Evening Star Newspaper, September 20, 1932, Page 14

A—14 wx» DECREASE IN'LIFE POLICY SALENOTED New Insurance in D. C. for | August Shows Drop of 19 Per Cent. BY EDWARD C. STONE. New life insurance written in Wash- Ington in August was 19 per cent lower than the total reported in August, 1931, and 2 per cent lower than the average new business for the whole ‘United States, according to the monthly ;Epmt received here today from Hart- jord. Maryland made the best showing of any State in this territory, sales being off 11 per cent, compared with the cor- responding month a year ago. The average for the country was down 17 per cent. Rhode Island was the only State in the Union to reveal a gain— 1 per cent. Delaware, which comes in the South Atlantic group, was off but 1 per cent. E ‘West Virginia reported a loss in new business of 24 per cent compared with August, 1931; Georgia, 26 per cent; Florida, 28 per cent; South Carolina, 32; North Carolina, 34, and Virginia, 36. The Old Dominion was near the bottom of the list, Arizona standing at the foot with a 51-per cent drop. Sales for the eight months of 1932 were 19 per cent below the same period last year. The somewhat smaller de- crease for the month indicates an up- ward trend. Figures for July showed = slight improvement over June and this continued through August. The improvement during the month was evidenced particulerly in the Northeast &nd Central sections of the country. During August Washington agents &rote $3,475,000 in new insurance; Maryland, $7,154,000; Virginia, $4.304,~ 000, and West Virginia, $3,502,000. Trade Reports Show Progress. Latest reports from the 12 Federal TReserve districts note better retail and wholesale trade. ports from the Richmond bank state that conditions are now better than in some time, al- though trade conditions are very un- even in the district's five States. The slow recovery in building is still a dis- appointing feature. The Atlanta area reports improve- ment in employment conditions and in trade. Philadelphia notes a _general move to higher levels and New England business continues to be more active. Chicago reports particularly good ad- vances in wholesale trade. In Cleveland conditions have changed but little in the past few days. The St. Louis Reserve Bank reports a pick-up in railroad traffic, Kansas City is encouraged over Fall trade and Dal- Jas, Tex., expects some upturn soon in the price of cotton, which took such a tumble after the last Government re- port. Retail sales in Texas have re- cently gained 10 per cent. In the Minnezpolis district farmers’ cash income in August was only 7 per cent smaller than a year ago, in spite of delayed marketing of crops. This was the smallest decrease in 36 months. Income frcm wheat and Iye was twice as large as last year, but was offset by Josses in dairy products, hogs, flax and tatoes. The flour trade increased on the break in wheat prices and ship- ments were moderately better. Wells to Address Underwriters. Fred L. Wells, Aetna general agent in Baltimere, will address the District of Columbia Life Underwriters’ Association Thursdey noon at Hotel Washington, wrhen the local organization will open its year's werk with a flying start. Mr. Wells was formerly gencral agent in Syracuse and was for some time super- intendent of agencies for the whole ccmpeny. He has been so successful as a personal producer that local insur- ance men are anxious to hear him &pe2k here. The local association’s president this year is Jchn P. Lynch, who succeeded Divid S. Bethune. The other officers are John L. McElfresh and Horace Win- ter, vice presidents; George T. Black, secretary, and George B. Farquhar, [treasurer. Directors inciude David S. Bethune, Paul D. Sleeper, Thcmas P. Morgan, jr.. A. G. Grinnell, Dzniel J. Harrison and Carl S. Dow. For this year's activities Precident Lynch appointed the follwing commit- tez chairmen: Bulletin, Howard J. Jack- son; Program, Philip L. Baldwin; Edu- cational, H. Lawrence Choate; Fie.d Practice, Earl D. Krewsen; Managers’ Section, J. L. McElfresh; Membership, J. E. McCombs; Civic Agencies, H. Cochran Fisher; Bank and Trust Com- pany Co-operation, Joseph A. Marr, and Legishative, David S. Bethune. At the cpening meeting Mr. Bethune will give a talk on the convention in San Francisco. He is a National Com- mitteeman this year. It is an- nounced that the Washington-Baltimora sales conference will be held in Jan- uary this year instead of May, with ’;4: Washington association entertain. 8. Increase in Brokers' Offices. The expansion of trading on the Stock Exchange in August caused the first increase in the number of branch offices maintained by brokers in more than a year, according to the monthly uiieiin of the exchange. On September 1 there were 1,160 branch offices of Stock Exchange firms, an increase of 18 from the number on August 1. Thi CTease was contrary to the usual seasonal trend, since bro- kers begin to close offices at the Sum- mer resorts at the end of August. The last increase in the number of ‘branch offices occurred in July, 1931. In that month the number increased frcm 1480 to 1483. On Jenuary 1, 2930, the number of branch offices was 1,658, the high record. There are now 14 New York Stock Exchange offices in Washington, all of +which have recently enjoyed a very substantial increase in business. Some ©f the recent openings have resembled the “good old 1929 days” when even standing room was at a premium. Today’s D. C. Exchange Trading. Trading on the Washington Stock E:change today wes confined to Wash- ington Gas Light 6s, Series A. Three $1,000, two $2,000 sales and one $3,000 kransfer were recorded at 991,. These Gas bonds mature in 1933 and a good many local investors Rave been making switches recently into longer term se- curities. Directors of Woodward & Lothrop have declared the regular quarterly dividend due at this ttme. The quar- terly dividend on the common stock is 80 cents per share and on the pre- ferred $1.75 a share. Both are payable September 30 to sharenolders of record September 23. Both issues are listed on the local exchange. American Telephone & Telegraph ktcek opened ex-dividend today. Checks for the regular $2.25 per share will soon be mailed to stockholders. Arundel Corporation of Baltimore has declared the regular quarterly dividend of 75 cents, payable October 1 to stock of record September 22. The first 15 days of September showed an improvement in retail business, ac- cording to statements made to Fair- child Publications by merchants in 25 leading cities. In a majority of cities the | September declinie ‘from ‘the like 1931 period less severe than the «dacline District Fifth in Building. Washington stood fifth among 25 cities nced in first 8 months. |- In the United States reporting the Jargest volume of -building permits for ‘August. Local permits totaled $1,017,- 7140, against $3,375,650 in August, 1931; $2,396,630 in August, 1930, and $648,570 in July of this year. Baltimore was second in the list. S. W. Strauss reports that permits in Auzust for the whole country were 70.2 c - cent below the'same menth in 1931 was an, pent over July “of year; TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE ~Prev. Th 37w 21% 41% 9y 7 4315 45 8% 18% 314 21% 2 24% 19 1% BTA L1 25 82% 4 16 55% of to 1 17% 5% Gamewell Co HILPE Son FINANCIAL. Stock and Bales— 3 Dividend Rate. % Abitibi Pwr & Puper 1% Adams Express. 22 Ada xp pf (5 12 Adams Millis (2, 914 Addressograph 4% Afliated Prod % Alleghany Corp. .. % Alleg Cp pf $30 ww. % Alleg Cp pf $30 xw 5 Alleg Cp pf 340 ww., 5% Allegheny Steel..... 424 Allied Chem & D (6). 4 Allis-Chalmers Mfg. 12 Amerada Corp (2)... 5 Am Bank Note...... 28 Am Bank Note pf (3) 1 Am Beet Sugar pf...i 29% Am Can Co (15)..... 3% Am Car & Foundry. . 16 Am Car&Foundry pf 2 Am Colortype. 11 Am Comel Alcohol. . 2% Am European Secur.. 2 Am & Foreign Pwr.. 5 Am&Forgn Pw pf(7) 2% Am & For Pwr 2d pf. 3 Am Haw St'ship (1). 1 Am Hide & Leather.., 4% Am Hide & Leath nol 22 Am Smeltg & Ref pf. 15 AmSmelt & R2d pf.. 3 Am Steel Foundry... 13 Am Sugar (2)... 45 Am Sugar pf () 2% Am Sumatra Tob.... 2 70% Am Tel & Teleg (9). x 288 401 Am Tobacco (+6).... 4 44 AmTobacco B (16).. 29 104 Am Type Fdrs pf.... 11 Am Water Wks (2).. 11 Am Wat Wkscfs(2). 26 Am Wat W 1st pf(6). 1% Am Woolen. 15% Am Woolen pf. 1% Am Zinc & Lead. 10 Am Zinc & Lead pf 3 Anaconda Copper. 24 Armour of Del pf(7). % Armour of Il (A)... 1% Armour of Il (B).... 315 Armourof Ili pt. 2% Artloom Corp. % Assoclated Apparel.. 3 Asso Dry Goods. 17% Atch Topeka & S 35 Atchison pf (5). 9% Atlantic Coast Line.. 8% Atlantic Refining (1) 45% Atlas Powder pf (6) 1 Atlas Tack.. 28% Auburn Auto . 1% Aviation Corp (Del Daldwin Locomotive. Baldwin Loco pf.. Baltimore & Ohio. ... Baltimore & Ohio of. Bamberger pf (6%).. Barnsdall Corp. - Beatric Creamery . - . Beech-Nut PKg (3).. Belding-Hemingway. Bendix Aviation Best & Co. .. Bethlehem Steel Betblehem Steel pf Bohn Alumn & Brai 15 Booth Fish 1st pf. Borden Co (2 Borg Warner Briggs Mfg Co Bklyn Manhat - 4 Bklyn-Man Tr pf (6) 13 Bruns Term & Rwys. 1% Bucyrus-Erfe....... 2% Bucyrus-Erfe cv p 3 Budd (E G) Mfg % Budd Wheel. 1% Bulova Watch 31 Bush Terminal. Y% Butte Copper & Zinc. 7 Bvers (AM)........ 4% California Packing. . 1 Callahan Zinc & Ld.. 1% Calumet & Hecla.... 6 Canada Drv (1.20)... T4 Canadian Pacific. ... 21 Capital Admin (A) 16% Case (J I) Co... 30 Case (JI)pf (7).« 4% Caterplllar Trac 50¢ 1% Celanese Corp. % Celotex Co. 7% Cent Aguir 314 Cerro de Pasco 1 Certain-teed Prod... 1614 Checker Cab (new).. 9% Ches & Ohlo (2%)... 4% Chesapeake Corp (2). 1 Chi & EasternIll.... 1% Chi Great Western, 215 Chi Great West pf. % Chi Mil StP & Pac. 1% Chi Mil StP & Pac pf. 2 Chi & Northwestern.. 5 Chi & Northwest pf.. 1 Chi Pneu Tool.... 1% Cht Rock 1 & Pacific. 4% Chi R1& Pac 7% pf. 1% Childs Company. 5 Chrysler Corp (1). 11% City Ice & Fuel (2).. 3% City Stores. ... T4t Coca Cola (+8) 41% Coca Cola (A) (3).... 11 Colgate-Pal-Pete(1). 65 Colg-Palm-P pf (6).. 2% Collins & Alkman.... 2% Coio Fuel & Iron 4% Columbia Gas (b1) 13% Columb Carbon (2).. 40 Comcl Cred 1st(6%). 16% Comel Inv Trust (2). 33 Comcl Solv (60c).... 1% ComwlItb & Southern. 6% Congolm Nairn (1) 1 Consol Film. 2% Consol Film 31% Consol GasN Y (4).. 72% Consol Gas NY pf(5) 4% Consol Laundries(1). 4" Consol O Cor % Consol Textile % Contl Baking (B). 24% Contl Baking pf (6 17% Contl Can (2). 3 Cont Diamond . 6% Cont Insurance(1.20) % Contl Motors 3% Contl Ofl (De; 24% Corn Product: 1% Coty Ine...... 13% Cream of Wht 7% Crown Cork & Seal 156 Crucible Steel pf. . % Cuba Co...... 4 CubaRRpf (6). 3% Cuban-Am Sugar. % Curtiss Wright..... 1% Curtis Wright (A) 81 Del Lack & Western. 7 Devae&Raynolds(A) 12 Diamond Match (1).. 20% Diamond Mtch pf 1% 7% Dome Mines(11.30).. 11% Dominion Storest1% Doug Afircraft (75¢). 22 Dupont de Nem (2). 87 Duques Lt 1st pf (5). 36% Eastman Kodak (3). 3 Eaton Mfg Co.. % Eitington-Schild 84 Elec Auto-L (1.20) % Elec&Musical mstru. 2% Elec PRr&Lt......., 8% Elec Pwr & Lt pf(6). 10% Elec Pwr & Lt pf (7) 12% Elec Storage Bat(2). 16 Endicott-Johnison(3) 48 Erie & Pitts (3%)... 2 ErfeRR. 2% Erie R R 2 Eureka Vac (a % Evans Auto Prod 2% Fairbanks-Morse 3% Federal Screw Wks. . 3 Fed Wat Service A. 6 Fide]ity-Phoen 1.20.. = 10% Firestone T& R (1).. 35 First Natl Strs (2%) % Fisk Rubber........ Brnroe - DA 8 Foster- Wheeler. 10% Fourth Nat Inv 1. 1 Fox Film (A) 10 Freeport-'Texa: 2% Fuller Co pr f oo 2608 Gen Am Tank Car(1),- 28 ‘Add 00. High. 1% 6% 66 16% 12% 8 THE EVENING STAR, WASHINGTON, D. C., TUESDAY, SEPTEMBER 20, 1932. (R ¥ OES EFerad | EELIFT ¥+ 49 +1 £ - FEPEEFES I4+1++1+ ey e Far +1+4+011 FFEFFEEFEE + | F F L4++ 4411 FEE SFFEES Bales— Add 4))0. 13 4 103% Gen Elec spec (60c) 19% Gen Foods (2). % Gen Gas & Elec 3 Gen G&E cv pf A (D! 5% Gen G & E pf A (p8).. 28 Gen Mills (3).. 7% Gen Motors (1)...... 56% Gen Motors pf (5)... 4 Gen Outdoor Adv (A) 27% Gen Prtg Ink pf (6).. 6% Gen Rwy Signal (1), % Gen Realty & Utll 10% Gillette Saf Ras (1) 45 Gillette Saf R pf (5). % Gimbel Bros ...,.... 3% Glidden Co... 85 Glidden Co pr pf (7 2% Gobel (Adolf)... 8% Gold Dust (1.60). 2% Goodrich (B F) 5% Goodyear Tire&: 19% Goodyear 1st pf (7).. T4 Gotham Silk Hosle: 1 Graham-Paig 2% Granby Consol. 5% Great Northern n Sug 3 Grigsby Grunow. .. 2 Gulf Mobile & North, 2% Gulf States Steel T% Hahn Dept Stores pt. b5 Hat Corp pf.. 3% Hawaiian Pineappl % Hayes Body. .. 50 Helme (GW) (17). 13% Hercules Powder 1% 70% Hercules Pow pf (7). 4814 Hershey Choc (6) 87 Hershev Choc pf t5.. 7% Holland Furnace 1 Hbudaille Hershey 42% Househd Fin pf 4. 8% Houston Of1. 1% Housron Ofl (new). ., 30% 8 Hudson& Man (3%). 11% 2% Hudson Motor Car... 5% 1% Hupp Motors........ 24% 4% lllinois Central. ..... 2% 1 Indian Refining...... 7% Industrial Rayon (2) 14% Ingersoll-Rand (2).. 3, Inspiration Copper. .. Insuranshares (Del). Insurshares (Md)... Interboro Rap Trans. Interlake Iron....... Int Bus Machine(n6) Int Carriers Ltd 20¢.. Int Cement. . int Combusti Int Harvester (1.20). x12: 2% Int Hydro-Elec (A).. 3 Int Nickel of Can Int Paper & Pwr Int Paper & Pwr pf. i Int Rys Cent Am pf.. Int Salt (1%) Int Stlver..... int Tele & Teler. 14 Iowa Central R R Island Creek Coal Johns-Manville 83 Jones & Laugh pf(3) 100s 508 u2 2 32% 84 113 15% 9y 14% 10 30 907 KC DAL 1st pf B(6). 2% Kansas City Southn, 2 Kaufman DS (80c) 4% Kayser (J) & Co. 1 Kelly Spring Tire, 14 Kelly-Spring ctfs. 1 Kelsev-Hayes Wh 2% Kelvinator Corp..... 4% Kennecott Copper. .. 6% Kresge (SS) Co (1).. 88 Kresge (SS) pf (1) 10 Kroger Grocery (1).. 25 Lambert Co (15 . 1% Lee Rubber & Tire... 5 Lehigh Valley RR... 30% Lehman Corp (2.40). x 6 Lehn & Fink (2). Libbey Owens Glas: Liggett & Myers(15). Ligz & Myers B (15). Link Belt (80c).. Liquid Carbonic (1 Loew's. Inc (+4). Loew’s Inc pf (6 Loft Inc. .. 8% Lou Gas&El A (1%). 7% Louisville & Nash. 10 McCall Corpn (2) 13 Mclntyre Porc 1%... McKeesport TP (4). McKesson & Robbins McLellan Stores. Mack Trucks (1) Macy (H R) (n2) Mallison & Co. Manhat Elev gt Manhat Elev mod gtd 4 Marine Midid (80c) Marmon Motor Car Marshall Field & C Mathieson Alk(1% Mathieson Alk pf(7). Met-Gold Pic pf 1.89. Miami Copper. Mid Continent Petm. Miland Steel Prod. . Mo Kan & Tex: Missour! Pacific. Missouri Pacific pf. Mohawk Carpet..... Monsanto Chem 1% . Montgomery Ward Mother Lode. ... Motor Meter G & El Motor Products (2) Motor Wheel. ... Munsingwear, Inec... Murray Corp.... 8 Nash Motors (1). 31% 14% Nat Dairy Prod (2) 1% Nat Dept Stores. Nat Dist Prod (2) Nat Lead pt B (6) Nat Pwr & Lt (1) Nat Steel (50¢) Nat Surety N Y Central N YChi &St L pf 82% N Y & Harlem (5) % N Y Investors..... 6 NYNH& Hartford. 3% N Y Ont & Western. . 1% N Y Shipbuilding 2 70 NY Steam pf (6).. 30s 10% Noranda Min (a50c). 19 57 Norfolk & West (8).. 2 1% North Am Aviation.. 14 13% Nor Amer(b10%stk) 90 b% Northern Pacifie..... 42 % Norwalk Tire & Rub. 1 156 Norwalk T&R pf3%. 10s 5 Ohio Oil (a40c). . % Oliver Farm Equip. 2% Oliv Farm Eq.or pf 3 Oppenheim Collins. 9 Otis Elevator (1) 1Y% Otis Steel. ... 34 Otis Steel pr pf. 12 _Owens Ill Glass (2) 16% Pacific Gas & Bl (2) 1% Packard Motor Car. 1% Paramount Publix. 2 Park & Tiiford. % Park Utah. % Parmelee Transport. % Pathe Exchange. 1% Pathe Exchange (. % Peerless Motor Car 16 Penick & Ford (1) 60s 1 47 21 89 Peoples Gas Chi (5). 31 Pere Marquette pr pf Corp of Am. 30s 8 i 18 PhilaCo6% (3)... 2 Phlia&ReadC&1I. 3% Phillips-Jones Co 2 Phillips Petroleum. .. 31 Phoenix Hosfery. 14 Pitts United pt. 1% Postal Tel&Cable pf. 19% Proctor & Gamble(3) 81 Proct & Gamb pf (5). 1 Prod & Refinerspf... 28 Public Sve N J(3.20) * 10% Pullman Corp (3)... 2% Pure Ofl.. 50 PureOilpf (8)...... 4% Purity Bakeries (1). 2% Radio Corp. .. 10 Radi Corp pf (A). 3% Radio Corp pf B. 1% Radio-Keith-Orph. 9% Reading Rwy (1).. :% Real Silk Hosiery. High. Low. Close. % 9% % 4 Net. ~Prev.1933— Stock and Bales— Chee. | High. Low. B o SN IR & 34 13% Reynolds Spring. 40% 26% Reynolds Tob B (3 1% % Richfield O1l. . 3% 1% Rio Grande Ofl. . 23% 12% Royal Dtch(a80%e). 59% 304 Safeway Stores (5 88 60 Safeway Strspf (6) 98% 69 Safeway Strs pf (7) 17% 4% St Joseph Lead. .. 6% % St L-San Francisc 9% 1 StL-San Franpt 1 % Seaboard Alr Li 17% 6% Seaboard Ofl Del ¢ 87% 9% Sears Roebuck. . 3 % Second Natl Iny. 1 % Seneca Copper. gx 1% Servel Inc.. % & Shattuck (FH) 50c. . 8% 2% Shell Union Ofl. 65% 18 Shell Union Ol pf. 13 2% Simmons Co 214 Skelly Ofl. SommnnwRnon [ 2% Snider Packing.... 5% Socony-Vac (80¢).... 35 SolvAmpf ww(5%). 4% So Porto Ric S(a40c) 12% 67 18% 82% 16% Southern Cal Ed(2). 37% 6% Southern Pacific.. 18% 213 Southern Raflway... 23% 3 Southern Railway pf. 11 8 Spencer Kellog(60c). 17% 8% Stand Brands (1.20).. % Stand Com Tobacco. . Stand Gas & Elec (2). Stand Gas&El pf (4). Stand Invest Corp. Stand Ol Calif (2) Stana Of1 Exp pf (6) Stand Ofl Kansas. Stand Ofl NJ (12) Sterling Secur (A). Stewart Warner Studebaker Corp, Sun 011 (1)... Sun Ol pt (6) Superior Oil. . Superior Steel Telautograph (1). 9% Texas Corp (1). 12 Tex Gulf Sulph (2).. 1% Tex Pacific Coal&Oil. 2% Tex Pacific Land Tr.. 2 Thatcher Mfg Co.... 22% Thatcher Mfg pf 3.60 % Thermold Co... 3% Third Avenue. , Third Natl Inv (1).. Tide Water Asso Ofl. 2 Timken-Detroit Axle 7% Timken Roller Bg(1) 24 Transamerica Corp. 1% Tri-Contl Corp 2 Truscon Steel 3 1 Ulen & Co. . .. 24% 7% Und-Ell-Fisher(50c) 36% 16% Un Carbide & C(1.20) » ) % bla % ~Prev. 1932~ 1n % Unit Dy 10% Unit Fr Beexs. ¥ &2 I++++ + 4+ 27 - 23% 2% 60 1 Wabash sre 2 eFressxpsssy 22 THl+ I ++d+++b++010 80 20 12% 9% 15% 5235 6% n PIVt+44 =114 2% Wil EEE FEFIF 11 & % 2T% 10:30 AM rations. in stock. JPlus $1 in +1% *in Stock and Low. Dividend Rate 8 Un Ofl of Calif (1). Unit Biscuit (2). 6% Unit Carbon..... % Unit Cigar Stores. 3% Dnit Corp (40c). 9% Unit Gas&Im(1.30) 11% U S Pipe 1st (1.20).. 2 UBSRealty & Imp.... 1% U S Rubber..... 3% U S Rubber 1st pf. 52% 21% U S Steel.... 51% U S Steel pf (7). % United Stores (A). Unit Stores pf (3%).. 12 Univ Leaf Tgb (2)... 1% Util Pwr & Lt (A)... % Vadsco Sales Corp 5% Vanadium Corp. 15 Va-Car Chemical.. .. Va Elec&Pw pf (6).. 7% Vulcan Detinning. s Unit of trading less than 100 s} 4% in stock. a this year. stock. e Payable in cash or stock. m Paid last_year—no ri FINANC Bales— Net. Add 00. High. 12% .« 10 65 'wood t (2 L4+ 4 44+ L+ et - = = FEE FEFF FFEFE T pf (A) % Ward Baking (B’ % Warn Bros Picture, 1% Warren Bros, ... 2 Warren Bros cv p! 74 Warren Found & P 25 West Pa Elec A (7) West Pa EI pf (7). 66% West Pa Pwr pf (6).. West Pa Pwr pf (7). Westing’'se Air B(1). Westinghouse Blec. . Westinghse 15t (3% ) 13% Weston Elec A (2).. 3 Westvaco Chlorine White Motor..... White Rock M 8 (2).. % White Sew Mch pf. x Oil & Gas. % Willys-Overland, 1% Wilson & Co (A). Wilson & Co pf. 22 Woolworth (2.40). 65 Worthington Pump. 141 Worth Pump (A) 12 Worth Pump (B) 1% Yellow Truck....... 4 Youngstown Sh&Tu. Sales of Stocks on New York Excl .. 200.000 T = [ERSIOTeS - ) 4% 12:00 Noon. Dividend rates as given in the above tables are the annu; cash payments based on' the latest quarierly Or Baif-yearly decio. res. tPartly extra. $Plus -no ular rate.” b Payable in Shecial preferred stoak. "k Pl 30 i, shoek stock, k Plus egula. rate. nPlus 5% in stock. P!i’l.y‘:cb: scrip. x Ex-dividend. % - ERAN SHPMENTS -+ DROP WITH PRIG 7 1 1% % w|Market Believed to Be Better Position After Re- cent Decline. in By the Associated Press. Unless European buying has spent £ % = % % “ — 14| corn values are expected to reflect the 424 4 +1 £ + +1 +5 +1 T +1 +1 +1 = 1 + —1% +1% + + = + + 4+ - - | EREERR R FX I+++tb 4414+ drastic housecleaning of the last week, which knocked 2 to 3 cents off the bread grain and on one session had corn the lowest in nearly 35 years. It is becoming familiar to hear of cargoes of wheat being chartered to va- Irious parts of the world. Importing countries seem to have been impressed by the low level of prices, but United States quotations still are unpopular and Canada practically monopolizes world demand. Some estimate the export business in North American wheat as high as 15,- 000,000 bushels during the last week and look for a natural pause. Domestic Marketing. In the meantime, domestic marketing is beginning to slacken because of lower and increased Fall farm work. Receipts at the principal Central and South- Sastern markets totaled only 2,100 cars, compared with 4,300 cars for the cor- 4 | responding week last year. Local mill demand was faftly active and a good domestic flour business was reported. The Department of Agriculture esti- mates domestic consumption of Wwheat during the 1932-33 crop year will be 660,000,000 bushels. If 5o, it is privately suggested, 1t will be necessary for this % | country to export only 55,000,000 bush- % els to prev;nht the :in;rr‘y :X;‘;}lfieip&; z smallest f;efix‘:‘lut 20 years was 112,000,000, in the 1930-31 season. | It was said in the trade that the 1% | market had discounted the increase ‘Southern Hemis- in th ™[ phere Tor o 3 Dry weather and | phere for incentive. ocust were anticipated from st e e e\ Argintine ship- ments totaled only 634.000 bushels for the week, and while Russia sent out more than 2,000,000 bushels to bring the season’s total to 3,500,000, it was re- called that by this time last year she had shipped 33,500,000 bushels. The situation in corn wzs said to be developing new angles, with prevailing low prices encouraging an export trade which could n;:nd{ vn‘lues“ egu‘r:ga: levels. Inqul or_smal were Te] rged from the United King- % | dom and Rotterdam. i Increase Predicted. 2 1| A 13 per cent increase over last year “hnb‘m;,e ed in feed grains by t the Department of Agriculture, and the new corn crop continues to mature rapidly, with the bulk reported safe from frost over most of the belt. About 60 cent of the crop was said to be safe % from frost in Iowa by the end of last Wekile attention was believed to have %{been given the liberal movement and limited shipper demand during the week 2 .paln‘u't in several years. % | cereal was showing strength in * p;v.hymwm: a bem ,'“““‘uumm'z"flé and h_dluflm - Xport The _yellow sym- % FOREIGN EXCRANGE. 7 | (Quotations furnished by W. B. Hibbs & Co.) 2 Nominal gold Selling checks Tue: today. R b sssaEssss .._..,;,_,,m....i, BEEEE £ rf 8! itself for the time being, wheat and | prices, the smaller Winter wheat crop | in | months; relative improvement has con- values had declined to the lowest | cars. CORPORATION REPORTS TRENDS AND PROSPECTS OF | | LEADING ORGANIZATIONS. | | NEW YORK., September 20.—Th: fol- lowing is today’s summary of imp-rtant corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: Aircraft, United Aircraft & Transport Corpora- | tion cbtained $1,500,000 contracts frcm Brazilian and Persian governments. | Automobiles and Trucks. | | Willys-Overland Co. making new half- | | ton six-cylinder truck for International | Harvester Co. to be marketed by latter company under its name. Building, Real Estate and Related Lines. | Arundel Corporation—C:mmon share | earnings eight months ended August 31, | $2.23 vs. $3.09. | Food Products. California Packing Corporation—New _ pineapple pack of company limited to 11,865,771 cases for 1932-33 season un- | der new co-operative agreement. In 1931-32 season output totaled 2,521,095 cascs. | Hawalian Pineapple Co., Ltd.—New pineapple pack of company is limited | 1o 995,734 cases for 1932-33 reason un- jder new co-operative agreement. I |1931-32 season output totaled 4,862,110 | cases. Libby, McNeil & Libby—New p(ne-‘ |apple pack of company is limited to| | 1,385,052 cases for 1932-33 season under | new co-operative agreement. In 1931-32 season. output totaled 2,913,205 cases. | Naticnal ,Baking Co.—Deficit year | ended June 30, $70,185 vs. net income $161,874. Machinery. Caterpillar Tractor Co. deficit, 8 | months ended August 31. $624,214. Miscellaneous. Du Pont (E. I) de Nemours & Co. | August business volume showed a de- | cline of 30 per cent from 1931 month compared with a decrease of about 40 per cent in each of preceding four | tinued into current month. Oil. Devonian Ol Co. declared a quarterly dividend of 15 cents on common stock: on July 20, a quarterly distribution of 10 cents was made on common shares. Humble Oil & Refining Co. gets tem- porary injunction restraining State authorities from forcing company and Humble Pipe Line Co. to take as much flg: as formerly from certain Texas elds. Indiana Pipe Line Co. declared an extra dividend of 5 cents and a divi- dend of 10 cents on capital stock. Railroad and Railroad Equipment. Atchison, Topeka & Santa Fe di- rectors declared 4 per cent annual in- terest on unstamped and 2 per cent semi-annuel interest on stamped 4 per ;:nfu 100-year adjustment mortgage n International Great Northern Rail road—July net loss Vs. net income $234,229; loss $1,079,304 vs. net income $724,981. Pennsylvania Railroad—Reconstruc- tion Finance Corporation authorized a loan of $2,000,000 to company to be spent in construction of 1,285 freight St. Louis-Sap Francisco Ry.—Second receivership suit filed against com by stockholders; alleges mismanage- ment and 426 vs. net loss, $445,541; seven months’ net loss was $4,736748 vs. net loss, $2,234,705. Arnold Constable Corp. deficit 6 months ended July 81, $157,727, vs. net income, $129,364. Steel and Iron. National Steel Corp. operations aed 10 30 per cent of capacity from 25 per cent last week. Advertising, Printing and Publishing. * General Outdoor Ad 6 manths ended June 30, $1, deficit $887,811. Utilities. British Columbia Power Corp., Ltd., class A share year June 30, $2 vs. $2.22. -Manhattan Transif D | er. cables. in- | B¢ deficit 396, va. | 0o Pudget Sound Power & Light Co. de- ! clared a dividend of $1 a share on $6 ' cumulative preferred stock: previously paid $1.50 quarterly. Building, Real Estate, Related Lines. Sherwin-Williams Co—Plants of company are operating on full time. Railroad and Railroad Equipment. | Carriers withhold notices for a 20/ per cent pay cut; to discuss a proposal that action be negotiated outside the | provisions of the railway labor act. Textiles. Adams-Millis Corporation — Plants operating at capacity; dollar volume | continues below 1931, but unit volume | s larger; in first half of year a decline of zbout 50 per cent in dollar sales was reported. Utilities. Brooklyn-Manhattan Transit Corpo- ! ration—August net income of system up | 28 per cent: two months off 3 per cent. General Utilities Co.—Preferred stock- | holders offered rights to purchase at $4 | a share, 20 shares class A stock of Com- munities Public Service Corporation for | each preferred share held; common | stockholders may buy two shares Com- | munities Public Service at $4 a share for each share held. Markets at a Glance NEW YORK, September 20 (#).— Stocks strong; rails and farm implements lead rise. Bonds steady; rails firm. Curb firm; utilities improve. Foreign exchanges steady; Japanese yen firm. Cotton higher; rains central belt; high- Sugar lower; easier spot Coffee unsettled. CHICAGO, September 20 (#).—Wheat firm; improved export trade; bullish Russian crop news. Corn steady; fore- | cast frost Northern belt; improved cash trade. Cattle irregular. Hogs very slow; steady to weak. GAS RATE IS hEDUCED BY BALTIMORE COMPANY Spectz! Dispatch to The Star. BALTIMORE, September 20.—Reduc- tion in’ gas rates for large industrial market. | consumers has been been made by the Consolidated Gas, Electric Light & Power Co., according to an announce- ment by Harold E. West, chalrman of the Public Service Commission. The reductions became effective Sep- tember 3 and were made for the pur- pose of stimulating the use of gas by large industrial concerns, it was said by Charles M. Cohn, vice president of the company. The rate cut, Mr. Cohn said, does not presage any reduction to the small user. A 10 per cent slash per 1,000 cubic feet was made under the old rate for the second 500,000 cubic feet used and more substantial cuts for the use of large amounts. re e MONEY MARKET. NEW YORK, September 20 (#).—Call money in the outside market was easier today, being offered at 1 per cent % +4% +1% — %, 1AL, ISTOCKS IN UPTURN. AS RAILS ADVANGE Rally Sets In After Market A_bsorbs Overnight Sell- ing Orders. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 20.—Stocks closed higher today after a gradual ad- vance, which was sustained to the end. The movement was fairly uniform, all classes sharing in the improvement more or less. At the end the market had made friends for itself, and senti- ment in the Street was more cheerful than at ary time since the present re- action began. ‘The feature in the market at the end was the urgent demand for United Afr- craft, which left off four points higher, All the leaders made their highs in the last few minutes of trading. The opening was irregular, but after the overnight orders had been executed the list steadied and a deliberate ad- vance was ¥ arguments in favor of the market were that the re- action had corrected any over-bought ;‘:ndmon'z mtmnzm of business im- ovement again were appearing, the steel industry being the one ”zxtxnkmg ex:i:ptlorln1v andhum all through the re- action there had been portan liquidation. s 7 The rails were the leaders at the start, chiefly the lower-priced issues. The movement was not easily justified, but every crumb of comfort was seized upon by the sponsors for the carrier stocks. ~ For instance, the president of the Missouri Pacific was quoted 2s say- ing that traffic on Priday and Saturday of last week had broken all records for the year on that road. Improvement in loadings during the last two weeks in August was stressed and predictions were made of better comparisons in the Ig‘aox;lninga statements covering the pe- Gains of a point or more were regis- tered by such stocks as Kansas City Southern, Missouri-Kansas-Texas com- mon and preferred, among the extreme speculations, and by New York Central, Lackawanna, which was outstandingly strong; Southern Pacifiz and Atchison. One or two of the equipments went along. United States Steel preferred, which was 50 weak yesterdey, met support this morning around the Jow of the move- ment. The common dipped under $36 a share momentarily but then rallied. It was roted that cteel preferred was loan- ing at a premium. suggesting that the selling had been largely for short ac- count. Gains were made by Allied Chemical, American Can and American Tobacco class B. Other relatively strong stocks were Lambert and Coca Cola. Gereral Electric was active at higher. levels, ‘American Telephone, selling ‘“ex” the quarterly dividend of $2.25, almost made up the dividend by noon. U. S. TREASURY BALANCE. | By the Associated Press. ‘Treasury receipts for September 17 were $32.159,922.78; expenditures, $20,- 150,076.72; balance. $898,005,064.95. Customs duties for 17 days of Septem~ ber were $13,797,627.29. SILVER QUOTATIONS. NEW YORK, September 20 (#).—Bar silver, steedy; 14 lower at 273, Mail Orders Increase. NEW YORK, September 20 (#).—Re- ports in mercantile circies say that the charp pick-up in retail sales toward the end of last week found reflection in heavy mail orders for mercaandise yes- terday. The number of buyers here also showed an increase, contrary to the usual trend at this time. NEW YORK BANK STOCKS NEW YORK, September 20 (#).— Over-the-counter market: Quotations as of 2 O’Clock. Chase Natl (2) Public (2) xd. TRUST COMPANIES. *Includes extra. 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