Evening Star Newspaper, May 22, 1933, Page 15

FINANCIA . SHOWS STRENGTH U. S. Treasury Issues Are Firmer—~Utilities Group Sells Off. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, May 22—In spite of the approaching conference between representatives of the German govern- ment and American bond holders, the strongest group in today's market was the German dollar loan list. The gov- ernment 5'5s and 7s both advanced 112 points. Even larger gains occurred in some of the German Agricultural Bank | and public utility issues. A report that Germany was endeavor- ing to obtain a credit in London to meet the interest payment on its debt owed to British bondholders did not suggest that this would prejudice the position of owners of German dollar loans. Pollowing their recovery near the closing Saturday, United States Treas- ury loans had an uncertain market at the opening today and then some fur- ther advance. It is still expected that the Federal Reserve may suddenly turn up as a large buyer of Government paper under the terms of the farm in- flation bill, but so far no evidence of active interest in this market has been observed. At the start there was a generally heavy tone in junior rails. This con- tinued in several of the active issues, such as those of the Erie, Missouri- Pacific, Southern Railway and South- ern Pacific, bui was offret by strength in St. Paul and Chicago & Northwest- ern loans and steadiness in those of the Baltimore & Ohio, Illinois Central and Great Northern. There was additional liquidation early in the utility power and light bonds, which were off 3: to 1 point, with some later recovery. Postal Telegraph 5s re- mained at last week’s low price, with a point recovery in International Tele- hone & Telegraph 5s. Western Union gsm were heavy. The bonds of the oil companies stood up well and were able to maintain most of their recent sharp advance. A new feature in this group was Houston Oil 5's, which at one time showed an advance of over 3 points to a new high for the year in sympathy with more activity in the stock. There is some improvement taking lace in the market for municipal gund.s. as those of New York City have recovered. An important conference is being held today between representa- tives of the City of Detroit and bond holding interests. FIGURES FOR TWO YEARS, By the Associated Press. Lumber orders and production in the week ended May 13 reached the heavi- St volume this year or last and ship-1 ments were the heaviest of any weel except one, that ended October 1, ac- cording to the National Lumber Manu- facturers’ Association. Compared with the corresponding week of 1932, production was 4 per cent greater, shipments 9 per cent greater and orders 56 per cent larger. 1,500 PETS IN CEMETERY CLEVELAND (#) —A five-acre plot dotted with liitle white monuments of marble, concrete and stone is the burial ground here of 1,500 dogs, cats, canaries, parrots and other pets. Some of the plots are surrounded by neat white fences. There are two mau- soleums. Others are given concrete vaults. An imposing monument marks the grave of a canary. At least two heroes are buried in the | cemetery, one of th>m a dog who dragged his mistress from a burning building. Others are just pets, with no distinc- tion. Every Memorial day there are| many visitors, some of whom leave ! wreaths and bowers. NEW YORK, May 22.—Cotton prices on *he local exchange today opened up ! to 10 points. In Liverpoool prices | Beth Stl pm LUMBER ORDERS EXCEED | UNITED STATES. (Sales are in $1.000.) High. Low. Lib3%s 32-47. 1024 2 Lib 1st4%s 32-4%. 10213 Lib 4th 4%833-38 1033 98 22 . 10123 10125 108 31 10513 1067 1098 109 . High. Low Close. 6 103 22 |Ab & Stoks Adams Exp | Alleghany b3 Alleghany 5s'49. ! Alleghany 5s '50. i Am F P 532030 Am1GCh5%s'49. | Am Int) 535849, Am Metal 54834, | Am Smé&Ref 5847 | Am Sug Ref 63°37. | Am T&T 4%8°39 Am T&T c tr b5 '46. | Am T&T deb 65 '60. | Am T&T deb 53 '65. Am T&T 514543 {AM W W& E 6s'75 7 | Antioguia Argentine 5 | Argent 65 '61 May. Argentine 6s 59 Ju Argentine 65 ‘69 Oc Argentine 65 A '57. Argentine 6s B '58. Arin & Co 4%8°39. Arm Del 6%s 43. | Assoc Ofl 6s '35 | Atchis 45 1905 | Atchison 414 ; Atchison gn 4s 1 A1 C L 1st 4s | AULC Lcoi 45 °52... AUCLun4l;s 64, Al Gulf& W1 5859, | Australia 4356 | Australia 5s | Australia 585 rian 7s 43, Austrian 7s '57... B & O 1st 4s’4 Ban & Aroos 4s'51. Batav Pet 434s 42 Belgium 6s 55. Belgium 63%s '49.. Belgium 7s 65. Belgium 7s ‘56 100% 104% 104% Berlin Cy El 6s 55. Eerlin C El 6338'51 Berlin C El 63459, '36. S '42.. 5. Beth St rf Bolivia 7s Bolivia 85 *47.... Bordeaux 6s34. .. Brazii 648 26 Brazil 6128 Brazil 8s ‘41 Bklyn Ed 58 A 49 Bklyn Man 6s A 6 Bklyn UnGas 5s'4 Bklyn Un Gas 58'5 Bklyn UnGas 5s'57. Budapest 65 '62. Buft Gen El 4% 3 R& Pitts 4% Bush Ter con 5s'55. Bush T Bldg 6s'60. Canada 4s 60 Canada 4%s'36. Canada 58 ‘52 s'57 '55 Can Nat Ry 438’54 Can Nat Ry 4%8'56 Can Nat Ry 4%8'57 Can Nat 55 '69 July Can Nat 55 °69 Oct. Can Nor deb 75 '40. Can Pac deb 4s. ... Can Pac 4%s 60 Can Pac 5s '44 ct! Cent 111 E&G 58 '51. Cent Pac 15t 45 °49. Cent Pac 63 60.... Cert-td db 5% s "43. Chex Corp 55 47 C&Ogen4lys 92, C&O4%SA 93... C&O4%s B C&Oconbs 39.. CB&Qen4s 58 | CB&Q I113%s"49. advanced 7 to 10 points in fair trading Initial quotations were: May 8.2Z up 10, July 8.32 up 10, October 8.56 up 8, | December 8.67 up 7, January 8.72 up 4, March 892 up 9. INVESTMENT TRUSTS NEW YORK, May 22 (#).—Over-the- counter market: (Quotations as of 12 o'clock.) Quotations as of 3:30 o'clock Ask Am Bank_Sto; 8 “a ‘Bullock Pune Cumulative Tr Sh Corporate Trust . Corporate Trust A ‘A. Corp Tr A A mod...... Corporate Trust Accum Ser. Gorp Tr Accum Ser mod. sENY Incorp Investors. Mass Invest Tr Nation Wide Sec NY T s Y_BI Trusted Am Bk ° V. 8. TB}:ASURY CERTiFICATES (Reported by Chas. D. Barney & Co. Rate—Maturity. Bid. ofter aton Sto~k Exchange e SELES Washington Ges 6s —$500 at 103. AFTER CALL. Washington Gas 55 1960—$500 at 10213, 51,000 at 102’5 Potomac Electfic 5'2% pfd.—1 at 1087;. | b Washington Gas 5s 1958—$500 at 87. ‘Washington Rwy. & Electric 4s—$500 at 85. Potomac Electric Cons. 55—$1,000 at | 102Y%. Bidsand Asked Prices. MBONDS. PUBLIC UTILITY i Fikiiion Gas 1 c. C ash. Gas 6s. series B Washington Rwy. & Elec 4% MISCELLANEOUS. Blas Cons. Title 6s.. .. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. ()....... [Capital Traction Co Wash. Gas Light Co. N. & W. Steamboat ¥ M Wash, i) Emer. Bromo-Selze"A" (2 Lanston Monotypd® (3) . a9, 5% o8 pid. (615} 85 Ezlhmv com. (1.50) 22 iBrop i el .| Ger Cen Bk 1s Cii&Q 111 4s 49 Chi & Est 111 58’51, Chi Grt West 45'59. Chi Ind&L gn 55'66 Chi Ind&L gn 6566 CM& StP gn 4s'89. Ch' M&StP4%sC 4 CM&StP4% 89 1 C M StP&P 5 102 CM&StP ad 55 2000 95 Chi&NW gn 3 Chi&NW 43352037, 3 Chi&NW 41sC'37. 14 | Chi& NW 43,5 °49. 298 Chi&NW rf 552037 17 Chi RI&P rf 4s°34 Chi 21 & P 4%s'52 Cni R 143860, CTH. St 5560, Chi Un Sta 5s B'63. Chi Un S'a 6363 C& W Ind cn ¥s'52. C& W Ind 5ts 62 s deb 55 43. BT '61 Jan !Chile7s"42... ... Chile Cop db 5 47. Chile Mtz Bk 65 61 Chi Mtz BK 61 Cin Un Trm RN S 1 3 00 G 2 SRS R Can Colomb 6: Colomb 63 61 Oct —2523 mreavalrm OBk ns Denmark 4% 62, Det Edison 58 q Dodge Bros 6s40.. Duquesned 5 sA'6T. 103% 1064 Eriecv4s A | Erie4s B 53 | Erie ven s 46, © | Erie ref 5 Erie ref o< Jer 6 Fiat deb 73 46 .. Finland 5%s 58. Finiand 7s Fisk Rub 8s ‘41 Fla E Coast 53 '74. French Gv 78°49. . French Gv 7%s'41. 35 Gelsenk’hen 63°34. 4 Gen Cable 5%s'47. 10 Gen St Cas 5%s'49. 12 Ger Cent Bk 65'38.. 16 Ger Cen Bk 6s'60J 8 Ger Cen Bk 6s 600 37 *50.. 20 '48 123 125% 54% Ger Gen Elec " { Ger.Gen El 75°45. Ger Guv 513 '65. . - ! German 68 50 German Rep 78 '49. 82 Goodrich 6s 45 46 Goodyr Rub 68'57.. 30 GoodHopeS&1 7845 2 Goodrich 6%8°47.. 1 Grand Trunk 6s'36. 5 Grand “Trunk 78’40, 24 §5Am Sales. 37 189 102% 102% 53% Gt Brit&Ir 5% Grt Nor 43s D76, Grt Nor 4 %4s E"77. Grt Nor5sC'13... Grt Nor 5% s B '62. Grt Nor gn 7. Greek 65'68. Hudson Coal Hud & M ad) Hud & M rf 6s '57. 111 Bell Tell:58 'S Tl Cent cl tr 48 111 Cent rf 43’55 Il Cent 4% s 11 Cent ref 5855 111 Cent 6148 *36. 111 COStL&N 4% 111 CTStL&N 6s A 111 Steel db 4%s'40. Inland St 4355 A'78 Inland St $%s B'81 In* Rap Tr rf 55 '66 Int Rap Tr 7s'32.. Int Cement &5 '48. . Int & Gt N 5s B '36. Int & Gt Nor 6s'52. Int& G Naj 6s'52. Int Hyaro El 6s'44. Int Mer Mar 65 °41. Int Pap ref 55 A'47, Int Pap 6s°55..... IntT&T 4%8'39.. Int T & T 4%s '52. "nt T & T 55 '55....15 Ttaly 7s '51 Ttaly Pub 7s'52. Kan CF S&M 4536 Kan C P&L 4%s 61 Kan City Sou 38'50. Kan City Sou 5s'50. an City Ter 4s'60. Kan G&E 4%s'30. Karstadt 6s 43 Kresze Found 6’36 Laclede 5% C '53. Laclede 6%s D '60. Lautaro Nit 6s '54. Leh Val cn 48 2003. Leh V cn 435 2003 Leh Val cn 55 2003, Lig & Myers 6s'51. Lig & Myers 78 "44. Loew's 63"41. ...t Lorillard 7 . La & Ark 5. o Lou G & El s A'52. L &N uni 48°40... L & N 58 B 2003 L & Nrf5%s 2003, Lycas 6s°3. McKes & R 5%s'50. Manhat Ry cn 48’90 Market St 7s A 40. Marselle 63 '34. Midvale St1 55°36. . Milan 6%s'52. .. .. Mil E Ry&L 58 '61. Mil E Ry&L 6s "T1. MSP&SSM cn 4s '38 MSP&SSM 5s gt'38 MSP&SSM 5%s'49 MSP&SSM 53478 MK & T 1st 4s'90. MK&T4sB'62.. MK &T 4%s MK&TSs MK & Tadjbs’ Mo Pac gn 4s'75. .. Mo Pacrf bs A '65. Mo Pac §s F '77. Mo Pac 58 G '7! Mo Pac 55 H ’ Mo Pac 581" Mo Pac 5%s A "49.. Mobile-Ohio s '38. Mont Pow 55 '43. .. Mont Pwr 53 A 62, Montevideo 7s 52.. Nassau Elec ¢s 51, Nat Dairy 5%s'48.. Nat Steel 55 56. ... N Eng T 1st 58 '52. N J Power 6s60. .. NOT& M b5s B'54. NOT&MG5%s'54. Nw S Wales 5s’67.. Nw S Wales 5s'68.. N Y Cent 3%4s'97.. N Y Cent db 4s '34. N YCrf4%s2018. NYCrf4%4s2013n N Y Crf 5s 2013 N Y Cent db 6: NYC&StL 1st 45’37 NYC&StL 43%s ‘78 NYC&SL5 % sA'T4. NYC&StL 1st 65’32 N Y Edison 5s B'44 N Y Edison 55 C'51. NYEAdrf6%s'4l. N Y EL H&P 45'49. NY NH&H 4%s 67 NY NH&H clt 65’40 NY NH&H 6s'48. . NY O&W gn 4s '55. NY O&W rf 4s°92. NY Rys Inc 6s'65. 191 NY Rys 6s A 65 N Y Steam 5s ‘i *61. Nor & Wn cn 4s°96. Nor & Wn div 45’44 North Am Co 65'61. Nor Am Ed bs C'69. Nor Am E 5 %8 '63. Nor Ger Ltd 6s'47. Nor OT & L 6847, Nor Pac gn 3s 2047 Nor Pac 4597 Nor Pac 4165 2047, Nor Pac r 1 65 2047. Nor St Pw 55 A ‘41 Nor St Pw 63 B'41. Notway 55°63..... Norway 5%s ‘66 Norway €543 Norway 6s'52. Ohlo PS7%s"46. .. Ore Sh L 68 gtd 46. { Orez-Wash 48 ‘61 Orient Dev 51gs Orient Dev 6s ' Owens 111 GI Pac T&T 18t § Pac T&T rf 6 Puaramount 6 ‘4 Param-Pub & Penn sta 45 48 Penn 4%s D'81. Penn cn 4%8 '60 Penn gn 4% '65 Penn 4%s D '10. Penn 5564 Penn gen 5 Penn 6%s '36. Penn O&D 4% . Penn P&L 41881, Peop Gas ref 5s 47 Pere Marq 435 ‘80 Pere M 151 58 '56. Peru s 60 Peru7s'59. .. Phila Co 5s 67 - Ph lec 45 'T1... Phila & Read 65 '49 Philipp‘ne R 48 37, et5y%s 39 | PCC&St Libs A 70 PCC&StL 68 B'75. P& WV 4%s C'60 Poland 65 '40. | Poland 7s 47 5 Poland 8850 ..... Port Gn El 1%s ‘60 Por R Am T 6s°42. Pos Tel & C 58 °53. . ‘33 8 | Presa St Car Prussia 6s'52 | Prussia 6%s 5 ublic Serv 4s Pun Sv G 4%s 6 | PubSvG 43T | Pure 011 5%s'37 Pure 011 545 40 Queensland 6s 47 Queensland 7s 41 Read 4%8 A "9 Read Jer Cn 4s 51, Rem R 5%8A’4Tww Rhinelbe U 78 46. . Rhine Ruhr 6s fi; p Rh; Rich Oil Cal Rio de Jan 6 RioDeJan ext 8546 Rto Gr W clt 4s' RIAT& L 4%s'34 Rome 6%s '52. - Royal Dutch 4s°45. ¢ | Rumania 78 '59. StL IM R&G 45'33. St L&SF 45 A '50.. StL&SF4%s'T8 StL SF 4% 8'T8ct st BtLBWlstbs'ile Him. 54 103% 8419 850 90 8714 94 103% 841y 52 58%% 101% 1043 103 8 10 9514 80% 1023 NING STAR, WASHINGTO NDS ON N. Y. STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Low. Close. 102 53 5818 | 101% | 104 108 ™ 1001 100 83% 80 84 92 Sales. High. Low. Close. StP&KCSL 4%s'41 3 43 42 42% St P Un Dep 5372, i 97 3 2 5 4 5 Shell U Ofl 58 '47 Shell U O 5349w Sinc Ofl 6% 8 B '38. SincOfl 78 A '37. Sinc P L 5s 42 . Skelly Ofl 53%s°39. Sou Bell T&T 5541 Sou Paccol 43°49.. Sou Pac rf 4: 5. Sou Pac 4%s 68, SouP4%s’'69 ww. 14 Sou Pac 434s'81... 3. Sou P&OT 4% 8A'77 Sou Ry gn 4sA’56.. Sou Ry s ‘94 Sou R¥ gn 6s Sou Ry 6% ‘56 Sou Ry M&O 4»': 3 6 2 12 9 21 9 9 1 7 1 2 2 12 9 Taiwan B P 534571 Tenn M1 P 63 A 47, Tex Corp cv 68 '44. Tex & Pac 55 B '77. Tex & P53 C Third Av rf 4 Third Av adj 5860 Tob P NJ 635 2022 Toho Fl Pw 7s '65.. Tokio 5552 5 Tokio 5%s '61. Toklo EI Lt 6563 UE&P 1st 518454 Union EI L&P 58'57 Un Pac 1st 43 47 Un Pac 45 '68 5 Un Pac rf 45 2008, . Un Pac 43%s'67. ... Un P 1st rf 55 2008. Uait Drug 63 '53. U 8 Rubber s UnSt W 6%s A'4T. UnSt W6%s A'51. UnSt W 6%sC': Upper Austria7s'45 Uruguay 6s Utah P& L 63 44.. Utll Pw 65’59 ww. Util Pow 53%s 47.. Vanadium St 58°¢1 Vienna s ‘52 Va EI&Pwr 6 Va Ry 1st5s A 62. Va Ry & Pw 63 '34. Va SW 1st cn 58'68. Wabash 4387 Wabash 1st 5. Wabash 2d 55 '39 Wabash 5s B '76 Wabash 5s D '8 W-bash 5%s ‘7 Walworth 65 A Warn Br Pic 6s Wi 60 Warsaw 78 '58. . 37% West E1 db bs "44 West Md 18t 4s ‘52, West Md 54517, West Pac 55 A '46. West Unecl tr 5s'38 West Union 5s '51 West Union 5s *60. West Un 63536 Westphalia 6s'53. . Wh& L Ecn 4s'49. Wil & Co 1st 65 *41. Wis Cent Tm 4s'36. Yokohama 6s ‘61 Y&stn S&T 55 A'T: Ygstn S8 65 B'70 6814 71 8114 66% 661 870 2815 78% 9315 1314 73 73 Joins Engineer Publication. Frank Wolfsheimer, 3700 Massa- chusetts avenue, a junior at Cornell University, has been appointed to the Junior Associate Board of the Cornell Civil Engineer, published by the uni- versity, it has been announced. He is a graduate of Baltimore Polytechnic Institute. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Allis-Chalmers Co. 5s 1 S | American Beet Sugar 6is 1 Tel & Amer_Tel. & Tel. hlas Am. Wat Wks. & EL 5 Belding Hemingway 6s 1936 Bethlehem Steel Co. 5s 1939 Great Northern Ry. Illinois Cent. R. R. 6 Keystone_Telephone La 5 100% 57 D. C, MONDAY, MAY 22, 1933. TRADERS WATCHINGISTEEL TRADE GAIN PRICE OF DOLLAR| WELL MAINTAINED Operations at 40 Per Cent of Capacity—Further Rise Expected. Currency Movement Has Ex- ercised Influence on Course of Market. By the Associated Press. h 5 Special Dispatch to The Star. CLEVELAND, May 22—With NEW YORK, May 22—“All that my best traders want to know each morn- ing mid a stock bmkerd todsy, is | whether the dollar is up or down. They oming week are predicted b; Dase their operstima euticely on the] ™ T° © e = Y current symptoms of inflation.” the magasine = Latterly, however, there has not been| At 35 td 40 per cent operations, the so much sensitivity in markets for se- | magazine said, a majority of steel inter- curities and commodities to the move- | ests now are breaking even. ments of exchange. Stocks have been! “Wifh Government control of indus- strong when the dollar has been rising. | try almost certain to result in higher The meaning of this is that the specu- | wages and prices—its objectives—the lative public has recognized that nat- | prosgects for a strong market this Sum- ural conditions have had as much to mer become more definite" the maga- do with improving the state of the mar- | zine continued in its weekly review. ket as inflation expectancy. <Further-| “The industry appears to be generat- more, the way in which the dollar has | ing its own momentum, for actual price recently been resisting the pressure | advances or serious threats of impend- | upon it has given the impression «hat | ing. increases are driving in_tonnage it may recover fts discount. This, how- { which_in turn emboldens producers to steel | operations at 40 per cent last week— the highest in two years—further gains | FINANCIAL We Are Pleased to_ Announce Tbnt. MARSHALL O. EXNICIOS Has Become Associated With Our Organization As Vice President Robt. C. Jones & Co., Inc. Investment Bankers Shoreham Bui]ding MET. 2922 T Organized 1879 53rd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’n JOHN JOY EDSON, President WALTER S. PRATT. Jr., Secretary Assets....ciieennintcnaicanessss $6,25L,00624 5644 | ever, is contrary to the program of the administration. The obvious intention of the Govern- ment is to cheapen the dollar, On the other hand it would like to see scme form of stabilization that would apply to all foreign currencies and to have this in effect before the London Eco- nomic Conference. Such a plan would probably be under the direction of the Treasury Department, working in cone junction with the Federal Reserve Board. Some of the machinery is al- ready set up under the direction of Fred L Kent. | The delay by the Federal Reserve banks in initlating their program of purchasing Government obligations | tion bill is responsible, in part, for the contrary movements of the dollar. These purchases were to confirm the dollar's depreciation that had occurred since this country went off the gold standard. Another influence has been the more active operations of the Brit- ish exchange equalization fund, which doing s Towered the. agler vae of as lowered the dollar that exchange. Tive of (Conyright. REVIVAL IN COPPER INDUSTRY IS PUSHED 1933.) 515 | Fabricators Are Now Operating Their Plants at 40 Per Cent of Capacity. | By the Associated Press. | .NEW YORK, May 22—With T~ 94% | ations now running at the highest rate | | in two years, the copper fabricating in- dustry is apparently enjoying a revival comparable to steel. | _Estimates from usually reliable sources | place the operating schedule of the | copper manufacturing industry as a | whole at 40 per cent of capacity, as | compared with 20 to 25 per cent dung the meager days. | The red metal is now being consumed at the rate of approximately 25,000 tons a month, while préduction, under cur- tailment, is running around 15,000 tons monthly, authorities state. Foreign users of copper continue to draw steadily on American stocks. conservative quarters satisfaction is ex- pressed with_ the recovery scored by copper from 5 cents to around 7 cents a pound, and, if the market is pro- tected from artificial restraint, it is believed the price will hold. Based on normal consumption, the world present surplus supply of copper is equal to approximately six months’ world demand, officials_explain. NEW HOME FIRST MORTGAGES Paying 6 Per Cent ow Available in Limited Amounts All based on new low construc- tion cost levels. All confined to restricted established Chevy Chase home communities. Denominations, $250 to $1,000 Phone National 2345 SHANNON & LUCHS MORTGAGE DEPARTMENT 1505 H STREET N.W. CLARK.CHILDS & KEECH New York Stock Exchange and Other Principal Stock and Commodity Exchanges GRAINS SILVER CARRIED ON A CONSERVATIVE MARGIN BASIS GRAIN QUOTATIONS BY TICKER QUOTATIONS AND We are equipped to handle promptly orders on the leading exchanges of the country. H Corner 17th St., N.W., Washington NATIONAL 0245 New York Boston Akron COTTON NEWS AVAILABLE Chicago Providence Detroit MORTCAGE NOTES AF venient . . residences and income-pro- ducing properties in the Dis- trict of Columbia and ad- jacent Maryland suburbs. 6% H. L. Rust Co. 1001 Fifteenth Street .. profitable con- . Secured on | under the provisions of the farm infla- | | engine, the Rocket, was made in Eng- seek more remunerative levels. “While the automobile requirements are well sustained and still dominate, the base of the market structure broad- ens each week. “Steel ingot production during the week increased in seven districts and | remained stationary in two. At Wheel- ing the rate was 70 per cent; Cleve- land, 58; Worcester; 50; Youngstown, 45; Detroit and Buffalo, 38; Birming- hom, 30, and Eastern Pennsylvania, 18. Tin plate mills this week moved up 20 points to 80 per cent. Six blast fur- naces have been blown in this month and two more are scheduled. “Sheet prices have been advanced $3.00 a ton for the third quarter by leading producers.” Subscriptions for the 104th Issue of Stock Being Received JOIN THE EQUITABLE AND SAVE SYSTEMATICALLY The Equitable’s Plan of systematic saving has taught Thousands how to save and accomplish I;ut Results. Joi To- ay. 915 F St. N.W. L Always Remember— it is not what you earn, but what you Save That Counts. Engine Model Given Goethe. A toy model of Stephenson's first land in 1829 and presented to Goethe, famous German poet. ST $5,235,000...5aved for Customers - 1,237,000...More for Taxes 47_0,000 ...For Employee Insurance $8,342,000. . . Less for Investors ANY people do not realize that electric rates have come down. Over a period of years the rates for electricity have declined far more than the cost of living. If Associated Gas & Electric System customers had been charged at the 1928 average rate for their 1932 use, their total billslast year would have been approximately $5,935,000 higher— Residential customers would have paid $4,926,000 more. Commercial and Power customers would have paid $1,009,000 more. Based on data for the industry as 2 whole, rates also declined between 1926 and 1928, 50 that if 1926 rates had been paid for 1932 use it is estimated Associated residential customers would have paid $6,884,000 more and commercial and power customers $2,511,000 more—a total of $9,395,000. ’ Reductions in electric rates since 1928 have been made in spite of steadily mounting taxes. Taxes per dollar of Associated System operating revenue, excluding Federal income taxes which are not comparable, were 39% higher in 1932 than in 1926. If the Associated System had paid the 1926 tax rate on its 1932 operating revenue, the tax bill would have been $1,937,000 less. Electric rates are far below and taxes are far above the levels to which it is proposed to raise commodity prices. Customers are paying much less — government is receiving much more— 13,200 employees are insured under a comprehensive plan. But there are others who also deserve consideration. Investors, including such public institutions as banks and in- surance companies, as well as individuals, have a large interest in the utilities. Their investments made possible more efficient plants and distribution systems, with a consequent saving to cus- tomers. Their investments are responsible for the growth of the industry and its importance as a source of taxation. Their invest- ments created jobs for thousands of employees. If customers had paid the 1928 average rate for 1932 use of electricity; taxes for 1932 had been paid at the 1926 rate; and employees had not been insured then, after providing for additional Federal income taxes which would have had to be paid— Earnings on the Class A stock held by over 103,000' investors would be $.84 per share ... and 78,000 holders of Preferred and Preference Stock (whose dividends have been passed) and of Convert- ible Obligations (whose interest is being paid in scrip) would receive the cash return to which they are entitied. Applying 1926 figures for clectricity as well as taxes and including employee insurance, earnings would be $1.49 per share. The remaining loss of carnings which should have accrucd to the equity would then be due mostly to the slowing down of busincss. The burden of increased taxes and decreased rates falls directly on investors. The fact that their investments have contributed so much to the customer, the government and the employee entitles them to consideration. Should not the essential sesvice of investors be recognized? ASSOCIATED GAS & ELECTRIC SYSTEM National 8100 61 BROADWA NEW YORK