Evening Star Newspaper, April 15, 1933, Page 14

A—14 ** FINANCIAL. THE EVENING LOAN ASSOGATION HLEETS OFFGERS James E. Connelly Renamed President of Enterprise at Annual Meeting. | ~Prev High, BY EDWARD C. STONE. i At the forty-first mezting of the En<, terprise Serial Building Association, | James E. Connelly was elected presi- dent; John T. Crowl James F. Shea. secreta McGlue, treasurer. Directors were: George I. Borger. James A. Cahill, jr Martin A. Cock, Bernard R. Edwards, Maurice Fitzgeralc. Hannan, Ralph A Judd, Mick A K e, M. J. | Keane, Edward T H Kraus and T. P. Niland. 1 All of the present officers hold records | of more than 30 vears' service with the association and se have been on t both records beil ° The report of that its asseis increase 7.181 new last year, over the pres in shares subscribed. The association declgred dividend of 5 per cent is a member of the Bu Council of the District a member of the United & Loan League. Telephone Checks Received. Hundreds of holders in Washingt of American Telephone received their quarterly div per share m the mail tod: nying the che was a state- m President Gifford which said | that compared with the preceding quar- ter there were fewer tclephones discon- | nected during the quarter just ended, but as there were also fewer new tele- phones installed there was a net loss in the three months of 340,000 telcphones. On March 31 there were 13,450.000 Bell | System telephones in se: which wgs 2,225,000 less than the maximum nunf- ber reached in 1930. The number of toll and Lng distance calls during the chesen "NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office.’ Today's 1033~ Stock and Sales Low. Dividend Rate. 3 Adams Expre 5% Addressograp Adv Rumley Affiliated Prod 1.20. duction (3). Alaska Juneau(60c) . Ag Chem (Del). bank No Am Ch.cle (+3). Am Come’l Alcoho Pwr.. P Pw pf(6) Locomotive nf. . Mach& Fdy (§0c). Metal Co Metal pf 2 Power & Lizht. . Spf (11). nf(1%). Ant Tel & Tel Am Tobaceo (5). am Tobacen (B) (5). rks ctfe(1) Am Wat W 1st pf(6) Am Woolen. Am Woolen pf Anaconda Coprer. Anchor Cap (60c) Archer-Danfels (1 Armour of Del pf(7 Armour of Tl (A).. Armour of 111 (B) Armour of Tl pf Add 00 High. LSw 18 4% Net. Close. Chge. Today's Stock and Dividend Rate. . Gen Gas & Elec (A). Gen G Gen Mills (3). Cn Miils pf (6) Gen Motors (1). 2 Gen Motors pf n Outdoor Adv. en Ry Signal (1)... Gen Realty & Util. .. : Gillette Saf Raz (1). Gillette Saf R pf (5). Glidden Co Gobel (Adolf). Gold Dust (120) iold Dust pf (6) lire&Tub. R 1st (2) rand Union pf (3).. Grant (WT) (1). Great Northern pf Great Northern Ore. at West Su Hahn Dept Store Helme (GW) (17) Hercules Powider 1% Homestake M(710) » Househd Fin pf 4.20. Houston Oil. . . g Houston Oil (new).. Howe Sound (40c) Judson & Man (2 FHudson Motor Car 1% H..pp Motors. . ®i; [llirois Central. 24 Industrial R 19'x Ingersoll-R: Inland Steel........ Interboro Rap Trans. 1 Rubber Int Cement. ... Int Combustion pf. .. « Int Harvester (60c). : Int Hydro-Elec (A). Int Nickel of Can. Int Paper & Pwr (C). : Int Printing Ink It Silver pf. Int Tele & Teleg : Interstate Dept St Jewel Tea Co (3). Sales Add 00. High. 1 6% cvpfA. 5t 485, 943, 14'% 681 STAR. WASHINGTON, D. ., SATURDAY. Net. Low. Close. Chge. PR -3 'ADVANCE IN STOCK | | | | Talk of Inflation Exerts Further Effect Upon Equity Quotations. } BY GEORGE T. HUGHES. Special Dispatch to The Star. | NEW YORK, April 15.—Checking of | |the advance in the stock market, | | stronger commodities and a weaker dol- | lar_were today’s financial developments. | | The early advance in stocks was | moderate, measured by points, but im- | Upressive. In commoaities wheat was | 3 | sharply higher. The rise in the foreign | | exchanges against the dollar was of {much the same character as that| 1, | witnessed on Thursday. | 4| ARl these movements had one in: | spiration—namely, belief that the move- ment to “devalue the dollar” or to force some other form of inflation had gained :| dangerous headway in Washington. Tco much importance should not be at- tached to the extraordinary gyrations in the exchanges becatise European mar- kets were generally closed and the quo- | tations on this side largely nominal. | Sterling opened slightly higher, but hour later was up 4'; points, at time francs were quoted 8ls points higher, the lira 3 points up, the Belgian bill 10 points up; marks, 11 points up: Swiss francs, 15 points up; | guilders, up 59 points, and others cor- respondingly. The comparison in all cases is with the filal quotations Thurs- | da; ¥ All deliveries of wheat went into new | high ground'on the movement, Septem- ber touching 64 cents a bushel for the first time. Crop reports were bullish, but the main inccntive was the infiztion | one. Buying was predominantly specu- lative. .| The early upward movement in the 1! stock market had one striking excep- | I*) tion, American Telephone & Telegraph, | | which weakened on the first quarter’s statement showing $1.72 a share on the basis of dividends received. If actual resulls of subsidiaries were taken into 1, | account, the net would be about $1 a T 1. |share, or at the annual rate of $4. Tele- phone dropped a point or two on rela- tively small volume. The rest of the market worked | will held the center of the stage in | watershed. and will affect the welfare APRIL, 15, 1933. 'TENNESSEE VALLEY PROGRAM | IS VAST CONSERVATION PLAN| MAR@HJEBKEUAM&S;S of Administration’s Project| FINANCIAL. Shows Extent of Effort to Control Forces : of Nature in BY F. B. COLTON. Written for the Associated Press. Centrol of it in the future and repair | of damage it has done in the past— the vast Tennessee Valley development | program ushered in by the administra- | tion's Muscle Shoals bills. The first step in the program, con- | struction of the Cove Creek dam at an estimated cost of $34,000,000, will serve to impound waters of the valley for flood control and water supply pur- poses. The same waters, harnessed 300 miles downstream at Muscle Shoals, will manufacture fertilizer and electric power. The bill likewise authorizes the Presi- dent to initiate crosion control and re- forestation work aimed to restore to usefulness lands that have been ruined or reduced in value by the scouring action of uncontrolled surface water. Extent of Plan. This plan for better handling of the | water flow will reach from the 640- | mile-long bed of the Tennessce itsell to the remotest hilltops that rim its of a population of 1,892.000 people. If | carried out to the full it will touch al-| most every square foot of the 30800 square miles of territory in the water- | shed above Muscle Shoals, and may give employment to as many as 200,000 men. | Five States will be affected, with the | following acreage in each 9.791,000 | Five States. ment and water supply, all of which depend on _proper regulation of the | rain water that runs down from the hills into the streams. For the last 0 10 years fiood has averaged $1,780,000 annually, it is estimated. Cultivation of upland slopes and neg- lect of existing forests have permit- ted too rapid run-off of rains, which has ruined many farms by 'uhlns fertile top soil to the valleys an covering fertile bottom lands with in- ferior subsoil from the hills. The rapid run-off results in floods at some seasons, water shortages in dry years and silted-up river bottoms and reser- voirs. 3 “In spite of the widespread destruc- ticn caused by erosion over the Ten- nessee watershed,” says H. H. Bennett, Department of Agriculture erosion ex- pert, saved If better land-use practices should be put into operation. “This calls for reforestation over the steeper and more erosive areas, the planting of more soil-saving crops in rotation with clean-cultivated crops, and the seeding of lespedeza (a type of clover), grass and other thick-grow- ing, soil-holding crops on the more erosive areas. “Altogether, the region affords an almost matchless opportunity for car- rying out a program of land-use ad- justment, such as the Nation is sorely Tennessee ... North Carolina 3,560,000 3,391,000 | in need cf.” He estimates a large force of tech- | associations damage in the vnl]e)'k “there remain millions of acres | of good land that can be permanently | MMORTGAGOR RELIEF PLANS UNDER WAY Building and Loan Associa- tions to Co-operate in ing Home Owner. By the Associated Press. CHICAGO, April 15.—Executives of the building and loan industry from coast to coast will confer during the next six weeks to consider théir part in the “new deal” planned by the Roose- velt administration for the hard-pressed home owner. The mortgage relief proposal intro- duced in Congress is to take first_place in these conferences, Ward B. xhll- lock, president of the United States Building and Loan League, said today. He expressed belief that building and loan associations would approve the dis- tinction made in the Roosevelt measure, Dbetween emergency financing of home' owners in distress, and the permanent institution for mobilizing mortgage money, the Federal Home Loan Bank system. The league, Mr. Whitlock said, un- doubtedly would approve the President's idea of making mortgage financing de- pendent in the main on local institu- tions. Conference Planned. Likewise, he said, building and loan men would look with favor on the move to repeal the direct loan provision of the Federal home loan bank act—a step further to emphasize the differ- ence between emergency and permanent aspects of the home-financing problem. ‘The first of these conferences of building and loan executives will be in Chicago April 29, when managers of in nine Midwest States 2,039,000 | nical experts could be utilized for a! meet to hear William F. Stevenson, 931,000 | . 19712,600 | The program as originally outlined by President Roosevelt, aims at making | best possible use of all the land in the | watershed. Fifty-five per cent cf the| land now is considered too badly | eroded, steep. or infertile for ecultiva- | low, 6,317,000 acres; abandoned (worn | tion and should be planted to trees or pasturage that will hold the soil on | upland slcpes, store up water and pre- vent erosion, say Government experts. | vear in surveying work that could be sands of men, who could begin their tasks on the heels of the experts. The Tennessee Basin, according to a Forest Service report, now is divided as follows: Crop land, including pasture and fal out). 1,539,000 acres; farm woodlands, 4,167,000 acres; urban and industrial, 322,000 acres; timbered land, 7,367,000 acres. ‘Total, 19,712,000 acres. done by a force running into thou- | Roosevelt appoiatee as chairman of the Federal Home Loan Bank Board, and other authorities on the subject of home | financing. This group—executives from Illinois, Indiana, Wisconsin, Michigan, Iowa, Minnesota, North Dakota, South Dakota and Nebraska—manages associations with more than $1,000,000,000 worth of small home mortgages. Leaders in 12 Southeastern States will tackle the same problem in a regional conference at Winston-Salem, N. C, quart® was 20 per cent less than in the scfhe period last Treating the System as a whole, in-| slowly higher. Sugar shares were| Such treatment of the valley's up-| The land in forests and farm wood- | MEA‘U and 20. among the leaders, with American lands is an ijmportant key to other lands is 11.534,000 acres, well over half | is group manages about $650,000,~ Sugar at a new high, up over 2 points. | projects for the valley. including flood | the total area, but a miftor proportion | 000 of home mortgage credit in Mary- Artloom Corp. Asso Dry Goods. . Kaufmann Dept St. . cluding the Western Electric Co., which 15 operating at less than 15 per cent of capacity, the earnings on American | Telephone & Telegraph Co. stock were | about $1 per share for the first quarter | of 1933, or at the annual rate of about | ed with $5.96 per | 2. The earnings ephone & Telegraph Co. by itself, which include dividends received from associated companies paid by them, in part, out of surplus and . which do not reflect the Western Elec- tric Co.'s deficit, were $1.72 per share for the quarter. This compares Wwith $2.08 a share in the first quarter of 1932, Business OQutlook Forecast. The current outlook, says United Business Service, can be summarized as_follows: General Business: As a result of the important adjustments now being made, business recupersiion is expected to get under way by Fall. Bonds: As yet there is no evidence that currency inflation .will present a threat to high-grade bonds. Stocks: Lcok for alternate pericds of strength and weakness with selec- tivity the main characteristic. 1 Commodities: Further price strength is anticipated, -particularly in the grains. 5 Retail trade: Sales aré expected to hold near present levels over the near term. Higher volumes are likely in the Fall Money Working More Slowly. “As a Nation we live less on currency than any other country. Nine-tenths of our business is done by check. And that's one of the things,” says the Nation's Business, “that make talk of currency inflation seem ridiculous. “We have more . currency than w needed in our liveliest business days. ‘Why make more? What we need is faith or credit—and credit is another name for faith. We need bank de- mu in acticn. How the activity of k deposits has fallen is shown by some Federal Reserve Bulletin figure: “From 1923 to 1925 depcsits in me ber banks in leading cities turned over 26 to 32 times per year. From the Fall of 1925 to 1929 turnover increased un- til it became 45 times a year. “In the last quarter of 1932 it had drepped to 16 times per vear. Money was doing its work slowly and all busi- ness lagged.” Savage Lauds President’s Action. Francis M. Savage, a retired local bank president, believes that the po- tential valu? ne$500,000,000, or more, the President will save in cut- ting out and lowering pensions ©f un- injured veterans and their hospitaliza- tion is not appreciated by the public Taking 4 per cent as a basis for Gov- ernment_loans, the $500,000,000 saved will enable the President to guarantee the interest on some $12.500,000,000 for reducing unemployment, helping the farmer, and in self-liquidating projects “Think what can be 3 d toward rélieving the depre: 1 of money in a bond ge exclaims, Noted in Financial District. The question of compensation to officials of the Pennsylvania Railroad | occupied a considerable part of the di cussion during the annual meeting, al- though no definite action was tal v the stockholders. L. P. coc | Buffalo inqwired as to whether officers | of the company ived laries any other source than the Pe Railroad a: Gen. W. W. Att Teplying said that officers re other income. He said that f the officers are members of boards o | directors of principal banks, but this | is in line with their duty, he sai | At the annual meeting of stock holders of Diyide Shares, Inc., hel in Baltimore, it the authorized capitalization of from 20,000,000 shares of alue each to 50,000,000 sk alue each. The measure of the American was nirial | 20,001 0 n 15,000,000 shar indicated by the authorized capita shares, mo now outstandi Gain in Deporitor NEW YORK f Ne they had ning o r, the Saving nk Association of the State of New York | reported yestere The banks deposits of reduction of ary 1. NEW YORK BANK STOCKS NEW YORK. April 15 (& the-counter market (Quotations as of 10 o'clock.) BANKS Chase () 3 Commercial (%) First National (100) Manhattan () National City (1) Public () ~Over- TRUST COMPANI Cor oy Empire by s Guaranty ~ 3() | e Manufacturers Sisis ew York Trust (3) : tle Guar. & Trust (4.80)... “Includes extra. Atchison.... .. g . Atlantic Coast Line. . Atlantic Refininz(1). Atias Powder nf (6). Auburn Auto (2). ... viation Corp (Del). - Baldwin Locomot B1ldwin Locamot pf. Baltimore & : Paltimore & Ohio nf. Rarnsdall Corp. Bayuk Cizars. Beatrice Creamery Beech-Nut Pkz (3).. Bendix Aviation Rest&Co. ... Bethlehem Steel Bethlehem Steel pf.. i Bohn Alumn & Brass Bon Ami (A) ($5)... Borden Co (1.60). Borz Warner Brizas Mfz Co...... Bklyn Manhat Tran. Bklyn Union Gas (5) : Brown Shoe (3) Brunswick-Balke E Bucvrns-Erie nf (2). Budd (EG) Mfg. ... Burr Add Mach(40¢c). Butterick Co California Packing. . Canada Drv G A (1), Canadian Pacific. Case (J 1) Cn Caterpillar Tractor. & Celanese Corp Cent A Century Cerro de Pasco “hes & Ohio (2%) Chesaneake Corn ( Chi Greatr Westn pf.. Chi & Northwestern., Northwest pf.. neumatic Tool. 4 Chi Pnen Tool pf. Chi Rock I & Pac. Chi Yellow Cab (1). Chrysler Corp'n e-Pa : Palm-P pf (6).. lins & Aikman. 4 Colo Fuel & Iron. ... Columb ¢ bsoe) . Columbia Pict vie Columb Carbon (2). Commercial Credit. . ¢ Comel Cred pf ( Comel Inv Trust (2), i Invev nfie6). Contl Insur (1 * Contl Motors. Curtis Pul Curtiss-Wright. Curtiss-Wrizht (A), Delaware & Hud=on. Del Lack & Westn Diamond Match (1). Diamond Mach pf 13 Whesler..... tinv1.10, rewell Co. % n Am Investors. .. ans (1) Asphalt. en B 7 ( n Bronze n Cable pf. n Cigar (4). 11% 26% + W 1508 41% 21% A2 96 Kayser (J) & Co Kell i Kelly-$ Kelvinator Corp. . KKennecott Copper sge (SS)... r Grocery (1) Lambert Co (4). .. Lee Rubber & Tire Lehigh Valley R R. . Lehman Corp (2.40). Libbey Owens Glass. Liggett & Myers(15) Ligg & Myers B (15). Laly Tulip Cup (13). Link Belt (40c). Liquid Carboni Loew’s Inc (1) 5 Loews Inc pf (6%).. Loft Inc . Loose- Wiles Bis (2). Lorillard (P) (1.20). Lou Gas&El A1%). Loutsville & Nash. .. Ludlum Steel. McCall Corpn (2). 2 ores pf MclIntyre P M(113%). McKeesport T P (4). McKesson & Robbins McKesson & Rob pf.. Mack Trucks (1).... Macy (RH) & Cc (2). Madison Sq Garden.. Magma Copper. Mallison & Co pf Manati Sugar. Manati Sugar pf Manhattan Elev gtd. Manhat Elev mod gtd Marine Midld (80c).. Marlin-Rock (1) Marshall Field & Co. Mathieson Alk (11%). May Dept Stores (1). Maytag pf ww. E Mengel Co. Miami Copper. Midland Steel Prod. . Mo Kan & Texas Mo Kan & Texas pf. . Missouri Pacific. ... our! Pacific pf.. Monsanto Chem 1% ., Montzomery Ward.. Morrell (J) &Co (2). Mother Lode..T..... Motor Products..... : Mullins Mfg. Mullins Mfz pf. 13 ¥ irray Corp 110 Nash Motor. 31 Nar Cash Rex (A). .. Nat Dairy Prod 1.20. at Distillers. : t Dist pr pf Nat Lead (5)... t Pwr & Lt (1). Nat Steel (50c). Nat Surety 1 Tea (60c). Nevada Con Copp Newton Steel. N Y Centra NCChi&StLpf.... & N Y Dockpf........ ¥ N H & Hartford. N Y N H& Hart pf.. N Y Ont & Western. . Y Shipb’ldg (10c). r Shipbldg pf (7). team 15t pf(7). > da Min (a1.10) = Norfolk & West (8). North Am Aviation. . 54 North Am (b8 %stk). 9% Northern Pacifi 4% Chio Ol 1's Gliver F B4 Oliver F Eq prpf A.. 14, Omnibus Corp z 21, Oppenheim Collins. . 101 Otis Elevator(60c}. . Qtis Steel. ... ¢ Gtis Steel pr pf. 1% Gywens I11 Glass (2). i LA AL AL el L Facific Gas & Bl (2). Facific Lighting (3). Facific Mills........ cackard Motor Car.., Park Utah.......... Pathe Exchange (A). Fatino Mines....... Penick & Ford (1)... Fenney (1 C) (1.20). Penn Dixie Cement. . Penna RR (hi0c). : Peoples Gas Chi (5). quette pr pf D of Am : Fheips Dodze. 2 Phila Co 6% pf (3).. Phila & Read C & I.. Phillips Petroleum. . Pierce Ol pf........ Pierce Petroleum. .. Pillsbury Flour(60c) Pitts Coal pf........ Pitts Steel pf. Plymouth Oil. Poor & Co (B). Proctor & Gam ( Producer Pub Sve N J 2 Public Sve M 18 Pullman Corp (3)... 215 Pure Ofl. . Pure Oil pf ( Radio Corp pf (B) tadio-Keith-Orph Reading Rwy (1).... Rem Rand 1st pf. « Reo Motor Car 175 Royal Dutch 98 Safeway Stores (3) 80% Safeway Strspf (7). &0s +1 | The Ssilver. stocks were strong. with s.la new high in Howe Sound. Food l‘}slocks were in active demand, with| 1| a new high in Beechnut Packing. There | | was active buying but not much price | change in standard issues such as 1, | General Moters and General Electric. | Railway shares were not as active |as industrials, but most of them were | i higher. The car loading statement .+ | showed a decrease of 7292 cars on the | '*| week, which may have acted as a > | deterrent to commitments in the rails ?1 The decline compared with the same week a year ago was 10.6 per cent. Last Saturday the corresponding drcp was 9.2 per cent. Delaware & Hudson and Union Pacific were favored railroad stocks. Washington Produce WHOLESALE PRICES. Butter—One-pound prints (93 score), 23; tub, 22; one-pound prints (92 .| score), 22; tub, 21; one-pound prints (91 score), 21; tub, 20; one-pound prints (90 score), 20; tub, 19. Eggs— Hennery, 12al23:; current re- ceipts, 11'2a12; Government graded, extras, 17%%; standards, 15%2; mediums, 14%. 5 | Pouitry, alive—Turkeys, hens, young. | 16a20; old, 12al4; toms, young, 13al4; old, 8a10: chickens: hens, 13al4: Leg- horn hens, 10; roosters. 6a7; Plymouth | Rocks, broilers, 20a21; Leghorn, broilers, | 18; fryers, 17a19; roasters, 17a19; mixed colored chickens, 14al6; keats, younsg, | 25a40; old, 15a20; capons, 25; slips, 18.| Poultry, dressed — Turkeys, hens | | [ | [ 16al7; old, 11a13; chickers, 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: | pork loins, 11; fresh hams, 12; smoked | hams, 1 trip bacon, 13; lard, 7; com- | pound, 63. | Fruits—Grapes, Argentina, 3.5024.00; cantaloupes, Mexico, 5.50; strawberries, 4.00a6.0 oranges, 2.50a3.25; lemons, 4.00a5.0¢ grapefruit, 1.75a2.50; l'mes, | per 100, 2.00; tangerines, 2.002250; bananas, 1.50a3.00; apples, fancy box siock, 1.75a2.50; honeydews, 2.00a2.50; pineapples, 5.00; rhubarb, 75; alligator pears, 3.50a4.50; pears, box, 3.00; cran: berries, 3.25; peaches, 1.75. Vegetables — Potatoes, Maine, New York, 1.10: Florida, new, barrels, 5 bakers, 50a60; cabbage, ne parsnips, 1.25a1.50; celery. | lettuce, Iceberg, 4.25a5.25; | 1.5022.00; string beans, 1.00a | 2.2523.50: eggplant, 1.00a | tomatoes, repacks, 3-pan, 1.50a 2.00; lugs, 2.00a250; caulifiower, 1.60a | 75: peas, 2.75a3.00; carrots, crates, 1.15 | 1.1521.50; okra, pan, | asparagus, 50; spinach. 50a | 5; kale, 23a30; Spring onions, per 100 | bunches, 1.00; squash, 1.75a2. alsify, | per dozen bunches, 60; cucumbers, 1.50a ! sweets, turnip: 2.50a2.7 Florida, limas, Today's 1933 Stock and Sales Low. Dividend Rate 6'x St Joseph Lead 1% an Fran pf.... 1 3 hulte Ret Stor pf.. 108 aboard Oll (130¢). 57 vAm pf ww(5l o Port Ric Sug 1.6 al Edison(2). acific. . outhern Railway. .. thern Railway pf ks-Withington. . jiewart Warner. tone & Webster. tudebaker Corp. Studebaker pf. perior Oll. minzton (A) Tex Pacific Coal&Oil. s Tex Pacific Land Tr. Third Avenue. ...... Thompson Products. Tide Water Asso (1. ride Water Assoc pf. : Timken-Detroit Axle Timken Roller Bz (1) Transamerica Corp. . Tri-Contl Corp. Trico Products(2%). 8% 5l Union Bag & Paper 28% 19% Union Carb & C (1) + 11% 8}z Un Oll of Calif (1) young, 19a23; old, 15a17; toms, young. |* Add 00 High. 23 13% control, navigation, pcwer develop- of this is scientifically managed. Trade Reports at a Glance. By the Associated Press NEW YORK. April 15.—Tabloid review of business . reported by Dun-Bradstreet in the four divisions of wholesale and jobbing, retail trade. manufacturing end industry, and collections this week compared with the corresponding period last year: ‘Wholesale and Boston .... Philadelphia Pittsburgh Chicago . Cleveland . Detroit .. Kansas City Milwaukee St. Louis Fal Retail Trade. Good Mfg. and Collec- Industry. - tions. Fair Good Good ir Comment, BOSTON.—Manufacturers of we: aring apparel and footwear suitable for the holiday trade have been feeling the effect of the seasonal improve- ment; wool mills making dress goods moderately active; activity in gray goeds fair; prices of print cloths higher. PHILADELPHIA —Easter trade exceeded expectations and in some instances retailers recorded a larger volume of sales than last year; manufacturers of dresses, hosiery and radios report gains; machinery and coal trades still dull; continued increase in bank deposits. PITTSBURGH.—Retail demand stimulated by some seasonable weather and Easter requirements; orders for Fall underwear and blankets being placed with wholesalers; bottle manufacturers unable to keep up with orders from brewerics; sharp rise in steel output. CHICAGO.—Expension of manufacturing activities reflected in drop in number, of unemployment relief beneficiaries for first time since last Fall; strong rise in steel output; more activity in building lines; hide markets duil. CLEVELAND.—Manufacturers find financing of current activities difficult, as many banks are yet to ¢ pen; conservators appointed for two of the large banks operating under vithcrawal restrictions; indicaticns of returning confidence more widespread. DETROIT.—Consumer buying power still too low to hope for an active trade stimulation; trade awa:ts liguefaction of $150,000,000 in two closed banks; breweries adding to pay rolls and automobile manufacturers have recalled thousands of workers. KANSAS CITY.—Gereral business activity continues to show an upward tendency; legalization of beer brings heavy inflow of visitors from cut of town. Prices of farm products sieady, despite fairly heavy supplies. MILWAUKEE —Revival of beer industry has brought new life to many branches of trade, notably lumber and machinery: betterment extending to many concerns not generally identified with brewing; outlook far brighter than a year ago. ST. LOUIS.—Demand for Easter goods strong; sales of groceries and foodstuffs up 2 per cent frcm previous week: more advances in farm commodities: flour producticn about industry unable to fill -orders. 50 per cent of capacity; brewing ST. PAUL.—AII lines of trade, except building, have improved di last two weeks; better demand for agricultura] implements; sales hardware and hotel supplies at best level of year; collections retarded by money_tied up in_closed banks. ATLANTA —Department store "trade unusually heavy. with volume of sales considerably greater than in the same period a year ago; more activity in building trade than at any time in last three years; more advances recorded in commodity prices. BALTIMORE.—Higher level of current retai] activity expected to continue well through May: banking situation still operating as a retard- ative factor; Government reforestation plan and restoration of the brewing industry are relieving unemnloyment. DENVER.—Both the wholesale and retail trades showed a decided increase over the total sales of the week previous; the public, as a whole, is spending more freely, and confidence is beginning to extend in wider directions SAN FRANCISCO.—Decided improvement in nearly all branches of trade; work progressing rapidly cn the two bridge projects; orders for structural steel gein: higher prices gain; commodities give brighter acpect to outlook. for eggs, butter and general farm 1933~ Low. 61% Divide: Union Pa 4 Un Tank Car (140).. = Unit Aircraft. . Stock and nd Rate. cific (6).... Unit Biscuit (2) Unit Carbon. . Unit Corp (40¢) Unit Corp pf (3). Unit Fruit (2) s Un‘t Gas&Im (1.20). Unit Gas&Im pt (5) U S Freig ht. . U S Gypsum (1 U S Ind Alcohol..... U S Leather. . U S Leather (A).... U S Plpe&Fdy (50¢). U S Rubbe U S Rubb Smtg S Smtg. U S Steel U S Steel 4 Univ Lea Util Pwr & Lt (A) Vadsco Sales Corp. o . er Tst pt & Ref (1). % 297 3 % &Ref pf 375 51 45 | pf 3yl T %l f Tob (2). : 1% | r { Vanadium Corp. Van Raal Va-Car Chemical... | Vulcan De Ward Baking pf (1).. rn Bros Warren Bros. o Warren Broscv pf.. Wesson O & Sn (50¢) Wesson O&Sn pf (4). West Pa Elec pf (6). West Pa Elec pf (7). West Pa Pwr pf (6). Western Maryland. . Western Union. ..... Westing’se Air B(1). Westingh Weston Elec Instru. . Westvaco Chlorine. . White Ro Wilcox Oil & Gas. Wilson & Woolworth (2.40)... Worthing 21 Yeliow Truek....... 7l;_Youngstown Sh&Tn. 3% Zonite Products. . Dividend rates . e Payable in ca: 29 .m stock _J Ph 10% + % | 'Pavanie’ in . \Slue 81w swecial preferred ast year—i sorip. 0.2y etinning ouse Elec. . ck M S (2). srspFrssFess Co. ... dht bR+ ton Pump. 12% . 4% AN - iven in the above table sre the annuai cash alf-yearly declarations Parily extra I Plus r rate b Payable in stock b Plus X Pius 3% 1n r rate. nPlus 5% 0 this yeer—no regu sh cr stock {Plus &% ir ok land, Delaware, Virginia, West Virginia, District of Columbia, North Carolina, South Carolina, Georgia, Kentucky, Florida, Alabama, Mississinpi and Ten- nessee. In addition, seven State building and loan groups will pold conventions soon, with attention focused on the same problem of relief. These include associations in Connec- ticut, New Jersey and New York, with a total of about $1,500,000.000 of home mortgages in their building and loan associations, and California, with some $400,000,000 in home mortgages. Relief to Be Discussed. Mississippi, Virginia and Nebraska are to hold State conventions in addition to participation in regional conferencas, “The importance of these conferences in connection with new plans for the home morigagor,” Mr. Whitlock said, “is seen not only in the fact that a total of $3,500.000,000 of such mortgages is held by the groups which plan to con- fer, but also because the average mort- gage held by these associations is chout $3,500—so0 the small man in debt for his home is their immediate concern.” Brokers’ Comment NEW YORK, April 15.—Higher stock prices are anticipated by many broters today with inflationary tendencies con- sidered a factor. James E. Bennett & Co.—We look for continuation of the rise. Frazier Jelke & Co.—It appcars that | the character of the financial markets is changing. There is a note of op-- timism in the air, Baar, Cohen & Co.—We continue bullish. Clark, Childs & Kocech—It is still preferable to considcr the market as in a trading range which warrants pur- | chases on weakness in the lower limits and sales on strength in the upper limits of that range. Hamershlag, Eorg & Co.—We would not purchase securities until the market has proven its ability to penctrate the established resistance level - at which it has now arrived. Shields & Co.—Whiile inflationary fever is in the air it will be dangerous to be short. Hornblower & Weeks—With traders generally tal their cue from the for~ eign exchang? and commodity markets, in so far as their daily operations are concerned, it will be necessary to fol- low closely the course of events in that directicn for a trading guide. Jackson Bros., Boesel & Co—If we are to witness a flight from the dollar to commodities, higher prices for com- modities are obviously in sight. NEW BOND OFFERINGS. NEW YORK, April 15, (#).—New bond offerings in the New York market this week tolaled $300,000 against | $1,520,000 last week and $11,192,000 & year ago. Cotton Exchange Seat Higher. NEW YORK, April 15 (#).—A New York Cotton Exchange membership has | been sold for $12750, an increase of | $250 from the previous transaction. On Owner-Occupied Homes in District of Columbia +CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. FOR SALE —At unusual_corcessicn (o clcse estate af late Senator Burton. mode-n fireproof were~ hcuse and main offices of A. & P.. k October. 1 Tsland aven facilies. Ot D. E. ST ATTORNEY 2100 Massach PO. 1180 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.