Evening Star Newspaper, December 13, 1931, Page 76

BONDS SELL OFF AS RAILS DECLINE Wtilities and Industrials Reg- Ister Losses—Foreign List Is Irregular. BY VICTOR EUBANK, Associated Press Pinancial Writer. NEW YORK, December 12—8elling | of bonds at reduced prices continued | today with only half-hearted rallying | tendencies noted in a few of the higher | grade issues Practically the entire list seemed to | @e dominated by the sagging rails, many of which sank to the lowest levels in several years. Only here and there was a carrier loan bought st a slight advance over yesterday's closing price. Weakness of Japanese bonds was the feature of the forelgn category. With the accession of a new government in Japan it was reported that the gold | standard might be abandoned once more. Japanese 6155 dropped over three points at one time and other issues re- corded lesser losses. French and Bel- gian loans reacted slightly, but Ger- man obligations were somewhat higher Argentine securities were inclined to steady on announcement of that coun- try's finance ministry that arrange- ments had been made for the payment of various foreign interest charges. A large shipment of gold to New York was expected soon Utilities and industrials sank lower on an extremely thin market. Many of these best bonds are now selling at | returns of from 8 to 10 per cent. In- vestors, however, are not rushing in to buy even though the net rates are higher than for years United States Government issues were also soft, a number of tne Liber- ties and Treasuries falling to new lows JUDGE PROVES GOOD “DOCTOR” IN CARING FOR AILING BANKS (Continued From First Page) ever, and 150 depositors gave notice of withdrawal, totaling more than $100,000. The bank was plainly headed towrd tailure Judge Lacey suggested that the offi- clals lay the whole situation before the depositors and ask their co-operation A meeting was called in the high school suditorium and it was packed to the doors. That meeting was & sensational success A Crisis Is Overcome. The Miiford bank is now doing busi- ness as usual, as is the First National Bank of Rochester. In the latter case, another bank had falled, causing a run on the Pirst National. A 90-day ban on savings withdrawals was put on. Notices for withdrawals totaling more than $160,000 had been filled. A crisis was at hand. The bank was actually sound, and again Judge Lacy counseled a boid, open, frank attitude to the depositors. Again the response was wholly gratifying, In Traverse City the First National Bank and the Peoples Savings Bank ‘were in distress. Judge Lacy was called in. He made a careful examination, advised a merger, asked the stockholders to put in $150,000 new cash, and then suggested consulting the ~depositors wbout the whole thing. Let us look into their meeting in the high school auditorium of Traverse City, with Judge Lacy speaking. “Instead of pursuing the policy which have been quife the habit among bank- ers In the past,” he said, “of sitting behind closed doors and going into a | huddle and thinking things over, and worrying about what you depositors are thinking, your two banks have decided the best thing to do would be to talk it all over in open meeting. “Probably not one in six of the banks in Michigan which have closed should ever have had to do so. The stock- holders, director officers and depositors did not together and work to the same and purpose.” ‘Their banks were not going to fail Judge Lacy assured the depositors, but it was felt that a merger would make for a sounder condition. “Now your banks are just like every other bank in this country,” he con- tinued. “No bank can stand a run; no bank keeps enough money on hand to enable it to pay out all of its deposits | at one time. Why the United States Government itself could not pay what it owes if it were asked to do so within any limited period Banking in Primer Form. In the same simple language, avoid- ing technical banking terms, Judge Lacy explained a bank’s business. “One of the great reasons for the de- pression,” he went on to say, “is that there is 80 much of the actual currency withdrawn from ecirculation that it is bleeding business and industry white. It has exactly the same effect on in- dustry, business and the employment of Jabor as anemia has upon an individual, and is just as pernicious as anemia. “When we get into a depression and people are out of work and taxes high, some of us are not able to make enough money to get along, so we have to go to our reserves, to our savings accounts, to | draw a little money now and then That is happening all over the United States, and it means a constant drain on the banks. But that is not so dis- astrous as it might appear, because when people draw money for necessities | they pay it out, and the people to| whom they pay bring it back to the banks. There is nothing very serious| about that part of it. “But in depressions we worry about | things. We wonder if it would not be a good idea to get that money when we | know right where it is, and somebody else gets the same idea. Do you realize | what such people are actually doing? | They are trying to get the jump on gren other depositor. They want theirs rst | Four or five per cent of of almost any bank could put that bank in v ger of closing “If you people and the directors and stockholders of these banks all stick to- gether,” advised Judge Lacy, “and that goes for every bank in this part of the State; if you act rationally and do not let any one get you startled, you can maintain and sustain your bank in a perfectly fine way.” | Judge Lacy asked the depositors to agree not to withdraw deposits stand- ing to their credit in the two banks September 28 in an amount greater than a uniform percentage of their re- | spective deposits, “as may be fixed by | the banking commissioner of Michigan | in his discretion from time to sime, or in the absence of a determination of such percentage by him, thcn by the directors of the merged banks." The agreement, he explained, would | not apply to deposits after September 28. “Those made after that date may be withdrawn just as freely as ce~ be,” he said. “That would be just as you would do normally. You take the money to the bank, put it there, and draw it the next day, if you will.” What Do You Want It For? He asked the di further to mgree that the bank could require notice of withdrawal of deposits if the bank 80 elected. This, he explained, was to revent any depositor not agreeing to &e moratorium from taking out his money at the expense of the others. Suppose somebody wanted more of his money than the bankers thought he needed, Judge Lacy asked. “We would say,” he replied to his tion, “ ‘Do you need this money?' { the depositors Jud ery great dan- |1y met and overcome. | new capital was paid in on October 31. | very well | are all very happy at the outcome. De- ‘es’ ‘What do you need it for?’ ‘My wife has got to go to the hospital’ ‘All t, ltd s as Ireel as water. xv;e have ty of money for you' ‘I have t suppose some one says when you FINANCIAL. UNITED STATES GOVERNMENT. Hieh Stock and dividend. Lib 334w 193247, 114 8 100 14 1931 High 101 . Btock and dividend. Abram & Straus 5% #43. . Alleghany Co cv 68 '44 Am Beet Sugar 6s'35. Am Chain 6s 1933, AmIGChmE%s Am Internation §% Am Natural G 6% Am Sm & Ref 1 Am Sugar Ref 6837 Am Tel&Tel cv 4% s 39, Am Tel & Telst Am Writ Pap 6847, Argentine 5s June '59. Argentine 6s A ! Armour & Co 44839, Armour of Del 6% Atch T & S Fead) AChT&SF Atch To& 8 Atlantie C L Atl Coast Line 4% Atlantic Ref deb bs ‘37 Australia bs ‘55, Austria 78’43, B & O gold 4» High 8 3 B & O ref 6s D 2000, Balto & Ohio 63 '96 B&OPLE&W Vads... B& OS W Div b8 '50 Bank of Chile 6148 ‘67, Bank of Chile 6% 8 1961. fum 68 ‘55 Bell Tel (Pa) ref Beth Steel p m 58 '36 Bolivia 7sct 69. Bordeaux 68 ‘34. Boston & Ma Brazil 6348 1926-57 Brazil 85 '41 ‘oo Broadwy & Tth Av bs 43, Brooklyn Manb 18t 6s A, Brooklyn Union bs '50. Canada 6s bz... Canada National ¢ Canadian Natl 4%s 57 Canadian Natl 4%4s ‘68 Can Nat July 63°69..... Canadian Natl 68 ‘69 Oct. Canadiar Pacific deb 4s. . Ceutral Pacific 43°49. .. Central Pacific 53 1960 Certain-teed 5% Chesapeake Corp 55 Ch 100% 1067 1031 102% 104% 110% & Ohfo 4348 B ‘95 ChiB&Q4%s B ‘77, Chi B & Qref 5571 Ch & East 111 gen bs ‘51, Chi Great West 48’69, ChMMStP&PGs'T6 Chi MStP&Padjbs.... Chicago&Nwn cy 4% 849, Chi& N W 6%s'36 Chicago Rys bs '27. Chi R 1 & Pacref 4s°3. Chicago Rock Isl 4%5'60 Chicago R L4%8A. . Chi Union Station 6%s Chi & West Ind con 4 Chi & West Ind 6%s Chinese Govt Ry 5s '51 CCCa&BtLrf4%sBE'1T, Cleveland Term 6s B '73.. Cleveland Terminal 6%s. Colombia s 1961 Jan. Colon Oil 6538 Colo & Sou ret Columb G & E deb Comm Invest 6%s 52 Cuba North 5% s 4! Czechoslovakia § Denmark 6%s 1956. . Denmark 6s°'42. ... Den & Rio Grand t b Detroit United 43 Dodge 63°40. ... Duquesne 414s 196 Dutch East Indies 6s ‘47 Dutch Bast Indies 6s'62.. East Cuba Bug %837, Erle 18t con ¢ " Erfe gen lien 4s Finland 7s "50. Flor East Coas FondaJ &G ¢%8'52 French 7u 4! French T%s'41 Gelsenkirchen Min 6s ‘34 General Cable 638 1947 Gen Motors 6s '37. Ger Gov by German Bank 65 193! 4 German 7s 49 ass Goodrich (B ') 6%8 '47 Goodyear Rub b8 1957 . Grand Trunk s £ deb 6s. Grand Trunk 7s '40. Great North 448 76 Great Nor gen 5% Great North gen 75 '36, Greek 651968....... Hudson & Man adj 6#'57 Hud & Man ref 6s '57. Humble O& R 5%s'32 Tllinois Cent ref 4 Illinois Central 4% s Inter Rapid Tran ev Ts... Inter Cement 5s *48 Inter Gt Nor ad. [nter Mateh bs Inter Mer Marine 6s "41. Inter Paperbs A '47..... 100 . Low. Olose. Chge. 8% 88 8 THE SUNDAY STAR, WASHINGTON wet | Low. Close. Chge | 9781 987 —1.21| 100 1004 —.18| 1 10011 100 14 Italy 7 Japane: Kan City South 38 1950. Kan City South §s ‘50 Kan City Ter 1st . Kan Gas & Elec 434 80., Kendall 53 Kreur&Toll 6s ot wi ‘59, ., Lackawanna Steel &3 '50. Lacledeb3s D '§0. . 100 14 10114229 Net 88 — & 30% -3% 25 30 2 Lehigh Liggett & Myers 6s '5: 61 Loew's i Lorillard 6% Louls & Nash uni ¢s Market Mexico Midvale Steel 5s ‘3§ Milan 6 MIIEIR & L 18t ref Mo Kan & Tex 1st 4n'30, Mo Ken & Tex adf 54'67. . Mo Kan & Tex pr I Mo Pacific gen 4s Mo Pacide & Mo Pacific 5s Missouri Pacific 55 H '80. Montana Power 68 1943, , Nassau ew England Tel §s 'S New South Wales '57., N Y Centdeb 4s’34. . . N Y Cen ref {mp b8 2013. . Y Centdeb 6335 ..... NY Chicago & StL 4% YCh& SLref6%sA.. Y Chi Y Edison 15t 638 Y NH& Hart 4348 NYNH&Helt 6840, N YN H & Hev deb 61 NY Ry 68°65. N Y Tel N Y Wes & Bos 435 '46. . Norfolk & W en North Amer Ed ¢ North Pacific North Pacific 4s '97 North Pacific r 1 68 204 Northern Stat Norway G34s Ore Wash 1st ref 4s'61 Orient Dev 63%s 81 Pacific Gas & El § : Pacific Tel & Tel 68'53... Pan-Arherican 6s ‘34. Para-Fam-Lasky 6s'47 Paris-Lyons-Med 65 '68. . Paris Ovleans 5% s 1968, . Penna cn 4%s 1960. . Penn gen 415 '85 884 —2% 74 —4 8% 2% 2% —4% 79 -4% 9% ~2 8% —1% | 42 -4 Penna f Penn 43 Penn 63 1964. .. Penn gen 6s 68, Penn 65 '36. Peru 63 Peru s Philade Phil&Read C&1 65 wi '4 Philips Pittsbgh&WVa 4%s C" Poland 85 '60. .. : Postal Tel & Cab bs'33... Queensland fs 47 Queensland 7s '41 Reading 4%s'97. fkeming-Rand 6% Rhinelbe 75 Rhine Wes Rio de Janeiro 85 '46. ... Rio Grande Do Sul 6s°68. Rio Grand West col 4 RIArk Rome 6%8°52..... . SLIM&SR&G4s'33.. StL&SF prin4s A 50 StL&SF 4% St L & San Fr bs St Louis 8 W con 48 '32 Sao Paulo State of 8. Seaboard A L ref 4s 5! Seaboard A L con 6845 Seine Dept of 7s. . Serbs.Croats&Slav7s'62. Serbs Croats Slov 85 '62.. Sinclair Of] 78 '37. Sinclair Crude Of] Sinclair Pipe Line 68 '42. Southwes Bell Tel 55'54. South Pacific col 4s 49, South Pacific ref 4 South Pacific 4%s '68. .. Southern Pac 4%5 '69 ww Southn Southern Ry gen 43 ‘56 Southern Ry 1st 68'94. 4 Southern Ry gen 6s ‘56 South Ry dev 6145 56 % Stand Ofl N J 6s. Stand Ol N Y 4 hies Sugar Est Orfente 5s'42. . Swiss b Tenn Copper 6s B "44. Texas Pacific 58 B 77 Texas Pacific 55 C'79. ... Third Ave st ref 4s ‘60 Third Ave adj 65 ‘60 Toho Elec Pwr 78 '55. . 72 | Union Pacific 1st 4s 47 » Unfon Pacific 4s '68 Un Pac United Drug 65 ‘63 Utd Kingdom 68 '27 U S Rubber 1st & ref bs Uruguay 6s 1960. .. Utah Power & Light bs. Utilitles P& L 5%s Vienna 6s 1952, Va Ry & Power Virginia Ry 1st 68 '6: Wabash 4148 1978 Wabash 1st 58 '39 Wabash 55 B 1976 111% — 1 111% -2% x| 3 —19 | 28% —2% | 80 824 70 64 Wilson Yokoha 108%" Btock and dividend, Inter Ry Cent Am 6%s. Int Tel&Tel cv 434s 51. Walworth 6s 45 Warsaw 7s 1958 West Shore 1at 4s West Maryland 4s'52. ... West Maryland 5%s ‘77, . Western Pacific 65 '46 Western Union Tel 61 Youngstown Steal 63 78 Low. Close. 25 25 45 45 821 84 86 60% +1% 55 -8B 83 -3% High 28 57 85% e 6% 8 54 93% 48 (war)... Val cn 48 2003. Inc 68 ex war". 37 StRy Ts A" 45 1904-54 %852 nGsA. . 5. Elec 4851, 101% - % 104 & StLouls 6s '32. 414539 Pow bi 7044 55% 97 100% 100% - 1% 101% 101% — % 5 45 -7 %Y —1% 9% — 14 ) IR 414870, 63. '60 iphia Co 6867, Petrolm 614839 phalia 68 &L4%s'3 1% +4% 26% —4% 16% —3 26 -7% 38 -7 36 - % b 3 ~2 105% - % 33% ~BY% 3615 —314 80 ~21 ‘56, Pac Ore 414377, . Y%s46.. fle ref 48 2008 D. C, DECEMBER .13 (Continued From Page 2.) dd 00. High. Low. Gfi.,m- A 5 1 38 334 % 9 bl % —1931— Stock and High low. Dividend Rate 884 33 Second Nat Inv pf. 1% % Seneca Copper. 11% 3% Servel Inc. aee 18% 3 Sharon Steel Hoop.. 21 3% Sharp & Dohme. 614 35 Sharp & Do pf (3%). 29 8% Shattuck(FG)(t1%) 80 7 Shell Trading & Tran 290s 3% Shell Union O1). . T% Simmons Co. 4% Simms Petrol 4% Sinelair Consel O11 67 Sinclair Ol pf (8). 3% Skelly O1l. . 10 s 1y O] of ww. ... Sloss-Sheft Steel pt.. Snider Packing 3 Snider Packing pf. Socony-Vaeuum (1). Solv Am pf ww(b%) 18 South Port Rico Sug 76 Sou P Rico Sug pf(8) x30s Southn Cal Ed (3)... 107 Southern Dairies(B) 1 Southern Pacific (4) 345 Southern Rallway... 149 Southern Rallway pf 28 South Ry M&O ct(4) 1 Spalding (AG) (1).. 12 Spald (AG)1stpf(7). 30s Sparks-Withington.. 63 Spear & Co...... ..o 1108 16 22 2108 4 3 957 Spencer Keliog (806 Spicer Mt Spicer Mtg Spiegel-May-Stern.. 23 Stand Brands (1.30). 510 Stand Brands pf (1). x 3 Stand Comcl Tobacce 14 Stand Gas&El (3%). 274 4 Stand Gas&EI pf (). 14 Stand Gas&FEI pf (6) 2 Stand Gas&E1pf (1) 8 Stand Invest Corp... Stand Ofl of Cal(2%) Stan? Ofl Bxp pt (8) Stand Ofl of Kausa Stand OfI NJ (12)... Starrett (LS) (80c). Sterling Secur (A).. Sterling Secur pf. ... 4 Sterling Seeur cv pf. 31 Stewart Warner.... 67 Stone& Webster (m2) 16980s Studebaker Co(1.30) 133 Studebaker pf (), .. Sun Ofl (1).... Superheater Corp (1 Supertor Oll. . Superior Steel. Sweets of Amer (1). % Symington. ... 1_Svmington (A) 1214 Telautograph (1.40). 214 Tennesses Corom. 25 Texas & Pacific 14% Texas Corp (2)..... 20% Tex Gulf Sulphur(3) 2 Tex Pacific Coal&Oil 4% Tex Pacific Land Tr. 41 Thatcher Mfg Co 7 TheFairl). 2 Thermold Ct 5% Third Avenue 13 Third Nat Inv (1.05). 14% Thompson (J R) (1) 6% Thompson Prod 1.20. % Thompson Starrett. . 15 Thompson-Staret pf. 2'4 Tide Water Aswo Oil. 2014 Tide Water As pf(§) x 26 35 Tide Wat Oll pf (5). 10 8% Timken-Detroit Axle 23 18% Timken Roller B(2). 187 1% Tobacco Products... 8 6% Tobacco Prod A t9be 2% T 4 3 Tri-Contl Corp...... 0% Tri-Contl Corp pf($) 24 Trico Products(2%) x 1% Truax Traer Coal Co T4 Truscon Steel (60c). 3 Twin City Rap Trasit 17% Twin City R Tr pf(7)x 30s n & C Underwood-E] x 42 Und Ell-Fish pf(7)..x B0s 1 4 Union Bag & Paper.. 1 Unfon Carb & (3.60). 1005508 Union Ofl of Cal (3). 96 Union Pacific (10).. 27312 'nfon Pacific pf (4). 22500 Un Tank Car (1.60). 20 Coit Atreraft....... 676 Unit Afrcraft pf (3).x . 1 1 3 842 x 22 01 26 Unit Cgr Stre pt(8). 1931 —PART SIX. 114% U 12% US 35 21 2% 1 10 L] 18 34 12% 19% 119 2 2 -1% =1% et —2% +2% 14 119% 2 28% —6% 364 —4% 60 —14% | 69% —4% 281 364 60 694 k] 274 87% 8% 29% LI 10 30 75 Va Iron ™ Wi h L 1% 24 24% 8% Warner Warner Warren Wi Wesson n fsdggdEgsg8s53 White S White S. Wi 41% Woolwo: 3 22% 3% 231 03% 100 T T 84% 284 b 121 80% 50% Wrigley 30 3% Yellow 8% Young S 19 Yzstwn 124 1% 44 ~1% | B — T | 22 -2 w -1y W % 26— xEx-dividend. s stock. fPlus 9% abje 1 . Plus 2% in stock. Btock Dividend Rate. 81 Unit Corp (The) 304 Unit Corp pf (8). % Unit Dyewood...... 85 Unit Dyewood pf (7) "170s Unit Electric Coal 12 42 USRS &For Secpt(s). 5% U 8 Freight.. 19% U 8 Gypaum (1. 8 Gypsum pt(7). 8 Hoff: U 8 Pipe & Fary (3) 14 U S Pipe&Fy lat 1.10 £% U S Realty & Imp... 97! 3% U S Rubber... 7ia U S Rubber 18t p! e U 8 Smtg&Ref pf 3% st Pa El pf (6)... PaEIpf(T)... 20 Worthington Pump. 40 Worth Pump A (7)..x nith Radfo. ...... Zonite Prod Corp (1) 2% PeopGL&C. FELL Y & Ref (1).. 14 es8iFa 1% United Btores (A)... United Stores pf (4). 16% Unlv Leat Tob (3).. 90 Univ Leaf Tob pf(8 24 Univ Ple 1st pf (3) % Univ Pipe & Rad. 9% Univ Pipe & Rad 31 8__Util Pwr&Lt (A) (3) % Vadasco Bales Vadsco Sal L. Corp.. 24 % Va-Cora Chem Che Caro Chem pf (7) 85% Va Elec&Pwr pf (6). 6% pf. Coal & Coke Vulcan Detin (4).... Vulean Detin pt (7). RR... 1% Wabash RR (A). 17% Waldorf Sys (1%).. 80 Walgreen pt (6%). 2% Walworth Co... Ward Baking (A) Ward Baking (B) Ward Baking pf (7) Warn Bros Piotur Bros pf 3. Quinlan Fdy & P 1.20 bster Eisenlohr..23260s Webster-Eisenlhr pf 208 18 9 230s 2608 908 2008 Oil&Sno(2). 0&Sno pf(4) ern Pacific pt. .. tern Union (8).., 1 (2%). 1001 EM 1st m3% 3208 Elec Instru. 4 White Rock (t43%5).. 1 ewing Mach. éwing Ma pf. Wileox Ol & Gas. ... Wilcox Rich A (2%) Willys-Overland. Willys-Overland p! Wilson & C..... n & Co (A) Wilson & Copt. .. 1 rth (14.40).. 1380 109 (Wm) (4), 10 Yale & Towne (1)... Truek, .. . 17% Yellow Truck & Cpf 200s pringd& W (1) Sheet&Tube. 19 32 13 104 RIGHTS—EXPIRE. an15 114 3y Dividend rates as given in the above table are the an; payments based on the Iatest cuarterly or half-yearly dec Paryable in cash or stoc! in s . 1 Plus 50c 5D pref stock. m Pald this year—ne ular s 2Tiw'lh oenl¢r—0o Tesular Saies g 638 11% 128 85% FINANCIAL CORPORATION REPORTS ——— TRENDS AND PROSPECTS O LEADING ORGA ATIONS. Mot Low. Close, Ohse. 84 8% 2% 304 NEW YORK, December 12.—The following is today’s summary of impor- tant corporation news prepared by Standard Statistics Co., Inc,, New York, for the Associated Press. News Trend, Zin| Benk clearings in the week ended —614 | December 10 continued to decline in —b6% | comparison with the corresponding ey | Weok of last year. According to B. Q. — %|Dun & Bo, clearings for the week st ~1% |32 leadtny ofties totaled $5,090,306,000, ~114 & decrease of 336 per cent from the ~ % |like 1930 week. Clearings in New York ~215 | City were $3,365,852,000, a decline of —1% | 34.8 per cent. The Industries. Rallroads—Carriers agree to plan of | Assoofation of Railway Executives pro- | viding for loan pool from freight rate Increases. proceeds to be advanced to | financially weak roads for payment of Interest charges. Union heads propose railroads appoint a committee to ne- gotlate wage question; reported would have power to lower wages and fix any other terms of unemployment program. The Companies. Air-Way Electric appliance—Small final quarter profit reported possible Associated Gas & Electric November electric_output of system up 6.5 per cent, 12 months up 6.3 per cent; No- vember gas output off 8.6 per cent; 12 months off 2.1 per cent Baldwin Locomotive Works November consolidated books, including affiliated companies, $2,126,000, against $1,104,- | 000; 11 months, $21,555,000, against $32,997,000; November consolidated shipments, $1,467,000, against $3,720,- 000; 11 months, $20,974,000, « against $54,178,000; urmflled orders, November 30, $0,334,000, against $8,831,000 Jan- uary 1. Bendix Aviation—Gets contract for clutch control device for four promi- nent makes of cars. | Canadian Cottons, Ltd., operations in- | creased to 75 per cent of capacity, up 5 per cent. Chicago, Milwaukee, St. Paul and | Pacific Railroad October preliminary | net_operating income off 61.6 per cent. Deilsel-Wemmer-Gilbert Plant steps up output to 120,000 cigars daily from 90,000, Grand Union sales five weeks to De- cember 5 off 4.1 per cent Pure Oil—Sales volume up 10 to 20 | per cent; current gasoline prices permit but small, unsatisfactory operating profit Swift & Co—Net in past fiscal year over $8,000,000. United States Steel—Fifty additional ovens fired by H. C. Frick Coke, sub- sidiary, Wheeling Steel—Benwood Plant re- | sumes operations after seven-week shut | down: 1,100 men re-cngaged. Willys-Overland—Output stepped up to 500 cars daily; six-day week planne:: force to number about 7,000. Alles & Fisher—Current sales run- ning slightly ahead of like period in Tecent years. Canada Dry Ginger Ale introduces ginger ale sirup in Canada. Erie Railroad—Passed semi-annua) | dividend on first preferred stock; paid % | $2_June 30, Equitable Office Building common share earnings, seven months to Novem- ber 30, $1.44, against $1.58. Paterson-Sargent Co. common shars earnings, year ended October 30, $2.16. against $3.42. 8| Richman Bros’ idend needs; cu —1% | of year ago. =% Virginian Railway cuts salaries 10 pe- =7 | cent. - "'M Zonite Products — Year's dividen = '|earned in first 10 months;. sales fc % — % period 4 per cent below 1930 period. Associates Investment declared stn | dividend of 6 per cent on 6-100 of sha- on commwon stock; similar declaratic made March 31. General Fireproofing December busi- us | Ness ahead of year ago: plant oper: te. | tions averaging 45 to 50 per cent ,of capacity. Gulf Ofl passed quarterly class A dividend: paid-3715 cents October 1. ~1% -1 earnings covering div- rrent business well ahea: -|ORDERS FOR LUMBER EXCEED PRODUCTION Winter Curtailment of Operations Continues, Says Report of Association. With lumber production at & low level, in part the result of Winter cur- taflment of operations, lumber orders exceeded the cut by 19 per cent during the week ended December 5, it is indi- cated in telegraphic reports from 817 leading hardwood and softwood milis 1114 -17% 69 42 12 -2 U % 14 —14% 30 -2 367 —14 66 —a% 43 -9 45 -4y a1 -4 82 —1 B4 + % 70% —Tu 64 -7 & Co 1st 68 '41. ma 6 '61 ask, ‘What do you need it for?" ‘Well, it is my money, I have a right to it; I didn't put it here on time, and I want it “As I said to another audience such as this, ‘As a square deal to the rest of you people who are co-operating, I am here to tell you that man is not going to get that money. There is no living man coming in here and getting the jump on the rest of you'.” | The chief examiner of the BState | | Banking Department was called on by | Judge Lacy and he told the depositors | the proposal the judge had made was | sound and workable. Finally a vote was asked on the plan outlined by Judge | Lacy. Only one person indicated an ob- | ction, and the objection was prompt- | ‘That was September 28. A few days ago Judge Lacy made in- quiries as to how matters were progress- ing with his patients. “The actual, physical merger of the First National Bank and the les’ Savings Bank was made October 31,” Leo P. Kalahar, executive vice president of the new bank, replied. “All of the Ninety per cent of the depositors have | signed the agreement and are living up | to its terms. The public appears to be | plezsed and have settled down to a state of business as usual. We posits are coming in in almost normal fashion.” Similar are the reports from other banks where Judge Lacy has taken a hand. “I have an enormous confidence in the common sense of the people,” Judge Lacy said. “It is not what the people know, but what they do not know that causes them the most worry and fear. But tell them the plain, unvarnished truth and they will co-operate. “It is the good American spirit.” (Copyright. 1931, by the North Amoarican Newspaper Alliance, Inc.) SWIFT'S EARNINGS. Swift & Co.'s fiscal year just closed will show edrnings in excess of $8,000,- 000.00. While there were large inven- tory losses due to fall prices, these losses were offset by profits. made on the sale of certain up&} assets and by large u%mn to reduction in ex- penses, report. Baltimore Markets Bpecial Dispatch to The Btar. BALTIMORE, Md,, December 12.— The egg market continues easy, receipts, while only fair, belng ample for the | demand, which ‘is easily satisfied, and | values on hennery whites show a decline | 10¢: of a cent a dozen. Nearby stock of first quality that have the size and fresh- ness moving better than any other stock, with hennery whites, 55 pounds and up to the case, bringing top values | of 34 and 35 cents a dozen. Other | stock not so desirable at 29 and 30 for candled firsts and 27 and 28 for cur- rent receipts, while small pullet eggs move slowly at 20 to 25. Poultry Prices. The live poultry market, with the ex- ception of turkeys, continues easy, due to the warm weather prevailing, and values show a decline of 2 cents a pound from last week. Turkeys in mod- erate receipt but ample for the demand, which is limited at 27 and 28 cents a pound for young hens, 8 pounds and over, and young gobblers, 12 pounds and over, but old hens and toms will not bring over 24 and 25, with crooked reasts neglected at 18 to 20. Only a fair demand prevails for young chick- ens and it takes large, fat, smooth stock to bring top values at 18 to 20, | with Leghorns selling mostly at 15 to 18, while all poor thin stock, as well as bare backs, are hard to move at 12 to 13. Most of the receipts of old hens consist of medium to ordinary thin stock, on which values rule very low and only fowl 3% pounds and over attract attention at 16 to 21, with Leg- horns selling mostly at 15 and 16, while poor thin fowl, as well as old roosters, are hard to place at 11 to 13. Demand for young ducks only fair and centered on stock weighing 4' pounds and over at 18 to 21 and shipments of ducks under 415 pounds not advisable. Geese also In fair demand at 16 to 20, but it takes large fat stock to bring these prices. Market for guinea fowl and })lncm holds steady at 25 to 50 each or the former and 20 to 25 a pair for the latter. Demand for white potatoes continues slow and with moderate receipt from 1l sections the market continues dull "az 75 to 90 per 100 pounds, but mixed, as well as No. 2 stock, not wanted at |any price. Market for sweet potatoes | holds steady at 100 to 1.25 a bar- | rel, but yams show a decline and will | ot brin g over 1.00 to 1.35, while un- graded stock is slow sale at 75 to 90, Native and nearby garden truck in liberal receipt and prices are mostly in buyers’ favor at the following quo- tations: Beets and carrots, 2.00a3.00 per kale, 35 to 60 bushel; onions, 2.00 to 2.50 per 100 pounds; pumpkins, 6.00 to 10.00 per 100; savoy cabbage, 40 to 50 bushel; spinach, 40 to 65 bushel, and washed turnips, 15 to 25 hamper. Live Stock Prices. | 'The live cattle market on the wharves continues dull and almost at a stand- still. Only choice first quality cattle attract attention and the demand is very draggy on common ordinary stock, ”&"{‘Afih l’:nkfis ug the bulk of the ar- vals on the wharves, otations [dny at Light Street Whg'?' Beef cat- '!le. first quality, 615 to 7%: common to medium, 4 to 6. ‘Bulls, as to qualit; 3 to 5. Cows, choice to fancy, 2 to 5’: | common to fair, 2 to 3. Oxen, as to | Quality, 3 to 5 Calves, veal, choice, to 8; large, fat, 6 to 7. large, rough, 412 to 5; common, thin, 3 to 4. ShteP, 1': to 2. Spring lambs, cholce, 514 fair to good, 3 to 5. Hogs, 5 to 5%. ‘Sows, 4 $o 41, to 3. Live pigs, 10 to 12, | Shoats, 8 to 10, Grain Prices. Closing grain quotations: Wheat—No, 2 red Winter garlicky spot_domestic, 587;; December delivery, 587; Janu- ary delivery, 593. Corn—No, 3, yellow spot. Domestic, 48a49. Cob corn, 2.10a 225 per barrel. Oats—No, 2, white npaf, ddomest’ik:' 35a35'%; No. 3, white spot_domestic, 4 oois 'stic, 34a343,. Rye—Nearby, | . | CHICAGO DAIRY MARKET, . CHICAGO. December 12 (). —Butter, 10,013 tubs; unsettled; creamery, specials (93 score), 30142303, ; extras (92 seore), 29%; extra Prsts (90-91 score), 271482 | firsts (88-89 score), 24a25; seconds (8 87 score), 23a231,; standards (90 score, centralized carlots), 27. Eges, 1,304 cases; unsettled; extra fln':,l 25'2a26; fresh graded firsts, 2415, cur- Tent receipts, 22a2314 ; ret firsts, 16%; refrigerator extras, 16%, to the National Lumber Manufacturers’ Assoclation. The total cut of these mills was 119,797,000 feet. Shipments were 16 per cent above this figure. A week earlier 818 mills reported orders 23 per cent and shipments 16 per cent above a cut of 124,170,000 feet. Com- parison by identical mill figures for the latest week with the equivalent period a year ago shows, for softwoods, 435 miils, production 43 per cent less, shipments 34 per cent less and orders | 34 per cent less than for the week in 1930; for hardwood, 228 mills, produc- | tion 29 per cent less, shipments 14 per cent less and orders 8 per cent under the volume for the week a year ago. Lumber orders reported for the week ended December 5, 1931, by 556 soft- wood mills totaled 123,621,000 feet, or 17 per cent above the production of the same mills. Shipments as reported for the same week were 120,570,000 feet, or 14 per cent above production. Production was 105,797,000 feet. Reports from 276 hardwood mills give new business as 19,347,000 feet, or 38 per cent above production. Ship- ments as reported for the same week were 19,973,000 feet, or 43 per cent above production. Production was 14,- 000,000 feet. * Reports from 483 softwood mills give unfilled orders of 447,605,000 feet on December 5, 1931, or the equivalent of nine days' production. This is based upon production of the latest calendar year—300-day year—and may be com- pared with unfllled orders of 502 soft- wood mills on December 6, 1930, of 723,549,000 feet, the equivalent of 14 days’ production. ';’hep:m identical softwood mills re- port unfilled orders as 402,568,000 feet on December 5, 1931, the equivalent of nine days’ average production, as com- pared with 691,993,000 feet, or the * (TR Money Available f B ness properties. Let us have your applic consideration—and report lay. Loans are made for 3, § periods, at.............. RANDALL H. HAGNER & GOMPANY MORTGAGE. LOAN ComREspoNDmr 1321 Connecticut Ave. A T ITH our facilities and available funds First Trust Loans can be promptly made on apartment houses, office buildings, residential and busi- equivalent of 16 days’ average produc- tion on similar date a year ago. Last week’s production of 435 identical softwood mills was 99,059,000 feet and a year ago it was 174,881,000 feet. Shipments were, respectively, 113,351, | 000 feet and 172,718,000, and orders re- celved, 115,394,000 feet and 176,038,000. | In the case of hardwoods, 228 identical mills reported production last week and a year ago 12.592,000 feet and 17,733, | | 000; shipments, 17,686,000 feet and 20,649,000, and orders, 16,328,000 feet and 17,672,000 ! e Paris Bourse Prices. PARIS, December 12 (#)—Three per cent rentes, 79 francs 40 centimes. me per cent loan, 97 francs 85 cen- s, Exchange on London, 85 francs 15 centimes. The dollar was quoted at 25 francs 47 centimes —— Money to Loan red by frst deed of 4 3 Frevaliing interest and" ommimion'™* | Joseph 1. Weller Ao L & Ty wSe(:oncl Trusts for Sale $1,000 | Securities Corporatio; Jackson Place. N.W. 26 SINCE 1899 MONEY TO LOAN ¢ 5 Betare Pinsing "or Fenemine “Four First Deed of Trust Consult WELCH Realtor Loan Specialist 154 and N. Y. A (Nltl'l:‘ Savings & T Natfonat N.W. Co. Blds. Saul Building 925 15th St. N.W. One Large Room at $52.50 per mo. Svite 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. Ly * or Mortgage Loans ation—we will give it ev without de- il i wa oy §1500 Decatur 3600 Power Plant Values Gain. NEW YORK, December 12 ((#)— Total value of plants and equipment of the electric light and 000,000, again of York Stock Exchai Struthers & Co. 000,000, or 14 per cent. ustry the United States is placed at $12,500,- $784,000,000, nearly 7 per cent. since December 1930, | according to a compilation by the New |a Melville SQoe cuts prices of shoes in stock on average of 1715 per cent. Ulen & Co. takes no action on semi- annual preferred dividend; paid $3.75 July 1. Consolidated Gas of New York—New York City Board of Estimates grants franchise to Spingler Electric to fu nish electric service In Union Squar- rea; section now supplied by New York T ind of or e firm of Wood, | Edison, subsidiary. € two years' gain | | since December, 1929, is put at $1,521,- sales off 14.3 per cent; Consolidated Retaill Stores Novembor 11 months, off |13.3 per cent. The keynote month per $1,000. Over a Third of a Century Without a~ ‘THERE preferred position. the better-than-average risk to effect a savings on his insurance, just as impaired risks have to pay an additional charge—has done more than establish a new principle of underwriting. It has cre- ated a higher type of business. Life a Preferred Company. No reduction in Dividends Disability Income contracts written at same rates paying $10.00 per B2k National 2100 Home Life Insurance Company of New York Preferred Company of the Company’s present development is its The new Preferred Life Plan—which enables It has distinctly made the Home to Policyholders for 1932 and Monthly H.R. BRYARLY & BRO., GENERAL MGRS. 1001 15th St. N.W., Rust Bldg. Washington, D. C. MORTGAGES GIVE YOURSELF TWO INCOMES —one which comes from the invest- ment of your time and the second which will come from the invest- ment of your surplus funds in our 6% FIRST MORTGAGES The interest of the latter is both definite and liberal and with no worry on your part, for the prin- cipal is secured by conservatively appraised improved Washington real estate, May be purchased in amounts from $250 up. SAUL €O; 925 15th St. NNW. IS NO SUBSTITUTE FOR SAFETY