Evening Star Newspaper, April 29, 1933, Page 15

FINANCIAL. SPECULATIVE BOND LIST GOES' HIGHER Brisk Demand Appears for Convertible Group—U. S. Loans Lower. BY CHARLES F. SPEARE. 8pecial Dispatch to The Star. NEW YORK, April 29.—Scores of speculative securities soared to new heights in the bond market today. Dealings in bonds, despite the rush for equities, greater than yesterday. .The brisk buying of convertible de- bentures and semi-speculative and low- grade bonds, which was directly due to the Senate’s passage of inflationary legislation, almost overshadowed the declining movements in some of the standard high-grade industrial and railroad loans. United States Government obligations naturally moved lower, though they ex- hibited surprising firmness, both on the exchange and in over-the-counter mar- kets. This steadiness was due to the fact that the Federal Reserve System will be a large buver of these loans as a-result of the inflation measures. On the other hand, it is lkely that insur- ance companies and banks, offered more rofitable opportunities to lend money '5) trade borrowers, are more apt to be sellers of Governments than buyers. Oyer the longer trend, assuming inflation goes as far as its proponents propose, Governments will drift lower. This trend of course will be checked by Re- serve Bank buying, which probably will appear first in those short-term issues selling below par argument that traders used today in ex: plaining their purchases of such leans Foreign Government were active and higher. This was to b2 | expected in view of the weakness of | tife American dollar in foreign finan- cial centers. In this connection Street heard today that many foreign | owers of American bonds, both Govern- ment and corporate issues, will demand payment in gold as such securities ma- ture or interest becomes pnyuhle IMPROVEMENT IN BANK _CLEARINGS IS REPORTED By the Associsted Press were fully 40 per cent| loans generally | BONDS Received by Private UNITED STATES. (Bales are £ $1. onov Low. . 10029 100 26 Lib llu!fil 32247, 10130 10128 Lib 4th fl‘l 33-38 10212 10211 964 95 30 . 9718 !ill((l-fl. 1009 %sJ 40-43.. 10012 %s43-47... 1006 1022 1049 10714 1079 Bales. mn. ADbitibI P&P Es’63. 9 8 44-54..... %s47-53... Alleghany Alleghany 6s°49... 12 Alleghany 6s 6! 25 Allis-Chalm 6s '37. Am Beet Sug 68’35, Am Chain db 6s'33. Am F P 582030.... | Am Sug Ref 6 Am T&T 4% s Am T&T e tr 5s Am T&T deb 53 '60. 2 Am T&T deb s "65. Am T&T 5%s'43.. Am Wat Wks 5534 iAm W W&E6s'15 | Am Wr Pap 6s'47.. Argent 63 Argentine 63 ‘69 Oo Argeytine 6s A '57. Argentine 6s B '58. Arm & Co 4%8°39. Arm Del 5%s 43... Atchis 45 1905-55 Atchison gn 48°95. Atchison 4345 "4 AtICL 1st { At1C L col 48 o e S f| AtICLun4y%s 3t Wes Cils m o | Af1GuASWT Atl Ref db 5837 | Australia 413851 Australia bs Australia § Austrian 7s the | B& O 1t 4’43 r£5s D 2000, rf6sC'95. O Sw dv 53 °50. B & Toledo 4'59. .. Ban & Aroos 4s'51. Batav Pet 43438 42, Belgium 63 5. Belgium 635 '49. Belgium 78 '65. Belgium 73 'G6..... Bell Tel Pa 5s B'48. 100t 10615 102 11:00. 100 29 101 28 THE EVENING STAR, WASHINGTON, D. C, SATURDAY, APRIL 29, 1933. ON NEW YORK STOCK EXCHANGE Wire Direct to The Star Office. | Sales. Hirn. Hudson Coal 68’63, 20 33 Hud & M adj ll‘". I ;7 Hud &M rf Humble O11 1 108 102% l 105-5 10!“ Int Mer Mar Int Pap ref P 0 6% Jugos! Bok 7257 Kln CF S&M 45’36 & 4% Kresge Found 6s'3¢ Laclede 5% s C'53. Laclede 53%s D '60. Lautaro Nit 6s ‘54. Leh Val cn 45 2008, Leh Val cn 6s 2003, Lig & Myers 55'61. Lig & Myers Ts "4 Loew’s 6341, Long Islrf 48 Lorillard 68 '51 . L &N unf 4s toA Lyons 6s'34. McKes & R Man S 1st Milan 6%s ‘62 Mil E Ry&L 6. MK&T Ist 4s°90. MEK&TO8A 62, M K & T adj 58 '67. Mo Pac gn 4s°75. .. Mo Pacrf5s A" Mo Pac5s F'77.. Mo Pac5sG'18. ... Mo Pac 55 H '80 Mo Pacbs1'81.. Mo Pac5%S A 49.. 102% lol llK\ 1104 | 34 143 3 111 845 68y | 68 3315 291, 28Y% 4 INVESTMENT TRUST POSITION BETTER Advance in Stock Market Has Strengthened Assets of Companies. Special Dispatch to The Star. NEW YORK, April 20.—The rise in stocks predicted on the suspension of gdid payments and its sequel, inflation, found the various investment trusts of both management and fixed type in different degrees of liquidity and with varying kinds of portfolios. Consequently, some, have profited | considerably by the speculative move- ments in common stocks. The asset values of their securities have risen sharply. Others have been less fortu- nate, though still in a better position than a week ago. Altogether the trusts as a class have r!ofll!d by the change in the price level of the last few days. Obviously those management trusts that have adhered to the policy of hnldin[ nothing but common stocks have been the greatest gainers. Some of them that early saw the implica- tluns of inflation and had been carry r% amounts of cash became conakl- le buyera of stocks in the middle of M ‘week. chases the; A portion of their pur- later sold at substantial profits. t they held prior to Wed- nesday’s announcement s, most. cases, still below cost, 50 the benefit here was in lifting them out of an un- promising situation to one that seemed to favor further improvement in their lists. This has been sharply reflected ‘ln the price of their own shares. Benefit by Change. Nearly all of the fixed trusts, which were a development following the man- agement trusts, were about 100 per cent holders of common stocks of a highly diversified character. They have bene- fited by the change in the market | trend, so that today there is less talk of 111 idating trusts for which s few months ago there appeared to be an | unsatisfactory future. Another group of trusts which origi- | nally carried out the principle of wide turbing conditions abroad which affected common and preferred stock and bonds, and included in their portfolios large amounts of foreign securities and whose capijal structure ccnsists of debentures, “preferred stock and com- CURB ISSUES GAIN INACTIVE MARKET Passage of Inflation Bill by Senate Reflected in Advance. BY JOHN A. CRONE. Special Dispatch 10 The Star. NEW YORK, April "—mecflh‘ the of the inflation bill by the Senate, ks on the Curb Exchange advanced over a broad front today in one of the most active Saturday sessions this year. ‘The performance of the usual market leader, Electric Bond & Share, was matched by many issues that piled up almost as much volume. higher prices during the course of the session, with the result that most of their shares at once advanced briskly. Thus the rise in rayon lifted Tubize Chatilion to new heights. Pepperell | Manufacturing marked up & number of its_items, including cotton blankets. Consolidated«Gas of Baltimore gained more than a point in response to its earnings of $1.11 & share in the first quarter, against $1.51 in the same 1932 pefiod. . Fajardo Sugar advanced 4 p'\lnu to & new high and National Sugar fining was up 3. lnlunnu comp-ny of North America was the feature of the insurance di- vision. Naturally it stands to benefit from any rise in the equity market, as its portfolios contain numerous stocks. American Cyanamid B quickly touched 9 as the trade told of increasing demand for chemicals from many industries, which now are short of raw materials or needed processing items. The inactive issues shared in the general upswing. In some Instances they advanced, at least on a percent- age basis, more spectacularly than the standard securities. E. W. Bliss was up 100 per cent on its opening deal of 2';. Hazeltine Radio at 3 was up a | point. | Singer Manufacturing, on its opening | trade, sprinted to new heights. The food shares were rather slow to get the inflation stride, but Mead-Johnson, Notadel Agene, Deere & Co.. Great At- lantic & Pacific Tes, the Swift issues rllnd others moved forward in the final our. H. H. Pranklin Manufacturing hit a | new high as Stutz Motors and Cord Corporation hardened. Then the nat- ural gas shares spurted, though anly a Numerous textile companies announced | A . | Cities Service. [few of them attained maximum levels | N. Y. CURB MARKET Reosived by Private Wire Direct to The Star Office. 3% | Mayflower Alm{l) Alum Co America. .2200; Alum Co ofApf 1%. 50! Am City P&L B 15¢ Am Cynamid (B).. Am & For Pwr war, Am Potash & Chem Am Superpower.... Am Superpower pf. | Anchor Post Fence Arcturus Radio T. Asso Gas & Elec. ., Ark NatGas (A)... Ass50 Gas&Elec(A) ‘Asso Rayon. . Atlas Utilities war. Atlas Util pf A(3).. | Benet Ind Loan 1% | Bliss Co (EW).... Brillo Mfg (60¢). .. Buckeye Pipe L (3) Bunker Hill & Sull. Butler Bros....... Canadian Marconi. Carman & Co (A).. 1stpf.... 200 uloid Corp Cent States Elec... Centrifugal P 40c. H 2 ., 85 Citles Service pf... Clev El llum (1.20) 3 Col G & Ecv pf (5).1258 Comwlith Edis (5). ki | Comwith & Sou wr. 1 Comstock Tunnel.. 8 Consold opper. . 18 Con Gas Balto ¥ Consol Royal ( 'Ut) 3 Cord Corp (10¢). 67 | Creole Petroleum.. 27 Crocker Wheeler... 4 Cuneo Press (1.20) Cusi Mexicana Min | Deere & co.. 5 Doehler Die Casl Driver Harris. East G&F As (60c) . East States Power. #astern Ut Asso(1, East Util Assocv. . | Eisler Elec Corp | E1 Ba&Share b6 | K1 Bd&Share pf 6... El Bd&Share pt5.. 1 4 1 508 (1) & ( Nat Fuel Gas (1) s A—IS PRICE GUTS SEEN AS OIL TRADE AID New Proration Order Is Also Expected to Benefit Industry. FINANCIAL. Stock and Bale— Dividend Rate. Ad 00. High. Low. 132 32 56% 6! 5% 5 Middle th! ., Montgom Ward(A) 70s Mountain Prod $0c. Nat American. By the Associated Press. TULSA, Okla., April 29.—Price cuts and existing proration orders kept the attention of the midcontinent oil world centered on East Texas this week and brought a marked reaction in the mar- | keting end of the business after it had shown consideraple activity in sym- | pathy with the prevailing commodity trends. Virtually all the large purchulns companies were paying a flat rate of 10 cents a barrel for East Texas crude, a drop from 50 cents a barrel. ‘The reduction came on the heels of | announcement of a new proration order for the area allowing a maximum of approximately 750,000 barrels dally | output, a figure all larger companies have held as much too high. See Cuts in Output. In the Tulsa area the action in Texas was greeted variously, with strong opinion that production from other fields of the midcontinent probably :eould be reduced sharply for the time ing. Companiss announced their price cuts applied ‘only to East Texas and that they would continue to pay the prevailing 52 cents top on regular gravity scale for production from other pools of Texas, Kansas and Oklahoma. A check of marketers revealed sales have been almost at a standstill since 173 | the Texas Co. made the original price 1% | announcement at noon Monday. Prices 4 had not fallen up to this morning, 614 | low-grade United States motor selling % |at 2 to 2 cents in tank car lots. but 17 | jobbers were holding back to check 11% | the trend before placing new orders, 99 | There was a noticeable spurt upward 814 | 1ate last week and some marketers re- < | ported orders for capacity shipment 3 | until well into May. Engineers’ and geologists’ reports | have lent encouragement to some major 11% operations previously inclined to pes- H % 71 |Simism over the East Texas turmoil 103 | Numerous reports have been filed with 28 | executives, indicating a belief among 12| the technical fraterrity that East Texss - % | will prove a menace only for a short "‘ while if permitted an excessive flow 28% ‘The inclination generally is that the * | principal take their »* | needs from East Texas at 10 cents a | Nat Investors. Nat Sugar N J (2).. New Bradford Oil. . New Jersey Zinc 3. New Mex & A Lnd. Newmont Mining. . NY Hon Ro(t1%) N ¥ Shipbldg (10c) N Y Telpf (6%4)... Niag Hud Pwr (1), Niag 8h(Md)H 20c. Nitrate Chile B. ... North Europ Oil. .. North Sta Pw A(. Novadel Agne (5).. Pac GAE 1st pf 1%, Pan Am Airways. . Paramount Motors. Parke Davis (1). Parker Rust P 234, 415- Penroad Corp. . Penn Wat & P ( Petrol Corp war. Phil Morris Inc. Phoenix Securities. Ple Bakerfes Inc. .. Pilot Radio Tube A Ploneer Geld (24c). Pitney Bowes P. .. Pitts Plate G (60c). Potrero Sugar. ..... Premier Gold(12c). Prudential Invest. . Pub Util Hid xw. .. Pug Sd P&L §5 pf. . 908 Puget Sd P&L 36 pf100s Quaker Oats (15).. 60s Railway & Lt Sec.. 508 Reiter Foster. . 2 Reliance Manage.. 1 Reynolds Investing 1 % | Richmond Bros (3) 150s Roan Antelope. .. 3 Royal Typewriter. . Ryerson (Joseph). 3508 Safety Car H&L(1)5008 3t Regis Paper. ... Salt Creek Prod (1) Security Allied Cp. Seeman Bros (213) Segal Lock & Hrd.. : e wns.. PSP NPT 80 1 1 27 2% purchasers will g | mon stock, have not been so fortunate |as their competitors. After three \)e‘rs of shrinking prices of common | stocks in their portfolios and of dis- | turbing conditions abroad which affect NEW YORK, April 29 —Bank clear- s made a somewhat better showing | tdn for the two preceding weeks in April, although the amount continued below the clearings of a year ago. The Mont Pow 6s "43. Mor&Co 1st 43%45'39 70 81 84 4% B4 BAY 1028 1024 EIP&Lopwar.... 23 Elec P&L 2d pf(A).10758 Europ Elec debrts. 24 Evans Wall Lead.. 1 Falrchild Aviation. 1 Seiberling Rubber. Selected Industries Sel Ind all ¢fs(5%) bO; Shattuck Den Min. E: Shawin W&P (50¢) {for the year. Even the few rail shares on the board bettered. The feature Bf the carriers was Alabama Great South- ern, which rose 5 points to 15. 3% | barrel and decrease their takings from % | other fields where higher prices prevail. 1% Stabilization Seen. 10 This unusual drainage from East Berlin Cy El 6s b Berlin 6335 total for this week at all leading cities in the United States, according to the records of Dun & Bradstreet, Inc., was $3,839.956,000. this amount being 9.4 r cent under that of last year. At ew York City clearings were $2,760,- 940,000. a reduction cf only 2.2 per cent, while the aggregate for centers outside of New York of $1.079,016,000 ! was 23.9 per cent smaller. The betterment this week was re- flected largely in the more favorable | skowing at New York City, where ac- | tivity in the speculative markets in-| creased bank settlements considerably. Relatively, however, losses at nearly all ot the cities outside of New York were somewhat smaller. The decline | continued mainly at some of the West- | efn points, althcugh there was an in- | crease this week at Minneapolis, wi for Southern cities and those of the , Pacific Coast, percentages of loss are | qmte generally smaller than they were in the two preceding weeks in April. Furthermore, clearings this week ex- led those of last week by $550,275, , whereas a year ago there was a d{clme of $549,134,000 during the same | period | “Clearings at leading centers, showing | d reases and increases compared with ose of last year, are printed here-! also daily bank clezrings for the y!u to date: Wes (Totals in thou: nglme 1phi B; (“lsblurlh cd icago .. Detroit Cincinnati St Louis Kansas City aha Sinneapol Richmond Atia bnmme B h‘;nc'xro 5 Portl Beattie WHOLESALE PRICES. {Butter—One-pound prints (93 score), 2p: tub, 25; one-pound prints (92 sgore), 35; tub, 24; one-pound prints (91 score), 24; tub, 23; one-pound wmu (90 score), 23; tub, 22, +Eggs—Hennery, 13al3!;; current re- ofipts, 12a12's Gnvernmtm. graded. 4 mediums, hens, 15; dards, alive—Turkeys, toms, 10, _chickens, Leghorn _ hens, 9a10; Plymouth Rocks, broilers, 2 oultry, 12a14; 12:1 ters, 6a' 24 L.eghom, broilers, 19a21; fryers, al9; roasters, 17a19; mixed colored ochickens, 14a16; keats, young, 25a40; o, 15a20; capons, 25; slips, 18. wPoultry, dressed—Turkeys, hens, 18; ! s, 13; chickens, hens, 15al16; ghorn hens, 13. roasters, 9al0; mouth Rocks, broilers, 18a28; Leg: rn, broilers, 22a24; fryers, 20a2l; | reasters, 20a22: mixed colored chickens, | 3-19 keats, yaunx 28a43; old, 18a23; 21. l li] fi ps ; veal, 11; lamb, 12; lfll hmb 15 pork loins, 10; fresh 12; lmoled hams, 13; strip bacon, xp- llrd 71%; compound, 7. Pruits—Cantaloupes, 6.00; Water- lons 75a1.50; peaches, 1.50; apples, x stock, 1.50a2.00; pears, 3.00a3.50. alligator pears, 3.0083.50; bananas, 1.2582.50; oranges, 2.5083.50; lemons, 4.00a4.50; grapefruit, 2.00a3.50; 4.00; ::nwhml& 2.0023.50; pin hile | & o Beth Stl rf 5; 2. Bolivia 7s ' Bordeaux 65 '34 Bos & Me 4%s'61J. Bos & M, Brazil 614s " Brazil 6345 " Brazil C Brazil 8s ® e Bkiyn UnGas 58'57. Budapest 6s ‘62 BR& Pitts 4348’57 0 Bush T Bldg 55'60. { Calif Packing 5540 200 woRoncewSonrele~nEanaea e Can Nat Ry 433 Can Nat Ry 47,5 68 Can Nat 5569 Oct. Can Nat Ry Can Nor 4128 Can Nor db 614546, C..n Nor deb 73 '40. Can Pac deb 4 Can Pac 4148 '46. Cau Pac 4348 60. Cent 111 E&G b8 Cent Pac 1st 4 Cent Pac 5s 60.... Cen Ry NJ gn 5587 - » (=T =rores - PP 49, C& O con bs 39 |CB&Qen4s CB&Q 1113145 *49. Chi & Est 11158'51. Chi Grt West 48'59. Chl M & StP 4335 C CM&StP ad 53 2000 Chi&NW 4145 2037, Chi&NW rf 55 2037 Chi & NW 615 36. Chi RI&P rf 4s'34. Chi R1&P 4148’62 Chi R 14%s'60 CTH&SE 1st 5560, CTH&SE in 5 '60 Chi Un Sta 4%s '63 C& W Ind 53862, Childs deb 55 '43. Chile 65 '60. Chiie 6361 Jan Chile Cop db 5s 47, Chile Mtz Bk 6561 Chi Mtg Bk 615 '57 Cin Un Trm 55 2020 CCC&St L4 Clev Term 58 B ‘73 Colomb 65 '61 Jai Colomb 6561 Oct Col Gas & E 5s°61.. Com Inves 515849, Con Gas N Y bs .-1 Con G NY 53%8"45. Con Pow Jap 7s "44. Cuba 5%8'45. Cuba R R 1st 5 Cuba Nor 54342 Czecho 83 '51. Del&Hud ref 4s°43 Denmark 43%s '62 Denmark 5% Denmark 6s 4 Denver Gas 5s ‘51 D& RGrcn 4s'36. D& RGr4%s'36 Det Edison rf 5549 D&RG W 58'55.. D&RG W 5s'78.. Det\Ed 4%s D61 Det Edison 6s°62. Det Edison 58 ‘55 Dodge Bros 63°40.. Donner St 7s 42 Duquesne4 % 8A'67. Dutch East I 6s'47. Dutch East 1 6s'62. apples, rhubarb, per bunches, 40a50; _cranberries, ’15. Boneydews, 1.75a2.25; limes, per 100, % Vegetables — Potatoes, Maine, 1.5 New York, 1.10; Florida, new, m-rel-. #50a4.75; Idaho bakers, 1.75a2.00 slveets, 50a60; cabbage, new, 1.00a1.50, surnips, 75; parsnips, 1.25a1.50; celery. 0082 lettuce, Iceberg, 3.2583.50 orldl 1.25a1.50; string beans, 1.00a 00; limas, 1.50a2.50; eggplant, 2.758 ioo. tomatoes, repacks, 3-pan, 1.75a 3900 lugs, 2.50a3.00; caulifiower, 1. 200: carrut.s, cmu 1.25a1 4 orates, 1.25a1.40; okra, pan, 75; aspar: , 1.2582.5 h, 50a65; kale, 25a ¥ Spring onions, per 100 bunches, 150; squash, 1.00a2.00; salsify, per n bunches, 60 cucumbers, bushel, 450a5.00; peas, 1 00; peppers, 1.00a 1.50; squash, 1.25a1.50. Truck Orders Placed. CLEVELAND, Ohlo, April 29 (P).— K 'G. Bean, president of the White for 22 heavy-duty trucks from the roger Grocery & Bak! Co. of Cin- nati for immediate delivery and for D trucks from the Fedelio Brewing Co. New York. He mded l,hne sales show increase of 22 over the first qulrwr of 1932 Ind lhlt Avrfl business _is per cent h East C Sug 7%s'37. Erte Con ¢s Eriecv4s A 53 Erie 4s B '63. Erie gen 45 '96. Erie ref 53 °67 Krie ref 58'76 Fiat deb 7s " Finland 5%s 58 Fisk Rub 85 '41 Fla E Coast 68'74.. 1 French Gv 784! French Gv 7%#'41. Gen Baking 5%5'40 Gen Cable 5% Ger Cent Bk 63'38. . Ger Cen Bk 65 '60 Ger Cen Bk 63 600 Ger Cen BX 78 '50.. Ger Gov 5%s8'65... German 6% ‘50 1 German Rep 78 '49. GoodHopeS&1 7845 Goodrich 68 "45. Goodrich 633 °¢7 Goodyr Rub 58’67 Grand Trunk 6#'3i Grand Trunk 7s'40. Gt Brit&Ir 5%s ‘37 10 Grt Nor 433 D Grt Nor 443 E 7 Grt Nor 58 C'73 Grt Nor 5%s B 'u. Grt Norgn 7s Greek 6568 16% 16% 7 77 3% 70 63 46 S Wales 58'67.. Nw S Wales 55'58 NY Cent 334597, Y Centdb 4s°34. NYCent4s'y NYCrf4%s NYCrf4i4s 2010 NYCrf6s2018... N Y Cent db s '35. NYC&StL 414578, NYC&StL5 % 8A"74. NYCA&StL 1st 65'32 N Y Edison 55 B'44 Y Edison s C'51. NYEdrf6%s'41. N Y EL H&P 48°49. 494 49 60 BT 18% 174 20 20 13% 13% 104 108% 1034 1031y 109 109 961 9615 521 511 6615 65 65% 651 4815 4814 57% BTy 101% 101% 39 38 105 105 93 921 9514 95 6714 6714 611y 61 69 68 3514 35 897 8814 5214 b2ma T 6% 69% 69 93 92 100 100 814 81y 837% NY O&W rf 4s N Y Tel gen 4 NY W&B 4%s 46 Nord 6%s'50.. Nor & Wnen 4896, Nor & Wn div 48’44 North Am Co §s’61. Nor Am Ed 65 C'69. Nor Am E 5% . or Ger Ltd 6s°47. NorOT&L 6s 47, Nor Pac gn 38 2047 Nor Pac 4s'97... Nor Pacr16s2047. Nor St Pwis A "41. Nor St Pw 6s B 41, Norway 58 '63 Norway 5% Norway 6s '43. Norway 6s '44 Norway 6s'52 Oreg- h 48 Pac G&E 53°4 Pac T&T 1at b Pac T&T rf bs Pan Am Pet 6 Paramount ¢s Paris Or 5% s Penn sta 43 48. Penn 4%s D ‘81 Penn cn 4% '60 Penn gn 4% Penn 4%8 D '70. ... Penn 58°64. Penn 634136, Penn P&L 43581, Peop Gas ref 58 '41. Pere Marq 415 '30. Pere M 1st 53 Peru 63°60. .. Peru 6861, 86% 86 9% 79 1007 100% 10215 102% 102 9214 924% 73% 8% 99 9 9% 9% 68% 674 8% 8% Phila & Read Philippine R 4 Poland 6: Poland 7s '11. Port Gn El 4%s Porto Alegre 85'61. Pos Tel & C 58 '53..22. Prut 98% 981 3% 3% €7 66y 92% 924 9% 8 % 175 54 51% 40% 40 39% 39% 3915 393 5814 584 14 13% 138 16% Pure Ofl 53 Pure O11 6% Queensland 7s°41. Read 4%s A "7 Rem Arm: Rem R 5% 8A’ fl" 20 Rhine West 7s '50. 10 Rio de Jan 6%s '53. 15 RioDeJanext8s4¢ 1 RGrdoSul8s'46.. 2 RioGr W 1st 439 5 RlArbLl%l‘l . 10 8813 8814 37w 3T 39% 39 16% 16% 15% 15% 15% 15% 28 28 36% 36 94 9% 581 58l 1 5 SIL'SF 4% '78ct st St L SW 1t 58°52 StP&KCSL 4 %8'41 St P Un Dep 58°7 SsnA& AP 45 Shell U O 58 '4ww Shinyetsu 6348 '52. Sinc Oil 6%8 B'38. Sinc Ol 78 A '37... Sinc P L 58 '42. Skelly O1l 5% Solssons 6. Solvay Am bs "4 Sou Bell T&T 68’41 Sou Pac col "4 41% 41% 95 94 7% 9T% 101% 101w 1017 101% 48% 46% 66% 45 44y 4“ 59 36 71 31% 45% 1 8 35 102 102 102% 101% 5. Sou Pac 4%s 68 Sou P 4148°69 ww. Sou Pac 4%s'81. Sou P&OT 4343A'77 Sou Ry gn 48A'56 Sou Ry 5s '94 Sou Ry gn Sou Ry 6% 'l Sou Ry M&0 ¢« SW Bell T 63 A '5¢ StOfINJEs StOIINY 4% Studebaker 65 "42 95% 91% 109% 109% 4“4 3% ™ 66 664 87% 86% 56% 55 'I'Al'.n EP§%s'T1 Pes AT, 77 77 77 7315 70 63 | 464 | 46 | 49% 60 18% | 20 137 | ]HSL‘ 1034 109 963 621 | 6615 | 651 481 573 10114 | 3816 105 93 95 67 61 15 351 8815 537 | 764 69t 9214 | 100 | 81% 83% | 19 100% ; 102% 102 36 6% | 99 924 | 3% | 9Th | 79% | 68% 8% 9814 134 67 92% 9% 1% 54 40% 393 39% 58% 14 13% 16% 8814 384 39 16% 15% 16% 28 36% 9 58% 15 41 41% 9% 97% lom 101% 7 664 45% 45% 45 59 37 71 45 48% 35 102 102% 93% 109% | bonds have advanced. ithelr holdings not only of foreign dol- lar bonds but foreign bonds in cwu- rencies, they adopted the policy last year of reducing their domestic com- mon stock list and foreign bonds of both kinds and investing heavily in bonds of American corporations. In one instance these purchases were divided between bonds of first grade and of comparatively small return and bonds in the lower ratings on which | the average yield was 8 per cent. The reduction in their common stock list has prevented them from realizing the |amount of appreciation that would have come to them had they retained their original portfolio, though this has been to some extent recovered in the appreciation of their second and thira quality domestic bonds. On the other hand, their high-grade mortgages have declined as “equities” and speculative ‘They also had | substantial amounts of cash. A few were buyers last year of United States Government securities. The investment trusts that special- ized in particular groups of stocks, such as those of oll producers, banks and insurance companies or pubic util- ities, have had varying experiences from the recent movements in stocks. The oil stock specialists have been favored. | To some extent this is true of those basing their future values on bank stocks. On the other hand, the trusts that were formed in 1929, when public utilities were the most popular medium of speculation. have had such a heavy depreciation that the small average ad- vance last week in the common stocks of the power and light companies has made little change in their position. Have Averaged On Stocks. Still another class of so-called “in- vestment trusts” are those that have been formed in the past two years and whose purchases of stocks have been | confined entirely to “equities” and have been made at various times when the market was on the decline. They have never had to contend with the amount of depreciation that faced the 1929 trusts, though paper losses have been heavy where stocks were accumulated on the breaks in 1931 and in the early part of 1932. However, they are nearest to their cost prices of any of the trusts, for some of them had the courage to pick up many of the low-priced indus- trials when they were selling & few months ago well below today's level. ‘This has given them an average on their stocks that might readily bring their entire list to an average over their total investment cost, if the market for common stocks should advance an- other 10 points as it has done so far this month. (Copyright, 1933.) e i RAILWAY EARNINGS. NEW YORK, April 29 () .—March net rallway operating income of roads reporting yesterday included the fol- lowing: 1933 1932 Western Maryland... $271,778 $293,096 Denver & Rio Grande ‘Western . . 15870 60,069 Louisville & le 277,013 708,048 NEW BOND OFFERINGS. NEW YORK, April 29 (#).—New bond offerings marketed in New York this week totaled $1,550,000 against $26,550,- 000 last week and $6,483,000 & year ago. Third Av rf és'60 Third Av adj 55°60. Tob P NJ 6% s 2022 x Tokio 5552 Toklo 5%s 61 Tokio El Lt 6s°53. . Union El L&P 58’57 1% 8A'6 Un Pac 4%8 Uait Drug 68 63 U 8 Rubber bs '47. UnSt W 6%s A 47- Uruguay 6s Uruguay 8s ‘4 Utah P & L 58 Util Pw 68’69 ww. Utll Pow 5§ 47.. Vanadium St 65°41. Vienna s '52. a2 Va Ry 1st 65 A 62, Va Ry & Pw 5334, Wabash 1st 68 '39 Wabash 6s D '80 Walworth ‘Warn Br Pl 6 ”- Warsaw 78 '58 West Sh 1st 48 2361 West El db 68’44 . West Md 18t 48’52, West Md 5%s'77.. West Pac 58 A "46 West Un cl tr 68 Yokohama 6s°61. .. Y'ttn M’l‘ b8 A"l. BONDS 0‘\! 'l"lll CURB es in Sal | thousnd: T e Py 48 1 Alab Am $Am ROl Mul g 4 Appalach Pow 5 ' & L 58 E=SEsrzocic g HEEEE 2 Midwt U 58’33 cv cod 7 Midwt U 55’34 cv cod T _ 2on SSIgEddsgs § - 35 223323 2 5 s e amIssanse R SSRGS 4 o =R R iS50 S 7 3 0% a4, 51 1215 <1 e i 19 LS A R SN L i A O By ool & 337 38, - 'y’ | o 2oz 99, n?ni 2 =) B o8 EEPLE) ) o) <EFER.E > en, :D 21 ® _ __ pegees F ot $E2, £e2:nx Eienly P o o pees k £ o) o .‘-—wau-»—.‘%;.aa.—.aé:;u- eg’ig:agg’ E *of ~599°200 B etior 25, 555 "0, 55w 2 :Qddddddd? P2z 2222 Py L Fajardo Sugar. ... 800s Falcon Lead...... 9 Fisk Rubber (new). 64 Fisk Rub pf (new). 6 Florida P & Lt pf.. 1008 Ford Motor Can A. Ford Motor Ltd. General Aviation.. 33 Gen El1Ltd 20 z-5c. 1 | Gen G&E cv pf (B) 50s | Gen Pub Service pf 30s Gen Theat Eqevpt 19 Glen Alden Coal... 17 Georgia Pw pf (6). 2 Gorham v.t.c. (p1). Gray Tel Pay Sta. . 100s Grt A&P T n-v(17) 21 Great A&PT pf (7). 208 Groc Strs Prd vte.. 1 Gulf Oil of Penna.. 20 HandPage pf ku,n 8 Hecla Mining.. Heyden Chem (1 | Hollinger Golat8oc Hudson Bay Min Humble Ol (2).... Hygrade Food. . | Ins Coof N Am(2). |IntHy EIScpf3ls int Petrol (1). . Int Safety Raz (B) | Int Utilities (B). .. | Inters: Eqcvpt. | trving Air Ch (40c) Lake Shore M (2 | Lerner Strs pf ww. Libby McNeill & L. Lone Star G bédc.. 6 Long Is Lt pf A(7). 108 Louisiana L& Ex.. 1 1 1 17 508 8 2Ward Bak 6s '37.. 91% 91! 3 Wash G L ref bs ‘58 st 17 Wes Tex U 85 A '57 40% 4 Denzis Por Bl SEu x-wmmuz arrants. S When ssusd CHICAGO STOCK MARKET | By the Associated Press. CHICAGO, April 29.—Following is the complete official list of transactions in stoth on the Chicago Stock Ex- change toda; m.} mgh Low. Clgse. 300 Asbestos Mg 3350 Bendix Av . 11300 Borg-Warner o BuomGeam iz, » " e CacBoZie R Wt & hosonSen R i & FE R LS » ERBDRGD - R rs01 100 snbond 4804 Roeb. 0 Stortine Bura ot 11100 Switt oo 5900 Bwift 200U 8 Gy) 350U B Rad & 350 Uil & Ind. loovul & Ind ex Cup 2nmw sreen 0 Wi Wiee Bepkshrs i Stock sales—100.000. Bond sales—None. COTTON MILT.S RESUME FULL-TIME OPERATION Special Dispatch to The Star. D ., April 29.—The Riverside & Danville Cotton Mills, gl EH “”&grnlmtm.m rirtt | Trans Alr Transp. . ““ Texas serves a double purpose, breaking 4 g | the “head” of water and gas drive and légz‘eumixuung the fleld from the flush = classification, while at the same time 2;,' conserving the more or less settled 1974 production from other midcontinent sources. 14% | ‘The operators in nmed areas where 248 | wells already have “‘paid out” are not 5y, | in the condition of those in East Texas, 18 . | Where many producers have still to re- 28 | gain their original investments. The | suffering from low prices will be con- 131 ;fined largely to East Texas, but low 161 | Prices have been the custom in many 231, | Sections of that fleld, due to the activity of the oil bootlegger. 22%| An unofficial spokesman for one of % | the major companies said he believed g% the ultimate result of the large produc- 7 3% 11 2 Singer Mfg Co (8).. 20. Smith (A ). 3501 S0 Am Gold & Plat. SouCal Ed pf A 1% Sou Cal Ed pf B 1% Sou'land Roy (20c) South Penn O11(1). Stand O1l Ind (1).. Stand Oil of Ky (1) Stand Oil of Ohlo. . Stand P&L pf (7).. Stand Silver & Ld. . Stutz Motor Car. Swift & Co. Swift Internat’l(2) Tampa Elec 2.24. Tonopah Belmond. s 1 2 7 1 1 8 6 1508 Tri-Cont Corp wr. Tubize Chat Corp.. Tung-Sol Lamp. .. United Chem pt pf. United Corp war. .. United Founder: United Ga United Gas pf United Lt & P (A). Utd Lt& Pow B... United Lt & Pwr pf Utd Shoe Mch 234 . .750; U S Foil (B) (20c). U S & Intl Sec. . U S & Intl 1st pf. Utd Verde Ext 40c. Util Pwr & Lt Util P&L pf ( Util Equities pf Venezuelan Pet: Watson (J W). tion and low prices in East Texas would | mean stabilization for the industry be- | fore Autumn without guvernmenul aid. : VIRGINIA BANK RECORD ;| IS SUBJECT OF ADDRESS By the Associated Press. | LEXINGTON, Va., April 29.—The lot | of Virginia banks and their depositors during the depression will be compared with the fortune of banks and depositors | in other States by Dr. §. D. Southworth of the College of Willlam and Mary at | the annual convention of the Virginia Social Science Association here Friday, | May 5. | Dr. Southworth, professor of eco- nomics at the Williamsburg institution, ,wm present the findings of a year's v of Virginia barking conditions in a paper to be delivered before the eco- | nomics section of the association 4% 4% | meeting. * %N Dr. John A. De Gruehy, assaciate pro- based on fast | fessor of economics at the University of ayment. *Ex | Virginia, and the author of & volume de- Fagatiel; | scribing’ the activities of the Btate's banking division, will lead the round table discussion of Dr. Southworth’s nndlnn to follow the delivery of this SonnnTa-Bamn s orero - Woolworth (F W) Ltd (p24 2-5¢)... Wright Harg t20c. Yukon Gold... Dividend rates in dolla guarterly or semi-annual igldenc: 1Partly extra. IP a Payable in cash or stoc Stock. ® Adjustment dlvlflend. in Hock Frue 2% 1o stock in stock. us in 3 in stock. mPlus 3% in stock. 148 o * 148% RANDALL H. HAGNER & GOMPANY INCORPORATED REAL ESTATR PROPERTY MANAGEMENT Statement with remittances forwarded to owners promptly in current months. Careful Supervision of Maintenance Costs Maywmq” ZKMQ,aMEZQ? MORTGAGE LOAN GORRES#OND! PROPERTY MANAGEMENT Apartment House MANAGEMENT INSTEAD of being bothered with this, that or the other detail in the management of your apartment house proper- ties, appoint us to take charge of them. You will enjoy the services of our Property Management Department, which has had long and successful experience —prorperly nguhtmg expense B. F. SAUL (3() 925 15th St. N.W. , Nat’l 2100 MORTGAGE LOZANS