Evening Star Newspaper, April 24, 1933, Page 15

v ING STAR, WASHINGTON, D. C., MONDAY, AFhLIL FINANCIAL. BUYING FOR YIELD |CURB ISSUES POINT POLICY ABANDONED! T0 HIGHER LEVELS Frequent Omissions and Re-|Market Absorbs ' Heavy Of- 24, N. Y. CURB MARKET: Recelved by Private Wire Direct to The Star Office. 1933, s¥» A—15 Dollar Makers BY GEORGE T, FAGER. Many salesmen are wearing out the patience of buyers by steady calling with the same sales story about their goods. Some organizations are securing a renewal of interest that will enable FINANCIAL. ON NEW YO BOBESY ST | [BONDS 5%t "scion INUPNARD TREND Government ~ Loans Sock and Sale— Dividend Rate. Add 00. High. Low. Close. Al Great Southern 1008 10 10 10 Allied Mills 3% 3% Alum Co Am : zooo- 66% 54 Alum o of Apf 1% 2508 48Y% Roan Antelope. 2 1% 29% Roosevelt Field. 3% Rossia Intl. . Stock and Bale— Dividend Rate. Add 00. High. Low. PubUtil Hldxw... 2. % PureOllpf (1%).. 10s 24 24 Reliable Stores $.1 UNITED STATES. (Sales are tn .;:ooo Lib 3%s 32-47... 100 26 Lib 1st4% s 32:47. 1022 Lib 4th 4% s 33-38 102 18 US3s61-55 6 28 US3Ks4 97 20 Fiat deb T8 Finland é: Finland 6%s Finland 78 '50 Fla E Coast FrenchGv 78'49... French Gv 7%ws'¢1. 2:585. 100 26 1022 102 15 and 95 28 Other” High-Grade Is- sues Score Gains. BY CHARLES F. SPEARE. Bpecis] Dispatch to The Star NEW YORK, April 24.—The bond | market today differed from sessions since last-Wednesday in that all classes | of securities had uniformly strong | pericds. While the largest advances were again in the speculative issues, there were at-4he same time pronounced gains in Unifed States Government loans and new’signs of buying in high- grade corporation mortgages and deben- tures. ° 5 The ‘active sectioh of the market, however, was that jn junior rails and lower de_public’ utilities. the fatt that some of the former had | more than doubled in price last week, compared With the low level of the year, they were able today to add materially | to thélr market values. Some of the largest gains early in the day were 312 points in Great Northern 5!¢s, 4 points in Northegn Pacific 6s, 3'> points in New York Central 6s, 3 points in South- ern Railway General 4s. 2': points in Baltimore & Ohia 6s and about 2 points each in Chesapeake Corporation 5s, Erle 5s and Southern Pacific 4!»s. In addi- tion there ,were numerous advances ranging from a fraction to a point. In the public utilities the most pro- nounced geins were in the bonds of the communications - companies. Western Union 5s gdvanced 2!; points, selling about 50. They were recently as low as 361;. Postal Telegraph 5s in selling up 2!; points showed a recovery of 10 points from ,their low. International 49 US3%sM41-43. 10012 US3%sJ40-43.. 10012 US3%s43-47 1008 US3%s46-56 1028 US4s44-54 104 8 US4%s 10722 Ab & St5%S"43. . ADbitibi P&P 53°53. Adams Exp 4s'48.. Alleghany 5s°44.. Alleghany 5 °49. | Alleghany 5s *50. Allis-Chalm 58 '37. Am Beet Sug 6s'35. Am Chain db 65 '33. Am F P 53 2030. AmIGCh5%s Am Intl53s°49. .. | Am Metal 6355 34, In spite of | Am Sm&Ref 5s " | Am Sug Ref 6s | Am T&T 414339, | Am T&T c tr 55 °46. | Am T&T deb 55 '60. Am T&T deb 55 '65. Am T&T 5%5°43. . Am W W & E 6576 Am Wr Pap 65 47.. Argentine 545 '62. Argent 636 Argentine 6s Argentine 6s ‘59 Oc Argentine 6s A '57. Argentine 6s B ‘58, Arm & Co 414539, | Arm Del 5% 43. Atchison gn 4s'95. At C L 15t 45 '52.. AU CLcol4s's2. . AU CLun4}s’ss. At] Gulf&WI5s'59. | Atl Ref b 5s°37. Australia 438°56.. | Australia 58'55 Telephone &..Telegraph 4!zs and 55| 5 stralia 5857 gained from .l to 2 about 13 points up from the year's minimum. - American & Foreign Power 55 crossed 40, showing a gain for the day of nearly 3 points and touching the high price of the year after selling as low as. 23l a few months ago. Movements Jn the industrials were not 50 striking and did not develop any important changes. From the {act that gains of a point or more ocgurred in the Treasury 3's and 3 per cent loans it was assumed that the Federal Reserve banks might | again be. buyipg -these discount bonds | in order to promote their easy money policy. At the same time the Liberty 3'2s and 4l4s were 13 to i higher and the Treasyry 4% and 4s made good gains, There was, pot any particular en- #tnusiasm over the latest plan of the Treasury. {0 with & coupon umu, ly . IVH’ short, lfilt n Y- the notes W‘ 'I‘lm institutfons In the foreign list French and British f loans showed the most strength, al- | though Germans were steady. | ue 'a three-vear note 275 per cent. To the this does not 100k especial- . as it is less than the 89 bank interest and has a ‘The prowem are that taken mainly by Gfain Market By the Associated Press. points and were | xystrian 7s '43. Austrian 7s '57. B&O1st4s'48.. O rf5s D 2000. | B&OP&WV 45’41 | 3 &0 Swdv5s50. B & Toledo 45'59. .. Batav Pet 414842, Belgium 63 ‘65 Belgium 63%s'49. elgium 78 °55 Belgium 7s'G6 . Bell Tel Pa 5s B'48. Bell Tel Pa 5s C'60. Benef Loan 6s'46. . Berlin Cy El 63 '65. Berlin 6155 '50 Berlin CEl 6¢8'51. Berlin C El 6138'59. 1pm n! '36. Bolivia 7s'69. Bolivia 85 '47 Bordeaux 63 Bos & Me 4% Bos & Me 5s 308 & Me 58 67. Brazil 6138 '26 Brazil 6148 Brazil C R 7s 52 Brazil 8541, Bklyn Ed 55 A "49. Bklyn Elev 6%s. .. Bklyn Man 6s A 68 CHICAGO, April 24.—With big buying in progress, sharp new upturns of wheat | values took place early today. Anabrupt rise of quotations on silver and securi- | ties. with a jump of 4 points in British exchange, were among the stimulating factors. Opening 14 to 17« cents up, wheat | later held near the initial range. Corn started 7«-11s higher, and subsequently reacted somewhat, | Wheat quickly outdid this season’s previous top quotations for May and July deliveries. Corn, oats and rye soon also surpassed the season’s high price records. * Tending further to arouse bullish sentiment here was an initial bulge of 0st 3 cents a bushel in Oc- | tober whedit 3t Winnipeg. | Monetary nflation reports were gen- | erally regardetl by wheat traders as the | main” guiding influence on the market | and in some quarters particular atten- tion was to rymors of international inflation. . friends of higher prices | for wheat contended, however, that wheat at under 75 tents could hardly be described r# an inflation basis, and that Umnitéd' States Winter crop losse$ and delays to Spring seeding ‘were a4 major cause of wheat price ad- vances. O censpicuous trade au- thority said: “Natural conditions are righting '@ fihdafmental wheat posi- tion |nd inflation is accelerating the recovary.” Despite reactions at times as 8 s.m ‘ot hevy profit-taking wheat later Tose” well above early high points. Corn and oats acted in unison with ‘wheat. Provisions femonded to hog market upturns. = Steel ‘Gain Forecast. CLEVELAND, " April 24 (#)— 'magazine Steel today forecast that sle?l { production this week would shoot up to 27 per cent, compared with 25 per cent o( capacity last week and 20'; per cent the week before. The maga- zine sald last week's rise was the great- est since the depression started. CHICAGO DAIRY MARKET. CHICAGO, "April 24 () —Butter, 8474, firm; creamery specials (93 score), 22% a3, extras (92), 22'; extra fir: £80-81), " 2115821 88-89), 21';; standards (90 central- 1zed carlots), 22';. Eggs, 49,129, firm; extra firsts; 13%: fresh graded firsts 1314 ; curren receipts, 12; storage parkrd‘ flrst.s, 15% ; storage packed extras, 153 Washington Stock Exchange SALES. Capital ngcuon Co.—10 at 6, 10 at M("‘l;g:n:;mla Linotype—10 at 23%, 10 at 23%, 4 at 237, | © AFTER CALL | Wash. Gas 6s B—$500 at 103%. $1,000 at 1033%. Wash. Gas 5s '60—$500 at 102'5, $500 at, 1021, | Pot. (Elec. 6% pfd—5 at 108%. Mergenthaler Linotype—10 at’ 2314, at 23' % 10 at 23%, 10 at 231, at 2. Cfipfil Trncuon 55—$500 at 40, $500 o Bld and A'ked Prices. . BONDS. i ‘PUBLIC UTILITY. " Tel & Tel 435’39 "“"n & el ctl Yr 3 of Vi = i Tesction R. R s E5K sub anbe. - Georgetow Wasn Rwy. & Hieo.ds 8 | MISCELLANEOU: arber & Ross, Inc.. 6%4s. . hevy Chase Club 5'% I Country Clu |ChiUnS Bklvn UnGas 5 Bklyn Un Gas 58'50 Bkiyn UnGas 5s'67. Budapest 68 '62. ... Buenos A R 6561 BR& Pitts 4148 | Bush Ter con 55'55. Bush T Bldg 53'60. Calif Packing 55'40 | Canada 4s°60. .. Canada 4%s°'3 (‘anada 58°'52. | Ca S-CEZSxmaamRwnasn~s (4 C n Can N: Can Nat Ry 4%8'68 Can Nat 5569 July Can Nat 5569 Oct. Can Nat Ry 55°70. . Can Nor db 613546, Can Nor deb 75 '40. Can Pac deb 4s. . Can Pac 4%s'60. .. Can Pac 53 '44 ctfs Can Pac 58 '54. Car Clin & 0 5« Cent Ga cn Cent 11 E&G 58 '51. Cent Pac 15t 43'49. Cent Pac 53 60. 0 nno~RwatlaSe. | Cert-ta ab 535543, Ches Corp 5s47. .. C&Ogen 4%s°92. Chi Grt West 45'59. Chi Ind&L gn 55'66 C M & StP gn 45'89. Chi M & StP 4128 C Chi M&StP 413 E. C M StP&P 58" CM&StP ad 58 2 Chi & NW gn 4s'87 Chi&NW 4143 20 Chi&NW 4125C'37. 5 W 615536, Chi RI&P rf 4s'34. Chi R1&P 4148’52 hi R14%5°60. CTH&SE in 55 '60. Chi Un Sta 435’63 55 B'63. Chi Un Sta 6145'63. C& W Ind cn 4s'52. C& W Ind 535862, Childs deb 55 '43... Chile 6s '60 Chile 65’61 Chiie 63’61 Jan.... Chile 65 '61 Sept. .. Chile 6s '62 Chile 68 °63 Chile 7s '42 Chile Cop d Chile Mtz Bk 65 ‘61 Chi Mtg Bk 68 '57 Chi Mtg Bk 6%'61. | Cin Un Trm §s 2020 | cocast L 43 sE” Clev Term 413 Clev Term 5s B 13. o e PORRwa~AS~ SN aa » % Colomb 63°61 Oct. . Colon Oil 6s '38 Colo & Sou 4345 ‘80 Col G&E bs ‘52 May Col Gas & E 5s°61. Com Inves 5%s"49. Cons C Md rf 5360 Con G NY 4%s'51. Con Gas N ¥ 58°57. Con G NY 518 °45. Con Pow Jap s *44. Copenhag 4%s '53. Copenhag 58 '52. .. Cuba 5%s'45 Cuba R R 15t 5852 Cuba Nor 5%8 Del&Hud ref Del & Hud 5% o e » varno~taleFanomtamwn~n | Denmark 4%s Denmark 5% 55 . Denmark 6s'42. ... Denver Gas 58 '51. D & RGren 4s°'36. D& RGr4%s'36.. D&RG W 53'565.. D&RG W5s'78.. Det Ed 4%s D'61.. Det Edison 5s°'62.. 1. Dodge Bros 6 Donner Stl 7s'42. . Duquesnes 1 SA’67. Dutch East I 6s'47. Dutch East I DEI5%s'53 Mar. DE15%s63 Nov. 6 East C Sug 7%8'37. 11 Wrie cv 4s A '53. 1 eiian extia. 04 1076 12! 59 Gelsenk’hen 63 °34. Gen Baking 5345°40 Gen Cable 513847, Gen Th Eq 5s "40 lD'l 10 Sales. High. Low. 2:5. | Ger Cen Bk &, 1 86 86 86 | Ger Cen Bk 78 '60. % 12| Ger Gen El 7845, v 60 |GerGov5kses. 33% . German 6% ‘50 26 GoodHopeS&I Goodrich 68 45. ... 821 Goodrich 6%8 47 Goodyr Rub 58'67 Grand Trunk 6¥'36. 4 Grand Trupk 7s'40. 7 Gt Brit&Ir5%s '37 243 Grt Nor 4%s E'17. 25 Grt Nor 5sC'73 Grt Nor gn 7836. . Greek 6368 Hait1 6s'52. Hudson Coal 5362, 5 Hud & M adj 58'57. 25 Hud & Mrf5s°'57.. 1 7. Humble O11 5337 2 101% 111 Bell Tell 6s ‘56 Ill Cent ct tr 4s Il Cent 4% s 111 Cent 615 111 CCStL&N 4%s. I11 CCStL&N 6s A A In* Rap Trrf 5s Int Rap Tr 7s Int Cement 5s 48 .. Int & Gt Nor 63'52. Int& G Naj6s'52. Int Hydro El 6s'4¢. 34 Int Mer Mar 6s°41. 6 Int Papref 5s A'47. 4 Int Rap Tr6s'32.. 1 6 Int Ry C A 634547, 1 IatT& T 4%:8'39.. 67 Int T & T 435 '63..119 Nt T&T5s'55....133 Ttaly 7s Italy Pub 7s 5 Japanes Japanese 615354, Jugosl Bnk 7s '5 Kan C F S&M 45'26 Kan C P&L 448 '61 Kan City Sou 35'50, Kan City Sou 5s'50. Kan City Ter 45'60. Kan G&E 4%5°80 Karstadt 6s ‘43. Kresge Found Lack St15s A '60... Lacledo Gas 53°34. Laclede 5138 C '53. Laclede 517:- D’60. Lake Shore 3148'97 Lautaro Nit 65 '54. Leh Val cn 4s 2003, Lig & Myers 5s°51. Lig & Myers T8 '44. Loew's 6341 Long Islrf 4s'49.. Lorillard 5s'51. Lorillard 7s'44. La & Ark 5s°69. Lou G & E1 53 A'52 L & N un 4s'40. L&Nrf 51482003, Lycas 63 '34. . Mcies & R 5%8°50. Man S 1st 715542, Manhat Ry cn 45'90 Market St 7s A 40, Marseille 65 '34. Mex 45 ast 1904- Mex 4s ast 191 Midvale Stl 553 2. MK&T4%s 78 MK&TS5sA'62.. MK & T ad) 5a 67. 10 Mo Pac gn 4s°75...163 Mo Pacrf6s A '65. 23 Mo Pac5s F '77. Mo Pac5sG'78. Mo Pac 5s H '80. Mo Pacse 141 Mo Pac 5%s Mobile-Ohlo Bs 'll Mont Pow bs "4 Mont Pwr 5s A " i! Montevideo 6s 59 . Mor&Co 1st 4145’39 Nassau Elec 45 '51. Nat Dairy 5%5'48. . Nat Steel 55°56.... N Eng T 1st 55 ‘63, N J Power 65'60. .. NOT&M5sB'54. NOT&M5%s54. Nw S Wales 5s'57.. Nw S Wales 53'58.. N Y Cent 3%s5°97.. N Y Cent db 4s '34. NYCent4s'9s.... NYCrf4%s2013. NYCrf4%s2013n NYCrf£5s2013... N Y Cent db 6s '35. NYCLS3%s'98. .. NYC&StL 1st 45’37 NYC&StL 41578 NYC&StL5%sA" NYC&StL 1st 65" N Y Edison 53 B'44 N Y Edison 53 C'51. NYEdrf6%s'41. N Y EL H&P 48'49. NY EL H&P 5348 NY NH&H 315554 NY NH&H 4s '57 NY NH&H 4%s " NY NH&H 6s'48 NY O&W gn 43 '55. NY O&W rf 4892, NY Rys Inc 85 '65. N Y Steam 5s '56. NY S&W gn 58°40. N Y Tel gen 4%s°39 NY W&B 43 Nia Sh Md 5% '50. Nord 6% 50 Norf Sou rf 5 Nor & Wn cn 4s '96. Nor & Wn div 45’44 North Am Co 6s'61. Nor Am Ed 53 C'69. Nor Am E 5%5'63. Nor Ger Ltd 6s'47. NorOT &L 65 '47. Nor Pac gn 3s 2047 Nor Pac 4s Nor Pacr16s Nor St Pw 53 A 1. Nor St Pw Norway b Norway 5%s Norway 68 43. Norway 68 '44. Norway 6s'53.. Ore Sh L 65 gtd 46 Oreg-Wash 48 wens 111 Gl 68°39. Pac G&E 43.... Pac T&T 1st T Pac T&T rf 6 Pan Am Pet 63 Paris Or 635 '68 Penn sta 45 48.... Penn 4%s D'81. » SENRR o~ mmaa NesE Penn 4%s D '70. Penn 4%s '63 Penn gen 53 '68 Penn 614536 Penn O&D 414877 Penn PAL 4%8°31, Peop G 1 Pere M 1st Pere M 1st Peru 6 Pern 68 '61 Phila Co 58 e Phila Elec 4s'71.... Phila & Read 6549 Philippine R 4s°37. enillip Pet 6839 Pillsb F M PCC&StL 43%s \&ii PCC&StL5sA'10 FCCASIL 52 B°75. PRI =1t -1 0 50 PorRAmT 6s'42. 34% PosTel &Cbs'63.. 331 Press StlCar 5s°33 ductions in Dividends Have Changed Market Traditions. Special Dispatch to The Star. NEW YORK, April 24 —Of about 900 listed stocks that are regularly traded i in each week only 40 per cent are now on a dividend-paying basis. Among them are a large number of common shares whose dividends have been re- duced to nominal amounts, as well as preferred stocks. The factor, therefore, of buying common stocks for yield, which has in the past frequently stimu- lated markets, is now a negative one. 1d-timers on the Stock Exchange used to say that when common stocks were quoted to yield 10 per cent they could be bought with the assurance that their prices would advance. This was the basis for much accumulation of these stocks in other times of depressed markets. The tradition did not work out, how- ever, last year, when the yield on divi- dend-paying common stocks was the | highest it had been for a quarter of a | century. At the low point of the price decline last Summer a group of “equi- tles” was quoted to yleld nearly 15 per cent and between March and August at an average of 121, per cent. While | there was some speculative buying at | the time, this did not continue, nor was ‘lt followed by purchases of an invest- . ‘ ment character. 2| In the Summer of 1929 prices of « (Stocks went so high that the average yield on them was less than 3 per cent. The.November break in this same group raised the return to about 5} per cent. In the subsequent April rise of 1930 the yield fell below 4 per cent, but ap- that year. Then it fluctuated between 5 and 6 per cent until the Autumn of 1931, when the break resulting from the suspension of gold payments by Great Britain sent the yield above 8 per cent. In June, 1932, by one index it was nearly 15 per cent and by another slightly over 11 per cent. From the latter figure there was a perpendicular drop to 5 per cent as prices advanced following the ! Lausanne conference and numerous « | dividend reductions and omissions took effect. It is now around 6!; per cent The effect of dividends on the in- | come return of the entire list of com- mon stocks has been more powerful in the past year and a half than that of price fluctuations. The high point of cash dividends on common stocks was reached in the early part of 1930, when | a list of some hundreds of these stocks paid an average of $3.06 a share. From that point a steady decline occurred to | though the era of reduced or suspended | the bank “holiday,” however, the policy of corporations and institutions has | | again become one of conserving cash at the eéxpensé of dividends, so that ' | at the end of March the average cash dividends, which had been $3.06 a share three years before, dropped to $1.11 a | share, a 65 per cent decline. ‘The slump is still going on and will show in another sharp decrease for April, as this month a number of important cor- porations have curtailed their disburse- | ments to shareholders. Prussia 6s '5: -2 35 Prussia 6%45°51.... & ] ! Dubtie Serv 4a-11 1 8o PubSv G 4%4s'70,. 9 Pure Ofl 5345 '37 2 Pure Oil 5% 540 3 Queensland 7s°41.. 6 Read 4345 A '97. . | Rem R 5% 8sA’4Tww 23 Rhinelbe U 4 Rhine Ruhr 8s'53.. 7 Rhine West 6s'52.. 7 Rhine West 6s°53. 5 | Rine West 65°55.. 9 Rhine West 75'50.. 4 Rich Oil Cal 63°44. 17 Rio de Jan 6%s'53. 11 RioDeJan ext 8='46 7 R GrdoSul 6s 62.. 20 RGrdoSul8s°46.. 11 Rio Gr W clt 4543, 15 RIAr&L4%s’34. Rome 6343 '52 Royal Dutch 45 '45. Rumania 7s°59.... StL IM R&G ¢s'33. St L&SF 48 A '50. . |StL&SF 41as'78. StL SF 4138'78ct st St L&SF 5s B '50.. StL SW 1st 58°52. St P Un Dep §s°72. San A& A P 4s'43. Sao Paulo 7s°40. Sao Paulo 8s°3 Saxon 78 *45. Seab AL 6SA Serbs-Cr-S1 7 Serbs-Cr-Sl 8 Shell U Ol 55 °47.. Shell U O 53 *49ww Sinc Oil 6% s B '38. Sinc Ol 7s A '37... Sinc PL5s’43..... Skelly O1] 5%5°39. Smith(A0)6%6s'33. Sofssons 6s '36 Sou Bell T&T 6s'41 | Sou Pac col 4s'49.. Sou Pac rf 4s°55... Sou Pac 4%s°68. .. SouP 4%s 69 w Sou Pac 4%s°81. Sou P&Or 4%4sA” Sou Ry gn 4sA’66. . Sou Ry 58 '94 Sou Ry £n 68 Sou Ry 6%s8 ‘56 Sou Ry M&O 4s'38. SW Bell T 55 A '64. StONINJE StOilNY 4%s'51. Studebaker 6s *42.. Sweden 5%8°'54. Swiss5%846..... Tenn Cop 65 B '44.. Tenn W1 P 65 A 47, Tex Corp cv bs '44. Tex&D 1st 53 2000, | Tex & Pac 5s B'77. Tex & P5sC'79.. Tex & Pac 68 D 30. Third Av rf 4s 60 ‘Third Av adj Tob P NJ 6% Tokio El Lt # Unton El L&P 58’57 UE&P 15t 51584754 Un Pac 1st 4s 47 Un Pac 4368 Un Pac rf 43 2008.. Un P 1st rf 55 2008. Uait Drug 63'53. .. U S Rubber 63 °47.. Un St W 6343 A'47. UnSt W 6%s A'51. Un St W 6%sC'51. Upper Austria7s'45 Uruguay 6s°60.... 2 Uruguay 6s°64. ... Uruguay 8s'46 Uteh P & L 58 °44.. Utll Pw 5859 ww. vanadium St 5841, Vienna 6s ‘52 Va EI&Pwr 5338 2 Va Ry 15t 55 A '62. Va Rv & Pw 53 '34. Va SW 1st cn 58'68. Wabash 4%48°78... Wabash 15t 53'39.. Wabash 55 B ‘76 ‘Wabash 5s D '80 Walworth 63 4 45 144 2 West Pac 58 A '4 West Un cl tr5s'38 West Union 58 '51. t Union bs t Un 6%5°38.. Westphalia 6353 . . Wick Sp en ct 75'35 Wil & Co 1st 6s'41. 1 2% T 188% ‘Yokohama 6s ‘61 l 09 Ygsto S&T bs Ygstn S&T 65 B'T0. 10 m “ “ proached 6%, per cent in December of | dividends - had becn completed. Since | ferings -on Advance. QOils Are Active. BY JOHN A. CRONE. | Special Dispateh to The Star. NEW YORK, April 24 —8everal score of stocks soared to new heights on the Curb Exchange today before the-gen- eral list met offerings, which in early afternoon trading were well absorbed. At tirges Electric Bond & Share was up 2 peints. American Gas & Electric was within & small fraction of a 3- point gain during this period. Niagara- Hudson Power was up fractionally, as Cities Service reacted. Standard Oil of Indiana came within striking distance of its previous peak. The Washington conferences over- shadowed all other developments mar- ketwise. Asice from the sharp rise in steel output, the improved statistical position of .the oil industry and fur- ther gains in automobiles sales, there was little in the way of general news. Once aj the brisk advance of commodities helped shares, for the firm- est and most active issues were those of companies dealing in commodities— in most instances concerns with huge inventories. The spectacular spurt in grains, for instance, was at once mir- rored in Deere & Co. and Novadel Agene. National Sugar was within a traction of its peak. Great Atlantic & Pacific Tea opened up 7 points. Then the olls forged to the front and for more than an hour were the feature of the market. As usual in recent ses- sions, the real movement in the group benn in the so-called Canadian stan- dard issues, Lake Imperial Ofl, Ltd. and International Petroleum, both of which were whirled to new heishu STOCK TRADING GAIN PROVES BOON TO CLERKS By the Associated Press. NEW YORK. Apri! 24 —The Sabbath quiet of Wall Strer. was disturbed by since 1929, ‘The complete clearing house units of | nearly all the leading brokerage houses | reported for work to straighten out the books after last Friday's heav) trading. Hundreds of former clerk: | unemployed since 1929, were credx'.ed | with overtime. the end of 1932, when it looked as ! lenl Welr Mnrketl Active. NEW YORK, April 24 (#). — Men's | wear markets are more active. Clothing | manufacturers have begun to cover Fall | requirements, while their local officcs report a brisk demand for immediate |de11v¢nea on Summer clothing and | furnishings. | FOREIGN EXCHANGE. (Quotations furnished by W. B Hibbs & Co) Nomina! gold Selling cnecks e 3 | London, pound.... Pans, franc | Bales. High. lmv 2:85. 2l0 CopetminenZron. Oslo. crown. .. Sicckholm, 20.07¢ | sales DOMESTIC BONDS. in thousands. i 2 Mlsbam ‘Pw 414, 47 1 l.l. 65 2016 Lol g e, L3S SRERCRE S SESEF S 2222 ties Service t Serv Ga: it PL 5 leve B B T 9““99‘—"9 999 i 3 < 20 Florida P&L" 55 9 Gatineau Pw 8% s 2 Interst PS 4';- BRP 16 Jers CP&L 4 oL Nn Pfl. o n zo:m. Rr‘. B'sonni 4t B 40 o5 S P&L 6'&1 A '40 5 P&L 58 C '50 2pzvy 282 R 0! ot En ) &) 2 18 X L) 555! it ite s 8 Rub 6s ash OF, ret os 'Ms 't Penn Ss 2080 U bs A 57 Fz2gacceca 40"- » b o =R IO) i 83 Ww—with warrants. Xw—without warrants. D—new. ‘Wi—when issued. workers yesterday for the first umc“ - & Alr Inv Inc vte AirInvevpf.. - Air Investors war. Am Beverage. Am Cit P&L A(a3). Am City P&L B 15¢ Am Cynamid (B).. Am & For Pwr war. Am Founders. .. AmGas& El (31).. Am Investment. ... Am Laun Mch 40c. Am Lt & Trae (2).. Am Maracaibo Am Superpower . Am Super 1st pf Anchor Post Fen Ark Nat Gas. . Ark Na Armstrong Cork. Art Metal Works. . As El Ind Ltd k10c. Ass0 Gas & Elec. ... Ass0 Gas&Flec(A) Asso Rayon. Atlantic Lobos Atlas Utilitie Atlas Utiliu 2 Atlas Util pf A(3).. Axton Fish(A)3.20. 508 Bell Tell of Can (7)100s BenefInd Loan1% 4 Blue Ridge. . 4 Blue Ridge pf (a3). 13 Brillo Mfg (60c)... Buft N&E pf (1.60) Burma rots (pl%c) 7 Carib Syndicate.. .. Canadlan Marconi. 55 Celanese 1st pf 2 Celluloid Corp..... 4 Cent PW&Lt pf(7). 50s Cent Pub Sve (4)pf 608 Cent States Elec... 25 Centrifugal P 40c. 1 Cen StEI 6% pf xw Chesebrough t6% . 200- Cities Service. Citles Service pf Claude Neon Inc... Clev E 1lum (1.20) Cleve Tractor. Colon Oil. .. Colts Pat F'A ( Col G & Ecv pt (6) 2258 | Colum O11&G v.te.. 6 | Comwlth Edis (5).. 17 Comwlth & Sou wr. 27 Comstock Tunnel.. § ConsolAMcmpf.. 9 0l Copper . [ Con Gas Balto 3.60. 10 508 Cont G&E prpt (7). | Cooper Bess pf A.. Copper Rang | cord Tp (10¢)... Cosden& Co cod.. eol« Petroleum. | Grearan Consol (163 Crocker Wheeler. .. Crown Cork Intl A. | Cusi Mexicana Min Darby Petroleum. . Deere & Co........ | Derby Ofl & Refin. | Derby 01l & R pf Dow Chemical ). | Driver Harris Dubllier Cond & R. East G&F As (60c) Eastr G&F pf (6).. 508 EG&F prpf(4%). 52 East States Power. 3 stn Util Asso(2) 2008 5 1 Bowa Lo wla IUU Pore- 9 02 El Bost(12) 108 c Corp... 2 3d&Share b6% . 313 ld&Share pf6.. 24 Bd&Sharepfs.. 5 Pwr Asso (40¢). 3 Pwr Asso A 40c. Emp G&F 6% % pf. 258 | Federated Corp.... Fisk Rubber(new). 18 Fisk Rub pf (new). 8 FlorfdaP& L.t pf.. 1 Ford Motor CanA. 21 | Ford Motor Can B. 8508 Ford Motor France Ford Motor Ltd. | General Alloys General Aviation.. 14 Gen G&E cv pf (B) 50s Gen Pub Service pf 10s Georgia Pw pf (6). 200s Glen Alden Coal. .. 3 Glob Undrw (k35¢) 1 ‘Goldman Sachs . b3 Gorham Ine pf.... 100s Gorham vte (1), 2 Gray Tel Pay Sta..500s Grt A&P T n-v(17) 80s Groc Strs Prd vte.. 67 Gulf Ofl of Penna.. 108 Hecla Mining...... 11 Hollinger Goldt80c 33 Hudson Bay Min.. 115 Humble Ofl (2) 15 MP&LDL(S).... 1mp Oil Ltd cou 50¢ Imp Ol Can rg 50c. Ind Pipe L (30c). .. Ins Coof N Am(2). IntHyElIScpf3% Int Petrol (1) Int Product Int Utilities (B). .. Interstate Equities Inters Pwr(Del)pf. Trving Air Ch (40c) Italian Superpw A. | (tal Superpw db rts Kleinert 10 KopperG& C D!(i) 58 | Lake Shore M (2).. % | Lefcourt Realty pf Lehigh Coal&N 40e Libby McNeill & L. Lone Star G bé4c. .. Long Is Light (40c} i Louisiana L & Ex.. Mavis Bottling A. , Mayflower Asso(2) Mead Johnson (3). Mid Sta Pet vt A.. Mid Sta Pet vtc B.. Midland Steel Prod Montgom Ward(A) 75 Mountain Prod 80c. Nat Aviation. . Nut Bella Hess. ... Nat Dairy pf A (7) 25l Nat Fuel Gas (1).. Nat Investor: Nat Invest war Nat Leather. .. Nat Pw&Lt pf (6).. Nat Rubber Mch... Nat Service. .. 7 Nat Sugar NJ (2). 30 New Eng Pwr pf(6) 108 New Jersey Zinc3. 10 Newmont Mining. 26 N Y HonRo(t1%). 38 NYPw&Ltpf (7) 268 62 o N Y Shipbldg (10c) 8 N Y Tel pf (6%)... 50! Niag Hud Pwr (1). Niag Hud (A) war. Niag Sh(Md)B 20c. Nipissing. ... North Sta Pw A(l). Novadel Agne (5).. Ohio Brass (B).... Ohio Copper. Ohto.Oil cm Df(.) . PacG&E 1stpf 1% Pac Pub Sven pf.. Pacific Tin (spel).. Pan Am Airways, Pantepec OIl. . Paramount Mot Parke Davis (1). Parker Rust P2%. Patterson-Sarg (1) Penroad Corp..... Penn Wat & P (3). Pepperell Mfg Co.. 2\7- Phila E1 Pwr pf(2). 258 Phil Morris Ine. 18 Phoenix Secur pf Pilot Radio Tube 1 Plonlel' Gt\h‘l (24c). 87 Pitney es P. .. 2 Plltl'hsh b LE 2% 1508 Pitts Plate G (60c) 4 Pratt&Lambert 50c 1 Premier Gold(12¢). 7 Prudential Invest.. 38 Prudentjal Inv pf § u Pub Util HId war.. . 3% 1% 3 1% 10% 398 40% 4 9! Russek’s Fifth Ave 1 1% Ryan Consolidated * ‘5 113 Safety Car H&L(1)150s 29 3t Regis Paper.... 15° Salt Creek Prod (1) Seeman Bros (2%) 1 26 Selected Industries ‘30 2 Szl Ind all efs(5% ) 2268 _43 SelIndprpf (5%). 2 44 Shattuck Den Min. . Shawin W&P (50¢). Shenandoah Corp. . 2% B FRF EFwrs § Save That Counts. § i 915 F St. N.W } IIIIIIIIIIIIIII!IIIIIllllIIIllHIIfl!IIIIII!HflIIIIIIIIIIIHlIIIIIIIIIIIflIII|IIIIIIIIIIIIIIIIIIIIIIIIIIMIIIIIII|I||IIII|1I|HHI"llllllllllll Sherwin-Will (1)..200s 21 Singer Mfg Co (8). 2308 105 Singer MfgLtd rets .4 Silica Gel ct. .. Smith (A 0), S0 Am Gold & Plat. South Penn Oil(1). 7 SouCalEdptB1% 1 Southern Corp'n... 3 Sou'land Roy (20 6 Sowst Penn P&L 4. L) Spanish & Gen rcts Spleg May Stern pf Stand Oil'Ind (1).. d Oil of Ky (1) Stand Oil Neb (1)., Stand Ofl of Ohlo. . Stand P&Lt B(30¢c) Stand P&L pf (7).. Stand Silver & Ld % Starrett Corp p e % Strook & Co. . 3 Stutz Motor Car.... - 125 Sun Investing. Sunray Oil. ‘ ; Swif? & Co. 1 :& 15% Swift Internat’l(2) 23 22% | Technicolor . 3| Tech Hughe 4 4 Texon Of1 & L (1). 7% Tobacco Prod Del. . W Tob Prod Exp(10c) o | Trans Air Transp. an | Tri-Cont Corp wr. . Tubize Chat Corp. . United Corp war. .. 2‘- United Founders. ]! United Gas. 1 United Gas war E I 205 | 3% < d Shoe Mch 23 ., US Elec Pwr ww U7 S Foil (B) (20c). l'\[k]nll\ec S P Utd Verde Ext 46c. Utah Apex........ Utah Pwr & Lt pt. . Util Pwr & Lt Util Equities. Uil Equities pf 5 110 Util & Industrial.,. . Util & Indust pf. Van Camp Pack pf. Walgreen Co (1).., Walker (Hiram)... Walker (H) pt (1). Walker Mining. Watson (J W), Wenden Copper. . West Tah&S (k30c) Woolworth (F W) Wright Harg t20c. LR Lt Yukon Gold * & & Dividend rates in doll: guaniery or el ol ™ Y dividend. tPartly extra. IPlus 4% in st a Payable In cash or stock. . b Payable m ‘rl,otl e Ad:lv;llslmtn' dividend. f Plus :n s tock. in 3% in stock. n P) In Sock B Pald Iast year s remuae rary New York Cotton | al Dispatch to The Star. | NEW YORK, April 24 —Opening cot- ‘rlon prices here today were 13 to 23| points_higher. rpool prices ad- vanced 7 to 12 points tn active trading. Initial quotnnons were: May, 7 55, up 13; July. 7.72, up 13; October, 7.95, up 15; December, 8.15, up 17; ' January, 8.23, up 15; March, 8.40, up 33. | B —— NEW YORK EGG MARKET | NEW YORK, April 24 (Special) — Quotations for eggs In the wholesale cash market today were: Mixed col- ors: Special packs, 16128173 stand- ards, 16al6's; storage packed firsts, 143al15%,; firsts, 141,; seconds, 13! medium, 131;: dirties, 13%al3? checks. 11!:al3%. Whites: nearby | selected, 19a201>; Western receipts, | specials, 17':a1873; standards, 14'2al15. | Browns: nearby and Western special packs, 17a18%; standards, 16. | OIL FIELD REOPENS. | AUSTIN, Tex., April 24 (#)The East | Texas oil fleld reopens today under a | production allowable fixed by the Texas | Railroad Commission at 15 per cent ofl the average hourly potential of uch well. The commission the neld would flow between 700,000 and 750,000 | barrels daily under the arrangement. | Tests conducted by the commission on | key wells in the field indicated that the potential for the field was lround 126,000,000 barrels a day. Organized 1879 JOHN JOY EDSON, President Assots. Always Remember— it is not what you earn, but what gyou | Alis-Chalmers o, Bs 19: Suear 03 their men to retell their story by using what advertising men call “The In- terrupting Idea.” Salesmen for a manufacturer of check protectors were given a new sales point when the firm subscribed to a news- paper clipping service that sent in re- ports of all forgerles and raising of checks. Each salesman received clip- pings of such occurrenes in his terri- tory. Whenever he was met with the remark, “I know your story, but that could not happen to me,” he handed his prospect a clipping from some local newspaper showing that unprotected checks were costing other business men of the community real money. A local happening reported in a local paper Offiln aroused the interest that led to & sale. A manufacturer of medical equipment brought out an improved new line that used bronze castings in place of metal stampings. The new and superior finish was advertised and its advantages thoroughly sold by the salesmen. In- stead of repeating the same story on the next trip, however, each salesman called with a cast bronze ash tray similar in finish to the new feature of the line. It was presented to each pros- pect and used as a basis for reselling the special points of the new line. (Copyright. 1933.) 'INCREASE IN 0IL TRADE IS SHOWN BY REPORTS By the Associated Press. NEW YORK, April 24 —Further in- dications of improvement in the oil in- dustry are shown in the 1932 pamphlet reports of the Socony-Vacuum Corpo- Xafion which disclose the company was able to reelize a profit of $5320.282 compared with a loss of nearly the same amount in the previous year. While the Socony organization is the result of a merger in July, 1931, of the Standard Oil Co. of New York and the Vacuum Oil Co., operations of the com- ponent companies prior to the merger, and the present company subsequently, | suffered a loss of $4,169,000. SHORT-TERM SECURITIES. (Reported by Ches. D. Barney & Co) B American Beet Amer, Tel. & Tel Commercial Credit 5ias Delaware & Hudson 85 1 Den. & Rio Grande 41is Edison_ Elec. Ilum. 4s 1 Gen. Petroleum Co. 55 1 Gen. Public Service 5135 Grand Tunk Canada_fls, Ltd (p24 2-5¢)... 1 15 15 (U Sinclair Cons. Ol Go. Southern Pacific 5s Union oIl Co, Gaitt. s Toss Virginia By, & Power 5 1034 abash Rwy Co_b5s 193! Secured by First Mortgages Safe—Conservative Wm. H. SaEnders Co., Inc. Dist. 1016 1519 K St. FOR SALE »t unusual concession to close estate of lat ator Burton, main offices Ave. acilities. D. 2100 Mas 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. Shes President Secretary Member of Building Association Counell of District of E glll!l|fllllIIIIIIIIIIIIIIIIIIIIIIIIHIIIIIIIIBIIIIIIIIIIIIImHIIIIlllllIllIIIIIIIIIIIlIIIIIIIIlIlIIIIlIIIIIIIIllflIIIIIIlIlIIlHIlII!IIIIlIIIlII 53rd YEAR COMPLETED g Equitable Co-Operative Bldg. Ass’n | WALTER 8. PRATT, Jr., Secretary ctesestisanceicseanees. . $6,251,006.24 Subscriptions for the 104th Issue of Stock Being Received JOIN THE EQUITABLE AND SAVE SYSTEMATICALLY The Equitadble’s Plan of systematic saving has taught Thousands how to save and accomplish best Results. Join To- FIRST MORTGAGE NOTES AFE . . . profitable . . . eon- venient . .. Secured on residences and income-produc- ing properties in the District of Columbia and adjacent Maryland suburbs. H. L 1001 Fifteenth Street Rust Company National 8100