Evening Star Newspaper, January 16, 1933, Page 15

BONDS IRREGULAR INLIGHT TRADING Market Lacks Trend, With Domestic aiid Foreign Loans Heavy. BY CHARLES F. SPEARE. Special Dispatch to The St NEW YORK, January 16.—There was a lack of definite trend to th!.' bond market today. It was clearly try- ing to establish a new level from which | further movements might be initlated. Where there had been substantial ad- (Sales a. Lib3%s32-47 Libist4%s3 Alleghany 5. Alleghany 5 { Allegnany b3 50, .. 12 | Allis-Chalm 58 '37. 1 Am Beet Sug 65 '35 Am F P 3s2030.... Am Intl 535 '49 P vances, both in domestic and foreign | Am Sm&Ref §s'47. 21 issues, there was further heaviness to- | Am Sug Ref 6 day and it was apparent that investors were holding off from buying high- grade -ecungies that this month have been selling on an extremely low in- come return basis. Industrial obligations were somewhat heavy. This undoubtedly reflected the number of financial troubles of some size that have been announced since the first of the year. The 515 per cent bonds of McCrory's Stores broke 5 points, selling below, 30 compared with 62 last week and a high of 91 last year. National Dairy Products 5Y's were off | a point following the good rally which | they have recently enjoyed. There m{ also a reaction well below 89 in| Dodge 6's, which touched 91 a few days ago. United Drug 5's made & small recovery but are still bétween 8 and 9 points under their recent high.| The strongest issues were those of the New York traction companies. Inter- borough Rapid Transit 5s gained 1l points, while the 6s and 7s were both up 2 points. The Third Avenue Rail- way adjustment 5s rose fractionally. In the railroad group, both the high- de and junior issues were heavy. es of a point were registered in New York Central 6s, Baltimore & Ohio 6s and Rock Island refunding 4s, and about the same in Missouri-Pacific 5145 and in Illinois Central 434s. The dila- tory attitude of Congress prevents any constructive action that 'uuld be help- ful to the carriers in their increasing credit crisis. It is well recognized that, \ln) some reformation occurs in this matter, there will be a number of important receiverships tn the Spring. The weak members of the..foreign list were the German government and corporation issues, which were down 1 to 2 points. One of the prominent German municipalities has defaulted on its interpal loan. The City of Vienna 6s, which are in default, sold at 651%. nearly 5 points higher than Prussian 613s, which hlve every prospect of con- tinuing payment Uni sum ‘Treasury _obligatio were mostly all Higher, with the chle( interest in the nt bonds, which were 1§ abovegSaturday’s closing. Lumber Business Declines. By the Associated Press. Heavy curtailment of operations dur- ing 1932 as compared with 1931 was reported to the Nn.lml Lumber Manu- l-ctum Aswcuuw from returns of 600 leading m! Mmon. whkh is being held down in order that surplus stocks might pe absorbed, was off 41 per cent duflnl r cent. ‘Total production o the year was M«.nnoo feet, which ‘was 56 per cent of the total pmdm:tlon reported by the Cen- FEDERAL RESERVE RATIO. By the Associated Press. Thenfinulfiom reserves of the 12 1 Reserve the ratio is given for comparable pu'hdl uuuwuneed by the 1 Reserve Week mded January 11, 64.1 per week, 63.0 per cent; nm week last year, 66.9 per cent. Al A AR Washington Stock Exchange SALES. | Potomac Electric Cons. 55—8$1,000 at 105%, $1,000 at 105, $1,000 at 105, $2,000 at 105. ‘ashington Gas 8s B—$100 at 1033, $100 at 103‘5 ‘IW at 10313, ‘Washington Gas 1960—8$500 at 105‘ Potomac llecu-k 5%2% pfd.—10 1073, 10 at 1073, 5 at 10° UNLISTED DEPT. ‘Washington Gas 5s 1958 (w. 1.)—85,000 at 9415, 85,000 at 9415 . :soon at 94%3, | $2,000 at 9412, $3,000 at 9435, Bid and Alked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. Am. Tel. & Tel. ctl tr. bs. 104 . Anacostiz & Pot, R. B. bs B0’ MISCELLANEOUS. Barber & Ross, Inc., 8%s.. .. Chevy Chase Club Blas. ... .. ol CI Yar Amer. Tel. & Tel, (9). Capltal Tiaction”Co. Wash. Gas Light Co. (1. wy. ‘Wash. Ry. & El. The following figures are not bids, but merely represent minimum prices fixed by n Stock Exchange. NATIONAL BANK. g'rlulln s i3y, olumbia cmmmm uumwdl ). District Fid A Lineoln 411” R Riges ( Second (8) Washington (8). TRUST COMPANY. pmer. Sec. & T Rd say ATr (0 5 Pribee Géorees BY & T5 (). Union Trust (Ks) S Wash. Lean & Tr. (13) SAVINGS BANK, ank of Bethesda (A) ... om. & Baviogs (10) .. ask Washinglon (8) 1 FIRESNSURANCE. American (12 ?mun an ational Walon (15) TITLE "\ELRANC‘ lgrubia (8h) p SealBtaee by MISCELLANEOUS, Col. Medical Blds. Corp. ( Dist. Natl. Sec. ptd T mo-Selz. “A Federal Storawe pid Fe com. (60 La u;on 37. Am T&T ¢%48°39. Am T&T c trbs Am T&T deb 5s '60. Am T&T deb 55 °65. 20 | Am T&T 5348°43.. 26 Am Wat Wks 6576 6 Antioquia 7s '45 Argentine 58 '45 | Argent 6s 61 May. 1 Argentine 6s'59 Ju 22 Argentine Argentine AtICLcl4s AtICLun4% At) Gult&wlsn,;i?. Australia Austrian 7s 43, Austrian 7s '57. B&O1st4s’'48. B&O4%s"l. Bell Tel Pa bs Benef Loan Berlin Cy El Bolivia 7s '68. Boiivia 7869, Bremen 7s '35 Bklyn Ed 5s A "49. Bklyn Elev 64s. .. Bklyn Man 6s A ‘63 48 nuRCanEnEEAS R Budapest §x 6. Buenos AR 6s BR&Pitts 4348 '57 Bush Ter con 68’56, Can Pac db 4 Can Pac b Can Pac 58 '5. Cent Pac 1st 4s'49. Cent Pac 6s°60. ... Cen Ry NJ gn Cert-td ab b Ches Corp b8 *47 C&O04%sB'95 CB&Qgn 4s’ CB&Q4%s'T7... CB&Q 1113%s"49. . CB&Q1Ill 45'49.... 8 | Cht & Est I 5a°51 . Chi Grt West 48’69 33 C M StPW®8s '75.. 44 CM&St Fadjbs.. 23 Chi & NW gn 4»° 3 Chi&NW 4345C'37. 1 Chi & NW 4%5'49. 53 Chi&NW rf5s2037 3 Chi RI&P gn 45’88 2 Chi RI&P rf 4s '34. 26 CthlkP(%l 2 6 ChiR14%s"8 Chi Un Sta ‘%l"l !fl ChiUnSt5s’4s... 6 Chi Un Sta 5s B’ Chi Un Sta 6%5'63 C & W Ind cn 48°52, C& W Ind 5%s '62. Ch:}ds dgbofiu ‘43, .. CI Chile Mtg Bk 6561 17 Chl Mtg Bk 6%8'67 3 Chi Mtg Bk 6%s'61 2 Chin GvtRy 53 '51. 3 Cin Un Trm 582020 12 Clev Term 4% Clev Term bs | Clov Ter 6% 8A72. Colomb 68’61 Jan. . Colomb 6r *61 Oct. . Colo & Sou 434835 Colo & Sou 4% 580 10 Col GAE 68 '5? May 8 ColGas & E§s'61. 17 Com Inves5%8'49 35 Cons C MAr68'50 1 Con G NY 4%8'51. §7 Con GasN Y 68°b7 16 Con G NY 6%s’45. 16 Con Pwr Jap 6%s.. 15 Con Pow Japan7s. 6 Copenhas 5562 Cuba 5% Cuba B 10 Cuba R R 6s'36 Cuba Nor 5% Czecho 85°5 Del&Hud ref Del & Hud cv 58'35. Del & Hud 6%8 37, Denmark 4348 Denmark 5% Denmark 63’4 % Det Edison rf ll". 20 Det Edison !.I.'l!. . }9 Dodge Bros Duquesne ¢% A '$7/ 2 Duteh East | 68 Er f Erleref bs Fiat deb 7546 Finland 6% Fla E Coast 58 '74. Fram Ind 7%s 42, French Gov 78'49. French Gv 1%s'41 12 Gen Baking 5% Gen cm-m- fl- !: Goodrich s '46 Goodrich 618 " Goodyr Rub b#’l BOND Received by Private Wire Direct to The Star Office. UNITED STATES, in_$1.000.) Lib 4th 4% s 33-38 103 ]l 981 . 9 Bell Tel Pa bs C‘IO 10 101% 101 104 113% 113 “!fi 64‘6 64y R Dutch East 16s°62 68 Gelsenk’hen 68 '3¢. N i THE EVENING ON NEW YO STOCK EXCHAN Sales. High. Grand Trunk 6s'36 5 101% Grand Trunk 7s°40 16 18d% Gt Brit&Ir 5%s 37109 106% 1 Grt Nor 4%sD’'76. 13 47 ‘| GrtNor4%sE'i7. 5 48 GrtNorgn7s'36.. 17 Haitl 6s°52 2:55. 102 26 102 10 1034 987 9916 10129 102 102 104 26 10616 1104 Low. 2:88. 14% 36 st 11 CCStLAN G5 A. . 2= 111 Steel db 4% 40, 14 1 |inlanaSt4%sATs 3 8% int Rap Tr rf 55 ‘66119 80 Int Rap Tr 68°32.. Int Rap Tr 7s '3 Int & Gt N 58 B'56. Int & Gt Nor 65 '52. 111 Bell Tell 6556 111 Cent rf 48 "55. Int Cement 53 '48.. Int Hydro El 68'44. Int Mer Mar 65’41, Int Pap ref 53 A'¢ Int Pap 65 '65. Int RY C A 6% 547. Int Tel&T 4%s8'39. IntT&T 4%8'62 pa Jugosl Bk 7s '57.. Kan C F S&M ¢5'36 Kan C P&L 4%s ‘61 Kan City Ter 48'60. Kan G&E 414580, Karstadt 65°'43. Kend 5%s'48 w Kresge Found ¢ Kreug & Toll5s'59. % | Lack St1 58 A '50.... Lacleds Gas 55 '34. Laolede 538 C'53. Laclede 5348 D 60. Lautaro Nit 6s '54. Leh Val cn 45 2008. Leh Val cn 55 2008 Lig & Myers 7s '44. Loew's 6s "41. Long Isl rf Lorillard 53 Lorillard " 0 S B BuanEcane Senentan 2o rn-n 40. L&Nrf5%hs 2003. Lyons 6s'34 McKes & R 5%’ ~Soa Midvale Stl 55 'll Milan 6% s ‘52 Mil E Ry&L 5s il Mil E Ry&L 5s8°71. MSP&SSM cn 48 38 MSP&SSM cn bs ‘38 MSP&SSM bs g MSP&SSM 5%s 49 MSP&SSM 5%s 78 MK &T 1st 4590, T4sB62... TA4%s'78... TEsA'62... T adj 5867, Mo Pac gn 4s8°75. Mo Pac 53 F '77 Mo Pac 58 G '78 Mo Pac 5s H 80 Mo Pac 55 181 Mo Pac5%s A Mont Pow 5s 43 Mont Pwr 55 A Nassau Elec 4s ‘51, & { & & & c Cent @b 45°34. Cent 48'98. .. waloe N Y Edison 5s B'44 N Y Edison 58 C'51. NYEArt6%s’41. N Y EL H&P 45’49 NY EL H&P b5 '48. NY NH&H 33856 NY NH&H 48 '57 NY NH&H 4348 NY NH&H clt 65'40 NY NH&H 65°48.. NY O&W rf 45’92 NY Steam 5 NY S&W gn 5s " N Y Telgn 4% NY W&B 4%5'46. . Nia Sh Md 63 8°50. Nord 6%8°50. . Norf Sou rf 58 ‘61 Nor & Wn en 45" Norf&Wn div 45’44 North Am Co 5s ‘61 £y 11 xuSnoMnEaSaNnatme - 9% 101% 104 13 104 Nor Pacr1 Nor St Pw 68 A *41. Nor St Pw 6s B "41. Norway bs " Norway 5% '65. Norway 6s'43 Norway 6s°44 Ore Sh L §s gtd "4 Oreg-Wash 48°61. . Orfent Dev 6% '58 Orlent Dev 65 '53.. - - oo '.3..:...»..:. rnd antrnataBale Pan Am Pet Paramount Param-Pub 5 % 5’60 Paris Or 5%8'68. Penn sta 4848, Penn 43%s D Penn cn 4% Penn gn 4348’65, Penn 43%s D ‘70 Penn 4% 563 Penn 65 '64. Penn gen b8 Penn 6348’36 Penn P&L 4%s Peop Gas ret 6847, Peru 65°60. Peru 6s’61. Phila Co 6 Phila Wlec 4s'T Phila & Read Pmunnlnoa Press 8t] Car Prussia 6s ‘62 Pure Oll 6%s Queensland 6 . Queensland 7s u. . Read ¢35 A '97 StL IM R&G 48'38. 149 St L&SF 48 A ‘50.. 15 StL&SF4%4s'78. 30 StL SF 4%s'T8etst 7 StL SW 1st ‘l ’I!. 51 *| Research Has Developed Nu-w Swiss 5%s'46. N | Swiss 5%s"46 14 | TOKlo 6348 STAR, WASHINGTON, MANY INVENTIONS | = READY FOR MARKET merous Products During Last Few Years. Special Dispatch to The Star. NEW YORK, January 16.—Research laboratories and business corporations have been developing hundreds of new inventions, products and materials, while engineers and economists—and “technocrats”—have been formulating | { theories or predictions that are now ar- resting public attention. Some of the new things developed ‘d\lrln. the depression were shown and explained before the New York Elec- trical Soclety by Dr. H. C. Parmelee, vice mldem of the McGraw-Hill Pub- lishing Co. The extent to which research has been remaking the world in the last few years is indicated by the United States Patent Office, which last year issued about 12 per cent more patents than in 1931, Union Carbide & Carbon, | to cite but one corporation pushing | researches, in 1931 applied for 260 pat- | ents. Textile Inventions. One local research laboratory has re- ported it will have 60 new products ready for marketing within ti next 90 days. From the cotton textile center comes word that a cotton house is to be erected here for demonstration pur- poses. It utilizes cotton canvas for in- side and outside walls and roof. It re- quires the usual wooden sheathing. Its sides and roof are treated with a water- proof and a fireproof paint. Cotton roofs are being used to restore old in- dustrial plants these days, the fabric being shrunk before it is placed over the old roof and then covered with as- | phaltic paint. These products, as well as the cotton road, made out of dirt, cotton fabric, asphalt, sand and gravel—similar to the “cotton” main highway at Baton Rouge, La—will be shown at the Building Congress in Detroit next week. There visitors will also see glass bricks, which permit the sunlight to come through ‘but do not permit persons to see them. Floating bricks, made of a substance so light that skyscrapers could be bullt five times their present | height without adding weight, also will be exhibited. Steel houses, made by several com- panies, no longer are in the experi- mental stages, as some such dwellings are being erected here. Air condition- ing, which the health rules of many governmental units may soon insist upon, has advanced so much in the past two years that small, low-priced equipment is now obtainable. One of the leading electrical manufacturing companies is ' introducing heating screens, which spread heat over large sections of a room. New- Food Product. One well known food executive an- nounced the formation of a company to make and distribute food products | manufactured from the pink conch, a mollusk found in the vicinity of the Bahama Islands. Although the conch or “el cobo” long has been known to the Bahama natives as the “stafl of life,” it will be the first time food from it ever has been made commercially. (Copyright, 1833.) New York Cotton Special Dispatch to The Star. zg‘w YORKx,H Jlnm‘ry u.-—Com pri opened irregularly today. ¥ood business done in Liverpool had ittle effect on prices there. Initial quotations were: March, 6.12. off 6; May, 6.25, off 6; July, 6.38, off 5; flwbq', 658, off 4, December, 6.70, o Check Total Declines. By the Associated Press. Checks drawn on individual bank ac- counts in leading cities of the Federal Reserve system showed a 24 per cent drop during the week ended January 11, as c &ued with the previous week when_debits were heavy on account of monthly bill payments. In the table that follows t.oul debits are given for ced by Shell U O 6s "49ww Shinyetsu 63s '52. Sinc Oil 6% s B '33. Sinc Ofl 7s A '3 Skelly Of1 535 ‘:9 Sou Pac col 48°49., Sou Pacrf 4s'55.. Sou P 4%s'69 ww. Sou Pac 4348’81, Sou Ry gn 4s A5/ Sou Ry & Sou Ry gn §s '56. Sou Ry 6345 '56. SW BeI TGs A 54, StOIINJ6s 4 StOIINY 43s'51. Studebaker §='43.. Sweden 5338 '64. Talwan EP 538’71 Tenn E1 P 65 A "47. Ter As St L 4s°'53.. Tex & Ark 515’50, ‘Tex Corp cv 58 "44. Tex & Pac 5s D '80. Third Av rf 4s'60. . Third Av 1st 5537, ‘Third Av adj 5s'60. ‘Tob P NJ 634s 2023 ‘Toho El Pw 1s 'll. . Tokio EI Lt 6: Un EIPSL ref 55'33 Union Kl L&P 5#'S7 UE&P 15t 5348A'54 Va l’lmri%-'fl VaRy 1st6s A'62. Va Ry & Pw 68 '34. Va SW 1st cn 55 '58 ™ aow ..8-.&..0 o sahu-tuiuanei Sa Wllworll Warn Br Pie [T pe ans uBSuanals West Un el tr 5: West Union bs D. C. MONDAY. CURB SHARES MOVE IN NARROW RANGE Leaders Fluctuate, With Qils and Utilities Display- ‘ing Steady Tone. BY JOHN A..CRONE. Bpecial Dispatch to The Star. NEW YORK, January 16.—Quiet strength marked the Curb Exchange session today. The usual market leader, Electric Bond & Share, was up fractionally most | of this time. Cities Service was vir- tually without changc. »s was Standard Oil of Indiana. Niag .-Hudson Power and American Gas « Electric were strong lpon ln thz utility division dur- r specific _corporate devel m'.l e was little in the Way week end news that influenced market movements during the first two hours. Pending final sales advices from the Automobile Show, which has just closed here, the motors were neglected and Lsnlclh;ed (':n heaviness. The better- ment in forei copper quotations was gg:e mirrored in the red metal shares Profit-taking in the preceding session unsettled the gold shares, which move- ment carried over through the first few hours today. The slight gain in steel operations during the week steadied Pittsburgh & Lake Erie, which is large- ly dependent on steel and allied indus- tries. American Cyanamid B shares firmed fractionally on advices from one of the investment services. Aluminum Co. of America common at times was up a couple of points. New Jersey Zinc quickly regained its initial loss. Despite some firmness in silver, Bunker Hill-Sullivan Mining eased. Declining sales in December and bankruptcy petitions dampened the slight enthusiasm shown early last week for chain store securities. This move- ment, however, converged around the department and specialty store chains. In the food group Great Atlantic & Pacific Tea preferred braced. Several large blocks of Commonwealth & South- ern warrants came out during the third Electric Power & Light warrants receded. Interest then veered to miscellan- eous industrials. A. O. Smith tion opened down a half point. Carna- tlon Co., which rose nearly 2 points in the last few sessions, held firm. Trans- continental Air Transport, one of the few air shares to appear on the tape, inclined to easiness. Reflecting con- ditions in the rayon trade, Tubize Chatillen A opened up a half point. Joseph Ryerson made one of its occasional tape visits with a loss of a point. Natural gas shares were list- less, as were pipe line issues. Gains and losses about balanced'in the radio group. In the higher-priced power and light securities Commonwealth Edison, the only active issue, was re- actionary. hour. Air Travel Increases. CHICAGO, January 16 (#).—An in- crease of 64.1 per cent in passengers carried and a 448 per cent increase in air express made 1932 the best year for American Airways, Inc. Revenue miles flown during the year increased 34.2 per cent over 1931. Transamerican Airlines Corporation reported & 40 per cent increase in traffic for the year, but its figures were not included in American Airways’ report, since the company was acquired by the latter in December. BONDS ON THE CURB MARKET 2 3 68t 671s 68 180 10034 1005 913, 91% 100! & Eobent et St - »soa RES: 1 Eh 00 2RISR T oD B 00% 100% 1007 004 1004 100% L 90 597 9y 85 Jalalal Br.fo o e orer 72! >a»3P! 5 D NS o O A 52 2 £ o8 o, ERRESES! ~§§r=§5=32 = & L TP ) S 8 S 2z2nz - e H LR % ! Lt ") Forpod R oo Snrasnannoes 2.q & 57 B EE 233 ss=sazzazzaAtRss 2 ot ameaaspac ERgaTocs 000 ap a5, Bef o pBBa QS v g 1 o8 SEee YO Z AR 2 2 2 2 2 R 2 2 AR ° W 0% ‘.3 e £5o BERY ol et it e EEpTys .E‘. 2ob o Ml 5% e ““:5‘99’“5 v, QEEE . Ol p_t‘ '™, 1z22288ae gZe %o >2= 282 2 o 190% 00| 59 gn S-St ot bt i b i it (i 2 e 252352 ¥ i o numpflegén-a-n;g o8 g5 25 £ 2 g} E o 85892 SRS 2ap o Sesca! JANUARY Xw—_Without warrants. Wi-When issued. 16, 1933. FINANCIAL. N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. Stock and Bale— Dividend Rate. Add 00. High. Low. Close. Adams Millis 1st 7. 268 72%{ 2% Alabam Pw pf (6). 20s 56% 55% Alabama Pw pf (7) 208 65 65 Aluminum of Amer350s 51% 49 Alum Co Am pf(3) . «w- 3% Am Beverage 2% Am Citles P& L B. e Am Comwith PwB. 5§ % Am Cyanamid B... 13 4% Am Dept Stores. .. 1 Am Elec Pow pf(6) §0s Am ElScpt pf 40c. 3 55% 1 7 1 9 2 Am Maracaibo 1 Am Superpowe: 2 Am Super 1st pf 5 Arkansas NtGsA.. 3 AsEl Ind Ltaki0c. 1 Asso Gas&Elec (A) 5 Aszo Gas & Elec pf 308 Atlas Utilities. 18 Atlas Util pt A 1 Atlas Util war. . Axton Fish A 3.2 Blauners (g2) 2 Blue Ridge. g5 Blue Ridgecpfad. 2 Bunker Hill & Sul.. 258 Butler Bros. 5 Canadian Marconi. 4 Carib Syndicate 1 Carnation Co. Carrier Corp Cent States Elec Cities Service. Cities Service pf. . Citles Service(BB) 108 Clavde Neon Inc. Clev Elec Illu 1.60. 8 Col G & E cv pf(5).1768 Comwlth Edis (5).. & Comwlth Sec cv pf. io- Comwlth & Sou wr. Comistock Tunnel C A M Coctfs. Cord Corp.... CosdenOflcod. .. Creole Petroleum. . Crocker Wheeler.. 3 Crown Cork Intl A. 2 Cusi Mexicana Min 14 Deere & Co Dubilier Cond & R. Duke Pow (5) East G & Fuel Asso East States Power. Easy Wash Mch B. Etsler Elec Corp. E1 Bd & Share b6 % 13& E!Bd & Sharept6. 4 El Pwr Assoc(40c) 6 Elec PAL 24 pf(A). 1 ElecP&Lopwar. 1 Elec Share pf ww.. 2 Emp G&F 6% % pf. 268 Europ Elec deb rts. 20 10 1 272w ens o FEF Grain Market By the Associated Prets. CHICAGO, January 16.—Enlarged speculative selling carried wheat values downward late today despite announce- ment of 2,244,000 bushels decrease of the United States visible wheat supply. Relative scarcity of buyers coincided with the augmented offe: of wheat. Traders took sharp notice of word that President-elett Roosevelt would confer in New York tonight with a leading Senator who has been active in con- nection with agricultural allotment measures. ‘Wheat closed weak, ;-1 under Satur- day’s finish; corn, 7-1% down; oats, Y4-1% off, and provisions, unchanged to a decllne of 2 cents. Close. .4634-T -4 7 sag. Curb easy; trading dull. exchanges firm; French franc improves. Cotton easy; lower cables; easier ock and grain markets. Sugar lower; Cuban ullix.::t. Coffee quiet; easler Brazillan market. CHICAGO, January 16 (#).—Wheat weak; late speculative selling. Corn easy; enlarged receipts. Cattle steady to 25 lower. Hogs active, 10a20 higher. U. S. FARM EQUIPMENT SALES ON INCREASE [ By the Associated Press. Tm .xport em‘x‘!‘“mc f:l’ American- pment playing an T e Jariment re. ustry, the erce t re- vulg‘ in reporting that foreign sales ha iter percentage total damestic aince 1920. In 1920 exports amounted 2 per cent of production, while in 1931, latestyear for which production figures are available, exports were 27 per cent of total output. It was pdnted out that the American industry been fostered by an enormous domutlc demand,’ and im- proved for stiff omnpeunm by ventive genius. set of circum- ’%',..,,"‘",...’%xn;":"m”“‘"* feentage o percen the face of growing competition as the industry developed in foreign countries. MONEY MARKET. NEW YORK, January 1€ (#)—The money market continued dull teday with rates generally unchanged. Out- side call funds commanded three- fourths of 1 per cent as compared with one-half of 1 per cent on Friday. Call money on the Stock Exchange held at 1 per cent and time money and prime commercial paper rates also held over. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. 5% DIVIDENDS on Saving Accounts materially adds to your principal at the National Permanent—an unusually high rate of returns! Consider the advantages this will afford your ac- count, aiding it to accu- mulate substantially. 8emi-Annual Dividends 72 | Frst Ne S1st pf 7.. % | Goldman Sachs. % | Graymur Corp (1). 8 i UHIP& L pt (7).. Stock and Sale— Dividend Rate. Add 00. High. Low. Close. 108 112 112 112 Florida P& L pf(7)25s 33 33 Ford Motor France 1 Ford Motor Ltd. 5 8% Gen G&Epf B h. .1 9% Gen Pub Servicept 70s 31 30% Georgia Pw pf (6). “l 6:% l: x & 21 21 145% 145 121% 121% 2T% 27T4% 9% Gold Seal El n 1 Great A&P n-v(17) 208 Gt A & P Tea pf (7) 30 Gulf Oil of Pa. Hamilton Gas vtc. * Hollinger Gld t80c. x 5% ol B 4“ 0 5% Hygrade Food. 1 Ins CoN Am (2). 5 Insurance Sec 1 IntPetrol (1) 5 Int Ut B. ... 1 Interstate Equmu 4 Interstate Eq cv p! 1 Interst Pw Del pr 1 10s Kirby Petroleum. 4 Lake Shore M (2) 10 Lone Star G bédc.. 1 Long Is Light(40c) 1 Long ILcmpt B6 50s Mass Util cvpf 214 268 Mavis Bottling A.. 1 Mont Ward (A)... 3208 Mountain Prod 80c. Nat Aviation. Nat Bellas Hess. Nat Bnd & Sh (1) Nat Fuel Gas (1) Nelsner Bros pf... Newberry (JJ) (1) I\cw Jersey Zine 2. New Mex & A Lnd. Newmont Mining. . N Y Tel pf (63)... 268 Niag Hud Pwr 1.20. 28 Niag Sha(Md)B 20¢ 3 Northern P L(50c). 3 2% | Novadel Agne (). Ohio Copper. Pac G&E 1st pf 1% Penroad Corp Phil Morris Inc Phoenix Secur. 1 Phoenix Secur pf.. 2 Pilot Radio Tube A 1 Ploneer Gold 24c.. 1 Pitney Bow Pb4%. 3 Pittsbgh&LE(2% ) 150s Premier Gold (12¢) 1 Prudential Inv.... 8 Pub Util Hid war.. 4 Puget SA P&L pL 5. 408 Rellance Int A 4 Reliance Manage.. 2 Reynolds Investing 7 Ryerson (Joseph). 1 Safety Car H& Lt. 768 St Regis Paper.... 6 St Regis Paper p Scovil Mfg (1). Security Allied C; Selfridge Pro S kéc Silica Gelet....... 1 Singer Mfg Co (8). 10s Smith (A O)......150s SouCalEdptB1% 38 SouCalEdptC1% 1 Stand Invest cm pt 50s Stand Oil Ind (1).. 22 Stand O1l Ky 1.20.. 11 Stutz Motor Car. 4 Sunray Ofl. 7 Swift & Co. 7 Swift Internatl(2). 1 Swiss Amer El pf. .260s Taggart Corp 2 Technicolor. . 4 Tech Hughes (60c) 6 Tobacco Prod Del.. 1 Trans Air Trans. 1 Thbize Chat Corp.. 3 Tubize Chatillon A. 1 Utd Corp war 2 Utd Dry Dock 1 United Founder: 3 United Gas. . 5 Utd Gas war. 0 Utd Gas pf (314) 2 Unit Lt&Pwr (A).. 8 UnitLt& Pwrpf.. 3 U S Finishing..... 2 US&Inti1stpf... 2 U S Play Card (1).. 255 UtilP&Lt.... 50s Unit Verde Ext 40¢ 2 Wool Ltd k25 1-5c. 4 12 Wright Harg t20c. 7 3% Dividend rates o in o based quarterly or el cividend, 1Parily extra. TPlos 4o in stork alavable in cash or stock. b Payable o= Nock. & Adtustment. divoknd.” 1 Plus_¢ in stock. g Plus 6% in stock. b Plus1% in stock.” JPlus 3% in siock. k Plus 10% in stock. mPlus 3% in stock. nPlus 8% in stock. p Pald last year—no regular rate. UNITY OF FEDERAL LOAN BANKS URGED Saving of $1€ 00,000 An-. nually Proposed in Robin- son Senate Bill. BY CHAS. P. SHAEFFER, Assoclated Press Business Writer. “ A direct saving of more than $16,- 000,000 annualy to the American farmer is proposed by the bill recently intro- duced by Senator Robinson, Democrat, 1 | Of Arkansas, for unification of the Fed- eral farm loan systems. Unification would be effected through 1| the absorption of liquidation of joint stock land banks by the Federal land bank system. The Federal land banks, under the new set-up, would call in out- bonded mdnbtodnm and issue obligations bel.rln( 3 per cent. of both Federal joint,_stock land at a reduced rate of interest, not to exceed 4'; per cent, payment of such mortgages to be. amortized over a period of 40 years. The Federal land banks would pur- chne the mortgages of the joint stock d_banks whenever 80 per cent of bnndh%l::n have agreed to turn in ;:deulhndhnn No cipal pay- m%t:wmmunwmdtmfmu Losd . mon.n.a murut by 1 per cent om Federal land bank mortgages, and 13 Per on those held by joint stock !ndbnnk.l The average rates now in . uflect lre 54-10 per cent on Federal nk mortgages and 6 per cent on jolm nock land banks. The reduction |in bond interest would scale upward , from 1 per cent, as the lowest rate on the bonded indebtedness now is 4 per . cent. Federal land bank mortgages out- standing at the close of November % | amounted to $1,131,762,000, the Federal Farm Losn Bureau reperts, carrying annual interest charges of $61,115,148. . Under the proposed bill the annual in- terest would be $50,929;: representing a saving of $10,185,858. Joint stock lln mortgages outstand- ing on Nov!mber 30 were $418,542,000, * terest charges of carrying inf szs,uz,sm Under the proposed bill, these charges would be uced to $18,- 834,390, a saving of $6,278,130 per yean, | Purcellyille National Bank. PURCELLVILLE, Va., January 16 (Special) —At the annual meeting of - the stockholders of the Purcel]vflle Na- - tional Bank the following officers were ; re-elected: C. L. Robey, president; J. T. McGavack, vice president; Notley ; Ball, vice president, and J. Derry Tribby, cashier. Directors re-elected were J. T. McGavack, H. W. Van Sick- | ler, J. J. Porter, F. P. Wilson, H. T, r Pancoast, J. L. Lodge, C. L. Robey, H. T. J. Potts and MORTCAGE LOANS In the District of Colum- bia and Nearby Maryland and Virginia WEREE 2o il ha Tt th-‘tn Building Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON, President Assets. . WALTER S. PRATT, Jr, Secretary -$6,251,008.24 Subscriptions for the 104th Issue of Stock Being Received SYSTEMATIC SAVING Always remember it is not what you earn, BUT WHAT YOU SAVE THAT COUNTS. The Equitable is helping hun- dreds to become financially recognized thru their Systematic saving plan. saver thru this plan? today. Are you a If mot—then join 915 F St. N.W. MIMIIiHIHflIIIHI!IIIIiIlfllIIHIIINIIIIIIIIIIIIIHHHIMIHfIIIIIH!IIIlIMlIIII : SAFE F I R'S'T MORTGAGES THE WAY TO HELP THE RETURN OF PROSPERITY is to give employment to your sur- plus funds—be they large or small It is money in action that makes times good; while money hidden away is really a worry to its owner. ) Our Over a Third of a Century Without g Loss to an . vite your fixed. Investor 6% FIRST MORTGAGES offer an investment that is as sound as a first trust on improved Wash- ington real estate can make it; while the interest is generous enough to in- consideration—and it is May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY