Evening Star Newspaper, September 24, 1932, Page 13

FINANCIAL. BONDS ON N. Y. STOCK EXCHANGE Received by Private Wire Direct to The Star Offies. ‘ADVANCE IN BONDS WELL: MAINTAINED Speculative Issues Featureiifi ith Market, With One to Three Point Gains. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, September 24.—Bonds were active and strong today. Gains of 1 to 3 polnts occurred in speculative issues, while high grade corporation bonds were unchanged to & shade higher. United State Government bonds held steady at their best prices of the year. Foreign dollar issues were all strong. Approval of the four-party Bastern railroad consolidation, opening the way to widespread economies, brought a bris': inquiry for high-grade rail bonds a d by the plan, such as New York Ceat gar,» issues, Pennsylvania generals, Bal- timore & Ohio first 4s, and Chesapeake & Ohio 4l4s. The most active junior carricr bonds were Erie refunding 4s, Western Maryland 4s, Boston & Maine 6s, Nickel Plate 4155, Chesapeake Cor- poration 5s, Alleghany Corporation 58, and Pere Marquette 5s. £ Industrials as well as junior utilities paid heed to the improvement in bus Tess reflected by the sharp advances in both American and Canadian car load- ings. In this country the best gains were made in loadings of general mer- chandise, indicating an improvement not restricted to any particular indus- try. Advances of a point or more oc- curred in Vanadium_5s, United States Rubber 5s, Midvale Steel 55, McKesson & i International Paper 5s, International Telephone 5s. Good- rich 6s, Columbia Gas & Electric 5s of 1961, and in most of the oils. Prime corporation issues were quieter. Frac- tional gains appeared in Consolidated gas 5145, American Telephone 4!is and 5s, Duquesne Light 4':s, Atchison gen- eral 4s, Norfolk & Western 4s, Stand- ard Oil of New Jersey 5s and General Motors Acceptance 6. In the foreign department the best strength was exhibited by German gov- ernment and corporation bonds. Young Plan 5'is and Dawes Reparations 7s| held above 50 and 70. The movement reflected a rising Berlin market follow- ing continued gains in busin°ss in Ger- many. Other Europeans were firm, helped by the success of the French conversion loan. Canadian_ bonds continued strong. Canadian Pacific issues firmed, while the government-guaranteed Canadian National bonds were in brisk demand at slightly higher prices. Canadian ex- change today was quoted at 97y per cent discount bid, 93, per cent asked. Washington Produce Butter—One-pcund prints, 93 score, 24; 92 score, 21; standard, 20; tub, 93 &core, 22; 92 score, 20; standard, 19. Hennery whites, 25a26; current 2 scaled Government e, extras, J9; standards, 34; medi- 32. Poultry, alive—Turkeys, hens, 1%, toms, 13; crcoked breasts, 10; Spring turkeys, 20a23; chickens, Plymouth cks, 3 pounds and over, 15al7: 2!2 1o 3 pounds, 14al15; under 2!, pcunds, 14; he: all, 13a14; hens, large, 15a Leghorn hens, 10a12; mixed col uth Rocks, 3 pcunds and over, 215 to 3 pounds, 18al9; under pounds, 18; hens, small, 16al7; large, 18a21: Leghorn hens, mixed colored chickens, 17al8; roosters, 12. Meats—Beef, 15; lamb, 13; veal, 11; perk loins 15; fresh bams, 13; smoked hams, 14; strip bacon, 14; lard, Tiz; compound, 7. Fruits—Cantaloupes, jumbos, 1.2 standards, ; apples, bushels, 50a 1.0 ck, 2.00a2.25; peaches, 1.00a 2 artletts, bushels, 1.25a1.5 fancy box stock, 2.50; seckels, 1.75a2 grapes, Tokays, 2.00; Thompscn see 2.00; muscatels, 1.25; bananas, 1.00 oranges, 3.00a4.00; lemons, 7.50a grapetruit, 3.75a4.25; plums, 1.50a honeydews, 1.75a2.25; honeyballs, 212522.75; Persian melons, 2.25. Vegetables—Potatoes, 100-pound sacks, 95a1.00; Idaho bakers, 2.25; sweets, bushels, 60a75; string beans, 1.00al.25; limas, 1.50a2.00; pcas, 1.75a2.25; car- yots, per 100 bunches, 3.00; bects, per 100 bunches, 3.00: squash, 50a65; Hub- ard squash, 1.50; spinach, 1.00a1.: kale, 50: Spanish onions, 50-pound sas 1.50; tomatces, 2-peck backets, 60a75; peppers, 7; eggplant, 1.00; caulifiower, 1.5022.00; broccoli, 3.50; corn, 50a1.25; mushrooms, 1.75a2.00; salsify, per dozen bunches, 75a1.00. : pears, New York Cotton Special Dispatch to The Star. NEW YORK, September 24.—A de- cidedly steady cotton market developed today and prices recovered nearly Sl a bale, ending 11 to 14 points higher than yesterday. Whereas last Saturday prices brok> badly on weight of liquidation and hedge selling, buying power was suffi cient tke last hour today to carry De- cember within 3 points of 7l cenf Spots were advanced 10 points to 7. Cotton range: . High. T34 741 51 Chain Store Sales. NEW YORK, September 24 (Special). —The trade publication of the chain stores states today that August sales of 21 leading chain stores reached the lowest point of the year. Tie decrease Teflocts greater industrial unemplo ment which was a factor “too power- ful and depressing” to overcome Lhe average rise in retail prices. Prospects for September are more encouraging, as more activity in various industries has brought about, more employment and more purchasing power. The publica- tion points out that an acute shortage of seasonal apparel has caused a scram- le for deliveries regardless of prices. Market Averages By the Associated Press. High, Low. 1 674 TL1 847 2 839 85.3 30 S 0030331 et mmia s oo B2/BAIR=RT IS Prrenistasaaees 2 | P I PR P B 8 (Copyright, 1932, Standard Statistics Co.) .1 consolidated and General Mort- | UNITED STATES. Sales are in $1.000.) ) Bl'hll 1'61"2 10112 e 1 10221 10221 4348 32-47 10223 33-38 10320 10318 10319 e 97 9631 9631 §3851-55. 000 : 98 9 E3%IMY 100 35 10028 35 J 40-43... 100 28 100 27 100 28 % 43-47..,.., 100 23 10023 10023 10220 10218 30218 104 24 104 24 108 23 10828 Bale: Low. Close. Abitibl P&P 53 '53. Alleghany Cp 5'¢ Alleghany 53’49, Alleghany 5s Allis-Chalm 55 '37. Am F P s 203 AmIGChb5%s'49.. b Am Sm&Ref 58'47. 2 Am T&T 4%s°3 21 Am T&T c tr 5346, 3 Am T&T deb 58'60. 14 Am T&T deb 55 °65. 14 Am T&T 65%s'43.. 75 Am Wat Wks 6s 75 Am Wr Pap 68 '47 Argentine 5s Argentine 5348 Argent 65 '61 May . Argentine 6859 Ju 14 Argentine 63’69 Oc 6 Argentine 6s A Argentine 6s B Arm Del 5 { Assoc Ol 63 '35 Atchison gn 4s'95. Atchison 413548 Atl Ref b 6537 Australia 43556, . Australia §s°55 1 5 Orf6sC’95... OP&WYV 4s'41 B & O Sw dv 55’50 = | Relzium 63 '55. 9915 100% Belgium 6138 '49. 100y 102 Belgium 78 ’55. 106 106% Belgium 7s '56 105 106 Bell Tel 107 107 Bell Tell P 10674 107 Benef Loan 6s'46., 1 Berlin Cy El 6565, 31 Berlin CEl 6%8'51. 14 Berlin C El 6%5'59. 23 Beth Stl pm 5s 3¢ 6 Beth Stlrf 5s'42. Bolivia 7s'69. | Bolivia 7s'68..... | Bolivia 8847, | Bordeaux 6s | Brazil 61 s '26. Brazil 6%s'27-'57, Brazil TsC R '52... Bremen 7s'35. Bkiyn Elev 613 Bklyn Man 6s A Bklyn Un Gas b. Bklyn U Gas §s'57 Budapest 6s *6: Buenos A R 6s'61. Buff Gen El 414 s'81 Bush T Bldg 55'60. Canada 45°60..... Canada 5s°'52..... Can Nat Ry 432851 Nat Ry 412 | Can Nat 5569 July 1 Can Nat 5369 Oct. | Can Nor deb 7s "40. | Can Pac b 4s Can Pac 43%s°60... an Pac 5s '44 ctfs Can Pac Cent 11l E&G 58 ‘51 Cent Pac 1st 45 °49. 24 Cent Pac 5s°60. | Cert-td db 53548, | Ches Corp 5547 !C&Ogen4Y |C&O 43S A" C&O4%sB 95 C&Oconss’3 |CB&Qgn s 'hi & Est 111 58'51. | Chi Grt West 45'59. Chi Ind&L gn 6s'66 C M & StP gn 45'89, 14a | €} 4135208 | Chi&NW 4135C'37. | Ch1 & NW. 43,349, 121 | Chi&NW rf 552037 3 Chi & NW 65 '36. Chi Rwys 58 °27. .. Chi RI&P rf 4s'34. ChiRI&P 4! lc&winacn | Chile 6560 Chile 65 '61. Chile 6561 Sept. Chile 63'63....... Chile Cop db 5547 Chile Mtg BK 6561 | Cin Un Trm 6s 2020 {Cecest L4 sE | Clev Term 5s B '73. Clev Ter 512SA *72. Colomb 6561 Jan. Colomb 6s "61 Oct Colon Oil 6s'38. | Colo & Sou 4 Com Inves 5%s '49. Con G NY 4%s'51. Con G NY 535 "45. Con Pwr Jap 6145. . Con Pow Japan 7s. Consum Pow §s '52 Copenhag 4145 '53. Copenhag 53 '52... | Cuba 5345 "45. Cuba R R 1st 68 '52 Cuba Nor 534s'42.. Del&Hud ref 45 °43 Denmark 4145 62 Denmark 5%s ‘55 | Denmark 6s " | Denver Gas 5s '51. D & R Grcn 4536, D&RG W 53°55., D&RG W 6s'78.. Det Ed 4%s D'61.. Det Edison rf 55’49 Deutsche Bk 6s'32. | Dodze Bros 65 40.. | Dutch East 1 6s ‘62 Erie gen 4s'96/ o ref 5367 Erie ref 5375 Fiat deb 7546 Finland 6s'45... Finland 63%s 56 Finland 7s ‘50 Fisk Rub 8s’41. Fla E Coast 5s'74. Fram Ind 7158 42 French Gov 7349, . French Gv 73%s'¢1. Gelsenk’hen 65'34. Gen Baking 5%s'40 Gen Motors 6s '37.. Gen Th Eq 63 '40. . Ger Cent Bk 6538 Ger Cen Bk 6560 J Ger Cen Bk 6560 O Ger Cen Bk 75 '50. . Ger Gen Elec 6348 Ger Gen E17s "45.. Ger Gov 518 '65. German Rep 7s Goodrich 6s '45 Goodyr Rub 6s’ Grand Trunk 6s '3 Grand Trunk 7s'40. Grt Nor gn 78 '36. Greek 6s'C8.. Hudson Coal 55 '62. Hud & M adj 58 ' Hud & M rf 58 67 Humble Ol 5a '37 111 Cent ct tr 4s '52. 111 Cent ct tr 48 '53. I11Cent 4% 566 111 Cent ref 5s'55 10 5 4 111 Steel db 44 40. Int Rap Trrf 5566 Int Rap Tr 68°32.. Int Hydro El 6s'44. Int Match 6 4 Int Match §s Int Pap ref 5s A'47. Int Pap 6s°'55..... Int Tel&T 4%s'39, IntT&T 4%s'62.. Laclede Gas 65 '34.. Laclede5%sC53.. 2 67 LautaroNit63'5¢. 6 8% 44% 67 THE EVENING STAR, WASHINGTON, D. O, SATURDAY, SEPTEMBER 24, 1932. IDROP IN EARNINGS CURB SHARES FIRM Bales. l:_l,lb Low. Close. Int T& T 6s'66.... 68 Italy 78 ‘51 Italy Pub 78 Japanese 58 °65. Japanese 618 ‘64, Jugosl Bnk 7s 5 Kan C F saM Kan City Sou 38'60, Kan City Ter 4560, Karstadt 6s43.... 1 Kend 535 48 ww. Kresge Found 6s'38 Kreug & Toll 55'59. Leh Valcn 4s 2003, Lig & Myers 5s'51. Loew’s 6s°41. Lorillard 6s '51. Lorillard 7s “44. Lou G & E15s A'62. L & N uni 4s 40 Lyons 6s 34 McKes & R 5%5'50 Manhat Ry cn 4s'90 Market St7s A "40. Midvale Stl 5s°36.. Milan 6% 5! Ml E Ry&L 6s°61 Mil E Ry&L 5871 MSP&SSM cn 4s '3 MSP&SSM 55 gta'3s MK&T4sB'62... MK & T 1st 45 '90. Mo Pac gn 4s°75... Mo Pac rf 5s A '65. Mo Pac is F " Mo Pac 55 G Mo Pac 5s H '80... Mo Pac 5s 181, Mo Pac 5% A "4 Mont Pwr 55 A '62. Nassau Elec 4s°'51, J Power 46s "60 w S Wales 5857, w S Wales §s D8 013n 31 013... 25 2 YC&StL5 1 sA'T4. 19 YC&StL 1st 65 '32146 N Y Edison 5s C'51 10 NYEdrt6lss 41, Y EL H&P 4s'49. Y EL H&P 5s'48. " DL 0 3 S 00 O a Sh Md 515550, ord 6%s '50. : or & Wn cn 4s '96. orf&Wn div 4s'44 or Am Ed 55 C'69. Nor Am E 55 '63. Ger Lloyd 6s'47. rOT&L6s"47. or Pac gn 3s 2047 or Pac 48°97..... or Pac r16s2047. Nor St Pw 53 A "41. Norway 6s 43. Norway 6s '44.. roee s Bgs &% Norway 635 Oreg-Wash 4s'61.. Orient Dev 538 '58 - Pac T&T Ist is Pac T&T rf 585 Penn 41,s D '81. Param-Pub 51 Penn cn 4%s ‘60 Penn gn 413s'65... Penn 4%s D '70. Penn 43563 Penn 55 ‘64 Penn gen § Penn 613536 Pean P&L 43 Peop Gas ref 53 '47 Peru €3 °60. . Peru 65 '61 Phila Co 55 '67 Phila Elec 45 ‘71 Phila & Read 65 '43 Phillip Pet 5% s '39 Philippine R 4537, Pillsb F M 63'43... P& WV 4155C'60. Poland 7s 47 Poland 8550, ararwE e P JOPORY S el i Por R Am T 63 Port Gn El 43860 Pos Tel & C 55 '53.. Prussia 6s Prussia 615 51 Public Serv 4s ‘71 Pub Sv G 4%s'67 Pub Sv G 413570, Pure O11 533 '37... Queensland 6s°47. . Queensland 7s "41.. Read Co 4 Rem R 5% Rhinelbe U 7s '46.. Rhine Ruhr 6s 53, Rhine West 655 Rhine West Rhine W 6: g Rich Oil Cal 63 "44. Rio de Jan 6145 '53. R Gr Do Sul 65 "68. Rio Gr W clt 45°49, RIAr& L4%s’3 Rome 6145 °5 Rumanta 7s StL IM R&G 4s'33. St L&SF 45 A '50. . - - o B manSonhmwa me mra e 8 ab A L adj 5549 All Fla 6s B '35 Serbs-Cr-S17s°62. Serbs-Cr-S1 85 '62.. Shell U Of1 55’47 Shell U0 53 49w Shinyetsn 6165 " Sinc 011 6%3 B'38. Sine P L 5842 Sine O11 7 A *37 Sinc Cr 0 5%s ‘38 Skelly Oil 5168 '39. Sou Bell T&T 5841 SW Bell T 55 A '54. Sou Pac rf 4s Sou Pac 415 '68 Sou P 414569 ww. Sou Pac 41581 Sou P&OT 4148 A Sou Ry gn 43 A'56. Sou RY 55'94.... Sou Ry gn 65 '56 Sou Ry 613 '56. Sou Ry M&O 4338, StOIIN J5s'46. .. StOI N Y 415751, Sweden 518 '54... Swiss 5255 '46. . Taiwan E P 515571 Tenn El P s A “47. Tex Corp cv 58 '44. Tex & Pac 5s B'77. Tex&P5sC'79... Third Av adj 5s °60 “Tob P NJ 6158 202 Toho El Pw 75 '6 Tokio 518 61 Tokio El Lt 63 '53. Un Pac 1st 43 "47... Un Pac 48°68. .. Un Pac rf 45 2008. Un P 1st rf 55 2008. Unit Drug 5s ‘53 Utd King 5%s'3 U S Rubber 55 '47 UAa St W 61%sC 51, Uruguay 6s'60. Uruguay 8s°46. Utah P & L 58 '44. Util Pw 55’59 ww. Util Pow 5% "47.. vanadium St 5s'41. Va Ry 1st 53 A '62. va Ry & Pw 53°34. Va SW 1st cn 5858 Wabash 438 ‘78 Wabash 5s D '80 Warn Br Plc 6s'3! West Sh 1st 452361 1 West Eldb 65 °'44.. 3 West Md 1st 43 '52. 19 o com aBhemansReaSeBansnmmarlo e Bean 800 West Un cl tr 6s'38 West Union 5s°51. West Union §s'60. West Un 6%s'36.. Westphalia 6s ' Wil & Co 1st 6s'41. Wis CentTm 45 '36. Ygstn S&T 53 A'78. 8% Ygstn S&T 68 B'70. 104 6: 444 '95% 85 53% 64 30 5214 4 101 019 6214 88 24 65 1% 21 47 106 85 101% 112l 102 8674 104% 41 3414 341 35 22% 71 521 90 81 9415 95 8415 431 10014 611y 847y 8214 1011 88 86 8214 5% 103 1041 103% 80 3014 973, 841 6913 843 8614 913 45 95% 86% 53% 64 5215 101% 62y 88Y 24 65 72 21 47 106 85 101% 112% 102 8674 104% 41 3514 35% 351, 23 71 5214 90 81 100 6115 8513 83 101% 89 8274 45': 1031 1041 103% 80 31 97 8. 847 8615 913 91 102 REPORTS EXPECTED Wall Street Foresees Poor Showings for Third-Quar- ter Business. BY BERNARD S. O'HARA, Associated Press Financial Writer. NEW YORK, September 24—Wall Street entertains rather faint hopes that the stock market will draw much nour- ishment from third-quarter earnings statements of most industrial corpora- tions. Enough evidence has come to hand, covering companies in major industrial | groups, to indicate that many concerns, | despite economies effected in production, distribution and selling costs, are still far from s profitable basis because of paucity of business. In the case of cor- porations which so far have been able to show something earned on their common shares it is assumed that re- turns for the three months ended Sep- tember 30 will make generally unfavor- able comparisons with a year ago. Leaders Watched. ‘Wall Street is turning its attention to the probable showing of such leaders as United States Steel Corporation, Gen- eral Motors, General Electric and others of like importance. With a record low operating rate con- tinuing through to the fag end of third quarter, it is expected that the Steel Corporation will report another deficit and thereby strengthen prospects that 1932 will go down as the worst year in the company's history. Steel, in the red since the last quarter of 1931, re- ported an operating loss of $1,136,607 for the March quarter and $3,362,736 for the June quarter of this year. After charges for depreciation and interest these deficits were raised to $13,218,549 and $20,452,173, respectively. ‘Whether another substantial quar- terly deficit will mean *Riverse action on the preferred dividend, in view of the corporation’s announcement last July that further payments must de- pend on improvement in business, is currently a subject of wide conjecture. No dividend ever has been omitted on Steel preferred since the corporation’s formation in 1901. In all these years the stock has paid $7 annually. It is likely that the corporation’s figures will be helped some by the fact that the latest wage cut was in effect for the full period, but the benefit de- rived from this was doubtless rather small in relation to the continued slump in the steel business. Other Earnings. General Electric Co. is one of the few large industrial units which has re- mained out of the red through the de- pression and because of this achieve- ment Wall Street is hopeful that the third quarter statement will show some balance for the common stock. In the March quarter the company earned 16 cents a share and in the June quarter 11 cents a share. Earnings of the General Motors Co. fell from 17 cents a share in the first cuarter to 7 cents a share in the June quarter, and while Wall Street has no positive opinions as what the third quarter report will show, it has been suggested that the slight improvement in automobile sales in August and the effect of retrenchment previously ef- fected might enable the company to show somewhat better figures than in 7% | the second quarter. 6% | 102 83 8514 9674 843 6215 2% 102% 105% 554% 95% % 101% 50 10 T1% 10414 105% 587 1013 50 10 | Cent Pub Ser BONDS ON THE CURB MARKET. DOMESTIC BONDS. High. Low Close. 82%a 82 €22 40 3 847 1Amer G & Pow 65 '39 4 2 Amer. sunnx 65 '36. 57'a s A 2024 93% L 55 '56 87 E 4.5 48 48'% 33'2 84y 40 1m0t L&P 55 '60 n Tl P S 4158 P 67 =agaSsss r 49 Cent Stat Elec s '48 Cent Bt Elec 5.5 '54. SRS Cig St Real 57 Citles Service 28 Cit Serv Pow. '52 477 Cleve El Illu 5s 39.. 105 " 1 Comwh Edis 4s F '31 847 Comwith Edis 65 '43 93 63 Consum Pow 4125 '58 100! 1Edis EI Boston 5s '33 101 8Elec P & L 5s A 2030 55'4 1Empire Dist El 5s '52 53'4 Q 52 Wi a8 79 . 46% 4y 54. 11llinois P&L 5'as 10 Indnap P&L 5s A 23 Intercon Pw cv s Sec Am 5 14 Kopper G&C 5! e 55 4 .. B Ilehigh P 8 6s 2026 2 Long Island Lt 6s ‘45 1La P & L 55 ' z § Manitoba Pw 3 Mass Gas 5125 " arragansett 5s 57 & L 65 A 2026, P 8 5s '18.. . toE, QiR gna o ‘0, u:sssggcs t & / 4lthe weekly Federal | IN UPWARD TREND IRailroad and Public Utility Issues Featured in Quiet Market. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, September 24.—Open- ing strong, the Curb Exchange main- tained a steady pace today. In the case of Electric Bond & Share, trading was not active but the stock ‘was up more than a point. Cities Serv- ice also lagged, though it moved frac- tionally higher. American Gas & Elec- tric was in greater demand than usual. Standard Oil of Indiana eased. Railroad Shares Corporation erd Pennroad Corporation opened higher the Eastern railroad consolidation an- nouncement. Belief that gasoline and oil prices would work toward lower levels was mirrored in the general cown- ward trend of petrcleum issues. Gold stocks made the best early showing in the mine group. Safety Car Heating & Lighting again was whirled to a new high. This com- pany should benefit from any increase in the purchase or repair of rail equip- ment. Reports that the Mellon family was buying into the company are not credited here. An opening gain of § points in Park Rustproof resulted from the optimism generated in some quar- ters by renorts of increasing automo- tive production. The same reason con- tributed to the strength of A. O. Smith Comnaration. Alcbama Great Southern ccmmon opened up 2 points on its first appear- ance this week. Early hardness of wheat helped Deere & Co. Numerous items from corporations, however, had no immediate effect marketwise. This was 50 of the reduction cf the Arrow- Hart & Hegeman Electric Co. dividend; omission of the Bower Roller Bearing quarterly payment; earning estimates of $4.50 a share for 1932 on Humble Oil. against 93 cents a share in 1931, and L. C. Smith & Corona Typewriters, Inc., report that September business is 25 per cent above that of August. Sherwin-Williams opened off 115 points despite optimistic reports from that company. Heaviness in Singer Manufacturing Co. recently was ex- plained today with the statement that trade barriers set up in many foreign countries have caused administrative difficulties. Singer's shipments were off 40 per cent in the first six months of the fiscal year and current production is less than 25 per cent of capacity. Celanese Corporation preferred set the tone for a firm textile share market. Food shares again reacted, headed by Great Atlantic & Pacific Tea and Swift & Co. Aluminum Co. of America com- mon featured the metal group, where Newmont Mining, Lake Shore Mines, Hudson Bay Mining and Roan Antelope also were outstanding. subjected to organized operations in the last week, appeared tired today. This was true of the motor list, though Ford Motor, Ltd, was a trifle more active after London cables told of plans for bringing out a new low-priced model in the English market. COTTON IS IRREGULAR IN WEEK’S TRADING Advance of Thursday, Following Break, Fails to Make Much Headway. v the Associated Press. fiw YORK, September 24.—A slight fidrther decline in cotton at the begin- ning of this week was followed by ral- ilies of nearly a cent a pound. Both liquidation and hedging tapered off contracts, while an increased trade de- mand made its appearance. This combined with active covering sent the price of December up to 7.75 the more urgent cemand then appeared | to have been surplied and the market later in the week was less active with fluctuations irregular. The mid-week advance was encour- aged by continued crop complaints, un- favorable weather in the belt and ad- vances in grain and securities as well as the strengthened technical position of the markct itself. Heavy rains were reported in the central belt with rains or showers in the East and toward the end of the week considerable rain was reported in the Southwest. There was doubt as to whether these rains had caused any serious loss of cot- ton, but it was believed they had dam- eged grades and caused delays in pick- ing and the movement. Aside from this there have been complaints of unsatis- factory ginning returns. insect damage, and an apparent absence of top crop prospects over the greater part of the South. FEDERAL RESERVE BANK FIGURES ENCOURAGING By the Associated Press. NEW YORK, September 24.—Basis for further encouragement is found in Reserve figures. The two items most closely scrutinized for months past registered a continua- 2 Ition of the trend which has been evi- dent for some weeks. Monetary gold stocks have risen another $37.000,000. A¢ the same time the volume of money in circulation contracted $26,000,000, " substantially larger than seasonal. That the passing of the financial crisis which existed during the nine menths from last September to June of this year, when gold was being rapidly withdrawn from foreign account, is bringing money out of hoarding seems * |indicated by the fact that since July 6 last when the peak was reached, the tetal of money in circulation has been reduced by $133,000,000. New Bond Financing. NEW YORK, September 24 (#)—New State and municipal bond financing scheduled for offering next week totals $17,502,413, says the Daily Bond Buyer. 'This is about double volume for the rast week, but slightly under the yearly average to date. —_— BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, September 24, 1932. Sales. STOCKS. 20 Commercial Cred 87 - pfd B. 32 Consolidated Gas com .. 15 Emer Bromo-Seltzer A 2 Manufacturers Fin Co pfd 35 New Amsterdam Cas Co. 100U S Fidelity & Guaranty. BONDS. 5000 United Rwy & Elec Ist 4s. EYsenY 8 B es Tex Ut 58 A '57 57 FOREIGN BONDS. Con Mn 7s 51 oy, 73 152 223 * S 1 Mendoza 1 Prussia_Elec 6s "54. hr G Co 6'zs A ‘53 BRRITVBISIS AU Iv_Without warrasta. D—New. b -When issued, ;| Burma Lta ret The aviation group, which has been after the break to 6.78 for December | during Thursday's early trading, but| FINANCIAL. N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. Stock and Sale— Dividend Rate. _Add 00. High. Alnsworth (k50e).. 1 5% Ala Great Southern 25s 19 Aluminum of Amer450s 75% AlumLtdCwar... 1 17 ‘Am Beverage. AmCites P& LB, Am Comwlith Pw A Am Cyanamid B Am Dept Store Am & For Pw war Am Founders, Am Gas & El (11). AmLt&Tr (2% Am Maracaibo Close. 5% 19 5% 1 5% 19 ™% 6% % 6! % 8% 2 3% ) M —ONM R AR o AN, Arkansas NtGs A. AssoG&EAD:%. Asso Gas & E war.,. Assoc G&E pf (5). . 90 Atlantic Sec Corp. . Atlas Utilitie: Atlas Utll war.... Atlas Util pf A (3). Axton Fish A 3.20.. Benef Ind Loan 1% wReor B 1 2 Cable Radio T vte.. 2 Canadian Marconi. 10 Celanese pt (3%)..1258 | Cent Pub Svc A. 2 i Cent Stat Childs pt Cities Ser Citles Service p! CelG& Ecvpf Col Oll & Gas vtc. . Comwith & Sou war CAMCoctfs. . Consol Copper Cons Gas Balt 3.60. Consol Retail Strs. Cont Shares cv pf. Cont Shares pf B.. Cord Corp. Crocker Wh Crown Cork Intl A. Deere & Co..... De Forest Radio East G & Fuel Asso East Util Assocv. Eisler Elec Corp. .. El Bd & Share b6 % El Bd & Share pf 6. Elec Pwr As(A)G0c ElecP&Lop war., 2 Elec P & Lt 2d pf A 100s Federated Metals.. 10 Tisk Rubber (new) 1 Florida P & L pf(7) 258 Ford Motor Can A.. 1 Ford M Ltd. Franklin Mfg. Franklin Mfg pf eneral Aviation. . ilen Alden Coal Goldfield Consol Goldman Sachs. . .. Grt A&PT n-v 16% 1 Greenfleld T&D... Gulf Oil of Pa. Happiness Candy.. Holling 1d t7ve. Hudson Bay Min. . Hygrade Food Insull Inv... Int Petrol (1)...." Int Superpwr (50¢) Int Util war new. .. Interstate Equities it Pw Del pf 7 1 27 (5)"850s 101 1% - 3 S kT auammRORNaN Sw LB HNAN s s s o Irving Air Ch war. Italian Superpw A. Lake Shore M 12%. ENGLAND'S RETURN | & - Bankers Urge Permanent Rate of Exchange for Pound Sterling. Sreclal Dispatch to The Star. ! NEW YORK, September 24—The i fact that today is the first anniversary of the suspension by Great Britain of | the gold standard possibly accounts for some of the discussion that has arisen | lately of the possibility of an early | return by England to a gold basis at an adjusted rate of exchange from the old Jevel, When England sbandoned the gold standard it was believed that inside of a year she would gain control of the situation -that compelled her to take | this step. The year has now expired. She has successfully put tkrough her bond-conversion scheme and has bal- anced her budget. In other ways her | situation has become clearer and more | fixed than it has been in several years | Consequently, there is a strong urg:| | from some business and banking quar- | ters for establishing a permanent rate | |of exchange for sterling and one on| | which the trade of the country may| | proceed. | Gold Holdidgs Increased. There have been evidences recently | | that some preparations for this event | were being made by the Bank of Eng- land. Gold has been purchased in in- creasing amounts until the gold supply of the institution is between $65,000,- 000 and $70,000,000 more than it was| last May. The latest report of the| Bank of England indicates holdings of | coin and bullion of £140,000,0 ,000 com- pared with £136,880,000 a year ago, and a reserve of about 39 per cent. The present bank rate is 2 per cent, or lower than in France, and comparing with the New York Federal Reserve Bank rate of 2! per cent. Money on call of late in London has been quoted under one-half of 1 per cent against the official rate here of 2 per cent and outside rates of 112 per cent. For weeks sterling exchange was “pegged” around 3.4812. More recently there has been a decline to about 3.471;. T0 GOLD BASE SEEN: Stock and Sale— Dividend Rate. = Add 00. High. Lone Star G bédc | Met Eaison pf (6).. 268 70 Mid] West Utllities Mo Kans Pipe L. .. Moh Hua P 1st pf 7 Mohawk Min (18).. Mountaln Prod 80c, Nat Aviation 5 % 4 & 25s 87%% 1 13 1 4 Nat Transit (80¢).. New Eng Pw pf (6) 50s 50 New Jersey Zinc2.. 1 833% Newmont Mining. . 2 20 NYSteam (2.60).. 1 860% N Y Telpf (6%)... 60s 114 N Y Transit (190c). 1 54 8% 50% 114 5% 16% N Niplssing ot B X Northw Yeast (12). 60s 102 PacG&E1stpf1% 1 23% Pacific WestOfl.., 1 7 PantepecOfl...... 2 Parker Rust Proof. 100s Penroad Corp.s... 1 Phoenix Secur Corp Plerce Governor. .. Pllot Radio Tube A Ploneer Gold (12c). Pitts Plate Gls (1) Prudential Inv Pub Uti] Hid war, , Pub Ut Hid x w., Pub Util Hid ¢ pt., Pyrene Mfg. .. R R Shares Corp Relter Foster. .. Republic G: Roan Antelope. ... Root Refining v pt Rossfa Intl. ....... Safety Car H & Lt. St Regis Paper. ... St Regls Paper 8alt Creek Prod (1) Shenandoah Corp. ., Sherwin Wms (2). Silica Gelet......, 3 1% Singer Mfg Co (8). 108 110 Smith (A0).... 00s 36 Stand Oil Ind (1).. 14 Stand Pub Service. 5 15 2 5 % 391 3% k) 3% 2% BB N OO NS A 20 NS » % 3758 40 57 5% 703 40% 1 5% Starrett Corp Starrett Corp Swift & Co. Technicolor. . Tech Hughes (60c) Texon O&Land t1% Tobacco Prod Del.. Trans Lux DL P 8. United Founders United Gas. . United Gas war.... United Gas pf (7).. Unit Lt&Pwr (A).. Unit Lt & Pwr pf. U S Elec Pwr ww Unit Verde Ext 4; Universal Pictures. Utah P&Lt pf (7).. Util P& Lt. Utllity Equitte: Venezuela Pete. o Rl emndn W 8 [ 2% 2% 1% 43 715 291, 11 3% 5 » o e 9 S D 50'% 31 3 % Willow Cafeterfas 2 Dividerd rates in dollars ba: quarterly or semi-annual mant” U2t idend. tPartly extra 1 in stock. JPlus 2% in stock. k Plus 10% in stk m Plus 3% in stoek. n Plus 8% in | stock. DPaid last year—no regular rate. JUNIOR RAIL BONDS HIT BY LOAN POSTPONEMENT Special Dispatch to The Star. NEW YORK, September 24.—The postponement of approval of the loan of $31,000,000 to the Baltimore & Ohio by the Reconstruction Finance Corporation oes not mean that the application will not ultimately be granted. The delay, however, will make it more difficult for the company and its bankers to put through quickly and successfully so large a piece of refunding. Again, the effect of the pestponement by the R. F. C. is to unsettle the marxet for junior railroad bonds, which had been stimu- lated by the earlier approval of the In- terstate Commerce Commission on this same loan. CHICAGO STOCK MARKET CHICAGO, September 24 (#)—Fol- 1[&2:‘1}13 J‘.S lhi ccmplete official list of nsactions in stocks on the Chicago Stock Exchange today: 3 Sales. STOCKS. 4150 Bendix Av . 260 Binks Mfe tt 8750 Borg-Wi 1313 70 Cent Ill Pul 4“4 100 Cent Pub Ut 1% 1vg 2 L 50 Cont Chi pi 1200 Cord Cop 50 Curtls Light . 500 G: La ir 950 Grigs| ESelawms—an 300 Mid Gl 50 Mid Ut 77 pl. 20 Morroe Chem A a 3 100 Seab Util .. 4 T s 104' 5080 U M 500 Swift & B2 P 20 Ward Mont A~ : Stock sales today, 35,000, g BONDS. 000 Cons El & Gas 6s ' 5000 Trsul1 ti] 631940, 7 1000 Pub Sv No TIl 6l2s '37 993, Bond sales today. $10.000. 1 99 This is tte longest period during which sterling has been held at any one fig- ure below 3.50. For this reason it is the belief in international banking circles that when stabilization of the pound occurs it will be at 3.50, or a drop of about 28 per cent from the old level. There are diffesences of opinion as to when the new rate, if it is determined upon, will go into effect. The general feeling is that nothing will be done immediately. Possibly the Bank of England governors may decide to es- tablish the rate as of December 1, or they may postpone action until the outcome of the fiscal year’s business is more certain than at present. Banking Opinion Divided. Not all international bankers are in agreement with the suggestion that Great Britain revalue sterling at 3.50, or that any scheme of fixing a perma- nent rate should be entered into now. The senior member of one banking house said that he found a distinct feel- ing of bearishness on sterling among a number of British bankers and insur- ance company managers. They felt that it was more likely to decline than to advance from present level. ‘There has been much surmise over the purpose of Governor Montagu Norman of the Bank of England 4n coming to this country in August. A part of the rumors that have developed concern- ing the stabilization of exchange were predicted on conferences which Mr. Norman is said to have had with bankers, It may be said authoritatively that Mr. Norman did not come to United States to dis- cuss international finances and that the subject was not covered in his con- versations with those he met here. An early return of Great Britain to a fixed basis of exchange would un- doubtadl;my.be an important event in in- FIRS T hPlus 1% | A—-13 OIL MEN WATCHING NEW WILDCAT TEST Texas Theft Law Is Also Expected to Influence Industry. » BY WILLIAM VOIGT, JR., Associated Press Staft Writer, TULSA, Okla., September 24—Mid- continent oil men are dividing their attention between important develop- ments in Texas and the most interest- ing wildcat test in Oklahoma since the discovery well at Oklahoma City was drilled in 1928. L] Oil company attorneys sought eagerly the exact wording of the new law passed by the Texas Legislature in spe- cial session, defining theft of oil, and hailed the measure as a long step toward ending the legal dispute over whether an ol operator could be prose- cuted for overproduction of oil from his own property. Distress Oil Supply. “Texas lawyers have contended that theft of one’s own property is impos- | sible,” said E. B. Reeser, former Amer- ican Petroleum Institute head. “This act clarifies the situation in that it de- clares running oil in quantities forbid- den by the Texas regulatory body does | constitute theft.” Reeser reminded that the crude situ- ation still is tense, due to the supply of distress and other cut-price oil in Texas, but professed little concern over the sharp increase last week in Texas production. The output ran well over 925,000 barrels daily. New proration echedules of the Rafl- road Commission did not go into effect until September 15. There should be a reaction in next week’s reports, when slightly reduced allowables in East ‘Texas and curtailed operations in the Gulf Coast region will be reflected in Oil end Gas Journal and A. P. I re- ports. The wildcat test that drew midconti- | nent eyes is on a unitized block in Southwestern Noble County, 15 miles from Perry, Okla. Drilled by Lew H. Wentz of Ponca City, the well is in the center of a | large block held by a dozen major com- panies and large independents, that has | been thoroughly geologized by virtually | every known modern method. Surface | work, core driling, the seismograph, | the magnetometer and logs frcm dry | holes from a large area surrounding | the well have been brought into use by the geologists in platting the probable location of the “high.” No Boom Expected. It is the extensive work preceding | drilling of the well as well as the pos- | sibility of discovering a new oil field that has drawn attention to the test. Scouts have been on the scene con- stantly. | Oil men do nct fear a new threat of overproduction in the test, for if it should open a rew pool the unit plan of operation is expected to result in orderly development and prorated with- drawal. Under this plan only the wells actually necessary to maximum recovery at lowest cost would be drilled, with owners of various units in the whole | area paying their proportionate cost and receiving their proper ratio of oil | or money in return. No boem, with | get-rich-quick speculation, is expected. |MONETARY GOLD STOCK | GAIN IS AID TO BANKS | By the Associated Press. | A further growth in moneta old stocks, a return of currency e hoent ing and new issues of national bank | notes have resulted in additions to the | reserve funds of member banks during | recent weeks. | . These additions, statements of the | Federal Reserve Board show, have been employed in reducing borrowings at Federal Reserve institutions and to | building up reserve balances, which at | present are more than $300,000,000 in excess of legal requirements. ‘ Reserve bank holdings of United | States Government securities and of ac- | ceptances have remained practically un- changed during the month ended Sep- tember 14, while the totai of Reserve bank credit declined by $43.000,000 through a reduction of discounts for member banks. Eighty-six ing clubs own approxi- mately 11 per cent of all civil airplanes on France’s register at the half-year mark of 1932. FIRST TRUST REAL ESTATE NOTES FOR SALE J. LEO KOLB 804 17th St. 1237 Wisc. Ave. West 0002. First Mortgage Loans - i Lowest Rates of Interest and Commission |iTlmmn J. Fisher & Company, Inc. FIRST MORTGAGE ~ SECURITIES A safe nv = by direct Pirst Morteuve o ncome pro. ducing properties in the Nation's Capital. In Denominations as Low as Si Monthly Payments 17 Desired REAL ESTATE MORTGAGE AND GUARAN 1610 K strcet Y CORF 0 1aes MORTGAGES BACKED BY SOUND SECURITY No matter what the interest promised, a more important fea- ture is the security of the principal. And that’ s one of the things which makes our 6%2% FIRST MORTGAGES Over o Third of a so reliable. money thus invested is secured by Century Without a Loss mortgage edtate—ar to an Investor. In every instance on conservatively ap- praised improved Washington real nd the 612 % interest will not change during the life of this mortgage. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W.