Evening Star Newspaper, May 21, 1933, Page 51

BONDS IRREGULAR IN QUIET MARKET Rails ‘Make Better Showing Than Industrials and ' Utilities. BY VICTOR EUBANK, Associated Press Financial Writer. NEW YORK, May 20.—Mixed senti- ment prevailed in the bona market to- day and prices mulled about indecisively in relatively quiet trading Business and industrial news con- tinued optimistic and financial inter- ests were hopefully watching completion of the administration’s recovery pro- gram. Steel production was currently estimated at around 40 per cent of ca- pacity, which is the rate where most of the producers can show a profit. Freight car loadings for the past week, an- nounced today, disclosed improvement over those for the same period last year. Advances were recorded by a number of the leading carriers, including issues of Santa Fe, New York Central, Nickel sylvania, Southern Pacific and Southern. Loans of Northern Pa- cific, Great Northern, Baltimore & Ohio, Canadian Pacific. St. Paul and Chicago & Northwestern slipped to slightly lower levels. The indusirials and utilities were somewhat hesitant. Moderate gains ‘were shown by some bonds of American Smelting. Armour & Co., Chile Copper, Dodge Bros.. Standard Oil of New York. XKansas Gas, Texas Corporation and Youngstown Sheet & Tube. Losses of fractions to a point or more were suffered by loans of Western . Union, Utilities Power & Light, United States Rubber, United Drug., Sinclair Oil, Shell Union Oil, International ‘Telephone, National Dairy, Postal Tele- graph, Philadelphia & Reading Coal & Iron and American & Foreign Power. United States Government securities were fairly steady, but dull. In the for- eign section German government obli- gations rallied, as did some of Austra- lia, Prance and Poland. The British and Italians eased. What Things Cost (Compiled by Standard Statisties Co.) NEW YORK, May 20 (#)—Of the 25 dmportant ccmmedities in the follow- ing table, five are higher in price than last week, 14 are lower and six remain unchanged. Seven are at their highs | Auto Production At Highest Point In Last 2 Years By the Assoclated Press. DETROIT, May 20.—Cram’s Auto- motive Reports, in an analysis of the automobile industry today, says that producticn during _the current week, | which it places at 55,081 units, reached | the highest weekly figure attained since | the week of June 13, 1931. The analysis says that unless the| trend turns downward sharply next week toial production for May probably will exceed the earlier estimate cf 200.- 030 units, and bring an increase of about 18 per cent over April. The trend of retail sales, it adds, con- | tinues upward, both in new and used | cars. e s CANNED VEGETABLE QUOTATIONS GAIN Position of Industry Is MuchE Improved During Recent Weeks. Special Dispatch to The Star. NEW YORK. May 20.—Firming quo- | tations for canned fruits and vegetables in primary markets here reflect such varying influences as inflation, strongar statistics, easier credit. unfavorable | growing weather. and increased exports | brought abcut by the declin> of the dol- | lar in terms of foreign currencies. | Canners’ stocks he!d in warehouses. for_seven leading items, approximated | 16,500,0.0 cases on April 1, which con- | trasts with 24,000,000 cases on the same date a year ago. Pineapples declined 28.1 per cent; peaches, 20.4 per cent; | pears, 14.5 per cent; peas, 11 per cent: | tomatoes, 23.2 per cent: green and wax beans, 7.3 per cent, and corn, 2.3 per| cent. The rapid consumption of canned goods during the first quarter of this year was indicated by the fact that canners’ stocks were down 39.3 per cent, against 34 per cent in the same period of 1932, while distributors’ stocks were off 15 per cent against a decrease of cnly 8 per cent the previous vear. These statistics explain the revival of futures dealing in the canned fcod mar- | kets. Declining markets for the last three years virtually stopped the buying of futures, throwing -the burdens of for 1933 end two are at their lows. (Prices at New York except as speci- fled.) This Butter Seatiery, extra, 92-scere, Ib. : No. 3 by Sotion, middine. upiand, Qottonseed oil. bi'chable. Eyss, standards, d Hides, heavy, nativ Hogs, Chi.. average 100 ms Lead. pig. 1. Linseed oil. cariot Petroleum, Okl Stecl ‘bars. Pnuhu &h. 1b Sugar, raw, . Tin. straits. Ib Turpentine. cariots; €al at. No. 2. hard. N iier Chicago. bu. ... Wool, Terr., fine, Boston, 15 Zinc,’ b TRUST COMPANIES Bankers (3) ral 1 Chommaeal " 80) Continental Corn Excnafl" A Empire (1) Guaranty (20) . Irving (1) ’ o Manufacturers Title & Mtge. N Y Trust (5) G & T od St Includes (160} xtra. (80)......000 1478 INVESTIVENT TRUSTS NEW YORK. May 20. (&) counter market Astoc Stand O "I Bancam: Bankers Bansicil Basic In British Type Iny Incorp In d “Trustee Stand Trustee St Oil A Trustee St Ofl Shrs B Trusteed N Y Bk Ehn Trusted Am Bk “Trustee Amer m-\. shirs B —Over-the- | Bd. warehousing and financing on the can- ners. Hence canners were compelled to borrow heavily frcm banks, and a poor showing was made by canning company earning reports. Early last vear banks | began to close in on canning loans, which was a factor in some instances for reduced canning operations and in turn a lessened carry-over. ‘There has been a growing confidence | among distributors as a result of the advances that have taken place since the March banking holidays, when both canners and distributors refused to dump stocks on the market. This has| resulted in Jarge future sales against the pea and tomato packs and similar sales in other vegetables, excepting lima beans and upper grades cf string b2ans and beets. (Copyright. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, 1933.) NEW YORK, May 20.—Following is taday’s summary of corporation news prepared by Standard Statistics Co.. Inc. New York, for the Associated | Press: | Automobiles and Trucks. Checker Cab Manufacturing deficit, March quarter, $77,274 vs. geficit, $159,652. Automobile Parts and Tires. Firestone Tire & Rubber Co—Manu- facturing about 27,000 tires end tubes daily; plants are running three 6-hour shifts a day, six days a week; produc- tion rate averaged about 58 per cent of capacity. Electrical Equipment and Radio. Stewart-Warner Corporation deficit, March quarter, $691,801 vs. deficit, $526.760. Household Products. Asked-| Fureka Vacuum Cleaner Co—Plant 1 lon full time. Company obtained a 40 pmm in every month this year except ,‘, 18 | March '}’%s| Mohawk Carpet Mills—Booked about $1,000,000 orders in first 17 days of May vs. $600.000 in entire month of April and $300,000 in March, 1933. White Sewing Machine Corporation deficit, March quarter, $160,150 vs. deficit, $455,996 Machinery. International Combustion Engineering Corporation—Agreement reached for sale of English properties for $1,075,000. | Metals (Nen-Ferrous). i Anaconda Copper Mining Co.—Sub- sidiary, American Brass Co., has adopt- ed the 40-hour week =s a policy in | substitution for the 50 to 55 hour 3 | week: present operations averag> about | 27 hours weekly, an increase of 11 per | cent over recent operations. Steel and Iron. | American Rolling Mill Co.—President G0 | states a plan for meeting $15,000,000 of |41, per cent notes due November 1, ‘prcbab}\ will be offered by June 1. nlams of company are operating around 150 per cent of capacity, the highest in ‘a long time | Inland Steel Co.—Advanced prices on | i:hrr‘! steel for third quarter delivery $3 {a ton. National Steel Corporation—Detroit and Weirton Mills of company oper- | ating at capacity. | Truscon Steel Co-—May shipments | | expected to be twice those of April. | | Textiles, Amoskeag Manufacturing Co.—Mills | of company closed following demand of operatives for a 15 per cent wage in- crease; management had offered to ac- | | cede to Tequest after July 31. i Utilities. | Empire Power Corporation 1932 pre- | | ferred share earnings, $13.68 vs. $17.03. | North American Light & Power Co. | deficit. 12 months ended March 31, | $252,066 vs. net income, $3,578,573. 1 140 7800 3 .53z & igh (1931) | 80.4 10 Towr (1931 623 "6 *New 1933 bighs. (Copyright, 1833, UNITED STATES GOVERNMENT. High. Lib 3%s 1932-47. L1024 Lib 15t 435 1932-47.,102 4 Lib 4th 415 1933-38. lga Low. 10129 1022 102 10224 103 ~—1933— Net | High. " Low Close. Chss. —.01 1024 +.4 0. 1018 10116 1018 10119 28 1017 10310 103 28 105 108 24 108 31 102 25 105 17 107 M 9931 1114 10314 —1933— Hish Low 103, Abitibi P & P 5853 80 Abram & Straus 528’43 2515 Alleghany Co 5s " 19'; Alleghany 58 5 Alleghany 58 '50. ' Am Beet Sugar cv 6s°35. + Am & For Pow 55 2030 Am 1G Chem 5%s'49. 6 Am Internation 5%s'49.. 78 Am Sm & Ref 55 47 2 102% Am Sugar Ref 68 '37. 99 Am Tel & Teleg 4%5'39. . 100 Am Tel & Tel cl tr 55 46.. 104 93 Am Tel & Tel deb 53 60... 101'y 9215 Am Tel & Tel 58°65 . 1014 9915 -Am Tel & Tel 525 '43 74 Am WIW & E ol tr 58 » Am Writ Pap 6547 Antiquia 78 A 45 974 Argentine 5s 45 38 Argentine 5158’ 4015 Argentine 65 A 41 Argentine 6s 59 Jun 77 Armour & Co 4%s ‘39 711 Armour of Del 512543 76 Atch T & S Feadj 4s'95.. 821 AtchT & S F gen is Atca T& S Fe 4158 '4! Atlantic C L Ist 4852 Atl Coast 1.ine 4 %3¢ 98 14 71% Austra 721 Australia 8513 Austrian? 2 Austrian 78’ 74 B&OIst4s 67 B&O41%s'33 2515 Balto & Ohlo 4143 '60 791 B& O 1st 58 48. 331 B&Oref 58 A 95 34% B & O ref 55 D 2000 371 B&O6sC 9% 611: B&OPLE& 55 B&OS W Divbs 65 Bangor & Aroos ¢ '51. 901, Batavia Petroleum 4%s'4 89 Belglum €8'55..... 93y Belgium 6158 °49. 9474 Belgium 7s'53 96 Belgium 78 '56. 101 Bell Tell (Pa) 58 B'43. 1011 Bell Tell of Pa 55 C '60. .. 2 Berlin City Elec 68 ‘51, 36 Berlin City Elec 645 '59. 263, Berlin mun ext 6%s ‘50 79 Beth Steel pm bs 71 Beth Steel rf6s’42 3'% Bolivia 7s'69. 4 Bolivia 8s 4 101% Bordeaux 6s'34 53 Boston & Maine 5s'67. 15% Brazil 6%s 1926-57. . 123 Brazil Cent Ry 7852 16% Brazil 8s 41 841 Brooklyn Man Tr 6s . 93 Brooklyn Un Gas £s'50.. 24' Budapest ¥.: 16 Buenos Aires prov 6s 623 Calit Packing 5840 79 Canada 4s'60. 91 Canada 5s'52. 79% Cana tional 4% ‘54 80 Canada Nafl 415°56 79% Canada \-x: 43557, N 945 Canad North deb 6% '46. 101 96% Canad Northn deb 7s'$0.. 99% 49 Canadian Pacific deb 4s 62 5313 Canadian Pacific 4%s 581y Canadian Pacific 5s'54. 9%, Cent of Ga Ry con 58 "45.. 50 Cent 11l El & Gas 5s 63'5 Cent Pacific 1st rf 45 Central Pacific 5s '60 26 Certain-teed deb 5% 63t Chesapeake Corp 5 873 Chen & Ohlo gn 4%8 ‘92 80 Ches & Ohlo4%s A '93. 79 Ches & Ohlo 4%s B '95. 100% Ches & Ohfo con 58 "39. 8715 Chi B&Q Il div 4549 78 Chi Bur & QRen 4s'58. 68 ChiB&Q4%sB'77. 7 Chi B & Qref 5571 % Chi & Eastn I11 585 20 Chi Great West 4s '5! 11 15 Chi& No Wn 4%sC 2031 415 Chi& Nwn 4% s '49 43% Chi & Nwn 6%s '3 49 Chi Railways 1st 5s ‘27 19 ChiR1& Pacref 4s'34 181% ChiR14%s 6 Chi Rock Isl 4138 "60. Chi Union Station 4%s'63 Chicago Un Sta 55 '63 *hi Un Station 6348 '63. . % Cht & West Ind con 48'52. 6612 Chi & West In151%8'62.. 25 Childs Cc deb 58 '43 5 Chlie6s’60.... 47 Chile 6s°61. 474 Chile 6s Jan'61... 5 Chile fs Sept "61. 27 Chile Copper deb 615 Chile Mtg Bk 65'61.. 74 Chile Mtg Bank 6%48 915 Chile Mtg Bank 6%s'5 96 Cin Un Term bs 2020. 37 CCC&StLTf4%sE'T. 54 Cleveland Term bs B'73.. 6015 Cleveland Terminal 5%s. 31 Cologne 6%s'50... 16% Colombia 6s'61 Jan. 1612 Colombin s 61, Oct. 32 Colon Ol 68'38. 6714 Colo & Sou ref 4 66 Columb G & E 5: 66% Columbia G & E 55 95% Comm Invest 61 Con Coal (Md) re 87'x Cons GasN Y Consol Ga ons Gas N ¥ db 548 45, Copenhagen bs '52. Cuba 5%5 45, Cuba R R 1t 5852 Cuba North 533 ‘42 Czechoslovakia 88" 67% Del & Hud ref 581 Denmark 4 3%, 327 24% 102 110 Denmark 6s '42. Den & Rio Grande cn ds.. 4 Den& R G West 58 '55. Den & R G W est ret 587! Det Edison ref 5 70% Dodge cv deb 68’40 975 Duquesne 1St 4%s '67. 96 Duquesne 418 B 57 93 Dutch kiast Indies 65 931 Dutch East Indles 6s°62. 204 Er.e ref6s 67 2015 Erie ref 5°75. 031; Flat 78 46.WAL...ouus 591 Finland 7s '50 Fisk Rubber & Flor East Coast 58 French 75 '4 French T4s 41 2% Gelsenkirchen 6s ‘34. General Cable 5% *47. Gen Steel Cast 538 49 Gen Theater Eq 65 40. German Bank 65 '38. 4 Ger Cnt Ag Bk 63 Jul. s Ger Cnt Ag Bk 68 Oct 5" German Gen El i German Gen El 35% German Gov 5% 541 German Rep 75 '49. 405 Good Hope S&IW T 3315 Goodrich 65 '45. . 62 Goodrich (BF) 6% 68 Goodyear Rubber 58 '57. 93% Grand Trunk 6s'36 96% Grand Trunk 7s "40 37 Great North 4%s D76 39 Great Nor gen 5348 B '52. 45% Great Nor gen 7s 2715 Hudson Coal 68 391 Hudson & Man adj 72 Hudson & Man rf 100% Humble Oil deb 5837, 5 100% 111 Bell Tel 1st rf 63 A '56. 104% Iilinois Cent rf 4s ‘55 681 Iilinois Cent 4% s ‘66 Inland Steel 438 A Inter Rap Tran ref § Inter Rapid Tran 511 Infer Rap Tran cv 507 Inter Cement bs " 3 Inter Gt.Norad 243 Int Hydro Elec Inter Mer Mariné u .l Paper 58 A 4T caveee mnn Low. Close. Chge. 15 1037 100% 100 5l 103% 891y 35 231 8 27 27 18% 5013 9 9% 12 103 54 6615 69 31 30 9% 975 145 95 100 10315 68 42 5% 41, 92% 1% 69% 50 881 1025 103 102 10515 38 38 99 6815 601 7Y 123 124 52% 102% 103% 63 101 20 1057 16'% % s -2 <24 6 -1 <114 Bl +1%% 1031 10074 1001 1051 1043, 954 90t 85% 87 9% 37% 26% - 8% 32u 51tg 9 9% 12 103 57 70 731 343, 328 8115 1001, 15% 964, 101% 1047 70 43 103 1087 1021y 10614 9 801 58 3815 39 9914 68y .80y 104 1287% 124 52% 102 104 66 20% Int Tel & Teleg 4%8°39.. 17% Int Tel & Tel 4%8°52..... Int Tel & Tel 55 "55. Italy 7s '51.. Italy P U Credit 78°52 Japan 5%s ‘65 4 Japanese 6% Kendall 5% s "48 ww Lack Stl 1st 55°50..... Laclede 5%s D '60 Lek'gh Vaicn Liggett & My Loew's 65 1941 Lorrillard (P) 58°5 Forrillard (P) 7s "44. Louisiana & Ar'c s "6 Loulsville G & E 53 A '52. Louls & Nash uni 43°40... Lyons 65 '34. ¢ McKesson & Rob5%s '50. Man Ry N Y cn 4590, Market St Ry 7s A "40 Marseilles 63 '34 Midvale St & O 5. Milan 6%s°52. M1l E1 R&L 1st ref 55 '61. Mil El R&L gn ref 55'71.. 4 Mo Kan & Tex 1st 45 '30 Mo Kan & Tex a; Mo Mo Pacific gen 4 2 Mo Pac/ficrf 5 A ‘6 Mo Pacific 58 F'77 Mo Parific 55 G '78 Mo Pacific 55 H '80. Mo Pacific 5s 1'81.... Mo Pacific 5138 A 1949, Montana Power 5s '43 Nassau Flec cn gtd 4s Nat Dairy Prod 5%s " New England T 1st 5s New Jer P&L 4155 60 New South Wales 5s '57.. New South Wales 5s '68. . N Y Cent deb 45 '34. N ¥ Cntrf 4155 2013 N Y Cent rf 55 2013. Y Cent deb 65 '35. e N Y Chi & St L 416878 .. Y ChJ&StL rf5%s A'T4 Y Edlson 5s B 4 N Y Edison rt 634841, ... N Y NH&Hart43%s°67.. NYNH&HecIt§s°40.... YNH&HG6s'48. ¥ Y Rys Inc 65 '65, N Y Tel gen 435 39 -\ ZZALLALALZZ Niag Share Md 5% '50 Nord Railways 6%s '50. . N'folk & W 1st con 4s 96, orf & W div 4s '44. North Am 5561, North Pacific 45 '97. North Pacific 4352 North Pacific s D 2047. .. North Pacific 65 2047. North St Pwr Ist 58 A ‘41, Nor St Pwr 18t 65 B 1941, Norway 5%s Orient Pacific Penna cn 435 '60. .. Penna gen 4% 65 Penna RR 41435 D70, Penna 4% " Penna 55 '64. Penna gen Penna 6%s'36 Penn Pwr & Lt 4 Peru 6s'60 Peru 6s ‘61 Phila E1 Co 4s'71. Phil & Read C & I 6549 Philips Petrolm 5%s "39.. Poland 6s *40.... Poland 7s ‘47 Poland 8s *50 Port Genl Fle Postal Tel & Cab 5s'53... Prussia 6s ‘52 Prussia 648 °51. PubSve E& G 4s Pub Serv Gas 4% 7% Pub Serv Gas 413570 Pure 0i1 5%;5°37.. Queensland 6s°47. Queensland 7s°41. Reading 435 A ‘97 Rem-Rand 5%s A Rhinelbe Unfon 7s Rhine Ruhr 6s '53. 4+ Rhine Westphalia Rhine West E1 P 6s ’Sl Rhine West El 63 '55 ww. - Richfleld Ofl Calif 63 "44.. Rio De Janelro 6148 '53.. . Rio de Janeiro 8s 46 Rio Grande' Do Sil §: Grand West 4s col ‘49 Royal Dutch 4s "45 Rumania 7s ‘59, SLIM&SR&G 45’33 StL&SF 48 A '50 Sao Paulo Stat. Sao Paulo s '50 Saxon Pub Wks 6%s'51 Saxon 7s"45. Seaboard A L 6s*45. Serbs Croats Slov 6! Shell Union Ofl 58°47..... Shell Union Of1 58°49 ww. Sinclair O11 6%s B ‘38 Sinclair Ofl 78 A '37 Skelly Ofl 5%s 39 Southern Bell T&T Sou'west Bell Tel 58 A ‘64 i South Pacific 4%4s68. South Pacif 41569 ww.. South Pacific 4%s'81. South Pac Ore 4145 '77. Southern Ry gen 4s A Southern Ry bs ‘94. Southern Ry gen 6; South Ry 6348 ‘6 Stand Oil NJ 5s Stand OIIN Y 4%s Studebaker Corp 6s°42. Swe 5%8'54.... Switzerland 5348 *46 ‘Tenn Copper s B "44. Tenn El Pwr 65 A *47. Texas Corp cv 58 '44 Texas Pacific 58 B ‘7 Tob Prod NJ 6%s 2022. . Toho Elec Pwr 78 '55..... Tokio 5%s'61. Tokyo Elec Lt 6s'53 UnElL&PS5s'57.. Unfon EI L& P 5%s5 '5. Union Pacific 1st 4547, Union Pacific 45’68 Union Pac Istrf 4s United Drug s ‘53 U S Rubber 55 ‘47 Unit Stl Wks 6348 A 7 4 Unit Stl Wks 6%s A '51... 5 Upper Austria 7s 4 % Uruguay 6s ‘60 Uruguay 6s ‘64 @ Utah Power&Light bs ‘44. Utll Pow b8 49 ww. Utilitles P & L 538 "47. Vanadium cv 5541, Vienna 6s ‘52 Wabash 43%s'7 Wabash 1st 5s'39. ‘Wabhash 24 5s '39 Western Union cl tr5s '38 Western Unfon 6s 51, Wll' Union 68 '60. High 46 36'5 40% 9614 91 62 ! FINANCIAL. : NDAY STAR, WA N, D. C. MA FINANCIAL e NEW YORK STOCK MARKET (Continued From Page 2.) e e TN D —1 Stock and Sales— High. Low. Dividend Rate. Add 00. High. 14 714 Spencer Kellogg(60c) 14 4% 2% Sperry Corp. . 61 1 Spiegel-May-Stern. 19% 13% Standard Brands (1). 2% Stand Com Tobacco. . 15% . 25 8% Stand Gas & Elec pf. 41 *17 Stand Gas&El pf (6). 46's 20 Stand Gas&El pf (7). 1% % Stand Invest Corp. 31% 19 Stand Oil of Cal (1) 215 Stand Oil Exp pf (5). 12% Stand Ofl Kansa: 224 Stand OIINJ (1). 4 Starrett (LS). . % Sterling Secur (A). 114 Sterling Secur pt. 20 Sterling Secur cv pf. 214 Stewart Warner. 5% Stone & Webster, 1'3 Studebaker Corp. 9 Studebaker Corp pf. Sun Oil (1). Sun Oil pt (§ Superheater ( Superior Ofl. . Superior Steel. Sweets Co of Am. Symington. ... Svmington (A) 814 Telautograph (1) 1% Tennessee Corp. . 10% Texas Corp (1). Tex Gulf Sulphur(1) Tex Pacific €Coal&Oil. Tex Pacific Land Tr. 398 ‘Thatcher MfgCo.... 191 Thatcher Mfgpf3.60 1 The Fair. 5 The Fair pf Thermoid Co. Third Avenue. ‘Third Nat Inv 6 Thompson (J R) (1). 20 Thompson Product Thompson Starrett Thompson-Staret p Tide Water Asso Of Tide Water %4 Tide Water Oil. Tide Wat Oil pf (5).. Timken-Detroit Axle 224 Timk Roll Brg (.60).x 366 Transamerica Corp, sue & Willlam Tri1-Cont] Corp. Tri-Contl Corp pf(6). Trico Products(2%). 4 Truax Traer Coal Truscon Steel..... ll& Twin City Rap Tran. 5% Twin Citv Rap Tr p % Ulen & Co.... 9% Und-Ell-Fisher(50¢) Union Bag & Paper.. Union Cark & C (1) Un Of1 of Calif (1). Union Pacific () Union Pacific pf (4). Union Tank Car 1.20. Unit Afrcraft 495 231 108 26' EREJFF P EIEF L4++ 1+ eisse Pld 4ttt | +4+ ool — High, 24% 64w 4% 16% % 9% 21 Stock and Dividend Rate. U S Leather (A) 7 S Leather pr pt. Pipe&Fdy (50c). P&F 1st pf 1. Realty & Imp. Rubber..... Rubber 1st pf. Smtg & Ref (1). Smtg&Ref pf 3 ’fi Steel S Steel Sales— Net. Add 00. High. h- Close. Chse. 373 24% s 78 s s s s s s dagacacadan U S Tobacco pf (7). United Stores (A). Unit Stores pf (3%). Univ Leaf Tob (2). .. Univ Leaf Tob pf(8). Univ Pictures 1st pf. Univ Pipe & Rad. ... Univ Pipe & Rad pf.. l 4 Util Pwr & Lt (A) % Vadsco Sales Corp 7i.. Vanadium Corp. 1% Van Raalte. .. 14% Van Raalte pf (sta). % Va-Car Chemical. 305 Va-Car Chem 6% pf. 112 Va-Car Chem 7% pf. 6 Va Elec&Pw pt (6).. 1508 Va Iron Coal & Coke. 540s Vuican Detinning... 43008 Vulean Detin pf (7). 508 11 Wabash R R 1% Wabash pf (A). 5% Waldorf System % Walworth Co. 4 Ward Baking ( Ward Baking (B). Ward Baking pf (1) Warn Bros Pictures. 4« Warner Bros Pic pf Warner Quinlan rren Bros. . Warren Broscv pf.. Warren Found & P.. Webster Eisenlohr. . Wells Farzo Wesson O & Wesson O&Sn pf (4).x 17 West Pa Elec A (7).. 390s West Pa Elec pf (6). 50s West Pa Elec pf (7). 4208 West Pa Pwr pf (6).. 508 West Pa Pwr pf (7). 1408 Western Dalry pf A.. Western Dalry pf B. Western Maryland. . Western Md 2d pf Western Pacific. Western Pacific pf Western Union. .. Westing’se Alr B(1). Westinghouse Elee. Westinghse 1st (als) 1808 Weston Elec Instru.. 85 Weston E1 Inst A.... 1 Westvaco Chl (40c). x 5.) Wheeling Steel. Wheeling Steel pf... 3 White Rock M S (2). 60 White Sewing Macn. White Sew Mch pf Wilcox Ol & G: 2408 304 . 1880s 608 3% 576 Unit/Afreraft p Unit Am Bosch. . 2 United Biscuit (1. ifl)x 312 Unit Carbon. , 23 Unit Corp (40¢c) Unit Corp pf (3). Unit Dyewood.. ... Unit Dyewood pf(7). Unit Electric Coal. Unit Fruit (2). Unit Gas&Im (1. Unit Gas&Im pf (5). Unit Paperboard. Unit Piece Dye Wki Unit Pce DW pf 6%. U 8 Distributing. ... U S Distributing pf. . Ut Express... Wilcox Wilson Wi'son Wilson Rich A (2%). & Co. . & Co (A) & Co pf. Woolworth (2.40)... Worthington Pump. Worth’n Pump pf A . Worth'n Pump pf B.. Wright 6 3413 Wrizley (Wm) (3).. Yale & Towne (60c) My 7 Aeronautical 190s x 56 6 2% Yeliow Truck.. 29y 18 10 24% 1% 6% Yellow 715 Youngs RIGH 2% 14 Zenith Radio. .. 3% Zonite Products h Nat Dist P, Truck pf 3% Young Spr & Wire. town Sh&Tr 1% Bl 'TS—Expire. .-Mav 29 590308 2% 1% 1% Dividend rates as given in the sbove table are the anpual b | payments bued on the latest qua 5 arations sUnic of trading less th A° "’"‘fl e ."'" 2 e Stock. ¢ Payable in cash o 124 427 e e Special Dispatch to The Star. NEW YORK, May 20.—What it characterizes as “a program of con- structive economy” is outlined by the Investment Bankers' Association of | America for the benefit of municipaii- (ties. It attempts to set out a number | of policies the adoption of which. it +1%| believes, would correct some of the — % | main Its of city financing, to whict —1% | the present low state of municipal + % \crrfll! may. be charged. %[ The first recommendation is that 1'2 | overlapping governments should be con- solidated. Local taxing and admin- istrative units are now too numerous for efficient operation and have be- come burdensome to the taxpayer. In many instances they are too small to render any satisfactory service; tbey cannot sul the cost which their separate entity requires. There has al- ready been some progress made in this direction. Much remains to be done. Tax Strikes. Bankers' Committee takes the wman fl’\:l;alut wmmnmemecz sary, mun! government g_in- dispensable, must be maintained. The remedy for their nt credit status is to be found in ti mumer in which taxes are imposed and collected. The increasing rate of taxation has led to many tax strikes. These must be avolded by bringing the tax ratio down to a reasonable figure. It is suggested that instead of continuing the present method of collccfln{ Tevenues six months or a year after expenditures are made, the tax bills sholld be sent out at least quarterly; in some tnluncn monthly statements should be This would avold the expensive hlb(t of short-term borrowing and effect savings of considerable size through avoidance of tax anticipation financ- . It would also bring expenditures under better control. The effect of it would be for a municipality to estab- lish fitself on approximately a cash basis. Where defaults occur it is expedient for the State to assume some super- visory control of mumclpll financing. “Since municipal c tions are crea- tures of the State, it is the duty of the dminister the fimances of its BANKERS OUTLINE PROGRAM FOR MUNICIPAL FINANCING Reductmn in the Tax Ratlo Recommended B | as Essential Factor in Cuttmg Dov\vn Operating Expenses. toward delinquents of this type that is not justified by circumstances. One community outside of New York | has just initiated a tax drive against delinquents which other towns might | :eu adopt. {lt lml:al‘l)xges methods of ressure as well as iteness and per- suasion. Wher2 it involves city em- ployes they are to receive no wages until they pay their taxes. Business firms that sell their ds to the city will not be patrcnized until they cencel their obligations. Landlords of apart- ments that now house city employes will | receive their rents in tax certificates. ‘The police of this community have be- gun to serve notice on delinquent property owners that tax liens will be greatly ds the area of local suffering. (Copyright, 1933.) Grain Market By the Associated Press. CHICAGO, May 20.—Wheat values underwent sharp setbacks today to about 6 cents under the recent high points, with corn off around 5 cents. Stop loss orders were forced into ex- ecution by the price breaks, which were | largely due to indications of improved weather conditions. Bears in wheat emphasized that there is a- carryover of approximately 350,000,000 bushels of wheat in the United States to be reckoned with before the domestic mar- | ket can be called independent of - | business. Despite fairly persistent buying for houses with connections East, wheat showed little power to rally. The mar- ket encountered liquidation on the part of belated purchasers on the recent pro- longed advance, and more than 2 cents’ decline soon resulted as compared with yesterday's finish. Weakness of wheat s | was intensified by tumbles of® corn values. Corn traders appeared to have ex- perienced a notable change of senti- ment. Heavy rains were no longer a decided stimulus. Downpours in Illinos | and Jowa last night received only| passing attention. Much more heed was given to talk from unofficial forecasters that.a period of clear and warm weather was at hand. Oats gave way with corn. Provisions reflected weakness of grains. ‘Wheat closed unsettled, 1- finish; corn, 1-1% down; off, and provisions unchang- ed to 30 cents decline. S SGok Baas FEEE FE 125 & ¥, % under | MILLIONS TO SHARE ? IN WORK PROGRAM Industrialist Points Out Benefits to Be Derived From Proposed Building Project. Special Dispatch to The Star. » NEW YORK, May 20.—-51‘.;&“:‘ the national importance of President Roose: velt's $3,300,000,000 public works pro- gram, Edward J. Mehren, president of | the Portland Cement Association, dis- | closed here today that millions of work- | ers throughout the country, some of | them within thirty days after the sign- ing of the industrial recovery bill, will ! be benefited directly or indirectly. | At least one out of every ten em- | ployes in American manufaeturing— | and factory workers constitute more than 25 per cent of the people gain- fully employed—makes construction ma- terials, equipment and supplies. The 48 industries engaged in such | construction manufacturing depend for their raw materials on the activities of workers in remote regions, such as the lumberjack and stone \urry Also involved are the port agencies and dealer organizations for the assembly and distribution of the materials. Hence the construction materials industries penetrate the whole Nation. Part of the projected $400,000,000 highway construction, because of the close co-ordinatiomr between the United States Bureau of Public Roads and State highway departments, could be started within 30 days after the bill becomes law. Labor, directly or indirectly, receives from 83 to 90 tents of each dollar spent on construction, so the public works program would greatly rease public purchasing power. o i Business Notes By the Associated Press. NEW YORK, May 20.—Sha: advances have been put into e?ect by the Nashua Manufacturing Co. on its entire line of blankets. Prices on sheets and pillow cases have been marked up by Pepperell Manufacturing Co. The Government is a buyer for sheet and cases for its reforestation camps. For the first time s since late March, orders for steins and other earthenware fail to show an advance over the pre- ceding week. Producers and selling agents are at a less to account for :\kr‘:z. change, as prices have remained Men's felt hats have begun to follow |the upward trend in me prices and some advances of 5 to 7 per cent have been m: Local department and furniture stores have finally capitulated to the | forward buying trend. Increased con- sumer purchasing and assurance that prices would advance have combined to prompt retailers to cover on future requirements. The rise of 20 per cent on Fall trim- ming furs is expected to be a factor in the pricing of Fall coats and suits. Leaders in the trade are urging that price lines be raised to care for the added fur cost. Bank of England Statement. LONDON, May 20 weekly statement of Ju i Thcw | shows the following changel in reserve increased 1,941, tion decreased 1,87