Evening Star Newspaper, September 17, 1932, Page 13

FINANCIAL. BONDS ARE STEADY || BOND AT SHORT SESSION Speculative Rail Group Con- tinues Advance and Prime- Issues Are Firm. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, September 17.—Bonds were firm in quiet trading today. A | slight degree of irregularity in junior industrials and utility bonds was off- set by further advances in sp>culative | rails. High-grade corporation issues were firm, while United States Gov- | ernment_long-term bonds advanced to new high prices for the year. The strength in United States Gov- ernment bonds this week was accom- panied by an easing in money rates. Counter money at 1 per cent corre- sponded to_ quotations of 90-day time loans at 1'g to 1!4 per cent. This again brings up the question whether the New York Federal Reserve Bank's ( Tediscount rate, now obviously out of line at ?1; mer cent, will aga! be cut. It could be reauced to the 1', per cent rate in effect a year ago without caus- ing an undue outflow of foreign bal- ances, as money in London and Paris is lower than it is here. High-grade corporation bonds were traded near their best prices of the year. Detroit Edison 5s, which ma- ture January 1, were quoted around 101. The company is considering an issue of $15,000,00) of 25-year 5s, to be marketed about 98. Although it must | be sold before the end of the year in order to meet the $10,000,000 year-end | maturity and provide funds for other | corporate purposes, the bankers are re- ported to be waiting for a better market. Municipals continued strong. Only $8,000.000 in new municipal loans will be offered next week, against the weekly average of 1932 of a little over $19,000,000. The scarcity of good municipals as a result of this diminish- ing stream of new offerings is evi- denced by the fact that New York State 4s are again selling at prices to yield 3.25 per cent—a price higher than most "United States Treasury nds. ‘The continued advance of second and third grade railroad bonds reflected the rise of rail stocks Friday ag2inst the trend of the market. Gains of 1 to 2 points occurred in Baltimore & ©Ohio convertible 4!:s, St. Paul 5s and adjustments, Chicago & Northwestern 4%s. Rock Island 5s. Nickel Plate 6s. Soquthern Railway 4s and Southern Railway 6!:s. Prime rails were firm. Industrials and utilities were irregular, German issues dropped about a goint. reflecting continental selling that ad its origin in Paris following Ger- many's withdrawal from the Disarma- ment Conference. The move was not carried very far, however. The French bond conversion operation, expected to be approved over the week end, was not calculated to_unsettle French dol- lar credits. The 7s and 7125 were both firm today. Japanese bonds were off slightly. LOSS IN DIVIDENDS PUT AT 2 BILLIONS|¢ Drop of 60 Per Cent in Payments, of 600 Corporations Noted. BSpecial Dispatch to The Star. NEW YORK, September 17.—Since | the high rate was established in March, 1930, there has been a drop of 60 per cent in the dividend rate per share on 600 issues of corporations. banks and insurance companies on which Moody’s Investors Service base its figures. From a rate of $3.06 a share on this | Mst in 1930, there has been a decline | of $1.25 a share. are expected to be reduced or omitted later this year, and few are likely to be resumed, it is probable that the rate per share will go still lower before the pick-up in business starts it along the Toad of recovery. The extent to which dividends on listed stocks have been suspended en- tirely may be realized from a review of the New York Stock Exchange record for last week, in which over 1,000 in- dividual issues were quoted and of which fewer than 400 paid dividends. In addition, there are scores of stocks whose dividends have been materially reduced and are now at nominal rates ,compared with those paid three years ago. gThe dividend reduction movement did not start until six months after the break in the stock market began to unsettle general business in the Au- tumn of 1929. It did not gain much headway during 1930. when the divi- dend rate per share declined only from $3.06 to $2.73. In 1931. however, there ‘was a drop from $2.73 to $1.96, or about 30 fer cent, and this year a decline from $1.96 to $1.25 a share. However, it has slowed up perceptibly in the last three months. The aggregate of dividend reductions during the depression has been esti- mated as high as $2.000,000,000, cover- ing securities that have either a listed market or are dealt in over the counter. In the eight months to August 31 this year, dividend payments were sl.OfiB.-‘ 000,000 less than in the same period in 1931. Dividends in 1931 were also much below those for 1930. Defaults in interest payments have been rela- tively small compared with dividend losses. The most considerable de- creases are those on South American dollar bonds and on the issues of several large domestic public utility holding companies. (Copyright, 1932.) New York Cotton Special Dispatch to The Star NEW YORK, September 17.—In the heaviest Saturday trading in several As other dividends | ¢ Lib 33%s 32-47 Lib 1st 4453 Lib 4th 4745 33-3 U S 3s 51-55. U S3ths46-49. US3%sM41-43. US3% 46-56 US 4s 44-54. Abitibl P&P 53 '53. Alleghany Cp 544. Alleghany bs '50. .. Allis-Chalm 5s '37. Am Beet Sug 6s '35 Am F P55 2030.... Am 1GCh 5549, Am Metal 5158°34. Am Sm&Ref 5847, Am Sug Ref 6s'37. Am T&T 414539 Am T&T deb 63 Am T&T deb 55 '65 AmT&T 5%s'43.. Am Wat Wks 55'34 Am Wat Wks 6 Am Wr Pap 68 '47.. Argentine 58 '45. Argentine 5148 '62. Argent 65 '61 May. Argentine 63 '59 Ju Argentine 65’59 Oc Argentine 6s A '57. Argentine 6s B '58. Arin & Co 4%s'39. Arm Del 5158’43 .. Atchison gn 4s Atchison 4%s'48 AtIC L 1st 4852 AtICLclds'52. Atl Ref db 5837 Australia 435756 . Australia 5s'55. Australia 58 '57. Austrian 7s'43 Austrian 7s '57 B&O 1st 48 B&O 448’33, B&O4%s"60.., & O 1st 5848 & Oref5s'95 . & Orf5sD2000. B&Orf6sC'95... B & O P&WV 45’41 B & O Swdv 5s'50 Batav Pet 4%s Belgium 6s '55. Belgium 6148 "4 Belgium 7 LITTEN Belgium 7s *56. Berlin Cy El 6s Berlin C E1 614w'51. Berlin CEl 6145'59. Ber mun ex 6%4s 50 Beth Stl pm 5s '3¢. Beth St rf 5s 42 Bolivia 58 Bolivia 75 '69 Bolivia 8s 47 Bos & M, Brazil B B B Bklyn Ed 5s A *49 Bklyn Man 6s A "6 Bklyn Un Gas 55'50 Bklyn U Gas 55 '57. Buenos A R 65 61 B R & Pitts 4148’57 Bush Ter con 55'55 Calif Packing 5540 Canada 45 '60. Canada 4%s'36 Canada 55 5 Can Fac db 4s. Can Pac 41s'60. Can Pac 5s'44 ctfs Can Pac 5s '54. Car Clin & O 6s Cent Pac 1st 4549, Cent Pac 58 '60. Cert-tddb5% C&Ogen4ls CB&Q I1dv 3%s'4 Chi & Est 111 5s'51. C M & StP gn 4s'89. C M StP&P 55°7 CM & St Padj 5s Chi RI&P rf 45 '34. ChiR14%s'60 CTH&SE in 58" Chi Un St 5544 Chi Un Sta 5s B'63. Chi Un Sta 614563 C& W Ind cn 4s'52. C& W Ind 5%s 62 Childs deb 55 43... Chile 6360. . Chile 6561 Jan..... Chl Mtz Bk 6%5°61 Cin Un Trm 5s 2020 CCC&St L 414 SE 'T1 Clev Term 41577, Clev Term 5s B'73. Cologne 65 '50. Colomb 6s *61 Oc: Colomb 65 61 Ja Colon Ofl 63’38 Colo & Sou 4138 Col Gas&El 55 '61.. Con G NY 4%s°51. Con G NY 53845, Consum Pow bs '52 Copenhag 414553 Cuba R R 1st 53’52 Cuba Nor 5%48'42.. De: D&RG W 65’55 D&RG W5s'78 Det Ed 4%s D '61.. Det Edison rf 55'49 Dodge Bros 6s°40. Dugquesne 43867 Dutch East I 6547 Dutch East I 65°62. Erle gen 4s°96. Erie ret 5. Erle ref 5 Finland 5%s '58. Finland 633 5. Fisk Rub 85"41.... Fram Ind 7%s'42., French Gov 7s '4 French Gv 7%s'41. Gelsenk’hen 65°34.. Gen Cable b%s ‘47, Gen Motors 6s'37.. Ger Cent Bk 6838 Ger Cen Bk 63 '60 J Ger Cen Bk 6s 60 rl) Years, cotton prices broke sharply today | Ger Gen Elec 6 32 to 3¢ and July with Oc- and ended with a loss of ints. Al deliveries except May s0ld below the 7-cent figure, tober touching 6.65. Prices closed at the bottom, about $14 a bale below re- cent high levels. Spots were reduced 25 points to 6.80. Cotton range: Qotober . December January . | Baltimore to Sell Bonds. . BALTIMORE, September 17 (Special). ~—Bids have been asked by the City of ‘Baltimore for $3.879.000 of securities, consisting of $2,963,000 of serial bonds and $916,000 of registered stock, to be awarded September 29. will bear 4 per cent interest and ma- ture serially from 1936 to 1964. The last long-term financing undertaken by the city was in January, when $4,200,- 000 of 4 per cent bonds were marketed. Ger Gov 53865 German Rep 7s Goodrich 68 ‘45 Goodyr Rub 58'57. . Grand Trunk 6s'36 | Grand Trunk 75’40, | Grt Nor 4%4s E 77 Grt Nor gn 78 '36 Greek 63°68. Hav Elec 5%s'51... 111 Bell Tell 55 °56. 111 Cent ct tr 4s '52. 111 Cent 4%5°66. 11 CCStL&N 4%s. 111 CCStL&N 5sA. . 111 Steel db 4%s Inland St 4%s Inland St 43s B'81 Int Rap Tr rf 5s ‘66 Int Rap Tr 6s°32.. Int Rap Tr 7s '32.. Int & G N ad 6s°52, Int Match 5s'41... Int Match 53 "47 Int Mer Mar 65 Int Pap 65 '55 IntRy CAbs'12 97 9810 986 100 21 100 20 100 21 10216 102 15 102 16 .. 10421 10418 104 21 US4%s47-52.... 10812 1088 10812 Sales. High. Low Close 5 2 Rupanan~eSe 1 16 27 12 1 1 1 16 3 a 14 6 6 31 7 aSavunaslin asigeaase 12 245 3018 991y 10114 106 Low 0112 101 12 7 10216 10213 10216 $ 10312 10310 10311 UNITED STATES. Sales are in $1.000.) High g! 10112 1 Close 30 9631 98 10 2414 3013 100% 10515 6 1057 10515 PR [EH DawluBarlasSs 2 2 5 [ [P T QUPIOPIPRA TR 12 16 19 5 1 4 14 21 61 2 104% 1 1 35 8 1 5 The securities | Int Hydro El 6s'44. 14 2 8 hould the improvement continue in|[Int Tel&T 4%s'39. 57 fhe State and pr‘l.mmclpll market, the |IntT& T 4%s'62.. 12 city should receive a good price for the issues. The funds sought will be used for sewer, water and school purposes. Chile Eats Cheaply. TALCO, Chile (#)—Reduced business Int T & T 6s'55.... Italy 7s'51 Italy Pub 7 Japanese 5148°65. . Japanese 6%s '54. Kan C F S&M 4 22 10 5 6 31 791 91 88 85% 10214 110 6914 82 37 9% R 12% 9B 54 T4% /1% 41 3814 384 52 8214 R4y 957% 10515 10415 2% 32y 291 5% 9414 1008 82 86 101% 100 99% 50% 33 331 638 67% 50 102% 116 1231 5214 61 102% 36 791, 907y 861 8515 10215 110 6914 82 37 8% 8% 1214 984 54 4% 81% 41 3814 38 52 824 R41, 9! 10. 104 2% 32 29 4% 8714 941 00s; a1x /514 101 100 99% 5014 33 32% 621 6% 50 100% 116 122% 5214 61 1021 5014 4674 1 123% 52% 61 1021 4% 04% 58 48 % 100% 81 82 46 1€ 59% a 48% 8% 8 48 20% 40 40% 35 95% 9% 52% 64 51 G STAR,- WASHINGTON, D. C, SATURDAY, SEPTEMBER 17, 1939 i | | S on . . stock excrianct | |BARTER IS URGED Received by Private Wire Direct te The Star Offiee. Sales. High. l Krevg & Toll 58'69. 12 20% Lautaro Nit | Leh Val cn 4s 2003, 501 McKes & R5%8'50. Manhat Ry cn 4s" Market St7s A "40, Midvate Stl 55 ‘36 Milan 635 ‘52 Mil E Ry&L b MSP&SSM cn 4s ‘38 MSP&SSM 5148 '49 MK &T 1st 4590, MK&T4%s'18 MK&TSsA Mo Pac gn 4s Mo Pac rf 55 A ‘65, Mo Pac 58 F 17, Mo Pac 58 G * Mo Pac 5 H '80 Mo Pac5s1'#1.... Mo Pac 58 A 49, Mobile-Ohio 6s ‘38, Crf4152013n Crf5s2018.., Cent db 6s°35. N N X Y Y L 1st 65 ‘3211 N Y Edison 58 C '51 NYEdrf6%s'41. NY EL H&P 4s'49. L H&D 53 '48. NH&H clt 65'40 NH&H 6s Nia Sh Md 5%s'5 Nor & Wn cn 4s "9 R I I LT NEA LIS PR P Nor Pac 48'97...., or Pac 55 D 2047, Nor Pacr 1 63 2047, Jor St Pw 58 A "41. Norway 5 '63 Norway 514 '65... orway 6s 43 Norway 63 '44 Norway 6s '52 Ore Sh L b gtd *48. Oregz-Wash 48 ‘61 Orlent Dev 63 '53.". Param-Pub 5%s 50 Parls Or 5%s ‘68 Pathe Exch 7s " Penn gn 4135 '65. Penn 4%s D Penn s '64. Penn gen 55 '68 Penn P&L 4% Peop G: ref 5547 Pere M 1st 45 ‘56 .. Pere Marq 45 80 Pere M 1st §s'56. Peru 6560, Peru 6s°61. Phila Co 58°67. .. Phila Elec 4s Phila & Read 68749 Philippine R 4537, Phillip Pet 5%s ‘39 3. e ® : 1 6 8214 0014 T84 T9% R4y 2 BroerBrwnn » malvanocnassailoavsmans 2 Prussia 635 ‘61 Queensland 6s'47.. Read Co 4148 A *97. Rem R 5% sA4Tww Rhine Rhine : Rhine West 6353 Rhine W 65 '55. Rio de Jan 615 '53. Rome 6135 '52 Royal Dutch 4 St L&SF 45 A'5 StL&SF4%s"T St L&SF 55 B '50... Sao Pau 7s '40. Sao Paulo 8s '50. | Saxon P W 6134 Saxon 7s ‘45 Seab A L adj z Sea All Fla 6sA '35, Shell U Of1 5s°47.. Shell UO 5s'49ww. Sinc Oil 6145 B '38. Sinc Ofl T3 A "37. Sinc Cr O 5%s'38 Sinc PL58’42..... Skelly Of1 5% '39. SW Bell T 55 A '54. Sou Pac rf 4s'55. .. Sou P 43569 ww. Sou Pac 4%3°81 Sou P&Or 4% w Sou Ry gn 4s A'56.. Sou Ry 5594 Sou Ry gn 6 Sou Ry 6 StOIIN J55°46. ... StOfIN Y 4%s°51. Sweden 5148 '54. Swiss5%5"46. Tenn E1 P 65 A 4T, Tex Corp cv 55 °44.. Tex & P 58 D80, ‘Tob P NJ 6158 2022 Toklo El Lt 63°53.. Un EIPSL ref 5533 UE&P 15t 0% 8 A’54 Un Pac 1st 48 '47. Un Pac rf 45 2008 Unit Drug 58 '63. Utd King 5%8°'37 U S Rubber 5847, "Un St W 6148 A'47. UnSt W 6%s A'51. Uruguay 6s'60.. Utah P& L 58 '44 Util Pw 55’59 ww. Util Pow 5% 8 47 Va Ry 1st 55 A '62.. Wabash 5s B'76.... Wabash 5s D '80. Wabash 5%s'75. .. Walworth 65 A "45, Warn Br Pic 65'39., Warn Quin 6s°39 Warren Bros 6s'4 West El db 55 "44 West Md 1st 45 '52. West Md 6% 17 West Pac 55 A’ West Union 5. West Union 5 Westphalia 6s'53.. WiI-0 18t 6%48°33. . Wis CentTm 4 °36. Yokohama 6s °61. . Ygstn S&T 58 A'TS. 2 aRANHRRREERN NS 0 [ A nrn RRRed BANDDOORRB= - E MO AR RRANND o @ NE 6% FREIGHT TRAFFIC DROPS SHARPLY IN 7 MONTHS By the Associated Press. Freight traffic handled by the class 1 railroads of the country in the first seven months of 1932 was an- nounced by the Bureau of Railway Eco- nomics as totaling 147,002,378,000 net ton miles. The bureau maintained by the car- riers' said this was 28.2 per cent under the corresponding period in 1931, and 40.7 per cent under the first seven months of 1930. [ Finance Company Dividend. BALTIMORE, September 17 (Spe- cial) —The board of directors of the Manufacturers’ Finance Co. has de- clared the regular quarterly dividend of 1% per cent on the company’s 7 per | cent first preferred stock, payable g:g- tember 30 to holders of record tember 13. —_————— FEDERAL RESERVE RATIO. By the Associated Press. The ratio of total reserves of the 12 Pederal Reserve Banks to deposit and note liabilities combined continued to show a rising tendency during the week ended September 14. In the table ican Manufacturers’ Export Association | utilizing the services of Soviet engineers * | poration, representatives of Russia in { oMcials. l NEW YORK, September 17 (Special). FORSOVET TRADE Manufacturers’ Export As- sociation to Consider New Credit Plan. Special Dispatch to The Star. NEW YORK, September 17.—A modi- fled barter plan, to revive trade between the United States and the Soviet, will be laid before members of the Amer- here next week. This proposal follows a drop in Soviet-American trade from | $103,000,000 in 1931 to $35,000.000 thus far this year, resulting from difficulties in_arranging’ credit terms. Under the proposal Soviet goods, non- competitive with American products, would be warehoused here under Amer- ican control and certificates would be issued against such stored goods up to 60 ger cent of the value of purchases made in this country by the Soviet. Discount Privilege. American manufacturers _accepting such certificates would be able to dis- count them at their local banks, Fur- thermore, insurance companies would insure 15 to 20 per cent of the value of all orders. In the past American man- ufacturers doing business with Russia have had to discount Soviet paper at rates as high as 30 per cent, because American banking institutions refused | to handle or discount such paper pend- ing the resumption of diplomatic rela- tions between the United States and Russia. The manufacturer in this country, with his Russian orders covered from | 75 to 80 per cent of their face value by security acceptable to American banks, could accert the risk of 20 to 25 per | cent, waiting for such payments from 15 to 30 months, as the Russian cred- itors might ask. Where such warehouses would be lo- cated has not yet been decided, but Americans and Russians interested in the plan have received offers of the free use of land in Baltimore, the use of former Government warehouses now owned by the city of Charleston, S. C., and concessions from other seaboard ports. When Moscow advises how officials there react to the plan, an independent producers’ group, formed and operated solely under American leadership, but and interpreters, may be set up. Organizations that have discussed the possikilities of this modificd barter plan include the American-Russian Cham- ber of Commerce, the Amtorg Trading Corporation, the American Foreign Credit Underwriters' Association and the American Manufacturers' Export Association. Signs of Progress. Paul F. Drachuk, vice president and treasurer of the Amtorg Trading Cor- | this country, now is on his way to Moscow to lay proposals before Soviet As importers and exporters discussed this Soviet-American proposal and noted increased inquiries from various parts of the world, manufacturers and Jjobbers whose _ industrial outlook i largely confined to American borders noted further signs of domesti progress. Buyers arriving in this market during the week ended Tuesday numbered | 1,300, the highest for any week since the first seven-day period in February, 1930. The New York Furniture Ex- change reported its activity at the highest rate since 1929. Southern mills notified their agents here of Tderwear price advances ranging from 1212 to 25 cents a dozen. Local mills advanced most of their silk fabric | prices 10 to 15 per cent. Towel mills reported bookings through October. Activity in the men's clothing trade has broadened in the last two days, throwing additional emphasis on the meeting late Tuesday of 50 leading executives of that business. They voted to form an association representing all branches of the trade and discussed a seven-point program, which included the naming of a czar, approval of an advertising campaign featuring men'’s styles and fashions, and unified at- tempts to promote quality merchandise. (Copyright, 1932.) BROKERS EXPECT STOCK RECOVERY TO BE SLOW Special Dispatch to The Star. NEW YORK, September 17.—In the opinion of many brokers it will take some time for the market to recover from the shock it has had during the past week. Its inability to resist bad news has made buyers of stocks cau- tious, 5o they are not likely to be again tempted into a speculation founded on rumors and not on facts. The impression prevails that there will be a period of some weeks of ir- regular movements, with a great deal of churning of active shares, not much change in daily averages and a smaller volume of trading. From now on the political factor will be an important one; also the trend of legislation in the next Congress, it is said. Bankers are already beginning to express fears of an_ agitation in Congress for the same kind of measures that unsettled confidence during the Winter and Spring. “New Highs.” —On September 8 over 20 per cent of all of the stock dealt in that day sold at new high prices for the year. Since then there has been a steady tapering off in highs, until on Thursday only one stock reached the best figure of the year. CHICAGO STOCK MARKET CHICAGO, September 17 (#)—Fol- lowing is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales. 10 Am 1700 Bex 28 Bots: Warnér 00 Brach & Sons . High. Lo. Close. 33 130 1% BBy acEorE888 FiFR BF SEE BT ¥ CURB [SSUES DROP AS MARKET CLOSES Utilities and Oils Featured in Lower Drift of Quota- tions. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, September 17.—After opening higher, stocks on the Curb Ex- change fractionally receded today. Trading, however, was in small volume. Electric Bond & Share canceled more than its initial advances. Ameri- can Superpower erased its early rise, as did_several other active utilities. Cities Service trended lower from the outset. Standard Oil of Indiana backed and filled. Week end trade reports emphasized further improvement in many lines of trade. The more lenient attitude to- ward shorts, as shown by the with- drawal of daily reports on the in-and- out positions of such traders, was re- garded as unimportant. Middlewest Utilities common rose a shade as receivers announced a plan to obtain a nominal management fee from subsidiaries to care for the over- hgad of the central office in Chicago, where, after drastic reductions, ex- penses now approximate $350,000 an- nually. Such a charge, it was pointed out, would amount to less than 1 per cent on the gross of subsidiaries’ earn- ings. The uncertain movement of ofl shares in recent sessions reflects the trade belief that the present gasoline price structure s threatened. Although earn- ing statements of oil corporations con- tinue favorable, the most important interests in the industry are not now active marketwise. Ford Motors, Ltd., and Stutz Motors were active. From that business word comes of projected new models and in- creased production. A fractional rise in Lakey Foundry was typical of that group. Crocker-Wheeler Electrical mov- ed widely. Steadiness of American Cyanamid B was attributed to reports that operations showed a slight profit in the first eight months. Dominion Textile, Ltd., did not respond at once to its announcements of increased un- filled orders and a rise in operations to 65 per cent of capacity. Celanese Corporation_ preferred featured textiles as it opened up 5 points. Emerson’s Bromo Seltzer, Inc., for the six months ended June 30 reported net of §1 on combined class A and B shares, against $1 on common shares in the same period of 1931. BONDS ON THE CURB g5, DOMESTIC BONDS s. High. Low. Close. ma Pow 55 '36. 90 90 inum Co 55 '52 i 40 28 1Al 2 Alum: 1 Aluminum Ltd s Cmwih Pw 6s ' G & E 55 20: 3 Amer S2une o5 38 1 ABiiac Gases B 245 1Arkans P & L 55 '56 8 Asso Elec Ind 4'2s '53 Ao Gl B gm0 g 2 4 Asso T&T, 1Asso Tel Util 6s '3 3Bell Tel Can 55 A /58 5 Bell Tel Can 55 B * 2 Boston Con G 55 3Can NatRE is E 1Carclina P & L 5s 1Cent Ariz L&P 55 3Cent Il PS 4as F 1Cent Pow & Lt 55 '36 22 Gent Pub Ser 51as 5 Cent State Elec 55 ' 42 Cent St Elec 5'35 '54 3Chi Dis El 4'25 '70 A 5Chi Dis Elec 533 '35 5125 A 4 2030 1Empire Dist EI 55 52 SEmpire O&R 5'2s '42 49 1reaeral Wat 5'ss '54 3 Firesione C M 5s '48 TS 3 Firestone Tire 53’42 1 14 Fisk T 25 Florida P & L 5s ‘3¢, 8 Indnap s A '3 18 Insull Utilit 6s B 140 1Intern Sec Am 3 '47 31 Intersta_Power, 3s ' 1Inves Co 53 A 47 3 Iowa-Neb : I1owa Pub Se 5 Jers C P&L 4 1Jer Cen P&L 3s B 47 3 Kansas Pow 85 A '47 80 1Ken Utilit 1st S5 '69 7Koppers G & C 85 '47 3 Kresge 5s '45 cf dep 85 Lehigh P S 6s_2026 55 55 '57. 99 L 6s A 2026 5s '18..... 20 5. 22.. 94 1New Orleans 4las ’ 3No Con Ut 5128 A '48 1 No Ohio P&L 5'5s '51 12 Nor Stat Pow 4125 '61 5Ohio Edison 58 '60.. S2433:88 ESRRR BEEE WS Tt b3t G O D D300 1320009 3 R0 R Sa Sh 8 2338333052 + a 8h Shaw o ettt B outh Calif EQ 5538 SRR BSaESS [ FESRE e &5 5R83588NsgLEsIrezasy A EE s, & PRt R CRTCEEC R P PT PR 333 [ FECEEL NbER TSR ER gad: 3 H P PR R e 332 335 50 38, 2R8X323885E: REPo b A bt 81 POREIGN BONDS. Tias ‘47 Ao oA 181 Bk Co 6s B :a # 28% 3 2 SRR & ] 25 gagss xw K] 6] R ki 883858 3 WREER sguseassunasys 9 yonom- Tt et susn G s2zsssuaRLY o e e 2! FINANCIAL, N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. Stock and Sale— . Dividend Rate. Add 00. High. Allled Mills....... 3 4% Aluminum of Amer 6508 60% Am Austin Car. 1 - Am Beverage. .... AmCitlesP& L B. u‘m Close. 55% » Am Founders. . Am Gas & El (31) Arkansas Nat G Arkansas Nt Gs A. Atlas U1l Auto Voting Mach . Benef Ind Loan 1% Bickford's Inc (1) Blue Ridge Blue Rid; Buckeye Pipe L Buft N&E pf (1.60). Bulova Watch cv pt Canadian Marconi. arib Syndicate Carrier Corp. Celanese pf (3%) Cent States Elec. Chain Stores Stk. Childs pf. Cities Serv Citles Service pf. Citles Service (B).. Claude Neon Inc. Colombia Synd. Cel G & Ecv pf (5). 1 Col O1] & Gas vte. .. Comwlth Edis (5).. Comwith & Sou war Comstock Tunnel Consol Copper. ‘ord Corp. Creole Pet Crocker Wheele Crown Cent Pet, Deere & Co. ... De Forest Radio. st Utll Assoev.. Eisler Elee Cor, El Bd & Share b§% 215 ElecP&Lopwar. 1 5 Empire G&F8%.. 50s 30 Europ Elec debrts. 1 Ford Motor Can A.. Ford M Lta Franklin Mfg. General Alloys. neral Aviation 1 n G&Ecv pfB he. 1008 1 Gen Theat Eqevpt ] Glen Alden Coal... 1 Goldflield Consol 36 Goldman Sac: 13 31 Grt A&PT n-v 16% 10s 148 GUtA &P Tea pt (7) 208 117 Helena Rubinstein, 1 % Holling Gold t70c.. 1 & Hudson Bay Min. 5 3u Huxler S Del e pf Hydro Elec Secur, , Imp O1) of Can 50c. Insull Inv. . InsCoN Am (2). Int Petroi (1) Int Superpwr B B A R 9 S B w - 8 2 P T T [T % 8% 4 2% 1% 314 3% H 16% # 34 3y 148 148 u7 17 Int Ut B.. Irving Afr Chute. .. Italian Superpw A. Kolster-Br Am sh. . Lakey Fdy & Mch., Leonard Oil. . Lerner Stores Marion Stm Shovel Midl West Utllities Mo Kans Pipe L. Mountain Prod 80c. Nat Bellas Hess Newmont Mining. . New Process Co(1) 4% N Y Telpf (6%)...1258 115 Niag Hud Pwr 1.20. 18 16 Niag Hud (A) wars Niag Sh MABb5%. Ohio Copper... Pac G&E 1st pf 1% Pacific West 011, Penroad Corp. . 1 1% 2 8y 20 & 1 23% £y 5 34 DIVIDENDS ANNOUNCED NEW YORK, September 17 (#).— Extra. Pe- c«mp.nri Rate. riod. able. Texas Guif Prod.1'2% Stk Oct. Stoek. Texas Gulf Prod.2':% Reduced. - Hidrs. of record. 15 Bep. 30 Oct. 15 Sep. Gibson A :s35¢ 8 N Y Title & izge Rhode I E1 Protec.$150 Q 30 3 15 Budd Wheel 7% Eagle Fire Lns (Newark, N J) Haverty Furn pf.18%c Pk Bk (Baltimore).10c . 5 Conn G & Coke B8 O e T bethtown Cons [e] 8 .81 Eureka Std Cons Mg 3¢ First Bank Stock.13';¢ 88 @ - O BESLA el Ilinols Pipe Inter But Hole Sew Maeh ............ Mamischewitz (B) & 1.75 G R %8 8 8 § 3% 5% U SOUREEEEE U X §F SRGESY ESESYE poGEES 1% Perfection Pet Putnam Trust (Geenwich, Conn).50c Reece Folding Mach.Sc B & Tr Ro B 8 5 SR BB BI LB855885R B 55X 888R.8 hSRENSR sshoneiy er Un Gas P Wilm Tr Co.. Wisc Hold Corp A.174¢ § 388 23snzendy Stock and Sale— - Dividend Rate. Add 00. High' Low. Close Phil Morris Ine... 2 2% 2% 2% Pllot Radio Tube A 24 Pioneer Gold (12¢). 3% Pitney Bowes b4 % . W Producers Royalty. lVA 36% 24 31 4% % 3% % Pub Ut Hld x w. . Puget 8d PAL p! Rainbow Lum B Reliance Int A. Republic Ga: St Anthony Gold Bt Regis Paper. Salt Creek Brod Selected Industries Shenandoah pf.... Silica Gel ct. . Smith (A 0) 2 SouCal Ed pt C1% Stand 01l Ind (1).. Stand 01l Ky 1.20. Stand Pub Sve A. Stand Silver & Ld. . Stutz Motor Car... Swift & Co. .. Swift Intl (+4). Swiss Am El pf Technicolos = Tech Hughes (§0c) Tobacco Prod Del., Trans Lux DL PS8, United Found. 1 35% % Y% 2% 2% W bl " 5% 15 54 5 1% 21% 1 St aue i 29% 20% 23% 12% 1% " 18% 9% 18% 39% a1 3 "u 2% 2 3 1% 37 64 26 o N B AR D e NN N 10 T 1 e 30 United Gas pf (7)., Unit Lt&Pwr (A).. Unit Lt & Pwr pt.. U S Foll B (30c) United Stores Unit Verde Ext 40c UtilP&Lt......., Utll Pwr&Lt pf(7) Utllity Equities. Van Camp Pack Venezuela Pet. Walgreen Co. Walker (H) pf (1), Waenden Coppe Yukon Gold. 8 Dividerd rates in dollars based on last quarterly or semi-annual & payment. -Ex dlyldend {Partly exira. SPIus o' i stock 4 Cash or & stock. '« Adiustment dividend.” TR 51h in"‘stock & Plus 6 in' stock. hPlus 3% . JPlus 2 in stock. K Plus 10 in stock. m Plus 3% n stock. n Plus 8% in stock. bPald last year—no rezular rate. ————- Markets at a Glance NEW YORK, September 17 (P).— Stocks easy; realizing follows early rise, Bonds irregular; rails firm. Curb easy; leaders change narrowly. Foreign ex- changes firm: sterling improves. Cot- ton lower; favorable weather: South- ern and Wall Street selling. Sugar, coffee closed. BANK CLEARINGS DROP SHARPLY DURING WEEK NEW YORK, September 17.—Bank clearings this week at all leading cities in the United States, as reported to Dun’s Review were $4,382,400,000 and show a reduction of 38.2 per cent from last year. At New York City clearings were $3,036,091,000, a loss of 36.3 per cent, while for the cities outside of New York the total was $1,346,309,000, 42.1 per_cent smaller, Clearings this week exceed those for five days of last week. as might be expected. Furthermore, they are above those for any week back to the first ;;e‘erk of Augr\lut. This was also true a 8go, when the amount for Sep- tember was higher than for Auxuft The improvement shown in some of the recent reports of bank clearings is hardly maintained in the latest return. Figures for leading cities, as com- piled by R. G. Dun & Co,, showing de- creases as compared with same period & year ago, follow: Mynl September 14, 1932 Philadelph $385.000.000 Baltimore . Pittsl Per cent Dec 45 el Cincinnati St. Louis. Kansas City Omab, . . Minneapolis Richmond (AR AT 2355533835 San Prancisco . Portland - Seattle Total . New York Total all Average daily. mumb.u v.o'aliu.xm,m‘ooo st ~690.388.000 e Decrease Decrease Decrease . 34.382.400,000 Decrease Augus July Becond ‘quartes First quarter New Bond Issues. NEW YORK, September 17 (#).—New bond issues formally offered in this dis- trict this week aggregated $11.990,000, compared with $10.852323 in the pre- ceding week and $67,532,000 in the like period a year ago. Market Depends on Business. NEW YORK, September 17 (Special). —The fate of the market now rests in the business situation. If the index of business activity shows a rising trend, many of the market followers will re- sume their buying, as they feel that the 40 per cent reaction from the high prices of the month has placed stocks on a sound technical basis. On the other hand, if there is an indication in ries of continued dullness ment, the bearish attitude of market operators is likely to increase. October will be the test month in this respect. Then the effects of the improvement in sentiment should to show in iron and steel, in the automobile trade and in car loadings. § SAFE FER ST One of to increase income is through vestment | s A-13 CANADIANBUSINESS IN FIRMER TREND |Gain in Car Loadings and Wheat Movement Noted During Week. | BY CHARLES LYNCH. | Spectal Dispatch to The Star. | OTTAWA, September 17.—Continued | increases in car loadings, particularly | in the grain growing districts, increas- | ing overseas snipments of wheat, a rise | in wholesale prices for the first time | in nine months, a decrease in the ag- | gregate liabilities of commercial fail- | ures, increasing eutputs of gold, con- | tinued activity on the Canadian ex- | changes and the resulting increase in | the value of securities are among the outstanding bright spots in Canadian | government statistics issued during the past week. The value of retail sales in July, re- | ported by 2700 chain stores and 25 | departmental stores. shows increases in retail firms affected by vacation needs, such as restaurants, candy stores, meat and grocery stores. Other retail estab- lishments, however, reported the usual holiday period of slackness Car loadings in the five weeks from August 1 to September 3 numbered 196,261 cars, or almost 10,000 more than in the preceding five weeks. The gain was all in the Western division. Ex- port clearances of wheat in the last week of August amounted to 4,197,424 bushels, as compared with 1.843.790 bushels in the corresponding week Jast year. [Export clearances of wheat for the first five weeks since August 1 are more than 6,000 bushels ahead of the corresponding period last year. The rise in wholesale prices is con- sidered to be one of the outstanding favorable events in the Canadian eco- nomic situation. The rise is mainly confined to materials such as raw rub- ber, raw wool, silk and cotton, coal, chemicals, copper, lead. zinc, tin and certain food commodities, including wheat, dairy products, eggs and certain | meats. | The aggregate labilities of com- | mercial failures in July amounted to only $2986,840, a decrease of nearly $1,000,000 from the preceding month, although still slightly in excess of those in July, 1931. Gold produetion in June set up = new high monthly record of 270,526 ounces, representing an estimated dollar valuation of more than $5,500,000. Production of gold in the first six | months of the current year, amounting to more than 1,500,000 ounces, is calcu- lated to have added more than $31.- 000,000 to the wealth of the country. These figures show an increase of 18.4 per_cent over the corresponding pericd last year. ! (Copyright, 1932.) 'BEARISH CROP REPORT CUTS COTTON PRICES Break of $12.80 Per Bale Occurs | During Week—Many Ac- | counts Liquidated. + By the Associated Press. NEW YORK, September 17.—The heavy general liquidation which devel- oped immediately after the Government crop report was supplemented by & little more Southern hedging and the decline extended to 7.10 for December contracts during the past week. Ttis | represented a break of $12.80 per bale {rom the peak of the recent bull move ment and carried the market slight] below the closing quotation of August 8, when traders were discounting the August 1 crop indication of approxi- mately 11,306.000 bales Pressure subsided at the declines. but slight rallies were not fully maintained and traders appeared to be hesitating between optimistic views of the trade | outlook and uncertainty as to the ef- fects of the increased hedging antici- pated as the picking season advances. While hedging was more in evidence early in the week, offerings from that source were moderate later and the bulk of the selling has been attributed to liquidation of accounts accumulated on the August advance. Complaints of | crop deterioration have continued to reach the trade, but weather conditions have been considered more favorable for picking and ginning and it is doubt- ful whether there has been much change in crop ideas, although there may have been a little more disposition to consider the possibility of some in- crease in yields should the Autumn prove favorable. | " The report of the Census Bureau placing domestic consumption for Au- gust at 402,601 bales against 278,656 | for July showed the anticipated in- crease, while the carded cloth statistics for August fully confirmed bullish im- | pressions created by reports of a greatly | increased business last month. Reichsbank Statement. BERLIN, September 17 (#).—The Reichsbank statement as of September 15 shows the following changes in reichsmarks: Gold and bullion increased 112,771,000, reserve in foreign currencies | decreased 12,620,000, bills of exchange and checks decreased 107,627,000, silver and other coins increased 14.013.000, in. vestments unchanged, other assets in. creased 3,448,080, notes in circulation | decreased 91,421,000, other maturing ob- ligations increased 24,759.000, other lia- bilities increased 7.873,000. ‘Total gold holdings, 781,207,000. Note coverage, 25.7 per cent. Rate of dis- count, 5 per cent. MORTGAGES | INVEST the most dependable ways in- in our 2 - 6'2% FIRST MORTGAGES The money is safely secured by Over a Third of & trust on improved Century and there Without a Loss to an Investor. conservatively appraised Washington real estate is nothing problematical about the interest—it w'll remain 6%% continuously during the life of the mortgage. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 =38 Py uanatey 925 15th St. N.W. 292! o S 99% | that follows the Reserve ratio is given 63% for comparable periods, as reported by 87 'the Reserve board: 244 Week ended September 14 506 per cent Previous week .... 9.2 per cent 74% Same week last year 78.4 per cent brought on a furious commercial | Kan C P&L 4%s 61 ik, hw:‘r smong the hotels and restaurants. | Kan City Sou 5s'50. ‘have been cut to the point where | Kan City Ter 4s'60. B eaber to.eat out than at home, ' Karstadt 6s'43.... and the hotels virtually give meals away Kend5is'4s ww. . to gursts who rent their rooms, Kresge Found 6s'36 ot ammsnmsan, 2 : 3o 85 08! 162, T 8% 98% feaigih '8 No BONDS. with E4 8308 62103, Sass.e . § 1, 1 P 5 5 2 3 4 2 5 i