Evening Star Newspaper, January 9, 1932, Page 13

F INANCIAL. THE EVENING STAR, WASHINGTON, D. .C., SATURDAY, JANUARY 9, 1932. FINANCIAL. BIG ISSUES HOLD 1932 IN BALANCE Stocks sold in 100-share lots except (hese desirmated by letter =5." Bales— ot 1931 Stock and ieh Lew. = Divicend Rate. = Add00. Hgh Loy, Clow, cbre 14% 2 Abitibi Pwr & Paper 2% 2w 24+ % s 3w Adams Express » T v o i i 3315 22% Adams Millis (3 1 = Success in Adjustments to 233 10 Addressograph (1 b TR : ’ 11% 2 AdvRumley. 1 2 2w 2% —% Decide Year’s Progress, 20 1214 AMliated Prod 146, 4 18 154 164 — % 109% 47% Alr Reduction(t4%). 8 bzl\ MIN Nl)_- —1% 12% 1% Allegany Corp...... 30 % 1n Bankers Declare. nv‘Z 3 AIIO: prw Moww., 1 3% 3 3K+ % 59 1% Alleg Cp pf w 340 w. 1 3% 3% W+ U = 55% 1% AllegCppfx33ow.. 1 3% 3% 3% + X BY EDWARD C. STONE. 464 10 Allegheny Steel 60c.. 70s 12 12 12 -1 182% 64 Allled Chemical (§). 109 724 68% 69% —2 One of the most interesting and con- | 42y 104 Allis-Chaimers(50c), 28 124 12 12 servative forecasts for 1932 in finance | 20% B4 Am AgriChem(Del). 3 64 6 B has just been presented in the Guar- ‘f: ”}: o g::‘l“s"‘j‘;"‘r(”‘ o g A anty Survey, published by the Guaranty | 129% B8%w Am CanCo (16)... 226 64 61% fil'- -1% ‘Trust Co. The three biggest problems| 38% 4! Am Car & Foundry.. 18 8 ™ T —lu for 1932 are outlined as follows: 8 20w AmCar&Fdypf(T) 130s 30 28 28 +1 The new year will bring with it| 48% 30% AmChicle(1d)..... 12 334 324 33 +1, many unsolved problems that will af-| 141 & Am ComclAloohel.. 3 M T T4 - W fect its course. The solution of these| 16 2% Am EncausticTiling 1 § 5 A problems will take time and effort. The [ 5% 64 Am&For Power.... 108 8% 7% & — % financial stabilizing of Europe, the bal-| 90 18 Am&For Pwrpf(§) 1 2T 27 274 + ancing of our national budget, and the | 100 20 Am & For Pwr p{(1). 2 20% 20% Z%\a i restoration of confidence are perhaps| 79% 10 Am& For Pwr2dpf. 3 15% 15% 1-2‘4 ) the outstanding tasks before us, but 3 1 Am Hide & Leather.. 2 2% 2 o = they are attended with many other| 80 74 Am Hide & Leath pf. 340 10 Ve i T| 64 37 AmHomeProd4.ae.. 3 46 5% 46+ 4 problems involved in the situation. In C| 31% 10% AmJce(2)... « 3 16 15% 15% ternational debts, high tariffs, infla -| 26 5 Am International 2 6% 6w 6% — % tion and political uncertainties ‘are de b e terrents to economic progress that must| 30% 8§ Am Locomotive 2 e e be reckoned with; and still the process| 84% 29% Am Lc'motivepf (1) 2 S e oF Gean : 43% 16 AmMch&Fdy140.. 3 21 20% 20 — % justment to new standards of | 43 o valus must 7 14 Am Mach & Metal 6 2 2 2% 80 on. ‘The efforts of the| 1 14 AmMachd S s Government to strengthen bank, rail-| fo0 i A"'h'“ i R e e road, industrial and real estate credit| CUR 1 Am P""“;'m s 1; 160 15k 16w Lu bid fair to be helpful; and it may be m Pwr - Al 102 44% AmPwr&Ltpf (§), 2 B84 B55% b that the worst of the crisls is over,| 108 §04 Am Pwrd Lt pr (). : both here and abroad. But only the| .y, %¢™ Q07 mm.mf"“” developments of 1932 can reveal that.| b . 4m Raduacerc60e).. Independent Recovery Possible. 3% TH Am Rolline Mila. . In this connection, it is interesting| 58! 174 Am Smit & Rfg (50c %0 Zote, the wurvey oontinues, thet| 135% T8 AmSm&Refbr(h). 1 American business, after the severe de- [ 471 28, AmCANT ORI 2 R pression of 1921, was well on the way( 32 & ROV AICRICR 5 ¢ 150 % toward recovery in 1922, despite the| & o™ QT Storas (1330, 1 33% 33% 33% + chaotic condition in European finance( go* 33, AT SLorten ot0 Rl el ¢ that time. The United Stales en-| 108, 8414 Am Sugar Refpf (1) 2 88 86 86 + Joved a distinctly good year in 1923, | 9913 11214 Am Tel & Telex (3).. 496 120% 1171 117% — and went through only a minor Teces-| 3985 g0y Am Tobacco (5) 5 71% 70& 71 sion in 1024; et it was not until the| yg9u 64" Am Tobacco B (5) 61 % T2% T2 -2 Spring of 1925 that Great Britain set| 135" 9g AmTobaccopf(f).. 1107 107 107 +1 the example for other European nations| “goy 231 Am Water Wks (3).. 183 31 20% 20%s — % in returning to the gold standard.| 79" 21y Am Wat Wkacfs(3). 2 26% 26k 264 +1K There is, therefore, nothing unreason-| 107 g414 Am Wat W 1stpt($) 1 704 704 70% + % able in the belief that American busi-| “4o 15y Am WoolenCopf... 11 20% 20 20 + % ness may experience some improvement | 4 el restad st Qe har s R Nl during the coming year, even though| gy 214 Am Zinc & Lead. %+ % monetary conditions abroad remain un- | 43y 9y Anaconda Copper. 1 settled. 36 13 Anchor Cap (3.40) B+ % Easier Banking Position Seen. A e go An increase of $222,000,000 in cur-! v 1 Armour of Il (B). % rency in circulation during the frst| 201 78 Art Metal (40c). 1 % — % three weeks of December was the prin-| 287 13 Assoctated Apparel. 1 24 24 2%+ % cipal cause of firmness, bringing total| 296 &% Associated DryGds. 2 6% 64 6% currency outstanding on December 23| 203% 79} Atch To & San Fe(§) 32 86l 844 843 — 3 to a new peak of $5733,000,000. This| 108% 75 Atch To&S Fe pf (5) 1 804 80 80% +2% increase is in accordance with the| 120 25 Atl Coast Line (4).. 1 B4% 34N 34N +1% normal holiday currency requirements,| 23% 8% Atlantio Refintng (1) & 104 9% 9% — % says the National City Bank, and Is| 1313 21 Atlas Stores (1). 4 4% 4% 4% 1y not to be interpreted as evidence of | 2951 841 Auburn Auto (f4 325 142 13415 138% —24 Incrensed hoard g e e, | 27h 4% Baldwin Locomotive 6 6k 64 6% + ¥ e rdless of the Jurpose has tended to| 104% 15 Baldwin Loco pt 3608 21% 19% 21% +3 | codiresedie i B ey 87 14 Baltimore&Ohio.... 90 17 16% 16% — anerbius the Gimclkies of tomnY banks! sols. 28 MBaltoAONODItA):. FTEIRS . AL 98 L& Dot favorably situated as to liquid assets, | 504 25 Balto& Ohiopfie).. 8 ey and doubtless has been a factor in in-| |13l 30 pang & Aroos pf (1), 208 +2% creasing the number of bank failures. & I S % 14% 4 Barnsdall Corpn.... 14 % Hence it 1s encouraging to consider that | g% (0 BRTASARLCOIP R o 000 from now on until the end of January,| g7 g7 pasi & P L 1 barring an extension of hoarding, the | g 37 Beech ot Pxg (3)e. 2 seasonal trend of currency requirements | ¢, Joi penaix Aviation (1. 107 T will be sharply downward, which| Fgf J3 BeROUXA ISt 4 %7, should materially ease the banking| 7gw 171 Bethlshem Steel (1), 56 = position, the review adds. 123% 60 Bethlehem Stipf (1) 3 Sr Depression Laid to World War. @ 15% aokn Alumn GK).. 4 . Melvin A, Traylor, former president of | 16 35 BordenCo (3); 28 i the American Bankers' Association,| ge® 10 Bonton & Malne 2 o who was in Washington recently to| ou 7y mel & ggs MIg (1)...... 12 " testify before the congressional com- | et i pr ®CCRUIE () ool o0 T mittee, does not believe the depression | gou girs Bhivm.sian Tran (4) 63 2 in the United States was due 0 a| get 63 Bkiyn.ManTrpf(6) 4 i Sorihesibxipoli 13% 6% Bkiyn & Queens. R % Those who hold this belief are unfair| gqs, 46 BKlyn&Queens p(8) e to the gold standard, Mr. Traylor de-| 118y 1161 Brown Shoe pf (1). zo- 116 1Ry + % clared, pointing out that the United| ''gye = js Bruns Term & Rwys States, with the largest gold supply in| 291, 3w Bueyrus-Erle s i the world, has suffered as severely in| 340 4w Bucyrus-Tirecypt., 1 R its drop from the peak of prosperity as| g 115 Budd (E G) Mfg. 2 Ta any other country with or without gold.| 13 s Budd Wheel. 7 ot The Chicago banker thought the de-| 23 35 Bullard Co, ... 1 b pression grew cut of the destruction of [ 153, 33 Bulova Watch,...eee 1 T £200,000.000.000 of capital during the| 3214 10 Burr Add Mch (1).e. 8 B+ ‘World War and the increasing debt and Pitt W BDSHACL o T 1 tax burden that has been placed upon 22 - % the world since the war. He stated that the level of prices at = 2 + % the close of the war was not based upon GAILDSL & 1 S the gold standard, as many of the gov- da Dry (1.20)... 6 -4 ernments had gone off the gold stand- {an Pacifiely, 33 +h ard during the war, and that to say ) =% that the gold standard should have| 1§14 §34 Case (31) Co.cooone 280 1% supported that price level in post-war | 12 10 CaterpilarTrac (). 7 periods is unthinkable, % o et 4 =, t/: Gravel Company to Dissolve. 13% 1% Celotex vtc ctf: 1 At a special meeting of the stockhold-| 28% 11 Cent Agulrre ayill 2 ers of the Columbia Sand & Gravel Co, | 3% 2} Century Rib Mil} . + % held in Alexandria yesterday afternoon, 30% 9% Cerrode Pasco ( =% it was voted to approve a resolution| 23% 3% Checker Cab Mr{g... 28 g 11 : i 46 23% Ches & Ohio (2%)... 83 & adopted recently by the firm's directors| §$4 131+ Ches & Oflo (M) 5. 5% favoring dissolution of the corporation. e Bt Weeran. 3 =8 The company has been controlled by [ g7t 7is Chl Great Westn pf. 16 = :; the Smoot Sand & Gravel Co. for the| “g: [\? Gni M1 StP & Pac... 3 past year, having been bought for these | 1gu' 214 ohi Mil StP & Pacpf, 6 ) interests by the Arundel Corporation of | gt 5§ Chic & Northwstn... 23 S B8 o 16% 3% ChiPneuTool...... 6 = The preferred stock, which is listed| 35 63 Chi Pneu Tool pf. H on the Washington Stock Exchange,| ggy 774 Chicago R I&Pacifie. 14 & o will be redeemed at par. After the com-| 9o~ 1014 Chi R14& Pac 6% pf. 1 e pany is dissolved the stock will be re-| 101 12 ChiRI&Pac7% pf. 1 moved from the exchange 12% 8 Chickasha CottonOll 1 il Contractors have expressed much re- | 33s 5 Childs Company.. 2 B gret over the passing of the Columbia| 2gs 11% Chrysler Corp (1)... 132 s company. In the old days of competi- | 373 25t City Ice&Fuel (3.60) 19 + % tion between the two firms the price of | 90 63's City Ice&Fuel pf 6% 40s + % sand and of gravel was much lower| 4% 3 City Stores.. <y than it is now. The Columbia and! 170 971 Cocoa-Cola (18) 39 113 —1% Smoot firms have adjoining plants on | 104' 79% Colg-Palm-P pf (6 1 K street, in Georgetown 175 6 Collins & Aikman.... 4 Tk i 6 uel & Iron 2 E ESins M esiation Blocie. fon e Colomn GATIG 7 e Re-election of all officers and di- | 109'3 72 Col GaskEIpt A (6). 2 o rectors of the American Building As- | 111% 82 ColumbiaCarbon (3) 2 Y% sociation was announced yesterday fol- | 234 8 Comm Credit (1.60).. 28 Jowing the annual meeting of stock- 92 52 ComclCred 1st(6%). 10s +i! holders. They are: William A. Het- | 34 15% Comel Inv Trust 3). 7 tinger, president; George W. Slater,| 90 60 Comm Invcvpf(es). 1 -1 vice president: Charles H. Kindle, sec- | 21% 6% Comcl Solvents (1).. 23 = etary; Guy M. Neely, treasurer; Francis| 12 3 Comwith & Sou(30e) 66 =0 [E. Smith, Charles Kattelmann, Julius | 100% 46 Comwlith&Sou pf (§) 2 [Egloff, John E. Mergner Clarence F.| 14% 6% Congolm-Natra (1).. 3 [Donohoe, Chatham M. Towers, Thomas | 30% 6% Congress Cigar (1 2 i Sergeon and Charles A. Rossiter, di- | 73 42 Consol CErprpf 6%. 20s TR jrectors | 80 5L Consol Clxarspt (1. log i ; , 15 3% Consol Film........ iy WP, AR Dampnnys Ao 18% 7% Consol FilmBf (2).. 1 % P. D. Sleeper, general agent of the | jogs 574 Consol GasN Y (4).. 164 Tk Aetna Life Insurance Co. Washington- | 107 88 Consol Gas NY pf(8) 2 p Virginia district, received a telegram | 15y 814 Consol Laundries(1) 2 ’ s yesterday from the home office in Hart- [ g “ Contatner Corp (B).. 1 1 1 1 1 4 ford, Conn. that one of s men led | 30 415 Contl Baking (A). 2o ek iy all the Aetna representatives in the Fy 13 Contl Baking (B). .w A g United States in volume sold in 1931. | 771 40 Contl Bakingpf (8). 1 45 45 45 .o His coworker is Chan C. Mason. who | 25 304 ContlCan (24)..... 15 36% 36 15 10y has led the Aetna field men practically % Con” Insur (240)--r. 12 225 218 203, — 1t every month in the year. He is a mem Contl Motors Ak g k0l ber of the Million Dollar Round Table T 6% 6% o for 1931-32 ast e a Lo Gleaned in Financial District. As the time draws near for closing | the Christmas saving$. account commit- ments for this year, banks report in- creasing numbers of accounts being started with the prospect of passing | the record of 1931. Clubs close in all banks on January 15. | Richard D. Wyckoff, founder of the Magazine of Wall Street, was the guest yesterday at A. R. Towner, market analyst for Auchinclaus, Parker & Red- | path, brokers of this city | Stanton Griffs, a member of the firm | of Hemphill, Noyes & Co., visited the | local offices during the week, and Clif- | ford Hemphill, senior partner of the fl’rm is spending the week-end in this | city. | NEW YORK BANK STOCKS NEW YORK, January § (@) the-counter market BANKS. —Over- Natl City TRUST COMPANIES, Bankers 3 rooklyn ent Hanove- Chem Bk & Tr Cont Bk & Tr Corn Exch Empire Guaranty Trvin Mlnuh('ulen New York 107 23 102 195 13% 24 18 T8% \ 107 124% 185% 21% 69 Té% 4% 9% 60% 364 Corn Products (3)... 118 Corn Prod pf (T)..es 27 Coty Inc 20 Crucible St i Cuba Cane Producta. 20 Curtis Publish (¢).. 1 Curtiss Wrignt. 1% Curtis Wright (A).. 68 Cushmans pf (8). 3l |mvison Chemic : 17% Delaware Lack & W. 110% Detroit Edison (8).. 6% Dome Mines (1) 11 Dominion Stores 11% 105 Dresser Mfg B (2).. 42% Drug Corp (4) 507 Dupont de 94 Du Pont 77 Eastman Kodak (18) 5% Eaton Axle& Spr60c, 7l Eitington-Schild pt.. 20 Elec Auto Lite (4).. pf(§ % Electrio Boat. : 214 Blec&Musical Instru 9 Blec Pwr& Lt (1)... 32 Blec Pwr & Lt pf(§), 41 Elec Pwr&Lt pf (1). 23 Eec Storage Bat (4) 5 Brie RR 6% Erle R R 1st Df 2 Fairbanks Copf. . 3 Falrbanks Co pf ctfs 48 Wed Lt & Trac pf (6) 3 Fed Water Service A 20 14 Ph Fire [n(2.60) 46% Firestone T&R pf(8) 41 First Natl Stra (23%) 1% Fisk Rubber 1st pf.. ‘s Fisk Rub Ist pf convy 4 Follonsbes Bros . 8 Foster-Wheele,. 2% Foundation Collyvme NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. —103l— Stock and Bales— High. Low. Dividené Rate. Add 00. High Low. 3214 16% Fourth NatInv (110 3 19% 19% 38% 214 Fox Film (A)... 0 4% 4 434 134 Freeport-Tex (1). 15 18% 1T T84 28 Gen Am Tank Carcé) 8 31 30% 47 9% Gen Asphalt (2). 4 134 13 25% 9% Gen Baking (2). 3 13% 134 2514 3% Gen Cable (A). 1 4% 4w 484 25 Gen Clgar (4).... 4 321 32 B4% 22% Gen Electric (1.60).. 233 35 244 124 10% Gen Elec spec (60c).. 9 56 28% Gen Food Corp (3).. 23 814 1 Gen GEEA(b6%stk) 1 50 29% Gen Mills (3) 2 48 21% Gen Motors ( U4 103% 79% Gen Motors pf (5). 3 31 10% Gen Printing Ink(2). 208 23 2% Gen Public Service. 6 844 21 Gen Ry Signal (5). 5 94 % Gen Realty & Utfl... 1 57% 12 Gen Refractortes (1) 1 15% % Gen Theatre Equip. 19 38% 9% Gillette Saf Rasor. 20 76% 45 Gillette Saf Rpt (5). 7 2 6 1 33 20% 3% Goodrich (B F) 9 68 10 Goodrich (BF) pf... 7 52% 134 Goodyear T&R (1).. 12 91 35 .Goodyear Istpf(7).. 8 13% 3% Gotham Silk Hosfery 1 64 1% Graham-Paige...... b2 22% b4 Granby Consol (50¢) 5 2514 1% Grand Silver Stores.. 1 18% 7 Grand Unlon. 4 46 21 Grand Union 2 42 24% Grant (W T) (1) 1 69% 15% Great Northernpf(2) 17 23% 10 Great NorthnOre(2) 6 11% b% Great Western Sug.. 7 6% 1 Grigsby Grunow.. 20 37% 4 Gulf States Steel. . 1 9% 1% Hahn Dept Stores 1 1% 1% 63% 14 Hahn Dpt St pf(6 1% 170 44% 11'; Harb & Walker (1).. 1 13 13 42 84 Hawaifan Pineappl 9 9 58 26 Hercules Powder(3). 103% 68 IHershey Choc (6 104 70% Hershey Choc of (15 19'% 5% Hollander Sons... 9% 215 Houdaille Hershey 6814 15% Houston Ofl. 144 3 Houston Oil (new) 29% 11% Howe Sound (3). 44's 26 Hudson & Man (3 26 7% Hudson Motor (1)... 13% 3% Hupp Motor: 89 914 lllinois Cemtral s 4% % Indian Motor Cyels 86 21 Indust Rayon (4) 182 25% Ingersoll Rand (4. 71 19% Inland Steel (2). 11% 3 Inspiration Copper 12% 4% Insur Sh (Del) (75c). 84 4% Interboro Rap Trans 5% 1 In.Agriculture. 179% 92 Int Bus Machine(né) 12% 3 IntCarriers,Ltd 50c. 625 16 IntCement (3)..... 5 60's 22% Int Harvester (3% ). 31 9% Int Hydro E1A (e2). 73% 11 Int Match pf (4). 16% 2% (nt Merchant Mar! 204 7 Int Nickel of Cax 20 10% 1% Int Paper & Pwr (A) 4% % IntPaper & PwrC... 4315 6% Int Paper & Pwrf.. 55% 5 Int Rysof CenAm pf 54 37 IntShoe(3)........ 38% Tis Int Tel & Teleg(60c). 21% & Int Dept Stores (2).. 674 52% Interst DS pf xw (1) 9% 1% Investors Equity. .. 80% 15% Johns-Manville (1).. 12314 68 Jones & Laugh pf(7) 64 156 Kan City Sou pf (4). 18 5% K'mann Dept Stra(1) 24% 7% Kayser (J) & Co (1). 314 % Kelly-Spring Tire 26 5% Kelly-Spr T 8% pf.. 29% 3 Kelsey-Hayes Wheel 15% 6 Kelvinator Corp.... 31% 9% Kennecott Copper 0e 41 13% Kimberly Clark 2% . 29% 15 Kresge (88) (1.60). 27% 4% Kreuger & Toll 1.61). 35'% 124 Kroger Grocery (1). E7% 404 Lambert Co (8) 30 6 Lehigh Val Coal pf. 61 8 Lehigh Valley RR.. 6 69% 35 Lehman Corp (240). 5 34% 18% Lehn & Fink (3) 3 91 39 Liggett& Myers(15) 2 91% 40 Ligg& MyersB (16) 7 34% 12% Lima Locomotive 2 554 134 Liquid Carbonic ( 1 63% 23% Loew's, Inc (t4).... 95 6% 2% Loft Inc. i 54% 20% Loose-Wiles (13) 3 21% 10 Lorillard (P) (1.20). 18 55 20 LaOilpf (6%)...... 208 36% 17% Lou Gas&El A (1K) 5 111 20% Louisville & Nash(4) 4 19 4 Ludlum Steel . 5 29 6 McGraw HlPub,.. 1 26% 12 Mclntyre Porc M (1). 5 103% 38'5 McKeesport TP (4). 10 17 3% McKesson & Robbing 7 10% 1) McLelian Stores.... 1 43% 12 Mack Trucks (1). 3 106 50 Macy(RH)&Co(nd). 9 Tis 2 Madison Sq Garden 1 27% 7% Magma Copper(30c). 3 61 25 ManhatElevgtd (1) 108 39 6% ManhatElevmod gtd 34 24% 9% Marine Midld (1.30). 9 32% 9% Marlin-Rockwell (2) 1 10 10 10 1% Marmon Motor Car., 1 2 1% 32% 9% Marshall Fleld (2%) 7 11% 114 311 12 Mathieson Alkili (2) 2 15 14% 39 15% May DeptStrs (2%) 13 18 17h 8% 14 Maytag Co 3 2w 2u 24% 5 MaytagCo 1 8w 84 34 14% Melville Shoe (2) 18 18 16% 8% 2 MengelCo..... 1 2% 2% 22 17 Mesta Machine (2) 6 191 18 10% 2% Miami Copper 1 3% 3% 16% 5 Mid Continent Petm. 1 6 6 31% 7 MidlandSteel (3)... 5 9 8% 7% 1% Minn Moline Pow 2 14 14 48 64 Minne-MolinePpf.. 1 10 10 14 1 MinnStP&SSMpf.. 1 2 2 26% 3% MoKan&Texas.... 3 6 6 85 101 Mo Kans & Texaspf. 6 17% 17 42% 6% Missourt Pacific. ... 7 84 8 107 12 Missouri Pacificpf.. 23 1814 174 21% 7% Mohawk Carpet 1 8% 8% 29% 6% Montgomery Ward.. 151 9% 9% % % Mother Lode 1. % 4 % Motor Meter G&EI. 1 1 i 19% 5 Motor Wheel (50e 19 5% 5 36% 8% Mullins Mfg.. 5 1% 10% 18% 5 Murray Corp. 13 el 40% 15 sh Motors (3). 26 17% 1T% 10 4% NatBella Hess...... 75 % % 1 Nzt Bella Hess pt 1 3w 3% Nat Biscuit (2.80). 60 42 41 Nat Cash Reg (A). 178 [0I9 Nat Dary (2.60). 40 24 234 36% 16 Nat Dist P’rod (2).. 4 20% 19% 44% 10% Nat Pwr & Lt (1) 6 154 144 58 1814 Nat Steel (3). 8 23 22 76% 10 Nat Surety (2). 5 1w 144 247 6% NatTea (1).. 3 8% 8 14% 4% Nev Con Cop (40c).. 25 6 B% 24 % Newton Steel. L1 3% 3% 132 24% N Y Central. 28 324 30% 88 2% N Y Chicago & StL 7 94 5 NYChi&StLopt. % 227 101 N Y & Harlem (5) 115 94% 17 NY,NH&Hartford 32 24% 234 119% 52 NYNH&HDf (). 2 68 674 1% 5% N Y Ont & Western. 6 84 8 N Y Shipbuilding. 2 4% 4% Noranda Mines (2).. 24 13% 134 North Am Aviation. 14 3% 34 Nor Amer(b10%stk) 112 35 33% North Am Ed pf (6). 2 80% 804 Northern Cent (4)... 10s 68 68 Northern Pacific3).. 122 20% 19% Norwalk Tire& Rpf 108 16% 164 193 6% Oh1oOIl. .. ..... T e %8 26 24 OllvRarm Bqprpf.. 1 4 3% 583 164 Otis Elevator (2%). 6 225 21 16% 3% Otis Steel. 4 43U 6912 8 OtisSteel pr pf. 108 10% 10% 39% 20 Owens[11Glass (3). 1 214 21% B4a 20% Pacifio Gas & B (3). 18 34% 344 69's 35 Pacific Lighting (3). 6 39% 39% 11% 8% Packard Motor (40c) 86 A4 6 50% b5 Par-Pub (b10% stk). 378 1l 10% 2% % Pathe Exchan 1 kel % 8% 14 Pathe Exchange (A) 2 2w 2 4% 2 Peerless MotorCar.. 8 34k 3 463 22 Penick & Ford (1)... 2 2T% 27 443 26% Penney (J C) (2.40). 7 27% 21% 29 21 Penn Dixie Cmt pf.. 1 4% 4% 64 164 Penna Rallroad (2).. 45 20% 20 250 107 Peoples Gas(Chi)(3) 10 8% 117% 10% 2% Petrol Corp of Am. 13 4% 4% 25% 5% Phelps Dodge Co. ... 5 T T 12% 2% Phila&Reading C&1 7 3% x:.. 12% 8 Phillp Morris&Co(1) 10 8% 8% 16% 4 Phillips Petroleum.. 5 5% 5 34 15 Plerce Petroleum... 2.3 1 37 19% Pillsbury Flour (2). 1 22% 22% 39% 26l Pirelll (A) (m3.3).. 3 274 274 163 130 Pitts FL W&Cpt(7) 108 130 130 99% 40 Pitts United pf (1).. 10s 35 35 86 u Pittsbgh & West Va. 1 12% 12% 39% Postal Tel&Cable pf. 5 ™ 1 20% Ah Prairie O1] & Ga: 2 64 84 26% 5% Prairie Pipe Lin, 2 8. T (Continusd oa pekt 6 " K] 1% — % 1T 42 18 - % + +1 EE£E £55 141+ f:x#;;::::.!#:: DS FEET % PULE L+ 04400000+ e 15 41+ FrEF ' LIl I+ i+1++ EF FFEFFSESFEEF FF (KREUGER CONFIDENT SIUBKS HUI.D HR OF DEBT SOLUTION N PROFT TAKING e e ty Over Outcome of Repa- rations Problem. Market Absorbs Considerable Realizing After Recent Advance in Prices. By the Associated Press. NEW YORK, January 9.—Because of his ranking as a foremost factor in the international money-lending fleld, Ivar Kreuger's assurance that Amer- ica should not feel ‘“panicky” over European problems has attracted wide attention in Wall Street banking cir- cles. In & half-hour conference with President Hoover, Kreuger expressed belief that European people do not take European problems so much to heart as “you do in the United States. Euro- pean problems will be solved and there is no reason why the American peoplg with the rails strong and the indus-|should become hysterical over them.” trials and utilities a shade lower, but| Kreuger & Toll and affiliated com- a5 the session went on prices slowly panies, under direction of Ivar Kreuger, advanced until most of the leaders|hold upward of $150,000,000 of foreign were selling at least fractionally above |government bonds. Principal among the best of the recovery. them are $80,000,000 of German bonds and $32,400,000 of Polish bonds. In (Chiainotes oo MATKSS. addition, the companies have advanced There were few wide price movements | joans to' Greece, Turkey, Rumania and either way at any time. The market)gqth American countries. seemed to be consolidating its gains, ‘Wall Street associates of Kreuger, and, taking into account the natural|gns'in recent years has personally ne- inclination of professional traders 10| gotiated nearly s quarter of & billion even up acccunts over Sunday, its action [ donars of loans to forelgn governments was distinctly encouraging. ~At_ODe |in pehalf of his various match company time or another United States Steel,|interests said Kreuger has shown no in- American _Telephone & Telegraph, American Can and Allied Chemical sold | Sications of uncasiness on the scare of above Friday's high. Moreover, the b market was more active when prices were advancing than when they were selling off. The rails were consistently support- ed. This was regarded as a good sign. The market for the carrier shares took its cue from that for the correspond- ing bonds and was influenced by in- creasing confidence that a satisfactory adjustment of the wage situation would be reached. With regard to the in- dustrials, the Nmurlnh{hing was the character of the stocks selected for leadership. Not much sttention was paid to re- ports that Germany would formally announce a decision t0 pay no more reparal whatever. The Street re- mained of the opinion that the next important move from the other side would be constructive. There was not much news affecting individual stocks. Local tractions were bought on the possibility of a higher fare, but speculative interest in these securities was largely confined to the bonds. Timken Roller Bearing was strong and one or two of the amuse- ment shares were bid up. On the other hand the tobacco stocks yielded a?mewhnt and oils were inclined to ag. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 9.—The real significance to be attached to today’s week end stock market whs the manner in which it absorbed the realizing con- sequent upon the rapid advence of Thursday and Friday. At the opening the list was irregular, U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business January 7 was $442,440,35199. Cus- toms receipts for the month to date were $7,209,336.74. Total ordinary ex- penditures were $14,668,834.12, Short Selling. NEW YORK, January 9 (Special).— It is the opinion of an important capi- talist, who in years v}one by was a promlnenl figure in Wall Street, that E‘ubllcl appetite for short selling of become very‘keen and that t.hcy will buck the market in every riod of advance and eventually face vy losses in their bear posmm as lhey did in following stocks in the bull market of 1928 and 1929. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. REPORT OF CONDITION OF THE Motor Shares Steady. Auburn sold off in the last half hour, but that was to have been expected after Friday’s 10-point advance. In general the low prices were made toward the end, when even some of the Mount Vernon Savings Bank Of Washington. in the District of Golumbia, 2t the close of business on December 31, 1931. rails came down as well as the utilities RESOURCES and industrials. Motor stocks were 1‘ gs:;‘;"‘l;‘.d ‘“"‘°"f‘f‘ 258 ""“';%}} steady in anticipation of good results| 3. United ~States 'Government from the annual automobile show open- A - 120,741.80 log; “”"' 5 921,363.72 e — e. Banking nouse, furniture L CLEARJNG HOUSE FIGURES 7. Real estate n‘;nld SomE Ll hi ANy r Washington clearing house figures K gfif:nnd:’;?;:&:lmfl:bn%fi" 131,076.97 . Outsi for toda $3,644,149.39 ey S s o 14, Other assets . Totab! io il d et Meney on Hand to Loan on First Deed of Trust Ji¢ 8 69 Interest Reasonable Commission and Prompt Replies to Applicttions JAMES F. SHEA 643 Indiana Ave. N.W. —OFFICE FOR RENT LIABILITIES. gapital stock paid In tingencies. etc. . Reserves for inierest. taxes, and other expenses accrued and unpal . Due to" DARKS, ‘irciiding . cers tified and cashiers checks outstanding . Demand deposits y nd’héahn 5. BTy payabie a . Other liabilitie: $4.510.318.46 Total ash i of Calumhll 58 RO ok, o Solemniy swear that O ove statement is true to the best of my knowledse, oo . HIGH ashier. !ublcrlhed and sworn_ to betore me lhi anuary. 1932 Tthday of January, 1g3 Nelu! Nbllc. OURAY BUILDING| || & e o o, g J William H. Johnston. Frank A en 8th & G Streets N.W. E. S Paviion. e X de',,.::g" Fine, light rooms, either sin- Feserve District No. 5. gle, or In suites. Excellent lo- REPORT OF CONDm eation for ufacturers or A commerelal arencles. Rentals Seventh sgreet Savings very reasonable. Bank bia, hington, in the District of Colum] O N ae ‘of ‘bustness on December 31, 1931 Avply Sup't on Premises or F RESOURCES, Frank P. Leetch 1. Loans and discounts ........51,354.904.13 S ¥ QS B - Governmeni’ ; 624 Colorado Building 3. United Cetowned -« 1.950.00 14th and G Sts. N.W. 0 Olherlbon:;n:éo:ks Wl curities : g e, 345,043,681 Telephone Nat. 0999 (% ”';'\‘,‘?L“Afur:hom-nd Axiures. . 0s0.12 10,917 1 P 7. Real eatate owmed otk 63,085.95 Reserve District No. 5. Bankig 22404284 d due from bll\k! REPORT OF CONDITION o Gt de checks and other s g cash items e Washmglon Savmgg Bank 2 32.000.960.53 Of Washington. in the District of Columbia. | TOER Ul at the close of business on December 31. 1931 LIABILITIES. R e 15. Gapital stock paid in-. 100,000.00 18. . Oni ; ';!ceurlllls IOK!:”:’ied Gn"”‘“"n 26,555.94 and fllh!l' exvensu n:crued £,000.00 4. Other bonds. stocks and se- and unp: curities owne 344.472.70 | 21. Due_to bll\k!, Ancludm:hr, 6. Banking house. $58,000; furni- tined and cashiers’ chec asernt ture and fixtures, $11.576.08. 66,576.08 outstanding . 6a5.330.93 7. Real estate owned other than 22, Demand deposil Lo ) an : 10. Gyiside (hzckl -rgg’ At e RN R 26,000.00 14, Other “asseéts " R i Tot. ¢ et Total .......¥763,695.64 | District of Cojumy cashier of the above-named bank, do solemnly swear thap 18, cnmm stock Dgikqnn:.! ....$100.000.00 | the above statement s frue to the best 16 Surpius "0 7 1000000 | my knowledse_1nd Dellet (ARCO, Cashier. 22 "x-n‘."ndc ‘debosits s e * a3 di8 Subscribed and sworn to before me this 23 Time deposits .0 oo 7028058 | 7eh day) of January. 1992 0 yowann, Hirgy X R 31 omzrpnyn'hnfu'n o fcmmu 9,000, L Notary Public. | Correct— WARD. 7 JOHN D HO Digtrict ol (‘clu Fea . AUGUST H niur%g! S EARNSHAW. treasurer of JOHN A. SCHAEFER, | . the abovemamad ‘CaRk - Ha olomaly suer that the above statement is true to the best of my knowledse and beliet EARNSHAW. Treasurer. Sharier No_ 9545, __Reserve District No. 5. Ter No_gsas. _Reserve Dishiict Charter Noo st PORT OF | GQNDITI Shbll‘rlh!fl and sworn to before me this T gAY ol AR 1 ank (8eal) HELEW: INONLSOLL, Dls"l‘ o ,].\‘ lan}xgg:cl‘ }x; Columbla. ary Public, D.C. f Yy commission expires Oetoner 8, 3033, | Of WASHDEL™ Miness on December 31, 1831 THS. E. JARRELL. . ssesgannse 1 2.987.24 — oot 3. CGharter No_ 11633, serve District No. 8. | | imities, owned SR aTAE REPORT OF coN TTT ‘4. Other bonds, stocks ant 50,030.97 cufies owned 1 i aag: g 6. Banking 0! 3 P -t Liberty Natlomfl Bank Wl ana "Rt oy Of Washington, in the District of Columbia, i whed ' other st the close of business on December 31, 1831, | T masl estata owned | o 463,002.46 }- Loans and discounts .......$1781.843.24 5 3000884 gv Ovl‘{drl‘l”gl G i 9. 1,328,586.19 . United Sta overnment : er nds. lch s and se- with U. | cutlues"wndd B nedimet g 0 8 6. Banking house, '$223:387.09. Treasurer ... @.18000 furniture and fixtures. 14, Other assets $.926.03 $11,466.80 234,753.89 i 233 A8 388 &6 8. R!ls!rvkz with’ Peflerul ‘Reserve st Total. $11.535,392.49 9 . 81824521 LIABILITIES. s 1.936.02 | 15. Capital stock paid in.. 31,900.000.00 Total 14323.193.34 | 17 Undivided profis--net 102,965.95 —— 18 Reserves for dividend! s LIABILITIES. tingencies. et h 163 15. Capital llOEK paid In .. $500.000.00 | 20. Cll’t lllfll l’lnl!l oulsun 16. Surplu: 250.000.00 b 03,000.00 17, Undividea 21, Dut o bii idin 18. Rescr\es tifled lhd tlshlen checks 737,967.00 ...... 35.231.52 outstanding 4,096 830. M 19. 988,633.7: 24,763.60 1.282,236.18 21 id % tified md llhl!rl Chebll |2= £ outstandin; 311.535,392.49 22 pemand_ e onu o Wasning- o POt Total 4.323,133.34 "ot my District of cnmmm. i i Host CALNAN. cashier of the above- L. OFPUTT, Jr. namer’ pund do scleanly " anear thas iee gbove statement ls true to the best of my knowledge and belis P. CALNAN, Cashier Subscribed_and ‘sworn t this sth day of January, - Saplgnpedi TT G. Notar; P“DI‘C Corzect—Attest: 5 LE [OEMAK] PR i ron Directors. r. Subscribed and “l;’lo before me this da?) o IR IAMIN ROBIN Public. tary . l Correct—Attest: H ANS, Jr.. ‘oe UAOL‘¥ON! . 3 OGERS. GENERAL ELECTRIC CO. HOLDERS UP 33,323 .. Btockholders of General Electric Co. increased by 33,323 between December, 1930, and December, 1931. Total num- ber of stockholders in December, 1931, was 150,073, the largest n the com- y’s history. There were 140,483 lders of the common stock in Decem- Newsstands have been ousted from the yard of the Santa Cruz Church in Manila, P. I, after the proprietors re- fused to discontinue the sale of in- decent “art” magazines. Reserve District No. 5. REPORT OF CONDITION OF THE Washington Loan & Trust Co. ‘Of Washington, D. C, at the close of business on December 31, 1931. RESOURCES. 1. Loans and discounts . $0,159,643.17 2. Overdrafts. 1 ,526.58 3. United States Government securities owned 1,972,360.68 4. Other bonds, stocks and securities owned. . 2.232,62743 6. Banking house, $1,018,161.90; furniture and fixtures, $171,340.28. 50!9 502.18 7. Real estate owned other than banking house. 101,627.90 9. Cash and due from banks 4,435,084.50 10. Outside checks and other 5,246.77 Total.... e es st Ra e LA NT RN 15. Capital stock paid in $1,000,000.00 16. Surplus 2,350,000.00 17. Undivided profits—net . 200,063.99 19. Reserves for interest, taxes and other expenm accrued and un- . 37,501.05 21. ts dlnl 366,209.36 22, Demand d!poslm 10,701,401.38 23. Time deposits . & 5,342,334.03 .$19,997,509.81 DllLrll:l of Columbh. I, CHAS. R. GRANT treasurer of the above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and belief. CHAS. R. GRANT, Treasurer. Sulncribtd and sworn to before me thls 8th day of January, 1932. L) (CK A. GENAU, Notary Public, . correcb—Atbest 2o H. G. MEEMS, CHAS. P. STONE, ARTHUR P] CHARLES CARROLL MORGAN, 'ETER, ALFRED H. LAWSON, W. E. PEARSON, S. H. KAUFFMANN, L. W. EST] FREDERICK V. COVILLE, FLOYD E.DAVIS, JOHN BARTON PAYNE, J. LEO KOLB, GEORGE A. KING, A. F. FOX, C. B. KEFERSTEIN, CHAS. G. TREAT, JOHN A. JOHNSTON, MELVILLE B. GROSVENOR, REPORT OF CONDITION f the American Securit;' & Trust Company ©Of Washington, in the District of Columbia, at the close of business on December 31, 1931. DONALD WOODWARD, JOHN JOY EDSON, JOHN H. CLAPP, Directors. RESOURCES. Loans and discounts $16,997,015. 41 Overdrafts ........ . United States Government securities owned l 051 “l 5. . Other bonds, stocks and securities owned. . Banking houses, $2,494,490.84; furniture and’ fixtures, $390,370.57 2 IM l% 01 1328,780.33 . Real estate owned other than banking houses . Cash and due from banks . Outside checks and other Soammmmm 14. Other assets ....... . Total ol bt ceeesreeeaee $38,800,420 51 LIABILITIES. 15. Capital stock paid in $3,400,000.00 16. Surplus . 3,400,000.00 17. Undivided profits—net. . '738,896.52 18. Reserves for dividends, contingencies, etc. s 324,886.63 19. Reserves for interest, taxes and other expenses accrued and B unpaid 153,000.77 1,182,835.04 22, 14,076,241.82 23. Time 15,293/829.68 31 938.12 B $38,500,429.51 ‘Total ‘Washington, District of Columbll, 85 1, CHAI . treasurer of the above-named bank, do solemnl: swear that the above statement is true to the best of my knowledge and belief. CHARLES E. HO' Treasurer. Subscribed and swarn to before me this Tth day of January, 19332. (Seal.) ERT B. LORD, Notary Nbli D. C. c, My commlsslun expires October 28, 1934. Correct—Attes OORCORAN 'I'HOM CLAREN( F. NORMENT, HOWARD MORAN, CHAS. A. CARRY, BENJAMIN WARDER THORON, W. 8. CORBY, G. PERCY McGLUE, JAMES F. SI . JOHN SAUL, W. MONTGOMERY, J. PHILIP HERRMANN, Charter No. 3425. REPORT OF CONDITION OF THE National Bank of Washington In the District of Columbia, at the close of business on December 31st, 1931, RESOURCES. 1. Loans and discounts ......,... vee . $6,038,512.68 2. Overdrafts ......... 268.42 3. United States Government securities owned. .. 3,721,235.00 4. Other bonds, stocks and securities owned . 457,730.25 6. Banking house, $487,229.00; furniture and nxtures ”5 516.10. 582,745.10 7. Real estate owned other than banking house . 398,207.20 8. Reserve with Federal Reserve Bank . 597,692.29 9. Cash and due from banks . 1,141,155.80 10. Outside checks and other c: 36,511.41 11. Redemption fund with U. S. ‘I‘rwurcr and due from ‘Treasurer 35,000.00 14. Other assets 4,795.10 Total .. ool “setisesseiesatasaiaan crsersesaees.$13,013,853.26 15. $1,050,000.00 16. Surplus 1,050,000.00 17. Undivided profits—net 93,597.91 18. Reserves for dividends, contingenc 170,723.28 20. Circulating notes outstanding ..... 693,100.00 21. D‘:[el to banks, including certified and cashiers' checks outstand- .. 161,056.37 22, Demand depflsiu 4,592,269.62 23. Time deposits .. 4,611,737.90 26. Bills payable and rediscounts 90,000.00 31. Other labilities . 1,369.21 Total City or Wflshmgmn $13,013,353.28 FRANK WHITE, cashier of the above-named bank, do solemnly swear that lha ‘above statement is true to the best of my know]ed(e and belief. FRANK WHITE, Cashier, Subscnbed and sworn to before me this 7th dl of January, 1933, SALVADOR J. COSIMANO, Notary Public. JOHN ED. CAMMACK, MAX FISCHER MORRIS E. MARLOW, MAURICE F. FLYNN, JOHN G. MEINBERG, Correct—.lmeat CLARENCE F. NORMENT, GEO. L. STARKEY, JAS. TRIMBLE, GEO. P. SACKS, HENRY N. BRAWNER, Jr., G. W. FORSBERG, ARTHUR MAY, W. C 3 EDWIN C. BRANDENBURG, ODELL S. SMITH, JOHN M. BEAVERS, FRANK R. ) JOHN SCRIVENER, Directors. IF YOU ARE RESPONSI- BLE FOR OTHERS’ MONEY you will find investment in our 6% FIRST MORTGAGES the best way to safeguard their in- terests profitably. "Over a Third of a Century Without a The principal of money so in- vested is secured by conservatively appraised improved Washington real estate, and the interest is both Loss generous and definite. May be purchased in amounts from $250 up. F. SAUL CO. 2100 925 15th St. N.W. B. National THERE IS NO SUBSTITUTE FOR SAFETY