Evening Star Newspaper, April 26, 1933, Page 14

FINANCTAL WASHNGTON BANK | TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE ||STCCKS UNSETTLED PROMOTES WHITE = =z ‘ AS MARKET CLOSES High. Low. Dividend Rate. {Rail and Utilities Lists Show Yesterday's Yesterday' Btock and les .1933— _ Stock and Net, Dividend Rate. . A 2 . Low. Dividend Rate. Low. Close. Chge Marmon Motor Car. . 9 1% Sharon Steel Hoop. .. Marshall Fileld & Co.. 2% Sharp & Dohme. ... . Mathieson Alk (1%). 21% Sharp & Dohme pf(2) May Dept Stores (1). 5% Shattuck(FG) (24c). Shell Union Ofl. . Yesterday's = ¥ e ~1 33— Low. Close. Chee. | fgre™” 1oa 40 40 T 2 2 Curtiss.Wright (A) 3% M 4% Cutler Hammer. . 8% 6% 3 Adams Expre: 62 Cashier Made Vice President| 15% 10% viscesrarriisenas (1 LT T . curit vof s * ot because of any change in the rental ! property i/ Resort to inflation always is a recogni- ! figures *“Governments’ probably would be affect- . yesults in higher commodity prices and 3 stock prices .. property and_commodities. ] 1" preciation in high-grade bonds is limit- +is selling at or near its record high, < cent sales. ~ single share selling at 231;. This trans- T recent market sessions and it seems - Edith M. Fishburn president, held its Amer. Tel. & Tel of Local Institution. Career Notable. BY EDWARD C. STONE. J. Frank White, for the past 10 years eashier of the Nationah Bank of ‘Wash- ington, was elected a vice president at he regular monthly meeting of the board of directors held this noon, ac- cording to announcement by George L. Starkey. president of the bank. He will continue his duties as cashier. Mr. White was given the promotion because of his long and valuable service to the bank. He entered the old Bank of Washington as a clerk on June 22, 1885, at the age of 18 years. In a short time he became a general util- ity clerk which gave him an unusual insight into different departments of the institution. Through steady ad- vancement he later filled positions as bookkeeper, paying and receiving teller, and note teller. On January 28, 1920, Mr. White was elected assistant cashier and was made cashier July 18, 1923. Few bankers in Washington have served any one in- stitution any longer or more efficiently. He received many hearty congratula- tions from associates tocay. The new vice president of the Na- tional Bank of Washington has been a regular attendant at the annual meet- ings of the District Bankers Associa- tion and has served on many important committees. Nprth American’s Earnings Off. The North American Co. earned $1.63 @& share on the common stock for the year ended March 31, against $3.16 a common share in the previous year, Frank L. Dame, the president, told stockholders yesterday. He added that there had been an improvement in electrical output in recent weeks. The company’s directors were Te-elected. Questioned as to the advisability of continuing the stock dividend, Presi- dent Dame asserted he did not see how the company could depart from the stock dividend policy which, he said, had enabled it to keep “out of the banks.” and build up a surplus of more than $30,000,000 in cash and Govern- ment bonds. The cxecutive added that the dividend policy permitted the company to main- tain a balanced capital structure. The company is “not being carried away by a balloon of common stock,” he said. North American met the decline in | earnings by reducing the common stock dividend to 8 per cent from 10 per cent. He indicated that if additional taxes were levied on the utilities the dividend rate would have to be reduced again. Inflation’s Effect on Bonds. The widespread idea that inflation necessarily affects adversely the prices of bonds 1s not a whole truth, accord- ing to a special bulletin on “Inflation— TIts Consequences,” just issued by Poor’s Analytical Service, “Those interest- | bearing obligations on which income is ot sufficient to meet interest charges— or where the danger exists that income will soon pass below the danger point— will not bring 100 cents on the dollar. “Thirty per cent inflation should not adversely affect a bond selling for 50— the investing public long since recog- nized that the bend was in danger. It) is probable that most depreciated bonds Would rise in dollar value in the event| of inflation Better business—and re- | sultir.g profits—would place such bonds in & better position. The reason that| the prices of certain bonds declined was | because investors doubted that the se-| property—behind the bonds was cient value and because they doubted that the income would be suf- ficient to meet the interest charges— price of money. Inflation usually causes values to rise in terms of dollers; it usually causes temporary in- creascs in profits; therefore, inflation may well cause an actual dollar increase in the prices of depreciated bonds. tion of an existing condition. “All bonds do not sell at depreciated | Very high grade bonds and | ed adversely—inflation destroys the last haven of safety for investors. That is a basic reason why inflation usually and better business—it pulls money out of hibernation into Price ap- ed—the going rate of interest is the limiting factor. Therefore, if a bond there can be no appreciation as a result of inflation (unless the prevailing level | of interest rates changes). Therefore, the bondholder immediately loses—his fixed income on bonds will buy less in commodities,” Poor’s analysis concludes Today's D. C. Exchange Trading. ‘Washington Gas Light 5s, 1958, open- ed trading on the Washington Stock Exchange today, with four $500 trans- fors at 81!, same as several other re- Washington Gas 6, series B, came out in one small sale at 104. | Mergenthaler Linotype opened with a action was followed by the sale of five 10-share lots at 24'<. Some of this stock has changed hands in nearly all to be slowly gaining its former popular- ity as one of the most active issues on the local board. Today's market closed with a small lot of Potomac Electric Power 5'z per cent preferred moving at 106!2. Financial District Comment. The Washington Bank Women's Club, monthly dinner meeting last evening. The meeting turned into a forum for the free discussion of the many puzzling problems now at the front in finance. A poor March showing did not pre- vent Norfolk & Western from turning in a report for the first quarter of 1933 that will stand out in the picture gencrally portrayed by railroad results for the period. Net income was equal to $2.13 a share on the 1406483 com- mon shares, compared Wwith net equal 10 $1.52 a share in the first quarter of 1932. American Ice Co. and subsidiaries re- port for quarter ended March 31, 1933, net loss of $223.866 after charges, taxes and depreciation. This compares with net profit in first quarter of 1932 of $86.104. equal to 61 cents a share (par $100) on 139,753 shares of 6 per cent preferred stock, excluding shares held in treasury. | Two nationally known hardware trade journals cffected a merger today, when plans were completed in New York whereby Hardware Age, pub-, lished every other Thursday, will absorb Good Hardware, a monthly publication. | SHORT-TERM SECURITIES. (Reported by Chas. D, Barney & Co) Allis-Chalmers Co. American Beet Sug Am. Wat Wks. & Belding Hemineway Bethlehem Steel Co. California Packing i Canadian Nor. Ry. 4l:s Chesa. & Ohio RWY. Chi. Northwest. Ry. f Chicago Rock Island Colorado & So. RY. 41 Commercial Credit Delaware & Hurdson 5s Den. & Rio Grande 4125 1 Edison Elec. Tllum. 4 Gen. Petroleum Corp. 5s 1049 Gen. Public Service 5'zs 1930 Grand Trunk Canada fis 1 Great Northern Ry. 7s 1 Tilinois Cent. R R. 6= Keystone Telephone, Laclede Gas Light bs Lake Eric & W. R. R Touisgille & Nasnvillc Pewer 5s ash Rwy. Co. 55 193 3 11% . . 66 471 Air Reduction (3)... 11% Alaska Juneau(60c). 7 Alleghany Corp. . 1 70% Allied Chem & D (6). 6 Allis-Chalmers Mfg. Amal Leather. Amal Leather Amerada Corp (2). Am Ag Chem (Del) Am Bank Note Am Beet Suga Am Beet Sugar pf. Am Brake Sh&F 60c.. AmCan (4).. Am Can pf (7)... Am Come’l Alcohol A.n Encaustic Tiling 7 Am & Forelgn Pwr. . Am&Forgn Pw pf(6) Am & For Pw pf (7). Am & For Pw 2d pf, Am Hide & Leather Am Hide & Leath pf.. Am Home Prod (3).. AmIceCo....cueuun Am Ice pf (6) ! Am International . Am La France&Fom. Am La Fr & Fom pf.. 108 Am Locomotiv e Am Mach&Fdy ( Am Metal Co. Am Metal pf. Am Power & Light. Am P&L $5 pf (1%).: Am P&L 36 pf (1%) Am Radiator. .. Am Rolling Mills Am Safety Razor (3) Am Sm & Ref. Am Sm & Ref Am Steel Foundry. Am Steel Fy pf (2 Am Stores (1234) 5 Am Sugar (2).. Am Sugar pt (7). Am Tobaceo (5) %« Am Tobacco (B) Am Tobacco pf (6).. Am Type Founders 1 Am Type Fdrspf.... 308 Am Water Works(1) Am Wat Wks ctfs(1) Am Wat W 1st pf(6). 4 Am Woolen...... Am Woolen pf Am Zine & Lead ‘Anaconda Coppe Anchor Cap (60¢) Armour of Del pf(7). Armour of T11 (A) Armour of 111 (B) Armour of Til pf. % Arnold Constable. . Asso Dry Goods Atchison. Atchison p! 2 Atlantic Coast Li At Gulf&West Ind Atlantic Refining(1). 200 Atlas Powder. . 11 Auburn Auto (2). 390 Austin Nichels. Austin Nichols A (1) 170s Aviation Corp (Del). 538 Baldwin Locomot 16 Baldwin Locomot pf. 440s Baltimore & Ohfo. ... 112 Baltimore & Ohio pf. 8 Bamberger pf (614). 1003 Bang & Aroost (2). 1 Bang & Aroos pf (7). 504 Barnsdall Corp. 99 Payuk Cigars Beatrice Cream: Beatrice Crm pf ( Beech-Nut PKg (3). . Belding-Hemingway. Bendix Aviation. Best & Co.. % Bethlehem Steel. Bethlehem Steel pf.. Bigelow-Sanford. ... 2508 Bohn Alumn & Brass 24 Bon Ami (A) (15) Borden Co (1.60). 2 Borg Warner. Briggs Mfg Co. .. Bklyn Manhat Tran.. Bklyn Man Tr pf (6). Bklyn Union Gas (5). Brown Shoe (3)...... Brunswick-Balke.... Bruns Term & Rwys. Bucyrus-Erie. Bucyrus-Erie P Budd (E G) Mfg. Budd Wheel Bullard Co e Burr Add Mach (40c). Bush Terminal.. Bush Term deb stk Butte Copper & Zinc. 1 Butte & Superior.. 1% Butterick Co.... 8'3 Byers (A M). .. 14 Callahan Zinc & Ld Calumet & Hecla. . Campbell-Wyant Fy. Canada Dry G A (1). Canadian Pacific. Cannon Mills (1).. 4 Capital Admin (A) Case (J I) Co.. e (J 1) pf (4). Caterpillar Tractor. 4 Celanese Corp Celotex vte. .. Cent Aguirre (1%).. 30 Cent RROfNJ Cerro de Pasco. 172 “hes & Ohlo (2%)... 137 Chesapeake Corp (2). 27 Chi & Eastern I11 pf. Chi Great Western. Chi Great Westn pf. Chi Mil St P & Pac. 4 Chi Mil StP & Pac pf. Chi & Northwestern. Chi & Northwest pf 4 Chi Pneumatie Tool Chi Pneu Tool pf. Chi Rock I & Pac. %# Chi R 1 & Pac6% pf. ChiR I & Pac 7% of. Chi Yellow Cab (1).. 2308 Chickasha Cot O(1). Childs Company. .. Chrysler Corp'n, City Ice & Fuel (2). AuamuaBnONNS Colg-Palm-P pf (6) Collins & Alkman 4 Colo Fuel & Iron. Colo & South 1st pf.. 70s Columb G&EI1(b80c). 119 Columb Gas pf A(6). 2 4 Columb Carbon (2) 7L Commercial Creait. 4 Comcl Cred 1st(6%). 260s Comcl Inv Trust (2). 25 Comcl Inv cv pf(e6). i 5 Comwlth & Sou pf(6) 4 Congol-Nairn (60¢).. 28 Congress Cigar (1).. Con Cgr pr of xwé% . Sonsol Film pf... Consol Gas N Y (4) Consol Laundries. Consol Oil Corp . Consol Oil pf (8).... Cons RR of Cuba pf Consol Textile. .. 1's Container Corp (A) 4 Container Corp (B) 3 Contl Baking (A) 12 Contl Baking (B) 35'« Contl Can (2).... 313 Contl Diamond Fibre 10'y Contl Insur (1.20)... 1 Contl Motors. 4% Contl Ofl (Del).... 45% Corn Products (3). 1171% Corn Prod of (7). 2% Coty Inc 23 Cream of 2% Crosley Radlo.. 14% Crown Cork & Seal. 241% Crown C&S pf (2.70). 1 Crown Zellerbach. 9 Crucible Steel. . 16 Crucible Stecl pf. % Cu%aCo..... 1t Cuban-Am Sugar. 10 “uban-Am Sugar pf. 20% Cudahy Padking 2%. 6% Curtis Publishing... 34 EoAELI4 AEE LA EE L L4+ FlH e+ 1+ 141 = FEFEEFFEFESF F FEFF FS - FEFEFE F OFEE £ 1+11+ 4+ i+ 4+ FErSE 141 ++ FFETE FEOFEE e e IR £ REEE FREEER 3 FFS T4+ +100 1+ 6% Deere & Co pf (20c) 37% Delaware & Hudson 17% Del Lack & Westn.., 100 2 Denver& RG W pf 48 Detroit Edison (4). 17% Diamond Mateh (1) 12 Dome Mines (+1.30). 10% Domfnion Stores 1. 10% Doug Alrcraft (75 6% Dresser Mfg (A). 214 Dresser(SR)Mg(: 29 Druglinc (3)........ 324 Dupont de Nem (2).. 97% Dupont deN db pf(6) 1% Eastern Roll Mill; % Eitington-Schild. 10 Elec Auto-Lite. 1 Electric Boat...... 1 Elec & Musical Instr, 3% ElecPwr&Lt..... 6t Elec Pwr&Lt $6 pf. 7'3 Elec Pwr&Lt $7 pt. 21 Elec Storage Bat (2 26 Endicott-Johnson(3) 4 Engineers Pub Sve.. 64 Equitable Of Bld(1).. 3% ErieRR..... 4\ Erie R R 1st pf. 2% Erie R R 2d pf. . 3 Eureka Va Cleaner. 1 Falirbanks Co pf. 2 Fairbanks-Morse. ... Fashion Park As pf 1% Fed Water Service A 104 Fidelity-Phoen 1.20., 9% Firestone T&R(40c). 42 Firestone T&R pf(6) 43 First Nat Strs (2%). 2% Follansbee Bros. 4'y Foster-Wheeler. 13% Fourth Nat Inv 1. % Fox Film (A) 16'x Freeport-Texas (2) 97 Freeport-Tex pf (6). 613 Gamewell Co. 64 2% Gen Am Investors... 23% 13% Gen Am Trans (1). 11% 4% Gen Asphalt..... 18% 13 Gen Baking (2) 105% 99% Gen Baking pf (8). 315 1% Gen Cable.. 55 21 Gen Cable (A) 12 6% Gen Cable pf. 37 29 GenCigar (4) 112 100 Gen Cigar pt (1) 18 , 10% Gen Electric (40c). 12 11 Gen Elec spec (60c) 31% 21 GenFoods (1.60)... 15 % Gen Gas & Elec (A) 1% 1 GenGas& Elec (B) 55 354 Gen Mills (3)....... 18% 10 Gen Motors (1) 7813 65' Gen Motors pf (5)... 213 Gen Outdoor Ady 3% Gen Printing Ink. Gen Public Service. Cen Ry Signal (1)... Gen Realty & Util Gen Refractorfes. ... Gen Steel Casting pf. 9% Gillette Saf Raz (1). 47% Gillette Saf R pf (5). % Gimbel Bros........ 5% Gimbel Bros pf. Glidden Co. Gobel (Adol Gold Dust (120). Goodrich (B F). Goodrich (B F) pf. 94 Goodyear Tire&Rub. % 27% Goody'r T&R 1st (2). 13% 7% Gotham Silk Hoslery 23 1 Graham-Paige...... 9% 3% Granby Consol. 81, 3% Grand Unton. 3412 2213 Grand Union p 267 15% Grant (W T) (1). 15% 4% Great Northern p! 9% 5'a Great Northern Ore 9 7 Great West Sugar. Great Wn Sug pf(7). Grigsby Grunow.. ... Guantanamo Sugar. . Gulf Mobile & North. Gulf Mobile&Xor pf. 6% Gulf States Steel. ... T8 15 Hackensack W (1%) 19 15 6% 3% 18'y 384 3 397 31% 50 13 2% 115 26% 12 16 4% 1% 30 61 34% ki 1% 31 147 55% 1'% Hahn Dept Stores. .. 9 Hahn Dept Stores pf. 215 Hamilton Watch. 6'x Harbison & Walker Hartman Corp (A). Hayes Body. Helme (GV Hercules Powder 1% Hercules Pow pf (7). Hershey Choe (3).... Hershey Choc pf(t5) Hollander Sons. . Homestake M(110) Houdaille-Hersh(B). 444 Househd Fin pf 4.20. 8% Houston Ofl 1% Houston Oil 515 Howe Sound (40c). 11'; Hudson & Man (2%). 3 Hudson Motor Car. 1% Hupp Motors. 812 Illinois Central..... 1 Illinois Cent11 (4).. % Indian Motor Cycle. . 24 Industrial Rayon (2) Ingersoll-Rand(1%). Inland Steel. ... Inspiration Copper. . Insuranshares (Md). Interboro Rap Trans. Intercontl Rubber. Interlake Iron Int Agricultur Int Bus Mach ( Int Carriers Ltd 20c. nt Cement. .. . nt Combustion Int Combustion pf. % Int Harvester (0c).. Int Harvester pf (7). Int Hydro-Elec (A) Int Merchant Marin, Int Nickel of Can. Int Nick Can pf (7 Int Paper & Pwr (A). Int Paper & Pwr (B). Int Paper & Pwr pf. Int Printing Ink. Int Salt (1%).... int Shoe (2).. 9% Int Silver. 2415 Int Silver pf..... 5t Int Tele & Teleg 11 Interstate Dept St. 1 Jowa Central R R 23 Jewel Tea Co (3). 12% Johns-Manville nvill 6% Kansas City Southn. 12 Kan City Sou pf (2). 2% Kaufmann Dept St. 6% Kayser (J) & Co. % Kelly Spring Tir 31 Kelvinator Corp 30 Kendall Co pf (6).... 7% Kennecott Copper. 1 Kinney (G R) Co. 4% Kinney (G R) Co pt 515 Kresge (S S)... 27 Kress (S H) (f1). 145 Kroger Grocery (1).. 37% Laclede Gas pt (5).. 221 Lambert Co (4).. 3% Lee Rubber & Tir 1 Lehigh Valley Coal 2% Lehigh Val Coal pf 8% Lehigh Valley RR.. 37% Lehman Corp (2.40) 4% Libbey Owens Glass. 49 Liggett & Myers(t5) 49% Ligg & Myers B (15). 13 Laly Tulip Cup (1%). 10 Lima Locomotive. 6% Link Belt (40c). 10% Liquid Carbonie 813 Loew's Inc (1) 35/ Loews Inc pf ( 1% Loft Inc. 19% Loose- Wile: 3 s (2). 120 115 Loose-Wiles 1st (7).. 18 1% 19% 391 9 5 181 21 N 10% Lorillard (P) (1.20).. % Louisiana Ofl....... 13% Lou Gas&El A (1%). 21% Loulsville & Nash... 4 Ludlum Steel....... 74 McAnd Forbes pt (6) 18 McCall Corpn (2).... 214 McCrory Stores pf... 18 McIntyre P M(+1%). 44% McKeesport TP (4). 1% McKesson & Robbins 3% McKesson & Rob pf.. McLellan Stores. ... 1814 Mack Trucks (1). 24% Macy (RH) & Co (2). 5% Magma Copper % Manati Sugar. % Manati Sugar pf. 6 Manhat Elev mod gtd 5'% Marine Midld (80c).. Marlin-Rock (1) ceeas 1 [l s [ Ve 4 FHE FEFERES e e + o++1 2R EEE $RES F +11 Blr ieiges FEEE FFIET L I+ | | ! % % 5 —1% o+ % li Rt -1 + % =3 + % =g +1% 4 @ Ea LN DL EFEERESIE FRFEFE Maytag Co Melville Sh Mengel Co.......... Mesta Machine (60c) . Met-Gold Pic pf 1.89. Miami Copper....... Mid Continent Petm. Midland Steel Prod. . Min-H'well Reg (1) Minn Moline Pow. Minn Moline P pf. MStP&SSMpt. Minne StP&SS: Mo Kan & Tex: Mo Kan & Texas pf. Missourl Pacifie. . Missour{ Pacific pf. . Mohawk Carpet..... Monsanto Chem 1% .. Montgomery Ward. Mother Lode Motor Meter Motor Products. . Motor Wheel, 4 Mullins Mfg 5 Mullins Mfg pf. 1% Mrray Corp 11% Nash Motor. . Nash Chat & St L.. Nat Acme Co. Nat Bella Hess pf. Nat Biscult (2.80) Nat Cash Rez (A) Nat Lead (5). Nat Pwr & Lt (1). Nat Ry Mex 2d pf. Nat Steel (50¢). Nat Supply Co Nat Supply pf. Nat Surety. . Nat Tea (60¢) evada Con Copper N'Y Air Brake. . nvestors. , H & Hartford. 43 H&Hartpf.. 14 nt & Western.. 16 Shipb'ldg (10c). 13 .\:'YSloam 1st pf(7). 30s N N 4 North Am (b8 %stk). North Amer pf (3)... Northern Pacific. ... Norwalk Tire & Rub. Oh1oOfl............ 166 » Ohver Farm Equip.. 10 3% Oliver FEqQprpfA.. 4 13 Omnibus Corp....... 3 64 Omnibuspf A (8) 2 10 Otis Elevator(60c). 121 13 Otis Steel. ... 7 21¢ Otis Steel pr pf. 4108 22 Outlet Co ( 208 31'5 Owens I1] Glass 55 Pacific Gas & El (2).. 46 Pacific Lighting (3). 7 Packard Motor Car.. 120 Par-Publix cts. 1 Park Utah.. .. 23 Paths Exchang 10 Pathe Exchange 7 Patino Mines. ... 23 Penick & Ford (1)... 12 Penney (JC) (1.20). 107 Penna RR (h30c).... 144 Peop Druz Strs (1 5 Peoples Gas Chi (5). 11 Pere Marquette. 1 Pere Marquette pt. Pere Marquette pr pi Petrol Corp of Am. Pheips Dodge. . Phila Co 6% pf (3).. Phila & Read C& {.. Phillips Petroleum. . Plerce Ofl. Pierce Oil pf. Pierce Petroleum. Pillsbury Flour(60c) Pitts Coal. . Pitts Coal pf Pitts Steel pf. Pitts Terminal Iitts United Corp Pitts United pf. Pitts & West Va Pittston Ce Plymouth Oil. 2 Port Ric Am Tob(A) Port Ric Am Tob(B). Postal Tel&Cable pf. Pressed Steel Car. Proctor & Gam(1%). Proc & Gamb pf (5). Pub Sve N J (2.80).. Public Sve NJ pf (5). Puliman Corp (3)... Pure Oil. .. Pure Oil pf (2). 4 Purity Bakerles (1). Radio Corp. . Radio Corp pf (A).. Radio Corp pf (B) Radio-Keith-Orph. .. RR Sec 111 Cent Stk. . Raybestos-Man (60c) Reading Rwy (1). Rea, Silk Hosier: Remington-Rand. Rem Rand 1st pf. Reo Motor Car Republic Steel Republic Steel pf. Reynolds Metals(1). Reynolds Spring. Reynolds Tob (3). Reynolds Tob B (3). Richfield Oil 2 Rossia Ins of 175 Royal Duteh. ... 28 Safeway Stores (3). 72 Safeway Strs pf (6). 80% Safeway Strs pf (7) 6'4 St Joseph Lead. St L-San Francis St L-San Fran pf. ... Schulte Retail Stores Schulte Ret Stor pf.. Scott Paper (1.40) Seaboard O1l (150c) . Sears Roebuck. - 1x*Seneca Copper. 114 Servel Inc.. ORI R FRIFIF FIE EE RN FEEESREEFLE S 4 285 Sheil Unfon Ol pf. 4% Simmons Co. 4% Simms Petrolm (2. 3 Skelly OH. . 22 Skelly Ofl pf ww 1 814 Sloss-Sheff Steel pf.. 2208 Snider Packing...... 4 Secony Vacuum 40c. 527 Solv Am pf ww(5%). 3 So Port Rie Sug 1.60. 95 27% 25% * South Cal E Southern P Southern 3 Southern 2 So Ry M& O ctfs(4). Sparks-Withington. . Spencer Kel Spiegel-May-Stern. . 13% Standard Brands (1). 1 Stand Com Tobacco. . 5% Stand Gas & Elec. ... Stand Gas&El pf (4), 4 "+ Stand Gas& mi2). 9 § — % +1% +1% e +1% 5 i - % 2R (60¢) - 2 2 ~1% + % + % 21 pf (7). Stand OIl Calif (2) = tand Oil Kansas. + Stand OIINJ (1).... = Sterling Secur cv pf. 315 = Stewart Warner. o= 5% Stone & Webster - 114 Studebaker Corp - 9 Studebaker Corp pf.. 430s 714 Superheater (50c) 1 % Superior Ol Superior St ymington (A 814 Telautograph (1). 10% Texas Corp (1)...... 15% Tex Gulf Sulphur(1) 1% Tex Pacific Coal&Oil. 3% Tex Pacific Land Tr. 5 Thatcher Mfg Co.... . 5: Third Avenie. z RN Firmer Trend Than Industrials. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 26.—Stocks fluc- | tuated nervously at the close of today's session, with the buying at times pre- dominating and at others the selling prevailing. As a rule the rails and the utilities did better than the indus- trials. ‘The market was awaiting a vote in the Senate on the inflation amendment to the farm relief bill, which is expected to be taken tonight or tomorrow. It seemed to pay little attention to the jannouncement by the President and Premier MacDonald to the effect that they had reached a full understand- ing preparatory to the World Economic Conference, a statement not only im- portant, but constructive in the high- est_decree. Traders in stocks, however, talked of little else but the outlook for an ex- panded credit and currency position. Commodities moved as uncertainly as stocks. Most of them left off lower Wheat closed up '4a?; cent. Cotton was practically unchanged in the latc afternoon. Silver was weak, off 70a90 points in the last hour. ‘The market opened fracticnally lower and thrcughout the early trading the 10 Third Nat Inv (90c). 6% Thompson (J R) (1). 13 Thompson Starrett. . 3l Tide Water Asso Ofl. 23% Tide Water Assoc pf. 1'3 Tymken-Detroit Axle 13% Timken Roller Bz(1) 2% Transamerica Corp. . 2% Transue & Will 2% Tri-Contl Corp . 41 Tri-Contl Corp pf(6). 5% Twin City Rap Tr pf. Ulen & Co Und-EIl Union Carb & C (1).. 7 Un Ofl of Calif (1) Union Pacific (6).... Unlon Pacific pf (4). Un Tank Car (140).. Unit Afrcraft Unit Afreraft % 4 United Biscuit (1.60) Unmit Carbon. . . Unit Corp (40c). Unit Corp pf (3) Unit Electric Coa Unit Fruft (2)...... Unit Gas&Im (1.20). Unit Piece Dye Wks. U S & Forn Secur. ind Alcohol. USS Leather. I S Leather (A Leather pr Vipe&Fdy P&F 15t pf 1 U S Steel. ... U S Steel pf (2 United Stores (A). Univ Leaf Tob (2) Univ Pictures 1st pf, 1% Utll PRr& Lt (A)... . Vadsco Sales Corp. . 7% Vanadium Corp..... 1% Van Raalte. . Va-Car Chemical.... 4 Y Va Elec&Pw pf (6).. 20s e 4 <1 total a year ago. turnover was low. measured by recent standards. However, after the over- » | night orders had been executed prices rallied and at nocn were well above the preceding close, with the steels the lead- ers. Besides the reports of the United States Steel Corporaticn and of various | independents given out after the close yesterday, the market read the Iron Age estimate that the industry was operating at 25 per cent of capacity against 23 per cent a week ago. Steels were in demand on this showing. Na- tional Steel crossed 35 in volume for the first time this year. Next in prominence were the public utilities, responding to the favorable power output statement. For the week ending April 22 the figures showed a decrease of cnly 2.6 per cent from the On the Atlantic | Seaboard there was an actual gain over the electricity output at this time in 1932. Short covering was brisk in Western Union and in American Tele- * | phone & Telegraph and advances of % a point or more were reccrded in Pub- lic Service of New Jersey and in De- | troit Edison. Aircraft stocks were the objects of pool support, particularly United Air- craft and Aviation Corpcration. Among general industrials J. I Cace was igher and the sugar shares were | strong, but there was a good deal of | irregularity in such stocks as Amer- ,, | ican Can and Allied Chemical ) ) 1 12% Vuican Detinning. . . 260 24 23 : % 15 Wabash pf (A) . n Walworth Co Ward Bakin (A). Ward Baking (B). 6 Warn Bros Pictures. 3 % 23—y Warner Quinlan..... 2 Warren Bros 5 5 5% + % Warren Bros ev pf.. Warren Found & P +1% Webster Eisenlohr. . Wesson O & Sn (30¢) Wesson O&Sn pf (4). West Pa Elec A (7).. 2108 West Pa Elec pf (6). 120s West Pa Elec pf (7). 408 West Pa Pwr pf (7). 608 Western Dairy pf B.. 1 Western Maryland Western Md 2d pf. 12 3 - X 1 Western Pacific. 2 Western Pacificpf... 1 Western Union. ..... 402 Westing’se Afr B(1). 26 Westinghouse Elec.. 362 Westinghse 1st (3%) 50s Weston Elec Instru.. 21 Westvaco Chlorine Wheeling Steel. ... White Rock M S (2). Wilcox Ol & Ga Wilson & Co. .. Wi'son & Co (A) Wilson & Co pf. Woolworth (2.40). 8 Worthington Pump. . 3415 Wrizley (Wm) (3).. 7 Yale & Towne (60c).. 24 Yeliow Truck. . 3! Young Spr & Wire. .. 714 Youngstown Sh&Tr. 15 Zenith Radlo. 5% 3% Zonite Produc Sales of Stocks on New York Exchange. 10:30 A.M. Payments based on the latest quarterly- or half s Unit of trading less than 100 shares. 1 aPaid this ye e Payable in cash of 14% in stoek 14 | sioc) % in stock. Stock. o Pavable in scrip. r_stock. 3 Plus $1 in special breferred stock m Paid_last year—no resular rate. nPlus 5% in stock. 360,000 1,240,000 2,180,000 annual cash rly declarations. ly extra. —no regular rate b Payable in us 8% in stock. h Plus k Plus 3% in 12:00 Noon Corporation Reports Sales for First Quarter Totaled $120,000,000. Comparison With 1932 Given. By the Associated Press. NEW YORK, April 26.—General Mo- tors Corporation yesterday reported net earnings for the first quarter of 1933, applicable to the common stock, of $4,575,077, equivalént to 11 cents & share. In the like period of 1932 earn- ings per common share were 17 cents. The company's net sales for the period aggregated $120,000,163, com- pared with $149,663,716 in the same quarter last year. Net earnings were $6,870,007, compared with $9,693,027. After deducting preferred dividends of $2,294,930, the amount remaining for the common stock totaled $4,575,077. FOREIGN iXCHARGE. ished by W. B. Hibbs & Co.) G i - d Selling chec val oday. $4.8665 London, pound. . [0134c 9l Wi . zloty . Gopenhagen. ‘crown Oslo. crown .... Stockholm, crown Montreal, ‘discount, P., B. & W. Declares Dividend. BALTIMORE, April 26 (Special) — Directors_of the Philadelphia, Balti- more & Washington Rairoad Co. have declared the regular dividend of $1.50 a share, The dividend is payable June 30, ABOVE 1932 FIGURE Southern Railway has issued its re- | port for year ended December 31, 1832. General balance sheet as of December 31, 1932, shows total assets of $665,- 393,244, comparing with $663,755,703 on December 31, 1931, and profit and Joss ;\(;x;plus of $89,570,183, against $99,361,- Income account for year 1932 shows net loss of $11,218,507 after taxes and charges, the same as shown in com- pany's preliminary statement, and com- 13:: with net loss of $5,922,842 in DIVIDENDS ANNOUNCED NEW YORK, May 26 (#).— Reduced. Pe- Rate. riod. able. e record Russell M C Ltd. Standard_Corp Inc. Tide W Pr $6 pf May 20 Juneit g ol Mfg .. ekans Sugal Lawson R 3 Merchants P Asus Ha <SSS 33333330 B 2nes L8538 EERE 232 i 3, DODODOKKEKOOOODKOREOD XX D000 H E *|GENERAL MOTORS NET|SOUTHERN B, R, ASSETS | Bankers Postpone Meetng IS 11 CENTS A SHARE, BALTIMORE. April 26 (Special).— Annual convention of the Maryland Bankers' Association scheduled to be held next month in Atlantic City has postponed until later in the year. The date has not been set. Due to various developments, it was felt that the bankers might not wish to spare the time to attend next month. It is also felt that new Federal banking regulations would be made effective and Rails came in for more attention ? today. Southern Railway common and .| preferred were bcught on the March , | earnings statements and on the belief that the road would benefit from the , | Muscle Shoals development. While u\southern's gross fell from $6.923.016 in March, 1932, to $5726.338 in March, | this year, net increased from $559.615 ;| to $659.849. Other rails up more or Z1less included Delaware & Hudson, At- lantic Coast Line. Atchison and New *| York Central. Norfolk & Western + | jumped mere than 3 points. NEW YORK EGG MARKET Specizl Dispatch to The Star. NEW YORK, April 26.—Quotations for eggs in the wholesale cash market | today were | Mixed colors: Special packs 161,- 17!3; standards 15':-16: storage packed firsts 16; firsts 14-14!,; seconds 13-13: +medium 13-!,: dirties 13-%,: checl 12-121,. Whites: Nearby selected 19- 20%;; Western receipts. specials 1 18'5; standards 15!5-16 under grades 14':-15. Browns: Nearby ani Western special packs 17-19; standards 16-1612. | NEW YORK BANK STOCKS i NEW YORK. April 26 the-ccunter market: Quotations as of 2 o'clock. s BANKS. Bid. Asked. (). —Over- Netl City (1) Public () .. TRUST COMPANIES. Bankers (i) 3 Bklyn Trust (4) Cen Hanover Chemical (1 80) Continertal (1.20) Corn Exch (i Empire (1) Guaranty (24 Trving (1) ... Manufacturers Y Title tze N ¥ Trust (3 s Title G & T (1.60) United States (60) Includes extra Secured by First Mortgages Safe—Conscrzative Wm. H. Samgders Co., Inc. REALTORS || Dist. 1016 1519 K St. i conditions would be more normal with- in a few months. INVESTMENT TRUSTS NEW YORK, April 26 (#).—Over-the- | counter market: (Quotations as of 12 o'clock.) Pay- Hidrs. of | Corp Tr A A 3|7, 5. TREASURY CERTIFICATES. (Repoited by Chas. D. Barney & Go.) Bi Ofter 101 100 8-3 100 16-32 101 2-32 101 4232 102 10-32 AVOID ECONOMIC WASTE A First Trust Loan on improvéd Real Estate INSURANCE of any kind REAL ESTATE you wish to sell or purchase INVESTMENT Mtllarhopeny vou desire managed Tonsult Floyd E. Davis Co. 733 12th Street N.W. NATL. 0353 ESTABLISHED OVER 40 YEARS