Evening Star Newspaper, April 11, 1933, Page 12

€ Qssistant Cashier Promoted. I Directors Declare Quar- B terly Dividend of $2. P BY EDWARD C. STONE. " Following the regular meeting of the board of directors of the Riggs Na- $ional Bank, President Robert V. Flem- ing stated that Frank G. Burrough, assistant cashier, had been promoted to the office of as- sm:m vice presi- clared a quarterly dividend of $2 per share, payable April 15, to stock- holders of record as of the close of business March 31. Mr. Fleming added that the last quarterly divi- dend paid was at Frank the rate of $3 per share, and al- though earnings are subnamlnlly in excess of dividend requiremenis, it was considered prudent and sc: d banking policy, in view of existing economic conditions, to conserve the earnings of the bank, in order. that reserves might be built up even beyond any actual Peeds which could not be foreseen. Tt was léarned today that the new Bssistant vice president, Mr. Burrough, has been with the Riggs National Bank | since-1918. During that time he h‘,sV theld many important positions and dis- | played marked banking ability. His ad- | vance has been steady and he received | many hearty congratulations today on ‘his latest promotion. He was born $nd reared in Washington. Reduction in the Riggs Gividend will icause little surprise in the financial district. Several other local banks have taken action and there have been a great many dividends lowered by banks in other parts of the country, the aim being to conserve assets amid resent unusual conditions. The bon.rrf meeting was held late yesterday. Fifth District Trade Better Latest information from the Federal Reserve Bank of Richmond states that Apri! retail trade has shown marked improvement during the past few days and a decidedly better feeling is noted in most parts of the territory. Fertilizer sales have made the oest dmprovement recently, the report says. G. Burrough. Wuther for planting has been excel- lent and farmers believe tbe dnnm of damaging frosts is now Railroad tnmc I.n the fifth further Bank gained mbmnuflly Tast week and were nearly to the same week a year ago. Many Gains Reported. Business “West Coast More Optimistic.” More Advertising Advocated. Advertising, properly employed, should in assisting latent need, according to the Index, published by the New York “Trust Co. “Furthermore,” the Index says. “many large advertisers are reported to be pre- pared to increase their advertising ap- propriations immediately upon signs of any sustained improvement in business. Since advertising closely reflects the state of trade, it may be expected to be . among the first groups to bencfit from Tecovery. “The prospects for advertising appear to be particularly bright if those con- lrolll.n( its policies consider it in rela- tion to sales and take full advantage of their opportunities to rehabilitate and stabilize distribution. - “Although no fundamental changes appear to have taken place in adver- tising during the deptession, certain in- teresting trends are noticcable, such as the movement to control exaggerated claims made for products, more inten- sive study of markets, reduction in ad- vertising costs through adjustment of Tates, more careful selection of adver- tising media, use of less display space, employment of more direct selling copy and greater flexibility of advertising appropriations.” Good Trading on Exchange. On the Washington Stock Exchange today, the first transaction was a $500 sale of Capital Traction 5s at 40. Interest then turned to Washington Gas Light 5s, 1958, $1,000 and three $500 sales taking place at 85;. Wash- ington Gas 6s, series B, came out in a $500 turnover at 104. The day’s best trading was in Wash- ington Railway & Electric 4s, $500, $2,000, $1,000, $1,000 and $500 changing hands at 84!5, practically the same price as in other recent sales. The only stock sales today were in ‘Washington Railway & Electric pre- ferred, a total of 25 shares changing hands at 83%;. Financial District Comment. Local brokerage offices had standing room only when the New York Stock Exchange opened today. Stocks opened higher. Erie Railroad has asked approval of Intersiate Commerce Commission to borrow $1,500,000 from Reconstruction Finance Corporation and in this con- nection to issue and pledge $5,000,000 additional of its refunding and im- provement mortgage 6 per cent bonds. Prices for farm products, principally wheat, corn, cotton, lard and butter, advanced the wholesale price index of the National Pertilizer Association dur- ing the latest week When computed for the week ended April 8, this index showed a gain of 3 points. Federal Reserve notes and national bank notes are gradually replacing gold money which is being drawn out of circulation by the Government to bol- ster its reserves, the monthly circula- tion statement of the Treasury De- partment showed. PRICES FOR KENTUCKY TOBACCO ARE LOWER By the Associated Press. FRANKFORT, Ky April 11.—Ken- tucky loose nt;r.:‘ sold 8,372,862 pounds of toBacco o types total of $346,894.50, or an average of $4.14 a hundred Eugene Flowers, commissioner of ag- riculture, announced. During March of 1932 the ware- ‘Thouses nld 18,157,654 pounds for $903,- 242.23, or an average of $4.97. There ve!e 845,502 pou P lgg; o!f bu'r;gyo;glsd‘ dur- mmh of or , an $6.27, as against 7,082,729 m- ma'mu an erne of during March of last 131 5% 22 9% 21% 2413 ™ 10% 18% 33% 46% 3913 814 354 40% 91y 109% 63% 65% 17 18% 1915 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Yesterday's 1033~ Stoctend Dividend Ral 13" Adama Express. . 40 Adams Express pf. 8 Adams Millis. 5% Addressograph. 1% Adv Rumley 7% Afiliated Prod 1.20 47% Air Reduction (3).... 11% Alaska Juneau(60c) . % Alleghany Corp.....: 1 Alleg Corp pt $30ww. 1% Alleg Cp pf $40 ww .. 70% Allied Chem & D (6).x 193 6 Allls-Chalmers Mfg. 46 18% Amerada Corp (2)... 49 7% Am Ag Chem (Del).. 4 8 Am Bank Note 5 34 Am Bank Note pf (z) 1 Am Beet Sugar.. 23 Am Beet Sugar pf... 1408 914 Am Brake Sh&F 60c., 7 60 Am Brake Sh pf (7).. 208 49% Am Can (4). 87 112 Am Canpf (7). 6% Am Car & Foundry 1% Am Chain... 34 Am Chicle (13) 13 Am Comc’l Aleohol Am European Secus. % Am & Foreign Pwr. 6% Am&Forgn Pw pf(6) I 7% Am & For Pw pt (7). 4% Am & For Pw 2d pf 41 Am Haw Stship (1 21; Am Hide & Leathe: 29'; Am Home Prod (3) 33, Am Ice Co. 25 Am ice pf ( 4% Am International 5% Am Locomotive. 8% Am Mach&Fdy(80c). 31 Am Metal Co 15% Am Metal pf. 4 Am Power & Light 9 Am P&L $5pf (1%). 9% Am P&L $6 pf (1%) .. 4% Am Radiator. . 2 5% Am Rolling Mills 10% Am Sm & Ref. . 201 Am Sm & Ref 6% pf.. 31 AmSm & Ref 7% pf. 3215 Am Snuff (13%). 4% Am Steel Foundry. 30 Am Stores (12%) 21% Am Sugar (2). 6 Am Sumatra Tob 873 Am Tel &'Tel (9) 49 Am Tobacco (5). 50% am Tobacco (B) (5). 102% Am Tobacco pf (6) 10 Am Type Fdrs pf. 10% Am Water Works 913 Am Wat Wks ctfs(1) 35 Am Wat W 1stp£(6). 3% Am Woolen 40s 5 Anaconda Copper. 814 Anchor Cap (60c) 6234 Anchor Cap pf (6%). 4 Archer-Danfels (1) 41 Armour of Del pf(7). 1% Armour of 111 (A) % Armour of 111 (B) 7 Armour of Ill pf. 31 Asso Dry Goods. .. 18 Asso Dry G 1st pf. 15 AssoDry G 2d pf 6% Associated Oil. 34% Atchison... 50 Atchison pf (5) 163 Atlantic Coast Line 4% Atl Gulf&West Ind 4% Atl Gulf&W Ind pf. 12% Atlantic Reflning(1). 9 Atlas Powder, 31% Auburn Auto (2)..... 5% Aviation Corp (Del). 3% Baldwin Locomot. 5% 9% Baldwin Locomot pf. 450s 14 8Y% Baltimore & Ohlo 44 10% 20 Bang & Aroost (2). 68% Bang & Aroos pf (7). 80% 3 Barnsdall Corp. 4% 3% Bayuk Cigars. Beatrice Creamery. Beech-Nut Pkg (3). ., 2 504 Belding-Hemingway. 3 3% Belg N Ry ptpf 4.09.. 2 63% Bendix Aviation. 51 9% Best & Co 12 14% Bethlehem S 184 18 Bethlehem Steel n 47 39% 4 Bigelow-Sanford 170s Blaw Knox.... Bphn Alumn & Bi Borden Co (1.60). Borg Warner.... 2% Briggs Mtg Co. 21% Bklyn Manhat Tran 64 Bklyn Man Tr pf (6). 631 Bklyn Unlon Gas (5). 1% ‘Brunswick-Balke 14 Bruns Term & Rwy: 2 Bucyrus-Erie. . 23 Bucyrus-Erie cv pf 20% Bucyrus-Erie pf (2). 290s % Budd (E G) Mfg. 1 Budd Wheel 215 Bullard Co. Burns Bros A 3% Burns Bros (A) vic 6% Burr Add Mach(40c). 1 Bush Terminal. 1 Butte & Superior. 815 Byers (A M). 7% California Packing. . 1% Callahan Zinc & Ld 2 Calumet & Hecla. T% Capada Dry G A (1). 714 Canadian Pacific. 14 Cannon Mills (1) 4% Capital Admin (A) 30% Case (J I) Co.. s Case (J1) pf (4). 4 Caterpillar Tractor m Celanese Corp. 14 Cent Aguirre (1%).. 5% Cerro de Pasco. 24% Ches & Ohlo (2%). 14% Chesapeake Corp (2). 2% Chi Great Westn pf.. 1 Chi Mil St P & Pac. 1% Chi Mil StP & Pac p: 1% Chi & Northwester! 2 Chi& Northwest pf 2% Chi Pneumatic Tool 2 Chi Rock I & Pac 3 ChiR1&Pac6%p 3% ChiR & Pac7% pf. 6% Chi Yellow Cab (1) 2 Childs Company. 7% Chrysler Corp'n. .. 7% City Ice & Fuel (2).. 45 City Ice&Fuel pf 6%. 10 Cluett-Peabody (1).. 731 Coca-Cola Co (7} 7 Colgate-Palm-Peet 49. Colg-Palm-P pf (6).. 3 Collins & Alkman 31 Colo Fuel & Iron. 12% Colo & South 1st pf 9 Columb G&EI(b80c). 59 Columb Gas pf A(6). 63 Columbia Pict vic. .., 231 Columb Carbon (2) 4 Commercial Credit. .. 16 Comc'l Credit (A). 5 18% Camel Cred pf (1%). 370s 18% Comel Cred pf B (2). 120s 18 Comel Inv Trust (2). 11 9 Comel Solv (60c).... 248 1% Comwlth & Southn. . 21 Comwlth & Sou pf(6) 7% Congol-Nairn (60¢).. 3% Jonsol Cigar.. 5% Jonsol Film pf. 40 Consol GasNY (4).. 88 Consol Gas NY pf(5) 21 Consol Laundrie! 5 Consol Oll Corp. % Consol Textile... . 134 Container Corp (A % Sontainer Corp (B: 3 Contl Baking (A). 1 Contl Ba'ing (B). 35% Contl Can (2)... 10% Contl Insur (1.20)... 1 Contl Motors. . 4% Contl Oil (Del) 45% Corn Products 2% Coty Inc 23 Cream of Wht 12%. 2% Crosley Radio. 14% Crown Cork & Sea 9 Crucible Steel. . 16 Crucible Stec] pf 20s 19 1% Cuban-Am Sugar. 10 -“uban-Am Sugar pf. 20% Cudahy Packing 2% . 6% Curtis-Publishing... 30 Curtis Publishing pf. 1% Curtiss-Wright..... 19 2 Curtiss-Wright (A). 74 Cushmans pf (7).... 1% Davega Stores (h3).. 6% Deere & Co pf (20c) 37% Delaware & Hudson 17% Del Lack & Westn 48 Detroit Edison (4) 17% Diamond Match (1 26% Diamond Mach pf 1 12 Dome Mines (11.30). 10% Dominion Stores 1.20 10% Doug Alrcraft (75¢) 6% Dresser Mfg (A). Sales Add 00. High. 17 % 18% 3 35% Net. 29% +4% 24 -1% 11 +2% 42% — % 56 +5 20% — % 51‘». +1% 3+ % 5% — 13+ % 11% + % 62 +2 8% + 321 — 5% — 3 17 + 18% + ~Prev. 1933~ Low. Close. Chge, | High. 3% 38% 1% 43 106 2% 61% 6 197 3% 15% 384% % 23 10 5% 3% 11% 8 10% 217 100 Stock and Low. ~ Dividend Rate. 2'4 Dresser(SR)Mfg(B) 29 Drug Inc (3). % Dunhill Intern! 32% Dupont de Nem (2).. 99 Dupont deN db pf(6) 1% Eastern Roll Mills. .. 46 Eastman Kodak (3) 3t Laton Mfg Co... 10. Elec Auto-Lite. 1 Electric Boat.... 1 Elec & Musical Instr. 3% Elec Pwr & Lt. .. 61 Ilec Pwr&Lt $6 pf. Elec Pwr&Lt $7 pf. Elec Storage Bat (2). Endicott-Johnson(3) Engineers Pub Sve. . 15 EngPSpfww (5%). 26% Eng Pub Sve pf (6).. 6'¢ Equitable Of Bld(1) 3% ErieRR..... 4% Erie RR1stpf...... 3 Eureka Va Cleaner. % Evans Auto Prod. .. 215 Fairbanks-Morse. ... 10 Fairbanks-Morse pf. 4% Federal Lt&Tracion. 41 FedL&Trpf (6).... 18 Fed Mines & Sm pf.. 1% KFed Water Service A. 7% Fed'd Dep Strs(60¢).. 10% Fidelity-Phoen 1.20. . 9% Firestone T&R(40c) . 42 Firestone T&R pf(6) First Nat Strs ( /fi). 414 Foster-Wheeler. ... 13% Fourth Nat Inv 1.10.. % Fox Film (A).... 16% Freeport-Texas (2) 612 Gamewell Co. 2% Gen Am Inves! 42 Gen Am Inv pf ww 6. 13% Gen Am Tank Car(1) 4% Gen Asphalt. . 13 Gen Baking (2 2% Gen Bronze. 64 Gen Cable pf. 29 Gen Cigar (4).. Gen Cigar pf (7)... 101 Gen Electric (40c). 11% Gen Elec spée (60¢c)., 21 General Foods (1.60) % Gen Gas & Elec (A).. 5 GenGass% - s BB T AR e MO aN A TG 1 2 T 351 9214 Gun Mills pf (6) 10 Gen Motors (1). Gen Motors pf (6)... Gen Qutdoor Adv. Gen Public Service. Gen Ry Signal (1) Gillette Saf Raz (1) Gillette Saf R pf (5 Glidden Co... Gobel (Adolf) Gold Dust (1.2 3 Goodrich (B F). 9 Goodrich (B F) Goodyear Tire&R Goody'r T&R 1st (2) . Gotham Silk Hosiery Graham-Paige... Granby Consol. Grand Unfon. Grant (W T) (1). Great Northern pf... Great Northern Ore. 7 Great West Sugar... 72% Great Wn Sug pf(7). % Grigsby Grunow..... % Guantanamo Sugar. 6% Gulf States Steel. 1% Hahn Dept Stores 9 Hahn Dept Stores 2% Hamilton Watch Harbison & Wall 4 Hartman Corp (A)... % Hartman Corp (B)..; Hayes Body. ... 4 Helme (GW) (17) Hercules Powder 1% Hercules Pow pf (7). 4 Holland Furnace.... Homestake M(110). Houston Oil.... ; | 1% Houston Oi] (new).. 9 5% Howe Sound (40c) 39 3 Hudson Motor Car. 11 1% Hupp Motor: 8% lllinois Cents 31 Illinois Cent 1 % Indian Motor Cyel 1% Indian Refining. . Industrial Rayon Ingersoll-Rand(1%). . 37 Inland Steel......... Inspiration Copper. . Insuranshares (Md). Interboro Rap Trans. Interlake Iron. . Int Agriculture. Int Bus Mach (6). Int Carriers Ltd 20¢ Int Cement. .. % Int Combustion. Int Harvester (60¢).. 2% Int Hydro-Elec (A).. 3 Int Nickel of Can.... 397 2 Int Paper & Pwrpf.. 17 % Int Printg Ink pf (6), 40s Int Rys Cent Am pf.. 1108 Int Silver. ... 3; 243 Int Silver pf.. 5% Int Tele & Teleg. 1% Interstate Dept St. Jewel Tea Co (3). 12% Johns-Manville 42 Johns-Manvillepf... 35 Jones & Laugh pf(1). 10s 2% Kaufmann Dept St.. 1 67 Kayser (J) & Co 5 7% Kelly Spring Tir 6 Kelly-Sp Tire 6% 31 Kelvinator Corp 30 Kendall Co pf (6 7% Kennecott Copper. 4% Kinney (G R) Co p! 5% Kresge (SS)..... 14% Kroger Groeery (1).. 221 Lambert Co (4).. 3% Lee Rubber & Tire. Lehigh Valley RR.., 4 Lehman Corp (2.40) Lehn & Fink (2)....s Libbey Owens Glass.. Liggett & Myers(15). Ligg & Myers B (15). Lily Tulip Cup (1%). Lima Locomotive. . Liquid Carbonic Loew's Inc (1)... Loews Inc pf (6% Loft Inc. . Loose-Wil 4 Lorillard (P) (1.20) Lou Gas&El A (1%) 4 Louisville & Nash Ludlum Steel. 9% McAndrew Forbes(1) 13 McCall Corpn (2).... 18 Mcintyre P M(f1%). 21 44% McKeesport TP (4). 59 1% McKesson & Robbins 14 3% McKesson & Rob pf.. 13% Mack Trucks (1).... 24% Macy (RH) &Co (2). 1% Madison Sq Garden. . 5% Magma Copper. 3 Mallison & Copf. 1% Manati Sugar.... % Manati Sugar pf 12 Manhattan Elev gtd. 6 Manhat Elev mod gtd 145 Maracaibo Oil Exp... 5% Marine Midld (80c).. 6 Marlin-Rock (1). 35 Marmon Motor Car.. 1 4% Marshall Field & Co.. 10 14 Mathieson Alk (1%). 19 9% May Dept Stores (1). 4 1% ‘Maytag Co... 2 Melville Shoe Mengel Co. Mengel Co pf. % Miami Copper Mid Continent Midland Steel Prod Minn Moline Pow Minn Mojine P pf 4 MStP&SSMpt Mo Kan & Texas. .. Mo Kan & Texas pf. 4 Missourl Pacific. Missouri Pacific pf. Monsanto Chem 1% % Montgomery Ward... 409 Morrell (J) & Co (2). Motor Meter G & El 7% Motor Products. 1% Motor Wheel, 1% Mullins Mfg. 1% Murray Corp. 11% Nash Motors (1). 13 Nash Chat&St L. 31% Nat Biscuit (2.80). 5% Nat Cash Reg (A). 10% Nat Dairy Prod 1.20., 1% Nat Dept Strs 1st pf. 16% Nat Distillers. .. 24 Nat Dist pr pf (2% 43% Nat Lead (5) 6% Nat Pwr & Lt 15 Nat Steel (50¢) 2% Nat Surety. 65% 2% 2 13% 11% 54 3% 3 12 3 1 3% 3% 15% 4% 5% Fuo ovam EXTrT 14 208 3 8% 85% 5% 1 185 1315 2% 11% 4% 89% 99% Ry s 4 4 iSTOCKS IRREGULAR | INPROFIT TAKING - _ |Trading Volume Declines as +1% Market Loses Part of + %W £ Recent Gain. & Lttt REsR i I I++1 FE O EEEE % | market was tempered also by two ad- ' | rates unless earned and unless their PLLVHT L4+ FOF OFRFEEIE FER I+ 1 » FFEEL ++411 ¢ ~ FEES Ll + - R ¥ 114441411 B¥ BE SESFESRREEF e 3 FFER FEF EFERFEERE 4+ HEEEIEE L WE I ++ 14 EREFREFFREES FEP Sl 3 L+ i $! FEFES FEFEE BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 11.—Stocks reg- istered a mild reaction today after their sharp advance of Monday. Volume fell off on the realizing, the losses were not large, there was some recovery toward | the close, and, in general, the market gave a good account of itself. Commodities were strong all day. Wheat closed 135 to 2% cents a bushel higher. Other staples advanced and held practically all the gains. The interesting feature about the stock market was the relatively bet- ter showing made by the public ptili- ties, which have been so long in spec- ulative disfavor. Sugar stocks were another group well supported. First quotations were at new highs on the recovery. The demonstration in the market yesterday brought in large buyins orders at the opening today, the executlon of which not only advanced prices but congasted business so that the tape fell 2 minutes behind. New buying and short covering were factors, but the former was the more potent. .. The.reaction was natural after so wide a rise. Enthusiasm toward the verse dividend developments. ~Nash Motors omitted the dividend on its stock due at this time and General Foods re- duced its quarterly disbursement to 40 cents a share, against 50 cents pre- viously paid. Losses of about 2 points were registered by each of these issues. It was a reminder that inflation could not be relied upon to maintain dividend declaration would not impair cash re- sources. - The early rise was distributed over the whole list, although American Telephone & Telegraph did not partici- pate. It opened unchanged and sold off for.a loss of a point or two during the morning in anticipation of an un- favorable first quarter report. Steel stocks, on the other hand, sold at new highs on the recovery, although mostly only by fraction: inion in the street was that on any further advance the steels would be the natural leaders. Allied Chemical reacted after the demands of the shorts had been satis- fied, much the same as American Tele- phone did, and that was true of other issues in which the short account was large. NEW YORK EGG PRICES NEW YORK, April 11 (Special).— | Quotations for ' eges in the wholesale i1 cash market today were: Mixed colors—Speoial packs, 14%a16; standards, 14al4,; storage-packed firsts, 1315a13%; nrm 13al13%, sec- onds, 12a12%; medium, ll’/gll!, dirties, 11%,812; checks, 11. Whites—Nearby selected, 20%,a21',; Western receipts, specials, 17a19,: standards. 16a16>; undergrades, 14!a15. Browns—Nearby and Western specm packs, 16al8; standards, 15a15%. SILVER QUOTATIONS, NEW YORK, April 11 (#).—Bar sil- | ver firm, 3, higher at 28. | guarantee the interest on bonds but take , 1933. NEW FEDERAL LAND B \ FINANCIAL BONDS MAY BE SOLD AT POST OFFICES Tentative Plans for Marketmg of Securi- ties Are Drawn ment Special Dispatch to The Star. NEW YORK, April 11.—There are ap- | parently two distinct parts to the new Federal Land Bank bill, which has been proposed as & means of obtaining reljef for owners of farm property. One part deals with an exchange of farm mortgages on a revised basis of property value for 4 per cent Federal Land Bank bonds to be guaranteed as to interest, but not as to principal, by the Government. The other involves a public sale of the new bonds, from the proceeds of which payment will be made to those who wish to settle their mort- gage problem on a cash basis and for the purpose of retiring a portion of the present outstanding Pzdenl Land Bank securities. Principal Not Guaranteed. It is understood that the new bonds may be placed on sale through the post offices and that they will be available in units as low as $25. From the stand- point of the investor who will be per- mitted to subscribe to the new Federal Land Bank bonds, the weak point in the set-up of this issue is the failure of the Goyernment to guarantee the principal of it. In cases where corporations no responsibility for the payment of principal at maturity, the investment status of the obligation is materially below that of bonds that carry a full measure of support by the guarantor. In this instance it remains to be seen just what the spread would be between the prices of the outstanding Federal Land Bank 4 per cent bonds, which, while being a quasi-Government obliga- tion, are not in any degree gulnnhed by the ‘Treasury, and the proposed 4 per cent new Federal Land Bank loans. Obviously the latter have an “edge” on the former in spite of their partial guarantee, This has already been ap- |Public parent in a decline in the price of all of the old Federal Land Bank bonds. The 4s are today listed at 811 bid and | Breset pressure | Cen have been under considerable since the new loan bill was announced. The U. S. Treasul due in 1954 which, of course, are guar. anteed both as to interest and prin- cipal, are quoted around 104. Taking these various types of exist- ing and projected bonds as a measure, there is some question whether any large subscriptions could be obtained to a 4 per cent Federal Land Bank bond, which is only partially guaran- teed by the Government. There is understood to be a provision in the new bond issue which would permit the sale of the 4 per cents at a discount. Dealers in Governments believe this would be required in order to effect a satisfactory public sale of such bonds. Issue May Be Expanded. ‘While the proposed new Federal Land Bank bond issue has been limited to $2,000,000,000, it may eventually be for a considerably larger xum‘ Ha'!ver. this amount is ample f diate exchanges cmmnphud. Wlflwul doubt, it would take a long period. of time to absorb even this. The processes of substituting the 4 per cent bonds for existing first mortgages on farm - erty will be complicated and slavwgnpe ry 4 per cent bonds | Co: can already see the delays in arriving at a basis of exchange when the pro- posal is advanced to reclassify a $ Ynlerdl! s ~Prev. 1933~ Stock and High. Low. Dividend Rate. 6% Nat Tea (60¢)....... 6% 4 Nevada Con Copper.. 21% 14 N Y Central...... 2% N CChi &St Lpf. 6% 6% N Y Dock pf.... 120 100 N Y & Harlem (5)... 3% N Y Investors. 7% N Y Ont & Western. 1% N Y Shipb'ldg (10¢) 31 NY Shipbldg pf (7). 96 N Y Steam 1st pf(7). 173% Noranda Min (a1.10) 1% % Norfolk Southern. 130 111% Norfolk & West (8). 7% 4 North Am Aviation.. 31% 15% North Am (b8 %stk). 74% 50% North Am Ed pf (6). 17% 9% Northern Pacifle. .... 30% 28 Northwest Tele (3).. 1% Norwalk Tire & Rub % 4% Ohlo Of! 3% 114 Oliver FarmEquip.. 8% 3% Oliver FEqprpfA.. 2% 1% Omnibus Corp....... 14 10% Otis Elevator(60c)... 4% 1 Otis Steel..... | J0% 21 Otis Steel pr pt 105 105 Outlet Co pf (7). 45% 311 Owens Ill Glass 31% 20 Pacific Gas & El (2).. 43% 25% Pacific Lighting (3). 9% 6 Pacific Mills........ 1 ng 102 Pacifie T & T pf (8).. % 1% Packard Motor Car., 1 Panhandle Pro&Ref.. Park Utah.... . Patino Mines. . . Penick & Ford (1)... Penney (J C) (1.20).. % Penn Dixie Cement.. Penna RR (h50c).... Peoples D S pf (6%%). Peoples Gas Chi (5).: Pere Marquette pf. .. Pere Marquette pr pf Petrol Corp of Am... Phelps Dodge. Phila Co 6% pf Phila& Read C& I Philip Morris&Co( Phillips Petroleum Pillsbury Flour(60c) Pirelli Co A (h2.57).. Pitts United pf. Plymouth Oil % Poor & Co (B). % Port Ric Am Tol . Postal Tel&Cable pf. 4 Pressed Steel Car. ... Proctor & Gam (134) . Proc & Gambdf (5).. Pub Sve N J (2.80). .. Public Sve NJ pf (5). Public Sve NJ of (6). Pub Sve G&E pt (5).. Pullman Corp (3)... PureOil...... Pure Ol pf (2) Purity Bakerie: (1 Radio Corp %4 Radio Corp pf (A) 6% Radio Corp pf (B). 1 Radio-Keith-Orph. .. 5 Raybestos-Man (60c) 5% Real Silk Hoslery. 214 Remington-Rand 1% Reo Motor Car. Republic Ste Republic Steel 26% Reynolds Tob B 2 Rossia Ins of Ame! 17%, Royal Dutch. . 11 6 Rutland R R pf. 42% 28 Safeway Stores (3).. 88 72 Safeway Strs pf (6). 96 80% Safeway Strspf (7). 12% 6% St Joseph Lead. 1% 1% St L-San Fran pf. 2 3 Seaboard Alr Line... 20% 15 Seaboard Oll ($50c). 22\& 12'% Sears Roebuck. . 1% Second Nat Inv. % Seneca Copper 1% Servel Inc. ... 114 Sharon Steel Hoop. 21 Sharp & Dohme. 5% Shattuck(FG) (24c). 4 Shell Union Oil. 3 4% Simmons Co.. 3 Skelly Oil... . 2% 8% Sloss-Sheft Steel pf.. 7Y 6 Séecony Vacuum 40c. 24% 15% So Port Ric Sug 1.60. 28 17% South Cal Edison(2), 19% 11% Southern Pacific. . 8% 4% Southern Railway... 9% 5% Southern Railway pf 2 % Sparks-Withington. . 9 Ti4 Spencer Kellogg(60c) 18% 13% Standard Brands (1). 15% B\i s!lnd Gas & Elec. ... 26 s&E! pf (4), 41 l‘l lll as&El pf (6). 5% Add 00. High. 87 13% . 1933~ 1 ¥ - 1L ++ FEE EF |+ TS R EEOERASS F OFRES | ) 9% Und-Ell-; 76 Und-Ell-] cacaacacae nuuunLrnn 14% 85% 2% Li+++1+11 EFEEFFEIE rn m 10% Texas Corp (1) 15% Tex Gulf Snlnhurt 1) 3% Tex Pacific Land 4% Third Avenue. 5% Thompson Products. 3 Thompson Starrett. . 314 Tide Water Asso Oil. 6 23% Tide Water Assoc pf. 1 45 Tide Wat Oil pf (5).. 1 1% Timken-Detroit Axle 2 13% Timken Roller Bg(1) 30 2% Transamerica Corp.. 2 2% Tri-Contl Corp 36 ‘Pri-Contl Corp pf(6). 2 2 Truscon Steel - 5 Union Bag & Paper. Union Carb & C (1) Un Oil of Calif (1)... Unit Ajreraft pf (3).. Unat Biscult (2). Unit Carbon. Unit Corp (40¢) Unit Corp pf (3). Unit Fruit (2). Unit Gas&Im Dl (5).. Unit Piece Dye Wks. Leather (A). Pipe&Fdy (l“) .- P&F 1st pf 1.20 Rubber 1st pf. Univ Leaf Tob (2 % Univ Pipe & Rad. Util Pwr & Lt (A)... % Vadsco Sales Corp. T% Vanadium Corp. . 6% Va-Car Chem 6% pf. 68% Va Elec&Pw pf (6) 20% 12% Vulcan Detinning. Wabash R R Walworth C Warren Bros. Warren Bros cv pf. Warren Found & P. ‘Webster Eisenlohr. Wellu Fargo... son O & Sn (50c) Well PaElec A (7).. West Pa Elec pf (6). West Pa Elec pf (7). West Pa Pwr pf (7).. Western Dairy pf B.. W rn Maryland. . wuung‘u Alr B(1). Westinghouse Elec. . Westinghse 1st (3%) Weston Elec Instru Westvaco Chlorine. Up by Govern- Agency. mortgage on “a basis of 50 per cent of the normal land value of the farm, plus 20 per cent of the improvement value.” A wide divergence of opinion as to re quickly by a change in Lhamul attitude of memonncor who is to be assisted than l.hrvuhlny nearby reduction in both his interest charges and in the weight ol his debt. This improvement in the mood of the | SO] petitioner for relief might quickly have a pronounced eff mmmmmun!- ties where the problem of foreclosures and of banks carried down by an ex- cess of real estate in their assets most needstobelolved a significant fea- In this connection tureatthenevblllhthentfincuue sought. of $15,000,000 by the to com- pensate thehnhrorthenduumm the interest rate on the mortgages which they hold and which would be exchanged for the proposed 4 per cent Federal Land Bank bonds. It is pre- sumed that there would be an intelli- gent discrimination in this feature of the bill, for, as lent Roosevelt stated in his message, some of the interest rates involved “are so unconscionably high as to be contrary to a sound public policy.” (Copyright. 1933.) g NEW YORK BANK STOCKS NEW YORK., April 11 (#).—Over-the- counter market: Quotations as of 10 o'clock. r I Chase (2) asisB s, SRR EEE 1 pamstoonulies Cri i W Chemical (1.80) Continental rn n 52535 FEEEN fork. Trust’ tle Guarant; AR INVESTMENT TRUSTS NEW YORK, April 11 (#).—Over-the. counter market: Quotations as of 12 o'clock. American Bank Stock. e B <25 & 2232283, 8 Al fr g g:s:E‘ b (111 SEERRRET I e voETpES : Stock and Low. Dividend 20 Stand Gas&] 19% Stand Ofl'Calif (2) Add 00. e (7). +11+1 EEEFEE REFEER FFFEER I+ 1 | +++4+ ® + -Fisher(50c). 7 Fish pf (7). 10s 1 FRRFFRFEIEES B8 F oFEs 17 19 144 =5 P I+ LEVI A+ Seted SeleRannw~B328 o _-u.e‘a..q.a s:#:#:;?:s:xs ® At LI | FEOFESR ANNAPOLIS BANKS PUSH FUNDS DRIVE New Capital for Institutions Is Being Raised = Rapidly. Special Dispatch to The Star. ANNAPOLIS, Md., April 11.—More than one-third of the 12,000 shares of new $10 par value common stock which the Annapolis Banking & Trust Co. is offering as part of its plan of re- organization to enable the institution to nqgenonnl«)pereembunhnb«n James A. Walton, president of the company, announced today that a total of $118,000 had been received by bank toward its reorganization plan. As the 12,000 shares of stock are selling for $27 each, this is more than one- third of the $324,000 new capital being Mr. Walton said he was very much gratified with the response to the plan of reorganization, particularly as tne real effort to sell the stock was not started until yesterday. The stock is Being sold by voluntary subscription to the present stockholders and friends of the bank. There will be no assessment against the d tors, The stock may be purchased cash or money on deposit in the bank may be applied to the purchase. The Eastern Shore Trust Co. has re- ceived proxies from more than two- thirds of its depWsitors agreeing to the plan of reorganization of the company as the “County Trust Co. of Maryland.” The plan will be put into effect as soon as the details can be worked out. 11s"Bavings. Tastiution o s ‘“‘m““““"" vings ion is e Officials of this WINTER WHEAT CROP SMALLEST SINCE 1904 Yield of 334,087,000 Bushels Is Indicated by Government Reports. By the Associated Press. Production of this mn ‘Winter wheat crop, announced yesterday by - | the Department of Agriculture to hl indicated as ,000 bushels, the and production, 3! 000; Indiana, 74 and 23,152,000, nois, 77 and 23,661,000; Michigan, and 12826000 “. 000; RISE IN COAL OUTPUT REPORTED FOR WEEK .27; expendil , $22 64; balance, $526,878, l'llOl Apri duties for eight days of 554.70. . Exchgnge Membership Higher. NEW YORK, April 11 (#).—A New York Stock mem! sold yesterday , up $2,000 1, $4,952,~ {rom Address BOX 147-R, Star Office At Present Prices We Advise || I MONEY TO LOAN On Owner-Occupied Homes in District of Columbia CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. N.W. Natonal 0353 FIRST TRUST for SALE Several thousand firat trust short O nterest semi: “militan dolers. . Smal facri€es at 10 al particula: Box 90—R Star Office LI+ + Union. Secured by _ First Morigages Safe—Conservative W, H. Saunders Co, Inc. 8 34% Wrigley (Wm) (3). 2% Yeliow Ttuck. 13% 7% Youngstown I T 5% 9% Zonite Products..... uvu-lnmnuml-thmubu payments based on the Iatest quarterly or 100 stares. REALTOR: Dist. 1016