Evening Star Newspaper, January 12, 1932, Page 13

FINANCI OFFICERS ELECTED BY TERMINAL cO. William D. Hoover Joins Board of Directors—Year’s Business Satisfactory. BY EDWARD C. STONE. At the annual meeting of the stock- holdérs of the Terminal Refrigerating & Warehousing Corporation, held yes- terday at the head offices at Four-and- a-Half and D streets southwest ‘William D. Hoover resident of t Natipnal Savings & Trust - Co. Wwas elected to the Board -of Directors, Directors I at the meet clude: Clarence A pinwall, Henry Brawner, jr Wrisley B Charles A. Carr Appleton P. Clark, G. W. Forsberg liam Han- Ralph W. Lee ert D. Mar- hall, Clarence F. Norment, Price and William P. Reeves Col. Wrisley Brown, president of the company, reported a highly satisfactory year's business when general conditions are taken into consideration. At a Te- cent meeting the directors declared the regular semi-annual dividend of $1.50 per share and an extra dividend of 25 cents per share. hat action in itself shows how business has been moving during the past 12 months The company is now 50 years old. It has cold storage. ice manufacturing and & general storage business, together with car icing, truck delivery and a very close connection with the freight yards of the Pennsylvania Railroad. Business in recent years has shown a very healthy advance. Banks Elect New Directors. Results of the annual meetings of the stockholders of many Washington banks, held today, appear elsewhere in The Star, The Washington Loan & Trust Co., added two members to the board, the Commercial National two, the Franklin National one and the Union Trust Co. one. Other banks re- elected the same stockholders. The Security Savings & Commercial Bank and the National Bank of Washington held their organization meetings right after the stock! ers’ meetings, the same officers being re-elected. Some of the others a organizing later today, but most of them will elect officers for | the year later in the week. Junior Bankers Arrange Dinner. Richard W. Hill, national secretary of the American Institute of Banking, will be honor guest of the Washington Chapter Thursday evening &t a dinner at the Ralegih Hotel. The dinner is for the members of the faculty, committee chairmen and the board of consuls and is held at this time in connection with the opening of the second semester. The educational chairman this year is Richard Norris. The chief address of the evening will be made by Mr. Hill and several important announcements regarding the banking courses for the last half year will be included. Treasury Issue Oversubscribed. Secretary Mellon today announced acceptance of bids totaling $50,175,000 on 91-day Treasury bills dated January 13 and maturing April 13, 1932 Bids on the bills, offered on January g were opened at the Federal Reserve ank: The total gpplied for was $169,337,000. The highest bid was 99.368, equivalent 1o an annual interest rate of about 2% per cent, and the lowest bid accepted was 99245, equivalent to an interest rate of about 3 per cent. Mortgage Officers Re-elected. Al officers and directors of the Mort- gage Investment Co. of Washington, Inc., were re-elected yesterday at the annual meeting. They are A. S. Gardi- ner, president; Hatry R. Carroll, vice president; Fred J. Neuland, secretary; Ivan K. Strasburger, treasurer. Direc- tors, John N. Auth, Harry R. Carroll, A. S. Gardiner, Fred J. Neuland, E. W. Petherbridge, Ivan K. Strasburger, Charles Stanley White, Ernest G. Wal- ker and C. W, Witherow. ‘Women Seldom Lapse Insurance. When a woman starts a life insur- ance savings account she does not drop the plan as frequently as does the man rts such a plan. The exact fig- , according to a survey made by arge old line companies, in- men change their minds irance savings plans one- As- N William D. Hoover, Simeon T. 1s named as the beneficiary the insu e is maintaine" with great- er frequency than when a man’s estate or his business ts the beneficiary Today's Trading on Exchange. Peoples Drug Stores preferred open- ng on the Washington Stock e today lots sell- e first sales on the local board sin came ou 1 of over 4 per cent in ed with 1930; also that ales were more than 4 per the business done in De- 930, raction stock was stronger s been for some time, 10 ds @ , following at 18';, Capital on the board in series B, came t 1031, while 55 sold at 100%. AVERAGE CASH DIVIbEND RATE DROPS TO $1.96! k. beginning inted to $1.96, com- on December 1 and d in March, thly compu- Moody's Invest- yield on the New i per cent estab- | ces of October 5 ge vield t that the y bad one from reductions, | dividend | 1 the (asel loss of only 6.9 For 21 bank from the peak to but 3.4 per cent » announcement of so many im- reductions and omissions in ent past has undoubtedly been mportant contributory cause of sharp declines in stock prices,” the sur- result is inevitable widespread doubts as to the permanence of current divi- dend rates. ' end totals for the en- tire 600 stocks, 'y 2, were at the rate of $1,804,820,000, as against rate of $2,465710,000, one year earlier 1930, “Annual divi _,nd $2,608,050,000 on January NEW YORK STOCK EXCHANGE THE _EVENING STAR, WASHINGTO Received by Private Wire Direct fo The Star Ofice. Stocks sold In 100-share lots exeont these Gesirmated by letter ;l.: 102% 110% 415 31% 487 60 10815 Stock and Dividend Rate. 2 Abitibi Pwr & Paper 4% Abitibi Pow & Pa pf.. 34 Adams Expres 124 Affiliated Prod 47% Air Reduction(t4% T Alaska Juneau (50c’ 1% Allegany Corp...... 2 Alleg Cppf 330 ww.. 1% Alleg Cp pf w 340 w., 10 Allegheny Steel 60c.. 64 Allled Chemical (8). 10% Allis-Chalmers(50c). 11% Amerada Corp (2) 121 Am Bank Note (2) B84 Am Can Co (16)..... 415 Am Car & Foundry.. 20% Am Car & Fdy pf (1) 30% Am Chicle (13)...... 5 Am Comcl Alcohol... 7% Am European Secur. 614 Am & For Power.... 18 Am & For Pwr pf(§). 20 Am & For Pwr pf(7). 10 Am & For Pwr 24 pf. 37 Am Home Prod 4.2 1044 Am Jce (2)..... 5 Am International.... % Am La France&Fom. 1% Am La Fr&Foam pf.. 5 Am Locomotive. ...« 29% Am Lo'motive pf (7. 16 Am Mch & Fdy 1.40.. 1% Am Mach & Metals. . 4% Am Metal Co v 1 Am Natural Gas pf.. 11% Am Pwr & Lt (1) 5 Am Radiator (§0e).. 1% Am Republic: 7% Am Rolling Mill 174 Am Smlt & Rfg(50c) 45 Am Sm&R 24 pf(6).. 7% Am Snuff pf (6)..... % Am Solv & Chemical. 5 Am Steel Foundry... 33 Am Stores (12%). 34% Am Sugar Ref (5 8415 Am Sugar Ref pf (1) ). ) 201% 11214 Am Tel & Telex (9).. 128% 182% 80% 11% (3 3 694 b3 1% 86% 162's 18 34 381% 63 106 2% 16% 30 27% 63 k] 60'5 Am Tobacco (5)..... 64 Am Tobacco B (5)... 2314 Am Water Wks (3).. 2% Am Woolen Co....,. 15% Am Woolen Co pf... 5 Am Writ Paper ctfs.. 9% Anaconda Copper. 18 Anchor Cap (2.40 & Archer-Daniels (1).. 20 Armour of Del pf (T) % Armour of Il (A) - e 1% Armour of Ill (B)... 1% Arnold Constable. . .. 1% Associated Apparel.. 5% Assoclated Dry Gds., 79% Atch To & San Fe(8) 75 Atch To&S Fe pf (5)y 25 Atl Coast Line (4). .. 8% Atlantic Refining (1) 214 Atlas Stores (1)....e 8415 Auburn Auto (£4)..« % Austin Nichols ’5 Autosales 2 Aviation Corp (Del 4% Baldwin Locomotty: 16 Baldwin Loco pf.. 14 Baltimore & Ohlo 18 Bang & Aroos (3%).. 1% Barker Bros. .. 4 Barnsdall Corp'n 60 Bayuk Cig 1st pf (1) 37 Beatrice Cream (4).. 1% Am Beet Sugar pf... 54% Belg N R pt pf t4.! 12% Bendix Aviation (1). 19% Best & Co (2)... 174 Bethleham Steel (2). 6 Blaw Knox (50e) 16% 3ohn Alumn (1%) 49 Bon Ami (A) (15). 35% Borden Co (3)... 9 Borg Warner (1) 734 Briggs Mfg (1) 3114 Bklyp-Man Tran (4). 72% Bklyn Union Gas (5) 1% Bruns Term & Rwys. 8% Bucyrus-Erfe... 4% Bucyrus-Erie cv pf.. 1% Budd (E G) Mfg. 2% Budd Wheel 3% Bullard Co. ) 10 Burr Add Mch (1)... 15% Bush Terminal(2% 107% Byers (A M) Co.. 8 California Packiang.. 8 Calumet & Hecla. ... 10% Canada Dry (1.20)... 10% Capadian Pacific 1 17 Cannon Mills (1.60). 4% Capital Admin (A) 333 Case (JI) Co.. 53 Case (JI) pf ¢7). 10% Caterpillar Trae (2). 5% Cavanaugh-Dobbs p{ 2% Celanese COrp....... 9% Cerro de Pasco (1)... 2% Certain-teed Prod. 3% Checker Cab Mrf, 23% Ches & Ohio (2%). 13% Chesapeake Corn(3). 214 Chi Great Western. . Ti4 Chi Great Westn ! 1'% Chi M1] 8tP & Pac. 214 Chi Mil StP & Pac pf. 5 Chic & Northwsatn. .. 1814 Chi & Northwestn pf. 814 Chi Pneu Tool. 7% Chicago R I&Pacifie. 10% Chi R I & Pac 6% pf. 12 Chi RI&Pac7% pf. 5% Childs Company. 11% Chile Copper. . 11% Chrysler Corp (1)... 25% City Ice&Fuel (3.60) % City Stores. . 15 Cluett Peabos 97% Cocoa-Cola (13) . 45% Coca-Cola (A) (3)... 24 Colgate-Pal-P (2%).x 6% Colo Fuel & Iron.... 7' Colorado & Southern. 11% Columb G&EL(b1%). 72 Col Gas&El pf A (6). 32 Columbia Carbon (3) 8 Comm Credit (1.60).. 19% Comecl Credit A (3).. 52 Comel Cred 1st(6%). 15% Comel Inv Trust (2). 60 Comm Invcvpf(eé). 6% Comcl Solvents (1).. 3 Comwlth & Sou(30e) 46 Comwlth&Sou pf (6) 6% Congolm-Nairn (1).. 42 Consol Cgrprofé%. 424 Con Cgr pr pf xw 6% 51 Consol Cigars pf (7). 3% Consol Film... q 7% Consol Film pf (2) 574 Consol Gas N Y (4).. &8 Consol Gas NY pf(5) % Consol Textlle...... 74 Container Corp (A) 14 Container Corp (B).. 4's Contl Baking (A),.en 13 Contl Baking (B)..u 40 Contl Baking pf (8) 80% Contl Can (2%)..... 314 Cont Diamond Fibre. 18'%4 Con’. Insur (2.40) 1 Contl Motors. .. 415 Contl O11 (Del)... % Contl Shares. 36% Corn Products (3) 118 Corn Prod pt (1) 274 Coty Inc 20 Creumof Wht(t2%). 18% Crown Cork (2.40).. 20 Crucible Stee 367 Crucible Steel pf (7) % Cuba Cane Products. 29 Cudahy Packing (4). 1 Curtiss Wright... 1% Curtis Wright (A).. ans pf (8) 3% Deere & Co pf (1.40), Delaware & Hud (9), Delaware Lack & W.. 5 Denver & RG W .. Dome Mines (1).... Dominion Stores t1% Dresser Mg A (3%) Drug Corp (4)...es 10 Duplan Silk (1)..... 507 Dupont de Nem (4).. N pf(6). Eastman Kodak (18) Eastman Kod pf (). Eaton Axle& Spr 60c. 4 Eftington-Schild. ... Eltington-Schild pt Flec Auto Lite (4)... Elec&Musical Instru Elec Pwr & Lt (1) Elec Pwr & Lt pf(6). Elec Storage Bat (4). Endicott-Johnson(3) Endicott-John pf (7) Eng Pub 8Ve pf (5). Equit Office Bldg 2% Erle RR.... Erie R R 1st pf. Erie RR 2d pf 3% Fairbanks-Mors 1% Federal Screw Wks.. 3 Fed Water Service A, 103 Fed Dept Stores (1).: 41 First Natl 8trs (3%) % Fisk Rubbage 214 9 2 2% 2% 3% 30% [ RaeBumrnananuTea 1 K 3 % 24% 19% Rowe IO D100 0O 19 0 N 8N 00 2 m108 20s 129% 129 2 4 4 22 14% 21% 46 » 31l 1% 24 71 4% 13% 9% 279 30s 116 6% K 2 1 102 87 119% 11 T2 T 2% T8 16% 4T 95% % 7 331 377% 87 7 T2'% 29% & 3 6% 28 18% 21 6 44 35% 4 22 1% i 43 4 21% 14% 9%, 781y 116 6% n 8o 284 3% 11% 49% 2914 30% 102 6% 117 1 2% 6 16% 5% kd ) 3304 37 87 1% 724 29% 5 5 5 227 142% 135% 187T% 1 * % % " 3 6% 23 2 1% 6% [ 431 129 4 21% 1as, 46 781 116 64 0 B 284 3% 1% 49y 29% 31 102 1 44w 4% 44n 1815 8% 10% 9 4% 1 % 4 48Y% * 184 81 108 9 5 14 % u N By Lo s G o T B | Bales— 'Add 00. High. Low. Close. Chge. FRE R IR E I R - EEEFEFE Ti+14+ 1 FeEEre & 1 - e +l++1 40 0+0+ +110 @ FEFEF F FTTEEFELFLE FEF EEFFEX I#I—;S‘:‘F#ffl 144+ +4 1 Fial rrsFessss £ £8 g2TE8F FEESE ¥ |+llll+i|ll+\ll Felesrs ¥ srs —1— Hieh 6414 17% 2% 38% 43% Th 3% 47 2% 9% 13 25% 4814 117 27% 374 80% 9% 19% 42 Stock and Bales— Low. Dividend Rate. 8 Foster-Wheeler. . B 21 Foundation Co. 16% Fourth Nat Inv (110 2% Fox Film (A)... . 13% Freeport-Tex (3). 2% Gen Am Investors. .. 28 Gen Am Tank Car(4) 9% Gen Asphalt (2). 9% Gen Baking (1). AR ONN ©% e 10% Gen Elec spec ($00).. 28% Gen Food Corp (3).. 1% Gen G&E A (b6 % stk) 30 Gen Gas&FEl pf A(8). 29% Gen Mills (8)....cun 21% Gen Motors (3). 79% Gen Motors pf (5)... 8% Gen Outdoor Adv.... 10% Gen Printing Ink(2). 13% Gen Realty & Util of, 1% Gen Theatre Equip.. 9% Gillette Saf Rasor. .. 45 Gillette Saf R pf (5). 4% Glidden Co. . .o 3% Gobel (Adolf). 14% Gold Dust (3%) 85 Gold Dust pf (6) 3% Goodrich (B¥)....« 10 Goodrich (BF) pf... 13% Goodyear T& R (1).. 35 Goodyear 1st pf (7).. 8% Gotham Silk Hoslery 1% Graham-Paige. - 5% Granby Consol (50e): 1'% Grand Silver Stores. 7 Grand Unfon. 21 Grand Union 24% Grant (W T) (1).... 16% Great Northern pf(2 5% Great Western Sug.. 1 Grigsby Grunow. 4 Guantanamo Sugar.. 814 Gulf Mob & Northn. . 4 Gulf States Steel. ... 22 Hackensack W (1%) 1% Hahn Dept Stors, 11 Hall (WF) (1.20).... 8% Hawalian Pineapple. 136 128% Helme (GW) pf (T).» 8 119% 21% 80% 123% 45 18 101% 314 19% 367 2% 3% 18% 40% 80 107% 60% 47 19% 5% 26 5814 39% 4% 6914 1% 1 Hayes Body Corp... 95 Hercules Pow pf (7). 68 Hershey Choc (6)..« 1% Hoe (R) & Co.. . 81 Homestake M (7.30). 2% Houdallle Hershey. . 15% Houston Ofl.......s 3 Houston Ofl (new) 11% Howe Sound (1). . 26% Hudson & Man (3%) 7% Hudson Motor (1)... 3% Hupp Motori 9% Illinois Cemtral 25 Illinois Cent11 (4) 21 Indust Rayon (4). 25% Ingersoll Rand (4) 197% Inland Steel (2). 8 Inspiration Coppe 4% Ins Shares(Del) 50c. 2% Insur Sh(Md)(28e). 4% Interboro Rap Trans 3% Intercontl Rubber... 2% Interlake Irom.. 92 Int Bus Machine(n$) 16 Int Cement (3) . % Int Combustion. 381 Int Combustion pf..4 1% Int Comb pf ctfs. , 22% Int Harvester (2% ). 9% Int Hydro E1 A (e3). 11 Int Match pf (4). 7 Int Nickel of Can 30e 14 Int Paper & PwrC... 6% Int Paper & Pwr pf. 4% Int Printing Ink. 18 Int Salt (3) 37 Int Shoe (3) 15% Int Si1 50 Int Silver pf ((7)...t Tt Int Tel & Teleg(60c). 8 Int Dept Stores (2).. 15% Johns-Manville (1).. 68 Jones & Laugh pf(T) 67s Kansas City Southa. 5% K’'mann Dept Strs()" 10 Keith-Albee-Orph pf % Kelly-Spring Tire. .. 3 Kelsey-Hayes Wheel 6 Kelvinator Corp.... 9% Kennecott Copper 50¢ 13% Kimberly Clark 2% .. 5 Kinney (G R) Copf.. 15 Kreage (S 8) (1.60) 261 Kress (SH) Co (j1) 4% Kreuger & Toll 1.61). 1235 Kroger Grocery (1). 40% Lambert Co (8)..... 72 Leh Port Cmt pf (7). 1% Lehigh Valley Coal 8 Lehigh Valley RR. ., 85 Lehman Corp (2.40). 18% Lehn & Fink (3). 5% Libbey Owens Glas: 39 Liggett & Myers(t5) 40 Ligg & Myers B (15) 12% Lima Locomotive. ... 13% Liquid Carbonic (2). 23% Loew’s, Inc (14).. 56 Loew’s Inc pf (6%) 2% Loft Imc... 10 Lorillard (P) (1.20). 74% Lorrillard (P) pf (7) 17% Lou Gas&El A (1%). 20% Louisville & Nash (4) 4 Ludlum Steel 157 McCall Corp (Z%). . 54 McCrory Strs pf (6). 12 MclIntyre Porc M (1). 38 McKeesport TP (4). 3% McKesson & Robbins 114 McLellan Stores 28% McLellan St pf A(6). 12 Mack Trucks (1).. 50 Macy(RH)& Co(n3). 2 Madison Sq Garden. . 25 Manhat Elev gtd (7). 6% ManhatElev mod gtd 14 Maracaibo Oil Exp.. 9% Marine Midld (1.20). 1% Marmon Motor Car. ., 12 Mathieson Alkill (2) 15% May Dept 8trs (2%) 2 MengelCo...oovvnnn 15 Met-Gold Pic pf 1.89. g% » 3 R RN OE VNS R DT O E e O Oy =3 5309 13 0N N e =3 5 Miami Copper....... Mid Continent Petm. Midland Steel (3). Minne & St Louis . M StP & SSm 1sd Mo Kan & Texa Mo Kans & Texas pf. Missouri Pacific. Missourt Pacific pf. Mohawk Carpet. Montgomery Ward Mother Lode. ... Motor Products (2).. Motor Wheel (50e).. 8% Mullins Mfg. 20 Mullins Mfg D 11 Munsingwear Inc(2). 5 Murray Corp. . ; 16 Nash Motors (2) 12% Nash Chat & St L(3) 2% Nat Acme CO.....ev: 7 Nat Bella Hess...... 3% Nat Bella Hess pf... 36% Nat Biscult (2.80),.. Nat Cash Reg (A)... Nat Dary (2.60). .00 Nat Dist Prod (2). Nat Lead pf B (6)... Nat Pwr & Lt (1), Nat Steel (2) Nat Surety (2 Nev Con Cop (4 Y, N H & Hartford YNH&HDL (). N Y Ont & Western.. 4 N Y Shipbuilding. ... m 1st pf(7 Norf & Westn pf (4) North Am Aviation. Nor Amer(b10 % stk) North Amer pf (3)... 79 North Am Ed pf (6). 14% Northern Pacific3).. 21 North: t Tele (3).. 5% Ohio O1 . % Oliver Farm Equip. . 2% OlivFarm Eq prpf.. 1% Omnibus Corp. . 4% Orpheum Circuit pf. 16% Otis Elevator (2%).. 3% Otis Steel 8 Otls Steel pr 20 Owens I1l Glass (3). 29% Pacific Gas & EI (2).. 35 Pacifio Lighting (3). 8% Packard Motor (40¢) 27 (Continued on ?‘l 14.), Add 00. High. Low. Cloi 10 9% 9% 3% 4% 18 3 31% 13% o I e 2 TR | FRFEEEF D. C, | |STOCKS IRREGULA se. Ohre. - % I:+| +1 ILI +1 P [} t+!+l +1 & KE ¥ ¥ ¥ FF OEF F BEEER FXF RF & FEF FEFS FEEE FE ¥ Tl +4+1 1 +++4 & IN QUIET MARKET Proffi Taking on Recent Ad- vance Checks Forward Movement of List. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, January 12.—There was not so much snap to the stock market today, as it showed signs of hesitation and less support after enjoying a future advance at the opening based on the quick passage of the Reconstruction Finance Corporation bill by the Senate. The fact that since the low levels were established a week ago the rails had had an average advance of 7 points, industrials an average over 9, and Pub- lic Utilities more than 3 points, led to some profit taking and a smaller volume of transactions. The rail group held its leadership, with advances in the first hour ranging from 1 to 2 points. The largest gains were in the shares of Southern and Western lines. Await Legislation. The professional attitude toward the market was that it had made a good recovery since touching its low point on January 5 and had to some extent discounted the developments in Wash- ington and in Chicago that are ex- pected to come to a climax on Thurs- day. Consequently, there was a dispo- sition to await the conclusion of legis- lation to improve credit and the nego- tiations over railroad wages before in- creasing commitments on the long side of the market. Realizing sales in the rails were fol- lowed by a similar policy toward indus- trial and public utility leaders, includ- ing United States Steel, American Telephone & Telegraph, Auburn Auto, Consolidated Gas, American Can and Allied Chemical. The copper shares made a slight response to higher prices for copper metal sold abroad. Less attention was paid to the Ger- man_situation and the resignation of the French cabinet was an incident without adverse effect on the markets here or abroad. In fact, cables re- ported higher prices in both London and Paris, and sterling exchange ad- vanced over 2 points. Easier rates were quoted for money, with outside day loans as low as 2% per cent. It is anticipated that a re- turn to somewhat the same conditions of abnormal money supplies as oc- curred a few months ago will be a de- velopment in the first quarter of this year, and therefore there is no ex- pectation of a further increase of re- discount rates. The main adverse influence today was the continued decline in Govern- ment bonds and Treasury certificates. This went on in contrast with rising quotations for corporation loans, in which the railroad junior obligations again figured conspicuously. There was also a recovery in numerous low-grade industrial bonds that were quoted a | few weeks ago at receivership prices. Opening Prices Higher. ‘The market opened higher. A block of 1,500 shares of United States Steel appeared at 43, up %. American Can at 62 was up 3. Amer- ican Telephone at 118% gained %. General Motors rose a fraction to 23%2. News developments were of diverse character. The Senate passed the re- construction finance bill. Copper prices were advanced. Negotiations for a merger of Prairie Pipe, Prairie Oil & Gas and Sinclair Ofl were completed. London securities firmed. Sterling here opened at $3.41, up 2% cents. Crude oil output increased. ‘Anaconda Copper advanced % point to 11%, as did Nickel at 8% and Ken- | gPros Cerro De Paso at 143 was up %. Westinghouse Electric at 25% was up Y. National Biscuit st 417 gained 5%. New York Central rose 3% to 32%. New Haven at 26 was up Y. Southern Pacific at 34% ad- vanced 1. Southern Railway at 12% was up 5% and Baltimore & Ohio at 193, was up %. X Consolidated Gas at 617 and Inter- national Telephone at 10% each gained 3g. Standard Gas Electric was up 3% at 30%. North American was up 3 at 34. Sinclair Oil at 6 was un- changed. American Tobacco B opened up 1 at 73, and the common was up lgz at 72%. necott at 123 CLEARING HOUSE FIGURES. Washington Clearing House figures for today: $4,086,699.16. SILVER QUOTATIONS. TUESDAY, JANUARY 12, NEW YORK, January 12 (@), silver steadier and lac higher at 30c. U. §. TREASURY BALANCE. The United States Treasury balance announced today as of close of business Japuary 9 was $412,333,547.39. Cus- toms receipts for the month to date were $9,886,648.51. Total ordinary ex- penditures were $11,488,816.03 NEW YORK BANK STOCKS NEW YORK, January 12 (#).—Over- the-counter market. Bid. Asked. America Chase ... Chat Phenix : Commercial National First National N ¥ Manhat Oo. .. National City . Public .... i Trust Companies. Bankers' Brooklyn Cent Hanover . Chem Bk & Tr . Cont Bk & T Corn Exch Empire . Guaranty Irving ....0000 Manufacturers New York . Charter No. 4247. 3 REPORT OF 1932 LUMBER EXPORT DROP TO NEW ZEALAND NOTED By the Associated Press. United States exports of lumber to New Zealand dropped off 90 per cent during the first 10 months of 1931 as compared with the same period of the ous year. . A rteport to the Commerce Depart- ment States the high exchange rate, the practical cessation of building in New Zealand, the decreased income of the New Zealander and the depreci- ation of sterling all combined in cut- ting down purchases from 18,500,000 board feet in 1930 to less than 2,000,000 feet du the 1931 period. Trade from this county was hit harder than the general average, as imports from all countries during the period amounted to 16,835,000 feet in 1931 as compared with 60,969,000 feet in 1930, a decline of 72 per cent. Broker Suspended. NEW YORK, January 12 (#).—The board of governors of the Nf?] York Curb Exchange has suspended for six months the membership of George Resenfeld. It was announced that the action was taken under the sections of the consti- tution dealing with the ethics of trad- ing, but the exchange declined to dis- :lose any information regarding the spe- cific offense with which Rosenfeld was charged. Rosenfeld was™a private floor broker and not a member of any firm. PARIS BOURSE PB‘,I—CES. PARIS, January 12 () —Three per cent rentes, 79 francs 10 centimes. Five per cent loan, 101 francs 75 centimes. Exchange on London, 87 francs 12% centimes. The dollar was quoted at 25 francs 52 centimes. DIVIDENDS DECLARED NEW YORK, January 12 ().— Extra. Pe- Pay- Oempany. Rate. riod._able Springfl Ry p! (26)..75¢ Jan. Omitted. Hldrs. of record, Dec. 19 Company. Am Com Po Mill M Co...50c Cl 5 nper Bie Go 31 bi. 156 r Sug 1..730 Bo. 17 ot 78 Rate 1st pt..$150 Hidrs. of pany. record Ark Mo Po 7% pf.$1.75 Fe Jan. 13 Atl Coast El 1 Fel Jan. Aeolian Co Aloe (A §) Co Bf... Do. pf. 3175 Sirsia50 Cham of Com 1.37 mE e Gircle The Cor.... Clev C C & S O ®POWOD POO POOOOO3T Do. Eagle Lock Co... Pirem Ins (Newark).30c First Nat Bk (Medford, Mass.) . 52 Fitchburg ‘G & E L.68c Pt Oollins Con Roy...lc Freeman Dairy pf.$1.75 Fulton Ind Secur (At- lanta) 121ac Do. §: 870ac Heller (W E) & Oo..10c Do. pt ~43%c 12¢¢ oo E52e Springfl R: ion Ol Bk (Loewell) Seévannah Sug pf..31.75 U 8 N Bk (Sen Digo) $1 Univ_Winding pf..31.75 Van Dusen Har pf.$1.75 FOREIGN EXCHANGE. (Quotations furnished by W. B, Hibbs & Co.) Nominal gold Selling checks alue. 00000 LWEL O BD POPOOD: POL!m DO: : EEE5. London, pound Paris, franc. Budapest. pengo Prague. crown (nom.) Warsaw, zloty........ Copenhagen, crown.. 26.8¢c Oslo, crown.. . 26.8c Stockholm, crown.... 26.8c c 18.60¢ 19.05¢ (Reported by Chas. D. Barney Rate—Maturity. 2%s June 15. 1932 99 30-32 Mar. 1932 99 28-32 s Sept. 932 98 12-32 Sept. 15, 1932. 99 24-32 32. 99 24-32 ~ELm T2 SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co) Allis-Chalmers Co, Bs 1937..... 83 American Chain Co. 6s 1933.. 88'3 American Tel. & Tel. 5%s 1943 103 Amer. Wat. Wks. & El 55 1934 89 Baltimore & ODlo 4155 1933, .. Belding Hemingway Co. 65 1936 Bethlenem Steel 55 1036..... Nor., Rwy. 4%as 1935, Chi. Northwestern R. R. 55 1933 Chicago Rock Island 4s 1934, Cleve. Lor. & Wheeling 65 1933 Colorado & S0. Rwy. 4.5 1835 Commercial Credit Co. 5%as 1935 Delaware & Hudson Co. 85 1838 Denver & Rio Grande 41as 193§ Gen. Mot. Accep. Corp. 65 1937 General Peiroleum Corp. 55 1940 General Public Service 5%a5 1939 Grand Trunk of Canada 6s 1936 Houston E. & W. Texas 55 1933 Humble Ol 8%as 1932. = Laclede Gas Light Co. 85 1934. Louisyille & Nashyille 5s 1937, New York Cent. & H. 4s 1934 New York, Chi, & 8t. L. 65 1932 Northwestern Telep, 4izs 1934, Penra. . Co. 6% 1936, ... Portland General Elec. 5s 1935 Republic_Tron & Sinclair Crude O Southern_ Pacific 5s 193 §t. L. LMS. Ry. R. & Union Elec. Lt. & Pow. bs Union Ol Co. of Callf: 25 Virginia Rw. ow Wabash Rwy. Co. 5s 1939..... Reserve District No. 5. 3 3%s Dec. 15, 19 CONDITION E Lincoln National Bank Of Washington, in the District of cacl’um}%g,l at the close of business on December 1 . RESOURCES. . Loans and discounts. . Overdrafts . . . United States Government securities . Other bonds, stocks and securities owned. Banking house, $338,857.36; furniture and fixtures, . Real estate owned other than banking house. . Reserve with Federal Reserve Bank. . Cash and due from banks . Outside checks and other cash item: Redemption fund with U. S. Treasurer and due urer . Other assets . 3 F FEFEFE RPEFEFEF REFF VEL+++L RN SEF FEFSFEISER 1+ Total . Capital stock paid in . Surplus ..... . . Undivided profits—net . | Reserves for dividends, contingencies, etc. . Circulating notes outstanding 21. Due to banks, including certified and cas] 22. Demand deposits 23. Time deposits . . United States deposits . . Bills payable and rediscoun . Other labilities ....... District of Columbia, & I. JAS. A. BOPER, cashier of the .$3,659,674.76 1,056.30 . 1,355,012.38 . 1,080,618.68 360,906.90 260,542.35 357,752.95 798,115.80 34,498.46 6,000.00 12,249.44 owned. 1$7,926,428.02 $400,000.00 400,000.00 300,000.00 88,227.55 115,740.00 259,972.61 . 2,417,274.26 . 3,740,024.86 . 18,770.13 . 150,000.00 36,418.61 veesssssnsensasssrasanesss-$7,926,428.02 above-named bank, do solemnly swear that the above statement is true to the best of my knowledge and bellef. J. Subscribed and sworn to before me (Seal.) Correct—Attest: AS. A. SOPER, Cashier, this 8th day of January, 1932, HELENA D. REED, Notary Public. GEO. C. PUMPHREY, HOWARD' R. NORTON, FLOYD E. DAVIS, ALBERT 8. GATLEY, CHANNING FINANCIA EXPANSION IN OIL INDUSTRY PLANNED Western States to Benefit by Use of $340,000,000 for Improve- ment Program. Special Dispatch to The Star. NEW YORK, January 12.—Farmers in the oil producing States are entering 1932 with the feeling that the worst is over, according to T. S. Hose, consultant of the Petroleum Exchange. “They have analyzed the future,” says Mr. Hose, “in a way that it would be well for some of our business execu- tives in the manufacturing States to do it. They know, because they are continually in touch with the repre- atives of the major oil companies, th&t approximately 6,581 miles of wells will have to be drilled without charge to them on their lands next year. “This approximately 35,750,000 feet will mean a total amount of approxi- mately $340,000,000 will be spent in their sections, or $9.51 for every foot drilled. Of this amount they will di- rectly benefit by $122,400,000, which will be paid in wages. There will be $13,600,000 spent for /trucking and teaming and it is always policy to deal with the local fi“m" Approximately $163,200,000 will spent for materials from companies who number their stockholders by the thousands in the oil-producing States. In addition to this, out of approximately 13,000 wells that will be drilled, 10,400, say thelaw of averages, will produge an amount of oil sufficient under proration so so that their royalty, Jsth, will add to the general income about $15,000,000 for the year. “Another fact which these farmers have taken into consideration is that the country expands as its transporta- tion facilities expand. In these days of automobiles it might be sald that this country will expand as its highways do, | and the expansion along these lines has been tremendously rapid. The 3-tier and 4-tier concrete road is rapidly re- placing the narrow macadam and this enables either a truck or a pleasure car to travel 100 miles in & much shorter time than could be possible over four roads. Strange as it may seem this has had important bearing on the gen- eral tendency toward optimism prevail- ing in the oil district. Bank Liquidation, NEW YORK, January 12 (Special). — The figures of loans on securities of the Federal Reserve member banks show a decrease of $90,000,000 for the week ending January 6. After several weeks in which the contraction in such loans | had been small. L. A—13 SUPPORT FOR CARRIER STOCKS AIDS MARKET Special Dispatch to The Star, NEW YORK, January 12.—The long unpopular rails have turned against their stock market enemies and are leading the recovery. From the low average level of December 17, a group of 25 railroad stocks now shows a 25 per cent improvement. This is even bettered by some of the lower priced and' non-dividend paying rails, which have recovered from 30 to 35 per cent. ‘Traders and investors alike -are now kicking themselves that they did not buy those rail stocks with a strong financial structure when they were quoted close to receivership prices a month ago. A Hroker who came up from the South at the end of last week over the Atlantic Coast Line and was most favorably impressed by its physical condition said today that he had shown poor judgment in not accumulating & line of this stock when it was quoted in the range between 30 and 35 last month, and along with it Louisville & Nashville at about $20 a share. Bot of these stocks are paying dlvidf‘l\di of $4 a share. Sentiment has swung around sharply in favor of a probable slow but steady development this yean in the credit position of the carriera through the benefits from the Recon= struction Finance Corporation, the res duction in wages and salaries, highef freight rates and a very good chance of a larger movement of traffic. RRF 6% Secured on conservatively appraised residential proper- ties. Every mortgage pro- tected by fire snsurance and title guaranteed by responsi- ble title companies. ] IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors NAtional 8300 FIRST MORTGAGE NOTES 1417 K Bt * IIII|IHlll||||||||lllllIII|IlIlIIIIHI|IlIIl!||ll|||IlIlIIII|IlllIll|I|IIllllHIlllllllllflI|||||l||||I|IIIIIIIllIlllIIIIlII(IIlIIIIIIlIlIII* We Give Pro rty Management Personal Attention UR Property Management Department is in @ charge of expert experience—and it is«the benefit of this service you have when you place your properties in our care—Apartment House, Office Build- ing, Residential and Busine; ss Properties. You'll find us able to bring revenue and outgo into the proper relation—and to your greater profit—re- lieving you of all concern with details. PROMPT remittance the is INVARIABLE rule of this office RANDALL H. HAGNER & COMPANY MORTGAGE LoAN CORRE SPONDENT 1321 Connecticut Ave. Decatur 3600 *HIIIIIIIllIIlIIlIIIIll‘IlI|IlIIIIIIHlIIIIIllII|IIlmlIHMIWHIHIIIMHMMMMII!IIIIIMIH!IIllmlllllmllllmllllll * PROPERTY Apartment House MANAGEMENT MANAGEMENT LL those problems of rental up and of keeping the property and the overhead down come under our service in con- nection with the management of apartment house properties— and for a very nominal fee. Let ys go into specific details with you concerning your apartments. B. F. SAUL CO. 925 15th St. N.W. MORTGAGE (three years FINANCING AT LOW COST First Mortgage Funds 1 2 Nat’l 2100 LOANS or longer) % LOANS on residences and business buildings, in District of Columbia and nearby Maryland suburbs . . . Ample funds, lower intevest, prompt approvals, valuable prepayment privi- leges—and the competent counsel of over forty years’ experience in this field. * H. L. Rust Company 1001 152 Street National 8100 Loan Correspondent for * The Prudential’