Evening Star Newspaper, May 25, 1932, Page 14

A—14 *¥¥¥ FINANCIAL. THE EVERING STAR, WASHINCTON, NCIAL. LOCAL TAX RELIEF PROGRAMS URGED Investment Bankers Sug- gest Solution to Municipal Finance Problems. BY EDWARD C. STONE. Following the recent meeting of the board of governors of the Investment Bankers' Association of America at White Sulphur Springs, the Municipal Securities Commit- tee offers two defi- nite programs for local tax relief and the solution of municipal finance problems. Munici- palities are urged to adopt these five working principles 1. Adoption of budgets ¢mbodying Teducticn of oper- ating costs. based on the ability of the community to pay. 2. Periodic re- vie’ during _the year, of tax collec- tions, to be follow- R ed by corresponding reduction in oper- Charles H. Doing. 3. Postponement of proposed public fmprovements not absolutely necess re the debt or tax burden is sul 1al Assurance of adequate income through the encouragement of prompt payment of current taxes by install- m s or discounts, enforcement of collection of delinquent taxes through quate penalties. 5. Relieving the tax burden on real estate through other forms of revenue. The committee states that the asso- ciation’s great interest in,the problem is because the “investing public is pur- chasing more municipal bonds than any other type of new underwritings.” Doing Finishes Parley Program. Charles H. Doing, chairman of the m Committee arranging for the ess sessions of the District Bank- Convention at Hot Springs, Va., has finished the advance arrangements for the annual meeting As the program now sta the three guest speaKers will Harry J. Haas, president of the rican Bankers' ociation; Merle pe, editer Nation's Business, and les W. Collins, former deputy con- r of the Treasury and author of any books on finance. In addition to the three leading P the annual reports of the chairmen of all the association’s stand- will grip the attention of | egates. These Teports are expect- | ed to be of unusual interest this year. They are always devoted wholly to mei' problems of the association and the w ton banks. . who is vice president of | ington Loan & Trust Co.. and ger of the Seventeenth Street has been assisted in arranging ogram by C. F. Jacobsen, vice n; L. P_McLachlen, H. H. Mc- Robert V. Fleming, Victor B. Dey- n Poole, Francis G. Addison, jr.; | announced today that several wn requests for convention res- have been received, among | those planning to attend being Mr. and | E. B. Wright, Newark Trust Co.; and Mrs. Norris N. Wright, also of ‘W. V. Van Dervanter, Guar- ¢ Trust Co., New York, and Ernest Love of the Chase National Bank, New York. Requests from local bank- ers for reservations are also being re- ceived much more rapidly by the com- mittee. Bankruptcy Reform Law Urged. Representative Malcolm Baldridge of Nebraska will address the National Re- tail Credit Convention on his bank- ruptey reform act now pending in Con- on June 22, at the Mayflower. ruptey reform will be a featured part of the convention, which will be ssion June 20-24. ere is a strong feeling among re- tailers in connection with the present Amcrican bankruptey act, enacted in 1898, when 90 per cent of the retail business was on a cash basis. Now that over 50 per cent is on a credit basis, the retailer feels that he is not prop- erly protected. The present bankruptcy reform vement is due also to the fact that retailers are now nationally or- ganized and can make their views and felt, something that was im- le in 1898, association members say. are 1.250,000 or more reailers ed States, exclusive of the chain store o suffer from individual insolvencies. Approximately twenty-five of dollars of the fifty-three bil- ual turnover of the retailers is open account or installment sales, scm: times termed “consumer credit.” Th: bad debt loss from these retail sales is estimated by credit leaders as between $500.000.000 and $1,000.000,000 annually. Representative Baldridge in private life is connected with a commercial law firm. Henry J. Allen, aid to Gen. Dawes of the Reconstruction Finance Corpora- tion, and former Governor of Kansas, will also address the credit association. Today's Trading on Exchange, Business on the Washington Stock Exchange opened today with a $1,000 sale in Washington Gas Light 6s, series A, selling at 987;. Washington Gas Light stock figured in the sales today for the first time ir some weeks. Five 10-share lcts sold at | 80. The last sale in this issue was mage | at 86. The market closed today with 80 bid and 85 asked. The compan April financial report to the Utilit Commission was made a few days azo and showed an excellent income. The report for the first four months of the Ppresent vear was also highly gratifying. Today’s local exchange session closed with four small sales in Potomac Elec- ;n(‘ Power 5':; per cent preferred at 021, Load Building in Washington. The quarterly letter of the president | of the North® American Co. Edwin Gruhl, says “Potomac Electric Power Co. is co- operating with building contractors and electrical dealers in another plan wh.ch is expected to add to the com- pany's residential electric load in Wash- ington and vicinity. The plan, which has already resulted in some sub- stantial installations, call for the plac- ing in new houses and apartments of complete electrical kitchen equipment, including electric range, refrigerator, dish washer, water heater, clock and ventilating fan.” It is the first letter sent to stock- holders since Frank L. Dame give up the presidency and became chairman of the board. The letter states that the practice of writing to shareholders when they sell their stock, asking the reasons why, has been continued since 1924. The personal correspondence has been invaluable to the stockhold- ers and the company in correcting un- Teliable information, the report says. Financial District Notes. In the death of James Hood, an- nounced today, the American Security & Trust Co. loses a director who had served the company most ably for many years. John P. Lynch was unanimously elected president of the District of Co- lumbia Underwriters’ Association at a :’ineeling of the board of governors to- ay. Local bankers, who are to attend the annual convention of the American Institute of Banking, will leave here next Saturday for Los Angeles, going from Buffalo on a special train. SILVER QUOTATIONS. | YORK, May 25 (#).—Bar silver % higher at 277, ~Prev, 1932~ High. 3 9% * 4T Stock and Lew. Dividend Rate. 7 Abitibi Pwr & Paper. 814 Abitibl Pwr & Pa pf., 2 Adams Express..... 39's Adams Exp pf (5)... 10% Addressograph (1).. 43 Affillated prod 1.60.. 34% Air Reduction(t43). 1 Airway Elec Appl..., 8% Alaska Juneau (50¢) 49 Allled Chemieal (§) 9615 Allled Chem pf (7 513 Allis-Chalmers(50e) 12 Amerada Corp (2)... 4 Am Agri Chem(Del). 6% Am Bank Note 2 1% Am Beet Sugar, 48% Am Brake Sh pf(7). 343 Am Can Co (15).. 4's Am Car & Foundry.. 20 Am Car & Fdy of (1) 25% Am Chicle (13)...... 13 Am Com Alcohol new 2% Am & Forgn Pwr.... 2 Am&Forgn Pw(T)pf. « Am & For Pwr 2d of. 3% Am Haw St'ship (1). 355 Am Home Prod 4.20.. 12 Am Ice (2) 2 Am Metal Co. 4% Am Pwr& Lt (1 20 Am Pwr & Lt pf ( 143 AmMP&LtpfA () 4 Am Radiator. 3% Am Rolling Mill Am Safey Raz (3) 14 Am Shippuilding( 7' Am Smelt & Ref..... Z1% Am Sm&R 2d pf (6) . 40 Am Sm & Rfg pf (1). 28% Am Snuft (13%).... 4 Am Steel Foundry 30'% Am Stores (12%). Am Sugar (2). Am Sugar pf (T).. Am Sumatra Tob. ... Am Tel & Teleg (9).. 54% Am Tobacco (16). 554 Am Tobacco B (1 99 Am Tobacco pt ( 124 Am Water Wks (3). 13 Am Wat Wks cfs(3). 1’4 Am Woolen vtc ney 15'3 Am Woolen Co pf. 1'5 Am Zinc & Lead 43 Anaconda Copp 5' Anchor Cap (2.40) T'4 Archer-Danfels (1).. 24'¢ Armour of Del pf(7). 7y Armour of Ill (A)... 13 Armour of 111 (B)... 513 Armour of Il pf..... 49 Artloom pf... 3 Asso Dry Goods.. 5 Atchison (4) 10 Atlantic Coast Line. 12% Atl Gulf& W lnd pf.. 8% Atlantic Refining (1) 54 Atlas Powder pf (6). %, Auburn Auto (f4)... Aviation Corp (Del) Baldwin Locomouls Baldwin Loco pf. Baltimore & Ohlo. .. Balto & Ohio pf..... Bamberger pf (6%). Bang & Aroos pf (7). Barnsdall Corp. ..... Beztrice Cream (4).. ng-Hemingway Bethlehem Steel. . ... Bethlehem Stl pf (7) Blaw Knox..... Bohn Alumn & Br Borden Co (3). Borg Warner (1) Briggs Mfg (1)..... srizgs&Stratton(l). Eklyn-Man Tran (4) Bklyn-Man Tr pf (§) Bklyn & Queens. ... Bklyn Union Gas(5) Budd (E G) Mfg. Bullard Co. . Burroughs Add(80e). Bush Terminal(2%). Bush Term deb (7). Bush Terminal pf(7) Byers (A M) % California Packing. . '« Callahan Zinc & Ld.. Calumet & Hecla. ... Canada Dry (1.20)... Canadian Pacific 1% Cannon Mills (1.60) Capital Admin (A).. Capital Ad pf(A) (3) Case (J 1) Co....... Caterpillar Trac 50c. ntury Rib Mills... Cerro de Pasco Cop.. Checker Cab Mfgr... Ches & Ohlo (2%4)... Chesapeake Corp (2) 1Great Western. Chi Great West pf. Chi Mil StP & Pac... Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf.. 4 Chi Pneu Tool. .. Chi Pneu Tool pf.... Chi Rock 1 & Pacific. Chi R 1& Pac 6% pf. ChiR1& Pac 7% pf. Childs Company..... Chrysler Corp (1)... City Ice&Fuel pf 6% City Investing (5)... City Stores - Cluett Peabody (2).. Coca Cola (18)...... Colgate-Pal-P (23). Colg-Palm P pt (6).. Collins & Alk pf (7). Colonial Beacon. .... Colo Fuel & Iron Columbia Gas (b1). Col Gas&El pf A (6). 6 Columbian Carb (3). 4% Coml Credit (1)..... 14 Comel Cred pf (1%). 47 Comcl Cred 1st(63%4). 1474 Comcl Cred pf B (2). 12 Comel Inv Trust (2). 94 Com Inv Trust pf(7) 5 Comm Solv (60c).... 214 Comwith & Sou(30c) 38 Comwlth&Sou pt (6) 7 Conge Nast Pub..... 7% Congolm Nairn (1).. 8 Consol Cigar (3).... 29 Consol Cgr pr pf 6%. 3 Consol Film pf (2).. 43% Consol GasN Y (4).. 8115 Consol Gas NY pf(§) 6 Consol Laundries(1) 4'% Consol Oil Corp.. 79 Consol Oll Cp pf( % Consol Textile. ..... 1 Container Corp (A). % Container Corp (B). 3 Contl Baking (A). 4 Contl Baking «B). Contl Baking pf (8).. 20% Contl Can (2%)..... 3 Cont Diamond Fibre. Tix Cent Insur (2.40). 4% Contl O1l (Del) 1¢ Contl Shares. . 29'4 Corn Products (3) 129'3 104 Corn Prod pf (7) 8la, 31 86 Py 3% 90 76 10 5% 3 15% 894 28% 122 16% 244 11% 13% 23 57 59% 105 87 8 328 214 4 16% 30 2 Coty Inc.... 21 Crosley Radio. 18 Crown Cork pt (2.70) 23'; Crown W P 1st pf(4) 1'3 Crown Zellerback. 7 Crucible Steel. .. 15% Crucible Steel pf. 13 Cuban-Am Sugar.... 4 Cuban-Am Sugar pf. 21% Cudahy Packing (4). 15 Curtis Publishing(2) 55 Curtis Publish pf(7). 7 Curtiss Wright. 115 Curtis Wright (A, 6813 Cushmans pf (7). 58 Cushmans pf (8) 4% Cutler Hammer. 113 Davison Chemical 3 Debenhams Security. 6% Deere & Co (40C)...o 47 Delaware & Hud (9). 10t% Delaware Lack & W.. 79 Detroit Edison (8).. 12 Diamond Match (1). 20% Diamond Mtch pf 1% Tls Dome Mines (11.20). 6 Douglas Alrcraft (1) 10% Dresser Mfg A (3).. 33 Drug Corp (4). Bales— Net. Add 00. High. Low. Close. % 1 1 1 13 508 1 25% Dupont de Nem (3). .x 89 Dupont deN db pf(6) 38% Eastman Kodak (5. 4 Eaton Mfg Co (50¢). 10% Elec Auto Lite (4) % Electric Boat....... 1% Elec&Musical Instre 3% Elec Pwr & Lt (1)... 10% Elec Pwr & Lit p£(6). 3 21 35% 10% 1% 3 24 — 4 -8 - % =14 -% (4]0 FIEE FEF IS ~ PEE £ R 6 9% 31 -2 264 1% B8l —1% 40% - 1 4 "™ - % 1% 3% + % L 4% +4% ~Prev.1032~ High, 64 334 364 10 181 9y 211 o 19' 3oy 15y 121 2% 5 2! 1314 23% “ 37 Stock and Low. Dividend Rate. 12% Elec Pwr & Lt pf(T). 16% Elec Storage Bat (3) 25% Endicott-Johnson(3) 994 Endicott-John pf (1) 14 Bquit Office Bldg 1% 24 EMORR......00uue 2% Erfe R R 1st pf. 3 ErleRR2dpf. 25 Eurek: (a2) 314 Falrbanks-Morse. .. 1 Fashion Park Asso. . 42 Fed Lt & Trac pf (6) 7 Federal Screw Wks. . Fed Water Service A Fid Ph Fire In(2.60). Filene's Sons pf 6% Firestone T & R (1). Firestone T&R pf(6) First Natl Strs (3%) s Fisk Rubbe 4's Foster-Wheeler. 14 Fourth Nat Inv 1.1 11 Fox Film (A). - 13! Freeport-Texas (3).. T Gen Am Investors. .. 2 Gen Am Tank Car(4) Gen Asphalt (1)..... Gen Baking (2)..... Gen Bronze. . . Gen Cable pf. : Gen Clgzar (4). - Gen Elec (1). . Gen Elec spec (60c). Gen Food Corp (3) Gen G&E A (b6 % st Gen Ital Edis Gen Mills (3). Gen Motors (1). Gen Motors pf (5)... 4 Gen Printing Ink(1). Gen Rwy Signal (3). Gen Realty & Util.... Gen Realty & Util pf. n Refractori Theater Equip Gillette Stf Raz(1).. iimbel Bros pt idden Co bel (Adolf). 10% Gold Dust (1.60) 274 Goodrich (B F). Goodyear Tire&Rub. Goodyear 1st pf (1). Gotham Silk Hosiery Graham-Paigi Granby Consol Ci Grand Silver Store Grand Stores pf. Grand Unfon........ Grand Unfon pf (3).. Granite City St (2).. Grant (WT) (1).... 7 Great Northern pf(2) Great North Ore(2). ern Sug.. 16% Hackensack W (114) s Hahn Dept Stores. .. Hahn Dept Stores pf Hanna pf (7)... Hartman Corp (F Helme (GW) (17 Hershey Choc (6 Hershey Choc pf t5.. Holland Furnace (1) Homastake Min (). Houdaille Hershey.. Houston Ofl. .. Houston O1l (new) Howe Sound (1). 3% Hudson Motor Car 1% Hupp Motors 6% I1linois Centr 20'; Iilinois Cent 11 (4).. i3 Indian Motor Cycle. . Indian Refining Indust Rayon (4). Inzersoll Rand (3).. Inspiration Copper ireshel 162 Intercontl Rubber. . Interiake Iron Int Agriculture pf. .. int Bus Machine(n§) Int Cement Int Combustion. Int Combustion pf... Int Harvester (1.80). Int Harvester pf (7). Int Hydro E1 A (e2). Int Merchant Marine irt Nickel of Can. Int Paper & Pwr (A) Int Paper & Pwr (B) Int Paper & Pwr pr.. Int Printing Ink.... Int Printg Ink pf (6) Int Salt (1%). 5 Int Shoe (3). Int Silver. . Int Silver pf (4). Int Tele & Teleg. Investors Equity 20 Jewel Tea (T433) 10's Johns-Manville 4'3 Kansas City Southn. 9% Kan City Sou pf (4). 3 KaufmnnDS (80c). 5% Kayser (J) & Co.. 1 Kelly-Spring Tir pring ctf: r T 6% pf 6% Kelly-Spr T 8% pt 2% Kelvinator Corp. 22 Kendall Co pf (6) 12% K'berly Clark (13 1; Kinney (G R) Co 197% Kresge Dept Strs pf. 8% Kresze (SS) (160). 27 Kress (SH) Co (j1). 187 11% Kroger Grocery (1). 56% 24 21 62 16'3 11% ke 6y 13% 9% 19% 3% 301 Lambert Co (8) 1% Lee Rubber & T 3% Leh Port Cement. ... 49 Leh Port Cmt pf (7). 1 Lehigh Valley Coal.. 6% Lehigh Valley R R 31% Lehman Corp (2.40). 1213 Lenn & Fink Prod(2) 3812 Liggett & Myers(5) 40's Ligg & Myers B (15) 813 Lima Locomotive 7 Link Belt (1.20). 9 Liquid Carbonic ( 17% Loew's Inc (+4)... 541 Loew’s Inc pf (6%).. 2'a Loft Inc...... 16’3 Loose-Wiles (13). 11% Lorillard (P) (1.20). 7314 Lorillard (P) pf (T). 8 LaOilpf (6%)...... 13% Lou Gas&El A (1%). 814 Louisviile & Nash... 13 Ludlum Steel 12 MecCall Corpn (2). ... 20 McCrory Strs pf (6). 13'4 McIntyre Porc M (1) 30% McKeesport T P (4). 1% McKesson & Robbins 4% McKesson & Rob's pt 12 Mack Trucks (1) 24% Macy (R H) (n2) 2'% Madison Sq Gard: 2 Mandell Brothers. Manhat Elev gtd (7). Manhat Elev mod gtd Manhattan Shirt 4 Mariae Midld(80c) Market St Ry pr pf.. Marshall Field & Co. Mathieson Alkili (2) May Dept Stores 1.830 Melville Shoe(1.60) .. Mengel Copf. ... Mesta Machine (1) Met-Gold Pic pf 1.89. Miami Copper. .. Mid Continent Petm, Midland Steel Prod. . Minneap Honey R(3) Minn Moline Pow... Mo Kan & Texa: . Mo Kan & Texas pf.. Missouri Pacific..... Missouri Pacific pf.. Mohawk Carpet. ... Monsanto Chem 1% . 5% Montgomery Ward.. s Mother Lod 3 Aotor Whee 4% Mullins Mfg. 2% Murray Corp 9 Nash Motors (2) 1% Nat Acme Co. ... 25% 6 4 Nat Biscuit (2.80. N Nat Enam & Stamp.. 4 Nat Lead (5).... Nat Lead pf A (7)... Nat Lead pf B (6)... Nat Pwr & Lt (1)... Natl Steel (1). . Nat Supply pf. Nati Surety. . Natl Tea (60c) - Nevada Con Copper Newton Steel N Y Air Brake. N Y Central. 113 N Y Chicago & St 126’824 N Y & Harlem (5)... 31% 7% N Y N H & Hartford, 12 S 5 Wk OawnBomm oK RNeGLo Net. . Low. Close. Che, 15 15 +1 17 -1% 25 -1 9 —-u% 14 FEPEy 2 - & ~Prev.1032 Stock and High. Low. Dividend Rate. 4% NYNH&HpL(T).. 5% N Y Ont & Western, 80 934 11% 7 Norfolk & Sou : 70 Norf & Westn (112). 67's Norf & Westn pf (4). 1% North Am Aviatios 19% Nor Amer(b10%s 35% North Amer pf (3).. 7% Northern Pacific. ... 18 Northwest Tele (3) 5 Ohio Ol (a20c) 1% Omnibus Corp. 11 N Y Steam 1st pf, Noranda Mine 11 508 12 174 35 OutletCo (4).... 98% Outlet Co pf (7). 19 Owens 111 Glass (2). PacificGas & Bl (2). Pacific Lighting (3). 4 Pacific Mills. : Pacific Tel&Tel Packard Motor Car. ., Pan-Am Pet B(1.60). Panhandle Pro&Ref. Paramount Publix. Park Utah. .. Parmeles Transport. Pathe Exchange. ... Pathe Exchange (A) Penick & Ford (1) Penney (J C) (2 Penna Raflroad Peoples Gi Pere Marquette pf... Petrol Corp of Am... Phelps Dodge Co. ... Phila& Read C& 1. Phillips Petroleum. Phoenix Hoslery Pierce-Arrow pf. i Plerce Ofl.. Plerce Petroleum. ... Pillsbury Flour (2).. Pirelil (A) (a2 Pitts United Corp. Poor & Co (B). Port Ric Am Tob(B) Prairfe Pipe Lin; Pressed Steel Car Proct & Gamb (2.40) Producers & Refin. .. Public Sve NJ (3.40) Public Sve NJ pf (5). Public Sve NJ pt (1) Pullman Corp (3) PureOll..... Pure Ofl pf (83). 47« Prrity Bakerfes (1 Radio Corp. Radio Corp pf A 3%. Radio Corp pf B..... Radio-Keith-Orph. . . Raybestos-Man (60c) Reading Rwy (1).... Real Silk Hostery . Real Sk Hosiery Remington-Rand Rem Rand 1st pf. Reo Motor Ca: Republic Steel Republic Steel pf Reynolds Spring. Reynolds Tob A (3). Reynolds Tob B (3). Richfleld O11. ... Rio Grande O1l. . Rossia Ins of Amer Royal Dteh (a8lc) Rutland RR pf 3% 15 . 56 9" kL afeway Strs pf (7). 10s 104y 5'a St Joseph Lead. . . 6 6 1 StL-SanFrancisco.. 15 9% 1 StL-SanFranpf.. 4 14 Schulte Retall Stores 30 10 Schulte Rer Stor pt. 2 30 Scott Paper (1.40).., Seaboard Afr Lin Seaboard Alr Line Seaboard 0.1 Del 40¢ Sears Roebuck (23) Second Natl Inv.... econd Nat Inv pt. Servel Inc Shattuck (F G) (1). Shell Unfon Ofl. . Shell Unon Ofl pf. Simmons Co. ... Stmms Petroleum. Skelly Ofl Skelly Oil pf ww. Sloss-Sheff Steel pf. Socony-Vacuum $0e. Solv Am pf ww(5%) South Port Rico Sug Sou P Rico Sug pf(8) Southn Cal Ed (2). Southern Pacific. Southern Railway. .. outhern Railway pt Sparks-Withington. pear & Co Istpf. .. Spencer Kellog (60¢) 5 Spicer Mfg...... 1 114 Spicer Mfg pf (3)... 1 1% Spiegel-May-Stern.. 1 9% Stand Brands (1.20). 100 114 Stand Com Tobacco. 3 10 Stand Gas&El (3%). 50 1 CORPORATION | | REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, May 25—The following is today’s summary of important cor- poration news prepared by Standard | Statistics Co., Inc., New York, for the Associated Press: News Trend. Revenue freight carried by railroads of the United States in the week ended May 14 aggregated 517,667 cars. This total was 16,010 cars smaller than in the preceding week and 229,390 cars, or 30.7 per cent below the same 1931 period. On a comparative percentage basis the decrease was largest registered | thus far in 1932 and compared with a | drop of 28.4 per cent in the week pre- ceding. Crude oil production throughout the United States in the week ended May 21 amounted to 2,225,350 barrels daily, a decrease of 12,050 barrels, compared with the preceding week's average, and 211,800 barrels below average in same period a year ago. Output in Oklahoma and California together showed a drop of 28,000 barrels daily. The Companies. American Electric Securities Corpo- ration declared initial dividend of 25 cents on new $5 preferred stock. Appalachian Electric Power Co. 1931 combined preferred share earnings $15.62 vs. $17.49. Commonwealth & Southern Corpora- tion gross 12 months to April 30 off 8.6 per cent, net income off 24 per cent. Loft, Inc., sales four months to April 30 up 9.3 per cent. Maine Central Railroad April deficit after charges $45,588 vs. surplus after O Organized 1879 § Equitable Co-Operative Bldg. Ass’'n JOHN JOY EDSON, President Subscriptions for the 103rd Issue of Stock Being Received Systematic Saving Assures Financial Independence Thousands today enjoy pros- perity because they adopted the systematic saving plan of the Equitable. Follow their example— save part in and we’ll explain. 915 F Bales— Add 00. High. 6 1474 8 Net. Low. Close. Chge. 204 -1 23% 5 ~Prev.1932~ Stocx ana High. Low. Dividend Rate. 41% 16~ Stand Gas&EI pf (4). 75 34 Stand Gas&El pf (7). 27% _16% Stand Ofl Calif (3).. 9114 §83 Stand Oll Exp pf (5. 19% Stand O1I N J (12) 4 Starrett (L 8) 16% Sterling Secur cv p: 2% Stewart Warner..... 6% Stone&Webster(50¢) Studebaker Corp. Studebaker pf (7) Sun Ol (1)... Sun Oil pf () Suverheater Corp (1) Superior Ofl. . 1perior Steel ‘ennessee Corp. 10 Texas Co (1). . 16 Tex Gul Sulphur (3). 135 Tex Pacific Coal&Oil 3% Tex Pacific Land Tr.. 7 Third Avenue......, 10%; Third Nat Inv (1.05). 13 Thompson-Staret pf. 2 Tide Water Asso Ofl. 20 Tide Water 2% 13% 4+ 28 17 Timken Roll B 1% ‘Transamerica Corp Transue & William: Tii-Contl Corp Tri-Contl Corp pf(6) Truscon Steel 9% Underwood-EI-F (1) 86's Und-Ell-Fish pf (7). 6% Union Bag & Paper. . 16% Un Carbide & C 1.20. 9 UnOllof Calif(1.40) 6 231, 101 10% 40 Un Pacific 16% Unit Biscu 90 Unit Biscu % Unit Cigar a Unit Dyew 8).. 49 Union Pacific pf (4). 12 Un Tank Car (1.40) 7 Unit Afreraft. ... 304 Unit Alrcraft pf (3). 18 (2). ..., 5 itpf (T).. 30s 7 Un't Carbon. . Stor 5 Unit Corp (40c) . 27 Unit Corp pf i3). ood. . 3 Unit Eiectric Coal. 15 Unit Fruft (e 14% Unit Gas&lm(120).. 80's Init Gas&Im pf(5).. 63 Unit Pice Dye W(1). 14% U S Gypsum (1.60). 95 USGypsum pf(7). % US Hoffman. 15% U S Indus Alc 13 US Leat! 3% US Leath: 8% USPlpe & 3 US Realty Fdry (2). & Imp... 2% U S Rubber. ... 4% U S Rubber 1st pf... 11'3 U S Smtg & Ref (1). 34'¢ US Smtz& 264 U Ref pf 334 nited Stores (A). .. nit Stores pf (3%). x « Univ Leaf Tob (3). . . 1 Pwr & Warner Q warren Lros W esson OF Wesson O& We West 'a EI nh{ll;: Pa Elec A (7). ) West Pa Pwr pf (7) . Western Dpiry (B) Vestern M arviand. . vestern i'acific pf estern | vesting'se 16's \orta Pump (A) . ¥ (Wm) 4).. 7% Yale & Towne (1) 1% Yellow Tru Yellow Tru nion (4) Air Bil) RS- T e ey foe - n Pump. ek .. . ck pf. . 1wn Sheet&Tube % Zewith Radio S 5% Zonite Products(6ic) 18 Sales of Stocks on 300,000 900.000 ven in the above tabls h N latest quarterly S Searly aoon % | _Dividend rates as Ppayments based on_th M| tPartly extra. iPlus 4 1| rate b Pasable in stock 1 w| i stock APl b - stocl 0% 9% 9% — %! nPuss% Tus 3 n stock New York Exchange 2:00 Noon. 2:10 P.M.. < in siock 0 e Pavasle 1n ‘cash ‘or sl stock. 3 Plus $1 in spec s 2'2% 1n stoel STOCK PRIGES SLIP TONEW LOW MARR Utilities, Tobacco and Foo¢ Issuzs Are Again Sold Freely. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 25—To the ac- companiment of slightly more active trading, stocks today extended their declines into new low ground for the bear market. Many of the losses were only frac- tional, a few issues were well supported and the market was at all times an orderly affair, but supply was in excess of demand and the liquidation was ef- fected only at concessions. Selling in the last hour was most in- sistent in Atchison, Reynolds Tobacco B, Chrysler Motors and North Ameri- can Co. but during the course of the session record lows were established for | representative issues in all groups. The foreign exchanges moved against the dollar, except only the Belgian. Guilders were up 10 points It was the lack of resistance shown wl yesterday that brought in the overnight | selling orders this morning. The turn- | over in the first half hour was 300,000 shares, the largest for the period in any session this month, and prices slipped off all along the line. As yesterday, the utilities, the tobaccos and the food stocks led the downward movement, but there was marked weakness in the rails s well. The rails had been under pres- sure only in the closing dealings yes- terday. ~Miscellaneous industrials heid better. The list of new lows in the utility Broup was a long cne. It included Con- solidated Gas, North American Co., United Gas Improvement, Southern | California Edison and Pacific Lighting among others. In the railway list new lows were made by such important issues s Atchison, Union Pacific, Norfolk & — s, | Western, Pennsylvania, Reading, North- ern Pacific and Canadian _Pacific. 3 :1 Union Pacific sold under 39, Pennsyl- 600,000 1.000,000 casn or half-yearly declarations aid this year—no regular | vania under 9, Canadian Pacific under 8, while Norfolk & Western broke 2 points before noon. Railway earning statements, however, included a few in which net for April exceeded net for that mcnth a year ago. Reading, for instance, reported $922.609 this year gainst $460,113 a year ago. This ability to translate decreased gross into increased net was offset as a market factor by the steady decline in car- loadings. Tobacco and food stocks were liqui- dated in large blocks. All the tobacco stocks made new lows early in the day except Reynolds. and that sold around its old low. The American Tobacco issues were especially weak Currency Study Undertaken. NEW YORK, May 25 (P —A special | study of currency problems has been undertaken by the American Manufac- | turers’ Export Association in an effort to lessen some of the uncertainties of the foreign exchange situation. The association is represented as believing that exporters cannot avail themselves of the facilities of the Reconstruction Finance Corporation u the foreign exchange situatien is rendered less in- volved. FOREIGN EXCi{A}?GES. (Quotations fur; First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 1 Plus 8% ; With Safety charges $37.935; four months deficit after charges, $272,480 vs. surplus charges $21,694. | Ohio Power Co. 1931 preferred share earnings, $29.67 vs. $31.55. Pere Marquette Ry. April deficit C! NEW YORK, May 25 (#).—Over-the- counter market: Y HlesOner-tlis Liase (3) BANKS. after charges $333,062 vs. deficit $18,501; £yrt Nstanal’ four months deficit $810,716 vs. deficit $489.498. Standard Oil Co. N. J. marketing third-grade gasoline in areas where Manhatt; National Public (2, ational (100) ... an () 1 ‘Cll! @ > TRUST COMPANIES. Bankers (3) price-cutting prevails. Brooklyn Trust (16) International Cement Corporation takes no action on common dividend; paid 50 cents March 31. = Memphis Natural Gas net income be- | & fore depreciation and depletion, 12 Centra] eni Guaranty " (20) Irving (160 ) In : months ended March 31, 1932, $785,781 | Manufacturers ‘(3 vs. $781,614. | T Studebaker Corporation May ship- | ments expected to total 5000 cars, of which 3,000 are Rocknes and remainder ts;&figa::;;( sfiw%flcn’rgcwry smpmm'-s,;u. S. TREASURY CERTIFICATES Ford Motor Co.—30,000 of new eights | and a large number of new fours pro- 23 duced thus far; output expected to 3! reach 4,500 units by end of week. 3 Metro-Goldwyn Pictures Corporation preferred share earnings, 28 weeks end- ed March 12, 1932, $11,82 vs. $21.38 in 28 weeks ended March 13, 1931. | Park & Tilford, Inc. deficit, qumer‘ 2 ended March 31, 1932, $128,413 vs. 35 deficit $35,767. Parmelee Transportation deficit, quar- ter ended March 31, 1932, $343,437 vs. deficit $79,574. San Joaquin Light & Power April net profit. $24,440 vs. profit $232,027; four months net loss $300,645 vs. net profit | $284,544. | Western Maryland Ry. April net in- come $5433 vs. $68,796; four months $145,191 vs. $417,473. —_— Pay Roll Is Increased. CHICAGO, May 25 (#).—The W. F. Hall Printing Co. has added 300 em ployes in the last month and will em- ploy 800 to 1,000 more by July 1 for catalogue work. 52nd YEAR COMPLETED WALTER S. PRATT, Jr, Secretary ...$6,237,762.31 of your earnings. Come St. ew it g v, York Trust (5) *Includes extra. rted b; (Repo; Rate—Maturt 1s June 15, s Aug. . 102 6-32 - 100 12-32 % 100 25-32 . 101 25-32 nty & Trust (480 34 ; . ater) NEW YORK BANK STOCKS | 116 1040 jt] 313, 20 47 163 97 s} JOSEPH 1. 44 - 197 21 IS 68 i ""; BUILDING ASSOCIATION In Guaranty First Mort. sage Securities. Well se- fected Investments in denominations as low as $100. CONVENIENT DEFERRED PAYMENTS Real Estate Mortgage and Guaranty Corp. 1610 K St. MONEY TO LOAN $15,000 FIRST TRUST 6% WELLER 420 Washington Loan & Trust Blde. ENTERPRISE SERIAL 7th and Indiana Ave. N.W. Shares of Stock $1.00 ‘Each, Payable Monthly. 5% paid on stock withdrawn 68th Series of stock now open for subscription mes E. Connelly, James F. Shes, President Secretary YOUR MONEY WORKING? You can find profitable and safe employment for it in our 6'2% FIRST MORTGAGES Investment can be made of any Over a Third of a Century Without a Loss amount from $250 up and added to out of income from time to time as you may find it convenient. All the while money is so invested it will earn 675 % represented by mortgage on conservatively appraised im- proved Washington real estate. B. F. SAUL CO. National 2100 THERE 925 15th St N.We IS NO SUBSTITUTE FOR- SAFETY