Evening Star Newspaper, October 4, 1932, Page 14

A—14 wax BANKING LEADERS | AT MEETING HERE Session Designed to Aid in Program for Business Recovery. BY EDWARD C. STONT. The Banking and Industrial Commit- tee of the fifth Federal Reserve district, formed at the request of President Hoover to study methods of speeding up business re covery, held another meet- ing today at the Riggs National Bank, Edwin C. Graham of this city presiding as _chair- man. As it was the first meeting of the committee in| several weeks, it was anticipated that important re- ports on fifth dis- trict conditions would be pre- sented. The results cf the committee’s efforts to secure greater leniency toward farm mortgages were expected to grip attention. An effort has been made throughout the fifth district territory to get holders of farm mort- gages to postpone all foreclosures in es where the interest on these mort- been paid. Extension of igages has been urged until prices for farm products give returns large enough to furnish cash with which to meet the mortgage payments. move is in line with a cam- 1 now under way in the Middle to :ave the homes and land of ers which has been in the same family for generations. Another important matter which the local committee is studying is the move to spread employment among more people by reducing the hours of those already employed. This proposal was due for discussion and possible recom- mendations at the session here. Many other vital problems were also on the, program. The committee is made up of two members from each State in the fifth district. Chairman Graham and Robert V. Fleming are the Washington mem- b: and Hileary G. Hoskinson, vice sident of the Riggs National Bank, | is the committee’s secretary. The mem- b are chairmen of regional commit- tees in their own States so are in very close touch with all recovery steps and progress. Haas Opens A. B. A. Convention. Harry J. Haas of Philadelphia, who spent a large amount of time in Wash- ington during the last session of Con- in connection with proposed banking legislation, ~ is presiding at the annual convention of the American Banker's Associa- tion, in Los An- geles. He has made an unusually able cial At the conciusion of his torm of office, he is slated to be suc- ceaded by Francis i. Sisson. a New Edwin C. Graham. t vice president. The incoming first vice president of the association is Francis Marion Law, president of the First Naticnal Bank of Houston, T-x., who was elected second vice presi- dent at the convention in Atlantic City last year. At next year's convention Mr. Law will beccme president. The association will choose a new second - president, as Mr. Sisson and Mr. move_ up to higher ranking offices. Gilbert L. Daane, president of the Grand Rapids Savings Bank of Grand Rapids, Mick,, is slated to become pres- ident of the savings bank division, as he has been vice president of the di- vision for the last year. L. A. Andrew, president of the Citizens' Savings Bank of Ottumwa, Iowa, who has been vice president of the State bank division for the last year, is in line for the presi- cy of the division, and J. R. Cain, jr. vice president of the Omaha Na- tional Bank of Omaha, is due to be choscn president of the national bank Harry J. Haas, Sims, vice president of the Trust Co. of San Francisco, is scheduled to be elected president of the trust division. D. C. Bank Clearings Compared. Comparisons of Washington bank clearings by months in 1932 with the me periods a year ago are now avail- able up to October as follows: 1932, . $92,855,736 . 80,807,544 89,616,463 69,654,238 80,493,495 85,449,660 76,646,111 1931, $109,764,614 69,742,175 112,443,159 113,382,805 102,346,949 115,114.393 4 100,887,167 Aug 68,830,619 81,484,710 September ... 69,894,030 93,291,469 Bonds led trading on the Washing- ten Stock Exchange today, the most ac- tivity centering in Washington Gas 6s, A. Five $1,000 sales were made this issue, all at 99%. A baby bond d at 99';. Capital Traction 55 moved 507;. Washington Railway & Elec- preferred stock opened with a 10- are sale at 88!5, followed by another similar cale at 89. Robert C. Jones & Co., investment bankers, in the Shoreham Building, note in a special builetin on bank stocks that at a recent trust conference of Pacific Coast States, A. B. Carter, national bank examiner, stated that the volume of trust assets handled by banks had in- creased 468 per cent in the last five years. They consider that the growth of this particular type of business adds materially to the earnings of the great New York banks. Edward C. Baltz, secretary of the Perpetual Building Association here, has been named vice chairman of the Fed- eral Home Mortgage System for the fourth district with headquarters in Winston-Salem, N. C. Earnest Wood- Tuff of Atlanta, Ga. has been named chairman for this district. Peoples Drug Store sales for the first eight months of 1932 were off but 6.3 per cent from last year. For August the big drug chain reported a slump of 12.2 per cent. Trade Summary Reveals Gains. A summary of the past week's busi- ness conditions in the 12 Federal Re- serve districts, by the New York Times, says: Philadelphia reports 2 per cent gain in factory employment; Boston area holds shoe and textile gains; Chicago and Cleveland steel outputs improve; St. Louis has substantial car-loading im- provement; Kansas City and Minne- January February March . Ti apolis reported trade uptrends; Atlanta | noted sharp rise in wholesaie trade; Richmond reported better business in the Carolines, while Dallas and San Prancisco also found conditions better in those two districts. e NEW AUSTRALIAN LOAN PROVES GREAT SUCCESS By the Associated Press. LONDON, October 4.— Australia’s great loan conversion, reducing the government’s interest burden by a sub- stantial figure, proved a success today. Cash applicaticns were so heavy that lists were closed within half an hour. ‘The new. Ioan, for five years, carries 412 per cent interest. Holders of old is- sues were offered a 21; per cent bonus . for conversion within seven days. 3 No! Sales of e ~Prev. 1932~ High. 374 21% 41y 9y 35% 43% 83 18% FINANCIAL, TRANSACTIONS NOTE—Today's individual THE E‘;’ENING\ STAR. WASHINGTON, D. C, TUESDAY, OCTOBER 4, 1932. TE—Today's individual sales are not Low. 10 1% 12 9% A% 30% ™% % % Stock and Dividend Rate Abrm & Straus 1.20.. Adams Express..... Adams Millis (2). Addressograph. .. Afliated Prod 1.60. Afr Reduction (3). . Alaska Juneau (50¢). eghany Corp. Al es— Add 00. 6 10 5 4234 Allied Chem & D (6). * 4 Allis-Chalmers Mfg. 5% Amal Leather pf.. 12 3% 5 28 40 29% Su 7 2 1 2 5 2% 4% 25 % 40 2% 3% T 3 10 3% 3 % b4 22 15 3 13 0% 4 10% 11 1 1% 16% 3 % % 84 3 17% 9 64 b 45% 28% s 11% 2 8 3% 6 62 9's 3% 15% 2% 4% by T% 16% 50 4% 3 20 3% 2% 11% 314 1195 100 104 i3 27% 13% 4% 9% 16% 9. 9% 105% 2% % 1 6% 314 T 12% T Amerada Corp (2)..e Am Agri Chem(Del). Am Bank Note...... ‘Am Bank Note pf (3) Am Brake Sh pf (7). Am Can (4).. Am Car & Foundry Am Chain pf. Am Colortype. ‘Am Comel Alcohol Am & Forelgn Pwr. .. Am&Forgn Pw pf(7) Am & For Pwr 2d pt.. Am Hide & Leath pt Am Home Prod 4.20.. AmIce (1)....... Am Ice pf (6) Am International. Am Locomotive. ... ‘Am Mach&Fdy(80c). Am Power & Light AmP&LtpfA (5).. Am Radiator. . . Am Rolling Mills.... Am Seating. . Am Smelt & Ref..... Am Smeltg & Ref pf. Am Smelt & R 2d pf.. Am Steel Foundry... Am Sugar (2)... - Am Tel & Teleg (3).. AmTobacco B (16) Am Type Fdrs pf. Am Water Wks (2). Am Wat Wks cfs(2) Am Woolen. . Am Woolen pf. Anaconda Copper. Armour of 111 (A)... Armour of Ill (B). Armoprof 111 pf. Asso Dry Good Atch Topeka & 8 F' Atlantic Coast Line.. ‘Atl Gulf&W Ind pf Atlantic Refining ( Atlas Powder pf (6). Auburn Auto (f4). Austin Nichols. ..... Austin-Nichols A (1) T4 114 Aviation Corp (Del Baldwin Locomotive Baldwin Loco pf. . Baltimore & Ohlo.... Baltimore & Ohio of.. Bamberger pf (6%).. Bangor&Arostk (2).. Barnsdall Corp. . Beatric Creamery. Belding-Hemingway . Bendix Aviation. Best & Co. Bethlehem = Bethlehem Steel pf. Bloomingdale pf (7 Bohn Alumn & Brass. Booth Fish 1st pf.... Borden Co (2). . Borg Warner. Briges Mfg Co. . Bklyn Manhat Tran., Bklyn-Man Tr pf (6). Brown Shoe pf (7)... Bucyrus-Erle cv pf.. Budd (EG) Mfg Burns Bros (A) Burr'ghs A M (80c).. Bush Terminal...... Bush Term deb stk. . Bush Terminal pf(7). Bvers (A M Callfornia Packing. Callahan Zinc & Ld.. Calumet & Hecla...u Canada Dry (1.20)... Canadian Pacific... Cannon Mills (1) Capital Admin (A) Case (J I) Co... Caterpillar Trac 60c. Celanese Corp. Celotex Co. ... Century Rib Mill; Cerro de Pasco... Certain-teed Prod. Checker Cab (new).. Ches & Ohio (234).... Chesapeake Corp (2). Chi & EasternIll.... Chi & Eastern Ill pf. Chi Great West pf... Chi Mil StP & Pac. 4 Chi Mil StP & Pac pf. Chi & Northwestern., Chi Pneu Tool. Chi Pneu Tool pf. ... Chi Rock I & Pacific.. 4 Chi R1& Pac 7% pf.. Childs Company..... Chrysler Corp (1). City Stores. ... Clark Equipment Coca Cola (18). Coca Cola (A) (3). Colgate-Pal-Pete(1). Colg-Palm-P pf (6).. % Collins & Alkman Coio Fuel & Iron. ..., Colo & Sou 2d pf (4). Columbia Gas (b1)... i Columbia Pic ctf: 10% 3 1% 27% 6% 4 1 2% 811 2% A% 4 9 2% % 17% 6% [ 3% 24% 1% 13% Th 17% % 20 Kl 1% 1 6% 32 814 14 7 12 % 11% 13 5 23 22 80% Columb Carbon (2).. Commereial Credit. . Comel Inv Trust (2). Comcl Solv (60c). ... Comwlth & Southern. Comwlth&Sou pf (6). Congolm Nairn (1).. 208 162 D0 1 00 1 1 1 0 1 O 1O 8 0 990 1280 11 e 20 0 e 0 o Swn a3 Congress Cigar (1). © Consol Film. . Consol Film pt. Consol GasN Y (4).. Consol Gas NY pf(5). Consol Laundries(1). Consol 011 Corp Consol Ofl pf (8) Contl Baking (A) Contl Baking (B) Contl Can (2) Cont Insuranc Contl Motors. Contl Ofl (Del). . Corn Products (3). Coty Ine. . Cream of Wht t2% Crown Cork & Seal... Crown Cork pf (2.70). Cuban-Am Sugar.... Cudany Pack (2%).« Curtiss Wright...... Curtis Wright (A) Davison Chemica; Deere & Co pf (40¢) .4 Del & Hudson (6). Del Lack & Western. Denver & RG W pf.. Devoe&Raynolds(A). Diamond Match (1).. Dome Mines(11.30).. Dominion Storest1 Doug Afreraft (75¢). Dresser Mfg (A) Drug Corp (4)... Dupont de Nem (2) Dupont deN db pf(6). eu 87% 35% Eastman Kodak (3). 9% § 3 Eaton Mfg Co. . 2% w % Eitington-Schild. 2% 4.0 1€ b6% 64 33% 37% 11% 19 2% % 3% 10% 27% 18% be% % 2% 2 16% 22% 5% 2% 26 5l 364 16% 195 11% 25% 26% 1% 4% 2% 8% Th 2% 8% 10% 12% 16 23 12 % 15 1% 3 6 10% 3% % % % 3 10% 1 20 10 Y 9% 4% 10 1% 3% 8% 10% 19% % Elec Auto-L (1.20) Elec&Musical Instru Elec Pwr & Lt. Elec Pwr & Lt p£(6).. Elec Pwr & Lt of (7). Elec Storage Bat(2). Endicott-Johnson(3). ErfeRR... . Equit Office . Evans Auto Prod.... Fairbanks Morse pf.; Federal Mot Truck. . Fed Wat Service A. .. Fidelity-Phoen 1.20.. Firestone T&R (1).. First Natl Strs (3%). Fisk Rubber. ceet Fisk Rubber 1st pf..: Fisk Rub 1st pfev... Foster-Wheeler... Fourth Nat Inv 1.20., Fox Film (A).. Franklin Smn p£(7).. Freeport-'Texas (2) Gen Am Investor Gen Am Tank Car(1). Gen Asphalt. Gen Baking (2) Gen Cable (A). Gen Cable pt. Gen Electric (40¢). .. Gen Elec spec (60¢).., Gen F00ds (2).eeeven Gen Gas & Elec (A).¢ 1 2% *% 3% Electric Boat. . . ven 1 ach stock In (his edition are from yester High. 14 VI +E T +4+4 F EEESLESLER i sl S| FEF FEL I+ It EREFEEESE EE flasll 10, FEE E=5 | & FEFFE sF FRERFSS Pt 000 & & R FEE FEEF < 4+l PR 5 SEESEE 7 it i 1 % kel % % W % K Sk Sl S L et s o B o IS EFFFEF FFEEEEF ¥ S R F FHEEFF F OFEF FEF FTEE & EFFEF +10++10 o T £ FE ¥ FESEPELFEESL ¥ Sales of each stock in_this edif ~Prey. High, 25 5T 28% 305 1% % 24% 40 4% 27T 33% 84 113 9! % 30 116k 18% 2% 23% 38 11% 40% A ’ 1932~ Stock and Low. Dividend Rate. 18% Gen Ital Edis (2.06).. Balet 56% Gen Motors pf (5). 1 27% Gen Prtg Ink pf (6).. 1408 1 Gen Public Servic 5 3% Gen Realty & Util 10% Gillette Saf Ras (1 45 Gillette Sat R pf (5). 3% Glidden CO.......... 85 Glidden Co pr pf (7). 2% Gobel (Adolf) 8% Gold Dust (1.60). 2% Goodrich (B F) 7 Goodrich (BF) pf. 6% Goodyear Tire&Rub.. 7% Gotham Silk Hoslery. 1 Graham-Paige 2% Granby Consol. 3% Grand Union. - SenSeranaBes 5 Great Northern Ore. % Grigsby Grunow. 2% Gulf States Steel % Hahn Dept Stor 7% Hahn Dept Stores pf. % Hayes Body.... . 50 Helme (GW) (17). 7% Holland Furnace. ... Homestake Min(110) 1 Houdallle Hershey. .. 42% Househd Fin pf 4.20.. 8% Houston O1l.... . 8 Hudson & Man (3%). 2% Hudson Motor Car. 1% Hupp Motors. 4% Illinols Central...... 7% Industrial Rayon (2). 14% Ingersoll-Rand (2) 10 Inland Steel... . Inspiration Coppe: Insurshares (Md). Interboro Rap Tr. Int Agriculture. ..... Int Bus Machine(né: Int Carriers Ltd 20c.. Int Cement. .. int Combustion Int Harvester (1.20). Int Hydro-Elec (A).. Int Nickel of Can. . Int Paper & Pwr pt.. Int Printing Ink. .. Int Printg Ink pf (6). 15 Int Rys Cent Am. 9% Int Salt (1%) 7% Int Silver.. 2% Int Tele & Teleg. 1% Interstate Dept St. 10 Johns-Manville...... 30 Jones & Laugh pf(3) 90% KC P&L 1St pf B(6).. & Kaufmann Dept 8 4% Kayser (J) &Co..... 7 Keith-Albee-Orph ptf. Kelly Spring Tire. ... Kelly-Spring €tfs Kelly-Sp T §% pf ct.. Kelsey-Hayes Wheel. Kelvinator Corp. .... Kennecott Copper . Kresge (SS) Co (1).. Kroger Groeery (1).. Lambert Co (15)..... Lee Rubber & Tire. .. Lehigh Valley R R. .4 Lehman Corp (2.40).. Lehn & Fink (2 c i Libbey Owens G! Liggett & Myers(15). Ligg & Myers B (15). Lima Locomotive. ... Liquid Carbonic 4 Loew's, Inc (14)..... Loew’s Inc pf (6%).. Loft Inc Loose-W z Loose-Wiles 1st (7).. Lorillard (P) (1.20).. Lout: a Ofl. . . Lou Gas&El A (1%). Louisville & Nash. Ludlum Steel. . . 571 McAn&Forbes pf(6). McCall Corpn (2).... McKeesport T P (4 McKesson & Robbins McKesson & Robs pt. McLellan Stores. Mack Trucks (1). Macy (HR) (n2).... Magma Copper(50¢). Mallison & Co..... Manati Sugar pt. Manhat Elev gtd Manhat Elev mod g Marine Midid (80c).. Marlin-Rockwell(1). Marmon Motor Car. . Marshall Field & Co.. Mathieson Alk(1%). % May Dept Stores (1). Maytag pf xw Mengel Co pt. Miami Copper Mid Continent Midland Steel Prod. . AMinn-H'well Reg (2) Minn Moline Pow »® - 2 romRenoanena Hae PISEE R =TT 4 248 30s Mo Kan & Texas pf. Missour! Pacific. Missour{ Pacific p! Monsanto Chem 1% ., Montgomery Ward Mother Lode. ... Motor Meter G & E! Motor Products (2) urray Corp Nash Motors (1). 4 Nat Bella Hess pf. Nat Biscuit (2.80). Nat Cash Reg (A). Nat Dairy Prod (2) Nat Dept Stores. t Distillers. .. at Distillers pf(13) Nat Lead pf A (7) % Nat Pwr & Lt (1) Nat Steel (50¢) Nat Supply Co Nat Surety... Nevada Con Copper. . New Orleans Tx&Mx NYCentral......... N Y Chicago & St L. 208 9 3 27% 508 110% 1 50%+ §0% 18 18 19% 19% ™ T 3% 19% 324 20 64 644 60s 100 100 9 5% 5% 10% 9% 27% 16% 1% 207 29% 4% 5 6 6 70s 119 119 N Y N H & Hartford. N Y Ont & Western. . 16 10 4 20% 103 188 19% 10% 18% 2 103% 103% North Am Aviation.. 14 Nor'Amer(b10%stk). North Am Ed pt (6) .y rthern Pacifi 5 Ohio Oil (a40c).. % Oliver Farm Equip. 1% Omnibus Corp..... 3% Orpheum Circuit pf 9 Otis Elevator (1) 1% Otis Steel.... 3% Otis Steel pr pf. 12 Owens Il Glass (2) 1 Pacific Coast........ 167 Pacific Gas & E1 (2).. 20% Pacific Lighting (3).. 3% Pacific Mills. 114 Packard Motor Car. 1'% Paramount Publix. 1% Pathe Exchange (A). 3% Patino Mine: 16 Penick & Ford (1) 18 Penney (J.C.) 1.80. 1% Penn Dixie Cement 3% Penn Dixie Cmt pf. 6% Penna Railroad.. 39 Peoples Gas €hi (5). 21 Pere Marquette pf. 2 Phila& ReadC&1I. 3% Phillips-Jones Co. 2 Phillips Petroleum. % PlerceOil...... 1% Poore & Co (B). % Port Ric Am Tob(B). 1% Postal Tel&Cable pf. 19% Proctor & Gamble(3) 18 1 Prod & Refiners pf. .. 100s 28 ° Public Sve N J(3.20). 11 62 PublicSveNIpf (5). 2 10% Pullman Corp (3) 34 2% PureOll...... 1 50 Pure Ofl pf (8). ~ 4% Purity Bakeries (1) 24 Radio Corp. 3% Radio Corp pf B 1% Radlo-Keith-Orph. . 4% Raybestos-Man (60c; 1 Remington-Rand.... 5 Rem Rand 2d pt 1% Republic Steel 5 Republic Steel 3 Reynolds Spring. 65 Reynolds Tob A (3).. 26% Reynolds Tob B (3).e 4N 4% 108 110% 6% les are not given in this edition. are from yesterday's vaver, — e Add 00, High. Low. Close. Chge. 2 24 24 24 + 4 L BRI FF FFEFEIEEFE FF PT+++1+11 L1+ 4414410 1411 EFF FELEEF FEET FSFEETES 15% 1l 20y + % —2 +1% | machinery and machine equipment in- +1% | dustries are relying heavily upon Re- +1% ¥ -4 + % . + w|to pull bad -1 + 5 R R £ FEF EFL ’ s ¥ OFFEF (i i R FEES FEFSFFE E FFE FEFE F ®2 F& ¥ - FEE EESE i+ FFEE -5% 65 tralia 34% + % 1930, from yesterdsy’s paper. Net. . Dividend Rate, % Richfleld Of] 23% 124 Royal Dtch(a80%e) 59% 30% Safeway Stores (5).. 90 60 Sa 34 99 % St L-San Francisco. . 1 StL-San Franpf.... % Schulte Retall Stores % Seaboard Alr Line. .. 1% Seaboard Air Line pf 6% Seaboard Ofl Del 40c. 9% Sears Roebuck. . 1% Servel Inc. 1% Sharp & Dol 5 Shattuck (FH) 2% Shell Union Ol 2% Simmons Co. 3% Simms Petroleum. 12 Skelly Oll pf ww 2% Snider Packing $% Socony-Vac (80¢).... 4% So Porto Ric S(a40c). 16% Southern Cal Ed(2) 6% Southern Pacific. 213 Southern Railway... 3 Southern Railway pf. 1 SparkséWithington.. 8% Btand Brands (1.20).. 7% Stund Gas & Elec (2). 9% Stand Gas&El pf (4). 16% Stand O1l Calif (2) 49% Stand Ofl N J (12) % Sterling Secur (A) 13% Sterling Secur ev pf. 82 Studebaker pf (7)... 24% Sun Of1 (1).. 68 Sun Ofl pf (6). % Superior Ofl. 24 _Superior St tograph (1). 1 Tennessee Corp. 9% Texas Corp (1). 12 Tex Gulf Sulph (2).. 1% Tex Pacific Coal&Oll. 24 Tex Pacific Land Tr.. 7 Thermold Co 3% Third Avenue. 10 Third Natl Inv (1).. 2 Tide Water Asso Ofl 2 Timken-Detroit Axle. 7% Timken Roller Bg(1) 2% Transamerica Corp.. 1% Tri-Contl COrp...... 2 Truscon Steel . 1% Twin City RapT 16% Un Carbide & C(1.20) 8 Un Ofl of Calif (1) 27% Union Pacific (6) 64 Unit Afreraft. 11 Unit Biscuit (2 % Unit Business Pub. . 6% Unit Carbon........ 18 ON THE NEW YORK STOCK EXCHANG iven in this edition. Low. 7% U 8 Pipe 11% USPip §0 23 UnivPic 2% % Univ Pipe 10% 1% Ut Pwr 14+ EELE FR SEEEFEEER 42% 11% 4% 1+ F FEFE EFEFRE ¥¥ % Warn Br 11+1+ West Pa West Pa Western Western Western L4144 | - L FEFEE FF FEFFFIIEE P+ 1 +4 % 27% Sales of Fi + 4+ + rations. 5 Unit of trading in stock. a Pal k. stock. e % s n 3 Plus 31 in &F NOTE—Today's individual of each stock in this 1932 Steck and Dividend Rate. % Unit Cigar Stores. ... 10% U 8 Gypsum (1.60). 18% U S Indus Alcoho}, 3% U 8 Leather (A) % United Stores (A)... 23% 6% Vanadium Corp.. 15% Van Raalte 1st pf. 84 Va-Car Chem 6% pf.. 7% Vulcan Detinning. . e Payable in cash or st | m Paid last_year—no reguls. rate. 'in scrip. x Ex-dividend. FINANCIAL. sales L fom. Sallon” b from s evierday’ ‘Bales 'Add 00, High. B % 11% % % - FFE FE PPEF FEEER & Fdry 1st (1.20). +ohtd b R LELL 4t & N & 1stpf (8)... e & Rad. &Lt (A). 14+ SRR 60 Walgreen pf (6%). % Walworth Co........ 12 Ward Baking pf (4).. o8 Pictur Warren Bros...... Elec pf (¢ Pwr pt (7). 3008 Maryland 3 Pacific pf... Union.. Westinghse 1st (3%) Westvaco Chloring White Motor........ White Rock M S (2).. White Sew Mch pf... Wilcox Oll & Ga. Willys-Overland. Wilson & Co. Wilson & Co (A). Woolworth (2.40) Worthington Pum: 1% Yellow Truck.... 4 Youngstown Sh&Tu. 3 Zenith Radlo....... tocks on New es as given in the above tables are the annual cash payments based on the latest quarterly or hall-yearly decia- less than 100 shares. $Plus this year—no regular rate. b Payable in ock. { Plus 8% in etock. h Plus 3% special preferred stock. k Plus 3% in stock. nPlus 5% in stock. D Payable 1Partly extra. RLF.C. LOANSTOAD MACHNERY TRADE Funds to Stimulate Public Works Have Already | Been Supplied. BY FRANK H. McCONNELL. NEW YORK, October 4 (#).—The| ccnstruction Finance Corporation loans | and the rehabilitation drive of the Rocertson mmittee to enable them" to normal business ac- | tvity. Tl{e first of the Reconstruction Fi-| nance Corporation loans, aimed to stimulate public works, have already | made their appearance. Moreover, the Committee for Industrial Rehabilita- | tion, headed by A. W. Robertson, has| started its c=mpaign to induce manu- facturers to repair equipment, and,| where funds are available, to renovate | shops. Department of Commerce figures show the depths of inactivity into which the industry has fallen. In 1930, new orders for woodworking machinery averaged $789,000 a month. For 1931 the average was $446,000 and during the second quarter of 1932, it was $240.- 000. In July, there was a moderate upturn to $289,000. New orders for steam, power and centrifugal pumps, which averaged $1.-| 294,000 a month in 1930 and $767,000 | in 1931, fell to $391,000 for July, 1932. Export sales likewise shrunk. industry reports a modest pick-up, al- though still 50 per cent or more below normal. Federal aid in the form of loans for | highway construction totaled $16,000,000 | in the week ended September 12, and | the Reconstruction Finance Corporation | has approved its first large construction | loan—a $40,000,000 advance for the Los Angeles aqueduct. R O DIVIDENDS ANNOUNCED NEW YORK, October 4 (#).— Increased. c Rate. 1. a0, "Tecord, ‘ompany. ate. riod. able. record. Stand F Ins (NJ).3T%c Q Oct. 23 Oct. 16 Special. Elec Pow of Col Oct. 3 Oct. 1 Farm reh (Lg 5 Q Sep. Glastonbury Bk Oct Hotels Statle Sep. Huntgtn Nat Bk (Columbus, Ohio) oct. Sep. Sep. 28 Sep. 32 Sep. Stock. 2% Q Railway Corp 8ep. Omitted. Chester & Phila Ry.30c Q Amerada Corp .....50c T of Comm Bldg (Ind) pf.§1.37% Cin Mill Mach pf.$1.50 ... 3162 Bronze.122c Gold and Mill......1c East Townships Tel.36c First Nat Bk (Springfd. 1I1)...$2.25 Grant L Cor 8% pf.30c Gross (LN) 1% bf.$1.75 Hawallan Sugar_Co.20c Heller (WE) & Co.7%ac . pf.. 43%c Holyoke Wal Honolulu Rap Trans.20c Hotel Stat 1% pf.31.75 . 6% D 37i4¢ Il Nat Bk (Spefd)..§1 Tilum Shares Co A Knott (4 3 Tool & Mfg_pf. Lake View Bav Bk (Chi) . 32 Merch N B (ind) $2.50 Merch & Newark Tr.31 Mich G an Do. st : . 6% pi 31550 Monvoe & Mach DLILTS Nation-Wide Sec Tt .75 g ot OpOO OOO O LOPOOOOLOZOOO w: OO OO OO O M e e o Sin it (New Rochelle). . .25¢ Nat Tea 2 pf.133c Nicholson File Co...30c Nor NY Ut 1st pf.51. I Pub Serv A, Do. pf . Shuron Optical Co Ine pr pi 31 Southeaster; 5 pf... St Coosa Tel Invest Corp Do. pf.. :20¢ Uncas Mer Nat Bk §i.50 Bk & Tr £ts) . .d Inv Shares Unit Lt & R Co (Del) 1% pr pf. 58'%¢ Do. 6% pr pi ‘Wiscon GE 6% Wristlty (A B) Co pf O DREE © OO OZEOD O LOOOOO ¥ 8555 8 88 88888 8 GHsSiL -$1.75 ‘The value of gold produted in Aus- last year was nearly twice that of h CORPORATION REPORTS TRENDS AND PROSPECTS OF | | LEADING ORGANIZATIONS. | NEW YORK, October 4—Following is today’s summary of corporation news prepared by Standard Statistics Co. | Inc, New York, for -the Associated Press: 1 | Building, Real Estate and Related Lines. | Pittsburgh Plate Glass Co. reopens | Creighton plant, giving employment to about 1,000. | Food Products. Hygrade Food Products Corp.—Ton- nage sales of company continued to in- crease this year, but gross dollar value of sales were lower; it was estimated that dollar volume for year would be | less than $35,000,000, vs. $40,000,000 in | 1931.. Western Dairy Products Co.—Net in | third quarter approximated that of | June period, when 52 cents per Class | " shere was earned; operating econo- | mies placed in effect ivolve about | $1,000,000 annually. White Rock Mineral Springs Co— | Dollar volume thus far in current year | declined about 25 per cent from like 1931 period. Machinery. Allis-Chalmers Mfg. Co.—Gets con- tract for New York City subway con- trol equipment; more than $500,000 in- volved. Metals (Non-ferrous). e Mines, Ltd—Value of produc- tion” in September, $341,610 vs. $286,- 340; nine months’ totals, $3,078,432 vs. $2,644,679. Miscellaneous. Continental Can Co. subsidiary, Standard Tin Plate Co., resumed op- erations at Cannonsburg plant, em- ploying 1,800. Du Pont (E. I) De Nemours & Co— Cellophane and rayon plants at Old Hickory operating at capacity. Parker Pen Co.—Janesville plant ép- erating at 75 per cent of capacity with full force of 600. Toronto plant run- ning 24 hours a day on export business. Office and Business Equipment. National Cash Register Co—Third quarter loss estimated under $900,00 first six months’ deficit, $965,179; plants operating eight nours a day, five days a week, with working force of around 3,000. Oil. Richfield Oil of California advances third-grade gasoline price 1 cent in parts of Southern California. Union Oil Co. of California advances price of third-grade gasoline 1 cent a gallon in parts of Southern California. Paper and Paper Products. Container Corporation of America marks up prices a minimum of 7!2 per cent; September demand registered greater than seasonal improvement, properties running at a higher rate of capacity than for some months. Railroad and Railroad Equipment. New York, Chicago & St. Louis hear- ing on receivership petition filed against company _continued until October T; about 72.5 per cent of 6 per cent notes are in favor of refunding plan. St. Louis-San Francisco Railway— Over 60 per cent of bonds affected by reorganization have been deposited un- der readjustment plan. Steel and Iron. American Rolling Mill Co. September quarter loss expected to exceed $389,312 deficit suffered in preceding quarte: current business reported best since Spring. . McKeesport Tin Plate Co.—Operations were reduced to 50 per cent of capacity in third week in September from 82 per cent previously. Textiles. American Woolen Co. resumed oper- ations at its Hartland plant, which was closed in May, 1932. Belding-Heminway Co.—Profit ob- tained in third quarter of current year; shipments were up about 40 per cent. Tobacco. Axton-Fisher Tobacco class “A” share ;;rsx},lnis eight months ended August 31 Utilitles. Columbia Gas & Electric Corporation —Ohio Utilitles Commission approves increase in Columbus gas rates to 55 cents per 1,000 cubic feet for city of Columbus} present rate is 48 cents. Duquesne Light Co.—Public Service Commission approved company’s volun- | N tary reduction in_electric rates and |Public held that a new schedule did not block future action to obtain further rite re- ductions. Interborough Rapid Transit Co. in- terest and principal due October 1 on CREDIT SITUATION DECLARED BETTER Survey of Leading Trade Areas Is Made by Statis- tics Company. Special Dispatch to The Star. NEW YORK, October 4—A survey which indicates improvement in the general credit and collection outlook in leading trading areas in this country has been published by the Standard Statistics Co. of New York. Conclusions regarding certain of the major areas follow: ATLANTA.—Though conditions are highly irregular throughout’ the area, | overdue accounts in mill towns and | favored farm sections may be cleared up with comparatively good success in the next three months. BOSTON.—Collections in *September and October should be more satisfactory than in any other major area of the United States. CHICAGO. — September collections should record substantial improvement over the poor Summer showing, but a broad widening of credit lines does not yet appear to be good business policy. CLEVELAND.—With indications that purchasing power will expand slowly, except in a few sections, close supervi- sion of accounts will be necessary to avoid excessive losses. DALLAS, FORT WORTH —With the commencement of the heavy cattle movement, and the marketing of the cotton crop, collection will be accelerated rapidly. DETROIT.—Extra seasonal gains in automobile manufacture are expected in the late Fall, but until trade reports give the cue, credit managers should exercise unusual caution in extending new credits. INDIANAPOLIS. — Collections this Summer have been above average, com- pared with other Midwest areas, and should record definite improvement this Autumn. KANSAS CITY.—Credit conditions should improve moderately from now on, though more slowly than in the re- mainder of the country. MINNEAPOLIS, ST. PAUL—Credit managers should count on materially better collections in agricultural and re- tail lines, but must continue to scrutinize industrial accounts in the heavier indus- tries with unremitting care. NEW YORK.—Payments on book credits have been exceptionally prompt in cities throughout the depression, and henceforward collections may ex- pected to parallel any quickening in general business activity. PHILADELPHIA. — Improvement in collections probably will lag slightly be- hind the national average. RICHMOND—Using a reasonable amount of discression, in opening lines, credit managers should be able to se- cure a better ratio of collections to out- standing _receivables than last year. SAN FRANCISCO.—Credits in the Central and Southern agricultural re- gions should be carefully watched. ST. LOUIS—Credit stringency will continue in the Southern Illinois and Missouri mining districts. SILVER QUOTATIONS. NEW YORK, October 4 (#).—Noon silver futures quiet. Sales nont. Oc- tober, 27.55-70; December, 27.78-85; January, 27.85 bid; March, 28.12-20; May, 28.30 bid. U SR Trust Company Reopened. NEW YORK, October 4 (#)—The Federation Bank & Trust Co. whose affairs have been in the hands of the State Banking Department for a year, was reopened yesterday. NEW YORK BANK STOCKS NEW YOm(,kOcmber 4 (P)—Over- of 2 O’Clock. Bid. Asked. 42 44 178 185 150 1250 670 1720 5612 32% Bankers (3) .. Bklyn Trust (10} Cen Hanover (*7) . 10-year 6 per cent notes of company | Co: were not paid on that date. ST U. S. TREASURY BALANCE. By the Associated Press. ‘Treasury receipts for October 1 were $5,072,543.58, expenditures, $5,843,541.19; balance, $861, 348,226.68. Customs dutie for one day of October were $930, 7108.88. tinues to uaranty Irving (1.60) . Manufacturers N Y Trust (5) Title G & T (3 United States (80) ... *Includes extra. Employment in Czechoslovakia con- increase. j STOCK LIST MEETS: SELLING AT CLOSE Changes Are Small After Up- trend During Most of the Day. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, October 4.—Stocks worked higher all through today's ses- sion up to the last hour, when pressure against General Motors and realizing elsewhere in the list carried the general level down to around the preceding close. Probably a good deal of the early buying was short covering, but{dhe mar- ket was professional from start to finish and too much significance should not be attached to its fluctuations. As much interest centered in com- modities as in stocks. Most of these outside markets were firm and one of them, cotton, was strong. At one time cotton was up $1.25 a bale, but it, too, canceled a part of the gain toward the end. The grains gained fractionally Coffee was strong and hides advanced. Lead was marked up 15 points. The two subjects of greatest interest at the opening tcday were forecasts of the President’s speech in Iowa tonight and the immediate trend of commodity prices. The Street hoped that what Mr. Hoover had to say would be reflected in a better market for agricultural prod- ucts, and it was still pinnig its hopes for the future cn recovery in cotton and wheat. In consequence, therefore, the morn- ing operations in stocks were inflenced by the rally in cotton and the resis- tance put up by the wheat market. A favorable impression was also made on speculative sentiment by the way in which the market stood up yester- day in the face of the news about the Nickel Plate Railroad. That incident was taken to show the strong under- tone in stocks generally. Opinion as to the outcome of the Nickel Plate Teceivership application was divided but it was agreed on all sides that the best thing for the noteholders would be to accept the offer of refinancing. During the rally of the first two hours the stocks in greatest demand were J. I. Case and International Har- vester. both moving with cotton; Allied Chemical, with a large short interest forced to pay a premium for borrowing the stock; ~American Telephone, in which there seemed to be some quiet accnmulation; Consolidated Gas, which has made friends for itself all during the irregularity by its consistent firm- ness: Liggett & Myers “B,” which was the leader of the tobaccos, and, among ithe railroad stocks, Union Pacific, on :’lepom of investment trust accumula- on. Notwithstanding this better a = ance of the general list, the sza‘rJR? ;f professionals were content to stand aside and volume, while slightly above that of vesterday, continued low. It was felt that there were too many un- certainties to permit of any aggressive bidding up of stocks. The most en- couraging feature was the persistent demand for the highest grade of in- vestment bonds. It led to some buying of the better class of preferred stocks, but without much change in price. FOREIGN EXCHANGE. (Quot: London, pound Paris, franc | Brusels, belga | Berlin, mark.. . Rome.’ lira e, “rown (nom.} Warsaw. zloty Copenhagen, Oslo. crown ...... Stockholm. crown Montreal, 'discount, 94, crown. . We Recommend SUPER CORPORATIONS OF AMERICA TRUST SHARES Ferris, Woodroof & Lewis, Inc. FIRST MORTGAGE SECURITIES 650 A safe investment—secured by direct First Mortgage on income-pro- ducing properties in the Nation's Capital. In Denominations as Low as $108 Monthly Payments If Desired REAL ESTATE MORTGAGE AND UARANTY CORP. 1610 K Street t. 1403/ SELL LIFE INSURANCE THERE'S MORE MONEY 'IN IT For Information Address Box 40-R, Star Offi — e FIRST TRUST REAL ESTATE NOTES FOR SALE J. LEO KOLB 804 17th St. 1237 Wisc. Ave. DL 5027 West 0002, “U. S. Govt. and TAX FREE INVESTMENTS” General Securities ROBTERT C. JONES & CO. Sboreham Bids. ME. 2022-23-24 The First Investment Consideration @ The 4%4% First Mortgage Gold Bonds of New York State Electric & Gas Corporation are backed by un- broken growth in earnings. During | the last decade of varying business conditions they increased each year. Net earnings before depreciation are 3.54 times total annual interest charges. { Yield over 5% at present prices. Write for Circular General Utility Securities Incorporated 61 Broadway New York City Please send me Circular K6 B Address