Evening Star Newspaper, March 25, 1933, Page 13

FINANCIAL DECLINES IN BOND - MARKET CONTINUE Week End Session Marked by Heavy Selling of Ger- man Issues. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 25.—The week | ended with a substantial decline in| nearly all classes of bonds from the| level prevailing last Saturday. ‘The losses were greatest during this period in United States Government | long-ternh loans, in German issues and | in numerous inactive industrials and| public utilities. The net changes were | smallest in the speculative rails in spite of the reaction that took place in them in the second half of the week. There was again today heavy liquida- tion in nearly all German loans, reflect- ing the belief that eventually some adjustment downward in interest rates will be compelled by the Hitler regime. The government 5!5s declined balow 49, and were within a fraction of the low of the year. The 7s, which are a a first lien on all of Germany's rev- .enues, had a fractional drop. The largest losses in this group were in the German Central Agricultural Bank 6s. These dropped from 1'; to 2!, points, with nearly as great a reaction in blic utilities and industrial loans. nch 712s recovered nearly all of yes- terday’s loss. United Kingdom 5s ad- vanced a full point to 105. In the United States Government list early losses ranged from 13 to 3. ‘The Treasury 4s, which sold last week above 105, were quoted as low as 10315, and the Treasury 4s were 1063, against 1091y, There was some im- provement in these issues before to- day’s closing. Scattered through the rail list were losses ranging from 3 to 1l: points and mainly in the lower-grade mort- gages. Western Union 5s declined 1 to 2 points and International Telephone & Telegraph issues were off 1, to a point. The New York traction bonds were quieter but holding a good part of the week's gain. United Drug 5s lost nearly a point, but United States Rubber 5s were steady. International Telephone & Telegraph debenture 5s ‘were quoted around par. o PRICES FOR LUMBER PRODUCTS ADVANCE Ten to 20 Per Cent Gain Follows Heavy Buying Orders in Recent Weeks, By the Associated Press. CHICAGO, March 25—C. B. Cun- ningham, Chicago lumber broker, said prices for virtually all lumber products have advanced 10 to 20 per cent in three weeks, due to new and heavy buying. The market is now dominated by sellers, rather than buyers, Cunning- ham said. “The broker and pobber today find it more difficult to deliver their orders than to sell them. It will require a minimum of six months to ship orders recently placed for millions of white oak beer barrel staves urgently needed now.” he added. “Building projects, dormant for two years, are again in a contract status. ‘Tangible results of the past few weeks indicate a major upturn in lumber prices, production and distribution.” Markets at a Glance NEW YORK, March 25 (#).—Stocks {rregular; early losses partly recovered. Bonds irregular; German issues heavy. Curb easy; trading dull. Foreign ex- changes easy; gold currencies sag. Cot- ton quiet; trade and spot house buying. Sugar quiet; trade covering. Coffee barely steady; poor spot demand. Construction Contracts Gain. NEW YORK, March 25 (#).—Con- tracts awarded for heavy construction in the week ended March 20 totaled $9,384,000, against $8,339,000 in the previous week, says Engineering News- Record. Many scheduled bid openings have been postponed until next month. DIVIDENDS :QNNOUNCED NEW YORK, March 25 (A).— Extra. Munsey Trust Co (Wash, D. C).. .25c .. Apr. Initial. Bupervised 8hs Inc.1%c .. Apr. 16 Increased. Peter Paul Inc....26c Q April Reduced. Arkansay Pow & Lt 1 Mar.22 Mar. 31 58¢ Q Apr. 3 chmond, Va).80c @ Apr. Brookville Tr' & Sav. Bk _(Ont) 2! Cieyeiana Uhion S, Vards B';m“ 12%e @ Aor. e 37%e @ Mar. i 28c Q@ Abr. & Tr.25c'Q 8t Paul Un St Yds.50c Q Apr. Omitted, ~ (J T) Chemical :fi‘err ]nn nlk. b'l‘SI v’T‘S tizens' Tys 4Hen‘d'n,"r5 C). i‘l*-;c .. Apr. Conn Gen Life Ins.20c Q Apr. Flour Mills of Am S8 pf A.........81., APL. Hoimes (D i) o o.oSl 50 .. Apr. QiR Jhhins PARY7s @ avr. Deferred. rst t Bk of :Iu’x‘n"x%{:‘.;”p:aima“‘ - 8t Bk of Kenmore.30¢c Q Mar. Regular. fl"'"fl PI;”? . P .\unc M May napolis Dairy Bro pf _ ot $1.75 Q Mi Asso ust s Bibb Manuf Co. Bridge Hydrauli Buffalo Ins Co California Or % DL .. : S b (. Ga).10c Q Apr. f-:fsl.so 8 Sonn.£2:78¢ & 30c Q r. Abe Apr. k) . rd & Taylor .82 .. 25¢ Merchants Rerfiig, 25¢ g $1.50 P&L % P apr 6_pt. Apr. \pr, 15 Mar. 31 b g 1 Mar 20 Mar. 31 Jan. 20 Mar, 24 ovident Sav ‘Bank 3 R Mar. 20 (Cinn), Wells Fargo Bk & BOND UNITED STATES. (Bales are in $1,000.) High. - Low. Close. Lib3%s32-47... 10018 10013 100 18 Lib 1st4 s 32-47. 10117 10114 10115 Lib 4th 4% 5 33-38 10114 10110 10112 US3s51-56. 9630 9619 9619 US3s46-49, 986 9727 9731 US3%sM41-43. 1006 100 100 US3%sJ40-43.. 1007 1002 US3%s43-47... 1006 1000 US3%s46-56... 1024 10128 U S 4s 44-54. 103 27 103 16 10324 US4%s47-52... 1072 10623 1072 Bales. High. Abitibl P&P 53’53, 2 12% AdamsExp4s'48.. 1 .21 Allis-Chalm 5s'37. AmFP5s2030.... Am Sm&Ref 5847, Am Sug Ref 6s'37. Am T&T 41%5'39.. Am T&T c tr 58 '46. Am T&T deb 5s'60. Am T&T deb 5s '65. Am T&T 5%s"43. . Am W W & E 6875 Argentine 55 '62. Argentine 6s ‘69 Ju Argentine 8s ‘59 Oc Argentine 8s B ‘68 Low. Close. 1 12% 57 13 - s i eaa »palonreRhnenma e B enn Atchison gn 4”9 Atchison 4338’48 AtICL col 4s'52 Atl Gulf&WI 58 Australia 4%8°56 Australia 58’5 Australia 58’57 Austrian 75 '57 B&O1stds'4s B&O 41560 B&OTef 58'95.... B&Orf 58 D 2000, B&OTf63C'95. . B&OP&EWYV 4 Batav Pet 4% Belgium 6s Belgium 7s Belgium 78 '56. Bell Tel Pa 53 B'48. Bell Tel Pa 55 C'60. Berlin Cy El 65°55.. Berlin 638 5/ Berlin CEl 61s'59. Beth Stl pm 5s'36.. Bos & Me §s°'55 Brazil 638" Brazil 6%s 2’ Brazil CR 78 '52... Bremen 78 °35...... Bklyn Ed5s A '49.. Bklyn Elev 6% Bklyn Man 6s A '68 Bklyn UnGas 5s'57. BR & Pitts 41857 Budapest 6s'62.... Canada 4s°60 Canada 4%s " Canada 5s'52 . Can Nat Ry 418’51 v = Savec~allva=Swa cronBanrns Can N Can Nat 55 g Can Nor deb 75 '40. Can Pacdeb 4s. ... 4 ctfs. BRAMmame—N a-ed Can Pac 4%s 46, Car Clin & O 68’52, Cent Pac 1st 4849, Ches Corp b5 '47. C&Ogen4%s's2., C&O4%sB'9S C &0 con5s'39.. CB&Q 11l 4549 Chi Grt West 4 C M StP&P 5s Chi&NW gn 3% Chi & NW 43549, Chi&NW rf 55 2037 Chi RI&P rf 4s°34. ChiRI&P 41852, ChiRI4%s’60.. CTH&SE in 55'60.. CTH&SE 1st 55'60. Chi Un Sta 415 °63. Chi Un St 55 °44 Chile €s°61 Jan Chile 6561 Sept. Chile 7s’42. . - - Chi Mtg Bk 6%61. CCC&St L 414 sE'TT Cologne 65 '50. Colomb 6561 Jan Colomb 6s°61 Oct Colon Ol 6s°38...... Colo & Sou 4%s ‘80 Col G&E 55 '52 May Com Inves 515 '49. Cons C Md rf 5550 Con G NY 4%s°51. Con Gas N Y 55 '57. = L e Oy N P T Ll 1 =TI LI LT I T ISR OP WS » ) Cuba Nor 5148 °42... Denmark 4135 '62.. Denmark 5158°55. . s Denver Gas 5851 D&RGren4 D&RGr4%s'36.. D&RG W 58'55.. Det Edison 5s°52.. Dodge Bros 6s 40 Duquesne4 %3 SA’67. DEI15%s'53 Mar.. Dutch East I 6s'47.. Erfecv4s A'53 Erie gen 4s Erie ref 5s " Erleref 5s'75 Fiat deb 7s'46. Finland 7 French Gv 7% Gelsenk'iten 63 '34. Gen Baking 5% 540 GenPSv53s8°39., Ger Cent Bk 6538, . Ger Cen Bk 6s'60 J Ger Cen Bk 63 '60 O Ger Cen Bk 75 °'50. . Ger Gen Elec 6s'48. Ger Gov 5138 °65. ..! German Rep 78 '49. GoodHopeS&I 75'45 Goodrich 6s 45 Goodrich 6%5'47.. 6 Goodyr Rub 58'57.. 1 Gt Brit&Ir 5148 °37 274 Grt Norgn7s'36.. 6 Hudson Coal 55’62, 5 Hud & M adj 55'57., 1 111 Cent 4%s " .6 11l Steel db 43 8'40. 2 Int Rap Tr rf 6566122 Int Rap Tr 6s°32... 11 Int Rap Tr 7s'32... Int &G Naj 6s'52.. Int Hydro El 65'44., Int Mer Mar 65’41, IntT&T4%s'39 IntT & T 5856 Italy 7s8°5 Italy Pub Japanese 534865 Japanese 634s'54. . Kan CF S&M 45’36 Kan C P&L 43%s'61 Kan City Sou 38’50 Kan City Sou 55’50, Kan City Ter 45'60. Kan G&E 4%=s'80.. Karstadt 6s°43. . Lake Shore 345’97, Laclede Gas 5% '34.. Laclede 5%s C'53. Leh Valcn 4s 2003, Lig & Myers 58’51, Loew's 68 "41 Lorillard 58°51.... La & Ark 6369 L &N4%sC2008.. Lyons 6s'34. McKes & R5% Manhat Ry cn 4890 Marseille 6s '34 Milan 6%s '52. Mil E Ry&L 5 Mil E Ry&L 5 MSP&SSM 53 MEK&T4sB'62 MK&Tadj5s Mo Pac gn 48°75... Mo Pacrf5s A'65.. Mo Pac5s F'77.... Mo Pac 58 G '7! . Mo Pac 5s H'80... Mo Pac 5s1°81 Mo Pac5%s A'49.. Mont Pow 5s°43. Nat Dairy 538" Nat Steel 5556 NEng T 1st bs » Rvwad GeNe 9 o Barn aaaamaa ernaes o wBERRpaa S k3 [ 19 2 1 4 - e - O R L L . T - (ORI 5 w‘TI Of“flt!brgn $3.25 Q Apr. C58%" 5% G..281.60 Q@ Avm. 16 N J Power 6s" NOT&MS5sB'54a THE EVENING STAR, WASHI ON NEW YOR STOCK EXCHA Recelved by Private Wire Direc to The Star Office. i 4 8al 8 Wales 5s'58. . Cent db 4s'34. Cent 45°98.. ... Crf4%4s2013n 17, 42 Crf5s2013... 12 47% Centdb6s’36.. 4 B1% 51 51 Edison 5sC'51. 2 105 104% 105 981 98y 98y 54% 54% B4k 4T% ATH 4T 57% W Y Y T x ¥ 42° ez 4T 4% 22222227 NY Rys Inc 6s'65. 119 N Y Tel gen 4%s°39 11 NY W&B 41;5'46.. Nond 63850, Norf Sourf 5s°61.. Nor & Wn div 45’44 Nor& Wn cn 4s'96. Nor Ger Ltd 6347, NorOT &L 6s'47. Nor Pac 11 6s 2047, Nor St Pw 5s A 41, Nor St Pw 6s B ‘41, Norway 53s'65... Norway 65 '43 Norway 6s'44. . Oreg-Wash 4s'61. . Pac G&E 55'42.... Paramount 6s *47.. Paris Or 514568 Penn 4% s D'81. Penn cn 415 ‘60 Penn gn 4158 '65 Penn 4%s D 70, Penn 4%s63. Penn gen 5s ' Penn 61536 Penn P&L 418 Pere M 1st 55 '56 Peru 65’61 Peru s’ Phila Co s Philippine R 45 '37. PCC&StL 435 C17 Poland 7s '47 B Poland 85 '50. Port Gn El 1% Porto Alegre 85'61. Pos Tel & C 55'53.. Prussia 6s 5 Prussia 61s'51 Public Serv 4s'71.. Pub Sv G 4%s'67.. Pub Sv G 4%s°'70.. Pure Of1 534 s '37 Pure O11 5%s°40. .. nd 6s "47.. land 7s'41.. Rem Arms 63A '37. Rhine West 65 '52. . Rhine West 6s°53 Rhine West 68 °55. Rhine West 7s 50 R Gr do Sul 85'46. RIAr& L 4%s'34 Rome 6%s'52 Rumania 7 StL IM R&G 4s'33. St L&SF 45 A "50.. StL&SF 4%5'T8. StL SF 434 s'78ct 5t St L SW 1st 5s'52.. StP&KCSL 414s'41 St P Un Dep 5572, Saxon P W 6%s'51. Saxon 78 *45. . Serbs-Cr-S1 85 °62. . Silesia Prov 7s "58. Sinc Oil 6% s B '38. Sinc OIl 78 A '37... Sinc P L 55 '42 Sou Bell T&T 55'41. Sou Pac col 45°49.. Sou Pac 415’68 Sou P 4%8'69 ww. Sou Pac 4%s'81 Sou P&OT 4 %8A'TT Sou Ry gn 4sA’ Sou Ry 55'94. Sou Ry gn 68 ‘5 Sou Ry 6%8'56.... Sou Ry M&O 4s'38. SW Bell T 5s A "54. StOIIN I 5s°4 3TH 874 * T4 100% 100% 100%, 3% s:fi 3% 93% 381 DO DD AN © G0 59NN P D [orres 101% 101% 101% 70 69 70 66% 66 66 80% 80% 61 4% 47 - e e @ TS NS R RAN R M RN =B RS~ i=19-1- THOpSIo) - 1 Studebaker 6s 42.. Sweden 55 '54. Swiss6%s 46. Talwan E P 5%s'71 ‘Tex Corp cv 58 *44. Tex & Pac 53 B '77. Tex & P5sC'79... Third Av rf 4s'60.. Third Av adj 55'60. Tob P NJ 6% 2022 ‘Toho El Pw 7s '65.. Tokio 5%8°61..... Tokio E1 Lt 6s°'53.. Union El L&P 58’57 Un Pac 1st 48°47... Un Pac 4%s67.... Unit Drug 5s°'63... U 'S Rubber 5s°47.. UnSt W 6i4s A'47, UnSt W 6%s A'51. Un St W §1s C Uruguay 65’60 Uruguay 6564 Uruguay 8s'46.... Utah P& L5s'44.. Utll Pw 5859 ww.. Util Pow 5%s°47.. ‘Vanadium St 58’41 Vienna 6s '52. Va SW 1st cn 5 Wabash 41878 Wabash 1st 55'39., 3 Walworth 6s A "45. Warsaw 78’58 ‘West E1db bs " West Md 1st 4552, West Md 5%s8°77.. West Pac 58 A "46.. West Un cl tr 5838 ‘West Union 65 '51. K1 SNRHa~ ARNRARRCNRAN RS BN D RD P o ) SR8 e Wil-O 18t 6%s'33. . Yokohama 6s'61. .. Ygstn S&T 6s A'78 35% 44% 57% SPECULATIVE ARDOR WANES DURING WEEK Barometers Show Business Is Mak- ing a Rather Slow Recovery From the Depression. 35% 44% 8 57% By the Associated Press. NEW YORK, March 25—Enthu- siasms aroused in speculative markets by the country’s emergence from its financial crisis waned this week as in- dustrial statistics disclosed the disloca- tions which trade had suffered from the banking troubles. Legalization of beer, plans for farm and unemployment relief and for as- sistance to the railroads and mortgagors, especially farmers, as well as reports of prospective government refunding op- erations, kept Washington news in the headlines. It was evident, however, from the figures on steel production, car loadings and electric power output that business was recovering but slowly from the paralysis that accompanied the Natlon-wide closing of banks. Nevertheless, the week witnessed ex- tension on the striking gain in bank- ing confidence that had begun with the Teopenings. Just as currency circula- tion had increased by record-breaking amounts as the crisis reached its peak, 50 now money has been back with unprecedented rapidity. Currency in curculation declined $661,000,000 in the week ended Wednesday. —_— New Refrigerator Models. NEW YORK, March 25 (4#).—Electrio refrigerator circles hear that radical changes in design and pricing of small mechanical refrigerators at figures well below previous lows will mark the in- troduction of 1933 models of major companies. Rayon Buisness Fair. NEW YORK, March 25 (#).—Reports in the rayon trade indicate that mills are booking a fair business in 100-denier styles. Market followers of the itting is ofl“gg'tmmeman muu cuf Wt out advan of the industry. 110 Recalled to Work. 80y The 1| tionn GERMANSMAINTAIN INTEREST ON BONDS Service on Dollar Loans Next Month Expected to Be Met. Special Dispatch to The Star. NEW YORK, March 25.—Interest payments are due April 1 and April 15 96 “lon about 25 per cent of the total Ger- man dollar loans floated in the United States. There is no present prospect of a default on any one of the 22 sepa- rate issues which carry April coupons and represent a par amount of $300,- 000,000. In this list is the German external issue of 1924, commonly known as the “Dawes loen,” which has been reduced from the original amount of $110,000,000 to about $76,000,000. Its semi-annual interest of 31, per cent is due on April 15. Other substantial loans of which the service charge is to be met mext month are those of the State of Prussia, City of Berlin, #he Central Bank for Agriculture, the Berlin City Eectric Co. and the Berlin Electric Elevated & 89% Underground Rallways Co., the Electric Power Corporation of Germany, the Rhine-Westphalia Electric Power Cor- poration, the Ruhr Gas Corporaticn and Hugo Stinnes Industries, Inc. Already funds have been received in New York by the paying agents for moct of the issues with coupons due April 1 or April 15. It is interesting to note that this list includes two Ger- man municipalities that have been unsble to meet the service of the debt contracted internally. It is proof of the strength of the German situation that for nearly two years after it be- came necessary to declare a moratcrium on German reparation payments there has been an uninterrupted flow of funds from Germany to the United States to meet the periodic cervices on all the government, municipal and corporation external loans held in this country. present dominance of the Na- nl Socialist party in Germany, the removal of Dr. Hans Luther as the head of the Reichsbank and the ap- intment -of Dr. Hjalmar Sthacht as mclfusor m:y bring a c)‘mtxgeni_rd\ the cy of the government tow: its g&emnl debt before the October coupons of the bonds cited above fall due. Judging from the contradictory reports that have come from Germany there is a division of opinion in the ranks of the Hitler party rcg‘lrding.lhe policy to be pursued toward what “are classified as commercial loans in con- trast with political debts. Powerful members of the Hitler group have been advocating a reduction in interest charges on dollar loans for more than a year. So long as the influence of Dr. Luther was felt in the Reichsbank, no attempt was made to change the status quo. Since his appointment to head the government bank, Dr. Schacht has stated that he considered it necessary to mgintain the integrity of the exter- nal debts. He has not, however, made a clear pronouncement concerning his policy toward the interest on these debts. The general belief is that he inclines to a reduction in it as one of the means of rebuilding German credit, which, it is claimed, has been | greatly affected not only by these an- nual payments, but by exhaustion of gold resources in a cutting down of the principal of the short-term debt }nld in the United States and in Eng- land. Many of the German loans have sinking fund features. These compel large annual amortization payments. In the aggregate they present a sub- stantial total for which exchange must be created each 12 months. It possible, therefore, that before inter- est rates are reduced it will be the policy of the present government to abandon payments on sinking fund ac- counts. This would impose no hard- ship on American holders of German dollar loans, although it might have some price effect by removing a sta- bilizing market factor. It is a relief measure that other foreign borrowers in dollars, as for instance some of the South American republics, have been considering for a long #ime, but have not yet put into effect. Large amounts of German dollar bonds have been repurchased for Ger- man account as well as by investors in the Scandinavian countries, in Swit- zerland and in Holland. In spite of the radical political tendencies that have developed in Germany in recent months, the average price of German dollar loans is substantially higher than a year ago. (Copyright, 1933.) STATE DEPOSITORS’ CORPORATION URGED Maryland House of Delegates to Consider Bill for Protection of Public’s Funds. By the Associated Press. ANNAPOLIS, Md., March 25.—The creation of a “Maryland State Bank Depositors’ Corporation,” which would hold funds of the banks in the State as an insurance to depositors for the re- turn of their money, was proposed in the House of Deiegates yesterday. ‘The corporation virtually would take over the duties and powers of the State bank commissioner, and its board would be composed of the State bank com- missioner, the attorney general and the State controller. The measure was introduced by Delegate Robert Benjamin, Baltimore, and was referred to the Committee on Ways and Means. lsr bamking bustnes, bus The-vpes regular ess, but the types of securities in which it would be al- lowed to invest would be limited to such as Government bonds. All of the banks in the State would be required to become a member of the corporation, and would be required to purchase stock in the corporation. By that means the corporation would ob- tain its initial capital. ‘The corporation would be empowered to open branches throughout the State. Special Dispatch to The Star. BALTIMORE, Md., March 25.—White | - potatoes, per 100 pounds, 85a1.00; new potatoes, b@ul, 1.2581.40; sweet pofatoes, bushel, 40a1.00; yams, barrel, 1.50a1.7! beans, bushel, 1.00a1.75; asparagus, dozen bunches, 2.0024.00; beets, per half crate, 75a1.10; cabbage, ton, 17.00a18.00; carrots, bushel, 50a60; caulifiower, crate, crate, 1.50a2. 008 eggplan crate, 1.5083.00; lettuce, crate, 2.75a3.50; onions, per 100 pounds, 1.00a1.25; lima : Soens ‘uanel, 2.3965.00; peppers 45a80; peas, el, 2.2583.00; peppers, bushel, 1.25a1.50; tomatoes, lug, so;?.'oo; radishes, bushel, 7581.00; squash, bushel, 1.00a1.75; turnips, basket, 25240 16; grape: X, 1. ; oranges, box, 2.00a3.50; tangerines, half 1.00a1.50. Dairy Markets. . a5, Doubiers, 18 o m’. 20821 chickens, 2 3 hens, 13a15; Leghorns, 9a13; old roost- ers, guinea fowls, Eggs—Receipts, 1,835 cases; current receipts, dozen, 113al2; duck eggs, fancy creamery, 17a20; ladles, 14al5; store 13a1215; proeess buttes, 14 Maryland- Markets Closed for Annual State Celebration Special Dispatch to The Star, BALTIMORE, March 25.—Today— M"g:“ day—being & legal holiday in the State, the stock market, grain exchange, banks and other financial institutions, as well as State and mu- nicipal offices, are closed. Notes and other financial papers fall- ing .due today are payable on Monday. URB SHARES HOLD INARRON TREND Price Changes in Leaders Are Small at Week End Session. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, March 25.—The Curb Exchange moved narrovly in today's | dull session. Electric Bond & Share was off a fraction and Cities Service was mi- nutely lower. Standard Ol of Indiana and Humble Oil were unchanged. Americar Gas & Electric receded on a few offerings. Although week end trade news was | cheerful, some specific developments | favorable. This was especially true of dividend actions and income statements. Gray . Telephone Pay Station had dis- continued the omission of the quarterly payment due at this time. There had been no recent hint %f a further scaling of disbursements on gun}z:lnjum t:or &“ America preferred, sg e halving of t payment, compare with the rate paid three months ago, | brought instant offerings which m.&m | stock back more than 2 points. American Hardware had failed to imcu:zn ‘l;’edlfinm:h of t;xe annual rate from , though earnings so foreshadowed. various preferred issues of Northern Indiana Public Serv- ice were reduced. Although Public Service of Indiana declared the usual quarterly preferred dividends, this ac- tion was not sufficient to offset un- | favorable acts of other directorates, | With the result that senior power and light shares generally were heavy. | The “beer stocks” again were bid ! for, notably Armstrong Cork and Amer- | ican Beverage. Gold mines hardened. | Some of the speciaities such as A. O, | Smith Corporation and Novadel Agene, which was ex-dividend today, were wel] taken. Northam Warren Corporation | convertible preferred was off a point | after its recent rise of 3 points. Trade Trends | By the Associated Press. Chemicals.—Petroleum refiners ar sald to be calling for increased qulmlf tles of alkalis against unfilled orders. Alcohol distillers report a fairly active industrial demand for some trades, | Canned foods.—The market has been |featured this week by a further ad- | vance in_the price of Maryland to- matoes. Buyers are said to be showing less resistance to the upward trend. Dyestuffs.—The silk and cotton goods trades are taking less material, but is | other sections‘ of the textile industry have broadened their requirements, selling agents report. ‘Towels—Manufacturers report a fair flow of small orders, mostly for prompt shipment. The small price advances made effective last week are reported holding. Tin.—Shipments of concentrates in the tri-State district last week, 764 | tons, are sald to be the smallest on record. Reopening of idle mines indi- cates some increase In production in the near future. Percales—The market is experienc- ing a lull following the activity prior to the opening of cotton exchanges. Sell- ers are optimistic on the future, believ- ing that a considerable volume of goods wl?l be ordered before the season closes. VIRGINIA APPLES SELL AT PREMIUM IN ENGLAND Special Dispatch to The Star. WINCHESTER, Va., March 25— Englishmen conunuehm pl:y a %umlum for h-grade apples from Virginia, nccorltlixl‘fig to a cable report today from Liverpool and London, which stated that ~fruit ‘.r;relvlnz “loml.n (i}!mdhn points, duty , was only Ir con- dition, while that from Virginia was as a rule in excellent condition and packed tight. Virginia York Imperials brought $5.74 per barrel, Winesaps $5.23, Albemarle Pippins $6 and Ben Davis $4.28. Ca- nadian Ben Davis brought $2.91 and Stark_$3.26. At Hamburg the Virginia Ben Davis fetched $3.57, Genos $3.57 and Winesaps $4.23. CHICAGO STOCK MARKET CHICAGO, March 25 (#).—Following is the complete official list of transac- tions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. 50 Asbestos Mig 100 Asso Iny ] . o RS _w o rscans o we SR onk akshrs .. Stock Sales today—11,000 Market Averages By the Associated Press. STOCKS, 50 Loa :v:-avfi EEsusacp, DanES ! sassgtongsst taitas - i 0amonty! o BSononntd SEBR .. g.s.s s ¥ EIuBLE! s e " 832E325E8sI2ad P RSN R et s P (A<= RaN~1 23333d,, OARADSH £ SamaReES i e SR~k DSORN, 9220 N@a) 83! % 1S . JSeazaas 2 @IEIIS oy 300255 aavma 83222282323322 Bt or ik SRR High, 193 Eow: 103 High, 1931, .. Low, 19810 . 62 (Copyright, 1933, Stand. Statistics Co.) about individual corporations were less | Mid Sta Pet vtc A.. v TON, D. C. SATURDAY, MARCH. 25, 1933. FINANCIAL. ['N. Y. CURB MARKET Recelved by Private Wire Btock and Sale— Dividend Rate. Add 00. Migh. Low. Close. AlrlnvIncvte.... 1 Alum Co America . . 4508 | Alum Co Am pt (3) 4508 { Am Beverage. . Am Book Co (4)... Am City P&L B 15¢ Am Cynamid (B).. Am Founders. .. Am Gas & EI (31). Am Lt & Trac (2).. Am Superpower.... Ark Nat Gas (A) Armstrong Cork Asso Gas&Elec ( Asso Gas & E wa Atlas Utilities Atlas Ut pf A(3) .. Axton Fish(A)3.20. 50 Blue Ridge c pfas. BrillA....¢.. . Brillo Mfg (60¢)... Canadian Marconi Cent States Elec. .. Cities Service..... Cities Service pf:.. Cities Service(BB), 10f Clev El llum (1.20) Comwlth & Sou wr. Comunty Wat Sve. Consol Copper...... Copeland Prod Inc. Cord Corp (10¢). .. Cosden & Co c.0d.. Creole Petroleum. . Deere & Co........ Duval Tex Sulphur ElBd & Share b§%. 9; El Bd & Share pf 6. El1Bd & Sharepf 5. ElP&Lop war.... Ford Motor Ltd. Goldman Sachs. Gold Seal El new. . Great A&PT pf (7). Gulf Oil of Penna. . Hollinger Goldt80c Hudson Bay Min... | Humble Of (2).... 2 Imp Oll Ltd cou 50¢ 12 Inters Pwr(Del)pt. 30s Lake Shore M (2).. Mavis Bottling A. . Memphis Nat Gas. . - - S ForooHnonSwm - - e Ot » Fe3 sobomean 10% % 127% 30% 25% 1 Bra 25% 1% 2% 2% 2% 2% % 122 284% 5% 3% 41 6% 6% 26% 8 v 284 5% 3% 41 6% 6% 2 7 1 2 1 es R0 3 onesee # 3% % # | Shenandoah Corp. . & | Stand Ot of Ohio. . Direct to The Star Office. Stock and Sale— Dividend Rate. Add 00. High. Low. Close. Middle West Util. . L Mort Bk Col Am sh Mount & Gulf Nat Aviation New Bradford Oil. N Y Shipbldg (10c) Nor Sta Pwr(A) (4) Novadel Agne (5).. Pac G&E 1st pf 1% Pacific Lig pf (8).. Pan Am Airways.. Penroad Corp. ... Ploneer Gold (24¢). 2 Prudential Invest.. 2 PubSveInd prpt7 10s St Regis Paper.... 1 Security Allled Cp. 2 N 1 BN NN S 25s 2 8 Shenandoah pf. Smith (A 0).. Southland Roy 20c. Stand Ofl Ind (1).. d Oil of Ky (1) g Stand P&L pf (7). . 508 Swift Internatl(z) 3 Swiss Amer El pf..100s | Teennicotor....... * Tech Hughes (60c) Tobacco Prod Del. . United Corp war. United Founder: United Gas. }United Lt & United Lt & Pwr pf U S Elec Pwr ww., Utd Shoe Mch 215 Util Pwr & Lt.. UtilP&Lpt (7).. Util Equities pf 53 60: | Walker (H) pt (1). 8 | Watson (J W).... % % % | West AutoSuA(1) 2 104 10% 10% | Dividend rates in aoliars basea on last nuarterly or semi-annusl payment. *Ex dividend. fPartly extra. iPlus 4% in stock. | aPayable 1n cash or stock. b Payable in | stock. e Adjustment dividend. 1 5% | in stock. gPlus 6% in stock. hPlus 1% 1Plus 2% in stock. kPlus 10% in stock. mPlus 3% in stock. n Plus 8% in stock. ®Paid last year—no regular rate. 2 12 114 23 10% 34 1 8% 26 e BONDS ON THE CURB Bales geanaal aQ ge2iags L Asso G & E 4 18 Ass0 G&E 4'as 10As®0 G & E bs 37 19% 6% o1 3% 100 43 60Y% 80 3013 30 0414 1041 1 B3t 1 25 '58 @b Consm Power 5s ‘36102 Cudahy Pkg 5s '46. 100 1Cudany Pke bias 89 1o rstiret b oy ary E & G 5! 1Gen Bronze 6s 2 Gen Mot Acc 1Gen Refractr 8 Georgia Pw_5s 1 Gillette 8 51 48% 48 48% 8s 38 10042 1003 1002 b5 3 3927 92" s & FERES H 2957 PO RO 10! ) 5 B3 e e 3 511 B By B B N DI AB B NN D S 2o S NN DT D 0000001005 M DO DD DDN NI B 2Ry 22333 ST ERRRy5eE fn 31 P B 5 1013 101% 1 s Tesia e 3328EER R B P e 0. 90 90 101% 100% 100% g7 82 2 39 3 8815 34" 34 0% 53 68 68 61% 41% 88 3 41% 9 | 1 . apioc 20 NS EIE2BEEEY POy s Sme -y 5 Stinnes 7s '46 Xw Unit 78 Ww—With warrants. xw—Without warrants. A First Trust Loan on improved Real Estate INSURANCE of any kind’ REAL ESTATE you wish to sell or purchase: - INVESTMENT in 1st Mortgage Notes or Floyd E. Davis Co. 733 12th Street NW.' @ NATL. 0353 c ESTABLISHED OVER 40 YEARS RAILROAD EARNINGS ARE BELOW 1932 TOTAL By the Associated Press. NEW YORK, March 25.—Net operat- ing income of the first 13 railroads re- porting for February was substantially | below the aggregate of the carriers for | the same month last year, partly as a | result of bank holiday interference with | business. | These roads had total net railway | operating income of approximately $4,- | 324,000, compared with $6,027,000 in ‘Pebtrun.ry. 1932, a decrease of 28.1 per | cent. | Net railway operating income of roads | reporting today mc!u;];gz the following: 1932 | Pennsylvania 1,840,823 $2,767,049 Erie . 398,695 699,521 . MORTGAGE LOAN PROPERTY Apartment House by 925 15th St. N.W. We Pay S 70 to MANAGEMENT MORTGAGE SHOE TRADE WANTS COMMODITY ANS Head of Retailers Warns Dealers Not to Specu- late, However. By the Associated Press. CHICAGO, March 25.—A warning against speculation in the event of a | general advance in commodity prices has been issued to the retail shoe in- % | dustry, now swinging into its Spring sales season with stocks in a “healthy” condition. From A. H. Geuting of Philadelphia, president of the National Shoe Retail- ers Association, has gone word to the | organization’s membership that “no one |need fear an advancing market, hence ' | retailers should not indulge in specula- tion.” Declare Advance Is Needed. Leaders in the retail shoe business say a rise in commodity prices is the major factor needed to provide a normal tone for all activities in the industry— 4 | from ‘manufacture of hides to sale of | shoes. Throughout the last three years * | both employment and production have ib"n maintained at comparatively high | levels. ) Production of manufactured shoes was 12 per cent below “average” in 1931, and only 10 per cent in 1932, with production increasing in January and February from the low of last De- cember, according to reports to the | Chicago headquarters of the association, | A seasonal rise in output is expected to continue until early May. A safe rule for retailers, even in an advancing market, says Geuting, is to | buy according to needs of their busi- ness. He has warned merchants not to think of anticipating any advance in prices by buying beyond what their business requires. “Keep inventories at known reason- able levels and cash reserves as id as possible,” he has told retailers throughout the country. “Watch your overhead, pay close attention to your business and to giving services to cus- tomers. Rent Reductions. “When money begins to circulate freely again, as it will from the addi- tional currency that will flow through trade channels, people will be more in- clined again to be interested in good merchlandke, A larger sale of quality merchagdise will produce an increueyxn !heh‘d.ollar unit of sales, which is the most es- sential thing at this time to insure dealers a profit.” The association finds that about half its dealers, in attempts to reduce over- head costs in line with dollar volume of sales.uhave been able to attain ad- justments on rents, in many cases bringing reductions in long-term con- racts signed in prosperity . rge modern airport is being built A la at Rio de Janeiro, Brazil. RANDALL H. HAGNER & GOMPANY INCORPORATED REAL ESTATE Competent Management of Rental Properties in All Sections of the City GORRES PONDENT MANAGEMENT judgement which our Property Management De- partment exercises in the oper- ation of apartment houses en- trusted to its care is dictated long experience with every phase of management. We shall be glad to consult with you with the view of our rendering this service for you. The fee is very nominal. B. F. SAUL CO. NAr'l 2100 LOANS NOTICE We are prepared to act promptly on appli- cations for Loans on Real Estate in the District of Columbia. No Commissions Charged. Investing Members Columbia Building Association 716 Eleventh Street N.W. Member of Building Association Council of the District of Columbia