Evening Star Newspaper, December 3, 1931, Page 13

FIN BANKERS PLANNING WINTER GATHERING Committee Is Named to En- gage Speaker for Meeting on January 18, BY EDWARD C. STONE. Washington bankers have already be- gun plans for their annual mid-Winter open meeting at which some noted epeaker is asked to give his views on the financial and economic outlook, and | discuss any other problems which he may consider timely and important to | the banking profession. Monday, Jan- uary 18, has been set as the date for the meeting which will be held at the Willard Hotel | Acting President C. H. Pope has an- nounced the appointment of a commit- tee of three to engage the speaker. The appointments, made at the weekly luncheon yesterday, include Francis G Addison, president of the Security Savings & Commercial Bank: John Poole, president of the Federal-Amer- ican National Bank & Trust Co., and Howard Moran, vice president of the American Security & Trust Co. All three bankers are former presidents of the association At a similar meeting a_year guest speaker was David Friday, Wash- ington economist, who is Iinvestment adviser for a New York financial house. Two years ago the bankers were ad- dressed by Prof. Irving Fisher of Yale who happened to be here the very evening after the start of the New York Stock Market crash, the meeting | bemg held earlier that year. At that | time he referred to the “lunatic fringe” of stock speculators, stating that he did not know how extensive the “fringe” was. It developed later that it included geveral million people Yesterday's luncheon was made notable by the unusually large attendance and by the presence of two distinguished guests, Commissioner Herbert S. Crosby and Chief of Police Pelnam D. Glassford. G. C. Murphy Dividends Covered. In & letter to stockholders of G. C. Murphy Co., J. 8. Mack, president, ! states that in ekcess of $480,000, a sum | representing the company's dividends disbursements for the year, had been | earned as of October 3i, last. “This,” | Mr. Mack said, “is from the very conser- | vative estimates made by th> account- ants of the company. They further say, | if December sales produce in about the usual ratio for December as against | previous months in the same year, then | the total net profits per share of com- | mon stock will show a considerable in- | crease por share over the profits of | 1930.” | For 1930, the company reported net | profit of $660,639, equivalent _after preferred dividends, to $2,81 & share on the outstanding 149,938 common shares. | Columbia Gas Line Completed. ‘The Columbia Gas & Electric Corpo- ration, in a letter to stockholders, an- nounced recently that the natural gas pipe line from the fields in Kentucky and West Virginia through West Vir- ginia, Virginia and Maryland to connect with existing pipe lines in Eastern Pennsylvania is now completé ““This line,” the letter said, “is already supplying natural gas to the Washing- ton Gas Light Co., Washington, and to the eities of Lexington, Covington and Clifton Forge in Virginia. Piping for retail distribution is progressing rapidly in other communities in Virginia and West Virginia, in which service will be inaugurated before the end of the year.” It develcps that a good many people in Washington thought this long pipe line wes being run East especially | for Washington and the wnmnml ago the | Gas Light Co. On tHe cohtrary, # will | be seen that it is for Baltihore’ and just as many other large communities as can be reached Trading on Local Exchange. Trading on the Washington Stock | Exchange today opened with Capital | Traction selling to the extent of | eight shares at 20%;. Later 10 shares | sold at 2014, off fractionally from yes- | terday’s close The next sale was a small lot of Potomac Electric Power 5! per cent preferred at 1067:. Lanston Monotype figured in a 14-share turnover at 69, and 41 shares of Washington Railway & Electric preferred came out at 94. A 50-share block of Real Estate Mortgage preferred appeared on the board at 6';, ending the day’s stock sales. After being unusually active for several days, bonds were entirely neg- | lected. Peoples Drug Stores preferred has been added to the ex-dividend list.| Lanston Monotvpe is also being quoted | without the dividend which is to be paid soon. A | Other Financial Notes. | Directors of the Bank of Commerce & BSavings, at their last meeting, de- clared the regular semi-annual dividend | of 5 per cent, payable on January 1, to | stockholders on record December 20, John M. Riordon, exeeutive vice' presi- dent, announced today. Avon M. Nevius, vice president of the | Riggs National Bank, has recently com- | pleted vears' service with the vet- | eran institution. He started as a boy and has made unusual progress in the banking field | Fernand Petit. formerly vice president of the Merchants Bank & Trust Co., | who has been in {ll health for a long | time, has been improving steadily dur- ing the past several weeks and is now contemplating returning to the banking | district American Express Co. has declared the regular quartely dividend of $1.50 payable January 2 to stock of record | December 18, Clearings of Richmond banks in No- vember totaled $135407,684, compared with $193637,011 in November, 1930 Clearings for the first 11 months totaled | $1,605.092,164, against $2,093,014,228 for | the like period a year ago. | Baltimore clearings for November totaled $254,646,060, compared with $378,766,930 ' for the corresponding | month of 1930. E. H. de Bronkart of the firm of Fenner, Beane & Ungerleider has been elected a director the Solid Carbonic Co. He fills the vacancy created by the recent death of John Collingwood | of Harvey, Pisk & Co | The general level of farm prices owed a more pronounced upward | ovement between October 15 and No- vember 15 than for any monthly period | since August, 1929, the Department of Agriculture reported yesterday. Short Selling. ‘W YORK. December 3 (Special). e large Stock Exchange | houses has just made an analysis of a | Tecent day's operations and finds that | 38 per cent of the total transactions for “the particular period represented | short selling. Over 30 per cent was in | odd lots. This gives an idea of the extent to which sales for short account | are influencing the reactionary trend of the market. Such sales have the same effect on prices as an equal num- ber of offerings for long account The disposition to sell the market short, which has become so general, | prevents it from taking advantage of | any favorable developments and acts as a constant weight on it. For this| Teas .. there i a strong body of opinion | among Stock Exchange members that | further restrictions on short selling should be put into effect. It is be-| lieved that with short selling under | rigid control, 1he amount of cash buy- ing taking place from day to day would absorb a considerable portion of actual liquidating sales. The extent of this| buying is indicated in the fact that| one house in the last week of October | and during November bought over 900,000 shares in odd lots that were paid for outright. THE EVENING STAR. WASHINGTON D. €., THURSDAY NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Due to wire trouble the individual sales are incomplete. —in High 14% 10644 2315 22 234 11% 20 109% 10% 2054 12% 591a 461 | 1828 54 6l 27 877 48% 5% B4 41 Stock and Divigend Rate Abitibi Pwr & Paper Abram Straus of {7) Adams Express. ... 65% Adams Exp pf (5)... 10 Addressozraph (1)i. 2 Adv Rumley 14% Afiiated Prod 1.60. 52 Alr Reduetion(t43) 1% Airway Elec Appl. .. 7 Alaska Juneau (40¢) 2 Alleza 2% Alleg Cp pf 330 ww .. 15 Allesheny Steel 60c. 68 Allied Chemical (f) 1141 Allied Ch&Dye pf(7) 14 Allis-Chalmers (1).. 13 Amerada Corp (2).. 5% Am Agri Chem (Del) 17 Am Bank Note (+3). 50 Am Rank Note nf (3) 80 Am Brake Sh nf (1). 6315 Am Can Co (15) 130 Am Can Coof (1) 815 Am Car & Foundry 40 615 Am Chain. .. 31% Am Chicle (13)..... A Am Comel Alcohol. . 9% Am & For Power. ... 3715 Am & For Prwr pf (6) 16 Am & For Pwr 2d nf. 27 Am Home Prod 430, € Am International... 8 Am Locomotive. . ... 54 Am Lc'mouve pf (1) 16 Am Mch & Fay 1.40.. Am Mach & Metal Am Metals pf Am Natural Gas pf. Am Pwr & Lt (21) Am Pwr & Lt of (§). Am P&L1 nf A 8t(5). Am Radiator (0c).. Am Renublies...... Am Rolline Mills. .. Am Ship& Com..... Am Shipbutlding (5) Am Smltg&Ref (1%) Am Snuft (+3%).... Am Solv & Chem of . Am Steel Foundry Am Tel & Telex (3 Am Tobhacco (16). ... Am Tobaceo B (6). Am Type Fy pf (7)., Am Water Wka (1).. Am Wat W 1st pt($) Am Woolen Co . Am Woolen Co pf. .. Anaconda Copper. ... Anaconda Wire & C. Anchor Cap (2.40)... Archer-Danfels (1).. Armour of Del pf (7) Armour of 111 (A). Armour of 111 (B) Armour of T1l of.. Arnold Constable. Artloom Corp. Axsociated Appare Assoclated Dry G(1) Atch To&S Fe (10).. Atch To&S Fe pf (§) Atl Coast Line (4).. Atlantic Refining (1) Atlas Powder (4)... 1 5 Atlas Stores (1). a. 8415 Auburn Auto (£4)... 215 Aviation Corp (Del). 5% Raldwin Locomntive 20 Baldwin Loco pf 22 Balto & Ohio 4) 34 Balto & Ohio pf (4). 26 Bang & Aroos (3%) Barnsdall Corp'n Bayuk Cigar (3).... Bayuk Cig 1st pf (1) Beatrice Cream (4).. Beech-Nut Pkg (3).. ding-Hemingway Bendix Aviation (1). Best & Co (2) % Bethleham Steel (2). Blaw Knox (§0c) 3ohn Alumn (1% Bon Ami (A) (15). Borden Co (k3). Borg Warner (1). Botany Con Min (A). Briggs Mfg (11%) Briggs&Stratton(2). Brockway Mot Trk. . » Bklyn-Man Tran (4) Bklyn-Man Tt pf (§) BKlyn&Queens pf(6) Brunsw-Balks. . . Bucyrus-Erie.)..... Bucyrus-Frie oy pf.. Budd Whael (1) ..., RBullard Co., .. . Bulova Watch. Burns Bros(A) v.t.c. Burrough A M(t1%) 47 Butterick Co. . Low 2% 100 4 315 Calumet & Hecla Ti4 Camp W&C Fdy (1). 14 CanadaDryGA (3). 11 Canadian Pacific 1%. 17% Cannon Mills (1.60). 4 Capital Admin (A).. 5 Capital Ad pf(A) (3) 33% Case (J 1) Co.. 53 Case (JI) pf (T).... 11 Caterpillar Trac (2). 3% Celanese Corp. 2% Celotex Co. 1% Celotex vte e 10% Celotex pf Cent RRof NJ. Century Rib Mills. . Century Rib M pf(7) Cerro de Pasce (1) Checker Cab Mrfg... Ches & Ohio (2%)... % Chesapeake Corp(1). Chi Great Westera. . Chl Great Westn pf. Chi Mil StP & Pac... Chi M1l StP & Pac pt. Chic & Northwstn. .. Chi & Northwestn pt hi Pneu Tool 4 Chicago R 1&Pacifie. Chi RT& Pac 6% pf. Chi R1& Pac 7% pf. Chickasha Cotton O Chile Copper.. ... Chrysler Corp (1) . City Ice&Fuel (3.60) City Stores......... Cocoa-Cola (18)... .. Coca-Cola (A) (3)... Coleate-Pal-P (234). Collins & Afkman. Colo Fuel & Iron. ... Colo & Southern (3). Columb G & B (1%). Columb Carbon (§).. Comm Credit (1.60) .. Comel Cred 1at(6%) Comel Inv Trust (3) Comec] Inv Tr pf §3 . Comm Inv cvpf(es), Comel Solvents (1). Comwlth & Sou(30e) Comwlth&Sou pt (§) Congolm-Natrn (1).. Conzress Cigar (1).. Conn Ry&Lt (4%) Consol Clgars (8). Consol Film. . Consol Filin pf (2).. Consol Gas N Y (4).. Consol Gan NY pf(5) Am Car & Fdy pf () 1060% Baies— Add 00. Migh Low. Close Chse 2 108 46 508 1 6 2 1 1 35 Pt 11 108 134 4 14 10 2 1 208 708 302 3 1 1 4 6 205 1 13 52 1 1 800 35 B4gs 1 462 21 3 208 54 1 1 10 ‘80s 108 3 2 O e 00 B o [ITI - PP M 3 e 75 11 2 9 16 12 23 1 1 18 10 3 1 608 143168 1 12 18 3 6 Consol Lanndries(1) 36628 ConsolRwva pf (€).. Contl Baking (A). Contl Baking (B)... Contl Baking pf (8). Contl Can (23). Cont Diamond Fibre. Con’ Insur (2.40). Contl Motor Cont1 O] (D Contl Share, : Corn Products (3)... Coty Ine. e 20 Cream of Wheat t2% 3 Crosley Radio. 1544 Crown Cork (2. . 24 Crown Cork pf (2.70) 22 Crucible Steel...... 45 Crucible Steel pf (1) 2 CubaCo...... . 20 Cuba RR pf (§). 2 Cuban-Am Sugar. 29 Cudahy Packing (4). 32 Curtis Publish (4).. 1% Curtiss Wrignt....., 2 Curtis Wright (A).. 10 Cutler Hammer. .. .. —_— 28 22 1574 102 23 18% 24 21% 18 8% 84 148 107 124% 4 Davison Chemical... 137 Deere & Co pf (1.40). 80 Delaware & Hud (3). 20% Del Lack & Wn (3).. 12'x Diamond Match (1) 6% Dome Mines (1).. 11 Dominion Stores t1% 10 Doug Atreraft(t1%) 11 Dresser Mfg B (2)... Drug Corp (4). . *s Dunhill Internatl. Duplan Silk (1 . 8314 Dupont de Nem (4). 102 Du Pontde N [k¢) .« 1 1 2 5 . 40108 2 13 2% 100 5 #54 1214 2% 15% 56 2 12% 2% 4% 15 6% 119% 15 16 fia 17% 5018 82 6715 13015 9 4 a4 T8 10% 42 (L a1 B4 21% 1% 24 1% 4% 28 % [ 1 465 3% 23 4 15% 24 27 848 214 23% 2% 34% 32 1% 2 10 5 14 83 234 154 8% 17 12 11% 54% 2% 10 B84 102 2% 100 44 65 121 % 15% 5374 2 121 2% 3% 15 2% 119 148% 1515 80 21% 15% ELY 17 12 11 52% 2% 10 B34 102 2% 100 4% 65 12y 2% 15% 56 2 1215 2u 234% 21 3474 32 14 2 10 5 14 82 23% 15% 8% 17 12 1% b4 2% 10 + % -2 S —2% ey 8 8514 +. 103 13% 185% 21% 11w 69 4% 9% 603, 981 1084 44y 103% 814 37 19% 13215 9% 65 6814 14% 291 44 8% 26 13% 123 42 6 4 43 1315 42 51 384 68 6714 31 5715 80 123 311y 2015 70 29% 27% 3515 8T7a ~—1931—— High. Low. 3 914 % 34 35% 20 2% 141 Stock and Dividend Rate. Eastern Roll Mills. . stman Kodak (18) 22 Eaton Axle & Spr(1). Eitington-Schild. . .. Eitington-Schilé pf. Elec Auto Lite (4)... slec&Musical Instru Elec Pwr & Lt (1)... lec Pwr & Lt nf(6). ¢ Pwr&Lt of (7). Horn Coal nerson-Brant (A). Endicott-Johnson (3) g PSpfww (53%). Bales— Add 00. 184 Equit Office Bldg 2% 7ls Erie RR tureka Vac Cleaner ans Auto Prod. a shion Park As pf. Fed Mines & Smelt. . Fed Mot Tyuck(20c). Fed Water Service A Fed Dept Strs (25¢). Fid Ph Fire In(2.60), Firestone T& R (1). Firestons T&R pf (6) First Natl Strs (2%) Fisk Rubber. Fisk Rubber 1st pf. . Fisk Rub 1st pf conv Follonshes Bros Foster-Wheeler. . Foundation Co...... Fourth Nat Inv m55e Fox Film (A). Fraeport-Tex (2) Gardner Motor Gen Am Investors Gen Am Tank Car(4) Gen Asphalt (2).... Gen Baking (2) Gen Baking pf (8) Gen Cable. Gen Cable (A). > Gen Electrio (1.60). . Gen Elec snec (80c) . % Gen Food Corp (3).. i Great Western Sug. . 6 214 2518 73 1615 Tl 2 124 5% 81 3 524 19 4 1214 27 55 ™ 3% 70% 1% 21 a8 25% 4 Int Tel & Tel (1). 15 24 19 99 Bl 24% 8 10% 10 10 19 bla 165 00 17 6% 14 35 1815 7 39 Gen Gas&Fl A (e30c) Gen Gas&E cv pf(6) Gen Gas&El pf A(8). Gen Mills (3). . Gen Motors (1). Gen Motors pf (5 . Gen Outdoor Adv(A) Gen Printing Ink(2). Gen Prtg Ink vf (6) Gen Public Service. . Gen Ry Signal (5) Gen Realty & Util. .. Gen Realty & Util pf. Gen Refractories (1) Gen Theatre Equip. . Gillstte Saf Rasor. .. Gillatie Saf R pf (5). Gimbel Bros Glidden Co. . Gobel (Adolf). Gold Dust (23) . Goodrich (B F). Goodrich (B F) pf... Goodyear T& R (3). Goodyear 1st pf (7). Gotham Silk Hosfery Gotham 8 H pf (7).. Gould Coupler. . Graham-Paig: Granby Con M Grand Silver Stores. Grand (Wnfon. . Granite City Steel(2) Grant (WT) (1).... Great Northn pf(4). Great Northn Ore(2) Great Wn Sug pf (1) Grigsby Grunow. . Guantanamo Sug pf, Gulf States Steel ... Hahn Dept Stores. .. Hahn Dpt St pf(6%) Hanna of (7) Harb & Walke o Hershey Choe (5)... Hoe (R) & Co. . . Holland Furnace Co Hollander Sons .. Homestake M (1.80). Houdallie Hershey . . Househld Fin pf 4.20 Houston 011 Houston Ol (new).. Howe Sound (2). Hudson & Man (3%) Hudson Man pf (5).. Hudson Motor. (1). Hupp Motor: ® © mnanmeal Ao N R o AN S D AT AR illinois Central Indian Refining. Indust Ravon (4). Inzersoll Rand (4).. Inland Steel (2)..... Inspiration Covver. Insur Sh(Md)(28¢). Intercontl Rubber. Interlake Iron In. Agriculture Int Agriculture pf. Int Bus Machine(n§) Int Carrlers,Ltd §0c. Int Cement (3). Int Combustion Int Combustion pf... Int Harvester (2%). Int Hydro E1 A (e2). Int Match pf (4).... nt Merchant Marine Int Nickel of Can 20c Int Nick Can pt (7). Int Paper pt Int Paper & Pwr (B) Int Paper & Pwr C... Int Paper & Pwr pf.. Int Rys Cent Am Int Salt (3). Int Stlver. 130 308 208 Interstate D S pf(7). Interst DS pf xw(7) Island Creek Coal(4) Jewel Tea (14%)...x 2 Johns-Manville (1).. 31 Jones & Laugh pf(7) 100s Kansas City Southn, Kan City Sou pf (4). ‘mann Dept Strs(1) er (J) & Co (1). Kelly-Spring Tire Kelly-Spr T 8% bf. Kelsey-Hayes Whe Kelvinator Corp. Kennecott Copper (1) Kinney (G R) Co Kinney (G R) Co pf.. Kresge (SS) (1.60). Kreuger & Toll 1.61). Kroger Grocery (1). Lambert Co (8) Lee Rubber & Tir Leh Port Cement.. .. Lehigh Valley RR.. n Corp (2.40). Libbey Owens Glas Liggett & Myers(t5) Ligg & Myers B (15) Lima Locomot (m2). Liquid Carbonle (2). Loew's. Inc (14). ... Loew’s Inc pf (6%). Loft Inc. Loose-Wiles (13). ... Lorillard (P) (1.20). Lorrillard (P) pf (1) Loulsiana Oil. ... Lou Gas&EI A (1%). Louisville & Nash(4) Steel pf Hill (1). Mclintyre Porc M(1) 4 McKeesport T P (4). 52 McKesson & Robbins McK es&Rob pf (3% ) ack Trucks (1).... acy (RH)& Co(n3). Magma Copper (1) Manatl Sugar Manati Sugar pf. ManhatFEley mod gtd Manhattant Shirt(1) Marine Midld (1.20). Market St Ry pr pf. . Marlin-Rockwell (2) Marshall Field (2%) Mathieson AlKilf (2) May Dept Strs (21%) Maytag Co ptf (3)... Maytag Co 1st pf (6) Melville Shoe (2).... Mengel Co. . Miami Copper. o Mid Continent Petm. Midland Steel (3) Minn Moline Pow Minne-Moline P pf Mo Kan & Texa Mo Kan & Tex pf (1) Missour! Pacific. ... Missour! Pac pf (5). Mohawk Carpet..... Monsanto Chem(1%) 8 224 22% Montgomery Ward.. 88 94 Morris & Essex(3%) 258 52 (Continusd on Pageaie) =3 EACTH S-S 150 8% 20% 8'5 —re 4 95 8 5 527 32% - 3% 150 51 {Railway Situation Still Over- STOUAS RREGULAR | NEARLOW PONTS hangs Market—Buying Interest Small. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 3.—Nervous and irregular, today's stock market | struggled to assimulate liquidation | brought on by the discouraging posi- | tion of the bond market not large but they brought the aver- | ages dangerously near the minimum | for the two-year decline The cloud that overhung the market | at the opening was still the railway situation. Anxiety over the state of | affairs illustrated by the Wabash re- | | cetvership was still in evidence. At the same time the railroad stocks in the early trading had no_ important de- clines. Pennsylvania Railway made a new low, but that was only by a frac- tion. Reading made a new low, but that 15 too inactive an issue to be typical. New York Central was well supported around the preceding close, | either because of the large short in- terest or ‘because it had alrcady dis- counted the worst possible. Decline Is Gradual, Industrials slipped off slowly, without eny sharp breaks. U. S, Steel made a new low in the first hour, but that did not attract as much comment as Steel preferred, off at one time 6 points and also to & new low. It is the lack of buying intere: in strictly investment issues which gives the market so ragged an appearance. That is true of bomds as well as of stocks. General Motors was freely supplied and came within a small fraction of its previous minimum Johns-Manville was weak in new low ground. Western Union sold off again and the rubber stocks gave way. How much the market was oversold was & question to which no ready an- swer could be given. Auburn Auto at intervals gave indications of the strong technical position that might be ex- pected of a stock with fewer than 200,000 shares outstanding. Presumably there is a large short interest in the railway shares, but if 50 it gave no sign of anxiety. From time to time the Street has heard that the exchange was to Impose new re- strictions on sbort selling, but all these reports have proved to be false alarms. There was no outside news of a char- acter to influence stocks. Sterling ex- change was up a point or so, but that was offset by a sudden break in Brit- ish bonds. Commodity markets seemed to be waiting on stocks. Traders were looking to Washington for a construc- tive development, the nature of which was outlined only vaguely. It was | hoped that something would be done to rescue the railways, but no great confidence was expressed on that score. The Opening Ts Lower. The market opened active and lower. U. S. Steel common, at 51%4, was off 3;, and the preferred shares, at 10813, were off 11, both of them being at new low prices. A rise in sterling here, higher sheet and strip operations in Youngstown, and scattered trade improvement reports were constructive factors. Offsetting them were suspension of the freight rate rise by the Interstate Commerce Commission, reduced automobile output in November and irregularity in the London market Delaware Lackawanna & Western at 2135, was up '2. New York Central was unchanged, at 30%;. Fennsylvania, at 221, declined 7, and Western Mary- land, at 5!2, reached a new low level. Chesapeake & Ohio, at 27%, and Ca- nadian Pacific, at 13, were each off 3;. A blozk of 2,000 shares of Anaconda Copper ppened at 1214, off %, and at a new mfimum. Johns Manville, at 19, was off a like amount. i Westinghouse, at 303, dropped 7, and General Electric, at 26%, declined i.. A block of 5,000 shares of General | Motors opened at 22!, unchanged. Standard Oil of New Jersey was a shade | higher. American Telephone, at 123, and North American, at 35, each lost 3. Electric Power & Light, at 143, was unchanged. Rights to subscribe for stock close today. Western Union, 7, was off 1 point. MUSSOLINI EXPLAINS INVESTMENT INSTITUTE Special Cable to The Star ROME, December 3.—Premier Musso- Jini has sent a communication to the Chamber of Deputies explaining the reasons for the creation of a national institute of industrial and commercial enterprise _known as the YInstituto Mobilaire Italiano,” which has been unanimously approved by the Chamber. This institution is one of the most notable state innovations yet effected by the Fascist government. It places all the nation’s capital and investment for industrial and commercial enter- prises in the hands of one great insti- tute, which is under government aus- pices and control. It will collect cap- ital for investments, buy and sell shares, make loans and provide capital for new ventures. The object of the institute is the sta- bilization of existing enterprises and timely financial assistance to prevent speculation in the artificial rise and fall of shares. The holding and distribution of shares is thereby taken out of the hands of bankers and brokers, who can deel only with the National Institute and act as simple intermediaries be- tween buyers and sellers, without hav- ing any influence on prices. All industrial shares already have been handed over by the banks to the National Institute and its capital has already been subscribed twice. (Copyright, 1931.) e NEW SECURITIES NEW YORK, December 3 ().—New securities offered today include: Kansas City Power & Light Co, $3,000,000 415 per cent bonds, due 1961, priced on application, by a syndicate headed by the Guaranty Trust Co. Central Maine Power Co., $1,500,000 first and general mortgage series F 515 per cent bonds, due December 1, 1961, priced at 99 and interest yielding about. 557 per cent, by a syndicate headed by the Chase Harris Forbes Corporation. City of Fort Wayne, Ind. $1,000,000 water works improvement 414 per cent bonds, due 1933 to 1957, priced to yleld 4 to 410 per cent, by a syndicate headed by N. W. Harris Co. NEW YORK BANK STOCKS NEW YORK, December 3 (#),— Over-the-counter market: Banks. Bid. Asked Chase ... o Chatham ‘Pheniix i Commercial Nefjonal 1111l rst National New Y Manhatfan Co . oK National City : Public ... Trust Companies, Bankers Brooklyn Gentral Hanover 5 nemical Bank & Trusi!ll Cont Bank & Trust Corn Exchange ... Empire Guaranty Foving =000 Manufactirers New York DECEMBER 3 1931 BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 3 —The strain on the railroads, due to the per- nues and in their net operating income, | fiirted with the October lows as it | is now visible in the receivership for | the Wabash Railroad, which has been forced into bankruptcy because of in- ability to meet current accounts. ment over maturing security obliga- tions, that for the second time within about 15 years has placed the road in | its present financial difficulties, It is true that the Wabash had $616,- 000 of equipment trust certificates fall- ing due December 1. The amount in | itself, however, was too small to have| necessitated receivership. Not until mature. For the 10 months ended Oc- tober 31 gross revenues were &pproxi- mately $10.000,000 below those for the same period last year and $23,000,000 under 1929. The net operating income to October 31 was less than $705,000, compared with $6,250,000 the first 10 months of 1930 and with nearly $12,- 000,000 in 1929. Funds Insufficient. This shrinkage was so tremendous that the road had difficulty in securing banking accommodations. In Septem- ber the Interstate Commerce Commis- sipn authorized it to repledge its orig- inal holdings of about 178,000 shares of Lehigh Valley common stock under short-term notes that were to run until June 30, 1933. This gave the road op- portunity to negotiate with its bankers for'a $10,000,000 issue of 4'; per cent notes. A part of the loan was to pro- vide for financial needs to the end of 1931. Insufficient funds, however, were secured to offset the urgent demands of creditors supplying the road with materials. ‘The Wabash would have been one BANK STOCK MARKET 'OFF DURING MONTH New York Issues Register Decline !in November, as Shown by Averages. Specinl Dispatch to The Star. NEW YORK, December 3.—New ¥ork City bank stocks registered an- of November, as indicated by the aver- age fof 16 leading issues compiled by bank stock securities. From an open- ing average of 72, recorded on Novem- point 677 on November 9, During the balance of the month, however, the market started downward and dropped to a'low of 60 on November 28, with a closing level of 61 on November 30. The high, low and closing levels of the respective issues making up the averageé compare as follows: High Low Close Nov.9. Noy.28. Nov.30. America, 307 Bankerst Trust ... Brooklyn ‘Trust Centrdl Hanover Chase’ National ham Phenix . Chemical i City : Commercial National Corn Exchange .. Empire Trust ... Guaranty Tru Irving Manhattan Manufacturers. N3 Trast. o Public. 4..... 157 393 23 341y Weighted averages FRENCH BUDGET TOTALS ABOUT $1,637,400,000 By the Associated Press, PARIS, December 3. —France's budget 40,935.000,000 francs (about $1,637,- 400,000), of which 1,100,000,000 franes (about $44,000,000) are cxpected to be reparations payments, the finance commisison informed the Chamber of Deputies. The government’s income was esti- mated at 41,2370,000,000 francs (about $1,654,800,000) penses are 3,000,000,000 francs more than the last budget. U. 8. TREASURY BALANCE. The United States Treasury balance announced today as of close of busi- ness December 1 was $149,590,378.16. Customs receipts for the month to date were $1,026,795.47. Total ordinary ex- penditures were $3,189,495.38. SILVER QUOTATIONS, NEW YORK, December 3 (#).—Bar at 283%. Washington Produce Butter—One-pound prints, 36: tub, 35. Eggs—Hennery, 35a38; ceipts, 25a30. Poultry, alive—Turkeys, young toms and hens, 22a28; old toms, 20; old hens, 22; chickens, over, 18a20; 2 to 22 pounds, .0a22 Spring broilers, 23; hens, large, 18220; small 15a17; Leghern hens, 13al5; roosters, 10a12; keats, young, 40a45; old, 2535, Poultry, dressed—Turkeys, young hewns and toms, 34a37; old toms, 27a29; old hens, 30a32; chickens, 3 pounds and over, 21a23; 2 to 2!, pounds, 23a25; Spring broilers, 30; hens, large, 21a23; small, 18a20; Leghorn hens, 16a18; roosters, 13al15; Long Island ducks, 19a20. Meats—Beef, prime, 16; choice, 15; good, 14; fair, 12; cow, 9'4a10; lamb, top, 15; medium, 12a13; veal, top, 16; fair to medium, 12a13; pork loins, 8 to 10 pounds, 12; 10 to 12 pounds, 11; 12 to 15 pounds, 10; fresh hams, 8 tg 10 pounds, 12':; 18 to 22 pounds, 10; smoked hams, 19a20; strip bacon, 19a20; lard, 50-pound uins, 9; package, compound, 7a7}5. Ll?: stflck—Ha! light, 4.60; medium, 4.90; heavy, 440; pigs, 4.25a4.50; calves, 3.50a8.50; roughs, | 2.50a3.50; lambs, 3.50a6.50. Fruits—Apples, fancy box stock, 1.75a2.50; nearby, bushel baskets, 35a 1.25; oranges, Florida, 3.00a3.50; Cali- ia, €.25a5.00; grapefruit, 2.25a2.75 per 100, 1.75a2.00; pears, 3.00a 3.50; pineapples, 2.75a3.00; grapes, Em perors, 2.00a2.25; Tokays, 1.25a2.00; gerines, 2.00a2.: kumquats, 8al0; cranberries, 2.25. Vegetables — Potatoes, Maine, 100- pound sacks, 1.25; New York, 150-pound ; Idaho bakers, 100-pound » sweets, Eastern Shore, 50a 75a90; lettuce, Iceberg, 4.50a A rida, 2.00; broccoli, 2.0082.25; caulifigwer, 1.75a2.00; carrots, California, crates/ 4.00; string beans, 1.50a1.75; limas, |8.00a6.50; peas, 7.00a7.50; beets, 100 bynches, 3.00a4.00; carrots, per 100 bunches, 6.00a7.00; salsify, per dozen bunches, 1.00a1.20; peppers, 3.00a 3.50; kale, 50; spinach, 75a90; mus! rooms, 75a90; turnips, 50a60, arti- quarts, 5.00; Washington Clearing H for today:. $4,884,798.28: et chokes, 4.00a5.00; squash, 3.50; okra, Cuba, per pan, 90a1.00; Florida, per bushel, 3.25a3 cabbage, new, 40- pound basket, 2.00a2.25; old, 100-pound sacks, 1.25; Lelery, 3.00a3.25; tomatoes, 4-pan 5, 4.0084.50, SHOWN IN WABASH RECEIVERSHIP | Heavy Shrinkage in Revenues Has Made It Difficult for Carrier to Obtain Banking Accommodations. pendicular decline in their gross reve- | It is| Losses were | this difficuity, rather than embarrass- | 1939 do any of its long-term bonds| other sharp decline during the month | Holt, Rose & Troster, specialists in | ber 2, the market rallied to a high | drawn from Germany's unconditional | and the estimated ex-| silver quiet and steady and unchanged | 3 pounds and | 10; | Concords, 65; bananas, 1.00a2.00; un-! | FINANCIA B ®% A]3 CREDIT STRAIN ON RAILROADS Secured by first deed of trust Joseph 1. Money to Loan eal estate. ssion. & F Prevailing interest and Weller &2 Wash. 5., 9t | of the “weak roads” to make applica- | tion for a portion of the pooled funds | derived from the proposed freight ra | increase, which the Interstate Com- | merce Commission is now considering. | Its status with reference to these funds is believed to have been changed by | the fact that it is now in receivership. | During the past weeks, when rumors as | to Wabash credit were in circulation, it was commonly stated that the Pennsyl- vania Railroad would probably help its subsidiary in its distress. The policy of the Pennslyvania management, how- | ever, in the crisis was that. in view of its existing investment in the Wabash, | it did not feel disposed to add to it | Pennsylvania Co., which is controlled by the Pennslyvania Railroad, pur-| | chased an interest in the Wabash amounting to about 49 per cent of its voting power. It is understood that | the Pennsylvania paid about $71 a | share for Wabash common, selling yes- | | terday at $1 a share, and above $100 | & | & share for the preferred “A” stock, | | now quoted at about $2 a share. The | | depreciation on this investment amounts | | to between $50,000.000 and $55.000.000. | | A year ago the Interstate Commerce Commissicn ordered the Pennsylvania Railroad and its subsidiary, Pennsyl- | vania Co. to divest themseives of all direct or indirect control of both the | Wabash and of the Lehigh Valley. It | might have been possible for the Penn- sylvania then to have done this and | preserved a fair vortion of the capital invested in the Wabash. It preferred, however, to dissent and to seek a court | decision. | I C. C. Merger Plan. | In the Interstate Commerce Commis- slon’s consolidation plan of a few years | ago the Wabash was to have been the | | principal unit in a fifth Eastern sy: | tem projected by that body. Its chief | | associate was to be the Seaboard Air | Line. Connected with them was to be the Norfolk & Western, of which the | | Pennsylvania Railroad holds a majority | | of stock interest. This fifth system Authorized Service Lockheed Hydraulic Brakes MILLER-DUDLEY CO. 1716 14th St. NNW. NO. 1583-84 Office Space Saul Building 925 15th St. N.W. One Large Room at $52.50 per mo. Suite of 4 rooms at $92.50 per mo. All outside rooms, assuring abundauce of light and air. Excellent service, In the heart of the financial district. B. F. SAUL CO. National 2100 925 15th St. N.W. First Mortgage Loan Applications Invited at 5/2% Glover & Flather 1508 H St. N.W. National 1753 ~ | mever appealed to railroad men or to | the investing public, and officially it | 2 | was abandoned. The receivership of the Seaboard Air Line about a year aga | destroyed some of its original justifica- | tlon. "This week a group headed by | former Interstate Commerce Commis- | | sioner Prederick I Cox announced that | it proposed to reopen the case for the | fifth system. Apparently they had no | | knowledge at the time of the pending | | bankruptcy of the Wabash. | ~ The Lehigh Valley, which was linked | | with the Wabash financially and as a | traffic ally. is to go to the Van Swerin | gen system under the terms of the four- | party merger plan agreed to a year ago and now before the Interstaie Com- merce Commission for authentication. | One distressing phase of the Wabash | | receivership is the terrific shrinkage | that has taken place in the junior bonds of the railroad, which were made legal | for savings banks in New York State | | two years ago. The refunding and gen- eral 55, brought out in March, 1930, at 10015, sold today at 18, with the best bid ‘at one time $50 for a $1.000 “ond. The road has about $34,000,000 of first mortgage 5s and $13,933,000 of second | | mortgage 5s. The refunding and gen- | eral ‘mortgage, which is split up into | | four series, with coupons ranging from |52 to 4% per cent, amounts to ap- | proximately $50.000.000. The problem of reorganization will be in this group, which represents the adjustments made by bondholders of the company that previously went into receivership. (Copyright, 1931.) MORTGAGE Investment 6% Secured on residential property in District of Columbta - and nearby Montgomery Co., Md. K IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors 1417 K 8t NAtional 9300 *fllIllll1||I|I|IlI"llllllllllllllllllllullllllllllllllllllIIIHIIIIIIIIlIIIIIIII"mIIlIINIIHIHII!I"I"!IIIIH!“Iflmflflflflflmlll* Money Available for Mortgage Loans E ARE making FIRST-TRUST LOANS on ap- | proved applications for apartment house, office building, residential and business properties. | Prompt investigation is assured, and with no delay | when approved—funds are immediately or 10-year periods—and at 1321 Connecticut Ave. OLDEST NATIONAL BANK in the District of Columbia National | Metropolitan BANK p u | 1814 195k ¢ T b b, | PROPERTY M || Apartment House MANAGEMENT | | | | to be 925 15th St. N.W. MORTGAGE | available. Loans will be made for 3, 5 or 1932 entails the expenditure of | 5%% RANDALL H. HAGNER & COMPANY MOoRTGAGE LoAN CORRE sSPONDENT fhany Decatur 3600 4 IllllllllilllmllIIIIlIIIlll||IIIlI"i|||IIlIlIlIII|IIlI|II"llllllI|IIIII‘IOI|I|ImlllllIII|Il|!|lIIIIlIlumflmlllllflmImllllll ¥ TRUST DEPT. Just a Little Reflection —DMakes it clear that Cor- orate Fiduciary Agents are » 30; 6ub, 28, much preferable to individ- al executors and trustees. A bank, such as this, will always be here to serve your interests—uwill sick or die. never get Further advantages will e pointed out, on request, y Our Trust Officer. Fifteenth St., Opposite U. S. Treasury ANAGEMENT WE are having increasing demand for houses of modern type for rental — and we shall be glad to add such available properties to our list— submitted to prospective tenants, B. F. SAUL CO. Nat’l 2100 LOANS