Evening Star Newspaper, January 23, 1933, Page 15

FINANCIAL. RAINS DEPRESSED |CURB SHARES FIRM {[™N.Y. CURB MARKET | |COINAGE OF SILVER Received by Private Wire Ditect to The Star Office. FINANCIAL. ON NEW YORK GOVERNMENTBOND ([ BOND'S 8% ¢’k Fekcf 2% NI s m—— Germar: Loans Also Score Gains in More Active Trading—Rails Lower. By CHARLES F. SPEARE. Special Dispatch to Th- Star. NEW YORK, January 23—The strength in U. S. Treasury and in for- elgn government bonds was again to- day the outstanding feature of the in- vestment market. New high prices for the year were made in a number of these loans, in which there was active trading. ‘The announcement of a new five- vear Treasury issue, with a coupon rate of 253 per cent for $250,000,000 helped to stimulate the outstandirg Treasury loans, as the amount was smaller than expected and the term of years shorter. The coupon rate is the first of its size that has been used by the Treasury for a moderately long loan. The strongest members group were the 414s, which rose to about 111; the 4s, which touched 107; and the 3'is, which reached par, In the foreign group, Germans came back strongly. The government 7s sold fractionally above the previous high of the year, made on Saturday. The 5las were steady and there were gains of 15 to a point in other German loans, Italian government 7s improved on their former price and were freely pur- chased at a premium of 1 point over par. Canadian government 5s also were around the best of the year. Aus- trian 7s rose a point. Japanese 6l5s were reactionary. In the domestic corporation list there was a heavy tone to railroad bonds in the lower ratings. These included the issues of the Rock Island, Chicigo & Northwestern, Illinois Central, Misscuri- Pacific, Baltimore & Ohio and Nickel | Plate. The application of the Missouri- Pacific for a loan of $12,000,000 has been made to the Interstate Commerce Commission. The purpose of the loan is to act as collateral for loans from the Railroad Credit Corporation. Changes in the public utility and in- dustrial hond list were without much significancy. There was a further rise in Pan-American Petroleum and Rich- fleld Oil 6s of a point. The Armour issues were firm and National Dairy Products 5!4s rose fractionally. Inter- borough Rapid Transit 5s and Milwau- kee Electric 5s each declined about a peint. The higher-grade public utilities were quoted at approximately last week's closing levels. MARYLAND TOBACCOAPRICES. BALTIMORE, January 23 (Spe- cial) —With receipts of 221 hogsheads and sales of 149 hogsheads of Mary- land leat tobacco the local market con- tinues quiet. While very little of the new or 1932 crop is thoroughly cured or in safe condition to pack in hcgs- heads at this time, a fairly good supply of the 1931 crop still remains unsold. Quotations today per 100 pounds: Frosted and inferior, 2.0024.50: to good common, 5.00a15.00; medium to good, .15.00a30.00; good to fine red, 30.00a41.00; fancy, 41.50a42.50. Sec- common and medium, 4.00a .00; good to fine, 16.00a28.00; 1931 crop good leaves, 2.00al12.00; upper county burley, nominal. EOZEO b FO;{EIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nomina! zold Salling checks London. pound Paris. franc Bru bel Washingten §tock Exchange SALES. ‘Washington Gas 65 AFTER CALL. ‘Washington Gas 6s “B"—$500 at 103'> 10 at 107. Potomac Electric 6% pfd.—5 at 111. UNLISTED DEPT. Washington Gas 5s '58 (w. i)—$500 at 941, $3,000 at 94V, $2,000 at 94Y4, $1,000 at 9415, $2,000 at 9414, $1,000 at 94%. Correction—The sale reported Fri- day, January 20, Georgetown Gas 5s, $2,000 at 103's, should have been, $2,000 at 10315, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4145 '39. Amer. Tel. & Tel. c Apacostia & Pot. R. ‘Anacostia & Pot. Gua: C. & P. Tel. of Va. Capital Traction R.'R. 55. City & Suburban fs Georgetown Gas_ 1! Fotomac Elec. Cons 1667 iol’” MISCELLANEOUS Barber & Ross. Inc. . Ch ST 10: Mig 6s..... Cold Storage STOC: 'S D. C. Paper Wash. Mkt Ligis G L Steamboat Pot. Elec. Fowe: '« P Pot Power Wash Rwy. & E Wash Rwy & EL pfd. The following figures are mot bids, but; Colon Ofl6s'38.... erely represent minimum prices fixed by The Washington Stock Exchane. NATIONAL BANK. Capital (8). Columbia (12)........... Commercial (stamped) '(6). Listrict (6) Fed.-Amer. Liberty (7§ Lincoln (10) . Metropolitan (10) Riges (12 . Second (6).""" Washington' (8. TRUS' Min. price. es (30) ] Wash. Mechanics (%0)". v FIRE INSURANCE. A Piremey’'s (8). . = Nationsl Union (i5) d ‘TITLE INSURANCE. Qolumbia (6h) . . Real Estate (Gh). 0] MISCELLANEOUS, 1. Medical Blde. Corp. (). ist. Natl. Sec. pfd er. Bromo-Selz. - deral Storage pfd. . d.-Am. Co. com. (fi(ic). d.-Am. Co. pfd.” (6). inston Monotypo (6. fer. Tr. & Stge. T, Tr. & Storage pl % erzenthaler Linotype tl. M al . Mtge. & Inv. pfd ples Drug Stores 42 9 *Ex dividend. bBooks_ closed. n25¢ extra. ""C !;“'J il of "the Treasury sound | | i | | “A"—$1000 at | Cent Pac 1st 45" 10015, $1,000 at 100, $1,000 at 100'5, | Cent Pac 5s 60, | Berlin CEl 6% 2. ! Ches Corn 5 ptd—1 at 107, | G & O gen 415 UNITED STATES. Lib 3% s 32-47... Lib 1st 4% 5 32-47 Lib 4th 434 s 33-38 11224 Sales. High. Low. Close. ADbitibl P&P 58’63, 6 14 Ab&St5%s'43.... 2 Alleghany 5s’44... 17 Alleghany 5s'49... Alleghany 5s'50... Allis-Chalm 5s'37. Am Beet Sug 6s '35 Am F P 552030, AmIGCh5%s'49. Am Sm&Ref 5s Am T&T deb 55 Am T&T 5%s'43.. Am Wat Wks 55’34, Antioquia 78’45 Argentine 514362 Argent 6s '61 May.. Argentine 63 '59 Ju Argentine 6s '59 Oc Argentine 6s A '57. Argentine 6s B '58. Arm & Co 4%s'39. Arm Del 5%s'43 Atchis 45 190, Atchison gn 4s '95. Atchison 415848, . AtlIC L 1st 45°52,, AtICLcl4s'52.... At] Gulf&W1 5859, Atl Ref db 5537 Australia 4155 Australia 5s Australia 5s '57. Austrian 7s ‘43 Austrian 7s'57 I B&O1st4 B&O4%s'33. ... 95. B&Orf5sD2000, B&Orf6sC'95.., B & O Sw dv 55'50. Batav Pet 414842 Belgium 6s 55 Belzium 6%s '49. Belzidm 78°55.... Belginm 7s'56 Benet Loan 65'48. . Berlin Cy El 65 '55. Berlin 6%s 50 { Berlin C El 634551 59 Beth Stlrf Bolivia 7s " Boiivia Polivia 8s Bordeaux 6s '3 Bos & Me 4%’ Bos & Me 5s Bos & Ms 5s '67. Brail 6165 26 Brazil 614 Brazil C R 7852 Brazil 8s 41 E Bremen 7s '3 5 4 | Bklyn Ed 5s A *49. Bklyn Elev 6%s Bklyn Man 6s A "68 Bklvn U Gas 5s°57. Budapest 6s°62.... Buenos A R 6s'61. B R & Pitts 4%s'57 Bush Ter con 5855, Bush T Bldg 5s°60. Canada 4<"60 Canada 4%s Canada 5s " Can Nor deb 7s *40. CanPacdbds..... Can Pac 415846 Can Pac 418" Can Pac 58 Can Pac 5s Car Clin & O Cent Ga cn 53 " Cent 11l E&G Cen Ry NJ gn 5. Cert-td db 5 2 10 67 4 2 3 L3 2 3 9 1 20 12 15 10 3 1 6 3 1 1 9 3 -~ Y SCPAUS €514 102% C&O4%sA : 9214 C&O4%sB’95. . CB&Qgn 4s'58. CB&Q 11131549, Chi & Est Tl 55'51. Chi Grt West 48’59 Chi Ind&L gn 58'66 Chi Ind&L gn 65’66 C M & StP gn 4s'89. C M StP&P 58°75.. CM&StPadjbs.. 1 - N | Chi & NW gn 45’87, Chi&NW 4145 2037 Chi&NW 4155C'37. Chi & NW 4,5 "49. Chi&NW rf 55 2037 Chi & NW 61536, Chi Rwys 55°27. ... Chi RI&P gn 4s ‘88 Chi RI&P rf 4s '34. Chi RI& P 4%s'52 ChiRI4%s’60 CTH&SE in 5s ChiUn Sta 4%s'63 ChiUn St 58 °44. .. Chi Un Sta 53 B'63. Chi Un Sta 61563, C & W Ind cn 452, Childs deb 5343 Chile 65 '60 Chile 65 '61 Jan. Chile 6561 Sept Chile 6s'63. .. Chile7s ™42 ...... Chile Cop db 55 '47. Chile Mt Bk 6861 Chl Mtg Bk 6%s8'57 Cin Un Trm 5s 2020 CCC&St L 4% CCC & St L 5 Clev Term 4 Cologne 6% Colomb 6s "61 Oct. o o B Gome » PR 0w amno~ Colo & Sou 4%s '35 % Dutch East i 65°47. | l 37 | Gen St 97% | Gen Th Eq 6340 Colo & Sou 4135’80 Col G&E 55 '562 May Col Gas & E 5s OO N RN D n 0 Con G NY 5%s 45, Con Pwr Jap 6%s.. Copenhag 4%s '53.. Copenhag 5s '62. Cuba 5%38°45. Cuba R R 1st 5s°52 Cuba Nor 53842, Del&Hud ref 4s ‘43 Denmark 4%s '62. Denmark 6s°42 Denver Gas & D& RGrends D&RG W 58 Det Ed 4%s D '61. . De! Edison rf 5s'49 Det Edison f3°52.. Det Edison §s '55. Dodge Bros 6s ‘40 Duquesne 4% A Duquesne 4% B apana o @ waltnmanlaanam 19 57 Erle gen 4s Erie ref 55°67. Erie ref 55°75. Flat deb 7546 Cinland 5% Finland 6138 '56. .. Fram Ind 7%s '42. ¥French Gov 7s '49.. French Gv 7%8'41 Gelsenk'hen 68°34. Gen Baking 5%s'40 Gen Cable 5%5 '47. 53549, - R POTET S Y PPy Ger Gen Elec 6548 11 Ger Gen El 7s'45.. Ger Gov 5 %5 66 Gernan Ren 78 601 60% 61% 61% 85 85% 63% 63% | Queenslana 7s°41.. ! Rhine West 6s '52. | Rnine West 63 '55. Goodrich 65 45 Goodrich 6138 "4 Goodyr Rub 5&'6’ Grand Trunk 6s 36 Grand Trunk 7s *40 Gt Brit&Ir 5%s'37 Grt Nor 4338 E 77, Grt Nor 4338 D'76. Grt Nor gn Greek 6s'68. Halitl 6s'52 Hudson Coal 53 °62 Hud & M adj 5s '21 Hungary 7%s'41,. 111 Bell Tell 65 *5! Il Centcl tr 111 Cent 4% "6 111 CCStL&N 4%s. 111 CCStL&N 6s A. Inland St 4%s A'78 Inland St 4% s B'81 Int Rap Tr rf 55’66 Int Rap Tr 6s'32.. 2 Int Cement 53°48.. Int&GtN5s B’ Int & Gt Nor 6s '52. Int& G Naj 6s'52.. Int Hydro El 65'44. Int Pap ref 53 A’47. Int Pap 6s'55. . Int Tel&T 4%s 39, IntT&T 4%s 62, Int T & T 6s'55. Italy 78'51..... Italy Pub 7s'52.... Japanese 5%4s'65. . Japanese 6% 8 '54. . Kan C F S&M 45'36 Kan C P&L 4%s 61 Kan City Sou 35'50. Kan City Sou 5550, Kan Clty Ter 45'60. Kan G&E 43%5'80.. Karstadt 6s 43, Kend 5%s '48 w Kresge Found 6s Kreug & Toll5s'69. Laclede Gas 5s'34. Laclede 51 C'53. Leh Valen 55 2003, Lis & Myers 58 '51. Myers 7s *44 €541 Long Isirf 4 Lorfllard 5s'51. La & Ark 5369, Lou G & E15s A'52. L&Nuni4s*40... L &N 4%sC2003., L&Nrf5%s2008, Lyons 6s'34.. . McKes & R 5%s'50. Manhat Ry cn 45’90 Marseille 63 °34. Mex 4s ast 1904-54., Midvale St15s'36.. Milan 634s ‘52, Mil E Ry&L 58 il E Rv&L 5 2. 53°71. MK &T5s A 62 MK & T adj 53 '67. Mo Pac gn 4s'75... Mo Pac rf 55 A '65. Mo Pac 5s F * Mo Pac 5s G Mo Pac5s1°81.... Mo Pac 5158 A "49. 1 Montevideo 6s Mont T 1st rf 5 34 16 at Steel 53'56. ... 21 EngT1st5s'52. 2 N J Power 4636 NOT&MHisB" NOT&MG5s 54, Nw S Wales 5s '57, Nw S Wales 5s 58, NYC3s'97, . N Y Cent db 4s°'34. N Y Cent4s’ss..., NYCrf4is2013. NYCrf4%s2013n NYCrf5s2018... « | cline greatly. Nyc& S&StL 4338 7! NYC&S L5 15 106% 10615 i 114y 101% NY NH&H 65 °48. . NY O&W gn 4855, NY O&W rf 45'92, NY Rys 65 A6 | NY Steam 55°56. 4153°39 B 414546, , 50. Norf&Wn div 45’44 Nor Am Ed 55 A'57. Nor Am Ed 55 C'69. Nor Am E5%5'63. N Ger Lloyd 47, Nor O T & L 6s ‘47, Nor Pac gn 3s 2047, Nor Pac 4s'97. 1 (92, Nor Pacr{6s 2047, Nor 8t Pw 5s A "41. Nor St Pw 6s B "41. Norway 6s " Norway 6s “ee Norway 6s'52.. Ohio Pub T4%s . Ore Sh L 55 gtd '46. Orez-Wash 48 Orient Dev 518’58 Orient Dev 6s '53. . Pac G&E 5s'42..... Pac T&T 1st 58°37. Pac T&T rf 58 '52.. Pan Am Pet 6s°40, Paramount 6s "47.. Param-Pub 54 °50 Pathe Exch 7s '37. Penn sta 45’48 Penn gn 4%s Penn 43%s D '70. Penn 4%s'63 Penn 55 °64..... Penn gen 5s'68. Penn 634536 T Phila Blec 45T Phila & Read 6: Phillip Pet 53 P& WV 43%sC'60.. Poland 6s'40 Poland 7s 47 Poland 8s ‘50 Port Gn El £%s°60 Por RAm T 6s°42 Pos Tel & C 5358, Prague 7%s '52. Prussia 63 '52., Prussia 6%3°5 Public Serv 4s 71, PubSv G 4%s°67.. Pure Ol 5%5'37... Radio-K-Or 63 °¢1. tead 434S A YT Read Jer Cn 4s '51. Rem R 5%SA'4Tww Rhinejbe U 7s '46. . Rhine West 6s'53. Rhine West 7s '50. Rich Oil Cal 6s "44. Riode jan 614853, R Gr Do Sul 6s'¢8. Rio Gr W 1st 4539 RIAT& L'4%s'34. Rome 6148 5. 2 Royal Dutch 4845, Rumania 78 '69. ... StL IM R&G 4. St L&SF 48 A "50. . StL&SF 41,878, StL. S 4%s'78et st St 1L&SF s B'50. . St P Un Dep bs 72, Sao Pau 78’4 Sao Paulo 8s'50... Saxon P W 6%s '51 Saxon 7s'45. P Seab A L 63 A '45.. Serbs-Cr-S117s°62. Serbs-Cr-Sl 8s Shell U Oi1 Shell U O 5t Sinc Oil 6%s B '38. Sinc Ol Ts A '37... Sine P L 5=°42 Smith(AO)6%s "33 Soissons 6s 6 . Solvay Am 5542, . Sou Bell TAT ba"41 67 2% 31 20 0 80 | 804 964 99 103% 100% 108 91% 91% 106% 106% . VaSW Ist cn 55 '58 ! wabash 1st 5539, BY LACK OF BUYING Market Has Sold Off, With Traders Taking Profits on Bulges. By the Assoclated Press. Wheat prices have turned weak for lack of speculative demand. Outside interests were a little hesitant to follow recent advances, and as buying power subsided professional, pressure followed by liquidation, set the market back more than 1 cent a bushel. Although milling demand was gen- erally of sufficient volume to absorb relatively light offerings domestic cash prices declined with futures. No 2 hard ‘Winter, 12 per cent protein, was quoted at Kansas City at 42%a43l, cents & bushel and at Chicago at 48, compared with 44245 cents and 49 cents, respec- tively, at those markets a week ago. ‘The trade gave scant attention to the White House annoucement of renewed debt negotiations with Great Britain, but was considerably interested in larger takings of wheat by non-Euorpean countries than estimated earlier. In the 24 weeks since August 1 these coun- tries have taken close to 67,000,000 bushels. Some estimate they will re- quire 133,000,000 bushels more in the next 28 weeks to go. Australia alone has provided 13,000,000 bushels of the 67,000,000 and apparently is reducing her surplus at a rapid rate. It was considered a healthy condition that great export surpluses which have hung over the market for years should be disappearing in new markets at & time crop prospects are not particularly good in either this country or Conti- nental Europe. It is expected that the world carryover next July will be some- what less than last year's—a reversal of the order which for the last several years has seen each season's carryover consecutively larger. All of this, to- gether with the normal increase in hu- man consumption, acts on the con- structive side. Gradual recognition that the world wheat picture is changing and that prices are below the cost of prgduction in all of the leading countri® while Liverpool futures are 3 cents below the cost of the cheapest wheat which could be delivered on contract was said to have started the English market on the upgrade. For the moment, however, world markets are paralyzed with huge ship- ments, this week’s totaling 17,000,000 bushels. Harvesting in the Southern Hemisphere is near completion and marketings have increased. Australian shipments for the week totaled 6403,- 000 bushels and Argentina exported 4,280,000 bushels. ‘The low exchange value of Australian currency, the high quality of the new wheat and governmental aid in lower- ing production and marketing costs place Australia in a particularly favor- able competitive position in world markets. ExcmPnon from the British tariff duty of 43 cents a bushel is an additional favorable influence. The fact that South African and New Zea- land pounds are linked with the Eng- lish pound gives those countries an ad- vantage in British markets. Although crop scares are not gen- erally important until March, some bullishly the prospective 1933 Winter vield. moisture situation will command_in- creasing attention from now on. There has been further deterioration, particu- larly in Western Kansas. Sharply increased offerings of corn tended to weaken the market for that grain but current shipments were readily taken and prices did not de- Primary receipts for the weck ~totaled more than 4,000,000 bushels, compared with 3,500,000 last week. Corn is selling far below cost of production and one Chicago trader was quoted as saying the feed grain was in position to advance 10 cents a bushel with a very moderate volume of trading. CHICAGO DAIRY MARKET. CHICAGO. January 23 ().—Butter— Receipts, 9,567 tubs; weak: creamery specials (93 score), 17';al8; extras 17; extra firsts (90-91), 1628 162;: firsts (88-89), 16al6ly; seconds (86-87) 151;; standards (90 centralized carlots), 171;. Eggs—Recelpts. 11,161 crates; weak; extra firsts, 14: fresh wheat _gr?ded firsts, 13a13Y,; current receipts, 12 | 1215, s = Gain in Carloadings. NEW YORK, January 23 (#).—The Lehigh Vall New York, Ontario & Western. Chesapeake & Ohio and Nor- folk & Western Railroads, in report- ing increased car loadings, attributed a part of the rise to increased coal shipments. —_— Production of Oriental carpets, which was started in Greece 10 years ago, is only about one-fifth of that of four years ago. Sales. Sou Paccol4s’49.. 6 Sou Pac 4%s'¢8... SouP 435’69 ww. Sou Pac 4%s ‘81 Sou P&OT 4%SA'77 Sou Ry gn 4s A'56. Sou Ry 5894 Sou Ry gn 6s Sou Ry 6% "5l Sou Ry M&O 4 SW Be'I T 6 A "54. StOIINJ6s'46... StOIINY 4%s'51. Studebaker 63 '43. . Sweden 5%s Swiss 548 °46. Taiwan E P 53 s'71 Tenn E1 P 65 A *47. Ter As St L 4s'63. Tex & Ark 535’50 Tex Corpcv 58°44. Tex & Pac 5s B'7 Tex&P5sC'79. .. Tex & Pac 5s D '80. Third Av adi 8s '60 Third Av rf 4s'60. Toh P NJ 6145 2022 Tokio 5s " . . Tokio 5% °61. Tokio El Lt 65 Un EIPSL ref Union El L&P 5557 Un Pac 1st 45 °47. Un Pac 48°68. Un Pac rf 4s 2008. Un Pac 4% °'67. .. Un P 1st rf 6s 2008. Unit Drug 5s '53 U S Rubber 68°47... Un St W 6%s UnSt W6lks . U4 5t W 6%sC51. Upper Austria7s'45 Uruguay 6s '60. Uruguay 6s'64.. .. Utah P& L 5s'44.. Util Pw 58°59 ww. Util Pow 5%s '47.. Vanadium St 5s'41. 43%° 43% vienna 6552 ..... 66% 66% Va Ry 15t 55 A '62. 94% 954 Va Ry & Pw 5834, 102t 1021 37 3% 61% 61% 7 % 106% 106% 1045 10474 991 9914 AR, 3R 97% 9T% 104'% 104% 40 101% 2 103% 99% 84w S0 101% 101% 10314 103% 9 9% 84 84 90% 90% 91 91 103% 103% 63 64 45 54% 55 54% 684 29% 30 T0% 25 30 Wa'a<h 5s D ‘80 Wahash 515575 Warn Br Pic Warn Quin 65°39. . West Sh 1st 48 2361 2 West El db5s '44.. West Md 1st 43 '53. West MA 535 '77.. West Pac 55 A "46 West Lnel trbs | West Union West Union West Un 6% . Westphalia 6s '63. . WEOG5%s'37T ww, Wil & Co 1st 68 "41. ‘Wis Cent Tm 4s'36. Yokohama 6s '6J.. wtn S&T 65 stn 52 10% 10% 10 4T% :;« 58 ___574_ 6T ATHIET BTN 6T inclined have their eyes on | It is felt that the Southwestern INLIGHT TRADING Fractional Changes Appear in Leaders — Specialties Show Slight Losses. Special Dispatch to The Star. NEW YORK, January 23.—The Curb Exchange firmed today after opening with mixed price trends. Trading, how- ever, remained light. Electric Bond & Share was steady while Standard Oil of Indiana moved & shade higher and Cities Service was minutely lower. Niagara Hudson Power was down a trifle, but American Light & Traction and Consolidat Baltimore firmed. President-elect Roosevelt's declara- tion for Government operation of Muscle Shoals caused a recession in American Cyanamid “B,” which com- pany is one of the bidders for that property. Great Atlantic & Pacific Tea preferred opened off more than a point, following a reduction in the East of 4 cents a pound retail in its quality teas. That commodity in the wholesale markets here is hardening. Quiet strength of gold shares, fur- ther gains in pipe line stocks, and activity of air securities were features in the first hour today. There was no news to account for the stiffening of ld stock quotations beyond earning and production reports that have been out steadily for the last few weeks. Despite further price cuts in the Pennsylvania fleld, Eureka Pipe opened higher. This was true also of Northern Pipe Line. Miscellaneous petroleums, like Indian Territory Ofl A and Margay Oil, were off more than a point. Ohio Oil preferred moved against the trend, gaining almost a point. American Meter bounced to a new low with a drop of 2 points. Childs preferred with a rise of a point was a strong spot in the food issues. The activity in aviation issues resulted from rumors, which lacked official confirmation, of a merger between Gen- eral Aviation. the General Motors Afr unit, with North American Aviation Inc. Both stocks firmed up. British shares were listless, though General Electric Ltd. rose fractionally and Woolworth Ltd. firmed. The latter movement took place despite the weak- ness of the shares of the American parent company on the big board. 'ADVANCE IN COTTON IS WELL MAINTAINED | White House Announcement on War Debt Discussions Proves Aid to Market. By the Associated Press Cotton prices added 3 points to the advanced level obtained two weeks ago and seemed to take some strength from the White House announcement of fur- | ther war debt discussion with the British. { The trade was too occupied with the possible effects of various farm relief tention to anything of less immediate influence on cotton, but some took a conservative view of the announcement, claiming debt settlement would revive world trade in a large measure. The average price of middling seven- eighths inch for the week was 6.06 cents a pound, compared with 6.03 for the last two weeks and 6.23 for the corresponding period last year. Janu- ary future contracts at New York ad- vanced 2 points to 6.1 it New Orleans, 9 points to 6.16. and at Chicago de- clined 2 points to 6.22 cents. Distant | months eased off at the close under pressure of moderate hedge selling. Some cotton chart readers said the action of the market during the last few weeks closely resembled that which occurred just before the August ad- vance, which ran cotton up to better than 9 cents before the break. The staple still is in a trading area, but the way prices harden on each recession | suggests to many the advisability of ac- cumulating_contracts on the slightest | pressure. It seems to be the general trade opinion that the market is to be i bought on dips and sold for moderate profits on every advance. BONDS ON THE CURB Sales DOMESTIC BONDS. in thousands * . g HUD 39 Alabam Pw 803 K Low. Noon. 11y Q314 e 50 G&E 425 10Ass0 G & E ent Ariz L 1Cent Ariz L&P 35 3 Cent 1l PS4 P 83, 301 05 1Y% 100 s 2 Nevada Calif 55 3 New Eng G&E bNew Ens Gak a0 5% ol 05k 760 1009 100% 10045 '41. 11014 11042 1102 C 53 106% 106% 1063 374 10312 L 788 - 3Ulen & Co 65 '4 7 Union Guif Bs " HRss Ty l s Fb 8 Blas A '46 69% pi=l=] [ EEYEEeS 499 1o sstorm D s bills before Congress to give much at-! | 4,000 workers in recent weeks. jary Union Switch & Signal Co. was “y | Erocklyn, N. Y. and Sale= mmmnk Rats, Add 00, High. Low.Close. Acme Wire vte. ... A% 4% Alabam Pw pf (8). 40s 56 66 ‘Aluminum of Amer200s Aluminum Ltd Am Beverage. . . Am City P&L B 15¢ Am Cyanamid B... Am Equitfes. ‘Am Founders Am Gas & El (31).. ‘Am Invest Inc war, Am Lt & Trac (2). Am Maize Prod(1) Am Maracaibo Am Meter Co. . Am Superpower. .. Am Super 1stpf6.. 6 Appal El Pwr pf(7) 308 ArkansasNtGsA.. 2 Asso Gas&Elec (A) 7 Asso Tel Utilitle: 1 Atlas Utilitie: Atlas Util wa: Auto Voting Mach.. 1 Babcox&Wilcox(2) 258 Benef Ind Loan1% 1 Bliss Co (E W) Bouwsora - EATToT Y Canadian Marconi. 10 Carolina P&L pt(7) 268 CentPubSveA.... 1 Cent States Elec... 7 Cen St E1 6% pf xw Childs pf. . Citles Service B Citles Sy P& P Col Oil & Gas vte. . Comwith Edis (5).. Comwlth & Sou wr. Comstock Tunnel. . Cons Gas Balt 3.60. Cont Shares pf B Cord Corp . Creole Pe! = Cresson Consol k2¢ Crown Cork Intl A. Cus{ Mexicana Min 25 Deere & Co........ De Forest Radio. .. Derby Ofl & Refin. . East G & Fuel Asso East States Power. Easy Wash Mch B. Eisler Elec Corp. .. E1Bd & Share b6%. 82 E! Bd & Sharepf 6. 8 E1Pwr As A (40c). 6 Elec P&L 2d pf(A).76s Eureka Pipe L (4).1508 EuropEILtd A30c 3 Florida P & L pf(7) 50s Ford Motor Can A." 1 Ford Motor Ltd. 6 General Aviation.. 13 Gen El Ltd 20 2-fc. 8 Georgia Pw pf (6). 508 Globe Underw kisc 1 Goldfield Consol... 5 Goldman Sachs.... 8 Gold Seal Elnew.. 1 Graymur Corp (1). 16 Gt A &P Tea pf (7) 60s Grt Nor Paper 1.60. 1 Hecla Mining. Hollinger GId 180c Hudson Bay Min. .. Humble 0il (2). ] s 66 1 1 5 3 29 2 2 26 3 2 5 5 Sl 44| CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. 2 .4 11 NEW YORK, January 23.—The fol- lowing is today's summary of important corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: Advertising, Printing and Publishing. Cuneo Press, Inc, 1932 net income| indicated around $250 per common share, vs. $4.30 a share for 1931, Automobiles and Trucks. Ford Motor Co. of Canada, Ltd., has re-engaged about 1,000 men. Coal and Coke. Virginia Iron, Coal & Coke Co. 1932 preliminary deficit was $33,353, vs. net income $110,354. Food Products. Borden Co., subsidiary Borden Farm Products and Nationzl Dairy Products Corporation, reduced retail price of bottled milk 1 cent a quart. Machinery. Wayne Pump Co. deficit yeir ended November 30 $262,767, vs. deficit $213,- Steel and Iron. Republic Steel Corporation—Oper- ating rate of company is 19 per cent of capacity, highest since last July; book- ings continue to gain, it is said. Truscon Steel Co. operating at about 20 per cent of capacity. Chemicals and Fertilizers, I. G. Farbecninustrie, A. G—Has in- creased its total factory personnel by ) Electrical Equipment and Radio. Crosley Radio Corporation defizit, | nine months ended Dzcember 31, $255,- 231, vs. net income $21,166. ‘ Miscellaneous. Kreuger & Toll Co.—Trustee for se- cured 5 per cent deb:ntures declared. the interest and principal of the entire issue due, and will file proof claim for | about $48,000,000 on behalf of holders of securitics: advises debenture holders | to file individual claims with the referee. Railroad and Railread Equipment. Baldwin Locomotive Works 1932 defi- cit was $4,078,132, vs. deficit $4,122,759. ‘Westinghcuse Air Brake Co.—Subsidi- low bidder, at $2,437,000, for signal equipment of Fulton street subway in Textiles. Hart, Schaffner & Marx deficit, year ended November 30, was $3,915,729, vs. deficit of $2,994,580 in year ended No- vember 18, 1931. Utilities. Gray Telephone Pay Station Co. of Hartford 1932 common share earnings $1.86, vs. $4.32. Peoples Gas Light & Coke Co.—City of Chicago filed brief seeking a 20 per cent gas rate cut by this company. The Fidelity Building & Loan Association Main Office, 610 13th N.W. 735 N. Capitol 8t. 31st & M, Georgetown 8th & K 8.E, Navy Yard 1427 H 8t N.E. 3008 T4th, Mt. Pleasant Under Supervision of U. 8. Treasury Your future Prosperity depends on Yourself —in large m‘i"m'n'del:“ll::' Ready Money for prof - vestment, to buy & home, or for other worthy purposes. ® We are ready to he build for the future. kumhme e | “Fidelity"—and receive— 5% % | Ohlo Copper........ Stock and Bale— Dividend Rate. Add 00. High. Low. Ind TerrINOIlA., 1 1% 1% Ind Terr 111 01l B.. 1% 1% InsCoN Am (2) Int Petrol (1). Int Ut B......... Irving Air Ch (40c) Ital Superpw db rts Kirby Petroleum. . Lake Shore M €2).. 13 Lefcourt Realty pf 1 Lerner Strs pf'ww. 50s Margay Oil (1)...., 1 Mass Util Asso..... 1 Memphis Nat Gas.. 10 Mass Utilcv pf 21 268 Midl West Utilities 3 Mont Ward (A)... 708 Nat Aviation. a1 Nat Baking 1 Nat Bellas H 11 NatFuel Gas (1).. 2 Nat Investors. S Nat Pw&Lt pt (6). 2008 Nat Service 5 New Eng Pw pf (6) 10s New Jersey Zinc 2., 4 New Mex & A Lnd. Newmont Mining. . N Y Tel pf (63). .. Niag Hud Pwr 1.20. Niag Hud (A) war. Niag Sha(Md)B 20¢ Nipissing..... Nitrate Chile B. ... Northern P L(50¢c). North Sta P A (6).. Novadel Agne (5). Demand for Metal Shows:in- crease in 1932—Market ' Has Been Strong. BY CHAS. P. SHAEFFER, Associated Press Business Writer.- Demand for silver in coinage ‘was heavier in 1932 than in any year since 1924, on the basis of statements re- ceived by the Federal Reserve Board. % It was estimated that consumption in this fleld during the year was 47,- 700,000 ounces. Germanv e<atinued the minting or subsidiary pleces, while the Mexican government acquired 23,- 200,000 ounces to be cofned into pesos. ‘Toward the year’s end Yugoslavia re- quested tenders on slightly more than 5,000,000 ounces, although actually only 500,000 ounces were bought. France's demands were augmented by the replacement with silver of the 5, 10, and 20 franc notes of the Bank of France, although her supply of silver bullion was adequate so that no pur- chases were necessary. Turkey has de- cided to renew silver coinage, it was said, although the amount will prob- ably be small. No Hong Kong dollars were coined during the year, During the year the total amount of silver arising from demonetization and Indian government sales was 46,- 600,000 ounces which, added to the production estimate of 160,000,000 ounces, made total offerings of 207,- 200,000 ounces. Corresponding figures for 1931 showed total offerings of 262,- 300,000 ounces, of which 193,800,000 ounces was derived from newly mined metal and 68,500,000 ounces from other supplies. Industrial demand declined mate- rially in 1932, the statement said. The United States and Canada showed a decrease of nearly 28 per cent from the 1931 estimates, while England's cen- sumption declined from 10,000,000 to 8,000,000 cunces. Indian demand was said to be hard to estimate, both because of the large amount of silver smuggled into - the country, and the ‘“distress silver,” which has been shipped in considerable volume from the interior to the bazaars. Reports from native sources varied from 10,000,000 ounces to 15,000,000, Ohilo Oil cm pf(6).. Pac G&E 1st pf 1% Pacific Lig pf (6).. Pan Am Airways. . Parker Rust (2). Penroad Corp. Phoenix Secur. .. .. Pilot Radio Tube A Ploneer Gold 24c. . Pitney Bow P bi%. Pittsbgh&LE(2% ) Pitts Plate Gls (1). Premier Gold (12c) Prudence Co Inc pf Pub Util Hld war. . Puget Sd P&L vf 5. Puget Sd P&L$6 pf Pyrene Mfg. - Reliance Int A Richmond Bros Roan Antelope. .., Royal Typewriter. St Regis Paper Salt Creek Pros Shenandoah pt Silica Gel ct. .. Singer Mfg Co (8). Sou Cal Ed pf B 134 SouCal Ed pf C 1% Southland Roy 20c. Stand Oil Ind (1).. Stand Oil Ky 1.20.. Stand Oil Ohio 114 . Starrett Corp pt Stutz Motor Car. Swift&Co........ Swift Internatl(2), SylvaniaGmLud 4c. Tech Hughes (60c) Technicolor Texon Oil & Ld (1). A'rans Air Trans. .. Trans Lux DLPS. Tri-Cont Corp wr. . Tubize Chat Corp. . United Founders. United Gas. . Unit Lt&Pwr . United Stores vte. . US&Intlstps. .. US Play Card (1). 2008 Unit Verde Ext 40c 1 Universal Insur... 50s Utah Apex. . g Util P& Lt - & Willow Cafeterias. 1 Wool Ltd k25 1-5¢. 10 12% Wright Harg t20c.. 18 3% 3, Dividend rates 1 | auasterty | or'semiladiusl vassmenc” U cividend tPartly extra. 3Plus 4% n Payable in cash or stock. e Adjustment diviaend B. & 0. Reports Loss. BALTIMORE, January 23 (pe- cial) —Baltimore & Ohio Railroad re- ported a net loss for the first 11 months of 1932 of $5,696,508, after taxes-and all charges, against net income of $3,- 480,231 in the like period of 1931, ac- cording to a detailed report filed with the Interstate Commerce Commission. Balance sheet of the road es of Novem- ber 30 last, showed current assats ot $37,478444, and current labilities of $45,736,903, against current assets ot $56.913,691 and current liabilities of $72,764,387 on November 30, 1931. In- vestments in stocks and bonds of other | than affiliated companies on November 30 last, totaled $92,102,064, against $51,- 079,881 & year previous. Funded debt due in six months totaled $68.551,700, ‘i‘y[;‘;lm“ $5,301,700 on November -20, RO Ge h md i s G0 Merchants When you know the best merchants are members of trade associatigns with high standards of ethics and principles in merchandising, why not buy life insurance from the-life underwriter who is a member of the Life Underwriters’ Association? District of Columbia Life Underwriters’ Association h Plus 1% | oe. "o Flds 8% | D Paid last year—no regular rate. —_— Reichsbank Credits. By the Associated Press. Despite signs of economic improve- ment in Germany, credits extended by the Reichsbank from November 15, 1931, | Lowest Rates of Interest and Commission to December 15, 1932, declined by 840,- | 000,000 marks to total 3,157,000,000, | Ti L while currency in circulation declined | ‘hqnlu = Mflpflny =3 g‘,\)'o 610508,000,000 marks to total 5422.-| k. mPlus 3% in in stock First Mortgage Loans. Money on Hand to Loan eon First Deed of Trust 6 Po Interest Reasonable Commission and In making this announcement the Commerce Department said that con- | tinued shrinkage in credit and currency | has appeared paradoxical in view of | recent improved trends in the Reich, | and the reduction is the more remark- able since recent circumstances have perticularly favored use of bills. Aiso, :g: :!l.eéchsbtank,u t.h;g;xgh reduction in Prompt Replies to scount rate, encouraged ex- lication: tension of credit. i | Ayt | JAMES F. SHEA MONEY MARKET. 643 Indiana Ave. N.W. NEW YORK, January 23 (4).—Money ruled dull and unchanged today. Cail money on the Stock Exchange held at 1 per cent and call funds were offered | in the outside market at i» of 1 per | cent. Time money and prime commer- | cisl papzr_rates 1 ANNUITY chusuli“:;:!ss UPRENE at 5% IINETEE RIE SiT Your savings at the National Permanent will command a high rate of return, adding greatly to your principal. All ac- counts opened this month will receive earnings from January 1st. Semi-Annual Dividends SATIONg - PERMANENT BUILDING ASSOCIATION 5 4 : o H9-92 ST N-W. & R UPtevision - NCOME BOOKLET MAILED ON REQUEST LEROY GOFF 1036 Woodward Blds. NAt. 0340 | ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS [ g Mo e R 69th Series of Stock Now Open for Subscription James E. Connelly, President James F. Shea, Secrétary First Mortgage - Notes Secured on residences and income - producing | properties in the District of Columbia and adjacent Maryland suburbs. H. L. Rust Company 1001 15th Street NA. 8100