Evening Star Newspaper, January 31, 1933, Page 15

THE EVENING STAR, WASHINGTON, D. C., TUESDAY, JANUARY 31, 1933. OUTLOOK IN STEEL |CURB SHARES OFF | FINANCIAL. sxs A—I5 ‘ N. Y. CURB MARKET | |DU PONT SEES GAN FINANCIAL. ON NEW GERMANBONDLIST || BOND'S 2% ck ™2 o T A a—— New Railroad Issue Is Quickly| Absorbed—Utilities Are Firm. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 31.—There was | 8 strong rally today in German gov- | ernment and corporation bonds which | brought them to a level approximating last week's closing. The first wave | of liquidation and of speculative sell- | ing that followed announcement of the new Hitler government appeared to have spent itself. Most of the trading | of these issues was for the account of | domestic dealers The main feature of today's market was the quick absorption of an issue of | $12,000000 Cincinnati Union Terminal | Oo. first mortgage 5 per cent bonds, | which were offered at par. Bonds of | the same corporation with a 5 per cent | coupon sold on Monday at 104':, but were of a lorger maturity, and 4'; per cent bonds were then quoted at 100. This obviously made the new offering s choice bit of business for those who were able to get in their subscriptions. An immediate market effect was a premium of nearly 3 points and an equalizing of the price of the old 5 per cent bonds to the market price of the new ones. UNITED STATES. (Sales are_in $1.000.) High. Low. Lib3%s32-47... 10318 1089 Lib 15t 438 32-47 10228 10224 Tib 4th 435 33-38 10316 U S 3s51-55 US3k4s4 US3%sM4l 3957 40-43. 3-47 us Uss Uss US4 US4 10318 98 28 99 81 . 10219 -4’ 102 21 11030 111 Low. 2 Ab& St5%s"43 89% Alleghany 65’44, 32 Alleghany 5s°49. 244 Allegnany 5s Allis-Chalm 5s°37. Am F P 552030 Am IGCh5%s'49. Am Sm&Ref 5547, Am Sug Ref 633 Am T&T 434839 Am T&T c tr 58 %s47-62... 111 Sales. High. :88, 1 90 Am T&T 5%s 43 Am Wr Pap 63°47.. Antioquia 78°45. .. Argentine 51;s°62, Argent 63 '61 May. Argentine 6s ‘59 Ju Argentine 63 '69 Oc Argentine Argentine 6 Arm & Co 4% Arm Del 6%s Atchison 4148 '48.. AtICL 1st 4s'52 AtICLcl 48°52 AtUCLun 4%8'64. At Gulft&W158'59. | Atl Ref db 5s5°37... The incident is of considerable sig- | yugtralia 43 nificance, as the Cincinnati issueis the first one made by the railroads in| Australia 5356 Australia 58 '57 months and also one of the few new | A\StrianTs offerings tha under the level of bonds of the same coupon and of the same company. There was a suspicion today that some of the strength in high-grade railroad mortgages recently was related to this piece of financing, for bonds of the type | of Union Pacific 4s and Atchison 4s; were less in demand and !'; point be- Jow Monday's price. ‘There were further good gains in a number of the second-grade railroad mortgages, such as New York Central 4s, which’ rose 2 points, Northwestern Pacific 6s, Ilinois Central 5s, Southern Pacific 4':s and Pennsylvania 41:s. The tone of the junior rail bond group was again heavy. High-grade public utilities that have been selling at substantial premiums held their ground and were quoted close to the best figures of the year. The amusement compal securities were | slightly better. Other industrials showed small changes. Canadian government loans were off | 1, to a point. At the same time there were_additional losses in the bonds of ! the Canadian Pacific and Canadian Na-| tional Railway. Not much change occurred in the United States Treasury isswes, which ' ‘were quoted a shade above the prices of Monday. .IIXCi{ANGE SEAT LOWER. NEW YORK, January 31 (#).—A New York Stock Exchange membershlvl sold today for $100.000, off $8,000 from the price paid for a seat yesterday. INVESTMENT TRUSTS NEW YORK. January 31 (#).—Over- the-counter market. (Quotations as of 12 O'clock.) Bid. Asked. | 1400 1 11% 4 Am Bank Stock Bullock Fund Cumulative Tr Sh . Corporate Trust Corporate Trust A A Tr Am Mod ...~ Trusteed Am Bk A" Nation Wide Sec vic Washington Stock Exchange‘ SALES. Washington Gas 6s “A"—$1,000 at; 100!, $3.000 at 100%>, $2,000 at 100%2, | $400 at 10012, $100 at 1003g. Potomac Electric 6% pfd.—2 at 112, AFTER CALL. | ‘Washington Gas 6s “B"—$500 at 103¢. | UNLISTED DEPARTMENT. Washington Gas 5s 1958—8500 at 944, $500 at 9415, $1,000 at 94'%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel 4'.s Amer. Tel. & Tel. ctl Anacostia ‘& Pot. R. R. Ans series A Eeriex B Elec. 4s... MIBCELLANEOUS. r & Ross. ll’\:’4 6328 . “Clith 618 " Paper MIg. 5. ... ash. MEL. Cold Slorage b STOCKS. PUBLIC UTILITY. mer. Tel. & Tel. ) 05 13 b ). 350 3 0 The following figures are not bids. but erely represent minimum prices fixed by o Washington Stock Exchante. NATIONAL BANK. d. com. 1d. Min. price. 176 } Becond (6] - Washington (8 TRUST COMPANY. Amer. Sec. & Tr. Co, (1%).. Notl. Sav. & Tr. (191) Prince Georges Bk. & Tr. Union Trust (Ks). .. .. Wash. Loan & Tr. (14)..1000 SAVINGS BANK. Bank of Bethesda (61) Oom. & Savings (10) East Washington (8) e Bavings Ba c. 8av. & Com. Bk, (10y). venth Street (f),. nited States (30} Wash. Mechanics (20)) FIRE INSURANCE. American (12 ‘Corcoran (10} remen’s (). ational Union’ (157 TITLE INSURANCE. olumbia (6h) 5 1 Estate (6h) 3 MISCELLANEOUS. Col. Medical Bldg. Corp. ( Dist. Nail. Sec pfd.." . ! Can Pac 58 '54 has been priced well! 5 qtrian 7857 | B&O 1st 48'48 ref5s'95.... r£ 55 D 2000. OP&WV 45’41 11 B& O Swdv bs '50. Ban & Aroos 4s'51. t 4148 %43, '56 5! . Bell Tel Pa bs B'48. Bell Tel Pa s C' Benef Loan 65 °46. . Berlin Cy El 6s'56. Berlin CEl 6145’51 Berlin CEl 6145'69. Beth Stl pm 5s '36. Bolivia 7s'69 Bolivia 83 '47 Bordeaurx §s'34 Bos & Mo 4%, 561J. 55°55.... BrazilCR 78'62... Brazil 8s 41 2 Bklyn Ed 58 A *49. . Bkiyn Man 65 A "63 Bklyn Un Gas 55’50 Bklyn U Gas 5s°§7. Budapest 6s'62.... Can Nat 4% 's8.... Can Nat Ry 4% s'55 Can Nat 5s°69 July Can Nat 5. Can Nat 5s°70 Can Nor 4143°35. Can Nor db 6% s'46 EECI T TR T PSS Can Pac 4%s"46. Can Pac 4%:3'60. Car Clin & O 8. Cent 111 E&G 5s '51 Cent Pac 1st 43'49. Cent Pac 5s'60. Cen Ry NJ gn 5; Cert-tddb 5%s'48. 12 Ches Corp 55 °47...124 o tom C&O4%s A’ C&O4%sB'95... 14 C&Oconbs'39 CB&Qgn4s’ss. CB&Q4%s'77. CB&Qrf5s’7l CB&Q 111 45 "49. Chi & Est 111 55’61, 9 9 Chi M & StP 43%sC C M StP&P bs ‘75 CM&St Padj bs Chi & NW gn 45'87. Chi&NW 43;8C'37. Chi & NW 4% s"49. Chi&NW rf 58 2037 Chi & NW 6348 '36. Chi RI&P gn 45’88 Chi RI&P rf 43'34. ChiRI& P ¢%4u'52 ChiR14%s°60... Chi Un Sta 4%8°63 Chi Un St 5s°44... Chi Un Sta bs B'63. Chi Un Sta 6%863. C& W Ind cn 48°52, Childs deb 58 '43. Saano~ CI 63. Chile 78'42....a. Chile Cop db 58 °47.. Chile Mtg Bk &s '61 Chl Mtg Bk 6138 '57 Chl Mtg Bk 6%s '61 Cin Un Trm bs 2020 CCC&St L 43%48E77 CCC & St L 53 D'63 Clev Term 4877, Clev Term 5s B '73. Clev Ter 534 3A"72. Cologne 6145 '50. .. Colomb 6s 61 Jan. Colomb 6s '61 O Colo & Sou 414835 Colo & Sou 4335’80 - SR T wh~sann~BE s wRen { Col G&E 5s ‘52 May ColGas& E 5s°61. Com Inves 5158 49 Con Pow Japan Cuba 5%8'45. Cuba R R 1st 58’62 Cuba Nor 5%s '42. Czecho 8s°51. Czecho 8s '52. Del&Hud ref 45°48 Del & Hud 5%s'37. Del P'w&Lt4%48'T1 Denmark 4%s 62 Denmark 5%s *55 Denmark 68 '42 D& RGren ‘.u; D&RG W 5s'78.. Det Ed 4%s D ‘61.. Det Edison rf 1] Det Edisen s '52.. Det Edison 55 '56. . Dodge Bros 68 '40. Duquesne 4% A 67 | Dutch East [.68'47. | Erte Con 4s Erte 43 B '53. Erie gen 43°96. ... Erieref 5567 . Fiat deb 7: Finland 5%s 5! Ceunacw French Gov 78 '49.. Rea) Becurity Btorase Ter. Ref. & . Corp. {3) Sorp. 050} *Ex dividend. bBook closed. pide extra. T30 $a French Gv 7%8 41 2. Gen Baking 5%s°40 37, Gar Cent Bk 38 . Ger Cen Bk 0J Ger Cen Bk 63'60 0 Ger Cen Bk 7s 5 Ger Gen Elec s 3. ® SoBwm— 19 4l Goodrich 6% 847, Goodyr Rub 58’67 Grand Trunk §s '3¢ Grand Trunk 7s°40 Gt BritkIr 5% 37 Grt Nor 4%s E'77. Grt Nor 6s C'73 GrtNorgn7s Greek 65°68. . Hudson Coal bi Hungary T%s 111 Bell Tell 55 Il Cent ct tr 4s ’i Ill Centcl tr 4363 111 Cent rf 45 '55 Il Cent 4% ceee 111 CCStL&N 4%s. I CCStLAN 5s A, 111 Steel db 435 8'40. Inland St 4%s A" Int Rap Tr rf 6s 66 Int Rap Tr 6s°32.. Int Rap Tr 7; . Int& Gt N 6s B*66. Int Hydro El 6844, Int Mer Mar 68 '41. Int Pap 68 '55 IntT&T 68’56, Italy 78°51........ Italy Pub 78°52.... Japanese 538 '65 Japanese 634 Kan C F S&M 45'36 Kan C P&L 4%s ‘61 Kan City Sou 35'50. Kan City Sou 5s'50. Kan City Ter 4560, Kan G&E 4 Karstadt 6s°43. Kend 5% 548 ww Kresge Found 6s'36 Kreug & Tollss's9. Lack Stl 5s A ! Sawmen Laclede 53%s D '60. Lautaro Nit ¢s'54. Leh Val cn 45 2003, Leh Vcn 4%s 2008, Leh Val cn 552003 . N cenmSnanne R e Lou G & El 65 A'53. L &N unf 4s'40. ., L& N 4%sC2003.. L& N 5sB2008.... L&Nrf5%s2003. Lyons 6s°3¢ McKes& R5%s Manhat Ry cn 45'90 Marsellle 63 °34. Mex 4sast 1910-45, Midvale Sti 5336 Milan 6%s 52 Mil E RY&L 53°61. Mil E Rv&L 58°71. MSP&SSM cn 4338 MSP&SSM cn 55’38 MSP&SSM bs gt'3s MK&TI1st 90. MK&T4sB'62 MEK&TGSsA'62. MK & T adj 53'67. Mo Pac gn 4s°75... Mo Pacrf5s A'65. Mo PacssF'77... Mo Pac 653G '78. Mo Pae 5s H'30 Mo Pac 5s 1'81 Mo Pac 548 A ‘49, Mont Pow 53 "43... Mont Pwr 5s A "62. Montevideo 7s'62. . Mor&Co 1st 4148'39 Nassau Elec 4s ‘51, Nat Dairy 5% s'48. N J Power 463°60. . Nw 8 Wales 5s°57. Nw S Wales 55 '58. NYC3%s'97 N Y Cent db N Y Cent 45°98. YCrf4%s2013. 7 YCrf4%s2013n 71 YCrf5s2013...121 NYC&StL 4338°78. 29 C&StL514sA'T4. 12 YEdison5sB'4¢ 3 Y Edison 5s C'51. YEAdrf6lhs'41. Y EL H&P 4549 NY EL H&P 5s '48 4 NY NH&H 48'55.. NY NH&H 48 '57.. NY NH&H clt NY NH&H . NY O&W gn 43 '55. NY O&W rf 48°93. NY Rys Inc 65’65 NYRys6sA’65 N Y Steam 55°56 N Y Tel gn 4%8°39 NY W&B 43454 Nia 8h Md § Nord 63%s°50. Nort Sou rf s Nor & Wn cn 4 Norf&Wn div North Am Co §: Nor Am Ed 53 572221 2222 Nor AmE 5%s'63. N Ger Lloyd NorOT&L . Nor Pac gn 3s 2047. ‘ash 4i Owens I11 G1 6539, Pac GRE 53°42. Pac T&T 1st 58'37 Pac T&T rf 55 '52. Paramount 6s'47. . pBomdacca a0H nam~a Penn sta 45 °48. Penn 4% s D81 Penn cn 43%s 60 Penn gn 4%s'65 Penn 4%sD'70.. Penn bs ‘64. Penn gen 55 °68. Penn 6345 '36. Penn P&L 4% Peop Gasref 55°47. Pere Marq 4%s'80, 58’66 Phila Co 58’67 Phila Blec 4s°71 Phila & Read 6s Phillip Pet 5%s°39 PillsbF M 6s°43... PCC&StL 41%8C'77 PCC&StL 58 A '70.. PCC&StL 58 B'75 Poland 6s 40, Poland 7s '47. Poland 8s '50... Port Gn El 4%s a2uaranncoananm wl Public Serv Pub Sv G 4145’67 Pub 8v G 4%s°70 37 Read 4%s A 97 Read Jer Cn 4s'51. Rem R 6%sA’4Tww Rhinelbe U 7. Rhine Ruhr 3. Rhine West 6s '62. Rhine West s '53. Rhine West 6s-55. Rhine West 78 '50. RioDeJan ext ll;‘l T PRON W o » atBenanalall Rumania 78°59. % StL IM R&G ¢s'83. 47 St L&SF 5/ 7 47% BtL&SF 4%s'T DECLARED BETTER| IN ACTIVE SELLING §§¢!Trade Expects Rate of Oper-|Market Holds Fairly Well, 100% 105% 2% 50 32 4% 88 103 41% 106% 45% 56 394% ATy 102 79% 56 1% 17% 21% 38% 144% 41 3 . | excellent values and ations to Be 35 Per " Cent in Spring. Special Dispatch to The Star. NEW YORK, January 31.—Directors of the United States Steel Corporation, the world's largest industrial company, meeting today to review 1932 earnings and consider payment of dividends on Ime preferred stock, turn the eyes of the public to the steel and iron in- dustry. Most phases of steel and iron in 1932 went through their most discouraging experience thus far this century. Re- views of last year are cheerless when contrasted with the peak records estal lished in 1929, Therefore those inter- ested In iron and steel are studying | the future, rather than dwelling on past performances. Increased Output Expected. Now operating around 19 per cent of capacity, the steel trade is expected to be running at the rate of 35 per cent by early Spring, according to Benjamin Schwartz, director general of the Insti- tute Scrap Iron & Steel, Inc. He has just returned from a tour of the Middle West, including Chicago, Cleveland and Cincinnati, and reports the steel scrap centers look for a total increase in the steel business of at least 25 per cent. Scrap iron and steel are a barometer of the trade generally. Vir- tually all steel articles today come from 50 per cent scrap and 50 per cent pi iron, and steel mills, the consumers scrap, are not buyers of scrap until they receive orders for steel. This does not mean an immediate rise in general scrap quotations, now the lowest in history, because certain types of scrap are rather plentiful, due to their accumulation by dealers. Any quick improvement in th( steel industry, however, is bound t create brisk bidding for some kinds ot scrap or high prices in certain sections of the country. The automoiive, Tailroad and bufld- ing industries are the chief steel con- sumers normally. In 1929 they took nearly half of all the steel produced. Last year, however, railroads were nosed out of third place by the packing and container industry. The carriers con- sumed less steel in 1932 than in any year since 1900. Automobile makers led steel users last year, as they accounted for 17 to 18 per ‘cent of total steel consumption, against 15 to 16 per cent in 1931. Today it is the Cleveland area that shows the greatest steel activity, The automobile trade expects to make and sell more cars this year than in 1932, after leav- ing out of the demand picture that doubtful factor of replacements, for | many of the 4!5-year-old wrecks now jon the road will not be replaced with new cars. Motor makers realize that intensive mer- chandising will be required to attain this goal. Railroads, despite the price reduc- ! tions in rails, are not expected to be heavy steel buyers this year. Their finances permitting, the carriers will * | have to do & certain amount of re- placement work. Most of the rails they bought in 1931 have been laid. Rail- roads last year bought between 8 and 9 per cent of total steel, against 15 to 17 per cent in 1931 Building Construction. Building construction, which last year accounted for 10 to 11 per cent of steel use, against 16 to 17 per cent in 1931, is empected to receive stimulus from public as well as private contracts. The building year, which starts September 1, may witness total construction of $1,753,806,000, according to & survey of 2,200 individual architects by the Ameri- can Architect. This total was arrived at by adding $478,800,000 new building under planning; $1,047,200.000 contem- 2! plated new building; $93,938,000 mod- ernizing under planning; $133,868,000 contemplated modernizing. (Copyright, 1933.) — In early times Norway was divided among_petty chiefs called “jarls. Sales. High. StL SF 4% 8’786t st % St L SW 1st 4s’89. StL SW 1st 58°62. StP&KCSL 4 %841, St P Un Dep 58 '72. SanA&APds’43. Sao Pau 78°40. Sao Paulo 8s Shell U Ol Shell U O 5: Shinyetsu 638 '52. Silesia Prov 7s'58. Sinc Ofl 6% B'38. SincOM 78 A '37... Soissons 63 Solvay Am 68 '42.. Sou Bell TAT 68 '41 Sou Paccol 48 '43.. Sou P 4%8°69 ww. SouPac 4%s’S Sou Ry M&O 4s'38. SW Bell T 68 A '64. Taiwan EP 5148’71 Tenn Cop 68 B "44.. Tenn E1 P 68 A "47. Ter As St L 4s'53. Tex Corp cv 584 Tex&P 1st 53 2000. & PacbsB'7T. Tob P NJ 63%s 2022 Tokio 55°52... ‘Toklo 53%s"61..... Tokio El Lt 6853, Un EIPSL ref 6s'33 Union El L&P :l'i'l Un St W 6348 A'47. Un St W 638 A'61. Util Pw 58°59 ww. Utll Pow 6%3°47.. Vienna 6s°63. . Va EI&Pwr 63842 Va Ry 1st 5 A 62, Va Ry & Pw 6a'34¢. Wabash 4%8°18.... Wabash 1st 55°39. Wabash 2d 55°39. . Walworth 68 A 45 Warn Br Plo 6339, Warn Quin 65°39.. rner Sug 78 '41. Warren Bros 6#41. B @O0 ®S e BLRELL R Benone Wis Cent Tm ‘Yokohama 6s°61... Ygatn SAT SeB'10. - "Despite an Increase in- Offerings. BY JOHN A. CRONE. Special Dispatch to The Star. | Received by Private Wire Direct fo The Star Office. a piidend Rate Alabama Pw pf (7) 108 Ala Great Southern 258 Aluminum of Amer150s m Beverage. Am Capital pf. Am Cit PAL A Am City P&L B 15¢ Am Cyanamid B... Am Dept Strs 15t A, Am Invest Inc war. Am & For Pw war.. Am Gas & El (31, AmGas&Epf (§). Am Superpower. .. Am Superpower pf. NEW YORK, January 31.—Although | Am Super 1st pf 6. . trading in today’s session of the Curh] Anglo Chilean Nitr. Exchange was twice as active as that | Arkansas NtGsA. of Monday, price movements were ir- | Art Metal Works. . regular and narrow. As El Ind Ltd k10c. Electric Bond & Share was off only | Asso Gas & Elec. .. 14 during a iugs of pul riod of fairly free offer- | Asso Gas&Elec (A) utilities, a movement | Atlas Utilities..... which followed quite geperal discussion | Atlas Util war. of rate culg. Cities Service was vir- tually withBut change during this pe- riod, as was Standard Oil of Indiana. The first hour, however, was not without some wide price movements, National Dairy Products A rose 4% points. Montgomery Ward A at 60 was off a point. Columbia Gas & Elec- tric_convertible preferred in a few trades declined several points. Childs Atlas Util pf A (3). Axton Fish A 3.20. 126s Babcox& Wilcox(2) 1008 Blue Ridge oo 4 Blue Ridge ¢ pfas. Brit-Am Ol1C80c.. 2 Br-Am Toregké7c 1 Burmarcts(kéige) 1 Bwana M’Kub Corp 1 4 preferred, after a series of bids and | Canadian Marcont. offers, recorded a drop of 3 Hollinger Consolidated G estimated 1932 earnings a shade against actual net of 71 cents a share in 1931, which accounts for the recent action of that stock. Hughes on earning estimates of 70 cents a share for the year ending August 31, 1933, against 77 cents a share for the previous fiscal year. l’?lr?twcned"c: P‘pfx‘l?f i h 4 whicl off a t, set the tone | for the food list in the first several hours. Singer manufacturing yelded 2'; points in the specialties. National Bellas Hess was unchanged after it reported net profits of $20,055 for the aulrur ended December 31, 1932. Re- ecting the betterment in the draperies trade, Powdrell & Alexander was up almost a point. Mines Receivership Plea Filed. NEW YORK, January 31 (®.—A| petition for an equity receivership of the Pressed Steel C: New Ji LG BEL IS §SIEESESS P TR e pras @oseis o 3 BEEE Gen Wi K‘:“l % 2 Gen Wt [ 9 ia_ Py 2 KRz Nu3, o G&C blas "50 4 Kopper 10 Lehigh P 8 63 2020 1 Lexington ‘ 1 LRby Menal se 42 7 Mass Gas 5% ) ety ', g gccadaggggdan! -=;uu,na AT yaaisgg gg L 2 R2882332508 2 igg FE R R ] s et s EpEEER 25052°<E G 35 aiESESSE xw it Kl Ser 71 Ww—With warrants. .Without warrants. SiWhen tssued. " g Market Averages By the Associated Press. Yesterday . o o Gl i BRBE ARG ORI DO B! 3 g T [ = PRER=SSE i taiin BN DO .. st 533 g8u3e3sorant g; Sismuisiotpis o 2 i ; £s S—) EREETERTY ERPLEIEN PlaNr SR Srda » 2 o i itas g2z a2n2az009 Laithbmooho00N) oo g3usageca: DrDrBeD~OMD g around 80 cents | & | Carolina P&L pf(7) 50y Carrier Corp. . Celanese Cp pf (7) Cent & Swn Ut pr Teck | € Cities Service. ! Cities Service pf 2 s Clev E) Illu pf (6). 50 Colombia Synd. ... 358 Col G & E cv pf(5).6258 Col Oll & Gas vtc. . Comwith Edis (5).. Comwlth & Sou wr. Comstock Tunnel. . Cons Gas Balt 3.60. Cooper Bess pf A.. Cord Corp.......... Cosden & Co c.od.. Creole Petroleum. . De Forest Radlo Detroit Afrcraft. axtr GRF DL (6).. t States Power. t Util Asso ¢’ Etsler Elec Corp El Bd & Share bé FEl Bd & Share pf §, E1Pwr As A (40¢) . Elec P & L op war. Elee Shareholding. Europ Elec deb rts. Federated Capital. Federated Cp cm pf Ford Motor Can A. | Ford Motor Can B. Ford Motor France Ford Motor Ltd General Aviation. Gen El Ltd 20 2-6c. Gen Fireproofing. . Georgla Pw pf (6).125 GoldmarPSachs.... Gorham Inc pf . Grt A&P T n-v Gulf Oil of Pa Hollinger G1d 180c. Hudson Bay Min. Humble Oil (2). Huyler Strs cu pi NP&Lpf(6).... Imp Oil Ltd cou 50¢ Ind Pipe Line (20c) Ind P&L cu pf 6% . 508 InsCoNAm (2)... 3 Int Hy El Scpf 3% 258 Int Petrol (1) 3 Int Products. 1 Int UtilB. ... 1 Interstate Eq cv p! 2 Inters Pwr(Del)pt. 308 Lake Shore M (2).. 2 Lehigh Coal&N 40c Long Is Light(40c) Long ILcmpt B 6 La Pwr.& Lt pf (6). Mass Util cv pf 2% Mavis Bottling A. Mont Ward (A)... Nat Bellas Hess Bnd & Sh (1) t Dalry pf A (7) at Investors..... 4 Nat Pw&Lt pf (6). 1508 tSugarNJ (2). 1 'w Eng Pw pf (6) 10s ew Jersey Zinc2. 2 Noma Electric. ... Northern P L(50c). orth Sta P A (6). North S Pw pf (7). B Novadel Agne (5). Oflstocks Ltd (80c) Outboard Motor B. Pac G&E 1st pf 1% Parke Davis (1)... Parker Rust (2)... 508 Peninsular Tel pf 7 108 PennW&Pw (3).. 3 Penroad Corp. Pet Milk pt (7). Phil Morris Inc.. Pioneer Gold 24c. . Pitney Bow Pbi%. Powdrell & Alex. .. Premier Gold (12¢) Prudential Inv. Stock and Sale— Dividend Rate. Add 00 Pub Ut Hid x w.. Puget Sd P&L36 pt Red Bank e Reliance Int A ... Reliance Manage. . Roan Antelope. ... St Anthony Gold 8t Regis Paper. . .. Salt Creek Prod (1) Security Allied Cp. Selected Industries Select Ind pr(5%)n Shawin W&P (30c) Singer Mfg Co (8). SouCal Ed pf A 1% Sou Cal Ed pf B 133 Sou Cal Ed pf C 1% Southern P L (40¢) Stand Of1 Ind (1).. Stand Ofl Ky 1.20.. Stand Oil Neb (1), | Stutz Motor Cai 2% | SWift & Co. 15 15 108% 108'4 - 83% % Swift Inter; Swiss Amer El pf. . Technicolor Tech Hughes (60c) Trans Air Trans. ., Tubize Chat Corp.. United Founders. . 1% United Gas.... 1% Utd Gas wa - ) | Unit Lt&Pwr (A).. 3% Unit Lt & Pwr pf.. 17% Utd Shoe Mch 2% 37 USDairyB....... 5% % US&Intl1stpf... U S Stores. . UtlP&Lt, Pty Wayne Pump. P % Wenden Copper. 2215 - 1% & | Wil-Low Cafeteria Wright Harg t20e. 3% 3% Dividend rates in dollars based on last quarterly or semi-annual_payment x dividend. {Partly extra. iPlus 4% in stock Pavable in cash or stock. b Payable stock. e Adjustment dividend. in stock. g Plus 6% in stock. JPlus 2% in stock in stock. mPlus 3% in stock. n Plus 8 in stock. p Paid Iast year—no regular rate. Special Dispatch to The Star. NEW YORK, January 31.—Opening cotton quotations here today were down 1 to 3 points following a decline in verpool which ranges froms s g0 "5 Initial prices were: March, 5.99, off 1; May, 6.12, off 1: July, 6.25, off 1; October, 642, off 3; December, 6.54, | off 3; January, 6.60, off 2. % | 5 s, | 3:0083.30; | light light, good and choice, CHICAGO LIVE STOCK MARKET States Department of Agriculture) — Hogs, 22,000, including 8,000 direct: active, mostly 5-10 higher than yes. |terday's average; packing sows firm | 140-250 pounds,” 3.25a3.40; | freely; 260-350 pounds, 3.00a3.25; pigs. most packing sows, 2.70a2.80; 140-160 | pounds, 3.25a3.40; light weight, 160-200 | pounds, 3:30a3.40; medium weight, 200~ 250 pounds. 3.25a3.40; heavy weight, | 250-350 pounds, 3.00a3.30; 2.5082.90; pigs, good and choice, 100- 130 pounds, 3.00a3.30. | _Cattle, 6,000; calves, 1500; general market slow, but mostly steady; killing quality plain; steers and yearlings pre- dominating in run bulk of quality and | yearlings, 6.50; low priced cows selling | most beef cows, 2.50a3.00; cutters, 2.25 downward. Bulls and vealers, steady; slaughter cattle and vealers: Steers, good and | choice, 550-900 pounds, 5.25a7.25:" 900~ 1,100 pounds, 5.00a7. 1,100-1,300 | pounds, 4.00a7.00; 1,300-1,500 pounds, 1,300 pounds, 3.25a4.50: heifers, good and choice, 550-750 pounds, 4.2526.00: common and medium, 3.00a4.25; cows, good, 2. 25; common and medium 2.25a2.50; low cutter and cutter, 1.50a 2.25: bulls medium, 2.25a2.90; vealers, good and choice, 5.25a7.00; medium, 4.25a5.25; cull and comman, 3.00a4.25; stocker and feeder cattle: Steers, good and choice, 05/ 5 eommon Sheep—Receipts, 12,000 head; few sales and bids fully steady with yes- terday's 25-cent lower close; good to choice, 75-84 pounds, native lambs, 5.50 25.75; holding best around 6.¢ lambs, 90 pounds down, good and choice, 5.50 26.00; common and medium, 4.00a5.50; 90-150 pounds, good .00; all weights, com- and medium, 1.25a2.50. CHICAGO DAIRY MARKET. CHICAGO, January 31 (#), Receipts, 87 tubs; weak; c specials (93 score), 17%al73,: extras (92), 16%; extra firsts (90-91), 1615; ?.’:n (88-89), 16a16%4; seconds (86-87), s Eggs—Receipts, 12.114 cases; unset- tled; extra firsts, 123;; fresh graded firsts, 12%; current receipts, 113. mon Indian cress. When it’s a matter of financial nature CONSULT THE OFFICERS of the COLUMBIA NATIONAL You will find them deeply interested in extending helpful suggestions and friendly vance and protect your financial welfa vast experience, they provide a source of dependable advice to ALL patrons, and they confidence. Officers: 'RANK J. STRYI Presi I NG EeTES, Ve US Elec Pwr ww.. &% 8% %l CHICAGO, January 31 (#) (United | top, 340; packing | sows, medium and good, 275-550 pounds, | A condition to sell at 4.00a6.00; early top | | to better advantage than fat offerings; | 13.5085.75; common and medium, 550- | (yearlings excluded), good | (beef), 2.50a3.25; cutter, common and | Nasturiums are sometimes uuedl INU.S. INDUSTRY :‘Wilmington Executive Says Turn for Better Occurred After Middle of 1932. | By the Associated Press. % WILMINGTON, Del. January 31— Since the middle of 1932, in the oping fon of Lammot du Pont, president of By I du Pont de Nemours & Co. Incy “there has been a noticeable improve: ment in some important branches industry.” The downward trend of industrial ace tivity of the preceding two years, saif Mr. du Pont in commenting on condle tions in the corporation’s annual res 'ipon, for the past year, was continued during the first half of 1932. The dyg Pont Co., he added, participated in t improvement which has been under wa since then. Mr. du Pont’s comment did not in clude the specific branches of indust in which he said he had noted ime provement. | “The success of business will be ses cure when confidence fully returns.” he | asserted. “Confidence cannot retu | until fears arising from the threat q unwise and disturbing legislative proj ects are allayed.” Most important of all steps in t | restoration of confidence. Mr. du Pon declared, is the further drastic curtaile | ment of public expenditures and a, lowe |ering of the tax burden. Unless the “immediate and substantial reductioq of Federal. State and municipal exe perditures” is effected, he warned. “any | real business recovery will be greatly ree | tarded.” Grain Market By the Associated Press CHICAGO, January 31.—Indicati of better export buying of Canadi wheat helped give firmness to Chi grain values late today. World's available supplies of whea§ showed some decrease, making the total stock 443.422,000 bushels, compared | with 472,107,000 a year ago. Unsettled political conditions in Europe, however, were a handicap to wheat price ads vances. , Wheat closed firm. unchanged to J higher compared With _yesterday finish, corn '3 off ls up, ozts un=- changed 1o ls_lower. and provisions varying from 2 cents decline to am equal gain. Hi Lo, May .. AT 3 17 2 July Coill 48 © 4712 September " . b, AUTO SALES GAIN. CHICAGO, vanuary 31 (#).—Sales new passenger automobiles in Decembel with reports from 44 States tabulaf were running ahead cof sales in preceding menth, R. L. Polk & Co. res ported. ‘Total registration of passengeg cars in the 44 States was 1.27 per cen$ sbove the November registration. —_— Atlantic City Bank Closed. ATLANTIC CITY, N. J.. January 3, (#)—The Auantic City National did not open for business yesterday. A sign on the door stated the affairs of the bank were in the hands of the controller of the currency. Directors announced that the action had been taken in order to conserve the assets of the bank for depositors. At the close of business December 31 last the bank published total resources of $14,100.740.36. ANNUITIES Profitable—Safe All Forms—All Ages WYNDHAM R. WILLS 22 Years' Experience in ance and Annuity Busine: n Bldg. NA. 9430 Producing Oil Royalties Provide Attractive Monthly Incomes Write for Descriptive Booklet A-2 Benjamin Calen Tr WE OFFER New York Evening Journal William Randolph H rst to vield about K‘__"x Ferris, Woodroof & Lewis, Inc. “ Investment Securities ,_Washinston _Buildine NAL. 59236 | assistance to ad- Men of will welcome your ident e President RO H. LACEY, 'Cashier ALBERT E. nfllfl Asst. Cashier WALTER B. GUY. General Counsel . Directors: JOHN JOY EDSON WHITING_ES’ €, FENTON FADE JOsE Y BLAKE JAMES A. MESSER 3 PH H MILANS