Evening Star Newspaper, January 28, 1932, Page 13

THE EVENING D. C, THURSDAY, JANUARY 28, 1932 FINANCIAL. REP A—l§. U. 8. TREASURY BALANCE. STAR, WASHINGTON, The stock was weak today, however, at a new low on the movement. serve Bank reduced its rate to 32 per cent. New York Federal Reserve Bank SAVINGS DEPOSITS ON INCREASE HERE Report as of December 31 Shows Substantial Gain Over 1930 Figures. BY EDWARD C. STONE. deposits in Washington banks on December 31, 1931, showed substan- over the total ds banks or of , ace a report, f the Cur- Saving rdin ington 7,000, in 6.000 on Decem- e 3 g the year f £8,421,00( $8.500,000 more Regional Savings Parley Opens. Wilsc people, have Hizh 14% 2814 | 20 109% 201 9 128 5914 1825 126 425 23 624 ar 17% | 38 | 129% 38y, 88 144 16 AI% 100 10% 64 31% 26 1's 0% Stocks seld In 160-share lot —1931—— aid Pope Appoints Essay Committee. ird places | ding on Exchange. on the Was] $1,000 at peared on the time in many actions taking ancial District. Ice Co div- Te- Associa- a con- k D21l ate from 4 declated 25 cents on Fobruary 15 5. placing cash basis. The was 50 cents the ement 1931 n Tobacco vidend of $1 Co. declared an in addition to the quarterly divider $1.25 on the common and com stocks, both payable March 1 to stock of record In 1921, a simi- NEW YORK BANK STOCKS | W YORK, J y 28 (A).—Over- er marke Asked 92 5% 50 100% NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stock and Sates— Low. Dividend Rate. 2 Abitibi Pwr & Paper. 314 Adams Express. 12'4 Affiliated prod 1.60 47% Afr Reduction(f 7¢ Alaska Juneau (5 2% Albany Wrap Paper. 11 Alleghany Corp. 2 Alleg Cp pf $30 ww 64 Allied Chemical (). 100 Allied Chem pf (7) 10% Allis-Chalmers(50c) 11% Amerada Corp (2)... Am Bank Note (2)... % Am Beet Sugar. . 115 Am ugar pf Am 10e (1.60) Am Can Co (15) Am Car & Foundry Am Chain pf (7) 1 Alcohol. . ustic Tiling For Power or Pwr pf. 413 28 5 Am 2% Am 614 Am 20 Am 4 An a1 ne Prod 4.20. Tee (2 Interna A France&Fom., Locomotive Locomot pf(7 Metal Co Pwr &Lt (11)... Pwr & Lt pf (6). P& LtpfA ( Radiator (60¢) Rolling Mills saf V Smit& Snufr (1314) Snuff nt (6) Steel Four Suzar pf (7 Tel & Tele cco B (3) acco pf (6) n Water WKs (3) n Wat W 1st pf(6) \ Woolen Co pf Writ Paper etfs conda Copper. ... r-Daniels (1) her-Dan pf (7 our of 111 (A). rmour of 111 (B) Armour of I pf.... Atch To & San Fe(6) Atch To&S Fe pf(5). Atl Coast Line (4)... 2 Atlantic Refining (1) 20 Atlas Powder (4).... 1 Atlus Powder pf (6). 108 Auburn Auto (f4) 206 Autosales pf 108 22 Baldwin Locomotive \dwin Loco pf. . Baltimore & Ohio Balto & Ohlo pf (4).. Barnsdall Corp 2 atrice Cream (4) .. Pelz N It pt pf t4.81. Bendix Aviation (1). Best & Co ( Bethlehem Bethlehem tlaw Knox (3 Ami (A) ( rden Co (3) Borg Warner (1) i s Mfg (1) Rrockway Mot TrK. . Man Tran (4). RBklyn-Man Tr pf (6) Bklyn Union G Brown S Burrou Butte (" perior 3 Butterick Co 107 Bvers (A M) non Mills (1.60) 331 Case (J 1) Co 53 1D pf( lar T elotexye ctfs ent Azuirre (13%) Pasco (1) ‘ertain-teed Prod hecker Cab MfgT. .. *hes & Ohio (212)... *hesapeake Corp(3). t Western reat West pf *hi Mil StP & Pac. *hi Mil StP & Pac pf. 1i & Northwestern. i Pneu Tool. ... *hi Pneu Tool pt *hi Rock I & Pacific. hiTt1& Pac 6% pf. ny 18¢ ‘oca-Cola (A) (3) ins & Aikman & Aik pf imbia Carbon ( omm Credit (1.60). omel Cred pf B (2 omel Cred 15t(61%) . “omcl Solvents (1) “omwlth & Sou(30¢) mwlth&Sou pt (6) ‘onae Nast Pub neolm Nairn (1) propf6is 108 18 15 “onsol C onsol Film : onsol Gas N Y (4).. )1 Gas NY pf(5) sol Laundries(1) onsol Rwys pf (6). ‘ontl Baking (A) ‘ontl Baking (B). “ontl Baking pf (8). ‘ontl Can (23%)..... ont Diamond Fibre. ont Insur (2.40). “ontl Oil (Del) ‘ontl Shares : orn Products (3) “oty Inc 10% Crex Carpet..... 13% Crown Cork (2.40) 11 Crown Zellerback. 20 Crucible Steel 1 Cuban-Am Sugar. 70 Curtis Publish pf(7). 1 Curtiss Wright 1% Curtis Wright (A) .. 31 Davison Chemical. .. 13% Deere & Co pf (1.40). 64 Delaware & Hud (). 17% Delaware Lack & W. 81y Devoe & Ray A(80c). 10% Diamond Match (1). 6% Dome Mines (1)..... 7% Douglas Aircraft 10% Dresser Mfg B (2) 42% Drug Corp (4)... 507 Dupont de Nem (4).. e Fastman Kodak (18) 12 14 Eitington-Schild. ... 7 Elec Auto Lite (4)... 26 Slectric Boat 5 lec&Musical Instru Lt (1). Exchange Buf (25¢) 3 Fairbanks-Morse ed Water Service A id Ph Fire In(2.60). Filene's Sons pf 61y Firestone ). Firestone T&R pf(6) First Natl Strs (213) isk Rubber i Fisk Rubber 1st pf. . Florsheim (A) (1%) Foster-Wheeler. .. .. ‘ourth Nat Inv 1.10. Fox Film (A) Freeport-Texas 21 Gen Am Investors Gen Am Inv pf (8).. Gen Am Tank Car(4) jen Asphalt (2).... en Bakin en Cizar (4) n Cigar pf (7). ectric (1.60).. ec spec (60c) . od Corp (3) 10 10% 281 1t 14% 30 24 S&E cv pf(6). Gen Gas&ELpf A(8). 204 Gen Ital Ed El m2.61. 294 Gen Mills (3).... 85 Gen Mills pf (6)..coe P those destranted by lotter “5." exeent those g . High. Low. Close Chs# 48 2 — 31 23 8414 95 57% 16% 384, 6% T 52 % 42% 20% 68 2% 614 22% 2515 18% 42 695, 2314 11% 6% 30 9%, 637% 19% 4u 136 18 58 103% 194 9% 65 68'4 144 2913 31 80 128'5 “ 7 18 315 26 29% 15' 29% 115 27% 351y 103 17 10% 437 39 12 24'% 328 3lla 39 34 10% 31 5915 74 * 14 26% 85 2% 107 21% 29% % 58Iy 201, 6% 55 bdTn 131% 138 10% 3 - % Un 1% — ! B4 20 -2 2Th 81+ M| b5 234+ %' 60 344 87 +1 SBtock and Dividend Rate. Add 00. Gen Motors (3). 397 Gen Motors pf (5). 1 Gen Outdoor Adv.... 138 Gen Printing Ink(2), 150a Gen Public Service. Gen Ry Signal (5). Gen Realty & Util. .. Gen Refractorfes. . Gen Theater Equip Gillette Saf Razor Glllette Saf R pf (5) ¢ Gimbel Bros. . Gimbel Bros pf (7) Gobel (Adolf) Gold Dust (2% Goodrich (B F) Goodrich (B F) pf. Goodyear T & R (1)1 1% Graham-Palge. .... 5% Qernby Consol (50¢). 1'3@rand Silver Stores. . 7 Grand Union......., 24% Grant (WT) (1).. 15% Great Northern pf( 10 * Great North Ore(2). 8% Great Western Sug 1 Grigsby Grunow. PrALY% 20 tores. .. Sales— 21% 45 1% 26% 3 4% EL 10 13% 26 lacken W 1% Hahn Dept Hahn Dpt St pf(635). Hall (WF) (1.20)..., Harb & Walker (1) Helme (GW) pf(7).. Hercules Mot (80¢) ., Hercules Powder(3). Hershey Choe (6). Hollander Sons. . Houdaille Hershey Household Fin pf 4.2( Tlouston Oil Houston O11 (new) Howe Sound (2) . Hudson & Man (31) Hudson Motor (1)... Huy, Ingersoll R Inland Steel (2). Inspiration Copper. . Ins Shares(Del) 50c. Interboro Rap Trans Interlake Iron . Int Bus Machine(n§) Int Carriers Ltd 50c.. Int Cement (3) . Int Combustion. . Int Combustion p Int Harvester ( Int Harvester pf (7 Int Hydro E1 A (e2). Int Matchpf (4).... Int Nickel of Can 20¢ Int Paper & Pwr (B) Int Printing Ink Int Printg Ink pf (6) Int Salt ( Int Shoe (3 Int Silver . (60c). 8 t Dept Stores (2) .. 14% Island Cr'k Coal (3). 15% Johns-Manville (1).. 68 Jones & Laugh pf(7) Kansas City Southn, Karstadt (Rudolph). K'ma Dpt Strs(1). Kelly-Spring Tire Kelly-Spr T 8% pf. Kelsey-Hayes Wheel Kelvinator Corp..... Kendall Co pf (6). 9% Kennecott Co 13% Kimberly Clark 215 .. 5 Kinney (G R) Co pf 15 Kresge (SS) (1.60) 100% Kresge (SS) pf(7).. 44 Kreuger & Toll 1.61. 12'% Kroger ( LX), 40t Lambert Co (5) 31 Lane Bryant (1) 1% Lee Rubber & Tire 6 Leh Port Cement.... 8 Lehigh Valley RR.. 39 Liggett & Myers(15) 0 L B (15). 12% L 1 1 I - yer 50¢ & & Mye ma Locom uid Carbonic Loew's Inc (+4) Loew’s Inc pf (61g). 1313 " 56 2% s 10 Lorillard (P) (1 74% Lorillard (P) pf (7). 17% Lou Gas&EIA (1%). 20% Louisvi 1613 Loft Inc McCall Corp (212). .. 3813 McKeesport T P (4). 3% McKesson & Robbins 15 ) Stores 12 7% a Copper ( 6% Manhat Elev mod gtd 4'3 Manhattan Shirt(1). 9% Marine Midld (1 914 Marshall Field (2 12 Mathieson Alkili 15% May Dept Strs (214). 141 Melville Shoe (2).. 2% Miami Copper 7 Midland Steel (3). 15 Minnea 1% Minn Mol 14 Minne & St 1 MStP&S 3% M 1015 Mo Kan & Texas pf. 6% Missouri Pacific.. .. 12 Missouri Pacific pf.. 7% Mohawk Carpet..... 6% Montgomery Ward. . % Mother Lode. ....... Motor Meter G & E 5 Motor Wheel (50¢).. 1 5 tcks (1) s o mRermaSme eSS~ RS oA a s . 15 Nash Motors (2). 214 Nat Acme Co 74 Nat Bella Hess. 36% Nat Biscuit (2.80) 119% Nat Biscuit pf (1) T Nat Cash Reg (A) 20 Nat Dairy (2.60).. 7813 Nat Lead (5) 111 Nat Lead pf A (7) 100 Nat Lead pf B (6) Nat Supply pf.. M S farlem (5) estors. . ... 1 & Hartford. ¢ Ont & Western. . am pf (6). Steam 1st pf( nda Mines (2) olk & Southern. of & Westn (112). orth Am Aviatio Nor Amer(b10%stk) 20 Corth Am Ed pf (6). 1 Jorthern Pacific ( 20 5% Ohio Oil T a Oliver Farm Equip. 3 24 Oliv Farm Eaprpf.. 1 4% Orpheum Circuit pf.. 1508 1614 Otis Elevator (212) 2 97 Otis Elev pf (8) 108 314 Otis Steel. .. 9 4014 Outlet Co (1) 90s 29% Pacific Gas& EL(2). 4 931; Pacific Tel&Teleg(7) 308 109 Pacific T & T pf (6).. 608 3% Packard Motor (40¢) 17 iy Par-Pub (b10%stk). 59 " Park Utah to Y% Pathe Exchange. ... 1 Pathe Excha 26% Penney (J C) ( 16% Penna Railroad 107 Peoples Gas Chi ( 9 Pet Milk. . Petrol Corp of Am. 6% Phelps Dodge Co % Phila & Read C &I.. 4 Phillips Petroleum. 41 Phoenix Hos pf (7). 391 Pierce Arrow pf (6). 314 Pierce Oil pf...... 13 Pierce Petroleum. 19% Pillsbury Flour (2) 27% Pitts Coal pf. . 1 Pitts United Corp... 3 Poor&Co (B).. 2 Port Ric Am Tob(A). % Port Ric Am Tob(B) 4 Postal Tel&Cable pf. 4% Prairie Oil & Gas.. 5% Prairie Pipe Line. 513 Pressed Steel Car pf. 361 Proct & Gamb (2.40) 97 Proc & Gamb pf (5). 3 Prod & Refiners pf.. 494 Public Sve NJ (3.40) 78 Public Sve NJ pf (3) 154 Pullman Corp (3) Y% Punta Alegre Sugs 3% Pure Oil. 2 108 Purity Ba! Bis Radio Corp 20 Radio Corp pf A8%. 9% Radio CorppfB..... 3 (Continued on P&leAh'J S5t Inv S'3 kv v v 26 79 145 1 108 s s(2). 30 14% 20% 83 3% 184 83 4 13% 3% 24 % % 121 Met. + High. Low. Close. Chxe. 20% — % 1 % “ E " 1% % ] 2 FEEEES L L3 STOCKS ARE LOWER AFTER EARLY GAIN Dividend Uncertainties Con- tinue to Play Important Part in Trading. BY GEORGE T. HUGHES, Special Dispateh to The Star. NEW YORK, January 28.—Lacking encouragement from the outside news, the stock market sold off again today after an early display of steadiness. How much of a factor the far east- ern situation was it is difficult to say. That it played some part cannot be denied. "The Japanese yen was lower at the opening and Japanese dollar bonds sold off in this market. Dividend uncertainties continued to play a large part in the market. In view of the action of the United States Steel Corporation Tuesday, it was felt that directors of other companies might, be inclined to & greater degree of con- servatism. Finally, the irritating delay in reaching an agreement at Chicago hurt the market. Rails in Reaction. The morning reaction today took in | the railway shares, as it had not dor in the preceding session. Atchison, Union Pacific and New York Central were under pressure. while recent speculators for the rise in Missours | Pacific preferred retreated. There was | no break in the disappointing array of | earnings statements. Another disturbing influence was the heavy selling of American Telephone & Telegraph, for which, as has been said on other occasions, there was no adequate explanation. Telephone_di- rectors meet for dividend action Feb- ruary 17 and it is confidently expected that_the regular rate will be declared COLUMBIA " BUILDING ASSOCIATION Under Government Supervision PAYS 5% New Accounts Solicited No Commissions Charged for Loans 716 11th St. N.-W. Allied Chemical, Eastman Kodak and other leading industrials reacted sym- pathetically. At noontime Auburn was off 4 points on the day. General Mo- tors was freely offered, notwithstand- ing its good statement given out Wed- nesday. Possibly the dividend will be reduced, for the rate was not earned last year, but even that is not certain and the price has discounted some cut. Standard Oil of New Jersey and Stand- ard_Oil of California made new lows, although losses were inconsiderable. The tobacco stocks held fairly well, particularly Liggett & Myers. Declara- tion of an extra dividend by American Tabacco was, however, without any stimulating effect on the shares. Public utilities, except for American Tele- phane, were dull and irregularly lower. United States Steel made a new low on the movement during the morning and realizing came into Woolworth. Money was in plentiful supply at 2}z per cent, the renewal rate. - Opening Prices Irregular. Mixed price trends prevailed at the opening. United States Steel opened at 383, off Y. American Can was a shade lower at 60%a. American Tobacco B was down !> at 77%, despite the decla- ration of a $1 extra dividend Just previous to the opening, cables came to Wall Street reporting that the Japanese had announced they would occupy Shanghai. London opened quiet- ly. The pound here, at $346%, was up % cent. The Dallas Federal R EVER BUILT close. Washington clearing house figures today: $3,087,779.81. —_— SILVER QUOTATIONS. —Stiver futures steady; sales, 375, | ounces. Quotations in cents: Janu unquoted; March, 29.65 bid; May, 30. | | FIRST 6% MORTGAGE | NOTES Seccured " on conservatively appraised residential proper- ties. Ewery mortgage pro- tected by fire insurance and title guarantced by responsi- ble title companies. o IN DENOMINATIONS OF $250 and upwards BOSS & PHELPS Realtors 1417 K 8t NAtional 8300 directors meet after today's market CLEARING HOUSE FIGURES. NEW YORK, January 28 (#) (Noon) July, 30.45 bid; September, 30.70 bid. The United States Treasury balance announced today as of close of busis’ ness January 26 was $344,925,972.55. Customs receipts for the month to date were $23,146,886. Total ordinary ex- for | Penditures were $6,176,159.25. ’ Authorized Service Delco, Remy, Klaxor, Northeast & Sparton Horns MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 000 ary 10; Increase Your Income By Investing In 6% 1st Mortgages —on conservatively ap- | praised Properties in the | District of Columbia and | Maryland. | Low Denominations May Be 1 Purchased JEAVER BROG REALTORS gton Bldg. Di. 9486 Correspondent, Insurance Co. Wash Mortga Metropo Loan an Life PROPERTY Apartment House MANAGEMENT MANAGEMENT WHEN we take over the of apartment house property we undertake all the bilities for its proper conduct— management your responsi- relieving you of all worry— giving you the benefit of our experience — plus our com- petent organization—with re- sults that will be satisfactory and profitable. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 Member U. S. League C | Pt | N OTON D6 MORTGAGE $25,000,000 The New York Edison Company First Lien and Refunding Mortgage Gold Bonds Dated October 1, 1931 nations of $500 and $1,000, regi denominations of $1,000, $5 Series C, 5%, due 1951 Due October 1, 1951 Bonds nds in 000 and $10,000. Redeemable in whole or in part on any interest payment date prior to maturity upon thirty days ing October 1, 1943; at 102 thereafter to and including October 1, 1947, a thereafter at 101. CITY BANK FARMERS TRUST COMPANY, New York, (Successor) Trustee Application will be made to list these Bonds on the New York Stock Exchange. Issuance subject to approval by the Public Service Commission of the State of New York. These Bonds will meet the requirements for legal investment by Savings Banks in the State of New York. The following information has been furnished by Mr. Frank The New York Edison Company, with The United Electric Light and Power Company, of which it owns all the bonds and practically all the stock, serves the entire Borough of Manhattan and a large part of the Borough of The Bronx, City of New York, a territory having a popula- tion of over 3,000,000. In addition, The New York Edison Company owns other investments, including all the stock of the Yonkers: Electric Light & Power Company. First Lien and Refunding Mortgage Bonds ($85,- 000,000 outstanding, including this issue) are secured, in the opinion of counsel, by a direct mortgage on all physical property and franchises of The New York Edison Company, now owned or hereafter acquired, subject to $39,406,512 prior liens of underlying mortgages, and by pledge with the Trustee of all First Mortgage Bonds of The United Electric Light and Power Company and shares representing over 999 of its paid-in capital. The operating properties of The New York Edi- son Company and The United Electric Light and Power Company, exclusive of working capital and miscellaneous assets, represent an invest- ment of about $448,000,000, against ‘which there will be presently outstanding only $124,406,512, principal amount, of bonds and mortgages. Dividends on the stock of The New York Edison Company have been paid without interruption W. Smith, Vice-President of The New York Edison Company: for the past twenty-five years, the present rate béing $6 a share per annum. All of the 5,313,997 shares outstanding are owned by the Consoli- dated Gas Company of New York. Combined earnings and expenses of The New York Edison Company and The United Electric Light and Power Company, with inter-company items eliminated, for the past ten years, are shown below: Net Earnings After All Expe: Interest on Taxes and Funded and Retirement Expense Unfunded Debt® $15,858,974 $4,555,621 20,211,973 4,159,983 19,661,598 4,847,102 20,183,292 5,225,203 25,292,400 6,488,303 29,640,704 5,980,780 31,785,184 5,384,562 34,388,194 - 5,783,488 1930. 102,243,202 37,194,408 5,490,691 1931. 102,609,505 37,707,572 5,602,973 * Including amortization of debt discount and expense. Gross Earnings Including Other Income $55,578,141 62,714,194 65,404,462 70,670,408 78,812,109 88,196,314 94,463,390 98,942,080 Calendar = Years 1922 . 1923. 1924. 1925. 1926. 1927. 1928. 1929. For the year 1931, combined net earnings, after all operating expenses, taxes, and $5,469,026 of retirement expense, were $37,707,572, compared with $6,471,273 annual interest charges on the aggregate funded and mortgage debt with the public, including the present issue. The First Lien and Refunding Mortgage and all proceedings incident to its creation have been approved by Messrs. Shearman & Sterling and Messrs. Beardsley & Taylor, New ¥ “ork City. Bonds are offered when, as and if issued to and received by us, subject to the approval of counsel, and to receipt by wus of their opinion that the Bonds are legal investment for Savings Banks in the State of New York. It is expected that temporary Bonds will be available for delivery on or about February 16, 1932. Price 97 and Interest, The Nati yielding about 5.25%, onal City Company Head Office: National City Bank Building ( 55 Wall Street, New York) Washington—741 15th Street N.W. Telephone—National 8780-91 Offices in the Principal Cities The above information is based upon official statements and statistics. We do mot guarantee, but believe it to be correct. denomi- LOANS