Evening Star Newspaper, September 30, 1932, Page 14

. A—14 #x¥ FINANCIAL, - DECREASE IN BANK CLEARINGS SHOWN Uptrend of Montk: Is Reversed During Week Ending September 28. BY EDWARD C. STONE. Bank clearings in Washington fol- lowed the example set by the rest of the country and dropped off during the week ending September 28, being $14.- 975,000, against $18,508,000, and 35 per cent under the corresponding week & year ago. It was the first week since the last week in August that local clearings have not shown & gain over the previous week. Ae reported to Bradstreet’s Weekly, . check transactions at the 47 leading . cities of the United States, for the = weck ended September 28, totaled 7 $4.122,049,000, as compared with $5,- = 516,374,00 in the preceding week, or a & decline of 25.3 per cent. Comparison = with a year ago reveals a decrease of * 473 per cent. Omitting New York = City, bank clearings amounted to $1,- w 496,196,000, as against $1,738,248,000, or ~ & drop of 13.9 per cent. < The fact that clearings were off more = severely at New York City than in the remainder of the United States is probably due to the inactive condition of the financial and security markets. But_the declines recorced in all other sections were uniformly large, ranging % from 10 to 20 per cent. Ihis is in- - dicative of the slower business pro- % cedure during the past week. It seem: ~ that business in the textile centers was especially slow, relative to the past few " weeks. Clearings in Baltimore totaled $47,- ', 928,000, compared with $56.(99,000 in the previous week, and down 37 per cent from a year ago. Richmond clear- ings amounted to $29,336,000, com- pared with $28,727,000 in the week ending September 21, and off 15 per cent from last year. Norfolk reported clearings as $1,884,000, against $2,- 162,000 in the previous week and down 39 per cent from the corresponding ' week in 1931. New Investment Firm in D. C. Announcement was made in the financial distrjct today of the incor- poration of a‘new firm to be known as_Ferris, Woodroof & Lewis, which will engage in a general investment business, have offices 1 the Washing- ton Building and open its doors to the public tomorrow. The officers of the company are George M. Ferris, presi- dent; L. L. Lewis, vice president, and C. E. Woodroof, secretary and treas- urer, all having been engaged in the v nent field for a long time. Mr. Ferris for the past 12 years has been the resident manager of the Wash- ton office of S. W. Straus & Co. and ough his eflorts the business of that npany showed a remarkable growth. He is a native of Connecticut, was grad- >d from Trinity College, Hartford, and immediately entered the employ of the National City Co. At the outbreak of the World War, Mr. Ferris entered “ the Army Air Corps and became & cap- tain in that branch of the service. ‘With the cessation of hostilities, Mr. Ferris returned to his chosen field, this time with S. W. Straus & Co., which connection has just been terminated. During his residence in Washington he has taken an active interest in the social and business life of the city, be- ing a member of the Bond Club. the Columbia Country Club and the Wash- ington Board of Trade. MT. Lewis, a native of Lynchburg, Va., attended the University of Virginia and entered the Marine Corps, serving throughout the war in that branch of the service. For a short while he en- gaged in the manufacturing business in his home city, then becoming associated with S. W. Straus & Co., working through the Washington office in Nor- folk and Richmond. Mr. Lewis has cen making his home in Washington for some time. Mr. Woodroof, also a native of Lynch- burg, was connected with the United Loan & Trust Co. of that city, which later merged with the First National Bank. While in the banking business he or ized the Lynchburg Chapter of the American Institute of Banking, be- ing its first sccretary-treasurer. For the past nine years he has been con- . nected with the Washington office of S. W. Straus & Co., giving special at- !, tention to the Virginia clients of that firm Bank Directors Are Re-elected. Stockholders of the Bank of Com- merce & Savings, located at Seventh - and E streets, held their annual meet- ing in Alexandria yesterday. The bank holds a Virginia charter. The following "'directors were re-elected: Maurice D. Rosenberg, Joseph Sanders, Irving Owings, John M. Riordan, Thomas J. Groom, Joseph H. Milans, Clarence A. Weaver, William L. Bush, James E. !’ Colliflower, E. Taylor Chewning, Rich- vard L. Elliott, Albert S. Gatley, Martin A. Leese, Harry E. Mayer, John F. Maury, Vernon G. Owen, Elie Sheetz, « Frank Owings. Robert H. Lacey, chairman of the .. Educational Committee of Washington Chapter, American Institute of Bank- ing, is more than gratified with the en- rollments for this semester. Although * enrollments do not close until October 4, to date this year’s enrollment of 300 pupils exceeds the whole of last semes- ter's, which was 286. This record has been made possible by the co-operation of the chapter officers, board of gover- nors and chairmen of committees with Mr. Lacey, Robert E. Lee, chairman of the Membership Committee, and Paul J. Selizer, chief counsel, and the mem- bers of their committees, as well as by the splendid assistance rendered by the bank officials of Washington. Eleven consecutive $1,000 sales in Washington Gas Light 55 were recorded on the Washington Stock Exchange to- day, all made at 101%;. Later $500 more sold at the same price, and the market closed with $500 selling at 101'5. ‘Washington Railway & Electric 4s fig- ured in two $1,000 transfers at 88 and £3,000 at 873;. Stock sales were con- fined to Washington Railway & Elec- tric preferred at 88 and 88'.. The un- listed securities revealed no changes in quotations when given their weekly check-up. Gleaned in Financial District. The Washington Loan & Trust Co. has issued its monthly review of eco- nomic conditions, written by Norman E: Towson. The letter is devoted to con- ditions abroad and takes the ground that there has been steady impfove- ment ever since the Summer economic conferences. Edward C. Baltz, secretary of the Perpetual Building Association, and T. H. Welch, secretary of the Hyattsville Building Association, have been named members of the board of directors of the fourth district, Home Loan Bank System. Mercantile Trust Co. of Baltimore de- clared the regular quarterly dividend of $3.50, payable September 30 to stock of record September 30 International Business Machines Cor- poration will retire as of January 1, 1933, through the usual sinking fund operation, $500,00Q par value of its Computing-Tabulating-Recording Com- pany 6 per cent bonds of 1941, it was announced today. Lucius B. Storrs, president of United Railways & Electric Co., stated that in- terest due October 1 on Maryland Elec- tric Railway Co.-first mortgage 6 per cent bonds, amounting to approximately $56,000, would be paid. The bonds were due October 1, 1931, but were extended two years to October 1, 1933, with in- terest rate increased to 6 per cent from 5 per cent. Hearing on the receivership of United Cigar Stores Co. of America has been adjourned to Saturday, October 8. To celebrate the winning of $450,000 in a sweepstakes, Emilo Scela of Bat- tersea, England, recently took 150 of his old cafe customers for a day's outing at a seaside resort. A 1 ~Prev. 1932~ High. 9% 73 14 33 THE EVENING STAR, WASHINGTON, D. C., FRIDAY, SEPTEMBER 30, 1932. FINANC IAL. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE NOTE—Today's individual sales are not given in this edition. NOTE—Today's 1 of cach stock In Stock and Low. _ Dividend Rate. 1% Adams Express. 22 Adams Exp pf (5) Addressograph. Air Reduction (3 Alaska Juneau (50 Alleghany Corp. . Alleg Cp pf $30 ww., Alleg Cp pf $40 ww. . Allegheny Steel. ... Allied Chem & D (6). Allis-Chalmers Mfg. Amerada Corp (2)... Am Agri Chem (Del) . Am Brake Sh&F(60c) AmCan (4)...... Am Car & Foundry... Am Colortype. . Am Comcl Alcohol Am European Secur Am & Forelgn Pwr. .. Am Haw St’ship llo) - Bales— 28 9 e B woRdalnroBrwa o Al Am Locomot pf (7).. Am Mach&Fdy (30c! Am Metal Co. . Am News (1%). 3 Am Power & Light. 10 AmP&LtpfA (5).. 3% Am Radiator. . LT 2 ) I 1 3 b e 22 Am Smeltg & Ref pf. 1 Am Snuff (#3%).....32 6 Am Steel Foundry... 8 Am Stores (12%). Am Sugar (2). Am Sumatra Tob.... Am Tel & Telez (9). Am Tobacco (16). AmTobacco B (16) Am Type Fdrs pf. Am Water Wks (2).. Am Wat Wks cfs(2). Am Woolen. - 5 Am Woolen pf..... Am Writ Paper ctfs Am Zinc & Lead pf. Anaconda Copper. % Armour of I11 (A). Armour of Il (B). Assoclated O11 (1) Atch Topeka & S Fe Atlantic Coast Lin Atlantic Refining (1) Atlas Tack......coes Auburn Auto (f4).... Aviation Corp (Del)., Baldwin Locomotive. Baldwin Loco pf. Baltimore & Ohio. Baltimore & Ohio pf.. Barnsdall Corp. Beatric Creamery Belding-Heming: Bendix Aviation Best & Co. Bethlehem Steel Bethlehem Steel pf. Borden Co (2). Borg Warner Boston & Malne. Briges Mg CO...... Brigzs&Stratton(1). Bklvn Manhat Tran. Bruns Term & Rwys. Bucvrus-Erfe. Budd (EG) Mfg.. Budd Wheel. Bullard Co........ Burr'ghs A M (80c)... Bush Terminal pf(7). Butte & Superfor..... Bvers (A M).. 2 4% California Packing.. 1% met & Hecla 6 Canada Dry (1.20) T% Canadian Pacific.... 10% Cannon Mills (1).... 16% Case (J 1) Co...--... 4% Caterpillar Trac 50c. 2% Century Rib Mills. .. 61 Century Rib M pf(7) 314 Cerro de Pasco . 9% Ches & Ohlo (2%4)... 47 Chesapeake Corp (2). 1% Chi Great Western. 214 Chi Great West pt % Chi Mil StP & Pac. 1% Chi Mil StP & Pac pf. 2 Chi & Northwestern. Chi Pneu Tool.. Chi R1& Pac 7% pf Chrysler Corp (1) 4 Clark Equipment. Cluett Peabdy pf(7). % Coca Cola (A) (3).... Colgate-Pal-Pete(1). Collins & Atkman. Coio Fuel & Iron Columbia Gas (b1). Columbia Pic ctfs. . Columb Carbon (2).. Commereial Credit. . 10% Comel Inv Trust (2). 88 Comcl Inv Tr pf 64 94 Comcl Inv Tr pf (7) 31 Comcl Solv (60c). ... 1% Comwith & Southern. 27% ComwIth&Sou pf (6) 6'5 Congolm Nairn (1).. 55 Conn Ry&Lt (4%)... 17 Consol Cgr pr pf 63%. 31% Consol GasN Y (4).. 7214 Consol Gas NY pf(5) 4 Consol Oll Corp... 2% Cons RR of Cuba pf. % Consol Textile 1 Container Corp 2% Contl Baking (A). " 8w SIe RN rul A malulaun SnfonnSomtnoma o = 1 % 5 Contl Baking pf (6). 17% Contl Can (2)....... 3 Cont Diamond Fibre.. 6% Cont Insurance(1.20) & Contl Motors 3% Contl Oil (De: 24% Corn Products (3) 9914 Corn Prod pf (7) 1% Coty Ine... 13 Cream of Wh! 214 Crosley Radlo. 15 Crucible Steel pf 3% Cuba Co... % Cuban-Am Sugar.... 20 Cudahy Pack (2%).« T Curtis Publishing. % Curtiss Wright. 11 Curtis Wright (A) 3% Cutler Hammer. 1 Davison Chemicai. .. 814 Del Lack & Western. 54 Detroit Edison (6).. 12 Diamond Match (1).. 20% Diamond Mtch pf 1% ~ 7% Dome Mines(11.30).. 11% Dominion Storest1l 5 Doug Afrcraft (75¢). 23 Drug Corp (4).. 22 Dupont de Nem (2).. 80% Dupont deN db pf(6). 35% Eastman Kodak (3). 3 Eaton MfgCo....... 2% Eitington-Schild 1st. 813 Elec Auto-L (1.20) 7 Eiec&Musical Instr: 2% Elec Pwr&Lt.... Elec Pwr & Lt pf(6). 4 Elec Storage Bat(2). Endicott-Johnson (3) Eng PSpf ww (5%). ———— 27% 18% 68 5% 5% 2% 2 10 8% 15% 5% 26%, 3 Fed Wat Service A. . 614 Federat DeptS(60c) .. 6 Fidelity-Phoen 1.20.. 10% Firestone T& R (1).. 45 Firestone T&R pf($). 35 First Natl Strs (3%). % Fisk Rubber. % Fisk Rubber 18t pf. 1 Fisk Rub 1st pf cv. 4% Florsheim Shoe (A) 2 Follansbee Bro: 3 Foster-Wheele; 1 Fox Film (A) . 10 Freeport-Texas (2). “%5% 24 Fuller Co pr f. % Gabriel 26 Gen Am Inv pf 5 9% Gen Am Tank Car(1). 4% Gen Asphalt. ... 10% Gen Baking (2). 14 Gen Bronze... 3% Gen Cabl 3% Gen Cable pf. 8% Gen Electric (40¢c) 10% Gen Elec spec (60c). x 23 19% Gen Foods (2). 6 % Gen Gas & Elec 3 Gen G&Ecv pf A(p6) 7% Gen Motors (1). 2% Gen Outdoor Adv. ; 4 4 Gen Outdoor Adv (A) 1 % Gen Realty & Util... 8 8 Gen Steel Casting pf. 100s 10% Gillette Saf Pas (1). 20 45 Gillette Saf Rpf (5). x 10 % Gimbel Bros . 6 34 Glidden Co. 2% Gobel (Adolf 8% Gold Dust (1.60) 2% Goodrich (BF)... 5 Goodyear Tire&Rub., T Gotham Siik Hoslery, 38 Add 00. 15 dy les ot given In this edition. edition "are from ‘yesterdsy's DADEr. Low. Close. Chge. | High. % — | ] L SR F& FPFEEEE PE L0404 00+ 1 FE Fr2 F¥F NE- L % % EESEFE | » & L+ 0+ FLUI+L+0+ 40+ ++ sSexefs FEF FEF FFFEEEF FFE OF OFF FELFEEEREE ® 4% 11% 30% 25 83 2% 28% % 16% 305 11% 5% 24% 40 121 % 65 15% 35 33% 9% 2% 24% 4% 10% 19% 5 1 18% N Bl 29% Sl% 11 22% 9% 20% 2% N . Sals NOTE—Today's individual ~Prev. stock in_this 1032~ Stock and Low. Dividend Rate. 1~ Graham-Paige 2% Granby Consol. 14% Grant (W T) (1) 5% Great Northern pf... 5 Great Northern Ore.. % Grigsby Grunow. 2% Gulf States Stesl % Hahn Dept Stores. ... 7% Hahn Dept Stores pf. 2 Hamilton Watch 83 Hannapf (7).. 7 Harbison & Walker 3 Hartman Corp (B) 3% Hawailan Pineappl % Hayes Body.. 43% Hershey Choc (6). 7% Holland Furnace.... 1 u:u 110 Homestake Min(110) % 1 Hbudaille Hershey 8% Houston Ofl... 1% Houston Oll (new) are mot given in this edition. are from yesterdsy's bal 5 Howe Sound (40¢)... x 8 Hudson & Man (3%). 2% Hudson Motor Car... 1% HupyMotors . 4% Illinois Central, . 7% Industrial Rayon (2). 14% Ingersoll-Rand (2).. 3% Insuranshares (Del). 2% Interboro Rap Trans. 1% Interlake Iron. . 523 Int Bus Machine(n| 3% Int Cement, % Int Combustion 10% Int Harvester (1.20). 68% Int Harvester pf (7). 2% Int Hydro-Elec (A).. 315 Int Nickel of Can.... 1% Int Paper pf... 2 Int Paper & Pwrpf.. 4 Int Printing Ink..... 9% Int Salt (1%)... 20% Int Shoe (2). 26 Int Sliver pf (4). 2% Int Tele & Teleg. 16% Jewel Tea (14%) 10 Johns-Manville. 3 Kaufman DS (80c).. % Kelly-Spring ctfs. 6% Kelly-Spr T 8% pf... 1 Kelsey-Hayes Wheel. 2% Kelvinator Corp. 6% Kresge (SS) Co ( 10 &roger Grocery (1).. 26 Lambert Co (15). 1% Lee Rubber & Tire 5 Lehigh Valley RR... 30% Lehman Corp (2.40).. 6 Lehn & Fink (2)..... 3% Libbey Owens Glas: 34% Ligg & Myers B (15). 9 Liquid Carbonic..... 13% Loew's, Inc (14)..... 39 Loew’sIncpf (6%).. 1% LoftInc...o.oveees 16% Loose-Wiles Bis (2).. 9 Lorillard (P) (1.20).. 73% Lorillard (P) pf (7)., 8% Lou Gas&El A (1% ). 1% Ludlum Steel . 10 McCail Corpn (2) Mclntyre Porc 1%. .. McKeesport T P (4).. McKesson & Robbins McKesson & Robs pf. McLellan Stores. . McLellan Stores pf. . Mack Trucks (1).... Macy (H R) (n2) . Magma Coppe(5 Mallison & Co....... Manati Sugar. o Manhat Elev gtd (7). Manhat Elev mod gtd Market St Ry pr pf... Marmon Motor Car. .. Marshall Fleld & Co.. Mathieson Alk(1%). 4 May Dept Stores (1) Maytag pt w Mengel Co. Mengel Co pt Miami Copper. - Mid Continent Petm. Midlana Steel Prod.. Mo Kan & Texas..... 4 Mo Kan & Texas pf.. Missouri ®acific. Missourl Pacific p! Monsanto Chem 1% .. Montgomery Ward Mother Lode. . . Motor Meter G & El.. Motor Products (2).. Murray Corp. .. Nash Motors (1) Nash Chat & St L. Nat Cash Reg (A). Nat Dairy Prod (2).. Nat Distillers....... 4 Nat Distillers pf(t3) Nat Pwr & Lt (1) Nat Steel (50e).. 4 Nat Surety. N Y Chicago & St L.. NYChi&StLopf.... N Y N H& Hartford. NYNHG& Hart pf 4 N Y Ont & Western.. N Y Steam 1st pf(7). % Noranda Min (a50c). Norfolk & Souther: Norfolk & West (8). 65 Norf & Westn pf (4). 1% North Am Aviati, 13% Nor Amer(b10%stk). 49 North Am Ed pf (6).. 5% Northern Pacific. . 15 Northwest Tele (3).. 5 Ohio Oil (ad0c). .. 9 Otis Elevator (1). 1% Otis Steel. ... 31 Otis Steel pr pf. . 12 Owens I11 Glass (2).. —_— 16% 20% 58 854% Pacific Gas & El (2). Pacific Lighting (3) . Pacific Tel&Teleg(7) Pacific T & T pf (6).. 1% Packard Motor Car.. 1% Paramount Publix... 2 Park & Tiiford...... % Parmelee Transport. % Pathe Exchange..... 1% Pathe Exchange (A). 34 % 13 615 39 Pere Marquette pf. .. Pere Marquette pr pf Petrol Corp of Am... Philip Morris&Co(1). Phillips-Jones pf, Phillips Petroleu Phoenix Hoslery. . Plerce Petroleum.... Pirelll (A) (a2.58)... Pitts Coal. . Pitts Coal pf. 4 Pitts United Corp. Pitts United pt. . Plymouth O11 (1) Poore & Co (B) Port Ric Am Tol Postal Tel&Cable pf. Proctor & Gamble(2) Producers & Refin. .. Public Sve N J(3.20). 10% Pullman Corp (3)...: 2% PureOfl.....ouuvuee 4% Purity Bakeries (1).. 2% Radio Corp. ... 2% Real Silk Hoslery 1 Remington-Rand 1% Reo Motor Cau 1% Republic Steel. 5 3 .65 Reynolds Tob A (3).. 26% Reynolds Tob B (3). % Richfleld Ofl. 4% St Joseph Lead...... % St L-San Francisco.. 1 StL-SanFranpf.... 1% Savage Arms.. 1 Seaboard Air Line... 6% Seaboard Oil Del 40c. 9% Sears Roebuck. . % Seneca Copper. 1% Servel Inc 1% Sharp & Dol 5 Shattuck (FH) 2% Shell Unfon Ofl...... 18 Shell Union Ofl pf... 4 x10s 1 30 61 % 02% 3% e EFE ESF FPEE FEFF L 1 S L % " % % W i W W kel % 1 % % L 5 —14 - % + % +1 -14 =1% - =% | D stb RO R0 st ] | FEFEF FFEF FEPEFL FEF § ¥ ¥ & L F & ++H1 L1+ +i40 b | EE N FEE F PILFFEPE " - £ b © £ + & LI+ +1+ s pxs" ey wres 01000101 Salen of ench ‘sheck in thie edition are from yesterday's paer. Stock and . Dividend Rate 16% Southern Cal Ed(2).. 11 6% Southern Pacific. . 118 213 Southern Rallway 17 1 Sparks-Withington.. 4 8% Stand Brands (1.20). 41 7% Stand Gas & Elec (2) x . & Bales— % Sterling Secur (A).., 1% Stewart Warn: 4% Stone &W bl?r 23 Studebaker Corp. % Superior Ofl. ... 2% Superior Steel % Symington. . 9% Texas Corp (1). 12 Tex Gulf Sulph (2) 1% Tex Pacific Coal&Oll. 2% Tex Pacific Land Tr, 2 Thatcher Mfg Co. 22% Thatcher Mfg pf 3.60 % Thermotd Co. 20 Tide Water As pf 30 Tide Wat Oil pf (5).. 7% Timken Roller Bg(1) 2% Transamerica Corp Unit Corp (40c) Unit Corp pf (3). Unit Fruft (2)... Unit Gas&Im(1.20 % Unit Piece Dye W1 U S & Forn Secur. 4 U S Indus Alcohol. U S Leather (A). U S Plpe & Fdry (2). U S Realty & Imp U S Rubber.... U S Rubber 15t pf.... USSmtg&Ref (1).. 5 x 12 2 22% Add 00. High. 2 5 . ‘Low. 27% 21% U 8 St 7 Wabash Warner Warren Warren Wesson FEEF FE FE EE FRF F [ ) SRR & ® FF % 27% i1+l l++ FFE FFESEEEFFEFEIES cash payments based | rations. (R 4% in stock. stock. | in’stock. m Paid iast in scrip. x 9 far—no ¢ Dividend Rate. 51% U S Steel pf (7 55 U S Tobacco (4.40) 27 Unit Stores pt (3%) % Univ Pipe & Rad 20 Va-Car Chem 7% 7% Vulcan Detinning..". 2! ‘Ward Baking pf (4).. ‘Warn Bros Picture: West Pa Elec A (7). ‘West Pa El pf (7). West Pa Pwr pf (7). Western Dairy (B).. Western Maryland. . Western Union. ..... Westinghouse Blec. . Westvaco Chlorine. . White Motor.... . White Rock M S (2). White Sewing Mach Wilcox Oll & Gas. . ‘Willys-Overland. Wilson & Co (A) Woolworth (2.40) . 5 Worthington Pump.. 31 12 Worth Pump (B). 1% Yellow Truck. 4 Younzstown Sh 2 % Zenlth Radio 4% Zonite Products(60c) Sales of Stocks on New York Exchange. 5 Unit of trading less than 100 shares. aPald this year—no regular rate. e Payable in cash or 1 3 Plus §1 in special preferred stock. Kk Plus 3% in stock. RR. ¥ OEEFE S Quinlan. Bros. . Found & P Ol & Sn (1). 1 AN ARE 2] ® - SF O EEFEE 1 E *F 200,000 900,000 700,000 12:00 Noon ! 1,000,000 Dividend rates as given in the sbove tables are the annual on the latest quarterly or half-yearly decla- tPartly extra. tPlus b Payable in stock. { Plus 8% n stock. h Plus 2% regula. rate. nPlus 5% in stock. D Payable x-dividend. GAS LIGHT'S NET LOWER IN AUGUST Earnings for First Eight Months of 1932 Show In- crease of $36,463. Total net operating revenues of the Washington Gas Light Co. for August amounted to $52,846, against $83,677 in August, 1931, revealing a falling off of $30,831, according to the monthly state- ment filed with the Public Utilities Com- mission today. Operating expenses for the month | totaled $284,371, against §267,966 in the | like period a year ago. While expenses were higher, operating revenues were lower, amounting to $337.217, in com- parison with operating revenue in Au- gust last year of $351,643. ‘Taxes in August, this year, called for | $10,370, against $15,809 a year ago. Un- collectible bills were larger, leaving an operating income of $39,220, against $66,270. Non-operating income advanced from $5,109 a year ago to $6,342, leav- ing a total gross corporate income in August of $45,562, compared with $71,379 in the like month a year ago. After interest and other charges, the gas company reported & total net loss for the month, before dividends, of $22,962, in comparison with a net cor- porate income of $3,442 in August, 1931. The gas company also reported earn- ings for the first eight months of the | present year, net corporate income be- fore dividends totaling $810,238, against $773,775 in the first eight months of 1931, an increase of $36,463. Gas operating revenues for the eight months amounted to $4,003,736, against $4,028,638. Operating expenses called for $2,420,573, compared with $2,486,963 last year, leaving net operating rev- enues of $1,583,163, against $1,541,675 in the like 1931 period. Taxes required $2: 56 in the eight months, compared with $220.476. Un- collectable bills totaled $20,511, in com- parison with $17,003 last year. Non-operating income reached the sum of $43,380, against $9,773, leaving a gross corporate income of $1,368.676, CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, September 30.—The fol- lowing is today’s summary of important Statistics Co., Inc, New York, for the Associated Press: Automobiles and Trucks. General Motors Corporation estab- lishes a five-day week for clerical staff, with no accompanying cut in salaries. | Peerless Motor Car deficit, nine llnonlhs ended June 30, $155,388, vs. | deficit $379,564. - | Stutz Motor Car Co. of America un- filled orders reported greater than at |any time since end of May. Automobile Parts and Tires. Reynolds Spring Co. deficit, six months nged June 30, $97,170, vs. deficit $14,- Electrical Equipment and Radio. Grigsby-Grunow Co. producing about 1.200 radios daily; retail sales of Ma- jestic radios are reported to be cur- |rently exceeding expectations. Miscellaneous. Stein Cosmetics Co., Inc., took no action on quarterly dividend on pre- | ferred stock; paid 50 cents on July 1. il Standard Oil Co. of Kentucky cut gasoline price in its territory one-half | cent to 1 cent a gallon. Paper and Paper Products. International Paper & Power Co.— ceived an order for 38 carloads of paper from Kroger Grocery & Baking Co. Railroad and Railroad Equipment. Colorado & Southern August net oper- ating income off 80.9 per cent; eight months, off 76.2 per cent. New York, Chicago & St. Louis—I. C. | C. authorized company to issue $20,- /000,000 of new promissory notes, which | will be given in exchange for an equal | face amount of notes die October 1. | St. Louis-San Francisco Railway— Suit filed against directors of company by stockholders, charging them with mismanagement, negligence and fraud. Retail Trade. United Cigar Stores Co. of America— | Bankruptcy referee has canceled 151 | store leases held by company under | which a loss was shown over six months while the same item last year totaled | period $1,313,969. Interest and other charges took $558,- 438, against $540,194 in the same period in 1931. There was a loss in the number of meters in use in August and in the eight months comparad with the simi- lar periods a year ago. Business conditions and rate reduc- tions during the present year are the chief causes of this showing. GRAIN PRICES WATCHED BY POOL OPERATORS Special Dispatch to The Star. NEW YORK, September 30.—It is presumed that certain merchandising stocks and those of agricultural equip- ment companies that would be benefited by more purchasing power to the farm- ers will respond to any considerable rise in grain. Chicago pools are said to be operating in such issues as International Harvester, J. I. Case, Montgomery Ward and Sears-Roebuck. They take a some- what more confident attitude toward the outlook than do the managements of those companies, which have never been more disturbed by the social and economic phases of the agricultural sit- ulation than they are today. Speculative Wall Street may be de- pending too much on a rise in the wheat market to bring about a recovery in stocks. This is the major bull point that is being stressed. There are still a great many people who feel that com- 1, | modity markets hold the key to the national election and that as wheat is the most volatile and most influential of all, it will be necessary to advance it 15 or 20 cents a bushel some time next month. Consequently the Street watches every slight fluctuation in the markets for evidence that pools in wheat are beginning to get into action. From a technical standpoint the wheat market position should be im- proved within the next two weeks by the lifting of pressure from Canadian hedge sales. It is understood that Ca- nadian operators expect to reduce their commitments shortly. U. S. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co) Rate—Maturity. Offer. 3%s Oct. 15. 1932. 100°17-32 3 |5 18 100 31-32 18, 15 15, 2 T 5 }M 13-32 FOREIGN EXCHANGE. (Quotations furnished.by W. B. Hibbs & 00.) London, Brussels, belga . Berlin, mark Steel and Iron. United States Steel Corporation sub- sidiary, American Sheet & Tin Plate, reopening American plant at Elwood, Ind.; plant has been idle since last Spring. Utilities. British Columbia Power Corporation. | Ltd., gross revenues, 2 months ended August 31, were off 11.6 per cent; net after expenses off 16.1 per cent. Interborough Rapid Transit Co— Judge Manton filed an order continuing receivership of company: receiver for Manhattan Railway seeks court order directing that October 1 interest be paid on consolidated mortgage bonds of that company by Interborough Rapid Transit_Co. New York Railways Corporation gross revenues, eight months ended August 31, totaled $3,268,907, vs. $3.600,830; deficit after chargees for period was $91,285, vs. $49,994. New York Telephone Co. gross reve- nues, eight months -to - August 31, off €5 per cent; operating income off 13.3 per cent. ‘Western Union Telegraph Co. report- ed president stated that improvement in company’s earnings may permit cov- erage of 1932 fixed charges. | | | Chain Store Earnings. NEW YORK, September 30 (Special). —An analysis of August earnings of the chain stores shows that the decrease in sales last month was above the ratio of loss for the first eight months of the year, the figures being, respectively, 15.5 per cent for August and 12.5 per cent for the January-August period. The grocery chains decreased 15 per cent in grain | Aygust compared with the same period in 1931, 5-and-10-cent stores had a loss of 14 per cent, drug chains nearly 19 per cent, shoe chains, 31.5 per cent, while the mail order stores lost nearly 25 per cent, against 22 per cent for eight months. A new element in this situation now being emphasized is the high rentals which all of the chain groups have been committed to and which are proving a burden only secondary in effect to that of smaller profits on their gross sales. Short Interest. NEW _YORK, September 30 (Sr- clal).—Careful observers of the market state that the short interest today is about 10 per cent smaller than on Sep- tmber 1. It was materially reduced in the first week of the month and has increased since then. The number of stocks lending at a premium was fewer than 10, after having been double tha amount, and 145 are loaning “flat.” The figures for October 1 will be lished early next week. ,PARIS BOURSE PRICES. PARIS, September 30 (#).—Three per cent rentes 83 francs 30 centimes. Five per cent loan, 100 francs 95 cen- times. Exchange on London, 88 francs 8 centimes. The dollar was quoted at 25 francs 533 centimes. e L Senor Coullant Valera, famous Span- Lum corporation news prepared by Standard | Seminole Paper Co., an affiliate, has re- | pub- Pirs U3 EXPORT TRADE ON BETTER BASIS |Favorable Balance in August Reflects Pick-up in Sales Abroad. BY DR. MAX WINKLER. ‘S:Ieflal Dispatch to The Star. | NEW YORK, September 30.—Amer- ica’s favorable balance of trade in Au- | gust, amounting to $15,765.000, is being | viewed very favorably, especlally because |it compares with an adverse balance of trade, or an excess of imports over ex- | ports of $5,185,000, for the previous month. It is curious to find the enthusiasm |over August trade figures emanates from the same quarters that rejoiced over July figures because they belived creditor nations should have unfavor- able trade balances. They declared this passive balance is offset by the large invisible income derived from shipping, insurance and foreign investments. It is difficult to subscribe to this in- ‘lerpretauom While it is true practi- cally every important creditor country, notably Great Britain, Holland, Switzer- land, France, and pre-war Germany, re- ported import surpluses almost in- variably, the position of the United States is unique, in that she is at the same time producer of goods and dis- penser of credit. She may, therefore, continue to lend on a large scale and report so-called favorable trade bal- ances. However, what is more important than the United States’ excess of exports over imports is the shrinkage in both. Au- gust exports show a loss compared with July of more than 34 per cent, while imports dropped considerably more than 45 per cent. The comparison with 1930 is even more discouraging, the decline in exports amounting to about 63 per cent, while imports dropped almost 60 per cent. It is obvious that genuine recovery is, to a large extent, dependent upon a healthy expansion of America's foreign ‘trade. While it is true that foreign commerce accounts for only a relatively small percentage of America's total business, it should be remembered that its extent represents the profit accruing to the American people. (Copyright, 19:2, by North American News- paper Alliance. Inc.) . CHICAGO LIVE STOCK MARKET CHICAGO, September 30 () (United States Department of Agriculture).— Hogs, 18,000, including 7,000 direct; slow, steady to weak; packing Sows, 5a10 lower; 190-260 pounds, 4.15a4.20; top, 4.25; 270-310 pounds, 4.00a4.20; 140- 180 pounds, 3.7524.10; pigs, 3.50a3.90; packing sows, 2.85a3.50; light light, good and choice, 140-160 pounds, 3.65a 4.05; light weight, 160-200 pounds, 3.85 24.25; medium weight, 200-250 pounds, 4.10a4.25; heavy weight, 250-350 pounds, 3.70a4.25; packing sows, medium and good, 275-500 pounds, 2.80a3.55; pigs, good and chcice, 100-130 pounds, 3.50 a3 .90. Cattle, 1,500; calves, 500; quality plain; trade moderately active and gen- erally steady on all classes; 8.65 paid for choice 925-pound yearlings; bulk grassy and short-fed steers and year- lings, 4.25a7.50; slaughter cattle and vealers, steers, good and choice, 600- 900 pounds, 7.00a9.50; 900-1,100 pounds, 7.00a9.75; 1,100-1,300 pounds, 7.25a 10.35; 1,300-1,500 pounds, 7.50a10.35; common and medium, 600-1,300 pounds, 3.75a7.50.” Heifers, good and choice, 550-850 pounds, 5.75a8.25; common and medi- 3.2524.50; common and medium, 2.50a 3.25; low cutter and cutter, 1.50a2.50; ulls (yearlings excluded), good and choice (beef), 3.25a4.75; cutter tg me- dium, 2.00a3.25; vealers (milk-fed), good and choice, 5.5026.50; medium, 4.50a5.50; cull and common, 3.0084.50; stocker and feeder cattle, steers, good common and medium, 3.50a5.25. Sheep, receipts 7,000 head; steady to 10 higher; most advance on sorted natives, best, 5.7 others, 5.00a5.25; throwouts, 8.50a3.75; handyweight rangers, 5.35; others, 5.00, with liberal sorts; sheep and feeders steady; lambs, 90 pounds, down, good and choice, 5.00 a5.75; medium, 4.00a5.00; all weights, common, 3.25a4.00; ewes, 90-150 pounds, medium to choice, 125a2.50; all weights, cull and common, .75a2.00; choice, 4.75a5.15. NEW YORK BANK STOCKS NEW YORK, September 30 (#).— Over-the-counter market: (Quotations as of 10 o'elock.) BANKS. Bid. Asked. Bankers’ rool Central - Chemical (1.80) Continental Corn Exchani < ah e ity & Trust (4.80). 47% 50% um, 3.00a6.25; cows, good and choice, || and choice, 500-1.050 pounds, 5.25a6.50; | feeding lambs, 50-75 pounds, good and | |STOCKS IRREGULAR -| IN SAGEING TREND * Market Records Small Lossed as Traders Watch Commodity Prices. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK September 30.—Stocks were again under mild pressure, today. The reaction continued, but at a slow pace and with small losses. It was still the commodity price sit- uation that monopolized attention at the opening. All the blame for the current downward movement in stocks was placed on the reaction in wheat, in cotton and in other staples. Opera- tors for the rise blamed their failure to make progress on the weakness in the other markets. Prices were irregularly lower at the start and sagged during the first two hours. The oils were noticeably heavy, although advices from Texas and Okla- homa were to the effect that strenu- ous efforts were being made to cut down production. It was said the probabilities were now that no cut in crude would be necessary regardless of what happened to gasoline prices. Oil stocks, however, went off* with the Test of the list. The early selling affected the pivotal stocks, American Telephone & Tele- graph, United States Steel common and preferred, Consolidated Gas, Atchi- son and Union Pacific. All of these were down at one time or another a point or more. The most encouraging feature from the standpicnt of the bull faction was the fact that volume did not inerease on the decline pinion in the Street was sharpl: divided. It was admitted that the mnl’ry- ket was acting unsatisfactorily, but against this was the absence cf liquida- tion. Some of the celling of General Motors yesterday was said to have been on investment account, always a diffi- cult matter to prove, but that was an exception. There has been a good deal of cdd-lot short selling, with the larger operators content to stand aside for the moment until a clearer view can be obtained. ‘While railway earnings show up in the August statements somewhat better than they did in July, the Interstate Commerce Commission's summary for the first seven months cf the year shows that the carriers have a long way to go. Up to August 1 net loss of 164 steam railways totaled $158,687.051, compared with net income of $52,778,768 in the same period of 1931. Much will depend marketwise on the state of the re- financing problem of the Nickel Plate. That is likely to be known by tomorrow. Speculative Rails. NEW YORK, September 30 (Special). —It is to be expected that specula- tive advantage will be taken from time to time in the stocks of railroads that are at present independent, but which are to be merged with the four major Eastern systems under the consolida- tion plan. This would include the shares of the Lackawanna, Lehigh Val- ley, Ontario & Western, Western Mary- land and the Wabash. There are also likely to be movements of the same nature in the junior bonds of the New York Central, Baltimore & Ohio and Nickel Plate systems as advantages of the consolidation intermittently im- press themselves on Wall Street. The floating supply of the stocks has been reduced by purchases already made, which gives more opportunity for suc- cess in speculative ventures. SILVER QUOTATIONS. NEW YORK, September 30 (#)— Noon—Silver futures steady: : 700,000 ounces: Octcber, 3 bid; De cember, 27.80 bid; January, 27.92 bid; March, 28.02 bid; May, 28.26 bid. —_— U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for September 28 were $104.652,957.68; expenditures, $106,075,922.72; balance, $869,104,909.10. Customs duties for 28 days of Septem- ber were $23,398,958.50. FIRST TRUST REAL ESTATE NOTES FOR SALE J. LEO KOLB 804 17th St. 1237 Wise. Ave. DL 5027 West 0002 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th and Indiana Ave. N.W. LOANS On TImproved District of Co- lumbia Real Estate Security 69th Series of Stock Now Open for Subscription James F. Shea. Secretary es E. Connelly, President Columbia Permanent Building Association PAYS 5% compounded semi-annually Under U. S. Gov't Supervision Organized Jan. 1, 1903 733 12th St. N.W. Melvin C. Hazen, Pres. Wm. P. Richards, Vice Pres. Floyd E. Davis, Treasurer Fred A. Smith, Secretary 7 MORTGAGE 0 "noTES Secured on properties in pre- ferred residential and busi- ness sections. Every mort gage protected by fre insurance and title guaran- teed by responsible title companies. FIRST Conservative Appraisals Insure ing Absolute Safety st NOTES FOR $250 UPWARD A QUARTER OF A CENTURY OF SERVICE BOSS & PHELPS Loan Correspondent for John Hancock Mutual Life Insurance Co. u17 K st National 5300