Dominion Motors, Ltd. declared 10 cents common dividend; paid semi-an- nual dividend of 20 cents October 5,' 1931 Ford Motor Co. of Great Britain— No dividend to be paid for 1931; dis- bursed 10 per cent in 1930; 1931 defi- | cit_£134,489 vs. net income £79,353. | Fourth National Investors net asset [value March 31, 1932, $25.97 a com- mon share vs. $26.82 December 31, 1931. Granby Consolidated Mining, Smelt- ing & Power Co., Ltd., 1931 deficit, be- | fore depletion, $507,473 vs. net income | $124,815, equal to 27 cents a common share. Hupp Motor Car March shipments 2,622 cars vs. 1,527 in Pebruary and 12,361 in March, 1931. Kansas City Southern Railway—1931 $4 grelerred share earnings $1.79 vs. Loblaw Groceterias, Ltd., net income, 40 weeks to March 5, 1932, $763,638 vs. $812.260 in 40 weeks to March 6, 1931. Pan-American Airways 1931 net in- come $105.452, equal to 21 cents a common share vs. deficit $305.271. Plerce Oil 1931 preferred share earn- ings 75 cents vs. 75 cents. Pullman, Inc—February profit after t subsidiary, $27,- two-month loss $7.475, vs. profit $108,036. Second National Investors net ass value March 31, 1932, $54.17 a prefer- red share, vs. $55.88 December 31, 1931 Socony-Vacuum Corporation cubsidi- ary, Magnolia Petroleum, advances cruce ofl price 15 cents a barrel in Oklahoma and most of Texas. Standard Textile Products 1931 deficit $789.650, vs. deficit $1,083,427. Third National Investors liquidating value March 31, 1932, $20.79 & common share, vs. $21.65 December 31, 1921. Missouri-Kansas-Texas Railroad cuts pay of supervisory officials 10 to 20 per cent: second cut since August. 1931. Schuite Retail Stores 1931 deficit $314,650, vs. net income $739,385. Stetson (John B.) Co.—Lower prices to be put into effect July 1. Graham-Paige Motors Corporation— March output up 5 per cent, three months up 3.8 per cent. Nash Motors—March shipments 4,871 units, ve. about 4,700 a year ago. General Motors—Pontiac prices re- duced up to $50 per car. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Allis-Chalmers Co. 5s 1937 . American Chain Co. 6s 1933 Amer. Tel Tel. 5'zs 1043 Wat. Wks. & El. Co. 83 1934 > & Ohio 4128 1933 Hemingway Co. 65 19: Bethlehem Steel Corp. 55 193 Canadian 7614 10244 Nor. R. Co. 4'28 1935 Chi. Northwestern R. R. i,108 Chicago Rock Island 4s 1934 ... Cleve. Lor. & Wheeling 5s 1933 Colo. & So. Rwy. 4'2s 1935 Sommercial credit Co; 5t4s 1838 Delaware & Hudson 55 193! Denver & Rio Grande 4lss 1936 Gen. Mot. Accep. Gorp. 65 1931 10i%% General Petroleum Corp. 5s 1940 100. Gemeral Public Service Sige 168 1% Grand Trunk of Canada 8s 1936 95 Houston E.&W. Tex. 5s 19 942 Humble Oil 5'4s 1982..... 1 100% Laclede Gas Light Co. 58 Loulsville & Nash. R. R, & H R R. 4 % Y. Cen ol N Y. Chi & St. L. 6s 1982... Nortliwestern Telep, 4 | Special Dispatch to The Star. Northern Secur T Trustee Trusteed N I 201 WOULD LIFT SALES BY LARGER FORCES Bradstreét Official Sees Too Much Retrenchment by Business Leaders. HARTFORD, April 2.—“Many execu- tives are carrying their program of cur- tailment and retrenchment to unjusti- fled and dangerous limits, cutting sales forces and decreasing advertising ap- propriations,” said E. B. Moran, execu- tive of the Bradstreet Co. of New York City, in an address before the Hartford Association of Credit Men. Mr. Moran spoke on the subject of “Tomorrow's Business.” “Instead of curtaiiment. they should be adding salesmen and reducing each salesman’s territory for more intensive and intelligent sales fol- low-up and increasing, or at least main- taining, their advertising appropriations. “There are entirely too many business men who today look upon business con- ditions as being poor or even bad and have decided to sit by and await the return of better days. This is no time for idle waiting and wishing—this is a time when vision, confidence, courage and energy are necessary if tomorrow’s business is to be improved. “What is needed today to improve to- morrow’s business is less wishbone and more backbone. Business needs a pull- up, not a pulmotor, confidence and less fear of the future. Meet the challenge peculiar to these times with action rather than acquiescence. Give your product an extra sales appeal. “The public is getting tired of .price appeal. In the long pull price appeal loses rather than gains in strength with each repetition. Price appeal will re- quire the continuous stimulus of new reductions. The public is still appre- ciative of quality, and 1932 will prove more successful to those who feature quality and service than to the cut- price weaklings. “More advertising, scientifical pre- pared and intelligently placed, cked by more intensive sales efforts, com- bined with confidence: in America's business and courage to uphold quality, will succeed on a more permanent basis than business sought on the shifting sands of price competition.” BANKERS TO CONTEST FOR PRESIDENT’S CUP Institute Students Strive Chance to Fight or $50,000 Prize, for ‘Washington Chapter will hold its annual public speaking ‘contest in the chapter rooms Thursday, April 7, at 8 pm. Every member of the chatmu public speaking class will partic! b as will also a number-of employes who have not been actively engaged in this work this year. ‘The Educational Committee announces that through the interest and co-opera- tion of a majority of the bank pre: dents of local banks, that are membera of the bankers' association, a hand- some trophy has been provided, to bs known as the “Bank President’s Cup. The winner of this contest will have his name engraved on the cup and will re- tain possession of it for one year. The cup, however, will remsin in open com- petition until it shall “have been won by one person three consecutive times. ‘The subject in this contest Il" “The Banker in Our Econemic System.” The winner will be sent to the cistrict con- test, to be held in the Eastern section of the country some time in May; the winner of that event will be awarded a trip to the -nn:al‘ae.o:xv::u.ti(on ev!,hte!:: ., at Los Ang une, A. 1 B, at ‘“fl be Sidney F. Talliaferro, vice president and tm:ty officer, Riggs National Bank; Joseph W. Cox, associate justice, Su- and Raymon . ey, faculty, Wasmnmvgw. P INVESTMENT TRUSTS NEW YORK, April 2 (#).—Over-the- counter market: Trust Sha ABC & Trust S Stocks Ins - Standard Oil Chartered Invest Chartered Tnvest pf Chelsea Exehange Chelsea Exchanze B Cumuiative Trust Sl Gorporate Trust Corporate Trust AA Corporate Trust Accum Crum & Foster..... Crum Crum Bebos Gank Snares N epos Bank Shares N = Depos Bank Shares N ¥ “A".0 Depos Ins Shares “A Diversified Trust A Diversified Trust Diversified Trust “azsl aei & 3 o mwntnE ot r Trade . ude Winmill Trad....;. uron Holding .. Incorp Investors Incorp Baumans! Invest Eaquit < 'pi Invest Trustee Shares Lenders of Industry A.. Leaders of Industry B... Leaders of Industry C. Low-Priced Shares Major Corp Mass Invest bt unt Frscrars s ust Shares 194 Amer Trust Shares 1956 B ol el R " -, TE8 w8 P, oy TR o, - ‘o misis s 8ia Tustee Standard ustee Stan ndard ‘Inv ndard Inv L A ¥ rusteed Amer rusteed Amer th 0-1 hoes! mes’ SF S L s SRS AT IBOE LY, Peone B RS0 s it Portland General diiec. B 184 Republic Tron & Steel 5 1 Sinclair Crude Oil Co. 1es 10: Southern Pacific 38 1034, . Ry.. Union Elec. Lt. Tnion Ol Co. Virginia Rwy. g Pow. ‘Wabash Rwy Co. s 5