Evening Star Newspaper, August 18, 1933, Page 13

FINANCIAL. SPECULATIVE BONDS - REACT AFTER RISE Rails and Industrials Ease as Grain Quotations Break at Chicago. BY JOHN A. CRONE. BOND o N THE NEW Y EVENING [o] STOCK EXCHAN Received by Private Wirc Direct to The Star Offiee. UNITED STATES. (Sales are in $1.000.) Lib31ss 32-47 Lib 1st41,832-47. Lib 4th 41 s 33-38 102 Us U S 3%s 46~ EERIRY s M 41-43. 10 338 J 40-43 Boecial Dispatch to The Star. NEW YORK, August 18.—Brisk bid- ding up of foreign loans and early | demand for speculative home securi- ties, especially rails and industrials, featured today’s active bond session. | Later, the break in Chicago grain | quotations hit speculative debentures, | as well as shares. The domestic list closed irregularly lower. ! Weakness of the dollar abroad was not at once felt in United States Gov- ernment obligations, which opened ac- tively and strong, though gains and losses about balanced at the close. Strongth of the pound sterling and French franc in terms of the dollar | Started the bulge in foreign loans. From | the two united kingdom isues and French governments and cities the ad- vance spread to Switzerland 51,8 and Belgian 7s of 1956, thence to Italy Ts and Japanese 5'4s and 6'zs. Demand Broadens. The bulk of foreign government loan | activity in the forenoon centered around bonds of the gold bloc countries, includ- ; ing Poland but not Czechoslovakia, whose leans were inactive Demand broadened later to include other Euro- pean countries. such as Rumania Ts, off recently as & result of their an- nouncement of default on v'Vtemfll; debt, and a I list_of German pro- vincial issues, like Bavaria 6'2s of | 1945 1 South American issues were relatively tnactive until near the end of the sec- ond hour, when. under the lead of Argentine governments, this div !smr_x Started zorward. Argentine 515 at 55 were up ¢ points and some of the cthers were uj: 8 point or more, though Buenos Aires incial stamped 6.5 opened oft neardy & point. Uruguay 6s of 1960 | at 30's Were a prominent excepticn to the up trend. The usual speculative rail leader, St Paul adjustments, was eclipsed in point | of activity and strength, for a time at | least, by such issues as Denver & Rio Grande Western 4s of 1955, Seaboard Air Line 6s of 1945, series A, and Inter- | national Great Northern adjustments. Later the Wabash and Missouri Pacific ! 3ssues uniformly advanced Senior Rails Steady. Gilt-edged rails like Atchiscn general | 4s and Union Pacific first 4s were, steady but dull. This was true of the| higher-grade public utilities. though | 10 Low. 10217 101 29 102 20 98 15 99 30 100 28 101 101 102 6 104 106 17 11017 Sales. High. Adams Exp 4s'48. Alleghany 5s 44 Alleghany 5s ‘49 2549 A Intl 535’49 Am Metal 533834 Am Sm&Ref 5 Am Sug Ref 6 Am T&T 4%s'39.. Am T&T c tr 58’46 Am T&T deb 53 '60 Am T&T 533843 . Am Wat Wks 5534 Am W W& Am Wr Pap 65’47, Argentine 58 " Argentine 5% Argentine 6’61 M. Argentine 6s '59 Ju | Argentine 6s '59 Oc Argentine 63 A '57. Argentine 6s B 58 Arm & Co 41839, Arm Del5%s'43.. Atchis 45 1905-55. . Atchison gn 4s'95. Atchison 434848, . AtICL 1st 4s'52.. AtlC L col 4 AUCLun4y% Atl Gulf&WI5 Atl Ref db s Australia 4%s Australia 58 Australia 5s ' Ans Austrian 78’57 B& O 1st 4s"48. B&O 413860 B&O1st5 B & O ref B&OT6sC B&OT&WV 4 B& O Swdv5s B & Toledo 45 '59.. Batav Pet 414542, Belgium 6s'55. ... Belgtum 6% Belgium 7s Belgium Ts Bell Tel Pa Bell Tel Pa 5s C Berlin Cy El 65 Berlin C El 645 Bolivia 7 Bolivia 8547, Bordeaux 6s '34. .. Bos & Me 4%s'61J American Telephone convertible 4 i Were up a point. In the speculative| utilities International T:lephone con- | vertible 41,5 were up a point, while Postal Telegraph 5s opened down 11;. Firmness of the various Dutch Tast | Indies issues, betterment in German ! utilities, and bidding up of Brazilian descriptions were afternoon features in the foreign division, where most of | the forencon gains were retained. Later Japanese Power & Light loans were | taken at higher prices. i Meanwhile the break in Chicago; grain quotations hit_speculative domes- tic list. In the rails St. Paul adjust- ments and gold 5s widened their de- cline. Chicago & Northwestern 43;s yielded their early strength. Nickel Plate 4!5s eased Although Cuba Cane 6s were up a point, Atlantic Gulf & West Indies Steamship 55 wi down that amount Remington-Rand 5'»s lost a couple of points. In the better type of indus- trials American Smelting & Refining 5s and Standard Oil of New Jersey 5s were inclined to easiness. American Sugar 6s, however, pointed upward. H (Copyright, 1933.) INTERNATIONAL NICKEL = PROFITS RISE STEEPLY. | By the Associated Press | NEW YORK. August 18.—Profits of | the International Nickel Co. of Canada, | Ltd.. rose sharply in the June quarter | to $1,943,046, equivalent after preferred | dividend, to 10 cents a share on the | common stock, the company announced | yesterday. The exhibit, the company said, was’ the best for any quarter since the| period ended September 30, 1930. In | the first quarter this year the company | had a net loss of $80.158. Second | quarter profits, the report stated. do: not include credit of $522517 repre- senting exchange adjustments which are now carried in contingent reserve. SEARS, ROEBUCK SALES INCREASE 11.1 PER CENT By the Associated Press. CHICAGO, August 18 —Sears. Roe- ‘buck & Co. announced its sales for the | period of July 17 to August 13, inclu-, sive, were $1.921070, or 11.1 per cent above the same period last year. The figures: $9,179,932 this year; $17,258.862 in 1932. | For the period of January 30 to Au- gust 13, sales totaled $128,170.522, com- pared with $143,837,781 in 1932, or & BROKERS' COMMENT. | NEW YORK. August 18 (P —The re- sumption of the ck market advance on | 8 broad front is anticipated by most brokers today. Munds. Winslow & has definitely turned up from | Tnarrow fluctuations and subject to tem- porury setbacks p much higher. { Shiclds & Co.—All moments of quietness | ollowing _dips should be used to resume | n positions. O aner Jelke & Co—Continuation of the | rally would seem a logical expectation. espe- | cially if commodities hold their advauces. | Jackson Bros. Boesel & Co—From the | technical standpoint the indications now | Doint to an extension of the general up- trend of the stock market from the lows f_Jul: ©! Hornblower & Weeks—We think the main advance has been resumed Washington >Stock Exchange SALES—AFTER CALL. ‘Washington Gas 5s 1960—$1,000 at 105%. ‘Washington Gas 6s “B"—$500 at lgflslv Capital Traction Co.—2 at 7, 2 at 7. Bid and Asked Prices. BONDS. PUBLIC UTILITY. er. Tel. & Tel. 4'zs '39.. AmTrel & Tel. ctl. ir. 5 Anacostia & Pot. R R. 5 Anacostia & Pot. Guar. 5s. G, & P. Tel. of Va. 58, . Capital Traction R. R.'b: City & Suburban 5 Georgetown Gas 1st Bs. Potomac Elec. Cons. 5% Potomac Elec. G5 1053, Washington Gas 5s '58. Washington Gas 5s ‘60, ‘Wash. Gas s, series B. . Wash. Rallway & Elec. 45 MISCELLANEOUS. Barber & Ross, Inc. 6las. Chevy_Chase Club 5ias Col_Country Club 5%as. D C. Paper Miz. 6s. ‘Wash. Mkt. Cold Storage Bs.. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9).. Capital Traction Co Wash. Gas Lt. Co_ (3.60) Norfoik. & Wash. Steamboa. Pot. Elec. Power 6% pfd.. Pot. Elec. Pwr. % pfd. ! Wash. Rwy. & Elec. Com. (7 ‘Wash. Rwy. & Elec. pfd. (5). MISCELLANEOUS. er. Bromo-Selz. “A" (2).. anston_Monotype (4)..... Merch. Trans. & Stee. pid” Mergenthaler Linotype ... Peoples Drus Stores pfd Wdwd. & Lothrop com. (1.50) Wdwd. & Lothrop pid. (2) *Ex-dividend. Potter—The market the recent | 58 128% i 60 Bos & Me 5 Bos & Me azil 6 B B Bklyn UnGas Buenos A ¥ Suff Gen El 415’81 B R& Pitts 412557 Bush Ter con 5 Nat Ry 473 ‘an Nat Ry or deb T Can Pac deb 48 Can Pac Can Pac 413546 Can Pac 4135 '60 Can Pac 58 54. Car Clin & Cent Ga-cn 55 '45. . Cent 11l E&G. 1 Cent Pac 1st 45 49 Cent Pac 55 60. ... 4543 Ches Corp 5847, C&Ogen 414892, C&O41sA C&O4%:sB C & O con s 5571 CR&QII 4549 Chi & Est I11 55 '51 Chi Grt West 45°59 Chi-Ind&L &n 55'66 “hi M & StP 418 C Chi M&StP 415 E. C M StP&P 55 75 CM&StP ad Chl & NW gn 4s'87 NW 4355 C'3T. Chl &NW 43 Chi&NW rf 552037 Chi&NW 613 '36. . Chi RI&P gn 4388 Chi RI&P rf 45" Chi RI&P 4%s ChiR14%s°60. CTH& s '60 Chi Un $ 3 Chi Un-Sta 55 B'63 Chi Un Sta 633563 C& W Indcn 4552 C& W Ind5%s°62 Chile 65'60. . Chile 65’6 Chile 656 Chile 661 Jan. Chile 6561 Sept Chile 68°63....... Chile Cop db 55 '47. Chile Mtg Bk 63’61 Chi Mtz Bk 612851 Chi Mtz Bk 6%s 61 Chin Gvt Ry 55 '51. Cin U E CCC&St L 435 Clev Term 434 " Clev Term 5s B Clev Ter 5% s Cologne 6125 '50. .., Colomb 6s 61 Jan, Colomb 6s 61 Oct. , i Colo & Sou 4%s '35 Colo &Sou 1145 '80. Col G&E 58’52 May Col G & E55°61. .. Com Inves 533 49 Cons C Md rf 5550 Con G NY 4%s 51 Con Gas NY 65’57 Con G NY 53:8°45. Con P Jap 632850 Con Pow Jap 78°44 Consum Pow 58 '52 Copgnhag 55 Cuba 5%s8'45 Cuba Nor 5%s 4 Cuba R R 1st 55 ‘53 Cuban Cane P 65'50 Czecho 8s'51.. Del&Hud ref 4s°43 Del & Hud 5%3s'37 Del Pw&Lt4%s71. Denmark 4335’62, Denmark 5% '56. Denmark 6s 42 Denver Gas 5s D& R Grcn 45’36, D& RGr 4%s'36. D&RG W 58'58.. D&RG W 55 '78.. Det Ed 4323 D '61. Det Edison 5852, s w Y reBiZn kel Rellcrvwnne e 6 @ E3 ER PRy 231 2000429 2 31 8 49..158 5 11 16 3 14 27 g 5 23 17 3 9 1 2 8 2 10 1 80 10 10 4 1 1 92 6 30 19 Dodge Bros 6s 40, 101 Duquesned % sA’67 Duquesnes };sB'57 Det Edison rf 5s'49 D E 15%s'53 Mar. DEI5%s'53 Nov. Dutch East I 6s'47 Dutch East 16562 Erie Con 4s'96.... Erfecv 4s A '53.. Erle gon 48’96, Erie ref 5s '67. Erle ref 58 ‘75 Erie & Jer 6s°'55 1 6 1 8 1 34 67 1 70"y 4 Close. 10217 1022 102 2: 98 16 100 100 29 27 10128 7 101 27 1026 104 30 106 17 110 20 26 Low. Close. 70 70 63 . 621 56 a1 1001 9814 19 54 100% 106 1131 80 89% 12 12 12 9815 103 10615 6214 71 105 68% 48% 347% 33 % % 8614 943 102 3% 84y 90 .93y 60 61 374 4815 97 102 96% 104% 106% 103% % 125 Finland 6%8 88,00 2 74 - 125% 122% 128% 83 611 6744 611 61% 101 "4 101 “ Sales. High. Finland 63 " 3 Finland 7s 3 Coast 53 X Gv 7549 French Gv T%s'41. Gelsenk’hen 63 '34. Gen Baking 51540 Gen St Cas 515549 Gen Th-Eq 0340 Ger Cent Bk 6s'38. Ger Cen Bk 65'60 J Ger Cen Bk 65’60 O Ger Cen Bk Ger Gov 5% '65. German 635 '50. German Rep 7549 Goodrich 6845 Grand Trunk 63°36 Grand Trunk 7s '40 Gt Brit&Ir 5%s ‘37616 Grt Nor 4148 E°77. 17 Grt Nor 514s B'52. 4 Grt Nor gn 78'36.. 16 Haitl 65" Hudson Coal 53 2 Hud & M adj 6557 184 Hud & M r£5s°57. 28 Humble Ol 55'37.. 2 Hungary 7%s'41.. 1 111 Bell Tell 5s " Ill Cent ct tr 4s Il Cent cl tr 4s 11l Cent 4%s 66 111 ¢ 5 111 Cent 615 '3 111 CCStI&N 4148 111 CCStL&N 58 A, 111 Steel 1b 4155 40. Inland St 414s A'T8 Inland St 4%s B'S1 Int Rap Tr 65 '32. Int Rap Tr 78’32 Int Cement 55°48.. Int & Gt N 58 B'56 Int & Gt Nor 63 '52 Int & Gt N aj 68’52 Int Hydro El 68 '44 Int Mer Mar 6s"41. Int Pap 68°55. .. INtT&T4%s IntT&T 4 Int'T & T 53°55 Italy 7s'61. Italy Pub 7 Japanese 5345 '65. . Japanese 63854, . Jugosl Bnk 7s"57.. Kan C P&L 4% Kan City Sou 3s Kan City Sou IKan City Ter 45’60 Kan ¢ 155°80., Kresge Foun 6536 Laclede Gas 5. Laclede 5148 C Laclede 5%s D Lake Shore 3%s" Lautaro Nit 65 '54. Leh Val-cn 4s 2003 Leh-V cn 4%s Lig & Myers 7 Loew’s 6341 Lorillard 5 Lorillard 7s ‘44 La & Ark 55'69. ... Lou G & F158 A5 L Uni4s'40. .. L& N 4155 C 2003, L& Nrf5l%s2003. Lyons 65 '34. McKes . Market St 7s A "40. MK & T8 A6 Mo Pac gn 4 Mo Pac rt Ao Pac 5sF Mo Pac 5s G 78 Mo Pac 5s H '80. s1°81 1 A Molile-Ohio 5s font Pwr k. Montevideo Mor&Co 1st 4% Nassau Elec 45 '51. Nat Dairy 5135 '48. Npt Steel 55756, . . NEnz T-1st 655 NJ Power 6560 NOT&M5SB NOT&M5%s New S Wales w S Wales 58 NY Cent31%s°97.. NY Centdb 4s'34. NY Cent 4898, ... YCrf4alys2013. Y Crf43s2013n Y Crf 582013 Y Cent db 6s L H&P 4549 H&D 55 18 31.%5 " NH&H 4s " NH&H 4s NH&H 4s°37.. NH&H 4%s '67 ¢ NH&H ol 65740 " Telgn 415839 108 16 46 . 10 17 19 15 14 Norf Sou rf 58 61.. Nor & Wn cn 48°96 Nor & Wn div 4s'44 Nor Ger Ltd 6s " Nor O T & L 65°47. Nor Pac gn 3s 2047 Nor Pac 4s°97..... Nor Pac 53 D 2 Nor Pacr i 6s 2047 Nor St Pw 53 A "41. Nor Sts Pwr 65 "41. Norway 6s'44 Norway 6s'52 Ore Sh L 5s gtd "46. Oreg-Wash 4’6 Orient Dev 5%s'58 Orient Dev s '53. { Otis Steel 6s'41 Pac G&E 53 '42. Pac T&T 1st 58 '37. Pac T&T rf 5s 52 Paramount 6s '47 Param-Pub 53 Paris Or 534568 Penn sta 45 48, Penn 4%s D '81 Penn cn 4155 '60. Penn gn 435 '66... Penn 434s D '70 Penn 4%s'63. Penn 5564 Penn zen 55 '68 Penn 61:4°3 3 Penn P&L 415 '81. Penn O&D 414s'77. Peop Gas ref 5s '47 Peor & E inc 4590, Pere M 15t 58 '56. .. Peru 65 '60. Peru 68 '61. Pery 75'59. Phila Co 5867 Phila Elec 4s ‘1. . Phila & Read 6s’4 Philippine R 4s°37. Phillip Pet 5%s '39 PCC&StL 4%s C'77 P CC&StL 58 A'T0 PCC&StL5sB'T5 Poland 6540, ..... Poland 75 '47...... Port Gn E1 41£s'60. Porto Alegre 8s'61. Pes Tel & C58'53. Press Stl Car 58'33 Prussia 6s 52 Prussia 6%s '52. Public Serv 4s'71. Pub Sv G 415’61, Pure O] 5840 Queensland 6s '47.. Read 415 A'97... 1 Redding 4%s B'97. Rem Arms 6sA'37 1 Rem R6%A4TWW, 1 50 B0 8414 13 140 137% 40 103% 4% | Ok 93 9214 1074 89% 637% 6674 33% 105% 105% 107% 31 3014 116 101% 88% 104 94 8315 S1AR, WABG LG coN, 1o0s. UTSTANDING LOAN VOLUME INCREASES Daily Average Up 15 Millions From Level Reported for Week Ago. By the Assoclated Press. The daily average volume of Federal Reserve Bank credit outstanding during the week ended August 16, as reported by the Federal Reserve banks, was $2,- 230,000,000, an increase of $15,000,000 | compared with the preceding week and a decrease of $122,000,000 compared with the corresponding week in 1932. On August 16 total Reserve Bank credit amounted to $2,240,000,000, an increase of $20,000,000 for the week. This increase corresponds with an in- crease of $4,000,000 in money in circu- lation and a decrease of $23,000,000 in Treasury currency, adjusted, offset in part by a decrease of $5,000,000 in member bank reserve balances. Bills discounted increased $10,000,000 at the Federal Reserve Bank of San Francisco and a like amount at all Fed- eral Reserve Banks. The system’s hold- ings of bills bought in open market show practically no change for the week. Holdings of Treasury certificates and bills decreased $81,000,000, while those of United States Treasury notes increased $91,000,000 and of United States bonds $1,000,000. August 16 totals (in millions of dol- lars) with changes from a week ago and a year ago follow: Aug. 16 164 Last Week Up 106 o 1 Up 11 Last ¥ Bills discounted. . Bills bought = U. B. Gov. securities Other Reserve Bank credit Total Reserve Bank up Up o Up on tary gold stock currency Money in circ'latn 5 M’mber bnk reserve b Tunds, non- member deposits, ele: i of 1 Up 153 Combined resources and liabilities of the 12 Federal Reserve Banks at the close of business vesterday were re- ported last night by the Pederal Re- serve Board in thousands of dollars as follows: Assel Gold with Pederal agents 2 Gold redempfion’ fund with U. 8. Treasury Gold held_ exclusively against F. R notes Gold settiement ‘fund with F. R Board Gold and ' gold ~certy by banks Total Reserve %271 cates held reserves. . | Qther Snecial deposits ber bank osits deposits d_availability Total Sales. High. Low. Close. Rhinelbe U 7s’46.. 39% 39% Rhine Ruhr 65 '53. Rhine West 68 . Rhine West 6s . Rhine West 63°55. Rhine West 7°50.. Rich Oil Cal 6s "44. Rio de Jan 6128 '53 Rio de Jan ex 8s'46 2o Gr do Sul 6568 ir do Sul 8s'46. Rio Gr W 1st 4<'39. RI1Ar & Li4%s"34 Rome 61455 Royal Dutch Rumania 7859 StL IM R&G 45'33. “5 StL&SF 4%s'7 StL SF 4%s'78ct st St L&SF 53 B'60. . St L SW 1st5 . CSL 44541 St P-Un-Dep 5s '72 a0 Paulo Ts Paulo §s 2 axon P W 615851, Saxon 7s'45...... Seab A L 63 A'45.. T Serbs-Cr-S18s'62. Shell U Of1 58 '47.. Shell U O 53 "49ww Shinvetsu s " Silesia Prov : Sinc 011 634 B '38. Sinc O11 7s A '37 Solvay Am 5: 5 Sou Bell T&T 5s'41 Sou Pac col 4549 Sou Pac rf 4s'55 Sou Pac 413568 Sou P 4748 6! Sou Pac 4%s Sou P&Or 4% =A'T7 Sou Ry gn 4SA’5| Sou Ry 58°94.... Sou Ry gn 68’56 Sou Ry 6148 '56. . Sou Ry M&O 48°28. StOILN J 584 StOIINY 4%s°51. Studebaker 65 '42.. Sweden 548 '54. .. Swiss 5% 8’46, Taiwn E P 518'71. Tenn Cop 6s B 44.. Ter AsSt L 4s’53.. Tex Corp cv 5s *44. Tex & Pac 53 B'17. Tex& P §sC'T9... Third Av adj 5s'60. Tob P NJ 6158 2022 Toho El Pw 7s ‘65 Tokio Tokio El Lt 63 '53. Union El L&P 58'57 Un Pac 1st 4s'47.. Un Pac 4s'68. Un Pacrf 4s Un Pac 4%s ‘67 United Drug 53 '63. U S Rubber 5s '47. Un St W 6348 A’51. Uruguay 6s'60 Uruguay 6s’64 Utah P &L 58 Util Pw 58°59 ww. Ul Pwi%e'4T... Vanadium St 5#'41. Va Ry 1st5S A 62, Va SW 1st cn 58’58 Wabash 4138°78.. ‘Wabask: 5s B'76 Wabash 55 D '80.. ‘Wabash 51875 Walworth 65 A *45. Warn Br Pic 68°39 ‘Warn Quin 6s'39.. Warner Sug 7s'41. Warren Bros 6s 41 rsaw 7s'G8 West Sh 1st 4s 2361 West E1 db 5s'44.. West Md 1st 48'52. West Md 5%s'77. West Pac bs A '4 West Un cl tr 55’38 West Union 58 °51. West Union 5s '60. West Un 6%s°36.. ‘Westphalia 6s'53.. Wilks B E 1st 55’42 Wil & Co 1st 6841 Wis Cent Tm 45'36. Yokohama 6s '61. .. Ygstn S&T 58 A'78. 10 Ygstn S&T 68 B'T9, 1 6014 4Ty 105 10175 37 97 137 62% 69 90% 97y 69% 68 31 101% 76 6114 62% 10314 101% 93 82% 83% 99% 357% 41 99 19% 6T% Chicago Graini By the Assoclated Press. CHICAGO, August 18—Profit-taking on the part of the recent buyers be- came an outstanding feature in all the grain pits late today, and prices slipped back fast from early upturns. Wheat showed pronounced lack of aggressive support and hit the minimum permit- ted for one day's decline, 5 cents a bushel. Considerable selling in wheat was done on resting orders and was looked upon as due to readjustment of the market position of various speculators. An advance of 2!3a3 cents a bushel in wheat at Liverpool was attributed to a | sharply higher rate for sterling, -and | was_without effect in Chicago. | Wheat closed weak at the day's bot- tom figures, 5 cents under the average of yesterday's finish; corn, % off to s up; oats, 1%a3 down, and provisions varying from 32 cents’ decline to & rise cf 5 cents. WHEAT— Open. September 0y | December. KI5EN May . CORN— September Decembe; May OATS— 3eptember December May RYE September December May ... Hish. 41y Close. <h Grain Market. CHICAGO, August 18 (#)—Wheat, No. 2 red, 88'2: No. 1 hard, 90; No. 3 mixed, 87. Corn, No. 2 mixed, 51 No. 2 yellow, 51'5a52';; No. 2 white 54a85. Oats, No. 2 white, 363,a37" No. 3 white, 34a37';,. Rye. No. 2, 6815 Barley, 40a63. Timothy seed, 4.60a5.00 hundredweight. Clover seed, 10.00a12.65 hundredweight, New York Cotton By the Associated Press. NEW YORK, August 18 —Cotten lost ground after an early advance today After selling up to 9 for December, or more than a cent a_pound abov Wednesday's low during the early trad- ing, the demand tapered off and prices eased under realizing or renewed liqui- daticn and scattered selling This was influenced by reactions in the grafn market and heaviness in stocks. December sold off to 9.40 with the general list showing net declines of about 16 to 20 points around 2 oclock. Cotton futures closed steady. 6-13 lower. Low 4 October December January March May M Spot qui DOLLAR SELLS OFF IN DEALINGS ABROAD Activity Replaces Comparative Sta- bility at London on Reports of Centrol Fund Plans Here. ssociated Press * LONDON, August 18 —After a period of comparative stabilfty the American dollar became active today and dropped 1in value on reports from the United States that a control fund con- | templated to prevent too rapid improve- ment. The closing quotation was $4.53%, | which indicated an increase of 15 cents in the relative value of the pound from yesterday's close of $4.38!4 peculative offerings weakened the from the of ing of $4.50';. The market still was uncertain and reports of Ametican inflationary inten- | tions. with the movements of commod: ties, were being watched with interest Gold currencies moved in favor of sterling. The franc closed at 84.46. PARIS. August 18 (# —The Amer- ican dollar lost 49 centimes in { today, closing at 18.72 francs the franc), compa v's close of 19.21 (5.26 cents) was York. Three per cent rentes, 66 francs 75 centimes; 4': per cent rentes, | Exchange on London, 8443. 'DROUGHT EXTENDS TO MANY NATIONS | Grain Crop Expert Declares Sharp '1 Cut Will Affect Supplies of All Big Wheat Countries. By the Associated Press. CHICAGO, August 18—In a sum- | mary of prospective and present sup- plies of wheat, B. W. Snow, crop ex- pert and statistician. says: “It is ap- parent all of the big four exporting countries Argentina and Australia) have either secured subnormal wheat prospects or have a_fair prospect of doing so. Not only wheat but other grain_ crops in the same countries are involved to a ‘greater or less extent in what is prob- | ably one of the greatest droughts ever | known. “The situation is so unusual and covers such a vast area it is not sur- prising that the public is unable to the wheat crops in North America or the - drought which prevails in _the Southern hemisphere. The United | States and Canada seeded 84,000,000 acres of wheat for this year's crop. Continued drought and heat resulted in nearly 20,000,000 acres being aban- doned. “Latest estimates on the combined show an aggregate yield of 500,000, 000 bushels, or 227,000,000 bushels less than harvested last year and 150,000,- 000 bushels less than the average domestic_disappearance of the last 10 years. Harvesting in Argentine will not start for a number of weeks, but already we are receiving drought re- | ports from that country.” J. 1. CASE CO. DECLARES DIVIDEND ON PREFERRED By the Assoclated Press. NEW YORK, August 18.—J. I. Case Co. has declared a dividend of $1 on the preferred stock, payable October 1 to stockholders of record September 12. Similar payments were made in the two previous quarters. ACCEPTANCE BUSINESS REVEALS RECORD GAIN By the Associated Press. NEW YORK, August 18—FPurther statistical proof of the gains business has been making was seen today in the American Acceptance Council’s month- | ly study of bankers’ bills. The total volume of outstanding bills on July 31 was shown to be $738,258,- 963, a gain during the month of $51,- 584,513. ‘This was the largest monthly in- crease in dollar acceptance business in two years. Cotton Seat Brings $21,500. NEW YORK, August 18 (#).—A New York Cotten Exchange seat sold today value | | The market reacted to weakness in New | 84.25. (the United States, Canada,| grasp what has already happened to| United States crop of wheat this year| WHEAT FORECASTS INFLATION AGTION Dollar’s Weakness Is Taken Also as Sign That Federal Action Is Due. BY GEORGE T. HUGHES. Special Dispatch to The Star. | NEW YORK, August 18—It was the break in wheat that put the stock market down Wednesday and it was the recovery in wheat that brought about the rally in stocks yesterday. For the moment the shere list is de- pendent for guidance on commodities, and particularly on wheat, but that is not the whole story. The price of wheat is important but it is not the controlling influence in establishing values for equities as a whole. It is simply that the stock market regards the wheat situation as reflecting the probabilitics of new in- flaflonary measures on the part of the administration. The reasoning is that Washington cannot afford to let its recovery pro- !gram be imperiled at this stage by a { decline in commodities, and, if no other measures suffice, inflation must be re- sorted to. So it came about that yes- terday's abrupt change in the wheat market was interpreted as forecasting Government interference. Dollar Weakens. The bellef that an important move was In prospect was strengthened by the weakening of the dollar in terms of sterling. Up to yesterday the dollar had been exhibiting pronounced strength against the British pound and the European gold currencies. The foreign exchang however, reversed their juend along with wheat, cotton and | stocks. The speculative element in Wall Street hopes for inflation; the conserva- tive interest fears it. Both sides are apprehensive in turn, but all they have on which to base their hopes or fears, as the case may be, is the action of the markets. So far as anything definite can be had from Washington, it is that noth- ing will be done now. That hint, for it is no more than a hint, does not sat- isfy either party, and all day long ru- mors and denials of rumors follow each other from one end of the financial district to the other. At the opening yesterday the Dow- Jones industrial averages stood at a new high for August, having broken through the re: ago. The rails and the utilities, how- ver, sull were below the top of Tues- ay a week ago. That makes the action of the last two groups significant in the |eyes of the chart readers toda Dividend News Ofise Omission of the dividend on T Corporation co n had no disturbing effect on the ut stocks. It was offset as a market, influence by the news the Governor of New York had of legislative support in his campaign to force a reduction of rates to customers of the utilities in this State. It was teken to indicate a change of sentiment toward the utilities on the part of the c This view received support from the attitude of the chairman of the Con- | necticut Public Utilities Commission, who was quoled as saying that utilities under the jurisdiclion of that | would be allowed to pass on to the con- |sumer any increase in operating costs { caused by the application of the Edison ‘Elt‘rlnr' it American Gas | Association codes. Whether the Federal | authorities will take a similar attitude !is,in doubt. United Corporation has large stock | holdings in United Gas Improvement | Niaraga-Hudson Power, Public of New Jersey, Commonwealth & South- ern and Consolidated Gas. nited ment and not a trading basis. Its in- come from dividends on the stocks it carries has been sharply reduced, the latest cut having been that of the dis bursement on the common stock of { Niagara-Hudson Power, and omission consequence. Utility Report Issued. National Power & Light gave out yes- terday its financial statement as of March 31, after the banking holidays. At that date all current liabilities, including the preferred stock dividend payable May 1, totaled only $548.546 and against these there were demand deposits in banks of $6859.845 and time deposits of $5.350,000, besides United States Government securities of $1,311.561, and State, municipal and other short-term securities of $1.194664. Neither Na- tional Power & Light nor any subsidiary has any bank loans. The balance sheet accompanies the annual report for 193 Brokers' loans increased the nomina amougt of $14.000.000 during the weei ending August 16. The market de- clined during this period. but the total. | which now stands at $894,000,000, is not_excessive. The Stock Exchange monthly bulletin, Jjust published, however, makes the ratio of member loans to market value of all listed shares as of August 1 to be 2.80 per cent, which is not only the highest of the vear, but higher than at any time last year. The inference is inescapable that public participation in stock speculation is on the increase. (Copyright, 1933, by Nort: paper Al CHICAGO LIVE éTOCK. CHICAGO. August 18 (P, (United S Department of Agriculture) 19.000° head, including 10, erally steady with yesterday: strong pounds, 3.40a4.50 4.55 pounds. ' 3. lights, pigs. 3.00: sows. light ~ light. choice, weight, weight! weight ing sow pounds, 100-1 2 Cattle—Receints, 1,000 head: calves. 600 head: fully steady on_all killing classes; comparatively little beef in run: no strictly choice steers here: best, £.50; most_steers, 5.50a6.00; best yearhng heifers, 5.85: gen- eral trade on heifer and mixed yearlings and she stock being more active than early in week: slaushter cattle and vealers steers, good and choice. 550-800 pounds! 5.508 900-1.100 _pounds. 1.100-1:300_pounds. 5.75 pounds, 550-1.500 pou and _choic common .50 d. .50e4.75: common 'and medium. low ‘cutter and cutter. 1.25a% rlings excluded). good cutter, common and medium. vealers, good and_choice, 0.258 750: medium. 5.50a6.25; cull and com- mon, 4.00a5.50: stocker and feeder cattle | steers, rood ‘and choice, 500-1,0; 4.50a5.50;_common and medium. Sheep—Receipts. 5,000 _hea good to choice native lambs, early bulk to packers at inside: little on range lambs: yearlings absent: slow. but about steady: down. good and ¢ m mon and medium, a 90-150 pounds, good and choice. '1.50a4.00; ail Weights, common and medium, 1.00a2.00. FOREIGN MARKETS. By the Associgted Press. LONDON.—The improvement in commodity prices and in the Wall Street market helped a cheerful tendency on the Stock Exchange. Activity was renewed in industrials wherein rayon, transatlentic, oil and molasses shares were the best. Distillers’ issues strengthened on hopes of a whisky demand from America. Gilt-edged securities _steadied and Ka were _supported by South African buyers. The market closed firm. PARIS.—Prices on the bourse advanced generally. especially gold and international shares, the latter following Wall Street's recovery. The turnover was moderate and the closing was firm BERLIN.—The {riendly tendency con- tinued on the boerse owing to better re ports from the automobile market. How- ever. the slight gains recorded were lost at the close which was listless. Net Loss Reduced. Diamond Fibre Co. reports for months ended June 30 net loss of $160.- 440 compared with net loss of §321,861 in the first half of 1932, 5,00 e sheep ‘pounds, lambs, 6.75: com- . ance point of a week | State | Service | It is a! | holding company operated on an invest- | (of its own dividend was the natural ich was, of course, just| *#% A—13 Richmond Reserve Still Has None of ‘New U. S. Currene By the Associated Press. Active circulaticn of the new currency authorized by the emer- gency banking bill now amounts to $128,188,000, with all Pederal Reserve banks enjoying its circu- lation with the exception of Richmond. This institution has had none of the new money issued to it. A total of $150,155,000 has been issued to the banks, but $21967,~ 000 of this amount has been with- held from active circulation. It is secured by deposit of $173.774,000 of Government se- curities 'and by $2.196.000 in discounted and purchased bills. WOOL MARKET FIRM BUT DEMAND SLO Medium Grades Have Very Strong Tone—Manufacturers Mainly Concerned With Ccde Problems. By the Associated Press BOSTON, August 18—The com- mercial bulletin will say tomorrow: Demand for wool has been somewhat slower than a week ago, but the manu- facturers are watching the ket carefully, and some of them are buy- ing fair weights of wool now and again. Medium quality wools are very strong. The manufacturers still are chiefly concerned over the problem of making price adjust: ts under the code They look for an improvement in busi- ness after the holiday and when the code problems have been adjusted The foreign markets are quiet, usual in mid-August, but the ported a good undertone in t kets abroad end good | pected in the Fll. Mohair is dull but very firm in price, NATIONAL POWER & LIGHT NET EARNINGS DECLINE By the Associated Press, NEW YORK, August 38 —Phe annual report of the National Power & Light Co. for the year ended December 31, 1932, shows net income of $8.545.780, equivalent, after preferred dividends, to $1.26 a share on the common stock. In the previous fiscal year th had net income of $10.804 after like deduc was equal to $1.6 men ol hs ended March 31 the J 3 net income of $7.770.465, ed with $10,688.271 for like period ended March 31, 1932, TRADE INDEX DISCLOSES IMPROVEMENT IN WEST as st. prep! rose 4.2 p ba; wave of busin ) the West as the N. forw nk's index stood at 642 calculations, more th uly last year. ; { bank debits power procuction. |GOLD RESERVE RATIO OFF SLIGHTLY IN WEEK By the Associated Press The ratio of total gold reserves a | other cash to deposit and Federal Re- serve note liabilities combined of the 12 Federal Reserve banks showed a ght shrinkage during the weck ended he change was measured y the Reser Board. In the tabl hat follows the Res for comparable perio: Week ended Aus < “week me week Washington Produce Wholesale Prices. Eeg prices furnished by the Depart- ment of Agricu'ture. Butter, one-pound prints (93 score), tub, 24; one-pound prints (92 score), 24; tub, 23; one-pound prints (90 score). 23; tub, 22. Eggs—Current receipts, 12a13; hen- nery whites, 16a18; Government graded and dated. white eges. U s, standards, 23. y, alive; chickens, Plymouth 15a18: mixed colored, 13al4; Leghorns, 11a13; hens, mixed colored, 10a12; Leghorns, 7a8; roosters, 6a7. Poultry, dressed; chickens, Piymouth Rocks, 18a21; mixed colored, 16a18 Leghorns, 14a17; hens, mixed colored, 13a15; Leghorns, 13al4; roosters. 9al0; squabs, dozen, 11 to 12 pounds, per pound, 25a30; Long Island ducks, 14al5. Meats—Beef, 11; veal, 10; lamb, 16: pork loins, 14; fresh hams, 14; smoked hams, 16; strip bacon, 16; lard, 9l2: compound, 8'3. Live stock—Hogs, 4.3024.60; medium, 4.50a4.95; heavy, 4.1584.75 pigs, 2.50a4.00; roughs, 1.5083.50; calves, 3.0026.00; lambs. 3.00a7.00. Fruits—Apples, 75a1.00; peaches, 1.00a2.25; pears, 2.00a3.25; watermelons 35; cantaloupes, 50a75; honeydews, medium, 22%. light, 2.00a2.25; nectarines, 1.50al.7 Thompson seedless, 1.50a1.75; black- berries, 4.00; huckleberries, 4.00; dam- .25a1.50; raspberries, red, quarts, 35; bananas, 50a3.00; figs, 2.50a3.00. Vegetables—Potatoes, sacks, 2.50a2.75; sweets, string beans, 50a85; limas, shelled, quart, 15; cabbage, squash, 50; peas, 1.75a2.00; corn, 75a 1.25: celery, 2.50a3.00; onions, 50-pound sacks, 1.25a1.50; peppers, 50; tomat 100a125; okra, 2-peck baskets, i lettuce, Iceberg, 4.00a4.25; eggplant, 50; cucumbers, bushel, 50a1.00; squash, 25a35; kale, 50; spinach, 1.25; beets, per 100 bunches, 3.00; carrots, per 100 bunches, 3.00; broccoli, 28-pound bas- kets, 1.50. grapes, Organized 1879 JOHN JOY EDSON, President Assets Systemat Subscriptions for the 105th Issue of Stock Being Received Prosperity Is Yours Through SLOWER BUSINESS AGTIVITY REPORTED | Decline in Magazine’s Index Influenced Mostly by Clearings Loss. | Special Dispatch to The Star. NEW YORK, August 18.—In its cur- rent summary and interpretation of the news of the week important to busi- ness, Business Week says Business activity has slowed down. Our index shows a 3-point drop, influ- | enced mostly by the considerable de- ! crease in the volume of bank check | transactions in the cities outside New | York. Other significant business sta- | tistics hold pretty steady at recent sat- | isfactory levels. Employment in fac- { tories, indeed. showed an increase for July, astonishing because for the 10 | years during which comparable figures have been compiled July always has shown a decli Almost half a mil- lion fewer families were getting public 1 the end of June than at the inning. Steel ingot production per cent of capacity, where for three wee Electric p tion shows some decrease, but still is 15 per cent above la rate. Coal fizures belatedly show the effect of the strike that was on in important fields. Business failures are a little less nu- merous. Carloadings are smaller. Building construction remains low ebb. Few things could do more to give business a shove than for the pub- lic works program to get going in earnest Commodity prices in general weakness which must be a ma the utmost concern to an tion pledged to make powerful the market place cently the dollar has been getting stronger in terms of pounds and francs. | That's no help. just now | Business Week’s weekly index of | business conditions shows & preliminary reading of 655 for the week ended | August 12, against a revised reading pof 68.7 for the previous week and 54.4 |z\ year ago, v holds at 55 it has stood wer produc- how a |PEOPLES DRUG DECLARES } DIVIDEND OF 25 CENTS tion of the re 25 cents a sha | of Peoples Drug Stor | October 1, to stock ber 8. Inc., pavable cord Septem- TREASURY POSITION. e I and electric | | 5 s First Morigages on New Homes 67 AND SAFE SHANNON & LUCHS 1505 H St. NW. 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