Evening Star Newspaper, October 1, 1932, Page 14

A—14 ¥ REAL GAINS SCORED IN FIFTH DISTRICT Wholesale Trade, Cotton and . Tobacco Improve Most, Monthly Review Says. BY EDWARD C. STONE. Fifth Federal Reserve district trade barometers rveealed more than a “mere seasonal rise” in August. accord- ing to the Bank of Richmond report today on eredit, business and agricul- tural conditions. Retail trade as re- flected in department stores was up to the seasonal level in spite of unfavor- able weather for early Fall business, and wholesale trade showed gains in all lines from which reports were received. “Taking the district as a whole.” the report said. “the outlook for Fall and Winter trade appears definitely better than it was & year ago, and for the first time since the beginning of the depres- sion there is a spirit of optimism in trade circles” Definite improvement in nearly all classes of business was reported from the Carolinas, where cotton and tobacco | play a more important part than in! other sections of the district Textile business improved more than | any other industry, higher cotton prices as a result of a much smaller crop than | in recent years having stimulated buy-| ing of textiles quite materially. Cotton consumption increased more than seasonaly in August. mills took on some additional employes and orders | were received in sufficient volume to Tun the mills several weeks Better Farm Prices Noted ! In agriculture the outstanding de-| velopments in August were rises in (o-i bacco and cotton prices. The crops of | both are much smaller this vear than last, but the chief factor in the decline of production is acreage reductino, and therefore the year's crop promises Jarger net retums to fagmers. Some undavorable factors, however, also were present in the month's pic- ture The district during August made & very poor fecord, the bank reported, in number of insolvencies, but was in line with ather districts in liabilities in- Volved. The employment situation con- tinueq, ymsatisfactory, although a con- siderable number of industrial plants took on additional workers and others lengthened the time of employment for persons already working. Building per- mits issued in the district continued at a low level, and contract award figures were also relatively low, but higher than in August, 1931. Rediscount at the Richmond Reserve Band decreased between August 15 and September 15, an unseasonal develop- ment, but the volume of Federal Re- serve notes in_ actual circulation rose, Teporting member banks lowered their total loans slightly and also reduced their investments in bonds and stocks, but deposits increased, the review stated. Georgetown Gas Net Higher. According to the financial statement filed by the Georgetown Gas Light Co. with the Public Utilities Commission, net earnings for the first eight months of the present year, before dividends, totaled $90.427 against $86.492 in the first eight months of 1931, an increase of $3.935 Operating Tevenues for the eight months amounted to $821,984, against $794,484. Operating expenses called for $680,965 compared with $636,924 last year, leaving net operating revenues of $141,019, against $137,560 in the like 1931 period. Taxes required $22.661 in the eight months compared with $23.- 755. Uncollectable bills totaled $3.905, in comparison with $3,054 last year. Non-operating income reached the sum of $12.454, against $12.694. leaving a gross corporate income of $126,907, while the same item last vear totaled $123,445. Interest and other charges took $36,480. against $36,953 in the same period in 1931. August Revenues Lower. Total net operating revenues of the Georgetown company for August amounted to $148, against $8.559 in August. 1931, revealing a falling off of $8411. Operating expenses for the month totaled $62.781, against $54.- 692 in the like period a year ago. While expenses were higher. operating reve- nues were lower, amounting to $62.929 in comparison with operating revenues in August, last year, of $63,251. Uncollectable bills were larger leav- ing an operating loss of $512, against an operating revenue of $6.264. Non-oper- ating income decreased from $1.637 a year ago to $1.526, leaving a total gross corporate income in August of $1.014, compared with $7,901 in the like month & year ago. After interest and other charges, the gas company reported a total net Joss for the month, before dividends, of $3.527, in comparison with a net ;xgg?orme income of $4,100 in August, ‘There was a loss in the number of | meters in use in August and in the | eight months compared with the similar periods a year ago. Business condi- tions and rate reductions during the present year are the chief causes of this showing. Railroad Earnings Compared. PENNSYLVANIA RAILROAD. (Including West Jersey Seashore.) Ausust gross . Net operating income Eight months gress Net operating income 2: *The 1932 earnings exclude $37: sust and $5.071.830 for eight months ceived on account of temporary increase in Ireight rates, which are turned over to the Railroad Credit Corp SEABOARD AIR LINE. 1931 £2.915.399 101,044 20586648 2,464,549 August_gross : Net operating deficit . Eight _months _gross Net operating income *Income. SOUTHERN RAILWAY CO. | 1 $1,907.606 272.466 21144153 79,811 August _gross Net operating income 27 Eight_months gross . 47.935.622 Net operating income. 399,511 ATLANTIC COAST LINE. 1932 1931 46,361 $2.865.250 03 504.21 1931 $8.251.285 3,872 67.734.289 5,663.541 August_gross - Net operating deficit 4 Sight months gross . 26.801'859 Net operating deficit 266.456 *Income. BALTIMORE & OHIO. August_gross . Net operating income. 2.1 Elght months gross . B4.461 Net operatina income. 12 *Emergency rate increase included in €p- erating revenues for August. 1932. 1S esi mated at $280.249. and for period January 4 to August 31. 1932, at $2.360.249 Doak Addresses Bankers Tonight. ‘The thirteenth annual convention of Morris Plan Banks and Companies, which has been in session here since Thursday, will be brought to a close this evening with a banquet at the Shoreham Hotel. The principal address will be by Secretary of Labor William N. Doak, who will speak on “The Work- ingman and His Financial Problems.” The founder of the organization, Anhurl J. Morris, will also speak. Redpath Notes Financial Gains. Albert G. Redpath, the New York partner of Auchincloss, Parker & Red- path, was in Washington the early part of this week. Mr. Redpath reports the outlook in the financial world has ma- terially improved. Mr. Redpath spends the greater part of his time in New York, where he has offices with Clark, Dodge & Co. VU. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for September 29 were $4,067,330.47; expenditures, $9,956,- 58221: balance, $863.205,657.36. Cus- toms.duties for 29 days of September were $24,391,140.66, ¥ ~Prev. 1932 High, 3a 14 24% 1% 8774 204 324 4 10% 68 L1 5 24 T 22% 267 an, BN 19% 384 2614 1% 11ta 95 1215 NEW YORK STOCK EXCHANGE 'ON, D. C., SATURDAY, OCTOBER 1, 1932 STRONGER BANK REPORTS DUE Received by Private Wire Direct to The Star Office. Stock and Low. Dividend Rate, 1% Adams Express. 91; Addressograph. 30% 'Air Reduction'(3). 7% Alaska Juneau (50c). 4 Alleghany Corp. .. .. 4235 Allied Chem & D (8). 4 Allis-Chaimers Mfg. Amerada Corp (2)... 4 Am Agri Chem(Del). AmCan (4)..... ‘AmChicle (13). ‘Am Comc] Alcohol Am & Forelzn Pw! Am Home Prod Am Internation; . Am Mach&Fdy(80c). Am Metal Co. ... Am Power & Light. .. Am Radiator. .. Am Rolling Mills. 4 Am Smelt & Ref. Am Smelte & Ref pf. Am Steel Foundry. Am Stores (+214)..., Am Tel & Tele (3).. AmTobacco B (16, 5 Am Type Fdrs of Am Water Wka (2 Am Wat Wks cfs(2) - 4« Am Woolen. . § Am Woolen of ... Anaconda Copper. %« Armonr of 111 (A). 5 Assoclated Anvarel. . Asso Drv Goods. . 17% Atch Topeka & 8 F.. 9% Atlantic Coast Line. . 254 Atlantic Refinine (1) 28% Auhurn Anto (f4) . 115 Aviation Carn (D 2 Raldwin Locomotive. R Baldwin Loco nf. 2%, Baltimore & Ohio. 2% Rarnsdall Corp. 15% Beatric Cteame . 28 Belding-Heminzway. 415 Bendix Av K%, Best & Co 7'¢ Bethlehem Steel. Pethlehem Steel pf. Rorden Co (2). Rore Warner. . Rrizes Mfz Co Rklvn Manhat Tran. RKIvn-Man Tr of (6). Rudd (EG) Mfe..... Budd (E G) Mfg p! Bvers (A M) s Callahan Zinc & Ld 11 Calumet & Hecla. 6 Canada Drv (120), T Canadian Pacific. Case (J 1) Co. Century Rib M Cerro de Pasco Checker Cab (new) Ches & Ohlo (234)... Chesapeake Corp (2) 5 Chi Great West f... Chi & Northwestern.. Chi Pneu Tool....... 4 Chi Rock T & Pacifie. Chi P.T & Pac 6% n?.. Chicasha Cotten Ofl.. Chrysler Corp (1). i City Stores. . Coca Cola (8 Coca Cola (A) (3). Columbia Gas (b1) Columb Carbon (2).. Commerefal Credit. . Comcl Credit A (3).. Comel Tnv Trnst (2). Comel Solv (60c).... Comwlth & Southern Conn Ryv&Lt (413). .. 1 Consol Film 2% Consol Film pf. 314 Consol GasN Y Consol Laundri; Consol 011 Corn . Cons RR of Cuba pf.. 4 Consol Textile. ...... Contl Baking (A).... Contl Baking (B) Contl Raking pf (6).. Contl Can (2).. . Cont Diamond Fibre.. Cont Insurance(1.20) Contl Motors. . Contl Of1 (Del) Corn Products (3). Cream of Wht +23; Crown Cork & Seal. Crown Zellerbach. Cudahy Pack (234) Curtis Pnblish pf(7). 74 Curtiss Wright . 115 Curtis Wrizht (A 1 Davison Chemicai. 614 Deere & Co pf (40¢).. 815 Del Lack & Western. 5974 Devoe & R 1st pf (7). 12 Diamond Match (1).. 714 Dome Mines(11.30). . 11% Dominjon Storest134 5 Doug Aircraft (75c). 23 Drug Corp (4). E 22 Dupont de Nem (2).. 803 Dupont deN db nf(6) 35% Fastman Kodak (3). 14 Eitington-Sehild 815 Elec Auto-L (1.20) s Elec&Musical Instru. 2% Elec Pwr & Lt. 5 8x Elec Pwr & Lt pf(6). 'x Elk Horn Coal pf.... 2 ErieRR. . 15 Fairbanks Morse pf. 1, Federal Screw Wks. . 3 Fed WatService A. . 45 Firestone T&R pf(6) 35 First Natl Strs (2%) 14 Fisk Rubber. ... % Fisk Rubber 1st pf 1 Foundation Co. 10% Fourth Nat Inv 120, 10 Freeport-"exas (2) % Gabriel Co (A) 8 915 Gen Am Tank Car(1) 1013 Gen Baking (2) Gen Cizar (4) Gen Electric (40¢). .. Gen Elec spec (60c Gen Foods (2). Gen Gas & Elec (A).. GenG & Epf A (p3).. Gen Mills (3).. Gen Motors (1) Gen Public Service i Gen Realty & UtIl. .. Gen Steel Casting pf. 10% Gillette Saf Raz (1). Gillette Saf Rpf (5). 4 Glidden Co.... .. Glidden Co 4 Gold Dust (1.60) Goodrich (BF). .... 514 Goodyear Tire&Rub. 7% Gotham Silk Hoslery 1 Graham-Paig - 3'5 Grand Union. 1413 Grant (W T) (1) 5'3 Great Northern pf... 5 Great Nortaern Or 21 Great Western Sue.. 48 Great Wn Sug pf(7). . Grigsby Grunow 315 Hall (W F) Printing. 705 Hercules Pow pf (7). 7is Holland Furnace. ... 8% Houston OIl. .. : 1% Houston Oil (new). . 8 Hudson & Man (33). Hudson Motor Illinois Central. e Ingersoll-Rand (2).. Inland Steel . Insuranshares (Del). Interboro Rap Trans. Int Agriculture. ... Int Bus Machine(né) Int Harvester (1.20). Int Nickel of C: Int Paper pf.. . Int Paper & Pwr (A). 4 Int Paper & Pwr (B). Int Printg Ink pf (6) 6 Int Silver pf (4)..... 28 Int Tele & Teleg. ... 10 Johns-Manvill 3 Kaufman DS (80c).. 4% Kayser (J) &Co..... 7 Kelly-Sp T 8% pf ct.. 24, Kelvinator Corp..... 4% 14% 10 Bales— Add 00. n:l:n. - - SExmnaaSnaN-auBasann - S 2 - ) @ H Buan-Sofalcvware 255-Rau-foonasnSn—an 0 am BroneRBuwua n 9 » D e - - s 32 10 RS IO N Y A R e B NS B R 1 S o —Prev. 1932 Low. 84 29% 24% 23% 11% 8's Lou 10 20 28 % 3% 10 Mo 1 213 513 13% 35 - ™ 5 2'a 204 14% 13 6% 181 215 N s N 1 82! 6 £ 100 s 1% 18% 2613 22!5 P+t 37 475 Stock and Dividend Rate, 4% Kennecott Copper... 38 Kresge (88) Co (1).. 10 Kroger Grocery (1).. —— 56% 25 LambertCo (15). 1% Lee Rubber & Tire. 5 Lehigh Valley RR. 6 Lehn & Fink (2)... 67% 34% Ligg & Myers B (15) 37% 13% Loew's, Inc (14). 1% Loft Inc. . 36% 16% Loose-Wiles Bis (2).. 18% 9 Lorillard (P) (1.20).. 1084 73% Lorillard (P) pf (7 S&EI A (1%). 13 Ludium Steel . McCall Corpn*(2).... McCrory Strs pf (6).. McKeesport T P (4). McKesson & Robbins McKesson & Robs pf. Mack Trucks (1 Macy (HR) (n2) Mallison & Co. Marmon Motor Car. Marshall Field & C Mengel Co pf. 4 Mfami Copper. . Mid Continent Petra. Midland Steel Prod. . Mo Kan & Texa n & Texa: Missouri Pacific. Missouri Pacific pt. . Mohawk Carpet. .. Monsanto Chem 1. Montgomery Ward Mother Lode. ....... Motor Products (2).. Mullins Mfg pf = Murray Corp. . 8 Nash Motors (1).... 114 Nat Acme Co. . Nat Biscuit (2.30)... Nat Dairv Prod (2).. t Distillers. .. t Pwr & Lt (1) Y Central. N Y Chicago N Y Ont & Western.. Noranda Min (a50c) .. Norfolk & Southern.. North Am Aviation. . Nor Amer(b10 % North Amer pf (3)... b1 Northern Pacific. . 6 Ohio Oll (a40c)..... 9 Otls Elevator (1).... 2714 12 Owens Il Glass (2).. 167 Pacific Gas & El (2). 20% Pacific Lighting (3).. 1'5 Packard Motor Car. Paramount Publix... Pathe Exchange (A). Penney (J.C.) 1.8 Penna Railroad. Peoples Gas Chi (5). Bales— Add 00. A 3 , 1 . £ OF FF FES FEFS 53 ¥ [ [} » 2 &I 5 » @ P TP IO RPN USSP WYBIEE. [RTSLS—JOISTOTeRr ¥ 3 AR Dan =T~ S e i e w < 2.3 k). [ {91 -JHOEerR wEma> S rEEE_&® rrz RN Pere Marquette pf... Pere Marquette pr pt Petrol Corp of Am... [ o Phila& Read C& I Phillips-Jones Co. Phillips Petroleum Plerce Petroleum. Pirelli (A) (a25 3) Plymouth Ofl (1). Pressed Steel Car.... Prector & Gamble(3) Public Sve N J(3.20) Pullman Corp (3). Pure Ofl1. Purity Bakeries (1 s Radlo Corp. 4% Radio Corp p! 113 Radio-Kelth-Orph 4 RRSec Ill Cent St 1 Remington-Rang. 115 Reo Motor Car 17s Republic Stes - 26's Reynolds Tob B (3). %4 Richfleld Ofl. ..... E 59, 20% 88 Safeway Stores (5).. Safeway Strs pf (6). feway St . f (1) St Joseph Lead. : St L-San Francisco. . Seaboard Air Line. .. Seaboard Oil Del 40c. Sears Roebuck. pr Second Natl Inv. Second Nat Inv pf Seneca Copper Servel Inc. .. Shell Union Of1. Shell Union Of1 pf... Simmons Co. . Skelly Ofl pf ww Snider Packing. Socony-Vac (30c). So Porto Ric S(a40e) Southern Cal Ed(2). Southern Pacific Southern Railway Seuthern Railway pf. arks-Withington. . +UH++1 Spencer Kellog(60c). 84 15% 19% n Stand Brands (1.20). Stand Gas & Elec (2). '« Stand Invest Corp Stand Oil 1t (2) T4+ + 4% Stone & Webster 2% Studebaker Corp. Superior Oil. 21, Superior Stee] ‘Telautoeraph (1). 4 Texas Corp (1). . Tex Gulf Sulph (2).. Thermold Co. ... Third Avenue. Tide Water As: e Timken Roller Bg(1) Transamerica Corp. . Tri-Contl Corp . Truscon Steel. Union Bag & Paper. . Un Carbide & C(1.20) Un Oil of Calif (1) % Union Pacific (6). Unit Afrcraft. Unit Carbon. Unit Cigar Store: T7nit Corp (40c). Unit Corp pf (3) Unit Electric Coal. .. 4 Unit Gas&Im(1.20).. U S Indus Alcohol. .. 21% 51y % 70 1% U S Steel U S Steel 5 United Stores (A Univ Leaf Tob pf(8) Util Pwr & Lt (A) 5% Vanadium Corp.. ... 62 Vulcan Detin pf (7). Warn Bros Picture: varren Bros. . Warren Bros cv pf. Wesson Oil & Sn (1). Wesson O&Sn pf (4). West Pa Elpf (7)... Western Dairy (A). Western Union. Westinghouse Blec. . Westinghse 1st (3%) White Motor........ Wilcox Oil & Gas.... Willvs-Overland Villys-Overland pf. Wilson & Co. . . Wilson & Co (A).... Wilson & Co pf. Woolworth (2.40) Worthington Pump. 251 Wrigiey (Wm) (3).. 1% Yellow Truck....... 4 Younsstown Sh&Tu. Dividend rates as given in the above tables cash payments based on the latest rations. — & | stock. T4 in stock. 3 o . | mPaid iast 3 5! + %l in serin. xEx s Unit ot trading 4% In stock. & Paid thi ¢ Payable in cash or tock. 1 in special preferred —no regula. cate. ividend. W 54 19% 1 19% +1% are the annual arterly or half-yearly decla- less than 100 shares. tPartly extra is year—no regular rate. 1Blus &' "i;llouifchlsm % stock. us & nPlus 5% In stock. p Payable 2Plus b Payable in FLOUR WHEAT EXPORTS DECLINE IN BALTIMORE @pecial Dispatch to The Star. BALTIMORE, receipts and exports of flour wheat showed sharp declines last month, com- October 1.—Both pared with August, 1931, according to figures of the flour and grain exchange of the Chamber of Commerce. Flour receipts were 50,030 barrels, of which 4,428 were for shipments, against receipts of 76,239 barrels and shipment of 19,620 barrels last year. Receipts flfl wheat totaled 55,925 bushels, with ship- ments of 198,319 bushels, which com- pares with receipts of 598,493 bushels and shipments of 728,010 bushels dur- ing August, 1931. Figures for the ycar up to-September 30 show even sharper declines, flour receipts being 507,182 barrels, against 662,301 barrels during the same period last year and only 36,464 barrels were exported, compared with 108,220 barrels in 1931 ‘Wheat receipts dropped to 2,889,510 bushels, against 10,580,891 bushels in 1931, while shipments' were 2,292,234 bushels, compared with 8,425,227 bushels during the first nine months of last year. mumflnwmw similar declines and with the exception of 12,961 bushels of malt there were no shipments of any grain outside of wheat. Pullman Fare Reduced. BALTIMORE, October 1 (Special).— Pullman fare between Baltimore and Washington on the Baltimore & Ohio Railroad was reduced from 75 cents to 50 ce:‘:u, su:tlngd wdn‘.’t y. the second recent reduction in passenger fares, the first being the $4.65 rate on the night trains to and from New York. Cuba's 1931-32 sugar crop weighed 2,593,361 tons. IPKUP INBUYING | GRDERS REPORTED New York Merchants Busy Handling Demands of * Retail Trade. Special Dispatch to The Star. NEW YORK, October 1.—Most mer- chants, manufacturers and mercantile brokers in this city are too busy han- dling business or inquiries to pay much attention to the world series, national politics, the stock market or the move- ments of speculative commodities. The number of out-of-town buyers for retail stores remains above the to- tal of a year ago. Not only are they buying more freely than they were last Autumn but those buyers who visited here a few weeks ago are send- ing in reorders. Already trade in many lines has been so good for this season that stores are expanding their orders for gift merchandise and Christ- mas items. Export Trade Improved. Nor is this movement confined to the United States. The Merchants’ As- sociation of New York has announced a definite upturn in export trade. Eu- rope especially, the association said, is showing a renewed interest in our merchandise. Nearly a fortnight ago these dispatches noted an expansion of imports. This foreign trade will probably be mirrored in the November monthly statement. Furniture buyers from all sections of the country have flocked in here thi last few days, with the result that the Jocal exchange expects to see buyers more numerous than in any other week at midseason. Much of the furniture purchasing is to fill immediate require- ments. Although men’s wear buyers continue to pursue a cautious buying policy, tak- ing only such wares as can be turned over quickly, women's wear is moving more freely. Fall dresses, due to style or price or low inventories. are going out of stores at & rate above seasonal. | Shoe factories along the Eastern sea- board report a steady inflow of orders, fairly evenly divided between men's and women's styles. Reporting to the manufacturers, Paolino Gerli, president of the Silk Association of America, and Henry Stehli, chairman of the broad sik division, said that prospects were bright, as stocks of novelties were low. September sales of housewares will be below those of the same month of 1931, but demand in the last week for such items as kitchen furniture, Jaun- dry hampers and smaller electrical ap- pliances has been so brisk that these | and other articles are being reordered for_October promotions One of the leading makers of work shirts here estimates 1500.000 dozen shirts have been sold in the last six weeks, as more than 1000.000 workers have been recalled to factories. Sup- plementing this news comes the state- ment from Harry A. Riddick. general manager, Blue Jay Manufacturing Co. Huntington, West Va. that its output of overalls and jackets in August was the largest in history. Machinery Operations. Indicative of the demand for silk. August machinery operations, according to the Silk Association of America, were up 43.5 per cent for broad looms, de- creased 16.6 per cent for narrow looms and increased 22.4 per cent for spin- nig spindles over operations in July Machinery, with the exception of brand-new machines whose increased efficiency spells profits, has been one of the slowest moving products in this market. Manufacturers have thought only in terms of reduced costs, which usually meant lower wages and rents, rather than more efficient machines. Prices of second-hand machinery here, however, have advanced vigor- ouslyi in the last few weeks as factories with books filled with orders sought to hurry production. In some cases sec- ond-hand machines—this is especially true in the textile trades—are bringing four to five times the price quoted only two months ago. Dealers in second- hand machinery say their stocks have been reduced to & point Where they are compelled to bid good figures for a desirable machine. (Copyright. 1932) BAY POWER COMPANY IS SOLD FOR $1,900,000 Special Dispatch to The Star. BALTIMORE. October 1.—The An- napolis & Chesapeake Bay Power Co.. serving electricity and gas to five counties, was sold at public auction vesterday to the Consolidated Gas & Electric Co. of Baltimore on its bid of $1.900,000. The purchase price must be ratified by both the Public Service Commission and the Federal Court In addition to the purchase price. the Consolidated Ges & Electric Co. must be responsible for all outstanding in- debtedness of the local corporation, ac- cording to the terms of the sale. » Among the debts is a first mortgage bond amounting to $1428.600. The company also owes the City of Laurel $37,500, and_$43.880.80 is due property owners in Anne Arundel County for new franchise rights. The Annapolis & Chesapeake Bay Power Co. serves gas and electricity to part of Anne Arundel County. Prince Georges County, Calvet County. Mont- gomery County and Howard County. Lead Stocks Decli;m NEW YORK, October 1 (#).—Lead stocks in the United States on Septem- ber 1 totaled 252.053 short tons, com- pared with 248970 on August 1 and 199.443 on_ September 1. 1931, the American Bureau of Metal Statistics reports. DIVIDENDS ANNOUNCED NEW YORK, October 1 (#).— % Speclal. Pe- Pay- Rate. riod. able. $5.18 .. Oct. 1 Hidrs. of [ reco; ‘ompany. Pa Mex Fuel Co Sept. Reduced. $1 A Oct. 15 3135 Q vl Resumed. Regis Co A Q e-Ge Ib't Cp..31.75 Q Omitted. Stein Cosmetics pf..50c Q Deferred. Canadian Wineries..5¢c Q Regular. Atl Ice Mfg pf...33.50 S Nov. Autom Sig Accep.-60c Bi-M Oct. Barnett Natl Bank - et Atlantic_Ice Mig Oct Lon & West Tr Sept. Sept E P Sept Qe 1 Oct. 1 Due Oct. 1 Due Oct. 15 oct. Sept. Sept. (Jacksonville) ..$1.50 Bell Tel Co Pa......52 Sepi. Blooming o5, I 5175 nc pf z Disc Cp of N ¥.(§230 Fireman's Fd Ins...75¢ P jcs” Nat Natl Bx (Trenton) 52 Franklin Teleg 2'27 &td stock .......$1.25 8ept. Do 77 pf Liberty Fin Corp... Do o e Merchants’ Natl Bk o t Mobile .......7 N J Title Gr & Tr.31 Penn (Wm) Tr & Tnv $1.621% D T R (Nashua) .........32 Stand Coosa Thaicher 9% Bf ... 5 Thay Led Tet Te Ins & Tr (La) United Tel (Kans) Do 7% pl PODOOOD O p O O DO OOCOLD m © w O pOO OO ON NEXT CALL Many Institutions T Have Improved Their Position Since Last Statements Special Dispatch 10 The Star. 1 NEW YORK, October 1.—The call for the condition of banks that are members of the Federal Reserve Sys- | tem and of State-controlled institu- tions, which is_expected to be made as of September 30, will find a majority of those filing Teports in a much | stronger position than on June 30. | They had the misfortune to be com- | pelled to prepare their June statements when security values were at approxi- mately their lowest market averages of the depression. The result was that, | in numerous cases, an intimate reading of their reports would have shown | that the amount of depreciation in | their portfolios had exhausted their | undivided profits and surplus and was | encroaching heavily on their capital. Profit Items Eliminated. To repatr this situation in some measure many moderate-sized banks eliminated the item of undivided | profits, or set up special reserves and, | in addition, eithér reduced dividends | or passed them entirely. The period | was one of considerable grief for hold- | ers of bank stocks, as it had been for | bank depositors early in the year. The situation today, however, is quite different from that of three months ago. In the interim there has oc- curred one of the broadest and most | abrupt advances in bonds in years. It has not been uncommon to find banks favored by an appreciation in their securities which erased from 35! to 40 per cent of the depreciation that had been shown on June 30. This has removed the threat to their capital and has been responsible for a consid- erable amount of the better feeling existing in banking circles throughout the country. Another fortunate development since the end of June has been the increase in bank deposits. This represents not only a return of money that had been hoarded, but latterly has been influ- enced by a slightly higher level of pay rolls. From the middle of July to the middle of September the deposits of the reporting member banks in- creased $310,000.000. This is an excep- tional movement for a season of the year when deposit: e likely to run off FINANCTAE OF CONTROLLER hroughout the U. S. to Government. rather than to expand. The unfavor- able feature of the deposit situation is that the gains have been heavy with the New York member banks, amount- ing to $1,267,000,000 for the two-month period. while those of banks ocutside cf New York have suffered a decrease of $947.000.000. This is in part the re- sult of heavy transfers of deposits from interior points, where there were weak bank situations last Spring, to New York. The ccunter current has not vet set in toward the interior. Altogether, however, the deposit trend Is a signifi- cant one and sharply contrasts with the experience during the Summer months | of 1930 and 1931. At the same time: the ratio of deposits to bank loans and bank investments has been mcre satis- factory. No "announcements have yet been made by either National or State bank- ing authorities as to their attitude to- ward the bond portfolios of the banks in preparing their September 30 state- | ments. 1t is presumed they will show the same leniency toward institutions as was outwardly indicated in official stax- | ments at the end of last year arw uas | been privately communicated to the ! banks and trust companies on various | occasions since. This. in general, per- | mits financial institutions to carry bonds in the higher ratings, at cost or book value, instzad of at current mar- ket value. An issue that came in this category might have been purchased at 95 and be quoted today at 70. It would | be set up on the bouks of the bank at 95 Effect of Bond Gains. | Bonds outside of these preferred rat- | ings are required to be entered less | 20 to 25 per cent of the market depre- ciation in them, while bonds in default are compelled to be carried at current quotations. Banks frequently nave had the pleasant expericnce in (he last three | months of seeing bonds in default, and | charged down to the market in June, ! subsequently advancing several hundred | per cent. A conspicuous example, which | has benefited many banks, is that of the Kreuger & Toll 5 per cent debentures. These were quoted at 7 at the end of June and recently sold as high as 237, (Copyright. 1932 {BASIC INDUSTRIES PROSPECT ANALYZED Steel Production Expanding Slow- ly—Copper Market Is Await- ing Developments. ‘; Special Dispatch to The Star. NEW YORK, October 1—With the prices of ferrous and non-ferrous metals ranging from unchanged to fractionally lower levels. many are ask- ing about the prospects of such basic ! industries over the last quarter of the year. Steel production is expanding rather slowly and present prospects indicate an output of 14.000.000 tons for this | ar. which is about 20 per cent of actual producing capacity and the low- est level since 1908. when output was 14,023,000 tons. In since the war, 1921. steel output in the United States was 19.783.000 tons. This estimate does not take into con- sideration any important pick-up demand for steel, either from the auto- motive industry. the biggest steel user, or from the railroads or the construc- tion industries. Doubtless the misce! laneous gdemands for such products as wire fencing. tools. nails and hundreds of other small items, will exceed ex- pectations. At least. reports from the largest hardware companies indicate those articles are in brisker demand. Shipbuilding architects, for instance, | expect increased orders, not because of any immediate marked improvement in foreign trade, but because obsolete tonnage is being retired. Copper holds steady. while its pro- ducers await important developments. There are prospects of several large or- | ders being placed. like that of Westing- house Electrical & Manufacturing this week. Possibly France will revise its import tax. Certainly the entire trade here is talking about the formation of a world copper cartel during October. Then the British may take a definite stand on a preferential tariff. which action would please Canadian and Rhodesian producers, but might offend British dealers and manufacturers of copper and brass products. (Copyright, 1932.) Thirteen-vear-old .Bernard Sadler of Northampton. England. is 5 feet 10 inches tall. weighs 246'; pounds and wears size 11 shoes. By the Associated Press. week from the following centers, on Wholesale Pittsburgh . Chicago . Cleveland Detroit .. . Indianapolis Louisville Milwaukee . Des Moines Duluth . Kansas St. Paul Baltimore Comment. Pittsburgh—Apperel trades more active: § 1 tile very slow: holiday tablewzre and novelties on increased capacity,; domestic coal demand improves, with Chicago—Wholesale and retail both volume and dcllar value above 1 'EXTENT OF RECOVERY the worst year {only 3 per cent of all. and in 1923, the Trade Reports at a Glance. NEW YORK. October 1.—Tabloid review of wholesale and retail business conditions and the state of crops as reported to Bradstreet's this tions in the same areas in the corresponding week last vea | i | IS HELD DOUBTFUL! Curve of Business Has Been Rising Slowly During the Past Ten Weeks. Special Dispatch to The NEW YORK. October 1.—It is pleas- ant to speculate on the po: lities of | recovery in business and in the produc- | tion of income on investments, based | on experience following other depres- sions. It may not. however, be very profitable, for no two panic periods al’Pi alike. Deductior:s drawn from one may | be inaccurate as applied to another. Assuming for argument’s sake. that | a_comparison between what happened after 1921 would app!y with some exact- ness to what may be expeet>d in 1933 | and thereaiter. cert2in conclusions might be reached. These were em bodied in a survey recen:ly mace by a | New York Stock Exchange house and they are worth considering. Dealing | first with the rapid growth in net| profits. following the low ebb of the | industrial tide in 1921. it was found | that by 1922 such profits produced by | 100 industrial companies had increased | | nearly $380.000.00', or several hundred per cent. In 1923 they were about 37| | per cent more than in 1922 and over | 500 per cent greater than in 1921 In the same period there was a rapid elimination of ccmpanies operating at | a deficit Those in 1921 that failed | to show a profit were roughly one-third | of all the companies considered. In| 1922 the concerns still in the red were | entire group was creating income much in excess of working expenses. ‘The| curve of business has been slowly rising for the past 10 weeks after having touched the low point in July. which was 50 per cent under normal in the! Spring of 1930. This should have some effect on the showing of all earnings when they are compiled for the Sep- tember quarter snd perhaps make a slight impression on the extremely un- favorable comparisons of the first half | of this year with the same six months | in 1931. (Copyright, 1932) “Tests of 23.000 school children in Eu- ropean countries recently proved that $3.06 reacted in favor of war films, and | I one of the teachers wes oprosed to, the basis of comparisons with condi- Retan Manutactur g Coll trade. and inqustry. tions Quiet Quiet Slow Good Quiet Fair Quiet Quiet Slow Quiet Quiet Slow Fair Quiet Slow Quiet Quiet Slow Quiet Ouiet Slow Quiet Quiet Slow Quiet Guiet Slow Quiet Quiet Slow Quiet Quiet Slow Quiet Quiet _ Slow Quiet Quiet Slow Fair Fair Slow Fair Quiet Slow Crops. Fair’ glass production irregula prices low movement best of the year. with 931: steel orders steadily increasing: railroad shops fairly active; freight loadings increase, with some gains in earnings. Cleveland—St: 1 districts show production rate largest thi manufacturing active on holiday orders: fruit auction sales large home-grown crop; live stock market shows heavy recessions. Detroit—Retailers’ sales volume ware, dry goods and apparel leading 1933 shows: canning plants active . considerably improved. with hard- ; automobile industry preparing for Indianapolic—Union ccal mines resume operations fo- first time since April; sales of Fall merchandise show more_active; business sentiment somew] Louisville—Tobacco factories co; orders; department stores feature “‘sa v upward trend; drucs and chemicals t improved. ntinue overtime to keep pace Wwith les” to attract trade; mill machinery and heavy manufacturing supplies inactive; produce receipts heavy, but prices below production costs. Milwaukee—Increased automobil month’s carloadings increase; e output promotes activity in steel; candy. and biscuit manufacturers show substantial gains; tobacco harvest progresing under favorable conditions. Des Moines—Retail trade seasonally improved: low farm commodity prices continue to retard collections and general trade revival, pastures in- excellent condition; corn crop best in years . Duluth—Wholesale buying confined to fill-| clothing and depart- ment stores show slight pickup; industrial activity at standstill; mining, lake movement and lumber unimproved. Kansas City—Textile wholesalers considerably active: Jumber volume increasing: flour mill operations slightl; volume; farm situation remains unsettl agtive. better. with sales in greater ; oll burner business seasonally Omaha—Manufacturers’ inquiries numerous but orders conservative; department store sales gain; farmers withholding non-perishable goods for better prices; wheat crop 50 per cent below 1931; Winter grain outlook favorable. St. Louis—Shoe production \greater than for past 18 months; edible with prices steadier; drugs and chemicals almost commodities moving, equal 1931; retailers anticipate good season. St. Paul—! le orders increase noticeably; low retailers’ stocks necessitate considerable buying; trade continues fairly active, with heavily advertised “sales” well supported; collections somewhat backward. Baltimore—Wholesale trade further improved; industry gradually g momentum: retail coal stocks lowest in years: fe industry by price war, decreased tonnage and bad credits. STOCK LIST HOLDS INNARROW RANGE Trading Volume Deolimeg Sharply With Price Changeg Very Small. BY GEORGE T. HUGHES, Special Dispatch to The Star. NEW YORK. October 1.—The dead- lock in the stock market remained un- broken today. Prices drifted idly back and forth, with no trend and practical- 1y no speculative interest. Volume was restricted by the Jewish holidays as well as by the fact that traders were unable to make up their minds in which direction the market was to move next. The railway car loadings report for last week showed a gain of 8444 cars over the preceding week, but a drop of 142,290 cars below the similar week a year ago. However, the decline on a percentage basis was the smallest of the year—to which comfort the hold- ers of railway stocks were entitled. Comparisons from now on should be a little better if only because of the fact that traffic was at such a lcw ebb at this time in 1931. The raiis were as sluggish as the in- dustrials. The best showing was made by the mail order shares. particularly Montgomery Ward, in which a strong group is understood to be operating. Motor stocks were heavy. chiefly be- cause of the growing disposition to auestion the safety of the General Motors disbursement Action on it, however. will not be taken until the first week in November Farm stocks werc unable to make progress in 4the face of the action of the wheat market. The bull faction in stocks professed encouragement be- cause of the strong resistance these shares put up notwithstandirg the weakness in commodities. Their claim was that once agricultural staples ral- lied. stocks would respond quickly The oils weie irregular, with support for Atlantic Refining and some liquida- tion in Standard Oil of New Jersey. There has been no improvement in the gasoline price situation. but much is hoped for the efforts now being made to curb crude oil production. Of commodities other than grains, cotton reacted after yesterday's upturn. The coffee market was in such a con= fused state that quotations were difficult to establish. Stock market turnover in the first half hour was only 100,000 shares and during the 60 minutes thereafter only another 100.000 shares. It is unreason- able to suppose that speculation will continue on this limited scale. The question is on which side the market will break out of its trading range. NEW YORK BANK STOCKS NEW YORK. October 1 (&) the-counter market Quatations ac of 10 o'clock. BANKS. —Over- Bid. Asked. Chase 21 2 Commerc N Bankers' | Bfockivn Tru = e Che Con Tiving (1601 afacturers w Y Titl First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. ¥ : The C ommercial National Bank 14th and G Streets lete Banking Scrvice Complete “U. S. Govt. and TAX FREE INVESTMENTS” General Securities ROBTERT C. JONES & CO. Shoreham Bide. ME. £922.23-24 | I It | 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. Columbia Permanent Building Association PAYS 5% compounded semi-annually Under U. S. Gov't Supervision Organized Jan. 1, 1903 733 12th St. N.W. . Vice Pres. Treasurer Save Money CUT OFFICE RENT IN HALF 1315 H St. N.W. Next to Times Building Single Rooms 2nd floor, 3 R. & Bath...$50 3rd floor, 2 R, front Modern Fireproof Building H. R. HOWENSTEIN CO. 1315 H St. N.W. Dis. 0908 .