Evening Star Newspaper, April 29, 1933, Page 14

A—14 ¥ FINANCIAL. NEW REAL ESTATE METHOD FAVORED D. C. Financier Would Put All Bank Holdings Under Same Management. BY EDWARD C. STONE. Arthur J. Linn, controller of the Federal-American Bank & Trust Co. of this city, is the author of an un- usually interesting article in the Bur- roughs Clearing House Magazine on *“Meeting the Problem of Other Real Estate.” He says management of the asset known as ‘‘other real estate owned” is tending to become the most serious problem confronting a great majority of bankers. A good many banks have obtained a large amount of ryeal estate in the process of realizing on the security for loans. Other banks have a great mayy real estate loans or are holding many real estate securi- ties All the situations are grouped by Mr. Linn under the comman head of “dis- tress real estate.” He offers a new and unusual plan whereby city banks might set up a co-operative organiza- tion for disposing of some of this real estate in a beneficial way. Some time ago some of Washington's leading bankers took up the plan carefully and declared it sound. The idea is one that might be applied to the closed bank situation here, at Jeast it is worth careful study. Mr. Linn suggests that by co-opera- tion with a logical area banks might save a great deal of the time now giv- en to real estate matters and have much better reports on income and ex- penses on large properties than their | real estate representatives often furnish. | Through this organization they would be in a better position to realize on as- sets, centralize previously scattered ac- tivifies, relieve the banks of all details of supervision and_provide a manage- ment superior to that which had pre- wviously been employed. First Point to Be Settled. The first matter to be eonsidered, he says, would be the capital structure of the proposed corporal % The important phase of the capital set-up is, of course, the values at which the assets of the banks would be transferred to the management cor- poration, It seems essential that these values should be determined in a uni- form manner, preferably by a nation- al appraisal company. The appraisal should include an analysis of the eco- Tomic factors governing the present market and potential values, giving consideration to: Relative advantages of location. Past, present and prospective occu- pancy. Normal operating costs and fixed charges. 'Actual and prospective revenues and earnings. Recgnsmxcuon costs if desirable to remodel buildings for other uses. Costs of reproduction according with Jocal conditions as to land values and | market prices for materials and labor. Condition of the properties in regard to adequacy, deterioration, obsolescence and other factors bearing upon their utility. Ins)urable values of buildings as a basis for adequate nsurance protection and provable evidence in case of loss by fire. i Values for prompt realization. Values to owners buucd upon pres- ent operation expectations. P:.xlslbxlma for future development. Contents of Report. The analysis and report of the ap- praiser, Mr. Linn ds, should set forth the relative desirability of the respective properties, permit the exer- cise of a selective but mnot restrictive judgment as to their operation and Zale, and furnish a sound basis for cap- italization. The basis of capitalization must, of course, be acceptable to the State authorities and the Controller the Currency. O e Securities issued would be of several classes, one class covering the value of any unimproved ground con- tributed by the banks. This class of security would probably be subject to assessments for carTying charges on the assets purchased therewith. The second class of securities would be is- sued for the net equity in improved Pproperty heavily encumbered by prior liens, where there may also be the pos- sibility of an operating deficit. The third class might cover properties that are easily carrying themselves and re- turning a net profit. Management Vital Issue. Management is a prime considera- tion, Mr. Linn declares, for without an improved condition, no plan of consolidation would be effective. The corporation should be able to employ the best real estate and financiol in- telligence available and that manage- ment should have only one duty: to integrate the present scattered ac- tivities, to create the maximum effi- clency in management marketing and finally to effectuate the most fa- vorable realization of assets to the rties in interest. The directorate would necesarily be eonstituted from among the partici- pating banks. However—and this is important—unless the banks have en- tire confidence in the executive man- agement of the proposed company and are willing to transfer to it their real estate problems without reservations, its purposes would undoubtedly be de- feated. ‘The banks must clear their desks and the minds of their officers from these problems that are foreign to banking and concentrate on the business contemplated by their char- ters The savings usually derived from Jarge scale operations should be real- ized—depending of course upon the scope of the organization. Quantity purchasing, elimination of waste in advertising and selling effort, avoid- ance of lost motion and duplication in general management and accounting are economies that should immediately be observed. A direct saving to the participants, Mr. Linn concludes, would be effected due to the transfer of selected officers and employes to the new organiza- tion, thereby relieving the banks of those salaries, cther emecutive expense and all of the overhead incident to real estate management. GOLD STOCKS DECLINE. By the Associated Press. Monetary gold stocks of the United States showed a decrease during the week ended April 26 as compared with the corresponding week last year, as the change was calculated by the Federal Reserve Board. In the table that fol- Jows the total stocks are given for comparable weeks, as reported by the board: Week ended April 26, $4,310,000,000. Previous week, $4,307,000,000. Same week last year, $4,368,000,000. NEW YORK BANK STOCKS NEW YORK, April 20 (#).—Over-the- counter market: Quotations as of 10 o'clock. BANKS SRS Bid Aked. ase (2) ....... - B 2! Commercial (&) " 12! Pirst National (100! Manhattan (2) National City (1). Public (2 Ghemical (1.80) . Continental (1.207 Exchange (4) ~Prev 1933~ Hi igh. 5614 3 11% 6% 15% 14% 15% 28% 85 NEW Today's Add 00. High. 4 26 Stock and ’ Low. Dividend Rate. 13% Abrm & Straus 1.20.. 3 Adams Express..... Adams Millis. Addressograph. Adv Rumley. . AfMliated Prod 1.20.. Alr Reduction (3) Alrway Elec Appl... Alaska Juneau(60c). Alleghany Corp..... Alleg Corp pf $30ww Alleg Cp pf $30 xw Aileghany Steel. 0% Allied Chem & D Allied Chem pf (7) Allis-Chalmers Mfg. Alpha Port Cement. . Amerada Corp (2)... Am Ag Chem (Del).. Am Bank Note . Am Beet Sugar. Am Beet Sugar pf... Am Brake Sh&F 60c. AmCan (4).....cuue AmCanpf (T)...... Am Car & Foundry.. Am Car&Foundry pf. Am Chicle (13). . Am Colortype....... Am Comc’l Alcohol. . Am & Forelgn Pwr. . Am&Forgn Pw pf(6) Am & For Pw pf (7). Am & For Pw 2d pt.. Am Hide & Leather. Am Hide & LeatH pf. Am Home Prod (3). Am Locomotivi Am Locomotive p Am Mach&Fdy(80c). Am Mach & Metals. . % Am Mach & Met ct. Am Metal Co. .... Am Metal pt Am News (1%)..... Am Power & Light. . Am P&L $5 pf (1%). Am P&L $6 pf (134). Am Radiator. .. Am Rolling MilL Am Safety Razor (3) AmSm&Ref....... Am Sm & Ref 6% pt. Am Sm & Ref 7% pf. Am Snuff (13%).. Am Steel Foundry. Am Stores (12%) ... Am Sugar (2)...e000 Am Sugar pf (7) Am Sumatra To Am Tel & Tel (9). Am Tobacco (5) am Tobacco (B) Am Tobacco pf (6).. Am Water Works(1) Am Wat Wks ctfs(1) Am Woolen. .. Am Woolen pf. Am Writ Paper p: Am Zine & Lead Anaconda Copper. Anaconda Wire & C. Anchor Cap (60c). Andes Copper....... Archer-Dantels (1).. Armour of Del pf(7). Armour of Ill (A)... Armour of 111 (B).... Armour of Il pf, Arnold Constabl Asso Dry Goods. ... Asso Dry G 2d pt. Atchison Atchison pf (5)..... Atlantic Coast Line. . Atlantic Refining(1). Atlas Powder. .. Auburn Auto (2) Austin Nichols. 5% Aviation Corp (D 31 Baldwin Locomot. .. 9% Baldwin Locomot pf. 8% Baltimore & Ohlo. ... 915 Baltimore & Ohio pf. 20 Bang & Aroost (2)... 68% Bang & Aroos pf (7). 3 Barnsdall Corp...... 4 Bayuk Cigars. . Bayuk Cig 1st pf(7). Beatrice Creamery. . Beech-Nut Pkg (3).., Belding-Hemingway. Belg N Ry pt pf 4.09. Bendix Aviation Best & Co.... Bethlehem Ste: Bethlehem Steel . Bohn Alumn & Brass Bigelow-Sanford. Bon Ami (A) (15) Borden Co (1.60). Borg Warner. Briggs Mfg Co Briggs & Strat (1) Bklyn Manhat Tran. Bklyn Man Tr pf (6). 4 Bklyn Union Gas (5). Brown Shoe (3)..... Brunswick-Balke. Bruns Term & Rwys. Bucyrus-Erfe....... Budd (E G) Mfg pf.. Budd Wheel .. 214 Bullard Co. 6% Burr Add Mach(40c). 2 Bush Term deb stk.. % Butte Copper & Zinc. 1% Butterick Co........ 81 Byers (A M).. - 30% Byers (A M) pf (2).. 7% Californta Packing.. Callahan Zinc & Ld.. Calumet & Hecla..... Campbell-Wyant Fy. Canada Dry G A (1). Canadian Pacific. ... Cannon Mills (1).... 4 Capital Admin (A).. 15 Case (JI) Co....... s Case (JT) DL (4).... '3 Caterpillar Tractor. Celanese Corp. . Cent Aguirre (1% Cent RROfNJ Century Rib M p: Cerro de Pasco. Checker Cab Mfg. “hes & Ohlo (2%) % Chesapeake Corp (2). Chi & Eastern Il pt.. % Chi Great Western. .. Chl Great Westn pf. 1 Chi MilStP & Pac... 1% Chi Mil StP & Pac pf. 1% Chi & Northwestern. 2 Chi& Northwest pf.. 214 Chl Pneumatic Tool.. 51 Chi Pneu Tool pf.... 2 Chi Rock I&Pas.... 2% Chi R1& Pac 6% pf. 6% Chi Yellow Cab (1).. 5 Chickasha Cot O(1). 2 Childs Company..... 7% Chrysler Corp" T4 City Ice & Fuel (2).. ity Ice&Fuel pf 6% . % City Stores. 1% City Stores (A). 73% Cora-Cola Co (7). 9 Columb G&E1(b80c). 59 Columb Gas pf A(6). 6% Columbia Pict vte... 28% Columb Carbon (2). 4 Commercial Credit.. 18 Comecl Inv Trust (2). 84 Comcl Invev pf(e6). 9 Comel Solv (60c). 1% Comwlth & South 21 Comwlith & Sou pf(6) T% Congol-Nairn (60c).. 61 Congress Cigar (1). 315 Jonsol Clgar........ 40 Consol Gas NY(3.40). 5 Consol Ofl Corp 5 95% Consol Oil pf (8 . 1% Cons RR of Cuba pf.. % Consol Textile...... 1% Container Corp (A).. % Zontainer Corp (B).. 3 Contl Baking (A) % Contl Ba%xing (B 36 Contl Baking pf ( 35% Contl Can (2).... 31 Coritl Diamond Fi 10% Contl Insur (1.20) 1 Contl Motors. 4% Contl Oil (Del). 45% Corn Products (3) % 117% Corn Prod pf (7). 2% Coty Ine....... 23 Cream of Wht t2%. 2% Crosley Radio. . 14% Crown Cork & Seal. . 24% Crown C&S pf (2.70). 9 Crucible Steel. . 16 Crucible Stecl pf. THE EVENING STAR, WASHINGTON, D. C, SATURDAY, APRID 29, 1933 1933~ Btock and Low. Dividend Rate. 10 “uban-Am Sugar pf. 20% Cudahy Packing 2%. 6% Curtis Publishing. .. 48% 30 Curtis Publishing pf. 2% 1% Curtiss-Wright..... 3% 2 Curtiss-Wright (A). S 4% Cutler Hammer. ... 6 1% Davega Stores (h3) 11% 6% Deere & Co pf (20c).. 60 - 37% Delaware & Hudson. 17% Del Lack & Westn. .. - & E e exFrfirans 26% Diamond Mach pff13% 12 Dome Mines (11.30). 10% Dominion Stores 1.20 - 2% Dresser (SR)Mfg(B) 29 Drug Inc (3)........ 32% Dupont de Nem (2) 1% Eastern Roll Mills. 46 Eastman Kodak (3). 3% Eaton Mfg Co. . 10 Elec Auto-Li 1 Electric Boat, 1 Elec & Musical Instr. # 8% ElecPwr & Lt. b O R A I S s Elec Storage Bat ( Elk Horn Coal pf 26 Endicott-Johnso EEEREEERRL Fairbanks Co pf. Fairbanks-Morse. . .. Fairbanks-Morse pf. Fed L & Tr pf (6)... Federal Mot Truck. . Fed Water Service A Fed'd Dep Stra(60e). Fidelity-Phoen 1.20.. 9% Firestone T&R(40c). 42 Firestone T&R pf(6) 43 First NatStrs (2%). 214 Follansbee Bros. 4% Foster-Wheele: 2 Foundation Co 13% Fourth Nat Inv 1. % Fox Film (A). 16% Freeport-Texas 9 Fuller Co pr pf. 2% Gen Am Investors. .. 13% Gen Am Transp't(1). Gen Asphalt. . Gen Baking (2). - N TR IR s Lard sresfres 29 GenCligar (4). 10% Gen Electric (4! 10% 21 Gen Foods (1.60) % Gen Gas & Elec (. 36% Gen Mills (3). 10 Gen Motors (1) 651 Gen Motors pf. 5% Gen Outdoor Adv ( 3% Gen Printing Ink 2 Gen Public Service 18% % Gen Realty & Util. Gen Refractorfes.... Gillette Saf Raz (1). Gimbel Bros. . Glidden Co. . Gobel (Adolf). Gold Dust (120) Goodrich (B F). Goodrich (B F) pt. Goodyear Tire&Rub. Goody'r T&R 1st (2). Gotham Silk Hoslery Graham-Paige . % Granby Consol Grand Unfon. . . Grand Union pf (3).. Grant (W T) (1).... Great Northefn pf. Great Northern Or Great West Sugar. .. 723 Great Wn Sug pf(7) % Grigsby Grunow. % Guantanamo Sug: 2% Gulf Mobile&Nor 6% Gulf States Steel 1% Hahn Dept Store: 45% Hanna pf (7).. 6% Harbison & Walker. . % Hartman Corp (A).. % Hayes Body.... 5 6913 Helme (GW) (17)... 3 Hercules Motor. . 15 Hercules Powder 1% 85 Hercules Pow pf (7). 35% Hershey Choce (3).... Hershey Choc pf(15) Homestake M(110).. 4% Houdaille-Hersh(A). Houdaille-Hersh(B). Househd Fin pf 4.20 Houston Ofl. Houston Oil Howe Sound (40c) Budson & Man (2% 83% Hudson Man pf (5).. 3 Hudson Motor Car... 1% Hupp Motors 8% Illirols Central. 1% Indian Refining..... 24 Industrial Rayon (2) Ingersoll-Rand(1%) Inland Steel........ Inspiration Copper. . Insuranshares (Md). Interboro Rap Trans. Intercont] Rubber... Interlake Iron....... Int Bus Mach (¢ Int Carriers Ltd 20 Int Cement Int Combustion. Int Combustion p: Int Harvester (§0¢ Int Hydro-Elec (A).. Int Nickel of Can.... Int Paper & Pwr (A). 2 Int Paper & Pwr pf.. 3% Int Printing Ink. 13% Int Salt (134). 24% Int Shoe (2). 9% Int Silver 24% Int Silver pf. 5 Int Tele & Teleg. 1% Interstate Dept St... 12 Intst Dp St pf xw(7). 1 _Iowa Central RR. 23 Jewel Tea Co (3) 25% 12% Johns-Manville... 62 42 Johns-Manville pf. 58 35 Jones & Laugh pf( —_ e 4% 2% Kaufmann Dept St.. 12 6% Kayser (J) &Co..... 2% % Kelly Spring Tire. 6 Kelly-Sp Tire 6% pf. 2 Kelsey-Hayes (A) 3% Kelvinator Corp. 30 Kendall Co pf (6). T% Kennecott Copper... /s Kimberly-Clark. 4 Kresge (S 8) 1414 Kroger Groc 373 Laclede Gas pf (5) 2214 Lambert Co (4). 3% Lee Rubber & Tire. .. 34 Len Port Cmtpf3%. 8% Lehigh Valley R R.. 37% Lehman Corp (2.40). 14 Lehn& Fink (2)..... 4% Libbey Owens Glass. 49 Liggett & Myers(5) 49% Ligg & Myers B (15). 13 Laly Tulip Cup (1%). 10 Lima Locomotive...: 6% Link Belt (40c). 10% Liquid Carbonic. . 815 Loew’s Inc (1)...... 19% Loose-Wiles Bis (2). 10% Lorillard (P) (1.20). 18% Lou Gas&El A (1%) 21% Louisville & Nash 4 Ludlum Stee! 9% McAndrew Forbes(1) 13 McCall Corpn (2).... % McCrory Stores A... 2% AcCrory Stores pf. 18 McIntyre P M(11%). 44% McKeesport TP (4). 1% McKesson & Robbins 3% McKesson & Rob pf.. % McLellan Stores, ... 13% Mack Trucks (1).... 24% Macy (RH) & Co (2). 1% Madison Sq Garden.. 5% Magma Copper. . 8 Mallison & Co % Manati Sugar. % Manati Sugar 1% Mandel Bros. . 6 Manhat Elev m 5% Manhattan Shirt.... 5% Marine Midld (30c). 11% 6 Marlin-Rock (1)..... 1% 3% Marmon Motor Car.. 9 4% Marshall Field & Co. + %| 21% 14 Mathieson Alk (1%). +1%)| 108 100% Mathieson Alk pf(7). +2% 23 9% May Dept Stores (1). + W 2% 1% Maytag Co.. . + % 16% 8% Melville Shoe (3.20).. T+ % % =8 Mengel Corneannenast =8 EFFFFEF EERPE YORK STOCK EXCHANGE Recelved by Private Wire Direct to ‘The Star Office. 1308 M @ S Brauwna ommwme |1 JOTOPn O 40 53 60s 624 1 208 2608 3 + % = + % e +2% +4% - +3 +1% + % + 4 + % +1% +1 +1 +2% +1% +1% 1 1 +3 + % +1 i & At B FEF FSRFEF RERFEF o R +4 F +tidtt Fhbd h4 ISTOCKS G0 HIGHER INHEAVY BUYING Advance Laid to Passage of Inflation Bill by Senate. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 29 —Stocks advanced buoyantly under a flood: buying orders, commodities turned sharply upward and the dollar broke in terms of foreign currencies, all in direct reflection of the passage by the Senate of the farm relief bill with its inflation rider. The gains were large in both stocks and staples, but they were not spectac- ular. The real feature was the enor- mous volume of trading. In stocks the turnover inthe first half hour amount- ed to 980,000 shares. On Friday in the same time only 260,000 shares changed hands. The tape fell behind as much as 10 minutes in the first hour, but caught up again shortly after 11 o'clock. Stocks were freely supplied on the advance, but were just as confidently taken. There was a good deal of shift- ing about on the part of professional traders, who would sell one issue to buy another which appeared to have better prospects. On the other hand, there was a very large increase in the out- side public participation, all of it on the buying side. Naturally enough the preference was given to the industrial shares. Next to them the utilities were in demand and the rails came last, although they too went higher. Among industrials it was the commodity stocks, the steels and the motors, which were the leaders. United States Steel common and pre- ferred set new high marks for the year, advancing steadily without intermediate reaction. The same was true of the independent steel companies. In this group the market was responding to the very optimistic news from the trade, and that was true also of the motor stocks, among which the feature was General Motors above $20 a share for the first time this year, But in the main it was inflation prospects that drove prices upward. The farm stocks, J. 1. Case and In- of | wheat the early gain ran to 3 ternational Harvester and the mail or- gomery Waurd, were prominen: advance throughout the sesslon. An industrial which aj to have been out of line was eral Electric, but that was remedied before the close When it went into new ground. nnmh:old stocks ad- | Curb aviation shares Ofl shares vanced moderately, the avia were strong, and the food shares were in urgent demand: latter_group were Corn Products, Bor- den, Beechnut Packing and the sugar bushel, with July within a fract! the highest figure for the crop. Realiz- however. Cotton was up $1.50 a bale. Sugar advanced 9 to 10 points cargo of Cuban raws was bought for May shipment at a new high for the year. Silver opened only moderately higher, ‘but soon swung into line and in the last half hour was up 65 to 125 points. Rub-~ ber, silk, wool tops, coffee were all strong. The dollar was very weak abroad. On this side sterling opened at $3.84, up 5% cents, with advances of 10 peints in francs, 11% points in lira, 3.4 points in belga, 70 points in marks, 43 points in | Swiss francs, 21 points in the Spanish | bill and with corresponding gains to | that in sterling in the Scandinavian cur- rencies. — PARIS BOURSE PRICES. PARIS, April 29 (#).—Three per cent | rentes, 87 francs 20 centimes; 412 per cent rentes, 87.10. Exchange on London, 85.80. The dol- lar was quoted at 22.45. Lumber Shipments. SEATTLE, April 29 (#).—Shipments of 179 mills reporting to the West Coast Lumbermen’s A=eociation last week were 29.17 per cent over production and cur- rent sales 5.3 per cent over production, the assoclation said. Orders booked showed an increase over the previous week of 8.5 per cent. A total of 252 mills produced 85,728,- 586 feet of lumber during the week end- ing April 2, an increase of 5.2 per ing sales cut a part of '.M.l[zln later, | rots, cent over the cut of the previous week. FINANCIAL. Markets at a Glance NEW YORK, April 29 (#).—Stocks strong; commodity issues buoyant. Bonds strong; secondary issues lead upturn. ; industrials buoyant. For- ; firm cables; xenénl buying. Sugar strong; active commission house buying. Coffee higher; trade buying. Baltimore Market Special Dispatch to The Btar. BALTIMORE, Md., April 29.—White mcos, per 100 pounds, 90a1.00; new, el, 1.00; sweet potatoes, bushel, 50 al.10; yams, barrel, 1.75a2.00; asparagus, dozen bunches, 1.50a3.00; beans, bush- el, 1.00a2.00; beets, per half crate, 1.25 al.35; cabbage, hamper, 1.35a2.80; car- , bushel, 40a50; cauliflower, crate, 1.50a2.35; celery, crate, 1.50a2.25; cu- cumbers, bushel, 2.50a3.50; eggplants, crate, 50a2.25; kale, bushel, 15a25; let- tuce, crate, 2.50a3.00; onions, per 50- pound sack, 30a35; lima beans, bushel, 3.0084.00; peas, bushel, 1.00a1.75; pep- pers, bushel, 75a1.00; , bushel, 20a50; radishes, bushel, 75a1.10; to- matoes, lug, 1.00a2.50; squash, bushel, 1.00a1.50; apples, bushel, 35al1.50; strawberries, quart, 10al5; grapefruit, box, 1.50a2.00; oranges, box, 2.00a3.00. Dairy Markets. Live poultry—Capons, 20a25; spring- ers, 21a24; Leghorns, 17a21; old hens, 11al4; Leghorns, 10all; old roosters, 8a9; ducks, 11al4; guinea fowls, each, 25a45; pigeons, pair, 15a20. Receipts, 1,930 cases; current receipts, 13. Butter—Good to fancy, creamery, pound, 22a24; Iadles, 17al18; store packed, 13al4, FOREIGN EXCHANGE. NEW YORK, April 29 (#)—The dol- lar weakened in today's foreign ex- change deslings. Sterling opened 6 cents higher at $3.84, French Francs at .0446 cents were up about 1-10 cent, while Swiss francs advanced nearly half a cent to 21.90 cents. U. 8. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for April 27 were $4,683,874.61; expenditures, $14,082- 645.58; balance, $280,330,113.88. Cus- toms duties for 27 days of April were $15,593,499.22. Todar's ~Prev.1033— _ Stock and Low. Dividend Rate 1315 Met-Gold Picpf1.89. 1 4% 1% Miami Copper....... 3% Mid Continent Petm. 3 Midland Steel Prod.. 26 Mid Stl Prd 15t pf(4) 4 Minn Moline Pow... Minn Moline P pf Minne & St Louis. Mo Kan & Texa: Mo Kan & Texas pf.. Missouri Pacific. ... Missouri Pacific pf. Mohawk Carpet. ... Monsanto Chem 1% . Montgomery Ward. . Motor Meter G & El. Motor Products. Motor Wheel. Mullins Mfg. Mullins Mfg pt 3% 1% Morray Corp. 157 11' Nash Motor. . 25% 13 Nash Chat & StL 3% 1% Nat Acme Co. 46% 3115 Nat Biscuit (2.80). 13% 5'x Nat Cash Reg (A)... 18% 105 Nat Dairy Prod 1.20. at Dept Strs 1st pf. Nat Distillers....... Nat Dist pr pf (2%). Nat Lead (5).... Nat Pwr & Lt (1) Nat Steel (50¢) 813 21 Nat Surety. 18 613 Nat Tea (80c) 8 4 Nevada Con Copper. 2% 1% Newport Industri Newton Steel. . N Y Central. . & Harlem (5). Investors. .. N Y N H & Hartford. N YNH& Hart pf.. N Y Ont & Western.. N Y Shipb'ldg (10¢). N Y Shipbldg pf (7). N Y Steam 1st pf(7). Noranda Min (a1.10) Norfolk & West (8).. North Am Aviation North Am (b8 % stk North Amer pf (3)... 4% Northern Pacific..... Northwest Tele (3) Norwalk Tire & Rul 4% Ohlo O11 3% 13 Oliver Farm Equip. 12 3y Oliver FEqprpf A 3% 1% Omnibus Corp. .. 15% 10 Otis Elevator(60c)... 102 93% Otis Elev pf (6) 4% 1 OtisSteel.. 10% 2% Otis Steel 3 51% 381% OwensIl1Glass(2).. 75 3% 1% Pacific Coast 1stpf.. 10s 31% 20 PacificGas&El(2). 27 43% 26% Pacific Lighting 3). & 15 6 Pacific Miils 360s 81% 65 Pacific Tel & Tel (6). 50s 2% 1% Packard Motor Car.. 1% 3 Panhandle Pro&Ref. 2% % Park Utah.. ....... % % Parmelee Transport. 2% 1% Pathe Exchange (A). 121 5% Patino Mines.. . 4213 25% Penick & Ford (1). Penney (J C) (1.2 Penn Dixle Cement Penna R R (500)..... Peoples Gas Chi (5). Pere Marquette pf... Pere Marquette pr pf NY NY NY Y 3 Y X Phila & Read C & Philip Morris&Co( Phillips Petroleum Plerce Oil. . Plerce Oil pf. PIRLLTY @ S Soren Pitts Steel pt Pitts Terminal Coal. Pitts United Corp. Pitts United pf. 6% Pitts & West Va. 1% % Pittston Co.. 9% 6% Plymouth Ol 1% 8 Port Ric Am Tob(B). 12% 4 Postal Tel&Cable pf. 1% % Pressed Steel Car... 6 3 Pressed Steel Car pf. 40 19% Proctor & Gam(1%). 55% 33% PubSve NJ (2.80).. 31% 18 Pullman Corp (3) 5% 2% PureOfl....... 62 30 PureOilpf (2) 13% 5% Purity Bakeries (1). 6% 3 RadioCorp.... 15% 6% Radio Corp pf (B). 3% 1 Radio-Keith-Orpl 5 Raybestos-Man (60c) 33% 28% Reading Rwy (1) 23% Reading 24 pf (2). 5% Real Silk Hoslery... 2% Remington-Rand 1% Reo Motor Car. 4 Republic Steel. 9 Republic Steel pf. 10% 6 Reynolds Metals(1). 6% 1% Reynolds Spring..... 87% 26% Reynolds Tob B (3).. % % Richfield Oil. 5% 2 RossiaInsof 23% 17% Royal Dutch. . 28 Safeway Stores (3).. 657 72 Safeway Strs pt (6). 102; g LBl Bales Add 00 High. Low. Close. Chee. | High. x?'. 5% MNet. | —Prev. 1933~ 1 15% 16% — % 5% Today's Stock and Bales Dividend Rate. Skelly Oi1 3% 3% 4% Simms Petrolm(25¢c) : 1 6 4 ! 22 401y 58 SolvAm Skelly Ofl pf ww.... 8 | 814 Sloss-Sheff Steel pf.. 1708 6 Socony Vacuum 40c. 248 pfww(5%). 15% So Port Ric Sug 1.60. 17% South Cal Edison(2). 11% Southern Pacific 4% Southern Railway... 5% Southern Railway pf % Sparks-Withington 1 Spiegel-May-Stern. . 13% Standard Brands (1) 1 Stand Com Tobacco. . 5% Stand Gas & Klec.... 5 1% 214 9 32 13% 2y PR 60 4% 5 1% 1% 7 85% 27% 2% 3% 8% FesFe FeedFea"seeB% s Fae » - B R R T R AT S e - 4 18% 1 8% Stand Gas&EIl pf (4). 15 Stand Invest Corp... 19% Stand Oil Calif (2).. 22% Stand 1IN J (1).... 8 Sterling Secur (A).. 214 Stewart Warner 5% Stone & Webster. 135 Studebaker Corp. ... 9 Studebaker Corp pf. 35 SunoOil (1) T4 Superheater (50c) % Superior O1l. . 2 Superior Steel 3% Symington (A). 1% Tennessee Corp 10% Texas Corp (1 15% Tex Gult Sulp! Texas & Pacific Tex Pacific Coal&Oil. Tex Pacific Land Tr. Thatcher Mfg Co. The Fair. . The Fair pf. Thermotd Co. 4 Third Avenue Thompson Products. Tide Water Asso Oll. 23% Tide Water Assoc pf. 113 Timken-Detroit Axle 13% Timken Roller Bg(1) 2% Transamerica Corp.. 2% Transue & Willlams 2% Tri-Contl Corp...... 20% Trico Products(2%). 2 Truscon Steel 3 Ulen & Co.. 9% Und-Ell-Fish 5% Union Bag & Paper.. 19% Union Carb &C (1).. 815 Un Ofl of Calif (1).. 614 Union Pacific (6). 10% Un Tank Car (1.40). 16% Unit Afrcraft....... 13% United Biscuit (1.60) 10% Unit Carbon....! 4% Unit Corp (40c) Unit Corp pf (3) S Leather. . Leather (A) Leather pr pf. Pipe&Fdy (50¢). P&F 15t pf 1.2 Realty & Imp... o 2 ] 3 8 3 Rubber 1st pf... Smtg & Ref (1).. Smtg&Ref pf 3% S Steel. . U S Steel p! U S Tobacco (4. United Stores (A) Univ Leaf Tob (2). Univ Leaf Tob pf(8 Univ Pipe & Rad pf.. 85 Utah Copper........ 1% Util Pwr & Lt (A) % Vadsco Sales Corp 7% Vanadium Corp..... % Va-Car Chemical.... 3% Va-Car Chem 6% pf. 65% Va Elec&Pw pf (6).. 12% Vulcan Detinning... 1% WabashRR . . Wabash pf (A)... Waldorf System (1). Walgreen pf (6%%)... Walworth Co... Ward Baking (A) Ward Baking (B)... Ward Baking pf (1) Warn Bros Pictury ‘Warner Quinlan Warren Bros...... Warren Broscv pf.. Warren Found & P.. ‘Webster Eisenlohr. . Wesson O & Sn (50¢) ‘Wesson O&Sn pf (4). West Pa Elec A (7).. West Pa Pwr pf (7). Western Dairy pf A.. Western Dairy pf B tern Maryland. tern Union. Westing’se Air B Westinghouse Elec. . Westinghse 1st (3%) W cqaacaacqcacea nuunnRunn Wlicox Oil & Gas. Wilson & Co. . ‘Wilson & Co (A). ‘Wilson & Co pf. ‘Woolworth (2.40) 8 Worthington Pump. . 6 Wright Aeronautical 34% Wrigley (Wm) (3).. 7% Youngstown Sh&Te. 89 % Zenith Radio... . 4 1+ 4 & S8 F Fes sasevssfs e et s A i IMONETARY ‘SANITY: - IS HOPE OF-FRENCH Further Unsettlement of Cur- rencies Would Increase = World’s Economic llis. BY LELAND STOWE. Special Cable to The Star. PARIS, April 39.—The dollar’s de- parture from gold, with its swifte ‘I:!nncq-nnmh repercussion in the form a closer currency protective pr between London and Paris, haswfir:: vinced officials and financiers here that. the World Economic Conference, which* now must convene at an early datel should more properly be termed the® World Monetary Conference. It ir recognized that such questions as tariffen and trade agreements must remal lhel;zgi unbgllt‘::‘e dgennm decision reacl al e dollar’s and 3 stability. pound’r: Paris authorities, however, are still” ln;:z surte w}.:;heru Britain’s and Amer-" ’s return to gold can be agreed uj in such a short period as the next m", or three months, and the real danger- to the world’s recovery which would bé* inherent in a protracted competition:’ between the unpegged dollar andt* sterling 1s by no means discounted. If” there should emerge a monetary war* between England and the United States,’ European economists foresee a stil* higher raising of trade barriers, still’ ;’hnr?;er“&trmz}l:hdtm "gt world com-" e} suc! us uncertaint; in the financial universe as could onl{': accentuate the ills of all nations. o For this very reason, however, there ' is a persistent hope that President" Roosevelt’s intimate conversations with™ the British and French experts may” pave the way to an early return to” monetary sanity and away from sui,’ cl('iall retaliations. e e sole apparent opportunity for Britain and the United States, witn the" co-operation of France, to acoid adding,, a currency war to the already catastro- phic tariff war is regarded here a¥ residing in the contemplated monetary conference. Unless an Anglo-American agreement is reached in that confer:: ence regarding the mutual return to thés gold standard, the Prench will inevi- tably apply & surtax on American im- ports similar to that she long ago ing. augurated as a protection against the devaluated pound’s trade advantages. Since such measures offer nothing curative to the world’s economic stag- nation, it is fair to say that the French, are not anxious to resort to what they know now constitutes no long-run so-, lution. A monetary conference, as & result of these developments, appea fateful in its possibilities and a gre:{; opportunity if the pound and. the’ dollar can make their peace. A (Copyright, 1933.) Dollar Makers BY GEORGE T. EAGER. The last 30 years have shown such 9= steady trend toward easy-to-use mers chandise that to many this will ba known as the “push-button” era. Manw ufacturers who recognize this trend ang. have made products to meet it haves built large businesses. ~ Years ago a research engineer in th%, electrical industry estimated that &~ housewife ironing for a family of five: with the old-fashioned flatiron pusheg- it 12 miles and lifted 2,000 pounds- each year. The whole industry ags gressively pushed sales of electric irol with the result that in 1932 they a used in 99 per cent of the wired homes; Demand for work-saving merchancu;s: r continues despite business conditi Three years ago & company manufag turing “touch-up” black paint for a tomobiles felt that the 0?: method applying it by & brush involved enough, effort to hold back sales. A spray brush was devised which secured its compressed air by temporary attach- ment to the tire valve, Because of poor. general business only 10,000 units were- manufactured and offered to the trade.” Within three months 70,000 had been. sold, with a resultant increase in sales- of the paint. - (Copyright, 1933.) - NEW ZEALAND SURPLUS. WELLINGTON, New Zealand, April. 29 (#).—New Zealand closed her 1932-33. financial year with a small surplus. 7 Contrary to expectations. J. C. Coates,, minister of finance, announced today- revenues had increased in the last three months of the fiscal year sufficiently te- turn what in January was expected to be a budget deficit of more than £500,000 into a surplus of a few thousand pounds, This will permit a slight lessening of. the government’s campaign to cutting- expenditures. 6ffice i{ooms Reasonable Rentals Connecticut Ave. & L St. N.W. Linkins Co., Rental Agents 1733 De Sales N.W. First Mortgages FOR SALE 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. . The Fidelity | Building & Loan Association 3% Zonite Products. . 1 4% 4% Dividend rates as iven in the above s based on the'latest ussicrly or baltyeary table are the annual cash larations. shares. + Partly extra. $ Plus b Payable in in stock. lus | Main Office, 610 13th N. W. Under Supervision of U. 8. Treasury Everyone Now Appre- | ciates the Advantages | of a Savings Account well-managed | Building & Loan Ass0. . . . Such an account in “The Fidel- ity” affords you absolute safety, availability of your Savings and excellent interest return. “The Fidelity” Pays 5% Compounded Semi-Annually