Evening Star Newspaper, April 23, 1933, Page 55

FINANCIAL. HOW TO FJX COSTS | SHOWN BY EXPERT) Chief Economist Fox of Tariff Commission Speaks Before D. C. Accountants. The chief economist of the United | States Tariff Commission, A. Manuel | Fox, discussed the important problem int or multiple production costs” at the monthly meeting of Washington Chapter, National Association of Cost | Accountants, held at the Mayflower Hotel. Mr. Fox briefly sketched the methods of production through the family, hand- craft, domestic and factory systems, and some of the industrial tendencies and trends, and made clear that joint costs are found by distinguishing be- tween waste, spoilage, scrap, by-products and joint products. Then he treated the prevailing practices in accounting for joint and by-product costs. In explaining the tendencies of in- dustry %o meet economic changes and trade competition with particular refer- ence to joint costs, Mr. Fox gave the following ~set-up: (1) Stabilization through limitation of types, sizes and numbers of the different products: (2) aggregation, or the increase in the size of the fctory units; (3) specialization, or the limitation of activities of men and enterprises; (4) extreme division of labor and transfer of skill. How to Determine Costs. ‘To secure a practical and satisfac- tory method of determining costs, the speaker showed that waste, spoilage and scrap must be segregated from measur- able finished products. Mr. Fox de-| fined by-products, joint-products and co-products. Illustrations drawn from a varied experience were used to assist in explaining these technical differ- ences. ‘Whenever it was feasible, without involving either too much detail or too great an expense, the speaker recom- mengded that separable costs data be accumulated for at least the more im. portant products of the multiple- . Elroducllon industries whenever possible. e stated that neither accountants nor economists have been able to devise a method which yielded by-product or joint-cost figures that did not involve an_element of arbitrariness. With this background he then de- scribed methods of allocating Joint costs, first for by-products and secondly for joint costs—the accepted methods of distributing joint costs on the basis of selling price or selling prices, less separable costs was explained. It was next demonstrated that the use of the market prices brought unsatisfactory results in a number of cases cited. Second Method Described. The second méthod of distributing Joint costs, the use of standard or nor- mal values based on average prices over a long period or the use of a fixed co- efficient computed on the normal values of the joint products or other com- parable data or on a combination of data was then described and followed by the accepted methods of costs dis- tribution based on physical co-efficients, such as weight or volume. In an open forum such as is held at each meeting of the chapter a number of cost problems were discussed at length by the members, their guests and the speaker. Plans were discussed for attendance of members at the annual convention in New York in June and election of offi- cers at the May meeting. Baltimore Market Bpecial Dispatch to The Star. BALTIMORE, Md., April 22—Due to packers taking hold more freely for storage and in sympathy with other Jeading cities, the local egg market has been firmer the past week, values show- ing an advance of nearly a cent a dozen over last week, Receipts while liberal from all sections are moving out more freely and fresh-laid stock finds ready buyers. Sales on the exchange the past week showed a large increase. Native eggs preferred, when fresh laid and well graded, to stock from the South and West, and the market closed very firm today at 13!, cents a dozen for current receipts, which still con- tinues the basis for all sales. Pouliry Prices. The market for live poultry holds steady to firm, especially on broiling chickens, which are bringing top prices. Season for turkeys over and shipments not advisable as demand is very limited and all stock has to be sold strictly on merit at irregular values. Mixed-colored broiling chickens, 2 pounds and over, are bringing 21 to 24 cents a pound, and white Leghorns, 18 to 21, with other young chickens, 3 pounds and over. selling mostly 20 and 21, but poor, thin stock not wanted at any price. Improved demand noted for old hensl and prices are a shade higher at 11 to 14 for fowl weighing 3'> pounds and over, but Leghorns will not bring over 10 and 11 and all poor, light fowl as well as old roosters hard to move at 8 and 9. Ducks in fair demand, but only stock weighing 4': pounds and over attract attention at 11 to 13, with small, thin ducks not wanted at any price. Capons in light receipt and under a good demand market cleans up readily at 22 to 25 for medium to large birds, 6 pounds and-over, but smaller and slips move slow at 20 and 21. Demand continues fair for guinea fowl and pigeons, with prices unchanged at 25 to 45 each foli the former and 15 to 20 a pair for the latter, i ‘The Ennrket for old potatoes easy under small demand and moderate re- ceipts and values show a slight decrease at 90 to 1.00. Sweet potatoes. and yams in fairly liberal receipts, ‘but de- mand continues good and prices are . unchanged at 40 to 1.00 a bushel for the former and 1.25 to 1.60 per barrel; for the latter. | ‘With only a few lines of native und) nearby garden truck still on the mar-| ket and little demand, values are mostly | in buyers' favor at 15 cents a bushel for | Kkale, 60 to 75 hamper for radishes and 20 to 40 bushel for spinach. i Live Stock Market. The live stock market on the wharves holds steady to firmer with fair in- quiry for steers and yearlings, values on several grades of beef cattle showing an advance of i cent a pound. Spring fambs also in better demand and values a shade higher. Hogs show & sughtl increase and the market generally easy and steadier tone tc the following quo- tations: Beef cattle first quality, pound, 52572 common to medium, 2'.a4!,. Bulls, as to quality, 2 to 4. Cows, choice to fancy, 3!2a4; common to fair, 2 to 3. Oxen as to qualty 1':a3lz. Calves, veal, choice, 5a5ly; large fat, 41:a5. Large, rough, 3',a4; common, thin, 2% 23. Sheep, 1':a3. Spring lambs, choice, 7aTV; fair to good, 5a6%. Fall lambs, as to quality, 4a6. Sows, 2!2a3. Stags, 111;a2. Live pigs, 6a8. Shoats, | st‘ Wheat, No.! & 4a6. Closing grain quotations: 2, red, v%!lgrkr. garlicky, spot, domestic, 331 April delwvery, 83%s; May deliv- ery, 83%; corn, No. 2, yellow, spot, do- mestic, 51a52; cob corn, 2.50a2.60; oats, No. 2, white, as to weight and location, 331,a36; No. 3, 32!:a33; rye, nearby baglots, 52a58. FOREIGN EXCHANGE. otations furniched by W. B. Hibbs & 3. b o Nomina! ¥old Seiling e , Butter, Auto Production Sets New Record For Second Week Special Dispatch to The Star. DETROIT, April 22—For the second week in succession, automobile produc- tion has set a new record. Cram's automotive reports estimates the output for the week ending today at 43,653 units, a gain of 2921 over last week, which set the previous high mark for 1933. INCREASE IN DAIRY PRODUCTS IS SCORED Cheese and Evaporated Milk Are Sharply Higher in Wholesale Markets. Special Dispatch to The Star. NEW YORK. April 22.—Gains of 6 cents a pound in butter, nearly 2 cents a pound in cheese and more than 25 cents a case in evaporated milk prices in primary cash markets have bright- ;ned the dairy picture in the last few ays. Firming quotations in butter mirrored improved statistics, such as a drop in storage stocks in 26 markets, lighter receipts in four of the leading markets —New York, Boston, Philadelphia and Chicago—and lessened production. ‘The return of beer lifted sales of some of the so-called dessert cheeses from 25 to 100 per cent in the last two weeks, exhausting warehouse stocks and threatening a shortage in certain grades and brands. Evaporated milk packers at their Chicago meeting this week agreed to back the dairying price stabilization plans sponsored by Secretary of Agricul- ture Wallace. Meanwhile several States, including New Yorke Ohio and Wisconsin, have passed or are considering minimum milk price laws. In some cases, however, the dairying industry—evaporated and con- densed milk, for instance—will be af- fected by minimum working hours. The drinking of milR, in some localities, has declined as beer consumption increased. (Copyright. 1933.) BANKS AT MOUNT AIRY PLAN REORGANIZATION Special Dispatch to The Star. MOUNT AIRY, Md., April 22—Ex- cellent progress toward reorganization is being made by at least two local banks, the Pirst National of Mount Airy and the Woodbine National Bank at Wood- bine. It was authoritatively stated late this week that the latter institution will soon reach its goal in the sale of stock. Since the plan of reorganization sub- mitted by the directorate of the Wood- bine National Bank was approved by the Federal Reserve several weeks ago, officers and directors of the institution have been laboring diligently in order that the terms of the agreement may be met and the bank may be author- ized to resume business on a 100 per cent basis. The plan of the Woodbine bank calls for the sale of stock in the amount of $100,000. e MEMBE—RSHIPS HIGHER ON SEVERAL EXCHANGES By the Associated Press. NEW_ YORK, April 22 —Strength of commodity markets this week was re- flected in higher' prices for member- ships on_several exchanges here. ! Two New York Cotton Exchange seats changed hands, one at $14,000, up $1,250 from the previous transac- tion, and another at $15,000. On the Coffee and Sugar Exchange, a membership was transferred at $5,500, an increase of $500, while a seat on the Cocoa Exchange sold for $1,900, a $200 rise. A New York Stock Exchange member- ship, on the other hand, sold at $130,000, which was a decline of $15,000 from the transaction announced Thursday. CHICAGO LIVE STOCK MARKET CHICAGO, April 22 (#).—(United States Department of Agriculture) — Cattle—Receipts, 100 head; compared week ago fed steers and yearlings steady to 25 lower; only common and medium grades, along with meager supply choice offerings holding up; all others mostly 25 lower; run largest since mid-Decem- ber; extreme top yearlings, 7.00:; best weighty steers, 6.00; largely 4.25a6.00 market; bulk heavies turning at 4.50a 5.25; liberal run weighty steers in crop; light heifer and mixed yearlings mostly 50 lower; fat cows and weighty heifers fully 25 down; bulls firm and vealers steady to 50 lower; light kinds showing decline at 4.00a4.75; stocker trade firm, mostly 4.00a5.00; best yearlings, 5.75. Sheep—Receipts, 3,000 head; today's market nominal; for week ended Friday 84 doubles from feeding stations, 13,300 direct; old crop classes mostly steady: spots, 10a15 lower; Spring lambs, 1.00a 1.50 lower; first Californias of season arrived; week's top wooled lambs, 5.85; closing bulks follow: Desirable wooled lambs, 5.25a5.50; few 5.65; choice 110 pound weights, 5.00; choice 75-96 pound clipped lambs, 5.00a5.25; few 5.35; medium to good California Springers, | 5.75a6.25; fat wooled ewes, 2.00a2.75. Hogs—Receipts, 6,000 head, including 5,500 direct; about steady with Friday; g00d to choice hogs, all weights eligible, to 3.00a3.90; top, 3.90 bid; most pack- ing sows 3.40; compared week ago steady. shippers took 200; holdovers, 1,- 000 light light, good and choice, 140-160 | pounds, 3.60a3.80; light weight, 160-200 | pounds, 3.65a3.90; medium weight, 200-250 pounds, 3.753.90; heavy weight. 250-350 pounds, 3.60a3.80; peacking | sows, medium znd good, 275-550 pounds, | 3.20a3.50; p'gs. good and choice, 100- | 130 pounds, 3.10a3.60. What Things Cost|. (Compiled by Standard Statistics.) NEW YORK, April 22 (#).—Of the 25 important commodities in the fol- lowing table, 20 are higher in price than last week and 5 remain un- changed. Thirteen are at their highs | Dece: for 1933 and three are at their lows: This . Week. Butter. cream'y, extra.Lb. S0. Coffee. Rio, No. 7. . Lb. . . VI, i ve Last Week. $0.20 ip) L. s i El'ch. ead. pig .. Linse=d Oil ¢a Fetroleum.” OKla . “plantation ... Lb. Rye. No. # Western. . Silk. crack dou.. ext. Piitsburgh Lb. Wool Zine CHICAGO DAIRY MARKET. CHICAGO, April 22 (#).—Butter, 9.180, unsettled; crepmery specials (93 =score), 2115-22: extras (92), 21; extra | firsts (90-91), 2034 firsis (88-89). 20%5: standards (99 centralized carlots), 21. 73S, )i uncettled; Us: fresh graded firsts, 123, receipts, 4. storage packed 143 storage packed extras, 15. iy 3 Unfavorable Dividend Changes. NEW YORK, April 23 (). —Standard reports 41 unuvunbul ‘week ended in CURB SHARES BA DESPITE SELLING Market Advdnces Irregularly in Face of Profit Taking. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, April 22—Despite fur-| ther active realizing the curb mrkgt' today continued to advance in some- what irregular fashion, Traders were busy hunting up new | industrial specialties which might be| expected to benefit from the expected lation. Hitherto inactive issues, like Babcock & Wilcox, Chesebrough Manu- facturing and Scovill Manufacturing, were bid up from 1 to 4 points, Some of the pacemakers of the week’s advance acted a_bit tired, but additional gains were shown in New- mont Mining, A. O. Smith, Interna- tional Petroleum, Electric Bond & are, -American Airways, Swift & Co., Standerd Oil of Indiana and Deere & Co. Improvement in many of these were limited to fractions. ‘The pressure of profit taking told in stocks like Commonwealth Edison, Gulf Oil and National Sug: which lost a point or so, Commodity Price Trends of Week BY H. N. McGILL. Editor McGill Commodity Bervice, Ine. AUBURNDALE, Mass., April 22 (#).— All commodities this week advanced sensationally, reflecting the act of the United States moving off the interna- tional gold standard. Of 14 individual groups, nine advanced, while the other groups showed no change worth men- tioning. The object of the embargo on gold is to create higher commodity prices and combat depreciated currencies abroad. | There are many side issues such as the inflationary power of the President to issue Treasury certificates, the ac- ceptance of the next payment on war debts in silver, and-the contemplation of the lowering of the gold content of the dollar, which would make the pur- chasing power of the gold dollar ma- terially less than the present level. Industhial Prices. Commodity prices are in a peculiar position. If a world agreement is reached during the world economic par- ley, higher commodity prices will event- uate. If agreement is not reached, the | depreciation internally of the dollar| and the issuance of Treasury certifi- | cates, or a lowering of the gold content | of the dollar, also mean higher prices for basic commodities. Industrial prices advanced more rap- idly than at any time since the depres- sion started in 1929. Prices are now comparable with quotations at the open- ing of the year and reflect strength in fuels, non-ferrous metals, ferrous met- als, paint materials, textiles and vegeta- ble oils. Agricultural prices moved upward with more rapidity than any other group. The grains in particular were strong, yet all of the speculative groups were very sensitive to the change in monetary conditions. The combination of deliberate price inflation, coupled with farm relief, forms a nucleus for unusual price strength. Live stock prices failed to move up- ward, prices for hogs, cattle and sheep. fluctuating within a relatively narrow range. Non-ferrous metals were sharply higher under the leadership of copper, tin, lead and zinc. Silver, which has come into great prominence under the plan for inflation, is now quoted at 351> per cent as compared with an extreme low in this depression of 24', per cent. Fine textiles advanced sharply, spot cotton moving upward to the highest point since last September. Silk was materially higher. ‘The nine groups that showed imme- diate response to inflationary measures were industrial, agricultural, fuels, non- ferrous metals, ferrous metals, paint| materials, fine and coarse textiles and vegetable oils. Important Changes. Most important price changes in the McGill weekly price index: Previous Year Agricultural . T Live stock........ 371 Non-ferrous metals 50.5 Fine textiles ..... 41.0 New York Cotton Special Dispatch to The Star. NEW YORK, April 22.—After open- ing off about $1 a bale, cotton prices today advanced 30 points under an im- provement in both the stock and grain markets and buying became the most aggressive of the week. Tens of thousands of bales were taken | from the ring as orders poured into the exchange from all directions and a prominent broker created & sensa toward the close by bidding 8.22 for 50,000 bales of March contracts. Spots were up 10 points to 7 60. Cotton prices continued to reflect the heavy increase in outside buying in- terest. Uncertainty over the extent of currency inflation to be effected in Washington kept the market excited, and as fast as previous buyers took! profits new purchasers appeared to -b-l sorb all contracts for sale. May liquidation continued to be a feature of trading in advance of flrst-! notice day on Tuesday. Various inter- ests sold May steadily against pur- chases in later months. Clear weather was reported in the Southwest, where moisture still remains defic'ent, particularly in western sec- New Municipal Financing. NEW YORK, April 22 (®.—The Daily d Buyer says new State and municipal financing scheduled for next week fote's $9.752,167, compared with $16,244,689 this weck. Market Averages I By the Associated Press.. 3 £3 PR SER2ESANIIAG R AT e P To—— SRBUBARRABRTS “hSbennbkaes) =) 2 % =3 32838 Geis BSNSEES achE ok g FOR WEEK ENDING APRIL 22, 1933. —~—1033— High. Low. 15 % 3 13 2% 1% W 37 3 3% 37 Btock and dividend. Acme Steel (1) Acme Wire vtc. Ainsworth Mfg. Air Inv Ine vte. . Ala Pwr cum pf (7). Allied Mills Inc. .. Aluminum Co of Am. ..\ Aluminum Co Am pf 1%. Aluminum Co Ltd...... Aluminum Ltd (C) war. Aluminum Ltd (D) war. Aluminum Ltd cum pf.. Am Beverage Corp Am Book Co (4). Am Capital (B 4 Am Capital pt. Am Capital pr pi AmCitP&L A (i . Am City P&L (B) (15¢; Am Cyanamid (B) Am Founders. Am Foundries 1st p: Am Gas & Elec (1) Am Investo Am Investors, Inc, wa Am Laundry Mch (40¢) . Am Lt & Traction (2)... Am Lt & Trpf (¥4).... ‘Am Maize Products (1). Am Maracafbo. | Am St Pub Serv A. Am Superpower. Am Super 1st pf (6). Am Superpower pt % Am Thread pf (25¢). Am Transformer. Anchor Post Fence. Ark Nat Gas. . W= & Ark Nat Gas cu pf. Ark Pwr&Lt $7 pf(2.32 Armstrong Cork Art Metal Works. Asso El Ind Ltd(k10c) Asso Gas & Electric. Asso Gas & Elec (A) Atlantic Lobos Atlantic Lobos pf. Atlas Plywood. ..... Atlas Utilities Corp. Atlas Utllities war Atlas Util pf (3) T Fh ) 4 Axton Fish TobA 3.20.. Babcock & Wilcox (1)... Bell Tel of Canada (7) Beneficial 1L (134)..... Bickford's Inc (80c) Bickfords Inc of (2%) Blue Ridge Corp 5 Blue Ridgecv pf (a3)... Blumenthal (8)... Borne-Scrymser Co....... Boston & Albany (8%).. Brazilian Trac & Lt. Brill Corp A. . Brillo Mfg (60¢) Brillo Mfg (A) (2) . Br-Am Tob B cu (p37.3¢) Br-Am Tob reg (p37.3¢). Brit-AmTob reg p24.10c. Brit Cel Ltd rets. ... . Buckeye Pipe Line (3) Buffalo N&EP pf(1.60) .. Buffalo N&EP 1st pf(5). “Bunker Hill & Sullivan.. Bunker Hill & Sul vte. .. Burma Ltd rets (p13c). 5 Butler Bros Bwana McKubwa Corp. . Cable & Wire Brets. ... Cable&Wire pf(k6 1-5¢). Canadian Marcont. ... Carib Syndicate. Carnation Co. . Carrier Corporation. Celanese Corp pf (T) Celanese Corp 18t pf Celluloid Corp. ... . 4 Cent Hud G&E ctfs 80c.. Cont 11 Pub Sve 6% pf... Central States Electric. . Cent States Elec war. ... Centrifugal Pipe (40c) Charis Corp (1%4).. Chesebrough (+613). Chicago Corp (The). Childs Co pf. Cities Service. Cities Service pt Cities Serv pt B. Cities Service (BB). Cities Sve P & L 36 pf. Claude Neon Inc. . Cleveland El Illum 1.20. Cleveland Tractor. Colts Pat Fire Arms(1). Colum G&E cv pf (5)... % Columbia Oll & Gas vte. Comwlth Edisgn (5).... Comwlith & Soui war. .. Comstock Tunnel. .. . Consol Auto Merch ctfs. Consolidated Copper. Contl Gas & El pr pf Cooper Bessemer. Cooper Bessemer pi Copper Range. . Cord Corp (10¢). Corroon & Reynol Corroon & Rey pf (A Cosden Oil.... Cosden Oil cod Cosden & Co pf. i Creole Petroleum. Cresson Consol (4¢) Crocker Wheeler, Crown Cent Petrol 4 Crown Cork Intl (A) Crown Zeller pf A €1%). 4 Cuzi Mex Mining. Darby Petroleum....... Davenport Hoslery (1).. Dow Chemical (2 4 Driver Harris Co # Dubilier C & Rad Duke Power (4).. Duval Tex Sulphur. Eagle Picher Lead East G&F Assoc (60¢) Eastern States Power . Eastern Util Asso (2). Eastern Util Asso cv Eastern Util Inv (A) Eisler Electric Corp. Elec Bd & Share(b6%). . E! Bond & Share pf (6).. 4 El Bond & Share pf (5),. Elec Pwr Assoc (40c). .. Elec Pwr Asso A (40c) 2 E1P & L opt war Elec Pwr & Lt 2d pf (A). Elec Shareholding. Elec Shareholding pf(6) Empire Dist E'ec pf. ... pire Gas & Fuel 6%.. « Empire G & F 6% % pf Empire Gas & Fuel 7% Empire Gas & Fuel 8% Empire Power part. Evans Wall Lead. Ex-cello Air & Tool. Fairchild Aviation. Fedders Mg A..... Federated Corp (5ta). Fiat rets (p50%¢c). Fisk Rubber (new). Fisk Rubber pf (new) Flintkote Co (A).. Florida P & Lt pf. % Ford Motor Can A 4 Ford Motor Can B. FordMotor France. ., Fo 4 Motor Ltd. Frajklin Mfg Co... Garlock Packing (40¢).. Gen Alloys. General Avis Gen Elec Ltd 20 - Gen Gas & Elecev pf B.. Gen Pub Service pf. Georgia Power pf (6)... Glen Alden Coal........ Globe Underwrit (k35c). Godschaux Sugar B..... Goldman Sach T C Gorham Inc pf Gorham vte (1). Gray Tel Pay Station. Great A&P Tea n-v(17). Great A & PT Ist pf(7). 121 4 Greenfield T.p & Die Gruc Strs Prod vte. Gulf Ofl of Penna. Hall Lamp (k10c) Hamiiton Gas vtc. SRR AR R A A o IR [ P SR 9% 160 EH = e e E R FenF 4+l ++++r 44+ I+ 4 ti4++4 ] +4t e+ N R T T I S N S S S S | + + it ] F¥EFFF & 1 L S S A S T o S e | I+ 4 l4+4+ 1+ bttt rtttl +4 01 +++4 04 et N o = sessrtesPeFly Te"2R Fesess FEERFS $o. o EoFR"e sxes EEFEERFTS SrsEsres $or PFERe oF ENET ¢ Hollinger Gold (80c) Stock and dividend. High. Low. Close. 8% 6% 8 Horn (A C) 1st pf. .. Horn & Hardart (2) Hudson Bay Min £ 8. Humble Ofl (2)..5. Hygrade Food Prod Il Pwr & Lt pf (6)... Imp Of1 Ltd coup(50¢). . Imp Oil of Can reg (50¢) Imp Tob Gt Brit&I pdic. Indiana Pipe Line (30c). Indian Ter IlluOil A.... Insur Co of Nr Am (2).. Intercontl Petroleum. Intl Hydro cv pf (3%).. Intl Petroleum (1). Intl Products. .. 4 Int] Utilities (B). Intl Utilities war new. Interstate Equities. .... Interstate Equity cv pf. Interstate Hoslery (65¢) Interstate Pwr 7% pf... Irving Air Chute (40c).. Irving Air Chute,(war) . Italian Superpowr A.... Kirby Petroleum (10c).. Kerr Lake . Kleinert (1 B) Rubber. . Knott Corporation . Kolster-Br (Am s - Kopper Gas&Coke pf(6) Lake Shore Mines (2)... Lefcourt Realty “ee Lehigh Coal & Nav(40c) Leonard Oil. . . Lerner Stores . Lerner Strs pf ww. Libby McNeill & L. Lone Star Gas (b64c) Long Is Lighting (40c) . Long Island Ltng pfA(7) Los Ang Gas & E1 pf(6). Louisiana Lan & Ex.... Mangel Stores pf....... Mapes Consol M{g (3).. Maryland Casualty..... Mass Util Asso...... Mavis Bottling (A) Mayflower Asso (2) Mead Johnson (3) Memphis Natural Merch & Min Trans(1 Merritt Chap & Scott. Mexico-Ohio Oil % Midl Sca Pet vic 1 68 59 8% T84 8 70 % 46% %% w2y 8 4% 1 % 32% 20 6 @ *s5 13% 10 T6% X Midl Sta Pet vtc B Midl West Utilities Midland Steel Produ Miller (I) & Sons. . Minne-Honey pf (6) Miss River Prpf (6).... Moh Hud P 15t pf (7).~ Montgomery Ward (A). Mountain & Gulf... Mountain Prod (80c). Nat Aviation. .. Nat Bellas Hess e t Bond & Share (1)... t Container. .. t Dairy P pt A (7)... Nat Fuel Gas (1)... Nat Investors. . Nat Investors war. Nat Investors pf...... Nat Pwr & Lt pf (6) Nat Service Co. .. Natl Service Co pf| Nat Sugar N J (2) Nat Transit (80c) % Nat Union Radio. ... Neisner Bros pf (p1% Nestle Le Mur. ... Newberry (J J) (60¢) New Bradford Oil w Eng Pow pf (6). New England T & T ( New Jersey Zinc (2). New Mex & Ariz Land Sewmont Mining. Y Auction. .. Y Hon Ros (11) 4 N Y Ship Corp (10c) N'Y Steam (2.60). ... NY Tel pf (6%)... N Y Transit (30c) Niagara Hud Pow (1) & Niagara Hud (A) war Niag Shrs (Md) B(20c). g N . Bement-Pond pissing. . ma Electric Corp. Northwest Enzineering rthw Yeast Co (12).. ovadel Agne (5) : Ohio Brass (B). Ohio Copper. . Ohio Oil n cu pf (§) Oil Stocks Ltd. . . Oklahoma Nat Gas pf Pac Gas&Fl 1st pf(1%). Pacific Tin (spcl) Pan Am Afrways. Pantepec Oil. .. Paramount Motors. Parke Davis (1).. Parker Rust P (2%). Penroad Corp. ... Penn Water & Pwr (3).. Pepperell Mfg Co Petrol Corp war. Phil Morris Inc. . Phoenix Secur Corp Phoenix Securities pf Pierce Governor. .. Pilot Radio Tube (A) Pioneer Gold (24c). Pitney Bowes P. . Pittsburgh & L E (214) .. Pittsbgh Plate G (60c).. Powdrell & Alexand. Premier Gold (12¢) Prent Hallcv (3).. Propper McCallum. Prudential Inv. .. Prudential Inv pf (6) Public Util Hold war. . Public Util Hold xw. Public Util Hold cm pf. Puget Sd P&L $6 pf Pure Oil pf (1%). Pyrene Mfg.. Quaker Oats (15) 126 40 % R R Shares Corp... Railway & Light Sec. Raytheon Mfxg. .. & Reeves (D) (1%) 4 Scovell Mfg. ... Reliance Intl (A). . Reliance Management. . Reybarn Co Reynolds Invest. . Richman Bros (3) Rike Kumler. Roan Antelope ) Root Refining cv Roasia Intl Corp. Royal Typewriter. Rubberoid Co (1) Ryan Consolidated . Safety.Car Heat & Lt St Regis Paper. .. St Rezis Paper pf. Salt Creek Consol Salt Creek Prod (1) Seaboard Utilities. Segal L & Hdwr. Seiberling Rubber. Selby Shoe (1.40) Selected Industries Sel Ind all cfs(5%)..... Select Indus pr pf (5%). Sentry Safety Control Seton Leather... Shattuck Den Min...... Shawin Wat & Pwr(50c) Shenandoah Corp. . Shenandoah Corp pf. Sherwin-Willlams (1). Shreveport El D. Silica Gel ct. . Singer Mfz Co Singer Mfg Ltd rc Smith (A0)..... South Am Gold&P} South Penn Oi1 (1). SoCalEdptA (1%). SoCal Edis pf B (1%).. SoCalEdpfC (1%). Southern Col Power A. Southern Corporation Southn New Eng Tel(8). Southland Royalty (20¢) Sowest Penn P&L (4)... 4% 2T% & Spanish & Genrcts..... & Stahl & Meyer Inc...... Stand Cap & Seal (2.40). Stand Invest cm pf..... Standard Oil Ind (1).... Stand Oll of Ky (1)..... 12% Stand Ofl oY Ohlo....... 19 Stand Ofl of Ohio pf (5). 62 Stand Pwr & Light 2 Stanr Pwr & Lt B (30c).. * 5 Stan Pow & Lt pf (7)... 28 Stand Silver & Lead. Starrett Corp pf. Stinnes (Hugo) Stroock & Co. 4% 22% 10 24% FINANCIAL. BANK DEPOSITORS TO ATTEND DINNER %% | “Get-Together” Event Is Planned |in th B T I I o e o e I I o S S oS R I R o S S T4+ 1+ bt R R 4+ + [ I o S S Y (bt tdbb L+ L+ttt - 1 12 & bl 1% 1% - for Tuesday by Imstitution at Takoma Park. Special Dispatch to The Star. TAKOMA PARK, Md., April 22— ‘The officers, stockholders and depositors of the Citizens Bank and Citizens Building, Inc., will participate in a “get-together” dinner next Tuesday night at 6:30 o'clock in the Takoma P‘;k Presbyterian Church. program has been arranged the occasion, which will include refer- ence to the progress of the new bank building on Carroll avenue and details regarding the general banking outlook. ‘The Ladies’ Aid Soclety of the church will serve dinner. The committees in charge of the event includes the following: ‘Women'’s group, Mrs. H. I. Houston, Mrs. S. E. [ McNeill, Mrs. H. H. Votaw, Mrs. J. Wilson Dodd, Mrs. A. F. Lingle, Mrs. W. A. Hooker, Mrs. W. W. Lamond, Mrs. E. L. Cardey, Mrs. D. F. Angier, Mrs. H. 8. Hammond, Mrs. H. S. Rapp- leye, Mrs. Carl Gubisch, Mrs. L. C. Jefferies, Mrs. C. E. Sturtz, Mrs. V. F. Phillips, Mrs. Pansy O. Hirst, Mrs. O. 1 | C. Sickles, Mrs. C. D. Blachly, Mrs. 4% | William F. Fischer, Mrs. L. V. Lampson. & | Mrs. John L. McKenney, Mrs. H. E. 1 ll/..?dhi'y Gerhold and Miss Mary Alexan- % ) der; men’s group, Dr. C. B. Smith, chairman; Harry I. Houston, Wash. B. Williams, Robert L. W. Owens and Louis Sherman. The new structure will contain four stores and a spacious banking house on the first floor. On the second floor are located 14 offices, while a large room will be fitted up in the basement. ‘The building is of the latest design and complete® fireproof. Many of the stores have already been leased for a % | period of years. The building 1s ex- pected to be ready for occupancy within the next month. Gas Industry Revenues. NEW YORK, April 22 (#).—Revenues of the manufactured and natural gas industry totaled $66,807.500 in February. month of 1932, says the ] ¥ American Gas Bank Stock Guide FOR APRIL Free Upon Request George M. Ferris & Co., Inc. Washinston Bldr. Nat. 5925 CHEMICAL BANK at a bargain price Continuous dividends 105 years. An ultra conservative bank having liquid assets of approximately 9: of total deposits and earning divi- dend by a substantial margin. On outright, conservative margin or monthly payments. ROBERT C. JONES & CO. Shoreham Bldg. ME. 2922-23-24 cannot shrink. cannot grow. Today an investmen Gives you an ownership in a 1700 Eye St. N.W. Falstaff Has been operating con- tinuously under Federal Permit LAWRENCE R. If you are First Mortgage Investments Sound Security Liberal Return to an S Investor e Rraae e - FEEEL 2 F =F National 2100 for | Saunders, Miss Elizabeth Gerhold, Miss | compared with $71,552,300 in the same | COMMON STOCK RECOMMENDED FOR IMMEDIATE INVESTMENT - Price $7.00 Per Skare Circular and digest of Brewing Industry on Request Southern Building, Wash., D. C. - g ‘Wheat Up 15 Cents in Canada. WELLAND, Ontario, 2 - ‘Wheat on the Welland flmbm jumped frem 60 to 75 cents & Other “quotations figure is th in three years. were alsg higher and e t P &’ general ad- Secured by % First Mortgages Safe—Conservative Wm. H. Saun;lers Co, Inc. REALTORS Dist. 1016 1519 K St. FOR SALE » unususl concession to ator Burton, modern ‘main offices of A. October, 1938, Nett! land Ave. & sth st N acilities. _Offers solicited. D. E. STEPHAN, 100 Mass. Ave. First Mortgages FOR SALE 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. 10 STOCKS FOR : RECOVERY Don’t miss The Financial }World April selections of 10 | Sound Attractive Stocks aver | aging about $11 per share. This carefully selected group repre- sents a cross section of those | companies which should pro- |fit first by general business |revival. The issues have been | carefully checked for financial position and promising pros- | pects. | | Beneficiaries of Inflation - Read the April 26th Financial World to find out what companies will bene- fit most inflation. You may have the above analyses together with our next 8 issues, also an analysis of a unique and outstanding low priced in- dustrial, together with “Signs Of A Bull Market” and “Time To Buy A Fortune all for only $1. Return this d” today with $1 and your address. | %FINANCIAL WORLD ! 53.FM Park Place New York CASH CANNOT GROW The strength of cash at the beginning of a depression is that it The defect of cash at the rnd of ome is that it t in shares of— INCORPORATED INVESTORS diversified group of the soundest American commor stocks in what the shrewdest judge to be the most favorable prices in a generation, Mail Coupon for Descriptive Circular WAGGAMAN, BRAWNER & Co. INCORPORATED ME. 3860 Send Me, Without Obligation, Circular on Incorporated Investors Brewing LEEBY & CO. National 6820-1 CONSULT WITH US seeking an investment for surplus funds, let us point out to you the advantages offered by our 6% FIRST MORTGAGES You want proper retairn on your investment—and this 69, imterest is liberal and definitely principal safely secured. fixed—with They are available to large and small investors, for they may be pur- chased in amounts from $250 up. B. F. SAUL CO. 925 15th St. N.W.