Evening Star Newspaper, March 19, 1933, Page 50

4 LIVE STOCK PRICES - ATHIGHER LEVELS FINANCIAL, Baltimore Markets Special Dispatch to The Btar. BALTIMORE, Md, March 18.—The live poultry market comtinues to take on a firmer tone under fairly light Steers Prove Feature of Mar- ket—Lard and Hog Quo- tations Firm, BY FRANK 1. WELLER, Associsted Press Farm Editor. A narrow dressed trade manifestly | discounts bullishness in the live stock markets, but much of the Jag in ship- per demand during the week under re- view was attributed to (ne banking situation’s not heing straightened out satisfactorily in many places. Credit conditions are believed to have | restricted seriously beef cutlet, and with | l2rger runs of cattle in prospect, rome | i the trade say considerable downward | readjustment msy strike the lower | grade steers and veariings which now | are regarded as out of line if tually top-heavy. The fresh pork ket sagged greatlv at Esstern centers, and shipping demand for hogs was ihe smallest on recent record. Dressed markets cgilsd for considerable buying caytion, and no rmewx=u wade devel- oped on sheep and lambs. Supplies Smaller. Supply abridgement born of the bull- Ishness which hes taken hold of the | country was believec. largely respo: le | for currently higher live stoek pices. | Although weighty steers continued to | ryn rather freely, light cattle aing | strictly good and better are be gearcer. Only a few loads of toppy 4nd long vearlings showed up. said that most finishers with cat dently expect higher prices in with a prospective upturn in all com- modity values. Sheep and lamb receipts for the first four days of the week at ihe 12 princi- pal markets showed a decrease of 80.- 000 head, compared with a week ago. and hog receipts declined 30.000 head for the week and 86,000 compared with the same period a year ago While the supply of ‘“cheap” light steers, yearling heifers and butcher Theifers is believed by the trade to rep- | Tesent a temporary scarcity, few were Pold enough to predict any sharp in- jease in the supply of choice light and fong yearlings ia the immediate future. Most trade interests believe that the supply of weighty steers still back in the country is liberal even if several large feed lots have exhausted them- selves within the list few weeks. Scout reports indicate that weighty steers are 2waiting outlet over a feeding area ex- tending to the Rocky Mountains on the | west and from South Dakota to Texas en the south. Hog market observers say decreased receipts suggest thit supplies in the country have dwindled to the extent that there will be light runs from now until the middle of May, that the hogs left are in strong hands and that the market is due for continuance of a strong undertone. The lamb supply is confined almost entirely to Colorado fed lambs, including a sprinkling from Montzna, Nebraska and corn belt States. ©Only an insignificant supply of natives bas been arriving. Light Steers Lead Advance. All grades and classes of killing cat- tls continued to sell actively and un- evenly higher during the week, but the| advince was led by so-called “cheap” light steers and heifers, some of which gained as much as 75 cents, with the general upturn fully 50 cents. The top long yearlings advanced to $7.50 at icago.” Weighty steers brought an extreme top of $6 and medium weights sold up to $6.75. Weighty bullocks ar- nived chiefly from Nebraska, Iows, South Dakota and Illinois, with Indiana contributing several loads that were long fed, well bred and sold for $5 to $5.15. 1t still takes a long fed, qualified load of heavy steers to bring $5 per hundredweight. Hog prices took only one slight set- k in a series of advances starting a k ago, and closing values were most- ly 85 to 40 cents higher. The closing top was $4.15. Lambs of all weights carrying finish showed 10 to 15 cent gains in instances. Quotations are nearing the $6 mark. Trade Trends By the Associated Prese. Copper.—In trade quarters the newly establiched quotation of 53; cents pound is regarded as nominal in view of the very limited business available. It | is said that consumers continue reluct- ant to commit themselves because they are yet uncertain as to the time of ac- tual recovery in business. Silk —Advances in greige goods, a finished silk, put into effect last week, | have been largely cancelled as a result of the relatively small advance in raw 5ill values since the resumption of irad- ng. Canned foods.—The market is steady, dealers say. Most lines are believed ‘well llquidated, and some interests in the market are looking for petter price levels in sympathy with the ctronger tone of commodities Steel —Some parts of the trade are once more looking at the possibiliti for business in the expected beer legis- lation. It is said that a considerable amount of stainless steel and plates may be ordered by brewers for replacements and expansion of equipment. Newsprint —February production in the United States and Canada iotaled 192,695 tons. compared with 214,983 'n January and 245700 in February last year, the Newsprint Service Bureau re- ports. Stocks at United States and | Canadian mills the stert of the rur- Tent month were 77,878 ions, 1gainst 78156 on February 1 and 94120 cn | March 1, 1932. Wool goods.—Trade reports say that business is virtually at o standstill ow- ing to confusion and unccrtainty s o the price trend. Buyers and mills are said to be widely apart on quotations affecting goods for immediate require- | ments. | Flour—Violent fluctuations in wheat since the reopening of the domestic ex: changes on Thursday have made it dif- fieult for mill agents to quote prices. | Current ratings are nominal and econ- sumers show a disinclination to enter the market in its unsettied state. Cocoa.—8tocks of cocoa beans in local ‘wr.rehouses continue around record high levels at approzimately 757,000 bags. Merch arrivals to date total 123.330 bags, against 321,038 in the like 1932 period. Bilk rayon.—Buying interest in goods for the Easter trade is s2id to be in- trusm{c. particularly in response to plans for substantial mill curtajlment in both industries. ‘Tin.—Speculative features present during the bank holiday have largely disappeared from the market, but prices remain firm at close to recent peak receipts and values on several lines show an advance, especially old hens, whicn have increased 3 cents a pound over lest week. Demand, while showing improvement, continues centered on large fat stock and small broiling young chickens, which are scarce and wanted, often at a premium over quota- tions. Small to medium old hens, 32 to 5 pounds, are now preferred to heavy hens and are bringing top prices of 15 to 17 cents a pound, with leghorns, when smooth and fat, selling 13 and 14, but poor, light fowl, as well as old roosters, move slow at 9 and 10. Other Advances. Young chickens also show an sdvance at 17 to 19 for fow] weighing 3’2 pounds and over, and mixed colored, small, fat broilers bringing top prices of 18 to but all poor. thin stock hard to move at 10 to 12. Demand continues good for medium sized, fat, young tur- keys, 9 pounds and over, at 20 to 22, with old hens bringing 18 to 20 and young gobblers 12 pounds and over, 17 and 18, but old toms not so desirable at 13 and 14, and all th'n as well as crooked breasts not wanter at any price. Active season for turkeys dnwm& to & close, however, and only limited ship- ments ‘advisable. Ducks holding firm under moderate receipts and a good demand for stock weighing 42 pounds and ov:x at 12 to 14, but poor light | ducks have to be sold strictly on merit and at irregular. values. s in light receipt and market hotds firm sand higher at 18 to 21 for biras weighing 6 pounds and over, but smaller will not bring over 16 and 17. Market for guiiea fowl and pigeons holding steady and unchanged from last week at 25 it [to 45 each for the former and 15 to 20 ln vair for both young and old of the atter. The egg market cantinues dull and dreggy and values show another decline of 15 cent a dozen, with only fresh laid stock bringing 121 cents a dozen. The market, continues to operate on & cur- rent receipt basis, but fresh laid, well graded eggs in some instances will bring a slight premium, but offers of doubtful quality are hard to move out. ‘The market for duck eggs holds steady to firmer and a cent higher at 20 and 21 for large clean eggs with mediums bringing 18 and 10. Demand continues fairly good for old potatoes and under moderate receipts market holds steady at 85-1.00 per 100 pounds. Sweet potatoes also in fairly good demand and market is unchanged 6t 75-1.00 per bushel for nearby and Eastern Shore stock. but, Virginia sweets are not so desirable at 40-60 and 1.00-1.50 per barrel Increasing receints of Southern vege- tables affecting sale of native and near- 7 garden truck, which now consist of onions at 1.00-1.25 per 100 pounds and washed turnips 25-40 per basket. Livestock Prices. The live stock market on wharves holds steady but quiet with demand centered on first quality stock and only few choice fat cattle arriving on the wharves. Veal ealves showed a slight in- crease in value during the week but due to heavier receipts market slumped at the close today. Quotations today at Light street wharf: Beef cattle, first quality, pound. 5: common to medium, 2-4; bulls as to quality, 112-215; cows, choice to fancy, 3-4. common to fair, 11,-2!3; oxen. as to quality. 1!5-315: calves, veal, choice. 61, large. fat, 515-6; large, rough, 4-5; common, thin, 3-3!2; sheep, 112-212; Spring lambs, choice, 6-6'3; fair to good, 5-5!,: small, thin, ?! hogs, straight, 3'5-4; sows. 2!2-3; stags, 115-2; live pf[:s. 5-7; shoats, 4-6. Closing grain quotations: Whezt, No. 2, red Winter, garlicky spot, domestic, 64. No quotations March or April deliveries. Corn, No. 2, yellow, domestic spot, 42a42'5; ecb corn, 2.00a2.25. Oats. No. 2, white domestic, as to weight, 27':a 291;; No. 3. 26222815, Rye, nearby baglot, 45a50. Commodity Price Trends of Week BY H. N. McGILL. Editor, MeGill Commodity Service, Inc AUBURNDALE, Mass, March 18— All commodities for the second consecu- tive week increased with marked rapid- ity. The upturn is largely attributable to the fact that the embargo on the export of gold takes the United States off the gold basis as far as international trade and relationships are concerned. Since gold cannot be withdrawn from this country the dollar is now selling at a discount abroad and the price of all international commodities has in- creased in terms of dollars. This is well illustrated by noting that interna. tional commodities, such as farm prod- ucts, copper, silver, etc., have assumed the leadership in the price upswing. With the value of the dollar no longer rising but in fact decreasing, it is gen- erally recognized that it is far better to have money invested in tangible commodities than it is in huge bank balances. ) The sharp upswing in speculative commodities is directly attributable to short covering, for it is well known that a fundamental improvement in indus- trial_activity, employment and pur- chasing power has not yet materialized Each step of the new administration is a part of a definite plan which is es- sential in building the foundation that will support economic reconstruction. During the past week, out of 14 indi- vidual price groups, 9 advanced. 4 re- mained steady and only 1 declined. Industrial Prices. Industrial prices reccrded an upward trend. due to strength in such groups as hides and leather, non-ferrous metals, ferrous metels, paint materials, fine textiles and vegetable oils. There is mo sign of any unusual price infla- tion resulting from a radical change in the monetary system. It is very interesting to note that commodities are laboring under a badly distored statistical position—such commedities 25 copper, lead, rubber, cotton have {all shown price strength irrespective of the burdensome stocks which exist in | Tus terms of indicated consumption. The underlying trend of raw material in- ventorles, however, has been downward in recent months. Agricultural prices showed pro- nounced ctrength, largely dus to the speculative groups but also reflecting the inevitable benefits that will come | b to the agricultural districts the legislative action which h taken place. Live stock prices moved upward, which was largely a sympathetic move with all commodities. Non-ferrous metals have shown tre- mendous strength since the low point in Iate February, largely due to the international characteristics. The only group that declined during the past week was coarse textiles, Chemicals, fuels, paper and pulp and building materials remain unchanged. Mos® important price changes in ihe McGill weekly price indices (1926—100) : Latest Previous week week, Mareh 17, March 1033, 1l eommodities . ndustrial - levels. Lead —Sales to date for March ship- ments are estimated at 17,600 tons, wit! more than 15000 tons sold for April. Prices are unchanged at 3.35 cents a peund New York, and 3.221 cents, East 8t. Louis. e s Tire Shipments Increase. NEW YORK, March 18 (®) —Ship- ments of pneumatic casings in January totaled 2,508,585 units, an increase of 428 per cent over December, but 20.2 cent under January, 1932, reports Rubber Manufacturers’ Assoctation. Produetion ir January was 2.3257.846 _units, an increase over December of 13.9 mfln& and @ decline of 34.8 per cent January of last year, 2 ’ Agricult Livestock .. Non-ferrous mei Vegetable oils *Revised. - Short Interest Decreases. NEW YORK, March 18 (#) —The short interest on the New Yark Curb Exchange March 14 totaled 323.205 shares, a decrease of 16,397 shares from January 30. Auto Supply Sales Gain. NEW YORK, March 18 (P).—Western Auto Supply Co. reports a 13.8 per cent increase bruary sales over a year ago. Total volume last month was Ju,m 3 [ THE SUNDAY BSTAR, WASHINGTON, D. C, MARCH 19, 1933—PART SIX. | NEW YORK CURB SUMMARY CURB ISSUES HOLD INNARROW RANG Market Slightly Irregular, Due to Profit-Taking in Some Stocks. BY JOHN L. COOLEY, Associated Press Pinancial Writer. YORK, MARCH 18.—Narrow irregularity appeared in the Curb Mar- ket during todsy's dull week end ses- sion. Net changes were small, mostly fractional. Profit-taking again ate into some of the week's earlier gains, especially in apecialty and industrial stocks. Utilities followed a steady course while ac- complished little. Electric Bond & Share's range was very moderate, the closing price ugr:r senting & nominal net gain. American Gas was virtually unchanged all morn- ing. ‘Jeen moved about half & int higher, while Hiram Walker added a similar fraction. Slight losses were shown by the Swift issues and by A. O. Smuth. Dow Chemical yielded a point of Friday's substantial improvement, Aluminum ca finished un- changed. Metal issues were dull. In oils, Standard of Indiana firmed uarter of & point, while Gulf essad. olume over the entire list was light. —— INSURANCE DIVIDENDS VOTED, SAYS LYNCH Discussing the emergency insurance | order issued in New York, President | John P. Lynch of the District of Colum- bial Life Underwriters Association, said yesterday: “The new regulation does not affect dividends declared by insurance com- panies before the present stringency, but does prevent them from declaring dividends. It is the practice of New York insurance companies to declare dividends for the entire year in Decem- ber of the preceding yea! “Policyholders of all companies which declared dividends prior to March 16, therefore, are not affected.” Undoubtedly the emergency order will be lifted before the period for declaring dividends for 1934, according to local | life underwriters. NEW DEPOSITS SOAR IN VIRGINIA BANKS NORFOLK, March 18 (Special).— The bank holiday ended in Norfolk and Portsmouth with heavy business at all national and State banks. Deposits | exceeded withdrawals by more than | $2,000,000. D:vidnd Declared. First National Bank of Baltimore has declared the regular quarterly divi- dend of 50 cents, payable Abril 1 to| stock of record ldarch 17. INVESTMENT TRUSTS NEW YORK, March 18 (#).—Over- the-counter market: Gen Sec A" . LEaEg Bank Btock .. Benk Bt ot Bid. Asked. b 10 asic Industry pe Inv nd ... entral Net Corp ential Nat Corp - Eentuty Ty shre . Chuin & Gen Equitie Charte avest, Enarte X else A §hel A onsol Eauit .. Cumulative Tr 8h ' Corporate Trust Corporate Trust A ‘A orp Tt ALA mod Gorporate Trust Accum Ser’’ Corp Tr Accum ‘Ber mod. & Foner Djve Bi\e‘{uneda?‘: Di. ividend Bhrs e Balit dnvest conv Btpd - Eguity Trust Shrs First Commonstocks Corp Five Year Fixed Tr Fidelty Pund Inc . Pixed Ti A it B d Tr ghrs 8 und Tr 8hr . ude \‘\'mmifl Trad uron Holding . ncorp Investors Independ Tr &hrs Mutual Manage Nation Wide Sec lecied Income Sh elected Manage Trust pencer Trask Pund .. and Al Am Tr tand Am Tr Shrs Stand Colist Trust . tate Street Invest uper Supe: 8 un E Trust Shrs of Am rusiee Stand Inv € Trusice Stand Inv D Trustes 8! Oil A Trustee 5t Oil Shrs B .. Y N Y Bk Shrs Trus! i 20th h Market Averages By the Associated Press. SEESBALATS years e 3 Low. 193110 20 Yesterday !flz‘ Bt aay: 88 arel ni, High. 3% FOR WEEK ENDING MARCH 18, 1933. . Wtock and dividend. Migh. Acetol Prod (A). 3 Acme Bteel (1) Low. Clcse. Ohge. s& —1 High. 13 24 1 933— Low. Low. Close. 10 10 U u Stock and dividend. Mangel Stores pf. . Mapes Consol Mfg (3).. Marion Stm Bhove Hish. 10 24 1 Chge. FINANCIAL ORE OPTIMISM URGED AMONG UNDERWRITERS The Bulletin of the Life Insurance Club of Washington say: “The members of the Life Insurance Club of Washington owe it to them- selves and their city to create an at- GAIN IN CANADIAN BUSINESS IS NOTED e of optimism wherever they Afr Inv Inc vte Ala Power pf (6) Allted Mills Inc Aluminum Co o Alumn Co of Am pf (. Aluminum Co Ltd. .. Aluminum Ltd (D) war, Am Beverage Corp Am Capital pf... AmCitP&LA (a3). .0 Am City P&L (B) (15e) Am Cyanamid (A). Am Cyanamid (B), Am For Pwr war.. Am Founders. . Am Gas & Elec (31). Am Gas & E1 pf (). Am Investors Inc. % Am Investors, Inc, wal Am Lt & Traction (2). Am Maracaibo. . ‘Am Superpower. Am Super 15t pf (8 Am Buperpower nf. Anglo-Chilean Nit. . Art Metal Works Arundel Corp (2) . Asso Gas & Electric. Ass0 Gas & Elec (A) Asso Rayon. . 3 Asso Tel Utilitl .. Atlas Utilities Corp. Atlas Utilities war Atlas Util pf (3) Auto Voting Ma Axton Fish Tob A 3.2 Bahcox & Wilcox ( Bellanca Ajir vte. . Beneficial 1T,(1%)... Blue Ridge Corp, . Blue Ridge cv pf (a3). Borne-Rerymser Co. Brazilian Trae & L Bridgeport Machine, . Brillo Mfg (60c). ... . Brit-Am T(B)p24 1-10c., Brit-AmTob reg p24.10¢. Buffalo NKEP 18t pf(5). Bunker Hill & Sullivan, . Burma Ltd reta (pde). Butler Bros........ Canadian Mareoni. Carrier Corporation. Celanese Corp pf (1) Celanese Corp 1st pf. Cent Hud G&E ctfs 80e. . Cent & Swn Util prin. Central States Electrie. . Cent States Elevpfn. Centrifugal Pipe (40¢) Chesebrough (16%) . Chieago Corp (The) “hief Consol Minin, fes Service. . Cities Service pf.. Cities Serv pf B. .. Cities Service (BB). Cities Sve P & L 36 pf. Claude Neon Inc. .. Cleve El Ilium (1.60) . Colts Pat Fire Arms(1). Colum G&E cv pf (5) Columbia Oil & G Comwlth Edison (5). Comwlith & Sou war. Comstock Tunnel Consolidated Afreraft... Consolidated Copper Consol Gas Balto(3.60).. Con Min & Sm (b10%) Congol Retail Stores Cont Shares cv pf. Copeland Prod Inc. Cord Corp (10c) Corroon & Reynold: Corroon & Rey pf (A). sden OI1. . Cosden Oil cod . Cosden & Co pf. Creole Petroleum Cresson Consol (4¢). . Crocker Wheeler. . Crown Cork Intl (A) Cuban Tobaceo vte Cugi Mex Mining Darby Petroleum Deere & Co. . Derby Ofl & Refining Detroit Ajrcraft. Pow Chemical (2). Driver Harris Co Duke Power (1). % Duval Tex Sulphur, .. Jast G&F Assoc (80c) ... East G & F Asso pf (6).. Eastern States Power. Eastern Util Asso (2). Eastern Util Asso ¢ Eisler Electric Corp. c BA & Share(b6%) Bond & Share pf (6).. El Bond & Share pf (5).. c Pwr Assoc (40¢). c Pwr Assoc A(40€).. P& Loptwar.... Elec Pwr& Lt24 pfA... Flec Shareholding. . Elec Shareholding pf(6) Empire Dist Elec pf.... Empire Gas & Fuel 6% Empire G & F 613 % pf Empire Gas & Fuel 7% Empire Gas & Fuel 8%.. Eureka Pipe Line (4). Furop ¥1Ltd A (30¢). Furop El Ltd deb rts Ex-cello Air & Tool. Fajardo Sugar. | Fiat rets (p50c). Fisk Rubber (new) Ford Motor Can A. Ford Motor Can B. Fo-d Motor Ltd.. Foundation For Shre Gen Alloys. . General Aviati Gen Elec Lta 20 2-5¢) . Gen G&Elec cv pf B(hé Gen Pub Service pf..... Gen Theat Equip v pf » Georgia Power pf (6). 7 Glen Alden Coal. .. Globe Underwrit (k35¢). Gold Seal Elec new Goldman Sach T C. « tA&PTlstpt Groc Strs Prod vte Gult Oil of Penna Hamiiton (fas vte Happines: Hartford Hecla Mining. . Hollinger Gold (. Horn & Hardart (2). Hudson Bay Mip & 8 Humble Oli (2) Hygrade Food Prod. ... Hygrade Svivania (2)... 111 Pwr & Lt pf (6) Imp O!1 Ltd oup (5! Imp Tob Can (35c) 5 Imp Tob GB&I (kT4%c). Insur Co of Nr Am (2) Intercontl Petroleum. Intl Petroleum (1) Int] Safety Raz (B). Int] Utilities (A) Int] Utilities (B), . Intl Utilities war n 'Interstate Equities Italian Superpowr A. Jones & Laughlin Steel.. Kerr Lake Kirby Petroleum Lake Shore Mines (2). Lakey Fdry & Mach. Lefcourt Realty. . Lehigh Coal & Nav(40¢). Lerner Strs pf ww. Libby MeNelll &L7..... Lone Star Gas (b8dc). .. “Long Island Ltng ptA(7) 68 Long Islcupf B (6). . % Louisiana Lan & Ex. . L] M‘; 8y K W 531 8y e Y 2'g % 61 141 120 ~ 16 63 K Brokers’ Comment NEW YORK, March 18.—Many hrok- ers today expected the stock market ue 8 mMore even COurse as soon as corrective movement was completed. Thomson & McKinnon—How much further yesterday's reaction may ex- tend is naturally problematical. We demand to develop on level. Fraxier Jelke & Co.—We market to go higher after solidated its gains. Hornblower & Wesks—We would be the ‘con- P comp! 461 3 48 484 K 53'% 8% By 2y M - L 141 120 to re-enter the market Tent reaction, ?’lflh‘?);un nical nature by way of consolidating rm;fim. ppears L] B R - & +4 R e S AR S B I Ao B B R | B + L+t 44 +l++1 R R . R Fllt bt b4+ 4 b At 3 & 2 = s Fxr wa = & & FEEFST sF 55y s#¥ £ EXTY FEFseFes £E & FEF* ¥ +1+4 o Fees sl PN L ] . ¥ rrs Mavis Bottling (A) Memphis Natural Met Edison pt Y Midl West Utilit: Montgomery Wai Mort Bank of Col Am sh. Mountain Prod (80c)... Mountain St Tel&Tel(8). at Aviation. . at Bellas Hess Nat Bond & Share (1) ‘at Candy Co (1). Datry P pf A ( Fuel Gas (1). ] % s w Jersey Zine (2). ... wOrl P8 vte(14 1-16¢) awmont Mining. , Y Ship Corp (10¢) N Y Steam (2.60). N Y Tel pt (8%).. Niagara Hud Pow (1) iagara Hud (A) war. Niagara Hud (C) Niag Shrs (Md) B(20¢) Nipissing. .. Noma Electrie Corp North Am Lt & Pw pf. Northam W ev pf (3) North & Sou Am Corp A orthern Pipe L (50¢). . North States Pwr A (6). North 8 Pow pf (7). . Novadel Agne (5) Ohio Copper 0il Stocks Ltd (k20e) Oklahoma Nat Gas pf. Outboard Mot (B). . . Pac Gas&El 1st pf(1%). ific Lighting pt (8). ific Tin (spel), Ban Am Airw Paramount Motor: Parke Davis (1).. 201y Parker Rust P (234) 68% Peninsular Tel pf (7) Penroad Corp. Penn Mex Fuel. Penn Water & Pwr (3 Pepperell Mfg Co. Phoenix Secur Corp. Pierce Governor. , . Pilot Radio Tube (A) Pioneer Gold (24c). Pitney Bowes P 3 Pittshurgh & L (214) Powdrell & Alexand Premier Gold (12¢). Prudential Inv Public Util Hold em pf., Puget Sq PAL $5 pf. Puget 84 P&L §6 pf. Pyrene Mfg...... Quaker Oats (15) Railway & Light Sec. nbow Lum Prod B. .. iance Management. Republic Gas Corp. Reynolds Invest Richman Bros (3) Rean Antelope Mine Roch G&E pf B (7). RochG&EIpf D (6 Royal Typewriter. Ryan Consolidated . Safety Car Heat & Lt St Antony Gold, St Regis Paper. St Regis Paper pf. Salt Creek Consol Salt Creek Prod (1 Seaboard Utilities Security Allied Co Selected Industries. . Select Ind all ctfs(5%) SelIndall efs(51g)..... Selfridxe Prov Stor kéc. Seton Leather. . . Shattuck Den Min . Shawin Wat & Pwr(50e) Sheaffer Pen (W A)...,. Shenandoah Corp, ... Shenandoah Corp pf.... Sherwin-Williams (1).. SilicaGelet....... Singer Mfg Co (8) Smith (A0).... South Am Gold&Plat. SoCalFdpfA (1%).... SoCal Edispf B (1Y4).. SoCalEdpfC (1%). Southern Nat Gas. .. ... Southern Pipe L (40¢). ., Southland Royalty(20¢). SouWnG&Epf(7).... Spanish & Gen rct; ; Spieg May Stern pf. Stand Oil of Ind (1) Stand Oil of Ky (1). Stand Ol of Ohio. Stand Silver & Lead Starrett Corp. Stein(A)&Co cu pi Stinnes (k1z0).. Stutz Motor Car. .., Sullivan Machinery Sun Investing pf. Swift& Co. ... - Swift International (2). Swiss Amer El pf. Tampa Elec (2.24) Technieolor Inc. Tech Hughes (60c). Texon Ofl & Land (1). Tob Prod of Del w i. Trans Air Trans. TransLux DLPS. Tri-Contl Corp war. Tubize Chatillon Corp United Car Fast Unit Corp Unit Founders Unit Gas Corporation Unit Gas Corp war. Unit Gas pf (1). Unit Lt & Pwr (A)..... Unit Lt & Pwr (B). Unit Lt & Pwr pf. Unit Profit Sharing . Unit Shoe Mch pf(114). U 8 Elec Power ww. . US Finishing. . U S Foil B (30c).. # U S & Internatl Sec. U 8 Inter Sec 1st pf. U S Play Card (1). Unit Stores v.t Unit Verde Exten (40c) Utan Apex..... Util Power ight. Utll Power & Lt pf (7). Util Pwr & Lt (B) efs Utility Equities....... (5% Utility Equities pf Utility & Ind Utility & Ind pf. ‘Van Camp Pack. ... Camp Packing p! Venezuela Petroleum. .. Walgreen Co (1) Walker (Hiram) Walker (H) pf ( ‘Wayne Pump. .. ‘Wayne Pump pf. % Wenden Copper. ‘Wes'ern Air Exprt Western Power pf (7)... Wil-Low Cafeteria pf. .. Woolw FW Ltd p24 2-5c. Wrizht Hargreav(t20c). on a that the cur- of a tech: in process of being R R RS e RESE EEEIE [ +4++4++ P44+ I+ +4+ I 4+ 4444+ + Ly R I O S S R e S S | A+ B I B T o o o o o ) B o S S o S S S IR S S A + |l +++ 8 134 % 3% go. There is no reason why they should % do otherwise. Right and truth have the ~ o 1% - W ] ~. ) “ “ T 5 WSS ET FESFSE LS -ffi&'f‘;f.s‘f{lif PIWFEFE TESET FEF » A Dividend rates in doliara based on last quarterly or semi-annugi | {Partly extra, 3Plus 4% in stock. & Payable in cash or Pl 6% in stock. ing policy still is warranted, caution should be exercised, as it should be changed whenever obstructive tactics interrupt the program of readjustment. Clark, Childs & Keech—In view of ST w Hamershlag, Borg & Co. tive enthusiasm may be t damp- & Saianced Pedesal budact Comming win nc Danking reform and. othet Jackson Bros., —M & Oo.—We an- te that a the - s o, g e in the not-distant future. Shields & Co.—~Whlle & bullish trad- ¢ the better background which is develop- ing in both ps) and in actual factors who m"me for a fitur stock market eventually, we think that purchases on a reaction would be jus- mnedma::edk ‘:ug'—i-nvmm there is an- other 3 mflb: in stocks e somewhat further, with & maximum of 30 to 50 per cent of the recent gains s bly will carry | are reported to have moved loss to 32 cents a yard. A amount of business faculty of eventually asserting them- seives. There is ample in the world to W for the needs of the world. lling to work for it, the world should have what it needs and will just as soon as the forces of co-ordination be- gin to untangle the skein of error with which we have permitted ourselves to be bound# AIR MERGER PLANS NEAR SETTLEMENT Vote Will Be Taken Tuesday on Combination of Sev- eral Firms. By the Associated Press. NEW YORK, rch 18.—Final steps to complete the long pending consolida- tion of North American Aviation, Inc., and General Aviation Corporation will be taken next Tuesday with a vote of stockholders of the former on the ac- quisition of the latter's assets. It w reported in aviation circles | today that the principal stockholders of North American, including the Blair, National Aviation and La Motte T. Cohu interests, had agreed to the plan Consummation of the deal, it is understood, calls for the issuance of additional North American stock to re- imburse General Aviation ‘Ol’ its assets The latter, controlled by“the General Motors Corporation, would thus become the largest stockholder and the domi- nant factor in the North American Company, which, as reconstituted, would own the important Atlantic Sea- board Alrline, Eastern Air Transport, Inc. The company, as a result of the com- bination, would be the controlling factor in Transcontinental and Western Air, one of the major cross-country lines. Grain Market | | By the Associated Press CHICAGO, March 18.—At no time | were wheat prices today as high as yes- | terday’s finish. { Uneasiness over agricultural legis- | lative developments at Washington led to augmented selling. traders said. There was & disposition to go slow in taking the purchase side except on sharp breaks in values. Rallies that followed early down- | turns of wheat prices lacked force, and | failed to hold well. They were mainly based on a statement by one leading board member, who put a bullish con- | struction on the land-leasing portion of the proposed agricultural enactment. 'He added, however, that the immediate effect of the bill as a whole had been to discourage general participation in the market, and to put a damper especially on_enthusiastic buying. Particular objection by wheat trad- | ers was made to regulatory and licens- | ing sections of the administration bill | as constituting bearish factors. On the rallies, which in no case amounted to more than one-half cent, there was a renewal of selling by numerous traders who asserted that all confidence in the market had been destroyed. Extreme setbacks today carried wheat values at times to 433 cents a bushel under yes- terday's high point. Corn and oa played the same dearth of active support as did wheat. ovisions gave way with grains, de- spite firmness shown by hog Wheat closed nervous. lai yesterday's finish, corn !ga%; up, oats at !g decline to 4 advance, and provi- sions ugchanged to 12 cefits down. VA | O o July 323053 53 September . Corn— May ... Sl September Oats— July .30 September—No trading. Barley =~ New York Cotton Special Dispatch to The Star. NEW YORK, March 18.—Trading on the Cotton Exchange quieted down ma- terially today and the tone displayed | the greatest resistance to pressure, as was the case yesterday. Prices held not far from last night's close and ended with a gain of 3 points to un- changed from yesterday. Spots were unchanged at 6.55. Cotton trading continued (o feel the effects of the proposed farm legislation According to estimates from political circles, the cost involved in administer- ing the bill would be anywhere from $800,000,000 to $1,500,000,000. Owing to the uncertainty over the distribution of a levy of this nature manufacturers were not disposed to make contracts for the future. Reports - from dry goods quarters showed that dry goods merchants were unwilling to sell for forward delivery without a tax clause covering the pos- sible excise costs in the event of p: of such legislation, but buyers are refusing to accede, and trading has fallen to only limited proportions. In order to accomplish the restoration of cotton prices to the average level of the five pre-war years it would be nec- essary for consumers to pay the differ- ence between the present morket price of about 6l2c and approximately 12c per pound. Owing to absence of normal banking facilities the past 10 days or more week end statistics reflected a greatly re- stricted movement of cotton both from the interior and toward foreign ports. Into-sight figures were only 50 per cent of last year. with exports 60,000 bales, against 289,000 a year ago. Cotton range: 25 i tetetu 3833834 2 o g it YORK, Mafch 18.—A resolu- ao‘;x“ urstienz h:s ener:; mcgon in all rates n 2 grouj of chairmen and directors oly'-he NIE tional Council of American Importers and Traders, Inc. Mill agents report that price advances are being put into effect on certain lines of finish cotton goods. The increases are small, it is said, and in most cases on the low-end lines made of staple cotton. Petetatd | | | | i Movement of ing Mer- chandise Incré4ses Dur- ing Past Week. Bpecial Dispatch to Thi NEW YORK, March 18.—With the exception of a few sections, where there were unexpected snowfalls, movement of Spring merchandise gained consider- able momentum in retail channels of Canada this week. Demand was pro- nounced for millinery, hostery, gloves and footwear, and more Interest was noted for dry goods offerings. Groceries continued to move in fair quantities, and in the provision market butter was in good demand, with an upward te dency in quotations. Business in t prairie provinces, both city and cou: try, continues to show a slight improve- ment, which is credited in part to pre- alling mild weather and in part to slightly higher wheat prices, according to dispatches to the Dun & Bradstreet Weekly Review from branch offices of Dun & Bradstreet, Inc, located in the chief commercial and industrial centers of the Dominion, . The Canadian business structure in general continues 10 operate as usual, in spite of the cessation of currency ex- change trading with the United States, Those who were fearful that the finan- cial difficulties below the line would have bad effects in Canada were re- assured as they witnessed markets func- tioning as usual, with trading being carried on in an orderly fashion. Canadian banks are in an exception- ally liquid position, and business and financial leaders point out that far from injuring Canadian business, the crisis in the United States was to be wel- comed as necessitating definite steps toward the restoration of confidence, although confusion was caused tem- porarily by the absence of foreign ex- change trading. METAL PRICES MOVE IN IRREGULAR TREND Lead Buying Continues Active. Copper Quotations Recede After Small Mark-up. By the Associated Press NEW YORK. March 18. — Fairly active buying of lead continued this week, although following the broad buying movement in the previous week business tapered off somewhat toward the close. Prices were maintained, with sales said to balance smelter in- take. Publication of February statis- tics revealed the highest stocks in the United States on record, reflecting smaller shipments last month than re- duced output. However, this facor was apperently offset by the prospective seven-month shutdown starting April 1 by the principal producer. Although copper prices were advanced an additional ’, cent to 5% cents for electrolytic, demand remained on a limited scale, and at the close of the week first hands were again offering metal at the 5! level after resale offer- ings had appeared. The fact thaf con- sumers were said to have sufficient supplies on hand checked buving at the advance. Export business was small. Tin quotations were narrowly irreg- ular, but the undertone was steady. A moderate business was repcrted. almost entirely for nearby metai. Wide prem- iums for forward delivery asked earlier in the week checked interest, but later the differences narrowed somewhat. Zinc was quiet with consumers gen- erally unwilling to pay the recently higher asking prices, although a fair inquiry was reported under the market Reports that mining operators would resume in the tri-State district caused some sellers to soften asking prices toward the close, CHICAGO LIVE STOCK fiABK.ET CHICAGO, March 18 (#) (United States Department of Agriculture) — Cattle, 1,000; compared week ago, strict- ly choice long yearling steers about steady. all others unevenly, 25a50 higher; lower grades showing most upturn; weighty steers, strong to 25 higher; light heifer and mixed yearlin; mostly 50 up; cows, 25250 higher; bulls about steady: vealers, 2.00 lower; extreme top long rling steers, 7.50; best heavies, 6.00;, medium weights, 6.75; bulk, fat steers with weight, 4.50a 5.00; best light heifers, 6.25; bulk, light Steers and yearlings, 4.75a6.50; largely' Steer run: stocker and feeder trade largely ncminal; receipts, live cattle comparatively small; dressed beef trade DAITOW. Sheep, 2,000; today's market nominal; for week ending Friday, 110 doubles from feeding stations, 2,200 direct; fat lambs uneven; mostly 10al5 higher, with all grades and weights under pres- sure at close; sheep around steady; week’s top lambs, 6.00; closing bulks follow: Better grade fed lambs, 5.50a -75; around 98-pound weights selling at inside price; Colorados predominated during week: native throwouts, 4.00a 4.50; yearling wethers averaging 90-98 pounds, 4.25a4.75: fat ewes, 2.25a2.75. Hogs, 8,000, including 7,000 direct: generally steady with PFriday on all classes; few loads and odd lots 180-250 pounds, 4.10a4.15; top, 4.15; scattered sales downward to 4.00 on heavier weights; most packing sows, 3.40a3.60: compared week ago, 20a35 higher; ship- pers made no purchases; holdover, 1,000; light light, good and choice, 140-160 pounds, 4.00a4.15; light weight, 160-200 pounds, 4.05a4.15; medium weight, 200~ 250 pounds, 4.10a4.15; heavy weight, 250-350 pounds, 4.00a4.15; packing sows, medium and good, 275-550 pounds, 3.25a 3.75; pigs, good and choice, 100-130 pounds, 3.50a4.00. BROMO-SELTZER VOTES REGULAR DIVIDENDS Emerson Bromo-Seltzer, Inc., has de- clared the regular quarterly dividends of 50 cents each on the Class A com- ;non :lnd ACln‘_}s B common stocks, both ayable April 1 to M.’{{h 26 P! stock of record e “A” stock is listed - ington Stock Exchange. o What Things Cost (Comptled by Standard Statistics Co., N.Y.) NEW YORK. March-18 (#)-0] the 25 important commodities in the follow- ing table, 21 are higher in price than When the commodity markets closed two weeks ago, 2 are lower and 2 remain unchanged. Two are at their highs for 1932-1933 and 1 is at its low: 3 Butter, flee. Ri ‘Wall paper dealers expect a substan- | Cotto: tial increase in business this season. Sales s0 far this year have run 5 to 7 L5 per cent ahead of last year, it is esti- mated. been some for noveliy jwelry, acc to dealers. Interest has centered mainly in pins, clips and bracelets, Prices on chedp grades of cordus nuu“h‘:n mmdg; has been coming to There h: d, in_orders | E¢: rol. 5. B Rubber “Planiation e. No. 2 western gilk. Orack d et gteel” hari: 'Bi " v tee) uy ‘urpent| Wh ha ‘terr., fine, e,