Evening star. [volume], September 17, 1932, Page A-13, Image 13

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
BONDS ARE STEADY
AT SHORT SESSION
Speculative Rail Group Con
tinues Advance and Prime
Issues Are Firm.
BY F. H. RICHARDSON.
Bppcial Dispatch to The Star.
vew YORK, September 17.—Bonds
were firm in quiet trading today. A
slight degree of irregularity in junior
industrials and utility bonds was off
set by further advances in speculative
rails. High-grade corporation issues
were firm, while United States Gov
ernment long-term bonds advanced to
new high prices for the year.
The strength in United States Gov
ernment bonds this week was accom
panied by an easing in money rates.
Counter money at 1 per cent corre
sponded to quotations of 90-day time
loans at 1'8 to 1*4 per cent. This
again brings up the question whether
the New York Federal Reserve Bank's
rediscount rate, now obviously out of
line at per cent, will agalr. be cut.
It could be reouced to the 1>2 per cent
rate in effect a year ago without caus
ing an undue outflow of foreign bal
ances. as money in London and Paris
is lower than it is here.
High-grade corporation bonds were
traded near their best prices of the
year. Detroit Edison 5s, which ma
ture January 1, were quoted around
101. The company is considering an
Issue of $15.000,001 of 25-year 5s, to be
marketed about 98. Although it must
be sold before the end of the year in
order to meet the $10,000,000 year-end
maturity and provide funds for other
corporate purposes, the bankers arc re
ported to be waiting for a better
market.
Municipals continued strong. Only
$8,000,000 in new municipal leans will
be offered next week, against the
weekly average of 1932 of a little over
$19,000,000. The scarcity of good
municipals as a result of this diminish
ing stream of new offerings is evi
denced by the fact that New York
State 4s are again selling at prices to
yield 3.25 per cent—a price higher
than most United States Treasury
bonds.
The continued advance of second and
third grade railroad bonds reflected
the rise of rail stocks Friday against
the trend of the market. Gains of 1
to 2 points occurred in Baltimore &
Ohio convertible 4'.s, St. Paul 5s and
adjustments, Chicago & Northwestern
4:lis. Rock Island 5s. Nickel Plate 6s,
Southern Railway 4s and Southern
Railway 6'«s. Prime rails were firm.
Industrials end utilities were irregular.
German issues dropped about a
point, reflecting continental selling that
had its origin in Paris following Ger
many's withdrawal from the Disarma
ment Conference. The move was not
carried very far. however. The French
bond conversion operation, expected to
be approved over the week end, was
not calculated to unsettle French dol
lar credits. The 7s and 71 ·_.s were both
firm today. Japanese bonds were off
«lightly.
LOSS IN DIVIDENDS
PUT AT 2 BILLIONS
Drop of 60 Per Cent in Payments
of 600 Corporations
Noted.
Special Dispatch to The Star.
NEW YORK. September 17.—Since
the high rate was established in March,
1930, there has been a drop of 60 per
cent in the dividend rate per share on
600 Issues of corporations, banks and
Insurance companies on which Moody's
Investors Service base its figures.
From a rate of $3.06 a share on this
list In 1930, there has been a decline
of $1.25 a share. As other dividends
are expected to be reduced or omitted
later this year, and few are likely to
be resumed. It is probable that the rate
per share will go still lower before the
pick-up in business starts it along the
road of recovery.
The extent to which dividends on
listed stocks have been suspended en
tirely may be realized from a review of
the New York Stock Exchange rccord
for last week, in which over 1,000 in
dividual Issues were quoted and of
which fewer than 400 paid dividends.
In addition, there are scores of stocks
whose dividends have been materially
reduced and are now at nominal rates
.compared with those paid three years
ago.
The dividend reduction movement
did not start until six months after the
break in the stock market began to
unsettle general business in the Au
tumn of 1929, It did not gain much
headway during 1930. when the divi
dend rate per share declined only from
$3.06 to $2.73. In 1931. however, there
was a drop from $2.73 to $1.96, or about
30 per cent, and this year a decline
from $1.96 to $1.25 a share. However,
It has slowed up perceptibly in the last
three months.
The aggregate of dividend reductions
during the depression has been esti
mated as high as $2,000,000,000, cover
ing securities that have either a listed
market or are dealt in over the counter.
In the eight months to August 31 this
year, dividend payments were Sl.OOO,
000,000 less than in the same period
in 1931. Dividends in 1931 were also
much below those for 1930. Defaults
In interest payments have been rela
tively small compared with dividend
losses. The most considerable de
creases are those on South American
dollar bonds and on the issues of rêverai
large domestic public utility holding
companies.
(Copyright. .'932.»
New York Cotton
Special Dispatch to The Star.
NEW YORK. September 17.—In the
heaviest Saturday trading in several
years, cotton prices broke sharply today
and ended with a loss of 32 to 34
points.
All deliveries except May and July
Bold below the 7-cent figure, with Oc
tober touching 6 65. Prices closed at
the bottom, about $14 a bale below re
cent high levels. Spots were reduced
25 points to 6.80.
Cotton range:
Open. Hish. Lou Close.
October β 88 6.94 6.65 6.65-67
December 7 02 7 07 6.80 6.80-81
January 7.07 7.12 6 84 6.84-87
March 7 28 7 25 6 !>5 6.95-96
May 7 28 7.36 7.08 7.06-09
July 7.41 7.46 7.18 7.18-19
· ;
Baltimore to Sell Bonds.
. BALTIMORE, September 17 < Snecial).
.—Bids have been asked by the City of
Baltimore for S3.879.000 of securities,
consisting of $2.963,000 of serial bonds
and $916,000 of registered stock, to be
awarded September 29. The securities
will bear 4 per cent Interest and ma
ture serially from 1936 to 1964. The
last long-term financing undertaken by
the city was in January, when $4,200,
000 of 4 per cent bonds were marketed.
Should the Improvement continue In
the State and municipal market, the
city should receive a good price for the
Issues. The funds sought will be used
lor sewer, water and school purposes.
Chile Eats Cheaply.
TALCO. Chile (/P).—Reduced business
has brought on a furious commercial
war among the hotels and restaurants.
Prices have been cut to the point where
it le cheaper to eat out than at home,
and the hotels virtually give meals away
to gu*ts who rent their rooms.
BONDS on ν. y. stock exchange
Received by Prtrato Wire Direct U The Star OflM.
Mb SH'
Lib 1st 4 «4 s 32-47
Mb 4th 4>4s 33-3»
LT S 3s 51-55
I) R 3 4s 46-49
U S 3*4» M 41-43.
(J S 34β-5β
U S 4s 44-54
U S 4 ι* S 47-52.
UNITED STATES.
'Sales arc In ll.MO)
Hlib Low Close
101 12 101 12 101 12
102 16 102 13 102 16
103 12 103 10 103 11
97 96 30 96 31
98 10 98 6 98 10
100 21 100 20 100 21
102 16 102 15 102 16
104 21 104 18 104 21
108 12 108 8 108 12
3
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Am Beet Sur 6s '35 1
Am F Γ 5s "030 5
Am 1 Q Ch 6Hs'49. 5
Am Metal 54s '34. 2
Am Sm&Bef 5s '47. 5
Am Sug Ref 6s'37 . 2
Am T&T 4Hs '39. . 3
Am T&T deb 5s '60. 14
Am T&T deb 5s '65. 16
Am T&T 5tts '43.. 27
Am Wat W'ks 5s'34 12
Am Wat Wks 6r '75 1
Am Wr Pap 6s '47 .. 1
Argentine 5s '45... 1
Argentine 514s 'SI. IB
Argent 6s '61 May.
Argentine 6a '59 Ju
Argentine 6s *53 Oc
Argentine 6s A '57.
Argentine 6s Β '51.
Ann & Co 4 4 s 'J 9.
Arm Del 5 Ha '43. ..
Atchison gn 4s '95..
Atchison 4%e '41..
Atl C L 1st 4s '52..
AtlCLcl 4s'52...
Atl Ref db 5s '37...
Australia 4 H s '56 . .
Australia 5s '55...
Australia 5a '57 ...
Austrian 7s'43....
Austrian 7s '57,..,
Β A Ο let 4s '41....
Β A Ο 44a '33
Β & Ο 4Ha «0
Β & Ο 1st 5s '41....
Β & Ο ref 5s '95....
Β & Ο rf 5s D 2000 .
Β Λ Ο rf 6s C '95. ..
Β & Ο P&WV 4s '41
Β A Ο Sw dv fis'50..
Batav Pet 4Hs '42.
Belgium 6s '55
Belgium 64» '4Ï...
Belgium 7s '56
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Berlin Cy El 6s '55.
Berlin C El 6Ha'El.
Berlin CEI 64s'59.
Ber mun ex 64s 50
Beth Stl pm 5b '8«..
Beth Stl rf Ss '42 . . .
Bolivia 7s '58
Bolivia 7s '69
Bolivia Ss '47
Bos & Me 5s '55....
Brazil 8s '41
Bremen 7s "35
Bklyn Ed 5s A '49..
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Bklyn U Gas 5s *57.
Buenos A Π 6s '61.
Β R &· Pltts 4 >4s '57
Bush Ter con 5s'55
Calif Packing 5s'40
Canada 4s '60
Canada '36...
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C^n Nat R.v 4Hs'54
('an NÎt By 4 4s'56
Can Nat 4^s *68 . . .
Can Xat 5s '69 July
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Cert-td db 54s_4s.
Ches Corp 5s ·4Γ...
C&Ogen4H8'92.
CB&Q H dv 3 4s 49
Chi & Est 111 5»'61.
ChtGrt West 4 s 59.
Cht Ind&L Bn 6» 66
Chi Ind&U κη 6s 66
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clev Term 4 4* <<·
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Colopne 6%»'50· · ·
Colomb 6s '61 Oct..
Colomb 6s 61 Jan..
Colon Oil 6S 38.. ..
Colo & SOU 4%S 35.
Col Gas&El 5s '61..
Con Ο NY 44» 51.
Con G NY 5V4»-«5·
Consum Pow 5e 52
Copenhac 4%® 53..
Cuba RR 1st 5s 52
Cuba Nor δ1^» 42..
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Denmark 5iés 55..
Denmark 6s *f ··'
DSRG W 5s 55..
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Det Ed 4% s D'61. ·
Det Edison rf SB «9
Deutsche Bk «"A
Dodge Bros 6s 40 ·
Duquesne4^8 οι.·
Dutch Bast I «s '47
Dutch East I 6s 62.
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Erie gen 4s '96 2 50% 50% 50%
Krie ref 5s '67 10 33 33 33
Erie ref 5s '75 30 334 324 33
11 63% 624 63%
2 67% 67*4 67*4
19 50 50 50
12 1024 100% 1014
16 116 116 116
19 123% 122% 1234
Finland 5 4s '58...
Finland 6 4s '56....
Fisk Rub 8s '41....
Fram Ind 7 4 s '42..
French Gov 7s '43..
French Gv 7 4s '41.
Gelsenk'hen Cs'!4.. 5 624 624
Gen Cable 5 4s'47. 1 61 61
Gen Motors 6s '37.. 4 102% 102%
Ger Cent Bk 6s'38. 14 50% 50%
Ger Cen Bk 6s '60 J 21 47*t 46%
GerCen Bk 6s'60 Ο 61 47% 464
Ger Gen Elec 6s '48 1 41 41
Ger Gov 5%s '65... 32 48% 48%
German Rep 7s "4S 28 69% 69
Goodrich 6s'45.... 7 53% 53
Goodyr Rub 5s'57.. 11 83% 82%
Grand Trunk 6s 'Jl 3 100 100
Grand Trunk 7s'40. 3 1024 1024
Grt Nor 4 4s Ε '77.. 2 60% 60%
Grt Nor gr. 7a '36... 8 80% 80
Greek 6s'68 10 23% 23%
HavElec54s'51... ί 44
111 Bell Tell 5s '58.. 2 1044
111 Cent ct tr 4s'52. 1 58
111 Cent 4%·'66... 25 43%
IllCCStLiN 44s.. 6 47%
111 CCStLAN 5sA.. 11 48
111 Steel db 44s 40. 10 100%
Inland St 4 4s A'78 3 83
Inland St 44s B'81 1 82
Int Rap Tr rf 5s '68 35 46
lnt Rap Tr 6a'32.. 8 17
Int Rap Tr 7s '32... 1 59%
Int & G Ν ad 6s '52. 5 7V4
Int Hydro El is'44.
Int Match 5s '41...
Int Match 5s '47...
Int Mer Mar 6s '41.
Int Pap 6s '55
Int By C A 6e '72...
Int TeI&T44e'39.
lntTAT 44s '52..
Int Τ & Τ 5s '65....
Italy 7s '51
Italy Pub 7a '52....
Japanese 5 % s '65..
Japanese 6%· '54..
KanCFSiM 4l'3« 5 51 51
Kan C PAL 44s '61 5 994 994
Kan City Sou 5s'50. 2 63% 63%
Kan City Ter 4s'8«. 3 87 87
Karstadt 6s'43 4 24% 24%
Kend 5%s'48 τι-w. . 2 61% 61
Kresge Found 6s'3» 5 ?44 744
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6 52% 52% 52%
31 64V4 63% 64
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Sale». Hlsli Low Cli.se
Kreuit ft Toll Bs'69. 12 20% 20 20
Lautaro Nit 6s'64. 8 β β β
Leh Val en 4s 2003. 8 50% 50% ΒΟΗ |
Llg ft Myers 5s *51. 8 104% 104 104
Lone Isl db 5s '37.. 3 90 90 90
Lorlllard 5a'51 8 101% 101 101
La ft Ark 5s'69.... 2 33 32% 32%
Mck'es ft R BHs'RO 6 41 40 40%
Manhat Rv en 4s'96 26 20 19 19
Market St 7s A '40. 10 78% 78 78 .
Mldvale Stl 5e 'S».. 27 95 94% 94*»
Milan 614s '62 1 76 76 76
Mil R HyftL 5s '«1. 14 84 8314 84
MSPftSSM en 4s '88 14 49 484 49
MSP&SSM 5%s '49 2 26 25 25
M Κ & Τ 1st 4s'90. 3 76% 76% 76% ι
M Κ ft Τ 4 H s '78... 7 67 68 67
M Κ ft Τ 5s A '62... 1 73 73 73
Mo Pac gn 4s'75... 62 21 19% 20
Mo Pac rf 5s A '65. 5 3214 32% 32%
Mo Tac 5s F *77.Λ.. 18 32 31% 31H
Mo Pac 5s G'7*.... 5 31% 31% 31%
Mo Pac 5s H "80... 24 32 31H 32
Mo Pac 5s I Λ 42 32 31% 3iV»|
Mo Pac 5%s A '49.. 69 20% 19 19
Mobile-Ohio 5s '38. 1 6% 314 64,
Nassau Elec 48 *81. 10 51% 51H 51%
Ν Εηκ Τ 1st 5s 'Rï . 1 104 104 104
Nat Dairy 6ί4·'4Ι.. 13 90 89% 89%
Nat Steel 6»'56.... 9 81 80 801,
Nw S Wales 5s '57. 23 76*. 76% 76%
Nw S Wales 5s *58. It 76 75H 757* |
Ν Y Cent db 4s '14. 1 79·» 79*« 79*1
Ν Y C rf 4»,4S 2013n 2 54 54 54
Ν Τ Crf 6.12011... 15 58% 58 58%
Ν Y Cent db 6s 'J5. 2 70'» 70'i 704
NYC&StL 4%s '78. 1 22 22 22
NYC&StL5%sA'74 8 26 25 26
NYCftStL 1st 6s '32112 39% 38 38
Ν Y Edison 5s C '51 6 105 104% 105
Ν Y Ed rf 6%s*41. 2 112 112 112
NY EL H&P 4s'49. 4 98 98 98
Ν Y EL HftP 5s '48. » 107 107 107
NY KH4H clt 6s'40 1 87 87 87
Ν Y NH&H «s'48.. 1 85 85 85
Ν Y O&W rf 4s *92.. 6 53 52'4 53
KY Rys Inc 6s *65.. 1 1*4 1% 1% I
.N'Y WAR 4Ηβ'4ί.. S 4Ri* 48', 4flh|
Nia Sh Md 5%s'50. 1 «9 69 69
Nor & Wn en 4s '98. 1 93% 93% 93%
North Am Co 5s '81 Τ 84% 84 84
Nor Am Ε 5 <4 s'63. 6 88'·, 88'4 88%
Ν Ger Llovd Ks'47. 1 43*4 43'* 43'*
Nor Ο Τ Λ L 6s '47. 3 100'i 100 100'i
Nor Pac jçn 3s 2047. 13 62'» 62 62'.
Nor Pac 4s '97 2 84% 84% 84%
Nor Pac 5s D 2047. 1 77 77 77
Nor Par r 1 6s 2047. 6 82% 82 82
Nor St P* 5s A '41. It lOOM, 100 100
Norway 5s'63 2 78% 78'4 78% I
Norway 5 >4 s'65... 6 79% 79% 791,
Norwav 6s 43 8 84% 83% 83V·
Norwav 6s *44 3 84% 84». 84*.
Norway 6s'52 4 82 817* 817* I
Ore Sh L Bs *td *46. 16 100% 100 100',
Ores-Wash 4s'61.. 3 81', 80% 811,1
Orient Dev 6a *5S. . 10 50*t 49** 50*» |
Param-Pub 5Η» 50 27 26U 24 26
rar!sOr5^s'6S... 9 102% 102% 102'» |
Pathe Exch 7s '37.. 2 71% 71% 71%
PennRn4'is'«5... lfi 82', 82 82!, ι
Penn 4 '4 s D '70.... 16 68 67% 68
Penn 5s '64 4 84<i 83 83
Penn pen 5s'68 8 90% 90% 90%
Penn r*L4Hs'*l. 6 89% 89', 89',
Peop Gas ref 5s '47. 1 101% 101% 101%
Pere M 1st 4s '56 ... β ή5 55 55
Pere Marq 4 \4 s '8 0 9 55 55 55
Pere M lut 5s'5·... 6 58 58 58
Peru6s'60 3 6'i 61* 6'ί*
Peru 6s'61 14 6% 6% 6% |
Phila Co 5s '67 6 88% 88% 88%
Phila Elec 4s *71... 4 93% 93% 93% |
Phila ft Read CaN» 6 54U 54 54'.
Philippine R 4s '37. 4 26 25'4 25%
Phillip Pet 5!4s 'J9 2 72% 72% 72%
Plllsb F M 6s 43... 1 99% 99!j 99%
Poland 7s'47 5 52'a 52'j 52*
Poland 8s *δ0 1 59 59 59
Port Gn EI 4tys'K0 7 64 fi2*t «3%|
Por Π Am Τ 6s '42. 2 30»* 30** 30?* I
PosT«14C5s'«.. 21 S3', 33 33
"russla 6s '62 8 43>. 42 42
PrusHla 6 4s 61.... 1 44'«. 44 44Vi
Queensland Ss'47.. 1 84 84 84
Head Co 4 'in A '97.
Hem R51inA'4"ww
Rhine Ruhr 6s '53.
Rhine West 6s '52.
Rhine West 6s '5J.
Rhine W 6s '55 ·
Rio de Jan 64s '53.
Rome 6 4 s '52
Royal Dutch 4s '45.
St L4SF 4s A '50... 6
St L & S F 44* '71. 5
St L*SF 5s Β '50... 1
Sao Pau 7» '40 2
Sao Paulo 8s'50... 3
Saxon Ρ W 6 4s'51.
Saxon 7 s '45
Seab A I. adj 5s'49.
Sea All Fla 6sA '35.
Shell Π Oil 5s'47...
Shell U Ο 5s'49ww.
Sine Oil 6 Vi s R '3».
Sine Oil 7s A '37. ..
Sine Cr Ο 5H' '38..
Sine Ρ L 5s '42
Skelly Oil 5HS '39.
SW Bell Τ 5s A'54.
Sou Pac rf 4s '55...
Sou Ρ 4 V4S "69 ww.
Sou Tar 4 4 s 11. ..
Sou PAOr 4 4 s A'77
.Sou Ry cn 4s A'5C..
Sou Ry 5s '94
Sou Ry en 6s '56...
Sou Tîv 6 4» '56....
St Oil Ν J 5s '46. ...
St Oil Ν Y 4 4**51.
Sweden 5"4s "54....
Swiss 54s '46
Tenn El Ρ 6a A '47.
Tex Corp cv 5s '44. ·
Tex Λ Ρ 5s D'80...
TobPXJ 6 H s 2022
Toklo El Lt 6s *53..
Un E1PSL ref 5s*SS
UE&P 1st dH* A'54
Un Pac 1st 4» '47 ..
Un Pac rf 4s 2008..
Unit Drug 5s '6S...
Utd King 54s '37..
U S Rubber 5s '47..
Un St W 64s A'47..
Un St W 64» A'51.
Uruguay 6s '60....
Utah Ρ ft L 5s '44..
Util Pw 5s '59 ww..
Util Pow 5^8*47..
Va Ry 1st 5s A *62.,
Wabash 5s Β *7β....
Wabash 5s D 'Ϊ0...
Wabash 54s '75...
Walworth 0s A '45.
Warn Br Pic 6s'39..
Warn Quln 6s '39..
Warren Bros 6s'41.
West El db 5s '44..
West Md 1st 4s '52.
West Md 5 4s '77..
West Pac 5s A'46...
West Union 5s '61..
West Union 5s '60..
Westphalia 6s '53..
Wll-O 1st 6H« '33..
Wis CentTm 4s '36.
Yokohama 6s '61..
Ygstn S4T.5e A'7«.
83
64
40
51
51
51
94
79
854
144
12
15
52
23
43
47
Η
3*4
84
844
93" j
964
102H
100*.
744
1044
81',
56
56
70
33?*
74
41*i
42'*
103'*
964
93
104*4
991/i
914
504
944
37
5 102
1 102
5 944
1 85
7 80
33 105'i
2 59
14 40%
13 404
3 304
1 804
4 34*4
5 · 38H
3 94V6 93V*
19
10
6
2
2
1β
5
7
2
5
3
1
11
3
25
8
9
2
1
13
6
5
β
2
β
4
3
65
2
83
64
394
51
51
51
9
78
85 V»
14
lis
15
5m
23
42*»
454
4
3
84
«44
93
96%
1024
100*4
74
1044
80
554
554
70
314
74
41*i
42
1034
96
93
104*i
99 Yt
914
50V*
93*4
37
101H
102
944
85
794
105
59
40
394
30
804
34
38'-»
9 10
1 10
1 94
10 284
5 304
5 274
7 49
2 100
8 594
60
38
67
66
36
69
42
83
64
40
51
51
51
94
78
854
10
10
94
28
304
27
48
100
594
60
374
67
66
354
66
42
10
10
94
28
304
27
49
100
594
60
374
67
66
354
69
42
6 49 484
1 674 674
FREIGHT TRAFFIC DROPS
SHARPLY IN 7 MONTHS
By the Associated Press.
Freight traffic handled by the class
1 railroads of the country In the
first seven months of 1932 was an
nounced by the Bureau of Railway Eco
nomics as totaling 147,002,378,000 net
ton miles.
The bureau maintained by the car
riers said this was 28.2 per cent under
the corresponding period in 1931, and
40.7 per cent under the first seven
months of 1930.
Finance Company Dividend.
BALTIMORE. September 17 «Spe
cial).—The board of directors of the
Manufacturers' Finance Co. has de
clared the regular quarterly dividend of
1% per cent on the company's 7 per
cent first preferred stock, payable Sep
tember 30 to holders of record Sep
tember 13.
FEDERAL RESERVE RATIO.
By the Associated Press.
The ratio of total reserves of the
12 Federal Reserve Banks to deposit
and note liabilities combined continued
to show a rising tendency during the
week ended September 14. In the table
that follows the Reserve ratio Is given
for comparable periods, as reported by
the Reserve board:
Week ended September 14 59.6 per cent
Previous week 59.2 per cent.
Same week last year— 78.4 per cent
BARTER IS URGED
FOR SOVIET TRADE
Manufacturers' Export As
sociation to Consider
New Credit Plan.
Special Dispatch to The Star.
NEW YORK, September 17.—A modi
fied barter plan, to revive trade between
the United States and the Soviet, will
be laid before members of the Amer
ican Manufacturers' Export Association
here next week. This proposal follows
\ drop in Soviet-American trade from
5103.000,000 In 1931 to $35,000,000 thus
tar this year, resulting from difficulties
In arranging credit terms.
Under the proposal Soviet goods, non
competitive with American products,
would be warehoused here under Amer
ican control and certificates would be
Issued against such stored goods up to
50 per cent of the value of purchases
made In this country by the Soviet.
Discount Privilege.
American manufacturers accepting
such certificates would be able to dis
count them at their local banks. Fur
thermore. insurance companies would
insure 15 to 20 per cent of the value of
all orders. In the past American man
ufacturers doing business with Russia
have had to discount Soviet paper at
rates as high as 30 per cent, because
American banking institutions refused
to handle or discount such paper pend
Lng the resumption of diplomatic rela
tions between the United States and
Russia.
The manufacturer Jn thie country,
with his Russian orders covered from
75 to 80 per cent of their face value by
security acceptable to American banks,
could accept the risk of 20 to 25 per
cent, waiting for such payments from
15 to 30 months, as the Russian cred
itors might ask.
Where such warehouses would be lo
cated has not yet been decided, but
Americans and Russians interested in
;he plan have received offers of the free
use of land in Baltimore, the use of
tormer Government warehouses now
3wned by the city of Charleston. S. C..
and concessions from other seaboard
port*.
When Moscow advises how officials
there react to the plan, an independent
producers' group, formed and operated
solely under American leadership, but
utilizing the services of Soviet engineers
and Interpreters, may be set up.
Organizations that have discussed the
possibilities of this modified barter plan
Include the American-Russian Cham
ber of Commerce, the Amtorg Trading
Corporation, the American Foreign
Credit Underwriters' Association and
the American Manufacturers' Export
Association.
Signs of Progress.
Paul F. Drachuk. vice president and
treasurer of the Amtorg Trading Cor
poration. representatives of Russia in
this country, now is on his way to
Moscow to lay proposals before Soviet
officials.
As importers and exporters discussed
Lhis Soviet-American proposal and
noted increased inquiries from various
parts of the world, manufacturers and
jobbers whose . industrial outlook is
largely conftned to American borders
noted furtlier signs of domestic
progress.
Buyers arriving in this market during
the week ended Tuesday numbered
1,300. the highest for any week since
the first seven-day period in February,
1930. The New York Furniture Ex
change reported its activity at the
highest rate since 1929. Southern
mills notified their agents here of
luiderwear price advances ranging from
12to 25 cents a dozen. Local mUls
advanced most of their silk fabric
prices 10 to 15 per cent. Towel mills
reported bookings through October.
Activity in the men's clothing trade
has broadened in the last two days,
throwing additional emphasis on the
meeting late Tuesday of 50 leading
executives of that business. They voted
to form an association representing all
branches of the trade and discussed a
seven-point program, which included
the naming of a czar, approval of an
advertising campaign featuring men's
styles and fashions, and unified at
tempts to promote quality merchandise.
(Copyright, 1932.)
BROKERS EXPECT STOCK
RECOVERY TO BE SLOW
Special Dispatch to The Star.
NEW YORK, September 17.—In the
opinion of many brokers it will take
some time for the market to recover
from the shock it has had during the
past week. Its inability to resist bad
news has made buyers of stocks cau
tious. so they are not likely to be again
tempted into a speculation founded on
rumors and not on facts.
The Impression prevails that there
will be a period of some weeks of ir
regular movements, with a great deal
of churning of active shares, not much
change in daily averages and a smaller
volume of trading. Prom now on the
political factor will be an Important
one; also the trend of legislation In
the next Congress, it Is said. Bankers
are already beginning to express fears
of an agitation in Congress for the
same kind of measures that unsettled
confidence during the Winter and
Spring.
"New Highs."
NEW YORK, September 17 (Special).
—On September 8 over 20 per cent of
all of the stock dealt in that day sold
at new high prices for the year. Since
then there has been a steady tapering
ofl in highs, until on Thursday only
one stock reached the best figure of
the year.
CHICAGO STOCK MARKET
CHICAGO, September 17 (^.—Fol
lowing is the complete official list of
transactions in stocks on the Chicago
Stock Exchange today:
Sale». STOCKS. High. Low. Close.
10 Am Pub Ser pf 13 12 13
1700 Bendlx Αν 11H 10*4 11
250 Bmks MfK 41. 4 4H
2800 Borg-Warner 10'a 97« 10
100 Brarh ft 8ona 5<2 53. 53i
100 Bruce (E L> 5'fe S'a
200 Butler Bros 21» 2% ϊ'ι
120 Cent 111 Pub Ser pf.. 46'4 443« 44'«
250 Cent Pub Util 1»4 1*· ls4
200Cent Pub Util ctfs .. 1'» ll« l'«
20 Cent A S W pi Pf.... 25 25 25
100 Chi Invest iVt 2'i VU
100 Chi No Western »'2 9 9
50 Chi Yell Cab 10 10 10
2300 Cities Serv 4"« 4 4·/«
100 Cl'Jb Alum IV» IV» IV»
, 250 Com'wlth Edis 75'« 74 74
50 Consumers 1« '» '*
4900 Çont Chi 33< 2'»
lOOCont Chi pf 19 18*4 13j«
200 Cord Corp 5'» J» « S>'.
150Godchaux Sug Β 1% IV* I1/»
50 Gt Lakes Dredge ... 93« 9 ·» 93«
4000 Grigsby-Gruno l't l'ï l3*
50 Hall Print 57» 5*» 5%
50 Houd-Her Β 3'< 3V« 3'«
50 Jefferson Elec 5'a 51 a 5'i
10 Keystone Stl pf 30'» JO'i 30' ι
100 Keystone StI 5'« 5'» 5'e
600 Libby-McNeill 2'» 23. 23<
50 Lincoln Print S'« 3V» 3V»
200Lynch Corp 107» lo'^ lO'i
350 Marshall Field 9 8'i 9
14800 Mid West Util Je Ji
lOOMld W Ot Β'λ pf Α.. 2!» 2?» 2%
50 Midland United 1 1 1
150 Midland Unit pf 3 2'b 3
50 Morgan Litho 1 1 1
10 Nat Battery 193i 193i laii
SO Noblitt-Sparks 15 15 15
lOOPenn Oas k El 7'4 7·* 7Vi
50 Pires Winter 4*i
100 Public 8er $100 par. 44 43Vi 43V4
300 Public Ser η ρ 45J4 45V^ 45',a
4M Pub Her 8"* pf 45s« 45 45
10 Quaker Oats pf 104',« 104Vi 104y«
50 8o Union Gas 1 1
450flwlft ft Co..» 9*4 »Vi #v,
200 Swift Intl..·.: 1«»4 iei'4 18V,
100 Union Car & Car... 25 24U 24V4
100 U 8 Radio ft Tel... 9% 9». «t.
ISO Util ft Ind pf 8 5*» 5*4
850 Walgreen 13»» 12'? 1S%4
20 West Ρ L A Tel Α.. IVi IVi lVa
350 WK Bank 8hr« 3 S 3 3H
Stock sales today. 42.000 shares.
BONM.
J1.000 Comwlth Ed 5'as '82 102 1β2 102
31.000 Insull Util 8» 1940... IV. <"« l'i
8.000 Ρ 8 No ΠΙ 8<;a '37. 98V« 18V« 98 U
bond gales totyj. 137,000.
CURB ISSUES DROP
AS MARKET CLOSES
Utilities and Oils Featured in
Lower Drift of Quota
tions.
BY JOHN Λ. CRONE.
Special Dispatch to The Star.
NEW YORK, September K.—After
opening higher, stocks on the Curb Ex
change fractionally receded today.
Trading, however, was in small volume
Electric Bond & Share canceled
more than its initial advances. Ameri
can Superpower erased its early rise,
as did several other active utilities.
Cities Service trended lower from the
outset. Standard Oil of Indiana backed
and filled.
Week end trade reports emphasized
further Improvement In many lines of
trade. The more lenient attitude to
ward shorts, as shown by the with
drawal of daily reports on the in-and
out positions of such traders, was re
garded rs unimportant.
Middlewest Utilities common rose a
shade as receivers announced a plan
to obtain a nominal management fee
from subsidiaries to care for the over
head of the central office in Chicago,
wn-re, after drastic reductions, ex
penses now approximate $350,000 an
nually. Such a charge, it was pointed
out, would amount to less than 1 per
cent on the gross of subsidiaries' earn- '
ings.
The uncertain movement of oil shares
in recent sessions reflects the trade
belief that the present gasoline price
structure is threatened. Although earn
ing statements of oil corporation* con
tinue favorable, the most Important
interests in the industry are not now
active marketwise.
Ford Motors. Ltd., and Stutz Motors
were active. From that business word
comes of projected new models and in
creased production. A fractional rise
in Lakey Foundry was typical of that
group. Crocker-Wheeler Electrical mov
ed widely. Steadiness of American
Cyanamid Β was attributed to reports
that operations showed a slight profit
in the first eight months. Dominion
Textile, Ltd.. did not respond at once
to its announcements of increased un
filled orders and a rise in operations to
65 per cent of capacity. Celanese
Corporation preferred featured textiles
as It opened up 5 points.
Emerson's Brnmo Seltzer, Inc., for the
six months ended June 30 reported net
of $1 on combined class A and Β shares,
against il on common shares in the
same period of 1931.
BONDS ON THE CURB
MARKET.
I
Sales in DOMESTIC BONDS.
thousands. High. Low. Cloae.
1 Alabama Pow 5s '56. 90 90 90
2 Aluminum Co 5s '52 97 97 97
1 Aluminum Ltd 5s '48 72 72 72
4 Am Cmwlh Pw 8s 40 5 4% 5
2 Amer G Λ Ε 5s 2028 14 ι 84'a 84'a
2 Amer Ο & Po* 6s 39 33 ' ζ 33% 33%
8 Amer Ρ & L 6s 2016 69';, 69 68%
2 Amer Roll M 4'.-s '33 70% 70% 70%
5 Amer Roll Mill 5s '48 S3'a 53% 53%
1 Amer Seating 6s 36. 34 34 34
1 Appalac Gas 6s Β 45 6!· 6'· G*··
1 Arkans Ρ te L 5s '56 8t) 86 80
8 Asso Elec Ind 4'ws'63 471 a 46 47%
53 Asso G & Ε 4%s '49 C 26% 26 26».
12 Asso Gas A: Ei 5s 50 29 28 28l.«
25 Asso Gas Ar El 5s '68 28*« 28 28
4 As G&E 5'aS 38 in ci 27' « 2' 2~
i Am 0 4 Ê 5'jS 7ï, 35'j 351 g 35'j
4 Asso T&T 5%S A 55 38 36'. 36%
1 Asso Tel Util 6l 33 47% 47'» 47'.
3 Bell Tel Can 5s A 55 97',« 97', 97',«
5 Bell Tel Can 5s Β '57 98% 98*» 96s.
2 Boston Con Q 5s '47 101 101 101
3 Can Nat RE 7s Ε 35 101% 10112 101%
1 Carolina Ρ A L 5s '56 77 77 77
1 Cent Ariz L&P 5s '8« 89% 89% 89%
3 Cent 111 PS 4'js F '67 71', 71'» 71%
1 Cent Pow & Lt 5s '56 68% 68% 68'a
22 Cent Pub Ser 5'25 '49 11», U'« 11^»
5 Cent State Elec 5s '48 47% 48% 46%
4"> Cent St Elec 5%s '54 47'« 46% 46%
3 Chi Dis El 4',-s '70 A 80 ί a 80 80%
5 Chi Dis Elec 5%s '35 82 82 82
2 Cig 8t Real 5%s A '49 22 22 22
103 Cities Service 5s 50 . 40% 39% 39%
1 Cities Service 5s '66 41% 41% 41',ι
15 Cll Serv Oas 5%s 42 58 57% 58
4Cit Ser Gas Ρ 6s '43. 64% 64 64%
31 Cit Serv Pow 5%s '52 48 45% »5%
5 Comwlh Ed 4%s Ε 60 92s, 92% 92%
5 Cornell Ed 4!>s D 57 93 93 93
15 Comwh Ed IS 4s F 81 84 83'a 83%
6 Con G Bal 5%s Ε '52 106% 106% 106%
6 Con Gas U 6%s A '43 18% 17% 17'a
8 Con Gas Util 6s A '43 31 30'. 30'.
12Cont G Ε 5s A '53. 60% 59% 59'ζ
1 Cudahy Packs 5s 46 77% 77% 77%
1 Cudahy Pkg 5%s '37 87'a 87'a 87%
2 Del C Gas 6s A 47.. 95'a 95% »6'a
1 Det C Gas 5s Β '50.. 87% 87% 87',.
2 Dix GG 6%S A 37 WW 83 S3 83
10 East Ut Inv 5s A '54 25% 25'a 25" a
10 Ed.s El Boston 5s 33 101'. 101'. 101',
7 Elec Ρ A L 5s A 2030 50% 50% 50%
1 Empire Dist El 5s 52 50 50 50
5 Empire OAR 5%s '42 49 48% 49
1 i'eaeral Wat 5%s '54 45 45 45
3 Firestone C M 5s '48 79 78% 79
3 Firestone Tire 5s '42 85% 85!a 85%
1 FiSK Rubber 6%s '31. 42 42 42
14 Fis* Rub 5%s '31 cod 42% 42% 42V.
25 Florida Ρ & L 5s '54. 73 73 73
5 Gen Vending 6s '37 6 5 5
6 Gen Wat Wk 6s Β '44 12 12 12
5 Georgia Power 5s '67 85 % 85 85
12 Gillette S Raz 5s '40 97% 97% 87%
6 Glldden Co 5%s 35. 87», 87 87%
10 Gulf Oil Pa 5s '37... 99% 99»* 99%
6 Gulf Oil Pa 5s '47... 98% 97% 98'»
15 Hood Rubber 5'is 36 43 43 43
1 Hood Rubber 7s '36. 55 55 55
4 Houst Gulf G 6s A '43 49 49 49
2 Hygrade Fd 6s A '49 39 39 39
5 111 Pow A Lt 5s C '56 71 70% 71
2 Illinois Ρ A L 5%s '57 62"a 82 «2%
8 Indnap PAL 5s A '57 94% 94 94%
16 Insull Utllit 6s Β '40 1% 1% 1%
1 Intern Sec Am 5s '47 53% 53% 53%
21 Intersta Power 5s '57 65% 65% 65%
1 Inves Co 5s A '47 WW 79% 79% 79%
3 Iowa-Neb LA-P 5s '57 78 77·. 78
1 Iowa Pub Serv 5s '57 77'.* 77'* 77·,'«
5 Jers C PAL 4%s C '61 88». 88'2 88'.
1 Jer Cen PAL 5s Β '47 99 99 99
3 Kansas Pow 5s A '47 80 80 80
1 Ken Utilit 1st 5s '69 77 77 77
7 Koppers G A C 5s '47 79 79 79
3 Krestre 5s '45 cf dep 85 85 85
1 LehiKh Ρ S 8s 2026 82 82 82
27 Libby McN A L 5s '42 57 57 57
14 Mid West Ut 5s '32 cv 10 8% 10
22 Mid West U 5s '33 cv 9% 8 9%
24 Mid West U 5s '34 cv 9% 7% 9%
9 Mid West U 5s '35 cv 9% 9 9%
3 Milw G Λ Ε 4%s '67 98% 98V· 98'.
3 Miss Pow A Lt 5s '57 76'. 78 78
8 Miss River Pw 5s '51 100*» 100 100
•4 Mont L HicP 5s A -51 βδ'. 95'a 95'.
♦ Montr LAP 5s Β '70 »4% 94*. 94*.
1 Narragansett 5s '57. 99% 99% 99%
5 Nat Ρ A L 6« A 2026 «7% «7% «7%
17 Nat Ρ S 5s '78 20% 19% 20%
3 National Tea 5s '35. 83 83 83
2 Neb Pow 6s A 2022 .. 94 94 94
, 1 New Eng G&E 5s '47. 60% 60% 80%
4 New Ens G&E 5s '50 61 60 81
2 New Eng Pow 5s '48 62 82 62
6 New Eng Pw 5%s '54 84% 63% 84%
1 New Orleans 4%s '35 69% 89% 89%
3 No Con Ut 5'»* A '48 37% 37% 37%
1 No Ohio PAL 5%s '51 96', 96% 98'.
12 Nor Stat Pow 4%It '61 89% 89 89%
5 Ohio Edison 5s '80.. 94 % 94 94%
5 Ohio Pow 4%s D '58. 92 92 92
1 Ohio Pow 5s Β 52. .. 98% 98% 98''.
3 Okla Gas Ar EI 5s '50 87% 87% 87%
5 Pacific ΟΛΕ 4%s '57 93% 93% 93%
1 Pac Ο Λ Ε 4%s F '60 93". 93% 93%
'β Pac G 4ε Ε 5s C '52 102% 102',a 102%
1 Pac Inves 5s A '48 xw 71 71 71
4 Pacific Pw y L 5s '55 70 70 70
5 Pa Cen P&L 4%> '77 79% 79% 79V,
5 Pen Elec 4s '71 F . 73% 73·-. 73V·
1 Piedm't El 6%s A '60 81% 81'a 81%
1 Proct & Gam 4%s '47 101% 101% 101%
2 Pub Ser Okla 5» D '57 75 74. 75,.
11 Pub S PAL 5%s A '49 75% 74% 75%
3 Pue S PAL 4%s '50 D 65V, 65% 85%
3Repub Gas 6s '45 A 19% 19% 19%
2 Safe H Wat 4%s '79 96 % 96% 96%
25 Shaw WAP 4%s A '67 70 69 66%
4 Shaw WAP 4%s Β '68 70,, 70 70
7 Shaw WAP 4%s D '70 69% 6»% 69%
SShaw WAP 5s C '70 80% 80% 80%
3 SE PAL 6s λ 2025 xw 76% 78% 76'.
5 South Calif Ed 5s '51 101% 101 101
2 South Calif Ed 5s '52 101% 101% 101%
1 Southern Ν G 8s 44 46% 46% 46%
8 Southw GfrE 5s A '57 77 74 77
2 Southw Nat G 6s '45 31% 3J %
2 Stand Oas A Ε 6s 35 68 85%
1 Stand OAE cv 6s 35 65% 65%
5 Stand Gas A Ε 6s 51 58% 58% 58%
1 Stand Gas A- Ε 6s '68 57% 57% 57%
1 Stand Inv 5'is 39.. 66 86 66
1 Standard Ρ A L 6s 57 54 54 54
9 Super of Tllin 4%s .68 74 73% 73%
6 Swift Co 5s '40 wi.. 92% 93% 92%
4 Swift Co 5s '44. 100 100 100
1 Texas Gas Ut 6e '45 13% 13% 13%
3 Texas Ρ A L 5s 56.. 89% 88% 89 a
1 Thermoid Co 6s '34.. 48 48V. 46%
1 Ulen A Co 6s '44. ... 22 22 22
2 Union Ε A Ρ 5s Β 87 99% 99% 99%
1 Uni Lt A Ry 5%s '52 59 59 59
1US Rub 6%s '39 59% 59*. 59%
1 Va Pub Serv 5s Β ;50 70% 70% 70%
5 Waldorf-Astor 7s 54 9 8% 8,«
2 Ward Baking 6s 37.. 93 93 93
7 West Penn 5s 2030.. 83 62 82
4 West Xex Ut 5e A '57 51 50% 51
FOREIGN BONDS.
16 Buen Air Pr 7%j ;47 35% 34 35%
30 Cent Bk Ger 8» A 53 40% 39 39
19 Cent Bk Co 8s Β 51 45% 45% 44%
1 Ercole Mare 8%s 53 62 82 82
1 Eur II Cp 6%s '85 *w 57 87 57
8 Farmer»' Nat M 7s '63 35% 35 ; 35
1 Finld R M Bk 6s '81 48% 48% 48%
3 Ger Cons Mun 8s |47 41% 41% 41%
4 Ger Con Mun 7s '47 41% 41 41
1 Gesfueral 8« '53 ww 53% 53% 53%
6 Ham ESAU 5%s C '38 64 64 84
2 Hanover Pro 8%s '49 35% 35% 35%
1 Nippon El Ρ 8%s '53 38% 38% 38%
a Ruhr Ο Co «Vil A '53 41% 41% 41%
β Ruhr Hou* «%s '56.. 39 39 39
3 Santiago Chile 7s '49 8 8 8
13 Stlnnes 7e '38 xw... 44% 43 43
1 Stinn^s 7e '46 xw... 40 40 40
5 Unit Indust e'as '41.. 45 45 45
w*—With warrante. xw—Without war
rant·. n—New. wi—When leeued.
Ν. Υ. CURB MARKET
Becefred by Private Wirt Direct to The Star Office.
Stock and Bale—
. Dividend Rat·. Add 90. Hleh. I/O*. ClOM
Allied Mille 3 4*4 4
Aluminum of Amer 660· 60*4 65*4
Am Austin Car.... t 44 4»
Am Revente 10 7H 744
Am Cities Ρ* LB. 7 6*4 6*4
Am Cvanamld Β... 6 6*4 5
Am Equities 1 2% 2H
Am * For Pw war.. 4 54» 8*4
Am rounder· 1 1H 1H
Am Gas 4 El <tl).. 86 31*4 30
Am Invest Β war.. 4 *4 Η
Am Maracalbo 1 4 -λ
Am Meter,Co 75s 11*4 11*4
Am Superpower... 83 6 644
Arkansas Net Q··. 13 3
Arkansas Nt Qa A. 9 2-4 2*4
Asso G Α Ε A bi%. 4 8*4 8H
Asso Gas A Ε war.. S it St
Assoc GiEpf (5).. 20* 22 21<<4
Asso Hayon 1 2V4 2*4
Asso Tel Utilities.. 1 2* 244
Atlas Utilities 10 8yt 7%
Atlas Util war 12 3*4 3
Auto Voting Mach. 1 2V4 2*4
Benef Ind Loan 14 4 11H 11»
Blckford's Inc (1). 17 7
Blue Bld*e t 2H 2*i
BluaRldfecptit. 2 28'» 27l·»
Buckeye Pipe L (3) 1 25*4 25*»
Buft ΝΑΕ pf (1.60). 2 U 22
Bulova Watch cv pf 3 11*4 10
Canadian Marconi. 7 1*. 1H
Carib Syndicate.. . 1 Vfr Vfc
Carrier Corp 1 6V* 6V4
Celanese pf U4).. 25* 49 49
Cent States Elec... 9 4 3T4
Chain Stores Stk... 16 6
Childspf 60s 13 13
Cities Servie· 66 4*4 4
Cities Service pf... 3 25 2414
Cities Service (B).. 1 24 2*4
Claude Neon Inc... 2 1V4 1*4
Colombia Synd 23 H V4
C·! G & Ecv pf (5). 100» 4*» 94
Col Oil A Gas vtc... 1 1*. ih
Comwlth Edis <5).. 8 75*4 75
Comwlth & Sou war 1 S *4
Comntock Tunnel.. fi % 4
Consol Copper 1 ι ι
Cord Corp 5 5y4 514
Creole Petroleum.. 3 2*4 2Vj
Crocker Wheeler... 17 6*4 5*%
Crown Cent Pet·... 2 Η Η
Deere A Co 4 11W 11'4
De Forest Jtadlo... 1 S S
East Util Asso cv.. 1 4vi 4*4
Elsler Elec Corp... S 2 1'»
El Bd A Share b6% 215 2744 25'»
Elec Ρ A L op war. 15 6
Empire G A F S % .. 60* 30 10
Europ Elec deb rte. 1 H 44
Ford Motor Can Α.. 5 8H 8*4
F"ord M Ltd » 4** 4
Franklin Mfg 2 2*4 2*4
General Alloys.... 9 144 m
General Aviation.. 1 3^ 31*
Gen GAEov pfBhi. 100· 13*4 13
Gen Theat Eq cv pf 1 H *4
Glen Alden Coal... 1 16*4 15**
GoldfleldConsol... 36 A ii
Goldman Sachs.... 13 3*4 3*»
Grt Α4ΓΤ n-v tS *4 10* 148 148
Gt A A Ρ Tea pf (7) 20» 117 117
Helena Rubinstein. 1 % %
Holllnr Gold t70c.. 16 5
Hudson Bay Min . . 6 3*» 3H
lïuyler S Del c pf 7. 1 25 25
Hydro Elec Secur.. 2 74 7*4
Imp Oil of Can 50c. 7 8'4 8«4
Insull Inv 1 ^ ^
Ins Co Ν Am (2)... 1 85*4 85*4
Int Petrol (1) 6 30?» 10*4
Int Superpwr (50c) 18 14N 14V»
Int Util Β 4 2*4 2Vt
Ir* ine Air Chute... 9 7v> 7*»
Italian Superpw A. 4 27» 2S
Kol>ter-Br Am sh.. 3 IV» 1V4
Lakey Fdy A Mch.. 4 2 1%
Leonard Oil 1 Η **
Lerner Stores 2 3 S
Marion St m Shovel 1 2*4 2H
Midi West utllltlei 7 V» H
Mo Kane Pipe L... 1 V» 4
Mountain Prod 80c. 5 44» 4*»
Nat Bellas Hess.... 49 1% 1*4
Nat Investors 1 3*» 34*
Nat PwALt pf (4). 1 70** 70**
New Eng Pw pf (6) 20» 48*» 48V»
Newmont Mining.. 9 16% 15*4
New Process Co(l) 1 4«* 44t,
Ν Γ Tel pf ((H)... 125* 115*·, 115*» 1154
Nlau Hud Pwr 1.2β. 18 16 16 15
Nia* Hud (A) war· 1 1*4 14 l'i
Nlag Sh Md Β b5%. 2 84 8 8'4
Ohio Copper 20 4 *4 *4
Pac GAE 1st pf 14 1 23'» 23'» 23'»
Pacific WestOll... 17 7 7
Penroad Corp 5 3*4 2'» 3
DIVIDENDS ANNOUNCED
NEW YORK, September 17 UP).—
Extra.
Pe- Pty- Hldrs of
Comptny. R»te nod. tble. record
Texts Ou If Prod.l1*?» Stk Oct. 15 Sep. 30
Stock.
Tex»» Oulf Prod 3SU .. Oct. 15 Sep. 10
Bedaced.
Gibson Art 25c Q Oct. 1 Sep 30
Ν Y Title k Mtt 12',c Q Sep. SO Sep. M
Rhode I El Protec.11.50 Q Oct. 1 Sep. 15
Omitted.
Budd Wheel TV pf.J1.75 Q Sep. SO
Eatle Fire Ins
ι Newark. Ν J).. 25c Q June 30
Haverty Furn pf.ll^c β Oct. 1
Pk Bk (Baltimore',10c .. Oct. 1
BrnUr.
Bayuk Cl* 1 pf.ll 75 Q Oct. 15 Sep. SO
Burco Inc pf 75c « Oct. 1 Sep. 23
Cameron Mtch PÎ...I3 Q Sep. JO Sep. 30
Conn Ο & Coke Sec.20c Q Oct. 1 Sep. 15
Do. pf 75c Q Oct. 1 Sep. 15
Dominai Oil Fds.lS'sc .. Sep. SO Sep. 24
Drov Nat Β 'Chi> «150 α Oct. 1 "— "
Drcv ΤΛ3 Bk (Chi). S3 Q Oct. 1
Ehzabethtown Cons
Gas Il Q Oct. 1
Eureka Std Cons Mg 3c Q Sep. 30 Sep. 17
First Bank Stock. 134c Q Oct. i Sep. 30
First NB (Memphisι.»3 U Oct. 1 "
First Nat Bk <Phll>.»5 Q Oct. 1
Flour Mills Am pf Α. II Q Oct. 1
Gilmore Gasoline
Plant No. 1 20c M Sep 25 Sep. 22
Globe Disc & Fin...25c Q Oct. 15 Oct. 1
Hartiord-Conn 30c .. Oct. 1 Sep 24
Household Fin A...»0c Q Oct. 15 Sep. 30
Do. Β 90c Q Oct. 15 Sep. 30
Do pt pi S1.0S Q Oct. 15 Sep. 30
Hudson Co Natl
BK 1J C> e2'ie Q Oct.
Illinois Pipe Line. .14 50 Q Sep. 15 Sep. 10
Inter But Hole Sew
Mach 20c Q Oct. 1 Sep. 1β
Mamischewitz (B) &
Co Pf $1.75 Q Oct. 1
Murine Natl Exch
(Milwaukee) 40c Q Oct. 1 Sep. 34
Mass Lti 75c Q ■·«·· s9 S*5· 15
DO. *8 Pf $2 Q Oct. 15 Sep. 30
Do M pf «1 50 Q Oct. 15 Sep. 30
Merck Corp pf.....7.l3 Q Oct. 1 Sep. 17
Do. pf »2 Q Jan. 1 Dec. 17
Mexican Pet pf >2 Q Oct. 30 Sep. 30
Miss Val Tr 11.50 β Oct 1 Sep. 20
Mo PAL H cum pf .ll.50 Q Not. 1 Oct.
New Orl Cold Stie
A Warehouse 12 Q Sep. JO Sep. 14
Ohio Leather 25c Q Oct. 1 Sep. 30 |
Pern Oas & Elec
Corp 1% of 1175 Q Oct. 1
Perfection Pet pf.S7Vic Q Oct. 1
Putnam Trust
(Geenwich. Conn).50c Q Oct. 1
Reece Folding Mach. 5c Q Oct. 1
R'pub Ν Β ft Tr
(Dallas) *0c Q Oct. 1
Ritas Natl Bank
(Wash. D C) 17.50 β Oct. 15 Sep. 30
St 1. Natl Stock
yarda 13 Q Oct. 1
Std Fuel Ltd «Va".
pf H W'i Q Oct. 1
State Theater 12 Q Oct. 1 _
Tyer RB Co pf.ll 50 Q Au». 15 Au*. 10
Un Oas Ρ f Ιβ pf. 11.50 Q Oct. 1 Sep. 15
Wilm Tr Co 12 50 Q Oct. 1 ~
Wise Hold Corp A. 17·ί€ Q Oct. 1
Do. Β 17 Vic Q Oct. 1
Vosemite Holdln*
Corp pf Î7V4e Q Oct. 1
ί
Market Averages
Br the Associated Press.
STOCKS.
SO 20 30 M
Indus. Ralls. Util. Totsl
Today 57.7 315 91.4 St 6
Previous dsy .. S6J li t 92.1 «0.1
Week ago 67.7 37.2 100.0 09.7
Month aco Bi t 26.4 90.0 59 7
Tear aco 02.2 54 J 140.1 95 «
Three years a(0.241 S 161.5 341.1 250 9
Five years aco.142 3 121.0 134.5 130.1
Rl(h. 1932 72.3 31 S 111.0 73.S
Low. 1932 35 1 13.2 Sl.l 35 0
Hlsh. 1911 140.9 100.3 203 9 144.1
Low, 1911 60.0 30.S 92.0 11.1
Hl«h. 1930 202.4 141.0 361.3 205 >
Low. 1(30 nil M.4 144.1 114.7
BONDS.
20 20 M 00
Indus. Ralls. Util. Total
Today 67.1 « 4 S3 9 73.4
Previous day .. 07.3 St.4 84 0 73.6
Week aco 69 4 72 2 85.7 75.7
Month aco .... 60 1 09 1 63.1 72.9
Tear aco 79.2 COS 97.3 8C.7
Two rears aco. 94.9 409.3 101.1 101.7
Three rears aco 92.1 101.1 96.7 90.6
Rich. 1912 71.1 70.0 00.3 76 1
LOW. 1932 53.2 47.4 TO.t 17.5
Hlsh. 1M1 (0.4 105.7 151.5 M.7
Low. 1(31 «3.3 131 50.3 M.5
Hlch, 1(30 94 9 10S.S 101 4 101.1
Low. 1930 S3.3 97.3 96 6 03.S
(Copyricht. 1912. Standard Statistics Oo.)
ι
0
Stock end Self - .
Dividend Rate. Add 00. Hlth. Low C
Phil Morris Inc.... 2 24 24
Pilot Radio Tub· A 4 24 2'-»
Pioneer Gold (12c). 4 84 34
Pitney Bow·· b4%. 1 4H 44
Producer· Royalty. 14 4
Pub Util Hid * W.. β 1
Pu**t Sd PAL. pf ·. 20· 3β 854
Rainbow Lum B... 2 H H
Reliance Int A 1 2*4 24
Republic Gae 2 4 4
Bt Anthony Gold... R Ί» λ
Ht R«frla Paper 1 5* 64
Salt Creek lyod (1) β 64 B
Selected Industries 1 14-14
Shenandoah pf.... 2 22 214
Silica Gel et 1 1 1
Smith (AO) 200s 304 294
Sou Cal Ed pf C 1H 1 204 204
Stand Oil Ind (1).. 18 234 23
Stand Oil Ky 1.20.. 1 124 124
Stand PubSvc A... 2 14 14
Stand Silver A ï.,d.. 1 W 4
Stutx Motor Car... 6 184 17Mi
Swift ft Co 2 94 94
Swift Intl ( t4) 2 184 184
Swiss Am El pf (I) 1 394 394
Technicolor 1 3Vi 3V£
Tech Hughes (60c) 2 3 8
Tobacco Prod Del.. 2 S S
Trim Lux D L Ρ 8. 1 24 24
United Founders... 19 2 1T4
United Gas 21 3«* 3
United Gas war. ... 4 l1* %
United Gas pf (7).. 1 37 37
UnitLtAPwr (A).. 6 64 64
Unit Lt ft Pwr pf.. 2 26 26
U S Foil Β (30c)... 1 44 44
United Stores vtc.. 14 4
Unit Verde Ext 40c. 2 3 3
Util Ρ ft I.t 7 24 24
Util PwrALt pf (7) fiOs 364 36'.
Utility Equities... 4 24 24
Van Camp Pack.... 14 4
Venezuela Pet·.... 14 4
Walirrftn Co 1 13*4 J3Vi
Walker (H) pf (1). 1 84 £4
Winden Copper.... 1 Α Λ
Yukon Gold ^ 8 A %
Dividend rates In dollars based on last
quarterly or semi-annual payment. ·Εχ
dividend. tPartly extra tPlui 4^ In stock
a Payable in cash or stock b Payable in
stock e Adjustment dividend, f Plus 5'.
In stock, κ Plus 6'. In stock, h Pius 1'»
in stock. 1 Plus 2rc In stock, k Plus 10'
in mck. m Plus 3'r In stock. η Plus 80· In
stock, ρ Paid last year—no regular rate.
NEW YORK, September 17 UP).—
Stoclcs easy ; realizing follow» early rise.
Bondi Irregular: rails firm. Curb easy;
leaders change narrowly. Foreign ex
changes Arm. sterling improves Cot
ton lower: favorable weather: South
ern and Wall Street selling. Sugar,
coffee closed.
BANK CLEARINGS DROP
SHARPLY DURING WEEK
NEW YORK, September 17.—Bank
clearings this week at all leading cities '
In the United States, as reported to
Dun's Review were $4,382,400,000 and
show a reduction of 38.2 per cent from
last year, At New York City clearings
were $3,036,091,000, a loss of 36.3 per
cent, while ior the cities outside of New
York the total was $1,346,309,000, 42.1
per cent smaller. „
Clearings this week exceed those for
tlie five days of last week, as might t>e
expected. Furthermore, they are above
those ior any week back to the first ·
week of August. This was also true a
year ago. when the amount for Sep
tember was higher than for August.
The Improvement shown In some of the
recent reports of bank clearings is
hardly maintained in the latest return.
Figures for leading cities, as com
piled by R. O. Dun & Co., showing de
creases as compared with same period
a year ago, follow:
Week September 14. 1932.
Boston 1180.000.000
Philadelphia
Baltimore .
Pittsburgh .
Buffalo
235.000.000
46.470.000
72.123.000
23.300.000
MiOW.WU
Chicago i»i.500.000
Detroit
Cleveland ...
Cincinnati ..
St. Louis ...
Kansas City
Omaha
Minneapolis .
Richmond ...
Atlanta
Louisville . ..
New Orleans .
Dallas
San Francisco
Portland ....
Seattle
48.066.000
58.678.000
40.050.000
60.500.000
61.417.000
22.470.000
54.438.000
27.366.000
28.900.000
19.152.000
28.348.000
27.746.000
82.900.000
15.538.000
21.484.000
Total ...
New York
... 11.348.309.000
... 3.036.091.000
Total all 84.382.400,000
Average dally.
September to date. 1754.090.000
August ββΟ.δββ.ΟΟΟ
July 712.181.000
Second quarter ... 788.321.000
First quarter 923.396.000
Per cent
Decrease 45 7
Decrease 47.7
Decrease 34 4
Decrease 44 0
Decrease 36 a
Decrease 42 6
Decrease 56 1
Decrease 48 0
Decrease 339
Decrease 41 1
Decrease 30 7
Decrease 36 1
Decrease 20 5
Decrease 24 1 1
Decrease 22 5
Decrease 34 9
Decrease 13.5
Decrease 26 5
Decrease 48.7
Decrease 41 6
Decrease 34 l
Decrease 42 1
Decrease 36.3
Decrease 38.2 '
Decrease 30 4
Decrease 34
Decrease 42 4
Decrease 46 2
Decrease 35 0
New Bond Issues.
NEW YORK. September 17 (/Pi —New
bond issues formally offered in this dis
trict this week aggregated $11.990.000,
compared with $10.852323 in the pre
ceding week and $67,532.000 in the like
period a year ago.
Market Depends on Business.
NEW YORK, September 17 (Special).
—The fate of the market now rests in
the business situation. If the index of
business activity shows a rising trend,
many of the market followers will re
sume their buying, as they feel that the
40 per cent reaction from the high
prices of the month has placed stocks
on λ sound technical basis. On the
other hand, if there is an indication in
major Industries of continued dullness
and little more than seasonal improve
ment, the bearish attitude of market
operators is likely to increase. October
will be the test month in this respect.
Then the effccts of the improvement in j
sentiment should begin to show in iron
and steel. In the automobile trade and |
in car loadings.
CANADIANBUSINESS
IN FIB TREND
Gain in Car Loadings and
Wheat Movement Noted
During Week.
BY CHARLES LYNCH.
Special Dispatch to The Star.
OTTAWA, September 17—Continued
increases in car loadings, particularly
in the grain growing districts, increas
ing overseas shipments of wheat, a rise
in wholesale prices for the first time
in nine months, a decrease in the ag
gregate liabilities of commercial fail
ures. increasing eutputs of gold, con
tinued activity on the Canadian ex
changes and the resulting increase in
the value of securities are among the
outstanding bright spots in Canadian
government statistics issued during the
past week.
The value of retail sales in July, re
ported by 2.700 chain stores and 25
departmental stores, shows increases in
retail firms affected by vacation needs.
such as restaurants, candy stores, meat
and grocery stores. Other retail estab
lishments. however, reported the usual
holiday period of slackness.
Car loadings in the five weeks from
August 1 to September 3 numbered
196,261 cars, or almost 10,000 more than
in the preceding five weeks. The gain
was all in the Western division. Ex
port clearances of wheat in the last
week of August amounted to 4,197,424
bushels, as compared with 1.843 790
bushels in the corresponding week last
year. Export clearances of wheat for
the first five weeks since August 1 are
more than 6.000 bushels ahead of the
corresponding period last year.
The rise in wholesale prices is con
sidered to be one of the outstanding
favorable events in the Canadian eco
nomic situation. The rise is mainly
confined to materials such as raw rub
ber, raw wool, silk and cotton, coal,
chemicals, copper, lead, zinc, tin and
certain food commodities. Including
wheat, dairy products, eggs and certain
meats.
The aggregate liabilities of com
mercial failures in July amounted to
only $2.986.840. a decrease of nearly
$1.000,000 from the preceding month,
although still slightly In excess oi those
in July. 1931.
Gold produetion In June net up a
new high monthly record of 270,526
ounces, representing an estimated dollar
valuation of more than $5,500,000.
Production of gold in the first six
months of the current year, amounting
to more than 1,500.000 ounces, is calcu
lated to have added more than $31.
000.000 to the wealth of the country.
These figures show an increase of 18.4
per cent over the corresponding period
last year.
(Copyritht, 1932.)
BEARISH CROP REPORT
CUTS COTTON PRICES
Break of $12.80 Per Bale Occurs
During Week—Many Ac
counts Liquidated.
By the Associated Press.
NEW YORK. September 17.—The
heavy general liquidation which devel
oped immediately after the Government
crop report was supplemented by a
little more Southern hedging and the
decline extended to 7.10 for December
contracts during the past week. This
represented a break of $12 80 per bale
from the peak of the recent bull move
ment and carried the market slightly
below the closing quotation of August
8, when traders were discounting the
August 1 crop indication of approxi
mately 11.306.000 bales.
Pressure subsided at the declines, but
slight rallies were not fully maintained
and traders appeared to be hesitating
between optimistic views of the trade
outlook and uncertainty as to the ef
fects of the increased hedging antici
pated as the picking season advances.
While hedging was more in evidence
early in the week, offerings from that
source were moderate later and the bulk
of the selling has been attributed to
liquidation of accounts accumulated on
the August advance. Complaints of
crop deterioration have continued to
reach the trade, but weather conditions
have been considered more favorable
for picking and ginning and it is doubt
ful whether there has been much
change in crop ideas, although there
may have been a little mort disposition
to consider the possibility of some in
crease in yields should the Autumn
prove favorable.
The report of the Census Bureau
placing domestic consumption for Au
gust at 402.601 bales against 278,656
for July showed the anticipated in
crease, while the carded cloth statistics
for August fully confirmed bullish im
pressions created by reports of a greatly
increased business last month.
Reichsbank Statement.
BERLIN. September 17 UP).—The
Reichsbank statement as of September
15 shows the following changes in
reichsmarks: Gold and bullion increased
12,771,000, reserve in foreign currencies
decreased 12.620,000. bills of exchange
and checks decreased 107,627.000, silver
and other coins increased 14.013.000, in
vestments unchanged, other assets In
creased 3,448.080. notes in circulation
decreased 91,421.000, other maturing ob
ligations increased 24.759.000, other lia
bilities increased 7.873.000.
Total gold holdings, 781,207.000. Note
coverage, 25.7 per cent. Rate of dis
count, 5 per cent.
SAFE
FIRST
MORTGAGES
Λ
Over a Third
of a
Century
Without a Loss
to an
Investor.
INVEST
One of the most dependable ways
to increase income is through in
vestment in our
6%% first mortgages
The money is safely secured by
trust on conservatively appraised
improved Washington real estate HI
and there is nothing problematical
about the interest—it w'll remain
6τ/2% continuously during the life
of the mortgage.
May be purchased in amounts
from $250 up.
B. F. SAUL CO.
National 2100 925 15th St. N.W.
THERE IS NO SUBSTITUTE FOR SAFETY