Evening Star Newspaper, April 8, 1933, Page 14

MANY N MOVES " SEEN N BANNG Dropping - of Affiliates and ' } Guarding of Deposits Two & of Most Vital Steps. BY EDWARD C. STONE. The banking system of the country is facing revolutionary changes in its structure, and philoso) as a result oxmu through which it passed last month, the New York Times declares. Although the full extent of the banking reform cannot be estimated until the program of legislation formu- jated by the administration in ‘Wash- mgton has been disclosed, there are already ample signs of a “new deal in_the banking world. Present indications, as far as Wall Street can judge, point to two funda- mental structural changes in the bank- ing system: First, the separation of ‘banking functions by divorcing invest- ment banking and trust banking from commercial banking; second, the uni- fying of wmmr:ihllztb‘t::mgh“;‘:re&nl jonal te! it] oug! g W into_the Federal; m or Yhrough legislating ing 2 progr ::\.zzm:o meepnoc%mplished overnight. parts of it may meet such de- termined oppodng_xlxl as to be impos;:’b‘}e nt. lese purposes, - o ?th:r to be the og)ectlve toward which the administration is Wflrfln% and which will be revealed piece-meal as individual measures are submiited to Congress. Progress in Two Directions. possibility is that in connection M‘Ah the lt.wz!pt to unify commercial banking under national control Federal insurance of bank deposits may be pro- posed. Bmkih“ are erlyut.«';t oppu: this item in the program, com¢ up, but they are prepared to accept the other structural changes. Whfl;me P Iation - ers are nb'{::t‘g 1"3"1:2“ ‘themselves to a new pu& o 5 ustment will mean, bankers o 3 involved and requires time, some of these institutions hope to have definite ennouncements soon. Anderson to Address D. C. Bankers. Benjamin M. Anderson, economist of the Chase National Bank, will be the guest speaker at the third forum dinner of Washington Chapter, American In- stitute of Banking, according to Norman E. Towson, chairman of the Forum Committee. The meeting will be held at the Hay-Adams House Wednesday evening, April 26, beginning at 6:30. ‘The noted economist will discuss cur- rent banking problems. He has written widely on banking problems and his visit to Washington will be of more than ordinary significance. Financial District Comment. It is now understood that provisions Beparating commercial banking and trust banking will be omitted from the Glass bank bill and that this subject will be taken up at a later session of Congress. The proposal is to be post- poned because of the difficulties of | working out the mechanics of such e seneration in a short time. 1M-mbers of Washington Chapter, A. ¥. B, will place in nomination candi- dates for electich as delegates to the next national convention at a meet- ing next Thursday evening in the Bond Building. Chapter officers for the com- ing year are also to be nominated. National Power & Light Co. has de- iclared the regular quarterly dividend of 25 cents on the common stock, pay- ®ble June 1 to stock of record May 10. LOANS AND INVESTMENTS OF BANKS SHOW DECLINE By the Associated Press. Loans and investments of weekly Te- ing member banks in Central re- serve citles showed a further reces- sion during the week ended April 5 as the change was kept by the Rescrve Board. In the table that follows the fotal is given for comparable periods. ms announced by the board: Week ended April 5 $7,549,000,000 Previous week. . 7,588,000.000 BSame week last 7,854,000,000 N TU. 8. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for April 6 were $8,025,516.49; expenditures, $18,322,- 7120.75; balance, $548,300,367.26. Cus- toms duties for six days of April were $3,432,323.98. | PARIS BOURSE PRICES. PARIS, April 8 (#).—Three per cent Fentes, 70 francs 30 centimes; 412 per ‘cent rentes, 87.55. FINANCIAL. ° ‘Today's Stock and ~Prev. 1933— 3 Dividend Rate. Low. 3 Adams Express 5%YAddressograph % Alleghany Corp. 1 Alleg Corp pf $30 89% 708 Allied Chem & D (6) 915 6 Allis-Chalmers Mf; 23% 181 Amerada Corp 14% 7% Am Ag Chem (Del) 8% 1 AmBeet Sugar 14% 9% Am Brake Sh&! 62% 49% Am Can (4).. 9% 6% Am Car & Foundry 40 34 Am Chicle (13).. 22% 13 Am Comc'l Alcoh 8% 3% Am & Foreign Pwr. . 41% 7% Am & For Pw pf (7)., 89% 29% Am Home Prod (3)..: 8% 4% Am International. 9% 5% Am Locomotive 28% 17% Am Locomotive pf... 13% 8% Am Mach&Fdy(80c). 9% 4 Am Power& Light,.: 21% 9 AmP&LS$5pf (1%). 24% 9% Am P&L $6 pf (1% 7% 4% Am Radiator........ 10% 5% Am Rolling Mills. ... % % Am Ship & Com 18 10% Am Sm & Ref. . 30% 20% Am Sm & Ref 6% pf.. 46 31 AmSm& Ref 7% pf. 8 4% Am Steel Foundry. 40% 211 Am Sugar (2).. 9% 6 Am Sumatra Tob 109% 87% Am Tel & Tel (9) 63% 49 Am Tobacco (5). 65% 50% Am Tobacco (B) (5). 9 43% Am Type Founders.. 18% 10 Am Type Fdrs pf.... 19% 10% Am Water Works(1) 16% 9% Am Wat Wks ctfs(1) 6% 3% Am Woolen. . @ 29% 22% Am Woolen pf. 20 20 Am Zinc& Lead pf. 9% 5 Anaconda Copper 15% 8% Anchor Cap (60c).... 2% 11 Armour of Ill (A) 1% % Armour of 11l (B) 1% 7 Armourof Il pf. 1% % Associated Appar 5% 315 Asso Dry Goqds 474 34% Atchison. 26% 16% Atlantic C 17% 12% Atlantic Refining(1 2 1% Atlas Tack... 56% 31% Auburn Auto (2). 8 5l Aviation Corp (Del). 5% o 8 e A Sl rnasranRoonnanBuBlonasmwanSennSnanan » 8 A...N - @ ® Rurnbaloman —— 9% Baldwin Locomot pf, b0 12% 8% Baltimore & Ohia.... 91 Baltimore & Ohlo pf. 3 Barnsdall Corp.. 7 Beatrice Creamery. 45 Beech-Nut Pkg (3). 31 Belding-Hemingwa: 6% Bendix Aviation, 10% Bethlehem Steel. 25% Bethlehem Steel pt 9% Bohn Alumn & Br: 18 Borden Co (1.60) 2% Briggs Mfg Co. 21% Bklyn Manhat 1% Brunswick-Balke. 2 Bucyrus-Erje. . 20% Bucyrus-Erie pf 1 Budd Wheel.. 2% Bullard Co. % Burns Bros (A) vtc.. 6% Burr Add Mach(40c). 1 Butte & Superior. 8% Byers (A M)... 7% California Packing. 2 Calumet & Hecla.... Tl% Canada Dry G A (1). 7% Canadian Pacific. ... 4% Capital Admin (A). 30% Case (J I) Co.. TN - PINTEHNN 8 POHEHE 5% Cerro de Pasco. 24% “hes & Ohlo (2% 14% Chesapeake Corp 1% Chi Great Western. .; 2% Chi Great Westn pf.. 1 ChiMilStP &Pac... 1% Chi Mil StP & Pac pf. 1% Chi & Northwestern.. 2 Chi& Northwest pf.. 8% ChiR1& Pac 7% pf. 6% Chi Yellow Cab (1). 7% Chrysler Corp'n T4 City Ice & Fuel (2 1 45 City Ice&Fuel pf 6%. 208 78% Coca-Cola Co (7). b 7 Colgate-Palm-Peet. 3% Colo Fuel & Iron. ... 9 Columb G&EI(b80c). 59 Columb Gas pf A(6).. 6% Columbia Pict vic 23% Columb Carbon (2) 4 Commercial Credit. 16 Comc’l Credit (A) 1 18% Comel Cred pf (1%).. 108 18 Comcl Inv Trust (2). 12 84 Comcl Inv cv pf(e6). 9 Comcl Solv (60c). ... 1% Comwlith & Southn. Congol-Nairn (60c) Congress Cigar (1).. Consol Cgr pr pf 6%. “onsol Film pt. Consol Gas N Y Consol Laundries Consol Ol Corp. Container Corp Zontainer Corp (B) Contl Can (2) Contl Motors. 40s Crucible Stecl pf. Cuha Co......... Cuban-Am Sugar. “uban-Am Sugar pf.. Cudahy Packing 2% . Curtis Publishing. .. Curtiss-Wright. . Curtiss-Wright (A). 1% Davega Stores (h3) 37% Delaware & Hudson 17% Del Lack & Westn, 48 Detroit Edison (4). 17% Diamond Match (1) 12 Dome Mines (11.30). 10% Dominion Stores 1.20 10% Doug Afrcraft (75c). 29 Drug Inc (3)........ 32 Dupont de Nem (2).. 99 Dupont deN db pf(6) —— P 2% 1% Eastern Roll Mills. .. 61% 46 Eastman Kodak (3).. 6 3% Eaton Mfg Co 20% 10 Elec Auto-Lite. 2% 1 Electric Boat, 7% 3% Elee Pwr&Lt....... 20% T4 Elec Pwr&Lt $7 pf... 21 Elec Storage Bat (2), 4 Engineers Pub Sve. . 15 EngPSptww (5%). 3% ErieRR... 2% Fairbanks-Mor: e 10 Fairbanks-Morse pf. 1% Fed Water Service A 10% Fidelity-Phoen 1.20. ., 43 First Nat Strs (2%). 2 Foundation Co...... 13% Fourth Nat Inv 1.10., % Fox Film (A). 12 Frankin Simon pf(7). 10: 16% Freeport-Texas (2) 2% Gen Am Investor: 13% Gen Am Tank Car 4% Gen Asphalt. .. 13 Gen Baking (2) 29 Gen Cigar (4). 10% Gen Electric (4 B 11% Gen Elec spec (60c).. 21 GenFoods (2)......; % Gen Gas & Elec (A).. 85% Gen Mills (3)... . 921 CGon Millspf (6)..... 1 10 Gen Motors (1). 103 651 Gen Motorspf (5)... 2 31 Gen Prtg Ink pf (6).. 10s 2 Gen Public Service.. 6 5% Gen Kealty & Util pf. Gillette Saf Raz (1). Gillette Saf R pf (5). Glidden Co. . . Gobel (Adolf)....... Gold Dust (1 20).. Goodrich (BF). . Goodyear Tire&Rub. % Goody'r T&R 1st (2). Gotham Silk Hoslery Graham-Paige s 3% Grand Unlon.. - 22% Grand Union pf (3).. 4% Great Northern pf... 5% Great Northern Ore.. 7 Great West Sugar... % Grigsby Grunow % Guantanamo Sugar.. 6% Gulf States Steel.... 20% 16% Gulf States Stl 1stpf 10s 28% 25 Hacken WatpfA 1% 160s 2% 1% Hahn Dept Stores... 16 5% 3 Hercules Motor... 280% 15 Hercules Powderll, - 3 .16 e s PYN T 198 o s BHNARE N BHENHa RO TN BT 'S NN PeRalwarson meo THE EVENING STAR, WASHINGTON, D. C. SATURDAY, APRIL 8 1933. Sal Add 00. High. Low. Close. - 6 3% 3% 3% 5% 57% 15% K 1% 81% 8% 23% 13% 3 14% Net. Ch 4 A+ A L+ »;l"" ~Prev. 1933— Stock and Low. Dividend Rate. h. 57% 35% Hershey Choc (3). %! 197 145 Homestake Min 110.. £l EEFFEFIE FRIE FFEREFEFES Lt Srees |4+t BERE RS 4 +H+ ] £ g2 2 xfess + 44 FE OF FEEZ (R aF 15% 8% Houston Ofl.... 1% Houston Oil (new).. 5% Howe Sound (40c) 1% Hupp Motors, 15% 8% Illinois Central. 38% 24 Industrial Rayo! ) 314 Ingersoll-Rand(1%) 18% Inland Stee]. Interboro Rap Tra Interlake Iron. . Int Bus Mach (6). 4 Int Cement. Int Harvester Int Nickel of Can. Int Silver. ... Int Tele & Teleg. Interstate Dept St... Island Creek Coal(2) 23% 12% Johns-Manville. 62 42 Johns-Manvillepf... ——— 11 6% Kansas City Southn., 2 7% Kelly Spring Tire. .. 5% 3T 114 7% Kennecott Copper, 10% 5% Kresge (SS)... 20 141 Kroger Grocery (1) 347 22% Lambert Co (4).... 14% 8% Lehigh Valley RR... 47% 37% Lehman Corp (2.40) 18% 14 Lehn & Fink (2)..... 62 49 Liggett & Myers(15). 63% 49% Ligeg & Myers B (15). 16 13 Lily Tulip Cup (1%). 18% 10% Liquid Carboniec. ... 21% 81 Loew’s Inc (1).. 31% 1% Loft Inc. 27 19% Loose-W 14% 10% Lorillard (P) (1.20) 19% 14% Lou Gas&El A (1%) 21% Louisville & Nash 13 McCall Corpn (2). McCrory Stores pf. 18 MclIntyre P M(11%). 4414 McKeesport T P (4). 1% McKesson & Robbins 214 McLellan Stores pf.. 1315 Mack Trucks (1).... 24% Macy (RH) & Co (2). 5% Magma Copper % Manati Sugar. % Manati Sugar pf..... 6 Manhat Elev mod gtd 5% Marine Midld (80c).. 4% Marshall Field & Co., 9% May Dept Stores (1). 2 Mengel Co.. 1% Miami Coppe: 3% Mid Continent Petm 3 Midland Steel Prod. 4% Minne StP&SSM 5% Mo Kan & Texas. 113 Mo Kan & Texas pf.. 1% Missouri Pacific..... 1% Missouri Pacific pf... 25 Monsanto Chem 1 8% Montgomery Ward 1% Mullins Mfg 1% Murray Corp. . 8 Myer (F E) & Bro. 11% Nash Motors (1) 1% Nat Acme Co. . - 3114 Nat Biscuit (2.80)... 5% Nat Cash Reg (A)... 10% Nat Dairy Prod 1.20. 14 NY Central. 2% N CChi &St L pf. 11% N Y N H & Hartfo: 7% N Y Ont & Western 1% N Y Shipb'ldg (10e). 31 N Y Shipbldg pf (7). 80 N Y Steam pf (6).... 17% Noranda Min (a1.10) 4 North Am Aviation.. 15% North Am (b8 %stk). 17% 9% Northern Pacific T 4% Ohio Ofl...... 3% 1% Oliver Farm Equip. 2% 1% Omnibus Corp......; 14 10% Otis Elevator(60c) 4% 1% Otis Steel. .. 45% 31% Owens I11 Glass (2).. 31% 20 Pacific Gas & El (2).. 43% 25% Pacific Lighting (3).. 81% 65 Pacific Tel & Tel (6). 1% Packard Motor Car.. % Park Utah... . 1 Pathe Exchange..... 1% Pathe Exchange (A). 5% Patino Mines. ....... 25% Penick & Ford (1)... 19% Penney (J C) (1.20).. % Penn Dixie Cement. . 18% Penna RR (h50c). ... 10% Peop Drug Strs (1).. 45 Peoples Gas Chi (5). 6 Pere Marquette pr pf 4% Phelps Dodge. ... 2% Phila & Read C& T 4% Phillips Petroleum. . % PierceOil...... 5, Pierce Petroleum. ... 9% Pillsbury Flour(60c) 15% Pitts United pf. 1% Poor & Co (B). - 4 Postal Tel&Cable pf.. 19% Proctor & Gam(1%). 334 Pub Sve N J (2.80) 93 Public Sve NJ pt ( 18 Pullman Corp (3). 214 Pure Ofl. ... 30 PureOil pf (2 5% Purity Bakerie: 3 Radio COTP.......ee 19 13% Radio Corp pf (A)... 1 6% Radio Corp pf (B)... 1 Radio-Keith-Orph... 1% Rels (R) & Co 1st pf. 2% Remington-Rand.... 1% Reo Motor Car 4 Republic Steel 9 Republic Steel pf.... 26% Reynolds Tob B (3).. 2% Rossia Ins of Amer.. — e e 28 Safeway Stores (3).. Safeway Strs pf (7). St Joseph Lead. ...+ 4 St L-San Fran pf. Scott Paper (1.40) Seaboard Ofl (+50¢c) Sears Roebuck - Servel Inc. . Sharp & Dohm 6% Shattuck(FG) (24c). 4 Shell Unfon Oil..... 4% Stmmons Co. . - Simms Petrolm (25¢) % Snider Packing...... ] Socony Vacuum 40c. 2414 So Port Ric Sug 1.60. 120 112 So Port Ric S pf (8). 28 174 Southern Cal Ed(2). 19% 11% Southern Pacific....: 8% 4% Southern Railway... % 5% Southern Railway pt % Sparks-Withington. . 8 Spencer Kellogg(60c) 13% Standard Brands (1). 5% Stand Gas & Elec. ... 19% Stand Ol Calif (2). 22% Stand OINJ (1).... 5, Sterling Secur (A) 214 Siewart Warner. .. 5% Stone & Webster 1% Studebaker Corp % Superior Ofl........ 10% Texas Corp (1)...... 15% Tex Gulf Sulphur(1) 3% Tex Pacific Land Tr. 4% Third Avenue......, 5% Thompson Products. 3% Tide Water Asso Oll. 23% Tide Water Assoc pf. 13% Timken Roller Bg(1) 2% Transamerica Corp. . 2% Tri-Contl Corp...... 41 Tri-Cont Corp pf(6) % Ulen & Co. 19% Union Carb&C (1).. 8% Un Ofl of Calif (1)... Union Pacific (6). Unit Afrcraft. Unit Carbon. . 4 Unit Corp (40¢) Unit Corp pf (3).. Dnit Fruit (2).. Unit Gas&Im (1.20) Unit Plece Dye Wks. S Ind Alcohol. Leather. . Leather (A) i aqgaddaaaaa s s s s s s s s 53 U S Steel pf (2) ~. % United Stores (A) o - S I I LT TS o [OI=TO0 [FPETS JOTOL 1V FRORIOPIN - PepnSwRanammaT s wram BH o oS P ] . Ernbe hoarneeHn SR some~ PO T DTS TSI i1 FY srseses By x & presessge g LE4dd & dddddld 44 + Hiddl+ites EFeEe # ++ A - I o L I R st 81 T e s O FRERL PRAFFRFEFER F FFEE F EEF FEEFPEEEF ¥ ¥F l+t++++++ T e T P EOE AR R LI+l 51+ ) E FFEFFERRERFES EF S22 geReesey wx rres Fresis e I+4+1i+1+ +4+ +4+++1 441441 4 SFEER FE oFax I +++ Ui+ 4t 1 4+ 4444 FFEREF FERE EFE RIEEFEE e | ++1 1 - Tadd AR LH - A EEREFEFR F OFER FEREEER ++1I++++ 01 0% + % 3 625 +1% each I S —Prev. 1933 Stock and High. Low. Dividend Rate. 3% Vadsco Sales Corp... adium Corp. . 3% Va-Car Chem 6% pf. 1 20% 12% Vuilcan Detinning. 3208 1 % Walworth Co. 1 1 Warn Bros Picture: 1 % Warner Quinlan. 1 214 Warren Bros. . 3 7 Wesson O & Sn 3 1 96 West Pa Pwrpf (7).. 108 31 17% Western Union. . 44 1 16% 11% Westing’se Air B 147 Sales Add 00. High. 2 % 8 12 3 6 6 9% 16 3% 96 stock. e % 4% 1% 4 13% Stock. e Pavable 9 1o e TR % n Pavable in so ~Prev.1933—~ _ Stock and High. Low. .~ Dividend Rate. 31% 19% Westinghouse Elec.. 21 2 Wilcox Oil & G 2 374 25% Woolworth (2.40). 8 _Worthington Pum 2% Yeliow TrucK....... T% Youngstown Sh&Tn.. 32 12% 11 LB gL IS 1t e i ol % 11 s Unit of trading less than 100 shares. 1 Partly extra. 3 Plus X 4% in stock | e Paid 3 Plus $1 1n d cash or stock. f Patd Jast year—no Tate. 0. FINANCIAL. ‘Today's 24% 26% + % 2% 2% 135 26% 25% -1 3 12% 11% 12% +1% 5 3% 3% 3 12% +1% this_year. Tate. % 5% 1 BANKING AFFILIATE TABOO IN FINANCE Abolition of Security Branches Planned by Many City Institutions. By the Associated Press. It is rather generally agreed in Wash- ington official circles that the banking security affiliate is virtually a thing or the past. Despite the absence of legislation which many believe may be enacted prohibiting any organization doing & commercial banking business from dealing in securities, two of the out- standing affiliates of the country have already been divorced from their re- spective banks—the National City Co., and the Chase Securities Corporation. In Washington it is hoped, by either voluntary or forced action, to elimi- nate any suggestion of speculation from commercial banking the eradica- tion of the affiliate. It is be- lieved here that much of the shifting of activities of commercial loans to se- curity loans, real estate loans and in- vestments that has taken place since 1921 has been due in no small measure to the efforts of banking affiliates to push their wares. In the table that follows the trend of banking activity of all Federal Re- serve member instiutions is given for June, 1921, in contrast with similar for September, 1932, as com- by official statistics of the Reserve (000,000 omitted) June, '21 Sept, '32 la equity of properties to which he has a *Excluding U. 8. Government bonds. WORLD STOCK PRICES ABOVE LOW POINTS| et Pl.uin'g of Record Declines Is Con- sidered Sign That Reconstruc- Aion Period Has Arrived. Special Dispatch to The St NEW YORK, April 8—What has been the -impartial and cold-blooded verdict nf_‘o:oilf mu‘ kets ove;‘ the ‘The bear market low in Berlin was made in April, 1932, In London and in Paris the low points were reached in May, 1932. In Amsterdam it was June and in New York it was July of last year when securities sold at their lowest prices. From these levels there was a recovery, which reached its peak temporarily in New York in Septem- ber, 1932; in Paris and in Amsterdam, in December; in London, in January, 1933, and, “mirable dictu,” in Berlin, in_March. It will be observed that as it stands today prices in Berlin are nearer to their best on the recovery than any- where else. It will be noticed, also, that the low point was reached in Berlin before it was anywhere else in the world and the last to yield was New York. It will not do to press the analogy too far. The fact remains, however, that if the general level of security the world over means anything, it is that the worst of the depression is past and that the recon- struction period has been entered. (Copyright, 1933.) Washington Produce 'WHOLESALE PRICES. Butter—One-pound prints (93 score), 22; tub, ; one-pound prints (92 score), 21; tub, 20; one-pound prints (91 score), 20; tub, 19; one-pound prints (90 score), 19; tub, 18. Eggs—Hennery, white, 12; current receipts, 11allls; Government graded, extras, 20%2; standards, 17; mediums, Poultry, alive—Turkeys, hens, young, 16a20; old, 12al4; toms, 13al4; old 8a10; chickens, hens, 13al4; Leghorn hens, 10; roosters, 6a7; Plymouth Rocks, broilers, 20a21; Leghorn, broilers, 18; fryers, 17a19; roasters, 17a19; mixed colored chickens, 14a16; keats, young, 25240; old, 15a20; capons, 25; slips, 18. Poultry, dressed — Turkeys, hens, young, 19a23; old, 15a17; toms, young, 16al7; old, 11a13; chickens, hens, 16: Leghorn hens, 13; roasters, 9al0; Plymouth Rocks, broilers, 23a24; Leg- horn, broilers, 21; fryers, 20a2l; roasters, 20a22; mixed colored chickens, 17a19; keats, young, 28a43; old, 18a23;- capons, 28; slips, 21. Meats—Beef, 10; veal, 11; lamb, 11: rk loins, 12; fresh hams, 12; smoked , 13; strip bacon, 13; lard, 7l2; compound, 7. Fruits—Grapes, Argentina, 3.50a4.00; strawberries, 5.00a7.00; cranges, 2.50a 4,00; lemons, 4.00a4.50; grapefruit, 1.50a2.50; limes, per 100, 2.00; tan- gerines, 2.00a2.50; bananas, 150a2.75; peaches, 1.50; apples, fancy box stock, 1.50a2.25; nectarines, 1.75; honeydews, .00a2.50: pineapples, 4.00a4.50; rhubarb, lligator pears, 3.50a4.50; pears, box, New York, 1.10; Florida, new, barrels, 4.5024.75; Idaho bakers, 1.75a2.00; sweets, 60a75; cabbage, new, 90a1.00; lugs, . |and 46,599 in January, the Rubber Ex- “Spring _onions, per , 1. radishes, bushel basket, 1.00; squash, white, 2.00a2.50; ‘yellow, 2.00; salsify, per dozen bunches, 60. ACCOUNTING FOR UTILITY COMPANY IS REQUESTED By the Associated Press. CINCINNATI, Ohio, April 8—An ac- counting of affairs of the Columbia Gas Electric tion was asked in court lder who asserted be- | B here by a lief that $41,816,1%7 of its assets hac been lost h ‘The suit, trict Court here, asked also that the amount of the alleged lcss be mined, together with the PROTECTION FOR BONDHONDERS HAS BEEN SLOW IN MATERIALIZING Various Committees in New York and Other Large Cities Find Difficulty in Obtaining Relief. Special Dispatch to The Star. NEW YORK, April 8—To a con- fused and crushed bondholder, whase long-paid interest suddenly goes to default, his coupon returned stamped “no funds,” the announcement that a “protective committee” has been formed moratorium.- These securities are held by a widely diversified class of investors, including thousands of individuals who are dependent on the income from their to look after his welfare frequently | rank, they seems a way out of his . Just as often it proves tp be only another complication. As months pass with no | situation apparent improvement in his status, his suspicion of the altruistic motives of the committee increases. With so many different kinds of bonds now in default, not only as to interest, but as to principal, the bond- holder is besieged with requests to join organizations quickly created for the purpose of recovering as much of the [ assets of the bankrupt concern as are in sight. Some of these have a per- sonnel that compels respect; others, one whose motives are not altogether unselfish. Their members do not cus- tomarily work for the joy of helping out their brothers in trouble. It fre- quently happens that, along with fees for ueeivmfl mdmcommmeem. m Tesources a are ‘ra) dissipated. “Racket” in Chicago. ortgages. other money centers in where the number of faults is on the increase, there is danger g.‘tm unscrupulous individuals may, as wilde lder to them clearly mwmdl- vidual payments of 1 are de- faulted, to issue orting statements over the name of their t. Oth- turn their coupons with the curt note that there are no funds available and even allow bonds to mature without a word of explanation to the bondholder. In order to give the maximum of pro- tection to the small owners of guaran- situation and to take care of themselves —Gov. Lehman has recommended the hom | preceding week, but - | cars from the same week a ast, take advantage of the be- | of ganized_bondho and extract from him nearly all of the | POSition prior claim. It is o ry for committees uire of depositing bondholders 'y pay a fee ranging from 1% per cent to 3 per cent, or from $15 to $30 for each $1,000 bond, to cover the expenses of the committee, including compensation for its members. This percentage, however, represents only a small portion of the “cut” that eventu- taken in various forms and by which the original equity of the bond- holder is substantially diminished. One of the most serious of the mani- fold forms of financial trouble in the with guaranteed real estate on which there is at present $40,000,000 UTILITY PLANNED IN WEST Los Angeles o Lead in Water Service Outlays During Present Year. Special Dispatch to The Star. LOS ANGELES, April 8—The Far West plans to spend more than $40,- 000,000 in 1933 in the development of municipal water systems, the Bank of America announced today. Of this total Los Angeles will expend $17,600,000 over the next nine months in starting the $220,000,000 aqueduct to obtain water from the Colorado river. As an indication of the quantity or materials in ive st Spe B SO for 6,00,000 barrels of cement, 41,000,- 000 ds of explosives, 15,000,000 poun steel. - A number of the projects have en- uH.!rt;ed the aid a{m u:su R.eemnt.rucur’n ce Corporation. OQutstanding proj- ects ‘of 1933 include: enver, b porary ments, $2,225,000; Seattle, reconstruc- tion of pipe lines, etc., $750,000; Oak- land, general betterments, $1,660,000; San Diego, completion of El c%p.l:nh.n system, $2,350,000; supply lines, $3,500,000; Pasadena, Calif. com; of San Gabriel proj- and San Francisco, ect, $6,000,000, completion of the $105,000,000 Hetch- p Hetchy municipal system, $5,000,000. NEW YORK, April 8—The sugar melt of 13 refineries in the United States from January 1 to March 25 to- taled 735,000 long tons, compared with 790,000 in the same period of 1932. De- liveries were 665,000 tons against 685,- 000. [ Standard Statistics Co. says: “Cur- rent business h\:‘t‘flum;u are h:klunaun]:‘- tively well, although now at levels n far lybcve the lowest thus far recorded in the depression period, and go far toward corroborating the theory that the country is at or close to its mini- mum consumptive requirements. Pros- pect of an early industrial revival on a broad scale led by basic industries, how- ever, has grown more remote.” The National Lumber Manufacturers’ Association reports that lumber orders booked by the mills in the week ended March 25 were larger than for any pre- vious week of 1933 and for any of 1932 with the exception of two weeks last September. This new , aggre- gating 180,000,000 feet, was 79 per cent above production. Exports of crude rubber by British Malaya during March totaled 42,059 tons, compared with 37,564 in February change of New York reports. NEW YORK BANK STOCKS NEW YORK, April 8 (#).—Over-the- counter market: (Quotations as of 10 o'clock.) Chase (2) ..... Commercial (&) " : First National ARE BROUGHT TO LIGHT President’s Order Brings Return of Over ’630,009,000 in Gold of copper and 240,000 tons of | con: i LR i =28 78 £k Georgia, N and Utah, f¢ instance, all had private gold coinage. libber Consumption Drops. By tl.e Associated Press. States declined in 1932 for the fourth successive year, on the basis of a sur- Commerce t. R 2 long 7,500 MMIQ;: compared with 123,000 long tons 5 0 mmvmmmdecflne!ntheuuo( ummu?d 1{‘9r sum| n, as compared 3:;: and 26 per cent, DIVIDENDS ANNOUNCED NEW YORK, April 8 (#).— Beduced. Company. __ Rate. fiod. able. R riatown, P).30¢ 8 Avr. 1 Nat Met Bk~ 3 R New York Trust of the 21 digectors named it ") g Quar & Fust 4.3 it b s b 5 Hel 55 X HREEE 8§ g £ extra, K 535 o to| Last Saturday ‘the cent. STOCKS INRALLY AS SESSION ENDS During Last Half Hour of Trading. BY GEORGE T. HUGHES. Special Dispateh to The Star. -NEW YORK, April 8. — Rallying sharply in the last half hour, the stock market closed active and s with the steel shares m " tocka ot all the independent steels of it were bid up sharply, with a correspond- ing improvement in United States Steel common and erred. Railway shares did better as the ses- sion drew toward the end, and indus- trials, which had ben heavy earlier in the day, hardened. Gold mining stocks were active, ance o;‘dflw .igkun}‘:l;ki‘ . . omestake esterday. That stock added 4 moren;ol{:h to l"a gain of 17 Priday, making a new high, but then reacted. Meanwhile, there was a large turnover in Mcintyre and in Dome and considerable interest In ol This ety oot e v 1s, inflation talk. P I N e point of weakness was Wool- worth, which sold off to a new mools low. ‘In part the reaction was ascribed to dividend doubts and in part to con- %eer;nm over thfieco%lzpmm 's investmen any under t] itler regime. tuck also made a new low. o Steel .mxi-n were firm on optimistic forecasts for the industry. mfleporu from Youngstown were that operations would be stepped up next week. Na- :::n:s tSt.?e:hlold within approximately of the movement in fairly large " ond wu stocks were heavy, al realizing after their nezt Fase Car loadings f ”:fem or April, 1 increased 18,738 A I 5 if 58 the week the increase miscellaneous freight with 1932 the best showing was grain and grain i cline for the year m‘"fig e gai’afl 528 NEW YORK, April 8.—Some brokers today were mildly Tegarding the outlook of the stock market. Others await more definite indications before Rubber consumption in the United| & & ending April 1 as compared with the " | previous week. 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