Evening Star Newspaper, September 22, 1932, Page 14

A—14 wax THURSDAY, SEPTEMBER 22, 1932. FINANCIAL. WASHINGTON BANK | TR ANSACTIONS ON THE NEW YORK STOCK EXCHANGE DEPOSITS STEADY <z 1% Abitibi Pwr & Pa pf. FINANCIAL, THE EVENING STAR, WASHINGTON, D. C, Net. | ~Prev.1932— ghrev. 1003 Low. Close. Cnes. | Hieh. " Low. w. Dividend Rate. 7y 5 . Doug Alrcraft (75c). 238 it Te% natDuiny Pred (2. 28 Drug Corp (4). 70 24 %| 101% 80 Duplan Silk pf 18 Nat Dist Prod (2). % 204 Nat Dlltmera pr(u) Te% 1 Bastern Rell Mills. .. Lead pf A ( Eastern Roll Mills. .. 36 Eastman Rodak @). 5 Nat Pwr &Lt (1), % Nat Ry Mex 1st pf. 8 Eaton Mfg Co. 34 Nat Ry Mex 2d pf. Stock and Dividend Rate. Bales— Add 00. High. Stock and Sales— Net. —Prev.1932— Stock and Add 00. High. Low. Close. Chi ¢ ] STOCK LIST SAGS —1% =i Heavy Profit Taking on Yes- terday’s Advance Puts Savings Have Mounted More Quickly Than . Checking Addressograph. Adv Rumley. . Affillated Prod 1.60. Air Reduction (3) 1 surh-wuhlnnon. . % Splegel-May-Stern. . E % Eitington-Schil Bl Accounts in Capital. BY EDWARD C. STONE. Deposits in _Washington banks are holding up well, officials in several of the city’s leading financial institutions said today. Reports from New York state that bank deposits in Gotham are now at the highest point they have been this year. No new high marks have been scored Tecently in Washington, vet deposits here are said to have held their own in & satisfactory manner. Several bankers report that savings deposits have recently gone ahead faster than checking accounts. This is due to the fact that a good many people are holding enough money back on their checking accounts to pay their bills with cash. In this way they avoid the Gov- ernmen! cent tax on checks. The increase in stock market activity is given as the chief eause for the re- cent advances in New York bank de- posits. That makes the situation a bit different in the Nation’s financial capi- tal from what it is in the political capi- tal or in any other city in the country. 00-share days in the New Market give bank deposits lift bank clearings much more sharply. oller of the Currency John W. qzeru’d to issue a call for the | n of all Washington banks ard m ‘1.' the national banks in the coun- in two or three weeks. The call il find the local banks in an un-| ¢ liquid position. Local bankers are that these institutions have 'y of money to loan on any sound business project. Loans are likewise being made to regular patrons on high- grade stocks. Metropolitan Votes Dividend. Directors of the National Metropoli- tan Bank have declared the regular semi-annual dividend of 5 per cent on the capital stock, the disbursement be- ing payable October 15 to stockholders of record October 5. The largest transaction on the Wash- ingion Stock Exchange today was made in the bond division in Washington Electric $1.000 selling at Washington Light 6s, series B figured in a $500 sale at 102 In the stock department 10 shares of ¢ Electric Power 51> per cent| d came out Declares Revival Under Way. George W. Norris, governor of the Philadelphia Federal Reserve Bank, ad- dressing a group of business men, stated tnat “for the first time in three years I honestly can speak words of en- couragemen! Thc‘ Xl.m'lcml pam(‘ is over, but the he said. ndnap, such ' bonus or | S has several friends among who will be deenly ness views. He has an opporlunny for unusually wide observation. Officials to Address Bankers. Following the announcement that President Hoover will greet the bankers | &t the Morris Plan convention Septem- Ter 29 at 12:30 at the White House, comes the statement that Secretary of | Labor William N. Doak will address the ntion delegates at their annual on_the_subject. “The Working nd His Financial Problems.” The Secretary of Labor hails from Virginia, the home of the Morris Plan, and the celegates are looking forward to hearing his address. The committee also announces that Arthur A. Ballantine, Undersecretary of State, Will also appear on the pro- gram. He will speak Thursday morn- ing, September 26. Bertram Ch rman, president of the gton Morris Plan Bank, stated lans are now completed n, which promises to| + gatnering of the kind yet 76, an mcru;e uf 54‘3- per cent over the same| i 3 Total customers for this period of 23, —} 925,701, an increase of 1,510,993, or| 6.7 per cent over the same period of‘ 1931, today's report says. Members of the District of Columbia Underwriters’ Association held their first luncheon of the season this noon { at Hotel Washington, with Fred L. Wells ©of Baliimore as_ guest speaker. The new president, John P. Lynch, presided and David S. Bethune gave a most in- g account of the national con- eld in San Francisco. He is a member of the National Executive Com- mittee and was present at all the im- portant convention sesisons. Heard in Financial District. Secretary of the Treasury Mills an- mounces an offering of $100,000,000 of Treasury bills to run 91 days from Sep- tember 28, the proceeds to be used to off a maturing issue on that date Bids will close Mon- ke Beach Railway would service across Chesa- Bay on Reconstruction Finance tion funds, according to a Te- quest made of the Interstate Commerce Commission for approval of a $900,000 an. J.'G. Bradley, West Virginia coal op- erator, told President Hoover at the ‘White House yesterday that employment has been increased 10 per cent in the bituminous fields. Stock market followers found their way into local board rooms in large numbers a They found the movin . but not up to peed of yesterday's close. iness Economic Digest's in- d'x of business activity advanced 1.4 points in_August to 51.5 per cent of b 1. the first upturn since April, 1931, The underlying situation Shows further improvement in September, the Digest adds. SILVER QUOTATIONS. NEW YORK, September 22 (#).—Bar silver firm, !5 higher at 27%. Pennsylvania's Investments. NEW YORK, September 22 (Special). —The reduction in Pennsylvania Rail- road’s investments from $109,000,000 cn July 31, 1931, to about $31,000,000 on the same date this year represents the liquidation of a portion of its hold- ngs of United States Government securities and corporation notes made mecessary by the small profits from op- erations. The balance sheet of the company at the end of July showed an excess of assets over liabilities of $44,000,000, compared with an excess a year ago of about $50,0£0,000, an ex- iremely satisfactory position in view of the operating conditions during the 12 months. T. . TREASURY CERTITICATES (Reported by Chas D. Barney Rate—Maturity 145 Oct 1532 25 Mar. 25 My 2 s Jute 15, 1 s Aue. 1, 35, dume 15 Trdux | Bept. o Airway Elec Appl Alaska Juneau (50c). Albany Wrap Paper., Alleghany Corp. ... Alleg Cp pf $30 ww. 5 Alleg Cp pf $40 ww. Allled Chem & D (6 4 Allis-Chalmers Mfg. 12 Amerada Corp (2) Am Agri Chem(Del) . Am Bank Note...... Am Bank Note pf (3) Am Brake Sh&F(60c) Am Brake Sh pf (7)‘ Am Can Co (15).. Am Car & Foundry. . 2 23 Am Car&Foundry pf saoa AmChicle (13) Am Colortype Am Comel Alcol Am & Forelgn Pwr. . Am&Forgn Pw pf(6) Amé&Forgn Pw pf(7) Am & For Pwr 2d pf. 1 Am Hide & Leather.. 4% Am Hide & Leath pf.. 25 Home Prod ¢.20 % A;}ICO (2)e.ene 2% Am Internation 8% Am Locomotive Ti4 Am Mach&Fdy ( 1% Am Metal Co. 63 Am Metal pf 3 Am Power & Light. 10 AmMP&LtpfA (5 15% Am Pwr & Lt pf ( 3% Am Radiator. 3 Am Rolling Mill 13% Am Safety Ras (3).. Am Smelt & Ref, Am Smeltg & Re! . Am Smelt & R 24 pf.. i Am Snuff (133)..... Am Steel Foundry. Am Stores (12%3) . Am Sugar (2). Am Sugar pf (1) Am Sumatra Tob. AmTobacco B (16). Am Water Wks (2). Am Wat Wks ci Am Woolen. .. Am Woolen pf. 1% Am Zinc & Lead 3 Anchor Cap (1.20) Archer-Dantels (1). Armour of 111 (A)... Armour of Il (B) Arnold Constable. 214 Artloom Corp. y Assoclated Apparel. Asso Dry Goods . Associated Ol ( Atch Topeka & S F Atchison pf (5).... 9%, Atlantic Coast Line.. Atlantic Refining (1) 713 Atlas Powder Atlas Powder pf (6). Atlas Tack Auburn Auto (f4) Aviation Corp (Del). Faldwin Locomotl Baldwin Loco pf....i. - 8324 Baltimore & Ohilo. . Baltimore & Ohio pf. Bamberger pf (6%) .. Bangor&Arostk (2) Barnsdall Corp. .. yuk Ciz 1st pf(7) w Beatric Creamery. .. Belding-Heminzway . Bendix Aviation Best & Co.. Bethlehem Steel Bethlehem Steel ! Bohn Alumn & Brass Borden Co (2) Borg Warner. Boston & Maine. Botany Con Min (A). Briggs Mfg Co Bklyn Manhat Bklyn-Man Tr pf (6). Bkiyn Union Gas(5). Bucyrus-Eri Budd (E G) Mfg pf. Budd Wheel. Bullard Co. . Burns Bros (A) Burr'ghs A M (80¢) Bush Terminal. Bush Term deb st Butte Copper & Zi Byers (A M) 4% California Packin, 1, Callahan Zinc & Ld.. 114 Calumet & Hecla. 6 Canada Dry (1.20) 7% Canadian Pacific. 10t Cannon Mills (1). 213 Capital Admin (A). 16% Case (J I) Co. .. 30 Case (JI) pf (7). 4% Caterpillar Trac 60c. 1% Celanese Corp 74 Celotex Co. . T% Cent Aguirre (1%4). 28, Century Rib Mills 60 = Century Rib M p(7) 314 Cerro de Pasco. 1 Certain-teed Prod 16' Checker Cab (new) 9% Ches & Ohio (2%) 474 Chesapeake Corp (2). 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 ptf.. 1 Chi PneuTool....... 1% Chi Rock 1 & Pacific.. 2 ChiRI1&Pac6% pf.. 4% Chi R1& Pac 7% pf. 6% Chi Yellow Cab (2) 1% Childs Company. 5 Chrysler Corp (1).. 113 City Ice & Fuel (2). 50 City Ice&Fuel pf 6%. % ity Stores. . 51% Clev CC&StL 501 Clev & Pitts (3%%) 7414 Coca Cola (18). 41% Coca Cola (A) (3).. 11 Colgate-Pal-Pete(1). 65 Colg-Palm-P pf (6) 2% Collins & Alkman 274 Coio Fuel & Iron. 415 Colorado & Southern. 8 Colo & Souht 1st pf.. 5 Colo & Sou 2d pf (4). 4% Columbia Gas (bl) 40 Col Gas&El pf A ( 4% Columbla Plc ctfs 13% Columb Carbon (2).. 3% Commercial Credit. . 11% Comel Credit A (3). 40 Comcl Cred 1st(634). 10% Comel Inv Trust (2). b5t Comcel Inv cv pf(e6). 313 Comel Solv (60c)..... 15 Comwlth & Southern. 27% Comwlith&Sou pf (6) 6% Congolm Nairn (1) 2% Consol Film pf....... 31% Consol GasN Y (4).. 7214 Consol Gas NY pf(6). 4% Consol Laundries(1). 4 Consol O11 Corp...... 2% Cons RR of Cuba Df.. el 3 Cont Diamond Fibre.. 6% Cont Insurance(1.20) 24% Corn Products (3). 115 Coty Ine. 1313 Cream of Wht 123, 2% Crosley Radio. . 7% Crown Cork & S % Crown Zellerbach 6 Crucible Steel. . 16 Cructble Steel pf. 14 Cuba Co 4 CubaRR % Cuban-Am Suga: 315 Cuban-Am Suga: 20 Cudanhy Pack (2%).. 7 Curtis Publishing... 47 Curtls Publish pf(7). 1% Curtis Wright (A)... —_— 9% 15% 9214 1 Davison Chemica: 6% Deere & Co pf (40c).. 32 Del & Hudson (6)... 815 Del Lack & Western. 1% Denver & RG W bf.. 54 Detroit Edison (6) 7 Devoe&Raynolds(A. 12 Diamond Match (1).. 20% Diamond Mtch pf 1% 734 Dome Mines(+1.30). . 113 Dominion Storestlie. o 19 13 280 96 43 708 35 30 176 568 28 26 1 1 808 YEY S+l UL+ 10s 32 16 108 608 65 3 22 b9 FEFES [ HREEs wE RS MRS AR E N o I1+01+1+ BN e =P FEER E JHSEE bt FESFEE FEE € 16W 7 2015 3 32% 84 15% 9% 195 84 61 % % 2% Elec Auto-L (1.20, Elec Auto Lite pf(7). 20s Electric Boat 1 Elec&Musical Instru. Elec Pwr & Lt. 8% Elec Pwr & Lt pris). 10% Elec Pwr & Lt pf (7). 4 Engineers Pub Serv. 25 Eng PubSvepf (6).. 2 ErleRR24 Df..u.. 2 Eureka Vac (a2). % Fashion Park Asso. 3 Fed Wat Service A, .. 6% Federat DeptS(60c).. 6 Fidelity-Phoen 1.20.. 10 Firestone T & R (1).. 35 First Natl Strs (2%). % Fisk Rubber, % Fisk Rubber 1. % Fisk Rub 1st pf cv... 2 Follansbee Bros..... 3 Foster-Wheeler..... 1 Foundation Co. 10% Fourth Nat Inv 1.20.. 1 FoxFilm (A).. 10 Freeport-Texas (2).. 2% Fuller Co pr pf. M Gabriel Co (A) 1% Gen Am Investor: 9% Gen Am Tank Clr(l) 4% Gen Asphalt. .. 10% Gen Baking (2) 14 Gen Bronze Gen Cable. Gen Cable Gen Cable pf. Gen Cigar (4) Gen Electric (40¢)... Gen Elec spec (sDc)u Gen Foods (2)... Gen Gas & Elec (A).. Gen Mills (3). Gen Motors (1) Gen Motors pf (5)... Gen Outdoor Adv.... Gen Public Service Gen Rwy Signal (1). 4 Gen Realty & Util. .., Glllette Saf Ras (1).. Gillette Saf B pt (5). Gimbel Bros = Gimbel Bros pt Glidden Co. Glidden Co DP ot (7) - Gobel (Adolf). . Gold Dust (1.60) ] Goodrich (B F) Goodyear Tire& Goodyear 1st pf (7). Gotham Stk Honlery Graham-Paige. Sranby Consol. Grand Unton. Grant (WT) (1 Great Western Sug. . Great Wn Sug pf(7). Greene Cananea. rigsby Grunow amo Sugar. bile & North Gulf Mobile&Nor pf. 15 Gulf States Steel % Hahn Dept Stor 7is Hahn Dept Stor 33 Hanna pt (7). 2 7 Harbison & Walker. . 1, Hartman Corp (B). .\ 3*, Hawaiian Pineapple. Hayes Body. .. : Helme (GW) (17)... Hercules Powder 13 Hershey Choc (6) . Holland Furnace.... Hollander Sons. . Homestake Min Houdaille Hershey Houston OIl. .. Houston Oil (new) Howe Sound (40¢) Hudson & Man (3%). 2'4 Hudson Motor Car... 1% Hupp Motors 4% [llinols Centr. Indian Motor Cy Industrial Rayon (2) Ingersoll-Rand (2).. Inland Steel. .. - Inspiration Copper Insuranshares (Del). Insurshares (Md)... Interboro Rap Trans. Intercont] Rubber. .« Interlake Iron. . Int Agriculture. .. Int Agriculture pf... Int Bus Machine (n6) Int Carriers Ltd 20c. Int Cement. . Int Combustion Int Harvester (1. Int Hydro-Elec (A).. Int Nickel of Can. . Int Nick Can pf (7).. Int Paper & Pwr (A). Int Paper & Pwr (C). Int Paper & Pwr pf Int Salt (1%) Int Shoe (2). Int Stlver. . Int Sliver pf (4). % Int Tele & Teleg. Interstate Dept St... Intertype Corp 100 Toiand Greck GodlZ) 15% Jewel Tea (t413) 10 Johns-Manville...... 30 Jones & Laugh pf(3) 21, Kansas City Southn.. 5 Kan City Sou pf (2).. 2 KaufmanDS (80c).. 4% Kayser (J) & Co. . % Kelly Spring Tire. 15 Kelly- Springctf: 6% Kelly-Spr T 8% 1 Kelsey-Hayes “ heel‘ 2% Kelvinator Corp. . 4% Kennecott Copper. 6% Kresge (SS) Co (1 88 Kresge (SS) pf (7).. 10 Kroger Grocery (1) Laclede Gas pf (5) Lambert Co (15) Lee Rubber & Tire. . Lehigh Valley R R... Lehman Corp (2.40). Lehn & Fink (2)..... 33 Libbey Owens Glass., 32% Liggett & Myers(t5). 34% Ligg & Myers B (15). 9 Liquid Carbonic (1).. 13% V'S, = 1% 16'% Loose-Wiles Bis (1). 96 Loose-Wiles 1st (7). 9 Lorillard (P) (1.20) 8% Lou Gas&El A (1%) T4 Louisville & Nash. 1% Ludium Steel 10 McCail Corpn (2) 20 McCrory Strs pf (6). 13 Mcintyre Porc 1% ... McKeesport T P (4).. McKesson & Robbins McKesson & Robs pf. McLellan Stores. Mack Trucks (1) Macy (HR) (n2).... Magma Copper(50¢). hat Elev gtd (7). Manhat Elev mod gtd Manhattan Shirt.., ., Y4 Marine Mid1d (80c).. i Marlin-Rockwell(1). Marmon Motor Car. . Marshall Field & Co.. Mathiescn Alk(1%). May Dept Stores (1). Maytag pf ww. Mengel Co. Met-Gold Pic pt 189 Mtami Copper. Mia Continent Petra. Midland Steel Prod. Minn-H'well Reg (2) Mo Kan & Texas pf. Midsouri Pacific. ... Missouri Pacific pf. .. Monsanto Chem 13 . 3! Montgomery Ward. . » Mother Lode. ... Y Motor Meter G & El. 7% Motor Products (2). 2 Motor Wheel... 2 Mullins Mfg. 2% Murray Corp. . 8 Nash Motors (1) u}g 20% Nat Biscuit (2.80) . 6 Nat Cash Reg (A)+au T * FFEESF & iAo AU UG R R +0AEl L0 +1 B S REEELEEEE EPEELER SRR FEEE F O FEIETE ++ | N ++ & Tl+ '+ +0+) ri FEHL L i 1 144 o M [ ] (R FF SRR FIEEF &P ') NEW YORK YORK BANK STOCKS 13% Nat Steel (50c)..... P & Harlem (5) Investors. ... N H & Hartford. NH&Hartpf. .. § IFEES Norfolk & West (8). North Am Aviation. . Nor Amer(b10%stk). North Am Ed pf (§). Northern Pacific. Norwalk Tt 6 OhioOll (a: 1 Oliver Farm Equip. 3 Oppenheim Collins. 9 Otis Elevator (1) 1% Otls Steel. ... 34 Otis Steel pr pf. 12 Owens 111 Glass (2).. 16% Pacific Gas & El (2).. 20% Pacific Lighting (3). 3% Pacific Mills, B8 Pacific Tel&Telez(7) 85Y% Pacific T & T pf (6).. 113 Packard Motor Car. . 115 Paramount Publix 2 Park & Tilford % Park Utah. % Parmelee T; EPP FFEEEEE FEFEE 1% Pathe Exchange ( 334 Patine Mines. .. 16 Penick & Ford (1) 18 Penney (J.C.) 1.80 60 Penney (JC) pt A (6) % Penn Dixie Cement. . 614 Penna Rallroad.. ... 39 Peoples Gas Chi (5). 214 Pere Marquette pf. .. 814 Pere Marquette pr pt. 3 Petrol Corp of Am. 3% Phelps Dodg. Phila Co 6% 2 Phila& Read C&1. 7% _Philip Morris&Co(1). 313 Phillips-Jones Co. .. 10 Phillips-Jones pf. 2 Phillips Petroleum. . 3% Phoenix Hosiery. % Plerce Oll. ... = 14 Plerce Petroleum. . .. 9% Pillsbury Flour 1.20. 3 Pitts Coal % Pitts Terminal Coal. 14 Pitts United pf. 11 Poore & Co (B). 1% Port Ric Am TnhlA). 8 Port Ric Am Toh(B). 1% Postal Tel&Cable pf. 5% Prairie Pipe Line. % Pressed Steel Car. 19% Proctor & Gamble(2) 28 Public Sve N J(3.20) 62 Public Sve 711 Public Sve 83 Pub Sve GEE pf (5).. 104 Pullman Corp (3). 2% Pure Ofl 50 Pure Of1 pf (8). Bakeries (1) Radi Corp p h Radio Corp pf B Radio-Keith-Orph Raybestos-Man (60¢) Reading Rwy (1). Remington;Rand. Reo Motor Car Republic Steel Republic Steel pf, Revere Copper. Reynolds Metals(1). 3 Reynolds Spring. 2613 Reynolds Tob B (3) % Richfleld Of1 1% Rio Grande Ofl. 115 Rossia Ins of Ame: 23% 124 R 59% 304 60 Safeway Strs pt (6) 4% St Joseph Lead. .. St L-San Francisco. St L-San Fran pt. Savage Arms. Schulte Retail Stores Seaboard Air Line. .. Seaboard Air Line pf Seaboard Oil Del 40c. Sears Roebuck. .. Seneca Copper Sharp & Dohme. . Shattuck (FH) 50c. . 544 Shett Daion ON. 18 Shell Unton Ol pf, 2% Simmons Co.... 3% Stmms Petroleum, 24 Skelly Oil....... 6 Sloss-Skeft Steel pf. 2% Snider Packing... 5% Socony-Vac (30¢) 111 35 SolvAmpf ww(5%). 1 4% So Porto Ric S(a40c) 14 8% Stand Brands (1.20). - 7% Stand Gas & Elec (2). 9% Stand Gas&El pf (4). 156% Stand Ofl Calif (2). 7 Stand O}l Kansas. 19% Stand OII N J (12)... -1% -1 L B 4% Stone & 1 Tennes! 9% Texa: 12 Tex Gu se"geeSars e essE PAd [+l L+ I+ 1+ @ Ed + | o & 2% Thomp: 12 Thomp: 2 Tide Wi ] @ &F ++ 30 Tide W 2% Transa sErErER F5 JEEEELR Ulen & Un Car! Unit At Unit Bi Unit El I++1 14+ FEEFESES b o 5 Lulher (A) . U S Leather pr pf(7) 5 Pip USS Realty & Imp..., U S Rubber. . U S Rubber st 124 Unit Stores pt (3%). Univ Py Util Pwi W% vadsco % Superior,Oil 2 Superiof Steel 6 Teiautograph (1) Corp (1) 1% Tex Pacific Coal&Oil. 21 Tex Pacific Land Tr.. 7% Thermold Co. . 3% Third Avenue 10 Third Natl Inv (1) 20 Tide Water As pf ( 2 Timken-Detroit Ax: 7% Timken Roller Bg(1) 1% Tri-Contl Corp. 2 Truscon Steel % Sterling Secur (A 13% Sterling Secur cv pt. % Stewart Wi arner. Wabster. Phel |+ see Corp. Ao o ao 1t Sulph i3 R S 8 FRESESEE FEERFESE son Products. son-Staret pf. ater Asso Ofl. a e N FEF at Oll pf (5) merica Corp.. R R N N ] Co. Und-Ell-] s Unilon Bag & Paper.. bide & C(1.20) 176 Un Oil of Calif (1)... 7 Union Pacific (§) 154 Un Tank Car (1.40).. reraft. ... Unit Afreraft pf (3). scult (2) Unit Carbon Unit Cigar Si nit Corp (40¢) Unit Corp pf (3). Unit Dyewood. ectric Coal. it Fruit (2). Unit Gas&Im(1.20) Unit Piece Dye W] U S Express. U S & Forn Secur U S Gypsum (1.60 e & Fdry (2). o @8 o mrentfeife~Sma pe & Rad. T & Lt (A). Sales Corp. M ® 5% Vanadium Corp 60 Va Elec&Pw pf (6) 7% Vulcan Detinning s Wabash R R. 1 Wabash pf (A). 7% Waldor: £ 8ys (1 % Walworth Co. . 2% Ward Baking (A) 3 Ward Baking (B) 12 Ward Baking pf (4).. Warn Bros Pictures.. Warner Quinlan. Warren Bros. .. Warren Found & P... Webste: r Eisenlohr. .. Wells Fargo West Pa Elec pf (6). West Pa El pf (7) West Pa Pwr pt (7 Western Dairy (B) Western Maryland. Western Md 2d pf Western Pacific. . Western Pacific pf... Western Unfon. Westing’se Air B(1). Westinghouse Blec Westvaco Chlorin White Motor. ... White Rock M S (2).. Wilcox Wilson Wilson Wilson Ti++14++¢110 10 1% Yellow Yellow ‘White Sew Mch pf. Oil & Gas Willvs-Overland. & Co.. &Co (A). & Co pf. Woolworth (2.40).... Worthington Pump. . 264 Wrigiey (Wm) (3).. Truck. . Truck p! Young Spring&W (1) Younest 4 Zenith Radlo....... 1% 4% Zonite Products(60c) 53 8w 7% town Sh&Tu. 14 Th — % Sales of Stocks on New York Exchange. 10110 AM. S "Dividend Tates 3, | cash payments based rations. s Unit of tra kel in stock. 4 Pai 10% — 4% % n, T 4 lT‘i 0 scri. X Ex-dividend. 700,000 12:00 Noo 2,000, 2,800.000 2:10 P. Mn 3'11)00 gg: as given n the above tables are th on"the latest uarterly or ali-yearis ‘decies less than 100 shares. tPartly extra $Plu this year—no_regular rate. lylb’e ] ock. { Piu; st n L T i Uk Bloatan in, stoe fate. © PIus 9% 10 S1OCK. - B PATaDIS AS MARKET BAROMETER| By the Associated Press. NEW YORK, September 22.—Wall Street, or at least the major portion of the trading element now active in the market place, has long been educated to the theory that “as steel goes, so goes the market.” Thus far there has been no real reasort for any really pronounced trend away from that age-old belief. | Steel has long been a reliable barometer | FE LS will be found the sate good guide-post | again as the trend line of business lifts. | But some keen observers are leaning to | the belief that it may be wise market policy for a time at least to disregard this method of reasoning. In short, such observers feel that re- covery may be well along in various Soher lines before it begins to show sub- | stantially in steel, due to changed con- industry from those pre- ditions 10 thal IR0 Simiar times in the past. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks London, Paris, franc. Brussels, beis Berhin, mmark. Over-the-countet market: Quotations as of 2 o'clock. ~ BANKS. ase Natlonal (2 it Public (2). TRUST COMPANIES. MERGED IN MARYLAND New Company Has Capitalization of $350,000—Thomas P. Mur- ray Is President. Special Dispatch to The Star. BALTIMORE, September 22.—Papers were filed here for the incorporation of | of general conditions, and undoubtedly | the Construction Materials Co., a con- | & Co, who have completed financial solidation of three Maryland quarry concerns, for the purpose of conduci- ing a general business in stone and other construction materials. It is cap- italized at $350,000, with all the stock subscribed. The three properties combined in the new company are the quarries of Thom- as P. Murray. at Loch Raven; the Port Deposit Granite Co. and the Woodstock Quarries, at Granite, Md. Mr. Murray is president, Harrie R. Williams, vice president, and J. Wesley McaAllister, sec- retary-treasurer. At present the headquarters are at Port Depoeit, but Baltimore headquar- ters will be opened within the next few weeks. SHORT-TERM SECURITIES. (Reported by Chas. D. Barney & Co.) Bia Offer. Allis-Chalmers, Co. 5s 1537, 86% 90 i G 85 & 10624 Wk 93’z Baltimore & Ohio 88 Belding Hemingway &.18% Bethlehem Steel Corp, 58 183 Canadian Nor. Rwy. 4l2s Chi. Northwestern R. Chicago Rock lsland 4s 1934, Lor, wr;enn, 5s 1933 NEW YORK, September 22 (#).— |G s R. Co. Fortland Gerieral lue sa 1935 Republic Iron & s nciatr Crade guihern. Paciic. 8 1934. . $ELIMS Ry. R &G. 5’1938 583 Union Elec. Lt. & Pow. 5s 1933 1012 Union Oil Co. of Cllfl 5s 1935 97% Virginte Rwy. & Power 8 1334 1014 sh Rwy. Co. 5s 1939.. 68% P Dieticians to Meet. Miss Rowena Roberts will act 15 | hostess at a meeting of the District Columbia Dietetic Associaf ' | night at Sibley Hospital. It will bboth a business and social meeting. STEEL MAY LOSE PLACE THREE QUARRY |:|nms |TRUST COMPANY QUITS SECURITIES BUSINESS Special Dispatch to The Star. BALTIMORE, September 22.—Direc- | tors of the Baltimore Trust Co. have de- cided to discontinue any interest in the retail securities business, according to a statement given out by Howard Bruce, chairman of the board of the trust com- any. | With this end in view, the Baltimore- Gillet Co. will become inactive. Gillet arrangements necessary for resumption of their own operations in the. invest- ment banking business, will, at an early date, resume business in their oyn name, taking over the entire or; tion of the Baltimore-Gillet Co. Officers of Gillet & Co. will be: Charles B. Gillet, president; Willlam S. Merrick, vice president; Ridgley Fishe vice president; Richard Bond, vice pre: ident; L. V. Cochrane, treasurer; T. P. Winand, secretary. Charles B. Gillet is also a director of the Maryland Casualty Co.. the Equi- table Trust Co. and a director and member of the Executive Committee of the Fidelity & Guaranty Fire Corpora- tion and the Maryland Title Securities Corporation. R S U. S. TREASURY BALANCE. By the Assoctated Press. Treasury receipts for September 20 were $11,719,490.84; expenditures, $5. 143985.64; balance, $889,960,740.44 customs duties for 20 days of Septem. ber, $15,499,644.70. New Transit Suit Authorized. NEW YORK, September 22 (#— Benjamin F. Johnson of Winchester, Ky., obtained Federal lourt authoriza- tion yesterday to institute suit looking toward the appointment of new re- celvers for the Interborough Rapid Transit Co., and the Manhattan Rail- way Co. Johnson, a Manhattan Railway stock- holder seeks to have the pruent re- ceiverships set aside on the ground he believes the lnpomtmenu ‘were irregular and void. He also asks for an accounting of 1‘&*‘6‘ sums allegedly due the Manhattan from the Interborough, a fixation ef amounts to be paid by the Interborough receiv- ers for the privilege of operating the Manhatten, and the awarding of dam- alleged violation of the Man- he Manhattan stock with a par value $10,000, Leading Issues Lower. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 22 —Stocks closed lower today as heavy realizing made itself felt after yesterday's spec- tacular advance. The advertising the market received in yesterday's buoyant advance brought in heavy buying orders at the opening today. They were offset, however, by the realizing on the part of those fors tunate enough or well-informed enought to have bought stocks prior to the rally. The two parties collided, with the sell- ing slightly more fnfluential and a somewhat lower range of prices during the first hour. The surprising thing was that the re- action was so small, confined for the most part to a pqint or less. Yesterday's advance was one of the most violent on record. It more than canceled half the loss during the reaction from the highs of September 8. By all precedent it should have stim- ulated much more profit taking than it did. It was an invitation to the most courageous bears to offer stocks for the decline. The fact, however, was that the selling was taken with unimportant declines from yesterday's finals At intervals volume was very large, but then again it died down. In ine first hours the tape was behind thiee minutes and in the second hour at times it came almost to a standstill. The sig- nificant thing was that the activity was all on the side of advance. It was no easier to give convincing reasons for the abrupt reversal than it was yesterday. If one had been so dis- posed he could have enumerated many discouraging business situations. For one thing, there are plenty of dividend uncertainties still existing. The decline {in electric power production was ac- celerated in the last week for which fig- ures are available. The unemployment outlook was little better; most authori- ties predict it will be worse next Winter. Moderate improvement in car load:ngs is the mcst important offset. It is also apparent that politics is not a market factor for the moment. The speech of the Democratic candidate for presi- dency on utility regulation was read with interest, but it had no effect on ithe prices of the electric = and power stocks, operating cr _holding, Which moved with the geacral 1ist. Bank of England Statement. LONDON, Septeinber 22 (#).—The weekly statement of the Bank of Eng- land shows the following changes in pounds: Total reserve increased 3,173.- 000, circulation decreased 3,019,000, bul- lion increased 154,000, other securities increased 180,000, public deposits in- creased 10,982,000, other depo: creased 7.493.000, notes reserve creased 3,148.000, government securities increased 135,000, The proportion of the bank’s reserve to liability is 40.24 per cent comrared with 38.94 last week Rate of discount, 2 per cent. LIFE INSURANCE ; SALESMEN ] Are Not Born | they are trained and made by us without s s Box 40-R, Star Offic FIRST MORTGAGE SECURITIES by direct Firgt Morts ducing propefties in the Nat In Denominations as Low as S180 Monthly Payments If Desired REAL ESTATE MORTGAGE AND 'ARANTY CORP. 1610 K Street 1403 FIRST TRUST REAL ESTATE NOTES FOR SALE J. LEO KOLB 1237 Wisc. Ave. West 0002. Authorized Agent A. C. & Northeast Speedometer Repairs MILLER-DUDLEY CO. 1716 14th St. N.W. North 1583-4 Auchincloss | Parker & Redpath | MEMBERS: New York Stock Ezchange Washington Stock Ezxchange New York Curb Exchange (Associate) 719 Fifteenth Street TELEPHONE: MEt. 3116 The First Investment Consideration @ The 4%% First Mortgage Gold Bonds of New York State Electric & Gas Corporation are backed by ua- broken growth in earnings. During the last decade of varying business conditions they increased each year. Net earnings before depreciation are 3.54 times total annual interest charges. Yield over 5% at present prices. Write for Circular General Utility Secur Incorporated 61 Broadway New York City Please send me Circular J 361 Nome — ——— Address.