Evening Star Newspaper, January 29, 1933, Page 52

Pl FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. C., JANUARY 929, 1 FINANCIAL. BOND PRICES MOVE IN NARROW RANGE e o Bome Speculative Rails Show Gains—Amusement Group Sells Off. I BY VICTOR EUBANK, 5 Associated Press Financial Writer. NEW YORK, January 28.—The bond arket moved cautiously today and, hile there were some moderate rallies various groups. & number of special- fes were inclined to drift to lower Jevels. Several of the leading speculative rails ‘ fmproved fractionally, but amusement corporation issues were again under pressure and the foreign list was some- what unsettled by further reactions in the recently buoyant German division. Announcement of an equity receiver- ration, which followed quickly a simi- proceeding in the case of the Para- mount-Publix, added to the depressed sentiment in this category. Publix 5138 ‘were off around half a point to another record low at 7; R-K-O 6s dropped 115 o 10, Warner Bros. 6s lost a point and w's 65 were easier. Among the carriers, Santa Fe 4l5s of 1948 gained a point and some issues bf Baltimore & Ohio, Rock Island, Ches- apeake Corp., Missouri Pacific and Frisco edged a bit higher. Bonds of Canadian Pacific, Chicago & North- ‘western, Erie, Southern and a number of others were barely steady. United Drug 5s were rather heavily traded, up more than a point at 6515. Loans of Texas Corp., International Tel- ephone, Philadejphia Reading Coal & Iron, Postal Telegraph, Chile Copper, Consolidated Gas, Detroit Edison and Duquesne Light were fairly firm. U, S. Rubber 5s were a bit lower under some profit-taking resulting from their recent sharp recovery. Both German Government 5ls and 7s were down more than a point and German Agricultural Bank bonds re- acted more than 2. Japanese obliga- tions sagged, as did some of the Aus- tralians, Belgians, French and British. Colombian maturities came back for gains of a point or more. The United States Government sec- tion was quiet and mildly irregular. Ep for the Radio-Keith-Orpheum Cor- | Co. Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., January 2&—'!')1:[ egg market continues uhsettled and has fluctuated considerably the past week Wwith only current receipts- maintaining a semblance of stabilized prices, all other grades selling strictly on merit and at irregular values. After touch- ing a low of 14': cents a dozen the middle of the week the market recov- ered to some extent and now has a tendency toward higher prices, closing today at 16 cents for current receipts with firsts and hennery whites averag- ing a cent or two over current receipts. Receipts running moderate and with demand good at the lower values pre- vailing an increase is looked for next Week if present conditions continue. Poultry Prices Steady. ‘The live poultry market is holding generally steady with values showing little change from last week and all desirable stock selling readily but too many small, poor fowls are being shipped, which has a tendency to lower the values of the better class of poul- try. Young hen turkeys, 9 pounds and over, are bringing top prices of 17 and 50 cents a pound and young gobblers, 2 pounds and over, 13 and 14, but old hens not so desirable at 15 and 16 with old toms neglected at 12 and Poor, thin as well as crooked breasts ot wanted at any price. Capons in ght receivt and medium to large birds, pounds and over, meet with ready le at 16 and 18, but smalled as well slips move slow at 14 and 15. Young ickens, in better demand at 13 to 15 or stock weighing 3'; pounds and r, with Plymouth Rocks bringing top values, but smaller generally slow sale at 11 to 13, and all poor, thin, fowl neglected at 8 and 9. Mixed colored, small fat broilers, 1% to 2% pounds wanted and meet with ready sale at 15 and 16. Old hens steady and unchanged from last week at 10 to 14 for fowl weighing 3! pounds and over, but iight, poor stock as well as old roosters hard to move out at 7 and 9. Ducks and geese hold steady but only choice, fat fowl attracts attention at 9 to 12 for the former and 12 to 15 Ior the latter, but poor stock not wanted t any price. Guinea fowl and pigeons 1so unchanged from last week at 15 40 each for the former and 15 to 20 pair for both young and old of the tter. { The market for white potatoes dull inder fairly liberal receipts and with emand slow prices are in buyers’ favor at 80 to 90 per 100 pounds and 25 to 150 for Eastern Shore Mary- nd and Virginia cobblers. Sweet po- atoes also unchanged, but prices hold teady at 25 to 65 per bushel and 50 0 1.00 a basket for Eastern Shore tock, while nearby sweets in better lemand and bringing better prices at B0 to 35 per half bushel hamper. Nearby vegetables are in light re- feeipt, but ample for the demand which 8s limited at the following quotations: JBeets and carrots, 1.50 to 2.00, 100; onions, 75 to 90 per 100 pounds; spin- h, 50 to 60 bushel; savoy cabbage, 25 l:‘io bushel, washed turnips, 20 25 et. Live Stock Market. . _The live stock market continues dull and draggy, especially beef cattle, and movement centered entirely on first quality stock. Mcst of the arrivals on the wharves, however, consist of com- mon-in-between ordinary cattle which are slow to move out at inside prices. Spring lambs and handy weight veal calves moving better with the latter ;howmf a light increase over last week. otaticns today at Light street ‘harves: Beef cattle—First quality, d, 5% to 6; common to medium, to 5, bulls, as to quality, 2 to 4; ows, choice to fancy, 3 to 4; common fair, 113 to 212; oxen, as to quality, to 4. Calves, veal, cholce, 615 to 1. rge, fat, 512 to 6; large, rough, 4!3 to ; common, thin, 3 to 4. Sheep, 117 to @; spring lambs, choice, 6 to 612; fair to good, 5 to 515; small, thin, 3 to 4. :logs—st' '.l'll,[ht. "g '.lo 4; sows, 2'5 to ; stags, 112 to 2; live pigs, 5 to 7; ehoats, 4 to 6. Closing Grain Quotations: ‘Wheat—No. 2 red, Winter, garlicky, #pot, domestic, 5812; January, 5815 ; Feb- ruary, 58%. Corn—No. 2 yellow, do- imestic, 39a40; cob corn, 1.75a1.85. Oats ~No. 2 white, domestic, 261,a29'2; No. B, 2512826, Rye—Nearby, bag lots, 40a45. Bo;k of College Pranks. Among the treasures of Columbia niversity is the “Book of Misdemean- of King's College, New York,” from hich institution sprang the present ‘olumbia. This book has been recently Teprinted in the form of a pamphlet. ‘Andrew Skeen of the class of 1772 was intercepted one night returning to the institution after hours through a hole in the fence and it resulted in his be- ing publicly reprimanded at a “visita- tion.” Another entry involves three young men who were found guilty of removing tea cups and saucers from the room of another student, and their offense was aggravated by their posi- tive denial of any knowledge of the affair. Their guilt was evidently proven and they were ‘‘confined to college.” One Beverly Robinson, who afterward shone in the American Army, was sus- led for neglect of college work, but e was afterward restored to the class Later, dl;mmh 'h’“ figured “nta ‘another escapade when he was acc of spitting in the cook's fage, U S. MANUFACTURERS RECEIVE SIX-TENTHS PER CENT RETURN Are Published in Survey by - Buffalo Economist. BY J. R. BRACKETT, Associated Press Financial Writer. NEW YORK, January 28.—The corpo- rate income of manufacturing industry averaged about 0.6 !Pr" cent on its in- vestment in 1932, Prof. Ralph A. Ep- stein of the University of Buffalo esti- mates in a study made under the super- vision of the National Bureau of Eco- nomic Research. This is based on estimates and data for 71 corporations, with an aggregate investment of about $6,500,000,000. The information was derived from an inves- tigation sponsored by the Committee on Recent Economic Changes, with lugple- mentary data from Standard Statistics Estimate Is Preliminary. “In the depression year 1921 said Prof. Epstein’s report, “the return on capital (for the 71 corporations) was 3.8 per cent. Ten years later, in 1931, it was almost exactly the same (3.6 per cent). The 1932 preliminary figure, however, falls almost to zero—0.6 per cent. Prof. Epstein explained, howsver, that the 0.6 per cent for 1932 was only a pre- liminary estimate. It was obtained in | part by making a rough estimate for | cne large company, which, on the basis of available material, Prof. Epstein es- timated had a deficit of about $82- 500,000. Without this company, the re- turn for the 70 companies was 2.2 per cent. Prof. Epstein pointed out tirat if the estimated deficit of the company proves too large, the 1932 return figure will be somewhat above 0.6 per cent, but undoubtedly less than 2 per cent. “In absolute terms, the net income of these 71 companies,” he sald, “was $837,000,000 in 1929. It declined by 36 per cent in 1930. A further drop of 59 per cent in 1931 brought it to :220.- 000.000. For 1932, preliminary data indicates that the third successive de- cline will probably reduce it to some- thing less than $60,000,000, a shrinkage of 70 per cent or more from the level of 1931, and of over 90 per cent from that of 1929.” The preliminary data indicates that 38 of 71 companies had deflcits in 1932, compared to 31 in 1931, 19 in 1930, and only 6 in 1929. Percentage Return. Here is the percentage return on in- vestment of various groups represented in the 71 companies as estimated for 1932, compared with 1929: Foods (11 companies)—8.3 per cent, as reduced from 10.5 per cent in 1929. Textiles (15 companies)—Minus 2.5 per cent, as reduced from 7.3. Chemicals (10 companies)—4 per cent, from 11.6. Metal, metal products, etc., includ- ing automobiles (9 companies)—Minus 3.5 per cent, from 16.8. Paper, printing (6 companies)—5.2 per cent, from 25.4. Stone, lumber (8 companies)—Minus 4.3 per cent, from 7.9. Leather, rubber (6 companies)— Minus 1.9 per cent, from 4.9. Special manufacturing (6 companies) —3.9 per cent, from 11.8. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, January 28.—The fol- lowing is today's summary of important corporation news prepared by Standard Statistics Co., Inc,, New York,, for the Associated Press: Building, Real Estate and Related Lines. Equitable Office Building Corporation common share earnings, eight months ended December 31, $1.05 vs. $1.64. Food Products. American Beverage Corporation defi- city, year ended November 30, $16,872 vs. net income $14.007. Purity Bakeries Corporation common share earnings, 52 weeks ended Decem- | ber 31, 45 cents vs. $2.14 in 53 weeks to January 2, 1932. Investment Trusts. American Capital Corporation liqui- dating value on December 31, 1932, $8.03 a preferred share vs. $18.99 on December 31, 1931. Insuranshares Certificates, Inc., liqui- dating value on December 31, 1932, $3.561 a common share vs. $4.46 on De- cember 31, 1931, 3 Railway & Light Securities Co., liqui- dating value as of December 31, 1932, equaled $9.81 a common share vs. $13.61 & share on December 31, 1931. Machinery. Deere & Co. declared a quarterly dividend of 5 cents on $20 par preferred stock; previous payment 10 cents, made December 1, 1932, Ferry Cap & Set Screw Co. 1932 defi- cit $195,994 vs. deficit $182,960. Miscellaneous. Boston Wharf Co. 1932 common share earnings $5.41 vs. $5.68. ngce Co. of America, at Baltimore, | 1932 common share earnings 36 cents vs. 94 cents. Gorham Manufacturing Co. deferred | X action of common dividend; last pay- ment on common was 25 cents, made December 1, 1932. Oil. Southiern Pipe Line Co.—Declared dividend of 10 cents; on December 1, 1932, a dividend of 15 cents was paid. | Standard Oil Co. (New Jersey sub- | sidiary, Standard Oil Co. of Pennsyl- vania)—Reduced its service station price 1 cent a gallon in Philadelphia. Paper and Paper Products. Crown Zellerbach _Corporation—De- clared dividend of 37!; cents each on| class A and class B preference stocks; | payment would leave in arrears ac- cumulations of $8.25 a share on each of these issues. Railroad and Railroad Equipment. . Revenue freight car loadings in weel ended anuurymzl totaled 496,434 cars, a decrease of 9,888 under preceding week and 65,667 cars, or 11.6 per cent below 1932 week, according to Amer-i jcan Railway Association; in week ended January 14 decline from 1932 k was 11.5 per cent. w'iflanfic Culs%eune Raflroad Decem- ber net railway operating income $546,- 032, vs. 3521,746;“1!213;?::;115 totals were 108,199, vs. $4.748,109. . i Chicago, Burlington & Quincy Rail- road December net railway operating income off 11.7 per cent; 12 months 53.4 per cent. o!!Northe‘:»n Pacific Railway December net railway operating income off 54.6 per cent; 12 months off 70.7 per cent. New York Central Railroad Decem- ber net railway operating income $2,- 138,497, vs. sbu.&sg_;sé_zwmomm total 20,738,380, vs. $28,075.579. ¥ Pittsburgh & Lake Erle Railroad.De- cember net railway operating income was off 153 per cent; 12 months off 49.7 per cent. oRu?lind Railroad December net rail- way operating income was $15976, V. net railway operating deficit of $5,54 12 months net railway operating i come was 3300,71'1,‘;';.‘ ;A:; railway op- ting income of ,242. e“sestg:ourd Alr Line Railway December net rallway operating income $128,028, vs. $60,267; 12 months totals $208,830, . $2,578.649. "v:mm Pacific Railroad December net railway operating income off 462 per cent; 12 months off 27 per cent. Virginian R-;flwn%lg:! common share ings, $1.27 vs. $5.05. “%hegung & Lake Erie Railway De- cember net railway operatini l.ncume. $232,504 vs. $45,664; 12 mont totals ‘were $903,170 vs. $1,186,801. Retail Trade. i American Stores Co. opened abou 200 new stores in 1932, increasing chain ,950 units. mnzrgxsg 1Inc. reported discussion of new arrangements for sale of interest in Boots Pure Drug Co., Ltd., under way; understood arrangements would be such that Treasury embargo would not be o] tive. pg:e“ Atlantic & Pacific Tea Co. de- clared usual extra dividend of 25 cents and regular quarterly dividend of $1.50 on_common stock. Grand Union Co.—Store sales in 52 weeks ended December 31, 1932, de- creased 15.7 per cent from total in 52 weeks ended January 2, 1832, Kress (S. H) & Co. 1932 common share earnings, $2.76 vs. $4.14. Theaters, Etc. Radio-Keith-Orpheum tion— A receiver in equity has been appoint- ed for the company by Federal Court, New York, on petitions of bondholders and with consent of the company; Or- pheum Circuits, Inc., indireetly con- trolled by this company filed voluntary bankruptey petition. + Utilities. thought terest will be paid on com- %’u’inn-wm New York Cotton Spental Dispatch to The Star. NEW YORK, January 28.—Selling pressure continued limited and less than the usual Saturday hedging occurred in cotton today. Prices held within a 7-point range and ended with a loss of 1 to 5 points on light trading. Spots were unchanged at 6.25. Considering the resignation of both the French and German cabinets, with Wwheat prices off half a cent and an irregular stock market, cotton displayed marked resistance to the limited pres- sure from holders of the March posi- tion in advance of notice day. Cable advices from Manchester re- ported that disappointing conditions had developed in the goods market dur- | ing the week, with consumers lacking | confidence in raw material values. Re- | ports from the Federal Farm Board showed that a loss of $300,000,000 would result from the sale of its holdings at the present time. losses being mainly in wheat and cotton. Spot sales at the 10 principal South- ern markets during the week aggre- gated 100,000 bales, compared with 155,- 000 last year. Week end figures were in many re- spects more disappointing than for some months, in that exports fell off to only a little over half the corre- sponding week last year, which re- duced the season’s total to 18,000 bales more than last season, after being near- ly 500,000 ahead at one time last Fall. Spinners’ takings also fell behind, so that the total for the seasan is actually a few thousand behind last season for the first time in five months. This caused an increase instead of a de- crease in the world’'s visible supply, which is now 9,614,000, or 50,000 more than last season after starting 1,500,- 000 larger than the previous year on August 1, 1932 Cotton range: igh. 13 .26 1 BR 71 January ... . .74 Brokers’ Comment NEW YORK, Januery 28—The ac- | tion of the stock market in \‘E!llllnz; persistent selling is considered favorable | by many brokers. Comment was mostly | bullish. | Jackson Bros. Boesel & Co.—The | point worth noting in yesterday's ses- sion was that rails forged to the front when liquidation was most pronounced in the industrials and that this served to turn the whole market. We believe that this suggests a degree of stabiliza- tion which justifies & sharp rally. We nmi‘?lpnu such a development next week. Frazier Jelke & Co—We continue to regard the market as establishing a base for a late Winter or early Spring rise, but we have no definite thought .as to when it may finally break out of this very long and exceedingly monotonous trading range. Thomson & McKinnon—The market yesterday had occasion to show its real mettle, and in our opinion disclosed in- herent strength. Shields & Co.—There is no change in the character of the market so that advised trading policy should be adhered to, moments of strength and increasing activity taken advantage of to lighten trading lines. James E. Bennett & Co.—The general run of current news items is certainly not conducive to constructive stock mar- ket actlvities, but the market action in the face of such news is in itself most encouraging. Italian War Veterans Italian World War Veterans of Wash- ington, D. C., will dedicate their post colors February 19, with morning serv- ices at the Italian church, attended by the Itallan Ambassador and his staff and other officials of the diplomatic corps. The afternoon ceremonies will be held at the auditorium of the Central High School, where there will be enter- tainment and speakers, by officials of the Army, Navy and Marine Corps and the Ambassador. They will attend with officers of their post the ceremonies to be held at the | Lincoln Memorial February 12 by the | Loyal Legion and place a wreath on be- half of the Italian World War Veterans of the United States, The post colors and banner were| made by the World War orphans in Italy and four and one-half months' time was taken to complete same. Workmanship on the American flag was donated to the George Washin, Bicentennial Committee of Italy as their part in the celebration. All veteran organizations have been invited to attend with their post colors if they can, as it is & day. The commmittee of officers of all the Italian societies met at the home of M. Ferrari, president of the Wwhere re! ts were served after the meeting. The officers of the post are: M. Ferrari, ent; A. J. Faina, vice president; E. Torino, secretary; Mr. Girolami, treasurer; Mr. Gianeti finance officer; Mr. Puchetti, publicity ogcer: Dr. Eugene Forcione, medical officer. . due February 1, 1933; over 60 per cent of these notes have beer exchanged for five-year 6 per cent secured notes of Consolidated Electric & Gas Co. Montreal Light, Heat & Power Con- solidated 1932 common share earnings was $1.95 vs. $2.17. United Baitimere owed Gty of Co. of orporate Income During 1932 (% 10231 102 10330 103 4 10225 101 UNITED STATES GOVERNMENT. Lib 3% 1932-47. 1 1932-47 s 1946-49. 0002 9924 100 00 94 43 Mar 102 22 102 06 102 15 105 10 103 30 107 14 105 31 110 30 109 17 Abitibi P& P 5’83, Abram & Straus 5% Alleghany Co b8 ‘44 Alleghany 55 '50 Am Beet Sugar cv 63 '35 Am Chain deb 6533 Am & For Pow 58 3030, AmIG Chem5%s Am Internation 5 %8 Am Sm & Ref 6847 Am Sugar Ref 68'37...... Am Tel & Teleg ¢3%35 39 Am Tel & Tel el tr 5548 Am Tel & Tel deb 68 Am Tel & Tel 5365 Am Tel & Tel 6% 843 Am WIW & E col tr 5534, Am Writ Pap 6547, Antiquia Ts A *45. Argentine 5% 62, . Argentine 65 A ‘57 Argentine §s ‘59 June, Armour & Co 4%s '39. Armour of Del 5%s8°43... Atch T & S Fe adj 4595 Atch T & S F gen 48°95. Atch T&SFe diis’s AtlanticCL 1st 4 Atl Coast Lii % Atlantic Ref deb 5 Australia K Australla Australia 5s ‘57 Austrian 7s4; Y%s Balto & Ohlo 4%8'60. B&O1st5s’¢ B&Oref5sA'98 Batavia Petroleum 4%s Belgium 68 °55. .. Belgium 6% Belgium 7 15 Belgium 7 5 Bell Tell (Pa) 58 Bell Tellof Pats C Berlin City Elec 6% 4 Berlin City Elec 6 %: Berlin mun ext 6348 Beth Steel p m 53 °'36... Beth Steel rf §3°43. Bolivia 7s "6 Bolivia 8s ‘47, Bordeaux 6s°34.. Boston & Maine 63 Brazil 6%91926-57. Brazil Cent Ry 78'§3..... Brazil 85'41.. Bremen State 7s Budapest 65 '62. Buenos Alres pr Canad Northn deb 7 Canadian Pacific deb 4: Canadian Pacific ¢ %! Canadian Pacific 5 Cent 111 E] & Gas s Cent Pacific 1st rf Central Pacific 63'60. Certain-teed deb 5%s "¢8. Chesapeake Corp bs Ches & Ohlogn 4% Chi & No Wn 4148 2037... Chi & No Wn ¢%s C 2037.. 4 Chi& Nwn 4%8'49, Chi & Nwn 63483 Chi R1& Pacref ¢3°34... ChiR14%s'52,. Chi Rock Il 4% Chi Union Station 4% Chicago Un Sta 53°63 4 ChiUn Station 6% 102% 40 69 50% 02 Chi & West Ind con Chile Mtg Bank 6%s ‘57 Chlle Mtg Bank 6% 5 °66.. Cin Un Term 8s 2020. CCC&StLrf44/sE’T. L Colo & Souref 4348 Columb G & E 58’52 May. Columbia G & E 5361 Comm Invest 6%s ConsGas N Y db 5%s Copenhagen 5s ‘563 Cuba RR 1st 6852, Cuba North 538’43 Czechoslovaki - Del & Hud ref ¢s 43 French 1%s Gelsenkirch General Cabl Gen Motors 6s°3' Gen Theater 4 German Bank 84 102% 106 53 Ger Cnt Ag Bk 63 July ‘60 s Oc: '60. Hudson & Man Humble Oil deb 111 Bell Tel 1strf s A Illinois Cent rf 43 ‘85 33% Illinois Cent é¥s e and State ;f Maryland $1,890,610 a8 of Jan-| 40K uary £« 8 High. Low. Close. Chss. 10320 10300 10313 +.13 217 10216 10217 0231 10221 10224 10323 10316 10318 9811 9824 +. +.09 +.10 +.14 +.09 High. Low. Close. Chge. 16% 90 2% 2% 106% 105% — % 106 52% 101% 7 108% 102% 71 76% T6% 94y 633 85 69% 29% 874 40% 9% 46 3% 674 73 UK 964 1013 - % + 4 = - W —1% +1% +3% +3 +1 +1% +2% +2% +2% 4% + W +1% -8 - -% = 9 106% 1071 +1 108 105 - % 107% 107% + % 54 104% 70 LY 1047 7319 -% +3% 18 204 1% 17 20 664 93 103 17 21% 664 1% —1% 17% 184 —4% 6514 651 + % 851 85% —1% % 1007 100% — % 684 102% 62% 72 80 17 TiY 8514 59 38 T1% 1034 2% 1% -3 -1u + W pa + 3 +2% +14 2% 924 ‘1‘} 91y 104% 96 93 106 97 0 11 134 134 + % 5 104 431 4% 1% 4T% 104% 48 624 8d% +1 12 69 51 102 4% 106% 54% 35% 8% 1244 (1] 53% 1034 4% 1% 6% 58 58 50 604 60% 84y 2% 107 [ 1% 65% 68 -3 —-2% + W + % -1% + % Japanese 6%s '54.... Kan City South 3s ‘50, Kan City South §s ‘50 Kan City Term 1st 45 Kan Gas & Elec 4%s" Kendall 535’48 ww., Kreug & Toll 5559 Lack St 1st 65°5 Laclede 5%s D 60, Leh!gh Val en ¢s 201 Liggett & Myer: Loew's 65 1941. Market St Ry 75 A "40 Marseilles 65°34. Mexico 45 asst 1904-54, Midvale St & O 58 Milan 63%s'52. Mil El R&L 1st ref 5s ‘61, Mil El REL gn ref 65'71.. Mo Kan & Tex 1st 45°90. ., Mo Kan & Texadj 5s MoKan& T 68 A '63. Mo Pacific gen 4s'15. Mo Pacific rf 5s A "65. Mo Pacific 5s F'*77 Mo Parific 63 G *7 Mo Pacific bs H Mo Pacifie 58 I '81. Mo Pacific6%s A 1 Montana Power 58 '43 sau Ele¢ cn gtd N New South Wales 58 '67.. New South Wales 5s'58. . N Y Cent deb 4. 00nns N YCntrf4%s 2013 new. N 13 > Edisonrf 6%s'41.... YNH&Hart4%s'67, NH&HCcIt 6340, 48 Y Tel gen 434539, Y W & Bosgen 4% Niag Share Md 5%8'50. Nord Railways 635 50 4 N'folk & W 1st con 45 '96. Norf & W dlv 43 "44 North Am 68 "61. . North Am Ed 6s A '67.... North Am Eq 5s C'69.... 4 North Ger Lloyd 6s'47 Nor Ohto Trac & Lt 6s '47 North Pacific 3s 2047 North Pacific 4s'97.... North Pacific 5s D 2047 North Pacific 6s 2047 North St Pwr 1st s A Nor St Pwr 18t 1941 Norway 5%s"65. Ore WashRR & Orient Dev 5% Orfent 65°53. .. Pacific Gas & El 58 Pacific T & T 1st b5 '3 Paramount Pub 5% Paris Orlea: Penna cn 4%s Penna gen 4%s°65. Penna RR 4% 3D 70 Penna 4% '63 Penna 55 °64. Penna gen 55 ‘68, Penna 6338 '36. Penn Pwr & Lt 4345 ‘81 Peru 6360, Peru 6361, Peru 78 '59. Poland 6s ‘4 Poland 7s 47 Poland 8s'50. - Port Genl Elec 43%s'60 Postal Tel & Cab 53 '53 4 Prussia 6s'52. Prussia 6%s '51. PubSveE& G 4s'71. Pub Serv Gas 4148 '67. Pub Serv Gas 418 °70. Queensland 6s°47 Queensland 7541 Reading 43,8 A ‘97 Richfleld Oil Calif 6s "44. Rio De Janeiro 6%s 53, Rio de Janelro 8s "4 Rio Grande Do S 5 Rio Grand West 48 col 49 RIArk & L 1st 43%8°34.. Rome 834s'52... Royal Dutch 4s *¢5. Rumania 78 '69. . SLIM&SR&G 4s'33.. StL&SF 4s A '50. . StL&SF 4%s'78, StL&SF5sB'50. . StPKCSL1st4%s 41, Sao Paulo State 78 *40. Sao Paulo State 88 Sao Paulo £5'50. . Saxon Pub Wks 6%s°51. Saxon 7s *45. - Seaboard A L ref ¢s'59... Seaboard A L 6s'45. . Serbs Croats Siov 7s '6: Serbs Croats Slov 8 °62. Shell Union Ol 5847 8hell Union Of1 5549 w Sinclair Oll 643 B Sinclair Ol Ts A '37 Sinclair Pipe Line Skelly O11 5%s°39. Southern Bell T&T Sou'west Bell Tel b South Pacific col ¢s South Pacific ref ¢s Southern Ry Southern Ry Southern Ry South Ry 6% s Stand Oil N J 5s Stand OIIN Y 4% Sweden 514854 Switserland 53, Tenn Copper Texas Pacific 68 ceen Texas Pacific 53 C'79... ‘Third Ave 1st ref 4. Third Ave adj inc 5560 Tob Prod NJ 6%s 2022 ‘Toho Elec Pwr 7a'55 Tokio 5%3°6: Tokyo Elec Lt Union Pacific Union Pae Ist rf United Drug bs U 8 Rubber 68 '47. Unit St Wks 8%4s Dnit St Wks 6348 A '5: Uruguay 6s°60. . Uruguay 6s'64. . Utah Power&Lig] % Util Pow 5849 ww. . Utilittes P & L 5% *47. .. Vanadium cv 5341 Va Ry & Power 55 '34.... Virginia Ry 1st 58 A "62. Wabash %37 Wabash 68 B '76. Wabash 55 D '30.,.. Wabash 5348°T Walworth 6s A West Shore 1st 43 gt 2361 Western Elee deb 5s West Maryland 1st 48 '52. West Maryland 5%s'17.. West Pacific 55 A "¢6. . Western Union el tr 5 Weastern Unfon West Union bs "6l -% + % —-1% —1% +1% —2% +2% + % +1% +1 + % +1 + % 9% +1% - % +1 3% + % + % — % +8% +34 iy -% + 8 + %) +1 +1 %+ W +1 Iu —1% + W i +1% - % +% - % +2 + % | | £S s ZEEERRee SR SABTIS CLBONS RIS DD sBotzieasorg, s e gorete L2ageaztanans B T L PR < aw 2d s 4 S, T DB 11D, S2geaeznae TR AT AT g LIGHT STEER SALE CONTINUES ACTIVE, ™ Heavy Beef Proves Drag on Market—Pork Trade Is Dull. BY FRANK I, WELLER, Associated Press Farm Editor. ‘The wide disparity between yearlings and light steers scaling 1,050 pounds downward and welghty bullocks averag- ing 1,400 pounds up has become a phe- nomenon of the live stock trade. weeks two very definite price levels have been forming in the steer market and ‘his week'’s further discrimination against weight carried heavy cattle off 15 to 25 cents and in instances 40 cents, a new low level for many years at the Chi- cago yards. Meanwhile light offerings sold actively, a 25-cent higher trend placing values right back at last week's best time. Most buyers begin to complain when + % +1% -% + % + % +2u | Sl = | + | + W —2% | —3% | finish + L + % +345 +2% -5 +2 +14 s 1% + | - 4 +1 -2 +21 9% - 3 + u| - - %) 63% + 1 | = | | 1 +2 Sy -1 + Y% —1% +44 +1% | - % + % -1 Tul Tin ! ™| higher than Thursday of last week. steers promise to scale 1,200 pounds up. The slow, draggy, and for the most part | For | DEFLATIONINBOND MARKET EXTENSIVE Many Iss Are Now Selling at Extremely Low Valuations. Special Dispatch to The Star. NEW YORK, January 28.—For those who have the speculative flare and are willing to take what may be considered extreme risks, there are numercus bonds and preferred stocks now at prices rendering rensationally high returns on the capital invested. This is not to recommend any of the bonds dealt with in this dispatch, but to point out the extreme effects of a long period of de- flation in prices and the increasing emount of investor ruspicion of securie ties because of their low market valu- Examples Cited. Take the case of the Alleghany Cor- poraticn 5 per cent debentures of 1950, whose next coupon is du= April 1. This, it is understood, will be paid. These bonds are quoted under 10, at which price the direct yield on them is 50 per cent. In other words, the bonds are selling in the market at only twice the annual smount recoverable in in- terest, assuming that this interest ccn- tinues to be paid. Another bond of the Van Sweringen system is the Mis- sourl Pacific 5';5, which are quoted at 8, or a yield of 70 per cent. In both of these bonds the buyer obviously takes the maximum risk for his principal, though it might be mentioned that the 51 per cent bends of the Wabash Raiiroad, in default, are only selling & g?mz lower than the Missouri Pacific 2. The Missouri Facific general 4s, & better cecured issue than the 5!, quoted around 9, to yield 45 per cent. Denver & Rio Grande Western 5s, on which the coupon is due February 1, have recently sold at about 12. or & return of over 40 per cent. Last year Chicago & Eastern Illinois refund: 55 dropped to about this same pri level prior to the payment of the semi- annual interest. Later they rallied 50 per cent in market value and then lost all of their gain. In the list of industrial bonds we find International Paper 6s under 15, or a return of 40 per cent, with no evidence “peddling” market on steers with weight mirrors similar conditions in the dressed trade, where heavy beef is hard to sell | and as much a drug on the market as | heavy steers. | Extent of Supply. ! Some idea of the excessive supply of | big weight steers at Chicago may be | gained from the sale of numerous loads | of 1460-1521 pound bullocks at $4.15- $4.40. Each additional 50 pounds of weight penalized prices until very highly B 1,905-pound steers sold down At no time in recent trade history have overweight and overfat steers been 80 low or so sharply discriminated against in comparison with thinly cov- ered lightweight offerings. Yesrlings grading good and better sold largely at $5.50 upward. the top on strictly choice offerings landing at $7.25. A spread of 34 to $6.25, however, took the crop. ‘The supply of low-priced light steers and common and medium light heifers is below trade requirements, otherwise they would not sell at such a premium over heavv kinds. The crop of little, heifers, lightweizht mixed steers and heifers and the rank and file of com- mon to medium light steers occupy about the same relative niche in !ge trade from a sipply and price stand- point as did veighty steers last Sep- :ell‘!;!;;r. when the top was boosted to Improvement in bi¥l weight brackets seems to depend on how much longer heavy cattle will run in numbers. Some say all finishers are liquidating weighty steers and that the next 60 days will see the supply curtailed to a point where even the current narrow demand for heavy beef will strengthen the live market. Others insist t light and medium weight cattle have been nursed along for better prices long enough to have expanded the eupply of bullocks for several months. After bobbying around, hog prices closed at Chicago mostly 10 cenu’ { Trade was active each day, smaller shipper demand being made up in heavier buying by local interests. Ship- | pers took the smallest number they | have sent out during a corresponding period in many weeks. Pork Trade Dull. Eastern markets received small runs, but the fresh pork trade was dull and lower from day to prices hitting record low levels. Hogs scaling 170-200 pounds received a premium throughout the week. The closing top was $3.50— equal to the highest since late in No- vember. The bulk of good to choice 170-210-pound averages sold at $3.40 | to $3.45. Fat lambs took off early for a nose- dive. Ninety-two-pound Nebraskas hit $6.50 late on Tuesday and exactly two | ys later closely comparable kinds could not beat $5.50. Compared with a week ago the close was mostly 25 to 50 cents lower, whereas comparatively thin lightweight lambs held up fairly 11. well. Finishers holding lambs back for bet- ter prices apparently had overstayed the market and the deluge along with unreliable dressed outlet sent 101-pound of a default in prospect. The 5 per cent bonds of the Postal Telegraph & Cable Co., are selling at 22, with a yield on them slightly her than their markat price. There are several bonds of amusement companies that are still paying their interest and on which the returns range from 50 to 70 per cent. It would be a bold trader who would risk his capital in them. Other Issues. Going into a section of the bond market that nas a somewhat higher rating than that just described. the speculator may find there, in relation to the 10 per cent return on industrial stocks that is regarded as reasonable in these times, a field for high yields with reasonéible risk. This would include issues like Erie Railroad refunding 5s, which return 19 per cent; Rock Island refunding 4s, due next year, on which the income is 16 per cent; Baltimore & Ohia refunding 6s, returning 15 per cent; Illinois Central 4%s, better than 13 per cent: Great Northern Ts, about 12 per cent; New York Central 4!3s, approximately 10 per cent, and the same on Western Union 6!:s; 15 per cent an American & Foreign Power debenturs 5s, whose interest is being covered seve eral times, and a 25 per cent yield on Southern Railway general 6s. Last year the position of German dol- lar bonds, as to price and yield, was relatively the same as that existing to- day for American corporation issues. It was then possible for the speculator to obtain about a 25 to 35 per cent yield on German Government loans, as well as on the best of the German public utilities. The sequel of this period of sharply deflated prices was a recovery of market valuations of from 200 to 250 per cent. It would be too much to sug- gest that a like amount of appreciation would occur in those American loans that today are quoted in the very low price areas. (Copyright. 1933.) Disabled American Veterans Comdr. Oscar G. Jones of Federal Chapter announces arrangements are being made to hold future meetings in the art galleries of the Sears, Roebuck Co., 1106 Connecticut avenue. At the regular meeting last Tuesday nine new members were given the obligations which, in addition to the 21 initiates induc into the chapter at the first meeting of the month, brings the total l;axmher of new members for January to Hugo Darling . was appointed ser- geant at arms. Herbert Lawton, chair- man of the Disabled Veterans Prefer- ence Committee, addressed the mem- bers, presenting several enlightening facts relative to veterans’ claims. Many unemployed disabled veterans are coming to Washington. Past Na- tional Comdr. E. Claude Babeock, sec- retary of the Civil Service Commission, has been deluged with inquiries relative lambs to the packers at $5, compared with & top of $5.90 paid by outsiders. ‘Organized Reserves ‘Three instructional conferences will be held at District Reserve headquar- ters this week: Field Artillery, Cav- alry and Medical. Maj. J. M. McDowell will conduct the Meld Artillery con- ference at headquarters Wednesday evening. He will discuss fleld artil- lery gunnery and the conduct of fire. to the number and classification of positions subject to political appoint- ment. » The Silver Star Medal of the United States was bestowed recently on Capt. Joseph W. McQueen. National Disabled American Veterans' Finance Committee man, for bravery while commanding Company H, 139th Infantry, 35th Divi- sion, in Franoe, in 1918. Lee T. Turner, National Executive Committeeman for the fourth district, is completing the organization of new Disabled American Veterans chapters in Leonardtown and Lonaconing, Md., and expects to visit Hagerstown February 4 on organization business in " | that eity. . curity and cavalry weapons. The organization and employment of the medical service in an infantry and ‘The meeting of Rea Chapter, origi nally scheduled for January 20, held last Friday evening. and the fc cavalry division will be the subject that {lowing officers were installed: Com- will be discussed at the medical meet- ing, to be held at headquarters next Friday evening. ° Cavalry Reserve officers of the Dis trict will meet at the Fort Myer ri ing hall Sunday at 9:30 a.m. for in- struction in equitation. ‘Two first lieutenants of the District, both Infantry Reserve, have been pro- * moted to the grade of captain. They : and John L. De Witt, jr., who has been | assigned to the 418th Infantry (light tanks). and Orville F. Sandefur, who has been to the 1,305th Service Unit. Other changes in the assign- mander, Walter H. Colston; senior vice commander, Robert Jones; junior vice commander, Comrade Grigg; treasurer, Comrade Beuchart. Ace-Rasmussen Chapter is inaugu- rating & membership um&un unique in that every paid-up member will auf matically be appointed a committee of cne to increase membership. The next regular meeting will be held February 2 in the Soldiers, Sailors, and Marines’ Hall. Miss_Helen O'Nelll, commander of Gen. W. W. Atterbury Chapter, an- ments of Reserve officers of the Dis- ent indi- A. Ber- Reserve, to the 1,300th ; Becond Lieut. James A. Mosebach mt‘r; Reserve, to the 1,301st Service Unit; Second Lieut. Carl J. Ackerman, Reserve, to the 624 Cavalry Division; Pirst Leut. Louis M. Swingle, Coast Artillery Re- serve, to the 3d Coast Artillery dis- | trict: Pirst Lieut. Edward J. Lally,) Dental Reserve, and Second Lieut. nounces the addition of six new mem- bers. The next regular meeting is Feb- ruary 1, at the home of the commander. Stating that during his term as com- mander the Disabled American Vet- erans of the District of Columbia will continue its intensive drive to unemployed disabled men in gainful oc- cupa Comdr. Joseph Ashi requests all ex-service men, or any persons hav- ing work to be done, to call John Ar- i.r.uln Shaw at National 8472, Bran POTATO MARKET.