Evening Star Newspaper, May 7, 1932, Page 15

FINANCIAL. BONDS IRREGULAR | . IN QUIET MARKET Issues Recently Under Pres-| sure Score Further Gains. Rails Featured. BY F. H. KICHARDSON. Epecial Dispatch to The Star. NEW YORK, May 7.—The bond mar- ket today had a hesitant character similar to that shown in the market for stocks. The abrupt advances that occurred late Friday had slightly weak- | ened the technical position cf the list end, in view of the half session, there was little aggressiveness shown and the general list was irregular ! The day, however, produced a =wum- | ber of satisfactory movements riong bonds that had been extremely weak previously. Western Union 5s advanced | nearly 4 points, with the entire Western | TUnion group showing better complexion than earlier in the week. There was a rise of & point in American Telephone ‘& Telegraph 4!2s and substantial gains in Southern Pacific 4%s, Illinois Ces tral 4%s, Chicago & Northwestern 4%s, Rock Island refunding 4s, Baltimore & Ohio 4's and refunding 6s, and in Nickel Plate 6s and 42s. In view of the limited offerings, there was little significance attached to the decline in some of the junicr New York Central and Pennsylvania Railroad issues. Columbia Gas & Electric debenture 55 moved up 2 points and | General Motors acceptance 6s were at a | Ppremium of ) point over par. The United States Government list was uniformly strong. The discount bonds, such as the 3s, 3!s and 3%, rose . to nearly 34 point, but were still under the high of the week. Their mar- ket position has been greatly improved by the changed attitude of Congress toward measures that were wunpopular with the public and which President Hoover has criticized. In the foreign list there were declines ©f 1 to & point in French government issues, following the death of President Doumer. German Government 6l5s lost a point. Belgian dollar loans, which were soft Friday, recovered la to 1% points and Italian government %s were likewise firmer. New South ‘Wales 5s rose 2 points on a small turn- over. ‘The market gained additional mo- mentum toward the close when demand for both Government and corporation bonds broadened out slightly and some of the high prices of the day were reached in the junior ralls. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, May 7.—The following 4 a summary of important corporation news prepared by the Standard Sta- tistics Co,, Inc., for the Associated Press: The Companies. Alaska Juneau Gold Mining April profit before depreciation, depletion and Federal taves o 27.8 per cent, 4 months off 46.2 per cent. American Telephone & Telegraph— March gross, as reported by Interstate Commerce Commission, off 149 per cent, operating income off 25.4 per cent; 3 months gross off 12.6 per cent, operat- ing income off 26.7 per cent. Brown Shoe Co. plants on a five-day week schedule, vs. 512 days previously. Detroit Edison Co.—Large rate cuts sought by several municipalities; exceed $5,800,000. Dome Mines Ltd. April production valued at $354,254, vs. $319,052 in March and $296,680 in April, 1931. Endicott-Johnson Corporation plants on a five-day week schedule, vs. 5% days previously. General Steel Castings deficit, quarter ended March 31, $486,769, vs. deficit $532,717. Goodyear Tire & Rubber Co. current- 1y producing 40.000 tires daily; opera- tions on a five-day basis, each day con- sisting of four €-hour shifts. Willys-Overland Ce. deficit, quarter ended March 31, $1,032,395 vs. net in- come $117,106, equal to 87 cents a pre- ferred share. Aluminum Industries Inc. declared 121, cents dividend; paid 25 cents March 15 and 37!z cents quarterly prior thereto. American Radiator & Standard Sani- tary Corporation passed common divi- dend: paid 10 cents March 31. Chrysler Corpcration April retail de- liveries by De Soto dealers, including sales of Plymouth units, totaled 7,130 cars, up 72 per cent over April, 1931. Montgomery Ward & Co. April sales off 219 per cent, 4 months off 226 per_cent. United Aircraft & Transport common share earnings, quarter ended March 31, 1932, 13 cents vs. 30 cents. Nitrate Corporat.on of Chile consid- ering wage and salav reductions for personnel. Plymouth Oil _Co. common share earnings before Federal taxes, quarter ended March 31, 1932, 44 cents vs. 28 cents. Fashion Park Associates March net sales off 22 per cent. Grand Union Co. common share earnings, quarter ended March 31, $193,534 vs. net income $306,449, equal 10 $1.01 a Class A share.. Curtiss-Wright Corporation net in- come, quarter ended March 31, §302,013, equal to 26 cents a Class A share vs. deficit $1,088,124 Neisner Bros, Inc., April sales off 14.4 per cent, 4 months off 9 per cent. Columbia Pictures Corporation takes no action on stock dividend on common ;h;}r:-s, paid 2'; per cent October , 1931 Baltimore Bank Clearings. BALTIMORE, May 7 (Special).— Bank clearings in Baltimore during April were the largest for any month January, but continued sharply | 3! the comparative period of 1931, according to the report issued yesterday by _the local clearing house. April total was $249,215,985, as compared with $344,016,354 for the like month a year ago. CHICAGO STOCK MARKET High. Lov. Close. [ ¥ € 6's 3¢ e ol 3 BeobtBin snee voue 8 BONDS UNITED STATES. (Sales are i $1.000.) Lib 3148 32-47. . L1st434s33-47 59 101 20 4th41(s33-38 99 102 16 51951-55. 256 94 4 %5 1946-49215 95 ¥sM41-3 %sJ40-3. %8 43-47..225 9829 % 46-56... 55 100 20 183 102 17 7 105 24 Bales. High. Abitib! PAP 5553, 2 Ab& St5%s 43 1 A'leghany Cp Alleghany 5s ‘4! Alleghany §s'50. Am F P 552030, Am 1GCh5%s "4 Am Intl 63849, . Am Sm&Ref 554 Am Sug 6. . Am T&T 4%s5'39.. Am T&T c tr 5546 Am T&T deb 58°60. Am T&T deb 58 '65. Am T&T 534843 . Am Wat Wks Am Wat Wks Antloquina 7s '45 Argent 65’ 61 Mi 20 100 15 1 101 18 1 10211 1 9324 94 24 98 28 98 2 98 18 1008 1 10218 1 L U U u U u U U 83 S3 sS3 s3 83 83 84 84 24 75 Argentine Argentine Arm Del 5% Assoc Oll 68 '35. Atchison adj 4s'95. Atchison gn 4895, Atchison 414 =4 AtiCLecl 45’52 Australia is Australia bs ‘57 Austrian 7s 43, B&O¢%s'33 B&O4%s 60 B&O Ist4s’4 B&Oref5s'95. D 20/ %s'61. Batav Pet 4%4s"42.. Belgium 6555, ... Belglum 6% Belgium 78 ‘55, - Benef Loan 6s Berlin Cy E1 h Stl pm Beth Stirf 4 Bolivia 8s '47. Bordeaux 6s ‘34 Bos & Me 53 '67. Brazil 6%s "27-'67. Brazil 7sC R '53. Brazil 8s 41 " HoaBS NS ® s me— Calif Packing 58’40 Canada 4s 60 Canada 4%s '3 Canada 5s'52. Can Nat Ry 434#'51 Can Nat Ry 43854 Can Nat Ry 4% 866 Can Nat Ry 4% 8’57 Can Nor 4348 '35. Can Pac db 4 Can Pac 4%: Can Pac 5354 Cent Pac 1st 4 Cert-td db 5% s '48 Ches Corp s *47 C&O4%sB'95 Sananuo acemamnan fp Chi Grt West 4s'5: C M StP&P bs 7! CM & St P adj b Chi&NW 4%sC"37 Chi & NW 4% s'49. Chi RI&P rf 4s '3 ChiRT4%s"60. CTH&SE 1st 5i CEki Un Sta 4% g Chi Un Sta 6345'62. C& W Ind cn 48'52, Chile 65 '63. e Chile Cop b 58 *47. Clev Term 4%s '77. oo e Aar IR ehotnemm Benas S0~ Colon 011 6838 Colo & Sou 4% s '3 Col G&E 5s '52 Col Gas&El bs Com Inves 53;s Cons C Md rf 58 '50 Con G NY 534845, Consum Pow 58 '52 5 Cuba Nor 5%s Czecho 83 '52. Del&Hud ref ¢s ‘43, Denmark 43%s 62 Denmark 5% s '55 2 R Det Edi 4148 D '61. Det Edison rf 58'49 Deutsche Bk 63 Dodge Bros §s '40 Duquesne 43 '67. Dutch East I 65'47. Dutch East I 6 Erie ref 5567 Erieref 53'75 Finland 78 '60 French Gov 7843 French Go T%s '41. Gen Motors 68'37.. Gen P 8v5%s'39. Gen St Cas 5% Gen Th Ea 65" Ger Gen Elec 6548 Ger Gen E1 75 '45. Ger Gov 5%3 '65. Ger Cent Bk 68 '28. Ger Cen Bk 68 '60 J Ger Cen Bk 6160 0 German Rep 7849, Ger Cen Bk 75'50.. German 6%s Goodrich 6148 '47.. Goodyr Rub 68'57. . Grand Trunk 6s ‘36 Grand Trunk Ta'40. Grt Nor 4 %8 E 17, Grt Nor 5% s B '52, Grt Nor gn 7836 Greek 6568 Hud & M adj 58’5 Humble Oil 58 '37 111 Cent 6%45736. ... I CCStL&N 4%s. . I CCStLEN 6s A. . 111 Steel db 4348 40, Inland St 4%s B'S1 Int Rap Tr rf 68°66 Int Rap Tr ‘66 sta,, int Cement : Int & Gt N 5s B '56. Int & Gr Nor § Int Hydro Int Match 6s'41... Int Match §s 47, Int Mer Mar 6141, Int Pap 68 'G5 Int Tel&T 4348 '3 INtT&T 438’5 Int T & T 68’66 Irish Free St Italy 7s ‘61 Italy Pub % Jugosl Bok 78 '57 Kan C PAL 4%s '61 Kan City Sou 3 . [ Laclede 6%s C Laciede 6% D 60 Lake Shore 3% #'97 13 37 | Lautaro Nit Lenh Valen 1 Lorillard 5s 51 B 80 United Gas 10U 8 9000 Chi Cit. Bs 1927 38 ¥ ull a% La& Ark 65°63. ... Lou G & E16s A'52. L &N uni 4840, L &N b8 B 2003, Lyons 6s'34... Manhat Ry cn 4#'80 Market St 78 A ‘4 2 16, 78 8 104 1043 O N THE EVEN NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. i, | 00 19 0119 02 14 93 26 94 27 98 31 98 26 98 25 00 14 02 14 105 10 105 24 Low. Close. 29% 121% 100% 76 104% salaries of its Sales. High, Mex ds astd 1910'45 3y Midvale Stl 5536 89% Milan 6%s'52. ... MilERy & L5s'61. Mil EI Ry&Lt 5871 MStP&SSMen 45'38 MSP&SSM 5%s 'T8 MK&T 1st 45°90. MK & Tadj53°67. Mo Pac gn 4575 Mo Pac 58 F '77. Mo Pac 58 G '78. Mo Pac 5s FT'80. .. Mo PacI5s'81.... Mo Pac5is A 4. Mobile-Ohio 5s ‘38 Mont Pwr 55 A '62. Mont Tr ist rf 55'41 Montevideo 75 52.. Mor&Co 1st 434 Close. 3% 9% Y Cent b 45 °34. Y Cref 414s 2013 YCrf4%s2013n Y Cref 68 2013.. NYC&StL5%s. NYC&StL 1st N Y Edison 53 B'44 NYEdrf6%s"41. NY EL H&P 4849, NYNH&H 6s°'48. .. NY O&W rf 459 NY Rys Inc 6: N Y Telgn 4%s NY W&B 435846 Nia Sh Md §57¢s'50. Nor & Wn cn 45 '36 North Am ¢ Nor Am F Nor Am E Nor Pac gn Nor Pac 4% 047 Nor Pacr{ 632047, Nor St Pw 53 A 41, Nor St Pw 63 B '41. Norway 5% 65... Norway 6s '52. Oreg-Wash 45'61.. Orfent Dev 5% 5'58 . Pac GEE68'42.... Pac T&T 1st 5837, Pac T&T rf 58 '62.. Paramount s '47.. Param-Pub 53%# 50, Paris-Ly M 6s '58., Paris-Or 5%s'68.. Penn st 48. ... Penn 4%s D '81. Penn gn 4128 65 Penn 4%s D 7 Penn 4% s ‘63, Penn 58 '64. . . Penn gen 65 '68. Penn 8148 '36. Penn P&L 43 Peop Gas ref 6547, Pere Marq 4%s ‘80, Pere M 1st 58'56. .. Peru 68 '60 Peru 78’59 Phila Co 58 Phila Elee 48 ‘71 Phila & Read 6349 Philippine R 4s ‘37, Phillip Pet 53839 Poland 6s "40 Poland Ts '47 » - aNasnunBunce na woas » e Prussia 6s '52. . Prussia $348'51. .. Pub Sv G 418 '67. Pub Sv G 4%8'70. Pure 011 5%s 40 Rem Arms 63 A '$7. Rem R 534 sA"4Tww Rhine W Rhine W 63’55 ww Rhine West 73 '50.. Rio de Jan 8s 46 R Gr Do Sul 6s '68. RIAr&L4%s ‘34, Rome 624552 3 Royal Dutch 43 '45. StL IM R&G 4833, St L&SF 45 A '50. S:L&SF4%s'T8 St L&SF 58 B '50. . StLSWends'3z., St P Un Dep 5872, Sao Pau 7s "40. . Saxon P W 6138'51. Saxon 7s'45. Serbs-Cr-§ Serbs-Cr-S1 85 °6; Bhell Un Ofl 58 °47. Shell Un O5a'40ww Shinyetsn 6345 '52. Sinc Oil 613 B 38 Sinc Oil T8 A ‘37 SineCrO5%s"18. Sinc P L 58’42 Skelly O11 514839, » Pu neBronacieasnenmnBacnBana A= mamasalo 0 2 Soomam Sou Pac col 45 Sou Pac ref 4s SouP 4%s’'69 ww. Sou Pac 4%s'81. .. Sou P&Or 4% A'T7 33 1014 10314 931 StOIINJS Swiss 5% s "¢ Tenn E1 P 63 A 4T, Tex Corp cv b5 '44. Third Av adj 6s 60 Tob P.NJ 6%s 2032 Toho El Pw 75 '55... Tokio 5%s'6 . Tokio El Lt 6s°63.. UE&P StL 1st 55'32 'n EIPSL ref 6833, UE&P 15t 5%8 A'54 Un Pae Un Pac 4 . Un Pac rt 4s 200! Un Pac 4%s'67.. Unit Drug 68 ‘63 Utd King 6%s 37, U S Rubber 68'47.., Ud St WeH%s AL, Uruguay 6 Utah P& L 53 44.. UtiLPw 53 '50 ww.. Util Pow 5%8°47.. Vienna 6s 52. 100% 101% ¢ 10044 901y 69 e Va Ry 1st 58 Wabash 1st bs‘39.. Wabash 24 5s'39. . Warn Br Pic 65'33. Warren Bros 6s '41. West El db 5s'44.. West Md 45 A 'S West Pac 5548 e oS sevaaSele~Son e West Union Wert Un 648 Wes phalia 65 Wh &L E col Wil & Co 1st Ygstn S&T 58 A’ Ygstn S&T be B’ BIDDLE AND 9 OTHERS NAMED IN $2,500,000 SUIT By the Associated Press. NEW YORK, May 7—A. J. Drexel Biddle, jr, two brokerage firms and seven other individuals are defendants in a $2,500,000 suit scheduled to go on trial in Federal Court Monday. The Irving Trust Co. is suing as trus- tee in bankruptcy for the Sonora Prod- ucts Co., formerly the Acoustic Products Co., of which Biddle and some of the other defendants were directors. The action is based on a charge that in 1928 Acoustics Products Co. had a contract to purchase 200,000 shares of De Forest Radio Co. stock at 50 cents 2 share and that the defendants pur- chased the stock themselves, reaping a large profit. which should have gone to the Acoustic Products Co. In addition to Biddle the defendants are Percy L. Deutsch, Harris Hammond, Victor C. Bell, Arthur D Mendes, Adam Stein, jr.; Roy G. Martin, Wiley R. Reynolds, W. R. Reynolds & Co., and B. C. Bell & Co. Wage Reduction Considered. NEW May 7 (#).—Medley G. YO!.lK, ident of the l}.ltynu of Chile, confirmed i W, P Ih ke sidering 8 personnel. NG STAR, WASHINGTON, D. C., SATURDAY, OUTLODK IN TRADE [GURB 1SSUES DROP | FIELDS ANALYZED Statistics Company Gives Results of Survey in Im- portant Industries. Special Dispatch to The Star. NEW YORK, May 7.—Current indl- cations of the trend in various divisions of industry and trade are summarized by the Standard Statistics Company of New York from its first of May resume of the outlook for important lines, as follows: Advertising—Present evidence points to littie alleviation of the rate of con- traction in advertising during early future months. Agricultural machinery—Profits out- look for producers remains severely re- stricted. Apparel—Prospects for heavy inven- tory losses contribute to the likelihood of heavy deficits for the majority of apparel companies during the first half of 1932. Automobiles—Moderate improvement in volume is expected during the re- mainder of the current quarter. ‘Automobile parts—The indicated re- sumption of large-scale activities by Ford should materially bolster the operations of some companies over the next several months. ‘Automobile tires—Profitable opera- tions for the industry generally are not In early prospect. Building—A belated although slight seasonal advance may extend over the next several months, with near-term comparisons becoMing relatively more favorable. Chemicals—The general level of earn- ings should remain of relatively favor- able proportions. Coal—The present price structare of bituminous does not permit profitable operations. Electrical equipment — Relatively satisfactory sales of domestic appliances will partly counterbalance extreme de- pression in the heavier lines. Food products—Food companies as 8 group continue to reveal unusually strong resistance to the forces of gen- eral business depression. Leather—Lower average shoe prices will reduce earnings of leading shoe producers for the first six months_of the present fiscal period somewha! below results for the same 1931 interval. ‘Machinery—Prospects for substantial gains in activity are not visible now. Medicines and drugs—Current quarter returns may be as much as 20 per cent below those of the similar months of 1931, Metal containers—Although & further contraction in the earnings of leading manufacturers is probable, long-term prospects are encr;wurngmz for a re- overy of t profits. - Me{a.l.s mn-kmnm—covper sup- plies probably have started to decline for the first time in about a year, but prices have not yet improved. Prices of both lead and szinc continue un- profitable. Moderately higher prices for silver are warranted upon any im- provement in the general commodity rice level. i Office equipment — Only producers distributing their equipment largely on a rental basis ‘nre lgely to :hflt_);‘l even ofits during the near 3 “ll;l:;rwAll hngches of the industry will report substantially reduced income me time to come. ‘oi’:tomleum—‘rhe statistical position of the industry has been materially im- ved. mg.adio—naslc mnolmons :;Jmnin un- vorable to profitable operation. “l:uumuds—%r‘ew evidences of improve- ment in second-quarter traffic are seen. Railroad equipment — Producers are likely to sustain heavy losses as in 1931. Retail trade—Profits on & par with' last year are benlag experienced in only W exceptional cases. . éehlp;mgp—“:vllllble freight traffic is sharply curtailed and rate structures Temain at unremunerative levels. Steel—The general price structure is still unsettled, although showing greater stability. Any output improvement in May is likely to be only temporary and relatively moderate in extent. Sugar—Sustained reco\‘na' sugar markets will be conside: 18360, flei—Conditions in the trade are wholly unsatisfactory and likely to con- t 0. m%;‘un_me majority of leading amusement concerns will report little or no profits for the first half of 1932. Tobacco—The persistence of the de- cline in cigarette consumption, coupled with the uncertainties surrounding the present wholesale Lrice schedule, con- stitutes unsettling factors in the me- dium term outlook for profits. Earn- ings of most cigar producers probably will remain of restricted proportions. Utilities—In the sggregate, earnings of electric companies for the first half of 1932 will be some 10 per cent to 15 per cent below those of & year earlier. Manufactured gas business is char- acteristically stable, but demand” for natural gas will roughly parallel the trend of electric power production. A further moderate shrinkage in profits of telephone companies is prob- able during early future months. Little expansion from current low levels of telegraph and cable revenues is expe until sustained general business improvement is in evidence. . FARMERS AND DAIRYMEN OPPOSE AUTOMOBILE TAX By the Associated Press. Farm and deiry organizations have presented & united front in opposing the proposed taxes on automobiles, trucks and accessories fram the inter- nal revenue bill. A delegation told Senator Vandenberg (Republican, Michigan) that 85 per cent of the automobiles sold are pur- chased by people of less than $4,000 in- come, while 80 per cent of the trucks are on the farms. It was declared further that the pro- posed tax, to farmers, was the same as placing a tax on plows, harrows, mow- ing machines and harvesters. The union, represented in the dele,ztlon. told Senator Vandenberg tha¢ the milk producer the truck was a ecessity and also that the cost of the railk de- livery to the city distributor, both first cost and cost of operation, charged up against the dairy farmer and taken out of the price of the milk before the producer was paid. ‘The delegation was composed of rep- resentatives of the National Grange, the National Farmers' Union, the Amer- ican Farm Bureau Federation, and the National Dairy Union. in raw rably de- Market Averages. By the Associated Press. STOCKS. X Y £8s2nesis sEsfcafianoy A g zeazsagsnagady agzly Yesterday day 0 SaERas owea s bamon 3 4 1 Singer IN PROFIT TAKING Rally Checked in Final Trad- ing With Closing Tone Irregular. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, May 7.—Pivotal stocks of the Curb Exchange closed slightly lower today as week-end profit taking came into the market in the final 15 minutes. This reversal in trend virtually erased a rally that began at the opening of the second hour, previous to which the market had been dull and irregular. Electric Bond & Share and American Gas & Electric each lost more than a point. Standard Oil of Indiana, how- ever, remained slightly higher on the day and Citles Service was firm. Petroleum shares made the most uni- formly upward movement, reflecting the realignment of important Standard Oil companies and the continued better- ment in world oil statisfics. Humble Oll opened up 3 at 39%;. Standard Oil of Kentucky at 12 was up 3. Gulf Ofl, however, at 311 was off 4. Motor shares did little. Ford Motor of Canada at 8, up %, and Ford Mo- tor, Ltd., at 33, up s did not open until early in the second hour, about which time specific news began to affect individual issues. American Founders common eased as the company announced an offer to buy for retirement not less than one- fourth or more than cne-third of its cumulative first preferred outstanding at a flat price of $2250 a share. Foundation Co., foreign A shares were active, but not much changed, as Sec- retary Alexander R. Murray reported the official change in shares outstand- | ing. Net profit last year was $24,319, against $6,806 in 1930. With the packing trade expecting profits from operations this Summer and less liguidation coming in, the two Swift issues bettered today.” Wholesale prices, at the low level of 30 years, remain weak, but pork inventories are down, tonnage consumption is in- creasing and operating and overhead costs have been reduced. Great Atlantic & Pacific Tea and Manufacturing _both pointed higher, but Aluminum Co. of America sold off. Insurance Co. of North Amer- ica grmed up. Gorham Manufacturing eased. BONDS ON THE CURB MARKET. DOMESTIC BONDS. High: Low. Close. Sales in thousands. 2 Alabama Pw 4s 2 Alsbams Pow 55 5 Aluminum Co 5s &E 5028 of Rayon 5s '50 Asso T & T 5ias A ‘55 5 Asso Tel Ut 8135 ‘44 C 5 Asso Tel U 5'25 A '65 4 Bell Tel Can 55 A '55 2 Birming'm El 4135 '68 3Birmham Gas b5 59 7Cent St 1 1Chi Dis T 49 Citles 8 1Citles & 4 Cit Ser 16 Cit Berv Pow 9 Cleve Elec IIl 28 Consum Pow 4'us ' 37Cont G & E 53 A 2 Continen O1l 5'ys * 23 Crane Co 55 ‘40 2 Cudahy Pkg_5'38 3Det © Gas 5 B 50 B 2 East Ut Inv 5s A 0 Edis E] Boston 5 '33 1 9 Elec P & L 55 A 2030 5 Empire O&R 5'us '42 3 4 Federal Wat 5iis ‘54 2 Firestone C M s '48 2 Firestone Tire 55 42 17 Florida P & L 55 '34. 2 Gatineau Pow 63 ‘41 22 Gen Motor Acc 55 ‘34 3Gen Mot Acc bs '35 5Gen Mot Acc 5s 136 8 Gillette § Raz 55 '40 3 Goeb B 6135 A '35 ww 60 6138 '36 37... Ut 4ies B 61 00d Rubber 5las '36 ood Rubber 7536 ous L&P 435 E ‘81 ndependt Ol 6s MAY — esom B o3 ases i aaon ZZRRRRARK 5 ok k) at P8 8 '8 ... 3 Nevada Calif 53 '56, 5 New Eng G&E 8s 47 New Eng GAE 5y '48 30 New G&E 5s '50 11 New i - PrH FaoenQl fit 8 wes 2 5 a Ohib, nl.rsl'f- 5 5D’ P&L 65 A 2025 xw uth Calif Ed 5s '53 9 u Calif Edis s 54 uthern N G 65 ‘44 3 P&L 65 A 2022 Ry 5tas 153 4415 [ ie s 32 1001 6s A e j i i 883 . 7 4‘ o 7, 1932. FINANCIAL. .N. Y. CURB MARKET Received by Private Wire Stock and Sale— Dividend Rate. Add. 08. High Alr Invev pf 2 2% Alabam Pw pf (7). 10s 733 Aluminum of Amer 300s 28% Alumn Goods(60c). 4 Am Cap prpf (5%) Am Cit P&L A (a2) AmCitles P&LB Am Cyanamid B. Am Dept Stores Am Founders. Am Gas & El (21) Am Lt & Tr (2%) Am Maracalbo. Am Superpower Am Super 1st pf(6) Arkan: NtGsA.. Asso GEEADS% . Benef Ind Loan 1% Blus Ridge. S Blue Ridge cv pf a3 ble & Wire,A rets Cable & Wire,B rets Cable&Wire pt rets Centrifug Pipe 60c. Cities Serv (g30c). Cities Sve pf (6)... Col G & E cv pf (5) Comwth Edison (8) Comwlth & Sou war Cons Gas Balt 3.60. Cont Shares cv pf.. Cooper Bess pf A Cord Corp........ Crown Cork Intl A. De Forest Radio Derby Ol & R pf... Driver Harris.. East G & Fuel Asso Elec Bond & Share. Elac B& S nf (6). c Sharehld pf a6 p G&F em pt(7) Ford Motor Can A. Ford M Ltd. . . Foundation For Sh General Allovs. Glen Alden Coal. Geldman Sachs Gorham v.te.(1 ) Gt Atl & P Tea 167 7 Gulf Ol of Pa.... Hall Lamp. 3 2y Holling Gold t70c.. 1 44 Mudson Bay Min... 1 11 Mumble Oil (2) 1 39% Hygrade Food 2 8y LI P&LDL (6 1008 43% ImpOflof Canklc. 6 8 In3Co N Am (2)... 220s 26% Insarance Sec. IntHy ElSecpf3% Int Petrol (1)..... Int Superpower (1) Int Ut B..... Int Utll war new. Leonard Of1 Libby McNel g Lindsay Light 80c. Lone Star G n(80¢c). Loulsiana L & Ex.. 3214 2% 53 % 13 31% 1008 227 3 314 Direct to The Star Office. Stock and Sale— Dividend Rate. Add 00. High. Mapes Con Mfg(t4) 1 31% Mass Util Asso.... 2 1l Mass Util cv pf 2% 150s 1T% Midl West Utilitle; 1 W Mo Kans Pipe L 1 Natl Sugar N J (2) New Eng Pw pt (6) 108 Newmont Mining. . 5 Niagara H Pw(40c) 32 Niag H Pw A wr 4 Niagara Share, M 1 | North S Pw pt (7). 508 ‘ParkeDa\H (11.30) | Penroad Corp. Phillp Morris( Phoenix Secur Corp Pilot Radio Tube A Plymouth Ofl k25e. Pratt&Lambert(2). Pure Ol pf (6). Radio Prod, Rellance Ma: Republic Gas. | 8t Anthony Goa. St Regis Paper. | Salt Creek Prod (1) | Secur Allfed (1).... | Segal Lock & Hrd. . P T L=t I U - JOOP oY Singer Mfg Co (8). | South Penn Oil (1). Sou Cal Ed pf A 1% Stand Ofl Ind (1).. Stand Ofl Ky (1.60). Stand Silver & Ld s am Tampa Elec Tastyeast.. Technicolor. Tech Hughes (60c). Tobacco Prod Del. . Tob Prod Exp(10c). Un Gas of Canada United Founders. United G: United Gas war. .. United Gas pf (7) Unit Lt&Pwr (A) U S Elec Pwr ww., U S Play Card(1%) Un Verde Ext (50¢) Utility Equities. .. Walker (H) new.... Walker (H) pf..... Welch Grape J (1). 258 Wenden Copper.... 2 | Woolwth Ltd ks e Yukon Gold. . . ¢ Divid ividend. fPartly extra a Payable in cash or stock. stock, ¢ Adiustment” dividend. * £ Bl in Bocki JPius 20 in stock KFn in stock. m Plus 3% in stock. n Plus 8% stock. b Paid last year—no regular rate. R 1 PROOTROINN. | P TS - @ EYSRTISE TS MANY STOCKS DROP BELOW $10 A SHARE Extent of Decline Revealed Sharp Losses of Numerous Popular Issues. in Special Dispatch to The Star. NEW YORK, May 7.—One of the in- teresting and significant aspects of the stock market is the increasing number of listed securities selling in a price area around $10 a share. wing group includes, many popuhr‘r:wcks‘ that were in the higher brackets in boom days and which not even the most violent bear ever expected would reach their present level. As an indi- cation of the indifference of the public to the market or its lack of purchasing | power, the fact may be stated that these low market valuations have so far failed to attract much buying, although ;| many investors six months ago would have regarded a $10 stock of a favorite | issue as one of the bargains of the age. There are today, out of nearly 500 different issues dealt in on the New York Stock Exchange, about 55 per cent quoted below $10 a share. In this group about 10 per cent are still on a dividend | basis, although each week sees a reduc- tion in this ratio. Those selling be- tween $10 a share and $20 a share rep- resent approximately 15 per cent of the total dealt in from day to day. Of these around 65 per cent are still divi- dend payers. In the range between $20 and $50 a share we find another 15 per cent. Of these mearly all are main- taining a dividend, though in numerous cases the rate now being paid is less than that disturbed a year ago. Prom $50 a share to $75 a share the number tapers off sharply and amounts to only about 6 per cent of the total In this range are a large number of preferred stocks on which regular divi dends are being paid. In the group be- tween $75 and $100 a share, of which the total amounts to about 5 per cent, all arg dividend payers. The percentage of stocks mpriced be- low $20 a share has risen quite sharply in the past month. Compared with the situation early in March it reflects the steady liquidation that has made the latest phase of the decline one of the most serious during the past two and one-half years. Some market students believe that, when so many prominent industrial and railroad shares reach a $10 level in the market and when the income return is at 10 per cent, these facts indicate the irreducible minimum of prices and that whether or not the market advances from this level it cannot well go much below it. (Copyright, 1832.) More than 7,500,000 handkerchiefs were exported from Switzerland last year, PRESSURE FOR HOME LOANS INCREASING Less Credit Available for New Dwellings, Says Summary by U. S. League. By the Assoclated Press CHICAGO, May 7.—A cross-section summary of home financing trends for the first quarter of 1932 shows steadily increasing pressure for loens on exist- ing dwellings, with the result that less credit is available for new homes. Reports to the United States Build- ing and Loan League from widely scat- tered States indicate that emphasis on refinancing activity has been due not s0 much to a lack of demand for con- struction loans as to the need of keep- ing existing owners in lo?z. it The percentage of credit extended for purchase of existing homes and re- financing of short-term mortgages on an amortized basis has increased each month this year, the league finds, while the proportion of loans for new con- str!\-xlr:uon h‘u dropped. gures from associations in seven States holding 11 per cent of the na- tion’s total building and loan assets show that refinancing loans jumped from 77 per cent of the total in Janu- ary to 87 per cent in March, while new construction credit slipped from 15 per cent in January to 9 per cent in March. This summary, representing trends in States scattered from coast to coast, iflavx:lev” :pnrmgn‘zln;ely 6,500 loans to owners, builders and buyers a total of more than $15,800,000. o B. & 0. CONVERTS CARS FOR CEMENT SHIPMENTS Special Dispatch to The Star. BALTIMORE, May 7.—The Baltimore and Ohio Railroad Company has re- cently converted some of its dump hoppers into a specially designed car ‘r’ml-kthe transportation of cement in ulk. The arrangement consists of four hoppers, two on each side of centers of car, with an opening 13x24 inches, each hopper equipped with a sliding door, which forms the most satisfac- tory method of unloading, as the cement is délivered to cross-conveyors which | extend crosswise of the tracks. The roof has eight doors, four on each side, to provide for loading and |also to assist in agitating the load if necessary when cars are being unloaded. | The cars are of 50-ton capacity and | can also be used for hauling sand, grain, powdered coal, etc., in bulk. Trade Reports at a Glance. By the Assoclated Press. NEW YORK, May 7.—Tabloid review of wholesale and retail busi- ness conditions as reported to Bradstreet’s this week from the following centers, on the basis of comparisons with conditions in the same areas in’ the corresponding week last year: Wholes: and fob trade. Pittsburgh . . Chicago . Cleveland Chicago—Railroads mated 463,000,000 bushels. Manutacturing and industry. Collections. Slow Fair Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Retail trade. Quiet Quiet Quiet Quiet more active in shop work; Winter wheat esti- Cleveland—Steel production at 22-24 per cent; April rayon shipments decline, while inventories are normal. Detrolt—Retail trade further hampered by municipal wage cuts; automobile industry shows no advancement: building off. Indianapolis—Wholesale orders for immediate requirements; retail pointing; crops fair. le—Wholesale hardware retallers preparing for Derby week. Milwaukee—General promotion retarded by credit difficulties; cro) Des Moines—Automobile sales crops need rain; vegetable prices fair. “sales” disa Louis’ prove; sales improve; dry goods inactive; efforts unsuccessful; hardware sales need rain. trade volume below average; Duluth—Iron mining, navigation and lumber off; road construction to start; seeding on. Kansas City—Wholesale hardware in seasonal spurt; drugs and chem- icals fair; reduced prices increase flour demand. Minneapolis—Seasonable weather improves retail trade; fewer trav- elers affects hotel business; credit restrictions delay farming Omaha—Rigid loan terms hinder residence building; retall “sales” mtetsllur mruu‘r_mn: wh:l?lu orders few. 3 off b dollis 3 Demand for wei apparel off; shoe sales value below 1931; hardware in d‘emmnd‘pm 8t. Paul—Retail trade active in seasonal lines; grocery and con- ry business fair. Baltimore—Hard erease; crop condition good. ; seeding ess rapid. ware in u&&""wx; 'pholu‘!m' fill-in orders in- » A—15 IPACKER VERDICT VIEWED AS FINAL Supreme Court Decision Is Last Word in 30-Year Controversy. BY DEAN DINWOODEY. The Supreme Court of the United | States has blocked the final effort of the National Packers to extend their business into other lines. The court has denied them the privilege of deal- ing at wholesale in food products other than meat. | By handling groceries, the packers ihad hoped to distribute their tremen- ldous overhead costs among diversified ‘producu. This avenue of increasing | their revenues is now definitely closed. {, The decision of the court in the now historic packers’ case concludes 30 years of litigation and investigation centering around the decree entered in 1920 by consent of the National Pack- ers, under which they were prohibited, among other things, from holding any interest in stock yards, railroads or newspapers, from handling food prod- ucts other than meat, and from selling meat at retail. 114 Products Involved. . ‘The l;liihmtflbunll refused to lift or even rel e restraint against engag- ing in the business of manufacturing, seling or transporting any of 114 enumerated food products, principally fish, vegetables, fruits and groceries, to which, wisely or unwisely, the packers submitted in 1920. “They chose,” it was stated, “to renounce what they might otherwise have claimed, and the decree of a court confirmed the renun- cml%mn and placed it beyond their re- call.” ‘Thus the famous decree of 1920, though consented to by the packers under the express agreement that it did not constitute an adjudication that the packers had violated the Sherman anti-trust act, remains today the ob- stacle preventing packer competition in the wholesale grocery business. The denial of the petition of Armour & Co. and Swift & Co. is based on the asserted ground that since the entry of the original decree no changes have occurred in the food marketing.in- dustry to remove the fear of “old-time abuses.” Nothing “in the rise of the chain stores” is sald to “eradicate the ancient perii* “Size and aggression induced the fear in 1920 that the defendants (the national packers), if permitted to deal in groceries would drive their rivals to the wall. Size and aggression leave the fear unmoved today,” the court’s opinion stated. ‘The majority opinion of the court was written by its newest member, Justice Cardozo. Two members, Justices Butler and Van Devanter, dissented. Chief Justice Hughes and Justices Sutherland and Stone did not participate in the case. Refers to Competition. The minority declared that the di- versification of the business of tbe de- fendants which would be permitted by modification of the injunctipn *is in harmony with present legisiative ten- dencies in the business of producing and selling meat, groceries mw articles of food. In all brancl of such activity there is strong and active competition. The use by defendants ol their employes and facilities for the sale and distribution of groceries as well as meat would not give them any un- due advantage over their competitors. Defendants should be permitted more efficiently to use their help and equip- ment to lessen operating expense. ‘That makes for lower prices and so is in_the public interest.” ‘The dpluen must now face not only verse effect of the Supreme Court's ruling, but also the results which will flow from the enforcement of the consent decree. Though entered in 1920, it has never been in full force, having been suspended by the ensuing litigation. It now becomes operative. The decision is considered by the anti-trust division of the Department of Justice as its greatest victory in sev- eral years. The real victors, however, s0 the packers say, are the wholesale grocers. Not only the packers but other groups, principally livestock producers, declare they are losers by the court de- cision. (Copyright, 1932 FEDERAL FARM LOANS ARE ON BUSINESS BASIS By the Assoclated Press. Recent amendments to the Federal farm loan act do not in any way alter the requirements which must be met by applicants for loans from the Federal land banks. This explanation was advanced by Paul Bestor, farm loan commissioner, who said the authorized appropriation of an additional $125,000,000 in the banks' capital structure was made for the purpose of strengthening the sys- tem and to increase the reserves of the institutions. The percentage of rejected loans dur- ing 1931 was relatively heavy, but de- nials were not because the system did not have the funds with which to make the loans, Bestor said. “Ample funds were on hand at all times for the prompt closing of satisfactory obli= gations,” he said. He added that applications for loans were rejected in many cases because the manner of operation of the security of- fered or the purpose of the loan did not come within the limitations of the Fed- eral farm loan act. Many applicants did not offer satisfactory farm units as security for the loans desired. Many of those who applied already owed too much and their financial condition was such that any loan, if riade, would be almost sure to be in the delinquent list from the time of maturity of the first installment, it was said. Soviet 0il Production. MOSCOW, May 17 ¢Pr.—h—?xn);rodu$- tion in Soviet Russia for U quar- ter of 1932 amounted ‘o 35,469,833 bar- rels (42 gallons to tne barrel), repre- senting an increase of 10.6 E‘;’, cent over that for the same period year. DIVIDENDS DECLARED NEW YORK, May 7 (#— Rate. 7164 Accumulated. Van Raalte 1st pf.91.78 Reduced. May 16 31 Q pi.s1 Q May 10 Company. June 1 May 18 May Cabot Mfg Yoy o Chase (A W) Lid,’ (Wm) Tr Pl . ¢ Q@ Mar.31 Resumed. ..20c Q June1s Liquidating. Y.5150 Ohto Ofl....eee May 17 Midtown B of N Altorfer Bros pf. Oolumbia Piet. Asso N Shrs A..17.678¢ .. Bonded Tr Shra'A.§2.03 Do. B..... o100 1l Kan CP &L Lanston_Mon A P Sec 36 oil pf Ohio Pw G 67% Bl Parker Rustproof...T! Do, Bf..... :i35c Rio Tin Ltd Rec for DI b Frac or Bearer iz .. Somerset Un & Midd) Ligiting Co. o w‘m t Axle pf 31 ele] jrape Juic siE Do. pli.... ... 4118 Wolv’ Co'pt. 3178