Evening Star Newspaper, May 28, 1932, Page 13

THE EVENING STAR, WASHINCTON, D. C., ADVERTISING URGEDICURB SHARES DROP | AS BUSINESS AID| INHEAVY SELLING}, e 2= Aluminum o Alumn Goods(60¢c). Am Cit P&L A (a3) AmCitiesP& L B. Am Cyanamid B... Am Equities. . Am & For Pw war. rerm— BONDS ARE LOWER AT SHORT SESSION High- Grade Railroad and Utilities Issues Are PLAN IS REVIEWED Refinancing of Paper for Home Owners Arouses FINANCIAL. ON NEW YOR BOND STOCK EXCHANG Received by Private Wire Direct to The Star Offics. Lig & Myers s l Loew's 6841 | Lorillard 7s " La& Ark 5s°69. ... L & Nrefb%s 2003 £ N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. UNITED STATES. (Sales are o $1.000) High Low Close. Lib 315s32-47.... 10015 100 13 100 15 Lib 1st 43,5 32-47 10119 1019 10111 Lib 4th 4% s 33-38 10215 10211 10213 US3 0 16 20 7S 3%51946-49.. 9122 TS3%s M41-43. 9625 7 S3%sJ40-43.. 9716 Sales. High. Low. Close. 1 100% 1004% 67 67 103 21 54 Stock and Stock ana Sale— Dividend Rate. Add 00. High. Low. Cloes. Lion Oil & Refin. .. 1 1% 1% Lone Star G (b: ). Long Island Lt 60c. Mapes Con Mfg(14) Mayflower Asso(2) May Hos cum pf(2) Midland Steel Prd 2 Low. Clese 2 3 3% 14% 29 20% 15 Bradstreet Official Advises|Pressure on Market In- 29 %) Intensive Efforts to Pro- creases on Unfavorable Sold Freely. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, May 28.—Bonds moved, sharply lower in active trading tcday.! All grades of securities were sacrificed indiscriminately. Large blocks of seasoned utility bonds | went without bids during most of the first hour. Then some small amounts of high-grade issues such as American ‘Telephone 5s, Consolidated Gas 5 New York Telephone 4!ss, New York Steam 5s and Louisville Gas & Elect 5s changed hands at prices 1 to 1'z points under Friday's closing levels. In view of the fact that utility operat- ing company bonds are still considered the safest class of corporation invest- ments, this undoubtedly represented forced liquidation, either from bank Joans or margin accounts, brought out | by the 12 weeks of continuous decline in both bonds and stocks. Any one looking for constructive | news could find a number of good rea- | sons for picking up sound stocks and bonds at present prices. Earnings of United Light & Power, of Electric Power & Light and of Illinois Central Railroad were better than expected. The passage by Congress of a sal tax in a form to yield about $300,000.. 000 annually seemed more assured. There were evidences that Congress would pay its entire attention to bal- | ancing the budget before turning to relief measures. But the market did not seem inter- ested in this. Except in United States Government bonds, liquidation was general and there was an a!most utter lack of bids. Treasury and Liberty is- sues hovered closely around their previous closing levels, with the best buying coming into Liberty fourth 4ls. High-grade railroad bonds were sold without regard to price. Atchison gen- eral 4s lost a point to a new low for the bear market. Norfolk & Western 4s, Burlington general 4s and Union Pacific 4s were all lower. Second and third grade rails extended Friday's de- cline by 1 to 3 points. Industrials fared similarly. ‘The foreign list was neglected. Aus- trian 7s lost 6 points on a singic sale, but later recovered in part. A mora- torium is now accepted as a fact not only for Austria but for other coun- tries in Central Europe. German gov- ernment bonds were lower. British 5s were unchanged and about 2 points under their high of the week. | New York Cotton Epecial Dispatch to The Star. NEW YORK, May 28.—After reach- ing lowest levels of the week, prices on the Cotton Exchange steadied tcday under covering in advance of the holi- day Monday and the list closed 1 point lower than yesterday. Favorable woither predictions over the holiday, with weak- ness in securities, operated against prices early, but a rally in the stock market stimulated covering in closing deals. Spots were unchanged at 5.60. Cotton range: o 8 FIGURES IS CONTINUED By the Associated Press. NEW YORK, May 28.—Bank clear- ings are again very much below preced- ing records. The total this week for all leading cities in the United States, as Teported to Dun’s Review, of $4,017,416,- 000 is 48 per cent smaller than a year ago. At New York City clearings were $2,636,124,000, a reduction of 51.1 per cent, while the total for the cities out- #ide of New York of $1,381,292,000 was 41.7 per cent smaller. ‘The greater part of the reduction in bank clearings is at the large centers, where financial scttlements predomi- nate, among them New York, Chicago and Boston. At Philadelphia, too, clear- ings are very much less, but the loss at that city has been below that re- corded elsewhere. At these four cities, where 80 per cent of the total clearings in the United States are recorded, the decline this week from a year ago is in excess of 50 per cent. The reduc- tion for the other centers, covering about 20 per cent of the total, was ap- proximately 31 per cent. Clearings at leading cities, compiled by R. G. Dun & Co., showing decreases, as comvared with same period a year ago, follow: (Totals in tho ‘Week May 25, 1932 Boston . . Philadelphia Itimore . Pittsburgh Buflalo Chicago Detroit Cleveland . Cincinnati St. Louis, Kansas City Omaha ... Minneapolis Richmond Atlanta . Louisville s.) 000 188 247,000 20080 5 Beattle .. 31,381,202 21836124 $4017.416 £ Total .. New York . Total all May to date. April March February January DIVIDENDS EECLARED NEW YORK, May 28 (). — Liauidating. Comp: Rate. f1od. able. mpany. e. riod. able. Wettisufer Lorrain o Silver Mines......20c .. May 18 Interim. Hldrs. of Tecord. Feb. 20 Dennis Bros Ltd G Dep' Rec)....4c June 1 Accumulated. Nat Gypsum pf..51.75 July 1 Apr. 29 June 15 June 15 July 25 June 15 July 1 June 4 June 30 June 1 June 10 Bobbs Merril re Warner l!‘nln & Co A. May 29 1 Kirsch Co pf. Jane June 20 June 15 Do. 6%2% p! v Biunienthal (Sidney) Co bt 3L ps S il u Comweaith ULl A. Do. B | Can 3%843-47, 96 30 S3%s46-56. 98 13 S 45 44-54. 100 14 US4%s47-52. 10321 Bales. High. Abitibi PAP 5s'63. 2 18% A'leghany Cp5s°#4 4 13% Alleghany 6s'45... 2! Alleghany 58°'50. .. 1 Allis-Chalm 55 '37. Am Beet Sug 6s '35. Am F P 552030, AmIGChb5%s 9. Am Intl 5%s'49...161 Am Metal 53534, 18 Am Sm&Ref 68 '47. 5 Am Sug Ref 10 Am T&T ¢%s°39.. 14 Am T&T c tr 55 '46. Am T&T deb 58°60. Am T&T deb 5. Am T&T 5%8°43. . Am Wat Wks 6s'75 Am Wr Pap 6s'47.. Argentine 53 '45 Argentine 5%s 62, Argent 65’ 61 May. Argentine 63 59 Ju Argentine 6s ‘59 Oc Argentine 63 A *57.. Argentine 6s B ‘58, Arm & Co 414839 Arm Del 538 '43. .. Atchison gn 4s'95. Atchison 4%s°48.. AtiCL 1st 4s'52 Atl Ref db 5537 Australia 413’5 Australia 5s°55. Australia 53 '57. Austrian 7s " Austrian 7s '57. B &O 1st4s ‘48, 98 6 10010 1 134 8l 5% 23 5 2 1 2 6 3 - e e ) PTPETOP TPt =P A P Sapiet PR e P $-3- PP PP T T B&OTef 5 I B& Oref 63 C'9 Ban & Aroos 4s'51 Batav Pet ¢13s 42 Belgium 6s *55 Belgium 78 ‘65 Belgium 7s °56. . Bell Tell Pa 53 C Benet Loan 63 '46. . URCityEl6;8'51 BerlinCityEl6 Beth St pm 55 '36.. Beth Sti rf 5342 Bos & Me 5s °55. Bos & Me 55 °67. Brazil 6138 '26 Brazil 6345 27, Brazil 8s 41 Bremen 7s . Bklyn Man 65 A 68 Bklyn UnGas5s'45. Budapest 6s §2.... Buenos AR 6s 61.. Buff Gen El 434581 Bush T Bldg 55'60.. Canada 4s°60. o b o Al ~anBamat Can Nat Ry 4158'51 Can Nat Ry 4145'54 Can Nat Ry 4135’56 Can Can Can Can Nat 5569 Oct. rdo6%s 46 Can Nor deb 7s '40. Can Pac db Can Pac 55 '34. Cof G T Cent 111 Cent Pac 1st 4549, Cen Ry NJ g 55 ‘87, Cert-td db 53 Ches Corp 5s C& O gen 43%5°92 Ch & Oh con 58 39 CB&Q I1dv 318" Chi & Est 111 5s'51. Chi Grt West 45'59. C M & StP gn 4s'89, Chi M&StP 4%s E.. C M StP&P 6s'75.. C M & St Padj 5. Chi & NW gn 4s '87. Chi&NW 41538 2037. Chi&NW 415 C'37 Chi & NW 43549, Chi&NW rf 55 2037 Chi& NW 615536, Chi RI&P rf 45 '34. ChiRI&P 43:8°'52 ChiR14%s'60.... CTH&SE in 53°60. . “hi Un Sta 5s B'63. C & W Ind cn 4552, Chile 6s '60. . i Chile Cop db 53 '47. Chi Mtg Bk 6%s 61 Clev Term 4%s ‘77 Cologne 63%s '50 Colomb 6s'6i Jan. Colon O11 6s°38. Col G&E 5s°'52 May Col Gas&El 53 Com Inves 53549, Con G NY 4%s'51. ConG NY 5%s"45. Consum Pow 58 '52. Copenhag 5s '52. Cuba R R 1st 58 Cuba RRrf 7%s'36 Cuba Nor 5%s '42.. Denmark 4143 '62. Denmark 5%s '55. Denmark 6s '42. D&RGren4s D&RG W5 D&RG W b . Det Edi 445 D '61 Det Edison rf 55’49 Deutscie BK 68" Dodge Bros 6s Duquesne 4%s "67.. Dutch East 1 65’62, Erie con 4s 96 Erie gen 45'96..... Erie ref 53°6 Erieref 5s'7 Erie & Jer 6s Finland 5% Finland 65’4 Finland 6%s 5 Finland 75 '50. ... Fla E Coast 55 '74.. Fram Ind 7%s "42.. French Gov 7s°49.. French Go 7%s '41. Geolsenic'hen 65'34. . Gen Baking 5 Gen Motors 6s Ger Cent Bk 68'38. Ger Cen Bk 6360 O Ger Cen Bk 78 '50 o o e e N RS NE RS R R R NS~ SARA AR oo P19 LI - DI = 63 1 1 00 Oh 12 53 0 1 9 1S 1 83 0 1 o) W o Ger Gen E173°45. . German Rep 78°49. Goodrich 6s "4 Goodrich 6%s'47.. Goodyr Rub 58'57.. Grand Trunk 6s°'36 Grand Trunk 7s'40. Grt Nor 4%s E'77 Grt Nor gn 7s '3 Hud & M adj 5. Hud & M rf 5s Humble Ol 53 '37 111 Bell Tell 5s 56 Il Cent 4% s 111 CCStL&N Inland St 4%s B’ Int Rap Trrf §s Int Rap Tr '66 sta, Int Rap Tr 6s°32.. Int Rap Tr 78 '32. Int Hydro El 6s"44. Int Match s "41.... Int Match 6347 Int Mer Mar 6s’41. Int Pap ref 5s A'47. Int Pap 6s°55...... Int Ry C A bs'72. Int Ry C A 648’47, Int Tel&T 4%8°39. 1 Int T&T 4%s'52 Int T &'T 58°55 Irish Free St 5 Italy 7s°51. '57. 7 0 | Japanese 5345 °65 Japanese 6158 '54.. Jugosl Bnk 78 ‘57 Kan C P&L 4%s'61 0012 1038 1088 Low. 18% Mi Mi E Ry & L5s'61. Ml El Ry&Lt 5371 M StPSSM cn 5538 MStPSSM 58 gtd'3s MK&T Ist 4s°90. MK & T adj 55°67. Mo Pacgn 4s'75.... Mo Pacrt 55 A '65. Mo Pac 58 F 77 Mo Pac5sG '78 Mo Pac 1'80.... Mo Pac I 5s'81 Mo Pac5%sA‘49.. Mor&Co 1st 44539 Nassau Elec 4s ‘51, Dairy 6%8'48 Close. 18% 8y 6 e NYC3%s'9T..... N Y Cref 4%s 2013 NYCrf4%s2013m N YCref 652013.. N Y Cent db 63°35.. NYCA&StL 414578 NYC&StL5%SA'T4. NYC&SL 13t 6332 N Y Edison 53 B'44 N Y Edrt6%s'41. NY EL H&P 4349, NY NH&H 4%5°67. N; . NY Rys Inc 65 °65. . NY Rys 6 A '65... NY Telgn 4%s°89 Norf&Wn div 4s '44 N Nor Am E5%s°63. N Ger Lloyd 6s 47 Nor Pac 4s8°97..... Nor Pacri6s2047, Nor St Pw 53 A "41. Norway 5148°65.., Nerway 6s°44. . Oreg-Wash 4s°61.. Ortent Dev 5 Orlent Dev 63 '53... Pac G&E 6842 4. Paramount 63 °47. . Param-Pub 5%8 50. Paris-Ly M 63'58,, Parts-Or 5%s 68 Pathe Exch 7s '3 Penn 48 D81, Penn gn 418 Penn 4%s D Penn gen 5363, Penn 6153 °36 Penn P&L 4% 81, Peop Gas ref 55'47. Peru 65 '60. Z Peru 636 Phila Co 6567 Phila & Read 6 Phillip Pet 5%3°39 PCC&St L 58 A "70.. Poland 40 . Poland 7s *47 Poland 85 '50 Port Gn Bl 4% Porto Alegre 8s'61. Pos Tel & C 5553, Prague 7% Prussia 6s °! Pub Sv G 4%s°67., Queensland 6s'47. Queensland 7s'41.. Read gn 4148 A 97, Rem R5%sA’4Tww Rhinelbe U 7s '46 . Rhine West 63'52.. Rhine West 6s'53.. Rhine W §s Rhine West 7s R Gr Do Sul 6 R Gr Do Sul 8546 RIAr& L4%s'34. Rome 6%s°52 . Reyal Dutch 4s'45. StL IM R&G 45'33.. St L&SF 43 A "50. S:L&SF 4% StLSWcen4s32.. St L SW 1st 58 '52.. Sao Pau 7s "4 Sao Paulo 8s°36. . Saxon P W 6% #'51. Saxon 78 °45. Serbs-Cr-S1 73 Serbs-Cr-Sl 8s Shell Un O11 58'47. Shell Un O58'49ww Shinyetsu 614s'52.. Sinc O11 6% 38 Sinc Ofl 75 A "37 SincCrO5%s’3s. Sinc PL 63’42 Skelly O11 5348 39 Soissons 6s ‘36 Solvay Am 5s°42. Sou Bell T&T 53 <1 SW Bell T 53 A "o4. Sou Pacref 4s°55.. Sou Pac 4%s'¢8., SouP 4%s’69 B e RO BRANNO @ NMamSnnmsa Sou Ry gen Sou Ry 6% StOil N J 58’4 StOIINY 4%s’S Sweden 5%s ‘64.. Swiss5%s'4 Taiwan E P 5%8'71 Tenn E1 P 63 A 4T.. Ter AsSt L 5s"44.. Tex Corp cv 58 '44. Third Avadj 53 °60. Teb P,NJ %8 2023, Tokio E1 Lt 68 53.. UE&P StL 1st 5s°32 Un Pac 18t 45°47 Un Pac 4s '68. Un Pac rf ¢s 200 Un Pac 4%s°67. Unit Drug 68 '63. U S Rubber 53°4 Un St W 6% UdStW6%sC'51. Uruguay 6s’60.... Utah P& L 6s’d4.. Util Pw 5359 ww. ., Util Pow 6%8°47.. Vanadium St §s'41. Vienna 6s '62. 4 Va SW 1st cn 55 '58 Wabash 1st 5839 Wabash 53 B76. .. Warn Br Pic 65'39.. ‘Warner Sug 7s '41.. Warren Bros 6541, Warsaw 7s ‘58 .o West Sh 1st 45 2361 West E1 Ab 5s°44. .. West Md 43 A '52. . West Un col tr 55'38 West Union 5s '51.. West Union 55 °60.. West Un 6% Westphalia 6: Wil & Co 1st Wis CentTm ¢ Yokohama Ygstn S&T 4% 72 13 42 58% 14% 9% 25 28 23 23 T4 64% 40 3 68 100% b4y 69 324 33 40% 36 13% 14 21% 100 11921 there mote Trade Revival. Special Dispatch to The Star. NEW BRITAIN, Conn., May 28.—Toco many business executives are carrying their program of curtailment and re- trenchment to unjustified and danger- ous limits, E. B. Moran, executive salos manager of the Bradstreet Co., told the annual conference of the Connecticut State Credit Men’s Association. Mr. Moran declared that instead of curtailing advertising appropriations and cutting sales forces, they should be increasing or at least maintaining ad- vertising expenditures and putting on additional salesmen to meet present-day conditions. Hoarded Money. “More advertising,” he said, “scienti- fically prepared and intelligently placed, backed by more intensive sales effort, combined with confidence in America’s business and courage to uphold quality, will succeed on a more permanent basis than business sought on the shifting sands of price competition. “It is Bradstreet's opinion that there is still $1,000,000,000 hoarded, which has been withdrawn from industrial opera- tions and circulation. There are more than there are unemployed hands. If as a result of a concentrated effort of business leaders 50 per cent of the hoarded meney were put back into cir- culation, I claim that 75 per cent of the unemployed hands would be back at work within the next 30 days. “Thousands of purchases have been and are being deferred awaiting lower costs, while unquestionably commoditics are now at rock bottom prices in al- most every line of industry. rebound comes—and basic prices on some staples have already shown some advance—the ultra-conservative con- sumer, retailer and wholesaler will be shedding tears because he didn"t grasp the present-day oprortunity to buy at an advantage. “You can find vacant stores and closed plants any year, and there have been unemployment problems in certain communities and in certain industries year in and year out, depression or nor- mal times. While we may have 7,213,- 000 unemployed todav, there are still 41,620,000 people employed, earning and spending. ~ Concentrate your sales and advertising campaigns on them. “In the analysis of the tens of thou- sands of financial statements being re- ceived in Bradstreet's offices every day we are pleased to find increased earn- ings on the part of many corporations, both large and small. If I were called upon to give credit to the present indi- cations of success that we see in these statements, I would say that it is mainly due to more intensive sales effert, and to advertising. Singing the Blues. “Certainly there are corporation deficits. There were corporations un- able to make a profit in 1928 and 1929. Have you ever scen any year, even one of prosperity, when you couldn't find Some one singing the blues? True, in ere 29,054 commercial fail- ures, but don't overlook the fact that in 1929 there were 21,805; in 1928, 22, 246, and in 1926, 22,130 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, NEW YORK, May 28 —The following is a summary of important corporation news prepared by the Standard Statis- tics Co., Inc, New York, for the Asso- ciated Press: News Trend. Brokers’ loans again made a new low, dropping to $393,000,000 in the week ended May, 25, a decline of $21,000,000, according to the report of the Federal Reserve Bank of New York. Loans made by member banks for their own account fell $17,000,000, while loans made for out-of-town banks dropped $4,000,000 and those for others remained unchanged. The Companies. Engineers Public Service gross earn- ings, 12 montks to April 30, off 6.6 per cent; net available for common shares off 17.4 per cent. General Gas & Electric Corporation took no action on quarterly dividend on class “A” common stock; paid 3/200th of a share on class “A” stock on April 1. Sparks - Withington Co. refrigerator plant on 24-hour schedule, producing 750 boxes daily; radio plant starting up. Tennessee Electric Power gross 13 months to April 30 off 7.1 per cent; 76% | net income off 15.5 per cent. 203 79 36% 100% 874% T4 70% 61 Market Averages By the Associated Press. o £s St A A ife gEslst: SR R2SE o .. 238! & Texas & Pacific Railway April deficit after charges, $103,724 vs. surplus after charges, $323,215; four months, deficit after charges, $464,672 vs. surplus after charges, $602,302. ‘Todd Shipyards Corporation de- clared 25 cents quarterly dividend; for- merly paid 50 cents. Federal Water Service—Receivership action against company withdrawn by minority stockholders following state- ments by bankers company was solvent. Florida East Coast Railway April net operating income off 74.7 per cent; four months, off 24.5 per cent. Alpha Portland Cement Co.—James- ville plant operating at 50 per cent of capacity. Barnsdall Corporation obtained profit in March and April. McKeesport Tin Plate Co. operations at 82 per cent of capacity; during first quarter operated at 30 per cent. National Biscuit Co. year’s sales run- ning about 17 per cent below 1931 riod; average prices about 7 per cent lower. Northern Pacific Railway April net operating deficit $106,383 vs. net oper- ating income $9,358; four months’ net operating deficit $1,480,625 vs. net oper- ating income $415,561. Perfect Circle Co. sales of piston rings in Canu:n for first four months up 35 per cent. Remington Rand Inc.—Typewriter subsidiary operating around 75 per cent of capacity. Richfield Oil of California—Federal Court asked to approve mortgage fore- closure proceedings on all properties of company. Bc%‘vxl‘!ie Manufacturing declared 372 cents dividend; paid 50 cents in preced- ing quarter. & Aroostook Railroad April surplus after charges up 47.8 per cent; four months off 0.6 per cent. Chicago, Burlington & Quincy Rail- road April net income $26.891, vs. $1,139,283; four months, $1,099,256, vs. $5,223,400. Insull Utility Investments—Hearing to consider why receivership should not be made permanent to be held June 14. Atchison, Topeka & Santa Fe Rail- way April net operating income off 31 per cent; four months, off 545 per cent. Foster & Kleiser Co. sued for alleged violation of Sherman anti-trust act. Lee Rubber & Tire deficit, six months ended April 30, 1932, $49,476, vs. deficit, $193,201. Midvale Co. declared $1 dividend flrlfim of America from earned lus. Murray deficit before subsidiary preferred divi- dollars out of work by a hundred to one | When the | Dividend News. BY JOHN A. CRONE. NEW YORK, May 28.—A series of unfavorable dividend actions, along with adverse trade reports and a further out- flow of gold, increased the pressure on stocks in the Curb Exchange session to- day. Prices declined from the opening gong, quickening their descent as offer- ings increased. Citles Service at 1% was down two points and at a new low level. Arkansas Natural Gas common was steady, but the A shares at 15> were at & new low. Electric Bond & Share rallied after go- ing a shade lower in early dealings. Standard Oil of Indiana dipped % but later regained this loss. ‘The omission of dividends on 10 stocks of the Cities Service Co. and its subsidiaries unquestionably was the most important single market influence. The stocks affected were Cities Service com- mon, preferred, BB preferred and B preferred, Citles Service Power & Light 6 and 7 per cent preferred, Empire Gas & Fuel 6, 62, 7 and 8 per cent prefer- red, Arkansas Natural Gas preferred and Louisiana Oil & Refining preferred. ‘W. A. Jones, vice president of Cities Service, said the company had some bank loans, but none of them pressing. At the end of April such loans approxi- mated $56,090,000 against cash on | hand of $28.000,000. The only other immediate maturity is $35,000,000 of December 1. The next earlier maturity is in 1937. Earnings in 1932, especially | from the oil properties, should be bet- | ter than in 1931, BONDS ON THE CURB Sales in DOMESTIC BONDS. thousands. High. Low. Close. 1Alabama Pow 5s '68. 18% 18% 2 Aluminum Ltd 5s ‘48 58 = 58 3 Amer El Pow 65 A '57 2 14 Amer G & E 55,2028 4Amer P&L 65 2016. 4 10 Amer 1 Amer 4 Amer 1 Appalach 3 Appaiac Pw 65 A 5 Arkan I’ seofwsESnowaBin 2Int 11Int Pow Sec 18Inter Pw Sec S5 RawELgnagage - i ) La P 5s 11 Menitoba Pw § 3Memph P & L 55 A '4 5Mid West Ut 55 '32 cv 2 Mid West Ut Mid West Ut 5 Mid West, Ut 5: inn G & Lt 4 2222 arragansett 5s 9: t L 55 B 2030 15 tacarararaton 222222, 238528 22 233 s 3o H ol & Bansrss s oot 5 El Il 5 H Y P & L 4izs "67 a Falls P 65 '50 AA 104 Con Ut 5ias A '48 22 0 Ohio P&L 5135 '51 86% 0 Ohio T 156 82 hio” Edison 5: hio Pow 4! 00z Zz 2222222 It T oo R pub Gas 6s '45 1Remington 5'as A '33 1Roch Cn Pw 55 A 1Staley Mig 6 '42.. Gas & E 6s '35 40 3Stand G&E cv 6s ‘33 E 65 ' 2030. . 2Wes Tex Ut 55 A '57 FOREIGN BONDS. 5Bog Mtg Bk 7s M&N 26% 1Cauca_ Valley 7s "48. . 1Cent Bk Ger 6s A '3 e ¥ Toledo Light & Power debentures, due | Am Gas& El (31).. Am Invest B. Am Laun Mch 1.20. Am Lt & Tr (2%) Am Maize Prod (1 Am Maracatbo. Am St Pb Sve A Am Superpower Arkansas Nat Gas. Arkansas Nt Gs A. Ark N G cu pf(60c) Art Metal Works. . As50G&E A b5%. AssoG&Ect (8).. Atlantic Lobos pf Atlas Utilities Atlas Util war. Atlas Util pt A (3). Auto Voting Mach.. Benef Ind Loan 1% Blue Ridg Blue Ridge Brazil TL&P(b8%) B-AT reg k39 7-10c. Buff N&E pf (1.60). Bunker Hill&S v.t.c Burma, Ltd rcts 4c. Butler Bros....... Canadian Marconi Cent PubSv A..... Cities Serv (g30c). Cities Sve pf (6)... Citles Sve pf B 60c. Citleg S P&L pf(6) Cllll‘s P&L pf (7) Cleve Tractor..... Col G & E cv pf (5) Cohn & Rosenberg. Col Oi] & Gas vtc.. Comwth Edison (8) Comwlth & Sou wai Cons Gas Balt 3.60, Consol Royal (20c). Cooper Bess pf A Cord Corp..... Darby Petroleum. ., Deere & Co. ... De Forest Radio. .. Detroft Aircraft. .. Draper Corp (2)... Edison Boston 13.60 Eisler Elec Corp. .. c Bond & Share. Elec Bd & Sh pt (5) Elec B&S pf (6).. Elec Pw As30 A (1) Emp Dist E1 pf(6). Emp G&F cm pf(7) Emp G&F cm pf(8) Europ Elecdebrts, 1 14 Federated Metals.. 3 5 Florida P& L pf(7) 50s 3315 Ford Motor CanA.. 1 6 Ford M Lta. . . Franklin Mfg General Aviation. . n Capital (133).. GenG&EcvptB6. Georgia Pw pf (6). 25n Geldman Sachs. ... Gt Atl & P Tea 1611208 Gulf Otl of Pa. 5 i 1508 19%% 10s 135 8 1 30 6% 2 19% 2 22 1 3 50s 16 3 11 2008 244 | Segal Lock & Hrd | Southland Roy 20c. | Ut1 & Ina pi Hecla Mining ileyden Chem Mumble Oil (2).... Hydro El Secu k10e Imp Ol of Can 50c. InsCo N Am (2)... Int Petrol (1). Int Superpower (1) Interst Pw Del pf 7 30s Jersy Cnt PRL pf 7 50s Lack Sec (4) . 2 ke Shore M (12%° 1 Leh Coal & N (1).. 214 6 | 36% 4% | «J f <) 6 204 8% 1% 18 234 6in Moh Hud P 1st pf 7 258 Mountain Prod 80c 7 Murphy Co (1.60).. 2 NatBnd &Sh (1).. 2 Nat Dairy pf A (7). 50s Natl Fuel Gas (1), 2 Nat Public Sve (A). 1 New Eng Pw pf (6) 108 'sey Zinc 2 B t Mining.. 1 NYPw&Ltpf (7) 258 N Y Steam (2.60) 2 N Y Telpf (6%). Niagara H Pw(40c) 60 Niag Hud Pwr(n).. 1 915 3% 10% % es-B-P'nd (60¢). North Am Util Sec. Nor Central Texas. North Sta Pw A (8) Pac GEEl 1st pf 1% Pacift West Ofl,. Pantepec Ofl. . Parker Rust P (3). 50 Penroad Corp...... Phil Morris A1%.. Pilot Radio Tube A Pitney Bowes b4 %. Pitts& L E (5) Polymet Mfg ©F oot N 0d @ g [ STSTSToTes-JUo Pub Util Hld war. . PubUtilHidx w Pure OIl pf (6).. 2PN 8t Regis Paper.... Salt Creek Prod (1) Secur Allfed (1). Seeman Bros (3 Seeom Select Ind Al ctfs n Shenandoah Corp South Penn Oil (1), JOP Stand Ofl Ind (1).. Stand Oil Ky (1.60). Stand Oil Neb (1), . Stand P&L B (2). Stand P&L pt (7) Sunray O1l. Swift&Co (2)., Switt Intl (14). Tampa Elec 2.24. Tastyeast. . . Texon Oil & Ld (1). Trans Afr Trans. United Founders. .. United Gas. . . Unit Lt&Pwr (A).. Unit Shoe Mch 2 Dairy B. . Elec Pwr ww “oil Co B(30¢). +| US& Intl 1st pr. U S Rubber Rec i UtilP& Lt. % Vick Financ (30c).. Waitt & B A (2) Walker (H) new... Walker (H) pf (1). West Air Express, , West Cart pf (6)... Wil-Low Cafeteria. Wiwth Ltd k23 3-5¢ Dividend rates tn quarterly divide 3u 9 IPlus 4 T stock. e Adjustment in stock. g Plus 6 ?"mnd’ | in stock. | in stoc | stock. k. VIRGINIA WOOL POOL | SELLS 8,000 POUNDS Page County Sheep Growers Plnic-} ipate in First Marketing by Co-operative Method. Spectal Dispatch to The Star. LURAY, Va. May 28.—Eight thou- sand pounds of wool wer. pooled Sat- urday by farmers of Page County in the first wool pool ever held in this county. About 50 per cent of the sheep growers were present and helped to load their wool after it had been graded. Others were prevented from shearing by the wet weather of the preceding week, and | for their benefit a second pool will be | held on June 2. per cent of the price of wool on the Boston market and will receive the re- mainder when the wool is sold. The money was advanced by the Federal Farm Bureau. Food Stocks_Dechne‘ NEW YORK, May 28 (Special).— Selling in food shares has resulted from market, trade and corporate conditions. Unquestionably much of the selling Tepresented accounts thrown out of bank loans. Many holders of food shares, because of their relative stability until lately. clung to these issues and let other holdings go. The rise in raw| commodities like wheat means narrowed profit margins for food product makers. Then the Summer season always provides considerable “stus from the garden, reducing sales of canned goods. Furthermore, some of the companies have noted, within the last two months, sharp declines in tonnage sales as well as dollar volume, reflecting the lessened buying power of the public caused by increased unemployment. Added to these factors is the belief that some corporations, even where earnings have held up relatively well, plan to reduce dividends and conserve cash resources, Actu The farmers received in advance 55| in order to take advantage of present commodity price levels. Markets at a Glance NEW YORK, May 28 (#)—Stocks irregular; early liquidation checked. Bonds easy; utilities heavy. Curb irregular; Cities Service and Swift issues weak. Foreign exchanges firm; gold currencies advance. Cotton lower; holi- day liquidation. Sugar and coffee, holi- day. CHICAGO STOCK MARKET CHICAGO, May 28 (#)—Following is ihe complete official list of transactions in stocks on the Chicago Stock Ex- change today: High. Low. Close. 2115 Houd-Her B _. 100 Kalamazoo _Siove 3400 Libby-McNeill . 30 Mapes _Cons 50 Pines Winter 300 Polsmet ... = 23800 Swift Intl . Thompson (J R 50U 8 Gypsum . 400U 8 Rad & Tel Trade Reports at a Glance. By the Associated Press. NEW YORK, May 28.—Tablold review of wholesale and retail business conditions and the state of crops to Bradstreet's as reported this week from the following centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: ‘Wholesale and job trade. Pittsburgh . Chic: Pittsburgh™Wholesale above 1931, due to new features. Chi -Winter wheat damage cago—' trade rnflmunz political conventions. Retall Manufactur'g Collec- trade. and industry. tions. Slow Fair Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow coal trade quiet; tableware manufacturing increased; steel buying improves; Cleveland—Motor truck n)esl increasing; banking outlook helped by reconstruction finance loans. Detroit—Ford's production schedule advancing rapidly; retail trade seasonally improved; wholesale quiet. Indianapolis—Limestone orders; wage settlement effe Louis lucers favored with enormous outside reopening of coal mines. ville—Retailers featuring Summer merchandise; manufacturing plants on restricted schedules. Milwaukee—Wholesalers’ outlook cessful; road construction less than Des Moines—Retail “sales” fairly below 1931; automobile sales lag. Duutli—wnmg at low ebb; wel 193! successtul; grocery and drug volume seeding well advanced; Summer apparel Kansas City—Retail trade favoring bargains; wholesale drugs and hardware slightly better; flour sales low. Minneapolis—Wholesale trade at standstill; retail seasonal buying conservative; weather ideal for Omaha—] orders e::rnuva; drugs and chemicals fairly %! the holders of which ar + | payment. % this very purpese and *| would be forthcoming. : | loan assoc Public Interest. Special Dispatch to The Star. NEW YORK, May 28.—Judging froi: inquiries received today, Nation-wide interest is being taken in the plan just announced by the committee of 12 bankers and industrialists in this Fed- eral Reserve district for making funds casily available for the refinancing of mortgages on owner-occupied resi- dences which are now falling due, and asking fer For#unately New York State has the machinery for accomplishing all that was | needed was adequate publicity and the | assurance that the necessary money Back in 1914 the New York Legisla- ture established, as a central bank for | the savings and loan associations of the State, an_institution then called the { Land Bank of the State of New York. 1t is now known as the Savings & Loan State of New York, the essary to dis- from the Federal Land of Institution. This central institution bears the came relation to its members, the sav- |ing and loar ations, that the Federa! Reserve banks do to their member kanks. It does no business with the public or with any individual. Its sole purpcse to to supply credit to its member asscciations and it accom= pliches i sclling its own d by T associations. is collateral at all times amount to at least 125 per cent of the principal of the bond issue. The col- is deposited with the State con- ¢ and t al bank’s bonds 7 him teral value aver- nd 140 per cen Stock in the central association is all owned by the local associations, which must hold shares of a value of at least 5 per cent of their borrowings. Each member association is liable to the creditors of the central bank—that is, its bondholders—to an amount doubls the value of its shares therein. Capital and surplus of the central bank must be invested in securities legal for sav- ings banks in the State. Serial bonds are issued to investors, which include | finan one-tenth of the total amount falling due annually. | . The test of time has demonstrated that the plan is entirely sound. Up to today not a single savings and loan association in the State of New York | has failed to meet any demands upon | it for withdrawals. At present there are 166 ember associations, which have rov y three-quarters of the ge- sources of all the associations in the tate. Membership in the central bank is optional with the local associations now, but it is proposed to make it compt $52,000,000 Loans Granted. During the past vear the associations of the State granted loans in excess of $52.000,000, of which about 75 per cent was for refinancing existing mortgages. The secretary of the State league is quoted as saying twice as much could have been loaned. The merit of the present proposal lies in the fact that it will extend to home owners, the morigages on whose property are held by individuals or in- | stitutions on the customary three-year | maturity plan and which are now | about to fall due, the opportunity to refinance the obligation by application | to a savings and loan association which is a_member of the central body. The Jocal association can obtain the funds from the central bank, which in turn is assured of a market for its bonds by the co-operation of the Federal Re- serve Committee of Twelve. Bearing in mind that only owner- occupied homes are acceptable as se- curity, that the loans are amortized and self-liquidating, that the bonds of the central body have back of them the resources of all the member associa- ions and that the plan has been tested by experience, the movement takes on an importance which a casual reading would not give it. The savings and on, like the savings bank and the life insurance company, forms a part of the last line of defense in the fight against depression. Whatever strengthens it in the public mind helps to restore confidence generally. The nearest epproach to the New York system is the plan in operation in Massachusetts. New Jersey is discussing the general subject. Louisiana has s bill in its Legislature for the crganiza- tion of a central bank modeled after the New York idea. A similar move- ment is under way in Oklahoma. Other | States are watching attentively. BANK MEETS NEEDS. 1 Massachusetts Institution Making Leans to Members. 4l s | Special Dispatch to The Star. | BOSTON, May 27.—The Central Co- * | operative Bank, which is the central bank in Massachusetts for co-operative | banks, usually referred to in New York 1| as savings banks or building and loan | associations, was said by officials to be “meelmg the needs for which it was organized March 18, 1932, as a result of an act of the last Legislature, Similar in many ways to the savings a'nd loan bank of the State of New York, the Central Co-operative Bank makes membership of all Massachu~ setts co-operative banks compulsory. +“As a result of meetings of the Exec- utive Committee and directors,” said H. F. Taylor, jr., president of the Cen- tral Co-operative Bank, “15 member co-operative banks have been assisted by loans from the Central Bank. These loans, in all instances, are un= secured up to the amount of money de- posited with the Central Co-operative Bank by the borrowing banks in re- sponse to calls for assessments. Where the amount borrowed has been in-ex- cess of the amount deposited with the Central Bank by the borrowing meme ber, such loans have been amply see cured by collateral. “Loans made to member banks by the Central institution to date total $2,« 317,498.54. The total paid in by mem= ber banks as a result of two calls to date (this bank assesses every co-oper- ative bank in the State instead of sel ing bonds to provide funds, as does the savings and loan bank in New York) is $3,570,374.90. The rate of interest paid by the borrowing banks at the present time for loans from the Central Bank is 512 per cent.” (Copyright, 1932) Idle Shipping. By the Assoclated Press. The world's idle shipping increased 463,000 gross tons during the first quare ter of 1932 on the basis of reports to the Commerce Department. On A;fil 1, the department said, idle tonnage ! amounted to approximately 073, at the ning of the and with 10,023,000 a year ago. The United States led all other coun- tries in idle tonnage, with a total of 3,« 146,000 gross tons, distributed as_foi- lows: Shipping Board vessels, 1,396, 000; privately owned, 1,739,000, and Government, than Shi Board, 11,000 gross tons. Great Britain active; Ford plant assembling new cars. A Retall trade seasonally active; shoe producers’ dollar value declines; flour mills at 80 cent. St. Paul—Wholesale volumep'brelvw 1931; retail trade seasonally uflvgl loutlmk for hay crop hvo?nlae. G i Itimore—Seasonal requirem only stimulus gent trade; oll, gas and tire sales increase. and Ireland combined had a totol of 2,- 835,000 gross tons idic, and Germany had a total of 1,357,000 gross tons. Norway stood fourth on the with idle tonnage of 1,014,000 gross tons, and France and Italy had 891,000 and 771, 000 gross tons, respectively. A - Kan City Sou 3s'50. Kan City Sou 5850. Karstadt 6s'43. 1 Juty 1! Kreur & Ton 5855, June 2 Lake Shore 33597 June 20 Leh Ven ¢%82003. S =8 dends, quarter ended March 31, 1938, $798,472, vs. deficit, $204.983. New York Railways Corporation, April deficit after charges, $11,110, vs. deficit, $4.612; four months’ deficit, $84,923, vs. deficit, $77,467, pf. $1.25 Bk of Can.$3 able Tron 5 $1.75 $1.50 Player Can.50c ;'s’.i"'...‘.‘.',’,.'.-"?fm% ! o SRBRBE TR BN &R inion BoaMdhe El Paso El Bo. b June 10 July 15 July 15 June 25 Jur 3 PySTstet gt 828223388 25555 “New 1933 ‘Tow (Copyrignt, 1932, Btand D DoD OPO O DOODOOO LOIOOWOD OOED " i ‘