Evening Star Newspaper, July 18, 1932, Page 15

FIN MARKET RESUMES U. S. Government {issues Lead in Upturn—Foreign List Is Strong. BY. F. H. RICHARDSON, Bpecial Dispatch to The Star. NEW YORK, July 18.—Bonds ad- . vanced strongly today in heavy trading. The improvement was led by United States Government issues, but there ‘were advances of a point or more spread through the domestic list. Foreign dol- lar issues were strong with the excep- tion of the Germans. The passage of the Glass amendment to the home relief bill, and the belief in financial circles that President Hoover will sign the bill, means that all Treas- ury long-term issues will be eligible for backing the issue of about $1,000,000,000 in new currency. This caused an abrupt reversal of last week’s downtrend in 3s and 31ss, based on the assumption that the bill would not pass. Gains today rang- ed from about !» point in Treasury 4s and 3%s to 112 to 13 points in Treasury 3s and 3!5s. At the same time Panma 2s and Consol 2s, which have hitherto been the only Government bonds eligible for currency backing, worked lower. Banks that bought these bonds at premium of 2 to 4 points found them quoted today somewhat below those levels, although there is not a la:ge enough market sup- ply to cause an abrupt adjustment. allroad bonds reflected the firmness of rail shares and reports-that prospects for a few roads, notably the ChesapeaKe & Ohio, were considerably brighter than a month ago. Chesapeake Cor- poration 5s were firm. There were gains in Southern Pacific 4'.s, Pennsy vania 6'ss, Northern Pacific 6s, Mis- souri Pacific General 4s, Erie Refunding 5s, St. Paul 5s and Boston & Maine 4%s. Industrials such as Sinclair Oil s, Shell Union Oil 5s, Goodyear 5s and Youngstown Sheet & Tube 5s and jun- for utilities like Western Union 5s, International Telephone 5s, American & Foreign Power 55 and Brooklyn- Manhattan Transit 6s were narrowly higher. Some of the oustanding gains in cor- poration bonds were in Canadian is- sues. Canadian Northern 7s sold up nearly a point and there were gains in Canadian Northern 6'2s, Grand Trunk 6s, Canadian Pacific perpetual 4s, Cana- dian National issues generally and, to a lesser extent, in Canadian Govern- ments. The fact that Canadian Ex- change was inclined to be heavy was evidence of the buying of Canadian securities by Canadians. This, added to the purchasing of prime Canadian securities from Europe, that has been going on here for three weeks, ha§ brought the prices of these issues well above their 1932 lows. German government issues were low- er. Young Plan 5!5s, which with Ger- many all but rid of reparations, will certainly range again within an in- vestment basis, were today quoted about 7 points under their recent high. Dawes reparations 7s, German industrials, utilities and municipals sold off. Ger- man bank credits moved down 1 to 2 points. Great Britain 5!4s were firm, reflect- ing the probability of some agreement at the Ottawa conference on a form of inter-Empire exchange control. Europeans were unchanged to slightly higher. Japanese issues were firm. South Americans regained 1 to 2 points of the ground lost last week. LUMBER EXPORTERS SEEK FOREIGN TRADE British Empire Agreements Prove Deterrent to U. S. Interests, Says Commerce Department. By the Associated Press. Domestic exporters of lumber are in- | creasing their efforts to develop foreiga outlets. This is indicated by inquiries re- ceived at the Commerce Department which, during the first six months this year, were double the number received in 1929, peak year in lumber exports. The department, in discussing lum- ber said that trade agreements effected among British Empire countries acted as a deterrent on imports from the United States into those areas. This is a development of much concern to American exporters, as the United King- dom has long been a most valuable market for lumber. Australia and New Zealand have hitherto been of prime importance to West Coast producers. Japan, from the standpoint of footage, has been the foremost foreign outlet, and has materially increased its lumber duties to protect the local industry, while France, a promising market for American hardwoods, has instituted a quota system. The United States, the department said, in many ways is in a preferred position in connection with lumber ex- port trade, in that it has a greater variety of species suitable for a larger number of uses than any other wood- producing country. MARYLAND TOBACCO PRICES. BALTIMORE, July 18 (Special). —Re- ceipts of Maryland leaf tobacco last week jumped to 2,063 hogsheads, while sales totaled 1,110 hogsheads, leaving a stock in State tobacco warehouses of 23,513 hogsheads. Market holds steady at the following quotations per. 100 pounds: Frosted and inferior, 2.0044.50; sound to good common, 5.00a15.00; medium to good, 15.00a30.00; good to fine red, 30.00239.00; fancy. 39.00a40.00; seconds, common to medium, 4.00a15.00; good to fine, 16.00a25.00: 1931 crop ground leaves, 2.00212.00; upper coun- try, burley, nominal. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Sellins checks alue oday. London, pound Paris, franc Brussels, belga. . rlin, mark. Budapest % Prague. crown (not. ‘Warsaw, zloty.... . Copenhagen. i9:20¢ n 17.62¢ 18.20c crown.. 2 | SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Bid. Offer. Allis-Chalmers Co. 55 1v37.... 68 .70 American Chain Co. 65 1933 .. 40 45 American Tel. & Tel. 525 1943. 101 101% Amer. Wat. Wks. & EL 5s 193¢ 72 73 Baltimore & Oho 47:s 1933 51T W% Belding Hemingway Co. 6s 1936 76 90 Bethlehem Steel Corp. 5s 1936 8112 Canadian Nor. Rwy. 4'as 1935 944 Chi. Northwestern R. R. 5s 1933 8. s Slev. Colorado & So. Rwy. 4las 1935 Commercial Credit Co. 5’35 1935 Delaware & Hudson Co. 5s 1935 Denver & Rio Grande 435 Gen, Mot Accep. Corp. & General Public Ser Grand Trunk of Canada s 1 Houston E & W. Texas 5s 1933 Keystone Telephone Co. 58 1935. Laclede Gas Light Co. 5s 1934 Louisyille & Nashville 55 1937. New York Cent. & H. 4s 1934 New York, Chi. & St. L. 65 Northwestern Telep. 4128 Penna. R. R. Co. 625 19 Portland General_Elec Republic Iron & Steel 55 Sinclair Crude Of Bouthern Pacific 5s 1934 Unjon Elec. Lt. & Pe i Union Oil Co. of Calif. 5s 1935 Ulrginia Rwy. & Power 55 1934 Rwy. Co. 55 1889 mmmade Other | . IntRap Tr 6833 13 ANCIAL. UNITED ST'A';;E?. in $1. (Bales are o | on ‘?n‘ Lib 3158 32-47... 1019 1013 Lib X;él 4%s32-47 10128 10121 10123 s33-38 10222 102 18 10218 954 9416 9420 964 9522 9524 99 18 38 14 99 24 95 18 99 16 99 ¥ 100 28 100 20 100 20 . 10223 10220 102 22 106 105 24 105 27 Sales. High Abitibi PAPBs'53. 4 19 AbaSt5%s43... 3 69 Adams Exp 4548 4% | Alleghany Cp 544 12% Alleghany 55'43. .. 7's Alleghany 55 '50. .. 6% Allis-Chalm 5s'37. 2 70 Am F P 65 2030 27% AmIGChbks'd 67 Am Intl 5168 49, 6512 Am Sm&Ref 5347, | Am Sug Ref 633 | Am T&T 43539 {Am T&T ctrbs’4 Am T&T deb 53 '60 Am T&T deb 58 '65. Am T&T 5%4s'4 Am Wat Wks 5834 Antloquina 7s45. . Argentine 5%3 6 Argent 65’ 61 M Argentine 6359 Ju Argentine 6s ‘89 Oc Argentine 6s A §7. Argentine 6s B '58. Arm Del 5%s 43... 69% Atchison 4%s 4 AtIC L 1st 4352 AtICLcl4s’52 AtCL un4%s’64. Atl Gulf&W158'59. Australia 4% Australia 55 '56 Australia 58 '57 Austrian 78 e Austrian 7s 57 B&O 1st4s 48 B&O4%s'33 B&O %560 B&O 1st 5548 B&Oref 5395 B&Oref 6sC'95 B & O Sw dv 68’50 Ban & Aroos 4851 Batav Pet ¢%4s 42, Belgium 68 '65. ... Be'glum %849, Belgium 78 ‘5. Belgium 7s '66. Bell Tel Pa 55 B'48. Bell Tell Pa 55 C'60 Berlin Cy El 63 65. BerlinCityFl6 145’ 1614559 Bos & Me 5567 Brazil 635 Bklyn Ed 5s A *43 Bklyn Elev 6% Bklyn 3fan 63 A ‘68 Bklyn Un Gas 55'50 Budapest 6s 6: Buenos AR 6s Bush Ter con 55'55. Calif Packing 58'40 Canada 4s 60. | Canada 4%s '3 Canada 5s'52. t53°69 Oct. Can Nor 445°35.... Can Nor db 63 46 Can Nor deb 7 Can Pac db 4 c Cent Pac 1st 4s°49. Can Pac 4%s°60... Cent Pac 55°60. ... Cert-td db 5%s'48. Ches Corp 5847 C&O04%s A8 Ch & Oh con 58 '39 CB&Qgn4s’s8.. CB&Qr5s'T1... Chi & Est I11 55'51. Chi Grt West 48'59. C M & StP gn 45'89, C M StP&P 5375 C M & St Padj 5s. Chi & NW gn 458 | Chi&NW 4135 C'37 Chi & NW 4% 549 Chi&NW rf 55 2037 Chi RI&P rf 4s°34. ChiRI&P4%s’'52 Chi R14%s60. ... CTH&SE in 5560 Chi Un St 58 "44.... C& W Ind cn 4s'52. C& W Ind 5%s'62.. Chile 65 '60..... Chile 65 '61. Chile 65 °61 Jan. Chile 65’61 Sept Chile Cop db 5s "47. Chi Mtg Bk 615 '57 Chi Mtg Bk 6%s 61 CCC&St L 4%s E'T? Clev Term 4%s ‘77, Cley Term 68 B 'T: Cologne 6% '50 Colomb 68 61 Ja Colomb 6s 61 Oct. Colon O11 65 '38. Colo & Sou 43%5 '35 Col G&E 55 '52 May Col Gas&El 53 '61.. Com Inves 513°49. Con G NY 4%s 51, Con G NY 5%s'45. Con Pow Japan 7s.. Consum Pow 5s '52 Copenhag 4%s '53. Cuba 5148 '45. Cuba Nor 53%s "42.. Del&Hud ref 43 *43 De! & Hud 535'37. Denmark 4145 62 Denmark 5135 Denmark 6s '42 D&RGren 4 - D&RG W b5s’55.. D&RG W bs'78.. Det Edi 4245 D "61.. Det Edison rf 5549 Deutsche Bk 6s '32. Dodge Bros 6s 40 Duquesne 4%s "67. Dutch East I 65'47. Dutch East I 68'62. El Salvador 8s'48.. Erie con 43 ‘96 Eriecv4s A '53. Erie 4s B 53 Erie gen 4396 Brie ref 5 Erieref 537 Finland 5% '68 Finland 7s 5 Fisk Rub 8s'41. Fram Ind 7%s French Gov 7s°49.. French Go T%s " Gelsenk’hen 6s'34. . Gen Baking 5%s ‘40 Gen Cable 5%s°47. Gen Motors 68 '37.. Gen St Cas 5%s'49. Gér Cent Bk 6s'38. Ger Cen Bk 6560 J Ger Cen Bk 6360 O Ger Cen Bk 7s '50. . Ger Gen Elec 6348 Ger Gen E1 7 German 6%s German Rep Goodrich 6s ‘4 Goodrich 8%s '47.. Goodyr Rub 5s57.. Grand Trunk 6s°3¢ Grand Trunk 7s'40. Grt Nor 4%s E'77. Grt Nor 58 C'73 Hud & M ad) 58'57. Mud & M rf 5857, Mumble Ofl 68 °37 111 Bell Tell M Cont 4%s 111 Cent 6%s '3 111 CCStL&N 4% 11l CCStL&N 6s A. 111 Steel db 433 €0 Int Rap Trre b Int Rap Tr'66 sta.. “oou 23,22, . 224 Int Rap Tr 7s ‘32 Int Cement 6s Int Hydro 1 68 '44 Int Match ba 41 Int Match 58 47, Int Pap 68 '65. Int Ry C A b8 ‘72 Int Ry C A 6348'47. Int Tel&T ¢%3'39. InfT&T4%n63. Int T & T 5855, Irish Free St 5s '60 Italy 7s ‘51 Italy Pub 7852, Japanese 6%s ‘54. . Kan C P&L 4% City Sou 5 City Ter 4 Kan G&F 4%s Karstadt 6s 43.... Kend 5%s 48 ww. . Kresge Found 65'36 Kreug & Toll 55'59. Laclede Gas b3 '34. Laclede 633 C'63. . Laclede 5%4s D '60. Lautaro Nit 65 '54. Leh Val cn 5= 2003. Lig & Myers 7s "44. Loew's 6 "41. Long Isl rf 4s'49.. Lorillard s 51. L &N uni Lyons 6s '34. Mil El Ry&Lt 5871 MStP&SSMen 4s'38 MStPSSM 5s gtd'3s MK&T4sB'62... MEK&T4%s"78. .. MK & T adj 58 °67. MK & Tex 5s A ‘62 Mo Pac gn 4s ‘7 Mo Pac rf 53 A '65. Mo Pac 5s F '77. Mo Pac 53 G '78. Mo Pac 5s 1 '80. Mo Pac 155’81 Mo Pac 535 A '49. Mont Pow 53 '43.. .. Mont Pwr 53 A '62. Mont Tr 1st rf 5s’41 Nassau Elec 4s 51 NYC3%s'97..... N Y Centdb 4s'34. N Y Cent 4s°98.... NYCrf4%s2013n N Y Cref5s2013.. N Y Cent db 63 '35. NYC& St L 4s'37.. NYC&StL 4125 5 YC&StL 1st 6s°32 N Y Edison 5s B'44 NYEdrf6ls 41, NY EL H&P 4549 Y O&W gn 45'55. NY O&W rf 45'92. NY St Ry 6145°62. . NY Telgn 43839 NY W&B 4%5°46.. Nia Sh Md 51, Nord 6145 '50 or & Wn cn ¢ 3 North Am Co 5s'61 Nor Am Ed 58 A '57 Nor Am Ed 5s C'69. N Ger Lloyd 63’47, NorOT & L 6s"47. Nor Pac gr 35 2047 Nor Pac 4397, Nor Pac 4%4s 204/ Nor Pacri6s2047. Nor St Pw 5s A "41. Norway 5s°63. Norway 5%s '6 Norway 6s43..... Norway 6s'52. Oreg-Wash 45°61.. Ortefit Dev 5125’58, Orfent Dev Pac GRE 58 42..... Pac T&T rf 5s'53.. Paramount 6s '47.. Param-Pub 5% 60. Paris-Or 5% 68 Penn4%sD'S1. Penncn4l%s Penn gn 435 Penn 4%s D Penn 4% 62 Penn gen € Penn 614536 Penn P&L 4% Pere M 1st 55 Peru €3°60. Phila Co §s Phila Elec 4s'71. Phila & Read Phillip Pet5% Pillsb F M 63 Poland 6s 40 Poland 7s *47 Port Gn El4%5'60 Porto Alegre 8s'61. Pos Tel &C 6s'53.. | Prague 7%s'52.... Prussia 65 '52. Prussia 63851, PubSv G 43%5°67.. PubSvG 4%s'70.., Pure Ol1 53 '37 Pure 011 5%s Queensland 7s *41.. Read gn 4% s A '97. Rem R 5% sA’4Tww Rhinelbe U 7s *46 . Rhine Ruhr 6s'53., Rhine West 63 '52.. Rhine We ’53.. Rhine W 6s 55 ww. Rhine West 75°50. ., Rio de Jan 85 ‘46 R Gr Do Sul 66 Rio Gr W clt 4s'49. RIAr& La%s'34 Rome 615" Reyal Dutch 5 St L&SF 4s A '50.. StL&SF4%s'T8. St L&SF 53 B'50 StLSW Ist4s’8 St L SW 1st 535! StP&KC SL 4%s'41 San A & A P 4s’43.. Sao Pau 7s 40 Sao Paulo 8s '5| Saxon P W 6%8'51. Saxon 7s'45. - Seabd A L 65 A "45, Serbs-Cr-S18s°62.. Shell Un Ofl 65°47. EYS o [ - o BeBneRoaboaentannBSwlraneana Nk araBunnkl aaa ® Shell Un O5s8'49ww 3 Shinyetsu 6145 ‘52, Sinc Ofl 6% s B3 Sime Of1 75 A '37. SineCrO5%s'38., SincPL6s'42..... Skelly Ofl 5155 °39., Soissons 6s '3 Sou Bell T&T 6s 41 SW Bell T 5s A '54. Sou Pac col 4s '49 Sou Pac 413368, Sou Pac 4%s'81. Sou P&OT 4%s A'T7 Seu Ry gn 4s '56. Sou Ry bs 94 Sou Ry gen 6: Sou Ry 6%s 56 Sou Ry M&O 4s StOil N J 55°46. ... StOIIN Y 4%s"51.. Sweden 5%s '54. Swiss5%s46..... Tex Corp cv 58 *44.. Tex & P 55 D '8! Third Av rf 43" Third Av adj 5s 60 ‘Teb P,NJ 6%s 2032 Tokio 5%s61.... Tokio El Lt On EIPSL ref UE&P 1st 5348 A’ Un Pac 1st 48°47. Un Pac 4s'68. Utd King 5%s 37 U 8 Rubber UnSt W63 Ud St W 6%s A'51. Upper Austria 15'¢5 e pnSara manSvalune bk B = Asso Eleg Ind & 1As50 G & 3 st A 75 Cities Bervice' 55 '50 1 Citles Service 3 66, 55 ‘43 3 Sery Pow 5125 '52 311, 3 Cleve Elec Tilu 55 '39 103 5 Comwih Ed 4'%s E '60 5ias '37 9 Dela El Pow 628 '59 2Det C Gas 6s A '47.. Dt C Gas 5s B '50.. 14 Dix GG 6128 A 37 ww 3East Ut Inv 55 A '54 12%a 6 Edis EI Boston 5s '33 101% 34Elec P & L 55 A 2030 19 Empire O&R 5'as '42 1 Fairbanks Mor 5s '42 10 Federal Wat 5las '54 1 Gatineau Pow s '41. 55 5 Gatineau Pw 6s B '41. 52/ 5Gen Mot Acc 55 ‘33 100% 2Gen Mot Acc 5s '35 96% 2 Gen Mot Acc 55 ‘36 2 Gen Wat Wk 65 B 44 23 Georgia Power 55 '67 15 Gillette § Raz 5s 40 94 5 Goeb B 6135 A '35 wi. ::332385828:3%88;.,,5 154 5 338 Ki 5 Lehigl 2 Lexington Util 55 '3 1Long Trland Lt 65 3La P & L 55 '57 1Memp P & L 55 A ‘48 2 Mid West UF 55 ‘34 cv f & E 4 1 2 T 65 44 Soth: 4 3 '35 3139 » 'z 6 Swif! 5 0 wi. . i “ 1 44,000 1008 10 s 5.0 9 Texas P & L 5s 56 117 71 Lt & 35752 40 40 9 P L s . e 2° a2 Y 2! k . 73 72 Pl A '46. 4 41 “Te 3 3 55 F 38 (3 30 A 47. 30 65 . 36% Bk 28 45 ki M 1 Ger Co n b (I 5 25 A 60 2 Pot Edis 4123 F '61 w1 & Gam 4125 '4 SE South Galif Ed 55 * 32 48% 2% 3 21% 2 aa 3 1 8 3 Hun I 8 un 2Isarco Hyd El 7s 6Ital Sup Pow 6s A 4 Mendoza_Pr Tiss '51 2Parana Brazil s '58 1 prussia Elec 8s '34. .. Rubr G Co 6as A '33 2 Saar Basin Con s '35 s s '49 k 5s 32 . FL sti 3 2 Bern Soc Was A 53 38% 3 ernf ww—With warrants. xw_Without werrants. New. Fi—Wen issued. e P OB PR S 5 = 883232888820 R8BNRENANREEY | U. 8. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co.) o if Bid. Qer. SRRt gy 100837 1007 $is Jome s Ju 35" May 35 June 01d Gold Sold to Government. July 18 (#).—In the past two mofififiulhz ‘women have sold $900,000 worth of old gold and jewelry to the Bank of Italy to augment the gold re- serve. In that period $300,000 in old gold coins has been exchanged. Sales. High. Low. Close. 2T 1 26 26 67 684 17% 20 83333335353 Urnxl;: = Utah oo Util Pw 68 ‘69 ww.. 28 Utll Pow 6%8°47.. Vanadium St 65’41, 38 Vienna 65 62...... 3 51 Va EI&Pwr %842 s Va Ry 1st 58 A '62.. Kt Wabash 1st b Walwrth6%s’ Warn Br Pio ¢533.. Warren Bros West El b6 ‘West Md ¢5 A 52, West Pac bi ‘West Union 58 '51. W Union 55 '60. West Un 63536 Westphalia WEOS% Wil & Co 1st Yokohama 6s°61... Xgstn S&T 58 ATS, | Am Comwlith Pw B. N. Y. CURB MARKET Received by Private Wire Stock and Sate— Dividend Rate. . Add 00. High. Low. Close. Alabam Pw pf (7). 508 54 64 ba% Allled Mills....... 2 3 3 3 Aluminum of Amer 7008 28 261 26% Alum Co. Am pf(3). 35 354 Alumn Goods(80c). 9 9 AlumnLtd cu pf(3) 23 Am Beverag: see AmCities P& LB. Am Cyanamid B... Am Dept Sto: .. Am & For Pw Am Gas & El (31).. Am Laup Mch 1.20. Am Maracaibo..... Am St PbSve A. Am Superpower. ... Am Sup'pwr 1st pf. Am Superpower pf. Arkansas NtGsA. Asso Gas & Electric AssoGEEADS% . Atlas Plywood. .... Blue Ridge........ Blue Ridge cv pf a3 Blumenthal (S).... Bulova Watch cv pt Burma, Ltd rets 4c. Carrier Corp. o 8 NS onNARNB~A® 8 Se = x S - O IR AN A S Comwith & Sou was Cons Gas Balt 3.60. Creole Petroleum. . Deere § Co. . De F Radio Doshler Die Cast Eastr G&F pf (6).. 258 El Bd & Share bé%. 43 Elec B & 8 pf (§) 2 ElecBd&Shptf (5) 1 Elec Pwr As(A)60c 2 Empire Dist El pf.. 508 Europ Elecdebrts. 1 Ford MotorCanA. 1 Ford Motor France. 1 4 2 1 GnE Ltret p363-5¢ 2 Gen G&Ecv pf Bh6 508 3% Gen Pub Service pf. 108 147 Georgla Pw pf (6)..25a 50 Geldman Sachs.... 3 13 g:l‘A:PPTTn-v 16%.10s 115 ‘ea pt (7) 40 3 @ulf Oll of Pll: . ..) 7 l;g.‘/: l;:.‘ l;g% Helena Rubinstein. %% Nudson Bay Min. .. 1% 1% Hygrade Food. .... 2% 2y INMP&Lpt(s).... 26! Amp Ofl of Can 60¢. 73 2"’:‘: ‘InsCoN Am (2)... 21% “21% Insurance Sec...., 1 " % Int Petrol (1). e 9% Int Utl] war new. - - - Italian Superpw A. ~ % 1@ Utility Equitie: Direct to The Star Office. Lack Sec (4)... 29% 28% 28% Lefcourt R pf ( Lone Star G (b6de) . Mid Sta Pat vic A. . Mining Corp of Can Moh Hud P 1st pt 7 508 Mountajn Prod80c i+ 3% NatBnd&Sh(1).. 1 18% Natl Fuel Gas (1).. 2 104 Natl Investor 2 1% Natl Pw&Lt pf (6) 2508 50 Natl Transit (1)... 1 6% Newberry JJ1.10. 1 10 New Eng Pw f (6) 1608 26% New Jersey Zinc2. 4 25 N Y Tel pf (63%)...25s 108 Niag Hud Pwr(n).. 4 8 Ntag Sh, Md B b5% Niplsi ©Ohto Copper S Pac G&EI 1st pt 1% Penroad Corp. ..... Penn W & Pw (3) Phil Morris Inc. ... Phoenix Secur Corp Pilot Radio Tube A Ploneer Gold (12¢). Pitney Bowes b4 %. Pitts Plate Gl (1).. Pratt&Lambert(1). Public Sve Nor I1l. Puget S P&L pf 5. Pure Oil pf (6). @ 8 5 St Regis Paper.... :‘ll Creek Prod (1 Bha Shenandoah Corp. . Singer Mfg Co (8). Stand Oil Ind (1).. Stand Of! of Ky 1.20 Swift & Co (1) Switt Intl (t4).... | Sylvan G M(t43%c). | Tob Prod Exp(10¢). | Tech Hughes (60c) | United Corp war... | United Founde: United G United Gas wa | United Gas pf (1) | Unit Lt&Pwr (A Unit Lt & Pwr pf. U S Foll Co B(30c). UtllP&Lt. Utll P&L pf ({ N =S 0010 i 1 09 8 00 01 5800 00 1m0 1 ot e 23 B 00k e e o S Util Equittes pf 5% Walgreen Co...... Wayne Pump. .. Wright Harg(t15c) qDlvidend rates in_doll rly or semi-annua nt. dividend. tPartly extra. SPIGs 4%% in stock a Payable in cash or stock. stock e Adjustment dividend. 9 in stocs. g Plus f% in stock. h Plus 1% in stock. jPlus 2% in stock. k Plus 107 in stock. m Plus 3% in stock n Plus 8% stock. pPaid last year—no regular rate. pay New York Cotton Spectal Dispatch to The Star. NEW YORK, July 18.—The heat wave shifted from the Eastern over to the Western section of the cotton belt over | yesterday, and prices eased off 10 to 14 points today, closing not far from T 108 de!;eu, the rted below 100 in most sections of the Southeast over thermometer was re| yesterday, while 110 degrees was re- ported Texas. BSpots were reduced 1509211“6 to 5.75. Markets at a Glance NEW YORK, July 18 (#)—Stocks easy; leaders sag on profit taking. Bonds steady; United States Treasuries buoyant. Curb irregular; changes nar- row. Foreign exchanges steady; sterling firm. Cotton lower; easy stock marke.; local selling. Sugar steady: trade buy- ing. Coffee higher; more favorable Brazilian news. CHIOCAGO, July 18 (;’).—Wheat barely steady; excellent weather all belts; no export interest. Corn easy; liquidation September and December; larger cour- try offerings. Cattle quiet and steady ]ta lower. Hogs very slow and mostly lower. CHICAGO STOCK MARKET By thoe Associsted Press. CHICAGO, July 18.—Following is the complete official list of transactions in | stoc today: Sales. STOCKS. 100 Bl‘iin-lle‘l 50 Bendix Av . PR R Cent TII s s on the Chicago Stock Exchange High. Low. Close. . iR oo, rrE o & 50 Cont_Chicago 50 Crane Co f4 e 30 Crane pf . 100 Great Lakes Aircraft Great Lakes Dredge. 50 Harnischfeger Corp (3 o] . RSl e = Bov <REBEEI8Y. G ares. 'BONDS. 4000 Chic Rys Ss 1927 ctfs. 44 Bond sales today, $4.000. “ u BALTIMORE STOCKS. BALTIMORE, July 18.— les. . Last sales. 76 Arundel Corporation . 8% 80 Black & Water w 120U 8 Fidelity & Gua - BONDS. 000 Marsland Electrle Rwy, 61 ited R & Elec 1st 5 ERE A Market Averages By the Assoclated Press. 2\ i EEEREzecte sad FusEiEe. Reichsbank Statement. BERLIN, July 18 (#).—The Reichs- bank statement as of July 15 shows the following changes in Reichsmarks: Goid and bullion decreased 52,028,000, reserve in foreign currencies decreased 1,322,- | 000, bills of exchange and checks de- creased 166,656,000, silver and other coins increased 37,920,000, notes on other banks increased 2,303,000, ad- vances increased 41,875.000, investments increased 7,000, other assets decreased 3,368,000, notes in circulation decreased | sed ' 63 , other lfa - c!eTa::dI 2,124,000 s al gold holdings, 754,109,000; coverage, 23.5 per cent; rate of ggcomlf 5 per cent. ¢ CHECK TOTAL GAINS. By the Associated Press. Chiecks cashed on individual bank ac- counts in leading cities of the Ped;il Reserve System showed a 16 per cent reduction during the week ended July 13, as ccmpared with the previous week. In'the table that follows total debits are shown for comparable periods, as re- ported by the Reserve Board: Week ended July 13..... $6,130,594,000 Previous week ... 7,290,125,000 Same week last year.... 10,154,315.000 . [Washington Stock Exchange SALES. Potomac Electric 515% pfd.—10 | 10at 10, 10 at 105, © s Anacoetia & Potomac R. R. 5s—$1,000 Washington Gas 55—$1,000 at 100%. Wash. Rwy. & Elec. pfd.—6 at 79, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel & Tel. 413 . Am. Tel. & Tel ctl. tr. 5s. Anacostia ‘& Pot. R. R. 3s.... Anacostia & Pot. Guar. 3s... & P/Tel. of Va. 5s 2 Capital Traction R. R. 3 City & Suburban R. R. 5s. Georgetown Gas st 5s Potomac Elec. Cons. 57 Potomac Elec. 6s 1953 Wash., Alex. & Mt Ver. ctf Washington Gas _4%as Washington Gas 5s 6s. series B & Elec. 4s. Bid. Asked 100 T STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9)........... Capital Traction’ Co. Wash. Gas Light Co. (18) Norfolk & Wash. Stmbt. ( Pot. Elec. Power 67 pf Pot. Elec. Power 5i3% pfd. Wash. Rwy. & Elec. com. (7 Wash. Rwy. & Elec. pfd The Tfollowing figures merely represent minimum prices fixed by the Washington Stock Exchange. NATIONAL BANK. Capital (14).. : Columbla (12) ... Commerctal ‘(stamped) (6} District (6) . Min. price. S5 Secol Washington TRUST COMPAN mer. Sec. & Tr. Co. (15) atl. ‘Sav. & N Tr. (12§) P & m. Co. com. sioa Aorotybe (8 stos Monotype (6) . Mer. Tr. & Stge. com. Mer. Tr. & Stee. pfd. Mergenthaler Linotype Natl. Mtge. v. ptd. g Store pfd. Est. M. . _pld. Becurity 'Storage (54). Ter. Ret. & Wh. i ®" §1% extra. elia% extra. ‘Westinghouse Report. NEW YORK, July 18 (#).—The West- inghouse Electric & Manufacturing Co. reported a loss of $1,881,979 for the three months ended June 30, compared with a loss of $1,320,148 for the March 31 gnmr and net income of $926,604, or cents a common share for the 5 Changes in Leading Issues + | shares on the big board. .| the June average of activity, the maga- TRADIG O CURB TURNSIRECULAR [ Are Confined to Fractions. | Utilities Featured. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, July 18.—Public util- ities featured today's quiet and irreg-| ular session on the Curb Exchange. Electric Bond & Share common | around midday was up a small fraction | % | as the 6 per cent preferred rose more than a point. American Gas & Elec- tric and American Superpower were virtually unchanged and Niagara-Hud- | son Power new was steady. Cities Serv- | ice was off a shade. | Public utilities, which form the bulk of issues on the Curb, virtually ignored | the Federal Power Commission’s ommendations to Congress for rigid ! control of all holding units and direct supervision of security flotations to pro- tect investors. These stocks did mot | ‘heed, either, the Alabama Public Serv- ice Commission’s stoppage of common ! dividends on holding company units, | pending an investigation, and the sim- ilar move made by the Wisconsin Util- | ity Commission. | Traders, however, were encouraged by | the annduncement by the chairman of | 1 the New York Public Service Commis- sion that the State body would con- tinue its policy of seeking voluntary rate reductions rather than aggressive | legal action. Today's signing of the | treaty between Canada and the United ! States over the St. Lawrence seaway, | with all that such a project means | the international development of pow was regarded as highly constructive by utility banke ets. | +{ _National Bower & Light preferred. 7, | New England Power & Light preferred and Utilities Power & Light preferred | were strong. Mohawk Hudson Power | first preferred was active but un- | changed. General Public Service pre- ferred firmed. New York Telephone preferred was up 1!, points. ‘Teck Hughes and Pioneer Gold joined the upswing of Canadian gold mining 1 In the cop- pers, too, it was the Dominion shares, notably Newmont Mining and Hudson | Bay, that attracted the best bidding. Aluminum Co. of America common and | preferred were in demand. | Swift & Co. and Swift International | | eased, but Great Atlantic & Pacific Tea | braced. In the motors, Ford Motor of | France and Ford Motor Ltd. made the | | best showing, while Ford Motor of Canada was inactive. ‘ Insurance Co. of North America rose almost a point, thus belatedly recogniz- | ing the appreciation of some of its most | important security holdings. Activity !of Imperial Oil and International Petroleum featured the Standard Oils. | National Transit was the only active | pipe line share. | New Jersey Zinc, after holding around 24 throughout the forenoon, suddenly spurted almost a point. Car- | rier Engineering, which recently at- | tracted atten on because of its pioneer- |ing efforts in the air conditioning in- | dustry. was sought again tocay. Gen- | | eral Electric Ltd. was the cutstanding | issue in the dull overseas group. { 'STEEL TRADE SEES | IMPRGVED PROSPECT{‘ {Small Stocks Now in Hands of | Consunters Give Promise of Better Buying. By the Associated Press. pending on “more hope than proof,” CLEVELAND, July 18.—Although de- | Quarterly. Partial payment plan if desired, See Guil Bar] National 6125 1103 Vermont Ave. N.W. First Mortgage Loans Lowest Rates of Interest and Commission | Thomas J. Fisher & Company, Inc. FIRST MORTGAGE 6% NOTES Secured on homes in pre- ferred northwvest residential sections. Every wmortgage protected by fire insurance and title guaranteed by ye- sponsible title companies. Conservative Appraisals Insur- ing Absolute Safety NOTES FOR $2"5.0 UPWARD + BOSS & PHELPS Loan Correspondent for John Hancock Mutual Life Insurance Co. Itors MITK St. National 9300 The Ideal Investment Guaranty FIRST MORTGAGE SECURITIES Yielding 6% These conservatively appraised uctuating investments are secured cn income - producing properties right here in the NA- TION'S Capital. nations as low as $100 Monthly Payments if_Desired Zend for Booklet, “The Success Plan”R REALESTATE MORTGAGE & GO CORPORATION Denos 1610 K jonal 1408 \ On Account of Present Economic Conditions $5,000.00 Will Now Buy One-Third Interest in Exclusive "Washington Franchise be $30.000.00 per annam. with morm increase steel producers believe they are ap- proaching a turn for the better after experiencing the lowest level of opera- tions in modern times during July, says Steel in its weekly trade revie | The magazine points out that con- | |sumers next month will be “more | | nearly stripped of supplies than at any time in recent history: that July was the lowest month of the 1921 depres- | sion,” and that “after Labor day some | quickening is regarded as inevitable, if for no other reason than a new harvest will be coming in and farmers will glean a new money crop.” Production rose 4 points last week to a rate of 15 to 16 per cent, regaining zine says. This was due more to an accumulation of orders resulting from prolongation of the July 4 holiday than to agy improvement in underlying de- | mand. Grain Market By the Associatedl Press. CHICAGO, July 18.—With the move- ment of the new domestic Winter wheat crop in progress and a lack both of export and speculative demand, wheat wavered irresolutely today around bottom price records. Fluctuations kept within fractional limits, and the volume of trading was unusually meager. Chicago crop ob- servers near Regina, Saskatchewan, re- ported 6,000,000 acres of Canadian Spring wheat deteriorating as a result i of hot, dry weather and dearth of sub- soil moisture. After ec‘ualtng the all-time bottom record, 44!5 cents for July contracts, wheat closed irregular, at 13 decline t 13 advance, compared with Saturday' finish, corn, 12a3; down; oat, % off, and provisions unchanged to a setback of 7 cents. 'WHEAT— July (old)... July (new).. { September (old) September (new) . 630 50-14 31 31%-32 317-32 July . September " December December Bank Depositors Inctease. NEW YORK, July 18 (#).—Mutual savings banks of New York State gained 52,697 depositors and $23,385,550 in deposits during the first half of the year, the Savings Bank Association of the State of New York announced. During June the excess of withdrawals over deposits was $8,021,221. REAL ESTATE NOTES Yielding 6% Interest Tyler and Rutherford, Inc. First trust notes well secured on de- tached rn_residences for sale a ued interest. " St. NNW. NA. 0475 7th snd Indiana Ave. N.W. LOANS On Improved District of Co- lumbia Real Estate Security 68th Series of stock now open for subscription James E. Connelly, James F. Shea.™ President Secretary ': REGULARITY N SAVINGS MEANS SUCCESS Probably the one great point of difference between su cessful savers and those who save only with difficulty is that of REGULARITY. Even a small sum, degosited reqularly at the National Permanent will grow rapid- ly. Start your account today Open Daily, 9 to § Saturdays Until Noon WKTIONg, PERMANENT BUILDING ASSOCIATION \04.0‘9109-9#: ST. NW ' 4 R g, Ll Uetayision Y OLDEST NATIONAL BANK in the District of Columbia A Point of Importance —to the creator of a Voluntary or Testa- mentary Trust is the choice of a Trustee. 1 Individuals appoint- ed to act under Trusts and Wills get sick, want vacations, be- come incapacitated— die. {[Corporate Trustees, such as this bnnk. are always “on the job" e e ofler 'he SECURITY OF PER- PETUAL LIFE. Have You Made Your Will? National etropolitan BANK Fifteenth Street Opposite U. S. Treasury OVER 118 YEARS OLD