Evening Star Newspaper, December 4, 1931, Page 13

FINANCIAL. SAVINGS METHODS 10 BE DISCUSSED Eastern Bankerg Will Hold| Meeting in New York January 28-29. BY EDWARD C. STONE. The 1932 Eastern 1 savings con- ference sponsored by the Savings Divi- | sion, American Bankers' Association, wil be held at the Roosevelt Hotel, New York C 28 29. The conference field compr insu.tu- tions interested in the savings bu 1n the States of Connecticut, Delaware. District of Columbia, Maine, Maryland, husetts, New Hampshire, New Pennsylvania, Rhode | virginia and West January and fses 1l ness ns will deal with he savings al Resorve | saction | erfod such as the he home | discount banks, cssentials of mort- depréssion proof inves ects investments trade and industry, the ques- inemployment, insurance and in municipal bonds in the United States. Jay Morrison of Seattle, Wash., is president of the division, and the chairman of 1 Conference Committee is Henry R. Ki sey of Brooklyn, president of the Sav- ings Banks Association of the State of | New York Henry Bruere, president of the Bow- | ery Savings Bank and member of the Executive Committee of the Division, 1 chairman of the Banquet Committce As one of the entertaihment features the delegates have been invited to in- | the control room of the Holland 1. It is expected that several bankers will attend the sessions, the annual conference having | grown steadily in importance during the past few years me Acacia Reports November Gains. President Montgomery of the Acacia Mutual Life Association Teports substa tial gains in November business. Bus ness reached an aggregate of $3,000,000, bringing the total insurance in force to more than $364,000,000. Net lapses, he | reports, revealed a decrease of $100,000 | as compared with the previous month, | while the number of individual policy- holders was substantially above the | total for the same period last year. | The Acacia chief executive said that | business development s not moving | along a set line and that the policies | making up the total volume are of | many and widely varying demomina- | tions, indiceting well distributed strength “Viewing the character.of the busi- ness, the fact that it emanates from all sections of the country, including shington, and- in the light of the res themselves, we feel justified in optimism and definite | not only in the future of bui in the steady de- | 2 trede as a whole,” Mr. | concluded. { Pennsy Reports for Quarter, “The report of the Pennsylvania Rail- | road for quarter ended September 30, | 1931, ehows et income of $6,117,080, after taxes and charges, equivalent to | 46 cents e share (par $50) on 13,162,416 | res of capital stock outstanding at of period. This compares with | or §1.64 a share on 12,978, | shares in September quarter of ne’ 1or nine months ended 1931, wa¥ $9.681,943, after rges, equal to 73 cents a 162416 shares of with $51.242,087, 78,212 shares in first nine | o | 5 of previous year | month: Rictkmond Reports Bank Loans. x_loens to member banks in Vir- ginia have been made by the Loan Com- mittee of the Nationsl Credit Associa- tion, No. 1. fifth Federal Reserve dis- trict, according tn & report the chairman, Julien H. Hill mond bank president These loans are made only after the most careful consideration and are ex- pected to prove a tower of strength to banks which have sound assets temno- | rarily tied up. Organization of the Na- tional Credit Corporation has already | had Nation-wide effect in building up confidence No applications for loans for any of the Washington bznkers have been re- ceived by the local committee, the | members of which were selected from the Washington Clearing House Asso- ciation and the District Bankers' Asso- on. It will be recalled that Wash- ngton was the first large city in the | F United States to record 100 per cent| o subscriptions by all the banks in the J city to the national fund. The fact| 53 that local banks have not needed loans is considered most gratifying by Capi- tal financiers. t | | 205 69N 68 10% = 1% Rapid Transit's Net Slumps. The October statement of operations { /ashington Rapid Transit Co. was tay with the Public Utilities | 36% It chows in the item of | 131} for that month a defleit of | 524 compared with one of | 16 the month last year. 14% ny's deficit totals _;j‘ ear ago. (ol e Insurance Co. { Columbia approach- eventy-seventh suc- Boteler, in It usiness of the com- | year has suffered but little | cconomic disturbance. We like many corporations, been to charge off secre- company losses in de- stocks and bonds g chiefly well secured mortgage loans ’ nticipate d results of savin Today's Exchange Trading. Today's trading on the Wasbington | Stock] Exchange opened witlh a turn- over af es of Washington Railw & Electric preferred at 94. Anothe during the session was the 10-share lot of Capitel Trac- ip % of a point from yes- lose. §t 2 s« arge s bond sale was a $1,000 f#r in Washington Railway & | 85%, Washington Gas A, figured in a $500 quarter _dividend banks is due payments _being ex he first of January. At haler and Peoples Drug dividend issues on the inancial Distric d that more than isurance men will at- dinner tomorrow night | rd of the fiduciaries section Life Underwriter the Manufacturers and the Chatham Phenix Bank & Trust Co. of New ed much interest here. Con- e stock of both of these banks is held in this city. It is stated that each bank will declare its regular divi- | dend for the fourth quarter before the | merger goes into effect The New York Centfal Raflroad Co. has wsked the Interstate Commerce Commission ~for ~authority to issuel $100,000,000 refunding and improve-% ment mortgage series C bonds | Directors of the Chase National Bank ‘have declared the regular quarterly div- idend of $1 per share, payable January 2 2, to stock of record Devember 11. n of 1% Curti 91y THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. are lots exeept these desimated by hfin;-.' Baies— Add 00. Btock and Dividend Rate. Abitibi Pwr & Paper Adams Express Adams Exp pf (5). Adams Millis (2) Addressozraph (1) Adv Rumley AMliated Prod 1.60.. Alr Reduction(14%) Airway Elee Appl 2% Bl Albany Wrap Paper. Allegany Corp. .. Alleg Cp pf $30 ww Allegheny Steel 60c Alliance Realt Allied Chemical (6) Allled Ch&Dye pf(7) Allis-Chalmers (1).. Alpha Port Cemt (1) Amerada Corp (2) Am Agr) Chem (Del) Am Bank Note (2)... Am Bank Note pf (3) Am Beet Sugar pf. .. Am Brake Sh pf (1). Am Can Co (15) Am Car & Foundry Am Car & Fdy pf (T) ADCNAIN. .. oanvoon Am Chicle (13).. Am Coal (4) Am Colortvpe. Am Comel Alcohol Am Encaustic Tiling Am European Secur. Am & For Power. Am & For Pwr pf(6) Am & For Pwr 2d nf. Am Haw St'ship (1), Am Hide & Leather. . Am Hlde & Leath pf. Am Home Prod 4.20. Am Tce (2). B Am Am Am Am Am Am Am Am Am Am International. .. TL.a France&Fom. I.a Fr&Foam pf. Tocomotive. ... Lc¢'motive pf (T) Mch & Fdy 1.40.. Mach & Metals Metal Co Metalapf..... News (1334) . Am Pwr & Lt (21).. Am Pwr & Lt pf (6). n P&L! Df A st(5). Radiator (§0c).. Rolling Mills. Safety Razor (5) Snuff (13%).... Solv & Chemical. Solv & Chem pf. Steel Foundry. Steel Fdry pf (1) Stores (123%)... Sugar Ref pf () x Tel & Telex (9). 444308130% Am Tobacco (16). .. 2 80 Am Tobacco B (16).. 59 Am Tobacco pf (6).. 1 Am Water Wks (3).. 10 Am Wat Wks cfs(3). Am Woolen Co Am Woolen Co pf. .. Am Writ Paper ctfs Anaconda Copper. Anaconda Wire & Archer-Dantels (1) Armour of 111 (A) Armour of Il (B) Armour of 111 pf Arnold Constable Assoclated Appa Associated Dry G(1) Asso DG 1st pt (6).. Atch To&S Fe (10).. Atch To&S Fe pf (5). A1l Coast Line (4).. Atl GuIf&W 1 pf (6). Atlantic Refining (1) Atlas Powder (4)... Atlas Stores (1) Auburn Auto (4) Austin Nich pf A (3) Autosales g Autosales p Aviation Corp (Del). Baldwin Loco pf, Balto & Oh1o 4). ... Balto & Ohio pf (4). Ramberger pf (63%). Pang & Aroos pf (1) Barnsdall Corpn. ... Bayuk Cigart3). Beatrice Cream (4 Beatrjce Crm pf (T).. Beech-Nut Pkg (3).. Belding-Hemingway Bendix Aviation (1). Best & Co (2). Bethleham Si 2). Bethlehem St pf (T)x . 2ohn Alumn (1%).. Borden Co (3)..... Borg Warner (1).. Briggs Mtz (11%).. Briggs&Stratton(2). Brockway Mot Trk. ion Gas (5) Brunsw-Balks 5 Bruns Term & Rwys Bucyrus-Erie....... Bucyrus-Irie cv pf. x d Wheel (1) liard Co. . Bulova Watch Burrough A M(113%4) tte Copper & Zine. Byers (A M) Brers (A M) pf California Packing. . inc & Ld lumet & Hecla. Camp W&C Fdy (1). Canada Dry G A (3). n Mills (1.60). al Admin (A).. al Ad pf{(A) (3) Case (J 1) Co, Caterpillar Tray Celanese Corp Celotex Co. .. Century Rib Mills. Cerro de Pasco (1).. Certa'n-teed Prod « Checker Cab Mrfj Ches & Ohio (2%). Chesapeake Corp(3). Chl Great Westn pf. 1 Mil StP & Pac. *hi Mil S1P & Pac pt. rthwstn. .. 1 Pneu Tool pt. I1&Pacifie. Pac 6% nf ac 7% pf Childs Company. Chrysler C City lce& 1 Pal-P (214), Colg-Palm-P pt (6) Collins & Aikman Colo Fuel & Iron Columb G & K (1%).. Columb Carbon (4).. Comm Credit (1.60) . Comei Inv Trust (2) x 1 Comel Inv Tr pf 634, x1208 Com Inv Trust pf(7) x- 208 Comm Invevpfie6).x 2 Comel Solvents (1). 28 Comwlth & Sou(30c) 40 mwlin&Sou pt (6) x550m Congolm-Nairn (1), Consol Cer pr pt 634, Consol Kilm........ Consol Filin vf (2).. 050l Gas N ¥ (4).. Consol Gas NY pf(5) Consol Laundries(1) “onsolRwvs pf (8) e 48 36 12 ‘ontl Baking (B) Jon”. “ontl Motor: “ontl 011 (Del). “ontl Shares. .. . “orn Products (3). . oty Inc.. ghes Crown Cork (2.40). Crown Cork pf (2.70) * Crucible Steel...... Crucible Steel pf (7) Cuba Cane Products. Cuban-Am Sugar. . . Cudahy Packing (4). Curtls PubHalr (4). . Curtis Publish pf (1) Wrignt. . u.. Curtis Wright (A).. Cutler Hammer,. ... 2% AN 50% 26% 123 28 15% Bam 17 12% 5 2 4 15 16 et High. Low. Close Chge. 2% — W 2% - % 30 8L —1x 1 2 M -y 11231 34 — u ! pop) Stock and Dividend Rate. 4 Davison Chemical... 157% 79 Delaware & Hud (9), Del Lack & Wn (2).., Detroit Edison (8). Diamond Match (1).. Diamond Mtch pf 1% Dome Mines (1).... Dominion Stores 1114 Doug Afrcraft(t1%) Dresser Mfg A (3%) Dresser M{g B (2)... Drug Corp (4)... Duplan Silk (1) Duplan Silk pf (8).. Dupont de Nem (4).. Dy Pont de N pf (6) 904 Eastman Kodak (18)x 121 Eastman Kod pf () x 7% Eaton Axle & Spr(1) 3% Bitington-Schild. 35 Eitington-Schild pf.. 20 Elec Auto Lite (4) Electric Boat. - Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(6). Elec Pwr&Lt pf (1) .. E'ec Storage Bat (4) Eng Pub Sve (1.60)., Eng Pub SVe of (5). Equit Office Bldg 2% frbanks Co pf. 5 irbanks-Mori 6314 Fed Lt & Trac pf (6) 2 Federal Screw Wks. Fed Water Service A Fed Dept Strs (25¢) . Fid Ph Fire In(2.60). Fifth Ave Bus (64c). Filene's Sons pf 6% . Firestone T & R (1). Firestone T&R pf(6) First Nat] Strs (2%) Fisk Rubber. Fisk Rub 1st pf conv 10% Florsheim (A) (11%) 5 Follonshee Bry 10 Foster-Wheeler..... 18 Fourth Nat Inv msbo 3% Fox Film (A)....... 131 Freeport-Tex (1) 20% Ga:rewell Co (3)....x % Gardner Motor...... 2% Gen Am Investor: 54 Gen Am Inv pf (6). 3815 Gen Am Tank Car(4) 9% Gen Asphalt (2). 14% Gen Baking (2) 2% Gen Bronze. . 15% Gen Cable pf. 25 Gen Cigar (4) 93 Gen Cigar pf ( 24% Gen Electric (1 Elec spec (60¢) . 30% Gen Food Corp (3). . 24 Gen Gas&El A (e30c) 2215 Gen Gas&I cv pf(6 8115 Gen Mills (3)....... 224 Gen Motors (3)... 85 Gen Motors pf (5). 314 Gen Outdoor Adv. 10% Gen Printing Ink 4% Gen Public Service 224 Gen Ry Signal (5). 4 Gen Realty & Util. Gen Realty & Utll pf Gen Steel Casting pf. 5 Gen Theatre Equip 9% Gillette Saf Rasor. 45% ‘Gillatte Saf R pf (5). 3 Gimbel Bros 3214 Gimblel Bros pf (1). 414 GliddenCo. ........ 48 Glidden Coprpf (T). 3% Gobel (Adolf) 18 Gold Dust (2% 5 Goodrich (BF).. 15 Goodrich (B F) pt 16 Goodyear T& R (3). 57 Goodyear 1st pf (7). 3% Gotham Silk Hoslery % GouM Coupler 17 Graham-Paige. ... 5% Granby Con Min (1). 2% Grand Silver Stores.. 7 Grand [Tnfon........ 31'5 Grand Unfon pf (3)., 25% Grant (W T) (1). 20 Great Northn pf(4) .. 12 Great Northn Ore(2) 5% Great Western Sug... !nl,?uz Wn Sug pf (7) 1'3 Brigsby Grunow. 6 _Gulf States Steel 26l Hacken Watpf A 1% 2 Hahn Dept Stores. .. Hahn Dpt St pf(6%4) Hall (WF) (120) Hartman Corp (B). 4 Hawailan Pineapple. Hayes Body Corp. . . Hercules Pow pf (7) Hershey Choe (5) Holland Furnace Co. Hollander Sons Homestake M (7 Houdaille Hershey Househld Fin pf 4.20 Houston O11 4 Houston Oil (new) Howe Sound (3). 27 Hudson & Man (3%) 7% Hudson Motor (1). 3% Hupp Motors. . 70% I1linois Central i% Imdfan Motor Cycle. Indian Refining Indust Rayon (4) Ingersoll Rand (4) Inland Steel (2).. Inspiration Copper. Jnterboro Rap Tri Intercontl Rubber. Interlake Iron In. Agricultury Int Agriculture pf. Int Bus Machine(n§) Int Carriers.Ltd 60c. Int Cement (3). 4 Int Combustion Int Harvester (234).. Int Harvester pf (7). Int Hydro E1 A (e2). Int Match pf (4). Int Nickel of Can 20¢ Int Paper pf........ Int Paper & Pwr C. Int Paper & Pwr pf.. int Salt (3). Int Shoe (3). Int Sflver. int Tel & T vove Iat Dept Stores (2) Intertype Corp. Jewel Tea (14%)... 18% Johns-Manville (1).. 99 Jones & Laugh pf(7) 8l Ransas City Southm. 24 Kan City Sou pf (4). 8 K'mann Dept Strs(1) ¥4 Kayser (J) & Co (1. % Kelly-Spring Tire 5% Kelly-Spr T 8% pf.. 31 Kelsey-Hayes Wheel 6 Kelvinator Corp.... 104 Kennecott Copper (1) 10 Kinney (GR) Co.... 10 Kinney (G R) Co pf. 34 Kresge Dept Stores. 9 Kresge (S 8) (1.80). 278 Kreuger & Toll 1.61). 3513 16' Krozer Grocery (1) —=—_2 “Toxer Grocery (1). AT'% 40% Lambert Co (8)... 5 Lane Bryant (1). 1 Lee Rubber & Tir 6% Leh Port Cement. 80 Léh Port Cmt pt (7). 3 Lehigh Valley Coal.. 8 Lehigh Val Coal pf.. 35 Lehman Corp (2.40]. 18'4 Lehn & Fink (3).... 7 Libbey Owens Glass. 39 Liggeit & Myers(t5) 40 Lizg & Myers B (15) 16 Lily Tullp Cup(1%). 15 Lima Locomot (m2). 20 Liok Belt (1.60) .15 Liquid Carbonic " Loew's, Inc (t4).... Loew’s Inc pf (6%). 2% Loft Inc. .. % Long Bell Lumh (A}, 35 Loose-Wiles (13). ... 10 Lorillard (P) (1.20). %0 LouGas&EIA (1%). Louisville & Nash(4) 50% 4 % s 17 15 81 3 13% ) N 4% 364 251 3 6% 5T 24 80 19 4 McAnd & Forbes (2) McCall Corp (2%).. 17% McCrory (B) (2).... 8814 MeKeesport T P (4). 5 McKesson & Robbins 19 McKes&Rob pf(3i) x 42 McLellan St pf A(6). 15% Mack Trucks (1)..,. 53 Macy(RH)& Co(ni). T3 2 Madison Sq Garden.. 2T% 7% Magma Copper (1).. 4% % Mallison & Co. (Centinued on 437y Bates— Add 00 Net. Hish. Low. Close. Chre 2 5% b 5 79 19 21 123 154 251y 8k 161 1 23% 12% 4 524 10 94y 53 1 108 250 2 102% 43 96 408 124 2 84 3 ¥ 8 B21 157 3 15 = 5 waSmanuFanne OO~ S 20 1 1508 3 4 1 3 2 Page 14) ' 4 | Lorillard_(P) D. C. FRIDAY, IADVANCE IN STOGK PRICES RESUMES Changes Confined Mostly to Fractions, With Trading Volume Light. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK. December 4—Although net changes were small, the trend in | today's stock market was upward. | Trading was quiet, but the market seemed to have more friends than on | any previous day this week. The overnight developments were in- terpreted favorably. They included the New York Central's financing plan, the accomplishment of a large banking merger and_optimistic forecasts of the content of President Hoover's message | No one claimed that there had been any important change in fundamental 4 | conditions, but the feeling was better, and shorts were taking during the morning hours, Specialties Strong. An oversold position developed in Auburn Auto and the stock rallied 3 points, making & gain of 8 or 9 points since Wednesday's close. The floating supply in this issue permits 6f wide fluctuations and of severe punishment to shorts who become unduly confident. Much the same situation existed in a number of other issues, among them J. I Case and Allled Chemical. A few specialties were the strongest spots. They included United States Industria] Alcohol, Electric Auto Lite and In- ternational Cement. Rallway stocks were moderately higher, but were held back by the un- certainty in the bond list. The New York Central news was considered con- structive, but in view of the near ap- proach of the dividend date, buyers were cautious. Union Pacific was strong for a time and Baltimore & Ohio rallied. In the utility group American Telephone & Tzlegraph made the best showing, although Public Service of New Jersey was up a point or two at one time. Market Opens Higher. The market at the opening resumed its last hour advance of Thursday in brisk trading. Active issues were 1 to 2 points higher in modcrately heavy trading. ance that the immediate financial needs of the railroads would be taken care of hsd a favorable effect on Sentiment. The drop in brokers’ loens to a new low was considered indicative of a good technical position. United States Steel was a point higher at 5415, Bethlehem Steel was fraction- 2lly better. Allled Chemical, American C2n, Warner Brothers, General Electric, Westinghouse, National Biscuit and other active industrials had substantial improvements. In the rails New York Central, which ‘L! seeking permission to issus $100,000,- | 000 of refunding bonds to take care of !bank debts and raise working capital, | was only a shade higher at 30%. Other rails, including Atchison and Union | Pacific, were 1 to 3 points higher. | _Auburp rose nearly 3 points to 116. General Motors, Chrysler and Dupont had smaller advances. In the utilities, American Telephone was a point higher at 129'5. Consolidated Gas and West- ern Union both gained a point. The in contracts i | ofl shares were quiet but firm, Standard Oil of New Jersey rising fractionally. | DIVIDEND CHANGES DURING NOVEMBER Unfavorable dividend changes in November dropped sharply from the October total, numbering 144 against 195 the month before, according to the Standard Statistics Company. Favor- able changes, on the other hand, re- mained about the same, 50 in Novem- ber against 52 in October. A compari- son of dividend changes in Novem- ber and October, 1931, and. for the first 11 months of 1931 and 1930 are given below Eleven months Oct. ended Nov. 30 1931 1921 2,015 Nov. 1931 Increased Resumed Extra Initial CHICAGO DATRY MARKET. CHICAGO, December 4 (#).—Butter 1,572 tubs, steady. Creamery-specials (93 score), 29',a30. Extras (92 score), 29. Extra firsts (90-91 score), 27,a 28. Firsts (88-89 score), 25!3a26%5. Seconds (86-87 score), 24a241;. Stand- ards (90 score) centralized carlots), 26% Eggs—3,069 cases, easy. Extra firsts, 25a26. Fresh graded firsts, 25. Current recelpts, 20a22. Refrigeator firsts, 16. Refrigerator extras, 17. DIVIDENDS DECLARED NEW YORK, November 4 (#).— Extra. Pe- Pay- Rate. riod. able R.25c .. Jan. Tnitial, 5c Reduced. Bk <Bost).50c Q Jan. 2 bc Dec. 10 .20c .. "Jan. 2 Dec. 20c Q Dec. 30 Dec Omitted. Found Inv 67 pf.31.50 Industrial Credit Am 32 Due Nov. of L3230 Pierce Mfg Corp. 31.30 Due Dec. Radio Corp of Amer Hldrs. of Compa record. Dec. 15 ny Augusta & Sav R McLeod Ol Jan. 25 Jan. Dec. Nov. ‘29 is 18 Nov Starrett (L S) Co * Due Dec. 15 15 pf B.... - Due Jan. 1 Railroad $h Co.. Due Dec. 15 Ruddy Mig S Oct. 1 3% Liguidating. .52 Regular. 5250 8 Jan. Feb. Jan! Jan Due at this time N J Bankers Sec Augusts & SavR R [ Colts Patent Fire rms e Ecuadorian Go Lid 0. DI b Grand_Rapids & Ind Ry O Holland Fur Co pf.33.50 Horlicks Inc Dec. 2 Jan; o B ....175c Q@ Nov. 30 Hygrade Sylvania Corp i 2. 31.62% Q@ Jan, Littie Schuyikill Nay R R & Coal.....3L11 .. Jan Go:'3175 Q Jan Ktunsey Tr Co (Wash D C $125 Q Jan ~.38c : Oahu Sug Co Lid.. 10c M Dee. Obio Seamiess S175 Q Jan. Tube P Phila Balt & Wash R R 8 Dec. 150 Plymouth Cordake 3150 Q Jan. | Radio Corp of Am DLEAG - 5 1 2 2 2 2 1 1 1 0 1 Q 8 8 8 National Tes tosa R R 5 | Reynolds (R J) Tob . 78c | Do. B 0 51 . §15 Union Nat Bk (Wim) .51 Visu Bise Corp Ist i e Do, 20dy BE: L AL Virginia P8 7% Bl 3L Do. 6% pf 1. Woolworth (F W) & Co Ltd (Am Dep Brys e 8% Pac Tel. Perfect Circle. .. — 13 Spang Chalfant & e | std otl 1o 621 Vaiee *hong 5*728¢ DECEMBER 4, Assur- 2 24| 1931. Stockholder Plea Ignored by Heads ' Of Razor Concern Letters Show Officials of 01d Gillette Co. Failed to Supply Information. BY the Assocfated Press. BOSTON, December 4—A stock- Dolder’s plea for information regarding the company’s condition was ignored by officers of the old Gillette Safety Razor Co., letters showed yesterday in the hearing before a master in the $21,000,- 000 suit brought by the stockholders | against the directors of the old com- ny. A letter, which protested against the company's failure to give its stockhold- ers an accurate picture of its condition in September, 1930, was _introduced after John E. Aldred, New York banker, had admitted knowledge that the com- pany had “gene in the red” for the first time in its history in December, 1929, and again In January, 1930, had been withheld from the stockholders. Circular Sent Out. Aldred, one of the defendant direc- tors, admitted under questioning the fact that the company was “in the red” was not contained in reports to the stockholders. He also admitted a ch cular had been sent out “to reassure the stockholders. Henry L. Stoddard of New York was the writer of the letter introduced. He sent it to Frank J. Fahey, one of the directors. In it Stoddard said, “when the first ‘break’ came last February we were assured by your circular letter to stockholders that all was well. Person- ally, I did not iike the flamboyant tone of your circular and felt like selling out. * ¢ * Since then not a word has come to us from the company Stoddard caid he and other holders of the stock remained in the dark while newspapers and the financial centers were filled with rumors and the Gillette stock had been allowed to sink lower and lower in price. He added, “* * * It seems to me and to others who have confidently relied on those assurances that we are entitled to some informa- tion in denial of the many harmful rumors in circulation. “One of those rumors I hope will not be verified is that your company is con- tent to let the price of stock collapse in order to buy personally for Mr. Gil- lette, or for the company, enough stock cheaply to cxchange for Autostrop stock. * * * Under the circumstances it seems to me your duty is to send an- other circular tc the stockholders, frankly stating the present condition and prospects of the company. Surely they are entitled to something besides silence.” The suit grew out of the purchase of the Autostrop Co. by the Gillette, and stockholders * charge certain directors bought up a large quantity of the Gil- lette stock at low prices to use in the merger. Testimony showed that Stoddard's letter was sent by Fahey to Aldred with a letter which asked, “Will you and Mr. Fuller giye us some general sug- gestions as to what we should reply to this and similar inquiries we are hav- ing daily?” Aldred replied in a letter, saying, “In my opinion such letters as this do not call for any. answer.” Conscience Clear. After the reading of the letters Aldred was asked, “And you said the other day that your .conscience was perfectly clear a¢ chairman of the di- rectors and chairman of the Executive Committee of the Gillette Co.?" “Yes,” replied Aldred. “And you still think s0?” counsel for the stockholders queried. “Yes,” Aldred said. In answer o 4 question Aldred said the stockholders were not informed that some of the “insiders” were dis- Pposing of their stock, and a telegram was produced showing that King C. illette, founder of the company, who that time was in Europe, was reas- red that his infcrmation was incor- rect and that the officials of the com- m{ | were buying rather than selling R-K-O0 STOCKHOLDERS ARE URGED TO'VOTE Hiram 8. Brown, president of Radio- Keith-Orpheum Corporation, in urging stockiolders to send in proxies in favor of the proposed plan of financing, stated that in his opinion it wes the only feasible plen possible since the bankers who have advanced the $6,000,000 cur- rent obligations would refuse to extend a portion of this loan unless new funds were underwritten by satisfactory in- terests. Of this $6,000,000 debt $3,- 000,000 will fall due in the first half of next year, $1,000,000 being due on Jan- uery 1, M was rnot approved by stockholders of Radlo-Keith, the Radio Corporation would be free to withdraw its under- writing. Under these conditions no equity ‘would be left for Radio-Keith stockholders in the event of a forced liquidation of assets securing the $6,- 000,000 loan. Mr. Brown said he was hopeful that the company could make a good re- covery providing that new funds are studios will make saving of $2,500,000 annually, and a further saving of $1,- 500,000 will b= made by consolidation of the R-K-O and Pathe distributing organization. Drastic’ cuts have been maide in ‘the larger salarles running 2s high as 40 per cent, but no cuts have been made in small salaries, since it was felt thst effect. on morale would more than offset saving thus made. CLEARING HOUSE FIGURES. Washington clearing house figures for | today: $4,542,157.95. | NEW YORK BANK S:fOCKS NEW YORK, December Over-the-counter market: 4 P).— Chatham Phenix Commercial National .. l.. First National New York... Manhattan Co ....... 3 National City Public s Trust Companies. Bankers ....... - Brooklyn s Central Hanover Chemical Bank & Trust Cont Bank & Trust ex di Corn _Exchange K Manufacturers New York .... [Put Your Xmas oney in A Safe and Sound Investment That Pays You 0 : Investigations will show that we offer Guaranteed first mortgage 6% notes that the most conserva- tive would be satisfied in buying. Let us send you a list of our f eurrent offerinss. Denominations as low as $100 | Monthly Payments if Desire: Send’for Booklet. " The Success d Plan” Brown also stated if the offer: obtained. The consolidation of the two | | | | | LG T L T T T BED OPINON N TAX POLCY I VARED Increases Urged in Some! Quarters, but Protests Are Also Raised. \2 1y o for. 1528 K BY BRADLEY W. TRENT. Special Dispatch to The Star. NEW YORK, December 4.—Whether in convention hall, business office, din- | ing room of the home, the favorite topic of discussion and conversation today is | not simply depression groblems in gen- eral, but a specific subject that is ways close to the hearts and the pocket. books of the public—taxation. A sharp cleavage of opinion on taxa- tion is apparent in two representative gatherings here this week. At the con- vention of the American Society of Mechanical Engineers, during a sym- posium on business stabilization, “the discussion centered on the use of taxa- tion as the most effective agency for bringing about stabilization through its power of redistribute wealth and in-| come. At a meeting of the Chamber of Commerce of the State of New York, | its Committee on Taxatlon submitted report demanding drastic_reductions in expenditures by Federdl, State and city governments in order to relleve the tax- payer of heavy burdens. New York Expenditures. According to the Chamber of Com- | merce report, expenditures of New York | State have increased 236 per cent since | 1920 and its bonded indebtedness has | Tisen 50 per cent. “This increase is out of all propor- tion to the increase in population and the value of the State’s manufactured | products or its increasesin wealth,” the | report states. “It is ridiculous to think government expenditures can go on in- | definitely like this."” | The report points eut that although more than 60,000,000 Americans are of voting age, Federal income taxes gre | paid by fewer than 2,500,000 of them and that about 380,000 persons pay 97 per cent of the total income tax. At the enginears convention speakers on the economic, financial and indus. trial aspects of stabilization contended | that the central defect of capitalism is | the lack of systematic or successtul | mechanism of income distribution—that, | is, dividing the products of industry between wages and profits. This, it was | asserted, prevents a balance between saving and spending, consumption and | production, upon which stability de- pends. The remedy, according to one econo- | mist, is to tax away w.th suitable in- | come surtax rates and inheritance taxes all excess corporate savings and surplus | Individual income that cannot be spent | § | AA, by the recipients on consumers’ goods. or replacement of obsolescent equip- |§| 1036 ment, and spending this surplus through Government channels for the produc- tion of free social income by building public works, parks, museums, recrea- | tlon centers and roads. | Many Suggestions Expected. Al' of these enterprises, it was pointed out, do not offer commodities or services for competitive sale, but in | payment of wages they release purchas- | [l ing power for other goods. I From all appearances, Congress is going to have more sources of advice on taxation problems during the com- ing session than ever before in the history of its deliberations. (Copyrixht, 1931 SILVER QUOTATIORS. NEW YORK, December 4 (#).—Bar sllver steady and unchanged at 28%c. U. S. TREASURY BALANCE. United States Treasury balance -n’s&m today as of close of busi-— ness December 2 was $143,639,040.67. Customs recelpts for the month to date were $2,237,507.36. Total ordinary ex- penditures were $8,315,603.29, Baltimore Port Arrivals. BALTIMORE, December 4 (Special). —The Maritime Exchange reports that during Novenber 203 vessels entered | the port, 26 less than in October and | 23 less than in November, 1930. United | ships. 5% States led with 140 For the 11 months of 1931 there were 2,495 arrivals, 364 less than for the same period in 1930, James E Connelly, President Financial Assistance Rendsred by this institu- tion has made it possible for hundreds of Washing ton families to acquire homes and become finan- cially independent. Saturdays Until Noon NATIONAL PERMANENT] 949 NINTHST. UNDER SUPERVISION OF U. 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