Evening Star Newspaper, January 11, 1932, Page 13

FINANCIAL., THE EVENING STAR, WASHINGTON, s D. . RETAIL SALES 1 PER CENT LOWER December Department Store | ‘Report Shows Decline From Last Year. BY EDWARD C. STONE. Retail sales in Washington depart- ment stores in December were 7.2 per cent lower than in December, 1930, ac- cording to the monthly report made public_this noon by the Federal Re- serve Bank of Richmond. Retail sales in this city for the full year 1931 were only 2 per cent lower than in the pre- vious year, a most enviable record when | compared with other cities of equal size | all over the country. Sales in 57 department stores in the fifth Federal Reserve district in De- cember, 1931, averaged 9 per cent less | in dollar amount than salcs in Decem- ber, 1930, in comparison with an av age decrease for the Unlted States of 13 per cent. Total sales in 1931 in the 87 stores in the fifth district declined 6 per cent and 447 stores in the United States declined 11 per cent, in com- parison with total sales in the -year 1930. The December declines in the Rich- mond and New York districts, both 9 per cent, were the smalle in the country, and the Ri trict led the entire count ord for the year showed slightly mor advance over October sales in the ffth d to relatively low months Of the 57 reporting stores In the fifth district, 9 reported larger and 48 smaller sales i December, 1931, than in December, 1930. Percentage Changed in Sales. Percentage comparisons in periods! named with sales in corresponding pe- riods in 1930 follow: Cities. Baltimore, Md.. Charleston, W. Va. Durham, N. C.. Huntington, W. Va Lynchburg, Va Norfolk, Va.. Richmond, Va. Washington ........... Winston-Salem, N. C.... Other cities .......... due the December Year Fifth District, 57 stores. — 9 United States, 447 stores —13 State figures— Virginia West Virginia . . — 62 The Carolinas . . — 85 Reserve Districts Compared. Preliminary figures on the value of department store sales in the 12 Fed- eral Reserve districts show an increase from November to December, of about the estimated seasonal amount. The Federal Reserve Board's index, which makes allowances both for number of business days and for usual seasonal changes, was 81 in December, on the basis of the 1923-1925 average as 100, compared with 83 in November and 36 in October. In comparison Wwith a year ago the value of sales for December, according to the preliminary figures, was 13 per cent smaller. The aggregate for the year 1931 as a whole was 11 per cent | smaller. Percentage increases from a ago follow: . —129 — 84 —12.2 —12.8 year 12 mos. No. re- ng porting Dec. 31* stores. ¢ Total —i1 4“1 Pederal Reserve District oston .. ew York - Philadelphia ... - Cleveland Richmond Atlanta gnicase . t. Louts . Minneapolis "0 Kansas City ... s Francisco Dacember figures preliminary st dystricts the month had the same numbe S*buiihess “aavs this year and Inst vear. i Lawrence to Address Bankers. President C. H. Pope of the District | Bankers' Association announced today that David Lawrence, editor of the United States Daily and owner of the Consolidated Press Association, has con- | sented to be the guest speaker at the regular Winter meeting of the associa- tion, to be held next Monday evening January 18, at the Willard Hotel. Mr. Lawrence will take for his sub- ject, “A Long Look Ahead.” While he is a newspaper publisher and is obliged to divide his time in the valuation of all kinds of news, yet he is particularly interested in financial matters. He is an_unusually fine speaker This is the association’s only open meeting durirg the Winter. A large attendance is anticipated of bank of- ficers and directors. Annual Meetings Tomorrow. The annual meetings of tI holders of all the national Washington, some of the trust cc panies and several of the savings ban are scheduled for tomorrow. Some oi | the banks will also hold their organiza- tion meetings after the stockholders meetings and elect officers for the com- ing year Indications today pointed to com- paratively few changes in directors Death has taken several board mem- Sers during the past year and there are always some who do not care f election. Such vacancies will n: ode filled at this time. At present there are no vacancies among the city" aenior bank officials Gravel Stock is Being Called. Notices have been sent to the stoc solders of the Columbia Sand & G CTo., announcing the dissolutic zompany under the Holders of the prefen 4tructed to present thei: the National Savings & 1 teenth strect and ‘Washington, on ¢ be paid for at p: All divider 21. The nc 3 Smoot, Thomas A Butt Harper. They are offic Sand & Gravel C 1 Columbia Send & Gravel Co. after the firm had been sold to the Arunde! Cor- poration of Baltimore. This deal was completed more than a year ago. Clyde B. Asher was formerly president of the Columbia Sand & Gravel Co. Today's Trading on Exchange. Trading on the Washington Stock Exchange today was confined wholly to ‘Washington Gas Light Two $1.000 sales in Gas 6s, series A, were Tecorded at 100 and two r sales in Gas 6s. series B, appeared on the board at 100’ Circul stock are in- tificates to Fif- Bank Stocks. New York bank stocks chowed con- | siderable strength at the end of the week and at present levels are still be- | low average book values, Waggaman, Brawner & Co. are distributing a cir cular on six New York bank stoc yielding an average of 9 per cent n- | come r on Auto Sales Estimated DETROIT, January 11 (%) —Although complete figures for December have not been tabulated, R. L. Polk & Co. esti- mate the total sales of new passenger | automobiles in the United States for 1931 at 1,892,600 units The nguses | compare ith total sales of 1930 at | 2,625,979 | The estimate was based plete_returns from au months <nd reglstrati in December. Using the same reports, Polk & Co. estimate sales of new commercial cars in 1931 at 311,800, compared with 410,- 699 in 1830, upon com- States for 11 in nine States Stocks —1¥3— High 14% 106% 2314 11% 20 109% 20% 100 7914 64 26 104'9 87 8014 668, 1185 10 60 4 90 81 64 80% 26 4610 70% 85 324 31 113 28 695 53 1% 45 45% 25 16 36% 131% 116 525 16 814 30 28% 48 45% 1093 111% 23 35 34 90 4 12 12 K63 1521 1 8% 63 106 5T 487 100 5% 813 41 23 22 157% 102 195 21% Low. 2 96 3y NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 1n 160-share lots exeept those desimmated by letter Ca” Stock and 8 Divigend Rat Abitibi Pwr & Paper Abram Straus pf (T) Adams Expres Adv Rumley.. AMmiiated Prod 1. Afr Reduction(14% Alaska Juneau (50¢c) Allegany COrD.....0 Alleg Cp pf $30 ww Alleg Cn Df w $40 w. — 1 208 53 Allied Chemical (6). x 221 Allis-Chalmers (50c) Alpha Port Cemt (1) Amerada Corp (2) Am Bank Note (2). Am Bank Note pf (3) Am Beet Sugar. Am Can Co (15) Am Car & Foundry Am Car & Fdy pf (1) AmChain.......... Am Chicle (43). Am Comcl Alcohol. Am Erropean Secur., Am & For Power. ... Am & For Pwr pf(8) Am & For Pwr pf(1) Am & For Pwr 2d pf. Am Flome Prod 4.20 Am International... Am La France&Fom. Am Locomotive. .... Am Le'motive pf (T) Am Mch & Fdy 1.40 Am Mach & Metal Am Metal Co Am Natural Gas pf. Am Pwr & Lt (11).. Am Pwr & Lt of (8). AM P& Ltpf A (5).. Am Radiator (60¢).. Am Republics 5 Am Rolling Mills. .. Am Safety Razor (5) » Shin & Com. ... Smlt & Rfg(50c) n Sm&R 2d p1(6). nuff of (6). . Solv & Chemical Solv & Chem pf. teel Foundry. .. Steel Fdry pf(T) Sugar Ref (5)... Sugar Ref pf (T) Am Sumatra Tob. Am Tel & Telex (3) Am Tobacco (5) ‘Am Tobacco B (5) Am Tobacco pf (§) Am Water Wks (3).. Am Wat Wks cfs(3). Am Woolen Co. Am Woolen Co pf... Am Writ Paper ctfs. % Anaconda Cop er. 4% 314 63 46 2% 1% 14 2% 38 22 10 16% 85 1 10% 8 3 10% 10% 17 4% 24 334 53 10% 2% 24 9 3 23% 13% 214 % 4 26k 118 20 367 1 29 20 1 1% 3% 13% 64 17% 110% T 42% 41 23 16 Anaconda Wire & C Anchor Cap (2.40) Archer-Daniels (1).. Armour of Del of (1) Armour of I11 (A) Armour of I11 (B). Armour of 111 pf. Associated Dry Gds. Atch To & San Fe(6) Atl Coast Line (4).. Atlantic Refining (1) Atlas Powder (4)... Auburn Auto (f4)... Autosales pf . Aviation Corp (Del). Baldwin Locomotive Baldwin Loco pf.... Baltimore & Ohio. ... Balto & Ohto pf (4). Bang & Arcos (3%) Bang & Aroos pf (7). Barker Bros........ Barker B10s pf (6%) Barnsdall Corp'n. . .. Bayuk Cig 18t pf (7) Beatrice Cream (4).. Belding-Hemingway Bwg N R pt pf t4.81. Bendix Aviation (1). Best & Co (2) Bethleham Steel (2). Bethlehem Stl pf () 3ohn Alumn (1%) Borden Co (3). Borg Warner (1) . Botany Con Min (A). Briggs Mfg (1).. Briges&Stratton(2). Brockway Mot Trk.. Bklyn-Man Tran (¢). Bklyn-Man Tr pf (§) BKIyn&Queens pf(6) Bklyn Union Gas (§) Bruns Term & Rwys Budd (EG) Mfg...o Budd Wheel....... Bullard Co. Burns Bros pf (1)..¢ Burr Add Mch (1)... Bush Terminal(2%) Bush Terminal pf(7) Butte Copper & Zine. Byers «A M) Co. ifornia Packing. . alumet & Hecla. ... Canada Dry (1.20) Canadian Pacific 1% . Cannon Mills (1.60). Capital Admin (A).. Capital Ad pf(A) (3) Case (J 1) Co.. 4 Case (J I) pf (T) . Caterpillar Trac (2). Celanese Corp. . . Century Rib Mills. .. Cerro de Pasco (1).. Checker Cab Mrfg Ches & Ohio (2%)... Chesapeake Corp(3). Chi Great Western.. Chl Great Westn pf. Chi Mil StP & Pac... “hi Mil StP & Pac pf 16 1508 4 g 208 1 4908 1 147 3108 209 1 6 408 1008 108 2 108 2 5 101 3 13 1 30 67 360 55 12 28 11 54 Chic & Northwstn. . 53505 Chi & Northwestn pt Chi Pneu Tool Chi Pneu Tuol pf . Chicago R 1&Pacific. Chi R 1& Pac 6% pf. ChiR1& Pac7% pf. “hilds Company.... Chrysler Corp (1)... City Ice&Fuel pf 6% City Stores. . . t Peahody ( Cola (18).... Pal-P (2% Colonial Beacon. Colo Fuel & Iron. Colorado & Southern Jlumb GREL(b1%). Col Gas&E1 pt A (6). Columbia Carbon (3) Comm Credit 1.60). Comel Credit A (3).. Comci Inv Trust (2) Comm Iny cvpf(e6). Comel Solvents (1). Comwlth & Sou(30¢) Comwlth&Sou ot (§) Congolm-Nairn (1) . Consol Coneo! F Consol Fi Consol Gas N Y (4 onsol Gas NY pf(5) Consol Laundries(1) onsolRwys pf (8) .. Consol Textil Container Corp Contl Baking (A)..e Contl Baking (B). Contl Can (2%). Con”. Insur (2.40). Contl Motors Contl Of1 (I ‘ontl Sharei Corn Products (3) Corn Prod pf (7). Coty Ine Crosiey Radlo. . Crucible Steel...... Cruelble Steel pf (7) Cuba Cane Products. Cuban-Am Sugar. Cudahy Packing (4). Curtis Publish (6).. Curtiss Wrignt. . Curtis Wright (A).. utler Hamm, —_— Davison Chemical. .. Deere & Co pf (1.40). Delaware & Hud (9). Delaware Lack & W Detroit Edison (8).. Orp 14) ... ni de Nem (4) i2aton Axle& Spr 50c tugton-Schild inzton Schild pf. « Auto Lite (4) Auto Lite pf(7) Musical [nstru o Pwr & Lt (1) lec Pwr & Lt pf(6). FElec Pwr&Lt pf (7). E'ec Storage Bat (4). Eng Pub Sve (1.60).. s S5 " [ERCTSIRG 10 S OPN - PN JE PG FEEN o 214 Add 00. High. Low. Close Chxe 2% 24 90 an 14% ——1931— High. 91 398, 4518 40%y 3 10214 64 8218 384 43% 60 T4 294 44l 26 134 89 78 26 4% 86 182 1 % 51 808 12315 5 64 24% Stock and Sales— Low. Dividend Rate. Add 00. 42 EngPSpfww (5%). Erie RR.... o RR 2d pf. . Buf (25¢ rac pf (6) ederal Screw WKs.. 3 Fed Water Service A. 10% Fed Dept Stores (1). 20 Fid Ph Fire In(2.60). 41 First Natl Strs (2%) % Fisk Rubber...,.... 3 Fisk Rubber 1st pf.. 80 Florsheims pf (6) 8 Foster- Wheeler. . . 16% Fourth Nat Inv (1,10 214 Fox Film (A)..... 134% Freeport-Tex ( 15 Gamewell Co (3).... 214 Gen Am Investors. .. 28 Gen Am Tank Car(4) 9% Gen Asphalt (2).... Gen Baking (2). Gen Baking pf (8). Gien Bronze. Gen Cable Gen Cable ( Gen Cigar (4)..... Gen Electria (1.60). Gen Food Corp (3).. Gen G&I A (b6 % stk) Gen Mills (3). Gen Motors (3). Gen Motors pf (5) Gen Printing Ink(2). Gen Public Servicy lette Saf Razor Iatte Saf R pf (5). nbel Bros Glidden Co. . Gold Dust (234) Goodrich (B F).. odrich (B F) pf. ar T&R (1), Goodyear 1st pf (7). Gotham Silk Hoslery jotham S Hpf (7). uld Coupler...... Graham-Paige e Granby Consol (50¢) Grand Silver Stor Grand Unfon. . Grand Union pf (3) Grant (W T) (1).... Great Northern pf(2) Gulf Mobile&Nor pf. eat Western Sug.. eat Wn Sug pf (7) igsby Grunow 1% Hahn Dept Store: Hanna of (7). 4 Harb & Walker (1) Hercules Mot (80c) Hershey Choc (6) Hershey Choc of (15) 4 Holland Furnace (1). Hollander Sons .... Homestake M (7.30). Houdaille Hershey . . Househld Fin pf ¢.20 Houston Ofl........ 3 Houston Oil . 11% Howe Sound (2).... 264 Hudson & Man (3%) 7% Hudson Motor (1)... 3% Hupp Motors : 91a 11lihois Central. . ... 25 Illinois Cent11 (4).. 9 Ind Motor Cycle pf.. 1% Indian Refining. 21 Indust Rayon (4)... 25%, ingersoll Rand (4).. Inland Steel (2).. Inspiration Copper. . Insur Sh (Del) (75¢) Insur Sh(Md) (28¢). interboro Rap Trans Intercontl Rubber... Int Bus Machine(n8) Int Carriers,Ltd 60c. Int Cement (3). Int Combustion. . . Int Combustion pf. Int Harvester (2%). Int Hydro E1 A (e2). Int Match f (4).... Int Nickel of Can 20e Int Nick Can pf (1).. Int Paper & Pwr (A) IntPaper & PwrC. .. Int Printg Ink pf () Int Shoe (3). Int Stiver Int Tel & Iat Dept Stores (2).. Interst D S pf xw(7) Investors Equity.. . Jewel Tea (4) . 15% Johns-Manville (1). 68 Jones & Laugh pt(7) 674 Kansas Clty Southn. 15 Kan City Sou pf (4). 7% Kayser (J) & Co (1) 10 XKeith-Albee-Orph pf % Kelly-Spring Tire. .. 5% Kelly-Spr T 8% pf 3 Kelsey-Hayes Wh 6 Kelvinator Corp.... 9% Kennecott Copper 50¢ 137 Kimberly Clark 2% . Kresge (S S) (1.60). 4% Kreuger & Toll 1.61). 4 Krozer Grocery (1) 401 Lambert Co (3 17 Lee Rubber & T 1% Lehigh Valley Coa § Lehigh Valley RR.. 35 Lehman Corp (2.40). 18% Lehn & Fink (3) 5% Libbey Owens Gla: 40 Lize & Mvers B (t 16 Lily Tulip Cun(1%). Lima Locomotive. .. Link Belt (1.20).... Liquid Carbonic (2). Loew’s. Inc (14) Loft Inc g Loose-Wiles (13). . Lorillard (¥) (1.20). Lorrillard (P) pf (1) Lou Gas&El A (1%) Louisville & Nash(4) Luglum Steel McCrory (B) (2). Melntyre Pore M (1) McKeesport T P (4). McKesson & Robbing McKes&Iob pf(3%) McLellan Stores ... McLellan St pf A(6). Mack Trucks (1).... Macy (RH)& €o(nd). Madison Sq Garden. Manati Sugar. ...... Manhat Elev gtd (1) ManhatElev mod gtd Marine Midld (1.20). Marmon Motor Car.. Marshall Fleld (2%) Mathieson Alkill (2) Mathieson Alk pf(7) May Dept Strs (2%) Maytag Co pf (3)... Melville Shoe (2) ... Mengzel Co. ... 5 Met-Gold Pic pf 1.89. Miami Copper. .. Mid Continent Petm. Midland Steel (3). Minne & St Lou1s. M StP &S S Marle. . M StP & SSm 1sd (4) Mo Kan & Texas. .. Mo Kans & Texas pf. Missour! Pacif Missouri Pacific pf.. Mohawk Carpet. . Monsant n Montgomery Ward. . Mother Lode . Motor Meter Motor Wheel ( Mullins Mfg ey Murray Corp. Myer (F 1) & Br (2) ash Motors (2).... » Nat Acme s Nat Bella Hess at Biscuit (2.80) Nat Cash Rt A) Nat Dary (2.60) Nat Dist Irod (2)... Nat Pwr & Lit (1).. at Steel (2) Nat Supply Co. Nat Surety (2) Nat Tea (1). . Nev Con Cop (40¢). . Newton Steel Y Chica Y Chi Y & Harlem (5)... Y. N H & Hartford 26% YNH&HDp (). 3 Y Ont & Western.. 25 &% Y Shipbullding... 2 4% st it SR e el (Continued on Page 14.), N N N N N N 2% IN'STOCK ADVANCE Early Losses Are Checked as Carrier Issues Show Strong Tone. BY GEORGE T. HUGHES. Special Dispatch to The Star NEW YORK, January 11—Further reaction in the Stock market was checked today by confident buying of the railroad shares. Eventually the de- mand for the carrier issues turned the whole list upward, although volume was smail and gains moderate. News over the week end was not encouraging. It included the abrupt statement of the German chancellor [ that Germany would pay no more rep- arations, possibly bringing that prob- lem to a head, but having the immedi- |ate effect of spreading dismay. Then there was the sharp reminder of the credit_situation in the dispute over !New York City's borrowing difficulties. Buying of Rails. The bright side was-the outlook for amicable settlement of the negotiations | for a wage readjustment between the ! railway executives and the brother- hoods. It was this phase of the news that brought about the buying of the railway shares, which was the feature of the morning’s operations. The list opened lower all around, but after a half hour or so the rails began | to move up, many of them making new highs on the current recovery. The | buying tpok in both dividend payers | and low-priced issues. Among the for- mer, Atchison went up 3 points to the best since the dividend was reduced. Chesapeake & Ohio, Southetn Pacific and Union Pacific were actively bought. New Y Central was strong and there was hardly an exception to the trend. The unfilled tonnage statement of the United States Steel Corporation, made public after the close Saturday, was & { disappointment. ~ The decrease was larger than expected and steel com- mon was down sharply at today’s open- g, selling at one time almost 4 points under Saturday's high. Half the loss had been regained before noon. Auburn Auto, the tuctuations in which, wide and illogical as they apear, are never- theless a good guide to speculative senti- ment, started in down 4 points and then retraced all_tne lost ground. More or less this was true of other active industrials such as Allied Chemi- cal, selling “ex” the $1.50 dividend; J. I. Case and American Can. American Telephone & Telegraph came back in like manner, to show a gain on the day. Motor stocks were firm but quiet. So far they have made little response to auto show week. Nash reported net for the year ending November 30 equiva- | lent to $1.75 a share against $2.78 in | the preceding year. The regular quar- +1% | terly 50c a share dividend was declared. Opening Prices Lower. The market opened actively lower, depressed by weakness in foreign mar- kets following Germany's declaration that she is unable to make further reparations payments. In_ addition, steel activity was shown as lower with an unexpectedly large decrease in U. S. Stecl unfilled tonnage. Active industrials were from 1 to 113 points_lower. American Can at 601 was off 135. J. I Case dropped 1% to 3415, Among other active losers were Coca Cola, Paramount Publix, Radio, General Electric and Westinghouse United States Steel was off nearly 2 points at 41. The railroad jssues also were lower, thought not under such heavy pressure as other parts of the list. Baltimore & Ohio, Chesapeake & Ohio, Tllinois Cen- tral, New York Central and Norfolk & | Western each lest about a, point or more. In the Utilities, American Tele- phone was down a point at 116%. American Power & Light and Public Service also declined. Auburn sagged 4 points. Other motor shares were off fractionally. Oils were quiet. U. S. TREASURY BAI:ANCE. announced today as of close of business January 8 was $419,861,849.17. Cus- toms receipts for the month to date were $8,827,950.19. penditures, $24,872,262.27. SILVER QUOTAENS NEW YORK, January 11 silver, quiet and unchanged at CLEARINGWHOUSE FIGURES. Washington Clearing House figures for today: $3,657,187.58. SHORT-TERM SECUB:iTIES. (Reported by Chas. D. Barney & Co.) Bid Asked. rs 55 1937 821, 85 in 65 1933 863, 91 American Tel. & Tel. 5'. 19430 10314 1031 Amer. Wat. Wks. & EL 55 1934 88's Belding He: ay 65 1936 Baltimore & Ohio 4!,s 1933 Bethlehem Stcel 55 1636 Commercial Invest Tr. 5135 1935 Canadian Northern 4'zs 1935 Chicago Northwestern ‘5s 1333 Chi. Rock Isl. & Pacific 45 1934 Clev. Lor. & Wheeling 55 1933 Colorado & So. Rwy. 4':s 1935 Delnware ‘& Hudson 5s 1935 Denver & Rio Grande 4135 1936 Mot. Accep. Corp, s I Petroley General Public S Grand Trunk of Humble Oil 5.5 Houston E. & W Laclede Gas Light 55 1934 Louisville' & Nashville 55 193 N. Y. Cent. & H. R R. 4519 Northwest. Telegranh 4'ss 1934 Penna. R. R. 625 1936 Portland General Elec. 55 1935 | Republic Steel 5s 1940, St L. IMS. R & G. 4s 1933 Sinclaid Crude Ofl Pur. 515 1938 Southern Pacific 55 1934 Union Elec. Lt & Pow. 34 1943 of 55 1935.. Wabash Rwy. 55 1039 Virginia Rwy. & Power 53 1934. Germany shipped nearly $1,900,000 yiorth of {oys to-the United States in REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFCRD Applications Invited o high- poashis e, Srillonhad, 72 for '3.°8 or 10 vears. If so destredr 1528 K St. NW. National 0475 Combine Maximum Income WITH Supreme Security Buy an ANNUITY MAL Pays ) Send us the Date of Your Birth for full Annuity Information M. LEROY COFF 1036 Woodward Building Nat. 0340 Inaurance Exclusively Over 20 Years MONDAY, JANUARY AIL SHARES LEAD [ TONE OF BUSINESS | The United States Treasury balance, | 11, 1932 FINANCI ALL ¥¥¥x A—13 DECLARED BETTER Lull in Crop of Bad News| Noted by Financial Journal. Special Dispatch to The Sta NEW YORK, January 11.—Acceler- ated action by Congress on the Recon- struction Finance Corporation in re- sponse to public and presidential pres- sure, reassuring rumors of better agree- ment between Britain and France as the reparations conference approaches, early evidence of fairly vigorous rein- vestment demand in security markets and a general lull in output of bad news | helped to lend a more hopeful color to the first week of the new year, the Business Week says. Statistical records covering the holi day weeks arc of no special significanc except as indicating the extreme and | expected slackness of year-end activity. Still, there is distinct encouragement in | coptinued steadiness in commodity | prices, well sustained levels of power production and carloadings and recent signs that the usual seasonal rise in steel production is not going to be de- layed, despite uncertainties of prices and of demand from principal consum- | ing industries, | New model automobile output has gained headway, and this indefatigable industry is again making its appeal to the starved instincts of/a motor-hungry American public with irresistibly at- tractive products and with inspiring in- difference to the stupid assumption that we must go back to a_horse-and-buggy | standard of living. The spectacle of confidence, courage and concentrated | consideration for the consumer which annual automobile shows always sup- ply, this year especially, brings a touch of Spring into the air of a troubled and tired world, reminding it that all God's children still want things, will keep on wanting them, and will find a way| to get them, whether economic moral- lsti think they ought to have them or not. The preliminary index of the Busi- ness Week for the seven days’ pe;’fsold ended January 2 stands at 62.9, which compares with 791 for the same week in 1931. The cor.:cted reading for the week ended December 26 is 64.4. U. S. TREASURY CERTIFICATES (Reported by Chas Bafe it b D. Barney & Co) 2%s June 15, 1932.. 25" Mar. 15 1932 1ls Sept. 15, 1932 35~ Sept. 15, 1932 3%4s Dec. 15, 1932 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value. today. Londoh, pound.... 4.866! 7! 2 Paris, franc. y 5 s 391%c 39174 Brussels, beiza 13.91c Bare Berlin, mark 23.70¢ Rome.’ lira 5.07c Zurich, franc 19.47¢ Atheps, drachm Madrid, peseta. : Vienna, schilling. Budapest, pengo. Prague, crown (nom.) Warsaw. zloty Copenhagen. Oslo. crown Stockholm “296ic ig'60c 18.40c 18.70¢ NEW YORK BANK STOCKS NEW YORK, January 11 (#). ver=- | the-counter market: ek Banks. Chatham Phenix 1813 20!y Commercial National ... ... 138 146 t National N Y... 1890 1990 National City . 410 433 Public . . 19%a 21'2 crown. crown... Trust Companies. Bankers . Brooklyn R Cent_Hanover D137 4l Chem Bk & Tr 273, 203 Cont Bk & Tr . 1542 Corn Exch ... Empire I rving Manufacturers New_York, Charter No 10316 Reserve District No. 5.1 REPORT QF CONDITION fe Federal-American National Bank & Trust Company Total ordinary ex- or washington, in the District of Columbia. | at the close of business on December 31. 1931 RESOURCES Loans and discounts...... 2. Overdralts . United Staies securities owned .. Other bonds. stocks and se- curities owned . Banking houses, $1,633:613.51 furniture ~ and fixtures, 138,605 30 2 Real estate owned other than banking house with Federal $12,154.378.66 | 1.733.85 1.057.547.18 1.366.129.92 Government 1,772.218.81 1.009.923.88 Money on Hand to Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Appliections JAMES F. SHEA 643 Indiana Ave. N.W. ‘ First Mortgage Loans | Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc, ENTERPRISE SERITAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 67th Series of Stock Now Open for Subscription 1.099.454.87 11892.775.93 | 69.950.22 ¢ Treasurer U''S. Treasurer Other ‘assefs ..... Total 500.00 662.66 $20.857.284.97 | LIABILITIES. i Capital stock baid in. $2.000.000.00 Surplus . 1.000.000.00 Undivided profiis 28439484 . Reserves for divide gencies, etc 93.543.26 Reserves for_interest. and other expenses Accr and unpaid : Circulating notes outstand- ing LS e . Due “to " “banks. " including certified and cashiers checks outstanding % Demand _deposits | Time deposits . United _States depasits Bills pavable and redis- counts o - Other liabilities 19.444.19 50,000.00 4287.07 Total ... $20.857,284.97 City of Washingion, District of Columbia. ss I. CHAS. D. BOYER. cashier of the above- named bank. do solemnly swear that the | above statement is true to the best of my | knowledge and belief i CHAS. D. BOYER. Cashier. | Subscribed and sworn to before me this 9th_day of January. 1932 (Seal.) BENJAMIN ROBINSON. Notary Public. Correct—Attest JOHN POOLE. JNO. DOLPH. JOSEPH A. RAFFERTY, LLOYD B. WILSON, G. W. HARRIS WM. JOHN EYNON. BYRON S_ADAMS, EDW. C. BALTZ WILTON J. LAMBERT. Directors. @ Electricity has 227 applications on the farm. Just a | few of the more important are—incu- bation, brooding, cream separating, | seed germination, plant growth stimu- lation, hot bed heating, fruit grading, milk cooling and portable motors for milking, sawing, grinding, pumping water, ensilage cutting. ® The use of electricity on the farm is one of the many fields for service that presage continued growth and stabil- ity for the electric industry. | @ For sound wtility investments write for Cir 4-31 General Utility Securities INCoRPORATED 81 Broadway York Telephone BOwling Green 8-8070 A At PSP SIS = Increase the Earning Power of Your Money FIRST 6% MORTGAGE SECURITIES These conservatively appraised investments are secured on in- come-producingproperties right bere in the NATION'S Capital. Denominations as low as $100 Monthly Payments if Desired Send for Booklet, “The Success Plan” REAL ESTATE MORTGAGE & GIARANTY CORPORATION St. N.W. National 1408 _E PAY 5% INTEREST QN YOUR SAVINGS SAVE For Future Independence Sound investment in 3 sav. ings_ account earning 5% in- tevest is one of the surest paths to _ self-support and comfort in declining _vears. Oven your account with S1. . . - Open Daily 9 to 5 Saturdays Until Noon NATIONAL PERMANENT 949 NINTH ST, NW. UNDER SUPERVISION OF .3 TREASURY I Organized 1879 Equitable Co-Operative Bldg. Ass’n JOHN JOY EDSON, President Subscriptions for the 102nd Issue of Stock Being Received Save as For Financial Accomplish your life's ambition through system~ atic saving. Whether you are saving for a home, your children’s education, or for a start right now to make your dream a reality. The Equitable’s systematic saving plan has helped thousands, why not you? Come®in and talk it over 915 A 59 INTEREST PAID ON STOCK Jamés E Connelly, James F. Shea, President Secretary Events of the Past Year —more than ever em- phasize the Hesirability of Trust management of estates. fYou and your attorney are invited to confer with Our Trust Officers on this point—so vital to the interests of your family. ON SAVINGS National etropolitan BANK Fifteeq(h Street Opposite U." S. Treasury L’ 52nd YEAR COMPLETED = WALTER S. PRATT, Jr,, Secretary $6,124,601.00 You Earn I Independence .m!llllnmullllmnml_g future business, Qi SO RSARAAE T AL 1 F St. I A4 $1,000 “PACKAGE INVESTMENT” IN NEW YORK CITY BANK STOCKS TO YIELD NAME Organized Year Chase National Irving Trast Manufacturers Manhattan Company National City ] Public_National 9% INCOME Dividend Per Share (*Does Not Include Security Co. Value) TOTAL INVES TMENT, $945.00 TOTAL INCOME, $88 PRICE SUBJECT TO MARKET CHANGES COMPLETE DESCRIFTIVE CIRCULAR SENT WITHOUT OBLIGATION —MAIL COUPON.- WAGGAMAN BRAWNER & CO., Inc. Send Me Full Information on * NAME ADDRESS ME. 3860 ACKAGE.” BN RES AT investmen nitely Ower a Third of a Century Without a and you have the assuranc MORTG SAFETY PLUS There is a double advantage of t in our 6% FIRST MORTGAGES To begin with, you know defi- that you will receive 6% throughout the term of the mortgage; s of se- curity for the principal in the fact that the mortgage is backed by con- servatively appraised improved ‘Washingt on real estate. May be purchased in amounts from $230 up. B. F. SAUL CO. National 2100 925 15H St. NW/