Evening Star Newspaper, January 21, 1933, Page 13

FINANCIAL, U.S. BOND ISSUES TOUCH NEW HIGHS German and " Italian Loans Also in Demand at Short - Session. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 21.—A number of new high prices for the year were | registered today in the loans of the United States Government as well as in those of Germany and Italy. The other feature of the day’s trading was the strength in a small list of junior rail- road bonds. United States Liberty fully tax- exempt 3los crossed 103. Treasury 414s rose ' and were quoted at about 11034, ‘which brings the yield on them to around 3.25 per cent. The Treasury | 3%s made a new high in advancing 1, | while the two discount Treasury issues | were slightly above Friday's closing. | ‘The recovery in the German issues, after the sharp reaction in the early part of the week, has brought the Government s above 85 the first time this year. The 5!is rose 11; points today, but were 2 points under their previous best figure of the year. 'l'herel were good gains all through the list of German public utilities and munic- ipal bonds. Itallan government 7s sold again at par, Japanese loans were somewhat heavy. In the domestic list, about all that | could be said is that bonds that have been fluctuating bstween moderate strength and moderate weakness for | several days were firmer in today's ses- | sion. The trading in them is almost | entirely speculative, with one day's op- | erations uncovering the position of the | day previous, Missouri Pacific, Balti- | more & Ohio, llinois Central and Ches- apeake Corporation bonds were frac- tionally better. The industrials did fairly well, with rallies in United Drug 5s. National Dairy Products 51;s, and Paramount- Publix 51¢s, which moved contrary to Radio-Keith-Orpheum 6s, whose price was the lowest of the year. American & Forelgn Power 5s rallied 11> points. Columbia Gas & Electric 5s were some- ‘what lower. Ttility Power & Light 515s has gained 2. International Telephone & Telegraph 415s were up a point. In- terborough Rapid Transit issues were strong. There was a slightly higher range of | prices for the high-grade railroad and| public utility mortgages. Chicago & | Northwestern today made application to | the Reconstruction Finance Corpora- tion for a loan of $11,127,000 to pay maturing obligations. Washington Produce WHOLESALE PRICES. Butter—One-pound prints (93 score), 24; tub, 23; one-pound prints (92 score), 23; tub, 22; one-pound prints (91 score), 23; tub, 21; one-pound prints (90 score), 21; tub, 20. Eggs—Hennery whites, 18; current receipts, 17; Government graded ex- tras, 25; standards, 24; mediums, 23. Poultry, alive—Turkeys, young hens, 16a18; young toms, 14a15; old toms, 13a 14; young toms, over 20 pounds, 11; old hens, 10al2; chickens, Plymouth Rock broilers, 13a14; Plymouth Rocks, 4 pounds and over, 15a16; under, 12a13; mixed colored chickens, 12al4; Leg- horn, 10; colored hens, 13a15; Leghorn hens, 7a8; hens, 4 pounds and over, | 12al4; capons, large, 17a19; small, 15a | 16; roasting chickens, 15a16; keats, old, 20a25; young, 25a35; roosters, 7a8. Poul dressed — Turkeys, young hens, 19a21; young toms, 17al18; old toms, 16a17; old hens, 13al5; chickens, Plymouth Rocks, 4 pounds and over, 17a19; under, 14al5; Plymouth Rock broilers, 16a¥7; capons, large, 21a23; small, 17a19; mixed colored chickens, 14al5; Leghorns, 14; roosters. 10a12; hens, 4 pounds and over, 15al17; keats, | young, 20a30; old, 15a20. Meats—Beef, 10; lamb, 27; veal, 11; pork loins, 10; fresh hams, 10; smoked | hams, 11; strip bacon, 13; lard, 7i; compound, 7. ‘Game—Rabbits, per dozen, 1.50a1.80. Fruits—Apples, fancy box stock, 1.75a 2.25; pears, 1.50a2.50; pineapple, 2.25a 3.50; cranberries, 2.50; alligator pears, 3.0( 2.50a3.50; ines, 1.25a1.50; bananas, 1.50a2.50; rhu- barb, 5-pound boxes, 50a60; straw- berries, pints, 15a25; quarts, 40a50; Spanish melons, 6.00a7.00; honeydews, 4.00; grapes, 1.50a2.50. Vegetables Potatoes, 100-pound sacks, 1.00a1.25; Idaho bakers, 1658 1.85; Sweets, 60a75; cabbage, new, 90a | 1.00; old, 65a75: kale, 35a50; spinach, | 60a1.15; watercress, 75; peppers, 2.00a 2.50; eggplant, 2.00a2.50; lettuce, ice- berg, 3.25a3.50: peas, 2.0083.00; string beans, 1.00a1.50; limas, 2.50a3.50; mush- rooms, 60a75; beets, crates, 1.50; carrots, crates, 1.50; tomatoes, repacks, 1.50a2.00; parsnips, 125a1.50; turnips, 75; broccoli, 2.50a3.00; squash, 2.25a £.50; salsify, dozen bunches, 75; cucum- bers, bushel, 2.50; lettuce, iceberg, 3.25; chayote, per dozen, 1.00a2.00. BANK CLEARINGS GAIN SLIGHTLY DURING WEEK | . By the Associated Press. NEW YORK, Janusry 21.—Bank clearings continue slightly higher this week. While the decline, compared with the record of a year ago, still is quite marked, especially at some of the larger cities, it is again less significant at other important centers. The total for | this week at all leading cities in_the United States, as reported to R. G. Dun & Co., of $4,453,143,000 was 24.2}?21' cent below that of last year. At New York City the amount was $3,019,589,- 000, which was 26 per cent less, while the te for the cities outside of New York of $1,433,554,000 was 20.1 per cent smaller Bank clearings this week cxceed those of the preceding week by $45,188,- 000, whereas a year ogo thers wes a de- cline-of $1,790,000. Again. the improve- ment mainly is ot the cutside centers. The reduction this week is the h-aviest | at New York, Boston, Pittsburgh, Chi- cago, Detroit and Cleveland. At Phi‘l;- an in- also slightly higher than they were last year. At practically all of the South- ern centers the reduction continues less than heretofore. Figures for leading citles, showing in- creases, as compared with same period & year ago, follow: (Totals in thousands.) Week January 18, 1 Baltimore . Pittspurgh Talo . $4,450,1 Average Daily. After being closed for eight months, | service on Trans-Andesn Rallway ‘%hag been resumed, trains cperating be- fween Mendoza, Argentina, and lLos Andes, Chile, once & week. BONDE THE EVENING: STAR, WASHINGTON, ON NEW YO STOCK EXCHANG Received by Private Wire Direct to The Star Office. UNITED STATES. (Sales mfl;nhn,ooo.l Lib3%s32-47... Lib 15t 4368 32-47 Lib 4th 4345 33-38 Low. 10231 108 20219 10219 10817 10319 98 988 9919 9923 1025 1025 1026 1026 102 1026 1058 "1059 5 9 106 29 106 22 10625 US4%s4eT-52... Abitibl P&P 58 °'53. Alleghany 55 '44... 1. Alleghany 5s’49 Allegnany 6s°50... Allis-Chalm 5s'37. AmF P 552030..., AmIGChb%s’49. Am Intl 53%s°49... Am Sm&Ref 53 Am Sug Ref 6s Am T&T4%s'39 Am T&T c tr bs'46. Am T&T deb 5s’60. Am T&T deb 5s *66. s 5 Am Wat Wks 6s 7§ Am Wr Pap 65'47.. Argent 63 '61 May.. Argentine 6s'59 Ju Argentine 65’59 Oc Argentine 6s A '57, Argentine 6s B '58. Arm & Co 4%s'39.. Arm Del 5%s°43. .. Atchison gn 45 '95... Atchison 4% AtICLecl4 Atl Ref db 5s ‘37 Australia 4345 '5| Australia 5s’55. Australia 6s 5’ | Austrian 7s *43 Austrian 7s°57 B&O 1st 4. B&O4%s B&O1sth B & Oref5s'95. B&O1f5sD 2000 B&OTrf6sC'95.... B&OSwdv5s'50. B & O Toledo 4s '59. Batav Pet 4148 '42.. Belgium 6s'55. .. Belgium 634849 Belgium 78’55 Belgium 75’56 Bell Tel Pa 5s B'48. Bell Tel Pa 5s C'60. Berlin Cy El 6s'55. Berlin 6148°50..... Berlin CEl §%s'51, Beth Stl pm 6s'36. Bolivia 7s"69. Brazil 63 °27. Brazil 8s 41. Bremen 7s "85, . Bklyn Ed 5s A *49.. Bkiyn Man 6s A '68 Bklyn Un Gas 55'50 Budapest 6s°62. ... Buenos A R 65°61.. BR& Pitts 434857 Bush Ter con 5s'; a Canada §s'52. t Ry 4%s'55 Can Nat 5s '69 July Can Nat §s '69 Oct.. Can Pac 43560, ., Can Pac 5s '44 ctfs. Cent 111 E&G 55 '51 Cent Pac 1st 43 "49. Cert-tddh 514848, Ches Corp 53’47 C&Ogendys CB&Qgn 4s'58 CB&Qrf5s'71. CB&Q 111314849, CB&Q Il 4549, ... Chi & Est 111 55'51. Chi Grt West 48’59 | Chi M&StP 4 C M StP&P 5575 CM&St Padj 5s.. Chi&NW 41:5C'37.. Chi & NW 4% 5’49, Chi RI&P gn 45 '88. 63 Chi Un Sta 5s B'63. Chi Un Sta 6145'63. C& W Ind cn 45'52, C& W Ind 534562, Chile 65’61 Jan... Chile 68'63........ Chile Cop db 5s '47. Chile Mtg Bk 63’61 Chl Mtg Bk 614857 Chl Mtg Bk 6%s 61 CCC&St L 43 sE'T7 Cin Un Trm 53 2020 Clev Term 5s B '73 Cologne 6% '50 Colomb 6561 Ja Colomb 65’61 Oc: Colo & Sou 4145 '80 Col G&E 5s '52 May Col Gas & E 55 '61. Com Inves 515 . Con G NY 4%s'51. Con N Y5s'5T. Con G NY 513 °45., Con Pwr Jap 6% Con Pow Japan 7s Copenhag 5s’52 Cuba Nor 5%s ‘4! Cuba R R 1st 55 Del&Hud ref 4s 43, Del & Hud cv 58'35, Del P'w&Lt4149'71 Denmark 414s'62. . Denmark 6s'42.... D& RGren 4s'36.. D&RG W 5s'56.. | Det Ed 4345 D "61.. Det Edison rf 55'49. Det Edison Fs '52. . Det Edison 63 55. ., Dodge Bros 6s'40. Donner Stl 7s " Duquesne 434 A | Dutch East I 65'47. Dutch East I 65°62. Erte Con 4s'96 Erieref 53 '67. Erle ret 55 '75 Finland 6s'45 Finland 7s Fiat deb 7546 French Gov 7s Gelsenk’hen 68 °34.. Gen Baking 545’40 Ger Cent Bk 6838, Ger Cen Bk 68°60 J Ger Cen Bk 65’60 O Ger Gen Elec 63’48 Ger Gov 5%s ‘65 German Rep GoodHopeS&I Goodrich 6s ‘4! Goodrich 6% s Goodyr Rub Grand Trunk 6: Grand Trunk 7 Gt Brit&Ir 6%8 3 Grt Nor 4%4sE'77. Hafti 6s°62. . Hud & M adj 55’57 Hud & M rf 5857, Hungary 7%s 4. 111 Bell Tell 58 111 Cent cl tr 111 Cent rf 48 ‘55 111 Cent 4% "66. 111 CCStLEN 6s A.. 111 Steel db 4% 840, Inland St 4%s B'81 Int Rap Tr rf 5566 Int Rap Tr 78 °32.. Int & Gt Nor és'52, Int & Gt N bs B'56. Int & G Naj6s'52.. Int Hydro El 6844 Int PAp ref 55 A'4T. Int TeI&T 4% It T&T4%s 62, IntT& T 5s'65. Italy 78°61. Italy Pub 7s °5: Japanese 5%s'65. . Japanese 618 '54. . Kan City Sou 38’50, Kan City Sou 58'50. Kan City Ter 45’6 Kan G&E 4% Karstadt 6s 43, Kresge Found 8s'36 Kreug & Tol15s'59 Laclede Gas 5836 1 4 - e RS PR JRTTRIN =5 P PRV b= o ©R3 Id » - NN ML BRA AON~OUENNATIHNONT N-RC A A o w& a3l 11024 11016 11220 suum;n. Low. Close. 13% 28 9% 6% 33 81 9% 13% 29 21% 974 6% 4% 81 9% 85% 105 106% 106% 106 106% 108% 95% 70 34 49% 49% 49 49% 9314 601% 82 27% 847 37% 36% 41 56 Lorillard 55 '51. L&Nuni4s'40.... McKes & R 534550 Manhat Ry cn 4s'90 Milan 6%s52..... Mil E Ry&L 65 MSP&SSM cn 4s MSP&SSM cn 55 '38 MSP&SSM 55 gt'38 MK &T adj 55’67, Mo Pac gn 4875 Mo Pac rf 58 A '65 Mo Pac 3s F'17. Mo Pac 5%s A ‘49, Montevideo 7s '5: Mor&Co 1st 4 Nassau Elec 4s ‘51, Nat Dairy 6% s'48. N J Power 463 °60., Crf4%s2013, Crf4%s2013n Crf5s2013... NYC&StL 4%s8 78, N Y Edison 5s C'51. NYEArf6ks'4l., NY NH&H 4%s'67 NY NH&H 6s°48. ., NY O&W gn 48’55 NY O&W rf 48°92.. Norf&Wn div 4s' North’Am Co bs ‘61 Nor Am Ed 55 A'57. Nor Am Ed 55 C'69. Nor Am E 53563 Nor O T& L 65°47. Nor Pac gn 3s 2047, Nor Pac 45'97..... Nor Pac r { 65 2047, Nor St Pw 55 A "41. Norway 6344, Norway 5 '63 Oreg-Wash 4s Orient Dev 5% Pac G&E 5s "4 . Pac T&T 1st 58'37. Pan Am Pet 65°40.. Paramount 6s 4 Param-Pub § Paris Or 5 Penn sta 45 '48. Penn 45 D'81. Penn gn 41:s°65 Penn 415 D '70. Penn 4%s°63...... Penn 55 '64........ Penn gen 55 '68. Penn 614536, Penn P&L 4% . Peop Gas ref 5s'47. Peru 65 °60. Peru 63°61. Phila Co 5867 Phila Blec 45 'T1 Phila & Read 6s 49 Pillsb F M 65 '43... P& WV 4145 C'60 Poland 7s '47..... Poland 8s °50. Port Gn El 414560 Pos Tel & C 55 '53.. Prague 7%s’5 Press 8tl Car Prussia 63 '52 Prussia 6% s Public Serv 4s°7 Pub Sv G 4%s'67 Pure Oll 51537 Pure Of1 5% 540, Queensland 7s'41.. Radio-K-Or 68 °41.. Read 4%s A 97 Rem R 5% sA'4Tww Rhinelbe U 75 '46. . Rhine Ruhr 6s'53.. Rhine West 6s'53 Rhine West Rhine West 7s '50.. Rich Oil Cal 6s'44. RioDeJan ext 8s'46 RIAr& L 4%s’34. 2 Rome 6%s'52 1 91% Royal Dutch 48 '45. 898 Rumania 78 '59. 334 StL IM R&G 45'33 St L&SF 48 A '50 StL&SF4%s" StL SF 4%s'78¢ St L&SF 55 B '50. StL SW 1st 58 Sao Pau 7840 Sao Paulo 85’50 Saxon P W 6%8°51 Saxon7s*45....... Shell U O 55 *49ww Shinyetsu 615 '52. Sinc Ol 6%s B 38, Sinc Ol 7 A '37 Sinc P L 5s'42. Skelly Oi1 54339, Sou Bell T&T 58 '41 Sou Pac rf 4s’ Sou Pac 43S " Sou P 43569 ww.. Sou Pac 4%s'81... 1 Sou Ry gn 4s A’ Sou Ry gn 6 * Sou Ry 6148 '5| Sou Ry M&O 4s°38. StOIIN J 6846 StOIIN Y 4%s 51, Studebaker s '42. . Sweden 5163 '54. .. Swiss 5%5'46..... Taiwan EP 53s'71 Tenn E1 P 63 A "47.. Ter As St L 4s'53.. Tex Corp cv 58 '44., Third Av rf 4s"60.. Third Av adj 53°60. Tob P NJ 6%s 2022 Toho El Pw s '55. Tokio 5 '52 Tokio 534S Toklo El Lt Un EIPSL ref 55'33 Union El L&P 58’67 Un Pac 1st 45 '47.. Un Pac 4s°6! Un Pac 4%s Unit Drug 6s ‘63 U S Rubber 58 "47.. UnSt W 6%s A'47.. Un St W 6%s A'51.. Ud St W 61s C'51.. Utah P& L 5s°44.., Util Pw 5359 ww. Utll Pow 5%s '47.. Vanadium St 55’41, Vienna 6s'52...... Warn Br Pic 6s'39. Warn Quin 6s°39.., Warner Sug 7s "¢1. Warren Bros 65°41. Warsaw 7s'58 West Sh 1st 4 West El db bs West Md 1st 4s '52. West Pac 5s A "46.. West Un cl tr 55 '38 West Union 58 '51.. West Un 6345 '36. Westphalia 6s'53. . Wh& L Ecnds’49, Wh Sew Mch 6s *40 Wil-O 1st 633533, Wil & Co 1st 6841, Yokohama 6s '61... Ygatn S&T 53 A'78. Ygstn S&T 5s B'70. RETURN ON BALANCES LOWEST IN HISTORY Cut in Interest Rates by Clearing House Affects Total of $6,760,000,000. 43y 101% 38 55 62 681 2214 9015 50 5714 588, 104 78% 96 B8 54 64 5% 28 IR S o e WA ANOUAEHNRNRRNONN— B~ PINNTODOAADNN ANARRNRWISD 1o By the Associated Press. NEW YORK, January 21—Halving of interest rates by clearing house banks will bring the return on bal- ances with those institutions to the lowest level in history. The action af- fects a total of $6,760,000,000 deposits of which about $914,000,000 was in the form of time deposits. What part of the latter will remain in the category to question, of time deposits is mke:e‘:;mvlcwol :‘uflonofthe mal deposits up come under the classification Geposits on which th> new rate will b2 one-quarter of 1 per oept. A MORTGAGE FINANCE PLAN 1S SUGGESTED Merger of Federal Land and Joint Stock Banks Proposed. Special Dispatch to The Star. NEW YORK, January 21.—If there is to be a reformation of the Federal Land Banks' status that will accomplish what the advocates of farm relief have in mind, it will be necessary to effect !a consolidation between the Federal Land Bank and the Joint Stock Land Bank organizations, The ‘Government will also have to guarantee the interest on the bonds of the combined corpora- tion and establish a rate of interest on current, In the bill introduced in the Senate by m::_;m{h l:nhmmn ‘:é Armm‘ 1;" is p! at any existing farm mort- gages held the Federal Land Banks be refinanced, that the interest rate be limited to 3 per cent and that the bonds be guaranteed by the United States Government, Debts and Property Values. This agrees with the economic los- ophy of the times that the debt burden and the carrying charges of debts are now out of line with property values, as well as with the income available among debtors to meet the service of their debts. It also conforms in the matter of interest rates with the present low average at which money is being bor- rowed by the Government and the avallability of large supplies of capital for issues under Government supervision and guaranty. . As an illustration of this tendency we have today a mortgage company in Westchester County, New York, asking the holders of its guaranteed mortgage certificates to accept a reduction in their rate of interest from 51; per cent to 3 per cent on $50,000,000 of its out- standing obligations. ‘The situation with respect ‘to the Joint Stock Land Banks is such that an early assumption of their mortgages and the adi tration of their affairs by the Federal Land Banks would be helpful to the entire farm mortgage po- sition. It is believed that this will take place during the year, with holders of i the bonds of the Joint Stock Banks re- celving probably an average of 50 cents on the dollar for their securities and the stockholding interest being ex- tinguished. Banks Criticized. ‘The confusion in the public mind be- | mer, particularly so since facts have | been exposed showing the practices in | which some of the officers and directors |of several' of the Joint Stock Land Banks engaged and which eventually brought their institutions into the bank- | ruptey courts, | . There has also been much criticism | in recent months of an alleged_prac- ‘rflte of the Joint Stock Land inks 99% | of forcing foreclosures of their mort- | thousands. | gages and then buying back their own | bonds at large discounts. Here again 75% | the public has made no distinction | | beiween the Joint Stock Land Banks |and the Federal Land Banks and has 123 | accused the directors of the latter of | | exerting undue pressure on mortgagors. 50' | The fact is that, on June 30, 1932, | 61% | there were pending in behalf of the | | Federal Land Banks foreclosure pro- ceedings that involved only 4 per cent Gl‘n!or the number of their delinquent | | loans. This record by an organization | that has outstanding loans of nearly 124 | $1,150,000000 makes & most favorable | | comparison with that of any other | similarly employed financial institution. There has been much talk in Con- gress of enacting legislation that would | provide for a moratorium on farm mortgages held by the farm loan sys- tem, or by the Federal Land Banks | and the Joint Stock Land Banks. In | view of the direct interest that the Federal Government has in the Fed- eral Land Banks and its indirect con- cern in the policies that the Joint Stock Land Banks may adopt, it is not likely that such legislation will be successful. Relief Is Needed. On the other hand, it is obvious that a certain amount of relief must be given to owners of farms whose values have depreciated substantially and the income from which today has shrunk to a nominal figure. The most logical and permanently helpful method of granting this aid would be through a refinancing of their mortgages on the basis of current appraisals and a recasting of the interest rate to one that conforms with current money conditions and which would permit the Federal Land Banks to issue new se- curities in the event that these se- curities were guaranteed by the Fed- eral Government. Today they are not able to sell any new long term bonds at E."c" that would be acceptable to their directors. (Copyright. 1933.) NEW YORK, January 21.— The opinion in most brokerage circles to- * | day was that activity on the stock ex- change would continue highly restrict- ed. Some, however, believed there would be further attempts to pierce img.edhtem resistance ‘l:vas. - mershlag, Borg .—It appears doubtful if prices can rise:above the trading range within which they have now fluctuated for almost four months, until there is expectation of better news from Washington. Frazier, Jelke & Co.—In stocks there is no pronounced trend. The market is very thin both ways, even in issues which are closely traded as a rule. Much of the activity appears to be in the nature of switching by large hold- ers, particularly investment trusts. Hornblower & Weeks. — Prospects favor the start of a rally more impor- experienced the past two weeks, and should prove worthwhile following. Clark, Childs & Keech.—We see nothing which disturbs us sufficiently to believe that holdings should not be increased. Our advice to hold any buy is continued. CHICAGO STOCK MARKET CHICAGO, Janu 21 (#).—Follow- ing is the complete official list of trans- actions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. 50 Asbestos My 50 Bendix AV 0 Borg-Warner “ 0 Butler Bros .. .. 20 Cen Il Pub Svc pt 50 Cen Ill_Sec f. wngn &8V or 550 Chi Corp . . 800 Chi COW »t. 100 Chi N . 50 Chi_Yell High. Low. Close. 4 3 101 5 TRY 20 i oo 2SR VT AR 2 o b 3 50 me As-aon ) =52 SRR NE AR S a FEEE SEESES SE R 3 > - 5. - SZ T E " Soanuan FFEH FESE new mortgages materially below that | tween the Federal Land Banks and the | tant in extent and duration than any | D. €, SATURDAY, JANUARY CURB SHARES FIRM IN QUIET MARKET Public Utilities Group Promi- nent in Dealings—0Qils Are Steady. BY JOHN A. CRONE. Special Dispatch to The Star. | NEW YORK, January 21.—The Curb Exchange maintained its initial strength in today's short session, but tndtn([ was dull, Public utilities formed the bulk of dealings, with the leader, Electric Bond & Share, up fractionally. Cities Service barely moved. Standard Oil of Indiana was unchanged. Later. Commonwealth Edison rose & point and some of the ‘n.::l:le ‘miscellaneous industrials made seve tape appearances. The market was not much influenced by general overnight news develop- ments. The petroleum list, for example, virtually ignored further crude oil and gasoline price reductions. Regular divi- dend declarations by Buckeye Pipe Line, Long Island Lighting common and Musl preferred were without imme- | diate market effect. Dividend actions and earning reports were most influential’in public utility holding companies and investment trading concerns. Blue Ridge common, which had a net asset value of 27 cents & share at the year end, against 84 cents a share as of December 31, 1931, eased on this information. American Superpower common and | first preferred hardened on the earn- | ing report showing net of $349,293, which was better than expected, though | it compares with net of $5,444,462 in | 1931. In this connection it is interest- ing to note that Electric Bond & Share's annual report shows holdings of 47.9 per cent of American Superpower in 1932, against 52.1 per cent in 1931. American Cities Power & Light B turned active for a time, perhaps re- flecting the resumption of dividends or today’s earnings report. Decline of 5.5 per cent in December and 21.7 per cent in 12 months’ sales of Buffalo, Niagara & Eastern Power had been forecast on the tape. ‘The weakness in dairying stocks con- tinued, with a string of offers of United Dairy Products A starting at 13 and quickly moving down several points. Other food shares, however, braced. Great Atlantic & Pacific Tea common opened up 2 points and the preferred was up almost that much. Trends in the packing shares, especially the meat issues, were mixed. Parke-Davis was a | trifie_higher. Dullness gripped the textile list. Esti- | mates were heard that Hart Schaffner & Marx would report a deficit of $3.- 900,000 for the fiscal year ended No- vember 30 last. Lerner Stores preferred | recovered about a third of the loss suf- | fered in Priday's session. | | | | | Salesin DOMESTIC BO! High. Low. Ol 17 Alsbama Pw 41is 167 R1is Aobs A1 | Taa A 5T 2413 2415 | ! E A & & m Rad d1s5 "4 m Boll M ¢tjs bs { alch Pow 5s '5 | 2 P &L Gs 550 Ger"gin | BAsso G & | 1 Asso g4k (;.‘ 9 Asso ey | S 3 T&T 512 5 1845 Tel Ut 338 447G & 1dwi Bios | J2Ba 44 Bel 2 Cig St Rel 5'2s A 44 Citles Service 5s 5 Cities Service 3s b k. RCit Srv Gas 5! 5 4| 2Cit 8rv Gs P Bs ek it ckg y Pl 6R° 68 10134 1013 101% 7 91Y 01% 1Y a5 05" 95 £ 101% 101% 1011 0 433, 43ia 4Emp O & 4 Federal Wi 5 Firestone 003 o 200000 s ulf Oil Pa 5s lood Rub 528 '3 ood Rubber 7s I Pw . FEEEEED s ‘51, Bs A 'Bi B8 A’ A 2026 8313 R 2030 w eSS o Sk 29 b 25200 10 2 arragansett t P&L 68 222 £ £ H H 3, 900" Ak g BET b = & 2222 122! 5 10415 ‘016 e .. 10315 1031 103 0 1o e 10 ' YR I¥Q00: ) s 5 =] feaT LT M R9Y 2RO e K TORCINA o £, 8 62 62 0 61% 613 6 82% B2ty i4sd 104s2 1 48" 47 Bedd S npaig AL T !!>}‘h. Sxas 3 13 4 SeUTREEER 2 2 o 0 LB FE EEEEES 2R 3900, Felen 0 aterimg O, it ooma e ARSAIRISER2820 822822 o k1 RS WA S REESE L & FEF P = FES SR aavonaZuonns D D10l 2019 S A MDD A 25 D10 RS 31033195 S LI N1 T 2010 £ 8% L *Ealoo 9 9ps 2 a jeens 5 Q < = 'g'L 1 '89; s ‘5% 56, k'.”,g;, L 58 ¥ '58. g 5k 5 K [ f2 wd 3t [ oo e n_Alr Pro 7 Bk Co 0s B B - AZZSemiencontinis mypogy 33 =gggg FEF FRRSRR BEREEF I N an o2 ea3a0328 % iu &8 & - g 21, 1933. Received by Private Wire Btock and Bale— Dtvidend Add 0. High. Low. Close. AmCapitalprpf... 1 22% AmCit PAL A (a3) 1 28% 28 AmCity PRLB15c 17 5% Am Cyanamid B. 4% Am&ForPwwar., 6§ 6 Am Gas&El (31).. 10 31% Am Invest Inc war. 2 Am Maracaibo. Am Superpower. Am Super 1st pf 6., ArkansasNtGs A.. Asso Gas&Elec (A) Atlas Utilities. Elue Ridge. Blue Ridge c pfa3.. Burma rets(k4%e) Carib Syndicate. .. Cent States Elec. Cities Service Cities Service pf. Cities Sv P&L $§7 Clavde Neon Inc. Creole Petroleum. . Crown Cork Intl A, Deere &Co........ East States Power. 13 E1Bd & Share b6%. 48 E!Bd &Sharepf6. 4 40% EIPwr AsA (40c). 9 ElecP&Lopwar.. 4 Elec P&L 2d pt(A) 2255 Empire G&F 1%.. 508 Europ Elecdebrts. 3 PIRt: . ooensscsscse 8 Fisk Rub pf(new). 1 Florida P & L pf(7) 25s Foundation For Sh. Garlock Pack(40¢). General Aviation. . Goldman Sachs Gorham Ine pf. Graymur Corp (1 Great A&P n-v(17) 10s 147 GtA &P Tea pt (7) 108 123 Gulf Ol of P; 1 27% Hecla Mining. ... . 2% Hollinger Gld t80c. 5% Intercont Pete * Int Petrol (1). 103 Int Ut B... 1 Irving Air Ch was % Lerner Strs pf ww. 505 213% NatAviation...... 1 T4 1 2 % 8 4 5 1 3 6 2 1 21% % T 27 | Pub Util Hld war.. FINANCIAL. N. Y. CURB MARKET Direct to The Star Office. Nat Transit (80c).. Newmont Mining. . N Y Shipbldg (new: Niag Hud Pwr 1.20. North Europ Ofl. ., Northern P L(50¢). Novadel Agne (5).. Parke Davis (1)... Penroad Corp. Phil Morris Inc. ... Pilot Radio Tube A Pitney Bow Pbi%. Prudential Inv...., - [PPSO T 10 Puget Sd P&L$6 pf 140s Pyrene Mfg....... Rainbow Lum B Reliance Int A. St Regis Paper. Selected Industries Shawin W&P (50c) Shenandoah pft.... Silica Gelct.. . SouCalEdpf B1 Southland Roy 20c. Stand Ol Ind (1).. Stein A & Co pf 634 Stutz Motor Car.., Sun Investing. ..., Swift & Co.. . Swift Internatl(2), ‘Technicolor. ‘Tech Hugh: ) Trans Lux DL P S, Utd Car Fast (40c) United Founders. ., United Gas. .. Utd Gaspf (3%).. Unit Lt&Pwr (A).. Unit Lt & Pwr pf.. Unit Verde Ext 40c. UHlP&Lt... Ttility Equitles. .. Util&Industrial pf. Venezuelan Pete. ., Walker (H) pf (1). Watson (J W)..... West Auto Su A(1) ‘Wright Harg t20c.. Dividend rates in dollars based on quarterly or semi-annual payment. jdend, {Partly extra. 3Plus 4% a Pavable in cash % or S 91t it ek O 0 60 50 Ut 0 O ik GO O ek e e 0100 B o @ S Ex 1n stock. Plus 1n_ stock. lus stock. 3% in stock. n Pl in stock: b Paid last year—no requlat rate. Cold Storage Holdi By the Associated Press. NEW YORK, January 21.—The cur- | rent issue of Bradstreet's says: “The developments of the past week | are on the whole constructive. On the | debit side are two and possibly three | unfavorable items. Bank failures have displayed a disconcerting reversal of % |trend.” During the past three weeks an average of 38 banks have failed each week, approximately twice the rate during the first three weeks of Decem- ber. Failures are still well below the level of the preceding year. The sec- ond item on the wrong side of the ledger is the disinclination of the se- cum{ market to bredaeknm |:’! the n:;; row trading range luring past three and a half months. The weakness of the last few days, coupled 1% | with the nominal volume, is the best general index of the uncertainty which still prevails. Budget Problem. ‘The budget cannot be balanced with- |out a substantial increase in taxes and | whether these taxes fall upon the in- come of the few remaining well-to-do 4 | or upon consumption, they would have to be s0 heavy as to demoralize the faint will to revival now in evidence. The deficit at the present time is caused in part by emergency items, many of a capital nature, which will be repaid. It seems highly illogical to force the country to meet these heavy expenditures at a time when it is least capable of doing so. The bud- get in good reason should be viewed over & period of years, including both the prosperity and depression phases of the business cycle. It should be con- sidered a satisfactory compliance with the canons of sound public finance if * | it balances over this period. As a fur- ther argument on this point we might FAVORABLE TRADE FACTORS NOTED DURING CURRENT WEEK ngs of Food Shrink.| Bank Failures Are Well Below } Level of Last Year. point out that recovery in previous de- pressions has always commenced be- fore the national budget was balanced, and that the balance of the latter was not the cause of revival, but rather its result. Some people are asking the shoemaker to produce a full assort- ment of shoes before he goes to work. “On the other side of the business balance sheet we have a number of strongly constructive items. By all odds the most significant is the sharply declining trend in the cold storage holdings of frozen and cured meats first of the year were below those of January 1, 1932, and substantially | below average holdings at the same date during the preceding five-year period. Stocks of meats and lard, for example, are 228 per cent below a five-year average. Pork products are 148 per cent and frozen beef more than 50 per cent below this five- year base. Butter stocks are 58 per cent below the five-year average and eggs on hand are less than half the amount in cold storage a year ago. Farm Income. “The relative importance of wheat and meat and dairy products as factors in farm income may be judged from the average value of these crops dur- ing the three-year period 1930-1932. For every $100 which a farmer received for wheat he collected $84.30 for pork, $66.08 for beef and $105.20 for butter. The wholesale food price index, com- piled by Bradstreet’s Weekly, for the past week afforded no prophetic recog- nition of these facts. It declined from $1.65 to $1.56 breaking through the previous low point of $1.61 reached during the Summer, with greatest weak- ness in butter and eggs. |WHOLESALE BUYING ORDERS ON INCREASE Recent National Conventions in New York Result in Gain of Purchasing. Speelal Dispatch to The Star. NEW YORK, January 21.—An influx s |of buyers to national conventions of (i | trade organizations broadened purchases in the wholesale markets here this 0 0 v: week, but the mild weather slowed the demand for heavy-weight clothing and = other seasonable goods, retall stores report. Recent reductions in coffee and soap, t along with increased sales staffs on the road and wider advertising, have helped swell sales of grocery jobbers in such lines as , flour, sugar, starch, canned vegetables and fruits. heartened makers of and LI:ovyl‘ cl . Consuming centers continue m‘ for small shipments of raw cotton, yet the cheapness of that com- modity makes it possible to offer per- cales and other types of cotton dresses low , with the result ment this line stocks , resulting further price reductions. Plate window glass sales are rather but the numrnm.:‘ve trade has its of e . e ooreigny, So53) in and slow, Market Averages By the Assoclated Press. STOCKS. S Eg ;g et - g & S g i) Todsy .- ais revious day. b 2 PRPAS = 3 .. e 2RISR I D D fors vt eEEEE .. a3usd PRt oty S28aE e LY PIT TR 2. .. = [ e P SR22uRsess: e e £s A ; e s A ©1231-3} 258 LADEG gz22aesk, a2 SIS D! = 3 & 2y3e3z2nnasregsgaIey 232832235 W b d B aaZe o o s, & . K1 Trdar eids -With warrants. ithout warrants. EAd 41 o E S23228E222 s ordor D DI DB 22332 0D LRI D 13 b TN 3282235, A U. S. BUSINESS ACTIVITY 60 PER CENT OF NORMAL By the Associated Press. NEW YORK, January 21.—The Analist says American business activity, as measured by that publication’s index, entered 1933 at about 40 per cent be- low estimated normal, but about 15 per cent above the low point of the de- pression, reached in July. ‘The index fluctuated in a range of less than a point in the last four months of the year. The preliminary figure for December is 59.6 against 59.7 for November. Declines in cotton con- sumption, electric power output, and iron and steel uction last month were largely offset by gains in car loadings and automobile manufacture. _— The lmlromnt warm Japan current, of kuro siwo, is the Pacific equivalent of the gulf stream in the Atlantic. SAFE PR RSCE ADD w0 your 1 of the gen earn, but Over a Third gse ington real Century Without a Loss ! totan experience Investor, from $250 " National 2100 : and dairy products. The Bureau of | Agricultural Economics reports that | cold storage holdings of food on the *» A—13 BIG BANKS PREFER YOUNG EXECUTIVES Recent Elections Show Lead- ing Institutions Want Presidents Under 50. By the Associated Press. NEW YORK. January 21.—Whether President-elect Roosevelt will accept the advice of Col. Edward M. House to keep away from “us old dodo birds” in selecting key men for Government posts is still an open question, but there is evidence that several boards of direc- tors of leading Wall Street financial institutions agree with the colonel. For one thing, the wear-and-tear that goes with high executive offices calls for youth, although there are many exceptions and, in some cases, even octogenarians seem able to keep up with the fleetest of the younger crop. 36-Year-Old President. The Central Hanover Bank & Trust Co., one of the “big six” Wall Street banks, has just selected William Steele Gray, jr., 36, as president. Wiillam H. English, jr., & youth of 33, has been elected president of the Coffee & Sugar Exchange, He is the youngest man to head any of the city’s security or commodity exchanges. He halls from New Jene{. Another youn&whn president is 8. Sloan Colt of Bankers' Trust Co. Colt was 38 in June, 1931, stepped into the presidency Morgan-founded titution, which | rates among the larger banks of the country. Artemus L. Gates, a native of Cedar Rapids, Iowa, who was made president of the New York Trust Co. in the Sum- | mer of 1929, is also a youngster as bank presidents go. Gates celebrated his 37th birthday two months ago. Gates was captain-elect of the Yale foot ball team in 1917, but instead of playing he went away to war. Other Executives. Gordon S. Rentschler, president of the National City Bank, is also rated as a young man for so ible & position as he holds. Rentschler is 47. ‘Winthrop W. Aldrich, newly elected chairman of the governing board of the Chase National k, actual head of that institution, who likewise oeeufla thl:o);r_’elidenq of the bank as well, is al : {COMFORT IS KEYNOTE OF MOTOR SELLING 1 i Less Emphasis Is Being Placed Upon Speed in Sales Talks to Buyers. By the Associated Press. DETROIT, January 21.—One of the significant developments of the last year or so in the automobile industry emphasized during the current show season is the fact that sales directors and others having to do with promoting buyer interest are placing less em- phasis on the speed possibilities of their oroduct than upon the driving and riding comfort. More speed has been built into nu- merous cars, but for some reason it has been subordinated as a selling fac- tor. In no instance has the speed ca- pacity been reduced. Automotive engineers generally ap- pear agreed that the immediate Tuture will see little change in the present speed capacity of the average automo= bile. The present top speed, mm is a natural consequence of S improved highways and a more or less general liberalization of speed laws throughout the country. The highways and the highway laws now, however, are in consonance with the speed capacity and the safety fac- tors of the modern motor car. Highway development, the engineers believe, may lag somewhat in the immediate future because of eccnomic conditions. Wheth er it does or not. most of the en believe that all the speed that at pres- ent may be safely built into stock cars has been provided and they are now giving most of their attention to other phases of motor car improvement. Lead Stocks Increase. NEW YORK, January 21 (#).—Stocks of lead in the United States at the end of December were 175661 short tons, compared with 174,629 at the end of . 1931, the American Bureau of Metal Statistics reports. December produc- tion was 24,803 tons, against 27.338 in ilg%‘«iember and 37,607 in December, First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Comp Money on Hand to Loan eon First Deed of Trust 6 %o Interest Applic: JAMES F. SHEA 643 Indiana Ave. N.W. MORTGAGES OUR 6% FIRST MORTGAGES ist of preferred invest- ments because they are entitled to vour consideration, not only because erous interest which they for the substantial char- acter of the security which stands back of your principal. praisement of the improved Wash- The ap- 1 estate, the first trust on which constitutes this security, is made with the best judgment, long and familiarity with con- ditions can give it. May be purchased in amounts up. B. F. SAUL CO. 925 15th St. N.W. THERE IS NO SUBSTITUTR FOR SAFE