Evening Star Newspaper, July 13, 1932, Page 12

A1z ®E2 FINANCIAL. THE EVENING STAR.- WASHINGTON, D. €, WEDNESDAY, JULY 13. wINANCI AL. BANKERS PLEASED . WITH MEYER TALK ;Beserve Board Governor | Optimistic on Business. B Credit Men Elect. i BY EDWARD C. STONE. Local bankers are pleased with the optimistic tone of the statements made by Eugene Meyer, governor of the Fed- ‘eral Reserve Board, before the House {Rules Committee in which he called attention to the 1mgrovement in com- \modity prices and the better grades of sccurities. If this continues, Gov. Mever asserted, it may represent a really Worth while upward _trend. He stated (hat he is optimistic. but added that Tecovery rests in the hands of the American people. Gov. Meyer called especial attention 1o the recent increase in hog and beef cattle prices, adding that loans in the corn belt had enabled resumption of feeding operations. Banks have become encouraged to make loans because of the improvement in prices, he said. In the cotton producing areas condi- ; tions have been bad, he said, but pros-{ pects are for a smaller crop during the coming year, a_situation he considers encouraging. His next statement re- called the advice given by former Sec- retary Mellon when he said “Now is the time to buy bonds,” Gov. Meyer Jstating that “Now is the time to buy .cotton as it is rediculously low in price.” % Mr. Meyer declared that there was o lack of sufficient currency to carry | on the business of the country but Jhe feared there was a lack of courage Son the part of the people to carry on Zpusiness and buy commodities at what | “he believed to be the lowest level there | awill be in the next five years. « Governor Meyer answered questions “ith regard to withdrawal of gold bal- ances of foreign countries. He explained “that the foreign countries held large bal- Jances in this country immediately fol- Jowing the more prosperous times, and Xhat as conditions warranted these with- drawals were made. France, he ex- plained, has withdrawn all of her bal- ances except those actually needed to meet obligations in this councy. The 'Reserve Board governor com- mended the present Congress for en- sctment of constructive legislation. » Tastet Heads Credit Association. Waldo J. Tastet. official and director of Fries, Beall & Sharp Co.. was elected “president of the Washington Associa- “ion of Credit Men at its annual meet- ng yesterday. Mr. Tastet has been ctive in association work since 1922, at =yhich time he was credit manager of Sohn H. Wilkins Co. Since 1924 he nas Been nssoclated with Fries, Beall & Sharp Co. as _credit manager and di- aector. Mr. Tastet has also been a strustee and treasurer of the Adjust- Sment Bureau since 1927. By the elec- ion the association named one of the Lyoungest credit executives in its history oo guide it in its activities. = Louis M. Hewlett, secretary and as- Sistant treasurer of Griffith-Consumers “Co., was named vice president of the “®rsociation. Mr. Hewlett has served «any years as a director and has been Seective in its work since its organization. == Directors elected include Charles W. “®layton of F. P. May Hardware Co., R. | sse Chaney of Commercial National 1k, Thorpe G. Drain of Rosslyn Steel =& Cement Co.. A. E. Kostulski of Gray- Ybar Electric Co, Maurice H. Mazo of Mazo-Lerch Co., Inc., Lister T. Watts of Standard Oil Co. of New Jersey, F. W. White of National Electrical Supply Co., Eugene C. Baczenas of Washington Tobacco Co. and F. I Williams of the Washington Post Co. Other directors, whose_terms have not vet expired are John N. Auth of N, Auth Provision Co., F. W. Harper of E. Morrison Paper Co., V. R. Little of The Evening Star News- ®eper Co., ,John A. Reilly of the deral-American National Bank & Tust Co. and E. H. Ruark of the Brad- reet Co. = De Forest E. Sessions, who has been Sonnected with the association for the past 18 months, was re-elected acting secretary and William Gordon Bu- | ehanan was re-elected treasurer. * Charles W. Clayton of the F. P. May ardware Co. was paid high tribute for work during the past two years. A tourche” was presented to Mr. Clayton by the essociation in appreciation of );.E plendid work during his term of W. R. & E. Bonds Are Popular. On the Washington Stock Exchange today there were nine $1,000 sales in ‘Washington Railway & Electric 4s, all made at 79, same as the last recent sales. Another bond sale was a $500 turnover in Georgetown Gas 5s, at 99. The only stock transfer was Washing- ton Railway & Electric preferred, 10 shares changing hands at 77l4. * Bradstreet's Failures Index registers 4 slight decline this week after several ‘weeks of rapid rises. It now stands at 167.2 of the 1928-1930 average and com- pares with 168.6 last week, the high point of this year; 158.6 two weeks ago, and 119.8 for the corresponding week a year ago. The actual number of fail- ures for the week ending July 7 was 505, compared with 625 last week and 362 a year ago. Liabilities fell more rapidly than the number of failures, the decrease in the week being 27 per cent, and last week in turn showing a 40.8 per cent drop from the preceding week. Retail failures decreased in all districts from the unusually high figures of a week ago. Wholesale, manufactur- ing and commercial service failures also declined. Noted in Financial District. The Washington office has received word that the directors of Campania wift International, meeting in Buenos ires, elected Charles H. Swift presi- dent in place of Edward F. Swift, de- ceased. The Virginia Railw: has declared the regular quarterly dividend of $1.50 cn the preferred stock, payable August 1, to stock of record July 16. Loose-Wiles Biscuit Co. has declared a quarterly dividend of 50 cents on the common stock, payable August 1 to stock of record July 22. Previdusly the ccmpany paid 65 cents quarterly and 10 cents extra quarterly. The regular quarterly dividend of $1.75 on the preferred stock also was declared, payable October 1 to stock of record September 19. The House Rules Committee has postponed until December any action on proposals to investigate the Treas- ury. the office of the controller of the currency and the Federal Reserve Board. L C. C. Starts Rate Inquiry. The Interstate Commerce Commis- sAon at the behest of railroads operat- ng in West Virginia has launched an investigation into the refusal of the Public Service Commission of that State to permit the rate increases au- thorized by commission for application to intrastate shipments. Tobacco Shares Steady. NEW YORK, July 13 (Special).—The Steadiness of tobacco shares in recent sessions reflects traders’ belief that June cigarette production will show a smaller decrease than was the case & year ago and less than the 16.8 per cent loss sustained in May. If this proves true, the June cigarette decline from a year ago would be the smallest since January. Several of the tobacco companies plan aggressive national ad- vertising campaigns early next month. Gold Stocks Gain. NEW YORK, July 13 (#).—The daily statement of the New York Federal Re- serve Bank recorded a net gain of $2.- 698,400 in the Nation's monetary gold &tocks. There was a net decrease of $1,701,100 in gold held under earmark for foreign account and an import of £997,300 from Canada. There were no Daylight Saving Time Is Used in Al Market ~Prev. 1932~ High. 81y 2815 21% 4l 9y 24 5% 435 44y 4% 18% 2473 24% T4 8% 434 125 141 11% 1 50% 78% 8915 351y 86 2% 5l 28% 9 122 16% 57 59% 105 87 8 32% 4 16% 56% TRANSACTIONS ON THE NEW YORK STOCK 2y Bales— N Add 00. High. Low. Close. Chge Stock and Low. Dividend ‘Rate. % Abitibi Pwr & Paper. Adams Millis (2 4 Adv Rumley. Affiliated Prod 1.60 Air Reduction(t4’8). Alaska Juneau (50c). Alleghany Corp Alleg Cp pf $30 Allis-Chalmers Mfg. Amerada Corp (2). Am Beet Sugar pf... Am Brake Sh&F (60c) Am Brake Sh pf (7).. Am Can Co (15). . Am Car & Foundry. .. Am Car & Fdy pf (7). Am & Forelgn Pwr., Am&Forgn Pw pf (6) Am&Forgn Pw pf (1) Am & For Pwr 24 pf, Am Home Prod 4.20.. Am Ice (2).... : ‘Am International. ... i Am La France&Fom. Am Locomotive. Am Mach&Fdy (80c). Am Metal Co. Am Metal pf. ‘Am News (135) Am Pwr & Lt (1) AmP &Lt pf A (5) Am Pwr & Lt pf (6). Am Radiator. Am Rolling Mil ‘Am Safety Raz (3). Am Smelt & Ref. Am Steel Fdry pf (7 Am Sugar (2) Am Sugar pf (7). i Am Tel & Telez ( Am Tobacco (16) AmTobacco B (16 Am Water Wks (2 Am Woolen. . Am Woolen pf. ‘Anaconda Copper Anaconda Wire & C ‘Anchor Cap pf (615). Archer-Daniels (1) Armour of Del pf(7). % Armour of 111 (A). % Armour of 111 (B). 313 Armourof Ili pf. ..... ‘Atch Topeka & S Fe.. Atchison pf (5)...... Atlantic Coast Line Atlantic Refining (1). Atlas Powder pf (6) Auburn Auto (f4). 1 Baldwin Baldwin Loco pf. Baltimore & Ohio Baltimore & Ohio pf. Bamberger pf (614).. Bangor&Arostk (2).. 16% 29% ut Pkg (3) 2% Belding-Hemingway. 4% Bendix Aviation..... 5% Best& Co.... 7% Bethlehem Steel. . 16% Bethlehem Stl pf (7). 3% Blaw Knox. 2 20 Borden Co (2) B 3% Borg Warner. . 5 Boston & Maine 2% Briggs Mfg Co. 1, Brockway Mot Trk. . 113 Bklyn Manhat Tran. s11, Bullard Co.......... Burr'ghs A M (80¢).. 2 Bush Terminal.. Bush Term deb s Byers (A M). ‘anada Dry ( 714 Canadian Pacific 1% 214 Capital Admin (A) 16% Case (J I) Co.. 80 Case (JI) pf (7)... 4% Caterpillar Trac 50c. 7% Cent Aguirre (1%) 2% Century Rib Mills. 31, Cerro de Pasco. 9% Ches & Ohio (21) . 4% Chesapeake Corp (2). Chi Mil StP & Pac..... 11 Chi Mil StP & Pac pf. Chi & Northwestern., 3 Chi Rock I & Pacific.. Chi Yellow Cab (2) Chrysler Corp (1). City Ice&Fuel (3.60). City Ice&Fuel pf 6. Coca Cola (18). .. Coca Cola (A) (3).... Colgate-Pal-Pete(1). Colg-Palm-P pf (6).. Collins & Aikman Columbia‘Gas (bl Comel Credit (50¢). .+ Comel Cred pf B (2). Comel Iny Trust (2). Comel Solv (60¢).... Comwlth & Sou(30c). Comwlth&Sou pf (6). Congolm Naifrn (1).. Consol Gas N Y (4).. Consol Gas NY pf(5). Consol Laundries(1 Congol Ol Corp. ... Consol Oi1 pf (3)..... Cons RR of Cuba pf. ‘ont] Baking (B). . ontl Baking pt (6) 17% Contl Can (2)..... 3 Cont Diamond Fibre., 6% Cont Insurance(1.20) 33 Contl Ofl (Del). 14 Contl Shares. 24% Corn Products (3). 995 Corn Prod pf (7). 114 Coty Inc 77 Crown CI 15 Crucible Steel pt. Y% CubaCo.... 4 Cuba RRpf (6) % Cuban-Am Sugar. 315 Cuban-Am Sugar p! 20 Cudany Pack (2%) 47 Curtis Publish pf(7). 7 Curtiss Wright. 1 Davison Chemical 815 Del Lack & Western. 113 Denver & RG W pf.. Detroit Edison (8)... Diamond Match (1).. Dome Mines (11.20) .. 4« Dominion Storest1 Drug Corp (4) Dupont de Nem 35% 3 Katon Mfg Co... Eitington-Schild 1st. 813 Elec Auto-L (1.20).. % Elec&Musical Instru. 2% Elec Pwr & Lt. 87 Elec Pwr & Lt p! la F 3 Fed Wat Service A. 6 Fidelity-Phoen 1.20 10% Firestone T& R (1).. 45 Firestone T&R pf(6). 35 First Natl Strs (2%). 3 Foster-Wheeler..... 10% Fourth Nat Inv 1.20. 10 Freeport-Texas (2).. 15 Gen Am Investors. ... 9's Gen Am Tank Car(1). 4% Gen Asphalt (1)..... 10% Gen Baking (2) 20 Gen Cigar (4).. 814 Gen Electric (40c). 10% Gen Elec spec (60c).. 19% Gen Foods (2)....... % Gen Gas & Elec (A).. 28 Gen Mills (3).. 7% Gen Motors (1) . 56% Gen Motors pf (5) . 4 Gen Outdoor Adv (A) 2'¢ Gen Printing Ink 1 Gen Public Service 615 Gen Rwy Signal (1). 1 Gen Realty & Util.... 12 1 108 19 5 26% 18040s 1 3 26 1 3 73 2 1 108 2 1 2 8 Gen Steel Casting pf. 1008 lette Saf Raz (1), " Gimbel Bros 3t Glidden Co. 70 Gold Dust pf (6). 2% Goodrich (BF)...... 7 Goodrich (BF) pf. 5% Goodvear Tire&Rub.. -19% Goodyear 1st.pf (7).. Wi 175 1 =Y s gerirmsesFesix N T4+ +4tddb+1bdl S bbbbdtttiy Tyl + % +3 + % S R | ¥ FE EE o & s F & P4+ b4+ bt 4 —ew e FrET - % + W VI l++++ 141 FEFEFFFFEF & 88 FELFFF EFET FEEFF Fr 2T V4+++4++4+1 1+ 1 +++ +1 1+ = AL R “Fee Sy 4 b ~Prev.1932—~ High 18% 4% 30% 25 13% 6% % k) 19 Ti4 Hahn Dept Stores pt 10 83 131% 57 42% Househd Fin pf 4.20. 2% 25 99% 9% 9% 2% 11% 4% Low. ™% 1 14% 3 5 3% % W 33 44 110 8% e 8 24% 2 4% Th 4% 10 = 3% 1 2% 1% 52% 1% % 4% 10% kel % 2 3% 20% T4 26 2% 10 50 3 4% 1 2% 181 4's 6% Stock and Dividend Rate. Gotham Silk Hoslery Graham-Paig Grant (WT) (1 Great Northern pf Great Northern Os Great Western Sug. . Grigsby Grunow. . Guantanamo Sugar. . » w=Raonpo Hanna pf (7) Hershey Choc (6) . Homestake Min (9 o ) P T Houston Oil. ..., Houston Oil (new) Hudson & Man (3%). Hudson Man pt (5).. Hudson Motor Car Tlinois Central. ., Industrial Rayon Ingersoll Rand (3) Inland Steel. ... Inspiration Copper . . Ins'sharesDel 262 5 Insurshares (Md)... Interboro Rap Trans, Interlake Iron Int Bus Machine(n6) Int Carriers Ltd 20c. Int Combustion. Int Combustion pf Int Harvester (1.80). Int Harvester pf (7). Int Hydro-Elec (A).. Int Merchant Marine. Int Nickel of Can. ... Int Paper pf... Int Paper & Pwr (A). Int Paper & Pwr (C). Int Paper & Pwr pf.. Int Rys Cent Am pf.. Int Shoe (3).... Int Silver. . Int Silver pf (4). Int Tele & Teleg. Johns-Manville. Johns-Manv pf (7). Kaufman D S (80c).. Kayser (J) & Co pring Tire. p T 8% pfct.. Kelsey-Hayes Wheel, Kelvinator Corp Kendall Co pf (6). Kennecott Coppe: Kresge (SS) Co (1 8 = Suoran el an 18% 10 Kroger Grocery (1). 56% 2% 18 23% 25 1% 5 30% 6 3% 32y 34ia (39 164 9 3% 89 ™ 11 9% 13 28 1% Lambert Co (15) Lee Rubber & Tire Lehigh Valley R R. Lehman Corp (2.40) Lehn & Fink (2)..... Libbey Owens Glass. Liggett & Myers(15). Ligr & Myers B (15) Link Belt (80c). Liquid Carbonic (2).. Loose-Wile Lorillard (P) (1.20).. Lorillard (P) pf (7)., Lou Gas&ELA (1%). Loutsville & Nash. .. Lpdium Steel. 2 McAndrew Forbs(1). MclIntyre Porc 1%... McKeesport T P (4). McKesson & Robbins McKesson & Robs pf. McLellan Stores. Mack Trucks (1). Macy (HR) (n2). adison Sq Garden. . anhat Elev mod gtd arine Mid1d (80c). . ‘s Marshall Field & Co.. Bl 13% i bl May Dept Stores 1.80 Maytag Co..... - Maytaz pf ww Melville Shoe (1.20). Miami Copper. ... Mid Continent Petm. = Minneap Honey R(3) Minn Moline Pow.... Minn Moline P pf. M StP &S S Marle Mo Kan & Texas Mo Kan & Texas pf.. Missouri Pacific pf. Mohawk Carpet..... Monsanto Chem 13 Montgomery Ward sh Motors (1). Y Central. Y ¢ \ H & Hart pf... Y Ont & Western.. oranda Min (a&0c). orfolk & West (8).. orth Am Aviation. . or Amer(b10%stk). orth Amer pf (3) orth Am Ed pf (6 Northern Pacific —_— 5 Ohlo Ofl (a20c) . 84 n 22% 14 54 9 344 Omnibus pf A (8). Otis Elevator (113).. Otis Steel pr pf. 44% 26 Outlet Co (4). 27 11 37 41% 5% 12 1 167% 20% 58 1% 1% 2 % % 2 3% % 98 1% 19% 100 10% 2% 50 4% 2% 10 26% % 4 12% Owens 111 Glass Tacific Coast. . Pacific Gas & El (2 Pacific Lighting (3). Pacific Tel&Teleg(7) Packard Moter Car.. Paramount Publix Park & Tilford Park Utah. Pathe Exchang Penick & Ford (1)... Penney (J C) (2.40). Penney (JO) pf A (6) Penna Railroad. ... .. Peoples Gas Chi (5). Pere Marquette pr pf Petrol Corp of Am. .. Phila Co 6% (3)..... Phila& Read C&1I... Philip Morris&Co(1). Phillips Petroleum. . Phoenix Hoslery Pierce Petroleum. Pillsbury Flour (2).. Postal Tel&Cable pf. Proctor & Gamble(2) Proct & Gamb pt (5). Prod & Refiners pf. .. Public Sve N J(3.20). Public Sve NJ pf (57. Public Sve NJ pf (8). Pullman Corp (3). PureOil.... Pure Oil pf (8) Puri! Radio Corp. Radi Corp p! Radio Corp pf B. Radio-Keith-Orph. .. Raybestos-Man (60c) Reading 1st pf (2) Real Silk Hosiery . Remington-Rand. Reo Motor Car Republic Steel Republic Steel pf . Reynolds Tob A (3) Reynolds Tob B (3) Richfield Oil. Ritter Dental..... Royal Dtch (a80%c¢). - 304 69 5 L) K 18 6% "% 1% 1% 5 2% 18 2% % 2% 12 6 5% 4% 16% 6% 2% 3 1 8% % 9% 24% 28 15% 19% 13% Safeway Stores (5).. Safeway Strs pt (7) St Joseph Lead. St L-San Francisco. . Schulte Retail Store: Scott Paper (1.40)... Seaboard Ol Del 40c. Sears Roebuck - Servel Inc. .. Sharp & Dohme . Shattuck (FH) 50c. Shell Union Oil. Shell Union Oil pt Simmons Co. . Simms Petroleum. Skelly Oil Skelly Oil pf ww...... Sloss-Sheff Steel pf. Socony-Vae (80c) . South Port Rico Sug. Southern Ca] Ed(2). Southern Pacific. . Southern Raflway ... Southern Railway pf. Sparks-Withington. . Stand Brands (1.20). Stand Gas & Elec (2). Stand Gas&El pf (4). Stand Gas&EIl pt (6). Stand Gas&El pt (7). Stand Ofl Calif (2) Stand Oil N J ($2) Sterling Secur cv.pf.. 8: 10 16% + > + (] & | ++ 4+ L4101+ ++ +| 4$+ +4+ 14+ F OEERES Ultt++++ Tl ’s 410+ 9 3 8 EEFsSEE &8 ~Prev.1933—~ Stock and High. Low. Dividend Rate. 6% 1% Stewart Warner..... 3 16% 4% Stone&Webster(50c) 12 18% 2% Studebaker Corp..... 1 32 24% SunOfl (1).. 87 68% Sun Oil pf (6). 18% 6% Telautograph (1). 18% 9% Texas Corp (1). 26% 12 Tex Gulf Sulph (2).. 2% 1% Tex Pacific Coal&Oll. 6% 21 Tex Pacific Land Tr.. 1a 314 30% 20 Tide Water As pf (6) 5 2 Timken-Detroit Axle 23 % Timken Roll B 1% 6 24 Transamerica Corp. . 5 2% Transue & Willlams 4% 1% Tri-Contl Corp...... 56% 42 Tri-Contl Corp pf(6). . % Underwood-EI-F (1). 6 Un Carbide & C(1.20) 127285 Un Ol of Calif (1) 10 Unton Pacific (6). Unit Arcraft..... .. Unit Alrcraft pf (3). Unit Biscuit (2) Unit Carbon. . 1Jnit Corp (40c). Unit Corp pf (3) 4 Unit Fruit (2).. Unit Gas&Tm (1.20) . U S & Forn Secur. U S & Forn Sec pf. . 4 US Gypsum (1.60).. U S Indus Alcohol US Leather.... U S Leather (A) U 8 Pipe & Fdry (2). U S Realty & Imp. ... U S Rubber.... U S Rubber 1st pf USSmtg&Ref (1).. Sales— USSmte&Refpf3l% 3 32 4 US Steel z Add 00. High. Net. | —Prev.1932~ Low. Close. Chge. Low. 2% 2 2% 5 5% + % 3% 34 28 28 K 68 68 K 18% 391 20 V. 7 21 Va Iron 10 13% 2 % Warner aw 1% Warren S 81 Wesson 23, 284 2 8% 2% 2% I+4+ +4+4++++1 Stock and Dividend Rate. 51% U S Steel pf (7). 10% 1% Util Pwr & Lt (A). 5% Vanadium Corp. 16 % 16% Van Raalte 1st p EXCHANGE | Car Chem 7% pf. 1 7% Vulean Detinning. .. 94 ‘s Warn Bros victures Bales— Net Add 00. Low. Close. Chuw 44 85 59 4% | 2 e | 8% + 7| 154 — % 331 -1 1% 42% | 108 1513 3318 Coal & Coke. 108 % 2% Quinlan. Bros. ... Ofl & Sn ( Sn pf (4 Pa El pf (7) % Western P Western ific pf. nion 1% 2 Westing'se Air B(1). 48% 8% 9% Weston 17% 16% 9% 9 W% 5 301 12 57 25% Wrig 9's 3 9% 10:30 AM. .. 1:30 P.M. Dividend 1 cash payments based rations 4% in stock. stock in stock ! 'm Paid last_year—no 10% 23% 22% 11 Wilson & Co pf. 22 Woolworth (2.4 Worthington Pump. Worth Pump (B) 2 5 e ¥ (Wm) (3) 30 3 30 | 5 1% Yellow Truck....... 1% 5 1% + % Young Spring&W(1). 2 5% 4% Zonite Products(60c) 5% 4% 5 ‘ Sales of Stocks on New York Exchange. *Urit of trading less than 100 shares. & Paid e Payable 1 cash or stock. { 1 Plus §1 in special preferred stcck. k Plus Westinghouse Elec. . Westinghse 1st (3%) Elec Instru.. IR NI 254 26% 1213 15y 15% b B4 o+ W - 300000 | 700,000 | 12:00 Noon es as given in the above tables are the annuam on the latest quarterly or half-yearly decla- $Plus Payable in h Plus 2% in stock. Payable tPartly extra. this year—no regular rate. b Plus 8% in stock regular rate. 4 Flus 5% in stock. i scrip. « Ex-dividend. DROP IN DEPOSITS i LADTO CHECK TAX R 1 PP FRFL & VRN ¥ Federal Reserve Board Gov- ernor Says Withdrawals Have Increased. BY C. B. UPHAM. Banks are beginning to feel the effects of the new tax on bank checks. Gov- ernor Eugene Meyer of the Federal Re- serve Board in his testimony before the | CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. is today’s summary of important corp | ration news prepared by Standard St tistics Co., Inc., New York, for the As- sociated Press: Automobiles and Trucks. Auburn Automobile deficit, 6 months ended May 31, $144,028, vs. net in- come $2,361,175. a position to break about even on out- put of 2,000 cars quarte: has cut | salaries and wages 10 to 15 per cent; plants currently are operating two to three days a week. House Rules Committee, which was con- | sidering a proposal for an investigaticn of the Treasury, Pederal Reserve System | and other financial agencies of the Gov- ernment, indicated that he levy cn bank checks and drafts has been a factor in deposit withdrawals and the recent increase in money in circulation. The Reserve Board head cited as ex- amples two banks, on> of which had reported a 30 per cent decline in the number of checks drawn against ac- counts on its books, and the other a falling off of 10 per cent. Reports from the 12 regional Reserve banks confirm the general trend away from paying bills by check, and the loss by banks of counts. charge on each bill they pay.” is the way one official expressed it. ed out that the 3-cent postage charge together with the 2-cent tax on the sum of one nickel the necessary outlay in conducting business the way Ameri- cans have become accustomed to con- duct it. It was anticipated, of course, that what is happening would result from the imposition of a tax on bank checks. Many bankers objected to the tax on this basis. They had seen many small accounts closed out when they imposed a service charge on them, based in many instances on the number of chacks drawn per month. They knew this experience would be repeated when the added charge imposed by the reve- nue act of 1932 began to be felt. While housewives and others are pay- ing their bills in cash, commercial and industrial firms are found shifting their pay roll accounts from the check to the cash-in-envelope method of payment. banker opposition to the tax on bank checks. For years they have been en- couraging business houses, especially those with large pay roll accounts, to use checks and thus avoid the danger of pay roll robberies. It is too early, of course, to speak with definiteness about the final and full effect of the bank check tax on culation, but the trend is already no- bank reports. If the tendency becomes more marked and increases in intensity during the Summer and Fall, the bank- gressional sessionfor repeal of the tax. A bill has already been introduced for that purpose. A number of State bank- ers’ associations and clearing house os- sociations have gone formally on record against the levy. (Copyright, 1932) U. 8. TREASURY BAZANCE. Treasury receipts for July 11 were $5.972,216.26, expenditures. $27,303,- 759.52; balance, $281,017358.11; cus- toms duties. for 11 days of July were $5,862,517.32. SILVER QUOTATIONS. NEW YORK, July 13 (#)—Noon— Silver futures steady; sales 225,000 ounces. July, 26.75 bid; September, 26.92a26.98; October, 27.10 T.; Decem- ber, 27.25 bid; January, 27.43a27.48. a number of their smaller Geposit ac- “People are objecting to the S-cent He point- | “check enclosed” makes the substantial | This, too, was one basis of | cither bank deposits or money in cir- | ticeable and confirmed by the Reserve | ers may press during the cuming con- | Building. Real Estate and Related Lines. Minneapolis-Honeywell Regulator Co. declared 50 cents common dividend; formerly paid 75 cents quarterly. Food Products. Loose-Wiles Biscuit Co. declared quar- terly dividend of 50 cents on common stock; paid a quarterly dividend of 65 cents and an extra disbursement of 10 cents on May 1. Household Products. Procter & Gamble Co. declared a 50-cent quarterly common dividend; formerly paid 60 cents quarterly. Investment Trusts. Allied General Corporation net asset value June 30. $27.54 a $3 convertible preferred stock, vs. $31.09 December 31, 1931. Metals (Non-ferrous). New York & Honduras Rosario Min- ing Co. declared usual quarterly divi- dend of 25 cents: in previous quarter also paid an extra dividend of 25 cents |in addition to regular quarterly divi- dend. 0il. Daily allowable output of Oklahoma City field reduced by 9,950 barrels to 87.330 barrels for last half of July. Production_of crude oil throughout | the United States in the week ended July 9 averaged 2,152,550 barrels daily, against 2,104,800 barrels daily in the preceding week. Daily average yield in Oklahoma increas>d 37.150 barrels daily. while California output expanded 14.650 barrels daily, according to American Petroleum Institute. Richfield Oil of California—Operat- | ing profit before depreciation and de- pletion in first five months totaled §. 677.540; operating profit for period of receit §yship from January 15. 1931, to May 31, 1932, totaled $4.471.812. Railroad and Railroad Equipment. New York Central Railroad placing | some unorganized clerical workers on a five-day week and reducing employ- ment of organized clerical workers by 13 per cent; to initiate store-door de- livery service in metropolitan area New York, New Haven & Hartford Railroad—Group of commuters from 17 cities and towns in Massachusetts ask for fare cut by company. Retail Trade. | cent: six months off 14.7 per cent. United Stores Corporation preferred share earnings, six months ended June |30, 1932, $1.65 vs. $1.69. Utilitles. Associated Telephone & Telegraph Co.—Equity receivership suit filed | against company in Federal Court, Chi- ;cago; mismanagement alleged. | Scranton- Spring Brook Water Serv- | ice operating revenues, 12 months ended | May 31, off 1 per cent; net income off 15.2 per cent. Telephone Bond & Share receiver- ship suit filed against company in Fed- eral Court, Kansas City, Mo., by order of 10 shares of first preferred stock: declared on voting shares in 1931. Western Union Telegraph common share earnings, six months ended June 30, 1932, estimated at 2 cents v: MORTGAGES PROFITABLE USE FOR belonging find a safe Over a Third ofa . Century Without a and the se vested in proved W Loss from $250 National 2100 THERE TRUST FUNDS If you are responsible for money to estates, etc., you will and profitable investment for them in our 6%9% FIRST MORTGAGES No type of conservative invest- ment offers a more liberal return, curity for the principal is carefully appraised im- ashington real estate. May be purchased in amounts up. B.F. SAUL GO. 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY NEW YORK, July 13—The following | Nash Motors Co. is reported to be in | | Sally Frocks Jure sales off 10.3 per | alleges dividends were improvidently | |, DIVIDENDS DECLARED NEW YORK, July 13 (#).— Interim. Pe- Pay- Rate. riod. able. | Hldrs. of . Company. record. Nairn (M) c for % .. July 25 July 13 Nairn (M), red wich Ltd Or Reg.5% July 18 July 5 Special. Federal Rovalties..10c Reduced. First Nat Bk & Tr (Bridgeport) | Gilmore Oul Ins Og of the State Aug. 10 July 30 Aug. 1 July 20 July 31 July 8 July 13 July Auz. 15 Aug 60c Q 20c Q p Honeyweil Regulator s0c Procter & Gamble.50c Q Omitted. Pe. Rate. riod. due Coast_Fou Nat Bk Pav- Hldrs of Aug Aug Aug o0 00 0O p PO BUSINESS STATISTICS INDORSED IN REPORT By the Associated Press. The need for adequate and under- standabie trade statistics in the orderly planning of business is emphasized in a report by the trade association de- partment of the Chamber of Commerce of the United States ‘The committee feels that the gather- ing and disseminating of dependable facts concerning business is a primary responsibility of the trade associations of the country. In the report it was recommended that each trade body should place in | operation an adequate statistical pro- gram for its industry or branch of com- | merce by immediately inaugurating such a program or by improving an existing one. It proposes that business men shouldsupport adequate association programs by supplying prompt, ade- quate, comparable data and financial sSupport necessary to carry on this work. | Steel Scrap Prices Steady. NEW YORK, July 13 (#.—This week's Iron Age composite prices for pig iron and steel scrap are unchanged | at $13.76 a ton for the former and $6.42 for the latter. Due to inclusion of hot-rolled strip steel, the finished | steel composite price becomes this week 1976 cents a pound, whereas under the former practice it would be 2.087 cents. CHICAGO, July 13 (#).—Butter, 11.- 252 firm; creamery specials (93 score), 1 . 1715 extra firsts (90-91), 21 firsts (88-89), 16a 163;: seconds (86-87), 12a13!5: stand- ards (90 centralized car lots), 17. Eggs. 9,764; firm; extra firsts, 14%; fresh graded firsts, 13%; current receipts, ! 121521234, Look Ahead! | chase STOCKS INPROVED IN'BIGGER MARKET Irregular Opening Is Followed by Numerous Price Gains. BY GEORGE T. HUGHES. Special Dispatch to The Star NEW YORK, July 13.—Prices ad- vanced vigorously on the Stock Ex- change today in a concerted demon- stration against the short interest. The buying program was facilitated by the apprcach of the adjournment of Congress which some Washington dis- patches predicted for tomorrow, by the advance in commodities which, with one or two exceptions, took in all classi- fications, and by the rally in bonds. Stocks cf all grades participated in the improvement. The market showed rallying tendencies early in the day, but it was not until the last hour that it turned outstand- ingly strong. New highs on the recovery were made by many active issues and the close was at the best of the session, with volume increasing on the upturn. The market was irregular at the start, but soon hardened as buying came into stocks which had led the improvement all along—the packing house issues and the sugars. New highs for 1932 were made by Armour of Delaware preferred and by South Porto Rico Sugar. The Armour issue, the dividend on which is guaranteed by the parent company and has been paid all through the depres- sion, was selling to yield over 15 per cent even at today’s high. South Porto Rico is paying no dividend on the com- mon on present, but is expected to re- sume disbursements shortly. Two important dividend announce- ments were made during the morning. One was the declaration of the regular rate by Woolworth, which was reflected in a fractional gain in the stock. Continental Can directors declared a quarterly payment of 50 cents a share on the common, putting the stock on a $2 basis, against $2.50 previously paid, and that ctock rose fractionally. All the indications were that the market was more ready to respond to good than to bad news, and this regardless of the technical position Stecks in which the short interest was understood to be large gained, but not significantly. This applied to Amer- i Telephone, Coca-Cola and J. I Case. Peoples Gas ran up, but it often moves independently of the rest of the market. Stocks of the grade of Air Re- duction. Allied Chemical, American To- bacco and American Can all ranged higher. The feature, however, was the demand for the very low-priced issues, those selling at $5 a share and under. This could not be interpreted as cover- ing, but locked more like accumulation for the long pull. Markets at a Glance NEW YORK, July 13 (#.—Stocks— Strong; utilitles lead advance. Bonds —Strong: all domestiz groups Curb—Firm: utilities and improve. Foreign exch: rling easy. Cotton—Higk trade demand: local fec—Higher; unsettled Brazilian cal conditions. CHICAGO, Jul; Firm: high temperature firm e Liverpool. Co:t tive covering July; firm cach m Caltle—Irregular. Hogs — Slow lower. Shipping Censtructicn. NEW YORK. July 13 (P.—At the end of June 1,103,773 tons of shipping were under construction _throughout the world, a reduction of 188.190 tons from that under constr on on March 31, 1932, says Lloyd's Register of Ship- ping. U. S. TREASURY CERTIFICATES (Reported by Cbas D. Barney & Co) Rate—Maturity 3%es Aug. 1. 1932 i1as Sept s Sept Oct Dec ¥ une 13, 1 May 2. 02 5 3: June & X 101 4-32 NEW YORK BANK STOCKS NEW YORK., July 13 (#).—Over-the- counter market: Banks. Bid. Asked. Commercial i8) " First National (100) . Manhattan (2) ... National City (2) Public (2) . Trust Companies. Bankers (3) . - Brooklyn Trust (16) Central Hanover (* Chemical (1.80) | Continental i1.20)° Corn _Exchangs (4) Empire (2) %.... Guaranty (20) *Includes extra Distributor wanted for Liquid Way ia Washington territory. Small invest- ment required. Exceptional oppor- tunity for immediate profitable buai- ness. Address Box 494-X, Star Office. Homes financed by the Real Estate Loan Plan of the Metro- politan Life Insurance Ccmpany are not causing home-owners W ashington Building Mortgage Loan the worry of refinanCing today. You should consider the future and consult this company re- gar&ing your present situation. Loans for Fifteen Years Low Interest Rates No Life Insurance Required Reasonable Terms WiEkEoRs D District 9486 Correspcndent Metropolitan Life Insurance Company Loans made in the District of Columbia and nearby Maryland and Virginia