Evening Star Newspaper, January 23, 1932, Page 13

4 BANK'S ADDITION | WINS HIGH PRAISE Park Savings Officials Greet Visitors at Inspection of New Quarters. BY EDWARD C. STONE. Bankers, business men and a host | of depositors visited the Park Savings Bank today to inspect the new addi- | tion which was thrown open to the public for the first time today. open house continue until o'clock this “eve- ning. Today's vis- itors expressed great interest in the enlarged bank and the new banking facilities which have been installed Upon entering the bank one no- tices that the lob- by has been in- creased by 60 per cent, indirect lighting installed and that cageless § counters have been adopted. To the | right of the main entrance are the officers of the bank and to the left the ladies' waiting room with desks and chairs. The bookkeeping department has been increased in size about 400 per cent and made soundproof. A new vault in which to keep the books has also been installed. Another feature is the separation of the safe deposit department from the banking depart- ment, new booths being provided for safe-deposit patrons. Some New Features. The board room is located on the second floor, while the locker and res rooms for the employes are in the basement. Other features include the telautograph system, modern burglar alarm system and night depository. The bank presented a most attrac- tive appearance today, many flowers having been sent by business associates to the officers in recognition of thls very important landmark in the bank's history. The guests were most cor- dially greeted by officers and directors. The present officers are: George E. Walker, chairman of the board of directors; A. J. Jorss, presi- dent; George A. Prevost, vice presi- dent’ and general counsel; Wade H. Atkinson, vice president; Robert Stunz, executive vice president; Wil liam C. Strauss, cashier; Russell A. Houser, assistant cashier; H. Marvin Herndon, assistant cashier, and W. B. Todd, secretary. Directors are Frank E. Altemus, Wade H. Atkinson, Charles W. Bolgi- ano, L. T. Breuninger, Joseph W. CoX, Henry F. Dismer, Peter M. Dorsch, G. W. Forsberger, J. O. Gheen, E. T. Goodman, C. F. Jenkins, A. F. Jorss, E. 8. Kennedy, N. Mountford, C. M. Murray, Claude W. Owen, Robert L. W. Owens, Norman W. Oyster, H. A. Polkinhorn, George A. Prevost, Mau- rice Schlosberg. J. Robert Sommer- ville, Warren W. Spencer, Robert S. Stunz, W. M. Wailes, George A. Walk- er, George W. White and C. C. Wine- berger. Liberty National Adds Officials. william I. Simmons was elected as- sistant trust officer of the Liberty Na- tional Bank at the annual election of officers yesterday afternoon. Mr. Sim- mons has been in the trust depart- ment of the American Security & Trust Co. for several years, and has had wide experience in this line of work, He will begin his new duties 0 he other officers of the Liberty Na- tional were all re-elected, including Rofle E. Bolling, president; M. F. Cal- nan, vice president and cashier; J. B Skinner, J. H. O'Neale and C. C. Cran- ford, assistant cashier. Thomas C. Lit- tlcpage was again elected general counsel and trust officer. The board of directors elected at the recent stockholders meeting is com- posed of C. B. Asher, E. S. Brashears, Thomas P. Brown, M. F. Calnan. S. . Cameron, John B. Clark, J. T. Cull, jr. Dr. L. F. Davis, Norman B. Prost, Tracy L. Jeffords, Paul E. Johnson, James M. Johnston, T. P. Littlepage, Harold N, Marsh, William H. McCra: Lennard H. Mitchell, Dr. F. H. Mor- hart, E. H. Neumeyer, Vernon G. Owen, I E Shoemaker and R. E. Bolling. Junior Bankers Finish Exams. hard A, Norris, chairman of the Ea?ccauuml Committee of Washington Chapter, American Institute of Bank- ing, in Teporting the completion of the first semester examinations, states that 10 subjects were taught. Eight of these were completed and final exam- inations held. The classes in public speaking and debate will continue until Spring in order to meet the institute's requirements as to number of study hours, these classes having met only once a week. There were 256 enrollments in the eight completed courses and 240 of this number, or 93.75 per cent, qualified for the final tests, while 229 students, or 89.46 per cent, of those enrolied actually took the examinations, compared with | last year's figure of 8323 per cent of enrollments successfully ~ completing courses in the first semester. The class in bank management, con- ducted by Frederick P. H. Siddons, had an enroliment of 22, all of whom quali- fled for and 21 of whom took the ex- amination. i ‘The class in credit manag~ent, con- ducted by Harold W. Burnsice, bad an enrollment of 24 and the entire class qualified and took the examination, Norment Again Board Chairman. At the meeting of the board of di- | rectors of the Terminal Refrigerating & Warehousing Corporation held ves terday the following officers were elected: Chairman of the board, Clar- ence P. Norment; president and g eral counsel, Wristley Brown: vice pre fdent, G. W. Forsberg and 5. T freasurer, William M. Hannay; secre- | tary, Jerry P. Johnson; controiler, Rob- ert’ D. Marshall; auditor, M w. | Bennett; cashier, Fran J cker supervising engineer, Walter E. Bernd The company enters a large program for exte refrigeration pipe line systen Banker's 1932 Prediction. Robert S. Stunz. It is customary at annual m for stockholders to ask officials to make statements with respect to the outlook for the ensuing year. Such a request, #ays the Wall Street Journal, was made ©of Charles E. Mitchell, chairman of the National City Bank, the other day Mr. Mitchell thought for a second and remarked that the best he could think ©f was a letter he had received a little garlier from & friend ‘The friend said | that “1931 has been a year when they have thrown everything in the ring, in- tluding the sponge and the bucket TThe prospects for 1932 will be that| there will be less to throw | Washington Gas Dividend, Washington Gas Light Co. has de-! Jared lhe‘rexular quarterly dividend of 0 cents on the common stock, pay- !‘Ie February 1 to stock of record Jan- 3. l%léonnl Power & Light Co. has’de- d the regular quarterly dividend of fl“&nu a share on the common stock, yable March 1, to stock of record| ‘ebruary 6. Interstate Commerce Commission has suthorized Philadelphia, Baltimore & v&mlnmn Railroad to issue $944,000 general mortgage 5 per cent bonds, series D, in lieu of a like ount of 4'% per cent bonds, which are to be delivered at par to Pennsylvania Rail- lnw‘;rl entirely of rubber are being Stocks seld 1n 100-share lots exeent these desiranted by lotter =193 High Low 2 69! 3 & NEW YORK STOCK EXCHANGE Received by Private Wire Direct ts The Star Office. Stock and Dividend Rate. 4% Abitibi Pow & Pa pt. 314 Adams Expre; 2214 Adams Miilis (2) 12' Affiliated Prod 1.6 47% Afr Reduction(14%). 7 Alaska Juneau (50c) 1% Allegany Corp. 2 Alleg Cp pf $30 1% Alleg Cp pf w 340 w., 64 Allled Chemical (8). 100 Allfed Ch&Dye pf(7) 10% Alifs-Chalmers(50c). 7% Alpha Port Cemt (1) 1(% Amerada Corp (2)... B84 Am Can Co (16)..... 20% Am Car & Fdy pf (7 30% Am Chicle (13)., 5 Am Colortypa 5 Am Comcl Alcohol. . 614 Am & For Power. 18 Am & For Pwr pf(§) 20 Am & For Pwr pf(7) 714 Am Hide & Leath pf. 5 Am International. .. 29% Am Lo'motive pf (7) 16 Am Mch & Fdy 1.40.. 1% Am Mach & Metals, . 11% Am Pwr & Bt (11).. 5 Am Radiator (§0c). 7% Am Rolling Mills 171 Am Smit & Rfg(50¢) % Am Solv & Chemical 5 Am Steel Foundry. 34% Amer Sugar (4)... 1124 Am Tel & Telex (3) 6015 Am Tobacco (5). 64 Am Tobacco B (5). 96 Am Tobacco pf (6). 19 Am Type Founders., 23% Am Water Wks (3).. 151 Am Woolen Co pf... 9% Anaconda Cope 18 Anchor Cap (2.40). 20 Armour of Del pf (1) % Armour of Il (A)... 3 Armour of 111 (B).. 5's Armour of Il pf.... 1's Associated Appar 79% Atch To & San Fe($) 25 Atl Coast Line (4).. 8% Atlantic Refining <1) 8413 Auburn Auto (£4)... Aviation Corp (Del) dwin Locomot Baldwin Loco pf. Baltimore & Ohfo. ... Balto & Ohio pf (4).. Barnsdall Corp'n. ... Beatrice Cream (4 Belding-Hemingway. Belg N R pt pf t4.81. Bendix Aviation (1), t & Co (2 Bethlehem Bteel (1), 3ohn Alumn (1%).. Borden Co (3).. Borg Warner (1). Botany Con Min (A). Briggs Mfg (1). Brockway Mot T' . BKlyn-Man Tran (4) Bklyn-Man Tr pf (8) £kiyn Union Gas (5) Bruns Term & Rwys. Budd (E G) Mfg Budd Wheel . Rullard Co. . Burr Add Mch (1) 3 Butterick Co % 107 Byers (A M) § California Packing.. 8 Calumet & Hecla. ... 5% Camp W&C Fdy (1) 10% Canada Dry (1.20)... 10% Canadian Pacific 1% . 334 1) Co. 53 Case (JI) nf (T).... 10% Caterpillar Trac (2). 9% Cerro de Pasco (1).. 11 Cent Aguirre (1%).. 50 Century Rib M pf(7) 33 Checker Cab Mrfg... 23% Ches & Onio (2%4)... 18% Chesapeake Corp(2). 215 Chi Great Western. . 715 Chi Great Westn pf. 115 Chi M!] StP & Pac. .. 21 hi Mil StP & Pac of, 5 Chic & Northwstn 8% Chi Pneu Tool . 77 Chicago R I&Paciflc. 10% Chi R1& Pac 6% pf. 12 Chi RI& Pac 7% pt. 5% Childs Company.. 11% Chrysler Corp (1) 255 City Ice&Fuel (3 _ 3 City Stores. 975 Cocoa-Cola (13 24 Colgate-Pal-P (23). 614 Collins & Alkman. 615 Colo Fuel & Iron. ... 11% Columb G&E1(b1%). 32 Columbia Carbon (3) 52 Comel Cred 18L(6%) 94% Com Inv Trust pf(7) 6% Comel Solvents (1). 3 Comwlth & Sou(30e) 46 Comwlth&Sou pf (8) 6% Congolm-Nairn (1). 20 Consol Cigars (5). 42 Consol Cgr pr pf 6% 3% Consol Film o 7% Consol Film of (2).. 57% Consol Gas N Y (4) . 88 Consol Gas NY pf () % Consol Textile...... 44 Contl Baking (A % Contl Baking (B). 40 Contl Baking pf (3). 304 Contl Can (2%)..... 1814 Con*. Insur (2.40)..., 1 Contl Motors 414 Contl O11 (Del). 14 Contl Shares 36% Corn Products (3) 2% Coty. Inc. 20 Creemof Wht(t2%4) 10% Crex Carpet. 1 Cuban-Am S . 29 Cudahy Packing ( 1 Curtiss Wright...... 1% Curtis Wright (A).. bl Aol e 13% Deere & Co pf (140). 64 Delaware & Hud (9). 17% Delaware Lack & W.. 10% Diamond Match (1). 19% Diamond Mtch pf 1% 6% Dome Mines (1).... 11 Dominion Stores t1% 42% Drug Corp (4)...... 10 Duplan 811K (1)..... 607 Dupont de Nem (4). Tastman Kodzk (18) tington-Schild. ... is Eltington-Schild pf. 20 Elec Auto Lite (4)... 94 Elec Auto-Lite pf(7) 214 Elec&Musical Instru 9 Elec Pwr& Lt (1)... 32 c Pwr & L1 pf(8) 23 ec Storage Bat (4) 5 ErfeRR.... 6% Erie R R 1st pf. Gla Fairbanks-Morse. .. 1 Fashion Park Asso.. Fed Water Service A Firestone T & R (1). Firestone T&R pf (6) First Natl Strs (23%) Foster- Wheeler 214 Foundation C : 15% Fourth Nat Inv (1.10 213 Fox Film (A) 60 Franklin Smn pf(7). 13% Freeport Tewell Co (3 % Gen Am Investors Gen Am Tank Car(4) Gen Asphalt (2).... Gen Baking (2). Gen Cable. ... Gen Cable (A).. Gen Cable pf Gen Clgar (4). Gen Electric (1.60). Gen Elec svec (80¢). ien Food Corp (3) Gen G&E A (b6 %stk) Gen Mills (3 Gen Motors (3)..... Gen Motors pf (5) Gen Public Servic Gen Ry Signal (5). Gen Realty & Utll pf. Gen Refractories (1) Gen Theatre Equip. . Gtliette Saf Rasor. Gimbel Bros Gobel (Adolf) Gold Dust (2% ) Goodrich (B F) Goodrich (B F) pf. Goodyear T & R (1). Goodyear 1st pf (7). Gotham Silk Hostery Graham-Palge 3 127 46% 41 8 Grant (WT) (1).. 15% Great Northern pf( 10 Great Northn Ore(2) 1 Grigsby Grunow. ... 5 13 Gulf Moblle&Nor pf. 075 22 Hackensack ) 3% 14 mnDpt!l&“l) Bales— Add 00 POTPRNREIN S 10108t TR e oy High. Low. [ .. Not. Close. Che 6% — FEES EF ¥y yrrey £ FESEEEST EFFRIELS 181% Stock and Dividend Rate. Hayes Body Corp, Hercules Mot (80¢).. Hershey Choc (8! 81 Homestake M (1.10) 21 Houdallle Hershey. 18% Houston Ofl. . 3 Houston Ofl (new).. 11% Howe Sound (2).... 26% Hudson & Man (3%) 7 Hudson Motor (1) 3% Hunp Motors. Bales— Add 00. 1% 8% 805 Illinofs Central...... Illinois Cent pf (§).. Indust Rayon (4)... Tnland Steel (2)..... Insur Sh(Md)(28e). % Interboro Ran Tr. Intercontl Rubber. 9 15 Int Hydro E1 A (82). Int Match pf (4).... Int Nickel of Can 208 Int Paper pf. . 4 Int Paper & Pwr C Int Paper & Pwr pf.. Int Shoe (3). Int Stlver % Kelly-Spring Tire... 5% Kelly-Spr T 8% pf. . 6 Kelvinator Corp. ... 9% Kennecott Copper 50¢ 1% Kinney (G R) Co. 5 Kinney (G R) Co p: Kresge (S 8) (1.60).. 4% Kreuger & Toll 1.61). 1215 Kroger Grocery (1 404 Lambert Co (8 8 Lehigh Valley R R. ., Lehman Corp (2.40). Lehn & Fink (3) Lizg & Myers B (15) Lily Tulip Cup(1%). Lima Locomotive. .. s Liguid Carbonic (2). Loew's, Inc (14).... Loew's Inc pf (634).. Loose-Wiles (13). Lorillard (P) (1.20). Lorrillard (P) pf (7) Loulsville & Nash (4) 1514 McCall £orp (23%4). .. 12 MecIntyre Porc M (1), 3814 McKeesport T P (4). M on & Robbing McLellan Stores. . Mack Trucks (1).... Macy (RH)& Co(n3). ManhatElev mod gtd Marine M1d1d (1.20). Market St Ry pr pf.. May Dept Strs (2% ) Maytag Co. . . Melville Sh. § Mengel Co. .. . Minneap Foney R(3) Mo Kan & Texas. ... Mo Kans & Texas pf. Missouri Pacific. . ... Missour| Pacific pf.. Monsanto Chem (1% ) Montgomery Ward. . Motor Wheel (50¢). Murray Corp Nash Motors (2) . Nash Chat & St L.. Nat Bella Hess. .. Nat Biscuit (2.80) Nat Cash Reg (A) Nat Dairy (2.60) Nat Dist I'rod (2), 4 Nat Pwr & Lt (1), Nat Ry Mex 2d ptf. Nat Suretv (2). Nev Con Cop (40¢) » N Y Chi & StL pf N Y & Harlem (5). ¥, N H & Hartfor YNH&Hf (7)., N Y Ont & Western. . N ¥ Shipbuilding. ... Noranda Mines (2).. Norf & Westn (112). North Am Aviation. Nor Amer (b10% stk) North Amer pf (3).. Northern Pacific3).. Nor Ger Lloyd m2 544 Ohto 011 1% Omnibus Corp. 281 814 Oppenhm Collins(1), 5814 16%4 Otis Elevator (2%).. 16% 315 Otls Steel B4a 29% Pacific Gas & EI (2).. 694 35 Pacific Lighting (3). 26% 7% Pacific Mills..... o 4 93% Pacific Tel&Teleg(7) 8% Packard Motor (40e) % Panhandle Pro&Ref. 5's Par-Pub (b10% stk), 1 Parmelee Transport. 1% Pathe Exchange (A) 2 Peerless Motor Car.. 22 Penick & Ford (1)... 26% Penney (J C) (2.40).. 16% Penna Rallroad (2).. 107 Peovples Cs(Chi)(8) 4 Pere Marquetto Ry.. 5% Pere Marquette pf. 814 Pere Marquette pr pf 574 Phelps Dodge Co 60 Phila Conew (6).... 30 PhilaCo 6% pf (3) Phila&Reading C & 1 Phillips Petroleum. . Plerce Oll. . Pierce Ofl of.. Plerce Petroleum. ... Pilisbury Flour (2).. Port Ric Am Tob(A) Prairie Ol & Gas.... Prairia Pipe Line. ... Proct & Gamt /2.40). Pro & Refiners. . Prod & Refiners pf. Public Svo NJ(3.40). Public Svo NJ pf (5) Public Sve NJ pt (8) Public Sve N J pf(8). Pub Sve G&E pf (5).. Pullman Corp (3). pure Oll. .. 14 Pure Oil pf (8 Purity Baker B Radio Cor, 2 20 Radio CorppfA3% 914 Radio Corppf (B).... 2% Radio-Keith-O(new) + 17 Real Siik Hoslery... 19% 1% Remington-Rand.... 85 6% Rem Rand 1st pf 10'4 27 Reo Motor Car(40¢). 2% 4 Republic Steel.. 753 69 Reynolds Tob A (3). 3213 Reynolds Tob B (3). sia Ins of Amer.. Dutch of NY 117% b4y ay Strs pf (7). St Tuseph Lead (60 StL-San Francisco 3 n Fran pf. ' Seaboard Alr Line. .. 5% Seaboard Oll. .. 30% Sears Roebuck (2% ). 315 Servel Inc 2ls Sharon Steel Hoop 814 Shattuck (F G) (1)« hell Union Oll. . shell Union Oil pf. 208 63 11% 18% 294 nider Packing pf. £4 Socony-Vacuum (1). 45 Solv Am pf ww(5%) South Port Rico Sug $4%5 28% Southn Cal Ed (2). 109 2615 65% 6% 83 10 13% 2 Sparks-Withington. . 16 9 Spencer Keliog(80c) 40% 105 Stand Brands (1.20). ¥8% 254 Stand Gas&E) (3% ). 64% 297, Stand Gas&El pf (4). 109% 55 Stand Gas&El pf (1) 61% 234 St 106 8734 62'4 26 Stand O11 NJ (13)... 1644 Sterling Seeur cv pf. 4% Stewart Warner. 9 Stone & Webster 9 Siuaehaker Co(1.3 e Coroa orp (2) 195 Tex Guif Sulphur(3) 4% Tex Pacific Land Tr. 1% 8l 801 " (Continued on Fage Ay ON Net. High. Low. Close. Chge. EFE FF OFFE vl F& FEF | 1+ e A A +1001 D. C, SATURDAY Public Utilities Are Weakest Group—Rails Make Best Showing. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK, January 23.—The stock market today dragged along without much inspiration, as the developments on which its recent advance had been predicated, are now either completed or in a state of uncertainty. The singning of the Reconstruction PFinance Corporation bill late Friday and of the Land Bank measure today gives the Government sufficient oppor- tunity to deal with the acute situation in the business and banking world. The attitude of Wall Street is to wait for what has been expected of them. There is also a disposition to take an off-side position in the market pending the im- portant dividend meetings scheduled for next week, including those of U. 8. Steel, Pennsylvania Railroad and Beth- lehem Steel. Trading was in about the same pro- portions as it has been for days. The effect of Friday's reaction was to bring in a considerable amount of selling or- ders at the opening, under which prices declined moderately. The weakest group was the Public Util- itles. These failed to improve when there was some indication of a rally in rails and industrials. Ameri- can Telephone & Telegraph was dealt in for the most part at one to two point declines. It is now about mid- way between the low and the high prices of the month. Public Service of New Jersey was also down over a point, with fractional declines on small trans- actions in other power and light stocks Rails made the best showing in spite of the growing nervousness over the Chicago wage conference, which was again postponed today. It is hoped, however, that when Wall Street comes back to business Monday it may know the final determination on the wage question. The strongest carrier shares early in the session were Atchison, Baltimore & Ohio, Missouri Pacific pre- ferred, New York Central, Pennsylvania and Southern Pacific. Later they all reacted along with the industrials, which touched their Jowest prices in the last half hour. At that time pressure was renewed against General Electric and General Motors, with Auburn Auto off 4 points and United States Steel 11, points lower than the previous day. Sterling exchange was weak, as were all of the Scandinavian exchanges. ‘The final had been anticipated and did not at- tract much attention. RAIL STOCKS HAVE HELD WELL IN RECENT WEEKS Special Dispatch to The Sta. NEW YORK, January 23.—Wall Street today was pointing to the con- trast in the periormance of the rail- road group of stocks this month as compared with their action throughout 1831. They have been the leaders in a number of movements that have im- pressed the Street, and on several oc- casions their average has closed higher for the day when the industrials have shown a net decline. It is recognized that they were liquidated more fully than any other group, and probably sold nearer their actual values than either the industrials or public utilities. Few of the rail stocks have been re capitalized during the past decade, so that existing ?uohuuns made a correct comparison with those of the past, and are not involved in “split-ups” or stock dividends to any extent or large in- creases in floating supply. There is a very confident feeling that the wage discussion will be brought to a close by the first of next week, and that it will result in a satisfactory adjustment for both parties. Some enthusiasts to- day said they expected news of a drflgite decision before the end of this week. FEDERAL RESERVE By the Associated Press. The ratio of total reserves o the 12 central banks to deposit and Federal Reserve note liabilities combined con- tinued its upward trend during the week ended January 20. Following is the ratio for comparable periods, as an- nounced by the Federal Reserve Board: Week ended January 20, 67.3 per cent; previous week, 66.9 per cent; same week last year, 81.2 per cent. U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of busi- ness January 21 was $351,214,529.08. Customs receipts for the month to date were $19,862,062.20. Total or- dinary expenditures were $7,955,150.25. CLEARING HOUSE FIGURES. Washington Clearing House figures for today: $3,630,563.73. RATIO. SILVER QUOTATIONS. NEW YORK, January 23 (#).—Bar silver easy and % cents lower at 292 cents. NEW YORK BANK STOCKS NEW YORK, January 23 (#).—Over- the-counter market: Bid. Asked Chase i Chat Phenix Commercial First Natl N Manhat Co ... National City Public .. Nati ! 227 2410 Trust Companies. Bankers' . Brooklyn 3 Cent Hanover Chem Bk & Tr Cont Bk & Tr 61% 01 145 33% 16's Manufacturers’ New York .. SATURDAY, 50 vioes 628 . 671 vees 612 .125.8 .214.5 .107.1 .140.2 . 58.0 .202.4 .112.9 veeee 2528 ceeel 1418 Year ago. Three years ag: Five years ago. High, 1931-32 Low, 1931-32 High, 1930... Low, 1930 High, 1929 Low, 1929 JANUARY V] hat these measures are doing | e oy s | Milwaukee—Industrial production progtam Increases 3 per cent since adoption of a plan con-| cerning the German short-term credits | *| year ended June 30, production is of- STOCK AND BOND By the Assoclated Press. STOCKS. Industrials. cee. 623 BONDS. 20 Industrials. 23 By the Asseciated Press:. in the corresponding week last year: Who! Chicago ... Cleveland . Detroit ..... Indianapolis Louisville . Milwaukee Des Moines . Duluth ....... Kansas City Minneapolis Omaha ... St. Louls St. Paul .. Baltimore Quiet Fair Quiet Quiet Quiet Quiet Quiet Qulet creasing: general activity slack. ing slowly, due to mild weather. | | January 1; iron and steel movement | | relieved. tions_helped by snow. servative. Minneapolis—Salesmen on road, “sales” help retall trade. alded by 8t ture gradually improving; St. Paul—Whole: trade clrcles. crops good. Than in Other 8pecial Dispatch to The Star. | 'NEWYORK, January 23.—Depres- ! sion’s downward pull on prices in 1831 | was less pronounced in its effect on the chemical industry thdn on any | | other branch of manufacture, accord- ing to & survey just published by Chemical and Metallurgical Engineer- ing. The industry sold $10,000,000,000 worth of its products and held a fa- vorable position, despite price wars among alkali producers and a lowering in sulphuric acid demand due to a drop in call for fertilizers. Price competition in the alkali field last year cost producers what amounts to a free gift of $10,000,000, according to the publication, The competition now appears to have ended and price | cutting was not evident in bidding !or¢ 1932 business, It is extremely doubtful whether the reductions which marked the rate battles sold a single pound | more soda or caustic than would have been shipped had prices held, says the survey report, and from this standpoint the year was highly unsatisfactory. So far as production was concerned, the alkali producers fared better than in- | dustry in general, declining only about 10 per cent from 1930, as compared | | with the all-industry decline of about | | 17_per cent. |~ “sulphuric acid consumption declined | | 27.5 per cent in 1931 from 1930 levels !'and 33.2 per cent from the record year | of 1929, "The decline was not violent in all industries consuming sulphuric acid. Textiles, for example, showed an | Increase in consumption of 3.8 per cent. | Fertilizers lead the decline with a drop | from 1930 of 44.3 per cent and from | 1929 of 43 per cent. Coal products, | principally sulphate of ammonla, the demand for which suffered with fer- tilizers, showed a reduction in con- sumption of sulphuric acid of 31.2 per cent; iron and steel, 27.2 per cent; | petroleum refining, 14.1 per cent; paints | and pigments, 10 per cent; chemicals, 73 RS cent, and explosives, 1.2 per cent. Comparative gains maintained the plastics industry in a position above present industrial average aciivity, ac- | cording to the survey report. Consid- ering general business at ajout 37 per cent below its normal operations, plas- | ties can be estimated at about 25 per cent below. As a whole, it averages some 40 per cent under 1929, the peak year. Nitrocellulose receded slightly from its position of 1930, its production in 1931 being estimated at about 16,- 000,000 pounds, exclusive of film, and valued at about $19,000,000. Fertilizer Markets. | Fertilizer markets are suffering more severely than most others from the economic depression and even worse prospects seem ahead, the survey re- port goes on to say. The 7,000,000-ton market of the fertilizer year 1929-30 suffered a decline of 10 per cent dur- ing the fertilizer year closing in 1931. A composite of experienced estimates indicates that not more than 4,500,000 | tons of fertilizers can be expected to | find sales during the coming year. Alcohol produced at industrial plants last year fell off in volume when com- pared with the total of the preceding year, but the decline was less severe | than for 1930 in comparison with 1929. for the first 10 months of 1931 the out- put of industrial alcohol was 123,449.- | 000 proof gallons, which compares with {128,538,000 proof gallons for the corre- sponding period of 1930. For the fiscal ficially reported at 191,859,334 proof glzbfli‘!‘llom for 1930, and 166,014,346 for Consumption of specially denatured | alcohol in the same fiscal year shows that . the greatest volume—9,055,312 | wine gallons—was utilized in the manu- | facture of lacquers and solvents. Nitro- | cellulose manufacture called for 7,- | 580,882 wine gallons and chemicals and | food products accounted for another 7,508,027 wine gallons. Next in order came vinegar, the manufacture of AVERAGES JANUARY 23. ) 1 and Job trade. Retail trade. Fair Fair . Trade Reports at a Glance. NEW YORK, January 23.—Tabloid review of wholesale and retail business ccnditions as reported to Bradstreet's this ing centers, on the basis of comparisons with conditions in the same areas week from the follow- Manufacturing and (ndustry. €allections. Quiet Blow Quiet Slow Quiet Fair Quiet Quiet Fair Quiet Fair Quiet Fair Quiet Quiet Fair Quiet Slow Slow Slow Slow Slow Slow Slow Slow Falr Slow Slow Comment. Chicago—Steel industry improving; retailers replenishing stocks. Cleveland—Iron and steel at about 30 per cent, with inquiries fn- Detroit—Manufacture of new models helps auto industry; other indus- tries feel impetus, but retail trade is slack. Indianapolis—Retallers’ stocks heavy; clearance “sales” only mod- erately successful; wage reduction helps building. Louisville—Retailers buying conservatively; Winter merchandise mov- increasing; unemployment somewhat Des Moines—Clothing ‘“sales” meet only fair response; farm condi- Duluth—Industry and coal sales low; buying generally very con- Kansas City—Lead sales under production; manufacturing curtailed; low-priced merchandise the feature in retail buying. but 8o far business is under 1931; Omaha—Impassable highways curtall general activity; employment snowfall, glving work to 500 cleaners. . Louis—Boots and shoes in better demand; building slow; furni- L4 e fill-in orders fair; more optimism evident in Baltimore—Domestic coal demand increases slightly; reduction of rentals a feature; railroads buying conservatively. e CHEMICAL TRADE HAS SHOWN . RESISTANCE TO PRICE DECLINE | understood it will take over the motl éDownwarcl Trend Has Been Less Evident Fields During the Last Year. which utilized 7,203,535 gallons. Bath- ing alcohal called for 1,402,238 wine gallons; dentifrices and tooth ste, 40,956 drugs and medicines, 3.408,890; hair tonics, 1,001,048; hydraulic brake flul 149,408 wine gallons; perfumes, 14,319; soaps, 175,593; tobaccos and solutions, 1,289,765, and liniments and lotlons, 949,745 wine gallons of spe- cially denatured alcohol. In alcohol production in the fiscal year ended June 30 last, materials utilized includ- ed corn, 127,156,539 pounds; rye, 342,- 122,187 pounds; potatoes, 59,876 pounds; figs, 51,095 pounds; pumpkin seed, 62 pounds; pineapple juice, 5767,- 500 gallons, and wine, 846,177 gallons. Methanol Production. Production of crude methanol (wood alcohol), as indicated by shipments, with adjustments for differences in stocks at the beginning and the close of the year, amounted to approximately 5,598,000 gallons in 1930 and 3,050,000 gallons in 1931. Apparent consumption of refined methanol made by wood dis- tillation was about 5,338,000 gallons in 1930 and 1,740,000 gallons in 1931. Vegetable olls in 1931 felt increased competition from fish oills and from animal fats. Pish olls were available in quantities larger than usualand their increased use cut down the consuming demand for vegetable oils. Consump- tion of fish olls in the first three- quarters of 1931 amounted to 151,100,000 pounds, compared with 124,220,000 pounds consumed in a like period of 1930. In animal fats, consumption of inedible tallow in the first nine months of last year reached a total of 420,000,- 000 pounds, in comparison with 392, 490,000 pounds in the corresponding period of 1930. The resin output of 1931, valued at $8,000,000, showed & recession to about 25,500,000 pounds, which compares with 30,800,000 pounds in 1930 and 33,000,000 in 1929. Phenol production was about 18,000,000 pounds, and formaldehyde production for 1931 is estimated at 13,000,000 pounds. The most important current develop- ment in the paint and varnish industry, the survey report points out, is the ex- panding use of synthetic resins, applica- tion of which began in varnish manufac- ture only & few years ago. Another inter- esting development in the paint and varnish industry last year was the steady growth in the use of znc| sulphide pigments. Their use is re- | flected in a decrease of about 5,000 tons i‘ll;r;ng the year in the sales of white ead. | The weighted index of Chemical and Metallurgical Engineering rates price levels in 1931 at 87.61, as compared with 95.78 for 1930 and 110.10 for 1929. Ratings for the remaining years in the decade are as follows: 1922, 113,07; | 1923, 116.91; 1924, 103.88; 1928, 104.41; | 1926, 104.42; 1927, 100.0; 1928, 99.51. INTEREST RATE REDUCED REGINA, Saskatchewan, January 23 (#).—Banks doing business in the prov- ince of Saskatchewan have reduced the | interest on relief loans to rural munici- palities for the years 1930 and 1931, guaranteed by the government, from 7 | per cent to 6 per cent yearly. The order will be retroactive from Septem- | ber 1, 1931, and was issued after the co-operative government had conferred with the bankers in an effort to bring it about. Relief loans so guaranteed | total approximately $5,000,000. S:A F E FIRST SAFET The two -safe; and, Investment Over a Third of a Century cipal is se Without a changeless throughout May be National 2100 (Copyright, 1932, Standard Statiesies Co.) U.S. CREDIT BOARD CALLS $a0,000,000 Third Quota of Fund Due Monday Will Make $150,- 000,000 to Date. | Spectal Dispateh to The Star. NEW YORK, January 23 —The Nas tional Credit Corporation has issued & call for payment on next Monday of the third installment of 10 per cent, or ap- proximately $50,000,000, on subscriptions to its gold notes. The previous calls were for similar amounts. All are pay- able at the Federal Reserve Bank in each district. The last call will bring the payments to about $150,000,000, or |30 per cent of the corporation’s sub- scribed funds. The corporation, which began opera- | tions last November, met its initial financial requirements by borrowing from member banks, and not until this year did it send out its first call for payments against subscriptions. It was understood that the proceeds from the | first call would be used to pay loans ine curred to assist needy banks. The three calls in about three weeks indicate that the corporation's activi- ties are increasing, and the result is believed to be the decrease in bank failures in the last few weeks. After the formation of the Natfonal Credit Corporation last October, banks throughout the country were asked to subscribe to its gold notes to the ex- tent of 2 per cent of their net deposits. Only subscribing banks are permitted to borrow funds from it. These ad- vances of loans must first be passed upon by the Regional Clearing House Bankers’ Committee in the district in which the bank o};entee and again by the home office of the corporation. After the Reconstruction Finance Corporation begins functioning, it ties of the National Credit Corporation. When the latter was formed, it was the consensus that it would be dissolved as soon as possible after legislation had been enacted to permit the Federal Government to render such service, STOCK EXCHANGE FIRMS ° TO MERGE IN BALTIMORE Special Dispatch to The Star. BALTIMORE, January 23.—One of the largest stock exchange firms in the South will be created here February 8 when the consolidation of the banking and brokerage flrms of J. S. Wilson, t. & Co. and W. W. Lanahan & Co. be- comes effective. The new combined firm will be known as Lanahan, Wilson & Co. It will occupy the entire main floor of the Cal- vert Building. Partners in the consolidated firm will be W. W. Lanahan, J. S. Wilson, jr., Charles H. Baetjer, W. C. Stettinius, | Ellicott H. Worthington, D. H. Flynn, Robert B. Hobbs and Paul V. Eberman. At the present time Messrs. Lanahan, Stettinius, Worthington and Flynn are members of W. W. Lanahan & Co., Mr. Wilson and Mr. Baetjer are partners in the Wilson firm, Mr. Eberman has long been assoclated with this firm, while Mr. Hobbs has been for many years with the Lanahan concern. Both firms hold memberships on- the :lbe.v; gYorkdamim‘fialtilmore Stock Ex- es and on other leading exchan; throughout the country. e s FOX PARLEY CONTINUES. NEW YORK, January 23 (#).—] ego~ tiations between the gx Hfl c»;rpo- ration and Spyros Skouras, senior mem- ber of Skouras Bros, looking to the latter’s operation of the Fox West Coast Theaters System were reported in PR the’ Fox headquarte ox lquarters it was ac- l;x&zle‘;jg];d tdh:'cl c::t‘;lnvel\sauom v.e:e eld an 3 might = cluded within the nextq!,vee]‘(x. be More than 500 theaters, most of them in Pacific Coast cities, are involved in the negotiations. If the deal is con- cluded there will be no change in owner- ship, it was said, but the Skouras inter- ests will operate the houses under a contract on a percentage basis. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company. Inc. Money on Hand te Loan on First Deed of Trust 67 Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. Subscribe Today It costs only about 113 cents T day and 5 cents Sundays to ave Washington's best newspa- per delivered to you regularly iex:'ery evening and Sunday morn- g. Telephone National 5000 and the delivery will start immediate- ly. The Route Agent will collect at the end of each month. MORTGAGES Y AND INCOME important considerations in an investment are, is the money is the return adequate? in our 6% FIRST MORTGAGES answers both these questions defi~ nitely and satisfactorily. The prin- cured by conservatively appraised improved Washington real estate; and the 6% is not only but it is continuous the life of the mortgage. purchased in amounts from $250 up. B. F. SAUL CO. 925 15th St. - N.W. THERE IS ,?IO SUBSTITUTE FOR SAFETY |