Evening Star Newspaper, April 17, 1933, Page 14

FINANCIAL TRANSACTIONS ON THE NEW YORK STOC Received by Private Wire Direct to The Star @fice. INSURANCE FIRMS - IN ANNUAL DRIVE ¥%Financial |ndependence Week” Starts Under Direc- F tion of John McElfresh. |8 BY EDWARD C. STONE. ¥ “PFinancial Independence week,” oth- rwise known as “Insurance week, ened in Washington today with spe- ial efforts being made by every in- urance man in he city to in- rease business, ac- rpording to founcement ohn P. Lynch, resident of the istrict _of Co- Jumbia Life Under- writers’ Associa- tion. The special campaign lasts ghrough April 22. John L. McEl- Bresh is chairman of the general eommittee whicn made arrangements for the important #nnual event. Post- ers have been placed in s great many store win- dows, while special messages are to be broadcast -during the week. In many other ways the value of life insurance is being brought to the special attention | of Washingtonians. The drive also is | ational in’ scope. y % The local association holds its April | fecting on Wednesday, the 16th, Pa- triots' day, at the Washington Hotel, beginning at 12:15. The guest speaker vill be Eric J. Wilson of New York, whe said to have written over $400,000 a ear in insurance during the past three ears. His subject will be “There Are No Strangers.” Nomination of directors for next car will take place at the same meet- g. The retiring directors are John P. Lynch, John L. McElfresh and Paul D. Sleeper. The new directors are t3 Pe elected at the May meeting. Barkers' Association to Meet. Charles H. Doing, vice president of gthe Washington Loan & Trust Co..' end secretary of the District Bankers’ ssociation, sent out notices today an- necuncing the usual Spring business meeting of the association which will take place next Friday afternoon at 4 o'clock in the board room of the Ameri- ean Security & Trust Building. There are many routine matters to come before the bankers at this time and a large attendance is expected. President C. H. Pope, vice president and treasurer of the Munsey Trust Co., reside : “1¥ng bank moratorium handicapped the activities of the local association for a time. The annual meeting is due in June, including the election of offi- cers for next year. The chairmen of the various standing committees Ifl]l also present their yearly reports at that | time. A. & P. Reports on Earnings. reat Atlantic & Pacific Tea Co. esti- !’nact'(s sales for five weeks ended April 1, 1932, were $74,981144, comparing with $88,023,239 in the corresponding period of 1932, a decrease of $13,942,095, or 5.7 per cent. 2 Tognagc sales for the five-week period are estimated at 495,192, against 520,262 in same period of previous year, & de- crease of 25,070 tons, or 4.8 per cent. Average weekly sales for the five-week pericd were $14,996,220, comparing with $17,784 648 in same period of 1932, a decrease of $2,788,419. Average weekly tonnage sales were 99,038, against 104,- 052 in 1932 period, a decrease of 5,014 tons. This is the first period of com- pany’s fiscal year. Investment Firm Opens Office. Lawrence Adams & Co. a New York nvestment house, has opened an office in the Southern Building in this city, Wwith Clarence Falk as manager. This firm was formerly W. L. Adams & Co., the name being changed because of other firms doing business under the Adams name which caused some con-| fusion. The firm makes a specialty of dealing in various utility issues. An upturn in credit conditions and collections from Latin American coun- tries is reported for the first quarter of 1933 by Foreign Credit Interchange Bureau of the National Association of | Credit Men. This is the first report | of the current year and reveals that the decidedly downward trend in credit conditions in the last quarter of 1932 has been checked. Improvements are seen in 13 countries in the matter of credit conditions while nine show im- provement in collections, the Wash- ington office reports. “In the current survey on credit con- ditions,” this eighteenth quarterly sur- vey by the bureau continues, “none of the countries has had a sufficiently high index figure to place it in the rating of ‘good.” There has, however, been an jmprovement from the last quarterly survey in one country, Puerto Rico, which has reached a sufficient index fig- ure to place it in the classification of “fairly good.’ Improvement is also in- dicated in countries such as Venezuela, Brazil, Salvador, Guatemala,’ Costa Rica, Dominican Republic and Hon- duras and in Mexico the upward trend has been continued.” Bonds in Strongest Demand. Bonds led trading cn the Washing- ton Stock Exchange today after the three-day holiday. The market opened | with $500 Washington Gas Light 6s,| series B, selling at 1033;. | On the next sale $1,000 Washington Reilway & Electric 4s appeared on the | beard at 85. After call, two $500 sales | in Capital Traction 5s were reccrded at _40. ‘Washington Gas 5s, 1958, figured in a $1,000 sale at 85%, while $1,000 sold later at 85'2. Gas 5s, 1960, moved in a $1,000 transaction at 103%5. In the stock division small sales total- ing 62 shares of Capital Traction were registered at 6, same as the last previous quotaticn. Twenty-eight shares of Mergenthaler Linotype changed hands &t 23, also same as the last previous sale. Heard in Financial District. Robert V. Fleming, president of the Riggs National Bank, was back at his desk today after attending the Spring mceting of the Executive Council of the American Bankers’ Association, held at Augusta, Ga. Mr. Fleming reports a most interesting session. American Stores reports for five wweeks to April 1 gross sales of $10,- 600,026, against $11,579,317 in the like period of 1932, a drop of 8.4 per cent. For the initial quarter total sales were $27,029,143, compared with $30,854,444, & decline of 12.4 per cent. The Federal Reserve Bank of Rich- mond reports that Easter retail trade wound up in a satisfactory manner, Jast week’s weather being favorable in most of the cities in this territory. Wholesale business has also improved during April, while crop prospects are giso much more promising than at the pame time a year ago. At annual stockholders’ meeting of the Norfolk & Western Raiflway held mt Roanoke, Va. directors were re- elected, 74.34 per cent of the stock being represented and voted. The board will meet for organization April 25 in Philadelphia. E_——— POTATO MARKET. CHICAGO, April 17 (® (United States Department of Agriculture).— Potatoes—Receipts, 127 cars; on track, ; total United States shipments Sunday, 21; market steady; Wisconsin round whites, 75-80: John P. Lynch. , 702 cars; 1933~ _ Stock and Low. Dividend Rate. 3 Adams Express 8 Adams Millls. 5% Addressograph. 1% Adv Rumley 7% Affiliated Prod 1. 4745 Alr Reduction (3) 113 Alaska Juneau(60c: % Alleghany Corp. . Summary * Sales Add 00. High. . 127 4% 1% Alleg Cp pf $40 ww.. Alleghany Steel..... Allied Chem & D (6). Allis-Chalmers Mfg. Alpha Port Cement. Amerada Corp (2) Am Car & Foundry. Am Chicle (13)... Am Comc'l Alcohol. Am & Foreign Pwr. Am Haw Stship (1).. Am Home Prod (3). Am Ice Co. . Am International.. Am Locomotivi AmMach&Fdy(80c). Am Metal Co Am News (1%). Am Power & Light. Am P&L $5 pt (1%) Am P&L $6 pt (1%) Am Radiator..... Am Radiator pf (7) Am Rolling Mills. Am Safety Razor (3. Am Sm & Ref.... ) Am Sm & Ref 6% pf.. Am Sm & Ref 7% pf. Am Snuff (13%).. Am Steel Foundry Am Stores (12%) Am Sugar (2).. Am Sugar pf (7) Ani Sumatra Tob. Am Tel & Tel (9). Am Tobacco (5).. Am Tobacco (B) (5) Am Tobacco pf (6). Am Water Works(1) Am Wat Wks ctfs(1 Am Woolen. . . Am Woolen pf..... Am Zinc & Lead. Anaconda Copper. Anchor Cap (60¢). Archer-Danfels (1). Armour of 111 (A) Armour of 111 (B). ) Armourof Il pf..... Arnold Constable. Associated Apparel. Asso Dry Goods. Asso Dry G 1st pf... Atchison..... Atchison pf (5)... Atlantic Coast Line.. Atlantic Refining(1). 31% Auburn Auto (2).... 513 Aviation Corp (Del) 31; Baldwin Locomot. ... 9% Baldwin Locomot pf. 814 Baltimore & Ohio.... 915 Baltimore & Ohio pf. 68!, Bamberger pf (62) 20 Bang & Aroost (2) 714 Barker Bros pf. 3 Barnsdall Corp. 7 Beatrice Creamery. . 5 64 Bendix Aviation..... 9 Best&Co.... 10'% Bethlehem Steel 25\ Bethlehem Steel pf. . 95 6's Bigelow-Sanford. ... 53 Bloomingdale pf ( 18 Borden Co (1.60). b 9 Bohn Alumn & Brass 5's Borg Warner. Botany Con Min (A) 2% Briggs Mfg Co.. 21% Bklyn Manhat Tran 6: 312 Bklyn Union Gas (5). 1%, Brunswick-Balke. .., 20'; Bucyrus-Erie pf (2). 180s 1 Budd Wheel. 2145 Bullard Co. 14 Burns Bros 10 e, A 6% Burr Add Mach(40¢c). 9; 1 Bush Terminal. 815 Byers (AM)..... 3 California Packing 2 Calumet & Hecla... 71 Canada Dry G A (1) 7% Canadian Pacific. 415 Capital Admin (A). 301 Case (J I) Co... 40% Case (JI) pf (4). . 1807 . 330s 5% Caterpillar Tractor.. 323 14 Cent Aguirre (1%). 214 Century Rib Mills . 52 1 6 224 147 Chesapeake Corp (2). ‘:!‘ . 5 Chi & EasternIll. .. 214 Chi Great Westn pf. 1 Chi Mil St P & Pac 1% Chi Mil StP & Pac pf. 1'¢ Chi & Northwestern 2 Chi & Northwest pf. 214 Chi Pneumatic Tool 2 Chi Rock I & Pac. 2% Chi R1& Pac 6% p! 31; ChiR1& Pac 7% pf. 64 Chi Yellow Cab (1). * 3008 5 Chickasha Cot O(1). 2 7% Chrysler Corp'n. . 7l City Ice & Fuel (2). . 874 . 22 45 City Ice&Fuel pf 6;. 1608 101 45 City Investing (3) Y% City Stores. 107 Cluett-Peabody 7313 Coca-Cola Co (7). 7 Colgate-Palm-Peet. 49 Colg-Palm-P pt (6).. 3 Collins & Atkman.. 314 Colo Fuel & Iron. 9 Columb G&EIl(b80c) Columb ( Columb Gas pf A(6) Columbia Pict vic Columb Carbon (2). Commercial Credit. Come’] Credit (A). . % pf.. Comecl Inv Trust (2). Comel Solv (80¢)... % Comwlth & Southn. Comwlth & Sou pf(6 ) 4 Congol-Nairn (60c).. Congress Cigar (1). Consol Cgr pr pf 615 Consol Cigar pf (7) Consol Film. . onsol Film pf. .x 40s 110s 8 Consol Gas N Y (4).. 1224 Consol Gas NY pf(5) 20 Consol Laundriet Consol Oil Gerp. . Container Corp (A) Zontainer Corp (B) Contl Baking (A). Contl Baking (B). Contl Baking pf (4) % ContlCan (2)...... Contl Insur (1.20).. Contl Motors. . Contl Ol (Del). Corn Products (3).. Corn Prod pf (7)... Coty Inc. Cream of . Crown Cork & Seal.. Crown C&S pf (2.70). Crucible Steel..... Crucible Stec] pf. CubaCo...... 1% Cuban-Am Sugar, 10 “uban-Am Sugar pf. 20% Cudahy Packing 2%. 6% Curtis Publishing. . 30 Curtis Publishing ptf. 1% Curtiss-Wright.... 2 Curtiss-Wright (A) 74 Cushmans pf (7). 4% Cutler Hammer. . 13 Davega Stores (h3).. 614 Deere & Co pf (20¢) 37% Delaware & Hudson 17% Del Lack & Westn... 17% Diamond Match (1) 26% Diamond Mach pf 1% 12 Dome Mines (11.30) 10% Dominion Stores 1.20 10% Doug Alrcraft (75¢). 2% Dresser (SR)Mfg (B 29 Druglne (3)..... ) 32% Dupont de Nem (2).. 98% Dupont deN db pf(6) Eastman Ked pf (6) Elec Auto-Lite. Electric Boat. .... Elec & Musical Instr. 1 3% Elec Pwr&Lt... 614 Elec Pwr&Lt $6 pf... 21 Elec Storage Bat (2). 2% Erie RR 2d pf 7 Evans Auto Prod. Minnesota round whites, a few sales, £10-72%5; Minnesota and North Dakota Red River Ohios, 70-72!; Idaho Rus- e 1.30-1.40, mostly a-romd.\'ms. Y 23% 18 Fed Mines & Sm pf. 31 1% Fed Water Service A 18% 10% Fid .86 81 Filene'sSonspf6% Phoen 1.20. . 68 . 1008 ~Prev. 1933~ High. Low. Summary Stock and Dividend Rate. Bales Add 00. High. 9% Firestone T&R(40c). 42 Firestone T&R pf(6), 43 First Nat Strs (234) . 4% Foster-Wheele: 2 Foundation Co. 13% Fourth Nat In: % Fox Film (A). 16t Freeport-Texas 6 Gamewell Co. .. 2% Gen Am Investors. 13% Gen Am Trans (1) 4% Gen Asphalt 13 Gen Baking ( 6% Gen Cable pt.. 29 Gen Cigar (4). 100 Gen Cigar pf (7) 10% Gen Electric (40c). 11% Gen Elec spec (60¢) 21 Gen Foods (1.60). % Gen Gas & Elec (A).. 10% Gen Gas&E17% pf A. 35% Gen Mills (3). 92'% Gun Mills pf 10 Gen Motors (1)... 65% Gen Motors pf (5).. 215 Gen Outdoor Adv. 13% Cen Ry Signal (1).. % Gen Realty & Util. .. 11% Gi Saf Raz (1).: 54 Gillette Saf R pf (5). % Gimbel Bros. . 5% 3 12 3 9 9% Goodyear Tire&Rub.. 27% Goody'r T&R 1st (2). 1 Graham-Paige. 15% Grant (W T) (1). 4% Great Northern pf... 5% Great Northern Ore Great West Sugar. Great Wn Sug pf(7) Grigsby Grunow. Guantanamo Sugar. Hahn Dept Stores. . . Hall W F Printing Helme (GW) (17)... Hercules Powder 114 Homestake M(110). ., Househd Fin pf 4.20. Houston OIl. . . Houston Ofl (new).. Howe Sound (40¢). .. Hudson & Man (23) Hudson Motor Car... 1% Happ Motors. 815 Illinois Central. 31 Yilinois Cent11 (4). 1 Indian Motor Cycle. . 24 Industrial Rayon (2) Ingersoll-Rand(1%). Inland Steel. Inspiration Ce : Interboro Rap Trans. Intercont] Rubber. Interlake Iron..... Int Bus Mach (6). Int Carriers Ltd 20c. Int Cement. .. Int Combustion. Int Combustion pf. Int Harvestpr (60¢) Int Hydro-Elec (A) Int Nickel of Can. Int Paper & Pwr pf. Int Salt (1%). Int Shoe (2).... Int Silver. Int Silver pf. Int Tele & Teleg Interstate Dept St... Island Creek Coal (2) 42 2% Kaufmann Dept St.. 67x Kavser (J) & Co.. 6 Kelly-Sp Tire 6% pf 3% Kelvinator Corp. . 7% Kennecott Copper. .. 513 Kresge (SS)........ 14'3 Kroger Grocery (1).. " 221 Lambert Co (4)..... 3 3 Lane Bryant.. 3% Lee Rubber & Tire. Lehigh Valley Coal. . Lehigh Valley RR.. Lehman Corp (2.40).. Libbey Owens Glass. Liggett & Myers(t5) Ligg & Myers B (15). Lily Tulip Cup (1%). Lima Locomotive Link Belt (40c). Liquid Carbonic 2 Loew's Inc (1) LoftIne...... aee : Long Bell Lumb(A). Loose-Wiles Bis (2). Lorillard (P) (1.20). Louisiana Oil....... Lou Gas&El A (1%). Loulsville & Nash Ludlum Stee 91; McAndrew Forbes(1) McCall Corpn (2).... MclIntyre P M(+1%). McKeesport T P (4) McKesson & Robbirf McKesson & Rob pf.. Mack Trucks (1).... Macy (RH) & Co (2). Madison Sq Garden. Manati Sugar pt 2 Mandel Bros Manhat Elev 3 i Marine Midld (80¢c) Marlin-Rock (1).. Marmon Motor Car.. Mathieson Alk (1%). May Dept Stores (1). Maytag pf Ww..... Maytag Co 1st pf. Mengel Co. Mengel Co pf. Mid Continent 5 Midland Steel Prod. . Mid St1 Prd 1st pf(4). % Minn Moline Pow. Minn Moline P pf. 4 Mo Kan & Texas, Missouri Pacific. Mohawk Carpet Monsanto Chem 1% . Montgomery Ward. . Morrell (J) & Co (2). 5 Mullins Mfg. . 5 Mullins Mfg pf. 1% Maurray Corp. Nash Motor. . Nat Biseuit (2.1 Nat Biscuit pf (7) Nat Cash Reg (A) Nat Dairy Prod 1.20.. Nat Dept Strs 1st pf. Nat Distillers. Nat Lead (5). Nat Pwr & Lt (1).... Nat Steel (50¢). N H & Hartford. N H & Hart pf.. Ont & Western.. Shipb’ldg (10¢). N Y Shipbldg pf (7) 17% Noranda Min (al.10). 111% Norfolk & West (8).. 4 4 North Am Aviation.. 15% North Am (b8 %stk). 50% North Am Ed pf (6).. 9% Northern Paciflc..... 5% North German Lloyd 1% Norwalk Tire & Rub. T% 4% OhloOfl.....cecveee 3% 1% Oliver Farm Equip.. 2% 1% Omnibus Corp..... 14 10% Otis Elevator(60c) . 931% Otis Elev pf (6) % Otis Steel. s _ 2% Otis Steel pr pf. 105 102'% Outlet Co pf (7).. 45% 312 Owens I11 G (2 Pacific Coast 2d p! Pacific Gas & El (2). Pacific Lighting (3). Packard Motor Car.. Park Utah.....ceeee Parmelee Transport. Pathe Exchange..... Pathe Exchange (A). 5% Patino Mines.... 25% Penick & Ford (1) 19% Penney (J C) (1.20).. 90 Penny (JC) pf ( 3% Penn Dixie Cement. 13% Penna RR (h50c). 44% Peoples Gas Chi (5). 9 6 Pere Marquette pr pf 500s 4% Petrol Corp of Am 51 4% Phelps Dodge. . 25 PhilaCo 6% pf (3).. 4% Phillips Petroleum. 6% 3% Pierce Oil pf. 1 % Plerce Petrol . lS{s 9% Pillsbury Flour (6! LI+l ++1 £ Fasessss ++ 0L +++ 1+ +H+ T4+ L+ 1+ LIS I [ - EFEFFEF FF FELFRLES FEF FEREES exeReferrsrres | ¥ +1+0101 - F&EOFLE - SEERFERES RS = : 3 Pressed Steel Car pf. 30% 19% Proctor & Gam(1%). 104% 197% Proc &Gamb pf (5).. 100 55% 33% Pub Sve N J (2.80). 88% 70 Public Sve NJ pf (5 101% 80 Public Sve NJ pf (6). 11243 92 Public Sve NJ pf (7). il.... 62 30 PureOil pf (2) 10% 5% Purity Bakeries (1). L e A I 3 Radio Corp 6% Radio Corp pf (B) 1 Radio-Keith-Orph 5 bestos-Man (60c) 5% Real Silk Hoslery... 2% Remington-Rand. 1% Reo Motor Car 4 Republic Steel Republic Steel pf. Revere Cop & Br pf. Reynolds Metals(1). Reynolds Tob (3).... 33% 261 Reynolds Tob B (3). 0 0 42% 28 Safeway Stores (3).. 96 80'% Safeway Strspf (7). 18% 6l St Joseph Lead. 1% 1% St L-San Fran pf. 32 28 Scott Paper (1.40) % Seaboard Afr Line. 15 Seaboard Ofl (+50c) 1214 Sears Roebuck. .. 1% Second Nat Inv. 24 Second Nat Inv pf. 1% Servel Inc.. 2% Sharp & Dohm 5% Shattuck(FG) (24¢) 4 Shell Union Oil. 4% Stmmons Co 4% Simms Petrol 3 SkellyOil........... 7 Sloss Sheffield Steel 8% Sloss-Sheff Steel pf.. 6 Secony Vacuum 40c. 241 15% So Port Ric Sug 1.60. 120 112 SoPort RicS pf (8). 28 171 South Cal Edison(2). 19% 11% Southern Pacific. ..., 8% 4% Southern Railway 9% 5% Southern Railw: 5% 4 Spalding (A G) 2 % Sparks-Withington. . 9 Tis Spencer Kellogg(60c) 18%. 13% Standard Brands (1). 15% 5% Stand Gas & Klec. ... 25 8% Stand Gas&El pf (4). 114 1 Stand Invest Corp 26 19% Stand Ofl Calif (2). 101 9214 Stand Oil Exp pf (3). 20 erling Secur cv pf. 215 Stewart Warner... . 5% Stone & Webster 1% Studebaker Corp % Superior Ofl.... % Symington (A). 14's 10% Texas Corp (1)...... 25 154 Tex Gulf Sulphur(1) 5% 313 Tex Pacific Land Tr. 91 5 Thatcher Mfg Co.... 16% 10 Third Nat Inv (90c). 8% 6% Thompson (J R) (1). 8% 5% Thompson Products. 4 3% Tide Water Asso Ofl. 44'% 23% Tide Water Assoc pf. 3% 15 Timken-Detroit Axle ~Prev. 1633~ aqadgad nunnRnRnY 5 % Vadsco 14% 23% 12% Vulcan 15 12 kX Wilcox Wilson Wright stock. e Payable 2% in stock. J Plus o 1 stock. » n Pavable in ser! Stock and h. Low. Dividend Rate. 18 13% Timken Roller Bg(1) 6 2% Transamerica Corp.. 4% 2% Tri-Contl Corp Union Carb & C (1).. Un Ol of Calif (1) Union Pacific (8).... Union Pacific pf (4).. 4 Un Tank Car (1.40).. Unit Aircraft. Unit Biscuit (2). Unit Carbon... % Unit Corp (40¢). Unit Corp pf (3) Unit Fruit (2). Unit Gas&Im (1. Unit Gas&Im pf (5).. Unit Pce D W pf 6% . 270; US&F U S Freight... U S Gypsum (1). J S Hoftman. . Ind Alcohol. Leather. S Leather (A)..... Pipe&Fdy (50c).. Rubber 1st pf. .. U S Smtg & Ref (1).. U S Smtg&Ref pf 315 : US Steel.... 1 . 32% | U S Steel pf (2). U'S Tobacco (4.40). % United Stores (A) 4 Univ Leaf Tob (2) Uil Pwr & Lt (A) 7% Vanadium Corp. . 85% 66% Va Elec&Pw pf (6).. Ward Baking pf (1).. Warn Bros Pictures. Warner Quinlan Warren Bros. . 2 Warren Bros cv pf.. Webste: Wesson O & Sn (50¢) g Wesson O&Sn pf (4). | market low registered last July. A | large part of the day's selling was a Elec pf (6). 3 3 3 | probably for short account but in view West Pa Elec pf (7). 3 ‘West Pa Pwr pf (6). Western Maryland. ., % Western Pacific pf. Western Union. .. Westing’se Air B(1). Westinghouse Elec. . Westvaco Chlorine. . Woolworth (2.40). Worthington Pump. . ¢ Wrigley (Wm) (3).. 24 Yale & Towne (60c) 3 Yellow Truck....... 63 2 Young Spr & Wire.., 4 '3 Youngstown Sh&Tn. 95 3% Zonite Products, 28 Sales of Stocks on New York Exchange. | payments based on the latest quarterly or 5 Unit of trading less than 100 shares. 4% in stock ' a Paid Dividend rates as given in the above table are the annual cash arations. M PAId last year—no regular rate. nFlus 5% in stock. s 'orn Secur. 7 T+ 1401 +44+ } kR Sales Corp Detinning. .. r-Eisenlhr pf. ec A (T).. 0Oil & Gas. & Co. . .. STOCKS RREGULAR IN LIGHT TRADING Rally - After Early Losses Fails to Hold at the Close. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 17.—Stocks re- acted in the first part of today's session, rallied in the early afternoon and came down somewhat toward the close, leaving off with irregular Volume was low all day O U8 Except for sugar, commodities had a setback, but not an important one. Wheat closed 3 to ! cent lower, which was the same decline as in corn. Cotton was off a few points nearly .| all day. Cocoa was down a point of ::ies S;Jgart c]ominued its rise, with of actual raws at the i the year. S The foreign exchanges were lower after a series of nervous fluctuations, For the heaviness in the general list during the morning there were three reasons. First the weakness in Ameri- can Telephone & Telegraph had an unsettling effect. Second the reaction- ary trend in commodities brought some selling into the stock market and third the rally in the dollar as evidenced by the lower quotations for the chief Eurcpean currencies suggested that the speculators were not so sure about the coming inflation as they had been on Saturday. . American Telephone made a new low in the second hour. Even at that it | was more than 15 points above its bear of the doubt about the dividend there was only meager support. Without being in the confidence of the direc- tors all the statistical information points to a reduction in the rate, but how far that reduction, if it comes, has been discounted in the price of the stock remains to be seen. Reaction in the commodities was to be expected after their buoyant strength of last week and should have created no concern. The average price Aeronautical Ty 8 | for staples is now closed to the January 160,000 630,000 12:00 Noon. 2:10 P.M. . al tock. b Plus $1 v special preferred stock. k Plus 3% in UPTREND IN STOCKS IS SEEN AS SIGN OF BUSINESS REVIVAL et G o™ Growth of Public Interest in the Market Indicated by Large Increase in Stockholder Lists. BY CHARLES W. STORM, Editor the News Service of Wall Street. Special Dispatch to The Star. NEW YORK, April 17.— Improve- | ment in the stock market the last week, together with the continued upward swing in the prices of commodities, should be regarded as forecasting sub- sequent expansion in general trade and industry. A continuation of the upward move- ment in share prices undoubtedly will have a gratifying influence on senti- ment among business people and the | general public. The tremendous in- | crease in the growth of both preferred and common shareholders of corpora- | tions is graphically shown by charts | Just issued by the New York Stock Ex- | change, data on which was collected by | that institution in a study of recent, tendencies in the distribution of securi- !l’c;zlol' each quarter from 1929 through 1932. These charts show that while the prices of stocks have been steadily de- FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value. today. London, Paris, franc. Brussels, Berlin, Rome, lira. . Zurich, franc Athens, drachmi Madrid, peseta ... 19.3c Vienna, schilling . . 7 Budapest. pengo.:. 1 Prague, crown Wi pEXT F0¢ 18.40¢ U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co.) i P 1 1 48 Aug. 15, 1933 101 5-32 4Y%s Dec. 15. 1933.. 102 14-32 .NEW YORK BANK STOCKS s T 9 o 1 & NEW YORK, April 17 (#).—Over- the-counter market. Quotations as of 10 o'clock: Banks. Cotmerdint G Firet. National) (1009 Manhattan National City Public (2) . Trust Companies. New York Trust Title G. & T. (4.80) *Includes extra. INVESTMENT TRUSTS NEW YORK, April 17 (®).—Over- the-counter market: ) Quotations as of 2 o'clock. BANKS. Bk Manhattan (2) Chase Natl (2) . - st o S M re ( . Guaranty *(20) Irving (1) ... Manufacturérs T et et R EFFEF FESSE " » clining *over the period covered, the number of shareholders, which means public interest, has been steadily mounting. Steel Operations Rise. Hopes are growing with regard to the expectation of a continued expan- sion in general business. The steel in- ductry has usually been considered a good index of expansion or contraction in general business and operations last week increased 3 per cent to 19'; per cent with indications of immediate fur- ther improvement. Betterment in the steel industry is resulting largely from the increased op- erations of the motor industry. Expec- tations, however, are also entertained | that the railroad industry shortly will increase its purchases of steel. Rumors have been current that steel prices will be advanced soon, but these cannot be confirmed. Prices of scrap steel, however, continued to show a steady upward trend and this usually presages improvement in quotations for finished steel products. Because of the better outlook for the | steel industry and the improvement al- | | ready registered, it is known that some | A Gratifying Development. | One of the most gratifying develop- ments, which has had considerable effect in shaping prices of securities, lsi the strength of the grain market and | other commodities. In view of the steady upward move- ment of wheat the last week it was reasonable to expect a reaction at the close of the week. but the market con- tinued strong' on Saturday, leading to the belief that the upward movement has not been completed. Strength of other major commodities was witnessed the last week and this stimulated hopes in many lines of in- dustry where the price trend of raw materials has been steadily downward for about three years. It must be remembered that con- tinued strength in commodities will {have a most beneficial influence on the purchasing power of the farming community, an important factor in the industrial picture of the United States. Minimum Wage. The efforts being made by President | Roosevelt to have a -minimum wage level established, while distasteful to some, undoubtedly will have a beneficial effect on general trade and industry. Establishment of a minimum wage would eliminate to a great extent price- | cutting and this would have a stabiliz- | ing influence on prices. | A minimum wage would also have a | tendency to increase the purchasing | power of workers. | (Copyright. 1933, by North American News- | paper Alliance. Inc.) venient . residences and ing properties land suburbs. 1001 Fifteenth Street FIRST MORTGAGE NOTES WAFE . . . profitable . . . con- of Columbia and adjacent Mary- 67 H. L. Rust Company . « Secured on income-produc- in the District National 8100 GRAIN OTTON We are equipped Grain, Cotton and other Commodities and have private wires to one of the leading Grain Houses in the Country with their wires direct to the Wheat Pit in Chicago. We receive vices on interested. WESTHEIMER & CO. ‘Members New York Stock Exchange, continuous quotations through our Grain Ticker and frequent ad- i Grain Cotton, which i are available to our clients and any others to execute orders in services high, but no speculative market can i continuously move in one direction. The exception among the staples today was sugar in which the advance was | resumed. The foreign exchanges testified to the confusion over the Treasury's in- tentions. Until there is some official statement as to the Government's policy 750, | wide fluctuations are inevitable. Sterl- 50.000 | ing opened unchanged at $3.48, dropped to $3.45 and then rallied to $3.46 all before noon. Guilders were unchanged at the opening and 18 points off two hours later. French francs were steady at Saturday’s final level. Swiss francs advanced 5 points at the start and then came down 19 points. It was plain that the view of the moment was that the United States would not allow the dollar to depre- ciate without action, but this opinion was subject to revision whenever de- velopment warranted it. Business Activity Greater. _CHICAGO, April 17 (#).—The Asso- ciation of Commerce in its weekly re- view of industry for the Chicago metro- politan area reported a good rise in wholesale and retail turnover, greater activity in the steel industry and a upward steady trend in electric pow: output. = First Mortgages FOR SALE 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 70th Series of stock now open for subscription Payments on shares $1.00 each, payable monthly James E. Connelly James F. Shea President Secretary Member of Building Association Councll of District of Columbia. -REAL _ESTATE _NOTES TYLER _AND _RI 3 INC. First trust notes well secured on detached. modern residences. for sale at par_and accrued fnterest. __1520 K St N.W. NA._0478. YIELDING 6% 'UTHERFORD. NEW HOME FIRST MORTGAGES Paying 6 Per Cent Now Available Limited Amounts All based on new low construc- tion cost levels. All confined to restricted est: lished Chevy Chase home co! munities. If a SAFER FORM of invest- ment is known we should like to be informed of it. Denominations, $250 to $1,000 Phone National 2345 SHANNON & LUCH; Mortgage Department 1505 H Street N.W. SAVE for emergencies Emergengies DO Come! And you can never fores see when a substantial cash reserve may be utterly necessary to your continued welfare. Open your account today at the National Permanent Member Building and Assn. Council of D. C. Chicago Board of Trade « and Other Exchanges WASHINGTON—BALTIMORE—CINCINNATI—DAYTON WhTIONg, PERMANENT BUILDING ASSOCIATION Sy Seea et & Ustavigion us- ¥