Evening Star Newspaper, March 1, 1933, Page 15

i FINANCIAL THE EVENING STAR, WASHINGTON, D. C., FINANCIAL : WEDNESDAY, MARCH »%3 A— N. Y. CURB MARKET Received by Private Wire Digect to The Star Office. BONDS RREGULA N LOVER NARKET U. S. Treasury Issues and Foreign Dellar Group Show Declines. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, March 1.—The same general conditions that have been re- sponsible this week for the unsettled markets in bonds had their effect on prices again today. There were sections of the list where good buying seemed to be taking place on the basis of the greater yields created out of the recent change in quotations. United States ‘Treasury loans were lower. There were quite sharp declines in the market for foreign dollar bonds. The second-grade public utilities were under most pressure and showed the largest losses. Columbia Gas & Electric 5s declined 2 points and were at a new low for the year. The same amount of Joss occurred in American Water Works 5s. They also were lower than they had been previously. International Telephone & Telegraph issues, on the other hand, were steadier. Western Union 5s of 1960 broke below 38 and were off 21 points from the high of the year. In the industrial list Dodge Bros. 6s and Sinclair Oil 7s touched new low prices. Pure Oil 5!is were affected {fractionally by the reduction in the div- idends of the preferred stocks of the ‘company. % In high-grade rails and public utili- ties the market was mixed. American Telephone & Telegraph issues were higher, while Consolidated Gas bonds were off 1; point. Atchison 4s were at one time down 2;, but later rallied. _There are a number of underlying rail- road mortgages of an inactive character and with ratings of “AAA” and “AA” on which the field at present ranges from 5!, per cent to 10 per cent. There are also public utility bonds with “AA” ratings on which the returns vary from about 5 per cent to 5!> per cent. In the past week the highest grade short-term railroad equipment certifi- cates have gone from a basis of around 1 per cent to nearly 5 per cent. This 15 the type of paper fhat banks bought freely a month ago and which they have been liquidating as conditions compel this to offset decreases in de- its. Belated response to the conditions in Germany were reflected in_declines of 1 to 3 points in the government and corporation loans. French government M,s were off a point, as were Belgian government 7s. Danish issues were weak. There was a sharp recovery in Cenadian government loans, with the §s up 3 points from their recent low. Quite heavy offerings came into the TUnited States Government market, with prices down !3 to 3s. With the 33 per cent issues as well as the 3% and the 3s all at a discount, banks have been buyers of them again for the pur- pose of issuing additional currency. The short-term Treasury notes of the longer issues are also at a discount from par. CURB HEAD WARNS AGAINST SWINDLERS Sykes Cautions Public to Beware of Fraudulent Promotions of Listed Stocks. By the Associated Press. NEW YORK, March 1.—Howard C. Sykes, president of the New York Curb ‘Exchange, in his annual report, warned against the activities of fraudulent stock promoters, many of whom, he sald, had lately turned their attention to securities listed on the established exchanges. Formerly these purveyors confined their operations to worthless securities not dealt in on responsible exchanges, ‘but in some recent instances were found “touting” listed stocks, Sykes said, and in such cases, he declared, stocks were acquired in the market at low prices or on option from a large stockholder, “and the profits came from the bull movements artificially stimulated.” Washington Stock Exchange SALES. Potomac Electric 514 % pfd.—5 at 106%. ‘Washington Gas 5s 1958—$500 at 8615, Potomac Electric 512% pfd—1 at 105%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel 4%s Am. Tel & Tel Ctl tr. ‘Anacostia & Pot. R. Pot. G s h. Gas bs ' Gas. ash. Washington Wash. Ga: 6. se & Elec. 4s MISCELLANEOUS. Barber & Ross, Ing Chevy Chase Club E Columbia Country Club’ 5ix C. Paper Mfg. 6is. ash. Mkt. Cold Storas STOCKS. PUBLIC UTILITY. ‘Wash. Rwy. & Elec. com. ( . ‘& Elec. ptd. The following figures are not bids, but merely represent minimum prices «fixed by the Washington Stock Exchange. NATIONAL BANK. Capital @) .. Columbia ( District (6) . faaals Fed.-Amer. Natl. Bk & Tr. ( Liberty ( Lincoln (10), Metropolitan’ (10)’ Riges (12) Second (6) Washington " (8) TRUST COMPANY. Amer. Sec. & Tr. Co. (12). . Sav. & Tr._( ) h. Loan & Tr. (i SAVINGS BANK. Bank of Bethesda (63) - Com. & Savines (10) United States (30).. ... " Washington Mechanics' (20) 7 FIRE INSURANCE. American (12). Corcoran (10). Firemen's (8)..." " National Union (15)% TITLE INSURANCE. Columbia (6h) . Real Estate (6h. MISCELLANEOUS, Col. Medical Bldg. Corp. (6) Sec. ptd . Corp. Carpel Corp. (1.50) Mech. Mtge. com. (8) . Med. Bldg. Crp. ( d. & Lothrop d. & Lothrop *Ex dividend. bBook closed. n25c extra. 30c exti com, (1 ptd. (D). §2% extr 4% extra, 6% extra, BOND ON NEW YOR STOCK EXCHAN Received by Private Wire Direct to The Star Office. UNITED STATES. (Bales are in $1.000.) igh. Low Lib3%s32-47... 10030 10019 Lib 15t 414 s 32-47 10116 101 Lib 4th 4% s 33-38 10115 1013 U S 3s51-55. 9 s M41-43. %57 40-43. 2:55. 100 19 1012 1016 959 978 99 99 9928 99 99 10110 100 22 100 24 10216 10131 102 10520 1051 1052 Sales. High. LoW. 2:55. Ab&St5%s’'43... 2 80 80 80 Alleghany 5s°44,.. 53 29% Alleghany 5849 Allegnany 6s "5: Am Chain db 6s'33 AmF P 582030.... Am 1 G Ch5%s'49 Am Sm&Ref 6s'47. Am Sug Ref 68 '37. Am T&T 4%8'39. . Am T&T c tr 55°46. Am T&T deb 53 '60. Am T&T deb 55 ‘65 Am T&T 5%s"43.. Am Wat Wks 5534, Am Wr Pap 6s°47.. Argentine 51562, Argont 6s ‘61 May. Argentine 6s ‘59 Oc Argentine 6s A '57. Arm & Co 4%s'39. Arm Dl 5%s'43 Assoc Oil 6s” - Atchis 45 1905-55. . Atchison gn 4s '95. Atchison 4%s"48. . At1C L 1st 48°52 AtICLcl 4s°52. Atl Ref db bs '37 Australia 4%s '6 Australia 5s°55. Australia 5s '57. Austrian 7s 43 Austrian 7s 57 B&O1st4s’'48. Orf6sC'95... B&OP&WV 4s'41 B & O Toledo 4s '59 Batav Pet 414842, Eelgium 68 '55..... Belgium 68 '49... Bell Tel Pa 5s C'60. Benef Loan 6s'46., Berlin Cy El 6s°65. Berlin 6%5°50.... Berlin C El 6%s'51. Beth Stl pm b5 '36. Bolivia 83 '47 Bordeaux 6s '34. Bos & Me 5 5! Bos & Ms 55 '67. Brail 6145 '26-'57. . Brazil 6%s 27~ Brazil 8s "41. Bklyn Ed 53 A '49. . Bklyn Man 6s A "68 Bklyn UnGas5s'45. Bklyn Un Gas 55’50 Bklyn U Gas 5857, Budapest 6s'62 Buenos A R 6s BR&Pitts 4%s Bush Ter con 5s'55. Bush T Bldg 5s5'60. Canada 45 "60. Canada 4%s 3 Canada 5s '52 Can Nat Ry 4 Can Nat Ry 4%s'54 Can Nat Ry 43856 Can Nat Ry 4%8'57 Can Nat 4% '68.... Can Nat Ry 4%5'55 Can Nat 55 '69 July Can Nat 55 '69 Oct. Can Nor db 6%s'46 Can Nor deb 75 "40. Can Pac db 4s. Can Pac 415 z Can Pac 55 '44 ctfs. Can Pac 58 '54..... Cent 111 E&G 55’51 Cent Pac 1st 45 '49. Cent Pac 55°60. ... Cert-td db 5% '48. Ches Corp 55 '47... C&Ogen4%s’92. C&04%sB'S5... C&O con5s'39. CB&Qgn 4s'58 CB&Q I11 45°49. ... Chi & Est Il 55'51. Chi Grt West 48'59 Chi Ind&L gn 5566 Chi Ind&L gn 65'66 C M StP&P §8'75.. CM&StPadjbs. . Chi&NW gn 3%s'87 Chi & NW gn 4s'87. Chi&NW 435C'37. Chi & NW 4% 549, Chi & NW 61536, Chi RI&P rf 45°34. Chi RI& P 4%5'52 ChiRI4%s'60.... CTH&SE 1st 5560, Chi Un Sta 43863 Chi Un St 55 '44. Chi Un Sta 6%s'63. C& W Ind 535’62, Childs deb 55 *43... Chile 6560 Chile 6562 Chile 65763, .. .uson Chile Mtg Bk 68 '61 Chl Mtg Bk 6%s'61 Cin Un Trm s 2020 CCC&St L 4%sE17T 24 Clev Term 4%s'77. 10 Clev Ter 5%sA'12. 7 Colomb 65 '61 Jan.. 30 Colomb 65 '61 Oct.. 26 Colon 01l 65°38.... 2 Colo & Sou 4% '80 Col G&E 55 '52 May Col Gas & E 5s '61. Com Inves 538 '49 Con G NY 438’51, 35 Con Gas N Y 58°57 100 Con G NY 5%s'45. Con Pow Japan 7: Copenhag 4%s ' Copenhag 5s '52... Cuba 5%5"45...... Cuba R R 1st 5552 Cuba Nor 53%8 "42.. Czecho 8s'51 . Del&Hud ref 43’43 Denmark 4%s '62.. Denmark 5%s '55. . Denmark 6s *42.... 25 D& R Gren 4s '3 D&RG W 5s'85.. D&RG W 6s'78.. Det Ed 4%s D '61.. Det Edison rf 5s'49 Det Edison fs'52.. Det Edison 53 '55. Dodge Bros 6s '4 Duquesne 43% A ‘67 . Duquesne 4% B'57 DEI15%s'53 M: Dutch East 1 6547, Dutch East 16s°62 Erie gen 4596 Erieref 53°67. Lo ref 53 '76. Tinland 5%s '5! Finland 6%s 5 Finland 7s '50. Fram Ind 7% French Gov 7s *49. French Gv 7%s 41 Gelsenk’hen 68 °34. Gen Baking 5%s'40 Gen Cabie 5%5 "47. Gen St Cas 5%s'49. Ger Cent Bk 65°38. Ger Cen Bk 6360 J Ger Cen Bk 6s '60 O Ger Cen Bk 78 "50. . Ger Gen Elec 6s '48 Ger Gen E17 Ger Gov 5%s"65...146 German Rep 75’49, 8 Goodrich 6s *45.... 11 Goodyr Rub 5s'67.. 8 Grand Trunk 6s'36 26 MO TN B 3 oo 14 Grt Nor 418 D"76. Grt Nor 4%s E 77, Grt Nor 5%s B52. Grt Nor gn 7 Hatt! 652 Hudson Coal Hud & M tf 58 '57.. 14 Humble O} 55'37.. "9 10214 11 Bell Tell 5s°56.. 5 103 Il Centect tr 4s'52. 1 61 61 INCentcltrds's3. 7 45 44 111 Cent 4% .17 32% (32 INCCStLAN 4%8., 1 39 /g8 101% 102% 101% 102% 61 45 : Ore Sh L 5s gt ! Sales. 111 CCStLAN s A.. 111 Steel db 4% 8°40. Inland St 4%s A'78 Int Rap Trrf bs 66 Int Rap Tr 6: Int Rap Tr 78" Int Cement bs Int Hydro El 63’ Int Pap ref 63 A'47. Int Pap 6s'55 - Int Ry CA 5s'72. Int Ry C A 6%s5'47. Int Tel&T 4%s 39, Int T&T4%s"52.. IntT&T56s'65.... Italy 7s°51. = Italy Pub 7='52.. Japanese 6%s '65 Japanese 618 54 Kan C F S&M 45'36 Kan C P&L 4%s 61 Kan City Sou 3s'50. Kan City Sou 5s'50. Kan City Ter 4s'60. Kan G&E 4%3'80. . Karstadt 6s°43. Kend 5%s"48 ww. Laclede 5%s C'53. Lake Shore 3% Leh V cn 43%s 2003, Lig & Myers 58’51, Lig & Myers 7s"44. Loew’s 65 '41. Long Isl rf Lorillard 5s'51 Lorillard 7s 44 La& Ark5s'69.... Lou G & El 5s A'52. L &N 4%sC2003.. L &Nt 5%s2003. Lyons 6s°34. . McKes & R 534s'50. Manhat Ry cn 48’90 Marseille 68 '34.... Midvale St1 63 *36.. Milan 6%s '52.. Mil E Ry&L 5s Mil E Ry&L 68'71.. MK & T 1st 43°90.. MK&T4sB'62 Mo Pac gn 48°75... Mo Pacrf 58 A '65. Mo Pac 5s F'77 Mo Pac 6s G 78 Mo Pac 5s H'80 Mo Pac 58 1'81. Mo Pac 53%s A ‘49. Mont Pow 53 "43 Mor&Co 1st 4% Nassau Elec 4s ‘51, Nat Dairy 6% Nat Steel 55 ‘56 NEngT1st5 N J Power 46560 NOT&M5%s 54, Nw S Wales 53 '57. rf 4352013, rf 4%s2013n rf 5s2013... NYC&StL5%SA'T4. N Y Edison 55 B'44 N Y Edison 6s C'51. NYEArf6%s 41 N Y EL H&P NY EL H&P 5s'4 NY NH&H 4s°56. .. NY NH&H 4%s'67 NY NH&H 6s°48. ., NY O&W gn 48 °55.. NY O&W rf 48°92.. 'N Y Steam 5s°5 NY S&W gn 55°40., NY Telgn4%s'39 NY W&B 4%s"46.. Nia Sh Md 5%-'50.1 Nor & Wn cn 4s°96. Norf&Wn div 4s'44 North Am Co 58’61 Nor Am Ed 5s C'69. Nor Am E5%s'63. N Ger Lloyd 6s°47. NorOT &L 6s°47.. Nor Pac 4s'97..... Nor Pac 53 D 2047... Nor Pac r1 65 2047. Nor St Pw 53 A "41. Nor St Pw 65 B'41. Norway 5s'63 Norway 6s '43. Norway 6s°44. Norway 63 '52 '46. Oreg-Wash 4s"61.. Orient Dev 6s'53. . :| Owens 111Gl 55 °39. Pac G&E 5s°42.... Pac T&T 1st 58'37. Pac T&T rf 5s'52 Paris Or 5% '68. Pathe Exch 7s '37.. Penn sta 43 "48...0 Penn 4% s D '81 Penn cn 4%s"60. Penn gn 4%s'65... Penn i%s D70 Penn 4%s°63 Penn 5 64. .. Penn gen 5s ‘68 Penn 6%s '36 Penn P&L 434581, Peop Gas ref 55 "47. Pere M 1st 58°56... Peru 63°60. Peru 6s°61. Peru 7s°59. . Phila Co 5867 Phila Blec 4s°71. Phila & Read 63 Philippine R 4s '37. Phillip Pet 5% 839 Pillsb F M 6s PCC&StL 58 B'75.. P& WV 435 C60.. Poland 75 “47...... Poland 8s '50. . Port Gn El 4%5°60 Porto Alegre 8s'61. Por R Am T 6s 4! Pos Tel & C5s°'53.. Prussia 6s'52... Prussia 6%s°51.... Public Serv 4s'T1.. Pub Sv G 41%8"67 Pub Sv G 4%s'70. Pure O11 5148 °37. Pure Oil 5%s'40. Read 4%S A'97.. Reading 4%s B '97. Rem Arms 6s A '37. Rem R 5% sA" Rhinelbe U 78 Rhine Ruhr 6s°58.. Rhine West 6s *52.. Rhine West 6s'53.. Rio Gr W clt 4549, RIAr& L 4%s'34. Rome 6%s°52 Royal Dutch 48°45. | Rumania 7s ‘69 StL IM R&G 4833, St L&SF 43 A '50. StL&SF4%s'7! StL SF 4%4sT8ct st St L&SF 53 B'50. .. StP&KCSL 4441, Sao Pau 7s "40. Sao Paulo 85 '36. Sao Paulo 85’50, Saxon P W 6%8 51 Saxon 7s'45 Serbs-Cr-S1 Shell U O1l 5 Shinyetsu 6% Silesia Prov 7s°58. Sinc Of1 6%s B '38. Sinc Of] 75 A '37 Sine P L 5s°4: . Skelly U1l 5343 '39. Smith(AC)6 %8 "33 Solvay Am 5842 Sou Bell TAT 58 '41 Sou Pac col 4349 Sou P’ac rf 45’55 Sou Pac 4%s'68. Sou P 4%5 69 ww. Sou Pac 4%s'81. .. | Sou P&Or 4%48A'77 Sou Ry gn 4s A’66. Sou Ry 589 Sou Ry gn 6t Sou Ry 6%s '56. SW B - ARG ©R® HANOR AL @ SoaSwownm 53 5 3 1 44 13 3 23 5 18 1 12 10 TosA 'S4, 8 Studebaker 6s *42 Sweden 535’54 Swiss 5%4s°46 Talwan E P 5%s'71 Tenn El P 6s A "47. Ter As St L 4s°'53.. 39 Tex&P6sC'T... 44 104% 5 1 7 1 5 33% COTTON SPINNING [CURB ISSUES MOVE | NOW MORE ACTIVE INNARROW RANGE 22& Commerce Department Re-|Leading Utilities and Oils 55% 29% 42 88% 30% 55 59% ports Increase in Pro- duction at Mills. By the Assoclated Press. Spindles in American cotton-spinning mills are whirring more loudly and dur- ing January showed more activity than for any similar period since 1929. Department of Commerce experts, who look upon the roar of spindles as one of the most significant barometers in the cotton industry, said that final figures for January “indicated a health- !ier condition than has been shown for some time.” Meanwhile, the Bureau of Agricultur- al Economics said that consumption of American cotton in China for the last six months of 1932 exceeded slightly the consumption for any previous six months’ period, reaching 457,000 bales of 500 pounds, compared with 451,000 bales in the period January to June, 1932, Increase in Production. There was an increase of more than 400,000,000 in the number of active | spindle hours reported for January over December. For January the Census Bu- reau’s final figures today showed 6,787,- 576,855, compared with 6,386,000,000 in December. ‘The January showing was even more , ' significant in comparison with January of 1932, when the total was 6,214,000,- 000, and was in excess of the aggre- gate spindle hours reported for the first month of 1930 and 1931, but below January, 1929, when the total was 8,- 176,000,000. Based on an activity of 8.96 hours per day, the average number of spindles operated during January was 29,707,532, which was 95.1 per cent of capacity on a single-shift basis. This sQresented an increase over December, when oper- ations were 87.2 per cent of capacity, and well above January, 1932, when operations were at 84.3 per cent of capacity. Mill Consumption. Consumption of cotton in mills rose appreciably, being reported at 471,000 bales during January, compared with 434,000 bales for the same month a year ago and 444,000 bales last De- cember. China, which has become an increas- ingly important consumer of American cotton, is not likely to require the vol- ume from this country thfs year which was recorded a year ago, when flood damage to its own crop resulted in consumption of about 100,000 bales of American cotton a month, the Bureau of Agricultural Economics said. Grain Market By the Associated Press. CHICAGO, March 1.—Grains showed a downward price trend early today. Action of the Liverpool wheat market was disappointing to bulls. Cables said there was pressure on offerings of in- ferior quality of Argentine Wheat abroad. Opening at a shade to % lower, Chi- cago wheat futures continued to sag. Corn started unchanged to s off, and subsequently receded all around. Irregularity of securities, together with a renewal of disquieting financial developments, acted as a weight on wheat values. Bears also emphasized ifidications of possible moisture relief for drought districts in Kansas. Re- portg current said Government financed intefests were selling July wheat at Minneapolls, and that in the Pacific Northwest growers were preparing to replant throughout large areas where wheat had been Winter killed. With the wheat market lacking any aggressive support, prices went about 3, under yesterday's finish before show- ing power to rally. Slight upturns which ensued were attributed mainly to buying for previous sellers who were in a position to collect a profit. Other- wise, wheat trade was light. Corn and oats sympathized with wheat weakness. }’mvl.stom reflected an upturn of hog values. New York Cotton Special Dispatch to The Star. NEW YORK, March 1.—Opening cot- ton quotations here today were 4 to 12 points higher, following the Liverpool market, which opened quiet &nd steady. % | Initial quotations were: March 592 up 4, May 6.02 up 5, July 6.17 up 8, October 6.37 up 9, December 6.50 up 11, January 6.58 up 12. COMMODITY PRICES ' ARE HOLDING STEADY ! By the Associated Press. | Wholesale commodity prices held 4 | steady during the week ended February 25 as the change was measured by the National Fertilizer Association’s index, which was unchanged at 56.0 of the 1926-28 average for 476 individual com- modities. While 5 of the 14 major groups de- clined during the week, only 2 ad- vanced. Foods made a substantial gain. ‘The declining groups were grains, feeds and live stock, miscellaneous commodi- ties, fats and olls, textiles and fuel ‘The losses were very small in the last- inamed two groups. Advancing groups were foods and metals. Important commodities that gained 'during the week were eggs, ham, pota- toes, apples, corn, wheat, certain feed- 15 stuffs, tin, silver, rubber and silk. De- 46 10% 44% 91 91% 101 | clines were noted in cattle, hogs, sheep, wool, burlap, zinc, hides, leather and cotton. Sales. | Thira Avre 4s’60.. 34 3 Third Av 1st 55’37, *60. ‘Tokio El Lt Union E1 L&P 58’57 Un Pac 1st 4847 Un Pac 4%s | U S Rubber 58°47. Un St W 6%s UnSt W 6%s A'51. | Uruguay 6s°60.... Utah P& L 5s’44.. Util Pw 68’59 ww.. Util Pow 6%s "47.. ‘Vanadium St 55°¢1. Vienna 6s ‘52, Va El&Pwr 5% 2 :| Va Ry 1st 68 A °62. 493% 491 . 9%, bt | Va Ry & Pw b8 '34. Va SW 1st cn 6s'58 ‘Wabash s B 76 ‘Wabash 5%s'75 Warn Br Pic 6s'39. ‘Warner Sug 13‘41 . West Pac 5s A "46. ‘West Un cl tr 5s°38 West Union 6s°'51. West Union West Un 6% Westphalia 6 Wil & Co 15t 68 *41. Ygatn S&T 5s A'78. Reveal Slight Recessions. Trading Quiet. BY JOHN A. CRONE. Special Dispatch to The Star. { _ NEW YORK, March 1—The Cur Exchange, after opening lower and ral- lying, eased off to its starting point around midday today. Fluctuations, however, were narrow and offerin; were more widely spread than in re- cent sesslons. Electric Bond & Share backed and filled within less than a point range. Standard Oil of Indiana was down nearly a half point. Cities Service was a trifle lower. United Light & Power A was off minutely. Niagara-Hudson Power yielded a half point. Aside from the spread of banking withdrawal restrictions, news was mod- erately cheerful. The slight decrease in weekly electrical output was direct- ly due to the Washington’s birthday holiday. Slackened automotive opera- tions, resulting from the Michigan banking situation, explained the taper- ing of steel and iron outturn. Raising of allowables by Oklahoma and Texas caused the gain in crude oil production. Humble Oil firmed following the an- nouncement that it had posted reduc- tions of 6 to 11 cents a barrel for Pan- handle crude oil. Standard Ol of Ohio, effective Thursday, will increase gaso- line prices 1 cent a gallon. A better than expected 1932 income statement steadied quotations for J. J. New- berry common. ‘Wisconsin Power & Light declared a dividend of $1.1625 on its 7 per cent cumulative preferred stock, subject to approval of common shareholders be- fore March 15 of a proposed cut in common capital stock to create a sur- plus to be used in writing off aban- |daned property and increasing the cormpany’s_reserves. Sidney Bluementhal & Co. omitted the quarterly $1.75 preferred dividend due. at this time. Will & Baumer Candle and Ruberoid declared the regu- lar payments. Gold shares bulked large in foreign dealings, the total of which was down 35 per cent from the same Tuesday period. One block of 20,000 shares of ‘Wright-Hargreaves came out unchai at 3%. Numerous blocks of 1, shares of Pioneer Gold, which has been the subject of organized operations, ap- peared. Lake Shore Mines firmed. For the first time in more than six months the sign on the curb money post was changed today when at 12:16 pm. the call rate was lifted from 1% to 2z per cent. STEEL PRODUCTION REGISTERS DECLINE Average Output for Nation Is Now at 17 Per Cent of Capacity, Says Trade Journal. | By the Associated Press. NEW YORK, March 1.—A rather sharp falling off in the volume of steel business, which is generally ascribed to the banking situation, has reduced the average rate of ingot output in the country at large to 17 per cent of capac- ity Iron Age said today, with the possibility that a further slight dechne in operations may occur before the end of the week. “At Cleveland, where automobile ton- nage is an important factor, the sharp- est drop has occurred, from 35 per cent last week to 23 per cent. Only in the Wheeling district, which has been aided by a fairly steady volume of tin plate specifications, and at Birmingham are operations holding at the level of recent weeks. Chicago production is off two points. The Pittsburgh district rate has also declined to 15 per cent from 16 per cent last week.” Salesin DOMESTIC BONDS. thousands. High. Low. Noon. 4 Alabam Pw 4%s '67 654 6512 652 4 Alabama Pow 53 '8 6812 812 3 Aluminum Co 58 8014 2 Am El Pow 6s A 5 Elec P&L 53 A 2! 3Emp O & R 58 15 Gatineau Pw bs ineau Pw_6s Wt Wk 53 A 12 Gatl 1 Gen Bs 6 Georgia Pw .3 Mont L&P bs B '70. 37 Narragansett 5s B'57 Nat P&L 6s A 2026. - " “ 2EE2RRTTTET oD sl":’ £509 s 2010 D NG Tkt L3RI A0 D T D10 £ U191 L3O 11 VS T o TR L 91 3 2oann Aag {33 e < fasgl ) 3334 Rowon ] o 41% 38 i 7 51 '35 103% 103% 108% K 8 98 9! B din fw i 51 50 58 _, . = ; b L i) =) Stock and Sale— Dividend Rate. Add 00. High. Ainaworth Mfg. ... 2% Aluminum of A Am Austin Car., Am City P&L B 150 Am Cyanamid B. .. Am & For Pw war., Am Gas & El (31).. Am Investment, . Am Maracatbo. .... Am Superpower. Arkansas Nt Gs A.. :uo Gas&Elec (A) Atias Util pf A Benef Ind Loan 1% Blue Ridge ¢ pf a3. Brillo Mfg (60c)... Brit-Am Of1 C 80c. . BurmalLtd rets p3c. Canadian Marcont. Cent HudG&E(80c) Cent States Elec. Childs pf... Cities Service pf... 1 Cities Sv P&L §6 p 50s Claude Neon Inc. 2 Cleve Tractor. .. Comwith Edis (5).. Comwlth & Sou wr. Cons Gas Balt 3. Con Gas Utility ( Cooper Bess pf A Copeland Prod Inc. Cord Corp (10¢)... Creole Petroleum. . Cresson Consol (4¢) Crown Cent Pete... Deere & Co... De Forest Radio, Eisler Elec Corp. Kl Bd & Share b6 EIl Bd & Share pf § E! Bd & Share pf Empire Pwr part. . El Pwr Assoc(40c) ElPwr As A (40¢). Elec P&L 2d pf(A) Elec P & L op war. Europ EI Ltd A 30¢ Ex-cello Alr & Tool Fajardo Sugar..... Ford Motor Can A.. Ford Motor Ltd. ... General Aviation Glen Alden Coal. TH % Goldman Sachs.... 2 24 24 2% Great A&PT pf (7) 10s 121% 121% 121% Gulf Oil of Pa. 6 25% 25% 26% Helena Rubinstein. 3 % Humble Ol (2) 5 40% Hygrade Food. 1 3 INP&Lpf (6) 508 Imp Of] Ltd cou 2 InsCoN Am (2)... 2 Int Hy E1S c pf 3% 258 Int Petrol (1) 31 Int Util B.. . 2 Italian Superpw A. Kolster-Br Am sh. Kopper G & C pf(6) Lake Shore M (2).. Lone Star G bé4c.. Mavis Bottling A. . Mayflower Asso(2) Mead Johnson (3).. Memphis Nat Gas.. Midland Roy cv pf. Midland Steel Prod Mountain Prod 80c. 23% Nat Bellas Hes: Nat Fuel Gag (1) Nat Investor: Nat Investors pf... Nat Pw&Lt pf (6). Newberry JJ(60c). New Bradford Oil. New Eng Pw pf (6) New Jersey Zinc 2. Newmont Mining. . N Y Auction. . N Y Ship (10¢). NYTelpf (6%)... Niag Hudson P (1) Niag Hud (A) war. Niag Hud Pw C wr. Niles-Bement-Pond NIpissing......... PacG&E 1stpf 1% Pan Am Alrways.. Parke Davis (1)... Parker Rust P 2% . 47: Penroad Corp Phila Co (1.40 Phil Morris Inc.... Phoenix Secur..... Ploneer Gold 24c.. 51 Puget Sd P&LS5 pf 1008 Puget Sd P&L3$6 pf 50s Quaker Oats (15).. T5s Republic Gas...... 1 Safety Car H & Lt.. 75s St Anthony Gold.. St Regls Paper.... Salt Creek Consol.. Segal Lock & Hrd Selected Industries Sel Ind all cfs(5%) Select Ind pr(53%)n Silica Gelct....... Singer Mfg Co (8). Smith (A 0) So Am Gold & Plat. fouth Penn Ofl (1). 508 1 5 208 2 B o I 5 Southland Roy 20c. 2 Spanish & Genrets 2 Spieg May Sternpf 2 Stand OilInd (1).. 27 & 20% 17% CHICAGO DAIRY MARKET. CHICAGO, March 1 (#).—Butter— Receipts, 6,026 tubs; about steady prices unchanged. Eggs, 5,573 cases: easy; extra firsts, 12 fresh graded firsts, 12}; current receipts, 12. Market Averages By the Associated Press. STOCKS. 50 20 20 _ 90 Indus. Rails. Util. Total 432 241 70.0 449 Yesterday ago 4l Movith ago .. Year ago . 3 ¥ ag gaasaseaacsd! 823 b aemaaa 2383382 perey . 23883 FERESSEE =235 oS00 2% 3 Low. 1933 High, 1931 H¥rew 1053 Towi (Copyright, 193 ‘, SR EIRRRE “akSNtBRAREIL tEN AN AR 32, 1 it ol g © - SShanas - @S LoDl RRO N SE33 i OPEN Your Savings Account This Pay Day At the National Perma- nent your savings will earn 5% dividends, pay- able semi-annually . .. a decided advantage in aid- ing your account to in- crease satisfactorily. Member D. C. Building Asgn. Council SATIONg ‘PERMANENT BUILDING ASSOCIATION Yo DH9- 9% ST. W R us- Stock and Sale— Dividend Rate. Add 00. High. Stand Oil Ky 1.20.. 6 Stand 01l Ohio1%. 1 16 Stutz Motor Car... Swift & Co..... Tampa Elec 2.24. ., Technicolor. Tech Hughes (60c) 19 Texon Ofl & Ld (1) Tob Sec (k 46 4-5c) To Sec def k6 7-10¢ Trans Air Prans Utd Corp war..... United Founders. United Gas Unit Gas pf (1)... Unit Lt&Pwr (A). Unit Lt & Pwr pf.. Utd Shoe Mch 2% 2 10 2 6 | Unit Verde Ext 40c. U S Elec Pwr ww.. US & Intl See. ... U S Play Card (1).. 30 Utility Equities... 2 Util Equities pf 5% 50s Ul P& Lt. 6 Wol'thLtd p42 2-5¢. 6 Wright Harg t20¢c. 181 Dividend rates uarterly or sem| 3% ' 3% nnual payment. ividend. 1Partly extra. & Fazable In" cash or “stack > b oaia stock. e Adjustment dividend. 1 Pi: in stock. g Plus 6% in stock. in stock. JPlus 2% in stock in stock. mPlus 3% in Organized 1879 JOHN JOY EDSON, President Subscriptions for the 104th JOIN THE Always Remember— It is mot what you earn, but what you Save That Counts. 915 F St. N.W. I % 3% dollars based on last olk. b Payable 5% b Plus 1% k Plus 10% ' 3 Pl % in Stock. B Pald last year—no recular rate : ‘{JgjlllflflllllllllIIIIIIIIIIII!HIIIIII!I!IIIHHIIIIIHIIIIIIIIIIIIIIIIII| IlIlIIlIII!IlIIIIIIIIlIlIlIlIllIIIIIIIIIImIIIlII!lIlIIIIIIflllll!l(llg i Equitable Co-Operative Bldg. Ass’n o Assets......cce.ceeienneeee....$6,251,00624 AND SAVE SYSTEMATICALLY First Mortgage Loans Lowest Rates of Interest and Commission Thomas J, Fisher & Company, Inc. RECENT SALES —prove to us an increasing demand for high-grade slightly used trans- portation rather than small new cars. A letter or telephone call will hmh'!n: our representative to your PACKARD 1700 Kalorama Rd. Adams 7437 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS On Improved District of fumbia”Real Estate’ Sccurity 69th Series of Stock Now Open for Subscription James E. Connelly, James President Sec 53rd YEAR COMPLETED WALTER S. PRATT, Jr, Secretary Issue of Stock Being Received EQUITABLE : The Equitable’s Plan of systematic saving has taught Thousands how to save and accomplish best Results. Join To- day. National Metropolitan Bank 1814—The Oldest Na nal Bank in the District of Columbia—1933 15th St., Opposite U. S. Treasury 5:30 P.M. TODAY For Pay-Day Depositors’ Convenience BANK RRSAL METROPOLITAN Mo vEARS OLD 1933 e O ¥ WL INTEREST PAID ON SAVINGS The Worth of Your Money depends on what you can buy with it, and prices are lower than in many years. The interest OF THE DISTRICT ¥ OF COLUMBIA Under United States Government: Supervision earned by money saved is likewise more valu- able. Saving withUNION TRUST now will make your efforts count for more. Interest paid on Checking and Savings Accounts Southwest Corner Fifteenth and H- Streets Northwest WASHINGTON, D.C. MAIN OFFICE Fidelity Building, 610 13th St. N.W. North Capitol Branch, 735 N. Cap. Georgetown Branch, 31st & M Navy Yard Branch, 8th & K SE. 15th & H Branch, 1427 H NE. Mt. Pleasant Branch, 3008 14th Southwest Branch, 431 11th 8.W. THE FIDELITY BUILDING & LOAN ASSOCIATION Under the Supervision of the U. S. Treasury Dept. Another Pay-Day Has ARRIVED! . . . another opportunity is given | Every One, earning money, to “get ahead” in the world , . . to be servatism and good management . . . we do not lend on Speculative projects . . . we lend money ONLY ON HOMES, conservatively ap- | praised, at present-day values . .. | Therefore we eliminate all possi- bility of loss and can pay our de- positors— We have a convenient Branch Office in your neighborhood . . . Come in and Tl dELa o e slins and methods, OFFICERS and DIRECTORS: President, FRED B. RHODES Viee Pres., HARRY J. MILLER Treasurer, JOHN L. FLETCHER Secretary, MARCUS BORCHARDT Asst. Secy., RUTH 8. HORNER GEORGE D. SULLIVAN LEO E. GEORGE G. P. BICKFORD CAPT. CHAS. O. SHAW DR. R. W. 8. BONNETT