Evening Star Newspaper, February 4, 1933, Page 11

FINANCIAL. ON NEW YOR BNISMEBEAVY [[BONDS s scrss N LIGH TRADNG Pressure Against Utilities Group Is Liftec—Ger- man lssues Lower. K E UNITED STATES. (Sales are in $1.000.) High Low 103 18 108 14 10226 10315 98 26 100 2 102 22 102 26 10220 105 10 s 106 30 I ? 1 i Saies. High. 1 105% 6 89 1 68 4 TI% 5%s52003. 15 75% ‘34.. 2 104% 36 Low. Close. 105% 105% 89 89 68 68 g T5% 104% 36 7% 70 87% 6% 1 Lib3%s32-47... Lib 1st 4% 8 32-47 Lib 4th 4% s 33-38 US3s61-65..... 3148 46-49. .. "5 s M41-43. 14850, Manhat Ry cn 45'90 Market St 7s A '40. Milan 63%s '5: Mil E Ry&L Mil E Ry&L 58°71. MSP&SSM cn 4s ‘38 MSP&SSM 5%s ‘78 MK&T4sB 62... MK& Tldjfil,:". A 36 37% 70 11027 11027 High. Low Close. 33% 32% 33 24% 234 10 9% 50 50 31% 81 BY CHARLES E-ccial Dirpateh to The Star. NFEW YOR. SPEARE. Sales 20 1 29 2 Alleghany 5s°44... © W25 Alleghany bs '43. SO 8 againct public’ Allezrany 55 Fowdogmuch nesmie e i'thl‘“!bL | AmyChain db 6s wiitity bends today and some relief k) AINERERG o0t the liquidat'on of German dellar lans‘Am“;ch 5%a:49 vicide of over: es. Am Metal 5% '34. gUdest e O e AL RHEReT AT sead cbligations were | Sug Ref 63°37. York tractions 10st a'm T&T 48°39. . part of Friday's adiance and heaviness | om T&T e tr 5s°46. 5 the industrial list. | Am T&T deb 53 '60. riment 51:s and Ts were | Am T&T deb bs '65. repesenting | Am T&T 5%s'43.. 1 lcss of 11 points in each issue, Am Wat Wks 55'34 the hish cf the year. In ccn-! srgent 6s 61 May. ness of German, Arcentine 6s'59 Ju send corporation bonds, which | Arrentine 65 ‘59 Oc declines of much as 15 Arcentine 6s A '57. Canadian >nt loans | again heav e ling at low of the year. Scandinavian icsues were strong, as were those of Argentina. s lost abcut a point. | Listed power and light company | bonds made some improvement as al group, although there were separate issues, like Tennessee Electric 6s, which were still under the effect of the dis- cission of the Muscle Shoals project. International Telephone & Telegraph bonds_declined fractionally. Interbor- cugh Rapid Transit issues lost to a nt. American & Foreign Power 5s Mo Pac 6s G Mo Pac5s H Mo 6sI'81.... Mo Pac 5% A '49. Mont Pow 6s'43... Mont Pwr 6s A '62. Mont T 1st rf 58'41 Nassau Elec 1043 1071 107 106% 106% 106% 1043 104 10415 108% 107% 107 i 98N st NEng T 1st 55 '62. 4T% ATH AT% [N T Power 465 °60. . 4TR 4T% N & M5%s'54. 4T ATH 3%8°97..... ATh- 46% Tf 452018, AT 4TH rf41%32013m 8% 178 Crf 55 2013 734 T3 Y Cent db 6: 83% 83% 86% 864 954 94% 92% 92% 51 69% 3% T4 3% 69 68% 30% 30% 89 8T, a4l 45 45 66 66 92 924 96 96% 101 101 105% 105% 104 104 40 39% 56% 561 56% 5% 5 5 1047% 104% 2% 2% 21% 21% 21% 214 18% 18% 22% 22% 61 60% 51 b1 94% 94 110 110 105% 105% 24% 24 ATH AT 83% 834 92% 98 98 9Ty 831 83 T c c Arcentine 63 B '58. b | Arm & Co 4%s°39. Arm Dal5%s 43 Atchis 45 1905-55 . Atchison adj 4s'95. Atchison gn 4s'95. Atchison 4138°48. . AtlCL cl 485! Australia 4% Australia 5s Australia s '57 B&O 4%s’13 |B&0 41860 B&O Ist 58" R& O ref 559, IR&OTrt6sC 95 B& O Swdv 5560, Batav Pet 416842, Belgium 68 '55 Belgium 6% Belgium Belgium 7s Berlin Cy El 63 '56. Berlin C E1 648’51, Berlin C El 6148’69, Bolivia 7s * Bordeaux 6s '34 Bos & Ms 5867, Brail 6%s Brazil 6%s Brazfl C R Brazil 85 ‘41 Bremen 7s '35 J o Y Y Y Y Z2Z222227 3 (3 2 1) - & w S5 = . 15% NYC&StL5 15 3A'74. 18% Y Edison 53 B'4¢ 106% Y Edison 65 C'51. YEAdrf6%s 41, Y EL H&P 4s'49 NY EL H&P 5s°48. NY NH&H 43367 NY NH&H clt 65'40 NY NH&H 6548, NY O&W gn 4s'55. N Y, Steam 53°56. . N YTelgn4l%s'39 Nord 633850 ..... Norf Sou rf 55 '61. Nor & Wn cn 4: Nort&Wn div 4s'44 North Am Co 5s 61 Nor Am E 5563, N Ger Lloyd 6s'47. Nor O T & L 6347 Nor Pac gn 38 204 Nor Pac 43°97 Nor Pacr6s2047. Nor St Pw 5s A "41. Nor St Pw 63 B "41. Norway 5s'63. Norway 5%s’65 Norway 6s"43. Norway 68 '52. Orfent Dev 6s'53. . Owens 11 G1 55°39. Pac GEE 5s'42.... Pac T&T 1st 58'37. Pan Am Pet 6s°4L, Paramount 6s '47. . Param-Pub 5% 2’50 Pdthe Exch 7s'37.. Penn sta 4s '48 Penn cn 4%s '60 Penn gn 4%3'65 Penn 4%sD "7 Pennb5s'64..... Penn gen 55 '68. Z2227 Iy the inactive and junior ted. Among these w 60 51,5, off 2 points, and Pitis- burgh & West Virginia 5'»s. The state- ment cf the R. F. C. in connection with the new Baltimore & Ohio loan indi- cated that the refunding plan will be | successfully negotiated. There are a large number of industrial bonds that today are selling at the low- est prices of the year and appear to have little support even at these levels. U. S. Rubber 55 were again heavy. The'| Collateral Trust €s of this company are | secured by the 5s, which, at their pres- ent price. make the collateral worth only about half the principal of the| loan maturing June 1. s occurred in the U. S. 1 y were at lower prices. some sell- ing of the 1937 notes. The last issue | of 5-year certificates is still quoted at & premium of 14 points. PNt » ORI~ ST PP 1o PPy N A 0 AR NS N ANENTANO =R D B NWL R Bklyn Man 6s A 68 1 Bkiyn UnGas5s'46. BKIvn U Gas 55 '57. Bush Ter con 58'565. Bush T Bldg 6s'60. Canada 4s Canada 4%s°36. .. Canada 5s '52. Can Nat Ry 4145’54 Can Nat Ry 4% #'56 Can Nat 4% '68.... Can Nat 55 '69 July Can Nat 5869 Oct. Can Nor db 61546 Can Nor deb 7s "40. Can Pac db 4 Can Pac 58 '54 Car Clin & O 5s'38. Cent Pac 15t 45 '49. Cent Pac 53°60. Cen Ry NJ gn § Ches Corp 53 '47 C&Open 414892, &04%SB'95... &Oconbs'39... B & Qgn 4s B&Q 111 45 '49. Chi Grt West 48'59 C M StP&P 55°75. CM& St Padj bs.. ChI&NW 41,5C'37. Chi & NW 4% 5°49. | Chi & NW 615 °36. Chi Rwys 55°27... ChiRI43%s°60... Chi Un Sta 41863 Ch! Un St 55 °44... Chi Un Sta 5s B'63. Childs deb 5843 GRAINS DEPRESSED IN WEEK'S TRADING Corn and Wheat Both Lower and Near Record Lows of the Season. SawpRS—marn 1 Peru 7559 Phila Co 58’67 Phila Blec 4s'71... Phila & Read €5 '49 Phillip Pet 5% 8°39 P& WV 4145 C'60.. Poland 7s '47 Poland 8s '50. Port Gn El 4% Pos Tel & C 55 °53.. Press 8tl Car §s 33 Prussia 6s'52. . Prussia 6%s'51.. Public Serv 4s PubSvG414s'67.. Pure O1 51837 Pure O11 5%3 40 Queensland 6s "47. Queensland 7s"41.. Rad10-K-Or 68°41. Rhinelbe U 75 '46. . Rhine Ruhr 6s'53. Rhine Wes 2. Rhine West 65°53. Rhine West 68 '55. . Rich O11 Cal 68 "¢4. Rio de Jan 6 R Gr Do Sul RIAT& L 4%8'34, Rome 6%s'52. StL IM R&G 4 St L&SF 4s A '50 StL&SF4%4s StL SF 4%s'T8¢t st St P Un Dep 5s'72, San A& APds’3. Sao Pau 78°40..... Saxon P W 6%8 ‘51 Seab A L6s A4S, Serbs-Cr-S17s'62.. Serbs-Cr-S1 8s'62. Shell U Ofl 58 47 Shell U O 5s "49ww. Shinyetsu 6552, Sinc Ofl 6%s B '38. Sinc Ofl 7s A "37... Sine P L 5s*42 Smith(A0) 6% '3 Sou Bell T&T 58 "41 Sou Pac rf 4s'55... SouP4%s’'69 ww. Sou Pac 4%s'81... Sou P&OTr 4% 8A'77 Sou Ry gn 43 A'56. Sou Ry bs Sou Ry Sou Ry Sou M. SW Be!I T 68 A '54. StOIINJ6s'46. ... StOIIN Y 4%s'51. Studebaker §s " 944 94 % 71 101% 101% 93% 92% 106% 105% By the Associated Press. CHICAGO, February 4—Corn and wheat are running neck and neck just now for first place in grain trade atten- tion. An outstanding reason for increased notice taken of corn is that normally the present time of year furnishes its heaviest movement to terminal markets. Another conspicuous fact is an extra profitable feeding difference between prices of corn and hogs. The prevailing ratio is about 14 to 1, whereas 10 to 1| s been usually regarded as right. Compared with a week ago, corn prices this morning were lally cents a bushel lower, wheat 1,21 down, oats, 15a% off, and provisions varying from ! piiq 6s°60. 2 cents decline to 10 cents advance. | Chiie 6361, Prices of corn are hovering close 0! Chile 6361 Jan. the lowest figures of the season, and|chpile 6s'61 Sept this circumstance has” a particular | chyje 6s°62. tendency to make many traders friendly | chile s '63. toward an upturn in values. The fact.| Chile Cop b &s ‘47. however, that country offerings of corn | Chl Mtg Bk 6%8 '57 show an increase on price advancesj chi Mtz Bk 6%s ‘61 leads to belief in some quarters that|Cin Un Trm 5s 2020 holders may sell much more freely be-| Clev Ter 5%sA'12. tween now and corn planting time than | Colomb 6s ‘61 Jan.. as a rule has been expected. On the | Colomb 6s ‘61 Oct other hand, corn primary receipts, s0| Colon Oil 65'38.... |c |{c ic of 9 " 3 12% 12% 101 100 102% 102 105% 105% 37 37 o 108% 103% 70 69% 35 34 3% 3 35 34y, 837% 83% = - SorHuENARNESCn SmE~n R hee NN ~amNG - 100% 100% 103% 108% 105% 106% = - none anennlinnaselonw~aivenana~nanEELuBuaRmEE~aS 2 - 20 19% 82 81% 67% 66% 8 8 83% 83% 31 31 13 12 17% 16% 97% 97% 100% 100 100 99y, 101% 100% 83% 88% 60 60 104% 104 98 98 - - —aa - Det Ed 4%sD'61.. Det Edison rf 5549 Det Edisen Fs'52.. Det Edison 58 '55. . Dodge Bros 6s 4 Donner Stl Duquesne 43% A Dutch East I 68'47. Erfe Con 48°98.... Erfecv 4s A "53. Erie 43 B 53 RBrpmutmnananonm - o forovorey o m®meE 5 5 Talwan EP 5%s'71 Tenn E1 P 63 A "47. Ter AsSt L 4s'53.. Tex & Ak 5% 5’6 Tex Corp cv 58 "44. Tex&P 1st 53 2000 Tex & Pac 53 BT Third Av rf 48’6 Third Av 1st 5537, Third Av adj 65°60. ‘Tob P NJ 63s 2023 855 . %s'6l..... Tokio E1 Lt 63 '53.. Un EIPSL ref 55'33 Union Bl L&P 5&'57 Un Pac 1s 4T Un Pac 468 . Un Pacrf 4s 2008.. Unit Drug 6s'53... U S Rubber 58 °47.. UnStW GMIGA'H.. ® 27% 2T% 95 95 61K 61% 100% 100% 121% 121% 124% 124% 67% 674 100% 100% Fiat deb 7s°46.. Finland 6148 '56 Fram Ind 7%s 42 French Gov 78 ‘49 French Gv 7%8 " Gelsenk'hen 68 °34. Gen Baking 5%s'40 1 Ger Cent Bk 63'38. 2. Ger Cen Bk 65’60 J Ger Cen Bk 63°60 0 2 Ger Cen Bk 78°50.. 3 Ger Gen Elec 6s'48 27 Ger Gov 5345 "65. . .19 German Rep 78°'49. 84 GoodHopeS&I 7s'46 Goodrich 65°45. ... Goodyr Rub 5#°57. Grand Trunk 65’36 6 | Grand Trunk 7840 8 Gt Brit&Ir 6%s'37 63 Grt Nor 4%s E 77 80 GrtNorgn7s'36.. 13 Hudson Coal 58 ! Hud & M ad) b Hud & Mrfbs 111 Bell Tell 63 "5t 111 Cent cl tr 45 °53. Ti1 Cent 4% “66 111 Steel db 4% £40. Inland St 4%s B'81 " oS annekn ve~ BN onm o —_— ConG NY 43851, Cuba RR 1st 5s ceding week, notwithstanding some un- | Denmark 6s *42. than it has been of late, but this, too, 236.000, were 22.3 per cent below those 251.643,000, was 23.4 per cent smaller. the beginning of February were re- vas $632,644,000. The reduction this 1 1 7 crease. far this season, total only about 37,000,- | Col G&E 5s '52 May 000 bushels, an amount less than haif | Col Gas & E 55 '61. of the showing in 1929-30, when the|Com Inves5%s'49. crop was fairly liberal. ° Cons C Md rf 5s '50 ConGas N Y 5s°57. Con G NY 5%s "45. Con Pwr Jap 6%s. OVER PREVIOUS WEEK | on Pow Japan b 52 Cuba Nor 5%8°42.. By the Associated Press. | Del&Hud ref 4s a3 NEW YORK, February 4.—Bank| Denmark 4%s'62 * clearings again exceed those of the pre- | Denmark 5%s ’56. evenness in the comparison with the| D& R Gren4s'36 record of last year, on account of the 5 opening of the new month. The de- cline from a year ago is slightly higher is attributable to the same irregularity. ‘Total clearings this week, at all lead- ing cities in the United States, as re- ported to R. G. Dun & Co., of $4,241,- of a year ago. At New York City, the amount was $2.989,593,000, a loss of 225 per cent, while the aggregate for the cities outside of New York, of $1,- Clearings this week include only one Ei day of the heavier settlements, incident to the opening of the new month, whereas. a vear ago. all three days at ported. These variations easily account for the heavier losses shown. This week’s clearings exceed last week's by $221,286.000. Last year the increase week compared with the figures of a year ago, again is small at Philadelphia and at most of the Southern centers, while at New Orleans there is an in- Clearings at all leading points, show- ing increases and decreases as com- pared with same period a year ago, follow (totals in thonsands): 0 1 16 17 o wRaanenn 3 Per cent. & Decrease 3 Decrease Decrease Boston Philadelphi| Baltimore Pittsburgh Buffalo Chicago Detroit Cleveland Cincinnati St Louss . Kansas City Omaha Minnecapolis Richmond Atla Lou New Dallas San Fra Portland Seattle . Total New York ww.., Utll Pow 5%s '47.. Vanadium St §s'41. Vienna 6s°52...... Va EI&Pwr 5%8 42 VaRy 1st 5s A 62, Va Ry & Pw bs '34.. Wabash 43%s Tl Wabash 1st 5s Wabash 5s D '80... ‘Walworth 63 A '45. Warn Quin 6s°39.. ‘Warner Sug 7s'41. Warsaw 7s '58.... ‘West Sh 1st d-‘iul 2% 32% 53 83 88y 88Y% Decrease Decrease Increase 2crease Decrease © Decrease Int & Gt Nor 68’52, 7 754 | 104% } iog sire to effect & plan of reorganization. 7 | the Couzens resolution in connection %|in ruling % | tor of the company, THE EVENING STAR, WASHINGTON, D. C., SATURDAY. FEBRUARY 4, 1933 RAILLOANS AWAIT|CURB SHARES MOVE NEW LEGISLATION IN NARROW RANGE Further R. F. C. Credits to Market Turns Irregular After Be Based Upon Action Opening—Utilities and of Congress. Oils Lower. Spelal Dispach to The Star. NEW YORK, February 4.—The growing objection to continued loans | the Reconstruction Fumnse Corpo- ration to_railroads with an® unsoun capital sPructure has been pointedly brought out in the resolution of Sen- ator Couzens, chairman of the Com- miiice on Interstate and Foreign Com- merce, that no such loans shall be made by this Government agency until Congress ctherwise provides. ‘The meaning of this is that loans are to be deferred pending the adoption by Congress of the bankruptcy bill. The provisions of this bill relating (o rail- roads are extremely liberal. They per- mit carriers to file a petition in the Federal courts indicating that they are either insolvent or unable to meet their debts as they mature and that they de- Special Dispatch to The Star. BY JOHN A. CRONE. | marked the opening of the Curb Ex- change session today but was replaced with an irregular trend as the market progressed. Electric Bond & Share eased off along with Citles Service. United Light & Power A, and Aluminum Co. of America common. Standard Oll of Indiana. however, retained its early gain. Continued strength of the gold shares caused Teck-Hughes, Hollinger and Ploneer Gold to rise ta new peaks in the first few minutes of trading. Bev- erage chares, notably Charles E. Hires eral early omprovement of tobaccos was Axton-Fisher A, which had been offiered freely in recent sessions. New England Telephone opened off 2 points despite the fact that it re- ported the rate of loss of telephones in December was the smallest since April. The fourth quaric- decline in Immediate Action Urged. The House Judiclary Committee in making its repcrt a few days ago urged the immediate enactment of the bank- ruptcy bill because of a situation that confronted many railroad organizations | instruments was more gradual than in in the country that have reached the |the preceding three months. Steadiness limit of their ability to borrow Irom |of Pittsburgh Plate Glass resulted from the Reconstruction” Finance Corpo- |the better than expected thowing of ration. A test is likely to be made of | the industry, which last year turned cut 53,221,635 square feet of polished glass against 86,973,320 in the preceding year. Fractional decline of Northern Pipe Line followed publication of its 1932 report showing net credit to surplus of $67,039, against $131,075 in 1931. Rolls-Royce, Ltd., was the first of the motors to appear. It came out at 77, unchanged from its fractional gain of Friday. Later Cord Corporation and Ford Motor of Canada A turned active. Brillo Manufacturing continued to be bid for in the specialities, where Bab- cock & Wilcox encountered further of- ferings. New Jersey Zinc was up al- most a point. Gray Pay Station Tele- phone reached a new low for the year and New York Telephone preferred eased. There was less pressure on public utility preferred issues during the first hour today than there had been in recent sessions. However, this did not prevent National Power & Light 6 per cent preferred from establishing a new minimum mark. The reason for the 3.75 per cent appreciation in the common stock of Benson & Hedges last Monday failed o be shown in the earning report made public today. The firm showed a net loss of $1,677 in 1932 against net profit of $2,032 in 1931. New York Transit, weak the last few days, reported a net credit to surplus of $50317 in 1932 against $75,554 in 1931, while Southern Pipe Line showed a net loss of $8.970 against net profits in 1931 of $179,008. The Committee on Listing of the Curb Exchange today announced the suspen- | sion of dealings in Insurance Securities | Co.. Inc, common stock until further COMMODITY PRICES with loans that have been applied for |in behalf of the Missouri Pacific Sys- tem, which has a scries of maturities fallnz due in the next two months, reaching their maximum amount on |May 1 in the $34,500,000 of 4 per cent obligations of its St. Louis, Iron Moun- tain & Southern River & Gulf division. The latest statement of the Recon- struction Finance Corporation showed that loans made to railroads during the life of this organization were over $272,000,000. This is less than half the amount granted to banks and trust companies, but the liquidation of bor- rowings by financial institutions has been on a substantial scale, while it has been difficult for carriers to make a reduction in their loans. They are now faced with the problem of exhausted collateral of a type that would be ac- ceptablé to the lender. There is constant criticism of sup- porting weak financial structures with loans on which the ultimate loss may be' considerable. It is known that within the Reconstruction Finance Cor- poration there is a strong body of opin- ion that the time has come when the roads that show no promise for per- manent recovery on the basis of their present debt should face the realities of the situation and they and their bankers make a strong effort to re- organize under the provisions of the | proposed bankruptcy act. ! Changes in Industry. Certain fundamental changes have been taking place in the transportation industry that play an important part in determining loan policies. These changes many railroad executives re- fuse to accept, although they are as vital to the industry as those recently exposed in the field of amusement en- | terprises. They involve facilities that iare permanently in excess of require-, ments and, also, freight and passenger rates that cannot be maintained at their present level and meet the compe- tition of new transportation agencies. Tt is generally accepted that there| are between 40,000 and 50.000 miles of | railroad in this country that produce no net profit to parent systems. The traffic that formerly justified them is now absorbed by motor trucks and mo- tor busses, as well as by private auto- mobiles. On the other hand, there is a large amount of bonded debt out- standing against this mileage and its appurtenances on which heavy fixed charges must be paid. The present debt structure of the railroads is also predlc:itgi gl\ nusm!:‘x; approximately as Soaay as they WeRe when the general Direct action by strong-arm _groups commodity price level was at its peak "hs armers bn;ught an end to fore- a decade ago and before the element | closure lproceedny; by most insurance of outside competition became a prob- sgr’;lpln eshln Towa. U lem. It is obvious that there must be i a at the same time were realized a change downward in the rate struc- k‘; some 'ghfl States, including Ar- ture and that this reduction cannot be "]‘5“ and Georgia. Evidence accu- balanced by further wage cuts. mulated that debtors throughout most The net result is that roads that are | Of the farm country soon would be suc- structurally weak as to capital, because “!‘:!“l“m tg&mmd: for relief. of extravagant outlays for new facilities [ % wasn’t enough for one or for the purchase of additional | Week, the Canadian dollar, a great com- properties at high prices, cannot main- Pf r of the American dollar in for- tain a solvent position out of their own | €i8n _grain markets, began to act up earnings in the face of a permanent '59“:' It went to a 20 per cent dis- competitor as aggressive as the motor | COUnt on Wednesday and gave a fur- cars and the inevitable reduction in u‘i{e advantage to that country’s ex- their average ton mile rate for freight | Porters at e Jlme when it is increas- and in the rate per nger mile. h‘BY essential to move some of our The only way in which such proper- | BUge "_\lllfpl"s into foreign trade. ties can survive and operate efficiently = tge er note of caution was injected is through a scaling down of their debt. hY reminder of a leading grain Further loans to them by the Recon- [house that in less than five months a struction Finance Corporation simply ?etwi:htfi: crop will be moving to mar- put off the evil day, and, at the same el fg::?;yhl 1033) time, add to the country’s tax bill. R 2 e STEEL ORDER EXTREMES COURT IS CHALLENGED NOTED AT YOUNGSTOWN ON RECEIVERSHIP PLEA |™ b sscined pres YOUNGSTOWN, Ohio, February 4.— Last ‘;'ek‘l “}flnfi;’mmy h!relrecelvtd 3 an order for 14,000 tons of steel, one of “‘SKL%%‘&‘E? Tl;':bar:;ry 4—An ap-|the largest given out here in recent peal against assumption of jurisdiction Y“;P!- Today another company, the by the Federal Court and its appoint- | Cold Metal Process Co. received the ment of receivers for the United Rail- |Smallest order on record—for one quar- ways was filed yesterday in the United | ter of & pound of steel. States District Court. The quarter-pound order is for steel “The appeal papers are said to charge | Strip 6 inches wide and .001 inch thick, that Judge William C. Coleman erred |the thinnest steel rolled. The quarter- that his court rather than!pound will r:}“m 8 121¢-foot length of State courts had_jurisdiction. -It was|the 6-inch-wide strip. The order is . Contee Rose, gttorney for |worth 50 cents. fifiefiyml:'yogoumu H. P‘:emn, Mrs.| Such strip is made in coils of 1,200 tion Will Be Solved May Help Market Quotatjons. Special Dispatch to The Star. CHICAGO. February 4—While farm commodity markets idled most of this week, barely moving up or down, de- velopments on the agricultural front in rural economy. %| Josephine Macgill and other bondhold- PD“;da. the strip being more than 11 the road. mile 3 e‘?fl?e‘ case had its inception when the i) llants it Ju Coleman § e Ve hip petition fled| FEDERAL RESERVE RATIO ., $5,000 credi- | By the Associated Press. e o eampan ngdcomrtrsvuum ‘The ratio of total reserves of the 12 into the State Courts. 1 banks to deposit and Federal In the original petition, Mr. Rose |Reserve note liabilities combined showed charged that there had been collusion (a further increase during the week end- between the United and the General|ed February 1. In the table that fol- Electric Co., but without hearing testi-[lows the ratio is given for comparable mony on the point, as cl , the | periods, as announced by the board: Federal jurist ruled tmfi: had not been g:evf endedm{ebnllry 1... :g:gg: dismissed n. lous . 85. el thepe Same week last year...... 67.1 percent New Construction Contracts. NEW YORK, February 4 (#).—Heavy is | construction contracts for the ‘week ended January 30 totaled $21,291,- 000, compared with $17,517,000 in the pml:xa week, says Engineering News- CHICAGO STOCK MARKET By the Assoctated Press. CHICAGO, February 4—Following the complete official list of transactions in stocks on the Chicago Stock Ex- change today: Sales. ST 300 Art Metal 50 Asbestos Mg 50 Bendix Av . 700 Borg-Warner 30 Borg-War High. Low, Close. 3 % Market Averages NEW YORK, February 4—Firmness| A, were strong. Sharing in the gen-| SHOW LITTLE CHANGE| Indications That Farm Debt Situa- | indicated the approach of a climax | Mortgage mora- | N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. Btock and Sale— Dividend Rate. Add 00. Alabama Pw pf (7) 108 Aluminum of Amer450s Am City P&L B 15¢ Am Cyanamid B Am Founders. Am Gas & El (11) Stock and Sale— Dividend Rate. Add 00 Kirkland. 1 | Lake Shore M (2).. Lefcourt Realty pf Lone Star G bédc. . Mangel Strs pf. ... Mavis Bottling A. . Mountain Prod 80c. Nat Bellas Hes: Nat Pw&Lt pf (6). New Eng Pw pf (6) New Eng T&T (8). New Jersey Zinc 2, N Y Telpf (6%)... Niag Hud Pwr (1). ag Hud (A) Nipissing. .. - | Nitrate Chile B. ... Northern P L(50c). | North Sta P A (6) Novadel Agne Ohio Copper. ...... Pac G&E Ist pf 134 Penroad Corp. Phoenix Secur pf. ., Ploneer Gold 24c. . Fitney Bow P bi%. | Prudential Inv. ..., Pub Util Hid x w | Puget Sd P&LS$6 pt Pure Oil pf (6).... Rellance Int A. Reliance Mana Reybarn. Rolls R(k ) St Regis Paper...... Seaboard Utilities. 3 | Segal Lock & Hra.'. 2% | Selected Industries 8 |SelIndallcts(3t) 1 | Shenandoah pf. & | S0 Am Gold & Plat.. | Spieg May Stern pf Stand O11 Ind (1), . % Stutz Motor Car. .. ® | Swift & Co 38 | | S¥YIVG M Ltd (4¢). 3215 | Tech Hughes (60c) 130 315 | Texon Oil & Ld (1). 95 | Trans Air Trans e | Trans Lux DL P 4 | Utd Corp war. .. “ | United Founders Utd Gas pf (3%) Unit Lt&Pwr (A).. | UsDairy B....... Utah P&Lt pf (7). . 50 UtIP&Lt Utllity Equities. 3% | Wil-Low Cgffe pf. . 1008 43% | Wool Lta k.fs 1-5c. 6 121 121, 1215 3% | Wright Harg t20c. 24 4% 4% 4% T% | Dividend raf 1is | quarierly of " semicasouel” paymeant® ¢ 3| dneen, (e by Int Petrol (1). 9% | Si00R "¢ Adbustment” disidend. | Int Util B. ... % |in stock. g Plus 6% in stock. | Interstate Equities & 4 stockl ) Plus 2% in stock s'3% in stock. Itallan Superpw A. 1% |3 sk Low. Close. 60 60 43% 43% 4% A% 4% T 25% 1% High. Low. Close. b s2 i 33y 2% 4 4 Th Th 10% 10% Y% % 2% 2% 16 3314 1 4 %% 59% 59% 44y 44y 90 90 1 29% 29% 115% 115% 115% 12 12% 124 # # % 1% & & 5% b% 34% 34y 44% Arkansas Nt Gs A. Ass0 Gas&Elec (A) Atlantic Lobos pf Atlas Atlas Util pf A (3). Axton Fish A 3.20. 258 | Babeox&Wilcox(2) 1008 | Blue Ridge........ 4 Blue Ridge c pf a3. | Brillo Mfg (§0c)... Buft N&E pf (1.60) Canadian Marconl. Carib Syndicate. .. | Cent States Elec. Citles Service. Citles Service pf. Col G & Ecv pf(5). Comwlth & Sou wr. Comstock Tunnel. | Cousol Copper. ... Cons Gas Balt 3.60. Con Gas Utility (A} | Consol Royal (20c) | Cord Corp. ... Cosden & Co c.0d.. Creole Petroleum. . Cresson Consol(4c) Crocker Wheeler. . Crown Cork Intl A Deere & Co. . De Forest Radio Detroit Aircraft Doehler Dle Cast. . Eastn Util Asso(2) Eusy Wash Mch B, El Bd & Share b6 % E' Bd & Share pf 6. | E1 Bd & Share pt 5 ElPwr As A (40c). Florida P & L pf(7) Ford Motor Can A. General Aviation. , Glen Alden Coal. .. Gold Sez1 El new. . Gray Tel Pay S (2) Gulf Ol of Pa..... 26% HiresCEA (2)... 18 ollinger G1d 180c T udson Bay Min... Humble Ofl (2). Hygrade Food 1) Oil Ltd cou 50¢ Ind Terr 111 Oil B. . InsCo N Am (2). 20% 14 ™ 1% 4% 1% 2l 1% 224 % 3% 18 1 32 1% i 81 8 815 h Plus 1% K Plus 10% m n Plus 8% P Pald last year—no regular rate. | | Sales in + thousands. 15 gt BALTIMORE, L | — | i e - " | ¥Am b 2028 % ;wmm potatoes, per 100 pounds, 80a ' 2 P AL e oie % %5 |1.00; barrel, 1.25a1.50; sweet potatoes, [ | bushel, 40a7 barrel, 75a1.50; beans, DOMESTIC BONDS. High. 2.00; brussel sprouts, quart, 10a15; cab- bage, basket, 25a30; carrots, per 100, 1.50a2.00; caulifiower, crate, 1.00a1.40; | s G kB AL 07 G0 |celery, crate, 12582.75; cucumbers, } & 3 | bushel, 2.50a5.00; eggplants, crate, 1.50 | 83.50; lettuce, crate, 2.75a3.25; onions, | per 100 pounds, 75a: lima beans, 2 = | bushel, 3.50a4.00; peas, bushel, 4 Brmngm El 4 1275 10Cap Adm 35 ‘33 x 8 Carolina P&L 55 ° Caterpillar Tr Bs ' bushel r box, 2.00a2.65; strawberries, pint, 11a13; grapfruit, box, 1.75a2.50: oranges, box, 1.7523.25; tangerines, half | box, 1.25a1.50. Dairy Markets, Live poultry—Turkeys, hens, pound, | 18; gobblers, 13a14; old hens, 15a16: |old toms, 12: capons, 14al8: young chickens, ' 12ai6; all kinds, poor and thin, 9a10; broilers, 17a18; old hens, 10a14; Leghorns, 10a12; old roosters, | 7a9: ducks, 9al2; geese, 10a15; guinea fowl, each. 15a45; pigeons, pair, 15a20. < | Eges—Receipts, 1,379 cases; curren | receipts, 135al4, Butter—Good to fancy, creamery |pound, 17al9; ladles, 14al5; store- “pncked. 9al0; process butter, 16. 2 Com Ed 4 5 Com 6 Con Markets at a Glance NEW YORK, February 4 () —Stocks | easy; utilities steadier. Bonds irregular; | German governments heavy. Curb steady; trading dull. Foreign exchanges steady: Swiss franc firm. Cotton lower; local and Southern selling; lower cables. Sugar higher; Cuban buying. Coffee quiet; European buying. WALL STREET WAITING FOR MOTORS MEETING By the Associated Press. - NEW YORK, February 4.—Interest +|now centers in the General Motors dividend on which directors are slated to act next Monday. Persistent selling in both that stock and du Pont, which 2 | holds 10,000,000 of the 43,000,000 shares 732 |of General Motors, naturally tends,to 4 |arouse no little misgiving as regards the outcome of the meeting. Some people downtown are confident that the big motor unit will pay another divi- dend of 25 cents a share this time. But those who seek to také the tape 25 a guide are a good deal less sanguine in that respect, particularly because of the kl-'xelvinus of du Pont through the weel 162 161 R rand_Trok ulf Oil Pa 55" 65 103, 993, 10034 1003, 100 100 6ias '36 5s 101 100 ZHO000! g8s Qo el on 1 orents B = 7 "y ul 5 A t Pw Sc 75 E 4 Intersta Pw s 3 Intersta Pw 6s ' Iowa-Nb L&PP 55 L&P, 55 B CP&L 4135 C Cn P&L 55 B icky U & Koppers G&C 55 '4 1Q Lehigh P 8 65 2026 2 Manitol 5328 01 87, 8O Towa: 6L N1V, 28 Jers 61933y ba Pw 58 A O NN R D1 ozzgez, 1zx PARIS BOURSE PRICES. PARIS, February 4 (#)—Three per cent rentes, 77 francs 40 centimes; 41, per cent rentes, 92.50. Exchange on London, 87.05. The dollar was quoted at 25.60. First Mortgage Loans . _ ST 0 e YO, Lowest Rates of Interest and Commission VIIY 29 2 't ‘l‘ %, Thomas J. Fisher & Company, Inc. PROPERTY it R, 3% ge g T 2022, 55 (-2 4542 % H ™ (3 13} ] o ) 2 YR A R B FEFEE Apartment House 2SRRGS0 S BT 5 gox i) e oz WS B RERERS b 2 E a3 43 Eg: B 3 ANCIAL. % | month a year ago. 3% | | bushel, 1.25a2.00; beets, per 100, l.SOl' t | Aol $122316 IN YEAR December Operating Net Within $168 of Same. Period in 1931. Total net operating revenues of the | Washington Gas Light Co. for De- | cember amounted to $199,300, sgainst $199,468 in December, 1931, revealthg | a decrease of $168, according t6”the monthly statement filed with the Public Utilities Commission today. = Operating expenses for the miotith totaled $376,450 against $358,604: 4n the same month a year ago, or an in- crease of $17,756. Operating révemies were $17,588 higher, amountig’to $575,750 this year in comparison ~with $558,162 in December last year. '="° Taxes in December amounted to $38,- 080 against $22,889 a year ago. ./Fhe provision for uncollectable bills> was % | larger, leaving an operating income "of 14, | $153,842, against $174,838. Non-operat- | ing income decreased from $14.858 ‘to , | @ deficit of $46,414, largely due to yegr- 4 | end adjustments, leaving a gTOss. gOr- porate income in December of $107.- | 427, compared with $189,697 in the }ke After interest and other charges, the | gas company reported a total net_gor- | porate income for the month, ‘béfere — | dividends. of $37.264, in compa®ison | with $119,331 in December, 1931." The | decline in net corporate incomes 4s.at- tributable primarily to year-end.sH- justments recorded in December affect- ing income accounts for the year.of 1932 and also to rate reductions. | Earnings for the Full Year, | _The gas company also reported earn- ings for the 12 months ending Decem- | ber 31. Net corporate income before | dividends totaled $949.458, t $1,141834 for the year 1931, or a-de- crease of $192,376. i Gas operating revenues for thg,,y?r amounted to $5.897.349, against’ $a,- 971,113 for 1931. Operating expenaes called for $3,710,186, compared with | $3,697,139 last year, leaving net operat | ing revenues of $2,187,163, against:$2,- | 273,974 in 1931. e Taxes were $356,285, compared with $326.756. Non - operating _income amounted to $2,118, against $36,158-for 1931, leaving a gross corporate income of $1,786,014, while the same item vear totaled $1,959,714. Interest and other charges required $836,556, against $817.879 in 1931. o5t Rate reductions during the year are given as an important reason fof, the decline in earnings. & Georgetown Report Also Filed. " Total net operating revenues 6f the Georgetown Gas Light Co. for Detéfh- ber amounted to $11,487, against $§18 | 694 in December. 1931, revealing:s | falling off of $7.207. according wy&’ | monthly statement filed with the Pub- | lic_Utilities Commission today. ., * Operating expenses for the month to- | taled $121,004, against $110,522 if_ the | like period a vear ago. ~Operating Tev- enues amounted to $132.491, in' &orm- | parison with $129,216 for ber, | last year. = | Taxes in December called for $2:335, | against $2205 a year ago. Uncel- | lectable bills were " large, leaving -an | operating income of $5543, against | $16,142. ~ Non-operating income de- | creased from $2.526 a year ago to $1, | 714, leaving a total gross corporate im- come in December of $7.257, compaged with $18,668 in the same month a year ago. 3 After interest and other charges;.the | 8as company reported a total nes eor- | porate income for the month, before dividends. of $2.796, in comparison ‘with a net corporate income of $14,306in December, 1931. Earnings for Year. | The Georgetown Gas Co. algo, ye- | ported earnings for the year. Neb cor- | porate income before dividends r.led | $101.643, against $138,443 in fof -8 decrease of $36,800. P Gas operating revenues for 1932 | amounted to $1.253462, against.-$iy- 211,003 last year. Operating expenses called for $1,047605, compared with $998.537, leaving net operating revenues of $178.857, against $212.466 in. J931. Taxes for the year required ,061, compared with $34,903 a year ago. ... Non-operating income “reached . sum of $19.573, against $20,285, leaving a gross corporate income of $158,201, against $193.574 in 1931. ~ Interest and other charges wers $5¢;- 558, compared with $55131 faor “last year. — A team of clergymen, including.a rabbi and Nonconformist ministers, xe- cently defeated anether composed -~of doctors and attorneys in a foot. bl game in Portsmouth, England. The C ommercial National Bank 14th and G Streets """’ Complete Banking Service WITH SAFETY IN, 67 GUARANTY " FIRST MORTGAGES If you have money for investment, ehoose these safe high-yielding Pirst Mortga nde, Produeing proserties in the Nettons Sat Denominations as Low as $100 Monthly Payments 11 Desired. REAL ESTATE MORTGAGE AND UARANTY CORF. N 1610 K Stree Prompt Replies to Applications JAMES F. SHEA, 643 Indiana Ave. N.W.:. MANAGEMEN T MANAGEMENT \WHEN you consult us about the management of your apartment house properties you will be surprised to learn how minutely we go into every der,, . tail; and how successfully we are rendering this service for some of the largest property, .. o 4 Int Hydro El 68’44, Int Mer Mar 65 '41. Int Pap 6s'55..... Int Ry C A 634547 Int TOl&T 4% IntT&T 4% == & = Int T &T 5856, EARNINGS REPORTED. Ttaly 7s '61. NEW YORK, February 4 (#).—Cater- | Italy Pub 7552, pillar Tractor Co. reports 1932 net 10sS | Japanese 6%s of $1,616,873, contrasting with net profit | Japanese 6148 '5¢. of $1,361,200 in 19531. ].a!.st year's ?fl:; Jugosl Bnk 78’6 totaled $13,258,505, & decrease Of per cent from the previous year. Cur- fi::gg&s::l*l:’ “‘ 1 rTent assets on December 31 amounted | o, ciey'Sou 6550, to $24,087,826 and current labilitles| - City Ter ¢s'60. $826,989, comparing with $27,602,901 | oo GE&E 4%, and $866,905, respectively, at the end |2t tloe of 1931. The directors have taken no [ ertSChor (0 action on the dividend due at this time. | £reb8e g SEH In the three previous quarters 1215 cents a share was paid. L ity g Indian Motor Cycle Co. had net loss | Leh Val cn 4s 514 last_year of $235298 after all charges. | Lig & Myers 561, In X Last r's net sales aggregated $913,- 844, Iy:l‘lnlt $1575,272 for 1931. Total Loriliard 5s’l current assets on December 31 were Lorillard 7s'd4.... 700,411 and current liabilities $525,164, La & Ark b: Conai f Cen 1l "B Sve bt By the Associated Press. Il Sec . . — Total all. Average daily: GRey s Decrease % ™ ] 3 G S S 29 S 20 S Es BE Decrease Decrease Decrease i3 B 3 g a = = e ®eoo0 ol BloorbkaDD H % o 2 mn 55 A5% 44w 443 o @ 56% 67% 183 gcggaaaad a2 22 5 o, ‘Yokohama Ygstn S&T bs Standard Brands Report. _NEW YORK, February 4 P).— Standard Brands, Inc., and subsidiaries today reported for 1932 net income of $15,001,491, against $14,542,319 in 1981. ‘This was equivalent to $1.14 a share on the common stock, against $1.08 the year before. For the final quarter net income was $3,695,646, 2, i BT €5 =5§ 61... 10 49 A'78. 4 5T% s SR AN B 0 De Met Pe 100 Gt Lakes Aire. 350 Grigsby-Gruno 50 Keystong’ 5d.... 5 ,‘; o o5, () oilonse =Y S 0 TN o ERERES2E? BombL bR oron 202 ok LR " I3 3 e BN s N ercl ¢ 00 Mickelberry's. P l'lt(') 4 Tni ? Pc A pt N 5 =3 & P RHONDE D rorabeion) 2 s8si o & 3 ol - b SrS0 o, g 22T K 9! .8 S 4 e ;§= 3l 2 BRI 2 W £ 5 WD SR DRI =33 ogy! B mf, 2 "2 ¥ 1 FER OSSR 1o Jonters N 852322832 ogp-SEuittty 53 ot Ja .|“' B. F. SAUL CO. 925 15th St. N.W. .... E oy S22TFR2NI22 WARSBNN LD & S > ESd Jrier NA?1 2100,: ~ LOANS » SRBREIN BESEE) 2735352an 3008 Q855D & - o1 B23aRR2SRRA, - oo ;% cember tles of current Lapiites of $4,019,885 st e end 23 31 last, current liabill $4,246,518. This assets of $38,517,922 and clmvn& 2 4 q MORTGAGE i | g 28% 28% 28%' 1