Evening Star Newspaper, January 29, 1933, Page 51

FINANCIAL STEEL PREFERRED DIVIDEND GUT SEEN FINANCIAL. BUSINESS LEADERS =) MORE OPTIMISTIC Re-elected LIBERTY NATIONAL RETAINS SAME OFFICIALS. W. C. T. U. News The North Capitol Union met in ll]!le;‘hnny Baptist Church Monday "Ien_ CURB SHARES DIP IN SMALL MARKET ) FOR WEEK ENDING JANUARY 28, 1933 —1933— High. Low. Slock and dividend. High 3% Acme Wirevtc........q 4% 70 Adams Millis 1st pf (7). 3 Stock and dividend. High. low. Libby MeNefll & L...... 1% Lion Ofl & Refining. 2% Close. ;9‘ Lone Star Gas (b84c). rted the name of a FrE Wall Street Believes $7 Rate Will Be Changed Tuesday. By the Associated Press. NEW YORK, January 28—Wall Btreet's interest in the dividend meet- ing of the directors of the United States Steel Corporation next Tuesday was heightened today, when it was stated in authoritative sources that the public should be prepared for a change in the $7 annual rate on the preferred shares. It was felt in Wall Street banking quarters that public sentiment should not be much effected by a reduction in the dividend, in view of the fact that recent payments have been made en- tirely from surplus, at a time when large losses were being reported. Six months ago directors warned that improvement in business would be essen- tial if the dividend was to be continued, tut since then the company has shown large deficits. Dividends on the stock are cumulative, so any reduction in pay- ments at this time will have to be made up later. The $1.75 quarterly payments have been made regularly since forma- tion of the company, in 1901. Earnings Remain Low. Fourth-quarter earnings of the com- peny were no better than in the third quarter, leading close students of the business to believe that a fourth-quar- ter deficit, before dividend payments, would be reported in an amount of $20,000,000. Final 1932 figures will be announced after the directors’ meeting. Not all directors are of the same mind in regard to continuing the present an- nual $7 dividend rate on the company's 3.602.811 shares of preferred stock. it was reliably reported. To do so entails a quarterly disbursement of $6.304,919, or at the rate of $25.219,676 a year. The position of Myron C. Taylor, chairman of the board, was stated on July 26, 1931, when he said that sur- plus of the company had been draired $73,063,548 in the preceding 12 months in order t> make up the deficit from operaticns, “Nothing has been earned for the preferred stock since the third quarter of 1931,” said the chairman. “The pre- ferred dividend has, however, been paid in full resulting in a total draft on sur- plus during the year ending June 30, 1932, in order to cover both net losses frem operaticns and the preferred divi- dends for the period of $60,008.670 * * * in view of this very large draft upon surplus and current available re- sources within the past year. it is apparent that improvement in the busi- ness and earnings mu:t in future deter- mine dividend action on the preferred &tock.” Bethlehem Report. By a quirk of the 1933 calendar, a clue to “big steel's” prcbable earnings for 1932 was furnished this week be- cause cf the Bethlehem Steel Co.’s re- port issued on Thursday. Bethlehem directors mect regularly on the last ‘Thursday of the month and United States Steel directors on the last Tues- day. But this month, the last Tuesday fal's a_few days after the last Thurs- day. The Bethlehem report showed a slightly greater deficit in the fourth quarter than in the third. United States Steel is expected to make a similar showing. Operations cf the big company are believed now to be around 16 per cent of capacity. In July, when Chairman ‘Taylor made his statement on pre- ferred dividend policy, they were about 12 per cent. They rose gradually tb around 17 per cent in October, then receded sharply to zbout 12 per cent at the turn cf the year. Since them, operations have shown but little im- provement, Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commodiay Service, Inc. AUBURNDALE, Mass., January 28.— All commodities, for the second consec- utive week, declined sharply, establish- ing a price level 5 per cent under the low in June, 1932. The decrease was due largely to the radical price-break in petroleum quotations in the Mid- continent fields. Price changes in other groups were more moderate. A review of 14 individual groups shows eight de- clines and four advances, while two re- mained unchanged. Industrial prices also reached a new low in the broad price readjustment, the average now holding 5 per cent under the low of last Summer. The relatively broad decline during the past week was attributable to lower prices in fuels, hides and leather, ferrous metals, paper and pulp. Industrial activity, conforming with seasonal trends, has receded moderately, but compares fa- vorably with the low ebb noted last year. Agricultural Prices. Agricultural prices also declined, but the level remains above the minimum of last Summer. While gains made moderate headway on the up side, this movement was more than counteracted by severe price weakness in dairy prod- ucts. Both eggs and butter have re- corded one of the most severe Winter price declines ever noted. Live stock prices are one of the four groups that sucres(ul{’ndvanced. This movement is largely & natural rebound following acute price demoralization. This group stands only 34 per cent of the 1926 base, as compared Wwith 45 per cent for all commodities. Cattle, hogs and sheep were quoted higher dur- ing the past week. Fuels recorded a sensational price de- cline. Petroleum Midcontinent, 32-32.9 degrees, is now quoted &t 36 cents per barrel, a new low on modern records, and compares with an average price for 1932 of 79.1 cents. Bituminous coal prices showed but little change. Ion-ferrous metals were fractionally ‘higher, due almost entirely to independ- ent price strength on the part of silver and tin. Copper, lead and zinc re- mained steady. Hides and leather prices declined, wiping out the upswing of the previous week. Hide prices are only moderately above the low of 1932, while finished leathers reflect weakness in hides as welll as stagnation in consuming chan- nels. Coarse textiles was another group that advanced, the underlying trend of Jjute and burlap showing a disposition to advance. Statistics show that the imports of jute and burlap have de- clined radically under average. ‘The eight groups that declined dur- ing the week were industrials, agricul- tural products, fuels, hides and leather, ferrous metals, paper and pulp, fine textiles, and vegetable oils. Four ad- M. F. CALNAN, Who has just been returned to the posi- tions of vice president and cashier of the banking institution with which he has been connected for several years. The directors organized during the past week. Rolfe E. Bolling is president of the bank. MARKET FOR SUGAR SHOWING STRENGTH World Statistical Position of Commodity Has Recently Been Improved. Special Dispatch to The Star. NEW YORK, January 28—Steadi- ness in sugar prices currently reflects the improving world statistical positicn of that commcdity. The trade today estimated that the 1932-1933 world crop of 23,883,424 long tons will be at least 1,000,000 long tons below require- ments during that period. Brokers along Front and Water Utilities Yield Further, but Some Issues Register Slight Gains. BY JOHN L. COOLEY. Associated Press Financial Writer. NEW YORK, January 28.—The curb market continued a drifting affair to- day with most of the leaders showing minor losses at the close. Except for a small amount of short covering, buying power, was virtually nil, but this condition had an offset in the absence of real selling pressure in any part of the list. A few issues man- aged to crawl a shade higher. Utllities, continuing their slow decline of the last several days, yielded a little more ground. American Gas & Elec- tric and Electric Bond & Share were the most active at fractional recessions. American Light & Traction was an ex- ception, gaining slightly. ‘Trading was wholly professional in other groups and no important price changes were recorded. Cord showed & triLing loss in the face of a 1932 re- port, showing a considerable increase in per share earnings. Swift & Co. was firm around 8 and Deere & moved a trifle lowe: INVESTMENT TRUSTS NEW YORK, January 28 (#).—Over- the-counter market: Bid. Asked. B Am & Gen Sec $3 pf. Am Bank Stock. Br & Con 6° Business Shrs. . s Sentral Nat Corp “B! Century Tr Shrs. Chain & Gen Equitie streets received these statistical esti- |Co! mates gladly, for raw sugar consump- tion in this country, for the first time in 110 years, has shown three succes- sive annual declines. Naturally, the de- line in use here, accompanied in the | middle of 1932 by the lowest raw sugar | quotations on record, adversely affected | world trade because the United sum.D"‘ is the largest sugar consumer. Crop Estimates. Cheering current crcp and consump- | tion estimates came simupltaneous with the news that the Chadbourne restric- tion plan, which included Cuba, Peru, Java and European exporting countries except Russia, appears to be working out ahead of scheduled time. Euro- pean cables indicate that the sugar Corp Tr Accum Ser Mod Crum & Foster Crum Crum hrs Equity Invest Conv Stpd. Equity Trust Shrs ... .. Piest _Commonstocks ' Col A Pixed Trust Sh B. . Fund Tr Shrs A surplus there will be eliminated this|PFund Tr Shrs year, while the Chadbourne plan had | looked for the surplus to eisappear about 1935. ‘Wall Street soured some yesys ago at sugar prospects, following "tha drastic break in sugar prices which t.ok with it millions of dollars of the wonds in sugar-producing companies. So the word went out today not to pay too much attention to President Machado's decree fixing 2,000,000 tons as the quota of Cuban mills for the 1933 crop. Banks said they would finance sugar grinding operations than they did last year. The banks added that unless raw sugar prices greatly im- prove between now and February 20, |oii the last day on which Cuban mills by presidential decree can start grinding, :})‘reu island will not produce 2,000,000 Over a period of 110 years sugar con- sumption in this country has. increased at an annual average rate of 4,875 per cent, but in 1930—when world sugar | g¢, production reached a peak of 28,789,430 tons—this country used only 5,599,377 tons, or 2.218 per cent less than in 1929; in 1931 only 5.475.204 tons, a drop of 3.641 per cent, and in 1932 only 5,213,- 961 tons, or a decline of 4.771 per cent. | 5 In other words, the per capita sugar consumption of this country last year was only 93.29 pounds, which compares with 108.3 in 1929 and 109.30 in the peak year of 1926. New Uses Sought. ‘The world glut of sugar the last few years has caused laboratories to search for new uses for the commodity. Tests have been made of mixing it with cement, which is said to double the strength of the latter and thereby cheapen building. Sugar now is being used to make synthetic citric acid. A Scottish firm of bagpipe makers sea- sons its bags with sugar, declaring it is 2 the only substance which assimilates the moisture in the breath and dries slowly. Research workers at _the Mellon In- | US, stitute of Research, Pittsburgh, said that by “sweeting” plaster and mortar with sugar it was possible to increase the strength of a structure 60 per cent and lengthen its life. One company is said to be making with sugar such ,!Z‘ articles as transparent rubber, plastics, artificial leather, paints, varnishes, non- inflammable celluloid and shatterproof glass. Plastic material obtainable r{:& 3 3s r, it is said, can be made fouatain pens, lamp shades and table and desk tops. produced commercially, but laboratory Natl Tr sh less | Ny B These have not been | 3s* progress indicates their probable success. | 4% 2%s (Copyright, 1933.) By the Assoclated Press. Brokers' loans Federal Reserve ratio Holdings U. S. securities. Gold reserve . E Rediscounts Bank clearings . Electric output (Kw. h.) week Huron Holding Incorp Inyestors Invest Trustce 8h Low Priced Shrs Major Corp Shrs e o 2535 o0’ S5 3 NS & o U R OFIFFS s G FES o 2 bariseioh 0 PN 282 Trusteed Am Bk “A". ... Twentieth Cen Fixed Tr Twentieth Cen Fixed Tr Unit_Fdrs United Ins Shrs . U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co.) Bue—;:lbnu;ny, o oH offer. £ 1 100 28-32 Last week. ‘Year Ago. $367,000 $513,000 64.7% 67.4% $1,778,193 $751,716 3,236,441 2,986,986 248,668 837,639 4,680,989 4,684,750 ending January 21 (Final three ciphers omitted in above.) Car loadings, week ending Jan. 21.... Crude oil production (barrels)....... Stock sales (N. Y. Stock Exchange).. Bond sales (N. Y. 'Stock Exchange) New financing . Call money rate. Time money rate ...... Commercial paper .. 1,484,089 1,495,116 508,322 2,011,050 3,912,107 $65,951,000 18.313.?00 % Ya-% % 1% % 496,434 2,015,300 4,052,961 . $55,074,000 . 7,399,000 19, . %-3%% 1% % 1,598,201 562,101 40,211,000 " 2%% L] %-4% WASHINGTON STOCK YEAR 1933 EXCHANGE (Reported by W. B. Hibbs & Co., Hibbs Building, Washington, D. C.) SALES OCCURRING ON THE WASHINGTON ETOCK EXCHANGE FOR 1033 UP TO AND INCLUDING JANUARY 27. % Afr Inv Inc vte % Air Investors wa: Ala Power pf (8) Ala Pwr cum pf (7). Alliea Mills Inc.. . Am City P&L (B) (15¢| Am Com Pow A... Am Cyanamid (B). Am Dept Stores. Am Dept Strs 1st pf A. Am Electric Power pf. Am Equgities. .. Am Investors Inc. % Am Investors, Inc, Am Lt & Traction (2). Am Maize Products (1 Am Maracaibo. Am Meter Co. Am Superpower. Am Super 1st pf (6). Am Superpower pf.. Am Transformer. . Appal El Pwr pf (7). Arcturus Radio Tube. Ark Nat Ga: . Ark Nat GasA. Ark Nat Gas cu pf. Art Metal Works. . Asso El Ind Ltd(k10c) Asso Gas & Elec (A) Asso Gas & Elec pf. Asso Tel Utilities. Atlas Utilities Corp. Atlas Utilities war Auto Voting Machine Aviation Sec New Eng.. . Axton Fish Tob A 3.20... Babcox & Wilcox (2).... Beneficial I L (13%). Bliss Co (EW) Blue Ridge Corp. Blue Ridge cv pf (a3). Bost & Maine RR pr pf Brasilian Trac & Lt. .. Bri! -Am Oil C (80c).. Buffalo N&EP pf(1.60) .. Buffalo N&EP 1st pf(5). Bunker Hill & Sullivan Burma Ltd rets(ké4c).. Butler Bros..... . Cable & Wire Brets. Canadian Marconi.... Carib Syndicate. Carnation Co. . Carolina Pwr&Lt pf (7). Carreras Ltd (B).. Celan: Corp pf (1) Celanese Corp 1st pf. Cent Public Service A Central States Electric Cent States Elec war. Cent St E1 6% pf xw Cent States El cv pf. Cent States Elcvpfn. Centrifugal Pipe (40¢) Childs Co pf... Cities Service. Cities Service p! Cities Serv pf B. CitlesSve P& L Claude Neon Inc. Cleve El Illum (1. Cleve Elec Ilum pf ( Colum G&E cv pf (5). . Columbia Ol & Gas vtc. . Comwlth Edison (5). Comwlth & Sou war. Comstock Tunnel. . Consol Auto Mench ctf: Consolidated Copper. Consol Gas Balto(3.60) Consol Gas Util A... Consol Min&Smelt (2)... Consol Retail Store: Consol Royal (20c) Cont Shares pf (B) Copeland Prod Inc. Cord Corp. Cosden Oil. Cosden Oil cod . Cosden & Co pf cod Creole Petroleum. . Cresson Consol (k2¢). Crocker Wheeler. Crown Cent Petrol Crown Cork Intl (A Cuzi Mex Mining Darby Petroleum Davenport Hoslery (1) 4 Deere & Co.... De Forest Radio. Derby Oil & Refining.. Detroit Aircraft. Dow Chemical (2). Driver Harris Co East G & Fuel Asso. East G & F Asso pf ( Eastern States Power. Eastern Util Asso (2). Eastern Util Asso cv Easy Wash Mach (B Elsler Electric Corp. . Elec Bd & Share (b6 %) E! Bond & Share pf (6) El Bond & Share pf (5) Elec Pwr Assoc (40c) . Elec Pwr Assoc A (40¢) E1P & L opt war Elec Pwr & Lt 2d p! Elec Shareholding. . Elec Shareholding pf Empire Gas & Fuel 6%. . Empire Gas & Fuel 7% Empire Gas & Fuel 8% Eureka Pipe Line (4) Europ El Ltd A (30c). Europ EI Ltd deb rts. Federated Corp (sta).... Fisk Rubber (new)... Florida P& L pf (7). Ford Motor Can A. Ford Motor France Ford Motor Ltd. .. Gen Alloys. ... General Aviation Gen Elec Ltd 20 2-5c). ... Gen G&Elec cv pf B(hé) Georgia Power pf (6)... Glen Alden Coal Globe Underwrit (k3bc). Gold Seal Elec new. . Goldfield Consolidated Goldman Sach T C. Gorham Inc pf. . Graymur Corp (1). Great At &Pac Tea t6%. Great A & P Tea pf (7).. 1 Great North Paper 1.60 Gulf Oilof Penna....... Hazeltine Corp. ..... Hecla Mining Heyden Chemical (1) Hollinger Gold (180¢)..; Horn & Hardart (2). 2% Hudson Bay Min & S. Humble O (2).. IIt Pwr & Lt pt (6) Imp Of1 Ltd coupon Imp Oil of Can reg Indian Ter Illu Ofl A. 3% Ind Terr IHu Oil (B Insur Co of Nr Am (2 Intercontl Petroleum Int] Petroleum (1) Intl Products, Int] Safety Raz Intl Utilities (B) Interstate Pwr 1% pt. Irving Air Chute (40c) Italian Superpowr A. Italian Super deb rts. . Jones & Laughlin Steel. Kirby Petroleum Kirkland. Knott Corpo: Kolster-Br (Am sl Kress (SH) sp pt H1 T+ B2 EEFEEES 1401 ++ |44+ IYI¥1L1E#0+ +20 00 + [N s AR +¢4+l #1011 ¥ ssee [ | I +1+ L4 - Bk B8 R IR o S IR o I S S R | FF AEWSFESEL FES I+ exfeas w2 LI+ ++ 1 +++ LK L I++++1 sxeden ] FFEEF £ 5 & srs¥ ssxy Csxsx Fese sy - F ¥ ssss"5x - ¥ ¥ ¥ o —— F a- » FFE #F FFEFES - L * 5 ES L LTI I8 o8- T L Fra s"8%s 825 2% 12% % Long Is Lighting (40¢c).. Long Islcu pf B (6) Louisiana Lan & Ex...., Marcon! IntM (k24 3-5c). Margay Oil (1). Mass Util Asso. Mass Utll Asso ¢ Mavis Bottling (A). Mayflower Asso (2). Memphis Natural Gas Merritt Chap & Scott. Mesab Iron. Met Edison p! Minne-Honey pf (6) Mining Corp of Can. Mohawk Mining (110).,. Montgomery Ward (A).. Moody’s Inv Sh pt pf(3). Mountain Prod (80c).... Nat Amer Co. Nat Aviation Nat Baking Co % Nat Bellas Hes: Nat Fuel Gas (1). Nat Investors wa Nat Pwr & Lt pf ( Nat Service Co Nat Transit (80c). Neisner Bros pf (p % New Bradford Oil. . . New Eng Pow pt (6) New Jersey Zinc (2) New Mex & Ariz Land Newmont Mining. . . N Y Power & Lt pf (6) NY Telpf (6%).... N Y Water Service pf. Niagara Hud Pwr (1).... Niagara Hud (A) war.., Niagara Hud (B) wa: Niagara Hud (C) war. Niag Shrs (Md) B(20c).. Nipissing...... sre Nitrate Corp Chile (B). . Noma Electric Corp. . North Am Lt & Power North Am Util Sec. . Northern Pipe L (50c) North States Pwr A (6). Northw Yeast Co (12) Novadel Agne (5). Ohio Copper ©Ohio Oil n cu Pac Gas&E1 1st pf(1%). Pacific Lighting pf (6). s Pan Am Afrwa Paramount Motors. Parke Davis (1). Parker Rust (2) Penroad Corp. .. Penn P& L pf (7). Penn Wat & Pow (3) Pepperell Mfg Co. Petrol Corp wa: Phila Co (1.40) Phil Morris Inc. Phoenix Secur Corp. Phoenix Securities pf. Pilot Radio Tube (A). Ploneer Gold (24c)...... Pitney Bowes P (b4% ). Pittsbgh & L E (2%).... Pittsburgh Plate G (1).. Pratt & Lambert (50c).. % Premier Gold (12¢). 4 Prudence Co Inec pf. 3% Prudential Inv...... 65% Prudential Inv pf (6 & Public Util Hold w: % Public Util Hold x 20% PugetSd P& Lt pf ( 14% Puget Sd P&L $6 pf. 2% Pyrene Mfg. 2% Reliance Intl (A). % Rellance Management & Republic Gas Corp % Reybarn Co. . 21% Rhode Isl Pub Sve pf(2). 28% Richman Bros (3).. 8 Roan Antelope Mines. 85 % 10 1% 3% 2% 29 18% 10 Roch G & EIpt D (6). Rolls R rets (K26.9¢) . Roosevelt Field Inc. Root Refining cv pr pf. Rossia Intl Corp. . Royal Typewriter Ryan Consolidated St Antony Gold. St Regis Paper... St Regis Paper pf. Salt Creek Consol. Salt Creek Prod (1). Savannah Sugar pf (7). Schift (The) Co (1)... Seaboard Utilities Security Allied Corp Seeman Bros (2%). Segal L & Hdwr. . Select Ind all ctfs(5%).. Select Ind pr (5%) n Seton Leather. ... 5 Shawin Wat & Pwr(50c) Shenandoah Corp pf. ... Sherwin-Williams (1) Silica Gelct. ... Singer Mfg Co (8) South Penn Oil (1). SoCalEdpfA (1%) So Cal Edis pf B (1%) SoCalEdpfC (1%).... Southern Corporation.., Southn New Eng Tel(8). Southern Pipe L (40¢c). .. % Southland Royalty (20c). Spleg May Stern pf. Stand Invest cm pf. Stand Ofl of Ind (1). Stand Oil of Ky (1.20) Stand Oil of Neb (1) Stand Oil of Ohio (1 Stan Pow & Lt pt (7) % Starrett Corp pf Stutz Motor Car Swiss Amer El pt. Sylv G M Ltd (4¢) Tampa Elec (2.24) Technicolor Inc..... Tech Hughes (60c). T4, Texon Ofl & Land (1). 22 " Tobacco&Allied Stk Trans Air Trans. . 1% TransLuxDLPS, Tri-Contl Corp war. Tubize Chatillon Co: UnGasof Canada....... Unit Air pf (A)xw (3).. Unit Chemical pt pf. Unit Corp wa Unit Founders Unit Gas Corporation. Umit Gas Corp war. . Unit Gas Corp pf (3%).. Unit Lt & Pwr (A) . Unit Lt & Pwr pf. Unit Shoe Mach (2%). U S Elec Power ww. U S Fin Holding. ... & US & Internatl Sec. U 8 Inter Sec 1st pf. % USLinespf.. U S Play Card (1). United Stores vte.. . .. Unit Verde Exten (40c! Universal Insurance. . Util Power & Light Util Power & Lt pf (1) Utllity Equities Venezuela Petroleum. .. ‘Walgreen Co (1).. ‘Walker (Hiram) Wayne Pump pf. Wenden Copper..... Western Alr Express. 9% West Auto Sup (A) (1).. 59% West Cartridge pf (6)... 30 West Mass Co (2.40) 1 Willow Cafeterias 2 Woodley Petrol. 11% Wool (FW)Ltd k: 3% Wright Hargreav(130c). + + [} TI+1++110 {0 BRSO T} L+ +++ +1 T+1++ +++1++ 1++ +01 1 I+I41 12111+ 0%0) &I < FEFS *4%0 11+ 41+l 1+1 1 i+ U0+ 410+ V104 I I+1+ ++ 1+ 1 - F FE ELF o o FE R ELERF ¥ ® @ & £ Psx FrFsesr o 3 - * e - ne AE BFs sre ssses o &£ syrares o EFEFES " FE ¥ #fi#f‘*;#;f&‘ FeL e o Fexed sex - ¥ - - wash goods. - The % clothing has placed Expansion of Markets in Some Lines Is Due to Research. Special Dispatch to The Star. NEW YORK, January 28.—Research is opening up many new uses to cotton, according to George A. Sloan, president of the Cotton Textile Institute, who finds the solution of many industrial problems in the opening of new outlets. Thus, cotton letterheads, cotton pack- and cotton building material are helping the commodity. In 800ds the best business, according to Dun’s, has been “booked for light underwear, with stress on the better grades, work clothing and sheer demand for work mills in good posi- tion, as some manufacturers are sold up until March. Buying of bedspreads gru mcmg bl'x;g' a mogent!e volume business recorded for sheets and pillowcases. Prices Reduced. “Some large yardages of printed per- cales are being bought at the lowest prices ever known for vat-dyed, high- grade merchandise. Well made cotton dresses are available to sell at retail from 59 to 99 cents, which cost at least 40 to 50 per cent more a year ago. Spring buying of knitted outerwear is somewhat slow in getting started, but orders have been numerous for men’s and boys’ bathing suits, specifying May and June deliveries.” A gain of 20 per cent over 1932 in lumber sales may be reasonably ex- pected, according to C. L. Hamilton, associated with the Weyerhauser inter- ests, who, says Bradstreet's, expects substantial gains in 1933 in residential. public works and farm building as well as in the lumber export trade and rail replacement branches of that industry. “The ability and willingness of the masses of our workers “to buy goods,” declared Edward A. Filene, president William Filene's Sons. Store, “control the whole problem of reconstruction. But people who have been badly fright- ened by unemployment or daily danger of it cannot be expected to spend freely until relieved of that fear. This means that some form of unemploy- ment insurance must be adopted as rapidly and widely as possible.” Shoe Production. Meanwhile, the heaviest gains in production come from the shoe centers, though mills turning out cotton, woolen, worsted and rayon yarns are quicken- ing their operations. Automotive fac- tors are waiting for more sales before stepping up February output. Tire makers and safety glass manufacturers are broadening activities. Furniture, floor covering and radio makers are | doing better, but jewelry manufacturers ., car an note gains in buying. (Copyright, 1933.) new member, Mrs. Leonard. The unio; voted to finance the work of M‘lu:lonx: tests to be conducted by the first vice president, Mrs. Pollard. Mrs. Rose Berg was chosen to have charge of one meet- ing at the Gospel Mission. Mrs. P. A. Taylor sang, accompanied by Miss Marie Pates. The next meeting will be held in the United Brethren Church. At a meeting of Georgetown Union, at the home of Mrs. Willlam Balinger, 3717 Benton street, the président, Mrs, Hiram Wadleigh, presided. Ways and means of the literature department, under the supervision of Mrs. Fred Buckler, were discussed. Mrs. Eva Rol- lison reported for the Flower Mission. Mrs. M. C. Johnson reported the ac- tivities at the quarterly convention, Mrs. F. L. Mulford, superintendent of peace, read a paper on the taxation problems due to wars in the past and its further preparations. At the last meeting of the Chevy Chase Union, the president, Mrs. E. L, Eaton, presided, and Mrs. W. E. Mc- Bath of the Gospel Mission Union led the devotiens. The speakers were Miss Ruth Lockman, field secretary of the Intercollegiate Prohibition Association, and Mrs. Prederic Newburgh, District g‘.uecmr of literature. Mrs. M. C. Guth- le, soprano, sang, accompanied by Mrs, Roger Wells. ? : Mrs. Jesse Nicholson introduced s * new member, Mrs. Jennie Wright, who will have charge of a series of W. C. : T. U. radio broadcasts. %4 ‘The Mount Pleasant Union met Tues- * day in the home of Mrs. R. G. Merry= man, 1313 Harvard street, the president, : Mrs. Lindley D. Clark, presiding. Devo- ' tional service was led by Mrs. J. A. Edgar. Reports of the activities of the Flower Mission were given by Mrs. A. B. Carty and Mrs. H. J. Hunt. A report of the quarterly convention was made by Mrs R. T. Stout. 3 Mrs. Hazel Bergstrom Cake and Mrs. Helen Edgar Lancaster sang, with Mrs. A. G. Johnson as accompanist. Mrs. E. C. Stanton and Mrs J. Edgar Hiatt |, gave reports of the conference on the - cause and cure of war. 5 As guest speaker of the evening, Mrs. Jennie Bailey Wadleigh, District presi. dent, gave an account of the dry hear- ~ ing on the Black beer bill held in the House Office Building. The hostess, . Mrs. Merryman, assisted by her daugh- . ter, served refreshments. The next meeting will be held Feb- | ruary 21, at 2 pm, in the home of .. 1\31":ét Ida K. Philpitt, 1217 Harvard stre Producing Oil Royalties Provide Attractive Monthly mes Write for Descriptive Booklet A Benjamin J. Union Trust Bl WE OFFER New York Evening Journal 614% Bonds Guaranteed ' by William Randolph Hearst to yield about 812% Ferris, Woodroof & Lewis, Inc. gf Investment Securities Washington_Building ___NAt. ‘Amees @eriwE QG b ® ir @ 5925-8 Producing Oil Royalties Operated by the largest oil - panies provide attractive mnc?,hrlly returns for large or small investors. Write for Descriptive Booklet ANDREW E. FODOR Southern Bldg. Na. 6625 Money on Hand to Loan on First Deed of Trust 6 %o Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. R S First Mortgage Loan Applications on Residences Invited at 6% Glover & Flather 1508 H St. N.W. National 1753 M SO "RT G A G ANNUITIES Profitable—Safe All Forms—All Ages WYNDHAM R. WILLS 22 Years' Experience in Insurance and Annuity Business 954 Washington Bldg. NA. 9430 67 WITH SAFETY IN 0 GUARANTY : FIRST MORTGAGES If you have money for investment, choose these safe high-yielding Pirst Mortgage Bonds, secured by direct First Mortgage on income= Dproducing properties in the Nation's Capital. | In Low 00 Denominations as as JMeonthly Payments If Desired, AGE AND REAL ESTATE MORT! GUARANTY CORP. _1610 K Street ________Nat. To Holders of Corporate Trust Shares A preferential bid will be al- lowed on all Corporate Trust Shares exchanged into Quarterly Income Shares Full information on request COLONY COMPANY ‘Washington Building ME. 2721 Washington, D. C. 10 STOCKS . FOR RECOVERY Don't miss The Financial World’s most recent selections of 10 attractive low - priced stocks. All but 3 are selling under $10 per share. This carefully selected speculative group will appeal to investors with moderate capital. You may have this valuable list (each stock analyzed) together with our next 8 issues, also “Sound Investment Rules” and our list of the 10 soundest : dividend - paying common stocks—all for only $1. Return this “ad” today with $1 and your address. América’s Investment end 53-FM Park Place E CONFIDENCE IS ENJOYED as the gene earn, There is First Mortgage Investments Sound Security ington real BY INVESTORS IN OUR 6% FIRST MORTGAGES They appeal to conservative in- vestors because of the character of the security which is given, as well rous.- interest which they no better security than carefully appraised improved Wash- estate, and that is what FF P FEF FEF R EFEFE FEF Lake Shore Mines (2). vances were noted in live stock, build- % Lakey Fdry & Mach. .. ing materials, non-ferrous metals and coarse textiles. Other groups remained unchanged. Important Changes. Most important price changes in the McGill weekly price indices: is back of every dollar invested in these 6% First Mortgages. Open. High. Low. Close. mjtu’:t;’ 45 48Y, 45 48Y, 12.6% 90% 90% 90% 5.9% 521 56% b62% 11.3% .. 103% 103% 103 48% . 104% 105% 104% 105 3.25% 108% 108% 108% 108% 5.3% 105% 105% 105% 4.5% 100% 100 100% 4.9% 103% 102% 103% 4.75% o1% 89% 91% BONDS. Sales. PUBLIC UTILITIES. $9,000 Ans. & Pot. Riv. R. R. 1st 5s, 1040... : 1,000 Ana. & Pot. Riv. R. R. guar. 5s, 1949. 11,000 Capital Traction 5s, 1947....... 14,000 Georgetown Gas Light 1st 5s, 106! 8,000 Potomac Electric Power cons. 5s, 1936. 1,500 Potomac Electric Power gen. & ref. 6s, 1053. 500 Washington Gas Light gen. 8s, 1960.. 26,000 Washington Gas Light 6s, 1033, series A. 4,500 Washington Gas Light 6s, 1936, serles B. 13,000 Washington Railway & Electric 4s, 1951.. STOCKS. Par value. . $100 . 100 $8.00 100 5.50 100 5.00 % Yukon Gold Co......... - Liberal Return to an semi-annus] & in cagh or fll&."u 6% in stock. this o 8% in stock.” p Paid n % in ek Lehigh Coal & Nav(40¢). & & LeonardOil... 28% 20 Lerner Strapf ww. % % % % » % % DA PR Y n 13 in s RS Fear—no regular ra ware divisions, the' American Glass Re- ‘view reports. Retail stores are said to be showing increased interest in medium-priced dresses to retail in the $19.50-$22 range. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 ° 925 15th St. N.W. & & 21% 21% 21% + Investor BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, January 28.— All commodities Industrials Agricultural Livestock Fuels .. 3 Hides and ieather. —_— PARIS BOURSE PRICES. PARIS, January 28 (#).—Three per cent, rentes, 77 francs 20 centimes; 4% per_cent rentes, 92.60. hange on London, 86.88. dollar was quoted ‘8t 25.62%. 44.8 50. 0. Low. Close. 10 11 110% 110% 106% 107% 87% 88% Shares. PUBLIC UTILITIES. 274 Capital Traction 12 Potomac Electric Power pfd 386 Potomac Electric Power pfd.. 46 Washington Rwy. & Elec. pfd. Water & 27 8 Woodward & Lothrop pfd..... 100 7.00 108 108 335.‘-. Fidelity & Guaranty. DEPARTMENT. ; PROPERTY 256,800 Wash. Gas Lisht 65, 1956.... . MANAGEMENT eene DAY 04% 94Y% 0% 'BONDS. looowuh'y..mua.,.