Evening Star Newspaper, May 20, 1933, Page 10

A—10 * ORE CARE URGED INGITY FINANGING .- Investment Bankers Offer t ~ Six-Point Program as Economy Steps. BY EDWARD C. STONE. Local members of the Investment Bankers’ Association have just received copies of a six-point program for more practical economy and more efficiency in taxation and public expenditures in connection with municipal securities municipal financing. The program was adopted at the board of governors’ Spring meeting at White Sulphur Springs. Here are the six points: 1. Overlapping governments should be consolidated because “local taxing and administrative units have become too numerous for efficient operation. This condition has grown out of various circumstances during our recent period of expansion. The tendency toward re- organization and consolidation is show- ing itself in scme of our communities, but it has not as yet accomplished suf- ficient results.” 2. Municipal governments are indis- pensable to the general welfare and must be maintained at whatever odds. Economies must be maintained and tax levies reduced where possible, but cer- tain taxes must be paid because the municipality has been not only the first line of defense against distress and starvation, but certain taxes must be paid if our health, lives and property are to be safe. A closer understanding and co-operation between officials and taxpayers is necessary. More Frequent Bills Urged. 3. Tax bills should be sent out at Jeast quarterly and perhaps even monthly. Uncer the present system revenues begin to come in six months to a year after the related expenditures begin. This necessitates short-term bor- rowing. Other difficulties in the pres- ent system are “too numerous and too evident for enumeraticn. Spreading the tax payments over the entire year should overcome a large part of these troubles. There are some obstacles in connection with this program, of course, but they are by no means in- superable. The annual saving in the cost of tax-anticipation financing and the satisfaction of operating on a cash basis would justify the change.” 4. More frequent tax collections should provide a quarterly or thonthly control of expenditures. Operation out- g0 would be curtailed according to in- come; but any plan for improvement in financial administration demands that accounting methcds be raised to a higher level. 5. State supervisory control of mu- micipal finances in event of default is recognized as a desirable method of dealing with defaults, since municipal corporations are creatures of the State and it is the duty of the State to administer the finances of its subdivi- sions in event of a breakdown in a community’s credit. Must Catch Up on Taxes. 6. “It is mandatory upon our States and municipalities to find some methos of catching up with themselves on tax delinquencies.” Accummulations of past due obligations are one of the most serious threats to local government credit. Tax levies should be reduced ‘where possible, but this year apparently requires “some sort of a levy over and above operating expenses and debt service. This excess, as small as special situations can stand, should be set up as an additional asset to offset obliga- tions which already existed because of these delinquencies.” The report was presented by E. Fleet- ‘wood Dunstan, Bankers’ Trust Co., New York, chairman, and is signed by 21 members of the committee. In his quarterly letter to stockholders, President Frank L. Dame of the North American_Co. has this to say of the Potomac Electric Power Co.: “The ninth consecutive annual reduc- tion of the electric rates of Potomac Electric Power Co. was put into effect on February 20. Direct savings to cus- tomers for this year under the new schedules will amount to approximnately $400,000 and indirect savings through a decrease in street lighting charges to about $150,000, an uf‘:gne saving of $550,000. The reducti apply to all classes of service in the District of Columbia and adjacent territory. “Hydro-electric power was received in Washington for the first time on March 3, when the new 220,000-volt transmission line from Ellicott City, Md., to the new Takoma Park substation was placed in operation. Inter-connection with the lines of the Consolidated Gas, Electric Light & Power Co. of Baltimore now provides an outside source of power which supplements the Potomac sys- tem's steam clectric generating facilities. “Work is progressing on the new Buzzard Point plant, wheih upon com- pletion of the first unit about the end of, the year will add 35,000 kilowatts capacity.” Local Dividends Due Soon. The quarterly dividend of 13; per cept on the common stock of Washing- ton Railway & Electric Co. will be paid on June 1 to stockholders of record Jupe 18. The preferred dividend is due on the same date. The_ recently declared dividend of $1 a share on Lanston Monotype stock will be paid on May 31 to stock of rec- rd May 18. 9 %‘he gotomnc Electric Power dividend of 134 per cent on the 6 per cent pre- ferred,and 13 on the 5! per cent pre- ferred are both due on June 1 to share- holders on May 13. The payment dates on Peoples Drug 1ssues differ. The quarterly payment of $1.621, on the preferred will be dis- bursed June 15 to stock of record June 1, while the 25-cent dividend on com- mon will be distributed July 1 to stock of record June 8. International Business Machines Cor- poration, which has a plant in Wash- ington, has been designated the official timekeeper of the Chicago Century of Progress Exposition and is now install- ing & system of 200 large electric clocks throughout the grounds and exhibition buildings, to insure uniformly correct time within the inclosure of 424 acres, where the World Fair is to be held for five months. To the same electric time circuit the company is also connecting about 50 attendance and job time recorders for the use of the 5000 employes of the exposition. In addition, concessionaires and exhibitors will be permitted to in- stall in their own booths and exhibit spgces electric clocks that may be con- neeted with the power lines of the time system. Gleaned in Fihancial District. Prof. James H. Rogers of Yale Uni- versity, an economic authority on gold, inflation and international relations, is in Xhe city to consult with Government officials on these subjects, stopping at the Mayflower. Norman E. Towson, assistant treas- urer of the Washington Loan & Trust Co,, addressed the weekly meeting of the Business and Professional’ Women'’s Ciub of Arlington County, Va. He dis- cufsed the effects of recent national legislation on business and the values of ,securities and commodities. “It is the velocity of circulation which more than any other factor distinguishes prosperity from depression,” he asserted. Three prominent officials of Wash- ington building and loan organizations are attending the Southeastern Building and Loan Conference in Winston-Salem today. They are Willlam S. Quinter, secretary of the Building Association Cauncil of the District of Columbia; vard C. Baltz, secretary of the Per- ?lll Building Association, and Carl J. ergmann, treasurer of the Washington P anent Building Association. irectors of Pennsylvania Water & Pawer Co. have declared the usual quarterly dividends of 75 cents per share on the common stock and $1.25 per share on preferred, payable July 1 1-. stockholders of record at the close ~.¢.’business June 15, 2 E FINANCIAL. LH,_ EVENING STAR, WASHINGTON, D. C., SATURDAY, MAY 20, 1933. FINANCIAL. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. 8314 17 32% 12% 9% 32 17% 2! 54 20% k) 5% 16% 30 13% 6 1'% , 6T% Bteck and 1933~ Low. Dividend Rate. 5% Addressograph... 7% Affiliated Prod 1.20.. 47% Alr Reduction (3). 11% Alaska Juneau(§0c). % Alleghany Corp..... 1 Alleg Corp pf $30ww 5 Aileghany Steel..... 70% Allied Chem & D (6). 6 Allls-Chalmers Mfg. 5% Alpha Port Cement. . 5 Amal Leather pf 18% Amerada Corp (2)... 7% Am Ag Chem (Del).. 8 Am Bank Note...... 34" Am Bank Note pf (3) 2% Am Beet Sugar pf... 491 AmCan (4).....euue 614 Am Car & Foun Am Chcle (13).. 13 Am Come'l Alcohol. . 1 Aun Encaustic Tiling 3% Am European Secur.. 3% Am & Foreign Pwr. 64 Am&Forgn Pw pf(§) 4% Am & For Pw 2d pf.. 44 Am Haw Stship (1).. 214 Am Hide & Leather.. 13% Am Hjde & Leath pf. 29'; Am Héme Prod (3).. 3% Am Ice Co. % Am La France&Fom. 1% Am La Fr & Fom pf.. 5% Am Locomotive...... 8% Am Mach&Fdy(80c). 31 Am Metal Co. . ' Am Metal pf. 4 Am Power & Light 9 AmP&L$5pf (1%). 97 Am P&L $6 pf (1%). 4% Am Radiator B 5% Am Rolling M 20% Am Safety Razor 4 Am Ship & Com..... 11% Am Shipbuilding (2). 10% Am Sm & Ref.. 3 4215 Am Snuff (13%)..... 4% Am Steel Foundry... 37% Am Steel Fy pf (2).. 30 Am Stores (12%). 2115 Am Sugar (2). 6 Am Sumatra Tob 861 Am Tel & Tel (9) 49 Am Tobacco (5). 50% am Tobacco (B) 102% Am Tobacco pt (8) 10 Am Type Fdrspf.... 10% Am Water Works(1) 915 Am Wat Wks ctfs(1) 315 Am Woolen. . I 22% Am Woolen pf. . 2 Am Writ Paper ctf: 2% Am Zinc & Lead. 5 Anaconda Copper. 8% Anchor Cap (60¢c). 9% Archer-Danfels (1).. 41 Armour of Del pf(7). 1% Armour of Il (A). % Armour of 11l (B).... 7 Armour of Ill pf. 1% Arnold Constable 2 Artloom Corp. . % Associated Apparel.. 12% Atlantic Refining(1). 9 Atlas Powder. . 81% Auburn Auto (2). % Austin Nichols...... 5% Aviation Corp (Del).. 3% Baldwin Locomot. .., 9% Bualdwin Locomot pf. 8% Baltimore & Ohio 9% Baltimore & Ohfo pf. 681 Bamberger pf (63%).. 20 Bang & Aroost (2)... Barker Bros... 3 Barnsdall Corp Bayuk Cigars Bayuk Cig 15t pf(1). Beatrice Creamery. Beech-Nut Pkg (3). .1 Belding-Hemingway. + Bendix Aviation. Bethlehem Steel pf. . Blaw KnoX......c... Bohn Alumt% Brass Bon Ami (A) (15). Borden Co (1.60) 5% Borg Warner..... 2% Briggs Mfg Co...... 21% Bklyn Manhat Tran., Bklyn Man Tr pf ( 31% Bklyn & Queens 63% Bklyn Union Gas 1% Brunswick-Balke. ... % Bruns Term & Rwys. 2 Bucyrus-Erfe % Budd (EG) Mfg. 1 Budd Wheel. 21 Bullard Co. % Bulova Watch......, 6% Burr Add Mach(40c). 1 Bush Terminal . % Butte Copper & . 1 Butte & Superior.... 1% Butterick Co. . 8l Byers (A M). 30% Byers (A M) pf (2) 7% California Packing. . % Callahan Zinc & Ld.. 2 Calumet & Hecla.... 7% Canada Dry G A (1). 7% Canadian Pacific 14 Cannon Mills (1) 30% Case (J I) Co 3 Celotex Co. % Celotex vic Cent Aguirre (1%).. CentRROfNJ... 52 Century Rib M p£(7). 5% Cerro de Pasce. . 1 Certain-teed Prod. 24% hes & Ohto (2%). 147 Chesapeake Corp ( % Chi & Eastern I11. . % Chi & Eastern Ill pf.. 1% Chi Great Western 2% Chi Great Westn pt.. 1 ChiMilStP&Pac... 1% Chi Mil StP & Pac pf. 1% Chi & Northwestern.. 2 Chi& Northwest pf.. 2% Chi Pneumatic Tool., 5% Chi Pneu Tool pf.... Chi Rock 1 & Pac ChiR1&Pac6% ChiR 1& Pac 7% pt. Chi Yellow Cab (1).. Chickasha Cot O(1). Chile Copper. ... Chrysler Corp'n. City Ice & Fuel (2).. ity lce&Fuel pf 6%. 4 City Stores..... Coca-Cola Co (7) Colgate-Palm-Peet. . Coliins & Atkman. Colo Fuel & Iron Colo & South 1st pf. . Columb G&EI(b80c) . Columb Gas pf A(6). Columbfa Pict vic. ... Columb Carbon (2).. Commercal Credit. . 16 Comc'l Credit (A). 18 Comel Inv Trust (2). 9 Comcl Solv (60c) 1% Comwlth & Southn 21 Comwlth & Sou pf(6) 7% Congol-Nairn (60c). 31 Consol Cigar 1% Consol Film. 5% Zonsol Film p > 40 Consol Gas NY (3.40). 83 Consol Gas NY pf(5) 214 Consol Laundries. ... 5 Consol Oll Corp..... 1% Cons RR of Cuba pf. % Consol Textile...... i Zontainer Corp (B). 3 Contl Baking (A). % Contl Baking (B). 35% Contl Can (2). 314 Contl Diamond 10% Contl Insur (1.20) 1 Contl Motors 4% Contl O1l (Del) 45% Corn Products (3) Coty Inc........ . 23 Creamof Wht t2%.. 14% Crown Cork & Seal. .. 24% Crown C&S pf (2.70). 1 Crown Zellerbach. 9 Crucible Steel. 16 % 14 10 3 20% Cudahy Packing 2. 61 Turtls Publishing. .. 135 Curtiss-Wright. ..., 2 Curtiss-Wright (A). 4% Cutler Hammer. 1% Davega Stores...... 6% Deere & Co pf (20¢). 87% Delaware & Hudson., Sales Add 00. 16 Net. ~Prev. 1033~ High. 21% 37% 3214 71 17% 26 13% 4 16 18% 13% Stock and Low. _ Dividend Rate. 17% Del Lack & Westn. .. 2 Denver& RG W pf. 48 Detroit Edison (4). .. 26% Diamond Mach pf 13 171 Diamond Match (1).. 12 Dome Mines (1.55)... 10% Doug Alrcraft (75e). 2% Dresser(SR)Mfg(B) 29 Drug Inc (3). 7 Dunhill Intern: 324 Dupont de Nem (2 90 Duquesne Lt 1st (5). 1% Eastern Roll Mills. .. 46 Eastman Kodak (3).. 314 Eaton Mfg Co 10 Elec Auto-Lite. 1 Elec & Musical In: Sales 15 EngPSwwijl 3% ErieRR 5 3 Eureka Va Cleaner. Evans Auto Prod. ... Fairbanks Co. . Fairbanks Co pf . “airbanks Co ctfs rbanks-Morse Fairbanks-Morse pf. Fashion Park Asso Federal Screw Wks. . Fed Water Service A Fldelity-Phoen 1.20. . Firestone Ta&R(40c) . Firestone T&R pf(6) First Nat Strs (2%). Follansbee Bros i Foster-Wheeler Fourth Nat Inv 1.1 Fox Film (A) = Freeport-Texas (2).. Fuller Co pr pf. . 61 Gamewell Co. 23 Gen Am Investor 13% Gen Am Transp't(1).. Gen Asphalt..... Gen Baking (2).. Gen Bronze. . Gen Cable..... Gen Cable (A). Gen Cable pf. - Gen Electric (40¢). Gen Foods (1.60). Gen Gas & Elec (A Gen Mills (3). Gen Motors (1) 4 Gen Motors pf (5). 4 Gen Outdoor Adv Gen Outdoor Adv (A) Gen Printing Ink. Gen Public Service. . Gen Ry Signal (1)... Gen Realty & Util 4 Gen Kealty & Util pf. Gen Refractorfes. Gillette Saf Raz (1).: Gimbel Bros. .... $ Gimbel Bros pf. Glidden Co..... Glidden Co pr pf (7). Gobel (Adolf). . Gold Dust (120). Goodrich (B F). Goodrich (B F) pf. Goodyear Tire&Rub. Goody'r T&R 1st (2). Gotham Silk Hoslery Gotham S H of (7). Graham-Paige. Granby Consol. Grand Unfon, Grant (W T) (1). % Great Northern pf. 4 Great Northern Ore Great West Sugar. Great Wn Sug pf(7). Grigsby Grunow. ... Gulf Mobile&XNor pf. Gulf States St Hahn Dept Stores Hahn Dept Stores Hamilton Watch. Harbison & Walker Hartman Corp (A). Hartman Corp (B). Hayes Body Hercules Powder 1% Hershey Choc (3) Holland Furnace. Homestake M(110) 1 Houdaille-Hersh(B). % Househd Fin pf 4.20 Houston Ofl... Houston Oil (new). Howe Sound (40c) . Hudson Motor Car. H.1pp Motor 814 Illirois Cent; 16 Illinois Central pf. Iilinois Cent 11 (4). Indian Motor Cycle % Ind Motor Cycle pf. Indian Refining..... Industrial Rayon (2 Ingersoll-Rand(1%). Inspiration Copper. . Insuranshares (Md). Interboro Rap Trans. Intergont] Rubber. Interlake Iron Int Carriers Ltd 2| Int Cement. .. Int Combustion Int Combustion pf. Int Harvester (§0c). Int Hydro-Elec (A).. Int Merchant Marine % Int Nickel of Can 4 Int Paper pf Int Paper & ¥ Int Paper & Pwr (B) Int Paper & Pwr (C). Int Paper & Pwr pf.. Int Printg Ink pf (6) Int Rys Cent Am. Int Salt (1%) Int Silver. Int Silver pf..... Int Tele & Teleg. 1% Interstate Dept St. 12 Intersta Dept Stor pf 11 Island Creek Coal(2) 23 Jewel Tea Co (3). 12% Johns-Manville. . 35 Jones & Lauch nf(1) 613 Kansas City Southn 12 Kan City Sou pf (2) Kayser (J) & Co. Kelly Spring Tire Kelvinator Corp Kennecott Copper, Kimberly-Clark Kinney (G R) Co. Kinney (G R) Co pf Kresge (S S). ger Grocerv (1) Lambert Co (4 Lee Rubber & T Leh Port Cement. Len Port Cmt pf 3% . Lehigh Valley Coal. . 4 Lehizh Val Coal pf. . Lehigh Valley R R.. Lehman Corp (2.40) Lehn & Fink (2). % Libbey Owens Glass. Ligg & Myers B (15). Lily Tulip Cup (1%4). Lima Locomotive % Link Belt (40c). Liquid Carbonic Loew's Inc (1) Loft Inc. ... 4 Long Bell Lumb(A). Lorillard (P) (1.20).. Lorillard(P)pf (7). Louisiana Ofl. . 5 Loulsiana Oil pf Lou Gas&El A (1 Loutsville & Nash Ludlum Steel. . % McAndrew Forbes(1) 3 McCall Corpn (2).... 3 McCrory StoresA. .. McCrory Stores pf. Mclntyre P M(t1%). 4 McKeesport T P (4). MecKesson & Robbins McKesson & Rob pf.. McLellan Stores. ... Mack Trucks (1), Macy (RH) & Co (2). Magma Copper. Manati Sugar. Manhattan Elev gtd. Manhat Elev mod gtd 4 Manhattan Shirt. Maracaibo Ol Exp. Marine Midld (80c).. Marmon Motor Ca 4 Marshall Field & Co Mathieson Alk (1%). May Dept Stores (1). Maytag pf ww . Melville Shoe (1.20). Mengel Co. . & Mef-Gold Pi, Maxican Petrim Miami Copper.... Mid Continent Petm. Midland Steel Prod Minn Moline Pow. . Add 00. High. Low. 96 31% 29% Net. Close. Che. | High. 29% — % | 1n 6 J&EL L FRIEERE ¥ +l4++10 — ~Prev.1033~ = Stock and Low. ' Dividend Rate. % MSIP&SS Marle... 4 Minne StP&SSMLI.. Mo Kan & Texas..... Mo Kan & Texa: Missour! Pacific. ... Missour{ Pacific pf.. Mohawk Carpet. ... Monsanto Chem 1% % Montgomery Ward. . Morrell (J) & Co (2) 4 Mother Lode . Motor Meter Motor Products. Motor Wheel Mullins Mfg. Mullins Mf pf. ray Corn Nash Motor. Nash Chat & St L. Nat Bella Hess pf Nat Biscult (2.80) Nat Cash Reg (A) at Dept Strs 1st pf. at Distillers. . Nat Pwr & Lt (1). Nat Steel (50¢). Nat Supply Co Newport Induistrie; N Y Alr Brake N Y Central. N Y Chicago & St L. NCChi&StLpf.... N Y & Harlem (5) N Y Investors. . N Y N H & Hartford. N Y N H & Hart pf.. N Y Ont & Western. . N Y Railways pf N Y Shipb'ldg (1 N Y Steam pf (6).... Noranda Min (a1.10). Norfolk Souther: North Am Aviation. . North Am (b8 % stk). North Amer pt (3). % Northern Pacific 1% Oliver Farm Equip:. 1% Omnibus Corp....... 215 Oppenheim Collins. . 10'& Otis Elevator(60c) . 3 Otls Steel o 214 Otis Steel pr pf. 315 Owens 111 Glass (2 20 Pacific Gas & El (2).. 25% Pacific Lighting (3).. 6 Pacific Mills........ 1% Packard Motor Car. , Panhandle Pro&Ref . Par-Publix cts . Park & Tilford Park Utah. Parmelee Transport. Pathe Exchange (A). Patino Mine-. .. Penick & Ford (1) 4 Penney (J C) (1.20 Penn Dixfe Cement. . Pefina RR (500)..... Peoples Gas Chi (5). Pere Marquette. Pere Marquetta pf, Pere Marquette pr p e Q. w % Petrol Corp Phelps Dodge....... Phila Co 6% pf (3).. Phila& Read C&1... Philip Morris&Co(1) Phillips Petroleum. . Pierce Oll. = Pierce Oil pf. Pierce Petroleum. Pil}sbury Flour (1 4 Pitts Steel pt. 4 Pitts Termiral Coal. Pitts Term Coal pf.. Pitts United Corp... Pitts United pf. Pittston Co. Plymouth Oil. .. Poor & Co (B). Port Ric Am Tob(B). Postal Tel&Cable pf.. Prairie Pipe Line 4 Pressed Steel Car. Proctor & Gam(1%). Proc & Gamb pf (5).. Producers & Refin. .. Pub Sve N J (2.80) Public Sve NJ pf (6). Public Sve NJ pf (5). Pullman Corp (3). ERSI=I TSI T - < PO JOTe 2 re e 8-3 Radio Corp. .. z Radio Corp pf (B)... Radio-Keith-Orph. .. Raybestos-Man (60c) Real Silk Hosfery. .. Remington-Rand. Rem Rand 2d pf.. Reo Motor Car. Republic Steel Republic Steel pf. Reynolds Metals(1) Reynolds Spring. . Reynolds Tob B (3). Richfield Oil o 4 Ritter Dental. . Rossia Ins of Amer. Royval Dutch (803c) Safeway Stores (3).. Safeway Strs pf (6).. 4 Safeway Strs pf (7). St Joseph Lead...... St L-San Franeisco. . St L-San Fran pf.... Savage Arms. . % Schulte Retail St 4 Schulte Ret Stor pf.. ' Seaboard Air Line. .. Seaboard Alr Line pf Seaboard Oil Del 60c. 4 Sears Roebuck Second Nat Inv, Seneca Copper. 4 Servel Inc. .. Sharon Steel Hoop, 4 Sharp & Dohme..... Sharp & Dohme pf(2) 5% Shattudk(FG) (24c). 4 Shell Unfon Oll. 2814 Sheil Union Oll pf. 4% Stmmons Co.. ~Prev. 1933~ High. Low. 4% Simms Sloss S| Snider Secony SRpEEEEes’ Southe: Sperty |+I+I_Lll|l|++ Standai Stand G Sterlin; Sterlin, Sterlin, Stewar Studeb Studeb: Sun Of L B Telaut Therm [N I SN Transu Tri-Co Truax Ulen & UnoOil Union 4 Unit Al 4 United Unit D; Unit F! Unit G: 4 Unit Pj S Gy Ru Ru U S Tol United w £33 Univ P 85% 654 Va Ele 3% 1% Wabasl 4% Walwo; LI+l 1140+ +++14++ 24% 3% Wester: Westin, Westin, Wheell Wilcox % Wilson Wiison Wilson Worthi 6 214 Yellow 29% 18 Yellow 24% 1% 3 Zenith 4% in stock. a Pai Skelly OIl. .. Spiegel-May Stand Gas & Elec. Stand Gas&El pf (7). 3 Stand Ofl of Cal (1).. % — % Stand Oil Exp pt (5). 99 Stand Oil Kansas Stand OIIN J (1).... Stone & Webster. Superheater (50¢)... Superior O1l. Texas Corp (1)...... Tex Gult Sulphur(1) Tex Pacific Coal&Oil. Tex Pacific Land Tr. Thatcher Mfg Co.... Thompson (J R) (1) Thompson Products. Thompson Starrett. . Tide Water Asso Ofl. Tide Water Assoc pf. Tide Wat Oil pf (5).. 4 Timken-Detroit Axle LS Timk Roll Brg (.60).. - % Transamerica Corp. . - % Tri-Contl Corp pf(6). % Trico Products(23%4) Und-Ell-Fisher (50¢). Union Bag & Paper.. Union Carb & C (1) Union Tank Car 1 % Unit Carbon. .. Unit Corp (40¢) . 4 Unit Corp pt (3). Smtg & Ret (1).. USSteel...... U S Steel pf (2). Univ Leatf Tob (2) Util Par & Lt (A)... * Vadsco Sales Corp 1 1 7% Vanadium Corp. -1 1% Van Raalte. . 42% 12% Vulcan Detinning. 8% 5% Waldorf System. b ] 2% % Ward Baking (B).... 11% Ward Baking pf (1).. 1 Warn Bros Picture: 3 2% % Warner Quinlan. y % 14 213 Warren Bros. . T ) Warren Bros cv p: Warren Found & P. - % Webster Eisenlohr, Y % Wells Fargo........ 440s % Wesson O & Sn (50c) 14 Wesson O&Snpf (4). 1 % West Pa Elec A (7).. 40s 3% 4 West Pa Elec pf (6). 20s % West Pa Elec pf (7). 208 % West Pa Pwr pf (6).. s West Pa Pwr pf (7). Western Maryland Western Md 2d pf. Western Pacific. Westernp Pacific pf... Western Union. . Weston Elec Instru. . White Rock M S (2).. White Sewing Mach. 7% Youngstown Sh&Ta. stock. e Payable in cash or stock. in special preferred stock. Stock and Dividend Rate. Petrolm (25¢) hefMeld Steel.. ke Packing. . % Vacuum So Port Ric Sug 1.60. South Cal Edison(2). rn Pacifie...., Southern Railway. Southern Rallway pt Sparks- Withington Corp ceee ern. . rd Brands (1). - % —1% —2% +24 ias & Elec pf .. g Secur (A) g Secur pf g Secur cv t Warner. ® aker Corp. . aker Corp pf.. 1pf (6)... Friislti vieel Ll ograph (1). PERPEEFRERERE FEEE 11+l 0 I FFEFE I oid Co. . ne & Willlams. -1 ntl Corp. .. % - % Traer Coal.... Truscon Steel Co. . - % =% =% —1% + % - % - % —% -% - % —-1% vewood. 2% % ruit (2).. 3 -1 as&Im (1.20). -5 iece Dye Wks. of Calif (1) Pacific (8) ircraft.. Biseuit (1.60) U S Distributing. ... U S Distributing pf.. U & Express. .. U S & Forn Secur. + % U S Freight... —1% 1 psum (1). < S Hoffman........ Ind Alcohol..... Leather. —1% - % —1% - % = BRerZEvts o - bber 1st pf. e = - % -1 bacco (4.40) + % Stores (A). + % -3 - + % ipe & Rad. 4 c&Pw pf (6) S -1% h pt (A) + .. rth Co. . S 100s n Dairy pf B. . £'se Air B(1). ghouse Elec. . ng Steel . & OFErErey » Oil & Gas.... & Co. . & Co (A)..... & Copf. 1 £ Woolworth (2.40) ngton Pump. . 10 Wright Aeronautical 20s 3415 Wrizley (Wm) (3).. 4 Truck. . 22 Truck pt. 1208 22 22% Radio. .. 1 1% 1% 6% 3% Zonite Products. 57 6w 6% RIGHTS—Expire. 2% % NatDistP...May29 16 2 1% 1% Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half- SURit of trading less than 100 shaves. Eariy e > Hons. - % tPartly extra. id last year—no regular rate. i O femar rate. b Paysble in w Payable in scrip, ‘B Bata-ihis Seur St CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, NEW YORK, May 20.—The following is today's summary of important cor- potation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: Advertising, Printing and Publishing. Conde Nast Publications, Inc., deficit, quarter ended March 31, $69,998 vs. net income, $132,373. Automobiles and Trucks. Chrysler Corporation — Combined sales of De Soto and Plymouth cars by De Soto dealers in week ended May 13 totaled 2,192, a record and an increase of 18.8 per cent over previous week and 30.1 per cent over like period. Electrical Equipment and Radio. Sparks Withington Co.—Refrigerator s, | Plant is operating six days a week with o considerable overtime. Leather and Shoes. American Hide & Leather Co. ad- vanced price of calf Jeather 1 cent a foot; current estimates indicate that net profits of company, including $435,- | 000 tax refund, in fiscal year to end next June will exceed $900,000, or $9 a share of preferred stocks; this would contrast with a net loss of $1,374,286 in fiscal year ended June 25, 1932. Machinery. International Harvester Co. declared a dividend of 15 cents on common stock; a similar distribution was made April 15, Metals (Non-Ferrous). International Nickel Co. of Canada, Ltd., deficit, quarter ended March 31, $80,158 vs. net income, $536,072. Miscellaneous. % Chesebrough Manufacturing Co. Con- % solidated declarcd an extra dividend of % 50 cents and a regular quarter dividend >~ * - 31; on March 31 a similar extra distribution was made. Glidden Co. preferred share earnings, 6 months ended April 30, 46 sents vs. 89 cents. National Lead Co. April sales ex- ceeded those of a year ago; May is re- ported to be reflecting continued improvements. National Surety Co.—Receivership action filed against Central Fund- ing Corporation in Chancery Court, Wilmington, Del, by several bon to pay March 1 interest on its $8,000,000 | first "lien certificates guaranteed by National Surety Co. 0il. common share earnings were 1 cent vs. 34 cents. Railroad and Railroad Equipment. Ann Arbor Railroad deficit, quarter ended March 31, $150,143 vs. deficit $82,702. ‘Boston & Albany Railroad deficit, quarter ended March 31, $1,235,387 vs. | deficit $949,210. share earnings, 4 months ended April 30, 77 cents vs. 81 cents. | ,Chicago Great Western Railroad deficit, quarter ended March 31, $850,389 | vs. deficit $200,431. | _Chicago, Indianapolis & Louisville | Railway deficit, quarter ended March 31, { $579,332 vs. deficit $460,356. Colorado & Southern Railway 1932 | deficit, $733,888 vs. net income $522,354. Louisville & Nashville Railroad deficit, quarter ended March 31, $329,836 vs. deficit $1,269,047. come $2,813,352. ‘Wabash Rallway deflcit, quarter ended March 31, $2,350,499 vs. deficit $2,019,993. Lead Stocks Increase. NEW YORK, May 20 (#).—Stocks of lead in the United States at the end of April aggregated 196,901 short tons against 194,251 on March 31 and 170,- 104 a year ago, according to the Amer- | production came to 27.690 short tons, wly.h'mu of 25,044, holders, alleging that company failed | Standard Oil Co. (New Jersey) 1932 Chesapeake & Ohio Railway common | Pennsyivania Railroad deficit, quarter | ended March 31, $1,852,213 vs. net in- | | Markets at a Glance NEW YORK, May 20 (#)—Stocks | heavy; prices recede on week-end sell- ]ing. Bonds irregular; German issues rally. Curb heavy; realizing brings losses. Foreign exchanges steady; gold currencies rally. Cotton lower; favor- able weather; lower cables; general selling. Sugar higher; Cuban support. | Coffee lower; disappointing Brazilian markets. DIVIDENDS ANNOUNCED NEW YORK, May 19 (#)— Reduced. Pe- Pay- Hids. of te. Tiod. able, record. c Q June 30 June 10 c Q June30 June 10 June 15 June 5 | British Match (Am Dep Rets Ord). .14%c .. Regular. May 24 May 5 | Atlants, Birmingh | Balf’r Bé., In | Bn P, &1 Canada P | Canadia, 1st pf. 1 June 12 .. May 31 May15 Q Ju Q Jul Q July - July Q July Q June 30 June 10 Q June’ 1 5 3 June 15 d 3 June 15 Christiana Securities | ~%% pt. .s1 1 June 20 | Colt’s P: | - At S | conn. of May 15 | Creameries of Am. s: conv. pf. A....¥ | Electric Stor. B cum. of 1 June 15 3 June 15 L. 3 June 15 Heyden_ ClI 1 May 22 Mesta Machine. ..’ 15c 1 June 16 { Do pf... ..." 3150 16 Myer (H. H.)' Packing . 615% pf..$1.621 Lid { s June 15 May 31 ee Co. 6% June 1 3 Nassau County Tr. (Mineola. L. I *| April, 1932, STOCKS DEPR BY LATE SELLING Market Closes Lower, With Volume Gaining at End. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 20.—The largest volume and the main tendency of to- day's stock market appeared in the last half hour. Early transactions were moderate in size and gave evidence of an uninter- esting session. Fluctuations were small and infrequently more than a point. The general level at the start was lower, but this was replaced by some improve- ment in the rails and a steady tone to the oils, reflecting developments in ‘Washington concerning the industry, with a fair amount of strength ex- hibited in leading issues, such as Amer- ican Telephone, United States Steel, Allied Chemical, Union Pacific, General Motors and Atchison. ‘The market began to waver at the beginning of the second hour, when increased selling developed in the rails, ‘with the motor stocks under mild pres- sure. The oils gave way with the others, though only to a fractional ex- tent. The largest declines were in Eastman Kodak and J. I. Case. Ameri- can Telephone dropped over a point from its high level. The market con. tinued active and at gradual conces- sions in prices, with the most signifi- cant losses in the rails due to an ap- parent disappointment in the car load- ing figures. ‘The figures of car loadings reported today for the week ended May 13 showed an increase of 7,276 cars over the week previous and of 13,835 cars over the same week last year. an average of 40 per cent of caj h ‘This is an increase in the past mont of nearly 100 per cent and comj with the low point of the year t‘lfim 15 per o:nt It has been ly recognize industry reaches a 40 per cent level it is on a profit- this obviously de] ule of prices Just now production and pri ing together, although not at rate. Prices closed at approximately lowest of the day, with the tape ment decline in wheat and corn. EXPANSION IN HOUSE BUILDING REPORTED April Figures Are 20 Per Cent Higher Than Those for March, Survey Shows. By the Associated Press. NEW YORK, May 20—F. W. Dodge Corporation reported that residential building contracts awarded in April expulnlded nearly 20 per cent oOver “This gain is of large significance,” the company said, “when with the fact that for t&l‘? tion awards, inclusive of resident a 1 | decline of almost 6 per cent occurred between the two months.” - April wh‘lg;es _'I:r Wganm:flan of all ypes was 573,000 against $59,958,- 500 in March and $121,704,800 for Residential building con- tracts last month aggregated $19,143,- 600 as compared with a March total of $16,021,000 and $28,894,000 in April last year. Mal chl 1 ‘N hl‘h!::;d Upstate r n New , New York, Middle Atlantic States and the Central Northwest, losses reported in other geographical divisions. All ;i;?;‘lfls showed declines from April, 71 BANKS ARE REOPENED DURING THE PAST WEEK By the Associated Press. NEW YORK, May 20.—The Amer- ican Banker reports that in the past week 68 banks, closed for the March holiday, were reopened and that three institutions cl prior to the March suspension also resumed business. Approximately 3,000 banks still await final decision as.to reorganization or liquidation. During the *week eight banks were placed in liquidation, bring- ing the total for the year to 610. These have deposit liabilities approximating 1 $1,182,436,000. ‘ NEW BOND OFFERINGS. NEW YORK, May 20 (#)—New bond offerings sold in the New York market this week totaled $4,000,000, compared with $9,000,000 last week $17,236, 000 a year ago. U. S. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for May 18 were $5,871,623.71, expenditures $16,135,220.57, balance $402,487,163.77. Custom for 18 days of May, $12,544,793.49. SILVER QUOTATIONS. NEW YORK, May 20 (#) —Bar sil- ver steady; % higher at 33%. NEW YORK BANK STOCKS NEW YORK, May 20. (#).—Over-the- counter market: (Quotations as of 10 o'clock.) Chase (7) Commercial (8) " First National (100) Manhattan (2) . National City (1) . Public (2) Bankers' (3) ... Brooklyn Trust (1 Central Hanover (*7) Chemical (1.80) Continental (1.20) Corn Exchange (4) pire (2) INVESTMENT TRUSTS NEW YORK, May 20 (#).—Over-the- counter market. Quotations as of 11 o'clock. American Bank Stock ullock Pund . . Nor Am Tr Sh '35 or Am Tr Sh 5 Spencer Trask Pund. Super of Am Tr Super of Am Tr Pund Tr Shis A Fund Tr Shrs B corp Investors Ind 1 May 16 | Mass Invest Tr Nation Wi 't ide _Sec