Evening Star Newspaper, January 2, 1932, Page 15

FINANCIAL. |ADVERTISING PLANS FOR 1932 COMPLETED 174 Firms Have Made Up Budgets for New Year—Comments Given. D. C. SATURDAY, JANUARY 2, 1932. STOCKS DEPRESSED AFTER EARLY GAIN | Thin Market Revealed, With THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Trade Reports at a Glance. BROKERAGE FIRM ENTERS D: C. FIELD By the Associated Press. NEW YORK, January 2.—Tabloid review of wholesale and retail business conditions as reported to Bradstreet's this week from the follow- ing centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: Wholesale and job trade. Fair Net. High. Low. Close Chge 4% 4% 4%+ W% 9% 10% + % 22 22 +34 234 234 — % ——1931— Stock and High. Low. Dividena Rate, 13% 2% Hunp Motors 89 9% [llinois Central 9 Ind Motor Cycle pf.. 21 Indust Ravon (4) . Bates— in 100-share lots except the Baies 13 Stock and Bales— Dividend Rste Add 00 Hizh. Low. Abitibl Pwr & Paper 2 2 2 Adams Express..... % 4 4% Alr Reduction(va%) 49% 484 484 —14 aesigmated by letter “s.” Net. Close. Chee — % Manufacturing and industry. Quiet Retail t-ade. Collections. Fair Fair 16 408 Chicago . o Slow Charles D. Barney Co. Office to Be Managed by Frank Morse. BY EDWARD C. STONE. The New York Stock Exchange firm of Charles D. Barney & Co. opened a Washington office in the Securities Building today, under ti» management of Frank P. Morse, who for many years has been manager here for J. & W. Seligman & Co., this firm now _retiring from the local fleld. This _newcomer in the Washington financial district is an old, strongly intrenched New York and Phila- delphia house. It was founded in 1873 to take over the business of Jay Cooke & Co., the firm than financed the American Gov- ernment throughout the Civil War. The original partners were Crarles D. Bar- ney and Jay Cooke, jr. son of the fa- mous Jay Cooke, and the present firm includes a grandson of Charles D. Bar- ney and two great-grandsons of Jay Frank P. Morse. Cooke. | X “The original firm begean business in Philadelphia 59 years ago on a very modest scale. Total assets were a seal on the Philadelphia Stock Exchange and a capital of $2,000. Twenty-ninz years later, in 1902, a New York office was opened and soon overshadowed the parent organization in Philadelphia. During the early days of the present century, Charles D. Barney & Co. took a dominant position in Wall Street ac- tivities and numbered among its more active clients E. H. Harriman, William Rockefeller, Henry Clay Frick, Daniel Gray Reid and others. Several Southern Offices. The firm’'s activities embrace a gen- eral commission business in stocks and bonds, etxensive wire connections and both. underwriting and investments. Although the company has long had private wires passing through Wash- ington and maintains active connections in’ Baltimore, Richmond and Winston- Selem, the opening of the Fifteenth street, offices today establishes their Arst direct contact with the National Capi- tal since 1873. Seventy years 1go, how- ever, the original house of Jay Cooke & Co. played a vitally important role in the financial F'story of this city. Charles D. Barney. founder of the present firm, although retired from business activities snce 1907, is still living in Philadelphia. The present senior partner is John W. Hanes, & Yale graduate and a son of a founder cf the R. J. Reynolds Tobacco Co. Mr. Hanes is a director of the Bankers’ Trust Co. and the International Mercantile Marine Co. The other New York partners are J. Ford Johnson, jr., also & Yale man; Edwin A. Fish, a Williams gracuate, who, with W. Edwin Willlams, is in charge of the investment department; Charles B. Harding, who holds the firm's seat on the New York Stock Exchange; John W. Castles, F. E. Koechlein and W. J. Woods, office man- agers, end Joseph P. McCormac, in charge of firm wires and branch offices The Philacelphia partners are Philemon Dickinson, George Willing, Jay Cooke, 4th, and Ivan C. Flitcraft. Morse Former Newspaper Man. Prank P. Marse, who takes over the management of the new Washington office, has had Jong experience in bank- ing and brokerage business. His early training was in the Riggs National Bank. Following an interim in the newspaper profession, during which he was Sunday editor and dramatic_critic for the Washington Times and Wash- ington Post, and Washington cor- respondent for the Philadelphia Record and for various magazines, he returned 12 years ago to the financial field, and has since represented in Washington Redmond & Co. and J. and W. Selig- man & Co., members of the New York Btock Exchange. Mr. Morse will have associated with him in the Washington office a com- plete organization built up over a long period of years, and which inciudes in its personnel, among others, Philip P. Friedlander, Richard W. Gable, Charles V. Gibson, Richmond H. Gibson, Miss | Isabelle M. Parks, James A. Sexton, jr., and Miss M. Blanche Thompson. Christmas Bonus Distributed. Johnson & Adams, local insurance firm and Southeastern managers of the Continental Casualty Co., have made their usual year end distribution of cash bonus to all clerical employes of the ‘Washington office In making the presentation, Eugene G. Adams, head of the firm, announced that the new business of the Washing- ton office for December was the largest since their office was established. Greets Association Officers, James L. Sherwood, president of the Northeast Building Association, was host to the officers and directors cf the | association at a New Year party and house warming in his new home, Fif- teenth and Newton streets northeast last night. Following an elaborate en- tertainment, a buffet supper was served Officers of the association, in addition to Mr. Sherwood, are: John L. Knopp, first_vice president; Henry C. Althoff second vice president; S. S. Symons, | secretary; James A. Obenshaw, assist- ant secretary; Frank M. Hatley, treas- | urer, and W. 8. Torbert, attorney | INTEREST RATES. | By the Associated Press | Call money rates strengthened last | week as their trend was measured by | the Commerce Department, but time| funds remained unchanged. In the tables that follow the average rates for both classes of money is given for com- parable weeks | Call. 313 | 250 2.00 Time. Week ended December 26 3.50 Previous week Sonl 2D Same week last year 3.00 Brokerage Firms in Merger. NEW YORK, January 2 (#).—The New York Stock Exchang: firms of Charles W. Hill & Co. and Bradley & Co. merged January 1 under the for- | mer's name i . | | Gas Revenues Estimated. { NEW YORK, January 2 (#)—The| American Gas Associition estimates the | 1981 revenues of the manufactured gas | industry at $441900,000, a decrease of 2.5 per cent from 1930 Capital Structure Revised. NEW YORK, January 2 (#).—The G. R. Kinney Co, Inc, has reduced its capital represented by common stock to a stated value of §10 a share from \20 previousl; Pupils Get Double Holidays. UNALASKA, Alaska (#). — School children of Unalaska have their com- pensation for trudging through snow- drifts to classes—two Christmases and two New Year days. Unalaska uses both the Gregorian and the Orthodox Russian calendars. The Gregorian cal- endar brings one Christmas December 25, while the Orthodox Russian Christ- mas is January 7. e ol SO K R The density of population in New Zealand, sccording to the census fig- ures just announced, is a) 15 persons to the square e, 27% 1041y 8T 80% 14% 25% 464 70% 123% 43 76% 30% 22% 69% 129% 20% 4% 50 32% % 63 11% 16% 45 45% 131% 116 524 304 T 28% 46's (N % 274 8% 15% 45% 116 164 65% 920 26% 3T% 22% 170 104% 45% 109% 111% 28% 92 35% 62% 16% 12 12 86% 18 6% 106 41 23 1574 102 45% 19 23 284 274 661a 19% 641y 3% 41 4815 54% 128 56 814 48 103% 31 76 23 R4 T4 16 38% T4 9% 424 20% b52% 91 22% 25% 18% 46 42 69% 23% 6% 30 9% 63% 108% Alaska Juneau (50c) Allegany Corp...... Alleg Cp pf $30 ww.. Alleg Cp pf w $40 w. Alleg Cp pf x $30 w.. Allegheny Steel 60c. Allled Chemical (6). Allis-Chalmers (1).. Amerada Corp (2)... Am Agri Chem (Del). Am Bank Note (2). Am Beet Sugar pf Am Can Co (16) Am Can Co of (T)... Am Car & Foundry.. Am Car & Fdy pf (1) Am Chicle (13)..... Am & For Power. Am & For Pwr pf(6) Am & For Pwr 2d pf. Am [lome Prod ¢.20. Am Ice (2), - Am International . Am Locomotive . Am Lc'motive pf (1) Am Mch & Fdy 1.40. Am Metals pf. Am Natural Gas pt. Am Pwr & Lt (31).. Am Pwr&Lt pf A(4) Am Radiator (60c).. Am Rolling Mills. .. Am Smitg&Ref (1%) Am Sm & Ref pf (7). Am Solv & Chemical. Am Steel Foundry Am Sugar Ref (5) Am Sugar Ref pf ( Am Sumatra Tob. ... Am Tel & Telex (3) Am Tobacco (16). Am Tobacco B (16), Am Water Wks (3). Am Woolen Co pf. .. Anaconda Copoer. .. Anchor Cap (2 40) Archer-Danfels (1).. Archer-Dan pf (7).. Armour of Del f (7) Armour of Il (A)... Armour of 11l (B) Armour of 11 pf Associated Apparel. Associated Dry G(1) Associated Ofl Atch To&S Fe (10).., Atl Coast Line (4) Atlantic Refining (1) 843 Auburn Auto (f4)... 114 Aviation Corp (Del) 4% Paldwin Locomotive 15 Baldwin Loco pf 14 Baltimore & Ohlo. 25 Balto & Ohfo pf (4). 4 Barnsdall Corp'n.... 12% Bendix Aviation (1). 19% Best&Co (2)......0 17% Bethlehsm Steel (2). 60 Bethlehem Stl pf (7) 15% 3ohn Alumn (134).. 854 Borden Co (3).. 9 Bore Warner (1). 714 Briggs Mfg (1). 314 Bklyn-Man Tra 72% Bklyn Union Gas (6) 3% Bucyrus-Erfe....... 4% Bucyrus-Irfecv pf.. 10 Budd (EG) Mfg pf.. 10 Burrough A M(t1%) 10% Rvers (AM)Co.. .. 8 lifornia Packy 3 Calumet & Hecla. ... 5% Camp W&C Fdy (1). 10% Canada Dry (1.20).. 10% Canadian Pacific 1% 33% Case (JI)Co....... 53 Case (J 1) pf (T) 10% Caterpiliar Trac (2) 9" rro de Pasco (1) 21 Certain-teed Prod 31, Checker Cab Mrfg. 23% Ches & Ohlo (2%)... 13% Chesapeake Corp(3). 215 Chi Great Western. . T4 Chi Great Westn pf. 114 Chi M1l StP & Pac... 2% “hi M1l StP & Pac pf. 5 Chic & Northwstn. .. 13% Chi & Northwestn pf 314 Chi Pneu Tool 7% Chicago R 1&Pacific. 104 Chi R 1& Pac 6% pf. 11% Chrysler Corp (1). .. 25'% City Ice&Fuel (3.60) 814 Clark Equipment(1). 9714 Cocoa-Cola (18)..... 797% Colg-Palm-P of (6). 11% Columb G&EI(b1%). 7214 Col Gas&El pf A (6). 32 Columb Carbon (4) 8 Comm Credit (1.60). 52 Comcl Cred 1st(f%) 19% Comcl Credit A (3).. 15% Comci Inv Trust (2) 6% Comcl Solvents (1). Comwlth & Sou(30¢) Comwlth&Sou pt (6) Congolm-Nairn (1). Con Cr pr pf xw 6% Consol Gas N Y (4). Consol Gas NY pf(§) ConsolRwvs pf (8 Consol Textile. ..... Container Corp (A). Contl Bakinz (A). .. Contl Can (2%)..... Cont Diamond Fibre. Contl Of1 (Del). Contl Shares. . Corn Products (3) 4% 30% 3% 415 % 36% 2% 1% e 367 Crucible Steel pf Cudahy Packing (4). Publish (4) Curtiss Wrignt. 1% Curtis Wright (A) 7 Cutler Hammer. 3% 64 1% 31y Davison Chemical. .. Delaware & Hud (9), Del Lack & Wn /2).. Denver & RG W of.. Devoe & Ray A (60c) Diamond Match (1) Diamond Mteh pf 1% Dome Mines (1) Dominion Stores t114 Doug Afrcraft(ti) Dresser Mfg B (2).. Drug Corp (4)...... ont de Nem (4) Eastern Roll Mills Fastman Kodsk (t£) Eaton Axle& Spr 30¢ Eftington-Schild of, Elec Auto Lite (4).. Elec&Musical [nstru Elec Pwr & Lt (1) E'ec Storage Bat (4) Eng Pub Sve pf (6) 3% Fed Water Service A 1014 Fed Dept Stores (1) 46% Firestone T&R pf(6) % Fisk Rubber 3 4 Follonshes B . 8 Foster-Wheeler. ... 15% Fourth Nat Inv (1.10 214 Fox Film (A).. —ewell Co (3).... 28 Gen Am Tank Car(4) 9% Gen Asphalt (2).... 25 Gen Cigar (4). 2274 Gen Electric (1.60).. 10% Gen Elec spec (§0c) . 281 Gen Food Corp (3).. 1 Gen Gas&El A (e30c) 21% Gen Motors (¥) 79% Gen Motors pf (§) 10% Gen Printing Ink(2). 43% Gen Prig Ink bf (6). 2% Gen Public Service. 21 Cen Ry Signal (5) 13% Gen Realty & Util pt ' Gen Theatre Equip. . 94 Gillette Saf Razor 1% Giinbel Bros. .. 3% Gobel (Adolf) 14% Gold Dust (2% ) 3% Goodrich (B F). 13% Goodvear T & R 35 Goodyear 1st pf (7). 3% Gotham S!lk Hoslery 1% Grabam-Paige. ... 5% Granby Consol (50¢) 15 Grand Silver Stores. 7 Grand (nfon....... 21 Grand Union pf (3).. 24% Grant (W T) (1).... 15% Great Northern pf (2 10 Great Northn Ore(2) 1 Grigshy Grunow. . .. 26% Hacken WatpfA 1% 1% Hahn Dept Stores. .. 14 Hahn Dpt 8t pf(834) 68 Hershey Choc (6) 1% Hoe (R) & Co. 21 Houdaille Hershey. 3 Houston Ofl (new). 11% Howe Sound (3).... % Hudeon Motor 3).s. = [P U SR OR A C IS ~JOT .- PO s 13% 1% 2% 1124 67 68% 16 9% 13% —1% 1% + % 2% 2%+ N 2% - 4 12— % 66 -2% -4 13 -1% 6 —W 134 + % +11 Zou +1% 25% Ingersnll Rand (4).. 4% Insur Sh(Del)t62%e interboro Rap Trans Int Bus Machine(n§) Int Carriers.I.td 60c. Int Cement (3)...... Int Harvester (23). Int Hydro E] A (e2). Int Match of (4). ... Int Nickel of Can 20e Int Paper pf........ Int Paper & Pwr (A Int Paper & Pwr (B) Int Paper & Pwr C Int Printg Ink pf ( Int Salt (3).. Tnt Shoe (3).., Int Tel & Teleg (60c) Investors Eouity. ... 14% Tsland Cr'k Coal (3). 15% Johns-Manville (1).. 674 Kansas City Southn. 15 Kan City Sou pf (4). 5% K'mann Dept Strs()" 10 Kelly-Spr T 6% pf.. 5% Kellv-Spr T 8% pf.. 6 Kelvinator Corp. 9% Kennecott Copper 50¢ 15 Kresge (SS) (1.60). 4% Kreuger & Toll 1.61). 1215 Krozer Grocery (1). 808 401 Lambert Co (8) .. Leh Port Cmt pf (7). Lehman Corp (2.40). Liggett & Myers(t5) Ligg & Myers B (15) Tiquid Carbonie (2). Loew’s, Inc (t4) 4 Loft Inc Loose-Wiles 3 Lorillard (P) (1.20). as&ElA (1%) 20% Louisville & Nash(4) 4 dlum Steel 5 McCall C 3815 McKeesport T P (4). 3% McKesson & Robbins Mack Trucks (1).... Macy(RFD& Co(nd). Magma Copper (50¢) . ManhatElev mod gtd Marine Midld (120). 4 Marmon Motor Car.. Marshall Fleld (23) Mathieson Alkili (2) May Dent Stra (214) Mesta Machine (2).. Mid Continent Petm. Mildland Steel (3)... Minneap Fioney R(3) Mo Kans & Texas pf. Missourt Pacific. Missouri Pacific pf.. Montgomery Ward. . Morrell (J) & Co (3) Morris & Essex(37%) Mother Lode. . . Mullins Mfg. 5 Munsingwear Inc(2). Murray Corp. ....... Nash Motors (2). ... Nash Chat & St L(3) Nat Bella Hess. ... Nat Biscult (2.80). Nat Cash Reg (A). Nat Dary (2.60). % Nat Dept Strs 1st pf. 4« Nat Pwr & Lt (1) Nat Steel (2) Nat Supply pf... Nat Suretv (2). Nat Tea (1).. Nev Con Cop (40¢) 50% 84 11 5 x 15 i N Y Chicago & St L. N Y Dock. . z N Y Inyestors N Y, N H & Hartford N H&Hpf (). N Y Ont & Western Noranda Mines (2).. Norf & Westn pf (4) North Am Aviation. Nor Amer(b10% stk) North Amer pf (3).. Northern Pacific 3) 4% Orpheum Circult pf. 5814 16% Otis Elevator (234). 129% 97 Otis Elev pf (6)... 16% 31 Otls Steel B4 29% Lacific Gas & EI (2). 69 35 Pacific Lighting (3). 374 Packard Motor (40c) 515 Par-Pub (b10% stk). % Pathe Exchange. ... 22 Penick & Ford(11%) 26% Penney (J C) (2.40). Penn Dixie Cement. . Penna Rallroad (2).. Peoples DS pf (6%) Peoples Gas(Chi) (8) Pere Marquette Ry. . Pet Corp of A(m50c) Phelps Dodge Co. ... Phila&Reading C & I PL{llips Petroleum. . Pierce Ofl. ... Pierce Fetroleum Pillshury Flour (2). Pireili (A) (m3.13).. Pittsbgh Screw & B.. Prairie Ol & Gas Prairie Pipe Line Proct & Gaml ‘2 Public Sve NJ (3 40). Pullman Corp (3) Punta Alegre Sugar. Pure Ofl ..... Purity Balerles (2). Radio Corn. .. ..... Radio Corp pf A 3%. Radio Corppf (B)... Raybestos Man(1.60) Reading Ry 2d pf(2) Real Silk Hostery. Remington-Kand. ... Reo Motor Car(40¢c). Republic Stee| Republic Steel Reynolds Met (1%). Reynolds Tob A (3). Reynolds Tob B (3). Richfleld Of1 Rio Grande Ofl..... Rossia Insof Amer. . ,_13 1 Dutch of NY.. 6015 BR% Saleway SLores (5). 1081 71 Safeway Strapf (7). 30% St Toseph Lead (60c) 39% 15% 20% 264 % 9615 5814 4% 364 494 15% k) 3 10% 5 20 2 11% 554 27 tL-San Fran pf(6). Seaboard Alr Line... Seaboard Ofl........ '« Sears Roebuck (2%). Second Natl Inv. Shattuck (FG) (11%) Shell Unfon Oil. . Shell Union Ofl pf. Simmons Co Skelly Ofl of ww. Snider Packing pf. Socony-Vacuum (1 outh Port Rico Sug Southn Cal Ed (2)... Southern Pacific (4) Southern Rallway. .. ithern Rallway pt pan alf pf (6).. parks-Withington. . Stand Brands (1.20). Stand Gas&El (33). Stand Gas&El pf (4) tand Invest Corp. .. Stand Ofl of Cal(2%) Stand Ol of Kansas. Stand OfI NJ (12). ... 16'4 Sterling Secur cv pf. 4% Stewart Warner.... 97 Stone& Webster(m2). Studebaker Co(1.30 Sun Ofl (1). mineton. . 7 lennessee Corom. 9% Texac Corp (2).. 19% Tex Gulif Sulphur(3) 4% Tex Pacific Land Tr. 11% Third Nat Inv (1.05). 30 Tide Wat O1l pf (5).. 1613 Timken Roller B(2). 1% Tobacco Product: 2 Transamerica Co! 36% Tri-Cont) Corp pt( 5% Truscon Steel....... 2 Twin City Rap Trasfi 11'5 Twin City R Tr of(7) 13% Underwood-Ell-F (3) Union Carb & (2.60). Union Oil of Cal (2). Unon Pacific (10).. Un Tank Car (1.60).. Calt Atreraft. .. Unit Alrcraft pf (3). Unit Biscuit (3). . Uadt Carbon. .. Onit Cigar Stores. Unit Corp 76¢). 9 26% " 1% ™ 2 50s 108 11 25 4 56 19 12 60s 1 MR eEan= S [PYOTOT0S- 01 P OO P ey 108 6 126 1 4 9 50s 1 108 1 1 2 17 64 1 3 2 1 61 10s PR R Oy 19% 11% 424 2l 9 1% 8% 304 4% 5% (Continued on Page 4.) K — % | tracts. 1 “) + + -1 4 | Cleveland %| % % Weak Spots Scattered - Through List. BY GEORGE T. HUGHES. | Special Dispatch to The Star. NEW YORK, January 2—The first session of the year on the Stock EX- change today found the market in no whit changed from that of 1931. After an opening and fractional rally, prices declined, mostly on very moderate vol ume, but in the case of one or tw the_time. There was no news of a character to influence prices. Many traders were absent from the Strect and the market | was thin both ways, but in the atmos- phere of uncertainty as to business conditions the sellers predominated and prices declined. ‘Weak Spots. One of the weak spots was Western Union, which broke 4 to 5 points to a new low for the bear market. Dividend uncertainties was the assigned cause. The selling spread to the motor stocks and General Motors broke through $21 a share for the first time. The next dividend meeting for Motors is scheduled for February 3, but even if the present rate were halved—and there has been no official information of any change whatever—the return at today’s price would still be generous. American Telephone & Telegraph and Westinghouse Electric were reactionary, the last named at a new low. Auburn Auto sold off over 6 points before meet- ing effective support. United States Steel, which had looked so strong dur- ing recent sessions, came down, but for no large loss. Railroad shares were irregular. For a time Union Pacific showed scme strength, but Chesapeake & Ohio lost ground, and so did several others. However, ralls were better sup- ported than industrials. Volume Small. The feature of the trading was the small amount of stock it took to de- press prices. By the same token, if there had been any real demand the trend could have been reversed almost as easily. The market started out in striking contrast to the sessions of Jan- uary, 1930, and the same month a year ago. Then there were brisk re- coveries, which seemed to forecast a permanent turn but which are now known to have been spurious, No one harbors any delusions now. Recovery in the stock market will have to await improvement on the outside. When it comes, therefore, it is likely to be gen- uine. BANK CLEARINGS DROP AGAIN DURING WEEK By the Assoclated Press. NEW YORK, January 2.—Bank clear- ings for the last week of the year are again considerably reduced, and are even smaller than in the preceding week. The total for all leading cities in the United States, as reported to Dun'’s , Review, of $4,630,517,000 is 39.8 per cent | under that of a year ago. At New York | the amount was $3,065,177,000, a reduc- !tion of 42.3 per cent, while the aggre- gate for cities outside of New York of $1,565,340,000 was 34.4 per cent smaller, This week and last there were only five business days included, and the com- parison with the preceding year was for | the like period. Relatively, clearings are a little better than in some of the earlier | weeks of the past month or two. Again | the declines at several of the Southern centers are smaller than at other points. Bank clearings this week, as reported to R. G. Dun & Co., showing decreases | compared with the same period a year | ago, follow: (Totals in thousands.) Five days Dec. 30, 1931. Per cent 3250.000 Dec. 25.4 | wnl Rano5 e a0 o Chicago Detroit Cincinnati St. Louls .. Kansas City . Omaha 4 Minneapolis Richmond Atlanta (ORI Loutsviile ":I11] New Orleans .. ! Dallas | 8an_ Francisco Portland . Seattle ..31.565.340 3.065.177 14.630.517 Average Daily. Total ... | New’ York Total all October Third quarter Second quarter . First quarter Steel Plant Operations. NEW YORK, January 2 (#).—Steel | mill operations In the Youngstown dis- | trict continued at a 32 per cent rate | until midweek in spite of the customary year-end contraction in releases on con- Two additional open-hearth | furnaces melting brings the total to 22. CLEARING HOUSE FIGURES. | Washington clearing house figures “f)r today: $5,159,412.21. | SILVER QUOTATIONS. NEW YORK, January 2 (#).—Bar " | silver quiet and ! higher at 30%. NEW YORK B.ANK STOCKS NEW YORK, January 2 (#).—Over-| the-counter market: Bid. Asked henix Ll 5 National:. .. York nhattan Co ....... ional ity Public ........ Trust Compani Bankers .. Brooklyn """\ Central Hanover . hemical Bank & Trust. C Bank & Trust...... n' Exchange rei o 26 286 | 814 | 2% | 8% Invest your Savi Inte C o nservative Appraisals,- Cer- tificate of Title, Fire Insurance and Careful At- tention to Details. 1519 K St. N.W. Est. stocks, with selling that was heavy for | Surplus Funds in— 6 % Trust Washington, D. C. Real Estate Wm. H. Saund.ers Co. Cleveland Detroit ...... Indianapolis Louisville . Milwaukee Pittsburgh Des Moines . Duluth Kansas Minneapolis Omaha .. St. Louls . St. Paul .... Baltimore Quiet Fair Fair Quiet Fair Quiet Fair Fair Quiet Quiet since production low Detroit—Year-end clearance through Winter. slow little activity in mining and lumber. many zinc mines closed. Minneapolis—Salesmen off road 1930. ‘Omaha—Retail lines, except foo hotel business slow. St. Louis—After-season lull expe holiday sales better than anticipated; St. Paul—Mild weather affects up to Jast year, 50 PER CENT OF BUYING CONTROLLED BY WOMEN | By the Associated Press. | More than 40 per cent of the coun- try’s wealth and 50 per cent of its buy- ing power is now controlled by the women of this Nation, on the basis of a recent estimate by the Atlantic Month.y. A study made some years ago by ‘he | statistical department of a large invest- ment banking house and a survey of wills probated in New York City di- vulged the following statistics: Women were beneficlaries of 80 per cent of the rolicies of $95,000,000,000 of life insur- ance in force in the United States at | | the time; women comprise the actual | majority of stockholders in some of the largest corporations in America; woman | millionaires, as indicated by individual income tax returns, are as numerous as men; women received 71 per cent of the estates left by men and 64 per cent of the estates left by other women in the New York City survey. Brokers’ Comment NEW YORK, January 2.—New year‘ comment by brokerage house letter writers was generally of cheerful tone today. Several looked for a fairly good | market in January. | E. F. Hutton & Co—Prices may, and probably will, go lower, but it seems to | us that the average speculator and in- | vestor for the long pull should ignore | the last excessive and meaningless | fluctuatiors of the bear market and | concentrate on uncovering the bargains | that undoubtedly exist. | | Wrenn Bros. & Co.—We confidently | expect a definite announcement on wage reduction within a month. We | definitely recommend the retention of | the securities of railroads that have no | major obligations to meet for several | years to come and whose current state- ments are sound. Clark Williams & Co—We do not think that the advent of the new year | warrants unbridled optimism, and while it is quite likely that the stock market | could stage a sizeable rally with the lifting of pressure from tax-loss selling, we do not think that these rallies should be followed and continue to recommend that investors and traders | maintain a_conservative attitude until | it is possible to more definitely deter- | | mine the trend of general conditions. Hornblower & Weeks.—With indica- | | tions multiplying that we are now wit- nessing the final phase of a thorough | liquidation and readjustment of the un- favorable factors which have been re- | tarding improvement in financial and | | industrial conditions, uncertainty and | |lack of confidence should gradually be | | replaced by ‘an improvement in senti- ment toward the outlook. P | ¢ LEAF TOBACCO EXPORTS | | INCREASE IN NOVEMBER| By the Associated Press. | _Exports of leaf tobacco from the United States showed a slight increase | during November, as compared with | | the same month last year. | The Commerce Department reports the gain was not sufficient to offset| the downward trend in leaf exports for the year, as the total for the first 11 months of 1931 amounted to 467.- 900,000 pounds, as compared with 517,600,000 for the same period last| | year. Very little change was noted during the month concerning the various types exported, the department re- ported. Money to Loan Secured by first deed of trust on real estate, Prevailing Interest and commission. sh. | Joseph 1. Weller inws SINCE_ 1899 MONEY TO LOAN At 515% and 6% Interest Before Placing or Renewing Your Ist and 2nd Trust Consult WELCH Realtors L First Mortgage Loans Lowest Rates of Interest and Commission | Thomas J. Fisher' & Company. Inc. 1 ngs or any other First Quiet Quiet Quiet Good Fair Quiet Fal r Fair Slow Quiet Quiet Quiet Fair Fair Quiet Slow Quiet. Quiet Fair Quiet Quiet. Quiet Slow Quiet Quiet Quiet Quiet Quiet Fair Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Comment. Chicago—Steel prices unsettled; holiday trade good, but retailers quiet e. Cleveland—Various industries, n]lso]rctaflers, taking inventories; steel 5 1 moving slowly. e sgales" l¥1€ellng with better response than last year; manufacturing and industry generally inactive. Indianapolis—Auto sales slightly under last year; wholesale and job- bing slightly better than 1930; furniture plants still on part time. Louisville—Wholesale and jobbing trade dull; practically all industry closed until January 4; retailers satisfied with Christmas trade. Milwaukee—Machine tools increased; city to employ 10,000 men Pittsburgh—Holiday volume above 1930; wholesale coal quiet. Des Moines—No improvement in wholesale trade; building materials ‘Duluth—Warm weather hinders coal sales; also Winter apparel trade; Kansas City—Holiday trade 25 per cent below 1930 in dollar value; ; holiday retail volume lower than d, off 15 to 20 per cent from 1930; erienced by retail stores: results of building and materials slow. seasonal lines; holiday trade nearly Baltimore—Merchants have disposed of most of their old stocks' un- employment still grave; inventory-takiug general. ELECTRICITY DEMAND INCREASED DURING 1931 Special Dispatch to The Star. NEW YORK, January 2.—Sales of electricity by Public Service Electric! and Gas Company, operating subsid- | jary of Public Service Corporation of | New Jersey, for eleven months of 1931 | totaled 1,573,568,087 kilowatt how compared with 1,552,958,157 kilowatt | hours during the corresponding period | of 1930. This is a gain of 1.33 per| cent. . Nearly one-third of Germany's crude oil oroduction is from the wells drilled | receatly in the old Volkenroda potash ! mine shafts. Special Dispatch to The Star. NEW YORK, January 2.—The results of a poll recently conducted among members of the Association of Natione al Advertisers, New York, to find out the general sentiment in regard to ade vertising appropriations, show that 174 have already made definite advertising plans for 1932 Of these 174 companies, 53 have re- ported that they will spend more for advertising in 1932 than in 1931, 57 will repeat the 1931 appropriation and 64 expect to spend less. Of these same 174 companies, 101 stated that slowness on the part of ad- vertising mediums in adjusting rates to fit present conditions was the principal cause for having their 1932 appropria= tions dammed up. Following are some of the comments of these companies with regard to rates and their 1932 appropriations: “We are working on a 10 per cent less budget, but will increase to previ- ous figure if we can get rate reduc tions.” “We are placing more space with publishers who have adjusted rates than with those who have not. In some cases the rate situation has forced considerable change in our lists.” “For_years we have been a consistent user of magazine and newspaper ade vertising. “We are using those publi think have sound circulation. “We need more advertising space for our expenditures if we are to stay in the picture as future advertising buy- ars " “We are nolding all 1932 contracts during a rate discussion with each pub- lisher.” “Liquidation of magazine rates is sure to come sooner or later. It's bad it isn't coming in time to affect 1933 schedules.” U. s TREASUE:Y BAI:ANCE. The United States Treasury balance announced today as of close of business December 30 was $493,727,716.07. Cus= toms receipts for the month to date were $24,563,142.60. Total ordinary ex- penditures were 3,416,896.85. Receivership Named. DOVER, Del, January 2 (®).— Chancellor J. O. Wolcott disclosed that he had appointed three receivers for the American Commonwealths Power Cor= poration, large public utility system with executive offices in New York, St. Louis and Grand Rapids, Mich January 1, 1932 Mr. G. Clem Goodrich has withdrawn from active membership in the general partnership heretofore existing Mackubin, Goodrich George Mackubin Auville Eager BALTIMORE under the name of & Co., and has be- come a special partner in the new firm which will continue the business under the former name with the remaining general partners: John C. Legg, Jr. Laurence M. Simmonds Howard E. Demuth MACKUBIN, GOODRICH & CO. Bankers WASHINGTON L | | The Woodward your requirements. Rental Office, 510 our Here the Over a Third ofic secured by Notes rest Semi-Annually Secured on 1887 District 1015 Century Without a May be Loss ient Partial desire. Patent Attorneys Office Building 15th and H Streets N.W. —just three blocks north of the new Patent Offige, offers many desirable advantages to its tenahts in the heart of the financial district; close to banks, real estate, insurance and brok- erage offices; pffers an outside office at $25.00 per month, or a suite can be arranged to meet Woodward Bldg. / National 5516 Randall H. Hagner and Co. EASILY ACQUIRED COMPETENCY It is so easy to provide definitely for the future through investment in 6% FIRST MORTGAGES interest is fixed—never varying throughout the entire term of the loan—and the principal is improved Washington real estate which we have conserv- atively appraised. purchased in amounts from $250 up—and upon our conven- Payment Plan if you B. F. SAUL CO. National 2100 THERE 925 15th St. N.W. IS NO SUBSTITUTE FOR .SAFETY