Evening Star Newspaper, March 21, 1933, Page 14

TA_14 was FINANCIAL. BUSINESS PICKS UP || TRANSACTIONS ON DECLINE IN STOEK - MARKET RESUMES THE NEW YORK: Received by Private Wire Direct to The Star Office. Demand for . Spring Goods i Reflected in Better Re- B tail Trade. BY EDWARD C. STONE. The Federal Reserve Bank of Rich- tnond reports that business in the fifth district has shown an encouraging pick-up in the past few days since the majority of banks have been reopened on a normal basis. Retail stores in the territory announce that « demand for Spring goods is already well under way. The upward trend in cotton prices has already helped the Southern sec- tion of the fifth reserve district, the report adds. The improvement in grain prices is expected to help the farming areas. Agricultural work is well started, but acreage is to be drastically cut, partly because of the inability of farm- ers to buy seed and fertilizer. The building outlook looks better. Highway construction is slow. With the lifting of the banking hot- day in the sixth reserve district around Atlanta, trade has revived cn a vastly improved scale. Bank deposits have increased and retail sales are reported @s_the best for several months. From the other 10 Federal Reserve districts come reports that the lifting of bank suspensions has given senti- ment a big boost. The administra- tion’s efforts to reduce Government ex- penses and balance the budget have also turned the views of business men and financiers on the outlook. The New York Times, however, says that the improvement so far has been greater in sentiment than in the figures. D. C. Accountants Laud Steel Move. Certified public accountants in Wash- ington are elated over the action taken by the United States Steel Corporation toward having independent accountants audit their annual reports. For several months the New York Stock Exchange has been engaged in a campaign for 1933~ Stock and '\'fi-‘.‘ Stock b Sales : b b e : ' v : N g' SBtock and Sales : . 1033 Stock Sal " Net. 5% 3 10 4T% 11% 1 1% 2 1% 0% 9% 6 6% 5% 1 5% 22% 18% 10% 7 18% Adams Express. Adams Millis (2). Afr Reduction (3) Alaska Juneau (60 Allegbany Corp.... Alleg Corp pf $30w: Alleg Cp pf $30 xW. Alleg Cp pt 340 ww Allied Chem & D (6). Allis-Chalmers Mfg. Alpha Port Cement. Amal Leather. . Amerada Corp (2) Am Ag Chem (Del).. Am Bank Nof ees Am Bank Note pt (3) 10 Am Beet Sugar. Am Beet Sugar pt. Am Can (4).... Am Car & Foundry.. Am Car&Foundry pf. Am Chicle (13). ) Am & For Pw pf (7). Am & For Pw 2d pf.. Am Haw Stship (1).. Am Hide & Leather., 4 Am Home Prod 4.20.. AmIceCo..... 4 Am International Am Locomotive. .... Am Locomotive pf. .. Am Mach&Fdy (80c). 4 Am Metal pf. Am News (1%)..... Am Power & Light. . Am P&Ltpf A (23%). Am Pwr & Lt pf (3). Am Radiator........ Am Rolling Mills. . % Am Sm & Ref. .. Am Sm & Ref 7% pf. Am Steel Foundry... Am Stores (12%) Am Sugar (2)..... Am Sugar pf (7).... Am Sumatra Tob. Am Tel & Tel (9 Am Tobacco (5) % Am Tobacco (B) 5 8% Am Type Fdrs pf. . Am Water Works(1) 2 Am Wat Wks ctfs(1) Am Woolen. ... Am Woolen pf Anaconda Copper. Anchor Cap (60c) 3% 9% 1% 20% 9513 169 2! 11% Gen Elec spec (60c). 21 GenFoods (2).... % Gen Gas & Elec (A). 35% Gen Mills ( 18% Gen Ry Signal (1) % Gen Realty & Util. 124 Gillette Saf Raz (1).x 29 50 % Gimbel Bros. . g% 12 3 9 9% Goodyear Tire&Rub. 27% Goody'r T&R 1st (2). 9% Gotham Silk Hoslery t Wn Sug pf(7). y Grunow 3 Hamilton Watch 614 Harbison & Walker. . % Hayes Body... . 15 Hercules Powder 1% 871 Hercules Pow pf (7). 145 Homestake Min (9). 1 Houdallle-Hersh(B) 48 Household Fin pf(3) 8% Houston Oll. 1% Houston Ol] 5% Howe Sound (40c) 11% Hudson & Man (2 8 Hudson Motor Car 1% Hupp Motors. 10% Illinois Central 2 1, Indian Motor Cycle. . 27% Industrial Rayon (2) 19% Ingersoll-Rand(1%). Inspiration Copper. . 5 Insuranshrs Del 15c. Interboro Rap Trans. Intercont] Rubber. ... Interlake Iron. . Int Agriculture pf Int Bus Mach (6). . Dividend Rate. 24 Reading Rwy (1) 2% Remington-Rand 1% Reo Motor Car 4 Republic Steel 9 Republic Steel pf.... 6 Reynolds Metals(1).. 26% Reynolds Tob B (3).. 3% Rossia Ins of Amer., 17% Royal Dutch...... 6 Rutland RRpf...... 28 Safeway Stores (3).. 7314 Safeway Strs pf (6). 140s 80% Safeway Strs pf (7). 6% St Joseph Lead. . 1% St L-San Fran pf. 15 Seaboard Oil (150c 12% Sears Roebuck 1% Second Nat Inv. 24 Second Nat Inv pf. 1% Servel Inc 1% Sharon Steel Hoop. .. 6! Shattuck(FG) (24c). Shell Transport & Tr Shell Union Oil...... % Stmmons Co. Skelly Oil. - Skelly Oll pf ww.... 4 Socony Vacuum 40c. Solv Am pf ww(5%). So Port Ric Sug 1.60. 8o Port Ric S pf (8). Southern Cal Ed(2).. Southern Pacific. Southern Rallway. .. Southern Rallway pf Sparks-Withington. . Spicer Mfg pt (3).... Standard Brands (1). 14 Stand Gas & Elec. ... Stand Gas&El pf (4). Stand Ofl Calif (2) Stand Oil Kans Stand OIINJ (1) Sterling Secur (A) Sterling Secur pf. Jiewart Warner. 4 Studebaker Cor Studebaker pf. Sun Oil (1).. Superheater (5 Superior Steel. 10% Texas 15% Tex Gulf Sulphur(1) 4 Tex Pacific Land Tr. 5 Thatcher MfgCo.... 10 Third Nat Inv (50¢). 314 Tide Water Asso Ofl. 27 Tide Water Assoc pf. 1% Timken-Detroit Axle 108 17 43 10s 21 98 12 11 Low. ' Dividend Rate. "5% Unit Corp (40¢)..... 20 Unit Corppf (3). 2 UnitElectric Coal 23% Unit Fruit (2). . 15% Unit Gas&Im (1.20). 91 Unit Gas&Im pf (5). 3% Unit Piece Dye Wks. Unit Pce D W pt 6%. 2% U 8 Distributing. 37% U S & Forn Sec pf. 18 U S Gypsum (1) 18% U 8 Ind Alcohol 2% U S Leather. ... 4% US Leather (A). 6% U 8 Pipe&Fdy (50c) 214 U S Realty & Imp 2% U S Rubber.... 5% U 8 Rubber 1st pf... 13% U S Smtg & Ref (1). 39% U S Smtg&Ref pf3% 28% U S Steel...... 53 U S Steel pt (2) 59 U S Tobacco (4.40).. 129 U S Tobacco pf (7).. 1% % United Stores (A)... 51% 47% Unit Stores pf (3%4). 22 Univ Leaf Tob (2)... 2% Util Pwr & Lt (A) 7% Vanadium Corp. 38% 24 Van Raalte lstpf... 5% 3% Va-Car Chem 6% pt. 85% 176 Va Elec&Pw pf (6). 20% 12% Vulcan Detinning. .. | —— Walworth Co. .. Warn Bros Pictures Warner Quinlan Warren Bros. Warren Broscv pf... Wesson O & Sn (50c) West Pa Elec A (7).. West Pa Elec pf (6). West Pa Elec pf (7). 4 Western Dairy pf A.. ‘Western Dairy pf B.. 4 Western Maryland. . 1% Western Pacifie 17% Western Union. 11% Westing’se Air B(1). 19% Westinghouse Elec. . 315 Weston Elec Instru. . 12% White Rock M S (2). 13 White Sewing Mach. 1% White Sew Mch pf... % Willys-Overland. % Wilson & Co. . 4 Wi'son & Co (A). % Woolworth (2.40) Worthington Pump. . 34% Wrigley (Wm) (3).. * | General List Lower as Util- ities React—Rails Yield to Selling. BY GEORGE T. HUGHES. Special Dispatch to The Btar. NEW YORK, March 21.—Genersl re- action, which developed into weakness, overtook the stock market todsy. The low prices were made in the last hour when the railroad stocks, which had held out up to that time, gave way. The close was at substantial losses for th;'h'hoh list. . e principal reason for the was the situation with regard ::mg: public utilities, but there were con- tributing causes, one of which was the disappointing she in the Union Pacific February statement. That road operated at a deficit of $79,498 this year against net income of $822,505 in February, 1932. Among the especially weak issues were American Telephone, Dupont, J. I Case, Auburn Auto, Union Pacific and U. S. Steel preferred. Commodities were also reactionary. Wheat closed 13 to 3 cent lower. Sugar came down 1 to 3 points and cotton was lower. The price of lead was re- duced 10 points to 3.25 cents a pound. The only exception was silver futures, which were higher in midafternoon. The utilities were weak from the start. It was not the continued down- ward trend in earnings or the falling off in the power output that caused the selling, but reports of legislative in- vestigations of certain holding com- panies, the probability of forced rate reductions and the prospect of in- creased taxation. Along the same line was the message to the New York Legislature by Gov. Lehman declaring that “serious abuses” had been brought to his attention in the conduct of various utilities and asking remedial legislation. greater publicity in connection with annual reports made by companies Jhose, stocks ars: Tisted ‘on'the “big 1% Armour of 111 (A) % Armour of Il (B) ; Armo;l)r o!cll;:f 2 %4 Asso Dry Goods. In connection with the steel corpo- | 4714 348 Atchison... ration’s annual meeting, article 4 calls | gg" —§97, Atchison pt (5 for the election by the stockholders of | g1 1615 Atlantic Coast Line independent accounts. This is the most 5 AtlGulf&W Ind pf.. striking move yet attempted along this 12% Atlantic Refining(1). 17 line. It is believed that no other big 61 Atlas Powder pf (6). 130a fim?uo& }:g: g;zkiom:germod( ct:l:f 5615 81% Auburn Auto (2)....x 10 Fied 11 %0 far &5 to ask for the election | —5_5i Aviation Corp (Del); 122 of the accountants. 6% 3% Baldwin Locomot... 3 It is now expected that the plan will | 15% 9% Baldwin Locomot pf. 1508 S e spread to other big firms and that the 8Y% Baltimore & Ohio.... 92 Consolidated Gas under 46 was off 4 points from yesterday’s high. Amer- ican Telephone, dividends on which Massachusetts legislators are proposing to tax, broke through par for the first 12:00 Noon 480,000 |time since trading was resumed after the banking holiday. The stock today was 7 points under last week's high. Int Carriers Ltd 20c. ‘i — % 13% Timken Roller Bg(1) Int Cement : p 2% Transamerica Corp. . Int Harves! 3 Transue & Willlam: Int Hydro-Elec (A). 3 4 2% Tri-Contl Corp.. Int Merchant Marine e . Ulen & Co. . ‘ T St i 19% Unton Carb & C (1) = 815 Un Ofl of Calif (1). Int Salt (1%). 4 Union Pacif Int Shoe (2).. ?;.; 1-:‘:’:,,:;.;;‘_(_‘_), y g fess Than 100 ahares. 1 Pachiy esirat % Sf; [Public Service of New Jersey, North Int Silver..... 511 Unit Alreraft pf (3) his yel ate. b Payable in | American Co. and Western Union all 4 Int Silver pf. 1'1 Lt o 3 Stock. e Payable in cash or stock. fPlus 8% in stock. hPlus|reported losses of greater or lesser Int Tele & Teley 3 3y ‘n t Am Bosch ock. J Plus $1 in special preferred stock k Plus 3% in [ amounts. > G - 10% Unit Carbon... tock. m Paid last year—no regular rate. nPlus 5% in stock. = 135 Interstate Dept Payable in serip. -1 _Among the industrials United States Steel preferred was off over a point and Steel common almost as much. Wool- 2% Yellow Truck. B 7% Youngstown Sh&Tn. 5% 3% Zonite Products..... 4% Sales of Stocks on New York Exchange. 10:30 A.M. + 170,000 1:30 P.M. 720,000 given in the above table SEESENE DS FEFE #i’**’;a"{f’" rE Py ¥ annual statements in the future will be far more accurate than many have been in the past. Independent certified pub- lic accountants are expected to take nothing for granted when making up the annual financial statements, but to check up on every item. Over a period of years the new method should prove of ‘great value to shareholders, local accountants declare. Boris Baiessky, chairman of the Com- mittee on Co-operation With Investors of the District of Columbia Institute of Certified Public Accountants, has just made an extended report of the Steel corporation’s action to the local association, praising the action very highly. Wider Branch Banking Urged. Branch banking by national banks extended to Federal Reserve district limits is overwhelmingly favored by the Economic Credit Council of the Na- tional Association of Credit Men, ac- cording to a survey just completed by Henry H. Heimann, executive manager of fhe National Association of Credit Men. and received by the Washington office. In presenting the results of this Na- tion-wide research of opinions from the banking, commercial and financial fields in which the council has mem- bers, Mr. Heimann declared that “out of the present banking situation will emerge sound banking legislation and a new banking technique. The per- manent banking legislation should be given thorough study and enacted only after a comprehensive survey of lative needs. Banking needs from the industrial and commercial angle should be given more than usual consideration when éhe banking legislation is enacted. “The banking interests in the past presented such a conflict of interest and division of opinion that it should be a safe conclusion that the new leg- islation will issue largely from the de- liberation and study of those without the industry. It is doubtful whether unanimity of opinion on bank legisla- tion can be developed within the bark- ing industry itself, in view of so many conflicting ~ points of view held by bankers.” Only 7 of the 64 members of the oouncil are opposed to branch bank- ing in any form. Of those favorably inclined to the extension of branch banking, numbering 57, all but 5 spe- cified the limit for this measure. Four members favored extension to : city limits, nine asked for Statewide branch banking unrestricted by State laws, ten felt the need of State restrictions on Statewide branch banking. Individ- ually and collectively these groups were outvoted by the advocates of branch banking to Federal Reserve district limits, who numbered 29, or 56 per cent of the council’s membership. * Local Dividends Are Declared. Directors of Woodward & Lothrop have declared a dividend of 30 cents per share on the company’s common stock and_the regular quarterly divi- dend of 134 per cent on the preferred stock. Both dividends are payable March 31 to shareholders of record March 21. ‘The directors of the Security Storage Co. have declared a dividend of $1.25 a share on the capital stock of the company, payable April 10 to Stock- holders of record at the close of busi- ness April 6. The Chesapeake & Ohio Railway re- ports for two months ended February 28, 1933, net income of $3,266,514 after taxes, charges and sinking fund appro- priations, equivalent after allowing for dividend requirements on 61 per cent preferred stock to 42 cents a share (par $25) on 7662810 shares of common stock. This compares with $2,667,099, or 34 cents a common share, in the by Baltimore & Ohio pf. 46% 12% el 3% 3 10% 14% 18 52% 60 9% 23 10% 20% 68% Bang & Aroospf (7). 20s 3 11 Barnsdall Corp. 3% Bayuk Cigars. 10s b4 Beatrice Creamery. . 45 Beech-Nut Pkg (3)..- 314 Belding-Hemingway. 6% Bendix Aviation 9 Best&Co........ 1014 Bethlehem Steel. .. 25% Bethlehem Steel pf.. 18 Borden Co (1.60).... 5% Borg Warner. Briggs Mfg Co...... 21% Bklyn Manhat Tran.. Bklyn Man Tr pf (6). Brunswick-Balke. ... Bruns Term & Rwy: Buevrus-Erie pf (2) Budd (E G) Mfg. Burrough A M(4 Bush Terminal. .. 3 Bush Term deb stk. % Butte Copper & Zine. 813 Byers (A M). 30% Byers (A M) pf (7 7% California Packing. . 3% Callahan Zinc & Ld.. 2 Calumet & Hecla.... 2 Campbell-Wyant Fy. Tl Canada Dry G A (1). 7% Canadian Pacific.... 14 Cannon Mills (1). Case (J 1) Co. .. Case (J1) pf (4). Caterpillar Tracto Cent Aguirre (1% Cerro de Pasco. Checker Cab Mfx. “hes & Ohio (2%) Chesapeake Corp (2). 1% Chi Great Western. . 3% Chi Great Westn pf.. 1% Chi Mil St P & Pac... 115 Chi Mil StP & Pac pf. 3 Chi & Northwestern. 5% Chi & Northwest pf.. 2% Chi Pneumatic Tool. 3 ChiRockI& Pac.... 6% % T4 48% 3% T 4% 14 10% 23% Chi Yellow Cab (1).. 200s Chrysler Corp'n..... 134 City Ice & Fuel (2).. 2 City Ice&Fuel pf 6%. Coca-Cola Co (7).... Colgate-Palm-P (1). 9 Colo Fuel &Iron.... 14 Colo & South 1st pf.. 2508 Columbia Gas (b1).. 26 Columb Carbon (2).. 5 Comc'l Credit (A).,. 2 Comel Cred pf (1%). 200s Comcl Cred 1st(63). 140s Comcl Cred pf B (2). 200s Comecl Inv Trust (2). +lL00100 040 FPE FEEEFFFEFE 4% 28% 3% Comcl Solv (60¢c). Comwlth & Southn. . Comwlth & Sou pf(6) Congol-Nairn (60c) Consol Film. . Zonsol Film pt. Consol GasN Y .o Consol Gas NY pf (5 Consol Oil Corp. .... Zontainer Corp (B) Contl Baking (A). Contl Baking (B). 36 Contl Baking of (4).. 35% ContlCan (2)....... 3% Contl Diamond Fibre 12% Contl Insur (1.20) 1% Contl Motors. 4% Contl Ofl (Del). 45% Corn Products (3) 591 145% 117% Corn Prod pf (7). 314 Coty Inc....... 23 Creamof Wht 12%.. 2% Crosley Radio.... 14% Crown Cork & Se; 24% Crown C&S pf (2.70. 16 Crucible Steel pf. 1% Cuban-Am Sugar... 10 “uban-Am Sugar pf. 765 01 1% Curtiss-Wright..... 23 2% Curtiss-Wright (A). 1 Davison Chemical... 37% Delaware & Hudson. 17% Del Lack & Westn - 54 Detroit Edison (6)..: 10 Devoe&Raynolds(A) 62 11 2 5% 3Th 1% 10% 18% 21 23% 57% 3 7 23% 35% 1 2% 10% 1% 8 1% 8 Th 31% T4% 17% T 3w 9 23% 12% Johns-Manville. 52 Johns-Manville pt. .. 64 Kansas City Southn. 7 Kelly Spring Tire. .. 314 Kelvinator Corp. ndall Co pt (6). nnecott Copper. .., 4% Kinney (G R) Co pf. 5% Kresge (SS)... 5 27 Kress (SH) (f1).... 1415 Kroger Grocery (1). Lambert Co (4) Lehigh Valley Coal.. Lehigh Val Coal pf.. Lehigh Valley RR. . Lehman Corp (2.40).x Lehn & Fink (2) Liggett & Myers(45) Ligg & Myers B (15). Lima Locomotive. .. Liquid Carbonic. . T.oew'sInc (1)...... Loews Inc pf (6%).. Loft In Loose-Wiles Bis (2). Lorillard (P) (1.20). Lorillard (P)pf (7). Louisville & Nash Ludlum Steel 9%3 McAndrew Forb. 13 McCall Corpn (2). 214 scCrory Stores pf 18 McIntyre P M(+1%). 4414 McKeesport T P (4). 1% McKesson & Robbins 214 McLellan Stores pf. . 1313 Mack Trucks (1).... 24% Macy (RH) & Co (2). 4 Manati Sugar....... Manati Sugar pf Manhat Elev mod gtd Marine Midld (80c).. Marlin-Rock (1).. Marmon Motor Car.. Marshall Field & Co. Mathieson Alk (1%). May Dept Stores (1). Mengel Co. . - Mengel Co pf. S Mesta Machine(60¢) . Miami Copper. ...... Mid Continent Petm. Midland Steel Prod. . Mid St Prd 1st pf(4 Minn Moline Pow. Mo Kan & Texas 3 Mo Kan & Texas pf. Missouri Pacific..... Missouri Pacific pf.. Monsanto Chem 1% . Montgomery Ward. . Morrell (J) & Co (2). Mother Lode. . Motor Products. Motor Wheel Mullins Mfg 6 Mullins Mfg pf. 1% Marray Corp. . 11% Nash Motors (1) 1'% Nat Acme Co 811 Nat Biscuit (2. 5% Nat Cash Reg (A 10% Nat Dairy Prod 1.20. Nat Distillers. . . Nat Pwr & Lt (1). Nat Steel (50¢c)... Nat Surety....... Nat Tea (60¢c). Nevada Con Copper. N Y Central.... NCChi&StLpf.... # N Y N H & Hartford. N YNH& Hartpf.. N Y Ont & Western. . N Y Shipb’ldg (10¢) . N Y Shipbldg pf (7). Noranda Min (a1.10). Norfolk & West (8).. 4 North Am Aviation. . 17% North Am (b8%stk). 55 North Am Ed pf (6). 10% Northern Pacific. ... ————— L 4% Ohio Oil........ . 1% Oliver Farm Equip. . 3% Oliver FEQDrpfA.. 10% Otis Elevator(60c) 14 Otis Steel. .. 44 1 17 29 108 1 18 39 30 2 30 22 9 16 8 . 6 2% Otis Steel pr p! . 3008 31% Owens Ill Glass (2).. 49 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. - NEW YORK, March 21.—Following is today’s summary of corporation news repared by Standard Statistics Co., E’lt.. New York, for the Associated Press. Aircraft. Consolidated Aircraft Corporation 1932 deficit $318,947 vs. deficit $177,449. Automobiles and Trucks. White Motor Co. net loss for 1932, according to preliminary figures, was $3,618,000. Automobile Parts and Tires. Seiberling Rubber Co. reduced tire prices 212 to 10 per cent. Building, Real Estate and Related Lines. International Cement Co. increased price of product from its four mills located in Pennsylvania, New York, Indiana and Kansas by 10 cents a barrel; also increased wages at those mills by 10 per cent. Food Products. Coca-Cola Co—President states com- pany will acquire Coca-Cola Bottling Co. (Atlanta) through exchange of shares; latter will continue to operate as a separate unit. Mickelberry's Food Products Co. 1| passed quarterly dividend on preferred stock, last payment on which was 87! 12| cents, January 2. Household Products. PENN MUTUAL LIFE REPORTS GOOD YEAR ‘The eighty-fifth annual statement |of the Penn Mutual Life Insurance | | Co., issued by President William A Law, together with itemized figures | transactions during 1932, ves the total of payments to policyholders | ch | and beneficiariees since the companv | was founded in 1847. As to 1932, at |the end of the year the company had | $2,008947.312 of insurance in force, | under 510,652 policies and during | year 44921 were issued and paid for, | their total being $163.081,151. New insurance, while not so large as in 1931, was nevertheless large in | volume, indicating that in spite of the | depression there is still available a great | reservoir of money for investment and | for the protective functions of life insurance. The company’s assets in- creased $17,985,008, now standing at 1$514,588,274. |, Total receipts were $107,343,150 and total payments to policyholders were $70,961,473. - INVESTMENT TRUSTS NEW YORK, March 21 (#).—Over- the-counter market: (Quetations as of 12 o’clock.) Am Bank Stock Bullock Pund .. Cumulative Tr 'Sh rporate Trust . | Corporate Trust A'A: | Corp Tr AA MOD. | Corporate Trust Accu Corp Tr Accum Ser MOD.. Dividend 8hrs . Fund Aluminum Goods Manufacturers’ 1932 | u*y" common share earnings 10 cents vs. i7_cents. Kelvinator Corporation recalled 500 employes laid off during bank holiday. Machinery. Chicago Pneumatic Tool Co. 1932 deficit, before minority interest and after foreign exchange loss, $836,544 vs. deficit $621,033. Metals (Non-Ferrous). Eagle-Picher Lead Co. subsidiary, Eagle-Picher Mining & Smelting Co., reopened Bendelari Mills, re-employing about 750 men. Miscellaneous. ‘Household Finance Corporation de- clared a dividend of 75 cents each on class A and B common stocks; pre- viously 90 cents a share was distributed quarterly on each class. Minnesota Mining & Manufacturing Co. declared quarterly dividend of 72 cents on common stock; previously 1215 #|cents was paid quarterly. Railroad and Railroad Equipment. Ann Arbor R. R. January net loss 358,0'“;.’ 3"; net loss of $54,088 in Jan- inols Central R. R. January net loss $751,556, vs. net loss $706,926 in 4| January, 1932, 3 Lon; g Island R. R. January net in- come $126,962, vs. $32.512. Louisville & Nashville R. R. net in- come January $23,694, vs. net loss $747,233. Southern Pacific Co. net loss of sys- tem in January $2,634,000, vs, net loss of $2,394,552. Union Pacific R, R—L C. C. refused reconsider that part of its recent order authorizing consolidation of sys- tem properties of company in so far as it requires an agreement to include Pacific & Idaho Northern Ry. and Laramie, North Park & Western R. R, at_their commercial value. Wabash Ry. January net loss $857,371, T190 190 1044 4% B ats . ufE TRSATERE Trusteed Am Bk PROPERTY NEW YORK EGG PRICES NEW YORK, March 21 (Special) — Quotations for eggs in the wholesale 1 “:lhl l:;rlelt today were: xed colors—Special packs, 15a16% ; standards, 14';a143,; storage packed | firsts, 14al41;; firsts, 1312a133,; sec- | onds, 13; medium, 121;a13; dirties, 13; ecks, 111581134, Whites—Nerby selected, 1915a201;; Western receipts, specials, 17i;a181, packs, 16a18; standards, 15a15%;. _ 1,000 Return to Work. DETROIT, Mich., March 21 (®).— Officials of the Wayne Body Plant said 500 persons returned to work there yesterday. The Kelvinator Corporation announced 500 employes, laid off over the banking holiday, also returned to | work. | s et SILVER QUOTATIONS. NEW YORK, March 21 (#).—Bar sil- ver steady: unchanged at 273%. | NEW YORK BANK STOCKS NEW YORK, March 21 (#).—Over- i | the-counter market: . Quotations as of 2 o'clock. BA! Bk Manhattan (2) se Natl (2) . Commercial (%) “th Ave (*44) Natl City (1) .. | Public (2) ... TRUST COMPANIES. Bankers (3) . Bklyn Trust (4) Cen H: ) 791, R th 1535 :ll-lsnfird.l, 16%al7; undergrades, 15127 Browns—Nearby and Western special | Apartment House MANAGEMENT B. F. ALL those problems which you are now:called upon to decide in connection with the management of your apartment house properties will be trans- ferred to us when you place them in charge of our Property Management Department, It means you get expert serv- ice in every detail—an invest- ment you will find profitable, because the fee for this service is very nominal. SAUL CO. worth declined on doubts about the maintenance of the present dividend rate. The tobacco stocks were under mild pressure and the motors were heavy. Announcement of reductions in tire prices affected the rubber shares. In all of these there was doubtless con- siderable short selling. That may have been the main factor, although it is xm&mibk to speak positively on that point. ‘The contrast presented by the rails was striking. They were fractionally lower in the first hour, but put up good resistance. Delaware & Hudson rallied from yesterday's close along with New York Central. Sugar stocks were not down materially either. The alco- hol shares seemed to have discounted the legalization of beer and were quiet, but Coca-Cola had another setback. ST i U. S. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for March 18 were $34,963,576.01, expenditures, $25,19Q,~ 801.08; balance, $453,169,263.56. Cus- toms duties for 18 days of March were $8.488,222.04. Small Loans Are Safe! ‘The history of Industrial Bank- ing Corporations is an enviable one, especially through the depres- sion. An opportunity is now avail- able to investors to participate in the earnings of a sound institution, 'mtl;fih is extending its service to the public. Address Box 248-M, Star Office YOU'VE WAITED FOR THIS IGHT now, when you need additional protection . . . and when your investment funds are low, MUTUAL BENEFIT Agents present Permanent Life Insurance Protection . . . participating ordinary life policies with cash surrender and loan value ... on s mew step-up premium plan with the first year premium of $11.25 per thousand at age 30, $13.88 at age 40. Available from 15 to 60. ¥ e e A U Call the man who has been 925 15th St. N.W. MORTGAGE NA¢l 2100 LOANS first two months of 1932. P -:f;br&;?s. “féaé?.i;’,"‘e’cc"“ nst 10% Dominion Stores 1.20 ., against net 3 10% Doug Aircraft (75¢). income of $1,470,462 in February, 1932. s O Do e (R 17% Diamond Match (1).. = 12 Dome Mines (11.30). serving you: Raymond L. Bland George C. Campbell James A. DeForce —1 |vs. net loss $957,095 ‘”“‘ Steel and Iren. —-2% Steel Co. of Canada, Ltd., 1932 com- Today’s Trading on D. C. Exchange. 2% Dresser(SR)Mfg(B) Trading on the Washington Stock Exchange today was confined to Poto- mac Electric Power 512 per cent pre- ferred stock. On g very small turnover the stock changed hands at 105%. ‘The governors of the exchange added Woodward & Lothrop common and preferred stocks to the trading list, yesterday. At today's session 21 was bid for the common: and 105 for the preferred. Mergenthaler Linotype also appeared on the list again today. The market closed with 20 bid for this issue and 25 asked. Peoples Drug Stores pre- ferred, Emerson‘'s Bromo-Selzer “A’ and Lanston Monotype have also been added to the exchange list since the market_reopend. For Peoples Drug prejerred wd-f- bid was 65, while 40 was offered for Lanston Monotype. The bid price on Emerson’s Bromo-Selzer was 23%; and the asked price 25. “Broadly considered, general business re-established its equilibrium last week,” says Standard Statistics “ from recent stagnation levels already has started and probably will continue through April and well into May. Dur- ing this , early March losses should be regained and some extension of the previous gradual uptrend may be recorded. Unless new constructive influences appear by this time, however, industry may again be halted by.lack of buying g % 31 Drug Inc (3). 32% Dupont de Nem " 99% Dupont deN db pf(6 1% Eastern Roll Mills. .. 50% Eastman Kodak (3) 3% Eaton Mfg Co. 11% Elec Auto-Lite 1 Electric Boat. . 1 Elec & Musical Instr. 31 Elec Pwr & Lt. . 7 Elec Pwr&Lt $6 pf... 10 Elec Pwr&Lt $7pf... 21 Elec Storage Bat (2). 26 Endicott-Johnson(3) 4 ErleRR. 5 ErieRR1stp; 3 ErleRR2dpf 3% Fairbanks-Morse. 3 Fashion Park As 9% Firestone T&R (1), 42 Firestone T&R pf(6) 43 First Nat Strs (3%). 2% Follansbes Bro 18% Fourth Nat Inv 1.10. 14 Fox Film (A)....... 23% 12 Frankin Stmon pf(7). ? 4% [ 20% 16% Freeport-Texas (2).. 1 Gabriel Co (A) l:* Gen Am Inv pt. 6. Invplww 2% 2% 1% % Th 32% 27% 1% 1% Packard Motor Car.. % Paramount Publix... % Park Utah.......... % Parmelee Transport. 5% Patino Mines..... 25% Penick & Ford (1)... 19% Penney (J C) (1.20). % Penn Dixie Cement. . 13% Penna KRR (h50c).... 49% Peoples Gas Chi (5). 4% Pere Marquette pf. .. 88 L3 3 1 7 n 6 Pere Marquette pr pf 140s 4% Phelps Dodge. . 29% PhilaCo6% (3)..... 2% Phila & Read C&1I... 4% Phillips Petroleum. . % Plerce Petroleum. ... 9% Pillsbury Flouéuoe) 1% Pitts Screw & % Pressed Steel Car.... 19% Proctor & Gam(1%). B55% 87% Public Sve N J(3.20). 19 1% ™ % 70 Public Sve NJ pt (5). Pub G&E pf (5).. 18 Pullman Corp (3). 6% Radio Corp pt (B)... 1% Radio-Keith-Orph... & Raybestos-Man (600 aa 5 PR ) oL T SO UG 1 P mon share earnings 27 cents, vs $1.07. MONEY MARKET. NEW YORK, March 21 (#)—The tinued easy today with rates showing little variation. ‘The official renewal rate for call money was 3 per cent, col with 'Ferris, Woodroof & Lewis, Inc. 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