Evening Star Newspaper, September 23, 1932, Page 14

TA—14 w¥¥% D. . BUSINESS GAIN| WELL MAINTAINED Weekly Report on Bank Clearings Shows Further Upward Tendency. BY EDWARD C. STONE. For the third consecutive week busi- ness in Washington has displayed & steady seasonal pickup, according to the latest weekly report on local bank clearings. Checks passing _through the Wash- ington Clearing House Association for the week ending September 21 totaled $18,508,000, compared with $17,385,000 for the week ending September 14, but 14.7 per cent below the figure for the corresponding week a year ago. Bank clearings are considered one of the very best barometers of business. ‘The first week in September showed a ®ain over the last week in August, the same being true of each week since. While the upward trend is not startling, yet it is being well maintained. Local bankers and merchants consider that business will continue to _improve through the Fall and the Christmas holidays. Nearby Cities Show Gains. Many other cities in the Southern part of the country showed gains in clearings this week over'the previous week, although still. way behind last year. Baltimore made a substantial advance and Richmond clearings also revealed progress. Some of the lmdmg ichmond Aranee Washington Volume of bank clearings was swelled Tnotably by the inclusion of midmonthly and quarferly dividend, interest and tax payments rmé the week ended September 21 learings as reported to Bradstreet’s Weekly from 47 leading cities totaled 35,516,921,000, a gain of 20 per cent over the previous week, al- though 248 per cent less than the cor- Tesponding week a year ago Omitting New York City, where a considerable amount of this increase was scored, check transactions also rose, aggregating $1,738.795.000. the highes amount reported since the occurrence of similar quarterly payments last June. This total is 11.3 per cent higher than the previous week, but 30.9 per cent below a year ago. Transit Company Cuts Defici Operating revenues of the Washing- ton Rapid Transit Co. in August 4830,290.71, compared with $33,653.83 in August, 1931, a decrease of $3,363.12, according to the monthly statement just filed with the Public Utilities Commis- sion. Operating expenses and taxes re- quired $37,372.03, against $41,639.01 in August. 1931, a reduction in operating costs of $4.266.98. A deficit in operating income of $7. 08132 for the month, as contrasted with one of $7.985.18, made a decrease in deficit of $903.86. Gross income less operating income and taxes, revealed a deficit of $7.001.86, or $898.50 lower than the one of August. 1931. Net income for August presented a deficit of $9,874.89, or $760.08 under the deficit total of August last year. Operating revenues for the eight months of the current year aggregate $297521.50, or $80,26597 Jower than those of the correspond- ing period in 1931. Operating e: penses and taxes now reach $319.87 a recession of $56,573.06 from those of the comparative period a year ago. The item, operating income, exhibited a deficit of $22,356.47, in the face of a surplus for last vear of $1,33644 and reflecting an advance in deficit of $25.692.91. Gross income less operating expenses and taxes also lists $21.558.19 as total deficit, as compared with a surplus of $2,118.30, a growth in deficit of $23.- 676.49. 'The deficit in net income for the first eight months of 1932 now totals $43,812.91, as against $19,888.22 deficit, an increase of $23924.69. D. C. Exchange to Change Time. ‘The Board of Governors of the Wash- Ington Stock Exchange announces that beginning next Monday the regular daily sessions will be held at 11:15 in- stead of 10:15 am., the time of meet- ing during the Summer months. Business on the exchange today was confined wholly to bonds. The market opened with two small sales in Wash- ington Gas 6s, series A. at 99. Five separate $1,000 sales in Washington Gas Light 55 were then recorded at 101 The unlisted issues were called off. a5 customary on Friday. and no changes noted in quotations. _Carpel Corpora- tion, Woodward & Lothrop common and preferred stocks have been added to the list of issues now quoted ex dirl- end. Loft Company Enters Detroit. Arrangements have been completed whereby Loft. Inc.. which has been I cated in Washington for years, will op- erate the candy departments of the 60 :Zconomlcnl Cunningham Stores in De- roit. Warehouse space has been secured. Candies will be shipped in carloads from the Loft plant on Long Island. Loft will have its own organization to supervise counter and window dis- plays, and will do its own -newspaper advertising direct to the Detroit public. The first shipment, amounting to 150,000 pounds, will be made within a week and it is estimated this Detroit connection will result in additionzl sales in excess of one million dollars per year. Heard in Financial District. ‘The Council of Administration of the District Bankers' Association will hoid its regular September meeting late this afternoon at headquarters in the Boni Building. President C. H. Pope will preside. Prices for wholesale commodities de- clined 0.5 per cent for the week ended September 17, as compared with the week ended September 10, Bureau of Labor Statistics reports. . Reconstruction Finance Corporation has concluded not to act &t this time upon the request of the Ialtimore & ©Ohio Rallroad for a further loan of $31,625,000 incident to the refinancing at maturity on March 1, of' $63,250,000 of its 20-year 4'. per cent convertible bonds. first Dividend Reductions. NEW YORK, September 23 (Special). —There have been rather more signifi- cant dividend reductions and_omissions this week than in any similar period in the month. That or Northern States Power Co., whose common stock has bfen placed on a $6-a-chare basis. be- ing a reduction from an $8-a-share Tate, is one of the most important. An- other is that of Otis Elevator Co, whose common was reduced to $1 a share per annum from $1.50. A con- siderable number of interior banks and trust companies have reduced or passed their dividends, and there is quite a long list of miscellaneous "industries whose dividend action reflects the de-1 crease in their earnings and in their cash resources. . Can Company Wins Suits. BALTIMORE, September 23 (Spe- cial).—A Federal Court order dismissing 25 suits against the American Can Co. for breach of contract has just been handed down by Judge W. Calvin Chesnut, after considering -the cases since June 15. This decision was awaited with con- siderable interest in manufacturing and ‘buylng circles, involving @s it did not only & considerable amount of money, . Rut also problems in FINANCIAL. ~Prev. 1932~ Stock and Sales— High. Low. _ Dividend Rate. Add00. 3 % Abttibi Pwr & Puper. 33 1% AdameBrpress ..o Adams Exp pf (5). 4 Addressograph. Adv Rumley.. Alleghany Corp. . Alleg Cp pf $30 ww Allied Chem & D (6). Allis-Chalmers Mfg. Amerada Corp (2)... Am Bank Note. Am Can Co (15) Am Car & Foundr: Am Car&Foundry pf, AmChicle (13)... Am Colortype. . Am Comel Alcohol. % Am European Secur. Am & Forelgn Pwr. Am&Forgn Pw pf (1 Am & For Pwr 2d p Am Haw St’ship (1) Am Hide & Leather Am Home Prod .20 Am Ice (2). Am La France&Fom. Am Locomotive. ...« Am Locomot pf (7).. Ti3 Am Mach&Fdy (80c). 1% Am Metal Co. .. 6's Am Metal pt. . $ Am Power & Light. .. 15% Am Pwr & Lt pf ( 3% Am Radiator. 3" Am Rolling M! 13% Am Safety Ras (3). % AmSeattng: 10 Awm Shipbulding (2) 5'4 Am Smelt & Ref..... Am Smelts & Ref pf. Arm Smuft (13%). Am Steel Foundry. Am Stores (1213) Am Sugar (2)..... Am Sumatra Tob. Am Tel & Telez (3 Am Tobacco (16). AmTobacco B (16). Am Water Wks (2).. Am Wat Wks cfs(2) . ‘Am Woolen. Am Woolen pf Am Writ Paper ctfs.. Anaconds Copper. Aneconda Wire & C.. Anchor €ap (1.20) ... Aroher-Dantels (13. % Armour of 1 (A) 34 Armour of TH ¢B) ..o 34 Armourof 11l pf. 214 Artloom Corp. . ®» Assoclated Appart 8 Asso Dry Goods. . 77y Atch Topeka & S Fe 35 Atchison pf (5)...... . Atlantic Coast L 34 Atlantic Refining (1), 28% Auburn Auto (f4) 13 Aviation Corp (Del) dwin Locomot Baldwin Loco pf. Baltimore & Ohio. Baltimore & Ohio b Bangor&Arostk (2) Barnsdall Corp. » Beatric Creamery. ... Beech-Nut Pkg (3).. Belding-Hemingway. Bendix Aviation Best & Co. Bethlehem Bethlehem Steel p Bohn Alumn & Brass. Borden Co (2) Borg Warner. Boston & Malne Briggs Mfg Co. Brlfi'\&Slralmn(U.\ Bklyn Manhat Tran. Bklyn Unfon Gas(5). Erown Shoe pf (7). 4 Bruns Term & Rwy Bucyrus-Erie cv pf Budd (E G) Mfg Budd Wheel Bulova Watch. .. Burr'ghs A M (80c).. Bush Term deb stk. . Butterick Co.. Bvers (A M) A7, Callfornia Packing. 1y Callahan Zinc & Ld. l‘q Calumet & Hecla. Canada Dry (1.20)... 1 Canadian Dactfc. 1C1a Cannon Mills (1) 214 Capital Admin (A 16% Case (J I) Co... 4% Caterpillar Trac 50c. 11, Celanese Corp 7% Cent Agulrre ( 2%, Century Rib Mills. 313 Cerro de Pasco. 1615 Checker Cab (new) 9%, Ches & Ohio (234) 4% Chesapeake Corp (2). 114 Chi Great Western. .. 215 Ch1 Great West pf, Chi Mil StP & Pac Chi Mil StP & Pac pf. Chi & Northwestern.. Chi & Northwest pf.. Chi Pneu Tool... Chi Rock I & Pacific Chi RI& Pac7% pf. Childs Company Chrysler Corp (1)... City Ice&Fuel pf 6%. City Stores. ........ Coca Cola (% Colgate-Pal-Pete Colg-Palm-P pt 16) - Coio Fuel & Iron. Colorado & Southern. Colo & Sou 2d pf (4).. 4 Columbia Gas (b1). .. % Columbla Plc ctfs Columb Carbon (2). Commercial Credit. . Comel Cred 15t(6% )+ 10% Comel Inv Truet (2). 314 Comcl Solv (60c). 1% Comwlth & Southe 274 Comwlth&Sou pf (6). 6% Congolm Nairn (1). 1 Consol Film.. . 2% Consol Film pt 3134 Consol GasN Y (4). 7215 Consol Gas NY pt(5). 4% Consol Laundries(1). 4 Consol Ofl Corp. 27 Cons RR of Cul 1 Consol Textile, % Container Corp % Contl Baking (B). 178 Contl Can (2).. 3 Cont Diamond Fibre., 6% Cont Insurance(1.20) , Contl Motors. 3t Contl Oil (Dei). 24% Corn Products (3) 9915 Corn Prod pf (7). 115 Coty Inc. 1315 Cream of 14 Cuba Co. 7 Curtiss Wrig] 114 Curtis Wright 4A) 315 Cutler Hamme 4 Davega Stores (60c 1 Davison Chemicai 6% Deere & Co pf (40¢).. 32 Del & Hudson (6)..- 814 Del Lack & Western. 1'4 Denver & RG W pf.. 54 Detroit Edison (6). 12 Diamond Match (1).. 2014 Diamond Mtch pf 1% 714 Dome Mines(1.30).. 11% Dominion Storest1%. 5 Doug Aircraft (75¢c). 23 Drug Corp (4)..... 513 Duplan Silk (1) 22 Dupont de Nem (2 80% Dupont deN db iif(6) 87 Duques Lt pf (5). astman Kodak (3). Eaton Mfg Co. . 14 Eitington-Schild. 813 Elec Auto-L (1.20).. 7 Elec&Musical Instru, 2% Elec Pwr& Lt....... 16 Endicott-Johnson(3), Engineers Pub Serv.. Eng Pub Sve pf (5).. EngPSptww (5%). 115 Fashion Park As p{ 30 Fed Lt & Trac pf (6). 13 Fed Mines & Smit. 13 Federal Mot Truck. 3 Fed Wat Service A. 614 Federat DeptS(60c) .. 6 Fidelity-Phoen 1.20.. 5% Fifth Ave Bus (64c). 10%4 Firestone T & R (1) 35 First Natl Strs (2% 14 Fisk Rubber % Fisk Bubber 1st p: % FiskRub 1st pf cv. 4% Florsheim Shoe (A) 2 Follansbee Bros. Low. Close. Chat. 1 THE EVENING STAR, Net. . 1932~ Low. Dividend Rate. 10% Fourth Nat Inv 1.20.. 1 Fox Film A) 10 Freeport-Texas (2).. % Gabriel Co (A)...... % Gen Am Investors. .. 9% Gen Am Tank Car(1), 4% Gen Asphalt. . 105 Gen Baking (2). 1 Gen Bronze, % Gen Cable. 1'3 Gen Cable (A). 3% Gen Cable pf 20 Gen Cigar (4). 815 Gen Electric (4 10% Gen Elec spec (§0c 19% Gen Foods (2).... % Gen Gas & Elec (A).. 3 Gen G&E cv pf A(p6) 5% Gen G & E pf A (pT).. 28 Gen Mills (3). % Gen Motors (1). 56's Gen Motors pf (5) 23 Gen Outdoor Adv 1 Gen Public Service 614 Gen Rwy Signal (1) 4 Gien Realty & Util..., 10% Gillette Saf Ras (1).. % Gimbel Bros_ “ 3ia Glidden Co. 8l Gold Dust (1.60)... 2% Goodrich (BF).....s 5'4 Goodyear Tire&Rub 19% Goodyear 1st pf (7). 7% Gotham Silk Hosier: 1 Graham-Paige 2% Granby Consol 14’5 Gramt (W T) (1) £ Great Northern pf. .. Great Western Sug. . % Grigsby Grunow. 3 Gulf Mobile&Nor pl’ 215 Gulf States Steel.... Hacken Wat pf A 1% % Iahn Dept Store: Hanna pf (7) Harbison & Walker. . % Hartman Corp (A). 1¢ Hartman Corp (B) ..y 14 Haves Body. 50 Helme (GW 13% Hercules Powder 1% 4315 Hershey Choc (6).. 734 THolland Furnace 110 Tomestake \hn(Hfl) 1 Houdaille Hershey. 8% Houston Ofl, ..vv.vee 1% Houston Oil (new) 5 Howe Sound (40c) 8 Hudson & Man (3%). 2% Hudson Motor Car. 114 Hupp MOtors.. .., .s 4% [llinots Central. Tia Industrial Ravon 42) % % % Y 5 Inspiration Copper. . « Insuranshares (Del). Interboro Rap Trans. Intercontl Rubber. .o Interlake Iron. Int Bus Machine (né). Int Carriers Ltd 20c.. Int Cement. Int Combustion. Int Harvester (1.20). Int Hydro-Elec (A). Int Nickel of Can. ... Int Paper & Pwr (C). Int Paper & Pwr pf. . Int Printing Ink..... Int Rys Cent Am pf. 20% Int Shoe (2)... 71 Int Silver. . 2% Int Tele & Teleg 1’z Interstate Dept € 14 1o entral RR. 32% 10 Johns-Marfville. .. 84° 30 Jonea & Paugh pri3) 151, 2's Kansas City Southn., 25% b5 Kan City Sou pf (2) 94 2 KaufmanDS (80c).. Kayser (J) & Co. Kelsey-Hayes Wheel. Kelvinator Corp Kendall Co pf (). Kennecott Copper. Kresge (SS) Co (1). Kroger Grocery (1 1% Lee Rubber & Tire 5 Lehigh Valley R R 304 Lehman Corp (2.40) 6 Lehn & Fink (2) 3% Libbey O“en:GI Long Bell Lumb(A) - s Loose-Wiles Bis (2). Lo ard (P) (1.20).. Lou Gas&El A (1%). Louisville & Nash Ludlum Steel McAnarew Forbs(1). Mcintyre Porc 1%. .. McKeesport TP (4).. McKesson & Robbins McKesson & Robs pt. McLellan Stores. . Mack Trucks (1). Macy (H R) (n2). Magma Copper (50¢) . Manati Sugar... . andell Brother Manhat Elev gtd (7). Marine Midld (80c).. armon Motor Car. Marshall Field & Co Mathieson Alk(1 ‘l ). May Dept Stor Mereinie Shos (1200 Mengel C Mexican Petrlm Miami Copper. . Mid Continent Petm. Midlana Steel Prod. . Minn-I'well Reg (3) Minn Moline Pow. ... MStP&SSMIsd (4) Mo Kan & Texas Mo Kan & Tex Missouri Pacific Missouri Pacific pf. Mohawk Carpet. . Monsanto Chem 1% Montgomery Ward. .. Motor Meter G & El Motor Products (2). 5 - 214 Murray Corp. . Nash Motors (1) & Nat Biscuit (2.80) Nat Cash Reg (A) Nat Dairy Prod (2).. Nat Distillers....... Nat Distillers pf(t3) Nat Lead pf A (7)... 4 Nat Pwr & Lt (1). Nat Steel (50c) . NatSupply Co SFEFREE Nat Surety... Nat Tea (§0c). vada Con Col wport Industries. . % Newton Steel N Y Alr Brake. 8% N Y Central. 1% N Y Chicago & St L. 2 NYChi&StLpf. 6 NYNH & Hartford. 35 N Y Ont & Wi N Y Shipbull, N Y Shipbuild pt(?) - N Y Steam pf (6). 5 N Norfolk & West (3). North Am Aviation. . 13% Nor Amer(b10%stk). 255 North Amer pf (3) 49 North Am Ed pf (§ 5% Northern Pacific. .. % Norwalk Tire & Rub.. 5 Ohio Oil (a40c)..... 14 Oliver Farm Equip. 214 Oliv Farm Eq prpf. . 115 Omnibus Corp. 9 Otis Elevator 9% 1% Otis Steel. . 20% 3% Otis Steel pr p: 44% 26 Outlet Co (4) 27% 12 Owens Ill Glass (2), WASHINGTON, D. C, FRIDAY, SEPTEMBER Stock and Sales— Addofl Hl'h. !o" cnm Chge. za — 3% 1 Pacific Coast 37 167 Pacific Gas & El (2) 4714 20% Pacific Lighting (3) 14 3% Pacific Mills........ 104% 68 Pacific Tel&Teleg(7) 5% 1% Packard Motor Car.. 113% 1% Paramount Publix... 10 2 Park & Tilford...... 14 % Pathe Exchange..... 5% 1% Pathe Exchange (A). 32% 16 Penick & Ford (1) 3% 13 Penney (1.C.) o1 60 Penney (JC) pf A () 34 Penn Dixie Cement. .. +.% ;m- & $% Penna \ 9% e 26% 2% 47 20% 11% 5% 3% 4 T4 20% 387 19% 9% Rt 26 2% 2% 32% 43% Stock and Dividend Rate Peoples Gas Chi (5). 74 Peoria & Eastern 23 Dero Marquette pt. . 1708 3% Pere Marquette prpf. 70s 3 Petrol Corpof Am... 12 3% Phelps Dodge. . 13 2 Phila& Read C&T... 50 7% Philip Morris&Co(1 1 31 Phillips-Jones Co ¥ Phillips Petroleum 29 Phoenix Hoslery. 108 Pierce-Arrow pf. 1 Pierce Oil... 3 Plerce Petroleum 2 '3 1 1 Net. ;;Prev. 1932~ Bales— Low.. — % 3 + % Pitts Coal. . Pitts Coal pt...... Pitts United pf.. Pittston Co. . Postal Tel&Cable pt. Prairie Pipe Lin Proctor & Gamble(3) Public Sve N J(3.20). Public Sve NJ pf (5). Pullman Corp (3)...1 2% Pure Ofl........ 50 Pure Oil pf (8). 4% Purity Bakeries (1).. 27 Radlo Corp. ... 3% Radio Corp pf B. 114 Radio-Kelth-Orph. .. 4% Raybestos-Man (60c) 95 Reading Rwy (1) 214 Real Silk Hoslery. 1 Remington-Rand 1% Reo Motor Car... 1% Republic Steel. 5 Republic Steel p: 5% Ieynolds Metals(1). 124 3 Reynolds Spring. 403 26% Reynolds Tob B ( 1% % Richfield Oil. .. 28% 12% Royal Dtch(a80%e). 145 3 Rutland RRpf 594 m"u Safe 88 Safeway 6! Safeway Strs pf (7).. St Joseph Lead...... t L-San Francisco. . St L-San Fran pf 4 Seaboard Air Line. .. eaboard Air Line pt Seaboard Oil Del 40c. ‘s Sharp &Dohme pf (2) Shattuek (FH) 50c Shell Trans (abdc) Shell Union 011 Shell Union O1l p! Shubert Theaters. immons Co. elly Ol ss Sheffle teel.! Sloss-Sheft Steel pr.. zfll Snider Packing. ..., Socony-Vac (80c). Solv Am pf ww(5%). So Porto Ric S(ad0c) Southern Cal Ed(2).. Southern Pacific. ... Southern Railway. Southern Railway pt. Sparks-Withington. . Stand Brands (1.20).. Stand Gas & Elec (2). Stand Gas&El pt (4). Stand Gas&El pf (6). Stand 01l Calif (2) Stand O11 Exp pf (5). Stand Oil Kansas. . Stand OIl N J (2)... Sterling Secur cv pf. T S L [ Y ] & FiEryy 1+ P44+ 4 Stone & Webster. Studebaker Corp. Sun Ol (1).. $un Oil pf (6) % Superior Oil Superior Steel 18% 6 Telautosraph (1) 18% 9% Texas Corp (1) 815 SEASONAL RECOVERY IN TRADE SUSTAINED Mercantile Reviews Find Basis Has Been Established for Upturn in Business. By the Associated Press. NEW YORK, September 23.—The weekly mercantile reviews today said that seasonal recovery in retail and wholesale trade had been sustained this week. Bradstreet's Weekly reported the gen- eral opinion in its comments from 53 leading cities was “that business is covery."” “That this recovery can only be slow is generally realized; complicated problems for which no sat- isfactory solutions have been found. But the marked trend away from ab- ject dispair and toward a sober but ing.” Althcugh retail trade in general is| indicated as spotty, said the review, Fall goods have met a fairly good de- mand, especially in department stores. Wholesaling and light manufacturing |lines are seasonally busy. although col- e+l 1) @ provement. “The general movement toward in- creased business activity,” stated Dun's, “has experienced no reverse, althougin there was a general leveling of gains this week, with yolyme spreading in some | trade, encouraged by an active con- sumer response for higher-priced mer- chandise, has brought about a new faith. WESTERN MARYLAND RWY. BALTIMORE, September 23 (Special). —The income statement of the Western Maryland Railway just made public shows an increase in net income for August as compared with August of 1931. The last year's figure was $69,288, and this year the road's net earnings were $79,717. ‘The total operating income also showed an increase, this August's earn- ings being $340,683, as against $334,789 for August, 1931. However, the net rail- drop from $347,645 to $338,806. PARIS BOURSE PRICES. PARIS, September 23 (#).—Three ver cent rentes, 84 francs 25 centimes. Five per _cent loan, 100 frincs 75 centimes. Exchange on London, 88 francs 35 centimes. The dollar was quoted at 25 francs 51 centimes. HEADS BAN—KEBS' GROUP. BALTIMORE, September 23 (Special), —Av _the annual business meeting of the Southeastern group of the Invest- ment Bankers' Association held this week William G. Dancy, vice president of the Union Trust Co., was elected chairman. He succeeds Frank B. Adams of J. Harmanus Fisher & Sons. Edward K. Dunn of Robert Garrett & Sons was elected vice chairman, and Harry S. Middendorf of Colston, Trail & Middendorf secretary -treasurer These oflcm will serve on the Execu- tive ttee, together with C. T. Wfllhmn C. T. Williams & Co,, Inc.; Y. E. Booker of Y. E. Booker & Co, — 3 | Washington, and Mr. Adams. +1 —_——— B. & 0. Car Loadings Gain. —3%] BALTIMORE, September 23 (Spe- + %|cial).—Car loadings for the first 10 — 1| days of September on the Baltimore & Ohio Railroad showed an increase of + %7976 cars, according to a report made — % | public today. The loadings for the pe- +2 jriod were 61,119, as against 53,143 for — % the preceding #0 days. -1 The total loadings were, however, considerably reduced from the like pe- + % W.u.-dn zu- m.zm-,t,» riod of 1ast year, _ Add 00. High. 76 slowly beginning a fundamental re- | there are still | ,iconfident attitude is highly encourag- | lections have not yet shown marked im- | directions. The rising confidente in Fail | 23, 1932. ra ~Prev.1932—~ High. " Low. Net. Low. Close. Che. 72 :‘6 + % + % Timken 19% Trico P 3, an Ra; Vulcan Waldor: s White Motor. . White Rock M S White Sewing Mach Wilcox Oil & Gas. Willys-Overland Wilson & Co. . Wilson & Co (A) Woolworth (2.40) . Worthingtdn 3 3% Wright 25% Wrigley (Wm) (3).. 613 Yale & Towne (1) 1% Yellow Truck. 4 Younzstown Sh&Tu. 64 i3 Zenith Radio 9% 4% Zonite Products(60c) 5 Sales of Stocks on New York Exchange. 200‘000 1,500,000 10:30 AM 1:30 P.M Dividend cash payments based rations. 5UBit of trading less than 100 share in stock. stock. e in stock. m Paid last year-—no divider CORPORATION REPORTS TRENDS AND PROSPECTS OF | LEADING ORGANIZATIONS. | NEW YORK. september 23—The ol- lowing is today's summary of corpora- {tion news prepared by Standard Sta- tistics Co., Inc, New York, for the Associated Press. | Automobiles and Trucks. Continental Motors Corporation, sub- | sidiary Continental-De Vaux, to intro- duce a new line of low priced cars be- fore end of 1932. Food Products. General Foods Corporation earnings in quarter ending September 30 are ex- pected to exceed dividend requirements of 50 cents a share. | dollar sales in year to date reported ahead of 1931. Standard Brands, Inc.—Improvement in sales in August over July has con- | tinued to date, with business transacted | thus far in September already equal- | ing entire August volume; inventory | position is said to be good, company | having acquired at low prices a con- siderable stock of commodities. Household Products. ported off about 40 per cent in first | six months; production currently is at |less than 25 per cent of capacity. Metals (Non-Ferrous). United States Smelting, Refining & | Mining Co. common share earnings, eight months, ended August 31, 10 cents vs. 19 cents. Miscellaneous. Liquid Carbonic Corporation passed quarterly dividend on capital stock; paid 25 cents on August 1. Office and Business Equipment. Smith (L. C.) & Corona Typewriters. Inc., September business running 25 per cent above August. Railroad and Railroad Equipment. Canadian Pacific Railway reduces salaries of officials 10 to 15 per cent further; in 1931 salaries of officers and employes were cut 10 per cent. Illinois Central Railroad August op- erating income estimated at over $900,- 000 vs. $617,000 in July and $1.422,000 in August, 1931; eight-month totals are around $6,350,000 vs. $5,931,447 in 1931 way operating income showed a slight | period. New York, Chicago & St. Louis deficit. eight months ended August 31, $3,433,- 590 vs. net income $838.136. Seaboard Air Line Railway—I. C. C. refuses to sanction R. F. C. loan of $3,000,000 to the receivers of com- pany; holds that receivers Bave suffi- cient cash to meet more pressing claims. ‘Wabash Ry.—Court sanctions issu- ance of $9,150,000 receivers’ certificates: half of amount will be given to R. F. C. for a loan with which to pay off bank loans and remainder will be issued to banks as security for unliquidated loans. Western Maryland Ry. first preferred share earnings eight months ended Au- gust 31 46 cents, vs. $3.70. Shipping and Shipbuilding. American Shipbuilding Co. presi- dent_states that no further dividends can be paid on 7 per cent non-cumula- tive preferred stock until earned. ‘Tobacco. Anrerican Sumatra Tobacco deficit year ended July 31 $361,660, vs. deficit $170,481. . .. Utilities. Cities Service Co. gross revenues 12 cent; net after interest, etc., but before Teserves was off 215 per cent. General Water Works & Electric Gor- poration—Receivers lppolnud for com- pany at Wilmington, Telephone Bond & shlre net theome six months ended June 30 $286,950, vs. $483,640. to change par value of common stock to no par from $100 and reduce stated capital to $11,000,000 22,000,000 road and equipment assets to be duced about n.looooo because of abandonment of certaln properties, Stock and Dividend Rate. ‘U S Leather. . U 8 Leather (A) U S Pipe & Fdry (2) S Realty & Imp. U S Rubber. U S Rubber U S Steel b1} U S Steel pf (7).. 55 U S Tobacco (4.40). % United Stores (A) 13 Univ Pipe & Rad. 1'3 Util Pwr & Lt (A) anadium Corp. Wabash RR. . Ward Baking (A) rd Baking (B) Warner Quinlan Warren Bros varren Bros st Pa Elec pr ). West Pa El pf (7).... West Pa Pwr pf (6).. West Pa Pwr pf (7). stern Mggyland.. \ Western Pacific n:. 6+ % Western Unlon. as on the latest quarterly or half-yearly decla- Tonnage and | singer Manufacturing—Shipments re- | mexcial months ended August 31 off 16.9 per P’"h Aw Twin City Rapid Transit Co. proposes | o re- N FINANC 1AL, Bales— Add 00. High. 3 B 6% L] Tide Water As pf (6) 52 Tide Wat Oil pf (5).. Timken-Detroit Axle. Roller Bg(1) Transamerica Corp Transue & Willia; Tri-Contl Corp. roducts(2% 7% Und-Ell-Fisher (50¢), 53 Union Bag & Paper. . 16% Un Carbide & C(1.20) 8 Un Oil of Calif (1)..4 Union Pacific (§).... 65 Unit Afreraft... 2 Unit Alrcraft pf (3) Unit Biscuit (2) % Unit Carbon. . % Unit Cigar Stores. 1nit Corp (40c) Unit Corp pf (3) Unit Dyewood Unit Electric Coal Unit Fruit (2).. Unit Gas&Im (1.20) Flt b+t 111 +4+ atte. ... Van Raalte 1st pf Detinning fSys (1%). % Pum| Aeronautic 12:00 Ndon. iven tn the above tables are the annual n o in stock. Jesula. rate. nPlus 5% 15 ‘stoeie Payasie FEDERAL RESERVE CREDIT ITEM DROPS Decrease of 324000000 Is Re- ported for the Week Ending September 21. By the Associated Press. ‘The daily average volume cf Federal ADVANGE IN STOCK PRICES RESUMED Rails, Public Utilities and In- dustrials Share in Brisk Upturn. BY GEORGE T. HUGHES. Special Dispateh to The Star. NEW YORK, September 23.—With trading greatly reduced in volume, the |stock market today made progress on *|the upside The movement lacked the | taneity of Wednesday's advance, The market looked tired and prices were bid up with effort on the part of the spon- sors for the various leaders, but the re- sult was achieved. The close was higher on the day During the morning the leaders were the railroad shares and the airplane stocks. In the late afternoon the motors were taken up, with Chrysler and Gen- eral Motors both turned over in large volume. The oils were laggards all day without, however, being weak. The opening was somewhat irregular. but shortly thereafter large buying or- ders appeared and the mark began to advance. Railroad stocks as a group were the leaders, but the public utilities were strong and there wer: a few sharp advances among the iL- dustrials. Attention of traders yas ctill concentrated on the market little concern in evidence over | side news. | It was predicted t |ings statement Saturday an increase better than s | this the | the strer | the labor le r President against loans to the roads from the Reconstruction Finance Cor- poration, if wages were to be reduced, was ignored, although that situation presents serious possibilities. ifficul- tes facing the anthracite carriers over the demand for lower freight rates were likewise given no consideration. The leaders on the upside were the same as in recent sessions. New York Central was bought aggressively, touch- ing a new high since the market turned in" July. Missouri-Kansas-Texas made ia new high for the year. Southern | Pacific, Union Pacific. Atchison and Lackawanna were all strong during the | morning. Elsewhere in the the most spectacular gains were made by Gulf States Steel and United Aircraft. Gulf States ran up almost 5 points without intermediate reaction. The movement | in United Aircraft, which was under ex- pert guidance, resulted in a 4-point gain by noon. The stock came out in blocks of 5000 shares on the way up. Doubtless the popular imagination has { been captured by rosy pictures of the | future of the aircraft industry. At any rate other airplane stocks followed the lead of United Aircraft. P BRI - INTEREST RATES. By the Associated Press. Average money rates continued un- | changec_during the week ended Sep- tember 17 as the trend was calculated by the Commerce Department. In the table that follows the average rate for both classes of funds is given for com- parable periods, as reported by the department Week ended September 17, call, 2.00. Previous week, time, Same week last call, 1.50 spon- at the car load- time, 1.50; 2.00 1.50; 1.50; call, year, time, Committee Chairman Named. BALTIMORE. September 23 (Spe- cial) —William H. Meese, vice president and works manager of the Western Electric Co.'s local plant. has been made chairman of the Committee on Indus- 1 trial Rehabilitation of the fifth Federal Reserve district and also a_member of the National Committee. A. W. Rob- ertson. chairman of the board of West- inghouse Electric & Manufacturing Co., is chairman of the National Committee, which is one of the subcommittees of the Central Banking and Industrial Com- mittee formed at the eonomic confer= Reserve Bank credit outstanding during | ence held in Washington last month. e gon month the week endirfg Septembr 21, as re-! ported by the Federal Reserve Banks, was $2,269,000,000. This was a decrease | . of $24,000,000 compared with the pre-| | ceding week and an increase of $972.- | 1000‘000 over the corresponding week ir: | | 1921 On September 21 total Reserve bank | credit amounted to $2,259,000,000, a de- | crease of $42,000,000 for the week. This decrease ccrresponds with decreases of | $33,000,000 in member bank reserve bal- |ances and $26,000,000 in money in cir- culation and an increase of $37.000.000 in monetary gold stock, offset in part by an increase of $2.000,000 in unexpended capital funds, non-member deposits, |etc, and a decrease of $53,000,000 in | Treasury currency adjusted. Holdings of discounted bills decreased $15,000,000 at the Federal Reserve Bank of San Francisco, $10,000.000 at At- lanta, $4.000.000 at New York. $3.000,000 each at Philadelphia and Cleveland and $43,000,000 at all Federal Reserve Banks. | The system's holding of bills bought in open market were practically un- | changed, while holdings of United States | Treasury notes increased $8,000,000 and thuse of Treasury certificates and bills declined $7,000,000. Nationally Known Goods. NEW YORK, September 23 (#)— There is a better demand for nationally | branded merchandise in the grocery trade, manufacturers report. An un- official survey conducted among repre- sentative wholesale houses in New Eng- | land and the Middle West discloses that | calls for nationally advertised goods | turned upward toward the latter part of last month. COTTON GINNING REPORT By the Associated Press. Cotton of this year's growth ginned prior to September 16 was reported to- | day by the Census Bureau to have | totaled 2,636,530 running bales, includ- ing 51,930 round bales, counted as half bales and 325 bales of American- Egyptian. U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for September 21 were $5.940,799.57; expenditures, $10,- 155,232.74; balance, ~ $885,746,297.27; lcus(oms duties for 21 days of Sep- tember, $16,708,967.62. SILVER QUOTATIONS. NEW YORK, September 23 (#).—Bar dilver weak; 3 lower at 27!;. - NEW YORK BANK STOCKS NEW YORK, September 23 (#).— Over-the-counter market: Quotations as of 2 O'Clock. BANKS. Bid, Asked. Ghase Natl @) .. Public (2) . TRUST COMPANIES. Bankers (3) Bklyn Trust (10) X Cen Hanover (*7) Chemical (1.80) Continental um e Irving (1.60) Maputasturers m FIRST TRUST REAL ESTATE NOTES FOR SALE J. LEO KOLB 804 17th St. 1237 Wisc. Ave. DL 502 West 0002, Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Indiana Ave. N.W, A Profitable and High-class Investment Guaranty | Yield First 5 6% Mortgage Securities secured by direct income-pro- ‘They are first mortgage on here in the ducing _properties Nation's Capital. Denominations From $100 May Be Purchased on Monthly Payments Send for Booklet, “The Success Plan” REALESTATE MORTGAGE & GUARANTY CORPDRATION National 1408 —1"0 K StL.N.W. FIRST MORTGAGE 6% NOTES Secured on froperties in fre- ferred residential and busi- ness sections. Every mort- gage protected by fre snsurance and title guaran- teed by responsible title companies. ive Appraisals Insur. ing Absolute Safety pr— Conse: NOTES FOR $250 UPWARD A QUARTER OF A CENTURY OF SERVICE BOSS & PHELPS Loan Correspondent for John Hancock Mutual Life Title G & T (3 United States