Evening Star Newspaper, September 24, 1932, Page 12

I SATURDAY, SEPTEMBER FINANCIAL. STOLKS 0 HEHR AT SHOR SESSN Rail and Motor Shares Take Lead in Strong Market. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 24.—The | stock market closed the week strong. %} Railway and motor shares were the * | leaders, but the movement took in more FINANCIAL WASHINGTON, D. C., 24, 1932 "TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Net. Low. Olose. Chge. 9 9% 4 % % TH 201 20% 18% 8ly 9% 1% INCREASES RAPID IN RETAIL TRADE Movement of Fall Goods | Found to Exceed Activity in Like 1931 Period. Sales— Add 00. ~Prev. 1932~ Stock and High. Low. Dividend Rete. 19% Stand Oil N J (12). 17 Stewart Warner. 4% Stone & Webster. 2% Studebaker Corp. 24% Sun 01l (1).... T Superheater Corp (1) 24 Superior Steel Net. | ~Prev.1932~ Stock and Bales— Net. Low. Close. Chge. | High. Low. Dividend Rate. Add 00. High. Low. Close. Chie. 314 Y| 10% 1% Util Pwr& Lt (A)... 6% 6% 6% z Tiw % Vadsco Sales Corp. % 5% Vanadium Corp 19 184 314 Va-Car Chem 6 7 64 20 Va-Car Chem 7% bf.. 53% 7% Vulcan Detinning. Wabash R R. .. Wabash pf (A) ~ Waldorf Sys (1%) Walworth Co Ward Baking . Ward Baking (B). Ward Baking pf (4 Warn Bros Pictures 35 Warner Quinlan..... 1% Warren Bros. . . 2 Warren Bros cv pf. % Wells Fargo........ West Pa El pf (7). .. —Prev’ High. 11% Net. Stock and Sales— . Dividend Rate Add 00. High. 2% Granby Consol...... 2 9 3! Grand Union. . . 142 Grant (W T) (1) 51 Great Northern pf. 5 Great Nortaern Or 3% Great Western Sug. . 2 Grigsby Grunow 14 Guantanamo Sugar.. 215 Guif States Steel % Hahn Dept Store: . Amerada Corp (2)... ]2 71 Hahn Dept Stores pf. Am Bank Note. ... . + % Am Bank Note pt (3) 3 S paan (1 e A ot B e 7 Harbison & Walker. . Am Brake Sh&F Am Can Co (15). Am Car & Foundry. . Am Car&Foundry pf. AmChicle (13). Stock and Bales— Dividend Rate. Add 00. High. . Chge. 1 Low. 5 Abitibi Pwr & Fuper. 20 Y -4 32 3 + % 4 L1932 T 20% 12% & % 18% 7 53% @ T wrmm=Samre Affliated Prod 1. 1 % v Air Reduction (3). 14 %+ % Alaska Juneau (50¢). 12 . Alleghany Corp..... 37 AllegCppf $30 ww.. 3 Allied Chem & D (6). Allis-Chalmers Mfg. ]+ +% +1 2+ % FEELEFSL Tennessee Corp Texas Corp (1). Tex Gulf Sulph Tex Pacific Land Tr. Thermotd Co.... 4 Thompson Products. Tide Water Asso Ofl. Tide Water As pf () Tide Wat Oil pf (5).. 1 Timken-Detroit Axle 10 Timken Roller Be(1) 27 Transamerica Corp.. 50 FEFF ¥ F BY EDWARD C. STONE. Retail trade has increased rather sharply in some centers so far in Sep- tember, says The Business Week, and continued improvement of more than EERERER FPF Ll l++110 - 13% Hercules Powder 1% 57 1 Hershey Choc pf t5.. Th Holland Furnace. ... 110 Homestake Min(t10) Hbudatille Hershey. .. FEE+ - +1s, seasonal proportions in carloading in- dicates that movement of Fall and holi- day merchandise to fill depleted stocks is proceeding more rapidly than last year. “Slight slackening of industrial ac- tivity is suggested by the relative reces- sion_in el ion last : persistent and super-seas : tivity still lags for lack of support from automobiles, railroads and construc- tion, and public financing in the last two fields has so far afforded insuffi- cient stimulus to stir the heavy indus- tries from their stagnation, but im- provement in residential building so far this month is promising. “The strength of security markets and the centinued advance of commodi- ty prices despite recent technical re- actions remain the most fundamentally reassuring features of the situation. Al- though commercial credit demand is still slack and bank loans are siill con- the pansion of b: couraging recovel “The happy increases in emp Gampened by 1 creases are be expense of wag men were working the ed less than if t v o Mr. Dooley would say, 1s sp ng s0 thin that you can see through it,” Business Week concludes. Bankers Urge Unemployment Aid. ‘Washington bankers have come for- ward with a suggestion which, if adopted, they believe will prove of great value in helping unemployed people in the city. The idea relates to jury service. the suggesticn being that local Jjuries should be made up of high-type rosidents whe are temporarily cut of work. Under the present method, bankers, busincss men and others who have large salaries, as well as important positions, are drawn for jury When these men serve in the jur they* are paid $3 a which tI not nced at all. They also losz which they b There are an of Washing! have had for ations of August ent were somewhat time mon! $3 a day greatesi val e to them. They in ever for jury duty. service would be in helping b kers Commitiee on Uncmployment. But President C. H. Pope ard his associates | astic ov the proposdl and see its adoption. Bavage Finds Russia Contented. “ Francis M. Savage, retired Washing- ton banker. is home from a long tour which included an extended visit in . Savage says that the Rus- sian pecple apparently have no desire for a change in government, although he bel the nation will gradually change to a progressive capitalistic country. The Russians get short of | focd at times, but seem to think the supplies will be greater in the future than they have been in the past. Hewever, Mr. Savage adds, there ma: of course, be an explosion in Russia b: the peasants refusing to raise and sup- | » ply products to the government. As a matter of fact, says Mr. Savage, “unex- celled_and undeveloped resources and the physical man strength of Russia make the nation more to be feared as a itor than as a political experi- the chairman of the District’s | | . Savage found France unusually free from political and economic +trou- bles, but thinks Germany is in bad| shape politically. In conclusion, the | former benker said the indication that | production hes outrun consumption ca- pacity is the most disturbing feature of the woryl dépression. While awav from Washington Mr. vage was made a colcnel on the staff | Governor of his native State, Official Lauds Savingzs Banks. The past ear has richly demonstrat- ed the effectivencss of co-operat it has demonstrated the fact t single banking institution be power unto itself alone, but must reali the interdependence of all, stated Henry R. Kinsey, president of the Savings Bank Association of New York, at the | thirty-ninth annual convention. The savings banks have proved to be | a tower of strength during these trying | times and have proved their vital im- portance as a corner stone of our credit structure, asserted Mr. Kinsey. “We cannot fail to be impressed when we stop to consider that instead of suffering any losces, savings bank de- positors_in this State hed on deposit | $67.624,382 more on September 1 this year than a year ago and that the total sum of their backlog of savings is $5,228,550.258,” he added. “Get-rich-quick schemes by way of speculation fade into disrepute when a comparison is made between the flcllon, of savings bank deposits and any other form of investment during the past ihree years.” Broker Offices to Open Later. All the New York Stock Exchange offices tn Washington go on the Winter schedule next Monday, opening at 10 am. instead of 9. and closin, instead of 2. The Washi Exchange will also meet qaily at 11:15 am. instead of 10:15, as has been the case during the Summer months. Many brokers prefer the Summer schedule and wish it would be adopted the year round. They would rather go to work earlier and get through earlier. But the New York Stock EX- Change and all the other big markets have been on the 10 o'clock schedule in the Winter for so many years that it is not likely to be changed. The real high spot in the life of the brokers, however, is not the schedule of working hours, but the fact that the markets have at last come to life and business has advanced by leaps and ‘bounds. Cash and Stock Dividends Voted. Tncorporated Investors has declared the regular quarterly dividend of 25 cents a share and a stock dividend of 217 per cent, according to announce- ment by Hobson & Co., in the Shore- ham ,Building. The dividends will be sent out October 15. A substantial gain in business is also noted. SEOTTE S St Montgomery County Bond Issue. BALTIMORE, September 24 (Spe- clal).—Sealed bids are being asked by the County Commissioners of Mont- gomery County for a proposed issue of $700,000 5 per cent general construc- tion bonds maturing serially $100,000 a year from April 1, 1942, to 1948. The bids will be opensd at Rockville on ‘Tuesday. The issue has been approved by Masslich & Masslich, attorneys cf New York City, and it is understood that New York bankers are intercsted. ds of Maryland counties are scarce. e local banker said that he did not ')u:oy of any for sale in Baltimore, 4% 9 154 i 24 214 4 16 55% 33% 25 61% 11% 157w 11% 12% 29% 6914 30% [t ‘Am Colortype. ‘Am Comel Alcol % Am European Secur.. Am & Forelgn Pwr. .. Am&Forgn Pw pf(7) Am & For Pwr 2d pf., Am Hide & Leath pf,, Am Home Prod 4.2 AmJce (2). ‘Am Interna Am Locomot pf (7). 9 Am Mach&Fdy(80c). 612 Am Metal pf. Am Power & Light Am Rolling Mills %4 Am Safety Ras (3) Am Smelt & Ref. Am Stores (12%). Am Sugar Am Sumatra Tob. Am Tel & Teleg (9).. Am Tobacco (16).... AmTobacco B (16)... Am Water Wks (2).. Am Wat Wks cfs(2) - Am Woolen. . . 3 Am Woolen pf. g Anaconda Copper.... Anchor Cap (1.20)... Armour of 111 (A). Armour of Il (B)...: » Armourof 11i pf Artloom Corp Asso Dry Goods Atch Topeka & 93, Atlantic Coast Line. . 3% Atlantic Refining (1), 45'y Atlas Powder pf (6). 28% Auburn Auto (f4). 14 A tion D (De Baldwin Locomotive. Baldwin Loco pf....: Baltimore & Ohio . Baltimore & Ohio pf.. Barker Bros pf...... %, Barnsdall Corp. . Beatric Creamery. . .. Belding-Heminzway ndix Aviation. .... Best & Co.... . Bethlehem Steel..... Bethlehem Steel pf. .. Bohn Alumn & Brass. Borden Co (2). Borg Warnes Briggs Mfg Co. Bklyn Manhat Tran.. Bklyn-Man Tr pf (6). Bkiyn Union Gas(5). Budd Wheel......... Burr'ghs A M (80c).. Bush Terminal...... Bush Terminal pf(7). Butte Copper & Zinc. Dvers (A M). 21 Capital Admin (A) Case (J 1) Co. ... Caterpillar Trac 50c. Cent Aguirre (1%). . Century Rib M pf(T) Cerro de Pasco...... ecker Cab (new).. Ches & Ohio (233) . .. Chesapeake Corp (2). 4 Chi Great Western Chi Great West pt. Chi Mil StP & Pac. Chi Mil StP & Pac pf. Chi & Northwestern... Chi Pneu Tookp . Chi Pneu Tool Chi Rock 1 & Pacific. “hi R 1 & Pac 7% pf. Childs Company..... Chrysler Corp (1)... City Ice&Fuel pf 6%. City Stores. . Coca Cola (18) E “olzate-Pal-Pete(1). & Souht 1st pf.. Celumbia Gas (b1) Col Gas&EI pf A (6 Columbia Pic ctf: 3 Columb Carbon (2)., is Commereial Credit. . Comel Inv Trust (2). ‘omel Inv cv pf(e6).. Comcl Soly (60¢). ... Cemwlith & Southern. Congolm Kairn (1).. Consol Cer pr pf 63 . Consol Film pf...... Consol Gas N Y (4).. Consol Laundries(1). Consol Ol Corp. ... .. Cons RR of Cuba pf. Consol Textile. Contl Can (2) Cont Insuranc Contl Motors Contl Oil (Dei) Corn Products (3). Coty Inec. Cream of Wht 234 Crucible Steel pf 4 Cuba Co. Peeece 4 Cuban-Am Sugar pf.. Curtis Publishing. 74 Curtiss Wright 135 Curtis Wrizht 1 Davison Chemicai. .. 6% Deere & Co pf (40¢).. 2 Del & Hudson (6). .. 815 Del Lack & Western. 12 Diamond Match (1).. Tl Dome Mines(11.30).. Dous Aireraft (75¢). Drusx Corp (4 Dupont 3 a 80% Dupont de] 87 Duques Lt 1st pf (5). s on MEE oo 34 Eitington-Schild 813 Elec Auto-L (1.20).. 1 Electric Boat... 7 Elec&Musical Instru, 2% Elec Pwr&Lt.... 125 Elec Storage Bat(2). 4 Engineers Pub Serv, 25 Eng PubSvepf (6).. Firestone T & R ( Firestone T&R pf; First Natl Strs (2% 14 Fisk Rubber. ... 14 Fisk Rubber 1st p! % Fisk Rub 1st pf ev 2 Follansbee Bros. 3 Foster-Wheeler. . 1 FoxFilm (A) Freeport-'Tex: 21 Fuller Co pr vf. % Gabriel Co (A) 5% Gamewell Co. . 26 Gen Am Inv pf ww 6. 915 Gen Am Tank Car(1). 4% Gen Asphalt, 10'z Gen Baking 15 Gen Bronze. . 3% Gen Cable pf.. 20 Gen Cigar (4)... 81% Gen Electric (40c) 103 Gen Elec spec (60¢). 19% Gen Foods (2)..... % Gen Gas & Elec (A). 5% Gen G & E pf A (p7) 7% Gen Motors (1). 1 Gen Public Service. 6% Gen Rwy Signal (1). % Gen Realty & Util.. 1% Gen Refractories. 10% Gillette Saf Raz (1).. 45 Gillette Saf R pf (5). % Gimbel Bros . 8 Gimbel Bros pf. 314 Glidden Co.... 35 Glidden Co prpf (7). 8% Gold Dust (1.60).... 2% Goodrich (B F). 514 Goodyear Tire&R: 19% Goodyear 1st pf (7).. T4 Gotham Silk Hoslery 1 Graham-Paige..e..e + % 4 +1% T+ 4 Househa Fin pf 4.20,. 8% Houston Ofl........v 48 24% Hudson Man pf (5).. 11% 2i4 Hudson Motor Car 5% 1t Hupp Motors. .. 247 4% lllinois Central. 1 Indian Refining. 714 Industrinl Rayon (2 14% Inzersoll-Rand (2).. 10 Inland Steel 3 Inspiration Copper. . 314 Insuranshares (Del). 1 Insurshares (Md)... 2% Interboro Rap Trans. 1 Intercontl Rubber. .. 5213 Int Bus Machine(n6) 1% Int Carriers Ltd 20c.. 3% Int Cement. .. 15 Int Combustion. . 10% Int Harvester (1.20). “» Int Merchant Marine. 315 Int Nickel of Can.... Int Paper pf.. 2% Int Tele & Tele, s Interstate Dept S 33% 10 Johns-Manville. Kelsey-Hayes Wheel 2%, Kelvinator Corp. ... Kendall Co pf (6).. 63, Kresge (S 10~ Kroger Grocery (1).. lede Gas pf (5).. Lambert Co (T5)... 1% Lee Rubber & Tire. 47 Leh Port Cmtpt (7). 5 Lehigh Valley RR.. 30% Lehman Corp (2.40) 6 Lehn & Fink (2)..... 4 Libbey Owens Glass.. 324 Ligrett & Myers(15). 34 Ligs & Myers B (13). 413 Link Belt (80¢)..... Liquid Carbonic 1°a Loft 16'y Loose-Wiles 2 9 Lorillard (P) (1.20) 7'y Louisville & Nash 1'3 Ludlum Steel. Mcintyre Porc 1% - McKeesport T P (4). Truck! Macy (HR) (n2), Mallison & Co Maphat I Manhat I ; Marine Mid!d (80c).. Marlin-Rockwell(1). Motor Car. .. May Dept Stores (1). Mid Continent Petm. Millana Steel Prod. . Mo Kan & Texas. Mo Kan & Texas pf.. Missouri Pacific Missouri Pacific pf. Mother Lode. .. Monsanto Chem 1% . Montgomery Ward. .. Motor Meter G & El. Motor Products (2) Motor Wheel. Mullins Mfg Mullins Mfg pf.... 4 Murray Corp. Nat Acme Co. Nat Biscuit (2.80). at Cash Reg (A) at Dairy Prod (2) t1 ters. . X illers pf(13) Nat Lead pf B (6) 6% Nat Pwr & Lt (1) 31, Nat Steel (50¢). Y N H & Hartford. N H & Hart pf... Ont & Western... Y Steam 1st pf(7). oranda Min (a50c) . orfolk & West (8).. orf & Westn pf (4). orth Am Aviation. . or Amer(b10 % sti) orth Amer pf (3). b's Northern Pacific. Tire & Rul (aic) 13 Oliver Farm Equip. 31 Orpheum Circuit pf 9 evator (1) 1% Otis Steel.... 8 Otis Steel pr pf. Owens 111 Glas: Park Utah. ... Pathe Exchange (A). Penick & Ford (1) Penney (J.C.) 1.30 Penn Dixie Cement. Penna Railroad. . Peoples Gas Chl (5). Pere Marquette pt. Petrol Corp of A Phelps Dodze. 2 Phila & Read C . 314 Phillips-Jones Co.,.; 2 Phillips Petroleum. 13 Terce-Arrow r s, Titts United Corp 14 Pitts United pf. Pitts & West Va % Port Ric Am Tob(A). Postal Tel&Cable pf. Proctor & Gamble(2) Public Sve N J(3.20) 4 Pullman Corp (3) Pure Oil Purity Bakeri % Itadio Corp 3% Radio Corp pf B 1t Radio-Keith-Orph, 915 Reading Rwy (1) 1 1% Reo Motor Car. 1% Republic Steel. 5 Republic Steel pf 5% Deynolds Metals(1). 263 Reynolds Tob B (3).. % Richfield Oil 115 Rossia Ins of Amer 1 Dtch(a80%e) . Safeway Stores (5) Safeway Strs pt (7). St Joseph Lead. . St L-San Francisco. St L-San Fran pf. i Savage Arms. . < Schulte Retail Stores Schulte.Ret Stor pf Seaboard Air Lin Seaboard Oil Del Sears Roebuck. Servel Inc. ... Sharp & Dohme. . Shattuck (FH) 50c... Shell Union Oil. Simmons Co. . Simms Petroleum. Snider Packing. Socony-Vac (80¢) 43 So Porto Ric S(a| 862 So Port Ric S pf(8) 15% Southern Cal Ed(2) 6% Southern Pacific. 21; Southern Raflway. 3 Southern Railway pf. 1 Sparks-Withington.. 8% Stand Brands (1.20). 73 Stand Gas & Elec (2). 9% Stand Gas&El pf (4). 15% Stand Ofl Calif (2)... 81 Stand Oil Exp pf (5). 7 . 16% Stand Oil Kansas, . BN - B LT EXSPTSEETRCE- S0 ISR DSt o E - 2 <] FES SO R A i - ans © 2. 2 - o D oRER O REE - e R R A Lz |TRADE INDIGATORS ; _Power Output and Revenue 1+ 444+ B R | REVIE ) 2 1's Tri-Contl Corp. .. 3 19% Trico Products(2%). 2 1% Twin City RapTran. 1 16’ Un Carbide & C(1.20) 110 8 UnOil of Calif (1), 2 27% Union Pacific (6) Unit Biscuit (2). % Unit Carbon. . Unit Cigar Stores nit Corp (40c) Unit Corp pf (3). Unit Dyewood pf(7). UnivEiectric Coal. Unit Fruit (2). 4 Unit Gas&Im(1.20) S Rubber 1st pf. S Steel. ... S Steel pf (7) ‘niv Leaf Tob (2)... Leaf Tob pf(8). 40s Freight Loadings Show Increases. BY CHAS. P. SCHAEFFER, Associated Press Business Writer. Evidences' of better feeling on the part of business generally are not dif- ficult to discover. Two of the most important trade in- dicators, namely, loadings of revenue freight and production of electricity, have both made commendable gains during recent weeks. The former car- ries no particular significance, due to seasonal movements of grain, yet the fact that a narrowing in the rate of decline from last year is important. For instance, during July and August loadings were running sabout 33 per cent behind the same months of last year. but this spread has becn reduced to approximately 25 per cent during recent weeks. Power Output Gains. Production of electricity is on the upturn, stimulated by increased manu- facturing in many branches, initiated and perhaps influenced by the leader- ship of textile establishments. Commodity prices have shown steady progress during the last month. en- hancing agricultural incomes by in- calculable millions of dollars. Bank failures are practically negligible and. more important, the deposits of closed institutions are showing an encourag- ing decrease. The last monthly state- | ment of the Federal Reserve Board for this subject showed that deposits | restored by reopenings were actually larger than those lost through closinas. Net demand deposits of reporting member banks are decreasing. but the | total is still more than $1.000.000.000 less than the same period of uast year. However, the significant factor in" this lies in an increase of $190.000.000 tnis year, while a decline of $1,000,000.000 was being _shown for the same period of 1931. Bank credit shows some evi- dence of being put to work. an increase of approximately $80.000.000 in the jast three weeks being shown in in ments, more than half of which has been in securities other than ihose of | the United States. | Unfavorable Factors. | Two major drawbacks stand ou in the situation. The first is production of steel, which is around 15 per cent of capacity, as compared with more than twice this amount last year. In many quarters in Washington this is construed as meaning that steel mills which cannot operate at a profit when running less than 30 per cent of ca- pacity, are piling up orders, so that many weeks of profitable operation | may ensue when sufficient new business accumulates. In this connection it is said that projects to be financed by . the Reconstruction Corporation Wil call for 1,000,000 tons of steel. Automobile production has been| drastically curtailed, to an extent even greater than that in 1931, as compared | with the previous year. The industry, | it is said, is struggling through the| present year and pinning its hopes for | revitalization on new orders subsequent | to the showing of new models early next year. Special Dispatch to The Star. BALTIMORE, Md, September 24— potatoes. 100 pounds. 75a95: Maryland and Virginia cobblers, barrel, 173521.50; sweet potatoes, bushel. 30a60: beans, bushel, T5a1.10; beets, 100, 1.50a 2.00; cabbage, bushel, 35a40; carrots, 100, 1.50a2.00; cauliflower, crate, 1.25a 1.75: celery. crate, 75a1.25; cucumbers, | bushel, 2.50; corn. dozen, 6al2; ezg- plants, hamper, 20a25; lettuce, crate, 2.00a3.00; lima beans, bushel, 1.30a1.80; | onions, per 100 pounds, 85a1.00; peas, bushel, 2.00a2.40; peppers, hamper. 20a 30; squash, bushel, 30a40; spinach, bushel, 90a1.10; tomatoes, hamper, 20a 25; canners’ stock, bushel, 45247 ap- 35a1.00: cantaloupes, ham- | ‘basket, 30; peaches, ushel, 1.00a1.73. Dairy Markets. Chickens—Young, 12a16; Leghorns, | 11a13; old hens, 12a16; Leghorns, 10a 11; roosters, 8a9; ducks. 11a13; pigeons, pair, 10a15; guinea fowls, 25a45. Eggs—Receipts, 1.278 cases; current | receipts, dozen, 15a21; hennery whites, | 28a30; Western firsts, 22a23; nearby firsts, 22a23. | Butter—Good to fancy, creamery, 18a | 23; ladles, 13a14; process, 15a16; store | packed, 10all. NEW YORK BANK STOCKS NEW YORK, September 24 (®).— Over-the-counter market: Quotations as of 10 O’clock. Bid, Asked. Chase (2) . 44is 46 Commercial 2 First National (100) Manhattan (2) .. Natloral) City (2) Public (2) Trust Companies. Bankers' (3) .... Brooklyn Trust (16) Central Hanover (*7) Chemical (180) . o al (1.20) @ @) Bl STk s wdo o Eontranty & Thust (4 “includes extra, 22 6615 West Pa 80 WestPa 3% Western 1% Western Western Western Westing' (] 12% 91 Pwr pf (6). Pwrpt (1). Dairy (A).. 1 1 7 +1 Maryland. . \ 5 Pacific pt Union +% Al b Westinghouse Mlec. _ Weston Elec Instru.. Westvaco Chlorine. . White Motor. .. Wilcox Oil & Gas. Willys-Overland, Wilson & Co (A) Wilson & Co pf. 24 57 25% Wrigley % 27% 4 %" o% 3, | ratione. 1% | 4% 1n stock. stock. in stock. Paid R | 3 Plus $1 in + o = ¥ +2 in scrin. 1% Yellow Truck....... Youn=stown Sh&Tu. 4% Zonite Products(60c) 3 8 kol Dividend rates as given in the sbove tables are the anpual 14 | cash paymentswased on the latest quarterly or half-yearly decla- | SUnit of trading less than 100 shares. a e Payable in cash m Paid last_year—no regula. x Ex-dividend. Woolworth (2.40). Worthington Pump. . 20% (Wm) (3).. 0 615 21% grra e | ayabie in | fock T Plus 8 in stock. b Plus 2% | preferred stock. k Plus 3% in stock tate. nPlus 5% in stock. D Payable 1Partly extra this year—no regular rate. spe TO FRIENDLY WAGE CUT TALKS ARE MAKING GAlflsllmprovement in Carloadings ancl Bette.r Quotations for Junior Bonds Also Given as Causes for Upturn. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, September 24—In searching around for an explanation of the surprising strength in railroad stocks the reasons for it, as given by Wall Street, were, first, the prospect cf an amicable settlement of the wage di:- pute; second, the increasing evidence that car loaflings are running abcve seasonal anticipations, and third, the resumption of the strength in those railroad junior bonds which recently lost about one-half of the rise they had enjoyed from the end cf May to the early part of September. There is little doubt that a different kind of procedure is being adopted by the railroad representatives in promot- ng their campaign for lower wages of | employes. The original strategy was cf a brusque and arbitrary type. It mainly reflected the attitude of Western of- ficials, who were not in agreement with the form of open discussion that suc- cessfully procured a 10 per cent reduc- tion last Winter. It has been realized within the past week that the present method was not having the sympathy of the mcre conservative element in the | railroad world and that it did not fit| in with the ideas of an administration which Las sought to avoid all harsh re- lations between employers and em- ployes, the eventual result of which was likely to be a protracted strike. Compromise Held Likely. It ncw appears that the representa- tives of railroad management and cf railroad labor are considering somewhat the same kind of treatment of the waee situation as was carried through under the direction of Daniel Willard at Chi- cago in January, which ended in rela- tions of friendliness between the two such as before had rarely been expressed. There is a feeling also that | instead of a long process of argument | based on an additional 10 per cent cut, which would supplement a similar re- | duction put into effect on February 1. it may be pcssible to develop an early compramise at 15 per cent, meaning that this would be the total reduction from the pay schedules in effect before the Chicago agreement was made. This would not satisfy some of the radical elements among the railroad managements, who have been insistent that wages be reduced from 20 to 25 per cent below the 1931 level. It is ob- vious, however, that their claims could {not be made effective in arbitration proceedings and that the outcome would be a series of labor disturbances as seri- ous to the carriers as those in the shopmen’s strike of 10 years ago. The record of railroad car loadings shows that nearly a score of carriers are now moving traffic at a rate of in- crease slightly higher than that termed ‘seasonal.” There has been consider- able stimulus to business among ihe Southwestern roads and those in_the soft coal territory; also in the New, Trade Reports at a Glance. By the Associated Press. NEW YORK. September 23 —Tabloid review of wholesale and retail business conditions and the state of crops as reported to Bradstreet’s this week from the following centers, on the basis of comparisons With condi- tiogs in the same areas in the corresponding week last year: Whotesale Pittsburgh Chicago Cleveland Detroit Indianapol uisville Quiet Quiet Quiet Quiet Fair Quiet Baltimore ... Fair Comment. Pittsburgh—Tile industry depressed: plate glass demand less than seasonal: wholesale coal slow. but retail prepared sizes get fair call; labor trouble retards work on tae new Chicago—Recent gains in geml trade being maintained; steel mills operating at 14 to 16 pcy cent capacity; tonnages booked by largest pro- ducers best in three months; cattle price advance highest this year. Cleveland—Textile vlants continue on full schedule; paper production active; iron shipments double the August rate; collections hard to make. Detroit—Cool weather stimulates sales of Fall goods; auto industry cperating on a slightly lower level; State now harvesting and converting $10,000,000 sugar-beet crop. P. Indianapolis—Wholesale and retail trades maintain steady pace, though volume remains below 1931; store volume; manufacturing operations still below normal. Louisville—Hardware and electrical goods showing steady improve- ment; tobacco factories on full schedule; market flooded with produce priced below production costs. Milwaukee—Shoe production on full schedule; hosiery output in bet- ter volume; retail trade in between-season lull; tobacco harvest nearing completion. Des Moines—Retail trade shows owing to low farm commodity prices; building stagnant. Duluth—Dry goods and apparel in better demand; modities advance; general buying continues conservative; collections back- steady, but zinc declines; wholesale dry goods, clothing and kindred lines slightly improved; lumber more active; flour mill sales and operations 175 and 70 per cent capacity, réspectively. ward. Kansas City—Lead prices Minneapolis—Commodity prices very low; securities and bonds flour market fairly active. aha—Low commodity prices manufacturing slightly more active; corn crop best in years; pastures in good shape. St. Louis—Sales of Fall merchandise, especially apparel, sho ward trend; shoes leading other lines in recovery; drugs and holding their own. St. Paul—Wholesale orders somewhat improved; successful, with volume about equaling rise 20 per cent from their lowest point; England and Southern districts, which | has shown a surprising gain in the| turnover of textile manufacturing! plants. There is also an improvement | in the lumber trade, which is develop- ing more loaded cars for roads with a substantial proportion of their traffic| in forest products. The great drawback | to the railroad traffic situation today,!O%D. on the side of their freight business. is| the abnormal dullness in the fron and | steel trade, in the automobile manu-| facturing districts, in the copper pro-| ducing States, in iron ore from the ranges in Minnesota and from the with- Lolding of wheat from markets which should be receiving it by the thousands| of car loads daily at this time of the year. Recovery in Bonds. ‘The recovery in railroad junior bonds clearly reflects not only the prospects for an amicable settlement of the wage situation and for an expansion in gross | earnings, but it is also a normal re-| bound from an acute reaction. It will| be remembered that so long as railroad | bonds were advancing during the Sum- | mer there was always a strong market | for railroad stocks and that the down ward turn in the latter followed early evidences of a temporary change in th ?rice direction of fixed interest obliga- ions. SUSPENSION OF SUGAR | RATE SCHEDULES ASKED, (Copyright, 1932.) i FNNE L E | Special Dispatch to The Star. | BALTIMORE, September 24.—Appli- | cation for suspension of schedules of | proposed rates on sugar carloads from ' New Orleans and other Gulf Rorts to | points in Ohio, Indiana, Illinois, etc. has been filed wiih the Interstate Com- merce Commission by the Baltimore | Association of Commerce’s traffic and | s transportation bureau. | The application claims that if the proposed rates are permitted to become | effective, they will eliminate a slight acvantage in rates now favoring Balti- more. Charles R. Seal, director of the asso- ciation's traffic and transportation bu- | were $4.699.067.95; reau, has urged the I. C. C. to investi- | gate the lawfulness and propriety of the proposed new rate. Markets at a Glance NEW YORK, September 24 (®).—| Stocks strong; rails news stimulates buying. Bonds steady: rails firm. Curb strong; utilities and specialities rally. Foreign exchanges steady: sterling easy. Cotten higher; rains Texas; higher cables. Sugar and coffee closed. Retan Manufactur® Collec~ trade. ‘and industry. tions. Quiet Quiet Feir Quiet Quiet Quiet Quict Quier Fair Suter Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Fair Fair Quiet Fair Quiet Fair Slow Siow Siew Slow Slow Slow Slow Slow Slow Slow Slew Slow §]DW office. Fall displays influence department some improvement;%collections slow, rices of food com- rising slowly; merchandise stocks affect farmers’ purchasing power; or less all groups, except possibly the oils. The ket opened fractionally + % | higher, held during the first half of the cession and ieft off with the buying movement in full swing. The important overnight news was, of course, the reaching of an agreement on Eastern consolidation by the rafl- way executives. While no immediate benefit can be anticipated, it had a sentimental effect. In the first hour there was some realizing in the rails, but it was soon absorbed and most of the group moved forward The largest gain was made by Norfolk & Western, up 5 to 6 points, but there was activity strength in Baltimore & Ohio and New York Central. Lacka- wanna had to absorb profit-taking and held around the previous close. For a time Delaware & Hudson was lower, but these were exceptions. Canadian Pa- cific responded to the showing made for the second week in September by car loadings to Canada, which for the sec- |ond consecutive week showed a gain over a year ago. Moter shares were prominent through- out. The leaders were Chrysler and General Motors, with du Pont going along with the latter, and Mack Truck, which advanced rapidly under consoli- dation rumors. The steel news was moderately favor- able. An advance in the rate of oper- ations next week was confidently pre- dicted. United States Steel common was strong and there was special buy- ing in Bethlehem Steel preferred. The agricultural implement shares as well as the mail order stocks testified to the hope the speculative community feels for improvement in the farming regions. The leader was J. 1. Case as usual, followed by International Harvester, Sears, Roebuck and Montgomery Ward. The market is ahead of earnings in all cf these cases, but that seemed to make no difference. Other features were a quiet demand for Interrational Telephone, an ad- vance in Western Union on reports of better business, and strength in many low-priced utilities. Homestake Mining initiated an upward movement of its ing stocks as a rule did little. ils Were heavy in tne first_hour, improying toward the enc Shorts in’ Coco-Cola_ tcok to cover. The weckly car-loading statemeni showed an increase of 85478 cars for the week ending September 17, which was about as had been predicted and somewhat above the seasonal gain. The market was most active on the advance and made heur. 2 the later tradin the commodity m: 5 reacted favora- bly on securities, and vice versa. FEDERAL LAND BANK BOND PRICE INCREASES By the Associated Press. A review of the bond market shows that Federal Land Bank securities have led all other groups in the last year with an approximate advance of 18 points. The upturn in this group began with the definite assurance that $125,000,000 additional capital would be forthcom- ing (which became law last Spring), which would enable the banks to sur- mount difficulties incidental to com- modity price variations and shifting land vaiues. These bonds are tax exempt, but, con- trary to popular belief, they are not Government_obligations and have not been guaranteed by the Government. Rather, they are Government affiliates of a Federally sponsored farm loan sys- ting under strict governmental he Federal Farm eau. This bureau has no con- nection with the Federal Farm Board. U. S. TREASURY BALANCE. ze Associated Press. Treasury rcrolb\~‘ for September 22 expenditures, $7.- $883,094.805.20. Cus- 350.569.30: balanc days of September toms duties for 22 were $17,920,031.39. DIVIDENDS ANNOUNCED NEW YORK, September 24 ().— Extra. Hidrs. of Pay- record. Oct. 1 Company. Industrial Cred dent (& (Cincinnati) Liquidating. Humphreys Corp Accumulated. Sept “Fund ... 50¢ Nat Marine Bank (Bal- timore) .45¢ Hamilton Bridge 6'; 34 PR Maryland Commerc Bankers Inc ( more) pf .. Abraham & Straus L3178 85 i BE 9 877 Bt Central Uhi B Cleve) - commerce Inv Inc inv manage shrs 0 Corn Prod Ref East Dairies pf.. $1.75 Fairmont Creamery (Del) . 25¢ nfon (Cincinnati) General Siockyare Do $6 conv pf Greening (B) W pt 3 Gua B o Hartford Coun T Hartford N B & T AT .eoions Imperial L°Assir.33.75 Ingusirial * Credit. ;25 7% pf.. 34 Johnson Publish’ pf Life Ins Co of Va...7 Mass Ut Asso pf.62! Merchants Relrig. 5 Do pi $1.75 Morris Pin_of N ¥.30c Mut Tel (Hawaii). .8 Nat Newark & E W up- chemicals retailers’ “sales” 1931; collections slightly improved. Baltimore—Fall trade expanding; manufacturing slightly more active; “sales” feature retail trade; food prices firmer; corn crop good; but other crops affected by dry weather, h Corp.35¢ Towle Mfg _.....5150 Twin Bell Oil Syn.§2 Tv..$1.50 E =g 2 3 3 Do DS0DOEOPO: PROOOD %0000 KOOOOODEOD DOOO OO OO ©p© 0 OO OORZEO O o o S e 88