Evening Star Newspaper, December 24, 1931, Page 9

FINANCIAL SALES DROP SHOWN THE EVENING STAR, WASHINGTON, D. ¢, THURSDAY, DECEMBER 24, 1931. NEW YORK STOCK EXCHANGE | (STOCKS FLUCTUATE [ S5k, | [Wasbington Produc FINANCIAL., 9 PRICES FOR STEEL REPORTED LOWER 50% Dupont ) Stocks sold In 100-share lets exesst these Gosirnated by letter *s.” | —1081— Btock and Bales— 3 Net. ~——1981—— Stock and Sales— Net. Tol’h. Low. Dividend Rate. A“g&l}?‘a X:;“OI?‘.. Chge. m Low. Dividend Rate. Add 00. Higsh. Low. Close. Ohge. 2% 2% November Figures Reveal Average Loss of 13.4 Per Cent From Last Year. BY EDWARD C. STONE. Department store trade in Novem- ber in the fifth Federal Reserve dis- trict was not up to seasonal level, and averaged 13.4 per cent less in dollars than sales in November, 1930, accord- ing to reports from 34 leading stores in 13 cities. Only one of the reporting stores showed larger sales in November this year than in November last year, and that was due to a special anni- versary sale. ‘Washington stores as a whole re- ported smaller declines in sales last month than stores in other sections, due probably to the steadier employ- ment conditions in the District of Co- lumbia than elsewhere in the district. Cumulative sales in the first 11 months of 1931 totaled 5.7 per cent less in the whole fifth Reserve district than sales in the corresponding period of 1930. Stocks of goods on the shelves of the reporting stores showed a seasonal in- crease during November, but at the end of the month were 10.3 per cent less than stocks on hand on November 30, 1930 part of this decrease being due to lower prices in many lines this year. The reporting stores turned their stocks .296 times in November, a lower figure than usual, but between January 1 and November 30 the average rate of turn- over was 3.335 times, a higher figure than 3.041 and 2.969 times stock was turned in the corresponding 11 months in 1930 and 1929, respectively. Collections during November aver- aged 27.3 per cent of recetvables out- standing on November 1, a lower figure than 28.3 per cent reported for both October, 1931, and November, 1930. The slowness of collections was felt through- out the entire district. The Federal Reserve Bank of Rich- mond’s detailed Teport made public this noon gives Washington a decrease of 9.0 per cent from last year. November sales in Richmond were off 158 per cent, in Baltimore 15.3 per cent lower, and 15.7 per cent down in a group of other cities. Sales in Washington stores from Jan- uary to November 31 are just 1 per cent under last year's record. In Richmond they are down 8.3 per cent, in Balti- more 7.3 per cent, and in other cities 13.7 per cent. Georgetown Gas Company Reports. The Georgetown Gas Light Co. has filed its report for November and for the first 11 months of 1931 with the Public Utilitles Commission. It shows an increase in profits in November but & decrease so far this year. Operating revenue in November totaled $106.447.15, compared with $96,- 386.63 in November, 1930. Operating expenses, uncollectable bills and taxes called for, $88,560.97, against $83,357.09 a vear ago, leaving an operating in- come of $18,086.18, in comparison with $13.029.54. After total deductions from gross, the Georgetown company had a net income of $15,341.33, compared with $9.629.85, or a gain of $6,711.45. For the first 11 months of 1931 op- erating revenues amounted to $1,081,550, against $951,481.60 in 1930. Expenses, uncollectable and taxes totaled $924, €39.97, while last year this item stood at $764,309.28, leaving an operating in- come of $157,146.58, against $187,172.33 Iast year. Non-operating income brought the gas company's gross up to $174,- 806.20, compared with $201,070.08. Deduction of $45,000 to meet bond in- terest and other charges left a total net income of $124,336.58. compared with £146,722.89, or a drop in profits for the 11 months of $22,382.31. Banks Reman Open Saturday. All the banks in Washington will be open as usual on Saturday. While the Government workers are enjoying an extra holiday. not even being obliged to take the time out of their month’s annual leave, officers and employes will be toiling as usual, because Congress failed to vote a legal holiday for the District. Bank depositors who spend all their money for Christmas will be able to get money during the short banking session Saturday. On the other hand, those who have money left over, will have & chance to make deposits on the same day. The note tellers, too, will be on their jobs. Noted Banker Visits Washington. Harry J. Haas, president of the Amer- ican Bankers’ Association, was in Wash- ington and was a_guest at the weekly luncheon of the District Bankers' As- sociation at the Willard. Mr. Haas is one of the leading bankers of Phil- adelphia and followed Rome C. Stephen- son to the presidency of the American Bankers' Association at the annual meeting last Fall at Atlantic City. He received a most cordial greeting here and made a few brief remarks to the Iocal financiers. Second National Votes Dividends. Directors of the Second National Bank voted the semi-annual dividend ©of 3 per cent at a meeting held yester- day afternoon, and also an extra of 11, per cent. Both are payable on January 1, to stockholders of record December 26. After banking hours yesterday, the employes gathered in the main office on Seventh street and held a Christmas party, gifts being dis- tributed to all present, the president, Victor B. Deyber, being in charge. Yule Checks Sent Winners. More than $5,000 in Christmas checks are being sent to the 106 winners of a seasonal campaign just concluded by the Acacia Mutual Life Association, it is announced by William Montgomery, president. The contest was known as the Christmas Check Campaign and stimulated much interest throughout the organization. Six members of the Washington, or home office, agency staff were among the winners in the contest. They are J. B. Allison, W. C. Daniel, H. R. Har- disty, A. R. Mead, F. B. Rogers and P. L. Rogers. Bank Director 86 Years OMd. Albert P. Fox, director of the Wash- ington Loan & Trust Co.. has just cel- ebrated his 86th birthday anniversary and was being congratulated yesterday by his many friends. He was at one time president of the Columbia Na- tional Bank. Mr. Fox is believed to be the oldest bank director in the city, and there is some question as to who comes near- est to him in age. Exchange Takes Twe Holidays. ‘The Washington Stock Exchange will be closed tomorrow, Christmas, and the Board of Govenors has also voted to keep the local market closed on Satur- day. This is the same oction as taken by the New York Stock Exchange. ‘The Board of Governors of the ‘Washington Stock Exchange, at a meeting today, removed the minimum price Testriction from all bonds and from all the public utility stocks, effec- tive Monday, December 28, 1931. Todays' trading was very light. The ex-dividend list was lengthened to in- clude the latest issues which have de- clared the Eyments due at this time. Dividends ve just been voted on Woodward & Lothrop preferred and common and on Columbia Sand & Gravel preferred and by the Colum- bia Title Insurance Co. and the Real ‘Title Insurance Co. Heard in Financial District. 11% 2013, 128% 31y 2855 2'a 6 100 5% 8% 2 Abitibl Pwr & Paper. 5 Abitibl Pow & Pa pf.. 34 Adams Express..... 501 Adams Exp pf (5) 10 Addressograph (1). 2 Adv Rumley. . 1214 AfMliated Prod 1.60. 48% Alr Reduction(t4%). 7 Alaska Juneau (40¢) 1% Allegany COrp...... 2% Alleg Cp pf $30 ww 2% Alleg Cp pf w $40 64 Allled Chemical ( ‘11 Allis-Chalmers (1).. 8 Alpha Port Cemt (1) 11% Amerada Corp (3)... 12y Awm Bank Note (2)... 35 Am Bank Note pf (3) ' Am Beet Sugar... .. 14 Amer Br Shoe (1. 5814 Am Can Co (16)..... 415 Am Car & Foundry. . 30 Am Car &Fdypt (1) 5 AmChaln.,...aeee 30% Am Chicle (13).a... 5 Am Colorty, 5 Am Comel Alcohol.u 99 Am Express (6)....u 6% Am & For Powaer. 18 Am & For Pwr p{(§) 20 Am & For Pwr p2£T). 10 Am & For Pwr 24 B¢. 71 Am Hide & Leath pf 37 Am Home Prod 4.20.s 10% AmIce (2)........o 5 Am International... 1% Am La France&Fom. 1's Am La Fr&Foam pf. 5% Am Locomotive 34% Am Lo'motive pf (7) 16 Am Mch & Fdy 1.40.. 1% Am Mach & Metal: 1% Am Mach & Met ctfs. 473 Am Metal Co. 14 Am Metals pf 1% Am Natural Gas pf 11% Am Pwr & Lt (11) 4414 Am Pwr & Lt of (§).. 347 Am Pwr&Ltpt A(4) 35 Am P&Lt pf A st(5). 5 Am Radiator (§0c).. 1'4 Am Pepublies. . . 7% Am Rolling Mills. ... 19'c Am Safety Razor (5) '« Am Ship & Com 1715 Am Smitg&Ref 45 Am Sm&R 2d pt(6) 28 Am Snuff (13%). 3 Am Solv & Chemical. % Am Solv & Chem pt 5 Am Steel Foundry... 68 Am Steel Fdry pf(1) 335 Am Stores (12%)... 337 Am Sugar Ref (5). 315 Am Sumatra Tob. 113% Am Tel & Telex (9) . 60’2 Am Tobacco (16 €4 Am Tobacco B ( 96 Am Tobacco pt 23% Am W Wks (3 274 Am Woolen Co... 15% Am Woolen Co pf.. 914 Anaconda Copder. 13 Anchor Cap (2.40)... 20 Armour of Del pf (7) *% Armour of Il (A)... is Armour of 11l (B) 5'3 Armour of Ill pf. 1% Arnold Constable, 73 Art Metal (40¢) 14 Assoclated Appa: 6% Associated Dry G(1 81, Assoclated OII ) f (5). 25 Atl Coast Line (4).., 10% Atl Gulf&West Ind. . 8% Atlantic Refining (1) 2'4 Atlas Stores (1) 114 Atlas Tack. .. 84'4 Auburn Auto (f4)... 15 Autosale 214 Aviation 4% Baldwin Locomotive Baldwin Loco pf. Baltimore & Ohio Barker Bros. . Barnet Leather. Barnsdall Cor; Bendix Aviation (1). Best&Co (2).....e0 Bethlehem Steel (3). Bethlehem Stl pt (7) Blaw Knox (50e).. Booth Fisheries, Borden Co (3) 4 Borg Warner (1).. Boston & Maine RR. Brigss Mfg (1)...... Briggs&Stratton(2). Brockway Mot Trk Bklyn-Man Tran ( Bklyn Union Gas (5) Bruns Term & Rwys. Bucyrus-Erfe. ... Budd Wheel. . Burrough A M(11%) 3 Butterick Co. 11's Byers (A M) Co 8 California Packin; 314 Calumet & Hecla. 6 Camp W&C Fdy (1).. 11 Canada Dry (1.20)... 11 Canadian Pacific 1% . 16% Cannon Mills (1.60). 33% Case (J I) Co.. 53 Case (J 1) pf (7). 10 Caterpillar Trac (2). 5% Cavanaugh-Dobbs pf 2% Celanese Corp . 8 Celotex pf..... 11 Cent Aguirre (1%). 50 Century Rib M pf(7 973 Cerro de Pasco (1).. 2! Certain-teed Prod 31, Checker Cab Mrfg. 237 Ches & Ohio (2%) 137s Chesapeake Corp(3). 2'3 Chi Great Wester, 715 Chl Great Westn 1 Chic & Northwstn.. . 5 Chi & Northwestn pf 77 Chicago R 1&Pacific. 10 Chi R1& Pac 6% pf. 12 ChiR1&PacT% pf. 613 Childs Company. ... 11% Chrysler Corp (1). . 2515 City Ice&Fuel (3.60) 6315 City Ice&Fuel pf 614 814 Clark Equipment(1). 92 Cluett-Peabdy pf (T) 974 Cocoa-Cola (18)..... 24 Colgate-Pal-P (23§). 797 Colg-Palm-P pf (6).. 614 Collins & Alkman. ... 68 Collins & Aik pf (7). 714 Colonial Beacon. ... 7% Colorado & Southern. Tt Colo Fuel & Iran. ... 11% Columb G&El (b1 32 Columb Carboa (4).. 8 Comm Credit (1.60). 52 Comcl Cred 1st(6%) 151 Comel Inv Trust (2) 94% Com Inv Trust pf(7) 6% Comcl Solvents (1). 3 Comwlth & Sou(30e) 46 Comwith&Sou pf (6) 6% Congolm-Nairn ¢1). 6% Congress Cigar (1) 42 Consol Cgrprpf 6 51 Consol Cigars pf (1) E10s 7% Consol Film pf (2).. Consol Gas N ¥ (4).. Consol Gas NY pf (5) 5 Consol Laundries(1) ConsolRwys pt (6).. 4 Consol Textile...... % Container Corp (A). 14 Contatner Corp (B). Cont) Baking (B)... Contl Baking pf (8). 4 Contl Can (2%4).... Con”. Insur (2.40)... Contl Motors. - 414 Contl Ol (Del). % Contl Shares. .... 36l Corn Products (3). 274 Coty Inc 20 Creumof Wht(t2%3) 137 Crown Cork (2.40).. 1% Crown Zellerback 8 Cuban-Am Sugar pf. 29 Cudahy Packing (4). 25 Curtis Publish (4)... 1% Curtiss Wright..... 1% Curtis Wright (A).. s Bunn ® EI TR R Ty A =3 LTI ++10 FEEFTREFEFERSEE FEF ¥ F& | T P P Y 8 - [ OO IS =1 SUTRT Y VYUY FYRTIES FPTIVINE 101 - TP TOor Ve - @ -3 2 - P Sa-85 E osr 2 F FEE 2 001 89,00 08 e ~I N NN 1 SR S T N O & F FEFE FFES 115% 111% KC P&L 1st f B(6) (lanliiiay N | EEFIES FEF FPEFTTEST RELEF - - I ARl 1) § 36 15% McCall Corp (23%). .. S rRuNT—weR———aE alaf | ¥ =T e = & S U0 0 FPELP FF 58 81 Morrell (J) & Co (3) " 2% Eastern Roll Mllls. . 77% Eastman Kodak (18) 6 Eaton Axle & Spr(1), 85% Eitington-Schild pf., 20 Elec Auto Lite (4)... 1 Electric Boat....... 2% EleckMusical Instru 9 KEleePwr& Lt (1).., 41 Elec Pwr&Lt pf (7). 23 Elec Storage Bat (4). 28% Endicott-Johnson(3) 16 Eng Pub Sve (1.60).. 18% Equit Office Bldg 2% 5 Erie RR. . 1% Evans Auto Pro 3% Fairbanks-Morse. 14 Fashion Park Asso. . 3% Fed Water Service A. 11 Fed Dept Stores (1). 20 Fid Ph Fire In(2.60), 85% Filene's Sons pt one T&R pf(6) R voos % Fisk Rub 1st pf conv 8 Foster-Wheeler...., 15% Fourth Nat Inv (1.10] 2% Fox Film (A)... . 13% Freeport-Tex (3)... s RN RNM O e CR NS NNAR B ANENNEHOD e 0NN A 45 Gen Am Invpf (6)..y 28 Gen Am Tank Car(4) 9% Gen Asphalt (2) 9% Gen Baking (2). 10% Gen Elec spec (80¢) .. 28% Gen Food Corp (3)... 1% Gen GRs&El A (30, 14% Gen Gas&E cv pf( 29% Gen Mills (3). 21% Gen Motors (3). 79% Gen Motors pt (5). 3% Gen Outdoor Ady.... 5% Gen Outdoor Adv(A) 10% Gen Printing Ink(2). 4313 Gen Prig Ink vf (6). 2% Gen Public Service 21 wanBumnme 28 2 4 13 Gen Refractories(1) 13 Gen Theatre Equip. . 9% Gillette Saf Rasor. .. 45 Glllette Bat R ptf (5). LT TIPS - - 5 ... 5 - b 13% Goodyear T& R (3). Goodyear 1st pf (7). . Gotham Bilk Hoslery 1% Graham-Paige. .. ... 5% Granby Consol (50c) 2 Qirand Silver Stores.. 241% Gaant (WT) (1).... 15% G&: Northern pf(2) o =@ 10 Great Northn Ore(2) 5% Great Western Bug. . 76 Great'Wn Sug pf (7) 1 Grigsby Grunow.... 1 Guantamymo Sugar. . i Hahn Dept Stores. .. 14% Hahn Dpt St pf(§%) % HartmanCoxp (B).., 1% Hayes Body Gorp. 26 Hercules Powdyr(3). 68 Hershey Choc (8)... 704 Hershey Choc pf (& 10% Holland Furnace (). 81 Homestake M (7.80. 2% Houdallle Hershey . . 5213 Househld Fin pt 4.20 153 Houston Ofl. 3 Houston Ofl 11% Howe Sound (2 3% Huop Motors. 9t I1linois Central 5 Illinois Cent pf (6).. Illinois Cent11] (4) Indust Rayon (4). Ingersoll Rand (4) Inspiration Copper Insur Sh(Del)t62% Insur Sh(Md) (28e) . 1056: Interboro Rap Trans Interlake Iron. Int Agriculture pf. Int Bus Machine(né) Int Cement (3)...... Int Combustion. Int Combustion pf... Int Harvester (3%). Int Hydro E1 A (e2). Int Match pf (4)....x ‘nt Merchant Mar!| Int Nickel of Can 20e Int Nick Can pf (7).. Int Paper pf. o Int Paper & PWr (A) Int Paper & Pwr (B) Int Paper & Pwr C.. Int Papar & Pwr pf.. Int Printing Iok.... Int Printg Ink pf (6) 50s Int Rys Cent Amcfs. 10s int Salt (3) 2 37% Int Shoe (3 1 15% Int Silver... 6 50 Int Silver pf ( 108 7'a Int Tel & Teleg(60c). 41 52' Interst DS pf xw(7) 408 1% Investors Equity.... 6 15 Island Cr'k Coal (3).x 1 - = S S-S O 00N 1 s 0 Ot 08 s @ Z D900 on -1 8 RO NI NI O A i 1 bt i 88 e 3 e N 80% 15% Johns-Manville (1)..x 5 123's 68 Jomes & Laugh pf(7) 110s 10s 112 45 67% Kansas City Southm. 1 8 64 15 Kan City Sou pf (4). 2 18 3% % Kelly-Spring Tir 1 1% 26 5% Kelly-SprT8% pf.. 30s 10% 29% 3w Kelsey-Hayes Wheal 2 3 6 Relvinator Corp. .. . 9% Kennecott Copper 50¢ 7s Kresge Dept Stores. 154 Kresge (8 8) (1.60). 100% Kresge (SS) pf (7). 4'« Kreuger & Toll 1.61). 121 Kroger Grocery (1). 40% Lambert Co (3). 4% Lane Bryant (1) § Leh Port Cement. .. 1015 72 Leh Port Cmt pf (7). 8% 1% Lehigh Valley Coal. 30 6 Lehigh Val Coal pf.. 35 Lehman Corp (2.40). 18% Lehn & Fink (3). 5% Libbey Owens Gla. 39 Liggett & Myers(t Ligg & Myers B (16) Link Belt (1.20) 23% Loew" 2% Loft Inc...... . % Long Bell Lumb(A). 29% Loose-Wiles (13). ... 10 Lorillard (P) (1.20). 17% Lou Gas&El A (1%) 20'% Loulsville & Nash(4) 19 4 Ludlum Steel. .. 524 12 Ludlum Steel pf. 93% 54 McCrory Strs pf (6). 29 6 McGraw Hill Pub... 103% 38% McKeesport T P (4). 3T% 14% McKes&Rob pf(3%) 10% 2 McLellan Stores. 43% 12 Mack Trucks (1) 106% 50 Macy(RH)& Co(n3). 61 25 Manhat Elev gtd (7) 29 8'5 ManhatElev mod gtd 12 4% Manhattant Shirt(1) 244 9% Marine Midld (1.20). 32% 9% Marlin-Rockwell (2) 10 1% Marmon Motor Car.. 32% 9% Marshall Field (3%) 31% 12 Mathieson Alkili (2) 39 16 May Dept Strs (2%) 8% 1% Maytag Co.... 24% 5 Maytag Copf (3) 84 2 Mengel Co. 22 Mesta Machine (2) 10% 2% Miami Copper....... 16% 5 Mid Continent Petm. 31% 7 Midland Steel (3). ‘1% 1% Minn Moline Pow 48 6% Minne-Moline P pf ey % Minne & St Louis 3% Mo Kan & Texa 10% Mo Kans & Texas pf. 6% Missourt Pacific. 12 Missouri Pacific pf % Mohawk Carpet. 29U 6% Montgomery Ward. . PRTT T - TS VIIN - 10t -JOTOT I - S & - % % Mother Lod 4% % Motor Met 19% 5% Motor Wheel (50¢) 19% — % - % By the Assoclated Press. 2% o+ % 6% -% - % -2% - % - % +1% % + % 3% — % % W b % 1+ +HlHE L4 V4414441 5 -2% +1% -4 +2 + % -1 % =% + % —1% - -1 + % -2 + W - % + % = + % -2 +1 % + % + 15 | Waterbury, with deposits of nearly -% =% —1% -1 = -1 -% -% = - % = - + % + % +1 - % Trading Volume Small, as Many Market Operators Begin Holiday. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 24 —With a steadier tone, today’s stock market fluctuated through a narrow range in typical pre-holiday dullness. Prices were a shade higher and liquidation was no Jonger pressing. It was hard to trace any connection between the outside everts and the course of the market. In informed cir- cles concern was still expressed over the foreign situation, but prices for stocks were unaffected. Discouragement was also expressed over the extemsion of banking difficulties, but that was a matter of greater moment to the bond traders than to the share list. Rail Stock Firmer. ‘The stocks most inclined to ratly during the morning were the railroad issues. This was considered a favorable sign. Union Pacific and New York 'Cenlml recovered a point or so. U. S. | Steel was better supported and came back from its low of Wednesday. At intervals short covering made itself felt in Allied Chemical, but in none of these cases was there enough volume | to indicate ary change of trend. Rey- nolds Tobacco B made & new year's low, but only by a fraction, and the selling in the other tobacco shares dried up. The only reason for pessi- mism as to the tobacco stocks was the prospect of higher taxation. The few hardened traders left in the street made feeble attempts to produce a Christmas rally, but they had no sup- port from outside. Volume was as light as it had been on any day this week. Even the volatile trading media, J. I Case and Auburn Auto, were un- usually sedate. Auburn rallied during the morning but regained only a small part of the loss of the preceding ses- slon. Its statement as of August 81, published today, revealed a strong financial position, with current assets almost six times current liabilities. Weak Spots. One of the weak issues was Westing- house Electric, which dipped below $26 a share for the first time. The board meets for dividend action on January 6 and the action of the stock today indi- cated doubt as to the result. Hovever, the market was not troubled much *o- day by dividend prospects. Most of the corporations that took action pre- served the regular disbursemerts. Among them were Southern California Edison, Electric Power & Light on the common, and Gillette Safety Razor on the preferred. Call money renewed at 3 per cent and held there all day. Although this is the season when rates normally harden there is a minimum of demand for day-to-day loans. INFLATION SEEN IN GOLD STANDARD SUSPENSIONS By the Associated Press caster declares abandonment of the gold standard in many foreign coun- tries was forced rather than voluntary. It declares that debasement and in- flation of the currency are voluntarily adopted when a government or the group in control of government have payments due which they are unable or unwilling to meet in full. “When vast military supplies have to be bought or extremely onerous debts (payable in currency, not gold) have to be met, then currency inflation is the natural resort,” it says. In following up the recent collapse of the gold standard. it continues: “There was no war, no_ extraordinary expenditures—yet difficulty there was in meating the budgets. Most of the debus were payable in gold or foreign creditor, not a_debtor nation, and as such is interested in maintenance of gold. On the other hand, there were enormous _short-time credits in both Engiand and Germany which were pay- able in the Jpcal currencies and which, as the event proved, were too heavy to be met in cage of any sudden strain. The strain came and gold had to be abandoned.” Business Notes NEW YORK, December 24.—Mer- chants are gratified at the substantial gain in the volume of holiday buying over the last several days, and the pick- up has to a general opinion in merchandising circles that the city's important stores will show a dollar vol- ume only 5 to 7 per cent below the holiday business of 1930. Earlier esti- mates placed the probable decrease at 10 per cent. Reports from other cities tell & similar story, though in some instances the peak’ of activity was reached last week. One line to report improvement over the holiday volume a year ago is the cutlery trade, with a business running 5 to 10 per cent larger as a result of special promotional efforts of the in- dustry. Several types of cutlery items, like carving sets, jack and kitchen knives, show the greatest gain. In anticipation of the trade showing of the domestic dinnerware manufac- turers next month in Pittsburgh, sales agents have placed 1932 lines of mer- chandise on display in show rooms here. The Spring offerings show a good range, featured by many sets con- talning square plates, saucers and platters. $6,000,000 BANK CLOSED. WATERBURY, Conn., December 24 (®)—The Merchants’ Trust Co. of $6,000,000, did not open yesterday. A statement by directors said the closing was because of the depreciation in securities prices. The private bank of Sanditz & Traurig, a heavy deposi- tor in the Merchants’ Trust, closed dur- ing the morning, but its officers said it was “100 per cent solvent.” Merchants' Trust Co. officers said its depositors would suffer no loss, To bolster the strength of Water- bury banks, $750,000 in cash was sent last night by the Federal Reserve Bank in New York. | CLEARING HOUSE FIGURES. Washington Clearing House figures | for today: $3,940,885.65. NEW YORK BANK STOCKS NEW YORK, December — Over-the-counter market:. 2% ©" Banks, 28 3% The current issue of Brookmire Fore- | curreQcies. Indeed, Great Britain is a | Bid. Asked. | 30 NEW YORK, December 24.—All the important security and commodity ex- changes in this country and Canada will remain closed on Saturday, Decem- zr 26, in a protracted Christmas holi- y. ‘The principal exchanges of England #nd France will also be closed. This widespread suspension will extend the Christmas liday of a large section of the business and financial world from the close of business Thursday to Monday, although the banks will be opened on Saturday. WALL STREET BONUS SHRINKAGE IS NOTED Some of Older Houses Continue Annual Distribution of Cash Presents. By the Associated Press. NEW YORK, December 24 —Santa Claus is treading lightly through the canyons of Wall Street this year, but is not entirely avolding that thorough- fare. Tales of 100 per cent Christmas sal- ary bonuses, or even larger, by finan- cial houses are not heard this year. ‘Brokers and bankers state these tales of lavish disbursements to employes in the heyday of the bull market were greatly exaggerated in Wall Street gos- sip, but they ran into many millions. Bome of the old financial houses are sald to be distributing Christmas bonuses this year. Amounts such as 10 per cent of annual salaries, or two weeks' pay, are mentioned, but these distributsons are exceptional Many- have taken the positicn that they owed what funds they could spare | to unemplayment relief, in view of the substantial reductions in personnel in the financial district. The shrinking of the Christmas bonus this year is similar to that of the slump 10 years 0. ‘The actual number of stock ex- change firms, despite several consolida- tions, has decreaxed but moderately, amounting to only seven less than a year ago. Brokers’ Comment NEW YORK, December 24.—Commis- sion House advices on the stock mar ket were largely precautionsry today, as few were inclined to take a stand unti after the holidays. Yesterday’s reaction | was regarded by some as somewhat| wider than a technical setback would | call for. Comments follow: i Hornblower & Weeks.—One-&ay rally periods appear to be the limit of re- covery movements under current market | conditions, and until there is evidence | of some stability in price fluctuations, we will want to continue our advice of letting the market prove itself before taking an extended trading positiort Jackson Bros., Boesel & Co.—Renewed | professional selling and Hquidation of | the rails is being encouraged by the ap- | pearance of the November earnings fig- | ures. It is our view that these reports will serve to emphasize the necessity that aid be given the carriers through & downward wage adjustment and an: thing that will hasten such a develop- ment should be viewed as constructive from the long-range standpoint. Shiclds & Co.—Railroad reports for November now being issued indicate that the carriers will show an average | loss of over 30 per cent for the month. | December cannot be any better, and not | much gain is to be expected for Jan- uary. If the wage cuts are put into ef- fect by the end of next month, the | statements thereafter should show | gradual better comparison with the cor- | responding months of this year for not | alone will chargeoffs be less drastic in several instances, but the consumption of such necessary adjustment will give some stimulus to industry as a whole. Thomson & McKinnon—In rather plain language does the Advisory Com- mittee of the B. I. S. state its conclu- sions, after an examination of the Ger- man situation. * * * Concerning the market's probable reaction to the news, it may be safely said that the informa- tion and recommendations of the com- mittee are much what the financial community expected. Flour Requirements Covered. NEW YORK. December 24 (£ —All the large bread-baking companies are said to have covered their anticipated flour requirements through the first half of 1932 at prices close to the record | low levels. The halting of the decline in | flour prices is expected to make for in- creased stability of prices for bread. U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for December 22 were $233.700,020.39; expenditures, $319.769,070.68; balance, $544,799 - 215.63. Customs duties for 22 days of December were $19,102,866.58. Money to Loan Secured by first deed of trust en real esta Prevailing interest and commission. Joseph 1. Weller i w ™ Authorized Service Link Belt Chains & Norma Bearings MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applicstions JAMES F. SHEA 643 Indiana Ave. N.W. 6% Secured on residential property in District of Columbia and nearby Montgomery Co., Md. > IN DENOMINATIONS OF $250 FIRST MORTGAGE Investment Poultry, alive—Turkeys, old toms, 20 822; young toms and hens, 25a28; chick- ens, 3 pounds and over, 13al5; 2 to 2, pounds, 18a20; brotlers, 1!, to 2 pounds, 18a20; hens, large, 13a15; small, 10a12; Leghorn hens, 10a12; roosters, 10; keats, young, 40a45; old, 25a35. Poultry, dressed—Turkeys, old toms, 24a26; young toms and hens, 27a30; chickens, 3 pounds and over, 16a20; 2 to 212 pounds, 20a23; brollers, 11, to 2 pounds, 20a23; hens, large, 16al8; small, 13a16; Leghorn hens, 13al$; roosters, 13; keats, young, 60a70; old, 50. Meats—Beef, prime, 16; choice, 15; good, 1214a13; cow, 9%al0; lamb, top, 15; feir to good, 13al4; common, 10a 11; veal, top, 14; medium, 12},a13; pork, loins, 8 to 10 pounds, 10a10’%; 10 to 12 pounds, 9; fresh hams, 8 to 10 pounds, 13; 18 to 22 pounds, 10: smoked hams, 19a20; strip bacon, 19a20; lard, 80-pound tins, 9; package, 10; com- pounds, Ta7%. Live stock—Hogs, heavy, 4.00a4.30; light and medium, 4.40a4.60} pigs, 3.75 a4.25; roughs, 2.50a3.00; calves, 3.00a 6.00; lambs, 3.00a5.50. Fruits—Strawberries, pint, 25; apples, bushel baskets, 40a2.00; fancy box stock, 2.25a2.50; pineapples, 3.50; grapes, Al- meiras, 2.00a2.50;, Emperors, 2.00a2.50; cranberries, 2.50; oranges, California, 2.7523.75; Florida, 2.50a3.50; pears, 2.75 a3.25; bananas, 7§a2.50; lemons, 3.50a 5.50; grapefruit, 2.25a2.75; tangerines, 1.25a1.75; kumquats, quart, 10al15; per- simmons, 1.00a2.00. Vegetables — Potatoes, Maine, 100- pound sacks, 1.25; New York, 150-pound sacks, 1.75; Idaho bakers, 100-pound sacks, 2.25; sweets, Eastern Shore, 50a 75; red, 75a90; lettuce, Iceberg, 4.50a 5.00; Florida, 2.00; broccoli, 3.50; cauliflower, 1.75a2.00; carrots, California, crates, 4.00; nearby, bushel, 75al1.00 string beans, 1.50a2.90; limas, 3.00a3.50; peas, 8.00a9.00; beets, 100 bunches, 3.00a | 4.00; salsify, per dozen bunches, 1.00a 1.20; peppers. 3.00a3.50; kale, 50a60; spinach, 1.00; mushrooms, 80al.00; turnips, 50a60, artichokes, 4.00a5.00; okra, Cuba, per pan, 90a1.00; Florida, per bushel, 3.25a3.50; cabbage, new, 40- pound basket, 2.25a2.50; old. 100-pound sack, 1.25; celery, 3.50; yellow squash, bushel baskets, 3.50; eggplant, crates, 3.50; cucumbers, pans of 12, 1.00; car- rots, California, crates, 4.50a4.75; to- matoes, 6-pan crates, 3.00a6.00. Rally in Bonds. NEW YORK, December 24 (Special).— The most stabilizing effect on the stock market is the steady advance in bonds. | I Since they touched their low average on | December 17 they have had a 5-point average recovery. This has been due less to actual buying or support than to the withdrawal of offerings. Bank liquidation and tax selling ap- pear to have ceased. The pfomises held out for improved railroad credit under the proposed emergency finance corpo- ration and the promised reduction in railroad wages have helped to change the attitude of investors toward issues for which there was practically no bid a week ago. It has always been con- tended that so long as bonds were in the dumps there could be no sustained rally in stocks. The force of this argu- ment is now under test. It will prob- ably be more visible later in the menth Some Producers Solicit Or- ders at Reductions of $2 a Ton on Sheets. 5 | By the Associated Press | NEW YORK, December 24—Downe ward readjustment of prices of some steel products, notably sheets, and con= tinued weakness in others, mark the year end recession of activity in metal working industries, Iron Age says. “Several makers of sheets are solicit- | ing business at concessions of $2 a ton | from prices that were put into effect on July 1 when a stabilization program was fnaugurated that held fairly firm through the third quarter and most of the fourth. A recent break in auto- mobile body sheets and some other finishes used by the motor-car manu- | facturers has spread to all of the more commonly used grades. Makers of hote rolled strip steel, having granted the | usual concession of $1 a ton to auto= | mobile companies, are trying to pres | vent this from becoming general “Holiday shutdowns have reduced | the rate of ingot production for the | week to 21 per cent of the country’s | capacity, but finishing mills may oper- ate at somewhat higher schedules, as the idleness is more general in steel making than in rolling departments, Although the Pittsburgh district has sharply curtailed to 15 per cent for ingot output, the Chicago district at 23 per cent has made a slight gain over last week, and there is some im- | provement also in the Cleveland mills will cper: , the week at last week's 32 per cent rate. , “It appears clear that general con- sumption of steel has shown no marked | change, but curtailment is forced by the unwillingness of consumers and - distributors to take in material until January 1. Most of the current orders are for January shipment. On the basis of these orders, together with ‘ex= pected replenishment buying and larger releases from the automobile industry, | many of the steel companies expect they will be able to resume operations early in January at rates varying from 30 to 35 per cent.” November Railroad Earnings. NEW YORK, December 24 (Special). —The November railroad earnings so far reported have not been as discour- ! | aging as thase in previous months. ! | They are confined, however, to the sys. | tems that had been making the best ! | records, including such lines as Chesa-. peake & Ohio, Norfolk & Western and+ Union Pacific. The last named was able | to_show an increase in net earnings, in « spite of a reduction of over 25 per cent } in gross. Ontario & Western, which has had a surprising record this year, Teports an operating income for Novem- ber of $62.567, as against a deficit of $%6,113 a year ago, and a net for 11} | months nearly double that of 1930, 1 | After the turn of the year it is prob- | able that month statements, compar- | ing with two bad years, will begin to and in early January than at the present | ShOW some increases. While these wil time. Steel Scrap Prices. NEW YORK, December 24 (#).—The Tron Age composite prices for pig iron amngl steel scrap are unchanged at $14.79 for the former and $8.58 for the latter, reppesenting the year's low levels. Buy not actually improve the position of the * carriers, they should have a favorable sentimental effect on investors, who have been witnessing an uninterrupted | period of gross and net declines since | the latter part of 1929. | R B e i SILVER QUOTATIONS. ing of the materials is almost at a| NEW YORK. December 24 (#)—Bar * standstill, but some gains are looked 'silver quiet and unchanged at 30% for in January. cents, *lI|IllllllllllIllllllllmllllllmlll||IIIIIIIWIIIHIlIlIIlIII!IIHIIIIHIHIIIlIlIIIIIllllllllllllllllIIIIllIIIIIIIIIHIIIIHllI!IIIIIII* Money Available for Mortgage Loans - 'E HAVE the resources and the machinery for making FIRST-TRUST LOANS on apartment house, office building, residential and business properthaes promptly upon and refinancing loans will approval of the application. Consalt with us in this matter. New 1 be made for / 7 ] 5%% 3, 5 and 10 year periods—a RANDALL H. HAGNER & COMPANY Mom GAGE Loan CORRE SPONDENT 1321 Connecticut Ave. R N OLDEST NATIONAL BANK in the District of Columbia M National etropolitan —.fi‘ i Decatur 3600 IHIIIIHill|I|I|III|I|IIIII|IIIIIIIIIIllIlllIIl|IIIIIIIIHIIIIIHIIIIII* P [ Checks and i Cifts of Cash 5; —will most uscfully be disposed of, if made the }8 means of starting A SAVINGS ACCOUNT, in this veteran bank. QWhy fritter away your Christmas money, when it can be put to profitable employment in Our Sav- ings Dept.? Interest Paid on Savings Fifteenth St., Opposite U, S. Treasury 15 S s St S e S ra Sl & g € A e g € i AR PROPERTY MANAGEMENT Apartment House MANAGEMENT ET us point out to you the many profitable advantages which will result from our man- agement of your apartment house properties. A nominal fee commands this experienced service. Borwortoanosamanan - coR-HE 0@ - P oeunt talicioue FEFEF F 81% 11% Munsingwear Inc(2). 18% 5 Murray Corp. 40% 15 Nash Motors (3) 80 12% Nash Chat & St L(3) 240 10% 2% Nat Acme Co.. ' 10 1 NatBella H 32 3% Nat Bella Hess pf. 83% 36% Nat Biscuit (2.80).. 39% 7% Nat Cash Reg (A)... 50% 20 Nat Daury (2. Nat D s TR Feromee American outboard motors are popu- &, (Continued on Page 10.). _ . lar in Germany this year. ‘The Norfolk & Western Railway Co. reports $13.39 a share earned on com- | 107 68 Cushmanspf().... mon in the first 11 months of 1931,| 23 3% Davison Chemical compared with $20.08 in the like period [ 22 13% Deere & Co pf (1.4 of 1930. 1574 64 Delaware & Hud (9). Directors of American Ice Co. have | 102 177 Del Lack & Wn 2).. declared quarterly dividends of $1.50( 195 110% Detroit Edison (8).. per share on the company's preferred | 23 10% Diamond Mateb ¢1).. stock and 50 cents a sharc on the| 21% 8% Doug Afrcraft(t14) common. Both dividends are payable Dresser Mfg B (2).... January 25 to stockhoiders of January 4 PR " and upwards BOSS & PHELPS Realtors NAtional 9300 yn Cent Hanover . Ghem Bk & Tr Cont Bk & B. F. SAUL CO. 925 15th St. N.W. S { v+t Nat’l 2100 EEFES Manufacture; New York Booas 1401+ +) EFEREE FEF = 8 & 1417 K St MORTGAGE LOANS - C PP 1 FRES