Evening Star Newspaper, November 12, 1931, Page 13

FINANCIAL/ TALK ON RAILROADS LAUDED BY BROKER Investment Banker Praises Address by B. & 0, Offi- cial at Convention. BY EDWARD C. STONE. Y. E. Booker, local investment bank- er just back from the annual conven- tion of the Investment Bankers' Asso- ciation, at White Sulphur Springs, W. Va., reports that John J. Cornwell, general counsel of the Baltimore ©Ohio Railroad, made one of the most valuable ad- dresses during the session. The B. & © official declared there are still some bright spots in the rallroad picture, stating that the psychol- ogy of the public toward the rai- road has under- ;one a change. 'eople have come to see that you cannot tax the carriers to build and foster _competition without ruining them, he asserted. “They have come to understand that to ruin the rallroads, which still han- dle more than 75 per cent of all the toncage and in which nearly $30,000 - 000,000 of the people’s savings are in- vested, means to ruin every other busi- ness as well,” Mr. Cornwell said. “Many economies conceived by neces- sity, such as discontinuance of un- profitable and unnecessary service, will survive this depression period and in- crease the net of the carriers in the future. Truck and bus companies, like the railroads in their early days, will go through a period of financial ad- #lhl'.mcnl; many will fail and quit. ose economically justified will sur- vive ard render a valuable service. Beneficial Steps Taken. “Already steps are being taken here and there to co-ordinate motor truck and motor bus service with the rail- roads. Much more could and would have been done in that direction had it not been that promoters of bus and truck operations have overvalued their franchises and opportunities while, in some instanc perhaps, the railroads undemlu!dctfiem. But co-ordination aiready is being accomplished and ulti- mately will be thorough and systematic. “So, out of all this welter of worry, confusion and sore trials should and will come permanent, beneficial changes, 1 alike to the railroads and to public.” Mr. Cornwell declared that the real le with railroad earnings is the depression and not motor truck freight competition, He sees early regulati of freight motor trucks. Most of the State roads are not built to carry an unlimited number of 10-ton . trucks. roads are wearing out too fast. States will find some way of tax- these trucks and bring suits against Y. E. Booker. Hieh 23% 20 109% 162'% 84 road damages, Mr. Cornwell He does not ask that these stopped from hauling freight, that they be required to pay re of transportation costs. The association’s Railroad Committee k much the same ground. Members the committee believe the roads will all right when business gets back to normal, but in the meantime their earnings nfust increase in some way. Schiavone Death Stirs District. The financial district was shocked today to learn of the sudden death of Joseph Schiavone, president of the In- ternational Exchange Bank. Few bank- ers even knew he was ill. He founded nothing and pulled himself up by his boot straps until he obtained marked financial success. Mr. Schiavone was an interesting figure in the finan district. He had an unusual amound of energy, was always hustling to bufi@ up his bank, carried on an exceflant steamship ticket business and w28 particularly well informed on matters relating to foreign exchange. 1In addition to his business activities he took an intense interest in_politics. ‘When he lived in Trenton, N. J., he was said to control the Italian vote of that city. He did a great deal of stump speaking among the people of his own nationality. How well he was known in political circles is shown by a dinner he gave sbout six months 25 guests were Senators. Every Transaction in Bonds, The Washington Stock Exchange made one of the most unusual records today ever noted in a single day’s ses- sion. Every transaction was in bonds. FPurthermore, no sale was less than $1,000. The market opened with Washing- ton Gas 5s, series A, selling at 100%, up fractionally from the last sale. ‘Washington Railway & Electric 4s fig- ured in three $1,000 sales at 863, up & full point from the last previous sale. City & Suburban 5s appeared on the board in two $1,000 transfers at 64. ‘The bid and asked prices on stocks ‘we. * practically unchanged. The Po- to) lectric Power preferred stocks are now being quoted ex dividend, fol- lowirg the recent declarations. American Ice Reports. American Ice Co. and subsidiaries yeports for the three months ending September 30, 1931, net income, after all charges, including interest, depre- clation and Federal taxes, of $1,765,955, ‘which compares with $1,893,310 for this period last year. Financial District Notes. ‘The following officials of Washington loan & Trust Co. were appointed by its directors yesterday as a committee to draft resolutions occasioned by the ath of John B. Larner, president of that Institution: John Joy Edson, chair- man of the board; Harry G. Meem, senior vice president; Arthur Peter, vice president and general counsel; 0~ dbre W. Noyes, a director, President A. Chester Flather of the ‘Washington Ticker Club has called a mieeting to be held this evening at the home of Kayl W. Corby. The club is 0 have one of the leading officials in the New York Stock Exchange as a speaker in the near future, Sales of American Stores Co. were off 8.2 per cent for the four weeks ended October 31 and showed a decrease of 4.2 per cent for the 10-month period, compared with the like months a year M Chicago reports that the first loan under the National Credit Assoclation will probably be made there in W0 or three days. Six member banks have asked for an aggregate amount ©f $2,000,000. R e SILVER QUOTATIONS. NEW YORK, November 12 (#).—Bar silver firmer and 7 higher at 36 Indian bazaars buying, speculators sell- New Plant in Operation. BALTIMORE, November 12 (Special). —The Chesapeake Smelting and Refin- ing Co. recently incorporated under the laws of Maryland, is now operating . This is the only in Baltimere exclusively re- and smel lead. Officers of jpany are V. Moore, presi- ©'W. C. Mead, vice president, and mdvmmmu . 66% 131% 2% at the Racquet Club. Fiftzen of [ 19 00 5% 124% 188% 21% 69 T4% 110 % 608, 98 108% 66 92 % THE EVENI NG STAR. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 00-share Jols exeent those desigmated by letter “s."” ock and Sales— Net. Low. Divigend Rate. 214 Abitibl Pwr & Paper, Adams Express (1) 1% Atrway Elec Appl. 7 Alaska Juneau (40c; 3% Allegany Corp. 8 Alleg Cp pf 330 Am Bank Note (3).. Am Brake Shoe(z. Am Can Co 115). Am Can Co of (7) Am Car & Fdry (1), Am Car & Fdy pf ( Am Chicle (13).. Am Comel Alcohoi . 3% Am Encaustic Tiling 10% Am & For Powaet 134% a7 10% Am Jce (2) it Am Pwr & Lt (21 Am Pwr & Lt of (§). Am P&Lt pf A st(5). Am Radiator (§0c). . Am Radiator pf (1) Am Rolling Mills, Am Safety Razor (§) Am Ship & Com. ... Am Smitg&Ret (1%) Am Solv & Chemical, Am Solv & Chem nf. Am Steel Foundry . Am Steel Fdry pf (7 Am Stores (12% ) Am Sugar Ref (5). Am Sugar Ref pf (7 Am Tel & Te! Am Tobaceo (16 Am Tobacco B (16) Am Tobacco pt (8 Ty, Dper. 20 Armour of Del of (1) % Armour of 11l (B) 6 Armour of Il pt. 3% Associated Apparei 62 At] Coast Line (7). 9% Atlantic Refining (1) Atlas Py L te 8415 Auburn Auto (£4 2% Aviation Corp (Del 6% Baldwin Locomotivs 36 Baldwin Loco pf (7 28 Balto & Ohlo 4). 48% Balto & Ohio pf 1% Barker Bros. 4% Barnsdall Corp'n. 19% Bayuk Cigar (3).... 87 Beatrice Cream (4).. 9314 Beatrice Crm pf(7).. 37% Beech-Nut Pkg (3).. 12% 24% Best & Co (2)....... 224 Bethlshem Steel (3). 8 Blaw-Knox (1)... 20% Bohn Alumn (1%). 49 Bon Ami (A) (15).. 37 Borden Co (k3). 9% Borg Warner (1 8% Briges Mg (1K), 214 Brockwzy Mot Tr pf 31% Bkiyn-M 80% Bklyn Union Gas (5) 3K B Balks. Budd (BG) Mfg pf. 4% Budd Wheel (1) 4 Bullard Co.. 4% Bulova Watch 22 Burns Bros pf (7) 10 Burrough A M(t1%) 15% Bush Terminal(2%4) 1% Butte Copper & Zine 2254 =3 S 12% Byers (A M) Co 10% Calif Packing (2) % Callahan Zinc & L4, 314 Calumet & Hecla. 14 Canada Dry G A (3).. 11 Canadian Pacific1%. 33% Case (JI)CO.vvvans 1 114 Caterpillar Trac (2). 1% Celotex vte ctfs. . 15 Cent Azuirre (1%). » somnvunonues aladocnnniRione ot el anBT oS ume 12 Chi Great Westn pf.. 2 Chi Mil StP & Pac... 3% Chi Mil StP & Pac of. 12% Chi & Northwest (4). 10 Chi Pneu Tool of. 20 Chicago R I&Pacific. 30 ChiRI&Pacptf (§). 40 ChiRI&Pacpt (1. 1% Chickasha Cotton Ofl Childs Company.... 11% Chrysler Corp (1)... 26 City Ice&Fuel (3.60) 10 Clark Equipment(1). 16% Cluett-Peabody (1) 0a-Cola (18) te- » = B 16% ColumbG & E (1%).. 76 Col Gas&El pf A (6). 33 Columb Carbon (4) 8 Comm Credit (1.60) 55% Comcl Cred 1st(6%). 15% Comel Snv Trust (2). 70 Comm Inv cvpt(es) 9% Comec) Solvents (1),. 4% Comwlth & Sou(30¢) 6% Congolm-Nairn (1).. 3% Consol Film......en 7% Consol Film pf (3) . 61 Consol GasN Y (4) 93 Consol Gas NY pf(5) 915 Consol Laundries(1) 1 20 ConsolRwyspf (6).. % Consol Textil . % Contatnar Corp (B).. 5% Contl Baking (A) % Contl Baking (B) 40 Contl Baking pf ( 31% Contl Can (3%) 19% Cont Insur (2.40) 1% Contl Motors. 4% Contl O11 (Del) 1'% Contl Shar 361 Corn Products (3)... 3% Coty Ine... 15% Crowp Cork (2.40)... 22 Crueible Steel. . 2 45 Crucible Steel pf (7) 108 15 Cuba Cane Products.3850s 2 ba Co. 2 60 1 P EISTTY Cuba RR pf () Cudahy Packing (4). 36 Curtis Publish (4)... 1% Curtiss Wright . 4 Davison Chemical... Delaware & Hud (9), Del Lack & Wn 3).. Denver & RG W pf.. Diamond Mateh (1).. 4« Diamond Mtch pf 1% Dome Mines (1)..... Domn Stores (1.20).. Dresser M{g A (3%4) Drug Corp (4)vease Dupont de Nem (4).. 106 Du Pont de N pf(6). 93 Eastrpan Kodak (13) 7i4.Eaton Axle & Spr(1). 35% Eitington-Schild pf. 20 Elec Auto Lite (4)... 49 98 Elec Auto-Lite pf(7) 108 2% Elec&Musical Instru 16% Elec Pwr & Lt (1) 55 Elec Pwr & Lt pf 6614 Elec Pwr&Lt pf (7 29 Elec Storage Bat ¢ 1 17 5 33 6 wamnle 2 Evans Auto Prod. 75 Fed Lt & Trac pf (6) 3 Fed Mot Truck(40c). 2% Federal Screw Wka, . 6% Fed Water Seryice A. 22 Fid Ph Fire JN3.60). 854 Filene's Son % 50% Firestone T&R pt(8) 2 S 304 & SRt 4% 9% 1 93 61 54 188 1334 3 3 19 667 2% 4 16% 36 N 10 “ 18% 164 92% 61 1444 84 5% 94 58% 35% 50% 100% 100% 11% % T 8% 1% B4% 4% 30 1% % 108 115 10% 38 100 5% 114 2 28% 25 o 8% 1% Ba% 514 107y 1121 10% 4 B4W Sdu 6514 107% 112% IEYREIRE: S +1 454114 % EEE FEFEE 1++ FHEE FEE d 00. High. Low. Close. Chee g 3% 3% — % 815 % : Stock and Low. _ Dividend Rate. 41 First Natl Strs (3%) 4 % Fisk Rubber 14 Fisk Rubber Ist pf,, 941 Florsheims pf (6)... 10% Foster Wheeler (1).. 18 Fourth Nat Inv mébe 6 Fox Film (A)....... 67 Franklin Smn pf(7). 13 Freeport-Tex (3). 37 Fuller 2d pf (16 2% § ™ Gardner Motor 47 9% Gen Asphalt (2) 313 Gen Bronze 17 Gen Cable pt 25 24% Gen Electric (1.60)., 11% Gen Elec snec (60¢).. 80 Gen Food Corp (3).. 2!y Gen Gas&El A(e30e) Gen Gas&E cv nf(§ Gen Gas&El pf A( Gen Mills (3). 2% Gen Motors (3). 1(6) 1% Gen Realty & Util. 15 Gen Refractorfes (1) 15 Gen Steel Casting pf. 1% Gen Theatre Equip, . 9% Gillette Saf Rasor. .. Hizh. 63 3 1024 16 Goodyear T& R 3% Gotham 8ilk Ho: 1% Graham-Paige 5% Granby Con Min (1). 31 Grand Silver Stores.. 7 Grand Unton....... 14% Granite City Seeel(2) 25% Grant (WT) (1).... 20 Great Northn pf(4).. 5% Great Weatern Sug. , 1% Grigsby Grunow 6__Gulf States Ste PIA 1% 2% Hahn Dept Stores. .. lz{m :l-hn Dpt St pf(6%) 63% 19% 119% 104 a7 Pow pf (1) ey Choe pf (15 16 Holland Furn (12%) 5% Hollander Sons 4 Homestake M (7.30) . 3 Houdallle Hershey. . 521 Househld Fin pf 4. 19 HoustonOil........ 4 Houston Ofl (new). . 12% Howe Sound (2).... 7% Hudson Motor (1).. 3% Hupp Motors. Illinols Central. 4 Indian Motor Cyel Indian Refining . Indust Rayon (4)... Ingersoll Rand (4).. Inland Steel (2)..... Inspiration Copper. . Interboro Rap Trans Intercontl Rubber. 10 Int Hydro El1 A (e2). 19 Int Match pf (4).. 8% {nt Merchant Marine. 7% Int Nick of Can(40c) gg Int Nick Can pf (7).. 1% Int Paper & Pwr (A) % Int Paper & Pwr (B) 3 Int Paper & PwrC... 9% Int Paper & Pwr pf.. 25% Int Salt (3) 42 IntShoe (3 18 Int Stlver. 13% Int Tel & Te ceee 55 Interstate D 8 pf(7). 7% Intertype Corp...... 2 Investors Equity 5T% 24 Jewel Tea (4)....... 80% 29% Johns-Manville (3).. 123% 99 Jones & Laugh pf(7) 8% Kansas City Southn. 715 K’'mann Dept Strs(1) 85 Kayser (J) & Co (1). %, Kelly-Spring Tire. .. 5% Kelly-Spr T 8% pf. 3% Kelsey-Hayes Wheel 6 Kelvinator Corp. 20 Kendall Co pf (6)... 10% Kennecott Copper (1) 24 Kimberly Clark 2% 4% Kresge Dept Store 19 Kresge (S8) (1.60). 5% Kreuger & Toll 1.61). 18 Kroger Grocery (1) 87% 40% Lambert Co (8). 18% 6% Leh Port Cement. 30 18 Leh Val Coal pf (3). 61 17% Lehigh Valley R R, 34% 1814 Lehn & Fink (3) 20% 9% 15% Liquid Carbonic (2). 27% Loew's Inc (3) 2% Loft Inc..... 10 Lorrillard (P) Co. 76% Lorrillard (P) pf (1) 30% Louis&Nashville(5). 5% Ludlum Steel. 21 Ludlum Steel pt. 17 McCall Corp (23%). .. 12 Mclntyre Pore M(1), 38% McKeesport TP (4). 7 McKesson & Rob (1). 19 McKes&Rob pf(3%) 2% McLellan Store: 15% MackTrucks (2) 53 Macy(RH)& Co(n3). 2 Madison Sq Garden. ., 7% Mallison & Co....... 37 Manhat Elev gtd (7). 9% ManhatElev mod gtd 6l 21% 102% 111 19 5214 38 26% 103% 17 6 Manhattant Shirt(1) 261 12t Marine Midld (1.20). 13% Marshall Fleld (2%) 14% Mathieson Alkill (2) 5 Maytag Copf (3). 18 Melville Shoe (2).. e 2% Miami Copper. . 5 Mid Continent Petm. 7 Midland Steel (3).., 1% Minn Moline Pow. 10% Minne-Moline P pf.. M StP & S8m lsd (4) 16Y% Monsanto Chem (1%) 29% 8% Montgomery Ward., % Motor Meter G & El 6% Motor Wheel (1) 8% Mullins Mfg. 5 Murray Corp. 40% 15% 3% Nat Acme Co.. 4 Nat Alr Transport 2% Nat Bella Hess. . 835 37% Biscuit (2.80) 1% 1331 Nat Biscuit pf (1) 15 NatCash Reg A 1% 20% Nat Dary (2.60) 1% Nat Dept Sto. 19% Nat Dist I'rod ( 143 Nat Pwr & Lt (1 9% N Y Chicago & St L. 2 N Y Investors... 30% NY N H & Hart (4).. 80 NYNH&HDL (7)., 5% N Y Ont & Western., 2% N Y Shipbullding. . 95 N Y Steam pf (6, 10 Noranda Min 112 Norf & Westn . 31 North Am Aviation. 90% 26 Nor Amer(bl0%stk) 607 19 Northern Pacific3).. 2 3 Norwalk Tire & Rub, — A ORI S 19% 6% Ohlo Oil. 29% Pacific Gas & Bl (2). 35 Pacific Lighting (3). 4 Packard Motor (40c) 20 Pan-Am Pet B (80c).. 10% Par-Pub (b10% stk). 7% Park Utah.... % 214 Pathe Ex £ 22 Penick & Ford(11%) ney (J C) (2.40), quette Ry., rp of Am(1) Add 00. Hich. Low. O T A 1108 Int Paper pf........ 1 MeamRESenemae—e o roaamalas~nuarneSa 2 - » o= e o ¢ i a O T e = L e = e N L T L 1) WASHINGTON, 3% + | Net. se. Chee. % -% -1 Rl 5 » 4 Ll++41 + 1 .G THURSDAY, STOCKS IRREGULAR IN QUIET TRADING Market Apparently Awaiting New Stimulus in Busi- ness Situation, BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November I2.—Quiet trading and Indecisive price move- ments were the rule in the stock market today. Traders seemed to be awaiting some fresh stimulus in the outside news and, lacking that, were reluctant to take a position either way. Lower prices for wheat at the open- ing checked enthusiasm on the buying side in stocks. Initial trades had been at fairly uniform advances, but after business had begun in grain and losses of over a cent a bushel in the active deliverles had been recorded, ' stocks lost. their semblance of strength with- out, however, showing any real weak- ness. Taking the market as a whole it was more of a selective affair than re- cent sessions. Alecchol Stock Active. Selling kept up in redio and the stock went to a new low on the reaction, which was also approx mately the low of the year. Simultaneously Radio Kelth made a new low. Government litigation and the ~Radic-Keith fi- nancing were coupled as the reason for the weakness in radio. The railway shares were heavy early today in contrast to their firmness earlier in the week. Union Pacific de- clared the regular quarterly dividend of $250 on the common stock, as had been anticipated. Union Pacific was slightly higher in the early trading, but New Ycrk Central, Rock Island and Southern Pacific sold off. One of the most active stocks was United Statés Industrial Alcohol, which held the gains of Tuesday and Wednes- day, but did little more. However, Air Reduction, which owns 50,000 shares of Industrial Alcohcl, was strong. There was talk of mer;er negotiations affect- ing & number of units in the industry as well as predictions of an increase in the price of alcohol. All the stocks named have long been favorite trading mediums and it is not hard to gather & speculative fcllowing 4n any one of them. Opening Is Higher. Prices opened higher. The trend was aided by the brisk upturn in the London market, which was due to an unconfirmed Berlin re- ' | port that preliminary Franco-German debt conversations have paved the way for an international debt conference. U. 8. Steel at 71% was up %. Al- lied Chemical opened up 1'2 at 9514 Eastman Kodak rose 1'% to 113%a. General Electric declined 2 to 3214 and Westinghouse was off ', at 48. Union_Pacific opened up 2 points at 114',. Its directors meet for dividend action today. Southern Pacific, whose directors act on the dividends today, opened at 52', off 1> Baltimore & Ohijo at 37!5, Canadian Pacific at 17, New York Central at 533, and Pennsyl- vania at 327 all gained fractionally. Atchison opened up 1% at 11915, American Telephone advanced 34 to 143!, and Consclidated Gas firmed frac- 7| tionally to 755%, but Columbia Gas at +14 +1 FEFERE FEE + ++1 t+141 1444 PEI+H ] +++ ++1 © EE FEF +1+1 14 EIEE F +1 ) = +44 +11 51849 227, and North American at 43, were both off slightly. General Motors at 29 was up Y. Standard Oil of New Jersey at 3575 was up %. PUBLIC CONFIDENCE WOULD AID BUSINESS Statistics Company Emphasizes Importance of Dissipating Fears of Investors. Speclal Dispatch to The Star. NEW YORK, November 12.—A return of public confidence in the credit struc- ture, in commodity prices, and in the security markets could completely change the existing business situation and that is the basic fact which in- vestors should keep in mind, says the Standard Statistics Co. of New York in a current survey, which continues: “It 1s & truism to say that panic and pessimism have overstepped the bounds of reason and that the country is over- deflated in every direction. If experience counts for anything, this mood of indiscriminate pessimism sooner or later will reach a point at which it will be decisively checked by the operation of natural forces which have frequently proved their effectiveness in writing finis to a business depression. “There is no positive evidence that that point has been reached. Yet cer- tain factors deserve close attention. “Prices of crude foodstuffs and raw NOVEMBER 12, 193T1. CROWLEY RESIGNATION FOLLOWED BY SHIFTS By the Assoctated Press. NEW YORK, November 12.—The resignation of Patrick E. Crowley as president of the New York Central Rail- road has brought presidentlal shifts in two other major railroad systems. Fred E. Willlamson, president of the Chicako, Burlington & Quincy, was named to succeed Crowley. To fill the presidency vacated by Willlamson, Ralph Budd resigned as chief executive of the Great Northern And at the office of the latter road it was said that Willlam P. Kenney, vice president in charge of traffic, is slaf to step up a peg into the presi- dent’s office to be vacated by Budd. CRUDE OIL DEMAND EAPEGTED 70 GAN Increased Motor Fuel Re- quirements Also Forecast by Federal Board. The world motor fuel demand for nine months beginning October 1 will be 322,635,000 barrels and crude oil re- quirements 678,000,000 barrels, according to an estirate made by the Federal Oil Conservation Roard Secretary of Interior Wilbur is chairman of the board. ‘The board's estimate is an increase in copsumption despite statistics show- ing a_fewer number of automobiles in use. It was estimated that automobiles in the United States would consume 289,000,000 barrels of gasoline during the nine months which began October 1, or 1.9 per cent more than was used in the similar period last year. Basis of Calculations. The calculations were based on find- ings that “gasoline consumption per average motor vehicle in use is con- tinuing to increase.” With 23,708,600 motor vehicles as being in use this November, or 499,600 less than in November, 1930, the board estimated that this number would de- cline through February to about 23,000,- 000, and then begin increasing, reach- ing 24,174,000 next July. While there has been a decrease in the number of cars in use, the board found that those being operated were being driven greater distance and more often. From June 1 through September, 12 per cent more cars entered California than in the corresponding period of 1930, 18 per cent more visited the national parks, and traffic through the Holland innel at New York increased 6 per cent. There was also a much larger number of taxicabs in operation, and a taxicab over a period of a year, the board found, will consume 10 to 15 times more gaso- line than a privately owned automobile. The board recommended that a fur- ther curtailment of fuel oil production be made as essential to the maintenance of economic stocks, “as stocks on hand are increasing despite constantly low- ered production.” State Quota Approved. ‘The committee approved the indicated crude oil production of 2,379.000 barrels daily set by State conservation groups. This figure was slightly under the board's estimate of daily requirements of 2,384,000 barrels, and would permit the use of some oil in storage. Foreseeing a reduction in crude oil imports, the comwmittee based its calcu- lations on the promise that imports would not exceed exports, and put the reduction at 38 per cent, or 24,660,000 barrels for the present year. LYNCHBURG, Va. November 12— (United States Department of Agricul- ture) —Sales of Virginia fire cured to- bacco were light vesterday on _the Blackstone, Farmvilie and Lynchburg markets. A small percentage of fine leaf grades was offered, a few lots sell- irg as high at $38. Medium to com- mon leaf and lugs Wredominated. iEown leat—Third " quality (B3P, NEW YORK BANK STOCKS NEW YORK, November 12 Over-the-counter market: . Banks. ). — America Chase Chatham' _Phenix g Commercial Nationa), First National New " York Manhattan Co. ......... National City . § WUNIOR viiiieyocnys o Trust Companies. Bankers e ent Chemical Bank Cont Bank & Trugt Corn Exchange . Empire .. ’ Guaranty' ' materials have declined to a level (far |y below the cost of production in many instances) which provides both an in- creasingly severe check to future over- production and a profitable base from which users of such materials can ex- d their operations. “The ability of wheat, cotton and other commodities to advance repeated- ly, often in the face of a falling stock market, we believe to possess marked significance. “Economies in personal expenditure and in the maintenance and replace- ment of industrial equipment have been carried so far as to create a potential demand of large proportions. “Once the public's fears regarding the soundness of the banking position and of the currency itself are allayed, swift resumption of buying is likely to occur. The experience of 1896, when the bogey of “free silver” was destroyed, and that of 1879 accompany- ing the resumption of specie payments, furnish a reasonable basis for this belief. “Fears as to whether the public has been drained of purchasing power may be considered in the light of the fact that the relatively few panic-stricken individuals who have pulled their funds out of the banks for hoarding could tomorrow buy goods to the amount of a billion dollars. “These considerations are, we realize, intangible. But, in our judgment, it is precisely the intangible elements which are most vital in a situation like the U. S. TREASURY BAEANCE. The United States Treasury balance, announced today as of close of b November 10, was $217,525,009.07. Cus- toms receipts for the month to date were $9,100,68525. Total ordinary ex- penditures were $10,631,718.53. e CLEARING HOUSE FIGURES. Washington Clearing House figures for today: $4,086,530.08. Transfusion for Fitness, As the result of reports of young le as to the feeling of fitness fol- B § ot el gy e - and elder! e fl:.gmmnx as volunteers !c:n%lmd transfusions. ‘This is revealed in the annual report of the British Red Cross Society, and, says Sir Arthur Stanley, chairman of the society, in the fore- word, it disposes of the idea that there is any danger in giving one’s blood, TLast year there was a record number of calls for blood transfusions, and of the 1,627 operations performed, 77 per cent were recorded as satisfactory. It is said that originally Japan was occupied by & cunouoro le known as the Ainu, who are not of the Mongol race. A Gambling ? You are gambling if you keep your valuables in your home without ade- quate protection from fire and theft. Why take this chance when, you can buy a Meilink Fireproof Chest for FINANCIAL. BRIGHTER OUTLOOK | IN FINANGE SEEN Balance of Developments En- | couraging, Says Bankers’ Journal Summary. Special Dispatch to The Star. NEW YORK, November 12.— The | balance of the numerous developments in business and finance during the past month appears to be on the side of the favorable, both-as to number and importance, the American Bankers' As- sociation Journal says in its current | review of business: | “Sentiment is distinctly better,” the | review declares. “Operation of the Na- tional Credit Corporation should fortify the position of sound banks outside of the large cities. Some plan of pooling railroad earnings now seems assured. Prices of stocks and bonds have rallied, while the heavy liquidation of secured loans should greatly diminish the dan- ger of forced selling in the future. Apparently the tendency toward con- version of bank balances into currency has subsided. “Commodity prices have at last shown signs of stability, the usual se: sonal increase in buying of cold- weather merchandise is under way and at lcast one of the heavy industries— automobiles—has begun to expand its activities. Most persons would prob- ably regard the visit of Premier Lvu with President Hoover among the fa- vorable events, although the possible | developments of their conference are not yet known definitely. Political conditions in Germany, Great Britain | and the Far East are more encouraging. “It is true that many troublesome situations still remain. Low prices of agricultural products have likewise cur- tailed retall trade in the farm sec- tions. and added to the difficulty of meeting interest and amortization pay- ments on mortgages. In the cities the real estate situation is fully as #hd, with numerous apartment houses and hotels going into receivership or being foreclosed and Eropeny owners falling in arrears on their tax payments. In view of the tem) surplus of renta- ble space the lack of genuine recovery in building construction is not hard to rstnn?. i } ews from the manufactu: in- dustries and the railroads cul’r\?gfi! of poor earnings reports and dividen® reductions and omissions. Operatin; costs have been drastically lowtre(f, however, and efficiency has been great- ly increased, but this condition will not be completely disclosed until next Spring, when comparisons will be made against the current year. Unemploy- ment will be an acute problem ag: this Winter. Lastly, there is the dis- turbing threat of legislation by the new Congress along lines not in accord ?::,glvl&lalur:l economic principles, but g large appropriations higher tax rates.” T 7 e STORE SALE INCREASE *x» A—13 Authorized Service Carter Carburetors and Clum Switches MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and to 643 Indiana Ave. N.W. Chase National Bank Dividend, $4 MARKET, $55 Yields 7.3% Circular on Request Waggaman, Brawner & Co. 1700 Eye St. N.W. Metro. 3860. First Mortgage Loan Applications Invited at 5/5% Glover & Flather 1508 H St. N.W. National 1753 INDICATED FOR OCTOBER By the Associated Press. | , Preliminary figures on the val department store sales show lnu‘lgf crease from September to October of somewhat more than the estimated sea- lnx_}l}:e nlm::nt index maintained the Fedéral Reserve Board, which mzu allowance both for number of business days and for usual seasonal ehanges, was 86 in Octcber on the basis of the 1923-25 average as 100, compared with 84 in Beptember and with 88 in August. In comparison with a year ago, the value of sales for October was 15 per cent smaller. The aggregate for the first 10 months of the year was 10 per cent smaller. Changes for the 10- month period ranged from a minimum of 5 per cent less for the Richmcnd Federal Reserve district to a maximum of 15 per cent less reported b; - las_distri B s LOANS Is Your 1st, 2nd or $rd ¥ Mo Trust Due? MR. FRIEDM h N.W. Office Space Saul Building 925 15th St. N.W. One Large Office at $52.50 per mo. Suite of 4 rooms at $92.50 per mo. All outside rooms. assuring abundance of light and air. Excellent service. In the heart of the financial district. B. F. SAUL CO. National 2100. 925 15th St. N.W. VIR y SO Other Sizes at Proportionately Low Prices 3436 14th St. N.W. Adams 8100 *«mmmnnmu|mmnummnnmmunmmummmmnmmmnmmmnunmnmuumm* Money Available for Mortgage Loans i for 3, 5 or 10 year period. Apartment House—O ffice Building—Residential "and Business Properties E ARE carefully considerate of applications made of us for FIRST TRUST LOANS—and _every endeavor is made —and if approved, the loan will to give a prompt report be completed at once— | 51%:% RANDALL H. HAGNER & GOMPANY MORTGAGE. LOAN CORRESPONDENT 1321 Connecticut Ave. *umuumm||uvunmnun||mmmlmwummuumnmmnnmlmlmmlummn Decatur 3600 PROPERTY Apartment House MANAGEMENT IF you have a modern, up-to- date home you desire to rent, let us put it upon our list—for we are having many applica- tions for such homes—from most desirable parties. B. F. SAUL CO. 925 15th St. N.W, . Nar'l 2109