Evening Star Newspaper, August 16, 1933, Page 13

FIN GILTEDGED BONDS STRONGAND AGTIVE Duliness and lrregularity Mark Foreign Group. U. S. Issues Firm. Bpecial Dispatch to The Star. NEW YORK, August 16.—Strength and activity of gilt-edged domestic issues, especially United States Gov- ernment obligations, and irregularity and dullness of foreign loans, featured forencon bond dealings today. The new Treasury 3'4s of 1941 quickly sought a new high level today as investors and institutions bid for them. The record peace-time cash in the Treasury. further details about al- lotments, which stated all small sub- scriptions were accepted, and the ‘re- ception accorded the short-term notes Tuesday all contributed to the firmness of United States Governments. Early strength in the dollar, and conversely weakness in most foreign currencies, had an unsettling effect on the foreign loan division. With the exception of the South American group virtually all foreign issues receded. United Kingdom 5',s around 116 were off slightly more than a half point. German 7s opened at 713, down 1!, but subsequently regained most of their initial loss. Other Reich issues, how- ever, moved irregularly. Speculative Rails Off. New York Gas & Electric Power 5s of 1948 opened up A point at 110'. Philadelphia Co. 5s of 1967 were up 3 at 853. Consolidated Gas of New York 5s were up fractionally at 1033s. The American Telephone group gener- ally ranged steady to higher on mod- erate transactions. Detroit Edison issues, such as the 5s of 1949, turned heavy as the Michi- gan Utilities Commission ordered the company to submit rates by August 26 which would be effective September 1, lowering the present rate scale by $1,- 500.000 annually. Speculative rails, with a few ex- ceptions, such as Minneapolis & St Louis 5 per cent certificates of 1934, moved lower during the first two hours. St. Paul Adjustments. at 24's, 8p- peared initially unchanged, but by mid- day came out at 23%. At this time a number of the Missouri-Pacific liens The 4s, at 157, were off nearly a point. This was true of the 515s, around 13'« International Great Northern Adjustments, around 15, were off a half point. Seaboard Air Line Adjustments opened at 6!2. Communications Lose. Ttilities Power & Light 5%s at 35'% were a shade easier. International Telephone convertible 4'2s at 55 were off 1% points. Postal Telegraph 5s at 52 were off 34 of a point. American & Foreign Power 5s and most other specu- lative utilities likewise softened during this period In the high-grade industrials Loril- lard 7s at 119 were up a half point. American Sugar Refining 6s firmed at 1051,. Standard Oil of New Jersey 5s, after opening lower, steadied. In gen- eral the oil issues, investment as well as speculative, inclined te steadiness despite the gain in weekly crude oil output, which was offset by the large decline in gasoline inventories. The recovery of Argentine loans was the feature of early afternoon dealings in the foreign list. Austrian 7s of 1942, the loan guaranteed by the League of Nations, equaled their high of 987 Speculative bonds rallied toward the close, in sympathy with the recovery of stocks. All the early losses, how- ever, were not regained. (Copyright, 1033.) reacted NEW YORK CENTRAL BARES DECREASE IN LOADINGS By the Associated Press. NEW YORK, August 16.—New York Central Railroad Co. last week had total freight loadings of 100,439 cars, com- pared with 104,759 in the previous week and 75903 in the corresponding period last year. The gain over last year was 32.3 per cent against & Tise of 39.8 per cent for the previous week egainst the comparable 1932 figures. NEW YORK BANK STOCKS NEW YORK, August 16 (#).—Over- the-counter market: Quotations as of 2 o'clock. BANKS. Bid Bk Manhattan (20 ... 2815 Chass Natl (1.40) . 6% Commercial (%) . Fifth Ave (*34) irst Natl (100) atl City (1) Publié (1'2) . ‘Bankers_(3) i Bkiyn Trust (4) Cen Hanover (* Chergical (1.80) Centinental /.R0) Corn Exch (3) Empire (1) .. Guaranty (20) T-ving (1) Manufacturers 11 1440 105 16% 3 & 03 24% ited States (60) 1708 “Including extras. * FOREIGN EXCHANGE. (Quotations furnished by ‘W. B. Hibbs & Co.) Nominal gold Selling checks value today. London. pound. $4.8605 Paris, E 913 Brussels. Berlin, Rome. Zurich, franc 2% Athens, drachma Madrid, peseta... Vienna. schilling Budapest. pengo. Prague, crown (n.) Warsaw, zloty Copenhagen. crown. Oslo. crow Stockholm. Amsterdam ‘Montreal discount. n crown B, Washin>gfltoir; 7Stockv E;change SALES. Washington Gas 35 “1960"—8$500 at 105'4. Washington Gas 6s B—$100 at 102%. $100 at 10234 Potomac Electric 6% pfd—>5 at 109%. Washington Gas Light—5 at 60, 10 at 60. ‘Washington Gas 5s 1958—$500 at 882, Potomac Elec. 5% % pfd.—5 at 108%. Bid and Asked Prices. BONDS. PUBLIC UTILITY ' Amer. Tel. & Tel. 4'as Am. Tel. & Tel. €t tr ‘Anacostia & Pot. R_ R Anacostia & Pot. Guar. & P. Tel. of Va. s Capital Traction R R.'5 City & Suburban i Georzetown Gas 1st Potomac Elec. Cons, Potomac Elec_ s 1 Bid. Asked 45" a3 MISCELLANEOUS. rber & Ross. Inc.. G'zs. y Chase Ciub 51 t. Col STOCKS. \ PUBLIC UTILITY. Tel. & Tel PR 1 Traction Co. " Gas_Light Co. {3.60).. & W. Steamboat “Elec. Power 67 pfd. ot. Elec. Power 5'a% pid ash. Rwy. & Elec. com. (7) ‘Wagh. Rwy. & Elec. pfd. (5) MISCELLANEOUS. er. Bromo-Selz. “A” (2).. enston Mogotybe [} er. Tr. & Stge. pid @ [t rop pfd. (7). Drug TE £ R fnfend. NCIAL BONDS UNITED STATES. (Bales are 1n $1,000.) s h. gw. Lib31%s32-47... 10218 10216 Lib 1st4% s 32-47. 10125 Lib 4th 43 s 33- 10218 U S 3851-55 98 14 99 29 100 22 101 25 101 27 104 26 106 16 11016 Low. U S3%s 46- US3s"4lw US3%sM41-43. 10128 3% J 40-43.. 10130 104 26 106 21 11019 Sales. High. Abitibl P&P 5s°'53. 23 Alleghany s/ 44. | Alleghany 58°49. 3 11 Am F P 55 2030 Am1GCh5ys Am Metal 5138°34. ‘Am Sm&Ref b5 '47. Am Sug Ref 68°37. Am T&T 4%48°39.. Am T&T c tr 55 '46 Am T&T deb 58°60. ‘Am T&T deb 58 '65. AmT&T 5%s'43. . Am‘Wat Wks 55'34 Am W W& E 6575 Am Wr Paj Antioguia Argentine Argentine 6561 M. Argentine 6s Ju Argentine 65 '59 O Argentine 68 A '37. Argentine 6s B '38. Arm Del 5335°43.. Atchison gn ‘95, Atchison 4%s AtICL1st4 . AtICL col 48'32.. | AUCLun4ises. { Atl Ref db 55 Australia 4%s Australia 5558, Austrian 7843, Austrian 75 '57. B& O 1st4s'48. 71 M% 1038 T 82% af 55 D 2000, B&OTrf6sC'95... B & O Swdv5s'50. B & Toledo 45°69.. Batav Pet 434 Belgium 6555. ... Belgium 6345 '49. Belgium 75’55 Belgium . Bell Tel Pa 5s B'48 Bell Tel Pa 5s C'60. Benef Loan 6s°46.. Berlin Cy El 65 '55. Berlin 6145 '50..... Berlin C El 6% 551 Berlin C El 634 #'59 Beth Stl pm 5536 S s " Bos & Me 55 '67. ... Brazil 6148 '26-'57. Brazil 6138 '27-'57 Brazil C R Brazil 8 Bkiyn Ed 55 A 49 Bklyn Man 65 A Bklyn UnGas 58'45 | Bklyn UnGas 5350 | BKlyn UnGa. 7 | Budapest 6s62. .. | Buenos A R 6s | Buft Gen E143 B R & Pitts 4138'57 Bush T Bldg 5s " Canada 48 Canada 4% Canada 5852, Can Nat Ry 41 Can Nat Ry 4% 57 Can Nat Ry 415 <68 Can Nat 58’69 Oct. | Can Nor 4% s'35. . Can Nor db 633546 Can XNor deb 75 "40. Can Pac deb 4 Can Pac 4158 Can Pac 55’44 ctfs Car Clin & O 55 38, 1 Cent Ga-cn 5s'45.. | Cent 111 E&G 5551 | Cent Pac 1st 45 49' Cent Pac 5360. ... Cen Ry NJ g Cert-ta-db 53543 Ches Corp 53 /47 95 % 9 106% 948, 8974 98% 141 454 43% 51 23 5914 {C&O4%sB C&Ocon5s'3e CB&Qgn 4s : CB&QI113%8'49. CB&QIl4s’ Chi&EstIl15s'51 9 Chi Grt West 4559 21 Chi Ind&L gn 6s'66 1 C M StP&P 58'75.. 81 CM&S!tP ad 55 2000276 Chi&N 6 Chi&NW 415 C'37 Chi &NW 4% 5’4 Chi RI&P gn 48 | Chi RI&P rf 45 '34. Chi RI&P 4%s'53. Chi R14%s60. .. CTHA&SE in 55 60. Chi U Chi Un Sta 632563 | C& W Inden 4s°52 |C& W Ind5%s'62 Childs deb 55°43.. | Chile 65 °60. { Chile 6s°61. | Chile 6s° | Chile 63’61 Jan. | Chile 6s°61 Sept. | Chile 63°63. ... { Chile 7s * { Chile Cop db 5547 Chile Mtg Bk 6s'61 | Chi Mtz Bk 6%s 61 | Cin Un Trm 5s 202 Cley Term 4%s Clev Term 5s B*73 Colomb 6s’61 Jan. Colomb 6s 61 Oct. Colon Ofl 65 '38. Colc & Sou 4%s Colo &Sou 4125 Col G&E Col G & E 55°61,.. Com Inves 513849 Con G NY 4%8s Con Gas NY 5s 11315 80 89 47 114 11% 11% 11 Con P Jap 6% Con Pow Jap 7 Consum Pow 58’53 Copenhag 5s '52 Cuba 5%5'45. Cuban Cane P 6: | Del&Hud ref 4s°43 | Del & Hud 5%s 37 Denmark 4245 °62.. Denmark 5%3 ‘55 Denmark 68 '42. D& R Gren 4s'36. | D& RGr4%s 36, D&RG W 58°55.. D&RG Wbs'T Det E4 4%s D '61. Det Edison rf 58’49 Det Edison §s'52.. Det Edison 58 '55. . Dodge Bros 6s ‘40 Duquesnes 15 SA’67 D E15%s'53 Mar. Dutch East 1 6s'47 Dutch East 1 6s'62 Eriecv4s A 53.., Erie ref o8 T5. | Fiat deb 7548 French Gv 7s "4! French Gv T}s'41. Gen St Cas 513549 Gen Th-Eq 584 Ger Cent Bk 6s°3 Ger Cen Bk 6560 J Ger Cen Bk 6860 O Ger Cen Bk 78 '50. . Ger Gen Elec 63 '48 Ger Gov 5%8'65.. Gernfan 613 5 German Rep 7s GoodHopeS&1 78’45 Goodrich 63°45 Goodrich 6%8"47. . Goodyr Rub bs ‘67, Grand Trunk 63°36 3 Grand Trunk 7540 7 Gt Brit&Ir 6% '37 747 Grt Nor 4%s D '76. Grt Nor 4,48 E*77. Grt Nor 5% B '53. Grt Nor gn78'36.. 19 67 67 81 67 81 ON N W YORK E STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Close. g it Haiti 64°52. 101 22 101 25 10218 98 16 9929 100 26 10127 101 27 104 26 106 21 11017 Close. 23 63 54 394 8915 47T 885 90 99% 105% 116 106% 5 105 104% 108 968, 801y 4874 16% 53% 58 581 584 87% 66% % 101% 89% 89%| Taclede 5348 D" T 1% 104% 1% 820 91 607y 991y 71 6914 7914 88 72 98 954 9613 1007 971 108% 108% 9014 33% 3314 53y 4614 100 102~ 30 30% 28% 324 55 107 351 103% 620 40 9% 1004 103% 9574 954% 954 i 9 5T 8615 103 1024 951 9514 106% 947% 897% 98% 4 113% 80 89 47 11tz 11y 1% 11 1% High. Low. Close. 21% 21% 21% 70 70 49% 49% 49% 49y 83% 834 40% ¢ 40% Bales. Greek 63 1 Hudson Coal 55 '62 Hud & M adj 5s8'57. Hud & M rf 58°'57.. Hungary T%s"41.. 111 Bell Tell 58! 111 Cent ct tr 48 '52. 111 Cent cl tr 4s'53. Il1 Cent 4%s '66. .. 111 Cent ref 58 °55.. 111 Steel 1b 434 5 40 Inland St 4% Inland St 43%s Int Rap Trrf Int Rap Tr 78 3. Int Cement 55 '48. Int & Gt Nor 6s°52 Int& Gt Naj 68’52 Int Hydro El 68 "44 Int Mer Mar 6s'41. Int Pap ref 5s A '47 Int Pap 6855 Int Ry C A bs'72. [ Int T&T ¢%s'39 IntT&T4%8"63 Int T & T 58°56. Italy 78’51 Ttaly Pub 7s'52.. Japanese 51;s 65 Japanese 634854 Kan C P&L 4%s ‘61 Kan City Sou 3s 50 Kan City Sou 58’50 Kan City Ter 43’60 Kresge Foun 65'36. Laclede Gas 55 '34. Laclede 5%8 C'53 Lake Shore 333897 Lautaro Nit 6s '54. Leh Val-cn 4s 2003 Lig & Myers 58 '61: Toew's 6; LS annt namama 69. Lou G & F1 58 A'52 L& N Unl 4548 L&N4%sC2003 L&NTf5%s2003. McKes & R 5% 850, Man 8 18t T8 '42. Marseille 63°34. Midvale 8tl 5336 Milan 6 ‘52 Mil E Ry&L 6 MSP&SSM en MSP&ASSM en 58’33 MSP&SSM 59 gt'38 MSP&SSM 5%e 78 MK&T st 45°90. MK&T6sA'62.. MK & T adj 58’67 Mo Pac gn 45°75.. S oawNmmo-mon 1 100 990 08 31 ot i+ 1 Mo Pac 5% A "49 Mobile-Ohio 55 '38 Mont Pow 55 "43 Montevideo bs Montevideo Mor&Co 15t 414 8'39 Eng T 1st 65’53, J Power 65’60 NOT&Min5s NOT&M 545’5 New S Wales 55 '57 Nw S Wales 5 N Y Cent3%48'97.. NY Centdb 45 °34. N Y Cent s s NYCrf4%s2013. NYCre4%s 2013 NYCrf582013 N Y Cent db 65°35. 48 NYCAS!L 1st 4537 NYCAStL 43878 54 NYC&StLE%sSA'T4 3 NYC&StL 1st 65°32 25 NY Edison5sB'44 1 N Y Edison 5sC'51 2 NYEArf 63s'41. 14 L H&P 5548 N Y NH&H 455 NYNH&H 4% N Y NH&H cl 640 N Y NH&H 6343 N Y O&W gn ds N Y O&W rf 4s’ N Y Rys Inc 6 N Y Steam 55°56... NY S&W &n 5540 NYTelgn4lss'ss 2 NY WaB 4%s"46. Nia Sh Md 5% ord 6138750, ... Norf Sou rf 55 '61.. Nor & Wn cn 4396 Nor Am Ed 58 A’5T Nor AmE5%s'63.. 2 Nor Ger Ltd 68'47. 24 Nor Pac gn 35 2047 16 Nor Pac 48’97 Nor Pacr16s 2 Nor St Pw s A '41. 6 Nor Sts Pwr 63 '41. Norway 58 '63 Norway 53865 Norway 6543 Norway 6s'44 Norway 6352 Oreg-Wash 4s’61. 1 Orient Dev 53358 Otis Steel 65'41.... Pac GRE 5s°42. Pac T&T rf 55 5 Pan Am Pet 65 '40 Paramount 65 '47.. Param-Pub 5% '50 44 ParisOr53s'6s.. 6 Pathe Exch 78°37.. 5 111 | Penn sta 45’48 125 | Penn 4% s D81 3914 68 89% 3 85% 82% Y% 9914 108% ¢ 105 6214 70 105 6814 50 6% 861 94% 73 8315 88% 614 61 9915 138 137% 1% 5% AT 42% 41% 45% 427 3 604, 67 665 66': Seab A Lad. 81 6 l!'m. 87 87T Seibs-Ci-S18s'€3. 12 Penn cn 412560 Penn gn 4%= '65. Penn 4%s D ‘70 Penn 4%s'63. Penn 53 '64. Penn 6155°36. Penn O&D ¢% Penn P&L 4% Peop Gasref 5s 47 Peor & E 1 Peru 6s '8 Peru 6861 Phila Co 58 '67. Phila Elee 4571 Phila & Read 6s'49 25 Philippine R 4s°37. 10 Phillip Pet 53339 Pillsb F M 68°43... PCC&StL5sA'T0 P CC&St L5sB'T5. Poland 6s'40 Poland 7s°47. Poland 3s '50. . Porto Alegre 8s'61. Port Gn El 4135’60, Por RAm T 65'42. P 92 102 64 10 10% 85% 98%, 57% Prussia 634852 Public Serv PubSv G 4% Pure Ol 5348 '37.. Pure Of1 58'40.... Read 4%s A '97 Reading 4%s B'97. Read Jer-Cn 4s '51. Rem R5%AMTWwW. 21 Rhinelbe U 7s '46.. 28 Rhine Ruhr 6s°53. 11 Rhine West 68°'52. 19 Rhine West 6s'53. 10 Rhine West 68°55. 6 Rhine West 7°50.. 10 Rich Oil Cal 6s'4¢. 9 Rio de Jan 634853 6 6 4 Rio de Jan ex 8s'46. Rio Gr.do Sul 65'68 RGr do Sul 8s'46. 12 Rio Gr Wclt4s'49 5 R1Ar &L 4%s'34 10 Rome 6%s'52..... 3 Royal Dutch 4s "¢5 6 Rumania 7s'59. 11 StL&SF 4% StL SF 4%s'78ct st 27 St L SW 18t b 3 StP&KCSL (%l':l 13 102% 102% | Sao Paulo 8s'36. 1057 105% | Sao Paulo 8s 50 116% 116 34% 424 6% 9% 28 Seab A L 6s A 46 IDOLLAR'S UBTURN WATCHED ABROA Accompanying Loss in Price of U. S. Staples Checks Recovery Aims. BY GEORGE T. HUGHES. Special Dispatch to The Star. . NEW YORK, August 16.—The recov- ery of the dollar in terms of gold has been obscured by the interest in the wheat situation and in the progress of the N. R. A, but it is compelling at- tention. ‘The low point of the United States unit of currency was touched on July . I 19, just when the stock market was on the point of breaking, as it did later that week. On that day, measured by the quotation for the French franc, the dollar was worth 688 cents in goj. This was a depreciation from par Bf 31.2 per cent. At today's level for the franc, the dollar is back to approximately 75 cents, or a depreciation of 25 per cent. The rallying tendency has been in evidence more in the last two days than at any time previously during August. ‘The depreciation in the dollar is arti- ficial in so far as it is not a response to trade niovements. More money is owed to the United States than the United States owes to other countries and the visible balance of trade is in favor of the United States. Two Factors Important. e depreciation is due, first, to spec- ulation for the decline on the part of European operators — & - speculation which obviously is not distasteful in its results to Washington, for that is what Washington wants—and partly to the “flight of capital” from America. . This transfer of capital is effected by the sending of securities with an inter- national market to the other side and turning them into sterling or francs and leaving the proceeds there. It is accelerated by the refusal of exporters to bring home sterling and francs ob- tained by sale of American goods al Now this speculation, this transfer of capital and this disinclination to bring home proceeds of goods sold in Europe, are all based on the fear that the dollar will be legally devalued. as it is within the power of the President to do under the Thomas amendment to the farm relief act. Incidentally, a large “bear” ‘account has been built up in the dollar in the continental centers. With the se: sonal demand for dollars abroad mal ing itself felt and speculation having for the moment Halted and no further transfer of funds being in progress, the dollar’s gold value is rising. United States Plan at Standstill. All of which brings up for imme- diate consideration how much of the recovery in equities and in commodi- ties has been dtie to the decline in the gold value of the dollar. For various reasons the commodity markets have been reacting and the plan to raise the price level to the pre-war average is making no progress. The stock market has come to a standstill. That does not give the ad- ministration so much concern, it may be confidently assumed, as the setback in the price of staples. What, then, will be the next step? ernment interpose to check the recovery in the dollar and what means will be adopted if that is the decision? On the answers to these queries specula- tion waits. The French have long been fearful that they would be forced off the gold standard sooner or later by the de- preciating dollar. That ‘also has been the peril visualized by the Dutch. Anxiety in both Paris and Amster- dam has been lessened by the recent course of the exchanges and Monday the Bank of Netherlands cut its dis- count rate from 35 to 3 per cent, indi- cating that for the present at least there is no concern about the guilder being forced off gold. (Copyright. 1933, by North American News- paper Alliance. Inc.) NET DEMAND DEPOSITS DISCLOSE SMALL GAIN By the Associated Press. Net demand deposits of reporting member banks showed a slight gain dur- ing the week ended August 9 as the | change was calculated by the Pederal Reserve Board. In the table that fol- lows the total demand deposits are given for comparable periods, as an- nounced by the Reserve Board: $10.495.000.000 000.000 Previous week 10: 1 10,079.000.000 Same week last - e Sales. High. Low. Close. Shell UO11 bs'47.. 21 90 89% Shell U O 55 49ww Shinyetsu 6%s’52. Silesia Prov 7s'58. Sinc 011 6% s B '38. Sinc Of1 s A."37 Sinc P L 5842, Sou Bell T&T 55’41 Sou Pac col - Sou Pacrf 4 Sou Pac 4%3768. Sou P 4%s 69 ww. Sou Pac 4%s 31... Sou P&Or 4354’77 Sou Ry gn 4sA’66 Sou Ry 63’9 90 StOilN J 6s'46 StOilN Y 4%s'51 Studebaker s '42.. Sweden 5%8°54.%. Swiss 5%48746 Tenn E1P 63 { Ter As StL ¢s’s3 Ter AsStL 58"44.. Tex & Atk 5138'50. Tex Corp cv 58 "44. Tex&P 1st 68 2000, Third Av adj 55'60. Tob P NJ 6352002 Tokio 5%s5"61.... Tokio El Lt 63 '53 Union El L&P 58'67 Un Pac 1st 45°47. Un Pac ¢s 6! Un Pac rf 4s 2008 Un Pac %867 UnP1strfbs2 United Drug 5s U S Rubber bs '47 UnSt W 6% A'47. UnStW 638 A'51. UnStW 6%sC'51 Uruguay 6s°60.. Uruguay 6s'64. Uruguay 8s” Utah P& L 55 "44 Utll Pw 58 °69 ww. Utll Pwi%e'47... Va EI&Pwr 535’42 Va Ry 1st 5s A '62. Va Ry & Pw b3 '34. Va SW 1st cn 5858 Wabash 4% Wabash 1st 55 ‘39 Wabash 53%s°75... Walworth 6s A '45. Warn Br Pic 6839 15 ‘Warn Quin 6s 39 West El db 58 "4 West Md 1st 4s'52. ‘West Union 68 °51. West Union 5s '60. ‘West Un 6333 Yokohama Ygstn S&T 58 27 Ygsta SAT 68 B0, 5 3 will the Gov- | H CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 16.—The follow- ing is today’s summary of corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: . Crude oil production in United States for week ended August 12 averaged 2,789,600 barrels daily against 2,679,200 in the previous week, a rise of 110,400 barrels; most important increases were 96,150 barrels in Oklahoma and 13,900 in California; motor fuel stocks aggre- gated 51,167,000 barrels at close of week as compared with 52,467 at previous week end. United States Steel Corporation.— Operations estimated at-a shade above 51 r cent as compared with 51 per cent in preceding week and 50 per cent two weeks ago; at this time in 1932 operations were at 13'. per cent. Kayser (Julius) & Co. net income, year ended June 30, $121,712 vs. deficit $1,329,529. Commonwealth Edison Co.—Yale & Towne Manufacturing Co. has acquired the assets of Walker - Vehicle C6. and its subsidiary, Automatic Transporta- tion Co., for $400,000; Walker Vehicle, which had been a subsidiary of Com- monwealth Edison Co., has outstanding an issue of 5% per cent serial notes. Connecticut Power Co. June electric power output was 31 per cent above June, 1932; 6 months up 2 per cent. Continental Gas & Electric Corpor: tion prior preferred share earnings, 12 months ended June 30, $13.84 vs. $22.09. Mackay companies—June net income as reported to I. C. C. was $23,009 as compared with a deficit of $62,877 in July, 1932; 6 months’ net loss was $1, 026,358 against net loss of $1,315,621 year a go; (figures represent land line operations of Postal Telegraph Cable Co. only and do not include operating re- sults of cable and radio companies). Chrysler Corporation output of Ply- mouth cars for August set at 30,000 or 5,000 units over puv]\ous month; 31,500 were produced in July. Ple?ce—lurow Motor Car Co. July shipments were 102 per cent over those of July, 1932 Intercontinental Rubber Co. deficit, six months ended June 30, $102,891 vs. deficit $162.868. Unfted Chemicals Inc.. deficit, six months ended June 30, $79,220 vs. defi- cit $12.164. Vanadium Corporation of America deficit, six months ended June 0, $613,- 354 vs. deficit $801,627. Myers (F. E) & Bro. Co. common share earnings, nine months ended July 31, 87 cents vs. 55 cents. American Public Service Co. deficit, six months ended June 30, $76,531. Public Service Corporation of New Jersey net income, 12 months ended July 31, $26,786,263 vs. $30,235,057. Business failures in the United States for the week ended August 10 num- bered 349, Dun & Bradstreet, Inc., re- ported. Ir the preceding week there were 352 defaults and 650 in the same week last year. There were reductions in all geographic divisions last week In comparison with the corresponding period last year, the agency said. STOCKS EX-DIVIDEND NEW YORK. August 18 (®.—Stocks ex- dividend toduy’ All domestic payments fo fowing are subject to tax when paid to an individual_unless otherwise indicated Franklin 8imon & Co. pfd b'd. Sp'cer. Bartlett & Ce Imperial Tobacco of Great Britain Ireland . Pree of tax but less genul‘\; pf A $1 | Newberry (J°J) Co. pi Strawb. & Clothier 6% Electric Output Gain. NEW YORK, August 16 (/). —Electric production_of the American Water Works & Electric Co. rose 48 per cent in the week ended August 12, compared | to the comparsble period of 1932. the | igures being 35,394,000 and 23,958,000 kilowatt-hours. ‘ ' Dollar Makers I | BY GEORGE T. EAGER. One of the principles of successful selling of any higher priced appliance is to talk to the prospect in the pres- ence of the old appliance that is to be | replaced. In this way advantages and improvements can be clearly pointed out. One of the most successful salesmen | of oil burners fol- lows this principle. His first effort is! to take his pros- pect down into the cellar of his home, where he can dis- cuss his appliance with the former heating system be- fore him for com- parison. A As he goes down the cellar stairs he usually remarks, “It must be a lot of bother to go up and down these stairs several times a day. You won't have to do it much longer.” If there are any ashes visible he points out that they will soon be gone forever. He then comments on the large amount of val- uable space in the cellar and begins to plan before his prospect a children's play room or game room that can be built in the space saved by the instal- lation of his compact and attractively designed oil burner. This whole ap- proach provides the right start for the final closing of the sale. (Copyright, 1933, by the-Bell Syndicate, Inc.) Washington Produce ‘Wholesale Prices. Egg prices furnished by the Depart- ment of Agriculture. Butter, one-pound prints (93 score), 25; tub, 24; one-pound prints (92 score), 24; tub, 23; one-pound prints (90 score), 23; tub, 22. Eggs, current receipts, 12a13; hennery whites, 16a18; Government graded and dated white eggs, extras, 26%2; medium, 22; standards, 222. Poultry, alive; chickens, Plymouth Rocks, 15a19; mixed colored, 13al4; Leghorns, 11a13; hens, mixed colored, 10a12; Leghorns, 7a8; roosters, 6a7. Poultry, dressed; chickens, Plymouth ks, 18a21; mixed colored, 16a18; horns, 14a17; hens, mixed colored, 13a15;- Leghorns, 13a14; roosters, 9al0; ] squabs, dozen, 11 to 12 pounds, per!| pound, 25a30; Long Island ducks, 14a15. Meats—Beef, 11; veal, 10; lamb, 16; k loins, 14; fresh hams, 14; smoked 16; strip bacon, 16; lard, 9% Pruits—Apples, 1.00a2.00; some poor condition, 25a50; pears, 2.00a3.25; watermelons, 10a35; cantaloupes, 50a75; honeydews, 1.50a 1.75; honeyballs, 2.50a3.¢ 3.00a3.50; lemons, 5.00a5.50; limes, Persian, lugs, Florida, 1.50a2.00; plums, 2.00a2.25; nectarines, 1.50a1.75; ‘Thompson _seedless, 1 50a1.75; 2.50a3.00; huck|$!r’noe;,~ 3.00 eggplant, 50 squash, 25a35; kale, 50 spi lper 100 bunches, 3.00; 00 bunchés, 3.00, EXECUTIVES CHANGED BY PARAMOUNT PUBLX By the Associated Pre: NEW\YORK, August 16.—Paramount Publix Corporation announced today the appointment of Ralph A. Kohn as vice president in charge of its theater oper- ations. Walter B. Cokell, assistant treas- urer, will succeed Kohn as treasurer. BONDS ON THE CURB MARKET IDS. nds. 7 Alabama Pw 4% ‘87 1Alabama Pow' 85 0% 18 Aluminum Co bs '52 3Am El Po 3 w 08 A '57 i 11 Amer G & E 53 2028 833, 6 Amer Pw_ 65 '39 Mill B8 4K alach Pow B5s ‘56 P& L bs ‘56 Ind 4%2s '5: 4138 '48 9 C >>t>> R mofoooon 2 ook e, b M o 0% L4 oo 54 105Y% 101 881 66 @ Lt b Pb Ser 5l3s 3 Gent Bt 50 Citles Bervice 33 7 31 Brv Gas 512 104 107 104% o8 9613 Fore 92 H 104 % 10134 100 871 H B o 3 el » a nil Oil Bles ‘ane Co 5s " dally Pkg 5'2s G Gas 6s A C Gas 53 B & L 5s A 9999589900099 8 a8 pos 9} e om0 30 D230 i = 10 i 42 s SEoEHEREETN 111 6913 ) sta Pw Bs 5 ers QP&L 4138 C "6 ers Cn P&L 53 B 4 3 I ) Kans Ko o) £ 20 B 3 Th 1 Neb Pow fs A - 6 Neb Pw 4'2s ‘N1 6 Nevada Calif_5s '3 & Ner ng G&E 5s ng G&E 5s ° Eng G&E 5 w Eng ng P 5 Orleans 47 428 P s 3 U Blgs A P8 5s C - nd PS8 5s 081a 2 0712 10813 Dy 5 __._n Casimaiouy nupyyvizeedy S P GERE Egereee Ser 55 ‘70 80 wi. s '45 6. . & L 438 44 P Serv 5s B '50 Wash Gas L B5s ' 3 U 55 A 67 1Wisc P & L 5s F '58 FOREIGN BONDS. 3 Cauca_Valley 7s '48 5Com Pk Bk 5lus 37 3 0 Stinnes ww—With warrants. xw—Without warrants. n—New. wi—When issued. MONEY MARKET. NEW YORK, August 16 (®).—Call monsy steady: 1 per cent sll day. Time loans steady: 60 days. 1: 3-4 lalle: 5-6 months, 1%allz per rime commercial paper. 1'; per cent. kers' acceptances unchanged. First Mortgagesr on New Homes 67 AND SAFE SHANNON & LUCH, Research Corp., 15 Exchonge Place, Jersey Chy, N. J. New York Cotton By the Associated Press. NEW YORK, August 16—A further decline of approximately $2 a bale in cotton today was attributed to a re- newal of general liquidation promoted favorable weather and croj e action of the grain and stock mar- kets and steadiness of the dollar in foreign exchange markets. 8top orders were uncovered on the decline which extended to 8.66 for De- cember contracts or about 44 points net lower. Offerings then tapered off and the market was quieter in the later trading with prices showing rallies of 10 to 12 points from the lowest around 2 o'clock. = Cotton futures closed firm. 12 to 21 lower. igh. Lo Last SMALL DECLINE SHOWN IN RUBBER CONSUMPTION By the Assoclated Press. NEW YORK, August 16.—July con- sumption of crude rubber by manufac- turers in the United States amounted to 50,184 long tons, against 29,976 tons in the like period of 1932, according to the Rubber Manufacturers’ Association. | The July consumption, however, repre- sented a decline from June, wh:l? it amounted to 51,326 tons. PRODUCE EXCHANGE NEW YORK. August 16 (#).— Exchange stock list: e Bales in hundreds. 1 Abitibi Power & Pap 8 Aetna Brew ...... 2 High Low. Close 1% 1 1% 235 23, 2B G Sandwich Shops | Beverages Units ... 3l 11 3 1 ' on In, Brew d A.. Railways new 3w 3% 7 Richfield Oil - 3 0 Rossville Alc 2 2 Rossville Al 2 Std Brew 17 Sumon Brew 1 Tillier Thomps X United Cig Str bt 1 3 Victor Brew 1 Wiltys Ov Total sales— INVESTME.NT TRUSTS NEW YORK, August 16 (A —Over- the-counter market (Quotations as of 3:30s0'clock.) Am Bank Stock... Sty Bullock Pund Cumulative Tr Corporate sh & A mod 2 t Accum Ser 0d Depos Ins Shrs Dividend Shrs B vestors “Inc 08 50 39 3 Am Tr Am Am Am Am g 1 236 Am 2 ) Tr BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, August 16.— OCKS Last L ? Bromo-Seitzer o7 Fidelity & Deposit Co 31% Manufacturers Fin Co com vt 100 Manufacturers Fin Co pfd. .. 130 Marvland Casualty Co. ... Northern Cent R R com 140 New Amsterdam Cas Co 100 Union Trust Co U S Fidelity & Guagenty BONDS. 3000 gnited Rwy & Elec 45 1000 United Ry & Elec fdg s Organized 1879 JOHN JOY EDSON, President Assets Systemat example—! BT T ST TGN T advices, erereresesiassiinecsssssescenee..$6,251, STEEL RDERS (F SHARPLY N WEEK Average Ingot Output Drops Four Points to 53 Per Cent Level. | By the Associated Press. . NEW YORK, August 16.—Steel de- mand is ylelding 4o the retarding influ- ence of codification difficulties and sea- sonal recessions in consumption. Ine coming business has dropped off ma- terially in Chicago, Pittsburgh and other leading eenters, and the national aver- age for ingot output has fallen four points, now standing at 53 per cent of capacity as compared with 57 per cent & week ago, says the Iron Age. ‘At Chicago production has declined from 53 to 47 per cent, at Pittsburgh it has dropped from 49 to 45 per cent, at Buffalo from 57 to 51 per cent, in the Cleveland-Lorain districts from 67 to 65 per cent, in Eastern Pennsylvania from 46 to 45 per cent, in the Wheeling district from 85 to 80 per cent and in the South from 75 to 54 per cent. Uncertainties Blamed. “Uncertainties growing out of the national recovery program are respon- sible in large part for the downward trend in iron and steel business. Sellers | feel that they will not have a firm foundation for steel prices until wages | in the coal industry are settled | ‘Although strike disturbances in the | Western Pennsylvania coal fields have subsided, the wage rates and working ;lcxoggéuom ulalnt Wwill finally be estab- s] are still unsettled, Lionl of a coal code. g | “Iron and steel consumers. on other hand, are unwilling to make ftl}: | ther purchases of materials untii they find a way out of some of the perplexi- | ties that have arisen from signing up under the Blue Eagle. Many of them, having raised wages and shortened hours, now fear that they cannot obtain compensatory increases in their prices, 1regll!zmg nnly‘ too well that the final | arbiter on prices is th - S P the ultimate con. | “They are particularly appre | of losses on fixed price contggcg“t‘n‘l‘: before they subscribed to the blanket code. Other concerns have followed 2\! dlctn'/ela of the code as to hours and ages only to find themselv - fronted with strikes. - Auto Activity Slumps. “Seasonal reaction in steel demand is most noticeable in the automobile in- ’duszry Purchases of steel for current models have been virtually completed, and initial buying for new models will probably not occur until late in Sep- tember. But code complications also have affected the attitude of motor car builders. “Hesitating to risk an advance in their retail prices during the remainder of this year, they face higher costs in- cident to the new basis of wages and hours under which they are now work- ing. together with chronic labor diffi- culties growing out of persistent efforts to unionize their plants. “Under the circumstances, they are in a mood to offer stubborn resistance to the one-price policy on steel which will become effective with the adoption of the iron and steel code. “Structural steel awards. at 6,500 tons, compare with 8450 a week ago. Both structural steel and concrete bar lettings are suffering because of the slowness with which the public works program is getting under way. Cleve- land has placed general contracts call- ing for the purchase of 24,000 tons of cast iron and steel pipe and fittings. Rail Buying Slow. “Railroad buying remains at a low ebb, and Western roads have grown teven more cautious about expenditures because of a decline drought-stricken agricultural areas. “Coke prices have lost some of their buovaney with the passing of strike difficulties. Furnace grade has declined from $2.75 to $2.50 and foundry from | $3.50 to $2.75. Scrap has given ground !at Chicago and the Iron Age composite |has receded from $1225 to $12.08 = ton. the first decline since May. The finished steel and pig iron composites are unchanged.” DAY anp NIGT 53rd YEAR COMPLETED Equitable Co-Operative Bldg. Ass” WALTER 8. PRATT, Jr., Secretary 6.24 Subscriptions for the 105th Issue of Stock Being Received Prosperity Is Yours Through ic Saving Thousands today enjoy prosperity be- cause they ing plan of the Equitable. adopted the systematic sav- Follow their save part of your earnings. Come in and we’ll explain. 915 F St. N.W. 0 i Has the Situation Changed? Is the Executor that you named years ago still alive? Does he still live in this community? Are you sure of his financial responsibil. OF THE DISTRICT J OF COLUMB Under United States Government: Supervision talk with cers ity today? Perhaps you would like to over your estate plans the experienced Offi- of UNION TRUST. Your inquiry will be held confidential. “Conservative Management —Helpful Service” Southwest Corner Fifteenth and H- Streets Northwest WASHINGTON, D.C.