Evening Star Newspaper, May 7, 1932, Page 14

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TA—-14 * LAND BANK LOANS TOTAL $E01530 = Annual Report of 12 Federal ! Institutions Shows 10,898 ' Requests Allowed Aid. BY EDWARD C. STONE. The 12 Federal Land Banks made 10,898 loans amounting to $42,015,300 last year, bringing the total loans made from organization to 523,094 loans ag- gregating $1,659,932,314, according to the Federal Farm Loan Board’s annual report, just sent to Congress. Eleven per cent of the amount of these loans has been amortized by the borrowers, while payoffs in full or in part, fore- closures, etc.. have reduced the volume of the principal of the loans outstand- ing to $1,167.898,205. Subscription to stock in the 12 Fed- eral Land Banks amounting to_ $63.- 243,700 by the Secretary of the Treas- ury on behalf of the Government, from the fund of $125,000.000 voted by Con- gress for the purpose, increased their capitalization to $128,605,609, or nearly 100 per cent, according to the annual Teport. “As a result of these additions 1o the capital, the financial position of all the Federal Land Banks have been greatly strengthened,” says the report. Banker Discusses Trade Problems. Norman E. Towson, assistan urer and manager of the fo partment of the Washin Trust Co. addressed th School of Foreign e day, and discussed the re tween the foreign deparim bank, whose operation he detail, and some of the p: nomic problems which have s disturb the normal operation of world trade. Mr. Towson stressed the fact that increasing economic integration of Ythe world “is bringing about a necessi- tous co-operation between nations,” and added: i “I do not make any claim that banks, however extensive their relations or im- portant their standing, have made any ‘contribution to the creation of foreign trade, but it is an indisputable fact that without them foreign trade would be impossible, and without their regu- lative force exercised in behall of an ever-increasing internationa under- standing, M. Aristide Briand would not have been able to : ‘If the many problems we have met and solved dur- ing the post-war period had confronted us some years ago, any one of them | would have caused war.' . “While we may, perhaps, subscribe to ‘Will Rogers' statement that ‘A frozen asset is just & banker's mistake,’ there have been so many assets frozen in the f field of foreign commerce, and there have been so many conferences and agreements and arrangements between debtors and creditors that one lives in a constant state of uncertainty. We have Xept up with situations as they arose, ‘having in mind, perhaps, the epigram of Cyrus Curtis to the effect that ‘In a time of depression we must run as fast 85 we can to stay where we are.’ “But whether running to keep up with the fast-moving events of the day, or whether adjusting stand-still agree- ments, let me urge you who are inter- ested in America’s relation to the prob- Jems of foreign trade to keep before you the facts that America has a real obli- gation to the rest of the world; that our foreign trade is important to us, to | our own prosperity, and to the pros- ity of others; and that the banks, mever fallible their judgments, have contributed and are constantly contrib: uting to the maintenance of America’s important position in world affairs.” Crop Plans in Fifth District. The annual Spring “intention to plant” report, made recently, says Vir- ginia farmers reported increases in acreage to be planted to food and feed crops, with material reductions in cash crop acreage. Tobacco growers are lanning to set out about 34 per cent chs tobacco than in 1931, which would give Virginia its smallest tobacco acre- age since 1907. A reduction of 23 per cent in early commercial potato acre- age is planned, and commercial sweet potatoes will be cut about 10 per cent. Peanut growers plan a 10 per cent re- duction, and a slight reduction in corn acreage also is planned, but oats, bar- ley, hay, soy beans and cow peas all will be increased in acreage. North Carolina farmers report in- tended increases in acreage for oats, barley, soy beans, cow peas, sweet po- tatoes, peanuts and hay crops, while decreases in acreage are expected in corn, tobacco and early Irish potatoes. South Carolina expects to reduce acreage in tobacco and Irish potatoes, but increases are intended in corn, oats. sweet potatoes, hay and peanuts. The “intentions to plant” report is forbid- den by law to give information on prob- able cotton acreage Bankers Study Glass Bill. Members of the District Bankers' As- gociation have received word that op- pesition to the Glass bill clause requir- ing abolition of securities affiliates within three vears has been expressed by the New York State Bankers’ Asso- ciation in a letter just sent out. The association also is opposed to the provisions of the bill which tend to con- centrate power in the hands of the Federal Teserve Board, which, under the original conception of the Federal Reserve System. was designated as a co-ordinating and supervisory body. Other provisions to which it objects are the deprivation of certain charter and statutory rights of State banks and the creation of an open market committee to control the operations of the Pederal Reserve banks in the open market and with foreign central banks. ‘While it approves, in principle, some | form of branch banking, the association realizes that this is a highly contro- versial subject and therefore urges that this section be divorced from the bill and some form of branch banking Jegislation be embodied 1 a separate bill. ‘The association favors t e creation of | & liquidating corporatic, in order that | funds may more easi'c oe made avail- sble to depositors o ciosed banks. { Heard in Financial District. McCrory Stores Corporation reports | April sales at 765, against $3 Sales of G y Co. for Apeil | totaled $1488,33 588,315 In April a vear ago, a decrease of 6.3 per cent. For the first fo onths they were off 1.7 per cent from last year. , president of Mary- £ has been elected ent of the Equitable Trust Co. cf Baltimore, succeeding Hugh L. Pope who will remain with the institution as executive vice president Paramount Public Corporation has received 75,000 proxies above the two- thirds majority required to authorize the change in its capital stock to $10 par, so that it will be possible to ap- prove the change at the stockholders meeting on May 10 Chrysler Corporation has declared the regular quarterly dividend of 25 cents, payable June 30 to stock of record June 1 The Washington Stock Exchange was 1 closed today, inaugurating the Saturday Summer schedule, which lasts until October. Bank of France Statement. PARIS, May 7 (4).—The weekly state- ment of the Bank of France shows the fcllowing changes in francs: Gold in- creased 381,000,000, sight balances abroad fncreased 125,000,000, bills dis- counted at home increased 287,000,000, bills bought abroad decreased 684,000,- , advances decreased 16,000,000, cir- ulation increased 1,629,000,000, current lmt;u decreased 1,272,000, Rafe of discount, 2); per ~Prev. 1932~ Low. igh. 16% 64 10 35% 155 19% 30 383 2645 36 384 FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., SATURDAY, MAY 7, 1932 FINANCI | TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Stock and Dividend Rate. 7% Abitibi Pwr & Paper. 4% Abitibl Pwr & Pa pf. Adams Express..... 341 Afr Reduction(t4% 814 Alaska Juneau (50c) 1 2 Alleghany Corp.... Alleg Cp pf $30 ww 1% Alleg Cp pf $40 ww.. 4913 Allled Chemical (6). 6% Allis-Chalmers(50c) 12 Amerada Corp (2). $% Am Bank Note. 35% Am Can Co (15) 20% Am Car & Fdy pf (T) 15 Am Chain pf. 25% Am Chicle (13). 615 Am Comel Alcohol. 2% Am & Forgn Pwr. 4 Am & For Pwr 24 35% Am Home Prod 4.20 50 Am Ice pf (6) 414 Am International 5 13 Am Locomotive Am Mch & Fdy 1.40 2% Am Metal Co. .. 61 Am Pwr & Lt (1). 24% Am P& Lt pf A (5) 4% Am Radiator (40¢). 44 . 201, 60 954 61 631 181 151 Pt 5 5 % Am Rolling Mill 4 Am Smelt & Ref. Am Sm & RIg pf ¢ 4 Am Steel Foundry. s Am Stores (1214) Am Sugar of (7). 4 Am Tel & Telez (9) Am Tobacco (16)... i Am Tobacco B (16) 3 Am Water Wks (3) 3 Am Woolen Co pf. 5 Anaconda Conper 4 Anchor Cap (2.40). Andes Copper.... i Archer-Danfels (1 81% Armour of Del pf(7). 1 344 14 « Armour of 111 (A) 2 Armour of T11 (R) Arnold Constable. % Atchison (4). Atl Coast Line (4)... &5 Atlantic Refining (1) 9% Atlas Powder (1) 30 Auburn Auto (£4) 5 Aviation Corp (De 6% Baltimore & Oh ki 3 Bamberger pf (634). Barnsdall Corp. ... 4 Beutrice Cream (4) 10% eatrice Crm pf(7).. Belg NatRy pf m4.81, Bendix Ava (60c)... Rest & Co (2). Bethlehem Steel Bethlehem Stl pf (7) Blaw Knox 4 Bohn Alumn & Bras: Borden Co (3). . Borg Warner (1). Briggs Mfg (1).. Bklyn-Man Tran (4). Bklyn & Queens. ... Brown Shoe (3)..... 4 Budd (EG) Mfg Bullard Co. .. Burroughs Add (86¢) Bush Terminal(23%). Bush Term deb (7). Butte & Superfor. Butterick Co..... Byers (A M) Calumet & Hecla, . .. % Canadian Pacific 1% . 214 Capital Admin (A).. 19y 9 70 4 Case (J1) Co....... Cent Aguirre (1%).. Century Rib M pf(7). 4 Cerro de Pasco Cop. 2%, Ches & Ohlo (2%)... 615 Chesapeake Corp(3). et 4 Contl Shares Chi Mil StP & Pac Chi Mil StP & Pac pf. Chi & Northwestern. Chi Rock I & Pacifie. Chrysler Corp (1)... City Ice&Fuel (3.60) City Jce&Fuel pf 634 . Coca Cola (18) Colzate-Pal-P Collins & Atkman. .. Colo Fuel & Iron..... Columbia Gas (b1).. Columbian Carb (3). Com] Credit (1)..... Comcl Inv Trust (2). Bales— Add 00. High. 4 1 1 4% 10 2% 15 13 1 104 » s Fresale eanRwenmant 30, - pBnnwnnnta 3 4 Comel Iny Tr pf 6% . 200s 4 Comm Solv (60c).... Comwith & Sou(30¢) Comwlth&Sou pf (6). Congolm Nairn (1).. Consol Cer prpf 6%, Consol Film.... . Consol Film pf (2).. Consol Gas N Y (4).. Consol Gas NY pf(5) Consol Laundrie: 4 Consol O1l Corp. .... Con RR of Cuba(2). Contl Baking (A) Contl Baking (B). . Contl Bakin® pf (8) Contl Can (2%). Cont Insur (2.40). Contl Ol (Del). 29% Corn Products (3) 9 23 25 15 60 1 Crucible Steel. . Crucible Steel pf (1), % Cudahy Packing (4). Curtis Publishing(2) Curtis Publish pf(7) % Curtiss Wright. 45 Curtis Da 50% Delaware & Hud (9). 80 12 13 Detroit Edison (8).. Diamond Match (1). 745 Dome Mines (11.20). Dominion Storest1i Douglas Aircraft (1) 33% Drug Corp (4).. 267 89 5 22 » Dupont de Nem (4).. Duques Lt 1st pf (5) s Elec Pwr & Lt (1)... Elec Pwr & Lt pf(7). 3% Erfe RR Mine, 314 Fed Water Service A 101 Fid Ph Fire In(2.60). 11'4 Firestone T& R (1). 30 3 First Natl Strs (2%) 4% Foster-Wheeler 14% Fourth Nat Inv 110. 1 Fox Film (A)....... « Freeport-Texas (2). 157 Gen Am 7 Gen Asphalt (1) 11 1 Gen Baking (2). % Gen Food Corp (3).. Gen G&E A (b6 %stk) jen Mills pf (6) . fotors (1). en Motors pf (5) en Public Service. . Gen Rwy Signal (3). Gen Realty & Utll pf. illette Stf Rasf1).. Gillette Saf R pf(5). Giidden Co. : Gobel (Adolf) Gold Dust (1.60). Goodrich (BF)..... Goodyear, Tire&Rub. Goodyear 1st pf (7). Gotham Silk Hoslery Graham-Paige . Grand Union. Grand Union pf (3) Grant (WT) (1).... Great Northern pf(2) Great North Ore(2). Great Western Sug. Grigsby Grunow.... Gulf Mobile & North Flahn Dept Stores. .. 5% Hercules Mot (80c).. 9 Holland Furnace (1). 9% Houston Ofl........ 2'% Houston Of] (ny 6 4 2 9 20 20 14 11 4 5 5! 1 Howe Sound (1). Hudson Motor Car. Hupp Motor: 's Illinots Cent 15% 1llinols Central pf '3 Tllinofs Cent 11 (4).. » Indust Rayon (4)... % Ingersoll Rand (3). Inland Steel........ Inspiration Copper. . 's Ins Shs(Del)aé2 %e. ‘s Interboro Rap Trans ' Iatercontl Rubber. . ‘s Int Bus Machine(né) % Int Carfers Ltd(40c) % Int Combustion 15% Int Harvester ( 55 Int Hydro El A (e2). % Int Mateh pfd.. & Int Nickel of Can. 1 60s R e T (OO PRSP G ot - -3 20: - 2 4% 2% 3814 Net. Low. Close. Chee. 1 1 PATEL T+ T+ 0+ P % ® W 2% 1 ~Prev. 1932~ Stock and High. Low. Dividend Rate. 14 Int Paper & Pwr (C). 4 24% Int Printg Ink pf (6) 100s 31 35% Int Shoe (3).. 3413 Int Silver pf (4) 4% Int Tele & Teleg. ... 18 10% Island Cr'k Coal (3). 251 10% Johns-Manville 84 49% Jones & Laugh p Kelly-Spring Tire 4% Kejvinator Corp 4 Kennecott Copper 1313 K'berly Clark (1%) 8% Kresze (SS) (1.60) 1y Kreug Kroger Grocer ~ Leh Port Cement.... 313 Lehman Corp (2.40). 14 Lehn& Prod(2) 415 Libbey Owens Glass. 45% Ligg & Myers B (16) Liquid Carbonic (2). % Loew's Inc (14)..... ¢ Loft Inc. . W 110 Loose Wil 10« Loutsville & Nash(4) GrtT P (4). ks (1). Macy (R H) (n2).... Manhat Elev mod gtd Maracaibo Ofl Exp. . 1e Midld (80¢c). . Marlin-Rockwell(1). ¥ ield & Co. son Alkill (2) ay Dept Stores 1.30 Nat Biscult (2.80) Nat Cash Reg (A) Nat Dairy (2.60). at Pwr & Lt (1). Nat! § Nevada C Newton ¥ Cent N Y Chicago & St L. Y N H & Hartford. YNH&Hpt (7). North Am Aviation. . Nor Amer(b10% stk) orth Am Ed pf (6). 9% Northern Pacific. ... Pacific Mills. Pacific Tel&Tel Packard Motor Car... Pan-Am Pet B(1.60). Paramount Publix Park Utah 5 : Parmelee Transport. Mines el Mot Penick & Ford (1) ... Penney (J C) (2.40). nn Dixie Cement. . 4o soes Peoples Gas. Chi (3). Petrol Corp of Am Phelps Dodge Co. ... Phila & Read C&I.. Plillips Petroleum. . Plerce Oil. Plerce OIl pi Pierce Petrol A Pillsbury Flour (2).. Pitts F W & C (1) Pocr & Co (B).. Pra.rie Oil & Gas. ... Proct & Gamb (2.40) Radio Comp pf A 3% Radio Corp pf B..... Radlo-Keith-Orph. .. Real Silk Hosery. Remington-Rand., Republic Steel. ..... Reynolds Met (1%). Reynolds Spring. . .. Reynolds Tob A (3). Reynoids Tob B (3). Richfield Ol. . . Rlo Grande O1l Rossia Ins of A Royal Dutch of NY.. feway Stores (6).. Strs pf (7). Joseph L arp & Dohme. Shattuck (F G) (1), Shell Union Oil. . Shell Union Oil pf. .. eliy Ofl. ..., y-Vacuum $0c. Southn Cal Ed Southern Pacifl Southern Rallway. .. Southern Railway pf Sparks-Withington. . and Brands (1.20). and Brands pf (1). Socc a4 01l Calif (2).. E Oil Exp pt (5). Stand O1I N J (12)... terling Secur (A) 5 Secur cv pf r(50c) orp Sun Oil pt (6) . ). Tex Pacific Coal&O1l Tex Pucific Land Tr.. Third Nat Inv (1.05). Thompson Starrett. . Tide Water Asso Ofl. Tide Water As pf(6) Timken Roll B 1. . ransamerica Corp. . Tri-Contl Corp . 11 Und-Ell- 161 Un Carb & Carb (2). 9 Un Oil of Calif(1.40) 46'5 Union Pacific (10). 93, Unit Afrcraft. ... Unit Alrcraft p Unit Biscuit (2) Unit Corp (40¢) . Unit Corp pf (3). Unit Fruit (3). Unit Gas&1m(1.20).. orn See pf., Indus Alcohol. Pipe & Fary (2) Realty & Imp. Vadsco Sales pf. Vanadium Corp. Van Raalte 1st pf. 3% Va-Car Chem 6% bf. 75 Va Elec&Pw pf (6).. 11% Vulean Detinnin 64% Vulcan Detin pf 115 Wabash pf (A)... 19 10% Waldorf Sys (1%) 28 % Ward Baking (B). 40% 19 Ward Baking pf (7). 4% 1% Warn Bros Pictures. 14~ % Warner Quinian....., [ 28 18 T08 Bales— Add 00. High. Low. Close. % % % Net. Chge. 35 38 26 5% 1215 13 % | the Intermediate Tim —6 % B T L +++4 + = + BEPY + 3 i % % Y i “ +10+ % % " 1% 1y n % (RN 5 % w W ~Prev.1032 Stock and High. Low. Dividend Rate. % Webster Eisenlohr 1 49'% West Pa El pf (7). 08 2 Western Dairy (B).. 1 Western Maryland 2 Western Union (4).. 44 Westing’se Alr B(1). 3 Westinghouse (1)... 117 Wheeling Steel...... 1 % Willys-Overland. . 9 311 Woolworth (2.40). 28, 20 a1 19% 6 Sales— Add 00. High. Low. 136 (35 Net. Close. Ch ~Prev.1032 Low. 10% 9% 6 Zonlite Prod Corp (1) . % Dividend rates as given in the above table are the annuai ea the latest quarterls . $Plus 4% In stock b Payable in stock. n Plus 2% s 3% in | ' | payments based on | PRy e 1% gt o 1| stock. K Plus 33% — ! nPlus 5% in stock. Steck and Dividend Rate. 37 Wright Aeronautical 81 Yale & Towne (1)... 1 5 17» Yellow Truck. . . 6 les— Ne Add 00. High. Low Close Chee 108 6% 6l 6y 125 8y By 8y 2% 2 2 6% % — % of Balf-yearly deciaracions | & Paid this year—no reguiar | e Payable in cash or stock. {Pius 8% | in stock. JPlus $1 in special preferred | *toch —m Paid last year—no regular raie. » Plus 2'%3% in stock. 19 CREDIT BODIES BORROW 0.5 FUNDS Farm Loan Board Reports Many New Organizations Made Loans in 1931. Many new financing institutions itles of the Federal Intermediate Congress. These 12 banks served 144 new agricultural credit corporations, 28 new live stock loan companies and 23 commercial banks which had not previously established loan and dis- count relations with them. This brought the total of institutions so served, since organization of the In- termediate Credit Banks in 1923, to 87 The board accounts for this increase during 1931 by citing “the large num- ber of country banks which closed, which tied up not only funds which farmers had accumulated for the pur- pose of paying obligations and carrying on their operations, but also removed their normal sources of credit. The low prices received for agricultural com- modities sharply reduced bank deposits and, moreover, the unsettled banking situation made it necessary for commer- cial banks to maintain substantial cash reserves, which tended furtler to re- strict the amount of credit available for agricultural purposes. “These condifions focused attention upon the Fedefal Intermediate Credit Banks as an important source of agri- cultural credit. Since these banks are not authorized to make loans directly to individuals, communities desiring to utilize their facilities must provide lo- cal institutions so set up and operated that the Intermediate Credit Banks may discount agricultural and live stock paper for them: The major por- tion of this type of credit granted by Credit Banks has Ibeen handled by agricultural credit corporations and live stock loan com- panies.” — = = BANK CLEARINGS GAIN FOR FIRST WEEK IN MAY By the Associated Press. NEW YORK, May 7—Bank clearings for the first week of May exceed those of the preceding week by a considerable amount, although they continue muc below last year. The totel for all lead- ing cities in the United States, as re- ported to Dun’s Review. of $5.431,799 - 000, is 44.4 per cent smaller than a year ago, At New York City, clearings were $3,762,570,000, a reduction of 47.0 per cent, while the total for the cities ou side of New York of $1,669,229,000 was 374 per cent less. larger than those of last week—the in- crease a year ago was $1,297,478,000 Heavy setilements falling due the first of the month will account for these larger figures in both cases. Some of the Southern cities continue to make a lthe larger Eastern and Western cen- ters. Losses continue quite severe, how- {ever, in most instances, except at At- lanta, where clearings show an Increase this week. Clearings at leading cities, as com- piled by R. G. Dun & Co., showing de- creases as compared with same period a year ago follow: (Totals in thousands.) Wes Boston . Philadelphia Baltimore Pittsburgh Detrof Cleveland Cincinnati . Richmona Atlanta Louisville New Orleans . Seattle Total New York Total all........ Average daliy— | Aprn NEW YORK, May 7 (#).—New bond offerings in this district during the past ‘week totaled $44,477,000. compared with $6,483,000 in the preceding week and $37,236,000 in the like 1931 period. ‘The board of managers of the New tition for a vote cf members on making Saturday, May 28, the Saturday preced- ing Memorial day, an exchange holiday. 1 Baltimore Markets Special Dispatch to The iar. BALTIMORE, Md, May 7—White potatoes, per 100 pounds, 75al.10; sweet potatoes, bushel, 50a75; yams, barrel 125a1.50; asparagus, dozen, 1.25a4.00; beans, bushel, 2.00a4.00; b:es!g. crate, 2.50; cabbage, hamper. 50 al.60; flower, crate, 2.25a2.40; celery, crate, 1.00 a2.75; gucumbers, bushel, 4.00a6.00; kale, | bushel, 15320; lettuce, crate, 2.00a3.25: peas, bushel, 1.25a2.00; Spring onions, 50260: eggplants, crate, 1.00a2.50; pep- pers, crate, 2.00a4.00; radish bushel, ’5; spinach, bushel, 30a1.10; squash, bushel, 2.00a2.50; rhubarb, 100, 2.00a 4.00; tomatoes, crate, 1.00a3.25; apples, bushel, 75a2.00; grapefruit, box, 1.50a |3.00; oranges, box. 2.75a4.00; | berries, quart, 10a18. Dairy Markets. Chickens—Young, 22a26; Leghorns, 16a21; cld hens, 13a16; Leghorns, old, 13a14® roosters, 8al0; ducks, 10a2 pigeons, pair, 20a25; guinea fowls, 30a55. Receipts, 2,239 cases; current receipts, 1214, Butter—Good and fancy, creamery. 20a22; ladles, 15a16; process, 18al! store packed, 10all | NEW YORK BANK STOCKS NEW YORK, May 7 (#).—Over-the- counter market: BANKS, Bid 301, Chase (3) Ml!‘;'dA Gommerc First Nat Naticnal City (3) ] iPubHc - [t TRUST COMPANIE: Bankers' (3) ... Brooklyn Trust (16, Central Hanover (*7) . Chemical (1.80) ... Guaranty (20) . Irving (1.60) Manutacturer: New Yo Clearings this week are $1,101,801,000 | slightly better showing than most of | York Cotton Exchange has denied a pe- | carrots, crate, 3.35a3.50; cauil- | straw- | 'ATTEMPT TO RAISE COMMODITY " PRICES IS OBJECT OF HOUSE BILL : Goldsborough | By CHARLES F. SPEARE. | Special Dispatch to The Star, growing impatience over lack of results | from the Federal Reserve's policy of liberal purchases of Government se- curities as a means of stimulating in- vestments by the banks and putting ' more credit at the disposal of business. The Goldsborough bill attempts to restore commodity prices to the 1926 level. They are far below this. In the recent economy bill proposed by the administration it was indicated that if commodity prices took a definite turn upward over a period of time, this would automatically put back the scale of wages of Government employes, then slated for a reduction. Rising prices of commodities would reduce the purchas- ing value of the dollar and thereby remove one of the current arguments | | is confidently believed they will not up- ‘The | hesitancy of banks in taking advantage |of the liberal credit conditions is due for lower compensation of wage earners. | Authorities Confident. That the Federal Reserve authorities are confident their controlled credit program will succeed is evident from discussions this writer has had with them. The only question is the length of time required to bring results of a substantial character and Impress on the banks and on business interests the advantages of making use of this ex- cess credit . There has been a more liberal pol- icy on the part of member banks to- ward commercial loans. Bank officials interviewed here say they are eager to obtain good commercial loans and point to the obvious advantage of such loans at from 4 to 6 per cent as against the employment of their reserve funds in short term Government bills at less than 3; of 1 per cent, or even in the |one and two year Treasury notes r NEW YORK, May 7.—Passage of l[ Measure passed in Efl:ort to Speed Up Program of Federal Reserve [ ‘ Board—Bank Policy. ‘ Irenuy offered on a basis of 23§ to 3 | per cent and now selling at a premium. It has been the history of all depres- | slons that as excess funds accumulate availed themselves of the credit facil- bill by the House of Representatives they are eventually released into the American Petroleum, this week directing the Federal Reserve i markets for securities. Credit Banks in the last vear, says Board to assume such control over | by diagrams dealing with the panics in @mount. as Standard of Indiana holds the annual report of the Federal, Farm | credit and cugrency as to effect a rise | 1885, 1893, 1896, 1903, 1907, 1914 and Loan Board, recently transmitfed o | in commodity prices is an indication of | 1920-21. | cumulation of funds has eventually | This is shown In all these periods the ac- been followed by a rise, first in the bond market, then in the stock market, and next in commodities, bringing a revival in general business as a sequel The Federal Reserve's program now is based on the experience of other de- pression periods which has invariably worked out along the lines that are ex- pected to be followed as the new credit | controlled policy of the Federal Re- | serve gains momentum. Present Handicaps. It is recognized that there are han- | dicaps in the situation that were not | present in earlier panics and that these {have a tendency to retard the effect of set the Federal Reserve plan. | to such factors as the clouded interna- tain features of the Glass banking bill, | which are regarded as highly objection- | ure and the threat of a bonus bill. An- | other influential factor is the decrease in bank deposits by many interior in- | stitutions, which makes bankers ex- tremely cautious, both in negotiating new loans and in purchasing long term | nvestments. They are still strongly | convinced that they should maintain a ‘mfh degree of liquidity, with the re- | sult that IaJ" short term securities to- ay are selling at a high premium ov those of longer maturities. i (Copyright, 1932) CHEMICAL INDUSTRY |RETAIL TRADE GAIN | =— | Swann Points Out Advantages Obtained Through Research Ac- ‘ tivities in Maay Lines. BY BRADLEY W. TRENT. Special Dispatch to The Star. | NEW YORK, May 7—Chemical de- SEEN AS TRADE AID NOTED DURING WEEK e e acbmnc. ™ St scay: Change in Weather Brings Im- provement in Some Lines, Accord- ing to Mercantile Reviews. By the Associated Pres: NEW YORK, May 7.—Improved velopments during the dvpression period | weather contributed to a better volume will be one of the important factors in restoration of business activity, Theo- | dore Swann, head of a prominent | chemical company, said as he an- nounced that a national business survey just completed by his firm had caused it to increase its sales forces through- out the country. Mr. Swann said his firm has in- creased sales forces by 50 per cent in Birmingham, St. Louis. Cincinnati and New York. and will open new offices in in retail trade dur'ng the past week, but other branches of trade and in- dustry showed few tangible signs of increasing activity, the weekly mercan- tile reviews said yesterday. Reports to Bradstreet’s from leading | cities indicate that while there has been a seasonal development of busi- | ness, especially in retail merchandising, the growth has been small and due to the Government purchases, though it 13 Per cent | tionalsituation, the crisis among the railroads, the possible adoption of cer. | (rue of most able in the financial district; th - |and rallied afierward tude of Congress toward the tar s | by General Baking brought some buying * | Maryland _Mortgage AL. STOCK LIST HOLDS IN NARROW LIMITS Leaders Show Slightly Irreg- ular Trend After Yester- day’s Advance. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YOR! May 7.-—After yester- day’s sudden and almost violent ad- van the stock market today was unexpectedly tame. Prices moved within the narrowest of ranges, slightly wer in the first hour and slightly higher in the second, but never far enough away from the preceding close to indicate a trend About all that could be said was that traders had no fixed convictions as to the market ought to do. Volume was low even for a Saturday. It was again the oils that made the most impressive showing, although their net changes were small. Pan- which is out- standing in a unimportant relatively about 96 per cent of the stock, ex- tended its rise into new high ground for the year. This reflected the value set upon the shares in the offer of purchase by Standard Oil of New % Jersey andard If sold at best of the movement, as did Stand2rd of Calif Th ble gains in udsen, moving ran up some 4 s a point or so higher. U Etates St preferred, which was so strong Friday, was in de- mand again today around the high of the recovery, but the common varied only fractionally. Inland Steel and Re- public Steel announced that they would follow the exampie of the leader in the industry in cutting wages and salaries As a market influence, however, wage reductions seem to have lost their force. American Telephone and Consolidated Gas were the most active utilities. Telephone extenced its gain slightly, but met stock on the advance, and that was of the industrials, such as Allied Chemical and American Can. Eastman Kodak was weak at the start A good report point into that stock. There was no business news of conse- quence and attention continued to be concentrated on Washington affairs Judging from the action of the market, the trading element was none too sure that President Hoover’s admonition to Congress would have the desired effect. Markets at a Glance NEW YORK, May 7 (%) —Stocks easy: list sags slightly under profit taking. Bonds firm; United States Gov. ernments extend raily. Curb irregular. ade buying; | firm; Cuban support. | Brazilian buying. local covering. Sugar Coffee steady; | MERGER IN BALTIMORE BANKING FIELD HINTED | Spectal Dispateh to The Star. BALTIMORE, May 7.—Rumors of the merger of several banks into another large banking institution are current in financial circles here following an- | nouncement of the election of Robers | G. Merrick as president of the Equitable Trust Company. Mr. Merrick succeeds | Hugh L. Pope. who will remain with | the Equitable as executive vice presi- dent. The new president is widely known in Baltimore financial and business | circles. He has been president of the Company, the Boston, Baltimore, Pittsburgh, Charlotte | favorable weather rather than increased | Maryland Bond and Title Corporation and Dallas. It is also placing sales representatives in Albany, Harrisburg, Camden. Cleveland, Louisville. Knox- ville, Memphis, Atlanta, Jacksonville and New Orleans, believing this is a purchasing power on the part of the public. Dun’s said that while tangible indi- cations of improvement continue to spread over a rather wide range, in- favorable time to expand business. | stances of retrogression are growing Mr. Swann pointed out that the in- | dustrial curve during the depression of | a decade ago was turned upward by mechanical and electrical progress, as in | the automobile and radio industries. | He believes that newly developed prod- | ucts of the research laboratory, along | with the appligation of new uses for old products—especially those depressed | in price now because of their surplus | production—will quicken the pulse of | industry and trade. | “The farmer will benefit greatly from | recent research,” Mr. Swann declared “While the chemist has been co- operating with the farmer ever since the time- of Liebig, the founder of | agricultural chemist far more work has been done in this line the last two | years than ever before.” (Copyright, 1932) Washington Produce Butter—One-pound prints, 83 score, 23; 92 score, 22; standard, 21; tub, 93 score, 22; 92 score, 21; standards, 20. | | Eggs—Hennery, 12al3; current re- celpts, 11a12. | . Poultry, alive—Turkeys, 18; toms, 15; old toms, breasts, 12; Spring broilers, colored, 1%, to 2 pounds, 20: Plymouth Rocks, 2 to 2!, pounds 3 pounds and o : pounds, 17; 2 pounds and over. | 19;" hens, medium, 14a15; large, l4a | Leghorn hens, 12a13; roosters, 10 | keats, young, 40a50; old, 30a40; Winter | chickens, 18a20; stags, 12. Poultry, dressed — Turkeys, young | hens, 21; 'young toms, 18: old toms, 15; | crooked breasts, 15; Spring_broilers, colored, 1!, to 2 pounds, 23; Plymouth Rocks, 2 to 2'2 pounds, 26; Plymouth Rocks, 3 pounds and over, 28; Leghorn broilers, 1 to 2 pounds, 20; 2 pounds and over, 22; hens, medium, 17al8; large, 17a18; Leghorn hens,” 15al8; roosters, 13; keats, young, 60a70; old, :ligaw; Winter chickens, 21a23; stags. 14; good, 12; veal, top, 1 fresh hams, Meats—Beef, prime, |lamb, top, 15;" good, 14 | good, 11; pork loins, 11a lard, 7; compound, 6%. Fruits—Strawberries, 4.00a6.00; wa- termelons, 1.00; apples. bushel basket, 1.00a1.25; cherries, California, 2.50a 4.50; box stock, 2.00a2.25; oranges, Florida, 3.50a4.50; California, 2.75a 3.00; alligator pears, 3.00a3.50; pine- apples, 2.50a3.00; grapes, Almeria, 1.75a2.00; bananas, 150a2.00; lemons, 4.00a4.50; honeydews, hile, 2.50; limes per 100, 2.00; rhubarb, home- | g;o;")n‘ per dozen, 40a60; grapefruit, 2.50 a3 Vegetables — Potatoes, Maine, 100- pound sacks, 1.35; New York, 1.25; new Florida, per barrel, 8.00a8.50; Idaho Bakers, 100-pound sacks, 2.50; carrots, Texas, 3.50a4.00; 2.25a3 spinach, 1.00; kale, IceLerg, string beans, .00; , 18.00a3.50; broccoli, 3.50a3.75; cabbage, | new, 1.25; turnips, 50; eggplant, 3.00a 3.50: lima beans, 4.00a5.00; peppers, 4.00a4.50; cucumbers, per dozen, T5a 1.25; mushrooms, 1.00al.25; asparagus, 41.00a3.50; tomatoes, lugs, 3.00; 3-pan containers, 1.75a2.00; yellow squash, 2.50a3.00. Gold Exported to Holland. NEW YORK, May 7 (#).—Yesterday's gold statement of the Federal Reserve Bank showed an export of $1,600,600 to Holland. There were no imports and | were $2,590,911.68. 13; smoked hams, 16: strip bacon, 16; | I fewer each week. Gains in some branches of activity are being dimmed by continued lack of progress in others, but the net result still leaves a slight margin in favor of encouraging fac- tors, it was stated. New York Cotton Special Dispatch to The Star. NEW YORK. May 7.—A further im- provement occurred in cotton prices at the opening today, but best figures were reached in early trading anc the list closed unchanged to a point higher than yesterday. The sharp recovery of 45 points from low levels of the week served to reduce mand, so that prices eased off slightly before the close. Spots were un- changed at 5.90. Cotton range. Open. High 579 579 5.90 Close. 573 U. 5. TREASURY BALANCE. The United States Treasury bilance, announced today as of close of busi- riess May 5, was $681.785.524.73. Cus- toms receipts for the month to date penditures were $20,197,771.37. IDLE Over a Third of a Century Without a ly fixed National 2100 no net change in the stock of gold held under earmark for foreign account. the short interest and supply the de- | Total ordinary ex- wasteful spending—the s: May be purch from $250 up. B. F. SAUL .CO, 2E IS NO SUBSTITUTE FOR and the | Corporation. Just what banks will figure in the deal and what part the Equitable Trust will play is problematical, but reports | are that negotiations are now under | way to merge several smaller banks, as | was done recently in the case of the | Baltimore Trust Company and the Union Trust Company. Maryland Title Securities EARNINGS REPORTED. NEW YORK, May 7 (#).—Conde Nast publications reporis for the quarter | ended March 31 net income of $132,373 | after charges and, Federal taxes, equal | to 42 cents a sharé on 313,669 shares of | capital stock. This compares with $215,506 cr 69 cents a share on 312,515 shares, in the first quarter of 1931. National Air Transport Co., Inc., re- ports for the quarter ended March 31 net loss of $6.750 after expenses and taxes, compared with net profit of | $117,579, equal to 18 cents a share in | the first’ quarter of 1931. First Mortgage Loans Lowest Rates of Interest and Commission | Thomas J. Fisher & Company, Inc. [ 6% With Safety gage Securities. Well se- ftected Invnvlmenu in denominations 5 ax low A CONVENIENT DEFERRED PAYMENTS Real Estate Mortgage and Guaranty Corp. 1610 K St Nat. 1403 MORTGAGES MONEY MEANS MONEY LOST Idle money is always a target for fe way is to put this money to work where it will be profitably employed, such as an investment in our 6',9% FIRST MORTGAGES So invested the principal is al- ways worth one hundred cents on the dollar and the interest is definite- and continuously paid throughout the life of the mortgage. ed in amounts 925 15th St. N.W. SAFETY

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