Evening Star Newspaper, January 18, 1932, Page 13

FINANCIAL. THE EVENING STAR. WASHINGTON, D. C. MONDAY, JANUARY 18, 1932, FINANCIA L. LR A-13° WASHINGTON NINTH INNEW BUILDING Report of 577 Cities Com- piled—Capital Drops Be- hind Previous Marks. BY EDWARD C. STONE. Among the 577 cities and towns in | reporting buildirg | to 5. W. | the United States permits for December, 1931, Straus & Co. Washington ninth cline from $1,386,125 in December, 1930, and from $1.197,510 in November, 1931 For December, 1931, New York had the greatest volume of building permits, with a total of $12,708,298. Los Angeles was sccond, with $2,590.563, and Chi- cago third, with $2,518,450. Baltimore was twelfth in the list, with $801,600. and Greensboro, N. C., was fourteenth, with $642,314 Total building permits reported for December by 577 cities and towns w $55,279,157, a decline of 578 per cent from the figures for December, 193 and 17.2 per cent from Novembe: instead of the normal ! pected increase of 6.5 per ranked Perpetual Re-elects Officers. A net increase of 134 per cent In itv gubscribed capital is shown by the Pru- dential Building Association for 1931, ccording to its annual repert file with the United States Treas! The total subscribed capital of th sociation, which is approxim years old, as of December 31 $2.810,300 Directors of the association for 1932, are John B. Co Reid, T. Howard Duckett, Harvey L Cobb, Thomas E. Hampt Curti Walker, Luther C. Steward and Thomas | D. Lewis. Officers, re-clected for the ensuing year, are Luther C. Stewar president: Curtis Walker, vice pres dent; E. J. Carlscn, secretary-treasurer, and Harvey L. Cobb, general counsel. Agents Report Fine Yea The annual luncheon of the District ©f Columbia Agency of the Massachu- setts Mutual Life Insurance Co. was held Saturday at the Lee House, with 30 in attendance. The occasion was unusual in that Jdt celebrated the fact that the agency increased its business in 1931 over that of 1930 by 25 per cent, with an increase | of 90 per cent in premium income The outstanding achievement of Leo- | pold V. Freudberg in paying for more | then a million dollars of insurance was especially commented on. Dan J. Har- rison was second in the agency while Miss May Belle Raymond made an out- standing record of over $250,000 in paid for insurance. | Buying Biggest Present Need. | Contending that intelligent buying as- three was elected Hugh with a total of $925785, a de- | 45 what is needed to stimulate business, Henry H. Heimann, executive manager | of the National Association of Credit Men endorsed National Thrift week, as | Worthy of the attention of his associa- | tion's 25000 member credit executives | and the country at Jarge, in a special | snnouncement to the membership on this subject | “Since the inception of this move- | ment 15 years ago, National Thrift | week has had increasing sponsorship from the prominent trade and social organizations of the country. Bzcause it promotes the wise spending of the consumer dollar, it is of utmost inter- est to all phases of business “The emphasis of National Thrift week this year will be on the excep- tional opportunity afforded through in- telligent buying, botn of commedities and investment securities, and the op- portunities presented to profit through the adoption of a sound personal finan- cial program. This is a very worthy | move, and 1 commend to our members as well as to every citizen, the promo- tion of this National Thrift week." Cooper Death Shocks District. Wasington financiers were only a| gmall fraction of the people who were | deeply shocked over announcement of the death of William Knowles Cooper, | due chiefly to high blood presure. While he had not been connected directly | with the local financial district for | a very long period, yet no man was| more admired for his sterling qualities. | He had an unusually wide circle of; friends who recognized and drew upon his remarkable fund of information on aimost any subject. He Was an ex- ceptional spesker and his extensive | travels abroad made him especially fomiliar with foreign conditions For many years he had been a most valued director in the Federal-Ameri- can National Bank & Trust Co. Upon giving up his duties as head of the local Y. M. C. A, he entered the financial district and became a partner in Crane, Parris & Co. His short career in finance included the most hectic period in America’s business and investment history. His passing leaves a place in the banking district which will not | soon be filled. $50,000,000 Treasury Bill Issue. The Treasury announces offering of $50,000,000 of 93-day Treasury bills to | be sold on a bank discount basis to the highest bidder. Bills will be dated Jan- uary 25 and mature April 27. Tenders will be received at the Federal Reserve Banks or branches up to 2 pm. Janu- ary 21. The proceeds of the issue will be used for the retirement of $51,338,- 000 of bills maturing January 25. Trading Confined to Bonds. Trading on the first business day of the week on the Washingten Stock Ex- change was wholly confined to bonds. The first sale was $500 Washington Gas Light 6s, series B, at 103%. Washing- ton Gas 6s, series A, figurad in two $1,000 sales at 100’4, and Chevy Chase Club 5',5 also sold above par, $1,000 | changing hands at 10014 | Financial District Notes. | The Midwinter open meeting of the District Bankers' Assoctation takes plage tonight at the Willard, beginning | &t B o'clock The annual meeting of the stock ers of the N Savings & Co. takes place at 4 o'clock this noan, - The American Secu Co. and the M tomorrow Paul Mellon, sor Treasury Mellon dirsetor of the First Nation Union Trust Co., both of These institutions are ¢ the Mellbank Corporation The New Amsterdam has declared the regul arterly divi- derid of 50 cents, payable February 1 to stock of record January 22 BOURSE STATEMENT. PARIS, January 18 (#)—Three per cent rentes. 78 francs, 80 centimes; 5 per-cent loan, 102 francs 15 centimes Bxehange on London, 88 francs, 1 centimes. The dollar was quoted at frapes 41 centimi QHICAGO POTATO MARKET. CHICAGO, Jinuary 18 () Pota- toes—Receipts, 120 cars, on track, 222 total United States shipments Saturday 833: Sunday, 23; about steady, trading only fair; sacked, per cwt.: Wisconsin Tound whites, No. 1. 80-85; unclassified 7395, Nebraska Triumpbs, 1.10-1.16: Idshe Russets, No. 1, 155-160; few 165; Michigan' Russet Rurals, few sales old- of Secretary of the as been elected a 1 Bank and Donora, Pa iated with Casualty Co 25 CHICAGO STOCKS GAIN. _CHICAGO, January 18 (Spec Fifty representative stocks listed on the Chicago Stock Exchange at the close of business for the week ended 1€ had & market value of $950.207.077, Stoc —103— High 100 118% 13 107 1863 21% 11w 393 29% 30 564 104 664 63 ] 3 3 64's 26% 9 65 vhich compares with $937,208952 at the close of the preceding week, ac- cording to a compilation by Paul H. Davis & Co. This represents an in- Faease of §23,088,125, or 2.46 per cent, & (7 124 56 814 . 60 Low. 2 3 224 2 12' % 14 1% 64 104 131 B84 45 204 5 % 64 18 10 4 1014 4 5 29% 16 1% T 14 11% 5 " 17 5 33 B4 8414 154 101 % 13 % % b'» 1% 1% 3 9% 75 85 4 15 14 25 18 4 37 90 b4%s 12% 19% 17% NEW YORK STOCK EXCHANGE Received by Private Wire fn 100-share Stock and Dividend Ra Abitibl Pwr & Paper Adams Expres: Adams Miilis (2). Adv Rumley. . Amliated Prod 1. Alr Reduction(t43% Alaska Juneau (50¢) Allegany Corp. Alleg Cp pf $30 ww.. Alleg Copf x $30 w.. Allied Chemjcal (). Allis-Chalmers(50¢) ‘Amer Br Shoe (1.60). Am Beet Sugar Am CanCo (16)..... Am Car & Foundry. . Am Chain.... Am Chicls (13) Am Comcl Alcohol Am European Secur. Am & For Power Am & For Pwr pf( Am & For Pwr 2d pf. Am Haw St'ship (1). Am Jce (2).. Am Ice pf (8) Am International. Am La France&Fom. Am Locomotive Am Lc'motive pf (T Am Mch & Fdy 1.40.. Am Mach & Metals. . Am Metal Co. . Am Metals pf Am Pwr & Lt (11) Am Radiator (60¢).. Am Ship & Com..... Am Smit & Rfg(50c) Am Solv & Chemical, Am Steel Foundry Am Stores (1234). Amer Sugar (4)..... Am Susar Ref of (1) Am Sumatra Tob. Am Tobacco B Am Tobacco nf (6} ter Wks (3).. Am Woolen Co of. Am Zinc & Lead of., Anaconda Copoer. ... Anchor Cap (2.40), Armour of 11 (A)... Armour of Tl (B)... Armour of 111 pf Arnold Constabl Associated Apparel.. Associated Dry Gd Atch To & San Fe(§) Atch To&S Fe pf (5) Atlantic Refining (1) Auto (£4). VlAwin Locomntive Baldwin Loco pf. Baltimore & Ohfo. ... Balto & Ohio pf (4).. Bang & Aroos (3%).. Barnsdall Corp'n. ... Beatrice Cream (4).. Beatrice Crm pf(7).. Belg N R pt pf t4.81. Bendix Aviation (1). Best &C0 (2)....... Add 00. s exeept these Gerigmated by muv;{ ales— High Low. Close Cbse. 20 3 26'% 3u 1 4 1 4 16 8 8 20! 16 2 2 5 9 1 1 129 3 20% Am Car & Fdy pf (1) 203s Rethlehsm Steel (2).x Blumenthal pf (7).. 3ohn Alumn (13%).. Bon Ami (A) (15)... Borden Co (3)... Bore Warner (1).... Briges Mfg (1). .. Brockway Mot Trk. . Bklvn-Man Tran (4) Bklyn-Man 7 of (6) Bklyn & Queens. ... Bruns Term & Rwy Rudd (E G) Mfg. Budd Wheel Burns Bros (A) Burr Add Mch (1)... Bush Term deb (7) Butte & Superior. Butterick Co. Ry (A M) Co Hecla Timet 10% Canada Dry (1.20).. 10% Canadian Pacifie 1% 38% Ca Case (J 1) nf (7). 53 (I Co... 104 Caterpillar Trac (2). Celanese Corp... 214 Celotex Co ? 11 Cent Aguirre (1% 97 Cerro de Pasco (1). 21 Certain-teed Prod. 31, Checker Cab Mrfg... 23% Ches & Ohio (2%). 1374 Chesaneake Corni(3). 13 Ch1 & Fastern T11... 215 Chi Great Western T4 Chi Great Westn pf. 115 Chi Mi] StP & Pac. .. 2% 3 6% T 12 11 11% 97 24 T 6la 11% 82 8 62 15% 94 6% 3 46 6% 8% 7% 88 84 % 45 40 30% 18 4 36% 13% 6 29 20 70 1 1% 3% 13% 64 17% 108 19'2 6% 2014 425 507 % Tla 20 ~ 24 9 3z 15 5 3y 3 20 851 2% 60 13% P 28 % 9 1% 11's 22' 108 28% 1% 20% “hi M1l StP & Pac of. Chlc & Northwstn. Chi Pneu Tool Chi Pneu Tool pf. Chicago R 1&Pacific. Chi R1& Pac 7% pf. Childs Company. Chile Coprer........ Chrysler Corp (1)... City Stores Cocon-Cola (18)...., Coleate-Pal-P (2%). Colonial Beacon..... Colo Fuel & Iron. . Columb G&El(b1%). Columbia Carbon (3) Comm Credit (1.60)., Comcl Cred 18t(8%) Comcl Inv Trust (2) Comel Iny Tr pf 6% . Comel Solvents (1) . Comwlith & Sou(30¢) Comwlth&Sou pf (§) Congolm-Nairn (1).. Consol Fiim Consol Film pf (2).. Consol GasN Y (4).. Consol Gas NY of (5) Consol Laundries(1) Consol Textile. ..... Container Corp (A). Contatner Corp (B). Contl Baking (A)... Cont] Baking (B). Contl Baking pf (8). Contl Can (2%)...00s Con’ Insur (2 40). Contl Of] (Del) Contl Share: Corn Products (3 Cotv Inc Crosley Radlo. Crown Cork (2.40) Crucible Steel. Cuba Cane Products. Cuban-Am Bugar pf. Cudahy Packing (4). Curtis Publish (¢).. Curtis Publish pf (1) Curtiss Wright..... Curtis Wright ( P B U L LA Davizon 3 Deere & Co pf (1.40), Delaware & Hud (9). Delsware Lack & W. Diamond Mateb (1), Diamond Mteh pf 1% Dome Mines (1) Douglas Arcraft (1) Dresser Mg A (3%) Drug Corp (4) Duluth 8 § Dunont de Eftington Eltington Elec Auto Lite (4).. lectric Boat. lec&Musical In lec Pwr & Lit (1).. c Pwr & Lt pf(6). Horn Coal. Elk Horn Coal pf. Eng Pub Sve (1.60). £rie RR 4 Falrbanks-Morse Fed Water Service A Fid Ph Fire In(2.60) Filene's Sons pf 6% . Firestone T&R pt(6) First Natl Strs (2%) Fisk Rubbe! Fisk Rubber 1st pf.. Fisk Rub Foster- W] Fourth Nat Inv (1.10 Fox Film (A)., Franklin Smn pf(7). Freeport-Tex (3). .. Gen Am Tank Gen Asphalt (2) Gen Baking (2). Gen Bronze Gen Cable pf Gen Elgctrio ( . n Eisc spec (60¢) . Gen Food Corp (3).. Gen G&F A (b6 % Gen Mills (3). 15 504 100s 51 608 3 10s 18 19 3 1108 1 16 2 2005 1008 1 5 4 208 18 4 12 70 ——1981— High 100% 45 103% 10% 23 844 9% 16 38% T 16 9% B9 8 114 N 86 182 71 128 9% 34 51% 179% 12% 621y 4 6014 31 3% 16% 204 123 42 43'y 16% 42 b4 51 38% 9% 31 803 69% 34% 20% 91% 348 6315 6% 54 125 21% 41 354 111 19 10% 10 83% 398, BO% 143 120% 44 K i Direct 1o The Star Office. Bales— Add 00 2 o mswk and w. vigend Rate. 85 Gen Mills pf (6).... 21% Gen Motors (3)..... 79% Gen Motors pf (5) 3% Gen Outdoor Adv. 2% Gen Public Servic 21 Gen Ry Signal (5) Gen Realty & Util... Gen Theatre Equip.. 4 Gillette Saf Razor. Gimbel Bros..... Glidden Co..... Gobel (Adolf).. Gold Dust (2% ) Goodrich (BF)..... Goodyear T & R (1). Goodyear Ist nf (7). Gotham Silk Hoslery Gould Coupler, Graham-Paige. ..... Granby Consol (50c) Grand Silver Stor Gtand (Tnfon. .. Grand Unton pf (3) Grant (W T) (1). Great Northern pf(2] Great Northn Ore(2) Great Western Sux. . 74 Great Wn Sug pf (1) 1 Grieshy Grunow. . 1% Hahn Dept 14 1 &6 23% 85 ‘ A 26 14 1% 86 22% 84 » 8 £3 3 P RN HA YRR IN AN L RD AIN AN =3 ores. . Hahn Dpt St pf(6%4) Hall (WF) (120). Hartman Corp (B).. Hayes Body Corp... Hollander Sons ... Homestake M (7.50). Houdallle Hershey . . Househld Fin pf 4.20 % Houston O11. 5 Houston Ofl (new).. Howe Sound (2).... Hudson & Man (3%) Hudson Motor (1)... Hupp Motors e 26% ™ 3y, 91y [11inols Central. .... [llinois Cent 11 (4).. 1 Iilinois Cent pf (6).. Indian Motor Cyel Indust Rayon (4)... incersoll Rand (4).. Inland Steel (2)..... Ins Shares(Del) 50c. Insur Sh(Md) (28¢). interboro Rap Trai Int Agriculture pf.. Int Bus Machine(n§) Int Carriers.Ltd 50c. Int Cement (3) Int Combustion. Int Harvester (2 Int Hydro El A (e2). Int Match pf (4).... (nt Merchant Marine. Int Nickel of Can 20e Int Nick an pf (7). Int Paper pf........ Int Paper & Pwr pf.. Int Printing Ink int Salt (3) Int Shos (3). 4 0 Vannne-E S Caunaa~ Do 3 SUe b 18 37 1 Int Tel & Telex 1% Investors Equity. 14% Island Cr'k Coal (3). 15% Johns-Manville (1).. [ JNOYOL—OPR VUL I Y- PO P » Kansas City Southn. Kan City Sou pf (4). KKarstadt (Rudolph). Kayser (J) & Co (1). Kelly-Spring Tire. .. Kelly-Spr T 8% pf.. Kelsey-Hayes Wheel Kelvinator Corp. ... Kendall Co pf (6)... Kennecott Copper 50¢ Kresge (SS) (160). Kreuger & Toll 1.61). 2 Krozer Grocery (1). S s NaF e Leh Port Cement. Lehman Corp (2.40). 4 Lehn & Fink (3) Libbey Owens Gl Ligg & Mvers B (16) Lima Locomotive. Loew’s, Inc (14) % Loft Inc...... 97x Loose-Wiles (13)...x 116% Loose-Wiles 1st (7). 10 Lorillard (P) (1.20). 1 Louisiana Ofi....... 177 Lou Gas&El A (1%) 20% Loulsville & Nash(4) Ludlum Steel....... 1dlum Steel p McKeesport T P (4). McKesson & Robbing McKes&Rob pf(3%) McLellan Stores ... Mack Trucks (1).... Macy(RH)& Co(n3). Madison Sq Garden. Mallison & Co. Manhat Elev gtd (1) ManhatElev mod gtd Marine Midld (1.20). Marmon Motor Car.. Marshall Field (2%) Mathieson Alkilf (2) May Dept Strs (234) Melville Shoe (2). ... Mid Continent Petm. Midland Sreel (3)... Minneap Fioney R(3) Minn Moline Pow. Mo Kan & Texas. ... Mo Kans & Texas pf, Missourt Pacific. Missouri Pacific pf.. Mohawk Carpet..... Montgomery Ward. . Morrell (J) & Co (3) Motor Meter G & El. Motor Products (2). Motor Wheel (50e).. Mullins Mfg. . Mullins Mg pf..... Munsingwear Inc(2). Murray Corn 14 28 3 3 50s 10 1 2 oa 250, 6 2T o moonnl - N S R e h R an R s e 15 Nash Motors (2) 214 Nat Acme Co... 75 Nat Bella Hess. 86% Nat Bircuit (2. 74 Nat Cash Reg (A) 20 Nat Dary (2.60) 111 Nat Lead pf A (7) 100 Nat Lead pf B (6). 10% Nat Pwr & Lt (1). 181 Nat Steel (2)... 5 Supply Co.. 10 Surety (2) Nat Tea (1).. Nev Con Cop (40¢). . Newton Steel....... N Y Central N ¥ Chicago & St L. N ¥ Chi & StL pf. N Y & Harlem (5) N Y Intestors..... Y, N H & Hartford NYNH&Hpf (1), 4 N Y Ont & Western.. N Y Shipbuilding. Noranda Mines (2).. Norf & Westn (112). North Am Aviation. Nor Amer(b10% stk) North Amer pf (3).. 79 North Am Ed pf (6). 14'; Northern Pacific3).. 1y Norwalk Tire & Rub. Onhlo O Baan Oliver Farm Equip. . OlivFarm prpf.. Omnibus Corp. . Orpheum Circul Otis Elvator (2% ).. Owens [11 Glass (2). W Lacific Gas & EI (3). Pacific Lighting (3). Pacific Tel&Teleg (1) Packard Motor (40c) Panhandle P & R pf. Par-Pub (b10% stk) "ark Utah . Pathe Exchange (A) Patino Mines. . . Penick & Ford (1) Penney (J C) (240). Penna Ratlroad (2). Peoples D S pf (6%) Pecples Gas(Chi) (8) Pere Marquette pf. .. Pere Marquette pr 124 Pet Milk,...oonvne Petrol Corp of A Phelps Dodge Co. ... Phila&HReuading C & I Prillips Patroleum. . Plerce-Arrow pf (6). Plerce O11 . Plerce Petroleum. Pillsbury Flour (2 Pitts Steel pf. ... Port R Am Tcb (B). I'ratrie 01 & Gi + Prairie Pipe L1 roct & Gaml ‘2 Proc & mb pt (B}, Pro & Itefiners. . Public Sve NJ(3 40). 78 Public Sve NJ pf (6) #7% Pub Sve G&E pf (6). 16% Pullman Corp (3) (Continued on Page 14.). S 0 S < B o Db o s 49 aie BrewBe 86 2213 — %l 84 Net. High. Low. Close. Chxe +1 -1% 'STOCKS ARE DULL |General Trend Is Uneven as Trading Starts Week Slower. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 18—The stock | market did not make much impression on those who watched its movements at the opening of the weck. It was dull, with volume getting back to the small figures in the earlier part of the month, while price changes were with- out significance. Its general trend was uneven and there was a disposition to work lower in those stocks that most influence trading sentiment. New Developments Lacking. Cause for the apathetic state of the market was to be found in the absence of any developments since Saturday that would provoke either professional or investment buying. The reconstruc- tion finance corporation measure is now in the stage where compromises must be made as between the features in it that represent different view- points regarding the functioning of this agency. The same is true of the conference in Chicago on the railway wage question. This also has come to the point where the preliminaries have been covered and both sides are expected to get down to concrete facts Impatient Wall Street hestitates to make new commitments in the market until the finance bill has been finally signed and it knows exactly the terms on which the wage matters have bcen adjusted. In most of the prominent industrials there were fractional declines in the first two hours, after an irregular | opening. The same was true of the | rails. Auburn Auto advanced 2 points, while General Motors was lower. Amer- jsan Telephone & Telegraph started down a point from Saturday's closing and then made & moderate recovery and was the only important member of the public utility group to show much change around midday. New York City traction stocks made the best gains of any one group during this period. Of somewhat more interest today than the fluctuations in stocks Were those in the commodity markets. Wheat and cotton have been slow to respond to the latest upturn in gecuri- i or to the avowed intention of the Federal Reserve officials to promote an era of moderate inflation. Today, how- ever, wheat started forward and worked up into the highest price range since November 21, In October both wheat and cotton had the advantage of a strong speculative group, and wheat particularly was at that time sharply advanced. French Francs Advance. Its statistical position now is rather more favorable to a rise than was the case three months ago. The only Te- flection of the stronger grain market was to be found in such stocks as J. I. Case and International Harvester, which advanced 1 to 2 points by midday. The advance in French francs to the gold point and cables from Paris which indicated that the Bank of France is drawing balances away from New York and other forelgn markets was one of the interesting and significant incidents of the day. It has a political as well as a financial implication. As was the case with domestic developments, there was nothing to indicate that decisions had been arrived at over the week end in the negotiations on short-term German credits or as to the attitude of Conference. Dullness Continues. ‘The market continued irregular and dull as the session entered the early afternoon. United States Steel, how- ever, during this period shot up more than 2 points from its earlier low. The shorts in steel who had their share bor- rowings called during the morning, in many instances had to pay a premium of % per cent of $37.50 on 100 thares for one day to secure fresh loans. American Sugar Refining declined 5 points to a new low for the bear market in the afternoon. This heaviness re- flected a further decline in the price of raw sugar. Cables from Havana quoted Chairman Babst of American Sugar Refining as stating that the raw sugar market in the United States had been demoralized by imports of refined sugar from Germany and England and that Cuban shipments of refined sugar merely aggravated the raw sugar mar- ket in the United States. Ralls turned slightly reactionary as union and carrier officlals assembled for their afternoon discussion in Chi- cago. Union Pacific ylelded about 2 points on this move and Northern Pa- cific 1. New York Central and New York, New Haven & Hartford were off fractionall INTEREST!| SAVINGS, WE PAY avings Assure ON YOUR Comfort LATER life, when your earning power has decreased, a substantial savings account will pro- vide comforts you other- wise could not have. Start Today With $1 n . . . Open Daily 9 to § Saturdays Until Noon PERMANENT 949 NINTH UNDER S| ST., NW. RVISION OF U. HIGHWAY SAFETY BY WIRE @18 per cent of night traffic accidents are due to inadequate lighting. @ Our great national highways outside of towns and cities are as dark as the country roads that preceded them. Lighting these highways for safcty promises continued growth for the electric industry. Street lighting is second to none as a stable source of utility revenuc. ° lfor sound utility investments write for Circular A-151. General Utility Securities INcoRPORATED Broadway New York Telephone Bowling Green 86070 e e [WISCONSIN LAW TO MAKE TEST - OF UNEMPLOYMENT INSURANCE IN SMALL VULUME(compulsory Policies Can Be Avoided by| Employers Only by Voluntary Protection for Workers. BY ROLLIN M. CLARK. A laboratory for an initial American experiment in compulsory unemploy- ment insurance has been presented to the coutnry by Wisconsin. The Legis- Iature of that State has just placed in the laps of employers of 10 or more persons in Wisconsin a measure which | in effect tells them to create voluntary unemployment compensation plans by | June 1, 1933, or the State will compel | such action a month later. As Gov. La Follette recommended the proposal, he is sure to sign it. Two reasons were assigned by com- petent observers today for the passage of this unusual bill. U. S. TELEPHONES LINKED WITH 40 OTHER NATIONS By the Associated Press. The Commerce Department reports that developments in international tele- phone interconnections in 1931 brought | the telephone number of subscribers in 40 foreign countries into American books. This means, it was explained, that every telephone subscriber in the United States Is in contact with 32,750, 000 other telephone users, or nearly 92 per cent of all the phones In the world. Most of the foreign circuits have been added in the last five year. In 1922 there were but two foreign circuit groups. One tied the United States with Canada and Cuba, the other inter- connected England; Prance, the Nether- lands, Belgium and Ireland. those who will attend the Lausanne | Ten years later the only countries having a telephone census of 100,000 or more that were not connected with the circuit were China, Japan, Russia and the Union of South Africa. Both Japan and the Union of South Africa will probably be added before the end of 1932, the department said. WATER COMPANY ELECTS C. M. Lawrence Chosen Presidentl in Meeting at Bank. Special Dispatch to The Star, HERNDON, Va., January 18—The annual election of officers was held at a meeting of the Herndon Water Co. in the Herndon National Bank Building. The result of the election was as fol- lows: C. M. Lawrence, president and general manager; Ernest L. Robey, vice president; E. L. Detwiler, secretary; E. Bradshaw, treasurer; directors—D. W. Bicksler, W. W. Wyatt, B. F. Mc- | Guire, R. V. Chamblin, C. M. Lawrence, Ernest L. Robey, E. L. Detwiler and A. E. Bradshaw. Following the election of officers a business meeting was held, when it was voted to dig another well on the water company's property just west of the well | now in use. The financial report showed a favor- able year for the company. ‘Washington for today: $3,686,355.10. Ghase s at Phenix Commercial Natl . First Natl N Y Manhattan Co Natl City .... Public Bankers Brooklyn Cent Hanover Chem Bk & Tr Cont Bk & Tr. Corn “Exch Empire Guaranty Irving . Manufacturers w_York . First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company. Inc. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th $t. and Indiana Ave. N.W. 7th Serles of Stock Now Open for Subscription 59, INTEREST PAID ON STOCK James E Connelly, James F. Shea, President Secretary REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFCRD high i Tocaied business properiics well located bus . 3 or 1o eats: 11 o deslred, 1520 K St. N.W. National 0475 avatbments 1 AGE 65. Pays Nearly 12% Send Date of Your Birth for full Annuities Information M. LEROY GOFF 1036 Woodward Building Nat. 0340 Insurance Exclusively Over 20 Years First Mortgage Investments Denominations $250 6% return with absolute savi Fhos. E. Jarrell Co. REALTORS 21 10th St N.W. NAtional 0765 Accumulate 'SAFELY Invest in FIRST Yield | Mortgage Securi- 6% | ties. These first mortgages are secured on income-producing properties here in the NA- Denominations as low as $100 Monthly Payments if Desired Send for Booklet, “The Success Plan” " REALESTATE - MORTGAGE & GUARANTY . (CORPORATION | 1610 K St. N.W. National 1403 First, there is a| A | Clearing House figures ‘TION'S Capital. 11 popular demand brought about by the extraordinary unemployment condmons‘ of the last two years that something| must be done in the future to pmvidei | some form of relief other than charity to workers who find themselves out of jobs through no fault of their own Second, the bill is the least drastic of any of its type ever proposed in the United. States and was therefore ac- | cepted as the “lesser of two evils” by | Wisconsin employers. May Avoid Compulsion. Many novel features are incorporated | {in the bill. Perhaps the outstanding | one is the provision that the new law | will not become effective if by June 1, 1933, the employers of the State have | established voluntary plans covering 175,000 workers. , This gives Wisconsin | industry an opportunity to avoid the | consequencies of compulsion and will prove a tremendous incentive for volun- | | tary adoption of unemployment reserve | | fund plans. | | _ But even if the law does take effect July 1, 1933, due to an insufficient num- | | ber of employers being covered by vol- | untary plans, its provisions are far less | drastic than other proposals wh have | | been before the Legislatures of Wiscon- | | sin and other States in recent years. | Maximum benefits in a year are limited to $100 to each employe, pay- able at the rate of $10 a week for 10 weeks, but not to exceed 50 per cent of | his average wage. Employers of fewer | than 10 persons are exempted and cer- | tain trades, such as logging, domestic service and agriculture, are excluded | entirely. { Al contributions are mad> by em- | ployers based on pay roll. The State contributes nothing but has general supervision and administration over the system. Plan Separate Accounts. l Instead of pooling the funds of all employers coming under the act or| even those in each industry, separate | accounts are to be kept for each in-| dividual employer. This means thali funds contributed by one corporation | will not be used to maintain the dis-| missed employes of another. | ‘When an employer’s average reserve per employe reaches $55, the percen- age of pay roll required as a contribu- | tion is decreased and when it reaches | $75 no further payments are necessary | until the average reserve falls below that figure. It is apparent that even though the | new law is revolutionary for this coun- try, its provisions are relatively mild. | The test will come when in subse- quent years attempts are made to in-| crease benefits and otherwise liberal-| ize its provisions. With this entering wedge, extensions surely will be sought by those who believe the measure is just “a drop in the bucket.” | | (Copyright, 1932.) O | Organized 1879 JOHN JOY EDSON, President Achieve Thousands today enjoy prosperity :dg]pted the systematic saving plan = table. | proach OPTIMISM SHOWN - BY STEEL INDUSTRY Demand More Definitely on Upgrade, With Confidence Reviving. By the Associated Press. CLEVELAND, Ohlo, January 18.— More bright spots in the steel industry are reported by the magazine Steel. “Steel demand is more definitely on- the upgrade, stimulated moderately by reviving confidence and the closer ap~ of seasonal influence,” the magazine says in its weekly review. “None of the major consuming groups* exhibit a marked tendemcy toward improvement, but practically all are contributing 'in large .measure to the rising volume of steel orders.” Steel works operations again made a conservative increase, the rate advanc- ing 1 point to 26 per cent in the pa week, the magazine reports. Another slight gain is in prospect this week. Stealmakers Encouraged. Encouraged by the outlook, steelmak+ ers are building up resistance to pre. sure against prices, a determined effort being made to put heavy finished steel on a more remunerative basis. Lead- ing producers are endeavoring to stab- ilize plates, shapes and bars at 160 Pittsburgh, for ordinary buyers, with quotations at Cleveland, Chicago and’ Birmingham on a commensurate basis. Price weakness persists in sheet and strip, and in raw materials prices ap- pear a little steadier, except scrap. Recent freight adjustments and antici pations of wage adjustments are ex- pected to bring much larger inflow of, orders from railroads. “Railroad roll-’ ing stock is reported in the worst con= dition since the 1922 shop strike; rail buying in the last two years was the lowest in 25 years; bad order cars ar& the highest on record,” the magazine says. g Automotive Industry Active. No important plant in the automotive: industry is down, in contrast with a month ago, when many were closed completely. “Structural awards for the week, amounting to 20,000 tons, and reinfore ing orders, 6,000 tons, represent good: advances from the preceding week," the magazine finds. - “Reflecting the stronger tones in plates, shapes and bars, steel's unfinishs, ed steel composite is up 60 cents to $47.62, and the iron and steel com- posite is up 12 cents to $30.08. These are the first advances in these comw Pposites since last July. The scrap com- Pposite is down 8 cents to $8.04.” TREASURY STATE.MrENI Treasury receipts for January 15 were $4,523,025,55; expenditures, ~$9,504, 459.61; balance, $371,251,978.72. Cus- toms receipts for 15 days of January were $15,439,767.43. O 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’n WALTER S. 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