Evening Star Newspaper, January 24, 1933, Page 15

FINANCIAL. .S BONDISSES CONTINUE STRONG Some Fofeion Issues Also ¢« Well Bought at New High Prices. BY CHARLES F. SPEARE. Special Dispateh to The Star. NEW YORK, January 24.—Heaviness in & number of active industrial bonds, new high prices made for several for- eign issues and continued strength of United States Treasury obligations were the features of the investment parket today. ‘There has been a steady sagging in the prices of the bonds of various types of manufacturing and producing con- cerns, especially in those of the corpor: tions identified with the amusement in- dustry. In some cases this is due to the completion of buying for sinking funds, as in the case of Dodge 6s, which rose half a dozen points earlier in the year to 91 and today were off 7 points from that figure. In other securities poor earnings and also credit difficulties have been fac- tors. In the firts group were National Dairy Products 5%s, which are off 8 points from the high of the year, and Western Union 5s, down 8% points, and in the second list Paramount-Publix 5.s, Warner Bros, 6s and Radio-Keith- Orpheum 6s, which this week havg s0ld st lowest prices of the year. Loew's 6s were unde‘ pressure again and after selling at 75%were offered for a bid at that price. There were several other industrial bonds less active and cur- rently quoted at the low for 1933. The rise in German government bonds carried both the 51s and 7s into new high territory, the one above 63 and the other over 86. At the same time German Corporation issues were strong_in_sympathy. Italian govern- ment 7s also made a new high for the year, as did City of Vienna 6s, in de- fault, which manage to keep a good lead over German government 5!2s. The market for railroad bonds of the poorer quality was steady. Frac- tional advances occurred among them. It was noted that the St. Louis, Iron Mountain 4s, which mature on May 1| were still selling at 50 cents on the[ dollar; that the St. Paul, Minneapolis’ & Manitoba issues that fall due on| July 1 were quoted at discounts rang- ing from 5 to 8 points from par, while, the Chicago & Northwestern debenture | 5s, due on May 1, are selling around 6 'Therc was a strong demand for United States Government bonds, which maintained their high average of the year. The Liberty fourth 4!;s ad- vanced % and are up nearly % from the low of last week. The first 4%s | p, touched a new high. The Treasury 31,5 were at par and the 3s around 93%. The oversubscription to the new | issue of 5-year 2% per cent Treasury | notes was much larger than anticipated, with allotments to those who could not turn in the 3%s due in Pebruary likely | to be only nominal. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) [ of Chalmers Co. 5s 19 Co, Tel. 5 QoM | Brazi 63 BOND THE EVENING STAR, WASHINGTON, D. C., TUESDAY, ON NEW Y STOCK EXCH o I Received by Private Wire Direct to The Star Office. UNITED STATES. (Sales a 10217 10228 103 20 98 21 100 102 14 10214 10216 1068 106 28 Lib 1st 45 32-37.. Lib 1st 4348 32-47 Lib 4th 43453333 U S 3551-65 A 'S 3% 46-49. US3%sM41-43. US3%5J40-43 US3%s43-47 US3%s46-56 US 45 44-54.. US4X%sd1-52 . High. Ab & St5%s 43 0 Alleghany bs ‘¢4, Alleghany 55 °49. Allegnany 6s '50. Allis-Chalm 5s'37. Am Beet Sug 65 '35 Am F P 552030.... AmIGCh5%s’49. Am Sm&Ref 5547, Am Sug Ref 6837 Am T&T 4%s'39.. Am T&T c tr bs Am T&T deb 55 '60. Am T&T deb 55 '65.14 | Am Wr Pap 6s'47.. Antioquia 78 '45. . . Argentine 535 '62. Argent 63 61 May. Argentint 65 '59 Ju Argentin€6s 59 Oc Argentine 6s A '57. Argentine 6s B '58. Arm & Co 4%s'39. Arm Del 5%s e | Atchison gn 4s '95. Atchison 43548, AtIC L 1st 4s'52.. AtICLcl 48’52 At1CL un4%s’64. Atl Gulf&W15s'59. Atl Ref db5s'37... Australia 4128 '56 Australia 5355 Australia 5s ‘57 Austrian 7s 48, Austrian 78°57. B&OTf6sC'95... B & O Toledo 4s'59 Batav Pet 4%s'42. Belgium 6s 55 Belgium 638 " | Belgium 7s Belgium 7s°56. ... Bell Tel Pa 5s B'48. Bell Tel Pa 55 C'60. Benef Loan 6s°46. . Berlin Cy El 65 56\ Berlin 625°50. . Berlin C El 6348’51 Berlin C El 633559 | Beth Stl pm 55 °'36. | Boiivia 7s '69 | Bordeaux 6s Bos & Me 55 Bos & Ms 55 ‘67. . i1 6168 °26-'57. . Brazil CR 78°52. .. Brazil 8s'41...... Bremen 7s - | Bklyn Man 6s A "68 Bklyn U Gas 58 Budapest 6s'62. Buenos A R 6s Bush Ter con 5s'55. Bush T Bldg 5s'60. Calif Packing 55’40 s Can Nat Ry 4% | Can Nat Ry 4%’ Can Nat Ry 4158’57 Can Nat 4% ‘68 Can Nat Ry 4%« . Low. Close. Lib3%s32-47... 1035 103 1083 10216 10217 102 22 10223 10317 10318 1026 10216 1052 1057 106 23 10626 110 26 11020 11222 Sales. German Rep 78°49. 69 GoodHopeS&I 78°46 1 Goodrich . 16 Goodyr Rub 5 ° Grend Trunk 6 Grand Trunk 7s°40 1 Gt Brit&Ir 5%s'37113 GrtNor4%sD'76. 3 Grt Nor 58 C'73... Grt Nor 4%s E 77, Grt Norgn7s'36.. Haitl 68’62, . Hudson Coal Hud & M adj 53 '67. Hud & M rf 58 '57. Humble Oil 58 °37.. 11 Bell Tell 53 °66. . Ill Cent cl tr 43 '53. 111 Cent 4% . 11l Cent ref 5s '55. . 11l Cent 6345 36. .. 111 CCStL&N 4%s. 111 CCStL&EN Gs A.. 111 Steel db 43 8'40. Inland St 438 A'T8 Inland St 435 B'S1 Int Rap Tr rf 5566 " - Aol uubu—wnnn @ Int & Gt Nor 6s'52. Int& G Naj 2. Int Hydro El 6s'44. Int Mer Mar 6s '41. Int Pap ref 5s A’47 wo = Bro % Int T&T4%s'52, IntT& T 5s'55. Italy 7s'51 Italy Pub 75 " Japanese 5% '65. . Japanese %43 . b6 Kan C F S&M 4s'36 11 Kan C P&L 4%s'61 3 Kan City Sou 3s'50. 5 Kan City Sou 5s'50. 3 Kan City Ter 4s'60. 34 Kan G&E 4%s'80.. 9 Karstadt 65 '43.... 15 Kend 5%s 48 w 13 Kresge Found 6s'36 9 Kreug & Toll5s'59. 102 Laclede Gas 55 °34. 20 Laclede 56%8C'53. b Lautaro Nit 6s'54. 17 Leh Valcn 452008, 1 Lig & Myers 5s'51. 25 Loew's 65 '41 Lorillard 5s '51. Lorillard 7s '44. 19 L&N5sB2003. McKes & R5%s'50. Manhat Ry cn 45'90 Marseille 6s '34. Milan 6%s ‘52 Mil E Ry&L 5s M K & T 1st 4s "90. MK&T4sB 62... MK & T adj 53°67. Mo Pacgn 4s'75... Mo Pac rf 5 A "65. Mo Pac 58 F'77. Mo Pac 55 G '78. Mo Pac 5s1°'81 Mo Pac 533 A ‘4 Mont Pow 5= *43 Montevideo 68 Mont T 1st rf 58’41 at Dairy 5% s'48. at Steel 55 '56. ns T 1st 58 ower 463 '60. . N rf 4l s 2013, Tf 43 22222227242 zz = YC&StL 473878, Y CRStL5 %5 SA'T4. Edison 5s B'44 “ GOVERNMENT LOAN CURB SHARES SLIP | ACCOUNT IS LARGE| TOLOWER LEVELS 1 | Extension of Credits Through|Public Utilities and Qils Are R. F. C. During Past Year Is Reviewed. Special Dispatch to The Star. NEW YORK, January 24—The ex- tent to which the Government, either directly or through the Reconstruction Finance Corporation, has been absorb- ing the credit requirements of private borrowers in the past year is indicated in the figures of public loans authorized during 1932 and now compiled in detail. The total of such loans made to cor- porations and foreign governments, as well as to municipalities and to farm loan agencies, amounted to $1,721,392,- 655 last year. In 1931 the same bor- rowers received over $4,000,000,000, in 1930 total loans were $7,677,000,000, in the boom year of 1929 they exceeded $11,500,000,000, and in 1928 were ap- proximately $10,000,000,000. Money Market Competition. ‘The competition in the money market | M between the Government and private corporations has been one reason for the sharp decrease in the offerings of new corporation securities in the past 12 months. Treasury loans, both of short and moderate term maturities, have absorbed much of the idle capital available’ for ~reinvestment. other hand the credit ition of the corporations and municipalities that have been compelled to borrow has been of such a quality that they could not sell their securities in the open market. To them, and to financial institutions, the Reconstruction Finance Corpora- tion has rendered accommodations in zh; oaammm of approximately $1,650,~ As an illustration of the difference between borrowing from the Recon- struction Finance Corporation and di- rectly from the public, let us take the case of the rallroads. More than 100 loans have been made to them by the Reconstruction _ Finance Corporation, aggregating $335,000,000. They have received additional amounts from the Rallroad Credit Corporation. To these sums must be added $357,000,000 which the railroads in the last year have been granted in the form of private loans by their bankers. In the same 12 months their issues of long and short term bonds and notes publicly offered amounted to only $61,000,000. There were no sales of stock. Had 1t not been for the public utili- ties there would have been only a nominal amount of new capital pub- licly placed last year. power and light companies were responsible for nearly 85 per cent of all of the corpora- tion financing, the sum of which was less than $645,000.000. In 1929 invest- ment trusts issued $2,223,000,000 of | stock, while the total amount of such stock in 1931 and in 1932 was less than $6,000,000. Industrial and manufac- turing companies three years ago floated securities of a par value of $1,-| 210,000,000 and about half that amount in 1930, but were only able to sell publicly in 1932 a total of $15,000,000 in bonds and stocks. Loans to Cities. There has not been the same ratio of decline in foreign government, mu- nicipal and farm loan issues as in those of corporations, as their securities have had a better public reception. Although the Reconstruction Finance Corporation last year advanced nearly $200,000,000 On the | relapse Freely Offered at Price Concessions. BY JOHN A. CRONE. Special Dispateh to The Star. NEW YORK, January 24.—The sem- blance of stfength that marked initial dealings on the Curb Exchange today ‘was removed by midday, as some of the principal groups, the public utilfties and petroleums, turn heavy. Electric Bond & Share rose fraction- ally, only to wipe out this gain and more at the start of the second hour. Standard Ofl of Indiana and Clties Service behaved similarly. American Gas & Electric and United Light & Power alsp met offerings. Pr to monetize silver caused [ market in silver futures dur- ing the first two hours and turned at- tention to silver shares. Bunker Hill Sulllvan was the chief beneficiary during this period. Such proposals, however, had the reverse effect on com- panies that use quantities of the white eal, such as Gorham Manufacturing, which opened down 214 points, Numerous earning reports and esti- mates for 1932 had varying effects on specific s issues today. Recently Cuneo Press eased. Its 1932 net was about $2.50 a common share against $4.30 in 1931. Crane Co., which had a as certain competitive lines of plumbing pottery were reduced, was not at once responsive to the president’s statement that loss in 1932 was about as large as the $7,985,329 loss reported for 1931. Heaviness in recent sessions of Gray Telephone Pay Station was explained today by the 57 per cent decline report- ed in net income, but at the year end the company had currents assets of $2,965.000 and no corrent liabilities. United Light & Power issues, which have been rather inactive of late, were slow to respond to the statement that the company had reduced bank indebt- édness from $4.400,000 to $1,250,000 during 1932 and planned to spend $3,000,000 for construction this year. = LT Y Cotton Deliveries Gain. By the Associated Press. The Commerce Department reported deliveries of American cotton to British spinners for 1932 totalled 1,440,000 bales—compared with 1,040,000 bales the previous year. Deliverles of cotton other than American were reported to i have fallen off 200,000 bales for the year. — Automobile Sales. DETROIT, Mich, January 24 (P)— R. L. Polk & Co. reported sales of new passenger automobiles increased 5.3 per cent in December above sales for No- vember. Estimated total passenger car sales for December were 47,000 units. BONDS ON THE CURB Bales in thousands. 5 3 Roll M 4':s 5Am Roll Mil 8s 4 Avpalch Pow bs 9ASS0 G & E bs f 104°G g JANUARY 24, 1933, N. Y. CURB MARKET FINANCIAL, *33 - A-15 e TRADERS WATCHING Recéived by Frivate Wire Difect to The Star. Office. Acme Wire vtc Air Inv Inc vte. Afr Investors war. . Alum'num of Amer100s Am Beverage. 16 Am City P&L B 15¢ 10 AmCyanamid B... § Am Dept Strs 1st A 258 Am Gas&E pf (). Am Investment. Am Superpower. . . Arkansas Nat Gas. As El Ind Ltd k10c'. Asso Gas&Elec (A) Atlas Utilitie Atlas Util was Aviation New Eng. Babcox&Wilcox(2) 25: Benef Ind Loan 1% Blue Ridge, ....... Blue R\ze c pfa3. Buft N&E pf (1.60) Bunker Hill & Sul. Burma rcts(k4c) Cable & Wire B rcts Canadian Cent States Elee. ... Cent Sta Elcv pf n. Centrifug Pipe 60c. Citles Service..... Cities Service (B). Col Of1 & Gas vtc. . ComyIith Bais (5).. Comwlth & Sou wr. Comstock Tunnel. . CAMCoctfs..... Consol Copper Cons Gas Balt 3.60. Copeland Prod Inc. Cord Corp . Cosden & Co c.0.d.. Creole Petroleum. . Crown Cent Pete. . Cus{ Mexicana Min Deere & Co. . - De Forest Radlo Detroit Afreraft Driver Harris. ... East G & Fuel Asso y Wash Mch B. Exsler Elec Corp. .. E1 Bd & Share b6%. E' Bd & Share pf 6. El Pwr Assoc(40c) Fiat. Florida P Ford Motor Can A. Ford Motor Ltd. ... General Alloys. General Aviation. . Gedreia Pw pf (6). 258 Globe Underw ki3ic Goldman Sachs. Gorham Inc pt Graymur Corp (1). 7T Great A&P n-v(17) 40s Grt Nor Paper 1.60. GulfOflof Pa..... Hazeltine Corp. ... Hayden Chem (1) Hecla Mining. Horn & Hardart(2) Hudson Bay Min. Humble Ol (2). Imp Oil Can rz 50c. InsCo N Am (2) Int Petrol (1). Interstate Equ! Irving Air Ch (40c Knott Corp. ... Kress SH sp pf 60c Lake Shore M (2).. Lakey Fdy & Mch. Lefcourt Realty pf Mavis Bottling A. . Mayflower Asso(2) Mesabi Iron. Mont Ward ( Mountain Prod § Nat American Nat Aviation. Nat Bellas Hess Nat Invest war. at Pw&Lt pf (6). 3508 - o W RO e b G0 b N b e R 1 FaBarne od » 3 - - N e E e BT rehn EReramae e aRane R M et i R e & e & BB - % | Stutz Motor Car,.. w | ividend Btock Dividend Rate. ‘Add Sailt Creek Prod (1) Seaboard Utilities. Segal Lock & Hrd. , Sel Ind all cfs(5%) Select Ind pr(5%)n Seton Leather.. ... Shawin W&P (50c) Shenandoah pf. ... Sherwin-Wms 1% , 251 Fouth Penn O11 (1). SouCalEdpt A 1% Sou Pipe Line(§0c) Stand Oi1 Ind (1) Stand Oil Ky 1.20 Sunray Ofl. 8wift & Co. . Tech Hughes (60c) Texon Ol & Ld (1), Tob & Allled Stks. . Trans Lux DLPS, United Founders. United Gas. . Utd Gas war. ... COURSE OF STEEL i3 Movements in Industry Are Chief Cause of Concern in Wall Street. By the Associated Press. NEW YORK, January 324—Finst guessers in Wall street brokerage offices, who seek to learn what will happen before it actually happens, are now caught on a three-horned puzsle—steel wages, steel prices and United States shelmprefmed dividend. Wil all three be cut is the question to_which an advance answer is sought. The corporation’s next meeting .of directors will be held one week from today. They will discuss continuance 15| Of the present preferred dividend raf Utc Shoe Mch 234 . U S Elec Pwr ww U 8 Fin Holding. .. Unit Verde Ext 40c. WalgreenCo(1)... 1 13 13 ‘Wool Ltd k25 1-5¢. 12% :3% Dividend rates in_dollars basea on tase or miannus) vaymenc” SH fFar & e:"’.":ru SPIUS 4% In stock. able in LB Plus 2% in m Plus 3% in 12% Grain Market By the Associated Press. CHICAGO, January 24—Influenced by 4 point jumps in British exchange, grain values tended upward early today. Drought in domestic Winter wheat ter- ritory Southwest was unabated. Opening at a shade to 3 higher, wheat afterward made additional up- Mvarice and subsequentiy he news vance and sul ent leld near t| initial limits. Y With each point fluctuation on ster- ling, figured usually by the grain trade as equal to i cent a bushel on the price of wheat, the unusual rise of 4 points in sterling attracted special at- tention. The most immediate effect in Chicago was to curtail selling pressure in wheat. Buying demand, however, showed no great enlargement and bulges failed to hold well whenever offerings increased. Cables said large world shipments of wheat in the last fortnight had made | buyers cautious, and that with arrivals abroad, expected to be pientiful soon, | European demand was small. Soaring now at $7 a share per annum, and this payment rate is continued, many people in both financial and steel trade circies will assume that the corpora- tion will continue its efforts to maine tain prices and wages at present levels. Dividends Maintained. While the steel corporation money last year making steel, or from actual operations, for the first time 4n its history, there are many sentimental reasons why directors would like to maintain the present dividend rate. Not in the entire life of the stock, dat- ing from 1901, when the steel cor- poration was formed, has the company ever tripped in its steady quarterly pay= ments of the regular dividend. More- over. when the company retired its bonds in 1929, many former bondholders bought the preferred shares because they considered the preferred as good as a bond. It now ranks as the cor- poration’s senior obligation, and the management has shown that it wants to keep the dividend record intact. In the past two years it has main- | tained the preferred record, although to | do so it had to dip into surplus to the | extent of about $80,000,000. There are 1 3,600,000 shares of preferred stock out- standing. on which the regular dividend rate is $7 a year, making the total ane lost | | nual payment more than $25,000,000, 1t The wage question is most difficul for the steel industry to solve. There have been two reductions since 1929, |one of 10 per cent, followed later by a 15 per cent cut. Steel executives have insisted that they will avoid a further reduction, if it is possible. But with the industry as & whole losing millions of dollars a year, they are hard put to keep the wage scale unchanged. Weakening of Prices. In recent weeks the steel price struc- ture has shown some signs of weaken- ing, with some shading last week of prices of wire and steel sheets. The | larger companies hold that price cut- of British exchange was attributed | abroad to the American Government invitation to discuss debts and other subjects construed to include stabiliz- ing of the pound sterling. Larger im- ports of wheat by Greece were takern | to irdicate an increase of breadstuff &% | demand in the Balkan countries. Corn | and oats were responsive to the action 1w | 10% | 29% | of wheat. Provisions reflected firmness shown by cereals. New York Cotton Spectal Dispatch to The Star. 1 NEW YORK, January 24.—The cot- | ton opening was mixed todsy. Just be- ore the initial gong, Washington dis- | ting does not necessarily bring in new | business. Consequently, they are re | sisting the trend. But if it continues, some authorities say, it is inevitable that | steel wages must likewise slide down | a little further, and United State Steel's | preferred dividend be reduced. FOREIGN EXCHANGE. (Quotations furnished V. | today, | London, pound. ... Eried | Pari: ranc - im, erown. . Montreal. discount, |U. S. TREASURY CERTIFICATES » yipnu:hee told of an inquiry for cotton .| from the Soviet government, financing | of which was being discussed in the Liverpool prices were easier. to municipalities, this group was able to borrow publicly $840,000,000, or a third less than in 1931 and a little more than half the amount in 1930. Farm at Service. ,..... at Transit (80c). ew Bradford Oil. 2227 Y Y Edison 53 YEAdrf6%s 41, N Y EL H&P 4549 EL H&P 5s '48 55’69 Can Nat 55°70 } Can Nor db 614" ) Can Nor deb Puslic G-and Trunk Cana Great Northern Ry K-ritone Telephone & ihwest. Telep, 4138 19 na. R.R. Co. fas 1036, . Portiand Gen. Elec. 53 1 Republic Tron & Steel 5s Sinclair Cons, Ol Co. V34 .. Washington Stock Exchange SALES. Washington Gas 6s “B"—$100 at 103%. tomac Electric 5'2% pfd.—5 at 107, 3 at 107. Potomac Electric 6% pfd.—2 at 110%,. Washington Gas 6s “A"—$100 at 100'z, $100 at 100%. UNLISTED DEPT. ineton Gas 5s '38 (w. 1).—$1.000 At 9474, $1,000 at 94%4, $1,000 at 9414, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Am. Tel. & Tel. ctl. tr. Bs.. Angcostie & Ici. R R. 5S... ey Anacostia & Po.. Guar. s. L C. & P Tel. of Va. bl W Asked. I Bs... Georgetown Gas 1st b Potomac Elec. Cons. 5'c.. Potomac Elec, 65 145! Washington Gas 41as Washington Gas bs. . Wash. Gas 6s, series A Wash' Gas 6.’ scries B Wash. Rwy. & Flec. 4s... MISCELLANEOUS. Berber & Ross. Inc., 025 Chevy Crase Club Blas. Columbia Country Club 5.s. D C. Paper Mig 65.... Wash. Mxt. Cold Storage STOCKS. PUBLIC UTILITY. 1060%3 ion” “bo 10012 1037 | Elec. Fower ‘e pid.. Power 5iace Did. . Wash Rwy. & El com. (7). Wash. Rwy. & Elec. pfd. 15) The following figures are not bids, but mercly represent minimum prices fixed by tae Washington Stock Exciange. i NATIONAL BANK. ' Min. price. | 5 16 Metropoht ks (12) . Szcond (6) Washington (8 : g TRUST COMPANY. Amer. Scc. & Tr. Co. (12). Natl. Sav. & Tr. (1) K. & Union Trust (88) . Loan & Tr. (14).0 : SAVINGS BANK. Bank of Bethesda (0%) Cam. & Savinms (10). Fast Washington (5 g Potomac (), ... 0" Sec. Sav. & Com. BE. (10y)......\ 436 Seventh_Street (0).. o United States (30) Wash. Mechanics FIRE INSURANCE. American (12) . Corcoran (10) remen’s (K) National Union (15)1. .07 1. TITLE INSURANCE. Calumbia (6h). ... ... ..... Real Estate (6h) e e MISCELLANEOUS. Cel. Medical Bldg. Corp. (6).... Dist. Natl. Bec, pid... Emer. Bromo-Selz. “A' e pfd 80 8 50 4% 3 3 5 4v, ge 97% Wh. Corp. (3). 4 (1.50). tge. Com. (8) & Lothrop com. ( . & Lothrop pfd. (7 82 extra. 2 extra. i extra. he% extra. 6% extra. lal extra. 1 Can Pac 4%s "4, Can Pac db 4s. Can Pac 435 '60. .. Can Pac 58 "44 ctfs. Can Pac 58 '54 Car Clin & O 65 '52. Cént Ga cn 58 '45. . Cent J11 E&G 55 '51 Cent Pac 1st 4549, Cent Pac 55°60. ... Cen Ry NJ gn 5587 Cert-td db 5% 43. Ches Corp 5s "¢7 C&Ogen4%;s'92, C&O4%sB'95 C&Oconbs’39... CB&Qgn 4s’ CB&Q 111 3%s'49. CB&Q 111 4549 Chi & Est 1l 5 Chi Grt West 4859 Chi Ind&L £n 65'66 C M & StP gn 45'89 Chi M&StP 4%s E. C M StP&P 58 °75. C M & St P adj 5: ChI&ENW 4365 2037 Chi&NW 4155C'37. Chi & NW 4% '49. Chi Rwys 5527 Chi RI&P gn 45’88 Chi RI&P rf 45 '34. ChRI&P41s%2 SEARmsane RSl B Chi Ul Ch! Un Chi Un Sta 53 B'63, Chi Un Sta 615'63. C& W Ind cn 4552 C& W Ind 5145 '6: Childs deb 5 43. . Chile 65 '60. 5 Chile 65°61. . .. Chile 65 '61 Jan. Chile 65 61 Sept Chile 6563 ...... Chile Cop db 5s 47. Chl Mtg Bk 6%s '57 Chi Mt BK 6% " Cin Un Trm 5 'C&St L 41:sE CCC&StLS Clev Term 4%s ‘77, Clev Term bs B '73. Clev Ter 5135A'72. Cologne 635 30. .. Cojomb 6s 61 Jan. Colomb 65’61 Oct. . Colo & Sou 4125 ' Col G&E 5 Col Gas & Com Inves 5 Con G NY 4128 51. Con Gas N Y 55°57 CouG NY 5%s '45. Con Pwr Jap 6%s. De1&Hud ref 4s 42 Del & Hud 5%8°37. Denmark 4%s'62.. Denmark 5%s '35 Denmark 6s"42. D & JR Grcn 45 '36. D& RGr43;8°36.. Det 2d 4%s D '61. Det Edison rf 55'49 Det EXdison s '52 Det Edison 58 ‘55 Dodre Bros 6s 40. Duquesne 4% A ‘67 Duquesne 41 B 57 ) Duten East | 65'47. Dutch East | 63 62 East C Sug 71837, torie Con 43 '06.. Erte gen 4s 0| Erie ref 55 '67 Erle ref 55°T5 Fiat deb 7s " Finland 5 o | Finland 6%s '56. Finland 7s ‘50 French Gv 7%8 41 Gelsenk’hen 68 34. | Gen Baking 5%s'40 Gen Cable 5% '47. Gen Motors 6s'37.. Ger Cen Bk 6s°60 O Ger Cen Bk 0 Ger Gen Elec Ger Gen El 7845, 2 Ger Gov 5%s'$5...322 102% 92 1 NH&H 414567 Y NH&H clt 6s'40 NY NH&H 6s'48. . NY O&W g£n 45 '55. NY O&W rf 4392, N 'Y Steam 5s°56 NY Telgn 4% NY W&B 4% s Nia Sh Md 512850 Norf Sourf 5s'61.. Norf&Wn div 4s'44 Nor & Wn cn 45°96. North Am Co 5561 Nor Am Ed 5s A'57. Nor Am Ed 55 C'69. Nor Am E 5138’63, N Ger Lloyd 63°47. NorOT&L 6s 47. Nor Pac gn 3= 2047. Nor Pac 4s'97..... Nor Pacr 1 6s 2047, Nor St Pw 5s A *41. Nor St Pw 63 B '41. Norway 55 °63. Norway 5%s 65 Ohio Pub 71548 . Ore $h L 5s gtd "46 Orez-Wash 4s°61. . Orfent Dev 5% Owens [11 G1 55 '39. | PacGaEss 4z, ... Pac T&T 1st 5N . Pac T&T rf 5552, . | Pan Am Pet 654t ramount 6s "47. . am-Pub 53«50 Pathe Exch 7s Penn sta 4s '48 Penn 4%s Penncn 4 Penn gn 4%s Penn 4%s D70 Penn 4% s°63. Penn 5s ‘64 Penn gen 5s . Penn 6536, 0. Peru 65 '61 Phila Co 58 '67 Phila Elec 48 '71... Phila & Read 6849 Philippine R 4s°37. Phillip Pet 5% 8°39 | Pillsb F M 6543 | PCC&StL 55 A '70. Poland 65 '40. Polind 7s '47 Poland 85 °50 Port Gn El 43 Porto Alegre 85'61. Por R Am T 65 '42. Pos Tel & C 55 '53. Prussia 6s | . Prussia 6% '51. .. Public Serv 4571, Pub Sv G 438 °67.. Pure Ofl 53,537 Pure Ofl 5%s '40 Radio-K-Or 6s "¢1. | Rem Arms 6s A 37 Rem R 515 sA"4Tww Rhinelbe U 7s 4. . Rhine Ruhr 63 °53. Rhine West 63 '52. Rhine West 6s°53. Rnine West §s '55. | Rio de Jan 6148 '53. ! R Gr Do Sul 65 '68. RIAT& L 4%s'34. .| Rome 6145 °5: ; | Royal Dutch 43 "45. | Rumania 75 '59. ... StL IM R&G 4s8'38. St L&SF 43 A '50. . |StL&SF4%s"Ts. StL SK 4%4s'78ct st St L&SF 5s B '50. . St L SW 1st 4389, Sao Pau 78 '40..... Saxon P W 63851 Saxon 7s '45. Seab A L 6s Serbs-Cr-S117862. . Shel] U O11 58 '47... Shell U O 55 "49ww Shinvetsu 6% '52. Sinc Ofl 6% s B'38. Sinc Ofl 75 A '37 Sinc P L 58’42 611 68% Soissons 6s 50% Solvay Am §s 67 Sou Bell T&T 5841 623 SouI'acrf4s’s... 1021 105 8614 9y 101 104% 105% 107% 37% i 34% 50 9% 8 7% 20 9% | 80% | 4% ! 96% 99% 103% 68 100% 108 90% % 1064 106k 6% 76% | Sou Pac 4% loan issues, however, brought out last year were larger than in either of the two previous years, while Canadian government loans in 1932 were $66.- 000,000 compared with $50,000,000 ‘in 1931. There have been no other foreign government loans than those to Canada since 1930. (Copyright. 1933.) Airways' Merger Discussed. NEW YORK, January 24 (#)—The desirability of linking air lines of West- ern. Eastern, Southern and Northern aviation companies was said today to underlie reported merger negotiations between General Aviation Corporation and North American Aviation, Inc. General Aviation is an affiliate of Gen- eral Motors Corporation. A proposal was said to be under consideration for sale of General Aviation assets to North American in exchange for a sub- stantial block of the latter’s stock. The two companies have an interest in the Transcontinental & Western Air Lines through Western Air Express in which General Aviation has a stock ownership and Transcontinental Air Transport in which North America has a substantial vote. . e e o Twenty thousand women and _one man entered a knitting contest in Eng- land. Low Close. 9 Sou P 4%s " Sou Pac 4%s'8 Sou P&OT 413SA" Sou Ry &n 48 A'56. Sou Ry 6894 - Sou Ry gn 6s '56. .. Sou Ry 6345 56. Sou Ry M&O 4s SW Be'l T 53 A '54. StOIINJ bs 46 24 StONN Y 434851 Studebaker 65 " Swissi%s ‘Tenn Cop 6s B '44. . Tenn E1 P 63 A "47. Tex & Ark 5%5'50. Tex Corp cv 58 44, Tex & Pac5sB'11. Third Avadj 5s'60. 2 Third Avrf4s’60. 15 Tob P NJ 6%s 2022102 Tokio 5s '52 A Tokio 5%s'61..... 3 Tokio El Lt 65 '53. 61 Un EIPSL ref 6s'33 Uaion Ei L&P 5i UE&P 15t 5% 3A"54 Un Pac 1st 4347 Un Pac 48’68 . Un Pac rf 43 2008. Un Pac 4%5°67.. .. | Un P 1st rf 55 2008 Unit Drug 58 U S Rubber 53 °47.. Un St W 6345 A’47. Un St W 63s A'51. 04 St W 635 C51. Uruguay 6s'60.... 1 Uruguay 68 ‘64 Utah P& L 5s'44.. Util Pw 55’59 ww. Util Pow 5%s"47.. Vanadium St 5s'41. Vienna 6s ‘52 Va Ry 1st §s . Va Ry & Pw 6= °34. Va SW 18t cn 55 '68 Wabash 4%s'18... | wabash 2d 5s°39. Wabash 5s D '80 Wabash 5%s ‘76 Walworth 6s A "45. Warn Br Pic 65 '39. Warn Quin 6s°39.. Warsaw 7’68 West Sh 1st 48 2361 1 West E1db58'44.. West Md 1st 4s'52. West Pac §s A "46. West Un cl tr 55°38 West Union 6351, West Union bs " West Un 6% 1 | W E O 5%s'37 ww. Wil & Co 1st 6s°41. ‘Wis Cent Tm 45'36. Tokohama ¢» . gAtn s Ygstn erian ent Pw & Lt 5s ' 10 Cent Pb Ser 5lss 4 Cent Sta Elec 5s * 4 Cent . q 1 o a3 Bw 56 atineau Pw 65 '41 Wt Wk 63 4 eorgia, Pw L&P 4! 1 =EZo00q: 3 78 ® ) Dpr C‘cfi‘ D?‘ 81 las 'l by MCNEL B3 '42 s Gas gs;;s 23 O e 25 bt 58 3 ZZZAZZZRZKE SE- R& " RR LR R e It o5 F 81 4 B8 S PEL blas A ‘40 67 s Bs C '50 '50 D 53 2903% 5% 4% 603, 65')% 2 101% 101% 1 62 62 52 DN S DT A Wer 32 8 % 4 Ealif B4 28 3% EEiEecs N [ P /1 it : 3 4 AN e i1 i 20 4Va Pub 8 5%s A 10 Ward Bak 6s 37 . 96 5West Penn Bs 2036 62 FOREIGN BONDS, 1Baden Con M 75 '51. WW—Wit t xw—Without warrants. D—New. wi—When issued. Market Averages By the Assoctated Press. STOCKS. 158 SR 2R oty b= Dme: s OB s BoNBNATEE s e eBsIzen % e ! [T aattat=y e # SHoSuoN i 8 P aBRRERLDEET NS e i ; S282) SLeD! Sl 2 588 »e ok z [ & & 28 oE = fs Yesterday Previous da; 0 ,. . 8232332383228 33 333 tLerlst 3283232238, otatitta 238233 2 404 a2 o bimis s is MHa ) P 3R3IIRFHIRS PN aana et PN ! 5 ew Jersey Zinc 2. North Sta P A (6). Northw Yeast (12) 10 Novadel Agne (5). Ohio Copper. ...... Ohio Oil cm p£(6). . Pac GEE 1stpf 1% Pan Am Airways. . Paramount Motors Parke Davis (1) ... Penn P & Lpf (7). Penroad Corp. ... Petrol Corp war Phila €o new $1.60. Ploneer Gold 24c. . Pitney Bow P bi%. Pittsbgh&LE(2% ) 1008 Pitts Plate GIs (1). 1 Premier Gold (12¢) 22 Prudence Co Inc pf 25s Pub Util Hid war.. 6 Puget Sd P&L pf 5. 50s Puget Sd P&L$6 pf 30s Richmond Bros (3) 40s Roan Antelope. ... 1 Royal Typewriter. 2 St Regis Paper.... 2 Salt Creek Consol.. 1 % 28% AT | 864 | 1% | 16 | 1% | #| 3| | 5 i Capital | banks, (nitial quotations were: January, 6.08; off 5. March, 6.13; off 2. May, 6.27; off 2. July, 6.40; up 1. October, 6.60; up 1. December, 6.72; off 1. - Five California Banks Closed. SAN FRANCISCO, January 24 (#).— Ed Rainey, State superintendent of announced five Sacramento Valley banks closed their doors yes- terday because of heavy withdrawals, due to closing of other nearby banks. The banks were the Bank of Court- land, the Colusa State Bank, the Bank of Folsom, the Bank of Willows and ' the Fair Oaks Bank. Saturday the California National | Bank and California Trust & Savings Bank of Sacramento, among the oldest banking institutions of the State, closed their doors. Rainey said the closings were more or less protective to safeguard deposits. He said he did not_regard the situation as “critical” and " after a _telephonic survey of the situation at Sacramento | said banking conditions there were “favorable.” | State banking department figures showed deposits in the five banks ag- gregated $3,556,751 as of December 31 or ‘thereabouts. They were listed as| follows: | Colusa Bank, $1,678,011; Bank n(‘ Willows, $923,360; Bank of Folsom, | $570,88); Bank of Courtland, sm.om,i and Fair Oaks Bank, $79,480. The Columbia National Has Served 'Way back in * y Capital $250,000.00 Surplus $500,000.00 WE PAY FRANK J. STRYKER, . President (Reported by Chas. Rate—Maturity. Feb. 1. o33 ANNUITIES Profitable—Safe All Forms—All Ages WYNDHAM R. WILLS 22 Years' Experience Insurance and Annuity Busine 954 Washington Bidg. = NA 9430 As an ethical dentist, you protect your professional identity through membership with the Dental Asso- ciation. By the same manner of reasoning, you should buy your life [| insurance’ from s life” underwriter holding a membership in the Life Underwriters’ Association. District of Columbia Life Underwriters' Association Washington! ‘88, when people ga the “Horseless ~ C: it simply wasn't blis| 0, 3 A INTEREST SAVINGS CONVENIENT HOURS Daily, 8:30 to 3—8: 112 O'Cloek 15th, 16th