Evening Star Newspaper, January 26, 1933, Page 15

THE EVENING STAR, WASHINGTON, D.-C, THURSDAY, JANUARY 26, 1933. MITCHELL OPPOSES |CURB SHARES FIRM || . Y. CURB MARKET WD’M’I‘.WIIIDM“TN!WDHM‘ FINANCIAL. A—-I15 CUTS IN OIL PRICE F¥3 FINANCIAL. ON NEW YOR BONDS IRREGULAR || BOND'S g% ci ot T e —— Junior Rail Group Meets Bet- ter Support—U. S. Issues Show Gains. BY CHARLES F. SPEARE. Bpecial Dispatch to The St; NEW YORK, January 26—While prices for bonds today were irregular and some new low quotations for the year were reached, there were indication of a better demand and more support for issues that have recently been under pressure. The narrowness of the market is in- dicated in the ease with which prices declined on small offerings and an; equal degree of recovery on limited pur- chases. This has been illustrated inj United States Rubber 5s and Western Union 5s, which this week have been first heavy and then strong, recovering substantial losses with little effort. The bonds of the amusement com- panies were heavy. Considerable con- cern was expressed over the outcome of the interest payment on February 1 on the Paramount-Publix 5!2s. The price of these bonds is already at a default level. Loew's 6s opened fractionally down and then advanced 1}z points. Pathe 7s declined a point and were 17 points under last week’s highest. The new interest in the New York Central caused some buying of junior railroad bonds. The best gains were in bonds of the Illinois Cenfyal and Missouri Pacific Systems. The payment of a dividend on Pennsylvania stock en- couraged bids at highest prices for the (Sales are in 31. High Lib 3% s 32-47 103 20 Lib 1st 4%8 32-47 10228 103 20 . 9826 100 2 10222 10223 10225 105 10 . 106 30 110 28 Sales. Abitib P&P 68 '63. 6 ghany 68 '44... 17 0. Allis-Chalm §s'37. Am Chaindb 6s'33. 2 Am F P 552030 Am Sug Ref 6s°37. Am T&T 4%s°39. . Am T&T c tr 5346, Am T&T deb 55 '60. 17 Am T&T deb 5s°'66. 64 Am T&T 5%8 4 27 Am Wat Wks 5534, 18 Argentine 5%s'62. 3 Argent 6s ‘61 May.. 6 Argentine 63’59 Ju 6 Argentine 6s A *57. 11 Argentine 6sB’58. 6 Arm & Co 4%3s°39.. Arm Del 5%s "4 Atchison adj 4s'95. 5 Atchison gn 43 '95. 100 Atchison 43:s'48.. 28 AtICLcl 4s'52.... At] Gulf&W15s'59. Atl Ref db 53 °37. Australia 4148 '56.. Australia 53°55. ... Australia 5s 57 Austrian 7s '43, Austrian 7s'57. B&O1st4s’4s bonds of the system. The 615s sold al | g g 0 414533 the highest of the year. The market for active industrials was frregular. Dodge 6s declined to 82 and were off 9 points from the year’s best. National Dairy products 5!4s had a slight rally. duplicated their previous high of the T. ye;n the foreign list defaulted South American issues, such as Brazilian and Chilean loans, were strong. The Ger- man group were slightly reactionary, as Were Italians. Great Britain 512s again sold at 106, which was 6 points up from the low of last December. Several of the United States Treasury Joans improved their price position and touched the best quotations for the movement. It is understood that the reduction in the rate of interest by New York banks has led to additional buy- ing of Government securities by the mutual savings banks, as well as by in- terior banks. Refinancing Plan Proposed. NEW YORK, January 26 (P.— Stockholders of General Refractories Co. will be asked to approve a plan for refinancing a $5,000,000 issue of two- year 5 per cent notes due March 1. It is proposed to issue $6,000.000 of first mortgage bonds bearing stock warrants. FOREIGN EXCHANGE. uotations furnished by W. B. Hibbs & Co.) - Ncminal gold Selling checks value today. London, pound.... $i.86i 0 aris, franc Brussels, belga Berlin. mark. . Rome, lira Zurich, franc Madrid, peseta ...l Vienna, schilling . Budapest. Prague. crown (n. V. 5. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co.) gnee—:\fl;tulnly Bid offe 35 Feb. 936 . © 101 1938 wi 100 Washington Stock Exchange SALES. B&O 4%s'60 B&O 1st 534 R & O ref 55’95 B & O rf 55 D 200 B&Orf 65C "9l Tobacco Products 628, Belgium 6s '66. Belgium %849 .. Belgium 7s'55. Belgium 7s'56... Bell Tel Pa §s B Benet Loan 6s'4§. . Berlin Cy El 6s '55. Berlin 648’50 B Berlin CEl 6% Berlin CEl 6%s'5 Beth Stl rf 55 '42. .. Bolivia 7s ' Bolivia 7s '69 Bolivia 83°47. Bos & Me 4%5'61 oy —a P R - Ty Brazil 85 '41 Bremen 7s '35 BKlyn Ed 53 A 49 Bklyn Elev 6%s Bkiyn Man 6s A Bklyn Un Gas 55'50 BKIyn U Gas 68 '57. Budapest §5°62. ... Buenos A R 63 °61. BR & Pitts 438 67 Bush T Bldg 55'60. Calif Packing 55'40 Canada 4s Canada 4%s ‘36 Canada 5s '52 . Can Nat Ry 438’51 Can Nat Ry 4345’54 57 » nevnarE~ea | Can Nat Ry 434 Can Nat Ry 4% Can Nat 5869 Oct. Can Nat 55 °69 July Can Nor 41s '35 Can Nor db 6% 5'46. Can Nor deb 78 '40. Can Pac db Can Pac 4348 '46. Can Pac 4%s60. Can Pac 5s '44 ctfs, Cent Ga cn 58 45. .. Cent 111 E&G 5s Cent Pac 1st 4543, Cent Pac 55'60. ... Cen Ry NJ gn 55’87 Cert-td db 5348 48. Ches Corp 55 '47.... 29 C&Ogen4%a’sz C&O4%sA’93. C&O04%sB '35 C& O con 5s 39 CB&Qgn4s’s CB&Qrf5s’T1 CB&Q 111 31549 CB&Q 11l 45 "4 Chi & Est 111 585 Chi Grt West 48’59 Chi Ind&L gn 55'66 C M & StP gn 4589, ‘Wash. Gas 6s A—$100 at 100’4, $100 at 1001, $100 at 10015, $1,000 at 1004, $1,000 at 100%, $500 at 100%2. AFTER CALL. ‘Wash. Gas 6s A—$100 at 10035. Pot. Elec. 5)2% pfd.—10 at 107. UNLISTED DEPARTMENT. ‘Wash. Gas 55 1958—$1,000 at 94, $1,000 at 941, $500 at 94%;. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4'as '39 Am. Tel. & Tel fllv lrkfis Bid. Asked. 106 50 Washington Gas 4!as 100% Washington Gas 5s. ash. Gas 03, series Wash. Gas 6s. series B ‘Wash, Rwy. & Elec. 4 . MISCELLANEOUS. Barber & Ross, Inc. 613 evy Chase Club 5'as.. glumbn Country Club 5%:s. C. Paper Mig 68 fash. Mkt. Cold Stora STOCKS. PUBLIC UTILITY. pd: L 1 El. com. (7).. ‘Wash. Rwy. & Elec. pfd. (5).. The following figures are mot bids, but erely represent minimum prices fixed by he Washington Stock Excha NATIONAL BANK. & Commercial (st District (6) ... d.-Amer. Natl. Bk, & Tr. (1.20) berty (76) . Lincoln (10} ond (8) Washington' (8) 1 TRUST COMPANY. Amer. See. & Tr. Co, (12 Natl. ‘Sav. & . nion Trust (85).. ... ash. Loan & Tr, (14). SAVINGS BANK, nk of Bethesda (A%) m. & Savings (10) st Wa tomac (3) . Sav. & Com. Bk. (10y)" enth " Street (6) . ited States (30). ‘Wash, Mechanics (2 FIRE INSURANCE, American (12) rcoran (10) remen’s (%) National Union (15 4 TITLE INSURANCE. Columbta (6h). ... Real Estate (6h) MISCELLANEOUS, 1. Medical Bl ist. Natl. Sec, er. Bromo-Selz. Mer, T, & SPmen Bt €rgenthaier il Mtge. & Inv. pid. 3 Ecople Brie Storés pid. (634) ; RQIY fisls“l & G. 3 %) flgg: rate R W Con ) o | 90 201, 74Y “ - 5 rop ‘Wdwd. & Lothrop Pfd C M StP&P 5s'75..186 CM&StPadj5s., 24 Chi&NW 4152037 12 Chi&NW 4155C'37., 2 Chi & NW 4% s'49. Chi & NW 6%s'36. Chi Rwys 5s5°27.... Chi RI&P gn 4s°s8. Chi RI&P rf 4s°34. ChiRI&P 4% ChiRI4%s’60 Chi Un Sta 4%8°'63 Chi Un Sta 5s B'6 Chi Un Sta 613563, C & W Ind cn 4s°52, C& W Ind 5%s"62, Chile 6s°60.... Chile 6s'61. Chile 65 '61 Sept. Chile 6s'62. Chile 63°63. . Chile Cop db 5s '47. Chile Mtg Bk 63’61 Chl Mtg Bk 63857 Chl Mtg Bk 6%s°61 Cin Un Trm 55 2020 CCC&St L 4%sE'77 CCC & St L 58 D'63. Clev Term 4%s'77. Clev Term 5s B '73. Clev Ter 5343A"72.. Cologne 6% '50. Colomb 6s°61 Jan.. Colomb 6s'61 Oct.. Colo & Sou 4348°35 Col G&E 5s ‘52 May Col Gas & E 5s "61., Com Inves 5158 °49. Cons C Md rf 5s'50 Con G NY 4%s'51.. 8 Con Gas N Y 53'51. Con G NY 5%s"45.. Con Pow Japan 7s.. 2 Copenhag 58 '52 Cuba 5%8°45...... Cuba RR rf 7%8'36 Cuba Nor 5%s'42.. Del&Hud ref ¢s'43 Del & Hud 5%s '37. Del P'w&Lt4 %871, Denmark 4%s 62 k 5338 55 Brroa 9 LT - E PN TSI O L PO -4 Det Edison rf 55’49 Det Edison Fs '52 Det Edison 6s'56 Dodge Bros 63 °40.. 1 Duquesne 4% A'67 Duquesne 434 B '67 Dutch East 1 6s'47. Dutch East I 6s°62, East C Sug T%s'37. Erie Con 45 '3\ Erie gon 4s .| Erieref 6s Erferef 5s'75 Fiat deb 7s'46. Tinland 5%s ‘58, Finland 6%s°5 Fram Ind 73%s'42., 1 French Gov 7s'49., 1 French Gv 7%s'¢1 14 Gelsenk'hen 68°34. 5 Gen Baking 5%4s'40. 9 Gen Cable 5%48°47. 2 Gen Motors 6s'37.. 1 Ger Cent Bk 68°38. Ger Cen'Bk 63°60 J 21 Ger Cen Bk 65°60 0 37 Ger Cen Bk 78 ‘60 7 Ger Gen Elec Ger Gen E178'45 Ger Gov 5%5 '65. German Rep 78°49. 43 Goodrich 6345 Goodrich 6% 5 "47 UNITED STATES. 000.) Grt Nor 4%sD" Grt Nor 4%s E Grt Nor5%s B Grt Nor gn7s'36.. Greek 6s'68. Hudson Coal 5: Hud & M adj 58 '57. 10 Hua & M rf 58°67.. 11 Humble O11 58'37.. 1 111 Bell Tell 6s°56., 21 Ill Centct tr 45 '52. 3§ 11 Cent 4% '66.... 26 11 CCStL&N 4%s. 7 Il CCStL&N 5s A.. 34 111 Steel db 4%, 8'40. 11 Inland St 4%4s A'78 13 Inland St43;s B'81 49 I’ Int Rap Tr rf 5866210 Int Rap Tr 68'32.. 17 Int Rap Tr 78'32.. 72 Int&GtNGsB'56. 8 Int & Gt Nor 6s'52.. 1 Int& G Naj 6s'52.. 11 Int Hydro El 68'44. 6 Int Pap 6s'55...... 8 Int Tel&T 434539, 3 IntT&T 4%s'52.. 14 Int T&T58°55.... 44 Italy 78°51. Italy Pub 7s 5 Japanese 5%s 65 Japanet 48’5 Kan C F S&M 45'36 Kan C P&L 4%s 61 Kan City Sou 3s'50. Kan City Sou 55'50. Kan City Ter 45’6 Kan G&E 415 '80 Karstadt 6 '43. Kend 5%5 48 ww.. Kresge Found 6s'36 Kreug & Toll5s'59. Laclede Gas 53 '34.. Laclede 5%s C '53 Laclede 5%s D "60. It Leh Val cn 45 2003. Leh Val en 58 2003, Lig & Myers 63 '51. Lig & Myers s "44. Loew's 65 '41. Lorillard 5s'51.. Lorillard 7s "44. La & Ark 5569, Lou G & E1 58 A’ L& N uni 45°40. . 4%s C 2003 L & N 55 B 2003.. Lyons 6s'3¢.. McKes & R5%4s'50. Manhat Ry cn 4s'90 Market St 7s A "40 Marsellle 6334 Mex 4s ast 191 Midvale Stl Milan 6%s'5: Mil E Ry&L 5s '61 Mil E Ry&L 5s8°71. MSP'&SSM cn §s '38 MSP&SSM 514878 M K & T 1st 4s°90. 45, Mo Pacgn4s’75... Mo Pacrf5s A '65. Mo Pac 55 F "17 Mo Pac 5 G 78 Mo Pac 5s H'80 Mo Pac 63 1°81 Mo Pac 5%s A Mont Pow 55 '43 Mont Pwr 5s A '62., Montevideo 7s'52. . assau Elec 4s ‘51, iry 5% s'48. Nat Steel 5356 N Eng T 1st 58 N J Power 46s'60.. N OT & M5s B'54. OT&M5%s 54, 'w S Wales 5s S Wales §s58.. Y Centdb 4s°34. NY Cent4s'ss.... NYCrf4ls2013. N YCrf4%s2013n Y Crf 552013 N Y Cent ab 63°35.. NYC&StL 435378, NYC&StL514sA'T4. ¥ Edison is B'44 N Y Edison 5sC’51, NYEArf6l%s'41.. ¢ EL H&T 45 '49 oo - - BRI NO AN DR A DRI R W~ NH&H 45 '57. NY O&W gn 4855, NY O&W rf 4892 N Y Steam 55 °56. N Y Tel gn 4%s'39 NY W&B 435 '46 Nord 6%s°50. or & Wn cn 4s°96. orf&Wn div 45’44 orth Am Co 5s 61 Nor Am Ed 55 A’57. Nor Am Ed 5s C'69. or AmE 512863, N Ger Lloyd 6s°47.. NorOT &L 6s'47.. i’or Pac gn :&gl 2047, —ro m8aunnlnen » Nor Pagr16s 204 Nor St Pw 53 A "41. Norway 6s'52.. Ohte Pub 71:s 46 Ores-Wash 43°61 Orient Dev 585! Orient Dev 6s'53. .. Owens 111 Gl 55°39. Pac GEES5s’42. ... Pac T&T 1st 53'37. Pac T&T rf §s'52.. Pan Am Pet 6s°40 Paramount 6s "47. . Param-Pub 5%s'50 is Or 515368, Pathe Exch 7s 37 Penn sta 45 "48. Penncn 4%5'60 Penn gn 4%s'65 Penn 4%s D7 Penn 4%s’ wuD panBe weanlve Penn gen 55 '68. Penn 61s'36. Penn P&L 4%s ‘81, Peop Gas ref 5347, Peru 65 '60 Peru 7559 Phila Co §s '67 Phila Blec 4s " Phila & Read 6s Philippine R 4s *37. Phillip Pet 5% 839 Pillsb F M 65°43... Poland 6s°40. Poland 7s "47. Poland 8s’50. PortGn E14% Porto Alegre 85’61, Por RAm T 65'42.. Pos Tel & C 5 '53.. Prussia 6s'52.... Prussia 6%s '51 Public Serv 4s°71 PubSv G 4%8'67 PubSv G 4%5s°'70 Pure Ofl 51,s'37. Pure Oil 5% 8°40. Queensland 6s '47.. Radio-K-Or 68 "¢1.. Read 4%s A"97... Reading 4%s B’97. Rem R 54 SA’4Tww Rhinelbe U 7s "46. Rhine Ruhr 6s°53 Rhine West 6s '52.. Rhine West 6s°53.. Rhine West Rhine West 7s Rio de Jan 634 RioDeJan ext 85’46 R Gr Do Sul 63'68.. Rio Gr W clt 4549, RIAr& L4%a'34. Rome 6%s°52.. Royal Dutch 48°45. Rumania 78 ‘69.... StL IM R&G 4833, St L&SF 4s A '50.. StL&SF4%s'78. StL SF 4%s'78ct st St L&SF 53 B '50.. St P Un Dep 6s'72. San A& AP 4s'43. Seab A L 65 A'45. Serbs-Cr-S117s°62.. Serbs-Cr-S1 8s°62. . Shell U O1l 5847, 19% 19% 33 33 53% 64 88 88 103 103 106% 106% 262 62 37T 37 40 109% 126 1y 98 1121 328, 106 88% 641 69 104% 38 1 | People, 57% 7215 + West Union 6s’51. 3 3% 20 20% 9 ¢ FIXING OF PRICES INLIGRT TRADING Attorney General Believes|Market Shows Rallying Ten- Government Should Protect Consumer Against ‘Gouging.’ BY CHAS. P. SHAEFFER, Associated Press Business Writer. A statement that the Government must protect the consumer against “gouging” if the anti-trust laws are re- laxed has been made by Willlam D. Mitchell, Attorney General of the United States. This was revealed in the printed hearings of executive sessions on the appropriation bill of the Department of Justice, “You cannot let business combine and restrict production and raise prices and not stand over it to see that it does not gouge the public,” the Attorney General told the House Appropriations Committee which was conducting the hearings. Many complaints are being made, he said, about the competitive require- ments of the anti-trust laws on the theory that present low price levels®can- not be raised unless industry is allowed to combine and regulate overproduction and prices. In discussing the advocacy of those favoring relaxation of the laws, that the people should be allowed to get to- gether and combine and hasten the reduction in overproduction and quicken the recovery of prices and business, the Attorney General said: “Now, the moment you do that you must have protection for the consum- ing public. You cannot let business combine and restrict production and raise prices and not stand over it to see that it does not gouge the public— and what is the result? You immedi- ately have a commission or bureau down here in Washington that super- vises all of these arrangements and de- cides whether they are in the public welfare, decides whefil.her the ':‘:llepeopcml:r. the co] people, or = lrgpecrhlrk!.n' the public too much, and whether their prices are ex- cessive, and it is an enormous projec- tion of government into business.” GAIN OF $80,000,000 IN GOLD REPORTED Monetary Stocks Show Increase During Month—Federal Re- serve Bank Credit Declines. By the Associated Press. y The Federal Reserve Board in its monthly bulletin reported an increase of $80,000,000 in monetary gold stocks during the four weeks ended Janu- ary 18. There was a seasonal decline of $130,- €00,000 in the volume of money in cir- culation during the same period. Mem- ber bank reserve balances increased during the four weeks about $100,000,- 000 to a level $575,000,000 higher than a year ago. Excess reserves of member banks also increased. The volume of member bank credit continued to decline during December and the first part of January, the board sald. It reported the December decline in the volume of industrial production as slightly less than the usual seasonal amount; while factory employment and pay rolls showed a decrease somewhat larger than usual for the season. The report said the general level of whole- sale commodity prices, after declining in December, showed little change in the first half of January. REICHSBANK STATEMENT. BERLIN, January 26 (#).—The Reichsbank statement, as of January 23, shows the following changes in reichsmarks: Gold and bullion in- creased 5,424,000, reserve in foreign cur- % | rencies decreased 5,177,000, bills of ex- change and cheques decreased 110,298~ 000. silver and other coins increased 68,103,000, notes on other banks in- creased 4,327,000, advances decreased 3.487,000, investments increased 642.- 000, other assets decreased 42.086.000, notes in circulation decreased 127,078, 000, other maturing obligations in- creased 33,761,000, other liabilities in- 0,764,000. ot ;uld Hholdings. 806,551.000. Note coverage, 20.3 per cent. Rate of dis- count, 4 per cent. France's leading automobile manufac- turer has opened an apprentices’ school with a capacity of 600 students. Sales. High. Low. Close. 03 103% 6815 100% 108 91% 106% 7714 Sinc P L 5s"42 Skelly O11 5% Smith(AO)6 %8 Soissons 6s ‘36. Solvay Am 53°42. . Sou Bell T&T 58 '41 Sou Pacrf 4555 Sou Pac 43%s"68 Sou P 4%43'69 w Sou Pac 4%s'31 Sou P&OT 4 48A° Sou Ry gn 4s A'56.. 47 Sou Ry 589 5 Sou Ry gn 65 Sou Ry 6%5 6 Sou Ry M&O 4s°38. SW Be'l T 68 A 54. StOIINJ68'46.... 73 StOIINY 4%3'51. 63 Studebaker 6s'43.. 49 Sweden 5%s'54... 100 Swiss 6%s'46 i Taiwan E P 54871 Tenn E1 P 63 A "47. Tex Corpev 5s’4é.. Tex&P 1st 55 2000.. Tex & Pac 53 B'T1.. Tex & P 55 C'T9. Tex & Pac 53 D"80. Third Av rf 4s'60.. Third Av 1st 5537, 2 Third Avad] 58°60.142 Tob P NJ 633 2023 78 Tokio 5%5"61..... 9 Tokio El Lt 65 °53.. 60 Union El L&P 58’7 8 UE&P 1st 5%sA'5¢ 1 Un Pac 1st 4s°47.. 35 Un Pac 4s"68. 18 Un Pacrf4s2008.. 8 Un Pac 4%s°67. 2 Unit Drug 6s '53. 2 U S Rubber 58 "47..238 Un StWG%lA:;;I. 3 Utah P& L 6844, Util Pw 5859 ww., Util Pow 5%8°47.. Vanadium St 55’41, Vienna 6s°52. Va EI&Pwr § VaRy1st5sA Va Ry & Pw 5 Va SW st cn 5s°'58 Wabash 1st 5839 ‘Wabash 2d 5s'3! ‘Warn Br Pic 65°39. Warsaw s '68.... ‘West Sh 18t 4 West El db 53 West Md 1st 4853, West Md 5%3°77. West Pac 58 A " West Unecl tr ot - BoREaSrm rouraw mannen West Union 5860 West Un 635 "3 Westphall: W EO5%5'37 ww. Wil & Co 1st 6341, dency After Opening Lower. Changes Small. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 26.—The Curb Exchange firmed during the first few hours of trading today, after opening lower, but dealings remained light. Public utilities and petroleums, the two principal lists of shares on the Curb, were relatively dull. Miscella- neous industrials took their cue from general movements on the big board, but the handful of Curb rails did not do likewise, Pittsburgh & Lake Erie, for instance, was down, despite the in- crease reported in steel output. Elec- tric Bond & Share was almost without net change at mid-day, as was Stand- ard Oil of Indiana. Citles Service was a shade lower. Montgomery Ward A was the feature of the store stocks as it rose nearly 3 points. The three widest movers during the first hour were public utili- ties. Commonwealth Edison was up 1} and New York Power & Light 6 per cent preferred up 23; points, while Illinois Power & Light $6 preferred dropped 4 points. National Aviation and Transconti- nental Air Transport, both mentioned in merger rumors along with General Aviation, moved forward. In the gold shares Teck Hughes steadied as the quarterly earning report showed 16 cents a share, against 15 cents in the same 1931 quarter. Lehigh Coal & Navi- gation marketwise had discounted the halving of the common quarterly divi- dend. Niagara-Hudson Power has encoun- tered offerings recently. Those close to the stock insist that selling was in- spired by today’s hearing before the Federal Trade Commission of a sub- sidiary, Syracuse Lighting, but in some quarters in the Street 1t was rumored that the dividend may be reduced. e ARUNDEL CORPORATION NETS $720,315 FOR YEAR Special Dispatch to The Star. BALTIMORE, January 26.—At the annual meeting of stockholders of the Arundel Corporation, held yesterday, net income of $720,315 for 1932 was re- ported. This compares with earnings of $2,033,102 in the previous year. Dividends totaling $1,347.688 were disbursed during the past year, nearly double the 12 months’ net and made possible by the strong cash position of the company. At the end of 1932 the Arundel com- pany'’s current assets were $3,037,500, as against current liabilities of $795,874, a ratio of nearly 4 to 1. Surplus carried over to the new year was $2.834.650, as compared with $3,544,719 January 1, 1932. Officers re-elected were: Frank A. Furst, chairman of the board; Joseph J. Hock, president; W. Bladen Lowndes, vice president; John T. Daily, secretary; Richard A. Froehlinger, treasurer; J. V. Hogan, assistant to the president; Ed- gar L. Wade, assistant secretary; Jo- seph N. Seifert, assistant treasurer. BONDS ON THE CURB MARKET. Sales in DOMESTIC BONDS. thousands Hij 1Alabam Pw 4! Aluminum Co s '52 Am A Btock and Dividend Rate. Adams Millis 1st 7. 60s 70% 70 Air Inv Inc vte.... 1 ¥ % Aluminum of Amer2508 50 50 AmCit PEL A (a3) 2 28% AmCity PRLB15c 6 5% Am Cyanamid B... 4% Am Founders. B Am Gas & El (31).. ‘Am Maracaibo. Am Superpowe: Am Super 1st pf 6., Arcturus Radio T.., Arkansas Nat Gas., Arkansas NtGs A.. Ark Nat Gas pf. Art Metal Works As El Ind Ltd k10c. Asso Gas&Elec (A) 20 Asso Gas & Elec pf 208 Atlas Utilities..... 7 Atlas Util war..... 8 Axton Fish A 3.20.. 258 Benef Ind Loan 1% 3 Blue Ridge. ....... Bost&Maine pr pf.. 108 Brazil Trac & Lt. .. Burmarcts(ké4e) 4 Canadian Marcont.. Carib Syndicate. Carnation Co.... Celluloid 1st pf Cent States Ele Cent Sta Elec war. . Cen StEI 6% pf xw Cities Service. Cities Service pf Cities Serv pf B. ... Cities Sy P&L $6 p 508 Col G & E cv pf(5).1258 Col O1l & Gas vtc Sale— 0% Comwlth & Sou wr. Cons Gas Balt 3.60. Cord Corp. Cosden & Co c.o. Creole Petroleum. . Cresson Consol Deere & Co. . De Forest Radio Dow Chemical st States Power. st Util Asso cv.. Eisler Elec Corp. .. El Bd & Share b6%, E! Bd & Share pf 6. El Bd & Share pf 5., El Pwr Assoc(40c) El Sharehold pt (6) Empire G& F 8% oe Federated Corp. ... Fisk Rubber (new) Florida P & L pf(7) Ford Motor Can A, Ford Motor Ltd. General Aviation. » Gen El Ltd 20 2-5¢ Gen G&E pt B hé Glen Alden Coal.., Goldman Sachs. ... Graymur Corp (1).910s Great A&P n-v(t7) 208 Gultf Oil of Pa. Hudson Bay Min Humble 01l (2). INP&Lpt (6) Int Petrol (1). Int Ul B... Interst Hos (k5c). Irving Air Ch (40c) Italian Superpw A. Kirkland. . . Lake Shore M (2).. Lenigh Coal&N 40c Lion Oil & Refin. Lone Star G bédc. . Louisiana L & Fx.. Memphis Nat Ga Met Edison pf (6). 50s Mid Sta Pet VicA.. 1 Mont Ward (A). .. 320s Moody's Invptpf3 1 Nat Aviation. . o B Nat Bellas Hess... 10 tFuel Gas (1).. 3 tInvest war.... 1 t Pw&Lt pf (6). 1508 t Transit (80c).. 1 isner Bros pf... 50s w Eng Pw pf (6)130s w Jersey Zinc 2. 4 281, wmont Mining.. 3 17% YPw&Ltpf(7) 258 97 97 Y Tel pf (6%4)...1008 116% 116% tag Hud Pwr 1.20. 18 [STPTOTPS- PO TN - P T T - - NN - o S DY 141 445 North Am Lt&Pwr, Northern P L(50c). Novadel Agne (5). 1 4 . 5 Noma Electric. . 2 1 1 1 45% RAILROAD EARNINGS. NEW YORK, January 26 (P).—Im- s | provement in December net operating W B3l Te 434 10435 10430 6100 100 100 ) 981z 99'p 8H0ly 100 P} S 4 2 1 58104 104 104 LGN BRY, 6RI N 4613 4613 441 5102 102 ¢ 7043, 94y Stive 104 3 Emp 4 Federal Wt 5'as 3 Pirestone C M 4% 2 Rila 0114 10114 101% 00% 10035 10038 00 " 997 097, 36Ye 361 P&L 5s A Sc 21 Indnp Pw s 3Int 5 210 TR TR 514 10514 33, 06e 5 . 95 b 1 Nevada Calif w Eng G&E & L 4135 '0 6 Nor Ind PS 55 D 6o &K 1N Onlo P&L 5las '511 ® 160 58 9 NYR00% nagg 5 L] g, o B gRy e S geasgegsaananyy EREaivaea™s 5anto 930000 X len & Co 65 '44.. 20% 20 mion_Gulf 5s 50 10234 1023 102% Unit P & L 5Y%s 59 721 7312 73 803, 8O3 46 763 TG T6% 1612 9612 H6le 1024 102% ssian 6 e E Rus 6les ctf NO 'if 33 3~ 3 Saar Bas Con_7s '35 1003 100% 100% Stinnes 7s '36 xw.. b 6. 56 54!z 54% B4l 803 803 . Pennsylvania % | Colorado & So. R: income over the same month in 1931 was reported today by a few railroads, mainly in the group of smaller systems. Reporting railroads included the fol- lowing: 1932. 1931. $1,768.768 $2,265,161 943,363 1469376 435104 543363 252664 620,643 760,909 732,236 507,848 448,291 146,877 55,236 MONEY MARKET. NEW YORK, January 26 (#).—Busi- ness continued dull in the money mar- ket today with rates unchanged. Call money on the Stock Exchange held at 1 per cent, and funds were again of- fered in the outside call market at 12 of 1 per cent. Time money and prime commercial paper rates were also un- changed. New Haven. Lackawanna .... Missouri Pacific . Boston & Maine . Texas & Pacific . Maine Central .. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) Allis-Chalnters Co. 5s 1 T8t ‘American Chain Co. 6s Amer. Tel. & Tel. 5128 Am. Wat. Wks. & EL 5 Baltimore & Ohi hwest. Chicago Rock Cleve. Lor. & 5 y. 4128 1 Commercial Credit 5las 193 son 58 1035 4%s 1 & H. 45 1 . Y., Chi. & St. L. 4s 19: Northwest. Telep. 4%as P R.'R. Co. 6l25_1936 public Sinclair Cons Oil Co. 78 193 St. L. IMSR. R.&G. 45 1933 Southern Pacific 5s 1934... Lt. & Pow. bs 1933 . Calif. 5s 1935, Virginia Ry. & Power bs 1034 Wabash Rwy. Co. 5s 1939.. Substituting certificates for prizes London elementary schools has resulted in a saving of $62,500 a year. Market Averages By the Assoclated Press, o D2 ovonons 13220080 i i3 95 Sz aoo! ST DD i N! - 3% "u 2RRE: ESs 5 &S Yesterday ... Previous day. reek ag0 oo S22 2l - | decreased 1,765,000, public deposits de- 12 | 243,000, government securities decreased Stock and Sale— Dividend Rate. Add 00. Ohto Oil cra p£(6).. 2 PacG&E1stpfll 17 Parke Davis (1)... 1 Parker Rust (2)...1508 Penroad Corp. . 9 Penn P & L pf (7). 508 Penn W & Pw (3).. Pepperell Mfg Co. Ploneer Gold 24c Pitney Bow P b4 %. Pittshgh&LE(2%) 1508 Premier Gold (12¢) 25 Prudential Inv, Reliance Int A. Reliance Manage. Roosevelt Field St Regis Paper. Schiff (The) Co(1), Shawin W&P (50c) Shenandoah pf. ..., SouCalEdpfB1% Sou Pipe Line(60c) Stand Oil Ind (1).. Stand Oil Ky 1.20 tand P&L pf (7) tutz Motor Car. Swift & Co. 814 Do 5 | Sylv G M Ltd (4¢) o # “; | Tech Hughes (60c) 3% | Trans Air Trans. ., 5% | Trans Lux D L P 1% | Tri-Cont Corp wr. 1% | Un Gas of Canada.. : £ Unit Afr pfAxw(3), | United Founders 1% | United Gas. 1| Utd Gas war 2| td Gas pt (334) Unit Lt&Pwr (A)., 3 Unit Lt & Pwr pr | Utd Shoe Mch 2 %.. US & Intl 1st pf. US Lines pf. Unit Verde Ex | UtlP&Lt....., | Walker (Hiram). .. . i Wenden Copper. Wright Harg t20c.. Yukon Gold. .. or 1-annual nt. 1Partly extra. IPlus 4% in e i, cash or stock. Pranoe s & ustment dividend. f Pius 5% s € Plus 6% in stock. h Plus 1% In stock. p Pald 1ast year—nio regulsr rave, Grain Market By éhe Assoclated Press. 'HICAGO, January 26—New up- :,ur_ns in grain values eariy today fol- owed reports that drought effects were rapidly extending in domestic Winter | wheat ::rrdtl:';y‘:ndmrverpoo}: advices said | \'e{gped_ or wheat had de- pening unchanged to wheat afterward held neer the e | lLrn}r.sA Corn started at a shade decline | ilotzl: advance and subsequently altered No rain overnight was repo | efther Kansas or Nebraska, snd soxes | sent word of severe dust storms. Cables told of persistent sharp frosts in most | European countries, and snow covering deficient except in Hungary and Ru- mania. Friends of higher prices laid stress also on assertions that United States supplies of wheat had been over- | estimated. or domestic disappearance | Was greater than generally calculated. | A drag on wheat values, however, was the fact that fresh speculativ buying | lacked sustained volume. Considerabie | notice was taken of announcement that the world available supply of wheat in- creased 66,839,000 bushels in December, compared with a decrease of 3,714,000 in November. It was pointed out, how- ever, that the December increase com- pared with a similar enlargement of | 66,588,000 bushels in December, 1931. Corn and oats did little more than mark g;n;hvlrymg but little from yesterday's Deliveries on January contracts weak- ened provisions. i New York Cotton HANDICAP INDUSTRY Proration Proposals and New Tax Problems Also Un- settle Trade. By the Associated Press. TULSA, Okla, January 26—Low | prices, prospective changes in proration laws. new tax problems and the uns certain status of investigations into ens forcement of curtailment have kept the Midcontinent oil industry unsettled the last week. Virtually all purchasers of crude were buying on the new scale posted first by Stanolind Crude Oil Purchasing Co. 2 week ago, and there were frequen expressions of dissatisfaction from the small producer requiring immediate outlet for his oil. Loud protestations came from the stripper producers, who reiterated their often-expressed declaration they could no longer afford to keep open their wells at current schedules fixing the top price at 52 cents a barrel. “Stripper well operators, running a barrel or slightly more per day well, cannot keep going with the price so low,” said Winston P. Henry. a lead- ing_operator of this class of production in Eastern Oklahoma. “It means bank- ruptcy for many and increased unem- ployment.” Large purchasers, with much empty storage, were casting about for new sources of crude. hoping to fill depleted stocks at low prices. Refinery prices reflect the general low | schedule for crude, in the Midconti~ nent, or “group 3, area United States motor gasoline was going at slightly more than 2 cents a gallon at re- fineries, but demand was rated fair for the period of the year. New proration proposals in the Okla- homa Legislature stressed ‘“ratablq taking” by pipe line companies and prey vention of discimination between thq several fields of the State. Yesterday the Oklahoma Tax Coms mission heard a last plea of purchasing companies to continue in effect the time-honored custom of allowing 3 pe cent for shrinkage in making tax res ports. MARYLAND BANKS CUT INTEREST ON DEPOSITS Special Dispatch to The Star. CAMBRIDGE, Md.,, January 26.—Four banks in this city, together with five branches of the Eastern Shore Trust Co. in Dorchester County, have cuf their interest rate on time and savingy deposits from 4 to 3 per cent a year, They are. besides the trust company, the National Bank of Cambridge, Farms ers and Merchants' National Bank and the People’s Loan Savings and Deposi{ Bank. The Eastern Shore Trust Co.'s branches in this county, also affected, are at East New Market, Hurlock, Vienna, Wingate and Hoopers Island. With this action the 3 per cent rate becomes effective in all the banks of group 6 of the Maryland Bankers' Ase sociation, embracing all banks in Dors chester, Wicomico, Somerset and Wors cester counties. Dorchester County wag the first to start the 4 per cent rate and the last to abandon it. . Banks in Sussex and Kent Counties in the adjoining State of Delaware have also adopted the 3 per cent rate as of January 1 and several Talbot County banks have taken similar action. Brokers’ Comment NEW YORK, January 26.—It was the opinion of many brokers today that re- cent developments had laid the foun: dation for a further stock market re- covery. Special Dispatch to The Star. NEW YORK, January 26.—Cotton prices opened unchanged to up 4 points | here today following steady prices in | Liverpool. Opening quotations were: March, 6.17, up 2; May, 6.29, up 2; July, 641, unchanged: October, 6.62, up 4; De- cember, 6.75, up 2. BANK OF HERNDON. HERNDON, Va., January 26 (Spe-| cial) —At the annual meeting of the| stockholders of the National Bank- of | Herndon last week the following board of directors was elected for the pres- ent year: Dr. Ernest L. Robey, J. F. Ryan, T. Edgar Reed, M. H. Middleton, A. E. Bradshaw, W. M. McNair, Mark Turner. The officers of the bank were also elected at this meeting. Dr. Ernest L. Robey and John F. Ryan were elect- ed president and vice president, re- spectively, for the twenty-third con- secutive term. A. E. Bradshaw was re- elected cashier and James Myres assist- ant_cashier. The bark declared a 4 per cent semi- annual dividend on its capital stock for the past year. Bank of England Statement. LONDON, January 26 (4).—The week- ly statement of the Bank of England shows the following changes in pounds: Total reserve increased 5,245,000, circu- lation decreased 1,426,000, bullion in- creased 3,820,000, other securities creased 464,000, other deposits decreased 2,047,000, notes reserve increased 5, 5,950,000. to%_fiopfit%flg:t the bank's reservel ility Z T cent, with 27.27 last wee‘: Somerd _ Thomson & McKinnon—The market itsell reflects more confidence and we be}w\f further rallying power will de velop. Clark, Childs & Keech—It is not in the market to remain as completely absent-minded and to continue to ignore recent developments, the most important of which we think are the good prospects for a settlement of war debts, strength in the pound and firmer, if not higher, commodity prices. When with this we correlate the usual Spring rallies, we cannot help but continue to advise purchase of stocks and second= rate bonds at present. Hornblower & Weeki—We continue to feel that the basis for a real Te- covery movement has been laid, and its start is only a question of time. Frazier Jelke & Co.—We look for & gradual improvement in prices and think the risk involved in buying the better equities at this time.is not great. Jackson Bros., Boesel & Co—We ad: here to the view that this upper re- sistance level will be pierced in the near future and that this performance will mark the real beginning of a sub= stantial advance. Shields & Co.—Unless crazy inflation ideas again get prominence and arouse fears there is no reason to expect any drastic shakeout, so that no change in the trading character of the market is to be antiipated. While the Steel divi- dend hangs over rallies will be limited so that bulges should be taken advan=- tage of to lighten holdings. Redmond & Co.—We still feel that selective liquidation will continue and that further downward readjustments in the prices of many individual stocks are likely. We therefore continue to urge a cautious investment and trad= Rate of discount, 2 per cent. A G ing policy. CONSULT US —and let us explain to you the ap- pealing adv our rantages of investment inf 6% FIRST MORTGAGES Over Forty Years of FExperience When you have had opportunity to consider the character of the ses curity which your principal will have and that the interest is a fixed rate, you Will, we are sure, feel that First Mortgage they offer Investments May be from $250 one of the best employ- ments for your surplus funds, purchased in amounts up. B. F. SAUL CO. National 2100 925 15th St. N.W. *Ex dividend. S % extra, 7974 | Wis Cent Tm 4 32% Yokohama 6s '61. 8% 97 ~ Ygatn SAT 55 A'78. § 99% Ygotn SAT s B'10¢ ¢ &9 it El e T8 10 Unit 61% 61%d ww—Wi XW—Wit Shell U O 55 49ww., Shinyetsu 6%s°52. 102% Sinc Ofl 6%8 B 106% SincOll78A'3%e.e PROPERTY - "o wmaTaSHLe 1 Grand Trunk 78’40 7 10 Gt Brithlr 5%s 3, 86 1 102% 06% i 1asued,”