Evening Star Newspaper, January 8, 1932, Page 13

FINANCIAL. REY JANUARY. 8, 1932. THE EVENING STAR, WASHINGTON, D. (. FRIDAY, STO0KS IREGLARSTORKSHE LA | . 325 ONLIGAT TRNOVER, SFTEDBY B0AR Of the District of Columbi business on December 31, 1931, RESOURCES, Market Displays Thin Char-|Analysis Shows 800,000 U.S. acter on Both Sides. Employes Held Securities | = Real esiate wiied ot ‘thiéa 4 9. Cash and due from’ Traders Cautious. in 1927, BALANCED BUDGET || NEW YORK STOCK EXCHANGE IS URGED BY HAAS i ' Head of Bankers’ Association Makes Appeal to Congres- sional Eeaders. t the close of Bales— Wet. High. Low. Add 00. High. Low. Close. Chre 105 . 95 Duplan Silk pf (8).., 10s 101} 101l3 101% +6 107 50% Dupont de Nem (4).. 141 bd4is 51% 54 124% 94 DuPontdeNpf(6).x 6§ 99% 100 185% 77 Eastman Kodak (18) 81% 5% Eaton Axle& Spr 60c. 6% 1 Eitington-Schild.... % 714 Eftington-Schild pf. 4 9% 20 Elec Auto Lite (4)... 45 % Electric Boat. 2y 215 Elec&Musical Instry 9 Ele¢Pwr&Lt(1)..x 25 “s.” A Wot. Add 00. High. Low. Close. Chse. 5 ‘2% 2% % + % 95 95 4~ 4 261 26 10% 10% 16% 14% 52 49 3% 12% a 1% 3% 3% Stock and Dividend Rate. —1931— type investment consist- ent with absolute safety of principal Guaranty First Mortgage Securities owhtn yot\x :;l‘eet Taral - Earn Mortgage Seguritics 670 and incomg,. Inter- o el ake mitted promptly. Let us send vou a list of our current offerings Denominations as low as $100 Stocks soid in 100-share lets exeept these desirmated by letter —198— Btock and High. Low. _ Dividend Rate. 14% 2 Abitibl Pwr & Paper, 1 106% 96 Abram Strauspf (7). 3% Adams Expre 22'4 Adams Millis (2) 10 Addressograph (1) 12% AMliated Prod 1.60 Alr Reduction(t4%). Alaska Juneau (50¢) x Allegany Corp. .. Alleg €p pf 330 ww $32.175.00 | 1,010.00 | 82,366.25 +6% +1% +2 +2% + % - % - +1% — % + 8 + % +4 1. 3 securities owned 4. Other bonds. stock: curities owned . 6. house, and $3.805.21 25,000.00 18.892.33 85,960.13 502.98 Loans and discounts o~ United = States Government . Other assets . 5 Total .. ++.$1,025,906.69 1% onthly Payments if Desired M Send for Booklet, “The Success Plan” o $100.000.00 BY EDWARD C. STONE. Harry J. Haas, president of the American Bankers' Association, sent a comm ation to congressional leaders today declaring that balancing of the budget is the first and foremost duty of the Government., He declared that present conditions demand ‘“drastic curtailment of- Government expenses in ev possible way.” President Haas continued: ‘Balancing the Federal budget under existing circumstances clearly demands two lines of action—first, a reduction of expenditures; second, an increase in income. This means unequivocally that the cost of Government must be cut down on the one hand; and, on the other, that an effective and equitable tax measure must be devised to assure adequate revenue for all proper ex- penditures, There can be little hope for private business stability unless the Federal ment is kept upon an operating t will sustain its efficiency and its credit. “Pe al funds come only from the pockets of the people through either taxes or loans. There must be a sound balance in the use of these two methods. If fresh loans are to0 numMerous or ex- pensive, pre-existing security values are impaired, injury done to Government credit and burdensome -charges created. If taxes are too high, and particularly if not equitably spread, business is crippled, and the capacity to pay weakens it.” To avold these disastrous results policies of rigid economy of Govern- ment are of prime importance. The peo- ple are demanding in no uncertain terms that every last dollar of avoidable gov- ernmental expense be done away Wwith and that every dollar of unavoidable expenditure be made to bring a full reiurn of economic and efficient public pervice,” Mr. Haas asserted. Acacia Reports Excellent Year. william Montgomery, president of the Acacia Mutual Life Association, reports substantial business %em.s dur- ing 1931. .“As a result of business progress during 1931,” Mr. Mootgomery “Acacia’s insurdnce in force now totals more than $364,500,000. During the 12 months our placed business yeached the most encouraging aggregate of approximately $38,000,000. “The months of December continued emphasized the year's record of progress, with the net gain figure standing at more than $1,2330,000 and ith a 15 per cent improvement in the net lapse, as compared Wwith the pr Vious month. Furthermore, our mor- tality was exceptionally good not only in December but all during the past year.” Yo he Acacia Mutual Life Association 4s an important factor in the economic Jife of the District of Columbia. More than 400 persons are employed at its home office building, First street and Indfana avenue northwest, from which are directed the activities of branches principal cities. address to employes recently, Montgombry ‘assured them of con- tinuity of egployment, asserting that the associatién will continie to main- tain its entire personnel intact during 1932 Peoples Drug Increases Sales. Peoples Drug Stores, Inc., made its annual report on sales for the year and also for December today. The big drug chain, which has its home office shington, had a fine year in spite business conditions and resuibant ces for goods. Sales in December totaled $1,777,396 against $1,707.203 in December, 1930, an increase of 4.1 per cent, and also an indication that Christmas business larger than a year ago. or the full year amounted to 4, compared with $16,777,867 930, a gain in the year just ended ©of $694,807, or 4.1 per cent. The yearly gain is just the same as the December gain and should cause general satis- faction among officials of the company. Junior Bankers Facing Exams. Richard A. Norris, chairman of the Educational _Committee, Washington Chapter, Américan *Institute of Bani ing, announges examinations for fir semester work will be held as follow: Friday, January 8—Banking I (bank and operation), Law II instruments) Monday, Law I (commercial law), economics, investments. Tuesday, Jan- 12—Credits I (credit manage- . “Banking III (bank manage- ment), English. There has been & total of 256 en- nts in first semester classes and his number 239 have qualified for 1al examinations, Chairman Nor- Railway Preferred Active Today. ashington Railway & Electric pre- active today on the ock Exchange. Ten 10- nged hands at 86, the with 86 bid and 90 action figured in five all at 1813, fractionally close. Lanston e out at nd Woodward & preferred at 107. Washington series A, recorded a $1,000 sale ng al T cs Lothrop Gas 6s, Heard in Financial District. ugh Christmas trade in all parts y was in fair volume, dol- e of the goods was greatly re- ago, the Commerce after studying the fes. Chicago sales les than a year ago. Inc., with which the are affiliated, ales for the year as $284,926- t $303,539,946, a decrease for of 6.13 per cent. The com- about 4 per cent »ared Wwith Decem- the yea | » watching the tape | If a part of the the New York retained, the brighter. g 1s still | 1 caution pre- | tion of the Sand & 1 W or this aft- woon in Alexandr NEW HAVEN EMPLOYES AGREE TO WAGE CUT e Associated Press HAVEN, C January 8.— Railroa als armounc- at 4.500 men employed in department have a 10 per cent re- ive January 15. subject had been on for some time and accepting the reduction the s felt was to the best in- st of the public, the railroad and themselves Soviet Grain Collections. MOSCOW, January 8 (#).—Grain collections in 1931 amounted to only 89.6 per cent of the total fixed by the five-yeapplan; but were 3.1 per cent more thau the 1939 total Angdcial pnnoyncement placed the blame for the deficit on poor manage- ment: of the collective farms and in- Byt NEW New Have: ed today in sufficient transportation facilities. Cotton Ré amounted to only R 1he -year's quote, and respol 3 *or this was atiributed to similar factors, Alleg CpPf w 340 w., Alleg Cppfx $30 w., Allied Chemical (6). Allis-Chalmers (1) Amerada Corp (2). Am Agri Chem(Del). Am Beet Sugar Am Beet Sugar pf. Am Bank Note (2)... ‘Am Bank Note pf (3) Amer Br Shoe (1.60). Am Brake Sh pf (7). Am Can Co (15)..... Am Car & Foundry... Am Car & Fdy pf (1) Am Chicle (13).. Am Comcl Alcohel. .. Am European Secu ( Am & For Pwr pf(7). Am & For Pwr 1d pf. Am Haw St'ship (1 Am Home Prod 4.20 Am Jce (2).... - Am International.... Am Locomotive Am Lo'motive ) Am Mch & Fdy 1.40 Am Natural Gas pf AmPwr &Lt (31)... Am Pwr & Lt of (§) .. Am Pwr&Lt pf A(4). Am Radiator (80¢).. Am Republics Am Rolling Mill Am Safety Razor (5) ‘Am Smit & Rfg(50c) Am Sm&R 2d pf(6).. 75 Am Sm & Ref of (T). 97% Am Snuff of (6)..... % Am Solv & Chem pf.. 5 Am Steel Foundry. 33 Am Stores (t12%) 33% Am Sugar Ref (5)..¢ 24% Am Sugar Ref pf (T) 112% Am Tel & Teleg (3) . 60% Am Tobacco (5). ..« 64 Am Tobacco B & 96 Am Tobacco pf (6).. 72 Am TypeFy pf (T).. 28% Am Water Wks (3). x 21% Am Wat Wks cfa(3).x 9% Anaconda Copner. 6 Anaconda Wire & 4 Andes Copper.. 20 Armour of Del pf (T) % Armour of 111 (A)... 14 Armour of 111 (B) 5% Armour of Ill pt. 11 Associated Apparel b% Associated Dry Gds. 79% Atch To & San Fe () 75 Atch To&S Fe pf (5). 25 Atl Coast Line (4) 8% Atlantic Refining (1) 77% Atlas Powder pf (6). 8414 Auburn Auto (f4)... 14% Austin Nichols A 1% 14 Autosales. ... 1% Aviation Corp (Del). 4% Baldwin Locomotive Baldwin Loco pf Baltimore & Ohio. Balto & Ohio pf (4). Bamberger pf (6%4).. Bang & Aroos (3%) 1% Barker Bros. . 7% Barnet Leather pf.. 4 Barnsdall Corp'n.... 60 Bayuk Cig 1st pf (7). 37 Beatrice Cream (4).. 3715 Beech-Nut PXg (3) .. 12% Bendix Aviation (1). t & Co(2)eurnnre hlehem Steel (2). Bethlehem St pf (7) Bloomingdale pf (7). 5 Bohn Alumn (1% )ee. 27% 1044 87% 3% 3 169 1% 6 1 3 12% 1 1 108 2 10s 1 1208 220 2 308 2 13 3 1 85% 800 120% 77 30 T4 1 106 708 70 14 30 1 4 10 Bom Ami (A) €463, 0s Borden Co (3)..4. Borg Warner (1). Boston & Maine RR. Briggs Mg (1)...... Bklyn-Man Tran (4). Bklyn-Man Tr pf (6) Bklyn&Queens pf(6) Bklyn Union Gas (5) Brown Shoe (3) . Bruns Term & Rwyi Bucyrus-E: Bucyrus-Tirie ov pt, Budd (E G) Mfg Budd Wheel. . Burr Add Mch (1) Butte Copper & Zinc. Butte & Superior. Butterick Co Byers (A M) Packin, 204 3 69% 10% ® Californi 3 Calumet & Hecla.... 10% Canada Dry (1.20). 10% Canadian Pacific 1% . 414 Capital Admin (A).. 38 Case (J 1) Co.... 10% Caterpillar Trac (2). 14 Cavanaugh-Dobbs. .. 2% Celanese Corp 2% Celotex Co.. 1% Celotex vtc ctfs . 11 Cent Aguirre (1%).. 6915 Cent RROf N J, 214 Century Rib Mills 97 Cerro de Pasco (1).. 21 Checker Cab Mrfg 23% Ches & Ohio (23). .. 13% Chesapeake Corp(3). 7% Chi Great Westn pf.. 115 Chi Mil StP & Pac... 214 Chi Mil StP & Pac pf, 5 Chic & Northwsta,.. 814 Chi Pneu Tool...... 6% Chi Pneu Tool Df.... 774 Chicago R I&Pacific. 10% Chi R1& Pac 6% pf. 12 ChiRI&Pac7% pf. 6% Childs Company..... 11% Chrysler Corp (1)... 2515 City Ice&Fuel (3.60) €31, City Ice&Fuel pf 6% % City Stores... 974 Cocoa-Cola (18). 5% Coca-Cola (A) (3) 4 Colgate-Pal-P (2%4). Colg-Palm-P pf (6). 63 Collins & Alkman. 714 Colonial Beacon. ... 11% Columb G&EL(b1%). 724 Col Gas&El pt A (6). 82 Columbia Carbon (3) 8 Comm Credit (1.60).. 52 Comcl Cred 15t(6%). 16% Comel Inv Tru 60 Comm Invcvpf(eS). €% Comel Solvents (1).. 3 Comwlth & Sou(30a) 46 Comwlth&Sou pt (8) 6% Congolm-Natrn (1).. 6% Congress Clgar (1).. 57 Conn Ry&Lt (4%) 20 Consol Cigars (5)... 42 Consol Cgr pr pf 6%, Consol Cigars pf (T). « Consol Filmn pf (2).. Ty Consol Gas N Y (4).. Consol Gas NY pf (5) 813 Consol Laundries(1) % Consol Textile. . Contl Baking pf (8). 80% Contl Can (2%)....+ 314 Cont Diamond Fibre 18% Con. Insur (2.4 1 Contl Motors 45 Condl O11 (Del). 12 % Contl Share 86% 86y Corn Products (3). 152)3 118 Corn Prod pf (T).ees 18 2% Coty IN6....eeesu.n 20 Cresmof Wht(12%). 234 Crosley Radlo. . 20 Crucible Steel 3, 367 Crucible Steel pf (1) 1% Cuba Cane Products. 29 Cudahy Packing (4). 20 Curtis Publish (4).. 70 Curtis Publish pt (1) 1 Curtiss Wright..... 1% Curtis Wright (A).. 80 Cushmans pf (7 Deen 22 13% Deere & Co pf (1.40). 157% 64 Delaware & Hud (9). 102 17% Delaware Lack & W. 195 110% Detroit Edison (8).. 23 10% Diamond Match (1).. 6% Dome Mines (1).... 11 Dominion Stores t1% 7% Douglas Afroraft (1) 20% Dresser Mfg A (3%). 42% Drug Corp (4], 24 1008 127 3 4n 1 2 3% 2 508 3% 3 66% 11% 77 140%+10% % — % %+ W 3 L] (3 18% 2% — W 85 +144 4% + % 13 32 Elec Pwr & Lt pf(6). 41 Elec Pwr&Lt pf (1).. 23 Elec Storage Bat (4). 23% Endicott-Johnson(3) 42 EngPSpfww (5%): 18% Equit Office Bldg 2% 5 ErleRR. 5 RR 5 3% Bureka Vac Cl 2 Falrbanks Co pf.. 4% Fashion Park As pf.. 10% Fed Dept Stores (1). 48 Fed Lt & Trac pf (6) 20 Fid Ph Fire In(2.60). 46% Firestone T&R pf(6) 41 First Natl Strs (2%) % Fisk Rubber........ % Florsheim (A) (1%) 8 Foster-Wheeler. ... 18% Fourth Nat Inv (1,10 215 Fox Film (A).. 13% Freeport-Tex (3). ewell Co (3). 2% Gen Am Investors. . 45 Gen Am Inv pf (6)..y 28 Gen Am Tank Car(4) 9% Gen Asphalt (2) 9% Gen Baking (2). 11 Gen Cable...... 2% Gen Cabl 25 Gen Cigar (4). 22% Gen Electric (1.60).. 10% Gen Elec speo (600).. 28% Gen Foood Corp (3). . 1% Gen G&F A (b6 %stk) 20% Gen Ital Ed El m2.61 2944 Gen Mills (3). 21% Gen Motors (3). 79% Gen Motors pf (5) 5% Gen Outdoor AdV(A) 10% Gen Printing Ink(2). 2% Gen Public Service. . 21 5 o E Bred aSNpnnT0es® e e maa s @ k-3 a » 2 nSaRarmmo o 0 = -V » s Buwimaad e 13% Gen Realty & Util pf. 12 Gen Refractories (1) 14 Gen Theatre Equip. . 9% Gllette Saf Rasor. .. | 45 Gillette Saf R pf (). 26% Gimbel Bros pt (7).« 414 Glidden Co. . 3% Gobel (Adolf). 14% Gold Dust (2%) 85 Gold Dust pt (6) 3% Goodrich (B F). 10 Goodrich (B F) pf. 13% Goodyear T & R (1) 85 Goodyear 1st pf (7).. 3% Gotham Silk Hosfery 1% Graham-Paige. ..... 5% Granby Consol ( 1’4 Grand Stiver Store 7 Grand Unfon........ 21 Grand Unfon pf (3).. 2414 Grant (WT) (1).... 15% Great Northern pt(2) 10 Great Northn Ore(2) 5% Great Western Sug.. 1 Grigsby Grunow 4 Gulf States Steel 1% Hahn Dept Stoi 1114 Harb & Walker (1).. 1% Hartman Corp (A).. 1 Hayes Body Corp. 68 Hershey Choc (6). 70% Hershey Choc nf (t&) 10% Holland Furnace (1), 81 Homestake M ( 214 Houdallle Hershey 52% Househld Fin pf ¢.30 15% Houston Ofl. .. 3 'Houston Oil (new).. 11% Howe Sound (2).... 26 Hudson & Man (3%) 7% Hudson Motor (1)... 3% Hupp Motor: 913 Illinof tral 25 Illinois Centll (4).. 25% Ingersoll Rand (4).. 19% Inland Steel (2). 8 Inspiration Copp 4% Ins Shares(Del) 50c 21-Insur Sh(Md) (28e) . 4% Interboro Rap Trans 274 Interlake Iron.. 92 Int Bus Machine(ns) 3 IntCarriers.Ltd 60c. 74 Int Combustion. .... 22% Int Harvester (23).. 1431 105 Int Harvester pf (7). 81 914 Int Hydro El A (e2). 11 Int Match pt (4) 214 (nt Merchant M. 7 Int Nickel of Can 20e 1% Int Paper & Pwr (A) 15 Int Paper & PwrC... 6y Int Paper & Pwr pf.. % Int Printing Ink..... Int Salt (3).. Int Shoe (3). 15% Int Sil T4 Int Tel & g 5215 Interst DS pf xw( 1% Investors Equity.... 14% Island Cr'k Coal (3). B7's 24 Jewel @)e: 80% 15% Johns-Manville (1).. 12314 68 Jones & Laugh pf(7) 45 6 Kansas City Southa. 24% T4 Kayser (J) & Co (1). 31 % Kelly-Spring Tir 26 b% Kelly-Spr T 8% D! 29% 3 Kelsey-Hayes Wheel 6 Kelvinator Corp..... 20 Kendall Co pf (6). 9% Kennecott Copper 50¢ 15 Kresge (S8) (1.60).. 4% Kreuger & Toll 1.61). 1215 Kroger Grocery (1). 40% Lambert Co (8). 1% Lee Rubber & Tire 1% Lehigh Valley Coal.. 8 Lehigh Valley RR 35 Lehman Corp (2.40). 1814 Lehn & Fink (3). 51 Libbey Owens Glass. 39 Liggett & Myers(15) % 40 Ligg & MyersB (15) 110 Ligg & Myers pt (7). 16 Lily Tulip Cup(13%4). 12% Lima Locomotive.... 13% Liquid Carbonic (2). 287% Loew's, Inc (t4). 2% LoftInc....... 2974 Loose-Wiles (13). ... 116% Loose-Wiles 1st (7). 10 Lorillard (P) (1.20). 17% Lou Gas&El A (1%). 20% Louisville & Nash(4) 4 Ludlum Steel 10 Ludlum Steel p! 16% McCall Corp (2% McCrory Strs pf (6 McKeesport T P (4 McKesson & Robbing McLellan Stores. Mack Trucks (1) Macy (RH)& Co(nd). Madison Sq Garden. . Manhat Elev gtd (7). ManhatElev mod gtd Marine Midld (1.20). 4 Marmon Motor Car.. hall Fleld (2% ) Mathieson Alkill (2) May Dept Strs (2%) Melville Shoe (2)..e Mengel Co. . Miami Copper. Mid Continent Petm. Midland Steel (3)... Minneap Honey R(3) Minn Moline Pow. . .. M StP & SSm 1sd (4) Mo Kan & Texa: Mo Kans & Texas pf. Missourt Pacific..... e SarmtraBuvonanSoamme LT T O T R =T o w Sen T PN TP P - PUSTE S IO TP » ? =4 e RN A AR EE AN RN BN RN AR A NN R OB EASD o 21% 36% 11 =S o w3 6% 12 % 16% 6% % 15 5 8% 20 Monsanto Chem(1%) Montgomery Ward.. Motor Meter G & El. Motor Products (2). Motor Wheel (50e).. AMullins Mfg. Mullins Mfg D! 11 Munsingwear Inc(; 5 Murray COrp........ 20 Myer (F E) & Br (2) 40% 15~ Nash Motors (2) . 7% Nat Bella Hess B3% _36% Nat Biscult (2. 153% 119% Nat Biscuit pf (7)... Ti Nat Cash Reg (A)... 650% 20 NatDairy (2.60) 40 4% Nat Dept Strs 1st pf. 86% 16 Nat Dist Irod (2). 182 78% Natl Lead (5)... 143 111 Nat Lead pf A (7)... 44% 10% Nat Pwr &Lt (1).... 58 1815 Nat Steel (2).. 76% 10 Nat Surety (2) 24% - 814 dyat Tea (1) (Continued on page 14.) 3 R Rt o I o e o T o S S I o o I S +6 +2 iy + % 4 +1% + % + + 4 1 B +6% 1 FHEEE Sryeyesye rESE F " BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 8.—Slightly reactionary, but very dull, today’s stock market paused in its recovery from the lows of a week ago. The market was very thin both ways, small lots be- ing sufficient to turn prices in either direction. i Overnight developments in the news did not seem to figure much as mar- ket influences. The most important was the increase in circulation reveal- ed in the Federal Reserve statement, which was, of course, & disappointment, as it had been hoped that the era of hoarding had passed. But languid in- terest was taken in the Manchurian sit- uation. Most traders were content to follow the tape regardless of what was happening outside. Steel Well Supported. The market opened slightly lower. Among the leaders the best support was accorded United States Steel around the 40 mark. Opinion differed as to the showing to be made in steel's un- filled tonnage statement tomorrow, but many well informed expect a slight in- crease. Strength in the rails was the most encouraging feature of today's opera- tions. The rails did not react as much as the industrials and they came back quicker. The leaders were Atchison and New York Central, but demand spread itself out to include a large number of both low priced and divi- dend paying stocks. Elsewhere in the list there was a good deal of irregularity. Auburn was strong as usual, but Allied Chemical displayed instability. American Tele- phone ranged lower during the morn- ing but there was no large liquidation, s there had been in other sessions, and the stock slowly recovered. General Motors was firm. Dividend action on General Motors is not due until early next month, and doubtless the decision of the directors will be governed by conditions obtaining at that time. In the utility list Consolidated Gas was well supported and for a time Western Union showed the effect of short covering. Decline at Opening. Prices opened lower. International shares reflected a quiet and irregular tone in the London market. General Motors at 2153 was off 14, and Auburn Auto at 129'; was off Js. Nash at 173 gained 3;. ‘The advance of 50c & ton in iron and steel scrap prices in the Youngstown district failed to have any market affect on steel shares. U. S. Steel at 40Y opened off ;. Bethlehem lost Yy at 19'%, as did National Steel at 2214. Vanadium opened unchanged at 13%%. Standard Oil of N. J. declined 3 to 2755, but Socony Vacuum at 19%; and Standard of California at 25 each rose a fraction, General Electric at 24 was down 3 and Westinghouse at 2373 was off %. Columbian Carbon at 3434 lost 1 point. Atchison at 83%, up 3, and Illinois Central at 12, up 3, were the only rails to gain. North American at 33 was off '., while Consolidated Gas at 607 advanced a shade, U. 8. TREASURY BALANCE. The United States Treasury balance announced today as of close of business January 6 was $454,460,168.27. Cus- toms receipts for the month to date were $6,094,397.36. Total ordinary ex- penditures were $10,687,297.21, NEW YORK BANK STOCKS NEW YORK, January 8 (#).—Over- the-counter market: Bid. Asked. America R Chase ... 5 33ip Chatham ' Phenix 21 Commercial Nationa Pirst National N Y Manhattan_Co... National City ... Public ‘314 19 Bankers . Brooklyn Cent Hanover Irving Manufaciirer w_Yor REPORT OF CONDITION OF THE Washington Mechanics Savings Bank Of Washington, in the District of Columbla, at the close of business on December 31, 1931. RESOURCES. Loans and discounts...... . Overdraft, i S United States ~ Government securities owned .. X Other bonds, stocks and se- curities owned A B house, ‘$179.025.96; u fixtures. $72,628.30 . Real estate other t . Cash and due from banks . Outside ks and other . Other assets Total. $1,785,271.76 1190 700,518.07 76,684.67 and 251.654.26 10.345.74 362,171.56 912.33 5,165.07 $3,192,735.36 furnure bank- ing ‘house cash'items LIABILITIES. Capital stock paid in Surplus ........ . Undivided profits—nef . l(t:\er\'-\ for dividends, Ungencles, etc’. b 13.665.87 897.873.53 . 1.995,105.46 3.192.735.36 District of Columbia, ss.: named_ bank, thi above statement s e to best of my knowls edge and belle O. F. BURTON. Cashier. Subscribed and_swor; afbscribed and swoin to before me this (seal) BENJAMIN ROBINSON. ir it Notary Public. GOULD. deposits . Total 2 City of Washingfon 1. C. F. BURTO! RA Z Directors. Reserve District REPORT OF CoNDITION Mo % OF THE i Departmental Bank Vashington, n the District st the “close o Bustness on December RESOURCE: Loans and discounts s 2. Overdrafts X 5 . United States Government se- curities owned . ............ . Other bonds, stocks, and’ se- curities owned .......... . Banking house. "31053dd 8: iture $6:550.86 .. L $937.472.01 6048 179.324.50 260,849.25 an 111,799.74 4.612.70 105,500.77 205.55 . $1,608,625.00 . Real estate owned other than banking house ...... Cash and due from’ banks . Outside checks ~and cash items . Total ... LIABILITE Capital stock paid in. - Surplus . Undivided ~ profits—net | Reserves for interest. faxes and other expenses accrued and unpaid M Due tc banks, including certi- fled and cashiers’ checks $160.040.00 30.000.00 8,630.06 322444 13,480.15 190:272.48 1,072.331.21 165.000.00 19.676.66 -31,608,625.00 S5 - XNICIOS. president of the above- named bank, do solemnly swear that the ve s nt is trug knowledse and beljer, ' ‘0 the best of my J. T. EXNICIOS. President Subscribed and efore geSibseribed and sworn to before me this 6th (Seal) PEARL P. CRAMER, Notary Republic. G. L. SHOREY, OBy MecoL, . M. 0. Correct—Attest: Directors, BY J. R. BRACKETT, Associated Press Business Writer. NEW YORK, January 8—The Na- tional Iudustrial Conference Board made public yesterday the result of an analysis of 66 employe stock plans, udertaken to determine what steps, if any, had been taken to protect em- ployes’ stock holdings in the face of altered economic conditions. In 1927 there were about 800,000 stock holding employes whose securi- ties had a market value of around $1,000,000,000 in 389 companies. What effect business conditions have had on these figures has not been calcu- lated, and until business is stabilized, examination to ascertain the effect would be difficult and inaccurate. Thirty-nine of the 65 companies studled in the report stated definitely that they do not repurchase stock that has been fully paid for, despite the decline in market value. In 12 of the remaining 26, either because the initial plan has not matured, and con- sequently no stock is yet fully owned by the employes, or because the ques- tion has not been raised by employe stock owners, the problem of repur- chase has not arisen. One company promises to repur- chase paid-up stock at any time within two years of the date of sale. Two plans provide for the repurchase from employes who leave the company. Market of stock in two other com- panies has not reached the low value at_which employes bought it. Pive companies, while not technically providing for repurchase, have bought stock from employes in distress, and only 4 companies of the 65 promise to repurchase paid-up stock at any time. Varlous practices are followed as to whether the market price or sale price is paid. ‘Where stock is not yet paid for, nu- merous arrangements, emergency and otherwise, have been brought into use to protect the employe, though some companies_have made no such effort. Most employers have considered that employe stock ownership was brought into use not only to sell stock, but to increase the interest of the employe and to teach savings habits, and that there- fore the employe should be protected so far as possible. ‘While drastic declines in stock prices have materially reduced employe re- sources, the board points out that this stock buying at least furnished some savings. Belief in the value of employe stock plans appears to be unshaken, though in the future preferred stock instead of the more volatile common stock prob- ably will be more widely used. SILVER QUOTATIONS. NEW YORK, January 8 () (Noon) — silver futures steady. Sales, 300,000 ounces. Quotations, in cents: January, 30.07; March, 30.70; May, 31.10; July, unquoted; September, 31.40. CLEARING HOUSE FIGURES. ‘Washington Clearing House figures for today, $4,006,037.86. Extent of Rally. NEW YORK, January 8 (Special) — While the rally in stocks has been the most vigorous since December 18, it has not approached in its early stages the proportions of those which announced a temporary turn in the market in June, in October and again in December. The public has been foolec so many times in the past two years over what looked to be a permanent turn in the market that it is less disposed today than ever to follow up advances, pre- ferring to pay higher prices when the evidences are more plentiful that there is a strong foundation on which to re- build the shattered price structure. Brokers' letters today exhibited a gen- eral disinclination to advise their cli- ents to rush in and buy stocks and were disposed to suggest taking trading profits. OF THE Columbia National Bank Of Washington, in the District of Columbia, &t the close of business on December 31. 1931 RESOURCES. Loans and discounts... | Overdrafts X . United States Government se: curities owned ......... . Other curities owned . . . Banking house 184793467 ture ant 3 Libbeor 233,775.53 5 ith 8. Reserve w AR 971.507.46 1.671.25 $2,609,675.30 . 11325 837.026.00 743,128.75 Bank ...... . Cash and due . Outside ~checks cash_items o Redemption fund with U. § Treasurer and due from 8. Treasurer .... Total.. ank: and other $5,733,022.78 (ITIES. LIA] . Capital stock paid in.. Surplus ... i . Undivided profits—net . | Reserves for dividends. $250.000.00 500.000.00 123/639.93 con- 0u 5 o a (usaes . (BGB01I6Y . Reserves for interest. faxes and other expenses accrued and unpaid ......... . Circulating notes outstandi . Due to banks, including cer- tified and cashiers’ checks outstanding ... . Demand deposits’ . Time deposits 38,000.00 249,995.00 542,224.71 2,943/552'61 1.049.108.91 Total.... City of Washington, Disirict of Co I. ROBERT H. LACEY. cashier of the above-named bank. do solemnly swear that ine above statement |s true to the best of my knowledge and' belie! ROBERT H. LACEY. ashier, Subscribed and sworn to before me this 6th_day of January, 1932 (Seal.) JOHN W. S8COTT, Notary Publie. Joseph H. Milans, John H. Miller. Walter 8. Pratt, Jr., Andrew Saul, Frank J._Siryker. John N, Swartzell, Harry 8. Wolfe, Directors. Correct—Attest: Harry Blake. John Joy Edson. L. Whiting_Estes, C. Fenton_ Fadeley, Aivert B, Fox Ernest C : George M. Leimbach, James A. Messer. REPORT OF CONDITION OF THE National Savings and Trust Company ’ of 15th st. and N. Y. n.w., Washington. . ave. D. C.. at the close of business on December 31, 1931, RESOURCES. Loans and discounts....... | Overdrafts. . ) . United States Government securities owned 5 $10,778.942.54 23,7417 1,357,260.63 2,206,483.18 and’ fixtures, 1 1,352,341.92 988,771.55 1,008,860.46 247,277.87 2,512.70 . Reel estate’ ‘owned "other than banking hous 5 . Cash and due from banks: . Outside checks and oth: cash items . Other assets . Total & .317,963,192.37 LIABILITIES. . Capital stock peid In.. Surplus s . Undivided profits—net . Reserves for dividends, con- tingencies, etc . Reserves for interest, and other expenses ac crued and unpaid G . Due to banks, including cer- tified and cashiers’ checks outstanding Demand deposit: 23 Time depos) $1,000,000.00 2,500,000.00 468,354.73 1,534.54 40,000.00 3 8 C. the above-named bank, do that the above statement is tr of my knowledge and beliel CHARLES C LAMBORN, Treasurer. Subscribed and_sworn to before me this 6th_day of January, 1932. (eal) ALEXANDER R. VARELA, " Notary Public. D. . My commission expires June 13, 1932, Correct—Attest: William D._Hoover, Wililam B. Willard, Woodbury ‘Blair, Frank Stetson. Watter. g, Cleohane or Kaufl L . Capital stock . Surplus " Undivided S 100,000.00 . Reserves for dividends, 14.811.90 con® 1. Due_to, ban) tified’ and cashiers’ outstanding 23. Time . deposits Total . of District of Col I, S. WILSON EARNSHAW, treasurer of the above-named bank do solemnly swear that the above statement is true to the best of my knowledge and belief. 8. WILSON EARNSHAW, ‘Treasurer. Subscribed and sworn to before me this 6th_day of January, 1932. (Seal) ELIZABETH 8. GLADMAN, Notary Public. A. DONOHOE, H. MCcK] WIS FLEMER. Directors, Correct—Attest: JAMES H. LE REPORT OF CONDITION Of the Chevy Chase Savings Bank Of Washington, in the District of Columbia, at the close of business on December 31, 1931, RESOURCES. Loans and discounts . Overdralts . United States . $590,481.84 Aoy 67.712 Government ed. 56,643.76 ., 345.908.54 $138.381.00; fixtures, 150.647.35 85,875.91 3.068.24 4,048.60 ++...31,237,630.76 3 LIABILITIES. . Capital stock pald in . Surplus . Undivided ' profits—net ".(1 . Reserves for dividends, con- . Other assets Total ... $100.000.00 21,000.00 3.378.71 5,557.34 and unpaid . 2 . Due_to banks, ‘inciuding’ cer- tified and cashiers’ checks outstanding . . Demand _deposit 23. Time deposits 26. Bills payable an 411264 1310284 Total ... AT City of Washington. District 'of ‘Columi s 1, J. EZRA TROTH, cashier of the above- named band, do solemnly swear that the above statement is true o the best of my knowledge and belief. Suhioribeitan saeenl o Taters o e and sworn (ore me 6th_day of January, 1932. g (Seal) L. VAUGHN BOWLY. Notary Publlc. WALKER, W. PERRY, 'URKART, TER, Correct—Attest: JOHN C. THOMAS PAUL SLEMAN, CLYDE D. GARRETT, Directors. WE PAY 5% INTEREST ON YOUR SAVINGS HUNDREDS OF WASH- INGTON FAMILIES TO- DAY ARE SUCCESSFUL HAPPY THROUGH THE HABIT OF SYSTEMATIC AND SUBSTANTIALLY SAVINGS WITH THIS INSTITUTION. WE WELCOME YOUR AC- COUNT. . . . Open Daily 9 to § Saturdays Until Noon [IPERMANENT | BUILDING ASSOCIATION REAL ESTATE MORTGAGE & GUARANTY CoRPDRATION 1610 K St. N.W. 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