Evening Star Newspaper, February 3, 1933, Page 15

BOND MARKET ZiPS IN SHARP SELLING Further Liquidation Appears| in German lssues—Rail Group Lower. BOND UNITED STATES. (Sales are in $1.000.) High. Low. lei%l 32-47... 10318 10318 t 438 32-47 10229 102 26 ! le tlh 43 s33-38 103 17 108 14 S (7 S US!“IMOI “ 102'5 %sJ 40-43.. 10226 102 22 et e . 1073 10639 10630 e D111z 11031 11031 BY CHARLES F. ) e Epecial Dispatch to The Star. ! Abitivt P&P 5863, 2 NEW YORK, February 3.—The bond | op & St 51s '43... merket was subjected to considerable | Allezhany 5s’44 pressure today in different parts of the 1 Alleghany 55 °49 : | Alleznany 5s'50 demestic and fereign list. Many new | 4))ig Chalm 5s°37. low prices for the movement resulted. | Am Beet Sug 6s '35 The German issues were extrem: ‘:;: (!'h}"“:s‘!’\s.’lfi: ‘33 weak in the early part of the session, Am 1G Ch 5t 49, but rall’ed romewhat later. Rail bonds | Am Intl 5 ‘49... dealined moderately. There were further | Am Metal 51,8 '34. loss:s in Canadian government and | Am gnl&‘¥e: s railroad obligations. A Susitanens Since the announcement of the|Am o ?’5; ey change of Government in Berlin, \:m T&T; ;5. i German dollar bonds have had a sub- | "" TAT deb 52765, stantial decline. The Government 5lzs | Am T8T 5:’ 4 todoy sold as low as 54, and were above | Am Ky . - 64 last month. The Government Ts|Am ““: e around 75 compared with about 87. :‘"‘ ;‘inosl;l 62 Rh'ne-Westphalia Electric Power 65 Ar‘.::( AR M.;~ declined tcday to 53. A short time ago | Arg'"“““ €855 Jo they were selling at 70. Prussian 6! A"‘.nlln. 6559 Oc were under 50, or 14 points below !heh'l A;genllnu s A 57 best of the year, and the Mortgage Mgen”ms.nls.~ Bank 6s were off about as much. It Arm&(.ot“xs‘!S. wwas reported that there were some good | ATM & Co 1% 7 . buying orders from abroad under the & {chfhongn market by interests who initiated the Atohison 43¢ rise in German securities late last year. | WV A0 Among domestic raijroad honds there | | AUCE un 4%8 N were losses in both the high gral and Australia 4148 '56. secondary_groups. _ Baltimore & Shlc| AMStTala $ first 4s dropped 2 points. So thorn | Pacific 4145, Texas Pacific 5s, S' Paul 5s and the Missouri Pacific issued were | off by fractions to a point. Further liquidation occurred in Un".ed\ States Rubber 5s, which were off a | int to a new low for the year at| 8. The 6 per cent notes of the com- | pany, due this year, are selling at a discount of 25 per cent, and those ma- turing up to 1940 are quoted in a range | between 54 and 31. Western Union | 5s declined a point, Dodge Bros. 6s were up 1!, points and Paramount- Broadway 5'%s gained 21> points. Heavi- ness was general in the American Tele- phone & Telegraph bond list in sym- pathy with the decline of the stock There was significant weakness in some of the listed and unlisted public utility | bonds whose position might be affected | by the proposed expansion of the Muscle Shoals project. United States Treasury loans were frregulsr, with some shading off from the high prices of the week. Interest Rate Reduced. ‘BALTIMORE, February 3 (Special). —The Baltimore clearing hcuse haz | ruled that the maximum inter:st rate | on savings accounts of member banks and their associates will be 3 per cent, beginning next March 1. The pres:nt clearing house rate is 35 per cent and| has been in effect since Jun> 1, 1931 The action follows a reduction in the rate on savings accounts made inde- Caanda 4< 60 pendently by a group of local banks|Canada4iis "36. last Decembcr and put into effect on | Canada 5s'52. . The clearing house ru’ mg|(‘un Nat Ry 4148'51 to virtually all the rom“ne;-lz:'\" t t Ry, 0:“ 4 and trust compenies in the i Canitat Ry simss Bank clearngs in January a-mu-nted. ty 216,431,051, compared ‘with $288,- | 743871 f-r the like m last year. \“fl&r'""“o" ~tosk Exch ge SALLS. cn Co.—50 at 10, 10 at 10. wraEmmHie~o e e Er R Aul(rlln 78'57. B&O 1st 4 B&O4%s"33. B&O 4%s’60 R & O ref 5s B& O rf 55 D 2000. B&OTf63C'95. B& O Sw dv 5350, Belgium 68'55. ... Belgium 6%8°49. . Belzium 7555 | Bell Tel Pa 5s B8, | Benet Loan 6546 | ® weEnuRReetan BraaEnnellralouanuitana | Berlin 615’50 Berlin Cy El 6s " Berlin C El 63%s'51 Berlin C El 613559, Beth Stl pm 5 '36. Beth St rf 58 '42.. Boiivia 7s B Bordeaux 65'34. .. Ros & Me 4% 5'61 J Brail 6165 "26- Brazil 61os Brazil C R Nrazil 8= "41 e ool SONOEASY- P vy= e Bklyn \hn ) Saw | Bklyn U Gesbs Buenos A R 6s"61. | BR & Pitts 44857 | Calif Packing 55740 s o pa RrvornBonmrabii-a o Can Nor 415" Can Nor db 61,846 Can Nor deb 7s '40. Can Pac db 4s. Cor Clin & O 55 '38. Cent Pac 1st 4s'49. Can Pac 53 '44 ctfs. Cent Pac s '60. 9 Gas 5s 1958—811,500 at ctric 4s—$1.000 Fonm | Ches Corp 5547 C&0gen vu'nz C&O41R5A D C&O4gsB C&Ocon5s'3 CB&Qegn 4 'CBE&Qrf5 | CB&Q 11 4549, | Chi & Est Il 55'51. Chi Grt West 4859 Chi Ind&L gn 65'66 CM& St gn 4s'89 4—6 at 107} Bxd and Aukcd Prices. BONDS. LIC UTILITY. EUH Bid, Acked. dtfiw‘..._ Capital Traction City & Suburban Georgstown Gas Potomac Elec. Co Potomac Elec. (s Washington Gas 4!:5 Washington Gas Washington Gas 3 CM & St Padj 5s. Ch1 & NW gn 4’ | Chi&NW 41:5C"37. | Chi & NW 43549, Chi, W rf 5s 2037 | Chi & NW 616836, Chi RI&P gn 4s 'S8 Chi RIP e 4534 Chi Chi Chi [ Cht Chi Chi C& W Indcn 4s°52. C& W Ind 5%s 62, Childs deb 58 ‘43 - ipoi; o413 n KA A NN ANN RO LS WR AR AT G Gas Wash. Rwy. & Elec. 45 MISCELLANEOUS. Barber & Ro: Rash. Mt Cold storage 55, STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9)...... Capital_Traction Co Wash. Gas Light, Co W. Steamboat vy, & waih: BV & e The following figures are mnot bids. merely represent minimum prices fixed the Washington Stock Exchange. NATIONAL BANK. but by P = =TSN Chile 65 '63. Chile s "42 Chile Cop db 55 47. Chile Mtz Bk 6s ‘61 Chl Mtg Bk 6%s Cin Un Trm 55 2020 CCC&St L 4%s Clev Term 4348 77, Clev Term 5s B 73, | Clev Ter 5% sA'72. Colomb 65’61 Oct.. | Colo & Sou 4835 Col G&E 35 52 May Col Gas & E 5s ‘61, Com Inves 5358 49 Cons C Md rf 55 '50 Con G NY 4128 '51. Con Gas N Y 53’87 Con G NY 53845 Con Pwr Jap 6%s Con Pow Japan 7s. Covenhag 4155 ‘53, Copenhag 5s ‘62 Cuna R R !st 5852 | Cuba flss 3 Cuba RR rf DedHnd ref Del & Hud ev Del & Hud 514837, Denmark 413 '62.. Denmark 5 1s ‘55 . Denmark 6s'42. CCLLANEOUS, Denver Gas 5s ‘51 a) Bliz, Corp. (0) 9 D& R Gren4g 36 Dist. s ke 285 $ D& RG W 5s B el e : Det Ed 4%3 D o - cd.-Am. Co. com. (60¢)... De* Edison rf 55’49 ped.-Am Co pid. ' (6) Det Edison £8'52.. Anston Monotype (6) | Dodze Bros 68 ‘40, anner Sti7s 42,. E1l 2 n. price. Capital (8) : Columbia ( Commerci District ( Fed.-Am Liberty € 1) J Lincoln (10} Metropglitan o). Riges (12) Second () Washington 'mus'r CO\!PANY Amer. Sec. & T Mot say. & Tr. (1% Prince Georges Bk. & Tr. ( Union Trust (Ks) Wash. Loan & Tr. (i) .. SAVINGS BANK. Bank of Bethesda (156)... Com. & Savings (10) East Washington (X) Potomac Savines Bank (10).. gec. Sav. & Com. Bk. (105) et ik (stamped) (i Natl] Bk & RE INSURANCE. Estcoran (107 Firemen s (%) National Unioa (137 TITLE IN columbia (6h) Real Estate (6h) %S URANCE. an.—n-u:fiq.aua._uem-:anm —a e a® ;‘l"f"x'«)x‘th"ft Inv. pf at ce. & Inv. E")?m( Drye 8. pfd vma“ nummne 4% A6 Duquesne 4% B '57 East CSug 7 Ene ren 4s " M. & G. ofd. 'rn- Por_e Wh Con € Carpel Corp L-thron com. Lothrep pfd. o " CONWI ANRENNTI~O ORBEND Krie raf 63 °75. . Erie ref 5367 Fiat deb 7s'46. Finland 6s°45. .. Finland 6%s ‘56 Finland 7s ‘60 Fisk Rub8s'4 e extra. extra ila% extra. Unlisted Department. (Xaese securities not listed under exchange ~les. French Gv 7%8 41 Gelsenk'hen 68 ‘34. Gen Baking 5%5'40 Gen St Cas 5%48'49. Ger Cent Bk 68'38 Ger Cen Bk Ger Cen Bk Ger Cen Bk 78 ‘0. . Ger Gen Elec 543 Ger Gen El 75 45 Ger Gov 5%8 66 Min price. 21 Anacostia Bank Chapin, Sacks §% pid Connecticut Ple Heurich B District Title Tnsoran Frankiin National Bank Tust Co. ational Capital Insurance. ortheast Savings Ban Savings Bank. Grand Trunk s 26 se Ball Club’ Grand Trunk 7s°40 6 101 ‘Washington Savings Bank. ashington Title Insurance Weodridee-Langdon Sav. o GreNord%s BT, 2 48 142 ON NEW YO STOCK EXCHANG Received by Private Wire Direct to The Siar Office. 101 Gt Brit&lr 6%s°37206 105% lm 106% Sou Pacrf R K E . 2:88. CI% Sales. High. GrtNor5%sB'52. 2 48% GrtNorgn7s'36.. 28 &8 Haltl 68 °52 Hudson Coal Hud & M adj Hud & Mrf§s'87.. 111 Bell Tell 65 11l Cent cl tr 111 Cent rf 48 111 Cent 4% *6! 111 Cent ref 5s '55. 11l Cent 634536 111 CCSIL&N 4% 111 CCSIL&N 6s A 111 Steel db 4 %s%0. Inland St 4%s A'18 12 Inland St 4%s B'81 4 Int Rap Tr rf 53 °66278 Int Rap Tr 62132, 41 75 2% AR A0® Mot Int & Gt Nor 6s '52. Int Hydro El 65°44. Int Mer Mar 6s'41. Int Pap ref 53 A'47. Int Pap 6s'55. Int Ry C A 5372 Int Tel&T 4%s'39. Int T&T 4%s'62. Int T& T 58 °55, Irish Free St 5560 Italy 7s°51. . Italy Pub 7s 52, Japanese 5%s8'65. . Japan %854, Kan C F S&M 45'36 Kan C P&L 4%s ‘61 Kan City Sou 3s'50. Kan City Ter 4s'60. Kan GAE 43 '80.. Karstadt s Kreug & Tolls s, Kresge Found 65'36 Laclede Gas 55 '34. Laclede 5% Len Val cn 4s 2003. & Myers 5s '51. Myers 7s '44. '41 Lon" ISirf 4349, Lorillard 7s"44.... La & Ark 55'69. Lou G & El 63 A'52. L & N uni 4s'40. L & N 53 B 2003. L &N 4%sC2003. Lyons 6s°'34. McKes & R w. 50 Manhat Ry cn 48 Marsellle 6s'34. Mex 45 ast 1910-45. Stl 55 °36. . Mil E R: Mil E Ry&L 53'71. MSPé&sS: MSP&SSM 5% MK &T 1st 45’90, MK&T4sB 62... \'I\LT..“A'B' . MK & T adj Mo Pac gn 43 Mo Pac rf 53 A 7 - N won R Boomm S-Boaanin 19 Mo Pac 5s H '80.... Mo Pac5s1'81.... Mo Pac5%s A 49, Mont Pow 53 '43 Mont Pw Mont T 1st rf 5 Mont Tram 5s '55. . Mor&Co st 414539 Nassau Elec 4s ‘51. Nat Dairy 5%s'48. Nat Steel 55 ‘56 N Eng T 1st 58 '52. N J Power 463 '60 a0 Nw S Wales 5s'57. Nw S Wales 58 YC3138°97..... Y Cent db 4s'34. Cent 45°98. ... NYCrfak%s2013n N Y Crf5s2013. Y Cent db c;':s. YCLS 3% YC&StL 1‘/,:'7 \C&snl.s’,m'u Edison 5s B'44 Edison 6s C'51. rf6l%s H&P 4 H&H 414867 H&H clt 65'40 Y NH&H 6548 . Y O&W gn 4s '55. Y O&W rf 4392, NY Rys Inc 6s N Y Steam 5556 N Y Telcn 4%s Y W&B 4145 '46. . ia Sh Md 518°50. Nor & Wn cn 45°96. Norf&Wn div 4s'44 North Am Co 58 '61 Nor Am Ed 55 C" 59 Nor Am E 5 N Ger Lloyd 6s " |1 or OT & L 63 47 or Pac gn 3s 204 0 8 Y Y Y v Y or Pac r 162047, or St Pw 53 A "41. Norway 6s'44. Norway 63 52. Oreg-Wash 43 | Orient Dev 5 { Orient Dev 6s Owens [11G16s'39. Pac T&T 1st 5s'27. Paramount 6s '47. . Param-Pub 5% 850 | Pathe Exch 7s37. Penn sta 4s "48 I'enn 4%s D'81. Penncn 4%s 60 Penn gn 4%s 65 Penn 4%s D ‘T0. Penn 4%s'63. Penn §s ‘64 Penn gen 55 °68. Penn G%s '36. Penn P&L 4%5 ‘81, Peop Gas ref 5s'4 Pere M 1st 58 '56. Peru 6s '60 Phila Co 53 "67 Phila Blec 45 'T1 Phila & Read 63 Philippine R 4s'37. Phitlip Pet 6348°3% Pillsb F M 6s'43.. P& WV 4%s C'60 Poland 6s'40. Poland Port Gn El 4%: Por R Am T 6s'42. Pos Tel & C63'63.. Press §tl Car §s'$3 Prussia 68°52..... Prussia 6%s'51 Public Serv 4s'71.. PubSv G 4%s'67.. Pub Sv G 41570 Pure O1l 5%3 '37 Pure Oil 51%3°40. .. Queensland 6s "47.. Read 4%s A 97 Reading 4%s B Rem Arms 6s A '31 Rem R 5%8A’4Tww Rhinelbe U 7s "4 Rhine Ruhr 6s°53 Rhine West 6s'62.. Rhine West 6s°'53. . Rnine West 63 55 Rich Oil Cal 6s *44 Rio de Jan 6148 °53. RioDeJan ext 6 R Gr Do Sul 68 RIAr& L 4%s'34. Rome 6552 Rumania 7s°59. StL IM R&G 48'33. St L&SF 43 A StL&SF4% 8. StL SF 4%s'78¢ctst 8 St L&SF 58 B'50... 9 St L SW 1st68°62. 12 StP&KCSL 0%-"4‘1. - Sinc O11 633 B'38 Sinc Ofl 7 A '37 Sinc P L 5542 Skelly 011 5% Solssons 6s ‘36 Solvay Am 584 Sou Bell T&' Sev-hrfanconnnnon Sou Pac 4 %! szl | thrown fr 31 Tex & Ark 5%5'50. - 44 LEGAL FIGHT ON OIL PRORATION PUSHED Texas Court Expected to Hand Down Decision in Short Time. By the Associated Press. HOUSTON, Tex., February 3.—The biggest news concerning oil in Texas these days is courthouse news. Still another in the long line of legal attacks on the validity of State prora- tion of production in the vast East Texas fleld, called by many the world’s greatest developed petroleum reservoir, has been heard by a three-judge Fed- eral Court sitting here, and a decision was expected within a few weeks. Meanwhile, the great field continues to grow. In the week ended January 28, 51 new producers were reported, bringing the total to 9,505. New Field Active. Elsewhere in the State the relatively new Conroe fleld, near Houston, saw the greatest activity. Conroe accounted for 11 of the 17 new wells from that big area called the Gulf Coast of Texas. In addition, there were two spectacular fires in wild gassers at Conroe which formed 'grent craters, released such tremendous pressures that gas burst through a score of crgyices in the ground and caused one great patch of earth, 100 feet or more in diameter, to drop from sight, leavirg a water- filled hole. The Federal Court hearing held chief interest, however, bzcause it brought in issue the whole plan of proration in this State, specifically in East Texas. The current proration orders, limit- ing production in the fleld to a mini- mum of 28 barrels and a maximum of 31 barrels per well daily, went under fire of numerous operators on the con- tention they were “arbitrary, discrim- inatory and confiscatory.” Likewise, the new statute upon which proration rests was challenged. Price Fixing Power Charged. The statute, enacted last November in an’extraordinary session of the Legis- lature, departed sharply from previous proration legislation in _Texas by ex- pressly permitting the Texas Rallroad Commission, proration administrative body, to consider the question of market demand in making up its schedule of allowable production for the various pools in the State. The act was attacked on the claim it was designed, though not openly, to provide the commission with a means of fixing the price. Ernest O. Thomp-on, member of the commission, insisted.the body had not considered price. Its sole aim. he said, was to prevent waste and, if a price movement followed, it was not by ce- sign of the commission. One charge raised against the prora- | tion orders, apart from the broad issue, was to the effect they were subsian- tially the same as the old orders, put- ting production pyrely on a “per-well” basis, which were held invalid by the same court last December. In that connection the commission said the current orders were not so based, point- ing out there was a three-barrel spread | between the minimum of 28 and the maximum of 31. The commission obtained a tempo- rary injunction last night from District Judge W. F. Robertson in the Stale Court at Austin, restraining the Cran- fill & Reynolds Co. from overproducing two wells on the McGrede lease near Kilgore. The injunction also restrained company employes from doing violence to Railroad Commission supervisors and cthers and from interfering with the :;:mmlssicn's efforts to enforce prora- ion Reports frcm Kilgore said a Rail- road Commission employe was forcibly an oil tank he was at- tempting t6 gauge and that 20 State Rangers later shut down two wells. Governor Backs Commission. Commissioner Thompson, speaking at Kilgore before an association of East Texas oil land owners, asserted the Governor of Texas was “squarely be- hind the commission in its efforts to curb overproduction in the East Texas field and violations of prmnon abso- | lutely will be stopped.” Thompson said the commission had decided to ban the running cf “back aliowables” and wells would not be al- lowed to produce or transport ofl, ex- cepting during daylight hours. How- ever, he said, the rules had been modi- fied to permit the drilling of 1 well to every 10 acres in the field, instead of 1 well to each 20 acres, as heretofore. The commissioner said wells could be drilled 330 feet from a property line and 660 feet apart under the new rule. — A railway car fitted with generating and broadcacting equipment is traveling from town to town in Australia, the manager selling advertising at each placa to pay his expenses. Sou P 4%s ‘63 ww. Sou Pac 4%s'81... Sou P&OT 4% 8A’77 Sou RYIn;!A‘ . Sou Ry M&O 43 °38. SW Be'l T 68 A "54. 104% 99% 33y 96% 104 Tllwlnl!’fi%l 1 Tenn El P 63 A '47. Ter As St L 4s’63.. Tex & I'ac 5s D ‘lo Third Av 1st 55'37. ‘Third Av rf 4s"60. . Third Av adj 5s°60 117 Tob P NJ 63s 2022100 Toho El Pw 7s'56.. 1 Tokio 5%s "61 Tokio El Lt 63 51 Union El L&P Il‘i'\!l UE&P 15t 5% sA'54 Un Pac 1st 4s°47.. Sau-.neunaavw 10314 105 UnSt W 6%sA’47. 33 Un St W 6%s A'51. Uruguay 6s lo. . UtahP&L 6 Utfl Pw 58’59 ww. Util Pow 5%s°47.. Vanadium St 5s'41. Vienna 6s°52. Va E1&Pwr 51842 Va Ry 1st 53 A '62. va Ry & Pw 58 '34. Va SW 1st cn 55 '68 Wabash 1st 58'39.. Wabash 58 D 'lg. . Sunewen uan-w aSanua West Ma 5% West Pac 58 A ‘“. Wul Tneltr e ELETTY Wull Un 6%s Westphalia 6s ‘53 Ynes o\nqn;-abs CURB ISSUES DROP | ASDEALINCS AN = Oil and Public Utility Shares Give Way to Selling Pressure. . BY JOHN A. CRONE. Spécial Dispatch to The Star. NEW YORK, February 3.—The Curb Exchange drifted lower in early trading today, then softened as dealings in- creased. . Petroleum and public utility securi- ties remained the heaviest in the list, with gold shares again providing lead- ership for the upside. In the latter group Lake Shore Mines, Hollinger Consclidated, Hudson Bay Mining and Wright-Hargreaves - early scaled new heights for the year or longer. Mean- while Standard Oil of Indiana recorded a new low. Electric, Bond & Share hovered at its low for the year and Citles Service was heavy. Although rayon exports last year set a new high record, shares of such com- panies, Celanese Corporation, for ex- ample, were the weakest in the textile group today. This movement was transmitted to the foreign list, where Cortauld’s proved a vulnerable spot. Aside from the 2.9 per cent gain in! sales the last six months of 1932, as reported by Pepperell Manufacturing, little news emanated from textile sources during the first few hours. Public utility preferred issues, which at times displayed notable strength in January sessions, started the descent of the power and light shares today. Alabama Great Southern 7 per cent preferred, Long Island Lighting 7 per cent preferr=d, National Power & Light 6 per cent preferred, and United Gas $3.50 preferred, headed this movement, Shortly thereafter weakness cropped out in the higher-priced utility common issues, like Duke Power, commonwealth Edison and Consolidated Gas of Balti- more, which speedily recovered. Then the medium priced group, American Gas & Electric for instance, receded. The heaviness in Standard Oil Issues caused weakened bidding for the lower- priced stocks, such as American Maracaibo and Carib Syndicate. In the meantime Gulf Oil firmed fractionally. The Alabama Great Southern Secur- ities were the most active and depressed in the carrier group at this period. The | motor stocks ignored January sales re- ports pointing to gains, notably in| Illinois, where car sales were up 14 per | cent over the same month of 1932. Broadcasting Income Drops. | | NEW YORK, February 3 (#).—Total income of the National Broadeasting Co. for 1932, announced 2t the annual meeting of the network’s advi isory coun- cil, showed a $500,000 decrease under | that of 1931. The figure for the year, as given by ! the president, M. H. Aylesworth, in his | annual report, was $29,000,000. ‘The ! report for 1931 showed the total was | $29,500,000. Heretofore an increase in | im:tne:\e over previous years has been e BONDS ON THE CURB Sales in DOMEST! NDS thousands. Ciny :Allblm Pw £ 67 Bel T 57 i Bel Tel Con 5o 04 § Brmnem El 415, 1 Cent il PS 4!, . 3 Cent Bw s 7, Bt g St Rel 5L 26 Cities Service 1 Cities Service 5Com Ed 4lus C 1Com kd 4'as E 2 Com Edis is P 15 Consm Pow 4'as § Cudahy Pke 5 50 50 1032 104% dgiise 1y 65 65 100 100% 352 7 100% 100 GAC Blas, 130 M1 H1Y 8 2026 81 D0% Tea 5s 1Neb Pow s A §New Eng G4E 53 4 New Eng G. % New Eng Bow s an INew Eng P ; 1N Orleans 4ias P&L4 e 518 G 2218 S RS N 1 b 2 DN | Duke Pow (5) s “os 2 95 ZWash Wk P 58 60 10082 1004 100% B Wes Tex U 5s A '57 b3% b 5Wisc P&L 5s E '50 !7% !; fi‘“ FOREIGN BONDS. 1Buen Al Pr 7l K 45 &5 B Sk EEF o u-ua.c.»-fiu-»-mu.waw g FiF KEE OFFEF 82RITL 235225032832 TR2ISSR Dlvlfln‘ llh. A“fl.m Low. Closs. AirInviIncvte.... 1 % Ala Great Southern 25s n 11 Ala Grt Sou pf (3). 20s 18% 18“ Alabam Pw pf (6). 20 50 Alabama Pw pf (7) 7 Aluminum of Amer1150s 46% Alum Co Am pf(3). 4 2 lflK 4% 18% 50 Am Cit P&L A (a3) Am City P&L B 16c 'l Am Cyanamid B. .. AmDTelNJcpf7. 26- Am & For Pw war, 2 Am Founders. . 3 Am Gas & El (31) 32 AmGas&Epf (6). 5 Am Invest Inc war. 10 Am Lndy Mch 1.20. 50s Am Lt & Trac (2) Am Maracaibo. Am Superpower. Am Super 1st pf 6 Arkansas Nat Gas. Arkansas NtGsA.. Asso Gas&Elec (A) Asso Tel Utilities. . Atlas Utilities Atlas Util war. Atlas Util pf A Benef Ind Loan 13 Elue Ridge. Blue Ridge ¢ pf al. Brazil Trac & Lt. .. Brillo M{g (60c). .. Buff N&E pf (1.60). Burma rets(ké¥%e¢) Canadian Marconi. Carib Syndicate Celanese 1st pf. .. Cent States Elec. .. Cent Sta Elec war. Cent Sta E pf 6 ww Cen St E16% pf xw, Cent States El Co p ‘508 Chesebrough(f63z) 1 Cities Service..... 61 Citles Servicepf... 1 Cities Sv P&L $7 pf 50s Col G & E cv pf(5).1608 Col O1l & Gas vtc.. Columbia Pictures. Com:ith Edls (5).. Comwlth & Sou wr. Consol Copper s Balt Cord Corp. Courtaulds K13 %c. Cresson Consol(4¢) Crocker Wheeler. . Deere & Co. ... De Forest Radio. 5 E o rluacnalaasomm Duval Tex Sul, E1Bd & Share b6% 163 E’'Bd & Sharepf 6. 11 51 Bd & Share pf 5. El Pwr Assoc(40c) El1Pwr As A (40c). Federated Corp. . Fisk Rubber (newY Florida P& L pt(1) 258 Ford Motor Can B. 258 Ford Motor Ltd General Aviation Gen Th Eqev Globe Underw kije Goldman Sachs. Gold Seal El new. Gulf Oil of Pa Hollinger G1d t80c. Hudson Bay Min. Humble Oil (2) I P&LDL(6). { Imp Oil Ltd cou 50¢ Imp Tob Can 35¢. Int Petrol (1) Interstate Equities Italian Superpw A. Lake Shore M (2).. 55 Lehigh Coal&N 40c 1 Lerner Strs pf ww.100s Lit Brothers. .. 1 Lone Star G bééc.. 2 Long Is Light(40c) 1 Long IsI Lt pf (7). 230s Long ILcm pt B 6 508 Ludlow Mfg Asso 6 30s Mapes Con Mfg (3) 1 Margay Oil (1) 1 Mass Util Asso. Mass Util cv pf 2 Mexico-Ohfo Ofl. Mich Gas & Oil. Mount & Gulf.. Mountain Prod 80c. Washington Produce WHOLESALE PRICES. Butter—One-pound prints (93 score), 22; tub, 21; one-pound prints (92 score), 22, tub, 20: one-pcund prints (91 score), 21; tub, 19; one-pound prints (90 score), 19; tub, 18. Eggs—Hennery whites, 13; current receipts, 12; Government graded ex- 3 1 258 2 | tras, 18; standards, 16; mediums, M. Poultry, alive—Turkeys, young hens 16a18; young toms, 14al5; old toms, 8al0; young tcms, over 20 pounds, 11; old hens, 10a12; chickens, Plymouth Rock broilers, 15a17; Plymouth Rocks, 4 pounds and over, 15a17; under, 12a13; mixed colored chickens, 13al5; Leg- horns, 10a12; colored hens, 13a15; Leg- horn hens, 8a10; hens, 4 pounds and over, 12al4; capcns, large, 17a19; small, 15a16; keats, old, 20a25; young, 25‘?5; roosters, 7a8. Poultry, dressed — Turkeys, young hens, 19a21; young toms, 17al13; old toms, 11a13; old hens, 13a15; chickens, Plymouth Rocks, 4 pounds and over, 18a21; under, 14al5; Plymouth Rock broilers, 18a21; capons, large, 21a23; small, 17a19; mixed colored chickens, 14a15; Leghorns, 14: roosters, 10a12; hens, 4 pounds and over, 15a17; keats, young, 20a30; old, 15a20. Meats—Beef, 10; veal, 12; lamb, 14; pork loins, 10; fresh hams, 10; smoked hams, 12; strip bacon, 13; lard, Ti%; ccmpound, 7. Live stock—Hogs, light, 3.40a3. medium, 3.4023.65; heavy, 3.00a3. pigs, 2.75a3.45; mu‘hs 1.50a2.50; cflvu, 3.00a7.50; lambs, 3.0026.00. P‘miu—Necmlnu, 3.25; plums, 3.25; watermelons, 1.25a2.50, apricots, 3.2: apples, fancy box stock, 1.50a2.00; bushel baskets, 1.00a1.25; pears, 1.50a 2.50; mandarines, dozen, berries, 2.50; alligator peal 2.7524.25; lemons. bushel baskets, tangerines, bananas, 1.50a2.50; rhubarb, 5-| pound boxes, 50a60; strawberries, crates, 4.00a 6.00; Spanish melons, 6.00a7.00; honey- | P! dews, 3.00a4.00; grapes, 2.00a3.00; pine- apples, 5.50. Vegetables—Potatoes, Maine, 1.25a 135; New York, 1.15; Idaho bakers. .75a2.00; Florida, new, bushel, 2.00a lplswee'isbosofls]:! uturnlps, t’o-so; 00; salsify, lozen, anche‘, 60;- spinach, Mll'lge;r collards, 25; kale, 30a40; cabbage, new, baskets, 5021.00; old, sacks, 65a75; beans, 1.75a2.00; limas, 4.00; peas, 83.50; lettuce, iceberg, !25!! 75; pep- yers 1.25a1.50; squash, 2.50a3.00; s, 5082.75; carrots, 2.5082.15; caulifiower, 2001250' eggplant, zw.mo. aspara- ches, Texas, 7.00210.00; 2.00a2.75; tomatoes, lugs, 125.1,50. repacks, 1.00a1.75. Market Averages By the Assoclated Press. STOCKS, 1 S 8 9, 2 g i1 tg Ind Yesterday ...%40.] Previous day Week ago oo 252 {Rats rocatsEBesisians, SR T SIS st aa DDA R 253 tetrtabtata et 5 o SREIRRSRaR: ” o 29 3 ™) LuobowomBIOSO™ SRPERtoRa! =t © 3003 RR2ERSE: BoRorhie s gmonn BB O H SEEIsESR: o & o ® 8 3 B Tas gazsl PRI ST Y PRI < Siasses 2238nRRRmd ssamssaessd, ...a = 254388 Laesies! = 5 8233 a4 faszanenza g FINANC Nat Invest war. Nat Pw&Lt pt (6). 3 Nat Sugar N J (2). Newberry (JJ) (1), New Bradford Oil. w Eng Pw pf (6) 20- Newmont Mining. . N'Y Shipbldg (new’ N Y Steam (2.60).. Niag Hud Pwr (1).. Niag Hud (A) war. Niag Sha(Md)B 20¢ Nipissing. . North Am L % | Northern P L(JOC) Novadel Agne (5).. Pac G&E 1st pf 1% Parke Davis (1)... Parker Rust (2)... Peninsular Tel pf 7 Penn P& Lpf (7). Penroad Corp. Phoenix Secur pf.. Ploneer Gold 24c. . Pitney Bow P b4 % . Pitts Plate Gls (1). Premier Gold (12¢) Prudential Inv. ... o4 Pub Util Hidx w.. b4 Pug Sd P&L $25 pf. Pure Oil pf (6).... Rellance Int A..... Reliance Manage. . wo1% 4% 24 # b 20% 48% Rolls R(k26 9-10¢) Royal Typewriter. Safety Car H& Lt. St Anthony Gold. . St Regis Paper. Schiff (The) Co(1). Secur Corp Gen. 5 Selected Industrics 1% Shawin W&P (50c) 9 Shenandoah pf. Sherwin-Will(1).. Slica Gelct. ... So Am Gold & Plat. Fouth Penn Of] (1) u Cal Ed pf B 13 Southland Roy 20c. ..,,. 6% 16'& "x % | Stand 01l Ind (1).. Stand Ol Ky 1.20. . Stand Oil Neb (1).. Stand Silver & Ld. Stein Cosmetic Stetson (J B). Stutz Motor Car. Swift & Co..... Swift Internatl(2). Sylv G M Ltd (4c). Technicolor. . Tech Hughes | lSOC) Trans Air Trans. Trans Lux DL P §. Tubize Chat Corp. . Tung-Sol Lamp. .. Unit Afr pfAxw(3) td Corp war..... United Founders. . United Gas. Utd Gas pf ( Unit Lt&Pwr (,\) . Unit Lt & Pw: pf.. Utc Shoe Mch 2% . 1751 U S Elec Pwr ww.. U S Finishing. T% | 21 Walgreen Co (1).. Wenden Copper West Auto Su A West Mass Co. Williams (R C . Wil-Low Cafe pf.. Woodley Petrol. Wool Ltd k25 1-5c. Wright Harg t20c. Yukon Gold. . in stock. n Plus R AT P L regular rat Special Dispatch to The Star. NEW YORK, February 3—A.mhzl cotton quotations tcday were up 9 to 13 points, rcll:wing the rise of 5 to 9 points in Liverpcol Opening prices were March, 5.83, up 9; May, 6.02, up 11; July, 6.15, up 11; October, 6.35, up 13; December 650, up 13; January, 6.54, up 13. PARIS BOURSE PRICES. PARIS, February 3 (#).—Three per cent rentes 77 francs, 70 centimes; 4', per cent rentes, 93.40. Exchange on London, 87.06. The dol- | lar was quoted at 25.61%. Electrical Appliances Reduced. NEW YORK, February 3 (#).—Price reductions averaging 10 to 20 per cent are announced by makers of hous*hcld‘ electrical appliances, who opened Spring | lines here this week. Producers have concentrated on a few important items and have curtailed variety of patterns in others as a means of reducing costs. Grain Market By the Associated Press. CHICAGO, February 3.—Grain prices tended upward early today, influenced by cable suggestions of a decided change | toward closer adjustment of world sup- ply and demand. Unfavorable crcp reports from domestic Winter wheat | territory were given increased notice. Open % to % higher, wheat after- ward held near the initial limits. Corn started 13 off to Y% up and subsc- quently altered little. Trade authorities construed a Liver- gocl report as pointing to likelihood of roader buying demand from overseas in the immediate future. Particular stress was laid on word that there had already pean purchasing of been Canadian wheat for Spring shipment | and a good business via the St. Law- rence was looked for. Bulls also em- phasized a statement by a widely known expert that in order to promise a 400.- 000,000-bushel yield ai the opening of Spring the domestic Winter wheat crop must do better than has been the case | S0 far this Winter. Weakness of the New York stock | market led to enlarged selling of wheat and early gains were more than wiped out. Prices went well below yester- day’s finish. Reports of colder weather | overspreading the West and of 30 below zero temperatures in parts of Canada failed to act as an offset. Corn and oats eased with wheat. Provisions kept about steady. O B Organized 1879 Equitable Co-Operative Bldg. Ass’n JOHN JOY EDSON, President Subscriptions for the 104th Issue of Stock Being Received JOIN THE AND SAVE SYSTEMATICALLY Always Remember— It is not what you earn, but what you Save That Counts. 13% | 2‘5‘ u_v, IAL. MAKING HEADWAY Various Companies Are Being Grouped Into Few Strong Systems. By the Associated Press. NEW YORK, February 3.—While the question of consolidating the Nation's | railways has been on the fire for more than 10 years, and cnly recently has it been possible for the roads to make much headway in that direction, the aviation industry has moved rather rapidly to a similar goal. ‘The airline companies have been aided in several respects. First, the in. | dustry is new and changes can ‘be made | relatively easily. Second, their lines, equipment and investments are much | less cumberscme to merge than the | raflroads. ‘Third, they have not been handicapped by such strict govern- ‘mitfllt*l laws and regulations as the rail carriers. Strong Systems Planned. | At the present time negotiations are |going forward in several directions which, if consummated, will group a | number of the Nation's principal avi- \anon companies into three or four .strong and widely spread transport | systems. agreement is reported in principle looking toward consolidaticn of the General Aviation Corporation, controlled by General Motors, 2nd the North American Aviation Corporation. Acquisition of a_substantial interest ': in the Aviation Corporation by the Cord interests, coupled with the Avi- ation Corperation’s zbsorption of the Gentury Air Lines and the Thompson Aeronautical Corporation, has helped to strengthen another strong system. The United Aircraft System and Cur- tiss-Wright group continued to figure in | rumors of additional expansion plans, l but no important changes were reported in either of these two well integrated | groups. Pan American Airways, which in ef- fect represents an important foreign air service of the American aviation in- dustry, added further mileage to its al- ready long system, the largest in the world, and progress was reported in its new conquest, which aims, eventually, lo sp:n the Atlantic, from Florida to Europe. Not only has it been the aim of lead- ing fac in the aviaticn business to form better co-crdinated transport sys- tems, with interconnections linking the East with the West and the North with the South, but they also have striven to make each of the major systems come plete aviation units in themselves. Seek Balanced Activities, As a result the new systems are seek- ing to balince their activities in all ases of air transport operation, not alone in transport lines, but also in plane and engine manu!wcturmg and in ownership of flying flelds. United Air- craft is especially well integrated in this respect. Pan-American Airways is the only one of the principal avistion com- panies which. thus far, has devoted its attention almost entirely to transport work, not concerning itself with engine building. o Producing Oil Royalties Provide Attractive Monthly Incomes Weike” for Destripting” Beskii A Benjamin J. Mills Cnion Trust Blds. At ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS On Improved District of Co- lumbia Real Estate Security 69th Series of Stock Now Open for Subscription James E. Connelly, James F. Shea, President Secrétary ~ FIRST | MORTGAGE LOANS [|In the District of Colum- bia and Nearby Maryland and Virginia EAVER BR REALTORS Loan Comrcspondent the Metropolitan e Insirance Company Washington Building District 9486 |/ STABILITY | Building and Loan Insti- tutions are rated among the most stable of Amer- ican financial firms . . . Safest for savings . . Most lenient in loans for building or acquiring property. The National Permanent has served Washington for over 42 years. Semi-Annual Dividends SATIONg, PERMANENT IIIII.DING ASSOCIATION 949-9“ ST. N\M W T 53rd YEAR COMPLETED WALTER S. PRATT, Jr., Secretary cerereen...$6,251,006.24 EQUITABLE The Equitable’s Plan of systematic saving has taught Thousands how to save and accomplish best Results. Jein To- day. JUMELB ISR PR R M=