Evening Star Newspaper, April 27, 1932, Page 14

‘A—14 wxs THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, APRIL 27, 1932, FINANCIAL, BETTERTRADEDUE [ TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE |[STOCKSINRALLY FINANCIAL, 2% Adams Expre: . 13% 7% Great North Ore(2). 7 7T -% 20 Tide Water As pf(§ - % 10% 2% Ul Pwr& Lt (A)... 21 Adams Millis (2). 25 19 Hackensack W (1%) 1 18% 18% — % I8% Tk Rolles BO) = B1718% 7% Vanadium Cerp.. 104 Addressograph (1).. I 28 214 Transamerica Corp +%| 391 20 VaCarChem1% pf.. 36% Al 4 2 Tri-Contl Corp... ", rul gty SO 42 Tri-Contl Corp pf(6) 20% 14% Vulean D'tinning (3) 1 Alleghany Corp..... 1 Truax Traer Coal 19 Waldorf Sys (1%). . _ Alleg Cp pf $30 xwW. .2 1% Twin City RapTran. 4% 1% Warn Bros Pictures.. . 1% % Warner Quinlan..... . Fifth District Federal Reserve . Bank Reports Pick-Up 25 glckcn WatpfAl% 20s 28 Last-Minute Profit Taking Reduces Gains in . SRR ] ¥ 5 in Business. m BY EDWARD C. STONE. ““"More favorable weather has recently n _boosting trade in the fifth Fed- 1 Reserve District, according to the st news from the Bank of Rich- bnd. April is too far advanced, how- ever, to make up fo the trade that was missed during first few days of, the month. Yet the comparison Alleg Cp pf $40 ww.. Allied Chemical (§). Alis-Chalmers(50e) Alpha Port Cemt (1). ‘Amerada Corp (2)... Am Bank Note...... Am Bank Note pf (3) Am Can Co (15)..... Am Car & Foundry. . Am Car & Fdy pf (1) Am Comel Alcohol. 4 Am & Forgn Pwr... Am Haw St’ship (1). Am Hide & Leath pf. Am Home Prod 4.20.. Am Ice (2) 4 Am International Am Locomot pf(7T).. SEFET 6 Herculas Mot (80¢) . 83 Hercules Pow pf (1) 62 Hershey Choc (§ 68 Hershey Choc pf 15.. 45% Househd Fin pf 4.20. 12'5 Houston Oil...... 2% Houston Of] (new) 6 Howe Sound (1) 4% Hudson Motor C: 2 Hupp Motors 9% Illinois Central 15% Illinois Central pf... 234 Indust Rayon (4) 18 Ingersoll Rand (3) 12% Inland Steel. 4% Ins Shs(Del)a 214 Interlake Iron. .. 75% Int Bus Machine(n6) 11% Und-Ell-Fisher (2). 20% Un Carb & Carb (2).. 10 Un O!l of Calif (1.40) 4615 Union Pacific (10)... 513 Union Pacifie pf (4). 12 Un Tank Car (1.60) 9% Unit Afreraft.... 41% Unit Aircraft pf (3) 20 Unit Biscuit (2)... 5 Unit Corp (40¢) 27 Unit Corp pf (3). Unit Fruit (3). Unit Gas&Im(1.20) U S & For Sec pf(6). U S Freight. by 57 2% Warren Bros........ 47 Wesson O&Sn pf(4) ~ 46% West Pa El pf (8) 50 West Pa EI pf (1) 2% Western Maryland. 1% Western Pacific. 25% Western Union (. 9% Westing’se Alr B(1). 19% Westinghouse (1)... 24 Weston Elec Instru.. 7 Westvaco Chlor 1.60. 8 Wilcox Oil & Gas. % Willys-Overland. 7 Willys-Overland pf. 18 Wllison & Co pf. 36% Woolworth (2.40) 7% Worthington Pump 34% Wrigley (Wm) (4 & ||-4' 14144 FE FREFF ¥ Leaders, BY GEORGE T. HUGHES. Special Dispatch to The Star, NEW YORK, April 27—The stock market today successfully withstood a mere testm-nd showed notable rally- rer d";oo;nmu.tm face of adverse news The market had o absorb, from - corporate point of view, the two great- est shocks of any single session so far this year. These were the passing of + htt A & FER with April, 1931, is -Am Metal Co 5 3u 3% 1% Int Carlers Ltd(40c) Indus Alcohol. .. 9% 6% Zonite Prod Corp (1) the United States Steel common divi- now expected to much more sat- Isfactory than the t 10 days of the nth indicated. iReports from the gther 11 Federal Reserve banks in- dicate that busi- néss is doing fair- )vag]L ‘The Phila- Richard A. Norris. ! ‘dHphia Teports a better employment situation and more K vity in steel; easier money is ex- soon to help the New England tion; Atlanta again reports a gain retail sales, as well as the opening a number of small banks in the ict. Building in Atlanta and else- re in that section is being main- ed on a heavy scale. = Cleveland reports a better banking ‘wituation, but industry still drags.. In theé Dallas, Tex., area and around St. is trade has shown some improve- nt in the past two weeks. The only « change on the Pacific Coast is a slight - improvement in employment. Norris Heads Institute Ticket. Richard A. Norris was nominated to Ibe president of Washington Chapter, ~American Institute of Banking, at & mgeting last night, the full ticket being named as follows: . President, Richard A. Norris, Lincoln National Bank; first vice president, Rob- ‘ert H. Lacey, Columbia National; sec- ond vice president, Walton L. Sander- son, Federal-American National Bank & Trust Co., and Alfred W. Sherman, American Security & Trust Co.; sec~ retary, Constance D. Fogle, Riggs Na- tional, and Mrs. Gertrude C. Wick, i Liberty National; treasurer, Lloyd H. Johnson, Northeast Savings, and J. Earle McGeary, W. B. Hibbs & Co.; sassistant secretary, Evelyn E. Lynham, §Park Savings, and Anne C. Sullivan, *Morris Plan; chiel consul, William H. jLaughlin, the Washington Loan & % Trust Co., and Paul J. Seltzer, Ameri- can Security & Trust Co.; governors, George F. Dagenais, Riggs National; Joseph R. Fitzpatrick, Second National; +George R. Flemer, National Metropol- itan; Henry F. Kimball, American Security & Trust Co.; O. Lehman, ¢ Security Savings & Commercial; Rose :Iflmyce. the Washington Loan & Trust - ; E. Wallace Schreiner, First Na- 1, Alexandria, Va., and Raymond L. Weber, National Savings & Trust Co. fThe nominating committee included Frank M. Perley, James A. Soper and T. Hunton Leith, chairman. Today’s Trading on Exchange. . _ Business on the Washington Stock ‘Exchange today was confined wholly to the bond division. The market opcned with $1,000 Potomac Electric Power consolidated 5s selling at 101%4. Three ; small sales were then recorded in Wash- ington Gas 6s, series A, at 99';. Aifter call, Washington Gas 55 came out in two $1,000 transfers at 100)4. Local bonds have been holding well for many ! months and it is possible that advices sent out from New York recently call- ing attention to a better tone in ihe bond market is being reflected here in tufning attention to local issues. " Railroads Report March Net. ‘The Baltimore & Ohio Railroad today reported net railway operating income in March as $1,716,696, against $2,519,- 002, a decrease of $802,306. For the first quarter the road reports net rail- way operating income of $4,474,203, compared with $4,560,723 a year ago. ‘The Southern Railway has also made its report for March, showing a net railway operating income of £559,615, compared with $802,847 in the like month a year ago. The Seaboard Air Line reports March et as $245,906, against $623,258 in the e month last year, with a first- ‘quartet net of $470,940, compared with $1,279,630 a year ago. { The Pennsylvania. Rallrqad’s March met was $3,940,854, against $4,248.686 a jyear ago; first-quarter net, $9,230,863, icompared with $10,326,817. ! Other Important Reports Out. The American Ice Co. and subsidiaries ‘report for the quarter ended March 31 met profits of $86,104 after interest, de- \preciation, Federal taxes, etc. equiva- lent to 61 cents a share, against $48.- 1§86, or 33 cents per share, in the first quarter of 1931. The company operates in Washington, Baltimore, Philadelnhia, New York, Boston and other Atlantic Beaboard cities. * The consolidated income statement | ‘of the North American Co. for the 12 smonths ended March 31 discloses earn- Yings of $21,343,107, applicable to the scommon stock after various charges nd preferred dividends. This was equal 35516 s share, compared with $4.35 @ share for the corresponding period flast year. ! Opposed to Branch Banking. Formation of a voluntary association o be known as the Independent Unit "Binks of America is proposed by {Charles F. Zimmerman, president of the First National Bank of Huntingdon, %Pa., and secretary of the Pennsylvania Bankers' Association, as a means of &mbating the branch banking feature #L the Glass bill. “The Glass bill would permit national anks with capital of $500,000 or more open_ branches anywhere in a State in which the main office of the bank is located. and also in neighboring States within the trade area served by the bank. “This would work to the disadvantage of State-chartered banks, and also might serve to eliminate en- tirely the small country banking in- stitution,” said Mr. Zimmerman. * Payments Exceed Life Premiums. Payments made to District of Co- kjmbm policy-holders and their bene- ciaries by the New York Life In- gurance Co. in 1931 and investments of he company in the District during the year amounted to $7,187.415 in excess f the total of premiums collected, it was reported today. During 1931 the company collected $1,737,038 in premiums in the District. | At the same time it paid to resident Ppolicyholders and their beneficiaries in death losses, maturing endowments, dividends, etc., $1,277,474 and invested dn the Capital in mortgage loans or bonds and loaned to policyholders a total of $7,646,979. + At the end of 1931 the total invest- fnent of the company in Washington wmounted to $35510,305. New insur- @nce issued in the District in 1931 emounted to $5,885,074. : ‘Gleaned in Financial District. 4 The North American Co. has de- flared the regular quarterly of 2!, per cent in stock on the common and 75 per share on the preferred. Both payable July 1 to stock of record June 6. " The Norfolk & Western Railway has declared the regular quarterly dividend f $2.50 a share on the common stock, yyable June 18 to stock of record ay 31. , International Business Machines Cor- ration, which maintains a Washing- plant, has re-elected the same of- and members of the Executive Committees, EY # Am Metals pf. Am Pwr & Lt (31) AmP&LtpfA (5). Am Pwr & Lt pf (8 Am Radiator (40c).. Am Rolling Mills Am Smelt & Ref. Am Sm & Rfg pf (T). Am Steel Foundry... Am Steel Fdry pf(7). Am Stores (123). Am Sumatra Tob. ... Am Tel & Teleg (9). Am Tobacco (16).... Am Tobacco B (16).. Am Water Wks (3).. Am Wat Wkscfs(3). 4 Am Woolen Co pt. Anaconda Copper. .. % Anchor Cap (2.40)... Anchor Cap pf (6%). Armour of Del pf(7). Armour of 111 (B)... Armour of I pf. ... 1 Associated Apparel.. 39% Atchison (4) . 5815 Atch To&S Fe pf(5). 8% Atlantic Refining (1) 58 Atlas Powder pf (6). 37% Auburn Auto (£4)... 2% Aviation Corp (Del). 31, Baldwin Locomotive. 101 Baldwin Loco pf..... 8% Baitimore & Oblo. ... 11% Balto & Ohlo pf. 57 Bang & Aroos pf (7). 4 Barnsdall Corp...... 213 Beatrice Cream (4).. 361 Beech-Nut Pkg (3).. 2% Belding-Hemingway. 59 Belg N R pt pf t4.81. 6% Bendix Ava (60c).... 13% Best & Co (2) .- 1214 Bethlehem Steel.. ... 38% Bethlehem Stl pf (7) 915 Bigelow-Sanford. ... 26% Borden Co (3). 5 Briggs Mg (1)..... 30% Bklyn-Man Tran (4). 5% Bklyn & Queens..... 32 Brown Shoe (3)..... 14 Bruns Term & Rwys. 3% Bullard Co.......... 6% Burroughs Add(30¢) 815 Bush Terminal(234). 28 Bush Term deb (7).. 60 Bush Terminal pf(7) % Butte & Superior.... 7% Byers (AM)........ 6% Canada Dry (1.20)... 10% Canadian Pacific 1% . 15% Cannon Mills (1.60) .. 22% Case (J 1) Co... 61 Caterpillar Trae (1). 1 Celotex vtcetfs..... 9% Cent Aguirre (1%).. 515 Cerro de Pasco Cop.. 4% Checker Cab Mfgr... 12% Ches & Ohio (2%)... 615 Chesapeake Corp(3). 1% Chi Great Western 5 ChiGreat West pf. 1% Chi Mfl StP & Pac. 1% Chi Mil StP & Pac pf. 4 Chi & Northwestern. 3% Chi Pneu Tool pf.... 4% Chi Rock I & Pacifie. 9% ChiR1& Pac 7% pf. 6 Chickasha Cotton Ofl 234 Childs Company 8% Chrysler Corp (1)... 15 City Ice&Fuel (3.60). % City Stores. ........ 93% Coca Cola (18) . 45% Coca-Cola (A) (3)... 22Y Colgate-Pal-P (234). 4% Collins & Alkman. 4% Colo Fuel & Iron 6% Columbia Gas (b1).. 22% Columbian Carb (3). 7% Com] Credit (1)..... 19% Coml Credit A (3)... 15% Comel Cred pf (1%). 15% Comcl Inv Trust (2). 5% Comm Solv (80¢).... 214 Comwith & Sou(30c) 46 Comwlth&Sou pf (¢) 2% Consol Film........ 48% Consol GasN Y (4).. 811 Consol Gas NY pf(5) 6 Consol Laundries(1) 434 Consol O] Corp..... % Consol Textile. e 1 Container Corp (A).. 5 Container Corp (B).. 3% Contl Baking (A). % Contl Baking (B). 281 Contl Baking pf (8). 24% Contl Can (23%)..... 3 Cont Diamond Fibre. 11 Cont Insur (2.40).... 4% Contl Ol (Del)...... % Contl Share: ¥ 29% Corn Products (3) 2 Coty Inc 1814 Cream of Wht 2% .. 23 Crucible Steel pf (7). 5 Cuban-Am Sugar pf. 28% Cudahy Packing (4). 60 Curtis Publish pf(7) 1 Curtlss Wright. 114 Curtis Wright (A Davison Chemical. .. Deere & Co pf (1.40). Delaware & Hud (9) Delaware Lack & W. Detroit Edison (8). . Devoe & R 1st pf (7). Diamond Match (1). 714 Dome Mines (11.20). 33% Drug Corp (4)...... 28% Dupont de Nem (4).. 89 Duques Lt 1st pf (5) 52% Eastman Kodak (5). 4% EatonAxle& Spr 50c. % Eitington-Schild. ... 13% Elec Auto Lite (4) 2 Elec&Musical Instru 55 Elec Pwr & Lt (1)... 22 Elec Pwr& Lt pf(7)s 16% Elec Storage Bat (3) 16 Equit Office Bldg 2% 3 Eureka Vac (a2).... Fashion Park Asso. . Fed Water Service A Fid Ph Fire In(2.60). Firestone T & R (1. Firestone T&R pf(6) First Natl Strs (23%) Fisk Rubbe: Florsheim 8 Hoe (R) & Co. Food Mach: Foster-W| Fourth N Fox Film (A). Fresport-Texas (3 16'% Gen Am Tank Car(4) 7% Gen Asphalt (1) 11 Gen Baking (2)... 97 Gen Baking pf (8) 7% Gen Cable pf. . 28 Gen Clgar (4). 13% Gen Elec (1).. 10% Gen Elec spec (60c). 30% Gen Food Corp (3).. 1ix Gen G&E A (b6% 814 Gen Gas&E cv pf(6). 7 Gen Gas & ElecA (7). 19% Gen Ital Edis (2.06). 28% Gen Mills (3)..... 10% Gen Motors (2). 62% Gen Motors pt (5) 31 Gen Outdoor Adv. 5 en Outdoor Adv (A) 1% Gen Public Service. . 13 Gen Rwy Signal (3). 3% Gobel (Adolf). . 11% Gold Dust (1.60). 2% Goodrich (BF). 9% Goodyear Tire&R: 7% Gotham Silk Hosfery 50% Gotham S Hpf (7).. 20% Grant (WT) (1).eee - 6214 3% 99% 651 69 201 2014 24% 5 10% 607% 354% S 1 45% 6414 10% 60 39% 2% 4 13% 9% 14 56 4 23 38 3% 61% T 4% 13 391 11 28 6% 38% 6l FFEFFEEF S R R FEEF FFEEEFE FE EIFES RS e AT FESFEE FEEF 1L+t bttt ® 25% 84 9% 2% 10% 13 19 110 9% 19 19% 467% 14% 31% 2215 4% 27 37 41% 10% 104% 5% 11% 1 5% 9 B T4 Int Cement (2) % Int Combustion. 163 Int Harvester (1.39). 934 Int Harvester pf (7). Int Hydro E1 A (e2). Int Mateh pfd. Irt Nickel of C: Int Paper & Pw: Int Paper & Pwr pf.. Int Shoe (3). Int Sflver.. Int Tele & Teleg. Investors Equity 10% Island Cr'k Coal €3 25 Jewel Tea ( 10% Johns-Manv le. 50 Jones & Laugh pf(4) 100s 5 Kaufmnn DS (80c). 5% Kayser (J) & Co. 1 Kelly-Spring Tir 5% Kelvinator Corp 90% Kresge (SS) pf (1).. % Kreuger & Tell...... 11% Kroger Grocery (1). 35% Lambert Co (3). T4 Lehigh Valley R 15 Lehn & Fink (3). 414 Libbey Owens Gla: 45 Liggett & Myers(15) 45% Ligg & Myers B (16) 8 Link Belt (1.20)..... 13% Liquid Carbonie (2). 20% Loew's Inc (14)..... 56 Loew's Inc pf (6%4).. 28 Loft Inc 2714 Loose-W. 12 Lorillard (P) (1.20). 13% Lou Gas&FEl1 A (1%). 1215 Louisville & Nash(4) 1% Ludlum S McCall Corp (2 McCrory Stores McCrory Strs pf (6). 4 McKeesport T P (4) McKesson & Robbins McKesson & Rob's pf Mack Trucks (1).... Macy (RH) (n3).... 4 Magma Copper(50¢c). Manhat Elev gtd (7). Manhat Elev mod gtd Mariae Midld (80c) Marshall Field & Ce. Mid Continent Petm.. Midland Steel Pred.. Mo Kan & Texas pf.. Missouri Pacific. . Missouri Pacific pf.. Mohawk Carpet..... Montgomery Ward. . 4 Mother Lode. . Motor Products (2). Mullins Mfg 4% Murray Corp. 15% Myer (F E) & 10% Nash Motors (2).... 29% Nat Biscuit (2.80)... T4 Nat Cash Reg (A)... 21 Nat Dairy (2.60) Dist Prod (2 Nat Pwr & Lt (1).... Natl Steel (1)...0000 Nat Supply pf. . i Natl Tea (80c) . Nevada Con Copper.. N Y Central..... N Y Chicago & StL.. Y N H & Hartford. YNH&HpL(T).. Y Ont & Western.. Y Shipbuilding. .. N Y Shipbldg pt(7).. 961 N Y Steam 1st pf(7 12% Noranda Mines 72 Norf & Westn ( . 1% North Am Aviation. . 22% Nor Amer(b10% stk) 10 _ Northern Pacifl 5 Ohio O1 1% Omnibu . 11 Otis Elevator (3..... 1% Otis Steel. . - 19% Owens 111 Glass (2). 24% PacificGas & Bl (3). 28% Pacific Lighting (3). 6 Pacific Mills........ Pacific Tel&Telog (1) Packard Motor Car.. Paramount Publix. .. Pathe Exchange.... Pathe Exchange (A) Patino Mines. ...... Penick & Ford (1)... Penney (J C) (2.40). Penna Rallroad (2). Peoples Gas, Chi (8). 6% Pere Marquette pr pf 3 Petrol Corp of Am... 4 Phelps Dodge Co.... 30 PhilaCo6% bt (3).. 2% Phila& Read C&1.. 8 Philip Morris&Co(1) 3% Phillips-Jones Co. .. 374 Prillips Petroleum. . 21 Plerce Arrow pf (6).. 16 Pillsbury Flour (2).. 2 Pitts Screw & Bolt 1 Pitts United Corp. 1% Poor & Co (B)... % Port Ric Am Tob 4 Prairie Oil & Gas 5% Prairte Pipe Line. 26% Proct & Gamb (2. 38% Public Sve NJ (3.40) 721 Public Sve NJ pf (5). 14% Pullman Corp (3). 3% PureOil..... 50 Pure Oil pf (8) " 6% Purity Bakeries (2). 4% Radio Corp. . 7 RRSeclliC(3%) 4% Raybes-Manhat (1). 2% Real Silk Hosfery. .. 9% Real Silk Hoslery pf. 1% Reo Motor Car. 3 N N % N N 6 31% Reynolds Tob B (3 3 Rossia Ins of Amer.. 12% Royal Dutch of NY.. % | B9% 39 Safeway Stores (5).. 76% Safeway Strs pt (7). 5% St Joseph Lead..... 1% St L-San Francisco. 1% Schulte Retail Stores 6% Seaboard Ofl........ 19% Sears Roebuck (2% 214 Servel Inc...... 214 Sharon Steel Hoop. 2 Sharp & Dohme. 7% Shattuck (FG) (1).. 8 Shell Trading & Tran 2% Shell Union Oil. ... 19 Shell Union Oil pf... 4% Sloss Shet 8 Socony-Vacuum 80c. 40 Solv Am pf ww(5%) 41 South Port Rico Sug. 88 Sou P Rico Sug pf(8) 23% Southn Cal Ed (2)... 11% Southern Paeific. 5 Southern Railway... 614 Southern Railway pf 1% Sparks-Withington. . 9% Stand Brands (1.20). 14% Stand Gas&El (3%). 20 Stand Gas&El pf (4) 38 Stand Gas&El pf (6) 40 Stand Gas&El pf (1) 16% Stand Ofl Calif (3) 19% Stand O11 N J (12) % Sterling Secur (A) 1% Sterling Secur pf..J. 18% Sterling Secur cv pf. 2% Stewart Warner. ... 7% Stone&Webster (50c) 5% Studebaker Co(1.20). % Symington (A) 1% Tennesses Corp. 10 Texas Co (1).. 16 Tax Gul Sulphur (3). 1% Tex Pacific Coal&Oil. 3% Tex Pacific Land Tr.. 10% Third Nat Inv (1.05). 13 Thompson-Staret pf. L++ 4 1+t 1 + H Lttt FEE Lttt +41 41 + FE FERF IS i ~ FEFEFE o Al ¥ & l+++4+1 1+ s S Leather (A). S Leath pr pf (7) S Pipe & Fdry (2). S Realty & Imp... El U S Tobacco (4.40). Univ Leaf Tob (3)... 10:30 AM.. . 1:30 P.M. Dividend rates as g | payments based on th | tPartly extra. P stock. kPlus 3% in Sales of Stocks on New York Exchange. « 200,000 700,000 iven in the above table are the annual cash e latest quarterly or half-yearly declarations. s 4% in stock. & Pald this year—no regular rate. b Payable in stock. e Payable in cash or stock. fPlus 8% in stock. hPlus 2% in stock. jPlus $1 in special preferred stock. m Paid last year—no regular rste. n Plus 5% in stock. p Plus 2%% in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK April 27.—The follow- ing is a summary of important corpora~ tion news prepared by the Standard Statistics Co., Inc, New York, for the Associated Press. News Trend. The United States Steel Corporation omitted the dividend on the common stock, but declared the regular dividend on the preferred stock. This action was not unexpected since Myron C. Taylor, chairman of the board of directors and of the Finance Committee, had warned stockholders that future payments on the common depended on an improve- ment in earnings and the first quarter Tesults were far from encouraging. Revenue freight car loadings in the week ended April 16 showed a sizeable increase over the previous seven-day period. Loadings totaled 566,729 cars, an in- crease of 21,923 cars above the preced- ing week, but 192,765 cars below the corresponding week of last year. In- creases were reported for all com- modities with the exception of mer- chandise in less than car lots. Crude oil production averaged 2,267 - 900 barrels daily, as compared with 2,181,650 barrels in the previous week, an increase of 86,250 barrels. The in- crease was almost entirely due to a sharp rise in the daily output of Oklahoma. Gasoline stocks at refineries totaled 47,285,000 barrels, a gain of 552,]4()00 barrels above the preceding week. The Companies. Ainsworth Mfg. deficit quarter ended ;lz?;rch 31, 1932, $49,257, vs. deficit $35,- Allis Chalmers Mfg. deficit quarter ended March 31, 1932, $936,395, vs. net income $482,807, equal to 38 cents a common share. Central Aguirre Assoclates current crop may establish record; estimates at g:uz 130,000 tons, vs. 105,289 tons in vious season. Chicago Great Western R. R. March surplus after charges, off 67.8 per cent; deficit quarter ended March 31, $200,- 431, vs. net income $275,808, equal to 60 cents a preferred share. Chicago, Milwaukee, St. Paul & Pa- cific R. R March net operating income off 74.6 per cent; 3 months net operat- ing income $7,176, vs. $1,705912. Commonwealth & Southern Corpora- tion March gross off 8.3 per cent; net after taxes off 4.5 per cent; common share earnings, 12 montns ended March 31, 35 cents, vs. 53 cents. Copper Range Co., 1931, deficit before depreciation and depletron $451,450, vs. net income $104,841. Delaware & Hudson Co., March net | operating income of Deiaware & Hud- son R. R. off 7.4 per cent; 3 months net operating deficit $125,381, vs. net oper- ating income $456,373. Inland Steel Co. omits common divi- dend; paid 25 cents March 1, and 50 cents December 1. 1931. Jones & Laughlin Steel declared $1 preferred dipidend; previously paid| $1.75 quarterly. Missouri - Kansas - Texas Railroad March deficit $295,100 vs. net income | $7.443; deficit, quarter ended March 31, $677,430 vs. deficit $279,691. South Porto Rico Sugar record cur- rent crop indicated; estimated about 00,000 tons vs. 279,000 tons in previous season. . Youngstown Sheet & Tube Co. cur- rent operations at 20.6 per cent of ca- pacity; averaged 16.8 per cent in first quarter. American Ice Co. preferred share earnings, quarter ended March 31, 1932, 62 cents vs. 33 cents. Atlas Powder Co. deficit, quarter ended March 31, 1932, $79,230 vs net income $157,296 equal to 4 cents a common share. Caterpillar Tractor Co. declares 121 cents common dividend; paid 25 cents February 29, 1932, prior to which 50 cents was paid quarterly. qu?etn"ul d%fll‘)&e‘ (}Ixolaporfltion deficit, irter endex rch 31, 1932, 2 vs. deficit $697,965. o] Hercules Powder Co. preferred share earnings, quarter ended March 31 1932, 76 cents vs. $1.89. % Pennsylvania Railroad March net operating income off 7.2 per cent; three months, off 10.7 per cent. Sinclair Consolidated Oil—Sinclair ™ [Refining Co. of Maine starts patent lctslox;sal ln”l‘\xdmzc l?va companies. wedis a ‘0. plant operati cut to three days week?y. - on United States Steel deficit, quarter ended March 31, $13218,549 vs. net income $6,765,057, equal to 5 cents a corcnemon Bl;lll;. IO 'asco Cop) 1931 deficit $2,963,681 vs. deficit $1‘.’:§G.536. Chicago & Northwestern Railway lost sl;.lnno.ooo to truck competition in 19; Island Creek Coal common share earn- ings, quarter ended March 31, 48 cents. Deere & Co. declares 10 cents pre- rmg;szdmd; pald 35 cents March 1, 1932. Republic Steel Corporation deficit quarter ended March 31, 1932, $2,476,- 292 vs. deficit $1,692,593. Federated Department Stores com- mon_share earnings, year ended Janu- ary 31, $1.27, vs. $2.34. North American Co. common share cernings, 12 months ended March 31, $3.05, vs. $4.10; after adjusted for 10 per cent stock dividend, $3.81. before subsidiaries’ preferred dividends and other deductions, quarter ended March 31, $6,475,669, vs. $6,337,228. Pilerce-Arrow Motor Car deficit, quar- ter ended March 31, $193,534, vs. net income $306,449 equal to $1.01 a class A share. Studebaker Corporation deficit quarter ended March 31, $484,125, vs. net in- come $809,749, equal to 36 cents a com- mon share. Atchison, Topeka & Santa Fe Rail- way March operating income off 425 per cent; three months' net operating | income off 59.8 per cent. | Hupp Motor Car deficit, quarter |ended March 31, $596,176, vs. deficit | $680,911. GLASS BANKING BILL IS GIVEN APPROVAL | Executive Council of Association Believes Most Legislation Unnecessary. By the Associated Press. WHITE SULPHUR SPRINGS. W. Va., April 27.—The Glass banking bill as a whole today has approval of the Execu- tive Council of the American Bankers’ Association. ‘The council, however, in voting in- dorsement yesterday, said that, except for one feature, there is no present need for the legislation. Six specified | objections also were made. _ The lone need, as the group sees it, is the Federal Liquidation Corporation for closed banks. The bankers agreed with Gov. Meyer of the Federal Re- serve Board that the Treasury should furnish the capital for the cor tion and member banks should not “fur- ther burdened” with subscriptions to it from capital funds. The council recommended elimination of provisions prohibiting banks of the Federal Reserve System from under- writing or distributing investments se- curities in any manner; declared the Federal Reserve Board has sufficient power over banks now and amplification is unnecessary, and opposed separation of security affiliates from member banks. A stand was taken against provisions which would deprive State member banks of “their full chi and statu- tory rights” and against establishment of State-wide branches by natiopal| banks. PARIS BOURSE PRICES. PARIS, April 27 (#) —Three per cent rentes, 77 francs 50 centimes. Five per cent loan, 101 francs 20 cen- times. Exchange on London, 93 francs. The dollar was quoted at 25 francs 37% centimes. DIVIDENDS DECLARED NEW YORK, April 27 ()4 Reduced. Pe- Pay- Hldrs. of | company. Rate.riod. able. record. Am Sav Bank Cater Tractor | Chain "Belt Tayler & Penn 1 Apr. Union County ioc Apr. 25 | Pe- Rate. riod. Due ‘Sv\tkr Prop Inc 6% pf...37T'ac Q Apr. 25 | 8" Steel sc Q June 30 Walalua Agricul Ltd 30c Q May 31 Regular. ay- Hldrs. of Pe- P | _ Company Rate.riod. able. record. Q Chic Wilm & Franklin H %, & T RIS Dayton P & L bl Dist Group Inc... 25c East Bond & Sh B_25¢ European Elec A..7lzc Do B 5. o Guggenhime ‘& Co, c st D! $7.75 Jones (J Edw) Roy Tr par tr cifs.....53.82 Do. B pr ir cfs $4.25 Do, C pr trcfs 3879 Knudson Crm A..37isc 11 >p 0OOOROD O B o G | Sup Pt ‘Cemt A’ 27isc | Tol Edi 7% ptf Al381c Do. 6% BL .. ...8 Do. 5% pf " 'di%c Un Eng & Fdy pt.31.75 U S Steel pf... $17: Utica & M Cot Will & Baum Candle . Do. pf 0 DODZEEED DOOR POO' Ifll|IIIIIIII||IlIlIIHIIIII||IIIIIIII|IlII#I1IIlIIIIIIIIlIIIII|IIIIlI||IHIIllII|IIl|l|IIIIIIIIIIIIIIIIIHI|IIi|IBIIIHIIIIIIIIIIIIIIIIIIlIlIIIIIIlIIIf Organized 1879 52nd YEAR COMPLETED g Equitable Co-Operative Bldg, Ass'n : JOHN JOY EDSON, President WALTER S. PRATT, Jr, Secretary $6,124,601.00 Subscriptions for the 'ioz.'.d Issue of Stock Being Received = E 8 H g Assets : | H g Success in Saving Thousands today enjoy pros- perity because they adopted the systematic saving plan of the Equitable. Follow their example— save part of your earnings. 915 F St. Philadelphia Electric Co. net income, | Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md., April 27.—White Potatoes, per 100 pounds, 75a1.00; sweet potatoes, bushel, 60a1.00; yams, barrel, 1.25a1.75; asparagus, dozen, 1.00a3.50; beans, bushel, 2.00a4.50; beets, 2.50a2.75; cabbage, hamper, 1.50a2.00; carrots, crate, 3.25a3.50; caulifiower, crate, 2.50; celery, crate, 1.00a3.00; cu- cumbers, bushel, 4.00a8.00; kale, bushel, 15&2’50',0 lefl.ucde!, crate, 2.50a3.: onions, per pounds, 3.15a3.50; Spring onions, 100, 40a75; eggplants, crate, 1.00a2.75; Peppers, crate, 2.00a4.50; _spinac] k .00; grapefruit, box, 1.50a 3.25; oranges, box, 2.7584.25; strawber- ries, pint, 5a10 Dairy Markets. 16a22; old hens, 14a18; Legh: 14a15; roosters, Sall; Digeons, pair, '20a25; guinea fowls, Eggs—Receipts, 2,507 cases; current receipts, 11a11%; duck eggs, 10a13. Butter—Good and fancy, creamery, | 20a22; ladles, 15a16; process, 18al9; store packed, 10all. Hay and Grain. W;he:lb—No.’ 2 re’d Winter, garlicky, spot, domestic, 59%,; April delivery, 59%; May, 5915, Corn—No. 2 yellow, spot, domestic, 43a44; cob corn, new, 2.00a2.25 per barrel. Oats—No. 2 white, domestic, 33a34; No. 3, white, domestic, 32a33. Rye—Nearby, bag lots, 40a45. Hay—Receipts, 11 tons; general hay market is quiet; receipts ample of tim- othy, but good mixed hay scarce and bring a premium. Prices range fram 12.00 to 16.00 per ton, as to grade and kind; latter figure for choice clover mixed. The poorer grades of timothy are irregular in price. Cattle—Receipts, 900 head; steady. Steers—Good to choice, 7.0087.75; me- dium to good, 5.50a6.25; fair to medium, 14,50!5.50: plain to fair, 4.00a4.50; com- mon to plain, 3.00a4.00. Bulls—Medium | to good, 3.7524.25; fair to medium, 3.50 23.75; plain to fair, 3.25a3.50; common to plain, 3.00a3.25. Cows—Medium to good, 3.50a4.00; fair to medium, 3.25a 3.50; plain to fair, 2.50a3.25; common to plain, 150a2.50. Heifers—Good to choice, 5.5026.00; medium to good, 5.00 a5.50; fair to medium, 4.00a5.00; plamn to fair, 3.50a4.00; common to plain, 3.00 :b‘gg Fresh cows and Springers, 30.00a Sheep and lambs—Receipts, 400 head; lower; Spring lambs, good to choice, 8.50a9.00; common to medium, 6.50a 8.25; sheep, 1.00a3.50. Hogs—Receipts, 1,500 head; higher; light, 4.30a4.55; medium, 4.30a4.40; light pigs, 3.75a4.30; heavies, 3.20a4.40; roughs, 2.50a3.25; pigs, 4.25a4.55; West- ern hogs, 10a20 higher. Calves—Receipts, 50 head; steady; good to choice, 5.00a6.50; common to medium, 3.00a5.00. NEW YORK BANK STOCKS NEW YORK, April 27 (#).—Over- the-counter market: Bai Chase (3) ... Commercial (8) ", First T National City (3) Public (@) .. A « Trust Companies. Bankers (3) ...... o 50 al Continental (1.20) Gorn Exchanse (4) . e 5 Guaranty (20) Irving (1.60) . Manutacturers ‘() = New York Trust (5) . . -3 Title Guaranty & Tr (480) .. 353 “Includes extra. Pennsy Directors Re-elected. PHILADELPHIA, April 27 (#).—Ed- gar C. Felton, Elisha Lee and John E Zimmerman were re-elected to the board road Co. at the annual election of stockholders yesterday. SILVER QUOTATIONS. NEW YORK, April 27 ().—Bar silver 0 | easier and 3 lower at 277% SAFE FPRST When it amount to Over a Third and our Century Without a Loss May be from $250 National 2100 - Chickens—Young, 22a26; Leghorns, | | of directors of the Pennsylvania Rail- | dend, announced after yesterda; 's close, and the deferment, or vlnuuypu.unx today of the disbursement on Penmyl: vania Railroad. Previous to the Pennsy dividend an- nouncement early in the ut.ernc:ann, stocks advanced moderately, = The m; e]d“"t ‘}m widened and the list iy Dot far from best levels of the Market sentiment was hel, - patches from Washington u::abk"%g progress on the new tax bill and the economy measures and reassurance of 8 presidential veto of the bonus bill, 1f it should be passed. Traders also heard that the forth- coming weekly statement of the Fed- eral Reserve system is likely to be one of thé most interesting reports thus far this year. It will show how the Federal Reserve is pumping credit out into the arteries of trade and to what :exlt:&to;h{h bnnk.s' are availing them- e constructive eff central banking system.. > O the A slight ripple of selling at the close, which might have represented profit- taking, caused the market to finish Just below its best levels of the day. Most of the active industrials partici- pated in the afternoon rally. They in- cluded American Can, Steel common, -Cola and J. I. Case. Among the merchandising shares, R. H. Macy and F. W. Woolworth in;gmved American With the steel common dividend passed and the statement of the Steel Corporation for the March quarter less favorable than had been anticipated, the market might have been expected to enter another period of moderate liquidation. Actually it held generally steady throughout the active *and in- active list, with the exception of General Motors common, which was offered in large amounts at the previous low price below $11 a share. Dividend action is to be taken on this stock next week. In view of the attitude of the banking interests who are identified with General Motors as well as with United States Steel, Wall Street an- ticipates a further concession in the rate to the small net profits of the company in the March quarter. Trading in the first hour was double that of the same period yesterday be- cause of greater activity in a few of the key stocks. Subsequently the mar- ket resumed the dull aspect that has characterized it for several weeks. Most of the fluctuations were fractional. A generally higher range at the opening was followed by losses that either car- ried stocks back to the opening level or slightly below it. A second period of advance developed before midday, in Wwhich the strong feature was American Telephon: & Telegraph, above par. Other moderately strong utilities were Consolidated Gas and Public Service of New Jersey. el T L Cotton Spinning Gains. NEW YORK, April 27 (#).—The New York Cotton Exchange service says it is estimated in some quarters that Indian mills are now spinning American cot- ton at the rate of close to 8,000 bales | & week and that their total consumption | this season will aggregate between 200,- | 000 and 250,000 bales. Last season In- dian mills used only 60,000 bales of our | | =2 that has a Puposo @ Iavestors are nsing present boad opportunities to make financial progress. Associated Gas and Electric Corporation 8% Eight Year Gold Bonds, participating conditionally to 10%, are available in denominations ranging from $10 to $1,000. 8%% interest is paid initially —a yield in line with present security and money market conditions. Circular D-360, to which reference is hereby made, gives complete details. i General Utility Securities | New York City } Please send me Circular D-360 1 | Name 1 | 1 Address [ { 1 S S S | 61 Broadway | | MORTGAGES THE BEST ISN'T A MATTER OF MONEY comes to the question of investment those with a limited invest can enjoy the ad- vantages of the best type of invest- ment the same as if there were mil- lions at stake. There is no invest- ment superior to first mortgages— of a 6% FIRST MORTGAGES —are popular with large and small investors alike because the interest is unchanging and the security fundamentally sound. purchased in amounts up. B..F. SAUL CO. 925 15th St. N.W.