Evening Star Newspaper, November 18, 1932, Page 14

INSURANCE SALES DROP IN OCTOBER aryland Makes Best Show- * Ing in This Territory—Bank . Clearings Hold Up. BY EDWARD C. STONE. Sales of ordinary life insurance in “October in the District of Columbia | “and in the whole United States were, ‘way below the figures for October, 1931, | according to an- ~nouncement today New Mexico show- ing increased sales for the month. cent lower than in the same of last year. the Capital insur- ance sales were 35 per cent under the record made in the corresponding month of last year. Three States, Ari- #ona, Wyoming and North Dakota, were farther down the list than the District, North Dakota standing at the bottom with a decrease of 54 per cent. Maryland made the best showing in mearby territory, with a decrease of only 12 per cent. North Carolina sales were off 17 per cent; Georgia, 18 per cen! Scuth Carolina, 19 per cent, and Vir- ginia, 19 per cent. West Virginia sales ‘were down 24 per cent. The amount of insurance written, however, was large. Maryland agents ~wrote $7,039,000, Washington totaled $3,329,000; Virginia, $5,021,000; West Virginia, $3,485,00( North Carolina, $5,727,000; South Carolina, $2,35! “000; Georgia, $5554,000, and Florida, 9,000. ,959,000. Although sales were below the cor- yesponding month a year ago, the re- -port points out that the volume of in- surance being sold is an indication of the importance being placed on life in- surance protection. With unemployment and decreased incomes experienced by all classes, October sales of new in- “surance over the country averaged more than $20,000,000 during every working “day. D. C. Bank Clearings Hold Up. Bank clearings at 47 leading cities of the United States for the week ending “November 16, totaled $4,282,934,000. SThis is 192 per cent higher than the preceding week, but 31.5 per cent less Than a year previous. Excluding New Nork City, & less favorable showing is “made. The gain for the week was only 14.1 per cent ;élg the deciem from & ar ago was 36.0 per cent. seBBnk clearings in Washington totaled $16,625,000, against $16,876,000 in the vious week and 29 per cent below t year. Baltimore reported a sharp in, $52,291,000, against $43,748,000 in &‘e previous week and 28 per cent under Jast year. Richmond also had a good \ncrease, clearings reaching $29,721,000, ‘compared with $25,479,000 last week, ‘but 21 per cent behind last year. ‘As the Christmas holiday season ap- John A. Reilly, ‘Washington will be a factor of vital 'mmfie in boosting Yuletide trade “ Reilly Addresses Amntuu.' = " John A. Reilly, a_vice president of ‘the Pederal-National Bank & Trust CO., idressed the District of Columbia In- ad f Certified Public Accountants stitute of o ‘William G. Buchanan of the Education- ‘al Standards Committee and Chairman Boris Baievsky xof %eeg:mmxme on Co-operation With Investors. « In reviewing the relation of bank ‘oredit to the balance sheet as prepared ‘ certified public accountants, Mr. lly suggested that greater attention ‘should be given to the building up of a sound credit system by the use of the ‘best available tools, adding that the balance sheet could render a very use- ul service in ?&Velolgh:g p;o:\t,able busi- ‘pess opportunities e future. “A more thorough understanding of eredit will contribute as much to human .welfare and happiness as any other single factor,” he declared. He indicated that, while it would be difficult to determine accurately the ‘pnnual credit loss in America, the best authorities on the subject have esti- ‘mated this sum to be approximately $1,000,000,000, and continued: “If a substantial part of this could ‘e saved by the application of sound eredit principles and policies, many of our present difficulties ‘would be solved.” Parker Joins Barney Staff. ‘Myron M. Parker, jr, who has been ieonnected with the local financial dis- trict for nearly 20 years has severed his connection with Stein Bros. & Boyce to join the staff in the Washington office of Charles D. Barney & Co., ac- cording to announcement today by Frank P. Morse. He will assume his new duties Mondey when that New York Stock Exchange firm opens its ew offices on the ground floor of the oodward Building. Mr. Parker is & son of the late Col. Myron M. Parker, former Commissioner | of the District of Columbia. Following | 3 preliminary course at Hill School and | graduation from Princeton Uni-| versity, he was associated with his| father in the real estate house of M. M. Parker & Son. After Col. Parker’s death, he headed his own firm until his entrance in the brokerage business. | He is a member of the Metropolitan, Ohevy Chase and other Washington and out-of-town clubs. Gleaned in Financial District. Directors of the Lanston Monotype Machine Co. have declared the regular | quarterly dividend of $1.50 a share, pay- able December 31 to stockholders of record December 15. | Today's session of the Washington | Stock Exchange was the most active of | the week. The largest sale in the bond | division was $1,000 transfer in Potomac | Electric Power 6s at 108. Washington | Gas issues and Chesapeake & Potomac Telephone of Virginia 55 also appeared on_the board. In the stock division sales were made in Washington Railway & Electric pre- ferred and in Potomac Electric Power 6 and 5% per cent preferred issues.| Prices were steady. | Following recent dividend declara-' tlons, Potomac Power issues, both Wash-! ington Railway & Electric stocks and Lanston Monotype are now being quoted ex-dividend on the local Exchange. | INVESTMENT TRUSTS i . NEW YORK, November 18 (#).— (Over-the-counter market): (Quotations as of 12 o'clock.) Bid. 1% Mass Invest ation Wide_ Sec ‘vte. Tr_Shrs. . Tr_Shi 10 e 13 - ! Bt g s 3 832022 RTRFSIF » & FINAN NOTE—Todsy's individual sales are not siven in this edition. Sales of each stock in this edition are from yesterday's paper. ghrev. 1032 igh. CIAL. Stock and Low. Dividend Rate. 1% Adams Express. 12 Adams Miilis (2). 9% Addressograph. 43 Affiiliated Prod 1. 30% Air Reduction (3)... 7% Alaska Juneau (50c). % Alleg Corp pf $30ww 42% Allied Chem & D (6). 9614 Allied Chem pf (7). . 4 Allis-Chalmers Mfg. % Amal Leather. . 12 Amerada Corp (2)... 5 Am Bank Note . 28 Am Bank Note pf (3) 1 Am Beet Sugar pf... % 29% Am Can (4). 21% 20 21% 1% 24% 19 1% kild 15 20% 65% 7% 15 12% 20% 15% 311 20% 5% 4% 14% 31 6% 12% 16% 27% Y% S 110 Homestake Min(110) x 1 1 93% Am Can Co pf (7)... 3% Am Car & Foundry. . 11 Am Come'l Aleohol. . 2 Am & Foreign Pwr. . 8% Am&Forgn Pw pf(6) 4% Am Hide & Leath pf. 25 Am Home Prod 4.20. 214 Am International. 3% Am Locomotive. 7% Am Mach&Fdy (80¢c). 1'% Am Metal Co... 6% Am Metal pf 14 Am News (1%). 3 Am Fower & Light.. 3% Am Radfator........ 3 Am Rolling Mills. 5% Am Smelt & Ref. 22 Am Smeit & Ref pf.. 21% Am Snuff (13%) 3 Am Steel Foundry. .. 84 Am Steel Fary pf(7). 20 Am Stores (12%).... 70% Am Tel & Tel (9). 40% Am Tobacco (16). 44 Am Tobacco B (16 95% Am Tobacco pf (6).. 10% Am Type Fdrs pf. 11 Am Water Wks (2).. 11 Am Wat Wks cfst2) 1% Am Woolen. 15' Am Woolen p! 3 Anaconda Copper. 5% Anchor Cap (1.20) 24 Armour of Del pf( % Armour of 11l (B) 20 Asso Dry G 1st p 17% Atchison 9% Atlantic 6 Atl Gulf&West Ind. 8% Atlantic Refining(1) T% Atlas Powder. .. 45% Atlas Powder pf 28% Auburn Motor (£4).. jon Corp (Del 8 Baldwin Locomot pf. 3% Baltimore & Ohfo.... 6 Baltimore & Ohio pf. 62 Bamberger pf (61). 3% Barnsdall Corp. . 10% Beatrice Creamery. 414 Bendix Aviation. T Bethlehem Steel 16% Bethlehem Steel pf. 4% Boan Alumn & Brass 20 Borden Co (2). . 3% Borg Warner 11% Bkyn Manha n 31% Bklyn Man Tr pf (6). 46 Bklyn Union Gas(5). % Bruns Term & Rwys 1% Bucyrus-Erle. . 21 Bucyrus-Erie cv % Budd Wheel. .. 1% Bulova Watch. 1% Burns Bros pf. 8% gush Terminal . % Butte & Superfor.... 7 Byers (A M) . 4% Californla Packing % Callahan Zine & Ld 1% Calumet & Hecla. 6 Canada Dry (1.20)... T% Canadian Pacific. 16% Case (J 1) Co.. 30 Case (JI)Copf (7). 4% Caterpillar Trac 50c. 1% Celanese Corp. . T% Cent Aguirre (1%) 3% Cerro de Pasco. . 9% Ches & Ohlo (2%)... 4% Chesa, e Corp (2) 1% Chi Great Western. . % Chi Mil StP & Pac. 2 Chi & Northwestern, 5 Chi & Northwest pf.. 1 Chi Pneumatic Tool., . 2% Chi Pneu Tool pf.... 4% Chi Rock I & Pac 4% Chi R1&Pac 7% 5 Chicasha Cotton Oi! 1% Chi - 3 Ba BaveRualu Bharsman® o e = 74% Coca-Cola C 41% Coca Cola (A) (3). 11 Colgate-Palm-P (1 2% Colo Fuel & Iron. 20 Colo Fuel & Iron 2% Columbia Gas (b1) 18% Columb Carbon (2).. 3% Commereial Credit 11% Comel Credit A (3) 40 Comcl Cred 1st(6%). 10% Comecl Inv Trust (2). 34 Comcl Inv T war sta. 88 Comcl Inv Trpf6%. 551 Comel Inv cv pf(es). 3% Comel Solv (60c) 1% Comwlth & Southn. . 27% Comwlth & Sou pt(6) 6% Congol-Nairn (60c). 17 Consol Cer pr pf 6%. 1 Consol Film........ 2% Consol Film pf. 813 Consol Gas N Y (4) 72% Consol Gas NY pf(6) 4% Consol Laundries(1). 4 Consol Oil Corp. 2% Cons RR of Cuba pf.. 17% Contl Can (2) o 5% Cont Motors. 3% Contl O1l (Del) 24% Corn Products (3). 1% Coty., Inc.. 13% Cream of Wht(2%). 7% Crown Cork & Seal. . 17% Crown Cork p£(2.70). 6 Crucible Steel. % Cuhan-Am Sugar 7 Curtis Publishing. % Curtiss-Wright. 134 Curtiss-Wright (A). 2% Davega Stores (60c). 82 Del & Hudson (6).... 814 Del Lack & Westn. 1% Denver & R G W pf. 12 Diamond Match (1).. 7% Dome Mines (11.30).. 11% Domin Stores (11%). 5 Doug Alrcraft (76¢). 23 Drug Corp (4)...... 22 Dupont de Nem (2) 87 Duques Lt 1st pf (5) 854 East Kodak (3 3 Eaton Mfg Co. 8% Elec Auto-L (1.20) 3 Electric Boat. . - % Elec & Musical Instr. 2% Elec Pwr&Lt... 4 Elec Pwr & Lt pf (6). Elec Pwr & Lt pf (7) Elec Storage Bat (2). Endicott-John pf (7) Engineers Pub Sve. Eng Pub Sve pf (6).. Equl Office Bldg 1%. Erfe R R. . 1% Evans Auto Prod 45 Firestone T&R pf(6) 35 First Natl Stores 2% % Fisk Rubber. 63 Florsheim pf (6) 10% Fourth Nat Inv 1.20. 8 - S @ e DN IS 9 PRUL JOT0E- ST <3- 19 % Gien Am Investor: 9% Gen Am Tank Car(1) 4% Gen Asphalt. 10% Gen Baking (2) 20 Gen Cigar (4). 19% Gen FoQds (2)....... % Gen Gas & Elec (A). % Gen Mofors (1)...... 56% Gen Motors pf (5). 2% Gen Printing Ink n Public Servi 6% Gen Rwy Signal (1 10% Gillette Saf Raz (1 % Gimbel Bros 8% Gold Dust (1. 2% Goodrich (B 5% Goodyear Tire&: T% Gotham Silk Hosler: 1 Graham-Paige. 14% Grant (WT) (1 5% Great Northern pf . 48 Great Wn Sug pf (7). 1 3% Grigsby Grunow. 3% Hall W F) Printing. 3% Hawaiian Pineapple. % Hayes Body . THE Bales— Add 00 High. 28 6 Net FE FEEEERERFIES . Divicend Rate. 2% Hudson Motor Car. .. 13% Hupp Motors....... 4% Illinois Central..... T% Industrial Rayon (2) 14% Ingersoll-Rand (2).. 8% Insuranshares (Del). 1 Insuranshares (Md). 2% Interboro Rap Trans. % Int Agriculture. .... 52 Int Bus Machine (n6’ 1% Int Carriers Ltd 20c. 3 Int Combustion. .. .. 10% Int Harvester (1.20). 68% Int Harvester pf (7). 6% Holland Furnace. ... 2% Int Hydro-Elec (A) o 44+ REF pEE Brartormem 814 Int Nickel of Can. 2 Int Paper & Pwr pf.. 15% 2% Int Tele & Teleg..... 33% 10 Johns-Manville..... % Kelly Spring Tire 14 Kelly-Spring ctfs... 7 Kelly-Spr8% ctfs... % Kelsey-Hayes Wheel 2% Kelvinator Corp..... 4% Kennecott Copper. .. 1 Kresge Dept Stores. . 6% Kresge (SS) Co (1).. 10 Kroger Grocery (1).. 26 Lambert Co (15).... 84 1% Lee Rubher & Tire 4% 1 Lehigh Valley Coal.. 29% 5 Lehigh Valley RR. . 9 3% Libbey Owens Glass. 67% 34 Ligg & Myers B (16). 22 9 Liquid Carbanic 87% 13% Loew's Inc (14) 13 1% LoftInc...... 118 96 Loose-Wiles 1st (7). 18% 9 Lorillard (P) (1.20). 238% 8% Lou Gas&El A (1%). 38% 714 Lo ille & Nash 18% 18 Mclntyr Por M(13%) 621 28 McKeeSport TP (4). 61 114 McKesson & Robbins 23 81 McKesson & Robs pf 4 % McLellan Stores 28% 10 Mack Trucks (1).... 601 17 Macy (RH) & Co (2) 4% 1% Mandell Brother: 20% 4 Manhat Elev mo 6% Marine Midld (80c).. 5% Marlin-Rockwell(1). 3% Marmon Motor Car.. 8 Marshall Field & Co. 3% Mid Continent Petm,, 2 Midland Steel Prod., % Minn Moline Po % Minne & St Louls 1% Mo Kan & T 3% Mo Kan & Tex: 1% Missouri Pacific . 2% Missouri Pacific pf.. 18% Monsanto Chem 1% . 8% Montgomery Ward. . 1% Mother Lode. . 7% Motor Products (2). 2 Motor Wheel. 2 Mullins Mfg. 2% Murray Corp. 8 Nash Motors (1) % Nat Bella Hess p: 20% Nat Biscuit (2.80) 6% Nat Cash Reg (A)... 14% Nat Dalry Prod (2).. 13 Nat Distillers . 20% Nat Distillers pf(13) 6% Nat Pwr & Lt (1).... 13% Nat Steel (50¢). 4% Nat Surety. 3% Nat Tea (60c) - 2% Nevada Con Copper.. 8% N Y Central . 2 NYChi&StLopf. 82% NY & Harlem (5)... 6 NYNH & Hartford. 12 NYNH&Hartpf.. 3% N Y Ont & Western. . 20 NY Shipbldg pf (7). 10% Noranda Min (a50c). 87 Norfolk & West (8).. 1% North Am Aviation. . 18% Nor Amer(b10 % stk) 5% Northern Pacific. ... % Norwalk Tire & Rub. 5* Ohio Ofl (a50c) 1% Omnibus Corp 11+ F ¥ RBeBon~Tovsnenannh we - aSeme 1+1 F-TY T NP~ 1 | S - = SR8 RoBria e Bonwnenm e Benoe T B aa s nan a Bok manFuunnity an I +1 FEE FF X " Qe =5 421 12 Owens 11l Glas: 4% 1 Pacific Coast 2d pf... 37 16% Pacific Gas & El (2). 104% 58 Pacific Tel&Teleg(7) 5% 1% Packard Motor Car.. 14% 11% 2 +1 1 FRER FR & FFEP ¥ g T4 Pan-Am Pet B (80c). 1% Paramount Publix... 8 Park Utah.......... 3% Patino Mines. 16 Penick & Ford (12).. 13 Penney (JC) 1.80.,. 61 Penna Rallroad..... 39 Peoples Gas Chi (5). 214 Pere Marquette pt... 3 Petrol Corp of Am 3% Phelps Dodge....... 2 Phila&Read C&I.. T% Philip Morris&Co (1) 2 Phillips Petroleum. . 25 Phoenix Hoslery pf.. 14 Plerce Petroleum. ... 1% Pittston Co 8% Plymouth Of1 (1).... 19% Proctor & Gamble(2) % Producers & Refin. .. 10% Pullman Corp (3 2% Pure Oil. 4% Purity Bs 2% Radlo Corp. 3% Radio Corp pf B. 2% Real Silk Hoslery. Remington-Rand. 1% Reo Motor Car 1% Republic Steel 5 Republic Steel pf.... 71% 65 Reynolds Tob A (3).. 40% 26% Reynolds Tob B (3).. 1% % Richfield Ol 23% 12% Roval Dutch B9% 30% Safeway Stores (5 90 60 Safeway Strspf (6 9 69 1% % 4 42 Scott Paper (1.40)... 18% Seaboard Ofl Del 40c. 37% Sears Roebuck. ..... 1 Seneca Copper Servel Inc. ... Sharp & Dohme. Sharp &Dohme pf(2) Shattuck(FG) (50¢). Shell Union Oil1. Stmmons Co. . Skelly Oil pf ww Socony Vacuum 40c. So Porto Ric S(a40c) So Port Ric S pf(8).. % Southern Cal Ed(2).. Southern Pacific. . Southern Railway... Southern Railway pf Stand Brands (1.20). Stand Gas & Elec (2) Stand Invest Corp. .. Stand Oil Calif (2).. Stand O1l Exp pt (5). Stand Ol NJ (12)... Stewart Warner. 4% Stone & Webster 215 Studebaker Corp 82 Studebaker pf (7). 21 Superior Stee 6 Telautograph (1 9% Texas Corp (1) 12 Tex Gulf Sulph 28% I+ FEFE ¥ +l+1+1 1++ ) FE FRFEFEF FEFEE 22 (] L3 | ++ P QA 3 +¢+|+IL FEEEFEL I+ o * |+ FEFFERFE FE b P 2 Timken-Detroit Axle 7% Timken Roller Bg(1) 2% Transamerica Cor 1% Tri-Contl Corp 16% Un Carbide & C(1.20) 27% Union Pacific (6)..., 40 Union Pacific pt (4). 11% Un Tank Car (1.40).. 6% Unit Afrcraft....... 30% Unit Alrcraft pf (3). 11 Unit Biscult (2). 3% Unit Clgar Stores. ... 2% Unit Cigar Store pf.. 83 Unit Corp (40¢) . Lt 8 9% Unit Gas&Im (1.20).. 70 Unit Gas&lInrpf (5).. 1% U S & Forn Secur 26 US & Forn Sec p! 10% U S Gypsum (1.60) 13% U S Indus Alcohol. .. 44% U 8 Leahter pr pf(7). 7% U 8 Pipe & Fdry (2).« 1% U S Rubber........, U 8 Rubber 18t pfoem - 2% + 14% 26% +1 FF FEEFEES EF FEE F2 t+1¢+11 +3% ~ %|liquidation had EVENING STAR, WASHINGTON, D. C, FRIDAY, NOTE—Today's individual sales are mot siven in this edition. Sales of each stock huelkm' edition are from yesterday's paper. 'Add 00. High. Low. Close. Chee. | 5% 5% 5% — % 2% W & Ee ¥ ERER RE E FEFEEFE % % % % % % ¥ NOTE—Today's individusl sales are not given in this edition. les cdition are from yesterday's >a and 2 Dividend Rate. Add 00 10 USSmtg&Ref().. 3 81 USSmtg&Refpf3% 1 21% U S Steel..... . 238 51% U S Steel pf (7). 1% Util Pwr & Lt (A) 1 Vadsco Sales Corp. .. 23% b% Vanadium Corp...... 14 Va-Car Chemical. 22% 20 Va-Car Chem 7% pf. 60 Va Elec&Pw pf (6).. 7% Vulcan Detinning 1208 Walgreen % Walworth Co. Warn Bros Pic ‘Wesson O&Sn pf (4 ‘West Pa El pf (7) ‘Western Dairy p i Western Pacific pf Western Union. Westing'se Air B Westinghouse Elec. . 521 Westinghse 1st (3%) 10s NOVEMBER 18, aper. ‘High. 12% 27% % 8% 3% 4% 15 % 27% 1932. 45% 22 - 57 254 Wrigley (Wm) (3).. Stock and — w. Dividend Rate. Add 00 Eigh. 3 Westvaco Chlorine. . g ™ 15 6 Wheeling Steel. 6% White Motor. ... 3 % White Sew Mch pf. 1 2% Wilcox Ofl & Gas. 12 5% Willys-Overland. 3 1% Wilson & Co (A).... 21 ‘Woolworth (2.40) 21 x 2 6% Yale & Towne (1)... 1% Yellow Truck..... 2 4 Youngstown Sh&Tu. 1 Zenith Radio . 1 4% Zonite Products(60c) ™ Saies of Stocks on New York Exchange. 100,000 NOTE—Today's individual sales are not given in this edition. Sales of each stock in this edition are from yesterd 5 Prev. 1932~ Loy Dividend cash Dayments basea rati iast year—no in serip. « 83 given In the abot jons. TRt of trading less than 100 shares tPertly extrs iPius - stock. s Paid thi able in stock. e Payable in cash or stock. 3 Plus 31 ‘n special Di -dividend. 500,000 the auoua on the latest quarteriy or half-yearly decla- is yoar—no regular rate. b Pay: 1Plus 8% n stock. h Plus 1% referred_stoci in stock regulsr rate. B Plus 5% in CHANGE IN STOCK MARKET IS SLIGHT Prices Fractionally Higher, but Tend to Ssg in Afternoon. BY JOHN T. HUGHES. Special Dispatch to The Star. WALL STREET, NEW YORK, No- vember 18.—It was another session ot small turnover, unimportant price changes and an attitude of waiting on the Stock Exchange today. Gold Stocks Strong. On the average, prices were fraction- ally higher, but they were better in the morning than they were in the after- noon. The best that could be said was that the market was undisturbed by the renewed decline in wheat or by the confused international outlook. Among the few features were strength in the gold mining stocks and the de- mand in evidence over-the-counter as well as in the listed markets for gilt- edge securities, including the best pre- ferred stocks. Sterling exchange rallied on this side after having been acutely weak in Lon- don. Degember wheat in Chicago closed only a ‘scant fraction above its ex- treme low. On the surface there was no change in the business .or financial situation. The difficulties of the New York City administretion, which have. received so much publicity, remained an obstacle to optimism in the stock market, as did the deadlock on war debts between ‘Washington and the capitals of Europe. But these matters did not receive so much attention. , all the stress was put on the “sold out” condition of the market and on the fact that no during the re- + 14 | cent lrregularity. 8% + Fa F REFFEF ¥ R A N & OFE + o+ + +1+++ E BFEFEL FFEEF ¥ {8 | Lebts L e FEEEE Fr F2 1+ 22 Halee reibss FE FEF B3 L & ¥ Gains Are Fractional. Opening prices were higher fraction- ally and the gains continued through- out the first two hours. The reduction in brokers' loans, bringing the total down to $344,000,000, against the ex- treme low of $331,000,000 on July 27— and this during a time when the aver. ages had advanced—demonstrated that | there had been no increase in specula- tive buying and that whatever demand had made itself felt was for more or less permanent holding. This led to some covering in such stocks as Ameri- can Telephone, Allled Chemical and United States Steel common. Sponsors for United Aircraft resumed operations for the rise. The company reported 28 cents a common share earned in the September quarter against 15 cents in the previous quarter and 27 cents in the same quarter a year ago. For the nine months earnings were 56 cents a share, against 97 cents in 1931. Railroad stocks rallied under the leadership of Union Pacific, Atchison and Lackawanna. Their advance was in the face of expectations of a larger than seasonal decline in car loadings in tomorrow’s statement. Buying of the merchandising shares centered around Montgomery Ward and Safeway Stores. Union Carbide was well supported. Sterling Opens Higher. Sterling exchange opened higher aft- er its recent weakness. Seemingly a part of the decline, attributed to the poor reception met in Washington by pleas for debt revision, been due to speculative selling none too sure of its position. The discount on Mon- treal funds increased to 134 per cent. ‘The market slipped a little in the aft- ernoon as wheat fell away again to within a fraction of a cent of its Jowest price. There was so little trading in stocks, however, that the changes had no significance except in a few indi- vidual issues. McIntyre Mining, a Ca- nadian gold producer, was a strong spot, making a new high for the year. Un- official estimates are that the company will earn around $2.50 & share for the year ending March 31 next. On this basis the price-¢arnings ratio was con- sidered attractive. In preferred stocks, Virginia-Carolina Chemical 7 per cent ran up between 6 and 7 points, presumably on its equity in cash rather than on earnings. The demand for high-grade preferred stocks continued good. Besides the weakness in wheat the market had as adverse influences two small bank failures, one in New Jersey and one in Missouri, and a cut in the price of lead at both New York and St. Louis. The Western Union reported September gross- at $7,006,- 246, against $8,864,128 in September, 1931, and net of $218,629, against $284,429. (Copyright, 1932.) WO0O0D PULP RATES TO AID BALTIMORE Slash in Railway Charges Is Ex- pected to Benefit Large Shipping Interests of Port. Special Dispatch to The Star. BALTIMORE, November 18—The re- duction of railroad freight rates on im- ported and intercoastal wood pulp will greatly benefit Baltimore, which is one Rising Confidence Over U. S. Revealed By Postal Savings By the Associated Press. Postal savings increased $13,- 280,485 during October and amounted to $868,047,747 on the last day of the month. Returning confidence in banks and industries of the country is portrayed by the figures which were made public by the Post Office Department as the month's gain compared with a monthly average increase of $27,238,392 for the first 10 months this year, and with $27,939,697 during the 12 months of last year. These savings, however, have made rapid strides during the last two years, as evidenced by the total of $191,865,789 on de- it on October 31, 1931, which increased to $527,130,150 on the same date a year later. RAILWAYS HELPED BY FALL EARNINGS Income Expected to Equal Three-Quarters of Fixed Charges. BY FRANK H. McCONNELL, Associated Press Pinancial Writer. NEW YORK, November 18.—Helped by a breathing spell in the form of a better-than-average rise in Autumn earnings, the Nation's railroads are en- tering the final months of 1932 with fairly good prospects tifat collectively they will be able this year to earn three-quarters of their year's fixed charges. Accepted as\ Encouraging. ‘The roads so far have done better in the second half of the year than in the first half—nothing, their executives say, to cheer about—but nevertheless he performance has been accepted as encouraging. For the full year, the Fitch Financial Service estimates, class 1 roads will show gross revenues of $3,170,000,000, or 25 per cent under the 1931 figure of $4,237,000,000 gross income, consisting net operating income after ordinary opernu:ngr expenses and income apart from railroad operation, 1s estimated at $517,500,000, against $829,078,000 a year ago. Annual fixed charges, consisting of interest gn bonds and rentals paid, amount to about $700,000,000. Facing Winter Months. The roads now face the Winter months, when, with snow falling in | much of the country, expenses normally rise and traffic movement is slowed | down. Moreover, they have been handi- capped considerably because of com- paratively light grain shipments. With Wwheat and other commodities selling at present low levels, the farm belt has not received as large a portion of money as in normal years and has not been Abliwbuygoodanfreelyulnme past. Railroad authorities state that the carriers have reduced operating ex- penses to about as low a level as can be accomplished without sacrificing .maintenance, OF TOBACCO DRAG ;I.ynchbnrg, Va., Market Continues Sluggish, With Average of $7.36 Paid for 31,058 Pounds. By the Associated Press. LYNCHBURG, Va. November 18.— Demand for dark fired tobacco on the Lynchburg market yesterday continued sluggish, an average of $7.36 being at- tained for a total of 31,056 pounds sold onAthl: open floor. rger percentage of inferior to- bacco than was originally anticipated is showing up here, and the buyers are not buying the lower grades heavily at present. A great many piles were taken in by the planters, who exnect to offer Lhim l:dber. ;n;emu.semen said. moderate break was expected today, the last sale of the week. i Offerings were light in volume yes- terday on the bright tobacco markets of Kenbridge, Petersburg, South Boston and South Hill. Average prices paid for graded to- bacco were: Orange leaf, B-7-F, 2.20; Lemon lugs, X-3-L, 15.00; orange lugs, X-4-F, 7.90. Average prices paid for graded to- bacco on the dark fired markets for size 44 (16 to 20 inches long): Brown side heavy leaf, third quality, B-3-F 44, 13.90; fourth quality, B-4-F 44, 10.60. Dark side heavy leaf, third quality, B-3-D 44, 11.90. Greenside heavy leaf, fourth quality, 48‘-4;(.;'0 44, 6.90; fifth quality, B-5-G Brown side thin leaf, third quality, c.:tvl'a 44, 10.70; fourth quality, C-4-F of the most important North Atlantic | 44, 7.80. for the receipt of ‘g\rup. according Charles R. Seal, ector of the Traffic and Transportation Bureau of the Association of Commerce. ‘The lower rates were announced for the first time several months ago, but were held up by the Interstate Com- merce Commission following protests by the transcontinental rail lines, the Fed- EF FEES FER ¥ eral Barge Line on the Mississippi, the Mississippi Valley Association and other interests. According to Mr. Seel, the commis- sion has vacated its order against the new rates as of November 19, when it is expected they will become effective. U. 8. TREASURY CERTIFICATES (Reported by Chas. D. Barney & Co.) Rate—Maturity. 3%s Dec 15, Feb. it b b o o SEEE55250 3 2! RGeS Mixed side thin leaf, fourth quality, géd-M 44, 5.60; fifth quality, C-5-M 44, .50. Mixed side of lugs, third quality, X-3-M, 210; fourth qualily, X-4-M, 1.60; fifth quality, X-4-M, 1.50. Greenside lugs, fourth quality, K- 2.30; fifth quality, X-6-G, 1.40. e BAR SILVER. NEW YORK, November 18 (#).—Bar silver easier, 15 lower at 26%. FOREIGN EXCHANGE. €Quotations furnished vy W. B. Hibbs & Co.) Nominal gold Selling checks ay. London, pound. Faris, fron S38F io2ins 8% '§§§:’“5?3-”~ Egees & 2 DARK FIRED SALES [ OUTSTANDING LOAN TOTAL DECREASES Reserve Figures Smaller Than Last Week, but Larger Than in 1931. By the Associated Press. ‘The daily average volume of Federll‘ Reserve Bank credit outstanding during the week ending November 16 yester- day was reported by the Federal Re- serve Banks as $2,205,000,000. ‘This was a decrease of $18,000,000, compared with the preceding week and of $169,000.000, compared rresponding week in 1931. On November 16 total Reserve Bank credit amounted to $2,208,000,000, an increase of $9,000,000 for the week. This increase corr with an in- crease of $58,000,000 in member bank reserve balances, offset in part by in- creases of $14,000,000 in monetary gold stock and $11,000,000 in Treasury cur- rency, adjusted, and by decreases of $22,000,000 in money in circulation and | $2,000,000 in unexpended capital funds, non-member deposits, etc. Discounted Bills Decline. Holdings of discounted bills declined $4,000,000 at the Federal Reserve Bank of San Prancisco and the same amount | at all Federal Reserve Banks. The sys- tem’s holdings of United States Treas- ury notes increased $5,000,000, while holdings of Treasury certificates and bills declined by the same amount. dollars) with changes from & week ago and a year ago follow: BUIS discounted Bills bought, . U._8. Govt. rites ... 0 Other Reserve Bank | eredit . : Up 9 Up 14 Treasury currency usted Up 11 o 22 .1.920 5,629 e- serve balances ..2,400 Up 58 | Capital funds. non- ‘member deposits. 392 om 2 Combined Statement. Combined resources and liabilities of the 12 reserve banks at the close of business yesterday were reported last | night by the Federal Reserve Board in thousands of dollars as follows: RESOURCES. Gold with Pederal Reserve agents 2,241,169 Gold redemption fund with United ral 2,283,275 eral 321,867 421,027 3,027,009 | 192,382 | . 3,219.451 79,817 Total gold reserves .. Reserves other than gold Total reserves . Non-reserve cash iscounted— ment obligations .. Other bills discounted’ . Total bills discounted . Bills bought in open marki nite tes Government se- | Bonds ...+ | Treasury ni | Certificates and bills . Total United States Govern: ment securities Other securities . Total bills and securiti Due from foreign banks Federal Reserve notes banks . . Uncollected Ttems nk premises All other resourct 384 * 1,061,667 1,850,734 5,560 2,197,999 2,749 Total resources Federal Resert notes in circulation ...... Deposits— Other deposits . Total deposits . rplus All other Usbiities Total labilities . 6,045,855 Ratio of total reserves to deposit and Federal Reserve liabilities combin : Contingent, Uability on - chased for forein correspond- ents ... . 62.4% 34,954 SELECTED AS PARTNER WITH KUHN, LOEB & CO. NEW YORK, November 18 (#).—The Herald Tribune says Elisha Walker, for- mer president of Blair & Co. and former head of Transamerica Corporation, will become a partner in Kuhn, Loeb & Co. in January. , A. P. Giannini came out of retirement last rnr to wrest control of Trans- america from Walker in a colorful proxy battle. Since then Walker has been in retirement from Wall Street. Kuhn, Loeb & Co. is one of the coun- try’s most influential banking houses. U. S. TREASURY BALANCE. By the Associated Press. Treasury receipts for November 16 | were $78,559,026.77; expenditures, $86,- | 569,438.33; balance, $652,640,781.29. Customs duties for 16 days of Novem- ber were $14,317,674.91. Market Averages By the Associated Press. 2 Yesterday Previous o SRRE 2358 Shsicwanina e ABZ2ER oo om0 oo A SESIRE ' 2 ot o £ E’ $ kL 9: 19: Low.’ 19: FBebustie obeRoD Poen o Qmisted 3. 30, 11202 30. . 112 SePe At ESESSEERES, £3328 November 16 totals (in milllons of Geo . | payment will be made in o | Per cent exchanged for 5 ; FINANCIAL. RISE IN COMMDITY PRICES HEARTENING 'Sharp Rally in Last Two Weeks Welcomed by Busi- ness World. By the Associated Press. NEW YORK, November 18.—The cur- rent issue of Bradstreet'’s will say: “The sharp rally of commodity prices during the last two weeks is a welcome harbinger for the business world. Our ~ food price index moved up 4 cents dur- * ing the past week, following hard upon a previous rise of 3 cents. The impor- tance of the price situation canrct be overemphasized. The integrity of the entire debt structure and, to a large extent, the soundness of our monetary and credit system is at stake. Unless prices are stabilized or some improve- ment takes place which can he consol- }g::neg; t" \'fl!l‘ be ‘fipclsfl‘)le for the o continue service charges on his obligations. “To the direct improvement in com- modity prices may be added two other pleces of indirect testimony of an en- couraging character. The rise in the price of wheat has had a distinct and falutary effect upon the psychology of the grain markets. It is up 5 cents from its historic lows and trade senti- ment actively favors the buying side on the breaks. There seems to be a feel- ing that all bearish conditions have mflc:l:dp]:}tflél duc:unud for the time at markets t ll'c_[\“;lel] liquidated. N “The second factor is the attitude of concerns toward ene’v;vhll;.::fl ness. There is an increasing disposi- tion to discriminate and a refusal to accept every piece of new business simply for the sake of bolstering volume, So recently as last Summer new trade was accepted at almost any terms and Was regarded as manna finally yielded by an unpropitious heaven. The ten. dency of prices in recent months fo Tesist further declines has infused s new courage in business men.” B. & 0. REFINANCING PROGRAM OUTLINED Half of $63,250,000 Bonds, Matuc- ing March 1, Will Be Paid in Cash, Letter Reveals. Special Dispatch to The Star. BALTIMORE, November 18—Detail of the Baltimore & ohlo“l'huroud's plan for meeting its $63,250 per cent bonds mat; ‘March 1 have L] been sent to the road's bondholders by . rge M. Shriy senior presi- a ver, vice - For the issue as a whole, 50 per cent cash ln‘d 50 cent re- funding and general wm bo; maturing in 1996. But for the mnnf; per cent of the maty bonds pre- sented between November 22 and De- 36 cember 22 the company will pay cash in full Full interest will be paid on unurlxhrch 4 | onds depositec from now 1, 1933, whether or not the plan completed before that date. . * The Reconstruction Pinance Corpo- ration has agreed to lend the Baltimore ~ & Ohio $6,325,000 immediately in order to make this 10 per cent cash payment. Later it will lend the remaining sum sufficient to make the 50 per cent cash payment on the remaining ds. % If the amount of bends to the plan by January 3, 1933, is suffi- clent to declare the plan operative, pay- ment and delivery will be made on January 17. thm (fle lsner Mr. Shriver sald that e railroad expected its earnings for this year to cover all fixed charges, al- though this was not done in.the first six months. MARYLAND STATE SAFE . DEPOSIT GROUP TO MEET BALTIMORE, November 18 (Special). —Andrew H. du(lt of the 2 | Maryland State Safe it Associa~ tion, announces a meeting of the asso- ciation will be held shortly at which the question of cost accoun in rela- tion so safe deposit vaults be dis- cussed. Baltimore Trust Co. was elected vice president; J. Albert Bacon of the Mef litan Sav- secretary, and J. Walter of the Mercantile Trust Co., the next few weeks. INTEREST CUT EXPECTED ON SAVINGS IN CHICAGO By the Assoclated Press. CHICAGO, November 18—The inter- est rate on savings accounts in banks of the Middle West will be reduced from 3 to 21, per cent after January 1, 1933, the Daily News said. The question has been under consid- eration by the Chicago Clearing House Association. The News said the decision was reached by the Executive Commit- tee, but would not be announced until the first of the month. The rate estab- lished in Chicago, it was understood, would be likely to govern interest rates generally in this territory. NEW YORK BANK STOCKS NEW YORK, November 18 (#).— Over-the-counter market: (Quotations as of 11 o'elock.) Pirst Na Manhattan Public (2) Corn Exch: Empire Guaranty New York‘i “Frust, e Title Guar. & Trusi nclug SELL LIFE INSURANCE = THERE’S MORE MONEY IN: For Information Address - ____Box 40.R, Star Office BUILDING ASSOCIATION 7th and Indjana Ave. N.W, LOANS i soeuite 69th Series of Stock Now Open for Subscription On_Improved ggRzzazsagnaed gasecssaseae sEaEa SRrsace R e @it wieo! bR BEEEIBS 2 BCERSERaeaRsy g James E. Connelly, James President