Evening Star Newspaper, February 24, 1932, Page 14

N FINANGING OF U. 5. AIDPLAN ANALYZED Federal Reserve Bulletin Ex-; plains Method of Raising Relief Funds. BY EDWARD C. STONE. ‘The Federal Reserve Board's monthly bulletin stated today that the most important development in January af- fecting the banking system = was the enactment of legislation creating ihe Reconstruction Finance Corpora- tion with a céipi- tal of $500.000.000 “designed to pro- vide emergency financing facilities for financial insti- tutions and to aid in financing agri- lture, industry end commerce.” In addition i:s capital of § 000,000 £ubs by the Slates the may funds United Treasury. corporation obtain other up to $1.500.000,000, i: of its own notes, Dbonds, or other obligations, which gives it potential resources of $2,000,- 000,000, The obligations of the | corporation must mature within not more than five years of date of issue and will be fully and unconditionally £ ced by the United States, both a< to principal and interest. Liquidation of member bank credit, <hich began Jate in 1929, continued ough Jenuary, the Federal Reserve sard reports in its bulletin. Reduc- n in member bank deposits resulted \ further drawing from balances at erve ban Hoarding of currency the five wecks ended January 27 reased $250.000,000. Bank failures ring the month were fewer than in cember by 24 Volume of member bank credit in mg cities decreased in January by 0,000,000, This decline followed a reduction of loans and investments in the Jast quarter of 1931 amounting to $1,500,000.000 at member banks in lead- ing cities and to $1,000,000,000 at other member banks “Reduction of member bank credit has been under way since late in 1929, and for the two years ended with Sep- tember, 1931, total loans and invest- ments showed a decrease of $2,800,- 009,000, or at an average rate of 4 per cent per year,” states the bulletin. “In the last quarter of 1931, however, there was a further reduction about equal in amount to the full decline in the pre- ceding two years and larger than the post-war liquidation in loans and in- Yestments, which took place between November 15, 1920, and March 10, 1922 The only class of member bank loans to show an increase during the last quarter of 1931 consisted of loans to banks, which increased by $200,000,000 and stood at_ $850,000.000 on De- cember 31, the Bulletin states. Chipman Sees Better Times. George Bowiz Chipman, resident partner of Harnman & Co., members ‘of the New York Stock Exchange, has rewurned from a trip to Florida and expressed the opinicn today that the turning point in the depression has| Teally been reached and passed. While in Florida he talked with many New Yerk financiers, who are wintering in the South, and found them much more optimistic than two months ago. While they do not look for any rapid recov- ery, yet they believe that at least a part of the nresent advance in stocks will be retained. If this proves true, it will be encouraging to business in general, they say. The Liberty National Bank has added & new office in the northwest corner of the lobby for William V. Simmons, the new assistant trust officer who recently assumed his new duties with the bank. ‘The construction work in connection Wwith the additional office was com- pleted yesterday, calling into use lobby space that was little needed by cus- tomers. The office is across the lobby from the office of Vice President M. F. Calnan and is the first change made in the banking quarters since Rolfe E. Bolling was elected rresident. In addi- tion to his work as assistant trust offi- cer, Mr. Simmons is handling income tax returns for the bank’s patrons and supplying all the necessary forms. Million See Washington Poster. During January the American Bankers' Association prepared for its member banks a special advertising message in poster and blotter form, to tie up with the Washington Bicen- tennial observance this year. The pur- pose of the message is to help stabilize public thinking and encourage the for- ward movement of banking and busi- ness in general. Beneath a specially drawn portrait of Washington, the copy reads as follows: | “Does his spirit still live? Is his faith in the future of his country our | faith? 1Is his will to make the best of difficult situations our will? Is his courage to overcome obstacles our cour- age? On this 200th anniversary of his birth let us take heart, face forward, march on.” The large volume of requests coming ! from member banks indicates that at least & million people will see this timely message urging renewed faith and courage, says the Bankers’ Journal. Trading was light on the Washington Stock Exchange today. The market opened with two $1.000 siles in Capital Traction 5s at 60. Ten shares of Poto- wnac Eectric Power 5% per cent pre- ferred scld at 103!, and a small lot of Capital Traction appeared on the board a the same as yesterday's quota- G. B. Chipman. by the debentures, ster Gray of the Washington Tepresent- American Farm Bureau Federation, yesterday informed Henry B. Stezga chairman of the House Banking and Currency Committee, that the bureau indorses his bill making the debentures cf the Federal intermediate credit banks eligible for 15-day loans by Federal Reserve banks to banks nich are members of the Pederal Re- d which also amends nediate credit act so intermediate credit otes and bills of farmers’ co-oper- ations and handle the Pederal may a nge dr rketing as<o ‘accept-nec: Financial District Notes. Interstate Commerce Commission has authorized Chicago & Northwestern Railw to issue $6,000.000 of its § per cent first and refunding mortgage bonds geries E, to be pledged and repledged | from time to time as collateral security for short-term notes. H. R. Bryarly, well known in local insurance circles, who has been seri- ously ill at his home for more than a month, is reported as improving stead- iy and expecting to be back at his office within two weeks. Directors of the Financial Advertisers Association announce that the annual meeting will be held in Chicago this year, about September 5. Baltimore Was ‘one of the other cities that made a bid for the convention. Several Wash- ington bank advertisers always attend this meeting. Stocks sold in 100- ~Prev.1932~ High 5% 67 34 15% 59% 1% 16% 3ia T 61y 8319 17 13% 10 1815 i 41 107 79 151% 19 14 64 33 3614 105 25 19 FINANCIAL. ock and Low. Dividend Rate. 3% Adams Express. .. 55 Adams Exp pf (5). 2% Adv Rumley........ 12% Affiliated prod 1.60.. 46 Air Reduction(141%) 1% Airway Elec Appl. .. 117 Alaska Juneau (50c) 1% Alleghany Corp..... 21, Alleg Cp pf §30 ww 25 Alleg Cp pf $40 ww 6214 Allied Chemical (6) 108 Allied Chem pf (7).. 104 Allis-Chalmers(50¢) 713 Alpha Port Cemt (1) 5l 124 40 Am Bank Note (2).. Am Bank Note pf (3) Am Br Shoe (1.60).. Am Can Co (15) Am Car & Foundr: Am Car & Fdy pf Am Chain...... Am Chicle (13).. Am Comel Alcohol. . Am European Secur. Am & For Power. ... Am & For Pwr pf(7). Am & For Pwr 28 of. Am Haw St'ship (1). Am Ice (2) Am International... Am La France&Fom. Am La Fr & Fom pf. Am Locomotive. .. ‘Am Mch & Fdy 1.40 Am Metals pf. Am Pwr & Lt (31). Am Pwr & Lt pf (6). AmP & Ltpf A (5) Am Radiator (40¢). Am Republics. .. Am Rolling Mill Am Smlt & Rfg(50c) Am Sm & Rfg pf (7). Am Snuff (13%). Am Solv & Chemical. Am Solv & Chem pf Am Stores (1213). Am Sugar (4 . Am Sugar pf (7). Am Sumatra Tob. . Am Tel & Teleg (9) Am Tobacco B ( Am Water Wks (3) Am Woolen Co 513 Am Woolen Co pf. Anaconda Copper. ... Anchor Cap (2.40). ‘Anchor Cap pf (615). Andes Copper. . ‘Armour of Del pf (7 Armour of 111 (A) Armour of T1l (B) Atch To & San Fe(6) 64 Atch To&S Fe pf(5). Atl Coast Line (4)... Atlantic Refining (1) . Atlas Powder pf (6). Auburn Auto (f4) Aviation Corp (De » Baldwin Locomot! 16' Baldwin Loco pf. 12% Baltimore & Ohio. ... Bamberger pf (61%). Barnsdall Corp. ... Beutrice Cream (4) Bendix Aviation (1). Best & Co (2) Bethlehem Steal. ... Bethlehem Sti pf (7) 7 Blaw Knox (50¢).... 7l Bohn Alumn (1%).. Borden Co (3). Borg Warner (1). Briggs Mfg (1)..... Brigrs&Stratton(2). Brockway Mot Trk. . Bklyn-Man Tran (4) Bklyn-Man Tr pt (§) Bklyn & Queens Bklyn&Queens pf(6) Brunsw-Balke. .. Bucyrus-Erie cv pf Budd (E G) Mfg Budd Wheel. Bulova Watch. Burroughs Add (80¢) Bush Terminal(233). 50 Bush Term deb (7). 10 Byers (A M) 3 Calumet & Hecla. ampbell-V Canada Dry (1.20). nadian Pacific 1% . nnon Mills (1.60). Capital Admin (A). . Capital Ad pf(A) (3) Case (J 1) Co. - Case (JI) pf (7). Caterpillar Trac ( Celanese Corp. i Celotex Co..... Cerro de Pasco (1).. 21; Certain-teed Prod Checker Cab Mfgr Ches & Ohlo (2%) Chesapeake Corp(3). ChiGreat Western.. Chi Great West pf... Chi Mil StP & Pac pf. Chi & Northwestern. Chi Pneu Tool...... Chi Rock 1 & I‘lclflc Chi R1& Pac 7% of. Chi Yellow Cab (2). Chickasha Cotton Oil City Stores. . 4 Chrysler Corp (1) 4 Coca-Cola (18) Coca-Cola (A) Colg-FPalm P pf (6. Collins & Alkman 9 Colonial Beacon..... % Columbia G&EI(b1% Columbia Carbon (3) Comel Cred 15t(6%). Comel Cred pf (1%). 5 Comcl Inv Trust (2). Comel Inv T war sta. Comel Inv Tr pf 6% . Comm Inv ev pf(e6). Comel Solvents (1).. 2 Comwlth & Sou(30c) Congolm Nairn (1).. Consol Cigars (5)... Consol Cgr pr pf 6% 4 Consol GasN Y (4).. Consol Gas NY pf(5) Consol Laundries(1) Consol Textile - Container Corp (B) Contl Baking (B) . Contl Baking pf (8) Contl Can (2%) Cont Diamond Fibre. Cont Insur (2.40). 5% Contl Oil (Del) 37 Corn Products (3). 23 Coty Inc. 20 Cream of Wht(+23) 101 Crex Carpet 3 Crosley Radio 12 Crown ( &\U"O) 15 Crucible Steel 12% Cuba R R pf (6)... 1'% Curtiss Wright. . 1% Curtis Wright (A 313 Davison Chemical 10 Deere & Co pf (1.40). 651: Delaware & Hud (9). Delaware Lack & W. Detroit Edison (8).. « Devoe & Ray A (60c). Diamond Match (1). Dome Mines (1) . Douglas Aircraft (1) Drug Corp (4) Dupont de Ni Dupont de ~tman Kodak (5). c Auto Lite (4).. Slectric Boat ... .. 2% Elec&Musical instru 104 Elec Pwr & Lt (1). .. 911 40 31% 3t 19 251, Endicott-Johnson(3) 100 Endicott-John pf (7) 18 Eng Pub Sve (1.40)., 1713 Equit Office BIdg 2% 9% Exchange Buf (25c). ervice A Fid Ph Fire In(2.60). Firestone T & R (1). Firestone T&R pf(6) 2 First Natl Strs (2%) Fisk Rubber Fisk Rubber 1s Pl Fisk Rub 1st pf cv. Florsheim Shoe (A), Foster-Wheeler. . Fourth Nat Inv 1.10. 2% Fox Film (A). 33 708 Am Agri Chem (Del) . 108 30s 9 108 2 67 46 8 2008 66 2 B WER S o= PN - - 00 1 1 4 0B 00 S 701 5 61% 45 613 3y 14% 54 Rl 106 22 18 10 4% 23 13 55 50 W % L 10 95 17% 3% THE EVENING TRANSACTIONS ON are lots except those designated by letter Bales— 5 61% 3 Net. Add 00. High. Low. Close. Chse. 5% —Prev. 1933~ Low. High. 14 19% 63 31 191% 274 1’(5 i 0 470, 234 615 6l 3k 145 221 i 14 110 2 10% 50 8 151 Kresge (S S) (1.60). 22 15 2 41 14% Northern Paeifie (3). 16% 10414 STAR. Stock and Bales— Dividend Fate. 15 Gen Theater Equip.. Gillette Stf Raz(1).. 3 Gillette Saf R pf (5). Gimbel Bros. ... . Gimbel Bros pt (7).. Glidden Co. Gobel (Adolf). Gold Dust (2%).. Goodrich (BF). Goodyear T&R (1).: Goodyear 1st pf (7). Gotham Silk Hoslery otham S H pf ( Graham- 1% Grand Union. 5 * Granite City Steel(2) Grant (WT) (1). Great Northern v{!Z) 2 Great North Ore(2). 5 Great Western Sug. . Great Wn Sug pf(7) Grigsby Grunow. ... Gulf States Steel. Hahn Dpt St pf(6%) Helma (GW) (17)... Hershe Hershey Choc pf t Hollander Sons . Houdaille Hershey. . Household Fin pf 4.2( Houston Ofl. ....... Houston Ofl (new).. 150 5a Hupp Motor: Tilinois Central. Illinois Cent 11 ( Indian Motor Cycle. . Indust Rayon (4) Ingersoll Rand (3).. Inspiration Copper. . ; Insur Sh(Md) (28c). Interboro Rap Trans Intercontl Rubber Interlake Iron + Int Bus Machine (n6) Int Cement (2) Int Combustion Int Combu W Int Harvest Int Hydro El A Int Mateh pf (4).... hant Marine Int Stlver. Int Silver pf (4).... Int Tel & Teleg(60c) Int Dept Stores (2).. 113 Investors Equity. . Tewel Tea (4). 2 Tohns-Manville (1). Jones & Laugh pf(7) 81, Kansas City Southn. 2 ‘mann Dpt Strs(1). 9 yser (1&Co (1).. 2 Kelly-Spring Tire. Kelly-Spr T 8% pf < Kelsey-Hayes Wheel 4 Kelvinator Corp. . 9 Kennecott Copper. 84 Kresge Dept Strs pf. 20s 26 181 18 56 208 4% Kreuger & Toll 1.61. Kroger Grocery (1) . Lambe: 8)..... Lehigh Valley Coal. . Lehman Corp (2.40). Lehn & Fink (3) Libbey Owens Glass. Liggett & Myers(t5) Lizg & Myers B (15) Loew's Inc (14)..... Loft Inc. .. Lorillard (P Ludlum McCall C McKeesport T P ). McKesson & Robbins McLellan Stores. ... 2 McLellan St pf A(6). + Mack Trucks (1).. Macy (RH)& Co(n3) . Manhat Elev gtd (1). Manhat Elev mod gtd 5 Marine Midld (80c) Marlin-Rockwell (2) Marshall Field & Co. Mathieson Alkili (2) Mesta Machine (2).. Marie. .. Msd (4) Mo Kan & Texas pf. Missouri Pacific. ... Missouri Pacific pf.. Mohawk Carpet. .... Monsanto Chem 114 . Montgomery Ward. . Mother Lode. . Motor Products (2 5 Motor Wheel. 7% Mullins Mfg. 5% Murray Corp. Nash Motors (2) Nash Chat & St L % Nat Aeme Co..... at Bella Hess. .. uit (2.80) F sh Reg (A) at Dairy (2.60) Nat Dept Stores..... Nat Dist T'rod (2).. at Lead nf A (7). Nat Lead of B (6). 2Lt (1. x 2d pf. at Steel (2). Nat Surety (2) eisner Brothe: Nevada Con Copper. ewport Industries. N Y Alr Brake. . Y Central Y & Harlem (5). Y Investors. ... Y N H & Hartford. Y Ont & Western. . Y Railways pf.... Y Shipbuilding \' Y Shipbldg pf(7).. oranda Mines (2).. orf & Westn (112). orth Am Aviation. . or Amer(b10 % stk) North Amer pf (3).. 170 5 Ohio Ofl. . 3 Oliv Farm Eq prpf.. 14 Omnibus Corp. ..... 6 Orpheum Circuit pf. Otis Elevator (2%). Otis Steel. ... Otis Steel pr pf. Outlet Copf (7). 111 Glass (2 315 9% acific Lighting (3). kard Motor Car.. anhandle Pro&Ref. 2 Paramount Publix Park & Tilford. .. Park Utah. ... Pathe Exchang, Patino Mines. . Penick & Ford Penney (J C) (2. cn). Penn Dixie Cement. Penna Rallroad l'.’\, . Peoples Gas Chi (8). Pere Marquette pr pf Petrol Corp of Am Phelps Dodge Co Phila & Read C & I.. Thillips-Jones Co. .. Phillips Petroleum.. Pierce Arrow pf (6). Plerce Oil Poor & Co (B). . Prairie Oll & Gas. Prairie Pipe Line. ... Proct & Gamb (2 46 Producers & Refin. .. Public Sve NJ (3.40) Public Sve NJ pf (5). Pullman Corp (3).. Punta Alegre Pure Ol Purity Ba Radio Corp pf A 3% . Radio Corp pf B. Radio-Keith-Orph. .. Reading Ry Co (2).. Real Silk Hoslery... Remington-Rand. 4 Reo Motor Car.. Republic Steel. Republic Steel pf. Reynolds Tob B (3) Richfield Ofl. Rio Grande Oil 19“ 6115 2 22 5% 51y 171 4% 16 531 114 6412 3 1% A1 S 17% 61 2 21 5% 5% 17 4 15 53 10%% WASHINGTON, L) 1% 611 2 21 5% 5% 1T 4 16 53 Net. ‘Add 00. High. Low Close. Chat g7 1| —1%) +141 1+ n WEDNESDAY, ~Prev. 1932, High. Low, Dividend Rate. 25 19 Shell Union Ofl pf.. 3 % Shubert Theaters... 7 Simmons C 4% Sinclair Co 4 2y Skelly Oil. 10% 8% Socony-Vacuum (1) 63 4015 Solv Am pf ww(51) 3 88 Sou P Rico Sug pf(8) 25% Southern Pacific Southern Rail Spald (AG)1st pf(7). 2% Sparks-Withington er Mfg é piezel-May-Stern tand Brands (1 "fll tand Gas&FE! tand Gas& and Invest Corp. tand O lflalYfY oo Stock and Sales— T tone & Webstar (1) 10% Studebaker Co(120). 117, Telautozraph (1.40). 10 Texas Co (1) 20 Tex Gul Sulphur (2) 4'> Tex Pacific Land Tr. 2 Thermolid Co..... 8% Third Avenue 2% Tide Water Asso Oil. Timken Roller B(2). ‘- » Tobacco Products. Tobacco Prod A » Transamerica Corp 2 Tri-Contl Corp. "rico Products (2 27% Unlon Carb (2.60) . 10% Un Oil of Calif(1.40) 65 Union Pacific (10). 15 Un Tank Car (1.60) 9% Unit Afrcraft. 90 Unit Biscuit pf (7) Unit Cigar Stores Unit Corp ($0¢) Unit Corp pt (3) Unit Electric Coal. S&Im(1.20). . Dye W(1). DWpt 614 s Alcohol. .. Leather (A).... Pipe & Fdry (2). Pipe&Fy 1st 1.20 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGA TIONS. NEW YORK, February 24.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co.. Inc., New York, for the Associated Press. News Trend. Daily average crude ofl production amounted to 2,108,050 barrls in the week ended February 20, against 2,138, 300 barrels in the previous week, a de- crease of 34,050 barreis, according_to the American Petroleum Institute. The drop was caused by a 48,450-barrel re- duction in East Texas outout s Revenue freight czr loacings declined more than the seasonal amount during the week ended February 13. Loadings totaled 562,465 cars, which compares with 574,756 cars in the pre- vious week, and 720,689 cars in the like 1931 week. Dacreases were reported in all commodities except miscellaneous freight, forest products ana ore. The Compznies. National Radiator obtains order for 120,000 feet of new type radiation for Marshall Field Building, Chicago. National Surety.—Deferred action on dividend ordinarily declared at this time until June meeting; paid 50 cents Janu- ary 2, 1932. New York, Ontario & Western Rail- way January net operating income up 3.1 per cent Parker Rustproof 1931 common share earnings, $4.55 vs. $4.52 Union’ Oil of California gets Japa- nese navy contract for 50,000 tons of fuel ofl. United Corporation declared 10 cents common dividend; formerly paid 18% cents. Artloom Corporation 1931 $395.246 vs. deficit $352,877. Bell Telephone of Canada deficit cuts jsalaries 5 per cent. effective April 1. Chesapeake & Ohio Railway—Ken- tucky Senate passes bill for acquisition of company's Covington bridge by city. Commonwealth & Southorn Corpo: tion January gross off 8 per cent; net, after taxes, off 3.1 per cent. Organized 1879 JOHN JOY EDSON, President FEBRUARY Add 00. High. 1.“ Close. Chge. | | 890,160.65; |St. L IMS Ry. P& 24, 1932. Net. ~Prev 1932 High Low. 5% 3 103 81 17 5% 52% 3 13 10 50 90 2814 100 65 231 % 14% US 10% 17 Stock and Dividend Rate, S Rubber. .. S Rubber 1st pf... mtg & Ref (1). : US Steel (2). » U S Steel pf (7). United Stores (A)... United Stores pf (4). 8% Util Pwr & Lt A (2). 3 = FINANCIAL. THE NEW YORK STOCK EXCHANGE Bales— Add 00. Net. B A% + 8 ] 16 164 45 4T 106% 1081 2% 2% 5 ¥ Vadsco Sales pf. . 11% Vanadium Corp. Raalte. . a-Car Chemical. 241, Va-Car Chem pf. 83ix Va Elec&Pw pf (). 19% Vulcan D'tinning (2) Wabash R R W bash R R (A). Waldorf Sys (1%3) .. WalworthCo « Ward Baking Pictures. Warren Bro: Warren Bros cv pf 3. Wesson O11&Sno(2) West Pa El pf (6). West Pa El pt (1) . *60s 408 » Western Dairy (A).. 1 W, w. W, W Wi stern Maryland. . i stern Md 2d pf. .. 1 stern Union (6).. stinghse A B(2). 2 stinghouse (213) . 21 320 Weston Elec Instru. 1 W cox Oil & Gas.... 4 Willys-Overland. ... 1 Wilson & Co (A) Woolworth 2.40). : Worthington Pump. Worth Pump (B).... Wrigley (Wm) (4).. i Yale & Towne (1) . 31x Yellow Truck . Ysstwn Sheet&Tube. . Zonite Prod Corp (1) 1614 20 8, 8% 8 Salu of Stocks on New York Exchange. 10:30 AM..... 1:30 .M Dividend ra 200.000 600,000 12:00 Noon.. 2:10 P.M... 500,000 800,000 s a5 given in the above table are the annual ca payments based on the latest quarterly or half-yearly declaration. *Ex-dividend extra. 3 Plus 47 stock m Paid_last %% In_stock: s Unit of trading less than 100 shares. in stock. ® Payable in cash or stock JPlus $1 in special preferred stock year—no regular rate. aPaid this year—no regular rates f Plus 8% in stock. hPlus 2% in K Plus 3% in stock nPlus 5% in stock. b Plus U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts were $5,831,639.3¢4; expenditures, $5,- balance, . $505.748.462.57. Customs duties for 20 days of February were $16,810,859.64. for February 20 SILVER QUOTATIONS. NEW YORK, February 24 (#)—Bar silver, steady and unchanged at 31 cents. FOREIGN EXCHANGE. (Quotations furnished by W B Hihbs & Cn ) Nominal gold Selling check value today 348665 33481, 3913c 3a3iic 139ic 23 2% 5.26¢ 19.3¢ 13c 193¢ 14.07c 17.49c 2.964c London Paris, Bruse Berlin, Ros pound franc belga mark lira b frarc Atnens. drachma Madrid. peset 13 92¢ 23 80c 521c 19.49c 11.22¢ 26.8c 248c 26 8¢ Stockholm. c: 12% discount. Montreal. 11137 SHORT-TERM SECURITIES. (Reported by Chas. & Co) Bid. 86 85 10214 87 D. Barney Chalmers Co. 5s 1937 can Chain Co. fs 1933 . " iean Tel & Tel 5125 1943 Wat. Wks. & El. bs 1934 imore & Ohio 415 1933 ing Hemineway Co. 6s 1938 Bethiehem Steel Corp. 5s 1936 Canadian Nor. Rwy. 4!.s 1935 Chi. Northwestern R. R. 5s 1933 Chicagy Rock Island 45 1934 e Tor. & Wheeling rado & So Rwy. 4! Commercial Credit Co_ 5 D-laware & Hudson Co. 5s 1 Denver & Rio Grande 4'ss Mot Accep. Corp. s General Petroleum Corp. 5s Genrral Public Service 51zs Grand Trunk of Canada 5 Houston E.'& W. Texas 35 Humble Ol 5'%5 1932..... clede Gas Light Co 35 1934. ille & Nashville 55 1937 New York Cent. & H 1934 New York. Chi_& St. L. 6s 1933 Northwestern Telep. 47>s 1934 Penna. R. R. Co. 6'ss 1936 Portland General Elec. 55 1935 Republic Tron & Steel 5s 1940 Sinclair Crude Oil Co. 535 1938 Southern ‘Pacific 5s 1934... 4571933 7 & Pow. 55 1933 100 ° of Calif. 55 1935. 941y & Pow. 55 1934. . 94 Co. 35 1939, 713, Union Elec Union Ol C Virginia Rw Wabash Rwy. Lt ‘ !IIIIIIIIINIIIIIlIIIIIIIIIIIIHIIIIHIIIIIIIIIIhHIIIIIIHIIIIIHINllIIIIIIIIIIII‘IIIIIIIIIIIIllllIIIIIIIIIIllIlHIII'IIIIIIIIIIIIIIIIIIIIIHIIIIIIIII 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’n WALTER S. PRATT, Jr., Secretary ..$6,124,601.00 Subscriptions for the 102nd I;:.ue of Stock Being Received Encourage the Saving Habit There are thousands T plan of the Equitable. 915 F St. 000 who look back with satisfaction on the adoption of the systematic savings It has helped them to financial independence. can A $2.50 Share The Metropolitan Life Insurance Company Real Estate Loan Plan. We invite you to discuss with us the advantages that may be derived by financing the purchase of your home with this modern plan. Loans for Fifteen Years Low Interest Rates No Life Insurance Required Construction Loans | NEW YORK BANK STOCKS NEW YORK Ftbluarv Over-the-counter market: Banks. 24 P — Chase 8 | Commercial ‘National | First National New York Manhattan_ Co onal City Babiie Trust Companies. Bankers | Breoklyn Central Hanover Chemical Bank & Trust Cont Bank + Trust Corn_Exchange Fmpire Guaranty Trving e Manufacturers (new New York U. 8. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co) Rate—Matuy. Bid Offer 3las Aug. 15 100 3-32 23is June 13. 100 4-32 100 99 1-3: 100 1-32 100 100 6-32 P R ST Low. Cloge. Chee. ] %! t Partly | STOCKS ARE FIRM ONBETTERBLYING List Becomes Steadier, but Trading Volume Remains Very Small. BY GEORGE T. HUGHES, Special Dispa NEW YORK, Februa ~A much steadier tone appeared in the stock market today after Tuesday's reac- tion. Trading was in small volume and the news was no more favorable than it had been the day before, but there was a better de ocks. The were at & slightly .. these out of the way, the market rapidly hardened Various spec were taken up and strength gradually extended to the rest of the list. There was ani- mated speculation for the rise in all the local tractions. based on prospects of success of unification and_resulting in new highs for 1932 in Brookiyn- Manhattan Transit and Manhattan Modified. American Woolen preferred moved up to a new high and the food stocks advanced. notably General Bak- ing and National Dairy Products Gains in standard industrials during the morning ho seldom ran to much over a point, but the market had a very different aj ance from that of Tues- day. Auburn Auto, which collapsed in the preceding session, came back for a 3 or 4 point gain before noon. Amer- lcan Can and Allied Chemical were leaders on the recov American Telephone rallied and United States Steel, which at the ocening had sold at a new low on th» moveme regained all the Joss and a point more Tite market was undisturbed by divi- dend reductions except for the stocks actually concerned. Worthington Pump sold off following omission of the divi- dends on the two classes of preferred shares. National Surety did the same when the directors of that company failed to act on the dividend. Com- mercial Solvents declared a quarterly disbursement of 15 cents, against 25 cents previously paid. American Safety Razor stock was put on a $3 annual dividend basis, a reduction from $5 a share. Little comfort was to be had from the weekly summary of conditions in the iron and steel industry. The Iron Age reported production down another poing to 26 per cent and said that failure of the industry to maintain the rate of | improvement seen in January was due to the caution of the automobile manu- facturers pending public showing of the New Ford models. Car loadings were off from the previous week and, of course, much below those of the same period a year ago. On the other hand whenever a cor- poration was able to make a favorable comparison, even if a slight one, with operations a year ago. the market re- sponded. In this stocks were taking their cue from bonds. In fact it was the firmness in bonds that was respone sible, in part at least, for the steadi- ness in stocks. The influence of com- modity movements was seen in the de- mand for International Silver, which advanced in response to the recent strength in the metal. MORTGAGES PREPARE FOR THE EMERGENCY There comes to every one times when they wa nt money for uses out of the routine, and that is why it is a good plan to provide for them through investment in our 6,% FIRST MORTGAGES Ower @ Third of a Century Without a Less which pay this liberal interest def- initely and continuously. no re-investment problems through- out the term of the loan, secured by conservatively appraised improved Washington real estate. You have which is May be purchased in amounts from $230 up. B F. . SAUL €0, National 2100 FHPRE suburbs . . * FINANCING AT LOW COST First Mortgage Funds (three years or longer) 1% LOANS on residences and business buildings, in District of Columbia and nearby Maryland Ample funds, lower intevest, prompt approvals, valuable prepayment privi- leges—and the competent counsel of over forty years’ experience in this field. 925 15th St. NN'W. FOR SAFETY EAVER BR! REALTORS Washington Building 13% Royal Dutch of NY.. 39 Safeway Stores (5).. 2% 6% Safeway Strs pf (7). 31 32w 7% St Joseph Lead(60c). 12 3 St L-San Francisco. 16% 168 - 4'% St L-San Fran pf. 19% 21% 313 Savage Arm 11 1 3 Schulte Retall Stores 35 35% Seaboard Air Line 2% 2% 6% Seaboard Ofl. 244 244 271, Sears Roebuck (2%4) 361 36l 4 Servel Inc 19% Gen Motors (2 187 21% 20% 21% 25% Sharp & Do pf (3%). 11% Gen Printin- Ink 50s 13% 13% 13% 715 Shattuck (F G) (1). 3 Gen Public Seivice B 4 4 2% Shell Ublon Oil, Formation of a national institute in the perfume and cosmetic industry is urged by the Committee on Research, Department of American Manufactur- ers of Toilet Articles in a survey to de- termine the more pressing technical problems of the industry, according t& Industrial and Engineering Chemistry, which has Washington headquarters. ‘Washington Chapter, American Insti- tute of Banking, stands twenty-fourth in membership, eighteenth in individual students, tandard course jata tio=~1 arganization, 18% 12 15% Freeport-Texa: Gamewell Co (1) .. 2% Gen Am Investor: 28 Gen Am Tank Car(4) 11 Gen Asvhalt (1). Gen Baking (2) 17% Gen Electric (1.60) 10% Gen Elec spec (60c). 1 31% Gen Food Corp (3)... 7 35% 1% Gen G&E A (b6 % stk) 1 2% 21% Gen Ital Ed EIm2.61. 2 24% 31% Gen Mills (3)... 1 36% District 9486 H. L. Rust Company ~ EST ABLISHED 1889 ~ 1001 152 Street National 8100 Loan Correspondent for *The Prudential” 205 21% Mortgage Loan Correspondent Metropolitan Life Insurance Company Loans made in the District of Columbia and nearby Maryland and Virginia s