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TA—14 **% BUSINESS UPTURN - DECLARED ON WAY Pr. Thompson Tells Local § Bankers Depression Has F Run Its Course. BY EDWARD C. STONE. Dr. Robert Thompson, author, lec- turer and business analyst, declared be- fore 250 local bankers at the Columbia | Country Club last night that business has already hit bottom and turned up- ward and that by the end of 1932 there will have been an upswing of real pro- portions. Col. Ayres of the Cleveland “Prust Co. and many other bankers and e“on;n?lsu believe the worst over, the speaker said, and “from my rfixnh:. Thompson's address was most en- tertaining and instructive. He is a very 4 t stop to give rapid talker and did not stop ““\’ some of y s to back up ks el left oadest statements, but he no doubt in the minds of the financiers | present that he is sure better times are coming during the remainder of the year. Bankers hold the same views about the recovery, but it is hard to ge them to say just when the happy daj will come. Dr. Thompson does hesitate to say the change will be this year. ¥ He spoke on “Looking Ahead Twelve onths.” ‘:Aald. Don't sell your stocks at the bottom. The mob is always wrong. Take exactly the opposite ccurse. The mob bought s and is now 3932." The speaker said millions have been made by far-seeing financiers who bought out partners after the latter lost their courage. He mentioned Carnegie, Frick, the elder Morgan and many oth- ~Prey. 1922~ travels | around the country I believe they are | not | “Don't follow the mob.” he | ks at the top in 1929 | lling at the bottom 1n | FINANCIAL. | TRANSACTIONS O ~Prev.1932~ Low. Dividend Rate. 1% Abitibl Pwr & Paper. Abraham&Straus 1% Abram Straus pf (7) Adams Expres Adams Exp pf (5). Addressograph (1) Adv Rumley . Affiliated prod 1.60. Afr Reduction(t4%4). Alaska Juneau (50c) Alleghany Corp. . Alleg Cp pf $30 ww Allled Chemical (8). Allied Chem pf (7 Allis-Chalmers( Alpha Port Cemt (1). Amerada Am Bank Am Beet Am Br Shoe (1.60).. Am Can Co (15) Am Can Co pf Am Car & Foundry. Am Car & Fdy pt (1) Am Chicle (12)... Am Comel Alcohol. Am European Secur. Am & Foren Pwr.... Am & For Pwr 2d of. Am Haw St'ship (1). Am Hide & Leather Am Home Prod 4.20 AmTce (2)... Am Ice pf (§).. Am International.. Am Locomotiv % Am Mch & Fdy « Am Metal Co. .. Am Pwr & Lt (31). Am Pwr & Lt pf (6). AmP&LtptA Am Radiator (40¢).. Am Rolli Am Sm&R 2d pf (6). Am Snuff (1315) s Am Steel Foundr: Am Steel Fdry pf(7) Am Stores (12%). Am Suzar (4).... . Am Tel & Telex (9) Am Tobacco (16).. Am Tobacco B (16 Am Tabacco pf (6).. Am Water Wks (3) Am Woolen vtc new.. Stock and Baies— Add 00. High. Low Close. Chge. 2 1M 1 15 108 6 108 1% 15% 85 3 5l 104 43 13% 1 THE EVENING STAR, WASHINGTON, Net. High ki 2% 10% 27% 591 53 % 1 12 22% —1% 251 — 4% 8 3 3% 61 411 4 -y 1y Stock and Sales— Low. Dividend Rate, 314 Eureka Vac (82).... 1 1'% Evans Auto Prod 3% Fed Water Service A Firestone T&R pf(6) s First Nat] Strs (2%) 6 Fisk Rubber........ 2 Fisk Rub 1st pfev... 100 Foster-Whealer. ... Fox Film (A) 4 Freeport-Te: 8 Gamewell Co (1) . Gen Am Investors. . 9 Gen Am Tank Car(4) Gen Baking (2)..... Gen Cable. . Gen Cable (A). Gen Cabla pf. GenElec (1)........ Gen Elec apec (60c). Gen Food Corp (3)... Gen G&E A (b6 % stk) Gen Mill8 (3)....... Gen Motors (2) Gen Motors f (5). .. Gen Outdoor Adv (A) Gen Public Service. . Gen Rwy Signal (3). Gen Realty & Util. .. Gen Realty & Util pf. Gen Theater Equip. . Gillette Stf Raz(1) Gillette Saf R pf(5). Glidden Co : Gltdden Co pr pt (7). Gobel (Adolf)....... Gold Dust (1.60)... Goodrich (B F) Goodyear Tire& Rub. Goodyear 1st pf (7). Gotham Silk Hoslery Gotham § 11 pf (7) Graham-Pat 1 1 Fid Ph Fire In(2.60). 1 . 1 . o S EIPb TP JOVOPSTET SR 1Y w 3 et @ e irand Unjon. -and Unfon ¥ imite Clty S Great Northern pf(2) Great North Ore(2). stern Sy Sug pr(7). E e @ Hahn Dept Stores pt. Hanna pt (7) Hartman C s Body Corp o 3 5% 1% 5% 1% 5% 5% et Add 00. High. Low. Close. Chge. | High. -4 L+ + +1 D. C, WEDNESDAY, —Prev 1932+ Sales— Low. Stock and Dividend Rate. 3414 91 Penney (JC) ptA (6) 1 1% Penn Dixie Cement.. 1 23% Penna Raliroad (2).. 27 96 Peoples DS pf (614). 103 121 Peopl: Chi (8). 36 13 %4 Pere Marquette..... 1 7 Pere Marquette p 108 Pere Marquette pr p Petrol Corp of Am Phelps Dodge Co. . ... Phila Co 6% pf (3).. Phila & Read C & I.. Phillips-Jones pf. Phillips Petroleum. . Yillsbury Flour (2) Pitts Coal p Pitts 1 1Corp. Pitts United pf. Poor & Co (B). .o Port Ric Am Tobh(A) Prairie Ol] & Gas Prairie Pipe L{ Pressed Steel Car. .. Proct & Gamb (2.40). 13 Publle Sve NJ (3.40) 35 Pullman Corp (3)... 3 Punta Alegre Sugar. 5% 3% PureOil. 60'3 50 Pure Oil pf (8) 157 » Purity Bakeries 10% Radio Corp 187 11% 30 3% Remington-Rand. 6l Republic Steel “ Republic § . 613 Reynolds Met (1%). s Tob A (3). Reynoids Tob B (2). Richfleld Oil . 1o Grande Of1 ssia Ins of Am afeway Ste afeway Strs pf (7). St Joseph Lead (60c). t L-San Franciaco. an pf. e Retall Stol ott Paper (31.40). eahoard Afr Lir board Oil. cazrave Corp ears Roebuc ervel Inc.... Add 00. High. Low. Close. Chge. | High Penney (JC) (2.40). 2 2815 28 28 e 831y a APRIL 13, 1932. New ~Prev 1932 Divid 51%-10% | Third ) 4 -1 -1 2 314 Tide Wa! Timken- 6 21y 4% 2 31 20 415 2315 1014 6% 200, 13% 101 945 5 68 5lig W% 13 16% 9% Unit Alre 4 Unit Air Unit Bis Tri-Cont Trico Pr Sis Tw | 14'; Una Un Carb Unit Cor Unit Cor Unit Eles Stoex ana Tex Pacific Coal&Ofl. 2 Tex Pacific Land Tr.. 18 Thatcher Mfg Co. 10 Thatcher M{gp£3.60 1 The Fair 3's Thompson Produet. 23 137 Timken Roller B(2). ‘Transamerica Corp n City Rap Tr p! 1-Fisher (2) Union Bag & Paper Un Ol of Calif(1.40 Union Pacific (10). Union Pacific pf (4). Un Tank Car (1.60).. FINANC N THE NEW YORK STOCK EXCHANGE Sules— ‘Add 00. High. 1% 4 2% 23% 3 1% 4 2% 3 et Low Close. Chge. 1% 1% M 8 2% 2% 234 23% -1y 6 6 end Rate. 1% 4 4 % 24 3 3 15 14 14 ELTE T % 2 214 22 10 10 EULIR LN % 8 201, 10% 48% ter Asso O Detroit Axle 2% 3 e W R Oe B —— 1COrp. ... 0 oducts(2%4). - s H & Carb (2) ] 2 [SPRPRRE TS - PR P craft. . craft pf (3). cuit (2). . P (40¢c) P oL (3). ctric Coal. Init Fruit (3).. ‘nit Gas&Im(1.20) "nit Pice Dye W(1)., S & Forn Secur S & For Sec pf(6). S Hoffman. ... 1 Pwr & Lt (A) 1 3 Univ Plc 1st pf (8) 3 3 34 Vadsco Sales pf 16 Vanadiu '3 Va-Car ¢ 20 VaCar( 297% 14 Vulcan I < 1 Wavash ores (A). A - ores pf (4). 213 + Y -2 -1 m Corp L “hemical.... 2 s “hem 7% pf. 21% 413 )'tinning (2) 15% + m RR. 13 108 1% — 3| IAL. STOCKS ARE LOWER AS MARKET CLOSES Selling of Some Issues Proves Unsettling Factor in Day’s Trading. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK. April 13.—Liquidation centering on a few issues, most of which would now be regarded as high priced, |gave today's stock market an appear- ance of extreme weakness which analy- sis of the entire list did not justify. The stocks affected broke, some of them 5 to 10 points, presumably rep- | resenting lquidation of bank loans. Th list included Peoples Gas, down at one time approximately 10 points; Inter- national Business Machines, down al most 7 points: Norfolk & Western, down more than 6 points: Union Pacific. Delaware & Hudson and Coca Cola, all of them at new lows for the bear mar- ket except the last named, which, how- ever, sold under $100 a share. The Street read with interest the Washington dispatches quoting the governor of the New York Federal Re- serve Bank before the House commit- tee announcing the Reserve System's decision to expand its program of pur- chasing Government bonds. Whatever this policy may acomplish in the fu- ture, it had no effect on today’s trans- actions in stocks. Government bonds were higher, and the general bond list fairly steady, but stocks were respon- sive only to the forced selling, which paid no attention whatever to values and little to prospects. EXCHANGE HAS FAITH IN WHITNEY'S ABILITY Am Woolen Co pt. Anaconda Copper. Anchor Cap (2.40)... Armour of Del pf(7). Armour of T11 (A)... 1les Mot (80¢) .. Hercules Powder(3). Hershey Choe ( - Hershey Choe pf 15.. Holland Furnace (1) Brs as examples of men who had courage when everybody about them was pessi- mistic. He injected a.great deal of Bumor into his address and closed by iaron Steel Hoop. harp & Dohme. Shattuck (F G) (1) Shell Trading & Tran 33( 19 11% Waldorf Sys (1%) .. 11% - 3 & Walworth Co...vea. 10% Ward Baking (A) 25 Ward Baking (B) 2 Ward Baking pt (7). % Leading Brokers Predict Re-elec- | tion of Market Executive With- = 1% 4 = 1% stating that in 1929 we “were living in palaces with dynamite in the basement. Now we are living in shacks with the basements filled with gold, ready for #he founding of fortunes.” Record Attendance Present. C. H. Pope called the meeting to {érder, the largest Spring meeting of the kind yet held, and turned the gavel over 10 Roger J. Whiteford, who acted as goastmaster. Among the guests were ontroller of the Currency John W. ole, William H. Donovan, F. G. Awalt, W. P. Folger, 1. 1. Chorporning, E. H. ‘Gough, William M. Mooney, A. C. Case, George Offutt, Frank H. Hight, Clyde B. Asher, president of the Columbia Club; Arthur Shelton, manager of the club; E. E. Mountjoy, local represent- ative of the American Bankers' Associa- tion, and W. O. Woods, treasurer of the United States. " At the request of President Pope the bankers stood With bowed heads in re- | spect to the memory of the late Edward J. McQuade, who was president of the association at the time of his death. Later in the evening Robert V. Fleming paid a glowing tribute to the work for the local association, the Clearing House | {Association and the American Bankers' !Association by Henry H. McKee and the | ibankers rose in an enthusiastic tribute | ito Mr. McKee. He acknowledged the ‘tribute with deep feeling. Claude H. Woodward outlined the icoming convention in a most appealing manner and Thomas W. Brahany put | fon a brilliant entertainment, his talent !including Roger J. Whiteford, Fred ‘East, J. F. M. Bowie and L. Bert Nye as the quartet; George Wilson, Edwin _C. Stefte, Arthur B. Pierce, H. Tudor Morsell, Bernard Fitzgerald and Me- {Lure & Yeomans, who gave their radio I'i Stanley Holland of the Sports “{Committee announced that R. A. Weaver, assistant cashier of the Chevy Chasé "Savings Bank, won the Robert V. Fleming trophy. The other winners were Charles H. Doing, Washington Loan & Trust; Ralph P. Barnard, Dis- trict National; Isaac Shumacher, direc- tor in_Liberty National; Robert S. Stunz, Park Savings Bank, and John F. iBrawner, director, Lincoln National. L. P. McLachlen was chairman of the Dinner Committee, assisted by Earle F. Amick and T. Stanley Holland. Savings Bank Elects OWicers. Stockholders of Washington Mechan- cs Savings Bank held their annual eeting at Alexandria, Va., yestenday jpon the, twenty-sixth 'anniversary of ih= institution’s incorporation. The Jollowing officers were re-elected: Ezra Gould. president: Dr. Edward F. Pick- Hord, vice president; Clarence F. Bur- f#on, vice president and cashier: A. S. “Offutt, vice president; Mrs. M. H. Buck- ingham, secretary; Lloyd W. Davis, Joseph M. McCarthy, W. B. Mehler, B M_Grant, assistant cashiers, Directors re-elected were fBachrach. Clarence F. Burton, Ezra {Could, George Haves, L. Hoyt Wesse B. K. Lea, Edward F. Pickford, 4 C. Pyles, Edwin E. Roberts. E, Hume “Talbert, F. P. Williams, John P. F. ‘White, E. S. Wolfe, Guy Mason, A. S. Offutt, Students to Get Certificates, The annual Spring open meeting of Washington Chapter, A. 1. B, tukes lace tomorrow night at Gordon Junior igh School, Wisconsin avenue and “Thirty-fourth street. when certificates dor first-semester work will be present- ‘ed, President Aubrey O. Dooley presid- dng. 'As announced yesterday, the Se- gcurity Club of the American Security & Trust Co, will present its annual play, under the direction of Denis E. IConnell. The cast, already announced, is made up of employes of the bank. Dancing is to follow the play, in the =chool gymnasium. Their play is always & big success, Trading Dull on Exchange. Trading was dull on the Washington Stock Exchange today, just two trans- action recorded. " The first sale al Mortgage & Investment ich changed hands at 3. Walter K. advice given traders on the New York Stock Exchange and are “sitting on the sidelines.” Yet some local cor- porations are earning more than they did last year and expect to continue to do so, GOLD EXPORTS REFLECT PRESSURE UPON DOLLAR By the Associated Prey NEW YORK. April 13.—Recent pres- sure against dollar in the foreign exchange market was again reflected by gubstantial exports of gold yesterday. The New Y Federal Reserve Bink snnounced withdrawzl of $3.295,000 in metal for France, and $135,000 for Holland. Thi were no imports of changes in earmarked metal. PARIS BOURSE PRICES. PARIS, April 13 (#).—Three per cent Fentes, 76 francs 90 centimes. PFive per eent Joan, 101 francs 50 centimes, Exchange on London, 95 francs 90 eentimes. The dollar was quoted at 25 Srancs 35 centimes, Bank Suspensions. NEW YORK. April 13 (#).—Bank sus- persions in the past week continued at the low level which has been a feature of recent weeks, the American Banker e 'ee:"lm du &umbtrad 14, e Awesks = Lamb, | Armour of 111 (B) Armour of 11 pf. Artloom Corp. Artloom pf (4). Asso Dry Goods. .. Asso DG 1st pf (6) Tl Assoclated Oil 41 Atchison (4)... 60 Atch To&S Fe pf(5). 14 AtlCoast Line (4)... 8% Atlantic Refining (1) 10% Atlas Powder (2)... 631 Atlas Powder pf (6). 4815 Auburn Auto (f4) 215 Aviation Corp (Del 12 Baldwin Loco pf. £15 Baltimore & Ohlo. Balto & Ohio pf. . Bamberger pf (6%). Barnsdall Corp. Bayuk Cigars. Bayuk Cig 1st pf(7). Rextrice Cream (4).. Beech-Nut Pkg (3).. Belding-Hemingway. Bendix Ava (60c) Best & Co (2). Bethlehem Steel Bethlehem Stl pf Bloominedale pf (7). Blumenthal pf (T)... Bohn Alumn & Brass Booth Fisheries Borden Co (3).. Borg Warner (1). Briggs Mg (1).. BKlyn-Man Tran (4). Rklyn Union Gas(5). Brown Shoe pf (7). Brunsw-Balke Bruns Term & Rwy: Bucyrus-Erfe. . Budd (E G) Mfg. Budd Wheel. Bulova Watch Burroughs Add(30e) Bush Term deb (7) sers (A M) 3% Calumet & Hecla.... 4 Campbell-Wyant Fy. 6% Canada Dry (1.20). 10% Canadian Pacific 1%. 16% Cannon Mills (1.60).. 24 Capital Admin (A).. 25% Case (J I) Co. 4615 Case (J 1) pf (T).... 615 Caterplllar Trac (1). 9% Cent Azuirre (1%). 515 Cerro de Pasco Cop. 4% Checker Cab Mfgr 12% Ches & Ohlo (2%)... 614 Chesapeake Corp(3). 1% Chi Great Western. 6 ChiGreat West pf 1% Chi M1l StP & Pac... 1% Chi Mil StP & Pac pf, 4% Chi & Northwestern. 215 Chi Pneu Tool.. . 4% Chi Rock I & Pacific. 6% Chi R 1& Pac 6% pf. 9 Chi Yellow Cab (2).. 6 Chickasha Cotton Oil 2' Childs Company.... 4 Chrysler Corp (1)... City Ice&Fuel (3.60). City Ice&Fuel pf 6%. City Stores......... Clev & Pitts (314) Cluett Peabody Cluett Peabody pf (7 Coca Cola (18)...... Colgate-Pal-P (2%). Colz-Palm P pf (§) Collins & Afkman. .. Collins & Atk pf (7). Colonial Beacon. .. Colo Fuel & Iron.... Colo & Sou 1st pf (4) Columbia G&EI(b1% Col Gas&El nf A (6). Columbian Carb (3). Columbia Pic ctfs Coml Credit (1). mel Cred pf (1%). Comel Cred 15t(634). Comel Cred pt B (2). Comel Inv Tr pf 6%. Comm Solv (60¢). mwith & Sou(30c) Comwlith&Sou pf () Congolm Nairn (1). “ongress Cizar (1). ar (3). L Cir pr pE xw6 ¥ onsol Fiim. . ” Consol Film pf (2).. Consol GasN Y (4., Consol Gas NY pf(§) Consol Laundries(1) Consol Oil Corp “omsol Ol Cp pf (%) Container Cotp () Contl Baking (A)... Contl Baking (H) “ontl Baking pf (2 Contl Can (24).. Cont Insur (2.40), “ontl Motors Contl Of1 (Del) . Corn Products (3), Corn Prod pf (7). Coty Inc... Crex Carpet. ... Crown Zellerhack Crucible Steel. ... Crucible Steel pf (). Cudahy Packing (). Curtis Publishing(2) Curtis Publixh pf(7). Curtiss Wright. ..., 1y Curtis Wright (A).. 7013 Cushmans pf (7) 2 Davison Chemical 51'; Delaware & Hud (9). 11 Delaware Lack & W.. 2% Denver & RG W pt 80 Detroit Edison (8)... 12 Diamond Match (1) . 21% Diamond Mtch pf 1% 7i3 Dome Mines (1) 37% Drug Corp (4)... 33'% Dupont de Nem (4) 93 Dupont de N pf ( % Eastern Roll Mills. . 63 Eastman Kodak (5).. 44 EatonAxle& Spr 50c. 13% Elec Auto Lite (4).. 1l Electric Boat. . 214 Elec&Musical Instru 5'3 Elec Pwr & Lt (1)... 19% Elec Pwr & Lt pf(6). 1813 Elec Storage Bat (3) 16% Equit Office Bldg 2%. 4 ErfeRR..... . 4% Erfoe RR 18t DLy coms 3 708 77 4 64 110s 50s 1 1 42 10 6 15 10 1008 8% SRS MR AXNANHN RS aD 18 35 25% 84 13% o 2 4% 10% 33 13 5 19 914 187% B6% FEFEFED 248 L+ 44411 FEFEF FF b+ {5 U U L a 4% 31m 2415 125 105 16% 23's AT 284 28 184 ™ 2 6ls 4% 224 27 37 1% 10% 104% Sl 23 111y 1% 174 -1% 2 16% 1 4 -4 4 4 - W -32% Homestake M 15.30. . Houdaille Hershey. . Household Fin pt ¢.2( Houston Oil Houston Oil (new).. Hudson & Man (3%) 45 Hudson Motor Car. 214 Hupp Motors. DDA N e 3 D i Illinofs Central. .. Illinofs Cent 11 (4) Indian Motor Cycle. . Indust Rayon (4) Ingersoll Rand (3) Inspiration Copper. Insur Sh(Md) (28¢ Interboro Rap Trans Int Bus Machine(né) Int Cariers Ltd(40c). Int Cement (2) Int Combustion Int Combustion pf. .. Int Harvester (1.80). 4 Int Hydro E1 A (e2). Int Match pfd.. . Int @ S wRarwlee o ickel of Can. ... Int Nick Can pt (7).. Int Paper pf Int Paper & Pwr (C). Int Paper & Pwr pf.. 35% Int Shoe (3)...... 15 IntStlver. 4% Int Tele & 3 274 Interstate Dept St. 1015 Island Cr'k Coal (3). 254 Jewel Tea (1413) 11% Johns-Manville 50 Jones & Laugh pf(7) 5 Kansas City Southn. 5 KaufmnnDS (80c).. 1 Kelly-Spring Tire... 6% Kelly-Spr T 8% pf... 1 Kelsey-Hayes Wheel 513 Kelvinator Corp..... 254 Kendall Co pf (6) 515 Kennecott Copper. .. 1 Kresge Dept Stores.. 8% Kresge (S S) (1.60).. % Krevger & Toll....... 11% Kroger Grocery (1). 381 LambertCo (3).. Lane Bryant (1) .. Lee Rubber & Tire Leh Port Cement. ... Leh Port Cmt pf (7). Lehigh Valley Coal.. Lehigh Valley R R.. Lehman Corp (2.40). Lehn & Fink (3).. Libbey Owens Glass. Liggett & Myers(tj Ligg & Myers B (15) Lima Locomotive Link Belt (1.20)..... Liquid Carbonic (2). Loew's Ine (14)..... Loft Inc. . Loose-Wiles (13).... Lorillard (P) (1.20). Lou Gas&El A (1%). Louisville & Nash(4) Ludium Steel McCrory Strs pf (6). McKeesport TP (4). McKesson & Robbins McKesson & Itob's pf McLellan Stores. . Mack Trucks (1) Macy (RH) (n2).... Madison Sq Garden. . Manati Sugar pf. ... Manhat Elev gtd (7). Manhat Elev mod gtd Marine Midld(80c). . Marlin-Rockwell(1). Marshall Field & Co. Mathieson Alkill (2) Mathieson Alk pf(7) May Dept Stores 1.30 Maytag Co. ... Maytag Co pf (3).... Met-Gold Pic pf 1.89. Miami Copper Mid Continent Petm. Midland Steel Prod.. M StF & SSM Isd (4) Mo Kan & Texas. ... *Mo Kan & Texas pf.. Missour} Pacific..... Missouri Pacific p Mohawk Carpet Monsanto Che; Montgomery Ward 13 Motor Products (2).. 413 Mullins Mfg. 4% Murray Corp. 11 h Motors (2) 2!y Nat Acme Co. 29% Nat Biscuit (2.80). Tie Nat Cash Reg (A). Nat Dalry (2.60) t Dist Prod (2). t Lead pf A (7). at Lead pf B (6)... at Pwr& Lt (1).... Natl Steel (1) B Natl Surety. . wredslromcae n reoxSe g rea R e 108 19 P Natl Tea (60c). Neisner Brothers Nevada Con Copper.. Newton Steel. N Y Dock. .. N Y Central N Y Chicago & St L... N Y Investors NYNH&Ha - NYNH&Hpt (7). NY Ont & Western.. N Y Steam pf (6) Noranda M(m50e). .. Norf & Westn (112). North Am Aviation. . Nor Amer(b10%stk) North Amer pf (3)... Northern Pacific. . 21 Northwest Tele (3).. 1615 Norwalk T&R pf 5 Ohio Oil., % Oliver Farm Equip 3 Ollv Farm Eq pr pt. 1% Omnibus Corp. 11 OtsElevator (3..... 12 20 Owens Il Glass (2).. 3 4 24% Pacific Gas & Bl (2). 28% Pacific Lighting (3). 2 6 Pacific Mills. . 108 Pacific Tel&Teles(7) 108 Packard Motor Car.. 7 Pan-Am Pet B(1.60), 5 Paramount Publix. 28 Park Utah... . 1 Parmelee Transport. 24 Pathe Exchange..... 1 24 Peerless Motor Car. 3 21% Penick & Ford él)aae — 1 = e YOS yUOR~ O - JEY =2 nwSey E RN o 0000y hell Union Ofl...... hell Union Oil pf tmmons Co. . . mms Petroleum kelly Ol pf ww outhern Pac| suthern Ra e uthern Railway pf 9 lding (A G) (1).. 9 Spencer Kellog(60c). 6 Spicer Mf 13 Spicer Mf; 9% Stand B 1145 1413 201y 0 s Gas&El 17% Stand Of] Calif (2 841y Stand Oil Exp pf (5). 23% Stand O11 NJ (12) 15 Sterl Secur (A).. terling Sec tewart Warner tone & Webster (1) Studebaker Co(1.20) . tudebaker pt (7) un Ofl (1).. Symington (A). » Telautograph (1.40). 2 1% Tennessee Corp..... 13% 10 TexasCo (1)....... 26% 164 Tex Gul Sulphur (2). Warn Bros Pictures.. Warren 5 Warren 9 Warren 915 Wesson BIOR. .uaneae Broscv pf... Found & P.. Oll&Sn (1) 5813 West Pa Elec A (7)., West Pa 470 55 West Pa 55% 83 West Pa Pwr pf (6). 98 West Pa Pwr pf (7). 2% Elpt (6) Elpt (1) 308 608 Western Maryland. 2 803 Western Unfon (4) 12 9% Westing 197 Westing 61% Westinghse 1st (334) 7 Westvaco Chlor 1.60. White Motor. White Rock (4) White Sewing Mach. Wilcox Ofl & Gas. % Willys-Overiand. 25 Willys-Overland pt. 31 Wiison & Co pf.. 5 5% 3 45% 23w TH 30' 154 57 37 35% Woolwol Wrigley Worthington Pump. . Worth Pump (B).... 15 ‘se AIrB(1). 5 house (1)... 85 108 = + % A i 3% — T — 7 -2 20% + % 36% 84 + % -1 36% — % rth (2.40). (Wm) (4) 5 1's Yellow Truck....... EE) 6% Zonite Prod Corp (1) 5 Sales of Stocks on New York 10:30 A M. 1:30 P.M. Dividend rates a. payments basea on the laf *Ex-dividend s erira s 4% e Payab's in cash or stock. m Paid last_sear—no 3% in stock 200,000 0 P.M. given in the above ¢ Au; Unit of tre gy stocx. f 3Pins 31 in_special pres regular ra CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, NEW YORK, April 13—The followirg is a summary of important ecrporation news prepared by the Standard Sta- tisties Co, Inc, New York, for the Associated Press News Trend. Revenue freight carlcading experi- enced a further decline the week ended April 2, dropping 16.157 cars to a total of 544.961 cars. This compares with 561,118 cars in the preceding week and 727.852 in the like weck of last year. Increases were reported in all commodities, with the exception of coal and coke, ore and fcrest products. Daily average crude oil production showed a larger advance than has been reported in man ks, probably stimu lated by the re | price of crude oil tion averaged L in the week ended April 9, w pares With 2154000 ¢t previous week,, an in barrels. The Companies, Allegheny Gas Cerporation—1931 net income, before depreciation, $30,634 vs $254.865. Borg Warner Corporation Corparation division cuts prices Chicago, Milwaukee. St. Paul & Pacific Railroad March preliminary gross off 25.8 per cent; net operating income off 60.6 per cent Chrysler Corporation Plymouth plant production increased to 1,100 units daily. General American Tank Car first half earnings to govern amount of dJune dividend payment; results probably | under $1 dividend requircment General Baking common share earn- ings. 12 weeks to March 19, 1932 53 cents. Mead Corporation common share earnings, year ended January 3, 1932 38 cents vs. $1.73 in year ended Decem- | ber 31, 1930. Midcontinent Petroleum 1931 deficit 184.962411 vs. net income $1.493,056 equal to 80 cents a common sh National Public Service Corporation 1931 class “A" share earnings after participation privilege $1.85 vs. $2.51 Northern Pacific Railwa March - Nergg refrigerator Organized 1879 JOHN JOY EDSON, President It’s not earn, but TS SAVE = As You EARN using it? IR TR immuunmnm i I 0000 | 52nd YEAR COMPLETED Equitable Co-Operative Bldg. Ass’n Subscriptions for the 102nd Issue of Stock Being Received save that counts. Equitable has a plan of systematic savings that has helped thou- sands to financial in- dependence. Optimistic FINANCIAL ANALYST SEES BETTER TIMES. | | U.S. TREASURY BALANCE. | By the Associated Press. | ~ Treasury receipts for April 11 were | $5,743,749.21; expenditures, $24,355,- | 870.08; balance, $510,304,289.43. Cus- | toms duties for 11 days of April were $7,699,558.58. -—— NEW YORK BANK STOCKS NEW YORK, April 13 (#).—Over-the- counter market: 1 10 (F)—Over-the Chase (3) . Commercial " (8) First National (i90) N.l,{,'"§"(‘:,‘7’ e nal « Pusiic (). 2 TRUST COMPANIES. Bankerst (3 .o rooslyn Trust (16) Central Hanover (7 Chemical (180) _. Continental (1.20}"", Corn Exchange (4). Empire (2) Guaranty (20) Irving (1.69) Manufacturers’ e a0t B o saysluesutse i2i New York Trust (5" Title Guaranty & T: : *Includes extra. Ut (48 il DR. ROBERT THOMPSON, | Who told 250 Washington bankers last ht that a marked upturn is coming | by the end of 1932. He is a noted lec- turer and economi: | carnings expected to show little change | from first two months. Pacific Telephone & Telegraph— | February operating income, excluding cubsidiaries, off 126 per cent; two months, off 20.1 per cent [ | Union Oil, subsidiary Shell Pe- poration—Meets crude oil Consolidated Ol. subsidiary r Refining Co—Marks up tank wagon and seivice station gasoline prices 1 cent a galicn in 11 States. Scuth Penn Oil—Advances Corning » prices 10 cents to 95 cents a 1. | Standard Oil Co. (Indiana), sub- v Midwest Refining Co.—Increases | Creck crude price 15 cents a barrel. | Young (L. A.) Spring & Wire—Had | fit in_ first quarter; March business round 14 per cent ahead of March, 1931. | Auburn Automobile—Common share | carnings. quarter ended February 29 | 1932, 4 cents, vs. $1.06 in quarter ended | February 28, 1931. | WALTER S. PRATT, Jr., Secretary 6,124,601.00 what you what you The A $2.50 Share Are you i = RTINS 915 F St. [ FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value. d . $4.8665 D3l 1391c London, pound. Paris. franc Brussels. beig Berlin, mark Rome.' lira Zurich, franc £ Athens, drachma. Madrid, peseta. .. Vienna. schilling. Budapest pengo.. ... Prague, crown (nom.) Warsaw. zioty..... ... Copenhagen. ~ crown Oslo. crown’ Stockholm, crown out Any Opposition. BY FRANK H. McCONNELL, Associated Press Pinancial Writer. NEW YORK, April 13.—Leading Stock Exchange members report that Richard Whitney, who is Wall Street’s chief ambassador in the senatorial quiz into short selling now under way, will be returned to his office of president of the New York Stock Exchange without | the faintest semblance of opposition. | The Nominating Commitiee of the (Sux‘x Exchange has submitted its can- didates for the various execution offices of the association. Mr. Whitney'’s name headed the list. The election will be held on May 9. To back up their president, who is |regarded by many Wall Street men as | the ablest representative they could se- |lect for the present W: inves- | tigation, the Stock Exchange is now working feverishly on short-selling data. | The exchange has set Thursday as the |day to finish its work. The compilation | will bring the short-selling record up to |the close of business last Saturday. EARNINGS REPORTED. NEW YORK, 13 (A —The American Chicle Teports a met profit of $434,811 for the quarter ended March 31, equal to 89 cents a share on the capital stock outstanding. This compares with a profit of $485.268 in the first quarter of 1931, equal to 97 cents a share. * m;h&mmmuedmm Telegraph Co.,, luding controlled companies, reports for the year ended December 31, 1931, net income of $1,911,709 after - | ation, interest, taxes and other charges, equal to $12.83 a share on the common stock outs! .__This compares with $1,906,170, or $12.52 a share in 1930. PO FREIGHT LOADINGS DROP. By the Associated Press. Load! of revenue freight dropped Off sharply during the week ended April 2 as compared with the previous week. The total, as reported by the American Railway Association, follows, for com- parable periods: | Week ended April 2 544,961 cars | Previous week ++..561,118 cars Same week last year. 727,852 cars e SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Bid. Offer. Allis-Chalmers Co, 55 1937..... 10 18 American Chain Co. 85 1933 . 13 American Tel & Tel. 3'as 1943 101% Amer. Wat Wks. & EL 8s 1094 88' Baltimore & Ohio 4'ys 1933 .. 83 Belding Hemingway Go. 6s 1936 Bethiehem Steel Corn. 55 1938, Canadian Nor. Rwy. 4125 1935 Chi. Northwesiern R. R8s 1933 Chicago Rock Island 4s 1934 Cleve. Lor. & Wheeling §s 1933 Colorado & ‘So. Rwy. 4125 1933 Commercial Credit Co. 5135 1933 Delaware & Hudson Co., 35 Denver & Rio Grands 4155 Gen. Mot Accep. Corp. s 1037 General Fetroleum Corp. 55 1040 General Public Service 5'zs 1039 grand Trun'of Canada 6 1938 ouston exas 55 1933 Humble Oil 525 1933::. Laciede Gas Lisht Co. 55 1934 Loufsville’ & Nashville Se° 1937: . New York Cent. & H. 45 1934, New York. Chi. & St. L. 6 Northwestern Telep. 41 2328z S e8! & v 2oasgs =s§§ggsgsg= 38 Ed = k' & &G Portland General Elec. 5s 1938 Republic Iron & Steel 5s 1940. ..... Sinclair Crude Oil Co. 5'as 1938 Southern Pacific $s 1034, . a2 St. L. IMS. Ry. R & G. 45 1933 Unton Elec Lt. & Pow. 55 1933 Union Oil Co. of Calif. 55 1935 SRR 2L § : 28 Montreal, 93,7, discount. Maryland Virginia' Rwy. & Power 5 Wabash Rwy. Co. 55 1038, o o: 283 ¥ Municipals TAX EXEMPT In Maryland and the District of Columbia Allegany County, School Allegany County, School Anne Arundel County Baltimore County, Pub. Rd. & Sch. Baltimore County, Met. Dist. Cecil County Dorchester County Howard County Montgomery County Montgomery County Queen Anne’s County, Lateral Rd. Wicomico County City of Annapolis, Water City of Cumberland, Gen. Imp. City of Hagerstown, Sewer City of Hagerstown Town of Elkton 4Y5s 4Y,s 41/ 4Y5s 4Y5s 5s 458 458 458 6s S5s 458 458 1944 1953 1940—43 1934—52 1958 1955 1934 1940—50 1932—39 1938—41 1939—40 1938—41 1936239 1951 1943 1946—85 1934—44 Prices on Application ALEX.BRQWN & SONS “Established in Baltimore 1500 WASHINGTON OFFICE: 737 15th St. NW. Telephone, NA. 1053