Evening Star Newspaper, June 23, 1932, Page 14

."’A 14 s¥» e FINANCIAL, " THE EVENING - STAR, WASHINGTON, D. C, THURSDAY, JUNE 23, 1932. GARRETT RETAINED INBROKER MERGER D. C. Office Manager to Be } Partner in Consolidated t Firm. BY EDWARD C. STONE. Following announcement of the mer- ger of F. B. Keech & Co. and Clark, Childs & Co, New York Stock Ex- change houses, it was learned here to- day that the Wash- ington office of F. B. Keech & Co. will remain under the management of * George A. Garrett, one of the Keech partners. The mer- vill become ef- ‘will become a part- ner in the consoli- dated firm. The local office will continue with its present personnel. Mr. Garrett has been in charge of Keech’s Washing- ton office for many Yyears. It was located for a long time in the 1500 block on H street and was moved from there to its present loca- tion at Seventecnth and H streets. The firm does a regular stock and bond business and has also made a Ieature of the commodity markets. The merger with Clark, Childs, was brought about to do away witu the expense attached to ccmpeting offices. Both firms have had offices in Provi- dence, R. I, in Brooklyn, N. Y., thres each in New Yor . one each in Detroit and one each in Chicago Com- bining th-se competing cflices will m & vory large savin Both firms are among the older mem- bers of the New York St Exchange. The consolidated firm w as Clark, Childs & Keech. Progress Toward Normal Levels. “Normality as a fixed permanent standard is an illusion never to be realized. The immediate goal that we | ,actually seek,” says the Magazine of yiWall Street, simply an improve- /ment over present conditions of unem- ployment and dwindling profits. The more vague goa! of the longer future perhaps can be defined as the estab- Jishment of business on a level as com- fortable as possible for a maximum | number of our people. “In the attainment of either of these ©bjectives it is idle to think in terms either of 1929 or of 1913. Both_years | are ancient history. New coneitions | confront us and prosperity will depend entirely upon our adjustment to them. | In many respects the neccssary adjust- ments may differ from the adjustments | of the past. “Despite a tremendous agitation for plans and remedies, the greatest hope of the future lies, as. it always hag i in the slow and painful correction® | forced by the natural functioning of economic laws. This has always worked | ore an ultimately satisfactory | n. All cther suggested processes of cure lie largely in the realm of | theory. This is the simple and in-| evitable cyclical prospect. It will be| based upon the paying off or adjust-| ments of debts, Georse A. Garret. the accumulation of | savings, retrenchment in production, the | wearing out of old goods and the ac-! cumulation of demand for new. “In adjustments of this kind we have already made great progress, perhaps | enough to justify a reversal of the busi- | ness trend before many more months | have passed.” Thorpe Deplores Tax Burdens. Local bankers are still talking about the speech that Merle Thorpe. editor of the Nation's Business. made at the Hot Springs convention. “When I ad- dressed you seven years ago,” he said. “we were paying $1 out of each $7 we earned for Government _activity. whereas today we are paying $1 out of every $350 that we earn “If you will take out your watch and note the second hand, when it goes | around one minute the people of ihe United States will have paid $19.000 | du that_minute for governmental activities. During that same minute | the Federal Government will have ex- pended $5,300 more than it took ir $7,800.000 a day, in the 24-hour day more than it takes in. “Seven years ago we earned from | 80 to 85 billions of dollars: today the | estimate is around 52 billions. Today | our percentage of earnings that go for governmental activities s twice what it was seven years ago. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Daylight Saving Time Is Used in All Market Editions. ~Prev. 1932 High. 30% 16% 6215 16% ™ 6l 8713 10 “I do not believe we will get out of | —— the depression until this Government overhead is reduced. I do not believe any private business could endure under such a tremendous overhead in the light of changed conditions,” he de- clared. Today’s Trading on Exchange. On the Washington Stock Exchange today three small lots of Potomac Elec- tric Power 5!, per cent preferred sold at 1013, and another small lot at 10115, The day’s only bond sale was in Wash- ington Railway & Electric_ds, $1,000 changing hands at 80!, ‘The list of stocks now being quoted without the recently declared dividends was ex- tended today by the addition of East | Washington Savings Bank, National Union Fire Insurance Co. and the Nor- folk: vashington Steamboat Co.. the b directors having just declared the usual 3 per cent quarterly payment. Bethesda Bank Votes Dividend. he hoard of directors of the Bank of Bethesda, at their regular monthly meeting, declared the usual semi-an- nual dividend of 3 per cent, payable June 30 to stockholders of record June 20. Bethesda Bank stock has been listed on the Washington Exchange for several years. The last sale on the exchange was made at $58 a share. Members of the District Bankers' Association, at their usual weekly Juncheon yesterday. discussed the working of the new 2-cent revenue tax on bank checks. The recording of the new tax by the local banks is going along smoothly, as the details involved had been worked out so well in ad- vance. It is reported that bank patrons are fmaking mild protests over payment of the check tax and are showing an equal lack of enthusiasm over the 10 per cent tax on safe deposit boxes. Brokers Post Tax Notices. Notices have been posted in the local brokerage offices showing that the new Federal tax on stock transfers, which awent into effect Tuesday, will amount to 4 cents per share on the bulk of listed issues, since the average [rice is now ittle more than $12. The law provides. however, that when shares sell at $20 ©or more, the tax shall be 5 cents. The 40-pound steel check for $7,500, Mwhich Lieut. Harry A. Slade, U. 8. N., Teceived as winner of an essay conlest| sponsored by a welding company, has been cashed by the Union Trust Co. @nd shipped to a bank in Cleveland on vhich it was drawn. S. William Miller, ssistant treasurer, guarded the ‘check’ gmm any “kiting” or other form of orgery. This is the check that was 3ndorsed with a welding torch. Pennsylvania Railroad stockholders ncreased during May to a record high of 249,977, as’ of June 1. A year ago the total was 241454 . First Returns on Tax. NEW YORK, June 23 (#).—First re- turns made by business men on the manufacturers’ excise and miscellaneous taxes must cover the period up to the d of this month, and the taxes must e paid on or bcfore July 31, according | ¢ Walter E. Corwin, internal revenue &711?# for the first district¥ef New or] 89 28% 167 87 59% 35 . 25% Stock and Low. Dividend Rate. 12 " Adams Millis (2).... 3 44 Affiliated Prod 1.60.. 8 3414 Air Reduction(14%). 35 % Alaska Juneau (50c). 15 % Alleg Cp pt $30 ww % Alleg Cp pf $30 xw. 47 Allied Chemical (6) 9614 Allied Chem pf (7). 5% Amal Leather pf 12 Amerada Corp (2 6% Am Brake Sh&F (60¢) 40% Am Brake Sh pf (7). 328 Am Can Co (15). . 16% Am Car & Fdy pf (7). Bales— AmChicle ( : Am Com Alcohol new Am & Foreign Pwr. . Am&Forgn Pw pf(7) Aun & For Pwr 2d pf. Am Home Prod 4 AmIce (2).... % Am Locomot pf (7).. Am Mch & Fdy 1.40.. Am Pwr & Lt (1). Am Pwr & Lt pf (6).. AmP&Ltpf A (5).. Am Radiator Am Rolling Mills Am Safety R Am Am Smelt & Ref S| Am § s Am Tel & Teleg (9). Am Tobacco (16) . AmTobacco B (16) . Am Tobacco pf (6). Am Water Wks ( 4 Am Woolen pf Anaconda Copper. Armour of 111 (B). Artloom pf.. . 4 Atchison (4) Atlantic Co: Atlantic Refining (1) Auburn Auto (f4).... 121 Aviation Corp (De 15 « Baltimore & Ohio. ... 5 6 Baltimore & Ohiopf. 1 P (6iz).. 108 nsdall Corp. . . & 1k Cigg 1SUpT(T) . ding-} 413 Bendix A 5% Best & Co. Bethlehem thlehem Borden Co 3org Warner Boston & Maine. Briggs Mfg Co. ... Bklyn Manhat Tran. . Bklyn-Man Tr pf (6). Brown S . Budd (E ¢ Bullard C 3 108 4 20% « a Dry Canadian P Capital Admin (A) Capital Adminis pf “ase (J 1) Co ase (J 1) pt (7) ‘aterpillar Trac 50c. ‘ent Agu “entury I “erro de Pasco *hes & Ohio (212). “hesapeake Corp ( *hi Mil StP & F alm-P pf (6).. “olorgdo & Southern. “olumbia Gas (b1).. m W). 20 ‘omel Cred 1st(6%2). 1 ‘omcl Inv Trust (2). ‘omel Inv cv pf(e6). ‘omel Solv (60¢). ... ‘omwlth & Sou(30¢). ‘omwith&Sou pf (6). Impf...... Y (4).. “onsol Gas NY pf(5). “onsol Laundries(1). “ont Insurance (1 “ontl Motors “ontl Oil (Del) 5 “orn Products (3)... “orn Prod pf “oty Inc. ‘ream of W ‘rown Ck & ‘rown Cork pf ‘rucible Ste “urtis I “urtis Publis] ‘urtiss Wright. . 115 Curtis Wright (A) 1 Davison Chemical. .. 37 - Delaware & Hud (9). 815 Delaware Lack & W. 12 Diamond Match (1).. 23 Drug Corp (4)....... 25% Dupont de Nem (3). . Elec&Musical Instru. Elec Pwr & Lt (1)... ec Pwr & Lt pf(6). Storage Bat (3). 215 Fashion Park As pf. 4513 Firestone T&R pf(6) First Natl Strs ( 14 Fisk Rubber. 74 Florsheim pt 10% Fourth Nat Inv 1 x Film (A). Gamewell Co uen Am Investor: Gen Am Inv pf V... Gen Am Tank Car(1). Gen Asphalt (1). Gen Baking (2). Gen Baking pf (8) Gen Cigar (4)... Gen Electric (40c) 10% Gen Elec spec (60c) . 19% Gen Food Corp (3)... 13 Gen Gas & Elec (A).. 3% Gen G&E cv pf A(p6) 8 Gen Gas&El pf A(8). Gen Mills (3)....... Gen Motors (1) 613 Gen Motors pf 3% Gen Outdoor Adv % Gen Realty & U 5 Gen Realty & U 2% Gen Refractories. 10% Gillette Saf Raz (1 314 Glidden Co. 25 Gobel (Adolf). 8% Gold Dust (1.60) 24 Goodrich (BF). 5% Goodyear Tire&Rub 19% Goodyear 1st pf (7).. 7% Gotham Silk Hosery. 1 Graham-Paige.q... 1415 Grant (W T) (1) 5% Great Northern Ure.. 4! % Grigsby Grunow .. .. Hacken Wat pf A 1% 20s 28 8% 19 30s 1iolland Furnace (1). 1% Houston OIl (new). . 8 Hudson & Man (3%). 24% Hudson Man pf (5).. 24 Hudson Motor Car... 1% Hupp Motors Illinois Central. Indian Refining. Industrial Rayon (2) Ingersoll Rand (3)... 4 Interboro Rap Trans. Intercontl Rubber. .. Int Bus Machine(n6) Int Harvester (1.80). i Int Harvester pf (7). Int Hydro-Elec (A).. Int Nickel of Can. ... Int Nick Can pt (7).. Int Shoe (3)... 26 Int Silver pf (4). 2% Int Tele & Teleg. . 154 Jewel Tea (143%).000 10 Johns-Manville...eu TSI - ETrI-Tr 8S . a o R upRund Add 00. High. 15 ++ 111++ FEEE L L+ 3 FhE 4+ 44 % % % - "= h -2% + % +1% -1 -1 -% - % -% —2% +1 % + W +1% - % + % ~Prev.1933— Stock and Bales— High. Low. Dividend Rate. Add 00. High. 2% Kansas City Southn. , 1 3% 3 KaufmanDS (80c).. 5% Kayser (J) &Co..... 1 Kelsey-Hayes Wheel. 2% Kelvinator Corp. . 5 Kennecott Copper. .. 4% Kinney (G R) Co pf. 8% Kresge (SS) Co (1). 18% 10 Kroger Grocery (1). 56% Lambert Co (15) . R 3% Libbey Owens Glass. 59% 324 Liggett & Myers(15). 344 Ligg & Myers B (15). 14 Lily Tulip Cup (1%). 13% Loew’s Inc (14) 16% 9 Lorillard (P) (1.20) 23% 8% Lou Gas&El A (1% 32% 7% Louisville & Nash 9% McAndrew Forbs(1). 10 McCall Corpn (2).... Mclntyre Pore M (1). McKeesport TP (4).. McKesson & Robs pf. McLellan Stores Mack Trucks (1). Macy (HR) (n2). Madison Sq Garden. . Manhat Elev mod gtd 4 Manhattan Shirt. .... 3 Marine Midld (80c) May Dept Stores 1.80. Miami Copper Mid Continent Petm. Midland Steel Prod. . 4 Missouri Pacific pf. .. Mohawk Carpet..... Montgomery Ward. Morrell & Co (2) Motor Meter G Motor Products (2) Motor Wheel. ... 215 Murray Cory » wonBneeBmon aeanmRe " Fl++ 4 ash Motors (2). at Biscuit (2.80) Biscuit pf (7 at Cash Reg (A) v (2.60) at Lead pf A (7) at Pwr & Lt (1). ¥ Chicago & ' & Harlem (5) ¢ Investors 90 N Y Steam Ist pf(7). 6115 Norf & Westn (12).. Norf & Westn pf (4). 20 North Am Aviation. . or Amer (b10% stk). orthern Pacific 100 Ohio OIl (a: 1% Omnibus Corp. . ... Otis Elevator (1') 1% Otis Steel......... 167 Pacific Gas & F acific Tel&Tele Paran Patino Mines Penney (J C) (2.40) Penna Raflroad. . ..., Peoples Gas Chi (8) Pere Marquette. ... .. Pere Marquette pr pf 110, Petrol Corp of Am Phelps Dodge. . Pirelli (A) ( Pitts United pf. Prairie Pipe Line. . Proct & Gamb (2 Public Pullman Corp Pure Oil. Purity Baki Radio Corp. Radio Corp pf B Radio-Keith-Orph 3 RR Sec 111 Cent Stk.. 508 s-Man (60c) 6 1Silk Hosiery. . . Real Silk Hosiery pf. Remington-Rand. Reo Motor Car Republic Steel Republic Steel pf . Revnolds Met (112 Reynolds Tob B (3) Richfield Oil. ... o 2 = » L-San Fran pf. avage Arms chulte Ret § [N Servel Inc. Shell Union Oil. Shell Union Oil pf. ® 4 South Port Rico Southern Cal Southern Pacific Stand Brands (1.20). Stand Brands pf (7). R e EEH RS0 PP TS - P P S oI - e - and Gas&E1 pf (6). and Oil Calif (2). Stand Oil Kansa: " Stand Ol N J (12).. Sterling Secur cv pf. Stewart Warner Stone&Webster(50c) Sun Ol pf (6)..... Texas Co (1). Tex Gulf Sulph Tex Pacific Land Tr The Fair Thompson Starrett. . Tide Water As=o Oil. Tide Water As pf (6) Transamerica Corp. . % Tri-Const Corp. g ‘Truscon Steel. 1414+ 1) 44+ + Underwood-EI-F (1). Un Carbide & C(1.20) Un Oil of Calif(1.40). Unlon Pacific (6) . 4 Unit Aircraft....... Unit Afrcraft pf (3) Unit Carbon Unit Corp (4! Unit Corp pt (3 Unit Electric € Unit Gas&Im( TUnit Gas&Im pf (5) U'S & Forn Secur. U S Gypsum pf ( U S Indus Alcohol 1S Leather. U S Pipe & Fdry (2 U S Realty & Imp. U S Rubber. ... . {7 Smtg & Ref (1) 7S Steel pt (7). niv Pic 1st pf (8). 1% Util Pwr & Lt (A) 5% Vanadium Corp. 13 Va-Car Chemical. 6% 3% Va-Car Chem 6% pf 39% 20 Va-Car Chem 7% bf. 88% 60 VaElec&Pw pf (6).. 10s 29% 8 Vulcan Detinning.... 10s 19 Waldorf Sys (1%3)... 1 4% Warn Bros Pictures.. 1 | 18w Wesson Oll&Sn (1). & 50 Wesson O&Snpf (4). 1 [ 70 West Pa Elec A (7).. 108 70 West Pa Elec pf (6). 1108 | 110 West PaPwrpt (7). 108 % 4 Western Maryland. 1 i 50 Western Union. 19 1% Westing’se Air B(1). 3 Westinghse Elec (1). 34 Westinghse 1st (31%) 708 White Sew Mch pf... 1 .2% Wilcox Oil & Gas. .. 6 % Willys-Overland. 22 Woolworth (2.40) 5 Worthington Pump. 4 Youngstown Sh&Tu. 2 4% Zonite Products(60c) +1 Sales of Stocks on New York Exchange. 10:30 AM.. 1 129 6 17% 9% 100.000 800,000 Dividend rates as given in the above tables are the annual uau payments based on the latest quarterly or half-yearly decla- rations. “Unit of trading Jess than 100 shares. tPartly extrs. $Plus 4% in stock aPaid this year—no regular rate. b Payable in stock. _e PAyable in cash or stock. fPlus 8 in stock. h Plus 2% . /i Plus $1 in special preferres ;. k. st ear o reguist fave. B FiLs 5% 1h siot” b Pavebis % |sion brokers and their staffs contin- 1 of the professionals and outside inter- 7 | the Northwestern States and Canada. | *| quarterly common dividend of 50 ce +| terly dividend; paid 25 cents on April | quarterly dividend on class A partici- " like 1931 period; Chesterfield sales de- % in United States tax; paid withdrawal %+, American depository receipts for ordi- FINANC IAL. BROKERS CUT STAFFS |U. S. GOLD STOCKS GAIN |MASS PRODUCTION AS TRADING DECLINES Recent Slump in . Volume Transactions Is Contrast to Days of 1929. of By the Associated Press. NEW YORK, June 23.—A good deal of Stock Exchange machinery has been dismantled as a result of the transition from four and five million share days to the current relatively trifling volume !of a few hundred thousand shares daily. | In the earlier stages of the depres- ued to have plenty to do because so many people wanted to dump their securities. But recently liquidation has declined decidedly and the public has shown little inclination to have any- thing to do with the market, either in- vestment-wise or speculative-wise. Hence the business of ‘he brokers has been dwindling. ‘The ax has fallen in many places‘ as evidenced by the fact that some of the larger commission-wire houses, which in 1929 had as many as 500 or 600 employes, now have staffs of 100 to 200. Some of the investment bank- ing firms have cut their organizations quite as drastically, and still are trim- ming wherever possible. Costly electric quotation boards have also been dis- continued for the time being. Another avenue of escape chosen by some firms from a too burdensome overhead has been in consolidation with other firms. But in spite of the unhappy turn of events for the brokers, there has been no great loss in the number of Stock Exchange firms from the peak number of 1929. As of June 1, there were 605 active partnerships. comparing with 621 on January 1. 1932, and 665 on Janu- | myrl, 1929, the latter being the record | igh. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK. June 23.—The following | is a summary of important corporation | news prepared by the Standard Statis- tics Co., Inc, New York, for the Asso- | ciated Press: News Trend. Imposition of a tax on commodity | future trading, which became effective | on Tuesday, has found reflection in a | | further diminution of speculative inter- | {est in the wheat market. The levy of 5 cents a bushel on each $100 valuation of futures, or at cuzrent quotations, |$2.50 on each 10,000-bushel transac- tion, may tend to limit the operations ests. With the new crp soon coming on the market, it is believed that specu- lative support will not be sufficient to lift the hedges. Recent bullish rains in the Southwest have been offset by continued favorable crop reports from | " Aggregate active spindle hours United States cotton mills were 4.5’ millions in M2y, compared with an | average for the preceding four month of 6.233 millions and with 6,483 millio: average in 1931. The curtailment activity from April was 11.9 per cent while from May. 1931, it was 320 per | cent. Thus, mill operations confirm | | the previous bearish indications of the May cotton consumption figures. which were reduced 28.6 per cent from May of last year. Only extreme damage to| | the growing crop, which now gives a| | harvest indication around bales, would apparently suffice to nullify the influence on prices of heavy sup- plies and low consumption. The Companies. American Shipbuilding Co. declared | in| | paid 75 cents on May 2 | $1.25 was paid quarterly Briggs Manufacturing passed quar- prior to whic 25, 1932 Ferro Enamel Corporation passed | pating stock: paid 50 cents on March 31. | Insuranshares Corporation of Dela- ware liquidating value June 10, 1932, $5.62 a common share vs. §9.40 Decem- ber 31, 1931. Lehigh Coal & Navigation declared | quarterly dividend of 20 cents; previ- ously paid 25 cents quarterly. | American Power & Light Co.—Gross earnings of subsidiaries in 12 months ended April 30 declined 6 per cent; net income was off 12.7 per cent. Auburn Auto sales in_ six months ended May 31 totaled 6.516 units vs. | 25021 units in the like period preced- | ing year. General Tire & Rubber—Business volume in current month largest in company's history. Gulf Oil Corporation subsidiary in- creases price of United States motor gasoline ': cent a gallon. . Madison Square Garden Corporation profit from Schmeling-Sharkey bout es timated at $120,000; gross receipts were $474.000. Swedish Match Co. 1931 operations, without regard to subsequent disclosures, reported to have shown net loss of 25, 000.000 kroner, compared with ne profit of 57,000,000 kroner in 1930. Western Pacific Railroad Corporatio: May net operating deficit of Western Pacific Railroad Co. was $9,641 vs. net | operating deficit of $131,704 a year pre- | vious; five months, net operating deficit | $433.810 vs. net operating deficit of | $557.350. De Forest Radio Co.—Two equity Te- ceivers have been appointed for com- pany by Federal Court, Newark, on ap- | plication of creditor. Garlock Packing Co. declared quar- terly common dividend of 10 cents; previously paid 15 cents quarterly. Johnson Motor Co.—Two receivers| were appointed for company by Federal | Court, Chicago. in friendly action. Laclede Steel Co. declared quarterly dividend of 15 cents; on March 31 paid 25 cents. McLellan Stores Co. took no action on quarterly dividend on preferred stock ordinarily declared at this time; last payment was $1.50, on April 1, 1932. Electric Power & Light Corporation directors took no action on second pre- ferred and common dividends; paid $1.75 and 25 cents, respectively, on May 2. General Tire & Rubber—Passed quar- terly dividend on preferred stock; last payment, $1.50 on March 31. Handley Page, Ltd.—Declared, final | dividend of 5 per cent on 10 per cent non-cumulative preferred stock and on American depositary receipts for that issue. Liggett & Myers Tobacco Co. earn- ings thus far in 1932 reported ahead of i cline is smaller than 14 per cent drop figures, smoking tobacco sales are show- ing gains. St. Louis-San Francisco Railway May deficit after charges (system), $892919 vs. surplus of $11,175 a year previous five months’ deficit was $4,786,964 v. deficit of $987,404. Woolworth (F. W.) & Co., Ltd.—De- clared interim dividend of 19.6 cents for year ending December 31, 1932, on nary registered stock. Sweets Co. of America passed quar- terly dividend on common stock; last payment 25 cents on May 2. Minneapolis, St. Paul & Sault Ste. Marie Railway May deficit after charges of system, $835,856 vs. deficit of $605.- 487 a year previous; five months’ defi- cit, $4,539,738 vs. deficit $3,322,821. Wisconsin Central Railway May net loss was $285,035 vs. net loss $204,296; five months’ net loss was $1,503,086 vs. net loss $1,526,962. S Food Index Increases. NEW YORK, June 23 (#).— Brad- street’s weekly food index registered 21, rmum to slhllz lnlm‘uk:ln.ldledhdw HEt 11,500,000 | 5 | Louis-San $2,980,200 DURING DAY By the Assoclated Press. NEW YORK, June 23.—Gold trans- actions reported by the New York Fed- eral Reserve Bank yesterday resulted in a net gain in this country’s stocks of monetary metal of $2,980,200. The amount of metal under “earmark” for foreign account decreased $9,010,400, | but exports aggregated only $6,030,200, which presumably indicated that some metal which had been set aside for for- eign account here was used to pay off foreign obligations in this country. All of the exported metal was for Switer- land, save $30,000, which was shipped to England. These were the first important gold transactions this week. Washington Produce Butter—One-pound prints, 93 score, 20; 92 score, 19; standards, 18. Tub, 93 score, 19; 92 score, 18; standards, 17. Eggs—Hennery, 14; current receipts, 12. Poultry, alive—Turkey hens, 12; toms, 10; crooked breasts, 10; Spring kroil- ers, Plymouth Rocks, 2!: pounds and over, 18a20; 2!, pounds and under, 16a 18; Rhode Island Reds, 15a17; mixed colors, 14a16; Leghorns, 14al6; hens, colored, 13a15; Leghorns, 12; roosters, 8. Poultry, dressed—Turkeys, hens, 5 toms, 13; crooked breasts, 13; Spring broilers, Plymouth Rocks, 2'2 pounds and over, 21a23; 2, pounds and under, | 1 Rhode Island Reds, 18a20; mixed 17a19; Leghorns, 17al19; Leg- horns, 15; roosters, 11; Long Island ducks, 14al5: hens, colored, 16a18. Meats—Beef, 13; veal, 12; lamb, 17; pork loins, 14; fresh hams, 13; smoked hams, 14! strip bacon, 14; lard, T; compound, 6. Live stock—Hogs, light, 4.00a4.20; me- dium, 4.00a4.20; heavy, 3.25a3.75; pigs, 1.50a2.75; calves, Fruits—Watermelons, Georgia, 30 to 40 pound average, 60a75; Florida, 28- pound average, 50; cantaloupes, jumbos, a3.50; standards, 2.75a3.00; honey- 2.00a2.25; honeyballs, 2.75a4.50 box stock, 1.50a2.00; peaches, Carolina, bushel baskets. 3.50a 400; apricots. 150; plums, 125a150; oranges, California, 4.00a4.50; lemons, 4.0024 50, limes,-per 100, 2.00a2.50; figs, 1.00a1.25; pineapples, 250a2.75; alli- gator pears, 1.50a1.75; cherries, Cali- fornia, 2.00a250; strawberries, 4.00; raspberries, red, 30; black, 25; black- 0a2.25. daw —Potatoes. new, per barrel, ; old, 100-pound sacks, 1.00a . 50265; string beans, 75 peas, 250; squash, 1.00a 3 50a60; spinach, 1.00al1.25; squash, 50a75: cucumbers. 50a75: car- rots, per 100 bunches, 4.50: beets, per 100 bunches. 4.50; corn, 1.50a2.00; cab- b 25a1.00; lettuce, Iceburg, 5.00a : homegrown. 1.00; peppers, fancy. | 4.50; choice, 2.00; asparagus, 1.00a2.00° caulifiower, 2.00a 235 tomatoes, lugs, 150a2.00; flats, 8521.00; homegrown, ponys, 2.00. TIN CURTAILMENT PLAN eggplant, 2.50; TO BE EFFECTIVE JULY 1 jsurpius Associated Press. b EW YORK. June 23 —The modified | capital and $100.000 surplus Byrre plan for curtailment of produc- OF HOUSES PLANNED Homes to Be Sold on Same Plan as Automobiles by New Firm. Special Dispatch to The Star. NEW YORK, June 23—The first day with the formation of General Houses, Inc. This corporation, by mass | Production metkods, sach as those used by the automotive industry, plans to ouild houses by units, assemble them with a small crew in four or five days and permit the home buyer not only to pay for them on the installment plan, but to trade in the houses after a few vears, as first payment on larger or better models. The houses, to be made of pressed steel, one story in height, are to be equipped with ~ electrical refrigeration, FLeating units, plumbing and wiring. (Copyright, 1932.) AUTOMOBILE OWNERSHIP By the Associated Press. Automobiles owned throughout the world at the close of 1931 were esti- mated by the Commerce Department to have numbered 35,263,397, compared with 35,805,632 at the close of 1930, a | decrease of 1.5 per cent. Passenger cars declined 2.1 per cent, compared with 1930, while trucks and busses increased 1.4 per cent anc 6 per cent, respectively. The relative importance of leading motoring countries, from a numerical standpoint, showed little change in 1931, with the exception that Prance sup- planted England in second place. Fol- lowing the United States, with registra- tions of 25,986,353, a decrease of 711,045 during the year, were: France, with 1713368, a gain of 253.718: United Kingdom, with 1,570.173. an increase of 40901: Canada, with 1186.960, a drop of 37,138; Germany, wish 672,633. a de- crease of 6,667, and Australia, with 523, 095, a decrease of 40.562. Argentina, Italy. New Zealand. Spain, der named. Spitzbergen, with only one truck, was last in the rank of automo- bileJowning countries. A study of registration figures re- vealed no special consistency from a geographical standpoint in the changes | of ‘ownership of automobiles. |NEIGHBORHOOD BAfiKS | ARE CLOSED IN CHICAGO By the Associated Press CHICAGO, June 23.—Several neigh- Borhood banks were closed today by | State or National bank examiners. The Hyde Park-Kenwood National Bank, the Jackson Park National Bank and the South Shore State Bank. all owned by John A. Carroll. failed to open. The Hyde Park Bank had $3.200.000 on deposit, $600,000 capital and $400.000 The Jackson Park National |had $800.000 deposits, $200.000 capital and $50,000 surplus. The South Shore | State had $500.000 deposit, $200,000 The Cottage Grove State Bank. an- tion of tin has been approved by the |other South Side institution. was also *ignatory governments and will be put | closed. Its capital was $200.000 and into effect on July 1. says the New York | surplus $100,000. The State auditor had office of the International mittee. Tin Com- The plan provides for cessation ' no_estimate of deposits. Twenty-five smaller banks in the city of production or rigid control of output | have falled Within the past two weeks r 10 months of the metal so Rail Dividend Reductions. NEW YORK, June 23 (Special).—One of the last of the railroads to be af- fected by reduced earnings is the Rich- cksburg & Potomac, which line between Washington chmond. controlled by the Penn- vlvania, Baltimore & Ohio, Atlantic Coast Line, Southern Railw. Seaboard e and Chesapeake & Ohio. Last road had a deficit of $134,000 ends. It has now declared -annual dividend of $2 a share, | $4 a share previously. The Railroad Securities Co.. which represents the leased lines of Illinois Central, has omitted its dividend. The Union Pacific is an important holder of its shares. POTATO MARKET. CHICAGO. June 23 (#) (United States Department of Agriculture). — Potatoes —Receipts. 50 cars: on track. 165 new. : total United States shipments. 859; new stock about steady, supplies moderate, trading moderate; Southern Bliss Triumphs, U. S. No. 1, most cars slightly to heav decayed. 1.30al. others, 1.00a1.25; Irish Cobblers, U. S., No. 1, 1.30a1.35; decayed. 1.00a1.25: old stock. weak, trading very slow; Idaho Russets, 90. Rail Deficit Reported. NEW YORK, June 23 (#)—The St. Francisco Railroad system reports May net railway operating in- | come of $257.505, compared with $1,- 1026,097 a ear ago. Deficit after charges was® $892,919, against surplus of $11,175 in May, 1931. Authorized Service A. C. & Northeast Speedometer Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 15834 The Trade Mark Guaranteeing Satisfaction Berloy Steel Trinsfer Cases provide instantly accessible, dust and rodent proof containers for non- current records. Two grades — commercial and standard—in all sizes fulfill any requirements for non- current record filing. STOCKETT- = KE PRODUGING STATIONERS W and August, and thereafter for | — the rate of 10 per cent a| Bank of Efigland Statement. | LONDON. June 23 (\—The weekly statement of the Bank of England | shows the following changes in pounds: 1 Total reserve increased 134000: circu- | lation increased 1.122.000; bullion in- creased 2.305.000: public deposits in- creased 15.010.000; other deposits de- creased 14.738.000: notes reserve in- creased 119.000: government securities decreased 2130.000. The proportion of the bank's reserve | to liability is 37.17 per cent, compared with 37.15 last week. Rate of discount, 2'. per cent. General Insurance Life. Fire. Automobile. Liability. Bonds. Windstorm, Accident. 'Health, Burclary, Hold-up, Workmen's Compensation Thos. E Jarrell Co. W. NAtional 0765 With Safety In Guaranty First Mort- gage Securities. Well se- estments in denominations 't "DEFERRED PAYMENTS Estate Mortgage and Guaranty Corp. 1610 K St. Nat. 1403 Real Fifteenth St. Capital, Apartment House of F l‘i“n’ | stk be 925 15th St. N.W. concrete attempt to apply machine-age | methods to housing was announced to- | CENSUS IS ANNOUNCED | Belgium and India followed in the or- | about the adva W and voluntaty that has chara banking service for over 118 years. National Metropolitan Bank MANAGEMENT STOCKS ARE FIRM RS MARKET CLOSES |Advances Outnumber De- clines After Irregularity in Earlier Trading. BY GEORGE T. HUGHES. Special Dispatch to The Star June 23— Taking it as ck market today wi steady affair. Volume. was el oay changes mostly fractional, but there was no pressing liquidation and a slight pre- ponderance of advances at the end G "rr::‘rma{)lwt: was irregular during the moming, sharpened in the after- One of the most disturbing st was that reisting to variow presirony stocks. Omission of the dividends on American Smelting & Refining senior Issues earlier in the week was still lead. 1ing tod:y to question of the safety of other dividends and to liquidation in stocks where there was absolutely no doubt_about the dividend. In the first | classification comes United States $teel preferred, which in the first hour dupli- cated its previous low, rallying, how- ever, subsequently. The best judgment in the Street is that the Steel preferred dividend will be paid as a matter of principle, regardless of earnings, as the Steel Corporation is well able to do, ‘BuA: h«l::’n»rs are timid 4 nother preferred undet pressure—it takes only a limiten cooracs of stock to depress prices in this dull market—was Motors. which where the yield 82 pffi Llr;:\: a'rll-.c‘r’é Is absolutely no question about the s ))n‘{(-rred dividend e market was no: entirely even during the earlier regulnciy "i‘,‘g"f was strong, responding to o inancia: posity Case showed signs of support. not Sy clent to worry the short interest be- lieved to be outstanding in that stock, but significant of what might happen With an issue of so small a floating Auburn ran up 3 or 4 points. L Distilers Product: advanced er of the group wi benefit if prohibition is e T Standard stocks varied little one way or the -other. American Can made a new bear m ket low by a fraction on doubts about dividend policy. American Telephone held above its old low dur- ing the morning. General Electrie, General Motors, Air Reduction and Consolidated Gas were unimportantly ged. American Power & Light itly higher on_ its earnings ctatement and the official assurance in regard to bank loans both for the par- ent company and the stibsidiaries. EASURY BALANCE. receipts for June 21 were 11 expenditures, $14,290,- nce, $632,940,372.70. Customs 21 “days of June were 512,036,263 25. NEW YORK BANK STOCKS NEW YORK, June 23 (#).—Over- the-counter t a whele, the s report: ANNUITIES PROFITABLE—SAFE ALL FORMS—ALL AGES Representing Old Line Companies WYNDHAM R. WILLS Insurance and Arnuity Broker 21 "YEARS EXPERIENCE Chandler Bldg. MELt. 2719 Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W. Bank in ict ot Columbia Ask Your Lawyer itages of a Corporate h as this veteran bank, to have him drait your e discharge tr mentary with the e efficien rized “Metropolita opposite U. S. Treasury Surplus and undivided Profits, Over $2,300,000.00 'ALK with us about taking over the management of your apartment house proper- ties. the assumption of every detail Our service provides for operation — from rental to upkeep—and the net result to you will be relief from all worry and the fullest financial return. Consultation imposes no ob- ligation—and our service will rendered for a very nominal fee. B. F. SAUL CO. ; Nat’l 2100