Evening Star Newspaper, March 18, 1933, Page 12

TA—12 ** GAS BONDS MATUREl AT END OF MARCH: Firm Will Retire $4,000,000 Six Per Cent Series “A” Issue on April 1. BY EDWARD C. STONE. ‘The Washington Gas Light Co.s 10-year 6 per cent gold bonds. series “A” are soon to pass into history as they mature cn April 1 of this year. ‘There are $4,000,000 of these local bonds outstanding. They were orig- inally offered in March, 1923, and were quickly absorbed by the investment public, most of the issue being sold in this city. They were issued in $1,000, $500 and $100 denominations. Plans for redemption were made sev- eral weeks ago when the wumngton Gas Light Co, put cut a new 5 per cent $8,500,000 bond issue, due in 1958. This new issue proved exceedingly popular, all the investment houses in the city selling a generous number of them. Financial houses in New York also dis- posed of large blocks. The issue which matures on April 1 was listed on the Washington Stock Exchange right after it came cut. ‘Trading has always been large in these bonds and prices have held firm. For several months they have figured in many transactions on the local board. As the maturing date approached many ‘Washington investors have switched into other investment bonds, knowing they were to be called in at par and maturally would not go above that fig- ure in the meantime. On March 1 the gas company called for redemption of another issue of $3,000,000 4': per cent gold notes, due on April 1 of this year. These bonds were originally offered in December, 1930, at 99, in $1,000 denominations. ‘They were listed on the local exchange and enjoyed a fairly active market, al- ways selling at a price not far from 200. ‘The $8,500,000 issue of Gas Light 5 ‘per cent bonds, dated January 1, 1933, is the one that takes the place of both of these issues and other company needs. They are listed on the Wash- ington Exchange and the New York Curb Exchange. Brought out on Jan- uary 6, they opened their market ca- weer at 94, most of them being taken as long-term investments. Since the first sales they have sold off somewhat, closing this week at 86 bid and 90 asked. Commodity Market Stirs Traders. ‘The wild advances in the price of cotton and sharp gains in wheat dur- ing the past few days have drawn un- usual attention in local brokerage houses. Should these advances hold, the increased buying power will be an inestimable help to farming commu- nities and be reflected in every phase of the Nation’s business life. This sud- den interest in commodities has caused Fenner, Beane & Ungerleider to glance back at the more recent history of this type of market trading. The firm says that “there have been three distinct cycles in our business during the last 10 years. The period from 1923 to 1926 witnessed the great- est public participation in cotton, wheat and many other commodity markets in history. Cotton sold higher than 35 cents per pound during that period and wheat sold above $2 per bushel. “Thereafter, American industry started its upward surge, and public attention was diverted from commodities to stocks and other securities. The re- sult was the bull stock market of the late 20s, during which all types of se- curities advanced to price levels now considered fantastic. “The third cycle was the period of liquidation witnessed during the past four years, when the public subordi- nated all considerations to a desire to gonvert their securities into bank cred- * the brokers say. Month'l A. & P. Sales Reported. Great Atlantic & Pacific Tea Co. es- timates sales for four weeks ended Feb- ruary 25, 1933, were $61,102,151, com- Dsrini]wlth $69,868,307 in the corre- sponding period of 1932, a decrease of $8,766,156, or 12.5 per cent. Tonnage sales for the four weeks’ pe: riod are estimated at 406,156, figauut 412,811 in the same period of last year, & decrease of 6,655 tons, or 1.6 per cent. Average weekly sales for the four weeks’ period wefe $15,275,538, compar- ing with $17,467,077 in corresponding period of 1932, a decrease of $2,191,539. Average weekly tonnage sales were 101,539, against 103,203 in 1932 period, & decrease of 1,664 tons. Estimated sales for the 52 weeks ended February 25, 1933, without con- sideration of change in number of stof®s during the year, aggregate $854.289,463, as compared with $996,- 608,422 for similar period of previous} year, a decrease of $142,318,959, or 14.3 per cent. Estimated tonnage sales were 5.278,400, against 5499939, a decrease of 221,539, or 4.0 per cent. Peoples Drug Earnings Compared. Consolidated income account of Peo- ples Drug Stores, Inc, and affiliated corporations, for year ended December 31, 1932, compares as lollows Net sales Other inc. Total inc. Cost, exp, & dep. Oper. prof. Federal taxes.. Other deduct, nei Surplus . “Not stated As noted when the annual report was made a few days ago, Peoples Drug Stores, Inc., after paying the 6!z per cent preferred dividend, earned $2.99 a share on the common stock. This com- pares with $3.81 per share on the com- mon in 1931. BANK EOLlDAY CAUSES DECLINE IN CLEARINGS By the Associated Press. NEW YORK, March 18.—Bank oper- ations were resumed during the past week at a number of the leading cities in the United States. Clearings were published at some of them, although at most of the centers reporting only a part of the week was included, in most instances only three days. The com- parison with the full week of last year naturally shows a very heavy loss, but it is smaller than might have been ex- ted, l:.es:l'he total for '.he few cities reporting, iccording to the of Dun & Brad- street, Inc., was $2, 253 223,000, a decline of 50.9 per cent from the fixum of a year ago. At New York City, clearings this week were $1941,095,000, which mvere 47,8 per cemt less than last year Sor the comparative week, while the gate for the leading centers _out- side of New York of $312,128,000 shows # reduction from a year ago cf 63.1 per kent. In the accompanying table clearings Bt the leading points reporting are com- pared with those of last year (totals in thousands) : Week March 4 o | oD DI DT . Card phymg ‘becomin " aigiong sentries of the Ir Bu&. 7 *169 145 Homestake Min (9) 3% FINANCIAL. TRANSACTIONS ON THE NEW YORK Recelved by Private Wire Direct to The Star Office. ml ‘nd ividen SN Exvu 15% 10 Adams Millis (2) 10% 6% Addressograph 2% 1% Adv Rumley. 641 47% Alr Reduction 13% 11% Alaska Juneau(60 1% 1 Alleghany Corp.. 314 1% Alleg Corp pf $30ww. 89% mu Allied Chem & D (6) . 915 Allis-Chalmers Mfg. Am Ag Chem (Del).. Am Bank Note. Am Beet Sugar su. Am Brake Sh&F 60c Am Cdn (4).... Am Car & Foundry . Am Come’l Alcohol Am European Secu Am & Forelgn Pwr. 4 Am & For Pw 2d pf. Am Haw Stship (1) 4 Am Home Prod 4.20 - 2 =TT - PO ) Am Locomotive pf. % Am Mach&Fdy(80c). Am Power & Light. (Y1) » (TSI IRTEE - Fot =o)L P Am Rolling Mills Am Ship & Com Am Sm & Ref. '4 Am Snuff (13 Am Stores (1215) ¢ Am Sugar (2) Am Sugar pf ( Ani Sumatra Tob. Am Tel & Tel (9) Am Tobacco (B) (5). ‘Am Tobacco pf (6). . Am Water Works(1) Am Wat Wks ctfs(1) Am Woolen. ... ‘Am Woolen pf. ‘Anaconda Copper. # Anchor Cap (60c) 0 @ 4 Armour of Il (A) ‘Armour of 111 (B) 7 Armourof 11l pf. 313 Art Metal Construct. 34% Atchison.... 5973 Atchison pt (5) 162 Atlantic Coast Line 12% Atlantic Refining(1). 9 Atlas Powder. .... 61 Atlas Powder pf (6 31% Auburn Auto (2). 513 Aviation Corp (De 37 Baldwin Locomot, 8% Baltimore & Ohio. 9% Baltimore & Ohjo p! 68% Bang & Aroos pt (7). 3 Barnsdall Corp.. 7 Beatrice Creamery. 45 Beech-Nut Pkg (3).. G'A Bendix Aviation. 4 10s 2 4 Bethlehem Steel. Bethlehem Steel pf Blaw Knox. 9 Bohn Uumn&Busl % Brunswick-Balke Bucyrus-Erfe cv Budd (E G) Mfg. Budd Wheel... 4 Burrough A M( Bush Terminal. Bush Term deb stk. Butte Copper & Zillc. 1 Butte & Superior. 815 Byers (AM)... 2 Calumet & Hecla. 7% Canadian Pacific. 30% Case (JI) Co.. 40% Case (J 1) pf (4). 512 Caterpillar Tractor.. 14 Cent Aguirre (13%) 5% Cerro de Pasco. . 1 Certain-teed Prod 17% Checker Cab Mfg 24% Ches & Ohio (2%). 14% Chesapeake Corp (2 3% Chi Great Westn pf. 1% Chi Mil St P & Pac... 1% Chi Mil StP & Pac pf. 3 Chi & Northwester: 5% Chi & Northwest pf. 2% Chi Pneumatic Tool.. 4% Chi R1& Pac 6‘7- f.. 415 ChiR1& Pac 7% pf. 6% Chi Yellow Cab (1). 5 Chickasha Cotton Oll 7% Chrysler Corp'n..... T4 City Ice & Fuel (2 731 Coca-Cola Co (7).. 44% Coca-Cola (A) (3). T4 Colgate-Palm-P (1) 4% Colo Fuel & Iron. 10% Coiumbia Gas (b1) 23% Columb Carbon (2) 4 Commercial Credit. 18 Comcl Inv Trust (2). 9 Comcl Solv (60c) 1% Comwlth & Southn. . 27 Comwlth & Sou pf(6) 7% Congol-Nairn (60c) 1% Consol Film. . 6 “onsol Film pf.... 42% Consol GasN 'Y (4) 21 Consol Laundries 5 Consol Oil Corp.. 36 Contl Baking pf (4) 35% Contl Can (2).... 0. oo N 3 RSB R B A 0150 a3 100359 R B et b0 1 o 0 0 e - e 45% Corn Products (3 23 Creamof Wht 2% 14% Crown Cork & Seal. 16 Crucible Steel pf. 1% Cuban-Am Sugar. 10 “uban-Am Sugar p 615 Cuartis Publishing. .. 30 Curtis Publishing pt. 1% Curtiss-Wright. . 1 Davison Chemical. 37% Delaware & Hudson., 17% Del Lack & Westn, 54 Detroit Edison (6)..1 10 Devoe&Raynolds(A). 12 Dome Mines (11.30).. 10% Doug Afrcraft (75¢). 31 Drug Inc (3). 32% Dupont de Ne: 50% Eastman Kodak (3).. 11% Elec Auto-Lite. 1 Electric Boat 3% Elec Pwr & Lt. 21 Elec Storage Bat (2). 26 Endicott-Johnson(3) 67% Equitable Of Bld(1).. 3, Federal Mot Truck. .: 1% Fed Water Service A. 12% Fidelity-Phoen 1.20.. 43 First Nat Strs (2%3). 215 Follansbee Bros..... 4% Foster-Wheeler. 13% Fourth Nat Inv 1.1 1% Fox Film (A) 3 12 Frankln Simo: Df(7) 104 16% Freeport-Tex: 4 Fuller Co 2d Dt 2% Gen Am Investors... 13% Gen Am Tank Car(1) 13 Gen Baking (2) 2% Gen Bronze 1% Gen Cable. . 10% Gen Electric (40¢). .. 11% Gen Elec spec (60c).. 21 GenFoods (2)... 35% Gen Mills (3)..... 10 Gen Motors (1).. 65% Gen Motors pf (5). 3% Gen Printing Ink 2% Gen Public Service 18% Gen Ry Signal (1). 5% Gen Realty & Util pt. 12% Gillette Saf Raz (1).; 1 3% Glidden Co. . walBon 2 Do Sweane= 2900 00NN B O 63 s s DHADN & - =% 1 2 2 3 4 9 6 27% Goody'r T&R 1st (2). 1 9% Gotham Silk Hosfery. 3 1% Graham-Paige. 3 15% Grant (W T) (1 3 2 1 2 72% Great Wn Sug pf(7). 1108 6% Gulf States Steel.... 16% Hackensack W (1%). 314 Hall W F Prjnting. 6% Harbison & Walker % Hartman Corp (A). 15 Hercules Powder 1% 87% Hercules Pow pf (7). 45 Hershey Choc (5) 3% Holland Furnace. 1% Hupp Motor: 15% 10% Illinois Central.... 32 Indian Motor Cycle. . 1 38% 27% Industrial Rayon (2) [ c8l% 19% Ingersoll-Rand(1i4)sa.: 3 3y 6 1 1 3 8 408 1 1 1 3 20 Today's Bales A“Q’fl High. Low. +104+ #1141 - FFS T4+ 1441 FEF FIFFFEE % & FERE - fUEst ] +4y FOF E FEFRFEER ! ] TEF FREEFEF | ! - L3 |++1+++ 1 ++1 | FEFFFE EFEFFIE - {0 S A | - EEEX F ¥ | ¥ FEE F OF EE Qe e Bl A e S N e SR S > SORSeR Sy |+ +1 FEL+l 1114 #+1} BOGHEE FERFESFEF F& e & ;,Pr" 1033~ lhck and 287 23% 50 11 3% 5% 11% 10% 19% T, 31 2% 14 102 4% 10% 45% 311 43% 815 2% 2% Tig 3274 1% 3% 10 6 19 11 42% 114 1% 1% % 22 2% 4 10 5% 8% % 66 23% 116 28 ‘Today's Bales Net. Add 00. High. Low. Close. Chge. lov. Dividend Rate. 2 1 Inspiration Copper. . 4% Interboro Rap Trans, 23 Interlake Iron. . % Tht Agriculture. 75% Int Bus Mach (6).... 6% Int Cement. ... - 3 1% Int Merchant Marine 6% Int Nickel of Can.... 2% Int Paper & Pwr pf.. 24% Int Shoe (2) 9% Int Silver. - » P anBamn §8r mrnBRunrlanBnnnnaes 5% Int Tele & Teleg. 1% Interstate Dept St 1% Intertype Corp...... 11 Island Creek Coal(2) 23 Jewel Tea Co (3). 12 Johns-Manville. 35 Jones & Laugh p! 6% Kansas City Southn., 2% Kaufmann Dept St. . 3% Kelvinator Corp. . 7% Kennecott Copper. 5% Kresge (S S)... 14% Kroger Grocery (1).. 22% Lambert Co (4)...... 34 Len Port Cmtpf3%. 1% Lehigh Valley Coal. . 8% Lehigh Valley RR. . 374 Lehman Corp (2.40).. 14 Lehn & Fink (2)..... 4% Libbey Owens Glass.. 49 Liggett & Myers(15). 49% Ligg & Myers B (15). 10% Liquid Carbonic. .... 11% Loew’s Inc (1) 1% Loft Inc.. 19% Loose-Wiles Bis 10% Lorillard (P) (1.20).. 21% Loulsville & Nash. .. 18 Mcintyre P M(11%). 44% McKeesport T P (4). 1% McKesson & Robbing 3% McKesson & Rob pf. % McLellan Stores 1313 Mack Trucks (1). 24% Macy (RH) & Co (2). 12 Manhattan Elev gtd. Manhat Elev mod gtd 4 Maracaibo Oll Exp. .. 13 Marmon Motor Car. . Marshall Field & Co., Mathieson Alk (1%). % May Dept Stores (1). Mengel Co. ... . % Miami Copper. . Mid Continent Petm Midland Steel Prod. . Mid Stl Prd 1st pf(4). Minn Moline Pow. 4 Mo Kan & Texas. Mo Kan & Texas pf. Missourl Pacific. . Missour{ Pacific pf. Monsanto Chem 1% Montgomery Ward. Mother Lode. Motor Products Nash Motors (1)... N - Nat Dairy Prod Nat Distillers Nat Pwr & Lt (1). Nat Ry Mex 2d pf. Nat Steel (50c). 2 Nat Supply Co Nat Surety. .. 4 Nat Tea (60c) N Y Central. . NCChi&St{Lpt. NY Investors. . N Y N'H & Hartford. N YNHG& Hartpf.. N Y Ont & Western. . N'Y Shipb'ldg (10¢).. N 'Y Shipbldg pf (7). 4 Norf & Westn pf (4). 4 North Am Aviaton.. 17% North Am (b8 %stk) . 104 Northern Pacific. ... 4% Ohto Oil. 1% Oliver Farm Equip. . 1% Omnibus Corp. . . 10% Otis Elevator (60c) . 9813 Otis Elev pf (6) 1 Otis Steel. ... 21 Otis Steel pr pf. 3115 Owens 111 Glass 221 Pacific Gas & El 2815 Pacific Lighting (3).. 6_ Pacific Mills. 17 Packard Mot 15 Paramount Publix 5% Patino Mines. 25% Penick & Ford 19% Penney (J C) (1.20)., % Penn Dixie Cement. . 13% Penna RR (h50c). 49% Peoples Gas Chi (5). 6 Dere Marquette pr pf 4% Petrol Corp of Am... 29% PhilaCo6% (3).. 215 Phila& Read C& 1. 4.. Phillips Petroleum. % Pierce Petroleum. .. 9% Pillsbury Flour(60c) 4 Pitts Coal - 17 Pitts Screw & Bolt. .. 4 Postal Tel&Cable pf.. % Proctor & Gam(1%). Public Sve N J(3.20). 18 Pullman Corp (3). 2% Pure Oil. 5% Purity Bakerles (1) 3 Radlo Corp. 13% Radio Corp p! 6% Radio Corp pt (B)... 5 Raybestos-Man (60c) 25 Reading2dpf (2).... 2% Remington-Rand. 1% Reo Motor Car . 4 Republic Steel...... 6 Reynolds Metals(1).. 26% Reynolds Tob B (3).. 17% Royal Dutch. . . 6 Rutignd RR pf. 28 Safeway Stores (3). 6% St Joseph Lead. 7% St L-San Franci: 1% St L-San Fran pf. 1 Seaboard Alr Line 12% Sears Roebuck. 1% Servel Inc.... 23 Sharp & Dohme. 6% Shattuck(FG) (ZJC). 4 Shell Union Oil.....: 4% Simmons Co.. 6% Socony Vacuui c. 58 SolvAmpfww(5%). 15% So Port Ric Sug 1.60. 112 SoPort Ric S pf (8).. 19% Southern Cal Ed(2).. 11% Southern Pacific....: 4% Southern Railway... 5% Southern Railway pf 27 Spalding(AG)1st pf., % Sparks-Withington. . 13% Standard Brands (1). 7% Stand Gas & Elec... ., 14% Stand Gas&El pf (4). 19% Stand Ofl Calif (2)..: 921 Stand Oil Exp pf (5). 15 Stand Oil Kansas. 22% Stand OIINJ (1). % Sterling Secur (A 1% Sterling Secur pf. 5% Stone & Webster. 2% Studebaker Corp 19% Studebaker pf.. 7% Superheater (50c. % Superior Ofl. . 2 Superior Steel..... 8% Telautograph (1). 1% Tennessee Corp. 10% Texas Corp (1). 15% Tex Gulf Sulphnrfl) 4 Tex Pacific Land Tr. 5 Thatcher Mfg Co. 1 Thermoid Co. 4% Third Avenu 6% Thompson (. ( 5% Thompson Products. 3% Tide Water Asso Ofl 27 Tide Water Assoc pf. 1% Timken-Detroit Axle 13% Timken Roller Bg(1) 2% Transamerica Corp. 2 o o Sevelrswnleeond Selvanrunaon I i S S.. o TR NNk aRa R 7__Twin City Rap % Und-ENl-Fisher (500 19% Union Carb & C (1).. 8% Un Oil of Calif (1) 64% Union Pacific (6)... 10% Un Tank Car (1.40). 16% Unit Aircraft. 3% Unit Am Bosch. 5% Unit Corp (40¢). ° 91 Unit Gas&Im pf (5).. 64 UnitPceDWpf6%. lDOl % 6 3% 8% Fre was a8f F3 1+ I LAE ST L LR SRR A, +1 Lk l+ 4+ EREE e Al i A SEESPEEESS 10 FEEF F e wex “wers RS IE +*- 2 b FEE e whtn the banking crisis was culminat- 33% 23% U S Steel. 67% 53 U S Steel pf 71 59 US Tobacco (4.40).. 4% 2% Util Pwr& Lt (A)... 7% Vanadium Corp. 381% 24 Van Raalte 1st pf. @ 5% 3% Va-Car Chem 6% pf. 20% 12% Vulcan Detinning. .. 6% Waldorf System (1). 1 Walworth Co.... 2% Ward Baking (A) 1 Warn Bros Picture: % Warner Quinlan. 2% Warren Bros. . 1 Webster Eisenlohr. . 7 Wesson O & Sn (50¢) 96 West Pa Pwrpf (7)., 1 Western Dairy (B).. 4 Western Maryland. . 2 31 39% 4% 5% payments based on the EFRFRER FFES FEREF 1+t +1+ 441 » Paid v e EF 29 in stock. 2= [} = able 8 Worthington Pump. . 34% Wrigley (Wm) (3).. 2% Yellow Truék....... 13% 7% Youngstown Sh&Tn.. 3% Zonite Products..... 5 Unit of trading less than 100 shares. .r-y'me in cash, or steck. FINANCIAL. .50 e ® Ne NARNG=E Dividend rates as given in the above table are the annual eash Intest quarterly or half-yearly declarations. 1 Partly extra. this mr—no regular rate. 1 Hlll 8% in stock. Frus $in stock "F¥lis 310 Sock. i Patd xm year—no. % Tate. nFius b o Payi in serip. BUILDING AND LOAN AGCOUNTS GROWING Associations in Various Sec- tions Report Sharp In- crease in Deposits. By the Associated Press. CHICAGO, March 18.—Like the Na- tion's banks, building and loan asso- | ciations throughout the country are experiencing an influx of money from both old and new investors. | In many communities where banks | have not yet been reopened, the United | States Building and Loan League an- | nounced, associations are the only financial institutions meeting emer- | gency needs. | ‘Telegraphic communications from as- | sociations throughout the Nation, the | league reported, indicate people have been deponltmg ““considerable sums” all this week. Many New Accounts. “New faces among people paying in mcney were noted by practically every association reporting,” the league an- mnounced. The twelve Federal Home Loan Banks, of which more than 1,800 build- ing and loan associations are members or are becoming members, also are op- erating without restrictions, having been released Monday from the Treas- | ury ban on banking institutions. “Building and loan associations, by the nature of their g\:smess and byl laws which govern th are protected | against unreasonable withdrawals nndl are enabled thereby always to dis- tribute current receipts among share- | holders actually in need,” the league said. | “Shareholders make their investments on a long-term basis and do not ex-[ pect to draw out their funds on de- | mand. The associations co-operated | fully with the President’s proclamation‘ and now are recelving new money, demonstrating there was no damage to | public confidence by the temporary | curb on their functions. Payments on Mortgages. “Many people who lined up to put | money into associations in the last! several days were those who had missed | out on their weekly savings install- ment last week and were eager to make | | it up. Many assoclations, the league an- nounced, refi they are receiving a greater number of payments on mort- gages than has been the case for some months and that new money is being added to shares of long standing, as well as in the form of new shares. | CURRENCY INFLATION | IDEA IS DISCOUNTED Markets Fail to Confirm Belief That United States Mongy ‘Will Be Cheapened. Special Dispatch to The Star. NEW YORK, March 18.—1In so far as | the strength in commodities and in‘ stocks has been due to the belief that the United States is entering an in- flationary period, theset markets lack confirmation from the foreign ex- changes, It will be remembered that when ‘Washington embargoed gold exports it was freely predicted’ that the dollar would sell at a heavy discount from other gold currencies when trading was resumed abroad. Exactly the opposite happened on the first day of business. The dollar advanced and foreign cur- rencies declined. This was explained as the result of the large short inter- est in the dollar, and the explanation had some merit, Since that time the dollar has weak- ened relatively to last Monday's quo- tations, but it is not far away from the yalues quoted at the close on March 3, Thursday afternoon the Dutch mlllder. the Swiss franc and the belga were lower than they were on March 3. French francs were a shade higher. Only in sterling was the comparison un- favorable to the dollar, and that was less than two points above its quota- tion of March 3. In other words, the verdict of the exchunge market as to inflationary trends on this side is in- ch]usive U. 8. TB.EASURY BALANCE. By the Associated Press. Treasury receipts for March 16 were mtss 188.09; expenditures, $74,130,- ; baiance, “57 233,651.64. Cus- mm.s duties for 16 days of March were $4,482,064.41. Cities Service Earnings. NEW YORK, March 18 (#).—Cities Service Co. reports February net earn- ings available for common stock and re- serves of $1,075535 compared with | clared, as the present income tax laws. $1,713,838 in the same month last year. Colblished 1904 RANDALL H. HAGNER & GOMPANY INCORPORATED REAL ESTATR NP132/ Connevticut Soonua N W Competent Management of Rental Properties in All Sections of the City Trade Reports at a Glance By the Associated Press. NEW YORK, March ls—'nblold Teview Dunn-Bradstreet in the fgur divisions of wholesale of business reported trade, mnmmcmflnx and mdum—y and collections this week compared g period lasi with the correspondin; Boston Philadelphia . Quiet Quiet Quiet BOSTON.—Clearance of checks and circulation of pay-roll money stimulated business and helped collections; but trade very slow. PHILADELPHIA.—Trade restricted in all lines; manufacturers awaiting the outcome of financial conditions; shipments of shoes heavier. ' PITTSBURGH.—Some resumption of activity in wholesale and retail lines noted; industrial operations reduced. BUFFALO.—Buyi) until opening of navigation; trade qui ying of raw mwmh will probably be restricted BALTIMORE.—Trade was dkrupud by money conditions; in some lines production continues quite good. ATLANTA —Some more activity DALLAS.—Business restored to Jolning Reserve Systent. noted; the demand is increasing. greater activity; many State banks CHICAGO.—Resumption of banking helped trade; some wholesale houses felt the improvement. CLEVELAND —Wholesale dealers continue extending credit and some ?‘r:"ms‘ is being done; progressive removal of banking restrictions helped INDIANAPOLIS.—Week's clearings only for few days, $1,503,000. MINNEAPO! greatly improved. KANSAS CITY.—Men's ties are trade is slow. DENVER.—Considerable activity prices are fairly steady. AN FRANCISCO.—Department store b LIS.—Clearings only three days; banking conditions moving in fair volume, but general in both wholesale and retail lines; uying as well as in many S, other lines has dropped, but has been quite satisfactory. 'ECONOMIC DICTATORS URGED TO PREVENT OVERPRODUCTION | John P. Torrence, Leading Manufacturer, Believes in Controlling Flow of Goods From Factories. By the Associated Press. CHICAGO, March 18—A plan for setting up “economic dictators” over half a dozen of America’s basic indus- tries in an effort to restore lasting pros- perlty was outlined here by John P. Torrence, one of the Nation's leading manufacturers. President of the Link-Belt Co., the | largest concern of its kind in the world, Torrence described his plan ly simply “control the supply and me price will take care of itself.” “America is ready today for the up-t swing toward prosperity,” he said in an interview. “Banking conditions are wuh;{e they belong, lnd we're ready to s . Urges Curb on Output. “But if prosperity returned tomor- row, we wouldn't be able to keep it. Good times would put every manufac- | turer to work producing goods. It | wouldn't be long before roduction —the thi that caused depres- ?on—w ld be greater than ever be- ore.” ‘Therefore, Torrence said, a system must be devised to curb overproduction. He advocated dictal fnr such indus- tries as coal mining, a and ofl. Limited produttion in th fields, he said, automatically vmxld hold production in other lines to con- sumer demands. Torrence said the President and the Federal Trade n should have the authority and a few thousand of the unemployed should get the jobs. It would be as easily enforced, he de- “This emergency is just as critical as was the one in 1917,” Torrence said. “Why, therefore, can't we revive partly the wers of the War Industries Board and place them in the hands of the Federal Trade Commission and the Federal Farm Board? “Third grade arithmetic shows a farmer can make more profit by rais- ing 1,000 bushels of wheat at $1 a bushel than he can from 2,000 bushels at 40 cents. You needn’t force him to cut his wheat, cotton, corn, oats or flax acreage. l-Ie'llbelMtobuMhll neighbors do likewise. “The same is true of coal and steel. I've talked to scores of manufacturers and not one of them would object to steel being pegged at $1.70 if his com- | actual petitors couldn’t buy it at ll 69. “As for coal, I'd be glad to see pro- duction limited and the price advanced 20 per cent. I'd pay lt ‘willingly in order to give the producers money to buy my company's products.” ‘Torrence’s plan of “enforcing sense on the producers” would mean broadening the anti-f t.ru;t laws, he nld “I wouldn't advocate them,” Torrence said, “but I believe the regulations could be tallored to fit present itions. Trade Body Suggested. “The management of bituminous coal mines could form a trade association MORTGAGE LOAN CORRESPONDENT nmumtl.n( 75 per cent of the indust: work things out to their own:oodz lnd the good cf their employes and of the public—with the supervision of the Federal Trade Commission. Nobod: wouldbehurtbyulndnlotolpeoplz would prosper.” tv:eehl?uw-mtmfl of about 50, Tor- years as an employe and oflchl of the Link-Belt Co. p?{y‘s axiom for all those vears has been, ‘Never manufacture more than you can sell at a profit.” “It ‘l_n;:o;lk;d ‘with hundreds of con- today, "lnd it shculd wurk for industry in general.” Trade Trends By the Associated Press. Furniture.—February distribution was considerably better than in January, due to special promotional events in many parts of the country, Dun & Bradstreet, Inc., report. March business was re- stricted by the bank holiday. Iron castings—Some foundries in this district report a slight increase in in- quiries. Smelters are reported display- ing more interest in in the pig iron market. Cotton cloths. —Pfleu in eral are holding strong, and b\ulneu'lsxnmz fine yarn division is of fair proportions, ac- cording to trade observers. Burlap—The market un (ZAaPThe SBut masket contnues trend users are fairly well stocked on current needs. Pine chemicals—Manufacturers have reduced major quinine salts 10 cents an nm‘:d mreporud Rprvdm“cthlt?f e on a ov u of Cinchona bark. ore purchase of nickel salts, ch.romle acid and other materials to Rail and Sugar Company Issues Show Best Resiet- ance to Selling. BY GEORGE T. HUGHES. Bpecial Dispatch to The Star. NEW YORK, March 18—Except for the rallway shares the stock market was inclined to heaviness in today’s two-hour session. Carrier stocks were firm and the sugars were well supported, but else- where there was evidently in progress a good deal of professional testing of the technical condition. In the main the market took the offerings well, re~ ceding only fractionally, and the close was without important change, hut' there was no disposition to renew the advance. The weekly car-loading statement showed a decrease of 40,014 cars from the previous week and a drop of 137,668 cars from the same week a year ago. period covered was the seven days ending March 11, ;’:M}?fld‘n' ‘with the ;nuelcuwvhlseo the banking crisis, and that was sufficient to account for the showing. The first February rail- road earnings statement, that of the Kansas Cify Southern, came along and it was affected more or less-by the same conditions. Compared with 1932, gross was down from $818,853 to $682,827, and net was off from $101,547 to $70,772. The raflway stocks paid more atten- tion to reports of an “important an- nouncement” to come from Washing- ton next week. Delaware & Hudson and Atchison were the leaders, the for- mer up over 2 points at one time. Speculation in the sugar shares cen- tered around South Puerto Rico and American Sugar. Sugar futures were up 5 to 6 points in the first hour and that brought buying into the stock. The day’s selliug was most evidert in American Telephone, Allled Chemi- cal, General Motors and the tobacco shares. The farm stock shares were soft, partly ‘because of the reactionary trend in wheat and the irregularity in cotton and partly because of doubt as to_the relief legislation. Trade reviews were fairly cheerful, everything considered. The ofl situa- tion on the other hand was declared to be critical in the failure to control production. 4 cut in prices was pre- dicted unless the heavy outpus checked immediately. Oil stocks &id go off much, but they had nov s~ ticipated in the post-holiday rise. News from Europe was more opti- mistic. All the foreign excha moved in favor of the dollar except French franc. discount on Mon- treal funds was somewhat larger. Markets at a Glance NEW YORK, March 18 (#).—Stocks steady: rails firm; trading dull. Bonds | irregular; United’ States Governments | firm. ~ Curb_irregular; changes narrow. Foreign exchanges easy; gold currencies again_sag. Cotton steady; trade buy- ing; higher cables. Sugar firm; Wall street buying. Coffee barely steady; European selling. NEW YORK B.ANK STOCKS NEW YORK, March 18 (#).—Over- the counter market: (Quotations as of 10 O'clock.) Public (2) Trust Companies. Bankers' (3) | Brooklyn Trusi (16} Central Hanover (*7) | Shemical c1.80), - o gmaits S E BERDILRaS R Guaracty 1"m Irving (1 M: oo (4.80) FeE e Guarty & Tr. clud FOR SALE FIRST TRUST NOTES sieldine 6%. ell ed on modern residences. For saie 2t B17¢ with accrued Interest. Address BOX 500-K, Star Office. Neeg“l“!fi?lne $21,000 for $8,000 1st_Trust Notes Shoreham Hotel. .. Lots, Connecticul Courtland Avenues....... 6,000 Broadmoor Apartments... 9,000 Need the money in ny busi- ness—My bank closed. Act at Once Jack Politz, Attorney 0 Vermont Ave. National 2400 First Mortgages FOR SALE 6% , Interest JAMES F. SHEA 643 Indiana Ave. N.W. We are prepared to act promptly on appli- cations for Loans on Real Estate in the District of Columbia. No Commissions Charged. Columbia Building Association 716 Eleventh Street N.W. Member of District of Columbia Building . Association Council