Evening Star Newspaper, February 28, 1933, Page 15

FINANCIAL. BOND PRICES SAG ASOFFERINGS GAIN Restrictions Upon Bank With- drawals Have Unfavorable Effect on Market. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, February 28—The in- crease overnight in the number of States that have adopted restricted bank withdrawal measures added to the uncertainty in the investment mar- ket today and led to a certain amount of liquidation. A long list of corpora- tion issues sold at new low prices for the year. United States Government bonds lost a part of Monday's gain. The pressure on the market was at no time heavy and the easing tendencies were due to limited demands. The ex- treme losses were frequently effected on small transactions. This was true in Bethlehem Steel 55 of 1936, which dropped 3 points to a new low and were 15 points under the high of the year. In Canadian Pacific 4s and 5s there weze declines of 115 to 2% points, with these bonds off an average of 21 points from the January high. Columbia Gas & Electric 5s of 1952 fell 1!2 points to a nmew low and were 17 points down from the top. Western Union 5s, Postal Telegraph 5s ‘{nd In- ternational Telephone & Telegrph 4158 were also lower then before on thi movement. American Telephone & ‘Telegraph debentures fluctuated cver & narrow range at about the previous minimum figures. In the junior rails there were smaller Josses, as those in Erle 5s, Missouri Pacific 55 and in Chicago & North- western, Baltimore & Ohio, Great Northern and Illinois Central loans. It is expected that some of the unde- posited bonds in the Baltimore & Ohio refunding operation will have to be dealt with on individual terms. The Chicago & Northwestern has set up a plan for taking care of its May 1 maturity along lines identical with that of the Baltimore & Ohio. The passage by the Senate of the bankruptcy bill, which includes the railroads as peti- tioners, was regarded as & step which might avoid a number of receiverships. The changes in the foreign group were less important than recently. Canadian Pacific government 5s ad- vanced nearly a point. German gov- ernment 5';s were up !z, although other German issues were cown 3. Japanese government loans were steady and Tokio 5s rose 2'3 points. United Kingdom 5'5s duplicatéd their previ- ous high price. The market for United States Govern- ment bonds in the early part of the day felt the absence of support such as it had received on Monday and declined about Y3 point. The last issues of Treasury discount bills were sold on nearly a 1 per cent basis, compared with a rate close to '« of 1 per cent earlier in the year. All idea of long-term Treasury financing next month has been abandoned. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Bid. Offer. Allis-Chalmers Co. Gs o8 T American Chain Co. Amer. Tel. & Tel. b Am. Wat. Wks. & El Baltimore & Ohio 4 Chi. Northwest. R.'R. b5 Chicago Rock Island 4s . & Wheel. bs 5las 1 Delaware & Hudson 58 19 Den. & Rio Grande 4'ss 1 Elec Tum. 4s 10 ‘Gen. Public Service 0 Grand Trunk Canad: Great Northern Ry. 7s Keystone_Telephone 5s clede Gas Light bBs uisville & Nashville New York Cent. & H. 4s 1 N. Y. Chi. & St. L. 48 1V Northwestern Telep. 4128 1 Penna. R. Co. ti'as RDH Co. 7 10034 5 083, 34 100% 58 Washington Stock Exchange SALES. ‘Washington Rwy. & Elec. 45—$1,000 at 86" Potomac Electric 6% pfd—2 at 10715, Potomac Electric 67% pfd.—10 at 107. Potomac Electric 5!5% pfd—10 at 106. AFTER CALL. Potomac Electric 6% ptd.—1 at 107%%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. 1. & Tel. 4138 06 Tel. Ctl. ir. ot . & P. Tel. of Va. : Capital Traction R. R. City & Suburban Georgetown Gas 1 Potomac Elec. Cons. Potomac_Elec. s 195: Washington Gas 4z Wash 5 1 100% & Elec. 45,11 ) MISCELLANEOUS. Barber & Ross, Inc., 614s. gm Chase Club 5las . Rwy. fimbia Country Club 5135 ). C. Paper Mfg. ts. aee Wash. MEL. Cold storage 5s.. STOCKS. PUBLIC UTILITY. Pot. Wash. Rwy. & Elec. com. Wash. Rwy. & EL pfd. The folloving figures are not bids. but merely represent minimum prices fixed by the Washington Stock Exchange. NATIONAL BANK. 6)s apital (8). olumbia_ (12) Commercial (stamped) (1) District (6) d.-Amer. Nail. Bk, & Tr. cond () . ashington (8. TRUST COMPANY. gmer. Sec. & Tr. Co. (12) atl. & Tr. (12%) nce Georges Bk & Tr. (3. nion Trust (88). ... ... Loan & Tr. (id).0.1" BAVINGS BANK. nk of Bethesda (6). om. & Savings (10). 25t Waghington (8). otomac (10) . .. . c. Sav, & Cim venth Street () . i nited States ( 5 Washington Mechaiics' (20) FIRE INSURANCE. American (12) Corcoran (11 remen’s (£). fon (15) " s ational Unf TITLE INSURANCE. Columbia (6h Real Estate (6h) .. 10! *MISCELLANEQUS. L Medical Blds. Corp. (6) b i N TR imer. Bromo-Selz. deral St d.-Am. Co. pfd. anston Morotyps Mer. Tr. & Stge. com Mer. Tr, & Sige. pid. ergenthaler Linotype atl, Mige. & fov. pid, 1 Est. M & G. Security Storage The Carbel & ¢ Carbel Corp. W, Mech. Mige. < Wash, Med. Blde. Cip. Wdwd. & Lothrop com. Wdwd, & Lothrop pfd. *Ex dividend. dBook closed. 125C extra. 30c extra. extra. 81%% extra. ash (55) Cery «a | Denmark 434s '62.. BONDS Received by Private Wire Direct to The Star Office. UNITED STATES. (Sales are_in $1.000.) Hy Lib3%s32-47... 101 Lib 1st 438 32-47 10116 Lib 4th 4% s 33-38 10115 U 95 28 9724 %sM41-43. 99 % s J 40-43.. 100 s 43-47.... 9930 101 26 T ON NEW YORK ST 2:88. Low. 3 100 20 100 30 1018 10116 1015 10114 9510 9528 9716 9724 9920 9924 9916 9928 9920 9920 1018 1018 102 28 10220 10220 105 30 Sales. High. Abitibl P&P 58 '63. 42 Ab&St5%s’'43.... 2 Am Beet Sug 6335 |AmF P 55 2030.... allJ 4" 4 Am Metal 5%s '34. Am Smé&Ref 5347, 12 Am Sug Ref 6s'37. 5 Am T&T 4%8'39.. 5 Am T&T c trBs'46. 21 Am T&T deb 55 °60.122 Am T&T deb 55 '65.119 Am T&T 5%s"43.. 87 Am Wat Wks 55'34. 5 Antioguia 73°45... 4 Argentine 5%s°62. Argont 6s ‘61 May. Argentine 6559 Ju Argentine 65’59 Oc Argentine 63 A '57. Argentine 65 B '58. Arm & Co 434339, Arm Dl 5%s'43... Assoc Of1 6535 Atchis 45 1905-5 Atchison gn 4s Atchison 43,8 48 10 Australia 58’55 Australia 53 '57 Austrian 7s '43 Austrian 78’57, BLOlst‘n‘:l 59 tav Pet 41842, Belgium 7s ‘55 Belgium 7s°56..... 3 Bell Tel Pa 55 C'60. Benet Loan 6s "46. . Berlin 6%8°50.... Berlin Cy El 6365, Berlin CEl 6%s'51. Berlin C El 6%8'59. Bolivia 7s '38 Boiivia 75 '69 Bolivia 85 '47 Brail 6%s '26-'57 Brazil 6% s '27-'57. Brazil CR 78 '52. Bremen 7s '35 Bklyn Ed 55 A "49, Bklyn Elev 6%s Bkiyn Man 6s A "68 Bkiyn UnGas5s'45 Bklyn Un Gas 65’50 Bklyn U Gas 58 '57. Budapest 6s '62 Buenos A R 6s°61. B R& Pitts 4%8'57 Bush Ter con 58'55. Bush T Bldg 55'60. Canada 4s '60. . Canada 4335 '36 Canada 5s '52 Can Nat Ry 4%s'51 Can Nat Ry 4%s'54 Can Nat Ry 41 8'56 | Can Nor db 6145'46 Can Nor deb 75 *40. Can Pacdb 4s. . Can Pac 45 '60. Can Pac 58 '44 ctf: { Can Pac 58 '54. | car Clin & 0 58 | Cent Ga cn 5s'45. . Cent 111 E&G 58 ‘51 Cent Pac 1st 45 '49. | Cent Pac 58 Cert-td db 5%s 4! Ches Corp 55 '47. C&Ogen 48’92, C&O4%sA'93 C& O 4%sB'95. C& O con 6539 CB&Qrf3s'71.. CB&Q 111 33549 CB&Q 1l 45 49 Chi Grt West 48’59 C M&StP 4%s'89.. C M StP&P 5875 CM &St Padj 58 Chi & NW gn 4s'87. ChI&NW 4338 2037 Chi&NW 4148C'3 Chi & NW 4%s 49 Chi RI&P gn 45 '88 Chi RI&P rf 45 ChiRI& P4l ChiRI4%s’ CTH&SE in 5s Chi Un Sta 4%3'63 Chi Un St 55 "44 Chi Un Sta 5s B Chi Un Sta 6%s'63. C& W Ind cn 45’52, C& W Ind 5%8 6 Childs deb &3 '43. Chile 65 '60. | Chile 6s61. Chiie 6561 S Chile 6s'62 Chile 6563 Chile Cop db 58 '47. Chile Mtg Bk 6s'61 Chl Mtg Bk 6%s 57 Cin Un Trm 5s 2020 Clev Term 5s B 73, Clev Ter 5%8A'72. Colomb 6s ‘61 Jan. Colomb 6s '61 Oct Colon Ofl 65’38 Colo & Sou 4148 Colo & Sou 4% '80 Col G&E 58 ‘62 May Col Gas & E 58 '61. Com Inves 51e8 '49 Con G NY 418 '51. Con Gas N Y §s°57 Con G NY 5%s"45. Con Pwr Jap 6%s Con Pow Japan 7s. Copenhag 4%= 63 Copenhag §s '53... Cuba 5148°45...... Cuba Nor 5%s "42. Czecho 8s°'51. Del&Hud ref 4s ‘43 eRuBeR R anmaSan weBwRon - Denmark 5%s '55. . Denmark 6s'42.... Denver Gas 58 '61.. D& RG W b D&RG W 6878, Det Ed 4%5D '61.. Det Edison rf 55’49 Det Edison 8 Det Edison 68 '56. Dodze Bros 6s 40. Donner Stl 78 '42... Duquesne 4% A '67 Dugquesne 4% B '67 Dutch East 1 6847, East C Sug 7%8'37. Erie Con 45 Erlecv 4s A Erie 4s B '53 Erte gen 4s 9/ Erie ref 5s°67 Erie ref 55 '75 Fiat deb 7s 46 Cinland 6%s '58 Finiand 6%8 '56 | Finland 78 '50 Fisk Rub 8s°41. Fla E Coast 58°74. Fram Ind 75%s '42. French Gov 7s *49. French Gv 7%s'41 Gen Baking 54 Gen Cable 5% Gen P Sv5%s'39. » 18 13 22 2 10 1 e 124% 981 37% 80% 2 GerCenBk 78°50., 28 58 Y- 12% 81 23% 98 36 80% 2 0% 48% 48% 57 105 20 105 26 Low. 238, | Groek 65 81 30 22 12 68 31 29 70 72 63 9 102% 101% 102% 100 991 Wa% 84 8% 38% 41% 41y 41% 41 41 79 T2% 108 71 52 99 69% 784% T3 90% 60 6814 T 6% 7 % T 35 87% 10% 100% 58 62 2914 29% 36% 934 281 1% 14 86% 95 94 95 8% 60 101% 103% 1247 98 37 80% 2 1% 49 49 58 "wv'ruznw. OCK EXCHANGE 2:58. 38 149% German Rep 78 4 3% “78% GoodHopeS&l 75°48 7 4 Goodyr Rub 5#'57.. 14 2% Grand Trunk 36 21 Grand Trunk 7 Gt Brit&Ir 6%s '37 225 Grt Nor 4%s D 2 Grt Nor 4 Grt Nor 5%s Grt Nor Halt! 6s'53. Hudson Coal 58 ‘62, Hud & M adj 5 Humble Ol Hungary 7%8 41 11l Bell Tell 65°56.. 111 Cent cl tr 48 ‘63, Tl Cent rf 43 '55.... MiCent 4% o Blow » 9 Y 111 Steel db 4% #°40. Inland St 43s B'S1 Int Rap Trrf 5s 66 Int Rap Tr 6s'32.. Int Rap Tr 78°32. Int Cement 5s '48 Int Hydro El 6544, Int Mer Mar 6s '41. Int Pap re: AT, Int Pap 5. . Int Ry C A 5572, Int Tel&T 48 '3 Int T&T 4%s'52 Int T & T 58 °56 Italy 7s ‘51 Italy Pub Japanese 5% ‘85, Japanese 6%s ‘54 Kan C F S&M 45’36 Kan C P&L 4%s ‘61 Kan City Sou 35’50 Kan City Sou 5s'50. Kan City Ter 45'60. Karstadt 6s "43 Laclede Gas 5534 Laclede 518 C'53 Laclede 5% s D Lautaro Nit 6s ‘54 - HORADR ORI ARNG T4% 49 12 54 56 28 30 24% 20% 2! 1 96 85 37% 47 50 9915 52 48% 89 31% 89 60 Long Isl rf Lorillard 5s'51 Lorillard 78 "44 La & Ark 5s " Lou G & El L & N 53 B 2003 Lyons 6s'34. McKes & R 5%s'50. Manhat Ry cn 48’9 Mex 4s ast 1910-45. Midvale Stl 58 °36. . Milan 6%s ‘52 Mil E Ry&L 5s’61. Mil E Ry&L 58°7 MSP&SSM cn 4s MSP&SSM 55 gt'3 MSP&SSM 51878 MK & T 1st 43°90. MK&T4sB MK&T53A62. MK & T adj 55 '67. Mo Pac gn'4s’75... Mo Pacrf 58 A '65. Mo Pac 5s F 17 Mo Pac 53 G '78 Mo Pac 5s H '80, Mo Pac 5s 1°81 Mo Pac5%s A "49. Mobile-Ohio 5s '38. Mont Pow 5s 43 Mont Pwr Gs A '62. | Montevideo 7s'52. . Mor&Co 1st 4145'39 Nassau Elec 4s ‘51. Nag Dairy 5% s'48. Nat Steel 58 '56. ... N Eng T 1st 5 « | N J Power 468 0.. OT&M5%s'54. Y Edison 53 B'44 N Y Edison 53 C'51. NYEArf6%s'41. 1 NY EL H&P 4849 NY EL H&P 55 "48. NY NH&H 4%1°67 NH&H 63’48, . NY O&W rf 48'92. 9 Y W&B 4%s 1a Sh MA 514850, ord 6143 '50. or & Wn cn 489, orf&\Wn div 45’44 North Am Co 55 ‘61 or Am Ed 55 A'57. or Am Ed 55 C'69. | Nor Am E §%s'63. { N Ger Lloyd 6547, Nor OT& L 65 '47. | Nor Pac gn 3s 2047. | Nor Pac 4s°97..... Nor Pac r 1 65 2047. Nor St Pw 55 A "41. Nor St Pw 63 B '41. Norway 58 '63 Norway 5%s 65 Norway Norway Norway 68 ‘52 Ohto Pub 718 "4 Orez-Wash 4s 61 Orient Dev 5148 { Orient Dev 6s Pac GRE58'42..... Pac T&T 1st 68'37. Paramount 6s '47.. Param-Pub 6% %60 Paris Or 5%s ' Penn sta 45 *48. Penn 4%s D81, Penn cn 415 '60 Penn gn 43%8 '65 Penn 41%s D '70. Penn 4%5°62. Penn 55 '64. Penn gen 65 '68. Penn 6%s '36. Penn O&D 4%5 77, enn P&L 41581, eop Gas ref 5s '47. Pere M 1st 53 '56. Peru 6s '61 Phila Co 58 '67. . Phila Elee 4571 Phila & Read 68 '49 Philippine R 48 '37. Phillip Pet 53839 Pillsb F M 65 43 PCC&StL 58 B 7! Poland 65 °40. o - SR wnwonwartaroRRNG NG A NE RPN oo - 25 Pos Tel & C 68 '53.. Prussia 6s°52. . Public Serv 4s ‘71 PubSv G 4%8'67. Pub Sv G 4%s 70, Pure Ofl 5145 ‘37 Pure Ol 5348 '40. .. Queensiand 6s'47. Queensland 7s'41.. | Radio-K-Or 6841, | Reading %8 B97. | Rem Arms 6s A '37 | Rem R 5% sA"4Tww Rhinelbe U 78 '46. . Rhine Ruhr 6s '53 Rhine West o 100% 100% T4% 69% 80 79 63% 4T% 47 45 53 - Royal Dutch StL [M R&G 4 St L&SF 43 A '50.. StL&SF 434878, StL SF 4% 8'78ct st St L&SF 58 B '50. Sao Pau 18'40... .. saxon P W 63851 Saxon is ‘45, Se1b ALds st ct'50. Serbs-Cr-Sl 83 '62. Shell U Ol 5i Shell U O 53 "4Sww Shinyetsu 6% s '52 Stlesia Prov 7s '58. Sinc O11 6% s B 38 Sinc Of1 75 A '37 BincPL s pe o . 5% 5% PPN BY RESEARCH WORK Down Expenses Have Aided Many Firms. Special Dispatch to The Star. NEW YORK, February 28.—The role played by continuous scientific research In making industries “depression proof” is demonstrated by annual corporate earning statements now being made public. Of 700 reports announced in 1933 to date, only 80 showed gains in net profits and invariably such concerns made unusual efforts to obtain such results. The steel industry generally is far from prosperous, but some of the pro- gressive members of it did better in 1932 than in 1931. This was true of the food, business machine, oil and chemi- cal industries. In many instances it was the smaller companies within an industry that made the best showing, !but some of the most aggressive units were leaders in size as well as in efforts. The National Ofl Products Co. of Harrison, N. J, for example, has in- | creased its gross, net, working forces, dividends, and plant capacity uninter- ruptedly during the last three years. | Meanwhtle it has ordered no pay cuts or lay-offs. “Sclentific research in our own laboratories,” explained C. P. Gulick, president of the company, “has been the key to this expansion.” This firm, which imports about one- third of the 9,359,985 pounds of cod- liver ofl brought into this wunu¥ each year, is the largest importer of that product as well as the leading sul- phonator of castor oil and olive oll for industrial uses. Its representatives visit the world cod-fishing centers to obtain their basic raw material. The fish are caught during the spawning season, which extends from February to {May. 1t is during this period that the oil in the livers of the codfish is rticularly gl.l.s especially powerful in this factor must be selected. ‘When the company was incorporated in 1912 it was supplying ofl products for the t.mnln? industry. rch develcped oils for textiles and other fields. Today the firm serves nearly 40 separate industries, its sulphonated oils being used in the menufacture of print- ing ink, paint, varnish and lacquer, textiles and leather. “Next we took advantage of scme of the recent discoveries of nutritional science and developed a markst for cod- 4 | liver cils for poultry and general farm- feeding purposes,” Mr. Gulick said. “More recently we were fortunate in securing a license under the Zuker- Columbia _patents for extracting the vitamin ‘D’ content of cod-liver ofl in highly concentrated form. which is be- ing used to fortify milk, bread and other fcods. We have also been able to develop improvements in certain cos- metics. Maintains Laboratories. “Much hes been sald in praise of commercjal research, but many com- panies carrying on research drastically curtailed this work when the depression came on. We, however, have con- stantly extended our facilties.” The corporation maintains modern chemical, biological and bacteriological { laboratories for the control of manu- facturing processes and the studyin of new uses for its products. One of the most recent, a popular soapless shampoo, was developed after four years of research. A nutritional labo- ratory, one of the best equipped in the country, was established in 1927 for biological experiment with the firm'’s j products. The ccritinuous investigation conducted in this laboratory requires a permanent colony of 300 experimenta] rats and 1,000 chickens, ranging from day-old chicks to laying pullets. (Copyright. 1033.) —_— ARUNDEL CORPORATION. BALTIMORE, February 28 (Special). —An operating loss of $21,767 for Janu- ary was reported to directors of the Arundel Corporation at their monthly meeting yesterday. This loss was re- corded after a $30,000 depreciation charge-off and the cash position of the company remains strong. Current as- sets are $2,952.203 as against current liabilities of $621,849. Activities of the corporation were virtually at a standstill during Janu- ary, but there is a large volume of business in sight for the Spring months, possibly totaling some $10,000,000. Frank A. Furtst, chairman of the board, after a survey of the company's prospects expressed himself as opti- mistic over the long-term outlook. Sales. Hizh. Low. 2:38 Skelly O11 5%s'39. 11 611 61% Smith(AO)6%s'33 5 99 Solvay Am 5s°42.. Sou Bell T&AT 58 '41 Sou Pac col 48 °49. Sou Pac rf 4856 Sou Pac 4%s '8 SouP 4%s 69 ww. Sou Pac 4%s's1... Sou P&OT 4% 8A"77 Sou Ry gn 4s A'S Sou Ry 5! Sou Ry g! Sou Ry 6%'s '5! Sou Ry M&O 4 SWBe'ITGsA StOfINJ bs 4t StCIINY 4%s'51 Studebaker 6s "48. . Sweden 5% 8 'S Swiss5%s Tatwan E P 5%8'71 Tenn EI P 63 A *47. Tex Corp cv 68 °44. Tex& P5s€’T9... Tex & Pac 5s D'80. Third Av rf 48 | Third Av adj % | Tob P'NJ 638 3023 Toho El Pw 78 '56.. % ‘Tokio El Lt 6s'53. . Un EIPSL ref 55’33 Union El L&P 8s'57 Un Pac 1st 47 8 Un Pac rf 4s 200 s. 1 U8 Rubber 68°47. 1 UnSt W e%s AT, Un St W 6%8s A'S1. U4 St W 6%sC'61. Uruguay 6s ‘64 Utah P& | Util Pw 5869 ww. Vanadium St 5841, Vienna 6s°52 . Va EI&Pwr 51842 Ry1stisA Wabash 4348 ‘1! ‘Wabash 24 55'39. . Walworth 68 A *45. Warren Bros Warsaw 7s 'S West Sh 1st 48 336! vest El db b 1 w . West Md 18t ¢s West Un 845 'llt nt in vitamin “D,” and | & Lake NDUSTRY BENEFITS CURB SHARES FIRM | IN BIGGER MARKET ;fi Scientific Methods of Cutting(Leaders Show Fractional Gains After Irregulari in Early Trading. BY JOHN A. CRONE. Special Dispatch to The Btar. NEW YORK, February 28.—The Curb Exchange, after opening in mixed fashion, steadled around midday tocay. ‘The volume of trading, however, was larger than in the same period in the preceding session. Electric Bond & Share was up frac- tionally during the first two hours. So were Standard Ofl of Indiana, Com- monwealth Edison and American Gas & Electric. Cities Service, however, re- mained heavy. Aside from the banking situation there was nothing in overnight develop- ments that could be construed as other than constructive. Among the numerous regular dividend declarations were: South Penn Ofl, Draper Corporation, Brazlian Traction, Scovill Manufactur- ing, Pet Milk preferred and Perfect Circle. Standard Oil of Kentucky re- duced its quarterly payment from 30 to 25 cents quarterly. Brillo Manufacturing was one of the few issues during the first nour that responded to dividend declarations. De Forest Radio eased following announce- ment that Radio Corporation of Amer- ica had bid for it. The softest spot during this period was Parke-Davis & Co., which declined about 2 points. Other specialties that sold off rather easily included Parker Rust Proof and Novadel Agene. Mean- while the gold shares, such as Lake Shore Mines, reacted. E Great Atlantic & Pacfic Tea opened down 4 points. Safety Car Heating & Lighting lost half that amount. A. O. Smith Corporation and Aluminum Co. of America common, however, stiffened. Insurance Co. of North America at one time showed a net loss of 2!, poin! Rallway & Light Securities, Incor. porated, gave way a point, slipping into new low ground as power and light shares turned heavy and carrier shares remained dull. In the latter group earnings were reported by Pittsburgh Erie and Western Maryland. — e BANK SUSPENSIONS: NEW YORK, February 28 (#).—The | | American Banker reported 19 bank sus- | { pensions last week, against 26 last week ! |and 46 the week before. | Laws giving the State bank commis- sloner right to restrict withdrawals of | deposits under some sort of conserva- tion plan, it said, have now been adopted in one form or another by New York, New Jersey, Michigan, Indiana, Nebras- ka, Wisconsin, Florida and Oklahoma. The year's suspensions now total 348, affecting deposits of approximately | $195,000,000. In the corresponding pe- :iod ?{ulu:y’year thderz were 493 bank asualties, tying up deposits of approxi- mately $276,000,000. posd s BONDS THE CU! MARKET Sales in thousand, 3 Alabam Pw 4 5 Alabama Pow 3 Aluminum Co 5s DOMESTIC BONDS. High, Low. Noon. | 6513 65% 1 neu T 5a5 '42 rvice 55 103% 10314 1 1053 1053 1 31 458 1 K1 R4 Zrons o Vel Ca e e) 2EERY &8 T d Y GiE: Q&E L 4v 4! 3 New Eng YP& 88 47 53 148 a8 67, = ahnzpprRDm PR EE SR 9 1;;9_925‘35:::251 ", £ H T, 5 5 § £ £ it v, nvé 0034 9% 00 10813 10842 108 % * 3 8 3 7 5 oSt i oo LEEENC S8ERa, 0 e 29! £ ) Y By 1 o558 : geze 2% 2222T30mmn> . > aw A 8xis 39102 102 2 DRI, ORI, ORY DR v DR o 98% 7 87la R7la B7la 39 100% 1007 100% 35 43 3 423 38 68Y 36l 72 72 . 98 08 96 102% 102 102& . 79! 79 79 12% 1 3 44 CREEE i 12 s 8o% 3 H g 0O D ST I3 SO TR T 2O A S OISO 58 gzace = FOREIGN BONDS. 8Buen Al Pr 7%s '47. 85 | Cora C .|New Official Succeeds the Late , | & major goal of the Nation's restaurant *{ tional » | rect proportion to gross income. HE EVENING STAR, WASHINGTON, D. C., TUESDAY, FEBRUARY 28, 1938 ——-———_————'————~—————l—# PINANCIAL. N. Y. CURB MARKET Recelved by Private Wire Direct to The Star Office. Stock and Sale— Dividend Rate. Add 00. Righ. Low. Close. Aluminum of Amer500s 39 Alum Co Am p£(3). 508 40 Am Bevera, Am it PAL A (a3) Am City P&L B 150 Am Cyanamid B. .. 6 AmGas&El (31).. 25 Am Laun Mch 40c. 50s Am Lt & Trac (2).. 1 o 1 Arcturus Radio T.. Arkansas NtGs A.. Asso Gas&Elec (A) Atlantic Lobos pf. Atlas Utility Atlas Utll war... Atlas Util pf A (3). Auto Voting Mach., Blue Ridge........ Blue Ridge c pf a3.. Brazil Trac & Lt. BurmaLtd rets pic. Butler Bros....... Cable & Wire B reta Cab & W pf k6 1-5c. Canadian Marcont. Cent States Elec. .. Childs pf. Cities Sei Cities Service pf... Cities Serv pf B Col G & E cv p£(5).2 Col 011 & Gas vte. . Comwith Edis (5).. Comwith & Sou wr. Consol Aircraft Cons Gas Bait 3.6v. rp (10c). Creole Petroleum Cresson Consol (4 Deere & Co. ... De Forest Radlo. Detroit Afrcraft. Duke Pow (5). Eastr G&F pf (6).. 268 Eastn Util Asso(2) 1008 East States Power. 2 Kisler Elec Corp... 1 K1 Bd & Share b§%. E! Bd & Share pf 6. El Pwr Assoc(40c) El Pwr As A (40¢). Elec P&L 2d pt(A) Elac Shareholding Eureka Pipe L (4). Europ El Ltd A 30¢ Europ Elec deb rta. Fajardo Sugar. ... Fenlerated Capital. Fisk Rubber (new) Ford Motor Can A. Ford Motor Can B, Ford Motor Ltd. ... General Alloys Gen El Ltd 20 2-5c. Glen Alden Coal. Gold Sea? £l new Goldman Sachs Grt A&P T n-v(17) 10 Great A&PT pt () 40 Groc Strs Prd vtc.. Gulf Oil of Pa Hecla Mining. Hudson Bay M Humble Ofl (2) Hygrade Sylv (. IIP&Lpt(6).... 25 Imp Oli Ltd cou 50¢ InsCoN Am (2) Intercont Py Int Petrol (1) Interstate Equiti, Interst Hos (65¢). . Irving Air Ch (40c) Kirby Petroleum Kleinert..... Lake Shore M (2).. Lerner Strs pf w Lion Oil & Refin. Lone Star G bé4c Mass Util Asso Mavis Bottling A Mayflower Asso(2) N e 60 50 8 7 20s 106 4 1 258 2 3 1 1 1 1 1 + 508 4 3 1 850 1 4 4 258 8 2% 130 121% 121% [ 25 2% 27 41 % 2% 130 121% k) 25% 2% . 2% 41 2 1 . s 7 {8 i & s 2 T 1 ‘ 6 2 8 0 1 1 2 6 2 1 1 2 : 3 1 1 1 1 3 7y | Unit Gas pf (1).. | Unit Lt&Pwr (A) | Utd Lt & Pow B | Unit Stores v.t.c.... | Utility Equities | Wil-Low Cafeteria and Sale— Dividend Rate. Add 00. High. Mead Johnson (3). Memphis Nat Gas. . Midl West Utilities Mid W ev ptnxw. . Mountain Prod 80c. 25% | Nat Aviation, Nat Bnd & 8h (1) Nat Fuel Gas (1). Nat Pw&Lt pf (6). Newberry JJ(60c). New Eng Pw pf (6) New Bradford Oil % | Newmont Mining.', N Y 8hip (10c).... NY Telpf (6%)... Niag Hudson P (1) Niag Hud (A) war. Niag Sha(Md)B 20¢ Nor Central Texas. North Europ O1l. .. North & So Amer A Novadel Agne (5). Okla Nat Gas pf... Pac G&E 1st pf 1% Pacific Ltg pt (6).. Parke Davis (1)... 11 Parker Rust P 2% . 1508 Penroad Corp. 5 Phil Morris Inc. .. Pilot Radio Tube A Ploneer Gold 24c. . Pitts Piate Gls (1). % 3 3 114% 114% 8% 10% & 4% 25 % % 34% b5 24% 89% 13% 2 1 2 1 4 508 1 258 1 33 i -Powdrell & Alex. Prudential Inv. Pub Utll Hld x w.. Puget Sd P&LS6 pf 508 Rallway & Lt Sec. . Rainbow Lum B. Rellance Int A. Bafety Car H & Lt. 150s St Regls Paper 4 alt Creek Cons Salt Crsek Prod ( Seaboard Utilities. Security Allfed Cp. Segal Lock & Hrd. . Helected Industries Sentry Saf Control. Shawin W&P (50¢) fihenandoah Corp. . Stnger Mfg Co (8 Smith (A 0) So Am Gold E SouCalEApf B 1% Bouthland Roy 20c. Sowst Penn P&L 4.160s Spanish & Genrcts 2 Stand Ofl Ind (1).. 57 Stand Oil Ky 1.20. Stand Oil Ohlo 1% Stein A& Copf 615 10: Stutz Motor Car Sun Investing 8 s s 2 | Sun Investing pf. | Swift&Co... | Swiss Amer El p; 6 .. 508 Tech Hughes (60c) 10 Texon Ofl & Ld (1), 2 ‘Tobacco Prod Del Trans Alr Trans. Tri-Cont Corp wr. Tubize Chat Corp Tubize Chalillon A, Un Gas of Canada. United Founders. . P Unit Lt & Pwr pf. US & Intl 1st pf. Unit Verde Ext 40c UtlP&Lt... - WO L O AN e R SR RS Walgreen Co (1).. Walker (Hiram). . West Afr Express. Wol'thLtd p42 2-5¢ Wright Harg t20e. 138 Dividend rates in doliars based on Quarterly or semi-annus! 3 us 4 ock. € Adfustment dividend. Sock. g Plus 4o in stock. - stock. lus 2% in stock.” K Plus 10% n stock. mPlus 3% in stock. n Plus 87 slock. p Paid last year—no regular rate TRAYNOR IS ELECTED SWIFT C0. TREASURER L. A Carton After Long Service With Firm. Specia) Dispatch to The Star. CHICAGO, February 28—Directors of Swift & Co. announce that Willlam B. Traynor, vice president and direc- tor, has been elected treasurer of the company to suc- ceed the late L. A. Carton. Mr. Traynor en- tered the employ of Swift & Co. in New York City in 1801. ll;le Adv’nced through various departments to the head of the general accounting | department in| and in 1916 was appoint- ed assistant to the president. In this jon he ac- quired a broad knowledge of the practical and ex- ecutive departments of the business. He was elected a vice president in 1928 and a director in 1932, RENT ADJUSTMENTS HELP RESTAURANTS Payments to Landlords Are Put on Percentage-of-Income Basis in Many Localities. | | | W. B. Trayner. By the Associated Press. CHICAGO, February 28 —Adjustment of rent on a percentage basis has become industry in its attempt to keep the red ink off its ledgers. Throughout the country, the Na- Restaurant Association findd, restaurateurs in many cases have won contracts whereby they pay rent in di- The trend in this direction, leaders of the industry say, has become general, with a rental approximating 7 per cent of gross receipts as the arrangement usually sought. Such a move has become necessary, restaurateurs explain, because the in- dustry's volume has dropped about 45 per cent since 1929—including a 30 per cent decline in volume plus a drop of 15 ecpk" cent In the average customer check. New York Cotton Speciel Dispatch to The Star. , 6.26, 3 off 1; January, 645, off 3. Gain in Cigaretté Output. | By the Assoctated Press. a5 Cigarette production 1ssued z the Bureau of mum:lr Revenue & sharp gain over the December it. _January with '.l')it.ll'l.lfl Wmmgflm dl cigars and tobacco also sub- stantially, 1 6.0, it totaled | tially all of debentures CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, February 28.—Following is today's summary of corporaticn news prepared by Standard Etatistics Co., Inc, New York, for the Associated Press: Automobiles and Trucks. Ford Motor Co.—Production :chedule calls fcr an output of 1,600 cars daily; | ‘has produced 9,000 units of new V-8 line S0 far. Studebaker Corporation—Rockne Feb- ruary production estimated at 2,100 cars, about same as in January. Automobile Parts and Tires. Campbell, Wyant & Cannon Foundry Co0.—1932 deficit $313,409 vs. net in- cme $191,329. . Gabriel Co.—1932 deficit $107,938 vs. deflcit $377,844. Chemicals and Fertilizers. Monroe Chemical Co.—1932 common sha_xe earnings 53 cents vs. $1.22. Electrical Equipment and Radio. Grigsby-Grunow Co.— 1932 _deficit g,’fiasl.sslsg:flm seven months to Decem- T 31, , com] had a defici $2,901,305. P Gt Food Products. Chickasha Cotton Oil Co.—Common share earnings six months ended De- cember 31 were 79 cents. Coca-Cola Co.—1932 common share earnings $8.67 vs. $11.82. Household Products. Fuller Brush Co—Deficit, year ended January 3, $21,837, vs. net income of $306,900 in 1931. Leather and Shoes. Seton Leather Co.—1932 deficit $114,- 939, vs. net income $10,139. Machinery. Foster-Wheel Corporation—Meeting of directors to consider preferred dividend postponed because of lack of a quorum. Mesta Machine Co—1932 common share earnings 41 cents, vs. $3.20, Miscellaneous. American Safety Razor Corporation— ;23725 common share earnings, $3.41, vs. Anchor Post Fence Co.—1932 deficit $256,579, vs. deficit $90,647. Fort Worth Stock Yards—1932 com. mon share earnings $1.14, vs. $7.43. New Haven Clock Co.—1932 deficit $629,655, vs. deficit $483,957. Oil. Houston Ofl Co. of Texas—1932 deficit $801,648, vs. deficit $356,484. Southland Royalty Co.—1932 common share earnings 27 cents, vs. 12 cents. Paper and Paper Products. Crown Zellerbach Corporation pre- ferred share 9 months ended January 31, were 15 cents vs. $4.54. Railroads and Railroad Equipment, utumunm‘ income, $536, iyl.: e, 2 Vs, omm January, 1932. cmmfltow. Mll'lnln.' 3 &.“Pllll &;;- o anuary net operaf deficit $319868 vs. deficit of ‘109.!2!‘. Chicago & Northwestern Rallway—Ar- ts made for a loan from R. F. C. to pay in cash one-hslf of $6,355,000 5 Sf cent debentures, due May 1, 1933, the remaining 50 per cent to be exchanged for 5 per cent general | mortgage bonds; in prder that plan may | beenmmuve and necessary loan obtained is essential R. F. C., company stated that holders of substan- & 4% %| +# | supplies moving slowly into consumer xxy A—I5 | PRICES FOR WHEAT ARE HOLDING WELL | Market Appears to Be Re- sisting Unfavorable Trade Influences. BY FRANK 1. WELLER, Associated Press Farm Editor. Wheat appears to be resisting unfae vorable outside influences very salisface torily despite iack of leadership pend- | ing developments of u nature to give prices a definite trend. |~ Foreign markets are mostly weak and lower, with the large remaining world cnannels. Outside interest failed to aevelop on bullish news, which seemed to be offset by unscttled economic and financial conditions and weekness in | securities. Heavy commission house | selling developed on the close Saturday, carrying wheat down 2 cents a buchel for the lowest level since February 6, while corn and oats for future delivery | broke bottom price levels for the season. Receipts Smaller. Receipts at the big Winter wheat markets totaled only 1,303 cars, com= % | pared with 5,583 during the correspond- ing week last year. The condition of Winter wheat so far as reported is somewhat less favorable than the poor record a year ago. Fall-sown wheat is in the poorest condition in history. | Further damage occurred in Western | Kansas from the recent cold weather | and soil blowing and a large abandon- | ment is indicated in Western Nebraska, | where the crop is very bad. { The outcome of the Winter wheat crop now is even more questionable than a month ago. Reports from Southwestern Nebraska said that for the most part wheat is beyond recov- ery. Light rainfall and high winds re- duced the reserve soil moisture nearly 50 per cent. The Eastern third of the State started last Fall under favorable conditions, but now is 20 to 25 per cen$ below normal. For the present the weakness abroad holds bullish domestic factors in abzy- ance but some in the trade count upon them to stimulate support on reces- Argentine wheat hss been presced on the market at prices below those of competitors and Australian wheat is moving freely. The Southern hemisphere, estimated to have 24.000,- 000 bushels more then last year, shipped a total of 12,000,000 bushels for the week compared with 10,000,000 during the same time a yesr ag The Increase in the world’s = | January was 15,000,000 bushels then in December, leaving the of February 1 zbout 9,000.000 b less than a year ago. Any sig minished seiling cn the pert cf Ar- gentina, some observers s2 shculd | find quick reflection in Et kets because Canada is sales and Australia is finding a g outlet for her surplus in the Orient. | Export circles say Russia may be in the market for seed wheat within the next two or three weeks. Corn Shipments. One important c2sh grain and come mission house believes that only the weakness in stocks and the fear that Chairman Stone's resignation from the Farm Board may result in further liquidation by the Grain Stabilizatioq Corporation precludes investment buf= ing of wheat. 3 Corn arrivals last week at princip@ Ex | markets totaled 4,438.000 bushels, the largest weekly receipis for the season | to date. Chicago supplies, largely from JTowa and Southern Illinois, were nearly | double these of a week ago. It is & | question now whether producers will ba inclined to market at current prices. Grain Market | | By the Associated Press. | CHICAGO, February 28.—Influenced by suggestions that private reports {on United States Farm Reserve stock |of wheat would prove bullish, grain | prices averaged highed early todayé | There were also complaints that mois- !ture in domestic Winter wheat ters ritory Southwest was wholly insufficient, Opening 13- up, wheat later held near the initial range. Corn started at | %4 decline to a shade advance, and sube sequently gained all around. Helping to impart a firm tone to the wheat market early were advices of widespread rough weather in Europe, | with uncertainty about Spring seeding in Russia. Anncuncement was made | that unoffical estimates of domestic | farm stocks of wheat, corn and oats | would be issued on Thursday, instead | of tomorrow. One leading unofficial authority will also give figures on the condition of United States Winter wheat and as to the amount of wheat in country mills and elevators. Some renewal of commission house | selling pressure in corn had a bearish* effect later concerning wheat as well as_corn and oats, New York stock market unsettlement was an incentive to sellers. September corn declined to a new bottom price record for the season. May oats equaled the lowest quotation ever reached in | Chicago for that delivery, 157 cents. | Provisions lacked any aggressive suppore. = = Branch Plant Planned. MOUNT AIRY, Md., February 28 (Special) —Following several months of negotiations between the Chamber of Commerce of Taneytown, Upper Car- roll County town, and a clothing man- ufacturing concern, a contract has been signed definitely assuring the location of a branch plant there. An incorporation has been effected by the Chamber of Commerce to enable it to acquire real estate for the loca- tion of the plant. Already contracts for construction of the plant, totaling $11,000. have been awarded. Employ- ment will be given to 150 or 200 per- sons. U. S. TREASURY CERTIFICATES 100 99 20-32 09 09 99 832 07 24-32 Market Averages By the Assoclated Press. Yesterday Previous da) Week ago 25 bttty bussond ) &3 3 3 2 Indus. PR ol 7. a4 01 % o 3 Yesterds Previous’ k ago 29928 SRS Maine Central Railroad January net loss $102,854 vs. loss of $174,988 in Jan- . 19 1931... W, 1081 " (O Yot ™ BRI GE AT [rateaeRA L oD 013 e rie DRSS @8caz