Evening Star Newspaper, June 27, 1932, Page 14

g BROKERAGE HOUS IN'LARGER OFFIGE D. C. Manager and Staff Re- tained by Mackubin, Goodrich & Co. High. % 6215 16% E ™ 61 874 13% 16% T BY EDWARD C. STONE. ' = Mackubin, Goodrich & Co., members | 90 of the New York and Baltimore Stock | 73% Exchanges, opened their Washington | sore office today in much larger quarters on 7% the first floor of the Woodward Build- }g:- ing, having moved during the week end| ‘gt from the 1500 block on H street I o This firm has been doing business in } 381 Washington for many years, having | been started in Baltimore in 1899. The | house has full stock and bond service ; and holds an associate membership on, the New York Curb Exchange. ' The new offices have an unusually fine location and are well situated in the business section of the city. The board room is ample In size, and has excellent light and ventilation. Ad- joining the board room is a room espe- Cclally fitted up for the investment de- partment. Ralph M Wolfe has been manager of the Washington offices for a long time. The personnel remains the same as it was in the former offices. Among other members of the staff assisting Mr. Wolfe are Harry Brisker, Charles B. Quarler and Henry M. Camp, in the stock cepartment, and Richard H. Wood n H. Clarke in the investment 91y 445 221 6% 16% 49% 58 814 120 13 29% Virginia Bankers Name Officers. Samuel W. Key of Glade Springs was elected president of the Virginia Bank- ers' Asociation, at the closing business session, at Old Point Comfort. S. H. Plummer, Newport News, was named Vice president; C. W. Beerbower, Roa~ noke, secretary, and Thomas B. Neal, Richmond, treasurer. The Executive Committee was named as follows: Group 1, B. A. Bane and W. C. Roberts; group 2, Alex L. Ryland and Julien H. Hill; group 3, L. W. H. Peyton of Staunton and C. L. Robey of Clifton Forge; group 4, W. W. Dicker- son and C. H. Mountcastle; group 5. O. P. Jordan and James J. Greer, and group 6, C. E. Hall and W. T. Waring. Lillian Kindall of the First & National Bank, Richmond. tant secretary, and in of Kenbridge was continued as attorney. Believes Depression at Bottom. Dr. Douglas S. Freeman of Richmond, speaking before the association, said he believed the bottom of the depression had been reached in the United States, but he did not consider the interna- tional situation as favorable as that in this country. He added that all of the contributing factors have not yet been stabilized, and that he believed the German finan- clal crisis was passing. He predicted a gradual rise in prosperity. but discredit- ed any belief that an inflation such as that of 1928 would come again. John M. Miller of the Virginia State Chamber of Commerce, a widely known Richmond banker, spoke of the accom- plishments of the chamber since its establishment in 1924. Mr. Miller touched on the chamber's work in tax reform, completion of the Shenandoah National Park, its inauguration of aerial photography in Virginia, and pointed out that since its establishment the chamber has obtained more than 4.000 pages of publicity for the State, which, at paid advertising rates, would have cost $1,250,000. In other words, he said, each dollar invested in the chamber had brought more than $50 in returns from that source alone. Bankers in Virginia banks near Wash- ington were back at their desks today. They reported an unusually profitable meeting Business Good on Exchange. Bonds again led trading on the Wash- ington Stock Exchange today after the two-Gzv ho'iday. The market opened with Potomac Electric consolidated 5s seliing at 102. Washington Railway & Electric 4s figured in two $1,000 transfers at 8174 and 81',;, respectively. Washington Gas Light 5s came out at par and % and a $1,000 sale in Washington Gas 6s, series A, was recorded at 100%. In the stock division, four 10-share lots of Potomac Electric Power 515 per cent preferred changed hands at 1021;. ‘The market closed with a small lot of Norfolk & Washington Steamboat Co. stock selling at 102, ex-dividend Liberty National Bank and Federal- American National Bank & Trust Co. stocks are now quoted ex-dividend fol- lowing recent dividend declarations. ‘Terminal Refrigerating & Warehousing Corporation has also been added to this list. Last week was unusually active in local dividend announcements. Industrial Outlook Scanned. Industries whose eamings should make the best showing in the first half of 1932 are listed by the Standard Sta- tistics Co., as chain stores, cigarettes, dairy products, flour and feed, oil pro- ducing and refining, package foods and specialty bakeries The following lines, while they make & poorer showing currently, are listed as among thcse which 1 be among the Jeaders in the next sustained period of advancing business: Automobile parts, automobiles — pascengers — beverages, | electric and gas utilities, metal con- | tainers and welding supplies. Dropping of Salesmen Condemned. A furdamental mistake at this par- ticular time, says the United Business vice, is to take good men off the force or to put them on part time. This step develops from a general which has in mind primarily the tion departments. The sales erent, the service points | 154 | 894 it is harder to get business| 16% it requires more time, not | oduce sales than during nor- e adequate use of | s necassary pre- 10 president of the | % Trust Co., passed | Huntington, W. Va Portland, Oreg. was of the National As- | of Credit Men at the closing session at Detroit. The Association was greatly in- s convention come of the Sea- the first five months | st $2,119,906 | week end at Don Ross, pre 1 Bank | folder with about { interested A gradual closing of the gap be- tween business in 1932 and 1931 in the fifth Federal Reserve district has been noted in several localities, the Rich- mond Reserve Bank reports Operations in the boot and shoe in- dustry in this country during the past week has shown a definite upturn and indications are that further expansion will be observed within the next fow weeks, the Department of Commerce stated. seegdo 1k FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value 34.8665 391%c 1391c 2382c London, pound P 19.3¢ 1.3¢ 193¢ o7c 49c 964c 22c Bc 3 8¢ ... 26.8c discount. ‘2 96ize olm, Montreal, 12%% LY - FINANCIAL. Daylight Saving Time Is Used In All Market Editions. ~Prev. 1933~ 13% 10 21 36 29t 247 20% a7 THE EVENING STAR, WASHINGTON, D. C., MONDAY, JUNE 27, 1932. FINANCIAL. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Btock and Sales— Low. Dividend Rate. Add 00. High. % Abitibi Pwr & Paper. 1 1% Adams Express. .... 4 34 Air Reduction(t41:). 109 7% Alaska Juneau (50c). 15 % Alleghany Corp. LY 5 45% 4 12 3 5 Net. Low. Close. Chge. 1 4% -2u ™ - % Alleg Cp pf §30 xw . Allied Chemical (6) Allis-Chalmers(50c). Amerada Corp (2). .. Am Agri Chem(Del). Am Bank Note. ... 614 40w 20% Am Brake Sh pf Am Can Co (15). Am Car & Foundry Am Car & Fdy pf (7 AmChicle (3). ... Am Com Alcohol new gn Pw pf(6) Am&Forgn Pw pf(7) Am & For Pwr 2d pf Am Horme Prod 4.20. . Am Ice pf (6) Am International. Am Locomotive Am Locomot pf (7). Am Mch & Fdy 1.40.. Am Metal Co.... AmPwr& Lt (1).... 13% Am P & Lt pf A (5) 16 Am Pwr & Lt pf (8).. 3% Am Radiator... 85 Am Radiator pf 3 Am Rolling Mills Am Safety Raz (3).. Am Shipbuilding(2). Am Smelt & Ref Am Sm & Re! Am Snuff ( Am Sugar (2) Am Sugar pf (7 Am Tobacco (16).... AmTobacco B (16).. Am Tobacco p (6).. Am Water Wks (2).. Am Woolen pf..... Am Zine & Lead..... 3% Anaconda Copper. . 5% Anchor Cap (1.20) % Armour of 111 (A) % Armour of 11l (B) 3 Asso Dry Goods. Atchison (4).. 9% Atlantic Coast Line. . 8% Atlantic Refining (1), 28% Auburn Auto (£4).... 12 Austin-Nichols A (1) 10s 11 Aviation Corp (Del). 2 2 Baldwin Locomotive. 16 3% Baltimore & Ohio. 1 3% Barnsdall Corp. Bayuk Cig 18t pf(7) Beatrice Cream (2).. Beech-Nut kg (3).. sendix Aviation Best & Co Bethlehem Steel Bethlehem Stl pf (7). Bloomingdale Bros. . Bohn Alumn & Brass, Borden Co (2).. Borg Warner Briggs Mg Co Brockway Mot Trk Bklyn Manhat Tran., Bklyn-Man Tr pf (6). Bklyn & Queens. ... Bklyn&Queens pf(6). Bklyn Union Gas(3). Brunsw-Ealke . 111 sFEsFeesy i+ 01 16% 4 5% Tla 6l 4% Bucyrus Bucyrus pf (7) Budd Wheel. Burns Bros (B) vt Burr'ghs A M (80¢).. Bush Terminal(21z). Bush Term deb (7). . Bush Terminal p£(7). Byers (A M) 4% California Packing. . 1% Calumet & Hecla.. ... 21 Campbell-Wyant F 6 Canada Dry (1.20)... Tl Canadian Pacific 1%. 10% Cannon Mills (1).... 19 Capital Admims pf A 16% Case (J 1».Co....... 4% Caterpillar Trac 50c. 1% Celanese Corp. . 7% Cent Aguirre (1%).. 65 Century Rib M pt(7) 10s 313 Cerro de Pasco ) 10% Ches & Ohio (233)... 82 5 Chesapeake Corp (2). Chi Mil StP & Pac pf. Chi & Northwestern., Chi & Northwest pf.. Chi Pneu Tool. Chi Pneu Tool pf. . Chi Rock I & Pacif Chi R1& Pac 6% pf Chrysler Corp (1) . City Ice&Fuel pf 6 Coca Cola (18). Coca Cola (A) (3)... Colgate-Pal-P (2% ). Colo & Souht 1st pf.. Columbia Gas (b1).. Col Gas&EIpt A (6). 2 Columbian Carb (3).. 18 Comel Credit (30¢).. 6 Comel Cred pf (1% ). 2008 Comel Cred 15t(6%3). 1008 Comel Cred p? B (2). 308 Comel Solv (60c) . . 13 Comwlith & Sou(30c). 51 Comwlth&Sou pf (6) 8 Congolm Nairn (1).. 3 Consol Cgr pr pf 6. 208 Consol Gas N Y (4).. 260 Consol Gas NY pf(5). 4 [ 1 P o % « i i - - « « « « b « « 1% I T 508 27 unsol Oil Corp onsol Oil pf (3) onsol Textile ontl Can (233) ont Diamond Fibre . ont Insurance (1.20) onsol Laundries (1), ontl Motors AT 01l (Del) ntl Shares rn Products (3 orn Prod pt ( ream of Wht 12, 107% 13% 11ty 18 15% rown Ck & S (1 rown Cork pf rucible Steel p uban-Am 8 udany Pack (2%).. 2214 artis Publishing. .. 9% riiss Wright 3 % 1% 3 2%4 6% rus Wright (A) 314 Cutler Hammer Davison Chemi Deere & Co pf ( : Delaware & Hud (9), Diamond Match (1 Dome Mines (+ Drug Corp (4) 25' Dupont de 80% Dupont de 1 (3] man Kodak (5 3% Faton Mg ( 83 Elec Au 1% Elec&Musical Instru 2 Elec Pwr & Lt 12 Eiec Pwr & L1 pf (7). 12% Elec Storage Bat (3). 1213 Equit Office Bidg 113 . 2 ErleRR.. e fe R R 1st pt rk AS pf.. Fed Lt & Trac pf (6). Federal Screw Wks. . tService A.. Phoen 1.20. . T&R pf (6) atl Strs (213) BHRE, % v 18t pf cv Florsheim pf (6)... K Wheele Fox Film (A). Freeport-Texas (2 Fuller Co pr pf. Fuller Co 2d % 14 Gen Am Investors. .. 9% Gen Am Tank Car(1). 4% Gen Asphalt (1) 3% Gen Cable pf 20 Gen Cigar (4). 8% Gen Electric (40c). 10% Gen Elec spec (60c). . 19% Gen Food Corp (3). .. i3 Gen Gas & Elec (A) .. 3% Gen G&E cv pf A(p6) 28 GenMills (3)....... en Mills pf () en Motors (1) en Motors pf (5 31 Gen Outdoor Adv 4% Gen Outdoor Adv (A) 29% Gen Prig Ink pf (6).. T4 Gen Rwy Signal (1). % Gen Re: 2% Gen Refractories. . 10% Gillette Saf Raz (1) 3% Glidden Co. .. 2% Gobel (Adolf) mewell Co Hish. 2814 83 BT 24% 5 1615 308 11% 5 251 993, ~Prev.1932~ 184 Bales— Add 00. High. 34 104 6% 21% Stock and Dividend Rate. Gold Dust (1.60).... Goodyear Tire&Rub. Goodyear 1st pf (7)., Gotham Silk Hosiery Graham-Paige. . 4 Grand Silver Store: Grand Union. Grant (W T) (1) t Northern y at Northern Ore.. Low. Sl Grigsby Hackensack W (113)., Hartman Corp (A) Hartman Corp (B) Hercules Powder (2). Hershey Choc (6) Househd Fin pf 4.2 8% Houston Oil...... 1% Houston Oil (new) 5 Howe Sound (40¢)... 8 Hudson & Man (3%). 27 Hudson Motor Car... 113 Hupp Motors. 15% 46 421 4% 1llinois Central...... 15 1llinois Cent 11 (4).. 1 Indian Refining. 9% Industrial Ravon ( 14% Ing Rand (3) 10 Inland Stee! 3% Ins'sh 214 Interboro Rap Trans Interlake Iron. ... ... Int Bus Machine (n6) Int Cement . Int Harvester (1.80). Int Harvester pf (7). Int Hydro-Elec (A).. Int Nickel of Can. ... Int Paper & Pwr (A). Iat Paper & Pwr pf.. Int Printing Ink nk pf (6). 20 154 Jewel 10 John: John ea (144). 84 36 Jones& Laugh pf(4).140s 9 227 108 38 12 19 18% 86% 22% 14 27 37 | 41% | 1045 15 10% 189 3 KaufmanD S8 (80c).. 1 6% Kelly-Spr T 8% pf. 24, Kelvinator Corp. 201 Kendall Co pf (6). 5 Kennecott Copper. 1% Kinney (G R) Co 81 Kresge (S8) Co (1).. 10 Kroger Grocery (1)., Tambert Co (15) “oal. vyRR.. Lehman Corp (2.40). Libbey Owens Glass. Myers B (15). Locomative. .. Loew’s Ine (14) Loft Ine essen . Loose-Wiles Bis(t3) Lorillard (P) (1.20).. » 9 PanRaB o o o 7y Louisville & Nash. .. y Strs pf (6).. 90 cIntyre Porc M (1), McKeesport T ¥ (4). Mc on & Robbins Mec on & Robs pf. McLellan Stores. Mack Trucks (1) Macy (HR) (n2). Magma Copper(50c). Manhat Elev gtd (7). s [T IS VT ISP UV AP G - S0L FOPEIRTSI SRy, Marshall Field & Co. Mathieson Alk (1%5). May Dept Stores 1.80 Mo Kan & Texas pf.. Missouri Pacific Missouri Pacific pt Mohawk Carpet. Monsanto Chem 1% ., Montgomer: » Motor Wheel Mullins M 214 Murray ® 2B sl 7 £y Nat Dist Prod (2). Nat Dist Prod pf 2%. Nat Lead pf A (7). Nat Lead pf B (6). Nat Pwr & Lt (1) Neisner Brothers Nevada Con Copper. . Newport Industrief N Y Central N Y Chi & St L pf N Y & Harlem (5) N H & Hactford. Ont & Western. . steam pf (6). N Y Steam 1st pf(7). Noranda Min (a50c) . NY NY NY North Am Aviation Nor Amer(b10 % stk)., North Amer pf (3) Northern Pacific. ... Ohio O1l (a20c) 9 Otis Elevator (1%3).. 34 Otis Steel prpf.. 12 Owens 111 Glass (2).. 7as & BL(2).. ehting (3). rel&Teleg (7) ard Motor Car Paramount Publix. Park & Tilford. Peerless Motor Car. . Penick & Ford (1) . Penney (J C) (2.40). L Dixie Cement.. 3 Penna Railroad...... 30 Peoples Gas Chi (8).. 13 ¢ Pere Marquette pf 208 Pere Marquette pr pf 200 Petrol Corp of Am. .. Phelps Dodge Phila Co 6% (3) 1. . . 9 [ 0 pf(6) new.. Phila & Philip Morris&Co(1) hillips Petroleum erce-Arrow pf roleum 3 Pitts( A 4 Poore & Co (B) 14 Prairie Pipe Line Proct & Public Sve 13 Public Sve 105 Puilma 2% Pure O 50 Pure Oil pf (8) 4% Purity Bakeries (1), amb (2.40). N J(3.20) J pf (6) ¥ ith-Orph. Ke g Rwy public Steel . public Steel pf vnolds Met (134).. hfield Oil » Grande Ofl ssia Ins of Amer. . yal Dich (a81c) es (5) ” Strs pf (7) St Joseph Lead - an pf tetail Stores aboard Oil Del 40c. ars Roebuck. .., Servel Ine % Shattuck (FH) 50c hell Union Ol. . nider Packing pf. ocony-Vac (80c) . »uth Port Rico Su, eriing Secur cv pf. Stewart Warner. . ... 5% Stone&Wehster(50c) 2! Studebaker Corp. ..u. 2% Superior OMl... . 3% Symington (A) sessa 13 9% 64 211 1315 1% K 37 6 e % 60 5 4 6% 21 144 Net. Low. Close. Chge. + i E (O RN | SEESTEF F FF Fisd 1 ++ 1 | 14110 o W % K W £ . | $300,000,000 will be paid out in divi-| FXEESE T VIS 3 BERES §8 55 F¥5F =3 ~Prev. 1932~ Stock and Bales— Low. Dividend Rate. 614 Telautograph (1) 9%, Texas Co (1). 124 Tex Guif Sulph (2) .. 114 Tex Pacific Coal&OIl. Tex Pacific Land Tr. Third Natl Inv (1) Tide Water Asso Oil. Tide Water As pf (6) Timken-Detroit Axle. Timken Roll B 1% Transamerica Corp Tri-Contl Corp Truscon Steel Twin City Rap Twin City Rap Tr pf. 100s 1 28 1 5 4 6 1 d 1 2 4 1 Underwood-EI-F (1). 5'5 Union Bag & Paper Un Carbide & C(1.20 Un Oil of Calif (1.40). Union Pacific (6). Unit Afrcraft. Unit Biscuit (2) Unit Carbon. ... Unit Corp (40¢) Unit Corp pf (3). Unit Fruit (2).. Unit Gas&Im (1.20) U S & Forn Secur. . 7 (1.60). Hoffman. . Indus Alcohol Leather pr pf(7) Pipe & F = Pipe 1st (1.20). 7S Realty & Imp ] S Rubber 7S Smtg & Ref (1).. TS Smtg&Ref pf 315 Univ Leaf Tob (2). 1% Util Pwr & Lt (A)... 4 Vadsco Sales Corp. 187 6% Vanadium Corp. . IS, FRMS TOPAY 00000 JULY 1 Huge Dividend Disbursement Due—Also $500,000,000 in Bond Interest. BY FRANK H. McCONNELL, Associated Press Financial Writer. NEW YORK. June 27.—Although | many dividends have been reduced, and | some passed entirely, approximately | dends by American corporations on July 1. The outflow will lend a substantial addition to the investment public's sup- | ply of money and by far the greater part | Add 00. High. ~Prev.1932— High. Low. 6ly Net. 9ty 9% — 12% “ % + Va Iron son son ‘Woolwoi 25% Wrigley cash payments based rations. in stock stock. in stock m Paid_iast year—no Stock and Dividend Rate. 3% Va-Car Chem 6% pf.. Va-Car Chem 7% pf. 1 Va Elec&Pw pt (6) . alcan Detinning Worthington Pump. 1% Yellow Truck....... 12 Yellow Truck pf 4 Youngstown Sh&Tu 13 Zenith Radio 4% Zonite Produ Sales of Stocks on New York Exchange. Dividend rates as given in the above tables are ha *Unit of trading less than 100 shede: aPaid this year—no re e Payable in cash or stock. us 3 Plus $1 in special preferred stoc! Bales— Add 00. High. 2 % Net. Low. Olose. Chye. 5% 5% — % 334 4%y 10 108 C & Coke pf.. 10s -9 -% ‘Ward Baking pf (4) ‘Warn Bros Pictures Ofl & Sn (1). O&Sn pf (4). st Pa Elec A (7) m West PAEL Dt (7)... % West Pa Pwr pf (6).. West Pa Pwr pf ()4 Weatern Dairy (B). Western Maryland. Western Union. Westinghse Elec (1). Westinghse 1st (34) Westvaco Chlor (1).. Wilcox Oil & Gas. ... Willys-Overland Wilson & Co pf. rth (2.40), (Wm) (4).. ) 100,000 12:00 Noon. 2:10 P.M -+ 200,000 600,000 the annual yearly decla- tPartly extra. #Plus rate. b Payable in in stock. _h Plus 3% Plus 3% in stock. in stock. on’the latest quariarly or regular rate. n Plus 5% Payable STOCKS ARE LOWER INSMALL MARKET Railroad List Shows Largest Decline—Industrials Also Weaken. BY GEORGE T. HUGHES. Spectal Dispatch to The Star. NEW YORK, June 27.—Weakness in today’s stock market was sufficlent to carry the averages for the industrials and the rails down to new low points for the bear movement. The utilities were off, but made a somewhat better resistance. There was no news to account for the renewed selling, which seemed to come partly from discouraged holders and partly from investors who needed, funds regardless of price. Stocks facing | dividend action were the weakest, but the whole list was heavy. Special pres- sure was exerted against United States. Steel preferred. Marshall Field omitted the dividend | on the preferred stock due at this time. International Printing Ink declared the regular rate on its preferred issue, and Pittsburgh, Cineinnati, Chicago & St. Louis the usual semi-annual payment on its shares. The railway shares were unfavorably affected by the approach of the Atchison dividend meeting tomorrow, the out- come of which is expected to be omis- sion of payments on the common stock. Nevertheless there were one or two 6% in'scrip x Ex-dividend. | bright spots in the railway returns of | the day. Bangor & Aroostook increased | both gross and net in May over a year | ago. The wheat movement is expected NEW CURRENCY BANK | PROPOSAL INDORSED New York Exporters Win Support of Government in Effort to Stabilize Exchange. By the Assoclated Press. NEW YORK, June 27.—The group of exporters that recently submitted to President Hoover and other Government officials a plan designed to eliminate foreign exchange restrictions anncunced it had been promised the co-operation of the Department of Commerce in de- veloping its proposals. The plan would create a “specially organized bank to hcid foreign currency deposits” and organize a “voluntary as- sociation of importers and exporters, for the clearing house for exchanges, to be operated as an adjunct to the Edge law bank.” George P. Reinberg, chairman of the ' (Washington Produce ‘ Butter—One-pound prints, 93 score, 20; 92 score, 19; standards, 18. Tub, 93 score, 19; 92 score, 18; standards, 17. Eggs—Hennery, 14; current receipts, 12. Poultry, alive—Turkey hens, 12; toms, 10; crooked breasts, 10; Spring broil- ers, Plymouth Rocks, 2} pounds and | over, 18a20; 2; pounds and under, 16a | | 18; Rhode Island Reds, 15a17; mixed | colors, 14a16; Leghorns, 14al6; hens, | colored, 13a15; Leghorns, 12; roosters, 8. Pouliry, dressed—Turkeys, hens, 15; toms, 13; crooked breasts, 13; Spring broilers, Plymouth Rocks, 213 pounds and over, 21a23; 2}2 pounds and under, 19a21; Rhode Island Reds, 18a20; mixed | colors, 17a19; Leghorns, 17al9; Leg- horns, 15; roosters, 11; Long leu:d‘ | ducks, 14a15; hens, colored, 16a18. Meats—Beef, 13; veal, 12; lamb, 17; | pork loins, 14; fresh hams, 13; smoked | of it is expected to find its way prompt- |joint Committee on Foreign Exchange | hams, 14; strip bacon, 14; lard, 7; ly back into circulation. In addition to American corporations will distribute | $500,000,000 in interest payments to bondholders. | reau of Foreign and Domestic Com- merce, said: “It is our idea that the ‘Edge act’ | Restrictions, in answer to a letter from | compound, 6. dividend payments, | Frederick N. Feiker, director of the Bu- | Fruits—Watermelons, Georgia, 30 w’ | 40 pound average, 60a75; Florida, 28- | | pound average, 50; cantaloupes, jumbos, |3.2583.50; standards, 2.75a3.00: honey- July 1 is the most Important Summer | bank should provide the domestic bank | dews, 2.00a2.25; honeyballs, 2.50a4.00; | settlement day of the year. Total pay- | guarantee required under section 5-A of | apples, box stock, 1.50a2.00; peaches, | ments by corporations on that date are | the Reconstruction Pinance Corporation | South Carolina, bushel baskets, 3.50a equaled only by their January 1 dis- bursements. A leading statistical organization, | which lists virtually every corporation | in which there is a public investment, | estimates that approximately one out | of nine are still paying dividends. Nearly 6,000 corporations are included in this| study, and approximately 650 of them | are continuing dividend payments. | With money rates now at abnormally | low levels, reflecting little turnover in the money market, the banks will wel- come the chance to churn things little and get an added amount back into public circulation. ECLINE COMMODITY D ADDS TO WORLD DEBT IN UPTURN DURING WEEK:%*- 1.00a1.35; hamegrov, S0a75. Revival of Business Delayed by Continued Decrease in Values | of Raw Materials. BY DR. MAX WINKLER. Special Dispatch to The Star NEW YORK, June 27.—Among the many obstacles to a rehabilitation ol‘ world economic conditions, the increased debt burden resulting from the dis- astrous decline in commodity prices ranks foremost. This is true of gov- ernments and political subdivisions as well as individuals. On the basis of current quotations of | wheat, for example, Argentina's debt | burden, expressed in terms of wheat, is one and one-half times larger than in 1931, without taking into account the absolute amount by which the na-| tion’s indebtedness has increased dur- ing that period. If Cuba's capacity is measured in sugar, the island’s principal standby, her burden would be one and one-fifth as large as last year; that of Chile, if | measured in copper, one and one-half times as large; that of Bolivia, ex- pressed in terms of tin, one and one- | fifth times as large; that of Japan, on the basis of silk prices, almost twice as large; that of Egypt, if measured in cot- | ton, one and three-quarters times as| large, and that of Uruguay, if measured | in hides, two and two-fifths times as | large as in 1931. 1f one were to measure great Britain's capacity on the basis of rubber, a com- modity controlled by England, her bur- | den would be two and one-third times | as large as last year, while the Iowa farmer’s burden, expressed in terms of | corn, is one and three-fifths times larger | than it was a year ago. | (Copyright. 1932. by the North American Newspaper Alliance, Inc.) GAIN IN IRON AND STEEL EXPORTS SCORED IN MAY | By the Associated Press. The Commerce Department an- nounced May exports of jron and steel | products moved up to 80,477 tons, the | heaviest total since July last year and | an increase of 38.4 per cent over the | previous month. | Sales of sctap material to Japan were said to have been a big factor in this trade. Other markets to absorb more of these commodities than in earlier months were Africa, Central America and South America. The trade with Europe declined slightly, although the | department said this field never was a large factor. Greater exports were reported for 17 | of the 48 classes of materials, SILVER QUOTATioNS. | NEW YORK, June 27 (#) —Bar silver | quiet and unchanged at 263, NEW YORK BANK STOCKS NEW YORK, June 27 (#)—Over-the- | counter market BANKS. | Bid. Asked. | 890 17 ghase @ .0 ommercial ‘() Eo Nationsl (100) anhatian 2 ati0! ty (D Public (2 TRUST COMPANIES kers (3) Brookiyn Trusi iig] 10 Central Hanover (*7) . ol o Corn Excnange (4) B t (8 Nen Eoraranty & Trust' (4.8 “Includes extra. act, enabling exporters with frczen | sets abroad to obtain 12-month accep! ances from the Reconstruction Finance Corporation, in this manner utilizing these frozen assets as a basis of credit in a further continuance of their legiti- mate business.” He added such a guarantee could not | be obtained from a commercial bank and, therefore, the “Edge act” bank was proposed. The joint committee has asked for & meeting of representatives of the De- partments of Commerce and State in an effort to bring about the necessary action even before the proposed inter- national economic conference is held. BOOT AND SHOE TRADE By the Associated Press. Operations in the boot and shoe in- | dustry in the United States during the last week were reported by the Com- merce Department to have shown a de{in&u upturn. ndications are, it was intes that further expantion. of phndt Lok pacity will be observable within the next few weeks. The large buying or- ganizations have been placing business with manufacturers and this factor, coupled with small-lot orders received, is helping in the planning of future factory operating schedules. Some price readjustments, reports in- dicated, are still to *be made, and the | trade is waiting for definite decision on the extent of these reductions. When this situation is cleared up, it is be- lieved the demand will be on the up- swing. Motor Firm to Expand. NEW_ YORK, June 27 (#)—Sterling Motor Truck Co. has completed nego- tiations for acquisition of the motor | truck division of La France-Republic Sales Corporation at Alma, Mich. Clothing Trade in Fair Volume. NEW YORK, June 27 (#).—Business | in men’s and-boys' clothing was in fair volume last week, according to resident buyers. | —_— OLDEST NATIONAL BANK in the District of Columbia Why Have Your \/ACAT_ION —marred by money dif- safety and convenience are so ficulties, when fully served by— Travelers’ Checks & Letters of Credit Travelers' Checks, such as we issue, are currency anyw}lere you may go, but can't be cashed if your own signature is lncking. National etropolitan BANK Fifteenth Street Opposite U. 8. Treasury 4.00; apricots, 1.2521.50; plums, 1.25a ; oranges, California, 4.00a4.50; . 4.00a4.50; limes, per 100, 2.00a | 2.50; figs, 1.00a1.25; pineapples, 1.75a 2.00; alligator pears, 1.50al1.75; cherries, | California, 2.00a2.50; raspberries, red, | 30; black, 25; blackberries, 2.25a2.50. | Vegetables—Potatoes, new, per barrel, 2.50a3.00; old, 100-pound sacks, 1.00a 1.25; sweets, 50a65; string beans, 75a | 1.00; homegrown, 1.25; limas, 1.50a1.75; peas, 2.50; squash, 1.00a1.25; kale, 50a60; spinach, 1.00al.25; squash, 50a75; | cucumbers, 50a75: carrots, per 100 bunches, 4.50; beets, per 100 bunches, | | 4.50; corn, 1.50a2.00; cabbage, 25a1.00; peppers, fancy, 4.50; choice, 2.00; eggplant, 2.50; asparagus, 1.00a2.00; caulifiower, 2.00a2.25; tomatoes, lugs. | 1.25a1.50; flats, 85a1.00; homegrown, nys, 2.00; lettuce, Iceberg, 5.00: New ' Bonds Drawn for Redemption. | NEW YORK, June 27 (#).—Chase National Banl City Bank Farmers Trust Co. and Dillon, Read & Co. | American fiscal agents, announced to- | day that $535.900 principal amount of | Kingdom of Rumania Monopolies In- | stitute 7 per cent guaranteed external sinking fund gold bonds, due February | | 1, 1959, have been drawn for redemp- | | ticn on’ August 1 at par. | A Generous Return on Your Investment Combined with Safety, when you BUY OUR FIRST MORTGAGE - NOTES Secured on new brick homes in preferred morthwest resi- dential sections. Every mort- gage protected by fire insur- ance and title guaranteed by responsible title companies. Conservative Appraisals Insur- ing Absolute Safety IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS 4417 K St. Realtors. National $300 FIRST to improve the car loadings picture in the next report. Industrial stocks with dividend meet- ings near at hand declined and many of them to new low points. The list included American an and Allied Chemical, Contirental. Can going along with its larger competitor. Continental directors do not meet until next month, however. Coca Cola, wkich has the distinction of selling higher than any other active common stock except Homestake Mining, made a new low. National Biscuit was the weak member of the food group. Elsewhere in the list United States Steel common and preferred made new lows, the latter off some 2 points. American Telephone & Telegraph hovered around its old low. Auburn Auto continued its retreat, this time coming down under the 40 mark, a loss of over 30 points from the peak of the recent run-up. Electric light and power shares as well as the oils were relatively steady. STOCK TRADING DWI_NDLES. NEW YORK, June 27 (#).—Trading on the New York Stock Exchange last week involved the transfer of slightly more than 3,000,000 shares, or the REAL ESTATE NOTES Yielding 6% Interest Tyler and Rutherford, Inc. SAFETY In Guaranty FIRST MORTGAGE SECURITIES That Yield 6% Tnvest your idle funds in these safe. higk-type investments _that offer & Secured by di= e’ on income-pro- ducing properties here in the Nation's Capital. Denominations fro; May be purchased monthly payments. Send for_Booklet, “The Success Plan™ ESTATE MORTGAGE & GUARANTY CORPORATION 1610 K St. N.W. National 1403 ] ' SAVE : | s10o MONTHLY A small amount to be sure, but at our high rate of § dividends, $679. in five years—$1,546. ten years—and $4,066.45 twenty years—financial in- dependence for your old age. Open your account to and make regular depo; Open Daily 9 to § Saturdays Until » ¢ PERMANENT BUILDING ASSOCIATION Lo 949707 ST. NW, 4 5 3 Yetayision 515 MORTGAGES AN “ANCHOR TO THE WINDWARD” You will be sailing a safe financial course whe in our n you make investment 6',% FIRST MORTGACES There are no “reefs” line. You w interest—not without change—alway Over a T] of & Century Principal Without a on conservatively along this ill be paid this generous only regularly, but secured by mortgage appraised im- proved real estate. May be purchased in amounts from $250 up. B. F. SAUL. CO. National 2100 THERE IS NO SUBSTITUTE FOR 925 15th St. N.W. SAFETY