Evening Star Newspaper, February 18, 1933, Page 13

FI - BOND PRIGES MOVE INNARROW RANGE U. S. Government Group Slightly Lower—Trading Volume Very Light. BY CHARLES F. SPEARE, Bpecial Dispatch to The Star. NEW YORK, February 18.—Because of their weakness yesterday, the chief interest in today's bond market at- tached to United States Government issues. Quotations as they appeared on the tape were irregular, with a slight preponderance of declines, but volume | was so light that not much significance | could be given to the trading. | The fact is that large blocks of | Treasury bonds are in the market for sale but holders are unwilling to force liquidation, hoping for better prices | later on. Reasons for the softness in Govern- ments were the same as yesterday. In the first place there was the desire to Taise cash and in the second place the uncertainty about currency Xegisw Iation at Washington, to say nothing about the refinancing the Treasury will bave to do sooner or later The same condition existed in the market for high-grade rails and utili- | tles, with practically no business over the counter and sellers were not press- ing offerings. Such business as was transacted was at fractionally lower | figures. Japanese bonds declined, but | not importantly, on the action of the| League of Nations in the Manchurian ute. ANCIAL BONDS ¢+ Received by Private Wire UNITED STATES. e Lib3%s32-47... 102 4 32- 10214 1028 Tibitnne 3-38 10230 10224 96 30 34 4 994 9828 2!5{41 3. 10131 10118 . 10118 10112 . 103 28 108 28 105 20 10513 10912 109 4 109 4 Sales. High. Low. Abitibl P&P s 53, 1 Adams Exp 4s '48 1 | Alleghany 5s "44. | Alleghany bs | Allegnany bs 50, | Am F P 58 203 AmIGChbsY% | Am Intl5%s'49... Am Motal 53534, Am Sma&Ref bs ‘4T Am Sug Ref 6237, Am T&T 4%s 3! Am T&T c trbs’46. 12 Am TAT deb 5160, 4% Am T&T 5% 43 Am Wat Wks 5 Am Wat Wks Argentine 5%s 62, Argent 6s ‘61 May. 16 Argentine 68’59 Ju 1 Argentine 6s'69 O¢ 19 Argentine 6s A '57. 3 Argentine 6s B'58. 8 Atchison gn 43 °'95. Atchison 434848, AtIC L 1st 48'62.. AtICLcl 43'52 AtICLun4%;s'64. At] Gulf&W1568'59. Atl Refdb5s'37... Australia 4%s 56 Australia 5s°55 Australia b5 '§ e market for third-grade specu- | lative issues was fairly steady during| the first hour, but it weakened before | the close. Ralilroad issues were not | helped by the increase in car loadings | but here, also, there was no large| volume of selling. | BUSINESS ACTIVITY SPURRED BY WEATHER : Bradstreet's Weekly Finds In- creases in Many Winter Lines. | Price Advances Noted. By the Associated Press. NEW YORK, February 18.—Brad- Street’s Weekly says: “The past week finds genersl busi- Ress resisting adverse news reports with fair success. These efforts were great- 1y aided by the cold weather which Wwhipped across the country and which was responsible for individual price ad- wvances. “Positive business developments are: The decline in business failures from a week ago, the holding of the wholesale food price index at $1.51 and the in- creased retail sales of such cold weather s as warm clothing, shoes, over- shoes and fuels. “A strongly negative development in the weck’s news is the Michigan eight- day bank holiday which inevitably slowed up business despite the efforts of the telegraph companies, postal sav- inj the TFederal Reserve and New York and Chic2go banks to help Mich- igan business out. Although Detroit automobile production is going forward es planned, reaction in general busi- mess mu-t follow' the tying up of $1.500,000,000 deposits of 900,000 people. “Trade reports from the key cities of the country, according to Bradstreet's Weskly, show increased business in many Winter lines, largely as a result of the recent zero weather.” e HOLIDAY AFFECTS BANK CLEARINGS FOR WEEK By the Associated Press. NEW YORK, February 18—The change in bank clearings in a single week has been quite severe. It must be taken into consideration, hewever, that the majority of these cities, in- cluding New York City, reported clear- ings for five days only, owing to the holiday (Lincoln’s birthday). This fact partly accounts for the loss as com- pared to last week’s figures. For nearly every city a heavy decline was recorded from the totals for the corresponding week in 1932. The total this week for all leading cities in the United States, 28 reported to R. G. Dun & Co., was only $3,517,620,000, or 25.1 per cent below the clearings for the same week of last year. At New York City the amount was $2,468.932,000, a decrease of 21.8 per cent, while the total for the clties ouiside of New York of $1,048,- 688,000 was 31.9 per cent smaller. ‘When compared with the clearings of the week preceding, the losses were mainly at the central Western points, due to the holiday. In the South, where Lincoln's day was not observed, the declines were not so pronounced, although somewhat in excess of those of recent weeks. At New Orleans there was an increase. February clearings to date, with Detroit omitted, except | for the first week of th> month, have | declined substantially from the January figures. ‘The figures for all leading points for ‘which reports ere showing an increase | and decreases made this week, as com- | pared with same period a year ago, | Tollow: (To2’s in Th nds). e 8 0|DET5%s 53 Mar. 0| Eriecv4s A | Erte gon 45 '3¢ Awstrian 78 '57.... B&O1st4s'4s. ref bs'95. . rf 53 D 2000. '95... Bell Tel Pa s B Rerlin Cy EI 65" Berlin CEl 6%s'51 Beth Stl pm 53 '36. Beth Stirf 55 '42.. Bos & Me 55 '55.. Brail 6148 '26-'57. . Brazil 6%4s '27-'57. Brazil 8s 41 Bklyn Elev 6%s Bklyn Man 65 A ‘68 Bkiyn UnGasss'43. Bklyn Un Gas 68’60 Bklyn U Gas 5s '57. Budapest 65°62. .. B R & Pitts 438’67 Bush T Bldg 55'60. Canada 43 6! Canada 4%s36. .. Canada §s '62. Can Nat Ry 4%#'61 Can Nat Ry 4345’54 Can Nat Ry 4% 8’57 Can Nat 43 '68.... Can Nat 58 '69 Oct. Can Nor db 63846 Can Nor deb Can Pac db 4 Can Pac 4%s'46 Can Pac 435’60 Can Pac 55 44 ctfs Can Pac 58 '54. . Car Clin & O 65 '52. Cent Ga cn 58 '45. . Cent Pac 1st 45 '49 nt Pac 55 °60. ... Cert-td db 5%s 48, Ches Corp 58 '47... C&Ogen4%s’92, C&O4%sB'9%... C&Oconbs’39. CB&QEgn4s'58.. CB&Q Il 4s°49..., Chi & Est I11 58’51, Chi Grt West 48’59 Chi Ind&L gn 55'66 C M & StP gn 4s'89 C M StP&P 58°'76.. CM& St Padjbs.. ChI&NW 43;5C'37. Chi & NW 4%s'49. Chi&NW rf 55 2037 Chi RI&P gn 45’83 Chi RI&P rf 45 '34. ChiRT4%s'60... CTH&SE in 55 '60. Chi Un Sta 5s B'63. Chi Un Sta 63 5'63. C & W Ind cn 45'52. - CHMMARAD LTSN OO e Naxanoa N Sran 68% 99% 88 88 104% 104% CIT™ 9 [SEPS =TS 105 1124 112% 6815 681 THE EVENING STAR, WASHINGTON, D. C., SATURDAY, FEBRUARY 18, 1933. ON NEW YOR OCK EXCHAN Direct to The Star Office. 26 26 104 McKes & R 5% #'50. Market St 7s A "40. MoPac5%s A Mont T 1st rf 58’41 Nassau Elec 4s Nat Dairy 6% »" Nat Steei 53 '66 N Eng T 1st 58 '52. N J Power 4 9’ N Y Cent db 4s'34 NYCrt4%s2013. NYCrf4%s2013n : NYC&StL5%3A'T4. N Y Edison 5s B'4¢ N Y Edison 53 C'51. NYEArf6%s 41 NY NH&H 4s'55. .. NY NH&H 4%s'67 NY NH&H 6s'48. . NY O&W gn 48’56 NY O&W rf 4592 NY Rys 65 A '65. N Y Steam 5s°56. N Y Telgn 4%s '3 NY W&B 4%s'46.. Nia Sh Md 5%8°50. Nord 638 °50. 0y | N Ger Lioyd 6547 Nor & Wn cn 4s°96. Norf&Wn div 4s'44 North Am Co bs Nor Am Ed §s C NorOT&L 6s Nor Pac 4s ‘97 Nor Pacr1{ Nor 8t Pw 58 Nor St Pw 6 Norway 5% Norway 6s ‘43 Norway 6s'44 Norw: 2 Oreg-Wash 43’61 Orient Dev 6s'53. . PacG&E6s’43.... Pac T&T 1st 58’37, Pan Am Pet 6540, Param-Pub 5% #'50 Paris Or 5%s '68. Penn 4¥%sD'31. 68 Penn 6345 '36. Penn O&D 4% Penn P&L 4% Pere Marq 4% Peru §s 60 Peru 6s'61 Peru 7s'59 Phila & Read Philippine R 45 '37, Phillip Pet 5% 839 Pillsb F M 65°43. .. PCC&StL 4%sC'77 PCC&StL 5s A '70 Poland 65 '40. .. Poland 7s '47. Poland 85 '50. Port Gn El 4% 60 Pos Tel & C 55 '53.. Prussia 6s'52.... Prussia 6%s'51... Public Serv 4s'71 Pub Sv G 4%s 6T Pure Of1 5% s '40. Queensland 6s*47.. Queensiand 7s'41.. Read 4%s A°97... Rem R 6% sA"4Tww Rhinelbe U 7 Rhine West Rhine West 68 '56. Rio de Jan 614s '53. R Gr Do Sul 6s'68 RIAr&L4% Rome 6%8°52... ... Royal Dutch 4s '45. StL IM R&G 4s'13. St L&SF 48 A '50.. StL&SF4%s'T! StL SF 4% s'T8et o St L&SF 58 B '50. . St P Un Dep 6s'72. Chile 65 '60 Chile 6561 Jan. Chile 6561 Sept Chile 6s'63. ... Chl Mtg Bk 6% ‘57 CCC&St L 434 sET7 Clev Term 434377, Clev Term 5s B '13. Cologne 6% 5’50 Colomb 65’61 Jan Colomb 6s '61 Oct Col G&E 5s'52 lh,y : 8% 84 % 8 % 10% 445 BN G O O 10 00 00 Con G NY 5%s'45. Con Pwr Jap 6%s. Copenhag 63'52... Cuba 5%8°45...... Cuba RR rf 7%8'3 DE&Hud reof 4 Del & Hud 5%s Del P'w&Lt4148'T1 Denmark 4%s "62.. Denmark 5%s '66 Denmark 65°42..... D& RGrends’36. 1 D& RGr4%s'36.. 3 D&RG W5s'sh.. 6 D&RG W5s'T8.. Det Ed 4%s D 61.. Det Edison rf 55’49 Det Edison £ '52.. Dodge Bros 65 40 Duquesne 4% A'67 4 92y 97y 82 103% 9% 40 46 25 24% Erieref 5s°67.. Erieref 53'76 ne iehmor Atlanta Loutsville New® Orlean 34| Dallas Aol 2 San Francisco a27 | Portland | Beattie Total New York Total all... Average a 8| | .-26.1 | Dail>. | ot 30| | French Gov 7s *49 | French Gv 734841, 60 €8 122 121% 125% 125 66 65% b4y B4 53% 604 Tinland 5%s ‘58 Finland 75 '50. . Ger Cent Bk 68°38, Ger Cen Bk 63 Ger Cen Bk 6s Ger Cen Bk Ti Ger Gen Elec 65 "48 Ger Gov 5%s 6. .. German Rep 78 '49. 20 GoodHopeS&I 78'45 5 Goodrich s "45. 4 Goodrich 6% 3 "4’ | Goodyr Rub CHlCAEiO STOCK MARKET | CHICAGO, February 18 (#).—Follow- ing is the complete official list of trans ections in sto on the Chicago Stock Exchange tod High. Low. Clo i Diedge 1 400 Grigsby-Grunow . . 50 R Hormel & Co 100 Houd-Her B 50 Kell Switch pf. ... 50 Matertal Sy C 700 Mickelberry's “Fd i 1600 Mid West Util - &P s & Co..... 50 Swift Intl .. . 50 Union Carb’ & 'C 50 Welgreen ... 1300 Wis " Banksh*s ek *aday—10. Grand Trunk 7 40 6 Gt Brit&Ir 6% s 37126 Grt Nor 4153 E 77, Grt Nor £n 78 '36. Greek 6s'68. ... Halti 65 . Hud & M adj 5. - Hua & M rf 6s'67.. Humble O11 3. Hungary 74%s '41.. 111 Bell Tell 5356 [ Cent 4% 66 111 CCSTL&AN 4%8 111 CCStL&N bs A. int Rap Trrf s 66 Int Ran Tr 73’32 Int & | tnt Hivaro E1 ew | nt Pan6s's5.. .. Int Te/&T 4% '39. [T &T 45852, Int T & T 5865 italy 7s'51. Italy Pub 7s Japanese 5%s'65. . | Japanese 6348 54... Kan C F S&M 48’ Kan C P&L 4%s ' Kan City Sou 5’50 | Kan City Ter 45'60. Karstadt 6s 43 | Kresge Found 6336 Laclede 5148 C'53. & Myers e 'R1. & Myers 7s "44. 028 51% 90% 35 L1 634 6314 107y% 108 121 121 ¢ 52y 102% 1 52% 108 121 % | Va Ry 1stbs A 62, Sao Pau 78°40. .. Sao Paulo 85 ‘50 Saxon 7s ‘45 Seab A L 68 A '45. Shell U O11 5847, Shell U O 55 "49ww. Shinyetsu 6% %sB'18. Sinc Ofl Ts A ‘37 Sinc P L 5542 Skelly Ofl 5%: . Sou Bell T&T bs ‘41 Sou P 4% s 6! Sou Pac 4%s'81. .. Sou P&OT 44 8A'T7 Sou Ry gn 4s A'56 Sou Ry 5894, Sou Ry gn 6s ‘56 Sou Ry 6% StOII N J 68 4 StOINY 43%s'51. Studebaker 63°43., Sweden 5% s '54 Talwan EP 534971 - Tenn EI P 63 A 47 Tex & Ark 5% Tex Corp cv Tex & Pac s Tex&P5sC'79... Tex & Pac 53 D 80, Third Av rf 48 Third Av 1st 5837, Third Av adj 65 60. Tob P NJ 6%s 2023 Tokio 58'62....... Tokio 5% 61 Tokio El Lt 65 '63. . Union Bl L&P 58’57 Un Pac 1st 48°47.. Un Pac 4s'68. Un Pacrf 48 2008 Unit Drug 68°63... U S Rubber 58°47.. Un St W 634 s A'47. Uruguay 6s'60. Utah P& L 6s"44. Util Pw 5859 ww Util Pow 533 "47. Vanadium St §s'41. Vienna 6352 . 6414 Va EI&Pwr 514842 103 944 10i% 60 6% ™ Va Ry & Pw 5s'34. Wabash 15t 5539, Wabash 55 B'76... Wabash 5%s'75. Walworth 6s A "45. Warn Br Pic 65°39. Warn Quin 6s39., Warner Sug 7s'41. Warsaw 75 '58.... West Eldb 53 '4. | West Md 1st 4s'52. West Pac 5s A "46. West Union 5351, West Union 68 '60. | west Ma 6%s | West Un 6%s°3 Westphalia 65 '63 WI1I-O 15t 614833, Yokohamn 6s°61.. 13 Yeatn S&T 53 A'78. Yrstn S&T 5s B'70. 55 33 New Life Insurance. NEW YORK, Pebruary 18 () —New life insurance written in January by 44 companies having in force 81 per cent of the total outstanding in all Ameri- can legal reserve companies totaled $614,431,000, against $944,848,000 in January, 1932, a decrease of 35 per cent. Ordinary insurance amounted to $423,- 573,000, a drop of 31.2 per cent; indus- insurance was off 22.6 per cent to 1 $166,312,000, and group insurance to- toled 82 000, or 79.9 per cent less go. | Trade Buying and Covering Put | 2.50a3.00; spinach, bushel, 90a1.40; tomatoes, lug, | pint, 10a12; grapefruit, be RESTRICTION IN OIL | Trade Executive Makes Plea for Control of Crude Production. By the Associated Press. NEW YORK, February 18.—Should the ofl industry fail in co-operative ef- forts to allow all existing fields an op- portunity to supply an equitable por- tion of the market requirements, “the consequences would be dissipation of all the world's larger reserves of crude oil and other assets of the industry at tre- mendous cost to every one concerned,” R. C. Holmes, president of the Texas Co., said. Mr. Holmes, a member of the Ameri- ican Petroleum Institute Executive Committee, approved the recently adopted “principles” of the institute upon which it hopes to base & co. ative effort to administer “market- demand” statutes in oil producing States. Fallure, said Mr. Holmes, inevitably would mean “that the lowest cost pro- duction _would be produced first. Cali- fornia, East and South Texas, Northern South America, Persia and two or three other sections could alone for a time, by opening up the valves, supply nearly aill the world, making it virtually im- possible for pumping flelds or sany of the older flelds to produce at all. o consequences,” he continued, “would be the dissipation of all the world’s larger reserves of crude oil and the other assets of the industry at a tremendous cost to every one con- cerned. Are we, through failure of the authorities to issue legal and fair or- ders and apply same equally to all, go- ing to permit this to result? “Our trouble today is not that al- lowable production in the United States is in excess of the market demands, but that in the United States there has been and is production in excess of the allowables and in excess of the amounts reported to the Bureau of Mines and to the American Petroleum Institute, and that foreign production has not been sufficiently restricted. “It is estimated that at least 95 per cent of the producers in the United States are doing all in the way of re- striction that is necessary to bring pro- duction within consumption _require- ments. And it remains for the small outstanding minority to be influenced or required to do its part. STRENGTH IN COTTON | FOLLOWS DECLINE Market Near Its Recent High Levels. By the Associated Pres: NEW YORK, February 18.—The ad+ vances of the previous week were (ol-[ lowed by rather sharp reactions in.cot- | ton here when business was resumed | er the lccal holiday. No doubt the | "u’:nmm position had eased somewhat, | and realizing or licuidation was stimu- lated by the unsettling influence of the banking news from Michigan. In- creased support appeared as prices eased off to about the recent point of resist- ance, however, and, after selling down | to 6.00 for July, the mai;ket railied on e buying and covering. fil‘Ex‘!he domand probably included some commission house or investment buy- ing, and toward the end of the week houses with foreign connections were reported moderate buyers, with the rally | extending to 6.34 for July contracts or within 8 points of the recent high level. Reports from Washington that the Senate Agricultural Committee had re- ported favorably the amended domestic allotment bill and that this as well as the Smith cotton relief bill were pend- ing in the Senate, no doubt contributed to the confusion of sentiment noted early in the week. Except for evening- up of accounts, general business was probably restricted to some extent by uncertainty as to their future progress, while there was more or less nervous- ness resulting from recent banking de- | velopments and the attempt on the life | of the President-elect. Business picked up somewhat again' toward the end of the week when some | ‘Wall Street and local or Western buy- | ing may have been influenced by a bul- lish interpretation of the passage of the prohibition repeal amendment by the Senate and renewed talk of possible in- flationary measures which some coupled with the advance in exchange. INSURANCE ASSETS GAIN DURING YEAR John Hancock Life Reports an Ad- vance of $639,455,691 at An- nual Meeting. Special Dispatch to The Star. BOSTON, February 18.—Assets of the | John Hancock Mutual Life Insurence Co. of Boston were increased to $639,- 455,691 during 1932, a gain of $18.177.- 558 over the preceding year, according to the report submitted by President Walton L. Crocker at the seventieth an- nual policyholders’ meeting. ‘The company pald out more than $105,000,000, exclusive of loans on| olicies, to policyholders and their neficiaries during the year. Its spe- cial contingency reserve for adjustments was increased to $13,500,000 and its general surplus fund was raised to $44,- 070,619, making a total emergency fund of $57.570,619.91. New insurance paid for during the year exceeded $560,000,000. The pres- ent amount of insurance in force is $3,456,578,156 on 4,250,000 policy- holders. Baltimore Markets Special Dispatch to The Star. 3 BALTIMORE, Md, F:bruary 18— White potatoe . per 100 p-unds, 85a 1.00; barrel, 1.25a1.50; sweet potatoes, | bushel, 40a85; barrel, 1.00a1.50; beans, bushel, 1.00a1.75: beets, per half crate, 1.25; cabbage, hamper, 1.10; carrots, bushel, 30a50; cauliflower, crate, 1.00a 150; celery, crate, 1.75a2.75; cucum- bers, bushel, 3.00a4.50; eggplants, crate, 1.50a3.50; lettuce, crat 2.7523.00; onicns, per 100 pound:, beans, bushel, 3.00a3.30; peppers, peac, bushel, 1.25a2.25; squash, bu hel, 50a75; turnips, basket, 25a40; epples, bushel, 35a1.50; crenberries, b-x, 1.50a2.75; strawberries, 15a2.75; crenges, box. 1.75a3.50; tangerines, half box, 1.00a1.25. . hens, pound, oid hens, 18al9; ; young chickens, ; all kinds, poor and thin, 10212; broilers, 16a20; old hens, 10a14; Leghorns, 10a12; old roosters, 9; ducks, 12al4; geese, 10a15; guinea each, 25a50; pigeons, pair, 15a20. Eggs—Receipts, 946 cases; current receipts, 13. Butter—Good to fancy, creamery, pound, 19a21; ladles, 14a15; store packed, 10all; process butter, 16al7. ‘Yokohama, Japan, plans to open fits new industri on by March, 1934. CURB SHARES FIRM z| FLOW HELD VITAL| IN SMALL MARKET Leaders Hold in Fractional Range—Tobacco Is- sues Lower. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, Februgry 18.—The Curb Exchange remained quiet and firm in today’s short session. The market leaders, Electric Bond & Share, Citles Service, Standard Ofl of Indiana and Niagara-Hudson Power, moved within a fractional price range. Overnight trade news generally was of a constructive character, but spe- cific corporation items, like dividend actions and earning statements, were mixed. The betterment of retail and wholesale trade and the firming of steel scrap prices, along with a freer copper movement in Europe, were among the bright . > The trifling initial loss in Tobacco & Allied Stocks, Inc., set the tone for the tobaccos, which were not much aided by a retail price reduction in cigarettes, formerly sold at 10 cents, by a leading chain store distributor. Imperial Tobacco of Canada reported 1932 net income of $5,471,175, against $5,914,079 in 1931. United Gas Corporation, despite the | rise in its preferred stock late Priday, | declared a quarterly dividend of only | 25 cents on the $7 preferred against 87% cents paid three months ago. Steadiness of Irving Air Chute recently | forecast declaration of the usual 10- cent quarterly payment. Commonwealth Edison dipped a point | to a new low for the year, as the 1932 | income statement showed earnings of $6.24 a share against $10.57 a share in | the preceding year. The 1932 report of Emerson's Bromo Seltzer, Inc., showed a net of $1,554,115 contrasted with $2,069,875 in 1931, a development fore- cast some sessions ago. Organized operations again lifted Brillo Manufacturing to a new peak for the year. In sharp contrast with move- ments on the big board, metal stocks on the curb remained quiet until the | second hour, when they pointed upward under the leadership of coppers. Pet Milk 7 per cent preferred rallied slightly after its decline of more than 12 points | yesterday. The two Swift issues hardened. Aside | from the report of National Candy Co., | revealing & net of $102,852 in 1932,/ against $154,606 in the previous year, there was not much news emanating from the food trade. Though Parker Rustproof receded to a new minimum, motor accessories generally were firm. . FEDERAL RESERVE RATIO. By the Associated Press. The ratio of total reserves of the 12 Federal banks to deposit and Federal Reserve note liabilities combined showed a decline of 1 Roint during the week ended February 15. In the table that follows the ratio is given for comparable periods, as announced by the Federal Reserve Board: Week ended February 15.. 64.3 per cent Previous week . 65.3 per cent Same week last year. . 67.4 per cent BONDS ON THE CURB Sales in DOMESTIC BONDS. thousands. High. Low. Close. 4 Alabam Pw_4ls '67 70 7 lgAIummum Co bs '52 1% 71% 5 100" 100, 1% 51% 6315 63 g8, 62% 57 3% 3 ‘54 1 34 149 14z 441 49 4% 33 4 1074 107 99Y, 987 BTz 874 i i las 13Cit Srv Pw 5las 2 Clev EI Illu bs A 11 Com Ed 4%s C '56. 8 Com Edis F N1 11 Consm Pow 4'ss 5Crane Co 55 '40 Crucible Steel hs i Cudahy Pkg 35" 1 Cudshy Pkg 1Det C G 5 East Ut Iny 18 Elec P & L 55 A " 2 Emp Dist El by o 274 100% 100 RTN 46,0 1 1 Koppers G&C_ 4 Koppr G, 1K 5 s ew Enc s Y P & 2 Niag_Falls P_0s 4 | clency of aliowance for obsolescence and a0 EEEa R 78 2 06w H6Y 10033 109 48 ' 4R S Wes Tex U s A 3Wise P&L bs E 11Cen B Ger Gs A 6 Com Pk Bk 5las 10 Danzig Por 6135 25 Ercole Mar fiias Fu E Cp 6las ' Ger Con Mun “ | railroads, any more than other indus- | | sary properties and facilities.” Btock and Sale— Dividend Rate. Add 00. Aluminum of Amer 50s Alum Co Am pf(3). 1 Am Beverage...... 2 Am City P&L B 15¢ Am Cyanamid B Am Founders. Am Gas & El (31).. 1 Am Laun Mch 40c.. 508 AmLt& Trac (2).. 1 Am Manufacturing 50s Am Superpower... 16 Am Thread pf 25c¢. Arkansas NtGs A.. As El Ind Ltd k10e. Asso Tel Utilities Atlas Utllitles. .. Atlas Util war Auto Voting Mach., Blue Ridge c pf a3. Blumenthal (S) Brillo Mfg (60c). .. Buff N&E pf (1.60) Bunker Hill & S vte Canadian Marconi. Cent States Elec. .. Centrifugal P 40c Cities Service.... Cities Service pf. Col G & Ecv pf(5). Comwith Edis (5).. Comstock Tunnel Consol Copper. Cord Corp (10c Creole Petroleum €rown Cent Pete. .. Crown Cork Intl A, Cusi Mexicana Min De Forest Radio. .. Derby Oil & Refin Dow Chemical (2). East G&F A# (60c). East States Power. El Bd & Share b6% . El Bd & Share pf 5. El Pwr Assoc(40c) ElPwr As A (40c). Empire Pwr part. Fairchild Aviation, FrstNtS1stpf7.. Ford Motor Can A. Ford Motor Ltd.... Grt A&P T n-v(17) Hecla Mining.«.... Helena Rubinstein, Hollinger Gld t80c. 1 Horn&Hard pf (7). 50 Hydro Elec Secur 2 Hygrade Sylv (2) 111 P & L pf (6).... Int Petrol (1)..... Interstate Eq cv pt KingsCoLtpfB7, Kings Co L ¢ pf D5. Lake Shore M (2).. Lng IsLtng pfA 7. Mass Util Asso. ... Mavis Bottling A. . Midl West Utllities Moh Hud P 1st pf 7 504 High. . Close. 44N MY Ay 42 2 2 o - [SI=T"P QR4 5.2 5 o MR e Seoaaabe » s ot 108 6 1 2 s 2 1 258 1 2 1 32% 6% | 24| % % 81 | 80, 1 1 s 1 5 1 s N. Y. CURB MARKET Recelved by Private Wire Direct to The Star Office. | Ploneer Gold 24c. . | Premier Gold (12¢) | Singer Mfg Co (8). 70 FINANCI Stock and Sale— Dividend Rate. Add 00. High. Mount & Guit..... 31 % Nat Bellas Hess... 30 Invest war. 5 ) Nat Pw&Lt ptf (6).. 50s i New Bradford Ofl.. 4 %/ New Eng Pw pf (6) 20s Eng Pub S(7)p.1. 258 New Jersey Zinc 2.. 2 Newmont Mining. . N Y Auction. . N Y Ship (10e). Niagara Hud P 1% K Niag Sha(Md)B 20¢ Nipissing... North Europ O Novadel Agne (5) Pac G&E pf 1.37%. Parke Davis (1)... Parker Rust P 24. Penroad Corp. . Pet Milk pf (7). Phil Morris Inc Pie Bakeries Inc. .. Pilot Radio Tube A Pub Ut HIdx w.. Republic Ga: Roan Antelop Rolls-Royce rets (k26 9-10c). ... Root Refining cv pt Royal Typewriter. Shattuck Den Min. Sherwin-Will(1). Silica Gelct. ... * b % 8% EY 6% 1 15 4 A 5. % . 96% Smith (A 0) 14 AL *s2 A—I13 BOLD COLLATERAE Reserve Note Circulatifif‘:-ls Now Backed by 81 Per Cent Metal Security. By the Associated Press. Gold has been c:\h‘-dx “mul: tgl’ display more than usual activity _mon- etary functions of the United States since the first of the year. o @ This fact is revealed by a perusal of the weekly statements of condition of the Federal Reserve banks, issued,by the Federal Reserve Board, which showed the yellow metal was béing de- pended upon more and more, 35 & collateral back of reserve note gireu- | lation. “ So great has been this demand thbat | reserve note circulation was securedrby | 81 per cent gold, as of the clasa.of | business on February 8, as against a minimum requirement of 40 per._ cent | under the Federal Reserve act....On the above date the $3,021,437,000 of reserve note circulation had back ef it $2,469,980,000 in gold, $235,255,000 .- in | eligible paper and $316,200,000 in, Gov- | ernment bonds. P Under the Federal Reserve act .as | amended by the Glass-Steagall act, the | collateral other than gold r&us} ;be | eligible paper or bonds of the Govetn- ment. Formerly, only gold and. eligible Fouth Penn O11 (1) Stand Ofl Ind (1).. Stand Oil Ky 1.20 Stand P&Lt (1.20 Stromberg-Carl Sun Investing. Swift & Co. . Swift Internatl(2). Tech Hughes (60c) Tob & Allied Stks Tobacco Prod Del Trans Air Trans. Union Am Invest. United Founders. . United Gas.... Utd Gas pf (3%). Unit Lt & Pwr pf. Utd Shoe Mch 2134 Unit Verde Ext 40c UtilP& L pt (7).. Utllity Equities. .. Wright Harg t20e. Dividend rates in dollars dividend. tPartly extra. 1Plus 4% in stock. aPayable in cash or stock. b Payable in stock. e Adjustment dividend. {Plus 5% in stock. g Plus 6% in stock. % tock: TPlus 2% in’ stock K PR 100 n Plus 875 0 2 30 10% 41 2y 1% % 14% % 25% % 31 14 1% 1% 15% 138 in s 3 in stock! mPlus 3% in's in stock. p Paid last veariose “regular rate. Special Dispatch to The Star. NEW YORK, February 18.—Studen of the railroad sltultm;y who have r:l cently been dealing with it on the basis | of facts and not from the standpoint | of ideals, will find ample support for | their position in the report of the Na- tional Transportation Committee. As | the general conclusions have already appeared, this dispatch deals with only | two—namely, the questions of rates and capitalization and of consolidation. It has been frequently emphasized in | these dispatches that railroad managers Who were Insistent that the- way out of their troubles lies in permission to charge high rates, were not in tune | with the times. It is not conceivable | that the public would permit its law- | makers to allow railroad rates to be in- creased when commodities are still de- clining, ‘and are far under the aver- age that prevailed before the war, and when all incomes have been radically reduced. Readjustment Urged. On this subject the report says: “The commiitee belicves that a per- | manent and universal liquidation and | downward adjustment of values and in- | comes of all kinds have occurred in | this country, and that railroad rates, | capital structures, salaries and ‘wages | must all respond to this generally changed condition, but that none should be sacrificed for the benefit of others.” H Amplifying this premise, the com- | mittee expresses the opinion that while | profit is the only incentive to private | investments, this “does not mean that | | trles, are entitled to a guarantee of | earnings on their investments in prop- erty”; in other words, it is not due them that they should charge for their | services an amount that would main- tain their solvency at the expense of | the general public. A collateral aspect | of this general question is frankly | treated by the committee. It is hoped | that rallroad executives, their legal counsel in Washington, railroad bank- ers and private investors, as well as institutions that have refused to ac- cept the fact of overcapitalization, will give close attention to what the ictorinrnlm:c has said on this point. Here s: “A cause contributing to the present crisis is the unwieldy proportion of interest-bearing debt in railroad cap- italization, much of it representing fa- cilities long ago scrapped. We distinct- ly do not believe that past mistakes, a5 represcnted by present unwieldy | debt structures, shculd b salvaged by | increased rates. The present debt structure must be revised and losses wriiten off. * * * The present railroad | rule puts the cart before the horse, | It tends to uniformity of results, per- petuation of debt and of obsolete and exaggerated capital structure, insuffi- depreciation, inadequacy of surplus and | reserves, and maintenance of unneces- R. F. C. Loans. All this raises the question once more as to how far the Reconstruction | Finance Corporation shculd go in| granting Government funds to railroads | that have a large amount of unprofit- able mileage and an unstable debt | structure. On this question the report said: “The corporation cannot pour | public treasure into situations where, | instead of temporarily supporting op- erations and loaning to maintain pru- | Market Averages BY the Assoctated Press. 20 90 1l. Total Today . .o 1 4 Previous ‘day! 412 Week 2g0 0.4 Month ago’ .. 5 Year ago 3 years ago 5 years ago. Hugh, do o Toda: 3 RAILROAD REPORT STRESSES NECESSITY FOR ECONOMIES. |Revision of Present Debt Structure, W;th Writing Off of Losses, Suggested as Immediate Remedy. dent interest payments, ther wasteful delta of out-flowing elh'gm: of interest on unsupportable capit: structures. There is need to iegr:i tn);z:uel:;ph;svy structures to make them ie for em en hém e ergency aid before it . One of the constructive recommenda- tions of the committee is that of qutrc‘:- ening regional consolidation of rail- roads, looking eventually to g single national system with regional divisions and the elimination of all excess and obsolete lines and equipment. This would probably involve the appointment of a director general of railroads or Perhaps a member of the cabinet with the portfolio of transportation. It js what Canada is aiming at and what is in effect in some measure in Great Britain. 1If it is successful it will avold CG‘:X!;HIB}B:I; owa?rshm; if not, own- P of the railroads b B n:e:b ‘1.; inevitable. S e students of railroad economics fee] this will come within five years, %‘: committee has accepted an estima that a saving of several hundred mil- licn dollars a year could be effected by the creation of a single efficient rail- road system, or an amount sufficient to pay intercst on a large part of out- standing railroad bonds. Mileage Scrapping Urged. tion precedent to consolidation on a scale must be a correction ntn:gel present deformed capital structure, and, with it, the serapping of probably 40,000 to 50,000 miles of railroad which have To place in the present scheme of modern transportation, (Copyright. 1933.) SHOE PRODUE.‘TION HOLDS STEADY AS ORDERS GAIN By the Associated Press. NEW YORK, February 18.—The shq manufacturing companies, whose nuhp:i last year ran only 1 per cent less than in 1931, probably somewhat better than it Tootwear’ for Speing e s R r pring use, z lr%ge rggofl.s show. % i:m et e reduced size of the faj et- book has resulted in dwerm:g fochkr:e share of business, formerly centered in higher priced shoes, to the lower priced products of footwear manufacturers. As a result, profit margins of the manu- facturers have been somewhat reduced. But there has been a compensation from the standpoint of greater unit production, which, in turn, means rela- | tively greater employment, that has been helpful. Cheap shoes wear out more quickly than costly ones. Conse- quently, replacement orders come more often. | Production of shoes turned up quite | sharply in the closing months of 1932, | bringing final figures for the year close | to the satisfactory 1931 levels. The | impetus of this gain has carried on | through to the present time, and sPring | orders are still being received in volume. ' PROPERTY Apartment House for Y ouee.. 62, Previous day. 61.9 ek ago... 034 Sazs 3o ST naon RS RN 2 W 62.3 " 80.: *New 1933’ low. (Copyright. 1933 Stand. Statistics Co.) A Even now many | It is obvious, however, that a condi- | paper were eligible as security, the Telease 35| amendment being_intended to | gold which was hypothecated . {n..the | absence of eligible paper, thus b | it possible to keep a high gold.zreserve |in _the face of foreign withdrawals, ., | Pederal Reserve banks have steadlly | cut down the amount of Gove t | securities used as note collateral m | the last month, the reports sho; ?d | gold has been used as a substitute at a | time when circulation is increasing. and gold stocks are being subjected tg for- eign withdrawals in small degree.- Since January 4, the amount of notes | issued to the reserve banks has in- | creased $59,000,000, and during., this | same period the total of Government securities used as note collateral. xl been reduced $68,000,000. During the same time gold being used as col- lateral has increased $124,600,000.- - Monetary gold stocks of the gountry amounted to $4,535,000,000 on February 8, an amount which the Treasury oon- siders more than adequate to meet, any possible demand. \WORKER EFFICIENCY - IS-12 PCT. HIGHER Economic Study Reveals Increase in Results Since Recession ifi Business Began in 1928, < By the Associated Press. Sencts NEW YORK, February 18+=%he American worker has increased his éfi- clency 12 per cent since 1929, BaYys study by Dr. PFrederick C. Mills of Ci lumbia University, made publicift the National Bureau of Economic The economic recession is sponsible, Dr. Mills found. He | to what he called “the laying | less efficient men, the retirement; | efficient equipment, the clmm% 3 efficient plants and the conc: m of efficient men—working short on the best equipment (inclug course, improved equipment since 1929)." e If a rapid economic - recov: e curred part of this added ef 5 probably would be lost, Dr. Millsssic, because “machines and men lds~effi- cient than those now in service' would be called upon and aver: productiy- ity would dhecu:}m But wi htlwm covery muc] presen! would be maintained.” Dizas Even with the efficiency dndezd during th:m c}epre::aion‘i however, the average actual production per. worke" has declined, Dr. Mills found. ~Thissis because so many workers are om., t | time and therefore cannot ex o | the fullest their efficien The (lwommera'al' National Bank 14th and G Streets”, Complete Banking Service- First Mortgag;j?g; FOR SALE' ¢ 1 6% nterest - | JAMESF. 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