Evening Star Newspaper, January 29, 1932, Page 13

FINANCIAL THE EVENING COLLATERAL LOAN DISCUSSION HELD Junior Bankers Consider In- teresting Paper by James C. Dulin. Stock ——1931—— High Low. 144 2 52 4% 2315 3% 8315 2815 %014 1n 180-share lots execnt tho Btock and Bates—- Dividend Rate Abitibi Pwr & Paper. Abitibi Pwr & Pa pf. Adams Express. . Adams Millis (2) Addressograph (1) .. Adv Rumley........ Affiliated prod 1.60. . Air Reduction(141%) Alaska Juneau (50c) Alleghany Corp Allex Cp pf $30 ww Alliance Realty . Allied Chemical (6). Allis-Chalmers(50¢) Am i Chem(Del), Am Bank N 2) Am Beet Su, N Am BY EDWARD C. STONE. bank had a cct of “col- | ibject of “col- | forum meet- Am Car & Foundry . . Am Car & Fdy f (T) Am Chicle (13) Am Comel Alcoho Am ¥ tie Tiling n & For Power. ... n & For Pwr pf(7). & For Pwr 2d pf. n Haw St'ship (1). Home Prod 4.20.. VTee (2 L France& . Fr & Fom pf. n Locomotive > PR on B U T e n e D n Locomo! Mch & Mac 9 -~ B 1 Found 1) nt el & z (9).0 0B (16).. Wks (3) [SE TSN AP OO L PP NIV ET NP I bha Water Wat W Woolen Co pf & Lead s da Copper. .. 2.40) LAY 111 (B) rof 111 pf [OPNOE O Reviews Markets. | " B. Keech | York Stock | the firm is | Today's Trading ars el Rt B nn nAn s ) Fuel & Iron imbia G&EI(b11% 3 a Carbon (3) it » I 3 m: edit (1.60). plans : ed 15t(61%). rust (2) Lpf vevpf(es). ents (1) ) h & Sou(30c) 45 omwlth&Sou pf (6) 4508 m Nairn (1) 2 m pf (2) ngc as NY pf(5 aundries(1) extile Oil (Del). . ntl Shares orn Produets (3). .. oty Ine e ‘ream of Wht 12) rex Carpet s “rown Cc vown Cork pf (2 rucible Steel. rucible Steel pf (7). a Cane Products. 0y 70) open was evi- mans pf (8) Davison Chemical. .. Deere & Co pf (1.40). Delaware Lack & W. Detroit Edison (8).. Devoe & Ray A(60c). Diamond Match (1). Dome Mines (1). Dominion Stores Douglas Aircraf Drug Corp (4)...... Dupont de Nem (4) . . Dupont de N pf (6) Eastman Kodak (48) IatonAxle& Spr 50c. &itington-Schild. . I Schild [ ¥ I El NEW YORK, Janus (Special).— been a decided 1 al of tude to- rey are r a year more other develop- ar than f t they have beer i than | vidend | but as/| stopped | d down | ec Auto Lite (4).. tric Boat ec&Musical Instru lec Pwr & Lt (1). Elec Pwr & Lt pf(6). 108'a Elec Pwr & Lt pf(7). 66 Elec Storage Bat (4) 45% 2813 Endicott-Johnson(3) 91 Eng PSpfww (5%). 60% 98% for _the Brok esiranted by fotter 3. 2% ~ 254 12 2% 5 4% 251 12 2% 14 AT% 14% 5ls 11 2% 5 4% 25'y 12 2% 14 49 1% 2% 5l 11 12 Mot Add 00. High Low. Close Chre. % —1931— High. 398 4514 12 8% 9% 30 56% 211 305 637 19% 44 @ 136 103% 104 6814 1a 291 44 42 4'5 435 16% 54 51 38% 21% 8O 12315 45 274 132 143 prin 5% 111 765 143 35 24 1821 88 94 227 1214 94 135 12% 291y 3% 1 3y 3 20 127 134 45 28 §'y “4 Gen Food Corp 14 11 115 81 128% 68 7014 15% 3 11% 264 40 5% 16 5 i3 111 10% 1814 20 10 4 1ty 2 247 2 2% ) 101 114 17 6% 10 105% 16 314 20 Stock and idend Rate. rie R R 1st pf. Eureka Vac Cleaner vans Auto Prod. ... Fairban “ed Water Service A Fid Ph Fire In(2.60). irestone T & R (1).. estone T&R pf(6) isk Rubber Fisk Rubber 1st pf. . Fisk Rub 1st pf cv Follonshee Bros. . Foster-Wheeler. . Fox Film (A) Freeport-Texas (2). Gamewell Co (3) . (a1 Am Inv pf (§) O¢n Am Tank Car(4) Gen Baking (2)..... Gen Baking pf (8) jen Cable en Cable ( en Cable pf. Gen Cigar (4) 3 Gen Electric (1.60). . Gen Elec spec (60c) . 3) en G&E A (b6 % stk) en Mills (3) § Gen Mills pf (6). Gen Motors (3) Gen Motors pf (5) Gen Prig Ink pf (6). en Public Se Gen Ry Signal (3)... Gen Realty & Utfl pf. Gen Refracto Rt (5). 1hel Bros £ tmbel Bros pt (7). lidden (o : Gold Dust (21 oodrich (B F 5 oodyear T & R (1), oodyear st pf (7). raham-Paige Granby Consol (50¢). Grand Union irand Union pf (3) reat Northern pf(2) Great North Ore(2).. Great Western Sug. . Grigsby Grunow. ... Gu bile& Nor pf. Steel isack W (115) n Dy Hall (W e Harb & Walker (1).. Hawaiian Pineap| Helme (GW) pf( Hershey Choe () Hershey Choe pf 5., Ho, Oil Houston Oil (new) Howe Sound (2) Hudson & Man ( Hudson M Huds Int Int Dept Toh nville (1) £h pf(7 Loew's Inc (1) Loew's Ine pf ( SEELA (13) e & Nash(4) McKeesport T I (4) bins MeKe McLe Elev mod =td Midld (1.20) Market Street Iy Marmon Motor Car shall Field ( hieson AlKili ( Dept Strs (234). Shoe (2) . Mengel Co pf Mesta Machine Mid Continent Petm Midland § Mo Kan & Texas Mo Kan & Texas pf.. Missouri Pacific Missouri Pacific pf Monsanto Chem 174 Montg Motor Pr Motor Whe Mullins Mf Mu Munsingwear (1.20). Murray Corp Nash Motors (2).... ist Prod (2) am & Stamp Nat Lead (5) Nat Lead pf A ( Nat Pwr & Lt (1) Nat Steel (2) Nat Supply pf Nat Surety (2). .. Nev Con Cop (40¢) .. Newport Industries. Newton Steel X Y Centr Y Chi Ny Chi&StLy N Y & Harlem { Y Investors Y N H & Hartford. Y Ont & Western.. { Y Shipbuilding. . « Noranda Mines (2 Norf & Westn (11 North Am AV Nor Amer(h10 %stk) Northern Pacific (3). Northwest Tele (3). . n Eq prpl Corp... .. Otis Elevator (2%) Otis Steel : Owens Ill Glass (2) . " NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Ofice. Bales— . High. Low. Close. Oh 9 81 1 e 3% 834 1 1% 5 3% 3% 8% 3 17% 16 537 30 14'% 97 24 4% 13 335 367 20% 34 436 10 30s 2 Bly 5 18 56 1154 © 8 8 % EP TP 10 SO 22 (Continued on Page 1£3, 8l 11 315 1% 5 3% 22 12% — 56 % 4 ) 3% 174% 16 537 301 14% % STAR, WASHINGTON, ~% 14 % | " | | | 7 omission | | By the Assac | be used advanta D. C., FRIDAY, STOCKS DEPRESSE ON HEAVY SELLING Far Eastern Situation De- clared Cause for Weak- ness in Market. BY GEORGE T. HUGHES. Special Dispatch to The Star NEW YORK, January 29.—Weakness in today’s stock market, which was pro- nounced and covered both industrial and rallroad shares, was generally ascribed to concern over the Far East- fon, although that may have been only an excuse. In any event, selling for both accounts went on actively, with' prices at a new low on the current reaction. The market opened lower, and selling gained headway as the session went on. The recession in the standard stocks was orderly, but in some of the more inactive isstes the market on the bid side was very thin. Transactions in the first half hour were approximately three times as large as those in the same time the day before. Volume slackened after that, but it was still more active than it had been in some time. ern sit Offerings Are Large. American Telephone was f ered again and under 111 was off nearly 3 points about the same amount above the extreme low for the year. U. S. Steel during the morning came within a point or 50 of the low. Auburn Auto had a sharp break of over 6 po before support appeared. Allied Chem- ical, Eastman Kodak and American Can went off with the rest of the market Stocks which ance in recent decline W wn poor resist- sessions continued their lows for the bear move- ment were made in General Electric, in Standard Oil of New Jersey, whose di- rectors meet for dividend action tomor- row, and in Standard Oil of California The decline in Bethlehem Steel to a new low was obviously the result of the of the dividend at the di- sctors’ meeting after t on Thursday, taken together earnings statemer 3 that of U. & Bethlehem Steel to a new low since groy in stocks Opening Prices Lower. hem jpened off teel at 16 1 the stoc d I Elec- Inter- off a px 135 off 11, American i, as were “MANAGED CURRENCY” ADVOCATED IN BRITAIN Press. LONDON, J nary 30. currency” instead of the gold st was advocated by Reginald McKenna, chairman of Midland Bank, in an address at annual meeting of the bank's stockholde “The immed country is ines “Either we must have aged gold standard, w be secured by T or we must definitely and rely on a ard, without any metallic Mr. McKenna said England abandoned gold 1 that managem felt the gold s taken ideal “When we look a find the prospects than a year agc government for a tainly insure balanc will even provide apable. soundly n ariff will cer- Ludget and which might sly for relief of the present uneconomic burden and exces- sive direct taxatio FOREIGN EXCHANGE. furnished by W B Hibb Nominal gold Sell Vienna, Budepest Praeue. crow Warsew zloty Copenhagen. crown Oslo. crown Stockholm (nom.) crown U. S. TREASURY CERTIFICATES | (Reported by Chas Rate—M ¥ 2%,s June 15, 1Tps Sept 3s Sent 3l4s Dec D. & Coy Barney Offer Bid 99 31-32 15 15. 15 Over 30 PRINTERS AND PUBLISHERS —and OTHERS having Valuable Records —to preserve, are invited utilize our Storage facilities, a centrally-located FIRE- PROOF Building. . guarded day and night by watchmen, thus insuring maximum safety. fWhy use valuable space in vour office when we furnish— Individual Rooms as low as $4 per month —equipped with racks to fa- cilitate examination of records, whenever desired? Merchants. Transfer and Storage Co. JOHN L. NEWBOLD, JR., President 920-922 E St.—Nat. 6900 Years of Quality Service to in JANUARY 29, 1932, A. 1. B. DEBATING TEAMS TO MEET IN BALTIMORE Special Dispatch to The Star. BALTIMORE, January 29.—The Washington Chapter of the American Institute of Banking will debate the Baltimore Chapter tonight in the audi- torfum of the Baltimore Branch of the Pederal Reserve Bank on the subject, | “Resolved, That Trial by Jury Should Be Abolished.” Members of the Washington team, which will represent the negative side, will be Arthur E. Meade, Departmental Bank; Charles C. Boswell, American Security & Trust Co., and Miss Con- stance C. Fogle of the Riggs National Bank. The Baltimore team will be composed of James R. McKeldin, Na- tional Central Bank; Harper R. Clark, First National Bank, and H. V. Sem- ling, Morris Plan Bank The judges will be James H. Preston, former mayor; Louis M. Laskey, and Louis S. Zimmerman of the Maryland Trust Co. TREASURY RULING 70 AFFECT BONDS New Regulation on Col- lateral May Benefit Tax- Exempt List. | By the Assocated Press NEW YORK, Jani expected boon has c ) the port of State and municipal bon the public market A spokesman for which each year make 1 of these tax-exempt sect aid that a new Treasury ruling, just made pub. lic, should benefit municipal bonds in general The United States Treasury Depart- ment announced an amendment to its | regulations which liberalizes the iron- clad provisions which had been set up to safeguard the collateral which banks in the past tendered as s y a deposit of postal savi public moneys. Inder the ney otes of mu Jnited States will be they are “classified ighest grades ment_service or ed in s in leading banks | large purchases | | til this {into effect or sold on a Little Liquidation | egarded by t | feature of tr |is the absence of liquida not been serio v favorable in, lof reduced { and retail trade |in reaching an agrec way wage question It is known | 100 per cent liquidate | Exchange houses ar nothing and co prc | their total indebtedness and | surplus. Ther out of co is readily purchases for investment that antly taking place. Whet on could be resumed if | average dropped below that of 5 is a debatable que is now about 7 pol the month in the SHORT-TERM SECURITIES. Chas ney & Co.) Bid. 85 (Reported by %0 Rock Awrca TrioNE awp TEEcwpH Compant Thirty-Five Year } 5% Gold Debentures | Due February 1, 1965 Coupons of these debentures, payable on February 1, 1932, will be paid in New York at the office of the Treasurer, 195 Broadway, | or in Boston at his ofice, 125 Milk Street. H. BLAIR -SMITH, Treasurer. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 67th Series of Stock Now Open for Subscription 59, INTEREST PAID ON STOCK James E Connelly, James ¥. Shea President Secretary “Invest Your Savmés in Guaranty First Mortgage Securities viELp § o They are conservatively ap- praised investments sccured on income-producing propert ies right here in the NATION'S Capital. Let us send you a list of our current offerings Denominations as low as $100 Monthly Payments if Desired Send for Booklet. “The Success Plan” REALESTATE ‘ MORTGAGE & GUARANTY, 1 CORPDRATION 1610 K St. N.-W. National 1403 | the 1ate FINANCI AL. L AIDS IN BANKING PRACTICE SOUGHT Glass Bill Designed to Pro- vide Additional Safety for U. S. Institutions. Associa Many emendments to the Feders Reserve and national bank acts are con- ned in the bill introduced by Ser Glass which seeks to provide safety in the operation of the two sys- tems Proponents of the main_ political pa would accomplish viving and ma. banking circles @ curb that portion tive m ments heretofore made possible throu redit granted by Federal Reserve an member ba measure of both eve the bil timate ir onfidence effectuall of the measure tanding weaknesse system whi et cr months of 19 Features of the bil Member banks wo in borrowing for 15-d direct covered in th speculative e the sto remo e ba t permission of serve Board D was included tivities of t of New York, whic tive and strate cor pri h have been c ed b U. S. TREASURY BALANCE were SILVER QUOTATIONS. / YOR r Oet CLEARING HOUSE FIGURES. NEW YORK BANK VSVTDCKS NEW YO CREDIT EXECUTIVES TO MEET IN DETROIT Initial arrangements being completed, official announcement was made today * L Henry H. Heimann, executive man- ’ 1 the National Association of Men, that the thirty-seventh convention of the association » held in_the Hotel Statler, De= week of June 320, cturing and banking | credit " executives from all sections of |the country, _including Washington, | comprise the’ membership of the asso- clation | Coincide | vention with the annual Congress of 1re for the past held. This con- together the credit execu- f cach individual industry in spe- conclaves for the mutuai consid= ion of credit problems in their in- idual industries and thus rounds out generzl convention program. con= In- Business Notes 29.—Reports n i r irc. indicate some ) 1 shoe prices, as s in hide e been an rtain producers are Money on Hand to Loan on First Deed of Trust 67, Interest Reasonable Commission and Prempt Replies to Applicztions JAMES F. SHEA 643 Indiana Ave. N.W. L WE PAY 5% INTEREST ON . YOUR: SAVINGS REGULAR A SHORT SUCCESS, SAVING IS ROUTE TO THIS INSTI TUTION HAS PAID . % DIVIDENDS ON AV, INGS ACCOUNTS FOR OVER FORTY YEARS | START 'YOURS TODAY WITH ONLY . . [NATIONAL] ERMANENT B8 949 NINTH ST, NW. UNDER SUPERVISION OF LS. TREASURYN A Organized 1879 I 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON, President WALTER S. PRATT, Jr.,, Secretary $6,124.601.00 Subscriptions for the 102nd Issue of Stock Being Received Save as You Earn Those 1 lessor always gency. save e 0 who have learned of systematic saving are emer- somet == SPATE Bl Over a Third of a Centur, Jee Without a Loss Wa National 2100 THFRE IS NO HERE YOUR MONEY When you invest in our 69 FIRST MORTGAGES you are putti at a fixed salary, which will be both regular and for a specified term of rs—and the principal is secured by conservatively shington real estate. May be purchased in amounts B. F. SAUL CO. 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