Evening Star Newspaper, January 7, 1932, Page 13

FINANCIAL. INVESTMENT FIRM ELECTS OFFICERS Schick Retains Presidency of National Mortgage—Realty Account Higher. BY EDWARD C. STON James P. Schick, for several years president of the National Mortgage & Investment Corporation, was re-elected to the same office at the annual meet- | ing of the directors yesterday The other officers were also returned to office, as follows Gen. W. A. Ho!- brook, chairman of the board ; Clarence F. Donohoe, first vice president Harold E. Doyl second vice pre: dent; William D. West, treasurer; Col. M. C. Buckey, secretary. The ex- ecutive committee- men are Hugh A. ‘Thrift and Messrs. ‘Donohoe. Doyle, ‘West, Buckey and Bchick The annual report of the president shows that the corporation is paying its usual rate of dividend on the pre- ferred stock and its general business was about the same as that of 1930 The Capital Garage activities, however, revealed a gain in business of more than $60.000 The corporation’s real estate account exhibited a slight increase in invest- ment over 1930, although it disposed of 12 more parcels of land than it took in by foreclosure, and practically all of its real estate is producing some income. The amount of income the corporation derived from real éstate in 1931 was 11 per cent greater than that in 1930 The corporation’s apartment build- ings, which number more than 230, reflected a percentage of vacancy of 2.5, as compared with statistics for the city prepared by the Washington Real Estate Board, presenting a percentage of vacancy of 7.8. The company’s preferred stock is listed on the Washington Stock Ex- change, the last sale being recorded at 3%. Bankers to Honor Rudolph. Acting President of the District | Bankers' Association C. H. Pope has| appointed a committee of Washington | bankers to attend the funeral of Cuno | H. Rudolph, The list appears else- Wwhere in today's Star and includes the | residents of all the banks in the city. Rir Rudolph was a member of the Dis- trict Bankers' Association while pres dent of the Second National Bank. He was also connected with the National Metropolitan at one time and was very highly regarded by the banking fra- ternity. Riggs Loses Valuable Director. Directors of the Riggs National Bank | were greatly shocked to learn of the sudden death, late yesterday, of Louis E. Jefiries, st, who had been a most valued member of the board for many years, At the time of his death he was vice president and general counsel of the Southern Railway. His son, Louis E. Jeffries, jr. is assistant manager of Riges National's Dupont Circle branch. Capital Traction Stock Active. Capital Traction was unusually active on the Washington Stock Exchange to- day. although trading was confined to small lots. The stock closed higher than it opened. The first sale wag 15 shares at 18. Later in the session there were 10 10- share lots sales, all made at 18'4. Bond trading was confined to Wash- ington Gas Light 6s, series A, the day's first sale was in this issue, $1,000 selling at par. Later three more $1,000 trans- actions were recorded at the same price. Chain Stores Make Reports. Sales of §. 5. Kresge Co. for Decem- ber were announced today at $22,173,414 against $23982,045 in December, 1930, a decline of 7.5 per cent. Sales for the 12 months totaled $145,785,474, com- pared with $150.353,703 in the like 1930 period, a decrease of 3 per cent. The | company now has 711 storeg in opera- tion. H Sales of G. C. Murphy & Co. in De- | cember totaled $2.961,329, against $3 170,346 a year ago, a decrease of 6.5 per cent. Sales for the 12 months amounted to $19,181,558, compared with $17,498,022, an increase of 9.6 per cent for the year. McCrory Stores Corporation sales for December toteled $6.879.476, against $6,782,856 in December, 1930, a gain of 1.4 per cent. Sales for th ye totaled $43,203,068, compared 223,531, an increase of 0.2 pe N. & W. Hearing Date Again Set. James P. Schick. A fight backed by months of pre tion will be opened before the Inte Commerce Commission February the Norfolk & Western Railway aga the Government's attempt to recapi $40,000,000 from its annuel ear since 1924 Set and reset, the recapture case screduled early last month 8. On the request of the carrie postponed again until the date. S. King Funkhouser, valuation cou #el of the railroad, said ther no request from his quarter for fu Railroad technical experts and tants now are anslyzing the data which the commission determined the amount of the carrier’s recapturable income Heard in Financial District. The United States T sale $50,000.000 of 91-day bills, on which tenders will be r January 11. Bil ted January 13 and will m oril 13. P s vill g0 to T t for February man the | Baltimore | resignation Waldo Newcom i of Executive Committ the Trust Co., has ter effective January a member of d board of C. H. Gockeler District Nation ton_ Stock his d Bome w Plans are T open meeting of the Dis Association to be held at on the evening of January committee is secy an speaker Comm ctors vice president of t excelle NATIONAL CITY REPORT NEW YORK, January 7 (Special) .— The statement of the National City Bank of New York today showed cap ital of $124,000000, compared . with $110,000,000 on September 1930, due | to the merging with the Bank of Amer- | fca. Undivided profits were $11.347,466, | against $26,616,546 three months ago, and reserves for contingencies of $25,- 534,154, compared with $6,907,968 at the | previous call. Due to the merger, de- | posits were somewhat higher than three | months ago. The “reserve for con- tingencies” item of both the National City and the Chase National arc almost fdentical in amount. Deposit at the end of the year wi mately $40,000,000 larger th National City. POTATO MARKET. CHICAGO, January 7 (P States Department Agriculture) —Fota- toes—Receipts, 41 cars; on track, 123 | cars; total United States shipments, 590 | cars. Steady; trading fair. Sacked, hundredweight: Wisconsin, Round tes, 85290, few 95; unclassified, 75a 80; Idsho, Russets, No. 1, 1.50a1.60, few 1.65; No. 2, 1.00a1.05. (United THE EVENING STAR, WASHINGTON, DG THURSDAY, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Stocks sold in 100-share lots exeept those desirmated by letter T8 =183 High. 144 52 39 23% 3315 2815 11% 20 109% 20 12% B9lx 6515 461 1823 42% 187 23 29% 625, 66% 2R 124% 129% 383 86 4R% 214 14% 16 3314 BI% 90 100 794 10% 120 23% 54 9974 2055 28 2'% 64 ) 1044 8 8015 107 664, 1135 141 90 81 62 808, 25'% 46% 70% 128% 29 43 7614 308 66 22% 69% G4u 642, 129% 1% Aviation Corp (Del). —_ Btock and Bales— Low. Dividend Rate. Add 00 2 Abitibl Pwr & Paper 1 24 2% 4% Abitibi Pow&Papf. 1 6 6 18 Abraham&Straus 1% 28 23 314 Adams Express. AN 4n 2214 Adams Millis (2). 254 25% 10 Addressograph (1).. 111 2 Adv Rumley. . 1214 Aflfated Prod 7% Afr Reduction(t41 Alaska Juneau (50c) 35 127 Allegany Corp...... 38 1y AllegCppf$30ww.., 5 34 3 Alleg Cppfx$30w.. 2 21 Allegheny Steel 60c.. 108 13 Allied Chemical (6). 259 67 Allis-Chalmers (1).. 2 1% Alpha Port Cemt (1) 1 a Amerada Corp (2)... 10 128 Am Agri Chem(Del). 1 6 Am Bank Note (2)... 5 Am Bank Note nf (3) 30x Amer Br Shoe (1.60). 1 Am Brake Shpf (1), 108 Am Can Co (16)..... 400 Am Car & Foundry.. 1 Am Car & Fdv pf (T) 4208 Am Chicle (+3) Am Colortype. Am Comcl Alcohol caustic Tiling ropean Secur. Am & For Power.... Am & For Pwr pf(8) Am & For Pwr pf(7). Am & For Pwr 2d of. ‘Am Haw St'ship (1). Am Tiide & Leather. . Am Hide & Leath nf. Am Home Prod 4.20. AmTce (2)..... oe Am Tnternational. Am Locomotive. ... Am Lc'motive nf (1) Am Mch & Fdv 140.. Am Mach & Metals.. Am Matal Co. Am Natural Gas .. Am Pwr & Lt (11). Am Prr & Lt of (6). Amer P& LUA (5) n. Am Radiator (§0c).. 100 Am Radiator of (7). 1008 Am Tolling Mills. ... 8 Am Safety Razor (5) Am Shin & Com 7 Am & Rfe(5 26 Am Steel Foundry... 5 Am Steel Fdry pf(7) 25 Y 490 35 32 10 208 Am Stores (12%). 4 Am Sugar Ref (5). 2 Am Sumatra Tob 12 Am Tel & Telex ( Am Tobacco (1)... Am Tobaceo B (5). Am Water Wks (3).. Am Wat W 1st pf(6) Am Woolen Co. Am Woolen Co of. § Am Zinc & T.ead. 4 Anaconda Conder. ... Anaconda Wire & C.. Anchor Cap (240)... Archer-Daniels (1).. Armour of Del pf (T) Armour of 111 (A). 5 Armour of 111 (B). Armour of 111 pf. Arnold Constable Associated Apparel. Associated Dry Gas Atch To & San Fe(6) Atl Coast Line (4). . Atlantic Refining (1) Atlas Powder (4)... Atlas Powder pf (6). 8415 Auburn Anto (£4) . 280 14% Austin Nichols A 1% 408 15 Autosales.......... 1 13 10 40s 4% Baldwin Locomotive 15 Baldwin Loco pf..... 120s 14 Baltimore & Ohlo.... 164 25 Balto&Ohiopf (4).. 3 85 Ramberger pf (634). 10s 18 Bang & Aroos (3%). 4 80 Bang & Aroos pf (7). 10s 4 Barnsdall Corpn.... 50 60 PBayuk Cig 1stpf (7) 208 37 Beatyice Cream (4).. 4 37's Beech-Nut Pkg (3).. 1 547 Belg NRptpf t4.81. 3 12% Bendix Aviation (1). 100 19% Best & Co (2).... 10 7' Bethlehem Steel (2). 87 60 Bethlehem Stipf (1) 2 6 Blaw Knox (50¢) 15% J3ohn Alumn (1%4). 35% Borden Co (3).. 9 Borg Warner (1) 10 Boston & Maine RR. 7% Briggs Mfg (1)... 31% Bklyn-Man Tran (4 63 Bklyn-Man Tr pf (6) 46 Bklyn&Queens pf(6) 72% Bklyn Union Gas (5) 118% 11615 Brown Shoe pf (7) 91y By 13 23 3: 13 1% 2084 695 53 11% 16% 45 45% 25 16 131% 524 4 26 3014 28% 465 B4la by 109's | 111% 234 36% 92 34 211 12 100% 148 308, 2% 35 487 100 b Bly 41 23 157% 102 45% 195 23 13% 24 21% 27 1 1% Bruns Term & Rw; 113 Budd (EG) Mfg.. 2% Budd Wheel 3%, Pullard Co 10 RBurr Add Mch (1)... 85 Bush Terminal pf(7) 3, Butte & Superior 3 Butterick Co. 107 Byers (A M) Co £ California Pack 3 Calumet & Hecla 1, Camp W&C Fdy (1). 10% Canada Dry (1.20)... 10t Canadian Pacifio 1% . 16% Cannon Mills (1.60). 415 Capital Admin (A).. 334 Case (JI) Co....... 10% Caterpillar Trac (2). 13 Cavanaugh-Dobbs. . 5% Cavanaugh-Dobbs pf 974 Cerro de Pasco (1) 31 Checker Cab Mr{g. 23% Ches & Ohio (2%). 1374 Chesapeake Corn(3 14 Chi & Eastern Il pf. 215 Chi Great Western. . 9 715 Chi Great Westn pf.x 15 115 Chi Mil StP & Pac... 14 214 Chi Ml StP & Pac pf. Chic & Northwstn. ... Chi & Northwestn pf Chi Pneu Tool. Chi PneuTooi pf.... 3 Chicago R I&Pacific. 13 ChiRI&PacT%pf. 5 Childs Company. . 3 hile Copper..... 208 Chrysler Corp (1)... 264 City Ice&Fuel (3.60) 4 _ City Ice&Fuel pf 6% 108 Clty Stores..... . 20 City Stores (A). 208 Clark Equipment(1). 1 Cluett Peabody (2). 1 Cocoa-Cola (t - 121 Colgate-Pal-P ( 4 1 6 Collins & Alkm: Colo Fuel & Iron. 30 Colo¥uel & Irpf (8) 408 11% Columb GREL(b1%). 79 T2 21 pt A (6). 1 82 a Carbon (3) 82 8 Comm Credit (1.60). 19' Comel Credit A (3).. ‘omcl Cred 18t(6%) 1513 Comei Inv Trust (2) 6% Comcl Solvents (1). 75 3 Comwlth & Sou(30e) 98 46 Comwlth&Sou pf (8) 7 6% Congolm-Natrn (1). ] 6% Congress Ciger (1).. 4 Consol Cigars (5) . 1 Consol Cgr pr pf 6% . 508 Consol Cigars pf (7). 10s Congol Film 3 “onsol Film pf (2).. 8 *onsol NY(4).. 232 “onsol Gas NY pf (5) “onsol Laundries(1) “ontainer Corp (A). ontainer Corp (B). ontl Baking (A). ontl Baking (B)... Contl Baking pf (8). 30% Contl Can (2%)..... 1814 Con’. Insur (2.40). Contl Motors. .. Contl O11 (Del) Contl Shares. Corn Products (3).. Coty Ine « « « 108 12 ‘rosley ‘rown Cork ( “rucible Steel pf (7) Cuba Cane Products. Cuban-Am Sugar pf. 29 Cudahby Packing (4). 20 Curtis Publish (4) 1 Curtiss Wrignt. 1% Curtis Wright (A) 7 Cutler Hammer 108 Tl Davioon Chemical 64 Delavare& Hud (%), % Delaware Lack & W, : Denver & RG W pf.. 110% Detroit F on (8) 10% Diamond Match (1). 6% Dome Mines (1).... 11 Dominion Stores t1% 7% Douglas Afrcraft (1) 20% Dresser Mfg A (3%) 10% Dresser Mfg B (fi High. Low. Close. Chee 78% 124% 13 185% 21% 11 75 43% 60 731 s 25% 114 9% 65 481 hA%, 1218 56 815 50 o 19% 94 4 T4 % 100 18 103% 104 19'% 13214 9% 65 6815 141n 2915 4414 26 134 89 8 45 86 182 71 1% 1238, 9% 34 4l 15 51% 1798 12% 6213 4 39% 603 31 3% 167 201 104 439 69 42 b4 51 9014 3B% 21% 9% 31 FIA 12312 45 64 24% 3l 4 26 29% 1 60 31% 29% 275 18% 61 69% 51% 26' 10314 17 104 437 1061 61 5 4T 19% 367 18% 451 o 80 10 83% Stock and Dividend Rate. 42% Drug Corp (4)...... b4 50% Dupont de Nem (4).. 321 94 Du Pontda N pf(6). 4 215 Kastern Roll Mills. . astman Kodak (18) aton Axle& Spr50c. itington-Schild. ... 5 Eftington-Schild pf. lec Auto Lite (4).. lectric Boat....... lec&Musical Instru lec Pwr & Lt (1)... lec Pwr & Lt f(6). lec Pwr&Lt of (1) .. Ii'ec Storage Bat (4) 4+ Endicott-Johnson (3) ng Pub Sve (1.60) ... auit Office Bldg 2% rie RR..... . stpf. 2d of ashion Park As pf. 48 Fed Lt & Trac pf (6) 103 Fed Dept Stores (1). 127 Firestone T & R (1). 467 Firestone T&R pf(6) 41 First Natl Strs (2%) 14 Fisk Rubber 's Fisk Rub 1st pf conv 4 Follonsbee Bros. 9% Food Machinery (1). 8 Foster-Wheele| . 15% Fourth Nat Inv (1,10 21y Fox Film (A). . 60 Franklin Smn pf(7). 13% Freeport-Tex (3) Ga—iewell Co (3) Gen Am Investo 3 Gen Am Tank Car. 10 Gen Asphalt (2).... 4 Gen Baking (2)..... 3 en Baking pf (8) 108 Gen Bronze ....... 3940s Gen Cable p 108 Gen Cigar (4). 2 Gen Electrion1.60).. 431 Gen Elec spee (60¢). 6 Gen Fond Corn (3) 39 Gen GRE A (167 11 Gen Mills (3) e Gen Motors (3). 351 Gen Motors pf (5)... Gen Outdoor Adv(A) Gen Printing Ink(2). Gen Prtg Ink pf (6) Gen Public Service. . Gen Ry Signal (5) Gen Realty & Utll. ... Gen Realty & Util pf. Gen Refractories (1) sen Theatrs Equip. . Glllette Saf Razor... 3illette Saf R pf (5). Glidden CO. ...vvuun 4 Gobel (Adolf). Gold Dust (2%). Goodrich (BF)..... Goodyear T & R (1). Goodyear 1st pt (7). Gotham Silk Hoslery Graham-Palge. ..... ranby Consol (50c) irand Silver Stores Grand (Tnion. . Grand Union pf (3). Grant (W T) (1).... Great Northern pf(2) Great Northn Ore(2) Great Western Sug.. Greene Cananea Cop. Grizsby Grunow Gulf States Steel. 1% Hahn Dent Stores. .. 11 Hall (WF) (1.20)... 67 Hanna pf (T)....... 11'4 Harb & Walker (1).. 13 Hartman Corp (B).. 1 Hayes Body Corp... 60 Helme (GW) (17)... 5 Hercules Mot (80c). 68 Hershey Choc (6)... 70% Hershey Choc pf (18 1% Hoe (R) & Co 5% Hollander Sons..... Homestake M (7.80). Houdaille Hershey. . Househld Fin pt Houston Ofl. .. Houston Oil (new).. Howe Sound (2).... 261 Hudson & Man (3%) 7% Hudson Motor (1)... 3% Hupp Motors Tilinols Central. ... TNiinols Cent 11 (4. Indian Refining. . Indust Rayon (4)... inzersoll Rand (4).. Inland Steel (2)..... Inspiration Copper.. Ins Shares(Del) 50c. Insur Sh(Md) (28¢) tnterboro Rap Trank Intercontl Rubber, Interlake Iro Int Agriculture pf Int Bus Machine(n§) Int Carriers,Ltd 60c. Int Cement (3) Int Comibustion. Int Combustion p Int Harvester (2%). Int Hydro E1 A (62). Int Match pt (4).... nt Merchant Marine. ckel of Can 20¢ Int Paper & Pwr (A) Int Paper & Pwr pf.. Int Printg Ink pf (6) Int Salt (3)...... Int Shoe (3). Int Silver... Int Silver pf T . Int Tel & Telos (60¢) Lat Dept Stores (2).. 1% Investors Equity 145 Island Cr'k Coal (3) sares— 511y 52% 5213 54in 99% an 814 6% 11% 24 10s 15% Johns-Manville (1).. 68 Jones & Laugh pf(7) 6 Kansas City Southa. Kan City Sou pf (4). « Kayser (J) & Co (1) « Kelly-Spring Tir 10 Kelly-Spr T 6% p 514 Kelly-Spr T 8% D! 3 Kelsey-Hayes W] 6 Kelvinator Corp. 20 Kendall Copf (6)... 9% Kennecott Copper 50¢ 5 Kresge (SS) (1.60). 4', Kreuger & Toll 1.61). 1215 Krozer Grocery (1). 40% Lambert Co (8). 5 Leh Port Cement. Lehigh Valley RR. . Lehman Corp (2.40). Lehn & Fink (3).... Liggett & Myers(t5) Ligg & Mvers B (16) Ligg & Myers pf (7). Lima Locomot (m2). Link Belt (1.20)..... ¢ Liquid Carbonic (2). Loew’s, Inc (t4).... Loew's Inc pf (6%). Loft Inc. Loose-Wiles (13). Lorillard (P) (1.20). Louisiana Oil. . . 177 Lou Gas&El A (1%) 20% Louisville & Nash(4) dlum Steel 5 572 McCall Corb (2% ) 1413 McCrory (B) (2).... 6 McGraw Hill Pub. . 12 Melntyre Pore M (1) 3815 McKeesport T P (4). 3% McKesson & Robbins 115 McLellan Stores. 12 Mack Trucks (1).... 50 Macy (RH)& Co(n3). Manhat Elev gtd (7) ManhatElev mod gtd Marine Midld (1.20). Marlin-Rockwell (2) Marmon Motor Car.. Marshall Fleld (2%) Mathieson Alkill (2) tStrs (2%) Maytag Co 15t pf (6) 4 Melville Shoe (2)... Miami Copper-.... Mid Continent Petm. Midland Steel (3). Minn Moline Pow. MStP &S S Marfe. . M StP & SSm Isd (4) Mo Kan & Texas. ... Mo Kans & Texas pf. Missourt Pacific.... Missourl Pacific pf.. Mohawk Carpet..... Monsanto Chem (1% ) Montgomery Ward. . Mother Lode . Motor Prod Motor Wheel (3 o 9 e Sy Murray Corp........ 20 Myer (F E) & Br (2) 156 Nash Motors (2).... 12% Nash Chat & St L(3) » Nat Bella Hess. . 363 Nat Biscuit (2.80) 20 108 14 47 (Continued on page id) Net. Add 00. High. Low. Close Chge 51% + % 53+ 1 9915 +1% 3% 790 +1% 6 + T Lt 1% — 28% 17 3 1% 4 42 50 28 29 18% 19 6% ay 6% 5 53 14 144 50% 4T % du +1% 9la 614 187 17 19 1 40 — W — +3% IADVANCE IN STOCK MARKET RESUNES Rally Carried Further, With Rail Issues Leading—Trad- ing Volume Small. BY GEORGE T. HUGHES. Special Dispatch to The Star NEW YORK, January 7.—The rally in the stock market carried further to- day. Trading was quiet, but the trend was distinctly upward. It was the rails that assumed leader- ship on today’s advance. For this there was no new reason. Much is hoped for from the Reconstruction Finance Cor- poration and confidence in a satisfac- tory adjustment of wages is growing. but all of these matters might have been as_effective Wednesday as today Nevertheless speculation shifted to the rails. Gains Are General. Gains were recorded by both the Jow- priced and the dividend-paying issues. Atchison at 82 was up more than 6 points from the low the day the divi- dend was cut. New York Central rose above 30 on steady demand and ad- vances were scored by Baltimore & Ohio, Missouri Pacific preferred, New Haven, Union Pacific and Norfolk & Western Active industrials sold at the best of the current rally. The buying in U. S. Steel attracted more atfention than anything else, because, whatever may be said to the contrary, strength in steel is still taken as an indication of the attitude of banking interests toward the market. American Telephone crossed 115, up over 7 points from its recent low. There never was any reason to question the safety of the dividend on telephone. It was stated today that the buying on the decline earlier in the week had been of the “informed” sort. General Motors was fractionally higher above 22 and at & new high on the move. Auburn behaved more sedately than is its wont, but it, 100, gained. Accumulation seemed to be in prog- ress in Montgomery Ward, which was one of the most active low-priced issues. The perennial rumor about a merger with Sears, Roebuck was denied Wed- nesday but that did not seem to d courage sponsors for the stock. Wes ern Union rallied against the short in- terest. ¥ As the sessfon went on, the short in- terest showed increasing concern. The larger shorts were not convinced by the sudden reversal on the day before. On the contrary, some of them put out more lines on the recovery. As prices advanced today, however, and offerings decreased covering appeared, which of course, helped along the rise. Buy- ing spread to many stocks neglected of late, including International Harvester and Johns-Manville. Some of the or- ders in the general list were said to be coming from abroad, which gave color to the report that favorable develop- ments were pending in the reparations situation. Opening Prices Higher. The market opened higher. The tone of the London market was firmer and sterling here opened up 4 cents at 3391, A biock of 10,000 shares of Reynolds Tobacco B at 34!, unchanged, was the largest single transaction in the first few minutes of trading. Consolidated Gas in a lot of 3,500 shares opened at 61%, up . General Motors in a 1,500- share trade gained a small fraction at 217, Dupont on 1,200 shares opened at 5214, up la. United States Steel on 1,000 shares appeared at 39%. up 's. and quickly reachied 40. American Can at 59 was unchanged. Allied Chemical at 68% lost V4. Westinghouse Electric at 24% responded further to the dividend declaration of the previous day. General Electric at 24! gained a fraction. American International Cor- poration, which plans to acquire Reli- ance International, sold on a 1,100 share block at 5%, up 4 American Telephone at 114%; declined a shade, but with the exception of Standard Gas & Electric at 283, all the | other utilities were slightly _higher. Standard Oil of New Jersey at 273 and Texas Corporation at 12}, registered gains. A block of 3,000 shares of Trans- america Corporation appeared at 27, unchanged. Sears Roebuck at 3215 was off Y. F. W. Woolworth at_ 391 dropped %. Atchison at 814, Balti- more & Ohio at 15!, New York Central at 29%, Southern Pacific at 28% and Northern Pacific at 18', were among the rails that showed early advances. PARIS BbURSE PRICES. PARIS, January 7 (#)—Three per | cent rentes, 79 francs 30 centimes. Five per cent loan, 101 francs 60 cen- | times. | Exchange on London, 86 francs 623 | centimes. " The dollar was quoted at 25 | trancs 49% centimes. DIVIDENDS DECLAhED NEW YORK, January 7 (P).— Extra. Company Rate. i0d Miners Bk of Wilkes- i Tobacco Prod A 15c Do A ctfs of dep..15¢ Increased. %c Q Reduced. Cleveland Sav & L...§2 Gliett Peabody & Co 500 Exchange: Buffet C61yc - Jan Jantzen Knit Ml © e, Feb Lambertville t Bk R Dec Britain ‘iach’ J0c @ Dec ord Myt Jan Un Cig Stores u; At:‘\ o a8 67 { $1 .. Feb. N U S Merch’ & Shippers Ins . S0cA80 Q Omitted. Pay- able Hldrs. of record Dec. Jan. Jan. Feb Feb 10 19 15 25 15 25 Lowell Elec Lt Jan. Jan. Feb Dec. 31 | pSompany | Bairy Corp can 11 o Merch Mt Rate. Period. Due pf.$150 Q Jan Ins (Prov).12%ac Jan! (Prov) 215¢ Rhode " Tsiand ‘Insur Union Mig Co Regular. Pe- riod Pay- Company able Adama-Aillis Do Ist pf 51 Am Lt & Trac pe. 3705 Atlas’ Powder pf 3150 Baker (3 1) Chem. Co st pt 1135 00 2ng bt HKH angor Hydro-Eléc. . 50 Beneflcial, Prid i oan . ¢ Do bt A Eorden G | Cent Ty Do p Cin Mill Mach ‘i 51 Cleve Graph Bro Collins’ Co . olumbian Naf Lite 34 Cons” Cis $17 Do. pr pf. ... $1.62! First Nat Bk X (Portland Me)..... 34 Goodman Mfg Co. i5c Hartford Elec. Lt 68%s Heyden Chm C pf.51.15 Tii North Ut bf., $150 Jrnal of C cp Bt 3175 Lawbeck pf A -. 5150 Ludlow Val Mf Co p{ 4 Mass Bonding & S...$1 Mississippi Val R K. 13 Maytag Co 15t pf,$150 McGoldrick Bond ‘& Mtge Corp pf.. 5350 Mercant Acc Tr pf £330 Miners Bk of Wiikes- Barre 50 Mis' Val Rate o B2 e ©»00LOO0sp OO OO i 53 Ut 'inv t6 r Til (no par) .52 5100 par)....s2 ac St Cioix Paper Co..32 Sub E Sec Co 1p{.11.50 Tide Wat Oil Df.§125 Tobacco Prod A. .. 30c Do A ctfs of dep 20c Tung-8ol Lamp Wks.25c Upson Co pf 1.8 Vilehek Tool pf: 3175 ‘Westingh El & Mf.62%c e JANUARY 7, 1932. BIGGER ROAD-BUILDING PROGRAM IS ADVOCATED By the Associated Press. E. J. Harding, managing director of the Associated General Contractors of America, in a plea for a larger road- building’ program, declared such work has proved its worth for unemployment reiief side, however, from the viewpoint of employment, he said the justification for an enlarged highway program is the need for highways. In this connection, he declared, this country boasts more than 26,000,000 motor vehicles and only 3,000,000 miles of rural highways, 2,300,000 miles of which will be deep in mud this Winter. “Our automobile builders and motor vehicle salesmen are years ahead of our road builders.” he said. “We need the roads—2,300,000 more miles of them. Men need the jobs—6,000.000 of them. Mine and quarry workers, {0 pro- duce raw materials, men in the mills and factories to make necessary ~quip- ment and finished products—jobless men_everywhere to change mud holes to highway,s all await the call to action.” Washington Produce Butter—One-pound Eggs—Hennery, 23 ceipts, 18a21, Poultry, alive—Turkeys, old toms, 20 young toms and hens, 25a28; chick- ens, 3 pounds and over, 18a21; 2 to 25 pounds, 20a21; broilers, 1'. to 2 pounds, 21a22; hens, large, 14a16; small, 12al4; Leghorn hens, 13a14: roosters, 10; keats, | young, 40a45; old, 25a35. Poultry, dressed—Turkeys, old_toms, 24a26; young toms and hens, 27a30; chickens, 3 pounds and over, 20a22 pounds, 22a25; broilers, 11 to 2 25; hens, large, 17a19; small, | 15a17; Leghorn hens, 14al5; roosters, | 13; keats, young, 60a70; old, 50. Meats—Beef, prime, 16; choice, 15; good, 121:a13; cow, 915a10; lamb, top, 16a17; fair to good, 14al5; common, 11a | 12; veal, top, 14; medium, 121.a13; pork | loins, 8 to 10 pounds, 14al5; 10 to 12 pounds, 14al5; fresh hams, 8 to 10 pounds, 13; 18 to 22 pounds, 19; smoked hams, 16al7; strip bacon, 16al7; lard, 80-pound tins, 8'; package, 9; com- pounds, 7a7 Live stock—Hogs, light and medium, 4.75a4.90; heavy, 4.00a4.50; Toughs, 2.50 83.50; calves, 5.0029.00; lambs, 5.00a7.00. Fruits—Strawberries, pints, 15a18; quarts, 30; apples, bushel baskets, 50a 1.00; fancy box stock, 250; oranges, Florida, 3.00a3.75; California, 3. 4.00; grapefruit, 2.25a3.25; pears, 2 3.25; pineapples, 3.50; grapes, Em- perors, 3.50a4.00; lemons, 3.50a5.50; tangerines, 1.25a1.75; persimmons, 1.00a 2.00: kumquats, quart, 10al5; bananas, 1.00a2.50. Vegetables — Potatoes, 100 - pound sacks, 1.25; Idaho bakers, 250a2.75; sweets, 25a1.00; tomatoes. repacks, 3- pan containers, 2.25a%.06; peprers. 2.00a 3.00: carrots, bushel baskets, 1.00a1 beets, per 100 _bunches, string _beans, 2.50; _limas, peas, 9.00; lettuce, Iceberg, 5.0085.50; cabbage, new, 1.75a2.00; old, 75a1.00; spinach, 75a1.00; kale, 65a75; cauli- flower, ' 250; mushrooms, _75a1.00; broccoli, 3.75a4.00; turnips, 50; arti- chokes, 4.00a5.00; celery, 3.50; cucum- bers, Cuba, 5.00; eggplant, crates, 3.50; white squash, Ciiba, 3.00. $5,000,000 DIVIDEND AIDS NORTHERN PACIFIC RWY. By the Associated Press. NEW YORK, January 7—Declara- Northwestern Improvement Co., wholly owned subsidiary of Northern Pacific Railway, will help the railroad’s 1931 earnings to Such an extent that its bonds can maintain their standing as legal investments for New York State | savings banks, it was pointed out in Wall Street today. The improvement company, which | has large real estate’ holdings and a number of coal and iron deposits in Montana and Washington, has had liquid assets of $20,000,000 or more, ac- cording to the latest available informa- tion. It has not been unusual in recent months for strongly situated subsidiaries to assist parent companies by special distributions. Money to Loan Secured by first deed of trust on real Prevailing interest and commission. Joseph 1. Weller ggman x4 Trgyt Authorized Service A. C. & Northeast Speedometer Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 6% Secured on residential property in District of Columbia and mnearby Montgomery Co., Md. Ed IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors NAtional 9300 FIRST MORTGAGE Investment 1417 K Bt uaranteeing satisfaction The Trade Mark Curmanco Steel tion of a special $5,000,000 dividend by ; FINANCIAL. *¥¥ A—13 TAX GASE RULING ENDS G-YEAR FIGHT Supreme Court Decision Af- fects Inheritance Levies in Many States. BY JOHN F. MILLER. Shares of stock may no longer be subjected to double inheritance taxes, the Supreme Court of the United States has just ruled For many Yy residents of New | York, Pennsylvania, Illinois and many | other States have been careful not to carry large stock holdings in companies incorporated in the so-called non ciprocal jurisdictions. For example, if | a resident of Philadelphia died owning | the shares of stock of a Montana cor- poration, both Pennsylvania and Mc tana would collect an inheritance tax. | In the future, gnly the home State of | the decedent is entitled to impose a the Supreme Court ruled in a o-three opinion. | Reciprocal Statutes. ‘ The decision, tax experts pointed out today, is the culmination of an effort extending over six vears to eliminate double death taxes. Prior to 1 A heritance taxes might be paid, not to two, but to seven or eight St The reason for this w some. of the large railroads are incc porated in several Si 5! might demand a_tax away with that injustice, some tates passed what is known as ciprocal statute. That was a law said in effect to the other States, you will not impose an inheritance on securities owned by our residents, we will reciprocate and not impose a tax on | Securities owned by your residents.” All but the following n hage since adopted such a statute zona; Kansas, Kentucky Loui: Minnesota, Montana, Oklahoma Dakota and Utah, The fact that these jurisdictions were still outside the fold resulted in great inconvenien 0 those States which did have a reciprocal law For example, if a resident of died owning the stock of a New Jersey corporation, the New Jersey tax would be imposed, whereas if a resident of New York died owning the shares of @ New Jersey corporation, no New Jer- sey tax would be levied In its opinion, the court pointed out a possible exception. Where shares of stock are used as collateral to carry on business in a State, it may be that such State can imposé an inheritance tax, even though the owner is not domi- ciled there. That question, the opinion said. will be passed upon when it arises The decision, no doubt, will be re- ceived with enthusiasm in most of the | reciprocal States, particularly New York. That State collects a huge sum ars, to do of the a re- hich OLDEST NATIONAL BANK in the District of Columbia National etropolitan BANK , 1814 1952 P ROIPER TY Apartment House MANAGEMENT ties 925 15th St. N.W. 0. 1069. Of Washington, in the Di Letter Rack Saves time. Clears your desk for action. Handles, sorts, classifies and dis- tributes the papers used in your daily work. Better than wood trays and less expensive. Letter and Legal size One to Four Trays Olive Green Finish STOCKETT- FISKE CO PRODUCING STATIONERS QIO E ST - -Ri-W Loans and discounts . Overdrafts. . ... Other bonds, stocks and Banking house, $821,420.03; furr Real estate owned other tf banking Reserve with Federal Reserve Bank Cash and due from banks . Somammwbm Capital stock paid in... Surplus. . . ; . Undivided pro et . Reserves for dividends. . Reserves for taxes naas . Demand deposits Time deposits ......... 24. United States deposits . ‘Washington, District of Columbia, I, C. F. JACOBSEN, cashier of the (Seal.) Cot Attest GEO. W. WHITE, O. H. P. JOHNSON, A. A. HOEHLING, MERLE THORPE. ARTHUR O'BRIEN, WASHINGTON-D'C NATIONAL 9176 W. KURTZ WIMSATT, ARTHUR T. BRICE, HUGH REILLY, Jr. FREDERICK DE C. FAUST, HENRY LEQNARD, nection with them. relieved of all worry and con- cern. us—and regularly we make re- port to you of our stewardship —which you will find greatly to your advantage. Let us go into details with you. B. F. SAUL CO. MORTGAGE RESOL'RE.‘ES. United States Government securities owned. curities owned “ iture and fixtures, Outside checks and other cash items. . LIABILITIES. . Due to banks, including certified and cast never liked the idea of other States imposing a levy on shares of stock owned by its_residents. As a_matter of fact, the New York Tax Commis- sion filsd a brief in support of the taxpayer's position, Millions in Taxes Involved. To some of the non-reciprocal States, however, the opinion will be a blow. The amount which they received from the tax amounted to millions that will now have to be replaced by some other ource of revenue. Minnesota and Kansas are the two States most af- fected, although Montana, which is the home of the Anaconda Copper Co., also stands to lose a large sum. While the of Maine is one of ] the case, its interest was great as some of the or jurisdictions. The reasons for this is that since the suit was started, Mzine has joined the reciprocal group. «Copyright, 1932.) U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business January 5 was $463,492,021.32. Customs receip! fi the month to date were $5,007.032.77 nary expendi- tutes were $9,7 SILVER QUOTATIONS. EW YORK, January 7 (#) (Noon). —silver futures steady. Sales 1,050,000 ounces. Quotations in cents: January, 2995 bid; March, 30.45 bid; May, 31 bid; July unquoted, September un- quoted. CLEARING HOUSE FIGURES. Washington clearing house figures for teday: $4,076,774.97 \ NEW YORK BANK STOCKS NEW V?'»flI;K‘:.YU lj\;'r\l’ryr T (P —Over- Maney on Hand to Loan on First Deed of Trust 67, Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. INTEREST PAID ON® SAVINGS ACCOUNTS Constructive Banking —SERVICE has been avail- able to ‘“Metropolitan” customers, large and small, for one hundred and eight- een years. {(We're ready to extend our facilities for the improve- ment of your 1932 projects. Fifteenth St., Opposite U, S. Treasury MANAGEMENT UR management of your apartment house proper- includes everything in con- You are All that comes under Nat’l 2100 LOANS Reserve District No. 5. REPORT OF CONDITION.OF THE National Metropolitan Bank rict of Cg On December 31, 1931. mbia, at the close of business . $6,095,017.30 689.65 5,879,288.29 2,194,003.29 844,070.05 1.00 1,150,579.54 3,512,459.96 4,386.05 hou: $19,680,495.13 $800,000.00 800,000.00 778,553.89 16,000.00 18,243.83 018,514.87 « 9,738,740.29 241,774.38 268,667.87 +e.-$19,680,495.13 above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. C. F. JACOBSEN, Cashier. Subscribed and sworn to before me this 6th day of January, 1932. ‘W. W. MATHIESON, Nots-y Public. R. M. KAUFFMANN, LOUIS D BLISS, CHARLES B. HAWLEY, HENRY A. WILLARD, 2nd, J. THOMAS KELLEY, Jr. C. F. R. OGILBY, WM. F. GUDE, CHARLES JACOBSEN, Fad )