Evening Star Newspaper, November 16, 1932, Page 14

GOCKELER CHOSEN HEAD OF EXCHANGE Other Officers Also Elected at Annual Meeting Held This Noon. BY EDWARD C. STONE. C. J. Gotkeler. vice president of the Disirict Naticnal Bank, was elected precident of the Washington Stock Ex- change at the an- . nual meeting held after the regular trading session this noon. He succeeds Edward L. Hillyer, vice president of the Union Trust Co.. who has served the exchange for the last two years, having taken the reins following the death of the late Grorge O. Walson. Y. E. Book head of the inves ment firm of Y. E Booker & Co., was advanced from the secretaryship to the vice presidency of the exchange, and Karl W. Corby, one of the partners in the brokerage firm of W. B. Hibbs & Co., was elected secretary. James M. Johnson, founder of the fnvestment concern of James M., John- son & Co., again was elected treasurer, i served the C. J. Gockeler. president, was elec- ted to the board of governors, taking the place of Mr. Gockeler, who be- comes a member ex-officio. Two other mem- bers of the gov- Carrol Glover. Mr. Glover is a former president of the exchange, and Mr. Booker one of the most active members. The annual reports were marked by their brevity, the financial statement of the secretary being the most ex- tended. The exchange's finances are in a sound condition During the year the seat of Edward B. McLean of the Washingion Post was sold to Kenneth S. Wales, who recently founded an investment firm of his own. Another new member elected this year was James C. Dulin, jr., of the American Security & Trust Co. Considering general business con- ditions, the amount of trading in the last 12 months was considered satis- factory. Mr. Gockeler, upon whose shoulders the president’s mantle falls, has been one of the leading members for years, having held every other important ex- change office. Perpetual Officers Re-Elected. All officers and directors of the Per- petual Building Association were Te- elected yesterday as follows: James Berry, president; Arthur G. Bishop, vice Presicent; Edward C. Baltz, secretary; Marvin A. treasurer; Raymon K. Espey, assistant secretary; John C. Scofield, Vernon G. Owen, Franklin W. Harper, Dr. William G. Schafhirt. Reporting the fiscal year as the best in the history of their organization, officials of the association announced assets of more than $30,500,000 in that association following the annual meet- ing of shareholders. This represents an increase of ap- proximately $4,000,000 during the year and the largest growth of any building | association in the country for that period. The increase in surplus and undi- vided profits during the period was also the largest in the existence of the Perpetual association, which is now pay- ing more than $1,200,000 in dividends to shareholders each year. Flather Joins Airways Board. A. Chester Flather, one of the man- | agers of the Washington office of G. M.-P. Murphy & Co., was elected a Tector of Washington Alrport, Inc. the monthly meeting of the tion’s board yesterday. Other directors of the corporation are: Edward O. Mc- Donnell, New York, a partner in G M.-P. Murphy & Co.; Charles Carroll Morgan, another manager of the Mur- phy company’s Washington office; Hugh Reid, Arlington County, Va.. Howard Sutherland, a former Senator from West Virginia, and present alien prop- erty custodian; A. P. Adams, New York, and Frank F. Russell, who recently came here from New York to take charge of the airport. C. & O. October Net Higher. Report of Chesapeake & Ohio Rail-| way Co. for 10 months ended October | 31, 1932, shows net income of $19,289,- 165 after taxes, charges and sinking | fund appropriations, equivalent after | allowing for dividend requirements on 6!, per cent preferred stock, to $2.52 a share (par $25) on 7,652,778 shares of common stock. This compares with $24,237,333, or $3.16 a common share in first 10 months of 1931. October net income was $3,851,913 after taxes, charges, etc., against net| income of $3,115291 in October last| year. Directors of the road have authorized the completion of the program for en- | larging all of the tunnels on the road | started about a year and a half ago.| ‘The original program called for an| expenditure of around $9,000,000, of | which about $6,500,000 has already been | done. There are nine large tunnels and two small ones in the program. Mergenthaler Votes Dividend. ergenthaler Linotype yesterday de- ed a dividend of 40 cents. ~Last February the company reduced the dividend to 75 cents quarterly from $150. Later in the year payments of 40 cents and 35 cents were authorized. Today’s is payable December 31 to stock of record December 7. Chesapeake & Ohio Railway Co. has | declared the regular quarterly dividend of 62% cents on the common, payable Jumuey 1 to stock of record Decem- T Y. E. Booker. Chesapeske Corporation has declared regular quarterly dividend of 50 cents on the common, payable January 1 to stock of record December 8. Other Financial Notes. Pathe Exchange, Inc., and subsidiaries | yeport for 13 weeks ended October 1, 1932, net profit of $28,699 after interest, | amortization, depreciation, etc. For the | 13 weeks ended October 3, 1931, com- | pany reported net loss of $92,642 after | expenses, film amortization, interest, | etc. For 39 weeks ended October 1, last, net profit was $30,846 after in- terest, amortization, depreciation, ete. ! ». H. Siddons, chairman of the Red Cross membership drive in the Jocal banks, reports that an excellent response is being made oy the personnel in these institutions and the uniformed | Red Cross in the obbles are being very generously patronized. Information ‘which Mr. Siddons received from head- quarters is of a most encouraging na- ture. United Corporation has declared the| regular quarterly dividends of 10 cents on the common and 75 cents on the gn:terred stocks, both payable January to stock of record November 25. | Paris Exchange Rates. | PARIS, November 16 (#%).—Three per cent, rentes, 78 francs 80 centimes; m per cent rentes, 96 francs 15 centimes. T ot s quoied o 3 centimes. e was 1zangh 81% centimes, gh. 9% 14 16% 68 16% 3% 8% 8 88% 10 % 891 119% 100 T 10% 5 24% it] 1% 15 65% 15 5 3% 4% 12 9% 16% 92% 45% 122 19% 12% 18% 18% 57 59% 105% 87% 126 9% 82% 4 16 55% 64 19 Stock and Low. _ Divicend Rate. 1% Adams Express 914 Addressograph 41, Afiliated Prod 1.60.. saes ST " R R grmev o Bales— 15 80% Air Reduction (3). Alaska Juneau (50¢). Alleghany Corp. ... ‘Alleg Corp pf $30ww Alleg Co pf $30 xw. . Allled Chem & D (6). Allis-Chalmers Mfg. Alpha Port Cement. . Am Bank Note. Am Can (4).. Am Car & Foundry ™ » % % 42% 4 Am Comc’l Alcohol Am & Foreign Pwr.. Amé&Forgn Pw pf(6) ‘Am Home Prod 4.20.. 215 Am International.... 7% Am Mach&Fdy (80¢). 1% Am Metal Co. 61 Am Metal pf. 3 Am Power & Light... Am P & Lt pf A (5) Am Pwr &Lt pf (6).. Am Radfator. . Am Rolling Mills Am Safety Razor (3) Am Shipbuilding (2). ‘Am Smelt&Ref 2d pf. Am Steel Foundry. Am Stores (12%) Am Sugar (2). i Am Tel & Tel ‘Am Tobacco (16) ‘Am Tobacco B (8. ‘Am Water Wks (2).. ‘Am Wat Wks cfs(2). ‘Am Woolen pt... Am Writ Paper pf. ‘Anaconda Copper. Anchor Cap (1.20). Archer-Dan pf (7 Armour of Del pt(7). Armour of 111 (A) Armour of Tl (B) ‘Assc Dry Goods. At hison Atchison Atlantic Coast 8% Atlantic Refining(1 714 Atlas Powder. . 45% Atlas Powder p 28% Auburn Motor (f4) 1% Avation Corp (Del) Baldwin Locomot 68% 10% Beatrice Creamery. 2% Belding-Hemingway. 435 Bendix Aviation. 5% Best & Co.. 7% Bethlehem Steel. 16% Bethlehem Steel pf. 47 Boan Alumn & Brass 20 Borden Co (2). 3% Borg Warner 2% Briges Mfg Co...... 11% Bkyn Manhat Tran. . 313 Bklyn Man Tr pf (6). 46 Bklyn Union Gas(5). Brown Shoe pf (7). Bucyrus-Erie. .. . Bucyrus-Erie cv pf Budd (EG) Mfg. . 1% 2% Burns Bros (A).... 14 Burns Bros (A) vte. 7 Byers (AM 4% California Packing. 14 Callahan Zinc & Ld 6 Canada Dry (1.20) 7% Canadian Pacific. 16% Case (J 1) Co...... 4% Caterplllar Trac 50 1% Celanese Corp. .. T% Cent Aguirre (1% 2% Century Rib Mills. 9% Ches & Ohlo (23)... 4% Chesapeake Corp (2) 1% Chi Great Western. . 2% Chi Great Westn pf.. % Chi Mil StP & Pac... 1% Chi Ml StP & Pac pf. 2 Chi& Northwestern. 5 Chi& Northwest pf.. 1 Chi Pneumatic Tool. 2% Chi Pneu Tool pf 4% ChiRock1& Pac.... 4% ChiR1& Pac7% pf. 6% Chi Yellow Cab (1) 13% Chiids Company . 5 Chrysler Corp (1). 743% Coca-Cola Co (7) Colgate-Palm-P ( 65 Colg-Palm-P pf (6).. 2% Collins & Alkman 2 Columbia Gas (b1 4% Columbla Pic ctfs 40 Columb Gas pf A ( 13% Columb Carbon (2) 11% Comel Credit A (3).. 40 Comel Cred 1st(6%). 10% Comel Inv Trust (2). 551 Comel Inv cv pr(e6). 3% Comel Solv (60c) 1% Comwith & Southn. . 27% Comwlth & Sou pf(6) 6% Congol-Nairn (60¢). 11 17 Consol Cgrprpf 6%. 208 31% Consol 723 Consol Gas NY pf 4% Conscl Laundries(1) 4 Consol Oil Corp. 14 Consol Textile. 2% Cont) Baking (A). 17% Contl Can (2)... 6% Contl Insur (1.20). 5 Cont Motors 3% Contl Oil (Del) 24% Corn Products (3) 1% Coty, Inc 13% Cream of Wht(12%) 7% Crown Cork & Seal.. 17% Crown Cork pf(2.70). 1% Cuba Co... % Cuhan-Am Sugar.... 3% Cuban-Am Sugar pf. 140 20 Crdahy Pack (2%).. % Curtiss Wright. 13 Curtiss Wright pf... 33 Cutler :dammer..... 1 Davison Cnemical... 6% Deere & Co pf (40c). 32 Del & Hudson (6). 814 Del Lack & Westn 54 Detroit Edison (6) LanBBomm B cronnnSnSar - o 2 2 Belonnmni - S : Srolon2unnd R8s 1 s 23 Drug Corp (4).. 22 Dupont de Nem 80% Dupont deN db pf(6) 35% Eastman Kodak (3). 104% Eastman Kod pt (6). 8 Eaton Mfg Co.. . 81% Elec Auto-L (1.20).. 7% Elec & Musical Instr. 2% Elec Pwr& Lt...... 8% Elec Pwr & Lt pf (6). 10% Elec Pwr & Lt pf (1) 12 Equi Office Bldg 1%. 48 Erle & Pitts (3%) 1% Federal Mot Trucl 3 Fed Water Service A. 614 Federal DeptS(60c). Fidelity-Phoen 1.20. . Firestone T&R (1). First Natl Stores 2% Fisk Rubber. .. 5 Fsk Rubber 15t pf. .. Florsheim Shoe (A).. Foster-Wheeler. ..., Fourth Nat Inv 1.20. Fox Film (A). . Franklin Smn Freeport-Texas (2).. % Gen Am Investors. .. 93% Gen Am Tank Car(1) 4% Gen Asphalt. . - 10% Gen Baking (2). 15 Gen Bronze. . 5 814 Gen Electric (40¢)... 10% Gen Elec spec ¢60¢).. 19% Gen Foods (2)....... % Gen Gas & Elec (A). 3 Gen G&E cv pf A(p6) 28 Gen Mills (3).. . 7% Gen Motors (1) * 56% Gen Motors pt (5)... 4 Gen Outdoor Adv (A) 21 Gen Printing Ink. ... 273 Gen Prtg Ink pf (6). 408 % Gen Realty & Util... 1 8 Gen Steel Casaing pf. 300s 10% Gillette Saf Raz (1), 47 % Gimbel Broj 3 3% Glidden Co. 86 Glidden Co pr pt (7). 2% Gobel (Adolf)... 8% Gold Dust (1.60). 2% Goodrich (BF).. 5% Goodyear Tire&Rub. 19% Goodyear 1st pf (7).. Th Got 8ilk Hoslery 1 Graham-Paige..... 22 Grand Union pf (3) 14% Grant (W T) (1) 125 38 27 55 308 120 6 10% 36 i % 4% 3 100s 217 13 16 8 4 208 8 1908 5 21% 2% Gulf States Steel % 6615 20% 18% 25% 2% M 13 9874 40 36% 53 120 64 18% 1% ™ 18% 21% 13 48% 1% 4 10% 156 12% 49% 424 18% 76% 5 2 2% 26 Y% 456 110% 106% 107% 3 65 64 B4 66% 21 18% 26% 2% % 18% 29 40 1% 1 5% 42% 63 21 16% 10% 66 4% 6% 11% 16% 12% 34% 36% 5 100% 100% 100% 54 120 6% 18% 1% 8 21 22% 13 48 1% 4 10% 15 12% 50% 26 |13 42% 13% 6% 5 F1+4+1 111 {80 R +1 2 w2 riesesdeseBrrss £LI 22% 29% 10% 159 5% 5% 1% 5% 24% [N} &8 (UL FEeR 7 L EFFE FEFE EFEF 11l - % | I + FE FFEF F FEF sxsef 2 # 2 sas ¥ | -~ 2% FEF EREEFEE F F AR - FEFE 33% 19% 19 18% 26 30% 16% 1% 6% 13% 9% 19% 46% 142% 18% 1 44% 42% 37 4% 5% 11% ¥ 5% 32% 60 102% 11 99 28 6% 15% 18% 23% % 12% 52% 33 23% 59% kel 4 18% 13% | 104% 14% not Bal 'Add 00. High. Low. Close. Chge. | High. - % Hartman Corp (B).. 5 Hat Corp pf.. .o 18% Hercules Powder 1% 8 Hollander Sons. ..... 110 Homestake Min(110) 42% Househd Fin pf 4.20. 8% Houston Ofl. . 15 Houston Ofl (new).. 2% Hudson Motor Car... 13% Hupp Motors. ...... 4% Iilinois Central. 1 Indian Refining 14% Ingersoll-Rand 10 Inland Steel % Inspiration 3% Insuranshares (Del) 1 Insuranshares (M 2% Interboro Rap Trans. 52% Int Bus Machine (n§) 1% Int Carriers Litd 20c. 3% Int Cement. . 15 Tnt Combust] 103 Int Harvester ( % Int Merchant Marine 814 Int Nickel of Can. 1% Int Paper & Pwr ( 24% Int Printg Ink pf (6) 3% Int Rys Cent Am pf.. 20% Int Shoe (2).. 5 26 Int Silver pt (4) 2% Int Tele & Teleg. 16% JewekTea (14%). 10 Johns-Manville..... 30 Jones & Laugh pf(3) 4% Kayser (J) &Co..... 7 Kelly-Spr 8% ctfs 2% Kelvinator Corp. 4% Kennecott Copper 10 Kimberly-Clark (1).. 6% Kresge (SS) Co (1).., 10 Kroger Grocery (1).. 26 Lambert Co (15). 1% Lee Rubber & Tir 5 Lehigh Valley RR.. 304% Lehman Corp (2.40). 6 Lehn & Fink (2). 3% Libbey Owens Gla 343 Ligg & Myers B (15). 9 Liquid Carbanic. 13% Loew’s Inc (t4)... 1% LoftInc....... . 16% Loose-Wiles Bis (2). 9 Lorillard (P) (1.20).. 7% Loulsville & Nash 0 McCall Corpn (2) 7 McCrory Stores B 20 McCrory Strs pf ( 13 MelIntyr Por M(11%) 28 McKeesport TP (4). 1% McKesson & Robbins 10 McLellan Stores pf. 10 Mack Trucks (1 17 Macy (HR) (n2) % Mallison & Co. 1% Manati Sugar. . 4 Manhat Elev mox 6% Marine Midld (80c) 27 Market St Ry pr pf. 5% Marlin-Rockwell(1 8 Marshall Field & Co 9 Mathieson Alk (1% 3 Maytag pf Ww..... 1 Mengel Co... 1% Miami Copper. .. 3% Mid Continent Petm, 2 Midland Steel Prod.. % MStP&SSMpf.... 615 M StP & S 'S M Isd(4) 1% Mo Kan & Texa: . 8% Mo Kan & Texas pf.. 215 Missouri Pacific pf.. 13% Monsanto Chem 1% . 81 Montgomery Ward.. 3% Motor Meten G & El. . 7% Motor Products (2) 2 Motor Wheel 2 Mullins Mfg. 2% Murray Corp 8 Nash Motors (1). 203 Nat Biscuit (230 101 Nat Biscult pf (7 - wSuarvannrnals canS nwnd - o BoaouoFrwwwnemsnass P T 21 Nevada Con Co) 1% Newton Steel 4% N Y Air Brake 82% N Y & Harlem (5). 6 N YN H & Hartfore 8% N Y Ont & Western 1% N Y Shipbuilding 1% North Am Aviation 13% Nor Amer (b10%stk 5% Northern Pacific. b Ohio Ofl (a50c).. 8 Oppenheim Collins 9 Otis Elevator (1) 1% Otis Steel. ... 8% Otis Steel pr pf 26 Outlet Co (4).. 12 Owens Il Glass (2).. 16% Pacific Gas & El (2). 20% Pacific Lighting (3) 1% Packard Motor Car 1% Paramount Publix. % Parmelee Transport. Pathe Exchange (A) Penick & Ford (1). Penney (J C) 1.80. Penny (J C) pf (6) Penn Dixie Cement. . Penna Railroad. Peoples Gas Chl Pere Marquette pf Petrol Corp of Am Phelps Dodge. . . Phila & Read C&I. Phillips Petroleum Pierce Ofl. Pitts Term C Plymouth Oil (1) Postal Tel&Cable pf. Preszed Steel Car... Pressed Steel Car pf. Proctor & Gamble(2) Public Sve N J(3.20). 71% Public Sve NJ pf (6). 9215 Public Sve NJ pf (7). 88 Pub Svc GEE pf (5). 10% Pullman Corp (3).... 2% PureOll.... 4% Purity Bakeries ( 2% Radio Corp. 3% Radio Corp pf B. 1% Radio-Keith-Orph... 4% Raybestos-Man (60c) 9% Reading Rwy (1).... 156 Reading 1st pf (2)..e 2% Reai Silk Hoslery. Remington-Rand. Rem Rand 1st pf. bl 8% 1% % 2% 19% 28 Basermn - R s - - - B eneSd Republic Steel . Reynolds Metals(1). Reynolds Spring. . ... Reynolds Tob A (3). Reynolds Tob B (3). Richfield Ofl. ... .. Rossia Ins of Amer. 121 Royal Dutch 0% Safeway Stores (5 Strs pf (7 = @3 2. 1% Savage Arms. 7 Schulte Retail 6% Seaboard Oil Del 40c Sears Roebuck. Second Nat In Servel Inc. . Sharp & Dohm Shattuck(FG) Shell Union Oil. Shell Union Ofl v} Stmmons Co. . slmmngfllrnle Skelly Of1 pf ww Snider Packing. Socony Vacuum 40c. So Porto Ric S(a40c) Southern Cal Ed(2) Southern Pacific. Southern Rallwa; Southern Railway pf Spalding (A G). Stand Brands (1.20). Stand Gas & Elec (2) Stand Gas&EIl pf (). Stand Ofl Calif (2). Stand O11 Exp pf (5) Stand O1l N J (12) Sterling Secur (A Sterling Secur pf. 185 Sterling Secur cv 4% Stone & Webster 214 Studebaker Corp. 32 Studebaker pf (7)... 7 Superheater Corp (1) 3% Superior Of1 Telautograph (1).... 9% Texas Corp (1)eesmms = 5 - FOTOPRPRRPUVIVIVIIS.. | JOTOTOINS SOV - JO0t J0TY i o 2rwelan - Bubua T ) T wiven in this editlon. yesterday's paper. et. % + % L] L] 28 25 282 » i+ #0100 1010 EEseEEEe T+ +11 (N RE SRS D] FOEE FEPESEESFESFE F5F B RSEESEFEESEEETEE 1+ IILI*I++I++*I|II | ] & FEFEFES ¥ X Ll R ) FEE “: md\lfl!fl "hetlg:lfl ):‘l:khmr. with = comparatively connections -1% % LiLt+LLL wFa"E % i ‘A, T. & T. DECLARES % $2.12 m the September quarter last | NOTE—’ g sales are mot given in thi Sales SF Sach Wiock o This el oo esterday's Buver: in this edition are ~Prev, 1932 Stock and Sales— Low. Dividend Rate. Add00. 12 ' Tex Gulf Sulph (2).. 21 2% Tex Pacific Land Tr.. 13 Tex Pacific Coal&Oil. 2 Thatcher Mfg Co. ... 2 Tido Water Asso Ofl. 20 Tide Water As pf (6) 2 Timken-Detrolt Axle 7% Timken Roller Bg(1) 2% Transamerica Corp. . 1% Tri-Contl Corp. 19% Trico Products(23%). 7 Twin City Rap Tr pf. % Ulen & Co. 7% Und-Ell-Fisher (50c) 15% Un Carbide & C(1.20) 27% Union Pacific (6). 6% Unit Aircraft....... Unit Aircraft pf (3). Unit Biscult pt (7).. Unit Carbon. . : Unit Cigar Store Unit Corp (40c). Unit Corp pt (3) Unit Fruit (2).. Unit Gas&Im (1.20). Unit Gas&Im pf (5). U'S Freight e U S Indus Alcohol US Leather. ... U S Leather (A) U S Pipe & Fdry (2). U S Realty & Imp. ... U S Rubber. ... U S Rubber 1st pf 26% U S Steel pf (7)..... U S Tobacco (4.40).. Unit Stores pf (3%). % Univ Pipe & Rad.... 1% Util Pwr & Lt (A) 5% Vanadium Cor s _edition. % Walwortl % Ward Bal 12 % Webster West Pa West Pa West Pa West Pa Western Western Westing'" 5 25% ErrsrrFEERLER Wrigley G 27% 10:30 AM 1:30 P.M. EEIERNAESERN I EF rations. s Unit of trading 4% in stock. aPald stock. in stock. Dividend Rate. Va-Car Chem 6' ‘Wabash pf (A). ] Webster-Eisenlhr ‘Wesson Ofl & Sn (1). Western P Westinghouse Elec Westvaco Chlorine. . Wilcox O11 & G Willys-Overlan: Wilson & Co (A).. Wilson & Co pf. Woolworth (2.40). Worthington Pump. . 4 Youngstown Sh&Tu. Saies of Stocks on New York Exchange. . 600,000 Dividend rates as given in the above tabl cash payments basea on the latest Guartery or e Payable in cash or gtock {Flus 8% 1 JPlus 31 i special preferred sk mPaid last yesr—no resular rate. % in scrip. « Ex-dividend. FINANC TAT sales are mot sit in_this 3 e Trom yesierday's Baver. Net. "Add 00. High. Low. Close. Che % . h Co. king ( 1% Warner Quinlan. Warren Br El ohr. . pt. 1008 8 Elec pf (6). 20s EIpt (... 1 Pwr pf (6). Pwr pf (7). Maryland. . +4+1 s Frxx 22ef ss2 nion... 'se Air B(1 +1+1 L+l + 8% — % 12% - % (Wm) (3) 12:00 Noon 2:10 P.M. 100,000 400,000 700,000 the sunua balf-yearly decla- less than 100 shares. tPartly extra. $Plus this year—no regular rate. b b Plus 3% (& Flus 3% i stosk REGULAR DIVIDEND Company’s Very Strong Position in Reserves Provides Safety ' Margin. By the Associated Press. NEW YORK, November 16.—The American Telephone & Telegraph Co. today declared a regular quarterly divi- dend of 2.25 a share on the capital ‘w::k' thus maintaining the $9 annual rate. ‘Though earnings fell short of cover- ing the dividend by about $1 a share for the first nine months this year, Wall Street through recent weeks remained steadfast in its bellef that the regular dividend would be ordered. The company's strong position in re- serves was viewed by the financial dis- trict as providing a margin of safety for the declaration of the regular dividend. As of December 31 last the consolidated balance sheet showed cash of more than $50,000,000 and temporary cash investment of $239,289,893, of about $289,259,000. For the September quarter earnings | cqualed $1.90 a share, compared with year. The $9 annual dividend rate has been in force since 1921. Today's dis- bursement is payable January 16 to stock of record December 20. Refinancing Progresses. NEW YORK, November 16 (#).—A total of $16,386,000 face amount of New York, Chicago & St. Louis Railway Co. (Nickel Plate) 6 per cent notes, which went into default on their maturity date, last Oceober 1, have been de- posited or promised for deposit under the refun plan, it was announced yesterday. represents 82 per cent of the $20,000,000 issue. The Recon- struction Finance Corporation has agreed to advance 25 per cent of the total funds needed to meet the ma- turity in cash provided the noteholders would agree to a three-year extension of the remainder. CORPORATION EARNINGS Reading Co.’s net income for the nine | months ended September 30 was $2.- | 116,632, equal to 1 cent a common share, compared with $558,545, or $1 a share, on the first preferred stock In the first nine months of 1931. Walworth Co. and subsidiaries report net loss of $829,354 for the first nine months of 1932, against loss of $1,450,- 379 in the 1931 period. Liquid Carbonic Corporation reported for &e fiscal year ended September 30 net loss after all charges of $440,529, against net income the preceding year of $1,085,557, equivalent to $3.17 a share on the capital stock. Current asse on September 30 totaled $8,646,305, against current liabilities of $1,048- 446. Net sales in the 1932 fiscal year | totaled $6,814,368, against $9,858,263 the year-before. BAR SILVER. NEW YORK, November 16 (&) —Bar siiver steady; unchanged at 27. Grain Market CHICAGO, November 16 (#)—Grain prices averaged lower early today. Liv- erpool cables reported the new ritish preferential tariff exerted a disturbing influence, and Argentine crop reports were construed as bearish. Opening unchanged to cent lower, afterward declined all around. started unchanged to % up and sub- sequently underwent a decided sag. Price setbacks in wheat were later curbed to & noticeable degree by un- favorable reports from domestic Win- ter crop territory Southwest except in the immediate section sround Salina, and Topeka, Kans. Snowfalls were spparently of little benefit, and with unseasonably cold weather further seed- ing was reported impossible. ~Predic- tions of a much reduced wheat acreage | were current as a result of the short- ened seeding period. A leading crop authority commented ‘weather in the Southwest would be especially hard on young wheat, and in particular on wheat where the soil was dry or the plant was fly infested. Meanwhile, Liverpool advices said British wheat holders were liquidating old contracts, fearing that tenders on deliveries would include Canadian shipments via United States ports. Instability of the New York | Stock Market was also responsible for some selling of wheat here. Corn and aggressive support from buyers. Provisions were neglected. Cotton Market NEW YORK, November 16 (#).—Cot- ton futures opened steady, 529 higher in response to steadier Liverpool cebles and on reports of cold weather in the Southwest. December, 6.34; January, 6.40; March, 6.51; May, 6.60; July, 6.71; October, 6.85. The opening advance met liquidation and the market was no better than t. with Liverpool were ing up to 6.36 early, were ruling around 6.32 at the end of the first half hour, when the active months were about 4 to a total | ts | share vs. $21.39 on September 30, 1932. Railroad Houses | sanctioned ' | CORPORATION | REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS, | NEW YORK, November 16.—Follow- ing is today's summary of corporation news prepared by Standard Statistics Co., Inc, New York, for the Assoclated Press: Advertising, Printing, Publishing. General outdoor advertising deficit, nine months ended September 30, §1, 697,980 vs. deficit $861,477. Aircraft. Pan-American Airways Corporation— Passengers carried by company be- ca in“first nine months of 1932 totaled 37,342, an increase of 20 per cent over | 1931 period; air mail totaled 1,729,714 | pounds, an’ increase of 29.1 per cent | over 1931 period. Automobiles and Trucks. Studebaker Corporation retail deliv- | eries of Studebaker passenger cars and | trucks in October, 1932, exceeded Sep- tember by 4.3 per cent and were better | than 10-year seasonal trend. Automobile Parts and Tires. Murray Corporation of America defi- cit, nine months ended September 30, $1,431,357 vs. deficit $517,767. Building, Real Estate, Related Lines. | General Asphalt Co. deficit, 12| months ended September 30, $630,462 | vs. net income $222,616. Electrical Equipment and Radio. Radio Corporation of America—Trial of anti-trust action against company and several other concerns has been continued for one week; Government's demands are sald to be substantially met by recent proposals of companies involved. Food Products. Canada Dry Ginger Ale, Inc., prepar- | ing to handle domestic light wines in event their sale is legalized; president | expects modification of Volstead act or | repesl will have very little effect on sales of soft beverages for purposes. Pet Milk Co.—Directors’ meeting for action on preferred dividend has been postponed to November 22 for lack of quorum; last payment on preferred was $1.75, made October 1. Investment Trusts. Fourth National Investors net assest values November 11, $25.29 a common share vs. $26.22 on September 30, 1932. Second National Investors net asset values November 11 $53.35 a $5 cumu- lative preferred share vs. $54.78 on Sep- tember 30, 1932. Third National Investors net asset value November 11 $28.83 a common Leather and Shoes. Florsheim Shoe Co.—Loss of about $20,000 indicated for year ended Oc- tober 31; chairman states profits is pos- sible with 10 to 156 per cent increase in unit volume, Machinery. Mergenthaler Linotype Co. declared | a dividend of 40 cents; on September 30 paid 35 eents a share. Paper and Paper Products. Abitibi Power & Paper Co., Ltd— Receiver states that an effort will be made to reorganize company. Raifroad and Railroad Equipment. Alabama Great Southern Railroad deficit, nine months ended September 30, $414,072 vs. net income $234,438. New York, Chicago & St. Louis Rail- road—About 82 per cent of notes de- posited or promised under readjust- ment plan. Reading Co.—First preferred share earnings, nine months ended Septem- ber 30, $3.78 vs. $1. Southern Railway deficit, nine months ended September 30, $10,182,884 vs. deficit $3,761,316. Kobacker Stores. Inc. resumed quar- terly dividends on preferred stock with declaration of $1.75; last previous dis- tribution on preferred Was $1.75 on dend of 25 cents; cel arterly. l?W":llg'“een co’ common share earnings before subsidiary preferred dividends, year ended September 30, $1.74, vs. $2.05. Textiles. | oleproof Hoslery Co. marked up prfze:‘:)f llghl'el‘rlzt hosiery lines 10 cents a dozen. Theaters, Ete. Pathe Exchange, Inc., preferred share earnings, 9 ‘weeks ended October 1, $3.84. Utilities. Columbia Gas & Electric Corporation common share earnings, 12 months ended September 30, $1.04,,vs. 51;52 Detroit Edison Co.—Company's an- swer to city’s rate reduction plea as- serted that production costs have in- creased and that it was not earning fair returns. General Gas & Electric Corporation— Meeting of directors to consider pay- ment of dividends was adjourned be- stock against new stock Philadelphia Rapid Transit Co.—Spe- cial counsel sets company'’s loss from operation of taxicabs over past three years at $2,700,000. 3,000-Year-01d Sword Found. tw - | per ween United States and Latin Ameri- | §i' “gida10" district is d s medium dium, 4.00a5.00; plain medium to good, dium, 3.50a4.00; plain to falr, 3.00a3.50; common to plain, 2.50a3.00. DECLINE IN STEEL BUSINESS REPORTED | Nearly All Markets Show Down- ward Swing, but Low Inven- tories Promise Rise Later. By the Associated Press. NEW YORK, November 16.—Iron Age today reported a decline in steel business in nearly all markets except Cleveland, where automobile buying has given production a further lift. The general averags of “ingot output has eased to 19 per cent of capacity against 19.5 though Clevel is up 3 points to 38 cent, Wheeling is at 40 per cent and However, Birmingham’s production has fallen to 10 per cent and smaller de- clines have occurred at Chicago and Youngstown, while Pittsburgh mills barely hold their 17 per cent average. “A policy of caution among buyers, which began to affect orders adversely during the latter half of October,” said the review, “has not been altered even with the election uncertainty out of the way. On the contrary, the placing of some tonnage under consideration be- fore the election has been indefinitely postponed. “Among jobbers there is a definite in- dication that pre-inventory considera- tions are affecting purchases, but steel stocks in the hands of manufacturing consumers are so small that any check upon manufacturers’ orders, if general business continues to improve, will have a favorable effect later on. “The automobile industry is the one major stesl-consuming channel that is pushing ahead with some degree of ag- gressiveness, but even here marked ac- tivity is largely confined to a few com- panies.” ———e Checks Total Decreases. By the Associated Press. Checks cashed on individual bank ac- counts in leading cities of the Federal Re-erve System showed a 24 per cent decrease during the week ended Novem- ber 9, which included but five business days, as compared with the previous ::;}(fi In ;hve t?hlz that follows total are given for comparable periods, as announced by the board: 9..$4,616,388,000 ,000 ,393,000 Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, November 16— ‘White potatoes, per 100 pounds, 80a1.00; barrel, 1.25a1.50; sweet potatoes, bushel, 30a60; barrel, 50a90; beans, bushel, 40a 1.50; beets, per 100, 1.50a2.50; brussels sprouts, quart, 8al5; Savoy cabbage, basket, 20a30; carrots, per 100, 1.50a 2.00; cauliflower, 1.00a1.50; celery, crate, 1.15a1.75; cucumbers, bushel, 1.50a3.00; eggplants, crate, 1.50a2.50; lettuce, crate, 2.75a3.75; onions, 100 E.wu'nds\ T5a 90; peas, bushel, 3.00a3.75; peppers, hamper, 40a50; pumpkins, 5.00a15.00; spinach, hamper, 25a30; squash, bushel, bushe 2.25; grapes, basket, 30; grapefruit, box, 2.75a3.25; honeydews, crate, 1.25a1.75; cranges, box, 2.75a3.50; pears, bushel, 50a1.75. Dairy Markets. Live poultry—Turkeys, pound, 20; gobblers, 18; toms, 17; crooked chickens, 11al6; 10a12; old hens, 12a17; Leghorns, 10a12; old ;‘gu':ur‘sh hlfo: Lmenéh.“;&:s:ome' 12a 3 ea fow] H 3 pair, 10a15. i Eggs—Receipts, 1,742 cases; hennery whites, dozen, 33a35; nearby firsts, 28a 30; Western firsts, 28a30; Southern firsts, 27a28; current 27a28. e 20a24%; ladles, 14al5; mrrye packed, 11; process butter, 15a16. Hay and Grain. hens, 12a13; young spot, domestic, 56%; November deliv- ery, 56%; December delivery, 57. Yellow spot, domestic, Oats—No. 2 white, domestic as to weight, 2615a20; No. 3, 2515a26. Hay—Receipts, none. General hay timothy. Prices range from $11 to $14.50 per ton, as to grade and kind. The poorer grades of hay are hard to sell at any price. Market irregular on below 3 timothy. Straw—No. 1, wheat, per ton. 8.00a 8.50; No. 1, oat, per ton, 8.00a8.50. Live Stock Market. Cattle—Receipts, 200 head; market steady. and choice, 6.00a6.50; to good, 5.0086.00; fair to me- to glofl', 3.5024.00; |, 3.2583.75; fair . , 2.0082.25. Cows—Medium to good, 2.75a3.00; fair to medium, 2.25a2.50; plain to fair, 1.7582.00; common to plain, B Heifers—Good to cholice, 4.5025.00; 4.0024.50; fair to me- 700 head; Hogs—Receipts, 500 head; market and lower; lights, 4.10a4.45; heavies, 3.75a 4.20; medium, 4.10a 4.10 in | same lackadaisical movement. 42a42%; cob corn, 1.50a1.75 per barrel. | B n market is quiet, but no surplus of good | E@Pire (2 & ——— 4 oK PRICES SAG (PR Weaken in Final Trading and Record Losses of 2 to 3 Poits. BY GEORGE T. HUGHES. Special Di ne Star. WALL ¢ . NEW YORK, No- vember 13-—"locks weakened in the “last hour of today's session and closed 2 to 3 points lower. Up to that time the market had been an erratic affair, now firm and now heavy, but with no great volume. Offer- ings increased toward the close and the whole list sold off. ‘The decline looked like the work of professionals. ~Certainly there was no outside liquidation, but without the | help of ary constructive news and with tids la for pri 9 | that both the dome-tic and the inter- national cutlook will have to be clari- fled before the advance can be re- sumed. Commndities Also Dull. In commodities also there was the On ex- ception was a sharp advance in coffee, which may have been due to the an- nounced purpose of the producers to stage a large-scale advertising program. Wheat was fractionally lower at the end, cotton little changed, sugar down on realization that the Cuban storm | damage had been overestimated, and fi”“ of the other staples were slightly | lower. The stock market left off not far above the lows of the session. Declara- tion of the regular dividend rate by American Telephone & —Tel h di- rectors brought selling instead ing into the showing n had discounted. Carbide was a strong spot all day. compromise with our European hope for a settlement of that problem ould be construc- mdeem s week ago, 8l-| o Against the undeniable fact that the completely liquidated. tion of this position early sellers into buyers. demand_ centered ‘The industrial news was mixed Iron Age estimated that stee] vperations had declined from 19%; per cent to 19 per cent during the last week. A sea- sonal recession is to be expected, how- ever. Electric output was off 6.3 per cent for the week ending November 12, compared 0. on the week, but there crease in crude barrels. Oll stocks were steady, little progress on the stocks were firm, but way issues were hu% clines than advances, 4 i Atchison. American hone, to today's dividend meeting, from 1 to 2 points below the close. (Copyright, 1932) U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for November 14 were $4,652,721.77; expenditures, % 681,884.964 balance, $665,684,470. Customs duties for 14 days of Novembgr were $12,232,585.30. ~ INVESTMENT TRUSTS NEW YORK, November 16 (P).— Over-the-counter market: i of 12 O'clock. (Quotations as £y 75a1.00; tomatoes, lug, 75a1.75° apples, | Bunq Te Shr ], 35a1.25; cranberries, box, 1.50a | Fund Mass In; Nation Y Bk Nor Am Tr Nor Am Tr Nor Am hens and | guper of NEW YORK BANK STOCKS NEW YORK, November 16 (#).— Over-the-counter market: (Quotations ss of 10 O'clock.) Wheat—No. 2 Red Winter, garlicky, | Netirasl Gty (: Public (2) roo) Central Hanover ( ical (1.80) 448 (20) 6. New York Trust Title Guar'ty & Tr (4.80) *Includes extra. —_— Berwyn, Ill, inciexscd f-cm 14,000 $0 47,000 between the last two_censuses. —— = .75 in five years —$773.30 in_ten years-- and in ‘twenty years. Ample funds for an independent old age. Start saving today. Open Daily 9 to & Saturdays Until Noon PERMANE?(JT BUILDING ASSOCIATION