Evening Star Newspaper, February 18, 1933, Page 12

FINANCIAL, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Yo WOULD HOLD BACK /4B F.C.LOAN FACTS :MgLeod Introduces Bill Aimed ,oct0 Protect Banks and Depositors. BY EDWARD C. STONE. . Publication of loans made by the Re- eonstruction Finance Corporation to “banks, or'the application for such loans, ‘would be prohibited by the passage of & bill introduced in Congress by Rep- reséfitative Clarence J. McLeod. The bill 'would take the publicity feature oif ‘of the Emergency Relief Act. " "Representative McLeod believes that ublication of information on R. F. C. loAns was the chief factor in bringing "8Bdut the bank holiday in Michigan which was declared by the Governor of the State to protect depositors. The entative would have the loan in- formation available to the President and the members of Congress only. In #xplgining more fully the purpose of -hi 1, Mr. McLeod said: e necessity for the drastic action of tHe Governor of Michigan in de- ‘claring an eight-day bank holiday is final' and conclusive proof that infor- mation pertaining to loan applications ‘shouald not be made public. Under the extremely difficult conditions confront- ing us today as a Tesult of the depres- sion, it cannot reasonably be con- tended that publication of information pertaining to bank loans can serve any good purpose. One of the fundamental reasons for formation of the Recon- struétion Pinance Corporation was to strengthen our credit structure and prevent bank closings. “Yn the reports made public regard- ing these loans and applications, it is not- possible to give all the circum- stantes surrounding each case, and events of the past few days have clearly shown that this ‘half information’ is productive of alarm and loss of confi- dence in institutions of unquestionable soundness and solvency. “The blic interests can be fully safeguarded by providing that the in- formation now furnished the Presi- dent 'and Congress in periodical state- ments, shall be for their confidential end 1 information only. In this way, ‘much of the intense suffering and jhardship that naturallv and inevitably ‘follows the loss of ccafidence and con- sequent runs on sound banks, almost {nvariably spreading to other institu- tions, regardless of their safety and solvency, may be avoided,” Representa- tives McLeod said. ' Would Amend Present Act. <. ~The text of the bill “to protect de- Tipositors of banks and banks by pre- venting undue publicity in connection with loans by the Reconstruction Finance Corporation,” follows: *"H%That paragraph (b) of subsection ‘(3) of section 201, title II, of the ency relief and construction act mmded by the addition of the following: “Such statements and data contained therein shall be strictly for the confi- dential personal information of the President and the members of the Sen- :fie d House of Representatives and »n“!fx:ot be made public.” . Buckner Comments on Insurance. “THomas A. Buckner, president of the New'~York Life ce Co., com- menfing on the company’s annual statément, stated that 1932 was one of “the musr:]s x;:yew%mylyurs in the company’s since it was organ- 1EH In 1845, ““Though it has been nearly 88 years since the New York Life began busi- ness,” said Mr. Buckner, “1932 was junquestionably our year of maximum service to policy holders. The total paid, to living policy holders and to ‘heneficiaries was $255,200,000, exceed- dng: by $27,600,000 the largest amount s0_paid in any previous year. - “The income for 1932 was $407,- 985,904, and the company met on de- mand every contractual obligaton from #ts ‘current cash income without having to sell a single security and without Porrowing a dollar from any source. We made new investments amounting $46,623,000 and closed the year with _::lmr amount of fi,h&‘ bank than Any other year-en e company’s -history. ‘The company’s balance sheet shows assets: of $1,974,076,041 and liabilities of $1860,106,133, the excess of assets over liabilities being $113,969,907. "' Heard in Financial District. ‘The new Washington Gas Ligt 5s, 1958, have recently been listed on the New York Curb Exchange and are appearing daily in the trading. A sub- stantial turnover in these local bonds has been recorded in several recent e: ke THp annual banquet of Washington Chapter, American Institute of Bank- ing, will begin at the Willard Hotel at :6:30 o'clock this evening. Richard A. :13:1-15. chapter president, will pre- e. The fact that Washington stood twelfth in building permits in January among the first 25 States in the United Btates, is considered encouraging. 8. w. us also has prepared a list of the first 25 cities, in which Washington is in ninth place, a highly enviable position. sm:Western Maryland Railway. Balance-sheet items of Western Mary- land: Railway Co. as of December 31 follow: _Current assets—December 31, 1932, $4.395,299; December 31, 1931, $5,191,- 457. Current liabilities—December 31, 1932, $3,237,516; December 31, 1931, $2.254.880. 'Invest in stocks, bonds, etc~December 31, 1932, $87,639; De- cember 31, 1931, $287,639. Pund debt within six 'months—December 31, 1932, $374100; December 31, 1931, $374,100 3 Seaboard Air Line. Preliminary report of Seaboard Air Line Railway for year ended December 81, 1932, shows net loss of $9,528,174, after taxes and charges, comparing with gt loss of $7,110,747 in 1931. December net loss was $636,525, after taxes and charges, against net loss of $689,868 in December, 1931. Two Dividends Declared. Directors of the Pennsylvania Water & Power Co. declared the regular quar- terly dividend of 75 cents per share on the common stock, payable April 1 to stockholders of record at the close of business March 15. “"The first quarterly dividend of $1.25 a share on the new $5 cumulative pre- ferred stock was also declared, payable April 1 to stockholders of record at th2 close of business March 22. INTEREST RATES UNCHANGED. By the Associated Press. | Average rates for money continued unchanged during the week ended Feb- ruary 11 as the trend of calculated by the | Commerce Department. In the tablé' that follows the average rates for bmrk‘:}_’clnsses of funds are given for com- parable periods, as announced by the depargment: ‘Week ended February il.. Previous week .% Same week last year. ‘Time. Call. 1.00 1.00 | 2.50 liénk of England Statement. LONDON, February 18 (#)—The week- 1y statement of the Bank of England shows the following changes in pounds: + Total* reserve increased 7,319,000; cir- culation decreased 2,207,000; bullion increased 5,013,000; other securities in- creased 116,000; public deposits in- ‘ creased 2,348,000; other deposits in- creased 5,627,000; notes reserve in- creased 7,362,000; government securities increased 550,000 e propertion of the bank's reserve |aj ‘Thi fo_liability is 34.12 per cent compared ~Prev. High. bl 64y 13% 15 89% 121% 6% 107% Am Tobacco pf (6 4 56% % 46% 2% 6 4% 58% 27% 28 15% 6% 14 4 313 18% 56 8 20% 215 23% 26% 10 33y 112 16% 278% 1% 9% 147% % 33, Tih 9% 1933~ Low. Stogk and Dividend Rate. 76 Aliled Chem & D (§). 18% Allled Chem pf (7)..1 6% Amal Leather pf. 1 5% Am Locomotive. ... 17% Am Locomotive pf.. 3% Am Metal Co. 15% Am Metal pf. 5% Am Power & Light. . 12% Am P&Ltpf A (2%). 5% Am Radfator........ 20% Am Safety Razor (3). 11% Am Sm & Ref....... 20% Am Sm & Ref 6% pf. 31 AmSm& Ref 7% pf. 3215 Am Snuff (13%)..... 5% Am Stee] Foundry. 31% Am Stores (12%).. 21% Am Sugar (2).. 98% Am Tel & Tel (9). 49% Am Tobacco (5) 51% Am Tobacco (B) ( 11’2 Am Type Fdrs pf. 13% Am Water Works(1) 12% Am War Wks ctfs(1) 50 Am Wat W 1st p£(6) 22% Am Woolen pf.. 615 Anaconda Copper. 9 Anchor Cap ($0c)... 10% Archer-Daniels (1).. 3% Art Metal Construct. 3% Assc Dry Goods 3815 Atchison..... : 59% Atehison pf (5).... 17% Atlantic Coast Lin 15% Atlantic Refining( 3814 Auburn Auto (d4) 5% Avation Corp (Del). 4% Baldwin Locomot. .. 11 Baldwin Locomot pf. 200s 8% Baltimore & Ohfo.... 12 10% Baltimore & Ohio pf. 4 3% Barnsdall Corp... 1 3% Bayuk Cigars... 27 Bayuk Cig 1st pf(7)w 814 Beatrice Creamery.. - 26 Beech Creek RR (2).. 3% Belding-Hemingway, 63% Belg N Ry pt pf 4.09.. 8% Bendix Aviation 13 Bethlehem Steel. . 28 Bethlehem Steel pf.. 4% Blaw Knox 11% Bonn Alumn & Brass 52% Bon Amia (A) (15).. 19% Borden Co (1.60) % Borg Warner. 3% Briges Mfg C 7% Briggs & Strat 24% Bkyn Manhat Tran.. 69% Bklyn Man Tr pf (6). 72 Bklyn Union Gas(5). 32% Brown Shoe (3)...... 3 Bucyrus-Eriecv pf.. 3% Budd (EG) Mfg pf.. 21 Bullard Co.. 1% Burns Bros pf. 23 Bush Terminal, Byers (A M) 42% Byers (AM) of (7 Callahan Zinc & Ld 2 Calumet & Hecla 9% Canadian Pacific 20s 1 5% Celanese Corp. 1% Celotex pf. 4 Cent Aguirry 5% Cerro de Pasco 26% Ches & Ohio (2%)... 1474 Chesapeake Corp (2) 4% Chi Great Westn pf.. 3% Chi & Northwestern. 5% Chi & Northwest pf.. 2% Chi Pneumatic Tool., 5% Chi Pneu Tool pf.... 63 Chi Yellow Cab (1).. 50s 10% Chrysler Corp (1)... 73 49 City Ice&Fuel pf 6%. 40s 7314 Coca-Cola Co (7).... 10 64% Colg-Palm-Ppf (6).. 1 12 Columbia Gas (b1).. 12 27% Columb Carbon (2).. 2 4% Commercial Credit. . 5 22% Comcl Credit A (3).. 3 19% Comel Cred pf (1%).. 20s 72% Comcl Cred 1st(6%). 20s 18% Comecl Inv Trust (2). 7 84 Comcl Invcv pf(e6). 7 9% Comcl Solv (60¢).... 2 Comwlth & Southn 80 Comwith & Sou pf(§) % Congol-Nairn (60e: 1% Consol Film. 6 Consol Film pf.. 47 Consol GasN Y ( 3 Consol Laund 50c. 5% Consol Oil Corp. % Consol Textile...... 36 Contl Baking pf (4). 38Y% Contl Can (2)... 14 Contl Insur (1.2 134 Cont’l Motor: 5% Contl O1l (Del) 49% Corn Products (3) 1 10 29 © - 0 0008 €100 s 0 00 ot T 01 1 e e 5300 2 GO RO B e Cudahy Packing 2%. 7% Curtis Publishing. .. 84% Curtis Publish pf(7). 1% Curtiss-Wright... 214 Davega Stores (h3) 1 Davison Chemical... 44% Delaware & Hudsen., 20% Del Lack & Westn. .. 26'% Diamond Mach pf 1% 12% Dome Mines (11.30). 13 Pominion Stores 1.20 10% Doug Alrcraft (75¢). 734 Dresser Mfg (A) 33% Drug, Inc (3). 34% Dupont de Nem 99% Dupont deN db pf(6 9% Durham Hosiery pf. . 51% Eastman Kodak (3). 4% Eaton Mfg Co.. . 14 Efec Auto-L (1.20).. 1 Elec & Musical Instr. 4% Rlec Pwr & Lt.. .s 1214 Elec Pwr&Lt pf 2.33. 2] Elec Storage Bat (2). 5 EffeRR.. 10% Fairbanks Morse pf. 8% Fashion Park As pf.. 21 Fed Water Service A, 16% Fidelity-Phoen 1.20.. 4715 First Nat Strs (234). T'% Florsheim Shoe (A). 17% Fourth Nat Inv 1.10.. 1% Fox Film (A)....... 12 Franklin Smn pf(7). 20% Freeport-Texas (2).. 6% Gen Cable pf. 29 Gen Cigar (4) 107 Gen Cigar pf (7). 12% Gen Electric (40e)... 22% Gen Foods (2).. 1 Gen Gas & Elec (A) 7 Gen G&E cv pfA g6. 11% Gen Motors (1). 68% Gen Motors pf ( 2% Gen Public Service 13% Gen Ry Signal (1). 14% Glllette Saf Raz (1) % Gimbel Br¢ 5 Glidden Co. 13% Gold Dust (1. 4 Goodrich (BF).. 10% Goodyear Tire&Rul 27% Goodyr T&R pf (2) 1% Graham-Paige. 4% Grand Union. .. 7% Great Northern p 5% Great Northern Ore 7 Great West Sug. . 72% Gr % Gri 37 Hall W F) Printing 484 Hershey Choc (5) 15% Houdaille-Hersh 2% Houston Ojl (new) 5'3 Howe Sound (40e 14% Hudson & Man (2% 11% Illinois Central. . 14 Indian Motor Cycle. . 2815 Industrial Rayon (2) 21 Ingersoll-Rand(1%) 4% Interboro Rap Trans 85% Int Bus Mach (6).... - AN Ao o =S Sen " pereH wRaeen » Bales— Net. Add 00. High. Low. Close. Chse. B | . 1933 Low. Divi 10 20 Intst D 62 11 5% 104 8% Kennec 10% 8 Kresge 18% 16% Kroger 341 A% 6% 62 63% 9 7% Kansas 5% Libbey 49% Licg & 11% Liquid 2% Loft In 16% Lou Ga: 21% Louls ¥ 188 444 4% » 25% Maey ( Mande) Manhat 8% Marine 1414 14% 2 5% 11% A% 7 11 Montgo 25 Morrell 3% 2 Murray 15% 13% Nash M 41 32y Nat Bis 1387% 128 Nat Bisq 2Esxees ++14+111 Met-Go! [ [N ¥ OF F FFEFE 10% Nat Pw: 17 Nat Ste 4% Nevada 93 N Y Ste: 21 125 T % 5% 5% Ohio Oil 1% Orpheu 10% 37 2% 2 12 % Faramo % | - & 27% 23% Penick Penney 6 & FOEER FOEF ® 4% 8 ki 4% % Phila & Plymou 3 22% 43% T9% - 3% (S I FEIF 6 11% T% 5% Raybes L+l S 1% Reo Mo 1+ 1+ FEEE ES U F& 16% Sears R 1% Servel L 6% Socony 15% Se Port 5% Souther 14% Stamdar 121 Stand Bj &l £ 22% Stand Of 99% Stand O 15 Stana Of 4L 7% Stone & A e ¥ EFR 2% Superio +1 L 14% Timken L4+ & FEFFIE JEF 10% 21% U ANl . R Unit Cos Unit Fri Unit Ga: US & F S Ind S Pips s 8 s u U U U U u 59 1% ) 14% 11 SR 2% 1% 6% 4y 3 38 36 42 105 % 5 1% 19% 11% 24% 60% 1y bl 29% 35% 2% Yellow % Vadsco Warn B Warren s ¥Fr wxsfes e Wiilys- % 134 5 22 5% 86% FEEE F FES 5% m Paj 86% p Payatle in serip. 28% 25 JewelTeaCo (3).... 59 _Johns-Many pf (1) 4 Kelvinator Corp. . 26% LambertCo (4)... 89% Lehman Corp (2.40).. 49 Liggett & Myers(15). 814 Link Belt (80c). 14% Loew’s, Inc (3) 21% Loose-Wiles Bis (2). 10% Larillard (P) (1.20).. 90% Lorillard (P) pf (7).. McCrory Stores. Mclntyre P M(t1 McKeesport T P (4) . McKesson & Robs pf. McLellan Stores..... Mathieson Alk (1%). Miami Copper Mo Kan & Te: Mo Kan & Tex: Missouri Pacifie pf. Mohawk Carpet. 6% Nat Cash Reg (A). 12% Nat Dairy Prod (2) 16% Nat Distillers. .. 6% Nat Tea (60c)... 16% N Y Central. 17% Noranda Min (ai. 114 Norfolk & West (8).. 5% North Am Aviation. ., 31% 21% Nor Amer(b10%stk). 17% 13 Northern Pacific 13% 10% Otis Klevator (1). 63 Otls Steel pr pf. 38% Owens 11 Glasi Pacific Gas & BI (2).. Packard Motor Car.. Pan-Am Pet B (80¢). Park Utah...... 11 Pathe Exchange (A). 13% Penna RR (R50c). ... "6 Pere Marquette pr p§ 4% Petrol Corp of Am... Phelps Dodge. .. Postal Tel&Cable pf. Presced Steel Car. . . Pressed Steel Car pf. Proctor & Gam(1%). Public Sve N J(3.20). Public Sve NJ pt (5). 18% Pullman Corp (3).... 22% Southern Cal Bd(2).. 15 Southern Pacific. 4% Spang-Chalfan 34 Stand Gas&El pf (7 23% Stand OIl N J (1) 11 Sterling Secur pf. 3¢ Stewart Warner. 3% Studebaker Corp. 11% Texas Corp . 16% Tex Gulf Sulphur(1) 5 Thatcher Mfg Co. 5% Third Avenue..... 5% Thompson Products. 3% Tido Water Asso Oil. 41% Tide Water As pf (§) 4% Transamerica Corp. . 3% Tri-Contl Corp. .. 55 Tri-Contl Corp pf(6). 20% Trico Products(2%). Und-Ell-Fisher(50c) n Carbide & C(1.20) Un Ofl of Calif (1)... Union Pacific (6).... Un Tank Car (1.40).. % Unit Alrcraft. . Unit Pice D W pf 6% U S Gypsum (1.60).. U S Gypsum pf (7).. Pipe 1st (1.20)... Rubber.... Smtg & Ref (1).. S Smtg&Ref pf 3% U S Steel.... 65% U S Steel pf (2) U S Tobacco (4.40) % United Stores (A)... Vanadium Corp Walworth Co. . Western Union...... Westing'se Air B(1). Westinghouse Elec. . Westinghse 1st (3%) White Sewing Mach. Woolworth (2.40).... Wrigley (Wm) (3).. t year—no regular rate. Stock and dend Rate. 2% Int Carriers Ltd 20c. 15% Int Harvester (60c).. 7% Int Nickel of Can Int Silver. 26% Int Silver pf. 5% Int Tele & Teleg. . bbbk . 12 p St pf xW(7). 208 1 FEE OF F F OFEFESR City Southn.. ott Copper... (S8S) Co (1).. Grocery (1).. - Owens Glass.. +++ 1+ - Myers B (15). Carbanie. o d & S&E1 A (1%). o & Ni RH) & Co (2) 1 Brothers. ... Elev mod gtd Midld (80c).. @ 2 PSR 1 POV ) fITL PR IOL |- P ET PRS- Y TP - ROOR - JIPS — P SO - FEPEFE FREF IV 1d Pie pf 1.89. 13 * o mery Ward. . (J) & Co (2). Corp. . . otors (1) cuit (2.80). eult pf (). +1 et - EaE w8 ey r & Lt (1) el (50c) Con Copp: Y IVl + +4¢) EFEFREF EFEF 1 PA am pf (6) 1 F 1 e 1 m Circuit pf.. 100s 4 unt Publix... & Ford (1)... (J C) (1.80). - Read C& 1., th Ol (1) (FREZRSETI AR S K N 2 1+ EE FF FPEFFEFRIES FEEF » 8% Radio Corp. 7% Radlo Corp pf B. tos-Man (60c) 24% Reading Rwy (1). 3% Remington-Rand tor Car, 54 Republic Steel. 3 Reynolds Spring. 26 Reynolds Tob B (3).. 3% Rossia Ins of Amer.. 19% Royal Dutel y Stores (3).. 74 Safeway Strs pf (6).. 80% Safeway Strs pf (1) 7 St Joseph Lead. . % St L-San Francisc % Seaboard Air Line. .. 15 Seab'd Oil(Del)t50c.. 1+ ++ .lal EF OFF Ex 23 loebuck. % Seneca Copper. ne. .. 7% Shattuck(FG) (50e), 4 Shell Union Of1 6% Stmmons Co. .. J 5% Simms Petrelm (36e) Vacuum 40c., Ric Sug 1.60.. n Railw: - 1L il 'd Brands (1 rands pf (7 sTrsFerasases il Calif (2). 11 Exp pf (5 il Kansas. Webster. |+ttt FFEE FEF FFEF EFEFE T Steel 2 ME e - Roller Bg(1) - RN R s L L 19 & rp (400). .+ uit (2). . s&Im (1.20). i+ FFEEL 'orn Secur. ... 41 us Alcohol. . . e&Fdry (50e) ! S8 SEEEEE EE SR ++41 1+ Sales Corp. .. ros Pictures. Warner Bros Pic pf.. Bros...... ‘West Pa Elec A (7).. West Pa Elec pf (6). West Pa Bl pf (7)... West Pa Pwr pt (7). Western Maryland. . Western n Pacific. ses wELs Overland. . Truck 5 9% Youngstown Sh&Tu. 4 Zonite Produots. .. Dividend rates as given in the 4 nual cash declarations. 1Plus egular, b ble_in ock. fPlus 8% .in stock. h Plus in special preferred stock. k Plis 3% in nPlus 5% in stock. DO LLAR FIRMER AT PARIS. PARIS, February 18 (#)—Nervous- ness with 30.99 last week. Rate of discount, 2 per cent. » ppea; heavier at 25.34}, centimes. in the dollar exchange was dis- ring today, but trading was This was gbove yesterday's close, but under the unofficial prices quoted after the close, State and m Strong selling was met by steady buying. e New Municipal Financing. NEW YORK, February 18 (/).—New unicipal financing sched- A uled for next week totals $10,768,300, says the Dally Bond Buyer. Montana wili consider bids Thursday for a $4,500,000 issue of funding bonds, this being the largest item on the calendar. SR Italy will boost ts sgriculture. D. C, SATURDAY, FEBRUARY 18, 1933. PURCHASING POWER ENLARGED THROUGH REFINANCING PLAN STOCKS IRREGULA AT SHORT SESSION Advances in First Hour Bring Qut Offerings as Mar- ket Closes. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 18.—The week in the stock market clofed with a nar- row and uncertain price movement. Quotations ranged higher during the in the second half of the session to create irregularity. The most important news was the increase in car loadings of 18,218 cars on the week, larger than expected, but almost entirely due to the movement of coal. Obviously this was because of weather conditions and did not indicate any permanent change for the better. Kansas City Southern made the first January earning report. Both gross and net were down from the corre- sponding period of a year ago. Rail- way stocks were steady at the opening and fractionally lower at the end, but trading in them was in small volume. ‘The market for Unitzd States Steel issues was helped by the action of the directors in offering common stock to employes as usual. The price fixed was $27 a share and the market for the junior issue ranged around that figure today. Steel preferred at 59 was up 2 points from the low of Friday. The fact that the corporation did again invite its workers to invest in its stock wal taken as indicative of confidence in the future. Advices from Youngstown were moderately favorable. Scrap prices were firm. There were one or two weak spots. The one that attracted the most atten- tion was Union Carbide & Carbon, di- rectors of which are scheduled to meet for dividend action on Tuesday. The movement of the shares suggested that traders were considering the possibility of some downward revision in the rate. Locai tractions were soft today, with & 2 to 3 point drop in Brooklyn Man- hattan Transit preferred. The general list was not weak. The street was encouraged by the firmness in commodities, which offset, in part at least, the weakness in the dollar abroad. Sterling was unchanged at 3.44%;, but that was due largely to intervention by the Bank of England. French francs were up seven-sixteenths point, guilders up 3, the Swiss bill up 4 and belgas up 2 points, which, added to Friday’s rise in these currencies, was a pretty plain indication of what the European speculators thought of the prospects of inflation here. They have been wrong before, however, and the chances are that they are wrong now. Meanwhile, however, francs are at a point where it is profitable to ship gold from New York to Paris. AUTOMOBILE PLANTS INCREASING OUTPUT Introduction of New Models Is Accompanied by Gains in Sales. Annual Shows Help. By the Assoclated Press. DETROIT, February 18—Manufac- turing activity in most of the motor-car plants continued at a slightly better level during the past yweek, after a virtual adjustment of the labor diffi- culties that interrupted production in some of them. The activity, of course, has been due, in the main, to the out- put of new models which were more or less hurried though at the last of the year to be ready for general show- ing ‘at the annual automobile expo- sitions. At the same time, authoritative sources claim the registration of new cars during January, although the fig- ures still are incomplete, will show that month-to have exceeded 50 per cent of the five-year average, the first time any monthly figures have made such a showing since September, 1931. New car sales for January are esti- mated at 91,000. In December they to- taled 45,529. SUGAR PRICES SCORE STRIKING ADVANCES Future Deliveries of Raw Product Have Recently Moved Almost 30 Per Cent Higher. By the Associated Press. NEW YORK, February -18.—Thanks to the stolid Dutch producers in Java, sugar has been exerting a sweetening influence in the commodity markets, scoring striking gains. Raw sugar futures have appreciated almost 30 per cent in value in the New York Coffee and Sugar Exchange. For instance, the March delivery sold on February 3 at 0.65 of 1 cent a pound. Wednesday, it touched 0.84. These quotations are before payment of duty, which adds 2 cents to the price. ‘While coffee and tin have actually topped the levels of a year ago, sugar is creeping up on last year. Wednes- day’s closing price of 0.84 for March delivery compared with a closing price of 0.93 on that date in 1932, Inasmuch as raw sugar was a leader in last Summer’s upturn in commodity prices, .market observers hope its pres- ent rise may be prophetic. ‘The rise evidently started by reports that Java, second only to Cuba in sugar production, might limit her crop for the 1933-4 season to only 450,000 tons,” against 1,320,000 in 1932-3. Markets at a Glance NEW YORK, February 18 Stocks irregular; changes narrow. Bonds irregular; U. S. Treasuries, easy. Curb firregular; trading dull. Foreign exchanges firm; dollar steadier. Cotton quiet; trade and Wall Street buying; absence of contracts. Sugar lower; commission house selling. Coffee higher; trade buying. NEW YORK EGG PRICES NEW YORK, February 18 (Spe- clal). —Quotations for eggs in the whole- sale cash market today were: Mixed colors—Special packs, 14%; Browns—Nearby and Western spe- clal packs, 15a16; standards, 13%4al4. standards, 13%al3,; rehandled re- ceipts, 1234a12%; medium, 11%al3; dirties, 12; checks, 11. ‘Whites—Nearby selected, 18a19; West- ern receipts, specials, 16a17; standards, 15a15)2; undergrades, 13'2al4ls. U. 8. TREASURY BALANCE. By the Assoclated Press. ‘Treasury receipts for February 16 were $3,322,794.73; expenditures, $9,565, 950.93; balance, $336,246,284.02. toms duties for 16 days of February were $9,187,553.47. BANK RESOURCES GAIN. By the Associated Press. Showing a quarterly increase for the first times since 1930, total resources of 6,016 national banks were reported at $23,310,974,000 for December 31, up $744,979,000 in three months. For 1932 resources dropped $1,351,312,000, first hour, but enough selling appeared Operation of Greditor Agencies Is Ex- FINANCIAL plained in Survey by Head of Concern in Chicago. BEFORE REFINANCING Average monthly income and bille -.I-. zu‘.m;-.--:-— povwer erippl: eliminated by preseurs of debie. AFTER REFINANCING Average monthly income and amortized debts of some 210,000 consumers, with. Buying power 90 per cent restored. A survey among 300,000 current small loan borrowers by L. C. Harbison, president of Household Finance Corporation, personal finance company, Chicago, disclosed that 240,000, or 82 per cent, of these borrowers, mostly wage earners, used the money to refinance overdue debts and restored 90 per cnt of their consumer buying power. Special Dispatch to The Star. CHICAGO, February 18.—Consumer- refinancing—"borrowing to pay”- has become & subject of growing importance among economists. Millions of Amer- ican consumers, mostly wage earners, are facing an accumulation of retail bills and other debts as the result of emergencies and reverses of the past year or two. The latest Government retail credit survey shows that the time outstanding for retail credit accounts has increased to an average of 80 days from the time they are due. ‘These economists agree, however, that the situation cannot be solved by “merely borrowing Peter to pay Paul.” It is essential that the second debt—the one made for refinancing pur- poses—be on such terms and owed to such creditor agencies that it can be retired: 1. Systematically in accordance with the debtor's production and consurhp- fio;x during the period of retirement, an 2. Constructively in relation to the fabric of business and industry. The first requirement is' met largely by a concentration of accumulated debts in one creditor, gradual repay- ment, and continual pressure on the debtor to curb natural extravagance. Purchasing Power Restored. ‘The second means that the creditor must be a special agency built solely to advance consumer credit, rather than one who sells or manufactures m“l"h’e‘ forced to advance credit. In restoring the purchasing power of bor- the Househol lon, the personal finance companies. borrowers in 91 cities during the first “These 240,000 were mostly wage finance loans, $1,000,000,000 annually in this country, rowers, is shown in a survey nounced by L. C. Harbison, ld Finance one of the largest of Mr. Harbison's survey disclosed that 240,000, or 80 per cent of the 300,000 10 _months of 1932, used the money to refinance themselves and restore their buying power and standard of living. earners,” said Mr. Harbison. ‘“Wage cuts, unemployment and fessional. vestigation shows the average thly income per borrower was $158.76 per month. they their refinancing loans, their ol were listed at an average of $189. each. Pressure from creditors obvi- ously was crippling their living stand- ards curtailing their active credit and purchasing power, and with the bills due or overdue in a lump, they were unable to pay enough on them to make much headway in liquidation or to in- crease their creditors’ working capi to any extent. Obligations Reduced. “Refinancing by borrowing on the in- stallment -loan plan allowed them to pay all these bills off immediately and their current or monthly obligation was reduced to an average of $13.45 per Trade Reports By the Associated Press. NEW YORK, February 18.—Tablold review of wholesale and business conditions as reported to Bradstreet's of comparisons with conditions in the same week last year: lowing centers, on the basis areas in the ‘Wholesale and job trade. Pittsburgh . month for repayment of the loan prin- cipal with interest. “Whereas their past-due obligations amounted to considerably more than a month’s income, their refinancing steps allowed them to restore their purchas- ing power to 90 per cent of their in- come. In other words, their income re- mained at an average of $158.75, their obligations were cut to $13.45 per month and the difference—an a: Of $145.31 per borrower—was left o buy goods and services.” NEW YORK, February 18.—Many brokers today assume the attitude that current unfavarable situations will soon right themselves and that a belated stock market rally will reflect underly- ing improvement. Hornblower & Weqks.—Barring some unexpected development, we look for the mu-fet to continue ifs gradual improve- ment. Jackson Bros., Boesel & Co.—We an- ticipate some favorable news develop- ments bearing on the Michigan situa- tion and believe that these 80 a long way to restore confidence in all sections of the country. Clark, Childs & Keech.—There is a chance that the action of our Sen- CUTS IN DIVIDENDS - HAVE BEEN SHARP Only 37 Per Cent of Listed Stocks Continue to Yield Returns. Special Dispatch to The Star. g NEW YORK, February 18.—A three- year steady whittling down of dividend rates on listed stocks, together with the complete suspension of payments by scores of corporations, has made a striking change in the number and the amounts of payments now being made compared with those regularly dis- bursed in 1929. Of over 900 listed stocks regularly quoted on the New York Stock Ex- change, only about 37 per cent are now on a dividend basis. This does not tell | the whole story, for many issues have had their rates cut in two, others are only one-third the amount at which * they stood before the depression. Extent of Reductions, For instance, there are about 35 stocks today whose dividends are less than 1 per cent. Frequently the rates are 40 and 60 cents a share. There are 53 on which the rate is $1 a share, including General Motors common, whose dividend was maintained at this figure last week, as well as two other automobile companies, Chrysler and Nash. Then there are nearly 70 stocks whose dividends range from 1 to 2 per cent and include prominent, issues like American Sugar common, Borden, Continental Can, du Pont, Freeport Texas, General Foods, National Dairy Products, Southern California Edison and Texas Gulf Sulphur. There are 41 stocks whose dividends range from 2 to 3 per cent, as Chesapeake & Ohio and Woolworth, and 44 on which the rates are 'from 4 to 5 per cent. In these latter groups are American To- bacco, Consolidated Gas, Eastman Ko- * dak, Liggett & Myers, Norfolk & West- ern_preferred, Union preferred, Atchison preferred, Peoples Gas, and Public Service of New Jersey preferred. A majority of the issues meem»i up to 5 per cent are common stocks. Abbve 5 per cent the number of junior shares on a dividend basis decreases and these dividend payers are mainly from the preferred stock class. There are 36 stocks with dividends of 6 per cent, of which a considerable number are of the preferred class, but still including the common shares of Union Pacific, In- ternational Business Machines, Allied Chemical and Detroit Edison. Many of the public utility holding company stocks, such as Columbia Gas & Electric and Commonwealth & Southern, carry a 6 their preferred issues in contrast with a 7 per cent dividend on the old line ~ mag.rm p:e!frred '.l.uuel. ‘They are an important element in dividend classification. st Other Classifications. The industrial preferreds constitute oy X ¢ " has been gradually dwindling in nzg last year, since preferred stocks like nwnlnvounamrd\'ywm:myum as the psychological deve nt which could make those who are now panicky realize that constructive factors can arise suddenly as if out of the sky. , Borg & Co.—Until pop- on is allayed, it does not seem likely that the market can stage more than a technical rally, but any re- t might afford assuring _announcemen! the opportunity for prices to be- latedly the improved news Thopes of seasonal ent. Redmond & Co.—The market is still in a critical area, and it may take sev- eral days to determine whether a defl- nite ice level has been estab- lished. A cautious ment policy continues ag ular aj RATLROAD EARNINGS. NEW YORK, Bebruary 18 (#).—Penn- sylvania Railroad Co. in & preliminary net income for 1932 statement shows of $13,573,536, equivalent to sl.fl:‘ fi-l share on capital , compared 37 |net income of $19,545,194 in 1931, or $1.48 a share. Baltimore & Ohio had a 1932 net loss of $6,334,978 comj with net income of $3,802,978 in 1931, or 57 cents a share on the common stock. Florida East Coast Railwzy reports a 1932 net loss of $3,316,630 against net loss of $2,395,046 in 1931. New York Bills Sold. NEW YORK, February 18 (#).—Chase Forbes Corp. and National City Co. that the $25,000,000 offer- %'o! New York 43, per cent revenue had been sold. at a Glance. retail this week from the fol- Manufacturing Retatl €. and industry. Collec- traa tions. Slow Fair Slow PITTSBURGH—Coal demand on upgrade, with prices firmer; glass and tile prod\éec:{ol;l !:: zbeloz w h:tyeru‘ipl:na{dmg active only in repairs; wn st per cent of y- CHICAGO—Wholesale and retail trades enjoy good volume despite zero weather; steel operating capacit mobile orders improve podJon of soon. CLEVELAND—Retail coal demand advances sharply follo weather; local steel operations slackened as a result of labor town mills increase capacity from 20 to 21 per cent Seying 30 Do et below 1032 merchants il 20 to cent below —; mf_np': automobile industry resumes at Detroit; You: wholesale commedity DETRO] confining orders to immediate activity following strike; zero weather INDIAN. ity industry; around 19 cent; renewed auto- = nuruuurx expected in market zero stimulates coal consumption. APOLIS—Extremely cold weather stimulates movement of Winter stocks and accentuates demand for sales only manufacturers continue full-time operations, ; Ford plant issued first call for work, with lines; automobile show increases to make. | VIS wll coal; whole slow in all moderately; collections hard vance: for “further activity good; degsnment stores featuring Spring displays to promote volume meet with lit tle success. MILWAUKEE—Zero weather stimulates coal demand; retail trade favoring lower-priced merchandise; auto plants increase production in an- ticipation of Spring activity; unemployed secure temporary work removing snow. DES M Farm commodity s ton pay rolls; lections lag. DUL! [—Zero weather retards edible commodity prices; industrial ufivémutnm 3 KANSAS domestic coal purchases advance; col- prices reach lowest point this year; [OINES—] merchants’ Spring displays moving slowly; washing machine plant at Ne general trade; severe declines in :holunle hardware sales far below last year; —Attendance at Spring buyers’ week fell below 1932, chiefly due to cold weather; automobile show in progress; manufacturers continue on reduced scale; lead and zinc sales equal production; flour mills sales advance to 50 per cent of capacity. MINNEAPOLIS—Twin City market week fails to attract attendance; at retall, necessity lines by cold weather; indust activity at ST. LOI brally favored; department store sales retarded low ebb; collections hard to make. YUIS—Most lines reveal gradual uptrend; annual style show results in numerous future orders; wcthn continues to lead in- sellin, dustry as orders mount; drugs and cl reluctant to sell at present low prices. g well; lead producers ST. PAUL—Department store volume equals 1932; wholesale shoes in fair demand; apparel sales helped by furnishings cold weather; furniture and house selling well; crockery, glassware and restaurant supplies dor- BALTIMORE—Heavy snow delays traffic, adversely affecting retail mant. apparel most active wholesale line; all metals very quiet; groceries in good demand; collections ahead of sales. : American Locomotive, American Car & Foundry, Bethlehem 'Steel, Studebaker and United States Steel have been re- moved from it. There are few common stocks in the 7 per cent list, a conspicu- Golng into the 8 and 9 dividend classifications we WHOLESALE PRICES. Butter—One-pound prints (93 score), 23; tub, 22; one-pound prints (92 score), 22; tub, 21; one-pound prints (91 score), 21; tub, 20; one-] its (90 score), 20; tub, 19, Eggs—Hennery whites, 13al4; curr receipts, 12a13; Government graded tras, 17; standards, 15%; mediums, 14al5. Poultry, alive—Turkeys, young hens, 16a18; young toms, 14al5; old toms, 8a10; young toms, over 20 pounds, 11; old hens, 10a12; chickens, Plymouth Rock broilers, 17a18; Plymouth Rocks, 4 pounds and over, 17a18; under, 12a13; mixed colored chickens, 13a15; Leg- horns, 10a12; colored hens, 12; horn hens, 8a10; hens, 4 pounds and! over, 12al4; capons, large, 17a19; small, 15a16; keats, old, 20a25; young, 25a35; roosters, 7a8. Poultry, dressed — Turkeys, hens, 19a21; 17al toms, toms, 11a13; old hens, 13al15; chickens, Plymouth 4 Rocks, pounds ' 20a21; under, 14al5; Plymm::: Rock broilers, 20a21; capons, large, 21a23; small, 17a19; mixed colored chickens, 15; 14; roosters. 10al12; hens, 4 pounds.and over, 15ai7; keats, young, 20a30; old, 15a20. Meats—Beef, 10%:; veal, 13; lamb, 14; pork loins, 11; fresh hams, 12; smoked hams, 13: strip bacon, 13; lard, 7%; compound, 7. Fruits—Watermelons, 1.25a1.50; nee~ R ; rhubarb, 40 H melons, 6.00a7.00; kum- quats, quarts, 20; honeydews, 2.50a3.00; pineapples, 4.50a5.00; strawberries, quarts, 5.0086.00. Vegetables—Potatoes, Maine, 1.25; New York, 1.00al.15; Florida, new, 1.75a 2.00; Idaho bakers, 1.75; sweets, 65a75; tomatoes, repacks, 2-pan crates, 1.75; lugs, 2.50; broceoli, 3.00; turnips, 40a50; , 1.50; string beans, 1.50a1.75 6.00a7. lima 50; arti 60; cabbage, new, baskets, X sacks, 60a75; lettuce, Iceberg, 3. squash, 1.75a2.25; eggplants, 2.50a; beets, dozen bunches, bunches, 60; _cucumbers, mushrooms, €5a75. NEW YORK BANK STOCKS NEW YORK, Feb: 18 . —Over- the-counter mk“:nnry 38 Chase (2) ... Commercial (8) " Pirst nhy National attan (2! 1.80) Chemical (1. 3 Continental '(1.20) Corn Ex Empire (2) Guaranty " (20) Irving .60).