Evening Star Newspaper, May 6, 1933, Page 11

FINANCIAL, N. Y. CURB MARKET Received by Private Wire Direct to The Star Office. A-11 DEMAND FOR STEEL GROWING STEADILY Reports From Industry Indi- cate Rising Prices and Higher Output. ¥ ON NEW YOR STOCK EXCHANG BANKCT0 CONTINUE (CURB 1SSUES MOVE 113 GREDIT POLICY) N NARROW RANGE Federal Reserve Prepared to|Leaders Show Ofily Frac- Resume Open Market tional Changes at Week Operations. End Session. Sales. High. Iow. Close. 67% 66 66 37 54 81 108 5 61 UNITED STATES. (Sales are 1n $1.000.) igh. Low. Lib3%s 32-4' 10120 10118 02 129 IN PROFIT TAKING Small Losses Are Caused by | Lis itn ¢xsss-38 1 U 8 3s 51-5! Selling in Recently Active Issues. Stock and Bale— Dividend Rate. Add 00. High. Low. Close Pflot Radio TubeA. 1 % % % Ploneer Geld (24c). 33 9 Pitney BowesP... 7 2% Pitts'bgh & LE 23 100s 50 50 Pitts Plate G (60c). 1 22 Premier Gold(12¢). % % Prudential Invest. . Pub Util Hd cpf. .. Pub Ut Hld xw... Pug Sd P&L $5 pf. . Pure O1l pf (1%).. Quaker Oats (15).. 108% Stock tod Sele— Dividend Rate. Add 00. Highe Low. Close. Ainsworth Mfg. 2 4% 4% 4% AlrInvevpf.. Alum Co 6TAPT 1% 1508 35 2 u of s 111 Bell Tell §s *5 m Co PL1% T %2 Il Centrf 4s'65... IllCent 4%s 111 Cent 6348 '36. 111 CCStL&N b 111 Steel db 43 5'40 Inland St 4%s Int Rap Trrf bs . 3 %sJ 40-43.. e %5 43-47 Am Cynamid (B).. Am & For Pwr war. Am Founders. Am Gas & EIl (31).. 10231 10418 107 27 BY CHARLES F. SPEARE. $pecial Dispatch to The Star. to take some of the profits that had acerued this week in speculative bonds was indicated in lower prices through- out the active list in today's market. At the same time there were substantial movements in a number of securities that have not been so prominent. The turnover was heavy for the short ses- sicn. Bonds moved in many cases in sym- pathy with speculative stocks and the motive for selling them was the re- actionary tendency that developed in the share market during the day. Losses ‘were not of sufficient size to have a great deal of significance and they left prices much higher than those of a week ago. In a number of active second and third grade railroad bonds the declines were a point, as in Southern Pacific 4'2s, Missouri-Kansas-Texas Adjust- ment 5s and Baltimore & Ohio refund- ing 6s. New York Central debenture 6s had a drop of 3! points. On the other hand, better-grade issues like Atchison 4s of 1950 were up a point, Erie Cansolidated 4s rcse over.a point and Baltimore & Ohio refunding 5s ad- vanced 2 points. Canadian Pacific is- sues were strong, as were those of the Pennsylvania. In the lower grade public utilities a decline in all of the International Tele- phone & Telegraph issues was a fea- ture, but Western Union 5s gained a point. Pure Oil 51:s of 1940, Reming- ton-Rand 5!>s, United Drug 5s and Hudson Coal 5s were strong. The high premium on French francs and rumors in London that France would go off gold shortly, might have influenced the decline in French gov- ernment loans. In contrast to this ‘was the strength in the French City 6s. ‘German government issues were heavy at the start, but later rallied. Swiss 5155 touched a new high record. Cana- dian government 5s®declined over a point and Argentine government 6s nearly a point. Starting in_active and with small changes, the United States Government list later showed a further advance in the discount 3! and 3 per cent issues. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, May 6—Following is | today's summary of corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: Advertising, Printing and Publishing. Holt (Henry) & Co., Inc.—Declared a previously 221 cents quarterly. Sale: Abitibi P&P 5s°53. NEW YORK, May 6.—A disposition | Adams Exp ¢s’48.. 11 Alleghany 6s’44,. Alleghany 5s°50. .. Allis-Chalm 5s'37. Am F P 582030, Am IGCh§%s’4! Am Intl5%s49... Am Metal S%I'I‘I.. 0. Am T&T deb 55’65, Am T&T5%s"43. . Am Wat Wks 5s'34. Am W W &E 6375 Am WrPap 6s"47.. Argentine 6s ‘59 Oc Arm & Co 4%5°39. Atchison gn 45°95. Atchis 45 1905-55. . Atchison 4%s'48. . AU C Lol 4352, AtICL1st4s’52. . AtICL un\4s ‘64, Atl Gulf&WI 5859, Atl Ref db 5s°37 Australia 4%s Australia 53’55 Australia 5s'57. Austrian 7s '43, B&O4%s'3 B &0 4%="60 B & Oref 53’9 B&Orf 5s D 20 B&Orf6sC'95.., 3&0Swdv 5’50, B&OP&WV 45’41 B & Toledo 45'59.... Ban & Aroos 4s'51... Batav Pet 4%s 42, Belgium 6s *55. . Belgium 614849, 55 Bell Tel Pa bs Bell Tel Pa 5s C'60. Benef Loan 6s '46.. Berlin Cy El 63°55 Berlin 638 °50..... | Berlin CE16% | Berlin C El 6%s'59. | Beth Stl pm 58 °'36.. | Beth Stlrf 5542, | Bolivia 7s'58. Bolivia 7s’69... Bolivia 8s '47, Bordeaux 6s '3 Bos & Me s . Bos & Me 5s 67. Brazil 6% '26-'57. Brazil 635 '27-'67,. Brazil CR 7s '52... Bremen 7s'35..... Bklyn Man 6s A ‘68 Bklyn UnGas 5s" Bklyn Un Gas 55’50 Bklyn UnGas 58'57. \ B R & Pitts 43%4s8°57 Budapest 6s 62, Bush Ter con 5s'55, Bush T Bldg 55'60.. Calif Packing 5s'40 Canada 45°60. Canada 4%s '36. Canada 53" Can Nat Ry 415’51 Can Nat Ry 4%8'57 dividend of 15 cents on ciass A stock | Can Nat Ry 415558 | Food Produets. National Distillers’ Products Corpora- tion—W. E. Levis, president of Owens- Tllinols Glass Co., and H. O. Beeschen- stein, vice president, have been elected directors of company. Household Products. Colgate - Palmolive - Peet Co. — In- creased prices of & number of its laun- dry scaps and general toilet soaps. Congoleum-Nairn, Inc. — Advanced | prices of hard-surface floor coverings ranging from 4 per cent to 10 per cent, effective May 20. Miscellaneous. Owens-Tllinois Glass Co.—To take over entire assets Hemingway Glass Co. of Muncle, Ind., | manufacturer of glass insulators, and | also Q'Neill Machine Co. of Toledo, manufacturer of glass bottle blowing machines of the vacuum type; it is un- derstcod that over $500,000 is involved in deals. oiL Censolidated Oil Corporation—Sub- sidiary posted a price of 25 cents a bar- rel for East Texas crude and met prices offered by other companies in Texas fields; previously company had posted a price of 10 cents for East Texas oil. Humtle Oil & Refining—Has with- drawn its_posted price fcr East Texas crude oil because of excessive produc- tion. Texas Corpdration—Subsidiary, Texas Co., met price cuts in Texas fields and in addition made reductions for North Lovisiana_crude ranging from 3 cents to 27 cents a barrel. Railroad and Railrcad Equipment. Pullman, Inc., deficit March quarter 81 5 vs. deficit $878,169. ago, Milwaukee, St. Paul & Pa- ! cific Railrcad—Estimates its revenues from beer trafic at $2,000,000 per annum; income account estimates for 1933 shows net deficit of $18,005,506, based on actual figures for first three months. Colorado & Southern Railway—March et operating deficit $2,067 vs. net op- erating income of $87.456; three months' net operating income $96,559 vs. $310,699. SIS Am e CHICAGO STOCK MARKET CHICAGO, May 6 (/) —Following is the complete official list of transactions in stocks on the Chicago Stock EX- change today: ose. a3l 33%a High. Low. Cl 3312 4la Sales 100 Abbot Lab 100 Alled Prod 412 10 Am Pub Sve pl 4% 100 Assd Tel Ut . v 1500 Bendix Av 1342 5800 Borg-Warner 113 50 Braca & Sons oY 100 Bruce (E. L) 1000 Butler Bros 20 Canal Cons 70 Cen I _Pub Sve pf SW Ut & S W plpt.. NWwW and _business of | o Can Nat Ry 433568 Can Nat Ry 4%s'55 Can Nat §s 69 July Nat 5s '69 Oct. ‘an Nat Ry 58°70.. Can Nor deb 7s '40. Can Pac deb 4s. Can Pac 413546 Can Pac 435 '60.. Can Pac 5s '54. Car Clin & O 6; Cent Ga cn §s. Cent 111 E&G 5: - Cent Pac 1st 43°49. Cent Pac s 60.... Cen Ry NJ gn 55’87 Cert-td ab 53443 Qrfss 7 CB&Q 111 45 "49 Chi & Est I11 5 Chi Grt West 45'59. Chi Ind&L gn 55'66 Chi Ind&L gn 65'66 Ch! M & StP 4%sC C M StP&P 53 75. . CM&StP ad 55 2000 Chi&NW gn 3145'87 Chi & NW gn 4s'87. Chi&NW 4345 2037, Chi&NW 4155C'37. Chi&NW rf 5s 2037 Chi & NW 615 '36. Chi RI&P gn 45’88, Chi RI&P rf 4s°'34. Chi R1&P 43%5'52 Chi RI4%s'60.... .CTH&SE 1st 55'60. Chi Un Sta 5s B'63. Chi Un Sta 61563, C& W Ind 5%s"62. Childs deb 53 '43 Chile 6s '60 Chile 6s "61. Chtie 65’61 J: Chile 6s'63. Chile Cop db §s . CCC&St L 43%sE7 Clev Term 4%s'77. Clev Term 5s B'73. Clev Ter 5% 2 Cologne 6%3 ‘50 Colomb 65 '61 Jan Colomb 6361 Oct. Colon Oil 6s'38. Colo & Sou 4%s°35. Colo & Sou 4%s'80 Col G&E 68 '52 May Col Gas & E 53°61.. Com Inves 53%s'49. Con G NY 4%s’51. Con Gas N Y 5s'57. ConG NY 5%3"45. Con P Jap 6%s50. Cuba R R 1st 55 '52 Cuba Nor 53 45 Czecho 8s '51. Czecho 85 '52. Del&Hud ref 4s°43. CTH&SE in 55°60.. 12 33 0 47 10 9 7 13 10 9 Chi & NW 43%5°49. 119 8 6 1 35 9 44 15 Int Rap Tr 65°32.. Int Rap Tr 7s°32 Iat Coment s Int & Gt Nor Int&GNaj 2. Int Hydro El 6s'44. Int Mer Mar 6s°41. Int Pap ref 53 A'47, Int Pap 6s°'55. IntT&T4%s'39,, IntT&T 4348 '52. . Nt T&T 53 '65. Ttaly 7s 51 Italy Pub 7552, Japanese 5%s ‘65 J: se 643 Kan CF S&M ¢ Kan C P&L 4%s '61 Kan City Sou 3s'60. Kan City Sou 5s'50. Kan City Ter 4s'60. | Karstadt 6543, Kend 5%s 48 w Kresge Found Lack St15s A '50... Laclede Gas 55 34.. Laclede 5% C'53. Lake Shore 3155’97 Leh Val cn 452003, Leh V cn 4%s 2003. Leh Val cn §s 2003, Lig & Myers 55'51.. Lig & Myers 78 "44. Loew's 6s 41 Lorillard 7s44.... La & Ark 53°69.... LouG & El 55 A’ L &N uni 4s°'40... L&N5sB2003.... L &Nrf5%s2003. Lycas 63 '34. w3 McKes & R 5550, Manhat Ry cn 48'90 Market St TS A Marsellle 63 "34.... Mex 4s ast 191045, Midvale Stl 55'36.. Milan 6%s ‘62, . M1l E Ry&L 5s'61. Mil E Ry&L 6s '71.. MSP&SSM 5s gt'38 MEK&T 1st 45 °90., MEK&T5sA'62... MK&T4sB’62... MK & Tadj 5367, Mo Pac gn 4s°75. .. Mo Pacrf 55 A 65 Mo Pac 5s F '77. Mo Pac 5s G '78. Mo Pac 5s H '80. Mo Pac 58 1'81 Mo Pac5%sA'49., Mobile-Ohio 5s '38. Mont Pow 5s'48..,. Montevideo 6s'59.. ssau Elec 4s '51. Nat Dairy 5% s'48. Nat Steel 53°56. ... N Enz T 1st 5352, NOT&M5%s'54. Nw S Wales 55'57.. N Y Cent 3%5°97., N Y Centdb ¢s'34. NYCent4s'ss.... NYCrf4s2013, NYCrf43s2013n NYCrfbs2013... Cent ab 6s '35, YCLS 3%s'98... YC&StL 1st 48’37 YC&StL 4145 °78. NYC&StL5 %85A'74. NYC&StL 1st 6’ N Y Edison 58 C'51. NYEAdrf6%s 41. Y EL H&EP 4s5'49. NY EL H&P 5s '48. NY NH&H 4s'57... NY NH&H 4%s'67 NY NH&H clt 6540 NY NH&H 6s'48... NY Q&W gn 4s'55. NY O&W rf 4s°92., NY Rys Inc 6s'65 NY Rys 63 A '65... N Y Steam 5s '56. . NY Tel gen 4%s ‘39 NY W&B 415 '46. . Nord 63%s°50. Norf Sou rf 5s°6 Nor & Wn cn 43 '96. Nor & Wn div 45'44 North Am Co 55'61. Nor Am Ed 55 C'69. Nor Ger Ltd 6s°47. Nor O T & L 65 '47. Nor Pac gn 3s 2047. Nor Pac 45°97..... Nor Pac 55 D 2047. Nor Pacr16s2047. Nor St Pw 55 A "41. Nor St Pw 63 B"41. Norway 6s '44. Norway 5% 65 Norway 6s '52. Ore Sh L 5s gt Oreg-Wash 4s°6: Orfent Dev 5%s Orfent Dev 6s '53. . Owens I11 G1 5839, Pac GRE 5s5'42.... Pac T&T 18t 55'37. Pan Am Pet 65 '40. Paramount 6s "47.. Param-Pub 5%s'50 Paris Or 5%s'68 Penn sta 4 °48.... Penn 4%s D'81. Penn cn 418 '60 Penn gn 414s'65 Penn 4%s D '70. Penn 4%s'63. Penn 53 ‘64 Penn gen 5s '68. Penn 6%s '36. Penn O&D 412877, Penn P&L 4%s 31 Peop Gas ref Peor & E inc 4590, Pere Marq 4%s'80 Pere M 1st 53 '56 Peru 6s Peru 65 °61. . Phila Co 5s 67 Phila Elec 4s'71 Phila & Read 6s '49 Phillip Pet 5%s'39 Pillsb F M 88 '43. .. Philipp‘ne R 45 '37. PCC&StL5sA'T0 PCC&StL 58 B'75.. P& WV 4%sC'60 Poland 7s "47. Port Gn El 4%s '60 Porto Alegre 8s'61. Por RAm T 68’42, Pos Tel & C 5353, Press Stl Car 6s Prussia 6s 52 0.. 1sss 2 e puommacaRaRean Nia Sh Md 535 '50. 1 195 e P BEBNe S - an BY CHAS. P. SHAEFFER, Associated Press Business Writer. Indications have been given at the Treasury that the open market policy of the Federal Reserve Board will be continued from time to time as the board itself sees fit. The special usefulness of open mar- ket operaiions exists in the fact that the Federal Reserve Banks themselves take the initiative in making funds more plentiful. Under normal conditions, this initi- ative is taken by private borrowers who apply to banking institutions where they conduct their business. If the banking institutions do not have surplus funds it is their normal custom to apply to the Federal Reserve Bank of their district for a temporary loan. ‘The open market policy of the Reserve Board was created as a weapon to com- bat such abnormal conditions as have arisen' in the banking world during the last few years. Since the public does not take the initiative to correct liqui- dation of bank credit, it is necessary for the credit-making authority to do 50 and by its own action increase the amount of credit available in the market. This is done by the purchase of Gov- ernment bonds, issuing new credit for the purpose. The checks given for the bonds will be deposited in banks and thence pass back to the Reserve Banks, either in payment for past, rediscounts or for credit in the reserve accounts of the member banks, where the credit will serve as the reserve base for a possible expansion of member bank loans or in- vestments in at least ten times the volume. Heretofore, the policy has been en- forced when excess reserves of member institutions have fallen below the $500,000,000 level. Grain Market By the Associated Press. CHICAGO, May 6 (#).—Wheat, No. 2 hard, 7412. Corn, No. 3 mixed, 42%; No. 2 yellow, 43%a44'%. Oats, No. 2 white, 27; No. 3 white, 26. Rye, no sales. Barley, 38a60. Timothy seed, 2.25a2.60. Clover seed, 7.25a10.00. New York Cotton By the Assoclated Press. NEW ORLEANS, May 6.—Cotton fu- tures turned irregular on-profit taking today, after entering new high ground for the movement, with early net gains of 60 to 70 cents a bale, but quota- tions for immediate delivery cotton, re- vised on the basis of July futures, jumped forward $1 a bale even, to es- tablish and hold a new 1933 top at 8.56 cents a pound for spot middling. In an active futures market, July at the opening went to 8.65 and October to 8.88, making new highs for the year for the second successive day and the fourth time this week, in response uz a higher Liverpool market and strength of sterling. At these levels, however, profits were taken extensively and the market dropped back to a shade below yesterday's close. There was a slight recovery at the end on short coverings and r\st‘ures closed strong, 5 to 30 cents a bale up from vesterday's close. Cotton range: ‘High. Markets at a Glance NEW YORK, May 6 (#).—Stocks heavy; prices recede under realizing. Bonds irregular; profit-taking slows leaders. Curb irregular: industrials . ign ex: erratic; sterling reacts. Cotton steady; com- mission house and trade buying. Sugar Jower; easier spot market. Coffee higher; foreign buying. CHICAGO, May 6 (P).—Wheat lower; heavy Eastern selling. Corn higher: rains delay planting. Cattle nominally steady. Hogs fully steady, top $4. — BALTIMORE STOCKS. Special Dispatch to The St BALTIMORE, May Sales. Stocks. ‘Arunde] Corporation. .. 350 Black & Decker com . 85 Consolidated 10 Con Gas 57 32 Pidelity 100 Houston Ofl b 555 Maryland Trust O 1365 U‘B Fidelity & Guaranty —_— Bales. High. Low. Close. 5 % Sou Pac 4%s 68 53% 534 Sou P 4%s°69 ww. Sou Pac 4%s'31. .. Sou P&OT 4% Sou Ry gn 4sA’ Sou Ry 58 "0¢. Sou Ry gn 63’56 Studebaker 65 42.. Rweden 5% ! Swiss5%s Tenn Cop 68 B "44.. Tenn W1 P 63 A 47, Tex Corp cv 63 "44. Tex & Pac 53 B '77. Tex & P58 C" ‘Third Av adj 5 Third Av rf 4s°60. . Tob P NJ 6%s 2022 Tokio 5%s°61..... Tokio El Lt 63°63. BY JOHN A. CRONE. Bpecial Dispatch to The Star. ln‘Nzw Yonlx, May 6.—After oven- irregularly higher, stocks on Curb today sold off only to recover after the first half of active than usual, though lower. ara-Hudson Power fractionally yielded. Continued constructive news from trade rters, along with heavy buying of from international sources and further specific corporate developments helped to maintain strength and activ- ity even during the period of early ‘weakness. Commodity shares were the first group given a vigorous whirl. Seeman Brothets rose 3 points to a new. peak. Libby, McNeil & Libby entered new high ground. By this time some of the textile and allied securities were forg- ing ahead. BONDS ON THE CURB Pw A a Pow 55 1Alsbama Pow 5s 7 inum_Co Am 20 Amer G&E_5s 2020 3 Amer G & Pw 0s '30. P &L 6s o 55> 88 ] 5 . & m Roll M 4155 ' m Roll Mill b5 4 > 2338 140 S 1, g 000! R LETN T w. A1t & 2 i, o v ASma S E R B > E> ; o - > oz, *a Q. g b L% AT oo £l o ! 2 CEt CES B 5999 nEEES 22 4613 o8 50t 5% 0! 51010 1011 10134 2137013 704 91" 01 82 974 T Iowa-Nb LP 5s B 'Rl 1 Jers CP&L 415 C 161 ~Zomny 3 '80 125 '56 @ 22222222 - - 55 B y L] i RS 1 SR T3 1 S L3 G 5 1 e 2 ° 8 S5 ot L1 .0 2 2! o, 15 a0, (3 & ) o ooy s Pac G&E 4‘1: F '60 89 Pac E 6s B '41104% E bs C '52 99 o i aE w0000, e, 3 o 2B o L sar >hat 'y 2 3 2 ol i 9913 100 o1 o1la 7% 73 st 60 b56Ya 50% o % o oy R T Tortn o @ Zi . i k) 4t 0r on ™ A O a e SO>0nQ’ oz g2z Am Laun Mch 40c.. Am Lt & Trae (2). ‘Am Maracaibo. Am Superpower. . Am Superpower pf. Arcturus Radio T.. Armstrong Cork. Art Metal Work Asso El Ind p9 1-be. As50 Gas & Elec ‘Asso Gas&Elec(A). Tel Utilities Atlas Utilities war, 17 Atlas Util pf A(3).. 3 Babcock & Wil(1). 300s Bliss Co (EW). 4 Blue Ridge. 2 Blue Ridge pf (a3 4 Bos&Me RR pf A st 10s Brazil Trac & Lt... 19 Brillo Mfg (60c) 1 Bunker Hill & Sull.100s Burma rcts (p1%c) Butler Bros....... Bwana M’Kub Corp Cable&Wire A rcts. Cable & Wire B rcta Cab & W pf k6 1-5c. Canadian Marconi. Carnation Co. 2 Celanese 1st pf....250s Cent States Elec. 19 Centrifugal P40c.. 1 Chesebrough 16%. 508 Cities Service 103 Cities Service pf. 2 Cities Service(BB) 10s Claude Neon Inc... Clev El llum (1.20) 1 Col G & Ecv pt (5) 3258 Colum O1I&G v.te.. 1 Comwlth Edis (5).. 6 Comwlith & Sou wr. 34 Comunty Wat Sve.. Comstock Tunnel CAMCoctfs..... Consol Copper. .... Con Gas Balto 3.60. Cord Corp (10c) Cosden & Co. . Cosden & Co c. Cosden Oil pf cod Courtaulds(p§%c) . Creole Petroleum Crocker Wheeler. .. Crown Cork Intl A. Cusi Mexicana Min Deere & Co. ... Dictaphone Corp. Dow Chemical ( Driver Harris East States Power. East Util Assocv. . Eisler Elec Corp. 1 Bd&Share pf 6 El Bd&Share pf 5.. El Pwr Asso A 40c. EIP& Lopwar.... Elec Shareholdings El Share pp ww Fedders Mfg (A) Fiat rets (p503%c). Frst NtS1st pf 7.. 10: Fisk Rubber(new). 1 Fisk Rub pf (new Flintkote (A) Florida P & Lt p! Ford Motor Can A.. Ford Motor France. Ford Motor Ltd. ... Franklin Mfg pf. General Aviation Gen EI Ltd 20 Georgia Pw pf (6). Glen Alden Coal. .. Gold Seal El(new). 10 Gorham Inc pf.... 1508 5 Gulf Oil of Penna.. 13 Haz AtlasGls t3%. 2 Hecla Mining. Heyden Chem (1) Hollinger Gld t70c. Hudson Bay Min. .. Humble Oil (2) Hygrade Food TP & L pf (6). 1mp Oil Ltd cou 500 Ind Pipe L (30c)... Ins Coof N Am(2). Int Petrol (1)...... Int Products. ... Int Utilities (B)... Interstate Equities Interstate Eq cv pf. rving Air Ch (40c) Italian Superpw A. Lake Shore M (2).. Land Coof Fla. ... Lefcourt Realty pf Lehigh Coal&N 40c Leonard Ofl Lerner Strs . Libby McNeill & L. Lion Ofl & Refin. Lone Star G bé4c. .. Long Island Light. Long Is Lt pf A(7). 8 Long ILcmpt B 6 2! Louisiana L & Ex.. Mare I M(k24 3-5¢) Mavis Bottling A.. Mead Johnson (3). Memphis Nat Gas.. Mexico-Ohio Oil... Mich Gas & Oil Middle West Util. . Mining Corp of Can Montgom Ward(A) Mont Lt HET 13%.. Mountain Prod §0c. 258 14 4 258 e 8 Howed anfore o o - a3 o Nat Aviation. Nat Bella Hes Nat Bnd & Sh (1).. Nat Fuel Gas (1) Nat Investors Nat Invest war Nat Pw&Lt pt ( Nat Service. ... . NatSugar NJ (2).. 1 Nat Transit(80c).. 1 New Eng Pwr pf(6) 80s N Y Shipbldg (10c) 3 N Y Steam (2.60).. Newmont Miming. . Niag Hud Pwr (1). Niag Hud (A) war. Niag Sh(Md)B 20c. Niles-Bement-Pond Nipissing.. . Noma Electric. . ... Northam W ¢ pf 3. North Europ Oil.... North Sta Pw A(4). Northw Yeast (12) 10 Novadel Agne (5).. - a Hownral srmoanBampan a8 e =Ralnnamme nemaks o &« S 5 BraaBon 33 128 s 41% 30% 128 41% 4| Roan Antelope 3| 3.98; 60-dey bills, 3.97%. 108% R R Shares Corp % % Rainbow Lum A. % % * | Rainbow Lum B. %o Reeves D (1%).... Reliable Stores. ... Rice Stix Dry Gds. 23 2 6% 145 1 23 2 6% 14% Roosevelt Field. .. 1 Root Refining ev pt 4% Rubberold Co (1).. Safety Car H&L(1)100s 3t Regis P; St Regis Paj pf..3608 Salt Creek Prod (1) 1 Seeman Bros (21;) 2 Selacted Industries 15 Sel Ind all ¢fs(514) 3008 SelInd prpf (512). 650s Shattuck Den Min., 2 Shawin W&P (50¢) 14 Sherwin-Williams. 450s Sherwin Wms pf 6. 1 Shreveport E1 D Singer Mfg Co (§).. 2 South Penn Oil(1) . 5 Sou Cal Ed pf A 1% 3y 231 Sou Cal Ed pf B 1% SouCalEdpfC1% Spanish & Gen rects Stand Oil Ind (1).. Stand Oil of Ky (1) 5tand Oil of Ohio. . 7 tand Silver & L Stuts Motor Carr. sk ok Sunray 0il Swift & Co Swift Interna Technicolor Tech Hughes (60c) Texon Of1 & Ld (1), Trans Air Transp Tel-Cont Corp wr. 1bize Chat Corp. 3 6 ‘Tung-Sol Lamp b B United Corp war. United Founders 5 K # United Gas. . 23 United Gas war. 'A United Gas pf (1 v United Lt & P (A) 3% 3 UtdLt& PowB... 3 K- B United Lt & Pwr pr % 16% Utd Shoe Mch 234, 755 2y Utd Verde Ext 40c. au 4 4% 24% 50 48 U S Foll (B) (20c). US & Intl Sec. % 3 & Intl 1st pt, Unit Stores vte. Utah A Util Equities Util Eq pf (315 Venezuelan Pete. , Walgreen Co (1) Walker (Hiram) Wenden Copper. West Auto Su A(1) -Low Cafeterfa Woolworth (F W) Ltd (p24 2-5¢)... Wright Harg t20c. Dividend rates v or semi-annual payment. sEx dividend. {Partly extra. :Plu k ] . IPlus 4% in « 35ayable n cash or stock."b Payavie gy ootk f R 14 k Plus 10% n stock. n Plus &< T—no regular rate. g FOREIGN EXCHANGE. NEW YORK, May 6 (#P).—Foreign s exchange easy. Great Britain in dcl- lars, others in cents. Great Britain demand, 3.97%; cables, France de- mand, 455 15-16; cables, 4.56. Italy ; cables, 6.20. .1413; Norway, 20.341:; Swe- den, 20.6912; Denmark, 17.741 erland, 2249%:; Spain, 10.05 al, 3.68n; Greece, .657 Poland, 112.93%n; Czecheslovakia, 3.5515n; Yu- goslavia, 1.53%n; Austria, 14.60n; Ru- mania, .68%4n; Argintina, 30.66n; Bra- 4l, 7.59u; Tokio, 24.25; Shanghai, 25.45; Hcngkong, 26.00; Mexico City (silver peso), 30.10; Montreal in New York, £8.00; New York in Montreal, 113.75. n—Nominal. CONSTRUCTION GAINS, NEW YORK, May 6 (#).—The amount of money involved in last week's heavy engineering construction contracts was the largest since ‘November, 1931, amounting to $54,095,000, the Engineer- ing News-Record reports. Contracts ag- | gregating $37.000,000 for the San Fran- | cisco-Oakland bridge are included in the total. | ageregated $317,327,000, against $398,- 721,000 for the same period last year. Sugar Melt. | January 1 to April 29 amounted to 1,- 140,000 long tons against 1,600,000 in the same period last year. Deliveries totaled 1025000 tons against 1,000,000 in the 1932 period. e DIVIDENDS ANNOUNCED NEW YORK, May 6 ().— Reduced. Pe- Pay- . Rate, riod. able. §ledc!ox%‘ ~3125 Q May 15 May = Regular. Bokrs. N. Inv. (Del)tc Do A .... Company, No. Bhla. Trust 0 00DOOHLYO; ppPE June 15 7lec .. June 1 May15 A tax of 10l “be ‘deducted on divi- dends payable to non-residents of Canada. May 151 3 | $1.25 a ton, raising the Iron Age scrap 20% | 17:: | a ton, its highest level since February, 1 | 1931. 243 | strength, an advance of 50 cents a ton 131, | on valley basic iron having elevated 174 13% 1 231 | {2 dollars based on last | Contracts to date this year- i| NEW YORK, May 6 (#).—The sugar — | melt of 13 United States refiners from } By the Assoclated Press. | NEW YORK, May 6.—Mounting pro- | duction, rising prices and broadening | demand characterize the iron and steel | industry, says the Iron Age. | “Factors contributing to current ex- | pansion of business include seasonal | influences, the release of requiremepts | that accumulated during the bank Yeii- | day, and protective buying, prompted | by the fear of monetary inflation. “The widespread belief that prices “| are definitely headed upward has re- sulted in a general resort to precau- tionary tactics which, in some cases, 23 | verge on speculative activity. The scrap 11% trade, for example, is showing increas- ing reluctance to sell, holding its ma- terial for further advances. The rising tendency of scrap prices is Nation- wide. Heavy melting grade at Pitts- burgh has made the sharp advance of | composite price from $8.83 to $9.25 Pig iron is also gathering ;| the Iron Age composite from $14.01 |to $14.10 a ton, the highest figure since May of last year. | Prices Buoyant. “The strengthening position of pri- mary materials is paralleled by the buoyancy of finished steel prices. Ad- vances of §2 a ton on hot-rolled sheets and hot-rolled strip and $3 a ton on | cold-rolled sheets have just been put | into effect, having been preceded by | widespread’ covering of second quarter needs at previous quotations. The trend in iron and steel may soon be reflected in higher prices on manufactured con- sumer products. The possibility that | increased material costs may soon force an upward revision in automobile prices is already having its influence on mo- | tor car demand. Automobile produc- | tion for April, estimated at 160,000 to | 170,000 nnits, is expected to be equaled |or exceeded in May. |~ “Motor car_requirements, together with tin plate buying and a broadening demand from miscellaneous sources, ac- count in the main for current expansicn of steel production. Ingot output is now 29 per cent cf capacity as against 325 per cent a week ago, increases hav- ing been reported in the Chicago, Pitts- burgh, Buffalo, Eastern Pennsylvania, Southern Ohio, Wheeling and Valley districts. “Pig jron production in April re- bounded sharply frcm the low level cached under the influence of the bank liday. Whereas March output regis- tered a decline of 11.7 per cent from that of February, April production, in terms cf the daily average, rose 18.38 No menthly gain has ap- | this since last September, | which schowed an increase of 15.4 per | cent over August. | *“Total output in April was 623,618 | gross tons, compared with 542,011 tons in March. The April daily rate was 120,787 tons as against the March averag® of 17,484 tons. There was a net gain of | 10 active furnaces during the month, 48 | in operation on May 1 at 2 805 tons a day. | ol 1 incustry still lacks the the building industry and ds. Hcwever, structural steel of the week, swelled by a sin- gle awerd of 120,000 tons for the sue perstructure of a San Francisco bridge, aggregaie 126,135 tons, the largest to- tal since the last week of October, 1931, New projects call for 24,100 tons, of which €2.000 tons is for the substructure and anchorages of the San Francisco Tin Mills Active. “Tin mills continue to be the most active among finishing units in the steel industry. Tin plate output as a whole has increased to 55 per cent from 50 per cert of capacity a week ago. Two or three large producers are fully engaged and several are operating at per cent of capacity. “Replenishment _buying by Jjobbers ‘ha.s also been a factor in the recent expansion cf demand. To what extent | such buying represents the building up of badly depleted stocks as opposed to ocutright expansion of inventory in an- ticipation of higher prices it is difficult to say. Steel producers, however, are inclined to discourage speculative buy- g. In few instances have they pro- tected customers beyond June 30. With primary materials showing pronounced strength, they face the prospect of | higher costs, which would make heavy | extended commitments at present prices | hazardous. | “The Iron Age finished steel com- | posite orice is unchanged at 1.867 cents a pound.” Office Rooms Reasonable Rentals Connecticut Ave. & L St. NW. | ; Linkins Co., Rental Agents ‘ 1733 De Sales N.W. Secured by First Mortgages Safe—Conservative Wm. H. Salegers Co., Inc. REALTORS Dist. 1016 1519 K St LT T ey Denmark 4% ‘62 Denmark 53855 Denmark 6s 4! Denver Gas 5s'51.. D& RGren 4s’36. D&RG W 53°55.. D&RG WEs'T Det Ed 4%s D'61. Det Edison 535 Duquesned}sA'67. East C Sug 7%5'37. Eriecv 4s A '63. Erfe 4s B'53 Union El L&P §8°57 Un Pac 18t 48°47... Un Pac 45’68 Un Pacrf 432008.. Un Pac 43%45°C7. Uait Drug 5853 U S Rubber 68°47... Un St W 6%s A'47. UnStW usswA'H Ohio Copper. .. F 2% 61 .N\w.,,, PDRun0: L tand Fublic Serv 42 71 o 1 s PROPERTY 'ul v s . Pub Sv G 434370, Pure Oil 5%s '37 Pure Ol1 5%s *40 Queensland 7s’41.. Read 4343 A 97, Rem Arms 68 A "37. Rem R 5%sA"4Tww Rhinelbe U 78 "46. Rhine West 6s'52 Rhine Ruhr 6s'53.. Rhine West s '53. . Rhine West 6s ‘55 Rhine West 7s *50.. Rio de Jan 6%s 63, R Gr do Sul 6s 6.:;. RIAr&L4% Rio Gr W clt 4549 Rome 6%s 52 Rumania 7s'59. StL IM R&G 48'33. St L&SF 45 A '50.. StL&SF43%s'18 StL SF 4%a"78ct St L&SF 55 B '50. . StPAKCSL 4%8'41 SanA& A P 45°43. MANAGEMENT Pacific Tin (spcl).. M09 N1 O B o Sans 3 £F] B Elec 53 S G g Yose 7 A ViD Crane 100 Dexter Co . 100 El Househeld " 3 o B Apartment House MANAGEMENT OUR Property Management Service, especially in con- nection with Apartment houses, includes not only renting but taking entire charge of all de- tails—supervising with personal attention and efficiency that will make many savings in overhead, and increase net revenue. . 3 Parker Rust P 2% . 225s Penroad Corp..... 22 Penn P& L pf (7).100s Penn Wat&P (3).. 3 Phil Morris Inc.... 22 3o A0 D i A VR 5229 T = 5 CEEES UtahP&L6s"44.. Util Pw 58’59 ww. . Ut Pow 5%3 "4 Vanadium St 58°41. '43 SEEE o 55555 Erie gen 4s'96 Erle ref 5s ‘67 Erie ref 63 '75 Finland 5%s 58, Finland 6345 Finland 7s '50 Fisk Rub 854 Fla E Coast 58 French Gv 78°49. French Gv 7%#'41. Gelsenk'hen 68 "34. Gen St Cas 5%#'49. Ger Cent Bk Ger Cen Bk 6 Ger Cen Bk 65 '60 O Ger Cen Bk 7s°50. . Ger Gen Elec 65'43. Ger Gov 53865, German 6%s ‘50 B8R A8 amnale Sadadaagdade DRRNnn:; 9 55 Py i 3 3 voneEoSawnnnd g £ 2845 2225 8225 by g Wabash 4%8°18 Wabash 1st il‘ E 100 Nor'west Bancorp . 10 Ontario MIy 100 Potter Co 600 Prima Co 200 Public Svc $! ) Public Sve b 8 - 10909109 69 00 1= b 00 RO 1 v FOREIGN BONDS. 35% 35% 30 w g 3 SSE marts g > @ Sk b 2ac! 3 B0 ymor 20k i fory 2% %335 1 0 Pul 250 Quaker Oats .. A0 Quaker Oats pf . 50 Rath Pack . ot 3 - pongcs s BONE®SSKE BRLRORSRTLD, & sttt : pu=un ot a2 ... - Sl Tugas Azss 292 Lopon DR 3! Sano - i o & This service is rendered for a nominal fee. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 s West El db s Went Sh 1t 43 2361 .=.....=.._ Fee] sion iaka RS ERS SeEsis R £ 235120000 BAEEEARRERE e s-gg A @ SISO 3 2, eas 282228 ros 1 o 05035 - M o BReaAEERNR 8 ... 2 wE . 2 aauog 323 feas ( 33 S22 D@0 ) Saworoln LEasaR-~ FESE R ) PODPYY 93399 g8 )2 O 288 e 0 U S Rad & Tel 200 Util & Ind pf. 00 Vortex Cup.... 60 | Silesia Prov’ 82% | Sinc Oil 6%s B '38. 83% | Sinc O11 T8 A '37... 99 |Sine PL5s’42.... 105 . Skelly O1l 634s°39. 50 | Soissons 6 . -49% | Sou Bell TAT 58’41 . 54% 53 ~ Sou Paccol 4s'49.. 2 b56% 86 56 SouPacrf4s'Sb... P e 5883 3 3 PreoBxeanuiofiag oa ~200! SeEle B £a2; BRI FEEEFE it i * FERER . . P! 3 28 Gt Brit&Ir 5%s GrtNor4%sD" Grt Nor 4%4s E"17. j GrtNor5s C'73 Grt Nor 5%3 B '52., saaa N 0. & 7 282 8 % 3 49% 4 9 105% 50! o a Wis Cent Tm 4s'36. 2 Ygstn S&T s A'78. 2 Ygstn S6T 53 B'70. 4 & 7 BRee® - 838; oo ia i 238 Sopeniein - 3 : i i g £ 835 BONDS. 2000 til 6 0 1 ] B0 La 8a1 BB bias 58 2y 2b Bead"sales today, $5,000, .En £ 3 MORTGAGE LOANS 2% 15 71 . 69% 71, -