Evening Star Newspaper, February 9, 1933, Page 13

FINANCIAL. *¥» A—13 'BOND ACTON SEEN STAR, WASHINGTO. INEW AUDIT POLICY D. C, THURSDAY, FEBRUARY 9, 1933 CURB SHARESGAIN [ N. Y. CURB MARKET IN ACTIVE TRADING p : FINANCIAL ON NEW YO " JUNORRALLBOND [[BONDSS g%k =xcxow MARKETINPROVES| — e e 1omemmeies UNITED STATES. (Sales are in $1.000.) Stock and Ger Cen Bk ok Add 00. High. Low. Lib 33 s 32-47.. Missouri Pacific Issues Take Lead on Reports of Financing Plans. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, February fl,—'l'hei strongest market in junior railroad | bonds that has developed in some time | was created today out of the report that consideration was being given wi 8 recasting of the Missourl Pncmc" financial structure in a way that would | =vold the difficulties that have obvious- | 1y been facing that system for some time. There was a broad market for this group of securities, with gains ranging from 1 to 2 points. | Strong bidding appeared for the Mis- souri Pacific refunding 5s. These ad- vanced 1> points. The 4s were also strong, There are approximately $110,- 000,000 of Missouri Pacific bonds now selling at an average of around 10, and with a very weak position. If these, through voluntary agreement, could be reduced to the status of an income bond, the saving effected would be the difference between a fairly easy position for the Missouri Pacific in normal times and one in which it will ailways have difficulty in earning much over its fixed charges. ‘The respense of bonds of roads simi- larly situated wes substantial. These included the Baltimore & Ohio, Chi~ c2g> & Northwestern, Rock Island, Al- leghany Corporation, Chesapeake Cor- poration 5s and Erie issues, with ad- | vances of 1 to 2 points in another and higher quality group such as Great Northern 7s, Louisville & Nashville 4148, New York Central 4!, Southern Pa- - cific 41%s and Illinois Central 4%s. ‘The market broadened to include in- dustrial bonds. International Merchan- tile 6s were up 3 points. Loew’s 6s rose 1% points. National Dairy Products 5358 gained over a point, as did Stude- 6s and U. S. Rubber 5s. In the lower grade of public utilities improve- ment was shown in American & Forelgn Power and Postal Telegraph 5s. ‘Therc was again a halting tendency among the higher grade rails and public vtilitles. The dealer attitudé toward them is that they have advanced to a point where they are not so eagerly sought as was the case a few weeks ago, with the present preference for the second grade issues for investment and an inclination to speculate in the ‘cheaper run of mortgages. As a group the German bonds were heavy. The Government 5%s had an early loss of a point which was re- flected in an impruvement toda mthmgl:m ent y list ranging from 14 to Y. PURCHASE OF UTILITY COMPANY IS APPROVED ‘Special Dispatch to The Star. B olatB v nok e socepiad for nu-%u&cm. In its petition, the Consoli- . dated admit a large block of the ted ownership of vgm.mmam the company, according to the papers in the case, is approximately $500,000. Washington Stock Exchange SALES. Pot. Elec. 5% % pfd—3 at 107%, 2 at 107#. 2 at 10774, 10 at 107%. Pot. Elec. 6% pfd—5 at 111, ‘Wash. Gas 6s B—$1,000 at 104. w::h. R. & E. 45—$1,000 at 90, $1,000 90. Wash. R. & E. pfd—10 at 88%, 10 at 88%, 10 at 883, 10 at 88%, 10 at 88%, 6 at 88%. AFTER CALL. Wash. Gas 55 1960—$500 at 106 Bid and Asked Prices. Ab & St5%s 4. Am T&T deb 55 '65. 36 Am T&T 5%s'43.. 24 Am Wat Wks 58’34 5 93 Am Wat Wks 6s ‘75 10 [ Am Wr Pap 68 '47. Argentine 58 '45. Arm & Co 4%s " 5. .- Cent 111 E&G 58 51 Cent Pac 1st ¢5 49, 5 Cert-tddb 534 "48. Ches Corp 8547, ChiM&StP4%sC Chi M&StP 4%sE. 10 48% C M StP&P 58°75..121 19% CM&StPadjbs.. 63 § ChI&NW 41482037 7 Chi&NW 43sC'37. 26 18% Chi & NW 4%3°49.147 13% etk G B Series 8 r Wash. Rwy. & Eiec. 4s ‘Barber & Ross, Inc.. Chevy Chase Club s, 29 (;';lumhll Country Club 5%s. 9973 . M. Cold Stos SO § rage 55. .. Elec & El pfd. e following figures are not bids, but PN, Soproseas minimui prices fixed by ‘ashington Stock Exchas NATIONAL BANK. Min. price. Capitel (8) Columbia (1% cial 58s Second (6) Washington (8)" TRUST COMPANY. Amer. Scc. & Tr. Co. (12). .. Natl. Sav. & Tr. (121), Prince Georges Bk. & Union Trust (8s) Wash. Loan & Tr. (i4)! SAVINGS BANK. Bank of Bethesda (81) Com. & Savings (10). East’ Weshington (8) Potomac (10),.... . c. Sav. & Com, Bk. (105 Seventh Btreet (€).. United States (30) Wash. Mechanics (20) FIRE INSURANCE. American (12) Gorcoran (10) Piremen's (8). National Union (15). TITLE INSURANCE. Columbia (6h) Real Estate” (6h! MISCELLANEOUS, Col. Medical ist. Natl Se WMtk Mise oo X Fomn i o5 B, [ 3 " : nd. oli% extra, £ Chi Un Sta 4% Ch! Un St &8 Chi Un Sta 6% Childs deb 5543 Chile 65 '60. . Chile 6s ‘61 Jan Chile 6s'63. . Chile Cop db s CCC & StL 5s D' Clev Ter 5%sA'T. Colomb 68 61 Oc Colo & Sou 4%8 " rice. | Colo & Sou 4 Col Gas & Com Inves 5% Con G NY 4% Con Gas N Y Con G NY %8 Con Pow Japan 7 2853 Cuba Nor 5% 84! Czecho 85’51 e woiden - SR8R8 3xad SRSadSuca Del & Hud 5% o Denmark 6s ‘42 Denver Gas s ‘5. D& RGrends D& RGr4%s D&RGW bs’l D&RGWbs” Det E4 4%sD Det Edison a5 Dodge Bros §s Duquesne 4% A ) b »3%x= 2% & " I 8] Dutch East 1 6s Erfe Con ¢s 96 ] o G850t Ia w30 IRE: Erie 48 B 5! Erieref 55 Erle ref 65 'T6a. Tinland 5%s ‘58 S, e = nz GG " s w French Gv 7%s C & W Ind cn 48'52, Chile 6561 Sept. .. Chl Mtg Bk 6%8’57 Cin Un Trm bs 2020 CCC&St L 4%8E'1T Clev Term 4%s'77. Clev Term 6s B *73. Colomb 6s ‘61 Jan.. 75 | Col GEE 58 ':z May 36 Copenhag 4%s '53. Denmark 4%s'62.. 10 67 Denmark 5%s 'B5. . S; ;8 Fla E Coast 68 T4.., Fram Ind T%s "42.. ¥rench Gov 7s 49, Gen Baking 53%5'40 32 101 5%s8'47.. § 80 . 10815 103 14 108 15 6 108 12 103 15 .. 9819 9815 9815 , 100 9928 9929 . 10220 10215 10215 10218 10218 10218 . 10218 102 15 10216 . 10431 104 27 104 27 . 106 22 106 20 10620 1 11022 11016 11018 Bales. High. Low. 2:55. 13% 89 60% 36% 28% 14 T4% 44 364 8% 5% 0% 86 106 106 106% 104% 104% 107% 34 43 43 46% 46 46% 46% 46% 9% 2% 83% 94% 98% 6% 52% b2 51% 51% 102% 102% 102% 72K T2 T2 T6% 6% 62 62% 83% T2% 32% 83% 41% 41% 48% RrenrRiisenatioan T5% ErYS-1-5% B3 NI -2 26 46 '27-"87. 91 27 Bush Ter con 55'55. Bush T Bldg 55’60, . 1 Can Nat Ry 4%s’51 Can Nat Ry 4145’56 Can Nat Ry 4%#'57 CanNordb 6%s'¢6. 28 99% 994 99% Can Nor deb 78°40, 31 100% 100% 100% 26 58% 58 B8% 1 30 10 » aRenar 92% 92 8 106% 106 1 92% 18% 7. 63. 2. t. . 35 80 1, 18 37. 16 91 i ARt 1 Ger Cen Bk 68 | Ger Cen Bk Lib 1st 4% 5 32-47 10225 102 22 102 25, ) Ger Gen El Lib4th 4145 33-38 103 Ger Gov 53 German Rep 7 Goodrich 65 "4 Goodrich 6% Goodyr Rub Grand Trunk s Grand Trunk 75’40 17 Gt Brit&Ir 5%s 27115 Grt Nor 434 D'76. 23 Grt Nor 4358 E"77. Grt Nor 53%s B '52. Grt Nor gn7s '3 Hudson Coal 55 '62. Hud & M adj 58 '57. Hua & M rf 63’57 Humble Ofl 55 '37 Hungary 7% 111 Bell Tell 55 111 Cent ct tr 4: Iil Cent cl tr 11l Cent rf 111 Cent 4% 111 Cent 63%s ‘36 111 CCStL&N 4%4s. 11I CCStL&N 55 A. 11 Steel db 434540, Inland St 4% A'78 Inland St 438 B'81 Int Rap Tr rf 53 '66 Int Rap Tr 7s°32.. Int Cement 58 '48. . Int & Gt N 53 B'56. 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 Tel&T 434539, Int T&T 4%s'52. Int T & T 6s'65. Italy 735 Italy Pub 755 Japanese 53%s '65. Japanese 615 Jugosl Bnk 7s Kan C F S&M ¢s' 0. ( Kan City Ter 4s'60. Kan G&E ¢%s'80.. Karstadt 65 '43. ... Lack St15s A 50... Laclede Gas 6s '34. Laclede 538 C'53. Laclede 5%s D '60. Leh Val cn 45 2003, Leh Ven 4%s 2003, Leh Val cn 5s 2003. Lig & Myers 6s '51. Loew's 65 '41...... Long Islrf 48°49.. Lorillard 5s'51. Lorillard 7s '44. La&Ark5s'69.... 1 Lou G & El 5s A'52. L &N uni 45'40.... 1 L&N 4%s C2003 L &NG5sB2003. L&Nrf5%s2003. McKes & R 5%s'50. Manhat Ry cn 45'90 Market St 75 A *40. Marseille 65 '34. Midvale Stl 55°36. Milan 6% '52..... Mi] E Ry&L 58°71 MSP&SSM cn 45’38 MSP&SSM cn §s '38 MSP&SSM 55 gt'38 MSP&SSM 51578 MK&T 1st 4590 Mo Pac 5s F'77. Mo Pac 5s G '78. Mo Pac bs H'80 Mo Pae 5s1'81 Mo Pac5%s A Mont Pow 55’43 Mont Pwr 5s A '62. Nassau Flec 4s 51, Nat Dairy 6% s'¢8. N Y Centdb 6s NYCLS 3%s'98 NYC&StL 4%s NYC&StLS % N Y Edison 5s B'44. NYEdrf6%s'4l., NYEL H&P 48 '49 NY NH&H 4s'57 NY NH&H 4% NY NH&H clt NY NH&H 6s " NY O&W gn 4 NY O&W rf 4 NY Rys 65 A 65 % N Y Steam 5s"! 39 46, Norf Sou rf 55 '61.. Nor & Wn cn 496, Norf&Wn div 45’44 North Am Co 5361 Nor Am Ed 55 C'69. Nor Am E 5%s'63. N Ger Lloyd 63 °47. Nor Pac gn 3s 2047, r Pac 45°97..... Nor Pacr1i6s 2047, Nor St Pw 5s A "41. Norway 58 '6: Norway b%s '65 Norway 6s '43. Norway 6s'44. Oreg-Wash 4s'61.. Orient Dev 5%s 58 Orient Dev 6s '53... Pac GRE 55'42..... Pac T&T 1st bi Pac T&T rf 55 '52., Pan Am Pet 6s°40,. Paramount 6s'47. . Param-Pub 5% s'50 Paris Or 535 '68 Pathe Exch 7s'37. Penn sta 45’48 Penn4¥s D81, Penn cn 4% '60 Penn gn 4%4s'65 Penn 4%sD'70. Penn 5s '64. Penn gen 5s 68, Penn 63483 Penn PAL 4% Penn O&D 4%s'77 Pere M 1st 43’56 Pere Marq 4%s Pere M 1st 5856 Peru 6s* Peru 65’61 Phila Co 58 Phila Blec 4s°'71... Phila & Read 63 49 Phillip Pet 5%8'39 Pillsb F M 6543 PCCA&SL 55 A '70 Poland 6 '40. Poland 75 '47. PortGnEl 4%s'60 33 Por RAm T 6s'42.. 1 Pos Tel & C 55°53..105 Prussia 6s'52..... 31 Prussia 6% ‘51 Public Serv 4571, Pub Sv G 4%s'67. Pub Sv G 4%s 70, Pure Of1 5%8'40.., Queensland 6s°47., Queensland 7s Read 43%s A'97... Rem R 5% SA'4Tww Rhinelbe U 78 '46. . Rhine Ruhr 63°'53. .. 12 98 97% 98 3.. 89 101 100% 100% 0..31 85 84% 85 6T 31 104% 1044 104% 96 96 96 DEI5%s’'58 Mar. 1 Erfecv 45 A'S3. 3 - B 1 31 1244 123% % 100% 50 Rhine West 6s '62. Rhine West Rhine West Rhine West 78 '50.. Rich Ofl Cal 68 '44. Rio de Jan 6348 'l.l. R Gr Do Sul 8s 46, Rio Gr W clt 48’49, RIAr& L 4%s'34. Rome §%s8'52..... Royal Dutch 4845, Rumania 78 '69.... by StL IM R&G 4s'33. 49 StL SW 1st 4s'89.. StP&KCSL 4 %841, St P Un Dep bs '12., 880 Pau 18°40..... Baxon P W 634851, Baxon 78'46.veease 56 | other brokers, | | pacl Jority of cases that the ludln&: WINNING APPROVAL % |Stock Exchange Finds Sup- port for Plan of Independ- ent Reports. By the Associated Press. NEW YORK, February 9—The campaign of the New York Stock Ex- charige for more frequent and detailed reports, by independent auditors, is sald in sources close to the Exchange to be meeting with gratifying response on the part of corporate managements. Richard Whitney, president of the Exchange announced last week that the committee on the stock list had begun an investigation of the scope of the independent audits which listed companies are having made, and in some quarters close to the Exchange, it is felt that this may lead to the adop- tion of regulations by the Exchange laying down certain uniform accounting practices. Rules Amended. The latest Stock Exchange move is the third important action to be taken so far this year by the Exchange. Last month, the Exchange amended its rules, making it compulsory for all companies which plan to list stocks or bonds for trading to furnish independently audit- | P! ed statements. This ruling it is now forecast, will be extended to apply to all companies with securities listed on the Exchange—not only those which apply in future for new or additional listings, but also those which already have , securities on the “big board.” About two weeks ago, the Exchange cracked the whfl) over several of its members who had violated a new ruling ig:fiyfll;ga tt,hc p‘ylglt of na:umex to - other brokers, without first were suspended, their punishment Tanging from one month to three years. Last year a number of important changes were announced Ex- change, each move taken for purpose of zunrdao Fetgr investors. n ruary 18, 1932, the exchan made it mandatory for all brokers 'ue) obtain the special written consent of owners of stocks before their securities could be loaned by brokers for short selling purposes. It was found that a number of customers w had their securities in the custody of brokers were reluctant to give their consent. A small percentage was said to have re- fused such consent altogether. On June 22 ban on the sale by its members of so- called packages of securities, such units of 20 to 25 separate first obtaining the the exchange. The that it had investiga kages and had found in & great ma- jer safe- harge— repreuntm&nthg profit to broker han sale—was unduly large and consequently unfair to the buyer. The exchange is now involved in a suit over this ruling. A decision has not yet been rendered. % Last Fall thle exch::xn W;y:t thumis own on pool participa member in a stock in which g’e ll“g served as a specialist. The exchange explained that participation in a pool by specialists gave the pool an unfair advantage in handling the market for pool stocks. Near the end of the year the.ex- passed its regulation forbldding the gi of gratuities to employes of financial services banks, 823 |and the like without first obtaining the 9% 92 consent of their employers. addition, the exchange has main- bias or run 1,%“ the danger of spreading false rumars. 46 46% 49% 64 69% 17% 20 86 102% CHICAGO DAIRY MARKET. CI;JEAPS.‘ ‘Yes!rum 9 (P).-—-Blltt:rr,, receipts, 4,144 tubs, unsettled; creams specials (93 score), 1916ad0; (92) 19; extra firsts (90-01), 18%a18%; firsts (88-89), 1748173; seconds (86 ’Vzi standards (90 cent ), 19. Eggs, receipts, 6,504 cases, unsettled; extra firsts, 15%; fresh graded firsts, 15a15%; current receipts, 14- MONEY MARKET. NEW YORK, February 9 (#).—The money market remained dull and easy 105y ; today with rates unchanged. Outside 46 | call funds were available at one-half of 1 per cent, while the 1 per cent rate held over on the Stock Exchange. In time money and prime commercial paper business was inactive with rates the same. 58 Sinc 011 6%s B 38 37 % | SW Bell T 68 A "54. St OlIN J bs 46 StOIINY 4% . Studebaker 63 *43 19344 | Sweden 5% s *54. 88 Taiwan EP 5%8°71 25Y | Tenn Cop 6s B '44.. 37 40% [ 6 87 Tenn E1 P 6s A'47. 1 4 Tex & I'ac 5s D ‘Third Avrf 991 | Third Av 1st 55'37 91 59 57 Tokio El Lt 63 '53 Un EIPSL ref 5533 Union Kl L&P 58’57 65% | Un Pac 1st 48°47.. 25% | Un Pac rf 48 2008, 28 53 Un P 1st rf s 2008, Unit Drug 68°53... 54% | U S Rubber 58°47.. 99% | Un St W 6%4m A'47, 104% | Un 8t W 6348 A'51, = 104% | Ua St W 6% s C'51. 72% | Uruguay 6s Utah P& L 68’44 914 | Ut Pw 5259 ww., 89% 57 64 AT Utll Pow 5%8'47.. Vanadium St 5s'41. Vienna 6s'52 . VaRy 1st5s A 62, 60 | Wabash 4% % . ‘Walworth 6s A '45. 10% | Warn Br Pio 68°39. 13 2214 | West Md 1st 4853 ‘Warren Bros 6£41. 4 89% | West MA 5%s 17 85 West Pac bs A "46.. 51. 30 3BU | W 13% West Union 5s '60. West Un 6%s'36.. 814 | Westphalia 68’53 Wh & L Ecn 4549, o | WEO 53437 ww. Wil & Co 1st 684! Six " members | ignored e avowed | 588 Better Trade News Reflected in Numerous Stock Advances. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, February 9.—Under the stimulus of a series of favorable over- night news developments, the Curb Ex- change turned and active today. Electric Bond resumed some of its old-time leadership as it ad- vanced more than a point. Cities Serv- ice, however, continued quiet and heavy. Standard Ofl of Indiana firmed up. opening was greeted with & ‘series of constructive news items. Bank clearings here showed the first | gain in 31 months. Commercial failures during the week declined. The official announcement of an easing of the local mortgage sit- uation was encouraging. Reports of January sales fully justified the state- ments made here early last month at the Automobile Show. lu’fhle oil tr||fl¢ took cl‘in of f.hs avorable showing gasoline anc crude ofl statistics and promises to correct this situation. Most of the divi- dend actions were favorable and earn- ings reports were not as small as antici- ted. “Along with these items, perhaps engendered them, were the private utternaces of business and financial leaders that the new administration in Washington would find many quar- ters ready to co-operate with its aims. The rise in grains betterei Deere & Co., but Quaker Oats commcn on its| first sale of the year was down sev- eral points. The preferred stock rose s t. Montgomery Ward A, how- ever, reflected the improvement in agri- cultural products. The coal shares the cold snap. Aluminum Co. America common was up & point. Three utilities quickly followed the upward path pointed by Electric Bond & Share issues. They were Columbia & Electric preferred, Duke Power and Penrisylvania Water & Power. Then the preliminary report of American Gas & Electric ceme out. Showing net of $2.31 a shere on the common against $3.64 a shae in 1931, the income state- ment stimulated of American Gas & Electric. This movenient was still under way when bicding began in American Light & Traction. Reichsbank Statement. BERLIN, February 9 (#)—The Reichs- bank statement, as of February 7, shows the foll changes in reichsmarks: Gold ll.x:ld - onl: mammm,ow, re- serve curren decreased 2,713,000, bills of exchange and c! decreased 92,319,000, silver and coins increased 9,532,000, notes on other banks increased 4,809,000, advances de- creased 13,139,000, investments in- 000, other assets decreased otes in circulation de- creased 95,587,000, other maturing obli- itions decreased 29,359,000, other lia- ities increased 4,737,000. ‘Total gold holdings, 822,288,000. Note coverage, 28.4 per cent. Rate of dis- count, 4 per cent. ON THE CURB BONDS 5 MARKET. 22 28 513 2 : o s ] éEEEE “.'05 ¥ s A R OAF ¥ Dhi 1310001 = SBE i ssfiffiz .. g t 28| ot el ™ 1202003 022 1 09T IS ARSI S I8 e 1 BRI 13 O £ £ FEESR 253 &) B £k 33883955 ig-giiii u?!»” FEERGNC o g sswomes SHES: 9999900000 o £ 0 ;‘%x 9970 601, 90" 904 Edao' H 9 g £t 9: 84 .. 1 2oy Eogyg » o, 5 58 a; 3 A e A T SRR S R L R S gn:n%—g 43 L 101% me 5 88Y% 861 86! 1017101 101 100 100 1 Eggaao b 7?% % o 02% 1 9 g 80 23 101 %73 EEEEEEE i SRugh e 1,2 007 _M fab 2% 3 e oy .. PR BN A [y . WS a 233233 SRR 2 5 88" bl 27 153w 3115 180 104% 10472 1 A8 3 % 1868 00% 80 0548 10948 10858 05% 108 89 ’51 1 '61 05% - 52102 102 - - ) o NSt <218 113 w fo) SRt SR IR RS R S RIS FE SR & SRR 3522 EL xS582385 FEOSRRRRS R R b P sl B EEE sge3e Fgeedads e (=} - it 33 E & ;1’_ ] SBRVERLR=S: 2 a9 2o G D S OISO MM OID G 2, 2TEAITTOMISOR SO BeASIm: Zuri i g il 70" 70 | Vie 93 84 iy M B Dividend Rate. = Add 00. Alabam Pw pf (8). 50s Aluminum of Amer400s 4 Alum Co Am pf£(3).100s Am Beverage...... 1 AmCity PALB1Se 7 Am Comwith Pw A, 1 6 1 4 1 2 Am Hardware (2). 250s Am Investment.... 17 Am Lt & Trac (2).. Am Maize Prod(1). Am Manufacturing Am Superpower. .. Am Super 1st pf 6. Asso Gas&Elec (A) Atlas Utilities..... Atlas Util war..... Atlas Util pf A (3). Babcox&Wilcox(2) Blue Ridge. Brillo Mfg ( Brt-A Tb rg p24.1 Butler Bros....... Canadian Marconi. Celanese 1st pf. ... Cent States Elec. .. | Cent Sta Elcv pfn. 288 CenStEI6% pfxw 2 Cent Sta E pf 6 ww 210s Chesebrough(16%)150s Citles Service..... 172 Citles Service pf... 2 Cities Service(BB) 10s Cities Sy P&L $6 p100s Clev El Illu pf (6). 708 Col G & Ecv pf(5). T6s Col Ofl & Gas vte.. Comwith Edis (5).. Comwlth & Sou wr. Consol Copper..... Cons Gas Balt 3.60. Cord Corp. . Cosden & Co c. Cosden Ofl pf. Creole Petroleum. . Cresson Consol (4¢) Crown Cork Intl A. Deere & Co... Duke Pow (5) K East States Power. East Util Assocv.. 16% » 2 & - - HFanrraRrann o metraBuSoen Elec P&L 2d pf(A). Grain Market By the Assoclated Press. CHICAGO, February 9.—Much en- larged general lifted wheat Provisions held about A ite downturns of hog vlluu.m e R Lnect s sy " NEW YORK EGG PRICES and mu%-u 18%a19% FOREIGN EXCHANGE. (Quotations mmg::'fil .""'}:':“ a& .91 V. 8. TREASURY CERTIFICATES Baieutty, Sneh Dolitrner &oge) 3%s Mar. 15,°1933 1936 108 2: 5. 1937.. 102 32-32 1937.1 103 15-32 .. 10013-33 100 28-32 SHORT-TERM SECURITIES. (Reported by Chas. D. Bar llis-Chalmers Co, 5s 1937. . Chain 19: oty Bl 4%s Am. Wat. Balitmore & 1933 Belding Hemingway €s 1 mu?muo. 1 Keystone Tele) as 223! S Lini uisyille & 0! 3 T3 S £ = 8R2S2E RS % : & S| Market Averages By the Alnda. ted Press. sTocKs. 3 iR AR A ] S . a ot con g2 & Sg Sikiisasiuusck S L4 gz zaag, . siele 3:2§8 (1% 33 2ETEE <300 020 BoDRTEBET L~ G saageanll 19800 i e 192 114 oy 223 ™ 15, Humble Oil (2).... Hygrade Food. . Dividend Rate. Empire G&F 7% .. 508 Eureka Pipe L (4).2508 Europ El Ltd A 30c Flintkote (A)..... Florida P & L pf(7) 758 Ford Motor Can A., 4 Ford Motor Ltd. ..., Foundation For Sh General Aviation Hamilton Gas vte., 12 Hecla Mining.....:. 1 Hollinger Gid t80c. Hudson Bay Min. ., Hygrade Sylv (2).. INP&Lpt (6) Imp Ofl Ltd cou Ind Terr Il1 Of1 A IntHy E1Scyf3 Int Petrol (1), Int Util B. Irving Air ) Italian Superpw A. Kirby Petroleum. . Lake Shore M (2).. Lion Ofl & Refin. Lone Star G bé4c. Loulsiana L & Ex.. McCord Radiat B. . Marc I M (k24 3-5¢) Memphis Nat Gas.. Merritt Chap & 8 Mesabi Iron. .. Mldland Steel (2). . Moh Hud P 1st pf 7 50s Mont Ward (A)...190s Nat Aviation L Nat Bellas H¢ 24 Nat Fuel Gas (1).. 12 1 reatonn w0 ran2iewl rrar Natl Service pf. New Bradford 2 New Eng Pw pf (6)140s New Jersey Zinc 2. 1 Newmont Mining. N Y Shipbldg (ne Niagara Hud P (1) North Earop Oil. Nor Ind Pb Sve p! Northern P L(50¢c) . North Sta P A (6)., Novadel Agne (5).. Ohio Copper. Pac G&E 1st pt 1% Parke Davis (1)... Parker Rust P 2 Penroad Corp...... 1 Penn Wat& P (2).. Pilot Radio Tube A Tloneer Gold 24c Prudential Inv Pub Util Hid wi Pub Ut Hidxw.. 17 Puget Sd P&L$6 pf 30s Pure Oil pt (6).... 30s Quaker Oats (17)..100s Quaker Oats pt (6) 10s Roan Antelope, Rossia Intl, . Safety Car H& Lt, Bt Regis Paper. ... Balt Creek Consol. . Schift (The) Co(1). Seaboard Utilities.. Belec: Belect 154 pr s 4o pr( Shawin W&P (2%?; s uiTEain L ot v Re TN P8 4 80 Am Gold & Plat. SouCalEdpfC1% Stand Ofl Ind (1) Stand Ofl Ky 1.20 Htutz Motor Car. Swift&Co.... Swift Internatl Swiss Amer EI pt.. 50; Technicolor. I Tech Hughes (60¢! Todd Shipyard (1). 7'rans Air Trans. Tri-Cont Corp wr.. T-1bize Chat Corp. . Tung-Sol Lamp pf. Unlon Am Invest.. Un Gas of Canada.. VJtd Corp war..... e GRRI BR At n S0 NE e o Utd Gas pf (3%).. Unit Lt&Pwr (A).. Unit Lt & Pwr pf U S Elec Pwr ww U 8 & Intl Sec. US & Int] 1st pf. Unit Verde Ext ¢ Util P& Lt, Utllity Equil Util&Industrial pf. Walker (Hiram). ., Walker (H) pf (1). Watson (J W). Wol'thLtd pa2 2-5c, Wright Harg t20c.. 13 - 104 10% lose.. 10% AS HOPEFL SN 26% 1 2% 2% 1 1% 1% 25 6% 3% 3% 4% B3 6% % 58% Dividend rates In dollars based en last quarterly dividen a Pas or semi-annual payment. {Partly extra. 3| cash or us 4% In b in 1# % 8% 1000 Mayflower Hotel 5000 Nat'l Press Bidg. 50 Shares Home Insurance at market. COLONY COMPANY Met. 2721 Wash. Bldg. First Mortgage Investments Sound Security Liberal Return | long-term offering has fully placed with the public instead of |Strength in Corporation ls- sues Denotes Return of Investors’ Confidence. Spectal Dispateh to The Star. NEW YORK, February 9,—Pronounced strength in the highest grade of cor« porate bonds is characteristic of & de- pression once it has passed the panic stage. It is a feature of the market Jjust now, when the best of public utility obligations and a few of the highest ranking raflroad issues' are selling to yield less than 4 per cent. Money accumulates at such times and, in an endeavor to find employ~ ment with a minimum of risk, turns to just such bonds. Of course, it takes refuge also in the obligations of the Government, but there are certain dis- advantages to Government bonds under present conditions. . The major one is . With budget unbalanced and expendi- tures for relief and 'reconstruction by leaps and bounds and the market for short-term issues nearing the saturation point, it needs no prophet to predict an addition to the supply in the near future, which, con- celvably, the Government bond market may have difficulty in absorbing. The ‘“oversubscription” to Govern= ment offerings is no measure of the ability of the market to assimilate long-term bond issues. The situation will not be cleared up until some such béen success- with the . Until that\time, for the purpose under discussion, the cor- porate bond has the advantage, pro- of ‘course, there is no doubt viding, about its security. Bonds that qual o Veesritoss of the yield, are in demand, (Copyright, 1033.) New York Cotton Spectal Dispatch to The Star. today opened up 3 m"s points y up here following the increase activity and steadiness in Liverpool. Initial quotations were: up 3; May, cJS.uflpl; July, ', 6. ,8 ; December, 3; January, 6.65, up 4. R . Durgiacs, heldals e men and safebreakers. His stores Eosiow B dluts e’ rs’ Burglary Rdohbery Policy . ade: e tection lhe“:nll P:t:nkuwr : a very reasonable premium. Our_representative would be glad to call and explain the many features of this form of covera, is surprisingly .low. 15t 6s. Bks. “INSURANCE DEPARTMENT H. L. Rust Company TOMORROW’S AFFLUENCE DEPENDS UPON TODAY'’S FRUGALITY Proper care of surplus funds is one of the chief elements in paving the way to a prospe: offer our Tous future, We i 6% FIRST MORTGAGES for your consideration as a good in- vestment with the assurance that the interest is definitely fixed and with trust on improved Washington real estate as security. May be purchased 'in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W,