Evening Star Newspaper, March 28, 1933, Page 13

FINANCIAL. GOVERNMENT BOND LIST HOLDS FIRM Remainder of Market Dis- plays Heavy Tone in Quiet Trading. BY CHARLES F. SPEARE. Epecial Dispatch to The Star. NEW YORK, March 28.—United States Government loans were the lone important issues today to show a degree of firmness. This was conspicuous be- cause of its contrast to other bonds rather than for its size and extent. The general list was heavy, including some rather large losses in foreign dol- lar loans and in domestic corporation bonds of varying grades. The break in American Telephone & “Telegraph stock below 90 had its enti- | mental effect on the company's deben- tures, which were fractionally lower, but still about a point above the minimum made a month ago. The expected re- duction in the dividend on telephone stock will provide a larger reserve for interest payment on the bonds. There 3s no particular logic in selling them at this time. However, all high-grade issues are now under mederate pressure. This was indicated in the declines in Consolidated Gas of New York bonds and in the first mortgages of the Atchi- son and Union Pacific systems. The chief losses, however, were in semi-speculative bonds. Western Union 5s dropped 3 points on the poor show- ing of the company last year. Losses of 1 to 1': points occurred n Inter- national Telephone & Telegraph and Postal Telegraph issues, which contin- ued to reflect the unfavorable yearly statements published last week. United Drug 5s broke 2 points to a new low for the year. Dodge 6s were off 115! points and the same decline occurred | in Loew's 6s. Utilities Power & Light 5s went below 15 for the first time this year and American & Foreign Power 58 made a new 1933 low record. Frac- tional losses occurred in many of the Jjunior rails. The local traction list was heavy. Interest in the foreign dollar loan department centered in the German group, which was decidedly weak. Both the Government 5'5s and 7s declined 1. points and were lower than they have been before this year, the Ts breaking through 70. Various German | corporation loans lost 1!: points and municipals and agricultural bank bonds 1 to 11, points. In contrast United Kingdom 5'-s were up about ! point to 105 and Argentine 6s rallied over & int. pe’rhe advance in the Treasury issues was about ’: point maximum. rate on the latest issue of discount bills | was 1.72 per cent, compared with 1.83 per cent last week and about 41 per cent just before the bank holiday. GAIN IN COMMODITY OUTPUT IS RECORDED Federal Reserve Board Says Pick- up Occurred After Banking Op- erations Were Resumed. By the Associated Press. Production and distribution of com: modities, stagnated during the emer- gency, showed a substantial pick-up | after banking operations were resumed | in the middle of March, the Federal| Reserve Board reported in its monthly | bulletin. | The volume of output at factories and mines, which usually increases at‘ this season, showed little change from January to February, the board said, and declined considerably in the first| half of March. In the steel and automobile indus- tries output decreased between the mid- dle of February and the middle of March; subsequently, some of the auto- mobile plants which had been closed resumed operations, while activity at| steel mills showed little change. In February output at cotton and woolen mulls continued at the level prevailing in January, while at silk mills activity declined. ~ Shoe production increased | by more than the usual seasonal| amount. | Reports from important industrial States indicate that factory employ- ment increased between the middle of January and the middle of February, &5 is usual at this season. POTATO MARKET. CHICAGO, March 28 (#) (United States Department of Agriculture).— Potatoes—Receipts, 87 cars; on track, 266 cars; total United States shipments, 933 cars. About steady: supplies liberal; demand and trading slow; Wisconsin Round Whites, 75a8212; Idaho Russets, 1.30a1.35; fancy shade higher; Colo- rado Red McClures, 1.50; Minnesota and North Dak-ta Early Ohios, U. 8. No. 1, and partly graded. 80a85; South Dakota Early Ohios, U. S. No. 1, and partly graded, 70280, mostly 70a75. Wheat Supply Decreases. NEW YORK, March 28 (&) —The wvisible supply of American grain shows the following changes in bushels: Wheat decreased 3,205,000; corn de creased 638.000: oats decreased 744,000; rye decreased 102,000; barley decreased 117,000. Washington Stock Exchange SALES. Potomac Electric Cons. 103. Washington Rwy. & Electric pfd.—5 at 85. Lanston Monotype—10 at 28!, 10 at 39, 10 at 39'., 10 at 40, 8 at 40. Mergenthaler Linotype—10 at 20, 10 at 20, 10 at 20, 10 at 20. After Call. Potomac Electric Cons. 103, 8 at 1055, Washington Gas 6s “B"—$100 at 1021, $100 at 102'., $300 at 102'. Washington Rwy. & Elec. 4s—$500 at 87, $1,000 at 87 Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. 55—$1,000 at 55—$1,000 at Tel. & Tel. 4! 1 & Tel. Ctl t R, C."& P. Tel. of Va. : Capital Traction R. City & Suburban bs. Georgetown Gas 1 Potomac Elec. Potomac_ Elec Washington Gas bs '3 Washington Gas Bs "0 Wash. Gas fis, series Wash' Gas Wash. Rwy. & Elec. 4s.. MISCELLANEOUS. Barber & Ross. Inc. Chevy Chase Club 5las.. . . Columbia Country Club 5. D. C. Paper Mfg. tis. Wash. Mkt. Cold Storage 5s.. STOCKS. PUBLIC UTILITY. Amer. a5 Am. To Tr R. s . Steamboat.. . Pot. Elec. Power 6'c Pot. Elec. Pwr. 5'2¢ pfd... Wash. Rwy. & Elec. com. (7). Wash. Rwy. & EL ptd. (5)... MISCELLANEOUS, Emer. Bromo-Selz. “A” (2) Lanston Monotype (6) Mergenthaler Linotype ( Peoples Drug Sto. pid. Wdwd. & Lothrop com. ( Wadwd. & Lothrop ptd. (7 *Ex dividend, bBooks closed. [N ) 9 | Am T&T 51%s"4: 29 Fa% 5% extra. BOND THE EVENING STAR, WASHINGTON, D. C., TUESDAY, MARCH 28, 1933. UPTREND IN FARM[CURB ISSUES MOV ON NEW Y STOCK EXCHANG o] Received Dy Private Wire Direct to The Star Office. UNITED STATES. (Sales are in $1.000. gh. Low. 2:55. ‘High. Lib3%s32-47.... 10015 1006 10011 Lib 1st43s 32-47. 10117 10115 10117 Lib 4th 4% s33-38 10115 10112 10114 US3s61-55...... 9616 967 9612 US34s 4 .... 986 9730 984 US3%sM41-43, 1004 1001 1003 US3%sJ40-43.. 1004 1002 1004 US3%s43-47. 1005 100 100 US3%s46-56. 101 30 101 26 10130 US4s44-54......104 10824 104 US4%s47-52.... 107 106 24 107 Sales. High. Low. 2:55. Abitibi P&P 58’53, 16 11% 117% Ab & St5%38'43 4 80% 80% Adams Exp 48 '4! 54% 54% Alleghany bs'44 30% Alleghany 5s°50. 8% AmF P 552030 27% AmIGChb3s’49. 12 1% Am Metal 5145 °34.. 10 661 Am Sm&Ref 58’47, 6 8214 Am Sug Ref 65°37.. 1 104 Am T&T 4%s'39 102% Am T&T c tr 584 103 Am T&T deb 55 '60. Am T&T deb 5s '65.13 9% 98% 103% 8314 584 8 51 Am Wat Wks55'34. 4 Am W W &E 6s5'75 Antioquia 78'45.... 1 Argentine 5%s'62. 4 46 Argent 63'61 May. 50 50 Argentine 65’59 Ju 8 50% Argentine 65’59 Oc 13 50% Argentine 6s A'57. 16 49% Argentine 63 B'58. 15 501 Arm&Co4%8°'39. 25 79% Arm Del 5%s '43... 14 4% ‘Atchison gn 45°'95. 82 Atl Gulf&WI5s'59. 8 Atl Refdb5s°37... 19 Australia 4%8°56.. 66 3,000 Austrian 78'57.... 12 B&O1st4s’48 Orf6sC'95.. B&OP&WV 4s'41 11 B&OSwdvbs’'s0., 6 Ban & Aroos 4s'51.. 1 Batav Pet 4348 '42.. 1 Belgium 6855 Belgium 6345 '49. Belgium 7 Belgium 7 Bell Tel Pa 5s B'48. Bell Tel Pa §s C'60. Benef Loan 6s'46. . Berlin Cy El 655 Berlin 6135 '50. ... .. Berlin C El 6135'51. Berlin C El 638'59 Bolivia 75’69 Bolivia 8s 47, . Bos & Me 45617, Brazil 6158 '26-'57. . b! Brazil 6155 '27-'57.. Brazil CR 75 '62. Brazil 8s '41 Bremen 7s'35. .. Bklyn Ed 55 A *49 Bklyn Elev 6%s. Bklyn Man 6s A *68 Bklyn Un Gas 58'50 BKlyn UnGas 5s'57. Budapest 65’62 1 Buenos A R 65 '61. . B R & Pitts 4%s '57 Bush T Bldg 65'60.. Canada 45°60...... Canada 434s'36.... Canada 68 '52. ..... Can Nat Ry 4145’51 Can Nat Ry 414856 Can Nat Ry 4 Can Nat Ry 4145'63 Can Nat Ry 4% 855 Can Nat 5569 July Can Nat 53’69 Oct Can Nat Ry 58 '70 Can ) Can Nordb 61:5°46. Can Nor deb 75 '40. Can Pac deb Can Pac 4% 60. Can Pac 55 '44 ctfs. Cent Gacn 55'43. .. Cent Pac 1st 4549, Cent Pac 53 '60. Cen Ry NJ gn Cert-tddb 51 Ches Corp 5347 C&Ogen41;5°92 C&O4%sB'95 C&Ocon5s'39.. CB&Qre5s*71 CB&Q 11133549, CB&QI11 4549, Chi Grt West 5 Chi Ind&L gn 55'66 Chi Ind&L gn 65'66 C M & StP gn 45'89. ChIM&StP41%sC 1 C M StP&P 58°75.. 16 CM&StP ad 582000 24 Chi&NW 415 2037, 50 Chi&NW 4135C'37.. 3 Chi & NW 4%5'49. 20 Chi&NW rf 55 2037 1 Chi & NW 635°36.. 2 Chi Rwys 55'27.... 6 Chi RI&P gn 45°88. 18 Chi RI&Prf4s’34. 9 ChiRI &P 415’52 100 Chi RI4%s" 24 CTH&SE 1st 5860, 1 CTH&SE in 55'60.. 2 Chi Un Sta 415563 29 Chi Un St 55°44 i ChiUn Sta 5s B'63. 6 Chi Un Sta 613s'63. 8 Chile 65°60. Chile 65'63. Chile 7s Chile Cop db 53 *47. Chile Mtz Bk 6361 Chi Mt Bk 615557 Chin GVtRy 555 Cin Un Trm 974 971, 110% 110% 6 6 6% 6% T % 33% 33y 87y 87 100 104 124 124 100% 1008 o 44% 4% 49% 50 6313 64 401 40%% 30% 30% 30 30 - a Sfvacalnwrannan Clev Term 4%s '17. Clev Ter 5%5A'72. Cologne 6348 50. .. Colomb 65’61 Jan. . Colomb 65°61 Oct. . Colon Ol 65 '38... Colo & Sou 438 '80 Col G&E 55 Col Gas & E 5s ‘61 Com Inves 5%s 49, Cons C Md rf 53'50 Con G NY 4%s'51. ConGasN Y 5 Con G NY 51 Con P Jap 61 Copenhag 4 Copenhag 5s Cuba 5384 Del&Hud ref 4 Denmark 4%5s Denmark 535 '35. . Denver Gas 55’51 D& R Gren 4s'36.. D&RGr4%s'36.. D&RG W 58 '55.. Det Ed 435 D '6 Det Edison rf 55’4 Det Edison 55 °55. . Dodge Bros 6s 40 Duquesned 1 sA’67 . Duquesnet 135B'57, Dutch East I 6s'47. Dutch East I 6s'62. Erte Con ¢s Erfecv4s A 53 Erie 45 B*53 Erie gen 4s '96. Erie ref 55 '67.. Erle ref 53 '76 Figt deb 7s 46 Finland 515858 Finland 6s '45 Finland 6%s'56 Finland 75 '50 Fisk Rub 8s'41 French Gv 7s'49... French Gv 7%8'41. Gen Cable 5% "47. GenPSv5ls’3s.. Ger Cent Bk 6s'38. . Ger Cen Bk 65’60 J Ger Cen Bk 6s '60 O Ger Cen Bk 78 '50 Ger Gen Elec 68’4 Ger Gov 515 '65...256 German Rep 7s '6!.173 3 101% 101% 102'% 102% 9814 98 99% 2% 41% 41 46 - o EER T LTI - Sworhe 113 120% 121% 44 44 6% 76% 56% 57% 45% 46% 46 47% b56% 575 29% 297% 4% 69% 35 64 T3% 955 99% 998, 104%._1047 41 41 4T% 53 17% 3% 30 43% » S Soa Goodrich 6147 Goodyr Rub 58'57 Grand Trunk 6s'3 Grand Trunk 7s'40. Gt Brit&Ir 51s'37 43 GrtNor4%sE'77. 3 Grt Nor 5%s B'62. 11 Grt Norgn 78'36.. 14 Greek 65 '68 1 Haitl 6552 1 Hudson Co: . 6 Hud & Madj 58'67., 3 4% 53 17% 8% 30 3% , Humble Cil 5s°37 Hungary 7%s"41 111 Bell Tell 5556 Tl Cent 4% '66 Il CCStL&N 53 A Inland St 4% A'78 Int Rap Tr rf 5566 Int Rap Tr 6s'32... Int Ry C A 53°'72. IntT& T 4%s"39 IntT& T 4%s'52.. IntT& T 68’56 Italy 78’51, Italy Pub 7852 Japanese 5%s Japanese 6%s '54.. Kan CF S&M 4 Kan City Sou 3s'50. Kan City Sou 5s'50. Kan City Ter 0. Kan G&E %580 Karstadt 6s ‘43, Kend 5 48 ww.. Lack St15s A’60... Laclede 5%s C '63. Laclede 53%s D60, Leh Val cn 48 2003, 7102% 102% 4 94 Lig & Myers 5s'51.. 13 Loew's 65'41. . Long Islrf 4s'49. Lorillard 5s'51 Lorillard 7s 44 La & Ark 5s'69 Lou G & El 55 A’ L &Nuni 4s'40.... L &N 4%sC2003.. L &NG5sB2003 Lyons 6s'34.. McKes & R 5% s'50. Manhat Ry cn 45'90 Market St 75 A"40. Midvale Stl 55 °36. . Milan 63%s°52..... Mil E Ry&L 5561, Mil E Ry&L 55 'T1. MSP&SSM s gt'38 MSP&SSM 5% MK & T 18t 45 ‘90 MK & Tadj 58'67. 1 Mo Pac gn 4s'75 Mo Pac rf 5s A ‘65 Mo Pac 5s F 77, Mo Pac5sG'78 Mo Pac 5s H'80 Mo Pac 5s1'81. Mo Pac 5%s A "49 Mobile-Ohio 5s '38. Mont Pow 5s 43 Montevideo o Mor&Co 1st 4%s'39 ssau Elec 4s '51. Dairy 53 s'48 Nat Steel 5s5°56 NEng T 1st 5s N J Power 65'60 W S Wales 5s Nw S Wales &= N Y Cent 3135'97 N Y Cent @b 4534 N Y Cent 45’98, NYCrf4%s2013. NYCrf4%s2013n NYCrf5=2013 N Y Centdb 6s°35.. A N Y Edison 5s B'44 N Y Edison 5s C'51. Nor AmE 5%s " N Y EL H&P 4s'4 EL H&P 58 4! &H 45 '67. .. Y NH&H 4%8°67. 'Y O&W gn 4s'55. NY O&W rt 4s'93.. NY Rys Inc 6: N Y Steam 5556 N Y Tel gen 4% NY W&B 4%s Nia Sh Md 534850, 1. Nord 6%5°50. . or Ger Ltd 63 "47. Nor OT & L 63°47. Nor Pac gn 35 2047. Nor Pacr 163 2047, Nor St Pw 53 A "41, Nor St Pw 63 B'41. Norway 53’63 43 rway 65'44. .. | Norway 6s'52...... Ore Sh L 5s gtd "46. Oreg-Wash 45 '61.. Orient Dev 6s '53. Pac G&E 5s 42 Pac T&T 1st 5 Pac T&T rf 5852 Pan Am Pet 6= '40 Paramount 6s Paris Or 5% Penn 4% s D Penn cn 438 '60 Penn gn 4138 " Penn 4%s D '70 Penn 61,536 Penn P&L 4% . Peop Gasref 5s'47, Pero Marq 415 '80. Peru 6s'60. Peru6s’6l..... Phila Co 58 "67. .. Phila Elec 45°'71. .. Phila & Read 65’49 Phillip Pet 5% s '39 Pillsb F M 65°43. .. PCC&StL5sA'T0 Poland 6s'40. Poland 7s'47. Poland 8s '50. PosTel & C 5s Prussia 6s '52 Prussia 6%s ‘51 Public Serv 48’71 Pub Sv G 414567 Pure Ol 5345 '40. Queensland 65’47 Queensland 75'41.. Read 4138 A '97 Rem Arms 6s A '37. Rem R 53 SA"4Tww Rhine Ruhr 6s '53. . Rhinelbe U 7s "46. . Rhine West 6s '52. Rhine West 6s 53 ,| Rhine West 6s | Rhine West 7s Rich Ofl Cal 65°44. Rio de Jan 615 '53. R Gr do Sul 6s'68.. Rio Gr W clt 4549 RIAT&L4%s'3d, Royal Dutch 4s'45, Rumania 7s°59. ..., StL IM R&G 4s'33. StL&SF 41:5'78, StL SF 4148'78ct st St L&SF 55 B '50... St L SW 1st 4589, St L SW 1st 55 St P Un Dep Sao Paulo 7s Sao Paulo 8s 5 Saxon 7s '45 Seab AL 6s A | Serbs-Cr-S1 7s Shell U Oil 5. o Shinyetsu 6348 '52. Silesia Prov 7s '58. Sinc Ol 6% s B '38, Sinc Oil 7s A '37 Sinc PL 5s'42... Skelly Oil 5145°39. Soissons 6s'36. ... Solvay Am 5s'42. . Sou Bell T&T 55’41 Sou Pac col 4349, ., Sou Pacrf 45’55, Sou Pac 4%s '68 Sou P 415569 ww. Sou Pac 4%s'81... Sou Ry gn 4s Sou Ry 68°94... Sou Ry £n 6556 Sou Ry 635! SW Bell T 5s A St Oil N J 5546 54. Studebaker 6s *42 Sweden 5%s ‘54 Taiwan E P 534s'71 Tenn El P 65 A '47, Tex Corp cv §s"44. Tex & Pac 6s B '77. Tex & P5sC'79... 1 Third Av rf 4s°60.. ‘Third Av adj 6s'60. Tob P NJ 6%s 2022 Tokio 5s ‘52 Tokio El Lt 63 10 10 30 Port Gn E1 435 60. 35 3% 31% 1025 36% 44% 68 4% 17% 60 5% 1041 10415 843, 82 4% 5% 831, 83y 8214 5 10113 8 45% 1005 10214 103 5 96 96 100' 100% 5 68 68 Rome 63%s°'52..... 1 i Saxon P W 6155'51, 1 Sou P&Or 4158477 6.. 3! .. 2 StOIINY 4%s'51, 82 91 81% W32 PRICES CONTINUES] N NARRON RANGE Market Displays Irregular and Unsettled Tone, How- ever—Cash Wheat Off. ‘The prevailing price trend was up- ward on farm products in late March, although the market list, as usual, showed irregular, unsettled features says the United States Department of Agri- culture, Bureau of Agriculture Econom- ics, Market News Service. Corn, oats and barley advanced, while cash wheat and flaxseed declined. Hay was steady in price. Millfeeds paused in the advance which has lasted more than a month. Prices of live cattle and hogs were irregular and some classes lower, but sheep and lamb markets strengthened & little. Butter and cheese show small net price gains since the middle of the month. Eggs sell near the lowest of March. Poultry markets have retained part of the recent advance. Potatoes Tecovered to near the month's top prices at Chicago and at some country shipping points. Cabbage markets showed upward trend. Onions sell a little lower at some points. Apple markets hold recent improvement. Butter Market Unsettled, Dealers’ opinions regar the fu- considerably at the end of March. There were some who felt that prices at pres- ent levels could be held with no ma- terial curtailment of consumption, being of the opinion that lower prices would not increase demand to any ex- tent. The fact that supplies of fresh | butter on dealers’ floors are moderate and just about equal to trade require- ments tends to bear out their conten- tion that present prices are warranted. Other dealers, less confident in their views, feel that lower prices might broaden consuming outlets enough to absorb increased arrivals which can naturally be expected within the next few weeks, because reports from creameries indicate increased produc- tion. These reports, however, show de- creases as compared with the corre- sponding period a year ago. Cheese markets ruled firmer after the middle of the month and a fair volume of trading was reported in most quar- ters. Western fresh cheese was in par- ticularly good demand in small sized lots, but buyers as a rule were not in- clined to anticipate their future needs to any great extent. Egg Storage May Increase. ‘The wholesale price of eggs in March fluctuated within a comparatively nar- row range in spite of the banking sit- uation which caused a considerable interruption to normal trading and a temporary advance of 1 to 2 cents a dozen. Since the clearing up of the banking situation and return of prices to about the early March level, the attention of the market has once more been centered in the forthcoming into- storage movement. There is a conflict of opinion regarding the possible size of the Spring egg crop, and the quantity of eggs that should be stored this sea- a smaller production than last Spring, such as the Pacific Coast and the Moun- tain States, but on the other hand, production in the East and the Middle West may fully equal that of last year. In general, it would not be surprising to see a production this Spring about as large as a year ago, and an into- storage movement somewhat larger. ‘The March rise in the poultry market was promptly lost when the financial situation was cleared up and receipts | showed a more normal volume. There was a marked decline in consumption bank holiday, trade output at four lead- cent from a year ago, and even though there was some improvement follow- ing the lifting of all banking restric- tions, trade output for March will be less than for March of last year. Prices on live poultry made a greater advance in early March than did prices on dressed poultry, and a part of the gain % | was held to near the end of the month. Poultry in cold storage on March 1 amounted to 88,661,000 pounds, com- pared with 96,422,000 pounds on March 1 last year, and 103,474,000 pounds for the March 1 five-year average. Live Stock Supply Increasing. Supplies of live stock at 12 important primary markets increased in late March. Although most classes and grades of slaughter cattle and hogs sold somewhat lower, the trade was not without its features encouraging to the selling side. Considering supply volume, the market gave a good account of itself, declines being held to small pro- portions and a liveral quota of the punishment. Veal calves closed about steady, losing an early advance. Lower grades of most killing classes of cattle found a relatively active market and sold comparatively close to good and choice grades tlLat showed extended dry-lot feeding. Hog values sagged a little. Improved quality and a broad- ened demand on Eastern shipping ac- count were trade features. A few loads of shorn lambs of good to choice grade sold in the Chicago market at $5.25 to $5.65, choice 93 to 94-pound shorn lambs bringing $5.40 to $5.50. Yearling wethers in fleece cashed mostly at $4.25 to $4.75, and fat ewes iargely from $2.25 to $2.85. The Boston wool market for the last full week of March was much more uiet than the week previous. Early in the period a fair amount of business was transacted at nearly unchanged rices. Some dealers who previously d not participated in the recent buy- ing came into the market for moderate quantities of a few grades. Some Feeds Higher. ‘Wheat feed prices were decidedly ir- regular after the middle of March with no definite trend apparent. Production of wheat feeds increased sl ly. Present flour mill activity exceeds that of a year ago. Cotton seed meal Eflces averaged about unchanged. ed meal, soybean meal, gluten feed, gluten meal and tankage prices were un- changed to higher. A flaxseed crop in 1933, not_greatly different from last year’s small harvest is indicated by far- mers' seeding intentions, if average ylelds are obtained. Farmers intend to increase the acreage of soybeans about 9 per cent. ?llefil. High. 7nion El L&P bs'S 7 OnPacistds4l.. 25 Un Pac 4568 1 Unit Drug 5863 U S Rubber 58'47... Un St W 6345 A'7. UnSt W6%s A'51. UnSt W 6%sC5l.. Uruguay 65°60. ... Uruguay 6564 ... Utah P& L 58°44.. Utll Pw 6559 ww.. Util Pow 5%8"47... Vanadium St 58"41. Vienna 65 '52. VaRy 1st 58 A"62. Va SW 1st cn 55'58. Wabash 4%s°78... ‘Wabash 1st 5 '39 Wabash 5%8°75 Walworth 6s A *45. Warn Br Pic 6s°39. Warn Quin 6s°39.. Warsaw 7858 1 West E1 dbbs 44 . West Pac 5s A '46 West Un cl tr 65’38 West Union 58 '51. West Union 53 '60. West Un 6%5°36. . Westphalia 6s ‘53 ‘Yokohama 61 40 Ygstn S&T s A’ ding ture trend of the butter markets varied | Position son. Some sections no doubt will show | requirements during the period of the | & ing markets being off about 15 per | g9 lower grades of cattle escaping pnce' Leading Stocks Show Only Fractional Changes in Draggy Market. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, March 28.—The Curb Exchange moved narrowly in today's session, which was marked again by light dealings. The market leaders barely crept along. Electric Bond & Share was virtually unchanged. Cities Service was a shade lower. Standard Ofl of Indiana was minutely higher. American Gas & Electric moved up a half point. United Light & Power A was off that amount. New Jersey Zinc greeted the winning of an important rayon patent decision against Tubize Chatillon Corporation With an initial fractional decline. Tub- ize did not appear on the tape during the first several hours. The drop in Aluminum Co. of America common was halted after the company stated that March was the best month since last October in point of tonnage booked. Electric Bond & Share disregarded the resignation of Sidney Z. Mitchell, chairman, because of ill health, and the elevation of C. E. Grosbeck to that from the presidency. In the }aetroleum group Chesebrough Manu- acturing, with a dip of 31, points, proved to be the most vulnerable issue. ‘Tobacco & Allied Stocks was the leader in the specialized trusts. In the communication group New York Telephone preferred was a shade lower as its parent company, American Tele- phone, inclined to heaviness. Babcock & Wilcox, recently weak on its dividend revision, today announced that unfilled orders at the year end were $13,577,902 as against $5,288.759 at the 1931 year end. Recent softness in General Fireproofing was explained today by the statement that operations now are under 30 per cent of capacity. Nevada-California Electric had dis- counted its 1932 earning report show- ing net of $564,493, against $734,536 in 1931. As expected, International Utilities Corporation declared the regu- lar preferred dividends due at this time. Rike-Kumler Co., Dayton, Ohio, de- partment store, reported a 1932 net loss of $43,498, against net profit of $141,- 909 in 1931, but the stock had forecast such a statement long ago. - RESUMPTION OF COAL MINING PLANNED SOON Special Dispatch to The Star. MEYERSDALE, Pa., March 28 —The Mountain Valley Coal Co. mine near | here, which has been closed for months, is getting ready to resume operation. The mine, which formerly employed 100 men, has been purchased by Charles Merrill of Garrett from the receivers of the company. Men are employed in cleaning up the mine and some have been put to work digging coal. Others will be added and it is expected that soon the mine will be operated at full time. INVESTMENT TRUSTS NEW YORK, March 28 (#).—Over- the-counter market: ((Quotations as of 12 O'clock.) Am Bank_Stock . Bullock Fi orp: rust Corporate Trust A A Corp Tr A_A mod e Corporate Trust Accum’ ‘Ser. Salesin DOMESTIC BONDS. thousands. High. m El Pow s A ' s % 1613 B 41 Wt Wk s B '44 Georgia Pw 5s '67 rand Trnk 6'as ulf Oil Pa_3s Pw 1 55520000 22555258 i 123100 2k DDA b oL EEERE e 3 OB D 123 B RSk 513l %2008 12 X o 3 1 4 1% s ‘80 73" 7044 73 s '50 105 10515 1 56 31 )% 67 o0z R=2ZZ2: 1 S T 1 e 0 5! i 1024 1020 s 53 05Y, 05V 9Bl 6. . 106 ' 108 ' 106, 0. " ORY: GRYG 6RY T4y Tala g 2% &* & A 37 MV’A'U“ 80 %o 9 i s A 53 75 ‘56 warrants. it rants, ¥ Qs B GRsooRsROS #3380 SEN32RTE FINANCIAL, N. Y. CURB MARKET Recelved by Private Wire Direct to The Star Office. Stock and Bale— Dividend Rate. Add 00. Hig Alum Co America..800s 42 Alum Co of Apf 1% .100s 40 Am Beverage...... 12 Am City P&L B 15¢. Am Cynamid (B).. Low. Close. 40 42 39 40 4 3% Am Investment. Am Maracaibo Am Superpower. Am Superpower pf.: Am Super 1st pf 6.4 Ark Nat Gas (A) Asso Gas & Elec. .. Asso Gas&Elec (A) Asso Gas & E war. Asso Tel Utilitie: Atlantic Lobos pf. Atlas Utllities . Atlas Utilities war. Blue Ridge.......q Blue Ridge ¢ pf a3 Brazil Trac & Lt... Brillo Mfg (60c) Buckeye Pipe L ( Buff N&E pf (1.60), Cable Radio T vte.. Carib Syndicate. ... Cent States Elec. .. Centrifugal P 40c.. Chesebrough t6%. 50s Cities Service..... 51 Cities Sv P&L $7 pf 50s Claude Neon Inc... 4 Col G & E cv p1(5).350s Comwlth Edis (5).. Comwlth & Sou wr. Comunty Wat Sve.. Comstock Tunnel. . Cons Gas Balt 3.60. Cont G&E pr p1 (7). 25 Cord Corp (10e). ... Cosden & Co c.0.d. Cosden O11 pf cod. . Creole Petroleum. . Cresson Consol (4c) Crown Cent Pete. ... Crown Cork Intl A, Cusi Mexicana Min. Deere & Co........ Detroit Alrcraft... ElBd & Share b6 % ., 236 ElBd & Sharepf 6., 7 El Bd & Sharepf 5., 4 ElPower AssoA... 2 ElP&Lopwar....[ 2 El Sharehold pf (6) 1 EmerBS (A) t2%. 25s EuropEILtd A 30c 2 Fisk Rubber (new) 21 Fisk Rub pf(new). 1 Florida P & L pf(7)125s Ford Motor Can A Ford Motor Ltd. General Aviation Goldman Sachs Grt A&P T n-v(t Groc Strs Prd vtc. . Gulf Oil of Penna.. Hamilton Gas v.t.c. Hecla Mining. ... .. Hollinger Goldt80c. Ins Coof N Am(2). Int Petrol (1). Int Util B - Interstate Eq cv p Inters Pwr(Del)pf. Irving Air Ch (40c) Italian Superpw A. Kerr Lake Lake Shore M (2).. Lakey Fdy & Mch. Ludlow Mfg Asso 6 10 Marion Stm Shovel e o BERBen BT T PG et - PP - P T ST TIPS - T Topeye Pub Util Hld xw. .. | Singer Mtg Co'(6) . 408 | United Lt& P (A). Stock and Sale— Dividend Rate. Add 00. High. Low. Close. Mavis Bottling A.. 6 & Memphis Nat Gas.., 1 Middle West Util 3 Midvale Co (2).... 1 Montgom Ward(A) 408 Mountain Prod 80c. Nat Aviation. N N Nat Fuel Gas (1) Nat Investors. Nat Pw&Lt pf ( . Nat Union Radlo. . New Eng Pwr pf(6) 20s New Haven Clock.. 1 New Jersey Zinc 2. 1 N'Y Shipbldg (10c) 3 NY Tel pf (6%)... 258 Niag Hud Pwr (1).. Niag Hud (A) war. Nor Sta Pwr(A) (4) Novadel Agne (5).. Ohlo Copper....... Ol Stks Ltd (k20¢) . Pac GEE 1st pf 1%, Pan Am Airways Pantepec Oil. TParke Davis (1)... Parker Rust P 2% . 250 Penroad Corp Pilot Radio Tube A. Ploneer Gold (24¢). Prudential Invest., Roosevelt Field. ... Rossia Intl. ... Ryerson (Joseph). Safety Car H & Lt. St Regis Paper. .... Salt Creek Prod (1) SelInd all cfs(53%) Selec Ind prpf 5% . Shenandoah Corp. . Shenandoah pf.... Silica Gel ct. .. % 914 o ) o 3 HARNUOR BN NONBRE O - NN h(AO)... .100s S0 Am Gold & Plat. 10 SouCalEdptB11; 4 “outh Penn Ol (1) tutz Motor Car. K . wift & Co. Swift Internat’l(2). 3 Swiss Amer El pf.. 508 Tampa Elec 2.24. Tech Hughes (60 Tob & Allied Stks., Trans Air Transp. , Trans Lux DLPS, 16% 183 22% | Un Gas of Canada.. | United Founders... United Gas........ United Gas pf (1).. 10 United Lt & Pwrpf 5 Ctd Shoe Mch 2135 . . Utd Sho Mch pf 1% Util Pwr & Lt.. Ul P& Lpt (7) Van Camp Pack. ... Van Camp Pak pf.. Walker (Hiram). .. Walker (H) pt (1), Woolworth (F W) Ltd (p24 2-5c).., 1 Wright Harg t20c.. 89 - 31 3% vidend rates n_dol . tPartly extra. iPlus 4% in stock. aPayable in cash or stock . bPayable in stock. e Adjustment dividend. 1 Plus 5% in stock. "g Plus 6% in stock. hPlus 1% fock: 1Flys 2% n sieck” k Plus 10% Slock. B Pald last year—no Tesulst rate, 508 108 .2 508 13% 13% ia s in Grain Market By the Associated Press. CHICAGO, March 28.—Indications of big abandonment of Winter crop acre- | age in the Southwest and the Pacific | Northwest led to higher prices for | wheat late today. Traders were rather timid about tak- ing a decided stand on either side of the wheat market early, preferring to | await developments at Washington. | Later there was much more activity, | influenced in the main by crop news. ‘Wheat closed unsettled, 1l3alg above yvesterday's finish, corn {a'z up, oats unchanged to ;a3 higher, and provisions unchanged to 7 cents lower. High. 537y 5414 5 5413 | ana, e 3% | INew York Cotton Special Dispatch to The Star. | NEW YORK, March 28 —Initial cot- | ton prices here today were irregularly higher, following the easier tone in Liverpool. | Opening quotations were: May, 6.18, | oft 1; July, 6.36, off 1; October, 6.56, up 1; December, 6.70, 6.78, up 2. Following the decline of nearly a dollar a bale yesterday, about all of which took pace during the last hour prices made a further decline during the morning which carried May to 6.16 or 80 points below high levels reached when the Exchange reopened and 2 points lower than last week. Houses with foreign connections re- ceived many selling orders just before the close last night and pressure un- covered stop-loss limits today which ran prices off rapidly. During early up 2; January, | | trading prices held within a narrow |p, range and for the most part slightly above previous closing figures, but as the session progressed weakness in out- side markets and unsettling European news, as well as reports that Congress would probably pass the farm bill as presented by the administration, all combined to depress prices. Quotations in Liverpool lost 7 or 8 English points and closed at the bot- (gx?.z with sterling slightly easier below $3.42. Markets at a Glance NEW YORK, March 28 (#).—Stocks firm; leaders advance quietly. Bonds heavy; rails decline. Curb firm; trading dull. Foreign exchanges steady; changes narrow. Cotton higher; Wall Street and trade buying: higher cables. Sugar higher; steady spot market. Coffee higher; trade buying. CHICAGO, March 28 (P)—Wheat |§ v, | stronger; crop damage reports. Corn firm; sympathy with wheat. Cattle slow, weak undertone. Hogs steady, active, top, $4. sn NORFOLK & WESTERN NET ESTABLISHES RECORD By the Associated Press. ROANOKE, Va., March 28.—Main- taining approximately the same operat- ing revenue as it reached in January, but effecting large sa: in decreased operating_ expenses, the Norfolk & Western Railway last month earned a net income of $1,376,376.68, its highest several years, it was an- nounced here today. ‘The increase over February, 1932, was $585,936.09, and over last month, $64,449.20. f the .vi:mm v%. glm of saving in operating expenses has been effected through reduction in forces, railway officials said. The only salary cut was the 10 per cent reduc- tion made in February, 1932. For the first two months of this year the net income reached a total of $2,- 688,304.16, & gain of $1.441,320.34 over the period in 1932, INDUSTRY WATCHES FARM AID PROGRAM | Relief Measure Would Also In- crease Business Companies Sell- ing Machinery and Tools. By the Associated Press. NEW YORK, March 23.—Watching hopefully the administration’s efforts to put its “hand to the plow” are the im- portant farm implement companies, Which expect to transform large deficits jinto profits if the farm relief plans work. For 1932 deficits were re) the J. 1. Case Co. of 82.61],000%& & Co. of $5167,000 and by International Harvester of $7,583,000. Last year Case had current assets of $32,522,000, com- pared with $37,082,000 in 1931; Deere & Co. showed $64,793,000, against $76,- 000000, and International Harvester | had $232,978,000, compared with - 455,000 at the end ormpremu‘f’::n The debts of the farmers to the com- panies and their dealers for machinery, etc, are largely listed in the annual reports as ‘“receivables.” That pay- ments have been slow in the past few years, due to the sharp drop of farm income, is indicated from the reserves which ~the against these receivables. While the Case Co. at the end of 1932 carried a reserve of some $2,500,- 000, about the same as in 1929, Deere & Co. had reserves for losses and re- ceivables of $6.284,000, as against $3.- 997,000 at the close of 1929, and the re- serve of International Harvester for | receivables amounted to $19.900,000, compared with $13,323,000 in the 1929 period, Rubber Shipments. NEW YORK, March 28 (#).—Cable advices to the rubber exchange of New York say that shipments of crude rub- bp:; n{rom !"!‘Eledm‘icshQ East Indies in ary tota ,949 tons inst 17,400 in January. o= U. S. TREASURY CEBTIFICA‘IES. (Reported by Chas. D. Barney & Co.) 22355 EeaRcEs 238 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) N Market Averages By the Associated Press. ussssestsShisision BE RS %D, 83 = S 2323993, 23a53 = Robinia R e 2 GES 1o PINDS 2323223 Disisicnis. eSS URD BN, = L e 238 258023390230 B3RS, BONZARDE, *New 1933 low. (Copyrisht, 1933, Stan S ebkas~ . Bta £ g g companies have set up! = *¥% A—I13 [ RECAPTURE CLAUSE MAY BE REPEALED Rail Debt of $350,000,000 Would Be Wiped Out by Legislation. By the Associated Press. NEW YORK, March 28.—Prospects that the word “recapture” which de= | scribes a skeleton that, for some 13 *| years has been lurking in the closet A | of the railroad industry, m: ! | stricken from the legisiative tericon legislative lexicon bring new sighs of relief to rail ex- *Retroacti te repeal of the recapture clause of the 1920 transportation acrt) has already been approved by the House in- | terstate Commerce Committee and, if | Congress takes the same view, a debt of | some $350,000,000, which the railroads technically owe the Government will be crosced off the books. The recapture clause provides that any rallroad earning in any year in excess of 5.75 per cent of the value of its railway property must pay one-half of such excess to the Government, Payment Opposed in Court. | 13| Statisticlans of the Fitch Publishing Co. figure that such excess earnings .iuable for recapture from 1920 to 1930, inclusive, aggregated $361.466,000. Up to December 16, 1931, howev only $10,679,000 had actually been paid and placed in the “revolving” fund under the administration of the Interstate | Commerce Commission. Most of the | large roads have not paid anything to | this recapture fund and court actions 2»‘ | in opposition to payment are still pend- | ing. Early repeal of the recapture proe | vision is seen not only because the In- terstate Commerce Commission itself has for several years recommended this action, but also because President Roose« | velt during his campaign expressed him- self opposed to the continuance of this law. Under the existing transportation act, excess earnings have been calculated on the I. C. C's valuation of the various railroad properties without re= gard to capitalization. As an example, the “Frisco,” now in receivership, had an_excess income during the 1l-year De:.l“i!lo( tSl?{557,flgfl. ustrating the alleged impracti cability of payments ur;';er xr?e re- capture clause, the Fitch Co. compares the net working capital of some of the e systems with the amounts they owe the Government. “Recapture” Debts. The Chesapeake & Ohio, for instance, had a net working capital on January 31, last, of $7,157.000, and, for the 1920-30 period, owed the Government $53.021,000; Norfolk & Western, work= | ing capital. $10.999.000, owed $42,- | 106,000, Southern Railway, working | capital, $4950.000, owed $15,833,000; | Reading, ~working capital, $1,537.000, I%:ea €13,750‘ooo. and the New York ntral. with a deficit of $35,939, owed $8,203,000. i In addition to the “Frisco,” various other roads now in receivership, have Tecapture debts ranging from $1,000,« 000 to more than $2,000,000. {VOLUNTARY GROCERY CHAINS ON INCREASE Special Dispatch to The Star. NEW YORK, March 28.—Nearly 30 per cent of the business of the United States is now being handled by volun- tary chains, which are co-operative organizations that have been formed by wholesale and retail grocers in ad- Jjusting their methods to meet chain competition. Today there are 688 voluntary chains in this country, with nearly 90,000 re- tail members,” according to a survey Jjust completed by the American In- stitution of Food Distribution, a non= profit-making organization here. Back in April, 1929, there were 375 such chi with 55,000 members. A SHORT-TERM SECUI{I_TIES. (Reported by Chas. D. Barney & Co.) ofer. est. R R. 5s Chicago Rock Island 4s Cleve. Lor. & Wheel. 55 Colorado & So. Ry. 4 Commercial Credit’ 5 Delaware & Hudson n. & Rio Grande 4'.s Edison Elec. Illum. 45 Gen. Petroleum Corp. Great Northern Ry. 7s 1 Keystone Telephone_bs Laclede Gas Light 5 | Louisyille'& Na. New York Cer N. Y. Chi. & 8t Nortawest. Telep Penna. R_R. Co. 6 Portiand Gen. Elec Republic Tron & Steel Sinclair Cons. ‘il Co. St. L IMSR RA&G ANNUITIES Profitable—Safe All Forms—All Ages WYNDHAM R. WILLS 2 Years’ Experience in Insurance and Annulty Business 954 Washington Bidg. NA. 9430 At Present Prices We Ado DIVIDEND SHARES Information Upon Reque Ferris, Woodroof & l.e:ris,”lnc. Invesment Securitie: Washington Bulildin NA t. 5925 MONEY TO LOAN | CGn Owner-Occupied Homes in District of Columbia CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. N.W. National 0353 % ~OTES Secured by First Mortgages Safe—Conservative Wm. H. Saunders Co., Inc. REALTORS Dist. 1016 1519 K St. First Mortgages FOR SALE 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W.