Evening Star Newspaper, April 25, 1933, Page 15

FINANCIAL. BOND BONDS IRREGULAR IN LOWER MARKET Junior Rail Group Registers! Losses—U. S. Government List Advances. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, April 25.—There was more irregularity in the movement of bond prices today than during the past week. This was in harmony with the fluctuations in stocks and the disposi- tion in both markets to consider the outlook more carefully and to be less | influenced by what may or may not | take place in connection with inflation projects. It was significant that prices for | United States Government loans again advanced and that the Jargest gains in this group were in the discount issues. In those spots of the market where most activity has occurred recently, mainly in the low-priced speculative bonds, there were conflicting move- ments. Some of the rails that had been sadvancing sharply sold off substantially. Against this there were further gains in » number of the second grade public utilities, but also_reactions in members | of this group. Industrial bonds were likewise feverish. Great Northern 7s declined 1'% points. New York Central 4!:s were off a point and the same loss occurred in Southern Railway 4s and in Mis- sourl Pacific 5s. Smaller losses took place in Baltimore & Ohio, Alleghan Corporation, Chicago & Northwestern, Erie & St. Paul issues. Union Pacific first 5s rose a point, while the first 4s were slightly lower, and Atchison Gen- eral 4s lost nearly a point. American & Foreign Power 5s, which crossed 40 yesterday, declined nearly 2 points. In- ternational Telephone & Telegraph and Postal Telegraph issues were whereas Western Union 5s and 6. made a further gain. Columbia Gas & Electric 5s rose about 2 points. In the industrial list there were small | Tube 5s nearly a point. Warner Bros. Pictures 6s touched a new high price | for the year, which was nearly double that of last Winter. The high-grade public utilities, such as American Telephone & Telegraph | B 525 and 5s, rallied, with the former up | about 2 points from the low of last | week. Consolidated Gas 5'5s sold above 101 compared with their recent low of 98!'2 and the 4!:s were close to 92.! | Berlin C They sold last week at about 87. The feature of the foreign dollar loan list was the strength in Danish, Dutch and Norwegien bonds and a ifi;omv. rise in United Kingdom 5125, with | osses ranging from 13, to 3 points in French and Belgian government ssues There was some shading of prices of the | low-grade South American loans. In United States Treasury gains of 1| 3's and 3 per cent issues and slightly less in the high-premium bonds. The " Liberty issues were slightly higher. In- dications are that the new 3-year gains in the automobile and rubber and tire issues and moderate strength in| b & g ook oa-as. those of the oil producing and refning | 1 & o 1 54D 2 companies, in spite of a reaction in| g g orf6sC ofl stocks. United States Rubber 5s 108t | 1 & O P& 115 points and Youngstown Sheet & | % &0 Swdy bonds | to nearly 12 occurred in the | per cent loan will be oversubscribed | mainly by the banks and insurance companies. FINISHED GOODS SALES ABROAD SHOW INCREASE By the Associated Press. An increase in the percentage of fin- decrease in crude materials, was re- ported today by the Commerce Depart- ports with those of the corresponding month of last year. Finished manufactures totaled 847.- 047.000 or 44.3 per cent of the month's exports. compared with $61,348.000, or 404 per cent in March of last year, while crude materials totaled $29,359.- 000 or 27.6 per cent as compared with $50,409,000 or 33.2 per cent. For the three months ending with March, exports of finished manufac- | tures totaled $132,868,000 or 41 per cent, against $173.373,000 or 38.6 per cent in the same three months of 1932. Crude materials were $103.453,000 or 31.9 per cent against $152,777,000 or 34.0 per cent. ‘Total monthly figures, as previously announced by the department. showed exports falling to $106,310,000 from $151,776.000 and imports declining to $94,864,000 from $131,189,000. Washington Stock Exchange SALES. ‘Washington Rwy. & Electric 4s—$500 at 85, $1,000 at 85, $1,000 at 85, $1,000 at 85. : AFTER CALL. ‘Washington Gas 5s '58—$1,000 at 81';. Mergenthaler Linotype—10 at 23!';, 10 at 237, 4 at 34. ‘Washington Rwy. & Elec. pfd—10 at 80, 10 at 80, 10 at 80, 10 at 80. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid, Asked Amer. Tel. & Tel. 4135 '39. Am. Tel. & Tel. ctl. tr. 5t Poi. R R s Arcosn Ana. a % P Te ot v Gapital Trlcuoné! R 65 Washington Gas 55 60, Wark. Gas O series B.. wy. & Elec. stczu,;\ EOUS Barber & Ross. Inc.. ilzs Chevy Chase Club 31as pia Country Club c Peper M. s Cold Storage 5s. . STOCKS. PUBLIC UTILITY. 1. & Tel (9) Amer. Te] pital | Iraction Co ash. Gag Light Co. A teamboat. I 51z Ruwy. & Elec. bfd. (3 MISCELLANEOUS. " Bromo-Selz. . 5% extra. Market Averages By the Associatad Press. STOCKS. ant Yesterday Yesterday Previous day. Weck ago Month ago .. 41 Year ago 3 2 years ago! 4.0 a yell'l -’u 4.1 105.. 5 flfi 8 High. 66.1 65 85.2 Low. um:x 583 570 74.1 Hi R 6. ™ (Copyright, 1033, Stand. Statistics Co.) ished manufactures sent abroad, and a | ment in its comparison of March ex- | | Calif Packing 55°40 | Ca | Bremen 7s°3 Ab & St 5%s 43 Abitib: P&P 58 °53. ‘Adams Exp 4s'48 Alleghany 5s°44 . Alleshany 53°49 Alleghany 5s ‘50 Allis-Chalm 5s " ‘Am Beet Sux 6835, Am F P 58 2030....17 Am IGCh5is'49. Am Intl 53549 Am Metal 533834, Am Sm&Ref 58°47. Am Sug Ref 6537 Am TET 4%s Am T&Tctr 58 Am T&T deb 55 '60 Am T&T deb 58 65 Am T&T 5%5°43. . Am Wat Wks 5534 Am W W & E 6s'75 Am Wr Pap 6s 47 Antloquia 7s 45 Argentine 5%s ‘62 Argent 6861 May. Argentine 6s ‘59 Ju Argentine 63 ‘59 Oc Arsentine 6s A '57. Argentine 6s B '58. | Arm & Co 412339, | Arm Del 5345 43. Atchis 48 190 Atchison gn 4s°95. Atchison 4145 *48. AUCL 1st 43'52.. AtlCLcol 4s AtlCLun Atl Ref db soft. | Austrian 7 |B&O1st4 B&O4%s | B&O 413 o B & Toledo 4 Batav Pet 41 Belgium 6s Belgium 6 Belgium Ts Belgium 7s Bell Tel Pa 5s B'48. Bell Tel Pa 5 Beriin Cy EI Berlin Brazil 612 Brazil C R Brazil 8s°41. Bklyn Ed 6s A '49. Bklyn Elev 6% 8 Bklyn Man 6s A Bkiyn UnGas & BR& Pitts 448 Budapest 65 '62. Buenos A R 6 Bush Ter con 5: Bush T Bldg 5s'60. da 45°60. .. Canada 4 Cen Ry NJ gn 68'87 Can Nor 42535 Can Nor db 628" Can Nor deb 993, Can Pacdeb4s.... 20 55 Can Pac 413346 7 6 Can Pac 43860 22 Can Pac 58 '44 ctf: 2 Can Pac §s " .:l 4 | CentGacn5s'45... 1 Cent 111 E&G 5851, 1 Cent Pac 15t 45°49. 4 6813 Cent Pac 58 60. 10 53% Cert-td db 5%s " 3. 2 37y | Ches Corp §s '47. 48 7513 C&Ogonl‘&!'”. 26 91% C& O con 5s 3 12 10112 |CB&Q4:s'77... 12 T CB&Q I1145°49. ... Chi & Est I11 58 19 Chi Grt West 4s'59. 31 Chi Ind&L gn 55’66 C M & StP gn 4s'89. Chi M&StP 4 CM&StP 4% 89 C M StP&P 58°75. . 1&StP ad 55 2000 70 Chi&NW gn 31;5'87 8 Chi&NW 4148 3037, Chi&NW 416sC'37. 6 Chi RI&P rf 45°'34. Chi R1&P 41,952 Chi RI4%s" CTH&SE 1st 5560 CTH&SE in 5360 Chi Un Sta 435 '63 Chi Un Sta 5s B'63. Chi Un Sta 615’63, C& W Ind5%s’62. Childs deb 5543 Chile 63 '60. Chile 6s '61. Chiie 6861 Jan. Chile 6561 Sept Chile 65 Chile 6s ' Chile 7s *42 Chile Cop d Chile Mtg Bk 6561 Chi Mtg Bk 6135 '57 Chi Mte Bk 6%'61. Cin Un Trm 5s 2020 CCC&St L 433 sE"T7 Clev Term 438 '77. Clev Term 58 B *73 Colomb 68 '61 Jan. Colomb 6s ‘61 Oct. . Colo & Sou 4148 '35 Col G&E 5s 52 May Col Gas & E 58 '61. Com Inves 5% Cons C Md rf 5 Con G NY 4%s'51. ConGasN Y 5s°67. 5 97 Con G NY 51%s’45. 18 101% Con P Jap 6%s°50. 3 45 Con Pow Jap 7s '44. 1 50% Copenhag 5s '5 5 624 Cuba R R 1st 58 52 5 25 Cuba5%s'45...... b 38 Cuba Nor 5%s"42.. 8 18% Czecho 8s°51. .. 2 90% Czecho 88 '52 1 89 Del&Hud ref 4s43. 8 T Del & Hud 5%s'37. 3 82 Denmark 43%s’62.. 31 674 Denmark 5%3 °55 5 77 Denmark 6s 42 3 82% 10 34 2 13 6 21 4 80 Det Edison rf 6! 49 6 89% Det Edison 5s°'52. 2 87 Dodge Bros és *40.. 66 79 Duquesne4 3 sA'67. 10 100% Dutch East 1 6s'47. 4 104% Dutch East 16s'62. 45 105% DE15%s'53 Nov. 10 102% East C Sug 7%s'37. g 10% 1 Erierefss 75..... 61 33% Fiat deb 7s " 2 98 Finland 6s 45 « .. Finland 6%s'56... 2 59 Finiand 78 '50. 5 62 Fisk Rub 85 '41. 1 554 FlaECoast5s'74.. 4 5 Fram Ind 7%s "42. 5 96 FrenchGv7s'49.. 5 1221 French Gv 7441 16 128% Gen Baking 5% 540 1 99% THE ON NEW Y OR STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Ger Gen Elec 6. Ger Gov 5%s 05 German 6 Grt Nor 4%s D "76. Grt Nor 4 %4s E'77, Grt Nor 5s C'73 Grt Nor5%s B 'l Grt Nor gn 7s36. . Greek 6s'68. Halit! 6s " Hudson Coal 5. Hud & M ad) 59’57, Hud & M rf 5s '57.. Humble O11 6837 -, 111 Bell Tell 5s '56. Il Cent cl tr 4s ‘63 111 Cent rf 4555 111 Cent 4% ‘66, 111 CCStL&N C'bl 111 CCStL&N 6: 111 Steel db 4% Inland St 438 A'78 In* Rap Trrt 5s Int Rap Tr 6s°'32.. Int Coment bs '48. . Int & Gt N 53 B '56. Int & Gt Nor 6552, Int& G Naj6s'52. Int Hydro El 6844, Int Mer Mar 6s‘41. Int Pap ref 6s A'47. Int Pap 65°56. - 0 » ERRconarenneSanceNne~ ~ouan IntT&T 4%8°39.. 8 Int T& T 4%s '52.. 5 "Nt T& T 58 '55....10 Int Rap Tr 7 Ttaly 7s '3 Italy Pub 7s'52.. Japanese 515 Japanese 6'%s Jugosl Bnk 7s Kan C F S&M 45726 Kan C P&L 4% 1 Kan City Sou 3s'50. Kan City Sou 5s'50. an City Ter 4560, arstadt 6s'43. nd 5128 "48 W Kresge Found 6s'3 Lack St158 A'50. .. Laclede 535 C'63. Laclede 6%s D '60. Lake Shore 31:5'97 Lautaro Nit 65 '54. Leh Val cn 4s 21 Leh Valcn §s > Siedh aamonaaaa~Sanene Lig & Nye! Loew’s 63 °41. Lorillard La & Ark 5569 Lou G & El bs A'52. L & N uni 4s " Ol) Lycas 6534 McKes&R S5 Manhat Ry cn 4 Market St 7s A 40. Marseille 65 '34 Mex 4s ast 1911 Midvale Stl 55 °36 Milan 62852 Mil E RY&L b5 "61. MSP&SSM cn 4s ‘38 MSP&SSM 5s gt'38 MK&T Ist 4590, MEK&T5sA'62.. Mo Pac gn 4s°'75. Mo Ps crt.'.sA‘ss. sF © Mo Pac 5s H '80. Mo Pac 55181 . Mo Pac5%s A'49.. Mont Pow 5s'43... Mont Pwr 5s A 62, Montevideo 6s '59. . Montevideo 7s '52. Mont T 1st rf 58" Mor&Co 1st 4’15'33 Nassau Elec 4s'51. at Dairy 5% s'48 at Steel 585 Eng T 1st s J Power 6s'60 OT& M bs B 4 NOT&M 51, 21 Nw S Wales 55'57.. 19 991, 9915 [ Nw S Wales 55'58., 11 541; 541, |N Y Centdb 4s°34. 22 60 | NYCent4s'98.... 9 59 |NYCrf4ks2013. 44 85 |NYCrf4%s2013n 47 68 |NYCrfss2013... 21 15 |N ¥ Centab és 2 51 |NYCAStL4%s78. 62 6814 68t | NYC&SIL54SA'T4. 6 53 53 | NYC&StL 1st 65'32 18 37 37y |NYEdison5sB'44 2 74 74y |NY Edison5sC51. 7 91% 91% |[NYEdrf6%s'41. 20 101 1011 | N Y EL H&P 4549, 22 7 LH&P 53°48. 1 3 5 4 NY NH&H 414567 46 1 8 . .5 | NY s&W gnss'40. 8 411y 42 N Y Telgen 4%s’89 33 NY WaB 43846, 14 Nor & Wn cn 4s '96. Nor & Wn div 48’44 2 North Am Co 5561, 29 Nor Am Ed b5 C'69. 28 Nor Am E 53563, 20 Nor Ger Ltd 65"47. 6 NorOT &L 6s 47. 10 Nor Pac gr: 332047 8 a5 ' gg | Nor Pac4s 97 18 10 Nor Pac 4%s 54 1094 | Nor Pacr 165 2047. 24 T4 T4 | NorStPwbs A4l. 27 35% 36 | NorsStPw6sB'4l. 2 &5 8% | Norway 5363 I % % Norway Si¢s'66... 6 8% 87| Norway 68 1 9" aul Norayovas 10 9% 9| Norway 6852 4 9% 9% ore sh L 58 £t 1 10 10 | Orez-wWash 4 14 38 38 |Orient Dev6s'ss.. 2 10% 10% | Owens 111 G158°39. 5 10% 10%) pyc GRESs'42.... 3 12 12 | pao T&T 18t 58'37. 18 99 99 | pacT&Tr5s52.. 8 45% 47 | piramount 6s°47.. 10 53'4| param-Pub 5 %850 22 57% | Paris Or 5%s'68... 6 2721 pathe Exch 2 % 274 penn 4%8 D'81.... 23 2 Sly | Benncn4se’e0... 13 1y 7 72 731 Penn gn ‘%!1‘5 ~ 98 2 1214 | penn 5 '84. 9 91% < H 351 9% | Penn gen b 2 ‘ 102t 121 15 5 | penn PAL 4%3°81. 20 50% 50| peop Gasref 58"41. B 62% 621 | paor & 15t 45°40. 1 21% 26 | pere M 1st 4s ° 38 38 | pere Marq 4%s 184 184 | pere M 1st 5856 294 59| Peru6s’s0 e oo |Perigsel 9% 70 | phila Co 55 ‘67 81% 82 |phjia Elec 4s 6% 874 Phila & Rend 6 82 82 Philippine R 4 3315 333, | PP Pet 5839 tz 13~ 13 |PCC&StL3sA'70 2 20 oy |Poland 6s'40. 79 g0 |Poland73°47. % & |Poland8s’50. 37 87 |PportGnElI4% % 55 |Por RAmTGss2. 1005 100% | Bos Tel & C 5853 . 42 100% 100% | Press stiCar 82’33 3 1041 1055 | Prussia 6s°5: .13 048 105% | prussia 6343 '61... 11 1025% 102% | pup gy G 43%s°87.. 8 10% 10% | PubSvG 4%s°70.. 1 Pure Oil 5%s'37... 4 Pure O11 535 °40... 10 Read 4%8A"97.... 7 3 3 |RemarmsesAdt 1 S 28 |Rem RSusAGTww 27 8 & |Rnmeleutsds.. 6 Rhine Rubr 8s'53. 7 61 62 | R R~ s5% 55 2 w 12 o o8 | Rhine West 73 50. 10 122 1224 RichOil Cal6s4d. 22 1284 128% Ry ge Jan 61853, 22 9% on RGrdosul 6s 6., &7 EVENING STAR, WASHINGTON, D. C., UNITED STATES. Sales. High. (Bales are m $1.000.) Gen Cable5%s°47. 1 46 High, Low. 2:55, g:n;th(:‘;::u- 49, : s:u 32-47... 10031 10026 100 n s flflil’tfi..z 47, 1021 10129 102 Ger Cent Bk Lib dth 4383338 10218 10214 1331: g:;g::‘g;:. o - 96 13 LR Ger Cen Bk 78 60. . 10613 3 ‘K Low. 2:55. 46 46 b2% 523 2 2 46 40 39% 52 52 28y 2 45 4“ 4“ 55% 18 18 204 211 5l T4y 640 601 43% . 43 47y 561 17 201 1214 103 103 108% 2 2 S72% T3% 76'a 761 157 56 381 57% 99% 105% | Chamber of Commerce of the United :g“ \ .smkmg feature of our export trade in | SUL&SF 43 A '50.. | Sou Pac 423 EXPORT OF COTTON SHOWS LARGE GAIN Chamber of Commerce Re- ports Record Low Price Level, However. BY CHAS, P. SHAEFFER, lumxnud Press Business Writer. An analysis of foreign trade by the States reveals that heavy exports of un- manufactured cotton was the most 1932, These shipments, which constituted nearly 22 per cent of total exports by | value, amounted to 9,060,000 bales, lued $345,165,000, representing a 31 per cent increase over the previous year and & 16.5 per cent increase over the five-year average quantity. The average export price received for the 1932 cotton was 7.2 cents a pound, the lowest price level on record. Prac- tically every important market for American cotton participated in in- creased takings, with Japanese furnish- ing the greater market, with purchases of 2,240,000 bales. Duplu the low level of foreign trade during the year, the quantities of the, following 14 exports showed & rise over 1931, but were smaller than the five- year average: Rosin; iron and steel scrap; corn, oats, rye; lead pigs, bars, etc.; cotton mill waste; raw hides and sk canned salmon; brass and bronze | ingots; scrap, etc.; crude cocoanut ofl; | acids and anyhdrides; cotton cloth, duck and tire fabric, and sewing machines. On the import side a number of both free and dutiable articles set new rec- ords in 1932. These included cotton | floor coverings, barbed wire and nails, which registered new records both in| quantity and value, while quantitively the following established new highs dur- | ing the year's trade: Topped petroleum, | inclyding fuel oil; sugar cane: hoop. band and scroll iron and steel: wnte| begging and waste sack cloth of jute, | binding twine, perilla oil, brushes, ele tric lamps. fitch furs, kolinski furs and | 1 mink furs. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibus & Co.) mina! gold Selling cnecks | London. pound. . Paris. franc 9 Brussels, belga. . | Berlin. “mark : | Rome.” lira Zurich, franc | Athens. “drachma.’. Madrid. peseta . schilling . Warsaw_zloty | Copennagen. crown. Osio. crown | Stocknolm, crown’ | Montreal, ‘discount, mvssffizhfinflsrs NEW YORK, April 25 (#).—Over-the- | counter market Quotations as of 10 o'clock. Asked. | L Am Bank Stock Super of Am Tr C . | Buper of Am T, D | Trust Shrs of ‘A | Trusteed N Y BkABhrs Spencer_Tras Stand Collat Super Am Tr | Suber of Am Tr AA | Fund Ar ‘shrs | Pund Tr Shrs ‘s Mass Invest Tr_ | Cumulative Tr 8h’ Tr | Corp Tr Actum Ser. <Cnrn Tr Accum Ser mod 11 Bules. High. Low. 2:55. i RioDeJanext8s¢6 1 131 133 134 RioGr W clt 4549, 2 361: 361y 36% | | Rio Gr W1st4s'39 6 5 55 | RIAr& L 4%4s'34. | Rome 6138752 | Royal Dutch 4s | Rumania 78 '59. StL IM R&G 4533 |StL&SF 4% StL SF 4%8'78ct st St L&SF 58 B StL SW 18t 585 StP&KCSL 4%5'41 San A & A P 4s ‘43, Sao Paulo 75 '40... 1 Saxon P W 6338’51, Saxon 7s 45 1 Seab A Lirf 4559 Seab A L 6S A '45. . Serbs-Cr-S17s°62 Serbs-Cr-S1 8562 Shell U 011 58 Shell U O 58 '49ww. | Shinyetsu 634852 Silesia Prov T Sinc Oil 6% B '38 Sinc O1l 78 A '31 Sinc P L 58 42 Skelly O11 5%8°39. Sofssons 68 '36. ... Solvay Am 5s 42. . Sou Bell T&T 58’41 Sou Pac col 43°43.. Sou Pac rf 4s B'i. b 1 100% 101 6815 685 107t 107 92 92! 100% lUl e A Sou P 43369 ww. Sou Pac 4%s'81... Sou P&OT 4%48A"T7 Sou Ry gn 45A' Sou Ry 6594 Sou Ry gn 68" Sou Ry 6%3 Sou Ry M&0 4538, SW Bell T 53 A ‘54. StOfl N J 5’46 StOll N Y 436s°51. Studebaker 63 42 Sweden 5% ‘54 Swiss 5% 846 Tatwan E P §%s'71 Tenn Cop 65 B Tex Corp cv 63 Tex&P 1st 58 "ooo Tex & Pac Tex & P 5 Tex & Pac 68 D 80. Third Av rf 45 '60 Third Av ad) 68'60. Tob P NJ 6%5 2023 Toho El Pw 78 '55.. Tokio 58 '5; Tokio 5% s 61 Tokio EI Lt 63°53.. Unton EI L&P 867 Un Pac.1st 48 '4T.. Un Pac 43 Un Pacrf 48 2008.. 3 Un Pac4%8°67.... 12 Un P 1st rf 58 2008. Uait Drug 58 '53. .. 2¢ Un St W 6%sC51. U S Rubber 5s’47... UnSt W 6%sA'4T. 51. Uruguay 8s'46. 25% 13% 4% 16% Util Pw 63’69 ww. 15 Util Pow 5%s'47.. 8 vanadium St 6s'41. 13 VaRy 1st6sA'62. 2 Va Ry & Pw b 7 Va SW 1st cn 58 o Wwabash :% 1 Wabash 1st Wabash 58 B'76 5 wabash 65 D'80... 4 Wabash 5%s"75. 4 Walworth 65 A "45. = Warn Br Pic 6s°'39. 23 Warren Bro: o 1 8T 3% 8T Warsaw 18 5 88% 38 88% Wem Sh 1st 48 1 68 68 68 West El db bs " 3 87 86% 87 West Md 1wt 48°52. 20 57 56 56 West M 5%s 15 62% 62 62 West Pac 53 A "4 2 29% 29 29% West Uncltr5s’38 35 67 66 66% West Union 5s’! 5; g 2: :}% :;% nion 53 6! w '8 14 70 66 69% Wouphnlh s 2 30% 30% 304 Wh Sew Mch 6s'40. 5 21% 21% 2. WickSpenct 78’35 4 2% 2% 24 wu Cent Tm 4s'36. 4 12 11% 12 9 65% 641 64 Y(ltn S&T 5s B 14 64y 63% 64% 261 81 61 TR | fine quality higher; CURB ISSUES FIRM AS SELLING HALTS Market Stages Rally, Recov- ering Most of Early Losses. BY JOHN A. CRONE. " By the Assoctated Press. NEW YORK, April 25—The Curb Ixc.hnnn rallied today after opening lower. Electric Bond & Share and American Gas & Electric held their declines to fractions. Niagara-Hudson Power was & shade lower, as were Standard Oll of Indiana, Citles Service and American & Foreign power warrants. The motors and ofls sharply con- trasted in early dealings. The former improved because of increased car sales while the latter sold off as & result of renewed price reductions and a more rapid flow of crude oil. Aside from expanding steel operations and further miscellaneous gains in trade, most of the news emphasized national and world develwmenu such as inflation debates, international diplomatic con- versations and economic conferences. Cord Corporation was the first of the motors to enter new high ground, fol- lowing the run-up of Auburn Auto over on the big board. Later Ford Motor, Ltd, Ford Motor of Canada A, Ford Motor of Prance and H. H. Franklin Manufacturing moved forward. Parker Rustproof led the accessories. The downturn in the petroleum list started In the Standard Oil group. Humble Oil was off at one time more than 3 points. The next move was & decline Ln Gulf O], in the miscellaneous division. Creole Petroleum, South Penn Oil, Standard Oil of Indiana and Standard Oil of Kentucky then eased. Canadian buying was said to be re- sponsible for the stiff resistance put up by International Petroleum and Imperi- al Oil, Ltd. Reactionary trends of commodities during the first few hours, despite the | talk of inflation, caused recessions in National Sugar, Pepperell Manufactur- ing, Montgomery Ward A, Mead-John- son and Sherwin-Williams. , Meanwhile Great Atlantic & Pacific Tea and Na- | tional Dairy Products advanced, the former to a new pes. New York Shipbu.lding had discount- ed its quarterly income statement, show- ing $129.389 against $230,305 in the same period of 1932. Babcock & Wil- cox, Ltd., was inactive. despite its weak- ness in London following publication of the 1932 report. showing net of £200.812 against £549,783 in 1931. This had no | immediate effect on the parent com- pany’s stock Public Service of Indiana omitted the ' quarterly $6 cumulative preferred divi- |dend. In the specialities, A. O. Smith Corporation soared to new heights. The decline in March cigarette output af- | fected all of the tobaccos, among them Axton-Fisher A. POTATO MARKET. CHICAGO, April 25 (United States Department of Agriculture) (#).—Po-, tatoes, 76, on track 373, total United States shipments, 707; old stock about steady, trading slow, supplies liberal; Wisconsin round whites, 721:a77!2: few Minnesota round whites, United States No. 1, and partly graded. 70a72}z; Idaho Russets, 1.40a 1.45; few higher; new stock, wuk trad- | ing slow. supplies liberal; Texas Bliss ' Triumphs, United States No. 1, 2.25a | 2.35; few higher. Norfolk & Western Dividend. NEW YORK, April 25 (P).—Directors | of Norfolk & Western Railway today! '— | declared a regular quarterly dividend of $2 a common share, gay-bl: June 19 to | stock of record May 31. BONDS ON THE CURB MARKE 10 Chi Dis E1 4’3 18 Citles Service 55 ‘50 Citles Service bs '66. ederal 2 3 Eirestone ‘oM 85 4% Fisk Rub gl cod Mon P 1 Narragansett 55 A 2 Nevada Calit 58 . 537 25 o 2P by, LTS 3 O3 wa0g, b ) Ly @2?, REa - E_ Taat 5 i ) oas ety Aea £, SRLBINTIE, s < & 990 555 WAEA 200! e ol L i 9 £ EoreE - R0 bt 3 351325 e 8 300 S8 Ot i e 123 5 fdga9g o, 2 # R T BE26F FFE §°uil £ymge E Ig =§2¥'fi=3 m' BONDS. 31 31 a1 63 63 83 . 82 30 30 L 3% ;gv. Fw At 1 : A 3 y lg‘/. 42% 41'/. L1022 102 nr' Ghl 7s '49.° 7 7 d\u fl":l 'u. 40% 40% 40% TUESDAY, APRIL 25, 1933. N. Y. CURB MARKET Received by Private Wire Direct te The Star Office. Btock al Stock and Bale— Dividend Fate. Aaatm gt Zow. Close. | Dividend Rate. ~ Add 00. High. Low. Close. A 1% 1%|Sellndprpf (5%). 2 45 45 45 36% | Shattuck Den Min.. 2 1% 1% % 4% | Shenandoah Corp.. 3 2% 2 Alum Co America. . 1600, 513 | Sherwin-Will (15, :326s Zo% 18% 18% Alum Co of Apf 1% 1508 48 | Singer Mfg Co (6).. 30s 105% 104% 105% Am Beverage...,.. 8% | Singer MfgLtdrets 2 2 - 1% Am Comwith PwA. 6 % |8mith (AO)....... 50s41% 41% Jm AmCIIbeLBBVB .: 3:: South PennOil(1). 2 15 14% 15 Am Cynamid (B). . Southern Corpm... "1 24 2% 2% AmDTel XJ e pf7 1008 8 |SouCalEdprBiY 3 20 20 20 Am & For Pwr war. 1 SoulandRoy (20c) 5 4 4 4 1 # # | Sowst Penn P&L ¢.100s 31 294 31 96 23% 22 231 |StandInvestecmpf 508 9 9 9 2 70 70 70 |Stand Ofl Ind (1).. 60 23% 23 23% AmInvestlncwar. 2 # 3 (Stand Ofl of Ky(1) 5 12% 12% 12% AmLt&Trao(2).. 7 141 13% 13%|Stand Oil Neb (1).. 2 1115 11% 11% Am Maize Prod(1). 1 19 19 19 |Stand Oil of Ohfo.. 100s 18 171 17% Am Superpower.... 59 3% 3% 3% |StandSilver&Ld.. 57 % & 15 AmSuper1stpf6.. 1 581 56% b6%|StarrettCorp..... 44 & % %] Anchor PostFence. 1 1 1 1 |Stuts Motor Car. 4 120 12% 12% Arcturus RadioT.. 6 % % 4 %ok % sk matGas GOE-SSITE A B L 89 16 15% 16% Armstrong Cork. 1 64 6% 19 22% 21% 22 AsEIIndLtdkioc. 3 3 3 3 |mampa Flec2.24 AssoGasaEleccA). 18 1% 1% 1% | Teehnicolor. T 202 Tech Hughes (60c) 30 3% 3% 3% | :g lg% ::: ;ennhlf’wllt('l) 268 45 45 45 exon Ol &L (1), 2 % 7% 7% AtasUtipfA3).. 3 39 38% 39 |poof OUELE(D. 2 7 el | Axton Fish(A)3.20.1008 41 40 40% | Todd Shipyard (1. 3 11, 104 10| Bliss Co (EW). TN Trans Afr Transp.. 3 4% 4% 4% Blue Ridge. s 2% 2% TransLux DLPS. 3 1% 1% 1% Blue Ridge 1 265 26% Tubize Chat Corp.. & Brillo Mfg (60c)... 5 11% 11 11| rupne s Tamp v, 1 Brit-AmOilC80c.. 8 84 84 8% 5 Br-ATobrgpdzse 1 18% 18%J18% s e s 1 B-ATbBoupiZde 1 18% 18% 18y United Founder 29 BuckeyePipe L (3) 2 29 28 29 |United Gas... 22 Buff NGE pf (1.60) 2 17% 17% 17% “"':'fl aspf (1).. 4 Bunker Hill & S vtc100s 25 25 =25 |United Lt&P A, 9 Burmarcts (plgc) 1 24 2% 2%|United LtAPwrot 8 ¥ Cable&WireArcts. 4 # # #|USEl Pwrwar, .. } 3 ’2 3 Canadian Marconi. 23 1% % 1%|USFoil (B) (200). 5 3% 8 at Carib Syndicate. . % % %|US&IntSec..... 5 % % % Celanese Cp pf (7). 50 65 65 65 US&Intilstpf... 1 24% 24% 24% g- tn;n(mg;:t 100s 40 40 “2"/ Utd Verde Ex*40c. 3 3% 3 3 ‘ent States Elec 4| Universal Insur. 5.5 Cent Sta Elec war. Utah Pwr & Lt pf., so- 251% 24 25'5 Childs pt . 10 | Ut Pwr& Lt. 14 1 1% Cities Ser . Ctil DAL pf (77 1008 10° 10 10 ulr‘p:;;;:;z;ur i ‘:t Util Equities pf 5731508 33 8214 3215 b VanCamp Packpf. 4 4% % | Colum OI1&G v.t. 1 1 “ Comwlth Edis (5).. 8 51‘ raikenignion) fi1 o IR el e Comwlth & Sou wr. 14 % son (J W).... 12 1% 5 Comstock Tunnel.. 1 & & #|W ‘M"D.S"All) 1 14 14% 14)5 Con Gas Balto3.60. 4 46 45 451 | Wenden Copper.... 4 " n iy Cooper Bessemer.. 1 2 2 2 | Wright Harg t20c.. 16 4% 4% 4% Copper Range 1 2% 2% 2%|Yukon Gold. L I Consol Copper 1 w5 Dividend rates in dollars based on last | Cont Securitfes Crp 1 2% 2% 2% | quarterly or semi-annual payment. *Ex Cord Corp (10¢)... 181 84 7% 8 |diyidend tPartly. . o Plus 4% 1n stock. Corron & Reynolds. 1 1% 1% 1% A 5% Cosden&Cocod.. 2 2 2w 24|in siock ju N 1% | |Creola Petroleum.. 49 47 413 4% |0 stock. st 10% | Crocker Wheeler.., 2 3% 3% 3%|{2 Mook mFlis 4% in stock. nPlus 8% ke e "5 I s oy |imstoeks priwd 1as¢ year—no regular rate Cusi Mexicana Min 28 Darby Petroleum.. 1 Deere & Co. ... 73 Derby Oil & Refin.. 3 Driver Harris..... 1 Dubilier Cond & R. 7 | Bust G&F A= (60c) 4 | Easr G&F ot (6)... 258 Eisler Elec Corp. W% In erpool mar] FiTaashare vess. 318 16" 10 15 were ‘mdy"?: }:.'} R Eetiprces El Bd&Share pf6.. b5 32% 31% 32 Initial quotations were: May 7.40, off ElPwr Asso (40c). 83 4% 4 A%17. July 7.55, off 10; October 7.75, off ”"_2":*::"“::% 2 - g% ;H 12: December 7.90, off 11; January Elee DAL 28 nf(A3. 258 1015 1013 1013 199 O 10 Mareh, 817, off 8. Llec Shareholdings 1 313 3% 31 EopizsGARen | 250 § sk SR . M k mp G&F 6%:% pf. 258 8 8 8 G {Empire GRF1%.. 50s 915 94 9, rain arket |EuropElecdebrts. 5 % % % Fisk Rubber(new). 12 2% 2% 24| By tne Associated Press. Fisk Rub pf (new). 1 26% 261 261 G POt MotorCan‘h-. 12 (€6 Ok 61y St Ca00, JARIL 25 --Crain prices | Ford Motor France. 6 315 3%, 3y underwent sharp setbacks early today. i iard Mctor L =2 R gac st 3k | DONZULEANE secuclilesianisiives ard s in British exchange preceded the open- Foundation For Sh. 1 23 2% 28 | S0 re Sre R B e impetus f’?:'::‘.? l:‘-lc[};l.wc) 16 5% 52 5;: to selling, with wheat tumbling quickly General Aviation.. 1 4% 4% 4% 'lwnfi,:e'}'ffi_ e lowes. whest GenG&EcvpL (B) | 1 8% 8% 8%/ .frerward fluctuated rapidly. Corn Gen Pub Servicenf 70s 26 24 26 | garied 3,15 off, and later held near Georgia Pw pf (6). 1508 4515 45 | the initial range. st e 10| Augmented buying which developed Gl ey 23 3121 at lower levels, carried wheat upward | ol e 3 21 Gorham vee (1) 1 14 |Soon. and the market in some cases Gorham Inc pf.... Bus 121 124 121 Qualed the high point attained dur- {Gray Tel Pay Sta..200s 104 10 10 |iDg yesterday's late rush to purchase. 1 Grt A&P T n-v(17) 300s 157 159 | The fact that much of the new buying Great A&PT pf (7) 60s Gulf Oil of Penn: 46 Hazeltine Corp. 1 2 Heyden Chem (1).. 1 9% | Hecla Mining. . 2 41 Hollinzer Goldt800 9 T Hudson Bay Min.. 44 St | Humble Oil (2). 5214 |1 P &L pf (6). | 1mp Oil Ltd cou 60c ! TmpTab Can t523%¢ rving Air Ch (40¢) Ins Coof N Am(2). was in relatively small lots, but of large aggregate was indicative of remewed public participation in the market. This | buylng. however, was not sustained on advances, and there were sudden re- ctions of more than & cent a bushel at_times. For the first time in 1933, December wheat contracts were dealt in today. the highest point that September de- livery has so far reached this year. a whole, sentiment was by no means Nat Invest war. at Leather Pw&Lt pi Parl Penroad Corp..... 8 2 1% 1% Penn Wat&P(3). 1 47 47 47 Pepperell Mfg Co.. 20! 40% 38% 40% Petrol Corp war. .. * & & Phoenix Securities. 2 ¥ % % Phoenix Secur pf. 1 1% 11% 11% Pioneer Gold (24c). 32 6% 6% 6% Pitney Bowes P... 2 2% 2% 2% Pitts'bgh & LE 2% 150s 40 38 39 Pitts Plate G (60c). 8 17 16% 16% Powdrell & Alex... 1 9 9 9 Premier Gold(12¢c). 22 * * & Propper McCallum 2 W 1% 1% Prudential Invest. . 6% 6% 6% Pub Sve Nor Il (3) W! 22 22 22 Pub Util Hid war. 1 & * * Pub Util HId xw. 2 % & & PubUtil Hldepf... 2 8% 3% 384 Pure Oll pf (1%).. 408 26% 254 26% Reynolds Investing 1 % % % Roan Antelope.... 4 10% 10% 10% Rossia Intl...... 1 % e h) Royal Typewriter. 6 6% 6% 6% Safety Car H&L(1)100s 25 27% 28 3t Regis Paper.... 20 2% 2% 2% SaltCreekConsol.. 3 & % &' SaltCreekProd (1) 5 4% 4% 4%| Scovil Mfg (1).... -1 15 15 15 . Seaboard Utill 1 bl % % Segal Lock& Hrd.. 5§ % % % SeiberlingRul 3 2% 2% 2% lected Indu 3 1% 1a 1% el Ind all cf5(836) 10008 45 . 43 .. 44 Haf FyLE SRt i e so bullish as recently, and the under- Int Utilities (A). 1 tone was unusually nervous. Corn and Int Utilities (B) ... 18 oats paralleled the action of wheat. Interstate Equities 9 Provisions averaged lower with cereals Interstate Eqev pf. 2 and with hog values. | Italian Superpw A. 3 onend Ne mburen COAL PRODUCTION GAINS Kerr Lake e 3 L Kleinert. . G e i SHARPLY DURING WEEK Kopper G & C pf(6) 508 By the Associated Press. Lake Shore M (2).. 31 Production of bituminous coal showed Lefcourt Realty pf 1 a sharp rise during the week ended Lehigh Coal&N 40c 1 6's 6% 64| April 15, as the record was kept by the Libby McNeill &L 23 3% 3% 3y | Mines Bureau. In the table that fol- Long Island Light. 2 10% 10% 10% ) lows the output is given for comparable Long Is Lt pf A(7).120s 66 64 weeks, as compiled by the bureau: Louisiana L & Ex 6 1% 1% 1% ! Week ended April 15.....4,850,000 tons Mavis Bottling A.. 2 % & 4 |Previous week ...........4,755000 tons Mead Johnson (3 1 53w 534 531 |Same week last year.....4,950,000 tons Memphis Nat G 5 4% 4 4% Merritt Chap&S.. 1 & % & MidSta PetvteB.. 1 % % 1 SHORT-TERM SECURITIES. Middle West Utll.. 3 1 % _ | (Reported by Chas. D. Barney & Co) MissRIVPrpf (6). 10s 75 75 75 | apjeq ofter Montgom Ward(A)300s 68% 66 68% Sean Bot Buser e 10 “ 3 Mort Bk ColAmsh 1 1% 1% 1% 00 Mount St T&T (3). 10s 85 85 Nat Aviation. 4 % % Bella Hess. 8 1% 1% Bnd&Sh1).. 1 24 24 hesa. & wy. 58 1 1 Nun.u—y DIA (T) 258 84 84 841 | Ehi. Norunwest. Ko, 6iss 1036 51is NatFuelGas (1).. 4 1l 11% 113 Chicazo Rock lsland 45 1934, 24 | Nat Investors. 31 3% 2% 3 & Commercial Credit 5340 1935. e & Nat Service. . s NatSugar NJ (3). 12 36% 34% 34% Nat Union Radio. Z % 1% 7 %m.’m"fl B e oo New Eng Pwr pf(6)110s 36t 36 36 Heiephone L wxa New Jersey Zinc2. 10 45 44 44 t:i‘:dl'r S e Newmont Mining.. 23 29% 27% 28 | oatsvine & Nashvine os 10 NYHonRo(11%). '3 15 15 15 |New York Geni & % N Y Shipbldg (10c) 6 5 4% 5 |N. ¥. Cni & 8i. N Y Tel pt (634)... 758 110 1093 109% | Northwest. Telep. /a5 1 Niag Hud Pwr (1). 12 10% 10% 10% Punl;fid xoen ‘m;tc 15' “m Niag Hud (A) war. 1 % 5 4| Republic lron & Sicel 56 Niag Sh(Md)B20c. 2 4% 4% 41| Sinclair Cons Oil Co. s L 3 Niles-Bement-Pond 3 T Td Tl Unlow'Gh G u;m sy 10357 "% Nipissing. ...... 1% 1% 1% | Virginia Ry. & Power North BuropOil,. 8250 B i 3| Wabsah Bwr.Co. 5 1bsb..: 84 NorthStaPwA(4). 5 25% 24% 25% Novadel Agne (5).. 1 40 40 40 Ohlo Copper. . s & PROPERTY (A 6% 6% 6% Overseas Sec. .. % % 2 Pacific Tin (spel) % A partment House FINANCIAL, The initial price was 73 cents, equaling | Nevertheless, in the wheat market as | *¥3 A—IS REVISIONS OF OIL | ESTIMATES LIKELY [Tests at Oklahoma City In- dicate Field May Have Been Overrated. By the Associated Press. ‘TULSA, Okla., April 25.—Revised es- timates of the productive possibilities of the midcontinent area’s two most troublesome flush-oil regions are in \pmpect as a result of potential tests concluded in East Texas and under- way at Oklahoma City. Geologists and petroleum engineers were inclined to shade considerably the estimate of 123,000,000 barrels’ daily production from East Texas, ?guch followed taking of potentials ere, “Key” Wells Tested. ‘The possible output was calculated | from two-hour tests of 300 “key” wells opened in groups of 60 over a five-day | period. Technical experts of several companies with headquarters here doubted if the true picture would be | ascertained without opening all the 110,000 wells in the fleld simultaneously for 24 hours. This method was out of the question, however, because of lack | of storage and transportation facilities. The distinctive feature of tests at | Oklahoma City was the indication the {fleld has been overrated and is not capable of producing sufficient ofl to | constitute an overproduction menace for any length of time. A decline of more than 50 per cent in the first group of 40 wells tested in the Wilcox sand zrea, the most pro- | ductive in the field, indicated Okla- | homa City had fallen considerably in productive power since last potentjals were taken 17 months ago. There was a stubborn fight against | taking potentials earlier in the year ! and the order was issued only after the | new proration law went into effect. | The agitation over Oklahoma City and East Texas, almost constant for two years, has served to deflect much | attention from the newer fields along | the Gulf Coast of Texas and from ex- ’ploutory work in various parts of the midcontinent. | The drill has been active for some | time, dnd the large sums spent in ex- ploration, especially in drilling deep tests, indicate many companies are fol- | lowing the theory that present fields and reserves will diminish rapidly and | that within a relatively short time new | oil will be required to supply demand. | Conroe, near Houston, has large pos- | sibilities but is being held in because its development rests with a few of the larger companies, which generally are comung around to the conviction that storage above d is too costly. The oil loses volatility, is a fire hazard. and costs both in insurance premiums and overhead when in surface tankage. It | also is a liability in that it represents a | big investment which is not convertible |into immediate cash through loans. There is no continuing cost if the oil is held in known underground reservoirs. Much interest has been displayed in exploration in the Tomball area. also near Houston, and in the Binger Wild- | cat region in Southwestern Oklahoma. Deep tests are underway in both. Findings Kept Secret. In the Binger area, the drilling com- | panies have refused to divulge their findings while drilling ahead. It is common knowledge in oil circles that they failed to get “dry hole money” from the other firms, and now seek to , determine if they have an oil pool before | word gets out so adjacent acreage may be obtained at comparatively low cost. (It is a common practice for a wild= catter to seek, and often get, “dry hole money,” which is financial aid to ob- | tain information for the industry gen- | erally about some new and unexplored | territory.) | Little has been heard recently of the | widely heralded Perry area in Central | Western Oklahoma, “but several tests | are drilling, and there has been a con- tent leasing campaign along the granite ridge” section of Oklahoma, where a number of additional deep holes are being drilled. | | Dollar Makers BY GEORGE T. EAGER. One of the most difficult tasks facing the sales manager is to establish a basis for sales quotas that will be fair to all members of the sales force. Any basis that ignores local habits or cus- toms, or the varying purchasing power of different sections is liable to lead | to_erroneous conclusions regarding re- sults produced by men or territories. A manufacturer of garage hardware felt that automobile registrations would be a fair basis for territorial quotas. He had to scrap his whole plan when he found that in California, as well as Florida and other Southern States, cars are either left in the open air cr left in open sheds that use little garage hardware. Territories like New England, however, showed higher sales per car because the hard Winters re- quired well built garages. Manufacturers of electrical appliances for the home have discovered that quotas based entirely on number of elec- trically wired homes did not take into account difference in purchasing power. The same was true of an insecticide manufacturer who endeavored to use carefully prepared data on insect prev- alence as a basis for sales quotas, only to discover that except for sections of high altitude that were comparatively free of insects, sales followed purchas- ing power. (Copyright. 1933.) BUSINESS FAILURES. NEW YORK., April 25 (£ —Business failures in the United States for the eek ended April 20 numbered 447 as against 439 in the previous week, says Dun & Bradstreet, Inc. However, the total was well under the correspond- ing period of 1932, when 663 insolven- cies were recorded. MANAGEMENT MANAGEMENT UR thoroughly organized Property Management De- partment is equipped to take en- tire charge of the operation of apartment houses — assuming every detail of management. You will find it a profitable service not only in your relief from all worry, but for the net profit which should result. The fee is very nominal. B. F. SAUL CO. 925 15th St. N.W. MORTGAG NAr'l 2100 E LOANS