Evening Star Newspaper, May 23, 1932, Page 14

A—_14 ' ¥%% FINAN WASHIGTON 45 | EARNINGS IPROVE, Company’s Net for April Was $56,156 Ahead of Last Year’s Figures. BY EDWARD C. STONE. Net earnings of the Washington Gas Light Co. in April show that the de- pression was wholly ignored, profits being $56,156.15 ahead of April, 1931, according to the monthly statement filed today with the Public Utilities Commission. For the first four months of the present yvear the company is alsa almost $100.000 ahead of 1931 in total net earnings. Operating revenues in April totaled $569,835.17 against the lower figure of $526,049.73 Jast year. Operating ex- penses and taxes called for $345,009.7¢ compared with $348,586.06 in the likc month a year ago, leaving a total op- erating income of $224,82548, in com- parison with $177.463.67 in the corre- sponding 1931 month. Non-operating income in April of this year amounted to $15,796.75 against only $3.771.17 last year. Gross totaled $240.622.23, compared with $181.234.84 After all deductions for bond interest, etc., net income totaled $170,291.21 against $114,135.06 in April, 1931, lea ing the above-mentioned gain in net earnings of over $56,000. Eour Months' Profits Higher. ‘The report for the first four months | of the year, also filed with the Public Utilities Commission today, reveals a very substantial demand for gas. The financial statement shows that operat- ing revenues totaled $2,300,831.59, egainst $2,333,697.40 in the same period last year. 4 Operating expenses required $1,271.- £25.12, in comparison with $1,380,704.41 a vear ago, leaving an operating in- come, after taxes and uncollectibles, of £874.606.09, compared with $810,249.29 in the like period in 1931. Non-operating income showed sub- stantial gains over the first four months of 1931, being $32,008.34, against a fall- ing off last year 1 that item of $13.- 233.71. Gross income at the end of April this year totaled $906.614.43. in comparison with $796,915.58 a year ago. Total deductions from gross took away $281,473.81, compared with $268,- 490.52. These deductions left a total net in- come for the four months amounting to $625,140.62. in comparison with $528.- 425.06 in the corresponding period in 1930, a gain in profits so far in 1932 of $96,715.56. Traction Appears on Exchange. Capital Traction appeared during the trading on the Washington Stock Ex- change today for the first time in many | sessions. The trading in the issue were very light, 10 shares selling at 1234 and 14 more changing hands, after call, at 1212, The stock closed with 121. bid | and 131. asked, the offered price having been lowered in the past few days. Fa- vorable action in Congress on the street railway merger proposal caused a tem- porary advance in the asked price up to 17. The week’s market opened with $500 ‘Washington Gas 6s, series A. selling at 98. The next bond transactions were two $1,000 sales in Washington Rail- way & Electric 4s at 79%;. Washington Gas 5s figured in a $1,000 sale at 101. Five local stocks are now being quoted ex dividend, the Potomac Power issues, ‘Washington PRailway & Electric com- mon and preferred and Lanston Mono- ; type. C. & 0. Net Income Lower. Net income of the Chesapeake & Ohio Railway Co. in April, after all charges, was $1414,403.85, a decrease of $88.- 158.09 under the corresponding month of last year. For the four-month pericd net income was $6,164,749.77, a decrease of $352,327.21 under the correspondirg period of 1931. Railway operating revenues for April were $7,499,906.77, a decrease of $1.822.- 949.89. and for the four-month pericd, $31,610,072.90, a decrease of $6,511,- 224.48. i Net railway operating income for April, 1932, was $2,199.956.66, a decreasc of $11,319.35, and for the four-month | period. $9,266,771.88, an increase of $188,068.34. Operating ratio for April. 1932, was 589 per cent compared with 66.6 per cent in April, 1931 For the four months of 1932 operating ratio was | €0.8 per cent. compared with 67.5 per cent in 1931 Retail Sales Reveal Advances. Latest reports from the Federal Re- serve Bank of Richmond indicate that retail sales have shown some improve- ment in the fifth Federal Reserve di: trict during the past few days. Whole- sale trade was noi so good last week. Reports from other Federal Reserve districts indicate a spotty condition in retail trade. Atlanta reports a slight Tecession althougi the volume coms pares favorably with the like period a vear ago. Wholesale business has im- proved. Building activity around Atlanta has improved and there is less uncmploy- ment, Banking conditions are better, several small banks having reopened in the past few days. Consumption of cotton is still increasing. Other reserve districts report great | interest inthe Government's latest move to force more credit into business,; channels. Adjournment of Congress is| also awaited with much concern. Bank Failures at Ten-Year Low. Not only were bank clozings for April at a lower rate than during any whole vear since the war, according to the | Alexander Hamilton Institute, but the number of re-openings actually exceeded the clesings. Only six banks closed during the month, whereas in 1931 the average wes over 250 a month. In March, while the number of sus- nsions exceeded the number of re- sumptions, deposits in the banks which reopened Were nearly equivalent to the deposits locked up through suspensions. Says the institute's current bulletin: “If the Reconstruction Finance Cor- poration should accomplish nothing else, its contribution to halting the trend of | suspensions would bz ample justification for its existence. The ground is being prepared for solid improvement in the future.” P})TATO MARKET. CHICAGO, May 23 (#) (United States Department of Agriculture).— Potatoes—Receipts, 147 cars; cn_track, 189 cars old, 80 cars new; total United States shipments Saturday, 645 cars; Sunday, 51 cars. Old stock steady: sup- | plies and demand moderate; Wisconsin, Round Whites, U. S. No. 1, 80a85; un- classified, few sales, 75; Michigan, Rus- set Rurals, 85a90; Minnesota, Cobblers, 80285; Idaho, Russets, 115al.25. New stock about steady: supplies moderate; trading slcw; too few sales to quote. EARNINGS REPORTED. NEW YORK, May 23 (P)—Per share earnings of corporations reporting dur- ing the past week for various periods, with comparisons, included the follow- ing: Quarter Ended March 1932, 0c Gen. Amer. Tank Car... 5 33c MucAndrews & Forbes. Raybestos-Manhattan Bush Terminal. ot 77 (pfd.) 0c h Amer. Car Corp.. Columbia Gas & Elec.... 1031, 1930, = e 18y | TTew ] 36 e LA 13 3% 8% s dard Oil Co. of N. J. -Am. Petroleum & T.. ‘Southern s Creole_Petroleum. “aa, Taeal. EQui v.1932~ GIAL: Stock and Low. _ Dividend Rat 7 ADitibl Pwr & Papet. 3% Abitibl Pwr & Pa p?. 2 Adams Expre 16% Adams Millis (2). 10% Addressograph (1).. Affiliated prod 1.60.. Afr Reduction(14%) Alaska Juneau (50c) Alleghany Corp..... Alleg Cp pf $30 ww... Allied Chemical (6).. Allis-Chalmers(50¢) Amerada Corp (2)... Am Agri Chem(Del). Am Br Shoe (1.60).. Am Brake Sh pf(7).. Am Can Co (15)..... Am Car & Foundry. . Am Car & Fdy of (1) Am Chicle ¢t3)...... Am & Forgn Pwr.... Am&Forzn Pw(6)pf. Am & For Pwr 2d nf. Am Haw St'ship (1). 35t Am Home Prod 4.20 Am Ice (2) . Am International. .. Am La France&Fom. Am Locomotiv . Am Locomot pf(7).. Am Mch & Fdy 1.40. Am News (3)....... Am Pwr& Lt (1). Am Pwr & Lt pf (6). AmP&Ltpf A (5). Am Radiator. Am Rolling Mill Am Smelt & Ref. Am Stores (12%). Am Sumatra Tob... Am Tel & Telez (9). Am Tobacco (16). Am Tobacco B (16). Am Water Wks (3).. Am Wat Wks efs(3). 5 Am Woolen Co pf... Anaconda Copper. Anchor Cap (2.40) Armour of Del pf(7). Armour of 111 pf.. Associated Apparel Asso Dry Good: Asso DG 1stpf ( T34 Atchison (4).. Atch To&S Fe nf(5). Atlantic Coast Line Atlantic Refining (1) Auburn Auto (f4)... Autosales N Aviation Corp (Del). « Baldwin Locomotive 10'4 Baldwin Loco pf... 5 Baltimore & Ohlo. Barnsdall Corp. Bayuk Cig 1st p£(7) .. Beutrice Cream (4).. Bendix Ava (60¢3.... Best & Co. Bethlehem Bethlehem St pf Blaw Knox. . Borden Co (3). Borg Warner (1). Botany Con Min (A) Briggs Mfg (1)..... Bklyn-Man Tran (4) Bklyn-Man Tr pf (6) Bklyn&Queens pf(6) Bklyn Union Gas(5). Brown Shoe pf (7) Burroughs Add(80c) Bush Terminal(2%). Bush Term deb (7). Brers (A M).. e Bvers (A M) pf(7) Calumet & Hecla Canada Dry (1.20)... Carnadian Pacific 1% . Case (JI) Co....... Case (JI) of (T Caterpillar Trac 50c. Cerro de Pasco Cop. . Ches & Ohlo (2%) Chesapeake Corp (2) Chi Great Western. . Chi Great West pf... Chi Mil StP & Pac... Chi Mil StP & Pac pf. Chi & Northwestern. Chi Rock I & Pacific. Chrysler Corp (1)... City Ice&Fuel (3.6 City Ice&Fuel pf 6% Coca Cola (18)...... Colgate-Pal-P (23). Colo Fuel & Iron.... Columbia Gas (b1).. Col Gas&El pf A (6). Columbfar Carb (3). Coml Credit (1)..... Comel Cred 15t(6%). Comm Inv cv pf(e6). Comm Solv (60c). 4 Comwlth & Sou (30c) 2 Comwlith&Sou pf (6) Consol Cgr pr pf 6%. 13 Consol Film . 2 Consol Film pf (2).. Consol Gas N Y (4).. Consol Ofl Corp. . Consol Ol Cp pt(8) Contl Paking (E). Contl Baking pf (8 Contl Can (2%)..... Cont Diamond Fibre. Cent Insur (2.40). Contl Motors 4% Contl Oil (Del). 14 Contl Shares. . 29% Corn Products (3) 104 Corn Prod pf (7). 2 Coty Inc.. 10% Crex Carpet. . Crucible Steel. . 5% Crucible Steel pf 3 Cuban-Am Susgar.... 5915 Curtis Publish pf(7). 7% Curtiss Wright..... 115 Curtis-Wright (A).. 701, Cushmans pf (7). 5 Cutler Hammer. 377 Delaware & Hud (9). 107 Delaware Lack & W. 79 Detroit Edison (8).. Diamond Match (1) . Diamond Mtch pf 133 Dome Mines (11.20). Drug Corp (4).. Duport de Nem (3).. Dupont deN db pf(6) Dugques Lt 1st pf (5) 38% Fastman Kodak (h). 4% EatonAxle& Spr 50¢ 10% Flec Auto Lite ( 1 Electric Boat. : 1% Elec&Musical Instru 5 Flec Pwr&Lt(1)... 16 Elec Pwr & Lt pf(6). Elec Pwr & Lt pf(7), Tlec Storage Bat (3) Sof ww (5%) quit Office Bldg 1% R R fon Park As pf Fid Ph Fire In(2.60). Firestone T & R (1).. % Firestone T&R pf(6) First Natl Strs (3%) Foster-Whesler. ... Fourth Nat Inv 110. Fox Film (A) n Am Gen Baking (2) 24 Gen Cigar (4) 89% Gen Cigar pf (7). 12% Gen Elec (1). 10% Gen Elec spec (60c). Gen Food Corp (3)... Gen Gas&E cv pf(6). Gen Gas & ElecA(7). Gen Mills (3).. Gen Motors (1) Gen Motors of (5). Gen Public Service Gen Rwy Signal (3). Gen Steel Casting pf. Gen Theater Equip.. Gillette Stf Raz(1).. Gillette Saf R pf(5). Gobel (Adolf). . Gold Dust (1.60)... Goodrich (B F) Goodyear T!'e&Ru Goodyear 1st »f (7). Gotham Silk Hosiery Graham-Paige . Granby Consol Csp 1% Grand Stores pf. . 33 Grand Unlon. ... 17% Grant (W T) (1). 73 Great Northern pf(3} Grigsby Gruno % Hahn Dept Store ki Hershey Choc of 15.. Hollander Sons. . 1% Houdaille Hershey. 9% Houston Oil. . 21 Houston Oil (new) 3% Hudson Motor Car. 1% Hupp Motors 6% Illinois Central. . 20% Illinois Cent 11 (4) 1 Indian Refining. . 18 Indust Rayon (4) o w3 - [T TPy 34 - PR T 0 Bos 'S RhaCnhmmunrEnwaRe 30s 5 189 2 Py 314 254 18 10% 574 398 10 1 1% 53% 6 Net. | ~Prev.193 . Low. Close. Chge. 3 High. n| 89 1l A% % 8 3% 14% 2% 18 2518 91 274 A% 9% 187% Bales— Add 00. High. . 62 17 1% 4% 2% Stock and int Bus Machine(n§) I 21 Int Cement (2).. 1 ). Int Hydro E1 A (e2). Irt Nickel of Can Int Paper pf... 3 Int Paper & Pwr pf. Int Printg Ink pf (6) Int Shoe (3) Int Stlver. . [ 4 Int Tele & Teleg. .. Interstate Dept St. Investors Equity Island Cr'k Coal (3). : 308 6 4 61 6 1 10% 10% Johns-Manville 1 8 3 Kaufmnn DS (30c). 2 1 Kelly-Spring Tire. 2 6% Kelly-Spr T8% pf... 1 1 Kelsey-Hayes Wheel 2 2% Kelvinator Corp. 515 Kennecott Copper. 8% Kresge (SS) (1.60). 1x Kreuger & Tell. . 11% Kroger Grocery (1).. 6% 24 75 30 Lambert Co (8)..... Lee Rubber & Tir Leh Port Cmt pf (7). Lehman Corp (2.40 Lehn & Fink Prod( Liggett & Myers(15) Ligg & Myers B (16) Liquid Carbonic (2). Loew's Iuc (t4) Loft Inc........ Loose-Wiles (13) . Lorillard (P) (1.20). Louisiana Ofl 1'; Ludlum Steel — s 23 6 4% MecCall Corpn McCrory Stores. McCrory Strs pf (6). Mclntyre Porec M (1) Mcieesport T P (4). McKesson & Robbins McLellan Store: Mack Trucks (1) Macy (R H) (n2) 2 Manhat Marine Midld(80c). . Market St Ry pr pf. . May Dept Stores 1.80 Miami Copper. Mid Continent Petm. Minn Moline Pow. . M StP & SSM 1sd (4). Mo Kan & Texas..... 31 Missouri Pacific pf. 4 Monsanto Chem 1% .. Montgomery Ward Motor Wheel. Mullins Mfs p Munsingwear ( 3% Murray Corp. . Nash Motors (2). Nat Acme Co Nat Biscuit Nat Biscult pt (7). Nat Cash Reg (A). Nat Dairy (2.60) » Nat Dept Strs 1st pf. Nat Dist Prod ( Nat Distill pf (2%) Nat Lead pf A (7). Nat Lead pf B (6). Nat Pwr & Lt (1) Natl Steel (1).. Nat Supply pf. Natl Surety Natl Tea (6 Nevada Con Copper., Newton Steel N Y Air Brake. N Y Central. . - N Y Chicago & St L. N Y Chi &St Lpt N Y & Harlem (5). N Y N H & Hartford. NYNH&HpPL(T).. N Y Ont & Western.. N Y Shipbuilding. ... N Y Steam pf (6) Noranda Mines Norf & Westn ( z Norf & Westn pf (4). Nor Amer(b10 % stk) North Am Ed pf (6). Northern Pacific. 5 Oppenheim Collins Otis Elevator (3. 115 Otis Steel.... 3a Otis Steel pr pt Owens I11 Glass ( Pacific Gas & El (2). Pacific Lighting (3). Pacific Tel&Teles (7) Packard Motor Car... Pan-Am Pet B(1.60). Paramount Publix. .. Pathe Exchange. ... Pathe Exchange (A) Penick & Ford (1)... Penney (J C) (2.40). . Penna Railroad Peoples Gas. Ch Pere Marquette pf Petrol Corp of Am. Phelps Dodge Co Phila& Read C& I Plillips Petroleum. . Pillsbury Flour (2).. Pitts Steel pf. . Poor & Co (B). . Proct & Gamb (2.40 Public Sve NJ (3.40) Pullman Corp (3). Pure Oil Pure Oil pi Purity Bakeries 3% Radio Corp.... 6 Radio Corp ptB..... Raybestos-Man (60c) Real Silk Hostery . Reis (Robert) & Co.. Remington-Rand Reo Motor Car. Republic Steel. Republic Steel pi Reynolds Spring.... Reynolds Tob B (3). % Rio Grande Ofl...... =24 Rossia Ins of Amer.. 121 Royal Dtch (aslc).. Safeway Stores (5).. St L-San Francisco.. Savage Arm. .. Scott Paper ($1.40).. Seaboard Alr Line. .. Seaboard O:] Del 40¢ Sears Roebuck (2%) Servel Inc. ... . Sharp & Dohms. Shattuck (F G) (1 Shell Union Oil Shubert Theaters. Simms Petroleum. .. Socony-Vacuum $0¢. South Port Rico Sug. Southn Cal Ed (2)... Southern Pacific Southern Railway... 4 Sparks-Withington. . 3 Spicer Mfg pf (3)... Stand Brands (1.20). Stand Gas&El (3%). Stand Gas&El pf (4). Stand Gas&El pf (7). Stard Ol Calif (2).. Stand Ol Exp pf (5). Stand O1I NJ (12)... Sterling Secur (A).. Sterling Secur cv pf. Stone& Webster (50c) Studebaker Corp. ... Studebaker pf (7). Sun O11 (1) Sun Oil pf ( 914 Telautograph (1.40). 10 Texas Co (1).. - 16 Tex Gul Sulphur (2). 31% Tex Pacific Land Tr. 4 The Fair. . 8% Thompson (J R) (1). 13 Thompson-Staret pf. % 31 )2 Tide Water Asso Oil. 13% Timken Roll B1%.. 2'4 Transamerica Corp. . 17 Tri-Contl Corp. ..... 42 Tri-Contl Corp pf(6) 20 Trico Products(23%). 2 Truscon Steel. A 10 Underwood-EI-F (1) 16'3 Un Carb & Carb (2).. 9 UnOilof Calif(1.40) 40 Un Pacific (6)...... 49 Union Pacific pf.(4). 7 Unit Afreraft....... 30% Unit Aircraft pf (3). 16% Unit Biscuit (2) % Unit Cigar Store. 5 Unit Corp (40c) . 27 Unit Corp pf (3) 3 Unit Electric Coal 15 Unit Fruit 2)...... 14% Unit Gas&Im(1.20).. 1013 87 9% 15% 1413 By 4 2% | ++ E5E L+ 444 T+ FE P FFEEEF | safety of principal is concerned.” s N T &E Ny - ‘| sity of Michigan. ~Prev.1932— B, Tom. Stock and les— Dividend Rate. 8a .t S Pipe & Fdry (2).. S Realty & Imp...; 8 Rubber. . . S Rubber 1st pf. j S Smtg & Ref (1).. 4 US Smtg&Ref pf 3% U S Steel. . U S Steel pf (7). United Stores (A)... Unit Stores pf(3%) .. Univ Leaf Tob (3) Univ Fic 1st pf ( _ .. RroBNBRA=EN S S 1 4 Vadsco Sal 18% 6!, Vanadium Corp. 6's 3% Va-Car Chem 6% pf.. 887 T4 Va Elec&Pw pf (6).. 19 9 Waldorf Sys (1%) 4% 1 Warn Bros Pictures. 7 2% Warren Bros........ 1% 5 Warren Broscvpf.. 15% 95 Wesson Oll&Sn (1).. 76 40% West Pa EIpt (7)... Add 00. High. 16% 16 6% + Net. —Prev.1932—~ Low. Close. Chge. | High. LLIL#¥FI++ -2% - % - % = hi stock. Kk Plus 39 —1% Stock and Dividend Rate. West Pa Pwr pf (6). n Plus 5% in stock. p Plus 2% FINANCIAL. Net. . Low. Close. Chae. 83 83 + % Sales— Add 00. 508 % White Sewing Mach. 2% Wilcox Oll & Ga % Willys-Overland. 15 Wilson & Co pf. 26% Woolworth (2.40)... 34% Wrigley (Wm) (4).. B Yale & Towne (1)... 1% Yellow Truck....... 5% Zonite Products(60c) Sales of Stocks on New York Exchange. 35% 53 12:00 Noon. Dividend rates as given in the above table are the annual cash payments based on the atest quarterly or half-yearly declarations. ‘% in_stock. aPaid this year—no reg e Payable in cash or stock. 1 Plus 8% JPlus $1 in special preferred last’ year—no regular r o in stock. WORLD OF TRADE SEARCHING FOR NEW IDOLS TO WORSHIP_ Many Considered as Supermen in Hectic| Days of 1929 Have Crashed During the Long Depression. BY FRANK H. McCONNELL, Associated Press Pinancial Writer. NEW YORK, May 23.— The hero- vidual, to penetrate the Kreuger myth. Rentschler, the relatively young presi- dent of the National City Bank of New York, had been told by Interna- worshipping world of business, which | tional Telephone Co. officials that they | has seen many of its idols, who rated as supermen of industry in 1929, crash into fragments in later years, is still searching for new idols 5 Rarely before in the history of com- merce have so many stalwarts fallen in 50 short a time, but this is probably due to the severity of world-wide deflation which has deflated some reputations as well as it did stocks and bonds. Bankers on guard to protect their money bags from imposters, business men who don't like to be imposed upon and accountants who pride themselves on their ability to analyze character as well as balance sheets—they all would like to know if they have any one char- acteristic in common which, if made visible to the naked eye, would warn trusting friends against the danger of bine aimed to lead the entire British | being duped. Possessed Persuasive Power. But there appears to be no one trait in common, unless it be the extiaordi- nary power of persuasion, which most of the world's recent failures have pos- sessed in amazing degree. There are a number of fallen idols to chose from. Among them are Ivar Kreuger, the linguistic Swede who rode to fame on a_ match box; Clarence Charles Hatry, English bank clerk who nearly wrecked the London market: Lord Kylsant, the towering British baron who steered the British Royal Mail Lines into disaster, and Albert Oustric, the French waiter who blew up a market bubble that burst with ter- rific Gallic reverberations. Kreuger's name became symbolic of power and virtue. Known as “Honest Ivar,” this squarely built, big-boned man headed enterprises capitalized at over $1,135,000,000 and juggled millions of dollars with the dexterity of a clown in a three-ring circus. ‘“Honest Ivar, a 5l-year-old bachelor, had many romances, but he always seemed to avoid & trip to the altar. He was a dif- ficult catch—for Cupid, as well as for bankers who opened their strong boxes to him. Kreuger's spectacular rise to fame and power seemed to brook no interfer- ence. People instinctively trusted him. Even Percy A. Rockefeller, whose asso- ciates say he is anything but a man easily duped, bought heavily into the Kreuger enterprises. Rockefeller looked over the Kreuger properties in Europe and, returning. said that he was “never more impressed than now with that or- ganization.” Depression Uncovered Frauds. Kreuger's freuds were uncovered by the prolonged ravages of the depression, but it took Gordon S. Rentschler, an- other squarely built and hulking indi- | suspected something was wrong with a | balance sheet turned over to them by | o | Kreuger. For three weeks Kreuger | pleaded with Rentschler that there was nothing wrong, but Rentschler stood his ground. He notified Kreuger's banker and three weeks later to the day Kreu- ger_killed himself. | Clarence Charles Hatry, who in 1929 | crashed in a debacle that rocked Eng- land, was a baldheaded, keen-eyed | Britisher who did not look the part of |a superman. Hatry first failed in 1924, | when his $10,000,000 insurance enter- prises went under. But he promptly Liocked $2,500,000 of jewels he had given |his wife and started anew. His spe- |cialty was amalgamating companies. tHis last combine was named Steel I dustries of Great Britain. This com- | steel industry out of its slough of in- |ertia. Haury needed cash to finance the project. The market turned against him and. under pressure for money, he started tampering with se- curities placed in trust with him. This led to his sentencing by a stern British judge, who said, “You stand convicted of one of the most appalling frauds which ever disfigured the commercial reputation of this country. were Hatry's pet foibles. and he as- teunded London with the elegance of his indoor watering places. Lord Kylsant. who stands over 6 feet 6 inches tall and looks every inch the nobleman, was challenged once or twice in his management of the British Royal Mail Lines. The baron had only to arise at a stock- holders’ meeting, however. and turn a withering aristocratic scowl on his de- tractors to swing the army of stock- holders to his support. All went well with him until the depression finally wrecked the Royal Mail and showed that its captain was convicted of mak- ing a misleading financial statement. | French Waiter's Rise. | _The rise of the French waiter. Alfred | Ousiric, had all the glitter of Gallic brilliance. Ousiric, with the cunning of a fox, knew one thing well—how | to make friends that count and how to use them. He started in the French textile business and finally imported some textile stocks from foreign lands for listing on the Paris Bourse. What he did with these stocks made the history of many of Wall Street’s 1929 bull market favorites look common- place. He finally wound up by buy- ing an ancient French bank, which even antedated the Bank of France, and. with this institution under his | | | | |8 | p Washington Produce Butter—One-pound prints, 93 score, 22; 92 score, 21; standards, 19; tub, 93 seore, 21; 92 score, 20; standards, 18. u!;gu.x-lennery. 14; current receipts, Poultry, alive—Turkeys, young hens, 18; toms, 12, old toms, 12; crooked 20; Plymouth Rocks, 23; Plymouth Rocks, 3 pounds and over, 25; Leghorn hroil- ers, 1% pounds, 17; 2 pounds and ovel 19: hens, medium, 14al5; large, 14al5 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, olored, 114 to 2 pounds, 23; Plymouth Rocks, 2 to 2'. pounds. 26: Plymouth Rocks, 3 pounds and over, 28; Leghorn broilers, 112 to 2 pounds, 20; 2 pounds and over, 22; hens, medium, 17al8: large, 17a18; Leghorn hens, 15a18: Toosters, 13; keats, young, 60a70; old, £tad0; Winter chickens. 21a23; stags, 15; Long Island ducks, 15a16. Meats—Beet, 11a12; veal, 9a10; lamb, Fall, 13a14; Spring, 17al8: pork loms, 11a12; fresh hams, 13; smoked hams, 15; strip bacon, 16; lard, 7; com- pound, 6. Pruits—Watermelons, 40a75: canta- loupes, jumbos, 650: standards, 550 ponys, 4.50; strawberries, 2.50a3.00: chy ries, 2.2524.00: apples, bushel baskets, fancy box stock, 150a2.25; 3.50a4.00; pineapples, 50a grapes, Almerias, 3.00; alligator 4.00; oranges. California, 3.00+ Florida, 3.50a4.00; lemons, 4.00. limes, per 100, 2.00: bananas, 1.254 .00; honeydews, 3.2524.00; grapefruit, 3.25a3.50; rhubarb, per dozen bunche: 50260. Vegetables—Potatoes, new. per 17 pears, 2.15; pears, 350 barrel, 1.25; Idaho per bushel, 250a2.75; re- , 3-pan crates, 2.00a2.2: peas, 1.00a1.50; string beans. 50a2.00; limas, 4.00a5.00; squash, 3.00a3.50; eggplant, 2.0022.50; carrots, 3.50; beets. per 100 bunches, 5.00a6.00: turnips, aspara- gus, 1.50a3.50; cucumbers, bushel bas- kets. 2.0224.00: spinach, 75a1.00: kale, 50a1.00; cabbage, 3.50. okra, 4.00: artichoke, ower, 2.25a2.50; squash, yel- sweets. ; _tomatoes. iugs. U. S. TREASURY BALANCE. The United States Treasury bsilance announced today as of c! of business May 20 was $472.289.592.78. Customs receipts for the month to date were $12,007.899.63 Total ordinary ex- pencitures were $12,364. 47. NEW YORK BANK STOCKS NEW YORK. May 23 (#).—Over-the- counter market e control, he zoomed ahead with stock 5 {and bookkeeping manipulations. He was finally tripped up and convicted ! an a relatively minor charge. PREFERRED STOCKS STATUS IS DEFINE Anaylist Points to Advantages of Senior Type of Securities at Present. BY J. R. BRACKETT, Associated Press Financial Writer. NEW YORK. May 23. — Preferred stocks, falling in the somewhat vague category between the admittedly specu- lative common shares and the tradition- | al investment medium, bonds, may be | worthy of serious consideration by in- vestors, according to an exhaustive analysis of this_class of security by Prof. Robert G. Rodkey of the Univer- Dr. Rodkey makes several exhaustive tests of preferred stocks in a study of their behavior over a 41-year period. He finds that preferred issues which Tepresent the sole senior security of | the corporation—that is, which are not | preceded by bonds—seem as a general type to offer distinctly suitable long- term investment possibilities. ‘Whereas preferred stocks preceded by bonds showed a relatively poor income return when compared to the common stock, and sometimes a principal loss as well, senior preferred stocks not only produced between 8.6 and 10.3 per cent return, but the principal appreciated about 10 per cent. | “Industrial preferred stocks which are senior issues,” Prof. Rodkey says, “make a splendid showing so far as| Two | tests of such stocks show that the shares could have been liquidated at the end of 24 years with a profit. “The market prices of preferred stocks,” Dr. Rodkey says, “have reflected to a strictly limited degree the great ex- pansion of industry since 1910, and, in- deed, this is the basis for one of the principal objections frequently voiced 00 00 Organized 1879 JOHN JOY EDSON, President 251 Share save part Equitable Co-Operative Bldg. Ass’'n Subscriptions for the 102nd Issue of Stock Being Received e ——————————————————————— Systematic Saving Assures Financial Independence Thousands today enjoy pros- perity because they adopted the systematic saving plan of the Equitable. Follow their example— against preferred stocks. “It is claimed that there is no pos- ility of sufficlently great apprecia- sibil | tion in some issues to counterbalance | | Such losses as may cceur in others. | This does not hold true, of course, | when preferred issues are purchased far below their respective call prices. “And it certainly did not hold true j{in the tests made in this study in which commitments were confined to preferred stocks which were senior is- sues of their respective companies, al- thcugh the losses in particular issues were by no means negligible in amount. It is still less likely to be true when ordinary care and prudence are exer- cised in the original selection of indi- vidual preferred stocks.” SILVER QUOTATIONS. NEW YORK, May 23 (#).—Noon, silver futures dull, sales 100.000 ounces. May, 27.75 bid: July, 27.90 bid: Sep- tember. 28.40 bid: October, 28.60 bid; December, 28.90 bid. 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. 52nd YEAR COMPLETED WALTER S. PRATT, Jr, Secretary .. .$6,124,601.00 of your earnings. Come in and we’ll explain. 915 F St. O OLDEST NATIONAL BANK in the District of Columbia National etropolitan BANK STOCKS IRREGULAR INNARROW TREND List Moves Uncertainly Pend- ing Political and Trade News, BY GEORGE T. HUGHES. Special Dispatch to The Star. WALL STREET, NEW YORK, May 23.—Sagging in the morning, harden= ing in the afternoon, the stock market today left off with mixed and general- ly unimportant price changes. ‘The market was waiting on ‘Washing- r | ton, from which news dispatches gave little stimulus to either side; on the bond market, which moved as inde- cisively as did stocks, and on commodi- ties, where the rise in wheat was the feature, but which movement traders were uncertain how to interpret inas- ‘much as the improvement was the re- sult of crop deterioration Utilities made the poorest showing. A number of preferred stocks in this | 8Toup went to new lows. The ofls were | firm " and industrials mixed, some of | them benefiting from short covering | . While close attention was paid to | dispatches from the National Capital with regard to unemployment relief | plans and to the progress, or lack of it, in balancing the budget. it was busi- ness items that the Street was sca | ning most closely. together with was happening in the wheat market. The trade organ Sie | emphasized the increase in structurs! steel demand, which, d to mo.or trade requ 1 1 rate of oper ctiona ne since March nd the the early s chiefly i lectric tions for the indus at any t The 3 the utility list, where Power & Light sold under preferred issues receded cn small vo ume. Perhaps the adverse influence here was apprehension ovr refin preblems in the nt state bond market. The week-b ing off in electric power output has taken from the utilities a large part of the following they formerly held $127,972,300 IN GOLD EXPORTED FROM U §. Foreign Withdrawals During This Month to Date Have Been Unusually Heavy. . 2 I'T!}L‘ Uni t h to date has lost $12 972,300 of its monetary gold to rusmgn ies. This outflow, which consists 98.500 exports and $3,499,700 offset by $12.487.600 ed from earmarkings and $10,438,- 300 imports, is the largest since last October. The efflux of gold resulted from for- eign withdrawals made 1 the belief that the open market operations of the Fed- eral Reserve System and the discussions in Congress on the Goldsborough bill, attempting to stabilize prices around the 1926 level, indicate inflationary tendencies here. The movement aggravated by the delay in balancing the national budget Just before ‘s publication of the daily gold movement, issued by the New York Federal Reserve Bank — showing exports of $2.605.900 in gold to France, a net increase of $3.499.700 i1 earmar! ings and no imports—Paris dispatches indicated that France planied to use part of her dollar balances here to re- deem $33.000.000 of Paris-Lyons-Med- iterranean Railway 6 per ce dollar bonds and might also call in ce of maturity some of the carrier's 7 per cent bonds in this market Maryland Bond Issue. BALTIMORE. M: (Special) — The State of Marvland has asked bids on $1,000,000 bonds on June 8 You are Not Doing Your Part 1814 —to end the Depression, un- less you are buying wisely, and banking all you can. fIdle dollars mean idle men. Dollars in circulation and in bank help everybody. 1932 INTEREST PAID ON SAVINGS Fifteenth St., Opposite U, S, Treasury Over a Third of a Century Without a Loss B. F. 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