Evening Star Newspaper, May 21, 1932, Page 10

21, 1932 FINANCIAL. 2. SATURDAY, MAY IBRITISH BUDGET WAS BALANCED | THE EVENING STAR, WASHINGTON, D. C BANKERS TO STUDY | - DEPRESSION DATA West Virginia Association Has Sterling Program for Convention. BY EDWARD C. STONE. “What Bankers Have Learned From the Depression” will be the subject of the first main address at the annual convention of the West Virginia Bank- ers’ Association, which opens next Thursday at Fairmont, the speaker being W. B. Irvine of the National Bank of West Virginia, of Wheeling. What the West Virginia bankers will discuss is of special interest to Wash- ington financiers, as the District bank- ers’ annual conclave is 50 near. Followihg reports of President F. D.| Drumheller of Martinsburg, Secretary Homer Gebhardt of Huntington Treasurer Mason Crickard of Charles- ton, the convention faces some un- usually interesting discussions. The | discussion on what the depression has taught will be conducted by Haller of Citizens' Mutual Tr of Wheeling. Alexander P. Reed, Fidelity Trust, of Pittsburgh, Pa. honor guest, will speak on “Trust Business, A. D..” while | Albert Snedeker, secretary of the West Virginia Taxpa Association, has the topic “High Lights on Tax Control.” Several important standing committees are to report on Thursday and the| West Virginia Corporate Fiduciary So- ciety is to work in its annual meeting | and luncheon. United States Senator Mansfield M Neely of Fairmont will be the speaker at the annual dinner Thursday evening. On Friday State Treasurer S. W. Johnson is to talk on “The | State and Its Depository Banks,” after | which address, Dean Langmuir of New {York will speak on “The Bankers' Prob- em in Advising Investors.” The clos- 'ing address on “Why and How I Should §Use the Federal Reserve System” will | “be delivered by Charles M. Cohan of Huntington, with D. A. Hall, also of ‘Huntington, leading the discussion. Committee reports, selection of the mext meeting place, election of officers, the meeting of the West Virginia mem. bers of the American Bankers’ Associa- tion will conclude the final day's busy ‘yrogram. Bruere Pleads for Railroads. Henry Bruere, president of the ‘Bowery Savings Bark, New York, who has addressed Washirgton bankers on | several occasions, said at the national conventicn of mutual savings banks: “The savings banks are uniting with the insurance companies and other in- stitutional investors to bring about the | «evelopment of a stable transportation system. If we are to continue to in- vest in railroad securities we must have ‘the assurance that the railroads will be protected against illegitimate competi- tion of too greatly favored rivals. We must have the assurance that the rail- r0ads do not wastefully compete. We must insist that they unify themselves into strong companies. The rates which trey charge for services must be suffi- cient to permit them to accumulate reserves to bridge depressions. “The savings banks are charged with the heavy responsitility of trusteeship. They must insist that those to whem they lend the money entrusted to them are actuated by the sense of responsi- bility for the welfare of their investors -and the community they serve. It is traditionai that the best of risks is the home owner who mortgdges his home, not to squander his earnings, but to provide a shelter for his family and who safeguards his home betause he loves it.” ‘Woods Discusses Sluggish Money. ‘W. O. Woods, Treasurer of the United States, recently had this to say on the ‘monetary situation: “If any one of those who urge cur- rency inflation would look at the Treas- ury statistics they, would, no doubt, be astonished to learn that during the year 1931 the stock of monetary gold in the United States was greater than ever before in our history, and the amount of our paper money in cir- culation at the end of the last calendar | ear was at the greatest height that it | as been during the last decade. | “It is perfectly apparent that it is | not because of insufficient mcney in the country; it is because what already exists is not available for the legitimate needs of business. The depression is certainly not caused by a lack of cur- rency or lack of gold, because there was | more monetary gold and more paper currency a year after the depression started than there was any time dur- | ing the period when stock prices were | goaring.” Virginia Public Service Net. | Virginia Public Service Co. and sub- | sidiaries, operating unit of National Electric Power Co., reports gross op- erating revenues of $7,056,559 for the 12 months ended March 31, 1932, com- pared with $6,627,296 for the corre- sponding period the year previous.' Af- ter operating expenses, taxes and other charges, the net available for retire- ment and dividends was $1935316, compared with $1,969,236 a year ago. For the quarter ended March 31, 1932, gross operating revenues totaled $1,776,172, compared with $1,612,405 a year ago. Net for retirement and divi- dends was $488,192, as compared with | $463,942. Acacia Plans for Expansion. Following the passage of a bill by Congress, the Acacia Mutual Life Asso- ciation has changed it name to the Acacia Mutual Life Insurance Co., and under the liberalized charter will not longer limit its business to members of the Masonic Fraternity only, but will insure all men between the ages of 18 and 65 who can pass the required ex- aminations Late_yesterday the directors elected | J. P. Yort, formerly secretary and ac- duary, vice president of the company. J. W. Apitz was elected treasurer; Sam- uel E. Mooers, secretary, and L. K. Crip- pen, actuary | William Montgomery, who has been | directing head of the company for a 40 years, continues as presid Dr. J. B. Nichols is medical direc: H. W. Kacy, general counsel, and C. E. | Baldwin, secretary to the board of di- | Yectors. | President Montgomery told the board | that there are already indications t the company’s business faces expansion. Insurance Directors Elected. Thomas P. Morgan, Mutual Horace Winter, Travelers, and Clark | Smith Dow, Northwestern, were elected ( 10 the board of directors of the Dis- | * trict of Columbia Underwriters' Asso- ciation yesterday. Election of new mem- bers resulted as_follows ._P. L. Rogers, Robert E. Lee, jr.; D Crouch, Acacia Mutual; Maurice Solo- man, John A. Edwards, Oscar G. Rich- ter, Miss Katherine Wilfley, Mutual Life of New York; E. N. Wright, F. T. | Kirk, Northwestern Mutual, Walter | Ogus, Equitable Life Assurance: C. B.| Balluft, Prudential; James O'Brien, D. | M. List, H. M. Thompson, Berkshire | Life; Walter C. Burke, E. E. Hender- | &on, Pacific Mutual | The guest speaker was Maj. Roger B. Hull of New York, managing direc- tor and general counsel of the National Life Underwriters' Association. ~He | gave a brilliant talk on the part in- surance is to play on the road back to prosperity. He stressed the importance of definite accumulation methods, pro- viding for loan years out of a scien- tifically saved income. He lauded sound thrift as better than speculative efforts. Lite Dividend Action Postponed. NEW _YORK, May 21 (#).—Directors of the Budd Wheel Co. have postponed action on the quarterly dividend of 3$1.75 on the first preferred stock due at this time until the next meeting of the board in June, it was announced. - NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev, 1932~ Sales— Higk. Low. 3 % 5% 70 16' 6215 34% 16% 8k % T &7y 13% 16% 18'9 47 Stock and Dividend Rate. Abitibi Pwr & Paper. 2 Adams Express..... 6 Adams Exp pf (5)... 108 Affiliated prod 1 Afr Reduction(t4%). Alaska Juneau (50¢) Alleghany Corp. . Alleg Cp pf $30 ww.. Allied Chemical (§).. Allis-Chalmers(50¢c) Amerada Corp (2)... Am Bank Note. .. Am Bank Note pf (3) Am Brake Sh pf(7) Am Can Co (15). Am Car & Fdy of (T) Am & Forgn Pwr. Am&Forgn Pw(1)pf. AmIce (2)... Am International Am Locomot pf(7) 2 39'% 6's Am Metal Co. Am Metals pf. Am Pwr & Lt (1) Am Radlator. Am Rolling Mills. Am Safey Raz (3). Am Smelt & Ref. Am Sugar pf (7). Add 00. High. Net. Low. Close. Chge. ~Prev.1932— Stock and High. Low. Dividend Rate. 18% 11% Kroger Grocery (1 3014 Lambert Co (3)... 3% Leh Port Cement.... 49 Leh Port Cmt pf (7). 1 Lehigh Valley Coal.. 31% Lehman Corp (2.40). 1214 Lehn & Fink Prod(2) 431 Liggett & Myers(t5) 44 Ligg & Myers B (15) 18 Loew's Inc (t4)..... 56 Loew's Inc pf (6%4). 214 Loft Inc - 22 Loose-Wiles (13). 11% Lorillard (P) (1.20), 8% Louisville & Nash 12 McCall Corpn (2). 20 McCrory Strs pf (6). 131 MclIntyre Porc M (1) McKeesport T P (4). McKesson & Robbins McKesson & Rob's pf Mack Trucks (1).... Macy (R H) (n2). Marhat Elev gtd (7). Manhat Elev mod gtd Marine Midld(80c).. Market St Ry pr pf.. Marlin-Rockwell(1) . Mathieson Alkill (2) Bales— Add 00. High. 123 21 62 16% 6214 |STOCKS FLUCTUATE Turnover Remains Light, With Declines Held to Small Proportions. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 21.—Stocks drifted fractionally in dull week end trading today. Volume was too small to give tany significance to the movement. The most important overnight news was the entirely unexpected cut in gaso- line prices in the metropolitan district. Although a purely local affair, it brought some selling into the oil stocks, with a of New Jersey. Other disturbing factors in the oil list were opposition in the Secnate to the consolidation of Standard 0il of New Jersey and Standard of Cali- fornia and the confused situation in decline cf nearly a point in Standard | Comparcd to Difhculty Expcrienced in Dealing With U. BY CHARLES F. SPEARE. | | Special Dispatch to The Star. NEW YORK, May 21.—It may be worth while at this time to compare the manner in which the British budget | crisis was met by the government and the people of England, and the expe- ditious way in which the problem was solved. with the delays and conflicting measures that have characterized the | procedure of Congress under similar | circumstances. In Wall Street’s opinion, ' the procedure of Congress has been chiefly responsible for a depreciation of | about 45 per cent in the price of stocks |and of 10 per cent in the market value of bonds since the early part of last March, About the middle of last August the | British cabinet. studying a detailed re- | ties. Ten days later England went off the gold standard. In another 10 days the economy bill had been passed and the credit of the government re-estab- lished. The active part of the campaign to correct the conditions that had led to a deficit had been carried through in about a month’s time. It had re- quirea only six weeks to conclude legis- lation that dated from the conference on August 14. Subsequent to the passing of the econnmy bill, members of the British cabinet accepted substantial salary cuts. while a remarkable demonstration of patriotism was exhibited in the dona- tions by private citizens of.money and oi articles with a high gold content ch helped the treasury to build up its gold reserves. The Washington tax bill. framed to 137% 893, Am Tel & Telez (9) Am Tobacco B (16) Am Woolen vtc new.. Am Woolen Copf... 3~ Am Writ Paper pf. 3 Am Zine & Lead Anaconda Copper Armour of Del pf(7). Armour of 111 (B) Atchison (4) Atlantic Cc Atlantic Refining (1 Auburn Auto (f4)... Aviation Corp (Del). Baltimore & Ohlo. .. Balto & Ohlo pf. . Bamberger pf (6%). Barnsdall Corp. . Bextrice Cream (4) Rendix Ava (60c) Best & Co....... Bethlehem Bethlehem Bohn Alumn & Bra Borden Co (3) Borg Warner (1).... Briggs M{g (1)..... Briggs&Stratton(1). Bklyn-Man Tran (4). Bklyn-Man Tr pt (6) Bucyrus-Erie Burroughs A 3 Bush Terminal(23%) . 6% Canada Dry (1.20). 9% Canadian Pacific 1%. 15 Cannon Mills (1.60). 17% Case (J 1) Co. se (J 1) pf (7). terpiliar Trac G0c. Ches & Ohlo (2%) Chesapeake Corp (2 Chi Great Western. Chi M1l StP & Pac. Chi & Northwestern. 212 Chi Rock I & Pacific. Chi RI & Pac 7% pf. Chrysler Corp (1). .. City Ice&Fuel (3.60) City Ice&Fuel pf 6%. City Stores Cluett Peabody pf (7' Coca Cola (18) Colgate-Pal-P (234 Columbia Gas (b1) Com] Credit (1).. Comel Cred pf (1%). Comel Cred 1st(634). Comcl Inv Trust (2). Comm Solv (60¢c).. 35 Cumwlith & Sou(30c). 21 Congolm Nairn (1).. 1 Consol Cer pr pf 6%. 208 Consol Film........ 4 Consol Filmpf (2).. 15 Consol GasN Y (4).. 59 Consol Laundries(1) 5 Consol Oil Corp. . 30 Consol Oil Cp pf(8) Consol Textile. Contl Can (2% Cont Diamond Fibre Cont Insur (2.40) Cont! Motors. Contl Ol (Del). “ontl Shares. % Corn Produc Coty Ine. . Crex Carpet. Crucit cel pf. Cuban-Am Sugar. . Cudahy Packing (4). Curtiss Wright..... 114 Curtis Wright (A).. 5 Cutler Hammer. ... 4y Davega Stores (60c) . 67 Deere & Co (40c). . 2 Denver & RG W pf. 79 Detroit Edison (8).. 12 Diamond Match (1). x 713 Dome Mines (11.20). 33% Drug Corp (4).. 2515 Dupont de Nem (3) 1313 20% 3 Met-Gold Pic pf 1.89. Miami Copper. g Mid Continent Petm.. Midland Steel Prod. . Mo Kan & Texas pf.. Missour Pacific pf.. Montgomery Ward. . Motor Whe Mullins Mfg Mullins Mfe pf Nash Moters (2) at Acme Co. Nat Biscuit (2.80) Nat Dairy (2.60) Nat Lead pf A (7). Pwr & Lt (1). atl Steel (1). t Supply pf. At SUTety. .. co0ve Nevada Con Copper. Newport Industries. Y Centra Y & Harlei s Y N H & Hartfor, Y Ont & Western. . oranda Mines Norf & Westn (112 North Am Aviation. . or Amer (b10 %stk) orth Amer pt (3) North Am Ed pf (6 Northern Facific. ... .. Northwest Tele (3).. Norwalk T&R pf 3% Ohlo Oll (a20c). Otis Elevator (3. 1 Otis Steel pr pf. Pacific Gas & Bl (2). Pacific Lighting (3). Pacific Tel&Telez (7) Packard Motor Car.. Panhandle P & R pf. Paramount Publix. . Penick & Ford (1)... Penney (J C) (2.40). Penney (JC) pf A (6) Penn Dixie Cmt pt Penna Railroad. .... Peoples Gas. Chi (3). Petrol Corp of Am... Phelps Dodge Co. ... Phila Co new (6).... Phila& Read C&1.. Philip Morris&Co(1) Phillips Petroleum. . Prairfe Pipe Line Proct & Gamb (2 Producers & Refin. .. Public Sve NJ (3.40) Public Sve NJ pf (8) Pullman Corp (3). Pure Ofl. .. Pure Oil pf ( 33, Radio Corp. . 6 16 1 3 6 Radio Corp pf B..... Radio Corp pf A3%. % Reo Motor Car...... Republic Steel. . Reynolds Met (1%3). Reynolds Spring.... Revnoids Tob B ( feway Stores (5).. Joseph Lead...... Louis Southwn. .. aboard Afr Line. .. aboard 0:] Del 40c Sears Roebuck (2% ) steel Hoop ell Union Oil elly Oil. Socony-Vacuum 8$0e. Southn Cal Ed (2). Southern Pacific. Southern Raflway. .. uthern Railway pf and Brands (1.20). Stand Gas&El (3%). e retasmaalenes on 1Y stern Roll Mills. . 238% Eastman Kodak (5).. 4% EatonAxle& Spr 50c. 10% Elec Auto Lite (4).. 1% Elec&Musical Instru 5 Elec Pwr&Lt(1)... 16 Elec Pwr & Lt pf(6). 21 Elec Pwr & Lt pf(7). ing Pub Sve pf (5 d Ph Fire In(2.60) Filene’s Sons pf 6% . Firestone T& R (1). Firestone T&R pf(6) First Natl Strs (2%) Foster-Wheeler Foundation Co. . Fourth Nat Inv 11 Fox Film (A) Freeport-Texas (2). % Gabriel Co (A) = Gen Am Tank Car(4) n Asphalt (1) Gen Cable pf Gen Cigar (4). Gen Elec (1)...... Gen Elec spec (60c) . Gen Food Corp (3). . Gen G&E A (b6 % stk) Gen Motors (1)..... Gen Printing Ink(1). Gen Public Service. . Gen Rwy Signal (3). Gen Realty & Util Gen Theater Equip Gillette Stf Rax(1). Gobel (Adolf). .. 131 300dyear Tire&Rul tham Silk Hoslery am-Paize )y Consol Cep. Grand Silver Stores. Grant (WT) (1).... Great Northern pf(2) shy Grunow 30s 140s Hanna pf (1) Hercules Pow pf (1) Homestake Min (9). x 214 Houston Oil (new). 3% Hudson Motor Car. . 2 Illinois Cent 11 (4) 20 Indust Rayon (4) Ingersoll Rand (3 ins Shs(Del)a6? Insur Sh(Md) Interboro F int Bus Machine(ng) Int Carlers Ltd(40c) Int Ceme: Int Combustion % Int Harvester (1.80). 2 Int Hydro E1 A (e2). 2 Int Merchant Marine ckel of Can t(1%) ele & Telog. .. Jewel Tea (1415) 104 Johns-Manvelle 1 473 Kansas Clty Southn. 9% 2 KaufmnnDS (80c). Kelly-Spring Tire. Kelvinator Corp. 5 Kennecott Copper. 2 Kinney (G R) Co. Kinney (G R) Co pt. Dept Stores.. 20s Kresge Dept Strspf. 108 Kresge (SS) (1.60). 6 Kreuger & Tell..... 97 i 3 6% Illinois Central . 1 s 4 10s 19% 8% 19 94 Stand Gas&El pf (4). Stard O1l Calif (2) 197 Stand Ofl N J (12) Sterling Secur (A) 1% Sterling Secur pf.... 17% Sterling Secur cv pf. Stewart Warner. Stone&Webster (50¢) 7 s Studebaker Corp Studebaker pf (7). Sun Ol (1).. | 2% Superior Steel.. .. —_— 10 Texas Co (1)..... 16 Tax Gul Sulphur (2). 3% Tex Pacific Land Tr. & Third Avenue. ...... 2 Tide Water Asso Ofl. 20 Tide Water As pf(6). 30 Tide Wat Ofl pf (5).. 13% Timken Roll B134.. 214 Transamerica Corp. . 174 Tri-Contl Corp. . 42 Tri-Contl Corp pf(6) 10 Twood 1) 1613 Un Carb & Carb (2). Un Oil of Calif(1.40) Un Pacific (6). Unit Aireraft....... Unit Alrcraft pf (3). =3 Unit Corp (40c) Unit Electric Coal. .. Unit Fruit (2)... Unit Gas&Im(1.20).. U S & Forn Sec pf. Gypsum (1.60).. Indus Alcohol... Leather (A).. 23 Pipe & Fdry (2). 12% Pipe&Fy 1st 1.20 3 USRealty & Imp. P bber 1st pf. 111 mtg & Ref (1). 261 teel . 651 teel pf (7) 65 BS% U S Tobacco (4.40) 3 1 United Stores (A)... 10% 214 Util Pwr & Lt (A) y Vadsco Sales Corp. 16 Vadsco 6'2 Vanadi 3n, 20 187% 1 6% 3919 3 Va- 20 o 2 Wabash R R. Wanash pf (A) Warn Bros Pictures. Warren Bros. . Wesson O11&Sn West Pa West Pa West Pa El pf (7). West Pa Pwr f (7). Western Pacific pf. . Western Unfon (4) Westinghouse (1). .. Westinghse 1st (334) Westvaco Chlor (1). Willys-Overland. Woolworth (2.40) . Worth Pump (A) 17 Yellow Truck. 7; Zenith Radio. 5'a Zonite Prod Corp (1) Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or hall-vearly declarations. Partly extra. IPlus 4% in stock. & Paid this year—no regular rate. b Payable in stock. e Payable in cash or stock. f Plus 8% in stock. “hPlus 2% in stock. ) Plus $1 in special preferred stock. K Plus 3% in stock ~m Paid last year—no regular ra n Plus 5% in stock. p Plus 2% in stock. 24 60% +213 h - % May Market. NEW YORK, May 21 (Special).—The second half of May began with the | averages of all stocks at new lows and | further imperative liquidation in evi- dence. In the 12 market sessions so far this month, 9 have closed with substantial net declines and 3 with net gains. In one of the latter, that of May 6, the average advanced over] represents either fear on the part of 3% points, but in the second half of | the holders of securities over the do- last week the total net loss was 5| mestic fiscal situation of is forced on points. There has been a decline in | those who hold margin stocks by their the market of nearly 45 per cent in | brokers or their banks. The suggestion the past two and one-half months, mak- | was heard in the Street today that ing it one of the longest and, with one | there should be more co-operation by exception, the most intense break since the banks in protecting loans of cus- the Autumn of 1929. | tomers_holding high-grade stocks and From these facts it is apparent that | that these stocks should be carried the selling taking place is of a type that | rather than dumped into the market, ::rbulk better grade, 3 — % pounds, 3 +1% e | 3.3323.60, Oklahoma. Oil stocks, however, were not off more than the general list The selling in Loew’s cartied the pre- ferred and common stocks of that com- pany down into new low ground. For this there was no reason offered except the effect of the general depression on the amusement business. Chrysler was | another stock under_sufficient” pressure to produce a new low. The tobacco stocks were sold again on the cut in | cigatette production and Liggett & Myers and American Tobacco made new lows. Nearly all these losses were only fractional and would have attracted no attention in a normally active market. Standard utilities and _industrials sagged without bringing out any in- creased offerings. The stock market was waiting on the bond market. The latter gave no sign of important buying The most encouraging feature about stocks is the drying up of liquidation on the reaction Rails were dul The largest loss v nd_slightly lower. in Norfolk & West- ern, which at 76. was down 4 points, but that is the highest priced active rail and has a thin market either way. Atlantic Coast Line weakened on this week’s dividend omission, although it ! had been generally expected. The local tractions were in supply, particularly Brooklyn-Manhattan Transit. Preferred | stocks moved with the general list, an exception being Virginia-Carolina chem- ical 7 per cent on which no dividends | are now being paid. This fertilizer | issue had the distinction of making a | new 1932 high | WALL STREET DUBIOUS | ON DIVIDEND POLICIES | Special Dispatch to The Star. NEW YORK, May 21.—It has been| noticed in Wall Street for some time | that stocks of a non-dividend char-| acter have had steadier markets than| those that are paying dividends. The! argument of the trader is that all of the bad news ma, not be out in the case of the latter and that there may be further declines in them if dividends | are cut or omitted. There is the same | kind of suspicion prevalent toward stocks that pay their regular rates.| No sooner are declarations announced | than professional Wall Street begins | to talk about what may be expectes in the next quarterly period, and it | most generally prophesies unfavorable action. Cases in point this week have| been Chesapeake & Ohio and Ameri- can Telephone & Telegraph. Conspicuous examples of pre(erred| | stocks that have not been benefitted in a market sense by declarations of regu: lar dividends are those of the Electric Power & Light and Electric Bond & Share Cos., both of which declined to| or near new low prices after regular | dividends were announced. | CHICAGO LIVE STOCK MARKET| CHICAGO, May 21 (P) (United States | Department * of ~ Agriculture) —Cattle, 1,000; compared week ago, fed stecrs and long yearlings, 25250 higher; light heifer and mixed yearlings bareiy | steady: stockers and feeders scarce, steady; all she stock strong to unevenly higher, but edge off beef cow market at i close; bulls fully 25 lower, and vealers { mostly 50 down; largely sieer and lignt 4 | vearling run; latter class being in fairiy % | liberal supply; extreme top fed steers, 1 7.85; next highest price, 7.75; best light % | steers, 7.50; bulk fat steers, 5.25a6.75; | several loads Texas grassers, 4.90 down |to 455, light heifers topped at 6.20; 50a6.00; demand | low for all light young cows and butcher | heifers of value to sell at 4.00a5.25. | Sheep—Receipts, 8,000 head; today’s market nominal; for week ending Fri- | day, 76 doubles from feeding stations, | 30,400 direct; fat lambs largely 1.00a | 1.25 lower for sccond consecutive week; sheep 15a25 down; spots off more; clos- | ing bulks follow: Well finished old-crop | wooled lambs, 4.50a4.75; week's top, | 625: no choice clippers offered late | native Spring lambs, 5.50a6.00; Cali: | fornias ., with 15 per cent sort; shorn ewes, 1.00a1.75. Hogs, 7,000; including 5,000 direc | quality plain, steady to weak; good, 170~ {210 pounds, 3.35a3.45: actual top, 3.45; | choice grades quotable higher; 240-290 35; few packing gow 2.502.80; ared week ago, 10al5 lower; shippers took 1000: estimated { holdovers, 2,000; light lights, good and | choice, 140-160 pounds, 325a3.50; nom- inal, light weights, 160-200 nominal; medium . 0-250 ' pounds, 3.25a3.60, nominal; heavy weights, 250-350 pounds. 3.05a packing sows, medium and good, -500 pounds, 240a2.85: pigs, good and choice, 100-130 pounds, 3.00a3.25. | NEW YORK BANK STOCKS NEW YORK. May 21 (#).—Over-the- | counter market Banks, Asked {chase (3 Commercial (8) First National Man! Nation. Public 1 (100) 1060 i City 8050 ! @) . N Trust Companies. | Bankers' 3 103 30% 143, 451 CHICAGO STOCK MARKET | CHICAGO, May 21 ) —Following is | the complete official list of transactions in stocks on the Chicago Stock Ex- change today Sales. STOCKS 150 Assoc Tel Gl A 50 Bena i ‘Av 100 Borg-Warner 20 Bors-War pf 40 Canal Const 190 Cent' & So. West 20 Cent & So West pf.., 50 Cent & 8 W pl pf 500 Cities Serv = 400 Ciub* Altim 0 Comultiy Edis igh. Low. Close ; ! 3 3! , i Cont Chi 350 Cort Chi pf 100 Cord Corp . 100 Hall Print . 150 Tl Brick .....00 50 Insull _Util 250 Libby-MeNeill 10 Lindsay Lat 4500 Mid West Uil 20 Mid Ut »l 150 Nat Sec Inv pf. 100 Nor Am Car 10No West Ut pl 100 Process -Corp 20 Quaker Oats .. .. 20 Quaker Oats pf. 530S0 Union Gas 2600 Switt & Co. 900 Swift Intl 200U S Gypsum. . 100U 8 Rad & Tel.. 320 Walgreen ... 60 Waukesha Mot 1500 Wis Bankshrs 100 Zenith Rad Stock sales t s tods 21000 shares. . none, port of the government financial situ- |take care of the deficiencies in the na- ation, decided that the budget must be |tional revenve and to balance the balanced After party conferences, | budget for the fiscal year 1933, was which agreed that there must be general | introduced in the House of Representa- crifices, an economy measure to save |tives on March 7. For several weeks £97,000,000 was requested. This in-|prior to this time securities had been cluded a 10 per cent cut in the dole, | showing a better tone following the ac- a 20 per cent reduction in civil salaries | tivities of the Reconstruction Finance above $10.000 a year and 10 per cent |Corporation in behalf of the banks and in those below that figure, & cut of 5 the passage of the Glass-Steagill bill. shillings a week in the pay of the police, | A “triple bottom” in prices had been | a readjustment in the basic rates of pay in the army and navy. It also effected a reduction of £68,500,000 in the George requested that the government Prince of Wales petitioned for a cut of £10,000 in his receipts from the state. On September 11 Chancellor Snow- den presented a new budget which in- corporated an economy measure de- signed to balance the budget. It increased noris al income taxes from the | amortization of the national debt. King | reduce his income by £50,000 and the | of 15 per cent in that of teachers and | established early in February. This was | believed by analy of stock market | movements to indicate the end of the | bear movement. From the beginning of the tax legis- lation and carrying ‘hrough the inter- vening period of about two and a half | months markets for securities have been deeply disturbed and the deprecia- | tion in both stocks and bonds has run | into many billions of dollars. It is not | fair to charge all of this to the events in Washington, for the Kreuger scandal |and the Middle West Utilities receiver- | vergence. | i ceipts will be about $2,2€0,000,000. | | |ship played an important part in un- settling the confidence of investors. (Copyright. 1932.) existiug 22': per cent to 25 per cent and imposed higher taxes on beer, tobacco, gasoline and other commodi- TREASURY DEFIT e ESTIVATES VARID By the Associated Press. NEW YORK, May 20.—A new breed of hound, with ability to track a rumor to its lair, might perform a real service in stabilizing financial markets, in the cpinion of conservative bankers and brokers. Year’s Figure Placed at $2,- i | In stocks it has sometimes been said 700,000,000 on Basis of | that rumors make the market. Tnis Ten Months’ Operations, | applies. of course, primarily to its short, sudden swings, but it scarcely mitigates = - the evil of the false rumor. " . Charges of rumor-mongering to ma- BY CHAS. P. SHAEFFER, nipulate the market have frequently Current calculations ¢n the propor- |been madi m& but n‘arely gru\'en.dso ob- f i . | scure is the grapevine, whispered course ticns of the Treasury deficit for me‘of these half facts or, all too often, present fiscal year present a wide di- | ytter falsehoods. The generally practiced and widely deals | On the basis of estimates covering accepted theory that financial the 10 months of the year that have | NUSt be negotlated secretly probably | s ¥ |greatly magnifies the power of the | elapsed, the deficit would be $2.700,- | rumor. 000,000. Expenditures during this period, | Bull market rumors feed upon greed. amounting to $4,020,000,000, have in- | But undoubtedly the bear market ru- {mors are the most vicious of all, for creased 16 per cent as compared With |they thrive on fear. They often start the corresponding period last year. Re- | | | with a modicum of truth, but fear para- ‘ celpts, amounting to $1.686,000,000, were | 12°s reason and they become monstros- | off 34 per cent. This suggests that ex- |Ites | e S e ennreggjear will ap- | The fact that a few extremely dis- | proximate $4.900,000,000 and that re- |turbing rumors of the past two years have turned out to be true has un- doubtedly increased public credibility | Income Tax Receipts. |and helped the scare manufacturer. Such a comparison, however, is ren- | Virtually the only suggested cure for dered uncertain by the fact that receipts | rumor-mongering has been the negoti- | during the first -half of the present 2ting of financial affairs more openly. fiscal year included inceme taxes on Financiers generally insist that it is im- 1930 incomes, while during the latter 'possible to get results other than pri- half, or from January 1, 1932, to June , Vately, explaining that as soon as nego- 30, 1932, receipts will include taxes on | tiation becomes public almost every im- 1931 incomes, a period admittedly worss | Portant stockholder wants to make than 1930 | himself ‘a party to it and an agreement Calculations on the Treasury's state- |becomes all but impossible. ments covering the month ‘of April | indicate the deficit will be in the neigh- | borhood of $3,000,000.0°0, while the same method of calculation for the current month up to May 14 indicat> G. F. Nelson, manager of the Des April's estimate is conservative and that | Moines assembly plant of the Ford Mo- | the deficit will be in the neighborhood | tor Co., announced that 500 men will | of $3,250,000,000. be called back to work May 31. Later 500 to Resume Work. DES MOINES, Iowa, May 20 (#.— | Government Last year the deficit amounted to $903,000000 and was the first since 1919, which incidentally was a period | when expenditures were more than ordinarily heavy due to war accounts. | Last year's deficit, and the one im- pending, furthermore, have nullified to a considerable extent the reductions |that have been made in the public debt since 1920. } The gross debt, which at the end of the fiscal year 1920 amounted to $24.- | 299,000,000, had reached a low point | of '$16.185000,000 at the end of the | fiscal year 1930, but had grown to $18.- | 597,000,000 at the end of April 30, last. It i~ expected to approximate $19,000.- 1 000.000 at the end of the present fiscal | ear. Trend Is Given. In the table that follows the trend : | of Feceral receipts. expenditures, the surplus and the debt at the end of each fiscal year since 1920 is given, in millions of dollars (000,000 omitted): Expend- Union Pacific’s Investments. | NEW YORK, May 21 (Special).—An analysis of the stock and bond invest- | ments of the Union Pacific Railroad | today shows that its holdings of rail- | road shares, which were mainly pur- | chased during the Harriman regime and which have all gone off a dividend | basis, are now valued at about $12,- 1500,000. They were carried in the company’s balance sheet at the end of | 1931 at approximately $91,000,000. A list of railroad senior securities with a | principal amount of around $35,000,000 now has a market appraisal slightly | over $15,000,000. 6% With Safety | In Guaranty First Mort- gaze Securities. Well se- fected Investment low as $100. i in denominations CONVENIENT DEFERRED PAYMENTS Real Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. MONEY TO LOAN $15,000 FIRST TRUST 6% JOSEPH 1. WELLER 420 Washington Loan & Trust Bldg. the force will be increased to nearly 800, STATE POWER TAX BY PROMPT ACTION OF CABINET IN NARR[]W RANGE Speedy Solution of Problem in England‘ UPHELD BY COURT Commonwealths Have Right to Levy on Interstate Current. BY GEORGE E. DOYING. The right of a State to levy a tax upon the production of electricity, even though the power may be transmitted n interstate commerce, has been sus- tained by the Suprame Court of the United States. Thus another method is opened up to the States for capital- izing their own natural resources. It has long been the production of natural across State lines may be subjected t a State levy whether that rul could be applied to ele power wa an open question until the court de- cislon this week in a case involving an Idaho statute State Right Afirmed. In su ining the cor the Idaho tax on powe o % Supreme Court declare (g ess of generat ntially local as though electriciiy were a physical thing, and_that ht of a State to control its manufacture is not to b. questicned The court heretofore has s West Virginia law levying production of natural gas law assessing public util State upon their sales of natural gas. much of which coraes from the West Virginia fields The Idaho law, enacted by the 1921 Legislature, imposes a tax of 1l on each kilowatt hour of electr] erated within the State for b or exchange. It was attac Utah Power & Light Co. on the ground, among other thir that a large part of that company’s hydro-electric power is generated in Idaho and transmitted | to adjoining States for consumption. The Supreme Court, however, that this is no bar to a State tax. The company, it was declared, is engaged in two distinet occupations: One is the generation of electric power, and this is purely an intrastate operation and therefore subject to taxation by the State. The other is transmission of the power, and this mav be interstate and consequently beyond the power of the State to tax. Law in South. A South Carolina law, also enacted in 1931. likewise levies a half-mill tax on electricity, but in this case the tax is upon the sale as well as the produc- tion of the power. This law has been upheld by a three-judge Federal Court, but the Supreme Court recently dis- missed an appeal on procedural grounds. The case undoubtedly will again reach the Supreme Court, which then will be called upon to determine whether a State may levy a tax upon the sale of electricity which has been transmitted to that State in interstate commerce, If the South Carolina law is sus- tained, it will mean that the same electric power—as already holds true for natural gas—moy be taxed by one State when it is produced and by an- other State when it is sold. (Copyright. 1932.) U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for May 19 were $5,672,348.45; expenditures, $14517,- 295.42; balance, $481,256,806.99. Cus- toms duties for 19 days of May were $11,198,110.71. Commercial Paper. NEW YORK, May 21 (Special).—The supply of commercial paper is at present much below the demand for it. Banks in former years were accustomed to buy prime paper in large amounts, but lit- tle paper has been made in rezent years and there is at present a decrth of it. Banks that have bought heavily of securities or of short- term municipals or corporation bonds are anxious to diversify their portfolids with good paper, for which they would accept a rate of between 23; and 3 per cent. The makers of such paper are not disposed to increase their lia- bilities in a period that shows a high risk and uncertain profits in any policy of business expansion. held | FIRST MORTGAGE REAL ESTATE NOTES past three years better than any other security. We have remaining a few thousand dollars worth of an especially superior issue which we can sell to our Clients of safety and National Mortgage and Investment Corporation National 5833 | | 1 —properly selected have weathered the storms of the ] ? | | 1 { 1004 Vermont Avenue ggeory, at par, Maximum a 6% yield. FIR ST THERE ARE TWO ADVANTAGES of investment in our 629 FIRST MORTGAGES First, you need have no worry as to the security of the principal, for it is vested in mortgages repre- sented by conservatively appraised improved Washington real estate. er @ Third of a Century is assured. Without a You know just e MORTGAGES Second, this very liberal interest actly what to expect from such an investment. May be purchased in amounts from $250 up. B. F. SA National 2100 1S UL CO. 925 15th St. NN'W. O SUBSTITUTE FOR SAFETY