Evening Star Newspaper, February 29, 1932, Page 14

ANCIAL. STOCKS ARE FIRM INLIGHT TURNOVER FINANCIAL MONDAY, FEBRUARY 29, 1932. DECREASE IN BANK CLEARINGS SHOWN THE EVENING STAR, WASHINGTON, D. C, a 3 Stock and Bales— Net.' . Dividend Rate. Add 00. xuh. Low. Close. Che. 20% Unit Biscult (2). 12 25% +1 6 Unit Am Bosch 6 6 —% Sales— Net. Add 00. High. Low. Close. Chge. 208 12% 12% — % Stock an Dividend Rate. eneca Copper. vod by Private Wire Derect to The Star Offiec. Stock and Bales— Tow Dividend Rate. gErev. 1932 Stock and High. Low. Dividend Rate. 11% Gen Printing Ink(2). 13 Gen Printing Ink( lk Association Report Reveals Drop for February From 1931 Figures. BY EDWARD C. STO! As has been anticipated since the last Teport of the Federal Reserve Bank of Richmond showed trade in Washington and the rest of the fifth district to be lower than a year ago, February bank clearings in Washington revealed an- other drop when compared with the similar month in 1931. According to the monthly report of the Washington Clearing House Asso- ciation, made public this noon by the manager, Charles E. Bright, total clear- ings amounted to $80,807,544.54. Clearings in February, 1931, totalled $96,742,175 and in February, 1930, reached the sum of $96,545,212.86. Loca1 clearings in January of the present year totalled $92,855,736.29, the higher figure than in February being partially due to the greater number of business days in the month The number of cancelled checks passing through the Washington Clear- ng House in the first two months of 1931 totalled $206.506.789.34, compared with $173,663,280.83 so far this year. It is expected, however, that the differ- ence in clearings will be reduced as the year goes on, partly on account of the increase in visitors planning to come Xkeore during the Bicentennial celebra- ton. The slump in_clearings during Feb- laid largely to the warm that slowed up the sale of Winter goods, It is believed by mer- chants thet the hot Summer sun will make the sale of Summer goods much more seasonal. Such a condition will{ be reflected at-once in bank clearings, which just now are down in every im- portant city in the country. February may prove the low point for the year. Safety of Banks Lauded. Maintaining that hoarders all over the United States are losing their cash currency at an extraordinary rate through robbery, fire, misplacing and other accidents, the Alexander Hamil- ton Institute submits that banks are safer than stockings. Says the in- stitute: “Although the rate of bank failures in 1931 was comparatively high, the amount of deposits actually tied up was only a tiny fraction of the total. ©Of deposits thus temporarily tied up only a very small portion is actually Jost. It seems likely that the ultimate Josses to depositors in 1931 will con- stitute only a very small fraction of 1 per cent. “When you consider that the hoarder of currency is sure to lose interest, say 4 per cent, his position is absurd almost beyond belief. If, in certain cases, it might be unwise for him to leave all his funds in a single bank, the de- positor can be sufficiently protected by distributing them among several banks. “Should a depositor's distrust of banks be utterly unreasonable, however, then he can at least put his funds into postal savings and draw 2 per cent. Postal savings are necessarily, by the nature of Government obligations, just as safe as the dollar,” e institute concludes. C. & P. Phone Officers Elected. Lloyd B. Wilson was re-elected presi- dent and Frederick J Irish general manager of the Chesapeake & Pptomac ‘Telephone Co. of Baltimore City by the board of directors in Baltimore today. Other officers re-elected were Marshal D. Sedam, Philip O. Coffin and John C. Koons, vice presidents; Walter B. Clarkson, vice president and secretary; ‘Thomas B. Clarkson, treasurer; Harry C. Gretz, general auditor, and Ralph A. Van Orsdel, general counsel. Capital expenditures for new plant and equipment which will provide addi- tional facilities for telephone growth throughout Maryland were authorized by the board. This brings the total ap- propriation for similar work throughout the State this year to $1,474,579, Mr. Irish states. Business Advance Forecast. The Kiplinger Washington letter this week is devoted to the business out- look. A summary of letters received here indicates that sentiment and con- fidence have improved. Kiplinger re- ports that the majority of correspond- ents do not_expect permanent recoyery before next Fall but do not expect lower levels of business between now and then. They expect spotty improve- ment in lines dependent upon motors. The summary adds “Business sentiment” is said to be better by at least three-fourths of the correspondents. Most note a change in the past 30 days. Most say the im- provement is very slight, but they seem to feel that there will be no repetition | nt real panic, There is “less ‘better acceptance of condi- “feeling that the worst is oyer,” “determination to work it out,” ete. Main reasons mentioned: Decline of bank failures, governmental measures of support, approach of Spring, adjust- ments of many corporation budgets to balance or near-balance, adjustment of personal living conditions to the same end, paving off of debt, better securities market. Farmers are mentioned as the heav-! fest sufferers of any single class, from | the purchasing-power standpoint, al- though actual want and privation are far less in rural regions than in cities. A remarkably large proportion of men who do no business directly with farm communities go out of their way to say that permanent improvement must await better farm prices. Present farm prices are characterized as “shock- ing.” Telephone Earnings Higher. Substantial gains in telephone earn- ings were reported today by the Chesa- peake & Potomac Telephone Co.. which filed its January statement with the Public Utilities Commission. Total net revenues from operations were $261,753, compared with $231,708 in January, 1931 After all deductions from gross, the company repo! a balance before dividends of $175,023, against $136,433 in the like month a year ago. Trading on D. C. Exchange. The week's first sale on the Wash- ington Stock Exchange today was in Lanston Monotype, a small lot chang- ing hands at 61 Mergenthaler Linotype, the other type stock, also appeared on the board, 10 shares selling at 44, unchanged from the last previous sale. Capital Traction figured in two sales at 18';, same as last week’s close, while one $500 sale in Washington Gas 5s was recorded at par. Peoples’ Drug Stores preferred has been added to list of stocks now selling ex dividend. Other stocks in this list are the Potomac Electric Power and ‘Washington Railway & Electric issues. Heard in Financial District. Charles D. Barney & Co., New York Exchange house, which has an office in ‘Washington, will open offices in Chi- cago, Milwaukee, St. Paul and Min- Deapolis tomorrow, March 1. Report of John R. Thompson Co. (restaurants) for the year ended De- cember 31, 1931, shows net income of $904,203 after depreciation, Federal axes, etc., equivalent to $3.01 a share (par $25) on 300,000 shares of stock. ‘This compares with $1,126,585, or $3.75 & share, in 1930. Roxy Theaters Corporation has omit- ted the quarterly dividend of 871, cents on_the class A stock, due at this time. January sales of ordinary life insur- ance in Virginia totaled 88,’102,000. an increase of 4 per cent over sales of January, 1931 S e ‘?uv Argentina last year were rds greater e han i 1930, 19 11% 4 16% 27w 122107 2 Abitibi Pwr & Paper. 1 2% 8% Adams Express..... 5 10% Addressograph (1).. 124 2% Adv Rumley 34 12% Affiliated prod 1.60. . 46 Air Reduction(t414) 11% Alaska Juneau (50¢) Alleghany COTp..... - Alleg Cp pf $40 ww... Allied Chemical (6). Allis-Chalmers(50c) Amerada Corp (2). .. Am Agri Chem(Del). Am Bank Note Am Bank Note pf (3) Am Br Shoe (1.60). . Am Can o (15).. Am Car & Foundry . Am Car & Fdy pf (1) Am Chain. Am Comel Am Encaustic Tllln[ Am European Secur. Am & For Power. ... Am & For Pwr pf (7). Am Home Prod 4.20.. Am International Am La Fr & Fom pf. Am Locomotive..... Am Mch & Fdy 1.40 Am Mach & Metal: Am Metal Co. Am Pwr & Lt Am Pwr & Lt pf (5). AmP&LtpLA (5).. Am Radiator (40c).. Am Rolling Mill: Am Safey Raz (3) Am Ship & Com Am Shipbuilding (5) Am Smit & Rfg(50c) Am Sm&R 2d pf (6).. Am Solv & Chemical. Am Solv & Chem pt. Am Stores (12%) Am Sugar (4).. Am Tel & Teleg (9). 19370!\28’1 Am Tobacco (16) . Am Tobacco B (16) Am Type Fy pt (7)., Am Water Wks (3) 3 Am Woolen Co... 5 Am Woolen Co pf.. Anaconda Copper Anchor Cap (2.40) Armour of Il (A) Armour of 111 (B) Artloom pf (4)... i Assoclated Apparel.. Atch To & San Fe(§) Atch To&S Fe pf(5). 2 Atl Gulf& W Ind pf.. Rf-. ‘Atlantic Refining (1) 72% Atlas Powder pf (6). 4‘« Atlas Stores (60c). 85 Auburn Auto (£4) 215 Aviation Corp (Del 47 Baldwin Locomotive 16% Baldwin Loco pf. 12% Baltimore & Ohfo. 271, Balto & Ohfo vf (4 6715 Bang & Aroos pf (7).x 4 Barnsdall Corp. .. 851y Beutrice Cream (4) 3916 Beech-Nut Pkg (3).. 2% Belding-Hemingway. 59 Belg N Rptpf t4.81. 15 Bendix Aviation (1). 191 Best & Co (2). . 151 Bethlehem Steel e 60 Bethlehem Stl pf (7) 7 Blaw Knox (50c) . Bohn Alumn (1%).. 34% Borden Co (3).. 9 Borg Warner (1).... 7% Briges Mg (1):.... % Brockway Mot Trk. . 3014 Bklyn-Man Tran (4). 68 Bklyn-Man Tr pf (6) T4 Bklyn & Queens 1% Bruns Term & Rwys. 4% Bucyrus-Erle. 5% Bucyrus-Erie 1% Budd (EG) Mfg.... 10 Budd (EG) Mfg pf. 2% Budd Wheel 3% Bullard Co. 9% Burroughs Ada(soe) 15% Bush Termlnll(l’é). 10t Byers (A M). 814 California Packing. 3 Calumet & Hecla. 10% Canadian Pacific 1% . 24 Capital Ad pf(A) (3) 261 Case (J 1) Co 10% Caterpillar Trac (1). 1% Cavanaugh-Dobbs. 3 Celanese Corp 1 Celotex vtc ctfs 11% Cent Aguirre (1%). 9% Cerro de Pasco (1).. 21 Certain-teed Prod 4%, Checker Cab Mfgr. 21% Ches & Ohio (2%) 13 Chesapeake Corp(3). 9% Chs Great West pf... 1% Chi Mil StP & Pac 6 Chi & Northwestern. 3% Chi Pneu Tool..... 7 Chi Pneu Tool pf. 8% Chi Rock I & Pacific. 11% Chi R 1 & Pac 6% pf. 10% Chrysler Corp (1). 257 City Ice&Fuel (3.60). # City Stores. : 15% Cluett Peabody (2). 974 Coca-Cola (18). 45% Coca-Cola (A) (3) 26'« Colgate-Pal-P (2% Colg-Palm P pf (6) Collins & Afkman Colo Fuel & Iron. ... Columbia G&EI(b1% Col Gas&El pf A (6). Columbja Carbon (3) Comm Credit (1.60). Comel Cred pf (1%). Comel Cred 15t(6%). Comel Inv Trust (2). w Comm Solv (60c) . Comwlth & Sou(30¢) ‘s901a Congolm Natra (1)... Consol Film. Consol Film pf (2).. Consol Gas N Y (4).. Consol Gas NY pf(5) Consol Laundries(1) Con RR of Cuba(2).. 4 Consol Textile. .. Contl Baking pf (8). Contl Can (234) . Cont Diamond Fib; Cont Insur (2.40) 1 Contl Motors. 5% Contl Oil (Del). % Contl Shares . 37 Corn Products (3). 2% Coty Inc. . 10% Crex Carpet 3 Crosley Radio 3714 Crucible Steel pf (7). % Cuba Cane Products. 1 Cuban-Am Sugar. 7 Cuban-Am Sugar 22 Curtis Publishing(2) 1% Curtiss Wright 10 Dee: X 17% Delaware Lack & W. Detroit Edison (8).. 121 Diamond Match (1). 21% Diamond Mtch pf 1% 714 Dome Mines (1) 13 Dominion Storest1i4 7% Douglas Aircraft (1) 47% Drug Corp (4) 464 Dupont de Nem (4).. 6814 Eastman Kodak (5) . 4% EatonAxle& Spr&0c. 15 Eitington-Schild. 23% Elec Auto Lite (4)... 1% Electric Boa 2% Elec&Music: Elec Pwr & Lt (1)... Jlec Pwr & Lt pf(6). Elec Pwr & Lt pf(7). k Horn Coal pf. Evans Auto Prod. . - s o .2 FapmomeanaeRons suanSaak s e B R e Za E R e e 7 1T% Fairbanks-Morse Fed Water Service A Fid Ph Fire In(2.60). Firestone T& R (1). Firestone T&R pf(6) First Natl Strs (2%) Fisk Rubber....... Fisk Rubber 1st pf. Fisk Rub 1st pf cv. Follonsbee Bros. Foster-Wheeler Fourth Nat Inv 1. Fox Film (A) Gamewell Co (1 . 140s Gen Am Tank Car(4) 10 Gen Asphalt (1)... 7 Gen Baking (2) Gen Bronze. . 11% Gen Cable pf. 23\ Gm Cigar (4) 17% Ge 25 1% Gan G&E A(b§%stk)x 81% Gen Mills (3).. 4- 12% Add 00. High. l.mv Close. Ohge. 2'- — % 12"2 I+1+1111+ = RS I % - % -1% 19% — % 1 85% — % 2. —¥% 20% — % Bay 4 24 19 1304 3% 23% 404 % 19% 52% 94 9% 1% % 9 37% 19% Gen Rwy Signal (3) 75% Gen Ry Signal pf (6) 108 15 Gen Theater Equip.. 16 1m. Gillette Stf Raz(1).. 168 Glllette Saf R pf (5» Gimbel Bros pf (7). Glidden Co 2 Glidden Co pr pt (7) Gobel (Adolf)..... Gold Dust (2%) Goodrich (BF) p Goodyear T & R (1). Gioodyear 1st pf (7). Gotham Silk Hoslery Graham-Paige Granby Consol (50¢). Grand Silver Stores. Grand Unfon. .. Grand Unfon pf (3). Grant (WT) (1).... Great Northern pf(2) Great Wn Sug pf(7). Grigsby Grunow 1% Hahn Dept Store: 14 Hahn Dpt St pf(6%4) 114 Hayes Body Corp. 92 Hercules Pow pf (7). 51 Hollander Sons 110 Homestake M 18 10. 214 Houdaille Hershey. Houston Ofl. . e Houston OIl (new). . < Howa Sound (2)... ison & Man (3%4) son Motor Car... 3% Hupp Motors. % Ilinois Central. ... Indust Ravon (4).. Ingersoll Rand (3).. In res(Del) 50c. Insur Sh(Md) (28c). Interboro Rap Trans Interlake Iron Int Bus Machine(n6) Int Cement (2). Int Combustion. Int Combustion Int Comb pf ctfs 21% Int Harvester (1.80). 100% Int Harvester pf (7 8% Int Hydro E1 A ( Int Match pf (4).... Int Nickel of Can.. Int Paper & Pwr (A) Int Paper & Pwr (B) Int Rys of CenAm pf Int s A E A 1 0 9 25 00 e i B 0908 o 3 s Wt E s o st 2832 0 714 Int Tel & Teleg flr) 38 57 Johns-Manville (1). 2 Jones & Laugh pf(7) 11n- Tmann DptStrs(1). 4 Kgith-Albee-Orphpf. 1 Kélly-Spring Tire... 17 Kelly-Spr T 8% pf.. 1308 Kelsey-Hayes Wheel 7 Kelvinator Corp Kennecott Copp Kresge (S §) (1.60). Kreuger & Toll 1.61. Kroger Grocery (1) 42% Lambert Co (8 1% Lehigh Valley Coal 5 Lehigh Val Coal pf. Lehman Corp (2.40) . Libbey Owens Glass. Liggett & Myers(t5) Lige & Myers B (15) Link Belt (1.20) Loew's Ine (t4).. Loew's Tnc pf (6%5) Loft Inc Loose-Wiles (13} Lorillard (P) (1.2 La Ofl pf (61%) Loufsville & Nash(4) 4 Ludlum Steel. McCall Corp (21%)... McCrory Strs pf (6). McKeesport T P (4). McKesson & Robbins McKes&Rob pf(3%) s McLellan St pf A(6). Mack Trucks (1). acy (RH)& Co(nd) . Magma Copper (50¢) . Manati Sugar. 4 Manati Sugar pf Manhat Elev mod gtd Marine Midld(80¢) . Marlin-Rockwell (2) Marshail Field & Co. Mathieson Alkili (2) ytag Copf (3).... Meiville Shoe (2). 4 Miami Copper. . Mid Continent Petm. Midland Steel (3). Midland Steel pf (3). Minn Moline Pow . Mo Kan & Tex: Missouri Pacific Missouri Pacific pf.. Monsanto Chem 1% . Montgomery Ward. . Mother Lode Mullins Mfg. Mullins Mfg pf. Murray Corp Nash Motors (2). L at Pwr & Lt (1). Mex 2d pf. teel (2). Natl Surety at Tea (1). ada Con Copper. ewport Industries. Y Central........ Y & Harlem (5) Y N H & Hartford. Y Ont & Western. . Y Shipbuilding... oranda Mines (2).. orf & Westn (112). orth Am Aviation. . or Amer (h10% stk) orth Am Ed pf (6). orthern Pacifie (3). Ohio OIl. Omnibus Corp. . Otis Elevator (2%) 115 Pacific Coa 3215 Pacific Ga ; Pacific Lighting (3). Pacific Tel&Telez(7) 1103 313 Packard Motor Car. 4 Paramount Publix. Park Utah. . Pathe Exchange (. Patino Mines Penlck & Ford (1) 4 Penney (J C) ( 71 Penna Railroad (2). Peoples Gas, Chi (8). Pere Marquette pf.. 4 Pere Marquette pr pf Petrol Corp of Am... Phelps Dodge Co. ... Phila & Read C&1I.. Phillips Petroleum. . Pierce Arrow pf (6). Pierce Petroleum. % Pillsbury Flour (2). Pitts United pf. Poor & Co (B) Port Ric Am Tob(A) . 4 Prairie O & Gas Prairte Pipe Lin Proct & Gamb (2.40) Proc & Gamb pf (5). Producers & Refin Public Sve NJ (3.4 Public Sve NJ pf (5). Public Sve NJ pt (6) Public Sve NJ pf (7) Pub Sve GEE pt (5). Pullman Corp (8)... 10% Purity Bakerles 4") 5% Radlo Corp. .. 9% Radlo Corp pt B Radio-Keith-Orph Real Silk Hosiery pf. Remington-Rand. Reo Motor Car. . Republic Steel Republic Steel Reynolds Met (1 Reynolds Spring. '« Reynolds Tob B (3). % Richfield Oil. . 13% Royal Dutch of NY. 39 Safeway Stores (5). 76% Safeway Strs pf (7) 4% St L-San Fran pf. 7 St Louis Southwn % Seaboard Air Line. 6% Seaboard Ofl. 27% Sears Roebuck (l%), 25 20 25% 25 Pkl I+ 1400+ -% TIIIlIlHIIIIIIlIIIIIIHHIIll!!III!I!IiH!IIIIflIIHllIIEMIIHIIIIIIIHIIHIIIIIHIIIIMIIIMHHIIII]HIIIHHHBIIIMlIlIIIIIIIIHI Servel Inc. " arp & Dohme. 5 Sharp & Do pf (3%). 1 Shattuck (F G) (1),. 15 > Shell Trading & Trdn 1508 Shel] Unlon Oil. Shell Union Oil pt - Sinclair Consol Ofl Skelly Oil...... 1 Snider Packing..... nider Packing pf... Socony-Vacuum (1). 2 Solv Am pf ww(5% South Port Rico Sug. Southn Cal Ed (2)... Southern Pacific Southern Railway. .. Southern Raflway pf Sparks-Withington. . Spencer Kellog (80c) . Spicer Mfg. Stand Brands (1.20). Stand Brands pf (7). Stand Gas&El (3%). Stand Gas&El pf (4) x tand Oil Calif (2).. Stand O1I N J (12)... Starrett (LS) (80¢).. terling socur (A) - e Ber=ScarBen = F @ mrmRoananr B Py Stone & Webster (1). Studebaker Co(1.20). Studebaker pf (7). .. Superheater Corp (1) 4 Superior Steel. 11% Telautograph (1.40). 1% Tennessee Corp. ... . Texas Co (1).. 2 Tex Gul Sulphur (2). Tex Pacific Land Tr. Third Avenue. ...... Thompson Pro: Tide Water Asso Ofl. Timken Roller B(2). Tobacco Products. .. Tobacco Prod A t95c Transamerica Corp. . Transue & Willlams, 4 Tri-Contl Corp Truscon Steel, Twin City )'(’m'l‘rnn . Twin City R T pf(7). T4'; Und-BIL-FI 27% Un Carb & . 10% Un 01l of Caliz(1.40) 65 Union Pacific (10). ., 62 Union Pacific pf (4). 15 Un Tank Car (1.60). . 9% Unlt Afreraft....... 41% Unit Aircraft pt 100s 1 4 9% Unit Carbon. 12 Unit Cigar Stores.... 9 1% Unit Corp (40c) 874 27 1 10% 8 3% 3 24 27 6 Utl Pwr 3%V 297 1 1% 3 10% 31% Unit Corp pf (3). . Unit Dyewood pf (7) 3 Unit Electric Coal... 20 Unit Fruit (3)... 18% U S Gypsum (1.60) 21% U 8 Indus Alcohol.., 10% U S Pipe & Fdry (2)., 14 3% U S Rubber..... 7% U S Rubber 1st pf. .. 14% U S Smtg & Ref (1).. 351 U S Steel (2).. 4 98% U 8 Steel pt (7) 1% United Stores (. United Stores pt (4). % Univ Pipe & Rad. 1% 1% + + = & & 27 3% 2615 19% 894 - 23 27% 3T% b +3 £ OF 5 Ry "~ 8 &LtA (3). % _ % vadsco Sales Corp 18w 11% Vanadium Corp. “ar Chem 6 19% Vulcan D'tinning (2 Wabash RR........ ‘Waldorf Sys (1%) Ward Baking (A). 24 Warn Bros Picture: Warren Bros. Wesson O11&Sn ¢ West Pa El pt (7). West Pa Pwr pf (7). Western Dairy (A).. Western Dairy (B).. Western Maryland Western Unlon (6) Westinghse AB(2).. 2 Westinghouse (23%). 4 Westinghse 1st (3%4) Weston Elec Instru.. 2 : White Motor. . . Whire Rock (4) Wilcox Oil & Gas Woolworth (2.40). 55 + 1 b +ld+t+ 41 2 29 109 108 8% Yale & Towne (1). 5 31 Yellow Truck.. £ 17% 1 1 5 : Worthington Pump.. 2 4 3 3 12% Ygstwn Sheet&Tube. 9% 6% Zonite Prod Corp (1) 29 8% Salu of Stocks on New York Exchange. ¢ Payable_in cash of Stock, ! 2357 in sto Pins 31 in special preferred stock: | mPald last year—no resular rate. 200,000 12:00 Noon. 600,000 2:10 P.M glven in the above t. Siog ! i stock. b k Plus 3% in nPlus 8% in stock. B Pius CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, February 29.—Follow- ing is a summary of important corpora- tion news, prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: Weekly News Trend. Stock prices moved in & narrow range last week as the stimulus of the recent constructive developments was somewhat exhausted and too short a time has elapsed for the real influence to be felt. The most important hap- pening was the New York Federal Re- serve Bank’s reduction of its rediscount rate from 3': per cent to 3 per cent last Thursday, an action which indi- cates that the banking system can meet any demand for gold which may de- velop. The actual movement of the market, as indicated by our price index for 90 stocks, showed a decline of 1.5 points, dropping from 67.7 on February 20 to 66.2 on February 26. After recessions early in the week the bond market scored a further slight advance. United States Govern- ment issues were again outstanding, some selling at high prices for the year. Revenue freight car loadings in the week ended February 13 totaled 562,465 cars, a decline of 2.13 per cent from the preceding week and 21.9 per cent below the corresponding week of last year. Electric power production made the most unfavorable comparison with the like week of the previous year that has been reported since the beginning of the depression. The total output of 1,545,459,000 kilowatt hours in the week ended February 20 was 8 per cent below the like 1931 week. In the pre- vious week output declined 6.2 per cent, while the average decrease for the year to date has been 6.5 per cent. The steel industry encountered a fur- ther decrease in ingot production dur- ing the week ended February 22. Ac- cording to the Dow, Jones estimate, ingot production dropped to about 25 per cent of capacity from 261 per cent in the preceding week. The lack of a normal seasonal improvement in the automobile and railroad industries is generally blamed for the low rate of operations this year. The Companies. Beech-nut Packing 1931 share earnings $4.75 to $5.52. Continental shares 1931 net income exclusive of loss of $7,254,263 on sale of securities was $53,233. International Salt 1931 share earnings $3.12 vs. $2.83. Missouri Pacific R. R. January deficit after charges $1,141,835 vs. surplus after charges $206,132. Norfolk Southern R. R. January net REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications invited on ~high-class spartments and dwellings, and_par larly on well located 3 u- for 3. 5 e 1520 K St. N.W. common common ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS On improved District of Columbia Real Estate Security 67th Series of stock now open for subscription James E. Connelly, James F. Shea, President Secretary 0 Organized 1879 Equitable Co-Operative Bldg. Ass’n JOHN JOY EDSON, President Assets. Subscriptions for the 102nd Issue of Stock Being Received Encourage the Saving Habit There look back with satisfaction on the adoption of the systematic plan of the Equitable. It has helped them to financial independ ] 915 F St. operating deficit 375 016 vs. net oper- ating deficit $18,7! Pittsburgh & Lake Erie Railroad January net operating income off 57.8 per cent. Virginian Rallway January net oper- ating income off 23.5 per cent. Chicago & Northwestern Railway vs. net operating income $306,788. | Chicago, St. Paul, Minneapolis & | Omaha Railway January net operating | deficit $148,590, vs. net operating in- come $5,668. | General Tire & Rubber deficit, yea: | ended November 30, $444,063, vs. net | income before Federal taxes, §732.597. Paramount-Publix Corporation.—Re- | ported has arranged for sale of 50 per | cent interest in Columbia Broadcasting | System to Paley interests; price around $5,500,000, which would be sufficient to | cancel 34,500,000 obligation due March | 1 under stock repurchase guarantees, Radio Corporation of America—Re- ported considering termination of man- ufacturing contract with General Mo- tors Radio. Yellow Truck & Coach Manufactur- ing 1931 deficit $2,762,325, vs. net in- come $1,115,415. silver barely steady and 4c higher at 307¢. U. 8. TREASUIY BALANCE. By the Associated Press. ‘Treasu receipts for February 520,066.24 and balance $435,2%1,005.70 Customs duties for 26 days of February were $20,678,394.55. U.S. TREASUBY CERTIFICATES (Reported by Chas. D. Barney & Co.) Bate Maturizy 3%s Aug, 32 s IOH ‘B:‘d: 25 ik, 13 - A Profitable Investment | Guaranty First | Mortgage Securities Yielding Secured on income- Capital and backed by ‘our enormous re- sources. 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 & GIARANTY . CoRPpRATION | 1610 K St. NW. National 1403 A 48] SIAR EVENT | & Kk k. SEARS’ THURS DAY See Yeanesalay Stor SEARS.ROEBUCK e/ CO, 52nd YEAR COMPLETED £ WALTER S. PRATT, Jr., Secretary -$6,124,601.00 are thousands who can I savings ence. SILVER QUOTATIONS. & NEW YORK, February 20 (#).—Bar | 1js FEDERAL RESERVE RATIO. By the Assoctated Press The ratio of total reserves of the 12 central banks to deposit and Pederal Reserve note liabilitles combined con- |tinued to rise during the week ended January net operating deficit $273,737, | February 24. The ratios for comparable | weeks follow, as announced by the board: Week ended Feb. 24 | Previous week ... Same week last yenr | NEW YORK BANK STOCKS NEW YORK, February 29 (#).—Over- the-counter market: 68.0 per cent Bid. Asked. Chase .3 Commercial Natl . First Natl N'Y Jamaica expects to complete by June its present program of highway im- | $5,000 Life Insurance for §44,65 Annually (AL Age 35) SEND DATE OF YOUR DIRTH FOR ILLUSTRATION Company's Assets, $100,000.000 M. LEROY GOFF 1036 Woodward Bldg. Nat. 0340 Insurance Exclusively Over 20 Years Open Until 5 Ctmstructlve News Develop- ments Have Favorable Effect on Trading. BY GEORGE T, HUGHES. Special Dispateh to The Star, NEW YORK, February 29.—Stocks maintained a firm tone in today's ses- sion and, although gains were modest the market presented a more encour« aging appearance. The news was what Wall Street calla constructive. It included the prospective peace negotiations in the Far East, something that affected foreign bonds primarily, but was interpreted favorably by the stock market; a statement of the loans authorized by the Interstate Commerce Commission to the railroads from the Reconstruction Finance Cor- poration, and the going into effect of the new Glass-Steagall banking bill None of these affected trade directly, but they helped sentiment Prices ranged higher during the firs few hours with one or two notable ex. ceptions. Pennsylvania sold off on thi statement by President Atterbury 4 the effect that dividends could not bt continued without a material increas: in the railroad’s income. General Elec- tric was heavy under $20 a share, again on renewed doubts about the dividend On the other hand a number of low- priced stocks made new highs for ths year, among them General Baking Gillette Safety Razor. Mack Truck wa: well supported on the favorable show made by its balance sheet, with casl equal to $7 a share and net current as- sets of $40 a share. The company re: ported a loss for 1931, but a great dea of that was due to write-offs. Canadian Pacific was the feature of the rails, up a point and at a new higt on the movement. The report was thal negotiations were in progress betwees the company and the Canadian govern- ment looking toward the taking over of the nationally-owned railway system the Canadian National, on terms tha: would be profitable to the Canadiar Pacific. fewhere in the list Aubury Auto scored a 4 or 5 point recovery and gains of a point or more were made by Allied_Chemical, American Can, Coca- Cola, Eastman Kodak and United State: | Steel, the latter selling “ex” the 50« | quarterly dividend. Trading was still restricted in volume by the uncertainties as to what Con- gress might do regarding short selling Even were the abolition of that prac- tice to result in all tne benefits thaf congresional advocates imagine, pro- fessional traders would be reluctant te make commitments for the rise unti they knew exactly what was to be done American Telephone & Telegraph im. proved in response to the relatively goo¢ re made by New York Telephone ich showed $9.08 a share on the mmmon in 1931, against $9.25 in the previous year. determination FOR SUCCESS For it ls thoss whe st nside of¥rs many savers. today. . . . Open Daily 9 to 5 Saturdays Until Noon Bdvantages to your account [BUILDING ASSOCIAT ION 949 NINTH ST. NW. UNDER SUPERVISION OF 3. :30 P.M. 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